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Union Bank issues series 3 & 4 Commercial Paper, to raise N20 billion 

Union Bank Plc is set to raise an additional N20 billion by issuing series 3 and 4 into the domestic capital market. 

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Union Bank issues series 3 and 4 Commercial Paper, set to raise N20 billion, Union Bank downsizes operations, as MBU Capital acquires Union Bank of UK, Shareholders report Union Bank to Attorney General’s Office over proposed share dealing, Union Bank releases FY 2019 financial result, records profit increase, Union Bank Nigeria Plc posts N15.9 billion profit in 9M 2020, up by 2%

One year after Union Bank Plc successfully raised N24.3 billion through the issuance of the series 1 and 2 of its N100 billion commercial paper programme, the company is now raising an additional N20 billion by issuing series 3 and 4 into the domestic capital market.

A statement signed by the Company Secretary, Somuyiwa Sonubi, as seen on the website of the Nigerian Stock Exchange, disclosed that the commercial papers were opened to the public on January 16th, 2020. Interested parties now have between today and tomorrow (January 20 and 21,) to buy the commercial papers (series 3 and series 4), which have a duration of 180-days and 268-days, respectively.

Union Bank issues series 3 and 4 Commercial Paper, set to raise N20 billion 

Who is eligible to participate? Union Bank said it is mainly targeting institutional investors with these issuances, including pension and non-pension asset managers. Some high net-worth investors are also eligible to apply.

Union Bank’s series 3 and 4 Commercial Papers are listed on the FMDQ Securities Exchange platform where they can be traded. Union Capital Markets Limited and Stanbic IBTC Capital Limited are the official dealers.

It said, “The 180-day and 268-day offer for the Series 3 and 4 respectively, opened on January 16, 2020, and is scheduled to close on January 21, 2020, with a target issuance size of N20 billion across both tenors. The CP offer is targeted at institutional investors including pension and non-pension asset managers, as well as eligible high net-worth investors.”

[READ MORE: MTN clarifies report on raising N100 billion through commercial paper)

Nairametrics reported Union Bank’s registration of the N100 billion Commercial Paper programme in 2018. So far, the bank has issued series 1 to 4 which are expected to raise a total of N44 billion. Subsequent issuances in the future will enable the lender to raise additional capital.

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In the meantime, the company said it intends to use the capital that will be raised from the issuance to facilitate its operations.

Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs.He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor.Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan.If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.

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Business

Twitter to establish its first African presence in Ghana

Twitter has announced Ghana as headquarter of its operations in Africa.

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Jack Dorsey, CEO of Twitter Inc has announced today in a tweet that the company is establishing a presence in Africa.

“Twitter is now present on the continent. Thank you, Ghana and Nana Akufo-Addo,” Dorsey tweeted.

As part of its mission to serve the public conversation, Twitter is making it easier for everyone to join in and provide more relevant experiences for people across the world.

Why Ghana as a choice…

Twitter stated that it chose to expand to Ghana first because the country is an advocate of free speech, online freedom, and the Open Internet.

In a blog post the company said, “In line with our growth strategy, we’re excited to announce that we are now actively building a team in Ghana. To truly serve the public conversation, we must be more immersed in the rich and vibrant communities that drive the conversations taking place every day across the African continent.”

“Furthermore, Ghana’s recent appointment to host The Secretariat of the African Continental Free Trade Area aligns with our overarching goal to establish a presence in the region that will support our efforts to improve and tailor our service across Africa.

“Whenever we enter new markets, we work hard to ensure that we are not just investing in the talent that we hire, but also investing in local communities and the social fabric that supports them. We have already laid foundations through partnerships with Amref Health Africa in Kenya, Afrochella in Ghana, Mentally Aware Nigeria Initiative (MANI) in Nigeria, and The HackLab Foundation in Ghana. As part of our long-term commitment to the region, we’ll continue to explore compelling ways we can use the positive power of Twitter to strengthen our communities through employee engagement, platform activation, and corporate giving,” Twitter stated.

The company is also looking to hire specialists to join several teams to operate in product, design, engineering, marketing and communications.

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Reacting to Dorsey’s announcement, Ghanaian President, Nana Akufo-Addo, in a tweet said that the government and people of Ghana welcome welcomed the micro-blogging site.

“The choice of Ghana as HQ for Twitter’s Africa operations is excellent news. Government and Ghanaians welcome very much this announcement and the confidence reposed in our country,” President Akufo-Addo tweeted.

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Business

Youths need critical skills to strengthen Nigerian economy – Bankers Committee’s FITC

Nigerian youths need to embrace adequate skills and create a pool of well-engaged workforce to directly strengthen the nation’s economy.

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Financial Institutions Training Centre (FITC)

Bankers Committee’s FITC has called on Nigerian youths to embrace adequate skills and create a pool of well-engaged workforce to directly strengthen the nation’s economy.

This was disclosed by the Managing Director, FITC, Chizor Malize, during the launch of its Future of Work Academy for Youths on Monday.

According to her, the initiative is to continuously bridge the knowledge gap in the country and Africa at large, as it is expected to equip the youths for the peculiar needs of the Future of Work.

It also seeks to solve the prevalent issue of producing university graduates with degrees and skills that have limited practical use in the current global job market, as well as the requirements for the Future of Work.

She said, “The world of work is changing rapidly, and competition for the right talent is fierce. Graduate talents have for decades been primarily identified and employed based on academic excellence, however, in the emerging world of work, creativity, innovation, and work-ready skills have become the non-negotiable indicators for competitive advantage, and to evaluate capabilities.

“It is therefore important for youths to build critical skills, that will equip them for the requirements of the Future of Work in the ever-evolving business landscape. The value FITC FOWA is bringing to corporations at this time cannot be overemphasized. By equipping youths and creating a pool of well-engaged workforce for organizations, FITC FOWA will be directly strengthening the economy and the society in general.”

Malize added that the initiative offers essential courses in Data Science, Data Analytics, Coding, Digital Marketing, Graphics Designs, MS Excel & Analytics, Digital Marketing, Use of PowerPoint, and other key areas that have been strategically packaged to educate, enlighten, and upskill undergraduates and graduates with the vital skills for the Future of Work.

What you should know

Owned by the Bankers Committee (CBN, NDIC and all Nigerian deposit money banks), FITC was established in 1981 as a non-profit organisation limited by guarantee to provide capacity building and serve as a knowledge hub for the Nigerian Financial Services Sector.

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