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Exchange Lists N4.6bn Tower Aluminium Bond

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14 years ago

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The Nigerian Stock Exchange (NSE) last week listed N4.6 billion bonds floated by Tower Funding Plc on its daily official list.

The bonds, series one tranche A and series one tranche B, were raised by Tower Aluminium Group   from the capital market under its N9 billion (Medium Term Note) last year.

The company  issued N3.630 billion bond due  on September 9, 2018 (series one tranche A) with a floating rate  of Monetary  Policy Rate(MPR) plus seven per cent and  the N1 billion MPR plus five per cent floating rate bond due September 2018 (series one tranche B).

The  funds were raised  through  a book-building exercise spear headed by Dunn Loren Merrified (DLM) Limited, which acted as financial adviser, issuing house and lead book runner to the transaction, BBC report.

The N9 billion MTN programme is undertaken by Tower Funding Plc, which is  a captive finance vehicle for the Tower Aluminium Group.

The Series N3.63 billion   was 331/3 guaranteed and assigned an ‘A-’rating by Global Credit Rating and DataPro Limited while the   N1 billion  bond was 100 per cent guaranteed with a provisional rating of AA- and AAA from Global Credit Rating and DataPro Limited respectively.

According to  the Chief Executive Officer(CEO) of DML,  Mr. Sonnie Ayere, the proceeds of the bond were  applied towards the funding of  the member companies of the Tower Aluminium Group comprising: Tower Aluminium (Nigeria)Plc; Queensway Aluminium Limited; Asaba Aluminium Limited; Tower Roofing Systems Limited; Borno Aluminium Limited and Kolorkote Nigeria Limited.

“The rich history of the Tower Aluminium Group spanning over 50 years in Nigeria contributed in no small measure to the success of the Series 1 bond issuance,” Ayere had said.

Ayere noted that  the bonds  were  the first internationally  guaranteed  bond by a real sector corporate entity in Nigeria.

The guarantee was given by GuarantCo Limited, a development finance institution regulated by the Financial Services Commission (FSC) of Mauritius with the key objectives of encouraging private sector involvement in the local currency financing of infrastructure projects and promoting local capital market development in low-income countries.

Chairman of GuarantCo, said: “This ground-breaking financing is a material advance in developing the local corporate bond market. Nigerian companies deserve the same access to long term funding from their capital markets as in other major economies and we look forward to more issuers accessing the market.”

Specfically, the Tower Group  had explained that the  proceeds of the bonds would  be used  for  the   refinancing of maturing bank debt obligations utilised by the Group to build the multi-million-dollar aluminium factory at Otta in Ogun state.

According to the company, the factory has been designed to convert scrap aluminium into new and usable aluminium hence reducing its reliance on imports and therefore significantly reduces cash flow vulnerability due to exchange rate fluctuations.

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Kenyan Runners Dominate Berlin Marathons

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September 22, 2025

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Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.

Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.

The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.

Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.

“I did my best and I am happy for this performance,” said Sawe.

“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”

Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.

In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.

Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.

Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.

 

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NIS Ends Decentralised Passport Production After 62 Years

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9 hours ago

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September 22, 2025

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The Nigeria Immigration Service (NIS) has officially ended passport production at multiple centres, transitioning to a single, centralised system for the first time in 62 years.
Minister of Interior, Dr Olubunmi Tunji-Ojo, made the disclosure during an inspection of the Nigeria’s new Centralised Passport Personalisation Centre at the NIS Headquarters in Abuja, last Thursday.
He stated that since the establishment of NIS in 1963, Nigeria had never operated a central passport production centre, until now, marking a major reform milestone.
“The project is 100 per cent ready. Nigeria can now be more productive and efficient in delivering passport services,” Tunji-Ojo said.
He explained that old machines could only produce 250 to 300 passports daily, but the new system had a capacity of 4,500 to 5,000 passports every day.
“With this, NIS can now meet daily demands within just four to five hours of operation,” he added, describing it as a game-changer for passport processing in Nigeria.
“We promised two-week delivery, and we’re now pushing for one week.
“Automation and optimisation are crucial for keeping this promise to Nigerians,” the minister said.
He noted that centralisation, in line with global standards, would improve uniformity and enhance the overall integrity of Nigerian travel documents worldwide.
Tunji-Ojo described the development as a step toward bringing services closer to Nigerians while driving a culture of efficiency and total passport system reform.
According to him, the centralised production system aligns with President Bola Tinubu’s reform agenda, boosting NIS capacity and changing the narrative for improved service delivery.
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FG To Roll Out Digital Public Infrastructure, Data Exchange, Next Year 

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9 hours ago

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September 22, 2025

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The National Information Technology Development Agency (NITDA) has announced plans to roll out Digital Public Infrastructure (DPI) and the Nigerian Data Exchange (NGDX) platforms across key sectors of the economy, starting in early 2026.
Director of E-Government and Digital Economy at NITDA, Dr. Salisu Kaka, made the disclosure in Abuja during a stakeholder review session of the DPI and NGDX drafts at the Digital Public Infrastructure Live Event.
The forum, themed “Advancing Nigeria’s Digital Public Infrastructure through Standards, Data Exchange and e-Government Transformation,” brought together regulators, state governments, and private sector stakeholders to harmonise inputs for building inclusive, secure, and interoperable systems for governance and service delivery.
According to Kaka, Nigeria already has several foundational elements in place, including national identity systems and digital payment platforms.
What remains is the establishment of the data exchange framework, which he said would be finalised by the end of 2025.
“Before the end of this year and by next year we will be fully ready with the foundational element, and we start dropping the use cases across sectors,” Kaka explained.
He stressed that the federal government recognises the autonomy of states urging them to align with national standards.
“If the states can model and reflect what happens at the national level, then we can have a 360-degree view of the whole data exchange across the country and drive all-of-government processes,” he added.
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