The Nation Newspaper

Tag: bond

  • Reps probe NERC, Discos, Gencos over N309b govt’s secured bond

    Reps probe NERC, Discos, Gencos over N309b govt’s secured bond

    • House to remove ‘offensive’ estimates from budget

    The House of Representatives is to investigate the Nigerian Electricity Regulatory Commission ( NERC ) over  the N213b  intervention fund provided by the Central Bank of Nigeria (ÇBN) last year through the Nigerian Electricity Sector Intervention facility.

    The investigation followed  the opposition of the lawmakers to a plan to borrow another N309b through a Federal Government secured bond.

    The bond, according to the Federal Ministry of Power, Works and Housing, was to cover the electricity market shortfall of N187b in 2015 and a projected shortfall of N122b for this year.

    The lawmakers were at a loss on the justification for the bond, which translates to  Nigerians bearing the operational loss of private electricity companies despite paying their electricity bill.

    Consequently, the utilisation  of the N213b  intervention fund has been commited to Committees on Power, Privatisation and Commercialisation, Aids, Loans and Debts Management.

    The House also directed NERC to devise a monitoring mechanism to measure and enforce full monthly remittances  by the DISCOS.

    The lawmakers also urged the regulatory body to recoup all mis-appropriated funds that resulted in the accumulated market shortfalls and apply sanctions for any default whatsoever, including the threat to withdraw the licenses of erring firms.

    The decision of the House followed the adoption of a motion by Edward Pwajok (PDP, Plateau ) who regretted that power sector operators have not lived to the expectations of Nigerian with their poor services in spite of increasing  tariffs twice since 2013.

    Saying that Distribution Companies (DISCOS) have severally failed to remit revenues collected to other market participants in full,  Pwajok added, “Tariff computation was a factor of capital investment that which was considered during the privatisation exercise, but regrettable there is no evidence that the DISCOS and GENCOS invested in acquiring any tangible assets.

    The House of Representatives yesterday went into a closed door session over the 2016 budget impasse.

    The session which lasted over two hours featured discussions on the  budget and how to address the “ grey areas “ as agreed with the President Muhammadu Buhari in an earlier meeting he had with the principal officers of the National Assembly.

    Though there was no briefing on what was discussed by members at the session as was the norm, The Nation learnt that the lawmakers moved to resolve aspects of the budget which the Presidency have designated as part of the “grey areas.”

    A source who pleaded anonymity said the Speaker briefed members on the meeting held with the president and pleaded with them to help ensure the issue of grey areas in the budget was resolved quickly.

    The Nation learnt that one of the things agreed in the closed door session was to scale down amounts added to the estimates brought by the MDAs under different subheads.

    Though the lawmakers had earlier insisted that the National Assembly has the power of appropriation and the prerogative to add or subtract from the Executive’s estimates, members were said to be in agreement  that in order for the budget to be assented to by the President, there might be a need to back down from their previous position.

    “Members agreed that the offensive additions on the part of the Representatives would be drastically reduced,” he said.

    The Speaker was said to have told members that three committees have been set up from the Senate, House and the Executive to work on the details to ensure a speedy transmission to the President to allow him assent to it with the next few days.

  • Lagos completes restructuring of N167.5b Bond series

    Lagos completes restructuring of N167.5b Bond series

    • Government to reap N40b in five years

    Lagos State has successfully completed the restructuring of its N167.5billion Programme II, Series 1 and 2 Bonds, the Commissioner for Finance, Akinkunmi Mustapha, has said.

    Mustapha said the restructuring which was approved by the Securities and Exchange Commission (SEC) last week, was achieved through the finalization of a process through which the State worked to reach an agreement with its bond creditors, on accelerating repayment terms.

    He said the transaction will generate savings in excess of N40billion for the State over the next five years was approved by 99.6 per cent of the State’s bondholders at an Extraordinary General Meeting a few weeks ago.

    Mustapha said, “We thank all our bond creditors for their continued support of the State Government, in a difficult market environment. This restructuring completed entirely through domestic capital markets, once again underpins the strength of the Lagos State credit story.

    “Aside the significant cash savings generated, it also creates additional borrowing capacity to enable the state continue its investments in physical, economic and social infrastructure.

    “Much of the significant progress in Lagos State over the last 16 years can be attributed to funding through the debt capital market. Our bondholders’ support of this restructuring confirms the level of confidence the market has in the current administration and Lagos State did not partake in the recent bail-outs provided either by the Federal Government DMO or the Central Bank of Nigeria (CBN),” the Commissioner said.

    He said the Chapel Hill Denham acted as Financial Adviser to the Lagos State on the restructuring transaction.

  • 51 foreign investors exit equities, bond markets

    51 foreign investors exit equities, bond markets

    Fifty-one foreign investors repatriated profits from their investments in equities and Federal Government of Nigeria (FGN) bonds last week.

    The investors considered Nigeria’s foreign exchange policies of the Central Bank of Nigeria (CBN), especially its refusal to devalue the naira, unfavourable to their investments. They pushed the transactions through Stanbic IBTC Bank, published data on forex disbursement for last week showed.

    The major part of the $15.91 million forex was disbursed by the lender to investors divesting from the country, local businesses importing petroleum products, payment of school fees abroad and settlement of Personal Travel Allowances (PTAs) and Business Travel Allowances (BTAs).

    Details of the transactions showed that foreign investors took $6.8 million of the disbursed cash. Stanbic IBTC Bank disbursed $100,000 to 32 investors divesting from the equities market. The beneficiaries are Merill Lynch International, HSBC, Brown Brothers, JPM Securities, The Bank of New York Mellon 1, The Bank of New York Mellon 2, HSBC Funds Services London, Deutsche Bank London, Standard Bank of South Africa, and Credit Suisse International, among others.

    For raw materials, the bank disbursed $1 million each to Pure Flour Mills Nigeria Plc and Flour Mills Nigeria Plc. Bua Sugar Refinery got $500,000 for the importation of raw sugar. Prudent Energy & Services Limited $1,170,267.10 for petroleum products.

    General sentiments in the equities market were bearish. Average yield across benchmark bonds closed at 11.6 per cent at the end of the first trading session of the week, rising five basis points from the last trading session of the previous week.

    Though the spread between the official and parallel forex market remains, the volatility recorded in rates earlier in the year has subsided. The CBN, however, is still unable to meet the dollar demands as seen in the amount returned by the CBN to the Deposit Money Banks for unfilled bids at the forex auction.

    The official naira rate at the CBN remained at N197 to dollar whilst naira/dollar rates at the Interbank stayed at N199 to dollar. The naira/dollar rate was stable at the Bureau-De-Change as it exchanged at N320 to dollar on all trading days of last week. The parallel market also remained stable as the local currency exchanged at N323 to dollar on all trading day of the week, except Monday when it appreciated by N1.00 to N322 to dollar. Current Gross foreign reserves level was at $27.47 billion as at April 14, down about $70 million from last Monday’s reserve level.

    GTBank disbursed forex to 82 customers, including Dozzy Oil and Gas, which got $1.16 million. Danium Energy Services, Midland Rolling Mills; M.R.S Oil and Gas; Shiv Lila Polymers Limited each got $1 million for raw materials import. The bank also paid school fees to over 25 customers. Several others got PTAs.

    United Bank for Africa (UBA) Plc paid $1 million to IATA for remittances for ticket sales; $1 million to Matric Energy for the importation of dual purpose kerosene and $1 million to NFE Industry Limited for the importation of Prime Steel Bullets. There were several other disbursements for BTAs and PTAs customers as well as parents paying school fees for their children abroad.

    Fidelity Bank disbursed $100,000 each to United Africa Laboratory Limited and Onward Stationary Stores Limited for the importation of sealing machines and uncoated woodfree offset paper. There were several disbursements for school fees.

    Access Bank disbursed $1 million to Air France for ticket sales remittances and $1.9 million to Blakeney Management for repatriation. There were other disbursements to Bhojsons, Techno Oil Limited and Nestle Nigeria Plc, among others.

    Other lenders that made forex disbursements during the week were FirstBank, First City Monument Bank, Wema Bank and Sterling Bank, among others.

    The funds were sourced from the Central Bank of Nigeria (CBN) and sold to the beneficiary customers at the official rate of N197.50 to dollar. The beneficiaries used the funds for the importation of goods, services and other items that fall within the CBN-stipulated import approval list.

    CBN Governor, Godwin Emefiele has consistently assured stakeholders that the country will continue to meet mature financial obligations to foreign investors and her international trading partners.

    For the CBN, the ongoing weekly publications on forex utilisation are meant to promote transparency and accountability on the side of the lenders, which act as a link between the regulator and the forex users.

  • Banks channel forex to investors exiting equities, bond markets

    Banks channel forex to investors exiting equities, bond markets

    Foreign investors repatriating profits and others exiting the Nigeria equities and bond markets last week triggered a rise in foreign exchange (forex) disbursement by leading banks.

    Many of the investors, after liquidating their investments, secured forex to repatriate their funds through Stanbic IBTC Bank. The lender disbursed $19,305,571.50 to 68 customers,   according to published disbursement data for last week.

    JPM London secured $3,331,564.24 from Stanbic IBTC for its divestment of equities and Federal Government of Nigeria (FGN) Bonds. There was also $2,010,690.01 disbursed to State Street/Stanbic Nominees-E by the lender for the same purpose.

    BP2S/BNP Pribas obtained $130,167.61; Standard Bank of South Africa, $541,671.31; Merrill Lynch International $63, 767.89; HSBC Funds Services London, $394,210.30; and The Bank of New York Mellon 2, $206,317.82.

    The foreign investors have been pressurising the Central Bank of Nigeria (CBN) to devalue the naira, which it has vehemently resisted. Last week’s repatriation of investments is expected to continue in the months ahead as the margin between the official exchange rates has continued to widen.

    The naira/dollar exchange rate remained unchanged at N197 to dollar at the CBN and N199.50/US$1 at the interbank market. At the Bureau-De-Change, the naira appreciated against the dollar marginally on all trading days of last week, with the Naira/Dollar rate trending lower from N322.00/$1 on Tuesday (appreciating N1 from Thursday) to close at N320/$1.00 on Friday. The parallel market was also stable as Naira/Dollar traded for N323/$1 on all trading days save for Wednesday when it rose marginally to N324.00/$1.

    Stanbic IBTC also disbursed $6 million in three tranches to Rain Oil for the importation of petroleum products and $1,082,440.37 to GZ Industries Limited for aluminum coils import and $100,000 in Personal Travel Allowances (PTAs) to 25 customers.

    Diamond Bank led other lenders with $20,084,368 disbursed to 222 customers, mainly for school fees payment, PTAs and importation of petroleum products.

    Zenith Bank Plc disbursed $13, 107,525.71 to 362 customers. The lender disbursed $3,646,399.15 to Tiger Branded Consumer for Canadian Milling Wheat. Virgin Atlantic got $1 million for air ticket sales remittance.

    Oando Marketing secured $360,000 in two tranches for importation of petroleum products. The bank also made disbursements to Seven-Up Bottling Company Plc; Sonia Foods Industries Limited; Emerging Markets Telecom Services; Boulous Enterprises Limited; Honeywell Flour Mills Plc. There were several Personal Travel Allowances (PTAs), among others.

    United Bank for Africa (UBA) Plc also disbursed forex to 242 customers. Some of the big beneficiaries are: Total and Eterna Oil which accessed $1,201,649.61 and $1, 449,358.03 restively. The lender also funded $1 million remittance tickets for IATA and several other transactions for school fees payment.

    FirstBank disbursed $6 million in two tranches to Gulf Treasures Limited for the importation of petroleum products. There was also $1.943,612.48 disbursed to Elephant Group Limited for NPK -15-15-15 bulk importation. The bank also disbursed to customers for the payment of school fees and PTAs.

    Other lenders that got forex are Diamond Bank, GTBank, First City Monument Bank, Wema Bank.

    The funds were sourced from the Central Bank of Nigeria (CBN) and sold to the beneficiary customers at the official rate of N197.50 to dollar. The beneficiaries used the funds for the importation of goods, services and other items that fall within the CBN-stipulated import approval list.

    CBN Governor Godwin Emefiele has consistently assured stakeholders that the country will continue to meet financial obligations to foreign investors and her international trading partners.

    The weekly publications on forex utilisation are meant to promote transparency and accountability on the side of the lenders, which act as a link between the regulator and the forex users.

  • Cross River lists N8b bond on Stock Exchange

    THE Cross River State Government at the weekend listed the state’s recent bond issue on the Nigerian Stock Exchange (NSE), paving the way for investors in the bond to trade on their investments.
    Cross River’s N8 Billion 17% Series 1 Fixed Rate Development Bonds due 2022 was admitted to trade at the NSE at the weekend. The bond issue was a tranche under the state’s N40 Billion debt Issuance programme.
    The listing of the Cross River’s bond brought the number of sub-national bonds on the NSE to 23. The Cross River’s bond is within the highest coupon rate in the market, at par with the Kwara Government Bond 2022, which also carried a coupon of 17 per cent.
    The Nation had in May named Cross River State as one of the six state governments and four companies that had initiated plans to raise about N350 billion through bond issues as governments increasingly turn to the capital market to bridge shortfall in national allocations.
    The state governments planned to raise between N5 billion and N40 billion in medium term revenue bonds.
    The states included Zamfara State, Cross Rivers State, Plateau State, Benue State, Kogi State and Oyo State. Zamfara State and Plateau planned to raise N30 billion each through medium-term fixed rate debt issues. Cross Rivers State was eyeing N40 billion while Benue State had filed application for N11 billion debt issue. Both Oyo State and Kogi State planned to raise N5 billion each.
    Total debts by the Federal Government and State Governments were then over N12 trillion. Official records by the Debt Management Office (DMO), the national agency that oversees debt issues by governments and state governments, had shown that total public debts by the Federal and State Governments closed the first quarter at about N12.1 trillion.
    According to the report for the period ended March 31, 2015, external debts by the Federal and State Governments stood at N1.86 trillion. Domestic borrowings by the Federal Government totaled N8.51 trillion while domestic debts by state governments stood at N1.69 trillion.
    SEC had earlier approved about N45 billion for four states including Bauchi, N15 billion; Kaduna, N8.5 billion; Ebonyi, N9.34 billion and Gombe State, N10 billion.
    Reacting to controversy over the approval of the Gombe State bond, SEC had said bond applications by sub-national governments usually follow due process in line with the rules and regulations of the Commission and extant laws guiding such issuance.
    According to the Commission, SEC is unique among other capital market regulators around the world in carrying out pre-offer and post-offer inspections to ensure that funds raised from the capital market are not misappropriated but applied for the purposes stated in the issuance prospectus.
    The Commission noted that its inspectorate department usually carries out on-site verification inspection of the projects completed from the proceeds of any previous issuance before granting approval for subsequent issue.

  • United Capital, Lion’s Head to manage German’s African bond fund

    United Capital Plc, an investment banking group quoted on the Nigerian Stock Exchange (NSE), and Lion’s Head,  been appointed as the fund managers for the Africa Local Currency Bond Fund (ALCB Fund).

    ALCB Fund was established by KfW on behalf of the German Federal Ministry for Economic Cooperation and Development. On behalf of the German Federal Ministry for Economic Cooperation and Development,  KfW has so far invested $32 million for the initial capitalization of the Fund, out of which $18.4 million has been invested in seven non-sovereign local currency bond issuances.

    As fund managers, United Capital and Lion’s Head will be expected to implement an institutional upgrade and grow the Fund to a size beyond $100 million in the medium term.

    The ALCB Fund’s mission is to support local African banks, financial institutions, agribusiness, and renewable energy companies to issue bonds and similar instruments in local currency. The Fund aims to improve and diversify access to long term funding in domestic capital markets for the benefit of Micro, Small and Medium-sized Enterprises (MSMEs)

    United Capital will be represented by its asset management arm, United capital Asset Management. United Capital, one of Africa’s leading investment banks, has extensive experience in high profile financial executions. In 2014 the company executed the largest corporate bond issue in the Nigerian market, which was simultaneously listed on both the NSE and the Financial Market Dealers Quotation (FMDQ) OTC platform. Other pioneering achievements recorded by United Capital include, completion of the first mortgage securitization for a mortgage backed bond in 2007; the first Tier 2 subordinated debt issuance through the bond market; and the largest corporate bond issuance in West Africa in 2010.

    Lion’s Head, a merchant bank based in London and Nairobi brings capital markets expertise to development finance initiatives for frontier markets. Lion’s Head advises across a broad range of capital markets and corporate finance initiatives across Africa, working with both the public and the private sector.

    Group chief executive officer, Oluwatoyin Sanni, said the selection further validates the company’s capability and service proficiency as a leading investment banking group.

    “It is an honour to be selected as Fund Managers alongside Lion’s Head in the management of the ALCB Fund,” Sanni said.

    Deputy Group Chief Executive Officer and Managing Director, Investment Banking at United Capital, Wale Shonibare added said the company would bring its African market expertise to bear in providing the necessary tailored solutions to significantly grow the Fund, and to meet KfW’s development objectives.

    Chairman, Lion’s Head, Bim Hundal, said the company was excited to add the ALCB Fund to its portfolio of asset management.

    A member of the board of directors of the ALCB Fund, Karl von Klitzing, said the fund managers would help to consolidate the growth of the fund.

    “Having proven the concept of an African non-sovereign local currency bond fund by sourcing and implementing the first investments and managing the fund by ourselves, we are very happy to now hand over a high impact and good credit quality portfolio to experienced fund managers, to bring the fund to a truly sizable scale,” Karl von Klitzing said.

  • Ebonyi govt cancels N15billion bond

    •Elechi commissions market amidst protests

    The Ebonyi State Government yesterday, announced the cancellation of the N15 billion bonds it applied for last September.

    Governor Martin Elechi announced the cancellation yesterday in Abakaliki.

    Elechi said the cancellation became necessary following fears generated by a petition from the Speaker of the state House of Assembly, Chukwuma Nwazunku to President Goodluck Jonathan against the bond, which he said had affected investor’s confidence.

    Elechi said time would also render the bond meaningless since the administration will be leaving office by May 29.

    The governor spoke at the inauguration of the multi-billion naira ultra-modern Secretariat at Ocho-Udo Estate and the Ebonyi International Market, Abakaliki, both of which cost the government over N34 billion. Elechi said the two projects would have benefited more than N2.5 billion each from the bond if it had been accessed.

    He said the secretariat complex, constructed at the cost of over N15 billion, would provide conducive environment for workers, noting that it was not enough to train and pay wages to civil servants without commensurate conducive working environment.

    The 6,000 office secretariat consists of 11 buildings of four floors each complete with lifts, parking spaces, road network with drainage channels, fenced with concrete dwarf wall, and finished with chrome stainless pipes.

    It sits on a 68 hectares of land ceded to the state government by the Nigerian Military Cantonment in Abakaliki, in exchange for a shooting range at Afikpo.

    Elechi said the projects were not 100 per cent completed but it was better to move in and continue with finishing touches to avoid depreciation.

    The International Market, constructed at the cost of N18.6 billion, was conceived to serve traders from the Republic of Cameroon and the old Eastern region, including Enugu, Cross River, Abia, Imo, Anambra etc.

    Governor Elechi said a Cargo Airport was conceived at Igbeagu community to complement the market and to serve major towns such as Ikom, Ogoja, Obubra and Obudu, in the neighbouring Cross River State but that was left to the incoming administration to decide.

    Elechi said 343 traders, who applied had been allocated stalls in the International market.

    “Those who are threatened by uncertainties will perhaps have themselves to blame in due course.

    “There is no contradiction of any law in what we are doing. We conceived this market, we designed it and it has taken a lot of resources.

    “We think one way of sustaining the quality of the structure, one way of moving forward is to sell the available stalls and with the proceeds, finish the uncompleted ones,” Elechi said.

    Controversy have continued to trail the allocation of the stalls as market leaders under the aegis of Ebonyi State Amalgamated Traders Association last week, disassociated themselves from the allocation of shops and the inauguration ceremony.

    The leaders said their interests as major stakeholders in the project were relegated to the background.

    The state House of Assembly had passed a resolution stopping the allocation of shops.

    Their protests and resolutions not withstanding, the government went ahead to inaugurate the market and allocate the stalls.

    Speaking at the inauguraiton, Commissioner for Commerce and Industry, Dr. Ifeanyi Ike and his Lands, Survey and Housing counterpart, Friday Nwogha said the market, sitting on 50 hectares of land, has 7,070 lock up stores, 15 ware houses, 40 Kiosks, two Banks and four restaurants, among other facilities.

  • UBA lists N30.5b bond on NSE, FMDQ

    UBA lists N30.5b bond on NSE, FMDQ

    United Bank for Africa (UBA) Plc yesterday listed its recent N30.5 billion bond issue on the Nigerian Stock Exchange and the FMDQ OTC Plc, a dual listing that should ensure that investors in the bond have multiple opportunities to trade on their investments. FMDQ is an over-the-counter (OTC) market for fixed-income and currency securities.

    The listing on the NSE provides opportunity for retail investors to take advantage of the fixed return on the investment grade notes through the primary market while the FMDQ will provide a secondary market platform for institutional and foreign investors to trade the UBA bond.  The UBA bond is the first corporate bond to be admitted on the FMDQ platform and the first of its kind on a fixed income OTC in Africa.

    UBA, in December 2014, successfully raised N30.5 billion Tier-II capital through the issuance of seven-year fixed rate unsecured notes, maturing in 2021.

    Group managing director, United Bank for Africa (UBA) Plc, Mr. Phillips Oduoza, noted that the listing of the bond on the FMDQ was another milestone for the bank pointing out that it had floated the first initial public offering on the NSE.

    “We were the first Nigerian bank to do an Initial Public Offering (IPO) on the Nigerian Stock Exchange (NSE) after successfully listing in 1971. We were also the first to issue Global Depository Receipts (GDR) in 1998. We are always willing to explore new frontiers in our quest to have an efficient market that meets our developmental needs,” Oduoza said.

    According to him, the banking group will utilize the proceeds of the bond issue for long term commercial and retail sector lending as well as the expansion of its delivery channels to provide efficient banking services to customers.

    He reiterated that the bank is committed to building a long term and sustainable business and assured that it will ensure proper utilization of the bond issue to grow its market share and profitability while ensuring a robust risk management framework and strong corporate governance

    Chief executive officer, FMDQ OTC, Mr. Bola Onadele, commended UBA for being a pioneer in the market and reiterated the FMDQ’s commitment to the development of the Nigerian financial markets, through its efficient platform for the registration, listing, quotation and valuation of bonds.

    He outlined that listing on FMDQ provides issuer with global visibility and transparency, improved secondary market liquidity, price formation and benchmark pricing thus resulting to a more globally competitive capital market.

    Group chief executive officer, United Capital Plc, Mrs. Oluwatoyin Sanni, said the UBA bond was the biggest and most successful bond issue in 2014 noting that the success recorded at a time of uncertainty in the capital market was largely due to the credibility and strength of the UBA brand.

     

  • N15 bond: Court vacates order against SEC, NSE, Elechi

    N15 bond: Court vacates order against SEC, NSE, Elechi

    A Federal High Court sitting in Abakaliki, Ebonyi State capital yesterday vacated an interim order issued by a Federal High Court sitting in Lagos in January this year restraining the Securities and Exchange Commission, (SEC) and the Nigerian Stock Exchange,( NSE) from releasing N15 billion  bond approved for Ebonyi State government.

    This followed the application by  counsel to the state government, Mr Fedrick Onobia urging the court to vacate the injunction.

    In the ruling on the motion filed by a member of Ebonyi State House of Assembly, Odefa Obasi Odefa praying the court to restrain the state government and its agencies from accessing the bond facility, Justice Ada Onyetenu vacated the order.

    She frowned at what she described as antics of the plaintiff and the defendants in the case to defeat the course of justice and therefore struck out a motion seeking to disqualify the counsel to Ebonyi State government.

    Justice Onyetenu reserved ruling on another motion challenging the jurisdiction of the court to 6th May.

    In an interview, counsels to the plaintiff, Mr Roy Umahi and Mr Ogwudu Uche said they would challenge the ruling.

    ‘’There was a motion filed in court asking that the cousel for  the 1st -7th defendants  be disqualified in that they are parties to the bond; the subject matter of the suit,” they said.

    Ebonyi State’s Attorney-General and Commissioner for Justice, Dr Ben Igwenyi hailed the ruling of the court.

    The matter had earlier been transferred from the Federal High Court, Lagos to Abakaliki over jurisdiction.

  • Obayuwana, Lawani’s bond waxes Stronger

    Calling them soul mates can hardly capture the bond between John Obayuwana and Ene Maya Lawani. Like Siamese twins, the two lovers have remained inseparable for quite a while. Not even the wide gap in their ages has threatened their romance in any way. Each time you see them, they coo into each other’s ears, sharing private jokes and looking lovingly into each other’s eyes as if to tell the world that their love has nothing to do with financial benefits.

    John Obayuwana is the MD/CEO of Polo Ltd, a growing luxury conglomerate, CAT Construction and a couple of other brands. Ene Lawani, on the other hand, is a former Miss Nigeria who enjoyed the unique privilege of reigning for six years. She owns an accessories company based in Surulere, Lagos, and is doing financially well on her own.

    In the last few years, Obayuwana, a luxury goods merchant, and Enemaya Lawani have been an item, even though they are yet to put a definition to their newly revived closeness. Their romance seems to wax stronger with time. Their attraction for each other was obvious at a recent event in Lagos where John could not keep his hands to himself.

    Like lovesick teenagers, they were all over each other and were simply inseparable. It is undisputable she and John enjoy a perfect chemistry as lovers.