CAPITAL MARKET
Ardova issues N25.3bn bond to expand operations
Ardova Plc has announced the completion of its N25.3bn bond issue under its N60bn debt issuance programme to expand and diversify its operations and increase its footprint across the country. The integrated energy company said in a statement that the fixed-rate senior unsecured bond was 143 per cent subscribed and comprised a seven-year Tranche A bond priced at 13.3 per cent and a 10-year Tranche B bond priced at 13.65 per cent. According to AP, the bond was supported by an A rating from DataPro and an A-rating from GCR. It said, “Vetiva Capital Management Limited and Stanbic IBTC Capital Limited acted as lead issuing house and joint issuing house respectively to the bond issue. Punch
ECONOMY
NBS: GDP Grew by 4.03% in Third Quarter
The National Bureau of Statistics (NBS) yesterday revealed that Nigeria’s Gross Domestic Product (GDP) grew by 4.03 per cent in the third quarter (Q3) of 2021, compared with the 5. 01 per cent recorded in the preceding quarter of same year. The Statistician General of the Federation (SGF)/Chief Executive, NBS, Dr. Simon Harry, who revealed this at a media briefing, said the negative impact of the COVID-19 continued to impact on economic performance. He said despite the slower growth, the Q3 performance was considered a tremendous improvement over both Q1 and Q2 of the year, adding that there had been steady growth of the economy. This Day
Fuel marketers predict N170/litre, claim supply drop, NNPC disagrees
The pump price of Premium Motor Spirit, popularly called petrol, may rise from the current N162-N165/litre to N170/litre, while its depot price is projected to increase from N159/litre to N165/litre, oil marketers said on Thursday. Dealers under the aegis of the Independent Petroleum Marketers Association of Nigeria and the Petroleum Products Retail Outlets Owners Association of Nigeria warned that the rising cost of petrol at depots would definitely warrant commensurate increase in pump price if not checked. They also complained of PMS supply problems, stressing that many tank farms or depots had no petrol, which was why the few ones that had the commodity had to increase its price from the approved N148/litre price to N159/litre. Punch
Nigeria leads Africa with $18bn as global remittances hit 7.3%
Nigeria again led the rest of Africa as remittances to low- and middle-income countries are projected to register a 7.3 percent to reach $589 billion in 2021. The return to growth will see Nigeria log about $18billion out of $45billion assigned sub-saharan Africa, which is more robust than earlier estimates and follows the resilience of flows in 2020 when remittances declined by only 1.7 percent amid a severe global recession due to COVID-19, according to estimates from the World Bank’s Migration and Development Brief released yesterday. To boost inflows of diaspora remittances into the country, the Central Bank of Nigeria had in March launched a Naira 4 Dollar scheme that pays naira to senders and recipients of international money transfers. The Sun
AfDB approves $150m to support agriculture in Africa
The African Development Bank Group has approved a $150m facility for ETC Group Limited to address the working capital requirements for the company and its agriculture value chain development in a boost for smallholder farmers. The AfDB said the investment would take the form of a trade and agri-finance package, comprising a $75m soft commodity finance facility to support the group’s pre and post-shipment working capital requirements, with a particular focus on export-oriented activities. According to a statement, it includes a $75m agriculture value-chain programme to increase agriculture production and productivity, by providing improved agricultural inputs and agronomic advisory services to local farmers. Punch
