Union Bank Plc has announced that it has received finance guarantee facility from the International Finance Corporation (IFC), a member of the World Bank Group that will help boost access to finance for local business, enable increased international trade for Nigeria, and help protect the country’s economy from the impact of the COVID-19 pandemic. The $40 million facility, under IFC’s Global Trade Finance Program (GTFP), will support Union Bank to establish working partnerships with nearly 300 major international banks within the GTFP network, thereby broadening access to finance and reducing cash collateral requirements for Nigerian businesses. This Day
The stock market of the Nigerian Exchange Limited (NGX) yesterday commenced the week with a positive performance driven by bargain hunting in Dangote Cement Plc and 20 others. In summary, the NGX All-Share Index (ASI) grew by 41.40 basis points, representing an increase of 0.10 per cent to close at 42,394.71 basis points, while the overall market capitalisation value gained N22 billion to close at N22.129 trillion. The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Dangote Cement, GlaxoSmithKline Consumer Nigeria, Union Bank of Nigeria (UBN), Guaranty Trust Holding Company (GTCO) and NEIMETH International Pharmaceuticals. This Day
No fewer than four Pension Fund Administrators may go into merger and acquisition ahead of the April 2022 deadline stipulated for pension companies to raise their minimum capital from N1bn to N5bn, findings by The PUNCH have shown. The National Pension Commission had in a circular last year directed PFAs to raise their shareholders’ fund, giving them a 12-month transition period. The commission argued then that its oversight function had shown that the required minimum capital was no longer adequate to meet the operational expenses of the PFA business. Punch
The Debt Management Office says the proposed N250bn sukuk will be used to finance key economic road projects identified by the Federal Ministry of Works and Housing, Federal Capital Territory Administration, and the Ministry of Niger Delta Affairs. The DMO’s Director-General, Patience Oniha, said this in Abuja, on Monday, at a media sensitisation programme on the debt issuance, while inviting investors within and outside Nigeria to participate in the sovereign sukuk. The offer is a 12.8 per cent, 10-year Ijarah sukuk due 2031, which opened on December 16 and will close on December 22, 2022. Punch
Compliance with oil production cuts by the Organisation of Petroleum Exporting Countries (OPEC) and its allies known as OPEC+ stood at 117 per cent in November, up from 116 per cent the previous month. This indicated that the group’s production levels continued to stay below agreed targets in the month under review, with compliance from the 10 OPEC countries participating in the production cut reaching 122 per cent and participating non-OPEC countries achieving 107 per cent.
The situation has further worsened as some members, mostly led by Nigeria have continued to struggle to increase output. This Day
The Federal Government has outlined nine completed and ongoing hydropower projects being prepared to add 2,672 megawatts of electricity to the national grid. It outlined the projects in its latest document containing the status of the country’s hydropower sector, which was obtained from the Federal Ministry of Water Resources in Abuja by our correspondent on Monday. Data from the FMWR showed that the nine projects were located in five states including Kaduna, Taraba, Gombe, Benue and Nasarawa. They include the 30MW Gurara I hydropower project in Kaduna, completed and put on concession; 360MW Gurara II plant, also in Kaduna, with its engineering, procurement and construction contract already awarded. Punch