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Ugo Obi-Chukwu @ugodre
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Good evening everyone, welcome to @Nairametrics Corporate News roundup for the week ended July 21 2018. This thread is BTU by @BluechipTechNG

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@Nairametrics @BluechipTechNG 1. One of the leading importers of textile materials into Nigeria, Vlisco, announced plans to establish a textile park in Nigeria. The park will be built on 400 hectares of land in Kaduna State.
@Nairametrics @BluechipTechNG Despite being one of the largest markets for its fabric in Africa, Vlisco does not have a manufacturing base in Nigeria. For example, the company prints about 45 million yards annually in West Africa and splits between Ghana and Ivory Coast where it then exports to Nigeria.
@Nairametrics @BluechipTechNG Sometime in 2015, Vlisco signed a deal with the GEJ Government to establish a manufacturing base in Nigeria, as well as open more retail outlets in exchange for “favourable, direct access to the marketplace in terms of tariffs and administrative access.”
@Nairametrics @BluechipTechNG 2. Nigercem, owned by the Ibeto Group and Ebonyi State Government, confirmed during the week that work has started again in the Moribund Nkalagu Cement Plant. The plant is thought to have about 6,000MT capacity and be the oldest cement manufacturing plant in Nigeria.
@Nairametrics @BluechipTechNG Cletus Ibeto, the majority shareholder of the company, introduced the State Governor, David Umahi, to a group of foreign engineers who had come in to help resuscitate the plant.
@Nairametrics @BluechipTechNG The elated governor promised to build more roads and bridges around the location of the cement plant, following the two bridges that they had already built.
@Nairametrics @BluechipTechNG Ibeto promised that they were also going to build a new 3,000MT cement plant at Effium in the Ohaukwu Local Government Area of the state.
@Nairametrics @BluechipTechNG 3. As criticisms trail the Automotive Policy of the government, the Minister for Trade, Okey Enelamah, announced that the $100 million truck assembly plant Joint Venture by Dangote and Sinotruk is to commence soon.
@Nairametrics @BluechipTechNG The plant is said to have an installed capacity of 10,000 trucks annually and it can also assemble and produce a full range of commercial vehicles and trucks. Out of the 54 vehicle assembly plants approved by the government, only 29 of them are operational.
@Nairametrics @BluechipTechNG Also, Nigeria has a total installed capacity of 419,190 units and actual production of 8,628 units so far.
@Nairametrics @BluechipTechNG 4. Construction firm, ITB Nigeria Ltd, announced that it is set to complete its first steel & concrete building project, Azuri Peninsula, in Eko Atlantic City, Lagos state.
@Nairametrics @BluechipTechNG The Azuri Peninsula project, which began in early 2015, is said to be “a unique steel and concrete residential building project that consists of three sets of over 30 storey towers.
@Nairametrics @BluechipTechNG According to the Managing Director of ITB Nigeria, Mr. Ramzi Chidiac, “the combination helps to deliver performance that is more effective than when individual components are used together but not unified.”
@Nairametrics @BluechipTechNG Steel and concrete structures involve a mix of steel and concrete together to form a single element.
@Nairametrics @BluechipTechNG 5. South African owned Novare Real Estate Africa opened its $54m Novare Central Mall in Wuse Zone 5, Abuja during the week.
@Nairametrics @BluechipTechNG The mall has a retail space of about 7,178m² (Ground Floor, 54 Shops) & Office – 5,313m² (1st, 2nd and 3rd Floors) and provides 33 high-end stores, housing retail giants like
@Nairametrics @BluechipTechNG Shoprite, PEP, Office Everything, Active Leisure, Timekeepers, Kilimanjaro, Miniso, and others that seek to offer the Abuja main city dwellers value for money.
@Nairametrics @BluechipTechNG The development also has 152 leasable parking bays for office tenants and different access points to the offices and the retail mall. Last December, Novare opened its Novare Gateway Mall close to the airport in Abuja, making it three in the FCT.
@Nairametrics @BluechipTechNG The company also owns the Novare Mall in Lekki. The company uses South African Stauch Vorster as its architects and employed the services of Monterosa Construction as main contractors.
@Nairametrics @BluechipTechNG 6. Nigerian Aviation Handling Company (NAHCO) Aviance sent a notice to the Nigerian Stock Exchange (NSE) during the week, informing it and the investing community of a change
@Nairametrics @BluechipTechNG in its shareholding structure and directorship. Godsmart Nigeria Limited has purchased a 16.7% stake in the firm from some shareholders, making it the largest single shareholder.
@Nairametrics @BluechipTechNG Nairametrics reported weeks back that a key investor had sold its stake in the firm. 271.848 million shares valued at N1.787 billion exchanged hands in four deals.
@Nairametrics @BluechipTechNG The shares were traded at an average price of N6.52, a 73.4% premium over the company’s closing price of N3.76 per share.
@Nairametrics @BluechipTechNG Messrs Femi Olubanwo and Christopher Oshaffi, who represented the investors that sold their stake have tendered notices of resignation to the board. Olubanwo was appointed in 2017.
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@Nairametrics @BluechipTechNG 7. Lagos-based advertising startup, TaxiTV, has secured about $50k in seed funding in a funding round led by Beta.Ventures. TaxiTV is an in-ride entertainment system built for passengers to enjoy top quality premium video content from a fine selection on the go.
@Nairametrics @BluechipTechNG The company said that it already had content deals with the likes of Pulse, Kraks TV, and Battabox to share ad revenues in exchange for content. The company was founded in October 2017 by Akinbola Asalu, CEO, and Dami Osiyale, COO and started operations in January 2018.
@Nairametrics @BluechipTechNG 8. GreenTree Investment Company, a venture capitalist firm based in Lagos, organised a Pitch Day for promising Nigerian startups, many of whom could potentially receive thousands of dollars in funding for their businesses.
@Nairametrics @BluechipTechNG The Pitch Day, which held at the Co-Creation Hub in Yaba, Lagos, saw the gathering of over twenty startups and their founders, all of whom tried to convince the venture capitalists to invest in their businesses.
@Nairametrics @BluechipTechNG Some of the startups that pitched their businesses during the Pitch Day event are: E-Pump: A small startup dedicated to ending fraud at filling stations with the use of technology. Jara: a marketplace app with which shoppers can pay bills and get discounts.
@Nairametrics @BluechipTechNG Davton Learn: An e-learning platform catering to the learning needs of professionals and corporate organisations. PayScrow: An e-Commerce company which ensures buyer-seller protection.
9. Last week, the battle between Oando Plc and Ansbury Investments Incorporated assumed another twist as the London Court of International Arbitration (LCIA) ordered two companies owned by the Chief Executive Officer of Oando Plc, Mr. Wale Tinubu, and his deputy, Mr. Mofe Boyo
to pay a total debt of US$680 million (N244.8 billion) to Ansbury Investments, owned by Mr. Gabriele Volpi. The court, in its resolution on July 6, 2018, ruled that Ocean and Oil Development Partners (OODP) of British Virgin Islands,
which owns a 55.96 percent stake in Oando Plc was indebted to Volpi’s Ansbury Investments to the sum of $600 million or N216 billion.
You can catch up on the Oando Volpi saga from our Corporate Story.…
10. The management of China National Offshore Oil Corporation (CNOOC) has expressed its readiness to invest additional $3 billion in its existing stakes in offshore oil and gas operations in Nigeria.
Yuan Guangyu, Chief Executive Officer (CEO) of the Beijing-based corporation, announced this while leading a team CNOOC top executives to the corporate headquarters of the Nigerian National Petroleum Corporation (NNPC).
According to him, CNOOC had invested over $14 billion in its Nigerian operations and Nigeria remained the largest investment destination for CNOOC.
11. BUA Cement, during the week, commissioned a new production plant in Sokoto State in the presence of notable dignitaries including Nigeria’s Vice President, Professor Yemi Osinbajo.
The new plant, which is valued at ₦126 billion, is adjudged the largest privately-owned investment in the entire North Western part of the country.
It will produce about 1.5 million metric tonnes of cement per annum, contributing to the volumes already produced by the company’s other factories.
BUA owns majority stake in CCNN and rumours of a potential merger has perhaps contributed to the 162% YTD rise in its share price. The stock is one of the best performers this year.
12. In what seems to be an end to the tussle between Ecobank Plc and Honeywell Group, the Supreme Court of Nigeria, on July 13, 2018, ruled out Ecobank’s appeals against Honeywell for frivolity.
It was a mutual agreement made by judges of the Supreme Court. According to a released statement, the judges made it known that Ecobank’s appeals lack merit.
Recall, there has been an ongoing legal battle between Ecobank and Honeywell for the past three years over unpaid debt of N5.5 billion.
While Ecobank is maintaining that Honeywell is indebted to it to the tune of the aforementioned amount, out of which N3.5 billion had been paid, Honeywell claimed to have paid the debt in full.
13. In a press release sent to Nairametrics, EFG Hermes, a leading financial services corporation in frontier and emerging markets (FEM), has entered into a definitive sale and purchase agreement (SPA) to acquire 100% of Primera Africa, a top-ranked brokerage house in Nigeria.
The firm, in June last year, indicated interest in acquiring a firm in Nigeria. EFG Hermes will utilize its presence in Nigeria to serve both global and domestic investor appetite for opportunities in Africa’s largest economy.
Nigeria will also serve as a hub for expansion into West Africa, as EFG Hermes’ office in Kenya now does for the other side of the continent.
Nairametrics is launching a deal book soon, which will feature a compilation of some of the major corporate deals this year. There have been quite a lot of deals struck this year already.
14. In what is a long-awaited development, a major global music company, Universal Music Group, has announced that it will be launching a Nigerian division as part of its expansion efforts.
Universal Music Group has artistes like Lady Gaga, and Taylor Swift under the label. The company’s First Marquee Label Signings in Nigeria include the likes of Tekno, Stonebwoy, Vanessa Mdee and Mr Eazi.
Speaking on the development, the Managing Director of Universal Music South Africa, Sipho Dlamini, said that the Nigerian division will focus on the development of artistes from the West African region; specifically Nigeria, Gambia, and Ghana.
Universal Music Nigeria will also have a full purpose recording studio, the second of such studio owned by Universal Music in Africa.
The first one is in Johannesburg, South Africa. In the meantime, the new Nigerian division will be headed by seasoned music executive, Ezegozie Eze Jr, who has been named General Manager.
This is @Nairametrics thread BTU by @BluechipTechNG
@Nairametrics @BluechipTechNG 15. Africa Finance Corporation (AFC) has signed a $35 million debt facility agreement with Waltersmith Refining and Petrochemical Company Limited, for a proposed 5,000 barrel per day (bpd) refinery project, to be situated in Imo state.
@Nairametrics @BluechipTechNG Recall that the National Content Development Monitoring Board (NCDMB) recently signed a $10 million equity investment agreement with Waltersmith Refining and Petrochemical Company Limited for the modular refinery.
@Nairametrics @BluechipTechNG Waltersmith Petroman Oil Limited was incorporated in 1996 as a joint venture between Waltersmith and Associates Limited, a Nigerian company, and Petroman Oil Limited of Calgary, Canada to operate as an oil exploration and production company.
@Nairametrics @BluechipTechNG In 2001, Waltersmith Petroman Oil Limited became a wholly owned Nigerian company with the divestment of Petroman Oil Limited.
@Nairametrics @BluechipTechNG 16. FMDQ OTC Securities Exchange has listed Dangote Cement Plc’s N50 billion commercial papers. This is the biggest Commercial Paper programme
@Nairametrics @BluechipTechNG so far on the Nigerian debt capital market on its platform. Africa’s largest cement producer recently, announced the issuance of N150 billion Series 1 and 2 Notes.
@Nairametrics @BluechipTechNG The Commercial Paper comprises N12.04 billion and N37.96 billion issuances under its N150 billion Commercial Paper Programme. Bola Onadele Koko, MD/CEO, FMDQ, noted that the various efforts by FMDQ to deepen the domestic capital market is yielding results.
He also expressed optimism that Dangote Cement will up the ante by listing a dollar-denominated commercial paper on its platform. One has to give it to Koko, in under 5 years, he has basically taken over the bond market from the Nigerian Stock Exchange.
17. Wema Bank Plc announced plans to raise N20 billion through bond offering in August, 2018. The announcement was made by the commercial bank’s Acting Chief Executive, Ademola Adebise, who confirmed that the bank is in the process of raising Tier II.
This will be the second tranche of the bank’s plans to raise N50 billion Tier II capital through bonds to enable it deepen its market penetration and profitability.
The bank had issued a N20 billion bond in August 2016, to expand its branch network; in same vein, the bank issued local currency bonds, after scrapping plans to issue a $100 million seven-year dollar bond because of currency risks.
18. Still on Wema Bank, the bank has spent a total of N556.4 million on advertising in the first half of 2018, a 78% increase from the N311 million spent a year earlier.
A Nairametrics report indicates that the bank has steadily increased its advertising spending since it launched its flagship digital online banking platform, ALAT.
In 2017, the bank spent a total of N1.21 billion on advertising and marketing, about three times the N421 million spent in 2016. In total, the bank has now spent about N1.7 billion on advertising in the last 18 months.
Wema Bank launched ALAT in May 2017 and since then, the bank claims that it has enrolled about 200,000 new customers, who have carried out almost 900,000 transactions, totaling N12 billion.
Reports suggest that Heirs Holding Ltd is raising funds to acquire two Royal Dutch Shell Plc oil mining licenses in the oil-rich Niger-Delta. According to reports, Heirs Holding Ltd is already raising funds to acquire the two oil mining licenses, 11 and 17, valued at $2 billion.
The assets include a natural gas-fired power plant, which will be managed by Transnational Corporation of Nigeria Plc.
According to the report, the decision to sell off these assets is triggered by the continued unrest in the oil-rich region and age-long accusation of environmental pollution leveled against the Dutch oil firm.
20. CowryWise has confirmed that it has been accepted into Y Combinator Summer 2018 Batch, the most valuable startup accelerator in the world. According to Razaq Ahmed, CowryWise CEO, “this acceptance into YC is a validation of our commitment to our customers,
while we focus on our goal of bringing wealth management services to young Africans irrespective of their income levels.”
CowryWise recently launched their Life Goal product feature that allows users to commit to long-term saving goals ranging from vacation, education, home, family to retirement. The company said that it has processed over $1.5M in savings for its customers.
That's our thread for the week. Thanks to @BluechipTechNG for makig this possible.

Hope you found today's thread informative? We love feedback so do send them coming.
@BluechipTechNG We hope to bring you the final part of the Cement Wars Corporate Story this week so stay locked. @Nairametrics will confirm date and time later this week.
@BluechipTechNG @Nairametrics And yes, if you do not have up to N50 million and still want to to invest in treasury bills you have a solution. Try the IInvestApp powered by @Sterling_Bankng .

We like it @Nairametrics
Until we do this again next week, do have a most profitable week ahead.

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