Interswitch expands operations, acquires majority stake in eClat Healthcare 

Interswitch expands operations, acquires majority stake in eClat Healthcare 

Interswitch Group announced yesterday via LinkedIn that it had acquired majority stakeholding in eClat Healthcare Limited.
Transcorp, Quest lead Afam Genco, Yola Disco bids 

Transcorp, Quest lead Afam Genco, Yola Disco bids 

Transcorp Power Consortium and Quest Electricity Nigeria have won bid prices for the Afam Electricity Generation Company at N105.3 billion
Seplat Petroleum

UPDATE: Seplat Petroleum acquires Eland Oil & Gas

Seplat Petroleum Development Plc has just announced that it will be acquiring Eland Oil & Gas, following agreements by the companies' boards of directors.
uber dara

Uber is acquiring a grocery delivery startup  

Uber has announced that it will be acquiring a grocery delivery startup, Cornershop. The company made it known that it is expecting its acquisition of a majority ownership stake in Cornershop in early 2020.
Quoted Companies post N4.2 trillion combined profits since 2015, Stockbrokers in Lagos are shifting focus to commodities as stocks underperform

Top 10 Stockbroking firms on the NSE in Q3 2019 

The top ten (10) stockbroking firms on NSE recorded the largest values and volumes of stocks traded in the last three month.

Cutix announces plan to acquire delisted Adswitch 

Cutix Plc has announced plans to acquire Adswitch, a related electrical switchgears company that was delisted on the Nigerian Stock Exchange (NSE) about 3 years ago. 

Verod Capital acquires Metropolitan Life Insurance

South African company, Momentum Metropolitan Holdings, has exited the Nigerian market by selling off its subsidiary in Nigeria as the National Insurance Commission (NAICOM)

American firm seals partnership deal with Pinnacle communications 

American electronics manufacturing firm, GatesAir has concluded its partnership deal with a Nigerian company, Pinnacle Communications to penetrate the Nigerian digital TV market. 

A digital bank just secured $1.6 million seed funding

Kuda, a FinTech modelled after the operations of a digital bank has just raised the sum of $1.6 million for the purpose of deepening its inclusion and maintaining the operation of its virtual branches
Africa Development Bank. AfDB develops Index to aid women empowerment , African Development Bank awards $1.1 million to boost food production in Africa , AFDB increases capital to $208 billion in bid to secure Africa’s future  

AfDB, AFAP in a $5.4 million deal to boost fertilizer value chain

In order to boost fertilizer value chain in Nigeria and Tanzania, the AfDB and AFAP, have both inked a deal valued at $5.4 million.
Lafarge Africa sell Lafarge South Africa Holdings, Lafarge Holcim acquires Lafarge South Africa Holdings, Lafarge financial statement, Lafarge Africa Plc rights issue

Lafarge finalises sale of South African subsidiary

@Lafarge_Africa has concluded the transaction for the divestment of Lafarge South Africa Holdings. The decision to offload the South African subsidiary was approved last month by shareholders.

NNPC secures $3.15 billion OML financing to boost oil production

the Nigerian National Petroleum Corporation (@NNPCgroup) has secured a $3.15 billion Financial and Technical Services deal from Sterling Oil Exploration and Energy Production Company Limited (SEEPCO).
virtus, Sterling Bank announces an appointment

Virtus secures N446 million from Sterling Bank

Virtus (@rensourceenergy) secures N446 million from Sterling Bank
President Buhari to sign deal with Siemens, President Buhari and Angela Merkel meeting, German Chancellor Angela Merkel, Siemens, Egypt megaproject

FG, Siemens to sign electricity deal today

FG @AsoRock, Siemens @Siemens to sign electricity deal today
Pepsi acquires Pioneer Foods Group, Pepsi acquires Nigerian bread company Butterfield, Pioneer Foods Group shares on JSE, Nairametrics news, Business news, Naija news

Pepsi acquires Pioneer Foods Group Ltd, makers of Butterfield Bread

@pepsi has acquired Pioneer Foods Group Limited, the company that owns Nigerian bread brand, @ButterfieldBake. The deal is the first major international purchase under @pepsi's new Chief Executive Officer, Ramon Laguarta.
Ohara Pharmaceutical increases stake in Fidson, Fidson and Ohara signs partnership, Nairametrics news, Naija News, Fidson list additional shares Fidson and GSK business partnership

Japan’s Ohara Pharmaceutical takes over 20% stake in Fidson Healthcare

@FidsonHealthPLC has entered into a strategic partnership with Japan's Ohara Pharmaceutical that will see the latter's stake in the Nigerian company increase.
Deals Book

Special Report: Download the Nairametrics’ Deals Book for Q2 2019

This report summarises some of the corporate deals that were announced in the second quarter of 2019.
Abbey Mortgage Bank to raise capital, Abbey Mortgage Bank to issue shares

DEAL: VFD Group may take key stake in Abbey Mortgage Bank

@vfdgroup may take a key stake in Abbey Mortgage Bank Plc, through a private placement. Shareholders of the bank gave approval at its AGM held this week.
VFD Group divest from Germaine Auto Center, Nonso Okpala CEO, VFD Group

VFD Group cedes control as it divests from GAC two years after takeover

@VFDGroup has announced it will be exiting from automobile dealership company, Germaine Auto Center (GAC). The development is contained in a press statement sent to Nairametrics.
Actis takeover Abraaj Funds, Abraaj liquidation, Abraaj Funds accusation of defrauding investors, About Abraaj

Actis takes over Nigerian-focused Abraaj Funds, after criminal charges and face-off with creditors

The management rights of Abraaj Private Equity Fund IV (APEF IV) and Abraaj Africa Fund III (AAF III) has been taken over by @ActisLLP, in a bid to steady the ships after months of investor confrontation and criminal charges against the firms senior executives.

CANAL+ Group Acquires ROK

Leading African film studio and TV network, ROK has been acquired by CANAL+ Group, comprising production, content distribution and publishing channels.
Lasaco Assurance Plc financial result, Lasaco Assurance shares, Companies on Nigerian Stock Exchange, NSE lifts suspension on Lasaco Assurance, NSE suspend companies, NSE lift suspension, NSE lift suspension on Conoil, Conoil and SEC, LASACO proposes N0.05 dividend for FY 2018

LASACO proposes N0.05 dividend for FY 2018

The Board of Directors of insurance underwriter, Lasaco Assurance Plc, is proposing to pay its shareholders a dividend of 5k per share for full-year 2018.
Green Energy International Limited, Otakikpo marginal field

How GEIL’s $350 million deal with international firms will be deployed

Green Energy International Limited (GEIL) has concluded a $350 million deal for the second phase development of the Otakikpo marginal field.
Renault reenter Nigeria's automobile industry, Renault partners with Coscharis, Innoson Motors

New competition for Innoson as Renault re-enters Nigeria’s automobile market

@Groupe_Renault plans to re-enter the Nigerian car market, and to ease its entry, the company has signed an agreement with Coscharis. Find out why this may not be a very good development for @innosonvehicles.
54gene raises $4.5 million, Investors raise $4.5 million for 54gene

Nigeria’s 54gene raises $4.5 million to enable drug production on African DNA

@weare54gene, has secured $4.5 million seed during a fundraising from private equity firms. The company has been conducting diagnosis and medical treatment of Africans.
Student Accommod8

Student Accommod8 Raises Debt Funding from Chapel Hill Denham’s Nigeria Infrastructure Debt Fund

Student Accommod8, (@SAccommod8) Nigeria’s leading developer, owner, and manager of high-quality and Purpose-Built Student Accommodation (PBSA), has raised an undisclosed amount of debt funding from the Nigeria Infrastructure Debt Fund (NIDF).
C & I Leasing

C & I Leasing diversifies into offshore asset operation and partners Indian firm

C & I Leasing Plc, a leading indigenous leasing and business service conglomerate, has announced its readiness to extend its business frontiers to offshore asset operation and maintenance.
Gas Cylinder, Rungas Industries, Lanre Runsewe

Nigerian firm signs $30 million gas cylinder deal in Egypt

Nigeria's Rungas Industries partners with Egyptian firm in a $30 million gas deal.
Forte Oil Plc, Femi Otedola, Forte Oil to change name, Olumide Adeosun

Forte Oil’s majority shareholder to acquire fresh N22 billion worth of shares

Prudent Energy Services Limited, the new majority shareholder of Forte Oil Plc, is set to acquire fresh N22 billion worth of shares of the company.
Swvl wants to expand into Nigeria

Uber’s rival Swvl wants to expand into Nigeria, but commercial buses pose a threat

Egyptian vehicle hailing company, @swvlapp, has announced it will be making an inroad into Nigeria's ridesharing market to offer services that the likes of @Uber and @Boltapp_ng are yet to offer Nigerians, but it will meet a fierce challenge from yellow (commercial) bus operators.