- NB appoints first female board chair, Juliet Anammah, gets clearance to allot 20bn shares
MTN Nigeria Communications Plc has announced to shareholders and the Nigerian Exchange the successful completion of its Series 13 and 14 Commercial Paper issuance, raising N72.18 billion.
This achievement follows the company’s earlier notification to the NGX regarding the successful issuance of Series 11 and 12 Commercial Papers, which collectively raised N75.1 billion.
Building on this momentum, MTN Nigeria has disclosed the latest success of its Series 13 and 14 issuances in a formal notification signed by its Company Secretary, Uto Ukpanah, and published on the NGX disclosure platform.
According to the announcement, the Series 13 and 14 CP offerings were conducted under the company’s N250 billion Commercial Paper Issuance Programme.
Initially targeting N50 billion, the offering was oversubscribed by an impressive 144 percent, resulting in a final issuance of N72.18 billion.
MTN Nigeria successfully raised funds through two commercial papers under its N250 billion Commercial Paper Issuance Programme.
The Series 13 and 14 Commercial Papers, issued on Friday, November 29, 2024, offered competitive yields of 27.50% for the 181-day paper and 29.00 percent for the 265-day paper to attract a diverse range of investors.
“MTN Nigeria successfully raised funds through two commercial papers under its N250 billion Commercial Paper Issuance Programme.”
This latest issuance builds on the success of MTN Nigeria’s Series 11 and 12 Commercial Papers issued on November 7, 2024, which raised N75.1 billion.
Stanbic IBTC acted as the Lead Arranger and Dealer, with CardinalStone, Chapel Hill Denham, Cordros, Coronation, FCMB, Meristem, Quantum Zenith, and Rand Merchant Bank as Joint Dealers.
Commenting on the development, MTN Nigeria’s Chief Executive Officer, Karl Toriola, expressed his delight and gratitude for the overwhelming support from the investor community.
He remarked, “We are pleased with the support received from the investor community, having recorded 144% subscription with participation from a broad range of investors.”
Toriola went on to highlight that the remarkable level of subscription underscores the confidence investors have in MTN Nigeria’s financial stability, the strength of its brand, and its dominant position in the market.
He noted that achieving such results amidst challenging macroeconomic conditions further demonstrates the resilience and appeal of the company’s operations and growth strategy.
NB appoints first female Board chair, Juliet Anammah, gets clearance to allot 20bn shares
In a related development, brewing giant, Nigerian Breweries Plc, has announced the appointment of Mrs. Juliet Anammah as the substantive chair of its Board of Directors, effective January 1, 2025.
Her appointment makes a significant milestone in the history of Nigerian Breweries as the first female to chair the company’s board.
Her appointment was finalised during the Board meeting held on December 12, 2024.
Mrs. Anammah succeeds Sijbe “Siep” Hiemstra, who has served as the interim chair since the beginning of the year.
Mrs. Anammah joined the Board on January 1, 2022, and has served as Governance and Ethics Committee Chair. With over three decades of professional experience in consulting, consumer goods, sales, marketing, e-commerce, and sustainability, she brings a wealth of knowledge and expertise to her new role. Notably, she is the immediate past chair and Chief Group Sustainability Officer of Jumia Nigeria, where she previously held the position of Chief Executive Officer.
Her extensive career also includes serving as Managing Director at Accenture LLC, overseeing the Consumer Goods, Retail, and Transportation practices in West Africa.
Mrs Anammah is also a board member of various organisations, including Flour Mills of Nigeria Plc.
In another development, the brewing giant said it has received the clearance of the Securities and Exchange Commission for the allotment of 20,706,894,542 ordinary shares of 50 Kobo each at N26.50 Kobo per share under its recently concluded Rights Issue.
The company in a notice signed by the board secretary, Uaboil G. Agbebaku, sent to the Nigerian Exchange Limited on Friday, said the Rights Issue was 91.59 percent subscribed.
It added that, “The Registrars to the Company, First Registrars & Investor Services Limited (“First Registrars”) of Plot 2, Abebe Village Road, Iganmu, Surulere, Lagos State will credit the CSCS account of successful allottees who have indicated their CSCS account details on their respective acceptance forms with the shares allotted to them not later than Wednesday, 18th December 2024.
“In addition, surplus subscription monies would be returned by First Registrars no later than Wednesday, 18th December 2024, being five (5) business days after clearance of the basis of allotment by the SEC. Applicants without CSCS accounts will have their shares credited at the CSCS using a Registrar Identification Number (RIN), in line with the SEC Directive on Dematerialization of Share Certificates not later than Wednesday, 18th December 2024.”
Meanwhile, the composition of Nigerian Breweries board, effective January 1, 2025, is a reflection of a gender balance team of ten members, made up of four females and six males.
They are Mrs. Juliet Anammah – Chair; Mr. Hans Essaadi (Dutch) – Managing Director/Chief Executive; Mrs. A.O. Aroyewun – Independent Non-Executive; Mr. Sijbe Hiemstra (Dutch) – Non-Executive; Mrs. S.O. Ojekwe-Onyejeli – Independent Non-Executive; Mrs. I.M. Omoigui Okauru, – Non-Executive; Mr. J.A.A. Overmars (Dutch) – Non-Executive; Mr. R. Pirmez (Belgian) – Non-Executive; Mr. I.A. Puri – Non-Executive; and Mr. B.A. Wessels Boer (Dutch) – Finance Director
Market analysts say the appointment reaffirms Nigerian Breweries’ commitment to diversity, leadership excellence, and governance innovation.