As the legal scene continues to bubble in this New Year, mostly with headlines of the current strike embarked by judicial workers under the auspices of Judicial Staff Union of Nigeria, let me just divert your minds a bit to what 2014 was like in the corporate law transactions industry.
In summary, Nigeria’s 2014 was almost marred by the drop in oil prices, the devaluation of the Naira, the problems of insecurity in the north-east and the effects of the upcoming elections on inflation. But amidst these concerns, there were a number of developments in the corporate space; from mergers and acquisitions, to ground breaking IPOs that caught the headlines. These deals helped soften the impact socio-economic challenges have had so far.
Here are some of the best corporate deals of 2014 as listed by Nairametrics (and adopted by VENTURES AFRICA):
December 2014, Nigeria’s fourth largest insurer, Mansard Insurance announced plans to acquire 60% of the issued and paid up share capital of a Pension Fund Administrator (PFA) known as Penman Pensions Limited.
December 2014, Top Nigerian financial institution, Skye Bank acquired Mainstreet Bank Limited from Asset Management Corporation of Nigeria for a reported N126bn.
December 2014, Lafarge Africa, the Nigerian unit of the French cement maker, Lafarge, declared intentions to make a cash offer valued at about $122 million to buy-out minority shareholders in its Nigerian business.
November 2014, Shell Petroleum Development Company of Nigeria Limited (SPDC), completed the sale of its 30 per cent stake in Oil Mining Lease (OML) 24 and other related facilities to Newcross Exploration and Production Limited for $600m.
November 2014, French, multinational, investment banking firm AXA acquired the holding company of Mansard Insurance for $246 million in cash.
November 2014, French-owned cement maker, Lafarge Africa Plc entered an agreement with Flour Mills of Nigeria to Purchase 30% in United Cement Company of Nigeria.
November 2014, Global alternative asset manager, The Carlyle Group, invested $147 million in Nigerian banking heavyweight Diamond Bank Plc.
October 2014, Ecobank Transnational Incorporated (ETI) notified the Nigerian Stock Exchange that South Africa’s fourth biggest bank, Nedbank Group Limited, was to acquire a 20 percent shareholding in ETI and pay with cash and debt conversion.
October 2014, Leading Pharmacy, HealthPlus Ltd secured a $5million loan from the International Finance Corporation (IFC).
October 2014, Nigeria’s Sterling Bank said it was selling N19.8billion worth of shares to a “Strategic Investor” Via Private Placement.
October 2014, Aiteo Group won the bid for the Royal Dutch Shell’s prolific Nigerian oil block, Oil Mining License 29 (OML 29) and an associated pipeline with a bid of $2.7 billion.
October 2014, Financial services group, InvestmentOne acquired Kakawa Asset Management Ltd, a then subsidiary of Kakawa Discount House Ltd.
October 2014, leading Nigerian financial institution, Zenith Bank Plc reached an agreement to sell Zenith securities to “some investors.”
October 2014, Nigerian Breweries Plc notified The Nigerian Stock Exchange that the company had obtained the approval of the Securities & Exchange Commission (SEC) to the scheme for the proposed merger of Nigerian Breweries Plc and Consolidated Breweries Plc.
September 2014, Atlas Mara, the African investment vehicle of former Barclays boss Bob Diamond, said it had increased its stake in Union Bank of Nigeria to almost 30 per cent for $270 million.
September 2014, Africa’s biggest mobile telecom operators, MTN agreed to sell off 9,151 of its towers in Nigeria to indigenous telecommunications infrastructure firm, IHS Holding Limited.
September 2014, Investment Corp, Dubai Invested $300million in Africa’s leading cement manufacturer, Dangote Cement Plc.
September 2014, Gulf’s largest bank, Qatar National Bank bought 12.5 per cent stake in pan-African lender Ecobank Transnational Incorporated (ETI).
August 2014, Diamond Bank Plc notified the Nigerian Stock Exchange that Kunoch Holdings had successfully completed the purchase of Actis DB Holdings Limited, a company which holds Diamond Bank shares.
July 2014, indigenous oil giant, Oando Plc concluded acquisition of the Nigerian upstream oil and gas business of ConocoPhillips (NYSE: COP) for a total cash consideration of $1.5 billion.
July 2014, leading independent private equity firm African Capital Alliance acquired Gas Utilities Company, Gas Train Limited.
July 2014, Oando Energy Resources completed the acquisition of Medal Oil Limited giving it 100 per cent ownership of OML 131 for $5m.
June 2014, Kenya’s Equity Bank, Helios Investment Partners bought minority stake in Pension Fund Administrators, ARM Pension Managers.
May 2014, Lekoil Oil and Gas Investments Limited, a subsidiary of Lekoil Nigeria Limited, agreed to acquire 40 per cent of Otakikpo Marginal Field, offshore Nigeria, from Green Energy International Limited for $11million.
April 2014, Indigenous oil and gas company, Seven Energy secured an additional $255million Quasi Equity to fund acquisition of gas fields.
April 2014, Nigeria’s largest indigenous upstream operator, Seplat Petroleum Development Company went public at N576 per share.
April 2014, Oando Plc announced the completion of sale of East Horizon Gas Company to Seven Energy International Limited for $250million.
February 2014, First Bank of Nigeria (FBN) Life Assurance, a subsidiary of FBN Holding and Sanlam of South Africa acquired 71.2 percent of NSE-listed Oasis Insurance.
February 2014, the largest shareholder of Cornerstone Insurance Plc, African Capital Alliance (ACA), bought the 96 per cent share of First City Monument Bank (FCMB) in Fin Insurance.
January 2014, Raysun Nigeria Limited, a wholly-owned subsidiary of Heineken International BV, acquired 57 per cent equity stake in Champion Breweries Plc.
A large portion of this was originally posted by Felicia Omari Ochelle, a staff writer of VENTURES AFRICA, on EIN NEWSDESK’s WORLD NEWS REPORT on JANUARY 17, 2015. Y. D. Amakiri, a solicitor in Nigeria, advises on corporate financing transactions.
In November 2014, FBN Holdings announced that it had acquired 54% stake in Kakawa Discount House Limited. The latter had also at the time obtained an approval-in-principle from the Central Bank of Nigeria for a merchant banking license.