Seplat Petroleum Development Company, a Nigerian independent oil and gas firm, has issued $650 million in aggregate principal amount of senior notes due in 2026. It is said to be the largest ever Nigerian oil and gas bond issuance. A senior note is a type of bond that must be repaid before most other debts in the event that the issuer declares bankruptcy. It is more secure than other bonds. The dual listed company said the five-year bond was well-received in the market with orders from high quality institutional investors. “The notes priced at a yield of 7.75%, representing a significant pricing reduction from its $350 million debut issuance in 2018, which priced at a yield of 9.50% , with a coupon of 9.25%,” a statement by the company read. “The offering was well oversubscribed with deman...
Nigeria imports at least 60 per cent of dairy products the country consumes, the Minister of Agriculture and Rural Development, Sabo Nanono, has said. Mr Nanono disclosed this when speaking at the National Dairy Policy Stakeholders Engagement in Abuja on Tuesday. He said, “Despite the potentials in the dairy industry, 60 per cent of dairy products consumed in the country is imported while the remaining 40 per cent is produced locally.” The minister said Nigeria’s per capita consumption of milk is 8 litres per year, representing very low consumption levels when compared with the global average of 44 litres of milk, according to the Food and Agriculture Organisation of the United Nations (FAO). According to him, presently, the Nigerian dairy industry is largely subsistence and consists of lo...
The Minority Caucus in the House of Representatives Tuesday described the approval of $1.5 billion for the rehabilitation of the Port Harcourt refinery as a huge scam and a ploy by unscrupulous elements to siphon public funds. The Federal Executive Council (FEC) had recently at its virtual meeting presided over by President Muhammadu Buhari approved $1.5 billion for the rehabilitation of the refinery. But, the caucus in a statement by its Leader, Hon. Ndudi Elumelu, while rejecting the amount, said the figure is outrageous and heavily inflated, demanding an immediate review of the cost. The lawmakers noted that while they are in support of any genuine effort to bridge energy deficit in Nigeria, such should not be used as a ploy by corrupt individuals to fleece the nation. The caucus called...
A Catholic Priest, Reverend Father Ferdinand Fanen Ngugban, has been shot dead in Katsina-Ala Local Government Area of Benue State. Newsmen gathered that Fr. Ferdinand Ngugban of St. Augustine Aye Twar parish in Katsina Ala LGA was killed by bandits who raided the community and set many houses on fire. The Council Chairman of Kastina-Ala, Joseph Atera, told our correspondent by telephone that the bandits, who attacked the priest at the church premises, also killed three others. But Police Public Relations Officer (PPRO) of Benue Command, DSP Catherine Anene, confirmed only the killing of the priest. “Attack on St. Paul’s Catholic Church, Aye-Twar village, Agu centre in Kastina-Ala LGA by bandits is confirmed. Rev. Fr. Nguban Fanen lost his life during the attack. “The corpse has been depos...
Nigeria ended the 2022 Africa Cup of Nations qualifiers with a 3-0 victory over Lesotho at Teslim Balogun Stadium. Victor Osimhen, Oghenekaro Etebo and Paul Onuachu strikes helped the Super Eagles to end the Afcon campaign unbeaten and finished at the top of the Group L table with 14 points. Nigeria headed into the encounter, having already secured their place at the biennial tournament, scheduled for Cameroon. Coach Gernot Rohr made a few changes to the team that started their 1-0 victory over the Republic of Benin at Stade Charles de Gaulle on Friday. The German tactician started Francis Uzoho Etebo and Tyronne Ebuehi who did not feature against the Squirrels in Porto Novo. Iwobi also returned to the starting XI after missing his side’s last outing as he tested positive for Covid-19 befo...
Tunisian-French rapper Swagg Man, known for the Louis Vuitton logos tattooed on his head, has been sentenced to five years in jail for fraud and money laundering, the judiciary said Tuesday. Born in the French Mediterranean town of Nice, the 34-year-old, whose real name is Iteb Zaibet, became an internet celebrity known for his ostentatious clothing, body tattoos, and chunky jewelry. His social media fame led him to be invited onto television shows in both France and Tunisia. On Monday, a Tunis court sentenced him to five years in prison and fined him 100,000 dinars ($36,000) on charges of money laundering and fraud, judicial official Mohsen Dali told AFP. He said funds of about 17 million dinars ($6 million) in euros and Swiss francs were also confiscated from Swagg Man’s accounts. The ra...
MTN South Africa has been appointed by the National Treasury as the new mobile provider to the Government. The contract allows for all entities of state to “utilise the contract for mobile communication services, which will further assist with cost containment”. The scale of the government’s requirements is expected to allow MTN to develop systems, innovative pricing and products that will not add value to South Africa and also significantly improve on existing mobile telecommunications service delivery. “We are both humbled and honoured by the faith National Treasury has shown in MTN with this critical partnership over a five-year term. A huge team at MTN spent months analysing the state’s requirements and then developing the very best solutions to not only meet those expectations, but to...