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Business News

DEAL: FMDQ Exchange lists Fidelity Bank Series 1 bond worth N41.2 billion.

FMDQ announces listing of Fidelity Bank Plc Series 1 Fixed Rate Subordinated Unsecured Bond worth N41.21 billion.

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CBN / Fidelity Bank

FMDQ Securities Exchange Limited has announced the successful listing of Fidelity Bank Plc Series 1 Fixed Rate Subordinated Unsecured Bond worth N41.21 billion.

This is according to a disclosure by FMDQ which reads: ‘’FMDQExchange is pleased to announce the approval for the listing of the Fidelity Bank Plc ₦41.21bn Series 1 Fixed Rate Subordinated Unsecured Bond under its ₦100.00bn Bond Issuance Programme on its platform.’’

This recent action adds to the growing list of corporate bonds admitted on FMDQ Platform, with the most recent being the admittance of TSL SPV N12 billion Series 1 infrastructure bond, earlier reported by Nairametrics.

It is pertinent to note that the deal is part of a ₦100.00billion Bond Issuance Programme earlier initiated by the Bank, to raise capital that will be used to fund key activities, which will ultimately translate in the development of the banking sector and the Nigerian economy at large.

What they are saying

Commenting on the recent deal, the Co-CEO of Planet Capital Limited, Dr. Tony Anonyai, said: “The success of the issuance firmly establishes the Bank’s position as one of the leading banks in the country and further sets it on the strategic trajectory for market dominance in the coming years. This listing makes for liquidity and price discovery in the marketplace which is a sweetener for the investors”.

What you should know

  • As part of its N100 billion bond issuance programme, Fidelity Bank Plc had earlier in 2015 issued a N30 billion Fixed Rate Subordinated Unsecured Bond on the FMDQ Exchange platform. The bond had a face value of N1000, tenor of 7 years and a coupon rate of 16.48%.
  • Fidelity Bank Plc had earlier posted its FY 2020 results, where it reported a profit after tax figures of N28.03 billion.
  • As at the time of reporting this, Fidelity Bank shares currently trades N2.3 on the floor of the NSE, up by 2.68%

Chidi Emenike is a graduate of economics, a Young African Leadership Initiative Fellow and an Investment Foundations certificate holder. He worked as a graduate Teaching Assistant in the Federal College of Education Kano and is also a trained National Peer Group Educator on Financial Inclusion

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Business

President Buhari restores ownership of OML 123, 124, 126 and 137 to NNPC

The President has ordered the restoration of ownership of OML 123, others to NNPC.

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Buhari sacks DG National Directorate of Employment, Nasiru Argungu

President Muhammadu Buhari has approved the restoration of the leases on OMLs 123, 124, 126 and 137 to the Nigeria National Petroleum Corporation (NNPC) which is in a production sharing contract with the Chinese government-0wned, Addax Petroleum.

This is in line with the current administration’s rule of law, fairness and enabling a stable business environment for businesses.

This disclosure is contained in a statement issued by the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, through a series of tweet posts on his official Twitter handle on Friday, April 23, 2021.

The President directed the Department of Petroleum Resources (DPR) to retract the letter of revocation of the leases, while also directing NNPC to utilize contractual provisions to resolve issues in line with extant provisions of the Production Sharing Contract arrangement between NNPC and Addax.

READ: Senate to investigate 7 oil companies over refusal to remit $21 billion 

What the Presidential Media Aide is saying in the statement

The statement from Garba Shehu partly reads, ‘’In line with the current administration’s commitment to the rule of law, fairness and enabling a stable business climate for investment, President Muhammadu Buhari has approved the restoration of the leases on OMLs 123, 124, 126 and 137 to NNPC Group which is in production sharing contract with Addax Petroleum, a company wholly owned by Government of the People’s Republic of China on the blocks. The leases belonging to the Federation were revoked on March 30, 2021.

‘’This development reaffirms the commitment of President Buhari to the rule of law and sanctity of contracts. While directing the Department of Petroleum Resources, DPR to retract the letter pf revocation of the leases, the President also directed NNPC to utilize contractual provisions to resolve issues in line with the extant provisions of the Production Sharing Contract arrangement between NNPC and Addax.’’

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READ: Total SA to explore crude on Nigeria’s border with Sao Tome

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Shehu in his statement also said that the restoration of the blocks to NNPC will boost the organisation’s portfolio, thereby making the corporation to, in the long run, boost its crude oil production and in turn increase the revenue it generates to the Federation Account

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Corporate Press Releases

GAGE Awards 2021 takes centre stage as Bisola hosts virtual edition

The virtual edition will be hosted by Ex–BBNaija star Bisola Aiyeola alongside a stellar cast of entertainers billed to perform on the night.

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After what has been an interesting year for so many reasons, the GAGE Awards is finally taking centre stage on 24th April, 2021.This year’s edition is fully virtual, leveraging the best of technology to broadcast proceedings at the event.

The event is beach-themed, which is meant to help set viewers in a relaxed mode after such a tough past year. Digital came through for us and it’s time to gather virtually to celebrate the stars that made our lives simpler and better especially in the thick of the pandemic.

The virtual edition will be hosted by Ex – BBNaija star Bisola Aiyeola alongside a stellar cast of entertainers billed to perform on the night. It will be interesting to see the winner of some of the categories such as the Online news platform of the Year, Data Service provider of the Year, Webseries of the Year, Content Creator of the Year etc.

The Influencer of the Year category which got the internet in frenzy with over 20 million engagements on the GAGE Awards website will definitely be one of the most anticipated categories on the night. In that category are online powerhouses such as BBNAIJA revelations Erica Nlewedim and Nengi Hampson. Also in that category are Twitter top influencers Pamilerin Adegoke, Aisha Yesuf and Instagram top brand Influencer, Tomike Adeoye. Another big category to watch out for is the Online Comedian of the Year. Top contenders in that category are; Mr Macaroni, MCLively, Sydney Talker, Taaooma and Lasisi Elenu. Taaooma took home this category last year and it will be interesting to see if she can retain her crown as king of Online Comedy. The Banking app of the Year is another huge category to look for.Top contenders for the crown are GTBank, VBank, Zenith Bank, Access Bank and Alat by Wema.

To attend the GAGE Awards virtual edition, registration is via this link, https://gageawards.com/register/.

It will be recalled that GAGE Awards seeks to celebrate and spotlight the best individuals, brands or groups who have enriched lives in 2020 by leveraging on the power of digital to simplify our everyday lives. The award recognizes, celebrates, rewards, and amplifies the eventual winners’ outstanding activities and contributions to the digital ecosystem yearly.

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