Connect with us

Business

Naira Redesign: CBN Ignores Supreme Court Again

Published

on

Revealed Why Banks Are Having Technical Glitches With Online Banking

Naira Redesign: CBN Ignores Supreme Court Again

 

 

 

CBN– For the second time since the Supreme Court ruled that the old N200, N500, and N1,000 notes will remain legal tender until December 31, the Central Bank of Nigeria (CBN) has refused to speak on the judgment.

Naira Redesign: CBN Ignores Supreme Court Again

On Saturday, an official of the CBN told The Nation that the communications department has yet to be informed of any new developments on the Supreme Court judgment.

Naira Redesign: CBN Ignores Supreme Court Again

Asked when the CBN will start releasing cash to banks, the official replied they “don’t have that information”.

 

The Supreme Court on Friday ruled that the old banknotes will remain as legal tenders while also declaring that the N20,000 withdrawal limit set by the apex bank was illegal.

 

Without any official pronouncement from the CBN, Deposit Money Banks (DMBs) cannot act outside the last instruction by the apex bank that N20,000 will be the withdrawal limit for individual account holders.

 

The latest withdrawal threshold has put doubts in the minds of many Nigerians who prefer to save their money outside the banking system.

 

Asked if the Supreme Court judgment describing the N20,000 withdrawal limit as illegal will negatively impact the CBN’s cashless policy, another official of the CBN said: “The cashless policy has been in operation since 2012 and many Nigerians are already keying into the idea”.

Business

FIRSTBANK REFUTES ALLEGATION

Published

on

FIRSTBANK ANNOUNCES CALL FOR APPLICATION IN THE THIRD EDITION OF ITS FIRSTBANK MANAGEMENT ASSOCIATE PROGRAMME (FMAP)

RE: FIRSTBANK OFFICIAL STATEMENT

 

 

 

Our attention has been drawn to a sponsored sensational report by some online publications on a charge brought against the Bank.

 

 

 

While we will not be able to offer further comments as the matter is sub-judice, suffice it to say that the basis of the charge is a spurious allegation made by a delinquent debtor with the intention of embarrassing the Bank and tainting the Bank’s loan recovery efforts and legal enforcement of its security collateral interest in accordance with the terms thereof.

 

RE: FIRSTBANK OFFICIAL STATEMENT 

 

 

 

 

We wish to assure our numerous customers, stakeholders and the general public that FirstBank operates by the highest standards of ethical conduct and will under no circumstances involve itself in any act of illegality just as it will take necessary legal steps to check any attempt by recalcitrant debtors to fritter away depositors’ funds under its custody. Furthermore, FirstBank remains focused on its mission of providing the best financial services to its numerous customers.

Continue Reading

Business

DANGOTE LISTS N300B SERIES 1 AND 2 LARGEST BONDS ON NGX, FMDQ

Published

on

DANGOTE LISTS N300B SERIES 1 AND 2 LARGEST BONDS ON NGX, FMDQ

 

 

 

 

 

Dangote Industries Limited (DIL) has formally listed its N300 billion Series 1 and 2 bonds issued under the Dangote Industries Funding Plc during a grand listing ceremony at both the FMDQ and the Nigeria Exchange Limited (NGX) in Lagos.

 

 

 

 

 

 

Olakunle Alake, Group Managing Director of Dangote Industries Limited told investors during the listing ceremony that the bonds were primarily for part-financing the Group’s 650,000 bpd refinery project.

 

 

 

 

 

 

He explained that the decision of the Company to issue bonds to raise the required capital for part-financing the refinery project was to encourage the participation of  Nigerians in the financing of the project.  He noted that the bonds remain the largest aggregate local currency bond issuance within a calendar year by any corporate organization in the history of the capital markets.

 

 

 

 

Mr. Alake noted that following a very rigorous internal assessment, the management concluded that tapping the local capital markets was inevitable, considering the sheer scale of the project being developed, as well as the existing market volatility.

 

 

 

 

He said that while the Dangote Group is not new at raising funds in the local capital markets, being a first-time issuer at the holding company level presented a fresh challenge for the Company.  However, the challenge was one the management was willing to embrace to ensure the desired outcome was achieved.

According to him: “Today, we are delighted to have successfully completed the largest aggregate local currency bond issuance by a corporate in the Nigerian capital markets within a calendar year. The proceeds from the Series 1 and 2 bond issuances were dedicated to part-financing the Dangote Petroleum Refinery Project which is the initiative by the Group to establish an Integrated Petrochemical Complex, and the largest Single Train Petroleum Refinery in the World.”

 

 

 

 

 

 

 

Alake recalled that the DIL recorded another first through the N187 billion series 1 bonds (under the N300 billion programme), being the largest corporate bond ever issued in the history of the Nigerian capital markets and the management was pleased to have set the remarkable milestones, showcasing the depth, resilience and liquidity of the domestic capital markets, whilst reflecting the strong credit quality of the issuer, despite the current global market volatility.

 

 

 

 

 

 

He said: “The bonds issuances were well received by the market and recorded participation from a wide range of investors including domestic pension funds, asset managers, insurance companies, and high net-worth investors.

Indeed, the reception of the market was buoyed by the strategic importance of the project and its expected impact on the Nigerian economy. Overall, we strongly believe the success of the Series 1 and 2 bond issuances further demonstrates investor confidence in our credit story and the appreciation of the work done by the Group across several key sectors that are crucial to the development of Nigeria and the continent at large.”

 

 

 

 

 

 

Alake pointed out that his Company was not new in the business of listing securities on NGX. “We are therefore conversant with all the listing requirements and promise to be prompt and up to date in that regard.  We count on the cooperation and support of NGX and the stockbrokers to meet this important investors’ objective.”

The DIL Group Managing Director assured that the company would remain resolute in the Nigerian and African story and continue to demonstrate commitment, as one of the foremost pan-African conglomerates, through investments in projects and initiatives that directly improve the quality of lives of Nigerians. “Indeed, these are very exciting times for us as a business, and so we would continue to welcome opportunities to work with stakeholders in the domestic capital markets towards accelerating the economic activities across Africa, whilst maximizing stakeholder returns.

Also speaking at the event, the lead Issuing House for series 1 of the bonds and the Chief Executive Officer, of Standard Chartered Capital & Advisory Nigeria Limited, Mrs. Yemisi Deji-Bejide, expressed appreciation of her organization to the management of the DIL for reposing so much confidence in Standard Chartered by entrusting it with the responsibility.

She said: “Every time we gather at FMDQ for the listing ceremony of an issuance by the Dangote Group, it is always a record milestone. Early in 2022, we issued a bond for Dangote Cement which was the largest corporate bond issuance at the time,  and little did we know that a few months down the line, the Group will comfortably break that record.

Mrs. Deji-Bejide described the success of the transaction as a strong testament to the fact that Investors strongly believe in Dangote Group’s credit story and are willing to continue to support the growth of the business. Also, she said it demonstrated the depth of the Nigerian capital markets and resilience, despite all the volatility in the global markets and the macro headwinds.

“Lastly and most importantly, investors are keen to support impactful infrastructure projects in Nigeria, as the proceeds of the bond are being used to fund the largest single train refinery in the world”, Mrs. Deji-Bejide added.

Meanwhile, at the Nigeria Exchange Limited where the symbolic gong ceremony was held to commemorate the listing, the Group Managing Director for DIL, Mr. Alake, who was represented by the DIL Group Chief Finance Officer , Mallam Mustapha Ibrahim thanked the investor community for their support for the transaction as well as our various advisors and stakeholders.

He also commended the Nigeria Exchange Limited (NGX) for its unwavering support throughout this entire process of issuing and listing the bonds as well as their continued commitment towards deepening the Nigerian capital markets.

Continue Reading

Business

GMW: Polaris Bank, CBN deepen financial literacy among young Nigerians

Published

on

GMW: Polaris Bank, CBN deepen financial literacy among young Nigerians

GMW: Polaris Bank, CBN deepen financial literacy among young Nigerians

… donates books to libraries of 37 Secondary Schools nationwide

 

 

 

Polaris Bank has continued to deepen its financial advocacy role of educating and inculcating in young Nigerians the culture of savings, investment and financial awareness during the 2023 Global Money Week (GMW) event.

 

GMW: Polaris Bank, CBN deepen financial literacy among young Nigerians

 

 

 

 

 

The week-long activity, which kicked off last Monday, March 20, and ended on Sunday, March 26, 2023, had ‘Plan Your Money, Plant Your Future’, as its theme.

 

 

 

 

 

 

 

 

The Financial Literacy sensitization campaign is an annual programme organized worldwide to raise awareness and sensitize students on the need to be financially independent and empowered. Employees of the Bank visited schools across the country to speak on financial literacy and allow teens and students to gain knowledge and understanding of topics such as: how money works, how someone can earn or make money as well as money management, including – planning and budgeting – and how to invest money, amongst others.

 

 

 

 

 

 

 

 

 

Polaris Bank, in partnership with the Central Bank of Nigeria and program execution Partner, Junior Achievement of Nigeria (JAN), reached and educated over 4000 students in 37 Schools across Nigeria, including the Federal Capital Territory (FCT). Polaris Bank Senior officials, during the campaign, interacted with students and teachers to commemorate the GMW and donated books to the libraries of all the schools they visited.

 

 

 

 

 

 

 

 

Global Money Week is an annual global awareness-raising campaign on the importance of ensuring that young people, from an early age, are financially aware and are gradually acquiring the knowledge, skills, attitudes and behaviors necessary to make sound financial decisions and ultimately achieve economic well-being and financial resilience. The activities for the 2023 GMW were observed in all branches of Polaris Bank nationwide.

 

 

 

 

 

 

 

 

 

Through its numerous CSR and social investment initiatives, Polaris Bank, in addition to rolling out innovative banking products and services for customers across different strata, has demonstrated a commitment to enhancing the quality of life for Nigerians outside of its traditional function of providing financial services.

 

Polaris Bank is a future-determining Bank redefining banking products and services that meet the needs of individuals and businesses. The Bank was adjudged Digital Bank of the Year in 2021 and 2022.

 

-END-

Continue Reading

Trending