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Access Bank’s $500m Eurobond Oversubscribed By 200%

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Access Bank Plc announced to investors and the Nigerian Exchange Limited that it successfully priced $500m Eurobond which was over-subscribed by more than 200 per cent on its order book.

In a statement signed by its Company Secretary, Sunday Ekwochi, the bank revealed that the 144A/Reg S Additional Tier 1 Eurobond was priced at a 9.125 per cent yield with the coupons peaking over $1bn.

The Eurobond which was issued under the bank’s medium-term note programme is a Basel III compliant Perpetual Non-Call 5.25-year subscribed note to be listed on the London Stock Exchange. The eurobond may be called anytime from October 7, 2026, subject to conditions including the Central Bank of Nigeria’s approval, Access Bank said.

Access Bank’s $500m Eurobond Oversubscribed By 200%

The Group Managing Director, bank, Dr Herbert Wigwe, said that the transaction significantly enhanced Access Bank’s tier 1 and total capital ratios, and provided significant room for growth and execution of its strategic objectives.

“This issuance on the back of our recently concluded $500m senior Eurobond, underscores the formidable confidence of a diversified range of global and local investors in the Access Bank strategy,” he said.

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Oando Boss Wale Tinubu Showers Encomium on Dangote @67

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Aliko Dangote with Wale Tinubu

‘Celebrate true friends. They are a part of you that always sparkle’ – Amy Leigh Mercree

The English-born actress may have had the boss of Oando Group, Jubril Adewale Tinubu in mind when she made this quote.

Truly, the trained lawyer never forgets to celebrate and appreciate his good friends whenever it is necessary. In fact, he is one gentleman who values and understands the definition of true friendship.

This played out yesterday, Wednesday, April 10, 2024, when he showered praises on his friend of many years, Africa’s richest man and Chairman of Aliko Group, Alhaji Aliko Dangote, when he clocked 67.

In celebration of Dangote, the oil and gas top player wrote:

“Happy Birthday to a visionary and accomplished entrepreneur whose impact continues to reverberate across Africa and beyond.

I hope your day has been filled with joy, laughter, and limitless blessings. May the world continue to recognise and applaud your remarkable achievements.

As you enter a new year, my prayer is that your commitment to building Africa never waivers but now and again you stop to appreciate the phenomenal difference you have made to the capacity of indigenous entrepreneurship on the global stage.

Wish you many more years in good health.

Dangote, a name that means so many things to many people. But what no one can deny is the fact that the name is essentially synonymous with success.

Since he made his mark in the nation’s business sector, many years ago, he has risen to become a glittering star in the business firmament.

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Inflation: Real reason Indomie reduced Prices of Popular Staple Food item Revealed

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A flagship brand under Dufil Prima Foods Limited, Indomie Instant Noodles, has announced a significant reduction in prices to ensure affordability for consumers amidst Nigeria’s escalating inflationary pressures.
The decision came as a response to mounting economic challenges faced by Nigerians, with the aim of maintaining accessibility to this popular staple food item.
And this has been confirmed by a recent survey conducted across various stores in Lagos, which revealed a notable decrease in the prices of Indomie products. The cost of the 70g pack of Indomie Regular Chicken noodles plummeted from N300 to N250 compared to the previous month.
Additionally, the price of a 40-pack carton of Indomie dropped from N12,000 to N10,000 within the same timeframe. Prior to this adjustment, Indomie’s prices had surpassed those of competing brands such as Mimee (N200) and Honeywell noodles (N250).
Temitope Ashiwaju, the group corporate communications & event manager at Dufil Prima Foods Limited, attributed the price reduction to favourable changes in operational costs.
He emphasised the company’s commitment to passing on benefits to consumers, stressing their dedication to fairness and affordability.
“We are never going to be taking advantage of the populace. We want to make profit, but in a fair way,” the spokesman added. “That is why we are determined to keep our products affordable to Nigerians.”
Contrary to speculations suggesting low patronage as the driving factor behind the price adjustment, Ashiwaju reaffirmed that the decision was rooted in the company’s ethos of customer-centricity and fairness.
Industry experts have hailed Dufil Prima’s move as influential, predicting a ripple effect that could prompt other brands to follow suit because Indomie’s dominant position in the market has positioned it as a price setter, prompting expectations for broader shifts in pricing strategies across the industry.
The price reduction by Indomie comes amidst a backdrop of economic challenges in Nigeria, characterised by soaring inflation rates.
Over the past nine months, Nigeria has witnessed a steady rise in headline inflation, driven primarily by government reforms such as the removal of petrol subsidy and naira devaluation.
As a result, food inflation has surged, exacerbating the financial strain on households and leading to an increase in poverty levels.
Despite these economic headwinds, a recent report by Euromonitor International indicates robust growth in the sales value of noodles within Nigeria’s formal market.

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Sosa Fruit Drink and Rite Sausages Thrill 60 Consumers with Movie Hangout and Freebies

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Sixty lucky fans of premium Sosa Fruit Drink and delicious Rite Sausages, owned by Rite Foods Limited, were treated to an exhilarating movie experience on Saturday, February 24th, 2024. These consumers, selected from an online Valentine’s Day engagement, enjoyed the romantic comedy “All’s Fair in Love” at the Silverbird Cinema in Ikeja City Mall.

The winners, along with their companions, received valuable gift items and expressed their gratitude to the award-winning brands for creating a memorable and refreshing afternoon. They savoured the variety of Sosa Fruit Drink flavours (Orange, Apple, Orange Passion Mango, Mixed Berries, and Cranberry) in both 35cl and 1-liter packs, alongside the popular Rite Spicy Beef and Bigi Beef Sausage Roll that have become consumers’ favourite.

“This event was an innovative way to show our appreciation for our loyal customers and celebrate the spirit of Valentine’s Day,” said Ms. Adebola Adeyinka, Assistant Marketing Manager, Rite Foods Limited. “We are committed to providing value and opportunities for our customers, and this event was a fun way to do just that.”

The free movie outing reinforces Rite Foods’ commitment to its core mission of putting consumers at the heart of everything they do. The company’s dedication to quality and value is evident in the numerous awards their products have received, including the “Outstanding New Product of the Year – Juice” award for Sosa Fruit Drink in 2023 and the “Best Value for Money – Sausage Brand” award for Rite Foods’ Sausage Roll in 2023.

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