Investors
Downfall of Canada’s Lambo driving ‘Crypto King’ reportedly sees $35M in losses
A self-styled 23-year-old ‘Crypto King’ is facing a raft of demands among 140 of his investors as they try to claw back a collective total of $35 million from his company AP Private Equity Limited. According to a Sept. 20 CBC report, creditors are hard at work trying to unravel where all the money they allegedly gave Canadian Aiden Pleterski to make crypto and foreign exchange investments on their behalf ended up. A bankruptcy trustee’s report, creditors meeting minutes, court filings, and complaints made to Investigation Counsel PC reveal Pleterski owned 11 vehicles, leased four other luxury cars, regularly flew on private jets, and was living in a lakefront mansion costing $45,000 a month to rent. So far roughly $2 million worth of assets have been seized, among them tw...
United Bank for Africa (UBA) Redeems $500-Million 5-year Eurobond
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United Bank for Africa (UBA) Redeems $500-Million 5-year Eurobond
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit “Cookie Settings” to provide a controlled consent.
AfreximBank to support Ogun infrastructural development with $200 million
The African Export-Import Bank (Afrexim) has disclosed its plans to support infrastructural development in Ogun State with an envelope of $200m. The fund, according to the bank, will be dedicated towards projects and other developmental initiatives embarked upon by the incumbent administration in the state. The President and Chairman of the Board of Directors of the Afrexim Bank, Benedict Oramah, who made this known when he led management of the bank on a courtesy visit to Governor Dapo Abiodun at his Oke-Mosan Office, Abeokuta, on Monday, equally said the bank would partner Ogun on ensuring that the 250-bed Specialist Hospital, Abeokuta, is completed and begin operations soon. Oramah, while noting that the bank has been investing heavily in the health sector in Africa to develop vaccines ...
Nigerian government says no immediate plan to ban cylinder imports
The Federal Government says it had no immediate plan to ban the importation of gas cylinders as part of its LPG expansion and implementation plan. Mr Dayo Adesina, Senior Special Assistant on Domestic Gas in the office of the Vice-President, made the disclosure in an interview with newsmen on Sunday in Abuja. He said that the government was working on first building local capacities before contemplating a ban. According to Adesina, who is also the Programme Manager of the National LPG Expansion and Implementation, Nigeria still has a lot of cylinder deficits to fill in meeting the LPG expansion plan. He explained that the plan was to get LPG to the remotest of villages and discourage use of firewood and other fuels that are inimical to the environment. Adesina said that of the nation’s ove...
Ekiti APC chieftain: 2022, 2023 elections‘ll be based on personality, not party affiliation
An All Progressives Congress (APC) Chieftain in Ekiti, Mr Demola Popoola, says that the 2022 and 2023 elections will be about personality rather political party affiliation. Popoola stated this in Oye-Ekiti while declaring his intention to contest the governorship primaries of the party in the state. “The next general elections will be based on who the candidate is and not his political party. “Contributions and capacity of aspirants will play a critical role in the polls, but I am determined to bring my wealth of experience to bear in governance of the state, if given the opportunity in 2022. “I will work through my plans to banish poverty from Ekiti through my deliberate and concerted efforts in creating jobs through industrialisation of the state,’’ he said. Popoola, who hails from Oye-...
Dangote Cement completes issuance of N50 billion bond programme
Dangote Cement Plc has announced the successful issuance of N50 billion series 1 fixed rate senior unsecured bonds, under its new N300 billion multi-instrument issuance programme. In a statement on Tuesday, the cement producer said the bonds were issued on May 26, 2021 at coupon rates of 11.25 percent, 12.50 percent and 13.50 percent for the three, five and seven-year tranches respectively. The bonds will be listed on the Nigerian Exchange Limited and FMDQ Securities Exchange. Dangote Cement said that the proceeds of the bond issuance will be deployed for the company’s expansion projects, short-term debt refinancing and working capital requirements. “Aside from this first issuance of a traditional bond under the new Multi-Instruments Programme, Dangote Cement has registered a programme ena...
IPC, NGO reject bill seeking to empower NBC to regulate DSTV, Startimes’ tariffs
A bill seeking to regulate tariff of digital satellite service providers was on Wednesday rejected by several participants at the public hearing on the bill. The bill, sponsored by Unyime Idem (PDP, Akwa-Ibom), seeks to give the National Broadcasting Commission (NBC), the powers to regulate the tariff charged by digital television platforms. The bill proposed that NBC “Regulates and review through broadcasting codes the tariff being charged by the digital satellite television services broadcasting in Nigeria and other subscription policy for subscribers.” If passed, digital satellite service providers like DSTV, StarTimes, TSTV, GOTV and others will have their subscriber fees regulated. It was first introduced to the House on March 19, 2020 and was consolidated with other NBC bills on the ...
Lagos governor asks security agencies to crush criminals
Lagos State Government has tightened the noose on criminal elements, as Governor Babajide Sanwo-Olu fortifies the armoury of the State Police Command with new hardware and gadgets. One hundred and fifty units of double cabin vehicles, 30 patrol saloon cars, four high-capacity troop carriers and two anti-riot water cannon vehicles are part of the crime-fighting equipment donated to the police, yesterday, by the Lagos Government to strengthen security responses across the state. President Muhammadu Buhari took inventory and inaugurated the security equipment before Governor Sanwo-Olu handed over the gears to the Inspector-General of Police (IG), Mr. Alkali Usman, for the use of Lagos Police Command. The equipment and gadgets were procured through the Lagos State Security Trust Fund (LSSTF) –...
NNPC renews OML 118 with Shell, Total, Exxon, Eni
The Nigerian National Petroleum Corp renewed Oil Mining Lease 118 with the local subsidiaries of Shell, Total, Exxon and Eni for another 20 years, the West African country’s state oil firm said in a statement on Tuesday. The deal signals the end of “long-standing disputes over the interpretation of the fiscal terms of the production-sharing contracts” between the investors in the field, the statement said. The Nigerian government will immediately recognise revenues of $780 million from the signing of the agreement, “while it would also free the parties from over $9 billion in contingent liabilities,” the statement said. The deal was signed between NNPC, Shell Nigeria Exploration and Production Company, Total Exploration and Production Nigeria Limited, Esso Exploration and Production Nigeri...
Firm cautions Nigerian government over sale of national assets
Agusto Consulting has cautioned the federal government over its plan to relinquish national assets to private hands, saying, the risk involved is unquantifiable. Agusto Consulting, in a report titled “Rethinking Nigeria’s Models for Infrastructure Development,” noted that, the benefits of relinquishing control to the private sector are glaring, but remain difficult to implement. Noting that the federal government’s handing off certain critical assets of the country that have been dormant over the years will positively impact on the country’s budgetary allocation, but added that this decision has caveats and risks associated with operating models that involve private sector participation regardless of the levels of participation. “First is the high level of corruption in the country and the...
Understanding the strength of small businesses
The number of small businesses keeps growing in the formal and informal sectors of the Nigerian economy, due to the role of small businesses as the live-wire of any economy and the backbone of major developed economies the world over. Though Nigeria rely majorly on oil and revenues derived from it, from context observation the economy is largely supported by small businesses covering almost all spheres of activities within the country, ranging from Nano, kiosk, and Micro businesses most importantly. A visible reference usually includes the vulcanizers, corner shop owners, single retail marketers, repairers, painters, business center operators, restaurants, market women, and men in the various open markets, among others. and the formal operations such as the law firms, accounting firms, con...