Connect with us
Paramount
Advertisement
Ican
Advertisement
IZIKJON
Advertisement
Polaris bank
Advertisement
Binance
Advertisement
Esetech
Advertisement
Patricia
Advertisement
Fidelity ads
Advertisement
Stallion ads
Advertisement
app

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.

Published

on

First Bank, Global transactions get easier with Firstbank’s Card Offerings

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.

First Bank clears debt ahead of maturity date

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.

[READ MORE: FIRS and CBN plans to focus searchlight on VAT paid by foreign individuals/firms]

“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]

Deal book 300 x 250

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.

bitcoin train

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

COVID-19 Update in Nigeria

On the 24th of February 2021, 655 new confirmed cases and 11 deaths were recorded in Nigeria

Published

on

Covid 19 update symptops

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.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

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.

bitcoin train

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.

Binance

 

READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

Jaiz bank ads

 

Coronation ads

 

Continue Reading

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.

Published

on

Cornerstone Insurance Plc has appointed Dr Ogechi Adeola as its new Independent Non-Executive Director, subject to ratification by members at general meeting.

This is according to a notification sent to the Nigerian Stock Exchange platform, dated 24th of February, 2021, as seen by Nairametrics.

Dr. Adeola’s profile

Dr. Adeola has over two decades of work and consulting experience in the Nigerian Financial services sectors. She is an Associate Professor of Marketing at the Lagos Business School and an alumna of the Manchester Business School, United Kingdom.

On the other hand, Cornerstone Insurance closed trading today (24th of February, 2021) at the floor of the Nigerian Stock Exchange with a share price of N0.59.

Results from the recently released FY 2020 financials posted by the firm showed that gross premium written increased from N13.06 billion in 2019 to N17.6 billion. However, profit for the period declined to N1.6 billion, from N4.11 billion recorded in 2019.

What you should know:

Cornerstone Insurance Company Plc is a Nigerian-based insurance company offering services in the life and non-life categories.

It was incorporated on the 26th of July, 2021, initially as a private limited liability and subsequently became a public limited liability after its listing on the Nigerian Stock Exchange in 1997.

Continue Reading
Advertisement




Advertisement

Nairametrics | Company Earnings