Business

Nigerian Banks To Issue $1.2bn Euro Bonds

Published

14 years ago

April 25, 2012

Some Nigerian banks have indicated interest in the insuance of Eurobonds worth $1.2 billion in the international financial market during the second half of the current financial year.

The banks putting up this offers, according to reports, are the First Bank of Nigeria Plc (FBN), United Bank for Africa Plc (UBA) and Diamond Bank Plc.

The offers, billed to be complete this financial year would have FBN and UBA raising debt capital to the tune of $500 million each while Diamond would issue $200 million Eurobonds.

Market analysts have attributed the move to the high interest rate regime in the domestic market which is not ideal for financing infrastructure and long term projects, and opportunities for expansion on the continent.

There are also plans by the federal government to raise between N210 billion and N290 billion ($1.33 billion-$1.84 billion) in Sovereign bonds ranging between three and 10 years in the second quarter of this year according to the Debt Management Office (DMO).

DMO also disclosed that it is to auction between N30 and N40 billion worth in five-year and 10-year bonds and in June, would raise between N25 to N35 billion in five-year, seven-year and 10-year paper.

Also, the federal government plans to issue N140.61 billion in treasury bills ranging from three months to one year maturities at its monthly debt auction this week while, the DMO plans to raise N90 billion from debt auction.

Last week, the secured Open Buy Back (OBB) dropped by 14 per cent as against 14.50 per cent stood at. Market analysts attributed the drop to the impact of repaid matured treasury bill. The OBB was 200 basis points up from the Central Bank of Nigeria (CBN) benchmark rate and 400 percentage points above the Standing Deposit Facility (SDF) rate.

Overnight placement nose-dived to 14.50 per cent from 15.25 per cent while call money stood at 16 per cent lower than 15.50 per cent.

Meanwhile the Over-The-Counter Bond market, last week saw investors staking N159.47 billion on 183.34 million units of Federal Government bonds in 1,347 transactions up from N51.93 billion staked on 62.32 million units exchanged in 472 deals during the week ended April 13, 2012.

In volume terms, at the close of market on the last trading day of the week ended April 20, 2012, the most active bond was the 16.39 per cent FGN January 2022, (ninth FGN Bond 2012 Series 1) which recorded 36.33 million units valued at N39.54 billion in 288 trades.

It was followed by the 10 per cent FGN July 2030 (Seventh FGN Bond 2030 Series 3) with a traded volume of 35.39 million units worth N26.69 billion in 292 deals.

A total of 14 out of the 26 available FGN bonds were traded during the review week as against the six traded during the preceding week according to the Nigerian Stock Exchange (NSE) weekly report.

In the Equities Market, the bulls were in charge as most stocks were on the upside thus soaring the aggregate market capitalisation by N323 billion to finish at N6.938 trillion compared to the week’s opening value which stood at N6.615 trillion.

The All Share Index (ASI) also surged by 4.89 per cent to close at 21,756.50 basis points as against its index on board of 20,743.16 basis points.

The NSE-30 Index which tracks the 30 most capitalised companies on the Exchange was also on the upside having risen by 5.08 per cent to close at 995.93 points even as the NSE-Consumer Good Index appreciated by 4.52 per cent to close at 1764.26 points. The NSE Banking Index rose by 9.77 per cent to end at 313.95 points.

Vivian-Peace Nwinaene

Business

Boat Mishap Kills Pastor, Wife And Church Members In Brass Water

Published

19 hours ago

May 18, 2026

The Tide

A boat accident in Bayelsa state has killed a serving Pastor, Wife and other church members along Brass waterways

The sad incident happened at Odioama in Brass local government area of Bayelsa State when the Pastor, wife and members of his church were in a programme.

?Tide confirmed that the lifeless body of the Pastor’s wife has been found and deposited in a mortuary while the remains of her husband ,the Pastor is yet to be recovered

as search party are still ongoing.

Although the real cause of the boat Mishap is not yet known as at the time of this report, our Correspondent gathered that the identities of the Pastor, wife and church members were not disclosed to the public.

The mishap, Tide gathered occurred on Friday morning when the church members were on a boat transit

The Bayelsa State government and the state police command are yet to issue official statement’s on the sad accident

By: CHINEDU WOSU

Business

Rivers Workers Seek Scrapping Of Contributory Pension Scheme

Published

19 hours ago

May 18, 2026

The Tide

The Rivers State Council of Nigeria Civil Service Union has called on the State Government to urgently scrap the contributory pension scheme, describing it as unfavourable to long-serving civil servants in the state.

Chairman of the union, Chukwuka Osuma, said this in an interview with newsmen in Port Harcourt, recently.

Osuma said the current pension structure has continued to worsen post-retirement hardship for workers.

He noted that the contributory pension scheme had failed to provide adequate retirement security for workers who had spent many years in service, especially those approaching retirement age.

According to him, civil servants who had served for more than 20 years were among the worst affected under the scheme, insisting that many retirees could no longer cope with prevailing economic realities.

He also informed that the Union has made moves to showcase their concerns, pleading with Governor Siminalayi Fubara to abolish the pension policy and introduce a more favourable arrangement for affected workers.

“The union was not opposed to pension reforms, the contributory scheme should only apply to newly employed workers or those with fewer years in service”, he said.

Osuma explained that workers who had already spent decades in the civil service ought to remain under a more secure pension structure capable of guaranteeing stability after retirement.

The labour leader further noted that inflation and the rising cost of living had continued to erode the value of retirement savings, thereby increasing the suffering of pensioners across the country.

He also appealed to the state government to consider extending the years of service in the civil service from 35 to 40 years and the retirement age from 60 to 65 years.

Osuma argued that such adjustment had become necessary in view of present-day economic realities and changing conditions in the workplace.

The unionist also reviewed that similar policies had already been adopted in some sectors and jurisdictions, expressing optimism that the State could also implement the reforms for the benefit of workers.

He however, commended Governor Fubara for approving an N85,000 minimum wage for workers in the state, noting that the amount was above the national benchmark of N70,000.

Osuma also acknowledged the government’s efforts in the area of workers’ promotions and bonuses, but insisted that pension reforms and extension of years of service remained critical to the long-term welfare and stability of civil servants in Rivers State.

By: King Onunwor

Business

FG Begins South-West Tour To Promote New Cooperative Bank

Published

6 days ago

May 13, 2026

The Tide

The Federal Government has launched the South-West zonal engagement and ministerial advocacy tour on the Cooperative Bank of Nigeria share capital mobilisation, sensitisation and cooperative sector digitalisation.

Reports say the initiative was launched through the Federal Ministry of Agriculture and Food Security.

According to reports, the advocacy tour, organised by the ministry’s Federal Department of Cooperatives, began on Monday in Lagos.

Speaking at the event, the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Dr Aliyu Abdullahi, said the initiative was part of President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Abdullahi described the exercise as a strategic effort to reposition the cooperative sector as a key driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity.

“Today represents a defining moment in our collective determination to reposition the cooperative sector as a major driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity,” he said.

The minister noted the modern cooperative movement in Nigeria originated in the South-West following the 1934 Strickland Report, which led to the enactment of the Cooperative Societies Ordinance of 1935.

According to him, the decision to commence the sensitisation and share capital mobilisation tour in the region is symbolic, as it marks a return to the roots of cooperative development in the country.

Abdullahi said the advocacy tour was a direct outcome of resolutions reached at the 8th Regular Meeting of the National Council on Cooperative Affairs held in Abuja in March 2026.

He said the council approved the Renewed Hope Cooperative Reform and Revamp Programme, a comprehensive framework designed to strengthen the cooperative sector and align it with the administration’s goal of building a one-trillion-dollar economy.

“The reform programme focuses on seven strategic pillars, including governance reforms, cooperative financing and the establishment of the Cooperative Bank of Nigeria, digitalisation, capacity building, value chain development, inclusion of youths, women and persons with disabilities, and strategic partnerships,” he said.

He said the establishment of the Cooperative Bank of Nigeria and the digitalisation of the cooperative sector were the two major transformational initiatives under the programme.

“The Cooperative Bank of Nigeria is aimed at rebuilding a strong cooperative financial system capable of supporting cooperators, farmers, artisans, traders, SMEs, youths, women and persons with disabilities with accessible and affordable financial services,” he said.

Abdullahi emphasised that the proposed bank would be government-enabled but not government-funded.

“Government is not establishing the bank as an owner, nor will it rely on Treasury Single Account funds.

“The role of government through the FMAFS is to provide policy support, stakeholder coordination, regulatory facilitation and an enabling environment under the Renewed Hope Cooperative Reform and Revamp Programme,” he said.

Also speaking, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, reaffirmed the state government’s commitment to cooperative sector transformation.

She described cooperatives as critical tools for promoting inclusive growth, grassroots productivity, food security, financial inclusion and community wealth creation.

Ambrose-Medebem said Lagos State would continue to support reforms and collaborate with stakeholders to ensure the successful implementation of the Renewed Hope Cooperative Reform and Revamp Programme (2025–2030).

“Together, let us build a cooperative ecosystem that is modern, transparent, digitally enabled, financially inclusive and globally competitive.

“Let us build cooperatives that not only mobilise savings, but also mobilise prosperity,” she said.