By Aduragbemi Omiyale

The N3.1 billion shares of Ellah Lakes Plc converted from debt to equity have been listed on the Nigerian Exchange (NGX) Limited.

The equities from the exercise were taken to the stock exchange for listing last Wednesday to increase the total issued and fully-paid shares of the organisation.

Business Post reports that the company used a total of 1,104,386,890 ordinary shares of 50 Kobo each at N2.8 per unit to pay up about N3.1 billion debt incurred by the firm.

The board of Ellah Lakes was given the authority to convert the company’s outstanding debt into equity at its Annual General Meeting (AGM) on December 5, 2024, in Lagos.

In a notice to investing public last week, the NGX said, “Trading licence holders are hereby notified that additional 1,104,386,890 ordinary shares of 50 Kobo each of Ellah Lakes Plc were on Wednesday, March 5, 2025, listed on the daily official list of Nigerian Exchange (NGX) Limited.

“The additional shares listed on NGX arose from Ellah Lakes Plc’s conversion of N3,092,283,294.81 debt to equity.

“With this listing of the additional 1,104,386,890 ordinary shares, the total issued and fully paid-up shares of Ellah Lakes Plc have now increased from 2,753,786,788 to 3,858,173,678 ordinary shares of 50 Kobo each.”

The conversion of the company’s debt to equity came after one of its largest shareholders, CBO Capital, offloaded about 81 million units of the organisation’s equities at the stock market recently.

By Adedapo Adesanya

Thailand’s Securities and Exchange Commission (SEC) has approved the use of Tether’s stablecoin, USDT, as a currency.

According to a statement on Monday, the approval enables USDT to be traded within the country, facilitating its listing on regulated exchanges and paving the way for USDT to be accepted for payments, which advances the region’s leadership in digital asset innovation.

The updated regulations aim to enhance flexibility in digital asset businesses and will take effect on March 16, 2025.

This comes after the Thailand regulator sought public feedback on these changes, which were finalized in February 2025 with widespread industry support.

“The regulator’s recognition of USDT as an approved cryptocurrency marks a pivotal moment in the evolution of digital assets in the region and represents a major step toward clarifying and enhancing Thailand’s regulatory framework.

“This will provide investors with greater flexibility and choice while fostering a more dynamic and resilient industry. By enabling the seamless integration of USDT, the decision supports the diversification and modernization of Thailand’s financial landscape,” the statement added.

Thailand is one of the friendliest jurisdictions for digital assets in recent years and ranks among the top 20 countries globally in terms of adoption.

USDT accounts for around 40 per cent of volumes.

Tether’s USDT with a market cap of $142 billion, is the world’s most widely used stablecoin, providing a trusted, efficient bridge between traditional fiat systems and digital economies.

Speaking on the development, Mr Paolo Ardoino, CEO of Tether, said it will continue to boost its services and offerings in more friendly markets.

“We highly value the Thai market and are continuously exploring ways to enhance our services and offerings. Our priority is to provide users in Thailand with a secure, transparent, and reliable stablecoin experience.

“We are committed to supporting the long-term success and adoption of stablecoins in Thailand and look forward to contributing to the growth of the country’s digital asset ecosystem by fostering a strong and sustainable stablecoin infrastructure.”

Thailand’s forward-thinking approach to digital asset regulation sets a global benchmark, and Tether is proud to see USDT play a pivotal role in driving economic progress and digital transformation in the region.

Tether added that this approval confirms its dedication to building bridges between traditional and decentralized economies while ensuring security, trust, and efficiency for users worldwide.

“Thailand’s forward-looking stance on stablecoins is reflected in its vibrant, Thai baht-backed digital asset market,” it added.

By Modupe Gbadeyanka

The Naira-for-crude deal with the Dangote Refinery and other local refineries has been suspended by the Nigeria National Petroleum Company (NNPC) Limited, TheCable is reporting.

The agreement, approved by President Bola Tinubu, officially commenced on October 1, 2024, after Mr Aliko Dangote expressed frustration at efforts to starve him of crude oil.

He had claimed that the NNPC was requesting to sell the commodity, which Nigeria has in abundance, in foreign currencies, especially in USD (Dollar).

Mr Tinubu later intervened, directing the NNPC to sell crude oil to him and other local refiners in the country’s currency, the Naira.

In the past few weeks, Dangote Refinery and the NNPC have engaged in a silent price war as regards the pump price of Premium Motor Spirit (PMS), otherwise known as petrol.

The private refiner has slashed its ex-depot price to N825, with its retail partners selling to customers at N860 per litre.

The state-owned oil agency, the NNPC, has been forced to bring down the price of the product at its retail stations at N860 per litre to remain in business.

In its report, it was stated that the NNPC has informed domestic refiners that it has forward-sold all its crude until 2030 despite witnessing improvement in output.

It was disclosed that the NNPC and Dangote Refinery declined to comment on this development when contacted.

It is believed that the purported suspension of the Naira-for-crude deal could lead to a hike in petrol price in the country in the coming weeks.