The Nation Newspaper

Category: Equities

  • Equities lose N108b in third quarter poor start

    Equities lose N108b in third quarter poor start

    Nigerian equities lost about N108 billion last week as sustained decline in the early days of the third quarter overshadowed latter-day rally that closed the first half. Dividend recommendations by many stocks failed to assuage investors’ risk appetite, leaving the market with long-drawn selling pressure.

    The All Share Index (ASI), which opened the week at 32,853.49 points, closed weekend at 32,538.34 points, representing a week-on-week depreciation of 0.96 per cent. Aggregate market value of all quoted equities also dropped from its week’s opening value of N11.215 trillion to close at N11.107 trillion, indicating a loss of N108 billion.

    The downtrend last week further worsened the negative overall market situation. Average-year-to-date return at the stock market was further depressed to -6.11 per cent, more than a loss of 15 per cent when adjusted for current inflation.

    While the spread between the gainers and losers was narrow, the market was overwhelmed by relatively higher losses sustained by several stocks, especially the highly capitalised stocks, which determined the market direction. There were 33 gainers against 36 losers last week with 124 stocks stagnant at their prices.

    Level of activities also dropped markedly during the week. Aggregate turnover last week stood at 1.27 billion shares worth N17.57 billion in 18,933 deals as against a total of 1.44 billion shares valued at N26.406 billion traded in 18,110 deals.

    The banking subsector-led financial services sector remained the dominant sector at the stock market, accounting for more than three-quarters of turnover last week. Financial services sector led the activity chart with a turnover of 981.65 million shares valued at N8.87 billion traded in 11,303 deals; representing 77.36 per cent and 50.46 per cent of the total equity turnover volume and value respectively. The oil and gas sector followed with a turnover of 121.164 million shares worth N1.989 billion in 1,768 deals while the consumer goods sector placed third with a turnover of 79.97 million shares worth N5.265 billion in 2,914 deals.

    The trio of Access Bank Plc, Zenith International Bank Plc and United Bank for Africa Plc were the most active stocks with joint turnover of 523.85 million shares worth N5.55 billion in 3,383 deals, representing 41.3 per cent and 31.6 per cent of the total equity turnover volume and value respectively.

    The week also witnessed modest trading in non-equity securities. A total of 9,630 units of Exchange Traded Products (ETPs) valued at N734,568 were traded in 22 deals, higher than a total of 1,945 units valued at N533,746 traded in 23 deals two weeks ago.

    Also, a total of 1,692 units of Federal Government Bonds valued at N1.753 million were traded in three deals compared to last week when there was no trade on bonds.

     

  • Delay in govt appointments affecting the market, say shareholders

    The continuing delay in the announcement of cabinet positions of the new government of President Muhammadu Buhari is adversely affecting the performance of the capital market, a group of shareholders has said.

    Shareholders under the aegis of Proactive Shareholders Association of Nigeria (PROSAN) said the continuous delay on the appointment of ministers would continue to affect the capital market as investors need to know the policy direction of the economy.

    National coordinator, Proactive Shareholders Association of Nigeria (PROSAN), Mr. Oderinde Taiwo, said both foreign and local investors will only invest in a market if they know the policy direction.

    “You can see that immediately the new President of Nigeria emerged after the 2015 election, the stock market moved up and now the market has been going down because of the uncertainty caused by continued delay in the appointment of ministers and policies pronouncement,” Taiwo said.

    He urged shareholders to show active interest in the affairs of their companies, berating the low attendance of shareholders at annual general meetings.

    He canvassed for a rule by the Securities and Exchange Commission (SEC), which will make it mandatory for companies to provide online audio and video of the general meeting’s proceedings.

    According to him, one of the demands of sustainable good corporate governance is the disclosure of vital information to their shareholders which are always discussed among other matters on the floors of the annual general meeting. As such, if there is any way such proceedings can be assessed by shareholders after such meeting, it will be a move towards positive direction.

    Taiwo urged SEC to continue to think on ways of further developing the Nigerian market to meet global standards.

     

  • ForexTime launches new live trading competition with $100,000 prize

    International forex broker ForexTime (FXTM), has announced the launch of ‘Game of Pips’- a new live trading competition with a $100,000 prize pool for traders.

    ‘Game of Pips’ calls on traders to compete with the aim of earning the highest profit ratio, with the best performers winning cash prizes which they can withdraw or transfer to a real trading account. There are 10 top places to be won, with a first prize of $50,000, a second prize of $20,000 and a third prize of $10,000.

    Head of Dealing, ForexTime Ltd, Charis Mountis said the latest live trading contest enables clients to pit themselves against other traders around the world to prove their trading skills.

    “With some great prizes to be won, there is plenty to play for in ‘Game of Pips’. By balancing sound strategies and careful risk management there are many opportunities for the sharp traders to boost their profit percentage,” Mountis said.

    Mountis explained that to join the competition, competitor will have to register as an existing or new client, depositing $300 or more to a live account and starting trading forex, metals or CFDs. The contest closes on 15 July, 2015.

    The winners will also have the opportunity to become managers in the new investment programme which was recently launched by FXTM.

    “Through this new programme any skilful trader can become a manager and connect with other traders who are willing to invest in their trading strategies for a fee of their choosing,” Mountis said.

     

  • Stock Exchange introduces pension index

    The Nigerian Stock Exchange (NSE) has introduced a pension index as part of efforts to deepen the market and encourage more participation by the pension fund operators.

    The NSE Pension Index includes the top 40 companies in terms of market capitalisation and liquidity. Adjusted market capitalisation of a listed company is the number of its listed shares, multiplied by the closing price of that company, multiplied by a capping factor..

    The index values, which would be available as from January 2, 2013 was exposed to the investing public at the weekend. The index has a base of 1000 as at December 31, 2012.

    According to the NSE, the creation of the NSE Pension Index will encourage the development of other products such as Exchange Traded Products (ETP’s) and Index Futures.

    The Index also provides a tracking mechanism for pension fund administrators (PFAs), custodian to the PFAs (CPFA) and others that follow the National Pension Commission (PENCOM) guidelines.

    The index is also expected to serve as a benchmark for measuring performance and reporting performance to RSA Holders.

    The stocks that formed the index were picked based on their market capitalization from the most liquid sectors in line with the pension reform guideline. Also companies to be included in the index must have free float factor of at least five per cent, making the index the first index on the NSE that gave consideration to free float.

    Also, companies that formed the index must have paid dividend or bonus at least once in the last five years.

    The NSE Pension Index is designed as a total return index so that it can accurately measure equity portfolio performances, which capture returns from dividends, price changes and realized gain.

    However, as a total return index, the pension index will only be available at the end of day as there would be no intra-day values.

    It should be recalled that the NSE and the MSCI Inc, a global provider of investment-decision support tools, had in March reached a strategic co-operation agreement to develop and market a co-branded family of indexes for the Nigerian equity markets.

    Under the terms of the agreement, existing and future indexes will be co-branded as the MSCI/NSE indexes. These indexes will include the existing NSE 30 Index and NSE 50 Index, which will become the MSCI/NSE 30 Index and the MSCI/NSE 50 Index respectively.

    Also, additional indexes will also be jointly developed and launched in the future based on client demand and market development. The indexes will be used as performance benchmarks and as the basis for index-linked products for investors seeking exposure to the Nigerian capital markets.

    The MSCI/NSE Indexes will be calculated and disseminated by MSCI, based on the same ind ustry leading standards that apply to the MSCI indexes. MSCI will commercialize the indexes outside of Nigeria while the NSE will continue to serve clients in Nigeria.

    MSCI Inc is a leading provider of investment decision support tools to investors globally, including asset managers, banks, hedge funds and pension funds. MSCI products and services include indexes, portfolio risk and performance analytics, and ESG data and research.

     

  • New pricing rule: 60 firms may slip to one kobo

    Not less than a quarter of quoted companies may drop to as low as one kobo under a new pricing rule recently approved for the Nigerian stock market by the Securities and Exchange Commission (SEC). The Nigerian Stock Exchange (NSE) last week said it was considering the appropriate time to begin the implementation of the new pricing rule.

    The new pricing rule will remove the stopgap that had supported several stocks at their nominal value of 50 kobo and allow stocks to drop as low as one kobo.

    The Nation’s check at the weekend indicated that not less than 60 companies, especially in the non-bank financial services subsectors, may be affected by the new pricing rule, which favours market forces to determine share price, irrespective of the nominal value of the company.

    Nearly all the 60 companies have been stagnant at their nominal value for more than a year and are currently on supply, a market euphemism for shares glut and sell pressure.

    Quoted companies on the main board of the Exchange are currently not allowed to trade below their nominal value or par value of 50 kobo. This had supported and stopped the share prices of the companies at their nominal values.

    But under a new amendment to the stock market rules, the management of the NSE has proposed a change in the minimum pricing level from 50 kobo to one kobo. The draft rule is undergoing the final-phase of the rule-making process at the NSE, upon which it will be sent to the Securities and Exchange Commission (SEC) for final approval.

    Many stakeholders have expressed supports for the new rule, which they said is in tandem with the market’s principle of demand and supply as price-determinant at the stock market.

    The companies that may initially be affected by the new rule include Unity Bank, UTC Nigeria, Mutual Benefits Assurance, Niger Insurance, Omatek Ventures, Japaul Oil Maritime & Services, Tantalizers, Daar Communication, Secure Electornic Technology, C & Leasing, Afromedia, Beco Petroleum, Multiverse, Stokvis Nigeria, Nigeria Sewing Machine Manufacturing Company, Nigerian Wire and Cable, IPWA, First Aluminium Nigeria, Mass telecommunication Innovation, Chams, Union Diagnostic & Clinical Services, Union Homes Savings and Loans, Resort Savings and Loans and Aso Savings and Loans Plc.

    Most insurance companies, which have so far stagnated at 50 kobo, will be affected. These include African Alliance Insurance, Cornerstone Insurance, Equity Assurance, Great Nigeria Insurance, Guinea Insurance, Consoldiated Hallmark Insurance, Investment and Allied Assurance, International Energy Insurance, Lasaco Assurance, Law Union & Rock Insurance, Linkage Assurance, Oasis Insurance, Prestige Assurance, Regency Alliance Insurance, Sovereign Trust Insurance, Standard Trust Assurance, Standard Alliance Insurance, Unic Insurance Unity Kapital Assurance and Universal Insurance Company.

    Other companies that are relying on the current stopgap included Multi-Trex Integrated Foods, DN Tyres & Rubber, Ellah Lakes, FTN Cocoa Processors, Rak Unity, Capital Oil, Anino and Afrik Pharmaceuticals.

    According to the new par value rule, notwithstanding the par value of a company, the price of every share listed on the Exchange shall be determined by the market, except that no share shall trade below a price floor of one Kobo per unit.

    Par value is the nominal value of a share as stated in the Memorandum of Association of an issuer while the price floor means the amount below which the price of one unit of a share shall not be permitted to trade, and the minimum amount which must be paid for a share in the event of a drop in the unit price of that share.

    The NSE had earlier institutionalized a dual pricing model that categorises and prices stocks according to their initial or subsisting share prices. It grouped stocks into “Group A” and “Group B” stocks. As a “Group B” security, a trade of 10,000 shares will lead to a change in the published price of the stock. Other stocks will require a trade of 50,000 shares for any price change.

    According to the categorization, for purposes of calculating price movements and price limits, “Group A”-consists of equities with a primary market maker that are not classified in Group B; and “Group B”- consists of equities with a primary market maker, that are priced above N100 per share for at least four of the last six months; or new security listings that are priced above N100 at the time of listing on the Exchange.

    The “Group A” stocks now included Dangote Cement Plc, Guinness Plc, Mobil Plc, Nestle Plc, Nigerian Breweries Plc, SIM Capital Fund, Skye Shelter Fund, Nigerian Energy Sector Fund (NESF), Total Nigeria Plc, Lafarge Africa Plc, Seplat Petroleum Development Company Plc, Forte Oil Plc and Seven-Up Bottling Company Plc.

     

     

  • Stanbic IBTC’s mutual fund gets top rating

    Stanbic IBTC Money Market Fund, one of the six mutual funds managed by Stanbic IBTC Asset Management Limited, has been assigned a fund rating Aa(f) for the fourth consecutive year.

    Agusto & Co, a leading Nigerian rating agency, cited the quality of the prudent investment guidelines and risk management approach adopted in the management of the Stanbic IBTC Money Market Fund with respect to interest rates and credit risks as part of the criteria for the rating. This is the highest rating so far conferred on a mutual fund managed in Nigeria by Agusto & Co.

    The Stanbic IBTC Money Market Fund, which is regulated by Securities and Exchange Commission (SEC), is currently the largest open-ended mutual fund managed by Stanbic IBTC Asset Management. The fund invests its assets in low risk money market securities with financial institutions in Nigeria rated “A” and above by a local rating agency recognized by the Securities & Exchange Commission.

    According to Agusto & Co., the rating denotes a fund with “minimal exposure to downside risk, impairment of the net asset”. The rating for the fund, which was established in 2009, was also supported by the good quality of the underlying assets which are in line with SEC guidelines for money market funds.

    Chairman, Stanbic IBTC Asset Management Limited, Mr. Yinka Sanni, said the company will continually leverage its robust risk management framework to safeguard its investments and ensure optimal return for investors in the company’s mutual funds.  This, he said, is anchored on strict adherence to global best practices by the fund manager.

    “We are excited at Stanbic IBTC Asset Management Limited that the Stanbic IBTC Money Market Fund has been rated Aa(f) for the fourth consecutive year by Nigeria’s leading credit rating firm. It is a clear recognition that validates the robustness of our risk management framework and dedication to deliver exceptional customer service. We remain steadfast in offering investment options that guarantee respectable returns to unit holders,” Sanni said.

    Commenting on the fund, Chief Executive Officer,  Stanbic IBTC Asset Management Limited, Mr. Olumide Oyetan, noted that the Stanbic IBTC Group has managed funds for pension funds, retirement benefit schemes and high net-worth individuals since the late 1980s.

    He noted that Stanbic IBTC Asset Management Limited’s current list of portfolio management clients includes many large multinationals and blue chip companies.

    He added that the fund is geared to rival direct money market placements and has the added advantage of making quarterly distribution of income which is very important for investors who require periodic liquidity.

    Stanbic IBTC Money Market Fund is a collective investment scheme that invests in a wide range of very liquid short-term money market instruments such as Guaranteed Commercial Papers, Bankers’ Acceptance, Term Deposits and Certificates of Deposit, among others, with domestic banks in Nigeria. The fund invests 100 per cent of its assets in low risk money market securities including treasury bills with financial institutions in Nigeria rated “A” and above by credit rating agencies recognized by SEC.

    Other mutual funds under Stanbic IBTC Asset Management Limited’s management include Stanbic IBTC Nigerian Equity Fund, which is currently Nigeria’s largest mutual fund; Stanbic IBTC Ethical Fund, Nigeria’s first socially responsible quoted mutual fund, which allows subscribers to make long-term investments without compromising their religious beliefs or principles; Stanbic IBTC Guaranteed Investment Fund; Stanbic IBTC Bond Fund; Stanbic IBTC Balanced Fund and Stanbic IBTC Imaan Fund, which invests in Shariah-compliant equity securities approved by the Shariah Advisory Committee of the Fund.

     

  • Ecobank outlines transition plan for new CEO

    Outgoing group chief executive officer of Ecobank Transnational Incorporated (ETI) Plc, Mr. Albert Essien, whose retirement takes effect tomorrow, will continue to act as chief executive officer over the next two months as part of transitional arrangement pending the resumption of the new chief executive officer, Mr. Ade Ayeyemi.

    ETI, the parent company of the Ecobank Group, in a regulatory filing outlined a two-part three-month transition period for the new chief executive.

    Initially, Essien will act as the holding company’s chief executive for a two-month transition between the effective date of his retirement, June 30, 2015, and the resumption of his successor, Ayeyemi, on September 1, 2015. Essien will thus be acting group chief executive from Wednesday July 1 through August 31, 2015.

    In the second part, on resumption of Ayeyemi on September 1, Essien will hold the role of Special Advisor for one month in order to assist the new group chief executive to settle down and facilitate the completion of a proper handing over.

    The board of ETI had approved the retirement of Essien in line with the Ecobank Group policy, which requires the retirement of employees when they attain the mandatory retirement age of 60.

    ETI recently distributed bonus shares of one share for every 15 shares already held by shareholders as return for the 2014 business year.

    Essien had attributed the performance of ETI in 2014 to the group’s diversified business model noting that the group grew customer loans by $890 million or eight per cent, and deposits by $947 million or six per cent, particularly in core current account deposits, despite the adverse impact of dollar’s appreciation to the group’s key functional currencies.

    Key extracts of the audited report and accounts for the year ended December 31, 2014 showed that net profit after tax jumped to N65.68 billion in 2014 as against N23.57 billion recorded in 2013. Pre-tax profit rose by 144 per cent from N35.37 billion to N86.44 billion. Gross earnings had grown by 19 per cent from N319.56 billion in 2013 to N379.32 billion in 2014.

    Further analysis showed that the total assets of the group grew by 25 per cent to N4.50 trillion in 2014 compared with N3.6 trillion recorded in 2013. Loans and advances also improved by 25 per cent from N1.82 trillion to N2.29 trillion. Customer deposit increased by 23 per cent to N3.24 trillion in 2014 as against N2.63 trillion in 2013. Total shareholders’ funds jumped by 45 per cent to N493.02 billion in 2014 as against N341.01 billion in 2013.

     

     

  • Equities cave in under selling pressure

    Equities cave in under selling pressure

    The tight trades at the Nigerian stock market crumbled into a losing spree yesterday with nearly five losers for every gainer. The selling pressure at the Nigerian Stock Exchange (NSE) was highlighted by the simultaneous increase in turnover and widespread decline in share prices.

    With 42 losers to nine gainers, aggregate market value of all quoted equities dropped by N39 billion from N11.395 trillion to close at N11.356 trillion. The All Share Index (ASI), Nigeria’s sovereign equity index that tracks prices of all quoted equities, fell by 0.34 per cent to close at 33,266.87 points as against its opening index of 33,380.84 points.

    The downtrend yesterday further depressed the average year-to-date return to -4.01 per cent, strengthening expectations that the equities market may close the first half in the negative.

    Traders at the NSE painted a picture of overwhelming selling pressure as investors opted for open market orders to match available buy orders. The supply stream may continue to depress the market situation, according to many analysts.

    “We expect the current bearish mood to continue,” said SCM Capital, a dealing firm at the NSE.

    Julius Berger Nigeria, which is undergoing a major divestment by its foreign core investor, topped the losers’ list with a loss of N2.61 to close at N49.78. Conoil followed with a drop of N1 to close at N41. International Breweries dropped by 73 kobo to close at N19.07. Forte Oil declined by 66 kobo to close at N187.99. Flour Mills of Nigeria lost 63 kobo to close at N33.57. University Press and Stanbic IBTC Holdings dropped by 60 kobo each to close at N5.90 and N27.40. Cement Company of Northern Nigeria dwindled by 58 kobo to N11.02. Ecobank Transnational Incorporated dropped by 49 kobo to N22 while Guinness Nigeria lost 40 kobo to close at N163.40 per share.

    Turnover volume and value increased by 49 per cent and 173 per cent respectively as investors pumped more shares into the weak market. Turnover rose above average at 310.34 million shares valued at N6.12 billion in 3,667 deals. Financial services sector accounted for 194.29 million shares worth N1.54 billion in 2,104 deals.

    Julius Berger Nigeria was the most active stock with 46.33 million shares valued at N2.39 billion in 17 deals.

    On the other hand, Mobil Oil Nigeria meanwhile led the contrarian upside stocks with a gain of N5.54 to close at N158.85. Ashaka Cement followed with a gain of 50 kobo to close at N22. Unilever Nigeria rose by 33 kobo to close at N45.50. Vitafoam Nigeria added N14 kobo to close at N5.63. Skye Bank Nigeria rose by 12 kobo to close at N2.55 while Neimeth International Pharmaceuticals gathered 11 kobo to close at N1.45 per share.

  • Nigerian equities slip further as investors await govt direction

    Nigerian equities slip further as investors await govt direction

    The topsy-turvy at the Nigerian stock market continued yesterday as prices of quoted equities generally fell for the second consecutive day. Key benchmark indices indicated overall average decline of 0.37 per cent, equivalent to a loss of N42 billion, yesterday, two points higher than 0.35 per cent decline recorded on Tuesday.

    Quoted equities, which had gained N1.82 trillion in the immediate rally that followed Nigeria’s successful April presidential election and the emergence of President Muhammadu Buhari, has since lost steam considerably as investors wait for the government to form its economic management team and make clear-cut pronouncements on key economic issues.

    Aggregate market value of all quoted equities, which had opened April at N10.718 trillion, closed the month at N11.787 trillion, representing a gain of N1.07 trillion, about 9.97 per cent. The benchmark index for the Nigerian stock market, the All Share Index (ASI), also indicated a month-on-month average gain of 9.3 per cent during the period, rising from the month’s opening index of 31, 744.82 points to close at 34,708.11 points.

    Aggregate market value of all quoted equities dropped yesterday from N11.470 trillion to close at N11.428 trillion. The ASI also decline from 33,602.67 points to close at 33,478.42 points. The negative trade yesterday further depressed the average year-to-date return at the Nigerian Stock Exchange (NSE) to -3.40 per cent.

    “The market has so far been driven by macroeconomic uncertainties as investors continue foot-dragging ahead of policy pronouncement,” Afrinvest Securities stated yesterday.

    Market analysts said investors were being cautious and biding their time to ensure they have a clear view of the economic direction of the new government.

    With 24 losers to 22 gainers, the downtrend was driven by both the widespread decline in share prices as well as losses recorded by some highly capitalised stocks including Dangote Cement, the largest stock by market capitalization, Access Bank, Zenith Bank, Diamond Bank and Guinness Nigeria.

    Guinness Nigeria recorded the highest loss, in value terms, of N9.75 to close at N174.80. Dangote Cement followed with a loss of N2 to close at N175 while Beta Glass dropped by N1.96 to close at N37.32 per share.

    On the upside, Nigerian Breweries led the advancers with a gain of N1.87 to close at N149.90. Berger Paints Nigeria followed with addition of N1.04 to close at N11.24 while Conoil rose by N1.03 to close at N41.98.

    Total turnover remained around average with the exchange of 204.99 million shares valued at N7.40 billion in 3,704 deals.

  • Cadbury Nigeria to revamp growth with four-point strategy

    Cadbury Nigeria to revamp growth with four-point strategy

    Cadbury Nigeria Plc, the Nigerian business of Mondelez International, one of the world’s largest snack companies, will focus on increasing its market share in the powdered drink and candy segments as part of four key strategic initiatives this year to revamp flagging growth and consolidate the gains of recent investments and breakthroughs.

    Chairman, Cadbury Nigeria Plc, Mr. Atedo Peterside, said the company would focus on four key strategic initiatives to realize its growth ambitions this year, after it took major hits in sales and profit in 2014.

    Peterside outlined that the company would concentrate efforts at increasing its market share in the powdered-drink and candy categories while investing in innovation and enhancement of its product portfolio.

    He added that the company would take further advantage of its route-to-market initiative as well as build a strong, sustainable business built on top talents.

    In address to shareholders of the company, Peterside, said Cadbury Nigeria posted overall strong performance in 2014 in view of operating and macroeconomic challenges.

    According to him, the immediate past business year was very challenging for companies in view of the country’s unstable foreign-exchange market, decline in oil revenue, high-input costs, fierce competition, insecurity in parts of the country, generally poor infrastructure and costly and unreliable power supply.

    He said the company was able to mitigate the impact of the tough operating environment by continuing to improve its operational efficiencies.

    “One of the major strengths of our company has been operational efficiency, as aligned with global best practices. Constant improvements in operational efficiency helped us to offset difficulties in the operating environment,” Peterside noted.

    Shareholders at the annual general meeting, which was presided over by Mr. Adedotun Sulaiman, a non-executive director who stood in for the chairman, approved distribution of N1.22 billion as cash dividends for the 2014 business year, representing a dividend per share of 65 kobo.

    Key extracts of the audited report and accounts for the year ended December 31, 2014 showed that sales dropped from N35.76 billion to N30.52 billion. Gross profit dropped from N13.10 billion to N7.93 billion. The company recorded pre and post tax profits of N1.47 billion and N1.51 billion respectively in 2014, representing net earnings per share of 75 kobo. Pre and post tax profits were N7.42 billion and N6.02 billion respectively in 2013.

    Roy Naaman, who resumed as managing director of Cadbury Nigeria on January 1, 2015, expected to help consolidate the company’s market share and tap into other expanding markets in West Africa.

    Cadbury Nigeria had stated that Naaman as a highly experienced brand professional would lead the snacks group’s expansion in West Africa and deliver consistent and strong profit to shareholders.

    “In Roy, we are very pleased to gain a highly experienced leader, with a strong track record in driving sustained and profitable growth. In his previous role, Roy was instrumental in spurring business expansion in southern Africa and the Caucasus. He is a most valuable addition to our company,” Romeo Lacerda, President, Markets, Eastern Europe, Middle East and Africa, Mondelçz International, said in a company statement.

    Naaman joins Mondelçz International from the Diplomat Group, a global distribution company representing leading brands. With a Bachelor of Arts in business, majoring in finance, Naaman has held a number of positions in the Diplomat Group in several countries, including Georgia, and most recently as a General Manager of its largest market.

    Mondelçz International, a global snacks powerhouse, holds 74.99 per cent equity stake in Cadbury Nigeria, the remaining 25.01 per cent shares are held by a diverse group of Nigerian individual and institutional investors.

    Cadbury Nigeria has a cocoa processing factory located in Ondo town, 275km from Lagos, with a capacity of 12,500tons per year, processing cocoa beans into a range of intermediate products including cocoa butter, cocoa liquor and cocoa powder for export and local customers.