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FG Appoints Citi, Stanbic, SCB for $1bn Eurobond

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  • FG Appoints Citi, Stanbic, SCB for $1bn Eurobond

The Federal Government has appointed Citigroup, Standard Chartered Bank and Stanbic IBTC Bank as advisers on its planned $1bn Eurobond, the Minister of Finance, Mrs. Kemi Adeosun, has said.

She said this followed her presentation of a memorandum on Wednesday at the Federal Executive Council meeting seeking approval for the issuance of the Eurobond in the International Capital Market and the appointment of transaction parties responsible for the execution of the programme.

The minister, in a statement issued by her Media Adviser, Mr. Fetus Akanbi, said that the $1bn Eurobond issuance would provide funds to support the implementation of capital projects in the 2016 budget.

Apart from Citigroup, Standard Chartered Bank and Stanbic IBTC Holdings Plc, she gave names of other appointed transaction parties for the execution of the bond as White & Case LLP, Banwo & Ighodalo and AfricaPractice.

She stated that the selection was based on an open and competitive bid process in line with the Public Procurement Act, 2007 and that a certificate of ‘No objection’ was received from the Bureau of Public Procurement to award contracts to the recommended parties.

The statement quoted her to have said, “We have so far received strong commitment from the international community. Investors believe in the long-term economic outlook for Nigeria as we continue with our structural reforms and increased focus on infrastructure development to diversify the economy and grow the non-oil sector.

“Stable oil prices and steadying foreign reserves will support our plans and we expect high demand for this issue to further push down yields. We are confident that this will be a successful outing in January 2017.”

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 long experience in the global financial market.

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Remove Face Mask When Using ATM, Banks Tell Customers

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Face Mask May Cause ATM Transaction Failure, Banks Tell Customers

Deposit Money Banks have said due to their face recognition technology, customers wearing face masks may experience service failure while using the Automated Teller Machines (ATMs).

In an email issued to customers by Fidelity Bank, the bank said why the use of face masks is important to curb the spread of COVID-19 pandemic, customers should remove when performing ATM transactions.

The bank said “Wearing of face masks is a safety and precautionary measure we must all adhere to in this period of the COVID-19 pandemic.

“However, we advise that you remove your face mask while making withdrawals or carrying out ATM transactions to allow our ATM properly recognise you.

“Fidelity Bank ATM machines have face detection features installed to curb incidences of fraudulent ATM withdrawals.

“Consequently, you may not be able to carry out any transaction if our ATMs are not able to properly recognise you. We apologise for the inconvenience that this may cause you.”

Meanwhile, Guaranty Trust Bank plc continues to ease accessibility for all customers and advised customers to protect themselves.

GTBank said, “When visiting any of our branches, kindly protect yourself by wearing a face mask at all times. It is also very important that you keep a safe distance when in a queue inside or outside the branch.

“Before visiting any of our branches, please remember that you can withdraw up to N150,000 at all our ATMs and that you can do most of your banking from the safety of your home.”

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Access Bank in Talks to Acquire Cavmont Bank

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Access Bank to Acquire Cavmont Bank in Zambia

Access Bank Plc on Wednesday announced that its wholly-owned subsidiary in Zambia, Access Bank Zambia Limited (Access Bank Zambia) is in talks to acquire Cavmont Bank Limited, a subsidiary of Cavmont Capital.

According to the statement signed by Mr. Sunday Ekwochi, Company Secretary, Access Bank and released on the Nigerian Stock Exchange website on Wednesday, the ongoing discussions is to acquire 100 percent of Cavmont Capital’s interest in Cavmont Bank.

However, the lender said “there can be no certainty that a transaction will be agreed, nor as to the terms of any such agreement.

“The completion of a transaction would be subject to formal regulatory approvals. Access Bank will be updating the market as appropriate and in accordance with its disclosure obligations.”

The lender, therefore, advised shareholders to exercise caution when dealing in Access Bank’s securities.

Investors King Ltd note: This announcement further threw more lights on the recent purchases of Access Bank’s shares by Herbert Wigwe, the Chief Executive Officer and Managing Director, Access Bank.

The CEO/MD purchased 7.532 million of Access Bank‘s shares in the last one month.

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Mohammed Umar is the New Acting Chairman of EFCC

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Buhari Appoints Mohammed Umar as EFCC Acting Chairman

President Muhammadu Buhari has appointed, Mohammed Umar, the director of operations at the Economic and Financial Crimes Commission (EFCC), as the new Acting Chairman of the agency, according to the NAN.

A top official of the commission confirmed to NAN that Umar has taken charge of the agency following the suspension of Ibrahim Magu, the former acting Chairman.

Ibrahim Magu was suspended by the President on Tuesday following series of allegations bordering on frauds, financial misappropriations and abuse of power.

 

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