Merry Christmas to you and welcome to our last Corporate News Roundup before 2023. How are you celebrating your holidays?
Well, the week leading up to Christmas was a little dull for corporate Nigeria. And that’s understandable, given that many companies were already shutting down and getting into Christmas mode.
Nonetheless, there were some interesting developments during the week. It’s now time to look back at some of them.
Some deals news…
Let’s start with the news about Rand Merchant Bank’s commercial paper. Nairametrics reported that the FMDQ Securities Exchange Limited admitted the bank’s N0.55 billion Series 3 and N1.81 billion Series 4 commercial papers.
The commercial paper will help guarantee sustained business operations for Rand Merchant Bank amid the current challenging economic environment. Specifically, the company will utilise all the funds realised from the CP to support its short-term working capital and funding requirements.
Fund for Export Development in Africa (FEDA), a subsidiary of Afreximbank, announced that it has received internal approval to acquire a strategic minority stake in Geregu Power Plc.
Nairametrics understands that through its investment in Geregu Power, FEDA will support the business as a minority investor and work with the current owners and management team to drive the expansion of the business over the next few years.
Shell settles oil spill dispute
Shell Petroleum Development Company (SPDC) Nigeria said it will pay €15 million to three communities in Nigeria to settle an oil spills dispute.
The decision to settle with the above-mentioned amount followed a court case filed against the oil company at the Court of Appeal of The Hague. At the end of the trial, the company was found guilty and was ordered to pay for damages to farmers.
Nigerian firm readies to produce vaccines
Biovaccines Nigeria Limited said it will commence production of vaccines before the second quarter of 2023. Nairametrics reported that the company, which is a joint venture between May & Baker Nigeria Plc and the government, has already secured a site in Ota where the factory will be situated.
In the meantime, the company is waiting for some processes to be activated, coordinating with its funding and technology partners whilst investing in research and development to identify and introduce innovative products that would address the health challenges of Nigerians.
Nigeria’s best commercial banks
A special report by Nairametrics highlighted the top commercial banks in the country as of Q3 2023 including – Access Holdings, FGN Holdings, FCMB, GTCO, Jaiz Bank, Stanbic IBTC, Sterling Bank, UBA, Union Bank, Unity Bank, WEMA Bank and Zenith Bank.
The best banks were determined based on seven key metrics namely Asset growth, PAT growth, Loan growth, Deposit growth, ROAE, Cost to income, and share price growth.
Last week, Thomas Wyatt led top gainers on the Nigerian Exchange. As the biggest gainer for the week, the company’s stock recorded a 42.11% increase week on week, closing with a share price of N0.81.
Other top gainers include Royal Exchange, Champion Breweries Plc, Ardova Plc and Custodian Investments Plc.
Bolt hikes cab fares
Nairametrics also reported that the e-hailing company, Bolt, has significantly increased the cost of cab rides on the platform. The company explained that the increase was due to the Christmas season which has driven up demand.
The increase in fares is most noticeable in locations like Quilox, Ikeja City Mall, House on the Rock Church, Oyingbo Market, Tejuosho Market, and several others, which have had increased trips from riders.
Flutterwave Chief Executive Officer, Olugbenga Agboola, has highlighted three factors that will help Africans to leverage digital transformation for inclusive and sustainable development. The factors are payment, commerce and logistics.
The CEO stated this during a panel session organised by the Carnegie Endowment for International Peace in Washington, as part of the activities marking the recently-held US-Africa Leaders Summit 2022.
Appointment news
In appointment news, Berger Paints Nigeria Plc announced the appointment of Engr. Celestine Aruoture as Chief Operating Officer of the company.
Celestine has experience in strategy development, budgeting, financial analysis, building operation & maintenance, project management, stakeholder management, business continuity management and operational efficiency.
ARM Labs Lagos Techstars Accelerator announced the appointment of Oyin Solebo as its pioneer managing director.
Oyin Solebo is an entrepreneurial leader with an investment management background. She holds an Executive MBA (with distinction) from the London Business School and an Economics degree from the London School of Economics.
