Saudi Aramco, the state-owned Saudi Arabian oil company that was recently-adjudged the most profitable company in the world, has again delayed its Initial Public Offering (IPO) which was initially scheduled to take place last year.
According to Bloomberg, the latest delay stemmed from investors’ doubt over the company’s $2 trillion valuation. In view of this, a two-week postponement of the IPO “will allow the array of Wall Street bankers advising Aramco to incorporate third-quarter results in their pre-IPO assessments of the company…”
In the meantime, the company said IPO would be dependent on market conditions, even as it continues to engage with shareholders concerning the listing.
Saudi Aramco was declared the most profitable company in the world after it published its financial results for the first time, disclosing that it made $111 billion in profits back last year. While this came as a surprise to many people around the world, it is important to note that Saudi Aramco is single-handedly responsible for pumping 10% of the world’s crude oil output. This should, understandably, accounts for a lot of returns.
Consequently, investors around the world have long been excited about the IPO. However, they have also expressed doubt over the company’s valuation. As a matter of fact, even analysts have expressed their doubts as well, arguing that a $2 trillion valuation for the company is rather an expensive projection. This scepticism has been blamed for all the delays that have faced the IPO ever since it was announced in 2016 by Crown Prince Mohammed bin Salman.
The company is determined to go on with the IPO despite these setbacks, including a major attack on its facility last month. There are indications that 2% of Saudi Aramco will be sold during the IPO, with as much as $40 billion raised.
[READ ALSO: Afreximbank discloses plan to list via IPO]
A challenge for the NNPC: Again, it is important to reiterate that Saudi Aramco is a state-owned oil company just like the Nigerian National Petroleum Corporation, NNPC. When compared, one cannot but wonder why the NNPC is not as profitable as its counterpart in the Saudi deserts. The truth is, the NNPC has the potential to be just as great. Therefore, it should challenge itself to be so that someday soon, we will be talking about its plans to raise billions of dollars through an IPO on the NSE, the NYSE, and the LSE.
Peter Obaseki retires as Chief Operating Officer of FCMB Group Plc
Mr Peter Obaseki, the Chief Operating Officer of FCMB Group has retired from the financial institution.
The Board of Directors of FCMB Group Plc has announced the retirement of Mr. Peter Obaseki, the Chief Operating Officer of the financial institution, with effect from March 1, 2021. He was also an Executive Director of the Group.
His retirement was approved at a meeting of the Board of the Group on February 26, 2021. This has also been announced in a statement to the Nigerian Stock Exchange (NSE) by the financial institution.
The Chairman of FCMB Group Plc’s Board of Directors, Mr Oladipupo Jadesimi, thanked Mr. Obaseki for his valuable service and excellent support to the Board for many years.
FCMB Group Plc is a holding company divided along three business Groups; Commercial and Retail Banking (First City Monument Bank Limited, Credit Direct Limited, FCMB (UK) Limited and FCMB Microfinance Bank Limited); Investment Banking (FCMB Capital Markets Limited and CSL Stockbrokers Limited); as well as Asset & Wealth Management (FCMB Pensions Limited, FCMB Asset Management Limited and FCMB Trustees Limited).
The Group and its subsidiaries are leaders in their respective segments with strong fundamentals.
For more information about FCMB Group Plc, please visit www.fcmbgroup.com.
Deezer accepts payment in Naira amid stiff competitions with Spotify, Youtube music, Apple music.
Deezer has gained quite a reputation in Nigeria, as it slashes its subscription fee and now accepts payment in Naira.
Deezer slashes subscription fee and now accepts payment in Naira amid stiff competitions with Spotify, Youtube music, Apple music.
Deezer, the French music streaming platform that has gained quite a reputation in Nigeria has slashed its subscription fee and now accepts payment in Naira.
This is coming a few weeks after Spotify launched in Nigeria and 38 other new markets in Africa.
The competition in the Nigerian music streaming space is getting hotter by the day. More music streaming platforms are entering the Nigerian market with better payment methods and cheaper pricing, thereby forcing existing players to slash their prices so as to hold on to their customer base
Launched in 2007, Deezer currently connects over 16 million monthly active users around the world to 73 million tracks.
Before now, Deezer’s subscription was rated at $4.99 (₦1,800) for premium customers and the family plan for ₦2,700.
This number has been slashed in half. The music platform now charges ₦900 ($2.36) for Deezer Premium, ₦1,400 for Deezer HiFi and ₦1,400 ($3.67) for Deezer Family Plan.
Other streaming players in Nigeria like Apple Music, Spotify, Youtube music, Boom Play, Audiomack and Soundcloud have also slashed their prices.
For YouTube Music, the monthly individual subscription costs ₦900 while a family plan costs ₦1400 ($3.67).
Spotify Premium cost ₦900 per month in Nigeria. The Premium Family plan goes for ₦1,400 for up to 6 family members.
Apple music charges ₦450 per month for students, ₦900 per month for Individual plan while the Family plan goes for ₦1,400 for up to 6 family members.
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