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Analysis

Reforms in Nigeria's capital markets boost prospects for investment in pension funds
OBG
plus

While the assets of Nigeria’s main pool of domestic institutional investment – pension funds – have grown rapidly since reform was enacted in 2006, their investment mix has remained very conservative, clustered overwhelmingly in government securities with a so-called risk-free rate of return, which funds have bought to hold. Indeed, asset growth has been driven by the expansion in contributions…

Analysis

Banking
OBG
plus

The Company Guaranty Trust Bank, with its many businesses covering Anglophone West Africa and the UK, has grown into one of Nigeria’s most respected and service-focused banks. The bank, along with its subsidiaries, is organised into three business segments: retail, corporate and commercial. It currently has over 29.43bn shares outstanding, translating to a market capitalisation of more than N763bn…

Analysis

Encouraging corporate issuance on primary and alternative exchanges
OBG
plus

With issuance on the primary market remaining far below the levels seen during the heydays of the mid2000s, attracting new supply will be key if the Nigerian Stock Exchange (NSE) is to meet its goal of a $1trn market capitalisation by 2016 – up from N12.14trn ($74.05bn) in early April 2015. NSE management has mentioned some 500 firms in which it sees potential for listing, despite modest results…

Analysis

Cement
OBG
plus

The Company Lafarge Africa is a 73%-owned subsidiary of France’s Lafarge SA and the result of a mid-2014 merger of Lafarge Wapco Cement (Wapco) with Lafarge South Africa Holdings, United Cement Company of Nigeria (Unicem), Ashaka Cement and Atlas Cement Company. The transaction, completed in September 2014, consolidated the parent company’s African assets, thereby raising the new entity’s…

Analysis

Food and beverages
OBG
plus

The Company Nestlé Nigeria is a subsidiary of Nestlé Group, one of the world’s largest food and beverage companies, which established a presence in Nigeria in 1961 and was listed on the Nigerian Stock Exchange in 1978. The company is 63.75% owned by Ghanabased Nestlé Central & West Africa. Since entering Nigeria, Nestlé has grown to become one of the country’s leading brands in food…

Analysis

Emergence of microinsurance and takaful to boost market penetration
OBG
plus

Bolstered by the country’s large population and emerging middle class, the growth of Nigeria’s insurance sector appears inevitable with time – especially given the current, extremely limited level of insurance spending. Regulators are pursuing several reforms they hope will speed up the process, and the National Insurance Commission (NAICOM) has initiated changes and issued guidelines for new…

Analysis

Over-the-counter trading and alternative exchanges offer opportunities for liquidity growth in Nigeria
OBG
plus

The last year has seen the launch of several new market platforms in Nigeria, ranging from an alternative board on the Nigerian Stock Exchange (NSE) dedicated to high-growth small and medium-sized enterprises (SMEs) to platforms for trading over-the-counter (OTC) equities and fixed-income securities. The new tools have seen varying levels of success, with the fixedincome OTC platform having garnered…

Analysis

Oil and gas
OBG
plus

The Company Oando was listed on the Nigerian Stock Exchange in February 1992 and in 2005 became the first African company to have a cross-border inward listing on the Johannesburg Stock Exchange. In 2012 its upstream business, Oando Energy Resources, became the first indigenously Nigerian firm to be listed on Canada’s Toronto Stock Exchange. The company’s business operations are organised into…

Analysis

Hospitality
OBG
plus

The Company Transcorp Hotels, formerly Transnational Hotels and Tourism Services, is the hospitality subsidiary of Transnational Corporation of Nigeria (Transcorp), which holds a 79% stake in the company following the successful conclusion of an initial public offering (IPO) in October 2014 and subsequent listing on the Nigerian Stock Exchange, which reduced Transcorp’s stake from 88%. The…

Analysis

The oil and gas landscape evolves for local and international producers
OBG
plus

The landscape of onshore exploration and production (E&P) joint ventures has shifted considerably in recent years. Nigeria and Angola, the two most mature oil players in Africa, have witnessed the most mergers and acquisitions (M&A) on the continent of late, according to Standard Chartered. With some 2.2bn barrels of oil equivalent (boe) sold by international oil companies (IOCs) to indigenous…