Connect with us
Switch

Business News

Ecobank raises $200 million credit facilities

Ecobank raises fresh syndicated loan facility

Published

on

Ecobank, SMEs, Digital

Ecobank Transnational Incorporated (ETI), the Lomé-based parent company of the Ecobank Group, has announced the successful raising of $200 million syndicated loan facility.

The company made this announcement in a notification to the Nigerian Stock Exchange (NSE).

In the notification, ETI disclosed that the facility was oversubscribed at $268.5 million, with ETI increasing the Deutsche Bank’s mandate as an arranger from $150 million to $200 million.

“The facility supports ETI’s goal of maintaining a diversified funding base with strong market access. The loan will be due for repayment in November 2019,” Ecobank stated.

The bank further disclosed that the loan will be due for repayment in November 2019.

The Ecobank share price had also rose by 1.59 per cent from N15.75 to N16.00. This rise came on the day that the NSE All-Share Index appreciated by 0.51 per cent to close at 32,201.28.

Specta

ETI had released its financial statements for the nine month period ended 30th September 2018.

Revenue for the group increased from ₦414 billion in 2017 to ₦419 billion in the year under review. This represents a 1%  increase year on year.

Profit before tax increased from ₦69 billion in 2017 to ₦96 billion. This represents a 39% increase year on year. Profit after tax also increased from ₦58 billion in 2017 to ₦76 billion. This represents a 31% increase year on year.

Deal book 300 x 250

The Earnings Per Share also increased from ₦201 in 2017 to ₦246 in 2018. This represents a 22% increase year on year.

Coronation ads

About Ecobank Transnational Incorporated

Incorporated in Lomé, Togo in 1988, Ecobank Transnational Incorporated (ETI) is the parent company of the leading independent pan-African banking group, Ecobank. It currently has a presence in 36 African countries,

The Group has over 17,000 staff in 40 different countries in over 1,200 branches and offices.

Ecobank is a full-service bank providing wholesale, retail, investment, and transaction banking services and products to governments, financial institutions, multinationals, international organisations, medium, small and micro businesses and individuals.

Coronation ads

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ).Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Coronavirus

Governor Sanwo-Olu says 24,000 students yet to resume in public schools

24,000 students in public schools are yet to return back after the reopening of schools, according to Governor Sanwo-Olu.

Published

on

Lagos orders removal of all unapproved street gates in the state to ease traffic, Sanwo-Olu to stop pension for former governors, deputies, #EndSARS: Judicial Panel of Inquiry and Restitution to include Lekki toll gate incident – Sanwo-Olu, Lagos approves resumption of all classes in public, private schools, Lagos takes major step towards delivery of Fourth Mainland Bridge, Lagos to construct rail line to airport terminal for international passengers, COVID-19: Lagos State to begin curfew on Sunday to disinfect metropolis, Lagos state government discharges 7 more coronavirus patients, Lagos state will reverse to full lockdown, Sanwo-Olu to virtually inaugurate projects as he presents scorecard of first year in office, Lekki regional road: Sanwo-Olu revokes land titles of Elegushi Royal family, Lagos pays N1.3 billion into the RSA of 246 retirees, Lagos State to empower 2.5 million youths in Arts and Crafts

The Lagos State Governor, Babajide Sanwo-Olu, has revealed that about 24,000 students in public schools are yet to come back after the reopening of schools following last year’s lockdown necessitated by the first wave of Covid-19 across the country.

This is as the governor said that resumption of school activities Monday, January 20, 2021, was a difficult decision to make in light of the second wave of Covid-19.

This disclosure was made by the governor while peaking during a press conference on Covid-19 update at the Lagos House, Ikeja on Tuesday.

Sanwo-Olu assured that it was the best decision for the children’s safety and long-term development, especially the most vulnerable ones.

What the Lagos State Governor is saying

Sanwo-Olu in his statement said, “Last year after the first lockdown and kids have to come back to school, we are still looking for about 24,000 of them that have not come back to school. So, there is a challenge if you keep them out for that long and their parents or guardians now turn them to other things instead of ensuring that they have time to come back for learning even if it is twice or thrice a week.

Specta

“At least they have been registered since the beginning of a session and they can be monitored. If not, they will just be roaming the streets and become endangered. We have seen incidents of child abuse and all unprintable things that are being done to these children. So, we believe to a large extent that schools sometimes happen to be the safe haven for them. We have done the roster in which we ensure they keep social distance and we are monitoring,” he said.

What you should know

  • It can be recalled that public and private schools below the tertiary level in Lagos State, On Monday, January 18, 2021, reopened for academic activities despite opposition from some stakeholders due to the second wave of coronavirus pandemic in the state.
  • Following the surge in the number of infections in the state, which is the epicentre of the disease in the country, there were complaints about the state of preparedness of the schools, especially the public ones, in adhering to the strict Covid-19 protocols and guidelines.

Continue Reading

Around the World

Breaking: Joe Biden sworn-in as the 46th President of the United States

The whole world watched in awe as Joe Biden was sworn in as the new President of the United States.

Published

on

Joe Biden has been sworn in as the 46th President of the United States.

The 78-year-old Democrat and former Vice president to Barack Obama is being sworn in after emerging the winner of last year’s Presidential elections.

Biden’s running mate, Kamala Devi Harris was sworn in as vice president by Justice Sonia Sotomayor, becoming the first woman and the first black and Asian-American person elevated to serve in a role a heartbeat from the presidency.

The inauguration took place at the US Capitol, the same building that was stormed on January 6, by Donald Trump’s violent supporters.

Trump who for months refused to conceded to Biden’s victory at the polls left the White House for the final time hours earlier and flew to Florida after making it clear weeks ago that he will not be attending the inauguration.

Specta

Trump’s Vice, Mike Pence attended the ceremony, as he skipped Trump’s farewell military salute event at Andrews base.

The ceremony includes musical performances by Lady Gaga – who sang the national anthem – as well as Jennifer Lopez and Garth Brooks.

Former Presidents; Barack Obama, George W. Bush and Bill Clinton were all present at the inuaguration

What you should know

  • At 78, Biden is the oldest president ever to take the oath of office.
  • In his speech, Biden swore to defend the constitution and the country “against all enemies, foreign and domestic”.
  • History was made as Kamala Harris became America’s first female, first Black and first Asian American vice-president.
  • Donald Trump skipped the ceremony, becoming the first president not to attend his successor’s inauguration since 1869.

Coronation ads
Continue Reading

Around the World

Joe Biden to return United States to WHO on first day as President

In-coming US President, Joe Biden has resolved to immediately return the country back to the WHO after his inauguration.

Published

on

What would a Joe Biden Presidency mean for Nigeria?

The US President-elect Joe Biden plans to immediately return back the country to the World Health Organization (WHO) on the first day after his inauguration as he intends to make a sweeping review of the policies of outgoing President, Donald Trump.

This is as he intends to send top US medical expert Anthony Fauci to speak to the group in a strong rejection of Donald Trump’s snubs and criticisms during the coronavirus pandemic.

This disclosure is contained in a fact sheet released by President-elect Joe Biden’s transition team.

READ: Joe Biden gains additional 4.6 million Twitter followers in less than 12 hours

According to a report by Bloomberg, the incoming administration plans to take part in the WHO executive board meeting this week, with Fauci, the top U.S. infectious disease expert, heading the delegation and speaking.

Specta

The statement says that as soon as the United States resumes its engagement with the WHO, the new administration will work with the body to strengthen and reform the UN health agency.

READ: Banking giant, Deutsch Bank to cut ties with President Trump

What this means

  • With these announced plans, the Joe Biden administration is showing that it intends to set a new science-based tone in seeking to reverse Donald Trump’s dismissal of strategies to mitigate the virus as well as seek international cooperation in addressing the pandemic.
  • It also further reinforces the incoming President’s earlier criticism of Trump’s handling of the pandemic especially in the early days rather than laying blames.

READ: U.S dollar stays firm, Joe Biden to unveil COVID-19 support programs

What you should know

  • It can be recalled that President Donald Trump in May 2020, announced that the US would exit the WHO because of what he said was its undue deference to China and failure to provide accurate information about the coronavirus.
  • He often referred to the UN health agency as being controlled by China and criticized their handling of the coronavirus pandemic.
  • The US had been the WHO’s largest contributor, providing $400 million to $500 million in mandatory and voluntary contributions annually, with Trump’s last year decision drawing sharp criticism in Congress, as well as from allies in Europe.

Coronation ads
Continue Reading
Advertisement




Advertisement