CAPITAL MARKET
Fidelity Bank to Raise $500m Unsecured Notes From International Market
The management of Fidelity Bank Plc has expressed decision to raise $500million capital from the international debt capital market through unsecured notes insurance. The Company Secretary, Fidelity Bank, Ezinwa Unuigboje in a statement on the Nigerian Exchange Limited (NGX) said the intended capital is to be listed on Irish Stock Exchange. He noted that Nigerian’s Securities and Exchange Commission (SEC) has no objection to the transaction. According to his statement: “Fidelity bank is considering raising capital from the international debt capital market through an unsecured notes insurance, proceeds of which are intended to be used for general corporate purposes including supporting its trade finance business. This Day
AXA Mansard Gets Regulatory Approval for Share Capital Increase, Declares Bonus Issue
AXA Mansard Insurance Plc, has secured regulatory approval to Increase Share Capital. Consequently the company at its recent Extraordinary General Meeting (EGM) declared bonus issue to its shareholders’, The bonus issue the company said, would enable it increase its shares capital from N5.25 billion to N18.0 billion .The company consequently increased the number of outstanding shares from 10.5 billion to 36.0 billion. This increased number of outstanding shares is expected to lead to increased share register management cost, impact per-share metrics, and possible wide-ranging implications on future capital raising exercises. This Day
FX Turnover on FMDQ Drops by 28.4% on Reduced CBN Interventions, Foreign Portfolio Investment
Following reduced interventions by the Central Bank of Nigeria (CBN) and decline in foreign portfolio investment (FPI) net flows, total Foreign Exchange (FX) turnover on FMDQ OTC Securities Exchange declined by 28.4 per cent in the first eight months of 2021, data gathered by THISDAY revealed. Analysis of activity at the exchange showed that total FX turnover on FMDQ between January and August of this year stood at N34.42 trillion as against N48.1trillion recorded in prior period under review. The breakdown revealed that a total FX turnover of N3.26trillion was traded at the I& E FX window, it increased to N4.29trillion in February. This Day
ECONOMY
NCAA to decommission 7,012 masts over N5.96 billion debt
The Nigeria Civil Aviation Authority (NCAA) has again threatened to decommission telecommunication masts belonging to operators that are indebted to the regulatory body.
Worst hit will be Globacom Nigeria Limited; whose alleged debt of N5.96 billion has put its 7,012 masts nationwide at risk. The apex regulatory body for aviation, NCAA, had in 2019 issued a similar threat to decommission unlicensed telecom masts belonging to service providers, banks and financial institutions. The Nigeria Civil Aviation Regulations (NigCARS) Part 12.1.7.1.3.1 stipulates that no person or organisation shall put up a structure (permanent or temporary) within the navigable airspace of Nigeria unless such a person or organisation is a holder of Aviation Height Clearance Certificate granted under this regulation. Guardian
AfDB pledges to support Nigeria in tackling food insecurity
The President of the African Development Bank Group, Dr Akinwumi Adesina, has said that the bank will provide Nigeria with strong support to tackle its food security challenges. He said this while he received a high-level Nigerian delegation led by Nigeria’s Minister of Agriculture and Rural Development, Dr Mohammad Abubakar. This was contained in a statement titled, ‘African Development Bank Group President, Akinwumi Adesina, assures Nigeria of bank’s strong support to achieve food security,’ issued by the bank on Tuesday. The statement read, “Adesina said the bank’s strategic support for Nigeria’s food production would be hinged on five factors: support, scale, systemic, speed, and sustainability.” Punch
