In the news: Naira appreciates to N366/$

In the news: Naira appreciates to N366/$

Punch

FG awards $5.8bn Mambilla power plant contract

The Federal Executive Council on Wednesday approved the contract for the engineering work of the Mambilla Hydro Electric Power Plant in Taraba State at a sum of $5.792bn.

Lagos to build 57 computerised vehicle inspection centres

The Lagos State Government says it plans to build 57 state-of-the-art computerised vehicle inspection service centres for testing vehicles before being issued road worthiness certificates.

Oil industry stakeholders await Egina FPSO integration

Stakeholders in the Nigerian oil and gas industry are awaiting the integration of the Egina Floating Production Storage Offloading facility in the country as the project nears completion.

This Day

 Fidelity Bank Grows Profit after Tax by 66% to N9bn in Six Months

Shareholders of Fidelity Bank Plc should expect a bounteous harvest at the end of the current year given its impressive performance for the half year (H1) ended June 30, 2017.

 Allianz Buys Nigerian Insurer for $35m

Germany’s Allianz plans to pay $35 million for 98 per cent stake in Nigerian insurer, Ensure Insurance, in a push for growth in Africa, where many people are uninsured..

Japanese Miniso’s $1.5bn International Investment Enters Nigeria

The federal government’s quest for foreign direct investment (FDI) has yielded yet another positive boost as Miniso, a top Japanese designer brand and market leader, has opened its world-class outlets across the six high-brow shopping malls in Lagos.

Vanguard

BoI, Oxfam partner to empower 4,000 farmers

The Bank of Industry (BoI) has signed a partnership agreement with Oxfam to disburse N200 million to empower about 4,000 farmers in Nasarawa, Benue and Plateau States, under the Federal Government’s Government Enterprise and Empowerment Programme (GEEP).

Naira appreciates to N366/$

The Naira yesterday appreciated for the second consecutive day to N366 per dollar in the parallel market, even as investors traded $84 million in the Investors and Exporters (I&E) window.

Guardian

FG begins disbursement of N5billion loan for miners

Despite the limited access to finance, and illegal artisanal mining activities, federal government has commenced disbursement of N5 billion to artisanal and small-scale miners in the country.

Bloomberg

Chinese Oil Giant Sinopec Probed by the U.S. Over Nigeria Bribery Allegations

U.S. authorities are investigating China Petroleum & Chemical Corp. over allegations that the state-controlled oil producer paid Nigerian officials about $100 million worth of bribes to resolve a business dispute, according to people familiar with the probe.

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Source: Blog

JOB HUNTING TIP: Don’t let opportunity ‘Sleep’ away

JOB HUNTING TIP: Don’t let opportunity ‘Sleep’ away

You might find this hard to believe but your body is not a machine.

Even if it were, machines need rest too…especially before going in for a job interview.

The level of preparation you put in for your job interview will not count if you are mentally absent on D-day.

Avoid this by getting enough rest so you can wake up alert and ready to deal with any questions your interviewer throws at you. Picture the alternative, which is zoning off mid-sentence with your mouth open. Not a pretty picture, is it?

In addition to getting the rest you require, prepare to be honest, especially when asked about your strengths. The temptation to reel out a long list of impressive ‘strengths’ is inviting, but don’t do it!

Why go with the crowd and claim to be a ‘team player’ just because it sounds good to the ear when you like to work alone? Stick to the truth.

Lying has its downfalls. Fish learnt this the hard way when he lied about his age to his interviewer(s) in our previous Diary of a Job Hunter episode. Who needs a calculator to figure out their age? Fish, that’s who! He’s also the only one with a younger – older brother.

On a serious note, prospective employers want to hire honest, efficient and reliable people. Lying, dozing off or lack of preparedness doesn’t mirror those qualities.

Watch Fish’s ‘No Sleep No Slumber’ in this week’s Diary of a job hunter and see why you shouldn’t underestimate rest or exaggerate your strengths.

Need more tips to help you shine at your next job interview? Be sure to follow the Diary of a Job Hunter series every week on www.armpension.com/jobhunter/ and our social media pages @armengage.

See ya!

PS.

If you missed any, you can catch up on previous episodes here.

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Source: Blog

Don’t ask me to trust him!

Don’t ask me to trust him!

Cynthia looked at the wall clock for the umpteenth time, willing time to fly. Barely 15 minutes into the one-hour counselling session, she was exasperated already. Much as she loved her job as a marriage/relationship counsellor, there were those days and those couples capable of making her rethink her career choice. The Gregorys were on the top of that list. How they manage to stay married is nothing short of a miracle. Mrs Gregory disbelieves everything her husband says, certain he has coloured the truth, at best. Mr Gregory was tired of being perpetually labelled a liar. If only his wife would trust him!

Before you label Mrs Gregory an unrepentant doubting Thomas, take a sneak peek into her experience with lying men.

The trail commenced with her father who persistently lied to her mother that he had an active textile business in Lome, Togo. He would go for days and return with goodies for the family. They only realised he was a car smuggler after he lost his life in a gun battle with Customs officials. Her uncle also made empty promises to take care of her and her siblings. She ended up hawking on the streets after the Uncle took away everything her father left behind for them. Kunle, the love of her youth could never be caught telling the truth and Ben, the sales boy she employed when her provision store started to thrive would effortlessly triumph at any lying competition.

To cap it up, Mr Gregory had also lied to her. That one time, when he told her he was off to a business meeting whereas he was actually hanging out with the boys. If not for Pat, his loud-mouthed friend who asked how he was coping with the hang over after last night’s fun, she would never have known the truth about her husband’s whereabouts the previous night. He says he only lied that one time, but who can tell? Who knows what else he has been lying about? Heaven forbids that she trusts a lying man.

Cynthia smiled inwardly, the one hour was almost over. Mrs Gregory had managed to draw her husband into a shouting match with her unmasked disregard for his words, using up all the time. Finally managing to get in a word, Cynthia introduced them to the trust creed. She had come up with a trust creed when she observed that majority of the marriages brought before her fundamentally suffered from lack of trust.

Who can blame them really, trust is one of those things everyone gives sparingly.

Every time someone demands your trust, you weigh them to determine their integrity level. Previous actions and the opinion of other people about them often inform the decision to place or withdraw your Trust.  This explains why people are often wary of committing their estate to an organisation. It is the fear that everything you have gathered over the years will be mishandled or carted away. However, is it not more relaxing to commit your affairs to a tested and trusted organisation with a verifiable track record and strict regulation than to leave it to the hands of fate? Think about it!

Interested in learning about estate planning and how it can benefit you? Click here to schedule an appointment with one of our Trust Advisors.

#TrustUs, let’s think and plan along with you.

Trust

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Source: Blog

Nigerian GDP: Recovery Signal Speaks

Nigerian GDP: Recovery Signal Speaks

Non-oil rebound cascades to slower contraction in Q1 17

Extending the trend from 2016, when output shrank 1.5% relative to 2015—encapsulating four quarters of YoY contraction, real GDP contracted 0.5% YoY in the first quarter of 2017. However, this reading

was not only an improvement from the -1.3% YoY contraction registered during the preceding quarter but was also the smallest contraction since the trend began. The improvement appears to buttress our view, premised on PMI-strengthening, and as expressed in our H1 17 strategy report, that Nigeria might be coming out of recession in Q2 17.

Drilling to the underpins of the recovery, whilst oil GDP recorded a narrower contraction (YoY: Q1 17: -11.64%; Q4 16: -17.7%), the lowest since Q2 16, an outright recovery in non-oil GDP (YoY: Q1 17: +0.7%; Q4 16: -0.3%) proved the boost. The growth in non-oil was driven by Agriculture (Crop Production: 3.5% YoY in Q1 17), Manufacturing (Q1 17: 1.4% YoY) and Services (Q1 17: 1.0% YoY).

Oil GDP sustains recovery as brass pipeline comes on stream

The second consecutive quarter of narrower contraction in oil GDP achieved in Q1 17 reflects 3.9% QoQ recovery in oil production to 1.83mbpd (Q1 16: 2.02mbpd). The production boost was largely owed to the lifting of force majeure on Brass terminal (120kbpd) in February 2017 as well as lower pipeline vandalism (-67% on average from 2016 to 2017). On the latter, we think FG’s conciliatory efforts have calmed the activities of Niger-Delta militants, who are set to receive higher amnesty payments in 2017 (over twofold YoY to N77 billion) going by the recently passed budget. Regardless, the lower production relative to corresponding quarter in 2016 continues to hinge on the force majeure on Forcados pipeline (330kbpd) which lingered over the review period alongside temporary shut-in of the Nembe Creek Trunk Line causing a shut-in planned production of 232kbpd in March 2017.

Recovery in ICT shoves Services GDP out of recession.

Starting off with the largest component of non-oil GDP, Services recorded positive growth (1% YoY) after three consecutive quarters of contraction, on the back of 2.7% YoY acceleration in ICT sub-sector (33% of Services). The improvement in ICT largely reflected activities in the Telecommunications sub-sector where the 3.12% YoY growth in Mobile GSM subscribers to 152 million people and incorporation of 98 thousand subscribers from Voice over Internet Protocol technology (VoIP) from NTEL and Smile supported a 2.9% YoY growth. Strong growth was also recorded in smaller sub-divisions such as Transport (+10.5% YoY) and Arts, Entertainment & Recreation (+11.7% YoY) which more than offset sustained contraction in Real estate (-3.1% YoY).

Though the latter contracted for a fifth consecutive quarter, it maintained the theme of improvement by shrinking at a slower pace and with ancillary sectors—building & construction and cement—improving after successive quarters of downtrend, outlook appears brighter. Nonetheless, sluggishness lingered across all its sub-segments in the current period – urban office rentals remained under pressure as shrinking corporate profitability reduced take-up.

 

View full July 25th Nigeria Strategy Report Here

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Source: Blog

5 steps to avoid going broke this Sallah holiday

5 steps to avoid going broke this Sallah holiday

It’s that time of the year again!

It is a few days to Id el Kabir; one of the many holidays we observe in Nigeria. There will be lots of places to visit and loads of spending to do in these 2 days. As usual, it is expected that many may go broke after the enjoyment that comes with the season.

So, we’ve put together some tips to ensure that you enjoy your holidays without paying for it for the rest of the month!

  1. Start with a spending plan: Your goal is to come up with a spending plan that won’t put you in a financial straitjacket. How much can you allocate from your savings or income to make the holidays work? Beginning with that end in mind will help you avoid runaway spending and the ultimate misery it brings. Remember, your spending plan is not a suggestion, it’s a fixed number.

 

  1. Be prepared: What can be worse than going to a restaurant with N5,000 in hand and finding out just one bottled water costs N2,000. There are a number of avenues to find out prices of food and activities before getting to the place. Don’t be blindsided by the cost.

 

  1. Beware of extravagant friends: We all like to catch up with friends during the holiday. Now that you have your spending plan, it is important to know what engagements to ‘miss out on’ or you can simply suggest a cheaper alternative. In our experience, no one likes spending more money than they need to, so it shouldn’t be a hard ask.

 

  1. Beware of leeches: This is a little similar to point 3, except in this case they want to feed off your budget. There’s no need to cut them off completely during this period, but be wise enough not to spend more than budgeted.

 

  1. Stick with your plan. You’ve devised a personal plan to provide maximum enjoyment with minimum stress. So enjoy each aspect to the fullest degree possible.

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Source: Blog

Let’s talk about your salary!

Let’s talk about your salary!

When you realise it’s payday and salary is just around the corner. Wawu!

Then you remember all the things you are supposed to pay for and that aso ebi you bought on credit

You start calculating and you watch your salary finish before it even arrives

When the salary finally comes, there’s no joy

You are already broke on the 28th, when the month is not yet over and you still have a whole month to the next salary

There goes your plan to save this month

But it does not have to be that way, what if you learnt to save before you spend?

And actually start working with a monthly budget. It’s easy, see how it is done

To be safe, decide on the amount you want to save and set up a direct debit of that amount to your Money market fund account

Of course, if you are blessed with extra change, you can still save it here

This way, you are no longer broke all the time and you even have money working for you. Issa big boy, yeah?

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Source: Blog

In the news: $14.1b forex deals attract investors

In the news: .1b forex deals attract investors

Punch

98% of documents in crude sale transactions fake — NNPC

The Nigerian National Petroleum Corporation on Sunday announced that about 98 per cent of all documents involved in the sale of crude oil were fake.

Exchange rate: Foreign airlines raise fares

The international airfares from Lagos to various destinations across the globe have recorded a further increase following the announcement of a new dollar exchange rate for the sale of air tickets.

Insurance stocks: Operators, NSE move to attract investors

Operators in the insurance industry and the Nigerian Stock Exchange are strategizing on how to improve the value of insurance stocks and attract investors to the industry.

Naira closes at 370 as dollar supply declines

The naira closed at 370 to the United States dollar on Friday, as dollar supply from the Central Bank of Nigeria continued to wane.

This Day

 Shell, Chevron Unaware of NNPC’s Plan to Extend $1bn Gas Pipeline to Cote d’Ivoire

Shell and Chevron, which are major shareholders in the Chevron-run West African Gas Pipeline Company Limited (WAGPCo), owners of the $1 billion West African Gas Pipeline, are not yet aware of the plan by the Nigerian National Petroleum Corporation (NNPC) to extend the 678-kilometre pipeline to Cote D’Ivoire.

 Nigeria’s E-commerce Market Value to Hit N15.45tn in 10 Years

Currently worth around $13billion (about N4.01trillion), experts in the Nigerian financial service sector have estimated that Nigeria’s e-commerce market value could rise to $50billion (N15.45trillion) over the next decade.

Market Remains Bearish on Continuing Profit-taking

After five weeks of positive performance, the market had the previous week, the market succumbed to the pressure of profit taking, leading to the Nigerian Stock Exchange (NSE) All-Share Index to close   3.35 per cent  lower, despite the release of improved results for the half year results by Access Bank Plc, United Bank for Africa Plc and Ecobank Transnational Incorporated, profit taking continued last week.

CBN Pumps $9.96bn into FX Market in Six Months, Attains Stability

This has helped to ease pressure on Nigeria’s forex market, which prior to the action by the regulator had been pummeled by speculators.

Caverton Shares Rise 16% as Investors React to Chevron Contract

Investors last week renewed demand for the shares of Caverton Offshore Support Group Plc (COSG), following the news of award of a contract to it by Chevron Nigeria Limited (CNL).

The Nation

$14.1b forex deals attract investors

Foreign investors’ confidence in the economy has been on a rise as a result of the $14.1 billion combined foreign exchange (forex) deals from the Investors’ & Exporters’ FX Window – I&E FX Window- and the Central Bank of Nigeria’s (CBN’s) weekly dollar interventions.

LCCI: Why refineries, others are not attracting investments

The Lagos Chamber of Commerce and Industry (LCCI) has identified inappropriate and unimplemented policies, as well as unfriendly business environment, as part of the reasons the refineries and other sectors of the economy have failed to attract the required investments.

Vanguard

Unilever Nigeria Plc: Investment gains in Rights Issue defy bear run

Despite recent profit takings in the equities investors in the Rights Issue of Unilever Nigeria Plc are still on massive discount of over 27 per cent following the price surge in the equity shortly after the offer opened last month.

Cost of funds to fall as N193bn inflow is set to boost interbank liquidity

The interbank money market will, this week, receive liquidity boost of N193 billion from maturing treasury bills prompting further decline in cost of funds.

Reuters

Nigeria overnight lending rate drops on liquidity injection

Nigeria’s overnight lending rate dropped to 12 percent on Friday after spiking to almost 100 percent on Wednesday due to a liquidity squeeze as lenders paid for hard currency and treasury bills purchased from the central bank.

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Source: Blog

In the news: Nigeria’s gas production rises

In the news: Nigeria’s gas production rises

Punch

NNPC, IOCs join forces against oil, gas sabotage

The Nigerian National Petroleum Corporation has said it is working closely with international oil companies to deploy a structured security apparatus in strategic places including the Niger Delta to arrest incidence of oil and gas infrastructure sabotage across the country.

FIRS shuts MRS Oil over N497m tax debt

The Federal Inland Revenue Service on Wednesday closed down an MRS Oil’s facility in Lagos over a tax debt amounting to N497.1m, an action the agency described as part of measures being taken against tax-defaulting companies in the country.

Nigeria’s gas production rises as Shell completes project

Gas production in Nigeria has gained more momentum following the completion of a key project in the Niger Delta by the Shell Petroleum Development Company of Nigeria Limited Joint Venture.

FG inaugurates N61bn local content intervention fund today

The $200m Nigerian Content Intervention Fund would be directed at increasing local content in the oil and gas industry and would be used for projects and other activities in the sector.

This Day

 Afreximbank Seeks to Tap from Investors with $300m Depositary Receipts

The African Export-Import Bank (Afreximbank) yesterday announced the launch of its $300million equity offering, using Depositary Receipts (DRs).

 Access Bank Grows Profit to N52bn, Declares 25k Interim Dividend

Access Bank Plc yesterday recorded a profit before tax of N52 billion for the half year (H1) ended June 30, 2017, showing a growth of 18 per cent above the N43.9 billion in the corresponding period of 2016.

Mobile Banking Grows as Phone Users Hit 29 Million

The Managing Director of Nigeria Inter-Bank Settlement System (NIBSS), Mr. Adesonubi Adebisi, has stated that Nigeria has recorded growth in mobile banking, compared to some African countries.

Discos Remain Weakest Link, Reject 9,310MW of Electricity in Eight Days

Affirming their position as the weakest link in Nigeria’s electricity chain, the 11 electricity distribution companies (Discos) in the country rejected 9,310.64 megawatts (MW) of electricity from the generation companies (Gencos) in the last one week because their distribution facilities could not take up all the electricity.

Guardian

Dangote, Niger State seal N166b pact on sugar production

In its drive for self-sufficiency in sugar production, the Dangote Group yesterday, signed a Memorandum of Understanding (MoU) with Niger State Government for the establishment of a N166-billion state-of–art and fully integrated sugar complex.

NSE’s indices sustain rising profile, up by N34b

Transactions on the equities sector of the Nigerian Stock Exchange (NSE), sustained a rising profile yesterday, as more blue chip stocks appreciated in price, resulting to a further rise in market capitalization of N34billion.

Reuters

Nigeria naira eases on black market as dollar demand resurfaces

Nigerian naira fell on the black market on Wednesday, pressured by demand for dollars from Muslim pilgrims travelling to Saudi Arabia for the haj and individuals paying for school fees abroad.

Nipco Plc raises stake in Nigerian fuel retailer

Nigerian fuel distributor Nipco Plc has bought another 3.23 percent stake in 11 Plc, the fuel retailer formerly known as Mobil Oil Nigeria, for 4.84 billion naira ($16 million) to increase its holding to 70 percent.

Nigeria plans 193 bln naira Treasury bill sale next week

Nigeria plans to raise 193.14 billion naira ($614 mln) worth of treasury bills at an auction on Aug. 30, the central bank said on Wednesday.

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Source: Blog

In the news: How CBN is tackling inflation – Emefiele

In the news: How CBN is tackling inflation – Emefiele

Punch

Govt revenue declined by N183.2bn in July

The revenue accruing to the federation account from oil and non-oil sources recorded a decline of N183.26bn from N570.58bn received in the month of June to N387.31bn in July.

FG may adopt selective minimum wage increase –Osinbajo

Vice President, Yemi Osinbajo says the Federal Government may consider increasing workers’ remuneration package, especially bonuses of certain government agencies, instead of increasing wages across board.

DMO puts MDAs’ outstanding loans at N178bn

Ministries, departments and agencies of the Federal Government have loans amounting to N178.09bn to settle, the Debt Management Office has said.

NLC opposes releasing N38bn to Discos for meters

The Nigeria Labour Congress has criticized the moves by the Federal Government to release N8bn to the electricity distribution companies to procure prepaid meters.

Investment inflow into Nigeria rises by 95% to $1.7bn –NBS

The  National Bureau of Statistics on Tuesday released the capital importation report, stating that investment inflows into the country rose by 95.02 per cent from $884.1million in the first quarter of this year to $1.79billion in the second quarter.

This Day

NSE Index Rises 1.03% as Bulls Regain Control of Market

The Nigerian equities recorded a positive performance on Tuesday with the Nigerian Stock Exchange All Share Index (NSE ASI) appreciating by 1.03 per cent to close at 36,962.48.

Forex Transactions on Investors & Exporters Window Hit $7.62bn

The total turnover of forex transactions on the Investors and Exporters window stood at US$7.62 billion as at August 11.

NNPC to Automate Crude Swap Process, Warns of Illegal Operators

The Nigerian National Petroleum Corporation (NNPC) has said it will open up the process employed in its crude oil for product exchange scheme called Direct-Sale –Direct-Purchase (DSDP) to ensure that it is transparent from the beginning to its end point with its remittance of accrued revenues to the government.

Guardian

NNPC refunds of N450bn shared among states, local governments

The Nigerian Extractive Industry Transparency Initiatives (NEITI) has disclosed that the Nigerian National Petroleum Corporation (NNPC), completed the refund of N450billion to the Federation Account by April 2017, which has been shared among states and local government councils.

Amukpe-Escravos pipeline project ready for completion by Q3

The Amukpe-Escravos Pipeline Project (AEPP), a Joint Venture (JV) of the Nigerian National Petroleum Corporation (NNPC), and Pan Ocean Oil Corporation, has been scheduled to come on stream before the end of this third quarter (Q3).

Vanguard

CBN calls for import reducing policy as Nigeria’s monthly import bill rises by 95% to N588b

The Central Bank of Nigeria, CBN, yesterday said the country’s average monthly import bill rose by 95 per cent to N588 billion in 12 years.

Naira Watch: Naira gains as NAFEX records $100.29m

The Naira  Tuesday recorded marginal appreciation in the Investors & Exporters (I&E) window as the volume of dollars traded declined to $100.29 million.

The Nation

Union Bank seeks approval for N50b new capital raising

Union Bank of Nigeria (UBN) plans to issue about 12.2 billion ordinary shares of 50 kobo each to existing shareholders and employees to raise N50 billion in new equity funds as the first generation bank looks beyond its centenary.

Stock Exchange places 49 firms under caveat

The latest tracker report on corporate governance, regulation and compliance indicated that 49 companies have pending and unresolved compliance and governance issues that place them below the high standards required of quoted companies.

How CBN is tackling inflation, exchange rate volatility – Emefiele

The negative impact of high inflation and exchange rate volatility has prompted the Central Bank of Nigeria (CBN) to tackle both developments head-on, its Governor, Godwin Emefiele, said on Tuesday.

 

Read more news summaries here
 

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Source: Blog

New Regulations set sights on increasing gains for Pension Assets

New Regulations set sights on increasing gains for Pension Assets

Quest for elevated yields boost the Pension Assets

Pension fund assets continued its steady growth with AUM rising 5.4% to N6.4 trillion between year-end 2016 to April 2017. As in prior years, the increase in AUM was driven by increased return on pension funds as fixed income instruments gained +5.43pps, reflecting the prevailing general risk averseness exhibited by PFAs but also tactical shift in asset allocation to take advantage of the elevated yields at the short-end of the yield curve.

Accordingly, T-bills holdings, rose 3.01pps to 15.66%, the quickest rate in 7 months while allocation to bonds fell for the fourth time over the review period. One surprise is the 24% (~N60 billion) increase in CPFA’s allocation to corporate bonds. Given that there were no sizeable corporate bond issues over the period, we suspect the development is likely a reclassification of some sort. Extending the decline of the last three years, variable income holdings fell marginally 0.81pps to 12.8% reflecting the dominance of equities within this asset group.

Specifically, while equities holdings which is 69% of variable income fell (-4%) alongside private equity (-8.36%) and real estate properties (-6.41%), allocation to infrastructure funds doubled to 106.75%. The jump in PFA exposure to infrastructure asset class suggests government’s thrust in channeling pension assets towards infrastructure might be yielding the desire outcomes. Nevertheless, at 0.07% of AUM, PFA investment in infrastructure is yet to scratch the surface.

 

Variable instruments champion new guidelines

On the 18th of April 2017, the National Pension Commission (PENCOM) released amended Regulation on Investment of Pension Fund Assets. Central to the amendment is the introduction of the multi-fund structure which splits the RSA active and Retiree into potentially four funds with varying risk appetite as captured by varying asset allocation via minimum allocation to variable income instruments1. Other notable changes include allowing Pension assets to be invested in companies evolving from a merger, acquisition or combination arrangement and would-be listed companies via IPO or private placement approved by SEC.

Furthermore, the new guideline permits investment of the pension funds in non-interest compliant funds, particularly sukuk bonds issued by either state or corporate entities and the global depository notes. Consequently, the impact of the changes is already being felt in the capital market as the lifting of the investment ban on companies formed from reorganization, in part, led to strong gains of 120%, 13.6%And 90% in Stanbic, FCMB and FBNH over H1 17. Similarly, with Sukuk now investable by PFA, the FGN recently unveiled plans to raise N100 billion Sukuk bond.

Elsewhere, the proposed amendments reviewed the number of ratings required for most qualifying investment to two, and in support of local content, mandates that at least one of the rating should be from a local rating agency. Also, in encouraging more Africa focused infrastructure funds to come to Nigeria, only 60% of the projects have to be in Nigeria vs 75% under the previous regulation.

 

View full July 20th Nigeria Strategy Report  report here

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Source: Blog