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Business News

C & I Leasing Plc N7 billion bond offer is oversubscribed

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C&I Leasing Plc has announced that its N7 billion bond issuance was oversubscribed by 33%.

Chukwuma Okolo, Chairman C&I Leasing Plc, disclosed this at the signing ceremony with issuance houses in Lagos.

According to the Cable, the bond offer is a five-year fixed rate senior secured bond, which was officially opened for issue on May 21 and closed on June 4, 2018.

Okolo noted that the firm was excited about the success of the first in the series of its N20 billion debt issuance programme.

In his words:

“We had an extremely successful outing, we had 133 percent subscription to our required N7 billion. But of course, as a disciplined company, we are accepting what we set out to raise.”

Also speaking, Andrew Otike-Odibi, Managing Director of the company, said a significant portion of proceeds from this series will be used to finance maturing bank loans and scale up its services in the oil and gas sector.

Recall that the company also raised N700 million at about 16 percent in 2016.

The rush for corporate bonds

Nigeria’s securities regulator may be preparing for record bond issuance from companies seeking to leverage on the lower interest rates and improved economic indices.

Improved liquidity on the Nigerian Stock Exchange (NSE) and FMDQ OTC Securities Exchange is also encouraging firms to sell more debt securities

In its Full year 2017 financial statements for the year ended 31 December 2017, the company recorded revenue growth of 26% Y-O-Y to N21.4 Billion from N17.0 Billion And 19% Increase in Profit After Tax to N1.1 Billion.

About C&I Leasing

C&I Leasing group of companies is made up of three divisions, Fleet Management, Outsourcing, and Marine divisions and two subsidiaries in Leasafric, Ghana and EPIC International FZE, United Arab Emirates.

In 1997, C&I Leasing Plc concluded a major restructuring that saw its conversion to a public company with its share listed on the official list of the NSE as the only leasing, support, and logistics rentals services company.

Its shares are currently trading at N1.61 with a one year return of 136.76%.

Fikayo has a degree in computer science with economics from Obafemi Awolowo University. ITIL v3 in IT service management. An alumnus of Daystar Leadership Academy. Prior to joining Nairametrics had stinct in Project management, Telecommunications among others. Also training in Consulting and Investment banking from Edubridge Academy. He has very keen interest in Politics, Agri-business, private equity and global economics. He loves travelling and watching football. You can contact him via [email protected]

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    Coronavirus

    Covid-19: WHO approves China’s Sinopharm vaccine

    WHO has announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination.

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    Covid-19: First world nations oppose waiving intellectual rights for vaccine development

    The World Health Organization (WHO) has announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination.  The vaccine is reported to have 79% efficacy against covid.

    This was disclosed today in a report by Reuters. The vaccine would also be the second Chinese-made vaccine after Sinovac vaccine and would be the first developed outside Europe and North America to receive WHO accreditation.

    “This expands the list of COVID-19 vaccines that COVAX can buy, and gives countries confidence to expedite their own regulatory approval, and to import and administer a vaccine,” WHO Director-General, Tedros Adhanom Ghebreyesus said.

    The WHO added that the easy storage requirements make it highly suitable for low-resource settings.

    “Its easy storage requirements make it highly suitable for low-resource settings,” a WHO statement said while also disclosing that the vaccine has been approved for people above the age of 18 to receive two shots.

    “On the basis of all available evidence, WHO recommends the vaccine for adults 18 years and older, in a two-dose schedule with a spacing of three to four weeks,” the statement added.

    The vaccine was created by Beijing Biological Products Institute, a subsidiary of Sinopharm subsidiary China National Biotec Group, with an efficacy of 79% for all age groups.

    The WHO however, admitted that few older adults (over 60 years) were enrolled in clinical trials, so efficacy could not be estimated in this age group.

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    In case you missed it

    The quest for vaccine efficiency got a major boost earlier this week as Nairametrics reported that the United States government announced that it supports the waiver of Intellectual Property Protections on Covid-19 vaccine development, in a bid to boost the fight against the pandemic, and says it will participate in the Okonjo-Iweala-led WTO negotiation to make it happen.

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    Obituaries

    “Mama Taraba”, Former minister and senator, Aisha Al-Hassan is dead

    Ex-Women Affairs minister, Aisha Jummai Al-Hassan, popularly known as Mama Taraba is dead

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    A former Minister for Women Affairs and ex-Governorship Candidate in Taraba State, Aisha Jummai Al-Hassan, popularly known as Mama Taraba is dead.

    According to media reports she died in a hospital on Friday in Cairo, Egypt at the age of 61.

    Al-Hassan, who was a former senator of the Federal Republic of Nigeria from Taraba North Senatorial District, was the All Progressive Congress (APC) Governorship Candidate for Taraba in the 2015 general elections.

    READ: Abba Kyari’s last letter to President Buhari

    She later contested for the same seat on the platform of the United Democratic Party in the 2019 general elections after resigning from APC and as a minister in the administration of President Muhammadu Buhari on July 27, 2018.

    The former senator was born on the 16th of September, 1959 in Jalingo, Taraba State, to Alhaji Abubakar Ibrahim, Sarkin Ayukan Muri.

    READ: Chad’s President Deby dies of injuries suffered on the frontlines, as son takes over

    Aisha Jummai Al-Hassan attended Muhammed Nya Primary School, Jalingo and LEA Primary School, Tudun Wada, Kaduna before proceeding to Saint Faith College (now GGSS) Kawo Kaduna where she studied between January 1973 and June 1977.

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    Details later…

    Continue Reading

      





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