Business News
First Bank to redeem $450 million notes ahead of maturity date
First Bank of Nigeria Limited has disclosed its intended early redemption of the fixed-rate $450 million subordinated note held by FBN Finance Company B.V.
FBN Holdings Plc‘s largest subsidiary, First Bank of Nigeria Limited, has disclosed its intended early redemption of the fixed-rate $450 million subordinated note held by FBN Finance Company B.V.
This development was made known in a statement that was signed by the Company Secretary, Seye Kosoko, and issued to the Nigerian Stock Exchange.
According to the statement, FBN Finance Company B.V. will exercise its option to call the $450 million subordinated notes which were raised mainly from the international debt markets.
Managing Director, First Bank of Nigeria Plc, Adesola Adeduntan
Nairametrics understands that the bond was initially due in July 2021. But it will now be paid off at the next callable date, which is slated for Tuesday, July 23, 2019.
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“The Bank seeks to call and pre-pay holders of the Note at the next callable date of July 23, 2019. This liquidity management exercise demonstrates the strength of the Bank’s foreign currency liquidity and robust capital base, while further enhancing the efficiency of the balance sheet.” –FBN
[READ FURTHER: First Bank reiterates commitment to continue lead on digital banking]
Past Developments: Note that the company has a history of redeeming its debts ahead of the due date. In August 2018, the bank redeemed its $300 million subordinated bond ahead of its maturity date which was sometime in 2020. Explaining the situation, the bank’s Chief Executive Officer, Adesola Adedutan, said the bank had significant foreign currency liquidity which enabled it to pay off the bond without having to issue a new one.
At the moment, it is unclear whether it is a similar situation that has made it possible for the leading bank to announce an early redemption this time.
[READ: FirstBank hits N1tn in transactions processed through its Firstmonie Network]
FBN Holdings Plc’s share price is currently trading at N6.85 on the Nigerian Stock Exchange, NSE.
Coronavirus
COVID-19 Update in Nigeria
On the 24th of February 2021, 655 new confirmed cases and 11 deaths were recorded in Nigeria
The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 153,842 confirmed cases.
On the 24th of February 2021, 655 new confirmed cases and 11 deaths were recorded in Nigeria.
To date, 153,842 cases have been confirmed, 130,818 cases have been discharged and 1,885 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 1.49 million tests have been carried out as of February 24th, 2021 compared to 1.44 million tests a day earlier.
COVID-19 Case Updates- 24th February 2021,
- Total Number of Cases – 153,842
- Total Number Discharged – 130,818
- Total Deaths – 1,885
- Total Tests Carried out – 1,489,103
According to the NCDC, the 655 new cases are reported from 21 states- Lagos (240), Ogun (88), Rivers (56), FCT (51), Kaduna (43), Kano (25), Plateau (21), Taraba (19), Edo (17), Abia (15), Delta (13), Nasarawa (11), Akwa Ibom (10), Kwara (10), Oyo (10), Kebbi (9), Borno (5), Bayelsa (4), Gombe (4), Ekiti (2), and Osun (2).
Meanwhile, the latest numbers bring Lagos state total confirmed cases to 55,122, followed by Abuja (19,115), Plateau (8,854), Kaduna (8,422), Oyo (6,708), Rivers (6,398), Edo (4,491), Ogun (4,277), Kano (3,716), Ondo (2,944), Kwara (2,875), Delta (2,539), Osun (2,326), Nasarawa (2,208), Gombe (2,031), Katsina (2,029), Enugu (1,998), Ebonyi (1,839), Anambra (1,615), and Abia (1,487).
Imo State has recorded 1,440 cases, Akwa Ibom (1,439), Borno (1,247), Bauchi (1,221), Benue (1,188), Niger (912), Ekiti (797), Sokoto (768), Bayelsa (767), Adamawa (762), Taraba (712), Jigawa (496), Kebbi (358), Yobe (268), Cross River (267), Zamfara (219), while Kogi state has recorded 5 cases only.
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Lock Down and Curfew
In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.
The movement restriction, which was extended by another two weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.
On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.
On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.
Governor Babajide Sanwo-Olu of Lagos State announced the closed down of the Eti-Osa Isolation Centre, with effect from Friday, 31st July 2020. He also mentioned that the Agidingbi Isolation Centre would also be closed and the patients relocated to a large capacity centre.
Due to the increased number of covid-19 cases in Nigeria, the Nigerian government ordered the reopening of Isolation and treatment centres in the country on Thursday, 10th December 2020.
On 26th January 2021, the Federal Government announced the extension of the guidelines of phase 3 of the eased lockdown by one month following the rising cases of the coronavirus disease in the country and the expiration of phase 3 of the eased lockdown.
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Appointments
Cornerstone Insurance Plc appoints Ogechi Adeola as Director
Dr Ogechi Adeola has been appointed as an Independent Non-Executive Director at Cornerstone Insurance Plc.
