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Nigerian Banks To Issue $1.2bn Euro Bonds

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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

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NIGCOMSAT Seeks Policy To Harness AI Potentials 

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The Nigerian Communications Satellite Limited (NIGCOMSAT), the country’s satellite operator, has called for immediate promolgation of policy action that will enable the country to harness the potentials of Artificial Intelligence (AI).
NIGCOMSAT, also warned that Nigeria risks missing out on Africa’s projected $1.2trillion share of the global AI economy by 2030.
Managing Director of NIGCOMSAT, Nkechi Egerton-Idehen, disclosed this in a statement issued at the weekend following her participation in the Meeting of the National Council for Communications, Innovation, and Digital Economy.
“Artificial intelligence is reshaping industries, economies, and societies worldwide, with projections that it will contribute up to $15.7trillion to the global economy by 2030. Africa stands to gain $1.2trillion of this if the right policies and innovations are in place”, Idehen said, citing a PricewaterhouseCoopers report.
The NIGCOMSAT MD underscored the transformative potential of AI in agriculture, highlighting its applicability in Benue State, widely regarded as Nigeria’s “food basket.”
According to her, machine learning tools could revolutionize agricultural practices by improving pest detection and optimizing planting schedules using satellite imagery.
“AI offers us the chance to not only flourish economically but also to achieve food security. However, we must ask ourselves if we are prepared to manage this technology responsibly”, she added.
Idehen also noted that internet access remains a significant barrier to AI adoption in Nigeria.
“For AI tools to be effective, basic digital infrastructure is essential. Addressing this gap must be a priority.
“AI is happening. We have the opportunity to manage this technology revolution responsibly, both in Africa and globally, through innovation and governance”, she said.
In August 2024, the Federal Ministry of Communications, Innovation, and Digital Economy released a draft National Artificial Intelligence Strategy, aiming to position Nigeria as a global leader in AI.

Corlins Walter

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We Have Spent N1bn On Electrification -LG Boss

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The Chairman of Emohua Local Government Council, Chief David Omereji, has said  the council has so far spent over N1 billion  for the electrification of communities in the area.
Omereji said this while addressing staff of the council at the council headquarters recently.
He said the move was part of his administration’s resolve to ensure  peace and development of the LGA.
According to him,  the Council spent about N29 million on monthly basis for the maintenance of the Emohua Local Vigilante group known as OSPAC, with each member being paid a stipend of N100, 000 monthly.
He diaclosed that 11 out of the 14 wards are currently enjoying electricity, while efforts are on to light-up the remaining ones.
“I also want to use this opportunity to inform the political class for purposes of records and for the understanding of the people that the Council under my watch have done more than enough”, he said .
The Emolga boss explained  that all that have been achieved  were through the personal effort of the Council, without support from anybody as rumoured in some quarters.
Omereji further reaveled that a number of other projects, including roads, fencing of schools, hospitals, courts premises, and reconstruction of some abandoned buildings at the Council Headquarters are being undertaken by his administration.
He enjoined the people of the area to support his administration’s drive to bring purposeful development to the LGA.
The Emohua Council boss, who reiterated his hatred for noise making, stated that  his  works would speak for him, and solicited the support of staff of the council and the entire people of the area.
He noted the fact that some people may not be happy with his achievements, saying that he would remain focused, while  advising critics of his government to do so constructively with facts and figures.

King Onunwor

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Ogoni Rejects NNPC-Sahara  OML11 Deal … Wants FG’s Intervention

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The Movement for the Survival of the Ogoni People (MOSOP) has raised some ethical questions over a Financial and Technical Services Agreement (FTSA) between Sahara Energy and West African Gas Limited (WAGL), an affiliate of the Nigerian National Petroleum Company (NNPC).
MOSOP said the agreement was not done in good faith, not in the interest of the Nigerian people, and did not follow due process.
Foremost Ogoni born activist and  MOSOP  leader, Fegalo Nsuke, who made this known in Abuja, weekend, described the Sahara-WAGL deal as fraudulent, deceptive and an insult on the intelligence and integrity of the Nigerian nation.
Nsuke called on President Bola Ahmed Tinubu to cancel that FTSA between Sahara Energy and WAGL, noting that the agreement is fraught with irregularities and deceptive.
“What Sahara and the NNPC did in the FTSA between Sahara and WAGL is shameful and depicts high level corruption in public service of our country.
“WAGL is an affiliate of Sahara and the NNPC. How then can Sahara go into an agreement with its own affiliate? It’s as good as going into an agreement with itself. This is deceptive and fraudulent”, Nsuke said.
He continued that “Sahara Energy is certainly not a company the Ogoni people want on their soil and we are calling on Mr. President, Bola Ahmed Tinubu, to terminate any deal between the NNPC and Sahara Energy over OML 11, and to allow for an inclusive arrangement that considers a fair treatment of the Ogoni people in the distribution of revenues from natural resource extraction on Ogoni soil.
“The last Ogoni Congress has been unequivocal on the Ogoni demand for justice and has given a clear path to resolve the three decade old conflict between all critical parties.
“It will be good to explore this path to peace and development for Ogoni and for our country”.
Nsuke accused Sahara Energy and the NNPC of frustrating the progress made by MOSOP to achieve a permanent solution to the Ogoni problem.
He urged a presidential intervention with deep consideration for a fair treatment of the Ogoni people in order to permanently address the problem.
He noted that Sahara Energy should give up on the Ogoni area to allow for an engagement in the interest of the country and the people.
Recall that MOSOP and Sagara Energy have recently been engaged in a row in what MOSOP describes as an unholy relationship between Sahara Energy and the NNPC over OML 11.
MOSOP expressly rejected Sahara Energy and called for a fair treatment of the Ogoni people in natural resource extraction in Ogoni.
It noted that Ogoni people, led by MOSOP, paid the sacrifice to take the oil from Shell, hence “the position of MOSOP must be taken into consideration in decisions relating to resumption of oil production in Ogoni”.

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