Connect with us

Business

Transcorp Consortium Wins Bid for Afam Power Plc

Published

on

Kano
  • Transcorp Consortium Wins Bid for Afam Power Plc

Transcorp Power Consortium has emerged the bid winner for Afam Power Plc.

The consortium submitted a bid of N105.3bn to beat two other companies that wanted to acquire the electricity generation company (100 per cent equity).

Similarly, Quest Electricity won the bid for 60 per cent equity in Yola Electricity Distribution Plc with a bid of N19bn.

Another consortium, Diamond Stripes Consortium, was declared the reserve bidder for the power company with a bid of N102.39bn while Unicorn Power Generation Consortium came third with a bid of N101.05bn.

The bidding for Afam closed in the second round. At the first round of bidding, Unicorn had emerged the highest bidder with a bid of N100.45bn; Transcorp submitted a bid of N89.37bn while Diamond put in a bid of N72.73bn.

It was when the potential investors were asked to go and reverse their bids for a second round that Transcorp Power Consortium which already operates the Ugheli Power Plant threw in the highest bid of N105.3bn.

The winner is also to pay a BPE Management Fee of five per cent of the total bid value.

On the other hand, Quest Electricity Nigeria Limited, which was the sole bidder for Yola Electricity Distribution Company, submitted an initial bid of N17.67bn.

However, the company reversed its bid at the second round when it was told that its bid did not meet the reserve price set by the National Council on Privatisation.

The Vice-Chairman, Technical Committee of NCP, Dr Ayo Teriba, who chaired the ceremony, said the winning and reserve bids were subject to the approval of the NCP chaired by the Vice-President, Prof Yemi Osinbajo.

He said, “The transaction of the enterprises will legally come to a close with the signing of the Share Purchase Agreement and any other related documents by each preferred bidder as approved by the NCP.

“Payment will be made in naira through the Remita Retrieval Reference in favour of BPE; 25 per cent of the purchase consideration should be made within seven working days from the date of signing the Share Purchase Agreement.

“The remaining 75 per cent payment will be paid to BPE within 180 calendar days after signing of the Share Purchase Agreement.”

Speaking at the event, Director General of BPE, Mr Alex Okoh, explained that the country still had a long way to go in terms of its electric power reform programme.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Continue Reading
Comments

Company News

Lafarge Africa Board Proposes N30.60bn Dividend, Lower Than Previous Year

Published

on

Lafarge Africa - Investors King

Lafarge Africa’s Board of Directors has recommended a dividend payout of N30.60 billion for the year ended December 2023, a reduction from the previous year’s dividend.

The proposed dividend translates to N1.90 per unit of shares and awaits approval from shareholders at the upcoming Annual General Meeting (AGM) of the company.

In a corporate announcement filed with the Nigerian Exchange Limited, Lafarge Africa disclosed that the proposed dividend is payable from the Pioneer Reserve to shareholders registered as of March 28, 2024.

Despite the lower dividend proposal, Lafarge Africa recorded an increase in revenue to N405 billion, marking an 8.6% rise from the previous year’s N373 billion.

However, the company’s post-tax profit experienced a 4.7% decline, amounting to N51.14 billion, attributed mainly to the devaluation of the naira.

Lolu Alade-Akinyemi, the Chief Executive Officer of Lafarge Africa, expressed confidence in the company’s performance despite economic challenges.

He highlighted the growth in revenue and an improved operating margin, despite pressures from inflation and currency devaluation.

Looking forward, Lafarge Africa remains optimistic about the construction sector’s growth in Nigeria, despite prevailing economic challenges.

The company aims to leverage its market opportunities while maintaining a focus on sustainability and stakeholder value.

Continue Reading

Business

South African Billionaire Christo Wiese Predicts Return of Major Players to Nigeria Despite Recent Exodus

Published

on

Christo Wiese

South African billionaire Christo Wiese remains optimistic about Nigeria’s economic prospects, predicting the eventual return of major players despite a recent exodus from the West African nation.

In an interview with Bloomberg TV, Wiese explained that it is impossible to ignore Nigeria’s large and growing population, “how do you ignore an economy like this?”

Wiese, the former chairman of Shoprite Holdings Ltd., acknowledges the challenges faced by businesses in Nigeria, where recent currency woes and policy missteps have contributed to an exodus of international companies.

Procter & Gamble Co. and Shoprite are among the global conglomerates that have announced their departure from Africa’s most populous nation.

However, Wiese sees the recent exits as temporary setbacks rather than a long-term trend. He believes that the allure of Nigeria’s vast consumer market and its economic potential will eventually draw major players back.

Despite the current uncertainty, Wiese remains confident in Nigeria’s future, emphasizing the need for governments to adopt correct policies and for investors to exercise patience.

While acknowledging Nigeria’s single-commodity economy vulnerabilities, Wiese highlights the resilience of the nation’s economy and its potential for growth and development.

He suggests that foreign investors, including South African ones, are adopting a wait-and-see approach, anticipating a time when the economy stabilizes and favorable policies are in place.

Continue Reading

Appointments

Seplat Energy Names Udoma Udo Udoma as Independent Non-Executive Chairman, Bello Rabiu as Senior Independent Non-Executive Director

Published

on

Seplat Energy Plc - Investors King

Seplat Energy, a prominent Nigerian energy company listed on the Nigerian Exchange Limited and the London Stock Exchange, has made significant changes to its board leadership.

In a recent announcement, the company revealed that Udoma Udo Udoma has been appointed as the new Independent Non-Executive Chairman, succeeding Basil Omiyi, who is set to retire on March 31, 2024.

Udoma Udo Udoma, a distinguished lawyer and seasoned board administrator, brings a wealth of experience to Seplat Energy.

He holds degrees from St. Catherine’s College, Oxford, and has had a remarkable career spanning various sectors, including petroleum, energy, and natural resources.

Udoma has served on numerous large-sized company boards, including UAC Nigeria Plc and Union Bank Plc, and held key public sector appointments, such as Chairman of the Corporate Affairs Commission and Minister of Budget & National Planning.

In addition to Udoma’s appointment, Seplat Energy announced the selection of Bello Rabiu as the new Senior Independent Non-Executive Director, effective April 1, 2024.

Rabiu, a seasoned professional with extensive experience in the petroleum industry, holds multiple degrees and has served in various capacities at the Nigerian National Petroleum Corporation (NNPC).

The appointments come as part of Seplat Energy’s commitment to upholding strong corporate governance practices and ensuring a smooth transition of leadership.

Both Udoma Udo Udoma and Bello Rabiu are expected to play pivotal roles in guiding Seplat Energy as it continues to expand its operations and consolidate its position as a leading energy company in Nigeria and beyond.

In a statement, Basil Omiyi, the outgoing Chairman of Seplat Energy, expressed confidence in the newly appointed leaders, emphasizing their capabilities to steer the company towards further growth and success.

The appointments underscore Seplat Energy’s dedication to fostering excellence and innovation in the energy sector while meeting the evolving needs of its stakeholders and contributing to Nigeria’s energy transition efforts.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending