BUSINESS AM FIRST EDITION, FEB 2018

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20 BUSINESS A.M. FEBRUARY, MONDAY 05 - SUNDAY 11, 2018
BUSINESS A.M. FEBRUARY, MONDAY 05 - SUNDAY 11, 2018 COMPANY Hedge Funds 21 Institutional investors now own more than 20% of UAC shares Institutional investors’ stake in United African Company Plc. (UAC Plc.) has grown to about 22 percent, according to the company’s disclosure of changes in beneficial membership of its shares as announced last Friday. In a note to the Nigerian Stock Exchange signed by Godwin Samuel, its company secretary and legal adviser, UAC noted that the disclosure is pursuant to Rule 12.1 of the amendments to the NSE Listing Rules. It said it was notifying the NSE that Stanbic IBTC Nominees Nigeria Limited, Blakeney GP 111 Limited and Themis Capital Management now owned more that 5 percent and above stake in the company shares. The notification specifically indicated that Stanbic IBTC Nominees own eight (8) percent, Blakeney six (6) percent and Themis Capital eight (8) percent of the company’s shares. UAC Nigeria was first incorporated in Nigeria under the name “Stanbic IBTC Nominees Nigeria Limited, Blakeney GP 111 Limited and Themis Capital Management now owned more that 5 percent and above stake in the company shares” Nigerian Motors Ltd on April 22, 1931 as a wholly owned subsidiary of the United Africa Company Ltd. which later became UAC International (UACI). UAC International, a subsidiary of Unilever, included in its business the activities formerly carried on by a number of other companies including The Niger Company Ltd. and theAfrican and Eastern Trade Corporation Ltd, all of which had long-standing trading links with West Africa. The company, whose name was changed to United Africa Company Ltd in 1943, remained dormant until 1955 when it became The United Africa Company of Nigeria Ltd and started acquiring, over a period of five years, a large part of the business of UAC International. In 1960 C.W.A. Holdings Ltd, England also a subsidiary of Unilever, acquired the interest of UAC International in the company. Further reorganisation concluded in 1973 and resulted in the acquisition of a number of wholly owned fellow subsidiaries of C.W.A. Holdings. Following reorganisation, the company conducted the acquired businesses as operating divisions, which are now in voluntary liquidation. The company took the name UAC of Nigeria Ltd in 1973. In compliance with the Nigerian Enterprises Promotion Act 1972, 40 percent of the company’s share capital was acquired in 1974 by Nigerian citizens and associations and in accordance with the provisions of the Nigerian Enterprises Promotion Act 1977, an additional 20 percent of the UAC’s share capital was publicly offered in 1977, increasing Nigerian equity participation to 60 percent. The name UACN Plc was adopted in 1991. Its areas of operation include manufacturing, services, logistics and warehousing, agricultural andreal estate. The current Chairman of the Board as of 2010 is Senator Udoma U.Udoma with Mr Larry Ettah serving as Group Managing Director and CEO. Seplat Petroleum lists additional 25,000,000 ordinary shares Austin Avuru, managing director, Seplat Petroleum Development Company Seplat Petroleum Development Company has announced the listing of an additional 25,000,000 ordinary shares (about 4.4% of existing shares) on the Nigerian Stock Exchange, effectively taking the company’s share capital to 588,444,561 ordinary shares of N0.50k each. The shares all have voting rights and are particularly allotted to the management and directors of SEPLAT in furtherance of the company’s long-term incentive plan. “In light of the above, SEPLAT’s share capital now consists of 588,444,561 ordinary shares of N0.50k each, all with voting rights” The company noted that the corporate action is fully within the jurisdiction of the powers granted to the board of directors by the company’s shareholders at the annual general meeting held on 30th June 2014 - to implement the Initial Public Offer (IPO) award and other remuneration of the top management and directors as disclosed in the IPO prospectus. In a notification to the Nigerian Stock Exchange and shareholders Friday, February 2, 2018, the company noted that the announcement is being made in accordance with Rule 14 of the Nigerian Stock Exchange Amended Listing Rules and Article 17 – 19 of the UK Market Abuse Regulations 2016. “In exercise of the powers granted to the board of directors of the company, by the shareholders at the annual general meeting (AGM) held on 30th June 2014 to implement the IPO award and other remuneration of the top management and directors as disclosed in the IPO Prospectus, 25,000,000 ordinary shares of SE- PLAT has been allotted to Stanbic IBTC Trustees Limited as custodian in furtherance of the company’s long term incentive plan,” the notification read. “In light of the above, SE- PLAT’s share capital now consists of 588,444,561 ordinary shares of N0.50k each, all with voting rights. “Therefore, the figure of 588,444,561 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in SEPLAT under the NSE Rules and the UK Market Abuse Regulations 2016.” CIAPS workshop to help companies see opportunities in clients, staff complaints Bukola Odufade The Ikeja, Lagos-based Centre for International and Professional Studies (CIAPS) has said that Nigerian companies are failing to see the opportunities that exist in encouraging constructive complaints in their clients and staff. Anthony Kila, a professor and director of the centre, told business a.m. during an interview that companies operating in Nigeria are failing to address and encourage constructive complaints by both staff and clients and that they are operating under the belief that complaints are bad for business and so try as much as possible to avoid them. Kila said CIAPS is of the belief that most companies in Nigeria lack the requisite skills in staff and management to see inherent benefits in complaints that are made about them, their products and services. It is to this end that it is organising a one-day workshop to for companies, businesses and professionals this month to deliver the requisite skills required to address this shortcoming. “Businesses are not doing enough and it is a common thing. There is no clear thing about managing conflict. People even don’t know how to complain and part of this is that companies don’t encourage people to complain in a proper way,” he said. According to him, complaints are formal and structured and should be treated as such. “Given the fact that there are no formal procedures for making complaints in most organisations in the country and when there are, complaints are not taken seriously, leaving the clients or customers more dissatisfied,” he explained. Kila believes that as the economy becomes more stringent, people tend to get cranky and complaints become more frequent, and so companies have to redress the way they handle complaints or risk losing business. He said: “Companies are not addressing complaint enough partly because of perception, as it is seen as something very nasty; and also because of the way consumers are seen. For example, when you walk into an MTN office, and people are trying to retrieve stolen lines, you’ll see that we don’t treat them like consumers, you don’t think they are paying, you would think they are there to beg.”
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Page 9 and 10: EXECUTIVE KNOWLEDGE SERIES BUSINESS
Page 17 and 18: Q&A BUSINESS A.M. FEBRUARY, MONDAY
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Page 23 and 24: Zinox set to reposition e-commerce

BUSINESS AM FIRST EDITION, FEB 2018

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