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page 24 extra Stanbic IBTC Bank secures $103m syndicated loan facility By Chris Agabi Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings Plc, has…

page 24 extra

Stanbic IBTC Bank secures $103m syndicated loan facility

By Chris Agabi

Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings Plc, has secured its debut syndicated term loan facility.

The one-year transaction that was led by MashreqBank psc as Coordinating Bank and sole Bookrunner, was oversubscribed. Stanbic IBTC closed the syndication within six weeks of launch at a competitive pricing threshold given the prevailing market conditions, the bank said in a statement.

The 8-bank syndicate comprised of long-standing relationship banks of Standard Bank Group, Stanbic IBTC Holdings’ parent company, that included MashreqBank psc, The Commercial Bank (Q.S.C.) and ING Bank N.V. as Mandated Lead Arrangers & Bookrunners, while Al Ahli Bank of Kuwait K.S.C.P., Al Khaliji France S.A., Commerzbank Aktiengesellschaft, Filiale Luxemburg, Doha Bank Q.S.C. and SBM Bank (Mauritius) Limited participated in the Facility as Mandated Lead Arrangers. MashreqBank psc is also acting as the Facility Agent for the transaction.

The Chief Executive, Stanbic IBTC Bank, Yinka Sanni in the statment stated that “Stanbic IBTC Bank is delighted with the reception of the syndicate banks to its debut deal. We appreciate the confidence that the syndicate has in Stanbic IBTC, as it reinforces our market leadership position in corporate and transactional banking and our commitment to supporting Nigeria’s economic growth. It will also help to boost our operations in Nigeria in line with our business objective of organically growing our footprint in the retail banking space.

The deal is yet another successful transaction this year where Standard Bank’s partner banks have again endorsed their trust and confidence in the Standard Bank Group”.

Chiradeep Deb, Managing Director and Head of Corporate Finance at Mashreq, said: “It’s been a privilege to lead book run and coordinate the maiden syndicated loan transaction for Stanbic IBTC. To have a fully subscribed deal in such challenging market conditions, against the backdrop of the fall in prices of commodities, is a testament to Stanbic IBTC’s financial strength and Standard Bank Group’s (SBG) strong relationship with its banking partners across the region. Mashreq values its long-standing association with SBG and it is a pleasure to feature in multiple financings for the Group’s subsidiaries in Africa.”

Dr Rassem Zok, CEO Standard Bank of South Africa, MENA stated that “This transaction has a special significance for us being the debut deal of Stanbic IBTC. We are delighted with the response received on this facility for our Nigerian subsidiary; this is yet another successful transaction this year where our partner banks have again endorsed their trust and confidence in the Standard Bank Group”.

Fix industrial skill gap, UNIDO tells FG

By Zakariyya Adaramola

The United Nations Industrial Development Organization (UNIDO) Country Representative, Mr David Tommy, has urged the Federal Government to fix the industrial skill gap in the country for sustainable development.

Tommy, who headed a team from UNIDO that visited the new Minister of Science and Technology, Dr Ogbonnaya Onu in Abuja stated that the government should harness the potential of youths by investing in their training as they represented 44 per cent of Nigerians` population.

“The most youths in Nigeria have the required qualifications, but lacked the relevant skills for sustaining development in Nigeria. It is essential to have these youths trained to acquire the relevant skills”, Dr Onu said.

According to him, improved manufacturing sector will facilitate the required change vital for growth and value addition.

Tommy said that sustainable development of the country would be guaranteed by leveraging on value addition to agricultural endowments.

In his response, the minister said the ministry would create more jobs to empower teeming Nigerian youths.

He disclosed creating employment was imperative in order to address challenges militating against Nigerian citizens.

“Science and Technology sector will assume its rightful place in national development so as to make Nigeria self-sufficient in meeting the challenges of daily living”, he said.

He added that the ministry would come up with programmes that will propel the nation to greater height.

The minister commended UNIDO for its activities to improve standard of living.

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