Sunday, January 16, 2022

Coleman Cables signs N50 billion bond with SEC

The company says it has acquired the technology and capabilities to manufacture various cables that were previously imported.

• November 27, 2021
Coleman Cables
Coleman Cables

Coleman Wires and Cables, West Africa’s largest cable manufacturer, has signed N50 billion bond with Securities and Exchange Commission (SEC).

Its Managing Director, George Onafowokan, at the signing ceremony held in Lagos on Saturday, said that the bond was fundamental to giving an option of the company’s portfolio of funding.

“When we looked at all the other options, going through this methodology on finance is also better for our portfolio on financial mix.

“Also, the way you get your average cost down is by trying to get a different set of portfolios of financial mix and instruments.

“So going the direction of the bond, getting rated, getting issued analysis and advisory companies together was a key fundamental to giving us an option on our portfolio of funding,” he said.

Mr Onafowokan said the company had commenced production of some major cables including marine and transmission cables which enabled it break barrier in terms of importation of cables.

He said the company had acquired the technology and capabilities to manufacture various cables that were previously imported. 

According to him, Coleman has looked at the business, holistically and wants to fill the gaps in Nigeria, West Africa and the entire African continent, adding, “For us, investment has already started.

“The future of the business is all about development, capacity building in areas looking at our fiber optic industry that we are now in, oil and gas where we are doing marine cable, high voltage, transmission, it is not enough yet.

“What we have done is to break barrier of importation of all these cables,” he said.


More from Peoples Gazette

Simon Lalong


Lalong to empower residents by turning Plateau lands to capital: Commissioner

The commissioner said the state was pushing for residents to acquire titles for their lands so as to prevent abuse.

Super Eagles


AFCON: Super Eagles celebrate Sudan victory, promise more wins ahead

The Super Eagles will take on Guinea Bissau next in their final group game on Wednesday.


Banditry: Katsina reopens cattle markets, fuel stations

The cattle markets were earlier closed as part of measures to tackle cattle rustling and banditry in the state.

NEF Chair Ango Abdullahi, Muhammadu Buhari and NEF Spokesperson Hakeem Baba-Ahmed


2023: NEF clamours for northern president, says he must be better than Buhari

“If you must be a Northerner who’s better than all the candidates; for us, that’s the bottom line.”

Mo Salah


AFCON: Salah scores as Egypt pip Guinea-Bissau

With Saturday’s win, Egypt now has 3 points in two games, ranking second behind Nigeria’s 6 points in two games.

Governor Rotimi Akeredolu


Akeredolu disburses N7.5 million loan to 52 widows of slain soldiers

The governor says the loan would ensure that the widows of the fallen heroes do not rely on the society for survival.