Category Archives: Finance

Africa Infrastructure Fund Secures $100m Loan from AfDB

In a bid to reduce the huge infrastructure financing gap in Sub-Sahara Africa, the African Development Bank (AfDB) has approved US $100 million to the Emerging Africa Infrastructure Fund (EAIF), a Public Private Partnership (PPP) company, a statement has said .

It will be recalled that EAIF granted credit facility to Indorama Eleme Fertilizer and Chemicals Ltd (IEFCL) for construction of its new US$1.2 billion fertilizer plant in Port Harcourt, River State.

Oyo State Governor,Ajimobi Presents N267billion, 2019 Budget

Oyo State Governor Abiola Ajimobi yesterday presented N267,436,357,912.19 budget proposal to the House of Assembly.

The figure is N60.4 billion higher than the 2017 budget of N207 billion.

Whistle-Blower Jets Out As FG Pays First Tranche – Details

The whistle-blower, who helped the Economic and Financial Crimes Commission recover the $43m, N23.2m and £27,800 (N13bn) from an Ikoyi apartment on April 12, 2017, has finally been paid his commission, The Punch has learnt.

It was also learnt that the whistle-blower travelled out of the country less than 24 hours after receiving part of the N421m reward.

Nigeria Forex Market gets $514million Boost ahead of Yuletide

Investors price Naira below N360/$
The Central Bank of Nigeria (CBN) ended foreign exchange (forex) market transactions for the week with $303.9 million, as it earlier in the week, sold $210 million to sustain liquidity.

This is the second week in succession that the apex bank exceeded a $500 million intervention in the past five weeks, running on the heels of a disclosure by the CBN Governor, Godwin Emefiele, that the country is now sitting atop $38.2 billion reserves’ profile.

Consequently, the naira has remained stable across all segments of the market due to the flow of forex liquidity, as the first two trading days of the week, recorded N359.91/$ and N359.83/$ pricing by investors.
This subsisted at the popular Investors and Exporters’ (I&E) Window at N359.83/$ until the close of transactions at the weekend, indicating eight kobo appreciation week-on-week.

Governor El-Rufai Signs N216bn, 2018 Kaduna State Budget into Law

Governor Nasir El-Rufai of Kaduna State has signed the N216.55 billion, 2018 budget passed by the State House of Assembly into law.

The budget is made up of N131.1 billion capital expenditure and N85.44 billion recurrent expenditure.

CBN Injects $210million Into Currency Market

The Central Bank of Nigeria said on Tuesday it had injected 210 million dollars into the interbank foreign exchange market, extending efforts to boost liquidity and alleviate dollar shortages.

The bank said, in a statement, it had released 100 million dollars earmarked for the wholesale market, 55 million dollars for small businesses and individuals, and 55 million dollars for certain dollar expenses such as school fees and medical bills.

Union Bank sells N291m shares to employees

Union Bank of Nigeria (UBN) Plc has listed 51.299 million ordinary shares of 50 kobo each at the Nigerian Stock Exchange (NSE), pushing its total issued shares from 16.936 billion ordinary shares to 16.987 billion ordinary shares.

The supplementary shares arose from the bank’s Long Term Transformation Incentive Plan (LTTIP). Union Bank had secured regulatory approval to sell the new shares worth N291 million to employees under its employee share scheme. The first generation bank sold about 51.3 million ordinary shares of 50 kobo each at N5.67 under the LTTIP.

Union Bank had on Monday October 30, 2017 closed application list for its N50 billion rights issue. Application list for the rights issue had opened on September 20, 2017.

Stanbic IBTC arranges N6b debt for cereal firm

Two subsidiaries of Stanbic IBTC Holdings Plc- Stanbic IBTC Capital and Stanbic IBTC Bank have acted as the sole arranger and lender for a N6 billion medium term facility for Kellogg Tolaram Nigeria Limited. The facility is to finance the construction of a new cereal manufacturing plant in the Lekki Free Trade Zone, Lagos.

Kellogg Tolaram Nigeria Limited is a joint venture between Kellogg Company of the United States of America and Tolaram Group. The factory, with capacity to produce10,000 metric tonnes of cereals per year, was commissioned earlier this month with a mission to manufacture snacks and breakfast foods for the West African market.