Lagos

The plan by the British majority owner of consumer goods company PZ Cussons Nigeria to fully acquire the Lagos-listed organisation and take it private fell apart after a key regulator withheld an assent necessary to take the transaction further. “The Securities and Exchange Commission (“SEC”) has declined the company’s request for its No Objection to PZ Cussons (Holdings) Limited’s (“the majority shareholder”) intention to acquire the shares held by all the other shareholders,” a statement published on the…

Access Holdings has chosen Aigboje Aig-Imoukhuede as its chairman. He had served as the pioneer CEO of Access Bank, the group’s commercial banking division before it evolved into a holding company. He and Herbert Wigwe bought Access Bank in 2002 and transformed it into Nigeria’s biggest lender by market value. From the year of its acquisition to 2013, Mr Aig-Imoukhuede managed the bank, assisted by Mr Wigwe, the managing director of Access Holdings, who died in a chopper crash in the US last month aged 57.…

Transcorp Power Plc, the power generation spinoff of Transnational Corporation of Nigeria (Transcorp), advanced 10 per cent in market value on its debut in Lagos on Monday. The company’s shares closed at a cumulative value of N1.98 trillion against N1.8 trillion at the beginning of trade. The power utility listed 7.5 billion shares at N250 per unit, which were admitted to the Nigerian Stock Exchange (NGX)’s main board, the listing segment for companies with high standards of disclosure and corporate governance.…

Some wholesalers and retailers of liquor and non-alcoholic beverages have decried low level of patronage of their products amidst soaring costs, following price increment by bottling companies across the country. The vendors, in separate interviews with the News Agency of Nigeria (NAN) in Lagos on Saturday, said there had been a 100 per cent price increase when compared with same period in 2023. Already, notification of upward price review have been issued by the bottling companies. NAN reports that a 50cl pet…

The Supreme Court on Friday affirmed the judgment of the Court of Appeal Lagos nullifying the takeover of the landed property of Suru Worldwide Ventures Nigeria Limited by the Asset Management Corporation of Nigeria (AMCON). A member of the Supreme Court panel, Emmanuel Agim in, in his lead judgement, dismissed the appeal brought to it by AMCON and affirmed the lower court’s decision to halt the company’s takeover and ordered a new hearing at the High Court. “I find no merit in this appeal. The judgement of the…

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said it is exploring the possibility of relocating some of its units from Abuja to Lagos. The commission disclosed this in a memo with reference CSA/HGA/MRP/ML/001 dated 14 February and signed by its executive commissioner, Kelechi Ofoegbu. The memo is titled ‘Movement to Lagos’. The commission said the relocation was driven by the need to enhance its service delivery, reduce operational costs and make adequate utilisation of its assets in Lagos.…

In 1985, Abimbola Olurotimi Ogunbanjo began a long, rich career in Lagos, when he joined Chase Manhattan Bank as a credit analyst. Born in July 1962 to a renowned corporate lawyer, Christopher Oladipo Ogunbanjo, from Ogun State, he obtained Bachelor of Science degree in Business Administration from American College, Switzerland, in 1985, followed by an LLB in Law from the University of Buckingham, UK, in 1989. Mr Ogunbanjo joined his father’s law firm, Chris Ogunbanjo LP, in 1990 after leaving Chase Manhattan…

Former President Olusegun Obasanjo has called for increased bilateral relations between Nigeria and Angola.Mr Obasanjo made the call at the Angola-Nigeria Diplomatic-Business Investment meeting on Saturday in Lagos. Mr Obasanjo, who was a special guest of honour at the event, said the meeting focused on the potential for enhanced collaboration between the two countries. According to him, the meeting also emphasises the need to boost trade volume within Africa, which reflects a commitment to advancing economic…

Dangote Refinery has made a further move towards the commencement of the production of refined petroleum products with the receipt of an additional one million barrels of crude bonny light supplied by the Nigeria National Petroleum Corporation (NNPC). The fresh one million barrels of crude from the Shell terminal via the MT Otis owned by Trafigural is the second consignment to be delivered to the Dangote facility out of the six million barrels of crude being expected by the world’s largest single-train refinery.…

The Transmission Company of Nigeria (TCN) said it has installed closed-circuit television (CCTV) cameras in its 39 substations in the Lagos zone to monitor vandals. Mojeed Akintola, the general manager of TCN Lagos zone, disclosed this during a tour of the completed and ongoing projects in Lagos on Tuesday. He explained that the camera installation has become necessary due to the persistent vandalisation of TCN’s equipment. He noted that 10 transmission towers were attacked in 2022. “We are collaborating…