Sanwo-Olu, who made this known over the weekend in Badagry while on a site inspection tour of the Centre, explained that this was necessary for preparation for the take-off of the State Government’s two food centres designed to attain food sufficiency, particularly for a population that is increasingly demanding.
The Governor pointed out that reviving the 279-hectare Food Production Centre, originally acquired by the State Government in 2012 for a commercial agricultural project, would encourage organic farming using simple biological methods to enhance production outputs with a model, based on new approaches and farming systems that rely heavily on the combined inputs from local experiences, indigenous technology, business communities and research institutions.
He said, “I have been fully briefed about this project but I considered it necessary to personally embark on this journey to Badagry in order to take an assessment and see what exactly we need to do in terms of intervention. After taking a tour of the project site, what I observed is that the entire project looks more like a job that has not been completed. Therefore, we need to improve on the interventions by the Ministry of Agriculture”.
“With very minimal resources, we have seen what the Ministry has done to keep the project afloat. The government will raise the resources and turn around this project to the level it should be. We will need to deploy more resources to revive and scale up all the machinery and systems already put in place. We will complete the project and open it for commercial production”, the Governor averred.
According to him, focusing on local food production would increase agricultural production to meet the food needs of the State’s growing population, transform agriculture to commercial and export-oriented production while at the same time generating employment especially for the youth, adding that some of the agricultural projects to be developed for commercial production at the Centre include fishing, poultry, piggery and agroforestry among others.
Sanwo-Olu averred that apart from delivering wholesome food items, training and creating employment for youths, the Lagos Food Production Centre would also provide competitive inputs/raw materials for the Agro-Industry, new environmental products and services, and feedstock for renewable energy supply.
The Governor added that the project will give rise to similar agro-allied businesses to open up Badagry’s economy for more growth, while also boosting its tourism business.
“Lagos is a big State in terms of population, but we also can intervene in our food production value chain. What we are trying to do with the revival of the project is that we want to produce various agricultural products we can consume internally in order to reduce our dependence on external food sources. The Food Production Centre, which we are creating across the State, will be a trigger to other value-added agricultural production our citizens can provide”, he said.
The Permanent Secretary, Lagos StateDebt Management Office, Mr Olujimi Ige, on Friday, met with Managers of Projects funded with the State’s N100bn Bond at the Secretariat, Alausa, Ikeja.
He implored the project Managers to step up the pace of work so that the agenda of Governor Babajide Sanwo-Olu’s administration on infrastructure development in Lagos State can quickly be achieved.
“The Lagos State Government had raised the N100 billion bond to execute key infrastructural projects in Education, Works, Health and Transportation, among many others, in order to ensure that Lagosians enjoy the dividends of democracy across the metropolis”, he noted.
While enjoining the project managers to engage the Debt Management Office for any assistance whatsoever, Ige declared that the government will not accept untenable excuses for delay or the slow pace of work on any of the projects allotted to the Managers.
The Board of Directors of Equinor has appointed Anders Opedal as the new president and CEO of Equinor from 2 November 2020. Eldar Sætre will retire after six years as CEO and more than 40 years in the company.
“The Board is proud to present Anders Opedal as our next CEO. Equinor is entering a phase of significant change as the world needs to take more forceful action to combat climate change.
The board’s mandate is for Anders to accelerate our development as a broad energy company and to increase value creation for our shareholders through the energy transition,”says Jon Erik Reinhardsen, Chair of the Board of Directors in Equinor.
Anders Opedal comes from the position as Executive Vice President of Technology, Projects and Drilling. He joined Equinor as a petroleum engineer in 1997, spent many years in Drilling and Well and served as Chief Procurement Officer.
In 2011, he was chosen to lead Equinor’s approximately NOK 300 billion project portfolio. He later served as Executive Vice President and Chief Operating Officer before taking the role as Senior Vice President and country manager Brazil. Opedal holds a Master’s degree in Engineering from The Norwegian Institute of Technology (NTNU) and an MBA from Heriot-Watt University in Edinburgh.
“Anders Opedal has deep knowledge of and broad experience from the energy sector. He has risen through the ranks of Equinor and has demonstrated outstanding leadership and consistently delivered results exceeding expectations.
As the first engineer to become CEO he is passionate about technology, digitalisation and industrial development. A unanimous Board is confident that Anders is the right person to further develop Equinor as a force in the green shift, and together with our dedicated people, further strengthen the company culture and our safety performance,”Jon Erik Reinhardsen says.
“I am honoured and proud to take over the responsibility as CEO. I am confident in Equinor and all our people, and in our ability to change and continue creating long-term value for our shareholders also in a low carbon future.
We have a great starting point for what will be a massive transition with our strong assets, outstanding competence, technology and innovation skills, and we have highly engaged people and strong values to guide us in this process. Together, we will accelerate the development of Equinor as a broad energy company and our growth within renewables,”says Anders Opedal.
“I really look forward to taking on the role of CEO. I will use the time until I take over to prepare and plan for this great company’s future. And I will take the opportunity to engage and listen, both to the organisation and external stakeholders to get their valuable perspectives before setting the direction for my leadership for a new time,”Opedal says.
The Equinor Board of Directors has systematically and continuously worked with CEO succession planning, considering and assessing a diverse set of male and female candidates throughout this process.
Eldar Sætre turns 65 years early next year and indicated before summer to the Board that this could be a natural point of retirement. This allowed the Board to plan a stepwise transition process to give a new CEO time to prepare for taking over the role.
FILE PHOTO: A logo of Equinor is seen at the company’s headquarters in Fornebu, Norway May 21, 2018. REUTERS/Nerijus Adomaitis/File Photo
Opedal will take over the position as president and CEO from 2 November and Eldar Sætre will be available to advise the new CEO until he retires from the company 1 March 2021.
“Eldar has dedicated his whole career to Equinor since joining the company at the age of 24. As CEO since 2014, Eldar has developed Equinor as a broad and more global energy company. He took over as CEO at a time when the oil price saw a dramatic downturn.
Thanks to his leadership and strong performance across the organisation, Equinor is today a safer, stronger and more competitive company, well-positioned to thrive in the energy transition.
The name change from Statoil to Equinor reflects the company’s reorientation and will forever stand as an important milestone during Eldar’s tenure. The Board is grateful for Eldar’s leadership, achievements and long commitment to the company,”says Jon Erik Reinhardsen.
“I have spent my entire working life in Equinor. I love this company and it has been the utmost privilege to work with all the great people in Equinor for the last four decades. I am very proud of what we have achieved together.
Thanks to the relentless efforts from competent and dedicated people across the company, Equinor is today a stronger and more competitive company, better prepared for a low carbon future than ever. I know Anders well, and I am confident that he is the right person to lead the company during the next phase of the energy transition,”says Eldar Sætre, CEO of Equinor.
Anders Opedal will establish a transition team and prepare to take over as CEO from 2 November. Effective immediately, Opedal will step out of his role as EVP Technology, Projects and Drilling and Geir Tungesvik will step into the role as acting EVP.
Until the commencement of the role as CEO, Opedal will be Executive Vice President reporting to the CEO and be part of the Corporate executive committee.
Anders Opedal will receive a base salary of 9,1 million NOK. He will participate in the variable pay schemes within the framework previously established for the CEO role. His annual variable pay target will be 25% (maximum 50%) and long-term incentive 30% of base salary.
The pensionable salary will be capped at 12 G. He will receive a fixed salary addition of 18% of base salary in lieu of pension contribution above 12G.
Building integrated channels and helping business owners
Develop new systems toboost sales
HONG KONG, CHINA – Media OutReach – 10 August 2020 – Sa
Sa International Holdings Limited (Sa Sa or the “Group”; stock code: 0178)
announced on August its official adoption of Boutir‘s solution and the
setup of “personal online stores” for its beauty consultants. This will allow
Sa Sa to combine the strengths of in-store and online shopping to create a more
flexible and personalised experience for customers in Hong Kong SAR while
providing an additional sales channel for Sa Sa’s frontline staff to make extra
commissions.
With the Boutir solution, customers can first visit Sa Sa’s physical
stores or access product information via Facebook Live, then complete their
purchases in Sa Sa’s beauty consultants’ “personal online stores”. At the same
time, Sa Sa’s beauty consultants will be able to easily engage customers via
the Boutir mobile app by recommending products and offers to them, checking
orders and arranging delivery. Leverage on the partnership combines three
advantages, namely social media, Sa Sa’s expansive customer base and the multi-brand
beauty advice of its professional beauty consultants, this solution directs
traffic going through online stores to physical stores and brings customers at
physical stores online without spatial-temporal constraints. This partnership also
helps Sa Sa establish an omni-channel sales system to boost sales.
Since the outbreak of COVID-19, Sa
Sa has developed its e-commerce business rapidly, particularly social commerce,
which can leverage on the professional expertise of Sa Sa’s beauty consultants.
With a personal service component, social commerce has the potential to
outperform traditional online sales in terms of house brand mix, gross margin
and basket size. Since October 2019, Sa Sa has piloted a WeChat mini-programme
to target Mainland China customers who have visited Sa Sa retail stores in Hong
Kong or Macau SARs. In light of encouraging results from the pilot run, the
Group has expanded its social commerce efforts by partnering with Boutir to
engage with customers in Hong Kong SAR and conduct online sales through social
media. Sa Sa also actively launches live broadcasting at multiple social media platforms
in Hong Kong SAR and Mainland China to further attract online customers.
Boutir is anchored on four core
values: Simple, Mobile, Social and Data. As a leader in new retail solutions,
Boutir provides a simple and cost-effective one-stop e-commerce platform for
retailers to build online stores; manage merchandise, orders and loyalty
programs; and analyze data in the traditional e-commerce marketplace with
advanced technology, creativity and an improved user experience. Boutir has
partnered with a variety of retailers on its solution including MaBelle, MADIA,
OTO, and S.T. Dupont since 2017. Such efforts have extended the scope of retail
merchandise from jewelry, massage products and luxury goods to include beauty,
cosmetics and wellness, paved the way for the retailers to sell across
different scenarios, and continued to set the trends on new retail.
Dr
Simon Kwok, SBS, JP, Chairman and CEO of Sa Sa, said, “Sa Sa is committed to
social commerce and is constantly developing new online sales channels. The
partnership with Boutir allows Sa Sa to transcend the spatial-temporal
boundaries, use social media to engage and sell more with customers in Hong
Kong SAR and leverage potential synergies between its online presence with the existing
brick-and-mortar stores to provide a seamless online-to-offline (O2O) shopping
experience that is more flexible, accessible and intimate. At the same time,
this partnership is generating additional commission income for the frontline
staff amid COVID-19 outbreak and pivoting Sa Sa towards a new retail model.”
Mr
Eric Ng, Founder of Boutir, said, “The launch of ‘online personal stores’
breaks the physical limits of brick-and-mortar stores and makes it easier for
customers to connect with the frontline beauty consultants for more
personalized product recommendations and offers. I am confident that this
partnership with Sa Sa will fully leverage the strengths of its professional
beauty consultants to seamlessly extend their first-class customer service in
brick-and-mortar stores into the online platform, while improving customer
loyalty, broadening the customer base and increasing sales conversion rate.
Looking ahead, we remain on the lookout for the right retailers to further solidify
their brand position in Hong Kong and to achieve more meaningful sales growth.”
About Sa Sa International Holdings Limted
Sa Sa, a leading beauty product retailing group in Asia, runs one-stop
cosmetics specialty stores selling diverse quality products ranging from
skincare, fragrance, make-up, hair care to body care products, as well as
health and beauty supplements under more than 700 brands. Sa Sa operates more
than 230 retail stores in the Hong Kong and Macau SARs, Mainland China and
Malaysia, as well as providing customers with a convenient shopping experience
across multiple online platforms.
The Group has been included in the Hang Seng Composite SmallCap Index,
FTSE World Index Series and, MSCI Index Series. It has been a constituent
member of Hang Seng Corporate Sustainability Benchmark Index since 2011. Sa Sa
has also been an eligible stock for Shenzhen-Hong Kong Stock Connect since
2016.
About Boutir Limited
Established in 2015, Boutir Limited is a social mobile commerce solutions
provider and multi-channel commerce platform for individuals and corporate retailers
to set up online stores and run a retail business through mobile apps.
Headquartered in Hong Kong, Boutir currently works with 100K+ merchants, 2M
products and 1.7M monthly active consumers, and has expanded into Southeast
Asia.
Unilever Nigeria PLC, makers of Pears baby products, has donated packs of Pears baby powder to the National Association of Nigerian Nurses and Midwives (NANNM), Lagos State University Teaching Hospital Chapter, as parts of its contribution to the growth and development of babies in Nigeria.
Unilever Nigeria Donates Pears Baby Powder to LASUTH | www.brandspurng.com
Receiving the donated items on behalf of the hospital management, the Director of Clinical Services and Training, Dr. Ibrahim Mustafa, LASUTH, thanked the representatives of the organisation for their generosity, especially during this difficult period.
He expressed the gratitude of the hospital management and the LASUTH Chapter of the Association of Nigerian Nurses and Midwives for the donation, calling on other well-meaning corporate bodies and organisations to emulate such humanitarian gesture and support laudable initiatives.
Helen Ojei, who led the team that delivered the items on behalf of Unilever Nigeria PLC to the hospital management, stated that the gesture was a demonstration of the brand’s vision of providing mothers and babies with quality products that will help them in caring for their skin and it healthy and smooth always.
…partners with Ecobank to drive Financial Inclusion through women empowerment, microcredit loans and agency banking in Ekiti State
The community communications project of Governor Kayode Fayemi’s policies and achievements in Ekiti State which centres on the Five Pillars of his Administration, tagged “Se’ti gbo (have you heard?)”, has embarked on a strategic public sensitisation programme across the 16 Local Government Areas of the State with support from Ecobank.
S’e ti gbo | Ekiti State GovernmentS’e ti gbo | Ekiti State Government
The programme which began in Ado-Ekiti hosted the informal sector of the state, a body comprising artisans and traders and vocational associations.
While welcoming attendees to the meeting which held according to COVID19 protocols, the Special Adviser, Communications and Strategy (SACS), Mrs Olusola Salako Ajulo explained that the concept of grassroots communications was designed and adopted following the need to engage the people of Ekiti State on the policies, activities and achievements of Dr Fayemi in his second coming as governor of the State.
S’e ti gbo | Ekiti State GovernmentS’e ti gbo | Ekiti State Government
She also noted that the government, in the last 18 months, has embarked on transformational policies and projects that need to be duly communicated to the people so they can participate and benefit from the opportunities such policies and projects provide, saying that it is a duty critical to the promotion of good governance.
S’e ti gbo | Ekiti State GovernmentS’e ti gbo | Ekiti State Government
The Senior Special Assistant to the Governor on Public Affairs, Chief Niyi Ojo highlighted the achievements of Dr. Fayemi’s administration, cutting across Governance, Agriculture and Rural Development, Social Investment, Knowledge-Economy, Infrastructure and Industrial Development many of which the attendees attested to in their communities.
S’e ti gbo | Ekiti State GovernmentS’e ti gbo | Ekiti State Government
Chief Ojo extolled the roles being played by the Informal Sector in the restoration agenda of Governor Fayemi’s administration and assured them of the Governor’s commitment to improving the Ease of Doing Business in Ekiti State.
S’e ti gbo | Ekiti State Government
Speaking on behalf of the Ecobank team, Mrs Tolulope Adedapo explained various empowerment opportunities the bank was ready to provide under the financial inclusion partnership with the State government’s community communications platform, noting the Ecobank Entrepreneurship Initiative (EFEI), a pilot project in the Southwest region set to empower thousands of Ekiti women who are into various forms of Small and Medium Enterprises (SMEs).
S’e ti gbo | Ekiti State Government
She noted that beneficiaries will receive loans from 50,000 Naira (with interest rates starting at five per cent interest rate) payable within six months. However, qualifying beneficiaries will have to undergo financial management training and will be issued certificates of participation which qualifies them to access the loan.
Another representative of the bank, Mr Yinka Onireti discussed on Agency Banking, a product that embraces digital evolution and promotes financial inclusion as directed by the Central Bank of Nigeria to empower individuals to perform banking operations for their communities in the comfort of their shops, offices.
“Agency Banking has the potential to create thousands of jobs which is very healthy for the economy of the Ekiti State. It is also a source of financial empowerment for intending entrepreneurs and an additional source of income for existing SMEs.
“We at Ecobank are glad that the Governor, Dr. Kayode Fayemi has embraced these strategies to empower the youths and further equip the business community in the State,” he said.
Speaking on the requirements to become an Agent, Mr Onireti noted that intending applicants must own a shop or office space, must be a new or existing customer with the bank, must provide valid means of identification, and own an Android phone.
Successful applicants will be commissioned to perform services such as; Account opening, deposit and withdrawal of cash, purchase of airtime and data, payment of utility bills, etc.
Shedding more light on the government’s efforts to curb the spread of COVID-19 pandemic in Ekiti State, the Senior Special Assistant on Public Health, Dr. Opeyemi Ogunsakin explained that the recent rise in community spreading of the virus in the state is due to the influx of persons from neighbouring states during the lockdown, saying that the commissioning of the molecular laboratory by Governor Fayemi has helped unravelled many hidden cases in the State.
He, however, appealed to the leadership of the informal sector to assist in educating members and the community at large on the need to adhere to safety measures against the spread of the virus which includes; the use of nose masks, frequent hand washing (with soap and running water), hand sanitising, early reporting of symptoms and keeping to social distancing.
On the issue of taxation, the Chairman of Ekiti State Internal Revenue Service (EKIRS), Mr Olumuyiwa Ogunmilade, who was represented by an official of the organisation, Mr Femi Oloye enlightened the gathering on the government’s effort to cushion the effects of the COVID-19 pandemic on the good people of Ekiti State by introducing tax relief and incentives for taxpayers and businesses.
The team explained tax relief policies to enable the sector to regain momentum after the disruption in commercial activities occasioned by the COVID-19 pandemic.
“The minimum tax payable under the Presumptive Tax Regime (Market Men & Women, Artisans, etc.) in the State has been reduced by 50 per cent for the year 2020 only,” he said.
The full implementation of Ekiti State Land Use Charge Law rates based on property valuation which commenced July 1, 2020, is suspended due to the perceived global economic effects of COVID-19 on the populace. Full amnesty is hereby granted to all Land Owners with respect to the arrears of Land Use Charge from the year 2017 to 2019.
“The EKIRS has also introduced a waiver on Penalty and Interest on Land Use Charge for the year 2020. This waiver only applies to those who make a payment on or before November 30, 2020.
The participants expressed their gladness on the engagement and showed interest in the access to financial support and empowerment through the Ecobank financial inclusion products. They thanked the Governor for attracting such projects that make loans available for MSMEs at comfortable terms to Ekiti State.
Also in attendance was the Special Assistant to the Governor on the Informal Sector, Mr Aladeloye Oroya and the Special Assistant to the Governor on Media, Mrs Mary Oso Omotosho. Over eighty (80) trade and vocational associations were represented at the engagement.
S’e ti gbo is a grassroots community enlightenment platform coordinated by the Office of the Special Adviser on Communications and Strategy (SACS), headed by Mrs Olusola Salako Ajulo, and is supported by Ecobank.
…holds public engagement with Informal Sector on govt policies
Ekiti State Government has partnered with Ecobank to ensure financial inclusion, women empowerment, micro-credit loans and agency banking across communities in the state.
This was disclosed in Ado-Ekiti on Thursday at the maiden edition Se’tigbo (Have You Heard) a public enlightenment programme on Governor Kayode Fayemi’s administration’s policies and achievements.
The programme which began in Ado-Ekiti featured the informal sector of the state, a body comprising artisans, traders and vocational associations. Over eighty trade and vocational associations were represented at the engagement.
Welcoming attendees to the meeting, which held according to COVID19 protocols, Special Adviser, Communications and Strategy to the Governor, Mrs Olusola Salako- Ajulo explained that the concept of grassroots communications was designed and adopted because of the need to engage the people on policies, activities and achievements of the government.
She also noted that the government, in the last 18 months, has embarked on transformational policies and projects that need to be duly communicated to the people so they can participate and benefit from the opportunities such policies and projects provide.
Speaking on behalf of the Ecobank team, Mrs Tolulope Adedapo explained various empowerment opportunities Ecobank was ready to provide under the financial inclusion partnership with the State government’s community communications platform, noting that the Ecobank Entrepreneurship Initiative (EFEI), a pilot project in the Southwest region, is set to empower thousands of Ekiti women who are into various forms of Small and Medium Enterprises (SMEs).
She noted that beneficiaries will receive loans from 50,000 Naira (with interest rates starting at five per cent interest rate) payable within six months. However, qualifying beneficiaries will have to undergo financial management training and will be issued certificates of participation which qualifies them to access the loan.
Another representative of Ecobank, Mr Yinka Onireti, spoke on highlights of agency banking, a product that embraces digital evolution and promotes financial inclusion as directed by the Central Bank of Nigeria to empower individuals to perform banking operations for their communities in the comfort of their shops, offices.
Onireti said:“Agency Banking has the potential to create thousands of jobs which is very healthy for the economy of the Ekiti State. It is also a source of financial empowerment for intending entrepreneurs and an additional source of income for existing SMEs.
“We at Ecobank are glad that the Governor, Dr. Kayode Fayemi has embraced these strategies to empower the youths and further equip the business community in the State,”he said.
Speaking on the requirements to become an Agent, Mr Onireti noted that intending applicants must own a shop or office space, must be a new or existing customer with the bank, must provide valid means of identification, and own an Android phone. Successful applicants will be commissioned to perform services such as; Account opening, deposit and withdrawal of cash, purchase of airtime and data, payment of utility bills, etc.
On the issue of taxation, the Chairman of Ekiti State Internal Revenue Service (EKIRS), Mr Olumuyiwa Ogunmilade, who was represented by an official of the organisation, Mr Femi Oloye, explained to the gathering government’s effort to cushion the effects of the COVID-19 pandemic on the people of Ekiti State by introducing tax relief and incentives for taxpayers and businesses.
He explained that the tax relief policies is to enable the sector to regain momentum after the disruption in commercial activities occasioned by the COVID-19 pandemic.
“The minimum tax payable under the Presumptive Tax Regime (Market Men & Women, Artisans, etc.) in the State has been reduced by 50 per cent for the year 2020 only,”he said.
He explained that full implementation of Ekiti State Land Use Charge Law rates based on property valuation which commenced last month had been suspended due to the global economic effects of COVID-19 on the populace, adding that full amnesty has been granted to all Land Owners in respect to the arrears of Land Use Charge from the year 2017 to 2019.
Shedding more light on the government’s efforts to curb the spread of COVID-19 pandemic in Ekiti State, the Senior Special Assistant on Public Health, Dr. Opeyemi Ogunsakin explained that the recent rise in community spreading of the virus in the state is due to the influx of persons from neighbouring states during the lockdown, saying that the commissioning of the molecular laboratory by Governor Fayemi has helped unravelled many hidden cases in the State.
He, however, appealed to the leadership of the informal sector to assist in educating members and the community at large on the need to adhere to safety measures against the spread of the virus which includes; the use of nose masks, frequent hand washing (with soap and running water), hand sanitising, early reporting of symptoms and keeping to social distancing.
Many of the participants lauded the idea of public engagement even as they expressed interest in the planned financial support and empowerment through the Ecobank financial inclusion products. They thanked the Governor for attracting such projects that make loans available for MSMEs at comfortable terms to Ekiti State.
The UAC of Nigeria Plc disclosed on Friday insider dealing of an additional 80 million shares acquired by one of the company’s substantial shareholder, Blakeney LLP.
The company had earlier (June 18, 2020) disclosed an insider dealing of 40,000,000 shares acquired by Blakeney. The transaction which took place on June 17, 2020, at the Nigerian Stock Exchange in Lagos, Nigeria was done at N7.00 per share. Lagos, Nigeria was done at N7.00 per share.
The conglomerate disclosed this in a notice to the Nigerian Stock Exchange signed by the Company Secretary/Legal Adviser, Godwin Samuel. The company said Blakeney LLP purchased another 80,000,000 shares at N5.75 per share on August 5, 2020, to take the total purchase to 120,000,000 shares.
Two months ago, the company disclosed insider dealing of 40,000,000 shares acquired by Blakeney. The transaction which took place on June 17, 2020, at the Nigerian Stock Exchange in Lagos, Nigeria was done at N7.00 per share. Lagos, Nigeria was done at N7.00 per share.
The transactions showed that the 80 million units were sold at N5.75 per unit, amounting to N460m in purchase consideration.
The board of directors of UAC of Nigeria Plc had recently announced that a binding agreement had been signed with Custodian Investment Plc for Custodian to purchase a 51 per cent equity interest in UACN Property Development Company Plc.
The agreement marked the beginning of a partnership between Custodian and UAC that would achieve both companies’ respective objectives in the real estate industry.
It also marked a significant milestone aligned with UAC’s strategy to focus on its core businesses.
The company manufactures and markets steel drums in Nigeria. The company was formerly known as Van Leer Containers (Nigeria) Plc and changed its name to Greif Nigeria Plc in May 2004.
This announcement was made, sequel to the Resolution-In-Writing signed by all the Directors of the company on Monday, 3rd August 2020.
Late last year, the company sought its Shareholders’ Consent to Delist from the Nigerian Stock Exchange (NSE).
After obtaining the Shareholder’s approval at the AXA Mansard Insurance’s Extra-Ordinary General Meeting held on the 13th of February 2020, the Company commenced the process of divestment by appointing Messer Rand Merchant Bank as the Financial Advisers while Aluko & Oyebode acted as the Legal Advisers on the transaction.
Upon completion of a bid process, Eustacia Limited (a member of the Verod Group) was selected as the preferred bidder. The Company along with the minority Shareholder entered into a sale and purchase agreement with Eustacia Limited to divest the entire issued ordinary share capital of AXA Mansard Pensions comprising of 60% shareholding (2,067,672,000 shares) held by AXA Mansard Insurance plc and 40% shareholding (1,378,448,000 shares) held by the minority Shareholder.
The divestment has received letters of No Objection from the National Insurance Commission (NAICOM), National Pension Commission (PENCOM), and the Federal Competition & Consumer Protection Commission (FCCPC). The completion of the divestment is subject to the receipt of the final approval of the National Pension Commission.
Commenting on the divestment, Mr. Kunle Ahmed, Chief Executive Officer, AXA Mansard Insurance Plc said:
“This transaction marks a new step in AXA´s broader strategy to focus on and grow our Life, Property & Casualty (P&C) and Health businesses across all its geographies. The AXA Group sees great potential in the Nigerian insurance market and believes AXA Mansard is ideally placed to capture these opportunities, thanks to its market leadership positions in Health Insurance, Property & Casualty and Life Insurance. We plan to capitalize on our successes to further build our capabilities and continue to deliver the best offers & services to our customers”.
Speaking of the transaction, Dapo Akisanya, CEO of AXA Mansard Pensions Limited said,
“We are confident about Verod’s strong commitment to providing the Company with the requisite support to actualize our promise to our clients and stakeholders. As a West African investor with deep local knowledge and presence, we look forward to harnessing Verod’s unique, and world-class, attributes towards setting new standards in the industry.
Verod has the capacity, expertise, and network, to support the business to continue to expand and to provide innovative solutions for the benefit of our current and future clients”
“We strongly believe that this is the ideal time to enter the market and that AXA Mansard Pensions provides an excellent beachhead from which to establish a consolidated position and gain market share,” said Eric Idiahi, Partner at Verod.
“The National Pension Commission continues to demonstrate a strong commitment to raising standards within the industry and driving pension penetration rates in the short to medium term.
“We believe that sustaining AXA Mansard Pension’s industry-leading investment returns, excellent customer service, as well as, expanding distribution network and product offerings will facilitate the capture of the considerable growth potential within the Nigerian pensions industry, particularly following the opening of the transfer window.”
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