The Nation Newspaper

Category: Equities

  • American equity firm dangles N2.6tr on Nigerian investments

    •Japaul gets N10.7b new capital •Bids to acquire bank

    Milost Global Inc-an American private equity firm is investing more than $8 billion or about N2.6 trillion on Nigerian investments as a demonstration of the New York-based firm’s confidence in the Nigerian economy. Among other investments in real estate and oil and gas services, the private equity firm is eyeing the acquisition of a major Nigerian bank.

    Headquartered in New York City, Milost Global Inc is at the intersection of creative investing and value creation and has more than $25 billion in committed capital. Milost provides alternative capital, mezzanine finance, and alternative lending to a broad range of industries across the world including technology, transport, cannabis, education, distribution, mining, oil and gas, financial services, healthcare, pharmaceuticals, real estate, alternative energy and infrastructure development.

    “Milost is very committed to the further advancement of the Nigerian economy with over one third of funds being committed to Nigerian investments,” Milost Global stated in an official statement announcing the arrival of the senior leadership of the firm in Nigeria.

    Already, the senior leadership of the American private equity firm led by the Managing Partner and Chief Executive Officer, Mr Kim Freeman and Senior Partner & Chief Investment Officer Mr Solly Asibey are in Nigeria for a weeklong business meetings. The team is scheduled to leave Nigeria on Friday, February 23, 2018.

    According to the American private equity firm, the purpose of its tour among other things in Nigeria is to meet up with the management of its portfolio companies such as Primewaterview Holding Nigeria Limited, Femab Properties Limited and Japaul Oil & Maritime Services Plc. Milost Global is also looking to conclude other current transactions including the acquisition of a large Nigerian bank, which was previously announced.

    Japaul Oil & Maritime Services Plc yesterday confirmed that it has entered into a binding commitment with Milost Global Inc for injection of $350 million or N10.7 billion into the ailing Nigeria oil and gas services firm.

    In a regulatory filing at the Nigerian Stock Exchange (NSE) signed by the acting managing group director of Japaul, Mr. Akin Oladapo, Japaul stated that the $350 million new capital would be split into $250 million new equity injection and $100 million convertible notes. Convertible notes can also be converted to equities, subject to the terms of the issuance.

    Japaul noted that the new capital will help to reduce its precarious financial position.

    “Japaul therefore seeks the understanding and cooperation of its stakeholders, as it will soon commence the transaction by going through all the laid down rules and regulations of Securities & Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE), because the commitment is still subject to regulatory approvals,” Japaul stated.

     

  • Dangote Cement rallies equities to N58b gain amidst increased selloff

    Nigeria’s most capitalised quoted company-Dangote Cement Plc yesterday roused the equities market to a modest gain of N58 billion, despite increased selloff across many sectors of the market. Dangote Cement-which accounts for more than one-quarters of the equities market capitalisation rose by N8.70 or 3.46 per cent to close at N260 per share.

    With 37 losers against 18 gainers and the market heading towards another consecutive decline, the gain by Dangote Cement lifted the overall market position by 0.38 per cent, equivalent to net capital gain of N58 billion. Excluding Dangote Cement, the market was down by 0.84 per cent.

    The All Share Index (ASI)-the benchmark value index for quoted equities at the Nigerian Stock Exchange (NSE)- improved marginally from its opening index of 41,987.74 points to close at 42,148.40 points. Aggregate market value of all quoted equities also rose correspondingly from its opening value of N15.068 trillion to close at N15.126 trillion. This nudged the average year-to-date return to 10.21 per cent.

    Sectoral indices underlined the widespread selling sentiment that dominated transactions yesterday, despite the positive overall market position. With the exception of the NSE Industrial Goods Index-where Dangote Cement is listed, all other sectoral indices closed negative. The NSE Oil & Gas Index declined by 1.3 per cent. The NSE Banking Index dropped by 1.0 per cent. The NSE Consumer Goods Index dipped by 0.1 per cent while the NSE Insurance Index slipped by 0.4 per cent. However, the NSE Industrial Goods Index rallied by 1.6 per cent.

    The positive overall market position was also boosted by gains recorded by many other large-cap stocks including Nestle Nigeria, United Bank for Africa (UBA), PZ Cussons Nigeria and Cadbury Nigeria. Nestle Nigeria-NSE’s highest-priced stock led the gainers with a gain of N38.20 to close at N1, 380. PZ Cussons Nigeria rose by N1.15 to close at N24.15. Cadbury Nigeria added 75 kobo to close at N15.85. Red Star Express appreciated by 25 kobo to close at N6. UBA rose by 20 kobo to close at N12.20 while Eterna chalked up 18 kobo to close at M5.85 per share.

    The momentum of activities also improved considerably as turnover volume and value rose by 77.7 per cent and 102.6 per cent. Total turnover stood at 510.28 million shares valued at N4.63 billion in 5,757 deals. FBN Holdings was the most active stock with a turnover of 115.51 million shares valued at N1.25 billion. Japaul Oil & Maritime Services followed with a turnover of 97.26 million shares worth N33.2 million while Diamond Bank placed third with a turnover of 41.39 million shares worth N103.13 million.

    On the downside, Total Nigeria led the losers with a loss of N11.40 to close at N217.60. Conoil followed with a drop of N3.80 to close at N35.50. International Breweries declined by N2.95 to close at N56.05. GlaxoSmithKline Consumer Nigeria lost N1.05 to close at N20.15 while Nascon Allied Industries dropped by N1 to close at N20 per share.

    Most analysts remained optimistic on the outlook for the equities market. Analysts at Afrinvest Securities noted that the new earnings reports might boost performance in the weekas ahead.

    “Nevertheless, our near-term market outlook remains positive as we approach the full-year 2017 earnings season,” Afrinvest Securities stated.

    FSDH Securities noted that the “market outlook remained positive with the possibility of a rebound as investors take advantage of low valuations”.

    “It is likely gains persist in the equities market, as we look to investors taking position ahead of fourth quarter 2017 corporate releases, amidst strengthening macroeconomic fundamentals,” Cordros Capital stated.

     

  • Equities lose N234b in opening trades

    Equities lose N234b in opening trades

    The Nigerian stock market reopened yesterday to a strong selloff as investors continued to readjust their portfolios ahead of release of earnings reports and dividend recommendation of major quoted companies.

    Benchmark indices at the Nigerian Stock Exchange (NSE) showed average day-on-day decline of 1.53 per cent, equivalent to net capital loss of N234 billion. This depressed the average year-to-date return to 9.79 per cent.

    With two losers for every gainer, the negative overall market position was due to widespread selloff across the sectors, especially losses recorded by large-cap stocks such as Dangote Cement, Nestle Nigeria, Nigerian Breweries and Zenith Bank.

    The All Share Index (ASI)-the benchmark value index for Nigerian equities, declined from its opening index of 42,638.83 points to close at 41,987.74 points. Aggregate market value of all quoted equities at the Exchange dropped from its opening value of N15.302 trillion to close at N15.068 trillion.

    Sectoral indices showed a mixed performance. The NSE Consumer Goods Index declined by 1.6 per cent. The NSE Industrial Goods Index trailed with a drop of 1.5 per cent while the NSE Oil and Gas Index closed flat. On the upside, the NSE Insurance Index rose by 0.74 per cent while the NSE Banking Index inched up by 0.01 per cent.

    There were 32 losers to 16 gainers. Nestle Nigeria-NSE’s highest-priced stock, led the downtrend with a drop of N58.20 to close at N1,341.80. Dangote Cement followed with a drop of N8.60 to close at N251.30. Nigerian Breweries dropped by N2.10 to close at N128.90. PZ Cussons Nigeria lost N2 to close at N23. Enamelware declined by N1.15 to close at N22.10 while Zenith Bank dropped by 70 kobo to close at N31.30 per share.

    On the upside, International Breweries led the gainers with a gain of N1.25 to close at N59. Guaranty Trust Bank followed with a gain of N1 to close at N47.50. Cement Company of Northern Nigeria added 35 kobo to close at N18.50. Fidson Healthcare rose by 22 kobo to close at N4.69. AXA Mansard Insurance chalked up 13 kobo to close at N2.78 while May & Baker Nigeria garnered 10 kobo to close at N2.95 per share.

    Total turnover stood at 287.1 million shares valued at N2.3 billion, representing 53.4 per cent and 71.1 per cent decline in volume and value of trading respectively. Skye Bank was the most active stock with a turnover of 57.99 million shares valued at N63.21 million. Diamond Bank followed with a turnover of 40.33 million shares valued at N106.72 million while FCMB Group placed third with a turnover of 35.34 million shares valued at N89.42 million.

    “Although market breadth is still negative, its advancement is an indication of strengthening investor sentiment. Against this backdrop, we expect market to perform positively in subsequent sessions this week,” Afrinvest Securities stated.

    Analysts at Cordros Capital also remained optimistic, noting that despite the selloffs, the theme on the equities market remains positive given encouraging macroeconomic fundamentals.

  • Nigerian Breweries pays N33b net profit as dividend

    Nigerian Breweries pays N33b net profit as dividend

    The board of Nigerian Breweries (NB) Plc has recommended distribution of N25 billion as final cash dividend to the shareholders of breweries, raising the total cash dividend for the 2017 business year to N32.9 billion. This represented the entire profit after tax for the year.

    A breakdown of the final dividend recommendation indicated that shareholders will receive a dividend of N3.13 on every share held as at the close of business on March 6, 2018. Shareholders are expected to approve the dividend at the company’s annual general meeting on April 20, 2018 while the dividend will be paid on April 23, 2018.

    Nigerian Breweries had distributed N7.9 billion as interim dividend, representing interim dividend per share of N1. The total dividend per share now stands at N4.13.

    Key extracts of the audited report and accounts of the company for the year ended December 31, 2017 showed that total sales rose by 10 per cent from N313 billion in 2016 to N344 billion. Profit before tax increased from N39.67 billion in 2016 to N46.63 billion in 2017. Profit after tax grew by 16 per cent from N28.4 billion in 2016 to N33 billion. Earnings per share stood at N4.13 in 2017 as against N3.58 in 2016.

    Company Secretary, Nigerian Breweries Plc, Mr. Uaboi Agbebaku, noted that while the foreign exchange situation improved in the course of 2017, double digit inflation continued to impact both businesses and consumers.

    He said the company was able to end the year with improved results through continuous focus and execution of the twin agenda of cost leadership and market leadership supported by innovation.

    He pointed out that while there are some early signs of improvement in the macro-economic condition, this is yet to be reflected in consumer confidence.

    Directors of the company expressed optimism that NB has a clear strategy to deliver good return on investment to shareholders as part of its commitment to winning with Nigeria.

  • Equities halt 7-day decline with N166b gain

    After seven days of consecutive decline and a net capital loss of N1.05 trillion, Nigerian equities yesterday rebounded as investors sought to take advantage of the decline in share prices to increase their shareholdings. The increased bargain-hunting for most of the stocks that had witnessed considerable price decline stimulated the overall market position, turning the market around to a seller’s market.

    With 25 gainers to 19 losers, benchmark indices at the Nigerian Stock Exchange (NSE) showed average gain of 1.11 per cent, equivalent to net capital gain of N166 billion. The rebound also nudged the average year-to-date return to double digit at 10.27 per cent.

    Aggregate market value of all quoted equities rose from its opening value of N14.968 trillion to close at N15.134 trillion. The All Share Index (ASI)-the benchmark value index for quoted equities, rallied to 42,171.80 points from its opening index of 41,708.15 points.

    The overall market performance was boosted by gains recorded by large-cap stocks in the food and beverages, breweries and banking sectors.

    All sectoral indices closed positive with the exception of the NSE Oil and Gas Index, which dropped marginally by 0.3 per cent. The NSE Banking Index led the rally with above-average gain of 2.7 per cent. The NSE Insurance Index followed with a gain of 1.3 per cent. The NSE Consumer Goods Index appreciated by 1.0 per cent while the NSE Industrial Goods Index inched up by 0.2 per cent.

    “The market gradually recovered from the oversold region with increased buying interests. We expect market activity and sentiments to increase in coming trading sessions as investors take advantage of the low valuation in the market,” FSDH Securities stated.

    Nestle Nigeria- Nigeria’s highest-priced stock led the rally with a gain of N25 kobo to close at N1, 345. Beta Glass followed with a gain of N3.40 to close at N72.10. Zenith Bank rose by N1.50 to close at N31.50. Nigerian Breweries appreciated by N1.20 to close at N129. Flour Mills of Nigeria gathered 90 kobo to close at N32.40. Dangote Flour Mills rose by 75 kobo to close at N15.85 while United Bank for Africa added 70 kobo to close at N11.85 per share.

    The momentum of activities also improved as investors traded 520.74 million shares valued at N4.72 billion in 5,694 deals. Skye Bank was the most active stock with a turnover of 113.2 million shares valued at N121.95 million. FCMB Group followed with 54.11 million shares worth N146.1 million while United Bank for Africa placed third with 41.93 million shares worth N487.57 million.

    On the negative side, Total Nigeria led the losers with a loss of N1 to close at N229. Forte Oil followed with a drop of 80 kobo to close at N45. Okomu Oil Palm dropped by 50 kobo to close at N72. Dangote Cement lost 30 kobo to close at N258.40 while NASCON Allied Industries dropped by 25 kobo to close at N20.75 per share.

    “Following the improvement in investor sentiment, we anticipate positive market performance till the end of the week. We also expect sustained improvement in market activity as investors take position in stocks with attractive valuation,” Afrinvest Securities noted in its post-trading investment note.

     

  • Nigerian equities lose N1.05tr in 7 days

    Nigerian equities lost N369 billion yesterday in their highest decline in five months, increasing the total net capital depreciation over the seven days of consecutive decline to N1.05 trillion. All major indices at the Nigerian Stock Exchange (NSE) closed in the red yesterday as investors stepped up open market orders to attract bids, forcing most transactions to close at lower prices.

    The benchmark indices indicated average day-on-day decline of 2.41 per cent, equivalent to net capital loss of N369 billion. The average year-to-date return pared to a single digit at 9.06 per cent.

    The All Share Index (ASI)-the benchmark value index for Nigerian equities, closed yesterday at 41,708.15 points as against its opening index of 42,737.89 points. Aggregate market value of all quoted equities also declined from its opening value of N15.337 trillion to close at N14.968 trillion.

    Nigerian equities had lost N542 billion in five-day consecutive negative trading sessions last week, the longest downtrend so far this year. With equities reaching a high of N16 trillion two weeks ago, most analysts had attributed the recent decline to profit-taking transactions by investors seeking to monetise their capital gains. The ASI had opened last week at 44,639.99 points while the aggregate market value of all quoted equities had opened at N16.019 trillion.

    With 40 losers to 15 gainers, all sectoral indices at the NSE also closed negative yesterday. The NSE Consumer Goods Index recorded above average decline of 2.8 per cent. The NSE Industrial Goods Index dropped by 1.6 per cent. The NSE Insurance Index declined by 1.5 per cent. The NSE Oil & Gas Index depreciated by 0.6 per cent while the NSE Banking Index slid by 0.2 per cent.

    “Following seven consecutive days of decline in the market, we do not rule out the possibility of an upswing in performance before the end of the week. Our view is buttressed by the fact that the current 14-day RSI stands at 38.8 points, which is closer to the oversold region,” Afrinvest Securities stated.

    Large-cap stocks headlined the losing streak. Nestle Nigeria-Nigeria’s highest-priced stock, led the losers with a loss of N40 to close at N1, 320. Dangote Cement-Nigeria’s most capitalised stock followed with a loss of N13.30 to close at N258.70. Nigerian Breweries-the second most capitalised quoted company dropped by N5.20 to close at N127.80. Guinness Nigeria declined by N5 to close at N105. International Breweries lost N2.50 to close at N57.50 while Forte Oil declined by N2.40 to close at N45.80 per share.

    On the positive side, Lafarge Africa led the gainers with a gain of N1 to close at N51. Zenith Bank followed with a gain of 60 kobo to close at N30. Access Bank and Berger Paints rose by 45 kobo each to close at N12 and N9.45 respectively. Dangote Sugar Refinery added 30 kobo to close at N21 while Eterna chalked up 27 kobo to close at N5.69 per share.

    Total turnover stood at 470.5 million shares valued at N3.68 billion in 6,309 deals. Diamond Bank was the most active stock with a turnover of 67.7 million shares valued at N181.14 million. FCMB Group followed with a turnover of 49.22 million shares worth N126.18 million while Fidelity Bank ranked third with 42.78 million shares valued at N129.55 million.

    Market analysts at FSDH Securities said they expected that the market performance may remain soft in the days ahead, but there is a possibility of a rebound at the end of the week, driven by bargain hunting.

     

  • Fed Govt plans N100b bonds next week

    The Federal Government plans to issue two bonds valued at N100 billion next week, in a continuation of the government’s dual strategy of proactive debt management and development of the domestic debt market.

    A notice by the Debt Management Office (DMO)-which oversees Federal Government’s sovereign debt issues, indicated that the government will be offering by subscription N100 billion worth of bonds in its February 21, 2018 auction.

    The offer circular obtained yesterday indicated that government will sell a N50 billion three-year bond at a coupon of 14.50 per cent and maturity of July 2021. Government will also offer a N50 billion bond with maturity in February 2028.

    The July 2021 bond is a re-opening of previous issues while the February 2021 bond is a new 10-year issue.

     

  • Equities open withN140b loss as selloff continues

    Nigerian equities lost N140 billion in five hours of trading yesterday at the Nigerian Stock Exchange (NSE), extending the downtrend to its sixth consecutive trading session. With a net capital depreciation of N542 billion in this year’s steepest decline last week, the stock market reopened with a continuation of widespread profit-taking as investors sought to monetise earlier capital gains.

    All benchmark indices at the NSE slumped to their recent lows on the back of a market-wide selloff, with nearly three of every four transactions closed at lower prices. With average day-on-day decline of 0.90 per cent, the average year-to-date return slipped to 11.75 per cent.

    The All Share Index (ASI)-the benchmark value index for Nigerian equities, declined from its opening index of 43,127.92 points to close at 42,737.89 points. Aggregate market value of all quoted equities also dropped from its opening value of N15.477 trillion to close at N15.337 trillion.

    All sectoral indices also closed negative, underlining the market-wide profit-taking that had dominated trading in recent days. The NSE Banking Index slumped by 3.8 per cent. The NSE Insurance Index dropped by 1.1 per cent. The NSE Consumer Goods Index declined by 0.9 per cent. The NSE Industrial Goods Index slipped by 0.4 per cent while the NSE Oil & Gas Index dipped by 0.2 per cent.

    “The on-going sell sentiment may continue till midweek albeit on a milder scale than in the previous trading sessions. Profit taking and bargain-hunting may then likely characterise subsequent trading sessions,” FSDH Securities stated.

    There were 36 losers to 13 gainers. Nigerian Breweries led the losers with a loss of N3.90 to close at N133. Guaranty Trust Bank followed with a loss of N2.40 to close at N45.60. Lafarge Africa dropped by N2 to close at N50. Zenith Bank declined by N1.50 to close at N29.40. Flour Mills of Nigeria depreciated by N1.10 to close at N31.50 while Dangote Sugar Refinery dipped by N1.05 to close at N20.70 per share.

    On the positive side, Dangote Cement led the contrarian stocks with a gain of N5.30 to close at N272. Beta Glass followed with a gain of N3.25 to close at N68.70. PZ Cussons Nigeria rose by N1.40 to close at N25.40. GlaxoSmithKline Consumer Nigeria and International Breweries appreciated by N1 each to close at N21.20 and N60 respectively. UAC of Nigeria added 70 kobo to close at N17.45. Unity Bank rose by 9.0 kobo to close at N1.92 while C & I Leasing and UACN Property Development Company chalked up 5.0 kobo each to close at N1.90 and N3 respectively.

    Total turnover stood at 517.44 million shares valued at N5.19 billion in 5,852 deals. Skye Bank was the most active stock with a turnover of 73.15 million shares worth N79.16 million. FBN Holdings followed with a turnover of 71.34 million shares value at N815.73 million while Jaiz Bank ranked third with a turnover of 40.57 million shares worth N42.39 million.

    “Although the bearish trend from last week was sustained today (Monday), we expect market performance to be boosted by bargain-hunting in subsequent trading sessions,” Afrinvest Securities stated.

  • NSE approves delisting of Seven-Up after takeover bid

    The Nigerian bourse has approved the voluntary delisting of Seven-Up Bottling Co after it received a takeover bid from its majority shareholder aimed at restructuring the soft drinks bottler.

    The stock exchange, which suspended trading in the company’s shares in January, said in a notice that it approved the delisting last week.

    In January, Seven-Up’s minority shareholders backed a $70 million buyout bid by majority investor Affelka, the investment firm of the Lebanese El-Khalil family.

    The bottler received the takeover proposal last August after posting losses, in a deal aimed at restructuring the 7-Up, Pepsi and Mirinda distributor.

    Seven-Up Bottling last traded at 101.97 naira per share, valuing the company at 65.32 billion naira ($214 million).

    The soft drinks bottling industry has been hit by slow demand arising from weak economic growth in Nigeria, Africa’s most populous nation, which recently emerged from a recession and a currency crisis that stifled raw material imports.

    The Seven-Up Bottling takeover comes six years after its main rival Coca-Cola delisted its local bottling unit in a $136 million buyout deal to expand the business and fend off competition.

  • 7-Up seeks regulatory approval to delist shares from Exchange

    Seven-Up Bottling Company (7-Up) Plc has filed an application with the Nigerian Stock Exchange (NSE), seeking to delist its shares from the Exchange and end its 32 years as a publicly quoted company.

    A regulatory report at the Exchange indicated that 7-Up has already started the delisting reminiscent of the exit of its rival, Nigerian Bottling Company (NBC) from the Exchange.

    Despite strong protests from minority shareholders, the majority core investor of 7-Up-Affelka SA had last January 11 pushed through approval to acquire the outstanding 26.8 per cent shares held by the minority shareholders.

    At a court-ordered meeting in Lagos, shareholders approved the scheme of arrangement for the acquisition. With this, Affelka SA will increase its ownership of the Nigerian soft-drink company to 100 per cent by acquiring all the outstanding and issued shares, previously held by the minority shareholders.

    Affelka SA had, on the eve of the court-ordered meeting, increased its bid price by 10.9 per cent to N125. It had earlier offered N112.70 per share for the 171.54 million ordinary shares of 50 kobo each held by the minority shareholders.

    In consideration for the transfer of the shares, a payment of N125 per scheme share will be made to each shareholder. This payment represents a 22.6 per cent premium on the last traded share price of Seven-Up on January 9, 2018 and a 27.6 per cent premium on the share price as at close of August 9, 2017 being the last business day prior to the date the initial proposal was received from Affelka.

    The NSE subsequently slammed a full suspension on the shares of the soft drink bottling company. Under full suspension, there will be neither trading nor price movement on the company’s shares.

    According to the Exchange, the suspension was for the purpose of determining the shareholders who will qualify to receive the scheme consideration under the Affelka SA’s buy out deal.

    Nigerian retail minority shareholders had decried the move by Affelka SA to buy out all minority shareholders and turn the 57 years old company into a wholly owned subsidiary.

    Minority shareholders said the move by Affelka was in bad taste and called on capital market regulators to block the bid.

    Founder, Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, said the decision by Affelka, which owns about 73 per cent, was an affront to the Nigerian consumers and shareholders that had helped in building the soft drink company to its enviable position.

    Nwosu called for adequate regulatory framework that protects Nigerian investors and forestalls such move to deny Nigerians opportunity to be part of the national wealth creation.

    “I don’t think it is an appropriate thing to do, we have contributed all these years to build this company and now they want to take us out, from sharing in the wealth we created. It is a very serious issue,” Nwosu said.

    President, Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Dr Faruk Umar, said Nigerian capital market regulators should protect minority shareholders’ interest in the transaction.

    He added that Nigerian minority shareholders should look beyond immediate and short-term capital gain to implication of such acquisition, which will turn the company into a fully-owned foreign company.

    Shareholder Activist and Co-Founder, Nigeria Shareholders Solidarity Association, Gbadebo Olatokunbo, said the Securities and Exchange Commission (SEC) should undertake a forensic audit of Seven-Up Bottling Company to unravel the reasons for the decline in the performance of the company in the past three years and the sudden interest of the foreign majority shareholder to acquire all the shares of the company.

    “Though the rule of the game at the capital market is “free entry and free exit”, but the rules insisted on equity on all dealings, therefore the Nigerian local investors are saying we want the forensic-audit of 7-UP since 2014, because we are yet to be convinced that the recent takeover notification of 7-UP is not fraudulent. Why the renewed interest of the majority shareholders in a sudden sick company? Why were they now interested in the takeover when the company isn’t growing? How are we sure that they weren’t the brains behind the unexpected bad results?,” Olatokunbo said.