Category: Capital Market

Ardova Plc has listed two tranches of bonds worth N25.3 billion on the Nigerian Exchange (NGX), paving the way for bondholders to trade on their investments.

Listing documents at the weekend showed that Ardova listed a seven-year bond worth N11.444 billion with a coupon of 13.3 per cent under its series 1, tranche A issue. The bond is due in 2028. It also listed a 10-year bond due in 2031 and worth N13.856 billion with a coupon of 13.65 per cent under series 1, tranche B.

The two bonds were fixed rate senior unsecured bonds and were issued under the company’s N60 billion bond issuance programme. The two tranches were issued on November 12, 2021. The fixed-rate coupon will be paid semi-yearly.

The debt capital raising provides Ardova with additional capital buffer to support its ambitious expansion programme.

Ardova is set to conclude the construction of a 20,000 metric tonnes Liquefied Petroleum Gas (LPG) storage facility by December 2022.

The groundbreaking ceremony for the LPG storage facility at the company’s Ijora-Lagos Campus was held recently. The LPG facility sits on 8.8 hectares and has a combined storage capacity of 20,000 metric tonnes, regarded as the largest in West Africa.

Chief Executive Officer, Ardova Plc, Olumide Adeosun said the LPG facility underscored Ardova’s commitment to grow revenues from cleaner fuels.

According to him, the project marks an important step in the company’s evolution to an integrated energy company, as it draws closer to its projection of a future where renewables and cleaner fuels represent a considerable segment of its product offering and balance sheet.

“This facility, when completed will be West Africa’s largest LPG storage complex, placing Ardova at the top of the industry in receiving, blending, storing, and distributing the product to both commercial and retail customers.

“It also indicates the direction of travel for our company, as it spotlights our confidence in LPG as the fuel of the future in Nigeria, in congruence with both the Nigerian government’s gas expansion plan which seeks to make LPG mainstream at the end of the decade and the present growing rate of in-country consumer adoption of the product,” Adeosun said.

He noted that Ardova’s investment in the facility supersedes the expected commercial returns, as the company is equally focused on the positive environmental and human impact that increased

According to him, Ardova is also particularly interested in the improved socio-economic prospects the project portends for citizens of Nigeria, especially rural consumers whose reliance on biomass such as firewood makes them vulnerable to attendant health risks and reduces much needed ground cover provided by trees at alarming speed.

“By December 2022, when construction is completed, we will have a facility that will be both best in class and future ready. The firms involved in the construction, fabrication, and sourcing of every single component to be used in this project have been benchmarked against the highest standards of Engineering, Procurement, and Construction (EPC) management, as well as Health, Safety and Environment (HSE) specifications. I am confident that we will deliver a world class facility that will continue to yield results for the company in decades to come,” Adeosun said.

The Federal Government at the weekend listed 415.4 million additional units of medium-term and long-term bonds at the Nigerian Exchange (NGX).

Listing report indicated that the additional bonds were issued in February 2022 as part of reopening of existing bond issuances.

A total of 153.40 million units were added to the 12.50 per cent FGN JAN 2026 bond to increase the total outstanding units for the bond to 1.072 billion.

Also, a total of 262.02 million bond units were added to the 13 per cent FGN JAN 2042 bond to increase its total outstanding units to 350.94 million

The Federal Government plans to raise about N471 billion in new debt capital from the domestic capital market this quarter. However, it has exceeded that at the last count

Provisional debt issuance calendar of the government showed that it planned to raise about N471 billion through issuance of short to long-term ordinary bonds and low-end retail savings bonds.

The Federal Government plans to spend N17.13 trillion under the 2022 national budget, 18 per cent higher than 2021 budget. This includes recurrent, non-debt, expenditure of N6.91 trillion or 40 per cent of total expenditure and capital expenditure of N5.96 trillion or 35 per cent of total expenditure.

Debt servicing is estimated at N3.61 trillion, about 21 per cent of total expenditure or 34 per cent of total revenue projection.

However, the government projected total revenue of N10.74 trillion in 2022, leaving a deficit of N6.39 trillion. The government is expected to issue additional Eurobonds and domestic bonds; including its raving Sukuk bond

United Bank for Africa (UBA) Plc recorded a well-rounded performance in 2021 with considerable growths in earnings and balance sheet.

Key extracts of the audited results of UBA for the year ended December 31, 2021 showed appreciable growths across key financial metrics. Gross earnings rose to N660.2 billion in 2021, representing an increase of seven per cent on N616.8 billion recorded in 2020.

Despite the huge challenging business and slow economic recovery in most of its countries of operations, UBA’s profit before tax was impressive with a 20.3 per cent growth to N153.1 billion in 2021, compared with N127.3 billion in 2020. Profit after tax rose grew by 8.7 per cent to N118.7 billion in 2021 as against N109.2 billion recorded in the previous year.

Total assets grew by 11 per cent to an unprecedented N8.5 trillion in 2021, up from N7.7 trillion in 2020, thus marking the first time the bank’s assets will cross the N8 trillion mark. Similarly, net loans grew by 7.7 per cent to N2.8 trillion. Customer deposits rose by 12.2 per cent to N6.4 trillion in 2021 compared with N5.7 trillion in 2020, reflecting increased customer confidence, enhanced customer experience, successes from the ongoing business transformation programme and the deepening of its retail banking franchise. Further analysis showed that in 2021, the bank’s operating income rose by 10 per cent to N443 billion compared with N403 billion in the previous year, whereas operating expenses closed the period at N279 billion.

The board of directors of the bank has recommended a final dividend of 80 kobo per share, in addition to an interim dividend of 20 kobo earlier paid, bringing the total dividend payout to N1 per share.

Group Managing Director, United Bank for Africa (UBA), Kennedy Uzoka, said the results showed that notwithstanding the tight and challenging operating environment, UBA has continued to deliver significant performance.

He outlined that the quality of UBA’s portfolio as well as the strength of the bank’s credit risk management frameworks and policies remain the bedrock of the positive results that the bank has been recording over the years.

According to him, the current performance highlights UBA’s relentless customer focus, and leverage on its key strategic levers of people, process and technology.

He noted that 2021 could best be described as a year of global recovery; economies around the world began to witness early-stage recoveries, as supply chains recover from the devastating disruptions suffered in 2020.

“Looking forward, I am particularly excited about our ongoing enterprise transformation programme which is designed to enhance the bank’s process agility, service delivery and customer experience. We are also making sizeable investments in cutting-edge technology and cyber security, to keep our innovative digital banking offerings above the curve, as we tool and re-tool our human resources to compete and win in a rapidly changing and evolving landscape. This will ensure the bank continues to achieve respectable top and bottom-line growth through the medium to long term,” Uzoka said.

Group Chief Financial Official, United Bank for Africa (UBA) Plc, Ugo Nwaghodoh, said the bank has shown resilience by achieving sizeable growth and strengthened balance sheet despite the slow pace of economic recovery that characterised  2021.

He noted that through active and diligent assets and liabilities management, the bank was able to protect its net interest margin and achieved a downward moderation of Cost of funds (CoF) by 70 basis points to 2.2 per cent  from 2.9 per cent in the previous year.

According to him, the bank’s capital adequacy ratio at 24.9 per cent was well above the required regulatory minimum and reflects a strong capacity for business growth.

“The Group’s non-performing loan ratio improved further to 3.6 per cent from 4.7 per cent at the end of 2020. This testifies to the quality of UBA’s loan portfolio even as the bank remains relentless in its resolve to drive down the Cost-to-Income ratio, which stood at 63.0 per cent at the end of the year,” Nwaghodoh said.

He added that the bank achieved further strides in growing its business and gaining market share across its pan-African operations, with the region accounting for 63.2 per cent of the group’s profitability, compared to 55.4 per cent in 2020; loans and advances as well as deposit in the region were also up 14.5 per cent and 27.3 per cent respectively.

“We recognise the changing competitive landscape and are proactively positioning to consistently deliver on our strategic objectives and commitment to shareholders,” Nwaghodoh said.

Ethica Institute of Islamic Finance, a leader in Islamic finance training and certification, has reached an agreement with Oman’s first fully accredited university, Majan University College to offer training in Islamic finance.

The partnership enables Majan, now with over 3,500 students, to  offer Ethica’s award-winning Certified Islamic Finance Executive (CIFE) and Advanced CIFE (ACIFE) to its students, staff, and the Omani banking community.

Assistant Professor and Programme Manager, Majan University College, Dr. Nagib Omar  said the partnership was a delight as it was the first time that Ethica has had an exclusivity deal in Oman.

He said the university is keen to make a positive impact across the country.

Ethica noted that the next generation of Islamic finance professionals is currently in university, and it is critical that standards-based Islamic finance knowledge is imparted on them before the students enter the workforce.

“We look forward to Majan University College becoming a beacon of Islamic finance learning in Oman and are delighted to offer them country exclusivity,” Ethica stated.

Ethica’s certifications are officially recognised by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), the world’s leading standard-setting body in Islamic finance. Ethica has been certifying students for years, now across 65 countries around the world. Majan University College was awarded “Top Brand in Private Higher Education in Oman” by the Oman Observer and continues to uphold this tradition of learning excellence.

The VFD Group Plc has described its acquisition of the single largest equity stake in Nigerian Exchange Group (NGX Group) as a strategic decision to be a key player in the securities exchange business.

The Nation had reported exclusively that VFD Group Plc, an indigenous investment group, had acquired the largest equity stake of 5.17 per cent in NGX Group, the holding company for Nigeria’s main securities exchange, Nigerian Exchange (NGX) Limited and the leading clearing house, Central Securities and Clearing System (CSCS) Plc.

Managing Director, VFD Group Plc, Mr Nonso Okpala, said the acquisition was in alignment with the investment group’s strategic vision of building Africa’s first diverse business ecosystem.

According to him, the investment in the pioneer exchange company of Nigeria was a strategic play in the group’s ecosystem build, an investment philosophy that ensures the group drives global prosperity by investing in businesses that have potential, helping them maximise their potential and supporting the platform that can help portray them to the world.

He said the investment in the NGX Group as the exchange company of choice was due to the wide range of services offered and how the NGX has been positioned for growth.

He noted that the NGX Group is a leading integrated market infrastructure in Africa, that services the largest economy in Africa and is strengthening the competitiveness of African economies to achieve global prosperity.

He added that as a key player in the continent’s financial markets, NGX plays an active role in shaping the future of the markets through its investment in business innovation and technology.

“Our interest in the NGX is borne out of our desire to be a key player within the exchange business in Nigeria, contribute to the deepening of the capital market and be a catalyst for capital formation within the economy.

“With over a decade of operations, VFD Group has carved a niche for itself with over N50 billion in equities invested in over40 businesses without bias for sector or geography and we believe that our stake in the NGX will improve investor confidence in our country, drive capital appreciation and diversify our asset class,” Okpala said.

NGX Group provides a wide range of services including listing and trading securities, licensing, market data solutions, ancillary technology, regulation and real estate among others. It has three wholly-owned subsidiaries – NGX Exchange, NGX REGCO, and NGX RELCO. NGX Group also has controlling stake in CSCS and substantial stakes in other securities exchanges including FMDQ and NASD Plc.

Founded in 2009, VFD Group’s business model allows it to operate in major sectors of the economy through its portfolio businesses, providing financial advisory, asset management, real estate, technology, debt and private funds management services, hospitality, insurance brokerage and media. The group identifies solution-driven, consumer-centric businesses with growth and economic potential and also goes a step further by providing investee companies with the required resources and guidance needed to maximise potential.

The NGX in 2021 completed its demutualisation with the conversion of the mutual, member-owned, not-for-profit entity, the Nigerian Stock Exchange (NSE) to a profit-making, public limited liability company with clearly defined shareholdings and shareholders.

With the demutualisation, a new non-operating holding company, the Nigerian Exchange Group Plc (NGX Group) was created and its shares were allotted to former members of the defunct NSE. The NGX Group has three operating subsidiaries, namely: Nigerian Exchange Limited (NGX Limited), the operating exchange, which took on the listing and trading function of the NSE; NGX Regulation Limited (NGX RegCo), the independent regulation company which took on the self regulatory functions of the NSE; and NGX Real Estate Limited (NGX RELCO), the real estate company that took ownership of real estate and other assets, including the iconic Stock Exchange building in Lagos.

According to the scheme of arrangement for the conversion, NGX Group has an authorised share capital of 2.5 billion ordinary shares. About 2.0 billion ordinary shares of 50 kobo each were registered with SEC and issued in the immediate period of the conversion. The post-demutualisation shareholders’ base consisted of 255 institutional shareholders and 177 individual shareholders.

The post-demutualisation shareholding arrangement was arrived at by converting the existing dealing members of the Exchange to institutional shareholders and ordinary members to individual shareholders. Shareholdings were on equal basis in the immediate conversion period with each institutional shareholder holding 6.01 million ordinary shares of 50 kobo each while each individual shareholder held 2.44 million ordinary shares of 50 kobo each. Thus, each institutional shareholder held 0.3 per cent equity stake while each individual shareholder held 0.1 per cent equity stake, in line with the current membership-share conversion ratio of 78 per cent for dealing members and 22 per cent for ordinary members.

Cordros Asset Management Limited, a member of Cordros Capital Group, has launched a new fixed-income fund as part of efforts to diversify investment options.

The Cordros Fixed Income Fund is an open-ended mutual fund that generates reasonable return at a moderate risk level by investing in medium-term debt issued by the Federal Government, states, and highly-rated corporate institutions.

Cordros Asset is offering 5.0 million units of the Cordros Fixed Income Fund at offer price of N100 per unit. The minimum initial investment is 25 units of the fund with additional subscriptions in multiples of 10 units.

Cordros had launched Nigeria’s first-ever Target Date Balanced Funds with Cordros Milestone Funds 2023 and 2028 in 2018.

It had earlier launched the Cordros Money Market Fund in 2016. In 2019, Cordros launched the Cordros Dollar Fund.

 

MFS Africa, Africa’s largest digital payments network, has joined the Pan-African Payment and Settlement System (PAPSS) network.

PAPSS was recently established as African cross-border and financial markets infrastructure for facilitating payment, clearance and settlement of intra-African trade payments.

Founder and Chief Executive Officer, MFS Africa, Dare Okoudjou said MFS Africa would extend the reach of the PAPSS network to over 320 million mobile money and last mile users across 35 African markets, enabling borderless and seamless possibilities for transactions and trade.

According to him, the partnership will empower the millions of semi-formal small and micro-African businesses who are too often left behind. This collaboration also marks a new phase in driving the transformational potential of the African Continental Free Trade Area (AfCFTA).

“At MFS Africa, we have always believed that Africans are not limited by borders and that their money should not be either. The interchangeability of African currencies is still very limited after decades of independence, meaning that intra-Africa trade too often relies on hard currencies, hampering the growth of intra-African trade and our continent’s economies.

“By making cross-border payments affordable and easier, PAPSS gives Small and Medium-sized Enterprises (SMEs), entrepreneurs and traders easier access to the formal payments services that will help them grow their businesses. Direct currency tradability and interchangeability removes many of the barriers to intra-African trade and investments, facilitates the natural directions of trade flows amongst African countries and regions, and makes borders matter less,” Okoudjou said.

Chief Executive Officer, Pan-African Payment and Settlement System (PAPSS) , Mike Ogbalu III noted that Africa is the global leader in mobile money services as a recent study found that 64 per cent of the daily global transactions through mobile money platforms in 2020 happened in sub-Saharan Africa.

“This demonstrates how mobile money services play a key role in the economic growth of the continent and facilitates financial inclusion. To that end, partnering MFS Africa will open the way to millions more cross-border mobile money transactions and mark a new phase in driving the benefits of the African Continental Free Trade Area.

“The Pan-African Payment and Settlement System will be the enabling infrastructure to spur the growth of intra-African trade and commerce, with the active participation of central banks, financial institutions, regional economic communities, the private sector and other stakeholders,” Ogbalu III said.

According to Afreximbank, more than 80 per cent of African cross-border transactions originating from the continent’s banks are currently cleared and settled offshore, creating inefficiencies, and increasing the cost of African cross-border payments.

PAPSS, an initiative spearheaded by Afreximbank and supported by the African Union, is a centralised payment and settlement infrastructure that aims to increase intra-African trade and commerce by simplifying and reducing the cost of clearing and settling between African countries.

PAPSS enables both payment and settlement to be made in the respective local currencies of the buyer and seller. It will also result in a reduction in the cost, administration and time taken to make cross-border payments, resulting in estimated US$5 billion saving in transaction costs every year for Africa.

MFS Africa’s network provides mobile money interoperability at scale in Africa. Mobile money and last mile users – who are often underbanked semi-formal small and micro businesses trading across borders – stand to gain the most from this partnership. Digital cross-border trade using local currencies will enable more of these businesses to use formal, affordable and convenient channels for trade payments and collections.

Nigerian equities were the contrarians at the weekend as the global stock markets panicked over the escalating crisis between Russia and Ukraine.

Russia attacked Ukraine last week and continued a major aggressive push of what it called special military operation to demilitarise and ‘denazify’ Ukraine by destroying the latter’s military capabilities. Russia vetoed a United Nation’s resolution deploring the attack and has threatened never-seen dire consequences for any foreign country that interferes.

The United States, Britain and European Union have unveiled a bouquet of sanctions against Russia, the world’s second largest supplier of crude oil. Gasoline prices shot up in many global economic hubs amidst anxiety over the escalation of the crisis.

Nigeria’s benchmark equities index closed weekend with an average return of 0.40 per cent, equivalent to net capital gains of N101 billion.

However, all major global equities indices closed negative amidst intense selloffs triggered by the Russia-Ukraine crisis. Russia’s RTS Index slumped by over 30 per cent. In the United States, three main indices, the Dow Jones Industrial Average (DJIA), the S & P 500 and the Nasdaq dropped by 2.5 per cent, 1.4 per cent and 0.5 per cent respectively. United Kingdom’s FTSE 100 Index plunged by 4.1 per cent. Europe’s broad equities tracker, STOXX Europe depreciated by 4.7 per cent. Japan’s Nikkei 225 Index dropped by 2.4 per cent. China’s Shanghai Composite Index slipped by 1.1 per cent. India’s benchmark index declined by 3.4 per cent. The MSCI EM, which tracks emerging markets, plunged by 6.2 per cent while its twin index, the MSCI FM, which tracks frontier markets, depreciated by 5.4 per cent.

The recovery at the Nigerian market came as investors made last-minute attempts to take positions in quoted equities ahead of this week’s deadline for submission of audited results and dividend recommendations for major companies in the stock market.

The All Share Index (ASI)- a value-based common index that tracks all share prices at the Nigerian Exchange (NGX), closed weekend at 47,328.42 points as against its week’s opening index of 47,140.48 points, representing average return of 0.40 per cent. This nudged the average year-to-date return for Nigerian equities to 10.80 per cent.

Aggregate market value of all quoted equities at the NGX rose from its week’s opening value of N25.406 trillion to close weekend at N25.507 trillion, an increase of N101 billion in net capital gains.

Most sectoral indices closed positive, underlining the wide bullish rally that drove the market recovery. The NGX 30 Index, which tracks the 30 largest quoted companies, posted average return of 0.60 per cent. The NGX Oil and Gas Index posted the highest gain of 3.89 per cent. The NG Insurance Index appreciated by 0.73 per cent. The NGX Banking Index rose by 0.21 per cent. The NGX Pension Index, which tracks equities that had been screened in line with pension funds investment guidelines, rallied by 1.01 per cent. However, the NGX Consumer Goods Index dropped by 1.06 per cent while the NGX Industrial Goods Index dipped by 0.01 per cent.

Pricing trend analysis showed that there were 44 advancers against 22 decliners last week compared with 43 advancers and 38 decliners recorded in the previous week. RT Briscoe Nigeria recorded the highest gain, in percentage terms, of 53.85 per cent to close at 94 kobo per share. Niger Insurance followed with a gain of 46.67 per cent to close at 28 kobo while E-Tranzact International rose by 32.02 per cent to close at N2.66 per share.

On the negative side, Ellah Lakes led with a drop of 9.88 per cent to close at N3.83. Juli Plc followed with a loss of 9.76 per cent to close at 74 kobo per share while Flour ills of Nigeria ranked third with a drop of 8.83 per cent to close at N32 per share.

Total turnover at the NGX stood at 1.668 billion shares worth N19.481 billion in 25,979 deals last week as against a total of 1.713 billion shares valued at N30.764 billion traded in 24,767 deals two weeks ago.

The financial services sector led the activity chart with 1.120 billion shares valued at N10.889 billion traded in 13,514 deals; thus contributing 67.13 per cent and 55.89 per cent to the total equity turnover volume and value respectively. The conglomerates sector followed with 242.945 million shares worth N395.228 million in 1,418 deals while the consumer goods sector placed third with a turnover of 80.368 million shares worth N1.958 billion in 3,876 deals.

The three most active stocks were Transnational Corporation of Nigeria Plc, United Capital Plc and Zenith Bank Plc. The trio jointly accounted for 491.673 million shares worth N5.411 billion in 4,277 deals, contributing 29.48 per cent and 27.78 per cent to the total equity turnover volume and value respectively.

Also, a total of 1,622 units of Exchange Traded Products (ETPs) valued at N775,981 were traded in 27 deals last week compared with a total of 10,633 ETP units valued at N1.181 million traded in 27 deals two weeks ago.

At the debt market, a total of 67,646 bond units valued at N76.346 million were traded in 11 deals last week compared with a total of 40.892 units valued at N44.706 million exchanged in 22 deals penultimate week.

Analysts at Cordros Securities said they expected corporate earnings and dividends to drive activities at the stock market this week.

“As things stand, we believe investors have fully priced-in dividend expectations. Hence, we think positive surprises from dividend-paying stocks would provide a catalyst for increased buying activities. Notwithstanding, we advise investors to seek trading opportunities in only fundamentally justified stocks as the weak macro story remains a significant headwind for corporate earnings,” Cordros Securities stated.

Analysts at Cowry Asset Management said they expected the equities market to witness speculative buys ahead of year end corporate releases particular for companies which opted for 60-days filing option.

“ Overall, we anticipate that the bourse will close in the bullish territory,” Cowry Asset stated in a weekend investment note.

 

EXPERTS at the weekend endorsed the products of Vitafoam Nigeria Plc as essential for healthy living.

The experts described Vitafoam’s mattresses as essential products for households. They also commended the company’s rigid foams and other household materials.

Speaking at a programme to mark the Valentine’s Day, Orthopedic Sleep Consultant and Trauma Surgeon, Dr Charles Uzodinma, explained that a good foam should be of an appropriate firmness to support the body weight and shape.

“I endorse Vitafoam’s ‘Buy Right’ that enables a customer to choose a mattress that aligns with his body mass and height. A quality mattress should be able to ensure that it can hug to the body continuously from head to toe and distribute evenly the pressure of the mattress and weight of the body. Vitafoam has done great in this initiative. Customers should take advantage of ‘Buy Right’ to get appropriate foams,” Uzodinma said.

A  pharmacist, Mr Yemi Aladeniyi, noted that the essence of Vitafoam’s ‘Buy Right’ was to enable customers involve sleep experts in their choice of appropriate foams.

A lawyer who won the Vitafoam contest organised for customers to mark Valentine’s Day, Mrs Sade Sulaiman, expressed gratitude to the company for its customer centric policy in product development.

Group Product Manager, Vitafoam Nigeria Plc, Moses Mogbolu explained that the ‘Valentine Experience 2022’ focused on creating comfortable house experience, celebrating customers and amplifying the current Vitafoam’s marketing campaign of “We are good in bed”.

“We executed the Vitafoam Valentine Experience to connect, engage and delight our numerous customers and Nigerians. The Vitafoam Valentine Experience House was strategically located at the Ikeja City Mall, The Palms Mall-Lekki, Jabi Lake Mall-Abuja and Tropicana Mall – Uyo throughout the valentine period,” Mogbolu said.

 

 

Cadbury Nigeria Plc has been recognised as a ‘Top Employer in Africa’ by the Amsterdam-based Top Employers Institute.

The company also won ‘Top Employer in Nigeria’ award for the second year running.

The Top Employer Institute’s programme certifies leading organisations around the world, based on their participation and outcomes of their HR Best Practices Survey that covers six domains. The areas include people strategy, talent acquisition, learning, work environment, well-being, and diversity and inclusion. Cadbury Nigeria’s performance in all these listed domains was adjudged outstanding.

Managing Director, Cadbury Nigeria Plc, Oyeyimika Adeboye said the company was excited that it has been recognised as a top employer beyond the shores of Nigeria.

“This shows our people policies and practices are world-class. We will continue to put our people first and delight our consumers with the right snacks made the right way,” Adeboye said.

Human Resources Director, Cadbury Nigeria Plc, Wole Odubayo said the certification as a top employer for the  second year consecutively in Nigeria, and ranking as one of the top three companies in Nigeria, further emphasise the company’s commitment to best-in-class people practices, and a strong mindset of continuous improvement.

“It is also my pleasure to note that our Top Employer certification for this year is not just for Nigeria, but we have been certified as a Top Employer in Africa as well, and this serves to enhance our appeal as the employer of choice that we truly are,” Odubayo said.

In a statement, Cadbury Nigeria’s Corporate Communications and Government Affairs Manager for West Africa, Frederick Mordi, stated that the company’s has won 12 HR awards from the Chartered Institute of Personnel Management (CIPM), including the one from the HR People Magazine last year, for its outstanding people-related strategies and initiatives deployed to support business excellence and its employees.

Some of the awards include employer of choice; best training, learning and development strategy; outstanding talent management strategy; and outstanding employee engagement strategy.