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FBNQuest Supports Infrastructure Development in Lagos State

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FBNQuest Merchant Bank, the investment banking and asset management subsidiary of FBN Holdings Plc, was appointed by the Lagos State Government (LASG) to act as Joint Financial Advisers to refinance LASGs existing debt and raise additional debt for a combined amount of up to ₦150 Billion (approximately US$410 Million). The funds are to be applied towards various infrastructure projects for the State.

The transaction was significant; as it marked the first time the Lagos State Government would be refinancing and raising debt from commercial banks on a Club Deal basis with common terms across all participating banks.

The transaction was one part in a series which has resulted in the Lagos State Government raising up to ₦250 Billion from Nigerian commercial banks and the capital markets.

The transaction aimed to achieve three main objectives: raise funds for Lagos State to carry out and complete a number of infrastructure projects within the state, extend the tenor for some existing facilities, and standardise the cost of financing at more competitive rates across all the existing loan facilities.

Funds raised from the transaction are to be directly applied to some of the significant infrastructure projects currently being carried out in the state in support of LASG’s infrastructure agenda.

Upon completion, the projects will be transformational in nature, as they are expected to result in an improved quality of life in the city. These cut across the transportation, housing, education, health and environmental sectors.

Speaking on the transaction, Mr. Patrick Mgbenwelu, Head of Investment Banking at FBNQuest Merchant Bank Limited said, ‘‘We are pleased to have partnered with the Lagos State Government on this important transaction, which will contribute significantly to the infrastructure development goals of Lagos State.

“The transaction closed in record time, given the unique approach adopted. We look forward to working on other key projects that will support the strategic objectives of the State.”

FBNQuest Merchant Bank received the EMEA Finance African Banking Award for the Best Local Investment Bank in Nigeria, and was recognized at the FMDQ Gold Awards as the Most Innovative Registration Member in 2019.

These awards were in view of its leading role in key transactions across various sectors, as well as the continuous delivery of increased value through the registration of bond related transactions at the FMDQ Securities Exchange.


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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