Tag: offering

  • Fed Govt prices $2.5b Eurobond offering

    Fed Govt prices $2.5b Eurobond offering

    Nigeria has priced its offering of $2.5 billion aggregate principal amount of dual series notes under its Global Medium Term Note Programme, some top government officials said yesterday.

    The Notes comprise a $1.25 billion 12-year series and a $1.25 billion 20-year series. The 12-year series will bear interest at a rate of 7.143 per cent, while the 20-year series will bear interest at a rate of 7.696 per cent, and, in each case, will be repayable with a bullet repayment of the principal on maturity. The offering is expected to close on or about 23 February 2018, subject to the satisfaction of various customary closing conditions.

    Nigeria intends to use the proceeds of the Notes for the refinancing of domestic debt. The Notes represent the Republic’s fifth Eurobond issuance, following issuances in 2011, 2013 and two in 2017.

    The offering has attracted significant interest from leading global institutional investors with a peak order book of over $11.5 billion.  When issued, the Notes will be admitted to the official list of the UK Listing Authority and available to trade on the London Stock Exchange’s regulated market.  The Republic may apply for the Notes to be eligible for trading and listed on the Nigerian FMDQ OTC Securities Exchange and the Nigerian Stock Exchange.

  • Unbidden offering on the altar of vultures

    An Ivy League education without ethics makes a trust fund ‘baby’ an expensive toy without batteries. Substandard education makes the middling youth even worse. It moulds him into a broken toy without appeal. They are both disposable but they enjoy patronage anyway – by the ones Wole Soyinka eloquently described as the wasted generation.

    The Nigerian youth is a breed with all the personality of a paper cup. Thus like paper cups, we are used and disposed by men and women unfit to be elders. Yet whatever callousness we are forced to endure, our elders are not to blame. They should not be blamed, for we made ourselves unbidden offering on the altar of vultures.

    It is the malady of this age that the youth are too busy preaching that they have no time left to learn. In Nigeria, we are too busy dumbing down that we barely have time left to grow. It is a sad manifestation of stunted growth that we evolve into foetal adults and spend the rest of our lives seeking the comfort of debilitating “life boats.”

    It is even more disheartening to see us adopt as a favourite past time, the pillorying of our elders and the rapacious ruling class. Many a Nigerian youth love to prophesy the worst about our fatherland thus it is never surprising to hear the average youth pronounce with emphatic pessimism thus: “This country is doomed” or “Nigeria is finished.”

    The Igbo youth laments his persistent marginalization from the scheme of things. He believes Nigeria is skewed to work against him and fellow Igbo because his peers from other ethnic groups are wary of his towering acumen, industry, courage and political savvy.

    The Hausa youth believes he has the right to inexplicably reign supreme and lord it over his peers without resort to merit. And the Yoruba youth, goaded by sentiments of his higher wisdom, towering depth in diplomacy, culture and politics believes that he is entitled to the best the country has to offer, on a platter of gold.

    The contemporary youth frantically perpetuates his sense of victimhood and entitlement. The idea is to keep whining until he gets lucky and corner an immense portion of the proverbial national cake, with minimal exertion and at no cost.

    We used to be regarded as the promising youth, the gifted generation that would rescue Nigeria from the brink of ruin. But that spell of hopefulness has dissipated now. Our “wasted” elders have seen through our noise and bluster. They know we are increasingly handicapped by greed and lack of creed. By creed, I mean a coherent and specific set of goals, a consistent series of norms according to which society is to be remade.

    Since we have learnt to blame the ruling class for everything, what is it that we want from the ruling class? We don’t need their permission to make something of the world where they have failed but we still live our lives seeking their permission to evolve positively and maturely.

    It takes courage and decency to evolve a humane ideology and establish it. We haven’t the courage and the will, and this interferes with our ability to accomplish progressive change. More worrisome are our violent attempts to be radical; eventually they resonate too feebly as a kind of rudderless activism.

    We identify all that is wrong with our society but we are never specific about what must be done to correct them. It is easy to join a picket line and castigate our elders and ruling class for everything that is wrong with our lives but these actions, while they demonstrate frustration, in some instances even heroism, deal generally with symptoms of· our problems and not the solutions.

    All the picket lines in the world would not resolve the maladies of fraudulent and impatient youth, perverted values, greed, racism, disillusionment with scholarship and substandard education.

    A broad wave of disillusionment persist above the silver linings we seek to succeed our darksome clouds. Yet with precision and unfaltering devotion, we work ourselves up into such a state that we can only see the volcanic flare of our destructive acts as glitters of grandeur.

    We have perfected the art of standing on barrel-heads to spout and be seen, while we engage in pursuit and acquisition of mostly unearned wealth and greatness. Eventually, we luxuriate and spread out like a green forest with sour fruits and severed roots.

    Apparently, we suffer a throwback to the 70s – the era that launched a trend in which Nigerians became preoccupied with themselves more than the survival of the nation. Self preservation has become an inexorable obsession of many youths seeking to escape the slow, steady path with its craters of mishap and socio-economic vagaries.

    What Joshua Lubin identifies as the “Me” decade has indeed, recoiled inward rather than concern itself with crucial national issues, like national progress and ethical rebirth. Therefore, popular culture attracts dubious labels such as “narcissistic” and “decadent” from critics and the “wasted” older generation.

    The Nigerian youth has become so self-involved that almost every action and train of thought perpetuated by him serves as an instrumental resource to situate this generation in historical context, as perfect illustration of the much-hackneyed and over-exploited “Lost Generation.”

    Our inordinate quest for self-fulfillment further establishes us as the worst that could possibly happen to a heavily endowed nation like Nigeria.

    But we aren’t actually so bad. If we could look inwards to summon latent will and channel it towards the rejuvenation of outdated mores of morality and simple decencies, our lot could change for better.

    Yet some gothic rabble would read this and consider it “Pollyannaish.” To this lot, any enthusiastic lunge at hope or belief in a brighter tomorrow, manifests as blind optimism and a pathetic attempt to be patriotic even while it’s absolutely idiotic to do so.

    They would love to see the nation ruin in order to justify their inordinate cynicism and yearnings about the pointlessness of the Nigerian dream. They continually affirm their ill will and prayers of doom for the nation by tirelessly projecting separation and insurmountable bleakness on the Nigerian state.

    Individually, their contribution towards nation building is virtually non-existent or abysmally low, they are amazingly adept at sowing seeds of doubt and disillusionment amongst their peer and younger generation. But they love to be seen as heroes of truth and the new world.

    These are company to be scorned and avoided by progressive youth.

  • Tithes, offering cannot buy private jets  – Agboli

    Tithes, offering cannot buy private jets – Agboli

    Wife of General Overseer of The Victorious Army Ministries International, Pastor (Mrs.) Blessing Agboli, has refuted popular beliefs that most church leaders with private jets acquired them with tithes and offering.

    She said private jets are so expensive that no amount of tithes and offering can buy them.

    She spoke on Tuesday in Lagos with newsmen ahead of the Bethel Victory Convention of the church slated from November 21-26.

    The theme of the convention is God of wonders.

    Among speakers expected at the convention are Pastor Mathew Ashimolowo, Pastor Abel Damina, Apostle Joshua Talena, Rev Ntia Ntia and Apostle Paul Odola.

    Ministering in songs are: Joe Praise, Steve Crown, Big Bolaji, Chinyere Udoma, Kingsley Ike and Kevin Sapp.

    Reacting to claims that church leaders were feeding fat on tithes and offering, Agboli said: ‘’Offerings cannot buy private jets. You cannot just park a jet without making a business out of it.

    ‘’Owning a private jet is not a sin and those who have them should never be apologetic.

    ‘’I don’t think offerings can buy jets. I don’t think pastors also should apologise for making and spending money.

    ‘’That we are pastors does not mean we should be poor.’’

    She, however, welcomed criticisms against ministers of the gospel.

    According to her: ‘’Critics help you to be careful and manage your excesses. When they criticise us, they help us a lot. Not all criticisms are bad.’’

    Read Also: Daddy Freeze: Paying tithe is matter of love not law – FEB Idahosa

  • Like unbidden offering on the altar of greed

    We belabour the ‘Nigerian dream.’ We abuse the idea that life will get better, that progress is assured if we keep faith, obey the rules and work hard; that prosperity is guaranteed if we continue to tread the slow, steady path to progress and a prosperous future. And in pursuit of these lofty ideals, we pervert the steady, measured, impartial course of the universe; hacking pliant paths to our dreams, from the crossroads where gluttony cavorts with depravity.

    Eventually, we awaken to a cold, bitter truth: We are being sacrificed. The Nigerian dream we are sold isn’t worth our sacrifice. And the individual dreams we pursue, aren’t worth a smidgen of what we make them out to be. By the time we all struggle to achieve our dreams, Nigeria will be finished. Given that each tribe may finally achieve its dreams of nationhood via secession, Hausa, Igbo, Yoruba, Ijaw to mention a few may establish their new nations.

    When we do, the swollen belly of our pride shall become visible to us. When it does, it shall suddenly dawn on us that, all along, we had been blindly acting to a script prepared by career predators from Western nations of Europe, America and our ruling class.

    The truth will become clearer to us we shall hopelessly realize that we are being sacrificed. We will all be sacrificed; some of us much quicker than others. As it is now, so shall it be in our new nations, the Biafran youth, Ijaw youth, Oodua youth and Arewa youth to mention a few, shall become disposable indices in the scheme of things.

    But until then, we will continue to have today and squander it on the altar of racism and greed. Today, it’s impossible to see any offspring of our ruling class engage or become embroiled in the familiar tragedies that mar our lives. It’s always children from the breadlines, struggling middle class and backwaters that are involved. We are the youth divide traditionally required to serve as unthinking muscles and cannon fodder in the ruling class’ blueprint of pillage and destruction.

    The decline of Nigeria is a story of gross injustices by the ruling class to the citizenry. But that is only an aspect of it, the greatest injustice is that meted out by individual citizen to self – the youth particularly. And this predominant malaise often plays out in our corruptibility and disinclination to foster a more humane leadership and society.

    Today, we suffer declining standards of living, stagnant and falling wages that are hardly paid at due time. We suffer curtailment and absolute denial of our basic wages, long-term unemployment, slave labour, escalating crime wave, among other ills.

    We perpetuate gruesome realities of the weakest being crushed decisively and maniacally by the affluent and strong. Together, we perpetuate a story of unbridled sectarian, ethnic and corporate power that has taken our government hostage, overseen the dismantling of our cultural heritage, societal and entrepreneurial values.

    But if the ruling class, in connivance with predatory nations and institutions from the so-called ‘first world’ is responsible for plundering our natural resources and bankrupting the nation, we, the youth, are responsible for even worse atrocities.

    We serve as the tools by which the ruling class and its cohorts overseas plunder and destroy our nation. The virus of political corruption, the perverted belief that only political and material profit matters, has spread to distort our thoughts and understanding of right and wrong. Today, it manifests in endemic proportions plaguing our communities with religious and political terrorism, economic and cyber-terrorism to mention a few.

    The Nigerian society dies a gruesome death because we lay to waste, our youths and we, the latter, by our suicidal actions and thoughts, submit as prey to the predatory ruling class and their cohorts overseas.

    Everyday encounters with gluttonous gangs of struggling youth reveals among other things, that many of us are the same social products as our peer from the aristocratic divide. Conditioned by life’s harshest vicissitudes to survive at all cost, we lay in wait, striving and bidding our time until we are ably positioned and strong enough to serve or rob the rich whose life we earnestly covet and decry.

    A visit to any night club, party, religious organization or office still attests to this fact. Ambitious and upwardly mobile youth from the breadlines or struggling working class families engage in a variety of excesses to the applause of mates yearning to be in their shoes. Either as advance fee fraudsters, bankers, journalists, accountants, secretaries, factory hands or ordinary clerks, youths from the breadlines daily engages in a bitter, desperate struggle to chance on the shortest possible cut to sudden and stupendous wealth.

    We seem beset by a greater and unexplainable fear beyond the fear of poverty amongst other harsh realities of our lives. Fear plays a greater part than hope: we are infinitely buoyed and obsessed with thoughts of the money that we could make or the possessions that might be taken from us or elude us, than of the joy and value that we might add to our own lives and to the future of our fatherland.

    Most of us, like our more privileged peer crave the best of everything without actually sweating for it. And when we do sweat for it, our industry is tainted by vigorous dashes of impatience and duplicity. In our work, we are haunted by jealousy of competitors, and a fleeting interest in the actual work that has to be done. We spend greater time and passion defending unjust privileges that we are desperate to enjoy.

    Such appalling youth constitute a greater segment of the human element expected to salvage Nigeria from eternal ruin and bloodbath. Consequently, our society becomes more rudderless and unstable and vulnerable, on our watch. Now that Nigeria as our fathers, ‘the wasted generation’ made it, and we the youth, aggravate it, have begun to collapse, we withdraw from the possibility of rebirth, and instead choose to exploit the infinite possibilities in our fragility and predicted collapse.

    It’s about time the Nigerian youth started postponing immediate gratification and endure hard sacrifices spurred by conviction that the future can be better than the past. Beyond the politics and inanities of our existing ruling class and political parties, we face far more difficult questions at our moment in history: How do we reconcile reality with promises that have been made to us? How do we make the best of our circumstances at the backdrop of indefensible leadership failure and disillusionment of the citizenry?  How do we evolve and nurture to fruition, a new vision to help us deal with our gruesome realities, even as we chart a promising story of the future? How do we divorce ourselves from the pains and disappointments of the past – particularly those that many of amongst us had no stake in but yet internalize and perpetuate unexplainable miseries thereby?

    How do we redefine “Peace, Unity and Progress” with our lust for “Life, Liberty and Happiness?”  How do we become more humane than we are now?

  • MTN Nigeria’s public offering coming

    MTN Group Ltd. is focused on laying the groundwork for an initial public offering (IPO) of its Nigerian business and should complete the process in the next six months, its Chief Executive Officer, Rob Shuter, said.

    “We have a lot of advisers running around getting everything ready. It’s a complicated process and there’s a lot of regulation that needs to be arranged. We are moving forward well with the project and anticipate concluding that in the next six months or so,” he said in an interview with Bloomberg TV yesterday.

    MTN agreed to the Lagos IPO as part of the settlement of a $1 billion fine imposed by Nigerian regulators on MTN in 2015. Africa’s biggest wireless operator by sales incurred the penalty after missing a deadline to disconnect unregistered subscribers amid a security crackdown in the west African country. Since then, the CEO said he’s been “pleased” with MTN’s operation in Nigeria, the biggest of the Johannesburg-based company’s 22 markets across Africa and the Middle East.

    Shuter, 50, joined MTN in March after holding executive roles at Vodafone Group Plc in Europe. He is the permanent replacement for Sifiso Dabengwa, who resigned after the Nigerian fine was imposed. Chairman Phuthuma Nhleko had run the company in the interim period.

    MTN had named the Vodafone Executive as CEO in wake of Nigeria fine.  MTN’s two other main countries are Iran and South Africa. In the former, Shuter said the company isn’t “holding back” on expansion plans even as U.S. President Donald Trump objects to the terms of a nuclear deal that led to the lifting of economic sanctions last year. MTN has about 49.5 million customers in Iran, just under Nigeria’s 50.3 million, and has repatriated almost $1 billion from the country in the last 12 months.

    “We are putting a lot of investment into the ground in Irancell. There is a huge demand for mobile data there, its one of our fastest growing data markets. It is business as usual,” Shuter said.

    MTN has no immediate plans to expand into new countries, and is instead focused on improving operations in existing markets, which include conflict areas such as Afghanistan and South Sudan, according to the CEO.

    The company needs to “build what we need to and get our networks into shape. In months to come I think there will be an opportunity to participate in the consolidation of the market,”  Shuter said.

    MTN shares rose 0.2 per cent to 122.96 rand as of 10:53 a.m. in Johannesburg, valuing the company at 231 billion rand ($16.3 billion).

  • Man ‘steals’ N51,000 church offering

    A 24-year-old man, Osiobugie Larry, yesterday admitted before an Igbosere Magistrates’ Court in Lagos that he stole N51,000 from a Catholic Church on Victoria Island, Lagos.

    Larry, of no fixed address, was arraigned by the police from the Lagos Island Division before Magistrate H. O. Amos on a five-count charge of breaking, entering and stealing.

    The police accused him of committing the offence in March and May at Our Lady of Perpetual Help Catholic Church on 14B, Musa Yar’Adua Street, Victoria Island.

    Prosecuting Sergeant Tubi Olajide said on March 30, around 2am, the defendant broke into the church and stole N10,000 cash from the church’s offertory box.

    He alleged that Larry returned last Monday and stole N41,000 cash from the same offertory box.

    He added that the defendant was apprehended by the church’s security guards and handed over to the police.

    Count five of the charge with No. I/29/2016, reads in part: “That you Osiobugie Larry on May 30, 2016 did steal a cash sum of N41,000 from the offertory box property of Our Lady of Perpetual Help Catholic Church”.

    The charge was read to the defendant in English and he pleaded guilty.

    Magistrate Amos adjourned till June 13, for facts and sentencing.

  • Ikimi’s  burnt  offering

    Ikimi’s burnt offering

    LAST week, Tom Ikimi, one-time political party chairman and former foreign affairs minister, and one of the architects of the amalgamation of parties that created the All Progressives Congress (APC), flamboyantly withdrew from his new party. Weeks ago, he had been expected to defect, possibly to the Peoples Democratic Party (PDP). But so far, he is still in limbo, unable to determine just where to pitch his tent, or more logically, unwilling to disclose where we all suppose he is heading. In a tedious and justificatory eighteen-paragraph treatise, the last paragraph of which was even more laborious, he put the blame for his defection squarely on Bola Tinubu, whom he accused of recklessness, imperiousness and boastfulness. To salve his conscience, he also accused the party of purposing in its heart to present a Muslim-Muslim ticket for the 2015 presidential election, and of skewing its calculations to rely on the votes of the Northwest and the Southwest to clinch the presidency.

    Chief Ikimi is of course entitled to his opinion of the APC, and can pour scorn on its calculations and electoral projections, especially because he had been a longstanding member of the party’s precursors, the Action Congress (AC) and the Action Congress of Nigeria (ACN). He can skewer Asiwaju Tinubu with all the venom he can find, if that would make him happy. All these belong in the realm of politics and its science of shifting loyalties, allegiances, principles and personalities. If redoubtable conservatives like Senator Ali Modu Sheriff could join the APC, and a presumably natural progressive like former Governor Ibrahim Shekarau from the radical Kano school of politics could effortlessly transmute into conservatism without reference to either his conscience or his principles, no one should draw a presumptuous and supposedly impregnable Maginot line between the parties, or attempt to bar movements to and fro the parties. Indeed, Chief Ikimi may even feel justifiably offended by the undulating philosophy of the APC and by its abrasive members and leaders.

    Chief Ikimi, more than anything else, can resign his membership of the APC or any other organisation for that matter, and should not be deplored for doing so; and he can withdraw his membership any way he wants, as he daintily put it. But he must be careful not to distort facts or, more importantly, hide repugnant politicking beneath the swaddling and offending cloak of ambition. We are thankful he disclosed his ambition to lead the APC, for after all, he had once led the National Republican Convention (NRC) in the Third Republic. But that does not necessarily make him the most qualified man for that office, not even because he chaired the committee that birthed the APC. It was also more startling he insinuated that the man who eventually won the party chairmanship, John Odigie-Oyegun, was weak and malleable. Surely, horse trading is not alien to politics, particularly when it comes to leadership positions and party tickets.

    He has not indicated where he would go next. But should Chief Ikimi pitch his tent with the PDP, as Mallam Shekarau, Senator Sheriff, the capricious Fani-Kayode and others have done, it would be a self-defeating move. It would prove that fundamentally, most of Nigeria’s politicians lack the depth, knowledge and understanding required to succeed in both politics and leadership. Chief Ikimi and the other defectors must ask themselves why a misunderstanding within a party must ineluctably end in defection. Why could they not stay and fight it out, or bide their time until their worldview and perspective become ascendant? There are hundreds of examples in other parties elsewhere in the world: of principled leaders who lose favour in their parties or governments only to regain it sometime later. But by entering and exiting parties so casually, and to use Chief ikimi’s words, so recklessly, Nigerian politicians exhibit their superficiality, their avarice, their tentativeness, their fickleness.

    All the defections that have taken place in recent weeks, however, indicate that as civil rule takes root and democracy becomes entrenched, there would be movements up and down and sideways until the parties settle down and their philosophies and party principles ossify. Before then many reputations will be torn, and ambitions will collapse, but the wise politician will bide his time and take the sensible step at the right time. Neither Chief Ikimi nor any of his ilk, like Mallam Ribadu, has appeared to behave with the circumspection their names and positions suggest.

  • PDP denies offering Imo Speaker N3b to impeach Okorocha

    The Southeast caucus of the Peoples Democratic Party (PDP) has denied the allegation by the Imo House Speaker, Benjamin Uwajumogu, that the zonal National Vice-Chairman, Col Austin Akobundu, alongside other persons, offered him N3billion to facilitate the impeachment of Governor Rochas Okorocha.

    In a statement, the party said the allegation was “infantile, irresponsible and disingenuous.”

    The PDP said the allegation “feeds into an emerging picture of politics in Imo State since April 2011, which is based on dishonourable propaganda and flagrant disregard for the truth.”

    According to the party, “Assuming that such a plot even existed, there is no chance that Col Akobundu, a former military officer who knows the value of loyalty, would entrust it to a political turncoat like Uwajumogu.

    “It begs the question why anyone would offer N3billion to impeach a governor.

    “If the Speaker’s intention was to blackmail the PDP, it has failed miserably. His worst nightmare scenario is playing out in Imo State.

    “PDP is waxing stronger each day while the megalomaniac, anti-people All Progressive Grand Alliance (APGA) leadership now relies on fabricated lies to hold on to power.”

    The party said if the alleged meeting took place in last August as claimed by the Speaker “why is he just revealing it?

    “Is he under pressure to prove his loyalty? Who will trust a political associate, who holds back such a sensitive secret for so long?

    “Has he now realised that he is invariably submerged in the same murky waters of the contract scam which consumed the former deputy governor? “