Short Takes

N488.5 million

Sovereign Trust Insurance posted Q1profit before tax of N488.5 million versus N241.2 million year ago.

Q1 total revenues were N2.19 billion versus N2.12 billion year ago.

N450 billion

Nigeria plans to raise between N360 billion and N450 billion ($1.18 bln-$1.48 bln) in sovereign bonds maturing between five and 20 years in the third quarter, the Debt Management Office (DMO) said.

The debt office said it would auction 90-N120 billion in the five-year note and N135-N165 billion in the 10-year and 20-year debt between July and September.

$32 million

Addax Petroleum has agreed to pay 31 million Swiss francs ($32 million) to settle charges of suspected bribery of foreign officials, the Geneva prosecutor’s office said on Wednesday.

Prosecutors for the Swiss canton of Geneva investigated the company, whose chief executive officer and legal director were also charged, over several tens of millions of dollars in payments to a company and several lawyers in Nigeria.

A four-month investigation found the payments were not sufficiently documented and doubts remained on their legality, but no criminal intent was established, the Geneva prosecutor’s office said in a statement.