Business

Niger Floats N6bn Bond For Road Projects

Published

16 years ago

October 12, 2009

Niger State Governemnt has floated a 6 billion fixed rate redeemable infrastructural development bond for the construction and up-grading of roads.

Deputy Governor of Niger State, Alhaji Ahmed Musa Ibet, signed the legal document on behalf of the governor, Muazu Babangida Aliyu, which Mr Ben Andrew did for Zenith capital, who is the joint issuing house.

The bond, which listing will open and close on the 7th of October have been cleared by the security and exchange commission, is expected to generate a net issue of N5.3 billion afer deduction of total costs of N465 million which include under writing fee of N207 million.

On the redemption of the bond, he noted it shall be redeemed at par, in ten consecutive and equal semi-annual installment of principlal and interest of (N854,265,106.3k) eight hundred and fifty four million two hundred and sixty five thousand and one hundred and six naira each on April 15th and October 15 of each year that the bond is outstanding beginning from April 15, 2010.

The bond is secured by an irrevocable standing payment order issued to the Accountant-General of the Federation as a first change and payable out of the statutory allocation of the state which payment of principal and coupon on the bond shall be made from the sinking fund account to be funded from the pledged revenue and managed by the trustees.

According to the prospectus made available to our correspondent, the bond was created in pursuant to the Niger state bond law of 6th August 2009, through the Niger state legislative assembly given on the 11th of November, 2008.

Alhaji Muazu Mohammed Bawa, the Niger state commissioner, speaking to journalists shortly after the legal document has already been 100 per cent under written on a firm basis by BGL Plc, Renaissance Security and Zenith capitals.

Project to be financed from proceed of the bond include five roads in Minna metropolis, Badan Mallam roads, Peter Sarki road, Idris Legbo and Maiduguri road.

Other roads are Kutigi-Fazti road, rehabilitation of Minna Industrial layout, Construction of Mokwa Rabba road, Luma-Babanna road, Bunu Gurara road and Batati-Daban road.

Business

“FCCPC Approves Sale Of Chivita|Hollandia To UAC Nigeria PLC

Published

4 days ago

October 6, 2025

The Tide

UAC of Nigeria PLC (UAC) has announced the completion of it’s in a press release on October 3, 2025, that it has completed the acquisition of Chivita|Hollandia (CHI Limited), following approval from the Federal Competition and Consumer Protection Commission (FCCPC).

Revealing this in a Press Release, at the Weekend, UAC said the transaction, first disclosed on July 30, 2025, involved the transfer of ownership of CHI Limited, a leading Nigerian food and beverage company best known for its market-dominant Chivita juice and Hollandia dairy brands, to UAC.

Commenting on the development, the Managing Director, CHI Limited, Eelco Weber, expressed optimism in the company’s future under UAC’s ownership.

“We are pleased to have received regulatory approval for this transaction. We look forward to a smooth transition and to seeing Chivita|Hollandia thrive under UAC’s ownership,” he said.

Group Managing Director of UAC, Fola Aiyesimoju, highlighted the strategic importance of the acquisition saying “We are excited to officially welcome the Chivita|Hollandia team and brands into the UAC family, and we are eager to work together to build on their strong legacy and market leadership”.

The acquisition is expected to strengthen UAC’s position in Nigeria’s fast-moving consumer goods (FMCG) sector, expanding its footprint into the growing juice and dairy markets.

UAC further said that the acquisition aligned with its growth agenda by adding two market-leading brands and a well-established distribution network to its por.

Business

PenCom Reintroduces Gratuity For Federal Civil Servants

Published

4 days ago

October 6, 2025

The Tide

The National Pension Commission has said it has deployed a framework to restore gratuity for Federal Civil Service under the Contributory Pension Scheme.

Director-General of PenCom, Omolola Oloworaran, disclosed this at a Stakeholders’ Conference on the Workings of the Contributory Pension Scheme (CPS) for Employees and Pensioners of Federal Government Treasury-Funded Ministries, Departments and Agencies, in Abuja, last Thursday.

Represented by the Acting Commissioner, Technical, PenCom, Hon. Hafiz Kawu Ibrahim, Oloworaran said, “Working with the office of the Head of the Civil Service, a framework has been developed to restore gratuity benefits for federal workers under CPS, in line with Section 4(4) of the PRA 2014.”

The PenCom DG added that “PenCom has enhanced pensions for over 241,000 retirees, representing 80% of those under Programmed Withdrawal. Monthly pensions rose from N12.157 billion to N14.837 billion, effective June 2025.

“Also, since July 2025, no retiree waits to access their pensions. Payments are now immediate, aligned with monthly salary releases from the Federal Ministry of Finance”.

Also speaking, the Chairman of the National Salaries, Income and Wages Commission, Ekpo Nta, stated that the Commission would partner PenCom to examine the current rate of retirement benefits and recommend appropriate mechanisms for periodic reviews of retirement benefits.

Business

CAC, SMEDAN To Register 250,000 MSMEs Free ……..As CAC Forfeits ?3b In Fees Nationwide

Published

4 days ago

October 6, 2025

The Tide

The Corporate Affairs Commission (CAC) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have announced a joint initiative to register 250,000 Micro, Small, and Medium Enterprises (MSMEs) free of charge across the country, with CAC foregoing about ?3 billion in registration fees

The initiative, announced during the signing of a Memorandum of Understanding (MoU) in Abuja, at the Weekend, seeks to remove barriers such as high costs and bureaucratic challenges that have long kept many small businesses in the informal sector.

The Registrar-General, CAC, Hussaini Ishaq Magaji, SAN, explained that the scheme would eliminate the registration fee, helping entrepreneurs access official recognition and grow their businesses.

SMEDAN Director-General, Dr. Charles Odii, added that registration is just the first step, noting that registered businesses will benefit from continuous aftercare such as grants, training, and market access.

Together, the two agencies noted that CAC will forgo approximately ?3 billion in registration fees, while SMEDAN will provide continuous support to help these businesses thrive.

They added that this partnership supports the Federal Government’s Renewed Hope vision to boost Nigeria’s economy by empowering entrepreneurs.

CAC further disclosed measures to ease company registration with the steps as follows: 1. Visit the SMEDAN portal: http://portal.smedan.gov.ng., 2 Sign up and complete your registration on the portal., 3. When asked if you have a CAC number, select “No”., 4. Submit your details to complete the process., 5. Once registration is completed, you will be contacted with the next steps to finalise your free CAC registration.

It further clarified that MSMEs already on SMEDAN’s database without CAC registration automatically qualify for this free registration drive.