Banking
Ecobank Celebrates $400m Eurobond Issuance at London Stock Exchange
By Aduragbemi Omiyale
One of the leading lenders in Africa, Ecobank Transnational Incorporated (ETI), has celebrated the issuance of the $400 million Eurobond at the London Stock Exchange (LSE).
The financial institution opened the market today at the London bourse, with members of the company’s board and management in attendance.
Last month, Ecobank sold the five-year senior unsecured papers to investors at a coupon rate of 10.125 per cent payable semi-annually in arrears.
The firm asked for the funds for general corporate purposes, including refinancing the $350 million senior bridge-to-bond loan facility it secured in March 2024.
Speaking at the LSE, the chief executive of Ecobank, Mr Jeremy Awori, said, “Our successful Notes issuance demonstrates how Ecobank is blazing the trail for sub-Saharan African financial institutions and corporates in accessing the international capital markets.
“The notes are ETI’s third issuance on the international bond markets and the first public Eurobond issuance by a financial institution in sub-Saharan Africa since 2021.
“With the bond more than 2.1 times oversubscribed, the strong demand demonstrates international and African investors’ approval and trust in the progress of our Growth, Transformation and Returns Strategy.”
On his part, the Chief Financial Officer (CFO), Mr Ayo Adepoju, said, “We really appreciate the support and partnership from Absa, Africa Finance Corporation, African Export-Import Bank, Mashreq, and Standard Chartered Bank, who acted as joint lead managers and joint bookrunners, and Renaissance Capital Africa, who served as the Financial Adviser for the transaction.
“We deeply value and appreciate the strong support from our Development Finance Institution partners, including the Africa Finance Corporation, Proparco, and the Eastern and Southern African Trade and Development Bank, who helped anchor the transaction.
“We also thank our bond investors for their ongoing support of ETI and look forward to continuing our engagement and working together to successfully execute our business strategy.”
By Dipo Olowookere
Efforts are being made by the management of a rapidly growing financial technology (fintech) company,
Bankit Microfinance Bank (MFB), to grow its loan and gaming services.
The firm said this is one of its targets for 2025 to solidify its position as a leading platform for comprehensive, simplified banking activities after it recorded remarkable growth in 2024 with different milestones as a result of its competitive edge and cutting-edge technology.
The digital financial services provider said it was already talking to its various partners on how to ensure customers get more access to credit facilities for different needs.
It said nothing would be spared to revolutionise digital banking in Nigeria, especially with a focus on innovation, customer protection, and financial inclusion.
Last year, Bankit MFB, within its first few weeks of operations, successfully registered over 50,000 users on its platform, a testament to its innovative simple banking approach to digital banking.
This year, the small lender has an ambitious plan to increase this by 900 per cent to a record 500,000 businesses in 2025.
Business Post gathered that in 2024, the financial institution recorded impressive transaction values, exceeding N100 million, with an impressive 90 per cent transaction success rate.
Since joining the business, it has introduced web banking and other innovative banking products, with more in development.
With the financial services sector not immune to fraud, Bankit MFB said it prioritises the protection of customers’ funds, expressing its commitment to diversifying its digital services to enhance customer experience.
Bankit MFB is a financial institution licenced to operate in the country by the Central Bank of Nigeria (CBN), which is dedicated to providing innovative, customer-centric financial solutions to individuals and others.
By Aduragbemi Omiyale
The Central Bank of Nigeria (CBN) will on Tuesday, January 28, 2025, launch a foreign exchange (FX) code designed to boost the integrity of the market.
A statement from the banking sector regulator on Wednesday said the FX code would be unveiled at its headquarters in Abuja next week.
It explained the forex code will serve as a guideline for the ethical conduct of FX dealers in the Nigerian forex landscape.
“The Central Bank of Nigeria has approved the release of the Nigerian Foreign Exchange (FX) Code as a guideline to the banking industry to promote the ethical conduct of Authorised Dealers in the Nigerian Foreign Exchange Market.
“The bank will formally launch the code at the CBN Head Office Auditorium, Abuja, on Tuesday, January 28, 2025,” the statement read.
By Aduragbemi Omiyale
One of the leading financial services companies in Nigeria, Stanbic IBTC Holdings Plc, has taken its N148.7 billion rights issue to the e-offering platform of the Nigerian Exchange (NGX) Plc, NGX Invest.
Subscription for the rights issue of the organisation commenced on Wednesday, January 15 and will close on Friday, February 21, 2025.
The exercise allows existing shareholders to subscribe to 2,944,772,083 ordinary shares of 50 kobo each at N50.50 per share on the basis of five new shares for every 22 ordinary shares held as of October 29, 2024.
To streamline the rights issue and enhance investor participation, Stanbic IBTC has decided to join the others, who have used the NGX Invest for a similar transaction.
Business Post reports that qualified investors can seamlessly take up their rights via the platform at https://invest.ngxgroup.com.
The chief executive of the NGX Limited, Mr Jude Chiemeka, said, “The success of NGX Invest as a capital-raising platform reinforces our commitment to providing innovative solutions for issuers and investors alike. Stanbic IBTC’s confidence in our infrastructure reflects the opportunities we continue to create for sustainable growth in Nigeria’s financial markets.”
On his part, the acting chief executive of Stanbic IBTC, Mr Kunle Adedeji, noted that the platform would enable the company to distribute its rights issues efficiently while meeting regulatory requirements and delivering value to its shareholders.
He expressed deep appreciation for the confidence shown by shareholders, emphasizing the strategic importance of the rights issue.
Mr Adedeji emphasized that the funds raised would drive growth in critical sectors such as oil and gas, with a focus on Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), and gas infrastructure. The proceeds will also support power sector reforms, including divestments in distribution companies (Discos), and explore opportunities in the debt capital market and sustainable finance to foster economic transformation.
The chief executive of NGX Group, Mr Temi Popoola, stated, “At NGX Group, we are committed to fostering innovation that drives economic growth and empowers issuers to achieve their goals. NGX Invest exemplifies how we continue to position the Exchange as the preferred destination for capital formation in Africa.
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