Bond Action
N7.5 bn
Tier 2 Nigerian bank FCMB plans to raise N7.5 billion ($25 million) in Tier-II supplementary debt by year-end to strengthen its capital base, it said on Friday.
The bank had said in August it will raise between N10 billion to N15 billion naira of Tier II capital, targeting retail investors for the offering.
On Friday FCMB also posted a rise in pre-tax profits to N14.18 billion in the first nine months of the year, up from N2.56 billion in the same period last year.
NIBOR
14%
Nigeria’s overnight interbank lending rate or NIBOR held steady for the second consecutive week at 14 percent on Friday even as the market anticipated the injection of October budgetary allocations to government agencies to boost liquidity in the system.
On Wednesday, Nigeria distributed N420 billion ($1.34 billion) between its three tiers of government from crude oil revenues for the month of October.
Traders said half of the amount distributed, which belongs to states and local governments, is expected to pass through the banking system.
Ratings
‘’B’
Fitch Ratings has assigned Nigeria’s Kaduna State Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) of ‘B’ and a National Long-Term Rating of ‘A+(nga)’. The Outlooks are Stable. The ‘B’ ratings reflect Kaduna’s dwindling revenue prospects in line with declining statutory allocations from the central government as a result of weak oil prices. Oil-related revenues account for 70% of Nigeria’s current external receipts and Kaduna’s current revenue.
