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President Buhari finally signs Siemens electricity deal facilitated by Germany’s Angela Merkel

@MBuhari has signed the Nigerian Electrification Roadmap which was presented to him by @Siemens in November 2018. The deal was facilitated by German Chancellor, Angela Merkel last year August.

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Buhari signs Siemen's deal, Nigeria-Siemens electricity deal, Power: FG signifies financial commitment to Siemens agreement, Nigeria denies plan to hand over electricity distribution to Siemens

President Muhammadu Buhari has signed the Nigerian Electrification Roadmap which was presented to him by Siemens in November 2018. The deal was facilitated by the German Chancellor, Angela Merkel last year, in August.

The deal was signed in Abuja with the Global Chief Executive Officer of Siemens, Joe Kaeser. The agreement came months after the leading supplier of systems for power generation held several meetings and consultation across Nigeria.

[READ ALSO: Akin Alabi questions Jumia’s operating model, Jumia responded]

Siemens had also conducted electricity field observation dating back to October last year, a month after the meeting between President Buhari and the German Chancellor. According to reports, several meetings had also been held between power distribution companies, other stakeholders in the power sector and the Chief of Staff to the President, Abba Kyari, leading to today.

Speaking about the roadmap deal, President Buhari said, “Today, in partnership with the German Government and Siemens AG, we are making an important move forward in addressing Nigeria’s electricity challenge. Our goal is a simple one: to deliver more electricity to Nigerian businesses and homes.”

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Buhari’s challenge to Siemens: “My challenge to Siemens, our partner investors in the Distribution Companies, the TCN, and NERC, is to work hard to achieve the target of 7,000 megawatts of reliable power supply by 2021 and 11,000 megawatts by 2023 – in phases 1 and 2 of this initiative, respectively.

“Our intention is to ensure that our cooperation is structured under a Government-to-Government framework. No middlemen will be involved so that we can achieve value for money for Nigerians.

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“We also insist that all products be manufactured to high quality German and European standards and competitively priced.

“This project will not be the solution to ALL our problems in the power sector. However, I am confident that it has the potential to address a significant amount of the challenges we have faced for decades.

“It is our hope that as the power situation improves, we will improve investor confidence, create jobs, reduce the cost of doing business and encourage more economic growth in Nigeria.”

[READ ALSO: Pepsi acquires Pioneer Foods Group Ltd, makers of Butterfield Bread]

 

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Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: [email protected]

2 Comments

2 Comments

  1. cegisncf.com

    July 22, 2019 at 9:58 pm

    I am no longer positive the place you’re getting your information, but
    good topic. I needs to spend some time studying more or understanding more.
    Thank you for fantastic information I used to be looking for this info for
    my mission.

  2. Mr.Man

    July 23, 2019 at 5:55 am

    This is awesome news!!!, @olalekan thanks for the write up, however can we get more details into the deal.
    i wished most Nigerian youth were more interested in issues that actually have an effect on their lives.

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Companies

Unilever announces the completion of its Group legal structure

Unilever PLC has announced the completion of the unification of its Group legal structure

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Unilever Overseas increases stake in Unilever Nigeria Plc

Unilever, the parent company of Unilever Nigeria Plc, has announced the completion of the unification of its Group legal structure under a single parent company, Unilever Plc.

According to the press release issued by the company, from today, 30th November 2020 and for the first time in its history, Unilever now trades with one market capitalisation, one class of shares, and one global pool of liquidity, whilst also maintaining the Group’s listings on the Amsterdam, London, and New York stock exchanges.

What they are saying

Nils Andersen, Chairman of Unilever, said: “This is an important day for Unilever and we would like to thank our shareholders for their strong support of our Unification proposals, which gives us greater flexibility for strategic portfolio change, remove complexity, and further improve governance.

There will be no change to the operations, locations, activities or staffing levels in either the Netherlands or the United Kingdom as a result of Unification. The headquarters of Unilever’s Foods & Refreshment Division will continue to be based in Rotterdam and the Home Care and Beauty & Personal Care Divisions will continue to be headquartered in the United Kingdom.”

What to expect

This development has no impact on the going concern of Unilever Nigeria Plc, the shareholding structure, as well as the free float shares of the company on NSE, which totals 1,491,985,247 — representing 25.97% of the ordinary shares of the company issued and fully paid for by investors.

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(READ MORE: Q1 2020 Unaudited Report: Unilever Nigeria records N13.3 billion revenue) 

However, upon the completion of the unification of the Group’s Legal Structure, Unilever overseas under this structure remains in control of the 74.03% ordinary shares of the Nigerian subsidiary.

What you should know

  • For investors on the London Stock Exchange, Euronext Amsterdam, and the New York Stock Exchange, dealings in new Unilever Plc shares commenced today, as the new Unilever Plc shares will be admitted to the Premium Listing segment of the Official List of the UK Financial Conduct Authority (“FCA”) and to trading on the London Stock Exchange’s Main Market for listed securities, with the ticker “ULVR”.
  • Unilever Plc shares will also be admitted to listing and to trading on Euronext in Amsterdam under the ticker “UNA” today. It is expected that Unilever Plc ADSs will be admitted to trading on the New York Stock Exchange this afternoon.
  • Following the issue and allotment of 1,460,713,122 new Unilever Plc shares pursuant to Unification, which represent 55.56% of the total number of Plc shares, Unilever Plc’s total issued ordinary share capital today consists of 2,629,243,772 ordinary shares of 3 1/9 pence each.
  • As part of Unification, Unilever NV ceased to exist yesterday, 29 November 2020, which means there has been no dealings and there will be no further dealings in any Unilever NV securities (including Unilever NV shares on Euronext in Amsterdam).

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Companies

Flour Mills GMD purchased additional shares worth N209.29 million in 3 days

Paul Miyonmide Gbedebo acquired 7,486,719 additional shares of Flour Mills, worth ₦209.3 million in 3 days.

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Flour Mill's profit after tax increases by 16.44% in H1 2019  

The Group Managing Director of Flour Mills Nigeria Plc (FMN), Paul Miyonmide Gbededo, purchased a total of 7,486,719 additional shares of the company, worth ₦209.29 million.

According to the notifications issued between 17th and 19th of November by the company’s Secretary, Mr Joseph Umolu, the GMD purchased the ordinary shares of Flour Mills Nigeria in this order:

  • On 17th November, 1,949,839 additional shares worth N54.59 million, at a price of N28.00 per share.
  • On 18th November, 4,200,852 additional shares worth N117.62 million, at a price of N28.00 per share.
  • On 19th November, 1,336,028 additional shares worth N37.07 million, at a price of N27.75 per share.

(READ MORE: Nestlé S.A buys shares of its Nigerian subsidiary worth ₦463.46 million in a week)

This brings the total number of shares of Flour Mills Nigeria Plc purchased by the GMD to 7,486,719. The total consideration for these shares is put at N209.29 million.

What you should know

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In line with the information contained in the financial statements of the company, as of 30th September 2020, Mr. Gbedebo had a direct shareholding of 2,720,109 shares.

Hence, with the 7,486,719 additional units acquired, his total shareholding now stands at 10,206,828 shares, which is worth N285.79 million at the current share price of N28.00.

What this means

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The purchase of the shares of Flour Mills Nigeria Plc further cements Mr. Paul Gbedebo’s position as one of its majority shareholders.

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Companies

ValuAlliance distributes value fund of N10 per unit for H1, 2020

ValuAlliance Value Fund has declared the distribution to unit holders, the sum of N10.00/unit for the financial year ended June 30, 2020. 

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ValuAlliance distributes value fund of N10 per unit for H1, 2020

ValuAlliance Value Fund (“Value Fund” or the “Fund”), formerly called the SIM Capital Alliance Value Fund, has declared the distribution to unit holders, the sum of N10.00/unit for the financial year ended June 30, 2020.

This is according to a notification by the firm, sent to the Nigerian Stock Exchange market and seen by Nairametrics.

The latest distribution indicates a decline of N1/unit when compared to its distribution in the corresponding period last year.

READ MORE: SEC reinstates DEAP Capital’s Board

The key highlights of the recent notification include:

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  • Annual General Meeting Date: 21st December 2020
  • AGM Venue: 33A Alfred Rewane (Kingsway) Road, Ikoyi, Lagos, Nigeria
  • Proposed Distribution: ₦10/unit
  • Qualification Date: 9th December 2020
  • Closure of Register Date: 10th December 2020
  • Payment Date: 23rd December 2020

READ: Exxon Mobil to cut 14,000 jobs as pandemic hit oil demand, prices

What you should know

  • The Value Fund is a closed-end Fund registered and regulated by the Securities and Exchange Commission (SEC), whose units are listed on the main board of the NSE.
  • The Value Fund for the year ended June 30, 2020 achieved a growth of 2.83% Year-on-Year, with a cumulative return of 125.32% since inception, which translates to a 9-year Internal Rate of Return (IRR) of 12.06%.

Explore Data on the Nairametrics Research Website

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