October 24, 2019

Following the registration of a N30 billion debt issuance programme with the Securities and Exchange Commission of Nigeria (SEC), Interswitch Limited, a leading technology-driven company has concluded a N23 billion Series 1 Fixed Rate Senior Unsecured Callable Bonds issue via a Special Purpose Vehicle (SPV), Interswitch Africa One PLC. The Series 1 Issue priced at 15% was 2.6x subscribed. The 7-year Bonds, embedding a call option that can only be exercised from the second year, are payable in full at maturity. An application will be made to list the Bonds on The Nigerian Stock Exchange (NSE) on receipt of the SEC’s approval of the proposed allotments. Investor participation was restricted to qualified institutional investors as defined by the SEC in Nigeria, with a proposed Bonds allocation of 64% to pension fund managers, 7% to asset managers and 22% to commercial banks pending SEC approval. The strong level of oversubscription demonstrated investor confidence in the Interswitch brand, business model and long-term strategy, supported by strong domestic ratings from both Agusto & Co. Limited and Moody’s Investor Service. The Issuer was assigned “Aa3” national scale programme rating by Moody’s and “Aa” national scale rating by Agusto, on the back of positive secular industry shifts, a strong market position and a good liquidity profile. The Sponsor was also assigned “Aa” rating by Agusto. The Founder and CEO, Mr Mitchell Elegbe, commented, “We are delighted to report the success of the first series of Bonds issued under our Programme, especially with the level of interest shown by investors. Diversifying our funding sources through the inclusion of these Bonds will enable us to achieve our strategic objectives and vision.” FBNQuest Merchant Bank and Stanbic IBTC Capital acted as Lead Financial Advisors/Issuing Houses and ABSA Capital Markets Nigeria, FCMB Capital Markets, Quantum Zenith Capital & Investments and Rand Merchant Bank Nigeria, as Joint Issuing Houses.

Interswitch Limited Completes ₦23Billion Bond Placement

October 24, 2019 10:24 am

Following the registration of a ₦30 billion debt issuance programme with the Securities and Exchange Commission of Nigeria (SEC), Interswitch Limited, a leading technology-driven company has concluded a ₦23 billion Series 1 Fixed Rate Senior Unsecured Callable Bonds issue via a Special Purpose Vehicle (SPV), Interswitch Africa One PLC.

The Series 1 Issue priced at 15% was 2.6x subscribed. The 7-year Bonds, embedding a call option that can only be exercised from the second year, are payable in full at maturity. An application will be made to list the Bonds on The Nigerian Stock Exchange (NSE) on receipt of the …

Liverpool End Away Jinx But Klopp Didn’t Enjoy Win In Genk

Liverpool End Away Jinx But Klopp Didn’t Enjoy Win In Genk

October 24, 2019 9:43 am

Liverpool produced a devastating attacking display to beat Racing Genk 4-1 in the UEFA Champions League on Wednesday but manager Juergen Klopp said he had not enjoyed it.

Two goals, the second a beauty, by Alex Oxlade-Chamberlain, playing in his first game in the competition for 18 months, and silky strikes from Sadio Mane and Mo Salah gave the scoreline a convincing enough look.

Yet there were moments of unease for the European champions as they won away in the group phase for the first time in two years.

Genk was unfortunate to have a Mbwana Samatta effort ruled out …

Protests On The Streets Of Lebanon Enter Second Week

Protests On The Streets Of Lebanon Enter Second Week

October 24, 2019 8:36 am
Protests in Lebanon entered a second week on Thursday with demonstrators blocking main roads in Beirut and other parts of the country, AFP correspondents and Lebanese media reported.Sparked on October 17 by a proposed tax on calls made through messaging apps, the protests have morphed into a cross-sectarian street mobilisation against a political system seen as corrupt and broken.

On Thursday morning, demonstrators set up roadblocks around the capital.

One major east-west artery was blocked by a dozen young protesters, who pitched tents in the middle of the road.

Sitting on the pavement with a red and white keffiyeh on

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FIFA Ranking: Nigeria Drops By One Place, Now World 35th

FIFA Ranking: Nigeria Drops By One Place, Now World 35th

October 24, 2019 8:28 am

Nigeria’s Super Eagles have dropped by one spot in the FIFA World Ranking for the month of October to now place as world 35th country.

In the ranking table from the world football governing body, FIFA on Thursday, Nigeria garnered 1,481 points as against 1482 recorded in September.

However, in spite of the drop, Nigeria still occupies the third spot in Africa behind Senegal and Tunisia who are placed 20th and 29th with 1,546 and 1,495 points, respectively.

On the global scene, although, 184 recent international matches have left their mark on the latest FIFA/Coca-Cola World Ranking, those at the …

Guns And Smiles: Russia Flaunts Firepower At Africa Summit

Guns And Smiles: Russia Flaunts Firepower At Africa Summit

October 24, 2019 7:10 am

Russia is showing off its next-generation Kalashnikov assault rifles, helicopters and facial recognition systems as President Vladimir Putin hosts dozens of African leaders for a major summit in Sochi.

The Wednesday and Thursday event at the Black Sea resort has brought together delegates to discuss everything from nuclear technology to mineral extraction — but on the sidelines, stands for arms companies dominate.

Russia has been a major supplier of weapons and military equipment to African nations and the country’s arms exporter hopes the first Russia-Africa summit will help further boost business on the continent.

“We would like to expand our …

Nigeria Moves 15 Places Up On Ease Of Doing Business Index

Nigeria Moves 15 Places Up On Ease Of Doing Business Index

October 24, 2019 6:57 am
Nigeria has moved up by 15 places to 131 on the World Bank’s Ease of Doing Business ranking. Africa’s most populous country was ranked 146th in the previous year.

The report is an annual publication that measures business regulations across 190 countries. In its latest study, World Bank ranked Nigeria in the top 10 economies where business climates have been improved. Nigeria was ranked 15 in ease of getting credits or loans.

Nigeria’s worst ranking in the report was at the ease of registering properties where it ranked 183. Nigeria also ranked 179 in trading across borders.

The latest World

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Ghosn Wants Case Dismissed Over ‘Prosecutor Misconduct’

Ghosn Wants Case Dismissed Over ‘Prosecutor Misconduct’

October 24, 2019 6:49 am

Ex-Nissan chief Carlos Ghosn on Thursday called for the case against him to be dismissed, saying the charges were politically motivated and accusing Japanese prosecutors of a “pervasive pattern of illegal misconduct”.

The claims, made in two filings to the Tokyo District Court, allege prosecutors colluded with Nissan and effectively subcontracted out their investigation to employees of the automaker who were trying to oust Ghosn.

“The prosecutors’ case, which was politically motivated and poisoned from the start, is fundamentally flawed and contradicted by the evidentiary record,” Ghosn’s lawyers said in a statement.

Ghosn is out on bail in Tokyo, awaiting …

UK Police Search Properties After 39 Found Dead In Truck

UK Police Search Properties After 39 Found Dead In Truck

October 24, 2019 6:32 am
British police have searched properties in Northern Ireland hours after launching a major murder investigation into the discovery of 39 dead bodies inside a truck at an industrial park near London.

Officers raided two addresses late Wednesday in County Armagh, which are believed to be linked to the truck driver, a 25-year-old man from the UK-ruled province, according to multiple reports.

Investigators have said the man — named in the media as Mo Robinson from the Northern Irish town of Portadown — was arrested on suspicion of murder and remained in custody on Thursday.

The dozens of corpses were found

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Tanzania Court Upholds Ruling To Ban Child Marriage

Tanzania Court Upholds Ruling To Ban Child Marriage

October 24, 2019 6:24 am

A Tanzanian court has upheld a ruling banning the marriage of girls under the age of 18 and won praise from rights activists.

The High Court in 2016 ruled that laws allowing girls as young as 15 to be married with the permission of their parents, or even 14 with the permission of a court, were unconstitutional and discriminatory.

However, the state had appealed.

“We reject this appeal as it has no foundation,” the appeals court judges wrote in their ruling on Wednesday, giving the government one year to amend the law.

READ ALSO: Tony Kabaka Shields His Hotel Against …

President Trump Insists On Building A Wall In Colorado

President Trump Insists On Building A Wall In Colorado

October 24, 2019 6:16 am
Donald Trump has made building a barrier to stop migrants on the US-Mexico border a central plank of his presidency, but on Wednesday, he came up with a puzzling new twist to the initiative: a wall in Colorado.The problem? Colorado lies well within the United States, though its large southern neighbour New Mexico does border Mexico.

“You know why we are going to win New Mexico? Because they want safety on their border,” Trump said during a speech in Pittsburgh.

“And we are building a wall on the border of New Mexico, and we are building a wall in Colorado,”

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Anambra Govt To Compensate Onitsha Fire Victims In December

Onitsha Fire Victims Cry That No Donation Has Come To Them

October 24, 2019 6:10 am

Victims and landlords of last week’s fire disaster in Onitsha, Anambra State, have cried out that they have not received any money or donation from many Nigerians who visited the scene to commiserate with them.

The victims who disclosed this when they stormed the office of Chairman of Onitsha South Local Government Area Mr. Emeka Asanya in protest, saying they only got a cheque of ₦1m and nothing more from the Minister of Labour and Employment, Senator Chris Ngige who visited the scene last week Saturday.

The spokespersons of the victims Mr. Anthony, Chinedu Okonkwo, and Chief Uchenna Udaegbe who …

Buhari Dismisses Captain Usman As NCAA Director General

Buhari Dismisses Captain Usman As NCAA Director General

October 24, 2019 5:59 am

President Muhammadu Buhari on Tuesday sacked the Director-General of the Nigerian Civil Aviation Authority (NCAA), Capt Muhtar Usman and replaced him with Capt Musa Nuhu.

This was contained in a statement signed by the Aviation Ministry’s Spokesman, James Odaudu.

The reason for Usman’s disengagement was not immediately known as at press time. He was appointed NCAA boss in September 2014 by President Goodluck Jonathan for an initial five-year tenure that is renewable.

His successor, Capt. Nuhu was Nigeria’s Permanent Representative to the International Civil Aviation Organisation (ICAO).

He is an airline pilot, a safety expert, a quality assurance lead auditor, …

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