GRBusiness
EFG Hermes acquires 100% stake in Primera Africa, enters Nigeria
EFG Hermes, a leading financial services corporation in frontier and emerging markets (FEM), has entered into a definitive sale and purchase agreement (SPA) to acquire 100% of Primera Africa, a top-ranked brokerage house in Nigeria.
EFG Hermes will utilize its presence in Nigeria to serve both global and domestic investor appetite for opportunities in Africa’s largest economy. Nigeria will also serve as a hub for expansion into West Africa, as EFG Hermes’ office in Kenya now does for the other side of the continent.
Primera Africa already offers a comprehensive suite of brokerage and research services to domestic and international investors from its headquarters in Lagos, Nigeria.
Upon completion of the acquisition, Primera Africa will operate under EFG Hermes’ brand name, bringing to the Nigerian market a track-record that has spanned more than 30 years of offering best-in-class financial services, award-winning research, and a large network of investors who consistently seek compelling opportunities in high growth markets.
“Nigeria is our fourth direct entry as we continue our strategy of expanding our geographic footprint in high-potential, frontier emerging markets,” said EFG Hermes Holding Group Chief Executive Officer Karim Awad. “At the close of this transaction, we will have a direct presence in 12 jurisdictions on four continents to serve our global institutional investors, regional high-net-worth individuals, and local retail investors.”
Over the past 12 months, EFG Hermes has directly entered Pakistan, Kenya, and Bangladesh in addition to receiving recent regulatory approval from the FCA to operate in the United Kingdom out of its London office.
“We have been consistently focusing on ramping up our services in newly-entered markets, which resulted in the firm being ranked as the number one frontier market brokerage firm in the 2018 Extel Survey, advancing from the ninth place a year earlier. Most recently, the Firm also concluded its advisory to international microfinance lender ASA International (ASAI), an entity with significant African presence, on its GBP 125 million initial public offering on the London Stock Exchange (LSE),” added Awad.
“Nigeria is Africa’s largest consumer market and is consistently among the three largest economies on the continent alongside Egypt and South Africa. On the capital markets’ front, it accounted for the largest share of our brokerage executions, and revenue among all frontier markets in which we indirectly executed during 2017,” said the Co-CEO of the Investment Bank at EFG Hermes, Mohamed Ebeid.
“We are entering a market that has a compelling story to tell investors. It is not just one of the largest and most economically diverse frontier markets globally; it is a growth story that has years to run after a series of structural reforms and a devaluation of the national currency. With oil prices now recovering, with significant portfolio inflows, and with the demonstrated ability to tap global debt markets, Nigeria will benefit from broad currency stability, we expect, remaining attractive in valuation terms at the same time,” said the London-based CEO of EFG Hermes Frontier, Ali Khalpey.
The Nigerian economy is now emerging from recession, having seen economic growth of only 0.8% in 2017 according to the International Monetary Fund.
The IMF has forecast 2.1% economic growth for this year amid an uptick of oil prices and a continued reform drive.
Commenting on his outlook for opportunities in Nigeria, Khalpey noted, “We remain bullish on the long-term growth prospects of the consumer sector where we find certain valuations quite compelling. Similarly, the oil and gas sector continues to recover, which will yield significant investment opportunities over the long term. Overall, the capital market is quite attractive with the Nigerian Stock Exchange’s main-board index returning 43.6% in 2017.”
“Given that we expect a ramp up in equity market transactions to drive global interest in Nigeria over the upcoming 12 to 18 months, EFG Hermes is well positioned to utilize its global network of clients to capture local market opportunities, capitalizing on our award-winning team’s experience in exploring frontier emerging market opportunities,” Added Khalpey
EFG Hermes expects to complete the acquisition of Primera Africa by 31 August 2018, subject to regulatory approval and the satisfaction of certain conditions precedent.
… Mbah is godsent to Nsukka zone- Igwe Asadu
… You’ve proven yourself more Nsukka than any Nsukka man- Ezenta Ezeani
… Enugu has suddenly become a reference point for transformational projects – Dennis Agbo
… We’ll deliver on schedule and quality – Contractor
Governor of Enugu State, Dr. Peter Mbah, has flagged-off the construction and dualisation of the 43.7km Penoks-Abakpa Nike-Ugwogo-Nike-Opi Nsukka Road with streetlights and 18-month completion timeframe in line with his administration’s vision to make the state the premier destination for investment, business, tourism, and living.
Speaking during the flag-off ceremony at Opi attended by political heavy weights and leaders of Nsukka Zone, Mbah stressed that the the project, which includes straightening the of many bends, would drastically reduce accidents and criminality on the road.
“In the build-up to the election and in my acceptance speech after my election, we made a pledge that we are going to dualise the Penoks-Abakpa-Ugwogo-Opi-Nsukka Road because . we realised from the outset that if we had to grow this economy to an exponential height, no section of this state should be left behind, more so an economic hub like Nsukka Zone. So, all we are doing here today is connecting those dots,” he said.
Mbah regretted that a trip from Enugu to Nsukka presently takes over an hour, hence the decision to do the 3.6km from the Penoks Junction all the way to the T-Junction flyover in addition to the 41km Abakpa Nike-Opi Nsukka Road to reduce travel time to about 30 minutes and make it possible for the people to comfortably live and work in Enugu and vice versa.
He also noted that his administration’s grassroot-based development and economic model placed the Enugu North Zone at an advantage.
“We are doing projects based on electoral wards. Guess who are the greatest beneficiaries of this model? It is the Nsukka zone. You have 102 electoral wards. That means you will end up with 102 smart schools, 102 Type 2 Primary Healthcare Centres, over 1,000km of roads based since we are additionally going to do at least 10km of roads per ward,” he remarked.
In his remark, the traditional ruler of Edem-Ani and Chairman, Enugu State Traditional Rulers Council, Igwe Samuel Asadu, said, “The people of Nsukka cultural zone and Enugu North Senatorial District never imagined the possibility of this life-time project. The only way we can pay you back is that you do not need to come to campaign here for your second tenure because we are all going to do that for you. You are Godsent to the people of Nsukka, Enugu State and Nigeria at large.”
Also speaking, the Deputy Speaker of the Enugu State House of Assembly, Hon. Ezeani Ezenta, noted that the governor had shut the mouths of naysayers.
“I feel emotional because a lot of things were said during the election. But today, by your good work, you have proved yourself even more Nsukka than any other Nsukka man,” he emphasised.
On his part, former Deputy Governor of Enugu State, Chief Okechukwu Itanyi, described the project as “gigantic, huge, unbelievable and marvelous,” noting that it would open Nsukka Zone and the state to the world.
“This is a legacy project. Your name will never die. Your spirit shall never die. We will continue to give you support,” he added.
Other speakers, including the Chairman of Nsukka Nsukka LGA, Hon. Jude Asogwa, former Secretaries to the State Government, Dr. Dan Shere and Prof. Simon Ortuanya, among others extolled the initiative.
Significantly, in a press statement he personally issued on Monday, Member representing Igboeze North/Udenu Federal Constituency on the platform of the Labour Party, Hon. Dennis Agbo, described the road as “a transformational project, which will greatly facilitate commerce, ease mass transit and evacuation of farm produce by our hard working farmers as well as fight crime and criminality.“
“Our governor has clearly demonstrated his uncanny ability to see and unleash the enormous potential of our dear state and people. It is heartwarming to note that Enugu has suddenly become a frontline state and a reference point for transformational project initiatives,” he stated.
The Member representing Nkanu East/Nkanu West Federal Constituency and Leader of the Enugu State Caucus of the National Assembly, Hon
Nnoli Nnaji, expressed the total delight of the federal lawmakers at the governor’s development initiatives and pledged their total support for him to move the state forward.
Meanwhile the CEO of COMAG Construction Company, Cosmas Agu pledged to deliver a high quality project and on schedule.
Flutterwave, Africa’s leading payments technology company, has announced today that its online merchants in Nigeria can now accept American Express payments.
American Express Card Members – with consumer, business, or corporate cards – will be able to make payments directly to e-commerce businesses using Flutterwave in Nigeria.
This service will also be available to Flutterwave merchants in other countries including Tanzania, Rwanda, Ghana and Uganda in the near future.
This collaboration facilitates online transactions and offers a range of benefits for both merchants and online shoppers:
- Flutterwave merchants can attract business from a new customer base of American Express Card Members in Africa and around the world. This includes consumers with personal cards and spenders with business or corporate products. Terms and conditions apply.
- For shoppers, there is more choice when it comes to being able to select their preferred method of payment when transacting with Flutterwave merchants. This collaboration strengthens the American Express global network and increases the number of locations across Africa that can be used by American Express Card Members to purchase a range of different goods and services.
Speaking on the development, Olugbenga ‘GB’ Agboola, Founder and CEO, Flutterwave, said:“At Flutterwave, we’re always looking for ways to connect the world to Africa through payments. This is one of our initiatives to ensure that more people across the world can pay using Flutterwave in Africa. We understand the value of providing shoppers with payment methods that work for them, as well as helping businesses to expand their customer bases. This collaboration also provides more options of where to shop and what to buy to American Express card holders across the globe. By offering American Express as a method of payment, Flutterwave will make the payment process faster and simpler for American Express card holders, and improve the experience for e-commerce businesses using Flutterwave, helping them to start locally and sell globally.”
On his part, Briana Wilsey, Vice President and General Manager of Global Network Services EMEA at American Express, said: “American Express continues to expand in Africa to enable greater payment choice for businesses and consumers. Through the agreement with Flutterwave, a trusted payment provider, we are giving e-commerce merchants in Nigeria the opportunity to reach American Express Card Members around the world. The collaboration is a win-win because it also increases the number of places where our Card Members can use their Cards in Nigeria.”
Flutterwave and American Express share similar visions; to enable businesses across the world to expand their operations in Africa and other emerging markets through a platform that enables local and cross-border transactions via one Application Programming Interface (API).
Flutterwave has processed over 630M transactions in excess of USD $31B, serves global and African customers like Uber, Air Peace, Bamboo, PiggyVest, and across various industries. On the other hand, American Express is a globally integrated payments company, providing customers with access to products, insights and experiences that enrich lives and build business success.
…Posts N3.3trn Net Profit, Declares N2.1trn Dividend
…Targets 2mbpd Crude Oil Production by December 2024
The NNPC Limited has released its 2023 Audited Financial Statement (AFS), declaring a net profit of N3.297 trillion at the close of the financial year which ended in December 2023, an increase of over N700billion (28%) when compared to the 2022 profit of N2.548trillion.
In a world press conference held at the NNPC Towers in Abuja on Monday, the Chief Financial Officer of the Company, Mr. Umar Ajiya said the release of the AFS is a testament to the Company’s commitment to transparency and accountability.
“Our fiscal performance reflects both strategic foresight and operational resilience. Despite inherent challenges of our operational and economic environment, we have improved the productivity and the financial performance of this great company,” Ajiya stated.
Ajiya added that posting such impressive returns demonstrates NNPC Ltd’s commitment to sustaining profitability and supporting the attainment of national energy security as stipulated by the Petroleum Industry Act (PIA) 2021, and by extension, as expected by the Company’s shareholders.
Explaining that the NNPC Ltd will announce Initial Public offer (IPO) once the shareholders and Board make a decision, Ajiya also debunked claims on subsidy payment, saying the Company was only taking care of the shortfall on PMS importation between it and the Federation.
Speaking earlier at the press conference, the Chairman of the NNPC Ltd Board, Chief Pius Akinyelure said that the excellent performance came as the fruit of the PIA 2021, the commitment of the Board, Management and staff of the company.
Akinyelure added that the shareholders of the company have since approved a final dividend of N2.1trn in line with PIA 2021 provisions.
In her remarks at the briefing, the Executive Vice President, Upstream, Mrs. Oritsemeyiwa Eyesan said with improvements witnessed as a result of the renewed vigour in the war against crude oil theft and pipeline vandalism, NNPC Ltd is targeting 2million barrels per day crude oil production by the the end of the year.
On the current fuel queues in parts of Lagos and the FCT, the Executive Vice President, Downstream, Mr. Dapo Segun appealed for understanding from Nigerians, saying that the the Company is working with relevant stakeholders to address the distribution, evacuation and logistics challenges.
It would be recalled that in 2021, NNPC declared profit in its operations for the first time. From a loss position of N803 billion in 2018, it reduced the loss further down to N1.7 billion in 2019.
However, in 2020, it posted its ‘first ever’ profit of N287 billion, then in 2021, it recorded a N674.1 billion profit and in 2022, the profit grew to N2.548, an unprecedented achievement in its financial performance. The N3.297 trillion profit declared for 2023 is the highest since the Company’s inception, 46 years ago.
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Gov Mbah Flags-off dualization of 43.7 Penoks-Abakpa Nike-Opi-Nsukka Road
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