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AFRIMA 2025: Lagos Ready To Host Africa, Gov. Sanwo-Olu Declares

L-R (front roll): Mike Dada, President/Executive Producer, All Africa Music Awards – AFRIMA; Angela Martins, Director, Social Development, Culture & Sport, African Union (AU); Babajide Sanwo-Olu, Governor of Lagos State; Matlou Tsotetsi, Director, Brand Communications and Sponsorship, AFRIMA; Kenny Ogungbe, Member, International Congress of AFRIMA; Victoria Nkong, Associate Producer, AFRIMA;
(back roll) Francis Doku, Country Director, Ghana, AFRIMA; Adenrele Niyi, Chief Experience Officer, CXO, AFRIMA; Mike Strano, Regional Director, Eastern Africa, AFRIMA; Toke Benson -Awoyinka, Lagos State Commissioner for Tourism, Arts and Culture; Folashade Ambrose-Medebem, Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment; and Sam Egube, Deputy Chief of Staff to Lagos State Governor, during a courtesy visit by the African Union and International Committe of AFRIMA to the Lagos State Governor at the Lagos House, Alausa, Ikeja on Tuesday

L-R: Mike Dada, President/Executive Producer, All Africa Music Awards, AFRIMA; Angela Martins, Director, Social Development, Culture & Sport, African Union (AU), receiving a gift from the Lagos State Governor, Babajide Sanwo-Olu during a courtesy visit by African Union Commission and International Committee of AFRIMA to the Lagos State Governor at his office, Lagos House, Alausa, Ikeja on Tuesday

Lagos, the bustling cultural and commercial heartbeat of Nigeria, is once again highly favoured to host Africa’s most prestigious music celebration, All Africa Music Awards (AFRIMA), as Governor Babajide Sanwo-Olu officially declared the state’s readiness to host the rest of the continent and the world for the 2025 edition of the award ceremony.

Governor Sanwo-Olu, who made the declaration when he received a high-powered delegation from the African Union and the AFRIMA International Committee in his office on Tuesday, said Lagos is more than prepared to roll out the red carpet for the rest of Africa in a demonstration of the state’s status as the creative and cultural capital of Africa.

Sanwo-Olu said Lagos’ acceptance to host AFRIMA 2025 aligns perfectly with his administration’s vision to make the creative and tourism industry a major pillar of the state’s development drive.

He stated that his government has made significant investments in the creative industry, recognizing it as a key component of its THEMES agenda. He expressed his admiration for the flourishing creative ecosystem that nurtures talent, attracts global attention, and drives economic growth, all of which have been created by his administration.

“I am impressed by the diversity and calibre of the members of the AFRIMA International Committee. Seeing representatives from countries like Cote d’Ivoire, Mozambique, Ghana, Kenya, Ethiopia, Morocco, and South-Africa is a strong affirmation that AFRIMA is a global pan-Africa initiative, it is a true continental platform,” Sanwo-Olu said as he welcomed the team.

“One of the key pillars of our administration’s development agenda is the creative industry. Since I took office, we’ve been intentional about building a vibrant creative ecosystem supporting film, music, fashion, photography, and cultural tourism. This year, Lagos will be at the Cannes Film Festival, and in October 2025, we’ll host the E1 world championship, Africa’s first international water sports event right here in Lagos. Our packed creative calendar is a strategic effort to position the state as Africa’s cultural and creative capital.

“We are happy to receive the AFRIMA team; we will do it, and we will be part of this, this is one initiative we are proud to accommodate. Our team will work together with your team to action this. We thank the African Union and the AFRIMA Committee for trusting Lagos.”

In her remarks, Ms. Angela Martins, Head of Culture and Acting Director for Social Development, Culture and Sport at the African Union Commission, commended the Governor for his continuous support of the arts and reaffirmed the AU’s long-standing partnership with AFRIMA.

“The African Union has been proud to partner with AFRIMA since 2014. Over the years, we’ve supported the awards to make sure they live up to their promise to celebrate and reward African talent and music and to promote our cultural values. Beyond entertainment, AFRIMA has become one of the tools through which we promote and communicate the African Union’s cultural policies and the wider vision of Agenda 2063, particularly in building the creative economy of Africa.

“Lagos has played a major role in the success of AFRIMA in the past. The state has hosted previous editions of the awards, and each time it has left a strong and lasting impression. This year, we are here again, not just to visit, but to officially ask for Lagos’ partnership and support to host AFRIMA 2025 because Lagos is at the heart of Africa’s creative industry,” she said.

Mike Dada, AFRIMA President and Executive Producer, thanked Governor Sanwo-Olu for the state’s investment in the creative industry, stating that AFRIMA is positioned to create big opportunities for tourism, entertainment, jobs, and the economy for the host city.

Dada said, “Your Excellency, under your leadership, Lagos has made great progress in the creative industry. You’ve been a strong supporter and a true promoter of talent and fresh ideas. Whether it’s film, fashion, music, or technology, your efforts have helped make Lagos stand out as Africa’s creative capital. We at AFRIMA truly appreciate your support, and we believe Lagos is more than ready to host an unforgettable AFRIMA 2025.

“Since AFRIMA was birthed in 2014, and hosted in Ghana, Nigeria, and Senegal, with road shows in over 22 countries around the world, we’ve remained committed to celebrating and uniting Africa through music. AFRIMA is not just about music, it also resonates with real human stories, we’ve seen dreams come through, talents discovered, and careers launched. More importantly, AFRIMA is helping to reshape the global narrative about Africa. We’re showing that Africa is not a continent of lack but a cultural powerhouse that supports development and economic growth.

“With over 1,600 nominees, and their teams, more than 1,100 production crew members expected in 2025 and over 400 million global broadcast audience, Lagos won’t just host an event; the impact of the one-week festival will be massive, opening more doors for tourism, hospitality, and new economic opportunities for business in the sector and beyond.”

Ahmed Soultan, a past winner of the Best Male Artist in Northern Africa award, and a member of the visiting team, recalled how the award he won in 2014 transformed his career globally and opened a window of collaboration with top stars including Femi Kuti, late Sound Sultan and Waje.

Other members of the visiting team included Ms. Matlou Tsotetsi from South Africa, Director of Brand Communications at AFRIMA; Ms. Adenrele Niyi, Chief Experience Officer (CXO) from Nigeria; Mr. Mike John Strano, an Australian-Kenyan and Regional Director for Eastern Africa; and Mr. Francis Doku, Country Director for Ghana. Also in the delegation were Mr. Kenny Ogungbe from Nigeria, a member of the AFRIMA International Congress and Media Committee, Ms. Edwidge Goli from Cote d’Ivoire, who serves as Liaison and Partnership Advisory Executive, Francophone region, and Ms. Victoria Nkong from Nigeria, an AFRIMA Associate Producer.

The African Union and AFRIMA International Committee will on May 13 in Addis Ababa, Ethiopia officially announce and present the certificate to the host of the 2025 AFRIMA.

by Online Poster — May 1, 2025 in News 0

emPLE Unveils BETA Life: A Three-In-One Endowment Plan For Smarter Savings And Protection

emPLE Life Assurance Limited has announced the launch of BETA Life, an endowment policy designed to empower Nigerians to grow their wealth, secure their future, and protect what matters most.

In a market where financial uncertainty and underinsurance remain widespread, BETA Life offers a refreshing alternative. The product offers a unique combination of protection and savings in one simple, flexible plan helping Nigerians meet their financial goals while staying protected through life’s uncertainties.
With three cash benefits spread over the policy term, BETA Life helps customers plan for real goals be it education, rent, homeownership, or business without having to wait till the end of the tenure to benefit from their plan.
Speaking on the launch, Rantimi Ogunleye, MD/CEO of emPLE Life Assurance Limited, said:

“BETA Life is more than a product; it’s a solution built around the realities of our customers. It’s for the parent who wants to secure their child’s future, the entrepreneur planning ahead, or the individual who wants to save smartly without losing the safety net of protection. We’ve brought together savings and life insurance into one plan, because we believe financial empowerment shouldn’t mean choosing one over the other.”

With flexible policy durations and multiple payout points, BETA Life is designed to adapt to a customer’s journey while providing peace of mind. In the unfortunate event of death or permanent disability, the plan ensures that loved ones or the policyholder are financially supported, proving that life insurance can be just as much about living well as it is about preparing for life’s uncertainties.
This launch is a continuation of emPLE’s mission to make life insurance more inclusive, relevant, and empowering, giving more Nigerians the tools to build financial resilience with confidence.
For more information, visit www.emple.group/betalife

About emPLE

emPLE is a leading financial services company dedicated to providing insurance and investment solutions to retail and corporate clients across Africa. At emPLE, our purpose is to empower Africans by providing innovative financial solutions that enhance their freedom, security, and prosperity. We believe that true empowerment comes from providing not just access to financial products but also the knowledge and tools necessary for our customers to make informed decisions and achieve financial independence.
For more information about emPLE, visit: www.emple.group

by Online Poster — May 1, 2025 in Insurance and Pension 0

Soyinka Lauds Nigerian Workers On May Day

As the world marks this year’s edition of Workers’ Day on Thursday, May 1, 2025, the Managing Director and Chief Executive Officer of Sovereign Trust Insurance Plc, Mr. Olaotan Soyinka has lauded the efforts of Nigerian workers and their contributions to national development.

He noted that a virile and dedicated workforce is very instrumental and germane to the progress of any society. He gave this remark at the company’s Appreciation Day Ceremony held at the Head Office of the Underwriting Firm located in Victoria Island, Lagos.

He said the date, May 1, should be seen as a very important one because it is the day set aside to celebrate and give due respect to workers all over the world regardless of their social strata in the society. According to him, “every legitimate form of work is as important as the other and credence must be given to all and sundry without any bias”.

In appreciating the Staff of Sovereign Trust Insurance Plc, the Managing Director/CEO of the Underwriting Firm congratulated all members of the Sovereign Trust Insurance Plc Team and urged them not to relent in the judicious discharge of their duties as they strive to maintain the worldclass standard of the STI Brand.

He further said that the Management of the company will not stop at investing in the development of the company’s human capital while also placing technology at the heart of its business operations. He equally assured the members of staff that their labour will not go in vain as they contribute their quota to the growth and advancement of the organization.

He wished them all a hearty Workers’ Day on May 1, 2025, and encouraged them to always think of making the customer the focal point in their day-to-day activities. In his words, ‘our customers should be at the heart of our business just as we must not compromise on delivering service excellence at every given opportunity thrown our way’

The Head of Human Resources for Sovereign Trust Insurance Plc, Adeola Onichabor in her response to the MD/CEO’s speech thanked the Management for the uncompromising stance in investing in Training and Human Capital Development for members of staff both at the local and international level. She made bold to say that Sovereign Trust Insurance Plc has on parade in the Insurance Industry, an array of professionals in different fields of specialization who effectively compliment the efforts of the professional underwriters in the organization.

She equally used the opportunity to thank and encourage her colleagues to continue in their stride of hard work and dedication to the ideals of the company. She enjoined them to also respect and honour one another in the discharge of their duties as the organization strives to maintain best practice standards in the comity of insurance companies in the country and beyond.

Some members of staff who had been with the organization from inception were equally recognized and appreciated for their commitment, unwavering dedication and contribution to the growth of the organization in the last 30 years of the company’s formation.

Sovereign Trust Insurance Plc is an equal opportunity employer of labour with an uncompromising stance on high ethical standards and astute professionalism. The Head of Human Resources and Capital Development equally used the opportunity to wish every Nigerian worker and workers globally, a happy celebration on Workers’ Day come May 1, 2025.

by Online Poster — May 1, 2025 in News 0

Fidelity Bank’s FY 2024 Performance Praised By Shareholders

Shareholders of tier one lender, Fidelity Bank, have applauded the board and management of the bank for delivering an outstanding performance in FY 2024.

Speaking at the bank’s 37th Annual General Meeting (AGM) held virtually on Tuesday, April 29, 2025, the National Chairman of The Progressive Shareholders Association, Chief Boniface Okezie, praised the bank, saying, “This is a superlative performance and we the shareholders are grateful to management and staff for giving us a bank to be proud of. It is also important to note that the bank has earned its spot as one of the top 3 dividend-paying financial institutions in Nigeria.”

On his own part, the Chairman, Zonal Shareholders Committee, Sir Tunji Okelana, recognized the bank’s exceptional leadership, which has seen the bank grow to unprecedented heights.

“The achievements of the current MD have surpassed that of everyone who held that office before her. In addition, staff working with her are assets. They are truly ‘Fidelity, they keep their word’. Without any doubt, I am very happy with the bank”, he declared.

In his remarks at the meeting, the Chairman, Board of Directors, Fidelity Bank Plc, Mr. Mustafa Chike-Obi, said, “Despite the global economic headwinds, we demonstrated exceptional resilience, achieving record breaking growth across all performance indicators, most notably our Profit Before Tax (PBT)”.

He further added that the bank’s stakeholders were all pleased with the success of the first stage of the capital-raise exercise. “The oversubscription of 237.9% in the Public Offer and 137.7% in the Rights Issue is a testament to the strength of our brand and the confidence the investing public has in us. Equipped with this vote of trust, we will proceed swiftly and conclude the second tier of our capital-raise exercise”.

Managing Director/Chief Executive Officer, Fidelity Bank Plc, Dr Nneka Onyeali-Ikpe in her statement to shareholders, shared the strategic outlook to build on the bank’s FY 2024 success stating that, “Our priorities in 2025 financial year are to complete the next phase of our capital raise and further strengthen our asset base, enhance operational efficiency and digital innovation and explore strategic regional expansion into select African markets.”

According to the bank’s 2024 annual report available on its website and distributed to shareholders, the bank recorded an impressive 210% growth in Profit Before Tax to N385.2 billion. Gross Earnings increased by 87.7% to N1,043.4bn, driven by 106.9% growth in interest and similar income to N950.6bn. The bank also witnessed an impressive 47.9% growth in deposits from N4.0trn in 2023FY to N5.9trn while Advances grew from N3.1tn in 2023FY to N4.4tn in 2024FY.

Several resolutions were considered and passed at the AGM, including the declaration of a final dividend of N1.25 kobo, the election of non-executive directors -Alhaji Abdullahi Sarki Mohammed and Ms. Obiaku Augusta Okam; the election of Mr Sufiyanu Ibrahim Garba as executive director; and the re-election of non-executive directors -Mr Mustapha Chike-Obi and Engr Henry Obih, among others.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

by Online Poster — April 29, 2025 in Capital Market 0

Enugu Reps Caucus Backs Concessioning Of Enugu Airport

LarryBravo Nwaiwu

The Enugu State Caucus in the House of Representatives has thrown its weight behind the federal government’s plan to concession the Akanu Ibiam International Airport, Enugu, describing it as a potential catalyst for the South East economy.

The caucus commended the federal government for the initiative and urged it to hasten the concession process to enable the people of the South East and the nation to benefit from it in earnest.

It equally called on the people of the region to support the concessioning as the only way to guarantee sustainable investment to fully develop the airport into a truly international facility.

The caucus made its position known in a statement signed and issued on Monday by the caucus leader, Hon. Nnolim Nnaji, as well as Hon. Martins Oke, Hon. Dennis Agbo, Hon. Anayo Onwuegbu, Hon. Chimaobi Atu, Hon. Sunday Umeha, Hon. Paul Nnamchi, and Hon. Mark Obetta. These are the representatives of all the eight federal constituencies in Enugu State.

“Due to poor capital investment, the Akanu Ibiam International Airport, AIIA, Enugu, remains partially completed and indeed an international airport only in name over two decades since it was designated as such by the federal government. Critical components such as cargo terminal, runway, international terminal, among others, are either non-existent or requiring completion or upgrade.

“Businesses and the people of the South East especially have borne the brunt of these inadequacies, which manifest in the paucity of international flights and intermittent closure of the airport for repair of the runway, as recently witnessed.

“Therefore, we believe that the concessioning of the airport, as currently being processed by the federal government, is the only realistic approach to attracting adequate resources to build the requisite infrastructure and expand existing ones to place AIIA in the league of other international airports around the world,” the caucus said.

The statement explained that concessioning was not the same thing as privatisation or sale of the airport as being peddled by some persons, but a well-known and tenured to Public-Private Partnership (PPP) framework, which pulls private capital investment into public infrastructure while government retains ownership and regulatory or supervisory authority.

“We call on the federal government to hasten this process, for the people of the South East region in particular and Nigeria in general to start benefiting from the huge possibilities and blessings it holds.

“Indeed, we also have faith in federal government through the Federal Airports Authority of Nigeria and the Ministry of Aviation and Aerospace Development to entrust AIIA to a concessionaire with the financial and technical prowess, strong international pedigree and reputation as well as antecedent of verifiable successes to actualise the target. Nothing less than this is acceptable and capable of catalysing the much-needed South East regional economic prosperity and transformation,” the statement added.

by Online Poster — April 29, 2025 in Aviation 0

C-One To Acquire Bankly Microfinance Bank

…To Restore Stability And Accelerate Growth

C-One Ventures Platform (C-One) today announced it has entered into an agreement to invest and acquire the licences, technology and select assets of the Nigerian operations of Bankly -a licensed
microfinance bank and fintech leader known for bridging financial access gaps across Nigeria’s informal economy.

The deal which is subject to regulatory approvals including from the Central Bank of Nigeria, reflects C‑One’s
commitment to ensuring stability, protecting customers, and building a more resilient financial services platform. Upon completion, it will see Bankly’s services and talent integrated with complementary offerings
from other companies within the C-One ventures portfolio.
“We believe financial services should be simple, affordable and accessible to everyone,” said a representative
of C-One. “Bringing Bankly into our ecosystem allows for a combination of community networks with our
powerful digital infrastructure to expand access to finance for underserved communities and drive real
economic participation.”

The investment from C-One when finalised, will prioritise the immediate resolution of customer obligations, stabilisation of operations, and strategic integration of Bankly’s technology into its broader financial services ecosystem. The transaction structure involves a modest cash consideration, ensuring a focus on sustainable growth and customer protection.
“Restoring customer confidence and ensuring operational resilience are our immediate priorities. We are
committed to scaling Bankly’s vision while delivering lasting value to our community” added the rep.

Founded in 2018, Bankly has been instrumental in advancing financial inclusion, serving Nigerians through innovative savings, payments, and credit solutions. However, in recent times, it has faced significant liquidity
constraints and operational disruptions, including delays in customer withdrawals and reduced service availability.

As part of the acquisition, C-One will build on Bankly’s foundation, ensuring continuity while investing in long-term growth. Bankly’s Co-founder, Tomilola Majekodunmi, will serve in an advisory capacity ensuring continuity and long-term success.

Speaking on the development, Majekodunmi said, “We are immensely proud of the impact we have made over the years. Bankly was built to serve people who were left out of the formal financial system and with C-One’s
backing, we have an opportunity to build on this foundation, address recent challenges, and expand our reach to even more communities.”

With Bankly being part of its platform, C-One is further expanding its reach in grassroots financial services, scaling impact and building resilient solutions for real people in real communities.

About C‑One Ventures Platform
C‑One is a venture studio focused on building, acquiring, and scaling technology-enabled businesses that address Africa’s most critical needs. Its portfolio spans education, healthcare, commerce, and financial
services, combining operational excellence with strategic investment to promote inclusive economic growth.

by Online Poster — April 29, 2025 in brands and Marketing 0

Seplat Energy’s Cash Generation Soars To N464.9 Billion In Q1 2025

… Achieves 7.3 Million Hours Without Lost Time Injury

Seplat Energy PLC, leading Nigerian independent energy Company listed on both the Nigerian Exchange and the London Stock Exchange, has announced its audited results for the three months ended 31 March 2025, recording a revenue of N1.228 trillion for the period from N268.6 billion reported same quarter last year. Its gross profit soared to N535.4 billion from N63.8 billion Year-on-Year.

Cash generated from its operations for the period grew to N464.9 billion from N25.2 billion Year-on-Year whilst profit before tax rose to N314.6 billion from N103.5 billion Year-on-Year.

The energy company delivered robust production and cost performance during 1Q 2025, at a new scale, and firmly on track to deliver FY 2025 guidance. Strong cash position supports early repayment of $250 million reducing the Revolving Credit Facility (RCF) to $100 million, and an increase in our quarterly dividend to US$ 4.6 cents per share.

For the period, production averaged 131,561 barrels of oil equivalent per day (boepd) up 167% from 1Q 2024 (49,258 boepd), above the midpoint of 2025 guidance (120 – 140 kboepd).

Seplat Energy achieved more than 7.3 million man hours without Lost Time Injury (LTI), of which 2.5 million was Seplat onshore-operated assets (1Q 2024: 2.3 million man hours) and 4.8 million hours without LTI for Seplat Energy Producing Nigeria Unlimited (SEPNU) – formerly Mobil Producing Nigeria Unlimited (MPNU).

Operational highlights

• Production averaged 131,561 boepd up 167% from 1Q 2024 (49,258 boepd), above the midpoint of 2025 guidance (120 – 140 kboepd).

• Onshore production contribution of 56,196 boepd, was 14% higher than 1Q 2024, and above 2025 guidance. Within this, liquids +10% and gas +21% vs 1Q 2024, following strong performance at Oben Gas Plant and first contribution from Sapele Gas Plant.

• SEPNU production contribution of 75,365 boepd, within guidance, of which 88% crude and condensate, 4% NGL and 8% gas.

• SEPNU idle well restoration programme added c.11 kbopd gross JV production from the first 10 wells restored to production.

• Sapele Integrated Gas Plant (‘SIGP’) was commissioned and achieved first commercial gas sales in February 2025. Plant is delivering high quality processed gas, and condensate yields of c.2 kbopd.

• Carbon emissions intensity for Seplat onshore assets: 30.6 kg CO2/boe (revised 1Q 2024: 31.1 kg CO2/boe), reduction driven by lower emissions at Sapele post start-up of SIGP. End of routine flaring for onshore assets on track for H2 2025.

• Achieved more than 7.3 million man hours without Lost Time Injury (LTI), of which 2.5 million was Seplat onshore-operated assets (1Q 2024: 2.3 million man hours) and 4.8 million hours without LTI for SEPNU.

Financial highlights

• Revenue $809 million up c.350% on prior year (1Q 2024: $180 million).

• Unit production operating cost of $12.6/boe (1Q 2024: $9.5/boe), better than guidance of $14-$15/boe, due to timing of planned maintenance activities.

• Adjusted EBITDA of $401 million, up 226% on prior year (1Q 2024: $123 million).

• Cash generated from operations of $306.5 million, up materially from $16.8 million in 1Q 2024.

• Cash capital expenditure of $40.2 million (1Q 2024: $47 million). Onshore drilling activity to ramp up from 2Q 2025.

• Completed refinancing of $650 million senior notes, with newly issued notes having a 2030 maturity and priced with a coupon of 9.125%. Seplat notes were priced inside the Nigerian sovereign for the first time, reflective of established reputation in credit markets.

• Reduced gross debt by ~21% following early repayment of $250 million of RCF and $19.3 million repayment of Eland RBL.

• Balance sheet remains robust, end-March cash at bank $334.6 million (YE 2024: $469.9 million), excluding $128.9 million restricted cash.

• Net Debt at end-March of $747 million down 17% on prior quarter (YE 2024: $898 million). Pro-forma ND/EBITDA improves to 0.56x.

Dividend & Board

• 1Q 2025 declared dividend of US$ 4.6c/share, an increase on the prior quarter dividend (US$ 3.6c/share), reflecting the strength of our financial position and confidence in our outlook. The company plans to set out a revised capital allocation policy in the Capital Markets Day scheduled for September 2025.

• Mr. Bello Rabiu, Senior Independent Non-Executive Director and Mr. Babs Omotowa, Independent Non-Executive Director resigned from the Board following their appointment to the NNPC Ltd board. The Board has unanimously appointed Mrs. Bashirat Odunewu as Senior Independent Non-Executive Director.

2025 Outlook

• 2025 guidance unchanged.

• Production guidance of 120-140 kboepd (Seplat Onshore 48-56 kboepd, SEPNU 72-84 kboepd).

• Capex guidance $260-320 million. (Seplat Onshore $180-220 million, SEPNU $80-100 million).

• Unit operating costs for the group are expected to be $14.0-15.0/boe.

• Capital Markets Day in September 2025 to detail our medium to long term growth ambitions.

Roger Brown, Chief Executive Officer, said: “2025 has started positively for Seplat. As we deliver the business at a significantly enhanced scale, our focus is on the successful integration of the combined companies, and I am pleased to report that we are making goodprogress. It is clear that we can benefit greatly from the combined expertise of our onshore and offshore workforce.

Production has been strong, showing the benefit of the continuous drilling programme, investment in asset integrity and the availability of multiple evacuation routes. Financial performance was also strong, allowing us to be pro-active in materially reducing gross debt, maintaining low balance sheet leverage, and further strengthening our company as the near term global economic outlook becomes less predictable.

We remain conservative in our approach, but our confidence in the future trajectory for our business, combined with our strong financial position, means that we are delighted to increase our quarterly dividend to $ 4.6c/share, an 28% increase in our quarterly dividend versus 4Q 2024. Our assets are high quality, and while we will remain agile to the prevailing oil price environment, our business plan is designed to be robust at lower oil prices and our gas revenues, which are largely delinked to oil prices, provide long-term stability for the business. We are committed to our plan of growth and maximising value for our stakeholders.”

by Online Poster — April 28, 2025 in Energy 0

Supreme Court Sets Aside N22trn Judgement Against Union Bank

The Supreme Court has set aside a Federal High Court judgement in which over N22 trillion was awarded against Union Bank and other parties since 2014.
The judgement arose from a suit instituted by a company known as Visana Nigeria Limited which claimed that Union Bank was indebted to it in the sum of approximately $8 million at an interest rate of 2.5 per cent per month compounded from January 2000 until judgement and thereafter at 10 per cent per annum from the date of judgement until the sum was fully paid.

Delivering the lead judgement of the Supreme Court, with which four other Justices agreed, Justice Stephen Jonah Adah regretted how non-adherence to a settled judicial precedent by the two lower courts had caused a simple matter to be in court for over 25 years.
The final determination of the case is expected to lay to rest the discomfort of the CBN and other regulators of Union Bank, its auditors and rating agencies on the possible impact of the judgement on the going concern status of the bank.

Visana instituted the suit against the defendants, alleging that Metalloplastica Nigeria Limited, a Borrower from Union Bank was indebted to it in the sum of $7,616,188.94 as at December 1993 and that the purported Deed of Debenture made on 24th February 1989, pursuant to which Continental Merchant Bank appointed Chief R. U. Uche as Receiver/Manager of Metalloplastica was invalid, same having been procured “without the prior written consent of Universal Trust Bank and its successors-in title or assigns (being Union Bank) as provided in paragraph 13(f) of the original Debenture issued by Metalloplastica in favour of Universal Trust Bank.

Judgment was delivered against Union Bank on 16 December 2014 for the sum of USD7,616,188.94 or its equivalent in Naira with pre judgement compound interest at the rate of 4.25 per cent per month from 26th January 2000 till the date of judgement and thereafter at the rate of 10 per cent on the judgement sum per annum from the date of the judgement till final liquidation of the debt.

The Court of Appeal later heard the application filed by the 1st respondent (Visana Nigeria Limited) to rely on fresh evidence. The Appeal was heard, and judgement was delivered on the 16th of April 2021. Judgement was reduced to the sum of USD 365, 605.32 or its equivalent in Naira with pre-judgement with interest at 4.25 per cent per month simple interest from 31st December 1993 to 16th December 2014 and thereafter at the rate of 10 per cent per annum from the date of the judgement at the court below until final liquidation of the Judgment debt.

Still dissatisfied by the judgement of the Court of Appeal, Union Bank further appealed to the Supreme Court in 2021. Union Bank’s persistence paid off in the judgement delivered on Friday, 25 April 2025.

by Online Poster — April 28, 2025 in Capital Market 0

Sterling Bank Introduces Free Bus Rides For Nigerians…

.…Doubles Down On Its Push For Free Bank Transfers

After sparking a national movement with its Zero Transfer Fees campaign, Sterling Bank has once again pushed the boundaries of what corporate citizenship can mean to everyday Nigerians.

Last week, regular Lagosians stepping out after long workdays were met with an unexpected gift: Sterling OneBank-branded buses waiting to take them home, free of charge.

Starting as a push against bank transfer fees, the initiative has now taken to the streets, as the bank began offering free bus rides to customers across major Lagos corridors, a gesture that will continue through May 2025 to ease the return of workers after the May Day holidays.

For a city where a single bus fare can be the difference between feeding a family or not,

Sterling’s free ride initiative struck a deep chord. What began with free transfers through its OneBank platform has now evolved into a movement on wheels, connecting digital convenience with real-world survival. In a time of skyrocketing costs, the bank is reaffirming a simple belief: financial freedom should not end at the removal of bank charges, it should

move you, carry you, and lift you.

Across Lagos, from Obalende to Ikorodu and TBS to Oshodi, the sight of Sterling buses pulling up to offer free rides sparked moments of disbelief, gratitude, and quiet celebration. For thousands of commuters, it was a tangible reminder that sometimes, the biggest changes come not from slogans, but from small, deliberate acts of care.

“For customers who have to choose between transport fare and groceries, this is more than a ride, it’s hope,” said Chidimma Okoli, Masterbrand Marketing Lead at Sterling. “When we said we were tearing down the barriers to moving your money, we meant it. But we also meant the barriers to moving yourself, to moving your dreams, to moving your life forward.

This isn’t just about banking apps. It’s about freedom, in every sense of the word.”

Mary E., a market trader from Oshodi, stepped off a Sterling bus last Friday and captured the mood perfectly. “This is the first time a bank is not just advertising but acting,” she said, beaming. “I have saved on transfers all month because of OneBank. And today, I saved on my transport. Sterling ehn, dem sharp. Dem dey move.”

Across town, a young professional shared his own experience on LinkedIn: “Every naira

matters o. I already saved money on bank transfers using OneBank. Today, Sterling saved me time, money, and stress after a brutal day at work. They just get it.

Another rider, Amaka I., a single mother and hairdresser from Ajah, described the free ride

as “a blessing nobody told me was coming.” She added, “We Lagos people work so hard

just to move. Today, I didn’t have to count Naira for my bus fare. That is dignity. That is

respect.”

Chidimma Okoli emphasized that this initiative was never about fanfare, but about putting

philosophy into action. “Financial systems have for too long extracted from Nigerians,” she said. “At Sterling, we are making a different choice. We are giving back, not just in naira and kobo, but in opportunities, in relief and in real dignity.” This initiative builds on Sterling’s history of standing with Nigerians during critical moments.

During the pandemic, Sterling was one of the first banks to support remote work transitions

and provide digital lifelines to struggling SMEs. Through programs like AltSchool Africa and entrepreneur bootcamps, Sterling has opened new doors to skills development and

affordable financing. After fuel subsidies were removed, the bank financed transport

cooperatives to keep mobility alive for thousands who would otherwise have been

stranded.

But according to Okoli, what matters now is not history, it’s momentum. “We’re not trying to relive past glories,” she said. “We’re building new victories, alongside the people who trust us every day with their journeys.”

Beneath the buses and smiling faces lies a deeper story of infrastructure strength. Sterling’s robust digital banking backbone, capable of handling over 180 million transactions and scaling rapidly, allows it to absorb costs that many banks would have pushed onto customers. It is this invisible engine that has further helped make visible change possible.

As the month of May approaches, the momentum will continue. Workers returning from the holidays can expect to find the free rides still running across locations, a daily reminder that real banking doesn’t just live in apps but also on the streets, in the choices that make hard lives a little easier.

Sterling is encouraging all riders to share their experiences online, turning thousands of quiet journeys into a loud statement that Nigeria deserves a financial system that carries its people forward, not holds them back. Because true banking is not about hoarding profit; it is about moving lives and moving freely.

by Online Poster — April 28, 2025 in News 0

CSCS Successfully Hosts The AMEDA 2025 Conference In Nigeria For The First Time

The two-day African and Middle East Depositories Association (AMEDA) Conference 2025, hosted for the first time in Nigeria by Central Securities Clearing System (CSCS) Plc, has officially come to a close. The conference brought together key financial market infrastructure operators, regulators, policymakers, and private sector leaders from across Africa and the Middle East to deliberate on the future of capital markets and the role of financial market infrastructure in shaping economic transformation.

The event, themed “Shaping the Future: Financial Market Infrastructures as Catalysts for Transforming Economies,” provided a robust platform for thought leadership, strategic dialogue, and knowledge exchange.

Sen. Kashim Shettima, the Vice President of Nigeria in a recorded keynote address stated, “In His Excellency, President Bola Tinubu, you have not only found an ally in market reform, but also a steward of economic stability. Our administration is committed to strengthening Nigeria’s financial market infrastructures through a deliberate blend of regulation, reform, capital market development strategies, and robust public-private collaboration, frombroadening participation in our capital markets to increasing access to finance for MSMEs and start-ups, and financing infrastructure through green bonds, social bonds and sukuk.”

Abdulla Abdin, the Chairman of AMEDA in his welcome address reinforced the importance of financial market infrastructures in supporting inclusive and innovation-driven economies, “The theme of the conference reflects our deepest awareness of the rapid transformation taking place in the global economy and the role played by the financial market infrastructures in enabling economies to adopt innovation and achieve inclusive growth. AMEDA holds the view that financial infrastructure is not solely a technical tool, it constitutes an essential mechanism for development and a sound basis for incentivising investment, improving transparency, optimising market efficiency, and realising economic integration within the region.”

Haruna Jalo-Waziri, the Vice Chairman of AMEDA and MD/CEO of CSCS, emphasized Nigeria’s bold ambitions and the role of infrastructure in achieving them, “Our country is on a bold journey to grow its economy to a $1tn economy. This ambition is underpinned by a capital market that must evolve in scale, sophistication and inclusiveness. At CSCS, we are proud to support this journey by investing in future-ready infrastructure, enabling investor confidence, building systemic resilience, and partnering with innovators across the financial services value chain.”

Babajide Sanwo-Olu, the Governor of Lagos State, who was represented by the Commissioner for Economic Planning and Budget, Opeyemi George, reiterated the state’s commitment to enabling investment and economic growth. “I am fully committed to creating a welcoming atmosphere for investment, innovation, and sustainable growth. Our goal is to turn Lagos into a shining example of progress, unity, and endless opportunities for everyone who lives and works here.”

Dr Emomotimi Agama, the Director-General of the Securities and Exchange Commission (SEC), in his goodwill message, highlighted the pivotal role of capital markets. “We live in an era of accelerated transformation. Financial markets today are active agents of national development, regional integration, and global competitiveness.”

He further noted the importance of the newly enacted Investments and Securities Act (ISA) 2025, which repealed the 2007 Act, “The new law expands SEC’s regulatory powers, enhances investor protection, and introduces frameworks for digital assets and derivatives, aligning Nigeria with global standards.”

Temi Popoola, the Chairman of the Board of CSCS, commended the significance of AMEDA’s presence in Nigeria, “Hosting AMEDA in Nigeria reflects the rising influence of our capital market within the region. This is not just a moment of pride for CSCS but a call to deepen our collaborative efforts in strengthening market infrastructure across borders.”

The AMEDA Conference 2025 was not only a resounding success but also a catalyst for ongoing conversations around cross-border investment, market infrastructure innovation, and regulatory cooperation.

CSCS Plc extends its heartfelt appreciation to esteemed sponsors whose support made this event possible; Bamboo, CMA, Zenith Bank, Montran, NGX Group, Central Bank of Nigeria (CBN), Afrexim Bank, Chapel Hill Denham, Bank of Industry, Meristem, Tangerine, TCS Bancs, Allianz, FMDQ, Aluko & Oyebode, and Stanbic IBTC Group.

As we look to the future, CSCS encourages continued collaboration among financial market stakeholders across Africa and the Middle East. Together, we can build resilient infrastructures, foster inclusive growth, and unlock new frontiers of innovation and investment. We invite all stakeholders to stay engaged, share insights, and explore new opportunities for partnership as we collectively shape the future of our financial markets.

by Online Poster — April 28, 2025 in News 0