Connect with us

Business

Nigeria floats US$3bn dual-tranche bond

Published

on

 

 

 

…Announces pricing of US$1.5bn 10-year; US$1.5 billion 30-year notes under its Global Medium Term Note programme

 

The Federal Government on Monday announced that it has priced its offering of US$3 billion aggregate principal amount of dual series notes under its US$4.5 billion Global Medium Term Note programme (increased from US$1.5 billion).

 

The Notes comprise a US$1.5 billion 10-year series and a US$1.5 billion 30-year series.

 

The 10-year series will bear interest at a rate of 6.5%, while the 30-year series will bear interest at a rate of 7.625%, which will be repayable with a bullet repayment of the principal on maturity.

 

The offering, which attracted significant interests from leading global institutional investors, is expected to be closed on or about 28 November, 2017, subject to the satisfaction of various customary closing conditions.

 

When issued, the Notes will be admitted to the official list of the UK Listing Authority and available to trade on the London Stock Exchange’s regulated market.

 

Nigeria may apply for the Notes to be eligible for trading and listed on the Nigerian FMDQ OTC Securities Exchange and the Nigerian Stock Exchange.

 

The pricing was determined following a roadshow led by the Honourable Minister of Finance, Mrs. Kemi Adeosun; the Honorable Minister of Budget and National Planning, Senator Udoma Udo Udoma; Governor of the Central Bank of Nigeria, Godwin Emefiele; the Director-General of the Debt Management Office (DMO), Ms. Patience Oniha, and the Director-General of the Budget Office of the Federation, Mr. Ben Akabueze.

 

The Finance Minister disclosed that the Government would utilise the proceeds of the Notes in funding the approved budgetary expenditures and for refinancing of domestic debt, as may be applicable.

 

According to her, the Notes represent the Nigeria’s fourth Eurobond issuance, following issuances in 2011, 2013 (two series) and earlier in 2017.

 

Adeosun said, “Nigeria is implementing an ambitious economic reform agenda designed to deliver long-term sustainable growth and reduce reliance on oil and gas revenues while reducing waste and improving the efficiency of government expenditure.

 

“Our economy is beginning to recover, Gross Domestic Product (GDP) having returned to growth in 2017, but we must maintain the momentum behind our investments in order to further drive growth. That is why we are, and will continue to focus investment on the enabling infrastructure we need to broaden economic productivity.

 

“Successfully extending out debt profile in the international market to 30 years is a key element of that strategy as it establishes a basis for the longer term financing required for transformational infrastructure investment.

 

“As we have always stated we are progressively replacing debt with revenue, which is reflected in the 2018 Budget proposal. We are establishing the building blocks for inclusive growth and beginning to see the results of the hard decisions that have been made to reset our economy appropriately.”

 

Commenting on the Notes’ pricing, the DMO Director-General, Patience Oniha said: “With the successful pricing of our 4th Eurobond, Nigeria has become one of the few African issuers whose securities have attracted strong investor interest amongst institutional investors across the globe.

 

“This time Nigeria issued a new 10-year bond at a yield of 6.500% and a 30-year benchmark, priced at a yield of 7.625%, which despite the longer tenure remains cheaper than our 15-year issuance earlier this year.

 

“The 30-year is a landmark as the tenor represents the first by a sub-Saharan country other than South Africa and importantly establishes the basis for long term infrastructure funding, which is a priority for this government.”

 

Oniha expressed satisfaction with international investors’ recognition of Nigeria’s huge potential.

 

“Perhaps even more important is that with this dual tranche issuance the objective of reducing the cost of government borrowing has been achieved,” she added.

 

 

Continue Reading
Advertisement
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Business

From Dust to Dreams: Young Miner Builds House for His Parents at Just 13!

Published

on

From Dust to Dreams: Young Miner Builds House for His Parents at Just 13!

13-Year-Old Boy Builds House for Parents with Earnings from Local Mines – A Tale of Grit and Determination!

In an astonishing feat of resilience and hard work, a 13-year-old boy from Akun Ejiba, Agidi Development Area, in Nasarawa Eggon LGA of Nasarawa State, has built a house for his parents using earnings from his labor in local mines.

The young boy, whose identity is yet to be disclosed, reportedly spent countless grueling hours working in the hazardous local mining fields, saving every possible naira to achieve this remarkable goal. His unwavering determination and deep sense of family loyalty have left the entire community in awe.

A Child’s Sacrifice, A Parent’s Pride

From Dust to Dreams: Young Miner Builds House for His Parents at Just 13!

Sources within the community confirm that the boy took on the backbreaking labor at an age when most children are in school or at play. Yet, instead of spending his earnings on personal desires, he selflessly dedicated them to constructing a home for his struggling parents—a feat many adults struggle to achieve in a lifetime.

His hard work, resilience, and selflessness have not gone unnoticed. Members of the community have hailed him as a symbol of dedication and sacrifice, calling for support to ensure he gets an education and a better future.

Mixed Reactions: Inspiration or a Reflection of Society’s Harsh Reality?

While the story has been celebrated as inspirational, it also raises concerns about child labor and the harsh economic realities forcing young children into dangerous jobs. Some argue that no child should have to endure such hardship to provide for their family.

Many are now urging the government, NGOs, and well-meaning individuals to intervene, ensuring that this young hero is given the opportunity to pursue his education and live the childhood he deserves.

What’s Next for the Young Builder?

As his story spreads, there are calls for support and scholarships to lift him from the mines and into the classroom. Will the government step in? Will generous benefactors come to his aid?

For now, this 13-year-old has etched his name in history as a child whose love for family defied the odds, proving that even the smallest hands can build the biggest dreams.

Continue Reading

Business

Pedalling Through Time: The 75-Year-Old Ice Cream Vendor Who Refuses to Quit

Published

on

Pedalling Through Time: The 75-Year-Old Ice Cream Vendor Who Refuses to Quit

Pedalling Through Time: The 75-Year-Old Ice Cream Vendor Who Refuses to Quit

In the bustling heart of Lagos Island, where the streets never sleep, one man has quietly defied time, hardship, and the odds for over 57 years—armed with nothing but a bicycle, sheer determination, and an undying work ethic.

At 75 years old, Oladimeji Lawal, affectionately known as “Felele” or “Pandy Joe,” still pedals through the ever-chaotic roads of Lagos, selling ice cream to generations of schoolchildren and residents. While many of his peers have long retired, he continues to ride, not out of passion alone, but because he has no pension, no retirement plan, and no financial safety net.

From a Young Cycle Boy to a Lagos Island Legend

Born in Ibadan in 1950, Lawal’s life took an unexpected turn in 1968 when he was hired as a cycle boy for an ice cream business. His exceptional riding skills landed him the job, but it was a tragic accident in Ibadan that altered his course. Encouraged by customers, he moved to Lagos in 1969, hoping for better fortune.

The move paid off—for a time. Business was booming, and in the golden years of ice cream vending, he earned enough to rent an apartment in Maroko and even buy land—a crucial step toward securing his future.

But fate had other plans.

In 1990, his dreams crumbled overnight when the military government of Raji Rasaki demolished the entire Maroko community, rendering thousands homeless—including Lawal. His hard-earned land was gone, and with it, his hopes for a comfortable future.

A Lifetime of Pedalling, No End in Sight

As ice cream sales declined in the late 1980s, reality hit hard—Lawal had no retirement benefits, no savings, and no way out. By the time he realized this, he was already in his 50s, too late to start over. The bicycle became both his burden and his lifeline.

While some of his former customers became successful, he remained on the streets, witnessing the city evolve around him. Some of these prominent figures even bought him a new bicycle when his old one gave out, but Lawal never once resorted to begging.

“The only benefit we get from the company is a raincoat every ten years,” he lamented. “They used to repair our bicycles, but not anymore.”

Dreams of a Shop, A Hope for Rest

Now at 75, age has caught up with him. He takes more breaks, his body weary from decades of pedalling. But he still dreams—not of wealth, but of a small shop where he can store ice cream and soft drinks, so he doesn’t have to roam the streets all day.

“If I don’t ride my bicycle for a day, I feel weak. My body is already used to it.

A Man of Honor, A Life of Sacrifice

Despite the struggles, Lawal refuses to be a burden to his children, insisting they focus on their own lives. He has outlived his wife, lost everything he worked for, yet still wakes up every morning at 8 a.m., mounts his bicycle at 9 a.m., and pedals until sundown.

And while others chase riches, Lawal holds onto something far more profound: his name, his dignity, and his unbreakable spirit.

“At least, I am not begging for alms,” he says with quiet pride. “For that, I give thanks to God.

A Cry for Help or A Story of Resilience?

Pa Lawal’s story is as inspiring as it is heartbreaking. It is a testament to hard work, sacrifice, and the brutal reality of life without financial security. The question remains: Will society step in to help this Lagos icon finally rest, or will he pedal until the very end?

Continue Reading

Business

Dr. Ifeoma Eze: The Connection That Transforms Lives

Published

on

Dr. Ifeoma Eze: The Connection That Transforms Lives

Dr. Ifeoma Eze: The Connection That Transforms Lives

Dr. Ifeoma Eze isn’t just a preacher; she is a voice that awakens purpose, a mentor who nurtures potential, and a guide leading people back to the true source of value—God. With warmth, wisdom, and an undeniable passion for transformation, she delivers a simple yet powerful message: your worth isn’t defined by what you have, but by who you are connected to.

Dr. Ifeoma Eze: The Connection That Transforms Lives

In her inspiring book, Becoming A Person of Exceptional Value, Dr. Eze drives home a truth that is often overlooked: no one can truly thrive in life without being plugged into the ultimate source—God. “We are not just physical beings trying to have a spiritual experience,” she says with conviction. “We are spiritual beings navigating a human journey.”

She takes readers back to the very beginning—Genesis 1:28—where God gave humanity a clear mandate: be fruitful, multiply, replenish the earth, subdue it, and have dominion. “This isn’t just about surviving,” she explains. “It’s about thriving, creating impact, and living a life that truly matters.”

But what happens when people try to go through life disconnected from their source? Dr. Ifeoma paints a vivid picture: “Imagine a strong, well-built water pipe. It looks good, but if it’s not connected to a water supply, it serves no purpose. That’s exactly what happens when we try to succeed without God—we may look promising, but we’ll never truly function as we were meant to.”

She also draws lessons from Jesus’ encounter with the barren fig tree. “Jesus wasn’t upset with the tree for simply existing,” she explains. “He was upset because it gave the appearance of having fruit but had nothing to show for it. And that’s how many people are today—outwardly successful but inwardly empty.”

Dr. Ifeoma Eze’s message is more than just words—it’s a heartfelt call to action. She speaks with the authority of someone who has walked this path, someone who has experienced firsthand what it means to be transformed by divine connection. Her sermons are not just lessons; they are life-changing encounters, filled with energy, encouragement, and practical wisdom.

Through Becoming A Person of Exceptional Value, she challenges people to reconnect with God, to recognize their true worth, and to step boldly into their calling. “You weren’t created to struggle in mediocrity,” she affirms. “You were made to shine, to build, to replenish, and to lead. But first, you must be connected to the One who gives all value.”

Dr. Ifeoma Eze isn’t just teaching people how to live; she’s showing them how to truly thrive. And in a world where so many are searching for meaning, her message couldn’t be more timely.

Continue Reading

Cover Of The Week

Trending