FBN Holdings expected to benefit from a surge in sales of bonds by state governments to replace dwindling oil revenue after peaceful elections bolstered investor confidence, the owner of First Bank Nigeria said.
“We expect a lot of the state governments to go to the market to issue bonds to be able to fund their projects,” chief executive Bello Maccido said.
Nigerian bonds and equities surged as President Goodluck Jonathan conceded defeat to former military ruler Muhammadu Buhari following the March election, soothing investors’ concerns that a disputed result might cause election-related violence.
Bloomberg