Business
Rivers N250bn Bonds Hit Capital Market, Soon
Rivers State Government says its N250 billion bonds will hit the capital market by the end of October.
The Secretary to the State Government, Mr George Feyii revealed this Thursday during the press section of town hall meeting of the Security and Exchange Commission (SEC) in collaboration with Rivers State Government at the State House of Assembly, Port Harcourt.
Feyii also said that the state bond would be listed on the floor in tranches, stating that the first batch would list N100 billion before the end of October.
He encouraged the citizens of the state and other investors to invest in the state bond, assuring that their investments would be secured through the monitoring of SEC.
Earlier, the Director General of Exchange Commission, Ms Arunma Oteh said the Commission was in the state to enlighten the public on the need to return back to the capital market and also to raise the awareness that the state government’s process of going to the bond market would enhance good governance.
She expressed dismay that only three to four per cent of Nigerians invest in the capital market as against 60 per cent of United States of America citizens who invest in the nation’s capital market.
Oteh called on Nigerians to show interest in capital investment, so as to enable the nation take her place in the global market, adding that 65 per cent of existing shares in the country’s capital market belong to foreign investors.
The SEC Director commended the state government for embarking on meaningful and tangible projects which have set the state as an example to other states and stated the need for other states to borrow a leaf from Rivers State.
Also speaking, Hon Chidi Llyod who represented the speaker of the State House of Assembly said the programme was necessary to exonerate the house from the accusations made by laymen on the approval given to the state government to list for bond in the capital market.
Hon Llyod reiterated that the state needed fund to invest in infrastructural facilities.
“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.