ROUNDUP: Adjustments to Nigerian Breweries’ business model could come with possible job losses; but not to worry…

Key highlights

  • The Nairametrics Corporate News Roundup is a summary of major corporate announcements that dominated the headlines during the week ended March 18, 2023.
  • It is brought to you every Sunday courtesy of Quidax.
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Let’s begin today’s Corporate News Roundup on a good note. Our very own Founder, Ugochuchukwu Obi-Chukwu, won the 2023 EY Entrepreneur (emerging category) Award. It was an exciting recognition, not just for him but for the rest of the team at Nairametrics. So, congratulations are in order.

That said, let’s get right into today’s roundup because there is a lot to unpack. Bear in mind that this newsletter is brought to you courtesy of Quidax.

NB’s bonus shares: Last week, Nigerian Breweries’ 2.1 billion bonus shares were registered by the Securities and Exchange Commission, SEC. A corporate disclosure seen by Nairametrics explained that eligible shareholders with valid CSCS accounts have been credited with their allotted bonus shares.

Note that Nigerian Breweries’ shareholders approved the bonus shares during an extraordinary meeting held on December 8, 2022. 

NB’s new business model: In an unrelated development, Nigerian Breweries announced that it has made changes to its business model. A statement sent to Nairametrics said the changes will help the company repurpose its portfolio, put measures in place to ensure efficiency, and ultimately ensure sustained profitability.

Without giving many details, the statement hinted that the changes will result in redundancy for some workers. However, measures will be put in place to ensure that this will have only a limited impact.

FCMB’s bond issuance: FCMB Group Plc completed the issuance of its N20.6 billion subordinated bonds under its maiden N300 billion Debt Issuance Programme. The proceeds from the issuance programme will help the company to meet the financial requirements for its next growth phase.

The market’s response to the bond issuance was overwhelmingly positive, as a diverse range of high-value investors actively participated, including corporates, financial institutions, trustees, and high net-worth individuals. The AT1 instrument was issued at a competitive clearing coupon rate of 16.0% per annum.

Flutterwave’s Rwandan expansion: Pan-African fintech firm, Flutterwave, announced that it received Electronic Money Issuer and Remittance Licenses from the National Bank of Rwanda. The licences will help the company to expand its operation into the East African country. And it said it would implement this expansion strategy through a series of payment solution acquisitions.

The development would also enable Flutterwave to offer financial services like money deposits, electronic transfers and remittance services to Rwandans. 

Upperlink’s strategic partnership: Payment solution service provider, Upperlink, signed a strategic partnership with a global payment and financial service company. With this partnership, the company will now serve as a payment facilitator, thus expanding international market options for local merchants. 

Note that through this partnership, Upperlink will gain access to the necessary infrastructure, expertise, and backing to facilitate the acceptance of card payments by businesses, sub-merchants, and aggregators.

Wema Bank’s hackaton: Wema Bank Plc invited Nigerian tech talents to pitch their ideas and get cash rewards through its hackathon initiative. Nairametrics reported that the initiative aims to build a pool of tech talents for Nigeria and encourage innovation among Nigerian youths.

The hackathon, which is also open to young tech startups across Nigeria, will be rewarding the three best innovative ideas with N3 million, N2.5 million, and 1.5 million, respectively. 

Impressive FY result for Stanbic: Stanbic IBTC Holdings Plc released its audited full-year 2022 financial report which showed positive financial indicators. Gross earnings increased by 39% to N287.54 billion, up from N206.64 billion in 2021.

An increase in interest income drove profit before and after tax by 50.04% and 41.8% to N100.35 billion and N80.81 billion, respectively. 

Yabawa Wabi’s appointment: Dangote Sugar Refinery Plc announced the appointment of Mrs Yabawa Lawan Wabi as an Independent Non-Executive Director. 

A statement seen by Nairametrics said the appointment took effect on March 1st but is subject to confirmation during the company’s next annual general meeting.

Mohammed Bashir’s appointment: Chams Holding Company Plc also announced the appointment of Mr Mohammed Bashir Yunusa as a Non-Executive Director of the company. The appointment took effect on January 1st, 2023.

A statement made available by the company described Mohammed Bashir-Yunusa as a seasoned financial technology professional with over 12 years of experience in deal structuring, mergers and acquisitions, business strategy, etc.

Unity Bank’s new Chairman: Lastly on today’s corporate news roundup, Unity Bank Plc announced that it has appointed Hafiz Mohammed Bashir as its acting Chairman. Bashir’s appointment followed the retirement of the bank’s former Chairman, Mr Aminu Babangida, whose tenure expired.

The bank also announced the appointment of Iyabo Obasanjo and Halima Babangida as non-executive directors.

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