Sterling Bank Issues N35b Commercial Papers

Image

By Dipo Olowookere

The management of Sterling Bank Plc has announced the issuance of about N35 billion commercial papers (CP) to boost its operations in the country.

The mid-tier bank, in a statement to the Nigerian Stock Exchange (NSE) today, said the exercise was under its N100 billion CP programme launched on December 13, 2016.

In the statement obtained by Business Post from the website of the stock exchange, the financial institution explained that it issued the N35 billion papers in Series 6 and Series 7.

While the Series 6 CP was issued for a tenor of 177 days at a yield of 13.6300 percent, the Series 7 CP was issued for a 268 days tenor at a yield of 13.9699 percent.

“The proceeds of the CPS are intended to boost the working capital financing needs of the bank,” Sterling Bank said.

The lender further said “the CP offers were targeted at institutional investors such as pension and non-pension asset managers, as well as eligible high net worth investors.”

“The arrangers of the CP Programme and issues under the Programme are Constant Capital and Stanbic IBTC Capital Limited,” it added.

“Following the closure of the offer, the bids are currently being collated and the results of the offer are expected to be announced before the scheduled commencement date of Tuesday August 7, 2018,” the statement concluded.

Business Post gathered that the exercise opened on Tuesday, July 31, 2018, and ended on Friday, August 2, 2018.

Share
Related Stories
Image
06-December-2023

Agusto, DataPro Upgrades DLM Capital Ratings

By Aduragbemi Omiyale DataPro and Agusto & Co have upgraded the credit ratings of a Lagos-based development investment bank, DLM Capital Group, following an improvement in its credit risk and liquidity risk management. DLM Capital Group is a company with many subsidiaries, including DLM Advisory, DLM Asset Management, DLM Securities, CitiHomes Finance Company, DLM Nominees, DLM Trust Company, Sofri Bank (LINKS MFB), and DLM FX. The group provides innovative solutions to economic and social developmental challenges that impact the everyday lives of people. In its rating assessment, the pan African credit rating agency, Agusto, explained that it upgraded DLM Capital

Image
04-December-2023

Fear Grips Opay, PalmPay Users Over New CBN Directive

By Bliss Okperan Users of neo banks like Opay, Carbon, Kuda, and PalmPay, among others, are worried over the new directive of the Central Bank of Nigeria (CBN), which intends to freeze bank accounts not linked to a Bank Verification Number (BVN) and a National Identity Number (NIN). Last week, the apex bank directed deposit money banks (DMBs) to place a “Post No Debit (PND)’ on any accounts with BVN and NIN from next year. For most neo banks, account numbers are opened with just users’ phone numbers without the BVN, unlike the traditional banks. However, they cannot make transactions

Image
30-November-2023

Fidelity Bank Signs UN Principles for Responsible Banking

By Modupe Gbadeyanka A Nigerian lender, Fidelity Bank Plc, has agreed to adopt the single framework for a sustainable banking industry developed through collaboration between banks worldwide and the United Nations Environment Programme Finance Initiative (UNEP FI). Called the UN Principles for Responsible Banking (PRB), the initiative is a structure for ensuring that banks’ strategy and practices align with the vision society has set out for its future in the UN Sustainable Development Goals and the Paris Climate Agreement. Banks which have signed the principles commit to being ambitious in their sustainability strategies, working to mainstream and embed sustainability into

Image
07-December-2023

Full List of PSSPs, Others NIBSS Ordered Banks to Remove from Transfer List

By Dipo Olowookere Some hours ago, news went viral that the Nigeria Inter-Bank Settlement System (NIBSS) Plc has directed Deposit Money Banks (DMBs) to take down all non-deposit financial institutions from their NIBSS Instant Payment (NIP) platform because they are not authorised to hold customers’ funds. The circular, which was dated Tuesday, December 5, 2023, has generated mixed reactions as a few media platforms, excluding Business Post, listed some mobile money operators (MMOs) like Opay, PalmPay, and others are part of the financial technology (fintech) firms affected by the directive. In the disclosure sighted by this newspaper, the NIBSS specifically

More Stories
Image
28-January-2019

Lagos Assembly to Impeach Ambode for Gross Misconduct

By Modupe Gbadeyanka Lawmakers of the Lagos State House of Assembly have taken a big step to remove Governor Akinwunmi Ambode from office. The legislative arm of government in the state is accusing the head of the executive arm of gross misconduct. At the plenary today, the parliament claimed Mr Ambode has not been carrying out his duties as stipulated by the laws of the land. As a result, they are moving to impeach him from the exalted position. Mr Ambode incurred the wrath of his ruling All Progressives Congress (APC) when he initially resisted moves by his party to

Image
14-January-2021

CBN Raises Treasury Bills Rates Amid Rising Investor Appetite

By Dipo Olowookere Despite investors showing more interest in treasury bills at the first primary market auction (PMA) in 2021, the Central Bank of Nigeria (CBN) increased the stop rates of the debt instrument on Wednesday. Business Post reports that the T-bills rates started to decline a few years ago after the investors did not hide their huge appetite for the investment tool. About three to four years ago, treasury bills were sold at double-digit rates and this made many investors show interest in it, including banks and other institutional investors. In fact, some smart investors had to start approaching

Image
12-April-2023

NIMASA Gets Four Mass Transit Boats to Drive Blue Economy

By Adedapo Adesanya The Nigerian Maritime Administration and Safety Agency (NIMASA) has taken delivery of brand-new mass transit boats as part of efforts to check opportunities present in the blue economy. The Director-General of NIMASA, Mr Bashir Jamoh, in his official Twitter handle on Tuesday, said: “We are practising what we preach. Our deliberate policy of NIMASA staff commuting to work by water transport will soon be in effect.” “The agency’s presence and brand will become ever-dominant in our waters. “Players, operators and stakeholders will be able to engage with us more directly and with real-time experience and value. “Glad

Image
20-July-2017

Oyo Begins Enumeration of Lands, Buildings Monday

By Dipo Olowookere The enumeration of lands and buildings by the Oyo State government is slated to commence from Monday, July 24, 2017. The exercise is to ensure an increase in socio-economic benefits for the people of the state. According to the Commissioner for Lands, Housing and Survey, Mr Ajiboye Omodewu, the exercise will be carried out by members of the Nigerian Institute of Estate Surveyors and Valuers, Oyo State Branch. He said the enumerators are expected to inspect and carry-out survey exercise of the owners/occupants of the properties without collecting money from any individual. “Oyo State government is embarking

Image
26-March-2019

See List of Stocks to Buy, Sell or Keep This Week

By Dipo Olowookere The Nigerian Stock Exchange (NSE) has already started this week on a bearish level, eroding the gains achieved last Friday, which investors had anticipated to extend to Monday’s trading session. The local bourse 0.31 percent lower as bears make a quick return to the market due to panic offloading of stocks by investors. However, analysts at Meristem Research are optimistic that the market will close positive this week as more release of earnings could trigger buying pressure. “We expect investors to take advantage of the corporate actions due, ahead of dividend payments,” they noted in their report.

Image
20-April-2021

7 Things You Need to Know Before Buying a Leather Jacket

It is no secret that a high-quality, classy leather jacket is one of the most crucial wardrobe staples for both men and women. And, this is the reason why buying a good leather jacket is considered to be a long-term investment. Besides this, a high-quality leather jacket is not only long-lasting but serves as the perfect clothing item for different types of events, may it be a professional meeting or a late-night party. However, with so many options available in the market, getting your hands on the perfect leather jacket can be a tricky feat, especially if you’re buying it

Image
04-October-2019

NASD OTC Stays Flat as Volume of Trades Rises 4,876% Thursday 

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange further closed unchanged on Thursday like the previous trading day as both the NASD Unlisted Security Index (NSI) and market capitalisation remained remaining at their previous levels. However, there were changes in the other market indicators yesterday. At the close of business on Thursday, the market capitalisation of the NASD Exchange closed at N502.64 billion, the same amount it recorded on Monday and Wednesday, while the NSI also stayed flat at the 699.63 points it recorded previously on Wednesday. However, the volume of trades which had been declining in the past

Image
04-May-2017

FMDQ OTC Revenue to Drops to N2.04b

By Modupe Gbadeyanka In the 2016 financial year, the total revenue of FMDQ OTC Plc dropped to N2.04 billion from N2.07 billion recorded in 2015, Business Post reports. This represented 1.71 percent decrease in the gross earnings of the company in the period under review. This information was disclosed at the 5th Annual General Meeting (AGM) of the firm held at the Intercontinental Hotel, Lagos, on Friday, April 28, 2017. The decline, according to Managing Director/CEO of FMDQ OTC Securities Exchange, Mr Bola Onadele Koko, was as a result of the challenges in the Nigerian financial markets, particularly, the foreign

Ad
Ad
Recent Stories
Image
08-December-2023

PZ Cussons Nigeria Publishes List of 61,628 Shareholders With Unclaimed Dividends

By Aduragbemi Omiyale One of the players in the personal healthcare and consumer goods sectors, PZ Cussons Nigeria Plc, has published a list of its shareholders with unclaimed dividends. Unclaimed dividends are cash rewards given to investors, mainly from the profits from the company’s operations, but are yet to be collected by the beneficiaries. This has been a major source of sleepless nights for the Securities and Exchange Commission (SEC), which is working to bring down the number of unclaimed dividends. It has been reported that the value of unclaimed dividends in the nation’s stock market is over N185 billion.

Image
08-December-2023

CBN Raises Alarm on Fake Naira Notes, Threatens Prosecution

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has cautioned Nigerians to be wary of fake Naira notes currently in circulation, vowing to prosecute those engaged in the illicit acts. The apex bank in a release signed by Mrs Hakama Sidi Ali, the acting Director of Corporate Communications, said the counterfeit notes have been spread by some individuals for transactions in food markets and other places where commerce takes place across the country, noting that this is a punishable offence. “The attention of the Central Bank of Nigeria (CBN) has been drawn to the circulation of counterfeit banknotes, especially

Image
08-December-2023

Nigeria’s Crude Output Falls 30,000 Barrels Daily to 1.43mbpd in November

By Adedapo Adesanya Nigerian crude output fell by 30,000 barrels per day to 1.43 million barrels per day in November, according to data from an S&P Global Commodity Insight. This was lower than the 1.46 million barrels produced in October by Africa’s largest oil producer and 312,000 barrels per day short of its 1.742 million barrels per day target in 2023. Angola, Africa’s second-largest oil producer, saw output drop 20,000 barrels per day to 1.13 million barrels per day, according to the survey, compared with its quota of 1.46 million barrels per day. The drops impacted the wider output of

Image
08-December-2023

New Survey: Some Nigerian Bank Adverts Are Misleading—Customers

By Aduragbemi Omiyale Some aggrieved customers have accused Nigerian banks of lying about a few of their services in adverts in the media and not doing enough to assist when needed, despite using the provided platforms to lodge their complaints. In a survey conducted recently by a foremost perception consulting firm in the country, CMC Connect LLP, it was observed that some financial services consumers in Nigeria are not satisfied with what they get from their banks. The perception study carried out by the Strategy & Intelligence Service unit of CMC Connect showed that, “Consumers do not have enough information

Image
08-December-2023

Delta State Proposed Budget 2024 and Critical Concerns

By Jerome-Mario Utomi It is common knowledge that Delta State Governor, Sheriff Oborevwori, recently, presented a N714.4 billion Appropriation Bill tagged ‘Budget of Hope and Optimism,’ for the 2024 fiscal year to the state House of Assembly. What is, however, uncertain to Deltans and the watching world is whose interest the bill, if passed, is meant to serve or protect. There is also the concern as to whether it will herald into the political geography called Delta state, a just or an unjust law. As we are now, a just law is ‘a man-made code that squares with moral laws

Image
08-December-2023

Nigeria’s Merchandise Trade Rises 1% to $7.8bn in August 2023

By Adedapo Adesanya  The Central Bank of Nigeria (CBN) has disclosed that the total value of the country’s merchandise trade experienced an increase of 1 per cent to $7.8 billion in August 2023 from the $7.72 billion that was quoted in July. This was disclosed by the apex bank in its latest monthly economic publication, where it disclosed that despite the rise month-on-month, Nigeria’s merchandise trade value in the period was almost 20 per cent lower compared to the value in August 2022 due to a significant decrease in import trade value. The total merchandise trade comprised an export trade

Image
08-December-2023

FAO Food Price Index Remains Unchanged in November

By Adedapo Adesanya The global prices of food remained flat, unchanged from its revised October level, as increases in the price indices for vegetable oils, dairy products, and sugar counterbalanced decreases in those of cereals and meat. This is according to the latest Food and Agricultural Organisation (FAO) Food Price Index (FFPI) released on Friday. The index showed that food prices averaged 120.4 points in November 2023 and stood 14.4 points (10.7 per cent) below the corresponding level one year ago. The FAO Cereal Price Index averaged 121.0 points in November, down 3.7 points (3.0 per cent) from October and

Image
08-December-2023

Dangote Targets Ramping Up Production as First Crude Supply Lands

By Adedapo Adesanya The President of the Dangote Group, the owners of the Dangote Petroleum Refinery and Petrochemicals plant, Mr Aliko Dangote, has said that following the purchase of 1 million barrels of Agbami crude grade from Shell International Trading and Shipping Company Limited (STASCO), it will be looking to ramp up its production in coming months. The 650,000 barrels per day capacity refinery is not expected to hit full capacity until 2025, but with a gradual ramping, it is expected that it will begin with begin producing up to 370,000 barrels per day of diesel and jet fuel. “We

Image
08-December-2023

NECA, LCCI Worry Over Exit of Multinationals from Nigeria

By Precious Olisa The Lagos Chamber of Commerce and Industry (LCCI) and the Nigeria Employers’ Consultative Association (NECA) have expressed their disappointment over the increasing exit of multinationals from the Nigerian market. The two organisations reacted to the planned exit of Procter & Gamble (P&G) from the country over economic headwinds. P&G announced its intention to close down its manufacturing operations in Nigeria and adopt an import-only business model due to the foreign exchange (FX) crisis in the country. This is coming some weeks after GlaxoSmithKline (GSK), Sanofi, Unilever Nigeria, Equinor and others have also indicated their interest in quitting

Image
08-December-2023

NGX Tutors Retiring Military Officers on Personal Finance, Investing

By Aduragbemi Omiyale Some retiring Nigerian military personnel have been educated on how they can unlock opportunities in the capital market after active service to the nation. At a seminar held on Thursday, December 7, 2023, at the Nigeria Armed Forces Resettlement Centre in Lagos, the participants were informed of the benefits of diversifying their investments for more earnings. They were also exposed to ways to invest and assess the market with technology, including via the recently launched NGX USSD Code. The Divisional Head of Business Support Services and General Counsel of the Nigerian Exchange (NGX) Limited, Ms Irene Robinson-Ayanwale,