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Nigerian Exchange Group Commemorates 60 Years Of Enabling Africa’s Largest Economy

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Nigerian Exchange Group- Investors King

Nigerian Exchange Group (NGX Group or the Group) Plc celebrates 60 years of enabling Africa’s largest economy as a leading integrated market infrastructure group in Africa. The Group officially commenced operations on 25 August 1961, as the Lagos Stock Exchange, after it was founded on 15 September 1960.

In commemorating the Diamond jubilee milestone, the Group Chairman, NGX Group Plc, Otunba Abimbola Ogunbanjo paid glowing tribute to the original subscribers of the articles of association, who included R.S.V. Scott, representing C.T. Bowring and Co. Nigeria Ltd.; Chief Theophilus Adebayo Doherty; Sir. Odumegwu Ojukwu; Mr. Akintola Williams and Alhaji Shehu Bukar, as well as John Holt Ltd and Investment Company of Nig. Ltd. (ICON). He stated, “We celebrate the vision of these seven individuals and organisations, who in the Nigerian spirit, broke new ground in starting the Exchange, and we are proud of our sterling history over these six decades. From our humble beginnings when only 19 securities were listed for trading, we are now demutualised and we trade over 300 securities worth about 35 Trillion Naira.”

Appreciating the contributions of the capital market ecosystem, the Group Managing Director/Chief Executive Officer, NGX Group, Mr. Oscar N. Onyema, OON, stated, “We must thank our invaluable stakeholders who have contributed to six decades of growth and partnership. To the trading license holders, issuers, regulators, government and its agencies, media, and other stakeholders, we recognise your support and reiterate our commitment to building a market infrastructure group that supports your business objectives across the entire value chain for many years to come.”

He further commented on the Group’s efforts to build on the existing legacy. “In consonance with the innovative spirit of our founding fathers which has continued to drive our operations, demutualisation has allowed us to transition into a profit-driven, shareholder-held, and globally competitive organisation. Building on six decades of growth and partnership, NGX Group of companies is now positioned to be a key player in strengthening our competitiveness on a larger scale. Our recently launched campaign “The Stock Africa Is Made Of” further encapsulates our commitment to fulfil the dreams of our founding fathers not only in Nigeria but also in Africa.”

It would be recalled that NGX Group recently refreshed its brand identity in an official launch event headlined by the President of the Federal Republic of Nigeria, His Excellency Muhammad Buhari (GCFR). NGX Group’s new structure boasts three wholly-owned subsidiaries: Nigerian Exchange (NGX) Limited, the operating exchange with Mr. Temi Popoola, CFA as CEO; NGX Regulation (NGX RegCo) Limited, the independent regulation company with Ms. Tinuade Awe as CEO; and NGX Real Estate (NGX RelCo) Limited, the real estate company with Mr. Gabriel Igbeka as acting CEO.

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Capital Market

Nigeria Leads Africa in Private Equity Deals, Records $2.59 Billion in Q1 2024

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Nigeria has emerged as the epicenter of private equity activity across Africa as $2.59 billion worth of deals were done in the first quarter of 2024.

This surge represents a 321.8% increase compared to the same period last year, indicating Nigeria’s robust potential amidst global economic shifts.

The data, analyzed by DealMakers Africa, a leading authority on mergers, acquisitions, and corporate finance in the continent, revealed Nigeria’s pivotal role in driving regional investment trends.

According to the report, this surge in private equity investments was predominantly fueled by strategic transactions in the energy sector and the burgeoning educational technology (edtech) industry.

Nigeria’s ascendancy in private equity deals marks a reversal from previous trends, where in Q1 2023, other African nations like Zimbabwe had momentarily surpassed it in mergers and acquisitions value.

This year, however, Nigeria not only reclaimed its leading position but also outpaced other significant economies in the region, with Zambia, Morocco, Kenya, and Egypt following with notable but comparatively lower investment figures.

Among the standout deals contributing to Nigeria’s stellar performance, Shell’s $2.4 billion divestment of its onshore oil and gas subsidiary to Renaissance Africa Energy stands as the largest transaction in the quarter.

This landmark deal not only bolstered Nigeria’s overall investment portfolio but also signaled continued interest and confidence from global investors in the country’s energy sector potential.

Commenting on the findings, analysts highlight Nigeria’s strategic advantages, including a sizable market, abundant natural resources, and a dynamic entrepreneurial ecosystem that continues to attract substantial foreign and domestic capital.

The report also emphasizes West Africa’s prominence in regional investments, with Nigeria at its core, recording a cumulative $2.6 billion in deal value across various sectors.

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Stanbic IBTC Holdings to Raise N550bn Through Debt Issuance, Rights Issue

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Stanbic IBTC Holdings, one of Nigeria’s leading financial institutions, is set to raise a total of N550 billion through a combination of debt issuance and a rights issue.

This ambitious move comes amidst the backdrop of regulatory changes and the need for financial institutions to bolster their capital bases to meet new requirements set by the Central Bank of Nigeria (CBN).

The announcement was made in a notice of the company’s annual general meeting filed with the Nigerian Exchange Limited.

According to the disclosure, Stanbic IBTC Holdings plans to establish a debt issuance program with a capacity of up to N400 billion.

This program will enable the company to issue various forms of debt securities, including senior unsecured or secured, subordinated, convertible, preferred, equity-linked, or other forms of debt obligations.

Also, the board of Stanbic IBTC Holdings is seeking shareholder approval to raise additional equity capital of up to N150 billion through a rights issue or offer for subscription.

Shareholders will also vote on increasing the company’s issued and paid-up share capital to accommodate the proposed capital raise.

Stanbic IBTC Holdings has been a key player in Nigeria’s financial landscape, with a strong track record of performance and a diverse range of financial services.

The proposed capital raise is expected to provide the company with the necessary resources to pursue growth opportunities, enhance its market position, and continue delivering value to shareholders and stakeholders alike.

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Nigerian Breweries to Raise N600 Billion to Tackle Foreign Exchange Debt

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Nigerian Breweries - Investors King

Nigerian Breweries Plc, the largest brewery in Nigeria, has announced plans to N600 billion through a rights issue, with the primary objective of clearing its N500 billion foreign exchange debt burden.

This initiative was unveiled by Uaboi Agbebaku, the company’s secretary and legal director, during a pre-annual general meeting press conference held in Lagos.

Agbebaku stated that Nigerian Breweries is committed to implementing a comprehensive company-wide reorganization strategy to ensure a resilient and sustainable future for all stakeholders.

“The additional capital raised via rights issue will be utilized to settle all overdue foreign exchange debts and payables, effectively eliminating foreign exchange exposure,” Agbebaku explained.

He further highlighted the importance of strengthening the company’s balance sheet and liquidity position to restore profitability in the shortest possible time frame.

Hans Essaadi, the managing director and CEO of Nigerian Breweries, echoed Agbebaku’s sentiments, acknowledging the challenging operating environment characterized by factors such as double-digit inflation rates, currency devaluation, and foreign exchange challenges.

Essaadi emphasized the urgency of addressing these issues to mitigate their adverse impact on the company’s financial performance.

To achieve its objectives, Nigerian Breweries intends to leverage the support of its majority shareholder, Heineken Plc, which has committed to contributing over 50 percent of the N600 billion fundraising target.

This partnership underscores the strategic importance of the rights issue in revitalizing Nigerian Breweries’ financial health and positioning it for sustainable growth.

As part of its broader business restructuring efforts, Nigerian Breweries had previously announced plans to temporarily suspend operations at two of its nine breweries.

Sade Morgan, the director of corporate affairs at Nigerian Breweries, explained that the company is committed to executing its 2024 business recovery plan, which comprises cost management, operational optimization, and portfolio innovation.

“Our strategy for success in 2024 revolves around strong cost management, operational efficiency, and the introduction of exciting innovations to delight our customers,” Morgan stated.

“We remain dedicated to our employees, communities, and stakeholders as we navigate through these challenging times.”

With the proposed rights issue, Nigerian Breweries aims to not only alleviate its foreign exchange debt burden but also to fortify its financial resilience and drive sustainable growth in the dynamic Nigerian market.

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