🇳🇬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 Nigerian community in Poland has welcomed Nigeria's Ambassador-designate to the Republic of Poland, Mrs. Chioma Ohakim, at a reception held in Warsaw. The community pledged full support for her mission and expressed optimism that her tenure will strengthen diplomatic, economic, and cultural relations between Nigeria and Poland. Adekunle Ayoola, Chairman of the APC Support Group and leader of the City Boy Movement in Poland, congratulated Ohakim, noting her public service record and leadership. He stated that the community is confident she will enhance cooperation in trade, investment, education, technology, and cultural exchanges, and foster unity among Nigerians in Poland. Dr. Emanuel Kalejaiye, Chairman of the Nigerian Diaspora Community in Poland, highlighted the strong bond between the embassy and the Nigerian community, which has existed for over four decades. He affirmed the diaspora's commitment to dialogue, cooperation, and partnership for Nigeria's development and the welfare of Nigerians in Poland, also thanking the Polish government for its hospitality. Ohakim, a lawyer, thanked the community for the warm reception and pledged to strengthen bilateral relations, calling for their support and cooperation. The event was attended by former Imo State Governor Ikedi Ohakim, leaders of Nigerian organizations in Poland, and members of the Nigerian diaspora community.
BreakingAt least 50 Malian soldiers were killed and 24 taken prisoner in an attack by Tuareg separatists and jihadists on Saturday as they departed the northern town of Anefis. The attack targeted an army convoy and was claimed by the Tuareg separatist FLA and the Al-Qaeda-affiliated Group for the Support of Islam and Muslims JNIM. A local elected official, close to the ruling junta, described it as the deadliest attack on the Malian army in years. An army source indicated that some soldiers were executed and an investigation is underway into tactical failures. Russian paramilitaries, who had been supporting the army, had already reached their destination in Gao and did not suffer any casualties. The Malian army acknowledged the ambush by "terrorist armed groups" but did not provide casualty figures at the time. Mali has been under military rule since coups in 2020 and 2021, with the junta facing challenges in restoring security amidst ongoing unrest.
BreakingKuwait and Bahrain's militaries reported on Sunday that they were responding to Iranian aerial attacks, with air raid sirens sounding in both Gulf countries. Kuwait's army stated its air defenses were confronting missile and drone attacks following what it described as "sinful Iranian aggression." In Bahrain, the military announced its air defenses "confronted, intercepted, and destroyed a number of treacherous Iranian aerial attacks," with blasts heard in the north and a warning siren in the capital, Manama. Iran's army claimed responsibility for targeting two US bases in Kuwait with drones in response to American attacks on Iranian territory. State media reported Iran carried out "large-scale attacks with kamikaze drones against the US military's ammunition depot at Camp Udairi and the Patriot radar system and air surveillance radar at Ali Al Salem Air Base in Kuwait." Both Kuwait and Bahrain, hosts to US military installations, have experienced Iranian attacks on their Gulf neighbors since hostilities resumed this month. Kuwait previously reported that Iran struck a power and water plant and an oil facility. Central Command CENTCOM stated that two service members were killed on Friday while defending against Iranian ballistic missile and drone attacks, with another service member still missing.