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FG reappoints Oniha as DG, as DMO releases Sukuk rental payment calendar



The Federal Government has reappointed patience Oniha as Director-General of the Debt Management Office (DMO) for another five years.

Oniha announced her reappointment in a tweet on DMO’s verified twitter handle on Friday.

She thanked President Muhammadu Buhari for reposing confidence in her, while promising to rededicate herself to service to the country.

She said, “I have officially been re-appointed as the Director-General of the DMO.

“Special appreciation to His Excellency, President Muhammadu Buhari and the Federal Government for this grand opportunity once more.

“I remain committed to providing exceptional leadership and building on the growth of DMO.”

Recall that Oniha, an economist and a chartered accountant, began her career at Icon Limited Merchant Bankers in 1986.

After years in the private sector, she made a career move to the public sector when she joined the DMO in 2008 as Director, Market Development Department.

She was first appointed Director-General of DMO on July 1, 2017.

Meanwhile, the DMO has released the Federal Government of Nigeria (FGN) Sukuk Rental Payment Calendar.

According to the calendar, there is the 16.47 per cent FGN Sukuk 2024, issued on Sept. 26, 2017, which has Maturity Date as Sept. 26, 2024, and Rental Payment Dates as March 26 and Sept. 26.

Also on the calendar is the 15.74 FGN Sukuk 2025, issued on Dec. 28, 2018, with Maturity Date as Dec. 28, 2025, and Rental Payment Dates as June 28 and Dec. 28.

There is also the 11.20 per cent FGN Sukuk 2027, issued on June 16, 2020, with Maturity Date as June 16, 2027, and Rental Payment Dates as Dec. 16 and June 16.

The last item on the calendar is the 13.00 per cent FGN Sukuk 2031, issued on Dec. 29, 2021, with Maturity Date as Dec. 29, 2031, while Rental Payment Dates are June 29 and Dec. 29.

Money market

FBN Holdings’ market capitalisation hits $2.6bn after week of growth



FBN Holdings, one of Nigeria’s oldest banks on Wednesday has achieved a market capitalisation of N1.06 trillion ($2.6 billion) after a week of growth, with the share price rising by around 10 per cent.

The surge began in 2022 after billionaire investor Femi Otedola acquired a majority stake in the bank, triggering investor enthusiasm and a flurry of stock purchases.

At the time of Otedola’s acquisition, FBNH traded at just under N6 per share, meaning the stock price has quadrupled since the announcement.

In its third-quarter financial statements for the period, FBN Holding’s profit after tax (PAT) was N236.4 billion, a 159.2 percent increase from the N91.2 billion recorded in the corresponding period in 2022.

By surpassing the N1 trillion market cap, FBNH joins the exclusive group of Nigerian publicly traded companies known as SWOOTs (Stocks Worth Over One Trillion).

Other members of the SWOOTs group include Dangote Cement, Airtel Africa, MTN, BUA Cement, BUA Foods, Seplat, Zenith Bank, and GTCO.

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W’ Bank commits $5bn to expand electricity access in Africa by 2030



The World Bank has announced plans to allocate $5 billion towards bringing electricity to 100 million people in Africa by 2030.

The announcement was made by the President of the World Bank, Ajay Banga, during his speech at the mid-term review of the International Development Association’s $93 billion replenishment package in Zanzibar, Tanzania.

Banga highlighted the importance of providing support to low-income countries through the bank’s IDA, which offers zero- or low-interest loans.

He cited the initiative to bring electricity to millions of people in Africa as an example of how the funds from IDA will be used.

The World Bank’s plan to bring electricity to 100 million people in Africa by 2030 is a significant step towards improving the quality of life for millions of people on the continent.

The lack of access to electricity has been a major hindrance to economic development in many African countries, and this initiative will help to address this issue.

The allocation of $5 billion towards this project is a clear indication of the World Bank’s commitment to supporting sustainable development in Africa.

Banga said World Bank shareholders, donor countries and philanthropies needed to dig deeper to help IDA deliver better development outcomes to low-income countries.

He said, “The truth is we are pushing the limits of this important concessional resource and no amount of creative financial engineering will compensate for the fact that we need more.”

He also said the World Bank needs to revamp how it evaluates its performance to focus on improved outcomes, not numbers of projects or dollars disbursed.

That means moving towards platforms that can be replicated, such as an IDA-financed mini-grid that delivers electricity to rural communities in Nigeria.

“But this is just one example, I want to see 100,000 – 200,000 – half a million more,” he said, adding that IDA was investing $5 billion to deliver affordable renewable electricity to 100 million Africans before 2030.

The World Bank boss added, “But how can we hope to make even adequate progress while 600 million people in Africa – 36 million of whom live here in Tanzania – still don’t have access to reliable electricity? Put simply: We can’t.”

The current, 20th IDA funding round is due to be completed on June 30, 2025, with the Zanzibar conference aimed at adding to that funding.

Banga used to launch his campaign for the subsequent round of funding to well exceed $93 billion.

The World Bank President in Zanzibar said, “The truth is we are pushing the limits of this important concessional resource and no amount of creative financial engineering will compensate for the fact that we need more funding. This must drive each of us to make the next replenishment of IDA the largest of all time.”

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CBN approves reviewed service charter to enhance business facilitation



By Sodiq Adelakun

The Central Bank of Nigeria (CBN) has announced the approval of its reviewed Service Charter by Governor Olayemi Cardoso.

The Service Charter is a requirement of the Business Facilitation Act (BFA) 2022 and aims to improve the ease of doing business in Nigeria.

It also enables the Bank to comply with SERVICOM Nigeria’s directives on improving customer service delivery.

The Charter outlines the Bank’s promises to work with its external customers to meet their service expectations, as well as what the Bank expects from them.

In the foreword, the Governor reiterated the Bank’s “commitment to providing more responsive and citizen-friendly governance through quality service delivery that is efficient, accountable and transparent,” the CBN stated on its website.

The document outlines the Bank’s mandates, vision, mission, and core values. It contains the services the Bank offers through its various departments and the service standards for each service.

The Service Charter also includes a standardised customer complaints form for reporting service failure and a mechanism for addressing service failure in any of the Bank’s services.

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