Welcome to the Nairametrics Corporate News Roundup for the week ending 21 January 2023. This is a roundup of the company’s top news from the past week, brought to you courtesy of Quidax.
Nigerian companies have been announcing their strategic growth plans for the New Year. While Access Holdings seeks to raise capital to finance its new strategy, Chams HoldCo obtained a new license even as Cementos Dangote appointed a new CEO to lead the company. These and more in today’s summary. Let’s start.
The Access Bank strategy: Last week, Access Holdings announced a 5-year growth strategy that, among other goals, would see customer acquisition for its retail business reaching 100 million by 2027.
The banking group also revealed that it would aim to establish a presence in at least 26 countries around the world, including some OECD countries and other major financial centers like Hong Kong, Mumbai, Beijing, etc. Of course, the goal of the expansion is to support intra-African trade and, by doing so, generate profit for shareholders.
Funding of the plan: Meanwhile, to support its planned expansion contained in the 5-year strategic plan, Access Holdings said it would need to raise capital.
Without revealing too many details about the capital plan, the bank explained that it would need to work with its development finance institution (DFI) partners and the international financial markets to raise senior debt and quasi-equity.
MTN Incentive Actions: MTN Nigeria announced that it will allocate incentive shares to some shareholders who participated in its latest public offering of 575 million common shares. This is in fulfillment of the telecommunications company’s promise to give one common share for every 20 common shares purchased by shareholders.
To qualify for incentive shares, shareholder names must appear in the membership register as of the qualification date which is January 31, 2023.
Profit projection: Jaiz Bank Plc projected N9.780 billion in gross profit and N1.263 in profit after tax for the first quarter of 2023.
Remember that the interest-free banking institution had reported a 20% increase in profit to N925 million in Q3 2022.
New license for Chams: Chams HoldCo Plc announced that it has received a payment services holding company license from the Central Bank of Nigeria (CBN). Nairametrics reported that the company obtained the license earlier this month. In addition to the license, Chams HoldCo also renewed its mobile money operator (MMO) and switching licenses for its subsidiaries.
The company’s CEO, Mayowa Olaniyan, explained that with the new license, Chams HoldCo will be able to “establish a commercial institution that will further enhance the company’s pivotal role in the payments industry in Africa and ensure global relevance.”
Wakanow’s restructuring: Leading travel agency Wakanow Limited has announced that it has restructured into a group entity in line with its next phase of growth.
As part of the restructuring, the company’s board of directors appointed Mr. Adebayo Adedeji as the group’s CEO and even Ms. Adenike Macaulay was appointed as the CEO of Wakanow Nigeria. Her appointments took effect this January.
Financing Nigerian Startups: Nairametrics reported that Nigerian tech startups (PaddyCover, Farmz2U and Eight Medical) raised $200,000 each from Catalyst Fund, a pre-seed venture capital and accelerator.
The funding was part of the Catalyst Fund’s $2 million investment in 10 start-ups building solutions to improve the resilience of climate-vulnerable communities in Africa.
NGX IFC Partners: Nigerian Exchange Limited announced that it has partnered with the International Finance Corporation (IFC) to investigate gender-based violence and harassment at companies in Nigeria.
A statement seen by Nairametrics explained that the study would be conducted as part of the Nigeria2Equal initiative, which aims to address gender-based violence in the private sector. The study would provide evidence-based recommendations that would help prevent gender-based violence in the future.
New CEO of DanCem: Dangote Cement Plc announced the appointment of Arvind Pathak as Group Managing Director, effective March 1, 2023.
According to a statement seen by Nairametrics, Pathak’s appointment follows the impending retirement of the company’s current Group CEO, Michel Puchercos, who would officially step down on February 28, 2023.
PZ Cussons Nigeria Plc also announced the appointment of Brian Egan as Interim Chief Financial Officer (CFO) of the company, effective January 1, 2023.
A corporate disclosure seen by Nairametrics explained that the appointment follows the resignation of former CFO Zubair Momoniat on December 31, 2022.