Banking
Coronation Merchant Bank’s Commercial Paper Oversubscribed by 80%
By Modupe Gbadeyanka
The inaugural Commercial Paper issuance of leading investment bank in Nigeria, Coronation Merchant Bank Limited, has recorded a very strong performance.
This is because the exercise was oversubscribed by 80 percent, reflecting the huge confidence investors have in the lender.
The financial institution had set out to raise the sum of N15 billion on the first tranche under its N100 billion Commercial Paper Programme. However, subscriptions worth N28 billion were received from both Institutional and high net worth Investors.
The issuance comprised of two series of 180 and 270-days. While the 180-day paper was issued at a discount rate of 12.60 percent with a yield of 13.43 percent, the 270-day paper was issued at 12.69 percent discount rate and a yield of 14 percent.
According to industry experts, this is an unprecedented achievement in Nigeria’s Capital market especially given the tight pricing on the instruments.
Group Managing Director/CEO of Coronation Merchant Bank Limited, Mr Abu Jimoh, said the lender was pleased at the outcome of this exercise.
“The Commercial Paper issuance, which represents our very first in the market, has enabled us to achieve our objective of effective balance sheet management that is geared towards providing capital to various sectors of the economy.
“The positive results recorded by our Commercial Paper are testament to the strength of the bank’s credit in the capital markets. It is both gratifying and humbling to note this level of investor confidence in the bank,” he said.
Group Head of Investment Banking at Coronation Merchant Bank, Mr Abiodun Sanusi, stated that, “We started our investment banking business in 2016 and in less than three years, we have contributed immensely to the development of the capital market – both on the equity side and the debt capital side.”
He further stated that, “Today, we have differentiated ourselves as a formidable player in the capital market having raised in excess of N300 billion for various companies in multiple sectors of the economy.
“The success of this issuance further demonstrates the market’s confidence in the Coronation Merchant Bank Story.”
Coronation Merchant Bank group was established to fill the gap in a long-underserved market segment, seeking to address the need for long term capital across key sectors of the economy. The Group offers investment and corporate banking, private banking/wealth management and global markets/treasury services to its diverse clients.
It also offers securities trading/brokerage, asset management and trustees services via its subsidiaries; Coronation Securities Limited, Coronation Asset Management Limited respectively.
Driven by its vision of becoming Africa’s premier investment Bank and with an asset base of over N130 billion, the banking group is certain to leverage its privileged position and to become the industry model for risk management, corporate governance and responsible business practices.
Coronation Merchant Bank’s quest for industry distinction is evident in its recently unveiled corporate identity which has been designed to communicate the Group’s vision, ambition and inner strength.
Please click link below for more details https://www.coronationmb.com/what-we-do/investment-banking
By Aduragbemi Omiyale
Access Bank Plc has assured customers that their funds are safe with the company, stressing that there’s nothing to worry about.
The lender gave this assurance in reaction to a video making the rounds on social media that about N500 million belonging to a customer was missing.
The financial institution described this allegation as “baseless,” denying any involvement in “any unethical behaviour.”
“Our attention has been drawn to a video on social media wherein allegations of missing funds and unethical behaviour have been made against Access Bank PLC.
“First and foremost, we wish to emphasise that the safety and security of our customers’ funds are core priorities which we take seriously. Second, Access Bank Plc does not engage in or condone any unethical behaviour.
“In the instant case, the allegations of missing funds in the Bank are most untrue and baseless.
“There is no N500 million or any other fund or amount missing from the subject customer’s account or any other customer’s account with us.
“We and other independent stakeholders in the banking industry have thoroughly investigated these allegations and independently arrived at the same conclusions.
“Access Bank PLC operates with the highest ethical standards, and we protect our customers’ interests whilst also respecting privacy laws.
“Consequently, whilst we have engaged and will continue to engage with our customers, we must advise the public not to rely on or believe sensational and unverified claims that are designed to titillate and mislead the public,” a statement from the firm stated.
By Modupe Gbadeyanka
The Ajose Adeogun Street in the Victoria Island area of Lagos State has been decorated by Zenith Bank Plc in line with its yearly tradition.
The area was lightened up by the financial institution ahead of the yuletide season and at the unveiling on Saturday, November 23, 2024, the lender said it was happy to do it again for the 18th year.
“Over the years, Zenith Bank has hosted this spectacular event, transforming the entire Ajose Adeogun Street into a breathtaking yuletide wonderland.
“Our beautiful and elaborate Christmas decorations have become a centre of attraction and shared on social media platforms globally.
“As we light up the street tonight, we celebrate the essence of Christmas and Zenith Bank’s unparalleled Corporate Social Responsibility (CSR).
“Our customers will always be at the centre of all that we do in Zenith Bank,” the chief executive of Zenith Bank, Ms Adaora Umeoji said.
She urged everyone to imbibe the message and spirit of Christmas which is about love, kindness, generosity and respect for humanity, and thanked the Lagos State Government for creating an enabling environment for the initiative.
She also praised the efforts of Quantum Markets, who have been responsible for the annual decorations, for their expertise and creativity in putting together the lovely decorations.
“I want to thank the management of Quantum Markets for all the beautiful, creative and innovative ideas they keep coming up with. Quantum Markets always make it bigger and better every year, and we are always looking forward to it,” she stated.
The beautiful Christmas decoration, which transforms the entire stretch of Ajose Adeogun Street (home to Zenith Bank’s corporate headquarters) and roundabout into a breathtaking yuletide wonderland, has come to be recognized as an iconic tourist attraction, bringing visitors from far and wide who visit with their families and friends to take pictures and enjoy the ambience of the street.
The company’s sustainability and CSR initiatives are hinged on the belief that today’s business performance is not all about the financial numbers – the bank believes that an institution’s social investments, contributions to inclusive economic growth and development as well as improvements in the condition of the physical environment, all constitute a balanced scorecard.
By Modupe Gbadeyanka
One of the leading financial institutions in Nigeria, Zenith Bank Plc, has launched a digital wallet known as EazyByZenith.
This was unveiled at the 2024 Zenith Tech Fair held on Thursday, November 21, 2024, at the Eko Hotels and Suites, Lagos.
The lender said this wallet will help to support its retail and financial inclusion strategy, as the company further pushes to expand its share of the retail banking space in Nigeria.
The chief executive of Zenith Bank, Ms Adaora Umeoji, said the bank cannot sit back as the world moves into the digital age.
“It is paramount that we adapt and adopt technology to stay ahead of the curve. We have seen various cases of companies that failed because of their lack of innovation.
“It is quite obvious that when companies fail to innovate; they can easily be displaced, so this is not the time to be orthodox, innovation should be a top priority for us,” she stated.
Explaining why Zenith Bank came up with the fair themed Future Forward 4.0: Embedded Finance, Cybersecurity and Growth Imperatives – The Impact of AI, she said it was to “empower and nurture young fertile minds,” with the mindset to “produce the likes of Bill Gates, Mark Zuckerberg, Steve Jobs and Elon Musk” in the nearest future.
“According to the Nigerian Bureau of Statistics (NBS), about 70 per cent of Nigeria’s population are youths which is an economic asset when properly harnessed.
This is part of the reason why Zenith Bank is hosting this event to support the development of technology startups.
“Their success not only fosters innovation and growth in Nigeria, but it also plays a vital role in creating employment opportunities for our youth,” Ms Umeoji also said, stressing the importance of innovation and embedded finance in ensuring strong and enduring institutions.
Business Post reports that the fair also included presentations on the leading technological innovations that cut across different aspects of life, such as Artificial Intelligence, Cybersecurity, Risk Management, Compliance, Financial Intelligence, Cloud Computing and Communication Technologies, with the keynote address, Banking Transformation in a Digital World, delivered by Robin Speculand, a renowned Strategy and Digital Implementation Specialist.
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