Author: Ogochukwu Ndubuisi

Seplat Energy Prices $650m 9.125% Notes Due in 2030 Seplat Energy Plc has announced the pricing of its $650 million note of 9.125% that will be due for redemption in 2025, details obtained from its issuance document revealed. The debt notes will be issued by the Company and guaranteed by certain of its subsidiaries. The management revealed that the gross proceeds will be used repurchase Issuer’s outstanding 7.750% Senior Notes due April 2026. The company is also seeking to pay transaction fees and expenses from the proceeds. Seplat had also announced a concurrent any-and-all tender offer on its outstanding 2026…

Stanbic IBTC, SIFAX Group Partner on Ijora Terminal Development Stanbic IBTC Asset Management Ltd. has partnered SIFAX Group to facilitate the development of an ultra-modern port terminal on 8.3 hectares of land (~82,846 m²) in Ijora, Lagos The Group Chairman of SIFAX Group, Dr Taiwo Afolabi, made this known in a statement issued by its company’s Group Head, Corporate Communications, Mr Olumuyiwa Akande, in Lagos on Thursday. Stanbic IBTC Asset Management Ltd. is the Fund Manager of the Stanbic IBTC Infrastructure Fund while SIFAX Group through its subsidiary, SIFAX Shipping ICT Limited, Afolabi said the project encompassed the development of…

Nigeria Aims to Bridge Digital Divide with Collaborative Efforts In a bid to ensure equitable access to telecommunications services for all Nigerians, the Universal Service Provision Fund (USPF) organized an industry-focused stakeholder engagement session in Lagos. The event, themed “Strengthening Partnership for Sustainable Telecommunication Infrastructure in the Unserved and Underserved Communities,” brought together key stakeholders to discuss strategies for enhancing USPF interventions and building partnerships for Nigeria’s digital future. The Executive Vice Chairman of the Nigerian Communications Commission (NCC), Dr. Aminu Maida, emphasized the importance of collaboration in achieving sustainable development in the sector. He urged stakeholders to take decisive…

Smart City: Sanwo-Olu Launches MyLagos App The Lagos State Government on Thursday launched MyLagos App, a digital platform designed to simplify city navigation and enrich urban experience. Gov. Babajide Sanwo-Olu said at the launch of the platform at MTN Plaza, Falomo, Ikoyi, that Lagos remained a beacon of innovation and excellence. The governor was represented by his Deputy, Dr Obafemi Hamzat. MyLagos App is developed by the state government in collaboration with MTN Nigeria and other key stakeholders. Sanwo-Olu said that the launch was a significant milestone in the efforts of Lagos to become a leading smart city in Africa.…

Reps Adopt Tax Reform Bill The House of Representatives on Thursday, adopted the Tax Reform Bill as a working document. Arising from the Committee of the Whole, the Speaker, Rep. Tajudeen Abbas, said that after deliberations on clauses of the bill, the house adopted it as a working document. Abbas who commended the Committee on Finance for a work well done, said the report was a reflection of Nigeria’s mind. “All the 36 states, including the Federal Capital Territory have their representatives in the sub-comittee. “This is the first time such a report is getting hundred per cent approval by…

NELFUND disburses N35bn to 261,000 students The Nigerian Education Loan Fund (NELFUND) says it has so far disbursed N35 billion to 261,000 students in the country. The Managing Director of NELFUND, Mr Akintunde Sawyerr stated this at a sensitisation programme for Edo students in Edo State University, Iyamoh, Edo, on Thursday. The programme is in conjunction with the Edo State Ministry of Education. “So far in Nigeria, we have disbursed over N22 billion in institutional fees, that is, money paid to institutions. “We have disbursed about N11 billion in upkeep that goes up every month. “So far, we have disbursed…

Banking Stocks Drive Intraday Momentum in Equities Market Banking stocks are driving intraday momentum in the equities segment of the Nigerian Exchange on Thursday. Investors started fresh bargain hunting in the stock market after negative showed display midweek. Investors were caught in between placing their bets on fixed interest securities and risky stocks amidst corporate earnings releases. The financial markets performance yesterday mirrored a weak appetite for equities as investors’ parked huge money into Treasury bills offered by the Central Bank at the midweek auction. At midday, the NGX All Share Index edged up by 0.07%, reflecting a positive trend,…

Nigerian Artistes Generate N58bn Revenue on Spotify in 2024 Spotify, an online music streaming platform, says Nigerian artistes have generated more than N58 billion on its platform in 2024. Jocelyne Muhutu-Remy, Spotify’s Sub-Saharan Africa Managing Director disclosed this in a statement on Thursday, in Lagos. Muhutu-Remy said this figure headlined Spotify’s 2024 Loud and Clear report released on Thursday. According to her, the report also revealed that the number of Nigerian artistes generating N10 million in royalties from Spotify has more than doubled since 2023 and more than tripled compared to 2022 figures. She said this underscored the explosive commercial…

The benchmark yield on Nigerian government bonds climbed to 18.44% in the secondary market ahead of next inflation data.

DStv, Gotv Tariff Hike: Court Stops FCCPC from Sanctioning MultiChoice The Federal High Court in Abuja on Wednesday, restrained the Federal Competition and Consumer Protection Commission (FCCPC) from sanctioning MultiChoice Nigeria Limited following its recent increase in the DStv and GOtv subscription rates. Justice James Omotosho gave the order after an ex-parte motion moved by Moyosore Onigbanjo, SAN, counsel to MultiChoice. Justice Omotosho, in the motion marked: FHC/ABJ/CS/379/2025, ordered FCCPC not to take “any administrative steps” against the pay-Tv company. FCCPC had summoned MultiChoice Nigeria Ltd to provide explanations regarding the March 1 price review of its packages. The commission…