Business

FCMB Lists N26bn Bond On FMDQ OTC Platform

Published

10 years ago

July 29, 2015

Deputy General Manager, Sharp Altect International, Mr Varghese Gorge (right), speaking to newsmen at the live demonstration of New Age Digital Printing and Finishing in Abuja, last Monday. With him is the Managing Director, First October Global Resources Ltd, Mr Wale Akindele (2nd right)

FMDQ OTC on Monday, recorded another feat with the listing of FCMB PLC’s N26 billion SPV bond on its platform.
The listed Bond is Series 1 of FCMB 7-year 14.25 per cent Fixed Rate Subordinated Unsecured Bond due for Nov. 20, 2021 under a N100 billion debt issuance programme.
The Tide source reports that this followed the listings of the N30.5billion UBA Bond, N15.54bn Stanbic IBTC Bond, N4.8trn FGN Bonds and quotation of N2.8trn Nigerian Treasury Bills respectively, on the OTC securities exchange.
Speaking at the listing ceremony, Ms Tumi Sekoni, Group Head, Business Development FMDQ said that FMDQ recognised the growth potential of issuers of debt in the Nigerian capital market.
Sekoni said that FMDQ would continue to provide remarkable opportunity for the issuers to raise the profile of their issues and access a deep pool of funds.
Sekoni said that listing of debt securities on the OTC securities exchange provides a wide range of benefits across the debt market value chain.
She said that the Exchange’s initiatives to promote secondary market liquidity would contribute immensely to the growth in the overall domestic bond market.
Sekoni said that “issuers have the opportunity to leverage on the provisions of this unique exchange to meet their long term funding needs even as the financial markets become aligned with international best practices.”
Mr Ladi Balogun, the Group Managing Director, FCMB Plc, explained that the bond issue would serve as tier 11 capital which provides long term capital to support growth.
He said it would also reinforce the bank’s commitment to its customers at these challenging times.
Balogun said that the listing the FCMB SPV Bond on the FMDQ platform was hinged on the availability of a readily accessible liquid market to the bond holders.
He commended FMDQ’s efforts toward creating more depth in the Nigerian debt market.
He applauded the platform’s seamless processes and its drive to achieve market transparency by deploying technology initiatives.
Balogun said proceeds of the bond would be used to strengthen its capital base, enhance its capital adequacy ratio, expand distribution channels, infrastructure as well as grow its risk assets.
He said that the bond’s subscription level was 112 per cent, noting that the management of FCMB decided to accept only ¦ 26 billion.
Also speaking, Mr Tolu Osinibi, Executive Director, FCMB Capital Markets Ltd., said the FMDQ platform had encouraged the application of international best practices in the local trading environment.
Osinibi said that the platform would provides real-time market information, which would enable greater participation by market operators and significantly enhances liquidity.
He added that FMDQ market development initiatives had led to the revival of the Commercial Paper market, noting that the company should ensure introduction of more initiatives that would aid market growth.

Business

NPA Assures On Staff Welfare

Published

2 days ago

June 27, 2025

The Tide

The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure and equipment modernization drive with the development of the welfare of its personnel.

Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the clearing of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.

A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying, “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.

The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.

“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”

Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.

“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.

Speaking on behalf of the joint maritime labour unions, the President of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”

Nkpemenyie Mcdominic, Lagos

Business

ANLCA Chieftain Emerges FELCBA’s VP

Published

2 days ago

June 27, 2025

The Tide

National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).

The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.

Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.

Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.

The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.

The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.

The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.

Nkpemenyie Mcdominic, Lagos

Business

NSC, Police Boost Partnership On Port Enforcement

Published

2 days ago

June 27, 2025

The Tide

In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).

The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.

Executive Secretary/Chief Executive Officer of NSC, Dr. Pius Akutah, made this known during a visit to the Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.

The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.

Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.

He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.

“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.

Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.

The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.

“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.

Chinedu Wosu