To ensure sustained business operations in today’s challenging economic environment, corporates are exploring alternative financing options by accessing the Nigerian debt markets to cover capital deficits. FMDQ Securities Exchange Limited (“FMDQ Exchange” or “the Exchange”), known for its commitment to providing a reliable and credible platform for the registration, listing, quotation, trading and reporting of financial securities, is pleased to announce the registration of Alpha Mead Facilities & Management Services Limited ₦5.00 billion Commercial Paper (“CP”) Programme on its platform on May 27, 2024.
Alpha Mead Facilities & Management Services Limited (“Alpha Mead Facilities”) is one of Africa’s leading facilities management companies, offering integrated facilities management operations and consultancy services to large, complex and multi-serviced facilities across Africa. The registration of this CP Programme, sponsored by Pathway Advisors Limited, a Registration Member (Quotations) of the Exchange, allows Alpha Mead Facilities to efficiently raise short-term finance from the Nigerian debt markets through CP issues within the approved CP Programme limit.
Administered by FMDQ Exchange, the Nigerian CP market, consistently offers issuers new opportunities to expand their businesses and sustain investors’ confidence, thereby aiding the overall growth of the Nigerian economy. The Exchange remains committed to providing a liquid, transparent, and efficient market to support corporate aspirations, enabling access to the necessary capital to bridge funding gaps in their respective sectors.
FMDQ Group PLC is Africa’s first vertically integrated financial market infrastructure (“FMI”) group, strategically positioned to provide registration, listing, quotation and noting services; integrated trading platform, clearing & central counterparty, and settlement services for financial markets transactions; depository of securities, as well as data and information services, across the debt capital, foreign exchange, derivatives and equity markets, through its wholly owned subsidiaries – FMDQ Exchange, FMDQ Clear Limited, FMDQ Depository Limited and FMDQ Private Markets Limited. As a sustainability-focused FMI group, FMDQ Group PLC, through FMDQ Exchange, operates Africa’s premier Green Exchange – FMDQ Green Exchange – positioned to lead the transition towards a sustainable future. Business environment improved slightly in May – Report – The business environment for the private sector in Nigeria improved slightly in May as the Purchasing Managers’ Index rose to 52.1 points in May from 51.1 points in the previous month.
This is the second-highest reading for the year, with the highest being in January, when the PMI stood at 54.5 points. According to the monthly Stanbic IBTC Bank Nigeria PMI, which was released on Tuesday, inflationary pressures eased, but remained marked, leading to sharper rises in output and new orders. May data gathered from the responses of about 400 purchasing managers in private sector companies, indicated a pick-up in growth in the sector.
The rates of expansion, however, remained slower than the respective series averages as a result of high prices limiting demand. Speaking on the report, the Head of Equity Research West Africa at Stanbic IBTC Bank, Muyiwa Oni, said, “The Stanbic IBTC headline PMI increased to 52.1 points in May from 51.1 in April—its highest level since reaching 54.5 points in January. “This implies that Nigeria’s private sector activity maintained a better footing in May even as the rate of expansion remained slower than the series average as high prices continued to limit demand.
Sell crude to Dangote refinery, FG directs IOCs – The Nigerian Upstream Petroleum Regulatory Commission has said it would mandate international oil companies to supply crude oil to Dangote oil refinery. The spokesperson for the NUPRC, Olaide Shonola, said the commission was intervening to ensure the local sale of crude to Dangote and other refineries in the country. Shonola stated this while reacting to a claim by the Chairman of the Dangote Group that the international oil companies were not ready to sell crude to the refinery. In an interview with
The PUNCH on Tuesday, Shonola said the NUPRC would mandate the IOCs to sell to the Dangote refinery, with clear directives that this must be done. “We’ve been intervening and intervening. I am sure you’re aware of a recent meeting that was held with them on domestic crude oil supply. We will keep engaging them, NUPRC has been doing that. “I can’t say we will force them, but as the regulator, we can mandate. And that’s what we are doing, giving clear directives that this must be done. We will just keep on engaging, and you will agree with me that most of these things have to be planned. We will keep on engaging. We will do our regulatory function in that area,” she stated.
