Figures from PenCom show that pension funds’ investments in FG issued securities, notably FGN bonds and Treasury bills, increased by ₦165.894 billion in the month of October compared to the total investment in those asset classes in the previous month. With that increase, total borrowings by the FG from pension funds or total pension funds investments in FGN issued securities comes to ₦6 trillion. That number is comprised of investments in FGN bonds of N4.3 trillion and investments in Treasury bills of ₦1.7 trillion.
Syntaxis Capital Africa has launched a ₦12-billion private equity fund, in partnership with Afrinvest Asset Management, to meet the funding needs of SMEs in sub-Saharan Africa. The fund is expected to cover a variety of sectors including, manufacturing, agri-processing, healthcare, education, and financial services. While SMEs play a vital role in the development of economies, access to funding remains a critical challenge on the performance of the sector.
The junior minister for Mines and Steel, Abubakar Bwari, says that 11 companies have indicated an interest to operate the Ajaokuta Steel Company. However, Bwari said that the FG is not ready to hand over the company at this time, as all infrastructure required for the commencement of the company such as rail, and the dredging of Lokoja and the Warri port are yet to be completed. He said the company would be handed over to a competent organisation with financial and technical capability, but preferably a Nigeria company, to manage the steel industry as soon as all infrastructure needed is completed.
The CBN has asked banks to forgo the interest charged on petrol subsidy-induced loans advanced to oil marketers from June 2017 to December 2018. The CBN conveyed the message to banks in a meeting with them and marketers last month, as part of efforts to resolve the outstanding subsidy debts owed by the FG to marketers.