Universal Insurance Plc released its unaudited results for the period ended 31st of March, 2021.
See link to results.
Golden Guinea Breweries Plc released its full-year audited results for the year ended 31st of March, 2021.
See link to results.
LASACO Assurance Plc released its unaudited financial statements for the period ended 31st of March, 2021.
See link to results.
Primrose Investment Limited, a real estate and property development company, has announced the purchase of additional 22 million units of FCMB Group Plc shares worth N70.22 million.
This is according to a recent disclosure, signed by the firm’s secretary, Olufunmilayo Adedibu, and sent to the Nigerian Exchange Group Limited (NGX).
Breakdown
The breakdown of the recent deal showed that Primrose Investment Limited purchased a total of 22,000,000 units of FCMB shares at an average price of N3.1917 per share. This puts the total consideration for the shares purchased at N70, 217,400.
It is pertinent to note that the deal took place in three tranches on 24th, 28th and 29th of June, 2021. The breakdown of the amount spent in each tranche is succinctly captured below;
What you should know:
Earlier this year, Nairametrics reported that Primrose Investment Limited had spent N66.6 million on the purchase of additional 20 million shares of the company
The Board of Guinness Nigeria Plc has announced the resignation of Mr Stanley Njoroge as an Executive Director of the company, effective from 31st of July, 2021.
This is according to a notification sent to the Nigerian Exchange Group Limited (NGX), which reads: ‘’ This is to inform the Nigerian Exchange Limited, the investing public and our esteemed shareholders of the resignation of Mr. Stanley Njoroge from the Board of Guinness Nigeria Plc with effect from 31st July 2021.’’
In addition, the Board of Guinness Nigeria seized the opportunity to thank Mr. Stanley Njoroge for his service and contribution to the growth of the company and wished him all the best in his future endeavours.
About Mr. Stanley Njoroge
Mr. Stanley Wanyoike Njoroge is a Certified Public Accountant and a member of the Institute of Certified Accountants of Kenya (ICPAK). He is an alumnus of both the University of Nairobi and Strathmore University in Nairobi Kenya.
Until his resignation, Stanley served as the Finance and Strategy Director, and was appointed to the Board of Guinness Nigeria Plc as an Executive Director in March 2018. Prior to joining Guinness Nigeria, Stanley gathered valuable experience from leading multi nationals like Deloitte & Touche East Africa, where he provided tax consultancy and managed tax clients in Kenya and Uganda.
Other reputable brands he worked for include but not limited to; Barclays Bank Kenya, PT Gitaswara Indonesia, Meta Abo Brewery S.C, EABL among others.
Transcorp Energy Limited, a subsidiary of Transnational Corporation of Nigeria Plc, has revealed that it is seeking to collaborate with the Federal Government of Nigeria to develop nuclear power plants as alternative source of energy for power generation in Nigeria using the OPEN 100 model.
This was revealed by the Head of Transcorp Energy Business, Peter Ikenga, during the unveiling of the company’s alternative energy plan at a meeting with the Honourable Minister of Science and Technology, Dr Ogbonnaya Onu.
In his remarks, Mr Ikenga said: ‘’This project is transformative and a first in Nigeria and would radically change the way nuclear power plants are deployed, offering a substantially less expensive and less complicated solution. It will further provide the country with a reliable and sustainable energy source, devoid of some of the challenges hampering stable and reliable power generation in Nigeria.’’
He further added that the recent move will help unlock greater value in the power sector.
On the other hand, the Honourable Minister of Science and Technology, Dr Ogbonaya Onu, while welcoming the Transcorp team, reiterated the commitment of the government to promote the application of science, technology and innovation within Nigeria, in line with the Executive Order No. 5 of the Federal Government.
Dr Onu said: ‘’We are delighted to see this innovation and appreciate Transcorp for leading the charge in the industry with this initiative. The approach by Transcorp to use small scale nuclear plants is catalytic for achieving the national goals on Sciency and Technolgy’’, he stated.
Dr Onu further directed that a joint committee comprised of Transcorp, and all the relevant stakeholders be set up immediately, so as to jointly manage the execution of the project. In his view, this is an affirmation that the Federal Government, particularly the Ministry of Science and Technology is committed to supporting laudable initiatives that would spur the technological advancement of the country.
What you should know:
The Federal High Court has granted an order sanctioning the merger between Chemical and Allied Products Plc (CAP Plc) and Portland Paints and Products Nigeria Plc, effective from 1st of July, 2021.
This is according to a disclosure signed by the Managing Director of Portland Paints, Bolarin Okunowo and sent to the Nigerian Exchange Group Limited (NGX).
The merger is sequel to the approval granted at the respective court-ordered meetings of Portland Paints and CAP held on 18th of February, 2021. In light of this, the Federal High Court of Nigeria on 29th of June, 2021 granted the approval to proceed with the merger of the aforementioned firms.
Affirming this, a part of the recent notice read: ‘’ Portland Paints and Products Nigeria PLC (“Portland Paints”) hereby notifies Nigerian Exchange Limited (the “Exchange”), our shareholders and the general public that following the approval of the scheme of merger between Portland Paints and Chemical and Allied Products Plc (“CAP”) (the “Merger”) at the respective court-ordered meetings of Portland Paints and CAP held on February 18, 2021, the Federal High Court of Nigeria, on June 29, 2021, granted an order sanctioning the Merger. The Merger will become effective on Thursday, July 1, 2021 (the “Effective Date”).’’
Mr. Okunowo noted that subject to the approval of the Exchange, the shares of Portland Paints will be placed on full suspension a day before the effective date, that is, from the close of business on 30th of June, 2021. This is to enable the company update its register of members for the purpose of determining the shareholders eligible to receive the scheme consideration.
What this means:
By the virtue of the merger, it is imperative to note that CAP and Portland Paints will from the effective date (today) operate as one entity, with CAP being the surviving enlarged entity. Portland Paints will be dissolved without being wound up.
In addition, the merger provides a unique opportunity to help drive growth and expansion within the Nigerian paints and coatings landscape, creating more value for shareholders and relevant stakeholders.
Finally, the merger is expected to create an ‘’Enlarged CAP’’ which will dominate the Nigerian paints market, printing the industry’s largest market share estimated to be around 14.9%. The enlarged entity will float an enlarged product portfolio with strong brands and a rich product mix of CAP and Portland Paints in the standard, premium, industrial and marine/protective segments.
What you should know:
Northern Nigeria Flour Mills Plc released its audited financial results for the year ended 31st of March, 2021.
See link to results.
University Press Plc released its audited full-year results for the year ended 31st of March, 2021.
See link to results.
Zenith Bank Plc has appointed Dr. Omobola Ibidapo-Obe Ogunfowora into its Board as an Independent Non-Executive Director, following a confirmation from the Central Bank of Nigeria
This is according to a notification sent to the Nigerian Exchange Group Limited (NGX) platform, dated 30th of June, 2021, as seen by Nairametrics.
Dr. Ogunfowora’s profile
Dr. Omobola Ibidapo-Obe Ogunfowora is a legal and corporate governance practitioner with enviable experience in the private and public sector. She gained valuable experience in the academia, having worked as a commercial and industrial law lecturer at the University of Lagos. She also had a long spell as a Dispute Resolution Compliance Specialist with the Ombudsman Services in the U.K.
Dr. Ogunfowora is an alumna of the prestigious Cardiff Law School where she obtained a LLB (Hons) and LLM degrees. She further proceeded to Queen Mary University and Middlesex University, where she obtained MRes and PhD degrees respectively.
For more information about the recent disclosure, click HERE.