Category: Capital Market

Emirates Group grew its top-line by 81 per cent to AED 24.7 billion or $ 6.7 billion in the first six months of its business year as against AED 13.7 billion or $ 3.7 billion recorded during the same period last year.

This group explained that the strong revenue recovery was underpinned by the easing of travel restrictions worldwide and the corresponding increase in demand for air transport as countries progressed their COVID-19 vaccination programmes.

During the six-month period ended September 30, 2021,  the group reported a 2021-22 half-year net loss of AED 5.7 billion or $ 1.6 billion, substantially improved from its AED 14.1 billion or $3.8 billion loss for the same period last year.

The group also reported an earnings before interest, tax, depreciation and amortisation (EBITDA) of AED 5.6 billion or $ 1.5 billion, a turnaround from a negative AED 43 million or $ 12 million EBITDA during the same period last year, illustrating its strong return to profitability.

The group continued to maintain a healthy cash position which stood at AED 18.8 billion or $ 5.1 billion on September 30, 2021, compared to AED 19.8 billion or $ 5.4 billion as at March 31, 2021.

Chairman and Chief Executive, Emirates Airline and Group, Sheikh Ahmed bin Saeed Al Maktoum said as the group began its 2021-22 financial year, COVID-19 vaccination programmes were being rolled out at unprecedented scale around the world.

He pointed out that across its businesses, the group saw operations and demand pick up as countries started to ease travel restrictions, a momentum that accelerated over the summer and continued to grow steadily into the winter season and beyond.

“Our cargo transport and handling businesses continued to perform strongly, providing the bedrock upon which we were able to quickly reinstate passenger services. While there’s still some way to go before we restore our operations to pre-pandemic levels and return to profitability, we are well on the recovery path with healthy revenue and a solid cash balance at the end of our first half of 2021-22.

“We would like to thank our customers for their continued support, as well as all our aviation and travel industry stakeholders and partners for their efforts that have made it possible for international air travel to resume safely and smoothly.

“Our ability to pivot and pull through the toughest period in our history to date, can be attributed to Emirates’ and dnata’s strong brands, high quality products and services, digital and innovation capabilities, and our amazing people. We intend to continue investing in these core areas to take our business into the future, together with the leaner processes and new technology capabilities that we’ve implemented in the past months,” Al Maktoum said.

The Emirates Group has been able to tap on its own strong0 cash reserves, and access funding through its owner and the broader financial community to support its business needs through the unprecedented challenges wrought on the aviation and travel industry by COVID-19.

In the first half of 2021-22, its owner further injected AED 2.5 billion or $ 681 million into Emirates by way of an equity investment and they continue to support the airline on its recovery path.

The Emirates Group’s employee base, compared to 31 March 2021, dropped marginally by two per cent to an overall count of 73,571 at September 30, 2021. In line with the expected ramp up in capacity and business activities in the coming months, Emirates and dnata have embarked on targeted recruitment drives to support its requirements, prioritising the rehiring of employees previously on furlough or made redundant.

During the first six months of 2021-22, Emirates took delivery of two new A380s and retired 2 older aircraft from its fleet as part of its long-standing strategy to improve overall efficiency, minimise its emissions footprint, and provide high quality customer experiences.

With a clear focus on restoring its passenger network and connections through its Dubai hub, Emirates responded with agility whenever travel restrictions lifted to restart services or layer on additional flights.

In July, it launched services to Miami, a new destination, and during the first half of 2021-22, Emirates also activated codeshare and interline partnerships with Airlink, Aeromar, Azul, Cemair and South African Airways to expand connectivity options for customers.

By September 30, 2021, the airline was operating passenger and cargo services to 139 airports, utilising its entire Boeing 777 fleet and 37 A380s.

Emirates also continued to introduce initiatives that improve travel experience, boost customer confidence, and enable secure and efficient operations. In June, Emirates became the first airline to sign up for the worldwide implementation of the IATA Travel Pass, in addition itsongoing investments in additional biometric and other digital verification technologies at Dubai Airport.

For its premium customer and frequent flyers, Emirates reinstated more of its signatures Lounge and Chauffeur Drive services at key airports outside of Dubai, and it also launched an online subscription platform “Skywards+”, to offer its 27 million members easy access to customized rewards and privileges.

Overall capacity during the first six months of the year increased by 66 per cent to 16.3 billion Available Tonne Kilometres (ATKM) due to a substantially expanded flight programme as more countries eased travel and flight restrictions. Capacity measured in Available Seat Kilometres (ASKM), more than tripled by 250 per cent, whilst passenger traffic carried measured in Revenue Passenger Kilometres (RPKM) was up by 335 per cent with average Passenger Seat Factor recovering to 47.9 per cent, compared with last year’s pandemic figure of 38.6 per cent.

Emirates carried 6.1 million passengers between April 1 and September 30 2021, up 319 per cent from the same period last year. The volume of cargo uplifted at 1.1 million tonnes has increased by 39 per cent, which brings the business back to 90 per cent of 2019 pre-pandemic  levels by volume handled.

This shows Emirates Skycargo’s outstanding agility and ability to meet the requirements of its customers whether it be for the transport of vaccines and pharmaceuticals, essential goods like food and perishables, or champion horses and high performance cars.

In the first half of 2021-22, Emirates Skycargo boosted its pharma cool chain handling infrastructure with the addition of 94 cool room pallet positions to its existing EU GDP compliant infrastructure at Dubai airport. Emirates Skycargo continues to support the global roll-out of COVID-19 vaccines, having carried over 150 million doses through its Dubai hub by July 2021.

In the first half of the 2021-22 financial year, Emirates loss was AED 5.8 billion or $ 1.6 billion, compared to last year’s loss of AED 12.6 billion or $ 3.4 billion. Emirates revenue, including other operating income, of AED 21.7 billion or $ 5.9 billion was up 86 per cent compared with the AED 11.7 billion or $ 3.2 billion recorded during the same period last year. The strong revenue recovery reflects quick return of passenger demand wherever flight and travel restrictions were eased around the world.

Emirates operating costs increased by 22 per cent against an overall capacity growth of 66 per cent. Fuel costs more than doubled compared to the same period last year. This was primarily due to an 81 per cent higher fuel uplift in line with substantially increased flight operations during the six-month period up to end of September, and also an increase in average oil prices. Fuel, which was the largest component of the airline’s operating cost in pre-pandemic reporting cycles, accounted for 20% of operating costs compared to only 11 per cent in the first six months of last year.

Driven by the significant increase in operations during the six months, Emirates’ EBITDA recovered to AED 5.0 billion or $ 1.4 billion compared to AED 290 million or $ 79 million for the same period last year.

The group’s dnata’s businesses in cargo and ground handling, catering and retail, and travel services saw demand return quickly wherever pandemic-related flight and travel restrictions were eased. Demonstrating the agility and capability of its highly skilled teams, dnata was able to respond quickly to customer needs with high quality services – from supporting its airline customers in reinstating flight operations safely and smoothly, to helping customers book their long-awaited travel plans.

dnata also continued to invest in critical infrastructure to deliver more efficient world class services to its customers. In the first six months of 2021-22, dnata opened a 5,000 square meter workshop dedicated to providing advanced maintenance for airside passenger buses at Dubai airport.

dnata’s revenue, including other operating income, was AED 3.7 billion or $ 1 billion, a 55 per cent increase compared to AED 2.4 billion or $ 644 million last year. Overall profit for dnata is AED 85 million or $ 23 million, compared with last year’s loss of AED 1.5 billion or $ 396 million.

dnata’s airport operations remains the largest contributor to revenue with AED 2.5 billion or $ 688 million, a 52 per cent increase as compared to the same period last year. Across its operations, the number of aircraft handled by dnata increased sharply by 116 per cent to 222,668, and it handled 1.4 million tonnes of cargo, up nine per cent.

dnata’s flight catering and retail operation, contributed AED 766 million or $ 209 million to its revenue, up 80 per cent. The number of meals uplifted doubled to 16.6 million meals for the first half of the financial year after last year’s 8.3 million. dnata’s travel division contributed AED 147 million or $ 40 million to revenue after AED 95 million or $ 26 million for the same period last year, up 55 per cent. The division reported an underlying total transactional value (TTV) sales of AED 726 million or $ 198 million, after an exceptional negative TTV of AED 246 million or $ 67 million for the same period last year which was caused by the significant volumes of refunds and pay-out in cancelled customer bookings at the beginning of the pandemic in 2020

 

Vitapur Nigeria Limited, a subsidiary of Vitafoam Nigeria Plc, is set to boost Nigeria’s foreign exchange (forex) earnings through export of many building materials.

Vitapur has already made great strides in the manufacturing of building materials such as insulation boards, pre-insulated roofing sheets and sandwich panels amongst others that are predominantly imported into Nigeria. While the company largely sources its raw materials locally, its operation is however being hampered by high tariff on the few imported materials.

Vitapur is seeking partnership with the Federal Government to expand its operation and take advantage of the African Continental Free Trade Area ( AfCFTA) to export mass building materials that will boost Nigeria’s forex capacity.

General Manager, Vitapur Nigeria Limited, Engineer Yemi Mofikoya, said the company was well positioned to earn  foreign exchange for Nigeria through partnership with the federal government to address some of the teething challenges.

“We are willing and open to partner with the Federal government to expand our production output which will enable us export and earn forex for Nigeria, leveraging on the opportunities provided by the African Continental Free Trade Area (AfCFTA).

“We are in discussion with the Federal Ministry of Trade, Industry and  Investment to resolve high Custom tariffs on some of our raw  materials, especially the pre—painted galvanized induced steel (PPGI) which is subjected to 40 per cent Custom duty, five per cent levy and 7.5 per cent value added tax (VAT). This raw material-PPGI is not produced locally. Therefore, charging a total of 52.5 per cent is affecting our competitiveness when compared with importation of the finished products, sandwich panels, which enjoys zero per cent duty, zero per cent levy and 7.5 per cent VAT.

“We are also in discussion with the Ministry of Agriculture on the need for Coldchain to prevent post-harvest loss. Nigeria presently loses 40 per cent-50 per cent of farm produce such as  Fresh fruits and  Vegetables due to Lack of Cold chain and poor product handling.Vitapur is strategically positioned to meet up with the Cold-chain needs of the nation,  since we possess the largest Sandwich manufacturing plant in West Africa,” Mofikoya said.

In a strategic move to encourage patronage of its quality products, the company, has scheduled facilities tour of its new plant in Lagos  for the Association of Consulting Architects of Nigeria (ACAN), Association for Consulting Engineering in Nigeria, Organizations for Technology Advancement of Cold Chain  in West Africa (OTACCWA) and Nigeria Institute of Quantity Surveyors (NIQS) among others.

Addressing participants after the tour of the company’s facilities in Lagos, ACAN’s Honourary Treasurer, Feyi Ogunneye expressed optimism that Vitapur’s quality products would make modern building materials readily available in Nigeria as scarcity of forex has made importation expensive. She commended the company’s management for the foresight and breakthrough at a period when everyone is yearning for local content.

Executive Director, Corporate Services, Vitafoam Nigeria Plc, Mr Sola Owoade explained that Vitafoam was not only about manufacturing of rigid foams but other products through its subsidiaries in Nigeria and overseas.

“Vitafoam is a one-stop-shop where one can get all materials for building and equipping the house at global standard. Apart from Vitapur, our subsidiaries include Vitablom, Vitavisco, Vono Products and Vitapart, the new baby and the first company to produce fuel filter in West Africa,” Owoade said.

 

Africa’s largest digital payments network, MFS Africa, has raised $100 million through an equity and debt financing round in another milestone for its African expansion.

The new capital raiser came on the heels of a series of acquisitions and investments in other African fintechs, including the recently announced acquisition of Baxi in Nigeria. MFS Africa recently signed an agreement to acquire Baxi, a leading super-agent in Nigeria, and plans to build Baxi into a key node, allowing regional payments into and from Nigeria.

The new investor in MFS Africa, AfricInvest FIVE, is regarded as one of the most experienced private equity investors in the continent and co-led the round with existing investors Goodwell Investments and LUN Partners Group (LUN Partners). CommerzVentures, Allan Gray Ventures, Endeavor Catalyst and Endeavor Harvest also joined the round as new investors, while ShoreCap III returned as an  investor with other funds. Providers of debt financing included Lendable and Norsad.

Founder and Chief Executive Officer, MFS Africa, Dare Okoudjou said MFS Africa’s vision was to make borders matter less, which it enables through interoperability across payments schemes, borders and currencies.

Okoudjou noted that over the last year, MFS Africa has accelerated its expansion efforts across Africa including opening new offices in Abidjan, Kampala, Kinshasa, Nairobi and Lagos, in addition to establishing London as its new headquarters.

“MFS Africa is continuing to expand its network and will be opening additional regional offices in key African markets, as well as in the USA and China. The new funding will enable MFS Africa to hire additional talent in Africa and globally to support its exponential growth.

“Furthermore, part of the new funding has been earmarked to continue strengthening the company’s Governance, Risks and Compliance (GRC) functions as well as its treasury and liquidity pool. MFS Africa will be continuing to invest in fintechs across the African payment ecosystem,

“This round of funding marks the beginning of the next phase in our growth. We greatly appreciate the renewed and continued confidence in us by our longstanding investors LUN Partners, Goodwell Investments, ShoreCap III and others. We are also delighted to welcome our new investors AfricInvest, CommerzVentures, Endeavor Catalyst and Endeavor Harvest on board.

“This new fundraising round further demonstrates our commitment and the scale of our ambitions. For our clients across Africa and beyond, this is also a validation of the choice they have made to partner with us in building a network of networks that make instant cross-border payments as simple as making a phone call. We look forward to continuing to work with them to expand and deepen that network in the years to come,” Okoudjou said.

Partner at AfricInvest FIVE, Julius Tichelaar said MFS Africa provides broad access to a large range of payment services for individuals and companies on the African continent, including remittance and trade-related financial services.

He said this resonates well with AfricInvest FIVE’s financial inclusion strategy noting that cross-border payments remain an important challenge in many African markets today and MFS Africa is uniquely positioned to confront this.

“We are excited to join MFS Africa’s world-class management team on its mission and to support its growth journey,” Tichelar said.

According to him, AfricInvest has in-depth expertise in the African financial sector and a significant footprint across the continent, having made over 180 investments across more than 25 markets. As an established and highly respected private equity firm it provides MFS Africa with access to the considerable expertise of its African growth strategy and its advocacy efforts around the inclusion of less developed but high potential markets.

The series also saw Frankfurt-based fintech specialist investor CommerzVentures make its first investment in Africa. This partnership offers MFS Africa closer links with EU financial institutions and helps strengthen the company’s financial services capabilities and offerings.

Managing Partner, Goodwell Investments, Wim van der Beek said his firm made its first investment in MFS Africa four years ago, and throughout this time their team have consistently delivered on their plans.

“ Over the years they have built a powerful platform, a strong network of partners and a world-class passionate and diverse organisation. We are delighted to co-lead their Series-C round together with AfricInvest FIVE. We look forward to continuing to support MFS Africa in their next stage of growth, delivering on their vision to deliver affordable payments and other financial services across Africa and beyond,” Wim van der Beek said.

Chairman, LUN Partners Group, Peilung Li said his firm was very proud to be a partner to MFS Africa as it has continuously supported the company through multiple rounds of investment since LUN Partners Group led the Series-B round.

“We have also been working closely with MFS Africa to build cross-border payment gateways between Africa and China and have supported the Company through several transformative M&A transactions. I am excited to see MFS Africa continue to build its financial ecosystem and in becoming a dominant player in the region,” Li said.

In 2010, MFS Africa forecast that mobile money wallets would be the most dominant digital wallet in Africa. Today, its hub connects over 320 million mobile money wallets. Through its network of over 180 mobile money schemes, banks, money transfer operators, and over 250 global enterprises, millions of Africans can exchange value with each other and the world.

 

Investors might have launched another round of a major scramble for equity stakes in FBN Holdings (FBNH) Plc as controversy continued over the status of major shareholdings in Nigeria’s oldest financial services group.

Trading report at the Nigerian Exchange (NGX) at the weekend showed that transactions on FBNH’s shares accounted for 30 per cent of total turnover at the Nigerian stock market during the week.

FBNH recorded total turnover of 417.23 million shares valued at N5.13 billion in 1,636 deals, representing 30 per cent of total turnover for the week.

Recent acquisitions by insiders and billionaire businessman, Mr. Femi Otedola had stoked controversy over who owns the largest individual shareholding in FBNH. The financial services regulators are currently reviewing the shareholding announcements in line with extant rules.

The National Pension Commission (PenCom) at the weekend further deepened the controversy as the pension industry regulator clarified the status of Leadway Pensure Limited’s investments in FBNH.

In a statement titled “Clarification on Alleged Breach of the Regulations on Investment of Pension Fund Assets in the Equities of FBN Holding Plc by Leadway Pensure Ltd”, the Commission stated Leadway Pensure Ltd has not breached any of the investment regulation by investing pension funds in the equities of FBN Holding Plc. The clarification came on the back of publications in the media alleging breach of its regulation on investment of pension fund assets by Leadway Pensure Ltd, a licensed Pension Fund Administrator (PFA), in the equities of FBN Holdings Plc.

The Commission however stated that the fund cannot be appropriated or classified as shareholdings of any related party to the PFA, faulting a major legal argument by FBNH’s company board, which had attributed Leadway Pensure’s equity stake to Mr Tunde Hassan-Odukale, who holds indirect substantial stake in Leadway Pensure.

The addition of Leadway Pensure’s equity stake to Hassan-Odukale made him the largest shareholder ahead of business mogul, Mr Femi Otedola, a controversy already undergoing scrutiny of financial services regulators.

Total turnover at the NGX stood at 1.392 billion shares worth N27.886 billion in 19,990 deals last week as against a total of 1.471 billion shares valued at N20.941 billion traded in 20,410 deals two weeks again.

The financial services industry led the activity chart with 1.082 billion shares valued at N11.579 billion traded in 11,612 deals; thus contributing 77.72 per cent and 41.52 per cent to the total equity turnover volume and value respectively. The consumer goods industry followed with 105.796 million shares worth N11.831 billion in 2,657 deals. Conglomerates industry placed third with a turnover of 56.136 million shares worth N73.687 million in 575 deals.

The trio of FBNH, Guaranty Trust Holding Company (GTCO) Plc and Sterling Bank Plc were the most active stocks as they accounted for 638.319 million shares worth N8.542 billion in 4,116 deals, contributing 45.85 per cent and 30.63 per cent to the total equity turnover volume and value respectively.

GTCO was the second most traded stock with a turnover of 124.39 million shares worth N3.27 billion in 2,304 deals. Sterling Bank followed with a turnover of 96.70 million shares worth N145.11 million in 176 deals.

 

Shareholders of Conoil Plc at the weekend approved the distribution of a total of N1.04 billion as cash dividend for the immediate past business year as the total energy provider reiterated its resolve to maintain its leadership position in the downstream petroleum sector.

At the 51st Annual General Meeting at the weekend in Lagos, shareholders approved the payment of a dividend per share of N1.50 and other resolutions on the agenda of the meeting.

The company assured shareholders that it remains committed to building a stronger financial position and creating higher values for its shareholders

According to the company, conscious efforts would be directed at achieving better execution of value-added products and services especially in the areas of marketing and customer management.

While noting the challenges ahead given the current state of the nation’s economy, Conoil however expressed optimism that it would strive hard to maintain profitability by exploring opportunities in the coming years to deliver solid financial results and increase competitive returns on its shares.

Chairman, Conoil Plc, Dr Mike Adenuga (jnr), in his address to shareholders, said the company was fully charged to consolidate its competitiveness in the different segments of its business by exploring and developing emerging markets while holding its grounds in areas where it has competitive advantage.

He noted that with the changing dynamics in the downstream petroleum industry, Conoil was poised to ensure improvement in its overall performance that would translate to meeting the expectations of all its stakeholders.

“We plan to consolidate on the progress made in the previous years to deliver a strong and sustainable performance that enhances returns to our shareholders.

“Our overriding goal is to ensure the continued delivery of excellent services to our customers. The company will grow its earnings, improve profitability and asset quality and deliver competitive returns to our esteemed shareholders,” Adenuga said.

He expressed gratitude to all stakeholders for their support for the progress in spite of the odds and the challenging business environment, assuring that the company would redirect its resources with a view to strengthening its business and exceeding the expectations of its shareholders.

FTN Cocoa Processors Plc has launched a process to raise N850 million from its shareholders as the agricultural company starts a major effort to restructure its balance sheet and reposition for growth.

The board of FTN plans to issue 1.7 billion ordinary shares of 50 kobo each at par value of 50 kobo per share to existing shareholders of the company. The rights issue will be pre-allotted on the basis of 17 new ordinary shares for 22 ordinary shares held as at the close of business on Tuesday, November 09, 2021.

The new equity capital raising is part of efforts of the board and management to improve the depleted balance sheet of the company and support a turnaround process aimed at returning the company to profitability

The board of the company had earlier identified new capital injection as part of strategic initiatives to boost much-needed working capital as the cocoa-processing company continued to struggle with losses.

FTN’s shareholders’ funds had declined from N637.15 million in 2017 to N67.78 million in 2018, leaving the company struggling to meet the capital requirements for enlarged operations. The audited report and accounts for the year ended December 31, 2018 however showed that the agro-allied company grew its turnover by 636 per cent from N81.82 million in 2017 to N602.11 million in 2018. However, FTN recorded gross loss of N284 million in 2018 compared with a gross loss of N251 million in 2017. Net loss stood at N569.37 million in 2018 as against N762.42 million in 2017. Loss per share stood at 26 kobo in 2018 as against 35 kobo in 2017.

The six-month report for the half year ended June 30, 2020 had shown that turnover dropped by 42 per cent to N217.27 million in June 2020 as against N373.52 million in June 2019. Loss stood at N189.12 million in 2020 as against N243.54 million in 2019.

The nine-month report for the period ended September 30, 2020 also showed that turnover dropped by 55 per cent from N501.97 million in third quarter 2019 to N227.26 million in third quarter 2020. Loss stood at N351.72 million in 2020 as against N354.48 million in 2019.

Directors of the company had attributed the negative bottom-line to inadequate working capital that has continued to hinder the company’s operations.

The board of the company had also blamed high cost of production and high finance expense for the negative performance noting that inadequate working capital hindered the company from procuring raw materials needed to facilitate optimum production.

The board of the company said injection of new capital would support the ongoing turnaround programme and return the company to profitability.

Incorporated in 1991, FTN’s principal activities include processing of cocoa beans and palm kernel into cocoa cake, liquor, butter, powder, palm kernel oil and palm kernel cake. While it exported cocoa cake, liquor and butter, other products including cocoa powder, palm kernel oil and palm kernel cakes are marketed locally to manufacturing companies.

FTN started as Fantastic Abiola Nigeria Limited in 1991 and changed to Fantastic Traders Nigeria Limited in August, 1998. It adopted the current name FTN Cocoa Processors in December, 2007 and converted to a public limited liability company in February, 2009. FTN was listed on the Nigerian Stock Exchange in July, 2009.

Authorities at the Nigerian Exchange (NGX) Limited have lifted suspension on trading in shares of Chellarams Plc after the conglomerate complied with extant corporate governance rules by submitting its financial statements.

Chellarams, which is listed on the growth board of the NGX, was suspended in September 2021 after it failed to meet the required corporate governance rules at the exchange.

In a circular at the weekend, NGX Regulation (NGXReg), the regulatory arm for the NGX Group, stated that Chellarams has filed its audited financial statements for the year ended March 31 2021 and unaudited financial statements for the quarter ended June 30 2021, thus the lifting of the suspension on its shares. The lifting of suspension took effect on Friday, November 12, 2021.

Rule 3.3 of the Default Filing Rules of the NGX stipulates that “the suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts provided the Exchange is satisfied that the accounts comply with all applicable rules of the Exchange”.

Post-listing rules at the NGX require quoted companies to submit their audited earnings reports, not later than 90 calendar days after the expiration of the period. The rules also require quoted companies to submit interim report not later than 30 calendar days after the end of the relevant period.

Not less than 85 per cent of quoted companies including African Alliance Insurance and Royal Exchange use the 12-month Gregorian calendar year as their business year. The business year thus terminates on December 31. While March 31 is usually the deadline for submission of annual report for companies with Gregorian calendar business year, the deadline for the quarterly report is a month after the quarter.

Read Also: PEARL Awards steps down awards

Suspension and compulsory delisting from the market are the highest levels of sanctions for failure to adhere to extant listing and corporate governance rules. The NGX also tags and applies fines on companies that fail to meet earnings reports’ deadline. Companies may pay fines that range from N100, 000 to more than N100 million as penalties for delay in the submission of their corporate earnings reports. Companies that also delayed their financial statements and accounts face threats of suspension and delisting in addition to the monetary fines.

Chellarams, one of Nigeria’s oldest companies, was established in Nigeria in 1923 and quoted on the NGX. The majority core investors in Chellarams had recently decided not to dilute the existing concentrated shareholding of the company, in a major decision that led to the downgrading of one of Nigeria’s oldest companies from the main board of the stock market to the growth board.

The directors and core investors in Chellarams had been required to restructure the company’s issued share capital in a way to dilute the existing concentrated shareholdings of the core investors and allow more investments from the general investing public.

Companies listed on the NGX are required to maintain a minimum free float for the set standards under which they are listed in order to ensure that there is an orderly and liquid market in their securities. The free float requirement for companies on the premium and main boards is 20 per cent while companies on the Alternative Securities Market (ASeM) and growth board are required to have 15 per cent free float.

Chellarams’s minimum free float had fallen below the 20 per cent benchmark to 14.87 per cent. Authorities at the NSE had given the company extended timeline to restructure its share capital to comply with the minimum free float.

The board of Chellarams then decided to downgrade the company from the main board to the ASeM and later to the growth board. At 14.87 per cent of total issued share capital, the minimum number of shares of Chellarams in the hands of the general investing public is within the 15 per cent required for ASeM.

Access Bank Plc has partnered Konga to roll out Nigeria’s biggest sale of the year, a one-month sales campaign that started on November 11 and will end on Sunday, December 12, 2021.

The sales campaign known as ‘Konga Yakata’ offers free deliveries with 10 per cent discount on every item purchased within the one-month promo period.

Group Head, Retail Marketing and Analytics, Access Bank Plc, Chioma Afe, said Access Bank was offering an extra 10 per cent discount to shoppers on Konga who pay for purchases with their Access debit card.

She explained that the 10 per cent discount offer cuts across customers purchasing gift bundles of food items for donation to the needy under the Konga Kares programme, as well as shoppers on Konga Yakata.

She pointed out that the 2021 edition of the sales fiesta is running across the various platforms in the Konga Group including Online Offline stores across Nigeria, discounted flights tickets and hotels to various locations around the world via Konga Travels and Tours, as well as huge deals on KongaPay, its Central Bank of Nigeria (CBN)-licensed fintech subsidiary, among others.

Read Also: Konga eyes U.S. London listing

She added that in addition to the offerings such as flash sales, treasure hunts, freebies and bundled products, among others, the management of the e-commerce group has taken the 2021 edition of Konga Yakata to a new level with the addition of a Corporate Social Responsibility (CSR) initiative in partnership with Access Bank Plc.

Manager, Corporate Communications, Konga, Gideon Ayogu said this year’s edition would take an extra dimension as millions of shoppers await what has been described for the first time as Konga Yakata Plus, pointing out that Konga Yakata is widely regarded as the biggest sale event in the annual shopping calendar in Nigeria.

He explained that as part of its CSR initiatives, Konga is partnering with Access Bank in supporting the free delivery of essential and quality food items to needy Nigerians across the country which can be purchased on Konga platform during the Yakata sales.

“Interested and public-spirited Nigerians at home and in the Diaspora can purchase these food items via Konga and donate to friends, families, the less privileged and communities of their choice across Nigeria, with Access Bank subsidising the cost of free delivery of these food items to the last mile beneficiaries across Nigeria,” Ayogu said.

He assured that Konga would oversee the logistics and deliveries of the food items to the nominated beneficiaries of the donors without any delay.

The Board of Governors of PEARL Awards Nigeria has resolved to step down the 2021 PEARL Awards Nite.

The suspension was attributed to the prevailing circumstances in the national and global economies occasioned by the COVID-19 pandemic whose multi-dimensional effects still persist on businesses and humanity.

Secretary, PEARL Awards Board of Governors, Olalekan Adekoya stated that the painful decision to step down this year’s awards was necessitated by the abysmal negative impact of the pandemic on the private sector organisations and government institutions alike, coupled with the need to still adhere to the social distance policy of government.

According to him, feelers from the capital market stakeholders, particularly the quoted companies indicate that quite a good number are still grappling with the negative impact of the pandemic on their businesses even as the country is currently witnessing the third phase of the global virus.

“In the opinion of the Awards Board of Governors, since the capital market as a critical integral part of the national economy is deeply affected by the effects of the pandemic, it becomes imperative to step down this year’s awards.

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“The PEARL Awards is hopeful that the concerted efforts being made by governments at national and international levels will soon yield the desired results and return national and global economies on the path of stability and sustainable growth with human health safety better assured.

“The Awards Project expressed optimism that by the grace of God, the PEARL Awards would return next year to recognize and celebrate deserving companies and hold the 2022 Awards Nite in a grand style with all the fanfares and glamour for which it has been known for over the past two and half decades.

“The PEARL Awards Nigeria uses this medium to appreciate all capital market stakeholders and our partners who had been supportive of the Awards Project for the confidence reposed over the years,” Adekoya stated.

It would be recalled that the awards was also stepped down in year 2020 due to the impact of COVID-19 pandemic and this has remained unabated even as governments all over the world strive to find a lasting solution to the virus, which has continued with the more deadly DELTA variant.

Managing Director, Neimeth International Pharmaceuticals Plc, Matthew Azoji has been inducted into the fellowship of the Nigeria Academy of Pharmacy (NAPharm).

Azoji was among 15 new fellows recently honoured by the elite academy. The fellows of NAPharm comprise top rated achievers in pharmacy and the pharmaceutical sciences who have significantly contributed to the development of pharmacy in Nigeria.

Azoji received the honour in recognition of his contributions to the development and growth of pharmacy both at Neimeth and the country at large.

Since joining Neimeth, Azoji is credited with turning the fortunes of the pharmaceutical company around with sound, innovative and result oriented production  and marketing policies.

Neimeth has not only returned to profitability but has commenced the payment of dividends to shareholders after over a decade. Neimeth is a leading pharmaceutical- manufacturing company in Nigeria with key innovative products across various therapeutic segments.

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Azoji is a 1985 First Class honours degree graduate in pharmacy of the Obafemi  Awolowo University (OAU), Ile Ife. Thereafter he went into the pharmaceutical industry, where he has worked for over 30 years.

He has also obtained an MBA in marketing from Enugu State University of Science and Technology, Enugu and is also an alumnus of the Lagos Business School, having been a member of the Advanced Management Programme (AMP) of the School.

He obtained his Masters in Public Health from the University of London and Masters in Pharmacy Administration (M.Phil) from OAU. Thereafter he received a certificate in Pharmaceutical Policy Analysis and Pharmacoeconomics from Utrecht University in the Netherlands, which is a World Health Organization collaborating Centre, and several other local and international academic programmes and specialised trainings and is currently pursuing a Doctor of Philosophy (PhD) programme in pharmacy.