1. Nigeria to Start Repayment of $5 Billion Oil Debt This Month
2. FG sets up industrial policy, competitiveness council
3. Africa’s FDI to hit $850bn this year – UNCTAD
4. Arik Air owes local, foreign creditors N387bn – AMCON
5. World Bank disburses $13.63bn loans, grants to Nigeria
6. Nigeria seeks $3bn from World Bank, AfDB, others
7. AFC issues $500m Eurobond, attracts 231 investors
8. 2017 budget: FG to delay green bond sale
9. Buhari absent at FEC meeting, remains indoors
10. AMCON takes over three more Arumemi-Ikhide’s firms
Nigeria To Start Repayment Of $5 Billion Oil Debt This Month
Nigeria will start paying back a $5.1 billion debt owed to international oil companies, including Exxon Mobil Corp. and Royal Dutch Shell Plc, with a first installment this month in accordance with an agreement reached last year. “The initial payments would be made by the end of April 2017,” Emmanuel Kachikwu, Nigeria’s Minister of State for Petroleum Resources, said in an emailed statement Wednesday. The energy companies are expected to reciprocate “by ensuring that they ramp up investments in the country’s oil and gas sector,” he said.
FG Sets Up Industrial Policy, Competitiveness Council
The federal government has approved the establishment of the Industrial Policy and Competitiveness Advisory Council (The Industrial Council) to assist the government in formulating policies and strategies that will enhance the government’s industrialization goals.
Africa’s FDI To Hit $850bn This Year – UNCTAD
The Foreign Direct Investment (FDI) to Africa and other developing countries is expected to reach $850billion this year with Mozambique and Congo Republic having the large chunk of the investments, the United Nations Conference on Trade and Development has said. The UNCTAD Secretary General, Mukhisa Kituyi, who disclosed this during one of panel discussions at the recently concluded Annual Investment Meeting (AIM) in Dubai, United Arab Emirates, said financial experts expected flows into Africa to grow, the highest optimism of any region.
Arik Air Owes Local, Foreign Creditors N387bn – AMCON
More facts emerged yesterday on the alleged indebtedness of Arik Airline which was taken over by the Assets Management Corporation of Nigeria (AMCON). The new management of the airline has put the indebtedness at N387 billion. The amount comprises N375bn local debt; 31 million Euros being owed Lufthansa Technik Group managing Arik Air planes and $6.5m being indebtedness on the west coast. The foreign component of the indebtedness is estimated at about N12bn.
World Bank Disburses $13.63bn Loans, Grants To Nigeria
The World Bank has disbursed a total of $13.63bn in loans and grants to Nigeria as of March 31; a summary of the country’s debt portfolio provided by the bank has shown. The disbursement is out of a total of $21.44bn that had been approved by the bank’s Board of Directors. The total approval is made up of International Development Association credit of $11.65bn and International Bank for Reconstruction and Development’s loan of $7.14bn.
Nigeria Seeks $3bn From World Bank, AfDB, Others
The Federal Government is talking to the World Bank and African Development Bank for $3bn loans before it determines how much it will raise from Eurobonds to help fund this year’s budget. “From the World Bank, we are hoping to get $2bn,” the Minister of State for Budget and National Planning, Zainab Ahmed, said in an interview on Tuesday in Abuja, Bloomberg reported on Wednesday. While the African Development Bank in November disbursed $600m of a $1bn loan, the Federal Government wants the Abidjan-based lender to top up the remaining $400m.
AFC Issues $500m Eurobond, Attracts 231 Investors
A pan-African multilateral development finance institution and project developer, Africa Finance Corporation, has announced the issuance of a $500m seven-year Eurobond. The senior, unsecured Eurobond, which carries a coupon of 3.875 per cent, was priced to yield four per cent and matures in April 2024, the bank said in a statement on Tuesday. It said the Eurobond received strong global interest, with an order book of $2.4bn, representing about five times over-subscription from 231 investors across the Middle East, Asia, the United Kingdom, Europe and the United States.
2017 Budget: FG To Delay Green Bond Sale
The Federal Government will delay the issuance of green bond until the 2017 budget has been passed, the Minister of State for Environment, Ibrahim Jibril, has said. The Federal Government had planned to launch the N20bn ($65.55m) bond in April to fund projects to reduce carbon emissions and develop renewable energy. Announcing the plans in February, the Environment ministry said the programme was aimed at widening the country’s funding options and diversifying the economy.
Buhari Absent At FEC Meeting, Remains Indoors
President Muhammadu Buhari was absent at the Wednesday’s meeting of the Federal Executive Council held at the Council Chambers of the Presidential Villa, Abuja. He also did not report in his office but remained inside his official residence. The President’s absence sparked off another round of speculation on the state of health of the 74-year-old leader, who recently returned to the country from his 49-day medical vacation to the United Kingdom. The Minister of Information and Culture, Alhaji Lai Mohammed, told State House correspondents after the meeting that there was no cause for alarm on Buhari’s health.
AMCON Takes Over Three More Arumemi-Ikhide’s Firms
The Asset Management Corporation of Nigeria has taken over Rockson Engineering Limited, Ojemai Investment Limited and Ojemai Farms, two firms linked to the former Chairman of Arik Air, Sir Joseph Arumemi-Ikhide. According to the corporation, Rockson Engineering is indebted to it to the tune of N107bn; Ojemai Investment, N1.9bn; and Ojemai Farms, N8.6bn. Arik Air’s total debt is also put at about N387bn.
