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FG’s June Bonds Oversubscribed by N60.13bn

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  • FG’s June Bonds Oversubscribed by N60.13bn

The Federal Government’s bonds June worth N100bn, which was offered on Wednesday, was oversubscribed by over N60.13bn.

Total subscription received from investors for the bonds was N160.13bn, comprising N39.34bn for 12.75 per cent FGN April 2023 bonds; N60.30bn for 14.55 per cent FGN April 2029 bonds; and N60.49bn for 14.80 per cent FGN April 2049 bonds.

Recent trends in the FGN bonds also showed that investors were embracing the long-term bonds, as the recent five, 10 and 30-year bonds had 43, 58 and 62 total bids respectively.

The auction result added that 19, 22 and 30 bids were, however, successful for the three bonds allotted.

The Debt Management Office had earlier disclosed its plans to auction bonds worth N100bn by subscription.

Its circular showed the breakdown of the figure to include a N30bn five-year reopening bond that would mature in April 2023 and be offered at 12.75 per cent; another N40bn 10-year reopening bond that would mature in April 2029 and be auctioned at 14.55 per cent; while N30bn 30-year bond would mature in April 2049 and be auctioned at 14.8 per cent.

A total of N96.84bn was, however, allotted comprising N28.99bn for 12.75 per cent FGN April 2023 bonds; N36.36bn for 14.55 per cent FGN April 2029 bonds; and N31.49bn for 14.80 per cent FGN April 2049 bonds.

The DMO stated in its June auction result on Wednesday that “successful bids for the 12.75 per cent FGN April 2023, 14.55 per cent FGN April 2029, and 14.80 per cent FGN APR 2049 were allotted at the marginal rates of 14.3 per cent, 14.5 per cent and 14.68 per cent respectively.

“However, the original coupon rate of 12.75 per cent for the 12.75 per cent FGN April 2023, 14.55 per cent for the 14.55 per cent FGN April 2029 and 14.80 per cent for the 14.80 per cent FGN APR 2049 will be maintained.”

In addition, it stated that N13.50bn of the 14.55 per cent FGN April 2029 was allotted on non-competitive basis.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Finance

Insider Dealing: Paul Miyonmide Gbededo Adds Another 612,326 Shares of Flour Mills to His Stake

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Paul Miyonmide Gbededo, the Group Managing Director, Flour Mills of Nigeria Plc bought an additional 612,326 shares of the company.

The management stated this in a disclosure statement sent to the Nigerian Stock Exchange on Monday.

The managing director purchased the shares at N27.75 per share on November 20, 2020 at the Nigerian Stock Exchange in Lagos, Nigeria. Meaning, Gbededo has invested another N16,992,046.5 into the company.

This was in addition to the 3,284,867 shares valued at N91,642,269 and 4,200,852 shares worth N117.62 million purchased by Gbededo earlier in the month of November. Bringing his recent purchases to 8,098,045 million shares worth N226,254,315.5. See the details of the latest transaction below.

 

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FCMB Reports 16.4 Percent Increase in Profit After Tax in Q3 2020

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FCMB Group Plc, one of the leading financial institutions in Nigeria, reported a 16.4 percent increase in profit after tax for the third quarter of the year.

In the unaudited financial statements released through the Nigerian Stock Exchange (NSE), the lender’s profit before tax grew by 10.2 percent year-on-year to N4.8 billion while profit after tax increased by 16.4 percent to N4.2 billion.

FCBMB Group Plc expanded gross earnings by 4.8 percent to N48.3 billion during the period under review. Similarly, the bank’s net interest income rose by 30.03 percent year-on-year to N22.7 billion.

The strong performance continued across the board as net fee and commission income increased by 0.29 percent to N5.2 billion. Net trading income rose by 39.4 percent year-on-year to N1.82 billion.

Personnel expenses dropped by 7.9 percent to N6.9 billion during the quarter while general and administrative expenses declined by 7.52 percent year-on-year to N7.6 billion. Largely due to the COVID-19 lockdown.

Loans and advances to customers rose by 10.8 percent to N793.14 billion between December 2019 and September 2020. Total desposits from customers during the same period grew by 26.7 percent to N1.2 trillion.

The bank’s total assets increased by 22.12 percent to N2.04 trillion.

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Stanbic IBTC Obtains Approvals, License to Establish Life Insurance Subsidiary

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Stanbic IBTC Holdings Plc on Friday announced that it has obtained all required Regulatory Approvals and a license from the National Insurance Commission to establish a wholly-owned Life Insurance subsidiary, Stanbic IBTC Insurance Limited (SIIL).

In a statement signed by Chidi Okezi, Company Secretary, Stanbic IBTC and released on Friday, the bank said “The establishment of this new subsidiary essentially complements the bouquet of product offerings by Stanbic IBTC as it continues its goal of being the leading end-to-end financial solutions provider in Nigeria. In this regard, SIIL will aim to facilitate long term insurance for already financially included individuals and will seek to become the preferred Insurer in the Life Insurance Business.

“Stanbic IBTC Holdings PLC, a member of Standard Bank Group, is a full-service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. The group’s largest shareholder is the Industrial and Commercial Bank of China (ICBC), the world’s largest bank, with a 20.1% shareholding. In addition, Standard Bank Group and ICBC share a strategic partnership that facilitates trade deals between Africa, China and select emerging markets. Standard Bank Group is the largest African financial institution by assets. It is rooted in Africa with strategic representation in 21 countries on the African continent.

“Standard Bank has been in operation for over 158 years and is focused on building first-class, on-the-ground financial services institutions in chosen countries in Africa; and connecting selected emerging markets to Africa by applying sector expertise, particularly in natural resources, power and infrastructure.”

 

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