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FG begins N4tn GenCos debt repayment with bonds

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The Federal Government has begun the process of repaying the N4tn debt owed to Power Generation Companies with the launch of a N590bn first-tranche bond issuance.

The initial tranche, part of a wider N4tn NBET Finance Company Plc Bond Programme, is guaranteed by the Federal Government. It comprises N300bn in cash bonds to be issued to the market and N290bn in non-cash bonds to be directly allotted to GenCos on identical terms.

The PUNCH learnt that details contained in the bond term sheet obtained by our correspondent on Tuesday revealed that the Series 1 bond will be issued between November and December 2025. CardinalStone Partners Limited is serving as the lead issuing house and financial adviser.

According to the term sheet, “Series 1 Tranche A involves N300bn issued to the market for cash, while N290bn under Tranche B is allotted to the GenCos on identical terms. The bond will be issued between November and December, with a seven-year tenor on a fixed-rate coupon, redeemed on an amortising basis and paid semi-annually in arrears.”

The bond issuance marks a major step by President Bola Tinubu’s administration to resolve what experts describe as one of the most crippling financial crises in Nigeria’s power sector. The Series 1 bond carries a seven-year tenor, a fixed coupon rate, and semi-annual interest payments, and will be amortised over its lifespan.

It will be listed on the Nigerian Exchange and the FMDQ Securities Exchange, and will qualify under the Trustee Investment Act, making it eligible for investment by pension fund administrators, banks, asset managers, insurers and high-net-worth investors.

The issuer also retains the discretion to absorb oversubscription of up to N1.23tn, creating room for additional non-cash bond allocations to GenCos if required.

The term sheet added, “Pricing will be based on the yield of the seven-year FGN bond plus a spread, and the issuance will be conducted through a book-build process. The minimum subscription is N5m, representing 5,000 units at N1,000 each, with additional subscriptions in multiples of N1,000.

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“Proceeds from the issuance will be used to settle outstanding liabilities owed to GenCos. The instrument is guaranteed by the full faith and credit of the Federal Government, enjoys CBN liquidity status, meets PenCom compliance requirements, qualifies under the Trustee Investment Act, and will be listed on both the Nigerian Exchange Limited and the FMDQ OTC Securities Exchange.”

It further noted that “oversubscription may be absorbed at the discretion of the issuer up to a maximum of N1,230,000,000,000 approved for Phase 1 of this transaction. The issuer reserves the right to increase the size of the non-cash bonds to be issued to the GenCos under any Series or accommodate additional allotments as may be required.”

Nigeria’s power sector has been weighed down for years by NBET’s inability to settle GenCos’ invoices due to chronic under-remittance by electricity distribution companies (DisCos).

GenCos have repeatedly complained that mounting debts, currently estimated at N4tn and projected to reach N6tn by year-end, have crippled their operations, weakened gas supply contracts, and forced several power plants to run far below capacity.

This liquidity shortfall has contributed significantly to recurrent grid collapses, poor generation output, and unstable electricity supply nationwide. The bond is fully guaranteed by the Federal Government, enjoys Central Bank liquidity status, and meets PenCom requirements for pension fund investments.

Repayment will be funded primarily through the national budget, with NBET’s recoveries from DisCos serving as a secondary source. CardinalStone Partners Limited, the lead issuing house and financial adviser for the forthcoming Federal Government-backed Electricity Bond, has invited institutional investors to an investor forum ahead of the planned.

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In a mail notice to investors, the firm said the seven-year bond, with a coupon range of 16.25 per cent to 16.75 per cent, is designed to support ongoing electricity market reforms, with proceeds directed toward strengthening the power sector.

The instrument carries a full sovereign guarantee and will be listed on both the Nigerian Exchange Limited and FMDQ Securities Exchange.

The mail read, “Dear Valued Investor, Trust this email finds you well. In Furtherance of the upcoming FGN-backed Electricity Bond, which is scheduled to open soon, with a tenor of 7 years and a coupon range of 16.25 per cent–16.75 per cent. The bond programme is structured to deliver direct impact to the power sector, with proceeds applied towards strengthening electricity market reforms.

“It also carries a full sovereign guarantee, providing comfort comparable to traditional FGN bonds. The bond notes will be listed on both the NGX and FMDQ and will benefit from the PenCom waiver. While recognition by the CBN for repo and collateral purposes is yet to be obtained, feedback on this will be available shortly.”

The firm added that the bond would also benefit from the National Pension Commission waiver, although approval from the Central Bank of Nigeria for repo and collateral eligibility was still being processed.

CardinalStone noted that the Presidential Power Sector Debt Reduction Committee, chaired by the Minister of Finance and Coordinating Minister of the Economy, would lead the engagement with investors at a virtual forum scheduled for Wednesday, December 10, 2025.

The session is expected to bring together banks, pension fund administrators, asset managers, insurance firms, and other major stakeholders to provide clarity on power sector reforms and encourage market participation in the N1.23tn bond issuance under the Power Sector Multi-Instrument Issuance Programme.

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Registration for the event, which will be held via Zoom, is compulsory, the notice added.

“Based on the above,  the Presidential Power Sector Debt Reduction Committee, under the distinguished leadership of the Honourable Minister of Finance and Coordinating Minister of the Economy, in collaboration with our firm we are pleased to invite you to the Investor Forum for the N1.23tn Power Sector Bond Issuance (“the Issue”) under the Power Sector Multi-Instrument Issuance Programme (“the Programme”).

“The forum will convene key institutional investors in the Nigerian Capital Market, including Banks, Pension Fund Administrators, Asset Managers, Insurance Companies, and other power sector stakeholders.

“Our goal is to provide clarity on ongoing power sector reforms, outline the planned bond issuance, and foster strong market participation. You are invited to join this engagement as a critical stakeholder in shaping the future of the Power sector in Nigeria,” the notice concluded.

An official familiar with the development, who spoke on condition of anonymity due to lack of authorisation to speak on the matter, said the power generation companies had been invited to a meeting scheduled for Wednesday, likely to discuss details of the planned electricity bond. The source added that the bond issuance had so far raised “more questions than answers” among sector stakeholders.

“Gencos have been invited for a meeting tomorrow. The meeting will most likely be to discuss the details of the bond. The bond issuance actually raises more questions than answers,” the official said.

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Inside details of arms, ammunition, cars recovered from suspected coup plotters

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PREMIUM TIMES has obtained exclusive details of arms, ammunition, vehicles and cash recovered from military officers and civilians suspected of plotting to overthrow President Bola Tinubu’s government last year.

An inter-agency probe panel, constituted by the government and led by the Chief of Defence Intelligence, Emmanuel Undiandeye, a lieutenant general, has concluded its investigation into the failed coup attempt. Its findings revealed an elaborate scheme and persons involved in reconnaissance, funding, and propaganda operations.

Our sources confirmed that investigators recovered two gun trucks, anti-aircraft (AA) guns, PKT guns, RPG bombs, AK-47 rifles, ammunition and tactical gear from a lieutenant colonel attached to the army’s 130 Battalion.

In addition to the weapons and ammunition traced to the suspects, investigators seized four Toyota Hilux trucks, one Toyota Prado SUV, two Toyota saloon cars, and 32 Volkswagen Golf vehicles allegedly procured for covert operations.

Investigators found that the vehicles were acquired for movements to gather intelligence and enable discreet access to sensitive locations, including airports and other strategic facilities.

“The cars were used to move operatives around without attracting attention and to conduct reconnaissance activities linked to the plot,” one source said.

The investigation also identified retired Major General Adamu as one of the key figures connected to the network. He remains at large, alongside three other suspects.

Intelligence sources disclosed that one of the fleeing suspects was tracked to a country in Southern America, although his exact location remained undisclosed for security reasons.

Multiple security agencies are now working together to dismantle the remaining cells linked to the plot, with ongoing surveillance and cross-border intelligence coordination.

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Our sources said authorities are awaiting presidential approval to formally announce a court-martial to try the soldiers involved.

PREMIUM TIMES had reported that 16 military officers were initially arrested for direct participation, but the constitution of a special investigative panel, led by General Undiandeye, later led to additional arrests.

“At least 25 military officers and personnel are expected to face trial in connection with the coup attempt,” one source familiar with the investigation said.

An unspecified number of civilians are currently in custody, being held and investigated by the Economic and Financial Crimes Commission (EFCC) and the State Security Service (SSS) for alleged roles in financing, logistics, and coordination.

Sylva, retired general, accused of bankrolling coup plot’

A former governor, Timipre Sylva, who served as Minister of State for Petroleum Resources under former President Muhammadu Buhari, has been accused of bankrolling the coup plotters and remains at large.

PREMIUM TIMES gathered that Mr Sylva allegedly transferred almost N1 billion in multiple tranches to three separate bank accounts operated by a Bureau De Change operator to fund the conspiracy.

The coup was initially scheduled for 29 May 2023, during the presidential inauguration, when power was handed over from Mr Buhari to Mr Tinubu. However, the plan was suspended due to insufficient funds and inadequate logistical arrangements, sources said.

The conspirators reactivated their plans in 2024 after raising some funds, investigators found.

In an earlier report, sources with direct knowledge of the investigation told PREMIUM TIMES that the plotters marked several top government officials for assassination, including President Tinubu, Vice President Kashim Shettima, Senate President Godswill Akpabio, and Speaker of the House of Representatives, Tajudeen Abbas.

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Further investigation has now revealed that the conspirators also targeted the service chiefs and the Commander of the Guards Brigade for assassination.

“There are other people targeted, but those are the key targets,” one source said.

Some officers were assigned to seize control of the Presidential Villa, Niger Barracks, the Armed Forces of Nigeria (AFN) Complex, and Nnamdi Azikiwe International Airport in Abuja.

The plotters also planned to detain senior military officers, including the service chiefs. “They did not want to kill them,” one source added.

According to multiple sources, the conspirators intended to assassinate the political leaders simultaneously.

“They were waiting for a day when all of them would be in the country,” one official said. “Wherever they were, they would be assassinated.”

The sources said the plotters relied on informants within the Presidential Villa and around the officials slated for elimination.

“They have people inside the Villa who monitor the movements of these officials,” one source said. “The plan was to kill them at the same time and install a military government.”

Coup investigation report transmitted

On Monday, the Defence Headquarters announced that the investigation had been completed and forwarded to “appropriate superior authority in line with extant regulations.”

The military disclosed that the findings identified “several officers with allegations of plotting to overthrow the government,” describing such conduct as “inconsistent with the ethics, values and professional standards required of members of the Armed Forces of Nigeria.”

The suspects were captured in a covert intelligence operation coordinated by the Army Headquarters and the SSS.

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Credits: PREMIUM TIMES

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US Justice dept releases documents, images, videos from Epstein files

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The US Justice Department began releasing millions of new pages on Friday from the Jeffrey Epstein files along with photos and videos, adding fuel to the politically explosive case that has dogged President Donald Trump.

Deputy Attorney General Todd Blanche said the White House played no role in the review of the extensive files related to the convicted sex offender, a former friend of Trump.

“They did not tell this department how to do our review, what to look for, what to redact, what to not redact,” Blanche said at a press conference.

The Justice Department said some of the documents being released contained “untrue and sensationalist claims” about the 79-year-old Trump submitted to the FBI before the 2020 presidential election.

But Blanche — who previously served as Trump’s personal lawyer — dismissed suggestions that embarrassing material about the president had been redacted from the more than three million documents, 180,000 images and 2,000 videos being released on Friday.

“We did not protect President Trump,” he said. “We didn’t protect or not protect anybody.”

Blanche said all images of girls and women were being redacted aside from those of Ghislaine Maxwell, who was convicted of trafficking underage girls for Epstein and is serving a 20-year prison sentence.

However, a statement by survivors of Epstein’s alleged abuse claimed identifying information about them still remained in the files, “while the men who abused us remain hidden and protected.”

The letter signed by 19 individuals, some using aliases or initials, demanded “the full release of the Epstein files” and that Attorney General Pam Bondi directly address the matter when she testifies before Congress next month.

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A wealthy US financier, Epstein died in a New York prison cell in 2019 while awaiting trial for sex trafficking of underage girls. His death was ruled a suicide.

Previous document releases have shed light on Epstein’s ties to top business executives such as Microsoft’s Bill Gates, celebrities such as filmmaker Woody Allen, academics and politicians, including Trump and former president Bill Clinton.

In a draft email among the documents published on Friday, Epstein said Gates had engaged in extramarital affairs, a claim the Gates Foundation denied in a statement to The New York Times.

“These claims — from a proven, disgruntled liar — are absolutely absurd and completely false,” it said.

In other emails, Epstein connected Steve Tisch, 76, producer of the movies “Forrest Gump” and “Risky Business” and the co-owner of the New York Giants football team, with multiple women.

In one exchange with Tisch, Epstein describes a woman as “russian, and rarely tells the full truth, but fun.”

– Conspiracy theories –

Trump’s right-wing base has long been obsessed by the Epstein saga and conspiracy theories that the financier oversaw a sex trafficking ring for the world’s elite.

Only one person — Epstein’s former girlfriend Maxwell — has ever been charged in connection with his crimes, and Blanche appeared to play down expectations that the latest files would lead to further prosecutions.

Trump and Clinton both figure prominently in the records published so far but neither has been accused of wrongdoing.

A Republican-led House panel voted recently to launch contempt of Congress proceedings against Bill and Hillary Clinton over their refusal to testify before its probe into Epstein.

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Trump, who used to move in the same social circles as Epstein in Florida and New York, fought for months to prevent release of the vast trove of documents about the disgraced financier.

But a rebellion inside his Republican Party forced him to sign off on a law mandating release of all the documents.

Trump has given varying accounts of why he eventually fell out with Epstein. He has criticized the file dumps, expressing concern that people who “innocently met” Epstein over the years risked having their reputations smeared.

The Epstein Files Transparency Act called for all of the documents held by the Justice Department to be published by December 19.

Blanche said Friday’s release “marks the end of a very comprehensive document identification and review process to ensure transparency to the American people.”

He blamed the delay on the need to painstakingly carry out redactions that protected the identities of Epstein’s more than 1,000 alleged victims.

AFP

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Venezuelan interim president announces proposal for mass amnesty

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Venezuela’s acting president announced on Friday a proposal for mass amnesty in the country, in her latest major reform since the US toppling of Nicolas Maduro just weeks ago.

Delcy Rodriguez, in a speech at the Venezuelan Supreme Court attended by top government officials, said she will propose a “general amnesty law covering the entire period of political violence from 1999 to the present.”

Leftist revolutionary Hugo Chavez assumed the presidency in 1999, and was succeeded upon his death in 2013 by Maduro, who oversaw an increasingly authoritarian government and whose two re-elections were widely dismissed as fraudulent.

“This law will serve to heal the wounds left by political confrontation, fueled by violence and extremism. It will allow us to put justice back on track in our country,” Rodriguez said, also announcing a “major national consultation for a new judicial system.”

She also announced plans to close the notorious El Helicoide prison in Caracas, where rights groups say political prisoners were tortured by Maduro’s intelligence services.

The massive facility, originally built as a shopping mall, will be turned into a “sports, cultural and commercial center for police families and neighboring communities,” Rodriguez said.

A mother interviewed by AFP near El Helicoide was overjoyed that her son, imprisoned inside, may soon be released under the law.

“It’s wonderful! I haven’t heard from my son in six months, so, damn it, this is a huge joy, it’s an amnesty, my God, it’s total liberation,” said Betsy Orellana, 63.

– Wary opposition –

Formerly Maduro’s vice president, Rodriguez, 56, has quickly moved in less than four weeks in power to overhaul Venezuelan society in ways sought by the United States, earning high praise from US President Donald Trump.

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Along with her brother, National Assembly President Jorge Rodriguez, she has passed a new law opening up the country’s critical oil sector to private investments — a key demand of Trump.

The move on Thursday was almost immediately followed by a rollback on US sanctions targeting Venezuela’s oil industry.

The government also agreed on January 8, five days after Maduro was seized in a deadly US military operation, to free inmates considered political prisoners by rights groups.

Families — many of whom began camping outside the prisons — and rights groups have criticized the slow pace of the releases, with the Foro Penal NGO counting less than 300 in total released since January 8.

Opposition figures in Venezuela have voiced reserved optimism at the changes taking place, wary that Maduro’s closest allies still remain in power.

Nobel Peace Prize laureate Maria Corina Machado said Friday that Rodriguez’s amnesty proposal came only after she was pushed by Washington.

“This is not a voluntary gesture by the regime, but a response to pressure from the United States government. And I hope that the prisoners will soon be able to be with their families,” she posted on social media.

Opposition lawmaker Tomas Guanipa, whose two brothers are imprisoned, said he hope the amnesty would end “an era of repression.”

“May this be the beginning of a path that leads us to freedom and democracy, definitively and forever,” he told AFP in an interview at his home in Caracas.

– Americans freed –

US authorities on Friday announced that all Americans known to be held prisoner in Venezuela had been released.

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The announcement came hours after the release of Peruvian-American political prisoner Arturo Gallino Rullier, whom the Foro Penal group said was on his way to the United States.

For years, Venezuela has routinely arrested foreigners and domestic opposition actors on a range of charges from spying to plotting attacks — charges critics dismiss as fabricated.

In a sign of Trump’s satisfaction with the new Venezuelan authorities, his administration lifted a ban on US flights to the South American country.

And after years of the US embassy being shuttered, Washington is also preparing to re-establish its diplomatic presence in Caracas.

Seasoned diplomat Laura Dogu was recently named US charge d’affaires for Venezuela — the highest level representative below an ambassador.

Dogu is expected to arrive in Caracas on Saturday, diplomatic sources told AFP.

AFP

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