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Flour Mills plans to issue N20 billion fixed rate bonds 

Flour Mills of Nigeria Plc just announced a planned issuance of a N20 billion medium-term bonds which will be subject to appropriate pricing.

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Flour Mills plans to issue N20 billion fixed rate bonds

Flour Mills of Nigeria Plc has announced its plan to issue a N20 billion medium-term bonds, which is subject to appropriate pricing.

In a statement to the Nigerian Stock Exchange, the maker of Golden Penny spaghetti said that the proposed issuances are expected to be senior unsecured fixed-rate bonds. The statement went further to disclose that the bonds would have tenors of three years and five years, respectively.

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The latest issuance is part of Flour Mill’s previously approved N70 billion issue programme. The company said it had begun the process of getting the needed approval from the Securities and Exchange Commission so that the issuance could take effect.

Flour Mills intends to use the proceeds from the bond issuance to do three important things, including refinancing its existing short-term debt, increase the efficiency of its balance sheet, and ultimately increase the wealth of the company’s shareholders.

Please note that senior unsecured bonds guarantee bondholders a quick payout in the event of default, even though there is usually no specified collateral guaranteeing them.

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[READ MORE: PenCom seeks bonds to clear N400 billion arrears as retirees groan)

Also, note that a fixed rate bond is a long-term debt paper that carries a predetermined interest rate. The interest, which is otherwise known as coupon rate, is payable at specified dates.

Flour Mills of Nigeria Plc is the most-capitalised flour manufacturing company on the Nigerian Stock Exchange, following the acquisition and eventual delisting of Dangote Flour Mills Plc. The company’s market capitalisation stands at N94.3 billion, using its current share price of N23.

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Incorporated in September 1960, the company engages mainly in flour manufacturing although it has interests in agro-allied and logistics support.

Nairametrics reported that the company’s condensed consolidated and separate interim financial statements for the half-year period ending September 2019 showed a 16% increase in profit after tax.

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Patricia

Emmanuel covers the financial services sector for Nairametrics. Do you have a scoop for him? Well then, contact him via his email- [email protected]

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Tech News

Gokada writes emotional farewell to their murdered CEO

Fahim Saleh was murdered in his New York City luxury apartment by a killer yet to be identified.

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Gokada said in a statement earlier today that all its staff members are saddened about the very tragic and sudden death of the company’s founder and Chief Executive Officer, Fahim Saleh.

The brief statement, which was issued via the company’s official Twitter handle, also described Fahim as a great leader who was a positive light and a source of inspiration to everyone at Gokada.

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The way forward: The statement further noted that while Fahim Saleh will be missed forever, the rest of the Gokada team and management will ensure that his vision lives on. To this end, changes to the company’s management will be communicated in due course.

“We are deeply saddened to inform you about the sudden and tragic loss of our founder and CEO, Fahim Saleh. Fahim was a great leader, inspiration and positive light for all of us. Our hearts go out to his friends, family and all those feeling the pain and heartbreak we are currently experiencing, here at Gokada.

“Fahim’s vision and belief in us will be with us forever, and we will miss him dearly. Thank you for understanding as we get through this. All updates and changes will be communicated with you, as it unfolds. Forever in our hearts,” the statement said.

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The backstory: Fahim Saleh, whose decapitated and dismembered body was found by his sister in his New York City apartment, yesterday, came to Nigeria with an innovative idea that transformed the motorcycle transportation business in Africa’s biggest city.

Founded in 2018, Gokada was adjudged one of the most innovative startups in the country, even as it raised millions of dollars in funding. Fortunately or unfortunately, the venture’s plan was forced to change earlier this year when the Lagos State Government issued a directive banning commercial motorcycle in major parts of the Lagos Metropolitan area.

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An earlier report by Nairametrics about Saleh’s murder detailed how CCTV cameras showed his alleged killer following him into his apartment. The two struggled at some point, as Saleh apparently tried to wrestle with his assailant. Investigators now believe that the killer left the building through a service entrance, after killing and decapitating then dismembering the techpreneur with an electric saw which was later found at the scene of the crime.

Note that Saleh’s sister had gone to the apartment to check on him because she had tried abortively to contact him after one whole day.

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Obituaries

Farewell: Fahim Saleh, a Techpreneur with a difference

As a teenager, Fahim self-schooled himself on coding and started developing apps.

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Gokada Founder Fahim Saleh murdered in New York apartment

The news of Fahim Saleh’s tragic death has struck raw nerves across several parts of the world. Not only is the techpreneur known for his exploits in the African techspace, his name is now associated with innovation, the same innovation he once said is all about shortening processes and eliminating middlemen.  

Born in Saudi Arabia to Bangladeshi parents, Fahim lived with his family in the Middle East for a while before they started moving around. They eventually settled in New York as immigrants. It was here, in New York, that he had his education. As a child, he would spend hours in hiding playing video games. This soon spurred his interest in technology.  

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Fahim built his first websiteSalehfamily.com before he turned 15, and it was hosted on AOL Hometown. When his parents threw family parties, his father would encourage relatives to visit the website. This ‘marketing strategy’ helped the young boy to garner an average of five unique visitors to his website on a monthly. Although this was laughable, Fahim was very encouraged. 

Quite naughty as a youngster, young Fahim would often go out to play and end up using rocks to scratch people’s cars. He recalled that his moment of awakening came when his actions caused his parents to spend one-third of the family savings, to fix one of the damaged cars.  

 “I remember that night vividly; my Mom was crying because our only option would be to move back to Bangladesh. Luckily, the next day my Dad got an offer from a university to teach computer science, he later recalled. 

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Even then, Fahim decided that he needed to start making some money for himself. As a teenager, Fahim self-schooled himself on coding and started developing apps. He was quite a boisterous and lively teenager, and apps soon became a means of expressing this. He built teen-hangout.com, at age 15, a social network which many have now described as “too-early-for-its-time”.  

He made some pennies from it, enough to encourage his efforts. He would ask his friends to publish articles on it, and it soon became a community-oriented blogging forum, allowing him to place ads and generate $2-$3 a month through his trial and error approach.  

“That showed promise that it could actually be successful and I could make money off this” he later said. 

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His first company in high school generated over one million dollars in revenue. He created websites targeted at the young demographics such as AIMdude.com, iconfun.com, msndollz.com, icondude.com, and was generating $100k-$150k in profit from such websites. One of his websites was later sold on eBay for $2,000.  

“I would stay up super late, work on it and would be worried my Dad would catch me. He thought it would hinder my schoolwork, which it didn’t. Then, I got my first paycheck from Google for $500 as a teenager and showed it to my Dad. He was like, ‘Okay, let’s open an account,” Saleh recounted in an blog post 

After college, he taught himself how to program and started KickBack Apps, garnering over twenty-million downloads. By the time he graduated from Bentley University in Waltham, Massachussettswhere he studied Computer Science and Engineering (CSE), he created an app – PrankDial, for the purpose of making prank telephone calls. A recent tweet showed that the app had successfully executed over 300 million prank calls since 2010 

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He realised early that for busy commercial cities in the world, where workers were always in a hurry to get to work, that a bike hailing service would bring some sort of ease into the system, and this fuelled his interest in starting a bike-hailing service or a motorcycle taxi.  

In 2015, he co-founded Pathao with Hussain M Elius and Shifat Adnannow said to be the largest bike-hailing service in Dhaka Bangladesh The company later pivoted into logistics and food deliveries, and is valued to be worth over $100 million. Encouraged by the success of the company, Saleh went solo and founded Gokada.  

Gokada started operating in Lagos (arguably the busiest state in Nigeria) in 2017 and raised $5.3 million in venture capital in June 2019. This sum, Saleh had said, would help the company expand its fleet and offer goods and services to its drivers.  

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The company raised even more funding in subsequent rounds and was set to break even by January 2020, until the Lagos state government ban of bike hailing across thousands of roads in the state, affected its operations.   

His LinkedIn profile reveals that the 33-year-old has over 15 years entrepreurial experience dating back to high school. Fahim is also an active investor in emerging markets, investing first in Colombia’s largest motorcycle ridesharing company – Picap, recently valued at $15 million. 

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A sad end! 

Late Tuesday afternoon (New York time), the dismembered body of a young man was found in luxury apartment on Manhattan’s Lower East Side.  

Officials later confirmed this body as belonging to that of the 33-year old Saleh.  

The homicide investigations are still on, but the Police Department says that they are yet to find any motive for the gruesome murder of techpreneur, and dismembering the body with an electric saw.  

The building was a 10-story, glass-and-brick structure at 265 East Houston Street near Suffolk Street, with condos in the area estimated to fall within an asking price range of $2 million to $2.5 million. Most of the residents are said to be well-off professionals in their 30s and 40s. 

Saleh clearly had no idea about what was coming his way, and had even tweeted in June “Have a very good feeling about 2020”. 

Whatever else this is, it represents a sad end for a man who changed the bike-hailing service across several locations and countries. He had once said in an interview that he had plans of creating a club where bike riders could relax after work.  

We’re going to start a Gokada club in each of the cities with a restaurant where drivers can relax, and we’ll experiment with a Gokada Shop, where drivers can get things they need on a regular basis, such as plantains, yams and rice,” he had said.  

According to friends, his was a simple lifestyle. He ran every morning, kept a busy schedule of meetings, collected tech gadgets and lived alone with Laila, his little dog.  

His social media postings were usually entrepreneurial, tech-inclined or about his brands, and his last tweet was a survey to find out how trustworthy the Gokada brand is in comparison to other brands. 

 

 

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Hospitality & Travel

FAAN condemns fmr Gov. Yari misconduct at Kano International Airport

it is mandatory for all VIPs to comply with public health procedures to contain COVID-19 across airports.

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Lagos International Airport to get two terminals - FG 

The management of the Federal Airports Authority of Nigeria (FAAN) has strongly condemned the conduct of the former Governor of Zamfara State, Alh. Abdulaziz Yari, for blatantly violating the Public Health procedures (COVID-19) on travels at the Malam Aminu Kano International Airport.

This was disclosed in a statement issued by the agency on Wednesday. The former governor reportedly refused to adhere to the protocols and procedures implemented by FAAN while travelling on Saturday 11th, July 2020.

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FAAN disclosed that he reportedly refused to adhere to the protocols by forcefully pushing away an officer of the Environment Department when he insisted that his luggage must be disinfected.

It stated, “The former Governor said the officer should have known he is a VIP. This irresponsible act endangers all other airport users, it is unacceptable, and as such it has been duly escalated.”

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Back story

Last week, Minister of Aviation, Hadi Sirika, during Monday’s briefing of the Presidential Task Force (PTF) on COVID-19, explained that it is mandatory for all VIPs to comply with public health procedures in place to contain COVID-19 across airports.

While speaking on the new procedures during this COVID-19 era, the minister said that mandatory temperature and symptoms checks will be carried out at the airport terminals and frequent washing of hands should be done at the airports.

He said, “Face masks must be worn at all times inside the airport and airplane and anyone who does not do that will not be allowed inside the airport terminals.

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“Physical distancing will be maintained at all times just as unruly passengers will not be allowed to board the aircrafts or fly as no pilot will be allowed to fly a plane carrying an unruly passenger.”

FAAN warns

Going forward, the agency warned that all airport users, especially esteemed VIPs , should respect the Presidential directive by observing the Public Health travel protocols put in place to protect all air travellers against infection and the spread of the COVID-19 pandemic.

 

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