By Adedapo Adesanya

One of the leading financial institutions in Nigeria, Stanbic IBTC Holdings Plc, plans to boost its footprints in core profitable sectors, primarily in the energy sector, as it approached the Nigerian capital market for N148.7 billion in rights issue.

Speaking at The Facts Behind the Rights Issue event at the Nigerian Exchange (NGX) Limited last week, the acting chief executive of Stanbic IBTC Holdings, Mr Kunle Adedeji, said funds raised from the exercise would drive growth in critical sectors such as oil and gas, with a focus on Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), and gas infrastructure.

He added that proceeds would also support power sector reforms, including exploring opportunities in the debt capital market and sustainable finance to foster economic transformation.

Mr Adedeji noted that the company intends to divest in distribution companies (Discos) despite the firm joining a consortium known as Transgrid to acquire a 60 per cent stake in Eko Electricity Distribution Company (EKEDC).

The rights issue was launched on the NGX’s e-offering platform, NGX Invest, and has been open since January 15 and will close on February 21, 2025.

Mr Adedeji acknowledged NGX Invest as an essential tool in facilitating the rights issue, echoing that it platform designed to streamline capital raising and enhance investor participation.

He noted that the platform would enable Stanbic IBTC to distribute its rights issues efficiently while meeting regulatory requirements and delivering value to its shareholders.

He expressed deep appreciation for the confidence shown by shareholders, emphasizing the strategic importance of the rights issue.

Nigeria’s energy sector has been one of the most profitable sectors in the last few years with policies including the Petroleum Industry Act (PIA) of 2021 and the elimination of fuel subsidies making it an attractive sector.

The Stanbic IBTC rights issue allows existing shareholders to subscribe to 2,944,772,083 ordinary shares of 50 Kobo each at N50.50 per share, structured as 5 new shares for every twenty-two (22) ordinary shares held as of October 29, 2024. Qualified investors can seamlessly take up their rights via the platform at https://invest.ngxgroup.com

Speaking on the significance of NGX Invest, Mr Jude Chiemeka, the Chief Executive Officer of Nigerian Exchange Limited (NGX), remarked, “The success of NGX Invest as a capital-raising platform reinforces our commitment to providing innovative solutions for issuers and investors alike.

“Stanbic IBTC’s confidence in our infrastructure reflects the opportunities we continue to create for sustainable growth in Nigeria’s financial markets.”

By Adedapo Adesanya

The Lagos State House of Assembly has warned its former Speaker, Mr Mudashiru Obasa, to stay clear of the position because his impeachment on on January 13 remains sacrosanct.

A statement signed by Mr Ogundipe Olukayode on behalf of the Assembly said it was imperative to clarify that over two-third of the legislative arm of government in the state are solidly behind the new Speaker, Mrs Mojisola Meranda.

The lawmakers said nothing could change the decision taken to remove Mr Obasa, who was in the United States at that time.

On his return last week, Mr Obasa addressed the media and said he remained the Speaker of the Lagos State House of Assembly. At the briefing at his residence in the GRA area of Ikeja on Saturday, he challenged any leader in the state to tell Lagosians when and where he told them he wanted to succeed Governor Babajide Sanwo-Olu.

He also said it was not a sin not to nurse an ambition to lead the state come 2027.

“Having (an) ambition to become a governor is not a sin. Is it, however, I said it on the floor of the house when the budget was presented that I had no thoughts of governorship but that does not mean I am not qualified or that I lack experience and I still maintain that,” he said.

In response, Mr Olukayode said as elected representatives of the people of Lagos, the assembly members owe the public good governance and harmonious relationship with other arms of government.

Mr Obasa had reportedly kept the Lagos State Governor delayed for one hour before the budget presentation to flex his powers.

On his part, Mr Sanwo-Olu said he had no hand in the removal of the Agege lawmaker.

“The position of the house remains the same and nothing has changed. The position being canvassed by former Speaker, Mr Obasa is uncalled for and unparliamentary,” the House statement on Sunday said.

Mr Olukayode further explained that the majority of members elected Mr  Obasa as speaker for the 10th Assembly and later took a majority decision to remove him.

The lawmakers’ mouthpiece appealed to the former speaker to toe the line of peace and harmony as being followed by others.

JMG Limited, a premier provider of electro-mechanical solutions in Nigeria, joins the world in celebrating this year’s International Day of Clean Energy, which promotes the transition from fossil fuels to renewable energy sources.

Observed annually on 26th January, the global event was declared by the United Nations General Assembly as a call to raise awareness and mobilize action for a just and inclusive transition to clean energy for the benefit of people and the planet.

Marking this year’s event, JMG Limited, a leading company that caters to a wide array of business and industrial requirements, reaffirms its commitment to meeting the needs of its customers through solutions that add value to their operations and the society.

The company’s Group General Manager, Rabi Jammal, stated that commemorating the global day is crucial as it inspires individuals, communities, businesses, and governments to adopt sustainable energy solutions and their attendant economic and social benefits.

He said this helps to foster environment conservation and palliate the crisis with non-renewable fuels, such as gas and oil, which aligns with what JMG’s product offerings enable.

According to him, JMG’s specialised solutions are eco-friendly and can upgrade the places where people work and live. Its slogan, “from power to plug,” emphasises the transformation by highlighting its wide range of clean energy solutions for homes and businesses.

He averred that the company’s products can be used to power structures, cool environments, transport people in buildings, enhance industrial output, and expand its portfolio with products that offer more energy efficiency to help reduce their electricity bills and save on fuel expenses, thereby curbing the issue of emission.

In line with its clean energy initiative, the company prioritises sustainable power solutions, offering solar and cost-effective hybrid options, including Lithion inverters and batteries since 2018 and Livfast inverters & batteries in 2022.

In 2024, the company expanded its solar power offerings with LONGi solar panels, Deye lithium batteries, and Must solar inverters, providing a comprehensive range of alternative power solutions to customers.

JMG Limited has attained significant milestones in its commitment to excellence, environmental responsibility, and occupational health and safety by acquiring three key ISO Certifications, 9001:2015, 14001:2015, and 45001:2018, which attests to its dedication to maintaining high standards in its operations.