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Here are some news headlines from Guardian Newspapers in the last 3 days:

Oceanic Bank opens office in Sao Tome

THE Oceanic Bank Plc in Sao Tome and Principe said that it would provide quality service to the business and investment community in the Atlantic Ocean country.

The bank’s Managing Director/Chief Executive in Sao Tome, Mr. Peter Nwankwo, told the News Agency of Nigeria (NAN) recently in Sao Tome that the branch was a subsidiary of the Oceanic Bank Group.

According to him, Nigeria and Sao Tome and Principe enjoyed special relations through the Joint Development Authority (JDA), which administered their common economic interests in the Joint Development Zone (JDZ) of the maritime boundary.

“We also want to assist the business community in STP and STP in Diaspora and other investment groups, including Nigerians to do business here.
“The bank is a one-stop-over supermarket in STP where we guarantee our financial services with high professionalism,” Nwankwo said.

He said that President Fradique Meneses and the CEO of the bank, Chief Cecilia Ibru, would inaugurate the branch jointly on Thursday.

Union Homes floats N50b REIT fund

AFRICA’S first Real Estate Investment Trust (REIT) fund has been floated by Union Homes Saving & Loans Plc, a subsidiary of Union Bank of Nigeria Plc. The Union Home REIT, is a closed-ended unit trust scheme that aims to achieve long-term capital appreciation of assets by investing in a portfolio of high-quality real estate and mortgage assets.

For its effective take-off, Goldman Assets Management Limited as financial adviser and lead arranger, alongside Union Capital Market Limited as joint issuing house is packaging an offer for public subscription of 970.9 million units of N51.50 each in the Union Homes REIT.

The fund manager would be Union Homes Saving and Loans Plc, and the fund would be quoted on the Nigerian Stock Exchange.

According to the prospectus, the funds would invest a minimum of 90 per cent of its assets in real estate and real estate related assets and a maximum of 10 per cent would be invested in quality money market instruments.

Already, the council of the Nigerian Stock Exchange has approved the admission of the 970.9 million units being offered for subscription on its daily official list, and the units qualify as securities in which trustees may invest under the Trustee Investment Act, Cap T22, laws of the Federation of Nigeria, 2004.
As a form of mandatory subscription, the sponsors of the Union Homes REIT will subscribe to 10 per cent of the total fund size as mandated by the Securities and Exchange Commission (SEC) rules and regulations guiding collective investment schemes.

Key features of the offer include a forecast cash distribution of N1.50 per unit invest in the 2009 financial year and N3.25 for zolo for initial investors. Also there is a yearly payout of dividend with the minimum payout fixed at 90 per cent according to the Chairman of Union Homes Saving & Loans Plc, Dr. Batholomew Ebong.

The offer opens on August 11 and closes on September 11, 2008

First Bank seeks licence for life assurance

The Managing Director and Chief Executive, FBN Insurance Brokers, Mr. Val Ojumah, who confirmed the bank’s entry said the bank’s interest is to use life assurance as an entry point to lift life insurance penetration in Nigeria which is very minimal.

AP floats N105 billion hybrid offering

TO expand its operational capacity, enhance working capital and upgrade its storage facilities, African Petroleum Plc (AP) has floated an hybrid offering to raise fresh N105 billion from the capital market.

Specifically, the company is offering by way of rights to existing shareholders, 262.93 billion ordinary shares of 50 kobo each at N230 per share on the basis of one new ordinary share for every three ordinary shares already held by existing shareholders as at February 20, 2008.

Besides, new investors would be able to participate through an offer for subscription of 199.1 million ordinary shares of 50 kobo each at N250 per share.

According to the prospectus, the purpose of the offer is to provide additional working capital, procure and upgrade existing storage facilities, lubricant plants and retail outlets.

Specifically, the lion share of 42.24 per cent or N44.3 billion would be expended on the construction of a refinery of 50,000 barrels per day capacity at Lekki Free Trade Zone, while another N23.8 billion or 22.7 per cent would be expended on market expansion, acquisition and construction of additional 350 modern service stations nationwide.

Increase in working capital will take N18.1 billion or 17.21 per cent, while construction of 120,000 metric tonnes PMS storage at Apapa, Lagos State with N5.76 billion or 5.49 per cent, among others.

Diamond Bank to expand operations to seven Francophone countries

DIAMOND Bank has completed arrangements for the establishment of seven banking branches in seven different Francophone speaking African countries.
The expansion and establishment of the operations was part of the bank’s “socio-economic responsibilities” and other services to be rendered to the people living in the African countries.

The expansionary branch network was to complement the ones in the French speaking countries of Senegal, Benin and Cote d’voire.

The bank, which has a capital base of over N30 billion, has already 160 branches in the country and other African countries. While the bank’s assets has also increased to over N1 trillion.

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