Economy
FMDQ Admits FG’s $3.3b Diaspora Bond, Eurobond
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.”
By Adedapo Adesanya
The duo of Afriland Properties Plc and Geo-Fluids Plc crashed the NASD Over-the-Counter (OTC) Securities Exchange by a marginal 0.06 per cent on Wednesday, December 11 due to profit-taking activities.
The OTC securities exchange experienced a downfall at midweek despite UBN Property Plc posting a price appreciation of 17 Kobo to close at N1.96 per share, in contrast to Tuesday’s closing price of N1.79.
Business Post reports that Afriland Properties Plc slid by N1.14 to finish at N15.80 per unit versus the preceding day’s N16.94 per unit, and Geo-Fluids Plc declined by 1 Kobo to trade at N3.92 per share compared with the N3.93 it ended a day earlier.
At the close of transactions, the market capitalisation of the bourse, which measures the total value of securities on the platform, shrank by N650 million to finish at N1.055 trillion compared with the previous day’s N1.056 trillion and the NASD Unlisted Security Index (NSI) went down by 1.86 points to wrap the session at 3,012.50 points compared with 3,014.36 points recorded in the previous session.
The alternative stock market was busy yesterday as the volume of securities traded by investors soared by 146.9 per cent to 5.9 million units from 2.4 million units, as the value of shares transacted by the market participants jumped by 360.9 per cent to N22.5 million from N4.9 million, and the number of deals increased by 50 per cent to 21 deals from 14 deals.
When the bourse closed for the day, Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units valued at N3.9 billion, followed by Okitipupa Plc with 752.2 million units worth N7.8 billion, and Afriland Properties Plc 297.5 million units sold for N5.3 million.
Also, Aradel Holdings Plc, which is now listed on the Nigerian Exchange (NGX) Limited after its exit from NASD, remained the most active stock by value (year-to-date) with 108.7 million units sold for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units worth N5.3 billion.
By Adedapo Adesanya
The euphoria around the recent appreciation of the Naira eased on Wednesday, December 11 after its value shrank against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N5.23 or 0.3 per cent to N1,547.50/$1 from the N1,542.27/$1 it was valued on Tuesday.
It was observed that spectators’ activities may have triggered the weakening of the local currency in the official market at midweek as they tried to fight back and ensure the value of funds in foreign currencies strengthened.
The domestic currency was regaining its footing after the Central Bank of Nigeria (CBN) launched an Electronic Foreign Exchange Matching System (EFEMS) platform to tackle speculation and improve transparency in Nigeria’s FX market.
At midweek, the Nigerian currency depreciated against the Pound Sterling by N3.56 to close at N1,958.68/£1 compared with the preceding day’s N1,955.12/£1 and against the Euro, it slumped by 34 Kobo to trade at N1,612.66/€1, in contrast to the previous session’s N1,613.00/€1.
As for the black market segment, the Naira lost N45 against the American currency during the session to quote at N1,670/$1 compared with the N1,625/$1 it was traded a day earlier.
A look at the cryptocurrency market showed a recovery following profit-taking as the US Consumer Price Index report matched economist forecasts.
The news was enough to convince traders that the Federal Reserve is certain to trim its benchmark fed funds rate another 25 basis points at its meeting next week.
The move also saw Bitcoin (BTC), the most valued coin, return to the $100,000 mark as it added a 2.9 per cent gain and sold for $100,566.12.
The biggest gainer was Cardano (ADA), which jumped by 15.00 per cent to trade at $1.16, as Litecoin (LTC) appreciated by 10.4 per cent to sell for $121.76, and Ethereum (ETH) surged by 7.0 per cent to $3,929.30, while Dogecoin (DOGE) recorded a 6.7 per cent growth to finish at $0.4181.
Further, Binance Coin (BNB) went up by 5.2 per cent to $716.72, Solana (SOL) expanded by 4.6 per cent to $229.77, and Ripple (XRP) increased by 4.2 per cent to $2.43, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
By Aduragbemi Omiyale
The Dangote Refinery located in the Lekki area of Lagos State has made its first export of premium motor spirit (PMS) just three months after it commenced the production of petrol.
In September 2024, the refinery produced its first petrol and began loading to the Nigerian National Petroleum Company (NNPC) on September 15.
However, due to some issues, the facility has not been able to flood the local market with its product, forcing it to look elsewhere.
In a landmark move for regional energy integration, Dangote Refinery has partnered with Neptune Oil to take its petrol to neighbouring Cameroon.
Neptune Oil is a leading energy company in Cameroon which provides reliable and sustainable energy solutions.
Dangote Refinery said this development showcases its ability to meet domestic needs and position itself as a key player in the regional energy market, adding that it represents a significant step forward in accessing high-quality and locally sourced petroleum products for Cameroon.
“This first export of PMS to Cameroon is a tangible demonstration of our vision for a united and energy-independent Africa.
“With this development, we are laying the foundation for a future where African resources are refined and exchanged within the continent for the benefit of our people,” the owner of Dangote Refinery, Mr Aliko Dangote, said.
His counterpart at Neptune Oil, Mr Antoine Ndzengue, said, “This partnership with Dangote Refinery marks a turning point for Cameroon.
“By becoming the first importer of petroleum products from this world-class refinery, we are bolstering our country’s energy security and supporting local economic development.
“This initial supply, executed without international intermediaries, reflects our commitment to serving our markets independently and efficiently.”
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