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Business News

Notore gets listed on the Nigerian Stock Exchange

Notore listed N1.61 bn ordinary shares of N0.50 each at N62.50 per share on the NSE.

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Nigerian Equity Market

Notore Chemical Industries Plc yesterday listed N1.61 billion ordinary shares of N0.50 each at N62.50 per share on the Nigerian Stock Exchange (NSE). At its listing price, this amounts to a market capitalisation of N100.75 billion. This also marks the first new listing of a company on the NSE this year.

The company held a Facts Behind the Listing presentation after the ceremony. Present at the event where board and management of the company led by its Chairman General Yakubu Gowon (rtd).

Here are highlights from the presentation by the Group Managing Director Onajite Okoloko:

Current capacity

The plant currently has a production capacity of 15,000 metric tonnes per day of Urea, 1,000 metric tonnes per day of Ammonia, and 2,000 metric tonnes per day of NPK fertilizer.

Challenges surmounted 

Gas supply had in the last few years of operation been unstable leading to a shutdown of production. Notore is currently the only fertilizer company in the country that has control of its own gas supply. The company signed a gas supply agreement with the Eroton Production and Exploration Limited to supply enough gas for 3 or 4 new plants from OML 18.

Natural gas accounts for 80% of the raw material input required for the production of urea fertilizer.

Guide against faking 

In order to guide against faking of its products, the company distributes them through a network of trusted distributors. Only long-standing distributors are allowed to pick up fertilizer straight from the factory.

Room for growth 

Okoloko also stated that Nigeria had enough room for growth as fertilizer consumption in the country was still quite low, compared to Pakistan a country with similar geography.

Pakistan has a fertilizer consumption rate of 100 kilograms per hectare. Nigeria has a consumption rate of 8-10 kilograms per hectare. Pakistan produces 10 million metric tonnes per annum of fertilizer. Nigeria produces 1.5 million metric tonnes per annum.

Short term goals 

In the short term, the company hopes to complete a scheduled Turn Around Maintenance (TAM) of its plant by September 2019. This will enable the firm increase its capacity to increase its current production level from 1,000 metric tonnes per day to 1,500 metric tonnes per day.

$37 million was raised from a Development Finance Institution. Notore has an annual revenue target after TAM of N50 billion.

The company also plans to develop a 50-megawatt gas-fired plant and sell excess power to the national grid.

Medium term 

For its medium-term goals, the company plans to introduce new fertilizer blends and commence dredging at its jetty. Engineering design and early works have commenced on a proposed second plant.

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

Applications across Nigeria, South Africa and Kenya now open for the 2021 Facebook Community Accelerator Program

The selected leaders will spend five months learning from experts, coaches and a customised curriculum so they can strengthen their community.

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Facebook

Today, Facebook is inviting community leaders from Nigeria, South Africa and Kenya to apply for the 2021 Facebook Community Accelerator Program—a program that offers participants training, mentorship and up to $50,000 USD in funds to invest in an initiative that extends their community’s positive impact.

The aim of the Community Accelerator is to help leaders of Facebook communities to harness the power of their community to turn ideas into action. The selected leaders will spend five months learning from experts, coaches and a customised curriculum so they can strengthen their community.

Lessons include community identity foundations, leading action-oriented programmes and sustainability. Participants will also receive early access to new Facebook products aimed at helping communities better manage and activate their members.

Plan an initiative

Participants will identify an important initiative that will create a positive impact on the broader world and develop a plan to mobilise their community around their goal. Initiatives will be shared with potential partners, mentors and a panel of judges for the chance to be awarded funding and receive public recognition.

Participants will then spend three months executing their initiatives. They will collaborate with advocates and leaders in the community space and work with the Facebook team to bring their ideas to life.

Says Kiran Yoliswa, Partner Management Lead, Middle East and Africa Community Partnerships at Facebook: “Facebook communities and their leaders are helping to resolve social challenges, sharing knowledge and information, while connecting with others that share their interests or passion for a cause. We’ve seen so many incredible communities from across South Africa, Kenya and Nigeria using our platform to drive change and provide support and encouragement for thousands of people, we’re excited to offer their Facebook Community leaders this program to help amplify their impact even more.”

How to apply

Hotflex

This program is open to communities that have a presence in Facebook Groups with leaders who are 18 years or older. Communities must have existed for over one year and must have a minimum size of 1,000 members. Applications open today, May 4 – 31, 2021.

The Community Accelerator is part of our Facebook Community Leadership Program, a global initiative that invests in people building communities. Learn more and apply here.

You can find out more about the 2020 Community Accelerator cohort and those who received additional funding here.

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Business News

NIN registration: 54 million Nigerians have now enrolled – Buhari

12 million Nigerians were enrolled into the National Identity Database in the past 6 months.

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President Muhammadu Buhari disclosed that the FG has enrolled 54 million Nigerians into the National Identity Database, citing that 12 million were enrolled in the past 6 months alone and that the final aim of the scheme is to secure Nigeria’s security infrastructure.

President Buhari disclosed this in a statement on Thursday evening.

What the President said about NIN enrollment

“I am pleased with the success we are recording in the enrollment of persons into the National Identification Number (NIN) database. 54 million Nigerians have now enrolled; I am told over 12 million of these within the last six months. Our goal is total coverage.

The National Identification Number (NIN) is the foundational digital ID for the country. It will cover one of the weaknesses in our security structure. We will be able to easily identify all Nigerians, including the crooks in our midst.”

The President added that both legal residents and Nigerians are expected to obtain the NIN as it would be beneficial to government agencies to utilise resources efficiently.

In case you missed it

The Federal Government announced a further extension of the ongoing National Identification Number (NIN) registration and linkage with Subscriber Identity Module (SIM) exercises to a new deadline of June 30, 2021.

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