countries
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...
Yiaga Africa demands effective monitoring, evaluation of coronavirus vaccination
A Civil Society Organisation, CSO, Yiaga Africa, on Monday, demanded effective monitoring and evaluation of COVID-19 vaccination and also strengthening the nation’s health sector. This was stated by the Director of Programmes, Yiaga Africa, Cynthia Mbamalu, while speaking on the need for the vaccination to be guided by certain principles that would bring about the inclusion of all citizens in the process. Mbamalu said: “The conversation is important to ensure that the whole process of vaccination is guided by certain principles and every aspect of society is catered for. In the implementation of vaccines in Nigeria, we need to deploy effective monitoring and evaluation systems that will help document how well we have done, document the learning, and how we can improve on the system. “Beyon...
NANS flays ‘commercialisation’ of tertiary institutions
The National Association of Nigerian Students (NANS), has decried an alleged clandestine move to commercialise public tertiary institutions stressing that it might deprive many the access to quality education. The NANS National President, Com Sunday Asefon, said this on Thursday at the Lagos State University (LASU), while speaking on the decadence of the Nigerian educational system. Asefon in a statement entitled : ‘Need to Perceive Education As a Social Service’ , and made available to newsmen in Ado Ekiti, on Friday, said any developing nation that views education from the prism of commercialisation would fail in giving the youth the right attitude to life. The students leader described education as a veritable weapon to rid the society of ignorance, criminality, and building of future l...
Minister tasks NSDC boss on ensuring self-sufficiency in sugar production
Otunba Adeniyi Adebayo, Minister of Industry, Trade and Investment, has tasked the newly appointed Executive Secretary of the National sugar Development Council (NSDC), Zach Adedeji to work towards the realisation of the Federal Government’s goal in ensuring self-sufficiency in sugar production. Speaking at the inauguration of Adedeji as the Chief Executive Officer of the NSDC at the weekend in Abuja, Adebayo said the Federal Government relied on him to work assiduously towards the realisation of the country’s self sufficiency in the sugar production. He noted that the appointment of Adedeji was based on his performance in his former positions, adding that the nation expected him to leave landmark achievements by the time he would be leaving office. “You are therefore expected to discharge...
WHO urges fairness in coronavirus vaccine access for Africa
The World Health Organization (WHO) has called for fairness in access to Covid-19 vaccines to widen the reach in Africa. The WHO said on Thursday that while vaccines had been delivered through the global partnership Covax, current global supply constraints could mean a critical proportion of people remain unvaccinated for months. “While some high-income countries are seeking to vaccinate their entire populations, many in Africa are struggling to sufficiently cover even their high-risk groups,” said Dr Matshidiso Moeti, the WHO regional director for Africa. “Acquiring Covid-19 vaccines must not be a competition. Fair access will benefit all and not just some of us,” his statement added. The WHO said vaccine doses have not yet arrived in 10 African countries. So far, the continent has admini...
More than 90 killed in Myanmar in one of bloodiest days of protests
Security forces killed more than 90 people across Myanmar on Saturday in one of the bloodiest days of protests since a military coup last month, news reports and witnesses said. The lethal crackdown came on Armed Forces Day. Senior General Min Aung Hlaing, the junta leader, said during a parade in the capital Naypyitaw to mark the event that the military would protect the people and strive for democracy. State television had said on Friday that protesters risked being shot “in the head and back”. Despite this, demonstrators against the Feb. 1 coup came out on the streets of Yangon, Mandalay and other towns. The Myanmar Now news portal said 91 people were killed across the country by security forces. A boy reported by local media to be as young as five was among at least 29 people killed in...
Nigerian government mulls TCN’s unbundling, partial concession to boost power supply
The federal government is considering the unbundling and partial concession of the Transmission Company of Nigeria (TCN) to boost its efficiency in the government’s bid to improve power supply. Director, Energy, Bureau of Public Enterprises (BPE), Mr. Yunana Malo, said during the March edition of “the Electricity Hub” conversation series on power that the National Council on Privatisation (NCP) had directed that a proper strategy should be mapped out for the unbundling of TCN. He stated that the government believed that all the players in the energy value chain should be able to align with the needs of the power sector seamlessly, adding that the right environment is being created for the transmission component to match generation and distribution. Malo said data was key to making decision...
Nigerian senate wants travel passport documents renewable abroad via post
The Senate is making moves to make it easier for Nigerians in diaspora to renew their passport documents. It specifically wants to make it possible for Nigerians to be able to renew the documents abroad via post. The lawmakers also want more centres where passports can be renewed abroad as well as the removal of ‘middlemen’ in the process. These are some of the resolutions the lawmakers took on Wednesday after they deliberated a motion on the “urgent need to remove the difficulty faced by Nigerians outside of the shores of Nigeria in renewing their Passport” sponsored by Matthew Urhoghide (PDP, Edo South). The move by the Senate comes at a time when Nigerians both within and outside Nigeria have decried difficulty in the process of obtaining a new travel passport as well as renewing one. A...
UN official highlights values of water in fighting coronavirus pandemic
Water has many values that are just not priced, Sasha Koo-Oshima, the Deputy Director, Land and Water Division, UN Food and Agriculture Organisation (FAO), told Xinhua ahead of the World Water Day on March 29. The official highlighted that with the coronavirus (COVID-19) pandemic, a large part of the world population still lacks access to handwashing facilities at home. “This is the first line of defence against this virus and the value of water is very evident in this progression. “The first thing we realised is handwashing. Many countries just don’t have clean water to even just wash hands,” she said. The UN on Monday warned that more than two billion people do not have direct access to water, the “blue gold” which is essential in defeating the pandemic. In its World Water Development Re...
Biafra group threatens violence, orders oil companies out of Bakassi peninsula
FIle Photo The militia wing of the Biafra Nations League (BNL) has issued a quit notice to companies operating under Nigeria in the Bakassi peninsula. The group alleged that Nigeria gets 60 percent of the oil in the region and uses the money to “sponsor” the Nigerian military against secessionist. A BNL commander alias ‘Aso Rock’ accused the federal government of “killing armless pro-Biafra supporters in Imo State and Rivers State”. The native of Bakassi stated that Nigeria no longer had rights over the area since its territorial ownership was ceded to Cameroon. “We have asked the oil companies paying tax to the Nigerian government to evacuate, no deadline was given as we can chase them away anytime. “They cannot be drilling our oil to be developing the north and sponsoring military operat...
WTO chief warns against Nigeria’s continued reliance on oil & gas
Dr. Ngozi Okonjo-Iweala, Director General of World Trade Organisation (WTO), has warned of Nigeria’s continued reliance on crude oil and gas as the major source of revenue to the government. Okonjo-Iweala sounded the warning on Wednesday in Abuja at a meeting with Women Entrepreneurs in Nigeria held at the headquarters of the Nigerian Export Promotion Council (NEPC). She urged the government to transit from oil and gas based economy to other non-oil sectors. She pointed out that unless Nigeria diversifies her economy, it would be left behind by other countries. She said, “I have kept on harping that Nigeria should transit from oil and gas based economy to producing in other non-oil sector. “This is because of the climate change. Fossil fuels which are oil and gas, that Nigeria depends on, ...
Coronavirus: CBN doubles loan disbursement to N300 billion – bank governor
The Central Bank of Nigeria (CBN) says it plans to double the Targeted Credit Facility (TCF) from the initial N149.21 billion to N300 billion following the resounding success recorded in the disbursement of the Covid-19 loans to the applicants. In his keynote address at the 2nd virtual seminar for Finance Correspondents and Editors at the weekend, the Governor said the Bank took the decision in order to accommodate many more beneficiaries as well as boost consumer expenditure which would positively stimulate the economy. He disclosed that the CBN initially created a N150 billion Targeted Credit Facility (TCF) for affected households and small and medium enterprises through the NIRSAL Microfinance Bank, adding that already, N149.21 billion has been disbursed to 316,869 beneficiaries. “Given...