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Stanbic IBTC partners with FMDQ OTC PLC in renewal of its NGN100 billion Multicurrency Commercial Paper Programme
Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC and a member of the Standard Bank Group, has received approval from the FMDQ OTC PLC for the renewal of its shelf registration of N100 Billion Multicurrency Commercial Paper (CP) Programme.

The renewal of the Programme, initially established in 2012 in compliance with the Central Bank of Nigeria (CBN) guidelines for CP issuance, clearly demonstrates Stanbic IBTC Bank’s commitment to actively contributing towards development of the financial and capital markets in Nigeria.

Only recently, Stanbic IBTC Holdings obtained approval from the FMDQ to register its debut N20 billion CP Programme. Consequently, Stanbic IBTC Holdings has the distinct advantage of accessing the CP market for bespoke funding needs in a timely fashion, as and when favourable market conditions arise.

Chief Executive, Stanbic IBTC Bank PLC, Dr Demola Sogunle, said that the renewal of the N100 Billion Multicurrency Commercial paper is in line with the bank’s strategic drive to promote alternative capital sources including debt financing.

Pursuant to these approvals, both Programmes shall be included on the Quotations List of the FMDQ, and all relevant information on the CP Programme uploaded to the FMDQ website. Stanbic IBTC Bank intends to resume regular issuance under its CP Programme imminently, as part of the bank’s overall assets and liabilities management strategy.

Notes issued under the Programme shall also be updated to the Quotations page of the FMDQ website after which they will be admitted to, and eligible for trading on, the platform. In contrast, Stanbic IBTC Holdings is not immediately contemplating a transaction.

Stanbic IBTC Bank and other members of the Stanbic IBTC Holdings PLC group of companies have had a longstanding history of partnership and promotion of capital markets development with the FMDQ.

Stanbic IBTC Bank is one of the 24 Commercial and Merchant Banks who are part owners and stakeholders of the FMDQ.

The Bank joined the platform in 2011 and has been an active partner since. Stanbic IBTC Bank was the first issuer to register a CP Programme and quote CP notes on the FMDQ platform in 2014. The Stanbic IBTC Bank CP Programme is also notable for being the first and only CP Programme to have been renewed on the FMDQ platform.

As a leading, and credible self-regulatory organization and securities exchange in Nigeria, FMDQ is recognised for its role in promoting development of the Nigerian capital markets, and deepening secondary market liquidity, thus bringing Nigeria closer in alignment with international best practice. FMDQ is also well known for upholding the highest standards of integrity in the markets under its purview.

Stanbic IBTC Bank PLC, is a subsidiary of Stanbic IBTC Holdings PLC, a full service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management.

Standard Bank Group, to which Stanbic IBTC Holdings belongs, is rooted in Africa with strategic representation in 20 key sub-Saharan countries and other emerging markets. Standard Bank has been in operation for over 154 years and is focused on building first-class on-the-ground financial institutions in chosen countries in Africa, and connecting selected emerging markets to Africa by applying sector expertise, particularly in natural resources, power and infrastructure.

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Liberia’s Ruling Party Expels President Ellen Johnson Sirleaf

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Liberia's Ruling Party Expels President Ellen Johnson Sirleaf

Liberia’s Ruling Party Expels President Ellen Johnson Sirleaf

The Liberia’s ruling Unity Party has ousted the country’s outgoing president, Ellen Johnson Sirleaf, from the party.

President, Ellen Johnson Sirleaf was voted out of Unity party late Saturday over her decision not to support Vice President Joseph Boakai, the party’s candidate in last year’s presidential poll.

Joseph Boakai, who has been President Johnson Sirleaf’s vice for 12 years, lost the election to former football superstar, George Weah.

George Weah visits Prophet TB Joshua

The one time world best footballer of the year won the presidential runoff by 61.5 percent of the votes casted in 14 of Liberia’s 15 counties.

Prior to the presidential runoff, Weah visited Prophet TB Joshua in Lagos, Nigeria to seek the face of God and prayers.

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This is Why Buhari Could be impeached

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President Buhari reportedly signs Proclamation labelling IPOB as Terrorist Group

This is Why Buhari Could be Impeached

Adesina Ogunlana, the President of Nigeria Bar Association, Ikeja branch has condemned President Muhammadu Buhari’s silence and inaction on herdsmen killings around the country.

According to Adesina Ogunlana, Buhari’s attitude is enough ground for him to be impeached.

While talking to the press, Adesina said the President is indirectly approving the killing by Fulani herdsmen. In his words:

“We have seen the federal government display its might and concern for security in certain parts of the country, the question and puzzle now is why the government is quiet in the face of the Fulani herdsmen which has led to the massacre of thousands of people and displacement of thousands of people from their normal abode.”

“The baffling silence, indifference and very low key response to the menace of the Fulani herdsmen who have been rated as the fourth deadliest terrorist organization in the world. This has raised grave allegation of partiality against the Federal Government in its clear relation to the menace of the Fulani herdsmen who have become notorious for mass slaughter of Nigeria people.

“We are joining hands and crying against the governor that it has not done enough. The chief reason, responsibility and duty of government is to ensure the security of life in its area. I dare say that the failure of the government to rise to the issue is enough ground for the impeachment of the President.

“Government where it fails to do its duty especially where it appears that indolence and ineptitude is deliberate and contrived, people would come to their own rescue and there would be no sympathy for that kind of a government.”

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Forbes: Aliko Dangote Remains Africa’s Richest Man

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50 Most Influential People; Bloomberg honours Dangote

Forbes: Aliko Dangote Remains Africa’s Richest Man

Billionaire business man Aliko Dangote, has again been named Africa’s richest man with a net worth of $12.2billion.

This is the for the seventh year in a row Dangote is topping the list of Africa’s richest man. He got an increase of $100m from a year earlier.

Only recently he was selected as the only African named in Bloomberg’s world 50 best persons in the year 2017.

Diamond mining heir, Nicky Oppenheimer of South Africa, is named number two on the list of Africa’s richest people with a net worth of $7.7bn. Making a whopping $700m from last year.

A notable change in the Forbes Billionaire List this year is the dropping of some notable Nigerians which includes Globacom Chairman, Mike Adenuga (5th richest man in Africa), with a net worth of $5.8bn, and Folorunsho Alakija (15th Richest in Africa), whose estimated $1.6bn fortune is in oil exploration.

However, two of the 23 listed African billionaires are women (unchanged from 2016) and they are; Isabel dos Santos, the daughter of Angola’s former President, Jose Santos, is worth an estimated $2.7bn, down from $3.2bn in 2016. Her net worth dropped in part due to a lower value for Banco BCI, as its book value plunged in 2016 amid a tough year for the oil-producing country.

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