FMDQ Kicks Off 2021 with the Admission of CPs for Total Nigeria, Valency Agro and Mixta Real Estate

Esan Bolaji
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FMDQ Kicks Off 2021 with the Admission of CPs for Total Nigeria, Valency Agro and Mixta Real Estate

The new year 2021 arrived with renewed hopes for the continued development of the Nigerian financial markets as corporates have already commenced with planning towards the achievement of their strategic goals and objectives.

The Nigerian Commercial Paper market, even during the ‘high-points’ of the pandemic last year, has continued to provide succour to both private and public institutions as we begin the new year.

FMDQ Hosts webinar on Leveraging the Nigerian Debt Capital Markets for Infrastructure Development
FMDQ | www.brandspurng.com

FMDQ Securities Exchange Limited has through innovative evolution continued to avail its credible and efficient platform as well as tailor its Listings and Quotations services to suit the needs of issuers and its Registration Members (sponsors of the issue on FMDQ Exchange).

Following the due diligence process, the Exchange,  through its Board Listings and Markets Committee, has approved the quotation of the Total Nigeria PLC ₦2.25 billion Series 1 and ₦12.75 billion Series 2 Commercial Papers under its ₦30.00 billion CP Issuance Programme and the Mixta Real Estate PLC ₦2.00 billion Series 32 Commercial Paper under its ₦20.00 billion CP Issuance Programme, as well as the registration of the Valency Agro Nigeria Limited ₦20.00 billion Commercial Paper Programme, on its platform.

The debut issuance of Total Nigeria PLC (Total Nigeria)’s CP, following a volatile period for the oil and gas industry as disrupted by the COVID-19 pandemic demonstrates innovation and confidence in the Nigerian debt capital market (DCM) towards supporting the vibrance of this sector and in turn the reactivation of the Nigerian economy.

The issue attracted significant demand from a wide range of investors – resulting in a subscription level of over 4 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”.

He thanked investors for supporting the company’s debut Issue and commended the financial advisers, Stanbic IBTC Capital Limited and FBNQuest Merchant Bank Limited, for ensuring the success of the Issue despite the challenging environment. 

Also commenting on the quotation, Tokunbo Aturamu, Head of Debt Capital Markets, Stanbic IBTC Capital expressed his delight that Total Nigeria has joined the growing list of blue-chip corporates who have embraced CP issuances in the Nigerian debt capital markets as a means of funding their working capital requirements.

He also thanked 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 ₦15.00 billion debut CP issuance under the Programme.

In the same vein., with double-digit inflation rates and soaring food prices compounded by the growing Nigerian population, it has become more imperative to catalyse the country’s agricultural value chain transformation in a bid to drive increased and sustainable production of agricultural products as well as foreign earnings through exports.

Valency Agro Nigeria Limited (Valency Agro), is incorporated in Nigeria as a private limited liability company under Valency International Pte Limited (Valency International) – an international commodity trading house with its presence in over 15 countries – deals in the sourcing, production, and trading of Agro and consumer food products.

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 ₦20.00 billion CP Issuance Programme. We also commend FMDQ for the seamless process despite 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 towards meeting the midterm working capital requirements of the various agricultural produce and on value addition prior to export”.

The registration and quotation of these CPs on FMDQ Exchange endorse the evolution of FMDQ Holdings PLC (“FMDQ” or “FMDQ Group”) into a world-class vertically integrated financial market infrastructure group and its strategic role as a market organiser, committed to advancing the growth of the Nigerian financial market.

FMDQ Group is unwavering in its pursuit of product and market innovation as well as stakeholder engagement, towards making the Nigerian financial market globally competitive, operationally excellent, liquid and diverse, in line with its GOLD Agenda.

FMDQ continues to bring about revolutionary changes in the Nigerian capital market through its exchange, clearing, depository and private markets subsidiaries; providing a seamless process and value-chain for market participants to commence and end their financial market transactions.

World Bank Plans to Invest over $5 Billion in Drylands in Africa

Esan Bolaji
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World Bank Plans to Invest over $5 Billion in Drylands in Africa

The World Bank plans to invest over $5 billion over the next five years to help restore degraded landscapes, improve agriculture productivity, and promote livelihoods across 11 African countries on a swathe of land stretching from Senegal to Djibouti.

World Bank Group President David Malpass announced the investment at the One Planet Summit, a high-level meeting co-hosted with France and the United Nations that is focused on addressing climate change and biodiversity loss.

World Bank Plans to Invest over $5 Billion in Drylands in Africa

“This investment, which comes at a crucial time, will help improve livelihoods as countries recover from COVID-19 while also dealing with the impact of both biodiversity loss and climate change on their people and economies,” said Malpass.

The more than $5 billion in financing will support agriculture, biodiversity, community development, food security, landscape restoration, job creation, resilient infrastructure, rural mobility, and access to renewable energy across 11 countries of the Sahel, Lake Chad and Horn of Africa. Many of these efforts are in line with the Great Green Wall initiative. This builds on World Bank landscape investments in these countries over the past eight years that reached more than 19 million people and placed 1.6 million hectares under sustainable land management.

“Restoring natural ecosystems in the drylands of Africa benefits both people and the planet,” said Moussa Faki Mahamat, Chairperson of the African Union Commission.

Working with many partners, PROGREEN, a World Bank global fund dedicated to boosting countries’ efforts to address landscape degradation, will also invest $14.5 million in five Sahelian countries – Burkina Faso, Chad, Niger, Mali, Mauritania.

The World Bank Group is the biggest multilateral funder of climate investments in developing countries. In December 2020, the World Bank Group announced an ambitious new target for 35% of its financing to have climate co-benefits, on average, over the next five years.

Asharami Energy Appoints Menkiti As Coo To Drive Enhanced Production Target

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Asharami Energy Appoints Menkiti As Coo To Drive Enhanced Production Target

Asharami Energy, a Sahara Group Upstream Company, has appointed Henry Menkiti as its Chief Operating Officer to boost ongoing expansion projects aimed at delivering the company’s ambitious production target over the next few years. Henry’s appointment took effect on the 8th of December 2020.

Asharami Energy is one of Africa’s leading independent Exploration and Production (E&P) players with a diverse portfolio of nine oil and gas assets in prolific basins across Africa.

ASHARAMI ENERGY APPOINTS MENKITI AS COO TO DRIVE ENHANCED PRODUCTION TARGET Brandspurng

Ade Odunsi, Executive Director, Sahara Group, and supervising Director of Sahara’s Upstream Division said Henry’s global expertise of over 30 years would transform business operations at Asharami Energy and position the company for its next phase of “competitive and sustainable growth.”

“Sahara Group is delighted to have Henry join the Sahara Family as we continue to seek innovative ways of bringing energy to life across the entire energy value chain. Henry shares our aspiration of transforming the upstream sector in Africa through investment in technology, human capital and emphasis on sustainability,” Odunsi said.

Sahara Energy, Petroci Seal $43m LPG Facility Deal

Menkiti who will oversee Asharami Energy’s Operations, Corporate Development, Mergers & Acquisitions, Research and Development as well as External Technology Engagement, said he considered the opportunity to work with Asharami as “refreshing and historic”.

“Joining the Sahara Group to oversee the upstream operations is a project I am excited about having worked at different locations across the globe. We have a vision to birth something new in the African upstream sector and the team at Asharami Energy is set to deliver this with a distinctive mark of excellence,” he added.

Prior to joining Sahara, Henry spent 27 years at Schlumberger Limited in a succession of senior leadership positions in Exploration & Production – including Vice President of Schlumberger interpretation services and world-wide Vice President of Schlumberger’s Reservoir Characterization Group.

He was also part of the core management team for Schlumberger E&P initiative (SPM). Earlier in his career at Schlumberger, he held various Field & Management positions including Domain Manager at Wireline Headquarters & roles in Seismic Operations.

More recently, he was VP, Business Development for LYTT, an Upstream subsidiary of BP. He has also been involved in Business Consulting across North America, Latin America, Europe and West Africa.

Nielsen Begins Tracking Premium Theatrical Films Being Distributed On Streaming Platforms

Esan Bolaji
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Nielsen Begins Tracking Premium Theatrical Films Being Distributed On Streaming Platforms

New Service Gives Industry A Wide Array Of Consumer Data And Actionable Insights For This New Form Of Distribution Accelerated And Influenced By Covid-19

Nielsen announced that it is launching its Theatrical Video-On-Demand (TVOD) measurement service as a way to capture viewing to movie releases that are directly available to consumers to rent or purchase on-demand through streaming/MVPD platforms. 

Often offered at premium pricing, this rapidly expanding distribution model of film releases was accelerated by COVID-19 early in 2020 as content creators, such as studios, sought to offset disruption caused by social distancing mandates that temporarily closed movie theatres across the U.S.

The evolution of theatrical distribution, especially during the COVID-19 pandemic, has introduced a new opportunity for both consumers and content owners by delivering theatrical releases directly to viewers in the comfort of their own homes.

As a result, the entire media food chain, from studios to talent, have a need to analyze the volume and reach of their audiences by detailed household and person’s characteristics, such as age and gender, ethnicity or even territory.

Nielsen’s TVOD measurement service will help clients uncover how many people are streaming this type of valuable content in relation to other content options.

Additionally, it will deliver detailed demographic and behavioural information beyond what the standard box office metrics, transactional rental or purchase information often provides, allowing for crucial audience-driven decisions in regard to licensing and promotion.

The past year, underpinned by COVID-19 related uncertainty, has changed consumer behaviour, driving a rise in streaming consumption. In fact, streaming now accounts for nearly a quarter (23%) of total usage among OTT capable homes, up from 21% just a year prior, and a much broader swath of consumers have enabled streaming capabilities, presenting a new opportunity to deliver this form of entertainment directly.

“As this unprecedented pandemic continues to influence consumer behaviour, perhaps even through a prolonged state of recovery waves, being able to measure and help clients appropriately monetize new revenue streams has never been more crucial,” said Scott N. Brown, GM Audience Measurement, Nielsen.

“A bigger question might be what will audiences do following any recovery, how the behaviour adopted during stay-at-home orders might influence habits when consumers have the ability to go back to theatres to enjoy that experience and how content creators will leverage data to make the best decisions regarding distribution platforms in the future.”

Nielsen Holdings plc is a global measurement and data analytics company that provides the most complete and trusted view available of consumers and markets worldwide. Nielsen is divided into two business units.

The Top 10 Most-Streamed TV and Movies of 2020 are here

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The Top 10 Most-Streamed TV and Movies of 2020 are here

2020 has been branded with an assortment of labels and titles, but from a media perspective, it was a truly transitional year for streaming video. With dramatic impacts to traditional staples like live sports, and an anxiety-inducing hyper news cycle alternating between COVID updates and political divisiveness, streaming video provided a much needed escape. 

While the massive spikes in media usage that sparked streaming enablement into near ubiquity weren’t unexpected given countrywide lockdowns, the aftermath reflects a permanently altered media landscape, with video streaming accounting for a larger share of overall media consumption than in previous years.

The Top 10 Most-Streamed TV and Movies of 2020 are here Brandspurng

Unsurprisingly, streaming platforms have become video wellsprings for content-hungry consumers, with well-advertised originals like Ozark, The Boys and The Mandalorian grabbing much of the spotlight.

TOP STREAMING CONTENT OF 2020 – ORIGINAL SERIES

Rank

Program Name

SVOD Provider(s)

# of Episodes

Minutes Streamed (Nearest Million)
1 OZARK Netflix 30 30,462
2 LUCIFER Netflix 75 18,975
3 THE CROWN Netflix 40 16,275
4 TIGER KING Netflix 8 15,611
5 THE MANDALORIAN Disney+ 16 14,519
6 THE UMBRELLA ACADEMY Netflix 20 13,470
7 GREAT BRITISH BAKING SHOW Netflix 65 13,279
8 BOSS BABY: BACK IN BUSINESS Netflix 49 12,625
9 LONGMIRE Netflix 63 11,382
10 YOU Netflix 20 10,965

 

Source: Nielsen SVOD Content Ratings (Netflix, Amazon Prime, Disney+ and Hulu), Nielsen National TV Panel, U.S. Viewing through Television. U.S. Persons 2+, Total Minutes Viewed During 2020 (December 30, 2019 through December 27, 2020). 

Read as: Ozark had nearly 30.5 billion minutes streamed.

TOP STREAMING CONTENT OF 2020 – ACQUIRED SERIES

Source: Nielsen SVOD Content Ratings (Netflix, Amazon Prime, Disney+ and Hulu), Nielsen National TV Panel, U.S. Viewing through Television. U.S. Persons 2+, Total Minutes Viewed During 2020 (December 30, 2019 through December 27, 2020).
Read as: The Office had over 57 billion minutes streamed.

TOP STREAMING CONTENT OF 2020 – MOVIES

Source: Nielsen SVOD Content Ratings (Netflix, Amazon Prime, Disney+ and Hulu), Nielsen National TV Panel, U.S. Viewing through Television. U.S. Persons 2+, Total Minutes Viewed During 2020 (December 30, 2019 through December 27, 2020).
Read as: Frozen II had nearly 15 billion minutes streamed.

And while consumers binged nearly 30.5 billion minutes of Ozark during 2020, they did so across a total of 28 episodes. Similarly, consumers watched more than 57 billion minutes of The Office, which ended its run on Netflix in December, but that viewing covered 192 episodes.

When looking at the types of content that was successful in 2020, it was original content that sparked cultural phenomenons and shepherded in new subscribers to both established and nascent platforms.

However, the most-viewed pieces of content on streaming platforms overall weren’t simply the original ones: They were the older shows that first found success on more traditional channels. While original content can generate buzz and draw in audiences, library content is what viewers find comfort in, watch casually and often return to. Simply put, they’re known quantities.

They’re the shows that viewers will turn to, as they already have established connections with audiences and provide easy viewing, especially when the hunt for new content to binge may be daunting.

Outside of episodic programming, the trends are much different, as eight of the top 10 movies (in terms of minutes watched) available on SVOD platforms in 2020 were kids’ titles. Unlike adults, children will watch and re-watch their favorite content time and time again (perhaps despite the sake of their parents’ possible sanity).

This helped land titles like Frozen II, Moana, Secret Life of Pets 2 and Onward into this year’s top 10 list, with each attracting viewership of between 8.3 billion and nearly 15 billion minutes each.

In addition to providing a stop-gap to the traditional theater experience during a year where many spent their time close to home, kids movies on streaming platforms likely helped many households cope with having children at home when they would traditionally be away at school.

Kids’ habits aside, streaming platforms offered a lifeline for movies that could no longer be released through a traditional means and in turn made films more easily accessible to a larger audience. After initially disrupting the television space, streaming services are enabling new options for the film industry as well.

CBN Issues Framework for QR Code Payments in Nigeria

Esan Bolaji
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CBN Issues Framework for QR Code Payments in Nigeria

In furtherance of its mandates to, ensure the safety and stability of the Nigerian Financial System, promote the use and adoption of electronic payments and foster innovation in the payments system, the Central Bank of Nigeria hereby issues the Framework for Quick Response Code (QR Code) Payments in Nigeria.

Quick Response (QR) Codes are a kind of matrix barcode representing information presented as square grids, made up of black squares against a contrasting background, that can be scanned by the imaging device, processed and transmitted by appropriate technology.

CBN Issues Framework for QR Code Payments in Nigeria Brandspurng

These codes can be used to present, capture and transmit payments information across payments infrastructure. The technology further enables the mobile channel to facilitate payments and presents another veritable avenue for promoting electronic payments for micro and small enterprises.

Scope and Objectives

This framework provides regulatory guidance for the operation of QR Code payment services in Nigeria. It aims to ensure the adoption of appropriate QR code standards for safe and efficient payments services in Nigeria. The framework therefore stipulates:

  1. Acceptable QR Code Standards for implementing QR Payments in Nigeria;
  2. Interoperability of QR Payments in Nigeria;

iii. Roles and Responsibilities of Participants in QR Payments in Nigeria;

  1. Risk management principles for QR code Payments in Nigeria

3.0 QR Code Specifications for Payments in Nigeria

Implementation of QR Code for payments in Nigeria shall be within the following specifications:

3.1 QR Code Payments in Nigeria shall be based on the EMV® QR Code Specification for Payment Systems;

3.2 The Bank may also approve the implementation of any other QR Code Standard, provided it meets the prescribed security requirements within the framework, demonstrates interoperability with other existing implementation in the industry and/or cost benefits to end-users (merchants and customers);

3.3 QR Code Payments implementation in Nigeria shall support account, wallet, card and token-based QR Code Operations;

3.4 Implementation of QR Code for payments in Nigeria shall be based on the Merchant-presented mode (where merchants present the QR Code for buyers to accept in order to conclude payment transactions) specification;

QR Code Payment Users to Reach 2.2 Billion Globally by 2025, as Services Expand Beyond China & India

4.0 Participants in QR Code Payment in Nigeria

Participants in QR Code Payment in Nigeria include;

  1. Merchants
  2. Customers

iii. Issuers (Banks, MMOs and Other Financial Institutions)

  1. Acquirers (Banks, MMOs and Other Financial Institutions)
  2. Payments Service Providers 

5.0 Responsibilities of Participants in QR Code Payments in Nigeria

  1. Merchants shall
  2. Use and display only approved QR Codes in Nigeria;
  3. Comply with service agreements executed with the acquirer;
  4. Cooperate with the order to investigate any reported fraudulent transaction;
  5. Report suspicious use of QR Codes for payments to the acquirer;
  6. Confirm with the rules and regulation of the acquirer;
  7. Be guided by the extant CBN Guidelines on Electronic Payments Channels in Nigeria, Guide to charges by banks, other financial and non-bank financial institutions, and other applicable regulation as may be issued by the Bank.

  1. Customers shall;

  2. Use QR Code payments applications availed by the issuer and for the intended purpose without modifications, at merchant locations/websites/applications;
  3. The consumer shall adhere to all minimum security guidelines as stipulated by the issuer;
  4. Report inappropriate/unauthorised QR Code Payment transaction on their accounts/wallets.

iii. Issuers (Banks, MMOs and Other Financial Institutions) shall:

  1. Provide QR Code Payment application to customers upon request and activation by the customer;
  2. Execute service agreement with their customers;
  3. Comply with Card Scheme Rules (where applicable);
  4. Determine and agree on appropriate transaction limits with customers for QR Code Payments based on their customers’ risk profile assessment;
  5. Ensure appropriate configurations on QR Code Payment application that use QR codes for payments in conformity and compliance with requirements of QR Code regulations;
  6. Deploy necessary updates and patches on its QR Code Payment application and ensure the customer is unable to initiate a transaction through the older version of the application where the customer fails to apply the update within 14 days of the availability of the update or patch;
  7. Without prejudice to(f) above, issuers may induce an automatic update of the customer’s application where applicable;
  8. Provide adequate training, support and security guidelines to customers on the use of QR code for payments;
  9. Ensure security of QR Code payment application for QR Code payments;
  10. Resolve customers dispute in accordance with the CBN Consumer Protection Regulation.
  11. Be guided by the extant CBN Guidelines on Electronic Payments Channels in Nigeria, Guide to charges by banks, other financial and nonbank financial institutions, and other applicable regulation as may be issued by the Bank.

  1. Acquirers shall

  2. Execute service agreement with merchants;
  3. Determine and agree on appropriate transaction limits with merchants for accepting QR Code Payments based on its risk profile assessment of the merchant;
  4. Ensure appropriate configurations and use of QR codes at Merchant location/website/applications in conformity and compliance with requirements of QR Scheme(s) and QR Code regulations;
  5. Ensure that appropriate security protocols are applied.
  6. Provide adequate training, support and security guidelines to merchants on the use of QR code for payments;
  7. Ensure that hardware, software, protocols used for QR Code for payments are in conformity with the requirements of operations of QR Code payments regulations;
  8. Give merchants value for QR Code transaction within T+1 or as may be agreed with the merchant;
  9. Be guided by the extant CBN Guidelines on Electronic Payments Channels in Nigeria, Guide to charges by banks, other financial and nonbank financial institutions, and other applicable regulation as may be issued by the Bank.

  1. Other Payments Service Providers (Switches & PSSPs) shall;

  2. Support processing and settlement for all issuers and acquirers;
  3. Facilitate interoperability of QR Code Payments for all issuers and acquirers;
  4. Ensure full compliance with this Framework and other extant guidelines on electronic payments and transaction processing.

6.0 Interoperability

All issuers, acquirers, switches, processors and other participants in QR payments in Nigeria shall ensure full interoperability of QR Code Schemes in Nigeria.

7.0 Risk management and compliance

The following risk management principles shall guide the operations of QR Code Payments in Nigeria:

  1. Issuers and acquirers shall clearly define risk management policy and guidelines for the operation of the QR Code Scheme. The risk management guidelines shall include the detailed stipulation of the responsibilities of all participants for managing risk;
  2. QR Codes shall, at a minimum, be encrypted (AES) and/or signed;
  3. QR Codes Payments applications, updates and patches shall be duly certified by the Payment Terminal Service Aggregator (PTSA);
  4. Issuers and Acquirers shall agree to a minimum due to diligence guidance for merchant onboarding without prejudice to the KYC/AML requirements of the Bank;
  5. Issuers and Acquirers shall ensure that only PTSA certified QR Code shall be utilised;
  6. Issuers and Acquirers shall ensure behavioural monitoring and fraud management systems are implemented to prevent, detect and mitigate fraud and money laundering;
  7. Issuers shall have the overall responsibilities for managing fraud risk and shall coordinate all participants towards managing fraud in its scheme;
  8. Issuers shall provide quarterly risk management assessment report to the Director, Payments System Management Department. The risk management assessment report shall include among other fraud report, vulnerabilities assessment and risk-mitigating measures introduced. 

8.0 Dispute Resolution

All consumer complaints shall be resolved in accordance with the CBN Consumer Protection Regulation.

9.0 Infringements and Sanctions

All parties shall comply with the provisions of this framework and other relevant guidelines issued by the CBN. The Bank shall apply appropriate sanctions to any party that fails to comply accordingly

NSE to Review 2020 Market Activities and Provide 2021 Outlook​

Esan Bolaji
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NSE to Review 2020 Market Activities and Provide 2021 Outlook​

The Nigerian Stock Exchange (NSE) will hold it’s annual 2020 Market Recap and 2021 Outlook on Tuesday, 19 January 2021. 

In light of the current protocols around the COVID-19 pandemic, the event will hold virtually and is open to members of the stockbroking community, analysts, regulators, media, and other stakeholders in the capital market. Interested participants can register via the link: http://bit.ly/nse-2021-outlook. 
NSE upgrades its whistleblowing platform

At the event, the Chief Executive Officer, NSE, Mr. Oscar N. Onyema OON, supported by members of the Executive Committee will give a presentation covering:

  • Global capital market review, particularly the impact of the COVID-19 pandemic
  • A review of the performance of The Exchange. This will cover product performance (Equities, Fixed Income and Exchange Traded Products); The NSE’s strategic performance across business development (listings, index launch, strategic projects, etc.); market initiatives (business partnerships, innovation, advocacy, and more); and Corporate Citizenship development (ESG related efforts).
The event will also feature a special presentation from Managing Director, Chief Economist, Africa and the Middle East, Global Research, Standard Chartered Bank, Ms Razia Khan, on the prognosis for 2021 – local and international market postulations, capital market projections, and more.
​
It would be recalled that in previous years, this event has provided an opportunity for participants to interact with the Management of The Exchange. There will, therefore, be a Questions & Answers session to shed more light on what capital market stakeholders can look forward to in 2021.

DMO Calls the Market’s Bluff, Redeeming Over 65% Of the Amount Offered on the 364days Bills

Esan Bolaji
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DMO Calls the Market’s Bluff, Redeeming Over 65% Of the Amount Offered on the 364days Bills

The bearishness in the FGN bond space continued today, as a flurry of sellers cut across the benchmark curve. The 2027s, 2029s, and 2049s were the major losers in today’s market, as yields jumped by over 80bps compared to the previous day’s offered levels.

Few trades printed on the 2029s bond around 7.80% levels at the early hours of trading, although by mid-day, market attention shifted to the curve’s tail as offers became more attractive for some market participants.

Although a chunk of market bids stood above 9% levels for the 2049s paper, we saw few trades print around 8.95% towards the close of trading. On the other hand, the 2050s bond was initially offered at 8.30% and then climbed by an additional 30bps, but still failed to trigger any trades as bids stood far at 9.05% levels.

Subsequently, yields expanded by an additional c.5bps on the average across the benchmark bond curve compared to yesterday’s closing.

We expect market bearishness to persist tomorrow, with few opportunistic bulls who would take advantage of the market levels and cherry-pick on selected bonds of their choice.

Treasury Bills

The treasury bills market opened trading with a quick rush for short-dated bills, especially the 09th March bills which traded around 0.17% levels.  This was however short-lived as the market returned to a snooze, with loads of offers seen for Jun. 2020 to Jan. 2021 bills. The bid/ask spread on the longest-dated OMO bill initially opened 60bps apart, tightening slightly to close the day at 3.15%/2.20%.

At the Primary Market Auction (PMA), the DMO rolled over a total of c. N107.22bn across three tenors, approximately 46.14% of the amount offered. Although they redistributed their allotment on the three tenors, over 65% was repaid on the 1yr paper as they resisted the urge to issue bills at high levels.

Stop rates closed higher by an average of c.418bps across the three tenors, with a bid-to-cover ratio of 2.92X for a 1-year tenor, which attracted most market bids.

We expect improved demand for NTBs papers in tomorrow’s trading session, as local investors look to fill-in lost bids from today’s PMA.

Money Markets

Interbank rates dropped by an average of 150bps compared to yesterday’s levels, as the market opened at over N440BN positive. Subsequently, OBB and OVN rates closed the day at 1.50% and 2.00%, respectively.

We expect a further drop in rates tomorrow since we don’t foresee any significant outflow in the interbank market that would put additional pressure on funding regular market activities.

FX Market

Transaction volume decreased by 52% D/D as a total of over $17m passed through the I &E FX window, the lowest volume seen in the past couple of months as the supply of FX continue to dwindle in the market. Despite this, its rates appreciated dropping slightly by 0.15%, while most banks are still actively bided within the range of N383/1$ and N410/1$.

However, all other market segments remained unchanged, with the cash and transfer market closing at N473/$1 and N484/$1, respectively.

Eurobonds

The NIGERIA Sovereign tickers retraced further as more actions from profit-taking continue to weaken yield across the curve.  We noted better offers across the sovereign curve, most especially in the mid-and long-dated maturities, which was met with less aggressive bids, consequently causing yields to expand by an average of c.15bps across the sovereign curve.

Like the sovereign papers, most of the tracked papers for the NIGERIA Corps weakened, especially for the SEPLLN 2023s papers, which expanded by +c.40bps D/D.

Check out some amazing shots from Oluronbi the Musical (Photos)

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Check out some amazing shots from Oluronbi the Musical (Photos)

For people who have even as much as a passing interest in Nigerian theatre, the name “Bolanle Austen-Peters” will ring a bell. She is known for her sublime and critically acclaimed stage performances and movies including Saro the Musical, Fela and the Kalakuta Queens, Bling Lagosians, among others.

Check out some amazing shots from Oluronbi the Musical Brandspurng1
L-R: Music Director, the Oluronbi Musical, Kehinde Oretimehin; Director and Producer, the Oluronbi Musical, Bolanle Austen-Peters, Chief Customer Relations Officer, MTN Nigeria, Ugonwa Nwonye and the King in Oluronbi Musical Ropo Ewenla at the theatrical performance of the Oluronbi Musical at Terra Kulture in Lagos | www.brandspurng.com

Late last year, Bolanle Austen Peters Production, sponsored by MTN, brought the Oluronbi Musical to stage at Terra Kulture. Oluronbi, an ancient Yoruba folktale follows the life of a woman who promises to dedicate her first child as offering to the spirits who cured her barrenness.

Check out some amazing shots from Oluronbi the Musical Brandspurng1
L-R: Music Director, the OluronbiMusical, Kehinde Oretimehin; Chief Customer Relations Officer, MTN Nigeria, Ugonwa Nwonye; Director and Producer, the Oluronbi Musical, Bolanle Austen-Peters and a cast member, the Oluronbi Musical, Mawuyan Ogun at the theatrical performance of the Oluronbi Musical at Terra Kulture | www.brandspurng.com

From the impeccable music direction of Kehinde Oretimehin to the brilliant dance and acting from a talented cast, a masterpiece was created. If you missed it, not to worry, we have some pictures for you to enjoy.

Here are some amazing moments from the shows:

Check out some amazing shots from Oluronbi the Musical Brandspurng1 Check out some amazing shots from Oluronbi the Musical Brandspurng1 Check out some amazing shots from Oluronbi the Musical Brandspurng1 Check out some amazing shots from Oluronbi the Musical Brandspurng1

Coca-Cola Nigeria Limited Announces Alfred Olajide As New Managing Director

Esan Bolaji
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Coca-Cola Nigeria Limited Announces Alfred Olajide As New Managing Director
Coca-Cola Nigeria Limited Announces Alfred Olajide As New Managing Director Brandspurng
Alfred Olajide, Vice President and Managing Director, Coca-Cola Nigeria | www.brandspurng.com
Coca-Cola Nigeria Limited Announces Alfred Olajide As New Managing Director Brandspurng1
Alfred Olajide, Vice President and Managing Director, Coca-Cola Nigeria | www.brandspurng.com

Coca-Cola Nigeria Limited is a total beverage company, offering one of the world’s most valuable brands, Coca-Cola. The Company portfolio includes valuable beverage brands, such as Coca-Cola, Fanta, Sprite, 5Alive juices, Eva water, Schweppes and Limca.

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