The Nation Newspaper

Tag: issuance

  • FBN Capital concludes Cross River bond issuance offer

    CBN Capital Limited has announced the successful conclusion of the Series- One Bond Issuance offer for the Cross River State Government, under its N40 billion bond issuance programme.

    The seven-year tenured bonds with maturity due in 2022 were issued via a Book Building process by FBN Capital Limited, following its appointment as the Lead Issuing House by the state government in May this year.

    The state, in line with its mandate to develop infrastructure, had embarked on several projects, including roads, water and health facilities which were financed through bank loans.

    The proceeds from the Issue were therefore earmarked for refinancing the state’s outstanding obligation to the lending banks. The bonds which were offered at 17 per cent coupon rate (paid semi-annually) proffered a cheaper financing option to the state.

    FBN Capital as Lead Issuing House, led the league of the Issuing Houses to underwrite the transaction to the tune of N6.25billion on a standby basis. The Bond Offer was secured by an Irrevocable Standing Payment Order (ISPO) issued by the Federal Ministry of Finance as a first line charge upon, and payable out of the Statutory Allocation of the state. By this order, a Sinking Fund Account was created and managed by the Trustees to the Issue from which bondholders’ obligation (interest and principal) would be repaid.

    Its Deputy Managing Director,  Taiwo Okeowo, said:  “Despite the market volatility which characterised the bond issuance period, the transaction was closed at a favourable pricing mark, raising N1.75billion over the underwritten sum.

    “FBN Capital leveraged on its distribution relationships to obtain commitment for the transaction, and on conclusion of the offer, a total of N8billion was raised, significantly reducing Cross River State’s outstanding loans to banks and lowering the service cost for the loans,” he said.

  • Skye Bank begins instant ATM card issuance

    Skye Bank begins instant ATM card issuance

    Skye Bank Plc has started instant card issuance service to both new and existing customers for improved customer experience in its branches. This service is available in selected branches, but is being gradually deployed to all branches of the bank.

    Instant Card Issuance is a process of personalisation and issuance of debit cards to customers immediately upon request, at any branch of Skye Bank. It delivers speed, convenience and value to customers and aligns with customers’ lifestyle.

    Head of Technology and Service Delivery Channels at Skye Bank, Markie Idowu, indicated that henceforth, all branches of Skye Bank will prime debit cards instantly on new accounts and when cards are reported lost, stolen or damaged; customers can expect instant replacements.

    “Instant Card Issuance will improve our customers’ banking experience by eradicating logistics problems that have resulted in delays in debit card delivery.

    Instant card issuance is seamless, so customers can walk into any Skye Bank branch, request for a debit card and collect it instantly,” she said.

    On the bank’s recent strides, the Head, e-Channels at Skye Bank, Akinwale Ojo, said the company has improved its uptime and responsiveness through a series of initiatives that have significantly increased the efficiency of its automatic teller machines.

    “We have entered into strategic alliances with leading card providers to improve card use and promote e-commerce for the economic development of Nigeria. Our cards have been restructured, segmented and streamlined for optimum performance,” he noted.

  • ‘Fast-track title deeds issuance to aid agric growth’

    ‘Fast-track title deeds issuance to aid agric growth’

    The  Federal Government has been urged  to hasten the process of issuing of title deeds and formulate regulations to promote agricultural   investments and economic growth.

    The  Director, Africa Region,  Cassava Adding Value to Africa, Prof Kola  Adebayo, said there was  need  to  restore   sanity within  the  system  to activate agro  business growth.

    He   said delays in the issuance of titles led  to loss of business opportunities for citizens and private sector players.

    According to him,  mega food  processing  investment projects, within  the  sector   need to be guided by investment regulations, adding  that  delays in issuance of land title deeds  result in delays   in the execution of  such  projects.

    He said land owners of large companies and farms suffer a lot   owing to the incessant disputes between such  organisations  and the  communities, urging  the  government  to step into the  situation in the interest  of  agriculture.

    He  stressed that land is the chief, primary input in all agricultural production.

    With  the demands the  population is placing on land resources, the  expert  said  there  is  need  for  the  government  to think about the most effective ways to organise land ownership and use  to  boost food security.

    When land users feel secure that their land will belong to them as long as they wish to keep it, that it will not be arbitrarily seized by other land-using groups, or forced out of agricultural use by encroaching development, then, they   more likely to invest in the long-term development .

    For the  government ‘s  agricultural expansion  dream   to become a reality,he  emphasised  that smallholders’ rights to own and transfer land must be secured so that they can either be officially incorporated into agricultural development schemes .

    He blamed the emergence of the cartels on past poor regulation and lack of awareness by the farmers.

    Adebayo  said the need to ensure the interests of the  farmers are well protected against exploitation by middlemen and brokers as   trade malpractices,  have   led to price distortion and market segmentation thus barring entry of new players who are ready to offer  prices.

    He said the majority of the cartel groups are to blame for the rampant smuggling of the commodities across the borders, leading to loss of billions of money to the government and farmers.

    Also, in some industries the cartel groups are cheating farmers to enter into dubious contracts a few months after planting and before harvesting. Through the suspicious contracts, he said growers were cheated to dispose of their produce.

    The farmers, he added, were forced to grow the crops on behalf of the traders and after harvest, the grower had nothing to celebrate.

    This, according to him, has denied the growers full ownership of the crop and equally limit his chances of earning more from produce, thus leading to grinding poverty and under development.

    The cartels, he  noted,  trigger artificial shortage of commodities in the local market so that they can exploit  farmers through inflated prices and force government and other value chain players to import.

    He  called  on the government to improve the distribution and storage structure  and  to set up marketing  boards  to  assist farmers buy up their produce.

  • Communities decry arbitrary bills

    Residents of Oke Ira Community and its environ,in Lagos State are kicking against arbitrary issuance of estimation bills by the Power Holding Company of Nigeria, Ikeja Distribution Zone. The action is common in areas operating with analog meters and it has been on for the past two years . According to the residents,PHCN officials complain of shortage of staff.

    The residents through a petition signed by Hon. Babatunde Bankole, Elder Olayinka Fadahunsi (chairman of the Association) and Comrade Hamilton Olajide (Secretary) respectively, further alleged that PHCN Ikeja distribution Zone has failed to solve the problem of constant breakdown affecting NOB – OLUWA Feeder, that supply electricity to the most populated area in Oke Ira and its environs right from the back of Excellence Hotel in Aguda to the end of Power- Line in Oke Ira.

    They called on the Managing Director of NIPP Mr. James Abiodun Olotu to act quickly on the installation and commissioning of the abandoned second Oke Ira 15MVA, 11/33 KV. transformer.