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BRT operator, Primero lists N16.5 billion bond on the NSE

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Blue BRT Takeover: How Primero is transforming Nigeria’s transportation system, COVID-19

The Nigerian Stock Exchange has approved the Listing of Primero BRT Securitization SPV Plc’s N16,500,000,000 Series 1, 17% Fixed Rate Bonds Due 2026. The bond is listed under the N100,000,000,000 Medium Term Bond Program via Offer for Subscription. 

Dunn Loren Merrifield Advisory Partners; Greenwich Trust Limited; and SCM Capital Limited advised on the deal. 

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The company aims to use the funds raised from the sale of the bonds to finance its operations. Primero Transport Services Limited provides transportation services for Lagosians under its Bus Rapid Transport scheme (BRT). The company set up a Special Purpose Vehicle “SPV” Primero BRT Securitization SPV Plc which raised the bonds on its behalf. By listing the bond on the Nigerian Stock Exchange, investors can buy and sell it at a market-determined price.  

Deep diveBlue BRT Takeover: How Primero is transforming Nigeria’s transportation system

Plans of listing: In a chat with Nairametrics earlier in the year, the CEO of the company Fola Tinubu revealed the company has gone from a monthly revenue of N50 million in 2015 to more than N600 million in 2017. The average income generated per month is currently estimated at N1 billion. Tinubu also revealed that plans were underway to list the company’s shares on the Nigeran Stock Exchange in 2 years’ time. 

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“Do we want to be quoted on the Nigerian Stock Market? Yes. We will be going to the Nigerian Stock Exchange probably by the end of next year. This is because the rule is that you need to have been in operation for four years before you can go to the market so that people will know your track-record and see what you’ve done and how you’ve done it. So, by the third quarter of 2019, we will be preparing to go to the market. And hopefully, by the first quarter of 2021, we will be quoted on the Nigerian Stock Exchange.” 

Primero Transport Services commenced operations in 2015 and has over 400 buses plying several routes in Lagos. The company informed Nairametrics of plans to increase its fleet of buses by 300 and to 2000 in Lagos in the next few years. It is also exploring plans to expand operations to other states in the country.  

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Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

1 Comment

1 Comment

  1. Anonymous

    November 5, 2019 at 7:32 am

    when can I get the bond form

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Corporate deals

Just in: Access Bank acquires Zambian Cavmont Bank Ltd

The statement from Access Bank says that the deal is a highly complementary transaction.

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Access Bank, Scam Alert: Access Bank issues warning to customers over fraudulent acts , Director, West Africa region, IE, Onyekachi Eke, Access Bank lists N30 billion bonds on NSE , Access Bank, Zenith Bank Plc, Access Bank Plc and United Bank for Africa Plc, Zenith Bank Plc, Access Bank Plc and United Bank for Africa Plc, A new BVN guideline to curb e-fraud is coming soon - CBN announces , Access Bank donates 66 laptops to children in underserved communities, Access Bank postpones closed period for 2019 Year-End financial statement, Access Bank dispels rumour about its CEO being arrested, Access Bank set to establish subsidiary in Cameroon after acquiring Kenyan bank, Access Bank finally acquires Kenyan bank, Transnational Bank Plc, Herbert Wigwe: We are clamping down on malaria with the Malaria-To-Zero Initiative, Access Bank to list N15 billion green bond on Luxembourg Stock Exchange 

Nigeria’s tier-1 bank, Access Bank Plc, has through its Zambian subsidiary agreed to acquire Cavmont Bank Ltd, a subsidiary of Cavmont Capital Holdings Zambia Plc (CCHZ) and the subsequent merger of Cavmont Bank’s operations into that of Access Bank Zambia.

The proposed transaction, which is still subject to relevant shareholder and regulatory approvals, will position the enlarged Access Bank Zambia as one of the top 10 banks in Zambia and create the momentum to advance its strategic objectives.

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The disclosure was made in a notification sent to the Nigerian Stock Exchange (NSE) by Access Bank and signed by its Company Secretary, Sunday Ekwochi, on Thursday, August 6, 2020.

The statement from Access Bank says that the deal is a highly complementary transaction, which combines Access Bank Zambia’s wholesale and trade finance capabilities with Cavmont Bank’s retail and commercial banking operations.

Customers from the enlarged bank are expected to benefit from greater security offered by what will be one of the most capitalized banks in Zambia with a more diversified product and service offering and a broader geographical footprint and infrastructure.

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Details later…

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Appointments

Nnaemeka Ewelukwa assumes office as new MD/CEO of NBET

Dr, Eweluka replaced the sacked Dr. Amobi as NBET Chief before full assumption in August 2020.

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Dr Nnaemeka Ewelukwa has assumed office as the new Managing Director/Chief Executive Officer of the Nigerian Bulk Electricity Trading (NBET) Plc. This was announced earlier today by the Federal Government of Nigeria.

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The Backstory: In December 2019, the former CEO of NBET, Dr Marilyn Amobi, was suspended by Nigeria’s Minister of Power. This followed a series of complaints made against Dr Amobi who was appointed to the position in 2016. Following her sack, the Minister of Power also noted that he was seeking to bring sanity back to the system. A committee was also set up to investigate the many complaints against the former NBET CEO.

“In view of this, the minister has also directed the Constitution of a 5-man investigative committee to look into the myriads of complaints against the MD/CEO (of NBET) with the view of restoring sanity in the management of the company. Consequently, she is to handover to the most senior director in the organisation,” a statement issued by Aaron Artimas, the spokesman of the Minister of Power had read.

Interestingly, President Muhammadu Buhari reinstated Dr Amobi in January this year, but then finally sacked her later in June. Now, Dr, Eweluka, who was earlier announced as Amobi’s replacement, has now taken over.

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Before now, Eweluka was appointed the General Counsel and Company Secretary of NBET in march 2012. He has also served as a Technical Adviser with the Presidential Task Force on Power (PTFP) where he was a member of the Regulatory and Transactions Monitoring Unit.

He graduated with an LLB from the  University of Nigeria Nsukka, an LLM in International Business Law from the London School of Economics and a PhD from Queen Mary, University of London.

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Companies

Africa’s largest telecoms firm, MTN, to divest from its Middle East operations

The MTN Group is in advanced talks to sell its stake in MTN Syria to the minority shareholder.

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MTN $2 billion tax case

Africa’s largest telecoms firm, the MTN Group, has announced its plans to exit the Middle East. This is part of the wireless carrier’s strategic plan to shift focus entirely to its home continent, Africa.

The mobile operator said that as part of its medium-term strategy, it will be leaving the Middle East, starting with the sales of its 75% stake in MTN Syria. Overly reduced revenue from war-torn Syria and the complex nature of the operating environment in the country are part of the reasons MTN is divesting.

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READ MORE: MTN seeking to sell stake in Jumia Technologies AG

MTN’s Chief Executive Officer, Rob Shuter, noted during a conference call with reporters, that “the Middle East environment is becoming increasingly complex and it contributes less to the group’s earnings.’’

Shuter disclosed that the disposals in the Middle East region will be done in a phased manner, with its 3 consolidated subsidiaries in Yemen, Afghanistan, and Syria earmarked to be sold first. These markets only contribute about 4% to the group’s earnings before interest, depreciation, taxation, and amortization.

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READ ALSO: Why MTN is being dragged to court by families of American soldiers 

The MTN Group is in advanced talks to sell its stake in MTN Syria to the minority shareholder, TeleInvest, who has 25% stake in the firm, according to the CEO. He believes that the telecoms firm is better served to focus on its Pan-African strategy and simplify its portfolio by leaving the Middle East region in an orderly manner.

In the medium term, the group will also dispose of its 49% stake in MTN Irancell, one of its largest markets.

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The South African firm plans to exit the entire portfolio in time, which will then leave it with 17 subsidiaries in Africa.

Just yesterday, Nairametrics reported about MTN’s plan to sell its stake in Jumia Technologies. MTN will also be divesting from telecommunications infrastructure firm, IHS Towers. The divestments from Jumia and IHS Towers were informed by the decision to raise funds in order to reduce MTN’s debts. It will also help the company to refocus its operations.

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