Economy
Fitch Rates Seplat Proposed Dollar-Denominated Bond Issuance
By Dipo Olowookere
Last week, one of the companies listed on the Nigerian Stock Exchange (NSE), Seplat Petroleum Development Company Plc (Seplat) announced its intention to issue five or seven-year Dollar denominated bonds to foreign investors.
The notes would be issue to refinance the company’s debts, a statement signed by the oil firm had disclosed.
With investors gearing up for the exercise, one of the renowned rating agencies in the world, Fitch Ratings, has assigned expected senior unsecured ‘B-(EXP)’/’RR4(EXP)’ ratings to the proposed bond issuance.
This information was made known in a statement issued by Fitch on Wednesday, February 28, 2018, which was obtained by Business Post.
Also in the statement, Fitch assigned an expected Long-Term Issuer Default Rating (IDR) of ‘B-(EXP)’ with a Positive Outlook to Seplat.
According to the rating firm, the expected IDR assumes a successful refinancing in 2018, i.e., issuance of USD-denominated senior notes and signing of a new long-term revolving credit facility (RCF).
The assignment of a final IDR is contingent upon the successful completion of the refinancing, with terms and conditions in line with our current assumptions.
The assignment of a final rating to the notes is contingent upon receipt of final documentation substantially in line with draft documentation reviewed.
The ‘B-(EXP)’ IDR reflects Seplat’s small scale by production and reserves, concentration of onshore exploration and production (E&P) assets in Nigeria (B+/Negative), and the cash flow volatility that has been associated with its operating environment.
Specifically, between February 2016 and June 2017, Seplat’s performance was severely impacted by a militant attack and subsequent prolonged downtime at the Forcados oil pipeline and export terminal. The company also has large, albeit declining, receivables from state-owned Nigerian Petroleum Development Company (NPDC).
The force majeure was lifted in June 2017 and Seplat has been ramping up production at its main asset.
Fitch said the Positive Outlook assigned to Seplat reflects its view that the Amukpe-Escravos oil pipeline, which Seplat anticipates to be fully commissioned and operational in Q318, will somewhat mitigate cash flow volatility by providing a viable alternative export route to Seplat.
The successful completion and start of operations of the Escravos oil pipeline coupled with continued production ramp-up across Seplat’s upstream assets could result in an upgrade of the IDR to ‘B’.
Along with the post-restructuring capital structure, the rating captures Seplat’s financial profile over 2018-2020, with forecast funds from operations (FFO) net adjusted leverage expected to remain comfortably below the 3.5x negative sensitivity.
On the key rating drivers, Fitch said Seplat, as a small E&P company with onshore oil and gas assets in Nigeria, had its full year 2017 working interest (WI) production around 37 thousand barrels of oil equivalent per day (kboepd), split nearly equally between liquids and natural gas.
Its main assets are the Oil Mining Leases (OMLs) 4, 38 and 41, production at which was severely constrained in 2016-1H17 due to the closure of the Forcados oil pipeline and export terminal following an attack.
Fitch forecasts that Seplat will continue ramping up its daily oil and gas output to 68kboepd in 2021, which incorporates our conservative estimate of a 20 percent additional downtime on the management forecasts.
It also believes that even following Seplat’s expected production ramp-up in 2018-2021 it will remain a small E&P company with a significant onshore asset concentration in one country. Its WI production and reserves (end-2016 – 241mmboe of proved or 1P reserves) remain commensurate with the ‘B’ category rating for an E&P company.
Fitch said to avoid a repetition of a prolonged downtime experienced when force majeure was declared on the Forcados oil pipeline and export terminal, Seplat and the Nigerian authorities have been working on a number of security options and alternative export routes.
The Nigerian government has prioritised the completion of the 160kbopd Amukpe-Escravos oil pipeline. Seplat currently expects the pipeline to be fully commissioned and operational in 3Q18.
In addition to the Escravos pipeline, two jetties at the domestic Warri oil refinery have been upgraded to allow exports of 30kbopd gross.
However, this is a more expensive option as barging of crude is required and Seplat plans to use Escravos as the primary crude export route, supported by Forcados and the Warri refinery routes.
“We believe that these measures when fully operational should provide adequate flexible cover for Seplat’s export transportation needs, but nonetheless conservatively model additional downtime of 20% in our forecasts for 2018-2020,” the rating agency said in its report.
It noted that following the resumption of production at OLMs 4, 38 and 41 in June 2017, Seplat’s financial profile has improved materially.
“Our 2017 base case forecasts FFO at $134 million vs. negative $11 million in 2016 and FFO net adjusted leverage of 2.5x vs. 8.5x at end-2016.
“We expect that Seplat will maintain a conservative financial profile over 2018-2020, with positive free cash flow (FCF), FFO adjusted net leverage under 2.5x and interest coverage of at least 3x,” it said.
Seplat’s 2017 gas revenues of $124 million were up 18 percent year-on-year and its daily gas sales averaged 293MMscfd (gross, not WI) in 4Q17. Seplat aims to increase gas supply to the domestic Nigerian market. Its gas processing capacity stands at 525MMscfd, while current wells can deliver around 400MMscfd (gross).
Nigerian gas prices are largely de-linked from oil prices, e.g. while average realised oil prices dropped by 21 percent between 2015 and 2016, gas prices increased by 19 percent. Seplat projects a higher share of gas in its production volumes, from 50 percent in 2017 to 60 percent in 2021.
“We view positively the higher share of gas in the sales mix, as it provides a more stable source of revenues.
However, gas remains the smaller business and is projected to account for less than 25 percent of the company’s gross revenues in 2021. Gas sales are also subject to credit risks and FX risks, as USD-linked payments for gas are made in Naira,” Fitch stated.
The rating company said the senior notes and secured RCF are expected to be issued by Seplat and will benefit from pari-passu upstream guarantees from Seplat West Ltd (contributor to almost 100 percent of consolidated EBITDA in 2017), Newton Energy and Seplat East Swamp Ltd.
The RCF will further benefit from a security package including a pledge over the shares of Seplat West and Newton, thus ranking it ahead of senior notes under our recovery analysis.
The notes benefit from a standard high-yield covenant package including covenants on permitted payments, incurrence of indebtedness and issuance of preferred stock, merger, consolidation or sale of assets, investments, creation of certain liens, pari passu in right of payment, and contain no financial maintenance covenants.
On its key assumptions, Fitch said they were based on Brent price deck of $52.5/bbl in 2018, $55/bbl in 2019 and $57.5/bbl thereafter; successful renewal of licenses for OMLs 4, 38 and 41 that expire in June 2019; domestic gas prices of between $2.5/mscf and $3/mscf, in line with management forecasts; and daily oil and gas production volumes ramping up from about 37kboepd in 2017 to 68kboepd in 2021, including a 20 percent additional downtime on the management forecasts.
Other were Opex (excluding royalties) improving from about $7.5/boe in 9M17 to about $6.5/boe in 2020-2021, 20 percent more conservative than management forecasts; average capex of about $105 million in 2017-2021, in line with management forecasts; and other cash inflows and outflows as projected plus $100 million additional outflows assumed by Fitch in each 2019-2021.
On the assumptions that relate to recovery estimates, Fitch its bespoke recovery analysis considered Seplat’s value on a going-concern basis in a distressed scenario and assumed that the company would keep its operating licenses and would be restructured rather than liquidated.
Fitch also applied a 25 percent discount to the 2017 EBITDA reflecting its view of a sustainable, post-reorganisation level upon which it based the valuation of the company. The discount reflects risks associated with the oil price volatility, potential unplanned downtime and other adverse factors.
In addition, the 4.5x multiple was used to calculate a post-reorganisation enterprise value (EV), reflecting a mid-cycle multiple for oil & gas and metals & mining companies in the EMEA region. This considered that Seplat does not have any unique characteristic that would allow for a higher multiple, such as significant market share, or undervalued assets.
As per Fitch’s criteria, the new and prior ranking RCF is assumed to be fully drawn and it has also taken 10 percent off the EV to account for administrative claims.
The waterfall results in a 100 percent recovery corresponding to a ‘RR1’ Recovery Rating for the RCF. The noteholders could achieve a recovery of 70% (RR3) but are capped at ‘RR4’ (soft cap), in line with Fitch’s criteria as Seplat’s physical assets are located in Nigeria.
Fitch said it expects Seplat’s liquidity to improve post refinancing, supported by positive FCF generation and a manageable maturity profile.
Fitch-projected FCF is around $125 million in 2018 and $66 million in 2019 because as at December 31, 2017, Seplat had the equivalent of $437 million in cash.
Economy
Trump Earned over $1 billion Through Cryptocurrency; How Can an Ordinary Investor Earn $17,700?
Trump publicly criticized Bitcoin in 2021 but rapidly shifted his stance during the campaign, proposing to make the United States the “global cryptocurrency capital.”
After returning to the White House, he signed an executive order supporting the development of the digital asset industry. Meanwhile, reports indicate that Trump and his associated businesses have generated over $1 billion in gains through cryptocurrency.
As we enter 2026, cloud mining is emerging as a new area of interest amidst the continued development of computing infrastructure and digital asset markets. For the average investor, the question arises: how can one generate $17,700 in passive income—or even more—despite constant market volatility?
Cloud mining： represented by platforms like SHRMiner, is rapidly gaining market attention. By providing rentable computing power services and earning mining rewards, it allows users to access the complete cloud mining process and earn passive BTC income without purchasing expensive equipment or specialized skills.
Recently, SHRMiner, a UK-based cloud mining platform, officially launched a new “free cloud mining service.” This service is designed for holders of mainstream cryptocurrencies such as BTC, XRP, DOGE, LTC, and EHT, providing users with a new opportunity to participate in cryptocurrency mining without any entry barriers.
How to earn passive income from BTC through SHEMiner cloud mining
Start earning returns in just three simple steps:
- Register an account
By visiting the official SHRMiner website, users can register for a free account in less than two minutes and receive a $15 sign-up bonus; this bonus allows them to quickly experience the platform’s services and earn a daily return of $0.60 from a complimentary trial contract.
- Select a cloud mining plan
Choose a cloud mining plan that suits your needs and budget. The platform offers flexible plans ranging from $100 to $200,000 to meet the investment goals of different users.
- Start earning returns
After purchasing a contract, earnings are automatically settled within 24 hours without requiring additional management or action; users can withdraw their earnings to their cryptocurrency wallet addresses at any time or reinvest the profits to benefit from the compounding effect.
The primary advantage of this model is that it significantly lowers the barrier to entry. Users do not need to research specific mining hardware models or hashrate configurations, nor do they need to set up their own system environments; simply by registering an account, depositing assets, and selecting a mining plan, they can start earning returns.
SHRMiner Platform Advantages:
- Supports daily automatic settlement
- No additional electricity or maintenance costs required
- Utilizes advanced ASIC mining hardware, powered by renewable energy sources including hydropower, wind power, and solar power
- Supports mining for multiple currencies: earn mainstream cryptocurrencies such as BTC, XRP, ETH, DOGE, USDC, USDT, SOL, LTC, and BCH.
- Equipped with SSL encryption and DDoS protection, a real-time earnings dashboard for easy monitoring of mining performance
- 100% remote access, fully accessible via the SHRMiner application or browser without hardware requirements, and 24/7 online technical support.
⦁Affiliate Program: The Affiliate Program allows you to earn up to 4.5% commission by referring friends, with the opportunity to earn an additional bonus of up to 30,000.
Examples of common contracts:
| Contract Name | Price | Profit | Days | Principal + Total Return |
| New User Experience Agreement | $100 | $4 | 2 | $100+$8 |
| Bitdeer Sealminer A2 Pro | $500 | $6.25 | 5 | $500.00 + $31.25 |
| Litecoin Miner L9 | $1000.00 | $13.00 | 10 | $1000.00 + $130 |
| Bitcoin Miner S21 XP Imm | $5000.00 | $70.00 | 25 | $5000.00 + $1750 |
| Bitcoin Miner S21e XP Hyd | $10000.00 | $150.00 | 35 | $10000.00 + $5250 |
| ANTSPACE HW5 | $50000.00 | $900.00 | 45 | $50000.00 + $40500 |
After purchasing a contract, earnings will be automatically credited to your account within 24 hours. Upon contract expiration, your principal will be returned in full. You may withdraw the principal or reinvest it to benefit from compound returns; please click here for more details regarding the mining contract.
Unimaginable money-making opportunities
What sets SHRMiner apart is its extraordinary daily passive income; users have the opportunity to earn $10,700 or even more each day, turning the dream of online wealth into reality. Imagine generating substantial income without the need for ongoing investment or complex setups—that is exactly what SHRMiner offers.
Safety and Sustainability
In the mining sector, trust and security are paramount; SHRMiner fully recognizes this and prioritizes user safety above all else. Committed to transparency and legitimacy, SHRMiner ensures your investment is protected, allowing you to focus on profitability. All mining facilities utilize clean energy, making this a carbon-conscious cloud mining operation. Renewable energy protects the environment from pollution while providing a powerful energy source.
In short
If you are looking for ways to generate passive income, cloud mining is an excellent choice. When approached correctly, these opportunities allow you to effortlessly build cryptocurrency wealth on “autopilot” with minimal time investment. At the very least, they are far less time-consuming than any form of active trading. Passive income is the ultimate goal for every investor and trader, and with SHRMiner, maximizing your passive income potential is easier than ever.
To learn more about SHRMiner, please visit the official website: https://shrminer.com
Complete List Of The Top Crypto Platforms in Nigeria: Where to Trade Safely
As a Nigerian just getting started in crypto trading, or someone trying to rebuild their confidence after a bad trading experience, the fear of losing your hard-earned money is valid. This is why choosing a reliable crypto platform to carry out your trading is very important.
The good news here is that there are several trusted crypto platforms built to serve Nigerian traders, offering secure trading, fast withdrawals, and competitive fees.
In this guide, you will discover the top crypto platforms in Nigeria, what makes each one stand out, and how to choose the best option based on your trading goals.
Top 4 crypto platforms in Nigeria
NOSH
Nosh is one of the top platforms in Nigeria and Ghana with the best crypto trading services, offering the best rates for crypto trading, allowing you to get good value for your digital assets. With its user-friendly interface and 24/7 customer support, it is a very good option whether you are a new or experienced crypto trader.
With Nosh, you get:
- Instant payouts on every transaction, no unnecessary waiting.
- Advanced fraud protection with two-factor authentication to keep your account and transactions secure.
- Easy and direct conversion of crypto to Naira or Cedis within a few minutes; no need for third-party apps whenever you are ready to cash out.
- High exchange rates.
- Transparent rates with a rate calculator to know how much you will be getting.
Nosh supports a variety of cryptocurrencies such as Bitcoin, Dogecoin, USDC, USDT, Ethereum, Tron, Litecoin, and Binance Coin.
KUCOIN
KuCoin is another popular crypto platform known for its P2P (peer-to-peer) marketplace. With KuCoin, you can trade your crypto directly with a buyer or sell your crypto directly with a seller. KuCoin holds the crypto in escrow until the seller accepts that they have received the payment; this is done to avoid fraud from the buyer or seller of the crypto.
With KuCoin, you get:
- To carry out P2P trading with escrow protection.
- To use multiple payment method options like bank transfer, USSD, and mobile-money-linked options.
- Offers competitive and relatively low trading fees, especially if you’re holding KCS (KuCoin’s native token).
- Gives you access to spot trading, futures/derivatives, staking, and other earn products
KuCoin supports stablecoins such as USDT, USDC, and TUSD.
COINCOLA
Coincola is also a top platform ranked as one of the best P2P trading platforms for Nigerians. With Coincola, you get to buy and sell your Bitcoin and USDT with real-time price tracking. Coincola is your go-to platform if you need one that offers flexible funding options like cash deposit and bank transfers. However, there have been reports of withdrawal delays.
With Coincola, you get;
- A P2P marketplace to buy/sell Bitcoin and other coins directly from vendors, with their completed-trade counts shown upfront so u can trade with caution.
- Instant BTC conversion with real-time price tracking
- To use multiple local funding options like bank transfer, cash deposit, and gift cards
- An escrow system that holds your money until a trade is confirmed.
Coincola supports cryptocurrencies like USDT and TRON.
YELLOWCARD
Yellowcard is another popular crypto platform that offers not only P2P trading but also allows you to buy and sell assets like USDT, USDC, PYUSD, BTC, and ETH with regional payment options like mobile money, bank transfers, and cash deposit. However, in 2025 they announced they no longer offer crypto-to-cash retail services.
With Yellowcard, you get:
- Direct access to buy and sell crypto rather than waiting to match with individual P2P counterparties.
- To use multiple funding methods like bank transfer, mobile money, and cash deposits.
- Free local and cross-border transfers via “Yellow Pay” to 20 different countries in Africa.
Factors to consider when choosing a crypto platform
- Don’t just look at the advertised trading fee. Some platforms hide the extra cost, so your actual rate ends up higher than expected. Do a small test trade first and see what you actually receive.
- The best platform in the world is useless to you if it doesn’t support how you actually move money, whether it’s bank transfer or mobile money. Check that before you even sign up, not after.
- Some platforms convert instantly; others, especially P2P ones, need you to wait for a counterparty to show up. If you need your money fast, that difference matters a lot.
- If you specifically need USDC or another less-common stablecoin, don’t assume it’s there on the platform. Double-check the coin list before you commit to one.
- Support should not be silent when something goes wrong. Look for evidence people actually got helped, not just a “24/7 support” badge.
- If a platform can’t tell you clearly how they protect your money, that’s a red flag on its own. Always go for one that prioritizes security.
FAQs
- Which crypto platform is best in Nigeria?
The best crypto platform in Nigeria is Nosh. Nosh offers the best rates for selling crypto with direct crypto-to-naira conversion to easily change your crypto to cash when needed.
- Can I teach myself crypto trading?
Yes, you can. There are many platforms and tutors with tutorial videos and lessons on how to start crypto trading on your own.
- What is the most popular crypto in Nigeria?
The most traded cryptocurrency in Nigeria is Bitcoin, making it the most popular.
Conclusion
When you trust the right platform, your journey in crypto trading is safe and secure. Always look out for crypto trading platforms that meet your needs alongside keeping things like payment options, a good list of coins they support, and other factors mentioned in this article before committing to one.
Always start with a small test trade first to see what you are getting; it will help you get a better idea of how the platform works so you don’t fall victim to hidden charges not included in price tags by some platforms.
By Adedapo Adesanya
Okitipupa Plc was the sole price gainer at the NASD Over-the-Counter (OTC) Securities Exchange on Friday, August 7, lifting the trading platform by 0.44 per cent at the close of transactions.
The share price of the palm oil producer appreciated during the trading session by N25.00 or 9.0 per cent to N277.00 per unit compared with the previous day’s N252.00 per unit.
As a result, the market capitalisation gained N12.29 billion to close at N2,807 trillion, in contrast to the previous session’s N2.795 trillion, while the NASD Security Index (NSI) added 93.63 points to finish at 4,678.08 points compared with Thursday’s 4,657.59 points.
The bourse recorded a price loser yesterday, and this was Mass Telecoms Innovation Plc, which crashed by 3 Kobo or 9.4 per cent to settle at 32 Kobo per share versus the previous day’s 35 Kobo per share.
The volume of securities traded by investors plunged by 81.5 per cent to 535,7560 units from 2.9 million units, the value of securities slumped by 93.9 per cent to N6.0 million from N99.2 million, and the number of deals decreased by 41.9 per cent to 36 deals from 62 deals.
Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units transacted for N6.5 billion, and Central Securities Clearing System (CSCS) Plc with 77.0 million units exchanged for N5.5 billion.
GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, trailed by Infracredit Plc with 2.3 billion units valued at N6.5 billion, and Resourcery Plc with 1.1 billion units sold for N415.7 million.
