Tantalizers has a new GMD

Good morning and welcome to this week’s edition of Bulls and Bears, my weekly thread on the US and Nigerian equity space. If you have any questions, please feel free to share. 

The NGX ended last week on a positive note. It appreciated by 0.5% closing at 97,722.28 points.

John Holt was the best performing stock . It appreciated by 60.50% to close at 7.72. Daar communications led the losers. It declined by 12.1% to close at 58 kobo.

Berger Paints, Okomu, Northern Nigeria Flour Mills and Seplat were marked down during the week

UBA rights issue opened last week. The group will raise N239.4 billion through a rights issue of 6,839,884,274 ordinary shares at N35.00 per share.

It is being offered based on the basis of 1 new share for every 5 existing shares held by shareholders, as of November 05, 2024

 Access Bank UK Limited has entered into a binding agreement to acquire a majority equity stake in Afrasia Bank Limited, the Republic of Mauritius’ fourth largest bank by total assets. 

At the end of its fiscal year ended June 30, 2024, Afrasia Bank recorded total Assets of more than US$5.7 billion and Net Profit After Tax of US$152.4 million.

MTN Nigeria raised N75.1 billion via commercial papers. The goal was to raise N50 billion but there was over subscription.

The 181 day CP was issued at a yield of 27.5. The 265 day CP issued at a yield of 29%. Proceeds will be applied towards the company’s short term capital requirements.

Dangote Cement informed the markets of plans to issue bonds from the domestic capital markets. The bonds will be issued imminently, subject to favourable market conditions. The proceeds  will be applied towards refinancing existing debt and for working capital purposes. 

Flour Mills of Nigeria (FMN) shareholders following a court ordered meeting approved Excelsior Shipping ‘s plans to buy them out at N86 per share.

Board and management changes

WEMA Bank announced the appointment of a new Deputy Managing Director and an Executive Director. This follows the imminent retirement of Oluwole Akinleye, the Deputy Managing Director of the Bank with effect from November 30, 2024. 

 Oluwole Ajimisinmi, the Executive Director in charge of the Lagos Business Directorate has been appointed as the new Deputy Managing Director, effective from December 1, 2024.

He joined Wema Bank Plc in July 2009 as the Company Secretary/Legal Adviser and was appointed to the Board as an Executive Director in July 2020.

 Olukayode Bakare has been appointed as Executive Director, effective from December 1, 2024. Until his appointment, he was the Divisional Executive in charge of Treasury, Wholesale Funding & Global Trade Business of the Bank.

UBA announced the retirement of Owanari Duke, who served as an Independent Non-Executive Director since October 2012.

Henrietta Ngozi Ugboh has been appointed as an Independent Non-Executive Director, effective October 31, 2024. The Central Bank of Nigeria (CBN) approved this appointment on Friday, November 8, 2024.


The Board of Directors at PZ Cussons Nigeria Plc has confirmed the appointment of Mr. Oludare Ebenezer Elusakin as the new (CFO) of the company, effective November 11, 2024. This follows the expiration of the Interim CFO, Mr. Brian Egan’s contract.

Patricia Aderibigbe and Mr. Adeyemi Odusanya have been appointed Independent Non-Executive Directors on the board of Neimeth International Pharmaceuticals, effective 29th October 2024.

Robert Speijer has been appointed Group Managing Director of Tantalizers Charles Olayemi Ifidon has been appointed Group Deputy Managing Director as well as MD/CEO of Tantalizers Foods and Retails, with effect from Tuesday 29th October, 2024.

The appointments are however subject to ratifications of its shareholders at the company’s upcoming Annual General Meeting.

In addition, the Executive Director, Finance, Bamidele Oke was re-appointed by the Board, while the former GM (Operations), Mr. Olusegun Ekundayo was elevated and appointed as the Executive Director in charge of operations.

Eze Nwa-Uwa has been appointed as Acting Company Secretary  and a new Board of Directors for the company was reconstituted in alignment with the new strategic direction of the Company. 

The following individuals were appointed to the Board of Directors of Tantalizers PLC, effective 15th October, 2024: 

  • Alhaji Adam Nuru – Chairman 
  • Mr. Charles Olayemi Ifidon – Director 
  • Mr. Oyebode Akinboye – Director 
  • Mr. Rob Speiljer – Director 
  • Mrs. Abimbola Izu – Director 
  • Mr. Olusegun Ekundayo – Director 
  • Dr. Israel Ovirih – Director 

Mrs. Abosede Ayeni has stepped down from her role as the Managing Director/Chief Executive Officer. However, she has been appointed as a Non-Executive Director, effective 15th October, 2024.

218,084 units of Chapel Hill Denham Nigeria Infrastructure Debt Fund (NIDF or the Fund) were today, Tuesday, 12 November 2024, listed on the Daily Official List of Nigerian Exchange Limited (NGX). 

The additional units listed on NGX arose from the NIDF’s 2024 Q3 Scrip Dividend. Following the additional units, the total units of the Fund has now increased from 961,123,921 to 961,342,005 units

Consolidated Hallmark has completed its transition to a holding company Structure. Consolidated Hallmark Holdings Plc – the group parent Company – was listed on Nigerian Exchange Limited (NGX) on November 27, 2023

What’s happening this week on the NGX? .

Northern Nigeria will be paying an interim dividend of 50 kobo on the 19th of November.

Today is the last qualification date for UPDC REIT’s interim dividend of 20 kobo.

UBA should hold a facts behind the rights session at the NGX

Moving to the US

It was an interesting week. The S&P 500 crossed the 6000 mark for the very first time ever. It then ended the week down 2.1%

The Dow closed down 1.2%

The NASDAQ Composite was the worst performing of the big 3. It declined by 3.2%

This week might as well be called Nvidia week. Chipmaker Nvidia will be dropping its most recent earnings. 

Other heavyweight firms that will drop theirs include Walmart and Target.


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