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SEC, NSE Seal Pact With AfDB To Promote Green Bond Market Development

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SEC, NSE Seal Pact With AfDB To Promote Green Bond Market Development

The Securities and Exchange Commission (SEC) and African Development Bank (AfDB) Group have signed an agreement on the Nigeria risk-based supervision framework implementation and capacity building project.

The signing ceremony which took place on Friday also featured the Nigerian Stock Exchange (NSE) which will collaborate with SEC and other industry experts to implement initiatives aimed at promoting Green Bond market development.

According to information from the NSE, the AfDB will provide technical assistance as well as a grant from the capital market Development Trust Fund – a multi-donor trust fund – administered by the AfDB dedicated to the development of African capital markets.

Speaking at the signing ceremony, the Senior Director, AfDB Group, Mr. Lamin G. Barrow, noted that, “We are very delighted to sign this agreement, which enables us to accelerate the implementation of key initiatives.

“The grant will enhance the capacity of the SEC in risk-based supervision framework for the financial and securities market, strengthen operational readiness in the areas of risk-based publishing, derivatives and green bonds trading market. It will provide capacity building and training programmes for the NSE, issuers and institutional investors on green bonds, as well as market operators and regulators from the wider Economic Community of West African States (ECOWAS) region.

“Experience has shown that countries with developed domestic capital markets have posted stronger economic growth and structural transformation and that is why AfDB Group is supporting the emergence of a well-functioning and resilient financial and capital market in African countries through various mechanisms.”

The Director-General, SEC, Mr. Lamido Yuguda, also stated, “The SEC is focused on capacity development as a catalyst to drive the actualisation of the 10-Year Capital Market Masterplan 2015 – 2025. Consequently, the SEC designed a targeted training programme to address gaps in regulation and market development to enhance the commission’s readiness to effectively regulate new products and promote the growth of the capital market. Some of these initiatives include the procurement of surveillance solutions, capacity building in the areas of risk-based supervision, green finance and derivatives.

Realising these focus areas align with AfDB’s high five priority sectors for the economic transformation of Africa, we leveraged our strong partnership with AfDB to drive some of these key initiatives to strengthen internal and issuers’ capacity. We are pleased and thankful to AfDB for providing the grant and supporting the execution of this project”.

 

Green Bonds are any type of bond instrument where the proceeds are exclusively applied to finance or re-finance, in part or in full, new and/or existing eligible green projects that align with the four core components of the Green Bond Principles (GBP).

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MTN Nigeria Receives Approval to Raise Another Fund Via a Bond Issuance Programme

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MTN Nigeria said it has received approval from the Nigerian Securities and Exchange Commission (SEC) to raise fund following the successful completion of its Series III and Series IV Commercial Papers of N73,508,254,000.

The telecoms giant said the company will issue a Series I, 7-Year Fixed Rate Bond under a debut N200 billion Bond Issuance Programme (“Bond Issuance Programme”).

It added that the Bond Issuance Programme further reinforces the Company’s strategy of diversifying its funding sources. A final decision on the launch of the Series I Bond will be taken imminently, subject to prevailing market conditions.

The telecommunications company raised a combined N73.508 billion in March to finance working capital and general corporate purposes.

The CP Issuances were undertaken in line with the Company’s strategy to diversify its financing sources. In November 2020, MTN Nigeria obtained the approval of Financial Markets Dealers Quotations (FMDQ) Securities Exchange Plc to increase the Company’s CP programme from N100,000,000,000 to N200,000,000,000; following the very successful inaugura Series I and Series II CP Issuances in June 2020. The Company confirms that the Series I and Series II CP Issuances – of an aggregate value of N100,000,000,000 – have been redeemed,” MTN Nigeria stated in a statement signed by Uto Ukpanah, Company Secretary, MTN Nigeria.

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FG Lists Supplementary FGN Bonds (March 2021) on NSE Last Week

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Federal Government listed additional units of the Federal Government of Nigeria (FGN) Bonds issued in March 2021 on the Nigerian Stock Exchange (NSE) on Wednesday, 31 March 2021.

44,012,718 additional units of FGN at 16.2884 percent with March 2027 maturity were listed while another additional units of 86,291,852 FGN Bonds were issued at 12.5 percent with March 2035 maturity.

Finally, the FG listed 131,796,220 FGN Bonds at 9.80 percent with July 2024 maturity.

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FG Lists Two (2) FGN Savings Bonds Issued in March 2021 on NSE

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The Federal Government of Nigeria listed two Federal Government of Nigeria (FGN) Savings Bonds on the Nigerian Stock Exchange (NSE) on March 24, 2020, according to the Exchange.

Therefore, dealing members are hereby notified that “the March 2021 Issue of the Federal Government of Nigeria (FGN) Savings Bonds were listed on The Nigerian Stock Exchange today, 24 March 2021,” the bourse stated.

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