Hello and welcome to the Naijaonpoint Corporate News Roundup for the week ending December 4, 2022.
As always, it was an eventful week for Corporate Nigeria, from Access Holdings obtaining an operating license in France to Lazerpay laying off workers.
It’s time to wrap up the top company news that dominated the headlines this week. This newsletter is courtesy of Quidax.
Access Holdings keeps making moves
Last week, Access Holdings Plc completed the acquisition of an indirect stake in Sigma Pension Limited. The acquisition followed previous regulatory approvals from the National Pensions Commission (PENCOM) and others.
A statement seen by Naijaonpoint said Access Holdings has also merged its former pension subsidiary, First Guarantee Pension Limited (FGPL), with Sigma Pension to form a formidable pension fund management.
In a different development, Access Holdings announced that it has obtained regulatory approval from the French authorities to begin operations in France. The group’s CEO, Herbert Wigwe, who revealed this, said the move is part of the company’s bid to become Africa’s financial gateway to the world.
In light of this development, Access Holdings said it would set up a new subsidiary in France called Hydrogen that would specialize in supporting intra-African trade. Naijaonpoint reported that the company would work with development finance institutions to facilitate cross-continental payments.
More deals, including a funding round for Orda
Still in deal news, Nigerian food tech startup Orda has announced a $3.4 million seed funding round led by Fintech Collective and Quona Capital. This comes at a time when stakeholders have been raising concerns about the declining rate of funding in the African start-up ecosystem.
A statement seen by Naijaonpoint explained that Orda plans to use the money to improve its service delivery and help more African restaurants maximize their business operations.
NNPC Limited has signed a $1.4 billion financing agreement for Northern Hydrocarbon Funding Limited. The deal was organized by United Bank for Africa (UBA) and Standard Chartered Bank and involved sixteen lenders.
NNPC Executive Vice President of Upstream Adokiye Tombomieye said the funding will facilitate NNPC’s commitment to sustainably meet current energy needs and supply power for the future.
FEDA wants a ‘taste’ of Geregu Power
Last week, the Fund for the Development of Exports in Africa (FEDA), an impact development arm of the African Export-Import Bank (Afreximbank), expressed interest in acquiring an equity stake in Geregu Power Plc.
In a corporate disclosure seen by Naijaonpoint, Geregu Power Plc noted that discussions to this effect are still ongoing. He recalls that the company recently listed 2.5 billion common shares at N100 per share on the Nigerian Stock Exchange.
Affordable auto insurance made possible by Tangerine and Coscahris
In an exciting development, Coscharis Motors has strategically partnered with leading insurance company Tangerine Africa to make motor insurance more accessible to Nigerians.
A corporate disclosure seen by Naijaonpoint explained that Tangerine Africa will offer a fixed rate of 1.75% on auto insurance on all cars purchased from Cosharis at all of its locations.
What else is happening in the startup space?
Jumia is serious about curtailing his losing streak. Last week, Naijaonpoint reported on the e-commerce company’s newly designed strategies to return to profitability.
The strategies, contained in Jumia’s latest earnings report, involve improving business focus, improving e-commerce delivery, cost-cutting measures, implementing a diversified monetization model, and last but not least, focusing more on its fintech subsidiary JumiaPay. .
Another Nigerian crypto company, Lazerpay, announced that it would lay off some of its workers. The crypto payments startup said its jobs are not tied to the FTX crisis, but instead due to the biting economic challenges in the country.
The reduction became necessary after an attempt by Lazerpay to seal a seed funding round fell through when the lead investor pulled out at the last minute.
NGX shows ‘mercy’
NPF Microfinance Bank Plc has obtained approval from the Nigerian Stock Exchange to extend the deadline for compliance with its free float until December 2023.
Naijaonpoint reported that the extension would enable the company to meet NGX’s free float requirements of 20% issued and fully paid-in share capital or free float market capitalization of N20 billion.
In earnings news…
Electrical cable manufacturer Cutix Plc released its unaudited mid-2022 financial report which showed revenue increased +27% to N4.420 billion from N3.491 billion during the comparable period last year. .
Pre-tax profit also reached N546.8 billion, indicating a 4% increase from the N523.503 million reported in the 2021 half.
Ecobank Transnational Incorporated has also released its third quarter 2022 results, reporting a 2% increase in pre-tax profit to N59.734 billion from N58.351 billion last year.
Interest income for the period under review increased by just 4% to N168.6 billion from N162.4 billion in Q3 2021.
FCMB Group Plc gross profit for the nine months ended September 30, 2022 increased 33.85% year-on-year (YoY) to N200.067 billion from N149.467 billion.
Profit after tax grew by 66.03% to Naira 22,920 billion in 2022 from Naira 13,804 billion in 2021.
A special report by Naijaonpoint showed that Nigeria’s top consumer goods companies earned a whopping N1.059 trillion in revenue in the last nine months of 2022, surpassing their earnings in the corresponding period of 2021 of N811, 887 trillion.
The companies highlighted in the report are Dangote Sugar Plc, Nascon Plc Unilever Plc, Nestlé Plc, Cadbury Nigeria Plc and BUA Foods Plc.
Focus on dating
Vitafoam Nigeria Plc announced the appointment of Zakari Mohammed Sada as a non-executive director of the company.
The company expressed confidence that Mr. Mohammed would bring his wealth of experience in corporate planning and strategy, management, and financial and regulatory advisory.
The Board of PZ Cussons Nigeria Plc also announced the appointments of Mallam Ballama Manu and Ms. Oluwatoyin Odutayo as independent non-executive directors. The appointments took effect on November 21, 2022.
A statement seen by Naijaonpoint described the appointees as seasoned professionals with decades of experience in different sectors. See their profiles below.
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