The Nation Newspaper

Author: The Nation

  • Trading begins on VFD Group’s N12.5b rights issue

    Trading begins on VFD Group’s N12.5b rights issue

    • NGX honours most impactful listing

    The Nigerian Exchange (NGX) at the weekend opened trading on the N12.5 billion rights issue of VFD Group Plc, allowing other investors to participate in the rights issue.

    In a circular, the NGX indicated that shareholders with full or partially renounced shares can trade on their allotments at the secondary market to take advantage of the premium on the rights’ price.

    VFD Group is raising N12.5 billion in new equity funds from its existing shareholders through a rights issue of 63.34 million ordinary shares of 50 kobo each at a price of N197.33 per share. The rights issue were pre-allotted on the basis of one new share for every three ordinary shares held as at the close of business on Thursday, October 12, 2023.

    VFD Group is trading at the NGX at N202.9 per share, a premium of 2.8 per cent above the rights’ price of N197.33.

    The rights issue opened on December 20, 2023 and will close on January 19, 2024. The trading on rights is expected to continue throughout the remaining offer period.

    In 2021, VFD Group had successfully raised additional capital of N4.1 billion through a rights issue to support ongoing expansion plans.

    The commencement of trading in rights came on the heels of the announcement of VFD Group as the “Equity Listing of the Year” at the annual NGX Made of Africa Awards.

    The award was in recognition of the listing of VFD Group on October 6, 2023. The listing of VFD Group’s shares added N46.5 billion to the market capitalisation at NGX, further boosting liquidity in the Nigerian capital market and providing more opportunities for wealth creation.

    A total of 190.027 million ordinary shares of 50 Kobo each were listed in VFD Group’s name at N244.88 per share.

    The NGX Made of Africa Awards was designed to acknowledge outstanding contributions within the capital market ecosystem. The awards spotlight companies and individuals showcasing exceptional performance, value delivery, and sustainable impact.

    Group Managing Director, VFD Group Plc, Mr. Nonso Okpala said the award was a worthy recognition and would further motivate the group to contribute more to the market.

    He commended the leadership of the Exchange for the foresight in positioning the Exchange for the future.

    “One of the remarkable initiatives, from our perspective, is the creation of the investment company category. This is a revolutionary step for the exchange, and we believe it will have a positive impact as the market recognizes the capacity and potential returns, along with the governance enforcement these companies bring. This development will undoubtedly enhance trust in the market, leading to increased participation and involvement, which will ultimately be beneficial for the economy,” Okpala said.

    Chief Executive Officer, Nigerian Exchange (NGX), Mr. Temi Popoola said the awards serve as a platform to showcase the best the capital market has to offer, inspiring more private sector organizations, states and the federal government to list shares, issue debt securities, and inject fresh capital into the market.

    According to him, through NGX Made of Africa, the Exchange remains committed to encouraging and incentivising partners, and promoting inclusivity as contributions to the development of the capital market.

    VFD Group boasts of diverse investment portfolio that includes banking, non-banking financial institutions, market infrastructure, technology, real estate, hospitality, media, entertainment and energy. It holds the single largest individual stake in NGX Group.

    Chairman, VFD Group Plc, Mr. Olatunde Busari, SAN, at a meeting, outlined the group’s strategic growth plan to its shareholders with a commitment that the group will consolidate on existing businesses and seek out cross-border opportunities to drive growth in the years ahead.

    He said the group remains optimistic about the general outlook and would position itself to take advantage of opportunities that present themselves during the year.

    According to him, the group would also focus on consolidating its existing business interests and drive its vision of becoming a commercially viable proprietary investment company with global influence.

    “We will continue to seek cross border opportunities that enable us access new market to help us aggregate the service offerings of our existing portfolio companies and collaborations outside our ecosystem to build a platform that allows us ring-fence stakeholder value chain,” Busari said.

    He pointed out that as an organization, VFD Group would always be measured by how much value it delivers to its shareholders, employees, community and all other stakeholders, assuring that the group remains committed to good governance and ethical business practices that promote the long-term interests of its stakeholders.

    At the listing ceremony at NGX, Busari explained that the group is a proprietary investment group that focuses on building positive and socially conscious ecosystems by aggregating potentially viable businesses to create innovative products and solutions accessible to the everyday Nigerian citizen and entrepreneur.

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    He said the listing on NGX is a strategic move to increase VFD Group’s visibility, enhance its access to capital, and improve its liquidity, ultimately benefiting its valued investors and stakeholders.

    “We are excited to join the distinguished ranks of companies listed on the Exchange, and we are confident that this step will provide us with the resources we need to continue our growth trajectory and serve our shareholders even better,” Busari said.

    Okpala said the listing was a momentous occasion for the VFD Group.

    According to him, the group’s journey from a boutique investment firm to a publicly traded company on the NGX reflects the dedication and hard work of its entire team.

    “We are excited about this new chapter and the opportunities it brings to further strengthen our market position.

    “We will continue to work toward our strategic goal of creating Africa’s first diverse business ecosystem. When compared to where we started, what we set out to achieve, and economic realities, the group’s performance has been outstanding on all fronts. Our focus on business expansion has yielded results, particularly in sectors other than financial services, and we have significantly increased our balance sheet,” Okpala said.

  • Abubakar Jimoh is Access Holdings’ chair

    Abubakar Jimoh is Access Holdings’ chair

    The board of Access Holdings Plc has appointed Mr Abubakar Jimoh, a Chartered Financial Analyst, as its new chairman.

    The appointment followed the death of former chairman, Mr. Bababode Osunkoya, who died on November 21, 2023 after a brief illness.

    In a regulatory filing at the weekend, the board of Access Holdings stated that it unanimously approved the appointment of Jimoh as the new chairman of the board.

    Jimoh, an independent non-executive director, was prior to his appointment the chairman of the company’s board audit committee and board finance and investment committee.

    Jimoh, regarded as a versatile business and finance professional, has some three decades experience in the financial services sector covering client relationship management, treasury, market risk, credit risk management, operational risk management, project and portfolio management.

    He is the Group Managing Director of Trustbanc Group, a leading investment management firm. Prior to his current role, Jimoh had led the transformation of Associated Discount House (ADH) from a failing discount house to a virile merchant bank-Coronation Merchant Bank Ltd.

    Before joining ADH, he was a General Manager and Divisional Head at the United Bank for Africa (UBA) Group with responsibility for balance sheet management, market risk and investors relations. He was also the Chief Risk Officer for various business segments including UBA Africa and UBA Capital.

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    Jimoh had worked with the Royal Bank of Canada Financial Group between 1999 and 2005 in various capacities and was the Divisional Chief in charge of private sector portfolio management with the African Development Bank between 2005 and 2008. He was appointed as an Independent Non-Executive Director on the board of Shelter Afrique between 2012 and 2013.

    The new chairman holds a Bachelor of Science and a Master of Science in Finance from University of Lagos, Nigeria. He is a Chartered Financial Analyst and an Associate of the Institute of Chartered Accounts of Nigeria and Chartered Institute of Bankers of Nigeria. Jimoh is a Chartered Internal Auditor and Certified General Accountant of Ontario and Canada. He has attended several Executive Management Development Programmes in leading institutions including London Business School, Canadian Securities Institute and Lagos Business School

  • Jalo-Waziri becomes CIS Fellow

    Jalo-Waziri becomes CIS Fellow

    Managing Director, Central Securities Clearing System (CSCS) Plc, Haruna Jalo-Waziri, has been elevated to a Fellow of Chartered Institute of Stockbrokers by the institute’s Board of Fellows .

    In his welcome address , the President and Chairman of the Institute’s Governing Council, Mr Oluwole Adeosun, who paid glowing tributes to Jalo-Waziri’s professional contributions to market development, explained the modalities for attaining the exalted position of Fellowship.

    “ As an important background , I need to explain that full membership of CIS begins at the Associate Level , while Fellowship is the highest category. To be a Fellow, a member must in addition to professional excellence, pass the moral and integrity tests with flying  colours. Our investee of today (Jalo-Waziri)  has done just that.

     “ Jalo is the Chief Executive Officer of Nigeria’s premier financial market Infrastructure company, the Central Securities Clearing Systems (CSCS) Plc, which provides depository, clearing and settlement of financial assets across multiple Exchanges in the Nigerian Capital Market.

    “ He is a consummate professional with executive experience spanning close to three decades, in Investment Banking, Securities Trading, Pension Funds Administration and conventional Asset Management, Business Development, Capital Trade Point and Capital Market Regulation. He  has also garnered significant Board experience across his career having served and still serving on the Boards of several companies.”, says Adeosun.

    Adeosun stated that stockbrokers had contributed immensely to the growth and development of the economy in general and the capital market in particular saying:

    “The success of the banking sector recapitalization exercise of 2005 -2007, was essentially due to the analytic and marketing formation work, done by Nigerian Stockbrokers. The Equity Market has been a source of sustainable wealth creation for individuals and corporate institutions across the country, consistently outperforming the rest of the economy, while proving to be a reliable hedge against inflation. The work of Chartered stockbrokers has therefore contributed significant key to GDP growth and economic development in Nigeria.

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    Responding to his Investiture, Jalo-Waziri appreciated the Institute for the honour and pledged to uphold its ethics that are rooted in the highest level of professional standard by global metrics.

    “It is a tremendous honor to be recognized by an esteemed institution that aims to uphold the highest standards of excellence and ethics in the Nigerian Capital Market and the

    global financial services industry. I am truly humbled by this distinction and pledge to continue to uphold the principles and values that the institute stands for such as professionalism, integrity, and accountability.

    This honour is not just a personal recognition, but a testament to the collective efforts and support of many individuals and organizations who have been instrumental in my professional journey. I hope I can pay it forward as I enrich and shape the professional trajectory of our successors in the field. “, he said .

    The historic event attracted many of the Institute’s members of the Board of Fellows. chief executive officers of many stockbroking firms and captains of industries and Jalo-Waziri’s wife Maimuna.

  • Ex-Delta lawmaker distributes 2000 bags of rice, cows, others 

    Ex-Delta lawmaker distributes 2000 bags of rice, cows, others 

    Erstwhile Deputy Speaker of the Delta State House of Assembly, Friday Osanebi, has distributed 2000 bags of rice across the state.

     Osanebi, speaking during the exercise in Ashaka, said this was his own way of cushioning the effect of the high prices of food and make Christmas memorable for them.

     According to him,  Yuletide is a season to put into practice the teachings  of Jesus, which is centred around love and compassion.

     The All Progressives Congress (APC) Deputy Governorship candidate in the March 18 polls said his decision to always reach out to his people during the Yuletide is not tied to politics.

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    He said whether he holds political office or not, he will always put a smile on the faces of his people during Christmas.

     Apart from rice, 100 cows, 200 goats, 100 cartons of oil, 100 cartons of tin tomatoes, 50 hampers were distributed, among other items.

     Some of the recipients who couldn’t hide their joy, showered encomiums and praises on Osanebi, with many stating he’s the only political leader from Ndokwa nation who gives and empowers without sentiments.

  • Firm expands fresh produce distribution

    Firm expands fresh produce distribution

    A firm, Fresh County Limited, has continued to redefine the food production space by distributing fresh produce to teeming consumers. 

    It has been able to support small holder farmers by increasing the financial value they obtain for their produce, establishing stronger market access and adding value to their raw materials.

     Chief Executive Officer of Fresh County Foods, Mrs. Amaka Emmanuel, stated that the company exists to also provide viable nutrition solutions for a very wide range target audience.

     ”Fresh County is solving vital problems in the society. We are re-introducing longevity to humanity by providing freshly made juices, smoothies, salads and plant-based milk with no added artificial sugar, no preservatives and no additives.

      “We cater for people of all ages with limitations to babies between ages 0-2 years. We cater for the health-conscious individuals, people managing life style illness such as diabetes, obesity and high blood pressure, the fit-farm individuals, pregnant women dealing with constipation, athletes, Invalid and convalescent,” she added.

      She the firm had expanded it Manufacturing As A Service (MAAS) department for B2B customers by 300 per cent, whereby, by servicing  other brands such as hotels, restaurants, caterers, juice bars, supermarkets, schools and other retail outlets.

     “Part of the uniqueness of our products is that our customers are part of the creation process.

    “We are improving on our processes, making it easier for people to access nutrient dense meals. We are creating a quick service option for healthy meals. In this way most of our products will be available on-demand not only to those on pre-booked meal plan.”

    “Presently, we have just expanded our Manufacturing As A Service (MAAS) department for B2B customers by 300 per cent, whereby, we manufacture for other brands such as hotels, restaurants, caterers, juice bars, supermarkets, schools and other retail outlets. In this way, we shall be able to expand the reach of healthy food options.”

     She  noted that Fresh County stands out from the rest of the market due to its unique production process, that places consumer preferences at the center of decision making: “Part of the uniqueness of our products is that our customers are part of the creation process. Our Juices, smoothies and salads are made right before the eyes of the customers, this enables customers to choose ingredients they are comfortable with. Our healthy meals for the invalid and convalescent persons are consciously tailored to each individual need recommended by their nutritionist.”

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     Mrs. Emmanuel also reaffirmed the company’s commitment to following environmentally sustainable industrial processes that are safe for the ecosystem.

     “We are a circularity focused and environmental conscious business operating from farm to table and table back to farm. The waste products from our juicing processes are used as feed for animal husbandry and compost for farming. Our three locations are presently powered by 47% renewal energy in form of solar panels and inverters that reduces carbon footprint in the environment.” she added.

       “Our Juices, smoothies and salads are made right before the eyes of the customers, this enables customers to choose ingredients they are comfortable with.

    “Our healthy meals for the invalid and convalescent persons are consciously tailored to each individual need recommended by their nutritionist,” she said.

      Emmanuel reaffirmed the company’s commitment to following environmentally sustainable industrial processes that are safe for the ecosystem.

     “We are a circularity focused and environmental conscious business operating from farm to table and table back to farm. The waste products from our juicing processes are used as feed for animal husbandry and compost for farming. Our three locations are presently powered by 47% renewal energy in form of solar panels and inverters that reduces carbon footprint in the environment,” she added.

  • Opadokun urges Tinubu to restore constitutional governance

    Opadokun urges Tinubu to restore constitutional governance

    A chieftain of the National Democratic Coalition (NADECO), Mr. Ayo Opadokun, has appealed to President Bola Ahmed Tinubu to take steps to restore Nigeria to constitutional governance.

    Opadokun, erstwhile secretary of Yoruba socio-cultural organisation, Afenifere, urged President Tinubu to leave a worthy legacy behind by taking measures to see to the implementation of “our restoration to constitutional governance as recommended by the Nasir el-Rufai panel.”

    The NADECO chieftain spoke to reporters in his country home, Offa in Kwara State on the sidelines of this year’s Christmas Carol he organised.

    The theme of the carol is: ‘Praising our saviour.’

    Said he: “In its congratulatory letter to the president after his victory at the Supreme Court, NADECO urged the president to implement the manifesto his party, All Progressives Congress (APC), presented to the public before they were elected into office.

    “Because then President Muhammadu Buhari did not implement the manifesto during his tenure, we campaigned vigorously for its implementation. 

    “As a result, the Buhari administration set up a panel headed by the then governor of Kaduna State, Nasir el-Rufai and the panel recommended devolution of power to the states. The panel equally recommended fiscal federalism. 

    “It also recommended that states that so wish should be allowed to merge. Another thing it recommended is the creation of state police.

    Therefore, we are asking President Tinubu to take immediate steps to implement the panel’s reports.

    “I know that Tinubu has the capacity to lift people out of the current untenable and unacceptable level of poverty.

    “The much more fundamental matter is the restoration of Nigeria to the federal constitutional arrangement upon which we secured our independence, which the Army subverted, abrogated and substituted with a unitary-centralist government.

    Nigeria has been living a lie by calling itself a federal government. We are nothing of such. Since January 15, 1966 we have been lying to the whole world and lying to ourselves.

    “This is why federal constitutional arrangement is the most suitable for Nigeria. Until we return to it, nothing will happen to our country. 

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    “Asiwaju Bola Tinubu was part of us in the trenches. We were together in the trenches. The current Fourth Republic was not secured on gold platter. We paid for it by our sweat, blood, freedom. Some people were detained for several years inclusive of me. My first detention lasted 24 calendar months. 

    “They picked me up again. I was in Ikoyi prison when General Sani Abacha died. Some of us were killed. 

    “President Tinubu, who was part of us in the trenches, knows what we were fighting for— that is restoration of democracy and federal constitutional arrangement.

    “The situation we find ourselves is that no matter how willing, how desirous President Tinubu may want to change the current situation, he is handicapped. 

    “This is because all that we are witnessing is the culmination of prolonged years of wrongly-headed economic policies initiated, promoted and financed by the military and their surrogates. You cannot withdraw them one day and change the situation for the better. That is the unfortunate situation we have found ourselves.”

  • Lagos promises to enforce EIA for projects

    Lagos promises to enforce EIA for projects

    Lagos State Government has promised to intensify efforts at mainstreaming Environmental Impact Assessment (EIA) into developmental projects, to ensure sustainability.

    This, it noted, would ensure the continued safety of lives and property of residents.

    Permanent Secretary (Environmental Services), Ministry of the Environment and Water Resources, Gaji Omobolaji, spoke at a stakeholders’ workshop on how to make EAI more effective and workable. The workshop was to sensitise technical professionals from government MDAs and the private sector on requirements and procedures for conducting EIAs.

    Omobolaji, represented by the Director of Sanitation Services, Hassan Sanuth, described EIA as “a decision making tool that guides developmental projects.

    “It is a form of predicting what are the likely consequences, positive or negative, of any project. It then recommends what should be done to make the project sustainable for the benefit of the environment as well as human being.”

    He added: “Lagos State, in the last two years, has been creating awareness on the importance of EIA. We are also extending it into government projects. The government has conducted EIAs on most of the projects it will be executing from next year; we are doing this so that the government itself is not found culpable of flouting the law.

    “The government is ready to implement and also enforce it. It is a government policy that must be implemented.”

    Director of Environmental Assessment Olasunkanmi Sojunu described EIA as a global tool for environmental management.

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    He said: “Before any project is developed, the law requires that the project be subjected to an early determination of its likely impact, beneficial or adverse. There must also be measures to mitigate those impacts. So, if we must have sustainable development in the state and across Nigeria, EIA must be considered essential.

    “The responsibility of conducting EIA lies in the hands of the Ministry of Environment and Water Resources. This is why this stakeholders’ workshop is necessary to sensitise stakeholders. We must equip our workers to be able to sensitise the people to do the right thing.

    We will also be firm with monitoring and enforcement to ensure people do the right thing.”

    A retired professor of Environmental Science, Babajide Alo, who lectured the stakeholders on EIA, said the government should increase its enforcement to ensure projects are executed in tandem with the EAI, to ensure sustainability and safety of residents.

    “If EIA is enforced the way it is crafted, projects will not be sited in the wrong places. So, government should do more now in enforcing EIA. Part of it is to empower the administrators of EIA. If their capacity is high enough, they can fully understand and enforce the implementation of EIA as is done globally.

    “The people also have to be partners in progress. They must ask the right questions about projects coming to their area to ensure it is environmentally- friendly, sustainable and beneficial to them,” he said.

  • Awori hail Tinubu for appointing Sosan into commission

    Awori hail Tinubu for appointing Sosan into commission

    Members of the Awori Welfare Association of Nigeria (AWAN) have hailed President Bola Ahmed Tinubu for appointing a former Deputy Governor of Lagos State, Princess Sarah Adebisi Sosan, into the Federal Civil Service Commission.

    The group also lauded the new appointee for her sterling contributions to the development of the state, particularly Aworiland, saying she would forever be an asset to the people of Aworiland.

    These are contained in a statement issued by the National Publicity Secretary of AWAN, Prince Adeniyi Jafojo, who also urged the new appointee to carry with her, the time honour virtues of the Awori speaking people for excellence and service in her new role.

    Sosan, the deputy governor of Lagos State between 2007 and 2011 under the governorship of Babatunde Fashola, is expected to represent Lagos and Ogun states in the commission.

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    Reacting to the development in the statement made available to reporters in Lagos, AWAN said: “We are glad and elated that President Tinubu has once again considered one of us, Princess Sosan, worthy to serve the country.

    “We are indeed happy that this time, her wealth of experience as a tested public servant is being deployed once again to serve the country and humanity. This is a source of joy to us all in Aworiland.

    “It is also a testament and confirmation of the fact that our homeland has worthy and qualified personnel to man any area or sector of government.”

    The group added that “in this instance, we are urging our darling sister to take along with her, our age long virtue of service, dedication and hard work in her new assignment as she has done in the past.”

  • Troops kill 14 bandits, rescue kidnap victims in Kaduna, Niger

    Troops kill 14 bandits, rescue kidnap victims in Kaduna, Niger

    Troops of 1 Division Nigerian Army in coordinated offensives in Kaduna and Niger states have killed 14 terrorists and rescued several kidnap victims.

    The troops also recovered weapons during the operations, Lieutenant Colonel Musa Yahaya, the Acting Deputy Director Army Relations 1 Division Nigerian Army, made this known in a statement.

    The operation by troops of 1 Division Nigerian Army(NA) was aimed at ridding the troubled states of violent extremists, insurgents and  criminal elements, Lt. Colonel Yahaya said.

    According to his statement, in Niger State, on December 23, 2023 troops set out to clear the remnant of insurgent elements in the state. Troops made contact at Madawaki,  Shiroro Local Government and neutralised two insurgents with others fleeing with gunshot wounds. “Troops recovered two AK rifles, two AK rifle magazines and one motorcycle in this encounter.”

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    He said further that the troops proceeded to the camp of eliminated insurgents leader, Ali Kachalla, where his foot soldiers cowardly absconded on troops’ approach. Search of the camp led to the rescue of 13 kidnap victims, all men.

    “The victims revealed to have been abducted in Niger State on October 13, 2023. Items recovered from the camp included an international passport suspected to belong to a high profile affiliate of the insurgents. “A few military and warlike accessories were also discovered at the camp. Rescued persons were taken to a military medical facility for medical attention and subsequently reunited with their families.”

  • NDLEA arrests five impersonators in Edo

    NDLEA arrests five impersonators in Edo

    • Agency intercepts 7.5m tramadol pills, 95,400 codeine bottles
    • 70-year-old grandma, son held for drug trafficking

    The National Drug Law Enforcement Agency (NDLEA) says it has arrested five persons impersonating its operatives in Edo State.

    Director, Media and Advocacy, NDLEA Headquarters Abuja, Femi Babafemi, yesterday said the suspects that were putting on the agency’s operational jackets, were arrested with a fabricated gun and pistol carved from wood.

    “In Edo State, five persons dressed in NDLEA operational jackets were arrested with a fabricated gun and pistol carved from wood following intelligence that they were impersonating as officers of the agency and conducting illegal operations.

    “The suspects include: Sebastine Asekiamhe, 22; Raymond Otaru, 28; Emmanuel Wisdom, 23; Solomon Edogamhe, 27; and Bonaventure Oghibui, 22. While some others in NDLEA jackets escaped, a bottle of codeine-based syrup was found with those arrested,” Babafemi said in a statement.

    He said the agency intercepted millions of tramadol 225mg pills, thousands of codeine syrup bottles and bags of Canadian Loud in consignments arriving the country ahead of the Christmas celebration.

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    According to him, at the Murtala Muhammed International Airport, MMIA, Ikeja Lagos, all tricks employed by the drug syndicates to smuggle into the country 7.5 million pills of tramadol 225mg through the NAHCO import shed of the airport were frustrated by NDLEA officers with the cooperation of men of the Nigeria Customs and other stakeholders.

    He said the consignment, which was taken into custody on December 22 came onboard a Turkish airline with no country of manufacture or origin.

    Babafemi said on December 21, NDLEA operatives raided a house in Mushin area of Lagos where a 70-year-old grandma, Selifat Funke Cole and her son, Babajide Ayorinde Cole, were arrested with 117.900kg of cannabis sativa.