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 Politics › Re: Access Bank Commercial Paper Issuance Raises Liquidity Red Flags Among Investors by MCentral(op): 7:58am On Mar 25, 2025 |
sholatech:Yes Wigwe was the major executioner of the global growth vision for Access. His demise has taken a huge toll 2 Likes 1 Share |
| Politics › Re: Access Bank Commercial Paper Issuance Raises Liquidity Red Flags Among Investors by MCentral(op): 1:29am On Mar 25, 2025 |
DeLaRue:A lot of banks like to mess up the little guys, so when they fight back its usually to the end. |
| Politics › Access Bank Commercial Paper Issuance Raises Liquidity Red Flags Among Investors by MCentral(op): 1:10am On Mar 25, 2025 |
Access Bank, a wholly owned subsidiary of Access Holdings Plc is in the market to raise up to N194 Billion as part of its Series 3/4 Commercial Papers (CP) Issuance, a situation that is raising liquidity fears and worries about possible financial weakness on the part of the Tier-One Bank by investors. Access Bank is paying up steeply for the CP cash as the 180 Day Commercial paper has an implied yield of 19.45% while the 270 Day Commercial Paper has an implied Yield of 24.75%, according to the Pricing Supplement for the Offer seen by MoneyCentral. “The net proceeds from each issue of Notes will be used to support the Issuer’s short-term working capital and its lending activities, or as may otherwise be described in the Applicable Pricing Supplement,” Access Bank said. The problem with this investor’s told MoneyCentral is that Commercial Banks don’t usually go the Commercial Paper route to raise short term liquidity as they usually get access to cheap funding via huge deposit base that commercial banks rely on. For instance, as of Q3 2024, Access Bank posted total assets of ₦40.6 trillion, of which ₦11.9 trillion were in loans and advances to customers and ₦22.3 trillion in customer deposits, according to the bank’s most recent financial statement. Only Access Bank Has Issued CP among major Lenders in 5-Years Commercial papers (CP) are short-term debt instruments (up to 270 days) issued by corporations to raise quick cash, and in Nigeria, they’re mostly tracked by the FMDQ Exchange, with oversight from the Central Bank of Nigeria (CBN) and Securities and Exchange Commission (SEC). Analysis of Commercial Paper Issuance in Nigeria from 2020 – 2025 shows the largest issuers were Dangote Cement with N281.79 billion total by 2024 under a N300 billion program (expanded from N150 billion in 2021), MTN Nigeria Communications Plc, N375 billion in 2023, N127 billion (Series 1 & 2) in 2022, N52.8 billion (Series 8 & 9) earlier. Other major issuers were Flour Mills of Nigeria, Nigeria Breweries, UACN, C & I Leasing and Mixta Real Estate, among issuers that were largely no-financial firms. The data shows that Access Bank was the only commercial bank to issue Commercial Paper over the past 5-years, showing how rare it was for deposit money banks to do so. Access to CBN Discount window and Interbank market Big tier-one commercial banks have massive deposit pools and access to Central Bank of Nigeria’s (CBN’s) discount window or interbank markets for short term liquidity needs. “The big banks are less desperate for CPs unless they’re dodging high borrowing costs or need a specific liquidity jolt. Their funding is already cheap and steady,” one banking Treasury source told MoneyCentral. The interbank rate in Nigeria, as reported by the Central Bank of Nigeria (CBN), is the rate at which banks lend to each other, and it’s a key indicator of the short-term money market conditions. On March 20, 2025, the interbank rate was 30.16 percent. Meanwhile the CBN has lifted its suspension on banks borrowing from its Standing Lending Facility (SLF) and set the lending rate at 31.75%, allowing authorized dealers access to the SLF and Intraday Lending Facility (ILF). Sources tell MoneyCentral that while these rates are marginally higher than the 270 DAY Commercial Paper on offer by Access Bank, most banks would still prefer to use the CBN Intraday Facilities or Interbank market than issue CPs which lock in longer tenors which would be more expensive source of liquidity for them over time. Regulatory and Market Dynamics While some Merchant Banks have issued commercial papers (CPs) in Nigeria over the past five years (2020–2024) such as NOVA Merchant Bank, Coronation Merchant Bank, FSDH Merchant Bank, and Rand Merchant Bank, analysts MoneyCentral talked to said those were largely due to their small balance sheets size as well as the fact that they are non-deposit-taking institutions, that focus on corporate finance, advisory, and short-term lending. “Commercial Banks issuing CPs is an anomaly and Merchant Banks do it because they don’t have the deposit base of commercial banks,” another banking source told MoneyCentral. “Issuing CPs by Commercial banks could signal weakness to depositors or regulators, who expect them to self-fund via deposits or CBN facilities or the N1 trillion daily repo market.” Basel III compliance also pushes deposit money banks toward long-term bonds for Tier-2 capital, such as Eurobonds, as opposed to short-term CPs. Access Bank South Africa Credit Ratings Withdrawn as Losses Mount GCR Ratings (GCR) last week withdrew the national scale, long and short term issuer credit ratings of Access Bank (South Africa) Limited without review. The withdrawal was due to analytical reasons as GCR said it has not received adequate information from Access Bank (South Africa) Limited to meet the rating agency’s standard information sufficiency requirement. “Therefore, the issuer credit ratings cannot be sustained, meaning GCR no longer supports any previously assigned ratings,” GCR said. Its Limited issuer credit ratings were last reviewed by GCR in June 2024. Despite capital injections of Zar1.4bln (N115 billion) by Access holdings, since its acquisition of Access Bank South Africa in 2021, persistent losses have continued for the subsidiary. GCR had forecast a financial loss at year end 2024 for Access Bank South Africa, after the firm recorded losses in 2023. Capitalisation was expected to deteriorate in the short to medium term and Access Bank South Africa would have to return to shareholders or the market to increase capital soon, according to GCR. Access Bank South Africa Limited is the 24th (out of 30) largest regulated banks in South Africa, with a market share across assets, loans and deposits of less than 0.1%. To increase its market share, Access Bank Plc offered to acquire Bidvest Bank Holdings Ltd., for about 2.8 billion rand ($159 million) to help Nigeria’s biggest lender by assets expand in South Africa. The credit rating withdrawal by GCR does not imply that the entity is not servicing its debt obligations or that its financial position has deteriorated, but rather that it has failed to provide important information pertaining to its credit profile. N12.76 trillion Claimed Against Access in Lawsuits Access Bank is involved in 1,846 (One thousand, Eight Hundred and Forty-Six) cases, of which 1,843 of the cases were instituted against the Issuer (Access Bank), while the other 3 cases were instituted by Access Bank, in terms of claims and litigation in which it is currently engaged, as of 31 December 2024, according to the Law firms Wigwe & Partners and Aluko & Oyebode who signed documents as part of the Offer Memorandum. The total amount, including general damages, claimed against the Issuer in the 1,843 cases instituted against the Issuer is N12,763,485,411,444. (Twelve Trillion, Seven Hundred and Sixty-Three Billion, Four Hundred and Eight-Five Million, Four Hundred and Eleven Thousand, Four Hundred and Forty-Four Naira. The law firms said they were o the opinion that the... https://moneycentral.com.ng//wp-content/uploads/2020/05/Access-Bank.jpg https://moneycentral.com.ng/companies/article/access-bank-commercial-paper-issuance-raises-liquidity-red-flags-among-investors-on-possible-financial-weakness/ |
| Business › Oando, Dangote Cement Top List Of Most Indebted Nigerian Firms by MCentral(op): 10:11am On Mar 20, 2025 |
In this article, MoneyCentral will discuss briefly about the most indebted Nigerian firms for the year ended December 2024. Many fast-growing companies prefer debt to finance their operations or balance sheet than equity. This is because debt is cheaper as it enjoys tax-shield or is tax deductible. Also, when an entity taps the debt market to raise capital to fund existing financial obligations or working capital requirements, it doesn’t dilute the owner’s equity position in the business. However, a firm will be exposed to bankruptcy risk when it is unable to pay interest on debt, most especially during the period of higher interest rates that balloons borrowing costs. There are indications that the central bank’s aggressive monetary policy is taking its toll on firms with large debt in their books as finance costs are spiking. The Central Bank of Nigeria (CBN) held its main policy rate unchanged at 27.5 percent at the 299th meeting of its Monetary Policy Committee (MPC). Nigeria 10Y Bond Yield was 18.98 percent on Monday March 10, according to over-the-counter interbank yield quotes for this government bond maturity. Methodology To curate our list of the most indebted firms in Nigeria in 2024, we looked at the latest debt figures on the balance sheet of companies. We used trusted sources for our research. Companies are ranked according to their debt, the higher their debt, the higher they rank on our list. 1-Oando Energy Plc Total Debt-N2.76trn Oando is one of the most indebted companies in Nigeria. It is an upstream oil and gas firm renowned for its copious investments in new wells as it has assets in excess of N7 trillion. Oando has a high debt level due to its acquisitions and other transactions. 2-Dangote Cement Plc Total Debt-N2.62trn Dangote Cement is the largest producer of the building material and most capitalised firm in Nigeria. In a breakdown of loans in the financial statement, the cement maker says the loans from Bulk Commodities International, a related party, are denominated in USD with interest rate ranging from 6% to 8.5% per annum. The Company’s publicly issued bonds as at 31 December 2024 amount to ₦274 billion (2023: ₦266billion) with coupon rate of 11.85% to 23.5%. The tenure is between 3 to 10 years. 3- Seplat Energy Plc Total Debt-N2.09trn Seplat Energy is another company in the upstream oil and gas sector that is adding value to shareholders as it benefitted from the periods of higher crude oil price which bolstered cash flow. As the Company continuously reviews its funding and maturity profile, it continues to monitor the market to ensure that it is well positioned for any refinancing and or buyback opportunities for the current debt facilities – including potentially the $650 million 7.75% 144A/Reg S bond which matures in April 2026. The tenor of the Company’s $350m revolving credit facility is tied to the refinancing of the $650 million notes, whereby the current final maturity date of 30 June 2025 will automatically extend to 31 December 2026 if the notes are refinanced before 30 May 2025 4-MTN Nigeria Plc Total Debt-N972.91bn MTN Nigeria is the largest telecommunications firm in Nigeria as it continues to stamp its footprint across the country. MTN Nigeria has a loan portfolio with a consortium of local banks, foreign banks and export development agencies. 5-Dangote Sugar Plc Total Debt-N717.50bn Dangote Sugar is the largest producer of the sweetener, but it is grappling with foreign exchange revaluation losses. Most of its debt emanated from a letter of credit. In 2016, the Group received a 10-year agric loan of N2 Billion from Zenith Bank Plc, towards the expansion of its agricultural activities with two years moratorium on principal, at an interest of 9% per annum payable quarterly. 6- Nestle Nigeria Plc Total Debt-N653.70bn Nestle Nigeria is another one of the most indebted Nigerian firms on our lists. The terms and debt repayment schedules are as follows: A loan of US$ 100 million was approved for the Company by Nestle S.A. in April 2020 of which US$100 million was drawn down as at 31 December 2024.The loan has tenor of 7 years (inclusive of moratorium period of 2 years on interest’s payment only) commencing from May 2020. The facility which is unsecured attracts interest at 3 months USD SOFR plus a margin of 1160 basis points. 7- BUA Cement Plc Total Debt-N473.31bn BUA Cement is the second largest producer of the building material in Africa’s largest oil producer. 8-Notore Chemical Plc Total Debt-N358.37bn Notore Chemical Industries Plc is a Nigeria-based company. The Company’s principal activities include manufacturing, treating, processing, producing, supplying, and dealing in nitrogenous fertilizer and all substances suited to improving the fertility of soil and water. 9-BUA Foods Plc Total Debt-N316.97bn BUA Foods Plc is a food and fast-moving consumer goods (FMCG) company engaged in the processing, manufacturing, production, and distribution of products such as sugar, flour, pasta, rice, and edible oils, as well as packaged foods. 10-Total Energies Plc Total Debt-N313.66bn TotalEnergies Marketing Nigeria PLC is a Nigeria-based company, which operates the downstream sector of the oil and gas industry. The principal activity of the Company is the blending of lubricants, sales and marketing of refined petroleum products, and solar products. https://moneycentral.com.ng/companies/article/oando-dangote-cement-top-list-of-most-indebted-nigerian-firms/ |
| Business › Access Bank South Africa Credit Ratings Withdrawn by MCentral(op): 2:45pm On Mar 19, 2025 |
GCR Ratings (GCR) has withdrawn the national scale, long and short term issuer credit ratings of Access Bank (South Africa) Limited without review. The withdrawal was due to analytical reasons as GCR said it has not received adequate information from Access Bank (South Africa) Limited to meet the rating agency’s standard information sufficiency requirement. “Therefore, the issuer credit ratings cannot be sustained, meaning GCR no longer supports any previously assigned ratings,” GCR said. Its Limited issuer credit ratings were last reviewed by GCR in June 2024. Despite capital injections of Zar1.4bln (N115 billion) by Access holdings, since its acquisition of Access Bank South Africa in 2021, persistent losses have continued for the subsidiary. GCR had forecast a financial loss at year end end 2024 for Access Bank South Africa, after the firm recorded losses in 2023. Capitalisation was expected to deteriorate in the short to medium term and Access Bank South Africa would have to return to shareholders or the market to increase capital soon, according to GCR. Access Bank South Africa Limited is the 24th (out of 30) largest regulated banks in South Africa, with a market share across assets, loans and deposits of less than 0.1%. To increase its market share, Access Bank Plc offered to acquire Bidvest Bank Holdings Ltd., for about 2.8 billion rand ($159 million) to help Nigeria’s biggest lender by assets expand in South Africa. The credit rating withdrawal by GCR does not imply that the entity is not servicing its debt obligations or that its financial position has deteriorated, but rather that it has failed to provide important information pertaining to its credit profile. Taking the other side of the trade Segun Agbaje, the Group CEO of Guaranty Trust Holding Company’s (GTCO), Nigeria’s largest bank by profit and market capitalization, recently slammed the idea of GTCO expanding to South Africa. “South Africa is a mature market, All the South African companies making money are making them from Nigeria. So I am not going to South Africa to look to make money, when they are coming here to make money,” Agbaje said at a “Facts Behind the Offer” presentation to investors, at the NGX, seen by MoneyCentral. “I am really not interested in South Africa. I operate within what I consider growth economies; I am not going into any mature economy with all due respect.” https://moneycentral.com.ng/companies/article/access-bank-south-africa-credit-ratings-withdrawn https://moneycentral.com.ng//wp-content/uploads/2023/07/Roosevelt-Ogbonna-1068x600.jpg |
| Business › Tony Elumelu’s Net Worth Rises To $2.15bn As UBA, Transcorp See Rapid Growth by MCentral(op): 9:18pm On Mar 13, 2025 |
Nigeria Billionaire Tony Elumelu, CFR has a net worth of $2.15bn according to MoneyCentral’s analysis of stakes in various companies controlled by him, which have seen record growth in recent years. MoneyCentral estimated Mr. Elumelu’s net worth as of March 10, 2025, by piecing together his stakes in companies, primarily through his family-owned investment vehicle, Heirs Holdings, and his direct and indirect holdings in publicly traded entities like Transnational Corporation of Nigeria (Transcorp) and United Bank for Africa (UBA). Heirs Holdings investment portfolio spans the power, energy, financial services, hospitality, real estate, healthcare and technology sectors, operating in twenty-four countries worldwide. It is inspired by Africapitalism, the belief by Tony O. Elumelu, that the private sector is the key enabler of economic and social wealth creation in Africa. MoneyCentral defines a billionaire as an individual who has a net worth of $1 billion or more. In calculating net worth, we priced the stakes in public companies as of March 10, 2025 and included dividend income paid to that date. Private companies were valued in several ways, most often by applying price-to-sales and price-earnings ratios of similar public companies. We tried to identify and confirm all potential liabilities; however, we made no assumptions about personal debt. Moneycentral’s analysis is laid out below. Publicly Traded Stakes Transnational Corporation of Nigeria (Transcorp) Ownership: Elumelu controls a significant stake in Transcorp via HH Capital Limited, Heirs Holdings Limited and personal/family holdings. As of Full Year 2024, his family’s stake (including wife Awele Elumelu) hit 35.93% or 3.652 billion shares per latest financials. Elumelu’s 2,997,789,337 shares are held indirectly through HH Capital Limited and 68,386,431 shares are held indirectly through Heirs Holdings Limited. A further 68,276,011 are held directly. A share reconstruction exercise was concluded in 2024, leading to a reduction in the volume of shares held, however the percentage holdings remain the same. Market Value: Transcorp’s shares have surged from a reconstructed share price of N5.16 in March 2023 to N51 per share on March 10th 2025. Total market capitalization of Transcorp as at Monday March 10th was N523.8 billion. The 35.93% stake was equivalent to N187.9 billion or $125 million (at N1500/$). Growth: Transcorp Plc recorded 107% revenue growth to N407.9 billion ($271 million) in 2024, while Full Year profit rose a massive 189.7% to N94 billion ($62.6 million), signaling strength. The Board of Directors approved and paid an interim dividend of N4,064,799,029.30 or 40 kobo per ordinary share (equivalent of 10 kobo per share pre capital reconstruction). The Board of Directors has proposed N6,097,198,543.95 or 60 kobo per share as final dividend, bringing the total dividend for 2024 to N10,161,997,574 or N1.00 per share. It is instructive to note that Elumelu and family will be paid N3.65 billion as dividend for 2024. United Bank for Africa (UBA) Ownership: Mr. Elumelu is the Chairman of United Bank for Africa (UBA) and largest individual shareholder. Data from the 2023 financial statement (2024 numbers are awaited) shows that Elumelu owns a 7.43% stake in UBA. UBA has 34.2 billion shares outstanding, with Elumelu’s shares comprising 2.3467 billion indirect shares owned through Heirs Holdings Limited (1.814 billion shares), HH Capital Limited (302.29 million shares) and Heirs Alliance Limited (231 million shares) plus 195.12 million direct shares. Market Value: UBA’s share price hit N37.60 in March 10, 2025 trading, up from N23 per share a year ago in March in 2023. UBA’s market capitalisation is N1.286 trillion meaning Elumelu has a stake worth N95.54 billion or $63.69 million (at N1500/$). Growth: UBA’s gross earnings rose significantly in the 9-months 2024 period by 83.2 per cent to N2.398 trillion up from N1.308 trillion recorded in September 2023. There was a 20.2 per cent increase in Profit before Tax (PBT) to N603.48 billion from N502.09 billion recorded at the end of the third quarter of 2023, while profit after tax also surged by 16.9 per cent to N525.31 billion from N449.26 billion recorded a year earlier in the period under review. Full Year 2024 numbers are being awaited but expected to follow the same trajectory as 9-montsh 2024 results. Key Subsidiaries via Heirs Holdings Heirs Holdings was founded in 2010 and is Mr Elumelu’s private investment engine and wholly family-owned (likely held via trusts or direct shares). It controls stakes across sectors and here’s the big ones: Transcorp Power Ownership: A Transcorp subsidiary, 50% owned by the group. Mr Elumelu’s 35.93% stake in Transcorp flows through here indirectly. Value: Transcorp Power has a market captalisation of N2.73 trillion ($1.82 billion) as at March 10, 2025. Elumelu’s share via Transcorp’s 36% is $653 million, however due to the classic conglomerate discount this is already baked into the Transcorp PLC’s valuation so there will be no double-counting by us. MoneyCentral will include this in the Net worth of Mr. Elumelu in the future if personal or family owned stakes are revealed apart from ownership stakes through Transcorp PLC. Growth: Transcorp Power is growing so fast that analysts are struggling to catch up. Transcorp Power reported a 115% increase in revenue to N305.9 billion for 2024, equivalent to 61 percent of its 2031 revenue targets being achieved last year with six more years still left (2025 – 2031) in the forecast period. Profit after tax surged by 165% to N80 billion in Full Year (FY) 2024, from N30.2 billion in FY 2023. Transcorp Hotels Plc Ownership: This is another major subsidiary that is 76% owned by Transcorp Plc. It owns the flagship Transcorp Hilton Abuja. Value: Same as Transcorp Power there will be no double counting through Transcorp Hotels when determining Mr. Elumelu’s net worth. However, Transcorp’s hospitality arm has a market capitalization of N1.292 trillion or $861 million. Growth: Transcorp Hotels delivered 69% revenue growth to N70.134 billion in Full Year 2024, while profit after tax rose 138% to N14.895 billion. As the major subsidiaries (Transcorp Power and Transcorp Hotels) continue to grow it will be reflected in the valuation of the parent Transcorp Plc and as such increase Mr. Elumelu’s net worth. Heirs Energies (formerly Heirs Oil & Gas) Ownership: Heirs Energies has demonstrated remarkable operational excellence since acquiring the OML 17 block in July 2021. Within just 100 days of taking over operations, the company doubled its oil production from 27,000 to 52,000 barrels per day. The asset is 100% Heirs Holdings-owned which bought 45% of OML 17 for $1.1 billion in 2021 with Transcorp (Energy Capital Power). Heirs Energies is the sole operator of OML 17, in Nigeria’s Niger Delta. Market Value: The asset (OML 17’s) output of 52,000 bpd with 2P reserves of 1.2 billion boe, and an additional 1 billion boe resources of further exploration potential and gas assets, suggest a $1.5-$2 billion valuation in 2025. With Brent oil at $70/per barrel, Seplat a comparable indigenous oil producer with 52,947 barrels of oil equivalents per day (BOEPD) in 2024 had a market capitalization of $2.23 billion or N3.35 trillion as at March 10 2025. We would value Mr. Elumelu’s full Heirs Energies stake through control of Heirs Holding, the owners of the asset at $2 billion, dropping to $1.75 billion due to potential profit split with Transcorp PLC. Heirs Insurance Group (Heirs Insurance, Heirs Life Assurance) Ownership: 100% Heirs Holdings. Growth: Nigeria’s insurance market is small with about N1.5 trillion ($1 billion) in gross premiums in 2024. Heirs Group’s General and Life companies, combined, recorded a 59.30% increase in Gross Written Premium (GWP), rising from N19.9 billion in 2022 to N31.7 billion, for the year ending December 31, 2023, as they both enter their fourth year of operations. In addition, the Group’s earned insurance revenue for year 2023 stood at N20.5 billion, a surge of 80% from N11.3 billion in 2022, reaffirming the Group as one of the fastest-growing insurance groups in Nigeria. Value: The firm could garner a valuation of 2 times sales comparable to AXA Mansard Insurance. This would value it at N42 billion or $28 million (2x revenue, per solid growth and industry norms). Mr. Elumelu’s full stake would then be also equivalent to $28 million. United Capital Plc Ownership: Heirs Holdings has a stake (the size is unclear, but we estimate at possibly 25%). Growth: United Capital’s after tax profit surged by 111% to N24.1 billion from N11.4billion in 2023. In respect of the current year, the Directors propose that a final dividend of N0.50 kobo per ordinary share of 50 kobo each amounting to N9.0 Billion, be paid to shareholders upon approval at the Annual General Meeting. Value: United Capital has a market capitalsation of N369 billion or $246 million as at March 10 2025. A 25% stake means Mr. Elumelu’s Net Worth would be valued at $61.5 million. Other Assets used in calculating Mr. Elumelu’s Net Worth Real Estate: Mr. Elumelu owns “extensive” Nigerian property (Forbes, 2024). There are no specifics, so we assign a $75 million conservative estimate for a billionaire’s portfolio. Cash & Investments: Mr. Elumelu has got liquid assets especially with major dividends coming from all his investments. We estimate cash holdings at $50 million likely, per billionaire norms. Philanthropy Heirs Holdings is inspired by Africapitalism, the belief of the Chairman, Tony O. Elumelu, CFR that the private sector is the key enabler of economic and social wealth creation in Africa. Driven by this philosophy, Heirs invest for the long-term, bringing strategic capital, sector expertise, a track record of business turnaround success and operational excellence to companies they invest in. Mr. Elumelu’s philanthropic Foundation catalyses entrepreneurship across Africa, through the USD $100million Tony Elumelu Foundation Entrepreneurship Programme, advocacy and research. Bottomline: Tony Elumelu’s Total Net Worth Estimate is $2.15 billion https://moneycentral.com.ng/companies/article/billionaire-tony-elumelus-net-worth-surges-to-2-15bn-as-heirs-holdings-firms-see-record-growth/ https://moneycentral.com.ng//wp-content/uploads/2024/02/Elumelu-new.png |
| Business › Seplat Hedges 15.75m Barrels Of Oil At $55 Strike Price As Crude At 6-months Low by MCentral(op): 3:59pm On Mar 06, 2025 |
…hedging costs up 147% to $11.97m Seplat Energy, one of Nigeria’s largest indigenous energy producers has more than doubled its oil hedges to insure its 2025 oil exports against a price downturn as Brent crude prices hit a 6-months low. The program which covers the first 3 quarters (January – September) of 2025 would protect revenues if oil falls below $55 a barrel. Seplat significantly increased the volume of oil hedged to 15.75 million barrels of oil, up 162.5% from 6 million barrels hedged for all of 2024. “The 2025 hedging program has commenced using an equivalent strategy as previously employed, at a larger scale. Year to date 15.75 MMbbls have been hedged for 1Q-3Q 2025 at a weighted average premium of $0.76/bbl and a weighted average strike price of $55.0/bbl. Additional barrels are expected to be hedged for 4Q 2025 later in the year,” Seplat said in notes accompanying its Full Year 2024 financials seen by MoneyCentral. The hedging process involves Seplat buying put options that allow it to sell crude at a pre-determined price of $55 per barrel (bbl) in 2025 even if oil prices fall below those levels. The average strike price for hedges was lower than in 2024 which were hedged at $60.0/bbl. Seplat spent $11.97 million in buying put options to lock in prices of oil exports for 2025, about 147 percent higher than what it paid to hedge crude a year ago, according to MoneyCentral analysis of the data. Oil plunged on Wednesday to the lowest in about six months as US President Donald Trump’s trade wars hammer the outlook for demand just as OPEC+ signals it’s ready to start opening the taps on supply. Brent crude plummeted 2.4% to settle just above $69, while West Texas Intermediate dropped 2.9% to settle near $66. Both closing prices were the lowest since early September. Global benchmark Brent at one point grazed the lowest level since December 2021 during the session, before paring losses. Seplat Energy’s hedging policy aims to guarantee appropriate levels of cash flow assurance in times of oil price weakness and volatility. It is important to note that in 2024, Seplat’s total liquids production was 11.0 MMbbls of oil, meaning the company is expecting to ramp up oil production this year, largely due to the acquisition of Mobil Producing Nigeria Unlimited, MPNU, assets. “The Board and management team closely monitor prevailing oil market dynamics and given the relatively softer oil price outlook for 2025 have hedged three quarters in advance, providing longer dated cash flow assurance than our typical, two quarter in advance, strategy,” Seplat Energy said. https://moneycentral.com.ng//wp-content/uploads/2025/03/Roger-Brown-CEO-Seplat.png https://moneycentral.com.ng/energy/article/seplat-hedges-15-75-million-barrels-of-oil-at-55-strike-price-as-crude-hits-6-months-low/ |
| Business › Re: Firstbank Holds Groundbreaking Ceremony For New 40 Story HQ In Eko Atlantic by MCentral(op): 3:33pm On Mar 05, 2025 |
Kharol1234:Not really. Thousands of jobs will be created during and after the construction, There will be shops and high end restaurants that will be a part of the building. The eco-system is designed to foster innovation in financial services and sustainability. Its the making of a new financial hub for Nigeria just like Wall Street |
| Business › Re: Firstbank Holds Groundbreaking Ceremony For New 40 Story HQ In Eko Atlantic by MCentral(op): 7:06am On Mar 05, 2025 |
TUANKU:Yes its a big one for Nigeria 2 Likes |
| Business › Firstbank Holds Groundbreaking Ceremony For New 40 Story HQ In Eko Atlantic by MCentral(op): 12:26am On Mar 05, 2025 |
FirstBank, the premier bank in West Africa and a leading financial inclusion service provider, today marks a significant milestone with the groundbreaking ceremony for its new green-certified Iconic Head Office Building in Eko Atlantic City, Lagos. This ambitious project 40-story building project set to be the tallest building in Nigeria, will be an engineering and environmental delight due to its technologically advanced, eco-friendly and sophisticated construction which would set a new standard for the financial services sector in Africa. The groundbreaking ceremony signifies the beginning of a transformative journey that reinforces FirstBank’s commitment to excellence, innovation, and customer satisfaction. The new headquarters is designed with sustainability in mind, featuring a green-certified building that reduces operational costs and positions FirstBank as a leader in sustainable banking practices. According to Olusegun Alebiosu, CEO, FirstBank Group, “We are proud to mark this significant milestone in our journey towards excellence. Our new Head Office is envisioned as a world-class structure that represents our dedication to innovation, customer satisfaction, and sustainability. We believe that this development will play a crucial role in fostering economic growth and development across Africa, creating long-term value for all our stakeholders.”` With a legacy spanning over 130 years, FirstBank has consistently demonstrated its commitment to innovation, customer-centricity, and sustainable business practices. The Bank has a robust international presence, operating subsidiaries in nine countries across three continents. Femi Otedola, Chairman, FirstHoldCo, added, “Today’s gathering highlights the importance of collaboration and support from various sectors in bringing our ambitious plans for the new headquarters to life. We appreciate the unrelenting support from our customers and stakeholders as we work together to turn this vision into reality.” The groundbreaking ceremony will be attended by prominent dignitaries, including the President of the Federal Republic of Nigeria, Senator Bola Ahmed Tinubu GCFR, Senators and Lawmakers, State Governors, Federal Ministers and Captains of industry. This event marks the beginning of an exciting new chapter in FirstBank’s storied history, solidifying its role as a leader in the African financial industry. https://moneycentral.com.ng//wp-content/uploads/2025/03/First-Bank-Eko-Atlantic.png https://moneycentral.com.ng/companies/article/firstbank-holds-groundbreaking-ceremony-for-new-state-of-the-art-40-story-eco-friendly-headquarters-in-eko-atlantic/ |
| Crime › Singapore To Flog Scammers As Punishment For Severe Offenses by MCentral(op): 5:28pm On Mar 04, 2025 |
Singapore’s government will consider caning as punishment for some scam-related offenses, Minister of State for Home Affairs Sun Xueling said during a parliamentary debate Tuesday. The Southeast Asian city-state has doubled down on legislation to combat a spike in scam and cybercrime cases in recent years. Singapore’s parliament passed a bill in January allowing the police to control the bank accounts of potential targets, aiming to protect them from scams conducted remotely. Scam victims in Singapore lost a record S$1.1 billion ($817 million) in 2024, with the number of cases rising nearly 11% to 51,501 from the previous year, according to police data. Singapore uses corporal punishment for a range of crimes, including extortion, serious sexual offenses and vandalism. https://moneycentral.com.ng//wp-content/uploads/2025/03/Singapore.png https://moneycentral.com.ng/news-for-you/article/singapore-to-flog-scammers-as-punishment-for-severe-offenses/ |
| Business › Re: Dangote Cement Bails Out Parent DIL And Refinery With $675m AFREXIM Bank Loan by MCentral(op): 6:16pm On Mar 03, 2025 |
SocialJustice:Nope because you cannot buy that refinery from Dangote less than its enterprise value. Whether its EBITDA is positive today or not. It has a Discounted Cash flow expected from future which feeds into its current valuation. As long as those assets are being sweated. So yea EBITDA gives you a snapshot at a particular point in time. But doesn't tell the full story. |
| Business › Re: Dangote Cement Bails Out Parent DIL And Refinery With $675m AFREXIM Bank Loan by MCentral(op): 11:20am On Mar 03, 2025 |
SocialJustice:No the refinery is now his major source of wealth valuation per Bloomberg he is worth $28.3bn. His stake in the Refinery is valued at $18.6 billion, while Dangote Cement stake is $4.69bn. https://www.bloomberg.com/billionaires/profiles/aliko-dangote/ |
| Business › Re: Dangote Cement Bails Out Parent DIL And Refinery With $675m AFREXIM Bank Loan by MCentral(op): 7:42am On Mar 03, 2025 |
SocialJustice:Dangote Cement was his major source of wealth and billionaire status before the refinery. |
| Business › Dangote Cement Bails Out Parent DIL And Refinery With $675m AFREXIM Bank Loan by MCentral(op): 6:58am On Mar 03, 2025 |
Dangote Cement in 2024 obtained a loan of USD675,000,000 from the African Export–Import Bank (Afreximbank) and advanced the same amount to its parent company Dangote Industries Limited (DIL) owner of a newly constructed 650,000 barrels per day refinery, calling into question related party transactions at the cement manufacturer. “A loan of USD675,000,000 obtained from Afreximbank. The loan has a grace period of 24 months, with repayments to be done in quarterly equal instalments from the end of the grace period up to the maturity period of 60months. Interest charged at Secured Overnight Financing Rate (SOFR) plus margin of 6.5% on the outstanding principal is payable quarterly. The loan is secured by an all assets debenture. This amount was advanced to Dangote Industries Limited (DIL) under similar terms and conditions,” Dangote cement said. The loan was booked under Bank loans in Dangote Cements Full Year 2024 financials which had an outstanding balance of N1.261 trillion, according to data seen by MoneyCentral. It is not known why DIL did not seek for the loan directly from a financier and put the transaction directly on its balance sheet. The transaction was flagged as a Key Audit Matter by the firms Auditors KPMG. These are matters that were of most significance in the audit of the consolidated and separate financial statements of the current period. “Refer to material accounting policies (Note 2.3.1, 2.3.2 and 4.2.6) and related disclosures (Note 18.2 and 31.2) of the separate financial statements,” KPMG said. Dangote Industries Liquidity and Debt Structure Dangote Industries (DIL) had senior secured syndicated debt of USD2.0 billion at end-2024 (largely due in 2025 and 2026) and a USD1.65 billion loan from its ultimate parent, Greenview plc, classified as on demand debt, according to Fitch. The company has also senior unsecured debt to finance capex at various subsidiary levels. Fitch Ratings last month withdrew Dangote Industries Limited’s National Long-Term Rating and senior unsecured rating of ‘B+(nga)’, while maintaining them on Rating Watch Negative (RWN), over refinancing risk related to loans used to construct its 650,000 barrels per day refinery. “The RWN reflects the uncertainty related to the group’s ability to repay or refinance maturing debt in 2025, with the earliest maturity in February 2025.,” Fitch said in a market update. Fitch said it will no longer provide ratings or analytical coverage for Dangote Industries Limited and has withdrawn them for commercial reasons. Dangote Industries has immediate debt servicing requirements related to the syndicated loan raised to finance the refinery construction within Dangote Petroleum Refinery and Petrochemicals (DPRP), which faced delays and cost overrun, Fitch said. During the nine-months 2024 period, the refinery operated at around 50% of its capacity, leaving EBITDA generation below Fitch’s previous projections. The company is in talks with its lenders to refinance the debt under new terms, which could include amendment and extension of the overall debt maturities. DIL is a major related party to Dangote Cement Dangote Industries Limited (DIL) owns 86.67 percent of Dangote Cement’s outstanding shares or 14.62 billion shares. DIL is set to receive N438.64 billion as dividends from Dangote Cement for the 2024 financial year. On 28 February 2025, a dividend of ₦30.00 (2023: ₦30.00) per share was proposed by the directors of Dangote Cement for approval at the Annual General Meeting(AGM). This will result in dividends payment of ₦502.6 billion (2023: ₦502.6billion). The dividend payment represents a 100% payout ratio (Dangote Cement recorded after-tax profit of N503.27 billion in 2024), which is odd for a company with total borrowings of N2.511 trillion and with N1.125 trillion of that amount repayable within one year https://moneycentral.com.ng/companies/article/dangote-cement-bails-out-parent-dil-and-refinery-with-675m-afrexim-bank-loan/ https://moneycentral.com.ng//wp-content/uploads/2023/06/Aliko-Dangote.jpg |
| Business › CBN Orders Bank Directors With Non-performing Insider Loans To Step Down by MCentral(op): 9:27am On Feb 18, 2025 |
The Nigerian banking sector insiders and owners are jittery following a directive from the Central Bank of Nigeria (CBN) for Directors with non-performing insider loans to step down immediately. “Directors with non-performing inside-related facilities are required to step down immediately, from the board, while the bank should commence immediate remediation of the loans through recovery of the collaterals including the shareholdings of the affected directors,” the CBN said in a letter to all banks seen by MoneyCentral. The CBN in a letter issued to all banks yesterday February 17, 2025 titled ‘Compliance With Insider-Related Credit Limits’ ordered all banks to regularize within 180-days al insider-related facilities above the limits prescribed in Section 19 5) of the Banking and Other Financial Institutions Act (BOFIA) 2020. “Accordingly all affected individual director-related facilities should be brought within the prescribed limit of 5 percent of the bank’s paid-up capital while the aggregate insider facilities for the bank should not exceed the 10 percent paid-up capital limit,” the letter signed by Adetoa Adedeji, Acting Director of Banking Supervision said. “All insider-related loans approved by the CBN with specific timelines must be regularized within the permitted timelines.” The CBN said all banks are expected to comply with the directive effective immediately in adherence to regulatory and sound corporate governance practices. https://moneycentral.com.ng//wp-content/uploads/2024/08/Cardoso-CBN.png https://moneycentral.com.ng/companies/article/cbn-moves-against-bank-owners-directors-orders-those-with-non-performing-insider-loans-to-step-down/ |
| Politics › Re: Tinubu Reforms Driving Foreign Investors’ Confidence As Stocks Rise Yields Drop by MCentral(op): 7:58pm On Feb 17, 2025 |
Salewa97:Getting there gradually |
| Politics › Tinubu Reforms Driving Foreign Investors’ Confidence As Stocks Rise Yields Drop by MCentral(op): 5:59pm On Feb 17, 2025 |
Nigeria is attracting the confidence of foreign investors after painful reforms undertaken by its new President Bola Tinubu, which is helping to push stock prices higher and bond yields lower. “We are bullish on the Nigerian reform story,” analysts at Citigroup Inc. wrote in a note to clients. “The “naira has been stable recently, largely driven by the growing confidence of offshore investors through foreign portfolio investment inflows.” The naira suffered prolonged volatility after President Tinubu eased its peg against the dollar in 2023, alongside other reforms, but has stabilized since December. The naira has held in a narrow range between 1,470 and 1,550 per dollar since early December. Yields on Nigeria’s $1.5 billion eurobond due in 2034 have declined to 9.69%, the lowest since its early December launch. Nigeria’s sovereign risk spread has fallen to the lowest level since January 2020, erasing the premium accumulated during the pandemic and subsequent strain on its economy. The NGX All Share Index is up 4.87% year-to-date. Monthly dollar inflows into Nigeria were at $2.5 billion from foreign portfolio investment, versus the Central Bank of Nigeria’s own supply of $280 million, according to Ayo Salami, chief investment officer at Emerging Markets Investment Management Ltd. in London. Nigerian Central Bank Governor Olayemi Cardoso said last month that exchange-rate reforms that have made the naira more competitive are luring investors. Since the former Citigroup Inc. executive became governor in September 2023, the central bank has increased interest rates by 875 basis points to 27.5% to tame inflation, cleared a foreign-exchange backlog and overhauled the country’s exchange-rate policies. “We’ve found ourselves in a situation where the foreign-exchange rate has adjusted,” Cardoso said. That weakness has presented an opportunity to investors who “want to take advantage” of a currency that has become “a lot more competitive,” he said. https://moneycentral.com.ng//wp-content/uploads/2023/09/President-Tinubu.jpeg https://moneycentral.com.ng/exclusive/article/tinubu-reforms-driving-foreign-investors-confidence-as-stocks-rise-yields-drop/ |
| Business › Recapitalisaton : Access, Zenith Meet Deadline As Fidelity, FCMB Need More Time by MCentral(op): 8:47am On Feb 17, 2025 |
Two of Nigeria’s largest banks, Access Holdings and Zenith Bank, are the first to secure enough fresh capital even as Fidelity Bank, FCMB need to raise more to meet the N500 billion Central Bank of Nigeria (CBN) capital requirement for an international license. This is according to Fitch Ratings in a report on the Nigerian banking sector released Feb. 12. Fitch notes that First HoldCo, United Bank for Africa and Guaranty Trust Holding Company are taking a phased approach after recently raising capital and have received shareholder approval to begin raising more to meet the N500 billion requirement. First HoldCo’s and United Bank for Africa’s recent rights issues are also awaiting final regulatory approval. Tier-2 Lenders Fidelity, FCMB Need to Raise More Capital Fidelity Bank and FCMB Group have completed initial capital raisings but will need to raise more to maintain their international licenses, according to Fitch. “As second-tier banks, they must raise significantly more capital relative to their balance sheets than larger banks. They have extraordinary general meeting approval for this, although they could consider downgrading to a national license as they each have just one foreign subsidiary,” Fitch said. Other smaller banks like Ecobank Nigeria Limited (ENG) and Jaiz Bank needed only small capital injections to meet their requirements and have already achieved compliance. Fitch says Union Bank of Nigeria (UBN), which is also in breach of its 10% Capital Adequacy Ratio (CAR) requirement, and third-tier banks have generally been slower to raise capital. Wema Bank has shareholder approval to raise enough capital to retain its national license and plans to launch the process in April, while Coronation Merchant Bank recently received board approval. In March 2024, the Central Bank of Nigeria announced a significant increase in paid-in capital requirements (share capital plus share premium) for commercial, merchant and non-interest banks. Banks have three ways to comply – through equity injections, M&A and downgrading their licence authorisation. The capital raisings are contributing to a recovery in capitalisation from the impact of naira devaluation, which put pressure on capital ratios and increased US dollar credit concentration risks. https://moneycentral.com.ng//wp-content/uploads/2025/02/Banks-recap.png https://moneycentral.com.ng/exclusive/article/bank-recapitalisaton-update-access-zenith-meet-deadline-as-fidelity-fcmb-need-to-raise-more-capital/ |
| Business › Re: Fitch Keeps Dangote On Rating Watch Negative Over Refinery Debt by MCentral(op): 11:02am On Feb 16, 2025 |
Babangidapikin:Yea Dangote needs to diversify its dollar earnings. Majority of its earnings are for now in naira via Dangote Cement. Dangote Cement is in other countries too in Africa but those plants are mostly making losses. I feel Dangote should get into tech or AI next 1 Like |
| Business › Fitch Keeps Dangote On Rating Watch Negative Over Refinery Debt by MCentral(op): 12:04am On Feb 16, 2025 |
Fitch Ratings has withdrawn Dangote Industries Limited’s (Dangote) National Long-Term Rating and senior unsecured rating of ‘B+(nga)’, while maintaining them on Rating Watch Negative (RWN), over refinancing risk related to loans used to construct its 650,000 barrels per day refinery. “The RWN reflects the uncertainty related to the group’s ability to repay or refinance maturing debt in 2025, with the earliest maturity in February 2025.,” Fitch said in a market update. Fitch said it will no longer provide ratings or analytical coverage for Dangote Industries Limited and has withdrawn them for commercial reasons. Dangote Industries has immediate debt servicing requirements related to the syndicated loan raised to finance the refinery construction within Dangote Petroleum Refinery and Petrochemicals (DPRP), which faced delays and cost overrun. During 9M24, the refinery operated at around 50% of its capacity, leaving EBITDA generation below our previous projections. The company is in talks with its lenders to refinance the debt under new terms, which could include amendment and extension of the overall debt maturities. Dangote Industries Liquidity and Debt Structure Dangote Industries had senior secured syndicated debt of USD2.0 billion at end-2024 (largely due in 2025 and 2026 pre-reprofiling) and a USD1.65 billion loan from its ultimate parent, Greenview plc, classified as on demand debt. The company has also senior unsecured debt to finance capex at various subsidiary levels. Fitch noted that lack of tangible steps to refinance or repay the maturing debt or steps towards refinancing constituting a distressed debt exchange under its rating criteria would lead to negative rating action “We do not expect positive rating action until the company’s liquidity position substantially improves,” Fitch said. https://moneycentral.com.ng//wp-content/uploads/2023/06/Aliko-Dangote.jpg https://moneycentral.com.ng/companies/article/fitch-keeps-dangote-on-rating-watch-negative-over-refinery-debt-refinance-risk-withdraws-all-ratings/ |
| Politics › Nigeria A Top Ten Receiver Of USAID Funds In 2023 As All Staff Placed On Leave by MCentral(op): 11:09am On Feb 05, 2025 |
Nigeria was a top-10 receiver if funds from the United States Agency for International Development or USAID, which is currently under fire from President Trump and his billionaire adviser Elon Musk for waste and inefficiency. USAID funded projects in some 130 countries in fiscal year 2023, the last year for which complete data is available. The top 10 recipients in descending order were Ukraine, Ethiopia, Jordan, the Democratic Republic of Congo, Somalia, Yemen, Afghanistan, Nigeria, South Sudan and Syria. The US is the largest provider of official foreign assistance in the world, spending an estimated $70 billion altogether in fiscal year 2022, the most recent year for which data are available. USAID administers most of that money as the agency responsible for humanitarian and development assistance, which came to roughly $43 billion in fiscal year 2023. It also provides military financing for allies and partners Israel and Taiwan. Aid to support “peace and security” amounted to 18% of the total in fiscal 2022. Meanwhile, all staff of USAID around the world will be placed on administrative leave Friday and ordered to return to the US, according to a directive issued Tuesday night. As of 11:59 p.m. ET Friday, “all USAID direct hire personnel will be placed on administrative leave globally, with the exception of designated personnel responsible for mission-critical functions, core leadership and specially designated programs,” said a statement posted on the USAID website, which is back online after going dark last week. The statement said it is preparing a plan for personnel posted outside the United States “under which the Agency would arrange and pay for return travel to the United States within 30 days” and terminate “contracts that are not determined to be essential.” Trump Pauses Foreign Aid On his first day in office, Trump ordered a 90-day pause on US foreign aid. Secretary of State Marco Rubio issued waivers excepting “life-saving” support and defense assistance to military partners Israel and Egypt. Rubio has told lawmakers he may dissolve USAID as a separate agency. He said some of USAID’s missions and bureaus may be integrated into the State Department and the rest of the agency abolished. The foreign aid freeze reflects long-standing concerns within Trump’s Republican Party, reinforced by his “America First” foreign policy approach, that tax dollars are being frittered away overseas on pointless aid that does nothing to advance US interests. Rubio has repeatedly described USAID as a rogue agency. “Their basic attitude is, ‘We don’t work for anyone. We work for ourselves. No agency of government can tell us what to do,’” he told Fox News. Examples of misspent funds the Trump administration has pointed to include $50 million it says was earmarked for condoms in the Gaza Strip. Money laundering in Nigeria by USAID? Nigerian investigative journalist David Hundeyin has flagged some suspicious expenditures by USAID. which could be linked to money laundering. Since Trump‘s inauguration on January 20, at least $799,000 of US taxpayers money has been paid by USAID to recipients in Nigeria marked “UNDISCLOSED” or “MISCELLANEOUS.” At least $446,000 of these payments to “UNDISCLOSED” recipients in Nigeria was sent across 8 payments between January 29 and January 30, according to Hundeyin. “Meanwhile, you will remember that the US president ordered USAID to halt all payments on January 28. @USAIDNigeria disobeyed a DIRECT INSTRUCTION from the US president and spent the next 24 hours after the instruction furiously shelling out half a million dollars of US taxpayers money to recipients in Nigeria marked “UNDISCLOSED.” I’ll leave the implications of this to you.” In a thread on twitter Hundeyin said: “ Hi @elonmusk, here are some cut-and-dried cases of @USAIDNigeria corruption and money laundering you may want to look into. On January 16, 2025, just 4 days before @realDonaldTrump ‘s inauguration, USAID made a $3.3m payment to a vendor in Nigeria called DAI Global LLC. I looked into the payment history and saw that between August 2020 and January 2025, at least $48 million of US taxpayers’ money supposedly invested in Nigeria went to DAI Globall LLC, registered in Bethesda, Maryland.” “So I looked into @DAIGlobal‘s activities in Nigeria and it turns out to be a run-of-the-mill “Climate NGO” which organises meetings and seminars, and stages photos with politicians, and little else. Yet nearly all of its payments from USAID in Nigeria are labeled “ALL OTHER PROFESSIONAL, SCIENTIFIC, AND TECHNICAL SERVICES.” It last published an output in Nigeria in 2020. So what exactly it has reveived 48 MILLION US DOLLARS for over that period is anyone’s guess. A USAID money laundering partner? CIA front organisation? State department Nigerian slush fund? Perhaps all 3? Who knows?” https://moneycentral.com.ng/wp-content/uploads/2025/02/Rubio.png https://moneycentral.com.ng/markets/article/nigeria-a-top-ten-receiver-of-usaid-funds-in-2023-as-all-staff-placed-on-leave-globally/ |
| Crime › Re: Missing 4-year Old Boy Child In Lagos : Urgent Call For Help by MCentral(op): 9:58am On Feb 04, 2025 |
kingthreat:Good Morning all. This is to inform the public that the little boy has been found in an abandoned building close to NAHCO at Airport, Lagos. The parents are now at the police station. But it is obvious someone took him there because that location is very far from Oshodi were they reside. They are trying to speak to the kid to know if he can identify who kidnapped him and where they kept him if possible. Thank you all. 1 Like |
| Crime › Missing 4-year Old Boy Child In Lagos : Urgent Call For Help by MCentral(op): 11:09am On Feb 03, 2025 |
This is to appeal to the general public over information about a missing 4 year old boy, Williams Micheal in the Oshodi area of Lagos, Nigeria. NAME: Williams Micheal LAST SEEN ON SATURDAY FEB 1st, 2025, AROUND RESIDENCE: No 19 Oseni Ewu Street Arowojobe, Oshodi. ANY INFO PLEASE CALL PHONE: 0806 157 2078 https://moneycentral.com.ng/wp-content/uploads/2025/02/Missing-3.png https://moneycentral.com.ng/wp-content/uploads/2025/02/William-Micheal-1.png https://moneycentral.com.ng/wp-content/uploads/2025/02/William-Micheal-2.png Please mods front page. |
| Romance › Kanye West And Barely Clothed Wife Bianca Censori Leave 2025 Grammy Awards Early by MCentral(op): 4:21am On Feb 03, 2025 |
Kanye West and his wife Bianca Censori were escorted out of the 2025 Grammys Sunday by police after her naked red carpet stunt. The designer, 30, who has previously shocked with risque displays , bared it all in a completely see-through nude mesh dress, worn without underwear – much to the shock of social media and onlookers. Bianca exuded confidence as she headed to the carpet clad in a furry coat, before theatrically dropping the garment and flashing her bare derriere to photographers. She turned around to show off her topless chest and lack of underwear while West – nominated in the Best Rap Song category – leered at her nude body during the incident of indecent exposure. However, it has now been revealed the pair were asked to leave the event after turning up uninvited, and escorted out by cops after their ‘crazy stunt.’ Music industry insiders were also questioning if West’s swift exit was down to his feud with Taylor Swift. He now only follows Swift, 35, on Instagram, 16 years after a feud erupted between the pair when he stormed the stage during her VMAs speech. An insider added to Page Six the pair were ushered out after ‘the crazy outfit moment they pulled on the carpet’ which ‘was an attempt to replicate the album cover of Vultures.’ https://moneycentral.com.ng/wp-content/uploads/2023/08/Kanye-West-Wife.jpg Fans took to social media to brand the display ‘disturbing’ and say Censori should be ‘kicked out’ of the event. One wrote: Bianca Censori needs saved from that man. This is really disturbing A second typed: ‘no way bianca censori just showed up to the grammies like that she is deadass naked Others wrote: ‘it’s shocking but also so sad. that’s someone’s daughter that he’s brainwashed. https://moneycentral.com.ng/lifestyle/article/kanye-west-and-barely-clothed-wife-bianca-censori-leave-2025-grammy-awards-early/ 1 Like |
| Politics › Dangote Refinery Reduces Ex-depot Price Of Petrol To N890 On Lower Oil Prices by MCentral(op): 10:13pm On Feb 01, 2025 |
Dangote Petroleum Refinery has reduced the ex-depot (gantry) price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890, effective from Saturday, 1st February 2025. The Dangote Refinery said the adjustment is a direct response to the positive outlook within the global energy and gas markets, as well as the recent reduction in international crude oil prices. “As part of Dangote Refinery’s unwavering commitment to transparency and fairness, this price revision reflects the ongoing fluctuations in global crude oil markets, as highlighted in the refinery’s statement on 19th January, when a modest increase was implemented due to the previously rising international crude oil prices,” Dangote Refinery said. Dangote Petroleum Refinery firmly believes that this reduction from N950 to N890 will result in a meaningful decrease in the cost of petrol nationwide, thereby driving down the prices of goods and services, as well as the overall cost of living, with a positive ripple effect on various sectors of the economy. In addition, Dangote Petroleum Refinery called on marketers to collaborate in the effort, to ensure that the benefits of reduction in the price of petrol are passed on to the Nigerian populace. “This collective initiative will contribute to the wider economic recovery plan led by His Excellency, President Bola Ahmed Tinubu, who is dedicated to making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub,” Dangote Refinery said. https://moneycentral.com.ng/wp-content/uploads/2024/07/Dangote-Refinery-Brazil.jpg https://moneycentral.com.ng/companies/article/dangote-refinery-reduces-ex-depot-price-of-petrol-to-n890-on-lower-oil-prices/ |
| Business › Re: Did Deepseek Steal Openai Data For Its Models? Microsoft Is Investigating by MCentral(op): 3:58pm On Jan 30, 2025 |
ehikwe22:Lols human history didnt start in 1700. Have you heard of Roman empire? Arab slave trade? Mongol invasions and massacres? America were pretty much isolationist for most of their history not until WW1 and WW2. Matter of fact by WW1 the major superpower was the British empire. America was a small fry then |
| Business › Re: Did Deepseek Steal Openai Data For Its Models? Microsoft Is Investigating by MCentral(op): 6:12pm On Jan 29, 2025 |
ehikwe22:What are you yapping about? Who did the USA colonise? If you read the history of the USA well you will see they have been a force for good. If not you will either be speaking German now or be a vassal state of the Ottoman empire. Bothe were destroyed in WW1 and WW2 by the arrival of the Americans into the war. Also the epitome of intellectuality is the USA. Thats why all the major innovation is coming from there, Google, Meta, Microsoft, Nvidia etc 1 Like 1 Share |
| Business › Re: Did Deepseek Steal Openai Data For Its Models? Microsoft Is Investigating by MCentral(op): 6:09pm On Jan 29, 2025 |
MadamExcellency:Very true...especially for high tech products. |
| Business › Re: Did Deepseek Steal Openai Data For Its Models? Microsoft Is Investigating by MCentral(op): 11:21am On Jan 29, 2025 |
Babangidapikin:Please explain... |
| Business › Did Deepseek Steal Openai Data For Its Models? Microsoft Is Investigating by MCentral(op): 10:28am On Jan 29, 2025 |
Microsoft and OpenAI are investigating whether data output from OpenAI’s technology was obtained in an unauthorized manner by a group linked to Chinese artificial intelligence startup DeepSeek, Bloomberg reported. Microsoft’s security researchers in the fall observed individuals they believe may be linked to DeepSeek exfiltrating a large amount of data using the OpenAI application programming interface, or API. David Sacks, President Donald Trump’s artificial intelligence czar, said Tuesday there’s “substantial evidence” that DeepSeek leaned on the output of OpenAI’s models to help develop its own technology. In an interview with Fox News, Sacks described a technique called distillation whereby one AI model uses the outputs of another for training purposes to develop similar capabilities. “There’s substantial evidence that what DeepSeek did here is they distilled knowledge out of OpenAI models and I don’t think OpenAI is very happy about this,” Sacks said. In a statement responding to Sacks’ comments, OpenAI didn’t directly address his comments about DeepSeek. “We know PRC based companies — and others — are constantly trying to distill the models of leading US AI companies,” an OpenAI spokesperson said in the statement, referring to the People’s Republic of China. “As the leading builder of AI, we engage in countermeasures to protect our IP, including a careful process for which frontier capabilities to include in released models, and believe as we go forward that it is critically important that we are working closely with the US government to best protect the most capable models from efforts by adversaries and competitors to take US technology.” DeepSeek earlier this month released a new open-source artificial intelligence model called R1 that can mimic the way humans reason, upending a market dominated by OpenAI and US rivals such as Google and Meta Platforms Inc. The Chinese upstart said R1 rivaled or outperformed leading US developers’ products on a range of industry benchmarks, including for mathematical tasks and general knowledge — and was built for a fraction of the cost. The potential threat to the US firms’ edge in the industry sent technology stocks tied to AI, including Microsoft, Nvidia Corp., Oracle Corp. and Google parent Alphabet Inc., tumbling on Monday, erasing a total of almost $1 trillion in market value. https://moneycentral.com.ng/wp-content/uploads/2021/05/images1.jpg https://moneycentral.com.ng/companies/article/did-deepseek-steal-openai-data-for-its-models-microsoft-is-investigating/ |
Incredible.
Blame Emilokan no one expect the rate to go from 500 to 1500. There is a threshold one can absorb especially when you put most of your eggs in one country .. I hope he has learnt a lesson on not just diversifying but spreading tentacles to other robust economies. It could be raining at one end of Lekki link bridge and no rain at the other side.
