Nigeria

Ireti Samuel-Ogbu will replace Akin Dawodu as Citigroup's country officer for Nigeria.

The Nigerian National Petroleum Company has raised a financing package, backed by multilateral lenders, commercial banks and oil trading companies.

The Africa Finance Corp, the Nigeria-headquartered multilateral development bank, has issued its first Eurobond of 2020, winning three times oversubscription.

Africa Finance Corporation (AFC), the Nigeria-based multilateral development bank (MDBs), has emerged at the forefront of regional coronavirus rescue efforts, providing financing for emergency hospitals, medical aid and more. As Africa finds itself at the centre of global calls for emergency financing and debt relief, the AFC’s chief executive, Samaila Zubairu, talks to GlobalCapital about the bank’s response to the crisis, how its own fundraising plans have been affected, and the future of Chinese capital in the region.

Nigeria, Africa's largest economy, is the latest emerging market to approach international financing institutions for help to deal with Covid-19.

Stanbic IBTC Holdings, the Nigerian subsidiary of Standard Bank, has raised a loan of $150m from a consortium of international lenders, according to bankers. A number of African banks have come to market over the last 12 months, defying economic and country-specific risks to achieve attractive terms on their financing, a trend that is likely to continue.

A popular frontier market trade in Nigerian open market operations (OMOs), central bank securities, has been faltering on the back of local currency depreciation, which if deepened will force foreign market participants to consider eating into their returns with an FX hedge.

Renaissance Capital has added to its Nigerian investment banking team. The Russian bank continues to expand its offering on the African continent.

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IHS, the Nigerian telecom towers group, hit screens on Wednesday for a dual tranche bond. It received strong demand and the leads were able to tighten the spread and add an extra $300m to the longer tranche.

IHS, a telecoms provider based in Nigeria, hit screens on Tuesday for a dual tranche bond. The proceeds will go to finance a tender offer of the issuer’s outstanding paper.

An expected return of Brexit volatility means that there are likely to be fewer UK firms doing IPOs in the fourth quarter of the year, but London will continue to host high profile international listings to make up the shortfall.