Business
MTN Nigeria announces completion of N100bn Commercial Paper
Lagos, June 9, 2020 (NAN) MTN Nigeria Communications (MTNN) Plc on Tuesday announced the successful issuance of N100 billion Series I & II Commercial Paper (CP) notes.
MTNN stated this in a notice to the Nigerian Stock Exchange (NSE) and the investing public signed by Uto Ukpanah, its Company Secretary.
The company said that the Series I 180 day CP was priced at an effective yield of 4.90 per cent for a N20 billion size.
According to the statement, Series II 270 day CP sizes at N80 billion, clears at an effective yield of 5.95 per cent.
“We initially set out to issue up to N50 billion under the N100 billion programme but, at the conclusion of the bank book build, the CP issuance was 400 per cent subscribed.
“Given the significantly over-subscribed book, MTNN opted to issue up to the N100 billion limit of the registered CP programme,” it said.
It noted that the CP witnessed active participation from a diverse eligible individual and institutional investors such as pension fund administrators, asset managers and corporates, among others.
“The level of interest in MTNN’s debut in the Nigerian debt markets is a strong reflection of investor confidence in its ability to continue to deliver on its strategic objectives,” the statement added.
Mr Ferdinand Moolman, the company’s Chief Executive Officer, was quoted by the statement as saying that the N100 billion issued was the largest debut CP issuance by a Nigerian corporate entity.
Moolman said the CP would enable the company to broaden its sources of funding.
“It allows to broaden our sources of funding and combines established lines of credit with access to capital market funding, which will lower our overall cost of borrowing.
“The proceeds from the issuance will be applied towards MTNN’s working capital and general corporate purposes.
“The Series I & II notes will be listed on the FMDQ Securities Exchange,” Moolman stated. (NAN)
Business
Shehu Sani Criticizes World Bank Over Nigeria’s Economic Outlook
Former Kaduna Central Senator Shehu Sani has criticized the World Bank for worsening Nigeria’s economic difficulties. In a post shared on X, Sani accused the institution of projecting that Nigeria’s hardship would extend for another 15 years before the country could reach a better economic future. He questioned how many Nigerians would be left to enjoy that future, and how many African nations the World Bank has successfully helped to prosperity.
Sani’s remarks follow the World Bank’s latest *Africa’s Pulse* report, which forecasts that the Nigerian Naira will be among the worst-performing currencies in Sub-Saharan Africa by August 2024. The report placed the Naira’s decline alongside that of the Ethiopian Birr and South Sudanese Pound.
Business
HIG: Building Trust and Driving Innovation in Nigeria’s Insurance Market
Heirs Insurance Group (HIG) recently announced impressive financial results for the 2023 fiscal year, marking significant growth across all key metrics. The Group’s Gross Written Premium (GWP) surged by 59.3%, from N19.9 billion in 2022 to N31.7 billion in 2023. This remarkable performance underscores HIG’s resilience and operational efficiency, further solidifying its position as one of Nigeria’s fastest-growing insurance firms.
Heirs General Insurance (HGI) saw a 77% increase in GWP, reaching N12 billion in 2023. HGI’s profit before tax (PBT) also rose by 203%, reflecting the company’s effective cost management. Similarly, Heirs Life Assurance (HLA) reported a 71% GWP increase and a staggering 395% rise in PBT. Both companies have demonstrated a strong commitment to customer satisfaction, disbursing billions in claims.
Beyond financial success, HIG actively engages in corporate social responsibility (CSR) projects, contributing over N100 million to education, community development, and financial literacy. With plans for future expansion and innovation, HIG is poised to remain a key player in Nigeria’s evolving insurance market.
Business
Wike Urges Nigerians to Pay Taxes for Improved Social Services
Federal Capital Territory (FCT) Minister, Nyesom Wike, has called on Nigerians to fulfill their tax obligations, emphasizing that government revenue is essential for delivering social services. Wike made this appeal during the inaugural Abuja Business and Investment Summit, held in Abuja on Wednesday.
Speaking on the summit’s theme, “Optimising Investment Through Partnerships,” Wike stressed the importance of collaboration to generate investment opportunities. He dismissed the misconception that the government does not need revenue, explaining that taxes are crucial for funding public services.
Wike reiterated that both investors and the government must benefit from such partnerships, ensuring that both parties “go home smiling” through a fair exchange of services and taxes.
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