Author: Chidi Emenike

MTN Nigeria Secures SEC Approval to Launch Series II Bond worth N89.99 billion.

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MTN Nigeria Communications Plc (MTN Nigeria) has obtained a regulatory approval from the Securities and Exchange Commission (SEC) to launch its Series II 10-Year Fixed Rate Bond worth N89.99 billion.

In addition, the telecommunications giant is expected to launch the book build in respect to the Series II Bond, today being 8th of October, 2021.

This is according to a statement issued by MTN Nigeria, signed by its secretary, Uto Ukpanah, and filed with the Nigerian Exchange Limited (NGX).

The notice read: ‘’MTN Nigerian Communications Plc (MTN Nigeria) has obtained the approval of the Securities and Exchange Commission to launch the Series II 10-Year Fixed Rate Bond (Series II Bond) announced on 21 September 2021. The Series II Bond represents the completion of the N200 billion registered shelf programme. In addition, the bond issuance continues to reinforce MTN Nigeria’s strategy of diversifying its funding sources.

 ‘’MTN Nigeria will launch the book build in respect of the Series II Bond on 8 October 2021.’’

Nairametrics had earlier reported plans by MTN Nigeria to issue a 10-Year Series II bonds worth N89.999billion. The offer represents the completion of a N200 billion registered shelf programme initiated by the teleco.

Other relevant information about the offer is succinctly captured below;

Principal Redemption: 7 Year Moratorium, Amortizing thereafter in 3 equal annual instalments until maturity.

Minimum Subscription: N10 million and in multiples of N1 million thereafter

Interest Basis: Fixed Rate

Tenor: 10 Years

Lead Issuing House: Chapel Hill Denham Advisory Limited

Joint Issuing Houses: Stanbic IBTC Capital Limited, DLM Advisory Limited, FBNQuest Merchant Bank Limited, FCMB Capital Markets Limited, Rand Merchant Bank Nigeria Limited and Vetiva Capital Management Limited.

Listing: FMDQ Securities Exchange Limited

MTN Nigeria is a leading telecommunications company and a subsidiary of MTN Group. Since it launched its operations in Nigeria in August 2001, the firm has grown in leaps and bounds. It now provides services in over 223 cities and towns and more than 10,000 villages and communities spanning the 36 states and the FCT.

The Company is the largest mobile operator and undisputed market leader in Nigeria as measured by total mobile subscribers (c. 68.9 million), and active data users (c. 32.5 million)

As at the period of filing this, MTN Nigeria Plc is currently trading N174 per share on the floor of the Nigerian Exchange Limited (NGX).

 

 

Ellah Lakes reschedules Annual General Meeting (AGM) to November 22.

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Ellah Lakes Plc has notified shareholders and the general public, of a change in the date of its forthcoming Annual General Meeting (AGM) earlier scheduled to hold on 8th of October, 2021.

According to a notice issued by the company dated 5th of October, 2021 and filed with the Nigerian Exchange Limited (NGX), the AGM will now hold on Monday, 22nd of November, 2021 at 11:00 am prompt.

The company had earlier disclosed that the forth coming AGM was scheduled to consider the proposed listing of the company shares on the London Stock Exchange (LSE) and approve its audited financial statements for the year ended July 31, 2021, among other topical issues.

Consequently, the date for the closure of its register and transfer books was moved from an initial dates of September 20-24, 2021 (with both dates inclusive) to November 8-12, 2021 (both dates inclusive).

What you should know:

  • Ellah Lakes Plc opened trading today 8th of October, 2021 with a share price of N4.25 on the floor of the Nigerian Exchange Limited (NGX).

See link to recent disclosure.

Jaiz Bank Plc appoints new Company Secretary.

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The board and management of Jaiz Bank Plc have notified the Nigerian Exchange Limited (NGX), its shareholders and all relevant stakeholders, of the appointment of a new Company Secretary in the person of Mr. Shehu Mohammed.

In a notice dated 7th October, 2021 and signed by an Executive Director of the Bank in charge of its Business Development in North, Sirajo Salisu, the Non-interest bank announced that Mr. Mohammed will also serve as its Legal Adviser.

Mr. Shehu Mohammed’s appointment took effect from 6th October, 2021. He took over from Mrs. Rukayat Dahiru who was recently promoted to Chief Compliance Officer .

The newly appointed Company Secretary brings on board a wealth of experience as a senior legal adviser with extensive knowledge of the banking industry.

About Mr. Shehu Mohammed

Shehu Mohammed is an experienced legal practitioner with over 25 years’ experience. His areas of technical competence include but not limited to; litigation management, company secretariat functions, corporate governance, among others.

He started his Banking career in 2001 with NUB International Bank Ltd as Legal Officer and later Assistant Company Secretary/Legal Adviser. He worked in other Banks and Fin Insurance Ltd where he held positions of Acting Group Head Legal and Substantive Company Secretary/Legal Adviser respectively. In February 2017, he was appointed Company Secretary of Unity Bank Plc, a position he held until the end of 2019. He later joined Al-Fill Legal Consult as a Managing Partner.

Mohammed is an alumnus of the prestigious Ahmadu Bello University, Zaria and Bayero University, Kano. He is a member of various reputable professional bodies such as the Nigerian Bar Association (NBA), the Institute of Chartered Economists of Nigeria (ICEN) and the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN).

In addition, he has attended many relevant trainings including but not limited to the Anti-Money Laundering and Drug Abuse, Securities and Credit Documentation, among others.

In conclusion, the Board and Management of the Bank wished him all the best on his new role.

 

 

DEAL: AfricInvest acquires minority stake in Royal Exchange General Insurance Company.

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AfricInvest, a leading Pan-African asset management company has announced the acquisition of a minority stake in Royal Exchange General Insurance Company (REGIC). The investment was made through its private equity fund, FIVE, in the form of a subscription to a capital increase.

According to a notice issued by the company and filed with the Nigerian Exchange Limited (NGX), the new investment has already been approved by National Insurance Commission (NAICOM).

Following the recent investment, the Board of REGIC will be subsequently restructured to reflect this new reality. New directors from FIVE (the private equity arm of AfricInvest), will join the Board of REGIC, alongside Royal Exchange Group and Blue Orchard’s InsuResilience Investment Fund (IIF) that had earlier invested in the company in July 2019.  These new directors are expected to bring their wealth of experience and expertise in their various fields into play and chart a new strategic direction for REGIC, especially as the company seeks to be among the top 3 general insurance companies in Nigeria within the next 5 years. The appointment of these new Directors is awaiting approval from the primary regulatory body, NAICOM.

Why this matters: The investment will avail REGIC the opportunity to expand its underwriting capacity in key priority areas considered as the future of insurance, such as the retail mass market, agricultural insurance and insurtech, among others. In this light, the firm will be empowered to participate in more large-ticket corporate transactions, diversify its existing business and product lines as well as diversify its delivery channels.

In addition, the firm (REGIC) disclosed that the recent investment will help strengthen its execution capabilities at top and middle management in order to ensure the successful implementation of an ambitious growth plan for the company within the next 5-7 years.

What they are saying: Commenting on the new investment by AfricInvest, the Chairman of Royal Exchange Plc, Mr. Kenneth Ezenwani Odogwu, Chairman of Royal Exchange Group added, “Being the first insurance company in Nigeria and having been in business for over 100 years, I am excited and hopeful that we will be just as prominent for the next 100 years. The investment by AfricInvest and Blue Orchard is an important inflection point on this journey. Under the auspices of a new board led by a seasoned professional like Mr. Ike Chioke (awaiting NAICOM approval), I am confident that we will continue to provide relevant services and products to a new generation of insurance customers”

Mehdi Gharbi, Senior Partner at AfricInvest and Co-head of FIVE, commented, “REGIC represents a perfect fit with the investment strategy of FIVE as it combines return and impact. REGIC’s expansion plan will allow the Company to achieve sustainable and strong growth, facilitating access to insurance while creating value for stakeholders. I’m excited to join the REGIC’s board and to contribute alongside my colleagues the emergence of a new champion in the Nigerian insurance market.”

Ernesto Costa, Head of Private Equity Investments at BlueOrchard and representative of IIF in the board of REGIC added, “One of the key drivers behind our decision to invest in REGIC in 2019 was the history of the company, as well as the commitment of the key shareholders and management team to chart a new strategic direction for the company towards retail and improving the resilience of small-scale farmers, SMEs and households against the effects of climate change. We are happy with the addition of AfricInvest, a like-minded and experienced investor, as a strategic shareholder and together, we will offer the necessary expertise, leadership and direction from the Board to ensure REGIC continues on its growth trajectory.’’

Sylma du Plessis, Partner at Alkebulan and advisor to the Royal Exchange Group commented, “This transaction is testament to REGIC’s strong management and opportunity set that it could successfully attract investors of the caliber of FIVE. We are proud to have played a part in securing funding for and giving financial advice to the Royal Exchange Group.”

What you should know:

  • Royal Exchange General Insurance Company (REGIC) is one of Nigeria’s biggest private insurance companies established in 2008, following the restructuring of the then Royal Exchange Assurance Nigeria (REAN) which had been in operation for over a century in Nigeria.
  • AfricInvest is a leading private equity firm in Africa that has raised over $1.9 billion in funds. It was founded in 1994 and has made over 180 investments in more than 25 countries across the African continent in a variety of sectors.
  • Financial Inclusion Vehicle (FIVE) is the private equity arm and the evergreen investment vehicle of AfricInvest. It was raised in December 2017 and dedicated to the financial sector in Africa.
  • For this transaction, Royal Exchange General Insurance Company had Messrs Alkebulan and Co as its Financial Advisers, while Sefton Fross were its Legal Advisers. On the other hand, Udo Udoma, Bello Osagie (UUBO) and Co acted as the Legal Adviser for FIVE, while Punuka International Law Centre acted as the Legal Adviser for Royal Exchange Plc.

 

CAP Plc appoints UACN GMD, Folasope Aiyesimoju as Non-Executive Director.

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Chemical and Allied Products Plc (‘’CAP Plc’’) has appointed Mr Folasope Aiyesimoju into its Board as a Non-Executive Director, effective from October 5, 2021.

This is according to a notice signed by the company’s secretary, Ayomipo Wey and sent to the Nigerian Exchange Limited (NGX).

According to the disclosure, the appointment is subject to the approval of the company’s shareholders at its next Annual General Meeting (AGM).

About Mr Folasope Aiyesimoju

Mr. Aiyesimoju is a finance expert with cross-national experience spanning corporate finance, principal investing and private equity. He is currently the Group Managing Director of UAC of Nigeria Plc (“UACN”), and also the founder of Themis Capital Management, an investment firm focused on concentrating capital and talent on high-potential opportunities in Sub-Saharan Africa.

Prior to founding Themis, he worked with Kohlberg Kravis Roberts, a leading global investment firm. His experience also includes working with the Standard Bank Group, where he led mergers and acquisitions in Nigeria. He spent the early part of his career with Ocean and Oil Holdings Limited, a principal investment firm in Nigeria and ARM Investment Managers, one of Nigeria’s leading investment advisory and wealth management firms.

Mr. Aiyesimoju co-founded Foodpro Limited, a nutritional snacks business focused on edible nuts, where he currently serves as a non-executive director. He also sits on the Boards of MDS Logistics Limited, Grand Cereals Limited, UAC Foods Limited and UPDC Plc.

Mr. Aiyesimoju holds a B.Sc. (Hons) degree in Estate Management from the University of Lagos, where he was awarded a Certificate of Excellence in Real Estate Development and Finance, and earned the right to use the CFA designation in 2006

Presco Plc announces board meeting, closed period ahead of Q3 2021 results.

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Presco Plc has announced that it will be hosting a Board of Directors meeting on Wednesday, 27th of October, 2021.

This is according to a notice signed by the company’s secretary, Patrick Uwadia, and sent to the Nigerian Exchange Limited (NGX).

According to the disclosure, the meeting will avail the board members the opportunity to effect board changes and approve the draft unaudited financial statements of the company for the period ended Thursday, 30th of September, 2021. In addition, the Board will also consider and decide on the proposed payment of interim dividends for the aforementioned period.

Consequently, the company declared that it has commenced a closed period from 1st of October, 2021, in line with the statutory provisions for listed companies on the NGX platform. The closed period will last until 24 hours after the release of the unaudited financial results to the public.

The company also disclosed that its unaudited financial results for the aforementioned period will be uploaded on the website of the NGX on or before Saturday, 30th of October, 2021.

Note that during the closed period, insiders of the company comprising of directors, managers, employees and all their connected persons, are strictly prohibited from transacting in the shares of the company.

To access the notice, click HERE.

Ikeja Hotel Plc: Notice of Board Meeting.

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Ikeja Hotel Plc has notified its shareholders, the investing public and other relevant stakeholders that it will be hosting a Board of Directors Meeting on Thursday, October 21, 2021 by 11:00am prompt.

This is according to a notice signed by the company’s secretary, Deborah Okpiaifo, and filed with the Nigerian Exchange Limited (NGX).

According to the notice, the board meeting is scheduled to enable the Directors review and approve the company’s unaudited financial accounts for the third quarter ended 30th of September, 2021.

In line with Rule 17.18 of the Rulebook of the Nigerian Exchange Limited (NGX), the company disclosed that it had already commenced a closed period from October 1, 2021. The closed period will last until 24 hours after the financial results have been released to the NGX and made public.

During the closed period, all insiders such as: Director, persons discharging managerial responsibilities, and advisers of the Company and their connected persons  are prohibited from trading (i.e. buying, selling, transferring or otherwise dealing) in the company’s shares.

 

For more information about the disclosure, click HERE.

 

BUA Cement Plc announces board meeting, closed period ahead of Q3 2021 results.

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The Board of Directors of BUA Cement Plc has scheduled to meet on Thursday, 21st of October 2021, to consider amongst other matters, the unaudited financial statements for the third quarter of the year ended September 30, 2021.

This is according to a notice signed by the company’s secretary, Ahmed Aliyu, and filed with the Nigerian Exchange Limited (NGX).

In compliance with the post listing requirements of the Nigerian Exchange Limited for listed Companies, BUA Cement Plc also announced that it has commenced a closed period for trading in its shares since October 1st, 2021. The closed period will last until 24 hours after the financial results have been released to the NGX and made public.

Accordingly, no Director, Manager and other related and interested parties privileged to have sensitive information, which may materially affect the price of the securities of the Company, and persons connected to them may directly or indirectly deal in the shares of the Company

 

For more information about the disclosure, click HERE.

Berger Paints Nigeria Plc: Notice of Board Meeting/Closed Period.

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Berger Paints Nigeria Plc has notified its shareholders, the investing public and other relevant stakeholders that it will be hosting a Board of Directors Meeting on Thursday, October 28, 2021.

This is according to a notice signed by the company’s secretary, Ayokunle Ayoko, and filed with the Nigerian Exchange Limited (NGX).

According to the notice, the board meeting is scheduled to enable the Directors review and approve the company’s unaudited financial accounts for the third quarter ended 30th of September, 2021.

In line with the statutory provisions of the NGX, the company disclosed that it had already commenced a closed period from October 1, 2021. The closed period will last until 24 hours after the financial results have been released to the NGX and made public.

During the closed period, all insiders and their connected persons are prohibited from trading (i.e. buying, selling, transferring or otherwise dealing) in the company’s shares.

 

For more information about the disclosure, click HERE.

 

Royal Exchange Plc to hold 52nd Annual General Meeting (AGM) on October 28

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The Board of Royal Exchange Plc has announced that it will be hosting its 52nd Annual General Meeting on the 28th of October, 2021. The meeting will be virtually held at the company’s operations office in Oshodi, Lagos, by 10:00 am prompt.

This is according to a statement issued by the company and made available on the website of the Nigerian Exchange Limited (NGX).

Some of the issues to be discussed at the AGM include;

  • The audited financial statement for the year ended December 31, 2020, and the report of its Directors, auditor, and the audit committee.
  • Board appointments will also be considered and ratified.
  • To fix remuneration of managers and Directors in FY 2021.
  • To elect shareholders’ representatives of the statutory audit committee, among others.

In view of the directives on physical distancing and the restriction on maximum number of people at every gathering due to the COVID-19 pandemic, the meeting will hold by proxy in accordance with section 254 of the Companies and Allied Matters Act 2020 and as approved by the Corporate Affairs Commission.

Additionally, the AGM will be streamed live online, to enable shareholders and other relevant stakeholders who will not be attending the meeting physically to also be part of the proceedings. The link for the live streaming will be made available on the company’s website: www.royalexchangeplc.com

What you should know:

  • Royal Exchange Plc had earlier reported a 62% decline in its 2021 half year profit to N233.12 million.

For more information about the AGM, click HERE.