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Sun International Finalizes $14.4M Exit from Nigeria, Sells Interests to RFC

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Sun International Limited, run by Anthony Leeming, South African entrepreneur, has agreed to sell its Nigerian interests to Rutam Finance Company Limited (RFC) for roughly $14.4 million.

Sun International Finalizes $14.4M Exit from Nigeria, Sells Interests to RFC

The move is part of Sun International’s strategy to consolidate operations and focus on key markets. Sun International joined the Nigerian market in 2009, but has struggled in recent years due to a challenging operating climate.

This divestiture is consistent with the company’s strategic objectives and represents a shift in portfolio management.

Sun International, will sell a 43.3 percent ownership investment in Tourist Company of Nigeria PLC (TCN), which manages Lagos’ Federal Palace Hotel, to RFC for $1.875 million.

In addition, the group would pay off its whole $12.675 million credit to RFC, effectively exiting the Nigerian market. The corporation also intends to sell its remaining 6% ownership in TCN in due course.

The transaction, subject to customary closing conditions including as regulatory approvals, is estimated to create a cash inflow of about $14.41 million for Sun International.

These funds will be utilized to reduce debt.

Following the completion of the acquisition, TCN will no longer be included in Sun International’s financial statements.

This will reduce group debt by about $41.82 million, excluding IFRS 16 lease liabilities.

The closing is scheduled for no later than May 28, 2024, provided that all usual closing conditions are met. The Nigerian Competition Authority, the Securities and Exchange Commission, and the Nigerian Stock Exchange have all provided key clearances.

Sun International, founded in 1968 by the late Sol Kerzner, has grown into a renowned gaming and resort company under Leeming’s leadership.

In fiscal 2023, the company’s revenue increased by 7% to $646.14 million, while headline earnings increased by 86 percent to $55.35 million.

This demonstrates Sun International’s resiliency and strategic direction. Sun International’s pullout from Nigeria demonstrates the company’s dedication to streamlining its portfolio and pursuing growth possibilities in key areas.

With a rich history and a focus on the future, this transaction demonstrates the company’s commitment to create wealth for shareholders and stakeholders while also strengthening its position in the gaming and hospitality industries.

 

 


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Omniverse Africa Unveils Partners as Nigerian Gamers Compete for $1m Prize

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Omniverse Africa has disclosed that UEL Esports Inc., Unanimous Games and Game Evolution Esports will be premier partners for the Gaming Center at Omniverse 2025.

Omniverse Africa Unveils Partners as Nigerian Gamers Compete for $1m Prize

Charles Emembolu, co-convener of Omniverse Africa

This significant partnership will play a crucial role in delivering an exceptional gaming experience, highlighting Omniverse Africa’s dedication to innovation and excellence within the digital and creative ecosystems.

UEL Esports Inc., renowned for its one of a kind, multi genre gaming league, cutting-edge advancement and visionary contributions, will be integral in shaping the Gaming Center, promising an immersive and dynamic environment for all attendees.

Additionally, Game Evolution will serve as the gaming ecosystem and delivery partner for the center, ensuring top-tier experiences and seamless execution.

In a major highlight of this collaboration, an exhilarating gaming tournament will be featured at the Gaming Center.

This tournament, expected to be a central attraction of Omniverse 2025, will offer participants the chance to compete for a staggering prize pool of up to $1 million.

Nigerian gamers will have the opportunity to vie for these substantial rewards and gain invaluable experiences that could propel their gaming careers to new heights.

Charles Emembolu, co-convener of Omniverse Africa, commented: “We are thrilled to partner with UEL Esports Inc., and Game Evolution towards the Omniverse 2025. This collaboration aligns with our vision to create a transformative and engaging gaming environment. We are excited to witness the innovation and talent that will unfold through this partnership.”

Hannatu Musa-Musawa, minister of Arts, Culture, and Creative Economy, stated, “Omniverse Africa has taken a bold step to position Nigeria as a global leader in gaming by launching this major league with partners from Nigeria and USA. The Ministry stands behind this vision, and we look forward to fostering partnerships that will strengthen our creative economy and provide new opportunities for our youth,”

Briant Biggs, CEO of Unanimous Games, USA, added, “This partnership offers an exciting opportunity to inspire and empower gamers globally. Omniverse 2025 is the perfect platform for this mission.”

Titus Walker, CEO of UEL Esports Inc., also stated that’ “Becoming the premier partner for the Gaming Center at Omniverse 2025 is a remarkable opportunity for UEL Esports Inc. We look forward to showcasing our latest innovations and contributing to an exceptional event that will set new standards in the global gaming industry.”

Kunmi Adebimpe, founder of Game Evolution Esports, commented: “As the gaming ecosystem and delivery partner for the Omniverse Africa Gaming Center, Game Evolution is committed to bringing unparalleled experiences to the forefront. We are excited to collaborate with Omniverse Africa, UEL Esports Inc. and Unanimous Games to elevate the gaming experience and provide a platform for gamers to shine, globally.”

Omniverse Africa, Africa’s premium platform for integrating digital and creative ecosystems across the continent, will host its annual summit in Lagos, Nigeria, in February.

The synergy between UEL Esports Inc., Omniverse Africa, Unanimous Games and Game Evolution promises to make Omniverse 2025 an extraordinary event, celebrating talent and innovation in the gaming world.

Stay tuned for more updates on the tournament and how to participate, collaborate, compete or partner. The Omniverse Africa Summit 2025 promises a thrilling experience for gamers and enthusiasts alike.

 

 

 

 

 

 

 

 


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EverQuest Acquires FBNQuest

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FBN Holdings Plc has announced the sale of its 100 per cent equity stake in FBNQuest Merchant Bank Limited to EverQuest Acquisition LLP.

A statement filed with the Nigeria Exchange Limited by the Acting Company Secretary for FBN Holdings, Adeware Arogundade on Friday stated that the move comes after a competitive bidding process, with EverQuest Acquisition LLP a consortium comprising Custodian Investments Plc, Aion Investments, and Evercorp Industries emerging as the preferred bidder.

FBNQuest is the unified brand identity for the merchant banking and asset management businesses of FBN Holdings.

EverQuest Acquisition LLP is a consortium of three companies, including Custodian Investments PLC, Aion Investments Limited, and Evercorp Industries, founded in June 2024.

“By the Nigerian Exchange Limited Rulebook, we at this moment notify the Nigerian Exchange Limited and the investing public that FBN Holdings Plc has entered into a Share Sale and Purchase Agreement to divest its 100 per cent equity stake in its wholly owned subsidiary, FBNQuest Merchant Bank Limited. This sale aligns with the company’s strategy to optimise its portfolio within the group.

“Following a competitive bid process, EverQuest Acquisition LLP (comprising Custodian Investments PLC, Aion Investments and Evercorp Industries) was selected as the preferred bidder. The completion of the sale is subject to approvals from the relevant regulatory authorities,” the holding firm added.

The company disclosed the development through a share sale and purchase agreement, highlighting that the transaction was subject to approval by the relevant regulatory authorities.

FBN Holdings emphasised that the divestment aligned with its broader strategy to streamline its portfolio for enhanced growth and focus across the group.

FBNQuest Merchant Bank’s gross earnings for 2023 rose by 43.1 per cent year-on-year to N35.5bn.


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US Blocks Nigerian’s Cryptocurrency Fraud, Imposes $50,000 fine

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The Kansas Attorney General’s Office successfully thwarted an attempt by Bimbo Toyin Akinyemi, a Nigerian national, to defraud a Kansas resident of cryptocurrency.

This was revealed in a statement titled, “State of Kansas, U.S., Thwarts Attempt by Nigerian Crypto Scammer to Defraud Resident, Attracting Over $50,000 in Civil Penalties.”

BitKE, known for reporting on Bitcoin, crypto, and blockchain activity in Africa, disclosed the news on Monday via its X handle #BitcoinKE.

According to the Attorney General’s Office, Akinyemi promised the victim a large return for investing in cryptocurrency. Court documents show that Akinyemi entered into a contract with the unnamed victim on 15 July 2023, where the victim was to purchase Bitcoin and deposit it into Akinyemi’s ‘investment wallet address,’ with an expected return of $500 to $1,240.

Akinyemi exploited the victim’s lack of understanding of cryptocurrencies, misleading them by concealing the traceability of fund transfers and falsely claiming that depositing funds into a digital wallet would ‘activate’ it as an investment account. After receiving the deposits, Akinyemi transferred the funds to his own account.

A fraudulent $1,000 cheque was then sent to the victim, which was never cashed. The Kansas Attorney General’s Office stated that the victim is entitled to a refund of their $250 investment, and Akinyemi is responsible for $50,000 in civil penalties for five violations, $4,000 in investigation fees and expenses, and all court costs.

The Charities and Financial Scams Unit of the Attorney General’s Office filed a lawsuit against Akinyemi under the Kansas Consumer Protection Act.

Authorities seized Akinyemi’s wallet, which reportedly contained half of a Bitcoin valued at over $28,900, as well as other digital currency worth more than $4,000.

A local judge issued a default judgment against Akinyemi after they failed to respond to the summons and petitions sent to their email address. In addition to the financial penalties, Akinyemi has been prohibited from engaging in consumer transactions within the state.

“Cryptocurrency is a borderless asset that allows international scammers to target and defraud Kansans from the comfort of a keyboard,” said First Assistant Attorney General Nathanial Castillo.

“Scammers realise they have a better chance of getting away with fraud if they convince victims to send cryptocurrency. Kansans should always thoroughly scrutinise anyone they meet online before sending payment in cryptocurrency.”

The U.S. Department of Justice (DoJ) and the FBI were also part of the investigations.


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