Business
Uganda sells half of longest-tenure bonds with demand soaring
KAMPALA – The Bank of Uganda sold half of the 15-year bonds it offered at an auction Wednesday, with the coupon almost matching yields on notes due five years earlier, even as investors sought almost three times the amount for sale.
The coupon on the notes, the East African nation’s longest, was 15.25 percent, the Kampala-based central bank said in an e-mailed statement Thursday. It sold 40.67 billion shillings ($16.1 million) after offering 80 billion shillings, Bloomberg reports.
“The pricing was high and we did not accept all the bids,” Stephen Mulema, director of financial markets at the bank, said by phone. “We consider prices that are close to the yield curve that shows prices from banks. We do not accept yields that are far off the curve.”
Uganda followed larger East African peers Kenya and Tanzania by raising money to invest in roads, railways and energy to support growth, while pushing out debt maturities to add to the confidence of bond buyers that their investments will be recouped. The economy of Africa’s biggest coffee exporter is estimated to expand 5.6 percent this year, faster than the sub-Saharan African average of 5 percent, according to the International Monetary Fund.
“We were quite surprised and disappointed by the rate,” Jose Domingo, head of fixed income at Crested Stocks and Securities Ltd. in Kampala, said by phone. He predicted yields at 18 percent to 20 percent. “It will make the market less attractive” at the next sales of the debt, expected in February and May, he said.
In October, Uganda sold 10-year notes at 15.18 percent. Notes due in April 2023 dropped 40 basis points, or 0.4 percentage point, since November to 14.85 percent today, according to data compiled by Standard Chartered Plc.
The range of yields at the 15-year auction were 14.88 percent to 15.4 percent, according to the Bank of Uganda. Investors sought as much as 226.2 billion shillings of the notes.
– BUSINESS DAY
The NNPC Limited has raised alarm over what it described as a growing wave of fraudulent claims suggesting that the company is selling refinery scrap materials and equipment to individuals and private entities.
In a public notice by its Chief Corporate Communications Officer, Andy Odeh, the company categorically dismissed the claims as false, clarifying that it has not initiated or approved any process for the sale of scrap metals, refinery components, or equipment from any of its facilities.
According to the company, it has neither issued requests for bids, tenders, nor expressions of interest relating to such transactions, contrary to information being circulated in some quarters.
More troubling, the company revealed that certain individuals have been impersonating NNPC officials, falsely presenting themselves as authorised agents to facilitate the sale of so-called refinery scrap.
ALSO READ: Why Osun is Tapping into $2 Trillion Global Creative Industry Economy
“These individuals are not authorised by NNPC Limited and are attempting to mislead members of the public,” the statement noted, highlighting the sophistication of the fraudulent scheme.
The development raises concerns about the exploitation of public trust and the potential financial risks to unsuspecting individuals and businesses.
NNPC therefore urged stakeholders, corporate organisations, and the general public to exercise vigilance and avoid engaging in any transaction linked to such claims.
“For the avoidance of doubt, NNPC Limited is not conducting, nor has it authorised, any sale of refinery scrap or equipment,” the company reiterated.
It further emphasised that any legitimate disposal of assets would be carried out through transparent, regulated processes and communicated through its official platforms.
The company also encouraged the public to report suspected fraudsters to law enforcement agencies, as part of efforts to curb the spread of such criminal activities.
NNPC reaffirmed its commitment to transparency, accountability, and the responsible stewardship of Nigeria’s energy assets.
The NNPC Foundation Limited/Gte, the Corporate Social Responsibility (CSR) arm of the Nigerian National Petroleum Company Limited (NNPC Ltd), has won the CSR Champion Award (Health) 2025 instituted by the Independent Newspapers.
Biztellers reports that the award was presented during the Silver Jubilee edition of the Independent Newspapers Awards, themed “Game Changers: Breaking Barriers and Shaping Tomorrow,” held at Eko Hotel and Suites on Saturday, 18 April 2026.
The CSR Champion Award (Health) recognises the Foundation’s work in healthcare and its broader commitment to improving lives through social investment programmes spanning health, education, environment, and access to energy.Primary & Secondary Schooling (K-12)
The recognition follows a series of health initiatives delivered by the Foundation, including free cataract screening and surgeries that restored sight to over 6,000 Nigerians, including minors born blind; cancer and glaucoma interventions; medical outreaches to underserved communities; renovation and furnishing of three wards with 100 beds at the National Orthopaedic Hospital, Igbobi; partnership and sponsorship of heart surgeries; and provision of dental health accessories to children in special schools, among others.
The NNPC Foundation noted that these results were made possible through the leadership and support of the NNPC Ltd. Management team, whose commitment has continued to strengthen the Foundation’s capacity to deliver social investments across the country.
Reacting to the award, the Managing Director of NNPC Foundation, Emmanuella Arukwe, described the recognition as a validation of the Foundation’s work and the trust placed in it by Nigerians. She noted that the award means so much to the company because it represents the confidence Nigerians have placed in its work and the value they see in purposeful social investment.
“It speaks to the resilience of the communities we serve, the dedication of our team, and the strength of partnerships that have enabled us to do meaningful work in health, education, environmental sustainability and access to energy,” she added.
In addition, Arukwe noted that “these results have also been made possible through the leadership and support of the NNPC Ltd. Management team, whose backing has been instrumental to the success of the Foundation’s work. We receive this award with gratitude, and with a renewed sense of responsibility to do more and reach further across the country.”
The NNPC Foundation Limited/Gte remains committed to advancing health interventions that improve outcomes and contribute to national development.
The Nigerian National Petroleum Company Limited (NNPC Ltd), through its Research, Technology and Innovation (RTI) Division, in collaboration with the Petroleum Technology Development Fund (PTDF), has signed a Memorandum of Understanding (MoU) with Sonatrach, the Algerian National Oil Company, for cooperation in research, development, and innovation.
The agreement, signed by NNPC Ltd’s Executive Vice President, Business Services, Sophia Mbakwe, and Sonatrach’s Managing Director, Khodjah Mohamed, establishes a formal framework for joint work in research and technology exchange between the two national oil companies.
This was contained in the press statement issued on Thursday by Chief Corporate Communications Officer Mr. Andy Odeh.
According to the statement, the agreement, held during the opening ceremony of the 3rd Meeting of the African Petroleum Producers’ Organization (APPO) Forum for R&D Directors at the PTDF Tower in Abuja, Nigeria, brought together research and development directors from APPO member countries.
Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, represented by former Secretary General of APPO, Omar Farouk Ibrahim, said the forum was one of four measures introduced by APPO to address challenges from the global energy transition, which center on funding, technology, and markets.
“The R&D forum tackles technology and expertise needs, the African Energy Bank addresses funding constraints, and the Central African Pipeline System supports regional oil and gas market integration,” Lokpobiri stated.
ALSO READ: Peterside Harps on Strong Leadership at NCDMB Book Reading Series
Earlier in his remarks, Group Chief Executive Officer, NNPC Limited, Engr. Bashir Bayo Ojulari, represented by the Company’s Chief Financial Officer, Adedapo Segun, said research and development must form a central part of the overall strategy in the African oil and gas industry.
He called for research and development centres to function as engines of industrial competitiveness. “Collaboration in research and development is of strategic importance. The cost of innovation might be high, but the cost of obsolescence would be greater,” he stressed.
Ojulari called for a unified strategic framework through which resources could be pooled, data integrated, and risks shared across member countries.
He further urged the rapid adoption of digital technologies, artificial intelligence, and advanced engineering to improve upstream, midstream, and downstream operations.
On his part, the APPO Secretary General, Farid Ghezali, urged African petroleum-producing countries to ensure research in the oil and gas sector produced solutions that are practical and directly relevant to the continent. “We must ensure that our research delivers solutions that are practical and of direct use to Africa,” he stated.
Also speaking, the Executive Secretary of the Petroleum Technology Development Fund (PTDF), Prof. Shu’aibu Shehu Aliyu, highlighted the value of the partnership between NNPC Limited and PTDF in supporting decarbonization and environmental protection efforts across APPO member countries.
Chief Innovation Officer of NNPC Research, Technology and Innovation and incoming Chairman of the APPO R&D Directors Forum, Rasheed Ojulari, said the forum would give immediate priority to joint programs in the core areas of upstream optimization, artificial intelligence, decarbonisation processes, and industrial systems development.
NNPC Ltd Denies Selling Refinery Scrap
Why Osun is Tapping into $2 Trillion Global Creative Industry Economy
Adeleke Justifies Osun Security Trust Fund
Dangote Refinery Showcases Power of Domestic Value Addition – Prof Ike‑Muonso
NNPC Foundation Wins CSR Champion Award (Health)
Dangote Refinery Exports 1.1bn Litres of Aviation Fuel to Europe, Supplies 95% of Nigeria’s Jet A1 – AON
Trump’s Family Unveils New Cryptocurrency Platform
Senate Denies Receiving Petitions Against Tinubu’s Ambassadorial Nominees
Dangote Cement Lights Up Benue Host Communities With CSR Initiatives
Reps Recommend 3-year Jail Term For Aviation minister
Tems Sets New Record On Billboard Hot 100 Chart
310565 813798Youve truly written a very very good quality write-up here. Thank you very a lot 982018
478994 276805Totally pent subject matter, appreciate it for selective information . 614230