Business

PZ Cussons UK Seeks To Take Full Control of Nigerian Subsidiary For Profitability

Published

3 years ago

September 6, 2023

519 Views

PZ Cussons Group has applied for a total buyout of the shares owned by the Nigerian subsidiary shareholders at N21 per share.

This is disclosed by PZ Cussons Nigeria Acting Company Secretary, Olubukola Olonade-Agaga.

In a statement the company Secretary said that the UK healthcare manufacturer said the complete takeover of PZ Cussons Nigeria will strengthen operations in the West African country.

” PZ Cussons Nigeria Plc (“PZCN” or the “Company”) hereby notifies the Nigerian Exchange Limited (“NGX”) and the investing public that PZ Cussons (Holdings) Limited (the “Core Shareholder”) has informed the Board of Directors of the Company (the “Board”) of its intention to acquire the shares held by all the other shareholders of PZCN, subject to prevailing market conditions, at an offer price of ₦21 per share (the “Proposed Transaction”).

The Proposed Transaction is however, subject to the consideration and approval of the Board of PZCN, the Company’s shareholders and requisite regulatory authorities,” said the statement.

The firm further stated that: “It is intended that the Proposed Transaction will be implemented under a Scheme of Arrangement in line with section 715 of the Companies and Allied Matters Act, No.3 of 2020 (as amended) and other applicable rules and regulations.

This will require the Company to convene a general meeting of its shareholders by an order of the Federal High Court (the “Court Ordered Meeting”).

“Details of the Court Ordered Meeting (which includes the date, time, venue and agenda for the meeting) will be communicated to shareholders upon receipt of the requisite approvals from the Board, the Securities and Exchange Commission and the Federal High Court.
The terms and conditions of the Proposed Transaction will be provided in the Scheme Document which will be dispatched to all shareholders prior to the Court Ordered Meeting.”

Related Topics:Nigeria PZ Cussons Group Subsidiary UK

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Business

Enugu Air Begins London Gatwick flights From December 10, 2026

The Enugu State-owned airline will use an Airbus A330-200 leased from Portugal-based EuroAtlantic under an Aircraft, Crew, Maintenance and Insurance (ACMI) arrangement.

Published

16 hours ago

November 8, 2026

OCHEFA

48 Views

Enugu Air will begin direct flights to London Gatwick on December 10, 2026, with four services weekly.

Tickets are already available for booking.

The Enugu State-owned airline will use an Airbus A330-200 leased from Portugal-based EuroAtlantic under an Aircraft, Crew, Maintenance and Insurance (ACMI) arrangement.

The service is being delivered through a strategic partnership with Omni-Blu Aviation (OBA).

The airline said the service will improve international travel connectivity for passengers departing from Lagos, Enugu and other parts of Nigeria.

Passengers from Enugu will be able to begin their international journey to London from their home airport, Akanu Ibiam International Airport.

The four weekly flights are expected to give travellers greater flexibility between Nigeria and the United Kingdom.

Enugu Air Chief Executive Officer Captain Tolu Ita said: “The commencement of our London Gatwick service reflects our commitment to expanding international connectivity and the vision of His Excellency, Governor Peter Mbah, to connect Enugu to more opportunities across the world.”

He added: “Of particular importance is ensuring that passengers from Enugu can begin their international journey to London from their home airport, Akanu Ibiam International Airport. We are proud to make the journey from Enugu to London Gatwick a reality for our passengers.”

Business

Naira Exchange Rates Thursday, 5 Nov 2026

Published

3 days ago

November 5, 2026

OCHEFA

172 Views

BLACK/ PARALLEL MARKET RATES

₦1400DOLLAR (USD)

₦1830POUND (GBP)

₦1515 EURO (EUR)

₦950 CANADIAN DOLLAR (CAD)

₦70 SOUTH AFRICAN RAND (ZAR)

₦350 UAE DIRHAM (AED

₦190 Chinese YUAN (CNY)

₦100 Ghanaian CEDI (GHS)

West African CFA ₦2240 (XOF)

Central African CFA ₦2180 (XAF)

₦820 Australian Dollar AUSSIE (AUD)

Business

NNPCL wants to sell 10% equity via IPO on NGX, LSE

NNPC is expected to spend at least the whole of 2027 preparing for the proposed offering, with the listing primarily intended to strengthen corporate transparency and governance in line with Nigerian law.

Published

5 days ago

November 4, 2026

OCHEFA

219 Views

The Nigerian National Petroleum Company Limited (NNPC Ltd.) is considering selling between 5% and 10% of its equity through a potential initial public offering (IPO), with the proposed listing expected to focus primarily on Nigeria’s domestic capital market.

The Group Chief Executive Officer of NNPC Ltd., Bashir Bayo Ojulari, disclosed this in an interview with Reuters on Tuesday, November 3, 2026, adding that the company could also pursue a secondary listing in London or New York.

The disclosure comes shortly after the Dangote Petroleum Refinery’s IPO closed on October 27, following a two-week extension of its subscription period from the initial October 13 deadline.

Ojulari indicated that raising additional capital would be a secondary consideration rather than the main reason for going public.

The company is also considering listing some of its subsidiaries separately, following a model adopted by Abu Dhabi National Oil Company (ADNOC), the United Arab Emirates’ state-owned oil company.

Beyond the potential IPO, Ojulari disclosed that Chinese companies have expressed interest in acquiring equity stakes in some of NNPC’s smaller refineries, particularly the Port Harcourt and Warri facilities, which require substantial rehabilitation.