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Oando Holds AGM December 17 as Former PwC Nigeria Head Joins Board

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Oando

By Aduragbemi Omiyale

The much-awaited Annual General Meeting (AGM) of Oando Plc will take place on Tuesday, December 17, 2024, at 10 am in Lagos, a statement from the energy company has revealed.

The day would be used to present the audited financial statements of the organisation for the year ended December 31, 2023, to shareholders.

Oando will also seek the approval of investors to appoint Mr Ken Igbokwe and Mr Bashir Bello to the boards of the company with effect from Monday, November 25, 2024.

Mr Igbokwe is a highly experienced management and consulting professional with over 35 years of expertise in various sectors, including oil and gas, financial services and the public sector.

During his distinguished career at PwC Nigeria, he held key leadership roles in Assurance, Tax and Consulting.

His experience spans a wide range of areas such as statutory, financial and process audits and assurance, business valuations, dispute resolution, financial and information systems risk management, corporate strategy development, corporate performance management, and tax planning.

In his role as Country Leader of PwC Nigeria, Mr Igbokwe was responsible for driving strategic thinking and the visioning that underpinned the growth of the firm.

He was in this leadership position for 10 years during which PwC Nigeria’s business recorded tremendous growth with PwC becoming the leading “Big 4” brand. He led the PwC West Africa business into the Africa-wide PwC merger in 2012.

The new appointee contributes to public discourse and debates on public sector transformation in Nigeria and on matters which focus on corporate governance and the strengthening of the investment climate.

Mr Igbokwe holds a B.Sc. (Eng) degree in Mechanical Engineering from Imperial College, London University, which he attended as a Shell Scholar and graduated from, in 1978.

He is a current member of the Institutes of Chartered Accountants in England and Wales and Nigeria. He is also a current member of the Chartered Institute of Taxation of Nigeria.

On his part, Mr Bello is an oil and gas professional with over 32 years of experience in Technical and Executive Management positions across the industry. His expertise spans all sectors, from Downstream (Refining) to Midstream (LNG) and Upstream (Exploration and Production), with a strong focus on Operations, Engineering, Project Management, and Corporate Governance.

He has served as a Board Member for Shell Petroleum Development Company of Nigeria Limited, Bonny Gas Transport Company, NLNG Ship Manning Company Limited, and various Board Committees of Nigeria LNG.

With a proven ability in Interface and Stakeholder Management, he is skilled at delivering business value in Joint Ventures with diverse shareholder agendas, managing projects with complex interfaces and stakeholder expectations, and overseeing operations with diverse functional requirements and limited resources.

Mr Bello holds a Bachelor of Engineering (B.Eng.) in Mechanical Engineering from Bayero University Kano, Nigeria. He is a Fellow of the Nigeria Society of Engineers (NSE), and a Registered Engineer with the Council for the Regulation of Engineering in Nigeria (COREN).

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Economy

AXA Mansard Offers MSME Customers Free Exhibition Stands at Fair

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Axa Mansard

By Modupe Gbadeyanka

Customers of AXA Mansard in the Micro Small and Medium Scale Enterprise (MSME) sector of the economy will enjoy free exhibition stands at the Made by Nigerians Fair.

The fair is scheduled to take place on Saturday, December 7 and Sunday, December 8, 2024, at the Landmark Event Centre, Lagos.

To support small business owners, AXA Mansard is paying for stands for selected entrepreneurs to showcase their products at the fair, which attracts thousands of people.

According to the Head of Marketing at AXA Mansard Insurance Plc, Mr Olusesan Ogunyooye, this is another gesture by the company to show that MSMEs can benefit from having insurance.

He described MSMEs as the backbone of any economy, noting that they drive innovation, create jobs, and contribute significantly to national development.

“Our support for these businesses at the MBN Fair reflects the commitment to their growth and sustainability.  We are passionate about helping them reach their full potential by connecting them with resources and opportunities that foster success.

“By the very nature of insurance, its benefits are in the future and they are uncertain. That has been a main source of discouragement, particularly to MSMEs. Businesses are geared to making money.

“So, when thinking about insurance, an average MSME would rather invest the money in the growth of his business first.

“The risks that businesses face are also real. There are various types of risks businesses have to contend with today; from burglary to fire, the health of employees, and so on.

“When these risks manifest, they can significantly impact a business negatively. We understand that to get MSMEs to protect themselves and the millions of jobs they create, we must help them strike a balance between growing their businesses and protecting them.

“So, we have come up with different Initiatives to help them grow their businesses. The opportunity to exhibit their products and services to thousands of visitors to the MBN Fair is another in the series of our initiatives.

“We are convinced that for insurance to grow, we need to help people and businesses see it as a strategic lever to grow their businesses, not a cost that takes away from them. If we get this right, it can’t have a massive impact on our economy because, when MSMEs thrive, the economy will prosper.

“We have experimented with this model, and we are particularly excited about the responses from our customers. It is a call for us to do more, and we are committed to Nigerian MSMEs,” Mr Ogunyooye stated.

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Economy

NASD Index Rises 0.05% on Afriland Properties Closes in Green

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NASD securities exchange

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.05 per cent gain on Friday, December 6 after the price of Afriland Properties Plc went up by 60 Kobo to settle for the day at N16.60 per share versus Thursday’s closing price of N16.00 per share.

Consequently, the market capitalisation of the bourse increased during the session by N520 billion to settle at N1.056 trillion, the same value it ended a day earlier, as the NASD Unlisted Security Index (NSI) went up by 1.5 points to wrap the session at 3,014.91 points compared with 3,013.41 points recorded in the previous session.

Business Post reports that yesterday, the price of Acorn Petroleum Plc depreciated at the close of business by 15 Kobo to trade at N1.54 per unit compared with the preceding day’s N1.69 per unit.

The volume of securities traded in the session by investors soared by 168.3 per cent on Friday to 199,577 units from 74,381 units, but the value of securities went down by 45.8 per cent to N1.4 million from the N2.7 million recorded a day earlier, and the number of deals grew by 20 per cent to six deals from the five deals executed in the preceding session.

Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units sold for N3.9 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.3 million units worth N5.3 million.

Also, Aradel Holdings Plc remained the most active stock by value (year-to-date) with 108.7 million units worth N89.2 billion, followed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.3 million units sold for N5.3 billion.

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Economy

Nigerian Exchange Rebounds by 0.10%

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Nigerian Exchange Limited

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited rebounded by 0.10 per cent on Friday as almost all the key sectors closed in green when trading activities ended for the week.

The banking index appreciated by 0.73 per cent, the insurance sector gained 0.55 per cent, the energy counter improved by 0.17 per cent, and the industrial goods space jumped by 0.04 per cent, while the consumer goods sector depreciated by 0.16 per cent.

At the close of business, the All-Share Index (ASI) moved up by 96.64 points to 98,210.75 points from 98,114.11 points and the market capitalisation gained N58 billion to quote at N59.534 trillion compared with Thursday’s closing value of N59.476 trillion.

The bourse finished with 27 price advancers and 21 price decliners, representing a positive market breadth index and bullish sentiment.

Golden Guinea Breweries jumped by 9.98 per cent to N5.40, Japaul improved by 9.30 per cent to N2.35, Sunu Assurances expanded by 9.07 per cent to N5.05, Sovereign Trust Insurance rose by 7.69 per cent to 84 Kobo, and Secure Electronic Technology grew by 7.69 per cent to 70 Kobo.

On the flip side, Eterna lost 4.62 per cent to N22.70, Sterling Holdings depreciated by 4.12 per cent to N4.65, Prestige Assurance fell by 3.85 per cent to 75 Kobo, Consolidated Hallmark shrank by 3.85 per cent to N2.50, and Champion Breweries slumped by 3.50 per cent to N3.86.

Yesterday, investors bought and sold 1.0 billion equities worth N17.5 billion in 7,220 deals, in contrast to the 723.0 million equities valued at N12.8 billion transacted in 8,495 deals a day earlier, indicating a decline in the number of deals by 15.01 per cent and a surge in the trading volume and value by 43.98 per cent and 36.72 per cent, respectively.

On top of the activity chart on Friday was Wema Bank with the sale of 472.5 million stocks valued at N4.1 billion, Fidelity Bank traded 251.5 million shares worth N4.0 billion, FCMB transacted 45.0 million equities for N404.9 million, UBA sold 42.3 million shares valued at N1.4 billion, and Japaul traded 20.7 million stocks worth N46.3 million.

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