Seplat Petroleum issues US$650m 5-year oil and gas bond, the largest in Nigeria

NIGERIA – Seplat Petroleum Development Company Plc, a leading Nigerian independent energy Company listed on both the Nigerian Stock Exchange (NSE) and the London Stock Exchange (LSE), has priced its offering of US$650 million in aggregate principal amount of senior notes due 2026. It is said to be the largest ever Nigerian oil and gas bond issuance. The Notes priced at a yield of 7.75%, representing a significant pricing reduction from its US$350 million debut issuance in 2018, which priced at a yield of 9.50% , with a coupon of…

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Sunon Asogli Power to deploy 200MW solar power plants in Sierra Leonne

SIERRA LEONNE – Sunon Asogli Power Ghana Limited, Ghana’s biggest Independent Power Producer, has announced plans to expand to Sierra Leonne with a solar power plant in Freetown. The giant power producer is planning deploy toa 20MWp-50MWp [megawatt power] Solar PV in one year and another 160MW to be known as Benkongor Hydro plant in four years. According to Business Development Manager of the Company, Elikplim Apetorgbor, the expected total investment cost for the two projects is about US$700million. According to him, the 20MWp – 50MWp Solar PV plant deployment…

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UCB launches first ever visa card in Sudan as symbol of reintegration in global economy

SUDAN – United Capital Bank (UCB), one of the leading financial institutions in Sudan that offers a wide range of financial products and services to corporates, has launched the first ever visa card in the country. Sudanese Prime Minister, Dr. Abdalla Hamdok, hailed the first Visa card issued in Sudan as a symbol of Sudan’s long-awaited reintegration in the global economy. The card issued by United Capital Bank (UCB), was presented to Hamdok by Yousif Ahmed El-Tinay, CEO and General Manager of UCB. Dr. Hamdok expressed his appreciation of the…

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TLG Capital, Fidelity Bank Plc to invest US$20m on SMEs in Nigeria

NIGERIA – TLG Capital, a private equity firm, has partnered with Fidelity Bank Plc to invest US$20 million on SMEs in Nigeria that are focused on healthcare, education, consumer sectors, amongst others. The funds will be channelled through TLG’s Africa Growth Impact Fund (ADIF), towards the development of SMEs in the country. This new investment is in line with the bank’s move to provide innovative funding options and other forms of relevant support to entrepreneurs in the country. Fidelity Bank Plc is a commercial bank in Nigeria with over 5…

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Hapag-Lloyd acquires Dutch shipping company NileDutch

WORLD – German international shipping and container transportation company Hapag-Lloyd and NileDutch, a leading provider of container services to West Africa. have signed a sale and purchase agreement where Hapag-Lloyd acquires all shares of the Dutch container shipping company. “Africa is an important strategic growth market for Hapag-Lloyd. The acquisition of NileDutch strengthens our position in West Africa and will be an excellent addition to our existing activities on the continent. Our combined customer base will benefit from a denser network from and to Africa as well as from a…

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Digital services provider Inq appoints Christian Wirtz as group CEO

SOUTH AFRICA – Pan-African digital services provider Inq, has appointed Dr Christian Wirtz as its new group CEO, effective from 1 April 2021. Dr Wirtz, currently an executive in group enterprise at MTN, will take over from founding group CEO Geoff Hardwick, who has stepped down from the role. According to a statement, Dr Wirtz is an industry veteran with a wealth of telco and enterprise business experience, having worked for more than two decades in the ICT sector across Africa and Europe. Founded in 2013, Inq is a cloud-based digital services…

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Kenya seeks another debt service suspension to June 2022

KENYA –  The government of Kenya has sought the Debt Service Suspension Initiative (DSSI) extension to June 2022, a one-year extension from the earlier granted June 30, 2021, debt service suspension secured in January. Besides the relief under the DSSI, the country is also pursuing new limits access to International Monetary Fund funds through the reallocation of existing special drawing rights and the allocation of new special drawing rights. Such facility will allow faster access of disbursements from the IMF Rapid Credit facility and the Rapid Finance Instrument, granted to countries…

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