- Nigeria will raise about ₦952.04 billion ($3.02 billion) with new issues of Treasury bills from Sept. 15 to Dec. 1, the CBN said on Wednesday in its latest issuance calendar. The regulator said it would sell ₦264.47 billion worth of three-month bills, ₦204.88 billion of six-month bills and ₦482.69 billion of one-year bills. In addition, the government is planning to issue ₦120 billion ($387 million) in local-currency-denominated bonds at an auction on September 14, according to the DMO. It would raise ₦40 billion each from debt maturing in 2021, 2026 and 2036 respectively, using the Dutch auction system. All the bonds are re-openings of previously issued debt. Nigeria is expected to borrow around ₦900 billion from the local market to bridge a budget deficit estimated at ₦2.2 trillion in this year’s budget.
- The PPPRA and key oil marketers in Nigeria’s downstream petroleum sector say current market fundamentals guiding PMS importation still favoured its sale within the government-approved pump price band of N135 to N145 per litre. The PPPRA and marketers which include the NNPC, Major Oil Marketers Association of Nigeria (MOMAN), and the Depot and Petroleum Products Marketers Association (DAPPMA) made the call after an emergency meeting with junior petroleum minister, Ibe Kachikwu. The meeting, according to a PPPRA statement, was convened by Kachikwu in response to new reports warning of a possible increase in the retail price of petrol.
- The Nasarawa state government may be losing about ₦300 million monthly in IGR to an ongoing industrial action by the state NLC chapter, the Punch reports. It is understood that the state’s revenue generating agencies such as the state Board of Internal Revenue and the Nasarawa Geographic Information Service indicated that total state IGR which varied between ₦350 million and ₦400 million in recent months had declined to a little over ₦100 million as junior staffers at both agencies have shunned their offices in the wake of the two-month strike.
- Staco Insurance Plc has raised ₦1.6 billion in fresh equity from its recent special placement from a listing of supplementary shares on the NSE. Staco had floated a special placement of 4 billion ordinary shares of 50 kobo each at the nominal value of 50 kobo in a bid to raise ₦2 billion in new equity. The insurance company’s issuance recorded an 80 percent subscription rate. The addition of the new ordinary shares increased Staco’s issued share capital to 9.34 billion ordinary shares. The new listing increased Staco’s market capitalisation to ₦4.67 billion. Staco, like most insurance stocks, has remained dormant at its nominal value of 50 kobo as the sector struggles with an asset mismatch hangover and a general slowdown in its business activities.
- Skye Bank Plc has increased its customers’ daily international spend limit from $100 to $300 on MasterCard debit cards and $500 daily and $3,000 monthly for Platinum Master Card debit card users. A statement by the bank said the development would not only provide convenience to its customers but will also ensure that Skye Bank customers on vacation or on a business trip outside the shores of the country do not run into difficulties on account of financial transaction limits.
- Great Nigeria Insurance Plc paid ₦700 million in claims in H1 2016 to its customers, the company said in a statement on Tuesday, with general business accounting for over 19 percent of the figure while its life insurance business constituted about 80 percent of the claims. The company said a major upgrade to its processes and technology infrastructure had improved the efficiency of its services’ delivery.