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

NASD OTC Exchange Inches Up 0.03% as CSCS Outshines Four Price Decliners

Published

10 minutes ago

28/04/2026

Adedapo Adesanya

By Adedapo Adesanya

Central Securities Clearing System (CSCS) Plc bested four price decliners on the NASD Over-the-Counter (OTC) Securities Exchange on Monday, April 27. The alternative stock market opened the week bullish during the session with a 0.03 per cent uptick.

According to data, the security depository company added N2.61 to its share price to close at N76.26 per unit compared with the preceding session’s N78.87 per unit.

As a result, the market capitalisation of the platform increased by N820 million to N2.425 trillion from N2.424 trillion, and the NASD Unlisted Security Index (NSI) gained 1.38 points to finish at 4,053.97 points compared with the 4,052.58 points it ended last Friday.

The four price losers were led by NASD Plc, which slumped by N3.80 to sell at N34.70 per share versus N38.50 per share. FrieslandCampina Wamco Nigeria Plc fell by N1.45 to N98.10 per unit from N99.55 per unit, Food Concepts Plc slid by 27 Kobo to N2.43 per share from N2.70 per share, and Geo-Fluids Plc dipped by 9 Kobo to N2.91 per unit from N3.00 per unit.

The value of securities transacted by market participants went down by 82.0 per cent to N7.4 million from N41.3 million units, the volume of securities declined by 28.5 per cent to 319,831 units from 447,403 units, and the number of deals dropped by 34.1 per cent to 29 deals from 44 deals.

Great Nigeria Insurance (GNI) Plc was the most active stock by value on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by CSCS Plc with 59.6 million units sold for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.

Also, GNI Plc was the most traded stock by volume on a year-to-date basis with 3.4 billion units valued at N8.4 billion, followed by Resourcery Plc with 1.1 billion units traded for N415.7 million, and Infrastructure Guarantee Credit Plc with a turnover of 400 million units worth N1.2 billion.

Economy

Naira Opens Week Weaker at N1,364/$ at NAFEX After N5.80 Loss

Published

36 minutes ago

28/04/2026

Adedapo Adesanya

By Adedapo Adesanya

The first trading day of the week in the currency market was bearish for the Naira in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, April 27.

Yesterday, it lost N5.80 or 0.43 per cent against the United States Dollar to trade at N1,364.24/$1, in contrast to the N1,358.44/$1 it was traded last Friday.

In the same vein, the Nigerian currency depreciated against the Pound Sterling in the official market by N13.70 to close at N1,847.72/£1 versus the preceding session’s N1,834.02/£1, and slumped against the Euro by N11.56 to sell at N1,602.29/€1 versus N1,590.73/€1.

Also, the Nigerian Naira tumbled against the greenback during the trading day by N5 to quote at N1,385/$1 compared with the previous rate of N1,380/$1, and at the GTBank FX desk, it traded flat at N1,370/$1.

The poor performance of the domestic currency could be attributed to liquidity shortage at the official currency market on Monday, which came amid surging demand for international payments. At $76.50 million, interbank liquidity printed higher across 79 deals, up from the $43.572 million reported on Friday.

Nigeria’s gross external reserves declined to $48.45 billion amid a month-long decline in inflows, amid uncertainties in the global commodity market. The depletion of foreign reserves could be partly attributed to the Central Bank of Nigeria’s intervention in the FX market.

The market remains perturbed by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market, while boosters, including oil prices, continue to look rocky due to stalled discussions and unclear ceasefire negotiations between the US and Iran.

A look at the cryptocurrency market, Bitcoin (BTC) has been rejected near $79,000 three times in eight sessions, leaving the level as the de facto ceiling of its current trading range even as major cryptocurrencies trade lower over the past day. It lost 0.9 per cent to sell at $77,003.61.

Analysts say that upcoming US Federal Reserve policy decisions and top tech firms’ earnings this week could provide the catalyst to push bitcoin decisively above $80,000.

The market also continued to weigh Iran’s interim deal proposal to reopen the Strait of Hormuz, which failed to advance over the weekend. The White House said US officials were discussing the latest Iranian proposal but maintained “red lines” on any deal to end the eight-week war.

Solana (SOL) dropped 1.8 per cent to $84.25, Ripple (XRP) went down by 1.6 per cent to $1.39, Ethereum (ETH) depreciated by 1.3 per cent to $2,290.00, Binance Coin (BNB) declined by 0.5 per cent to $625.18, and Cardano (ADA) fell by 0.2 per cent to $0.2480.

However, Dogecoin (DOGE) rose by 2.0 per cent to $0.1002, and TRON (TRX) appreciated by 0.2 per cent to $0.3242, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.

Economy

NASCON Targets Deeper Cost Optimisation, Accelerated Digital Transformation, Others

Published

1 hour ago

28/04/2026

Aduragbemi Omiyale

By Aduragbemi Omiyale

One of the leading salt makers in Nigeria, NASCON Allied Industries Plc, has set its eyes on some strategies aimed to deliver more value to shareholders.

The chief executive of the company, Mrs Aderemi Saka, said efforts are being made to surpass the performance of last year.

In the 2025 financial year, the organisation recorded a 27 per cent growth in revenue, while post-tax profit grew by over 100 per cent to N33.5 billion, with the earnings per share (EPS) expanding by 115 per cent to N12.41 from N5.77 Kobo in the previous year.

The impressive performance, attributed to a clear strategic vision, disciplined execution and sustained focus on cost-saving initiatives across production, logistics and fleet management, resulted in a 200 per cent increase in dividend payout to shareholders to N6 per share.

Mrs Saka, at the firm’s Annual General Meeting (AGM) in Lagos, said the strategic priorities for the coming year include deeper cost optimisation, expanded market penetration, strengthened energy diversification and sustainability initiatives, as well as accelerated digital transformation and process automation.

Earlier, the chairman of NASCON, Mr Olakunle Alake, informed shareholders that the achievements for last year were due to improved operational efficiency, strict cost management and the dedication of the company’s workforce.

“The operating environment in 2025 was characterised by economic volatility, persistent inflation and structural changes across key sectors. Yet, NASCON remained resilient and strategically focused, delivering outstanding value to shareholders,” Mr Alake said.

He noted that operational sustainability remains a core pillar of the organisation’s strategy, stressing that during the year, NASCON introduced Compressed Natural Gas (CNG) trucks into its logistics fleet to reduce fuel costs and minimise exposure to diesel price volatility.

In addition, the company’s state-of-the-art salt refinery, its largest production facility, now runs entirely on natural gas, significantly boosting efficiency while reinforcing NASCON’s commitment to environmental sustainability.

A director in the organisation, Mrs Tonya Lawani, emphasised that the firm remains firmly committed to the principles that have driven its excellent performance, noting that NASCON approaches the new financial year from a position of strength, with further opportunities for growth and improvement.

Speaking on behalf of shareholders, Mr Faruk Umar expressed strong confidence in the company’s trajectory, citing NASCON’s rising share price, which recently crossed the N100 mark, and projecting further appreciation.

He commended the quality of the Board and management team, noting that strong leadership and recent executive appointments have positioned the entity to deliver even greater value to all stakeholders.