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Tag: exchange

  • Alleged N17b debt: Exchange challenges court’s jurisdiction

    Alleged N17b debt: Exchange challenges court’s jurisdiction

    The arraignment of AFEX Commodities Exchange and some of its principal officers before the Federal High Court in Lagos over alleged contempt failed yesterday as the alleged contemnors challenged the court’s jurisdiction.

    Justice Chukwujekwu Aneke on May 31 granted a motion ex-parte in suit FHC/L/CS/911/2024 citing AFEX and its principal officers for contempt of court.

    It followed their alleged disobedience of an order authorising Guaranty Trust Bank to take over the funds and assets belonging to AFEX following its inability to pay alleged N17,808,452,467.107  loan facilities granted by the bank.

    Ade Adedeji (SAN) appeared for the plaintiff yesterday, while Prof. Wale Olawoyin (SAN) led a team of lawyers for the defendants.

    Olawoyin informed the court that a Notice of Preliminary Objection challenging the court’s jurisdiction, dated May 27, had been served on the plaintiff, and urged the court to give it priority given the jurisdictional issues raised.

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    He said the defendants filed an Affidavit of Fact on the whereabouts of AFEX directors and why they were not in court.

    But, Adedeji argued that contempt proceedings are quasi-criminal, hence all the alleged contemnors must be present and cannot be heard through their lawyer.

    The defendants, in the preliminary objection, are asking the court to either strike out the contempt proceedings or decline jurisdiction regarding the Notice of Disobedience of Court Order (Form 48) dated May 31, 2024.

    They argued that the alleged contemptuous act was done outside the precincts of the court, making it ex-facie curiae.

    In a supporting affidavit, an Associate in the AFEX Capital Market Sales Department, Akala Ehigie Richard, said it was in the interest of justice to strike out the entire contempt proceedings.

    Justice Aneke adjourned till June 27.

  • Exchange lifts suspension on Goldlink Insurance

    •Firm posts N149m loss

    The Nigerian Stock Exchange (NSE) has lifted suspension on trading in Goldlink Insurance Plc shares, after the insurance firm submitted its relevant financial statements to the Exchange.

    The NSE had on July 5, 2017 suspended trading in Goldlink Insurance shares and other companies for failing to adhere to best corporate governance and extant post-listing requirements that require quoted companies to submit their periodic financial statements and reports within stipulated timelines.

    Post-listing rules at the NSE require quoted companies to submit their audited earnings reports, not later than 90  calendar days, or three months, after the expiration of the period. The rules also require quoted companies to submit interim report not later than 30 calendar days after the end of the relevant period.

    Not less than 83 per cent of quoted companies use the 12-month Gregorian calendar year as their business year. The business year thus terminates on December 31. While March 31 is usually the deadline for submission of annual report for companies with Gregorian calendar business year, the deadline for the quarterly report is a month after the quarter.

    The NSE said Goldlink Insurance, “which was among the companies suspended, has submitted its outstanding audited and interim financial statements to the Exchange” citing the rules that state that “the suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts, provided the Exchange is satisfied that the accounts comply with all applicable rules of the Exchange”. The lifting of suspension took effect on Monday, February 18, 2019.

    Key extracts of the interim report and accounts for the third quarter ended September 30, 2018 showed improvements in the operations of the insurance company, although it remains in loss.

    Goldlink Insurance suffered net loss after tax of N149.26 million in 2018 as against net loss of N243.29 million in 2017. Loss before tax reduced from N222.70 million to N132.44 million while turnover improved marginally from N786.13 million in 2017 to N799.23 million in 2018.

  • Naira ‘to exchange at N356/$ by year-end’

    Naira is projected to close this year at N356 to dollar, a report by Renaissance Capital (RenCap), an investment and research firm, has shown.

    The local currency exchanges at N360 to dollar at the parallel market and will gain N4 against the dollar by year-end according to the  report.

    The report titled: ‘Nigeria: First Quarter 2018 Current Account – Surplus Swells’ ,  said Nigeria’s current account (CA) surplus increased to 4.6 per cent of Gross Domestic Product -GDP (annualized) in first quarter against 3.3 per cent in first quarter of last year.

    “This was in part due to strong export growth of 44 per cent year-on-year in first quarter against 31 per cent in first quarter of last year. That said, imports are also recovering; they grew by the fastest rate since 2014. A one-third increase in current transfers (remittances) helped mitigate a strong increase in income outflows and payments to foreign service providers. We revise our 2018 CA/GDP forecast up slightly to 3.4 per cent, from 3.3 per cent previously. This supports naira stability and our year forecast is N356/$1,” it said.

    It said Nigeria’s exports – of which 93 per cent were due to oil and gas – increased by 44 per cent year-on-year to $14.4 billion in first quarter. This is the highest exports have been since 2014. This expansion comes on the back of an 11 per cent year-on-year increase in oil production to 1.95mn b/d and a 36 per cent year-on-year increase in the oil price to $68/ barrel, on average, in first quarter.

    RenCap said imports are recovering after nine-consecutive quarters of negative year-on-year growth, they started growing again in third quarter in 2017.

    It said export earnings improve, on the back of higher prices and output, we saw a corresponding increase in payments to foreign service providers. “This is typical in commodity exporting countries, particularly oil exporters. Nigeria’s net services payments increased more than threefold YoY to $4.4bn in first quarter of this year. Net income payments increased by 44 per cent year-on-year, to $3.3 billion, implying that dividend and interest payments to foreign investors rose compared with a year earlier. These outflows were mitigated by a one-third increase in current transfers to $6.4 billion in first quarter,” it said.

    Portfolio investment inflows saw a 12-fold increase year-on-year to $5.1 billion in first quarter; this is the highest quarterly inflow since 2013.

     

    “This reflects the equity market rally in early 2018 driven by offshore investors attracted by valuations that looked cheap as against peers, continued confidence in the Investors & Exporters forex window, and the oil price rally. FDI remains subdued (flat year-on-year at $800 million in first quarter. Higher US Treasury yields and a strengthening dollar, plus uncertainty that typically precedes polls imply the slowdown in net portfolio inflows that started in May is likely to continue in second half of this year,” it said.

     

  • Commodities Exchange seeks N500m initial capital

    Promoters of the proposed Lagos Commodities and Futures Exchange (LCFE) have launched a private placement to raise N500 million initial capital for the takeoff of the new Exchange.

    At a meeting in Lagos yesterday, promoters of the new Exchange under the aegis of the Association of Stockbroking Houses of Nigeria (ASHON) endorsed the N500 million private placement to flag off the Exchange.

    The proposed Lagos Commodities & Futures Exchange is expected to trade in currency, commodities, oil and gas and solid minerals.

    The Memorandum of the Private Placement indicates that 500 million ordinary shares of N1 each would be offered to investors at N1 per share. The net proceeds of the private placement will be used to fund the start-up and operational take-off costs, administrative and personnel costs of the LCFE as well as leasing of a trading platform for the trading of qualifying derivatives including options, futures and spots among others.

    Several potential investors have already indicated interest in the LCFE, which they described as a laudable project that fits into the Federal Government’s diversification programme with special emphasis on agriculture.

    Chairman, Association of Stockbroking Houses of Nigeria (ASHON), Mr Patrick Ezeagu said ASHON had worked tirelessly with its financial advisers, consultants, auditors and accountants to put together the Strategic Business Plan and Information Memorandum for the LCFE in order to provide investors with the basis for informed investment decision.

    Vice Chairman, Association of Stockbroking Houses of Nigeria (ASHON), Mr Akin Akeredolu-Ale added that in order to ensure a seamless take-off of the Exchange, the Association had hired different consultants to confirm the depth of the market in terms of absorptive capacity for commodity and futures trading and models to run the Exchange in terms of strategy and the structure of the board to ensure compliance with corporate governance requirements.

    According to him, all reports indicated that the proposed Exchange would be run professionally and profitably.

    He noted that the private placement makes provision for strategic investors because the new Exchange requires huge capital outlay and know-how.

    “The Exchange is a capital intensive project. It also requires investment in high technology. We need one or two institutional investors that have huge capital and also technology. Some institutional investors that meet these criteria are already showing interest.  But by the structure that we shall adopt, there is no fear of marginalization of minority shareholders,” Akeredolu-Ale said.

    A senior stockbroker and former President, Chartered Institute of Bankers of Nigeria (CIBN), Mr Okechukwu Unegbu commended ASHON for the initiative.

    According to him, stockbroking firms should take advantage of the right of first refusal to invest in the project because it has potential for good returns.

    He said that the fund raising’s Memorandum contained vital information that can help any investor that intends to participate in the project, noting that government had begun to build many silos to boost trading in commodity products as part of the diversification programme.

    Representative of Meristem Securities Limited, Mrs Adejumoke Awolumate, who spoke extensively on the processes, benefits, critical success factors and other variables that would position the Exchange as a viable investment platform, assured investors that the Placement Memorandum contained all critical areas of investment decision on the project.

  • Disparity in CBN’s rates may stifle exchange convergence – BDCs

    Disparity in CBN’s rates may stifle exchange convergence – BDCs

    The Association of Bureau de Change Operators of Nigeria (ABCON) has said that disparity in foreign exchange rates sold by Central Bank of Nigeria (CBN)  might stifle efforts at rates convergence and might lead to job losses.

    ABCON President, Alhaji Aminu Gwadabe, said this in an interview with the News Agency of Nigeria (NAN) on Thursday in Lagos.

    Gwadabe said that the CBN had continuously sold foreign exchange to BDCs, Travelex, and commercial banks at different rates and this could be used by speculators to distabilise the market.

    “The CBN sells dollars to BDCs at N381 and are expected to sell at N399, while the CBN sells dollar to Travelex, also a BDC and banks at N315 and are expected to sell at N375.

    “While Travelex and banks are expected by a CBN circular to settle such transactions at a rate not exceeding 20 per cent above the interbank market rate, BDCs only sell at five per cent margin.

    “Twenty per cent profit margin from FOREX is the highest in the world, ’’Gwadabe said.

    According to him, recent development at the foreign exchange market has shown that if the CBN does not eliminate the disparity in rates prevalent at the market, BDCs will be technically hedged out of the market.

    Gwadabe  said that hedging out about 3, 200 CBN registered BDCs from the foreign exchange market would lead to over 30, 000 job losses in an economy that was gradually recovering from recession.

    He said that his members were already losing customers due to the challenge of rate disparity as naira continued to appreciate against the dollar at the parallel market.

    Gwadabe appealed to the CBN to urgently see that the rates were harmonised to save a critical section of the nation’s  foreign exchange market.

    The ABCON chief said that as far as street hawkers were still plying their trade, rate convergence would be a mirage.

    The financial expert said that the CBN could achieve rate convergence if there was sustained liquidity in the market, adding that a fair level playing ground for all operators would also lead to rate convergence.

    NAN reports that the CBN rose from its last Monetary Policy Committee (MPC) meeting with a vow to see rates convergence at the nation’s FOREX market. (NAN)

  • Naira to exchange for N390/$ by December, says RenCap

    Naira to exchange for N390/$ by December, says RenCap

    •Capital flow expectations dampened

    The woes of the naira will worsen in the coming months, with the local currency expected to exchange for N390 to dollar by year-end, report by Renaissance Capital (RenCap), an international investment and research firm, has said.

    The Central Bank of Nigeria (CBN) yesterday sold $7 million at N283 to the dollar on the interbank currency market, a trader at a major commercial bank disclosed.

    Traders said the local units of ExxonMobil, Chevron, Eni and Addax sold a combined $37.2 million through commercial banks to petrol importers while the interbank market traded a total of $60 million volume, with the naira quoted at 283 to the dollar.

    But RenCap’s Sub-Saharan Africa (SSA) Economist Yvonne Mhango, said the liberalisation of forex markets on by the CBN led to positive sentiment in the equities market, with banks up by nine per cent since the plan was announced on June 15 .

    However, she said sentiment risks being dampened by concerns around Brexit and the implications for the naira, as capital inflows may not materialise as rapidly as the CBN may have expected. “We have used a N285/$ exchange rate in updating our models, but the risk is to the downside, and we see N390/$ by end of this year,” she said in a report titled: ‘Nigerian banks: Life after ‘40’, released yesterday.

    For the banks, RenCap said it expects real loan growth to be minimal, but given that 46 per cent of sector loans were in forex in banks’ 2015 accounts, it estimates nominal credit growth post depreciation could end the year at 23 per cent on average.

    According to RenCap, the more than 40 per cent naira depreciation and the liberalisation of forex markets; and the rise in interest rates could improve sector earnings in the near term, global risk sentiment will be key to price performance and capital inflows.

    “We have updated our forecasts and our top picks are now Guaranty Trust Bank (on fundamentals) and United Bank for Africa on upside potential. We maintain our buy ratings on Zenith and Access, and upgrade FBN Holdings and FCMB to hold from sell,” RenCap said.

  • Dangote: we lost N50b to ‘flexible exchange’ policy

    Dangote: we lost N50b to ‘flexible exchange’ policy

    Dangote Group President Aliko Dangote said at the weekend that his company lost N50 billion to the flexible foreign exchange policy.

    The Central Bank of Nigeria (CBN) last week scrapped the dual exchange rate policy, creating a single window for the trade in naira.

    Dangote spoke when Vice President Yemi Osinbajo toured the project sites of Dangote Fertiliser and Dangote Refinery in Lekki, Lagos.

    Dangote said the $161 million his companies bought during that period from the CBN merely reflected the size of his business and did not represent preferential treatment.

    “We have been badly affected like any other company,” he said, arguing that operational costs totalled $100 million each month due to recurring expenses, such as the purchase of parts for cement production and running a fleet of 9,000 trucks.

    “When you are talking about 20 billion dollars worth of projects, what is 161 million? One-hundred-and-sixty-one million dollars is what I need in just six weeks,” he said.

    “This week (last week), the Central Bank removed the peg that has held the naira at the official rate of 197 for the last 16 months, leading to a 30 per cent devaluation as the currency traded freely on the interbank market.”

    Dangote said the decline had pushed up costs. “This devaluation alone, we have lost over 50 billion naira ($176 million),” he said.

    “The gas, which is our main source of power, is priced in dollars. If there is 40 per cent devaluation, your price will go up by 40 per cent. Every single aspect of the production will go up by that percentage,” he said.

    To Osinbajo, the Dangote Fertiliser and Petrochemical projects are capable of assisting in the government’s drive to reduce poverty through generation of foreign exchange.

    He said it was also in line with the Federal Government’s immediate objective of diversifying the economic base of the country as a result of the plummeting of the price of oil, the country’s sole foreign exchange earner.

    Osinbajo was accompanied during the working visit to the Dangote Refinery, Petrochemicals and fertilisers, reputed to be the biggest in Africa when completed, by Lagos State Governor Akinwunmi Ambode, Ministers of Finance (Mrs Kemi Adeosun); Power, Works and Housing (Babatunde Fashola); Solid Minerals Development (Kayode Fayemi) and others. He was amazed at the size of the projects and reiterated the government’s preparedness to provide an enabling environment for businesses to thrive.

    Dangote said the diversification of Nigeria’s economy was long overdue and that one sector that the government can focuses on is agriculture.

    He said his investment in fertilizer production was a sure way the diversification into agriculture could succeed because according to him, it will amount to little if focus is directed to agriculture and fertilisers would be imported.

    “By the time we complete this project, there will be opportunity to take on agriculture and say bye to poverty, because there will be jobs, no sector has more job potential than agriculture,” Dangote added.

    Dangote told the Vice-President that the $12 billion refinery would have a capacity of 650,000 barrels a day. According to him, there will be market for the refined products because only three African countries – South Africa, Egypt and Cote D Ivoire – have functioning refineries.

    On the project, he said: “Mechanical completion will be end of 2018 but we will start producing in 2019.”

    The refinery, petrochemicals and fertiliser in one spot according to Dangote, is the single largest stream in the world. “This site is the biggest site in the world, the refinery is the biggest single refinery in the world, the petrochemicals is 13 times bigger than Eleme petrochemicals while the fertiliser plant will be 10 times bigger than former National Fertiliser company. The project, with the  $2 billion fertiliser unit  was the funded through loans, export credit agencies and our own equity, Dangote said.

  • Exodus of companies from Exchange

    Exodus of companies from Exchange

    There has been a high turnover of companies from the Nigerian Stock Exchange in recent times, fuelling concerns in some quarters that the capital market is gradually losing its attraction as an investment window for discerning Nigerians, reports Bukola Aroloye

    Nigerian investors had over the years raised concerns about government’s nonchalant attitude to their huge losses following regulatory-induced policies and inconsistent fiscal economic blueprints. To put their mind at rest, the Federal Government had assured retail investors of their safety, stressing that the government empathises with Nigerian shareholders over the situation of their portfolio investments.

    The irony, however, is that while investors were hoping for greater protection following the assurances given to them by the regulators in the capital market, things took a different turn recently when the Nigerian Stock Exchange announced the delisting of some companies from its daily official list.

    The NSE said it took the action because of the persistent failures of the companies to meet best corporate governance practices, as enshrined in the listing rules.

    Some of the companies delisted include: IPWA Plc, G. Cappa Plc, West African Glass Industries Plc (WAGI), Investment & Allied Insurance Plc, Alumaco  Plc, Jos International Breweries Plc, Adswitch Plc and Rokanna Plc.

    Others include: Evans Medical Plc, P.S Mandrides & Company Plc, Nigerian Ropes Plc and Premier Breweries Plc.

    Justification for delisting

    The NSE management noted that the delisting was in pursuant to Clause 15 of the General Undertaking, Appendix III of the Rule Book of the Exchange, 2015, Part II, Issuers’ Rules, which referenced the obligations of quoted companies in terms of regular periodic submission of performance and financial reports, corporate governance and accountability. It said the delisting of the eight companies from the daily official list of the Exchange became effective from 18th May 2016.

    “The Quotations Committee of the National Council of the Nigerian Stock Exchange (QCN) approved the delisting of the afore-listed companies,” the NSE management said.

    In the view of Osar Onyema CEO of Nigeria Stock Exchange, good corporate governance will ensure the existence of solid companies in Nigeria.

    According to him, the idea of forcing companies to list on the nation’s bourse may lead to infractions in the market, adding that a lot of energy has been committed in building the foundational aspect of the market in terms of transparency, orderliness, fairness, disclosure, and enforcement of rules and regulations.

    “In the short term, you will see the huge volatility but that should not distract from those fundamental elements about good companies, making good money, running under a well governed Exchange structure and a well regulated market structure. These factors will combine to shore up investors’ confidence in these challenging times,”he stated.

    Levels of delisting

    A report obtained indicated that 18 companies have been slated for delisting, including 17 companies that have been earmarked for compulsory delisting and a company that had opted for voluntary delisting over its inability to comply with listing requirements.

    Investigation showed that the delisting will  lead to more than N33 billion capital flight  from the market, thus implying direct loss of similar value to investors who may not be able to unlock such value in the absence of a regular stock exchange.

    Already, the Quotation Committee of the National Council, which presides over listing and delisting of companies, has approved final delisting of seven of the companies while it has also approved final delisting process for  other com-panies.

    The final delisting approval implies that the Exchange has concluded and complied with the regulatory requirements in the delisting process, including issuance of necessary notices, forbearances, fair hearing and probation without any rectification from the affected company.

    Recent data from the Exchange revealed that no fewer than 63 companies have been delisted from the NSE.

    A review of the list showed that out of the 63 companies, seven chose to delist voluntarily; 47 delisted due to regulatory instruction; while 9 of these companies delisted due to reforms/expansion within the sectors they operated.

    Why companies are delisting

    Checks conducted by The Nation at the Exchange revealed that most of the companies that delisted voluntarily from the bourse had sited harsh economic climate and parent company buy-out as reasons.

    A source in the know said the companies were being delisting for recurring and possibly irredeemable inability to comply with the listing requirements of the Exchange, especially in the areas of timely and accurate rendition of operational and financial accounts and other corporate governance issues.

    Stakeholders’concerns over companies’ delisting

    The Independent Shareholders Association of Nigeria (ISAN) has bemoaned the delisting of listed companies by the regulatory authorities, saying it does not augur well for average investors and the nation’s capital market. The General Secretary of the association, Adeleke Adebayo urged capital market regulators to allow those listed companies that are not meeting the post listing requirements to remain a ‘public focus.’

    He argued that institutional investors may develop interest in such companies and decide to invest in them. “We are losing a lot of money in the market. Nobody is thinking of giving forbearance to investors. We need to make some price adjustments not to continue to delist companies because it is not good for average investors. Let it remain a public focus. Some investors can develop interest and invest in these companies.”

    NASD Plc to the rescue

    The management of NASD Plc is making moves to get the eight companies delisted from the Nigerian Stock Exchange (NSE) last week to trade on the over-the-counter (OTC) market.

    NASD Plc is the platform for the securities of all unquoted public companies in Nigeria. The platform, which commenced operations in 2013, has admitted 27 firms with efforts being made to attract more.

    The Nation gathered that NASD Plc is making moves to attract the eight companies delisted by NSE. The companies include: IPWA Plc, G. Cappa Plc, West African Glass Industries Plc, Investment & Allied Insurance Plc, Alumaco Plc, Jos International Breweries Plc, Adswitch Plc and Rokanna Plc.

    The stocks were delisted for failure to comply with listing requirements. It was gathered that NASD Plc sees some of the companies as very good candidates for the platform given the experience they have already had on the NSE.

    “These companies have already been exposed to the requirements of an exchange and they have been on the NSE for many years before now. However, due to one challenge or other they could no longer meet the listing requirements. But that does not mean the companies cannot recover. Having been delisted from the NSE, they can be traded on the NASD Plc so that any of their investors wanting to exit can do that. Also, other investors who still have confidence in their future can enter,” a market source confirmed.

     

    NASD Plc has been eying over 70 public companies that already have their securities registered with the Securities and Exchange Commission (SEC).

    Confirming this development in an interview recently,  the Managing Director/CEO of NASD Plc, Mr. Bola Ajomale, said efforts were being made to ensure that such public companies that are yet to have their shares traded on the OTC platform are made to do so.

    According to him, various strategies are being adopted to achieve the listing of these shares so that the companies and their shareholders would enjoy the benefits of patronising NASD Plc.

    Ajomale had explained that since the platform began operations it had been providing benefits to various stakeholders in the OTC market unlike before.

     

  • N350/dollar interbank exchange likely today

    N350/dollar interbank exchange likely today

    With the flexible foreign exchange policy driven by the Central Bank of Nigeria (CBN) opening today, analysts have predicted a volatile and interesting trading for the day.

    The interbank market, which opens by 9.00am and closes at 2.00pm, will see the naira-dollar exchange rate in a volatile state. The local currency is likely to exchange around N340/N350 against the greenback, it was predicted yesterday.

    The CBN, three weeks after the Monetary Policy Committee’s (MPC) consensus decision to adopt a flexible exchange rate system, announced the re-introduction of a market-driven two-way quote single Interbank Foreign Exchange (FX) Market last Wednesday. The policy shift is against the CBN’s long-held stance of maintaining naira-dollar peg at N197/$1.

    Head of Currencies Market at Ecobank Nigeria, Olakunle Ezun, predicted a volatile trading session for today. He said: “The first few hours of trading will be volatile, with the naira exchanging between N340 and N350 to dollar. But as the market begins to settle around noon, I see the naira closing between N300 and N320 against the dollar”.

    Speaking with The Nation yesterday, he said pressure from backlog of unmet demands from manufacturers

  • Interior solution firm eyes listing on Exchange

    Interior solution firm eyes listing on Exchange

    DO.II Designs Limited, a leading Nigerian interior solutions company, plans to grow its business and subsequently list its shares on the Nigerian Stock Exchange (NSE) as it strives to maintain its pace as a Nigerian company of global standards.

    Speaking on the activities of the company in Lagos, founder and chief executive officer, DO.II Designs Limited, Mrs Ifeyinwa Ighodalo, said listing on the Stock Exchange has been one of the discussion points of the strategic future plan of the company, although no timeline has been decided for that.

    She said the company was also considering raising new capital to support its expansion.

    “In order to be able to develop and expand as much as we want, we will definitely need inflow of funds, but the options are still under consideration,” Ighodalo said.

    She reaffirmed the commitment of the company to offering corporate and private clients unique and innovative furniture solutions as well as an exciting selection of services and product offerings.

    According to her, with over 25 years of experience in the furniture manufacturing and interior design industry, DO.II is a specialist in furniture design services for residential and corporate properties and it is well-known for providing superb turnkey remodelling and highly acclaimed for space transformations, with bespoke project management services available to clients from conceptualisation to finish.

    She pointed out that the firm has its own Standards Organisation of Nigeria (SON)-certified factory with high performing machinery producing furniture at international standards.

    “Our desire is to continually evolve as Nigeria’s leading furniture and design company totally aligned with global best practice, while ensuring that we offer our clients not only the finest in superior craftsmanship, but also an increasingly rich bouquet of service and product offerings. We are proud of the fact that we are a wholly indigenous company, not just by birth, but by design,” Ighodalo said.

    She noted that the company boasts of clients in the hospitality, fast moving consumer goods, telecoms, oil and gas, government, aviation and banking industries among others.

    She said DO.II offers a rich repertoire of furniture and design solutions that fully represents the keen influences of Nigerian art and style with excellent craftsmanship.