The offer runs for two tranches with different maturities and returns. Tranche A carries a tenor of 272 days with a discount rate of 18.53% and an implied yield of 21.50%. 

Tranche B runs for 364 days, with a discount rate of 19.53% and an implied yield of 24.25%.

The minimum subscription is N5 million, while additional investments come in multiples of N1,000. The offer closes on Monday, May 25, 2026, with the funding date set for Tuesday, May 26, 2026.

The company said proceeds will go into core operational needs and also listed inventory support and wider expansion plans. 

In its disclosure, it stated: “Proceeds from the issuance will be used for inventory financing, working capital optimisation, operational expansion, and broader mobility infrastructure development across Nigeria.”

United Capital Plc is the lead issuing house for the transaction. Cordros Capital Plc and Rand Merchant Bank act as joint issuing and placing agents. Wema Bank Plc, Access Bank Plc and Providus Bank serve as receiving banks.

Credit rating agencies assigned investment-grade ratings to the programme. DataPro Limited gave it an A1 short-term rating and an A long-term rating. Agusto & Co. assigned an A2 short-term rating and a Bbb long-term rating.

CIG Motors returned to the market after completing full redemption of its N10.2 billion Series 1 commercial paper. The company pointed to that repayment as part of its track record in meeting obligations and managing institutional funding.

Recent financial disclosures show revenue of N177.4 billion. Earnings before interest, tax, depreciation and amortisation stood at N35.3 billion. Profit after tax came in at N17.3 billion. These figures are part of the documentation supporting the new issuance.

Executives say the numbers reveal steady operational growth, pointing to expanding activity in vehicle assembly, mobility services and after-sales support.

Chairman Diana Chen described the transaction as a strong vote of confidence in both Nigeria’s economic outlook and the company’s long-term growth strategy.

Group Chief Financial Officer Ram Murugesan said the company’s financial performance shows a deliberate platform-building approach driven by disciplined leverage management and expanding operational capacity.

Gbadebo Adenrele also noted that the successful redemption of Series 1 strengthened the company’s position in the local capital market. He added that United Capital’s involvement in the Series 2 issuance followed CIG Motors’ execution record and financial discipline.

The fundraising is seen within a pattern in Nigeria’s commercial paper market. Corporate issuers have turned more to short-term debt as bank lending costs are high and liquidity stays tight.

In 2025, Nigerian companies raised more than N1 trillion through commercial paper programmes. Yields in that period generally ranged between 18% and 25%, reflecting inflation pressures and funding demand across sectors.

CIG Motors’ current pricing falls within that range. It also places the offer in line with other mid-tier industrial and manufacturing issuers competing for investor funds.

Ratings on the programme point to moderate risk with investment-grade status. That places it below top-tier corporates, but still within acceptable thresholds for institutional investors seeking yield.

The company’s operations include vehicle assembly, electric mobility solutions and transport services. Its structure reflects a drive toward integrated automotive services rather than import-heavy distribution.

In 2024, Lagos State Government, through IBILE Holdings Limited, entered a partnership with CIG Motors. The deal covered the acquisition of 5,000 vehicles for the Lagos Ride transport scheme, with an estimated value of $260 million.

The programme aims to modernise urban transport in Lagos and replace older vehicles across parts of the public mobility system. It also positioned CIG Motors more firmly inside state-backed transport infrastructure projects.

Nigeria’s automotive sector is operating under pressure from import tariffs on fully built vehicles. Foreign exchange volatility also affects spare parts costs and local assembly operations. Policy direction, however, continues to support local assembly and electric mobility.

CIG Motors’ model is within that policy direction. Its focus on assembly, mobility services and electric vehicle expansion aligns with government efforts to reduce import dependence and build local capacity in transport infrastructure.

The post CIG Motors Launches N30bn Commercial Paper to Fund Expansion Across Nigeria appeared first on Tech | Business | Economy.

The order, one of Beijing’s strongest moves yet against a foreign purchase of a Chinese tech company, came on Monday from China’s National Development and Reform Commission (NDRC), which said foreign investment in Manus would be prohibited under Chinese law, and the deal must be unwound.

Beijing is now concentrating on AI talent, software and intellectual property, and areas once taken over by chip restrictions now include artificial intelligence, as competition between China and the United States gets stronger

Chinese authorities began examining the acquisition in January, shortly after Meta completed the purchase in December. The review later intensified, and in March, Manus co-founders Xiao Hong and Ji Yichao were reportedly called to Beijing for talks with regulators and then barred from leaving China.

Neither founder publicly responded to requests for comment.

Meta has also not issued a public response.

Manus had drawn attention in China after launching what it described as a general AI agent in 2025. State-backed media had commended the company as a possible successor to DeepSeek, one of China’s most-watched AI firms.

Unlike model developers who build large language systems from scratch, Manus focused on agent software designed to complete multi-step tasks with limited human input. These tasks include coding, research and workflow automation.

Before the takeover, Manus raised $75 million in funding led by Benchmark in May 2025.

The company later shut its China offices and moved operations to Singapore, where its parent company, Butterfly Effect, was restructured. That move was seen as an attempt to attract foreign capital while easing both U.S. and Chinese restrictions.

Chinese regulators now appear determined to challenge that route.

The practice, sometimes called “Singapore washing”, involves Chinese-founded startups shifting legal structures or operations abroad while keeping roots in China. The latest development with Beijing reveals that strategy may no longer guarantee protection from investigations.

Startups moving overseas may not be enough as authorities may now demand proof of where management is headquartered, where research is done, where data is stored and who controls the company’s technology.

The China ruling could also create some problems for Meta, as some Manus staff had already moved into Meta’s Singapore offices, while parts of the startup’s work were reportedly being integrated into Meta projects.

Any reversal may now require separating teams, contracts and technology already tied together.

This is coming weeks before a planned summit in Beijing between U.S. President Donald Trump and Chinese President Xi Jinping in mid-May.

That meeting was expected to cover trade and technology tensions, but this issue now adds another case.

China has previously criticised foreign-linked deals involving strategic assets, but forcing the breakup of a completed transaction is rare.

China does not want core AI assets leaving its reach, no matter where a company later relocates.

The post China Orders Meta to Reverse $2bn Deal for AI Startup Manus appeared first on Tech | Business | Economy.

The planned layoffs, which will affect less than 1% of the company’s workforce, had already been set in motion before Josh D’Amaro stepped in as chief executive in March.

As of the end of the 2025 financial year, The Walt Disney Company employed about 231,000 people.

Inside the company, the changes are tied to an internal restructuring known as Project Imagine. Asad Ayaz, who took on a bigger role earlier this year, is leading the initiative to bring Disney’s marketing teams under a single structure.

The aim is to reduce expenses and simplify how campaigns are run across its film, television, streaming and parks businesses.

This is one of the first major operational steps under D’Amaro’s leadership. He has told staff he wants the business to function as “one Disney”, with closer links between its divisions.

The cuts come at a time when the film and television industry is facing some challenges. Box office earnings have not fully recovered, traditional TV audiences are still falling, and streaming platforms are yet to deliver the level of profit many expected.

Other studios, including Sony Pictures Entertainment which recently said it would reduce its workforce as part of its own restructuring plans, are making similar moves.

Disney has been here before, in the years following Bob Iger’s return, the company cut thousands of jobs as it scaled back spending and reviewed its content strategy.

At the time, Iger said Disney had been producing too many shows and films in its bid to keep pace with streaming competition.

Its theme parks business still brings in strong revenue, but the company has warned of pressure on international travel to its US locations.

As it stands, Disney has not publicly commented on the latest round of expected layoffs.

The post Disney to Cut Up to 1,000 Jobs in Marketing Restructuring appeared first on Tech | Business | Economy.

Net profit attributable to shareholders dropped to $546 million for the three months ended December 31. That figure was still above market expectations, with analysts surveyed by LSEG forecasting an average of $451.29 million.

When one-off items and non-cash charges were excluded, adjusted net profit rose 36% to $589 million, pointing to stronger underlying performance despite pressure on margins.

Revenue for the quarter climbed 18% year-on-year to $22.2 billion, with all of Lenovo’s business groups recording double-digit growth. The company said this was its highest quarterly revenue to date.

Profit margin improved to 2.7%, although restructuring costs continued to weigh on reported earnings.

Growth in artificial intelligence-related products and services was a key driver. Lenovo said AI-related revenue surged 72% from a year earlier and now accounts for 32% of total revenue. This includes AI devices, infrastructure and services.

The company’s Intelligent Devices Group, which houses its personal computer business, posted revenue of $15.8 billion, up 14% year-on-year. Lenovo’s global PC market share rose to a record 24.9% during the quarter.

Lenovo also disclosed that its Infrastructure Solutions Group took $285 million in restructuring charges. The restructuring plan is expected to deliver annual cost savings of $200 million over the next three years.

The company said it continues to push its hybrid AI strategy, including the rollout of its “Lenovo Qira” super agent and deeper collaboration with Nvidia, as it seeks to drive long-term growth across hardware and AI-led services.

The post Lenovo Profit Falls 21% as Revenue Hits Record High appeared first on Tech | Business | Economy.

This is its second U.S. increase in less than two years as the company leans on higher fees to protect profits.

The change applies to current users, with the new price kicking in on individual billing dates next month. 

Spotify said affected subscribers will be notified by email before the adjustment takes effect. New users are already being shown the updated price on the company’s website.

Investors welcomed this development as shares of the Swedish streaming group climbed almost 3% in premarket trading on Thursday, trusting that the company can push through higher prices without losing too many users.

This latest increase follows Spotify’s decision in June 2024 to lift the U.S. Premium price from $9.99 to $11.99, its first rise in more than a decade. The jump to $12.99 means American subscribers will have seen prices climb by 30% in roughly 18 months.

In a message sent to customers, Spotify explained the decision. “Occasional updates to pricing across our markets reflect the value that Spotify delivers, enabling us to continue offering the best possible experience and benefit artists.”

The company also told subscribers: “Thank you for being a valued Premium subscriber. Starting on your billing date in February, your subscription price will change from $11.99/month to $12.99/month.”

Spotify stressed that premium users who are unhappy with the new price can cancel at any time or switch to other plans available through their account settings, noting that the service stays optional.

The increase is not limited to the United States. Similar increases have been rolled out across parts of Europe, South Asia and Latin America over the past two years. This shows a similar global strategy rather than a one-off response to local conditions.

After years of losses, Spotify reported its first quarterly operating profit in late 2025. That achievement eased issues about the sustainability of its business model, but it also raised expectations. To keep that momentum, the company needs more revenue per user.

Music licensing is expensive, and costs continually increase as labels renegotiate deals. At the same time, Spotify is spending heavily to expand beyond music. 

Audiobooks are being rolled out more widely, and the platform is investing in new discovery tools and recommendation features designed to keep users engaged for longer.

Subscription fees are the most direct lever Spotify can pull. Advertising helps, but Premium subscriptions still account for the bulk of revenue. From that perspective, the latest increase looks less like a gamble and more like a necessity.

Spotify is not acting alone as Apple Music, YouTube Music and Amazon Music have all increased prices in recent years, softening the risk that users will defect purely on cost. 

For many listeners, the difference between services now comes down to habit, playlists and perceived value rather than price alone.

Still, there is little room for complacency. Consumers are facing higher prices across many digital services, and tolerance for repeated increases is not unlimited. We have seen subscription fatigue set in elsewhere, and music streaming may not be immune.

The post Spotify to Increase Premium Subscription Price to $12.99 Starting February appeared first on Tech | Business | Economy.

The acquisition brings Torch’s four-person team into OpenAI and folds its core technology straight into the health product unveiled in January 2026. 

Torch gives OpenAI a ready-made system for pulling together scattered medical data at a moment when the company wants to enhance its focus on personal health tools.

Torch had been building what it described as “a medical memory for AI, unifying scattered records into a context engine.” The idea is to take health information spread across clinics, labs, wearables and wellness apps, and make it usable in one place. 

That work now sits at the heart of ChatGPT Health, which allows users to securely link medical records and daily health data inside the chatbot.

While OpenAI did not disclose the price, reports vary. Some put the value near $100 million in equity, others closer to $60 million. Either way, the structure points to an acqui-hire. The team joins; the product becomes infrastructure.

This development lands just over a year after a very different ending for the same founders. Torch’s team met while working at Forward Health, a high-profile clinic startup built around automated care. 

Forward raised close to $400 million before shutting down abruptly in late 2024, laying off staff and closing its doors. Torch’s sale shows how fast fortunes can turn in health technology, where ideas outlive companies.

ChatGPT Health itself is standing carefully. OpenAI says it is a secure, separate space within ChatGPT, designed to help people organise information, prepare questions and understand records, not to replace doctors. More than 260 physicians were involved in building safeguards around how responses are delivered.

With Torch in-house, OpenAI wants to solve one of the hardest problems in digital healthcare; making sense of messy, fragmented data without losing context or trust. 

The post OpenAI Acquires Health Records Startup Torch as ChatGPT Health Debuts appeared first on Tech | Business | Economy.

The package, supported by over 75% of investors, is the largest corporate pay agreement in history.

The decision was announced at Tesla’s annual meeting in Austin, Texas, where Musk commended cheers and dancing robots. “What we are about to embark upon is not merely a new chapter of the future of Tesla, but a whole new book,” he told shareholders.

The package is tied to performance milestones rather than a fixed salary. It consists of 12 tranches linked to Tesla’s operational achievements and market valuation. 

To unlock the full payout, Tesla’s market capitalisation must grow from about $1.5 trillion to $8.5 trillion over the next decade. Each milestone gives Musk an additional 1% of Tesla’s stock, meaning he could still secure tens of billions even if he falls short of the final target.

The board presented the package as essential for retaining Elon Musk and ensuring long-term growth. “If completed, these tranches of awarded shares follow strong improvements in revenue growth for Tesla,” said Brian Mulberry, senior client portfolio manager at Zacks Investment Management. 

“Will the growth offset these concerns of dilution, or, is this just giving Elon his wish of enough influence to shape the future of AI? That remains to be seen.”

Not all shareholders were convinced. Norway’s sovereign wealth fund, along with proxy advisory firms Glass Lewis and Institutional Shareholder Services, opposed the plan, calling it excessive. 

Still, supporters argued that Musk’s leadership and vision, ranging from self-driving cars to humanoid robots, remain central to Tesla’s future success.

Tesla Chair Robyn Denholm defended the decision, saying it reflected a turning point for the company. “Tesla is at an inflection point, I think I’ve said that 3,000 times over the last few weeks, and this last year has been a critical one in our history,” she said.

The new pay package replaces Elon Musk’s earlier $56 billion deal from 2018, which was struck down by a Delaware court earlier this year. Since then, Tesla has moved its incorporation to Texas and is appealing the ruling.

During the meeting, Musk outlined a series of upcoming projects, including the production of a steering-less “Cybercab” robotaxi, a new Roadster model, and plans for “a gigantic chip fab” that could involve a partnership with Intel.

He also insisted that the package is less about personal wealth and more about securing enough voting control to drive Tesla’s next phase of innovation.

Shareholders further approved the re-election of three board members, backed annual elections for all directors, and endorsed Tesla’s investment in Musk’s AI startup, xAI. Some abstained, signalling concerns about potential overlap between Musk’s ventures. 

“Many will be looking for the board to provide assurances and convictions that there are guardrails in place to be sure there’s not too much mixing of businesses,” said Jessica McDougall, partner at Longacre Square.

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