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Confusion as NSE contradicts self on Oando’s technical suspension

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Less than 24 hours after lifting the six-month old technical suspension it placed on the shares of leading energy company, Oando Plc, the Nigerian Stock Exchange (NSE) on Wednesday contradicted itself by reversing the earlier announcement lifting the suspension.

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The NSE had disclosed in a notice, Tuesday, that the decision to lift the technical suspension was based on a request by the Securities and Exchange Commission (SEC).

The notice signed by Director, Regulation, NSE, Tinuade T. Awe, read: “We refer to all prior communication regarding the technical suspension of trading in the shares of Oando Plc (Oando) implemented on the directive of the Securities and Exchange Commission (Commission) on 23 October 2017.

“Please be informed that further to a 9 April 2018 directive of the Commission, The Exchange lifted the technical suspension placed on Oando’s shares after the close of trading today, 10 April 2018.

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“Consequently, there will be no impediment to price movement in the shares of Oando”

Curiously, less than 24 hours later, the NSE rescinded its decision, stating that the shares of the company listed on both the Nigerian and Johannesburg Exchanges, remained on technical suspension.

For the less than eight hours it traded following the lifting of the technical suspension, shares of Oando gained 10 points on the NSE, trading at ₦6.60 as against N5.99k before the lifting of the suspension.

It will be recalled that the NSE on 18th October 2017 announced that it had placed the shares of Oando Plc, on ‘full suspension for 48 hours.’

Thereafter on 23rd October 2017, the NSE further announced that it had placed the shares of the company on ‘Technical Suspension’. The NSE by a letter dated 18th October 2017 informed management of Oando Plc that the suspension of the company’s shares by the NSE was done in compliance with a directive issued to it by the SEC.

Only on Tuesday, a group of Concerned Shareholders of Oando Plc had called on President Muhammadu Buhari; Vice President Yemi Osinbajo; Senate President Bukola Saraki; Speaker, House of Representatives, Hon. Yakubu Dogara and other well-meaning Nigerians to prevail on the NSE and SEC to lift the technical suspension placed on the company’s shares.

Speaking at a press briefing in Lagos, the shareholders said the continued suspension of Oando shares was sending wrong signals to the global community about the seriousness of the Federal Government in attracting foreign direct investments to bolster the economy.

Head of the Concerned Shareholders of Oando, Mr. Patrick Ajudua, while advancing reasons for the immediate lifting of the Technical Suspension, noted that the continued suspension of Oando shares could also send wrong signals about the prevailing harsh operating environment in the country.

He also stressed that the Federal Government must protect a prosperous company like Oando from going down if it wanted to demonstrate to the investing world about its seriousness to attract investors to the country.

According to him: “the continued suspension of Oando Plc is a wrong signal to the global market about the prevailing harsh operating environment in Nigeria, and this is at variance with the Federal Government’s initiatives to diversify the economy through increased Foreign Direct Investment. We appeal to the Federal Government to intervene in our travails because the International investment community is keenly watching.  The value of the investment we as shareholders of Oando have made is being eroded because of this continued suspension of trading. We appeal that this suspension order must be lifted now!”

“We, therefore, call on President Muhammadu Buhari, GCFR; Vice President Yemi Osinbajo, GCFR; Senate President, Dr. Bukola Saraki, CON; Speaker, House of Representatives, Rt. Hon. Yakubu Dogara, and other well-meaning Nigerians to as a matter of urgency prevail on the Nigerian Stock Exchange and Securities & Exchange Commission to review their position on the technical suspension in light of the fact that the continued suspension of Oando PLC stock price is not in the best interest of the shareholders of the Company and investors in the Capital Market,” Ajudua said.

 

 

 

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AltClub Changes Travel Experience At Lagos Airport

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AltClub Changes Travel Experience At Lagos Airport

AltClub Changes Travel Experience At Lagos Airport

 

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Travelers at Murtala Muhammed Airport Terminal 2 (MMA2) can now enjoy a new level of comfort and convenience with the launch of Altclub by The Alternative Bank.

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AltClub Changes Travel Experience At Lagos Airport

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The innovative premium space offers a luxurious retreat where passengers can relax and recharge before their flights, while also catering to their basic banking needs.

Altclub, an arm of The Alternative Bank’s digital travel financing product, Alttravel, is dedicated to enhancing travel accessibility and ease for Nigerians.

Alttravel operates a “Travel Now, Pay Later” system, eliminating the need for upfront payments and offering maximum flexibility. With zero initial deposit and impressively low mark-up rates over a flexible six-month tenor, travelers can achieve their travel goals with financial peace of mind.

Mohammed Yunusa, Director of Digital Business and Innovations at The Alternative Bank, highlighted the significance of Altclub at the launch event. “Altclub isn’t just a lounge; it’s a sanctuary of comfort and convenience,” Yunusa stated. “Gone are the days of sacrificing relaxation for travel formalities. Our lounge offers a luxurious space where travelers can unwind and rejuvenate before their flights, free from the typical travel stress.”

In addition to offering a tranquil environment for relaxation, Altclub provides a range of amenities to cater to travelers’ needs, including refreshments, high-speed Wi-Fi, and charging stations for electronic devices. Yunusa added that Concierge services are also available to assist with travel arrangements, ensuring guests have everything they need for a comfortable journey.

Joining Yunusa in addressing the guests, Korede Demola-Adeniyi, Executive Director of Sales at The Alternative Bank, elaborated on the lounge’s accessibility. ”

Altclub is exclusively available to The Alternative Bank customers, showcasing our commitment to their comfort and convenience. Present your boarding pass and proof of Altbank membership at the entrance, and our dedicated staff will ensure a seamless and enjoyable pre-flight experience.”

Korede emphasised the unique opportunity for travelers to plan their next trip directly from the lounge. “Through Alttravel, our digital travel financing product, customers can explore various destinations and book flights with flexible financing options. Altclub provides a convenient platform for travelers to access financing and make their travel aspirations a reality, reinforcing our dedication to enhancing the travel experience for our valued customers.”

Altclub is committed to offering an inclusive and welcoming environment for all travelers, whether on business or a leisure getaway.

The grand opening of Altclub on May 22, 2024, was attended by prominent figures from the travel industry and local dignitaries, highlighting the importance of this milestone in enhancing the travel experience for passengers at MMA2 Airport.

About The Alternative Bank:
The Alternative Bank commenced its journey in January 2014 with a vision to create a dynamic banking experience that respects individuality and speaks the language of its customers. In July 2023, the Central Bank of Nigeria issued a Banking License to The Alternative Bank, enabling it to operate as a fully-fledged, standalone bank. Guided by its Advisory Committee of Experts (ACE), The Alternative Bank ensures all its operations align with the ethics of Non-Interest Banking.

//Ends

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PCRC Decorates Aare Adetola Emmanuelking and Wife Yeye Aderonke as Golden Grand National Patron/Matron, Marks 40th Anniversary

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PCRC Decorates Aare Adetola Emmanuelking and Wife Yeye Aderonke as Golden Grand National Patron/Matron, Marks 40th Anniversary

The Police Community Relations Committee (PCRC) has decorated Aare Adetola Emmanuelking, Chairman/CEO of Adron Homes, and his wife, Yeye Aderonke Emmanuelking, as the Golden Grand National Patron and Grand National Matron for women and youth committees of PCRC in Nigeria and diaspora. This prestigious honor was bestowed upon them during the PCRC’s 40th anniversary celebration, held in Lagos.

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The ceremony, which took place in Lagos, was attended by National PCRC chairman, Alhaji Mogaji Ibrahim-Olaniyan and other members of the committee, dignitaries, community leaders, and members of the Nigerian Police Force. The PCRC’s decision to honor the Emmanuelkings highlights their unwavering commitment to community development and their substantial support for initiatives aimed at enhancing public safety and fostering cooperation between law enforcement and the communities they serve.

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PCRC Decorates Aare Adetola Emmanuelking and Wife Yeye Aderonke as Golden Grand National Patron/Matron, Marks 40th Anniversary

 

In his acceptance speech, Aare Adetola Emmanuelking expressed his profound gratitude for the recognition, stating, “This honor is not just for me and my wife but for every Nigerian who believes in the power of community and the importance of working together with our police force to create a safer and more harmonious society.”

In her reaction to the honor, Yeye Aderonke Emmanuelking emphasized the role of women and families in fostering community spirit and resilience. She noted, “Our communities thrive when we all play our part. As National Grand Patrons, we are committed to promoting initiatives that bring the police and the people closer together, ensuring mutual trust and cooperation.”

It will be recalled that the PCRC, established in 1984, by the then IGP, Etim Inyang has played a crucial role in bridging the gap between the Nigerian Police Force and local communities. Over the past four decades, the committee has launched numerous programs aimed at improving communication, trust, and mutual respect. This 40th-anniversary celebration not only commemorated the PCRC’s achievements but also set the stage for future endeavors to strengthen community policing.

The National PCRC chairman, Alhaji Mogaji Ibrahim-Olaniyan, praised the Emmanuelkings for their exceptional support and dedication. He remarked, “The Emmanuelkings have shown exemplary commitment to the ideals of the PCRC. Their leadership and philanthropic efforts have significantly contributed to the enhancement of community policing in Nigeria. Their new roles as National Grand Patrons will undoubtedly inspire further progress in our collective efforts to maintain peace and security.”

The chairman further stated that the decoration of Aare Adetola Emmanuelking and Yeye Aderonke Emmanuelking as National Grand Patrons stands as a testament to the power of community partnership and the enduring impact of dedicated civic leadership.

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Economic hardship: Dangote Foundation distributes rice to host communities …shares 40,000 bags in Ogun

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Economic hardship: Dangote Foundation distributes rice to host communities

…shares 40,000 bags in Ogun

 

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The Aliko Dangote Foundation (ADF)’s N15 billion National Food Intervention programme has landed in Yewa land as the Foundation commenced distribution of 40,000 bags of rice in Ogun state.

Yesterday, the 17 host communities of the Dangote Cement, Ibese plant, along with Itori, Igbogila, and Ilaro, received their share. Beneficiaries in Ibese and Araromi were accredited and received one bag each at the palace of Aboro of Ibeseland, Oba Rotimi Mulero.

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Ijebu-Igbo, the host communities to Dangote Granite Mines will soon receive their allocation as the rice for the area has been delivered in preparation for distribution.

Chairman of ADF and President of Dangote Group, Aliko Dangote, launched the food intervention programme in Kano in March, promising that the Foundation will distribute over one million 10kg bags across the 774 local government areas of the 36 states and Federal Capital Territory, FCT in Nigeria at a cost of about N15 billion.

The Aboro of Ibeseland expressed gratitude on behalf of his communities to the Foundation for its benevolence in distributing rice at this time of economic challenge, saying the gesture would benefit many households where staple food like rice has become scarce.

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He likened Dangote’s initiative to Operation Feed the Nation (OFN), introduced by the military government of Chief Olusegun Obasanjo over 46 years ago to revitalize agriculture and ensure food availability for all Nigerians.

Oba Mulero stated, “we are grateful to Alhaji Aliko Dangote. The rice gift is very impressive given the current situation in the country. We really appreciate him. What he has done can be likened to Operation Feed the Nation of those days. That is what I will call it. He has done well to decide to feed the people. Everybody is vulnerable now in this country.”

He continued, “What Alhaji Dangote is doing is worthy of emulation by other well-meaning Nigerians. When food is out of the problem equation, the equation is easy to solve. We are using this opportunity to thank him for this gesture. You can see the way my people are happily receiving it. We pray to God to continue to uplift him.”

The Aboro of Ibese commended Dangote for his job creation efforts through investments. He said the rice distribution to the people of Ibese is like the icing on the cake as the Cement Plant sited in the community has absorbed some of the host communities’ indigenes and that the food palliative would go a long way to cushion the effect of the economic hardship.

He pledged the support of the people to the Dangote Cement, Ibese plant to ensure the company operates in an atmosphere of peace and tranquillity so that the company can continue to benefit the host communities.

One of the beneficiaries, Odunfa Ayodele Adams, an indigene of Ibese on behalf of others expressed appreciation to the ADF. He said it was the first time such a programme would be brought to the Ibese community and prayed to God to give Alhaji Dangote long life to do more for the society.

It would be recalled that Alhaji Dangote while speaking during the flag-off ceremony of the programme explained that the initiative is a crucial step towards alleviating the ongoing economic challenges faced by the country.

He also emphasized the importance of compassion and generosity, stressing that all stakeholders must play a part in supporting the government to alleviate hunger in the land.

“Our distribution of rice symbolizes our commitment to upholding the values of compassion and solidarity, which are at the core of our humanity. ADF has decided to spearhead the food intervention programme,” he said.

On the modalities for distribution of the rice, Dangote said: “the modalities for the programme involve collaboration with state and local governments as well as local community partners to ensure effective delivery of the rice to the most vulnerable across the country, regardless of state, tribe, gender, religion, politics, or other attributes, “he added.

In her own remark then, the Chief Executive Officer of the ADF, Zouera Youssoufou said the rice distribution is in addition to the Foundation’s daily bread relief programme, that is producing and distributing over 32,000 family-size loaves of bread across Kano and Lagos States every day since 2020 following the outbreak of COVID-19 pandemic.

She said: “It is noteworthy that Dangote’s efforts in nutrition strengthening in Nigeria extend well beyond the foundation’s food relief programmes and nutrition activities. The Dangote Group has been actively investing in food fortification across the Nigerian food industry, with its iodized salt, vitamin A fortified sugar, while researches are on-going into micronutrient fortification of staples like rice, wheat, and bouillon cubes”.

Economic hardship: Dangote Foundation distributes rice to host communities
…shares 40,000 bags in Ogun

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