Company
Seplat issues $650 million oil and gas bond
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...
Suez Canal reopens after stranded ship is freed
Traffic has resumed in Egypt’s Suez Canal after a stranded container ship blocking it for nearly a week was finally freed by salvage crews. Tug boats honked their horns in celebration as the 400m-long (1,300ft) Ever Given was dislodged on Monday with the help of dredgers. Hundreds of ships are waiting to pass through the canal which links the Mediterranean to the Red Sea. It is one of the world’s busiest trade routes. Peter Berdowski, CEO of Dutch salvage company Boskalis, said the Ever Given had been refloated at 15:05 (13:05 GMT) on Monday, “thereby making free passage through the Suez Canal possible again”. Egyptian officials say the backlog of ships waiting to transit through should be cleared in around three days, but experts believe the knock-on effect on global shipping could take w...
Traffic in Suez Canal resumes after stranded ship refloated
Shipping traffic through Egypt’s Suez Canal resumed on Monday after a giant container ship which had been blocking the busy waterway for almost a week was refloated, the canal authority said. The 400-metre (430-yard) long Ever Given became jammed diagonally across a southern section of the canal in high winds early last Tuesday, halting traffic on the shortest shipping route between Europe and Asia. Live footage on a local television station showed the ship surrounded by tug boats moving slowly in the centre of the canal on Monday afternoon. The station, ExtraNews, said the ship was moving at a speed of 1.5 knots. “Admiral Osama Rabie, the Chairman of the Suez Canal Authority (SCA), announces the resumption of maritime traffic in the Suez Canal after the Authority successfully rescues and ...
Former Roma boss, online fan clash over Mo Salah sale
Four years after Mohammed Salah was sold to Liverpool for £35m a die-hard Roma fan has hauled pebbles at the decision describing it as undue emphasis on money over quality. Former Roma president James Pallotta locked horn with a fan who from all indication was ready to throw blows should the need arise. Salah has starred for Liverpool ever since leaving Roma in 2017 for £35m. The unamed fan took Pallotta online , suggesting it was all about money, claiming Roma only cared about Financial Fair Play regulations. He posted to social media: “Replacing Salah with [Patrik] Schick is confirmation of the inability of a company that constantly sells the best players. “You’re not good enough at turning omelettes, trust me.” Pallotta replied: “You still show ignorance by ignoring fact that Salah want...
Court declares SEC sanctions against Oando management null, void
Wikipedia Oando shareholders in the persons of Alhaji Yakubu Gumel; Alhaji Kabiru Tambari, suing for himself and on behalf of the Sokoto Zone Shareholders Association; Tunde Badmus, suing for himself and for the benefits of Pacesetters Shareholders Association, bagged yet another win at the Federal High Court (FHC) Kano, in a suit filed against the Securities and Exchange Commission (SEC) for overreaching its powers. Justice A. Lewis Allagoa presiding over the ruling dismissed the regulators preliminary objection and granted all the reliefs sought by the Oando Shareholders. The FHC Kano dismissed SEC’s objection on the basis that the shareholders’ claims fall under their rights as shareholders according to the Companies and Allied Matters Act (CAMA) and is therefore not a capital markets i...
Nigerian government tenders foreign currency in ‘money laundering’ trial of ex-NAF chief
The Federal Government, on Thursday, tendered before the Federal High Court, Abuja, different currencies of dollars stashed in three bags as evidence in the money laundering charge against Air Commodore Umar Mohammed (rtd.) Counsel to the Attorney General of the Federation (AGF), Magaji Labaran, tendered the bags of money before Justice Inyang Ekwo while leading the only witness in the case, Stephen Olatubosun, in evidence. Newsmen report that Mohammed (1st defendant) and his company, Easy Jet Integrated Service Ltd (2nd defendant), are being charged with three counts bordering on money laundering, illegal possession of firearms and possession of classified documents without lawful authority. The retired air officer and his company are alleged to have received the sum of one million, thirt...
Shell donates 330 PPEs to FRSC in Rivers
File Photo The Federal Road Safety Corps (FRSC), Rivers Command, said it had received over 330 Personal Protective Equipment (PPEs) donated by Shell Nigeria to combat the COVID-19 pandemic. Rivers FRSC Sector Commander, Salisu Galadunci, said in a statement that the PPEs comprised of 170 pieces of nose masks, 150 pieces of reflective jackets and body temperature gauges. The sector commander said that the items were presented by Shell Nigeria officials led by its Head, Sponsorship and Social Investment, Mrs Anike Kakayor. “The team has expressed delight in the way and manner in which the FRSC Rivers carries out its operational mandates of safeguarding lives on the highways. “The team also commended our aggressive enlightenment campaigns at motor garages and on the various media platforms. “...
Port Harcourt DisCo insists NMMP meters not for sale
File Photo The Port Harcourt Electricity Distribution Company (PHED) says it is not selling to customers, meters provided free to electricity users by the Federal Government. PHED’s Acting Manager of Corporate Communications, Mrs Chioma Aninwe, disclosed this in a statement in Port Harcourt on Monday. The Federal Government had in October 2020 introduced the National Mass Metering Programme (NMMP), to eliminate arbitrary estimated bills that were given to unmetered customers by Distribution Companies (Discos). Through the scheme, the Central Bank of Nigeria (CBN) provided financing support to the Discos for the procurement of meters for customers from local meter manufacturers. Aninwe disclosed in the statement that “Our attention has been drawn to a publication alleging that PHED is direc...
2023: Why South South should produce next president – Edo deputy governor, speaker
Deputy Governor of Edo state, Comrade Philip Shaibu, and Speaker of the State House of Assembly, Hon Marcus Onabun, Saturday said the South-South geo-political zone is ripe to produce the next president of Nigeria and while calling on the leadership of the Peoples Democratic Party (PDP) to zone its presidential candidate slot to the region. The two spoke at an event to celebrate the emergence of Chief Dan Orbih as the South-South national Vice Chairman of the party held at the Benin residence of late Chairman, Board of Trustees (BoT) of the party, Chief Tony Anenih. Shaibu said, “We voted for President Buhari again and he had a second term. South-South must produce the next President of Nigeria. “Chief Dan Orbih being National Vice Chairman South-South of the PDP from our state is not by m...
Apple discontinuing two configurations of its 21.5 inch iMac
Apple recently discontinued the iMac Pro, and two configurations of the 21.5-inch iMac are now joining the Pro in retirement. As spotted by MacRumors, the 512GB and 1TB SSD configurations of the 21.5-inch iMac are no longer available for purchase, with only the 256GB SSD and 1TB Fusion drive versions available to buy on Apple’s website. Both configurations appeared unavailable for purchase on Apple’s website as of last month, but at the time it was not clear if that was a supply issue or a permanent discontinuation of the two options. But now both the 512GB and 1TB SSD options are gone from the iMac configuration page, MacRumors notes. A big iMac redesign has been rumored in the works for some time. Apple is expected to replace the 27-inch and 21.5-inch versions of the iMac with a redesign...
Russia calls U.S. allegations over Putin-directed election meddling ‘baseless’
Russia on Wednesday described U.S. intelligence allegations that President Vladimir Putin had likely directed efforts to try to swing the 2020 U.S. presidential election to Donald Trump as baseless. A 15-page American intelligence report, released on Tuesday, added heft to longstanding allegations that some of Trump’s top lieutenants were playing into Moscow’s hands by amplifying claims made against then-candidate Joe Biden by Russian-linked Ukrainian figures in the run-up to the Nov. 3 election. “The document prepared by the U.S. intelligence community is another set of baseless accusations against our country for interfering in American domestic political processes,” Russia’s embassy in the United States said in a statement on Facebook. “The conclusions of the report on Russia conducting...
Nokia to cut up to 10,000 jobs worldwide
File Photo Telecoms company Nokia has announced its plan to cut between 5,000 and 10,000 jobs globally in the next two years. It said the move will enable it reduce cost, catch up on 5G, and invest in cloud computing and digital infrastructure research. Nokia said on Tuesday that the restructuring is aimed at boosting its performance against opponents such as Sweden’s Ericsson and China’s Huawei. The company did not indicate regions affected by the measure, but said about 96 jobs in the UK were under threat as part of the €600m (£518m) cost cuts, BBC reported. A Nokia spokesperson was quoted as saying, “We currently expect the consultation process in the UK to cover an estimated 96 roles.” “At this stage, however, these are only estimates. It is too early to comment in detail, as we have o...
