news from around the globe

12
/02

GLOBAL

Your trusted news source for global updates and insights..

Britain recorded the largest economic contraction among the world’s major economies in 2020, highlighting the pandemic’s toll on a country that has also suffered one of the deadliest outbreaks.

A rare public rebuke of the energy agency signals to some that environmental regulators have been empowered to counter the coal industry.

12
/02

REGIONAL

Know what is happening around you and your region.

The Diversification of Nigeria’s Revenue Base from dependency on crude oil is a crucial step Nigeria must take to achieve sustainable economic growth and stability.

President Muhammadu Buhari has approved the establishment of a Public Private Partnership Styled Infrastructure company named Infra-Co with an initial seed capital of N1 Trillion.

It is envisaged that, over time, the entity will grow to N15 Trillion in assets and capital

12
/02

FINANCE

Get the latest insights and updates on the recent trends and emerging markets.

Ecobank Nigeria (ENG), a subsidiary of leading Pan-African banking group, Ecobank Transnational Incorporated (ETI), said on Thursday that it has successfully priced its $300 million bond issuance. According to ETI’s statement to the Nigerian Stock Exchange (NSE), the debt security is a fixed-rate, US dollar-denominated senior unsecured bond with a five-year tenor, maturing in February 2026.

The bond, whose settlement date is February16, 2021, has a coupon rate of 7.125 per cent and will be listed on the London Stock Exchange (LSE). Ecobank said the bond was oversubscribed more than three times, with significant interest from international investors. The bank said the robust demand is a demonstration of global investors’ strong appetite for the Ecobank franchise in Nigeria.

bitcoin, cryptocurrency, digital

Following backlashes to the Central Bank of Nigeria’s (CBN) announcement on Friday prohibiting banks and other financial institutions from carrying out transactions in cryptocurrencies or facilitating payments for crypto exchanges, the apex bank released a statement on Sunday justifying its action.

The CBN said the use of cryptocurrencies in Nigeria are a direct contravention of existing law, stating that digital currencies or electronic money are issued by unregulated and unlicensed entities. The reserve bank said last week’s regulatory directive on cryptocurrencies was not a new policy but a reminder to Deposit Money Banks (DMBs) of a previous directive as far back as 2017 against using, holding or transacting in virtual currencies. The directive warned financial institutions against the use of cryptocurrencies because they are largely untraceable and anonymous, making them susceptible to abuse by criminals.

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