Airtel set to list on NSE, LSE
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Airtel set to list on NSE, LSE

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Airtel

Airtel Africa Ltd has announced that it will list its shares on the Nigerian Stock Exchange (NSE) at the same time as the London Stock Exchange (LSE).

The company, which a unit of India’s Bharti Airtel Ltd on Monday said that although the listing on the NSE was on, it had set a price range of 80 to 100 pence per share for its planned Initial Public Offering (IPO) on the LSE.

According to the company, conditional dealings in its shares were expected to begin on or around June 28 and the final pricing would be announced the same day.

Meanwhile, the IPO for the London listing is expected to raise 595 million pounds ($749.05 million) from the issuance of about 595.2 million to 744 million new shares.

Airtel noted that the price range values it between 3.01 billion pounds and 3.62 billion pounds.

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A senior editor at NIGERIA NEWS who loves writing complemented with gripping images. A graduate of Mass communication at LASU. I can be contacted at mojeed@nigerianewsng.com

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DMO Reveals Nigeria’s Debt Under Buhari’s Administration

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DMO reveals Nigeria's Debt

As of March 31, 2019, the Debt Management Office, DMO, released the Public Debt Data which included the Federal Government of Nigeria’s (FGN) internal and additional debts, the 36 Federal States and the Federal Capital Territory (FCT).

The numbers have been published on Wednesday in a declaration on DMO’s Official webpage.

Read DMO’s statement below:

“At ₦24.947 Trillion (US$ 81.274 Billion) as at March 31, 2019, the Total Public Debt grew marginally by 2.30% when compared to the figure of ₦24.387 Trillion (US$ 79.437 Billion) as at December 31, 2018.

“The increase of ₦560.009 Billion in the Total Public Debt in Q1 2019, was accounted for largely by Domestic Debt which grew by ₦458.363 Billion.

“Increases were recorded in the Domestic Debt Stock of the FGN, States and the FCT. External Debt also increased by ₦101.646 Billion during the same period.

“In relation to the Debt Management Strategy, the Ratio of Domestic to External Debt stood at 68.49% to 31.51% at the end of March 2019.

“The Total Public Debt to GDP Ratio was 19.03% which is within the 25% Debt Limit imposed by the Government,”

The Debt Management office has initially published one of this articles in 2018 saying the Buhari administration is in N26 Trillion debt.

Here is a complete break down of the debt:

  

Debt Category

Amount Outstanding

(US$’M)

Amount Outstanding

(N’M)

 

% of Total

A.Total External Debt25,609.637,860,875.9331.51%
 FGN + States & FCT only25,609.637,860,875.9331.51%
B.Total Domestic Debt55,664.4617,086,204.6668.49%
 FGN Only42,721.6813,113,420.2952.56%
 States & FCT12,942.773,972,784.3715.92%
c.Total Public Debt(A+B)81,274.0924,947,080.59100%
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AFCFTA: Sahara Group Lauds Buhari For The Signing The Deal

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AFCFTA Sahara group backs buhari

Kola Adesina, the MD of the Sahara Group, stated that the  African Continental Free Trade Agreement (AfCFTA) can change the energy industry of Africa. The black continent can profit from this by aligning regulations, taxation, cross-border workforce cooperation and new capital development.

Lately, AfCFTA got a major surge when the Nigerian President, Muhammad Buhari signed Nigeria to AfCFTA. The world’s biggest free trade area with a total gross domestic product of $3.4 trillion encompassing a market of more than 1.2 billion individuals.

Mr. Adesina said that the new deal will:

“propel governments and the private sector to take strategic steps towards repositioning the power industry across the continent.

“The energy sector has several components along the value chain that require interconnectivity of all stakeholders to make uninterrupted power available. With AfCFTA, Africa now has a platform to critically reconsider harmonized major infrastructure developments as well as the aggregate contribution and enabling legislation, policies and tariffs required to shore up power supply across the continent

“Nigeria has an abundance of gas deposits. With a power plant located in Nigeria we can develop transmission infrastructure that covers West Africa and achieve electrification of the entire region with the gas fired plants from Nigeria. These are some of the conversations and partnerships that I believe AfCFTA will trigger across the continent,” 

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