Acquisitions

In 2014, the Nigerian media was flooded with a story about an ill-fated vessel that captured the nation’s attention and even reached the shores of the Republic of Trinidad and Tobago. ALSO READ: Drama as Otudeko asks FirstBank to disregard Ecobank’s requests Sometime in September of that year, a report …

Against the backdrop of increasing competition in its home market of South Africa, Standard Bank Group, which operates as Stanbic IBTC Holdings in Nigeria, is open to acquisitions in the country and Kenya as it looks to expand its presence across Africa. In an interview with Bloomberg, CEO Sim Tshabalala …

The Central Bank of Nigeria (CBN) and the Asset Management Company of Nigeria (AMCON) are pleased to announce the completion of a Share Purchase Agreement (SPA) for the acquisition of 100% of the equity in Polaris Bank (‘Polaris’ or ‘the Bank’) by Strategic Capital Investment Limited (‘SCIL’). Polaris has been …

The running battle between Kogi State House of Assembly and Dangote Cement company seems to be getting hotter as the house on behalf of Kogi State Government has asked for the 10 per cent shares that belongs to the state government from the representatives of Dangote Cement company, stressing that …

The Minister of Aviation, Hadi Sirika, says the Nigerian Sovereign Investment Authority (NSIA) is not an investor in the Nigeria Air project. In a statement issued by a Special Assistant (Public Affairs) to the minister, James Odaudu, on Saturday, he said the NSIA is not in any way involved in …

The management of Polaris Bank has tagged as untrue the report making the rounds that the lender is up for sale. In a release titled RE: ONLINE PUBLICATION ON PURPORTED SALE OF POLARIS BANK and made available to Freelanews, the bank insisted that it remains a stable, strong and credible …

The Asset Management Corporation of Nigeria (AMCON) has dragged Demayo Holdings Nigeria Limited before a Federal High Court in Lagos over alleged N300 million debt. Joined as co-defendants in the suit are directors of the company identified as Moshood Ademola Omidiran, Wulayat Omidiran and Abdulmalik Omidiran. AMCON in an Ex …

The receiver/manager’s nominee of Integrated Energy Distribution and Marketing Company on Wednesday said it was the legal and beneficial owner of 60 per cent (controlling and managing) shareholding interests in the Ibadan Electricity Distribution Company. Also, the management of Benin Electricity Distribution Company Plc said on Wednesday that there was …

Fidelity Bank will have to embark on an aggressive scheme of mergers and acquisitions to attain a highly coveted ambition of seating among the Tier 1 lenders by 2025, according to Chapel Hill Denham Limited. Of course, Fidelity Bank has a strong balance sheet and profit size gives it the …

valU, MENA’s leading Buy-Now, Pay-Later (BNPL) lifestyle-enabling fintech platform, announced today that Fawaz Abdulaziz Alhokair, Salman Abdulaziz Alhokair, and Abdul Majeed Abdulaziz Alhokair (“Alhokair Family”) have entered into an agreement to acquire a 4.99% stake in valU through a capital injection of USD 12.4 million, signifying a valuation of USD …

Access Bank Holdings Plc has announced that its wholly-owned subsidiary, Access Bank Plc has entered into a binding agreement with Centum Investment Company Plc (‘Centum’) for the acquisition of the entire 83.4% equity stake held by Centum in Sidian Bank Limited. The statement signed by Sunday Ekwochi, Company Secretary noted …

South Africa’s Southern Sun Africa (SSA) is disposing of its 75.55% majority shareholding in Southern Sun Ikoyi Hotels, one of Nigeria’s largest business hotels. Nigerian entities own the balance of 24.45%. The deal is valued at about $30.4 million comprising $29.1 million in shares and another $1.3 million in shareholder …

Some minority shareholders of Union Bank Plc have expressed worry over the acquisition of the over 100 years old bank by Titan Trust Bank Limited whose footprint in Nigeria is not more than two years old. Union Bank Plc, two days ago announced the completion of core investors’ sale of …

Many directors have been asked to resign or retire following the completion of the acquisition of Union Bank Nigeria (UBN) Plc by Titan Trust Bank (TTB). The acquisition process, which began last year, would give TTB up to a controlling 89.39 per cent equity stake in the first generation bank. …

Automotive technology company, Autochek, has acquired KIFAL Auto, Morocco’s leading automotive technology startup, to drive its expansion into North Africa. This acquisition represents the first major expansion of a West Africa-based startup into North Africa, and it will facilitate effective Pan-African collaboration to drive innovation across the continent’s growing automotive …

After months of negotiations and proper preparation of documentation, Flour Mills of Nigeria Plc a Nigerian agro-allied group led by Greek investor, John Coumantaros, has announced that it has acquired a 71.69-percent stake in Honeywell Flour Mills, as well as a 5.06-percent stake in the firm for N4.2 ($0.01011) per …

German software firm SAP (SAPG.DE) is working with investment bank Moelis & Co (MC.N) to sell its corporate learning software business Litmos as it seeks to streamline its operations and focus on cloud-based revenue. The sale of California-based Litmos, which is profitable, could fetch a valuation of more than $1 …

EFG Hermes’ investment banking division, the leading investment banking franchise in Frontier Emerging Markets (FEM), announced today that it has successfully advised TPG’s Evercare Group on the sale of its 50% Stake in Islamabad Diagnostic Centre (IDC) to Integrated Diagnostics Holding (IDH) for a total consideration of USD 72.35 million. …

Black Dice Café is a new entrant into hospitality haven and it is positioned to take fun and entertainment experience to the next level, where the A-lists, celebrities, entertainers, crème-dela-crème and who-is who in the society and tourists from abroad can visit to unwind and relax with maximum security. The …

Moroccan mattress maker, Dolidol, has acquired Mouka Foam, a leading Nigerian mattress brand, as part of its ambition to become a pan-African beddings and mattress company. Dolidol, a market-leading operator in Francophone Africa involved in the manufacturing and distribution of bedding and mattress products, acquired the Nigerian giant, Mouka with …