Thread by @ugodre

Good Evening and Welcome to @Nairametrics Corporate News Roundup for the week ended April, 28 2019. BTU by @bluechiptechng

@Nairametrics @BluechipTechNG As usual, kindly retweet the first tweet on this thread so that others on your timeline can see.

Feel free to comment on any of the stories covered on this thread and ask questions if there are areas requiring further clarification. We begin...

@Nairametrics @BluechipTechNG 1.In probably the biggest news from corporate Nigeria this week, the board of Dangote Flour Mills announced that it had accepted an offer from Olam International to buy the entire issued share capital for N130 billion, or $362 million.

@Nairametrics @BluechipTechNG The changes in ownership of the firm has been a somewhat interesting one.

@Nairametrics @BluechipTechNG In 2012, Tiger Brands spent $182 million acquiring a 63% stake in Dangote Flour.

It eventually upped its stake to 70%, and in total spent $200 million acquiring a majority stake.

@Nairametrics @BluechipTechNG In December 2015, Aliko Dangote bought back the firm at $1. A company he sold for $200 million.

Dangote Industries Limited (DIL) then injected N10 billion into the company.

Tiger Brands divested its 65.7% shareholding and wrote off all the loans it had granted Dangote Flour.

@Nairametrics @BluechipTechNG Alhaji, as he is fondly known, has thus sold the firm twice within a decade.

Each time, at a price higher than the initial transaction,

@Nairametrics @BluechipTechNG News of the offer led to the stock gaining 45.3% this week.

@Nairametrics @BluechipTechNG 2. Moving on to the tech space.

.Telecommunications operators in the country have condemned the move by the Nigerian Civil Aviation Authority (NCAA) to demolish about 7000 masts.

@Nairametrics @BluechipTechNG Last week, NCAA issued a 30-day ultimatum to owners and operators to obtain Aviation Height Clearance (AHC) or risk having their masts pulled down.

@Nairametrics @BluechipTechNG The telecoms operators said that if NCAA goes ahead with the threat, the repercussion will be felt nationwide.

@Nairametrics @BluechipTechNG For some reason, some government agencies tend to see telecommunication firms as cash cows. Ironic, when other government agencies are pushing for ease of doing business.

@Nairametrics @BluechipTechNG 4. Digital money transfer company, WorldRemit, has partnered with Nigerian fintech firm, Paga, to expand its presence in Nigeria.

@Nairametrics @BluechipTechNG Customers will also be able to withdraw money as cash at Paga agent locations, perform cardless withdrawals at select ATMs, or simply store their funds in their Paga accounts.

@Nairametrics @BluechipTechNG 5. Still, in the tech space, MTN Nigeria has finally taken a step towards a much-awaited listing on the Nigerian Stock Exchange.

@Nairametrics @BluechipTechNG CEO of the firm, Ferdie Moolman, said that the telco has converted from a limited liability company to a public limited liability company ahead of its planned listing.

@Nairametrics @BluechipTechNG However, there is no word on if the firm has submitted the necessary applications to regulators, pertaining to the public offer.

MTN Nigeria had earlier stated it would list in the second quarter of the year. That leaves May and June as likely listing dated.

@Nairametrics @BluechipTechNG 6. Downstream petrol operator, Enyo Retail, and Co-Creation Hub (commonly known as CC HUB) have partnered to launch the “STEM cafe” at strategic ENYO service stations across the nation.

@Nairametrics @BluechipTechNG The STEM cafe is a learning center designed to introduce children between the ages 5-18 to Science, Technology, Engineering and Mathematics in a fun and engaging way after school hours.

@Nairametrics @BluechipTechNG So if you have kids interested in a tech career, ask an Enyo station close to you if a STEM café is on its way.

@Nairametrics @BluechipTechNG 7. The Federal Airports Authority of Nigeria has threatened to shut down its services at debtor airports unless the debts are paid on or before April 30th, 2019.

An earlier ultimatum given was not heeded.

@Nairametrics @BluechipTechNG 8. Moving on to the power space.

The Managing Director and Chief Executive Officer of Afam Power Plc, Engr. Olumide Obademi has requested that the Nigerian Bulk Electricity Trading Plc (NBET), fulfills its power generation debt that has exceeded N1 billion.

@Nairametrics @BluechipTechNG The debt, according to him, had led to the company facing liquidity issues.

@Nairametrics @BluechipTechNG 9. Still, in the power space, the Nigerian Electricity Regulatory Commission (NERC) is officially introducing sub-franchising of Electricity Distribution Companies‘ (DisCos) operations

@Nairametrics @BluechipTechNG Simply put, DisCos can now authorize third parties to provide electric distribution utility services on their behalf in particular areas within the DisCos’ areas of supply.

@Nairametrics @BluechipTechNG 10. If you run a small and medium scale business, this may be of interest to you.

The Development Bank of Nigeria has added Guaranty Trust Bank to its list of participating institutions.

@Nairametrics @BluechipTechNG Anyone interested in a DBN loan can now access it through the bank.

Please note though, doesn’t lend directly to businesses or individuals but through financial institutions.

@Nairametrics @BluechipTechNG 11. AMCON seems to be in the news almost on a weekly basis.

The 'bad bank' has denied media reports that it had been ordered by the Supreme Court to pay the sum of N132 billion to Bi-Courtney limited.

@Nairametrics @BluechipTechNG AMCON in a statement disclosed that the appeal before the Supreme Court of Nigeria was only in respect to the leave granted to AMCON by the Court of Appeal to appeal as an interested party.

@Nairametrics @BluechipTechNG The Supreme court in its ruling stated that the application ought to have been filed in the Federal High Court first before the Court of Appeal.

@Nairametrics @BluechipTechNG This was the sole issue submitted and determined by the Supreme Court whilst the substantive matter is still with the lower court.

@Nairametrics @BluechipTechNG 12. Moving to the oil and gas space, Chevron Nigeria Limited has denied media reports that 5 of its wells were on fire in Ilaje, Ondo State.

@Nairametrics @BluechipTechNG In a statement signed by General Manager, Policy, Government and Public Affairs, Mr. Esimaje Brikinn, the company explained that the fire occurred at an idle oil well, Ojumole well No 1.

@Nairametrics @BluechipTechNG Chevron, in the statement, blamed the cause of the fire on what it termed 'third party interference'.

The company has however notified all regulatory bodies including the Department of Petroleum Resources (DPR) and National Oil Spill Detection and Response Agency (NOSDRA).

@Nairametrics @BluechipTechNG 13. Still, in the oil and gas space, the Nigerian National Petroleum Corporation (NNPC), has estimated that in order to meet its premium motor spirit (PMS) requirement by 2025, Nigeria needs a refining capacity of about 1.52 million barrels per day.

@Nairametrics @BluechipTechNG According to the NNPC, the country’s petroleum products demand is expected to grow from 13.2 million metric tonnes (MMT) in 2015, to 15.1 MMT in 2020, and then 17.3 MMT by 2025.

@Nairametrics @BluechipTechNG NNPC GMD Maikanti Baru stated that in a bid to increase production capacity, the corporation was collaborating with the private sector in providing clusters for in-country refining capacity.

@Nairametrics @BluechipTechNG 14. Moving slightly to the gas space,

Edo State is set to house the largest Liquefied Petroleum Gas (LPG) and Propane storage and dispensing facility in the country courtesy of the Nigerian National Petroleum Corporation (NNPC).

@Nairametrics @BluechipTechNG The Liquefied Petroleum Gas (LPG) and Propane storage and dispensing facility will be situated in Oredo, Benin City, and are being driven by the Nigerian Petroleum Development Company Limited (NPDC), an NNPC subsidiary.

@Nairametrics @BluechipTechNG 15. Last but definitely not the least, Verraki Business and Technology Solutions firm formally commenced operations in the country.

@Nairametrics @BluechipTechNG The firm is led by several ex Accenture Staff with Niyi Yusuf serving as Managing Partner. Yusuf was formerly the country managing Director of Accenture Nigeria.

@Nairametrics @BluechipTechNG Adedotun Sulaiman and Omobola Johnson are serving as advisors.

The company's services are split into three, Technology, Advisory, and a Ventures unit.

@Nairametrics @BluechipTechNG That's the thread for the week.

Thank you for taking the time to read through the entire thread.

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@Nairametrics @BluechipTechNG Thank you once more and have a profitable week ahead.

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