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Corporate Press Releases

AMCON Takes Over Osigwe Foods and an Ikeja GRA residence

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Hon. Justice Saliu Saidu of the Federal High Court Lagos Division has granted an injunction against Osigwe Foods and Agro-Industrial Company Limited, owned by Chief Anselm Kayode Mohammed on the application of Asset Management Corporation of Nigeria (AMCON). The obligor owes AMCON nearly N5billion.

AMCON purchased the huge debt during the first, second and third phases of purchase of Eligible Bank Assets (EBAs) from Union Bank, Unity Bank, EcoBank and the defunct Fin Bank respectively.

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The order also affects Chief Anselm Kayode Mohammed’s massive private residence with tenants on No. 17, Sowemimo Street, Ikeja GRA, Lagos State. AMCON has since appointed Chief Robert Ohuoba as Receiver over the business of Osigwe Foods and Agro-Industrial Company Limited located at Iju Gudugba Village, along Agege Iju Water Works Road, Ifako-Ijaiye Local Government Area of Lagos State. The enforcement took place at about 2.30pm on Monday, February 19, 2018. The Receiver has taken effective possession of Chief Anselm Kayode Mohammed’s residence and Osigwe Foods and Agro-Industrial Company Limited respectively.

Hon. Justice Saidu in the order also sanctioned the appointment of Chief Robert Ohuoba as Receiver over the business and stock in trade and overall the fixed and floating assets of Osigwe Foods and Agro-Industrial Company Limited wherever they may be found within the jurisdiction of the Federal High Court and granted AMCON through the Receiver, the possession of all that properties, moveable and immovable comprising of buildings, fixtures, vehicles and any other chattels howsoever described belonging to the defendants – Osigwe Foods and Agro-Industrial Company Limited and Chief Anselm Kayode Mohammed.

The court therefore directed the Inspector-General of Police and the Commissioners of police of all the state of the federation to assist the court Bailiff enforce the orders of the court pursuant to section 4 of the Police Act and 287(3) of the constitution of the Federal Republic of Nigeria 1999 (As Amended) and arrest and bring before the Federal High Court, any person who disturbs the execution of the order or the AMCON Receiver in the performance of his duties.

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AMCON under Ahmed Kuru, Managing Director/Chief Executive Officer, had continually maintained that it would continue to engage top debtors of the Corporation because some 400 obligors of the AMCON account for more than N4.5 trillion, which is approximately 80 per cent of the total outstanding loan balance of the Corporation’s over twelve thousand accounts with obligors that have become recalcitrant over time despite the obvious efforts of the Corporation to resolve the issues amicably.

To deal with the situation however, the Kuru-led AMCON has just as it did last year increased the tempo of its recovery activities in 2018, using firmer negotiation strategies as well as utilizing the special enforcement powers vested by the AMCON Act to compel some of its headstrong debtors especially those that are politically exposed and business heavyweights to repay their debts.

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Patricia

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via [email protected]

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Corporate Press Releases

NSE Masks for All Nigerians Campaign receives boost from private sector

The Exchange will distribute 100,000 face masks through different cities in Nigeria.

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CEO NSE, NSE lifts suspension on Omatek Ventures’ shares, NSE launches Comic Book to boost financial literacy, NSE goes public with 2.5 billion ordinary shares in unanimous vote by the members, NSE commemorates 2020 International Women’s Day and rings the bell for gender equality, COVID-19: NSE extends time for submission of financial statements, NSE PUBLISHES GUIDANCE TO FACILITATE EFFECTIVE VIRTUAL MEETINGS FOR STAKEHOLDERS AMIDST COVID-19, NSE Hosts First-Ever Digital Closing Gong Ceremony

The rapid rise in confirmed cases of Coronavirus (COVID-19) in Nigeria demands more collective, decisive, coordinated and inclusive action in the fight against the virus. Now is the time for government, private sector and well-meaning individuals to come together to flatten the curve.

In light of this, The Nigerian Stock Exchange (NSE or The Exchange) on Monday, 06 July 2020, redeemed its pledge of Sixty Million Naira to the Capital Market Support Committee for COVID-19 (CMSCC) with the donation of ambulance and Twenty Million, Seven Hundred Thousand Naira cash to the committee. The CMSCC is a Securities and Exchange Commission (SEC) led initiative set up to stimulate the capital market ecosystem to play an active role in curbing the spread of COVID-19 in Nigeria. The donation was received by the Chairman, CMSCC, Mr. Ariyo Olushekun and the Director, Lagos Zonal Office, SEC, Mr. Steven Falomo.

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In furtherance of its commitment to support the fight against the virus, The Exchange launched the Masks For All Nigerians campaign with the aim to galvanize responsible corporate citizens and individuals to donate 400 million face masks to Nigerians, especially low-income households. The NSE kicked off the campaign with an anchor donation of 100,000 face masks that are being distributed in areas where it has operations and areas that are greatly affected by COVID-19.

READ MORE: NSE upgrades data portal to improve access to the market

As part of the Masks For All Nigerians campaign, The Exchange executed a nationwide awareness campaign on social media and radio to educate Nigerians on the need to wear face masks, practice social distancing and maintain good hygiene. The NSE also involved its Good Cause Ambassador, Innocent ‘TuFace’ Idibia, to amplify the need for Nigerians to wear and donate face masks via www.masksforallng.com, as well as adhere to the guidelines put in place to keep our communities safe. As part of its Employee Giveback Programme, members of staff are also donating 500 masks per week to Nigerians.

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Speaking on the initiative, the Chief Executive Officer, NSE, Mr. Oscar N. Onyema, OON said, “We are facing an unprecedented crisis that requires us to adopt a more collaborative approach in fighting this pandemic especially as economic activity and social interactions resume. As we work to encourage the use of reusable face masks and adherence to other safety guidelines, we call on responsible corporate citizens and well-meaning individuals to support this initiative by wearing a mask when in public settings and donating masks especially to those at the bottom of the pyramid so as to protect lives.”

READ ALSO: IFC supports Nigeria’s FCMB to finance SMEs facing COVID-19 related challenge

In response to the call, several private sector players have sprung to action bringing the total number of masks donated under the Masks for All Nigerians campaign to 216,300. Opay was the first to partner with a donation of 100,000 face masks to Lagos State University Teaching Hospital on Thursday, 4 June 2020. Also, Morbod Group donated 13,000 masks to residents of Lagos and South-Eastern part of Nigeria. The two most recent donors are Babalakin & Co Legal Practitioners and AIICO Insurance who donated 1,300 non-medical face masks to the Ikoyi Custodial Centre, Nigerian Correctional Service and 2,000 non-medical face masks to the Nigerian Red Cross Society, Lagos State Branch, respectively. AIICO Insurance has also made a commitment to donate another 7,000 face masks.

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READ ALSO: Ministry of Health approves COVID-19 protocols for aviation sector, as airports prepare to resume

In fulfilling its commitment to donate 100,000 face masks, The Exchange will distribute 33,000 face masks in Lagos; 7,000 in Oyo; 5,000 in Ogun; 5,500 in Anambra; 5,500 in Rivers; 3,800 in Edo; 14,500 in Abuja; 18,000 in Kano; 3,900 in Borno; 3,800 in Kaduna; and 10,000 to capital market stakeholders.

The Exchange has displayed remarkable resilience during this pandemic and continues to support the fight against COVID-19 in line with the strategic pillars of its Corporate Sustainability and Responsibility (CSR) strategy – community, workplace, marketplace and environment. The Masks For All Nigerians campaign and the attendant mask donation will provide immense support to the Government in reaching communities who have hitherto been left vulnerable. The Exchange also continues to sustain market activity through remote working and trading; promote market deepening activities; create an enabling regulatory environment for stakeholders; and recognise the efforts of public and private sector players in raising awareness, ramping up testing and increasing the capacity of the health sector to slow the spread of COVID-19.

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Corporate Press Releases

Tech PR firm, Phyllion set to hold first of its kind Tech Conference online

The conference has a simple agenda phased into three sessions; the general, panel, and pitch session.

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The upcoming Tech PR Conference is first of its kind in the Public Relations Space, Phyllion Tech PR Conference, is a convergence of players in the technology and communications ecosystem. It aims to chart the future of African tech through conversations from key leaders and players within these sectors on how businesses now and in the future can leverage technology to drive transformation in Africa.

Themed “Embracing Technology Transformation in Africa, What Next,” this event is slated for Friday, July 17, 2020. It already boasts of a robust panel of speakers from communications and tech sectors alike. This event is one to look out for, registrations have already begun on the event website while download link to a mobile app will be shared with attendees upon registration to foster networking and upgraded virtual event experience.

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The conference has a simple agenda phased into three sessions; the general, panel, and pitch session. The Pitch session happens to be another high point of the day, this is because of the potential of start-ups getting an opportunity to pitch to a panel of judges for a chance to win an investor or investment. This session further buttresses why the Phyllion Tech Conference is a rare and commendable online conference. It was indeed carefully thought through to ensure attendees get value for their time and it bridges the gap between the start-up and the investment community.

It comes on the heels of the enduring disruptive technology which have impacted business operations in this period of the coronavirus (COVID-19) pandemic that has greatly altered the way things are done, with a change in the definition of normal.

Founder Phyllion & Partners, a Tech PR consulting firm in Lagos, Temi Ophylia Ibekwe, said the tech panel discussion is aimed at re-awakening the consciousness of African business owners, tech ecosystem, and government to the realities of our time, and how stakeholders can leverage technology to survive and thrive.

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She affirmed that the importance of this conference is to bring industry leaders, thought-leaders, key influencers, and major stakeholders together to discuss the future of technology in Africa. “There is a need for massive sensitization, birthing a necessity for discussions about embracing modern technologies in Africa,” Ibekwe stated.

Temi Ibekwe also pointed out that as businesses are adjusting to the new realities of operations, the opportunity presents itself for businesses in Nigeria and Africa at large to leverage Technology to their advantage and create a future that is beneficial to our economy.

She said the situation has paved way for technological powerhouses now to re-think their strategies and effecting immediate changes to remain on top, thus marking a revolution not only for affordability and accessibility but that of increasing demand for adequate exploitation for maximum productivity.

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The situation depicts that one of the great advantages the continent has over others in riding the disruptive wave of technology is that there is far less legacy to get in the way than in other regions, creating a clean sheet on which companies can develop their distinctive models. All these are pointers to the fact that Africa would now be positioned as an increasingly attractive environment for global business entry and investment.

The goal of public relations in the tech sector like in any other sector is that of an enabler. The Phyllion Tech Conference presents a platform for communication to enable technology transformation in Africa through impact-driven conversations and actions.

Website Link: https://web.cvent.com/event/d056eda7-f312-473c-954a-c433c02fe2be/regProcessStep1

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Pitch Link: https://docs.google.com/forms/d/e/1FAIpQLSecTd89pYe_RwK6NABxD3gGjnHAs6j8VN-6NdO0wez_BMgz9A/viewform

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Corporate Press Releases

Meristem features Nike Okundaye in Campaign titled “The Journey”, highlights the importance for partners

Meristem taps into Okundaye’s creative energy, highlighting the shared story of growth and collaboration.

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Meristem features Nike Okundaye in Campaign titled "The Journey", highlights the importance for partners

It has been a long journey for financial services provider, Meristem Nigeria, having started out as a boutique stockbroking firm over 16 years ago and morphing into a capital market conglomerate offering an array of diversified service and product offerings. The tale is similar for the art and culture doyen, Nike Okundaye-Davies whose humble beginning in traditional weaving and dying practice annealed her to the art world and art lovers.

At a graceful age of 70, she has achieved over 102 solo art exhibitions, 36 group art exhibitions, a permanent display of two of her works in the Smithsonian National Museum of African Art, a Harvard recognition and many other global acclaims. With four (4) art galleries spread across the country, and the Lagos center being the biggest art gallery in West Africa, she once told a Forbes journalist that her dreams are driven by careful financial planning as she reinvests at least two-thirds of her income in her business and art centers.

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READ MORE: FCMB Pensions is planning to acquire AIICO Pension Managers Ltd

Meristem taps into her creative energy in this campaign, highlighting the shared story of growth and collaboration for both institutions, and the need to onboard the right partners to achieve long term financial goals and investment security.

Meristem, a capital market conglomerate and diversified financial services provider offering stockbroking, wealth management, asset management, trustee services and financial advisory. Over the past 16 years, Meristem has been consistent in value creation and innovation within the capital market space. The Nigerian stock exchange awarded Meristem as the best digital broker of the year. In 2018 also, Meristem became the first Nigerian asset management firm to attain compliance with the Global Investment Performance Standards (GIPS) by the CFA Institute. In 2017, Meristem handled the single largest trade in the history of the Nigerian Stock Exchange.

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