Economy
Abraaj ‘Takes Over’ 70% Stake in C&I Leasing

**As C&I Leasing Plans to Dilute Abraaj Holdings to 30%
**Mulls IPO, Rights Issue
By Dipo Olowookere
Information has it that Abraaj Group, the private-equity firm established in 2002 by a Pakistani businessman, Mr Arif Naqvi, is now acquiring about 70 percent stake in a Nigeria-based company, C&I Leasing Plc.
Recall that two days ago, the Nigerian firm announced that Abraaj had agreed to convert its $10 million loan stock to equity in the company.
A report by Bloomberg quoted Chief Executive Officer of C&I Leasing, Mr Andrew Otike-Odibi, as saying that Abraaj felt taking its funds out of the firm could wreck the business. As a result, it considered the option of staying to convert the debt to equity.
“Abraaj knows that pulling out $10 million will be detrimental to the growth of the business, so rather than cash out, they decided to convert (to the company’s shares),” Mr Otike-Odibi was quoted to have said by phone from Lagos.
With this, according to Bloomberg, “Abraaj Group, the private-equity firm that collapsed after defaulting on debt, will get a 70 percent stake in C&I Leasing Plc by converting a $10 million loan into equity in the Nigerian company.”
Mr Otike-Odibi further said already, C&I Leasing is planning a rights issue or an initial public offering that may dilute Abraaj’s stake to about 30 percent.
Abraaj, once one of the most high-profile private-equity companies in the Middle East until its dramatic failure last year, is being restructured by liquidators in a bid to settle more than $1 billion of its debts through asset sales.
Bloomberg said the firm’s Lagos office didn’t respond to an email seeking comment.
Business Post reports that C&I Leasing, which is presently on suspension with a share price of N1.78k per unit, announced in December 2018 that it was reconstructing its share capital by 75 percent on a ratio of four existing shares to a new share.
By our calculations, this will reduce the company’s share capital to about 404.3 million from 1.6 billion.
Economy
Stock Investors Suffer Valentine’s Day Heartbreak After N697bn Loss

Dipo Olowookere
It was a sad Valentine’s Day for local stock investors as the Nigerian Exchange (NGX) Limited depreciated on Friday by 1.02 per cent as a result of profit-taking.
This dragged the market capitalisation below N68 trillion because its value went down by N697 billion to N67.419 trillion from the N68.116 it closed on Thursday.
In the same vein, the All-Share Index (ASI) decreased by 1,118.09 points to 108,053.95 points from the 109,172.04 points recorded a day earlier.
The market bled yesterday as a result of the selling pressure across the key segments of the bourse except the industrial goods space, which closed higher by 0.78 per cent.
The consumer goods counter weakened by 5.01 per cent, the energy sector lost 2.34 per cent, the banking industry slumped by 0.75 per cent, and the insurance index depreciated by 0.15 per cent.
However, investor sentiment remained strong during the session. This was because the exchange ended with 38 price gainers and 28 price losers, implying a positive market breadth index.
BUA Foods slipped by 10.00 per cent to N373.50, DAAR Communications went down by 9.09 per cent to 70 Kobo, Aradel Holdings shed 6.90 per cent to trade at N530.00, Livestock Feeds tumbled by 6.09 per cent to N6.01, and Beta Glass plunged by 5.74 per cent to N95.20.
Conversely, Royal Exchange gained 10.00 per cent to sell for 99 Kobo, UPDC improved by 9.88 per cent to N3.78, The Initiates advanced by 9.76 per cent to N4.05, Red Star Express surged by 9.09 per cent to N6.00, and CWG increased by 7.41 per cent to N8.70.
A total of 478.8 million equities worth N13.9 billion exchanged hands in 15,613 deals on Friday versus the 427.1 million equities valued at N9.2 billion traded in 16,342 deals on Thursday, representing a fall in the number of deals by 4.46 per cent, and a growth in the trading volume and value by 12.11 per cent and 51.09 per cent apiece.
Leading the activity chart was Sterling Holdings with 88.6 million stocks valued at N531.8 million, Access Holdings transacted 29.7 million equities worth N835.1 million, Veritas Kapital traded 21.6 million shares for N26.0 million, AIICO Insurance exchanged 20.1 million stocks worth N34.6 million, and Honeywell Flour traded 18.4 million equities valued at N267.7 million.
Economy
Oil Prices Dip on Ease in Global Supply Disruptions Fear

By Adedapo Adesanya
Oil prices went down on Friday following ease in global supply disruptions with Brent crude declining by 28 cents or 0.37 per cent to settle at $74.74 a barrel and the US West Texas Intermediate (WTI) losing 55 cents or 0.77 per cent to quote at $70.74 a barrel.
For the week, it ended mixed with Brent gaining 0.11 per cent and the WTI depreciating by about 0.37 per cent.
Prices reacted to the prospects for a peace deal between Russia and Ukraine that could ease global supply disruptions by ending sanctions against the Vladimir Putin-led country.
President Donald Trump ordered US officials this week to begin talks on ending the war in Ukraine after Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskiy expressed a desire for peace in separate phone calls with him.
Market analysts noted that lifting sanctions on Russia in the event of a peace deal should boost global energy supplies.
Already, the International Energy Agency (IEA) said in its latest oil market report that Russian oil exports could be sustained if workarounds to the latest US sanctions package are found.
The US Treasury Secretary, Mr Scott Bessent, also said in an interview that the US could apply maximum economic pressure on Iran, a move that was reminiscent of Mr Trump’s first term which had driven Iran’s oil exports to near zero.
However, the losses were limited by a delay in US immediate reciprocal tariffs, which could be instituted back in April.Analysts from JPMorgan said global oil demand has surged to 103.4 million barrels per day, up by 1.4 million barrels per day from the prior year.
“Initially sluggish demand for mobility and heating fuels picked up in the second week of February, suggesting the gap between actual and projected demand will soon narrow,” the bank said on Friday.
US energy firms this week added oil and natural gas rigs for a third week in a row for the first time since December 2023, according to energy services firm Baker Hughes.
The oil and gas rig count, an early indicator of future output, rose by two to 588 in the week to February 14.
Economy
African Energy Bank Will Be Game Changer—Minister

By Adedapo Adesanya
The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, has said the African Energy Bank would change the energy fortunes of Nigeria and other African countries.
He gave this submission when he met with the President of the African Export-Import Bank (Afreximbank), Mr Benedict Oramah, in furtherance of ongoing engagements towards the commencement of operations by the lender.
The African Energy Bank is a collaborative effort between Afreximbank and the African Petroleum Producers Organisation (APPO). It is set to launch with an asset base of $5 billion, which is projected to grow to $120 billion in five years.
A statement by the minister’s spokesperson, Mrs Nneamaka Okafor, said the take-off of the bank would mark a significant milestone in Africa’s quest for energy security and sustainability.
The Minister described the bank as a landmark initiative poised to transform the continent’s energy landscape.
The statement added that Afreximbank, as a key partner, was transferring its full equity investment in the oil and gas sector, underscoring its commitment to driving energy infrastructure development across the continent.
During the meeting with Mr Oramah, Mr Lokpobiri reiterated Nigeria’s strong support for AEB and its pivotal role in unlocking Africa’s energy potential.
“Nigeria, as a leading oil and gas producer, is well positioned to leverage this transformative initiative,” the minister stated.
“We encourage industry players to seize this opportunity to invest in Africa’s energy future,” he added.
After their discussion, Mr Lokpobiri and Mr Oramah proceeded to the African Energy Bank headquarters for an inspection tour to assess the level of readiness ahead of the commencement of operations, the statement said.
“The visit provided first-hand insights into the bank’s operational preparedness and strategic alignment with Africa’s broader energy development goals,” it stressed.
Speaking on the significance of the bank, Mr Oramah emphasised the bank’s role in bridging Africa’s energy financing gap, saying, “The establishment of the Africa Energy Bank is a game-changer for the continent.”
The Afreximbank president commended Nigeria for taking the bull by the horns in hosting the headquarters of the bank. He expressed confidence in Nigeria’s oil and gas portfolio, saying the bank will not only benefit the energy sector in Africa, but will also guarantee immediate benefits for Nigeria.
Mr Lokpobiri reaffirmed Nigeria’s readiness to collaborate towards the success of the continental bank, describing it as a bold step.
“This bank represents a bold step in ensuring that Africa controls and finances its energy future. It is an avenue for stakeholders to invest in a self-sustaining energy sector that will drive industrialisation, job creation, and economic prosperity,” he said.
The statement said that as Africa prepared for the operational launch of the African Energy Bank, the Nigerian government called on industry stakeholders to engage proactively and explore the vast opportunities presented by the initiative.
“The successful take-off of the bank will mark a new era in Africa’s energy development, positioning the continent as a global force in the sector,” the statement added.
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