The Nation Newspaper

Category: Business

  • Abass: why ex-CPC chieftains must work for Tinubu

    Abass: why ex-CPC chieftains must work for Tinubu

    • Speaker inaugurates President’s support group in Zaria

    House of Representatives Speaker Tajudeen Abbas has urged former members of the defunct Congress for Progressive Change (CPC) to work in unison for the re-election bid of President Bola Ahmed Tinubu in 2027.

    Abbas spoke at the weekend in Zaria, Kaduna State, while inaugurating the Old CPC Members’ Tinubu Support Group for Northern Kaduna Senatorial District.

    The Nation learnt that the inauguration was meant to galvanise grassroots mobilisation ahead of President Tinubu’s 2027 re-election bid.

    Addressing members of the group before swearing in the officials, the Speaker said they needed to work tirelessly and deliver on the mandate entrusted to them.

    He noted that the defunct CPC tradition remained strong within the governing party, having produced and is still producing influential figures across the country.

    Abba said the defunct CPC bloc boasts governors, about 30 members of the House of Representatives, and seven ministers in the current administration.

    Read Also: Tinubu, First Lady, Shetimma, hail PFN at 40

    “We thank Allah, and we thank the old CPC,” he said, assuring the group of his continuous support. “We will do everything possible to assist you to perform to expectation.”

    Those inaugurated include Alhaji Abubakar Hayatu (Sarkin Sudan) – Chairman; Umar Tsaibu – Secretary; Surajo Musa – Vice Chairman; Abubakar Maiwada – Treasurer; Idris Abubakar – PRO; Ibrahim Musa – Youth Leader; Hajiya Aisha Abdullahi – Women Leader; and Abdullahi Soja – Assistant PRO.

    Others are: Aliyu Haruna – Welfare Officer; Musa A. Musa – Organising Secretary, while Aliyu Santana, Aminu Ahmad Rahama and Adamu Turaki were inaugurated as elders of the group.

    Abbas announced that similar groups for the Central and Southern Kaduna senatorial districts would be inaugurated soon.

  • ‘Tighten security in schools to avert crimes’

    ‘Tighten security in schools to avert crimes’

    Nobel laureate, Prof. Wole Soyinka, has urged the Federal Government and its relevant agencies to tighten security around schools nationwide to prevent killings, kidnapping, and other acts of criminality.

    He also advised the government at all levels to adopt policies that spread and strengthen security awareness across the country, particularly within the education sector.

    The Nobel laureate said the call became imperative in view of the rising wave of insecurity, especially attacks and kidnapping of school pupils across the country.

    Soyinka spoke at the weekend during his visit to his Alma Mater, the Government College, Ibadan, Oyo State.

    The global literary icon said the recent developments demanded a fundamental change in how security is perceived and taught in society.

    He said: “We need policies that instill security consciousness in our citizens. Security should be treated with such seriousness that it becomes a discipline taught in schools.”

    Soyinka noted that security issues should not be left in the hands of the government and its agencies alone but treated as collaborative efforts among the citizenry.

    The Nobel laureate noted that the current crisis has cut across social classes and professions, affecting farmers, students, teachers, health workers, and even traditional rulers.

    He said the situation has reached a critical point, adding: “Kidnappings now affect every sector. When insecurity reaches this level, urgent and drastic steps are necessary to prevent future occurrences.”

    Soyinka expressed concern about the psychological impact of insecurity on young learners, stressing that constant fear disrupts learning, weakens creativity, and undermines national development.

    The global literary icon urged policymakers, educators, and civil society organisations (CSOs) to collaborate on a framework that integrates security education into the school curriculum, combines theory with practical safety drills and accommodates emergency response training.

    Read Also: Tinubu, First Lady, Shetimma, hail PFN at 40

    The President of the Government College Ibadan Old Boys Association, Dr. Wale Babalakin (SAN), praised Oyo State Governor Seyi Makinde for concessioning the school to its alumni association.

    He said the decision has enabled the old boys to invest in modern infrastructure, improve academic resources, and restore the institution to a standard that once produced some of Nigeria’s most notable achievers.

    Babalakin said: “The concession has allowed us to manage and upgrade this institution to the standards that once produced exceptional students.”

    The eminent lawyer and businessman noted that the school’s revival demonstrated what is possible when government, alumni networks, and the private sector work together in the interest of education.

    Babalakin urged the students to take full advantage of the improved environment and commit themselves to achieving excellence.

    The alumni president also urged the youth not to lose sight of the transformative power of education, saying: “Young people must take their education seriously, and stakeholders should create more platforms that inspire and support students to become better individuals in society.”

    The visit, which attracted several dignitaries and old students of the school, also featured discussions on strengthening alumni engagement, sustaining infrastructural development, and promoting a safer learning environment.

  • OPEC retains Nigeria’s 1.5mbpd level for 2026

    OPEC retains Nigeria’s 1.5mbpd level for 2026

    The Organisation of Petroleum Exporting Countries (OPEC) has maintained Nigeria’s oil production quota of 1.5 million barrels of crude per day (bpd) to December 2026.

    In a statement, the intergovernmental organisation said the decision to extend Nigeria’s quota was made at its 40th OPEC and non-OPEC ministerial meeting, held on Sunday.

    On December 5, 2024, the oil cartel extended Nigeria’s oil production quota of 1.5 million barrels of crude per day (bpd) to December 2026.

    The international firm upheld its decision, reaffirming the “level of overall crude oil production for OPEC and non-OPEC Participating Countries in the DoC as agreed in the 38th OPEC and non-OPEC Ministerial Meeting until 31 December 2026”.

    OPEC also reaffirmed that the joint ministerial monitoring committee (JMMC) is mandated to closely review global oil market conditions, oil production levels, and the level of conformity with the declaration of cooperation (DoC).

    The statement noted that the OPEC secretariat will assist the committee in this role.

    “In reference to the decision of the 39th ONOMM; mandating the OPEC Secretariat to develop a mechanism to assess participating countries’ maximum sustainable production capacity (MSC) to be used as reference for the 2027 production baselines for all DoC countries, the Participating Countries approved the mechanism developed by the Secretariat,” the oil cartel said.

    OPEC scheduled its next meeting for June 7, 2026.

    In a separate statement on Sunday, the oil cartel said some member countries of OPEC and its allies, also known as OPEC+, held a virtual meeting to review global market conditions and outlook.

    In April 2023 and November 2023, eight countries announced additional voluntary adjustments.

    The countries are Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman.

    On November 2, the countries decided to pause their oil output increases during the first quarter (Q1) of 2026 — agreeing to a 137,000 bpd hike for December 2025.

    According to OPEC, the eight participating countries reaffirmed their decision to pause production increments in January, February, and March 2026 “due to seasonality”.

    Read Also: Tinubu, First Lady, Shetimma, hail PFN at 40

    “The eight participating countries reiterated that the 1.65 million barrels per day may be returned in part or in full subject to evolving market conditions and in a gradual manner,” the oil alliance said.

    OPEC said the countries will continue to closely monitor and assess market conditions.

    In their continuous efforts to support market stability, the group noted that the countries “reaffirmed the importance of adopting a cautious approach and retaining full flexibility to continue pausing or reverse the additional voluntary production adjustments”.

    OPEC said this includes the previously implemented voluntary adjustments of the 2.2 million barrels per day announced in November 2023.

    According to the statement, the group also confirmed their intention to fully compensate for any overproduced volume since January 2024.

    “The eight OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation,” the oil alliance said.

    The eight countries, OPEC said, will meet on January 4, 2026.

  • New airlines stoke competition in aviation sector

    New airlines stoke competition in aviation sector

    Passengers intending to connect different parts of the country during the yuletide are already altering their itinerary as the airfare structure projected by existing carriers will be disrupted by new carriers which join the scene this week.

    The fledging carriers will be slugging out competition by existing airlines including : Air Peace, Ibom Air, Max Air, Arik Air, Aero contractors, Xejet Airlines/Enugu Air, ValueJet Airlines, United Nigeria Airlines, NG Eagle Airlines , Overland Airways, Green Africa Airways and others.

    Among the new local airlines are : Pioneer Airlines, packaged by Bayelsa State Government and Binani Airlines owned by Senator Aishatu Binani and K- Impex Airlines promoted by a collection of businessmen from the North West.

    Industry sources hinted while Pioneer Airlines and K- Impex Airlines have not announced their take off date yet, Binani Airlines, scheduled to commence flights this week is already fully booked and sold out on its website.

    Many passengers who are yet to settle for the carriers of their choice for the end of year travel are weighing options for patronage ostensibly dictated by fair structure, route network and other considerations.

    With more aircraft at the disposal of airlines, the number of available seat will get a boost , thereby occasioning significant reduction  in fares.

    A cross section of passengers express excitement over the development saying more travel options will enable them tersk their budget and itinerary for the end of year travel.

    The passengers say intense competition will trigger both on time departure and service quality among existing and the fledging carriers.

    They said the route network unveiled by the new carriers – Binani Airlines, Pioneer Airlines and K- Impex Airlines will usher in an era of new service where operators will keep to the fidelity of schedules , offering fare structures that offers passengers options.

    While K- Impex Airlines has secured the all important Air Operator’s Certificate (AOC), from the Nigerian Civil Aviation Authority (NCAA), it has commenced the delivery of four Embraer 190 aircraft in readiness for flight operations.

    The choice of regional aircraft, experts say, will reduce operating costs for bourgeoning/ fledge airlines.

    The entrance of the new carriers, industry watchers say will reduce the dominance of some airlines on certain routes considered as home zones.

    Industry sources say Pioneer Airlines, which is yet to secure an AOC from the apex regulatory body, has entered into a technical / operational partnership with 7 – Star Global Aviation to manage its aircraft.

    Flight operations by Pioneer Airlines will open the Bayelsa flank to the rest of the country through its state – run airport  in Ammasoma, near Yenagoa,  the capital City.

    Read Also: Tinubu, First Lady, Shetimma, hail PFN at 40

    Experts say the route network the Bayelsa State Government backed airline: Pioneer Airlines with plans to connect –  Port Harcourt to Bonny Island, Yenagoa to Brass, Warri to Escravos, Eket, Uyo, Calabar, Ibadan, Akure, Enugu, Anambra, Benin, Abuja, Lagos, Babcock University, Afe Babalola University and  Adeleke University will create frontier opportunities for unserved and underserved routes that criss cross Nigeria.

    Investigations reveal that BINANI Airlines will latch onto the single route and multiple routing strategy to attract passengers on the Lagos, Benin, Yola, Abuja, Port Harcourt , Kano , Maiduguri as well as other routes.

    The airline received its Air Operating Certificate  (AOC) in July 2024.

    The Airline is owned by Senator Aishatu Binani, the richest woman in Adamawa State and the North East.

    She also owns the biggest printing press in the North.

    The Binani Air will be the first airline in Nigeria owned by a woman.

    Binani Air has also a female CEO: Aminatu Dahiru Chiroma. Another first for the young airline.

    It’s the first airline in our Country with a female owner and a female CEO.

    At the weekend, one of the E170s on their fleet made a test flight ahead of the planned start of commercial operations this  week, showing that the airline is ready to fly.

    Speaking in an interview, K- Impex Airlines, Managing Director, Dr. Abel Ozigi, stated that the four Embraer E190 jets, with a 98-passenger capacity – 90 economy and  eight  business class  were chosen for their economy range and operational efficiency on domestic and regional routes.

    “We chose outright purchase to redeem the capital flight associated with the lease option,” Ozigi said.

    The acquisition is facilitated by the near completion of the Air Operator’s Certificate (AOC) with the Nigerian Civil Aviation Authority (NCAA). Dr. Ozigi assured that the airline is committed to type-rating and recurrent training for pilots and crew to demonstrate competency.

    K-Impex Airline , he said aims to fill the untapped air transport market segments across Nigeria, serving over 40 destinations, including smaller cities and airstrips not typically served by major carriers. The airline will carry out light maintenance using in-country hangars and MRO facilities with established standards and competence.

    Chairman of the Board, His Royal Highness Nasiru Ado Bayero, praised the team led by Dr. Ozigi for achieving excellence, stating, “This long wait is worth the wait because we are taking off now with a bang.”

    He added that the acquisition of safe and efficient aircraft will serve Nigerian and regional operations.

    Speaking in an interview, an official of Pioneer Airlines, who pleaded anonymity said the carrier is strategically  positioned to serve the growing demand for affordable, reliable, and efficient short destinations with seamless connectivity throughout the southern part of Nigeria.

    He said :” Our pivotal routes are novel to the Nigerian aviation landscape. We are creating a regional hub that is seamlessly connecting the southern part of Nigeria. We are operating short destinations that were never undertaken by other airlines, this is because in Pioneer Airlines, no destination is too short.

    “We are seamlessly connecting the southern parts of Nigeria including all major oil producing communities in the Niger Delta to foster efficient operations by the International Oil Companies

  • 5G sluggish coverage heightens global inequality

    5G sluggish coverage heightens global inequality

    • •3% in Nigeria, 4% in low-income countries

    Despite the hype about the almost limitless possibilities of the fifth generation (5G) technology adoption, its coverage and use have remained dismally low at three per cent in Nigeria and just four per cent in low-income countries.

    According to latest stats from the Nigerian Communications Commission (NCC), only three per cent of Nigeria’s internet subscribers (just over 4 million users) are on 5G, while 4G remains the dominant network at 44.96per cent, ahead of 2G at 43.53per cent and 3G at 9.32per cent.

    Similarly, the International Telecommunication Union (ITU) said 5G networks coverage remains uneven, with 84 per cent of people in high-income countries having access to 5G, compared with only four per cent in low-income countries.

    The global telecom body noted that this year, 5G networks are estimated to cover 55 per cent of the world’s population, reflecting strong momentum in advanced mobile technologies.

    The ITU, in its Facts and Figures, For the first time, estimates the total number of 5G subscriptions, which now account for about one-third – or around 3 billion – of all mobile broadband subscriptions worldwide.

    While the report showed that 4G and 3G technologies are available to the majority of the global population, these services are not best suited for keeping pace with advancing technologies.

    5G was first launched in Nigeria by MTN Nigeria in September 2022, with a pilot launch earlier that month in Lagos. Airtel commercialised its 5G service in June 2023, and Mafab Communications followed suit in January 2023 first in Abuja and later Lagos. In June 2023, Airtel launched its commercial 5G service in the country.

    The Federal Government made over $820.8 million from the auctioning of three 5G spectrum licenses. The revenue was generated across two main auctions held in late 2021/early 2022 and late 2022/early 2023.

    The revenue came from three successful bidders: MTN Nigeria, Mafab Communications, and Airtel Network Limited.

    In the December 2021 auction, MTN Nigeria and Mafab Communications emerged as winners of two available lots in the 3.5GHz spectrum band.

    Each company paid the winning bid price of $273.6 million.

    MTN paid an additional $15.9 million for its preferred lot selection.

    This initial auction alone generated approximately $547 million for the Federal Government.

    Also in the January 2023 auction, Airtel Network Limited emerged as the sole bidder for the third 5G spectrum license and acquired its license for $273.6 million.

    The total from these transactions is over $820.8 million with the NCC overseeing the transparent and competitive auction processes.

    Nigeria is, however, classified as a lower-middle-income country, not a low-income country. According to the World Bank’s 2025/2026 country income classification, Nigeria’s Gross National Income (GNI) per capita falls between $1,136 and $4,495, which is the range for lower-middle-income economies. The country is ranked below some African countries such Libya and Gabon but is above the threshold for low-income classification, which is a GNI per capita of $1,135 or less.

    According to the report, the online population in the country and other parts of the world grew by more than 240 million people this year.

    According to telecom regulator, the NCC, Nigeria had approximately 140 million internet subscribers as of August 2025, a slight increase from 138 million in July 2025.

    In contrast, June posted a total of 141.1 million active subscriptions, representing a 0.3per cent decline from May 2025. The most recent figures show that mobile (GSM) internet subscriptions account for the vast majority of these figures. Mobile (GSM) constituted the vast majority of the total subscribers in both reports. Broadband penetration reached 48.8per cent in August 2025, short of the 70per cent target for December 2025 while in the area of data consumption, Nigerians consumed 1.044 million terabytes of data in June 2025.

    ITU’s Facts and Figures 2025 showed that the 240million new estimates confirm continuing progress in expanding digital connectivity, while pointing to differences in quality that impact how users benefit from internet use.

    Globally, an estimated 6 billion people – about three-quarters of the world’s population – are using the Internet in 2025, up from a revised estimate of 5.8 billion in 2024. However, 2.2 billion people remain offline, down from a revised estimate of 2.3 billion in 2024.

    Read Also: Tinubu, First Lady, Shetimma, hail PFN at 40

    Overall, the report’s findings underline the importance of digital infrastructure, affordable services and skills training to ensure that everyone can truly benefit from advancing technologies such as artificial intelligence (AI).

    Commenting on the new findings, ITU Secretary-General, Doreen Bogdan-Martin, said: “In a world where digital technologies are essential to so much of daily life, everyone should have the opportunity to benefit from being online. This report highlights how today’s digital divides are being defined by speed, reliability, affordability, and skills, all of which we must prioritise as we work toward our mission of universal connectivity.”

    Estimates in the report revealed deep contrasts in intensity of use as an indicator of the quality gap. A typical user in a high-income country now generates nearly eight times more mobile data than one in a low-income country.

    Facts and Figures 2025 noted that affordability and digital skills remain essential to achieving universal and meaningful connectivity – reached when everyone can access the Internet with high-quality service, at an affordable cost, whenever and wherever needed.

    Globally, the median price of a data-only mobile broadband basket decreased, but access remains unaffordable in around 60 per cent of low- and middle-income countries.

    Data also suggest that most Internet users possess basic skills, while more advanced capabilities – such as online safety, problem-solving and digital content creation – are being developed more slowly.

    ITU’s Telecommunication Development Bureau Director, Cosmas Luckyson Zavazavam, said: “Reliable data are the foundation of effective digital policies and of our shared vision to connect the world. “Achieving that vision will require sustained and well-targeted efforts – in infrastructure, in digital skills, and in data systems. By working together and directing resources where the needs are greatest, we can ensure that no one is left behind and that everyone benefits fully and safely from the opportunities of the digital age.”

    According to Facts and Figures 2025, digital development remains closely linked to economic development, gender, and location.

    The report underscored the persistence of several digital divides: 94 per cent of people in high-income countries use the Internet, in contrast to only 23 per cent in low-income countries; 96 per cent of those offline live in low- and middle-income countries; 77 per cent of men are online compared to 71 per cent of women; 85 per cent in urban areas are online versus 58 per cent in rural areas; 82 per cent of 15–24-year-olds use the Internet, compared with 72 per cent of the rest of the population.

    Facts and Figures 2025 provided global, regional and income group estimates for indicators related to Internet use, mobile network coverage, Internet subscriptions, Internet traffic, affordability, digital skills and mobile phone ownership.

    Global partners however continue to invest in Africa’s digital infrastructure, with the U.S. Department of State committing $150 million to Zipline to scale autonomous drone deliveries under a pay-for-performance model that requires governments to fund ongoing operations.

    Private-sector efforts are expanding access too, as M-KOPA Kenya reports unlocking over $1.6 billion in credit for 4.8 million underserved customers across five markets since 2010.

    Nigeria is also pushing its own backbone upgrade, with the National Information Technology Development Agency (NITDA) projecting the completion of Project Bridge (90,000 km of additional fibre aimed at connecting all 774 local government areas (LGAs) and public institutions) by the first quarter of 2026.

  • Saudi Arabia opens doors to Nigerian startups

    Saudi Arabia opens doors to Nigerian startups

    Saudi Arabia has expressed a strong willingness to deepen collaboration with Nigerian and African startups in a bid to strengthen food production and expand innovation-driven growth across both countries.

    Speaking on the Kingdom’s expanding international partnerships, Vice Chairman, Entrepreneurship Vision, Abdulaziz Alsaif, said Saudi Arabia is committed to working closely with African innovators, particularly those driving agricultural transformation.

    According to him, the Kingdom sees enormous potential in African entrepreneurship and is prepared to support ventures that can scale with the right financing and market access.

    “Saudi Arabia is ready to work with startups from Nigeria and the rest of Africa to boost food production,” Alsaif said, noting that enhanced cooperation could help address food security challenges while unlocking new opportunities for agritech solutions.

    Alsaif added that Saudi authorities are increasingly opening the doors for African founders who wish to grow beyond their borders.

    He explained that the Kingdom is positioning itself as a magnet for emerging-market talent. “The Saudi Arabia government is ready to work with startups and innovators from Nigeria seeking venture finance to expand their operations to the Middle East,” he stated, emphasising that the growing investor appetite in Riyadh offers a fertile ground for ambitious founders.

    He highlighted that Saudi Arabia’s startup ecosystem has undergone remarkable transformation in recent years—an evolution he believes can serve as a model for African countries looking to accelerate entrepreneurial development. “Saudi Arabia has achieved tremendous growth in its startup ecosystem and it is ready to share this experience with Nigerians,” Alsaif said, stressing that knowledge exchange, joint ventures and cross-border incubation programmes could further strengthen ties.

    Read Also: Tinubu, First Lady, Shetimma, hail PFN at 40

    With venture capital funding in the Kingdom reaching new highs,he  said there has never been a more strategic moment for African innovators—especially those driving solutions in agriculture, food production, sustainability and digital transformation—to collaborate with Saudi partners.

    According to him, Saudi Arabia is entering a defining moment in its transformation journey as state-backed momentum in entrepreneurship, agri-tech, science innovation and global partnerships converges under Vision 2030.

    Beyond entrepreneurship, he said  the Kingdom  was  pursuing a parallel mission: to increase food security by 40 percent by 2030.

     According to him , Saudi Arabia has made food resilience a top national priority, adding that the Ministry of Environment, Water and Agriculture is rolling out n smart farming investments.

    He explained that technology is central to this transformation and that the government is also nurturing a new generation of agricultural professionals,

    He indicated that Saudi Arabia is also projecting its innovation agenda globally.

    At the first Africa-hosted G20 Summit in Johannesburg, the Kingdom signaled a renewed push for African partnerships.

     Chair of the G20 Startup20 Engagement Group, Prince Fahd bin Mansour bin Nasser bin Abdulaziz, led a delegation that engaged in sessions on cross-border startup growth, talent mobility, innovation diplomacy and investment frameworks. “Our work with South Africa and our G20 partners is laying the foundation for a more dynamic, more inclusive, and more competitive future for entrepreneurs worldwide,” he said.

  • Afreximbank raises JPY 82b in second Samurai bond

    Afreximbank raises JPY 82b in second Samurai bond

    African Export-Import Bank (Afreximbank) has successfully closed its second Samurai bond transaction, securing a total of Japanese Yen (JPY) 81.8 billion, about $527 million, through regular and retail Samurai bonds offerings.

    The latest issuance surpassed the bank’s 2024 debut issuance size, attracting orders from more than 100 institutional and retail investors, marking a renewed demonstration of strong Japanese investor confidence in the bank’s credit and its growing presence in the yen capital markets.

    Managing Director, Treasury & Markets and Group Treasurer, African Export-Import Bank (Afreximbank) Chandi Mwenebungu, said the successful completion of the second Samurai bond transactions reflected the growing depth of the bank’s relationship with Japanese investors.

    Mwenebungu noted that the issuance marked a significant increase from inaugural retail Samurai bond in 2024,

    “The strong demand, both in the Regular and Retail offerings, demonstrates sustained confidence in Afreximbank’s credit and mandate. We remain committed to deepening our engagement in the Samurai market through regular investor activities and continued collaboration with our Japanese partners,” Mwenebungu said.

    Afreximbank had priced a JPY 45.8 billion 3-year tranche in the Regular Samurai market following a comprehensive sequence of investor engagement activities leveraging Tokyo International Conference on African Development (TICAD9), including Non-Deal Roadshows (NDRs) in Tokyo, Kanazawa, Kyoto, Shiga and Osaka, a global investor call, and a two-day soft-sounding process which tested investor appetite across 2.5-, 3-, 5-, 7-, and 10-year maturities. With market expectations of a Bank of Japan interest rate increase, investor demand concentrated in shorter tenors, resulting in a focused 3-year tranche during official marketing.

    Read Also: Tinubu, First Lady, Shetimma, hail PFN at 40

    The tranche attracted strong participation from asset managers, 22.3 per cent; life insurers, 15.3 per cent; regional corporates, and high-net-worth investors, which stood at 39.7 per cent. Concurrently, Afreximbank priced its second retail Samurai bond on 18 November, a JPY 36.0 billion 3-year tranche—more than double the inaugural JPY 14.1 billion retail Samurai issuance completed in November 2024. The 2025 retail Samurai bond also marked the first retail Samurai bond issued in Japan in 2025.

    Following the amendment to Afreximbank’s shelf registration on November 07, 2025, SMBC Nikko conducted an extensive seven-business-day demand survey through its nationwide branch network, followed by a six-business-day bond offering period. The offering benefited from strong visibility supported by Afreximbank’s investor engagement across the country, including the Bank’s participation at TICAD9, where Afreximbank hosted the Africa Finance Seminar to introduce Multinational Development Bank’s mandate in Africa and its credit profile to key Japanese institutional investors.

    SMBC Nikko Securities Inc. acted as Sole Lead Manager and Bookrunner for both the Regular and Retail Samurai transactions.

  • New investor acquires stake in Falcon Corporation

    New investor acquires stake in Falcon Corporation

    Falcon Corporation Limited, an indigenous player in Nigeria’s energy and gas sector, has announced that Energy & LLP, a subsidiary of EverCorp Industries, has acquired an equity stake in the corporation. This follows BKM & S Konsult Limited’s divestment of its equity holding, which Energy& LLP has now purchased.

    The investment by Energy& LLP reflects the Company’s conviction in the long-term fundamentals of Nigeria’s gas sector and the critical need for resilient indigenous players that can build the infrastructure required to power industrialisation, strengthen energy security and support the nation’s transition to more efficient energy sources.

    Speaking on the transaction, Co-Founder and Deputy Managing Director of Falcon Corporation, Mrs. Audrey Joe-Ezigbo, described the partnership as “a timely and strategic step that reinforces Falcon Corporation’s long-term vision to deepen its investments across the gas value chain while maintaining its strong indigenous footprint.”

    She added that with this investment, Falcon Corporation is positioned to expand its gas pipeline and distribution networks for industrial customers, accelerate development of its large-scale LPG storage and jetty facility in Rivers State, improve supply reliability, operational efficiency and safety across its gas assets, and accelerate growth across its core business areas.

    Founder and Managing Director of Falcon Corporation, Prof. Joe Ezigbo, expressed his satisfaction with the successful close of the transaction, noting that “this partnership represents more than a financial investment; it is a strategic alignment that supports Nigeria’s goal of increasing domestic gas utilisation and delivering cleaner, more affordable energy to industries and households; and aligns with Falcon Corporation’s broader ambition to build a resilient, future-ready energy enterprise.” He added that the collaboration with Energy& LLP will enable Falcon to leverage new synergies and deliver even greater value to its customers, partners, and the industry at large.

    Chief Financial Officer, Falcon Corporation, Nelson Walter, described the experience as both exciting and rigorous. He noted that “the successful transaction provides Falcon with additional capital to accelerate its growth plans and further strengthen its position within Nigeria’s gas value chain.”

    Read Also: Tinubu, First Lady, Shetimma, hail PFN at 40

    Chief Strategy Officer of EverCorp Industries, Tsola Barrow, said: “Energy& LLP’s investment in Falcon Corporation reflects our commitment to building businesses that have real impact on national development. Gas is central to Nigeria’s industrial growth and its transition to cleaner and more efficient energy sources. Falcon Corporation has demonstrated consistent leadership and resilience for more than three decades. Supporting its next phase of expansion is aligned with our philosophy of building and backing companies that strengthen infrastructure, deepen energy access and create long term economic value”.

    All contractual obligations and regulatory requirements relating to the transaction have been satisfied, including approvals from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Federal Competition and Consumer Protection Commission (FCCPC).

    Vetiva Advisory Services acted as Financial Advisers while Detail Solicitors served as Legal Counsel to Falcon Corporation and Templars acted as Solicitors to Energy& LLP for the transaction.

    This investment signals the continued attractiveness of Nigeria’s gas sector and reaffirms Falcon Corporation’s position as a trusted and forward-looking indigenous energy company poised for the next phase of growth.

    Founded by Professor Joe Ezigbo and Mrs. Audrey Joe-Ezigbo, Falcon Corporation operates in pipeline gas infrastructure, Natural Gas sourcing and supply, and Liquefied Petroleum Gas (LPG) storage, sales and distribution and has consistently demonstrated resilience and leadership within Nigeria’s energy landscape for over 31 years.

  • Legend Internet’s commercial paper records oversubscription

    Legend Internet’s commercial paper records oversubscription

    Legend Internet Plc has successfully completed its Series 1 Commercial Paper (CP) Issuance, achieving 119.7 per cent subscription rate.

    Chief Executive Officer, Legend Internet Plc, Aisha Abdulaz said the oversubscription reaffirmed strong investor confidence in the company’s financial stability and growth trajectory.

    According to her, the oversubscription highlighted the market’s positive response to Legend’s performance, credit profile and disciplined operational structure.

    She added that the results reflected continued trust in the company’s ability to execute on its strategic vision for nationwide digital infrastructure expansion, fuelling Legend’s multi-layered financing programme.

    She explained that the Series 1 CP issuance forms a critical component of Legend Internet’s N10 billion multi-layered financing programme, designed to support the company’s medium- to long-term growth.

    She highlighted that proceeds from the issuance would be deployed towards broadband infrastructure expansion to deepen nationwide penetration, working capital optimisation to enhance operational efficiency, strategic acquisitions that will strengthen Legend’s market position and accelerate service innovation.

    She noted that this financing strategy aligned with the company’s mission to build resilient digital infrastructure capable of powering Nigeria’s digital economy.

    She said: “The strong investor participation in our Series 1 Commercial Paper issuance is both encouraging and validating. It demonstrates the market’s belief in our financial integrity, operational strength, and long-term vision for digital infrastructure growth. This support fuels our commitment to building a more connected, competitive, and digitally enabled Nigeria.

    Read Also: Tinubu, First Lady, Shetimma, hail PFN at 40

    “This milestone is not just a financing event; it is a strategic enabler of our expansion plans, working capital needs, and future acquisitions. We extend our sincere appreciation to our investors, advisers, and market partners whose confidence continues to propel Legend forward.

    “An emerging pillar in nigeria’s digital infrastructure ecosystem, Legend Internet Plc remains dedicated to delivering robust, high-speed fiber connectivity and advanced digital solutions to customers acrossthe country. The company’s disciplined financing framework underpins its sustainability, scalability, and ongoing operational innovation”.

    Chief Financial Officer, Legend Internet Plc, Chris Pitan said the achievement was due to the company’s disciplined financing framework, which enables it to scale sustainably, innovate continuously, and consistently meet the evolving needs of its customers.

    “We remain committed to building a future where every connection drives opportunity, productivity, and growth for communities across Nigeria,” Pitan said.

    Legend Internet Plc is a digital infrastructure company providing high-speed fiber broadband enterprise connectivity solutions, digital services, and next-generation technologies to customers across Nigeria.

  • Greenwich Merchant Bank wins FMDQ’s best compliant award

    Greenwich Merchant Bank wins FMDQ’s best compliant award

    Greenwich Merchant Bank (GMB) has been named the winner of the 2025 Best FMDQ-Compliant Member Award, a recognition that reinforced the bank’s reputation for strong governance, disciplined operations, and consistent regulatory alignment.

    The Award, presented by FMDQ Group Plc at the 2025 FMDQ Gold Awards, recognised the dealing member with the most robust compliance record, measured by minimal infractions and strict adherence to FMDQ’s market rules and operational standards across Nigeria’s fixed-income, currency, and derivatives markets.

    Presenting the Award, FMDQ’s Group Head of Marketing, Mrs. Nkiru Umeh, commended Greenwich Merchant Bank for its exemplary performance, noting that the Bank continues to demonstrate a deep institutional commitment to transparency and professionalism.  According to her, the award remains “a celebration of excellence within Nigeria’s fixed-income and derivatives markets,” and acknowledges institutions that continue to promote transparency, discipline, and stability within the financial ecosystem. She emphasized that Greenwich Merchant Bank’s performance reflects “a strong governance culture and consistent adherence to best practices.”

    The Managing Director and Chief Executive Officer of Greenwich Merchant Bank, Mr. Benson Ogundeji, expressed appreciation for the recognition, describing it as an affirmation of the Bank’s long-standing focus on compliance and market discipline. “We are honoured to receive the Best FMDQ-Compliant Member Award,” he said. “This recognition reflects our unwavering commitment to maintaining the highest standards of governance and operational excellence across all our market activities.”

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    Ogundeji credited the achievement to the Bank’s compliance, operations, trade operations, and risk management teams, whose diligence, he said, ensures that GMB consistently meets regulatory expectations. “This Award is a testament to the collective effort of our teams and the disciplined culture we continue to strengthen,” he added.

    The Bank’s Head of Compliance, Tayo Lawal, said the recognition underscores the effectiveness of Greenwich Merchant Bank’s internal controls and its coordinated approach to regulatory engagement. She described the Award as a validation of the Bank’s sustained investment in systems, processes, and people that uphold market integrity.

    In its citation, FMDQ noted that Greenwich Merchant Bank distinguished itself during the 2025 review cycle through exceptional compliance performance in a highly regulated market environment. The Group stated that the Bank’s conduct contributed to market stability and reinforced investor confidence, positioning GMB as a model for other market participants.

    The recognition further strengthens Greenwich Merchant Bank’s standing as a trusted financial institution with a solid governance framework. It also underscores the Bank’s continued commitment to supporting Nigeria’s financial markets through accountability, professionalism, and strict regulatory adherence.