🇳🇬NigeriaWest Africa
Paras Energy Funding SPV Plc lists N15 billion bond on FMDQ Securities Exchange
via Punch Nigeria1 min read
FMDQ Securities Exchange Limited has approved and listed Paras Energy Funding SPV Plc’s N15.00 billion 5-year 18.00 percent Series 1 Fixed Rate Bond on its platform. This listing, part of the company’s N25.00 billion Bond Issuance Programme, aims to finance power generation, expand critical infrastructure, and refinance existing debt obligations to improve electricity reliability in Nigeria. Ms. Tumi Sekoni, Group Chief Operating Officer of FMDQ Group Plc, highlighted the debt capital markets' role in funding Nigeria's power sector and connecting issuers like Paras Energy Funding with investors. Paras Energy Funding SPV Plc is a special purpose vehicle supporting the capital market financing needs of Paras Energy Group, an independent power generation company. Rand Merchant Bank Nigeria Limited and FCMB Capital Markets Limited sponsored the transaction. FMDQ Exchange reiterated its commitment to strengthening Nigeria’s financial ecosystem through market innovation and strong governance.
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Kano residents and opposition figures have criticized Governor Abba Kabir Yusuf's decision to allocate 1,540 plots of land and N100 million to leaders of the All Progressives Congress Polling Units Association. Residents expressed disappointment, citing widespread poverty and inadequate public facilities, arguing that state resources should benefit all citizens regardless of political affiliation. Ado Bala questioned the fairness of distributing land only to APC supporters, stating that land is held in trust for all residents. Another resident, Shehu, called the action a clear demonstration of favoritism and a potential case of vote-buying ahead of the 2027 general elections. Aisha Hassan urged Governor Yusuf to extend similar gestures to all residents to avoid criticism. Alhaji Musa Ungoggo, state chairman of the African Democratic Congress, alleged the move was a bribe to rig the upcoming elections, suggesting the funds should have been used to address critical issues like overcrowded primary schools and undredged dams. The state chairman of the People’s Democratic Party, Alhaji Yusuf Ado Kibiya, declined to comment, stating he needed to verify the facts as he had been out of the state.
Niger State Governor Mohammed Bago's solar energy initiative has been lauded by stakeholders for its potential to transform the state into a leading industrial destination and improve electricity supply. The project, which includes a 100-megawatt solar power plant, aims to provide an alternative electricity source for residents and industries, thereby boosting internally generated revenue and attracting investors. The Minister of Power, Joseph Tegbe, commended Governor Bago's "industrial statesmanship" for allocating 500 hectares of land for the project, foreseeing significant economic development and investment. The governor emphasized that the initiative leverages the state's gas resources and vast land, in addition to its four hydropower dams. The Federal Executive Council has approved a $160 million financing package for the Niger State Solar Energy Development Project, comprising a $150 million facility from the Islamic Development Bank and $10 million from the Niger State Government. This project is expected to expand electricity access, particularly in rural communities, and support Nigeria's renewable energy drive. The Niger State Government has already deployed solar mini-grids and other renewable energy solutions, providing 24-hour solar power to over 180 communities that previously lacked consistent electricity. Key public institutions have also transitioned to independent solar systems. The Abuja Steel Mills Limited, a subsidiary of the African Industries Group, i
Must ReadThe Nigerian House of Representatives on Thursday approved a Constitution Alteration Bill to establish State Police across Nigeria. The bill, transmitted by President Bola Tinubu, aims to decentralize policing and enhance security. Deputy Speaker Benjamin Kalu, Chairman of the House Committee on Constitution Review, presented the report, highlighting the proposal as a significant constitutional reform to bring policing closer to the people, improve intelligence gathering, and strengthen community policing. However, the approval was met with a walkout by members of the minority caucus, who protested the voting procedure. The Speaker, Tajudeen Abbas, put the bill to a voice vote without a clause-by-clause consideration, which is customary for constitutional amendment bills. Minority Leader Frederick Agbedi and minority caucus spokesman Afam Ogene argued that the process breached parliamentary procedure and constitutional requirements, despite their support for the principle of state police. They raised concerns about the method used to determine the number of members present and the lack of opportunity to scrutinize individual clauses or move amendments. The minority caucus also highlighted financial concerns, recommending that 15 percent of the Federation Account allocation to the Federal Government be transferred to states to fund policing responsibilities. They urged the Speaker to recommit the bill for further technical review involving various stakeholders to address const