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Companies

Stanbic IBTC reinforces financing advisory, stockbroking and trustees credentials in the acquisition of Forte Oil shares

@stanbicibtc has leveraged its deep financial services knowledge and expertise in successfully supporting the acquisition of a majority stake in @ForteOilNg by Prudent Energy and Services Limited.

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Stanbic IBTC

As a testament to its extensive credentials as Nigeria’s leading end-to-end financial services organization, Stanbic IBTC Holdings PLC, a member of Standard Bank Group, has leveraged its deep financial services knowledge and expertise in successfully supporting the acquisition of a majority stake in Forte Oil PLC by Ignite Investments and Commodities Limited, an affiliate of Prudent Energy and Services Limited.

The deal was executed by members of Stanbic IBTC Holdings PLC, who undertook multiple roles: Stanbic IBTC Capital Limited acted as Financial Adviser and Debt Arranger; Stanbic IBTC Bank PLC acted as Lender and Underwriter, Stanbic IBTC Stockbrokers Limited acted as Stockbrokers to the buyer and Stanbic IBTC Trustees Limited as Escrow Agents.

Forte Oil, Stanbic IBTC

Forte Oil HQ

Chief Executive, Stanbic IBTC Bank PLC, Dr. Demola Sogunle, reiterated the financial institution’s commitment to delivering exceptional quality of service to its clients and its strong focus on consistently adding value to its clients’ businesses, thereby enabling them to achieve their set objectives.

Sogunle said the unmatched financial groups’ expertise, knowledge and experience in handling the end-to-end requirements of big-ticket transactions, whether in debt or equity financing were brought to bear in successfully closing the historic deal.

The Stanbic IBTC CE said the outcome is a result of 19 months of a gruelling multistage sell side process, painstaking negotiations, consultations, thorough and conscientious fulfilment of every conditional transaction traits, that are synonymous with the financial institution and which has earned it the respect of its clients.

[READ ALSO: Shareholders endorse Stanbic IBTC’s N15.36 billion dividend payout for 2018]

“We have a proven track record in this market and to this end we are keen on continuing to work and grow with our clients, leveraging on our local knowledge and international connection to deliver cutting edge solutions to meet the needs of our clients while helping to also nurture their business operations,” Sogunle said.

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Sigma Pensions

Chief Executive, Stanbic IBTC Capital Limited, Mr Funso Akere, expressed gratitude to all the parties involved in the deal, including the clients as well as every other person who worked tirelessly to ensure a seamless process – from start to close of the successful transaction.

He also recognized the teams from Stanbic IBTC Capital Limited, Stanbic IBTC Stockbrokers Limited, Stanbic IBTC Bank, Stanbic IBTC Trustees Limited and Standard Bank for their immense contributions to delivering another complex transaction within a reasonable timeframe.

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“The successful completion of this transaction is yet another validation of Stanbic IBTC’s market leadership, expertise and the high standard of service quality it provides its local and international clients as a leading end-to-end financial services organisation with leading operators in their respective spaces in the Nigerian capital market and the financial services industry,” Akere stated.

Stanbic IBTC Holdings PLC, a member of Standard Bank Group, is a full-service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management.

The group’s largest shareholder is the Industrial and Commercial Bank of China (ICBC), the world’s largest bank, with a 20.1% shareholding. In addition, Standard Bank Group and ICBC share a strategic partnership that facilitates trade and deal flow between Africa, China and select emerging markets.

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Standard Bank Group is the largest African financial institution by assets. It is rooted in Africa with strategic representation in 20 countries on the African continent. Standard Bank has been in operation for over 156 years and is focused on building first-class, on-the-ground financial services institutions in chosen countries in Africa; and connecting selected emerging markets to Africa by applying sector expertise, particularly in natural resources, power and infrastructure.

"NM Partners" represent articles published in partnerships with Corporate Organisations, Government and Non-Governmental Institutions, and other stakeholders seeking to publish content on Nairametrics. Content includes Press Releases, Targeted content, and other forms of corporate communications targeted at our readers. Some of these content are paid for.

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Companies

COVID-19, VAT, FX scarcity adversely impacted our operations in 2020 – Nigerian Breweries boss says

NB Plc’s operations in 2020 were adversely impacted by the COVID-19 pandemic, VAT increase and FX devaluation.

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Heineken scoops more Nigerian Breweries shares in insider disclosure

The management of Nigeria’s leading brewer, Nigerian Breweries Plc has revealed that its operations in 2020 were adversely impacted by the COVID-19 pandemic, VAT increase, FX devaluation and scarcity of foreign exchange.

This statement was made by the Managing Director of Nigerian Breweries, Mr Jordi Borrut Bel, at the company’s pre-AGM media briefing for the financial year-end 2020, which held in Lagos this week.

He noted that the increase in the brewer’s cost in 2020 was due to the COVID-19 pandemic which disrupted the company’s operations, as well as the increase in VAT, devaluation and FX scarcity which has put pressure on input cost.

READ: Alcoholic beverage makers on NSE lose a total N27.7 billion in a single day

The Nigerian Breweries boss explained further that the increase in cost could not be fully attributed to currency devaluation and foreign exchange scarcity.

He explained that the increase in costs of goods sold, as reported in its audited financial results, could also be linked to the increase in the volume of goods sold, as the company’s sales volume in 2020 increased by almost the same percentage as the cost of goods sold.

To deal with this challenge going forward, he revealed that the company is focused on the supply chain, and will continue to seek out ways to mitigate any of the price increases coming from FX scarcity.

READ: Brewery sector: A quarter to forget

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Sigma Pensions

The company’s profitability in question?

An analysis of the company’s result revealed that despite the 4.3% increase in net revenue from N323.00 billion recorded in 2019, to a total of N337.01 billion in 2020, the company’s profit declined significantly by 53.3% to N7.53 billion.

Speaking on this, Jordi Borrut in his statement at the press briefing noted that the brewer’s business performance in 2020 was quite impressive especially in the face of the COVID-19 pandemic and economic recession. Despite these challenges, the company maintained a strong and healthy balance sheet.

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There was a slight reduction in profitability but compared to the previous year, the business witnessed an improved growth in revenue. The significance of this is that the business became more stable and healthier,” he said.

READ: Nigeria’s triangular beer war on the rise with the arrival of Budweiser

What you should know

  • Nigerian breweries, being the largest brewer in the country, maintained its stance in terms of generating profits year-on-year. The company emerged as the only brewer to record a profit of N7.37 billion from its operations in 2020, 54.3% lower than 2019 figures (N16.1 billion).
  • From this, the leading brewer was able to pay shareholders a total dividend of N7.5 billion, translating to a dividend of 94 kobos per share – a dividend payout in which exceeds 100%.
  • While Guinness and International Breweries made a loss of N12.6 billion and N24.9 billion respectively, this reality impacted their ability to pay their shareholders dividends in 2020.

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Business News

Highest paid Nigerian bank MD/CEOs of 2020

Bank MD/CEOs in Nigeria earned a combined N1.5 billion in salaries in 2020.

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The banking sector, especially commercial banks, is one of the most profitable sectors of the Nigerian Economy churning out profits of close to a trillion in 2020 alone. They are also one of the highest employers of labours in the country employing over 93,000 Nigerians.

Sitting at the helm of affairs is the Chief Executive/Managing Director, the highest-ranking executive in the organization saddled with the responsibility of making the best corporate decisions, oversight of the execution of the organisation’s corporate strategies and most importantly increasing the shareholders’ return. The buck basically stops on their table.

Thus, these enormous responsibilities also come with a considerable executive compensation for their service making them ostensibly the highest-ranking staff of the bank.

READ: Jim Ovia: From a clerk to founder of Nigeria’s most profitable bank

In typical Nairametrics fashion, we bring to you a list of the highest-ranking bank CEOs for 2020 based on their executive compensation (exec comps). The bank MD/CEOs under our review earned over N1.5 billion in salaries in 2020.

The data was sourced from the published audited accounts of the bank and verified by Nairametrics Research.

 

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