- Aviation Authority Certifies Air Peace Okay
The Nigerian Civil Aviation Authority (NCAA) said it audited Air Peace and its fleet of aircraft to ensure the airline is in compliance with the regulatory standard.
The regulating body, said all Air Peace operational aircraft are airworthy.
In a statement signed by its General Manager, Public Relations, Mr Sam Adurogboye, “this technical audit was not limited to this recent incident. The airline’s operational, technical and safety performance in the last 12 months were also scrutinised.”
“It revealed that all the operational aircraft on the fleet of Air Peace Limited are airworthy. This is to assure the flying public that all the aircraft on the fleet of the NCAA authorised Air Operators Certificate holders operating in Nigeria are airworthy.”
MTN Nigeria Picks Karl Toriola as Chief Executive Officer (CEO) Designate
MTN Nigeria, Africa’s leading telecommunications company, has appointed Mr. Karl Toriola as the Chief Executive Officer (CEO) designate.
In a statement released on the Nigerian Stock Exchange’s website, the company said the appointment is effective from the 1st of March 2021 to give enough time for an orderly handover.
According to the company, Mr. Toriola is presently the Vice President of West and Central Africa (WECA), excluding Nigeria and Ghana, since 2016.
The statement reads “During his tenure, the WECA markets have made significant commercial and strategic strides. These include the improvement of market shares within the region and the development of mobile financial services.
“Since joining the Group in 2006, Mr. Toriola has also held a number of senior operational roles including Chief Technical Officer of MTN Nigeria, CEO of MTN Cameroon and MTN Group Operations Executive. Mr. Toriola has at various times in his career in MTN Group, had oversight responsibility of 16 of the Group subsidiaries and serves on various MTN boards, including MTN Nigeria.
“Mr. Toriola obtained a Bachelor of Science in Electronic and Electrical Engineering from the University of Ife, a Master of Science degree in Communication Systems from the University of Wales, and attended the General Management Program at Harvard Business School. In addition, he has attended several executive development courses at various institutions including Wharton Business School, Institute of Management Development and London Business School.”
NESBITT Acquires Peugeot Nigeria, Plans to Invest $150m in the Company
NESBITT to Invest $150 Million in Peugeot Nigeria
Peugeot Automobile Nigeria (PAN) has been acquired by the NESBITT Investment Nigeria, according to the statement from NESBITT.
The new owner planned to invest $150 million into the company in the next three years to revamp the automobile company.
It said the $150 million would help retool and upgrade PAN’s assembly line and boost working capital.
Speaking on the acquisition, Ahmed Wadada-Aliyu, the new chairman of PAN, said the automobile manufacturer would be introducing new brands into the market to establish brand affordability in Nigeria.
“PAN under the supervision of the board shall undergo massive restructuring, and in so doing, we shall observe strict governance protocols, transparency, business integrity, efficiency and ethics in our undertakings,” he said.
“In 2019, Nigeria imported at least 400,000 used cars as against 68,000 brand new vehicles. Because of this imbalance, PAN will be introducing new brands of vehicles into the market to re-launch brand affordability in Nigeria such that Nigerians will have access to brand new vehicles.”
“Our biggest concern is the over 50 assembly plants that have not made any matching investments but are enjoying the incentives of the auto policy.”
Pharmaceutical Industry M&A Activity Grew by 17% in H1 2020 amid 56% Drop in Deal Value
Pharmaceutical Industry M&A Activity Rose by 17% in the First Half of 2020
According to the research data analyzed and published by ComprarAcciones, merger and acquisition (M&A) deal activity in the pharmaceutical sector rose by 17% in H1 2020, disregarding the economic toll of the global pandemic.
It saw a total of 41 deals during the period, but the Q2 2020 deal value total of $3.3 billion was the lowest quarterly total since Q1 2018.
According to PwC, the pharma subsector posted a drop of 56% in deal value from H2 2019 to H1 2020. For the PLS sector as a whole (pharma, biotech and medical devices), the decline in deal value was a massive 87.2% during the same period.
Pharma and Life Sciences (PLS) M&A Total Deal Value Sank from $272.9B to $35B YoY
The total deal value for the pharmaceutical subsector in H1 2019 was $100.1 billion. In contrast, its total deal value in H1 2020 was valued at $7.7 billion.
The PLS sector had a total of 99 deals valued at $35 billion in H1 2020. In H2 2019, the figures were higher, with 129 deals valued at $86.5 billion. H1 2019 was even bigger, with 119 deals valued at a remarkable $272.9 billion.
Meanwhile, for the healthcare industry as a whole, H2 2020 started off with 13 deals valued at $1 billion+ according to S&P Global.
On the other hand, based on a report from Global Data, the global M&A deal value started on a downtrend in Q1 2020. It went from $151.2 billion to $129.9 billion from February to March. Another study from S&P Global shows that the decline carried into Q2 2020, with a 35% drop in deal volume. Similarly, total transaction value dropped by 40%, the highest drop since 2015.
Comparing H1 2020 to H2 2019, the total deal volume sank by 32% year-over-year (YoY) from 10,155 deals to 6,938 according to Merger Market. Deal values sank by 53%, from $1.9 trillion to $901.6 billion during the same period.
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