FG Begins Global Offering of $300m Diaspora Bonds

Image

The Debt Management Office (DMO) on Wednesday announced the commencement of a global offering of Nigeria’s first Diaspora Bond.

The Federal Government hopes to raise about $300 million from the exercise, which had been in the pipeline for months now.

The sale of the diaspora bonds was earlier thought to begin in March this year, but it was shifted.

In a statement released yesterday by the DMO on its website, the country’s debt office noted that “Nigeria has filed a registration statement for the bonds with the United States Securities and Exchange Commission.”

It explained that application also will be made for the bonds to be admitted to the official list of the UK Listing Authority and to the London Stock Exchange for the bonds to be admitted to trading on the London Stock Exchange’s regulated market.

DMO pointed out that, “The bonds will be direct, general obligations of Nigeria, denominated in US Dollars.”

“The international Joint Lead Managers are Bank of America Merrill Lynch and The Standard Bank of South Africa Limited and the Nigerian Joint Lead Managers are First Bank of Nigeria Limited and United Bank for Africa Plc,” it added.

The statement further stated that, “There will be a series of investor meetings in the United Kingdom, the United States and Switzerland commencing on June 13, 2017.”

“Pricing is expected to occur following the investor meetings, subject to market conditions,” the DMO emphasised.

Share
Related Stories
Image
20-February-2024

Fuel Queues Emerge as FG Fails to Stop NARTO Strike

By Adedapo Adesanya Fuel queues emerged in Lagos as the meeting between the Nigerian Association of Road Transport Owners (NARTO) and officials of the federal government over the suspension of petroleum product loading activities ended in a deadlock on Monday. The meeting held in Abuja yesterday night was attended by the Minister of State Petroleum Resources (Oil), Mr Heineken Lokpobiri, with NARTO, as well as oil marketers and the Nigerian Midstream and Downstream Petroleum Regulatory Authority, (NMDPRA). NARTO had in a letter dated February 15, addressed to the General Secretary of the Nigerian Union of Petroleum and Natural Gas (NUPENG)

Image
20-February-2024

Naira Crashes to N1,820/$1 at Black Market as EFCC Goes After FX Traders

By Dipo Olowookere The decision of the government to go after foreign exchange (FX) traders on the streets seems to have backfired as it has badly affected the value of the Naira to the Dollar in the currency market, particularly at the parallel market end of it. Data gathered by Business Post showed that the Nigerian Naira is being exchanged with the US Dollar in the black market at N1,820/$1 at the time of filing this report on Tuesday compared with N1,720/$1 it was traded on Monday, indicating a decline of N100. Yesterday, some operatives of the Economic and Financial

Image
21-February-2024

Unlisted Stocks Witness 0.96% Appreciation

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange closed yet again in the green zone on Tuesday, February 20 as it recorded a 0.96 per cent appreciation, increasing the value of the alternative bourse by N15.13 billion at the close of trading activities to N1.583 trillion from the N1.568 trillion it quoted in the previous session. In the same vein, the NASD Unlisted Security Index (NSI) went up by 11.16 points during the session to trade at 1,167.95 points, in contrast to the preceding day’s 1,156.79 points. The market breadth index closed negative on Tuesday after the exchange ended

Image
21-February-2024

Peter Obi Fumes as CBN Hikes Cargo Clearing Rate to N1,605/$1

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has once again increased the exchange rate for customs cargo clearance by 9 per cent or N133.06 from N1,472.76/$1 to N1,605.82/$1. The new rate, which has already been reflected on the Nigeria Customs Service (NCS) portal, will further dampen the hope of importers, and trigger an increase in the price of imported products like food, fuel, spare parts, and phones, among others. The CBN had recently reduced the exchange rate from N1,515.48/$1 to N1,472.756/$1 after the market eased following some recent policy steps. This review will be the 12th since the

More Stories
Image
02-May-2021

Lagos, Seven Others Attract $8.4bn Investments in Q1 2021

By Adedapo Adesanya Lagos and seven other states attracted investments worth $8.41 billion into the country through 15 projects between January and March 2021. This information was revealed by the Nigerian Investment Promotion Commission (NIPC) in its First Quarter 2021 media parley held over the weekend. The agency disclosed that other states that attracted the investments were Bayelsa, Kano, Nassarawa, Delta, Edo, Bauchi and Akwa Ibom States. Speaking at the event, the Director of Strategic Communications of NIPC, Mr Emeka Ofor, said the sources of the investments into the states are the United Kingdom, the United States, India, China, among

Image
11-July-2021

How to Redeem Gift Cards, Gift Card Rates in Nigeria

Here is a step-by-step guide on how to redeem gift cards in Nigeria in 2021 and gift card rates in Nigeria. Persistent dollar scarcity in Nigeria has forced many import-dependent businesses to seek alternatives to traditional means of purchasing foreign products and payment for those products. One of the several alternatives adopted by small import companies operating in Nigeria is gift cards. However, because of scams perpetrated by few fraudulent individuals, navigating this new terrain or niche required a guide. To dive into how to beat fraud and exchange your gift cards to Naira in minutes, let’s first understand what

Image
17-October-2023

Expert Insights: Selecting the Best Currency Pairs to Trade at Night

If you are a night owl and looking to maximize your Forex trading potential, you’re in luck! A group of traders from Traders Union (TU) have compiled an informative guide on the best Forex pairs to trade at night. Whether you’re a beginner or an experienced trader, this information will be of great value to you. The article covered the best currency pairs to trade at night, backed up by detailed research and expert analysis. Stay tuned! Understanding сurrency pairs Currency pairs simply show the value of one currency compared to another. Think of it like a ratio: in the

Image
21-June-2017

Apapa-Wharf Road Swallows N560b Monthly—Dangote

By Dipo Olowookere President of Dangote Group, Mr Aliko Dangote, has revealed that not less than N20 billion is lost daily to the deplorable state of the Apapa-Wharf road in Lagos. Mr Dangote said if the road had been fixed, the Federal Government would have been able to add N560 billion monthly to the struggling economy. However, the business mogul commended the decision of the government to quickly rehabilitate the road, saying it was the right step to take at this critical time. The Apapa-Wharf road leads to the nation’s major port, where billions of Naira is made to the

Image
01-February-2023

Stock Exchange Rises 0.15% as Market Cap Nears N29trn

By Dipo Olowookere Sustained bargain-hunting activity stretched the Nigerian Exchange (NGX) Limited further by 0.15 per cent on Tuesday, following strong corporate earnings. The 2022 fourth-quarter results of companies on the stock exchange gave investors an overview of what the full-year earnings would look like, resulting in buying stocks expected to pay good cash rewards in the coming months. From an analysis of the market data, the insurance counter appreciated by 2.98 per cent, the industrial goods sector rose by 0.03 per cent, while the consumer goods and banking indices closed lower by 0.17 per cent and 0.03 per cent,

Image
06-June-2020

NASD Securities Index Sheds 0.39% to 692.38 Points Friday

By Adedapo Adesanya  The NASD Over-the-Counter (OTC) Securities Exchange fell by 0.39 percent at the final trading session of the week on Friday, June 5. This came after the exchange appreciated as much as 1.35 percent at the previous session on Thursday. The contraction at the bourse at Friday’s  session led the NASD unlisted securities index (NSI) to a decline of 2.72 points to 692.38 points from Thursday’s 695.10 points. Equally, the market capitalisation depreciated during the day by 0.39 percent equivalent to N2 billion to N508.60 billion from N510.60 billion. It was observed that the decline suffered by the

Image
18-May-2021

Buhari Writes Senate for N2.3trn ($6.18bn) External Loan

By Aduragbemi Omiyale President Muhammadu Buhari is seeking the approval of the Senate to obtain a fresh external loan worth N2.3 trillion ($6.18 billion). The Senate President, Mr Ahmad Lawan, disclosed this at the plenary on Tuesday. Mr Lawan, while reading the letter from Mr Buhari, said the money would be used to fund the 2021 budget deficit of over N5 trillion. In December 2020, President Buhari signed the 2021 budget of N13.6 trillion into law, with the sum of N5.6 trillion earmarked for recurrent expenditure, debt service of N3.3 trillion and a fiscal deficit of N5.2 trillion. In his

Image
12-October-2022

Naira Appreciates to N739/$1 at P2P, Falls to N441.17/$1 at I&E

By Adedapo Adesanya The Naira appreciated against the greenback at the Peer-to-Peer (P2P) segment of the foreign exchange (FX) market on Tuesday and depreciated against the American currency at the Investors and Exporters (I&E) window. Business Post reports that in the P2P segment, the value of the local currency to the US Dollar was N739/$1 yesterday compared with the previous session’s N741/$1 and in the I&E segment, it closed at N441.17/$1 compared with last Friday’s value of N439.17/$1, indicating a decline of N2 or 0.46 per cent. It was observed that forex scarcity was one of the reasons the local

Ad
Ad
Recent Stories
Image
21-February-2024

Tinubu Appoints Kemi Nanna Nandap as Comptroller-General of Immigration

By Modupe Gbadeyanka The Deputy Comptroller-General (DCG) of the Nigeria Immigration Service (NIS), Ms Kemi Nanna Nandap, has been elevated to the post of the Comptroller-General of the agency. This followed her appointment by President Bola Tinubu, according to a statement issued by his spokesman, Mr Ajuri Ngelale, on Wednesday. The presidential aide disclosed in the statement today that the appointment of Ms Nandap will take effect from Friday, March 1, 2024. She is taking over from Mrs Caroline Wura-Ola Adepoju, whose term in office expires on February 29, 2024, the disclosure said. “President Bola Tinubu has approved the appointment

Image
21-February-2024

AFC to Pump $40m Into African Medical Centre of Excellence Abuja

By Adedapo Adesanya  African instrumental infrastructure solutions provider, Africa Finance Corporation (AFC), has signed an equity investment term sheet, pledging up to $40 million towards the construction of an Abuja-based hospital, the African Medical Centre of Excellence (AMCE). The quaternary-level multi-specialty medical institution developed by the African Export-Import Bank (Afreximbank) in collaboration with King’s College Hospital, London, aims to revolutionise healthcare in Africa. Hospitals across West Africa struggle with funding, lack of essential resources, and limited access in rural areas. This flagship facility in Abuja is a key part of Afreximbank’s network of healthcare facilities, actively countering brain drain, reducing

Image
21-February-2024

Oyo Reopens Shri-Balaji After Closure Over Pollution

By Aduragbemi Omiyale The industrial company sealed earlier this month nonconformity and adherence to environmental laws of Oyo State, Shri-Balaji Industries Limited, has been reopened. The facility was unsealed on Wednesday on the directive of the Commissioner for Environment and Natural Resource, Mr Abdulmojeed Mogbonjubola. The company, which engages in the recycling of waste tyres to produce Pyrolysis oil and carbon black and steel wire as by-products, was closed by the state government to protect the lives of residents of the area. A statement made available to Business Post disclosed that for it to be reopened, Shri-Balaji paid a fine

Image
21-February-2024

FG to Restructure, Recapitalise Bank of Agriculture for Better Value

By Adedapo Adesanya The federal government has revealed plans to recapitalise and restructure the Bank of Agriculture (BOA) to bolster Nigeria’s agricultural sector and achieve national food security. This was one of the core revelations made by the Vice President, Mr Kashim Shettima, during the first meeting of the National Council on Privatisation (NCP) for the year 2024 at the Presidential Villa, Abuja on Tuesday. He said there is a central role that BOA could play in achieving national food security, citing its extensive branch network across all senatorial districts in the country. Mr Shettima, however, expressed concern about the

Image
21-February-2024

Foundation Urges Nigerians to Adopt Waste Management Hierarchy

By Aduragbemi Omiyale A recycling organisation, Turn Plastic Recycling Foundation, has encouraged Nigerians to embrace the waste management hierarchy to make the country a zero-waste society. The Project Manager for the firm, Mr Leo Nwofa, while giving a summary of the project journey in the past two years of the foundation, said to save the planet, people must adopt the system of proper waste disposal for recycling after use. The waste management hierarchy gives top priority to waste prevention, followed by reuse, recycling, recovery and finally disposal. Speaking at an event to mark the second anniversary of Turn Plastic Recycling

Image
21-February-2024

Peter Obi Fumes as CBN Hikes Cargo Clearing Rate to N1,605/$1

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has once again increased the exchange rate for customs cargo clearance by 9 per cent or N133.06 from N1,472.76/$1 to N1,605.82/$1. The new rate, which has already been reflected on the Nigeria Customs Service (NCS) portal, will further dampen the hope of importers, and trigger an increase in the price of imported products like food, fuel, spare parts, and phones, among others. The CBN had recently reduced the exchange rate from N1,515.48/$1 to N1,472.756/$1 after the market eased following some recent policy steps. This review will be the 12th since the

Image
21-February-2024

Panic at Black Market as EFCC Intensifies Clampdown on BDCs

By Dipo Olowookere There is apprehension at the black market segment of the foreign exchange (FX) market in Lagos and other cities across the country as security officials, especially from the Economic and Financial Crimes Commission (EFCC), are going after traders at the landscape. Recall that on Monday, some agents of the organisation disrupted business activities in Abuja, and on Tuesday, a similar scenario occurred at the popular Alade Market in Lagos. On Wednesday, Business Post gathered that more places were touched, with two of the Bureaux De Change (BDC) operators allegedly picked up by security operatives in the Agege

Image
21-February-2024

VFD Group Donates Books to Comenius Nursery and Primary School

By Modupe Gbadeyanka About 1,000 copies of Mama’s Sleeping Scarf by renowned Nigerian writer, Ms Chimamanda Ngozi Adichie, have been donated to the pupils of Comenius Nursery and Primary School in the Ikola area of Lagos State. The educational items were given to the elementary school by a leading proprietary investment company, VFD Group Plc, as part of its Corporate Social Responsibility (CSR) initiative. The firm, which is committed to fostering growth across diverse industries in Africa, said the books were donated to promote reading culture among children and inspire young minds to explore limitless possibilities. Mama’s Sleeping Scarf is

Image
21-February-2024

DSS Warns Organised Labour To Shun Planned Protest

By Adedapo Adesanya The Department of State Services (DSS) has urged Nigerians planning to protest next week led by organised labour to halt the idea. According to a statement from the spokesperson of the Nigerian secret police on Wednesday, Mr Peter Afunanya, there were plans by sections of the organised labour to stage protests in parts of the country over sundry economic issues between February 27 and 28, 2024 “While the Service recognises such action as the legitimate right of the labour movement, it, however, urges the body to shelve the plan in the interest of peace and public order,”

Image
21-February-2024

FG Completes $70m Yearly Concessionaire of Zungeru Plant to Penstock

By Adedapo Adesanya The federal government has completed the transfer of the operations of the Zungeru Hydroelectric Power Plant (ZHPP) to a concessionaire, Penstock Limited, in a move that will see the country earn $70 million yearly from the deal. The Vice President, Mr Kashim Shettima, confirmed this during the first meeting of the National Council on Privatisation (NCP) for the year 2024 at the Presidential Villa, Abuja on Tuesday. A concession is a kind of partnership between the public sector and often private companies that have shown its added value in a specific area, for example developing infrastructure. The