Economy
Greenwich Exits Meyer Plc as Bosworth Increases Stake
By Dipo Olowookere
One of the two core investors in Meyer Plc, a leading paint maker in Nigeria, Greenwich Trust Nominees Limited, has exited the company.
Business Post gathered from the audited financial statements of Meyer for the year ended December 31, 2019, that Greenwich Trust Nominees Limited controls 30.77 percent stake in the firm, while Bosworth Investment and Services Limited controls 25.93 percent.
The total number of shares of Greenwich Trust in the paint manufacturer is 153,129,750 units. This excludes the 24,315,094 (4.89 percent) held by Greenwich Asset Management.
As at the close of business of December 31, 2019, Bosworth had a total of 129,046,000 units of Meyer Plc stocks in its possession.
According to the notification of share dealing by insiders released by Meyer, Greenwich Trust has offloaded all its stake in the company.
It was disclosed that the core investor sold all its 153,019,326 units of Meyer shares at a unit price of 46 kobo on Monday, March 30, 2020.
On the other hand, Bosworth increased its stake in the firm by purchasing additional units of the company’s shares on Monday, March 30, 2020.
It was stated that Bosworth bought 24,915,094 units of Meyer Plc’s equities at the rate of 46 kobo each, amounting to N11.5 million.
It was observed that Bosworth bought the 24,315,094 units held by Greenwich Asset Management. It then acquired an additional 600,000 units.
This transaction has ostensibly made Bosworth the highest shareholder of Meyer Plc with about 30.82 percent equity stake in the company.
In the same disclosure, Meyer Plc said its chairman, Mr Falowo Olukayode Akintunde, raised his stake in the company by purchasing additional 13,280,223 units of the firm’s equities at 46 kobo on Monday, March 30, 2020.
In addition, a director at the company, Uponi Anthony Chukuba, bought 3,298,804 stocks at 46 kobo each on the same day.
In 1994, about 68 percent of Meyer’s issued share capital was acquired by Dunlop Nigeria Plc, leading to the change of the corporate and brand name to DN Meyer Plc and Meyer Paints respectively.
In 2004, Dunlop sold its stake to ACIMS Limited and the Nigerian public through a Management Buy Out (MBO) and in 2010, ACIMS Limited sold its total stake to Citiprops Limited.
In 2017, following the successful rights issue, Citiprops offload all its shares in the firm to Greenwich Trust Nominees Ltd and Greenwich Asset Management Ltd, putting about 35.6 percent stake in the company in their control.
It is important to note that on July 1, 2016, at the 44th Annual General Meeting (AGM) of the company, shareholders passed a resolution for the change of the firm’s name to Meyer Plc from DN Meyer Plc after the exit of Dunlop Nigeria.
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.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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