Economy
Dangote Flour Board Postpones 2019 AGM
By Dipo Olowookere
The board of Dangote Flour Mills Plc has announced the postponement of the company’s 2019 Annual General Meeting (AGM) earlier slated for this month.
In a notice to the Nigerian Stock Exchange (NSE) the flour miller said though it has no specific date this gathering of shareholders would take place, it was optimistic it should occur before December 21, 2019.
Explaining the rationale behind the cancellation of the AGM, the board said it was because of the Court-Ordered Meeting (COM) scheduled to hold on October 14, 2019 in Lagos.
“Based on the forthcoming Court Ordered Meeting, the board is of the opinion that it will not be practical nor effective to convene an AGM shortly before the Court Ordered Meeting and has therefore, sought and obtained the approval of the Corporate Affairs Commission to hold the AGM no later than December 21, 2019,’ the board explained.
“In view of the fact that the outcome of the Court Ordered Meeting is unknown, the board is unable to propose a specific date for the AGM at this time,” it added.
Dangote Flour is planning to get approval of shareholders to sell the entire issued shares of the company not currently held by Olam through its subsidiary, Crown Flour Mills Limited, by way of a scheme of arrangement.
Business Post reports that on Monday, August 5, 2019, the board of Dangote Flour said in a notice to the NSE that it has received a revised offer from Crown Flour with a final consideration of N120 billion for the acquisition of the company’s 5 billion shares at the rate of N24 each. It explained that the lowering of the valuation followed some adjustments.
It was stated that shareholders of Dangote Flour, excluding Crown Flour, would be paid this amount in accordance with the terms of the scheme document to be considered and approved by the shareholders at a court ordered meeting to be convened for that purpose.
At next Monday’s COM, shareholders would be expected to confirm that, “The Scheme of Arrangement as contained in the Scheme Document dated Thursday, 29 August, 2019, with or subject to such modification, addition or condition agreed at the Meeting and/or approved or imposed by the Securities and Exchange Commission (SEC) and/or the Court, a print of which has been submitted at the Meeting and, for purposes of identification, endorsed by the Chairman, be and is hereby approved;
“That as consideration for the transfer of the Scheme Shares, each holder of the Scheme Shares shall receive N24.00 per share;
“That as a result of the Scheme, the legal and beneficial ownership of 100% of the shareholding of the Company, (not currently held by Crown Flour Mills Limited or any of its subsidiaries or affiliates), be transferred to Crown Flour Mills Limited and any other nominees of Crown Flour Mills Limited;
“That the Board of Directors of the Company be and are hereby authorised to take all actions deemed necessary to give effect to the aforementioned resolutions of the Company or as may become necessary to put the Scheme of Arrangement into effect and to consent to any modification of the Scheme that the Court or the relevant regulatory authorities shall deem fit to impose or approve.”
By Aduragbemi Omiyale
The board of Neimeth International Pharmaceuticals Plc can raise an additional N30 billion from the capital market, shareholders have declared.
They gave the authorisation for this fresh capital raise at the company’s 67th Annual General Meeting (AGM) held virtually on Thursday, June 25, 2026.
This was one of the resolutions passed at the yearly shareholders’ gathering, attended by several persons, including board and management members as well as investors and others.
The approval for new capital raise is coming after the board was, on June 23, 2025, authorised to raise up to N20.0 billion. For this tranche, only N2.440 billion was raised by the organisation, leaving an untilised balance of approximately N17.560 billion.
The company has now been given the authority to get fresh N30.0 billion, according to disclosure from Neimeth.
In the notice to the Nigerian Exchange (NGX) Limited, Neimeth said the board was asked to “raise additional capital of up to N30.0 billion through an issuance of shares (to be issued, whether by way of public offering, rights issue, private/special placement to strategic or identified investors), commercial papers, bonds, convertible and non-convertible securities), medium term notes and/or any other instruments, either as a stand-alone or by way of programmes, in such tranches, series or proportions, at such coupon or interest rates, within such maturity periods, or on such terms and conditions, through a combination of methods or processes, all of which shall be based on terms and conditions to be determined by the board and subject to obtaining the approvals of the relevant regulatory authorities.”
The shareholders resolved that “the aggregate shareholders’ approval for capital raising shall accordingly be N50.0 billion, of which approximately N2.440 billion has already been raised by way of rights issue, leaving an unutilised balance of approximately N47.560 billion available for raising.”
By Adedapo Adesanya
The duo of FrieslandCampina Wamco Nigeria Plc and Food Concepts Plc helped root the NASD Over-the-Counter (OTC) Securities Exchange in negative territory, following a 0.36 per cent slide on Monday, June 29.
FrieslandCampina, which is the maker of milk brands Peak Milk and Three Crowns, lost N13.44 to trade at N141.76 per unit compared with its previous price of N155.2o per unit, while Food Concepts, which is the parent company of fast food giant Chicken Republic, declined by 8 Kobo to end at N2.43 per share versus last Friday’s price of N2.51 per share.
Consequently, the NASD Security Index (NSI) slid by 15.51 points to 4,261.56 points from 4,277.07 points, and the market capitalisation lost N9.31 billion to close at N2.557 trillion compared with the previous value of N2.567 trillion.
The bourse finished with two price advancers yesterday, with Central Securities Clearing System (CSCS) Plc up by N3.80 to trade at N88.48 per unit versus N84.68 per unit, and Nitrox Industrial Gases Plc gaining 31 Kobo to end at N21.40 per share versus N21.09 per share.
The volume of securities traded by investors on the first trading day of the week contracted by 75.9 per cent to 229,314 units from the previous 955,096 units, and the value of securities slumped 17.8 per cent to N24.6 million from N29.9 million, while the number of deals increased by 9.7 per cent to 34 deals from the 31 deals recorded last Friday.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 68.7 million units transacted for N4.7 billion.
GNI Plc also closed the day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc followed with 1.1 billion units traded for N415.7 million
By Adedapo Adesanya
The value of the Naira crashed against the United States Dollar by N2.70 0r 0.2 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, June 29, to N1,383.63/$1 from last Friday’s exchange rate of N1,380.93/$1.
This was influenced by FX pressure on the domestic currency, which also weakened its exchange rate against the Pound Sterling in the same market segment during the session by N6.06 to N1,831.64/£1 from the previous value of N1,824.90/£1. It also depleted the Nigerian currency against the Euro by 45 Kobo, trading at N1,578.03/€1 versus the preceding session’s N1,577.58/€1.
However, it maintained stability against the greenback at the parallel market and the GTBank forex desk yesterday at N1,395/$1 and N1,387/$1, respectively.
Despite the pressure on the Naira, it is still trading within the expected range, as a result of ongoing FX reforms, stronger market liquidity, and increased transparency in the FX market.
Unlike in previous years, the improved stability is reflected in the relatively narrow spread between the official exchange rate and rates in the Bureau de Change (BDC) segment, suggesting that reforms introduced by the Central Bank of Nigeria (CBN) are helping to improve price discovery and reduce distortions.
Also, Nigeria’s external reserves, which provide the apex bank with the capacity to support the Naira and meet the country’s external obligations, have continued to trend upward. Most recent data published on the apex bank’s website showed that reserves rose to $51.29 billion as of June 26, 2026.
In the cryptocurrency market, Bitcoin (BTC) lost momentum after it dropped below $60,000, remaining under its 200-week moving average as currency markets swung following the Japanese Yen slipping to four-decade lows against the US Dollar.
Strategy, the largest public holder of bitcoin, plans to sell more than $1 billion of BTC as part of a $1.25 billion monetisation program, a sharp break from Michael Saylor’s long-held “never sell” stance. BTC traded at $59,463.89.
Dogecoin (DOGE) went down by 0.9 per cent to $0.0723, TRON (TRX) slipped by 0.8 per cent to $0.3196, Cardano (ADA) dipped 0.2 per cent to $0.1446, and Ripple (XRP) dropped 0.1 per cent to close at $1.04.
On the flip side, Solana (SOL) gained 2.5 per cent to sell at $73.99, Ethereum (ETH) improved by 0.4 per cent to $1,587.51, and Binance Coin (BNB) added 0.01 per cent to sell for $552.58, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn