First Bank's 100 Billion Naira Share Offer

Dear Nairalanders, Is anyone aware about ACCESS bank upcoming public offer?

Check out the thread below

http://www.nairaland.com/nigeria/topic-57763.0.html

Strong naira, returns, lure Credit Suisse, others to Nigeria
The appreciation and stability of the naira in the last few years have created return opportunities, which are serving as stimuli to the inflow of N250-billion from foreign portfolio investors into the country.
These offshore investors, whose returns from developed markets are plummeting, consider the Nigerian market an emerging preferred centre due to rising returns on investment.
Some of the foreign investors are Credit Suisse Private Banking, Merrill Lynch, Investec Asset Management Limited, ABN Amro, Barring Assets Management, J P. Morgan, Deutche Asset Management, Citi Group, Fidelity International Limited and Gartmore Investment Management.
Others include Genesis Investment Management, ICAP Securities, State Street Global Advisers, Actis Capital, Kingdom Holding Company and Renaissance Capital.
Musa al- Faki, director- general of the Securities and Exchange Commission (SEC), confirmed their presence in the country last week at the retreat for senior management staff of the Federal Ministry of Finance in Kaduna.
Although al-Faki said their interest was due to the successful listing of GT Bank and Diamond Bank on the London Stock Exchange and the country's breakthrough as "Appendix A" signatory to the International Organisation of Securities Commission (IOSCO), investment managers have attributed the development to the appreciation and stability of the Naira.
Since 1999, the local currency has appreciated from N130 to N118 against the US Dollar. And for about three years now, the Naira has been stable.
S. Enyinnaya, managing director and chief executive of Valueline Securities Limited, said the stability of the Naira has instilled confidence in local and foreign investor to plan.
Enyinnaya also believes that foreign investors have reaped and repatriated good returns from their assets.
Abayomi Sanya, managing director of Goldman Assets Nigeria Limited, said when these foreign investors bring in their money, and the Naira appreciates, over time when they are taking their money out of the country, the value of their investment increases.
This means that they make money from the differentials in the value of the Naira when they made their entry and the time they are exiting the market.
They gain from currency appreciation, he said. This is aside the returns on investment, which serve as incentives to other foreign investors.


Analysts said the two to three digit percent returns compared with five percent returns on investment in developed markets, is difficult to resist even when the risk in investing in emerging markets like Nigeria is high compared with explored markets. Some of these investors set up shops here while others, especially hedge funds, take positions in equities, bond and mutual funds.
International perception that government’s economic reform measure is on course as well as the credit ratings of the country by Standard and Poors and Fitch are also boosting confidence in the economy.



What's your take on this piece of news. I think the Nigerian economy is up for a big BANG!!!