Nigerian businesses shun IPOs, raise N3.09tr via commercial papers
Rising issuance of Commercial Papers (CPs) in Debt Capital Market (DCM) over regular equities financing has become a source of worry to capital market operators, as stakeholders fear that the trend could worsen the drought of new issues that have bedeviled the equities market since the 2007/2008 global financial crisis.
Due to the relatively inactive state of the primary market debt issues, CPs have become the new trend in the primary market space. As of April 2021, there are 46 registered CP programmes on the platform of FMDQ OTC Securities Exchange worth N3.09 trillion in value.
CPs are short-term debt financing securities (no longer than 270 days in tenor) consisting of unsecured and discounted promissory notes issued by large corporations with good credit ratings, which can be readily traded.
Nigeria ranks 146th on Global Peace Index, 8th least peaceful in Africa
The 2021 Global Peace Index (GPI) has ranked Nigeria 146 among 163 independent nations and territories, according to its level of peacefulness.
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Nigeria moved one step from 147 in 2020, though it still ranked eighth among the least peaceful countries in Africa after South Sudan, Somalia, the Democratic Republic of the Congo, Libya, Central African Republic, Sudan and Mali.
In the report released yesterday, Nigeria finished with 2712 points and was graded low on the state of peace out of very high, high, medium, low and very low on the chart.
The GPI, produced by the Institute for Economics and Peace (IEP), measures the state of peace in countries. It assesses countries in three domains, including the level of societal safety and security, the extent of ongoing domestic and international conflict and the degree of militarisation.
Okagbare runs world lead 10.63 seconds at national trials in Lagos
Team Nigeria’s preparation for the Tokyo Olympics Games recorded a positive result yesterday, as U.S.-based sprinter, Blessing Okagbare, ran 10.63 seconds, the fastest time by any woman in the world this year. It was aided by wind 2.7.
Unofficially, Okagbare’s time was recorded as 10.62 seconds.
She won the 100m event of the National Trials at the Yaba College of Technology ahead of Rosemary Chukwuma of Team Delta, who posted a time of 11.07 seconds. Another Delta athlete, Grace Nwokocha, ran 11.11 seconds to place third.
EFCC has recovered $100m from INTELS, says Bawa
The chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has disclosed that the anti-corruption agency recovered $100 million from Integrated Logistics Services (INTELS) on behalf of the Nigerian Ports Authority (NPA).
Bawa stated this in Abuja when he appeared at the weekly ministerial briefing organised by the Presidential Media Team at the State House yesterday.
On successes recorded by the commission since he took over in the last 100 days, Bawa said the agency does not make recoveries for only the Federal Government but all victims of fraud.
CBN grants Lotus Bank a non-interest banking licence
The Central Bank of Nigeria has granted a non-interest banking licence to Lotus Bank Limited.
A statement titled ‘CBN grants Lotus Bank licence to commence non-interest banking operations’ said that on Thursday.
“Lotus Bank seeks to pursue the mission of creating value and growth for all through digital innovation and best-in-class customer experience for Nigerians,” the statement said.
Founded and Chaired by Hajara Adeola, who is also the founder and managing director of Lotus Capital (the pioneers of non-interest finance in Nigeria), the bank said it was starting its operations on a solid foundation of experienced leadership and a strong advisory council of experts.
