By NKIRUKA NNOROM

AFRINVEST Asset Management Limited, managers of The Nigeria International Debt Fund, NIDF,  has announced the payment of N44.2 million coupon to the note holders.

The closure date, according to the company, has been slated for 29th July 2014, while the approved sum will be paid to Note Holders within two weeks of the closure date.

The coupon,  which represents 50 percent  of the Net Income of the Fund, is the first of the bi-annual coupon policy of the NIDF for the first half of the 2014 financial year. Afrinvest stated in a notice to the Nigerian Stock Exchange, NSE, that the coupon is the 33rd payment in the series.

While coupon rate would be determined by the number of note holders in the register of the Fund by 29th July 2014, it is estimated that the minimum coupon rate payable per note will be N36.00.

Meanwhile, Continental Reinsurance Plc said it has been granted a licence to open a subsidiary in Gaborone, Botswana.
The new Company will operate and be known as Continental Reinsurance Company Limited, Gaborone, Botswana.
Continental Re Plc owns 60 percent of the shares of the new company. The new company, “Continental Re will be able to serve all the countries existing in the South of Africa and the African Indian Ocean Islands including Angola, Mozambique, Botswana, Namibia, Lesotho, South Africa, Madagascar, Swaziland, Malawi, Zambia, Mauritius and Zimbabwe in line with its strategic direction,” the company said.
”This is expected to significantly boost premium income and profit of Continental Re Plc,” the company added.