Tag: application

  • Morison Industries closes application for N502.2m rights issue

    Morison Industries Plc will today close the application list for its ongoing rights issue. Morison Industries is raising about N502.2 million in new equity funds through new share sale to existing shareholders.

    Morison Industries is offering a rights issue of 836.98 million ordinary shares of 50 Kobo each at 60 Kobo per share on the basis of 11 new ordinary shares for every two ordinary shares of 50 Kobo held as at August 25, 2017.

    The board of directors of the healthcare company had appointed GTI Securities Limited as the stockbroker to handle the supplementary share issuance while GTI Capital Limited will be the issuing house. Both GTI Securities and GTI Capital are members of the GTI Capital Group-a leading financial services group that owns the largest private trading floor in Sub Saharan Africa (SSA).

    Morison Investment Limited, United Kingdom, holds 40 per cent equity stake in Morison Industries while Nigerian investors hold the remaining 60 per cent. Morison Industries was incorporated in Nigeria in June 1955.

    Morison Industries is engaged in the production and marketing of pharmaceuticals, hygiene products and the importation and distribution of medical, surgical and hospital equipment, instruments and consumables.

    The company also provides its production facilities to third party for contract manufacturing arrangements.

  • UACN closes application for N15.4b rights issue

    UACN closes application for N15.4b rights issue

    Nigeria’s largest and oldest business conglomerate, UAC of Nigeria (UACN) Plc, at the weekend closed application list for its N15.4 billion rights issue.

    UACN had floated a rights issue to raise N15.36 billion by offering 960.43 million ordinary shares of 50 kobo each at N16 per share to pre-qualified shareholders. The new shares were pre-allotted to shareholders on the basis of one new share for every two shares held as at the close of business on October 19.

    The application list for the rights issue, which had opened on November 15, closed on Friday, December 22.

    After deduction of the estimated issue costs and expenses of N333.91 million, representing 2.2 per cent of the gross issue proceeds, the net issue proceeds is about N15.033 billion.

    A breakdown of the utilisation of the net proceeds indicated that the largest chunk of the net proceeds of N15.03 billion will be invested in the Plateau State-based subsidiary-Grand Cereals.

    The board noted that due to increasing cost of raw materials and the planned investment by Grand Cereals into the agricultural value chain, it has identified the need for equity injection into the subsidiary.

    The planned N7 billion rights issue of Grand Cereals will be subscribed to by UACN to the extent of its 64.9 per cent holding in addition to any unsubscribed units. The total amount of proceeds to be used for this investment is N5 billion.

    Also, to further support Grand Cereals’s expansion plans into the agricultural value chain, the board has identified the need for a shareholder loan of N3.5 billion to the subsidiary. However, the planned shareholder loan will be provided on commercial terms to Grand Cereals and upon repayment at a future date will be deployed in the food and agro-processing categories of the Group to enhance shareholder value.

    About N4.8 billion will be spent on supporting the working capital of both the Grand Cereals Limited and Livestock Feeds Plc by part-financing inventory procurement during harvest season of grains and oil seeds. About N2.8 billion will be used for Grand Cereals while N1.2 billion will be devoted to Livestock Feeds.

    According to the conglomerate, the harvest season of grains and oil seeds usually starts in the last quarter of every year when the financial institutions typically adopt tight credit policies to achieve their audited balance sheet goals. The availability of the required funds in a timely manner at that particular time is a competitive imperative. The raw materials will be utilised in the course of the year by the two subsidiaries. Also, the transaction between UACN and the agro-processing subsidiaries will be on commercial terms and at arm’s length.

    The conglomerate has also indicated that it would consider new acquisitions and mergers to further optimise the values of its existing businesses and take advantage of emerging opportunities in other sectors.

    In a circular outlining the operational philosophy of the conglomerate and the purposes of the ongoing new capital raising, the board of directors of the conglomerate stated that it would “continue to explore merger and acquisition opportunities relevant to it businesses”.

    The board of the conglomerate indicated it has earmarked N2.5 billion from the net proceeds of the ongoing rights issue for “product innovation and growth investment in existing markets and adjacent categories”.

  • Union Bank closes application for N50b rights issue

    Union Bank of Nigeria (UBN) Plc has closed the application list for its N50 billion rights issue. The application list for the rights issue opened on September 20, 2017 and closed on Monday October 30, 2017.

    Union Bank planned to raise N49.745 billion from existing shareholders through a rights issue of 12.133 billion ordinary shares of 50 kobo each at N4.10 per share. The rights issue had been pre-allotted on the basis of five new ordinary shares of 50 kobo each for every seven ordinary shares held as at the close of business on Monday August 21, 2017.

    The net proceeds of the rights issue will be used to enhance the bank’s regulatory capital requirement, increase working capital and grow in strategic areas that correspond to emerging opportunities in Nigeria, enhance technological platforms through strategic investments in technology and digitalisation and optimise customer experience with investments in customer touch points.

    Chief Executive Officer, Union Bank of Nigeria (UBN) Plc, Mr. Emeka Emuwa, has said the new capital raising is critical to the bank’s short to medium term business objectives as the new equity funds will support the bank’s strategy to accelerate business growth and position it as a leading commercial bank in Nigeria.

    “With the commencement of the rights issue subscription, we have now officially entered a new phase of our transformation where we will be focused on accelerating business growth to deliver on our objective of becoming one of Nigeria’s leading financial institutions,” Emuwa said.

  • ‘Missing’ ex-minister: Court to hear detained rep’s bail application tomorrow

    An Igbosere Chief Magistrates’ Court in Lagos State will tomorrow hear the bail application by lawmaker representing Edu/Moro/Patigi Federal Constituency of Kwara State, Aliyu Ahman Pategi, who was remanded last Friday.

    Pategi was remanded in prison following his arraignment for failing to produce former Minister of State for Education, Oloye Jumoke Akinjide, whom he stood surety for.

    Akinjide is wanted by the Economic and Financial Crimes Commission (EFCC) for alleged conspiracy and laundering of N650 million.

    According to the EFCC, Akinjide collected the money from former Minister of Petroleum Resources, Diezani Alison-Madueke, in March 2015.

    It said Alison-Madueke received the N650 million as gratification from several firms, including Northern Belt Oil and Gas Company, Actus Integrated Investment Limited, Midwestern Oil and Gas Company Limited and Adesanya Leno Olaitan.

    The money was allegedly kept in Fidelity Bank Plc.

    Akinjide, former Managing Partner of commercial law firm Akinjide and Co., and a solicitor of England and Wales, was arrested last August.

    EFCC’s lawyer Rotimi Oyedepo told the court that Akinjide was granted bail last August, after Pategi stood as her surety on a N650 million bail bond, with a promise to produce her when needed.

    He said a 24-count charge of money laundering and conspiracy was brought against her before Justice Ayo Emmanuel of the Federal High Court, Ibadan.

    But, according to Oyedepo, she failed to appear in court after more than three proceedings, despite service of the charges on her, following which the court threatened to dismiss the charge.

    Oyedepo said Akinjide has not been seen since and Pategi, despite repeated demands, failed to produce her.

    The lawyer prayed for an order directing Pategi to show cause for his failure to produce Akinjide, and why the N650 million should not be forfeited to the Federal Government.

    But Pategi, through his lawyer, Adenrele Adegborioye, applied for bail.

    Oyedepo said he was served the bail application in open court and needed time to respond to it.

  • ‘Nigeria saves $7b from local content law application’

    The Local Content Act signed into law in  2010 have begun to yeild fruits  as over $7 billion has accrued to the nation’s treasury since the implementation of the Act and the oil industry has become more viable, the Oil and Gas Trainers’ Association of Nigeria (OGTAN) President, Dr. Mayowa Afe, has said.

    Because of the increased participation of Nigerians in the oil and gas industry, he said, following the enactment of the local content, the nation was able to save the said sum of money in the last seven years of the existence of the Act’s implementation through retention of value in-country.

    Afe explained that before the introduction of the local content law, the country was spending about $20 billion yearly in the industry, which did not reflect on the industry. Nevertheless, we can now categorically say from the data that was released by the Nigerian Content Development and Monitoring Board (NCDMB), that over $5billion is being retained in the country.

    He said: “We are already making a lot of progress. We saved nothing less than $7billion through the local content just by signing the local content bill into law.”

    He also said the government was committed to attaining 70 per cent indigenous capacity by 2020, adding that one good thing that has happened to the oil and gas industry was signing into law of the local content bill.

    Afe, who spoke with The Nation on telephone assured that Nigeria would soon attain 90 per cent capacity and that indigenous players would take the centre stage in the nation’s oil and gas industry operations as obtainable in Brazil.

    On training, Afe reassured of the association’s commitment to projecting indigenous trainers, adding that the association would not relent in projecting them and to let Nigerians understand that we don’t need to go abroad for trainers.

    “We do don’t have to spend dollars to train people in America and other countries of the world. We need these trainings here in Nigeria and we need to really patronise the trainers,” he said.

    The association would also ensure that the local trainers acquired more global certification, and train more Nigerians in courses that could be globally accepted so that Nigerians can go and work in other parts of the world where oil and gas had been discovered.

    “When we have such solid certification, Nigerians can go and work in other parts of the world including the African countries where we already have oil and gas,” he added.

    As part of plans to achieve this, the association said it was  engaging stakeholders, including the Ministry of Petroleum Resources, the Nigerian National Petroleum Corporation (NNPC) and all the International Oil Companies (IOCs), adding its noteds to let them know the quality of capacity we have in country.

    “We have already made it known to them that there were a lot of fabrication yards in Nigeria, so they don’t need to go and do all the fabrications of floating production, storage and offloading (FPSO) vessels outside the country,” Afe said, adding that before the end of the second quarter of the year, we would see the first FPSO built by Samsung here in Nigeria.

    “So, we really need to let them (IOCs) know the capacity and capabilities we have in-country. We will begin to expose our people. We should be able to patronise them and from there we would begin to sponsor our people to participate in trade shows and expose the quality of people we have in-country,” he added.

    The Executive Secretary, NCDMB, who Simbi Wabote spoke at the inauguration of the new national executives of OGTAN, charged them and other members to develop a minimum standard for training facilities for their members such that trainees would learn in a very conducive and safe environment.

    He said the training programmes must lead to internationally recognised certification such that trainees could use it for gainful employment. He advised the Association to embark on creating an effective marketing strategy for the courses they offer, adding that the courses should also come with appropriate mix of classroom, online, practical, and other forms of learning formats so that the trainees could come off with a worthwhile learning experience.

  • Prosecutor stalls Metuh’s application for stay of proceedings

    Prosecutor stalls Metuh’s application for stay of proceedings

    The attempt made by former spokesperson for the Peoples Democratic Party (PDP), Chief Olisa Metuh, to stay proceedings in the matter brought against him before Justice Okon Abang of the Federal High Court has again been stalled.

    At the resumption of the matter yesterday, which was slated for the second defendant (Destra Investments Limited) to move its own application for a stay of proceedings, its counsel Tochukwu Onwugbufor (SAN) told the court that he was just served with the counter filed by the prosecution.

    He sought the court for an adjournment to enable him study it before responding.

    “It will be wrong for me to argue for a document that I do not know about

    “My lord I will be asking for an adjournment in order to reply,” he said.

    Prosecution counsel Sylvanus Tahir apologised to the court for not filing and serving the defendants earlier, stating that it was not intended to overreach the other side.

    “By the time we finished, we were unable to file at the registry because it was late. In view of the fact that they just got served this morning, since it is not a matter on points of law, I would have suggested the matter be stood down,” he said.

    Justice Abang adjourned hearing on the second defendant’s application to March 28.

    Metuh is standing trial alongside his company, Destra Investment Limited, on a seven-count charge of fraud to the tune of N400 million pressed against him by the Economic and Financial Crimes Commission (EFCC).

  • Elumelu entrepreneurship portal application opens

    Budding entrepreneurs across Africa can now apply to join the second yearly Tony Elumelu Entrepreneurship Programme (TEEP) for start-up businesses based in Africa.

    The Tony Elumelu Entrepreneurship Programme application portal opens for entries today, January 1, 2016 and will accept applications until Midnight WAT in March last year.  To apply, entrepreneurs must complete the online application form on the web portal here

    Successful applicants who complete the programme will receive the local currency equivalent of Naira 850,000 as non-returnable seed capital, and are eligible for a further N850,000 in the form of either debt or equity, depending on business need and other criteria.

    Selected entrepreneurs will join the 1,000 Tony Elumelu Entrepreneurs, from 51 countries, who formed the inaugural 2015 cycle of the programme and have thus far, received considerable benefits from their participation.

    Tony O. Elumelu’s passion for promoting entrepreneurship on the continent as well as providing support for the creative Arts industry received global commendation last week when he was honoured in New York and South Africa.

    In New York, he was named as the “Africa Business Leader of the Year” at the eighth annual Ai CEO Investment Summit and awards that took place at Thomson Reuters on the eve of the UN General Assembly.

    On the other side of the globe in South Africa, he was given a special award as the Honorary counsel for the African movie academy in recognition of his support for the African creative industry, at the African Movie Academy Awards (AMAA) held at Mandela Bay, Port Elizabeth, South Africa on Saturday, September 26, last year.

    This is the second time Elumelu is winning the “Africa Business Leader of the Year” award, which he first won in 2006 as the Group Managing Director/CEO of UBA Plc.

    He emerged winner this year from a strong nominee list of notable business leaders in the continent including James Mwangi, CEO Equity Bank, Kenya; Aliko Dangote, Chairman, Dangote Group;  Brian Joffe, CEO, Bidvest Group, South Africa; Strive Masiyiwa, Chairman and Founder Econet; Patrice Motsepe, Founder and Chairman of African Rainbow Minerals, South Africa;  Christo Wiese, South Africa’s retail tycoon and owner of Shoprite; Chris Kirubi, Chairman of Centum Investment Company Limited, Kenya; Reginald Mengi, Executive Chairman and owner IPP Limited, Tanzania and Sudhir Ruparelia, Chairman, Ruparelia Group, Uganda.

  • Appeal Court dismisses Otti’s application

    Appeal Court dismisses Otti’s application

    The Court of Appeal sitting in Owerri, the Imo State capital yesterday struck out the appeal by the governorship candidate of the All Progressives Grand Alliance (APGA) in the general election, Dr. Alex Otti.

    Otti challenged the decision of the tribunal for refusing to grant him extension of time to call more witnesses in his petition against Governor Okezie Ikpeazu of the Peoples Democratic Party (PDP).

    Chairman of the Appeal Panel Justice Jimmy Bada noted that the lower Court did the right thing by refusing the time extension as it would amount to waking up a dead person after the parties had submitted their final addresses and fresh witnesses were allowed.

    The court noted that the application failed on the three issues presented before it, saying it was also wrong for the applicant to fail to front load the pre-trial materials from the lower tribunal, saying it amounted to accepting the decision of the lower court.

    Bada agreed with counsel to the first respondent, Chief Wole Olanipekun (SAN), that the decision to file an appeal by the applicant was a “mere academic exercise”.

    “Though counsel to the applicant noted that there would be life in the matter if the appeal succeeds, reopening a matter for fresh evidence when final addresses have been submitted is alien to our law”, he said.

    The appellate court, after a review of the notices submitted for and against by counsel to the parties, upheld the preliminary objection sought by Olanipekun to dismiss the appeal.

    “Granting the reliefs sought by the applicant would amount to over-enriching the applicant against the other parties and therefore, the appeal failed… and is struck out”, the court said.

  • Don’t pay for application, El-Rufai tells Kaduna job seekers

    Don’t pay for application, El-Rufai tells Kaduna job seekers

    Kaduna State Governor, Mallam Nasir Ahmad El-Rufai has told applicants for the recently advertised jobs in the state’s teaching service and traffic enforcement agency not to pay any fee or buy any forms.

    The Governor said the applicants are simply required to submit their applications at the advertised places and not to pay a dime.

    El-Rufai, in a statement issued by the Secretary to the State Government, Balarabe Abbas Lawal, said as clearly stated in the adverts, applications by those seeking teaching jobs should be addressed to the Permanent Secretary, Ministry of Education.

    He said: “Applicants for Traffic and Environmental Enforcement Officer positions should submit their applications to their local government council chairman.

    “Applicants are not required to pay any fee or submit any forms other than their application letters and relevant documents.

    “Any request for money or acts amounting to obstructing or hindering citizens from smooth submission of their applications is illegal.

    “Applicants should report such acts to info@kdsg.gov.ng  or to 08184444644 and 08184444744.

    “Candidates whose applications meet the required standards will be shortlisted and contacted for the next stage of the recruitment process.”

  • When application demystifies Maths

    When application demystifies Maths

    Pupils can now overcome their fear of mathematics with a new internet application that can help them master the subject.

    The Mathematics Laboratory Limited has launched the Naija Mathematics Olympiad (NMO), a mathematics application that helps pupils in secondary school to study and pass the subject.

    Chairman of the organisation, Andy Akhigbe, said during the launch in Ikeja, Lagos, that the application follows school syllabuses to teach pupils through quizzes, practice questions, mock tests and mathematics competitions, whose solution processes are thereafter explained step by step.

    He noted that if people give attention to maths early in life, it would be easier for them to become whatever they want to be, as the subject is central to other courses.

    Among the website’s advantages are the ability to download practice questions, such that pupils do not need to be connected to the internet every time they need to practice, thus giving them a 24-hour access to the practice questions.

    All it takes is the registration payment of N6000, and the application is open to every child for a full academic session of nine months and the child’s life is insured with the sum of N500 000 by Mutual Benefits Assurance Limited, a partner with the organisation.

    Managing Director of Mutual Benefits, Mr Ademola Fagbeyin, attributed the disdain for mathematics to lack of proper equipment and learning platforms that could help in its learning.

    He said the fear of mathematics is a contributing factor to the country’s underdeveloped state.

    “To be successful, you need mathematics. The idea of this application would transform destinies, add value and change lives. Immediately a child logs on and registers for the first time, there is a life assurance covering the guardian; so in case of casualties, there is a benefit of up to N500 000 to cover the child’s education,” he said.

    A major partner of the firm, Mrs Scholastica Adeniji-Fashola, said NMO was designed to provide pupils with access to questions based on the class they register in the application.

    She hopes the NMO would correct the general impression that mathematics is difficult and help pupils love the subject.

    “We are here to let students know that mathematics is not so difficult, it is as easy as any other subject. We wanted to make maths a subject that every Nigerian child would love because maths is one of the subjects that form the basic foundation for any discipline at the university level. This is why we developed this app. We see a lot of students using the phone, laptop or iPad to play games. We want them to channel some of that energy they use on games to learning, which would be beneficial to them. The students can actually have their phone and learn maths and practise it anywhere they are across the globe,” Adeniji-Fashola said.

    In the event of any challenges encountered in the process of using the application, she said good support had been put in place to help users in handling the app.

    Supporting the firm at the launch, President of Mathematics Association of Nigeria, Alhaji Rasaq Jimoh, decried the increasing rate of failure of mathematics by pupils.

    He said: “We abuse maths. People are not usually bothered by its failure, whose rate keeps growing every year. It is just a tool for technological development. Maths develops the mind intellectually, physically, emotionally and socially. Maths is fun.”

    Jimoh advised parents not to discourage their children in the study of mathematics, with negative comments about it.

    “Whenever people say maths is difficult, please don’t join them so that you can encourage the youths. Even if you did not like it in school, please do not tell them that. If we build manpower to teach maths, it would be a good thing,” Jimoh added.