The order and content of this agenda may be subject to change.
08:00 Registration and networking
09:00 Chairperson’s opening remarks
09:10 How is Nigeria’s economy performing and what is the economic outlook for the next 12 months?
- Oil prices vs. dollar liquidity vs. FX: How are these macroeconomic factors impacting capital flows and debt capital markets in Nigeria?
- How should the Central Bank support the naira while at the same time deliver sound monetary policy to foster GDP growth?
- New oil price, and the new norm: What is the new equilibrium price of the naira vs. US dollar?
- Local rates, local funding: What is the trajectory of Nigeria’s interest rates short, medium and long term?
Amine Mati, Senior Resident Representative & Mission Chief Nigeria, IMF
Emmanuel Moore Abolo, Chief Risk & Compliance Officer, NEXIM Bank
Rafiq Raji, PhD, Chief Economist, Macroafricaintel
09:50 How are Nigerian financial institutions and corporates financing growth and CAPEX in the capital markets?
- Debt vs. equity, bonds vs. loans, local vs. offshore markets: Where do Nigerian companies see opportunity?
- How can corporates access the credit markets and what financial structures are available?
- What is the impact of the FX volatility on the medium and long term financial strategy for corporates?
- What makes the naira bond market attractive for foreign and local companies to issue?
- Competing against sovereign and non-indigenous: What can Nigerian companies do to make themselves a more attractive investment opportunity?
Madhukar Khetan, Chief Operating Officer, Dufil Prima Foods
Sumit Jain, Chief Financial Officer, West African Cotton Company LTD
Temitope Afolayan, Director Loan Syndications Africa, Standard Chartered
Gbolahan Fasade, Director - Head of oil and gas, Citi
10:30 Networking and coffee
11:00 How to successfully access the international bond market
- What are the lessons to learn from the recent eurobond issuances and how can these be replicated across the Nigerian debt capital markets?
- Weakened currency and lower equilibrium oil price: What do the new economic fundamentals of Nigeria mean for issuing cross-border bonds?
- How have ratings actions impacted accessibility to the international markets? How have ratings actions across Africa directly impacted issuers’ capacity to tap the market?
- International investor perspectives and sentiment for Nigeria (and Africa): In what basket does Nigeria (and Africa) sit within a global fund managers’ portfolio?
Kobby Bentsi-Enchill, Executive Director and Head of Debt Capital Markets, Stanbic IBTC Capital
Mahin Dissanayake, Director, EMEA Financial Institutions, Fitch Ratings
Samuel Sule, Director Capital Markets - Africa, Standard Chartered
Staurt Matty, Partner - Global Head of Capital Markets Practice, White & Case
11:40 Boosting local liquidity: Bringing pension funds to the naira bond market
- What new regulations are being implemented to stimulate activity amongst PFAs?
- What can be done to boost PFA confidence in corporate and non-government issuances?
- Push vs. pull: How to drive PFA investment in the energy and infrastructure sectors
- New products and structures: How can credit enhancement products stimulate pension fund investment into local infrastructure and corporate debt?
- What are the implications of IFRS adoption by PFA’s on debt markets?
Chinua Azubike, CEO, InfraCredit
Eghuarekide Longe, President, Pension Fund Operators Association of Nigeria
Dave Uduanu, President, African Pension Fund Network
12:20 Networking and lunch
13:40 Opening a gateway of investment between Nigeria and the Middle East: The business case for sukuk
- New pools of liquidity vs. cost of structuring/issuing: What are the practical advantages and disadvantages (capital and economic) of issuing sukuk vs. conventional bonds?
- Global development of sukuk and Islamic finance: What are the drivers? Why will Nigerian sukuk attract investor demand?
- What percentage of a USD sukuk gets placed in the Middle East with shari’ah compliant investors? What is the appetite amongst Islamic banks to buy Nigerian sukuk given the reduction in oil price (and associated liquidity in the GCC)?
- Structuring, pricing and distributing a deal: What issuers need to know
Oladele Afolabi, Director - Portfolio Management Department, DMO
Dr Yakubu Umar, Special Adviser to the Governor on Islamic Finance, Central Bank of Nigeria
Mas’ud Balogun, Head of Legal and Company Secretary, Lotus Capital
Walid Amri, Senior Director – Corporate Finance, Mashreq
14:20 Green bonds: Who are the buyers? Who can issue? How are they structured and sold?
- Comparable success stories and case studies: What lessons can be learnt from the Federal Government green bond? How can this be replicated?
- What companies/projects/assets qualify in order to issue bonds? Which sectors are well positioned to take advantage of this trending product?
- Who are the buyers of green bonds? How does the process by which investors buy green bonds differ to the way they buy vanilla EM bonds?
- How are green bonds structured? What are the legal and structuring cost implications?
Eme Essien Lore, Country Manager – Nigeria, International Finance Corporation
Konrad Reuss, Managing Director and Regional Manager, Sub-Saharan Africa, S&P Global Ratings
15:00 Networking and coffee
15:30 How will infrastructure and energy projects be financed in 2017/18? What new structures and products will re-ignite activity?
- Which projects will be auctioned? Who will develop them? How much debt will be needed to finance them?
- Can local banks provide sufficient support for the upcoming projects? What role are international commercial lenders willing to take in financing upcoming projects? Do IFIs and DFIs hold the key to Nigerian projects being financed?
- What are the strategies of international/non-indigenous developers in Nigeria? How would they finance their projects (and would they finance at the local level or HoldCo level)?
- How much capital can be mobilised in Nigeria’s local bond market for infrastructure projects?
- What are factors that will motivate pension funds to invest in infrastructure-related bonds?
David Alao, Head of Asset Management, Leadway Pensure PFA Ltd
Haruna Jalo-Waziri, Executive Director Capital Markets, Nigerian Stock Exchange
Opuiyo Oforiokuma, Managing Director & CEO, ARM-Harith Infrastructure Investment
Holger Rothenbusch, Managing Director – Debt, CDC Group
Ifeoma Mba, Senior Investment Officer, International Finance Corporation
16:10 The road ahead: Deeping the market, boosting corporate issuance, reinvigorating activity at state level and building investor confidence
- What are the lessons to learn from other high growth economies? How can the development of debt markets be accelerated?
- What are the next best steps to boost activity in the secondary capital markets?
- How can investor confidence be improved? Where are the low hanging fruits? What are the necessary next steps?
- Is non-performing debt an untapped liquidity pool in the loan markets?
- How can another FX crisis be avoided? Are there opportunities and proactive steps to a more resilient capital market?
- What are the ways in which technology and process change will serve as catalyst for market progress?
Oladele Afolabi, Director - Portfolio Management Department, DMO
Adetoun Dosunmu, VP & Chair - Bond Working Group, Financial Market Dealers Association
Ore Sofekun, President, Fund Managers Association of Nigeria
16:50 Chairperson’s closing remarks and close of event
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