CORPORATE NEWS: INTERNATIONAL ENERGY INSURANCE; UNION DICON; OANDO PLC


INTERNATIONAL ENERGY INSURANCE: TO DIVEST 81%  IN PENSION SUBSIDIARY

The interim board of directors of International Energy Insurance plc appointed by the National Insurance Commission of Nigeria (NAICOM) has finally got to the final stage of unbundling of 81% holding in IEI Anchor Pension Managers Ltd.

According to an update signed by the Interim managing director/CEO, Mr Peter Irene, the resolution for the sale of the shares had been passed since the annual general meeting held on January 26, 2010 in an attempt to stay within operational guidelines issued by NAICOM that restricts more than 25% holding purchased from funds raised through public offers or private placements.

Over the years, the sale could not be concluded due to non approval by National Pension Commission of a sale to a bidder preferred by the old board of directors.

The interim board, knowing that even the money to be realised was needed, established a three stage plan for the execution of the sale.

The first stage was valuation of the investment. According to Irene, after a transparent and competitive process, Meristem Securities ltd was chosen to do this.

Stage two was invitation for and expression of interest from potential buyers. This too is almost concluded. In all 17 organisations expressed interest and to ensure the final choice is credible and transparent, a professional firm was contracted to handle the shortlisting process through evaluation of the bids submitted.

This company, Kauthar Resources Nigeria ltd was chosen from  short listed professionals that showed interest in providing the service. Eventually they are expected to come up with recommended bids for the consideration of the interim board of directors.

The third and final stage has also begun and it involves seeking the official approval and also informing the Securities and Exchange Commission of the planned sale. Once the formal approval from all concerned is obtained, then it will be just a matter of formal signing of sale agreements.

UNION DICON SALT PLC STILL TRANSFORMING

Union Dicon Salt is still making moves to transform itself from core sale production into major agricultural products processing company in Nigeria.

According to the duo now husbanding the transformation, Messrs Chuka Mordi  and Bex Nwawudu, Union Dicon has signed an agreement with PNG Gas to supply gas to its proposed cassava processing plant at Umutu, Delta state.

In a notice to the Nigerian stock exchange, the duo said that this is in addition to on going negotiation to acquire the largest rice farm in Nigeria.

Initially, they said, Union Dicon will concentrate on cassava and starch processing in addition to its traditional core business.

OANDO PLC APPOINTS NEW DIRECTORS

Two new non-executive directors have been appointed to the Board of directors of Oando plc: Messrs Ikeme Osakwe and Ademola Akinrele. Both men had served on Oando plc board some years back.

Mr Osakwe brings to bear his over 35 years experience as a chartered accountant. He holds Bsc and Msc Chemistry from University of Oxford and an associate member of Institute of Chartered Accountants in Nigeria and England and Wales.

He has served on the board of various companies including Oando plc itself, Red Star Express, Thomas Wyatt and UBA Trustees.

He is currently also on the board of Leadway Oensions PFA and Notore Chemical Industries ltd and the managing director of Grip Consulting  established since 1986.

On the other hand, Mr Akinrele is a senior advocate of Nigeria (SAN) and managing partner of F. O. Akinrele & co.

He holds an LLB from University College London; and LLM from the University of Cambridge

He cut his legal teeth at Chief Rotimi Williams chambers from 1984 to 1987 and was co-editor of Nigerian legal practioners review files 1990.

He became a SAN in 1999 and is also a fellow of the Institute of Arbitrators.

Meanwhile, Oando plc is to hold its 39th annual general meeting on August 2, 2016 at Landmark Centre Victoria Island where these appointments will be formally rectified amongst other normal of the day which includes consideration and approval of 2015 annual report.

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