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Lafarge Africa Succeeds with N89.2bn Rights Issue

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Lafarge
  • Lafarge Africa Succeeds with N89.2bn Rights Issue

Lafarge Africa Plc has successfully raised fresh capital of N89.212 billion from existing shareholders through a rights issue of N7.434 billion ordinary shares of 50 kobo each at N12.00 per share.

In a notification to the Nigerian Stock Exchange (NSE), Lafarge Africa Plc said the rights issue was 100 per cent subscribed. It explained that a total of 1,826 applications for 7,434,367,256 ordinary shares were accepted and were found valid under the terms of the issue and were processed accordingly.

The N89.2 billion rights issue was the company’s second issue within two years having raised N132 billion the previous year. The company had raised that capital by issuing 3.1 billion ordinary shares of 50 kobo each at N42.50 per share.

Shareholders of the company had last September approved the raising of fresh capital in line with the firm’s refinancing plan. The Chief Financial Officer (CFO) of Lafarge Africa Plc, Mr. Bruno Bayet, had said the a refinancing plan was aimed at preparing it for future development in Nigeria, improving the company’s leverage as well as strengthen its profitability.

The Chairman of Lafarge Africa, Mr. Mobolaji Balogun had the additional capital to be raised will further help to deleverage the company’s balance sheet and provide head room for the expansion of our business.”

According to him, the board of directors is mindful of the support of all our shareholders through the difficult but necessary journey to transform the company into a more agile and correctly financed business ready to benefit from the potential opportunities in Nigerian building materials (market).

He also assured shareholders that restructuring of the capital structure of the company largely completed through the past year would help to significantly reduce the cost of financing and currency translation risk.

Balogun added that the company is implementing a new route-to-market initiative aimed at supporting the anticipated growth in demand as the country gradually recovers from recession and as foreign exchange rates stabilise.

Shareholders are currently awaiting the financial performance of Lafarge Africa Plc for the full year ended December 31, 2018. The company had announced revenue of N234.30 billion for the nine months ended September 30, 2018, up from N223.67 billion in 2017.

Loss after tax stood at N10.37 billion as against a net profit after tax of N937.91 million in comparable period of 2017.

Meanwhile, trading at the stock market resumed on negative note as the Nigerian Stock Exchange (NSE) All-Share Index fell by 0.9 per cent to close at 31,636.66.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market.

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Seplat Appoints Emeka Onwuka as CFO, Executive Director

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Seplat Named Emeka Onwuka as CFO and Executive Director

Seplat Petroleum Development Company Plc has appointed Mr. Emeka Onwuka as the Chief Financial Officer (CFO) and Executive Director of Seplat, effective from August 1, 2020.

In the statement signed by Mrs. Edith Onwuchekwa, Company Secretary and Chief Governance Compliance Officer, and released through the Nigerian Stock Exchange, Mr. Onwuka has more than 30 years of experience in financial services within Sub-Saharan Africa.

“He has acted as the voice and face of major financial institutions in Nigeria as former Group Managing Director /CEO of Diamond Bank Plc and former Chairman of Enterprise Bank Limited. Mr Onwuka is a Partner at Andersen Tax Nigeria and holds various Board positions as Chairman; FMDQ Securities Exchange Limited; Director FMDQ Holdings Limited; Director, Ecobank Nigeria Limited; and Director, Bharti Airtel Nigeria,” the Company stated.

“Mr Onwuka received his B.SC. in Political Science from the University of Nigeria, Nsukka and holds an MBA from the University of Benin. He is a Chartered Accountant, a Fellow of the Institute of Chartered Accountants of Nigeria, a Fellow of Chartered Institute of Taxation of Nigeria. He has attended executive programs at the Lagos Business School, Wharton Business School and Harvard Business School.

“Mr. Onwuka holds the Nigerian National Honour, Officer of the Order of the Niger (OON). The Board of Seplat is confident that the wealth of knowledge and experience he brings will be a great addition to the Company.

“This announcement is being made in accordance with Rule 4 of the Nigerian Stock Exchange Amended Listing Rules.”

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TAJBank Joins e-Commerce Giants- Launches Nigeria’s 1st Ethical Online Mall

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TaJBank E-commerce

TaJBank Launches Ethical Online Mall

Abuja Nigeria July 8th, 2020  Nigeria’s most innovative Non-Interest Bank, TAJBank, has announced the highly anticipated launch of TAJMall, the nation’s first ethical online shopping mall.

The highly anticipated launch of the e-commerce site, which held recently, is coming closely on the heels of the commencement of its Agency Banking Network which began in June across thirteen (13) states in the country.

To celebrate this milestone, the brand will be holding a week long TAJMall campaign from 6th – 11th July 2020 to sensitize and also reward its new customers to its platform.

“This is a great milestone as we present a fully customer focused e- commerce platform offering 100 percent authentic brands from highly vetted vendors. Our mission is to rebuild trust in the online shopping niche, hence the emphasis on our platform being an ethical shopping mall. We want to deliver on our promise and make this an enjoyable and safe experience not just for our customers, but also for our numerous trusted vendors as well,” said Founder/COO TAJBank, Hamid Joda.

“Our customers place absolute trust that goods will be delivered exactly as requested, and we do not take that trust lightly, he added.

The brand expressed commitment to continuously deploy technological tools on it’s new e- platform to maintain optimal customer service delivery and ensure shopping on TAJMall remains a productive and hassle free experience.

Customers who log onto the tajmall.ng platform (or download the app), will have the opportunity to enjoy massive price slashes, shopping coupons, free shipping and other incredible offers. The Bank also intends to offer financing to its customers who shop on the mall.

“Well beyond our exciting line up of activities, they are assured the highest level of value each time they make a purchase on TAJMall. Our marketing insights have shown that there is an increasing need to match the kind of variety in product offerings that customers yearn for with the exceptional shopping experience that may at times be lacking. We aim to make that an unmatched experience right from the moment our customers visit our mall to the receipt of their items,” affirmed Co-Founder/CMO, Mr Sherif Idi.

Customers shopping on TAJ Mall are guaranteed 100% authenticity, official warranties from the brands, and a 5 day return policy at no extra cost to the customer.

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Warren Buffet to Give Out Another $2.9bn, Total Donations Now $37bn

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Warren Buffett's Donations

Warren Buffet Gives Away $2.9bn, Total Donations Now $37bn

Oracle of Omaha, Warren Buffet, has announced his yearly charitable donations to the five philanthropies he picked to donate most of his fortune to.

The billionaire plans to give out 15.9 million class B shares of Berkshire Hathaway worth $2.9 billion to the five philanthropies. This will bring his total philanthropic donations to $37 billion since 2006.

Warren Buffett

Buffet, who has promised to give away about 99 percent of his fortune, still hold 248,734 Class A shares of Berkshire valued at around $67.5 billion.

However, before he began given out his shares, Oracle of Omaha held 474,998 Class A shares of Berkshire, which would have worth about $129 billion as of today.

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