Tag: Nigeria Stock Exchange

Oando joins the trillion-Naira exclusive companies club

Aminu Imam
Oando trillion club

Oando, a prominent oil and gas company, has reached a market capitalisation of N1 trillion, placing it among an exclusive group of companies. This milestone follows a significant increase in its share price, which rose by 207.6% in August. Recall that in early August, Oando announced its intention to complete a $783 million acquisition of Nigeria Agip Oil Company, a subsidiary of Eni. ?This announcement contributed to increased investor interest, driving up the company’s stock price and resulting in a trading volume of 547 million shares. With this development, Oando…

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MTN Group plans to sell 575m shares to Nigerian investors

Aminu Imam

MTN Group, the parent company of Nigeria’s telecom giant, MTN Nigeria, which controls 40% market share, has concluded plans to sell 575 million units of its ordinary shares in MTN Nigeria to investors in the local market. It announced the news this morning, Thursday, November 4, 2021. In a letter to the Nigerian Stock Exchange, MTN Nigeria Communications Plc said the public offer for sale will be by way of a bookbuild to institutional investors and fixed price to retail investors. “The offer is anticipated to open in November 2021…

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FBN Holdings confirms Otedola’s acquisition of 5.07% equity stake

Aminu Imam

Barely 24 hours after denying notification of possible acquisition of shares by Femi Otedola, the management of FBN Holdings (FBNH) Plc on Saturday confirmed that the business mogul had acquired a 5.07 percent equity stake in the company. FBNH’s Company Secretary, Seye Kosoko, in another statement issued on Saturday, posted on the website of the Nigerian Exchange (NGX) Ltd. affirmed that Otedola and his nominee now own 5.07% equity stake in the company. “We refer to our communication to the market dated October 22, on the above subject wherein we…

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NSE mulls listing by introduction, seeks members’ approval

Abdul-Azeez Ahmed Kadir

The Nigerian Stock Exchange (NSE) will be seeking members’ approval to undertake a listing by introduction at the 59th Annual General Meeting (AGM) slated for November 18. The NSE disclosed this in a notice signed by Mrs Mojisola Adeola, the Council Secretary, posted on its website on Wednesday to notify members of the AGM. The notice said that “subject to the receipt of requisite approvals of relevant regulatory authorities, following the conversion and re-registration of the Exchange as Nigerian Exchange Group Plc, the Nigerian Exchange Group Plc be and is…

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