27th September, 2021

Nigeria needs $400bn to close energy shortfall, says Buhari: The President of the Federal Republic of Nigeria, Major Gen Muhammadu Buhari (Retd.), has said that Nigeria needs over $400bn to fund its critical energy needs.
N35.5trn debt unsustainable, worrisome —NECA: The Nigeria Employers Consultative Association, NECA, weekend, warned that the nation’s rising debt profile is not sustainable, advising that government adopts the Public Private Partnership, PPP, in addressing the huge infrastructure deficits.
Power firms lose N2.65b to vandals in N’East: The Transmission Company of Nigeria (TCN) has affirmed a N2.65 billion loss to vandals of power lines in Borno and Yobe states.
Capital market raised N176bn for infrastructure in four years – SEC: The Securities and Exchange Commission has said that the capital market raised N176bn in four years and has the potential to bridge the infrastructure gap in the country.
Experts proffer Leeway for CBN, partners’ N15tr infrastructure fund: Experts chart leeway for the workability of the N15tr infrastructure fund, being currently championed by the Central Bank of Nigeria (CBN) alongside African Finance Corporation and the Nigerian Sovereign Investment Authority.
GCR accords a rating of BBB+(NG) to Family Homes Sukuk Issuance Programme Plc’s N10bn Series 1 Ijarah Lease Sukuk Issue: GCR Ratings (“GCR”) has assigned a national scale long term issue rating of BBB+(NG) to Family Homes Sukuk Issuance Programme Plc’s N10bn Series 1 Ijarah Lease Sukuk Issue.
GCR affirms Family Homes Funds Limited’s Long Term Issuer rating of BBB+(NG), Stable Outlook: GCR Ratings (“GCR”) has affirmed the national scale long-term and short-term Issuer ratings of BBB+(NG) and A2(NG) respectively accorded to Family Homes Funds Limited, with the Outlook accorded as Stable.
GCR Affirms Union Bank of Nigeria Plc’s Series 2 Bonds Rating of BBB+(NG); Outlook Revised to Stable from Negative: GCR Ratings (“GCR”) has affirmed the national scale issue rating assigned to Union Bank of Nigeria Plc’s Series 2 Bonds of BBB+(NG) with the Outlook revised to Stable from Negative.
GCR Affirms Union Bank of Nigeria Plc’s National Scale Long-term and Short-term Issuer Ratings of BBB+(NG) and A2(NG) Respectively, Outlook Revised to Stable from Negative: GCR Ratings (“GCR”) has affirmed Union Bank of Nigeria Plc’s national scale long-term and short-term issuer ratings of BBB+(NG) and A2(NG) respectively, with the Outlook revised to Stable from Negative.
Fitch Upgrades Bank Of Industry’s National Rating to ‘AAA(Nga)’: Fitch Ratings has upgraded Bank of Industry’s (BOI) National Long-Term Rating to ‘AAA(NGA)’ from ‘AA+(nga);’ and affirmed the Nigeria-based bank’s Long-Term Issuer Default Rating (IDR) at ‘B’ with a Stable Outlook.
DFI, CDC Float $60m Facility as Part of African Private Credit Strategy: CDC Group, the UK’s development finance institution (DFI) and impact investor, has made a $60 million commitment under its African Private Credit Fund Strategy.
Pension funds rise by N480bn in seven months: The total pension fund assets under the Contributory Pension Scheme rose by N480bn between January and July 2021.
NNPC pulls out N215bn petrol subsidy from July FAAC: The Nigerian National Petroleum Corporation (NNPC) has disclosed that it spent N175.32 billion on petrol subsidy in the month of July 2021 which will be deducted from its remittance to Federation Account Allocation Committee (FAAC) in September.
FG raises $4bn Eurobond, says DMO: The federal government has raised the sum of $4 billion through Eurobonds. The Debt Management Office (DMO) announced that the $3 billion offer was heavily oversubscribed, as investors were ready to invest $12.2 billion. Consequently, the government decided to raise $1 billion more than the $3 billion original offer.
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