By Alex C Transcorp Hotels, part of the Transcorp Plc conglomerate, has filed for an N8 billion ($49.3 million) initial public offering of 800 million ordinary shares of 50kobo. The company made the disclosure through a notice to the Nigerian Stock Exchange (NSE). Transcorp Hotels, whose flagship hotel is managed by the Hilton group in Nigeria’s capital city Abuja, is 88 percent-owned by the conglomerate, with the balance held by the Nigerian government. The conglomerate, with interest in power generation, agribusiness and oil and gas has announced plans to expand its hotel business in Nigeria to tap into a growing…
Author: Pride Team
By Alex C Ecobank Nigeria has signed a $20 million line of credit with Brazilian Development Bank BNDES. The facility will address special funding needs of customers and non-customers of Ecobank that import goods from Brazil. BNDES, also known as National Bank for Economic and Social Development, is one of the largest development banks in the world, with financial net worth of $27.40billion and total assets of $353.37 billion in 2013. Foluke Aboderin, Executive Director, Corporate Banking at Ecobank Nigeria, said the partnership is driven by demands from customers and importers requiring competitive financing to purchase products from the international…
By Alex C Sanlam Group, South African partners and minor shareholder in Nigeria’s FBN Life Assurance Company Limited is excited about the progress in the Nigerian Company, which has broken even two years and three months after its establishment. Sanlam said that FBN Life history is record breaking, as it takes majority of insurance companies five years or more to break even and record profit. This, according to the Sanlam Group, has earned the Nigerian Company its “Rising Star trophy” after emerging tops amongst its investments across 11 other countries including India, Uganda and East Africa. Annually, Sanlam Group holds…
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By Alex C Etisalat Nigeria has putatively partnered with FBN Insurance Limited to launch ‘Sure4Life”, an airtime-based insurance product designed to increase penetration and consumer access to affordable insurance products via the mobile telephone. Sure4Life is expected to make insurance products accessible to a robust portion of the uninsured Nigerian population. According to Director, Business Segment at Etisalat Nigeria, Lucas Dada, “Sure4Life is an innovative insurance product which takes away all the challenges that may be associated with taking an insurance policy and allows our subscribers to access and maintain insurance coverage with ease. It is in line with our…
By Alex C Sovereign fund Investment Corp of Dubai (ICD) has bought a 1.4 percent stake in Dangote Cement, Nigeria’s biggest company by market capitalisation, for $300 million, a Dangote spokesman said on Monday. Dangote Cement spokesman Carl Franklin confirmed the sale, but provided no further details. Stockbrokers in Lagos told Reuters 243 million shares of Dangote Cement were transferred to ICD, which holds stakes in some of the emirate’s top companies, at 200 naira each, a 12 percent premium to Dangote Cement’s price of around 223 naira on Monday. “ICD is diversifying its portfolio … into the West African…
By Alex C The Chief Executive Officer, FBN Life Assurance Limited, Mr Val Ojumah, has said the enforcement of ‘No premium, no cover,’ a policy initiative of the National Insurance Commission as provided in the Insurance Act 2003, will lead to increased liquidity, higher returns on investment and timely claims settlement. In a statement on Friday, he said, “No Premium No Cover” a provision in Section 50 (1) of the Insurance Act of 2003 states that “the receipt of an insurance premium shall be a condition precedent to a valid contract of insurance and there shall be no cover in…
Kenyan men are patting each other on the back following a chauvinistic vote in Parliament that empowers them to “marry as many women as they want” under customary law. The passage of the bill by the heavily male dominated house has angered educated Kenyan women as demonstrated by their colleagues in Parliament who boycotted sittings of the House. Customary practice in most African countries permitted men to marry more than one, but appears to be the first time it has been formalized in any Parliament, an in a most annoying way to women. African customary practices allow the first to…