San Miguel raises P48.86B from share swap and issuance

San Miguel Corp. (SMC), the conglomerate led by billionaire Ramon Ang, racked up P48.86 billion following its successful preferred share exchange offer and public offer.

In a statement Friday, SMC said the shares have been listed at the Philippine Stock Exchange.

An P18.86-billion exchange offer covered investors holding Series 2-J and 2-K shares, giving them the option to swap them for newer ones 2-P, 2-Q, and 2-R.

Through this, a total of 251.47 million shares were swapped, comprising 173.76 million Series 2-J and 77.71 million Series 2-K. The remaining older shares will be redeemed in October and December.

Alongside this, the conglomerate giant also secured P30 billion from its preferred share offer, with each share priced at P75.

No More Fake Clearances: Customs rolls out digital vehicle verification

The Nigeria Customs Service (NCS) has introduced a new digital verification platform aimed at curbing vehicle smuggling, enhancing transparency, and improving accountability in automobile importation.

The platform, known as the Customs Verification Management System (CVMS), was officially unveiled at the Service’s headquarters in Abuja by the Comptroller-General of Customs, Adewale Adeniyi.

Speaking at the launch, Adeniyi described the initiative as a landmark achievement in the Service’s ongoing modernisation drive, noting that it closes long-standing loopholes in vehicle clearance.

‘For years, verification of imported vehicles relied on fragmented and outdated methods that encouraged misinformation, fraud, and revenue leakages. The launch of this system marks another milestone in our bold transformation agenda,’ Adeniyi said.

Developed in collaboration with the Trade Modernisation Project (TMP) and local technical experts, the CVMS provides a secure and transparent verification process accessible to all Nigerians.

According to the Customs chief, the system will help reduce the circulation of smuggled or improperly cleared vehicles, strengthen public confidence, and boost government revenue.

‘Anyone who invests millions of naira in a vehicle would not hesitate to pay ?15,000 to verify its authenticity and protect their investment,’ he added.

Adeniyi explained that payments can be made using any valid card issued by financial institutions in Nigeria or abroad, with verification results generated instantly. The platform also creates a centralised database through which vehicle details can be traced and confirmed within minutes, improving operational efficiency and inter-agency coordination.

He emphasised that the CVMS forms part of the Service’s broader digital reform strategy aimed at simplifying clearance procedures, promoting data-driven operations, and ensuring transparency in revenue collection.

‘In essence, this system brings openness to an area previously shrouded in uncertainty and manipulation. Across all our operations, we are deploying innovative, technology-driven solutions to simplify processes and boost transparency,’ he stated.

The National President of the Association of Motor Dealers of Nigeria (AMDON), Ajibola Adedoyin, lauded the initiative, describing it as a welcome development. He also assured that his association would adopt the system after carrying out its independent assessment.

Kidnappers should be executed on TV like BBNaija – Williams Uchemba

Nigerian actor and humanitarian, Williams Uchemba, has stirred controversy after calling for the public execution of convicted kidnappers as a means to curb the rising wave of insecurity across the country.

In a video shared on his Instagram page, Uchemba argued that Nigeria must enforce its constitution more strictly and impose harsher penalties to deter criminals.

Drawing from parental discipline as an analogy, he stated that failure to enforce consequences only empowers wrongdoers.

‘When a child begins to steal meat from the mother’s pot and nothing is done, that child will grow into a hardened criminal,’ Uchemba said.

The actor stressed that kidnapping already carries a death penalty under Nigerian law, but criticized the justice system for operating behind closed doors, leaving citizens in the dark about whether convicted criminals are actually punished.

He further suggested the introduction of a dedicated television channel to broadcast executions, comparing the concept to popular reality TV shows like Big Brother Naija.

‘Until we begin to execute consequences publicly, we will not see change,’ he stated.

Uchemba also referenced China’s legal system, where death sentences are enforced for serious crimes such as corruption and kidnapping.

SB Capital funding $6B worth of renewable energy projects

Security Bank Capital Investment Corp. (SB Capital) will finance at least $6 billion worth of renewable energy projects this year. This, as the aggressively growing sector is proving to be an attractive venture among Philippine firms.

Virgilio Chua, president and CEO of SB Capital, on Wednesday told reporters they were set to end 2025 with eight renewable energy projects funded. These account for an aggregate power generating capacity of 6,000 megawatts (MW).

The projects in the pipeline are a combination of solar, wind and hydro facilities, according to Chua. They cost at least $1 million per MW of capacity.

‘We continue to be very bullish about [the renewable energy space] . We’re practically meeting almost every week with developers wanting to see if we can finance their projects,’ Chua said in a press conference.

Big-ticket projects this year

Year-to-date, SB Capital has completed four project finance deals related to renewable energy development. These projects can generate power at a total of about 4,000 MW.

This includes the P150-billion deal with Manuel Pangilinan-led SP New Energy Corp. for the development of the 3.5-gigawatt MTerra Solar. This project is poised to be the world’s largest solar power park.

The syndicated loan included BDO Unibank Inc., Bank of the Philippine Islands, Philippine National Bank, China Banking Corp. and Metropolitan Bank and Trust Co.

Chua also said that they were expecting 50 percent of their revenues to come from project financing deals, mostly on the renewable energy project space.

He said that the sector was drawing much attention from foreign investors, especially after the Department of Energy (DOE) allowed 100 percent foreign ownership of clean energy projects in the Philippines.

Green energy auction

The DOE’s Green Energy Auction program was also an added boost, considering that the agency had already conducted four rounds since the program was launched in 2022.

‘That’s really where the market is at the moment,’ Chua said.

For its part, SB Capital closed around P362 billion in private and project finance deals. These covered renewable energy, water and digital infrastructure projects from 2022 to 2024. INQ

FCMB launches Mutual Funds Access on Mobile App

First City Monument Bank (FCMB), a subsidiary of FCMB Group Plc, has launched a new feature on its Mobile App that allows customers to open investment accounts and invest directly in mutual funds managed by FCMB Asset Management, the Group’s wealth creation arm.

This development marks another significant step in FCMB Group’s ongoing digital transformation, a strategy focused on integrating all its business verticals into a single, full-service financial ecosystem that empowers customers to bank, invest, and grow wealth seamlessly.

With the new in-app investment feature, customers can now access FCMB Asset Management’s range of mutual funds, including the low-risk Legacy Money Market Fund, the growth-oriented Legacy Equity Fund, the predominantly local-currency bond-holding Legacy Debt Fund, and the Legacy USD Bond Fund for dollar-denominated investments.

These options cater to different risk appetites and financial goals, from short-term liquidity to long-term capital appreciation or steady income generation.

Yemisi Edun, Managing Director, First City Monument Bank, said: ‘What we are building goes beyond digital convenience. It is about creating a connected ecosystem where banking, payments, and investments work together to serve customers’ broader financial needs. By integrating mutual funds into the FCMB Mobile App, we extend that ecosystem, enabling customers to move seamlessly from saving to investing within one trusted platform.’

Commenting, James Ilori, Chief Executive Officer, FCMB Asset Management Limited, said: ‘Our mission is to democratise access to investment opportunities and make wealth creation simple and inclusive. By bringing mutual funds to the FCMB Mobile App, we enable anyone, anywhere, to start investing confidently and build sustainable financial futures.’

The integration of mutual fund services into the FCMB Mobile App aligns with FCMB Group’s broader goal of creating a digitally inclusive financial ecosystem that connects banking, investment, and asset management under one trusted platform to drive long-term value for individuals and communities.

Customers can download or update the FCMB Mobile App from the Google Play Store or Apple App Store today to begin investing.

PDP National Convention: Screening of aspirants holds Oct. 28

The Peoples Democratic Party (PDP), says screening of all aspirants contesting for various national offices in its 2025 Elective National Convention will hold on Tuesday Oct. 28.

Gov. Ahmadu Fintiri of Adamawa State, who is the Chairman, National Convention Organising Committee (NCOC), stated this in a statement in Abuja.

The Screening, according to Fintiri will hold at NCOC Secretariat Conference Hall, Legacy House, Maitama, Abuja at 2pm, while the screening of the appeal committee has been slated for Thursday, Oct. 30.

‘To this effect, Monday, Oct. 27 has been approved as the last date for the submission of already completed expression of interest and nomination forms by all aspirants to the NCOC Secretariat,” he said.

Fintiri added that all aspirants, critical stakeholders and party members should note the dates and be guided accordingly.

The national convention is slated for Nov.15 and Nov.16 in Ibadan.

Fuel prices seen rising on Oct. 28

Motorists should brace as fuel prices are expected to rise in the last week of October. Diesel prices are seen increasing by as much as P1.40 a liter.as much as P1.40 a liter.

In a statement, Jetti Petroleum president Leo Bellas said changes in diesel prices are estimated to be in the range of P1.20 to P1.40.

Gasoline prices might also increase by 60 centavos to 80 centavos per liter.

The Department of Energy (DOE) is also projecting upward adjustments in pump prices. The DOE estimates price increases of about 80 centavos per liter of diesel and kerosene.

The DOE said gasoline prices might rise by 30 centavos per liter.

‘Oil prices are higher this week due to concerns that the fresh US sanctions on Russian companies, following sanctions imposed by Britain last week, could lead to tighter physical flows of Russian oil,’ Bellas said.

‘This could force buyers of Russian oil to reroute volumes to other sources, causing major disruptions in supply flows,’ he added.

How I got ?70 million in hours after joining Hallelujah Challenge – Peller

Nigerian entertainer and social media personality, Peller, has claimed he earned a staggering 11 million coins, equivalent to about ?70 million, immediately after participating in the popular online worship event, Hallelujah Challenge.

Peller made this revelation in a viral post on X (formerly Twitter), stating:

‘Hallelujah challenge dey work, I made 11 million coins (70 million naira) after I joined hallelujah challenge yesterday.’

The Hallelujah Challenge, a midnight praise and worship session led by gospel artist Nathaniel Bassey, is known for attracting large audiences globally, with many participants often sharing testimonies of miraculous financial breakthroughs, healings, and divine interventions.

‘Hallelujah challenge dey work,I made 11 million coins (70 million naira ) after I Joined hallelujah challenge yesterday’ – Peller pic.twitter.com/v8ItK74Ymf

Okpebholo sets up task force to tackle pipeline vandals

Edo governor, Monday Okpebholo, has revealed that his administration has constituted a task force for the protection of petroleum pipelines in the State.

Okpebholo made the disclosure on Friday, during the courtesy visit to his office by the newly-elected leadership of Independent Petroleum Marketers Association of Nigeria (IPMAN), led by its chairman, Michael Ogiamen.

The Governor who was responding to concern raised by the association over pipeline vandalism along the Benin Depot-Warri Refinery corridor, assured that the task force will also strengthen security in the State.

He further hinted that his administration would empower the office of the Senior Special Assistant (SSA) on Pipeline Surveillance to enhance effective monitoring and protection of petroleum infrastructure in Edo State.

He said: ‘For the vandalization of pipelines, we have already set up a task force on pipeline monitoring. We will take charge on our own part. But the Warri part, that is Delta State, I will also talk to the Governor to see how we can jointly monitor the pipelines so that there will be no vandalization going forward.’

Earlier, in his remarks, the new chairman of IPMAN, Micheal Ogiamen, assured the Governor of IPMAN’s commitment to transparency, unity, and continuity of leadership within the association.

He said: ‘I can honestly tell you, sir, that at the expiration of my tenure of three years, I will hand over to my vice here, Mr. Pius. That has been our practice, and it will not change according to our constitution.’

Fidel Concepcion now a champ after playoff win at Apo

Fidel Concepcion can finally call himself a champion, but not after needing to pick himself up in regulation and surviving a nerve-wracking two holes of sudden death to turn back a gritty South Korean also wanting to fulfill his potential.

After returning a level par 72 to be in a playoff with Jae Hyun-jung after a 72-hole 284, Concepcion nailed a 10-footer for birdie on their 20th hole of the day that ended a decade of wait by hoisting the ICTSI Apo Golf Classic trophy in Davao on a humid Friday afternoon.

‘Honestly, it’s unreal,’ said an emotional Concepcion, who struggled to find the words. ‘It’s one of those things you never know if it will ever happen. And somehow it did.’

Concepcion was at one-over after a double bogey six on the 14th, before steadying the ship somewhat by picking up a shot on the next which proved to be pivotal.

Jung fired a tournament-best 67 built around six birdies, with three coming in the last three holes as he caught Concepcion at the wire after erasing a six-stroke lead at one point during the round.

Antonio Lascuña also fired a 72 to finish alone in third just four strokes behind, with Guido van der Valk returning a 71 to wind up another shot behind. Elee Bisera fired a 74 to round out the top five with a 291 tally.

Concepcion hit an 8-iron approach from 160 yards on their second trip to the par-4 ninth hole to within that 10-foot range, before holing the putt that erased all bitter memories of bitter finishes where he failed to get the job done in the past

The tour will travel next week to nearby South Pacific, a well-manicured layout where scores are expected to be low, quite the departure from the battle of survival the gritty men of the PGT had to endure at tree-lined Apo Golf.