MTN Nigeria issues N100bn commercial papers
MTN Nigeria intends to issue N100bn commercial paper notes in its Commercial Paper Issuance Programme, aiming to diversify financing and address short-term working capital needs, according to a notice filed with the Nigerian Exchange Limited.
The planned issuance, encompassing series 6 and 7, follows MTN’s successful N100bn debut issuance in June 2020, which was oversubscribed by 400 percent.
Amid rising interest rates, companies are turning to the money market and commercial paper issuance for short-term funding needs, as highlighted by financial experts.
Quoted commercial paper values on the FMDQ Exchange reached N539.22bn by Q1 2023, showcasing increased utilization of this financing avenue.
AGM: Court postpone contempt suit against FBN officials to August 23
The Federal High Court in Lagos has postponed a hearing to August 23, 2023, for a motion seeking to hold FBN Holdings Plc officials in contempt for allegedly proceeding with their Annual General Meeting (AGM) against a court order.
Three aggrieved shareholders filed the motion, claiming FBN Holdings violated a court injunction that restrained the AGM.
The court had previously warned the company’s Group Managing Director not to defy the order.
FBN Holdings denies receiving any court order to halt the AGM. Meanwhile, billionaire investor Femi Otedola has been appointed as a non-executive director on the company’s board, approved by the Central Bank of Nigeria.
Lagos Govt announces traffic diversion at Ikorodu roundabout
The Lagos State Government has introduced a traffic diversion plan at the Lane Inbound Ikorodu General Hospital starting August 17.
This diversion is part of the ongoing Junction Improvement Works at Ikorodu Roundabout aimed at easing congestion and reducing travel time in the city.
The project involves completing the Asphalt binder course and wearing course for the new slip road.
During this period, drivers heading to Ikorodu General Hospital will be rerouted via the slip road, accessing Hospital road from Polaris Bank to General Hospital.
The government urges motorists to remain patient, as this temporary lane closure is part of traffic management efforts to enhance mobility and safety.
Atiku knocks Tinubu over $3bn NNPCL forex intervention loan
Atiku Abubakar, former Vice President and 2023 presidential candidate of Nigeria’s Peoples Democratic Party, has denounced the $3 billion loan injected into the economy by the Nigerian National Petroleum Company Limited (NNPCL) to stabilize the naira.
Atiku, speaking through his spokesperson Phrank Shaibu, dismissed the loan as fraudulent and criticized the stated purpose as a tactic to artificially appreciate the naira in the parallel market.
He lambasted President Bola Tinubu for lacking economic insight and accused him of pushing unviable policies that have harmed the economy. Atiku drew parallels between NNPCL’s actions and those of the Central Bank of Nigeria (CBN), questioning the logic of a profit-making organization like NNPCL taking a loan for currency stabilization.
He further criticized NNPCL’s reluctance to become a public limited liability company, in contrast to the Petroleum Industry Act. Atiku also censured Tinubu’s economic inconsistency, noting its impact on Nigerian bonds.
Australia July jobs take a surprise fall as market loosens
Australia’s employment unexpectedly dropped in July, ending a two-month streak of robust growth and leading to a slight uptick in the jobless rate, suggesting a potential easing of the tight labor market.
This unexpected downturn has sparked discussions about whether the Reserve Bank of Australia (RBA) might halt its interest rate hikes.
The Australian Bureau of Statistics reported a decline of 14,600 net jobs in July, particularly affecting full-time employment with a drop of 24,200 jobs.
The jobless rate rose to 3.7 percent, surpassing predictions and marking the highest rate since April.
Although impacted by school holiday timing, the report seems to align with RBA’s stance on a market “turning point.” The central bank’s rate hikes have paused for two months, with uncertain prospects for further tightening.