Connect with us

News

FG Seeks $3bn With Eurobond Offer

Published

on

The Federal Government has announced plans for a Eurobond issuance in the International Capital Market (ICM) to raise $3billion.
The Debt Management Office (DMO) said, yesterday, that Virtual meetings with investors have been scheduled for today, and September 20, 2021.
It said, “In order to avail local investors the opportunity to invest in the Eurobonds, meetings will also be held with local investors.
“This is the first time local investors will be included in the Roadshows, and this is one of the reasons why a Nigerian Bookrunner (Chapel Hill Denham Advisory Services Ltd) was appointed as one of the Transaction Advisers.
“Through the Eurobond issuance, Nigeria is expected to raise up to $3billion but no more than $6.2billion.”
According to the DMO, the issuance for which all statutory approvals have been received, would be to implement the New External Borrowing in the 2021 Appropriation Act and that “Proceeds are for the financing of various projects in the Act.”
The agency gave further insight, saying, “In addition to providing funding to part-finance the deficit in the 2021 Appropriation Act, the issuance of Eurobonds by Nigeria benefits the country in many other strategic ways; amongst which are: 1. It is an inflow of foreign exchange, leading to an increase in External Reserves.
“External Reserves help support the Naira Exchange Rate, and Nigeria’s sovereign rating.
“When Nigeria raises funds externally, through Eurobonds, it frees up space in the domestic market for private sector and sub-national borrowers. In effect, it helps the sovereign not to crowd out other borrowers in the domestic market.
“The issuance of Eurobonds by Nigeria has opened up opportunities for Nigeria’s corporate sector notably banks, to issue Eurobonds to raise capital in the ICM.
“By so doing, their capital base has been strengthened to provide banking services whilst also meeting regulatory requirements. Nigeria has a sovereign yield curve in the ICM, extending up to 30 years.
“The local listing of Nigeria’s Eurobonds on the Nigerian Exchange Ltd. and the FMDQ Securities Exchange Ltd., have increased the range of products on these two (2) exchanges and their respective market capitalization.
“Overall, Eurobond issuances by Nigeria and the investor meetings that precede the pricing have provided a strong global platform for Nigeria to tell its own story and opportunities available in Nigeria for investors.”
The Transaction Advisers appointed by Nigeria for the issuance were: International Bookrunners – JP Morgan, Citigroup Global Markets Limited; Joint Lead Managers -Standard Chartered Bank and Goldman Sachs; Nigerian Bookrunner – Chapel Hill Denham Advisory Services Ltd; Financial Adviser – FSDH Merchant Bank Ltd; while White & Case LLP, was appointed International Legal Adviser; and Banwo&Ighodalo would serve as Nigerian Legal Adviser.
The last time Nigeria accessed the ICM was November 2018.

Continue Reading

News

Residents Nab Man Dumping Fresh Corpse In PH

Published

on

A middle-aged man has been caught dumping the fresh corpse of a male with suspected machete cuts on it.
The suspect identified as Israel Israel, who claimed to be a native of Andoni Local Government Area of Rivers State, was apprehended, last Friday, while carting away a truck used in dumping a fresh male body on the Cherubim Road Bridge, Mile 3, Diobu axis in Port Harcourt City Local Government Area of the state.
A local security personnel in the area, Richman Jogwe, said the suspect was apprehended with the truck used in dumping the dead body.
Jogwe said: “This truck was used in dumping a dead body with machete cuts in the face, head, leg and hands. So, in early hours of today, this man came to take the truck, and we got him arrested.”
He further disclosed that the suspect had been handed over to the Nkpolu Divisional Police Headquarters, Mile 3, Diobu, for interrogation.
In his reaction, the state Police Public Relations Officer (PPRO), SP Nnamdi Omoni, said he was aware of the incident, but insisted he had no detailed information.
Omoni was quoted as saying: “I am aware that the man who brought the truck has been arrested. When I get the full details, I will let you know.”

Continue Reading

News

Wike, Real Madrid Sign Cooperation Ratification Pact

Published

on

Real Madrid and the Rivers State Government have signed a cooperation ratification agreement for promotion of sports amongst children and youths at the Real Madrid Academy, Port Harcourt.
The signing of the ratification of the framework for cooperation agreement between the international football club and the Rivers State Government took place over the weekend at the Auditorium of Real Madrid Sport City, Fuerzas Armadas Avenue, 402, Madrid, Spain.
Rivers State Governor, Chief Nyesom Wike, on behalf of the Rivers State Government; the Executive Vice President of the Real Madrid Foundation, Mr. Enrique Sanchez; and President of Interact Sports, Mr. Jihad Saade; jointly signed the agreement.
Speaking at the event, Wike commended the Real Madrid Foundation and the Interact Sports for the opportunity given to the Rivers State Government to partner with the Real Madrid Football Club in order to encourage Rivers’ youths to develop their talents and skill through sport.
He said the state government was pleased to ratify the agreement with the Real Madrid Foundation, and assured that everything has been done to fully kick-start the Real Madrid Academy in Port Harcourt.
Wike, who was accompanied by the Abia State Governor, Dr. Okezie Ikpeazu, and the Rivers State Attorney General and Commissioner for Justice, Prof. Zacchaeus Adangor (SAN), explained that the initial intention was to admit only boys as students into the Real Madrid Academy, but following the huge application received from prospective female students, the state government had to reconsider the policy.
“We had to stop to include the girls. We are very ready to kick-start the school, and we believe that this is a very good opportunity for our people. We are honoured to be identified with the Real Madrid; it is a good brand for us.”
Wike reaffirmed his belief that sport was an important factor in social integration and in the promotion of ethical values such as solidarity, participation, team spirit, respect for one’s opponent and non-discrimination.
The Real Madrid Foundation maintained its resolve to continue to promote sports amongst children and youths in the understanding that sports contributes to the comprehensive development of a young person’s personality, offering positive alternatives to situations of risk and fostering healthy habits and ways of life amongst children and youths.
On his part, the President of Interact Sports, Jihad Saade, said that Interact Sports has been an active contributor to the dynamic transformation of Nigeria, moving forward with modernity without forgetting Nigeria’s rich culture and heritage.
All the parties mutually acknowledged that they have the necessary legal capacity and authorisation to execute and subscribe to the protocol.
The Real Madrid Foundation is the instrument by which Real Madrid uses to promote, both in Spain as well as abroad, the values inherent in sports, and the latter’s role as an educational tool capable of contributing to the comprehensive development of the personality of those who practice it.

Continue Reading

News

…Omehia Hails Wike On Feat

Published

on

Former governor of Rivers State, Sir Celestine Omehia, has said that The Sun Man of the Year 2020 Award conferred on Rivers State Governor, Chief Nyesom Wike, was very fitting and timely.
Omehia also expressed gratitude to The Sun Publishing Limited, publishers of Daily Sun, Saturday Sun, Sunday Sun and Sporting Sun for recognising the achievements of Wike for the third consecutive time.
In a statement, yesterday, Omehia said that Wike was deserving of the award considering the giant developmental strides he has recorded in Rivers State.
He described Wike as an astute administrator and a distinguished politician who listens to the needs of the people of Rivers State and implements them accordingly.
Omehia said that Wike has during his over six years’ stint as governor of Rivers, performed excellently in the different facets of the lives of the Rivers people.
He maintained that as someone who has had the opportunity of occupying the coveted office, he can bear testimony to the fact that the Nyesom Wike-led administration has done excellently well.
According to Omehia, “his records in infrastructural development, security, urban and rural development, human resources development, including his political prowess, are unrivalled.
“Governor Wike has deployed the resources of the state to the benefit of the people, justifying the mandate massively and duly given to him by the people of Rivers State.”
Omehia also called on the opposition political parties in the state to emulate the leadership qualities of Wike, and join hands with the performing governor to move the state forward.
While noting that in unity, the state stands to gain in all ramifications, Omehia stated that division would do no one any good, irrespective of his status or political affiliation.
He further said he was not regretting his performance during his short stay in Government House, Port Harcourt as governor of the state, saying that he left significant landmarks for residents of the state.

Continue Reading

Trending