Capital Requirements
Dangote Cement completes issuance of N50 billion bond programme
Dangote Cement Plc has announced the successful issuance of N50 billion series 1 fixed rate senior unsecured bonds, under its new N300 billion multi-instrument issuance programme. In a statement on Tuesday, the cement producer said the bonds were issued on May 26, 2021 at coupon rates of 11.25 percent, 12.50 percent and 13.50 percent for the three, five and seven-year tranches respectively. The bonds will be listed on the Nigerian Exchange Limited and FMDQ Securities Exchange. Dangote Cement said that the proceeds of the bond issuance will be deployed for the company’s expansion projects, short-term debt refinancing and working capital requirements. “Aside from this first issuance of a traditional bond under the new Multi-Instruments Programme, Dangote Cement has registered a programme ena...
Nigerian bank chief calls for review of educational reforms
The managing director/CEO of Sterling Bank Plc, Mr Abubakar Suleiman, has called for a review of Nigeria’s educational system so as to make it relevant to current and future human capital requirements in the country. Suleiman made the call while speaking as a panelist in a session on “Roadmap To Shared Prosperity – Ensuring Inclusive Human Capital Development” at the just concluded 8th Lagos Economic Summit, Ehingbeti 2021. He observed that Nigeria’s current educational system will continue to fail in its role of delivering the human resources needed by industry now and in the future unless the federal government redefines its commitment to the system. According to him, “The educational system that is operational in the country today appears to be only suitable for academia and not for inc...
WSJ: China’s Ant Group plans revamp amid regulator pressure
China’s Ant Group Co Ltd is planning to refashion itself as a financial holding company under the supervision of China’s central bank in the face of regulatory pressure, the Wall Street Journal reported on Wednesday. The fintech affiliate of Alibaba Group Holding Ltd has submitted an outline of a restructuring plan, which could be finalised before China goes into the week-long lunar new year holiday in mid-February, the Wall Street Journal said, citing sources. Chinese regulators had asked Ant to consider folding up most of its financial businesses into a holding company that would be subject to more stringent capital requirements, two sources told Reuters in December. The country’s central bank, People’s Bank of China, has said Ant controls a range of financial institutions, including sec...
