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Tag: Afrinvest

  • Afrinvest West Africa Limited

    Afrinvest West Africa Limited

    Nigeria is heading into 2026 with the federal budget still in “patch-up” phase, following repeated extensions of the 2024 capital expenditure (CAPEX) implementation to December 2025. As a result, execution of the 2025 CAPEX has lagged significantly, with only about 24.8 per cent of the N23.4 trillion allocation expected to be implemented by year-end, leaving a sizable rollover into an uncertain 2026 fiscal framework. This misalignment reflects persistent revenue underperformance, fuelled partly by overly ambitious assumptions, and on the other hand, escalating expenditure pressures.

    Notably, while the Federal Government celebrated gross non-oil revenue collection overperformance in third quarter 2025 (N24.2 trillion versus N20.0 trillion budgeted), oil revenue component – projected to account for 50.3 per cent of the N40.9tn total revenue target – likely underperformed by at least 24.0 per cent, given average output of 1.66mbpd and an oil price of $70.92/bbl. as against 2.06mbpd and $75.00/bbl. budgeted. A notable insight from the 2026 budget presentation speech of President Bola Ahmed Tinubu to the National Assembly on December 19, 2025, was that actual revenue as of the end of Q3:2025, N18.2 trillion, trailed budgeted pro-rata by 40.7 per cent. The immediate consequence of this development is the overshooting of the estimated fiscal deficit for the year by 5.7 per cent to N14.8 trillion at the end of Q3.

    Looking ahead, effective fiscal management will be critical to sustaining the economic recovery, particularly amid pre-election dynamics and a resurgence in security challenges. Nonetheless, we project growth to strengthen to 4.3per cent in 2026, supported by improved inflation anchoring, FX stability, and sustained private-sector investment, particularly in the oil & gas, telecommunications, and agriculture sectors.

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    The fixed income landscape is expected to remain selective. Inflation moderation, stabilising policy expectations, and disciplined issuance provide support for returns; however, heavy domestic funding needs and active liquidity management by the CBN are likely to keep system liquidity structurally constrained. Market performance is therefore expected to favour carry efficiency, roll-down strategies, and medium-tenor positioning, with gradual scope for duration re-engagement contingent on the pace of policy easing and the balance between yield compression and inflation dynamics.

    Our outlook for 2026 is constructive, anchored by favourable macroeconomic and market dynamics. In our base case scenario, we project a 40.9 per cent gain in the NGX-ASI, supported by sustained price and naira stability, gradual monetary policy easing, improved corporate earnings, elevated pre-election liquidity, and aggressive capital mobilisation by insurance companies and PFAs, with additional upside from anticipated listings such as Dangote Petrochemicals. Upside risks include sharper disinflation and stronger FX inflows, while downside risks stem from renewed inflationary pressures, forex volatility, weak foreign participation, and delays in expected listings.

  • Afrinvest’s digital platform rebrands

    Afrinvest’s digital platform rebrands

    Afrinvest has announced the rebranding of its digital investment platform, Optimus by Afrinvest, to PlutusNeo by Afrinvest, marking the next phase of the firm’s digital strategy focused on expanding access to wealth creation.

    The digital platform, first launched in 2022, was created to give individuals secure and easy access to Afrinvest-managed investment products through a modern digital interface. Since launch, it has become a trusted channel for Nigerians seeking professionally managed investment solutions, supported by Afrinvest’s over 30 years of experience across Nigeria’s capital markets.

    The transition to PlutusNeo reflects the platform’s evolution and Afrinvest’s ambition to build a more integrated digital wealth ecosystem for everyday investors. The rebrand also aligns the investment platform with broader digital initiatives within the Afrinvest Group, including the planned introduction ofpayments and lending capabilities designed to support users more holistically across their financial journeys.While the name has changed, the platform’s experience, governance framework, security standards and ownership by Afrinvest remain unchanged.

    Commenting on the evolution, Managing Director, PlutusNeo by Afrinvest, Ayodeji Ebo, said the rebrand positions the platform for long-term growth.

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     “Optimus represented an important phase in our digital investment journey,” he said. “PlutusNeo builds on that progress, evolving the platform into one designed to support long-term wealth creation for a broader audience. It also reflects our vision to develop a more connected digital ecosystem over time.”

    PlutusNeo by Afrinvest enables users to save and invest with confidence, drawing on Afrinvest’s disciplined investment processes and strong regulatory oversight. Through the platform, users can access a range of investment options, including naira and dollar mutual funds, high-yield investment opportunities, and United States stocks, all available through a single digital interface. The platform is also being positioned to support additional financial services in the future, including payments and lending, as part of Afrinvest’s broader digital expansion aimed at delivering a more connected financial experience.

    According to Ike Chioke, Group Managing Director, Afrinvest, the platform reflects the firm’s long-standing commitment to inclusive wealth creation.

     “For over 30 years, Afrinvest has operated through multiple market cycles, and that experience shapes how we approach investing,” he said. “We understand the importance of discipline and long-term thinking in wealth creation. PlutusNeo extends this approach to a wider audience, allowing more people to participate meaningfully in building wealth, regardless of income level or status.”

    For existing users, the transition requires no action. All user accounts, login credentials, investment portfolios, transaction histories and platform features remain unchanged under the new name.

    PlutusNeo by Afrinvest is positioned as a key pillar of Afrinvest’s evolving financial services ecosystem, supporting future growth while reinforcing the firm’s commitment to trust, professionalism and long-term wealth creation.

    Afrinvest is a capital market holding company active in six principal areas: investment banking, securities trading, asset management, trustee services, consultancy and technology.

  • Afrinvest expands to Enugu to drive growth

    Afrinvest expands to Enugu to drive growth

    Afrinvest (West Africa) Limited has officially opened its Enugu office, bringing over three decades of financial expertise to the Coal City.

    The Deputy Governor of Enugu State, Barr. Ifeanyi Ossai, performed the ribbon-cutting ceremony on Monday, describing the company’s presence as a “strategic boost” to the state’s economic transformation agenda.

    Speaking to newsmen, Afrinvest Group Managing Director(GMD), Dr. Ike Chioke, said the firm had long considered expanding to Enugu but found the right environment under the current administration of Governor Peter Mbah.

    “We had planned to come into Enugu three years ago during the administration of the former governor, Ifeanyi Ugwuanyi, but it did not materialise. When Peter Mbah came on board and began transforming Enugu into a business-friendly environment, the urgency to open this office increased,” Chioke said.

    He explained that Afrinvest would bring its broad experience in investment banking, asset management, securities trading, trusteeship, consulting, research, fintech, and microfinance to help businesses in Enugu grow sustainably.

    Chioke noted that many successful Igbo-owned enterprises collapse after the founders’ demise due to weak governance structures.

    “There are standardised ways of ensuring business continuity, raising capital, and hiring the right people. That wealth of expertise which we’ve long provided clients in other regions is what we’re gladly bringing to Enugu,” he said.

    He added that the firm’s expansion aligns with its “Aku Luo Uno” (think-home) philosophy of the Igbo and pointed out that Afrinvest already enjoys a strong relationship with the state through its sponsorship of Rangers International Football Club.

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    In his remarks, Deputy Governor Ossai described Afrinvest’s arrival as “timely and transformational,” emphasising that the company’s range of services will strengthen Enugu’s investment ecosystem.

     “Businesses cannot thrive where support services that drive investments do not exist. The kind of services Afrinvest offers- from capital mobilization to business structuring- are the very backbone of a sustainable economy,” he said.

    Ossai urged Afrinvest to help local entrepreneurs move beyond personality-driven business models toward structured, multi-generational institutions.

     “We Igbo people are known for strong personalities. Everyone wants to own an Ifeanyi Ossai Nigeria Limited. But we must evolve to build systems like Guinness or Nigerian Breweries that outlive their founders,” he noted.

    He also encouraged Afrinvest professionals to engage with the state’s numerous tertiary institutions to inspire students and young entrepreneurs toward building sustainable, knowledge-based enterprises.

     “With the number of universities in Enugu, we should be leading a knowledge-based economy. I urge Afrinvest to visit these institutions and help shape the next generation of business leaders,” he said.

  • Afrinvest unveils N2.5b Halal fund for Shari’ah-compliant investments

    Afrinvest unveils N2.5b Halal fund for Shari’ah-compliant investments

    To boost financial inclusion and respond to growing interest in ethical investing, Afrinvest Asset Management Limited has introduced the Afrinvest Halal Fund — a N2.5 billion open-ended unit trust designed to align with Shari’ah-compliant investment principles. However, beyond the product launch, the company’s leadership stressed the urgent need to expand professional asset management services across underserved areas to fully harness Nigeria’s Islamic finance potential.

    Speaking at a media parley yesterday, the Chief Managing Director of Afrinvest West Africa, Ike Chioke, called for the proliferation of SEC-licensed investment managers who can serve ethical investors outside Nigeria’s financial hubs.

    He said: “We need more professional asset managers to even set up their businesses and reach all the nooks and crannies of Nigeria and support the federal government of Nigeria in this exponential expansion.

    “There’s a huge opportunity here. The federal government issued N300 billion worth of Sukuk recently, and it was oversubscribed by almost N2 trillion. That alone shows the appetite for Shari’ah-compliant investments is real and growing.”

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    Chioke argued that while institutions like Lotus Capital have pioneered Islamic investing in Nigeria, demand far exceeds current supply stating:  “Nigeria has over 200 million people, but only about 10 million Nigerians have investment accounts, and even fewer are in mutual funds. That’s why there’s room, and a need for more players.”

    He added that Afrinvest’s experience navigating multiple economic downturns and its growing digital infrastructure uniquely position it to serve both traditional and mobile-savvy ethical investors.

    “We’re setting up our platform to allow millions of Nigerians to invest in halal products from their smartphones beyond just our physical offices,” he stated.

    Also speaking at the event, Mustakeem Thanni of Marble Advisory emphasised the need for more asset managers to enter the ethical finance space.

    He said: “The Shari’ah-compliant investment space in Nigeria is still very small. We need a wider audience and more businesses or investment companies to tap into this market. With oversubscription of Sukuk by over 80 percent recently, it is clear there is investor appetite. Afrinvest is stepping into a gap, and more should follow.”

    He explained that the Afrinvest Halal Fund is built around three compliant asset classes — Sukuk, screened equities, and halal contracts — each of which contribute not only to investor returns but also to real-sector economic development.

    “Shari’ah-compliant finance is not just about avoiding interest; it’s about investing in the economy through permissible contracts that support real businesses and productivity,” he added.

    Manager, Afrinvest’s Kano office, Kabir Ibrahim, during his presentation, outlined the structure and ethical underpinning of the Fund which aligns fully with Islamic values.

    “This fund is designed for investors who wish to grow wealth in accordance with Shari’ah principles. It targets all classes of investors —from retail to high-net-worth,” he said.

    On structure, Ibrahim said the fund allocates between 70–100 per cent to Sukuk and other Shari’ah-compliant fixed income assets, up to 30 per cent in screened equities, and up to 25 per cent in halal contracts such as Ijara, Mudaraba, Wakala, and Musharaka.

    “The fund deliberately excludes sectors that do not align with Islamic values, including interest-based financial services, alcohol, gambling, pork, tobacco, adult content, and weapons,” he said.

    Supervised by a Shari’ah Advisory Committee of Experts (ACE), the fund, he noted, will issue annual compliance certificates and is structured for transparency. Minimum subscription is 100 units (N10,000), with a 90-day lock-in period and redemptions processed within five business days. Early withdrawal attracts a 1.5 per cent charge on income earned.

    “It’s about trust, transparency, and giving people an ethical choice. With Afrinvest’s 30 years of experience, we are confident more Nigerians will come on board,” Ibrahim added.

    Managing Director of Afrinvest Asset Management, Christopher Omoh, described the fund as medium-risk due to partial equity exposure, but one that still offers principal security through its Sukuk-heavy asset mix.

    He said: “Currently, the fund is benchmarked to the 10-year FGN Sukuk, returning about 19 per cent. Of course, like all mutual funds, returns are not guaranteed and are tied to the performance of underlying assets.”

    Omoh emphasised that the fund benefits from regulatory structures now in place, stating: “There is a clear separation of roles—Afrinvest as fund manager, Zenith Bank Plc as custodian, United Capital as trustee. This gives investors transparency and confidence,”

    He added that the product had been two years in the making and was backed by seasoned managers, “Our equity, bond, money market, and dollar funds are already active. We’re also developing Exchange Traded Funds (ETFs) and non-financial infrastructure funds.”

    Managing Director of Zenith Nominees Ltd, Folusho Ogundele, which serves as custodian for the Fund, stressed the importance of safeguarding assets in building investors’ trust.

    “Our role is to ensure the safekeeping of assets. That in itself boosts investor confidence. This market is vast but under-penetrated. We commend Afrinvest for stepping up and will work to ensure full compliance and transparency,” Ogundele stated.

  • Afrinvest boss salutes ‘humble’ Dozie

    Afrinvest boss salutes ‘humble’ Dozie

    The Group Managing Director of Afrinvest, Ike Chioke, has described the late Nigerian entrepreneur and businessman, Pascal Dozie, as a humble man who quietly transformed human and other resources.

    Dozie died on April 8, a day before his 86th birthday.

     Quoting from William Shakespeare’s Julius Caesar, in a statement on May 2, he  asserted that the deceased, whom he addressed as PGD (considering Gabriel, his middle name), was a metaphor of “calm and peace at the summit.”

    Dozie was former chairman of MTN Nigeria; founder of Diamond Bank, which was acquired by Access Bank; founding member and former chairman of the Nigeria Economic Summit Group; and former President of Nigerian Stock Exchange

     Chioke stated:“Long before I met PGD, I had heard of his entrepreneurial genius, innovative flair and educational philanthropy. To cite just one of the last elements, he had sponsored several people from my generation to Harvard Business School and other Ivy League institutions in the mid-90s. His motive was to influence the economic and financial future of Nigeria by empowering hundreds of young people to lead the nation into that future.”

    He continued:,“His vast educational philanthropy was never sporadic; it was an intentional, consistent, and sustained commitment to uplift others. He was preeminently ‘as constant as the northern star’ in his devotion to God and humanity.”

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    The Afrinvest boss said Dozie never sought accolades; accolades sought him.

    Afrinvest, a Nigerian capital market holding company, is both a provider of research content on the Nigerian market and an advisor to blue-chip companies across West Africa on mergers and acquisitions as well as international capital market transactions.

    Chioke couched Dozie’s virtue poetically, “In every interaction, PGD exhibited an uncommon fusion of strategic foresight and deep compassion. He listened more than he spoke; and when he did speak, he did so clearly, humbly and insightfully.

    “His presence was never imposing, but was always commanding – he was a delight to follow. He led by the power of his example, not by the example of his power.

    “His legacy is one of service without self-interest, leadership without arrogance, and faith without cynicism.”

    He noted that Dozie’s visible achievements, awesome as they were, “pale into insignificance when juxtaposed with the countless lives he transformed; the numerous life stories he changed; the business and political leaders he nurtured; and the spirit of excellence, compassion, and integrity he instilled across generations.”

    According to him, earthly sojourn is a testament to the idea that one man, with vision and compassion, can indeed alter the trajectories of countless lives.”

    Born in 1939 in Egbu village of Owerri, Imo State, into the family of Catholic catechist, Charles Dozie, the deceased attended Our Lady’s School (Emekuku), Holy Ghost Juniorate Seminary, and Holy Ghost College, all in Owerri, before travelling to London to study Economics at the London School of Economics. He also attended City University in London for his Master’s in Operational Research and Industrial Engineering.

    He began his career as an economist at the National Economic Development Office in the United Kingdom. He was also a part-time lecturer at the North Western Polytechnic, London. Between 1970 and 1971, he served as a consulting economist at the African States Consulting Organisation in Uganda. After leaving his job in Uganda, he relocated to Nigeria at his mother’s instance. He was subsequently hired by Clement Isong, then Governor of the Central Bank of Nigeria, to conduct studies on the Co-operative and Commerce Bank.

    In 1985, he was appointed Chairman of Progress Bank (now defunct). Later that same year, Dozie applied for a banking licence to help traders in South Eastern Nigeria, who were faced with banking problems. This birthed Diamond Bank, which at inception had a share capital of N10m, with only 21 interested shareholders. In 1990, he satisfied the requirements of the CBN to operate a standard bank, and in 1991, Diamond Bank began operations, and he was the Chief Executive Officer till 2006.

  • Adedoyin Allen: A Trailblazer in Securities and Asset Management

    Adedoyin Allen: A Trailblazer in Securities and Asset Management

    Adedoyin Allen is a globally celebrated leader and trailblazer in the securities and asset management industry. With a career spanning over 15 years, she is recognized for her transformative leadership, innovative strategies, and dedication to financial inclusion.

    As a Managing Director in asset management, Adedoyin has consistently delivered exceptional results, cementing her place as one of the most influential figures in finance across Africa. Her emphasis on ethical investing and corporate responsibility sets her apart, driving her reputation as a forward-thinking leader in the financial industry.

    Adedoyin’s initiatives to promote sustainable investments and financial literacy have had a lasting impact, empowering countless individuals and organizations to achieve their financial goals.

    Educational Foundation and Professional Training

    Adedoyin’s journey in finance began with a strong academic foundation and a commitment to lifelong learning. She earned her BSc in Economics from Bowen University and an MSc in Management from the University of Lagos.

    Her quest for knowledge and a global perspective led her to pursue an MBA at Nexford University, where she honed her skills in leadership, innovation, and strategic management. Additionally, she holds certifications from globally recognized institutions, including membership in the Chartered Institute for Securities & Investment (CISI, UK), the CFA Institute Investment Foundations Certification, and the Senior Management Programme (SMP) at Lagos Business School.

    Read Also: Afrinvest opens office in Kano for trade partnership

    Her professional credentials underscore her dedication to excellence, placing her among the most qualified professionals in Africa’s financial sector.

    Transforming Financial Institutions

    Adedoyin’s career exemplifies her ability to transform organizations and deliver exceptional results. Her leadership highlights include:

    Asset Management Firm Leadership (2024 – Present)

    As the Managing Director, Adedoyin has spearheaded organizational growth, significantly increasing assets under management and launching innovative investment solutions tailored to diverse client needs. Her visionary leadership has earned her accolades, including recognition among the top 100 most influential women in finance.

    Her contributions extend beyond operational leadership to strategic planning, portfolio management, and client relations. Adedoyin’s focus on product innovation has positioned the firm at the forefront of the industry, driving consistent revenue growth and market expansion.

    Afrinvest Securities Limited (2018 – 2024)

    During her tenure, Adedoyin led Afrinvest Securities through a remarkable transformation, driving revenue growth by over 400% and expanding the client base to over 100,000 users. She introduced groundbreaking products catering to institutional and individual investors, solidifying the company’s status as a market leader.

    Adedoyin’s efforts earned her accolades, including recognition as one of the Iconic Women in the Nigerian Capital Market, a testament to her trailblazing contributions in a traditionally male-dominated industry.

    Meristem Stockbrokers Limited (2014 – 2018)

    Adedoyin began her career in investment banking, quickly distinguishing herself through analytical expertise and a commitment to excellence. Her contributions in portfolio management, risk analysis, and wealth advisory were instrumental in driving institutional growth. At Meristem, she developed strategies that significantly enhanced client acquisition and positioned the firm as a trusted partner for institutional investors.

    Adedoyin Allen’s career reflects a consistent track record of excellence, innovation, and a commitment to empowering others through sustainable financial solutions.

  • Afrinvest, Western Union partner on remittances

    Afrinvest, Western Union partner on remittances

    Afrinvest (West Africa) Limited, an investment management firm, has announced a strategic integration with Western Union, a leader in money transfer services.

    This partnership marks the first time Western Union has collaborated with an African investment platform, allowing Nigerians abroad to remit funds directly for financial investments through Afrinvest’s investment platform, Optimus by Afrinvest.

    The partnership simplifies the process for Nigerians in the diaspora to invest in the Nigerian financial market without needing intermediaries like family or friends.

    Nigerians living in nearly any country around the world can now transfer money directly to their Optimus by Afrinvest accounts via Western Union, converting their funds into Naira for investment purposes.

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    Chief Executive of Afrinvest Group, Dr. Ike Chioke, stated: “We are thrilled to integrate with Western Union to bring this groundbreaking service to Nigerians in the diaspora. By providing a direct channel to remit funds for investment, we are making it easier for Nigerians in the U.S., U.K., Cameroon, Ghana, Canada, and wherever Western Union operates to create wealth and participate in the growth of the Nigerian economy.”

    Chief Business Officer of Optimus by Afrinvest, Ayodeji Ebo, highlighted the wide range of investment options available on the platform, which caters to various risk appetites and financial goals. Notable investment products include Optilock, offering returns as high as 20per cent per annum for Naira investments and seven per cent for dollar options, as well as Afrinvest Plutus Fund, which provides access to high-quality, short-term fixed-income securities.

    Other options include the Nigeria International Debt Fund, Afrinvest Dollar Fund, and Afrinvest Equity Fund, which allow investors to diversify into longer-term fixed-income securities, Eurobonds, and Nigerian blue-chip stocks. Additionally, the Afrinvestor 2.0 app enables Nigerians to trade stocks on the Nigerian Exchange (NGX) through the Optimus platform.

  • Afrinvest opens office in Kano for trade partnership

    Afrinvest opens office in Kano for trade partnership

    The Kano State government has announced its partnership with the Afrinvest Company to enhance better trade deals in the state using new technological methods.

    The state governor, Abba Kabir Yusuf, disclosed this while delivering an address at the opening ceremony of the Afrinvest office in Kano.

    The governor, who was represented by the Permanent Secretary of the Ministry of Finance, Kabiru Sa’id Magami, noted that there is no better time for Afrinvest to establish a presence in the state than now.

    The governor explained that with the partnership with Afrinvest, the Kano state government will develop more business activities while expanding and modernising the northern commercial nerve centre to meet global standards.

     He said: “I wish to start by welcoming you to this important event, the opening of your office here, which will add value to trade in Kano.

    “There is no better time for this important decision as Kano is looking for partners like you and we are going to engage you in enhancing trade in Kano.

     “Everyone is aware that Kano is known for its commercial activities even before the advent of colonialism in Nigeria.

     “We plan to develop trade in the state and engage in modernisation as well as expansion to meet global standards.

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     “We congratulate this company for its achievements in the last 30 years and for choosing Kano. The state government will give every support to you.”

     The Group Managing Director (GMD) Afrinvest Ike Chioke, stated that the group had been in Kano for long and was part of the construction of the popular Ado Bayero Mall years ago, after doing many other projects for the benefit of Kano people.

     He explained that Afrinvest has gone digital and is going to offer a spectrum of investments to the government and people of the state including the provision of electricity.

     On his part, the Emir of Kano Alhaji Aminu Ado Bayero said Afrinvest’s partnership with the Kano state government would yield positive results.

     The monarch, who was represented by Magajin Rafin Kano Abdulqadir Mahmud Chigari, described Kano as a commercial hub that is always ready to provide the necessary support for the development of the economy.

    The ceremony was also attended by representatives of the Nigerian Exchange Commission, Kabir Ibrahim, and many business moguls.

  • Afrinvest reiterates commitment to youth empowerment

    Afrinvest reiterates commitment to youth empowerment

    The Group Managing Director, Afrinvest West Africa, Ike Chioke, has reiterated the company’s commitment to supporting the youth towards achieving their life goals.

    He spoke ahead of the Bendel Insurance Football Club of Benin match against Rangers International of Enugu.

    Afrinvest West Africa chief promised a N2.5m prize to the winning team.

    The match slated for Saturday, January 6, 2024 at the Samuel Ogbemudia Stadium, Edo State, falls within Match Day 17 of the Nigeria Premier Football League. The match, which kicks off by 4pm, will be watched by millions of football lovers across the country and beyond.

    The Edo State Governor, Godwin Obaseki, who is the founder of Afrinvest – Official Jersey Sponsor of Rangers – is rallying support for the Bendel Insurance Football Club of Benin.

    Sports analysts lauded Obaseki’s support for sports development and insisted that Saturday’s match accentuated his unalloyed commitment to sports development and youth empowerment.

    According to Chioke, the winning team will get N2.5m cash from Afrinvest, while the loser will get N500,000.

    “In the event of a draw, each of the two teams will get N1m, payable into the Optimus by Afrinvest personal accounts of the players and club officials of both teams.

    Inaugurated in October 2022, Optimus by Afrinvest is a financial technology solution that helps customers do the most by harmonising banking, wealth management and brokerage needs into one simple platform.

    Optimus by Afrinvest is also changing the way people interact with money to achieve financial freedom.

    “Our risk management policy ensures we prioritise asset class diversification and execute client’s transactions in line with global best practices.

    “We have built, specifically for you, a personalised digital wealth management neobank platform that provides bespoke and innovative financial services to help you reach the peak in your finances,” Chioke said.

    The firm, he asserts, can help a team of young people, who happen to be  Rangers International Football of Enugu, to become professionals and rise to international standards.

    “They, too, will help to uplift other young people and show them that there is value and pride in doing things professionally.”

    In 2023, the Afrinvest Equity Fund was the best-performing listed equity mutual fund with over 60 per cent returns, making it a standout choice for smart investors.

    “All our mutual funds are professionally managed and strategically positioned to deliver impressive returns for investors. Afrinvest Equity Fund led the pack  with 64.39 per cent returns in 2023, closely trailed by another company in a distant second position, which returned about 45 per cent, among others,” the company said.

    Obaseki urged sports-loving Edo people to come out en masse during the tournament to support Insurance.

    The Edo State Commissioner for Communication and Orientation, Chris Nehikhare, said the state government would provide free buses, through the Edo City Transport Services, at different pickup points to and from the match venue.

    He stated, “This is to ensure Edo people come out en masse to cheer the home team to victory.

    “Our sports-loving governor, Godwin Obaseki, has approved the provision of free bus rides, through the ECTS, to mobilise Edo people in their numbers to cheer the state’s football team, Bendel Insurance, to victory during their NPFL clash against Rangers FC on Saturday, January 6, 2024, at the Samuel Ogbemudia Stadium, Benin City.

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    “The free buses will be available at various pickup points to ensure easy and accessible movement for fans and supporters of Bendel Insurance, as well as other football enthusiasts to and from the match venue.”

    According to him, the route for the free bus service includes Ugbowo axis, Airport Road, Sokponba Road, Ikpoba-Hill, Eyean-Aduwawa axis, King Square axis, Ogida Siluko Road, New Benin, Sapele Road, and Ekenwan Road.

    Nehikhare added, “While we are sure of victory after 90 minutes of exciting football action, we are encouraging Edo people to come out en masse to cheer our darling team, Bendel Insurance, to victory.

    “We want the stadium to be filled, so we can give them the moral and intimidating support they require.”

    On his part, the Chief of Staff to Governor Obaseki, Dr Osaigbovo Iyoha, encouraged Insurance players to come all out against the visiting Rangers and ensure victory.

    “The governor is solidly behind you and has approved a package for you. I am coming to the stadium with the package.

    “We are impressed with the progress you have made this season and we are confident you will be better,” he said.

    Iyoha added, “We are mobilising support for you because the governor has approved free rides for fans to and from the stadium. We urge you to make the state proud by beating Rangers on Saturday.”

  • Afrinvest posts positive outlook on Seplat

    Analysts at Afrinvest Securities Limited have said Seplat Petroleum Development Company Plc has the potential to deliver above-inflation high returns in the months ahead.

    In a review of upstream oil and gas industry, Afrinvest outlined positive outlook for Seplat, noting that the company’s growth history and industry outlook make it a desirable stock for investors.

    “We are positive about the company’s prospects going forward. Over our forecast period, we expect Seplat’s revenues and overall profitability to be impacted by three major factors over our forecast period: stable oil production and an improvement in uptime to an average of 80.0 per cent, the success of the company’s diversification in its export route and stability in oil prices above US$50.0/barrel and persistent improvement in gas production,” Afrinvest stated.

    According to the report, in valuing Seplat, analysts used a blended valuation of the dividend discount model, residual income model, net asset valuation, EV/EBITDA and forward P/E valuation models. The model assumes a sustainable growth rate of 2.0 per cent and produced a blended 12-month target price of $1.78 per share share. Similarly, analysts deployed the relative valuation methodology using EV/EBITDA and forward P/E to arrive at respective value prices of $2.22 and $1.86 per share. Analysts then consolidated the various methodologies to arrive at 12-month blended target price of $1.86 or N681.50, utilising the one-year futures foreign exchange rate of N366.24.

    “Consequent on the estimated target price and the current market price, the stock presents an upside potential of 28.3 per cent from current price of $1.45 as at January 29, 2019. Hence, we place a ‘BUY’ rating on Seplat,” Afrinvest said.

    The report noted that in Seplat’s first five years of operations between 2011 and 2015, revenue grew at a five-year CAGR of 5.0 per cent, despite deep contractions in revenue by 12.0 per cent and 26.4 per cent in 2014 and 2015 respectively. This came even as oil production rose by 3.3 per cent and 19.6 per cent respectively to 24,252 boepd and 29,003 boepd in 2014 and 2015 respectively. The decline was largely due to the abrupt fall in oil prices which began in second half of 2014 and extended into 2015. Revenues were also further impacted by lower production uptime due to third party operated infrastructure, Trans focados, being shut-in for significant periods of time.

    For the 2018 business year, Afrinvest’s revenue estimate of $757.3 million was based on the company’s nine-month report by September, 2018, which showed that the company’s production operations were stable. Analysts projected revenue between 2019 and 2022 to grow at a CAGR of 13.0 per cent to $828.33 million, before moderating to a 6.0 per cent decline in 2023.

    Seplat had emerged as the 2018 overall winner of PEARL Awards.

    Managing Director, Seplat Petroleum Development Company Plc, Mr Austin Avuru, said the company’s recognition at the PEARL awards and others was a clear testimony to the modest successes so far achieved by it, for which he thanked the staff and management.

    Seplat and the Nigerian National Petroleum Corporation (NNPC) had in August 2018 signed joint ownership agreement in a joint venture floated to process gas production from upstream assets.

    Seplat signed the shareholder agreement and share subscription agreement with the Nigerian Gas Processing and Transportation Company (NGPTC), a wholly owned subsidiary of NNPC.

    Under the deal, NGPTC will subscribe for 50 per cent of the shares in ANOH Gas Processing Company Limited (AGPC), a company that was incorporated in 2017, for the purpose of processing future wet gas production from the upstream unitised gas fields at OML 53 & OML 21, which is operated by Shell.

    The signed shareholder agreement will govern Seplat’s and NGPTC’s respective interests in the AGPC incorporated joint venture. Other commercial agreements with NNPC and the Nigerian Gas Marketing Company (NGMC) were also executed during the signing ceremony held at NNPC headquarters in Abuja yesterday.