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FTN Cocoa Offers Rights Issue to Shareholders

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FTN Cocoa Processors

By Dipo Olowookere

One of the companies listed on the trading platform of the Nigerian Exchange (NGX) Limited, FTN Cocoa Processors Plc, is offering an opportunity to its shareholders to increase their number of stocks in the organisation.

FTN Cocoa is proposing to make this possible through a rights issue, a system where existing shareholders of a firm acquire more stocks of the company for a discount price.

Already, the company’s brokerage firm, Meristem Stockbrokers Limited, has submitted an application to the exchange for approval and listing of the shares to be sold through the process.

According to a notice obtained by Business Post, the rights issue is on the basis of 17 new shares for every 22 shares held by investors at the close of business on Tuesday, November 9, 2021.

The commencement date for the offering has not been fixed yet because of the pending regulatory approvals, but FTN Cocoa is considering giving shareholders a total of 1.7 billion units.

“Trading license holders are hereby notified that FTN Cocoa Processors Plc has through its stockbroker, Meristem Stockbrokers Limited, submitted an application to Nigerian Exchange Limited for the approval and listing of a rights issue of 1,700,000,000 ordinary shares of 50 kobo each at 50 kobo per share, on the basis of 17 new ordinary shares for every 22 ordinary shares held.

“The qualification date for the rights issue is Tuesday, November 09, 2021,” the disclosure from the exchange issued yesterday stated.

At the stock market on Tuesday, shares of FTN Cocoa appreciated by 10.00 per cent or 4 kobo to settle at 44 kobo, with 533,264 units worth N234,091 transacted during the session by investors. It was the first rise in the price of the stock in almost a week.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

Economy

Dangote Exports First Petrol Cargo to US Markets

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Dangote refinery petrol

By Adedapo Adesanya

The Dangote refinery has exported its first petrol (gasoline) cargo to the US markets, Argus reported, citing data from global trade analytics platform Kpler and market sources.

The Gemini Pearl loaded around 300,000 barrels of petrol at the Dangote port on August 26 and is en route to the US for likely discharge at the port of New York or New Jersey by September 12.

Although there was no direct confirmation as to who bought the cargo, it was speculated that trading firm Vitol could have chartered the vessel.

This is the first Nigerian petrol cargo to move to the US, but not the first time Dangote has exported gasoline out of West Africa.

The refinery has exported to Asia, having sent three LR2 cargoes to the continent with two to the Mideast Gulf and one to Singapore, in June and July respectively.

Since starting operations in 2024, the 650,000 barrels per day refinery has aimed to capture Nigeria’s petrol market and break a long history of import dependence to supply the country’s fuel. However, truck delivery supply has limited the plan from fully materialising.

However, since the refinery began producing petrol last September, its supply has gradually found its way into a growing number of international markets, including neighboring African countries, the Middle East and Southeast Asia.

This opportunity comes for the refinery at a time where there is spike in US Atlantic Coast RBOB prices and falling inventories in the east coast.

Dangote has also previously exported petrol to the Mideast Gulf during periods of tight supply, highlighting its growing role as a new global swing supplier.

Dangote Refinery is currently exporting low-sulphur straight-run fuel oil (LSSR), suggesting its Residue Fluid Catalytic Cracking (RFCC) is still running below full capacity while the unit continues to undergo intermittent maintenance. Analysts estimated the unit’s present run rates at about 45-50 per cent efficiency.

The RFCC, which is used for upgrading heavy feedstock to light products such as petrol, was shut in August for around 10-15 days, although the unit has likely restarted since. High metals content in the refiner’s LSSR exports, a feedstock for the RFCC unit, continues to indicate operational issues at the RFCC.

At its current 650,000 barrels per day capacity, the refinery is expected to be capable of producing around 210,000 barrels per day of petrol at an 85 per cent utilization rate, leaving it shy of domestic consumption that is anticipated to grow steadily each year.

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Economy

NGX Suspends Universal Insurance, Two Others Over 2024 Financial Results

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Universal Insurance shares

By Aduragbemi Omiyale

Failure to release financial results for the 2024 fiscal year has led to the suspension of three insurance companies on the Nigerian Exchange (NGX) Limited.

The affected underwriting firms are Regency Alliance Insurance Plc, International Energy Insurance Plc, and Universal Insurance Plc.

As a result of the embargo, shareholders and other investors will not be able to trade their stocks on the local stock market, according to a notice signed by Obioma Oge for the Head of Issuer Regulation Department of the NGX.

In the statement, it was disclosed that the effective date for the suspension of the three organisations was Monday, September 1, 2025.

It was in line with Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, (Default Filing Rules), which provides that if an Issuer fails to file the relevant accounts by the expiration of the cure period, the exchange will: a) send to the issuer a second filing deficiency notification within two business days after the end of the cure period; b) suspend trading in the issuer’s securities; and c) notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension.

However, the embargo may be lifted if the trio released their outstanding financial statements for “the year ended December 31, 2024.”

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Economy

Bitcoin and Dogecoin are Trending. Use TALL Miner to Earn a Steady $8,750 per day and Double Your Wealth

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TALL Miner

A new wave of Bitcoin wealth in 2025 · TALL Miner makes mining within reach

At the beginning of 2025, the global financial market once again focused on Bitcoin. As “digital gold,” BTC has not only become a safe-haven asset against inflation, but has also gradually become a core asset for institutions and investment funds worldwide. With the deregulation of crypto assets in many countries and the continued approval of ETFs, Bitcoin prices have once again broken through historical highs, officially entering a new upward cycle.

This market trend has opened up new opportunities for wealth growth for countless investors.

However, for ordinary people, directly participating in mining remains a high barrier to entry: expensive mining machines, exorbitant electricity costs, complex technology, and tedious maintenance have deterred most people.

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Stable, secure, transparent, user reputation builds trust

The world of digital currency is ever-changing, with both opportunities and risks. For investors, choosing a stable, secure, and transparent platform is more important than short-term returns. TALL Miner understands this and, therefore, prioritizes user trust and builds a comprehensive security system.

TALL Miner strictly adheres to the compliance requirements of major global markets, with all operations and capital flows subject to oversight and scrutiny. Through compliant operations, the platform not only protects the legitimate rights and interests of investors but also establishes a strong brand reputation within the industry.

At TALL Miner, every unit of computing power and every profit is transparent and traceable: users can view computing power performance in real time through the app; profit settlement is automated, eliminating manual intervention; and the platform regularly publishes operational data reports, ensuring true transparency and verifiability. This transparency allows users to clearly understand their assets and provide greater peace of mind.

From beginners to experienced investors, TALL Miner offers a diverse range of mining contracts to meet the needs of diverse audiences. New users receive trial bonuses for a risk-free experience; experienced players enjoy efficient and stable long-term contracts. Every user receives professional customer support. As a result, TALL Miner has amassed a large number of real users worldwide, building a strong reputation and a foundation of trust.

Trustworthy is more than just a slogan; it’s TALL Miner’s long-term commitment.

Thanks to its compliant operations, security measures, transparent mechanisms, and user reputation, TALL Miner is becoming the most reliable choice in the global cloud mining market.

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