August 2018 FGN Savings Bonds Offer for Subscription
Pursuant to the Debt Management Office (Establishment) Act 2003 and the Local Loans (Registered Stock and Securities) Act, CAP. L17, LFN 2004
Debt Management Office on behalf of the Federal Government of Nigeria Offers for Subscription and is authorized to receive applications for the Federal Government of Nigeria Savings Bond at the following interest rates
2-Year FGN Savings Bond due August 15, 2020: 10.668% per annum
3-Year FGN Savings Bond due August 15, 2021: 11.668%  per annum
Opening Date:                                  August 6, 2018
Closing Date:                                    August 10, 2018
Settlement Date:                              August 15, 2018
Units of Sale
N1,000 per unit subject to a minimum Subscription of N5,000 and in multiples of N1,000 thereafter, subject to a maximum subscription of N50,000,000.
Interest Payment: Payable Quarterly
Redemption: Bullet repayment on the maturity date
LafargeAfrica Plans N90bnFresh Capital Injection to Boost Profitability
July 25, 2018 9:22 am
The board of Lafarge Africa Plc has approved the extension ofexisting shareholder loan of $315 million and a new Right Issue of up toN90 billion as part of efforts to reduce the company’s leverage and strengthen its profitability.
The Chief Financial Officer (CFO) of Lafarge Africa Plc, Mr.Bruno Bayet disclosed this in a statement following the release of the company’s half year(H1) results ended June 30, 2018. According to the results, Lafarge Africa recorded a revenue ofN162.292 billion in 2018 and operating profit of N16.33 billion. But a high financing cost of N23.715 billion pushed the company into a loss position ofN3.902billion for the period.
However, Bruno said the company has a refinancing plan that is aimed at preparing for future development in Nigeria, improving the company’s leverage as well as strengthen its profitability. Hence, the proposedN90 billion right issue subject to all corporate and regulatory approvals. The company had last year successfully raised N132 billion through a rights issue.

Lafarge reported strong sales in Nigeria which increased volumes in
second quarter (Q2) 2018 while in total, 68 kilotons (kt) of cement
have been exported to Ghana with28kt shipped in Q2 2018. The
company posted a profit of N1.9 billion in its Nigeria operation.
Commenting on the performance, Chief Executive Officer of Lafarge Africa, Michel Puchercos, said: “Our company saw strong market growth in Nigeria reflecting the end of the recession in the cement market. Cement demand has been on the rise since the beginning of 2018. We saw a 22 per cent increase in volume, benefiting from export to Ghana which began in fourth quarter (Q4) 2017.Earnings before interest tax, depreciation and amortisation (EBITDA) for our Nigeria operations was N19.1 billion and EBITDA margin of 32.2 per cent, thanks to robust operational performance and continuous effort to reduce cash costs.’’
He added that the lack of large infrastructural projects impacted volumes in the company’s South Africa operations, but revenues improved by 7.7 per cent on the back of price increase in all segments in first quarter (Q1) and FX translational effect.
‘’Aggregates, however, turned positive in Q2 despite low infrastructure spending. Success in the Nigeria operations has been due to operational stability, success of the turnaround plan implementation and volume improvement,” Puchercos added.
Looking forward, Puchercos said new route-to-market initiatives will deliver and continuous focus on cash cost reduction will drive operational performance in second half (H2) of the year.
“Our South Africa management is focused on executing the turnaround plan implemented in Q1, the target for H2 is to deliver volumes. The focus is on growing the contribution margin. Actions around efficiency and cost management are on track and will contribute to significant savings in production costs across all the segments in H2,” he said.

Manufacturing PMI Stands at 56.8% in July 2018 from 57.0% in June 2018
Wednesday, August 01, 2018 01:54 PM / CBN
The Manufacturing PMI in the month of July stood at 56.8 index points, indicating expansion in the manufacturing sector for the sixteenth consecutive month. The index however grew at a slower rate when compared to the index in the previous month.
Of the 14 subsectors surveyed, 13 reported growth in the review month in the following order: petroleum & coal products; printing & related support activities; paper products; electrical equipment; primary metal; furniture & related products; non-metallic mineral products; transportation equipment; textile, apparel, leather & footwear; chemical & pharmaceutical products; food, beverage & tobacco products; cement; and fabricated metal products. The Plastics & rubber products subsector declined in the review month.
The production level index at 59.0 points, for the manufacturing sector grew for the seventeenth consecutive month in July 2018. The index indicated a slower growth in the current month, when compared to its level in the preceding month. Twelve of the 14 manufacturing subsectors recorded increase in production level, while 2 remained unchanged.
 The new orders index at 55.8 points, grew for the sixteenth consecutive month, indicating increase in new orders in July 2018. Twelve subsectors reported growth, while 2 contracted in the review month.
Career    |    Downloads    |    News    |    FAQ    |   Online Support   |    Feedback    |    Legal    |    Policy    |    Contacts Us