Business
United Capital Leads Record-Breaking $900M FGN US Dollar Bond Issuance
United Capital Group has spearheaded Nigeria’s inaugural Domestic FGN US Dollar Bond issuance, raising over $900 million with a subscription rate exceeding 180%. The bond, offering a 9.75% yield, attracted substantial interest from local and international investors, including Nigerians in the diaspora and institutional investors, underscoring confidence in Nigeria’s economic prospects and financial markets.
This landmark bond will be listed on both the Nigerian Exchange Limited (NGX) and the FMDQ Securities Exchange. The funds raised are earmarked for financing critical infrastructure projects across various sectors of the economy.
Peter Ashade, Chief Executive Officer of United Capital Group, hailed the issuance as a major achievement, stating, “This milestone not only signifies progress for Nigeria but also aligns with our goal of transforming the African financial landscape. By facilitating innovative investment opportunities, we are supporting Nigeria’s economic development.”
Gbadebo Adenrele, Managing Director of Investment Banking at United Capital, described the transaction as a pivotal moment for Nigeria’s capital market. He noted, “United Capital’s pioneering role sets the stage for future significant capital raises by the Nigerian Government, other African nations, and major corporate issuers.”
United Capital served as the Lead Issuing House and Coordinator, with Africa Finance Corporation as the Global Coordinator. Other contributors included Meristem Capital, Stanbic IBTC Capital, Vetiva Advisory, and various financial institutions and legal advisors.
This successful bond issuance reinforces United Capital’s standing as a key player in Africa’s financial markets, following recent achievements such as the Transcorp Power listing on the NGX and Sierra Leone’s first local currency corporate bond issuance.
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.
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.
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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