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Tag: Standard Chartered

  • Five women receive Standard Chartered $50,000 grant

    Five women receive Standard Chartered $50,000 grant

    • By Afolabi Idowu

    Standard Chartered Bank Nigeria has given out a total of $50,000 in grants to five successful recipients from its Women in Technology Cohort 4 as part of initiative that aims to support and foster the growth of women-led technology businesses across Nigeria. 

    The grants were presented during the graduation ceremony of the incubator program, in collaboration with the Enterprise Development Centre (EDC), which offered comprehensive courses to enhance the development of these businesses.

    Speaking at the award ceremony over the weekend, Head, Brand and Marketing, Standard Chartered Bank Nigeria and West Africa, Dayo Aderugbo said: “Following the launch of Futuremakers our signature Community Impact initiative focussing on Entrepreneurship, Employability and Education as a means towards economic empowerment for youths, we have impacted over 7,000 entrepreneurs including People Living with disabilities and tertiary level entrepreneurs.

    “We have supported over 500,000 girls since 2011 through Goal, our global programme where we empower adolescent girls through a combination of sports and life skills training, between 2006 and 2019, Seeing is Believing, our programme to tackle avoidable blindness, we raised over US 1million to fund up to 30,000 free cataract surgeries.

    Read Also: Man City-1-1 Liverpool: Fans laud Standard Chartered for match viewing experience

    “In Nigeria, female population comprises of 49.34 per cent of the total population of Nigeria. With fewer income-generating opportunities for the population at large, this leaves nearly half of the population constituting women deprived of economic empowerment through employment, professional growth and livelihood opportunities.

    “Similar to several emerging markets like Pakistan and Brazil, Nigeria is currently passing through a demographic transition, which has resulted in an increase in the working-age population i.e., youths comprising nearly half of the population, as a share of the total population.”

    “For us at Standard Chartered Bank, the Women in Tech Incubator, is one of the many ways we continue to reiterate our Bank’s promise to be “Here for good.” We are optimistic that the programme will continue to help female tech-preneurs and identify, grow and bring to the market unique business ideas, while reminding them to celebrate their uniqueness as business owners thriving making a difference in Nigeria, “she added.

  • Man City-1-1 Liverpool: Fans laud Standard Chartered for match viewing experience

    Man City-1-1 Liverpool: Fans laud Standard Chartered for match viewing experience

    Fans have applauded Standard Chartered, the official sponsors of Liverpool , for providing a rich   match viewing  experience at the posh Bature Brewery Garden in  Victoria Island, Lagos at the weekend  in  the match  against English  Premier League (EPL) defending champions, Manchester  City.

    The game which saw Pep Guardiola’s side continue their unbeaten run at the Etihad Stadium as the Citizens  took  the  lead in 27th  minute through Erling Haaland for his 50th EPL goal.

    But    the goal by the Norway International  striker wasn’t enough to hold The Reds as they roared back into the game in the 80th  minute with a superb shot from  Alexander Arnold giving Ederson no chance to keep a clean sheet at home.

    Expectedly,  excitement  filled the hearts of the Liverpool fans present at the event.

    Read Also; Follow the law

     “It was a great and lively contest, and we were able to hold the League leaders to a draw in their home which is a big achievement for us as a team and as supporters of the club, although we had chances to win the game but we were not clinical enough in the final third,” an impressed Segun Micheal  told NationSport.

    Speaking in the same vein,  Philomina Charles thanked Standard Chartered for hosting the Liverpool fans and congratulated the team for securing a draw against Man City to retain their second position on the table.

     She said: “ Thanks to Standard Chartered for hosting us, it was really a lovely moment we had and congratulations to  all Liverpool fans for  seeing our beloved team  secured a  draw against Man City at the Etihad.”

    Liverpool will hope to bounce back from the draw at the Etihad Stadium as they return against Fulham at the Anfield Stadium next week Sunday.

  • Standard Chartered to invest $4b in clean energy

    Standard Chartered Group has announced its  commitment to invest $4 billion toward clean technology by 2020. The bank is more than halfway to meeting that goal. The group said it strives to minimise damage to the environment and encourage positive social change as a result of its financing.

    Working with the two degrees Investing Initiative (‘2oII’), and peer banks, the group is developing a methodology to measure, manage and ultimately reduce the emissions related to its activities and the financing of its clients.

    The new requirements announced include not financing new plantations or livestock ranches which convert or degrade High Carbon Stock forests, peatlands or designated legally protected areas.Each individual position statement was refreshed after consultation with a range of clients and Non-Governmental Organizations (NGOs), and will ensure the Group can balance supporting our clients in undertaking their business activities and supporting economic growth.

    The group recently announced its new position statement on fossil fuel power, which states it will cease providing financing for new coal-fired power plants anywhere in the world, save where there is an existing commitment. In 2017 it also refreshed its statement on financing palm oil.

    The group also published a list of sectors and business it will not support under any circumstances, which includes restrictions involving child and forced labour, trade in endangered wildlife, Arctic and tar-sands exploration and production and conversion or degradation of high-value forests and peatlands, among other activities. The bank is expected not to finance operations that grow, process or trade soy from the Brazilian Amazon and Cerrado. Also the bank is not expected to provide financial services to clients who conduct testing on animals for cosmetic or personal care products.

    The bank also not expected not finance asbestos mines and mines that conduct Appalachian mountaintop removal only providing financial services to agri-business clients who use cage-free or crate- free production systems for livestock only providing financial services to shipping clients that have an Inventory of Hazardous Materials (“IHM”) for new vessels.

     

  • CBN fines four banks N5.8bn over MTN’s transaction

    .Standard Chartered      N2.4b
    .Stanbic IBTC                        N1.8b
    .Citibank                                N1.2b
    .Diamond Bank                  N250m
    writes MTN to refund $8b

    The Central Bank of Nigeria ( CBN ) on Wednesday fined four banks N5.87b for violation of its capital importation policy.

    The apex bank said the affected lenders were asked to refund $8,134,312,397.63 for what it described as ‘flagrant violation of extant laws and regulations of the country, including the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, 1995 of the Federal Republic of Nigeria and the Foreign Exchange Manual, 2006’.

    A certificate of capital importation (“CCI”) is a certificate issued by a Nigerian bank confirming an inflow of foreign capital either in the form of cash (loan or equity) or goods. A CCI is usually issued in the name of the investor within 24- 48 hours of the inflow of the capital into Nigeria in line with CBN’s guidlines.

    The four banks that have come under the sledge hammer of the CBN for the violations are Standard Chartered Bank, Stanbic-IBTC, Citibank, and Diamond Bank.

    Announcing the decision in Abuja , CBN’s Director, Corporate Communications, Isaac Okorafor, said the actions of the bank became necessary following allegations of remittance of foreign exchange with irregular Certificates of Capital Importation (CCIs) issued on behalf of some offshore investors of MTN Nigeria Communications Limited and subsequent investigations carried out by the apex bank in March 2018.

    The CBN has therefore asked the managements of the banks and MTN Nigeria Communications Limited to immediately refund the sum of $8,134,312,397.63, illegally repatriated by the company to the coffers of the Central Bank of Nigeria.

    Figures obtained from the CBN indicated that the highest fine of N2,470,604,767.13 was slammed on Standard Chartered Bank, while Stanbic IBTC Nigeria was fined the sum of N1,885,852,847.45. For its punishment, Citibank Nigeria was penalized in the sum of N1,265,541,562.31, just as Diamond Bank was directed to pay the sum of N250 million for violating extant rules.

    Okorafor further disclosed that the decision of the bank followed thorough investigations by it into the allegations of remittances by the four banks of forex with irregular certificates of Capital Importation (CCIs) issued on behalf of some offshore investors of MTN Nigeria Communications Limited.

    He said the investigations revealed that the sum of $3,448,119,321.72 was repatriated by Standard Chartered Bank on the basis of the illegally issued CCIs. Similarly, he said the sums of $2,632,005,623.78, $1,766,263,212.75 and $348,914,501.30 were repatriated by Stanbic IBTC Nigeria, Citibank Nigeria and Diamond Bank Plc, respectively during the period 2007 and 2015. Accordingly, he said the CBN had directed the affected banks to immediately refund the respective sums to the CBN.

    The CBN investigation further revealed that on account of illegal conversion of MTN shareholders’ loan to preference shares (interest free loan) of $399,594,146.00, the sum of $8,134,312,397.63 was illegally repatriated by the company.

    While disclosing that the investigations by the CBN took a while in order to carry out thorough inquiry and give fair hearing to all parties involved, Okorafor advised all banks and multinational companies in Nigeria to adhere strictly to the provisions of all extant laws and regulations of Nigeria in their foreign exchange transactions. He warned that failure by the management of banks and companies to abide by the existing guidelines would be appropriately sanctioned, which sanctions may include denial of access to the Nigerian foreign exchange market.

    In a letter by the CBN to MTN, the financial sector regulator told the telecom giant that its investigation also revealed that shareholders of the company invested t $402,590,261.03 in the company from 2001 to 2006. The investment was carried out through the inflow of foreign currency cash transfers and equipment importation, which was evidenced by the CCIs issued by Standard Chartered Bank (SCB), Citi Bank (CB) and Diamond Bank (DB) and that the CCIs issued at the time of the investment by the above banks to your organization in respect of the $402,590,261.03 showed that $59,436,923.44 was invested as shareholders’ loan and $343,153,339.56 as equity.

    “However, a review of your organization’s financial statements for the year ended December 31, 2007 revealed that $399,594,146.00 was recorded/invested as shareholders’ loan and $2,996,117.00 as equity investment, in accordance with the shareholder’s agreement but contrary to the CCIs issued by the banks,” it said.

    “Following a request by your organization through Standard Chartered Bank for CBN’s approval to convert the shareholder’s loan to preference shares, an approval-in-principle was granted vide our letter dated November 13, 2007; with the grant of final approval made subject to the fulfillment of the following conditions by your organization.”

    It said MTN’s implementation of the decision in item 5B of its board resolution dated November 08, 2007 and submission of documentary evidence to that effect to the Director, Trade and Exchange Department of the Central Bank of Nigeria; and provision of an undertaking that no remittance for either interest or principal repayment would be made to the shareholders from the date of the loan to the date they were converted to preference shares.

    In spite of the non-fulfillment of the above conditions, and consequently, the non-issuance of a final approval by the CBN, the apex bank claimed that MTN converted the shareholders’ loan to preference shares with Standard Charted Bank issuing new CCIs in respect of the illegal conversion.

    Also, the action of its banker in aiding your organisation in the illegal conversion of the shareholders’ loan was later described by SCB in a letter to the CBN dated December 10, 2009 as an “unintended omission”; and        On account of the illegal conversion of your shareholders’ loan to preference shares (interest free loan) of $399,594,146.00, the sum of $8,134,312,397.63 was illegally repatriated on behalf of your company by the aforementioned banks between 2007 and 2015.

    CBN’s Letter to Standard Chartered bank claimed that the shareholders of MTN Nigeria Communications Limited invested the sum of $402,590,261.03 in the company from 2001 to 2006; and that the investment was carried out through the inflow of foreign currency cash transfers and equipment importation, which was evidenced by the CCIs issued by your bank, Citi Bank (CB) and Diamond Bank (DB) at the initial stage of the investment.

    “The CCIs issued at the time of investment by your bank along with the other banks in respect of the $402,590,261.03 showed that $59,436,923.44 was recorded/invested as shareholders’ loan and $343,153,339.56 as equity. This position was, however, contrary to the position in the financial statements of MTN Nigeria Communications Limited for the year ended December 31, 2007, which revealed that $399,594,146.00 was invested as shareholders’ loan and $2,996,117.00 as equity investment, in accordance with the shareholder’s agreement but contrary to the CCIs issued by your bank, Citi Bank (CB) and Diamond Bank (DB). Your action in this regard constituted a rendition of false returns to the Central Bank of Nigeria”.

    CBN’s letter to Stanbic-IBTC said the shareholders of MTN Nigeria Communications Limited invested the sum of $402,590,261.03 in the company from 2001 to 2006. The investment was carried out through the inflow of foreign currency cash transfers and equipment importation, which was evidenced by the CCIs issued by Standard Chartered Bank, Diamond Bank and Citibank, out of which eight of the CCIs totaling $377,216,508.30 were transferred to your bank by Standard Chartered Bank.  Consequently, your bank repatriated the sum of $929,051,331.83 as proceeds of divestment from the CCIs valued at $42,704,408.61.

    “On account of the illegal conversion of the shareholders loan to preference shares (interest free loan) of $399,594,146.00, the sum of $8,134,312,397.63 was illegally repatriated by your bank and the other banks on behalf of MTN Nigeria Communications Limited between 2007 and 2015. Your bank falsely reported thirty five CCIs valued $313,683,925.84 inappropriately as “other purchases” in your MTR 203 returns for February 2008 instead of “capital importation,” it said.

    CBN’s letter to CitiBank said the shareholders of MTN Nigeria Communications Limited invested the sum of $402,590,261.03 in the company from 2001 to 2006. The investment was carried out through the inflow of foreign currency cash transfer and equipment importation evidenced by the CCIs issued by your bank, Standard Chartered Bank and Diamond Bank.

    CBN’s letter to Diamond Bank said the shareholders of MTN Nigeria Communications Limited invested the sum of $402,590,261.03 in the company from 2011 to 2006. The investment was carried out through the inflow of foreign currency cash transfer and equipment importation, which was evidenced by the CCIs issued by your bank, Citi Bank and Standard Chartered Bank.

    Other findings from our investigation included that Diamond Bank issued three CCIs in favour of Dantata Investment for the sum of $5 million without converting the foreign exchange received into Naira as required by our regulations.  On the basis of these illegally issued CCIs, your bank repatriated the sum of $102,545,336.77 in respect of these CCIs. A further review of the CCIs also showed that no Form “M” was opened as evidence of the utilization of the FX for the importation of goods (as “Not valid for FX”) into the country.

    Diamond Bank was also accused of remitting the sum of $348,914,501.38 as dividend to MTN Nigeria Communications Limited offshore corporate shareholders without any documentary evidence of the audited account of the company to justify the basis of the payment of the dividend declared and paid by MTNN. This action was a violation of the provision of Memorandum 24(4)(b) of the Foreign Exchange Manual.

    The bank also failed to indemnify SCB for losses and/or liabilities that may arise from the use of the CCIs you transferred to SCB in violation of the provisions of the Foreign Exchange Manual 2006 among other violations.

    “Your bank illegally remitted the sum of $352,222,358.39 on behalf of Standard Chartered Bank and Stanbic IBTC Bank in respect of the various CCIs issued to MTN Nigeria Communications Limited.        Upon the conclusion of the investigation, the Committee of Governors of the Central Bank of Nigeria met with the management of your bank and the other banks as well as representatives of MTN Nigeria Communications Limited in Lagos on May 25, 2018. This was to give all the parties fair hearing, towards taking an informed decision on the matter,” it said.

     

  • Citi Group, Standard Chartered, Stanbic IBTC, others to handle $2.5b Eurobond

    Citi Group, Standard Chartered, Stanbic IBTC, others to handle $2.5b Eurobond

    Nigeria is set to take $2.5billion Eurobond to refinance external borrowing, following yesterday’s approval by the Federal Executive Council (FEC)

    Minister of Finance Kemi Adeosun broke the news at a post-FEC briefing in Abuja.

    Others at the briefing were Minister of Information Lai Mohammed, Minister of Interior Abdulrahman Danbazzau, Minister of State for Aviation Hadi Sirika and Minister of Communication Adebayo Shittu.

    Mrs. Adeosun said that the government had re-appointed a consortium of banks to handle the $2.5 billion Eurobond.

    The banks are: Citi Group, Standard Chartered, StanbicIBTC, Whitten-Case and African Practice.

    On the potential savings on the proposed USD2.5 billion refinancing, Mrs. Adeosun said the estimated proceeds of N762.5 billion will be used to redeem the Nigerian Treasury Bills (NTB).

    She said: “At estimated current NTB rates of 15% (following mop-up operations by the CBN), the savings from the refinancing of N762.5 billion of Domestic Debt using external capital raising is about  N64 billion per annum.”

    On the impact of the use of the proceeds of the USD500 million issued in November 2017, she said “The proceeds about N162.50 billion were used to redeem NTBs which matured in December 2017.

    “The immediate impact was a significant drop in the Bid Rates at the Auctions of both NTBs and FGN Bonds. In December 2017 and January 2018:

    “NTBs dropped from about 16% to 13%. FGN Bonds dropped from about 16-16.50% to 13.50%

    “This translates to savings for Government on new borrowing while also making the cost of borrowing for the real sector cheaper since the sovereign rate serves as a benchmark for other borrowers.” she added.

    Mohammed, said the reinstatement of Executive Secretary of the National Health Insurance Scheme (NHIS) Prof. Usman Yusuf, would not stop the Economic and Financial Crimes Commission (EFCC) from continuing with his ongoing probe.

    The information minister had admitted that he was not aware that EFCC was probing Yusuf.

    Yusuf, who was suspended by Minister of Health Prof. Isaac Adewole on July 6, 2017 over allegations of fraud but was reinstated on Tuesday via a presidential directive.

    Mohammed said: “I am not aware that the EFCC is investigating the recently reinstated Executive Secretary of NHIS but if that is the case I don’t think his reinstatement is a bar to any investigation.”

    “The fact that he has been reinstated does not mean that the EFCC will not continue with its investigation, that is what I said.” he added

    Sirika said the Council approved the substitution of Messers Lufthansa consulting, a member of the consortium that will provide transaction advisory services for the establishment of Nigeria’s National carrier

    He said: “Council considered and approved that substitution with another company AMG (Airline Management Group) with Avia Solutions GE to join the other members of the consortium to continue providing that the same cost of N341,200 million.

    Dambazau said FEC approved the purchase of N483.21 million operational vehicles for the Nigeria Immigration Service (NIS).

    He said “For the first category of procurement including five percent VAT is N14.490 million and second category which is 25 of them is N8.347 million. The total including painting in immigration colours N4.095 million, totaling N483.210 million.”

  • Citi Group, Standard Chartered, Stanbic IBTC, others to handle $2.5b Ruroband

    Citi Group, Standard Chartered, Stanbic IBTC, others to handle $2.5b Ruroband

    Nigeria is set to take $2.5billion Eurobond to refinance external borrowing, following yesterday’s approval by the Federal Executive Council (FEC)

    Minister of Finance Kemi Adeosun broke the news at a post-FEC briefing in Abuja.

    Others at the briefing were Minister of Information Lai Mohammed, Minister of Interior Abdulrahman Danbazzau, Minister of State for Aviation Hadi Sirika and Minister of Communication Adebayo Shittu.

    Mrs. Adeosun said that the government had re-appointed a consortium of banks to handle the $2.5 billion Eurobond.

    The banks are: Citi Group, Standard Chartered, StanbicIBTC, Whitten-Case and African Practice.

    On the potential savings on the proposed USD2.5 billion refinancing, Mrs. Adeosun said the estimated proceeds of N762.5 billion will be used to redeem the Nigerian Treasury Bills (NTB).

    She said: “At estimated current NTB rates of 15% (following mop-up operations by the CBN), the savings from the refinancing of N762.5 billion of Domestic Debt using external capital raising is about  N64 billion per annum.”

    On the impact of the use of the proceeds of the USD500 million issued in November 2017, she said “The proceeds about N162.50 billion were used to redeem NTBs which matured in December 2017.

    “The immediate impact was a significant drop in the Bid Rates at the Auctions of both NTBs and FGN Bonds. In December 2017 and January 2018:

    “NTBs dropped from about 16% to 13%. FGN Bonds dropped from about 16-16.50% to 13.50%

    “This translates to savings for Government on new borrowing while also making the cost of borrowing for the real sector cheaper since the sovereign rate serves as a benchmark for other borrowers.” she added.

    Mohammed, said the reinstatement of Executive Secretary of the National Health Insurance Scheme (NHIS) Prof. Usman Yusuf, would not stop the Economic and Financial Crimes Commission (EFCC) from continuing with his ongoing probe.

    The information minister had admitted that he was not aware that EFCC was probing Yusuf.

    Yusuf, who was suspended by Minister of Health Prof. Isaac Adewole on July 6, 2017 over allegations of fraud but was reinstated on Tuesday via a presidential directive.

    Mohammed said: “I am not aware that the EFCC is investigating the recently reinstated Executive Secretary of NHIS but if that is the case I don’t think his reinstatement is a bar to any investigation.”

    “The fact that he has been reinstated does not mean that the EFCC will not continue with its investigation, that is what I said.” he added

    Sirika said the Council approved the substitution of Messers Lufthansa consulting, a member of the consortium that will provide transaction advisory services for the establishment of Nigeria’s National carrier

    He said: “Council considered and approved that substitution with another company AMG (Airline Management Group) with Avia Solutions GE to join the other members of the consortium to continue providing that the same cost of N341,200 million.

    Dambazau said FEC approved the purchase of N483.21 million operational vehicles for the Nigeria Immigration Service (NIS).

    He said “For the first category of procurement including five percent VAT is N14.490 million and second category which is 25 of them is N8.347 million. The total including painting in immigration colours N4.095 million, totaling N483.210 million.”

  • Standard Chartered launches digital campaign

    Standard Chartered Bank has launched a season-long digital campaign to commemorate Liverpool Football Club’s 125th anniversary.

    The bank, which is the Principal Club Sponsor, will take Liverpool FC fans on a journey to understand the meaning of significant numbers in the club’s history.

    This will be told through a series of films as well as a unique 360-degree audio match-day experience.

    It will also feature interviews with Reds Manager Jürgen Klopp as well as LFC legends, current First Team players and fans from around the globe.

    Beginning with Number 8, The Captains, this video will examine the significance of captaincy and how leadership makes a lasting impact, with a specific focus on Steven Gerrard and the impact he had as LFC Captain.

    Chief Executive Officer, Retail Banking and Group Head of Brand and Marketing at Standard Chartered, Karen Fawcett said: “Liverpool FC has had some phenomenal players and moments during its 125-year history, which have contributed to it becoming one of the most successful English football clubs of all time. This special anniversary is a great opportunity for us to celebrate that success with them.

  • Standard Chartered, Duet Asset Mgement renew call for naira devaluation

    Even as oil prices advance, Standard Chartered Plc and London-based Duet Asset Management say Nigeria needed to devalue the naira and loosen capital controls.The Nigerian naira’s recovery in the forwards market may be deceptive. The currency is destined to weaken, however long policy makers hold out.

    Six-month contracts declined to their lowest level since September last week as crude oil, Nigeria’s top export, advanced about 20 percent after the Organisation of Petroleum Exporting Countries (OPEC) agreed a production cut in November. A drop in forwards would typically be a sign of growing confidence in a nation’s economy and currency, but not this time.

    With dollars becoming scarcer and the economy on the brink of its first full-year recession since 1991, Nigerian businesses are being forced into the black market. There, each dollar costs 493 naira, almost 60 percent more than the official rate.

    “Oil’s rise isn’t enough to eliminate the need for a change,” Ayodele Salami, who oversees around $450 million of African stocks as chief investment officer at Duet, said by telephone. Nigeria won’t attract inflows until it weakens its currency, he said.

    While the naira has plummeted almost 40 percent since the Central Bank of Nigeria (CBN) Governor Godwin Emefiele in June ended a 15-month peg to the dollar, traders say it’s still being managed by the government. President Muhammadu Buhari, who has likened devaluation to “murder” in the past, said in a speech on Dec. 30 that he was still against floating the currency, Lagos-based Cable Newspaper reported.

    “Eventually, they’ll have to revert to a more flexible currency regime. But for the time being, there’s no indication from policy makers that this will happen.” said Samir Gadio, the London-based head of Africa strategy at Standard Chartered, which forecasts the official exchange rate will be steady for at least the first half of this year.

    Forward contracts maturing in one month rose 0.1 percent to 318.75 per dollar as of 1:54 p.m. in London, narrowing the their spread over the official spot rate of 314.25 to 4.5 naira from 34 naira in October. Six-month contracts traded at 363.5, suggesting the naira will depreciate 14 percent in that time.

  • Citigroup, Standard Chartered, others to issue $1b Eurobond in Jan.

    Citigroup, Standard Chartered, others to issue $1b Eurobond in Jan.

    The Federal Executive Council (FEC) yesterday approved the appointment of transaction parties for the one billion dollars Eurobond to be issued next month.

    Minister of Finance Mrs Kemi Adeosun broke the news after the Federal Executive Council (FEC) meeting.

    With her were Minister of Information Lai Mohammed and Minister of the Environment Mrs Amina Mohammed

    The transaction parties are Citigroup, Standard Chartered Bank, Stanbic IBTC, Whiten case, Banwo and Ighodalo and Africa Practices Communications Advisers.

    Mrs Adeosun said: “The one billion Eurobond programme is part of the funding for 2016 budget and we hope to be able to commence the process in January. We obtained certificate of no objection from the Bureau of public procurement (BPP) for the appointment of those parties, having undertaken full competitive open tender process.

    She went on: “We are confident that we will be able to complete the transaction expediently with significant interest. The oil price stability obviously is helping us. Currently, there is a bit of demand for emerging market papers.”

    According to her, Nigeria’s paper is trading around seven to eight per cent mark.

    The minister added: “Angola came out in November with bench UAD I.56 and Gabon in June did 8.25 plus, Ghana in September did 9.25. We are expecting to get quite a competitive pricing on the issuance programme, which I said is to be used for the purpose of funding capital projects in the 2016 budget within the month of January.

    “The other thing to note is that these parties that have been appointed would run any Eurobond issuance programme that we do for the next three years so that we don’t have to keep on retendering, unless there is a major problem with any of them they will be our parties for the next three years.”

    The Environment Minister said the Council considered finalising the amendment of the gazette for the establishment of the hydrocarbon pollution restoration process/purchase.

    The gazette, she said, is the vehicle that is supposed to have all the government structures to clean up the Niger Delta, starting with Ogoni and the implementation of the UNEP report.

    “Why is this so important? Well, what we have said in the past, the past gazette did not put in place some of the government structures we need, such as the government board, like the board of trustees or a structure that would be held accountable for the enormous amount of money that is already available to be spent and additional monies that we can leverage from the money that we have that is being offered by different partners.

    “This now will enable us to put more structure to the board of trustees who require a legal entity to put the resources in and then we hope that in the new year we will begin to roll out, to begin with the building of the centre of excellence. The integrated soil treatment centre will also go up and then we’ll begin training, but in this case we’ll start training many of the women on the livelihood side in the many of the contaminated areas.

    “Of recent, you would have heard that in Ogoni land itself we have pipelines …. I’ve visited there…those that are most affected there are the women farmers. So we have to find better ways of speaking with communities but also ensuring that livelihoods of women are not affected.

    “We are also speaking to many of the young people there; we have a good feedback from those who are interested in being a part of the rollout of the clean-up Ogoni land in the new year.”

  • Standard Chartered to axe 1,000 senior jobs

    Standard Chartered bank, a London-based lender that makes most of its profit in Asia, could cut up to 1,000 senior jobs, according to an internal memo sent to staff.

    The move from chief executive Bill Winters is meant to cut costs.

    The bank has grown very quickly since the financial crisis and some roles are now not needed, sources told the BBC.

    Standard Chartered said it had disclosed before “that there would be further personnel changes to come”.

    “We have already acted to reduce management layers, and a result will have up to 25% fewer senior staff,” the bank said in a statement.

    Mr Winters told staff in the memo that about a quarter of senior managers, of director level or above, would be cut. There are about 4,000 bankers in the grades affected by the decision.

    The bank employs about 88,000 people in total. It has grown rapidly, from about 44,000 in 2005.

    Mr Winters took over from former diplomat Peter Sands in June and said he would simplify Standard Chartered with a “new management team and simpler organisational structure”.

    The bank has already shed some businesses, in Hong Kong, China and Korea, booking a gain of $219m and improving its capital position.

    Standard Chartered hired Mark Smith from Asia-focused rival HSBC to join as new chief risk officer.

    Mr Winters also cut the dividend to help the bank strengthen its capital base – a safety net protecting it from unexpected financial knocks. He has also not ruled out raising more capital if needed.