Stanbic IBTC Asset Management Limited (the “Fund Manager”), a subsidiary of Stanbic IBTC Holdings PLC, is pleased to announce that the N15 billion Series II Offer (the “Offer”) under its Stanbic IBTC Infrastructure Fund (the “Fund”) N100 billion Shelf Programme is now open and scheduled to close on Friday, 10 June 2022.
The Fund is designed to bridge the gap between the long-term funding needs of promoters of infrastructure projects and the needs of investors with long-term capital. The Fund, which is structured as a close-ended collective investment scheme, seeks to provide competitive returns above the benchmark Federal Government of Nigeria 10-year bond yield. The Fund Manager successfully closed its Series I offer in September 2021 and raised N6.745 billion across diverse investors, including Pension Fund Administrators, Asset Management Companies, Insurance Companies, and High Net-worth Individuals (“HNIs”). The proceeds of the Series I offer were deployed towards the energy and healthcare sectors.
Speaking about the development, Dolu Olugbenjo, Chief Investment Officer, Stanbic IBTC Infrastructure Fund, said, “Subsequent to the deployment of Series I proceeds, we are pleased to present the Offer to investors to support a robust pipeline of investment opportunities currently under our review. These include infrastructure and infrastructure-related project opportunities in healthcare, transport, logistics, renewable power and energy, amongst others.
“We encourage institutional investors to continue participating in the Stanbic IBTC Infrastructure Fund by partnering with us to bridge the existing infrastructure asset gap that could deliver positive social and economic multiplier effects,” he added while aiming to deliver competitive investment returns to investors within acceptable risk thresholds”.
Fidelity Bank Wins Best SME Bank Nigeria at Global Banking & Finance Awards 2022
Fidelity Bank Plc, has been announced as the 2022 Best SME Bank in Nigeria by the Global Banking & Finance Review at its Annual Global Banking & Finance Awards which held in London, UK recently.
Global Banking & Finance Review is the leading online, digital, and print magazine for the banking and financial sector. The website receives over 7 million page views each year thanks to its balanced views and informative, independent news centered on the financial sector. The Global Banking & Finance Awards was created to recognize companies of all sizes that are prominent areas of expertise and excellence within the global financial community.
“Global Banking and Finance Review is privileged to honor those financial institutions that have achieved outstanding results and who stand out in their particular area of expertise in the banking and finance industry. Global Banking & Finance Review would like to congratulate the award winners and look forward to their continued success.
“The awards were created to recognize companies of all sizes that are prominent in particular areas of expertise and excellence within the financial community. They reflect the involvement of leading financial organizations and recognize the accomplishment, achievement, innovation, strategy, and progressive and motivating changes taking place within the financial sector”, reads a statement on the Global Banking and Finance Awards website.
Commenting on the award, MD/CEO Fidelity Bank Plc, Mrs. Nneka Onyeali-Ikpe said, “We are grateful for this recognition and dedicate the award to our customers who rely on us to provide the right support for scaling their business. Receiving this award at the beginning of the year, provides us with increased motivation to do more in helping our clients achieve their strategic business goals.”
Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 7.2 million customers serviced across its 250 business offices and digital banking channels. The bank was recently recognized as the Best Private Bank in Nigeria and Best Private Bank Digital Solutions for Clients in Africa in the Global Finance’s World’s Best Private Banks 2023 Awards; as well as the Best Commercial Banking Brand in Nigeria by the Global Brands Magazine Awards. The bank has also won awards for the “Fastest Growing Bank” and “MSME & Entrepreneurship Financing Bank of the Year” at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.
Buhari Will Commission Dangote Refinery Before May 29 -Dangote Group
The attention of Dangote group has been drawn to some misleading reports regarding the commissioning of its Dangote Refinery during the present working visit of President Muhammadu Buhari GCFR to Lagos State.
In a terse statement signed by the Group Chief, Branding & Communications Officer, Dangote Industries Limited, Mr Anthony Chiejina, the Group averred that “We want to state categorically that our 650,000 barrels per day (bpd) Refinery project was never part of the President’s programme on projects to be commissioned.
“For the record, the projects slated for commissioning in Lagos State by President Muhammadu Buhari GCFR include: Lekki Deep Sea Port; 32-Metric Tonnes Lagos Rice Mill, Imota; 18.75km Eleko to Epe T Junction Express road; John Randle Centre for Yoruba Culture and History, Onikan, Blue Line Rail (Phase 1) commissioning (Marina to Mile 2); Groundbreaking for the Blue Line Rail Phase 2 (Mile 2 to Okokomaiko), and MRS Lubricant, a private project in Apapa.
However, our Refinery will be commissioned before President Muhammadu Buhari GCFR formally leaves office in May, 2023, and the public will be duly informed and invited to the epic event.”
Before this statement today, Business Hilights recalls that there had been a fake news in an unverified twitter handle saying President Buhari will among other things commission the refinery which the company debunked and described as fake.
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