FBN Capital set to enable key growth sectors of the economy – Akinkugbe

FBN Capital has said it is ready to help raise funds for companies across the various sectors of the economy that would require capital to boost their businesses in the coming year 2014.

The Managing Director/CEO, FBN Capital, Kayode Akinkugbe, disclosed this at a media parley held in Lagos at the weekend. According to Akinkugbe, FBN would be ready to raise fund both in foreign and local currencies for its clients that would require capital in 2014 given the successful privatisation of the Power Holding Company of Nigeria successor companies, which is expected to impact on the various sectors of the economy.

Speaking on the 3rd Annual FBN Capital Investor Conference, scheduled to hold from November 19 to 20, 2013, he said that the previous conferences had been useful to the economy in general as stakeholders in various sectors deliberated on key issues and proffered solutions to tackling challenges facing the economy.

Continuing, he highlighted some of the landmark investment banking transactions that FBN Capital recorded in the last nine months.

In his words: “FBN Capital emerged as the first financial institution to have achieved loan signing (in March 2013) for the Federal Government’s power sector privatisation.

“In the last nine months, we have assisted various clients in structuring and arranging over US$2.4 billion ($723 million power sector + $1.7 billion from other sectors) of debt finance.

“Notable transactions include: US$303 million for Kepco Energy Resource Limited , US$315 million for NG Power – HPS Limited, US$225 million for Accugas Limited (Gas pipeline infrastructure), US$1.2b refinancing and expansion debt for EMTS, US$200 million for a major rig services provider.”

Commenting on the objective of the forthcoming conference, Akinkugbe said that the forum will enable local and international institutional investors to interact with key policy makers, regulators and management teams of leading corporate institutions in Nigeria.

He said: “It will also encourage interactive dialogue between attendees and speakers on how best to realise existing and potential opportunities in the economy; To discuss the challenges of growing the economy whilst pursuing fiscal restraint, what measures are being taken to enhance Nigeria’s competitiveness on the global stage, and a framework with which to project Nigeria’s development from a frontier to a growth market; To focus the spotlight on the investment community in Nigeria, draw on the experiences of other emerging markets and explore ways to harness the potential of the industry in Nigeria and to enable participants engage in discussions on how best to develop the Nigerian capital markets into a leading destination for investment in sub-Sahara Africa and beyond.”

In his comment on the future outlook, he said: “Looking ahead, we expect ongoing activities in the oil and gas, power, financial services sectors and AMCON divestment of the bridge banks to continue to drive market activities.” - WebTV

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