Economy
Shareholders Push for Flour Mills, Honeywell Flour Merger at AGM
By Aduragbemi Omiyale
The boards of Honeywell Flour Mills Plc and Flour Mills of Nigeria Plc have been charged to work out modalities for the merger of the two leading milling companies.
Recall that in April 2022, Flour Mills announced the completion of the acquisition of a 71.69 per cent stake in Honeywell Flour.
However, both organisations, which trade their share on the floor of the Nigerian Exchange (NGX) Limited, have continued to remain as separate entities.
On Monday, December 11, 2023, at the 14th Annual General Meeting (AGM) of Honeywell Flour in Lagos, shareholders emphasised the need for the two companies to form a formidable force as an entity to take charge of the sector.
However, they commended Honeywell Flour for its commitment thus far, seeking continued review of strategies to ensure long-term sustainability.
They expressed confidence in the company’s ability to develop internal agility that would sustain the business amid unprecedented changes within the business environment.
The shareholders also acknowledged the success of its Semolina brand and expressed optimism that this market success would eventually translate into positive dividend returns for the future.
The Chairman of Honeywell, Mr Boye Olusanya, while addressing the shareholders, assured them of the company’s drive to deliver value to both customers and, to them, the invaluable shareholders.
“The board is aware of the responsibility entrusted to us, and we are dedicated to implementing strategies that not only weather the current economic conditions but position Honeywell Flour for sustained success in the long term. As we move forward, we remain resolute in our commitment to transparency, innovation, and delivering value to our shareholders,” he said.
During his presentation of the audited financial statements for the year ended March 31, 2023, he promised that the organisation would continue to deploy viable strategic business decisions to drive business sustainability amid challenging economic conditions.
Mr Olusanya expressed the board’s gratitude for the continued support and confidence of the shareholders, stressing the company’s commitment to addressing their concerns and working towards sustainable growth.
Business Post reports that at the gathering, three members of the board retiring by rotation, Mr Olanrewaju Jaiyeola, Mr Anders Kristiansson, and Mr Sadiq Usman, were re-elected.
Economy
NGX Group’s 65th Annual General Meeting Holds April 29
By Aduragbemi Omiyale
The 65th Annual General Meeting (AGM) of the Nigerian Exchange (NGX) Group Plc has been fixed for Wednesday, April 29, 2026, at 11:00 am at its corporate head office on 2–4 Customs Street, Lagos.
Business Post gathered that the meeting would be streamed live on the company’s website and social media platforms to enable broader participation by shareholders and stakeholders unable to attend physically.
As part of a special business, shareholders will consider a proposed bonus issue of one new ordinary share for every three existing shares held as at the close of business on April 10, 2026, subject to regulatory approvals.
The proposal also includes an increase in the organisation’s share capital from N1,102,309,954 to N1,469,746,605, to accommodate the bonus shares and amendments to the Memorandum of Association to reflect the new capital structure.
Also at the gathering, shareholders will consider and, if deemed fit, approve the company’s audited financial statements for the year ended December 31, 2025, alongside the reports of the directors, auditors, board evaluation consultants, and audit committee.
The meeting will also deliberate on the declaration of a final dividend and the re-election of three non-executive directors retiring by rotation, who are Mr Umaru Kwairanga, Mrs Ojinika Olaghere, and Dr Okechukwu Itanyi.
Other ordinary business items on the agenda include authorising the board to fix the remuneration of the external auditors, determining the remuneration of managers, and electing members of the statutory audit committee.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
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