The Nation Newspaper

Tag: approval

  • Access Bank, E-Tranzact seek approval for N82b rights issues

    The boards of directors of Access Bank Plc and E-Tranzact International Plc have called for an extraordinary general meeting of their shareholders to approve new equity issue.

    Access Bank is seeking to raise N75 billion from existing shareholders through a rights issue while E-Tranzact is seeking to float a supplementary issue to raise N7 billion new equity funds.

    Regulatory filings at the Nigerian Stock Exchange (NSE) indicated that shareholders of Access Bank are scheduled to meet in Lagos on February 1, 2019 while shareholders of E-Tranzact will be meeting in Lagos on January 17, 2019.

    At the meeting, shareholders of Access Bank are expected to consider increase in the authorised share capital of the bank from N20 billion to N35 billion, thus increasing the shares from 38.0 billion ordinary shares of 50 Kobo each and 2.0 billion preference shares of 50 Kobo each to 68 billion ordinary shares of 50 kobo each and 2.0 billion preference shares of 50 kobo each through the creation of 30 billion ordinary shares of 50 kobo each.

    The meeting is expected to authorise the director of Access Bank to raise additional equity capital of up to a maximum of N75 billion by way of a rights issue in the ratio, on such terms and conditions and on such dates as may be determined by the board.

    If the rights issue is undertaken prior to the implementation date of the merger between Access Bank and Diamond Bank, the rights issue will also include a provision that allows Access Bank to issue shares to shareholders of Diamond Bank, under the same terms.

    Shareholders of E-Tranzact are expected to authorise their board to raise additional capital of up to N7 billion “through the issuance of any form of equity instrument(s), whether by way of public offering, private placement, rights issue, offer for subscription or other methods they deem fit, with or without preferential allotments, either locally or internationally, at such dates and on such terms and conditions as shall be determined by the directors”.

    The meeting is also expected to empower the directors to consider as an alternative or addition issuance of convertible or non-convertible loans. The meeting will also enable the company to issue undersubscribed shares to interested investors as well as absorb excess subscriptions.

    E-Tranzact shareholders are also expected to increase the company’s authorised share capital from N2.1 billion or 4.2 billion ordinary shares of 50 kobo each to N9.1 billion or 18.2 billion ordinary shares of 50 kobo each.

     

  • 7-Up seeks regulatory approval to delist shares from Exchange

    Seven-Up Bottling Company (7-Up) Plc has filed an application with the Nigerian Stock Exchange (NSE), seeking to delist its shares from the Exchange and end its 32 years as a publicly quoted company.

    A regulatory report at the Exchange indicated that 7-Up has already started the delisting reminiscent of the exit of its rival, Nigerian Bottling Company (NBC) from the Exchange.

    Despite strong protests from minority shareholders, the majority core investor of 7-Up-Affelka SA had last January 11 pushed through approval to acquire the outstanding 26.8 per cent shares held by the minority shareholders.

    At a court-ordered meeting in Lagos, shareholders approved the scheme of arrangement for the acquisition. With this, Affelka SA will increase its ownership of the Nigerian soft-drink company to 100 per cent by acquiring all the outstanding and issued shares, previously held by the minority shareholders.

    Affelka SA had, on the eve of the court-ordered meeting, increased its bid price by 10.9 per cent to N125. It had earlier offered N112.70 per share for the 171.54 million ordinary shares of 50 kobo each held by the minority shareholders.

    In consideration for the transfer of the shares, a payment of N125 per scheme share will be made to each shareholder. This payment represents a 22.6 per cent premium on the last traded share price of Seven-Up on January 9, 2018 and a 27.6 per cent premium on the share price as at close of August 9, 2017 being the last business day prior to the date the initial proposal was received from Affelka.

    The NSE subsequently slammed a full suspension on the shares of the soft drink bottling company. Under full suspension, there will be neither trading nor price movement on the company’s shares.

    According to the Exchange, the suspension was for the purpose of determining the shareholders who will qualify to receive the scheme consideration under the Affelka SA’s buy out deal.

    Nigerian retail minority shareholders had decried the move by Affelka SA to buy out all minority shareholders and turn the 57 years old company into a wholly owned subsidiary.

    Minority shareholders said the move by Affelka was in bad taste and called on capital market regulators to block the bid.

    Founder, Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, said the decision by Affelka, which owns about 73 per cent, was an affront to the Nigerian consumers and shareholders that had helped in building the soft drink company to its enviable position.

    Nwosu called for adequate regulatory framework that protects Nigerian investors and forestalls such move to deny Nigerians opportunity to be part of the national wealth creation.

    “I don’t think it is an appropriate thing to do, we have contributed all these years to build this company and now they want to take us out, from sharing in the wealth we created. It is a very serious issue,” Nwosu said.

    President, Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Dr Faruk Umar, said Nigerian capital market regulators should protect minority shareholders’ interest in the transaction.

    He added that Nigerian minority shareholders should look beyond immediate and short-term capital gain to implication of such acquisition, which will turn the company into a fully-owned foreign company.

    Shareholder Activist and Co-Founder, Nigeria Shareholders Solidarity Association, Gbadebo Olatokunbo, said the Securities and Exchange Commission (SEC) should undertake a forensic audit of Seven-Up Bottling Company to unravel the reasons for the decline in the performance of the company in the past three years and the sudden interest of the foreign majority shareholder to acquire all the shares of the company.

    “Though the rule of the game at the capital market is “free entry and free exit”, but the rules insisted on equity on all dealings, therefore the Nigerian local investors are saying we want the forensic-audit of 7-UP since 2014, because we are yet to be convinced that the recent takeover notification of 7-UP is not fraudulent. Why the renewed interest of the majority shareholders in a sudden sick company? Why were they now interested in the takeover when the company isn’t growing? How are we sure that they weren’t the brains behind the unexpected bad results?,” Olatokunbo said.

  • NGO wants speedy approval of WASH

    The Save the Children International, a non governmental organisation, has called on the government to ensure a speedy approval of the Lagos State Water Sanitation and Hygiene (WASH) policy. This is because of its direct implications in achieving the SDG-6 targets- which is to ensure availability and sustainable management of water and sanitation for all, and the overall improvement in the health of the public, especially women and children.

    The Area Operations Manager, (Lagos & Cross River) of Save the Children International, Mr. Roy Chikwem, made this know at this year’s WED celebrations in Lagos, on Monday.

    Chikwem, whose organisation partnered the Lagos state government for the celebration, said it has become imperative to create awareness and action for the protection of the environment as there will not be a society if the environment is  destroyed.

    He explained that given that his organisation’s mandate is to ensure child protection, survival, development and participation, the NGO finds it saddening to see the damaging impact of a poor environment on the spread of childhood illness such as Malaria, Diarrhoea, Cholera, Typhoid and Pneumonia which account for large percentages of under- five deaths in Nigeria and other low-income countries.

    Chikwem noted that while the interplay of the environment in the management and control of Childhood Diarrhoea Disease (CDD) cannot be overstressed, yet, the organisation is convinced that by ensuring improved quantity and quality of water in households and promoting community wide total sanitation, CDD will be drastically reduced.

    “It is our hope that this year’s WED will reawaken our consciousness to the impact of individual, community, and government action on the environment.  For if we all take responsibility for our environment and keep it clean and safe then we will have cleaner environment, safer water, lesser disease burdens, more money for families, improved living conditions and a prosperous future for our Children,” Chikwem said.

    Through the Stop Diarrhoea Initiative (SDI) project, the organisation has continued to collaborate with the government and other key actors, to push for the development, adequate-resourcing and operationalisation of clearly articulated strategic frameworks and implementation plans that address key elements of UNICEF- WHO 7-Point Plan for the control and prevention of Diarrhoea, particularly those directly addressing the environment, at both National and State levels.

    Save the Children is an international NGO working to inspire breakthroughs in the way the world treats children globally in over 120 Countries for over 80 years. It has been working in Nigeria since 2001 with offices and programmes in Lagos, Katsina, Sokoto, Jigawa, Gombe, Bauchi, Kaduna, Kebbi, Borno, Kano, Plateau, Akwa-Ibom, and Cross River with a focus on Health and Child Survival (including Nutrition and HIV/AIDS), Education, Hunger and Livelihoods, Child Protection and Child Rights Governance.

    In 2013, the NGO berthed in Lagos state, and has been implementing projects that seek to improve Education, Maternal, Newborn and Child Health (MNCH) Care and School Health and Nutrition.

  • Surveyors seek approval of land reforms committee’s proposals

    Surveyors seek approval of land reforms committee’s proposals

    The Federal Government has been asked to  approve the Presidential Technical Committee on Land Reforms and  Council of State proposals on land administration to bridge the housing gap.

    The Nigerian Institution of Estate Surveyors and Values (NIESV) said this was imperative to tackle the housing challenge.

    The institution said it would make a presentation on land administration and related matters to the Minister of Power, Works and Housing, Mr. Babatunde Fashola.

    NIESV President Dr. Bolarinde Patunola-Ajayi, at a briefing, said the government had not addressed a major constraint – land administration despite the acute housing problem.

    According to the institution, reviewing and enacting title registration laws are long overdue if any meaningful feat is to be achieved in bridging the over 17 million housing deficit in the country.

    NIESV, it was gathered, in a proposal to Fashola, noted that the Land Use Act poses challenges to land administration and housing. The body of surveyors, therefore, appealed to the Minister to approve the regulation proposed by the Presidential Technical Committee on Land reforms and the National Council of State, which will make it easier for the titling and registering of land both in the urban and rural areas.

    Similarly, Patunola-Ajayi said NIESV finds it rather regrettable the inaccurate inventory of public or government fixed assets across the country. This situation, he said, has made it impossible, to find a complete record of all Federal Government fixed assets in one location, especially in the lands department, which, ideally should be government’s repository of lands and other housing related records.

    “Apart from the loss or damage of records sites, government has not consciously invested in inventory of its fixed assets and creating a reliable database from it. Not only will such exercise be money well spent, but it will also minimise the loss of government property. It will make portfolio management easier and critical decisions on rationalisation of non-core assets can be taken transparently,” Patunola-Ajayi said.

  • Buhari seeks approval to pay N413b subsidy claims

    Buhari seeks approval to pay N413b subsidy claims

    President writes National Assembly

    There  is good news for fuel marketers. President Muhammadu Buhari has asked the National Assembly to approve the payment of their N413 billion claims, it was learnt yesterday.

    The payment is believed to be the key to ending the crippling petrol scarcity in many cities.

    Petrol is being sold for between N100 and N400 per litre in various parts of the country. Queues are long at filling stations where there is fuel. Many others are shut for lack of supplies.

    A Presidency source said last night that “only about N140 billion was appropriated for subsidy payment in the current budget and it has been exhausted”.

    “Out of respect for the parliament, the President insisted that the right thing must be done by seeking approval from the National Assembly before an additional kobo is paid in excess of what the budget makes provision for.

    “This is a clear departure from the past, when extra-budgetary expenditure was the norm.”

    Another source said “the Nigerian National Petroleum Corporation (NNPC) expressed the belief that with the outstanding payment due to oil marketers now assured, the marketers and other downstream players will join hands with the corporation to guarantee that the nation remains wet with petroleum products all year round,” the source said.

    The Senior Special Assistant (SSA), Media, to the President, Mallam Garba Shehu, noted that the President “is desirous to end the petrol scarcity. But he insists that due process must be followed.”

    Marketers are hopeful that if the N413 billion subsidy cash is disbursed, the fuel scarcity will be over.

    But they also complained of lack of foreign exchange to facilitate importation of products.

    A marketer last night said: “We cannot access dollar or pound sterling to import. The banks have refused to give us letters of credit because they don’t have confidence that we will pay back. It is only the NNPC that imports and what they import is grossly inadequate.

    “The issue is that many independent depots and retail outlets don’t have products because the NNPC only gives product to marketers accredited as bulk buyers.

    “The fuel marketing arm of the oil industry is gradually collapsing because most of the oil marketing firms currently operate at about 30 per cent capacity utilisation. Some of our depots that load around 150 trucks daily have dropped to 40 trucks daily.

    “If the current supply situation is not addressed quickly, the Yuletide will be celebrated without fuel, and you know the implication.”

    The NNPC’s Group General Manager, Group Public Affairs Division, Mr. Ohi Alegbe, said the Corporation trucked out 25,042,686 litres of premium motor spirit (PMS) to various parts of the country  between last Saturday and Sunday..

    According to the data made available by the NNPC spokesman, which showed the depots from where the fuel was loaded, companies that took delivery of the product, the number of the vehicle that lifted the product and the quantity lifted, 615 filling stations got 25,042,686 litres. They include majors, such as Total, Mobil, Oando, MRS, Conoil and Forte Oil. The NNPC Retail and independents, including NIPCO and Eterna, among many others, especially in Gombe, also got supplies.

    Suleja depot loaded 7,178,613 litres for 179 stations, Kaduna depot 2,470 490 litres for 59 stations, Kano 4,930,847 litres for 107 filling stations, Minna depot 224,986 litres for six stations, Gusau 2,311 951 litres (60 stations), and Satellite depot, which feeds Lagos State, 2,164,940 (63 stations).

    Others include Ilorin depot 303,000 litres (nine stations), Ore 110,989 litres (three stations), Ibadan depot, 766,007 (21 stations), Gombe area, which has the highest number of independent stations got 3,662,893 litres (78 stations) and Aba depot, 917,970 litres (30 filling stations).

     

  • APC faults Ondo Assembly’s approval of N7b loan

    APC faults Ondo Assembly’s approval of N7b loan

    The Ondo State Chapter of the All Progressives Congress (APC) at the weekend criticised the State House of Assembly for approving a loan of N7 billion to the state government.

    According to reports, Governor Olusegun Mimiko’s request for the loan from an unnamed bank had earlier been turned down by the Assembly, questioning why it gave approval for the state government to secure same from another bank.

    The APC added that it would not have raised any eyebrow over the new loan if those previously obtained had been used to better the lots of the people of the state.

    In a statement issued by its Director of Media and Publicity, Steve Otaloro, the party recalled that the present government inherited over N38billion from its predecessor and has no genuine reason to plunge the state into huge debt at the twilight of its tenure.

    The APC further faulted the inability of the state government to satisfactorily disburse the bail-out fund recently granted it by the federal government, adding that it was on the insensitive on the part of the governor to go cap-in-hand to borrow more money from a bank soon after.

    The statement reads, “Reports reaching the APC in Ondo State lend credence to the fact that the bail-out fund meant for the payment of workers’ salaries and benefits of pensioners has been squandered on purchasing cars for recent appointees of Governor Mimiko, as well as the Caretaker Chairmen he appointed for the 18 Local Councils in the State.

    It called on the governor, who has barely 14 months to leave office, to tread softly and learn from former governors of other states who are currently facing various court cases across the country over their stewardship.

    The party also reminded the Jumoke Akindele-led House of Assembly to desist from being a mere “rubber stamp” of the actions of the executive arm of government.

     

     

  • I never spent a kobo without approval of the House—Aregbesola

    The Osun State governor, Ogbeni Rauf Aregbesola has disclosed that his government has never spent a dime without the approval of the State House of Assembly since he assumed office.

    Aregbesola made the disclosure while addressing a gathering during the Special Parliamentary Session organized by members of the House of Assembly in honour of the  Speaker, Hon. Najeem Salam, who turned 50.

    Aregbesola stated that his government has been conscious of the legislative roles in the running of the constitutionally designated duties of the government, stressing that the impact of the legislature can never be over emphasized towards the achievement of a sustainable democracy.

    Aregbesola who reacted to the recent petition allegedly written and forwarded to the House for investigation  by a sitting Judge of the State High Court, Justice Folahanmi Olamide Oloyede, where he was accused to have collected and mismanaged over N538billion  between 2010 to 2014, described it as unfortunate fabrication and baseless.

    While denying the allegation, he stated  that even if the state is earning five billion (N5billion) every month, it could not still accrue to such outrageous amount within the years in question.

    The governor noted that despite his high level of transparency and openness,  he could not believe that such hate statement could emanate from other arm of government who is part of the system and who by the virtue of her office is highly respected.

    He vowed that he would not be distracted or forced to deviate from the right path of fulfillment in spite of the current economic challenges ravaging the state and the country at large.

    According to him, the role of the legislative arm in a democratically elected government can never be over emphasized as most of the executive roles are hinged on the collective ratification and approval of the legislature, adding that in the eye of the law, nothing can be done without the approval of the members of the House of Assembly.

    He  explained that the roles of the legislature was not only limited to the approval of the appropriation bill from the executive but also has a prominent oversight functions and roles in ensuring that executive performs his statutory duties as expected in line with the constitution.

    Aregbesola said it is also the duty of the State House of Assembly having approved the implementation of a proposed appropriation bill or the proposed projects to be executed by the executive, to equally monitor it and ascertain that the approved fund is used for the said projects which his government has been successfully managed with the previous and current legislators.

    The governor said if anyone now feels that he or she at the comfort of his house can just petition the Governor without the requisite knowledge on the fact that it is not possible for the executive be it Governor, Commissioner, and other government parastatals and agencies, to implement any project whatsoever without the consent and approval of the House, he or she is just wasting his or her time and such petition will always amount to mere emotional disposition that can never be enforced by law.

    Governor Aregbesola lauded the resilience and doggedness of the state legislators for being forthright and unwavering in carrying out their constitutional duties since its inauguration, stressing that the House has been very cooperative, supportive and collaborative with his government.

    He  assured that the current economic crisis in the state would soon become a thing of the past as his government is working round the clock to make life more prosperous, meaningful, fulfilling, peaceful and abundant for the entire citizenry.

    Governor Aregbesola stated that the  parliamentary system of the government remained the best for Nigeria and other developing countries of the world, noting that it is the only system of government that concentrates all governmental powers in the hands of the legislature and as such, helping the financial management of the government because all the financial resources are concentrated on legislature for distribution and disbursement and whoever fails, either member of the parliament or the executive will definitely face the sanction of the parliament.

    He, however, described Speaker Najeem Salam as an epitome of humility, patience, tolerance, perseverance and God fearing.

    He therefore wished him more prosperous life on earth as he celebrates his golden jubilee, urging him not to deviate from good deeds, good work and as well be more committed and dedicated welfare of the people as part of his traits.

  • Nigerian herbal drug gets global approval

    Jobelyn, a sorghum-based Nigerian herbal product has been described as the most potent supplement after a research in the United States (US)found that it is powerful than America’s best ‘Acai’ berry.

    A report in the Journal of Medicinal Food entitled West African Sorghum bicolor Leaf Sheaths Have Anti-Inflammatory and Immune-Modulating Properties InVitro, said the product can strengthen the immune system.

    A similar report in the NutraIngredient-USA Journal on January 17 said the extract from West Africa sorghum may provide anti-inflammatory effects and immune benefits and offer food colour and nutricosmetic potential.

    Jobelyn, the reports said, maintain the body’s natural defence system and facilitates the elimination of toxic wastes. It also restores the balance of cell structure within the body and corrects metabolic disturbances. It can deter chronic diseases and disorders from developing in the body.”

    The product, the reports added, promotes cardiovascular health, red blood cell generation, immune response and health joint function.

    “It also prevents the immune system cells from free radical damage from daily stress, poor diet and environmental factors. “Also, it can help maintain healthy blood cholesterol levels,” the report showed.

    The anti-oxidants are naturally present in particular plants to help the body when consumed regularly. They mop up and eliminate daily accumulation of metabolism-toxins known as free radicals, which are very harmful to the body, after the oxygen radical absorbance capacity (ORAC) tests, by a panel, performed at the National Institute of Science (NIS) Laboratories, Oregon.

    “Anti-oxidants are substances that neutralise anti-radical or free radicals, which are formed in the body. During the process of metabolism, which is the set of chemical reaction that occur in living organisms to maintain life, the oxygen we breathe in, combines with the digested food we eat, to generate ATP, water carbon dioxide and dangerous waste products called free oxygen radicals which antioxidants help to eliminate in people’s body,” it said.

    The sorghum bicolor leaf sheaths (SBLS), purely grown in Nigeria, was found to increase production of anti-viral compounds, by researchers from the National Institute of Science (NIS) Laboratories, Dover Sciences, United States, in conjunction with Health Forever Products Incorporation, Nigeria.

    The reports said the West African sorghum extract shows anti-inflammatory and immune health benefits.

    Jobelyn, a sorghum-based nutritional product, produced from the polyphenol-rich leaf sheaths from a recently domesticated West African variety, is undergoing clinical trials in North America and West Africa.

    Mr Olajuwon Okubena, Chief Executive Officer, Health Forever Product Limited, which produces Jobelyn, said it has been approved internationally for the management of serious health conditions such as cancer, HIV/AIDS, arthritis and stroke.

    The product, he said, had been tested on people living with HIV/AIDS (PLWHA) and found to improve their CD4 count from 300 to 600 within six weeks of usage.

    Okubena said the dietary supplement has been in the market for over 10 years, adding that it has always been prescribed by orthodox medical practitioners for patients. “It has been on the international market since 2005,” he added.