As usual, it was a hectic week for Corporate Nigeria, with Lazerpay shutting down and Seplat getting hauled into court. Nevertheless, Transcorp’s share price increased when Femi Otedola purchased some shares, even as additional firms disclosed their financial reports. Let us now go into the specifics.
Lazerpay is no longer in operation!
Lazerpay, a Nigerian crypto payment business, shut down last week owing to a lack of finances. The halt followed Lazerpay’s failed effort to raise a seed capital last year. The primary investor in the investment round has withdrew owing to market circumstances and term differences.
It is worth noting that this is the second Nigerian startup to cease business this year for the same reason. Merchants have till April 30 to withdraw their cash.
Seplat’s court case
Criminal charges were filed last week against Seplat Energy PLC and some of its officials for allegedly breaking sections of the 2015 Immigration Act. The allegations were brought in an Abuja division of the Federal High Court, charging the defendants of permitting Seplat’s CEO, Roger Brown, to take employment without the consent of the Controller-General of Immigration.
Remember that earlier this year, the Nigerian government canceled Seplat CEO’s visa, residency, and work permits, alleging alleged racist behaviors and discrimination by him against Nigerian employees. He has been embroiled in legal issues ever since.
Transcorp Plc’s struggle
Femi Otedola, a billionaire businessman, purchased a 5.52% interest in Nigerian conglomerate Transcorp Plc, making him the company’s second-largest stakeholder. According to Nairametrics, the transaction was carried out through a corporation owned by Otedola and an anonymous seller. He presently holds around 2.245 billion shares of the corporation.
With the acquisition, there is concern that Otedola may spark a bidding war for ownership of the firm. There are also suggestions that Tony Elumelu, who now runs the corporation, may never allow anyone to take over the company.
Transcorp’s stock rises.
Transnational Corporation Plc gained 23.36% at the close of the week’s trading session, after the news of Femi Otedola’s acquisition of a 5.52% interest in the business. The purchase resulted in favorable feeling toward the company’s equities, which led to the stocks rising to the top of the gainers’ table, gaining N13.007 billion at the closing of the weekend trading session.
Transcorp’s market capitalization ended the trading week at N68.695 billion, up from N56.687 billion the previous day. This reflects a huge increase in the company’s stock price, which rose to N1.69 per share at the conclusion of trading on Friday from N1.37 the previous week.
Lekki Gardens accepts commercial paper.
Lekki Gardens Estate Limited fully redeemed its N3.48 billion Series 1 Commercial Paper offering. Dr. Richard Nyong, the company’s managing director, noted that the redemption of the Commercial Paper demonstrates the company’s strength and endurance in the face of recent setbacks.
Lekki Gardens Estate Ltd is a Nigerian independent luxury real estate firm that provides real estate solutions. The FMDQ Exchange accepted the registration of the company’s N25.00 billion Commercial Paper Programme on its platform, positioning the Issuer to obtain short-term credit from the Nigerian debt capital market.
Fidelity Bank’s private placement
Similarly, Fidelity Bank Plc said that its private placement offering of 3.04 billion ordinary shares at N4.60 per share was fully subscribed. Successful allottees will have their CSCS accounts credited with shares by May 5, 2023. The Private Placement began on Wednesday, February 22, 2023, and ended on Thursday, February 23, 2023.
DLM Capital redeems bonds
DLM Capital Group redeemed a major chunk of its CERPAC Receivables Securitization Financing, paying investors a total of N20.161 billion for standalone and Series 1 bonds executed by the business.
The CERPAC N25 billion Securitization Programme is a five-year bond issuance that began in May 2017 and has had four offerings. DLM Capital Group has raised about N23.011 billion and paid a total of N31.144 billion in principal and coupons to date.
GTCO’s fiscal year 2022 report
Guaranty Trust Holding Company Plc presented its financial report for fiscal year 2022, revealing a 3.3% decrease in earnings before tax of N214.2 billion.
The business also declared a final dividend distribution of N2.80k per ordinary share of 50 Kobo, increasing the total dividend for the fiscal year ending December 31, 2022, to N3.10k.
Dividends for Cadbury Nigeria’s stockholders
Cadbury Nigeria Plc recommended a final dividend of 40 kobo per share for fiscal year 2022. The dividend distribution is subject to shareholder approval and will be paid electronically on June 2nd to shareholders whose names appear in the Register of Members at the close of business on June 4th, 2023.
Cadbury Nigeria Plc recorded a pre-tax profit of N1.29 billion for the fiscal year ending December 2022, an increase of 18% over the previous year. During the period under review, the company’s sales increased by +30% to N55.21 billion, while its gross profit increased by +19% to N7.72 billion.
Bunmi Popoola’s appointment
TotalEnergies Marketing Nigeria Plc has appointed Bunmi Popoola-Mordi as Executive Director of Human Resources & Corporate Services.
Popoola-Mordi joined TotalEnergies in 2011 as Legal Affairs Manager and Company Secretary, and she rose through the ranks to become Executive Director.
