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Merger and Acquisition

Dangote Industries Set to Revolutionize Agriculture Industry with Mega Merger, Creating Dangote Foods Plc



Dangote Industries Limited has unveiled plans for a merger that will give rise to a formidable entity known as Dangote Foods Plc.

This colossal conglomerate is poised to transform the agriculture industry and enhance food security across the nation.

The merger will combine three subsidiaries of Dangote Industries Limited, including Dangote Sugar Refinery, Dangote Salt, and Dangote Rice, resulting in a diversely profitable mega-company.

The fusion, scheduled for completion by the end of 2023 pending regulatory approvals, promises to yield significant benefits for all stakeholders, notably shareholders.

Dangote Sugar Refinery’s Group Managing Director and CEO, Mr. Ravindra Singhvi, highlighted the merger’s strategic importance, stating its potential to create substantial shareholder value.

The amalgamation will not only generate cost-saving synergies but also expand product offerings and revenue streams.

Dangote Foods Plc is set to become a powerhouse in the market, boasting a wide array of products, including sugar, salt, tomato, and rice, among others. This merger will facilitate broader distribution capabilities and increased operational efficiency through synergy.

The journey towards this monumental merger began when Dangote Sugar Refinery notified the Nigerian Exchange Limited of its intention to merge with NASCON Allied Industries Plc and Dangote Rice Limited, both subsidiaries of Dangote Industries Limited.

This move marks a pivotal moment in the corporate history of Nigeria, with Dangote Industries Limited reaffirming its commitment to driving growth, innovation, and food security for the nation.

As regulatory approvals progress, Dangote Foods Plc is poised to emerge as a prominent player in Nigeria’s agricultural landscape, ultimately paving the way for a brighter and more sustainable future for the country.

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

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Merger and Acquisition

Equinor Concludes Sale of Stake in Chevron’s Agbami Oil Field to Chappal Energies




Norwegian energy company Equinor has successfully finalized the sale of its 20.21 per cent stake in Chevron’s Agbami oil field.

The transaction, including Equinor’s 53.85 per cent ownership in Oil Mining License 128, was completed with Nigerian-owned Chappal Energies. The financial details of the deal have not been disclosed.

Equinor, a longstanding player in Nigeria’s energy sector since 1992, views this divestment as a strategic move in line with its broader international oil and gas portfolio optimization strategy.

Nina Koch, Equinor’s Senior Vice President for Africa Operations, commented on the transaction, stating, “This transaction realizes value and is in line with Equinor’s strategy to optimize its international oil and gas portfolio and focus on core areas.”

Chappal Energies, the acquiring entity, is a committed Nigerian-owned energy company with ambitions to further develop the assets, contributing significantly to the Nigerian economy.

The completion of the transaction remains contingent on various conditions, including regulatory and contractual approvals.

Equinor’s exit from the Agbami oil field signifies a shift in its global asset portfolio management, enabling the company to concentrate on its core operational areas.

The deal aligns with the broader industry dynamics and demonstrates Equinor’s commitment to strategic alignment and operational efficiency.

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Merger and Acquisition

Flour Mills Shareholders Approve Formation of BAGCO Subsidiary



flour mills posts 184% increase in PAT

Shareholders of Flour Mills of Nigeria have given their approval for the separation of the BAGCO business into a 100% owned subsidiary during the company’s Annual General Meeting in Lagos.

The decision, passed by a show of hands, reflects the shareholders’ agreement to carve out BAGCO from Flour Mills of Nigeria, further divesting up to 60% equity of Flour Mills of Nigeria in BAGCO.

The corporate notice filed with the Nigerian Exchange Limited outlines the move, stating, “To carve out the business of BAGCO from that of Flour Mills of Nigeria into a 100% owned subsidiary of Flour Mills of Nigeria Plc.”

The Securities and Exchange Commission had previously approved the merger of BAGCO with Flour Mills of Nigeria in 2012.

The recent decision to create a subsidiary represents a strategic move in the company’s organizational structure.

Additionally, shareholders at the meeting approved the audited financial statement for the year ending March 31, 2023, along with a final dividend payment of N2.25 for every 50 Kobo ordinary shares held.

The re-election of several directors, including Muhammad Ahmad, Juliet Anammah, Paul Gbedebo, Yunus Saliu, and Folarin Williams, was also endorsed.

Despite a positive revenue outlook, an investment update from Cordros Securities cautioned that Flour Mills’ profitability might be impacted by the anticipated high cost of operations and foreign exchange challenges resulting from the devaluation of the naira.

The report highlighted the potential inhibiting factors, including a higher cost outlook in H2-24 and sustained FX losses impacting net operating income.

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Merger and Acquisition

UBA Takes Over Stallion Nigeria Limited Assets in N156 Billion Debt Dispute



UBA House Marina

The United Bank for Africa (UBA) Plc has seized the assets of Stallion Nigeria Limited and its subsidiaries in Lagos, Port Harcourt, and Kano, following a Federal High Court order in Lagos in a debt lawsuit totaling N156,026,032,804.84.

The bank’s receiver-manager, Romeo Michael, executed the court order, protected by police personnel, in the three cities.

The court order, issued by Justice Akintayo Aluko on October 20, 2023, grants UBA control over the assets and restrains the defendants, including their directors, shareholders, employees, officers, and agents, from interfering with the receiver-manager’s duties.

The affected assets include properties in Port Harcourt, Lagos, and Kano, and the court has also frozen sums totaling N156 billion across various financial institutions.

Speaking on the development, the judge emphasized the importance of preserving the subject matter of the suit and issued an interim injunction against tampering with or dealing in any manner with the assets and monies subject to the order.

The court further scheduled a hearing for November 20, 2023, to consider the motion on notice.

According to court documents, UBA provided credit facilities to Stallion Nigeria Limited in 2014, with the understanding that the funds would be used by Stallion’s sister companies.

The defendants allegedly diverted funds, breached agreements, and failed to clear their debts amounting to N156 billion.

The legal action underscores the bank’s efforts to recover outstanding amounts and protect its interests in the face of contractual violations.

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