🇳🇬NigeriaWest Africa
Paras Energy Funding SPV Plc issues ₦15.00 billion 5-year bond with Rand Merchant Bank as Lead Issuing House
via Punch Nigeria3 min read
Paras Energy Funding SPV Plc, a funding vehicle for Paras Energy and Natural Resources Development Limited, has successfully issued an inaugural ₦15.00 billion 5-year Fixed Rate Senior Unsecured Bond at an 18.00% per annum coupon. This issuance is part of its ₦25.00 billion Bond Issuance Programme, with Rand Merchant Bank Nigeria Limited acting as Lead Issuing House and Bookrunner. Paras Energy, a privately held energy company and member of the African Industries Group, operates across the power value chain, including generation, solar engineering, and transmission infrastructure. This transaction marks the first time a privately held company in the power sector has issued an unwrapped bond for its debut issuance. The proceeds will be used to expand Paras Energy’s generating capacity and client portfolio across West Africa. The bond issue was fully subscribed, attracting demand from Pension Fund Administrators, Asset Managers, and High Net-Worth Individuals, reflecting market confidence in Paras Energy’s credit quality and strategic vision. This also represents the African Industries Group’s first issuance of a longer-dated tenor instrument in the Nigerian debt capital markets. Mr Munish Modi, Group Chief Financial Officer, African Industries Group, stated that the issuance demonstrates their commitment to Nigeria’s energy security through innovative financing. Laju Atake, Head Debt Capital Markets Nigeria, RMB Nigeria, highlighted that the transaction shows well-positioned p
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The Peoples Redemption Party PRP has urged President Bola Tinubu to resign, citing his alleged failure to protect Nigerians amidst escalating insecurity. The call follows the recent abduction of pupils and teachers in Oyo State on May 15, an incident that has sparked widespread outrage. Dr. Hakeem Baba-Ahmed, the National Chairman of the PRP, stated that the security situation has deteriorated significantly under the current administration, with violent criminals operating freely across the country. He asserted that no Nigerian is safe, as insecurity has spread beyond previously affected regions, and that President Tinubu has "failed woefully" in his primary responsibility to secure citizens. Baba-Ahmed highlighted that schoolchildren and other vulnerable groups have become targets, and accused the President of concentrating power without improving security. He argued that Tinubu's continued tenure is unacceptable given the worsening conditions and that Nigerians should not wait until the 2027 elections to demand an end to what he described as "ineptitude and indifference." The Presidency has previously stated that the Tinubu administration inherited deep-rooted security challenges and is deploying resources to combat criminal activities.
The Federal Government has expressed confidence in the Mining Marshals of the Nigeria Security and Civil Defence Corps, commending their service in combating illegal mining. Dr. Dele Alake, Minister of Solid Minerals Development, praised the marshals during the inauguration of eight new gun trucks at the NSCDC National Headquarters in Abuja. He highlighted their commitment to sanitizing the solid minerals sector and maximizing its contribution to national economic growth. The Minister warned individuals and groups attempting to undermine the marshals' operations, stating they would face legal consequences. He noted that those opposing the marshals often benefit from illicit mining, which deprives the nation of revenue. Alake affirmed the Federal Government's unwavering support, promising resources and institutional backing. He declared that anyone obstructing the marshals' work would be considered an economic saboteur. The new gun trucks aim to strengthen the unit's operational capacity to dismantle illegal mining sites and secure mineral assets. Alake reiterated President Bola Tinubu’s commitment to repositioning the solid minerals sector for economic diversification and urged stakeholders, traditional institutions, host communities, and security agencies to support the Mining Marshals. He warned that aiding illegal mining would lead to investigation and prosecution.
The Nigerian Electricity Regulatory Commission NERC has approved a special compensation package for eligible Band A electricity customers affected by poor power supply between February and March 2026. This directive, NERC/2026/002, addresses significant generation shortfalls in the Nigerian Electricity Supply Industry, which prevented distribution companies from meeting guaranteed service levels for some Band A customers. The shortfalls were primarily due to inadequate gas supply and vandalism of critical gas and transmission infrastructure, factors beyond the direct control of the distribution companies. Customers on Band A feeders receiving between 18 and 20 hours of daily supply will be compensated under an existing framework. For those receiving less than 18 hours, special compensation will be provided: non-maximum demand customers will receive 20 percent of their approved February 2026 energy cap, while maximum demand customers will receive 20 percent of their average energy billed in February 2026. Prepaid customers will receive token credits, and postpaid customers will get bill adjustments. Distribution companies must complete February 2026 compensation by May 31, 2026, and March 2026 compensation by June 30, 2026. NERC prohibits offsetting compensation credits against existing customer debt and requires clear communication of compensation details to customers. The commission will monitor compliance to ensure all eligible customers receive their due compensation. Indu
Brazil manager Carlo Ancelotti is the highest-paid coach for the 2026 FIFA World Cup, with an annual salary of £8.28 million. Ancelotti, a former Real Madrid manager, is tasked with leading Brazil in their pursuit of a sixth World Cup title. England manager Thomas Tuchel is second on the list, earning £5.06 million annually, followed by United States coach Mauricio Pochettino at £4.53 million. Germany's Julian Nagelsmann is fourth with £4.2 million per year. Portugal coach Roberto Martinez and Uzbekistan's Fabio Cannavaro are tied in fifth place, each earning £3.5 million annually. Cannavaro's salary is notable given Uzbekistan's status as a less established football nation, qualifying for its first World Cup. France manager Didier Deschamps earns £3.31 million, while World Cup-winning Argentina coach Lionel Scaloni, Uruguay's Marcelo Bielsa, and Netherlands boss Ronald Koeman complete the top 10, each earning £2.61 million annually. These figures highlight the significant financial investment by football federations in securing top managerial talent for the tournament.