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Business News

Ellah Lakes Plc lists fresh 1.8 billion shares on the NSE

Ellah Lakes PLC, a leading Agribusiness company, earlier today listed an additional 1.880 billion ordinary shares of 50 kobo each on the Nigerian Stock Exchange.

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Ellah Lakes Plc - nairametrics

Ellah Lakes PLC, a leading Agribusiness company, earlier today listed an additional 1.880 billion ordinary shares of 50 kobo each on the Nigerian Stock Exchange.

According to a statement signed by Elizabeth Ekpo, representative of the NSE’s Head of Listings Regulations Department, the additional 1.880 billion shares were issued to the shareholders of Telluria Limited which was recently acquired by Ellah Lakes Plc.

“Dealing Members are hereby notified that additional 1,880,000,000 ordinary shares of Ellah Lakes Plc (Ellah Lakes or the Company) were listed on the Daily Official List of The Nigerian Stock Exchange today, 17 June 2019.

“The additional shares listed arose from the 1,880,000,000 ordinary shares of 50 Kobo each issued to the shareholders of Telluria Limited, as consideration for the acquisition of the entire issued shares of Telluria Limited by Ellah Lakes.”

Backstory: Recall that late last week, Nairametrics had reported the acquisition of Telluria Limited by Ellah Lakes Plc. The hundred percent acquisition was carried out with the hope of enabling Ellah Lakes Plc to broaden its business by venturing into diverse fields such as oil palm cultivation, production, and processing as well as its derivative products. Prior to this time, the company had only focused solely on fish farming/processing.

Breakdown of the listing: In addition to Ellah Lakes‘ existing ordinary shares of 120 million, the newly listed shares of 1.88 billion bring the company’s total issued and fully paid up shares to 2 billion ordinary shares.

The deal is expected to return Ellah Lakes to the path of profitability after the company recorded a Loss After Tax of N10.788 million for the financial year ended 31st July 2018.

Details of Expansion Plans: According to Ellah Lake‘s Managing Director, Chuka Mordi, who spoke to CNBC Africa following the Facts Behind the Listing, the company has an aggressive growth target to meet in the next 18 to 24 months.

“We are quite certain we can meet these aggressive growth targets. We’ve bought into the growth story of agric business and agric sector in Nigeria. We are very much encouraged by the governments of Edo State, Delta State and their respective governors and CBN policies, which have been very useful in this particular sector we are in.

“We have a target of, over the next 18 months, 10,000 hectares. We intend to establish an oil mill and then go on to refining…so the plan is to go on from low-value end of crude palm oil to the high-value end of processed palm oil.”

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Ronald Adamolekun is a creative writer with proficiency in journalism, financial reporting, financial analysis and imaginative writing. However, his core competency lies in fiction and short story writing as well as feature writing. He is a graduate of English and Literature from Covenant University, Ota, Nigeria.

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Appointments

Standard Bank Group appoints Yinka Sanni as new Chief Executive of Africa Regions

Yinka Sanni has been appointed as Standard Bank Group’s Chief Executive of Africa Regions.

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Stanbic IBTC declares N10.4 billion interim dividend

The Standard Bank Group has announced the appointment of Yinka Sanni as the new Chief Executive of Africa Regions.

This announcement was made by the Group in a post shared via its official LinkedIn account. The bank revealed that Sanni will be replacing Sola David-Borha who is retiring after 31 years of distinguished service to the group.

His appointment will play an integral role in driving the growth of the Standard Bank Group in Africa further in the years ahead.

He is expected to build on the work of David-Borha, a renowned professional who played a key role in growing the Group’s Africa Regions portfolio in terms of capacity, market share and contribution to the group’s headline earnings.

What you should know

  • Yinka Sanni is a Fellow of the Chartered Institute of Stockbrokers of Nigeria.
  • He has served in key positions within the Stanbic Group, as the Chief Executive of Stanbic IBTC Holdings PLC, Chief Executive of Stanbic IBTC Bank PLC, Deputy Chief Executive of the Bank and Executive Director, Corporate & Investment Banking of the Bank.
  • He was also the pioneer Chief Executive, Stanbic IBTC Pension Managers Limited and the pioneer Chief Executive, Stanbic IBTC Asset Management Limited.

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Corporate Press Releases

P2P crypto marketplace, Bitzlato (BZ) partners with Lemonade Finance to ease money transfers across Africa

The partnership will enable users on the BZ platform to buy and sell bitcoins and other cryptocurrencies on the marketplace at zero cost.

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Bitzlato (BZ), the latest P2P Crypto Exchange to enter the African market, has added Lemonade.Finance, a borderless payment platform for Africa, as a payment method to its platform.

Lemonade Finance provides 100% digital payment experience for Africans to seamlessly participate in the global economy from anywhere in the world without any hassle or regardless of where they are from.

The partnership will enable users on the BZ platform to buy and sell bitcoins and other cryptocurrencies on the marketplace at zero cost.

Users in Nigeria will now be able to send Nigerian Naira (NGN) to MPESA at 0% transaction fee.

Speaking about this partnership, Ridwan Olarere, CEO, Lemonade Finance, said:

“We are excited to partner with such an innovative company like Bitzlato to connect more Africans through payment. Many Africans living on the continent face many difficulties when making payments as remittance companies charge high fees and are time-consuming. We are now providing our users with a cost-effective way of sending money to Ghana, Kenya, Uk and Europe.”

Commenting on the opportunities this provides to crypto traders on the BZ platform, Mike Lunov, CEO, BZ, said:

“This partnership will provide a much-needed gateway that enables the markets we serve to seamlessly interact with each other in a borderless and open environment. We seek to break the barriers that presently exist for cross border transfers and enable our users to generate value through the opportunities that accrue from cryptocurrencies trading. The innovation exhibited by the Lemonade platform, and the brilliance of its team assures users of top-notch, secure and reliable transfers going forward.”

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According to BZ, during the first month, BZ will refund commissions in manual mode while using Lemonade Finance, but this will be automated at the end of this period.

Following this partnership, BZ is now looking to partner with merchants in the crypto space especially in Nigeria, Ghana, South Africa that have a steady flow of Nigerian Naira (NGN) to increase liquidity on the platform.

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Take advantage of the new Lemonade Finance payment method on BZ, which offers zero transactional fees for money transfers from Nigeria into Kenya. Sign up on BZ and start trading crypto easily today.

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