MTN Nigeria set to invest US$1.5bn to expand broadband access in the country

NIGERIA – MTN Nigeria, a mobile telecommunications company, has announced plans to invest N640 billion (US$1.5 billion), over the next three years to expand broadband access across the continent’s most populous country. The invest is in line with the federal government’s 2020-2025 National Broadband Plan and in support of MTN Group’s strategy, Ambition 2025: Leading digital solutions for Africa’s progress. “Nigeria is one of our most important markets. We have a proud history of partnering with Nigeria and Nigerians to drive faster and more inclusive growth through digital transformation,” said…

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Cofounder of CBBE launches new crypto venture capital fund for African crypto startups

NIGERIA – The co-founder of Crypto for Black Economic Empowerment (CBBE), a coalition of 100 Black inventors and founders, Erikan Obotetukudo, has announced the launch of Audacity Fund, a new crypto venture capital fund. The Audacity Fund is a non-profit organization that to intends to invest in African crypto startups, with a special focus on decentralized finance (DeFi), a name for blockchain-based initiatives that eliminate financial middlemen such as banks, allowing people to lend, borrow, and trade directly with one another. “As exciting and interesting as blockchain and crypto is…

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Dr. Bongo Adi appointed as new chairman of Newstide Publications Limited

NIGERIA – Newstide Publications Limited has announced the appointment of Dr. Bongo Adi as its new chairman, joining a rich list of other renowned experts appointed by the multimedia company. Dr. Bongo, who is a development economist, data scientist, and project finance expert, brings with him vast experience covering over two decades in the fields of research, consulting, policy design, capital raising, business development, and data analytics. Newstide offers reliable sources of news and analyses on Africa’s social, economic, business, and political trends and developments. Its publication, Prime Business, is…

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Oil and gas company Seplat Petroleum Development changes of its name to Seplat Energy Plc

NIGERIA – Seplat Petroleum Development Company Plc, an independent oil and gas company, has announced, through The Nigerian Exchange Limited, the change of its name to Seplat Energy Plc. The recent development is in line with the consensus reached at the recently concluded Annual General Meeting of the company held on 20th of May 2021. At the meeting, shareholders of the company voted in support of the change of name and consequently, a new certificate of incorporation was issued from the Corporate Affairs Commission. The change of name is a…

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Power generating company Egbin Power Plc set to raise US$1.8bn to increase its generating capacity

NIGERIA – Egbin Power Plc, a power generating company, has announced that it plans to raise the sum of US$1.8 billion in a bid to increase its present generating capacity from 970 megawatts to 1,320 megawatts in its second phase growth plans. The company also plans to export electricity generated through the West African Power Pool with its increased generating capacity. “The plan is to raise the fund to be available to kick off,” the company said in a statement, adding that it is looking at a combination of debt…

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11 Plc set to acquire controlling stake in hospitality company Capital Hotel Plc

NIGERIA – Capital Hotel Plc, owners of Sheraton Abuja Hotel, is set to sell 51 per cent stake in the company to 11 Plc, formerly Mobil Oil Nigeria Plc. In a notification to the Nigerian Exchange (NGX) Limited, the board of Capital Hotel Plc said the decision sell the 51per cent stake to 11 Plc was reached at the emergency meeting of its board held on June 14, 2021. The move is in line with 11 Plc’s expansion drive into hospitality industry which it began in 2019 by acquiring Lagos…

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Global digital marketplace IAA, Inc. enters Nigerian market by partnering Boacon Autos

cars

NIGERIA – IAA, Inc., the global digital marketplace connecting vehicle buyers and sellers, has partnered with Nigeria’s Boacon Autos, a general automotive repair business. As the company’s official partner in Nigeria, Boacon Autos will operate the local IAA Auction Center in the city of Lagos, the most populous Nigerian city. Through this new alliance, Boacon Autos will provide local services and assistance, helping buyers efficiently purchase vehicles from IAA in the United States. The company will offer support including bidding assistance, transportation, shipping and importing, reducing risk and increasing convenience…

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Property management platform Seso Global raises US$600,000 pre-seed funding round

NIGERIA – Seso Global, a property management platform, has raised a US$600,000 pre-seed funding round in its bids to build on strong initial traction to challenge Salesforce in property managing in emerging markets. Investors in the round included Kepple Africa Ventures, Rising Tide Africa, and Moabi Group, as well as angel investors Albert Essien, Ibrahim Sanga, and Jamie Broderick. Founded in 2019, Seso has created a customer relation management (CRM) portal that enables property developers, agents and governments to manage their properties, documentation and transactions on a secure blockchain database.…

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Maritime company C&I Leasing completes issuance of second tranche for its bond programme

NIGERIA – C&I Leasing, a Nigerian public limited maritime company, has completed the issuance of the second tranche of its N20 billion (US$48.45m) bond programme which it started in 2017. The company, which is Nigeria’s only listed leasing company also said it is optimistic that a new business model which it adopted, would help in driving revenue growth and further improve the profitability of its business from 2021 and beyond. According to a statement, at 100 per cent subscription rate, the long-dated instrument was a N10 billion bond (US$24.22m), issued…

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Epay Plus partners American Express to produce its range of smartcards

NIGERIA – Electronic Payplus (Epay Plus) Limited, a smartcard manufacturer and payment solution company, has announced a partnership with American Express to produce its range of smartcards. A statement quoted American Express to have stated that Electronic Payplus Limited had complied with the security requirement as stipulated by the Payment Card Industry. “American Express hereby confirms that the vendor (Electronic Payplus Limited) has provided evidence of completion of a security review by a PCI accredited security assessor demonstrating compliance with the Payment Card Industry (PCI) Card Production Physical and Logical…

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