BUSINESS FRIDAY, APRIL 11, 2014
WHAT'S NEWS Nigeria, Mexico to import more wheat Nigeria, Mexico and Russia are to increase their wheat imports this year as global wheat imports for 2013/14 have been lowered from 1.7 million tons to 1.5-million-ton reduction for China.
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Investing in Moringa tea bag production Moringa is a food, medicine and forage crop. Its cultivation is gaining popularity in Nigeria in recent times. While Ghana has benefited immensely from its cultivation and use.
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Pension fraud: Stealing from hapless senior citizens In the last couple of weeks, the House of Representatives Public Accounts Committee has been battling the Minister of Finance, Dr. Ngozi Okonjo-Iweala, over the missing N24 billion police pension funds.
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IBTC counsels on early retirement plan The management of Stanbic IBTC Pension Managers Limited, one of Nigeria’s biggest pension fund administrators, has called on Nigerians to cultivate the habit of setting aside part of their incomes as security of a blissful future after retirement.
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BUSINESS CREW AYODELE AMINU, Deputy Editor (Business) SIMEON OGOEGBULEM, Dep. Business Editor BAYO AKOMOLAFE, Asst. Editor (Maritime) SUNDAY OJEME, Asst. Editor (Insurance) SIAKA MOMOH, Asst. Editor (Industry/Agric) JONAH IBOMA, ICT Editor DAYO ADEYEMI, Property Editor ADEOLA YUSUF, Energy Editor
CHUKS ONUANYIN, Energy NNAMDI AMADI, Reporter
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AYODELE AMINU, DEPUTY EDITOR, BUSINESS
ayodele.aminu@newtelegraphonline.com ayodeleaminu@yahoo.com
CAPITALISATION Seplat sets IPO at N576 for Official Trading List of the NSE Adeola Yusuf
A
stock market debut by oil and gas firm, Seplat, in Lagos and London is likely to unleash a round of initial public offerings (IPOs) in Nigeria after being stalled in the wake of a 2008 financial crisis, the head of the Nigerian Stock Exchange (NSE), Oscar Onyema, has said. More oil and gas listings, Onyema said on the sideline of Africa Investment Summit, are to follow Seplat’s, which would help tackle the sector’s under-representation on the Exchange. The sector, the NSE helmsman told Reuters, currently makes up just 2.6 per cent of market capitalisation versus 14 per cent of Nigeria’s newly rebased GDP. After Seplat, the sector will make up 5.9 per cent of the bourse. Seplat said it had raised $500 million in its IPO and plans to list its shares in Lagos and London on April 14. The offering gives Seplat a market capitalisation of $1.9 billion. None of the foreign oil majors such as Shell (RDSa.L) and Exxon Mobil (XOM.N) that have been operating in Nigeria for decades is listed. Only local firms, Oando (OANDO. LG), Forte Oil (FO.LG), Conoil (CONOIL.LG) and now Seplat have listings. Meanwhile, SEPLAT Petroleum Development Company
L-R, Minister of Trade and Investments, Olusegun Aganga; President, Institute of Chartered Accountants of Nigeria (ICAN), Kabir Mohammed and ICAN Vice President, Chidi Ajaegbu, during the ICAN team's visit to President Goodluck Jonathan in Abuja. PHOTO: TIMOTHY IKUOMENISAN.
Plc has announced the pricing of its initial public offering (the “Global Offer”) and its intention to publish. The offer price has been set at N576 per Ordinary Share for shares to be listed on the Official Trading List of the NSE (the “Offer Price”) and
210 pence per Ordinary Share for shares to be traded on the LSE’s main market. Based on the offer price, the total market capitalisation of Seplat at the commencement of conditional dealings will be approximately £1.14 billion (equivalent to US$1.90 billion)
(excluding the exercise of the over-allotment option). The Global Offer comprises a base offering (the “Base Offer”) of 143,284,130 new shares issued by the company, representing 26.4 per cent of the CONTINUED ON PAGE 32
Internet users advised to change passwords over security flaw Jonah Iboma
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eading technology companies, including Google and Yahoo, have advised internet users to change all their passwords following the discovery of an internet security flaw that exposed millions of passwords, credit card numbers and other sensitive bits of information to potential theft by computer hackers. The flaw, according the tech-
nology firms, has existed in the encryption technology that is supposed to protect online accounts for emails, instant messaging and a wide range of electronic commerce for about two years now. Researchers from a Finnish security firm called Codenomicon diagnosed the flaw codenamed Heartbleed and they expressed worry about the breach because it went undetected for more than two years.
The flaw is with OpenSSL, a popular cryptographic library used to digitally scramble sensitive data as it passes to and from computer servers so that only the service provider and the intended recipients can make sense of it. If an organisation employs OpenSSL, users see a padlock icon in their web browser - although this can also be trigCONTINUED ON PAGE 32
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DELE ALAO, Brands/Marketing Editor ABDULWAHAB ISA, Finance Editor
www.newtelegraphonline.com/business
Seplat’s $500m listing may spur return of IPOs –NSE
WOLE SHADARE, Aviation Editor CHRIS UGWU, Capital Market Editor
NEW TELEGRAPH
PALM OIL: STAKEHOLDERS ON RESCUE MISSION
INFLATION RATE February 2014......................7.70% January 2014 .......................8.00% December 2013....................8.00%
LENDING RATE InterBank Rate . . . . . . . . . 10.50% Prime Lending Rate. . . . . 16.93% Maximum Lending Rate..25.83%
EXCHANGE RATE
(Parellel As at April 4)
USD . . . . . . . . . . . . . . . . . . . . . . N172 Pounds . . . . . . . . . . . . . . . . . . N286 Euro . . . . . . . . . . . . . . . . . . . . . N236
EXCHANGE RATE
(Official As at April 4)
USD . . . . . . . . . . . . . . . . . . . N156.74 Pounds . . . . . . . . . . . . . . . N259.01 Euro . . . . . . . . . . . . . . . . . . . N214.32 Source: CBN