The Nation Newspaper

Category: Investors

  • Mutual funds net assets rise by N64.9b in first quarter

    THE net value of all registered mutual funds in Nigeria rose by N64.9 billion to close the first quarter of the year at N686.485 billion, according to data provided by the Securities and Exchange Commission (SEC).

    Latest report on net asset value (NAV) of mutual funds by SEC obtained by The Nation showed that net asset value (NAV) of mutual funds  rose from N621.59 billion by December 28, 2018 to close first quarter of the year at N686.485 billion, representing an increase of N64.9 billion or 10.4 per cent.

    The report indicated that the number of mutual funds also increased from 80 funds in December 2018 to 82 funds in March 2019. The first quarter  represented 686.6 per cent increase on total NAV of N87.27 billion recorded by July 27, 2012.

    Mutual funds, otherwise known as collective investment schemes (CIS), are joint investment vehicles through which investors can pool funds and invest in chosen basket of securities with a view to optimise returns and reduce risks.

    NAV is determined by subtracting total liabilities of a fund from its total assets. It can further be divided by the total number of units of the fund to determine the unit price.

    A mutual fund is usually categorised by the class of assets that forms the primary focus of its investments. Thus, there are equity funds, money market funds, bond funds, real estate funds, ethical funds and balanced funds, among others.

    A breakdown of the funds showed strong preference for money market funds, which invest mainly in money market instruments such as treasury bills. Money market funds accounted for N517.6 billion. Fixed income funds followed with N65.72 billion. Real estate funds placed third with N44.6 billion. Mixed funds-which invest in various assets across equities, money market and fixed income funds, among others, stood at N24.79 billion.

    Further breakdown showed that investors’ values in bonds funds totalled N16.62 billion, equity funds and ethical funds accounted for N11.94 billion and N5.21 billion.

    Stanbic IBTC Asset Management Limited (SIAML) remains the largest investment management firm in Nigeria with its funds dominating major segments of the market. Stanbic IBTC Money Market Fund is the largest CIS with NAV of N253.22 billion. FBN Money Market Fund, being managed by FBN Capital Asset Management Limited, ranked second with N137.5 billion; ARM Money Market Fund, being managed by Asset & Resources Management Company Limited, was the third largest CIS with N52.9 billion in NAV.

    The Nigerian Stock Exchange (NSE) recently launched its new trading platform for mutual fund as part of efforts to boost investors’ participation in CIS. About five per cent of investors in the capital market engage in mutual funds, a paltry fraction that underlines the tendency of most retail investors to invest in the market directly.

    NSE Chief Executive Officer, Mr Oscar Onyema, said the launch of the Exchange’s distribution and trading platform for mutual funds would not only provide an opportunity for the 256 brokers in the market to distribute to existing 13.9 million investors’ accounts in the Central Securities Clearing System (CSCS) but also attract new investors that may be interested in gaining exposure to the capital markets through mutual funds.

    He said the new platform will enhance visibility for listed funds and promote financial inclusion, while stimulating retail investor participation in the market.

    “This distribution platform is a new channel for accessing mutual funds which are listed on the NSE. This restates our commitment to provide market operators, issuers, fund managers and investors with a reliable, efficient and an adaptable platform to create a more transparent, liquid and accessible market in line with global best practices,” Onyema said.

    According to him, the platform will facilitate electronic transactions with seamless connection between NSE, CSCS, fund managers and brokers as investors have the benefit of a single view of their mutual fund investment while being able to invest with multiple fund managers through a single broker.

    He noted that in recent years, there has been significant increase in the number of mutual funds in Nigeria, an indication of the growing interest in collective investment schemes.

    “However, there is significant room for growth in mutual fund assets, as the ratio of these to the Nigerian Gross Domestic Product is estimated at less than 1.0 per cent. As at February 18, 2019, the numbers of registered mutual funds with the SEC stood at 76 with NAV in excess of N600 billion. Of these registered funds, 47 are listed on the NSE memorandum listing platform. With the launch of this new distribution platform, we expect to receive more applications for listing of mutual funds,” Onyema said.

    CSCS Managing Director Mr. Haruna Jalo-Waziri said the new platform marked another milestone for the Nigerian capital market as it will serve as a step towards improving the level of financial inclusion in Nigeria by giving investors varieties of investment products.

    According to him, as part of its commitment to providing far-reaching benefits to the capital market, CSCS has proactively invested in technology that would enable us provides seamless post-trade services to a wide range of financial instruments including collective investment schemes.

    “Additionally, fund managers can now augment their product distribution strength using the brokerage communities’ network. We believe this will also contribute towards increasing secondary market participation while growing funds under management for Asset managers,” Jalo-Waziri said.

    Fund Managers Association of Nigeria (FMAN) President Mr. Dayo Obisan noted that one of the initiatives in the FMAN five-year road map was to develop and implement a nationwide distribution and trading platform for mutual funds.

    Association of Stockbroking Houses of Nigeria (ASHON) Chairman Chief Patrick Ezeagu said stockbroking firms were delighted to have been a part of the development and emergence of the new trading platform.

    According to him, the new platform was directed at reawakening the small savers in order to take advantage of investing through mutual fund and to have the synergistic benefit of a better return in the market.

    “The memorandum trading platform will facilitate the ease of doing business in trading and distribution of mutual funds, it will inspire small savers thereby promoting financial inclusion which is an important focus of our members. We congratulate everyone that contributed to the success of this initiative and encourage all operators to embrace this new aspect of deepening of our market which is a formidable incursion into an erstwhile grey sector,” Ezeagu said.

     

  • NSE grants First Aluminium’s voluntary delisting

    Authorities at the Nigerian Stock Exchange (NSE) have conceded a request for voluntary delisting by First Aluminium Nigeria Plc, signaling the end of 27 years of trading on the shares of the aluminium manufacturing company.

    A document obtained by The Nation indicated that the NSE has approved the application for voluntary delisting filed by First Aluminium Nigeria.

    With the approval of the delisting, the NSE will today place the shares of the company on full suspension preparatory to the delisting of the entire issued share capital of First Aluminium Nigeria from the Daily Official List of the Exchange. On full suspension, there will be neither trading nor movement of price of the shares of the company.

    In a circular on the full suspension of trading, the Exchange stated that the suspension was in “preparation for the voluntary delisting of the issued share capital of First Aluminium Nigeria”.

    “In view of the above, the shares of the company will be placed on suspension effective, Wednesday, 15 May 2019,” NSE stated. The date for the final delisting will soon be announced by the Exchange. First Aluminium Nigeria was listed on the NSE in 1992.

    The board of directors of First Aluminium Nigeria said the aluminium company opted to delist its shares from the NSE because of inactivity on the shares of the company and inability of the current listing to help in realising the corporate objectives of the company.

    Read also: 3m retail investors in Nigeria, says NSE

    However, the NSE had sanctioned the company twice in 2018 and 2019. First Aluminium was fined N476.280 each in 2018 for unauthorised publication of notice of annual general meeting (AGM) and in 2019 for non-dispatch of the notice of AGM and annual reports to shareholders 21 days before the date of the meeting.

    In a statement on the voluntary delisting, the company stated that the purpose for listing was to raise capital as well as provide liquidity to its shareholders but the current illiquidity nature of the market has rendered this primary corporate objective unattainable for the company.

    According to the company, over the last 12 months, there has been a significant fall in average daily trading volumes to 2,918 shares between July 2017 and June 2018 and further dip to 2,816 shares between July 2018 and December 2018.

    “Neither the company nor any shareholder is benefiting from the continued listing on the NSE. Furthermore, rationalisation of operational expenses to support the company’s business and to meet the needs of various stakeholders as the attendant cost required to comply with its listing requirements including filing fees, penalties or sanctions, are not commensurate with the benefits to the company,” First Aluminium stated.

    ALUCON Holdings SA, the majority core investor that holds about 75.48 per cent equity stake in First Aluminium Nigeria, is offering to buy out willing minority shareholders. Minority shareholders hold about 24.52 per cent equity stake in the company. ALUCON Holdings is offering to pay 55 kobo per share. Alternatively, shareholders can trade their shares on the NSE. However, a shareholder that desires to remain a shareholder of an unlisted First Aluminium Nigeria Plc shall be free to do so.

    According to the company, over the past seven years, there have been little or no trading activity on the shares held by the minority shareholders while the share price was stuck at 50 kobo for about six years. It has since dropped further below nominal value.

    “Shareholders are not benefitting from the continued listing as they are not getting exit opportunities and their investments have been locked up, thereby finding it difficult of their shareholding. Neither the company nor its shareholders have benefitted as the company’s shares continue to trade at a significant discount to the intrinsic value,” First Aluminium stated.

    The company noted that the voluntary delisting will offer exit opportunities to shareholders who do not wish to remain in an unlisted public company.

    Following a resolution by the board of directors of the company on August 08, 2018, shareholders of First Aluminium Nigeria had at the annual general meeting on September 25, 2018 approved the voluntary delisting of the entire issued share capital of 2.11 billion ordinary shares of 50 kobo each.

     

  • 3m retail investors in Nigeria, says NSE

    There are about three million retail investors in the Nigerian capital market, less than half a per cent of the country’s 190 million population.

    Divisional Head, Trading Business, Nigerian Stock Exchange (NSE), Mr Jude Chiemeka, said the Nigerian capital market has about three million retail investors, a rather discouraging participation level considering the vast potential and population of the country.

    According to him, less than three per cent of Nigeria’s total adult population participate in the stock market, underscoring the need to improve financial literacy and investment education.

    Speaking at the maiden retail investor workshop at the Exchange in Lagos, Chiemeka said the Exchange recognises the need to improve investor participation and it is leveraging recent capital market initiatives as well as promoting the introduction of globally competitive investment products with low entry thresholds to achieve financial inclusion goals.

    “Nigeria has a population of over 190 million people and is the second largest economy in Africa. However, the current financial inclusion indices of 48 per cent leave much to be desired. Financial inclusion is a priority of stakeholders in the capital market, and the Nigerian Stock Exchange makes it a primary concern to contribute towards the achievement of Nigeria’s National Financial Inclusion Strategy of reducing the proportion of adult Nigerians that are financially  excluded to 20 per cent in the year 2020,” Chiemeka said.

    He said the Exchange has been hosting series of investment workshops to provide vital and strategic information targeted at equipping existing and prospective investors with useful skills to effectively manage and grow financial resources at their disposal, as well as present retail investment opportunities available in the capital market.

    According to him, these initiatives have begun to yield positive results as the market has in recent times witnessed an upturn in retail investor participation. Market data from 2019 shows that retail investors outperformed institutional investors by eight per cent in January, and again by two per cent in March 2019.

    He said the retail coverage department of the NSE would be rolling out measures directed at encouraging retail investor involvement in the capital markets.

    “Over the next few years, various investment workshops will be held across the country, starting with this one here in Lagos. Investors can look forward to regular engagements targeted at promoting financial literacy, building investor confidence, as well as the introduction of innovative and technology driven solutions to stimulate investor participation,” Chiemeka said.

    He outlined that retail investors would be exposed to bouquet of products and services tailored to cater to different investment and risk appetites and knowledge that will help to create a better understanding of the opportunities in the market.

     

  • SEC considers return of individual sub-brokers to boost investment

    Nigeria’s apex capital market regulator, the Securities and Exchange Commission (SEC), is considering reintroduction of individual sub-broker as a distinct function and operator in the Nigerian capital market as part of measures to increase capital market awareness at the grassroots.

    SEC had in November 2017 cancelled individual sub-brokerage, a function that allows individuals with requisite capital market knowledge to engage in investment marketing and mediation.

    SEC stated that the review and proposed reinstatement of individual sub-broker function were in response to requests from many capital market stakeholders who had argued that the removal of individual sub-brokerage could undermine the country’s process of capital formation.

    According to SEC, the deletion of individual sub-broker function generated a lot of comments from the Nigerian Stock Exchange (NSE) and Association of Stock Broking Houses (ASHON), which thereafter requested for the reinstatement of the function.

    SEC stated that it “agrees that reinstatement of individual sub – broker function will help in enhancing financial inclusion, deepening the market, and attracting more retail investors as well as enable the sub – brokers to have more presence at the grass root level”.

    According to the draft amendment on the reinstatement of individual sub-broker, to qualify for registration as an individual sub-broker, a person must show evidence of a net worth of N500,000 and affirmations to comply with rules and regulations guiding the operations of the market. Where the individual sub-broker decides to register with a corporate name, he will be required to submit certified copy of certificate of registration of the business name.

    Under the operating structure at the stock market, there are four categories or grades of stockbrokerage functions including broker-dealer, the highest level; broker, the second level; dealer, the intermediate level and sub-broker, the lowest level similar to investment agent to without any trading privileges.

    A sub-broker functions under the broker primarily to market securities and solicit stockbroking business. In most jurisdictions, they have very minimal professional and regulatory requirements. They are not required to be a member of a stock exchange. They are not required to be an associate of the institute of stockbrokers, although some levels of capital market-focused studies are required to perform effectively.

    Each stockbroker is expected to screen, train, record and account for sub-brokers under it. There is no limit to the number of sub-brokers that a stockbroking firm can engage to help as its agents-primarily to interface with investors. The sub-broker helps the broker to market securities, collect investor’s mandate and documents and foster the agent-principal relationship between the broker and investor by facilitating securities trading and rendering of returns to the investor.

    The sub-broker makes his income from sharing in the stockbroking commission-the stockbroker’s fee, under a pre-arranged mutually exclusive contract between the broker and sub-broker. Besides the stockbroking commission, a sub-broker may share part of other incomes from other services relating to his clients including charges on share registration and management services such as dematerialisation and dividend collection and retrieval.

     

  • Chams records N182.8m net profit in Q1

    Chams Plc recorded significant growths in the top-line and the bottom-line in the first quarter as the identity management and electronic payment company continued its recent rebound.

    Key extracts of the interim report and accounts for the three-month period ended March 31, 2019 showed that turnover rose to N1.26 billion in 2019, as against N739 million recorded in comparable period of 2018. Compared with loss before tax of N129.52 million in first quarter 2018, the company recovered with a pre-tax profit of N182.85 million in first quarter 2019. After taxes, net profit stood at N182.84 million in 2019, as against net loss after tax of N119.16 million recorded in comparable period of 2018.

    The first quarter performance sustained Chams’ growth trajectory after the company recovered from a loss of N1.27 billion in 2017 to a profit of N380 million in 2018.

    Audited report and accounts of Chams for the year ended December 31, 2018 showed that the company’s total assets rose by 10 per cent to N5.25 billion in 2018 as against N4.77 billion in 2017. Total liabilities also reduced by 14 percent to N3.60 billion in 2018 compared with N4.20 billion in 2017. For the first time in several years, earnings per share turned positive at a modest 7.0 kobo.

    The company’s profit net profit margin increased on the back of 54 per cent growth in revenue while finance expenses declined by 34 per cent. Turnover grew by 54 per cent due to increased income from Identity management services, sales, maintenance of Bank Verification Number (BVN) services, supply of cards, sales of the Access control as well as income from switching service. The report also showed significant increase in other operating income due to amount recovered from impaired receivables and rental income.

    Chams had in 2018 restructured its operations for global competitiveness, including a change in business model, placing premium on identity management and introduction of innovative products and services.

    Group Managing Director, Chams Plc, Mr. Femi Williams said the results showed improvement in internal efficiency and the positive effects of the management’s determination to revamp the company’s operations for enhanced profitability in other performance indicators.

     

     

  • Access Bank to reward 1000 DiamondExtra customers

    Access Bank will reward more than 1,000 DiamondXtra customers in its first DiamondXtra quarterly draw scheduled for this month.

    Executive Director, Retail Banking, Access Bank Plc, Victor Etuokwu, said the rewards for the quarterly draw include salary for life of N100,000 monthly for 20 years, education allowance of N100,000 monthly for five years, a N1 million rent, N1 million cash for six people and N500,000 cash for 15 persons.

    He added that 45 persons stand to win N100,000 each while 300 persons each are expected to win N50,000, N20,000 and N10,000. The bank will also award N20,000 as loyalty prizes to 45 persons.

    “We will continue in this spirit as we embark on this exciting retail journey with our loyal customers. We rewarded 10 people last month with N1 million each at the monthly draw and are set to reward more than 1,000 lucky customers with cash and other prize categories in the DiamondXtra quarterly draw taking place this month of May. To join our winning train, all you need to do is save or open a DiamondXtra account with just N5, 000 and save multiples of N5,000 to increase your chances of winning,” Etuokwu said.

    He described the DiamondXtra Reward Scheme as the most rewarding way to save, urging customers not to miss out on the opportunity to become a millionaire or a star prize winner.

    According to him, to participate; one only needs to open a DiamondXtra account, saves in multiples of N5,000 and then stands the chance to win prices in the quarterly draw this month.

     

  • FBN Holdings promises better returns

    FBN Holdings Plc will surpass its previous performance in the current business year and ensure regular and better returns to shareholders, the board and management of the financial services group have assured.

    The assurance came as shareholders approved payment of N9.3 billion as cash dividend for the 2018 business year.

    Addressing shareholders at the annual general meeting in Lagos, FBN Holdings Plc Group Managing Director, Dr. Urum Kalu Eke, said the group would outperform its 2018 figures in 2019 while continuing to build greater values for shareholders in the years ahead.

    According to him, the group is stronger now and has been positioned for sustainable growth. “From liquidity perspective, you have a strong institution that will pay dividend on a regular basis. We have built capital buffer at the commercial bank and the other entities are also well capitalised. The year 2019 promises to be a much better year than 2018, all operating entities are in safe hands with good management teams,” Eke said.

    According to him, the group will continue to improve on its credit risks and assets management with a view to achieving a single-digit non-performing loan ratio by the end of this financial year.

    He added that improved recoveries and stronger operational performance will increase the contribution of the group’s flagship commercial banking business to profitability and dividend payment.

    Eke said the company’s focused execution of group’s strategy, investment in future-enabling technologies, development of talents and re-engineered processes will continue to impact returns in the years ahead.

    Key extracts of the audited report and accounts of the group for the year ended December 31, 2018 showed that profit after tax rose by 31.4 per cent to N59.7 billion compared with N45.5 billion in 2017. Profit before tax also increased by 19.7 per cent to N65.3 billion as against N54.5 billion. Gross earnings, however, dropped to N583.5 billion in 2018 as against N595.4 billion in 2017. Total assets rose by 6.3 per cent from N5.2 trillion in 2017 to N5.6 trillion in 2018 while customers’ deposits improved by 10.9 per cent from N3.1 trillion in 2017 to N3.5 trillion in 2018. The group also witnessed reduction in impairment charges, which declined to N87.3 billion in 2018 as against N150.4 billion in 2017, representing a drop of 42 per cent.

    FBN Holdings Plc Chairman, Dr Oba Otudeko, said the group had mapped out strategies aimed at ensuring enhanced value creation for the future. “We are not resting on our laurels, and our renewed approach to synergy and innovation will be major drivers to unlocking earnings potential for our group. We believe that our efforts to integrate our offerings and provide end-to-end solutions for our customers will create a competitive advantage in our markets,’’ Otudeko said.

    He noted that in 2018, increased group-wide collaboration resulted in a remarkable achievement of N20 billion synergy revenues, representing three-year revenue synergy targets for the group between 2017 and 2019.

    First Bank Nigeria (FBN) Limited Managing Director, Dr. Adesola Adeduntan assured that the bank will sustain recovery efforts on all provisional accounts to further reduce non-performing loans.

    He added that the bank will continue to drive its agency banking, digital banking and aligning the bank’s accounting system with IFRS 9 rules to ensure that its loan book grows moderately at five per cent.

     

  • NSE plans corporate charity to fight cancer

    The Nigerian Stock Exchange (NSE) has concluded arrangements to hold the 6th edition of its NSE Corporate Challenge in continuation of the Exchange’s efforts to support the fight against cancer in Nigeria.

    Instituted in 2014, the NSE Corporate Challenge is a one-d ay competitive and fun-filled five-kilometre walk, jog and run event designed to create awareness on early detection and raise funds to support the fight against cancer in Nigeria. The day’s activities will also include dance, aerobics, music and entertainment. Winners in the various race categories will be recognised at the medal presentation ceremony.

    The 2019 edition, scheduled for Saturday, July 6 in Lagos, will bring together participants from listed and non-listed companies, dealing member firms, government institutions and other non-commercial organisations; as well as celebrities and other notable Nigerians to support the fight against cancer.

    REad also: MTN set for NSE listing

    Head of Shared Services Division, Nigerian Stock Exchange (NSE), Mr. Bola Adeeko, noted that the NSE has in the past five years taken a leadership position in raising cancer awareness and increasing advocacy, leveraging its access to a vast network of employees and clients of listed companies, dealing member firms, well-meaning individuals and other stakeholders.

    He said maintaining a healthy lifestyle through diet and frequent exercise has been proven to be an effective approach to reduce the risk of cancer, the reason NSE has chosen sports as a vehicle to raise awareness and advocate for change.

     

  • Two companies seek to delist shares over illiquidity

    First Aluminium Nigeria Plc and Newrest ASL Nigeria Plc have blamed low trading activities, illiquidity and poor performance of their shares at the Nigerian Stock Exchange (NSE) for their decisions to delist their shares from the Exchange.

    The companies, in separate statements, said the benefits of continuing listing are not commensurate with the costs citing their historic pricing and trading trends.

    Newrest ASL in February 2019 filed application to delist its entire 634 million ordinary shares of 50 kobo each from the Daily Official List of the Exchange. The board of Newrest ASL had approved the commencement of the voluntary delisting in December 2018 and presented the proposal for approval of shareholders at an extraordinary general meeting in January 2019. Shareholders approved the board’s recommendation to delist.

    Newrest ASL explained it listed its shares in order to raise capital and provide liquidity to its shareholders but the current illiquidity at the stock market has rendered this primary objective unattainable.

    The company noted that there was a significant fall in trading volumes from about 78.09 million shares in 2017 to 9.03 million shares in 2018.

    According to the company, the attendant cost and time required to comply with listing requirements such as quarterly and annual fillings, annual certifications, filing fees, penalties or sanctions, corporate governance certifications and many meetings are not commensurate with the benefits accruable to the company.

    Newrest Group, which, together with its affiliates, holds majority equity stake of 81.82 per cent in Newrest ASL is the promoter of the voluntary delisting and it is seeking to buy out minority shareholders who may not want to be part of an unlisted company.

    Under the proposal, Newrest Group will pay N7.70 per share to every shareholder exchanging their Newrest ASL shares. Alternatively, shareholders may decide to stay in the unlisted company. The acceptance period of the exit consideration ended April 25, 2019.

    Also, First Aluminium Nigeria also blamed inactivity on its shares and inability of the current listing to help in realizing the corporate objectives of the company.

    In a statement on the voluntary delisting, the company stated that the purpose for listing was to raise capital as well as provide liquidity to its shareholders but the current illiquidity nature of the market has rendered this primary corporate objective unattainable for the company.

    According to the company, over the last 12 months, there has been a significant fall in average daily trading volumes to 2,918 shares between July 2017 and June 2018 and further dip to 2,816 shares between July 2018 and December 2018.

    “Neither the company nor any shareholder is benefiting from the continued listing on the NSE. Furthermore, rationalization of operational expenses to support the company’s business and to meet the needs of various stakeholders as the attendant cost required to comply with its listing requirements including filing fees, penalties or sanctions, are not commensurate with the benefits to the company,” First Aluminium stated.

    ALUCON Holdings SA, the majority core investor that holds about 75.48 per cent equity stake in First Aluminium Nigeria, is offering to buy out willing minority shareholders. Minority shareholders hold about 24.52 per cent equity stake in the company. ALUCON Holdings is offering to pay 55 kobo per share. Alternatively, shareholders can trade their shares on the NSE. However, a shareholder that desires to remain a shareholder of an unlisted First Aluminium Nigeria Plc shall be free to do so.

    According to the company, over the past seven years, there have been little or no trading activity on the shares held by the minority shareholders while the share price was stuck at 50 kobo for about six years. It has since dropped further below nominal value.

    “Shareholders are not benefitting from the continued listing as they are not getting exit opportunities and their investments have been locked up, thereby finding it difficult of their shareholding. Neither the company nor its shareholders have benefitted as the company’s shares continue to trade at a significant discount to the intrinsic value,” First Aluminium stated.

    The company noted that the voluntary delisting will offer exit opportunities to shareholders who do not wish to remain in an unlisted public company.

    Following a resolution by the board of directors of the company on August 08, 2018, shareholders of First Aluminium Nigeria had at the annual general meeting on September 25, 2018 approved the voluntary delisting of the entire issued share capital of 2.11 billion ordinary shares of 50 kobo each. First Aluminium Nigeria was listed on the NSE in 1992.

  • May & Baker gets director

    The Board of Directors of May & Baker Nigeria Plc has appointed  Chief Samuel Onyishi as a non-executive director.

    An accomplished entrepreneur, philanthropist and business mentor,   Onyishi brings to the board of the premier pharmaceutical manufacturing company a wealth of experience in business management and corporate governance.

    Winner of the prestigious Keyman Award for Business Excellence and Integrity of the Enugu Chamber of Commerce as well as the National Merit Award of the Member of the Order of the Niger (MON), Onyishi founded the Peace Mass Transit (PMT), a flagship transport company.

    Read also: Dufil acquires May & Baker Noodles factory for N775million

    He is a director of Peace Capital Market Limited, Peace Express Service Limited, Peace Bureau de Change Limited, Peace Aviation Limited, Foton International Limited, the sole distributor of Foton mini-buses in Nigeria and Peace Microfinance Bank.

    A former, chairman of Enugu State Football Association, Onyishi is the Chairman of Rangers International Football Club.

    Two universities, his alma mater, University of Nigeria, Nsukka (UNN) and the Enugu State University of Science and Technology awarded Onyishi honorary Doctor of Business Administration.