Business
SEC Approves Airtel Africa’s Secondary Listing On NSE
The Securities and Exchange Commission (SEC) has finally approved the planned secondary listing of Airtel Africa Plc on the Nigerian Stock Exchange (NSE).
A source close to the transaction confirmed that the commission granted the approval on Friday, July 5.
The source said with the approval by the apex capital market regulator, the listing of Airtel Africa on the nation’s bourse would now be on July 8.
It will be recalled that Airtel Africa’s listing has generated concerns in some quarters. While SEC awaited the company’s documentation, the NSE on July 4 said it would be listed on July 5.
But the NSE in a mail on July 5 announced postponement of the listing to the surprise of the capital market community.
It said that the postponement was necessitated by the need to ensure that the company satisfied all the post NSE approval pre-requisites for listing on NSE.
However, the Facts Before the Listing event scheduled on the NSE still held on July 5 as earlier scheduled.
The Tide reports that NSE granted a waiver to Airtel Africa to list its shares on the exchange without meeting the minimum requirement of 300 shareholders as at the day the listing was approved by the national council of the NSE.
Speaking in an interactive session with journalists recently, the Head, Listing Regulation of the NSE, Mr Godstime Iwenekhai, said after the book building by the company, about 130 shareholders subscribed to issue, which is below the 300 shareholders requirement of the exchange.
Iwenekhai said the firm had a free float of 25 per cent across the London stock exchange and the NSE, above the exchange requirement of 10 per cent for cross boarder listing.
Free float refers to the portion of shares of a company that are in the hands of public investors as opposed to locked-in stock held by promoters, controlling-interest investors, or governments.
Iwenekhai explained that the rules of the NSE’s cross boarder listing was developed in such a way that it could grant exemption or waivers to attract cross boarder listing to the exchange and deepen the market.
“The exchange cross boarder listing requirements rule also grants the exchange the powers to give exemption or waivers in every part of the rule because the rule is developed in such a way to attract cross boarder listing to the exchange.
“We have the requirements that we feel we can deploy to attract such big and foreign companies to Nigeria, the rule as approved by the SEC gives the exchange the power to grant such requirement.
According to the him, the waiver was granted considering the fact that Airtel has also listed on the London Stock Exchange (LSE) and must have complied with the stringent listing requirement in the foreign destinations.
Business
Minister Constitutes Tech Committee On Aviation Ties With Angola
Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, has constituted a technical committee to work with the Angolan Embassy on deepening aviation ties with Nigeria.
Special Assistant on Media and Communications to the Minister, Mr. Tunde Moshood, in a statement, said the committee would oversee logistics and help solidify plans for the Minister’s visit and potential areas of collaboration.
This development is coming after Keyamo received the Angolan Ambassador to Nigeria, Jose Bamoquina Zau, and his Deputy, Nelson Paulo Kafikiri, in Abuja.
The statement revealed that the Angola’s Minister of Transport, Dr. Ricardo Viegas de Abreu, was keen to build a synergy between both nations and was eager to tap into the wealth of experience of Nigeria’s aviation leadership.
According to the statement, “The visit is aimed at strengthening aviation ties between Nigeria and Angola, particularly as Angola embarks on a new era for its aviation industry.
“The Angolan delegation brought positive updates on the progress of Angola’s aviation sector, specifically highlighting the recent overhaul of its airport infrastructure.
Ambassador Zau informed Keyamo that the new airport, set to serve as a strategic hub for the region, will be officially inaugurated in one month’s time.
In delivering a message from the Angolan Minister of Transport, Ricardo de Abreu, the Ambassador conveyed the Minister’s warm greetings and underscored Angola’s eagerness to foster collaboration with Nigeria.
He expressed interest in exploring a bilateral air services agreement and other mutually beneficial opportunities within the aviation sector.
Ambassador Zau also extended an official invitation from Minister Ricardo de Abreu for Keyamo to attend the grand opening of Angola’s new airport next month.
He emphasised that both nations stand to gain from deeper cooperation, particularly in aviation business and infrastructure development.
In response, the aviation Minister expressed appreciation for the visit and congratulated the Angolan government on its impressive strides in aviation infrastructure.
He affirmed his commitment to attend the upcoming event and signalled Nigeria’s readiness to work closely with Angola to enhance air connectivity and explore new business opportunities.
“To ensure seamless coordination ahead of the event, the Aviation Minister has constituted a technical committee to work with the Angolan Embassy’s team.
“The committee will oversee logistics and help solidify plans for the Minister’s visit and potential areas of collaboration.
“The meeting underscores the continued commitment of both nations to expand their aviation sectors and work towards a prosperous and mutually beneficial relationship”, Moshood stated.
Business
NIWA Wants Deeper Private Investment In Blue Economy
The National Inland Waterways Authority (NIWA) has called for deeper private sector participation in the blue economy initiative to harness greater benefits from it, for national development.
The Authority also commenced moves to improve security across the nation’s Waterways, in a bid to attract private investment into the Blue economy.
Managing Director of NIWA, Mr. Bola Oyebamiji, who disclosed this to newsmen during the tour of Wari and Onithsa area offices, said NIWA is determined to revamp the nation’s economy by consolidating on Public/Private Partnerships (PPP) initiatives.
“This initiative is part of our deliberate plans to open up new opportunities to maximise full economic potentials of the nation’s waterways.
“The PPP is the way to go but we need people or investors, who have genuine intentions and purposes to enable us align with President Bola Tinubu’s Renewed Hope Agenda for economic recovery”, he said.
The agency’s boss tasked the staff to live up to expectation by working harder in revenue generation that could open rooms to better their welfare.
He warned the staff against indolence and laxity since he was committed to staff welfare and revenue generation
According to him, there is need for the staff to be disciplined and committed by rededicating themselves to the growth and development of the Authority.
Business
Discount Airfares: Qatar Airways, Access Bank Extend To Dec
The Qatar Airlines, in its efforts to further ease financial burden of air passengers, has extended its discount partnership deal with Access Bank till December 2024.
Access Bank customers, who book their flights online using Qatar Airways’ website in this deal, enjoy up to 12 percent discount on both business and economy classses.
The Bank’s customers, using the promo code “ACCESS”, can book flights to any destination in the world and travel.
Qarta Airline, in a statement through the Vice President–Africa, Hendrick du Preez, stated that the partnership reiterates the Airways’ commitment to streamline travel within and across African markets by delivering first-rate services and offerings to passengers.
“As we are in the summer season and passengers tend to want to travel to spend time with loved ones, our priority at Qatar Airways remains broadening opportunities to travel for our passengers in the African market.
“Although Africa stands as the most underserved market, we strongly believe in the power of partnerships like these in transforming travel within the continent.
“We are proud to partner with respected pan-African financial institutions like Access Bank to provide innovative incentives for passengers and customers”, he stated.
This is coming on the heels of Qatar Airways’ recent expansion of routes across the African continent along with increased flight frequencies in various locations.
Also in the release, Access Bank’s Executive Director for Corporate and Investment Banking, Iyabo Soji-Okusanya, expressed enthusiasm about the partnership.
“Our team is delighted to collaborate with Qatar Airways to bring exceptional travel benefits to our valued customers. This offering aligns with our commitment to enhancing the overall experience for those who choose Access Bank and continue to do so every year.
“By providing exclusive discounts on Qatar Airways flights, we aim to make travel more accessible and enjoyable for our customers”, Soji-Okusanya said.
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