The Nation Newspaper

Category: Equities

  • MRS Oil to end 54 years listing on NGX

    MRS Oil to end 54 years listing on NGX

    MRS Oil Nigeria Plc has scheduled a shareholders’ meeting to approve voluntary delisting of the company at the Nigerian Exchange (NGX), ending its 54 years as a publicly quoted company.

    Incorporated on August 12, 1969, MRS was listed on the NGX in January 1, 1970.

    The board of directors of the company said the voluntary delisting was due to a strategic reassessment of the company’s status, particularly considering regulatory obligations, administrative and compliance costs, emerging opportunities, evolving market conditions and the trajectory of projected long term financial and operational growth.

    The company is seeking to delist its entire issued share capital of 342.88 million ordinary shares of 50 kobo each.

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    “Amongst other benefits, it is expected that the voluntary delisting will afford the company the opportunity to more efficiently strategise for the improved performance of its operations, provide the flexibility to nimbly engage in transactions and alliances which could bolster its earnings and add significant value to the company whilst curtailing its costs and staying competitive within its industry,” the board stated.

    By virtue of the coluntary delisting, save for those shareholders who vote against the recommendation for the de-listing and desire to exit the company, the shareholders of

    MRS Oil will retain their equity interests in the company.

    As such, the voluntary delisting affords dissenting shareholders the opportunity to exit the company in accordance with the rules of the NGX.

    According to the company, with the approval of the shareholders of MRS Oil at the extraordinary general meeting and the board’s determination of the specific terms and conditions appropriate for the implementation of the coluntary delisting, the company will submit a formal delisting application to the NGX, and the voluntary felisting will become effective upon the company obtaining the written approval of the NGX.

    However, given that MRS Oil will remain a public limited liability company immediately after the voluntary delisting, in order to ensure compliance with the Securities and Exchange Commission’s Rules on Trading in Unlisted Securities, upon conclusion of the voluntary delisting, the board, in due consideration of the trading needs of the company’s shareholders, will ensure that all necessary steps are taken for the shares of the company to be admitted on the NASD OTC Securities Exchange.

  • Fidson seeks N10b short-term debt capital

    Fidson seeks N10b short-term debt capital

    Fidson Healthcare Plc yesterday opened application list for a N10 billion commercial paper issuance aimed at raising short-term capital to support the company’s working capital.

    Under the Series 9 & 10 Commercial Paper (CP) Issuance, Fidson Healthcare is seeking to raise N10 billion by offering 180 days and 270 days CPs. Application list is scheduled to close on Monday,  April 29, 2024.

    The 180-day CP offers interest rate of 19.8521 per cent while the 270-day CPs  carries a discount rate of 21.4617 per cent.

    Fidson is one of the leading pharmaceutical manufacturing companies in Nigeria.

    The company’s primary activities include manufacturing, marketing, and sales of pharmaceutical and healthcare products in Nigeria and West Africa.

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    Fidson currently has over 250 duly registered pharmaceutical brands, across different therapeutic areas, in the Nigerian market.

    The latest audit showed that the company in 2023  recorded N53.1 billion sales,  31 per cent increase on N40.6 billion recorded in the previous year.

    According to parties to the issue, Fidson has a wide range of over 150 high-quality, unique and innovative products that cover therapeutic areas ranging from infectious diseases, cardiovascular diseases, antimalarials, antiretrovirals, psychiatry, nutrition, nutraceuticals, antitussives etc. About 60 per  of these are made locally and the balance is imported.

    Fidson has previously accessed funding through the capital markets, having issued a N5 billion 210 & 270-day commercial paper in December 2023, N5 billion 181 & 269-day commercial paper in November 2023, N5 billion 269- day CP in March 2023, N3 billion 270- day CP  June 2022, N2.15 billion 90-day CP in December 2021,  N4.5 billion 270-day CP in March 2021, a N2.3 billion rights issue in July 2019, and a N2.0 billion five-year secured fixed rate corporate bond in November 2014.

  • Equities relapse with N200b loss

    Equities relapse with N200b loss

    There were nearly two losers for every gainer yesterday at the Nigerian stock market as investors sought to lock in more profits into high-yielding fixed income securities.

    Average return at the Nigerian Exchange (NGX) dropped by 0.35 per cent, equivalent to net capital loss of N200 billion.

    The All Share Index (ASI)- the value-based common index that tracks all share prices at the NGX , declined by 353.51 points to close at 99,311.54 points.

    Aggregate  market value of all quoted equities dropped simultaneously by N200 billion to close at N56.167 trillion.

    With 25 losers to 16 gainers, the negative overall  market position was due to widespread selloff especially within large and medium capitalised stocks such as Nestle Nigeria, FBN Holdings (FBNH), Zenith Bank, Oando and Guaranty Trust Holding Company (GTCO).

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    Honeywell Flour Mill led the losers’ chart by 9.89 per cent to close at N3.19 per share. FBNH followed with a decline of 9.88 per cent to close at N21.90. Oando lost 9.82 per cent to close at N10.10 per share. FTN Cocoa processors lost 9.40 per cent to close at N1.35 while Nestle Nigeria depreciated by 8.89 per cent to close at N820 per share.

    On the positive side, SUNU Assurance recorded the highest gain of 10 per cent to close at N1.10 per share. Japaul Gold & Ventures followed with a gain of 9.84 per cent to close at N2.01. CAP rose by 9.38 per cent to close at N26.25. Omatek Ventures appreciated by 9.21 per cent to close at 83 kobo while Prestige Assurance rose by 9.09 per cent to close at 60 kobo per share.

    The momentum of activities improved significantly with total turnover rising by 87.34 per cent to 574.426 million shares valued at N7.843 billion in 7,324 deals.  Transnational Corporations (Transcorp) topped the activity chart with 125.700 million shares valued at N1.892 billion. UPDC Real Estate Investment Trust followed with 121.199 million shares worth N605.595 million. United Bank for Africa (UBA) traded 55.486 million shares valued at N1.278 billion.

    Access Holdings traded 51.473 million shares valued at N833.254 million while Universal Insurance transacted 50.839 million shares worth N19.134 million.

  • Berger Paints declares N232m dividends as profit grows by 125%

    Berger Paints declares N232m dividends as profit grows by 125%

    The board of directors of Berger Paints Nigeria Plc has recommended increase in dividend payouts to N232 million after the paints and chemical company doubled its profit.

    Shareholders will receive a final dividend of 80 kobo per share, in addition to interim dividend of 20 kobo, bringing total payout for the 2023 business year to N1. The company had paid N203 million for the 2022 business year.

    At the annual general meeting next month, the company shall seek ratification of payment of interim dividend of 20 kobo per share, which amounted to N58 million.

    Audited report and accounts of Berger Paints of Nigeria for the year ended December 31, 2023 showed that net profit rose to N468 million in 2023 from N208 million in 2022. Basic earnings per share, consequently jumped by 125 per cent from 72 kobo in 2022 to 162 kobo in 2023.

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    Turnover had risen by 25 per cent to N7.97 billion. Operating profit doubled by 101 per cent to N774.74 million. Total assets grew by 20 per cent to N6.61 billion.

    The company’s Managing Director, Mrs. Alaba Fagun, said the outstanding performance was due to the emerging benefits of the company’s rebranding and deployment of modern technology to ensure quality products and availability of strong human capital.

    “With Berger Paints, you can never go wrong. Our commitment to customer satisfaction has been the bedrock of our success since 1959. The year 2023 underscored the resilience and positive orientation of the Berger Paints work force as despite the challenges the management and staff of Berger Paints Nigeria, rose to the occasion. Throughout the year, we revitalised our corporate ethos by reshaping our brand. More than just a logo, our brand embodies a commitment to quality assurance and customer-centric values: professionalism, integrity, innovation, customer-focus, and teamwork and this orientation was deeply ingrained in our team’s approach to work.

    “Despite the myriad of challenges in our operating environment, impacting both our business operations and the daily lives of our customers and team members, we achieved a remarkable 125 per cent growth in our bottom-line figure compared to 2022.

    “Looking forward, we aspire to keep increasing our market share to establish dominance and leadership in our sector. Our dedicated team is poised to leverage resources efficiently, and innovate to deliver exceptional service to our customers,” Fagun said.

    In March last year, Berger Paints took the Nigerian manufacturing sector and the financial market by storm, when it unveiled its new brand identity. The rebranding was prompted by the need to capture the younger demography especially those aged 25 to 45 years to ensure business continuity and success.

  • Equities rebound with N71b gains

    Equities rebound with N71b gains

    After a streak of profit-taking and bearish trading, Nigerian equities opened this week with widespread positive sentiments.

    With more buy orders than sell, the benchmark indices for the market closed with average gain of 0.13 per cent, equivalent to net capital gain of N71 billion.

    The All Share Index (ASI)- the value-based index that tracks all share prices at the Nigerian Exchange (NGX) rose by 125.30 points to close at 99,665.05 points as against its opening index of 99,539.75 points.

    Aggregate  market value of all quoted equities rose by N71 billion to close at N56.367 trillion as against its opening value of N56.296 trillion.

    With 26 gainers to 19 losers, the positive overall market position was driven by demand across the sectors, especially within mod and large-cap stocks such as Guaranty Trust Holding Company (GTCO), Zenith Bank, Unilever Nigeria, Lafarge Africa and Transnational Corporations (Transcorp).

    Japaul Gold & Ventures recorded the highest gain of 9.58 per cent to close at N1.83 per share. GTCO followed with a gain of 9.55 per cent to close at N36.70. FTN Cocoa Processors rose by 8.76 per cent to close at N1.49 per share. Universal Insurance went up by 8.57 per cent to close at 38 kobo while RT Briscoe Nigeria appreciated by 8.47 per cent to close at 64 kobo per share.

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    On the negative  side, The Initiates Plc (TIP) led  by 10 per cent to close at N1.80 per share. Prestige Assurance followed with a decline of 9.84 per cent to close at 55 kobo. Omatek Ventures dropped by 9.52 per cent to close at 74 kobo. Vitafoam Nigeria depreciated by 9.26 per cent to close at N17.15 and Learn Africa declined by 9.09 per cent to close at N3.00, per share.

    The momentum of  activities improved as turnover rose by 18.91 per cent to 306.620 million shares valued at N5.301 billion in 8,298 deals.  GTCO topped the activity chart with 50.158 million shares valued at N1.774 billion. Access Holdings followed with 48.067 million shares worth N815.925 million. United Bank for Africa (UBA) traded 41.747 million shares valued at N956.455 million. Universal Insurance traded 39.714 million shares valued at N14.392 million while Zenith Bank sold 15.166 million shares worth N560.323 million.

    Analysts at United Capital Plc said they expected activities in the fixed income market to continue to stand as a strong demotivator toward equities investments.

    “We expect the status quo to remain same, with bearish sentiments outweighing. From an alternate viewpoint, we expect bargain hunting activities to lurk in the shadows, owing to the tremendous opportunities presented by the recent bearish trend, particularly around the banks,” United Capital stated.

  • AfDB, GIABA renew efforts to combat money laundering, terrorism financing

    AfDB, GIABA renew efforts to combat money laundering, terrorism financing

    The African Development Bank (AfDB) and the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) has launched a three-year support project to combat money laundering and terrorism financing in their member countries.

    The project, titled “Capacity Development for Anti-Money Laundering and Countering the Financing of Terrorism in GIABA Member States in Transition,’’ will be backed by a $5 million grant from the African Development Bank Group.

    The launch ceremony, held in Dakar, Senegal, was attended by staff from the two institutions, representatives of beneficiary countries which are GIABA member countries, and Senegal’s Financial Intelligence Unit. Mohamed Cherif, African Development Bank Country Manager for Senegal and Edwin Harris, Jr., GIABA Director General, represented their institutions.

    The project will be financed through a grant from the Transition Support Facility of the African Development Bank to the tune of 3.5 million UA, about $5 million. The project will contribute to resilience in the West African region, by improving anti-money laundering and terrorism financing regimes, and by developing the capacity of GIABA member states, with a particular focus on countries in transition.

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    The grant complements the bank group’s strategic and operational engagements at country and regional levels. It also aligns with its policy and action plan on the Prevention of Illicit Financial Flows, as well as with the Bank’s group Strategy for Economic Governance in Africa.

    Cherif commended the long-standing collaboration between GIABA and AfDB which includes training sessions for its member countries and technical assistance.

    The GIABA director in turn expressed his satisfaction about the financing, which he said, “comes at a pertinent time, to support the implementation of GIABA’s ongoing Strategic plan for 2023 – 2027 and to contribute to effective interventions on anti-money laundering and terrorism financing regimes in its member countries.”

    The African Development Bank is an observer member of GIABA, and also regularly consults this organization as a key stakeholder in the development of Bank policies, strategies and action plans related to illicit financial flows, anti money-laundering and economic governance.

  • Bankers to brainstorm on liquidity

    Bankers to brainstorm on liquidity

    Against the background of Central Bank of Nigeria (CBN)’s policy measures on liquidity, banks’ chief executives, experts and stakeholders will brainstorm on the importance of liquidity to a virile banking sector.

    The 2024 annual lecture of the Chartered Institute of Bankers of Nigeria (CIBN), scheduled for Tuesday will focus on the theme:  “Improving availability of credit in the Nigerian real economy: The critical importance of liquidity.”

    With a focus on addressing the pressing need to enhance credit accessibility within Nigeria’s real economy, the 2024 annual lecture seeks to shed light on the pivotal role that liquidity plays in shaping the country’s financial landscape. Against the backdrop of evolving economic dynamics, the imperative for a robust financial infrastructure that facilitates credit provision and fosters economic growth cannot be overstated.

    President, CIBN, Dr. Ken Opara, who is the  chief host of the lecture, said the programme underscored the CIBN’s commitment to advancing thought leadership and driving impactful change within the banking sector.

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    Prof. Graham Penn, a revered authority in the field of International Finance Law, from the University College London (UCL), is the guest speaker.

    Opara said Penn’s wealth of expertise and scholarly insights promises to enrich discussions and offer invaluable perspectives on navigating the complexities of liquidity management and credit facilitation within Nigeria’s economic context.

     Former chairman of GTBank Plc, Mrs. Osaretin Demuren, who has extensive experience and insights into banking and finance, will provide invaluable perspectives on the challenges and opportunities surrounding credit availability in the Nigerian real economy. She is chairman of the occasion.

    CIBN stated that the lecture epresents a unique opportunity for stakeholders across the financial ecosystem, including policymakers, industry leaders, academia, and practitioners, to come together and engage in meaningful dialogue aimed at charting a course towards a more resilient and inclusive financial system landscape for Nigeria.

  • Customers to get N200m, three SUVs in Access Bank’s DiamondXtra Season 16

    Customers to get N200m, three SUVs in Access Bank’s DiamondXtra Season 16

    Access Bank Plc has launched the 16th season of its savings promotional campaign, DiamondXtra.

    The season 16th of the special interest yielding hybrid account which allows deposit of both cash and third-party cheques has been upgraded as customers will win prizes to the value of N200 million and three sports utility vehicles (SUVs) amongs other exciting prizes.

    Speaking at the unveiling in Alaba International Market, Lagos, Mr Bolarinwa Animashaun, Regional Sales Director, Lagos, said the new season will bring more goodies to the customers as the bank has taken their interest at heart.

    “In the last 15 years, we have been able to ensure customer loyalty, reward committed customers over time and show that we are a bank that is ready to empower people and partner with people.

    “If I take it into specific figures, we have rewarded 26,696 customers and we’ve given a total sum of N6.5 billion over the period.

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    This season16 is interesting, because, we have seen a lot of opportunities to expand into digital opportunities and this time around, we will be rewarding 15,786 customers, and 10,000 of them will be digitally rewarded.

    “This is almost half of what we have done over the last 15 years. So that is what is making it special. We have taken it into the possibilities of how technology can expand our business and reward customers”.

    The draws for the new season are going to be the same like the previous ones as it will be held in different regions.

    “So, we start from the monthly draws, quarterly draws and the annual draws. What makes it extremely interesting this year is that we will be rewarding with up to N200 million in prizes and we have added some very interesting gifts. We will be given out three SUVs as part of the N200 million price for this year,” Animashaun said

    At the unveiling, Access Bank conducted onsite draws where 48 customers who have DiamondXtra accounts and were present at the unveiling won cash prizes ranging from N20,000 to N200,000.

    Breakdown shows 40 customers won N20,000 each, five customers won N50,000, two customers won N100,000, while one customer went home with N200,000.

    Among winners of the N20,000 prize was Mr Victor Edobor, who said he opened the DiamondXtra accounts 24-hours before the draws.

    One of the two winners of the N100,000 prize, Mrs. Maureen Nneka Oforka, said she was surprised to have won at the well-attended event as that was her first time winning any prize.

    She said, “I have never won any prize in my life. This is my first. I came here reluctantly and thank God, I am here and I am a winner of N100,000 which has already been paid into my account.

    The grand prize winner of N200,000, Mr. Emeka Ezikeugo, a trader in Alaba, said. “I will forever be grateful to Access Bank for the prize as I was not expecting it. I thank the bank for showing leadership among its peers”.

    To be part of the winning train and qualify for the DiamondXtra season 16 which is open to both new and existing customers, new customers are required to open a DiamondXtra savings account with just N5,000 by dialling *901*5# or walking into one of our branches to open the account.  However, the more multiples of N5,000 both new and old customers save, the higher their chances of winning at the monthly, quarterly and annual draws.

    DiamondXtra is an interest yielding hybrid account which allows deposit of both cash and third party cheques. Hybrid means a combination of both savings and current account features. The DiamondXtra reward scheme has given away over N6.5 billion in cash and household items to over 15,000 loyal customers over the last 15 years. 

  • CBN boosts sustainable banks’ lending

    CBN boosts sustainable banks’ lending

    • LDR reduction to safeguard banks

    The Central Bank of Nigeria (CBN) yesterday indirectly enhanced the ability of banks to provide healthier credits without necessarily exposing themselves to higher risks, in line with the ongoing regulatory stance of the apex bank.

    In a circular to commercial banks, the apex bank in a circular titled: “Re: Regulatory Measures to Improve Lending to the Real Sector of the Nigerian Economy” announced a scale down of the Loans to Deposits Rate (LDR) by 15 percentage points from 65 per cent to 50 per cent.

    Analysts said the new policy measure reduces banks’ exposure to liquidity risks while enhancing their ability to optimize their loans.

    The apex bank stated in the circular, signed by the Acting Director of Banking Supervision, Adetona Adedeji, that the review was to “align with the current monetary tightening”.

    According to the apex bank, the review followed the shift in the CBN’s policy stance towards a more contractionary approach.

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    “Accordingly, the CBN has decided to reduce the LDR by 15 percentage points to 50 per cent, in a similar proportion to the increase in the cash reserve requirement (CRR) rate for banks. All deposit money banks (DMBs) are required to maintain this level and are further advised that average daily figures shall continue to be applied to assess compliance.

    “While DMBS are encouraged to maintain strong risk management practices regarding their lending operations, the CBN shall continue to monitor compliance, review market developments, and make alterations in the LDR as it deems appropriate,” CBN stated.

    The previous CBN administration had on July 3, 2019 increased banks’ LDR to 60 per cent from 57 per cent. The LDR was further raised to 65 per cent in January 2020.

    Professor of Economics, Olabisi Onabanjo University, Ago Iwoye, Prof. Sheriffdeen Tella, said the increase could lead to increased lending.

    “It will give banks opportunity to create more money for lending,” Tella said.

    Explaining the implications of the yesterday’s LDR review, analysts at Afrinvest said the downward review would enable the banks to optimize their deposits in a more sustainable way.

    “In our view, this downward review of LDR allows banks comply with the 45.0 per cent CRR directive, and eases off pressure on the lenders considering the restrictive nature of other CBN directives including the Net Open Position (NOP) ceiling of 20.0 per cent short and 0.0 per cent long.

    “Thus, we believe this policy would enhance ability of banks to sweat out assets without creating unnecessary risks,” Afrinvest stated.

    Managing Director, Arthur Steven Asset Management, Mr Olatunde Amolegbe, said the reduction was in the right direction given the current policy reforms and challenges being faced by banks.

    “The recent tightening measures by the Monetary Policy Committee (MPC) and the CBN has meant some banks are probably already struggling with liquidity with a significant portion locked up in the form of CRR. Some will struggle to maintain the 65 per cent LDR in the first place, so it’s sensible for it to be reviewed downwards to a level that is reasonable given the change in regulatory policy stance. This however is unlikely to mean bank credit levels will increase over the short term,” Amolegbe said.

    President, Association of Capital Market Academics, Professor Uche Uwaleke,  said the review was consistent with the CBN’s tightening policy.

    ” The implication is that lending to the real sector is reduced, borrowing costs will further go up and output growth may be adversely affected,” Uwaleke said.

    Analysts noted that excessively high LDR exposes banks to liquidity challenge and could impair the ability of the banking sector to operate sufficiently in the event of unexpected challenges.

    A study: “Measuring the Impact of Loan-to-Deposit Ratio (LDR) on Banks’ Liquidity in Nigeria”, published by the CBN established that excessively high LDR may reduce banks’ liquidity.

    The study found that increasing LDR beyond 70.0 per cent may impact banks’ liquidity negatively.

    The study also confirmed “a direct relationship” between LDR and inflation.

    “The findings conform to a priori expectations as higher LDRs translate to increases in lending by banks’ which could boost output and ultimately cause a spike in inflation. The study emphasises the importance of caution by not increasing the LDR above 70.0 per cent, as this could cause excessive credit growth, increased inflation, and erosion of banks’ liquidity,” the report stated.

  • Axxela raises N16.4b for long-term projects

    Axxela raises N16.4b for long-term projects

    Axxela Limited, a leading gas and power company, has successfully raised N16.4 billion in a major transaction that boosted the company’s long-term capital base.

    The fund raising was done through Axxela Funding 1 Plc’s, a funding vehicle incorporated by Axxela Limited.

    The N16.4 billion Series 1 Fixed Rate Bonds due 2034 was issued under the newly established N50 billion multi-instrument issuance programme.

    The bond issuance will enable Axxela Limited fund its long-term capital expenditure, manage its weighted average cost of capital via a fixed rate instrument and diversify its funding sources whilst meeting the company’s strategic objectives. It also presents an attractive investment opportunity for the investor community who seek viable investment options and encourages other corporates to explore the domestic fixed income markets to meet their funding requirements.

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    Despite launching the transaction amidst challenging economic conditions, with upward pressure on interest rates and tight market liquidity, the bond issuance was well-received and achieved a 109 per cent subscription from a wide range of investors including pension fund administrators (PFAs), asset managers and high networth individuals (HNIs).

    Parties to the issue said the subscription pattern reflected investors’ confidence in Axxela Limited, with the company initially targeting N15 billion but ultimately issuing N16.4 billion due to strong demand.

    Commenting on the bond issuance, Bolaji Osunsanya, Chief Executive Officer, Axxela Limited said, “We extend our heartfelt gratitude to the investor community for their support and continued confidence in Axxela’s long-term vision and strategy.

    The success of the transaction underscores the trust placed in our management team and our commitment to driving sustainable growth in Nigeria’s energy sector. We are very proud of this transaction and the trust of investors in our business model and growth prospects.”

    Timothy Ononiwu, Chief Financial Officer, Axxela Limited said “We are grateful for the success of the Transaction which speaks to the investors’ recognition of Axxela’s operating and financial performance over the years and the significant growth prospects across our value chain. We will continue to explore opportunities to diversify our funding sources and optimise our funding structure towards achieving our financial objectives. We are also thankful for the support of our advisers who guided us through this process and the investors who continue to believe in our story.”

    Acting as the lead issuing house for the bond issue, Stanbic IBTC Capital, the investment banking subsidiary of Stanbic IBTC Holdings, alongside seven joint issuing houses, played a pivotal role in the transaction with Stanbic IBTC Bank and Ecobank Plc serving as the transaction banks.

    Dele Sotubo, Chief Executive of Stanbic IBTC Capital, highlighted the significance of the transaction in demonstrating the depth, liquidity, and resilience of the Nigerian debt capital market.

    He added that, “Stanbic IBTC Capital is delighted to have played a key role as Lead Issuing House and adviser to Axxela Limited in facilitating this Transaction, At Stanbic IBTC, we are committed to the development of Nigeria’s energy sector and the broader economy. This Transaction aligns with our sustainability agenda and we will continue to support projects that promote the environmental, social and economic development of Nigeria. We thank Axxela for trusting Stanbic IBTC Capital and the other Joint Issuing Houses in seeing the issuance to a successful completion.”

    Through its expertise in structuring and executing complex financial transactions, Stanbic IBTC continues to play a crucial role in deepening the potential of Nigeria’s debt capital market, attracting both domestic and international investors, and positioning Nigeria as a choice destination for potential investors.

    Axxela, a Helios Investment Partners LLP and Sojitz Corporation company, pioneered the development of Nigeria’s foremost private sector natural gas distribution network and has subsequently grown to become the largest private sector gas distributor in Nigeria, delivering natural gas to over 200 industrial and commercial customers via a vast network of gas infrastructure. The Company operates across the natural gas value chain and is involved in natural gas processing, transmission, distribution, power generation and distribution. With over 360km in natural gas pipeline infrastructure developed, Axxela provides innovative energy solutions primarily through its subsidiaries: Gaslink Nigeria Limited, Gas Network Services Limited, Central Horizon Gas Company, Transit Gas Nigeria Limited, and a portfolio of new ventures.