N49.19 billion has been raised on the Nigerian green bond market in the last three years since the Federal Government‘s debut in 2017.
“Sukuk and Green Bonds: More than just Investing”, a webinar for retail investors, was organized by the Nigerian Exchange Limited (NGX) CEO, Mr. Temi Popoola.
As part of the Climate Bond Initiative, NGX, the Ministry of Finance, and other stakeholders launched the first N10.69 billion climate-certified sovereign bond in 2017.
Also Read: Zamfara: Bandits’ Activities Out Of Control Despite Our Efforts – Gov. Matawalle Cries Out
Following this, the N15 billion Series II sovereign green bond in 2019 was oversubscribed by N17.93 billion, registering a 220 percent subscription rate oversubscription.
In addition, Access Bank of Nigeria Plc issued a N15 billion 15.5 percent 5-year fixed rate senior unsecured green bond, and North South Power Company issued a N8.5 billion 15.6 percent 15-year fixed rate senior green infrastructure bond (NSP).
Also Read: Save Nigeria Now – Northern Youths Beg Obasanjo, Babangida, Others
As Popoola said at the event, the potential for sukuk and green bonds is enormous and likely to grow in the coming years, thanks to new markets, products, and issuers as well as healthy investor appetite for these instruments.
According to him, the NGX will continue to drive the market’s development and initiatives. “We pledge to continue our collaboration with all market participants in order to collectively contribute to the enhancement of this exciting asset class, and ultimately to the growth of green and sukuk bonds in Nigeria and Africa at large.
Debt Management Office’s (DMO) Assistant Director, Mr. Adam Mohammed, said that investors are showing increasing interest in green bonds, with the subscription rate for the sovereign green bonds rising to 220 percent in 2019.
Also Read: EFCC Declares War On Cybercriminals In Ilorin
Investors are increasingly demanding socially responsible investments and have expressed a strong appetite for green bonds, as evidenced by Nigeria’s sovereign green bonds rising to 220 percent in 2019 over the 110 percent at their debut issuance, according to Mohammed, who presented the paper.
There are very few markets that can offer both a deepening of financial systems as well as a boost to economic growth, which makes this discussion timely.
Launch of First Bank Nigeria LIT App
According to First Bank of Nigeria Limited, the launch of the LIT Application will revolutionize the culture and experience of mobile banking in Nigeria, as part of its commitment to lead value-driven mobile and digital banking in Nigeria
The industry’s first state-of-the-art banking app exposes customers to a wealth of opportunities to promote their safety and convenience while ensuring they are at an advantage in today’s digital banking world. Developed and owned by the Bank, it offers a wide range of exciting features to meet the demands of its dynamic customers.
Also Read: COVID-19: NCDC Reports Spike In Fatalities In Nigeria
However, the LIT application is more than just a way to pay your bills or send money to a friend. It has a number of other exciting features that demonstrate the Bank’s commitment towards expanding its digital architecture in order to modernise its interaction with customers, no matter where they may be located in the world.”
Multiple transfers – customers can select multiple recipients for a single transfer – account opening opportunities for non-customers – as well as account management – customers can identify their relationship managers for immediate assistance if needed
Clients can also download or email bank statements and generate receipts as far back as they want. Customers can also log and manage their complaints via the LIT app, without having to visit the branch. Customers are rewarded for using the LIT app.
Also Read: Ex-Militants Knock IYC For Declaring Buhari, Sylva Persona Non Grata Over PIA
Adesola Adeduntan, First Bank’s CEO, said, “The LIT App is designed to strengthen our commitment to our customers, ensuring the continued safety of their funds, and providing them with access to renewed transformative and adaptable solutions, particularly in today’s digital world.” Therefore, it’s vital that we create the application so that our customers have more ways to interact with us.
In addition to FirstMobile, *894# USSD Banking, FirstOnline internet banking and WhatsApp chat banking, the LIT App is the latest addition to the Bank’s robust electronic banking family.”
Leave a comment