Connect with us

Economy

Elumelu Targets Listing of More Heirs Holdings Subsidiaries

Published

on

elumelu heirs holdings

By Adedapo Adesanya 

The Chairman of Heir Holdings, Mr Tony Elumelu, has disclosed that the group would list more of its subsidiaries in Nigeria and Africa as part of his vision to spread wealth and leave a lasting legacy.

Speaking at a media parley to mark the 14th anniversary of Heirs Holdings on Wednesday in Lagos, the businessman stated that the group would be considering the listings when the environment is right, alluding to the current operating environment on the continent.

“In 2010, we embarked on a bold journey to invest across key strategic sectors and catalyse Africa. Our vision was clear: to establish a role model company that embodies African aspirations and values, one that endures and champions Africa on the global stage. We committed ourselves to building a lasting legacy.

“All our businesses in African countries are privately owned. We would like to democratise prosperity by listing them in those markets. Where we have listed, people have benefited significantly from the listing. So, we will initiate public offering in those markets, but at the right time to do so,” he stated.

Business Post reports that Heirs Holdings subsidiaries span the power, energy, financial services, hospitality, real estate, healthcare, and technology sectors.

Currently, there are seven businesses owned by Mr Elumelu listed on the Nigerian Exchange (NGX) Limited and they are Transcorp Hotels, Transcorp Plc, United Bank for Africa, Afriland Properties, United Capital, and Africa Prudential.

“Our journey has been defined by unwavering tenacity, enabling us to seize opportunities and uphold our vision and principles. Most importantly, our efforts have fostered significant social impact, improving the lives of millions and driving inclusion within communities. For us in our Group, it is about three visions, execution, enterprise and excellence,” he explained.

On her part, the Group CEO of Transnational Corporation Plc, Mrs Owen Omogiafo, noted that Transcorp Group is Nigeria’s largest listed diversified conglomerate, with investment in strategic sectors of power, hospitality, energy, etc.

“As of today, we account for about 15 per cent of Nigeria’s power generation. With our investment in distribution, we actually cover a landscape of over 130,000 square kilometres. We have two power companies. Transcorp Power and Trans-Afem Power, which are direct investments; and we have an indirect investment in Abuja Electric Distribution.

“Our hospitality business is a leader in the country’s hospitality sector,” she stated.

She added that Transcorp’s energy business includes OPL 281 and significant oil and gas assets and noted the company’s commitment to energy sufficiency and exploration of renewable energy opportunities.

“There’s more coming. We are firmly rooted in the principle of Africapitalism, balancing doing well with doing good. Transcorp Group has three out of seven listed companies, reflecting our principle of wealth distribution. We will continue to transform Nigeria, transform Africa, and improve lives,” she said.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

Click to comment

Leave a Reply

Economy

UBN Property Triggers 0.22% Loss at NASD OTC Exchange

Published

on

UBN Property

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.22 per cent decline on Monday, January 20, with the market capitalisation shedding N2.35 billion to close at N1.073 trillion compared with the preceding session’s N1.075 trillion and the NASD Unlisted Security Index (NSI) going down by 6.79 points to wrap the session at 3,105.12 points compared with 3,111.91 points recorded in the previous session.

It was observed that the loss recorded on the first trading day of the week was triggered by UBN Property Plc, which crashed by 20 Kobo to trade at N2.00 per share versus last Friday’s N2.20 per share.

However, the share price of Industrial and General Insurance (IGI) Plc went up by 4 Kobo to 40 Kobo per unit from 36 Kobo per unit, it could not stop the bourse from going down at the close of transactions.

The activity chart showed that on Monday, the volume of securities traded by investors increased by 57.9 per cent to 767,610 units from the 486,215 units traded in the preceding session, while the value of shares traded yesterday slumped by 17.7 per cent to N2.3 million from the N2.8 million recorded in the preceding trading day, as the number of deals declined by 14.3 per cent to 12 deals from the 14 deals carried out in the previous trading day.

At the close of transactions, FrieslandCampina Wamco Nigeria Plc remained the most active stock by value on a year-to-date basis with the sale of 4.1 million units worth N162.9 million, followed by Geo-Fluids Plc with a turnover of 9.1 million units valued at N44.0 million, and 11 Plc with the sale of 55,358 for N14.5 million.

Also, Industrial and General Insurance (IGI) Plc closed the day as the most active stock by volume on a year-to-date basis with 25.3 million units sold for N5.9 million, Geo-Fluids Plc came next with 9.1 million units valued at N44.0 million, and FrieslandCampina Wamco Nigeria Plc with 4.1 million units worth N162.9 million.

Continue Reading

Economy

Naira Weakens to N1,550/$1 at Official Market, Gains N5 at Black Market

Published

on

Naira 4 Dollar

By Adedapo Adesanya

The value of the Naira weakened against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, January 20 amid FX pressures associated with this period.

Most people who came into the country for Christmas and New Year holidays are already going back and are in need of forex, putting pressure on the local currency.

Also, the poor performance of the domestic currency could be attributed to end to the 42-day access granted by the Central Bank of Nigeria (CBN) to Bureaux de Change (BDC) operators to buy forex at official price.

According to data from the FMDQ Securities Exchange, the Nigerian Naira lost 0.16 per cent or N2.47 on the greeback yesterday to sell at N1,550.05/$1, in contrast to last Friday’s rate of N1,547.58/$1.

Similarly, the Naira slumped against the Pound Sterling in the spot market on Monday by N23.39 to trade at N1,906.98/£1 versus N1,883.59/£1 and depreciated against the Euro by N23.14 to sell for N1,613.48/€1 compared with last Friday’s N1,590.34/€1.

However, in the parallel market, the Nigerian currency improved its value against the Dollar during the session by N5 to quote at N1,665/$1 compared with the previous session’s N1,670/$1.

As for the cryptocurrency market, it turned red yesterday as the US President, Mr Donald Trump, didn’t bring up the much-expected subject of crypto in his inauguration speech on Monday afternoon.

Mr Trump had promised a far more friendly crypto policy stance than the previous administration but in the long speech that announced his plans in the coming days, he didn’t make mention of Bitcoin or crypto.

Just over the weekend, the President ignited a speculative frenzy with the Friday evening launch of the Trump meme coin, which was shortly followed by a meme coin associated with his wife, Melania.

Dogecoin (DOGE) crumbled yesterday by 6.3 per cent to $0.3419, Solana (SOL) slumped by 4.7 per cent to $235.32, Cardano (ADA) fell by 3.6 per cent to $0.9777, and Litecoin (LTC) moderated by 1.9 per cent to $114.98.

Further, Ethereum (ETH) went down by 1.7 per cent to $3,241.36, Binance Coin (BNB) retreated by 1.4  per cent to $693.30, Ripple (XRP) depreciated by 1.2 per cent to $3.06, and Bitcoin (BTC) tumbled by 0.8 per cent to $101,746.99, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.

Continue Reading

Economy

Oil Prices Fall as Trump Announces Changes in US Energy Policies

Published

on

oil prices fall

By Adedapo Adesanya

Oil prices settled lower on Monday after Mr Donald Trump was sworn in for a second time as President of the United States.

On assumption of office, Mr Trump declared a national energy emergency immediately, promising to replenish strategic reserves and export American energy worldwide.

Consequently, Brent crude futures went down by 64 cents or 0.8 per cent to settle at $80.15 per barrel and the US West Texas Intermediate crude futures depreciated by $1.30 or 1.7 per cent to trade at $76.58 per barrel.

Mr Trump and his allies have signalled they would use the authority to rapidly approve new oil, gas, and electricity projects that typically take years to permit, and during his speech said he plans to unleash new oil and gas development on federal lands while reversing the Biden-Harris administration’s de-growth climate regulations.

Market analysts noted that while many of the executive actions will simply kick off a lengthy regulatory process, they extend by a large degree to the US energy industry, from oil fields to car dealerships.

These also underscore Mr Trump’s determination to reorient federal government policy behind oil and gas production, a sharp pivot from Biden’s efforts to curb fossil fuels.

He also said in his inaugural speech that he would impose tariffs and tax countries and promised an overhaul of the trade system.

Last week, prices rose for a fourth-consecutive weekly gain after the Biden administration imposed sanctions on more than 100 tankers and two Russian oil producers. This led to a scramble by top buyers China and India for prompt oil cargoes and a rush for ship supply.

Meanwhile, dealers of Russian and Iranian oil sought tankers not under sanctions for oil shipment.

While the new sanctions could cut supply from Russia by nearly 1 million barrels per day, market analysts noted that recent price gains could be short-lived depending on Trump’s actions as the new American president promised to help end the Russia-Ukraine war quickly.

Russian President Vladimir Putin congratulated Mr Trump on taking office hours, saying he was open to dialogue with the new US administration on Ukraine and nuclear arms.

Pressure was reduced based on easing tension in the Middle East after Hamas and Israel exchanged hostages and prisoners on Sunday which marked the first day of a ceasefire after 15 months of war.

Continue Reading

Trending