Fidelity Bank issues largest ticket Tier II local bonds in Nigeria

 

BY BANYO TEMITAYO

FIDELITY Bank Plc has successfully issued N41.21billion in fixed rate unsecured subordinated bond, with a 10-year tenor, at 8.5 per cent coupon rate, due in 2031.

The bank said the bond issuance was fully subscribed, noting that total investor interest and commitments in the bonds were N56.6billion.

This, it said, added to the impressive portfolio of landmark transactions structured by Fidelity Bank and underscored its capacity to successfully execute debt capital market transactions.

The transaction is a landmark achievement in the Nigerian domestic debt market for being the largest corporate bonds ever issued by a Nigerian bank.

In December, the bank had announced plans to issue fixed income securities with a 10-year tenor to support the growth and development of Small Medium Enterprises, Retail Business as well as its technology infrastructure. It conducted the debt issuance under its registered N100billion bond issuance programme.

Speaking on the significance and success of the bond issuance, Chairman, Fidelity Bank, Mustapha Chike-Obi, said the bond issuance further demonstrated the bank’s confidence in Nigeria’s debt market.

“It also validates the continued investor confidence in our corporate strategy and aspirations, strong corporate governance structure and solid and stable executive management team with robust history of superior financial performance and returns,” Obi explained.

In her comments, Chief Executive Officer, Fidelity Bank, Mrs. Nneka Onyeali-Ikpe, noted that proceeds from the transaction would be utilised to support growth in the issuer’s risk assets in SME and retail business as well as investments in technology & retail infrastructure.

This, she said, was in line with the bank’s Tier I aspirations, noting that the bank’s business fundamentals had remained strong despite the challenging economic environment occasioned by the coronavirus pandemic and the attendant recession.

“The successful bond issuance highlights the confidence in the Fidelity brand, as well as our capability to expand our funding sources, and deliver innovative financial services to our esteemed customers,” she added.

The issue was assigned a rating of A- by Agusto, and A by Datapro and will be listed on both the Nigerian Stock Exchange (NSE) and FMDQ Securities Exchange Limited.

Fidelity Bank is a full-fledged commercial bank operating in Nigeria, with over 5.7 million customers who are serviced across its 250 business offices and various other digital banking channels.

The Bank is focused on select niche corporate banking sectors, Small and Medium Enterprises (SMEs) and is rapidly implementing a digital-based retail banking strategy which has resulted in annual double-digit growth in savings deposits in at least seven consecutive years while over 50 per cent of its customers are now enrolled on its digital platforms.

 

Fayose to Makinde: We can address you as ‘Excellency’ outside, at home, we’re your father

 

BY FOLASHADE KEHINDE

FORMER Governor of Ekiti State, Ayodele Fayose, has declared that Governor Seyi Makinde of Oyo State cannot claim to be his leader, because he is the only Governor elected on the platform of the Peoples Democratic Party in the South West, just as Governor Babajide Sanwo-Olu of Lagos State cannot claim to be the leader of former Governor Bola Tinubu.

While claiming that he was not in any leadership struggle with Makinde, Fayose said he respects his office as the current Governor of Oyo State and that he would be referred to as “Excellency” in public gatherings.

He, however, noted that, at home, “we are his father,” pointing out that Makinde would probably be 32 years when he was Governor in 2003.

“He is the leader in the South West by reasons of his office. When we go out, we will say Your Excellency but when we are at home, we are his father,” Fayose declared.

He said he used to be like Makinde in the South West too, but he never told anyone that he was their leader.

The former Ekiti Governor spoke on Channels Television’s Sunday Politics programme.

Fayose said, “I am not into any leadership struggle with Governor Makinde but the fact is that Governor Makinde cannot come out and say he is my leader. He is not. The fact is that if my son is coming and he is a governor, I have to get up because it is the norm.

“The gentleman is a governor and I must respect his office. Governor Makinde by all standards is the only PDP governor in the West. But all South South PDP governors, who is their leader? Because he is the only one we have, I used to be like that, but I never said to anyone, I am the leader of the west. But if he wants to be addressed like that, it is okay.”

On the issue of party leadership and elected office, the outspoken PDP chieftain said, “Is Governor Sanwo-Olu the leader of Asiwaju in Lagos? Is Ambode the leader of Tinubu in Lagos? Or is Governor Wike the leader of Odili? That language we have to choose it. Governor Makinde will probably be 32 years when I was governor in 2003.”

-ThePoint

 

Why I said herders carry Ak-47 rifles for self defence – Gov. Mohammed

 

BY RIMI ALIU

GOVERNOR Bala Mohammed of Bauchi State, on Sunday, cleared the air on a comment he made about Fulani herdsmen carrying Ak-47 rifles for self defence.

He said he made the comment with the primary objective of averting the dangerous prospect of a nation-wide backlash and generalisation of the Fulani clan as criminals.

The Governor made the clarification in a statement issued by his Senior Special Assistant on Media, Mukhtar Gidado.

He said it would be inappropriate to label an entire Fulani tribe as criminals, based on the crimes of a few members of the ethnic group.

The statement said, “The attention of the Bauchi State Government has been drawn to reactions from various members of the public to Governor Mohammed’s speech, at the closing ceremony of the Press Week of the Correspondent’s Chapel of the NUJ in Bauchi State, last Thursday.

“The Governor used the occasion to weigh in on the contentious issue of clashes between herdsmen and farmers, particularly against the backdrop of the eviction and other forms of restriction orders, issued by some state governments and non-governmental entities.”

It added, “The primary objective of the Governor was to avert the dangerous prospect of a nation-wide backlash as tempers flared, and given that the phenomenon of inter-ethnic migration, is a national pastime involving all ethnic groups in Nigeria.

“By extension, the Governor made it abundantly clear that it will be inappropriate to label any one tribe based on the crimes of a few members of the ethnic group.”

The media aide said Mohammed’s reference to AK47 was simply to put in perspective, the predicament and desperation of law-abiding Fulani herdsmen who, while carrying out their legitimate cow-rearing business, had become serial victims of cattle rustling, banditry, kidnapping and assassination.

He argued that these were the people who, in the absence of any protection from the security agencies, were forced to resort to self-help, to defend both their means of livelihood and their lives.

He said, “As a Constitutionalist which, he has proved over time, all through his political career, Governor Mohammed will be the last person to advocate a subversion of the Constitution of the Federal Republic of Nigeria.

“He did not do so in the past; he will not do so today.”

Explaining what the Governor meant by describing forests as no man’s land, the statement said this was a carry-over from his geo-political environment where he said a pastoralist could set up a camp in any forest, for a few weeks, without causing any uproar or opposition.

It said, “To interpret such a temporary stay as a form of ‘land grab’ by the Fulani herdsmen is completely incorrect. In actual fact, neither does such temporary habitation of the forest inconvenience anyone nor does the itinerant Fulani sojourner, bother anyone about his plight in the forest characterised by life without access to electricity, pipe borne water, good roads or hospitals.

“On the contrary, Mohammed is very familiar with the Land Use Act, including the criteria for land acquisition and cannot, therefore, seek to undermine the statute which, as Governor, he has sworn to uphold.”

Gidado added, “Rather than vilify Governor Mohammed, it is incumbent on all those criticising him to admonish those governors whose lack of restraint is responsible for the escalation of this crisis.

“Mohammed’s antecedents, as a bridge-builder, humanist and nationalist, are so well known that he will never, under any circumstances, deliberately fuel any national crisis or subvert the Constitution.”

 

We won’t allow any ethnic, religious group to stoke hatred, violence against others ― Buhari

 

BY LINUS CHIBUIKE

PRESIDENT Muhammadu Buhari has said his administration will not allow any ethnic or religious group to stoke up hatred and violence against other groups.

He said his administration would also protect all religious and ethnic groups in Nigeria, whether majority or minority, in line with its responsibility under the Nigerian Constitution.

The President said this in a statement on Sunday night, signed by his Senior Special Assistant on Media and Publicity, Garba Shehu, in reaction to violent ethnic clashes in some parts of the South West.

The President condemned such violence and assured that his government would act decisively to nip the development in the bud.

He also appealed to religious and traditional leaders, as well governors and other elected leaders across the country, to join hands with the Federal Government to ensure that communities in their domains were not splintered along ethnic and other primordial lines.

“Our government will protect all religious and ethnic groups in Nigeria, whether majority or minority, in line with our responsibility under the constitution,” Buhari said.

He added, “We will not allow any ethnic or religious group to stoke hatred and violence against other groups.

“I appeal to religious and traditional leaders, as well as Governors and other elected leaders across the country, to join hands with the Federal Government to ensure that communities in their domain are not splintered along ethnic and other primordial lines.”

 

Killings, arson: Senator Adeola vows to join kinsmen in self defence amid Govt’s failure to act

 

BY LINUS CHIBUIKE

THE All Progressives Congress lawmaker representing Lagos West in the National Assembly, Senator Olamilekan Adeola, has vowed to join his people from the South West in the defence of their right to life if the security agencies, state and Federal Governments fail to urgently address the insecurity situation in the region.

He hinged his decision to join in the defence on the claim that Government had failed to stop the incessant attacks on communities in Yewa area of Ogun State by Fulani herdsmen.

The senator, who made his position on the issue known in a statement, signed by his Special Adviser on Media, Kayode Odunaro, said the latest of such attacks were the ones brazenly carried out in Yewa North, Imeko, Afon, Ipokia and Yewa South Local Government Area, which had led to several deaths and destruction of property.

“Let it be stated that as a representative of the people sworn to uphold the constitution and the laws of the land, including the right to self defence, I will not hesitate to join my people in the defence of their rights to life, property and peaceful coexistence with others at the back of seeming failure of duly constituted authorities to defend such fundamental rights against anyone or forces,” he said.

The senator argued that, having waited in vain for over two weeks for government’s positive action against what he said were clearly criminal acts of arson and murder, he deemed it fit to call on both the Federal Government and the Ogun State Government to rise up to their constitutional obligations of protecting the lives and properties of all Nigerians, particularly the peace loving people of Yewaland in Ogun State.

While noting that the attacks could no longer be treated with kid gloves, Adeola said relevant authorities must rise up to the challenge, failure of which might make people in the affected communities resort to self help.

“I recall that at various occasions on the floor of the Senate, I contributed to debates on the deteriorating security situation in different parts of the country and was always agitating for restructuring of the security architecture of the country,” he said.

“I made a similar contribution to a Senate wide motion on general security only last week. Now something specific must be done urgently to stop the arson and killings in Yewaland by relevant authorities and security agencies,” the Senator added.

-ThePoint

 

 

Empowerment: Dangote Foundation disburses N3.9bn to women, youths in 11 states

 

BY BANYO TEMITAYO

ALIKO Dangote Foundation (ADF) has so far disbursed the sum of N3.924 billion to 392,490 women and youths across Kano, Jigawa, Kogi, Adamawa, Borno, Yobe, Lagos, Niger, Nasarawa, Sokoto and Katsina states as part of its microgrant programme.

Additionally, the Foundation has concluded plans to extend the disbursement of the micro grant program to Ogun, Osun, Kwara, Edo, Rivers, Anambra, Ebonyi and Bauchi states, as part of the next phase of the programme.

A breakdown of the disbursement shows that N880 million was distributed to 88,000 women in Kano State; 27,000 women received N270 million in Jigawa State; 22,000 women received N220 million in Kogi State; 31,500 women and youth collected N315 million in Adamawa; and 54,000 Women and youth got N540 million in Borno State.

Furthermore, 40,000 women received N400 million in Lagos; 25,000 women received N250 million in Niger; 13,000 received N130 million in Nasarawa; 23,990 women benefitted from the sum of N239.9 million in Sokoto; 34,000 women benefitted from N340 million in Katsina State; and 34,000 women and youth benefitted from N340 million in Yobe State.

The Foundation said in a statement on Sunday that, in some states, mobile phones and bank cards were added to the grant to start up or improve income generating activities as a delivery mechanism for the funds in partnership with the respective State and Local Governments and mobile money/bank operators.

The Managing Director/Chief Executive Officer, ADF, Zouera Youssoufou, was quoted as saying that the Board of the Foundation had already approved the next phase of disbursement of the grants across Ogun, Osun, Kwara, Edo, Rivers, Anambra, Ebonyi and Bauchi states.

She described the Aliko Dangote Foundation Micro-grant programme as a N10 billion programme designed to provide a N10,000 one-off grant to at least 1,000 vulnerable women, and in some cases, youths, in each of the 774 LGAs across Nigeria. 

She said that the programme was being implemented in partnership with state governments who work with committees set up down the ward levels to ensure the appropriate beneficiaries are reached.

Youssoufou said the scheme provided recipients with a one-time, unconditional N10,000 cash grant to meet immediate household consumption and economic needs.

“As far as possible, participants also receive training tailored to bolster their income-generating activities which are critical for the welfare of millions of Nigerians. Beneficiaries of this programme are evenly selected from the target communities with primary consideration for vulnerable women, food distressed household with infant or children under-five year old, disabled, divorcees, widows with multiple dependents and extremely poor residents in these communities,” she said.

Recall that the programme is being implemented in partnership with State Governments to complement their economic empowerment and poverty reduction drive.

The Executive Governor of each state is tasked with setting up a committee to oversee the implementation of the programme alongside Aliko Dangote Foundation staff.

Since 2016, the Foundation automated the beneficiary enrolment and payment processes. In addition to the cash grants, beneficiaries were also given mobile phones and SIM cards by the Foundation.

In the last two states where the scheme was implemented, the Foundation partnered with a leading commercial bank to open bank accounts and provide ATM card for each beneficiary. 

-ThePoint

 

 

We were preparing for our father’s 92nd birthday, not his death – Jakande’s son

 

SON of the late former Governor of Lagos, Alhaji Lateef Jakande, Mr Seyi Jakande, said on Sunday that the family was not prepared for the demise of their patriarch.

The News Agency of Nigeria (NAN) reports that Jakande, who served as governor between October 1979 and December 1983, died on April 11 at the age of 91, while his remains were interred on Feb. 12.

Jakande, while speaking shortly after receiving Gov. Babajide Sanwo-Olu, who paid the family a condolence visit on Sunday in Lagos, said the family was planning to celebrate the late politician’s 92nd birthday in July before death struck on Thursday.

He told NAN: “Though we had hoped that the death of Baba would not happen now because we were not prepared for it.

“If at all we were preparing for anything, it was his 92nd birthday in July, because he kept giving us assurance that he would still spend more years on earth.

“Sometime in June 2020, he was checking his 90th birthday cards and he said he would be 91 years by July, thanking God that he was still looking young.

“He told us that he thought he was older but he was still looking young. But at 91, my father deserved everything he received during his burial, because of what he had done for the people of Lagos and Nigeria as a whole.

Seyi, who was Jakande’s third son, said that after living a fulfilled life, his father’s chapter had closed, saying that to him, it was a life well spent and a journey properly completed.

According to him, this is the time for full assessment of Jakande’s life and times, urging leaders in the country to take his book, study it and make further progress on it.

Jakande gave thanks to God for the life of the late politician, pointing out that his father would not have served humanity without serving God.

“My father was known for service to humanity and that was exactly what he did till he breathed his last.

“Even outside government, we recently stopped people from coming to his residence due to the COVID-19 pandemic and we designed a date which we called ‘Sunday Clinic’, from 7am to 7pm.

-ThePoint