ESP survival fund: More payroll support payments, MSME grants to commence this week

By Yinka Kolawole & Rosemary Iwunze

Stakeholders in the finance industry have urged the private sector to support the federal government’s drive to finance the infrastructure deficit in the country.

They spoke in Lagos, over the weekend, at the annual conference of the Finance Correspondents Association of Nigeria (FICAN) with the theme: ‘Financing Infrastructure & SMEs for inclusive growth in the post-COVID-19 economy’.

Speaking, the Director-General, Debt Management Office (DMO), Ms Patience Oniha, asserted that the government alone cannot address the country’s infrastructural needs, as the funds are not available.

“There must be creative ways of opening up the system to enable us to bring the private sector, where we can pool the capital to fund infrastructure. That has started with what we are doing with the road clean-up infrastructure with Dangote trying to take care of some roads. Some other private sector players will enjoy tax incentive to encourage them to participate, bearing in mind that the government alone cannot do it,” she said.

Oniha who was represented by Joe Ugoala, Director, Operational & Research Department at DMO, however, noted that there is room for more borrowing to finance infrastructure, stressing that investors have a huge interest in the country’s infrastructure development.

Former Acting Managing Director, Bank of Industry (BoI), Dr. Waheed Olagunju, called on the government and the private sector to boost the capacity of the Small and Medium Enterprises (SMEs) sector.

According to him, “We need to build the capacity of our people; government and the organised private sector have a role to play. I believe that the government and private sector development partnership will help.”

Standard

Chartered acts as joint lead manager on Access Bank Eurobond

Standard Chartered Bank, longside three other banks, has acted as Joint Lead Manager for Access Bank Plc on its US$500m Senior Eurobond Issuance.

The Senior Eurobond is a 5-year unsecured note (144A/RegS) under Access Bank’s US$1.5 billion Global Medium-Term Note Programme and is listed on the main market of the London Stock Exchange.

The bond matures in September 2026 and was issued with a yield and coupon of 6.125% with interest payable semi-annually in arrears.

According to the bank, the offering achieved the lowest (outstanding) Nigerian bank Eurobond coupon, supported by an over 3 times oversubscribed order book of over US$1.6 billion, which represents the largest order book ever for a Nigerian bank Eurobond transaction.

Standard

Chartered acts as joint lead manager on Access Bank Eurobond

Standard Chartered Bank, alongside three other banks, has acted as Joint Lead Manager for Access Bank Plc on its US$500m Senior Eurobond Issuance.

The Senior Eurobond is a 5-year unsecured note (144A/RegS) under Access Bank’s US$1.5 billion Global Medium-Term Note Programme and is listed on the main market of the London Stock Exchange.

The bond matures in September 2026 and was issued with a yield and coupon of 6.125% with interest payable semi-annually in arrears.

According to the bank, the offering achieved the lowest (outstanding) Nigerian bank Eurobond coupon, supported by an over 3 times oversubscribed order book of over US$1.6 billion, which represents the largest order book ever for a Nigerian bank Eurobond transaction.

Vanguard News Nigeria

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