Economy

FMDQ Admits FG’s $3.3b Diaspora Bond, Eurobond

Published

8 years ago

25/12/2017

By Dipo Olowookere

The $3 billion Eurobond issued by the Debt Management Office (DMO) on behalf of the Federal Government of Nigeria has been listed on the FMDQ OTC Securities Exchange (FMDQ).

Also, the $300 million 5.625 percent Diaspora Bond due 2022 issued in June 2017 has been listed on the FMDQ platform.

The Eurobond issued by the Nigerian government is in two parts; $1.5 billion 6.500 percent Notes due 2027 and $1.5 billion 7.625 percent Notes due 2047 under its $4.5 billion Global Medium-Term Note Programme Eurobonds.

The papers were listed on FMDQ to promote, among others, visibility for the issues and financial inclusion.

These listings of foreign currency-denominated debt securities by the government, show its unrelenting commitment to supporting the growth and development of the nation’s DCM towards economic development sustainability.

In the first quarter of 2017, FG made history in the nation, when the FRN Eurobond was listed for the first time ever domestically.

Following a series of strategic engagements between the DMO and FMDQ, and other stakeholders on the importance of listing the sovereign’s Eurobonds domestically, the DMO achieved this most significant accomplishment when it listed the $1 billion Eurobond on FMDQ in March 2017.

Less than a year later, the DMO, on behalf of the FRN, is again making history through the issuance and subsequent listing of the FRN Diaspora Bond.

To commemorate these remarkable achievements, the OTC Exchange hosted the Federal Government of Nigeria, represented by the Director-General of the DMO, Ms Patience Oniha, along with key representatives from the DMO to a most impressive and memorable ceremony.

Also present at the Ceremony were key representatives from Stanbic IBTC Capital Limited, the sponsor of the issue and Registration Member (Listings) of FMDQ and representatives from Bank of America Merrill Lynch, Standard Bank of South Africa PLC, FBN Merchant Bank Limited, United Capital PLC, Udo Udoma & Belo-Osagie, Banwo & Ighodalo, amongst others.

Welcoming the guests to the ceremony, Ms Tumi Sekoni, Vice President, Business Development of FMDQ, congratulated the issuer and sponsor of the issue on this critical milestone, commending the DMO for another successful outing by the FRN in the international markets.

She highlighted that the FRN, via its Diaspora Bond, provided the opportunity for Nigerians in the international markets (and those in the domestic market with foreign capital) to contribute to the development of the Nigerian DCM and by extension, the economy.

She commented that listing the bonds on FMDQ would rightly position the nation to continue to maximise its potential via the Nigerian DCM. She reiterated FMDQ’s commitment to remain unyielding in its support for the development of the Nigerian DCM through its highly efficient Listings/Quotations service.

Ms Patience Oniha, Director-General of the DMO, during the issuer’s special address, stated that, “the listings will increase number and range of securities available in the domestic capital markets, thereby deepening the market and promoting financial inclusion.

She also stated that, “this history will give more visibility to the domestic debt capital markets, which will be beneficial for attracting capital from local and foreign investors. Furthermore, in the specific case of the Eurobond, because it is a sovereign security, the information it will provide such as coupon, yield and tenor will serve as benchmarks for corporates who intend to issue Eurobonds in the international capital markets.”

Mr Yinka Sanni, Chief Executive Officer, Stanbic IBTC Holdings PLC, during his address, said that “by proceeding to list these instruments on the domestic exchanges, the DMO once again has paved the way for corporate and bank issuers to follow suit, thereby adding to the depth and breadth of the domestic capital markets. We thereby applaud the DMO for this initiative.”

The Listing ceremony, in line with FMDQ’s tradition, was marked with memorable highlights which included, amongst other activities, the unveiling of the special symbol and scroll; the signing of the FMDQ Bond Listing Register and presentation of the FMDQ Bond Listing Certificate; and the special autograph impressions by the issuer.

Mr Bola Onadele. Koko, Managing Director/CEO of FMDQ, whilst giving the closing remarks, applauded the issuer for another remarkable job well done.

He commented that, “This is another highly commendable step by the DMO towards deepening the domestic debt capital markets. The DMO continues to set the pace for key development in the Nigerian DCM. The listing of foreign currency-denominated debt securities by the FRN paves the way for the issuance and domestic listing of Nigerian corporate Eurobonds. It also lights up the vision for the issuance of foreign currency-denominated debt locally.”

Economy

Food Concepts Return NASD OTC Exchange to Danger Zone

Published

8 hours ago

05/12/2025

Adedapo Adesanya

By Adedapo Adesanya

Food Concepts Plc neutralized the gains recorded by three securities, returning the NASD Over-the-Counter (OTC) Securities Exchange into the negative territory with a 0.27 per cent loss on Thursday, December 4.

Yesterday, the share price of the parent company of Chicken Republic and PieXpress declined by 34 Kobo to sell at N3.15 per unit compared with the previous day’s N3.49 per unit.

This shrank the market capitalisation of the OTC bourse by N5.72 billion to N2.136 billion from N2.142 trillion and weakened the NASD Unlisted Security Index (NSI) by 9.57 points to 3,571.53 points from 3,581.10 points.

Business Post reports that Central Securities Clearing System (CSCS) Plc went down by 50 Kobo to N38.50 per share from N38.00 per share, FrieslandCampina Wamco Nigeria Plc gained 29 Kobo to sell at N55.79 per unit versus N55.50 per unit, and Geo-Fluids Plc added 5 Kobo to close at N4.60 per share compared with Wednesday’s closing price of N4.55 per share.

Trading data indicated that the volume of securities recorded at the session surged by 6,885.3 per cent to 4.3 million units from the 61,570 units posted a day earlier, the value of securities increased by 10,301.7 per cent to N947.2 million from N3.3 million, and the number of deals went up by 146.7 per cent to 37 deals from the 15 deals achieved in the previous trading session.

At the close of business, Infrastructure Credit Guarantee Company (InfraCredit) Plc was the most traded stock by value on a year-to-date basis with the sale of 5.8 billion units for N16.4 billion, trailed by Okitipupa Plc with 170.4 million units worth N8.0 billion, and Air Liquide Plc with 507.5 million units valued at N4.2 billion.

InfraCredit Plc also finished the session as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.

Economy

Investors Gain N97bn from Local Equity Market

Published

8 hours ago

05/12/2025

Dipo Olowookere

By Dipo Olowookere

The upward trend witnessed at the Nigerian Exchange (NGX) Limited in recent sessions continued on Thursday as it further improved by 0.10 per cent.

This was despite investor sentiment turning bearish after the local equity market ended with 23 price gainers and 28 price gainers, indicating a negative market breadth index.

UAC Nigeria gained 10.00 per cent to finish at N88.00, Morison Industries appreciated by 9.94 per cent to N3.54, Ecobank rose by 8.53 per cent to N36.90, and Coronation Insurance grew by 8.47 per cent to N2.56.

On the flip side, Ellah Lakes depreciated by 10.00 per cent to N13.14, Eunisell Nigeria also shed 10.00 per cent to finish at N72.90, Transcorp Hotels slipped by 9.95 per cent to N157.50, Omatek shrank by 9.23 per cent to N1.18, and Guinea Insurance dipped by 8.46 per cent to N1.19.

Yesterday, the All-Share Index (ASI) went up by 152.28 points to 145,476.15 points from 145,323.87 points and the market capitalisation chalked up N97 billion to finish at N92.726 trillion compared with the previous day’s N92.629 trillion.

Customs Street was bubbling with activities on Thursday, though the trading volume and value slightly went down, according to data.

A total of 1.9 billion stocks worth N19.2 billion exchanged hands in 23,369 deals during the session versus the N2.3 billion valued at N21.0 billion traded in 21,513 deals a day earlier.

This showed that the number of deals increased by 8.63 per cent, the volume of transactions depleted by 17.39 per cent, and the value of trades decreased by 8.57 per cent.

For another trading day, eTranzact led the activity chart with 1.6 billion units sold for N6.4 billion, Fidelity Bank traded 31.0 million units worth N589.3 million, GTCO exchanged 28.3 million units valued at N2.5 billion, Zenith Bank transacted 27.1 million units for N1.6 billion, and Ecobank traded 21.9 million units worth N744.3 million.

Economy

Naira Loses 18 Kobo Against Dollar at Official Market, N5 at Black Market

Published

9 hours ago

05/12/2025

Adedapo Adesanya

By Adedapo Adesanya

The Naira marginally depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 4 amid renewed forex pressure associated with December.

At the official market yesterday, the Nigerian currency lost 0.01 per cent or 18 Kobo against the Dollar to close at N1,447.83/$1 compared with the previous day’s N1,447.65/$1.

It was not a different scenario with the local currency in the same market segment against the Pound Sterling as it further shed N15.43 to sell for N1,930.97/£1 versus Wednesday’s closing price of N1,925.08/£1 and declined against the Euro by 20 Kobo to finish at N1,688.74/€1 compared with the preceding session’s N1,688.54/€1.

Similarly, the Nigerian Naira lost N5 against the greenback in the black market to quote at N1,465/$1 compared with the previous day’s value of N1,460/$1 but closed flat against the Dollar at the GTBank FX counter at N1,453/$1.

Fluctuations in trading range is expected to continue during the festive season as traders expect the Nigerian currency to be stable, supported by intervention s by to the Central Bank of Nigeria (CBN)in the face of steady dollar demand.

Support is also expected in coming weeks as seasonal activities, particularly the stylised “Detty December” festivities, will see inflows that will give the Naira a boost after it depreciated mildly last month, according to a new report.

“As the festive Detty December season intensifies, inbound travel, tourism spending, and diaspora inflows are expected to provide moderate support for FX liquidity,” analysts at the research unit of FMDA said in its latest monthly report for November.

Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450 next week, buoyed by improved FX interventions by the apex bank.

Meanwhile, the crypto market was down as the US Federal Reserve’s preferred inflation gauge, core PCE, likely rose in September—moving in the wrong direction. However, volatility indices show no signs of major turbulence.

If the actual figure matches estimates, it would mark 55 straight months of inflation above the US central bank’s 2 per cent target. The sticky inflation would strengthen the hawkish policymakers, who are in favour of slower rate cuts.

Ripple (XRP) depreciated by 4.5 per cent to $2.08, Solana (SOL) went down by 3.8 per cent to $138.11, Litecoin (LTC) shrank by 3.1 per cent to $83.23, Dogecoin (DOGE) slid by 2.5 per cent to $0.1463, Cardano (ADA) declined by 2.1 per cent to $0.4368, Bitcoin (BTC) fell by 0.9 per cent to $91,975.45, Binance Coin (BNB) crumbled by 0.9 per cent to $899.41, and Ethereum (ETH) dropped by 0.7 per cent to $3,156.44, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.