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ETI Disowns Statement Against Reps Deputy Spokesperson Agbese, Accuses Ex-Members of Impersonation

…Says sack of NNPCL, NMDPRA leadership long overdue

The Energy Transparency Initiative (ETI) has disowned a statement made by individuals claiming to be its representatives, criticizing Hon. Philip Agbese, the Deputy Spokesperson of the Federal House of Representatives.

The group’s President and Secretary, Francis Nedu and Ismaila Bello in a joint statement, revealed that the persons were expelled long ago due to fraudulent activities and other abuses that contravened the group’s objectives.

“We are shocked and dismayed that these individuals would continue to impersonate ETI and make statements that do not reflect our values and mission,” the statement read.

“Their actions are a clear attempt to blackmail and extort money from innocent parties, and we condemn their behaviour in the strongest terms.

“The leadership of ETI is aware that some government agencies have released as huge as $500,000 to the impostors to blackmail Hon. Philip Agbese and other National Assembly members who want sanity in the oil and gas sector.”

The statement expressed support for Hon. Agbese’s claims of deliberate attempts by the Nigerian Petroleum Company Limited (NNPCL) and Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to discredit Dangote Refinery company.

The group said Agbese demonstrated exceptional leadership and courage in “exposing the truth” and applauded his efforts to protect Nigerian entrepreneurs and promote indigenous businesses.

“Agbese’s dedication to serving the people and upholding the principles of fairness and transparency is exemplary,” the statement added.

“He has shown that he is a true representative of the people, and his actions have earned him the respect and admiration of many. We are proud to support him and stand by him in this matter.

“NNPCL and NMDPRA have shown a clear bias towards International Oil Companies (IOCs) and have consistently frustrated the efforts of Nigerian entrepreneurs.

“Their actions are a disservice to the nation and undermine the government’s efforts to promote indigenous businesses.”

The ETI, therefore, expressed support for the House of Reps call for the Chief Executive Officer of NMDPRA, Farouk Ahmed to resign.

“Agbese’s reiteration of the House’s earlier call for the NMDPRA boss to be sacked is the position of many Nigerians who mean well for President Bola Ahmed Tinubu,” the statement said.

“We believe that the dismissal of the NNPC Group CEO Mele Kyari is long overdue as well. The ETI calls on President Tinubu to take immediate action to address this issue and ensure that these regulatory agencies serve the interests of the nation, not just a select few.”

ETI, however, said that it had taken legal action against the imposters and already involved law enforcement agencies to ensure that they were brought to justice.

“We will not tolerate any attempts to impersonate our organization or make false statements that damage our reputation,” the statement noted.

“We urge all stakeholders to remain vigilant and uphold the principles of fairness and transparency. We will continue to monitor developments and ensure that all actions and policies are aligned with the national interest, free from undue influence or partisan agendas.”

Ecobank Group Declares Superlative Q1 Result; PBT Up 22% to N40.3 billion

Ecobank Transnational Incorporated (ETI) has released its Q1, unaudited results for the period ended March 31st, 2021 showing remarkable performance in all the key financial indices. The Pan African bank recorded a profit Before Tax (PBT) of N40.3 billion, representing 22% increase over the N33 billion reported at the same time in 2020. Profit After Tax (PAT) closed at N30.5 billion.

The result submitted to the Nigerian Stock Exchange on Monday indicated a Gross earnings of N214.3 billion representing 10% increase against N194.9 billion during the same period in 2020. Similarly, Revenue went up by 15 per cent to N 164.6 billion; Operating income before impairment losses up by 37 per cent to N 67.0 billion and Total assets went up 1 per cent to N 10.4 trillion. However, Loans and advances to customers went down by 1 per cent to N 3.6 trillion and Total equity also reduced by 2 per cent to N8 trillion.

Analysts linked this remarkable improvement in the Bank’s financials despite global economic challenges to its digital platform and innovative products and services. Ecobank Group CEO, Ade Ayeyemi had said “We are focusing on achieving execution momentum in our payment business, the sustained reliability of all our platforms, driving increased adoption of our products and services, bringing our NPL ratio low and exceeding the expectations of our customers to truly be the pan-African Bank that Africa trusts”. He noted that “these, together with all our investments and achievements to date, will enable us collectively grow revenues and generate long-term return of capital to our shareholders, despite the near- term challenges from COVID-19.”

Ecobank Nigeria announces the pricing of its Senior Unsecured $300 million bond

Ecobank Nigeria (“ENG” or “the Bank”), a wholly owned subsidiary of leading pan-African banking giant, Ecobank Transnational Incorporated (‘ETI’), the parent company of the Ecobank Group, announced that it has successfully priced its USD 300 million bond issuance maturing in February 2026, with settlement of the bond to take place on 16 February 2021.

The fixed-rate, US dollar-denominated bond, with a tenor of 5 years, carries a coupon rate of 7.125% and will be listed on the London Stock Exchange. It is accompanied by an Issuer Rating of B- from Fitch Rating Agency and S & P. The coupon / yield represents the lowest ever coupon / yield achieved by a Nigerian financial institution for a benchmark bond transaction. At the peak of marketing the transaction, the issue was over 3 times oversubscribed, with significant interest from international investors. The transaction opened with Initial Price Thoughts (‘IPT’s’) of 7.75% and finally tightened to close at 7.125% on the back of robust demand. The strength and depth of the book demonstrated global investors’ strong appetite for the Ecobank franchise in Nigeria, a testament to the strength of the Ecobank Group. This transaction is the first non-sovereign bond from Africa in 2021 and is milestone capital raise for the banking sector in Nigeria, giving Ecobank access to global debt capital markets, and more favorable credit terms, commensurate with its strong financial position and robust capital structure. For international investors, it represented an attractive option to gain exposure to Nigeria.

This transaction followed a series of virtual global investor calls, with a number of blue-chip local, regional and international financial institutions, led by Citi, Mashreq, Renaissance Capital and Standard Chartered Bank as Joint Lead Managers and Bookrunners.

Commenting on the issuance, Mr. Patrick Akinwuntan, Managing Director of Ecobank Nigeria, said: “Despite the challenging global environment owing to the COVID-19 pandemic, and on the back of a successful NGN 50bn Tier 2 issuance in December 2020, ENG was able to successfully issue and price Nigeria’s first 2021 senior unsecured 5 year bond transaction. Ecobank Nigeria, through this issuance, is being proactive in optimizing its capital structure as it continues to drive its medium term growth strategy of establishing itself as a leading facilitator of pan-Africa and international trade and payments.”

Mr. Akinwuntan continued, “I would like to extend my appreciation to our regulators, the Central Bank of Nigeria, for their timely support and continuous guidance, in granting necessary regulatory approvals.”

He further added: “We believe that our capital raising activities are key steps forward towards strengthening ENG beyond the regulatory ratios in addition to diversifying ENG’s medium-term financing sources. ENG is poised for continued growth in the Nigerian financial services industry.”