Economy
Shareholders Okays Delisting of 7up Bottling Company From NSE
**To Get N125 Per Share Payment
By Dipo Olowookere
The delisting of Seven Up Bottling Company Plc from the Nigerian Stock Exchange (NSE) has been approved by shareholders of the firm.
As a result of the approval, shareholders of the company will now be paid N125 per share instead of the N112.70 kobo earlier proposed by the board to shareholders.
They will likely begin to get paid from next Monday.
The decision to delist 7up Bottling Company Plc from the stock exchange was reached at an Extra Ordinary Meeting (EGM) of the firm held yesterday at the Grand Ball Room of Eko Hotel & Suites, Lagos.
The meeting was ordered by a court sitting in Lagos.
On December 5, 2017, a Federal High Court in Lagos directed that a meeting of the holders of the fully paid-up ordinary shares of Seven-Up Bottling Company Plc (SBC) be convened for the purpose of considering and if thought fit, approving (with or without modification) a Scheme of Arrangement between Seven Up Bottling Company Plc and the holders of its fully paid ordinary shares (the Scheme).
It was gathered that the delisting process of the firm started when the majority shareholders of Seven Up Bottling Company Plc, Affelka S.A, proposed to acquire all the outstanding and issued shares of the soft drink company not currently owned by Affelka.
It involved the transfer of 171,542,574 ordinary shares of 50 kobo each, with a nominal value of N85,771,287 comprising of the company’s issued and paid up share capital representing the minority shares.
Through the scheme, the shares would be transferred to Sparkplexi Limited, a subsidiary of Affelka S.A the majority shareholder.
At the conclusion of the process, Affelka and Sparkplexi would be the remaining shareholders of Seven Up Bottling Company Plc, with Affelka owning 73.22 percent and Sparkplexi owning 26.78 percent.
Following the scheme, the company will be re-registered as a private limited liability company pursuant to the relevant provision of the Company and Allied Matters Acts (CAMA).
However the company noted in the scheme of arrangement to shareholders that the financial performance of the company over the last couple of years has been predominantly negative, as a result of the myriad of challenges imposed by the unfavourable macro-economic environment, such as sharp currency devaluation resulting in a massive escalation in the cost of raw materials, distribution and other operating costs including overheads, high debt servicing costs due to increases in interest rates and borrowing expenses.
The company added that this is further exacerbated by the extremely competitive environment from existing and new privately owned entrants, flooding the market with cheaper products which makes the company unable to pass on the increased costs to the end consumer.
Accordingly, the board said it believes that the operating dynamics of the company were unlikely to improve in the foreseeable future and that, in the absence of a comprehensive corporate and financial restructuring, the company’s shareholder book value of equity, which lost 47 percent year on year in full year 2017, would be further eroded by the continued losses.
Going forward, Seven Up Bottling Company board said it believes that the current arrangement should create considerable benefits and opportunities’ for the employees and other stakeholders of the company; for instance protection of minority shareholders who experienced 47 percent erosion in shareholder book value of equity in the last financial year.
The restructuring will enable Affelka to provide the support required for Seven Up Bottling Company to shore up the balance sheet and capital required for maintaining and expanding the business. Enhance product portfolio which will enable the company to better compete with its industry competitors, both existing and new entrants and be better positioned to address consumers changing needs. And reinforcement of Affelka’s long term commitment to Seven Up Bottling Company as one of the leading manufacturing companies in Nigeria.
With the final approval given yesterday, shareholders of Seven Up Bottling Company would be paid a cash consideration (as defined in the Scheme Document) by Affelka and/or Sparkplexi, a wholly owned subsidiary of Affelka for the transfer of the said Scheme Shares.
By Dipo Olowookere
A leading investment banking and capital markets solutions provider, Stanbic IBTC Capital, has been commended for its role in the Mandatory Takeover Offer (MTO) of minority shareholders of Guinness Nigeria Plc by Tolaram.
The deal underscored Stanbic IBTC Capital’s expertise in advising on complex transactions and delivering comprehensive financial solutions to clients.
Tolaram, acting through N Seven Nigeria Limited, contracted the services of Stanbic IBTC Capital as financial adviser for the transaction.
After acquiring a 58.02 per cent stake in Guinness Nigeria in 2024, Tolaram moved to take over the shares of minority investors of the brewery giant.
To make the minority equity boyout successful and meet regulatory requirements, Stanbic IBTC Capital provided comprehensive end-to-end support across both transactions, delivering a full suite of investment banking and capital markets solutions to facilitate the successful completion of this complex corporate action.
This helped Tolaram to, on May 20, 2025, to complete the purchase of the 283,099,431 shares held by minority investors for N22.94 billion, raising its shareholding in Guinness Nigeria to 70.85 per cent.
“We are grateful for the end-to-end support Stanbic IBTC Capital provided Tolaram throughout the MTO process.
“Their on-the-ground presence and expertise was invaluable in navigating the regulatory landscape and ensuring that interested Guinness Nigeria minorities were given the opportunity to sell their shares at the same price that Tolaram acquired the Guinness Nigeria stake from Diageo Plc.
“Guinness Nigeria has sufficient free float despite the MTO and Tolaram intends to continue to maintain Guinness Nigeria’s listing on Nigerian Exchange Limited,” the Group Finance Director of Tolaram, Mr Dinesh Rathi, stated.
In his remarks, the chief executive of Stanbic IBTC Capital, Mr Oladele Sotubo, said, “We thank Tolaram for the longstanding partnership and for trusting Stanbic IBTC Capital to handle this important MTO, having also advised Tolaram on its acquisition of Guinness Nigeria last year.”
By Adedapo Adesanya
Global payments solutions platform, Verto, has launched a new solution which will allow businesses to secure optimal foreign exchange (FX) rates automatically.
According to a statement shared with Business Post, Auto Exchange, as the new feature is called, was designed to help rate-sensitive customers secure their target FX rates without constant monitoring.
As a platform, Verto simplifies international money transfers and currency exchange for businesses of all sizes. With a focus on transparency, speed, and cost-effectiveness, Verto empowers businesses to thrive in the global marketplace.
The new tool allows users to set their desired exchange rate and trade amount within the Verto platform, enabling automatic execution when the Verto rate reaches their specified level.
Verto has automating the monitoring and execution process, empowering customers to capture their target rates even when they are not actively logged into the platform. It says this will allow many businesses prioritize achieving the most favorable exchange rates amid market fluctuations.
Auto Exchange provides a seamless and efficient solution, thereby making users can optimise their time and reducing missed opportunities.
“We’re thrilled to introduce Auto Exchange, a feature designed to bring both efficiency and peace of mind to our customers’ FX operations,” says Verto Product Director, Mr Tomasz Bilakiewicz, adding that “No more constant refreshing or fear of missing a target rate. With Auto Exchange, businesses can set their parameters and trust Verto to execute automatically, allowing them to focus on what truly matters – growing their business.”
Verto users can easily set up Auto Exchange orders within the platform by specifying the currency pair for exchange, their desired target exchange rate, the amount they wish to exchange, as well as the direction of the exchange (e.g., GBP to USD).
Auto Exchange is part of a suit of FX solutions offered by cross-border payment platform Verto. With the ability to exchange with bank-beating rates across 49 currencies, Verto is revolutionising cross-border payments with a focus one merging markets.
By Adedapo Adesanya
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said that the nation’s oil production rig has witnessed a 475 per cent rise from eight in 2021 to 46 in July 2025.
The chief executive of the agency, Mr Gbenga Komolafe, disclosed this on Wednesday in Abuja at the inauguration of a media workshop organised for journalists covering the oil and gas sector.
The rig countis a key metric for measuring vibrancy and performance in the oil and gas industry.
The rig which is a key equipment on which the oil is drilled reveals the level of vibrancy and the activities in the industry.
According to the commission’s data, about 46 active rigs are driving the current oil production in Nigeria.
Mr Komolafe, however, attributed the steady growth in the rig count to the Petroleum Industry Act (PIA) enactment in 2021, and the commission’s commitment geared towards increasing oil production in the country.
He said the NUPRC through its Project One Million Barrels initiative had scaled up Nigeria’s oil production from one million barrels per day, oscillating around 1.7 million barrels.
The NUPRC boss said the initiative which was inaugurated in October 2024, was expected to increase oil production by one million additional units per year, adding that about 300,000 barrels of oil per day has been achieved since the inauguration of the programme.
He commended President Bola Tinubu for the Executive Orders 40, 41, and 42, which encouraged tax incentives and tax remission as well as redefined the contracting circle and the threshold in the industry.
Mr Komolafe said the 2024 Executive Orders: 40 on fiscal incentives, 41 on local content, and 42 on cost efficiency and contract timelines, had catalysed massive investment inflows.
“These have yielded positive results in terms of the Final Investment Decisions (FIDs) that have attracted huge amounts of money, billions of dollars to the country,” he said.
He urged the media practitioners to report the commission activities professionally in such a way that Nigerians would appreciate and understand its operations.
“As a regulator, we are wrongly perceived, often times people fail to understand the difference between a regulator and an operator.
“As a regulator, our activities put us in a quasi-judicial position, in position to mediate, it is an omnibus job,” he said
He reiterated that the commission will continue to play its role in Nigeria’s oil and gas development.
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