Tuesday, July 9, 2019 has now been fixed as the new date for the listing of about 3.758 billion ordinary shares of Airtel Africa Plc on the Nigerian Stock Exchange (NSE) at a unit price of N363.
The exercise was earlier scheduled for Friday, July 5, 2019, but was postponed at the last minute as a result of the company’s inability to meet pre-listing requirements, including getting the authorization of the Securities and Exchange Commission (SEC).
However, it seems the third largest telecommunications firm in Nigeria behind MTN Nigeria and Globacom has obtained the necessary things needed for the listing.
A statement issued by the NSE on Sunday said the exercise will now take place tomorrow and the company would be expected to ‘paint the market red.’
“The Exchange is aware of various media reports stating that the postponed Airtel Africa listing on NSE is scheduled for Monday, July 8.
“Please be informed that the official date for the listing is Tuesday, July 9,” the statement by the NSE yesterday disclosed.
On Tuesday, Airtel Africa would be doing a cross-border secondary listing of a total of 3,758,151,504 ordinary shares.
On June 28, 2019, the company listed its shares on the trading floor of the London Stock Exchange (LSE) at 80 pence, approximately N363 per unit.
Tag: Shares
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Airtel Africa to list 3.758bn shares on NSE Tuesday
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NSE lifts suspension on trading in Conoil shares
The embargo earlier placed in the trading in the shares of Conoil Plc, an energy firm on the Nigerian Stock Exchange (NSE), has been removed.
On Tuesday, the NSE announced the suspension of the company from its trading platform alongside 10 others as a result of their failure to release their financial statements for the year ended December 31, 2018 and the first quarter of 2019.
Nearly 48 hours after the suspension, Conoil released the results and declared the payment of N2 to its shareholders for last fiscal year.
In a notice to on Friday, 05 July 2019, the stock market regulator said it has now removed the restriction in the trading of the company’s shares on its platform, having released the results.
Head of Listings Regulation Department at NSE, Mr Godstime Iwenekhai, said in today’s statement that investors can now begin to trade equities of the firm.
“We refer to our Market Bulletin dated July 2, 2019, with Reference Number: NSE/RD/LRD/MB34/19/07/02 wherein we notified dealing members of the suspension of 11 listed companies for non-compliance with Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) (Default Filing Rules”), which provides that: ‘If an Issuer fails to file the relevant accounts by the expiration of the Cure Period, The Exchange will: (a) send to the Issuer a ‘Second Filing Deficiency Notification’ within two business days after the end of the Cure Period;
“(b) suspend trading in the Issuer’s securities; and (c) notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension.”
“Conoil Plc, which was one of the 11 companies that were suspended has now filed its Audited Financial Statement for the year ended December 31, 2018 to the exchange.
“In view of the company’s submission of its Audited Financial Statements, and pursuant to Rule 3.3 of the Default Filing Rules, which provides that: ‘The suspension of trading in the Issuer’s securities shall be lifted upon submission of the relevant accounts provided the exchange is satisfied that the accounts comply with all applicable rules of the exchange.
“The exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension.
“Dealing members are hereby notified that the suspension placed in the trading of the shares of Conoil Plc was lifted today, Friday, July5, 2019,” the statement said. -
Union Bank: Buhari's ex-Ministers Enelamah, Udoma quizzed over $2b share scam
The Federal Government has begun the interrogation of those implicated in the alleged fraud that left over 65,000 Nigerian shareholders losing two billion dollars worth of shares.
Those invited for interrogation were the former minister of Budget and National Planning, Sen. Udo Udoma and his counterpart in the Ministry of Trade and Investment, Okechukwu Enelamah.
Mr Chukwuemeka Obasi, the legal representative of the whistleblower disclosed this to newsmen on Wednesday in Abuja.
Obasi said that the Managing Director of Union Bank Nig Plc, Mr Emeka Emuwa was also questioned.
According to him, the various representatives of all private and public institutions linked with the fraud were also invited and quizzed.
Obasi said the establishments mentioned in the petition included the Chapel Hill, National Security Exchange (NSE), Security Exchange Commission (SEC) and the Central Bank of Nigeria (CBN).
The interrogation hinged on a petition reporting the alleged fraud submitted to the Attorney-General of the Federation, Mr Abubakar Malami, SAN, dated April 3, 2019.
The petition is titled “Official corruption, misuse of FGN USD two billion, fraud and unjust enrichment of persons who dispossessed more than 65,000 Nigerians and conferred ownership of the Bank on few Nigerians and their foreign accomplices’’.
The petitioners also accused former Central Bank Governor, the Emir of Kano, Alhaji Sanusi Lamido Sanusi II, under whose watch the alleged fraud was perpetrated.
Also accused of alleged complicity in the transactions were the two former ministers.
Enelamah was accused of being the mastermind of the transaction by allegedly leading his company, Africa Capital Alliance to form the Mauritius shell company owned by Nigerians, who pretend to be foreign investors.
The transactions allegedly dispossessed Nigerian shareholders and investors in order to transfer ownership of the bank to a few persons including insiders, chieftains of competitor banks and others who would not pass CBN’s “fit and proper’’ test for bank ownership.
The petition claimed that Enelamah allegedly organised the registration of the offshore shell company in Mauritius called Union Global Partners Limited for the purpose of disguising the true majority ownership of Union Bank shares concealed in the offshore company.
The petition also alleged that the transactions commenced under Udoma’s supervision as Chairman of Securities and Exchange Commission and was consummated when he became the Chairman of Union Bank of Nigeria Plc.
“The circumstances can best be described as official corruption and insider trading’’, the petitioners alleged.
The petition further alleged that Udoma and other officials illicitly granted a renewable five year waiver to Union Bank of Nigeria to remain listed on the exchange in spite of being owned by a few private equity firms till today.
According to the petition, the alleged unlawful action is to ensure the more than 65,000 Nigerian former shareholders whose shares were diluted from 85 per cent to less than 15 per cent of public float to still be listed on Nigerian Stock Exchange (NSE).
“It is to be recalled that 49% shares of Union Bank of Nigeria plc is now majority owned and controlled by London listed Atlas Mara, the investment company led by Robert Diamond Jr.
“Mr Diamond is a former Chief Executive Officer of Barclays Bank who was sacked for his involvement in manipulating Libor.
“Not only is Mr Diamond not a fit and proper person to own a bank according to the rules of Nigeria, he had also been blacklisted by the Bank of England as a result of the Libor manipulation.
“One wonders how the former CBN Governor, Sanusi Lamido Sanusi authorised the Union Bank change of ownership transaction and bridged it with USD two billion national patrimony, in spite of glaring evidence of fraud and the nature of the ultimate foreign owner who was already known and waiting in the wings.
“There are evidence that Atlas Mara has visions of owning 100% of Union Bank of Nigeria plc which they can only achieve by buying shares warehoused by the few privileged Nigerians that acquired the bank in apparently unwholesome circumstances.
“Those few privileged Nigerians are now cashing in on their loot in transactions with Atlas Mara, at the expense of dispossessed Nigerians,’’ the petition said.
News Agency of Nigeria (NAN) reports that the alleged fraud has international dimensions reaching United Kingdom, Canada, USA, Netherlands and Mauritius.
NAN further reports that official record has it that Atlas Mara controls 49 per cent control share of the bank which is in turn controlled by Fairfax Africa based in Canada and United States.
According to the petition, Mauritius equally has a significant control right, because the offshore shell company called Union Global Partners Limited (UGPL) is another significant owner that has sold and continues to offload its shares to Atlas Mara.
Nigerians who were former shareholders of Union Bank of Nigeria eagerly await the outcome of this investigation.
NAN reports that UGPL acquired 65 per cent of the bank in the odious transaction that dispossessed Nigerians.
NAN further reports that the Assets Management Corporation of Nigeria (AMCON) was also compelled to divest its 20 per cent shares to Atlas Mara which the UGPL consortium was unable to pay for. -
Forfeiture Claim on Airtel Shares False, Misleading – Ecobank subsidiary
O&O Networks Limited, Special purpose vehicle owned by the Ecobank Group says contrary to certain media reports, there is no forfeiture order of the Federal High Court of Nigeria in its proceedings that is directed against Ecobank Transnational Incorporate (ETI) or Ecobank Nigeria Limited. O&O Networks Limited is defending long-standing proceedings in the Federal High Court relating to its ownership of shares in Airtel Networks Limited that were once owned by it.
The company which is a special purpose vehicle previously owned by Oceanic Bank, formed part of Ecobank Transnational Incorporated’s (ETI) in 2011 after the acquisition of Oceanic Bank. Legal proceedings were first initiated against O&O Networks Ltd in December 2006 by Broad Communications Ltd (“plaintiff”), in the Federal High Court of Nigeria.
A statement released by O&O Networks, pointed out that there is no forfeiture order of the Federal High Court of Nigeria in these proceedings that is directed against ETI or Ecobank Nigeria Limited.
According to the statement, there have been no material legal developments in the plaintiff’s substantive claim for monetary compensation since 2017, though a trial date on the substantive merits was recently fixed for May 28, 2019.
The statement reads: “Contrary to certain press reports, there is no forfeiture order of the Federal High Court of Nigeria in these proceedings that is directed against ETI or Ecobank Nigeria Limited, and neither ETI nor Ecobank Nigeria Limited has made or is required by law to make any payment to the Federal High Court of Nigeria in relation to this long-standing litigation. There have been no material legal developments in the plaintiff’s substantive claim for monetary compensation since 2017.
“In 2006, the plaintiff’s claim was grounded on an alleged right of first refusal over shares in Airtel Networks Limited that O&O Networks owned. The plaintiff claimed ownership of the Airtel shares based on its right of first refusal. In 2017, the plaintiff amended its claim to seek monetary compensation of USD equivalent of Naira 10 billion (approximately US$28 million) in place of its claim of ownership of the Airtel share.
” Since the matter was filed in 2006, it has not proceeded to trial on the substantive merits of the claim to date though a trial date on the substantive merits was recently fixed for May 28, 2019
“In August 2018, O & O Networks sold its shares in Airtel Networks Limited for Naira 22.5 billion (approximately US$62.5 million) with the permission of the Federal High Court on 7 June 2018 and subsequently in September 2018, the plaintiff filed an interlocutory application requesting the Federal High Court of Nigeria to grant an order directing O&O Networks to place Naira 22.5 billion (approximately US$62 million) – the entire proceeds of the sale of the Airtel shares and an amount which is significantly in excess of the plaintiff’s total monetary claim – into an escrow account in the name of the Chief Registrar of the court, pending the final determination of the substantive claim. The Federal High Court of Nigeria granted the plaintiff’s interlocutory application on 7 March, 2019.
“O&O Networks has filed a notice of appeal and an application for stay of execution to this ruling. O&O Network’s appeal to the interlocutory order is currently pending, and it intends to prosecute the appeal vigorously.
“O & O Networks Limited believes the substantive claim of the plaintiff is without merit and will continue to vigorously defend all proceedings – interlocutory and substantive – in relation to the plaintiff’s long-standing claim.”
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Juventus shares soar after Champions League win against Atletico
Juventus shares soared more than 20 per cent and were on track for their biggest one-day gain in five and half years on Wednesday.
The Italian soccer team overturned a two-goal deficit to defeat Atletico Madrid in a key Champions League match.
The victory on Tuesday night puts the Turin side through to the quarter finals of the competition, qualifying them for about a 10.5 million euro (£9 million) payment.
The cash would be on top of the 9.5 million euros the club received for getting through to the final 16 teams.
At 08:31 GMT, the shares were up 16 percent after hitting their highest since late January in early trading.
The shares were on track for their best day since October 2013.
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Man Utd shares rise after Mourinho’s exit
Frankfurt-listed shares in Manchester United climbed in early deals after manager Jose Mourinho left the English Premier League football club on Tuesday.
It was an indication that investors welcomed the move after the club’s dismal start to the season.
The stock rose 1.4 percent by 1030 GMT after extending gains following the news.
Manchester United’s primary listing in the U.S. had not yet started trading as at the time of this report.
Mourinho was sacked as Manchester United manager on Tuesday following a 3-1 defeat by arch-rivals and Premier League leaders Liverpool on Sunday.
It was a result which left the club in sixth place in the standings, 19 points off the top.
His departure marked the first time since his days as Uniao de Leiria coach in 2002 that Mourinho has left a club without winning a domestic league title.
He has spent two years at Old Trafford, which was perceived to be his dream job.
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NSE lifts suspension on Unity Bank shares
The Nigerian Stock Exchange (NSE) on Friday suspended its ban trading in the shares of Unity Bank Plc hours after placing the ban.
Recall that the stock market regulator had earlier on Thursday announced a suspension on Unity Bank shares and that of five other listed companies for failing to release their financial statements as required by the listing rules.
However in a notice to the investing public on Friday, the stock market regulator announced lifting of the suspension on trading in the shares of bank
“We refer to our Market Bulletin dated November 1, 2018 notifying the public of the suspension of six listed companies for non-compliance with Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules), which provides that; ‘If an Issuer fails to file the relevant accounts by the expiration of the Cure Period, The Exchange will: (a) Send to the Issuer a ‘Second Filing Deficiency Notification’ within two business days after the end of the Cure Period; (b) Suspend trading in the Issuer’s securities; and (c) Notify the Securities and Exchange Commission (SEC) and the Market within twenty-four (24) hours of the suspension.’
“Unity Bank Plc, which was amongst the companies suspended has, submitted its outstanding Audited and Interim Financial Statements to The Exchange.
“In view of the submission of the company’s accounts and pursuant to Rule 3.3 of the Default Filing Rules, which provides that; ‘The suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts provided The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange. The Exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension.’
“The general public is hereby notified that the suspension placed in the trading of the bank’s shares was lifted today, November 2, 2018.
“This is for your information and update,” the notice signed by Mr Godstime Iwenekhai, the Head of Listings Regulation Department at the NSE, said.
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NSE suspends trading in Unity Bank, five others’ shares
The Nigerian Stock Exchange has suspended trading in the shares of Unity Bank Plc and five other listed companies.
The Head, Listings Regulation, NSE, Godstime Iwenekhai, in a statement on Thursday, said the companies were suspended for failing to file their financial statements.
Iwenekhai, who announced the suspension, said it was in pursuant to Rule 3.1, Rules for the filing of accounts and treatment of default filing, Rulebook of the Exchange.
He said the rules provided that if an issuer failed to file the relevant accounts by the expiration of the cure period, the Exchange would send to the issuer a second filing deficiency notification within two business days after the end of the cure period.
He added that trading in the issuer’s securities would be suspended, after which the Securities and Exchange Commission and the market would be notified within 24 hours of the suspension.
The statement read in part, “Trading in the shares of the following companies via the facilities of the Exchange has been suspended effective today, November 1, 2018: Unity Bank Plc, Fortis Microfinance Bank Plc, Thomas Wyatt Nigeria Plc, Multi-Trex Integrated Foods Plc, Golden Guinea Breweries Plc and Deap Capital Management & Trust Plc.
“In accordance with the rules set forth above, the suspension of the above-listed companies will only be lifted upon the submission of the relevant accounts and provided the Exchange is satisfied that the accounts comply with all applicable rules of the Exchange.”
Meanwhile, the market capitalisation of equities listed on the Exchange dropped by a further N168bn on the back of 24 losers led by Cadbury Nigeria Plc.
The market capitalisation, which stood at N11.852tn on Wednesday, dropped to N11.684tn at the end of trading on the floor of the Exchange on Thursday.
The All Share Index dropped by 1.4 per cent from 32,466.27 basis points on Wednesday to 32,006.65bps on Thursday, shedding 459.62 bps.
The year-to-date loss moderated to -16.3 per cent, while the volume and value of trade increased by 67.4 per cent and 29 per cent to close at 355.757 million units and N4.9bn, respectively.
Sector performance was bearish as all indices closed on a negative note.
The industrial index recorded the largest decline due to losses in Dangote Cement Plc, while the consumer goods and oil and gas indices followed, declining by 1.1 per cent and 0.8 per cent, respectively, on the back of losses in Nestlé Nigeria Plc, Dangote Sugar Refinery Plc, Oando Plc and Eterna Plc.
The banking index dropped by 0.6 per cent, while the insurance index dropped by 0.1 per cent.
The top traded stocks by volume were First City Monument Bank Plc (168.727 million), Guaranty Trust Bank Plc (85.757 million) and Zenith Bank Plc (24.365 million), while the top traded stocks by value were GTB (N3.2bn), Zenith Bank (N562.8m) and FCMB (N261.2m).
The top five worst-performing stocks were Cadbury, CAP Plc, Eterna, Cement Company of Northern Nigeria Plc and Africa Prudential Plc, whose share prices declined by 10 per cent, 9.97 per cent, 9.92 per cent, 9.82 per cent and 9.82 per cent, respectively.
The top five best-performing stocks were Japaul Oil & Maritime Services Plc, Neimeth International Pharmaceuticals Plc, WAPIC Insurance Plc, Learn Africa Plc and Presco Plc, which saw their respective share prices increase by 10 per cent, 9.09 per cent, 7.50 per cent, 7.27 per cent and 6.49 per cent.
Analysts at Afrinvest Securities Limited said, “Following three consecutive days of profit-taking, we anticipate a mild upturn in prices of bellwethers that have declined, thus driving a positive performance in today’s (Friday) session.”
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JUST IN: NSE suspends trading in shares of six listed Nigerian companies
The Nigerian Stock Exchange (NSE) on Monday suspended trading in the shares of six listed companies.
The companies were suspended after they failed to file details of their accounts to the Exchange as stipulated by market regulations.
The six companies are DN Tyre & Rubber Plc, FTN Cocoa Processors Plc, International Energy Insurance Plc, Thomas Wyatt Nigeria Plc, Union Dicon Salt Plc and Unic Diversified Holdings Plc.
In a notice signed by Godstime Iwenekhai, head of Listings Regulation Department, the NSE said the decision was pursuant to Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) (“Default Filing Rules”).
The rule provides that if an issuer fails to file the relevant accounts by the expiration of the current period, the Exchange will send to the issuer a “Second Filing Deficiency Notification” within two business days after the end of the Cure Period; suspend trading in the Issuer’s securities; and notify the Securities and Exchange Commission (SEC) and the Market within twenty- four (24) hours of the suspension.”
The NSE, therefore, said effective Monday, trading in the shares of the six companies remains suspended.
“In accordance with the rules set forth above, the suspension of the above listed companies will only be lifted upon the submission of the relevant accounts and provided The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange,” the notice said. -
SEC approves take over of 10m shares of Ensure Insurance
A wholly owned subsidiary of Allianz SE, Societe Fonciere Europeenne B.V., has been given the approval to fully acquire 10 million ordinary shares of Ensure Insurance Plc.
This approval was given by the Securities and Exchange Commission (SEC) and the acquisition is through a mandatory take-over.
It gathered that the takeover was priced at 72 kobo and opened on the NASD Securities Exchange on September 26, 2018 and will close October 22, 2018.
“In order to accommodate this exercise, the shares of Ensure Insurance Plc have been suspended from trading on the NASD OTC Securities Exchange for the duration of the Mandatory Take-Over Offer up until October 22, 2018,” a statement from NASD disclosed.