The emir of Kano, His Royal Highness, Muhammad Sanusi II, has
lauded Jaiz Bank for declaring a profit of over N700 million in four
years of its inception.
The emir made this known when the management of Jaiz Bank paid him a courtesy call at his palace yesterday after the successful conduct of Customers’ Awareness Meeting and the engaging of Islamic clerics on the second day, held at The Afficent, Kano.
Emir Sanusi said the bank had done a commendable job for making profit within four years of its operation as against the normal practice of the conventional banks that took up to 10 years before profit declaration.
In an interview with newsmen during the Customers’ Awareness Meeting, the acting managing director of Jaiz Bank, Mahe Abubakar Mahmoud, disclosed that the Bank had a total balance sheet size of N65 billion by May 31, 2016.
He explained that customers’ deposit stood at N50 billion, while the shareholders fund stood at N15 billion, making the bank worth N65 billion in four years only.
The acting MD further disclosed that the bank was expanding its branches across the nation, with four additional branches in Kano and neighbouring the states.
Abubakar said that in the next 24 months, the bank will open branches in more commercial states like Logos, Port Harcourt and the rest.
Oando Refinances N94bn Debt, Eyes Profitability
Nigeria’s leading indigenous energy solutions group, Oando Plc, has announced the agreement of a N94.6 billion facility provided by 10 leading financial institutions in Nigeria.
The financing, coordinated by the mandated Lead Arranger, Access Bank Plc, is a five-year Medium Term Note (MTN) at Nibor + 200 bps to assist the company meet its financial obligations in the low crude oil price environment.
Oando, with a primary and secondary listing on the Nigerian Stock Exchange (NSE) and the Johannesburg Stock Exchange (JSE) respectively, has substantially reduced its debt profile in the last 24 months, and the new loan facility would enable key restructuring of its remaining debt.
Commenting on the transaction, group chief executive, Oando Plc, Mr Wale Tinubu, said, “In a bid to return to profitability in 2016, I am happy to announce the successful completion of the restructuring our overall debt profile into a N94.6 billion medium-term, five-year consolidated facility, with a three-year moratorium on principal.
“This is the pivotal leg in our group’s restructuring plan of growth via the upstream business, deleverage via the disposal of $350 million in assets’ value in 2016, and our return to profitability in 2016, driven by our dollar earning oil export and trading activities.
“The company now stands diversified with higher weighted dollar denominated earnings, an optimised and restructured balance sheet with lower cost of capital and longer tenors. With the upturn in global oil prices to levels above $50 per barrel, we now look forward to the successes of 2016, having ridden out the storm.”
The home-grown financing consortium include Access Bank, Diamond Bank, Ecobank, FCMB, Fidelity Bank, Stanbic IBTC Bank, UBA Bank, Union Bank and Zenith Bank.
Oando has pledged to continue to exercise strong financial discipline, and the transaction further signifies the steadfast commitment from local banking institutions to support the sustained growth and development of the Nigerian oil and gas sector in spite of the tough economic climate.
Oando has navigated the ups and downs of the cyclical market by adapting quickly and being fiscally innovative to enable its business operations run as normal.
In the Upstream, Oando posted a profitable Q1 2015 in spite of the crude downturn, reinforcing investor confidence in Oando’s operations and asset portfolio.
It also achieved significant operational milestones. The company’s 2P Reserves have increased from 420.3mmboe to 445.3mmboe and maintained net output at 54,520boepd and the commencement of production at Qua Iboe.
Additionally, proactive fiscal measures resulted in a cash windfall of $283million from the reset of oil hedges.
In the Midstream, Oando Gas & Power (OGP) posted a N5.1 billion profit after tax (PAT) last year and recently announced the development of a multi-billion Naira mini-LNG facility in Ajaokuta, Kogi State, to serve industrial clusters in the North.
The company, which provides gas and power solutions to over 170 industrial and commercial customers, is also concluding the 10km Ijora to Marina expansion of its Greater Lagos pipeline network to increase supply capacity, while providing a cheaper power solution for industries and commercial enterprises along the axis.
Together with Helios and Vitol (HV Investments), Oando will soon conclude a strategic partnership to potentially create Africa’s largest Downstream Company. HV Investments’ equity buy-in into Oando’s downstream business will be for a consideration of US$276 million, and will vastly increase Oando’s downstream operations and retail footprint.
Already the largest indigenous supply and trading player in the sub-Saharan region, Oando has increasingly focused on efficacy in the reception of products at its newly completed jetty in Apapa, Lagos.
The jetty will allow 45,000DWT vessels to berth and discharge their products without lightering and demurrage, and will enable cost-savings across the industry in excess of $120 million per annum and lead to higher margin volumes with an estimated $36 million expected annually in revenue.
The novel infrastructure, the sector’s first in decades, will provide a more efficient and timely platform for product receipt to all marketers via its half-kilometre subsea pipeline.
The emir made this known when the management of Jaiz Bank paid him a courtesy call at his palace yesterday after the successful conduct of Customers’ Awareness Meeting and the engaging of Islamic clerics on the second day, held at The Afficent, Kano.
Emir Sanusi said the bank had done a commendable job for making profit within four years of its operation as against the normal practice of the conventional banks that took up to 10 years before profit declaration.
In an interview with newsmen during the Customers’ Awareness Meeting, the acting managing director of Jaiz Bank, Mahe Abubakar Mahmoud, disclosed that the Bank had a total balance sheet size of N65 billion by May 31, 2016.
He explained that customers’ deposit stood at N50 billion, while the shareholders fund stood at N15 billion, making the bank worth N65 billion in four years only.
The acting MD further disclosed that the bank was expanding its branches across the nation, with four additional branches in Kano and neighbouring the states.
Abubakar said that in the next 24 months, the bank will open branches in more commercial states like Logos, Port Harcourt and the rest.
Oando Refinances N94bn Debt, Eyes Profitability
Nigeria’s leading indigenous energy solutions group, Oando Plc, has announced the agreement of a N94.6 billion facility provided by 10 leading financial institutions in Nigeria.
The financing, coordinated by the mandated Lead Arranger, Access Bank Plc, is a five-year Medium Term Note (MTN) at Nibor + 200 bps to assist the company meet its financial obligations in the low crude oil price environment.
Oando, with a primary and secondary listing on the Nigerian Stock Exchange (NSE) and the Johannesburg Stock Exchange (JSE) respectively, has substantially reduced its debt profile in the last 24 months, and the new loan facility would enable key restructuring of its remaining debt.
Commenting on the transaction, group chief executive, Oando Plc, Mr Wale Tinubu, said, “In a bid to return to profitability in 2016, I am happy to announce the successful completion of the restructuring our overall debt profile into a N94.6 billion medium-term, five-year consolidated facility, with a three-year moratorium on principal.
“This is the pivotal leg in our group’s restructuring plan of growth via the upstream business, deleverage via the disposal of $350 million in assets’ value in 2016, and our return to profitability in 2016, driven by our dollar earning oil export and trading activities.
“The company now stands diversified with higher weighted dollar denominated earnings, an optimised and restructured balance sheet with lower cost of capital and longer tenors. With the upturn in global oil prices to levels above $50 per barrel, we now look forward to the successes of 2016, having ridden out the storm.”
The home-grown financing consortium include Access Bank, Diamond Bank, Ecobank, FCMB, Fidelity Bank, Stanbic IBTC Bank, UBA Bank, Union Bank and Zenith Bank.
Oando has pledged to continue to exercise strong financial discipline, and the transaction further signifies the steadfast commitment from local banking institutions to support the sustained growth and development of the Nigerian oil and gas sector in spite of the tough economic climate.
Oando has navigated the ups and downs of the cyclical market by adapting quickly and being fiscally innovative to enable its business operations run as normal.
In the Upstream, Oando posted a profitable Q1 2015 in spite of the crude downturn, reinforcing investor confidence in Oando’s operations and asset portfolio.
It also achieved significant operational milestones. The company’s 2P Reserves have increased from 420.3mmboe to 445.3mmboe and maintained net output at 54,520boepd and the commencement of production at Qua Iboe.
Additionally, proactive fiscal measures resulted in a cash windfall of $283million from the reset of oil hedges.
In the Midstream, Oando Gas & Power (OGP) posted a N5.1 billion profit after tax (PAT) last year and recently announced the development of a multi-billion Naira mini-LNG facility in Ajaokuta, Kogi State, to serve industrial clusters in the North.
The company, which provides gas and power solutions to over 170 industrial and commercial customers, is also concluding the 10km Ijora to Marina expansion of its Greater Lagos pipeline network to increase supply capacity, while providing a cheaper power solution for industries and commercial enterprises along the axis.
Together with Helios and Vitol (HV Investments), Oando will soon conclude a strategic partnership to potentially create Africa’s largest Downstream Company. HV Investments’ equity buy-in into Oando’s downstream business will be for a consideration of US$276 million, and will vastly increase Oando’s downstream operations and retail footprint.
Already the largest indigenous supply and trading player in the sub-Saharan region, Oando has increasingly focused on efficacy in the reception of products at its newly completed jetty in Apapa, Lagos.
The jetty will allow 45,000DWT vessels to berth and discharge their products without lightering and demurrage, and will enable cost-savings across the industry in excess of $120 million per annum and lead to higher margin volumes with an estimated $36 million expected annually in revenue.
The novel infrastructure, the sector’s first in decades, will provide a more efficient and timely platform for product receipt to all marketers via its half-kilometre subsea pipeline.
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