By Alex C Ecobank Transnational Inc. (ETI) unit in Nigeria sold $200 million of dated subordinated notes due in 2021 to join lenders in Africa’s largest economy raising funds through debt sales, Bloomberg has said. The issuance has a yield of 9 percent and a coupon of 8.75 percent, according to information from a person with knowledge of the offering, who asked not to be identified because he wasn’t authorised to speak publicly. Deutsche Bank AG and Standard Chartered Plc were the lead managers. The notes are expected to be eligible as Tier 2 capital by the Central Bank of…
Author: Pride Team
By Alex C Airtel Nigeria is riding on the back of two insurance providers, Cornerstone Insurance plc and MicroEnsure to provide Nigerians free covers for hospitalisation as well as for life. With this cover, Airtel customers by recharging as little as N1,000 each month qualify for cover, and as they increase their monthly recharge can earn more cover up to N500,000 and N50,000 of life insurance and hospitalisation, receptively. This development, analysts say, is a major development for the nation’s insurance industry quest to deepen market penetration through retail products. The product, which is tagged Airtel Insurance, is packaged to…
By Alex C Forte Oil plc, a Nigerian gasoline retailer, thinking to invest copiously in the power sector may have paid off as half year profit soars, analysis of the financial statement reveals. For the first six months of the year, Forte Oil’s pre-tax profit rose by 152 percent to N4.19 billion from N1.66 billion the same period of the corresponding year 2Q13, while sales surged by 33 percent to N79.60 billion. Profit after tax (PAT) followed the same growth trajectory as it also surged by 125 percent to N3.13 billion, compared with N1.39 billion as of HY 2013. The…
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By Alex C Skye Bank plc recorded a total asset of N1.131 trillion, second quarter ended June 30, 2014, representing a marginal growth of 1.3 percent compared with N1.116 trillion it reported during the corresponding period in 2013. The bank’s total liabilities including deposits grew to N1.016 trillion during the review period from N996.221 billion the previous year, an increase of 1.9 percent. In the International Financial Reporting Standards (IFRS) compliant result submitted at the Nigerian Stock Exchange, the bank attributed the growth in its total assets to its various business development activities in diverse sectors of the economy. The…
By Sophie David-Mbamara It is common knowledge that a hot bowl of oatmeal is a healthy and delicious start to your day, but what you don’t know is the amazing skin benefits one can derive from oats as a beauty product. Oatmeal is great at removing excess oil and dirt from the body and face, thanks to the saponins it contains. Their cleansing and exfoliating properties make oatmeal a powerful ingredient in many face scrubs, cleansers and shampoos. Face Exfoliator As a facial mask, combine 1 tsp. of ground oatmeal, 1 tsp. of lemon juice, and 2 tsp. of yogurt and apply to the face like…
By Alex C Coca Cola Plc, Atlanta-based leading beverage company, has pledged to invest $5 billion in manufacturing capacity, sustainability initiatives and jobs over the next six years in Africa. This is in addition to the $12 billion dollar it promised to invest in Africa this decade (2010-2020). The new fund increases its total investment commitment in Africa to $17 billion. The company also announced this week that it will be investing $500 million in its production facilities in Namibia over the next two years. These investments by Coca-cola are expected to hold a social impact including raking in more…
Dear Dorothy, I never really realized that my father favours tribalism until I recently introduced the man I intend to marry to my family. My husband-to-be and I met during our Youth Service year. He is Igbo; I am Yoruba. We have been seeing each other for about 3 years. I am in love with him, but my father’s attitude is making things difficult for us. When he proposed to me and I took him to meet my parents, I was full of joy that I was getting married to the love of my life. You can imagine how I felt when my father gave…
M-Net “Galaxy of the Stars” is an exclusive black-tie sit-down gala, which took place on Saturday, August 2nd, 2014 at the Gallagher Estate in South Africa. The high profile event, which hosted Partners, Stakeholders, TV executives, on-screen talent, government officials, production guru’s and the biggest names in TV business was put together by M-Net and Multichoice South Africa. The big celebration which paid tribute to M=Net creative & business partnerships, was put together to celebrate nearly 28 years of bringing viewers premium TV content and to mark the momentous achievement, investment and commitment to the industry. The…