CAPITAL MARKET
Public offer: MTN to sell $242m worth of shares in Nigerian business
MTN Group said it is planning to sell shares worth about $241.7million from its Nigeria business. MTN on Thursday said it will offer 575 million shares in MTN Nigeria, which listed in Lagos in 2019. “Today we announce our intention to proceed with a public offer for sale of up to 575 million shares in MTN Nigeria, by way of a bookbuild to institutional investors and fixed price to retail investors,” MTN Group said on its website. “The offer is anticipated to open in November 2021 with a book build to institutional investors, after which a fixed price is expected to be announced for retail investors also in November 2021. The offer is expected to close in December 2021.” Punch
Unilever Nigeria grows quarterly revenue by 31%
Unilever Nigeria Plc has said it recorded a turnover of N58.7bn in the third quarter of 2021, compared to N44.7bn in the corresponding period in 2020. The company said this on Thursday in a statement on its unaudited interim report for the period ended September 30, 2021. It recorded a gross profit of N15.9bn in the period under review, up 61 per cent from the N9.9bn reported for same period of 2020. Unilever reported a profit after tax of N1.08bn in Q3 2021, compared with a loss after tax of N2.06bn reported for the corresponding period in 2020. Punch
MTN Nigeria Completes Issuance of N89.99bn Series II 10-Year Bonds
MTN Nigeria Communications Plc (MTN Nigeria) has announced that it successfully completed the issuance of its N89.99 billion Series II 10-Year 12.75 per cent Fixed Rate Bonds due 2031 (“Series II Bond”) under the N200 billion Bond Issuance Programme. The company in a statement said the book build process commenced on 8 October, 2021, “and was completed on 15 October, 2021. The offer was well received with active participation from a diverse range of high value investors, including pension funds, insurance companies, asset managers, financial institutions, and high net worth individuals. During the book build, the total value of subscriptions received, peaked at N133.45billion representing a 1.48 times oversubscription. As a result, the Series II Bond was launched at a clearing coupon of 12.75 per cent with N89.99 billion in qualified bids” This Day
ECONOMY
Foreign airlines threaten withdrawal as stuck funds hit N328 billion
Foreign airlines operating in and out of Nigeria have taken their protest to the Central Bank of Nigeria (CBN) over difficulties in repatriating accumulated funds, now in excess of $800 million (N328.8 billion). The airlines, about 30 in number, expressed displeasure over rising difficulties in repatriating earned revenue through an official window approved by the government. Meanwhile, the fallout of the development is already affecting consumers as foreign airlines have adjusted the Rate of Exchange (RoE) from N411to N450, raising airfares some notches. Guardian
CSO uncovers N227bn frivolous line items in 2022 budget
The 2022 proposed budget of the Federal Government is littered with frivolous items to the tune of N227bn, a report by a civil society organisation, Centre for Social Justice, has revealed. The report said that a pullout of the frivolous items from the budget by the National Assembly would address the growing level of deficit as well as improve public infrastructure across the country. The PUNCH reported that the President, Major General Muhammadu Buhari (retd.), in October presented a budget of N16.39tn for 2022 to the Joint Session of the National Assembly. But the CSJ, in its report titled: “Frivolous, inappropriate, unclear and wasteful estimates in the 2022 Federal Appropriation Bill”, said Nigeria’s revenue was simply inadequate to fund fundamental expenditure. Punch
