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FMDQ Approves Valency Agro’s N5.12bn Commercial Paper

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FMDQ Approves Valency Agro’s N5.12bn Commercial Paper

FMDQ Securities Exchange Limited has announced the approval of the quotation of the Valency Agro Nigeria Limited N5.12bn Series 1 Commercial Paper under its N20bn CP Programme on its platform.

The Exchange said in fostering the development of the Nigerian debt capital markets, it had continued to avail its credible and efficient platform as well as tailor its listings and quotations services to suit the needs of issuers and registration members through innovative and uninterrupted service delivery.

It said in a statement on Thursday that the Valency Agro Nigeria CP debut issue came at a time when the Nigerian economy was bedeviled with soaring food prices, amidst compounding challenges of insecurity.

It said the agricultural sector and its attendant transformation agenda had never been more important in driving increased and sustainable production of agricultural products as well as the derived foreign earnings through exports.

The Exchange said the proceeds from the issue of the CP would be applied by Valency Agro towards meeting the mid-term working capital requirements of the various agricultural produce under its portfolio such as cashew, sesame, cocoa and in value addition prior to export.

The Executive Director, Valency Agro Nigeria Limited, Mr Sumit Jain, was quoted as saying, “We are thankful to our investors towards showing their faith in our agenda to grow the agriculture-focused business with a clear aim to maximise value addition and create employment opportunities in Nigeria.

“We would also like to commend the efforts made by FBNQuest Merchant Bank Limited’s team to build the reach and FMDQ for their unconditional support for the industry”.

The Head, Capital Markets, FBNQuest Merchant Bank, Mr Oluseun Olatidoye, said, “FBNQuest Merchant Bank Limited is delighted with the successful debut of the N5.12bn Series 1 CP issued by Valency Agro Nigeria Limited. This reiterates our effort to enable underserved sectors access the debt markets, optimise their capital structure and further deepen the domestic capital markets.

“We are proud of the instrumental role FBNQuest Merchant Bank played in this transaction and appreciate the trust the management of Valency Agro placed in us to assist them. Our clients remain our priority, and we strongly believe their success is our success.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Finance

FMAN Elects New Excos as Coronation Asset M.D, Aig-Imoukhuede Emerges as President

FMAN has elected the Managing Director of Coronation Asset Management Limited, Mr. Aigbovbioise Aig-Imoukhuede as the new President-elect of the association.

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Finance

Fintech CEO: Rate Hikes & Inflation Spell Different Reality than Stock Market

Since its low in June, the S&P has seen a bump of 18%, while the NASDAQ has risen roughly 20%

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Since its low in June, the S&P has seen a bump of 18%, while the NASDAQ has risen roughly 20%. This week, both Morgan Stanley and BlackRock analysts have noted that the recent bounce likely won’t continue. One Fintech exec, who has been sounding the warning bells on the economy for the better part of the past year, speaks on the current state of affairs.

“As soon as we saw the trajectory of the pandemic-related spending bills, anybody with basic economic knowledge knew that inflation was going to be a concern. What most didn’t anticipate was the land war in Eastern Europe that only exacerbated energy costs and supply chain issues,” said Richard Gardner, CEO of Modulus, a US-based developer of ultra-high-performance trading and surveillance technology that powers global equities, derivatives, and digital asset exchanges.

“As inflation, which was nudged higher by pandemic-related supply chain shortages which still haven’t fully abated, began to affect household budgets, it was clear that rate hikes were coming. The 75 basis point hikes were historic, but all indicators show that additional increases will be necessary. The increases are only starting to ripple across the economy,” said Gardner.

“There was some excitement over July’s CPI, but the reality is that this economy isn’t back on track. The excitement and celebration is a bit too soon, and I think the fundamentals still show that. Given the market’s recent boon, I think you’re starting to see an influx of FOMO, and that’s not painting the full picture,” said Gardner.

Modulus is known throughout the financial technology segment as a leader in the development of ultra-high frequency trading systems and blockchain technologies. Modulus has provided its exchange solution to some of the industry’s most profitable digital asset exchanges, including a well-known multi-billion-dollar cryptocurrency exchange. Over the past twenty years, the company has built technology for the world’s most notable institutions, with a client list which includes NASA, NASDAQ, Goldman Sachs, Merrill Lynch, JP Morgan Chase, Bank of America, Barclays, Siemens, Shell, Yahoo!, Microsoft, Cornell University, and the University of Chicago.

“Right now could be a great time for companies to work on new projects and get them ready to bring to market. It is a great time for R&D, and, for the companies that planned for this economic upheaval, it is a time to poach top talent that find themselves laid-off. In particular, it is a great time for startups that just completed a major funding round. They’ll have the financial resources to weather the storm while competitors may begin to struggle with liquidity,” said Gardner.

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Banking Sector

FirstBank Commemorates 2022 International Youth Day, Dedicating the Week to Celebrating the Youth

First Bank of Nigeria Limited has announced its commemoration of the 2022 International Youth Day, globally celebrated today, 12 August 2022.

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First Bank of Nigeria Limited has announced its commemoration of the 2022 International Youth Day, globally celebrated today, 12 August 2022 and themed “Intergenerational solidarity: Creating a World for All Ages.” 

The International Youth Day is commemorated every year on 12 August, bringing youth issues to the attention of the international community and celebrating the potential of youth as partners in today’s global society. The Day also amplifies the message that action is needed across all generations to achieve the United Nations Sustainable Development Goals (SDGs) and leave no one behind.

Leading up to the day, the Bank dedicated the week of 8 – 12 August with a lineup of activities to reiterate its commitment to Youth Empowerment.

As a Bank renowned for its role in developing the economy through sustainable employment and entrepreneurship endeavours, the 2022 edition of the Youth Week will promote economic empowerment and employment, digital technology, and education as its focus during the celebration.

The Youth Week comprises various activities, including a Fashion illustration workshop, Design skill training, Gen Z/Millennial Webinar and many more exciting activities. These activities would give participants opportunities to win various exciting gift items.

Under the First@arts program, the Bank will empower the youths through Artistry Workshop Sessions & Arts Classes. Interested in the art of fashion design and illustrations, visit the Bank’s social media handles – Instagram: @firstbanknigeria, Facebook: First Bank of Nigeria Limited, Twitter: @FirstBankngr – for information on how you can be among 10 lucky winners to have the opportunity to learn the business of fashion at Claire Idera fashion studio.

Likewise, the Creative design workshop will enable youths design skill training; design thinking principles and their application in the context of layout, typefaces and colour. Interested youths can also participate on the FirstBank social media handles, where 25 lucky winners will be selected to learn the Art of Design at Geneza School of Designs.

Commemorating the Youth Week, Dr Adesola Adeduntan, Chief Executive Officer of FirstBank said: ‘’We remain committed to celebrating the younger demography whose voices, actions, vigour, and tireless participation in the political, economic, and social activities have continued to birth major contributions towards the sustainable development of Africa and the world at large. The planned activities will promote better collaboration and solidarity across generations to foster successful and equitable relationships, and partnerships thereby ensuring “no one is left behind” and empowering everyone to leverage their full potential toward achieving the much-desired Sustainable Development Goals (SDGs).

This Youth demography has a striking significance for us at FirstBank with the Millennials and Gen Zs constituting almost 60% of our workforce. This shows that youths are an integral part of our organisation and every country where we operate”, he concluded.

For more information and participation in the Youth Week, kindly visit the bank’s verified social media platforms; Instagram: @firstbanknigeria, Facebook: First Bank of Nigeria Limited, Twitter: @FirstBankngr

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