Business
Ohakim Canvasses Support For Imo Bond
Preparatory to the state government’s bond issue expected to hit the market any moment from now, the Imo State Governor, Dr. Ikedi Ohakim has called on stakeholders in the capital market to support the state’s success bid.
Speaking on the trading floor during his visit to the Exchange recently, Ohakim said transparency and accountability have been the guiding principle of the state, adding that these would be brought to bear on the bond issue.
The N18.5 billion bond, which attracts 15.5 per cent fixed rate at 1000 per cent unit with a maturity date of 2016, was recently approved by the council of the Exchange.
Ohakim explained that the proceeds of the bond would be used for three man projects. A sum of N1.303 billion or 7.04 per cent would be used to part-finance the rehabilitation of water scheme; N3.772 billion, representing 20.39 per cent of the offer proceed, would go into the rehabilitation and construction of critical roads while the remaining N12.5 billon, representing 67.75 per cent of the proceeds, would be spent on financing the state government’s equity investment in Imo Wonder Lake and Conference Centre, Oguta, respectively.
“We are moving into the second stage of our development, which is total industrialization and provision of infrastructure, we have started the construction of a boulevard to connect 19 out of 29 local governments and connecting 36 important markets in the state with 13 toll gates”, he said.
The issuing houses to the offer are BGL Securities Limited, UBA Capital (Africa) Limited, Future View Financial services Limited, and Stanbic IBTC Bank Plc.
Meanwhile, dealing members on the floor, in response to the governor’s presentation, expressed support for the issue, saying it was a good omen for the market, the doyen of stock brokers, Mr. Olu Odejimi, said the brokers would always support any good cause in the market. He, however, urged the state government to ensure transparency in the issue.
Recall that the council of the Exchange recently approved bond applications from states running into N58 billion. Apart from Lagos State which is currently raising the second tranche of its bond, applications from Kano, Imo, Niger, and Kwara have been approved, including the controversial Ogun State’s board.
Disclosing this recently, the president of the Nigerian Stock Exchange, Oba Otudeko, said the council of the Exchange had approved 18 new issue applications from governments and individual companies. According to him, Kano state Government would be raising N17 billion, Imo N18 billion, Niger N16 billion, and Kwara N17 billion.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.