Bank of New York Mellon Corp., in collaboration with Standard Bank Group Ltd., is launching global depositary notes backed by Nigerian sovereign debt denominated in naira, Bloomberg reported Wednesday.
The initiative is designed to give international investors streamlined access to the elevated yields available in Nigeria, Africa’s most populous nation.
The depositary notes will be eligible for settlement through major international clearing systems, Euroclear and Clearstream, enabling broader participation from global institutional investors.
This development represents a significant milestone in efforts to deepen foreign access to Nigeria’s local debt market.
According to Bloomberg, Nigeria sold 182-day Treasury bills on June 4 at a yield of 18.5%, while its 2033 benchmark bond was trading at a yield of 19.33% as of Wednesday — among the highest returns in emerging markets.
As stated by the global head of depositary receipts at BNY Mellon, Chris Kearns, the program is expected to help unlock investment potential across Africa and contribute to the development of capital markets on the continent.
Dele Fashomi, seasoned journalist and communication teacher, is a holder of Master of Arts degree in Communication and Language Arts from the University of Ibadan in 1992/93.
Earlier, he had bagged a Bachelor degree from the same university in 1984, after which he proceeded to the Nigerian Institute of Journalism, Lagos, in 1990, for a postgraduate diploma in Journalism.
He had done many courses in communication, including the EU-BBC Editing Course in 2002.
Mr. Fashomi combines effectively the practice, research and teaching of communication. And to date, he has published two academic works in communication: Issues in Communication Technology and Policy (2010) and Economic and Social Issues in Advertising and PR (2013).
He had his first break in the Nigerian media in Concord Newspapers in 1990 and today, he has over two and half decades experience earned in several newspapers.
He has been part of many start-ups, such as The Republic (1987), The Comet (1999), The Anchor 2001 – 2002; Sun Newspapers (2003); Westerner newsmagazine (2005 – 2010) as Editor; National Life (2011) as Sunday Editor, and Newswatch Newspapers (2012- 2016) as Daily Editor.
Dele Fashomi is now the Publisher/Editor-in-Chief of Newstide247.com newspaper online, which he started in July 2015. He is also into biography writing, with many books in his trail, some of which he wrote alone and one he co- authored with his mentor, Mr Dare Babarinsa, entitled: Olabiyi Durojaiye – DARE TO BE DiFFERENT. He also guided and collaborated with Pa Olatunji Odusanya in writing his autobiography – AGAINST ALL ODDS. There are many other books in the works under his pen.
