Economy
FMDQ to Accept Nigeria’s $1b Eurobonds Inaugural Listing
By Modupe Gbadeyanka
The inaugural listing of Nigeria’s $1 billion Eurobonds under its $1.00bn Global Medium-Term Note Programme is set to be admitted by the FMDQ OTC Securities Exchange.
This is in consolidation of the strategic and value-adding initiatives spearheaded by FMDQ in developing the Nigerian financial markets.
Following a series of engagements by FMDQ on the importance of promoting and supporting economic development in the country through the opening of Eurobonds to the domestic DCM via the OTC Exchange’s platform, this welcome and laudable development, which market participants believe will set the pace for global competitiveness and invariably deepen the Nigerian financial markets, in no small measure, lays credence to the underlying objectives for the birth and operational mandate of FMDQ.
The issuance of the $1 billion FGN Eurobond is aimed at fostering economic development and will serve to rejuvenate the vibrancy of the nation’s FX market.
Remarkably so, this is the first-time the sovereign’s Eurobond will be considered for listing on a domestic exchange, following the nation’s first and second outings to the international capital markets in 2011 and 2013 respectively.
This most commendable consideration follows the decision of the Debt Management Office (DMO), Nigeria, (the authority under which the FGN issues Bonds and Treasury Bills) and the Ministry of Finance to list the Eurobond on an efficient domestic securities exchange such as FMDQ to deepen and support the development of the local DCM.
In streamlining its processes and ensuring an efficient time to market for debt securities, FMDQ, being Nigeria’s foremost debt capital-focused OTC securities exchange has continued to provide a highly resourceful platform for the registration, listing of Bonds (Sovereign, Agency, Sub-national, Corporate, Supranational, as well as Eurobonds and Sukuk), Funds and the quotation of Commercial Papers, Treasury Bills and other short-term securities as may arise from time to time, to meet the needs of the market participants. Whilst currently providing improved transparency, effective price formation and enhanced secondary market liquidity through its Dealing Members, who are responsible for circa 99.00% of the secondary market trading activity in FGN Bonds and Nigerian Treasury Bills on FMDQ, the OTC Exchange, in admitting the $1.00bn Eurobond for listing and trading, will continue to lend itself as a worthy and operationally excellent platform, serving as the point of integration between the domestic and international markets.
The OTC Exchange, since its debut into the Nigerian financial market landscape, already granted permitted trading status for $1.50bn of the previously issued FGN Eurobonds and $3.15bn of Eurobonds issued by Nigerian companies.
With its audacious vision to be No. 1 in the fixed income and currencies markets in Africa by 2019, the listing and eventual trading of the FGN Eurobonds on FMDQ, the first of its kind in the nation, will see the securities gain access to the full complement of the FMDQ Listings and Quotations service, which includes efficient clearing and settlement structures, unprecedented transparency, and improved network effects, among others.
FMDQ, in its capacity as a market organiser and information repository provides credible market infrastructures to aggregate and transmit all trade reports from its Dealing Members acting as liquidity providers to the Eurobonds, ensuring continuous information symmetry.
In appreciation of the important role which a transparent and regulated market plays in boosting investor confidence, the OTC Exchange will also publish relevant market data and information as necessary.
FMDQ, through effective collaboration, continues to garner the support of its varied stakeholders and has remained committed to transforming and positioning the Nigerian financial markets towards becoming a regional financial centre.
From the introduction of short-term and private companies’ bonds, the standardisation of the repurchase agreements with collateral management trading, to financial markets education, and most recently, the strategic partnership with S&P Dow Jones Indices for the co-branding of Nigerian fixed income indices, FMDQ, in 2017, will, despite the economic headwinds, relentlessly champion initiatives, aimed at empowering the global competitiveness of the Nigerian debt capital, currencies and OTC derivatives markets, towards promoting sustainable development for corporate and commercial entities, and ultimately, the nation’s economy.
By Bon Peter
The Area 11 Command of the Nigeria Customs Service (NCS) in Onne, Rivers State surpassed its 2024 annual revenue target by N16 billion.
This information was revealed to newsmen by the Customs Area Controller of the Command, Mr Mohammed Babandede, at a news conference last week.
He also disclosed that the command recently intercepted 12 containers of illicit drugs worth over N20.30 billion concealed in various items.
According to him, the content of the seized container included 1,721,100 bottles of 100ml cough syrup codeine, 510,000 tablets of 50mg Really Extra Diclofenac, 7,100,000 tablets of 225mg Royal apple Tramadol and Tramaking, 3,461 pieces of sanitary ware fittings used for concealment, 840 pieces of Chilly cutter used for concealment, and 153 cartons of TVS rubber.
“Our vigilant officers and men have successfully intercepted and seized an additional 12 containers (40 feet) of illicit medicine.
“This is a testament to our unwavering commitment to safeguarding public health, ensuring security of our nation and compliance with Nigeria’s import regulations. This also justifies our commitment to trade facilitation, transparency, effective and efficient service,” he said.
He said last year, the command received the support of different stakeholders, thanking them for working with the agency to achieve success.
“We appreciate the continued support and collaboration of all stakeholders, including the media, in amplifying our message and efforts to combat smuggling,” he said.
Mr Babandede stated that, “It is worth noting that the morale and dedication of our officers have been significantly bolstered by the Comptroller-General of Customs’ award, recognizing Area 2 Command as the Best Command in Anti-Smuggling Operations.
“This honour has further strengthened our resolve, and I assure you that we will not relent in performing our duties to protect the lives and well-being of Nigerians.”
The customs chief said earlier last year, the command was given a revenue target of N618 billion but as of December 31, 2024, it generated N634 billion, higher than the N321 billion recorded in 2023, promising to do more in 2025.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited appreciated by 0.39 per cent on Friday as the demand for local equities continued to increase.
During the final trading session of the week, the insurance maintained its upward trend with a growth of 7.81 per cent as the banking index appreciated by 1.08 per cent, the consumer goods sector rose by 0.52 per cent, and the industrial goods counter expanded by 0.33 per cent, while the energy space went down by 0.49 per cent.
At the close of business, the All-Share Index (ASI) jumped by 406.19 points to 103,586.33 points from 103,180.14 points, and the market capitalisation increased by N248 billion to N63.166 trillion from N62.918 trillion.
The bourse recorded 67 appreciating shares and 11 depreciating shares, implying a positive market breadth index and strong investor sentiment.
Chams, Omatek, NCR Nigeria, Learn Africa, and Regency Alliance topped the gainers’ table after they gained 10.00 per cent each to finish at N2.31, 88 Kobo, N6.05, N4.95, and 88 Kobo, respectively.
On the flip side, TotalEnergies lost 9.74 per cent to trade at N630.00, CWG depreciated by 6.04 per cent to close at N7.00, Thomas Wyatt went down by 5.26 per cent to N1.80, ABC Transport crumbled by 4.07 per cent to N1.18, and UAC Nigeria shed 3.19 per cent to N31.90.
Yesterday, investors traded 709.3 million stocks valued at N8.2 billion in 13,593 deals compared with the 829.8 million stocks worth N5.7 billion transacted in 11,752 deals on Thursday, representing a slowdown in the trading volume by 14.52 per cent and a rise in the trading value and number of deals by 43.86 per cent and 15.67 per cent, respectively.
At the close of business, Chams topped the activity log with 58.1 million equities sold for N133.8 million, Veritas Kapital traded 55.1 million shares valued at N89.2 million, Abbey Mortgage Bank exchanged 50.1 million stocks for N165.5 million, AIICO Insurance transacted 39.7 million equities worth N68.3 million, and NPF Microfinance Bank sold 34.3 million stocks valued at N64.0 million.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange extended its positive start to the year with a 0.08 per cent rise on Friday, January 3.
The market saw a gain of N840 million, with the value of the alternative bourse growing to N1.046 trillion from the N1.045 trillion it closed a day earlier as the NASD Unlisted Security Index (NSI) made an addition of 2.43 points to wrap the session at 3,052.34 points compared with 3,049.91 points recorded at the previous session.
The appreciation posted yesterday at the NASD OTC exchange was caused by two price gainers led by Industrial and General Insurance (IGI) Plc which jumped by 2 Kobo to end at 20 Kobo per share compared with the preceding session’s 18 Kobo per share and UBN Property Plc, which improved its value by 16 Kobo to close at N1.98 per unit, in contrast to Thursday’s closing price f N1.82 per unit.
The market posted a price loser, which was FrieslandCampina Wamco Nigeria Plc as it dropped 18 Kobo to finish at N39.76 share versus the previous day’s N39.94 per share.
There was an 856.6 per cent surge in the volume of securities traded in the session to 11.3 million units from the 1.2 million units traded in the preceding session.
Equally, there was a jump in the value of shares traded yesterday by 1,078.4 per cent to N56.8 million from the N4.8 million made previously, and the number of deals increased by 22.7 per cent to 27 deals from 22 deals.
FrieslandCampina Wamco Nigeria Plc was the most active stock by value (year-to-date) with 1.4 units worth N55.8 million, IGI Plc came next with 10.6 million units valued at N2.1 million, and 11 Plc was in third with 6,45 units sold for N1.4 million.
IGI Plc closed the day as the most active stock by volume (year-to-date) with 10.6 million units sold for N2.1 million, FrieslandCampina Wamco Nigeria Plc came next with 1.4 million units valued at N55.8 million, and UBN Property Plc followed with 275,740 units worth N545,965.
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