Business

FG Approves Transaction Managers For $1bn Eurobond Issue

Published

9 years ago

December 9, 2016

The Federal Executive Council (FEC) has approved the appointment of six Transaction Parties for the one billion dollars Eurobond.

The Minister of Finance, Mrs Kemi Adeosun, disclosed this in Abuja Wednesday, when she briefed State House correspondents on the outcome of the FEC meeting, which was presided over by President Muhammadu Buhari.

The Eurobond is part of the country’s plans to borrow a total of N1.8 trillion ($5.8 billion) from abroad and locally to fund an expected budget deficit of N2.2 trillion this year.

The Eurobond is the first tranche of a 4.5 billion dollars Nigeria Global Medium-Term Notes Issuance Programme that runs through 2016 to 2018.

According to the minister, the $1 billion Eurobond programme is part of the funding for the 2016 budget which will commence in January 2017.

She said the approved managers of the Eurobond included Citi Groups, Standard Chartered Bank, Stanbic IBTC, Africa Practice Communications Advisors and two others.

“The 1 billion dollars programme is part of the funding for the 2016 budget and we hope to be able to commence that process in January.

“We obtained the certificate of No Objection from BPP for the appointment of those parties having undertaken a fully competitive open tender process.

“We are confident that we will be able to complete the transaction expediently as already significant interest and the oil price stability is helping us.

“Currently, there is quite a bit of demand for emerging market paper. Nigeria’s paper is trading around 7 to 8 per cent mark,’’ she said.

According to her, Nigeria is expected to get a competitive pricing on the issuance programme which will be used for the purpose of funding capital projects as part of the 2016 budget.

She announced that the managers of the Eurobond would also be running any Eurobond issuance programme for the next three years.

“The other thing to note is that these parties that have been appointed would run any Eurobond issuance programme that we do for the next three years so that we don’t have to keep on re-tendering unless there is a major problem with any of them they will be our parties for the next three years,’’ she said.

Also addressing the correspondents, the Minister of Environment, Mrs Amina Mohammed, revealed that the council deliberated on the amendment to the Gazette of the establishment of Hydrocarbon Pollution Restoration Project.

She said the move would give the needed legal backing for the cleanup exercise in the Niger-Delta region, beginning with the Ogoniland.

“The Memo I took to Council was to finalise the amendments to the Gazette for the establishment of the Hydrocarbon Pollution Restoration Project (HYPREP), which is the vehicle that is supposed to house all the governing structures to allow us to do the cleanup in the Niger-Delta,’’ Mohammed said.

Business

Withdrawal, Deposit Fees Changes From May 1, 2026 Still Stands – CBN … Declares 5 Banking Services Free

Published

7 days ago

May 6, 2026

The Tide

The Central Bank of Nigeria (CBN) has said that the announced changes in fees attached to several everyday banking services, scheduled to take effect on May 1, 2026 has commenced.

The changes are contained in the apex bank’s revised Guide to Charges by Banks and Other Financial Institutions, which outlines consumer-focused reforms designed to improve transparency and reduce the burden of banking fees nationwide.

According to the document, which was signed by Dr. Rita Sike, the CBN’s Director of the Financial Policy and Regulation Department, the new changes affect account reactivation, ATM withdrawals on own bank networks, and virtual card issuance.

Following the changes made by CBN, the five key banking services affected by the CBN’s update are in account reactivation and closure, under which banks are no longer allowed to charge customers for reactivating dormant accounts, while account closure also remains free.

The second change is that banks will now be required to provide monthly statement of account to their customers at no cost, and also ensure better access to financial information.

However, requests for printed statements outside the agreed standard format attract a maximum fee of N20 per page.

Thirdly, the CBN has introduced small inter-bank electronic transfers to promote digital payments and micro-transactions.

The implication is that, henceforth, transfers from N0 to N5,000 are free, transfers between N5,000 and N50,000 will attract a maximum fee of N10, while transfers above N50,000 are capped at N50.

The fourth change in the CBN update is in the use of own bank’s ATM (On-Us Transactions).

Here, withdrawals made from your bank’s ATM (on-us transactions) are free. Non-cash transactions, such as intra-bank transfers carried out at these ATMs, also attract no charges.

The fifth change is in virtual cards and PIN management in which banks are now required to issue virtual cards at no cost. In addition, PIN-related services, including PIN re-issuance and resets, are free for all customers.

The document further said the new charges guide, which aims to boost financial inclusion and reduce banking costs, updates the 2020 version to better align with current market realities, particularly the growing reliance on digital payments and mobile banking.

Business

Binani Air Commences Flight Operations May 10 in Nigeria

Published

7 days ago

May 6, 2026

The Tide

Binani Air has announced the commencement of sales tickets on Monday, describing the development as a milestone that will improve the aviation sector and create jobs for the people in Nigeria, as head of its scheduled inaugural flight operations starts May 10, 2026,

In a statement issued by the head of corporate communications of the new airline, the move marks a significant milestone in the aviation sector.

She said this announces the transition from vision to operation as the airline moves closer to welcoming its first passengers on board.

Quoting the Chief Executive Officer of Binani Air, Aminatu Dahiru Chiroma, the Corporate communications officer said,”the commencement of ticket sales represents more than just access to flights. It reflects the airline’s readiness to deliver a new standard of air travel in Nigeria.

“Opening our ticket sales is a defining moment for us. It is the point at which our commitment becomes real for the travelling public. From this moment, we are not just preparing to fly—we are preparing to serve.

“Built on the principles of reliability, safety, and respect for passengers’ time, Binani Air enters the market with a clear focus on consistency and operational discipline.

“The airline is committed to delivering a travel experience that is both seamless and reassuring, particularly in a sector where trust remains critical.

“Passengers can expect a streamlined booking process, responsive customer engagement, and a service culture designed to prioritize comfort and professionalism from the very first interaction”.

Chiroma said as anticipation builds towards the inaugural flight, Binani Air invites travellers, corporate partners, and stakeholders to be part of this defining journey, one that seeks to reshape expectations and restore confidence in Nigerian aviation.

She said “bookings are available via the airline’s official website (www.binaniair.com) and authorised travel partners from 12 noon of 4th of May 2026.”

Business

DANGOTE Debunks Claims Of Rift With Tony

Published

7 days ago

May 6, 2026

The Tide

The Dangote Group has dismissed as false and malicious publication alleging that its President, Aliko Dangote, distanced himself from fellow businessman Tony Elumelu.

In a statement issued by the company, the Group said it never made such claims and described the report as baseless and a deliberate misrepresentation of facts.

The statement was signed by the Group Chief Branding and Communications Officer of Dangote Industries Limited Anthony Chiejina.

The company also refuted assertions that the development of the Dangote Petroleum Refinery & Petrochemicals was financed through personal borrowing from friends.

It maintained that such claims are entirely inaccurate, stressing that Dangote does not fund projects through informal personal lending arrangements.

Addressing speculation about a fallout between Dangote and Elumelu, the Group clarified that both men maintain a longstanding and cordial relationship.

The statement further expressed concern over what it described as a growing trend of fabricated statements and the unauthorised use of Dangote’s name, image, and likeness in AI-generated advertisements and misleading content, warning that such actions could amount to fraud and reputational damage.

The company warned individuals and platforms involved in spreading false information to desist immediately, noting that it would take appropriate legal action where necessary.

The Dangote Group reiterated its commitment to maintaining high standards of integrity while continuing to promote industrialisation, economic self-sufficiency, and sustainable development across Africa.

Nkpemenyie Mcdominic, Lagos