Leading domestic gas distribution company, Shell Nigeria Gas (SNG), has signed a 20-year agreement for the domestic distribution of gas to industrial customers and manufacturing plants in Lagos and Ogun states.
In the new deal with the Nigerian Gas Marketing Corporation (NGMC), SNG will also extend its distribution network to Badagry to serve a new market in the border community.
SNG’s Managing Director, Ed Ubong, said the new partnership would deepen domestic gas utilisation in Nigeria, and enhance further industrialisation in Agbara, Igbesa and Ota areas of Ogun State.
“This agreement will enable local industries to thrive and create employment opportunities for Nigerians. We look forward to continuing to grow domestic gas distribution to industries and manufacturing plants in Ogun State and other parts of Nigeria while unleashing the industrial potential of Badagry,” Ubong said.
He acknowledged the support of the Nigerian Gas Company and NGMC over the last 20 years in helping SNG to continue to provide gas to industries and manufacturing plants in Nigeria.
Managing Director of NGMC, Engineer Faruk Usman, said he was excited about the agreement which he said would enable the parties to further unlock the potential of the domestic gas market and contribute to industrialisation in Nigeria.
Usman said, “We continue to work with credible partners to accelerate the marketing and distribution of natural gas to major industrial users in Nigeria in line with the vision of the Federal Government of Nigeria and the steers of the Group Managing Director of the Nigerian National Petroleum Corporation.”
Speaking on the long-term deal, Country Chair, Shell Companies in Nigeria, Osagie Okunbor, said the knock-on effects of the gas distribution agreement would bring ‘tremendous benefits to the economy’ in SNG’s states of operation and Nigeria.
Okunbor said: “Shell companies in Nigeria will continue to turn Nigeria’s domestic gas opportunities into reality through our strategic intent to develop enough gas to meet our current commitments and future growth plans.”
SNG and its partners and local stakeholders have agreements to build infrastructure and deliver natural gas to over 150 industrial and commercial customers, mostly in Ogun, Abia, Oyo, Rivers, Bayelsa and Lagos States. The agreements drive industrialisation, provide employment for skilled and unskilled local population in addition to directly improving internally generated revenues in these states.
Titan Trust Bank Limited, one of the newest entrants into the Nigerian banking industry, at the weekend, emerged ‘Best Trade Finance Provider in Nigeria for the year 2020’ in the recently released Global Finance Magazine World’s Best Trade Finance Providers Awards.
The lender clinched the coveted influential international award previously won by only the first-tier banks in Nigeria in just 15 months of its commercial operations.
According to the organisers of the prestigious annual awards, Global Finance Magazine, New York, the awards were created to recognize top performers among banks and other providers of financial services in prominent areas of expertise and excellence.
For the 2020 Trade Finance Providers awards, the organisers added that winners were chosen in more than 102 countries across Africa, Asia-Pacific, Central & Eastern Europe, Latin America, the Middle East, North America and Western Europe.
In selecting its recipients, Global Finance Magazine’s principle was hinged both on quantitative and qualitative data, to honour institutions that have brought the highest levels of service, innovation and expertise to their customers.
“The editorial review board of Global Finance selected the best trade finance providers based on entries from banks and other providers, as well as input from industry analysts, corporate executives and technology experts. Criteria for choosing the winners included: transaction volume, scope of global coverage, customer service, competitive pricing and innovative technologies,” a statement by the organisers said.
Joseph D. Giarraputo, publisher and editorial director of Global Finance Magazine, New York noted: “The Trade Finance sector was hit particularly hard by the fallout from the COVID-19 pandemic, and providers were forced to respond and adapt to the unforeseen challenges it presented.
“The winners of the 2020 Annual Trade Finance awards are institutions that responded to the unprecedented landscape of the year with new technologies and improved capabilities that helped their clients succeed.”
Commenting on the recognition, Mudassir Amray, Managing Director and Chief Executive Officer of Titan Trust Bank Limited, said: “The news of the award is overwhelming. We are truly humbled and are grateful to our customers for their unwavering support and trust in us.
“At the heart of the bank are our people, without which this achievement would not have been possible.
“The award is also an endorsement of our professional board and well diversified and experienced management team,” Amray noted.
The bank’s chief added that despite the rage of the coronavirus (COVID-19) pandemic, the lender has continued to blaze the trail by delivering superior, convenience and innovative banking solutions to its customers through technology.
“Nigeria is going through a tough time due to the impact of the COVID-19 pandemic coupled with the fall in oil prices.
“Hence, Titan Trust Bank has had to face a business terrain that has been hit with the onslaught of a global pandemic.
“Despite the odds, the bank has become adept at providing tailored trade finance solutions to meet the needs of its customers.
“In an industry that is fiercely dominated by banks that have been in existence for decades, Titan Trust bank has been able to establish a formidable market presence in just under a year,” he said.
Titan Trust Bank was established on the 12th of December 2018 and commenced operations on Oct 4th, 2019.
Foremost Financial Institution, First Bank of Nigeria Limited is unarguably the Leader in the Banking industry in Nigeria. Its Capital base, National spread, customer-friendly products and services are second to none. The Bank’s Corporate Social Responsibility efforts cut across the nook and cranny of the country. These activities which stands FirstBank include social and health intervention as well as support; small business empowerment and educational support which are all implemented to reinforce the capacity of individuals and businesses to contribute to national development.
With its over 126 years of business operations in Nigeria – indeed the first Nigerian company to be listed and broadcasted on CNN 100 club – the bank has been at the forefront of empowering the young and indigent elderly citizens, lifting the downtrodden out of poverty and hardships, rekindling hope, putting smiles on the faces of younger generation of Enterprenuers through issuance of low and friendly interest credit facility which transcend to building and promoting the small and medium scale businesses in the remotest rural areas and urban cities across the Niger.
These are and many more strides have distinguished FirstBank in Nigeria.
HEALTH SERVICE PARTNERSHIP WITH THE LAGOS STATE GOVERNMENT
To ensure that Lagos Residents at the grassroots across the state has unhindered access to affordable, effective and qualitative health care services, the Lagos State Health Management Agency partnered with FirstBank to utilize its over 13,000 FirstMobile Agents as payment channels for the Lagos State Health Scheme.
During the flag off ceremony, LASHMAGM, Dr. Emmanuella Zamba Said “The partnership became necessary to facilitate ease of health insurance premium transactions for Residents, especially at the Grassroot.
Zamba however mentioned that FirstBank was selected for the partnership in recognition of its effectiveness, efficiency and large clientele.
For easy access and stress free payment of Lagos Residents’ health insurance premiums, Firstmonie payment platform was considered the best.
Dr. Zamba explained that the partnership offer opportunity to pay either N40,000 annually for family plan or N8,500 annually for individual plan via the Firstmonie Agents.
“Once the insurance premium is paid before 25th of every month, such enrollee can receive care from the first day of the following month at any public or private hospital of their choice within the scheme’s network of Providers”, Zamba clarified.
While commending the Lagos State Government, the Deputy Managing Director, Mr. Gbenga Shobo said “the initiative will have a crucial role at improving the life expectancy of Lagos Residents whilst promoting their increased contribution to the growth and development of state.
FIRSTBANK, LAGOS STATE EMPLOYMENT TRUST FUND PARTNERSHIP AND SMES
FirstBank partnered with the Lagos State Employment Trust Fund (LSETF). The scheme was launched in September by the Lagos State Governor, Mr. Babajide Sanwo-Olu and the Managing Director and Chief Executive Officer, Dr. Adesola Adeduntan.
It is designed to cushion the resultant effects of the Covid-19 on low-cost private schools at an attractive lending interest rate.
While delivering his speech, Dr. Adeduntan said “At FirstBank, we recognise indelible roles played by the Education sector in the growth of any economy and this underscores our partnership with the Lagos State Government for continuous development of the education services in Lagos State and the nation as a whole. The commitment by the Lagos State Government -including this partnership to enable schools is quite commendable as this will mitigate the challenges caused by the lockdown on the education sector following the Covid-19.
The 2019 KPMG’s Annual Banking industry customer satisfaction survey named FirstBank as the ‘Biggest Mover in the SME Space’. It also earned the financial institution the most popular Bank among MSMEs for deposit transactions and credit loan facilities with 20% of SMEs surveyed.
In recognition of the role SMEs play as the engine of the economy, FirstBank has been at the forefront of having them equipped with the required knowledge and information with a view to easing their sustainability. These have been achieved through several SME events including; an SME Business Clinic train that moved from Lagos to Abuja and Port-Harcourt in February.
The Bank later embarked on virtual SME-based events, in order to adhere to the social distancing guideline essential to promoting the safety of every participant in view of the COVID-19 pandemic. These SME based webinars include SME Business Clinic in May as well as the SME Connect webinar to promote the growth of education sector held in July amongst others.
The value generated from the Bank’s unprecedented business support and development activities to the small and medium scale enterprises, especially the young entrepreneurs across the Niger cannot be quantified.
With its mantra, You First, FirstBank leaves no stone unturned in putting its customers first as it continues to deliver the gold standard of value and excellence to the banking and business climate across the world.
The Dangote Group has completed Nigeria’s longest rigid pavement located in Kogi State.
It is the first of its kind, top engineers say.
The 43KM Obajana-Kabba road constructed by Dangote Industries Limited (DIL), as been described by motorists as the country’s most strategic highway that is aiding travelers between the North and the South.
Olatunbosun O. Kalejaiye, the Project Director, said he was excited that the Corporate Social Responsibility Project is being delivered for use by Nigerians, adding that while the rigid pavement has been completed, the company was dressing the shoulders.
Site Engineer Samuel Obosi assured that the dual carriage way will be durable and less susceptible to potholes and repairs like asphalt road, adding that it would crash the rate of road accident in the country.
Motorists said it is now one of the busiest roads linking the two regions in the country.
“Thank God it is a concrete road. It can withstand any heavy duty vehicle,” Alhaji Lamidi Sikiru, a driver expressed optimism.
John Moses, a member of the National Union of Road Transport Workers, said his taxi business is booming compared to when the road was very deplorable with potholes and barely used by motorists.
A community leader of Apa Bunu Kingdom and spokesperson for the community Sam Omosayil commended the Dangote Group, saying that the road has attracted a lot of businesses along the road.
Traditional and community leaders eulogized the President of the Dangote Group.
The Bajana of Obajana Land, King Idowu Senibi described the project as gigantic and the first of its kind anywhere in Nigeria.
“Dangote is our son. We would protect his huge investment and gigantic concrete road. I am happy that this is happening in my lifetime and in my Kingdom. This is a great opportunity for us and many generations to come. Our society will be opened as you can see vehicles and commercial activities have started coming up. May God Almighty bless Dangote and all his staff.”
Speaking in the same vein, the traditional head of Akpata Land Frederick Durojaiye Balogun said his people were very proud of Alhaji Aliko Dangote, adding that the Dangote Cement, Obajana plant, which is the single largest cement plant in the world, has brought honour and respect to their Kingdoms.
“His presence has brought a total turnaround in our lives. Also permit me to appreciate the Federal Government for this joint effort. We are very grateful,” he said.
Speaking, the King of Okebunku Land in Kabba Bunu Local Government, Timothy Omonile commended the President of the Dangote Group and charged other philanthropists to emulate him, adding that that is the only way Nigeria can develop its economy and infrastructure.
He said the construction of the road has helped cut down the rate of criminality in the state, while describing the Group President of Dangote Group Aliko Dangote as God sent.
Rechel Olatunji, a businesswoman said she makes more money now and that business is booming because of the road.
Another businesswoman Veronica Samuel prayed fervently for the Dangote Group, adding that the new road has changed her life, and enabled her to sponsor her children to school.
Worried by the huge sum of money used in road repairs, President of the Dangote Group Aliko Dangote had said plans were afoot to revolutionize Nigerian roads with concrete, stressing that resources used in road repairs and maintenance would be channeled to other more important needs of the nation.
“We are going to be building concrete roads in the country so that anytime we build a road, we do not have to go back to repair after the third raining season, but move on and use the resources to address other pressing needs of Nigeria,” Mr. Dangote had said.
It would be recalled that as part of its Corporate Social Responsibility (CRS), the Dangote Group had earlier commissioned the 26 km Itori-Ibese Concrete Road.
At the commissioning, the Minister of Power, Works and Housing, Babatunde Raji Fashola, had noted that the stride by the Dangote Group demonstrated the unwavering commitments of an indigenous investor towards the industrialization of Nigeria.
A statement from the Corporate Communications Department of the Dangote Group said: “Concrete road last longer than asphalt roads and do not have potholes. It does not require frequent maintenance as asphalt roads. It saves fuel for motorists and protects tyres from wear and tears.”
The statement said it is part of the Group’s determination to support government and Nigerians in order to grow the economy and facilitate ease of doing business.
The Nigerian National Petroleum Corporation (NNPC) has announced a total export receipt for crude oil and gas valued at $120.49 million for the month of September 2020.
A press release by the Group General Manager, Group Public Affairs Division of the Corporation, Dr. Kennie Obateru, stated that the figure is contained in the September 2020 edition of the NNPC Monthly Financial and Operations Report (MFOR).
The $120.49 million crude oil and gas export receipt is a 16.28 per cent improvement on the $100.88 million posted in August 2020.
The report showed that out of the figure, proceeds from crude oil amounted to $85.40 million while gas and miscellaneous receipts stood at $25.31 million and $9.78 million respectively.
The September 2020 MFOR also indicated a trading surplus of ₦28.38 billion slightly lower than the ₦29.60 billion surplus in August 2020.
The marginal reduction in surplus, according to the report, was as a result of lower contribution from the Nigerian Petroleum Development Company (NPDC) which recorded zero crude oil lifting from the Okono Okpoho facility during the month due to ongoing repairs.
However, other NNPC subsidiaries namely the Integrated Data Services Limited (IDSL), National Engineering and Technical Company Limited (NETCO), Nigerian Gas Marketing Company (NGMC), Petroleum Products Marketing Company (PPMC) and NNPC Retail posted impressive trading results recording 268%, 234%, 21%, 422% and 41% trading surpluses respectively over their previous month’s performance.
In the gas sector, a total of 223.82billion cubic feet (bcf) of natural gas was produced in the month under review translating to an average daily production of 7,460.80million standard cubic feet per day (mmscfd).
For the period September 2019 to September 2020, a total of 3,039.05bcf of gas was produced representing an average daily production of 7,730.35mmscfd during the period. Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 69.10%, 20.29% and 10.61% respectively to the total national gas production.
Out of the 221.91bcf of gas supplied in September 2020, a total of 140.45bcf was commercialized, consisting of 36.37bcf and 104.08bcf for the domestic and export markets respectively.
This translates to a total supply of 1,212.17mmscfd of gas to the domestic market and 3,469.45mmscfd of gas supplied to the export market for the month.
This implies that 63.29% of the average daily gas produced was commercialized while the balance of 36.71% was re-injected, used as upstream fuel gas or flared. Gas flare rate was 6.66% for the month under review (i.e. 492.93mmscfd compared with average gas flare rate of 5.84% i.e. 439.90 mmscfd for the period of September 2019 to September 2020).
To ensure effective supply and distribution of Premium Motor Spirit (PMS) across the country, a total of 0.59bn litres of PMS translating to 19.59mn liters/day was supplied for the month in the downstream sector.
During the period under review, 21 pipeline points were vandalized representing about 43% decrease from the 37 points recorded in August 2020.
Of this figure, Mosimi Area accounted for 90% of the vandalized points, while Port Harcourt Area accounted for the remaining 10%. NNPC, in collaboration with the local communities and other stakeholders, continuously strive to reduce and eventually eliminate this menace.
The 62nd edition of the MFOR highlights NNPC’s activities for the period of September 2019 to September 2020.
In line with the Corporation’s commitment of becoming more accountable, transparent and driven by performance excellence, the Corporation has continued to sustain effective communication with stakeholders through the MFOR and other reports published on its website and in national dailies.
Heirs Holdings (“HH”), the leading African strategic investor, in partnership with affiliated company Transnational Corporation of Nigeria Plc (“Transcorp”), Nigeria’s largest publicly listed conglomerate, announced today the unconditional acquisition of a 45% participating interest in Nigerian oil licence OML 17 and related assets, through TNOG Oil and Gas Limited (a related company of Heirs Holdings and Transcorp), from the Shell Petroleum Development Company of Nigeria Limited, Total E&P Nigeria Limited and ENI.
In addition, TNOG Oil and Gas Limited will have sole operatorship of the asset.
The transaction is one of the largest oil and gas financings in Africa in more than a decade, with a financing component of US$1.1 billion, provided by a consortium of global and regional banks and investors.
OML 17 has a current production capacity of 27,000 barrels of oil equivalent per day and, according to our estimates, 2P reserves of 1.2 billion barrels of oil equivalent, with an additional 1 billion barrels of oil equivalent resources of further exploration potential.
The investment demonstrates a further important advance in the execution of Heirs Holdings’ integrated energy strategy and the Group’s commitment to Africa’s development, through long term investments that create economic prosperity and social wealth. Heirs Holdings’ heritage and approach to business fundamentally underscores its commitment to inclusive development and shared prosperity with its host communities. Heirs Holdings is fully invested in the development of the Niger Delta region.
Heirs Holdings’ strategy of creating the leading integrated energy business in Africa is executed through a series of strategic portfolio holdings. Transcorp is one of the largest power producers in Nigeria, with 2,000 MW of installed capacity, through ownership of Transcorp Power Plant and the recent acquisition of Afam Power Plc and Afam Three Fast Power Limited. Transcorp closed the US$300 million Afam acquisitions in November 2020.
Transcorp supplies electricity to the Republic of Benin, as part of an emphasis on promoting regional integration and delivering robust power supply to catalyse development in Africa. Transcorp also operates OPL281, under a production sharing contract with the Nigerian National Petroleum Corporation (“NNPC”). Similarly, Heirs Holdings’ subsidiary, Tenoil is the operator of OPL 2008, under a production sharing contract with NNPC. Tenoil also owns the Ata Marginal Field, which will commence production in Q2, 2021, with 3,500 barrels of oil per day.
Chairman of Heirs Holdings, Tony Elumelu stated: “We have a very clear vision: creating Africa’s first integrated energy multinational, a global quality business, uniquely focused on Africa and Africa’s energy needs. The acquisition of such a high-quality asset, with significant potential for further growth, is a strong statement of our confidence in Nigeria, the Nigerian oil and gas sector and a tribute to the extremely high-quality management team that we have assembled.
As a Nigerian, and more particularly an indigene of the Niger Delta region, I understand well our responsibilities that come with stewardship of the asset, our engagement with communities and the strategic importance of the oil and gas sector in Nigeria. We see significant benefits from integrating our production, with our ability to power Nigeria, through Transcorp, and deliver value across the energy value chain.”
Speaking further, he said “I would like to thank Shell, Total and ENI, for the professionalism of the process, the Federal Government of Nigeria, the Ministry of Petroleum Resources, and the NNPC for the confidence they have placed in us.”
Speaking on the investment, the President/GCEO of Transcorp, Owen Omogiafo, said “This deal further demonstrates Transcorp’s integrated energy strategy and our determination to power Africa.”
Heirs Holdings was advised by Standard Chartered Plc, as Global Coordinator, and United Capital Plc, with a syndicate of lending institutions including Afreximbank, ABSA, Africa Finance Corporation, Union Bank of Nigeria, Hybrid Capital, and global asset management firm Amundi. The deal also involves Schlumberger as a technical partner, as well as the trading arm of Shell as an offtaker.
Heirs Holdings has created one of Africa’s largest, indigenous owned, oil and gas businesses, headquartered in Lagos, Nigeria and led by a board and management team with significant regional and global experience in production, exploration, and value creation in the resources sector.
The HH Group is committed to the highest standards of safety, health, and community relations, together with best practice in governance and accountability.
Fund Transfer, Access Bank Plc has started nationwide payout of dollars to beneficiaries of international remittances, in response to the recent policy change by the Central Bank Nigeria (CBN).
The CBN had directed that recipients of international fund transfer can now receive their funds in cash in dollars or to have funds paid directly into their domiciliary accounts.
Executive director, retail banking, Access Bank, Victor Etuokwu, in a statement said, “As part of our promise to create value and meet the needs of our customers, we are happy to announce that our customers can now receive funds sent from the diaspora in dollars at any of our branches nationwide.
“The funds will be available as cash pick-up or direct transfer into customers’ domiciliary accounts.”
Etuokwu stated that, “the bank’s promise to deliver more than banking services is even more critical at this time as customers are looking for convenient products and services that facilitate their lifestyle and our remittance services are available to both customers and non-customers of Access bank.
“We encourage Nigerians in the diaspora to take advantage of this season of giving, to send funds home for their loved ones, who in turn can receive either by opening an Access bank domiciliary account or reactivate their inactive domiciliary account and the funds will be paid directly to their accounts or visit any of our 500 branches nationwide to receive their funds in USD cash,” he stressed.
“We maintain a strong relationship with our remittance partners, Western Union, MoneyGram, Ria, WorldRemit, Transfast, Paysend, Shift, Sendwave and other international money transfer services and we are committed to delivering excellent service to all our customers.
Access Bank, over the years, has leveraged technology including advanced analytics, cloud computing, artificial intelligence, machine learning and robotics process automation to reform business operations and drive performance to improve customer experience, he stressed.
Weeks after naming Nigeria’s Adewale Adeyemo as the deputy treasury secretary, the US president-elect Joe Biden has appointed Nigerian-born Funmi Olorunnipa Badejo as one of his legal advisers at the White House.
The President-elect made announcement when he named additional 20 members of the office of the White House counsel.
Badejo is a lawyer and an alumna of Berkeley Law College in the US, and served as ethics counsel in the same office toward the end of the President Barrack Obama administration.
She, alongside other lawyers of the Office of White House Counsel will be advising the President, the executive office of the president, and the White House staff on legal issues pertaining to the president and the White House.
A statement on the Biden-Harris transition website said that Badejo was general counsel of the house select subcommittee on the coronavirus crisis which was chaired by James Clyburn, House Majority Whip.
“Her prior government service includes serving as Counsel for policy to the Assistant Attorney-General in the Civil Division of the U.S. Department of Justice, Ethics Counsel at the White House Counsel’s Office and Attorney Advisor at the Administrative Conference of the United States during the Obama-Biden administration,” the statement read.
Funmi, who married another Nigerian Tunde Badejo, is from Kogi state, and she is an alumnus of Berkeley Law College in the United States.
A daughter of an immigrant who chooses to identify herself with Florida, Funmi was the general counsel of the House select subcommittee on the coronavirus crisis.
Funmi’s legal career started as an associate with the law firm of Manatt, Phelps & Phillips, LLP and was Legal Counsel at Palantir Technologies Inc.
She is a graduate of the University of California, Berkeley, School of Law, Harvard University’s John F. Kennedy School of Government, and the University of Florida. Olorunnipa Badejo lives in Washington D.C. with her husband and son, according to her information on the Biden-Harris transition website.
Biden will become the 46th President of the United States after his swearing-in slated for January 20, 2021
He defeated the incumbent President Donald Trump in the November 3 presidential election after scoring over 300 electoral college votes.
FMDQ Securities Exchange Ltd., resumed 2021 with the quotation of Total Nigeria Plc., N2.25 billion Series 1 and N12.75 billion Series 2 Commercial Papers (CP) under its N30 billion CP Issuance Programme.
The company said in a statement in Lagos on Friday that its Board Listings and Market Committee also approved the quotation of Mixta Real Estate Plc., N2 billion Series 32, CP under its N20 billion CP Issuance Programme.
Similarly, the company approved the registration of Valency Agro Nigeria Ltd., N20 billion CP programme on its platform.
The debut issuance of Total Nigeria’s CP, following a volatile period for the oil and gas industry as disrupted by the COVID-19 pandemic, demonstrated innovation and confidence in the Nigerian debt capital market (DCM).
This was aimed at supporting the vibrancy of the sector and in turn the reactivation of the Nigerian economy.
FMDQ said the issue attracted significant demand from a wide range of investors, resulting in a subscription level of over four times the initial issue size – a demonstration of investor confidence in the company.
Commenting on the quotation of the issue, the Managing Director of Total Nigeria, Mr Imrane Barry, explained that “the programme was set up to enable the company further broaden its sources of capital by accessing funding from the Nigerian debt capital markets, while also reducing its overall funding costs”.
Barry, who thanked investors for supporting the company’s debut issue, commended the financial advisers, Stanbic IBTC Capital Ltd., and FBNQuest Merchant Bank Ltd., for ensuring the success of the issue in spite the challenging environment.
Also commenting on the quotation, Tokunbo Aturamu, Head of Debt Capital Markets, Stanbic IBTC Capital, expressed his delight that Total Nigeria had joined the growing list of blue-chip corporate who have embraced CP issuances in the Nigerian debt capital markets as a means of funding their working capital requirements.
Aturamu also appreciated the Board and Management of Total Nigeria for the opportunity given to Stanbic IBTC Capital to act as Sole Arranger, as well as Joint Dealer alongside FBNQuest Merchant Bank, to the N15 billion debut, CP issuance under the programme.
In his remarks, the Managing Director, Valency International Pte Ltd., Mr Sunil Dhanuka, said “we are glad for the successful registration of Valency Agro’s, N20 billion CP Issuance Programme.”
Dhanuka also commended FMDQ for the seamless process in spite of the COVID-19 pandemic and the various restrictions.
In line with our vision to grow within the agricultural value chain in Nigeria, Valency Agro is committed to ensuring the growth of the agriculture sector through our deep involvement in Cashew, Sesame, Cocoa and other produce.
“Proceeds from this CP Programme will be used toward meeting the midterm working capital requirements of the various agricultural produce and on value addition prior to export,” he said.