Nigeria Wins EMEA Finance Awards [2018]

Nigeria wins awards in three categories for its securities issuance activities in the domestic and international capital markets at the EMEA Finance Awards [2018].

The EMEA Finance awards were for the best sovereign bond in Africa – $3 billion dual-tranche (10 and 30-year) Eurobonds issued in November 2017.

It also won awards for most innovative bond – $300 million diaspora bond issued in June 2017 and best naira bond – ₦100 billion seven-year inaugural Sukuk issued in September 2017.

Nigeria issued its first diaspora bond for $300 million in June 2017 and was selected for the award for the uniqueness in the manner in which it was structured.

The bond is also the first security issued by Nigeria that is registered with the US Securities and Exchange Commission.

According to the communications department of the Nigerian Debt Management Office (DMO):

“Even more significant for Nigeria is that awards by EMEA Finance are made after evaluating several transactions, each of which is unique, using clearly defined criteria.

That three transactions by Nigeria won awards from a competitive process, is a huge plus for Nigeria.

With the three billion dollar dual-tranche ($1.5 billion for 10 years and $1.5 billion for 30 years), Nigeria recorded several firsts, making it a landmark transaction.

Firstly, it was the very first time that Nigeria raised an amount that large at once in the International Capital Market (ICM).

Secondly, it was the first time a Sub-Saharan African country other than South Africa issued a 30-year bond in the ICM.

For Nigeria, the significance of the tenor lies in the fact that it could now access stable long-term funds necessary to finance infrastructure.

Indeed, Nigeria is proud to have opened the 30-year window as some other African countries such as Kenya subsequently issued 30-year bonds.”

Furthermore, the DMO added that the use of the proceeds was the most significant aspect of the product as they have been deployed to the designated 25 Road Projects across Nigeria’s six geopolitical zones.

The Office recalled that a recent inspection of the road projects confirmed that a silent transformation in infrastructure had begun through Sukuk financing, adding that it was also significant that Sukuk had opened a window for financial inclusion.

According to the statement from the DMO, Patience Oniha, DMO’s Director General says that the DMO’s primary responsibility is to manage public debt.

She also said that in executing this mandate, it would introduce initiatives and products to support the development of the domestic market.

This, she said was to position it as a veritable source of funds for the private sector to enable them contribute to Nigeria’s economic growth and development.

FBNQuest

FBNQuest Merchant Bank, FBNQuest Asset Management and FBNQuest Securities — all members of the FBNHoldings Group — emerged as winners in several categories at the EMEA Finance 2018 Awards as the firms were awarded “Best Local Investment Bank”, “Best Asset Manager in Nigeria”, “Best Asset Manager, Pan-Africa” and “Best Broker in Nigeria.”

According to a statement by the firm, FBNQuest Merchant Bank was awarded best investment bank for its leading role in key transactions across various sectors, such as Nigerian Breweries’ ₦11.08 billion Series 13-15 Commercial Papers; the FGN’s ₦100 billion Inaugural Sovereign Sukuk; Dufil Prima Foods’ ₦10 billion Series 1 Bond; the Divestment of AMCON’s 100% Shareholding in Keystone Bank Limited; and Notore Chemical Industries Plc’s Listing by Introduction on the Main Board of the NSE, to name a few.

According to Kayode Akinkugbe, MD/CEO of FBNQuest Merchant Bank:

“We are positioned to provide services to an expansive client base of retail, high net-worth and institutional customers.

FBNQuest remains committed to consistently providing financial solutions that will enable our clients make a difference, and we are honoured to be recognized once again as a reflection of the quality of support we give our clients.

We will continue to deliver our expertise in financing, advisory, trading and investing solutions, as well as our unique distribution and execution capabilities as a part of the FBN Holdings group.

FBNQuest Merchant Bank has maintained a consistently strong position in the investment banking subsector in Nigeria, with a rich pedigree in offering alternatives to traditional bank debt products and a reputation for the successful execution of several big-ticket capital market and commercial debt transactions.”

Stanbic IBTC

Stanbic IBTC won four awards in different categories in the 2018 EMEA Finance African Banking Awards.

The diadems: ‘Best Foreign Investment Bank,’ ‘Best Debt House’, ‘Best Equity House’ and ‘Best Loan House,’ were won through Stanbic IBTC Capital Limited, a member of the Stanbic IBTC Group.

Chief Executive, Stanbic IBTC Holdings PLC, Mr. Yinka Sanni:

“We are delighted to be recognized as the foremost investment bank in Nigeria and Africa. The award speaks to our implacable commitment to deliver innovative investment banking solutions to clients across various sectors.”

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