Category: Services

Trans-Nationwide Express Plc. Managing Director resigns.

Chidi Emenike Leave a comment

The Board of Directors of Trans-Nationwide Express Plc (TRANEX Plc) has notified the Nigerian Exchange Limited (NGX) and the general public of the resignation of its Managing Director, Mr Theodore Chikelu.

According to a notice signed by the company’s secretary, Adesua Akintemi, and filed with the Nigerian Exchange Limited (NGX), the resignation of Mr Chikelu has been duly accepted by the Board.

The Board seized the opportunity to thank the outgoing boss for his valuable contributions during his tenure as the Managing Director/CEO of the company, and wished him well in his future endeavours.

On the other hand, the company revealed that the NGX and the general public will be notified once a new Managing Director/CEO is appointed.

About Theodore Chikelu

Mr Theodore Chikelu is an expert in developing emerging and niche markets. His work experience spans across the public and private sectors. He joined Trans-Nationwide Express Plc (TRANEX) in October 2018 as Chief Operating Officer and was later promoted to the Managing Director of the Company, following the retirement of his predecessor, Chidinma Iheme.

Prior to joining TRANEX, he was the MD/CEO of Jet Afrique Aviation Services Ltd, an aviation support and charter company. He also gained valuable work experience from some leading Nigerian Airlines, including Bellview Airlines, Arik Airlines, among others.

Chikelu holds a Bachelor’s degree in Geography and a Master of Public Administration degree from the prestigious University of Nigeria, Nsukka. He is a member of the Institute of Personnel Management of Nigeria and the Institute of Management Consultants.

Trans-Nationwide Express Plc formerly known as TNT Skypak Nigeria Limited is a leading logistics company engaged in domestic and International Express delivery, haulage, freight and other ancillary transportation and storage services. It was established in 1984.

 

Airtel Africa Plc appoints new Director.

Chidi Emenike Leave a comment

Airtel Africa Plc, a leading provider of telecommunications and mobile money services, has announced the appointment of Ms Tsega Gebreyes as an independent non-executive director with immediate effect.

Ms Gebreyes appointment was announced in a statement released by the company to the Nigerian Exchange Limited (NGX) and signed by the Group Company Secretary, Simon O’Hara.

About Tsega Gebreyes

Ms. Gebreyes, an Ethiopian by nationality, is an accomplished financial expert and administrator. She sits on the boards of several private and non-private companies operating in Africa and beyond, serving in various capacities that includes but not limited to; audit, remuneration, finance committees, etc. She currently serves as a Non-Executive Director of the London Stock Exchange Group and as a Vice Chair of SES, a publicly listed company in Luxembourg.

She is the founding partner of Satya Capital Limited, a private investment firm that specializes in Africa related investments. She served as Chief Business Development and Strategy Officer of Celtel International BV and Senior Advisor to Zain.  Her previous experience includes her role as a founding partner of the New Africa Opportunity Fund, LLP, a $120 million private equity Fund anchored by Citibank. She has served in various positions at Citibank and McKinsey

Ms. Gebreyes holds a bachelor’s degree from Rhodes College and an MBA from Harvard Business School.

Commenting on her appointment, the Chairman of Airtel Africa Plc, Sunil Bharti Mittal said: ‘’On behalf of the Board, I am delighted that Tsega has agreed to join the Airtel Africa Board and we very much look forward to working closely with her. Tsega brings with her great telecommunications experience, working and investing in Africa and above all solid financial acumen. All this adds additional knowledge base at the Board”

Cutix Plc CEO sells off shares worth N3.9 million.

Chidi Emenike Leave a comment

The Chief Executive Officer of Cutix Plc, Mrs. Oduonye Ijeoma Agnes, has sold off 795,000 units of the company’s shares, valued at ₦3.9 million.

This is contained in a notice signed by the company’s secretary, Chinwendu Nwokporo, and forwarded to the Nigerian Exchange Limited (NGX).

According to the disclosure, the transaction which took place on the 5th of October, 2021 at the floor of the NGX, saw the CEO  disposed 795,000 units of shares at an average price of N4.92 per share. This put the total consideration for the shares purchased by the CEO at ₦3,911,400.

It is imperative to note that the disclosure is in line with The Exchange’s policy on insider dealings. It is pertinent because it helps to engender transparency and maintain public trust in the financial system.

What you should know:

  • As at 31st of July 2021, Mrs. Oduonye Ijeoma Agnes holds about 4,795,000 units of direct shares in Cutix Plc, translating to about 0.39% of the total shareholdings in the firm.
  • Cutix Plc closed trading for the week ended 8th of October, 2021 at N4.85/share on the floor of the Nigerian Exchange Limited (NGX).

 

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

Chidi Emenike Leave a comment

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).

 

 

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

Chidi Emenike Leave a comment

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

Ikeja Hotel Plc: Notice of Board Meeting.

Chidi Emenike Leave a comment

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.

 

Airtel Nigeria offers to buy back minority shares worth N61.24 billion.

Chidi Emenike 1 Comment

Airtel Networks Limited (‘Airtel Nigeria’), a leading provider of telecommunications services in Nigeria and a subsidiary of Airtel Africa Plc, has offered to buy back its 8.27% minority shareholdings at an offer price of N55.81 per share, totalling N61.24 billion.

In what appears to be an open offer, the telecommunication giant revealed that if all minority shareholders agreed to sell their shares, the total buy back will be worth an estimated N61.24 billion (c$148.1 million, using an exchange rate of 413.38 NGN/USD).

This was disclosed by the company via a statement made available on the website of the Nigerian Exchange Limited, which reads: ‘’ Airtel Africa, a leading provider of telecommunications and mobile money services, with a presence in 14 countries across Africa, today announces that its subsidiary Airtel Networks Limited (‘Airtel Nigeria’), a leading provider of telecommunications services in Nigeria, has initiated a process under which it seeks to buy back the 8.27% minority shareholdings at an offer price of NGN 55.81 per share. Assuming all minority shareholders decide to tender their shares, the total consideration is estimated to be NGN 61.24 bn (c$148.1mn using an exchange rate of 413.38 NGN/USD). This represents an open offer to all shareholders.’’

The company also revealed that further details about the deal will be subsequently communicated to all and sundry in due course.

About Airtel Nigeria

Airtel Nigeria (Airtel Networks Limited) is a leading mobile telecommunication services provider in Nigeria and a member of Airtel Africa Group, committed to providing innovative, exciting, affordable and quality mobile services to Nigerians. The company made history on August 5, 2001 by becoming the first telecoms operator to launch commercial GSM services in Nigeria and has scored a series of many “firsts” in the highly competitive Nigerian telecommunications market including the first to introduce toll-free 24-hour customer care; first to launch service in all the six geo-political zones in the country; first to introduce affordable recharge denominations; first to introduce monthly free SMS and first to introduce monthly airtime bonus.

Segun Ogunsanya assumes role as Airtel Africa CEO.

Chidi Emenike Leave a comment

Mr. Olusegun Ogunsanya has formally assumed his role as the Managing Director/ Chief Executive Officer of Airtel Africa Plc.

This was confirmed in a statement issued by the leading telecommunication firm, which stated that his role became effective from October 1, 2021. He took over from Mr. Raghunath Mandava, whose tenure formally ended on September 30, 2021.

Excerpts of the notice released by the telecommunication giant and made available on the website of the Nigerian Exchange Limited (NGX), read thus: ‘’ Airtel Africa plc, a leading provider of telecommunications and mobile money services, with a presence in 14 countries across Africa, announces that further to the Company’s appointment of Olusegun “Segun” Ogunsanya, as Managing Director and Chief Executive Officer, Segun has begun his new role as at 1 October 2021 and joined the Board of Airtel Africa plc.’’

Recall that Airtel Africa Plc had earlier in April announced the appointment of Mr Segun Ogunsanya as the new MD/CEO of the Company. The notice stated that Ogunsanya who was then the CEO of Airtel Nigeria would join the Board of the parent company with effect from October 1, 2021.

Commenting on his resumption and his vision for the company, Mr Segun said: ‘’I am looking forward to building on the solid foundations the Group has established for future sustainable growth across Africa. Moving forward, we will invest even more in our network and distribution channels to serve the communities where we operate. By doing this, we will continue to sustainably bridge the digital divide, expand financial inclusion and meet the evolving needs of our customers.’’

About Segun Ogunsanya

Segun is a chartered accountant and an electronics engineer. He was previously Managing Director and CEO of Airtel Nigeria and was responsible for the overall management of the operations in the Company’s largest market. He has more than 25 years of working experience that spans business management, banking, consumer goods and telecoms. Before joining Airtel in 2012, Segun held leadership roles at Coca-Cola in Ghana, Nigeria, and Kenya (as MD and CEO). He has also been the Managing Director of Nigerian Bottling Company Ltd (Coca-Cola Hellenic owned) and Group head of retail banking operations at Ecobank Transnational Inc, covering 28 countries in Africa.

Africa Prudential appoints Anu Akindolire as acting CFO, as Mr Olufemi Adenuga resigns.

Chidi Emenike Leave a comment

The Board of Directors of Africa Prudential Plc has appointed Mr. Anu Akindolire as the new Acting Chief Financial Officer of the Company, following the resignation of Mr. Olufemi Adenuga from the position.

This disclosure was made in a statement signed by the company’s secretary, Joseph Jibunoh, and sent to the Nigerian Exchange Limited (NGX).

According to the disclosure, following the resignation of Mr. Adenuga with effect from September 30, 2021, and pending the appointment of a substantive Chief Finance Officer, Mr Anu Akindolire will assume the role in an acting capacity.

Corroborating this, the recent statement issued by the firm partly reads: ‘’ We write to formally notify the Nigerian Exchange Limited (NGX) of the resignation of the Chief Finance Officer of Africa Prudential Plc, Mr. Olufemi Adenuga with effect from September 30, 2021.

‘’Pending the appointment of a Chief Finance Officer, Mr. Anu Akindolire will assume the role in an acting capacity.’’

About Mr. Anu Akindolire

Mr. Anu Akindolire is a Chartered Accountant with varied experience acquired from the financial services and Capital Market sectors. His professional skills extend to financial and corporate reporting, treasury management and budgeting. He is an Associate Member of the Institute of Chartered Accountants of Nigeria (ICAN), Institute of Capital Market Registrars (ICMR), Institute of Chartered Management Accountants Australia; a certified Portfolio Management Professional from the New York Institute of Finance and is currently undergoing the Finance Leadership Program at the Chartered Institute of Management Accountants, UK.

Julius Berger Nigeria Plc Audit Committee to meet on October 28 to ratify its Q3 2021 results.

Chidi Emenike 1 Comment

The Board Audit Committee of Julius Berger Nigeria Plc will meet on Thursday October 28, 2021 to consider the results of the company for the third quarter of the year ended September 30, 2021 (Q3, 2021).

This was disclosed by the firm in a notice signed by its secretary, Mrs Cecilia Madueke, and filed with the Nigerian Exchange Limited (NGX).

In light of the above, the company declared that it will be observing a closed period from October 1- October 29, 2021. The declaration of a closed period is in line with the provisions of the amended Rule 17.18(a) issued by the Nigerian Exchange Limited (NGX).

During the closed period, all insiders in Julius Berger such as its directors, managers, employees, etc., are under restriction not to trade or deal in the equity of the Company. The Closed Period shall remain until the 2021 Q3 Financials is released to the public.

Note that Julius Berger as used in this case refers to Julius Berger Nigeria Plc and all its subsidiaries.

 

Kindly find attached, a copy of the notice