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Afreximbank, Starcomms Ink N9.7Bn Deal

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Jean-Louis Ekra, chairman and president, African Export-Import Bank
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Africa Export Import Bank (Afreximbank) has concluded arrangements to extend a loan facility of $62 million (N9.7 billion) to new owners of Starcomms, Capcom to facilitate the acquisition of the latest fourth generation (4G) technology,  according to a report in Leadership Newspaper.

Capcom plans to invest $210 million, consisting of selected assets of Multi-Links and MTS, two Code Division Multiple Access (CDMA) operators valued at $112 million and $98 million in cash into Starcomms as part of the proposed transaction.

Starcomms has since issued shares representing 90.5 per cent of the total new share capital to Capcom in exchange for its investment and is awaiting regulatory approvals.

Investigations by Leadership Newspaper showed that the African regional bank would fund a large part of the transaction with the sale of Multi-Links Limited fibre cable assets to Suburban FibreCo, a broadband operator with lots of dark fibre cables in the country.

The sale will raise needed cash required to make the deal a success and thereafter enable it launch Long Term Evolution (LTE) network with its 20MHz spectrum.

A fully binding sale and purchase agreement to purchase these assets is being finalised between Capcom and Suburban FiberCo. Suburban FiberCo is expected to satisfy its obligations under the sale and purchase agreement through a credit facility by Afreximbank and equity.

Multi-Links Limited was acquired by Helios Towers Nigeria (an infrastructure service provider that builds and rents towers to operators) in 2011 from Telkom of South Africa for $10 million following a trade partnership dispute which had to be resolved by a high court in Nigeria. Telkom SA acquired Multi-Links between 2007 and 2009 for $410 million.

It was learnt that the parent investors behind Helios Towers Nigeria, Helios Investment Partners (HIP) are the same people behind Capcom.

 Capcom consists of the following principal entities: Helios Investment Partners, an Africa-focused private investment firm which manages funds in excess of $1.7 billion which also owns Interswitch Limited, a leading e-payment and transaction switching company in Africa.

Other investors are MBC, a private trust with a focus on investing in emerging markets; Oldonyo Laro Estate, a private family office based in Kenya with over 40 years experience of investing in Africa across numerous industries as well as the Asset Management Corporation of Nigeria (AMCON) which took over MTS Wireless, an indebted mobile operator that is involved in the Starcomms transaction deal.

Mr. Dem Elesho, chief executive officer of Multi-Links and CEO designate of the new Starcomms, confirmed to Leadership that Capcom would fund the transaction through a mixture of equity, debt and asset sales.

As part of the transaction Capcom has raised $50 million of equity from a limited number of key investors which has been deposited into escrow account ahead of the annual general meeting (AGM) which held on December 28, 2012.

Capcom’s turnaround strategy for Starcomms is based on a consolidation of the CDMA market and using the increased spectrum to shift its business model to the profitable data segment.

 The company has reduced outstanding financial debt from N31.9bn in Q1 2010 to N15.1bn as at Q3 2012. Starcomms has seen declining sales and earnings before interest taxation depreciation and amortization (Ebitda) since third quarter 2010.

It has been unable to pay major infrastructure suppliers and invest in the network has exasperated the decline in the operating performance. Company has stopped all debt service to conserve cash, effectively going into consensual lender default.


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UK–Nigeria Skills and Schools Trade Mission Concludes with Strong Foundations for Education Partnership

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A high-level UK delegation has concluded a week-long skills and schools trade mission to Nigeria, marking a significant step forward in education and skills cooperation between the two countries.

Running from 19-23 April 2026 across Abuja and Lagos State, the mission brought together leading UK private schools, skills providers, and education institutions with Nigerian partners, schools, and the Honourable Minister of Education Dr Tunji Alausa.

The mission follows the high profile and well received state visit to the UK in March, which also included education engagements.  Supported by the UK’s Department for Business and Trade (DBT), the mission forms part of its new International Education Strategy, under which Nigeria has been identified as one of five priority education markets, spearheaded by Professor Sir Steve Smith, who is looking forward to visiting the country again this year.

The mission focused on in-country delivery of education, the establishment of world-renowned UK schools in Nigeria, and the development of skills and Technical and Vocational Education and Training (TVET) systems aligned with industry demand.

In Abuja, the delegation met with Nigeria’s Honourable Minister of Education, Dr Tunji Alausa, securing strong political backing for UK–Nigeria education partnerships and set the groundwork for ongoing institutional collaboration across both schools and skills.

In Lagos, delegates engaged further with potential partners and investors. In both cities the delegation was thrilled to visit local British curriculum schools and colleges to further enable them to experience first-hand the teaching and learning environment.

British Deputy High Commissioner, Jonny Baxter, said: “The UK and Nigeria share a deep and longstanding relationship, and opportunities in education are one of its most exciting frontiers.

“This mission has demonstrated the strong appetite on both sides to deepen collaboration in education and skills.”

“By bringing together UK schools and skills providers with Nigerian partners and policymakers, we are laying the foundations for even more long-term partnerships that support Nigeria’s education priorities, strengthen skills aligned to industry needs, and create opportunities for sustainable, in-country delivery as well as positioning Nigeria as the regional hub for high quality education.”

DBT Head of International Education, Sarah Chidgey, said: “This mission is a perfect example of the International Education Strategy being put into action, building on multiple two-way visits and the UK and Nigeria’s warm relationship. It has been heartening to see all the progress in UK Nigeria education collaboration since my first visit to Nigeria, as part of a wider delegation, in 2022.”

DBT’s mission concluded with a strong pipeline of follow-up activity, including targeted one-to-one meetings, MoU discussions, and agreed next steps between UK and Nigerian counterparts.

 


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Tinubu Seeks Senate Approval for $516m Sokoto-Badagry Highway Loan

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President Bola Tinubu has requested Senate approval for a $516.3 million foreign syndicated loan to fund key sections of the Sokoto-Badagry superhighway, a cornerstone of his Renewed Hope Agenda.

Tinubu Seeks Senate Approval for $516m Sokoto-Badagry Highway Loan

Tinubu

 

In a letter read by Senate President Godswill Akpabio during Thursday’s plenary, Tinubu invoked Sections 16 and 21 of the Debt Management Office Act, 2011, to secure financing via Deutsche Bank AG for Sections 1, Phase 1A, and 1B. The 1,000-kilometre project will span Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos states, linking Illela to Badagry and boosting trade, connectivity, and goods movement.

The nine-year loan, with a three-year grace period and interest at SOFR plus 5.3 per cent, includes a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC). The Federal Government will provide over ₦265 billion in counterpart funding for land acquisition and infrastructure.

Akpabio referred the request to the Senate Committee on Local and Foreign Debts for a one-week turnaround report. He endorsed the borrowing, stating it advances road safety and national integration.

The highway aims to cut travel times and stimulate economic corridors, with the Federal Executive Council already approving the plan.


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Karex, World’s Top Condom Maker to Hike Prices due to Iran war

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Karex, world’s largest condom maker, plans to raise prices by up to 30 percent due to supply disruptions linked to the Iran war.

Karex, World's Top Condom Maker to Hike Prices due to Iran war

This means that safe sex could get more expensive if the war continues to disrupt global supply chains, according to Goh Miah Kiat, CEO, Karex.

Kiat told old Reuters that rising freight costs and shipping delays have increased demand and forced the company to pass costs to customers.

Broader supply chain issues and higher oil prices could impact many everyday products that rely on petrochemicals.

“The situation is definitely very fragile, prices are expensive… We ​have no choice but to transfer the costs right now to ⁠the customers,” Goh told Reuters.

Karex joins a growing list of companies that are bracing for supply chain disruptions amid the ongoing war in Iran.

Based in Malaysia, Karex produces condoms, personal lubricants, gloves, medical catheters and probe covers.

The company manufactures male latex condoms including ONE, Trustex, Carex and Pasante, and it can produce over 5 billion condoms annually. Karex also exports to more than 130 countries, according to its website.

“We’re seeing a lot more condoms actually sitting on vessels that have not arrived at their destination but are highly required,” Goh said.

 


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