Banking and Finance

Nigeria gets $300m from World Bank on Food Security

The Board of Executive Directors of the World Bank has approved two International Development Association (IDA) credits for Nigeria totaling $300 million to boost agriculture, food security and nutrition of the rural poor.

A statement issued by the bank yesterday in Abuja said while one of the credits amounted to $100 million, the other was $200 million.

Stock Exchange to Start Corporate Governance Ranking

Photo L-R:  Otunba Olutola Senbore, Chairman, FCMB Plc; Oscar Onyema, NSE’s CEO; Ladi Balogun, GMD/CEO, FCMB Plc; and Olusegun Odubogun, Non-Executive Director at FCMB Plc at the Facts Behind the Listings of FCMB Group Plc at the Exchange recently.

The Nigerian Stock Exchange (NSE) at the weekend disclosed that it had entered into a partnership with the Convention on Business Integrity (CBi) to provide a steady flow of data which will be used to develop a Corporate Governance Rating/Ranking System (CGRS) for listed companies in the country.

Offshore Investment in Fixed Income Market Now $12b

The total value of offshore investment in Nigeria’s fixed income instruments has been put at about $12 billion.

A breakdown of this figure, according to a report, showed that while about 30% of the funds were invested in the treasury bills market, 15% in FGN bond market, 10% had been staked on open market operations (OMO) bills.

The report however pointed out that most significant position had been taken at the primary market, saying that in order to avoid driving prices down, there would be need for investors to wait for maturity in order to exit.

Securities Dealers Association Launches OTC Market

Companies that are not listed on the Nigerian Stock Exchange (NSE) but crave to be traded on the over-the-counter (OTC) market now have cause to cheer as the National Association of Securities Dealers (NASD) Plc officially launches its OTC platform.

While the OTC platform will be launched today, trading will commence tomorrow.

Bola Ajomale, the Chief Executive Officer of NASD Plc, said the NASD OTC market is to fuel economic growth whilst also creating value for stakeholders and the investing public.

AfDB Approves $80m Loan for Agribusiness

African Development Bank (AfDB) has approved $80 million loan in local currencies for OLAM Africa Investment Programme to deepen its agricultural value chain in Africa through investments in wheat and palm oil processing.

The programme, which includes five sub-projects in Cameroon, Ghana, Mozambique and Senegal, is meant to enhance regional food supply and act as a catalyst for job creation and sustainability of agribusiness sector.

The Next CBN Governor

The dramatic events that began with the 2007 credit crunch took the central banking world by surprise. It created intense challenges for individual central banks. Immediate responses were necessarily focused on effective crisis action and technical issues. As ingenious as the crises actions were, the situation called for improved management of central banks and regulatory agencies across the globe. Central banks have focused their top level attention on policies and operations, and (relatively speaking) they neglected institutional management.

Daily Market Update –June 21, 2013

Photo L-R: Ade Bajomo, NSE’s ED, Market Operations and Technology; Oscar Onyema, CEO NSE; Ambassador Robin Sanders, former U.S. Ambassador to Nigeria; and Haruna Jalo-Waziri, NSE’s ED, Business Development at the Bell Ringing Ceremony by the former ambassador to Nigeria at The Exchange on Friday.

Money Market: Interbank Rates Flat on Maturing Bills
The interbank lending rates ended the week unchanged at an average of 11.33%, as maturing treasury bills and anticipated flows of public funds kept the market from tightening.

FIRS to Automate VAT, WHT in September

The Federal Inland Revenue Service (FIRS) will implement the automated Value Added Tax (VAT) and Withholding Tax (WHT) deductions at source for the aviation industry in September.

The Acting Executive Chairman of FIRS, Mr. Kabir Mashi made this known yesterday in Abuja at a one-day sensitisation workshop for FIRS field officers, collection agents and banks.

Nigeria Plans Road Show Ahead of $1b Eurobond

Nigeria is planning a one-week road show to Britain, Germany and the United States from June 19 with the book-runners for its $1 billion Eurobond, with a view to issuing it this year, a timetable for the trip showed on Tuesday.

The timetable, forwarded to Reuters in an email by a banking source close to the deal, showed that the meetings will be led by Nigeria's finance minister, Ngozi Okonjo-Iweala, and other senior government officials from the debt office.

In May it appointed Deutsche Bank and Citigroup to lead manage the bond.

Trading Activities Turn Bearish At The Exchange

Photo L-R: Bisi Onosanya, GMD, First Bank of Nigeria; Haruna Jalo-Waziri, NSE’s ED, Business Development; Bello Maccido, CEO, FBN Holdings; and Bola Adeeko, NSE’s Head of Corporate Services Division at the FBN Holdings Plc presentation of Facts Behind the Figures at the Exchange yesterday in Lagos.

Trading activities at the Nigerian Stock Exchange (NSE) turned bearish on Thursday as the NSE’s All-Share Index dropped the most in more than three years on speculation.