i repared and Published by: ffice of the Chief Economist and Research Division of the Research and Planning Department ecurities and Exchange Commission ot 272, Samuel Adesujo Ademulegun Street entral Business District .M.B. 315 Garki buja SECURITIES AND EXCHANGE COMMISSION, NIGERIA NIGERIAN CAPITAL MARKET STATISTICAL BULLETIN 2010
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i
VOLUME 2
Prepared and Published by: Office of the Chief Economist and Research Division of the Research and Planning Department Securities and Exchange Commission Plot 272, Samuel Adesujo Ademulegun Street Central Business District P.M.B. 315 Garki Abuja
SECURITIES AND EXCHANGE
COMMISSION, NIGERIA
NIGERIAN CAPITAL MARKET
STATISTICAL BULLETIN
2010
ii
SEC Mission Statement “To develop and regulate a capital market that is
dynamic, fair, transparent and efficient, to
contribute to the nation’s economic
development”
SEC Vision Statement “To be Africa’s Leading Capital Market Regulator”
iii
LIST OF TABLES
Titles Table Page
Selected Economic Indicators (1981 -‐2010) 1 1
Interest Rate and Yield on Bonds and Equities (1980 – 2010) 2 2
Number of Major Financial Institutions in Nigeria (2000 – 2010) 3 3
Registered Capital Market Operators by Function (2008 – 2010) 4 4 Growth of Securities Listed on The Nigerian Stock Exchange (1961 – 2010) 5 5 – 6
Value of Traded Securities on The Nigerian Stock Exchange (1961 – 2010) 6 7 – 8
The Nigerian Stock Exchange All-‐share Index (1985 – 2010) 7 9 – 10
Performance of Equities Listed on The Nigerian Stock Exchange (1980 – 2010) 8 11
New Issues, Market Capitalization, GFCF and GDP (1981 – 2010) 9 12 – 13 Value of Securities Transactions, Market capitalization and Turnover Ratio (1980 – 2010) 10 14 – 15 Distribution of Quoted Companies by Size of Market Capitalization (1990 – 2009) 11 16 Federal Republic of Nigeria Development Stocks Initial Allotments (1961 – 1986) 12 17 – 18
Auction Summary of Federal Government Bonds (2003 – 2010) 13 19 – 21
Some Corporate Bonds Issued to Date (1960 – 2010) 14 22 – 25
States and Local Government Bonds (1978 – 2010) 15 26 – 28
Extract from the Balance Sheet of Some Listed Companies (2005 – 2009) 16 29 – 34
Extract from the Balance Sheet of Some Financial Institutions (2005 – 2009) 17 35 – 36
Extract from Profit and Loss Accounts of Some Listed Companies (2005 – 2009) 18 37 – 42 Extract from Profit and Loss Accounts of Some Financial Institutions (2005 – 2009) 19 43 – 44
Initial Offers of Registered Unit Trust Schemes 20 45 – 46 Investment Structure and Net Asset Value of Registered Unit Trust Schemes as at December 31, 2010 21 47 – 48
Registered Venture Capital Companies as at December 31, 2010 22 49 – 52 Business Combination Applications Handled by Securities & Exchange Commission (1982 – 2010) 23 53 – 71
Stock Market Indicators for Some Selected Emerging Markets (2006 -‐ 2010) 25 74
Stock Market Indicators for Some Selected Developed Markets (2006 – 2010) 26 75
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The importance of accurate and timely data in socio-‐economic development cannot be
overemphasized. It is against this background that the Nigerian Capital Market Statistical
Bulletin was introduced to provide needed capital market information and other
macroeconomic statistics. Since the publication of its median edition in the 90s, the
Bulletin has been found to be very useful by local and foreign investors including the
academia, researchers, policy makers and stakeholders in the capital market.
This edition, which covers key economic and financial data up to 2010, is packed with
additional information that is believed would meet the needs of users. The additional
information includes financials of some listed companies, information on registered Unit
Trust Schemes and Venture Capital companies among others. It is important to note that
some segments in the previous edition were restructured and figures adjusted to reflect
revised positions.
The Research and Planning Department sincerely appreciates Management’s support as
well as other Departments’ contributions to the production of this bulletin. We commend
the desk officers’ untiring efforts in this regard.
Should there be any error or misrepresentation observed in this publication, kindly
contact the Research and Planning Department for clarifications.
Bibiana C. Okereafor (Mrs) Director (Research & Planning Department)
v
ACQUISITION A term used to describe the takeover of a company by another which might be by agreement ALLOTMENT The allocation of securities among various subscribers to an offer ANNUAL REPORT AND ACCOUNTS A narrative of a company performance and financial results. It is a document published yearly by a company and distributed to its shareholders showing its operations including financial performance during the fiscal year. ANNUAL RETURNS The total annual returns on an investment, which includes dividend payments and capital gains/losses. Transaction costs and taxes are not included. BOND A generic name for a tradable loan security issued by governments and companies as a means of raising capital. The bond is an interest bearing security. It guarantees its holder both repayment of capital at a future specified date (Maturity date) and a fixed rate of interest also known as the coupon. CORPORATE BOND Bond issued by a company to raise money in order to expand its business. The term is usually applied to longer term debt instruments, with maturity date of at least two years after their issue date. DEBT MANAGEMENT OFFICE (DMO) An organ of the Nigerian government responsible for the issuance and management of government debt as established by Act 2003 and the local loans (Registered Stock and Securities) Act (cap 214) LFN 1990. DOMESTIC COMPANIES A company that is within the country of its own origin. DEBT An amount owed to a person or an organization for funds borrowed. EQUITIES An instrument that signify an ownership, or equity in a corporation and represent a claim on its proportionate share in a corporation’s assets and profit.
vi
GDP AT CURRENT BASIC PRICE GDP at current market prices less indirect taxes net of subsidies GLOBAL DEPOSITORY RECEIPT (GDR) A negotiable certificate which represents ownership of a given number of company shares and which can be listed and traded independently from the underlying shares. It is the most commonly used to make it easier and cheaper for investors in one country to invest in the shares of a company located in another country. GOVERNMENT BOND A bond issued by a National Government denominated in the country’s own currency. GROSS FIXED CAPITAL FORMATION (GFCF) Expenditure on fixed assets (such as building, machinery) either for replacing or adding to the stock of existing fixed assets. INITIAL OFFER The first offering or floatation of a company’s shares to the public. LISTING The admission of securities to dealings on a recognised exchange. Also called quotation. MARKET CAPITALIZATION (MARKET VALUE) The product of the total number of issued and fully paid shares of a company and its current price on a recognised exchange. MERGER The fusion of two or more companies mostly on equal terms. NEW ISSUES Newly created securities of a corporate entity or government, offered for subscription to the public. In other words, it is a means of raising fresh funds for development financing PAID UP CAPITAL Represents the sum of Un-‐ remitted Profits (Reserves) and the changes in foreign share capital. SECURITIES/STOCK A term given to financial instruments in the capital market.
vii
STOCK EXCHANGE An organization which provides facilities for trading in securities by its members. Such organs alone sets rules for the admission and trading of existing securities to guide the business conduct of its members. STOCK INDEX A means of measuring stock market trends and performance. It is used as barometer for monitoring upswings in the stock market prices. TRADING VALUE The total worth of shares traded on the stock exchange at that given period. TRANSACTION An agreement between a buyer and a seller to exchange an asset for payment. TURNOVER RATIO A measure of stock market liquidity. It is computed by dividing the value of stock traded by the market capitalisation at the end of a period multiplied by 100 UNIT TRUST An open-‐ ended investment scheme, which pools funds principally from small investors for subsequent investment in securities and other financial instruments VENTURE CAPITAL Equity capital typically provided for early stage, high potential growth companies in the interest of generating a return through an eventual realization event such as IPO or trade sale of the company. YIELD ON BONDS The rate of return on an investment on Bond issue.
Nigerian Capital Market Bulletin (Volume 2) Page 1
14th Dev. Loan Stock 1,525 20,718.0 - 3,515 557 300 1,000 258,660 300,000 86.2 13.8 N/A = Not Available Source: Compiled from various issues of SEC Annual Report and Accounts as well as internal records.
Nigerian Capital Market Statistical Bulletin – Volume 2 Page 18
TABLE 12 – CONT’D: FEDERAL REPUBLIC OF NIGERIA DEVELOPMENT STOCKS INITIAL ALLOTMENTS 1961 – 1986
24th Dev. Loan Stock N/A N/A N/A N/A N/A N/A N/A N/A 856,505.04 N/A N/A N/A = Not Available Source: Compiled from SEC Annual Report and Accounts and other SEC internal records.
Nigerian Capital Market Statistical Bulletin – Volume 2 Page 19
TABLE 13: AUCTION SUMMARY OF FEDERAL GOVERNMENT BONDS
23/e 5 20,000.00 39,810.00 20,000.00 10.50 Source: Compiled from DMO reports Note: /a - Extension of Series 18 of 2007 issues, /b - Extension of Series 2 of 2008 issues, /c - Extension of Series 9 of 2008 issues /d - Extension of Series 13 of 2008 issues, /e: Extension of series 21 of 2008 issues, /f: Extension of series 22 of 2008 issues, /g: Extension of series 1 of 2009 issues, /h: Extension of series 13 of 2009 issues, /i: Extension of series 15 of 2009 issues and /j: Extension of series 29 of 2009 issues.
24/i 20 20,000.00 45,290.00 20,000.00 12.49
25/h 3 20,000.00 29,190.00 35,000.00 10.50
26/e 5 14,000.00 29,860.60 14,000.00 10.50
27/i 20 26,000.00 37,731.20 26,000.00 12.49
28/h 3 20,000.00 32,690.00 31,500.00 10.50
29 10 10,000.00 35,890.00 10,000.00 7.00
30/i 20 19,440.00 42,839.93 19,440.00 12.49
31/h 3 15,000.00 43,399.50 15,000.00 6.75
32/j 10 20,000.00 30,430.00 20,000.00 8.32
33 20 30,000.00 74,160.00 30,000.00 8.50
Overall 614,440.00 1,257,302.73 640,940.00
Nigerian Capital Market Statistical Bulletin – Volume 2 Page 21
TABLE 13 CONT’D: AUCTION SUMMARY OF FEDERAL GOVERNMENT BONDS 7th FGN Bonds
1,073,120.00 2,141,820.00 1,112,130.00 Source: Compiled from DMO reports
Note: /a - Extension of Series 15 of 2009 issues, /b - Extension of Series 29 of 2009 issues, /c - Extension of Series 33 of 2009 issues /d - Extension of Series 4 of 2010 issues, /e: Extension of series 11 of 2010 issues, /f: Extension of series 21 of 2010 issues, and /g: Extension of series 29 of 2010 issues.
Nigerian Capital Market Statistical Bulletin – Volume 2 Page 22
TABLE 14: SOME CORPORATE BONDS ISSUED (1960 TO 2010)
S/N COMPANY COUPON
RATE YEAR OF ISSUE YEAR OF
MATURITY AMOUNT
N ‘M’ FEATURES 1. Broadcasting Corporation N/A 1960 1962 £210,000.00 First mortgage debenture stock
2. Aluminum Company Of Nigeria N/A 1962 1970/72 £425,000.00 Mortgage convertible debenture stock
Rate 2010 2017 1,050.00 Floating Rate Loan stock N/A = Not Available Source: Compiled from SEC Annual Report and Accounts and other SEC internal records.
Nigerian Capital Market Statistical Bulletin – Volume 2 Page 26
Table 15: STATES AND LOCAL GOVERNMENT BONDS
S/N STATE/LOCAL GOVERNMENTS YEAR OF
MATURITY YEAR OF
ISSUE AMOUNT
(N’M) LEVEL OF
SUBSCRIPITON (%) COUPON RATE PROJECT 1. Bendel State Loan Stock 1988 1978 20.00 30 7.00 Developing of Housing Estate
2. Ogun State Revenue Bond 1996 1986 15.00 76 12.0 Development of water project
3. 1st Lagos State Revenue Bond
1990/99
1987 30.00 N/A
19.00 Development of Lekki Peninsula Scheme Phase I
4. 2nd Lagos State Revenue Bond 1990/99 1988 60.00 N/A 19.00 Development of Lekki Peninsula
5. 1st Lagos Island LGA FRRB
1996
1992
100.00 52.50
24.75 Development of Sura Shopping Complex
6. 1st Oyo State Revenue Bond
1999
1987
30.00
102
16.50
Adamasingba Shopping Complex Gbagi Market Development
7. 1st Kaduna State Revenue Bond 1996 1989 30.00 100 17.00 Development of Ginger factory
8. 2nd Kaduna State Revenue Bond 1996 1993 30.00 63.49 20.00 Development of Ginger factory
9. Edo State Revenue Bond 2000/06 2000 1,000.00 203 21.00 Development of Ogba Riverside Housing Estate
10. Delta State Revenue Bond 2003/06 2000 3,500.00 101.74 16.50 Market, Healthcare, Water and Education
11. Yobe State Revenue Bond
2002/05
2002
2,500.00
81.28
23.00 Urban Roads, Houses and Drainage Improvement
12.
1st tranche Ekiti State Revenue Bond
2002/05
2002
2,500.00
81.28
24.5 Financial, urban, rural roads, establishment of palm plantation,
rural electricity, expansion of water projects 13. Lagos State Bond 2002/09 2002 15,000.00 77.58 4% above TB Refinance developmental projects
14. Cross River State Tourism Dev. Bond 2004/07 2004 15,000.00 79.69 20.5 Upgrading and expansion of Obudu Ranch Resort
15. 1st Akwa Ibom State Revenue Bond 2005/07 2004 6,000.00 100.00 19.5 To finance infrastructural development
16. Kebbi State Revenue Bond 2006/09 2006 3,500.00 100.00 14.0 Kebbi State University of Science and Technology and Zauro
polder irrigation
17. Lagos State Government Bond- Series 1 2008/2013 2008 50,000.00 117.93 13.0
Re-financing of outstanding loans and financing of on-going projects
N/A = Not Available Source: Compiled from SEC Annual Report and Accounts and other SEC internal records.
Nigerian Capital Market Statistical Bulletin – Volume 2 Page 27
TABLE 15 CONT’D: STATES AND LOCAL GOVERNMENT BONDS
S/N STATE/LOCAL GOVERNMENTS YEAR OF
MATURITY YEAR OF
ISSUE AMOUNT
(N’M) LEVEL OF
SUBSCRIPITON (%) COUPON RATE PROJECT
18. Imo State Government Bond – Series 1 2009/2016 2009 18,500.00 100.00 15.5%
rehabilitation of its water schemes, rehabilitation & construction of its critical roads and equity investment in ‘Imo Wonder Lake & Conference Centre, Oguta’
19. Kwara State Government Bond – Series 1 2009/2014 2009 17,000.00 100.00 14.0%
Kwara State Truck plaza, International Aviation College, Asa Dam mixed use Development, New secretariat, Commercial agricultural projects, Kwara State University, Ilorin water distribution project, Agricultural irrigation support project, Kwara advanced diagnostic centre, Loan re-financing
20. Niger State Government Bond 2009/2014 2009 6,000.00 100.00 14.0%
Rehabilitation of roads in Minna Metropolis and Industrial Layout and construction of roads in seven (7) other locations within the state.
21. Lagos State Government Bond- Series 2 N/A 2010 57,500.00 100.00 10.0%
Re-financing of outstanding loans and financing of on-going projects
22. Bayelsa State Government 2010/2017 2010 50,000.00 100.00 13.75%
Repayment of existing obligations owed Equatorial Bank, Bank PHB, Intercontinental Bank, First Bank of Nigeria, Multilateral Debts and World Bank
23. Kaduna State Government 2010/2015 2010 8,500.00 100.00 12.5%
To finance Zaria regional water supply (150 MLD treatment plant), Construction of 200 bed specialist hospital, Kaduna Millennium City, Kaduna, Construction of new government house office complex, Kaduna, Construction of Tum Madakiya road & construction of 4th bridge across River Kaduna AND Construction of Kafanchan Campus of Kaduna State University, Kaduna.
24. Ebonyi State Government 2010/2015 2010 16,500.00 100.00 13.0%
Repayment of outstanding bank facilities and financing the construction of Ebonyi State International Market, Abakaliki, Ebonyi State regional water schemes, Ebonyi roads & bridges of Unity and Ebonyi rice world project.
25. Edo State Government 2010/2016 2010 25,000.00 100.00 14.0% Refinancing total debt obligations and finance on-going infrastructural projects
N/A = Not Available Source: Compiled from SEC Annual Report and Accounts and other SEC internal records.
Nigerian Capital Market Statistical Bulletin – Volume 2 Page 28
Chart 7: NUMBER OF ISSUES FLOATED BY COMPANIES AND STATES/LOCAL GOVERNMENTS FROM 1999 TO 2010
Source: SEC AND DMO
Nigerian Capital Market Statistical Bulletin – Volume 2 Page 29
TABLE 16: EXTRACTS FROM THE BALANCE SHEET OF SOME LISTED COMPANIES
NET CURRENT ASSETS (N’MILLION) NET ASSETS/SHARE HOLDERS FUNDS (N’MILLION) SHARE CAPITAL (N’MILLION)
Source: Compiled from 2009/2010 Annual Report & Accounts of Companies
Nigerian Capital Market Statistical Bulletin – Volume 2 Page 33
TABLE 16 CONT’D: EXTRACTS FROM THE BALANCE SHEET OF SOME LISTED COMPANIES NET CURRENT ASSETS NET ASSETS/SHARE HOLDERS FUNDS SHARE CAPITAL Information, Communication and Telecommunication 2005 2006 2007 2008 2009 2010 2005 2006 2007 2008 2009 2010 2005 2006 2007 2008 2009 2010
Source: Compiled from 2009/2010 Annual Report & Accounts of Companies
Nigerian Capital Market Statistical Bulletin – Volume 2 Page 45
TABLE 20: INITIAL OFFERS OF REGISTERED UNIT TRUST SCHEMES
S/N Name of Scheme Year of
Commencement Open or Close
Ended Fund Manager Floatation Units/Price Initial Units Level of
Subscription (%) 1. Abacus Unit Trust Scheme 1990 Open ended Crossworld Securities Ltd 50m units @ 50k each 18,374,780 36.78 2. Indo Nigeria Unit Trust 1991 Open ended Indo Nig. Merchant Bank 50m units @ 50k each 2,900,000 4.52
3. Denham Management Millenium Fund 1991 Open ended Denham Management Ltd 25m units @ N1 each 11,661,976 26.65
4. Lighthouse Jubilee Fund 1991 Open ended Lighthouse Asset Management Ltd 20m units @ N1 each 7,000,000 35.00 5. Continental Unit Trust 1991 Open ended Global Asset Management Ltd 100m units @ N1 each 40,000,000 40.00 6. MBA Mutual Fund 1991 Open ended Crossworld Securities Ltd 100m units @ 50k each 26,420,000 26.42 7. Paramount Equity Fund 1991 Open ended Denham Management Ltd 50m units @ N1.05 each 21,000,000 42.00 8. ARM Discovery Fund 1996 Open ended Asset & Resource Mgt. Co. Ltd 15m units @ N100 each 7,254,000 48.36 9. Stanbic IBTC Equity Fund 1996 Open ended IBTC Asset Mgt. Co. Ltd 2b units @ N100 each 1,505,360,000 75.27
10. Nigerian Int'l Debt Fund 1997 Close ended Afrinvest Co. Ltd 160,000 units @
$100/N8,250 each 106,980 66.86
11. Nigerian Energy Sector Fund 1998 Close ended Sterling Capital Markets Ltd 2.5m units @ N100 each 745,200 29.81
12. Nigeria Global Investment Fund 2000 Open ended Denham Management Ltd 500m units @ N1 each 125,000,000 25.00
13. IMB Energy Master Fund 2000 Open ended IMB Int'l Bank Plc 1b units @ N1 each 280,700,000 28.07 14. Nigerian Int'l Growth Fund 2002 Open ended Fidelity Bank Plc 500m units @ N1.05 each 204,560 40.91 15. The Frontier Fund 2003 Open ended Sterling Capital Markets Ltd 5m units @ N100 each 2,564,840 52.30
16. Intercontinental Integrity Fund 2004 Open ended
Intercontinental Capital Markets Ltd 500m units @ N1 each 435,687,000 87.13
17. Coral Growth Fund 2005 Open ended FSDH Asset Mgt. Ltd 750,000 units @ N1,000
each 750,000 119.24 18. Stanbic IBTC Ethical Fund 2005 Open ended IBTC Asset Mgt. Co. Ltd 1m units @ N100 each 1,063,120,000 106.31 19. Legacy Fund 2006 Open ended FCMB Capital Markets Ltd 1b units @ N1 each 1,118,426,000 111.84
20. Coral Income Fund 2006 Open ended FSDH Asset Mgt. Ltd 500,000 units @ N1,000
each 509,960 101.99
21. Coral Ethical Fund 2006 Open ended FSDH Asset Mgt. Ltd 500,000 units @ N1,000
each 502,100 100.42 22. UBA Balanced Fund 2006 Open ended UBA Asset Mgt. Ltd 1b units @ N1 each 2,130,730,000 213.07 23. UBA Bond Fund 2006 Open ended UBA Asset Mgt. Ltd 1b units @ N1 each 2,066,090,000 206.61 24. UBA Money Market Fund 2006 Open ended UBA Asset Mgt. Ltd 1b units @ N1 each 2,409,730,000 108.47 25. UBA Equity Fund 2006 Open ended UBA Asset Mgt. Ltd 1b units @ N1 each 1,084,700,000 240.97
Source: SEC
Nigerian Capital Market Statistical Bulletin – Volume 2 Page 46
TABLE 20 CONT’D: INITIAL OFFERS OF REGISTERED UNIT TRUST SCHEMES
S/N Name of Scheme Year of
Commencement Open or Close
Ended Fund Manager Floatation Units/Price Initial Units
Level of Subscription
(%) 26. DVCF Oil & Gas 2007 Open ended DVCF Oil & GAS 1b units @ N1 each 337,966,225 33.79
27. Oceanic Vintage Fund 2007 Open ended Oceanic Bank Plc 2b units @ N1 each 2,439,084,000 121.90
28. Kakawa Guaranteed Income Fund 2007 Open ended Kakawa Asset Mgt 1b units @ N1 each 1,435,215,135 143.52
29. Stanbic IBTC Guaranteed Investment Fund 2007 Open ended IBTC Asset Mgt. Co. Ltd 10m units @ N100 each 1,045,980,000 104.50
30. Skye Shelter Fund 2007 Open ended Skye Bank Plc 200,000 units @ N100 each 20,000,000 100.00
31. Arm Aggressive Growth Fund 2008 Open ended Asset & Resource Mgt. Co. Ltd 50m units @ N20 each 2,454,100,000 245.41
32. FBN Heritage Fund 2008 Open ended FBN Capital Ltd 55b units @ N100 each 55,091,240 110.00
33. Union Trustees Mixed Fund 2008 Open ended Union Trustees Capital Ltd 4b units @ N1 each 4,023,094,900 100.60
34. Lotus Halal Fund 2008 Open ended Lotus Capital Ltd 5b units @ N1 each 5,000,000,000 278.01
35. Zenith Income Fund 2008 Open ended Zenith Bank Plc 2b units @ N10 each 206,654,500 103.30
36. Zenith Ethical Fund 2008 Open ended Zenith Bank Plc 1b units @ N10 each 157,675,000 157.67
37. Zenith Equity Fund 2008 Open ended Zenith Bank Plc 8b units @ N10 each 807,573,500 161.51
38. Women Investment Fund 2008 Open ended Chapel Hill Denham Mgt. Ltd 25m units @ N100 each 25,000,000 25.20
39. Union Homes Real Estate Investment Fund 2008 Close ended Union Homes Savings & Loans Plc
970,873,787 units @ N51.5 each 970,873,787 100.00
40. BEDROCK Fund 2008 Open ended Cashcraft Asset Mgt. Ltd 2b units @ N1 each 2,000,000,000 40.00
41. Anchor Fund 2008 Open ended Cashcraft Asset Mgt. Ltd 2b units @ N1 each 2,000,000,000 29.00
42. Afrinvest Equity Fund 2009 Open ended Afrinvest Co. Ltd 50m units @ N100 each 50,000,000 10.00
43. Stanbic IBTC Money Market Fund 2010 Open ended Stanbic IBTC Asset Mgt. Co. Ltd 10m units @ N100 each 12,211,800 122.12
44. Stanbic IBTC Bond Fund 2010 Open ended Stanbic IBTC Asset Mgt. Co. Ltd 10m units @ N100 each 8,539,800 85.40 Source: SEC
Nigerian Capital Market Statistical Bulletin – Volume 2 Page 47
TABLE 21: INVESTMENTS STRUCTURE AND NET ASSET VALUE OF UNIT TRUST SCHEMES AS AT DECEMBER 31, 2010
S/N NAME OF FUND
Capital Market Investment
Money Market Investment
Other Investment
Total Investment
Total Expenses
Net Asset Value
No. Of Unit Holders N N N N N N
1. DVCF OilL & Gas Fund 83,022,690.89 418,834,725.25 501,857,416.14 275,315.97 512,848,195.60 26,762
A price of 60k per 50k share of A.G. Leventis & Co. NIG. Ltd and a par price of 50k each for the Shares of Leventis Stores Ltd. Giving rise to an exchange ratio of 83% i.e. 100 ordinary Shares of Leventis Stores for 83 ordinary shares of A.G. Leventis & Co. NIG. Ltd.
A.G. Leventis had to increase its Authorized Capital to enable it issue 11,718,750 ordinary shares in exchange for 14,052,500 ordinary shares of Leventis Stores- Exchange of shares
2. Lever Brothers Nig. Ltd. Lipton Nig. Ltd. 1984
A price of 80k per 50k share for Lever Brothers Nig. Ltd. And N1.20 per 50k share for Lipton Nig. Ltd. Giving rise to an exchange ratio of 150 for 100 i.e. 150 ordinary shares of LBN for 100 ordinary shares of Lipton Nig. Ltd.
LBN had to increase its Authorized Capital to enable it issue 11,340,000 ordinary shares in exchange for 7,560,000 ordinary shares of Lipton Nig. Ltd.
3. John Holt Ltd. Bauchi Bottling Co. Ltd. 1985
Payment of N5,185,000 to clear Bauchi Bottling Company’s outstanding debt and N1,230,000 to pay off the shareholders of the company in respect of their equity capital by JHL. Cash
The entire shares of NIACO were offered for N1.00 and SCOA was to manage NIACO so as to ensure the remittance to FIMM of N500,000 as full and final settlement of the debt of N1,716,343 due from NIACO to FIMM. Cash
5. Intra motors (Nig.) Ltd West coast Fisheries Ltd. 1985
A price of N1.50 per share for West Coast Fisheries was approved. This put the total value of West coast Fisheries Ltd. At N150,000 and it was settled by cash Cash
6. ITI (Nig.) Ltd Hanein Spinning Mills Ltd. 1985
A price of N6.50 per N2.00 share of Hanein Spinning Mills ltd. Was approved for the entire 745,973 shares of N2.00 each acquired by ITI Ltd. Cash
Source: Securities & Exchange Commission
Nigerian Capital Market Statistical Bulletin – Volume 2 Page 54
TABLE 23 CONT’D: BUSINESS COMBINATION APPLICATIONS HANDLED BY SECURITIES & EXCHANGE COMMISSION (1982 – 2010)
S/N Acquiring company Target company (ies) Year of
Approval Terms of Conversion/Business Combination Type Mode of settlement
7.
Niger Match Co. Ltd. (Now Associated Match industries Nig. Ltd.)
United Match Co. of Nig. Ltd. Star Match Co. Ltd. Safa Splints Ltd. Kaduna Match Ltd. 1985
A par price of N1.00 per share of United Match Co. of Nig. Ltd, Star Match Co. Ltd.& Safa Splints Ltd was considered. There was no monetary consideration as regards Kaduna Match Ltd. As it had not issued its initial capital and its existing assets were financed entirely with loan from Niger Match Co. Ltd.
Exchange of shares for the first three (3) companies
8. ITI (Nig.) Ltd Hanein Spinning Mills Ltd. 1985
A price of N6.50 per N2.00 share of Hanein Spinning Mills ltd. was considered for the entire 745,973 shares of N2.00 each acquired by ITI Ltd. Cash
9. SCOA Nig. Ltd. Motor Services Engineering Ltd. (MOSEL) 1985
A price of N2.00 per N1.00 share was approved for the acquisition of the entire 750,000 ordinary shares of MOSEL Cash
10. John Holt Ltd. (JHL) John Holt Investment Ltd. (JHI) 1987
A price of N1.70 per 50k share for JHL and N4.00 per 50k share for JHI was approved. The approved prices thus gave an exchange ratio of 235 ordinary shares of JHL for 100 ordinary shares of JHI- Exchange of shares Exchange of shares
12. Standard Breweries Nig. Ltd. (SBNL) United Beverages Nig. Ltd. (UBNL) 1988
An exchange ratio of 300 ordinary shares of UBNL for 100 ordinary share of SBNL was approved. Under this arrangement, SBNL issued 3,333,334 ordinary shares of N2.00 each at N3.00 per share in exchange for 10,000,000 ordinary shares of UBNL at par price of N1.00 per share Exchange of shares
An exchange ratio of 83 LBN ordinary shares for 100 ordinary shares of CPI was approved. The new ordinary shares of LBN exchange was at an approved price of N1.80 per share while a CPI share was at N1.50 Per 50k share.
LBN was to increase its Authorized capital to enable it issue 7,529,360 ordinary shares in exchange for 9,072,000 ordinary shares of CPI- Exchange of shares.
A price of N11.00 per share of N1.00 was Approved for the Acquisition of the entire 400,000 ordinary share of R.H. plastics Ltd. Cash
Source: Securities & Exchange Commission
Nigerian Capital Market Statistical Bulletin – Volume 2 Page 55
TABLE 23 CONT’D: BUSINESS COMBINATION APPLICATIONS HANDLED BY SECURITIES & EXCHANGE COMMISSION (1982 – 2010)
S/N Acquiring company Target company(ies)
Year of Approval
Terms of Conversion/Business Combination Type Mode of settlement
16. Prudent Merchant Bank Prudent finance Ltd. 1990
A price of N1.45 per N1.00 ordinary shares was approved for the acquisition of the entire 1,255,000 ordinary shares of Prudent Finance Ltd. Cash
17. Gas Producers Gas & Welding (Nig.) Ltd. 1991
An exchange ratio of 100 ordinary shares of Gas & Welding for every 68 shares of Gas producers was approved. Cash
18. Leventis Technical PLC Sanyo Nig. Ltd. 1991
Exchange ratio of 80 ordinary shares of Leventis Technical for 100 of Sanyo Exchange of shares
19. Eastern Breweries Plc Continental Breweries Plc 1992 Exchange ratio of one (1) ordinary share of Continental breweries Ltd. For one (1) shares of Eastern Breweries plc Exchange of shares
20. Asra Seafood Nig. Asra Food Processing 1992 Exchange of 100 ordinary shares of Asra Food processing Ltd. For 120 shares of |Asra Seafood Ltd. Exchange of shares
An Exchange ratio of 100 ordinary shares of N.E.L.M. for 200 shares of N.S.F. Exchange of shares
22. A.G. Leventis & Company Nig. Plc
Leventis Technical plc Leventis Motors Plc 1993
An Exchange ratio of 180 ordinary shares of Leventis technical and 125 ordinary shares of Leventis Motors for 100 new ordinary shares of A.G. Leventis.
Exchange of shares – a cash payment of 89k per shares for Leventis Technical and 128k per shares for Leventis Motors was approved for any shareholder not interested in participating in the merger scheme.
23. Nigerian Ropes Plc WASCO Ropes Ltd. 1993
An Exchange ratio of 60 ordinary shares of 50k each of Nig. Ropes for every 100 ordinary shares of 50k each of WASCO ltd. Was approved Exchange of shares
24. Limca bottlers Ltd. Plateau Bottling Company 1993
A par price of N1.00 per share was approved for the acquisition of the entire 2,000,000 ordinary shares of plateau Bottling Company ltd. Cash
25.
Nigerian Breweries Plc (Public Quoted Company)
Diamond Breweries plc (Private Company) 1993
The purchase of assets of Diamond breweries Ltd. By Nigerian Breweries plc was approved by the Commission which was valued at N230, 000,000 Cash
26. Ratcon Engineering Ltd.
All motors Engineering services Co. ltd. (AMESCO) 1993
An exchange ratio of one (1) new ordinary shares of Ratcon for every one (1) ordinary share of (AMESCO) Exchange of shares
Source: Securities & Exchange Commission
Nigerian Capital Market Statistical Bulletin – Volume 2 Page 56
TABLE 23 CONT’D: BUSINESS COMBINATION APPLICATIONS HANDLED BY SECURITIES & EXCHANGE COMMISSION (1982 – 2010)
S/N Acquiring company Target company(ies) Year of
Approval Terms of Conversion/Business Combination Type Mode of settlement
27. United Nig. Ins. co. Plc (UNIC) (Public quoted company)
United Nig. Life Ins. Co. (UNLIC). (Public Quoted Company) 1994
Share exchange ratio of 100 ordinary shares of UNIC for every 125 ordinary shares of UNLIC was approved. Exchange of shares
28. Lever Brothers Nig. Plc (LBN) Unilever Nigeria Ltd. 1995
An exchange ratio of nine (9) ordinary shares of LBN for every five (5) UNL shares leading to 112.5 million shares of LBN issued to the shareholders of UNL which was wholly owned by Foreigner Exchange of shares
29. Sona Breweries Industries of Nigeria Ltd.
International Beer and Beverages Industries of Nigeria Ltd. 1995
Foreign shareholders of Sona breweries acquired the entire 9.69 million ordinary shares ofN1.00 or 64.65 of total share capital held by seven (7) Nigerian associates. Exchange of shares
30. Multichem Nig. Ltd. Wheonye Int’l Enterprises Ltd. 1995 A par price of N1.00 per share was approved for the acquisition of the entire 20,000,000 Ordinary shares of Multichem Industries ltd Cash
Acquisition of 705 of paid-up share capital of NNL by exchange of one (1) ordinary share of 50k each of NFN for four (4) ordinary shares of N1.00 each of NNL. Exchange of shares
32. Smithlkline Beecham Nig. Plc (SBN)
Sterling product (Nig) Plc (SPN) 1996
Exchange of 7 ordinary share of N4.87 each of SPN for 4 ordinary shares of N8.44 in SBN Exchange of shares
Exchange of 5 ordinary shares of N2.00 each in SIL for 9 ordinary shares of 50k each in NBC Exchange of shares
34. Paterzon Zochonis Ind. Plc (PZI)
Thermo cool Eng. Co. Plc (TEC) 1996
Exchange of 2 ordinary shares of N2.00 each in TEC for 7 Ordinary shares of 50k each of PZI. Exchange of shares
35. Carnaud Metal Box Nig. Plc.
Canmakers Nig. Ltd. (CNL) Crown Cork & seal Co. Ltd. (CCSL) Carnaud metal Box Nig. Plc (CMB) 1997
An exchange ratio of 4 CMB’s ordinary shares for CNL’s shares of 50k. While 0ne (1) ordinary share of 50k each of CMB would be exchange for 3 shares of CCSL. Exchange of shares
36. Royal Niger Insurance Co. Ltd. Destiny Insurance co. Ltd. 1998 All Assets acquired Cash
The entire 60-million ordinary shares of 50k each of Platinum Textile Mill Ltd. Were exchanged for the number of shares in ITI – PTM was absorbed in to ITI. Exchange of shares
38. Delta Glass plc Guinness Glass Plc 1999
The entire 102 million ordinary shares of N1.00 each of Guinness Glass were exchange for 163.2 million ordinary shares of 50k each of Delta Glass Plc. Delta Glass emerge as the new company. Exchange of shares
Source: Securities & Exchange Commission
Nigerian Capital Market Statistical Bulletin – Volume 2 Page 57
TABLE 23 CONT’D: BUSINESS COMBINATION APPLICATIONS HANDLED BY SECURITIES & EXCHANGE COMMISSION (1982 – 2010)
S/N Acquiring company Target company(ies) Year of
Approval Terms of Conversion/Business Combination Type Mode of settlement
39. A.G. Leventis Nig. Plc
Iddo Investment Ltd. London Africa & overseas Ltd. (LAFRO) Victoria Beach Hotel Plc (VBH) 1999
69 million ordinary shares of 50k each of A.G. Leventis were to be issued to the shareholders of Iddo, LAFRO and VBH in exchange for 21.6 million, 2.4 million and 9.6 million ordinary shares of 50k respectively. Exchange of shares
The shareholders of NDM and WDN were to exchange their shareholding in exchange for shares of NWDML. Exchange of shares
41. British American Tobacco Limited (BATL) Nigerian Tobacco Co. Plc (NTC)
2000
The entire 400 million ordinary shares of NTC was surrendered for cancellation by the holders, NTC shareholders received N3.00 per share as consideration
BATL increases its shares capital from N10m to N2b so as to accommodate the incoming shares of the NTC. All the entire assets, liabilities and undertakings of NTC were merged with those of BATL
42. Stanbic Merchant Bank Nig. Ltd. (SMBN) Financial Equities Ltd. (FEL) 2000 SMBL acquired 90% equity interest in FEL
The acquisition was effected partly through 75% debt/equity swap involving 15million ordinary shares of N1.00 each and 15% cash payment involving 3 million ordinary shares of N1.00 each
43. Total Nigeria Plc Elf Nig. Ltd. 2001 The shareholders Surrender their share for an appropriate number in Total Nig. Plc
Exchange of 100 ordinary share of 50k each in Total for 82 ordinary share of 50k each in Elf oil Nig. Ltd
44. United Nig. Textile Ltd. (UNTL) Nichemtex Industries Plc 2001
All the assets, liabilities & undertakings of Nichemtex be transferred to UNTL, the entire share capital of Nichemtex be cancelled and dissolved without winding up.
13 ordinary shares of 50 kobo each of UNTL be exchanged for 5 ordinary shares of N2.00 each of Nichemtex Industries Plc
All assets, liabilities & undertakings of PZN, EN, and GPN be transferred to PZI, who in turn paid monetary value of shares to respective shareholders
Cash was paid for the entire shares of the companies by PZI as PZI – 33,918,600 ordinary share at 50 kobo EN – 10,000,000 ordinary share of N1.00 each GPN – 1250 ordinary share of N2.00 each
Source: Securities & Exchange Commission
Nigerian Capital Market Statistical Bulletin – Volume 2 Page 58
TABLE 23 CONT’D: BUSINESS COMBINATION APPLICATIONS HANDLED BY SECURITIES & EXCHANGE COMMISSION (1982 – 2010)
S/N Acquiring company Target company(ies)
Year of Approval
Terms of Conversion/Business Combination Type Mode of settlement
46. Edo Cement Company Ltd. Bendel Cement Company Ltd. 2002
All the assets, undertaking of Bendel Cement was transferred to Edo Cement, while Edo state Government assume liabilities of Bendel Cement
Edo cement was newly created company, while major shareholders SCANCEMENT pay the naira value equivalent of 4 & 4 million to Edo State Government in consideration, to transfer all assets & undertakings of Bendel cement and transferred of all liabilities to Edo State Government.
47. Unipetrol Nig. Plc Agip Nig. Plc 2002
All the assets, liabilities, and undertakings including real properties and intellectual property & right of Agip are transferred to Unipetrol.
Unipetrol share price of N47.00 per share & Agip share price of N23.00 per share was exchanged, and every one ordinary share of 50 kobo in Elf for two ordinary shares of 50 kobo each in Agip.
48.
Lexington International Company Ltd
Express Insurance Safeway Insurance 2004
One ordinary share of enlarged Lexington Insurance Company was issued in exchange for one ordinary share of Safeway Insurance Company and one ordinary share of Express Insurance Company Ltd.
Cash
49. United Bank for Africa Plc Standard Trust Bank Plc 2005
All assets, liabilities and undertakings including real property and intellectual property right of STB be transferred to UBA and the entire share capital of 8,000,000,000 ordinary share of 50 kobo each of STB be cancelled and dissolved without winding up.
1ordinary share of 50 kobo each in UBA plc, be credited and fully paid in exchange for 2 ordinary shares of 50 kobo in STB
50. United Bank for Africa Plc Standard Trust Bank Plc 2005
All assets, liabilities and undertakings including real property and intellectual property right of STB be transferred to UBA and the entire share capital of 8,000,000,000 ordinary share of 50 kobo each of STB be cancelled and dissolved without winding up.
1ordinary share of 50 kobo each in UBA plc, be credited and fully paid in exchange for 2 ordinary shares of 50 kobo in STB
51. First Inland Bank Plc Inland Bank of Nigeria Plc First Atlantic Bank Plc
2005
All the ordinary shares of first Atlantic are to be surrender by the holders and cancelled, and all the assets, liabilities and undertakings of First Atlantic were merged with those of Inland Bank. First Atlantic will subsequently be dissolved with winding up.
3 ordinary shares of 50 kobo each of Inland Bank plc for 2 ordinary shares of 50 kobo each of First Atlantic Bank Plc.
Source: Securities & Exchange Commission
Nigerian Capital Market Statistical Bulletin – Volume 2 Page 59
TABLE 23 CONT’D: BUSINESS COMBINATION APPLICATIONS HANDLED BY SECURITIES & EXCHANGE COMMISSION (1982 – 2010)
S/N Acquiring company Target company(ies)
Year of Approval
Terms of Conversion/Business Combination Type Mode of settlement
52. Access Bank of Nigeria Plc
Marina International Bank Plc Capital Bank limited 2005
All assets liabilities and undertakings, including real property and intellectual property right of Capital Bank and Marina Bank are transferred to Access bank plc and the entire share capital of Marina bank plc be cancelled. Capital bank and Marina bank will then be dissolve without winding up.
7 ordinary shares of Access bank Plc at N2.00 for 10 ordinary share of Capital bank at N2.15 and 10 ordinary share of Marina Int’l bank at N1.75
53. Intercontinental Bank
Equity Bank of Nigeria Plc Gateway Bank Plc Global Bank plc 2005
The entire share capital of Equity Bank plc Gateway Bank and Global Bank plc be surrender by holders and cancelled and all the assets, liabilities and undertakings including real property and intellectual property right be transferred to Intercontinental Bank plc .and the banks be dissolve without winding up.
One ordinary share of Intercontinental Bank Plc at 50 kobo each for; 4 ordinary shares in Equity Bank plc. 8 ordinary shares of 50 kobo each in Gateway Bank and 5 ordinary shares of 50 kobo in Global Bank plc.
54. Equatorial Trust Bank limited
Equatorial Trust limited Devcom Bank Limited 2005
All assets, liabilities and undertakings including real property and intellectual property rights of Equity bank, Gateway bank, and Global were transferred to IB and they were subsequently dissolved without winding up.
Share exchange ratio of 1 ordinary share of 50 kobo of Devcom Bank for 1 Equitorial Bank Share of 50 kobo.
55. First City Monument Bank Plc
First City Monument Bank Plc Co-operative Dev. Bank plc Nigeria-American Bank Ltd 2005
All assets, liabilities and undertakings including real properties and intellectual properties rights of CBD, were transferred to FCMB and entire share capital cancelled. Also the entire assets, liabilities and the undertakings of NAMBL real property, and intellectual rights were transferred to FCMB plc. Both CDB and NAMBL were subsequently dissolved without winding up.
2 ordinary shares of FCMB for 9 ordinary share of Co-operative Bank of 50 kobo each. NAMBL will received 2 ordinary shares of 50 kobo of FCMB for 11 ordinary shares of N1.00
56. First Bank of Nigeria Plc
First Bank of Nigeria PLC FBN [Merchant Bankers] Ltd MBC International Bank Ltd 2005
All assets, liabilities and undertakings including real properties and intellectual property rights of FBNMB and MBC were transferred to First bank and the entire share capital of transferee banks were cancelled
1 ordinary share of FBN Plc for; 14 ordinary shares of FBNMB and 25 0rdinary shares of MBC Int’l Bank
57. Sterling Bank Plc
NBM Bank Plc, Magnum Trust Bank Plc, Trust Bank of Africa Plc, Indo- Nigeria Bank Ltd, and NAL Bank Plc 2005
All assets, liabilities & undertakings, including real properties and intellectual property rights of Indo-Nig. Bank, Magnum, NBM Bank and Trust Bank be transferred to NAL and the entire share capitals of the transformed banks be cancelled and dissolved without winding up.
14 ordinary shares of NAL for 10 Indo-Nigeria, 1 NAL for 1 Magnum, 3 NAL for 10 NBM, 1NAL for 1 Trust Bank of Africa.
Source: Securities & Exchange Commission
Nigerian Capital Market Statistical Bulletin – Volume 2 Page 60
TABLE 23 CONT’D: BUSINESS COMBINATION APPLICATIONS HANDLED BY SECURITIES & EXCHANGE COMMISSION (1982 – 2010)
S/N Acquiring company Target company(ies)
Year of Approval
Terms of Conversion/Business Combination Type Mode of settlement
58. Unity Bank Plc
Intercity Bank Plc , First Interstate Bank Plc Pacific Bank Limited, Tropical Commercial Bank Plc, Centre Point Bank Plc Societe Bancaire Nig. Ltd 2005
All assets, liabilities and undertakings Including real properties and intellectual rights of FIB, PB, TCB, SB and, CPB, were transferred to IC. The entire shares were cancelled and subsequently dissolved without winding up.
6 ordinary shares of Intercity for; 11 shares of First Interstate, 1 share of Intercity for 3 Tropical , 2 shares of Intercity for 5 Pacific Bank, 2 shares of Intercity for 25 Bancaires’, and 1 share of Intercity for 9 Center-Point Bank.
59. IBTC Chartered Bank Plc
IBTC Plc Chartered Bank Plc Regent Bank Plc 2005
All assets, liabilities & undertakings, including real properties and intellectual property rights of Chartered Bank and Regent Bank be transferred to IBTC. The entire share capital of Chartered Bank and Regent Bank be cancelled and dissolved without winding up.
4 IBTC ordinary shares for 5 Chartered Bank and 2 shares of IBTC for 15 shares of Regent Bank.
60. Platinum Habib Bank Plc
Platinum Bank Plc Habib Nig. Bank Plc 2005
All assets, liabilities & undertakings, including real properties and intellectual property rights of Habib be transferred to PlatinumHabiib Bank and the entire share capital of Habib Bank be cancelled. 13 Habib Bank for 17 Platinum Bank
61. Fidelity Bank Plc
Fidelity Bank Plc FSB Int’l Bank Plc Manny Bank Plc 2005
All assets, liabilities & undertakings, including real properties and intellectual property rights of FSB and Manny Bank be transferred to Fidelity and the entire share capital of FSB and Manny be cancelled.
8 Fidelity shares for 15 FSB Int’l and 2 Fidelity shares for 9 Manny Bank
62. SKYE Bank Plc
Prudent Bank Plc EIB Int’l Bank Plc Bond Bank Plc Reliance Bank Plc 2005
All assets, liabilities & undertakings, including real properties and intellectual property rights of Prudent, EIB, Bond Bank and Reliance Bank be transferred to SKYE and the entire share capital cancelled
1 Prudent for 1 EIB Int’l, 1 Prudent for 3 Bond Bank and 10 Prudent for 29 Reliance
All assets, liabilities & undertakings, including real properties and intellectual property rights of Afribank Int’l Merc. Ltd be transferred to Afribank Nig. Plc and the entire share capital of AIL be cancelled
64. Diamond Bank Plc Lion Bank Plc 2005 Acquisition 7 Diamond Bank shares for 25 Lion Bank Shares.
65. First Inland Bank Plc
First Inland Bank Plc NUB International Bank Plc IMB International Bank Plc 2006
All assets, liabilities & undertakings, including real properties and intellectual property rights of NUB and IMB be merged with those of First Inland Bank.
2 First Inland Bank for; 5 NUB Int’l Bank, 15 IMB Int’l Bank
66. Oceanic Bank Int’l Plc Oceanic Bank Int’l Plc International Trust Bank Plc 2006
All assets, liabilities & undertakings, including real properties and intellectual property rights of ITB be transferred to Oceanic Bank and the entire share capital of ITB be cancelled
The entire 1 billion ordinary shares of 50kobo each, issued share capital of ITB, were exchanged for a nominal value of N1.00.
Source: Securities & Exchange Commission
Nigerian Capital Market Statistical Bulletin – Volume 2 Page 61
TABLE 23 CONT’D: BUSINESS COMBINATION APPLICATIONS HANDLED BY SECURITIES & EXCHANGE COMMISSION (1982 – 2010)
S/N Acquiring company Target company(ies)
Year of Approval
Terms of Conversion/Business Combination Type Mode of settlement
67. Oceanic Bank Int’l Plc Oceanic Bank Int’l Plc International Trust Bank Plc 2006
All assets, liabilities & undertakings, including real properties and intellectual property rights of ITB be transferred to Oceanic Bank and the entire share capital of ITB be cancelled
The entire 1 billion ordinary shares of 50kobo each, issued share capital of ITB, were exchanged for a nominal value of N1.00.
68. United Bank for Africa Plc Continental Trust Bank Ltd 2005 Acquisition Cash
69. SKYE Bank Plc SKYE Bank Plc Cooperative Bank Plc 2006
All assets, liabilities & undertakings, including real properties and intellectual property rights of Cooperative Bank be transferred to SKYE Bank and the entire share capital of Cooperative Bank be cancelled 7 SKYE Bank for 10 Cooperative Bank
70. Spring Bank Plc
Citizens Int’l Bank Plc Guardian Express Bank Plc ACB Int’l Bank Plc Omega Bank Plc Fountain Trust Bank Plc Trans Int’l Bank Plc 2006
All assets, liabilities & undertakings, including real properties, intellectual property rights of Guardian Express, ACB, Omega, TIB and Fountain Trust are to be cancelled. Guardian Express, ACB, Omega, TIB and Fountain Trust will subsequently be dissolved. Citizen will be renamed Spring Bank Plc.
100 units of Citizens Bank for; 88 units of Guardian Express, 140 units of ACB Int’l, 52 units of Omega Bank, 43 units of Fountain Trust Bank and 399 units of Trans International Bank.
71. Union Bank Plc
Broad Bank Plc Universal Trust Bank Plc Union Merchant Bank Ltd 2006 Acquisition
1 Union Bank share for; 43 Broad Bank shares, 36 UTB shares and 17 Union Merchant Bank shares.
72. First City Monument Bank Plc
FCMB Plc Midas Bank Ltd 2006 Acquisition
FCMB acquired assets and Liabilities of Midas based on nominal purchase and additional payment will be due to shareholders after recovery of N700.0 million bad loans.
73. Wema Bank Plc National Bank Ltd 2006 Acquisition 1 Wema Bank ordinary share for 2 National Bank shares.
74. Unity Bank Plc
Unity Bank Plc Bank of the North Limited NNB International Bank Plc New Africa Bank Limited 2006
All assets, liabilities and undertakings Including real properties and intellectual rights of BONL NNB and NABL were transferred to Unity Bank Plc. The entire shares were cancelled and subsequently dissolved without winding up.
5, 4 and 1 Unity Bank shares for every 2 BON shares, 5 NNB shares and 5 New African Bank shares correspondingly
75. Custodian and Allied Insurance Plc
Custodian and Allied Ins. Ltd Signal Insurance Ltd 2006
All assets, liabilities & undertakings, including real properties, intellectual property rights of Signal be transferred to Custodian and the entire share capital of Signal be cancelled
53 ordinary shares of 50k of Custodian for every 50 ordinary shares of N1.0 of Signal
Source: Securities & Exchange Commission
Nigerian Capital Market Statistical Bulletin – Volume 2 Page 62
TABLE 23 CONT’D: BUSINESS COMBINATION APPLICATIONS HANDLED BY SECURITIES & EXCHANGE COMMISSION (1982 – 2010)
S/N Acquiring company Target company(ies)
Year of Approval
Terms of Conversion/Business Combination Type Mode of settlement
76. Custodian and Allied Insurance Plc
Custodian and Allied Ins. Plc Fire Equity & Gen. Ins. Ltd 2006
All assets, liabilities & undertakings, including real properties, intellectual property rights of FEGIC be transferred to Custodian & Allied Ins. and the share capital of FEGIC be cancelled
52 ordinary shares of 50k of Custodian for every 63 ordinary shares of N1.00 of FEGIC
77. International Energy Insurance Co. Ltd
Int’l Energy Insurance Co. Ltd Rivbank Insurance Co. Ltd 2006
All assets, liabilities & undertakings, including real properties, intellectual property rights of Rivbank be transferred to International Energy Insurance and the entire share capital of Rivbank cancelled
62 ordinary shares of 50k of IEI be exchange for every 25 ordinary shares of N1.0 of Rivbank
78. Standard Trust Assurance Plc
Standard Trust Assurance Plc Summit Insurance Co. Ltd 2006
All assets, liabilities & undertakings, including real properties, intellectual property rights of Summit be transferred to STACO and the entire share capital of Summit be cancelled
1 ordinary share of 50k of STACO for every 1 ordinary shares of 50k of summit
79. Royal Exchange Assurance Plc
Royal Exchange Assurance Plc Phoenix of Nig. Assurance Plc African Prudential Co. Ltd 2006
All assets, liabilities & undertakings, including real properties, intellectual property rights of Phoenix and African Prudential be transferred to Royal Exchange and the entire share capital of Phoenix and African Prudential be cancelled and the companies dissolved without winding up
4 and 1 ordinary shares of 50k each in Royal Exchange for every 11 and 1 ordinary shares of 50k each in Phoenix and African Prudential respectively
All assets, liabilities & undertakings, including real properties, intellectual property rights of NFI and Lamda be transferred to Aiico and the entire share capital of NFI and Lamda be cancelled while the companies will be dissolved without winding up
2 and 100 ordinary shares of 50k each in Aiico for every 3 and 117 ordinary shares in NFI and Lamda respectively
81. Flour Mills of Nig. Plc Flour Mills of Nig. Plc Golden Fertilizer Co. Ltd 2006
All assets, liabilities & undertakings, including real properties, intellectual property rights of Golden Fertilizer be transferred to Flour Mills and the entire share capital of Golden Fertilizer be cancelled while the company dissolved without winding up
Nominal transaction (Golden Fertilizers is wholly own by flour mills)
Goldlink acquired the assets, liabilities and business undertakings of Lexington and Lister based on issuance of 45,454,545 Goldlink shares to Lexington shareholders and payment of N30,000,000 to Lister shareholders in exchange for their shares
1 ordinary share N1.0 each of Sterling Assurance for every 2 ordinary shares of N1.0 each of Newline Insurance and 10,000 ordinary shares of N1.0 each of Sterling Assurance for every 1 ordinary shares of N1,000 each of Universe Reinsurance
88. Linkage Assurance Plc Linkage Assurance Plc Central Insurance Company Ltd 2007 Merger
200 ordinary shares of 50k each of Linkage Assurance for every 119 ordinary shares of N1.0 each of Central Insurance Company Plc
89. Regency Alliance Insurance Plc
Regency Insurance Plc Destiny Insurance Co. Ltd Nigerian Alliance Insu. Corp Ltd Capital Express Gen. Insu. Ltd 2007 Merger
6 ordinary shares of 50k each in Regency Alliance for every 5 ordinary shares of Regency Insurance, 26 ordinary shares of 50k each of Regency Alliance for every 20 ordinary shares of Destiny Insurance, 14 ordinary shares of Regency Alliance for every 10 ordinary shares of N1.00 each of Nigerian Alliance Assurance and 24 ordinary shares of 50k each of Regency Alliance for every 25 ordinary shares of Capital Express.
Source: Securities & Exchange Commission
Nigerian Capital Market Statistical Bulletin – Volume 2 Page 64
TABLE 23 CONT’D: BUSINESS COMBINATION APPLICATIONS HANDLED BY SECURITIES & EXCHANGE COMMISSION (1982 – 2010)
S/N Acquiring company Target company(ies) Year of
Approval
Terms of Conversion/Business Combination Type Mode of settlement
90. Capital Express Insurance Company Ltd
Capital Express Insu. Com. Ltd Regency Life Assur & Pension Ltd 2007 Merger
1 ordinary share of N1.0 each of Capital Express for every 5 ordinary shares of 50k each of Regency Life Assurance.
91. NEM Insurance Plc NEM Insurance Plc Vigilant Insurance Com.0 Ltd 2007 Merger
100 ordinary shares of NEM Insurance for every 103 ordinary shares of Vigilant Insurance Company.
92. Kapital Insurance Company Ltd
Kapital Insurance Company Ltd Intercontinental Assu. Com. Ltd Global Commerce & Gen. Assur. Co. Ltd 2007 Merger
3 ordinary of N1.0 each of Kapital Insurance for every 2 ordinary shares of N1.0 each of Intercontinental Assurance and 5 ordinary shares of N1.0 each of Kapital Insurance for every 21 ordinary shares of 50k each of Global Commerce & General Assurance.
2 ordinary shares of 50k each of Aiico Insurance for 3 ordinary shares of N1.0 each of NFI Insurance and 100 ordinary shares of 50k each of Aiico Insurance for every 117 ordinary shares of N1.0 each of Lamda Insurance.
97. Royal Exchange Assurance Plc
Royal Exchange Nig. Plc Phoenix Assurance of Nig. Plc African Prudential Ins. Co. Ltd 2007 Merger
4 ordinary shares of 50k each of Royal Exchange for every 11 ordinary shares of 50k each of Phoenix Assurance and 1 ordinary shares of 50k each of Royal Exchange for every 1 ordinary shares of N2.0 each of African Prudential.
Source: Securities & Exchange Commission
Nigerian Capital Market Statistical Bulletin – Volume 2 Page 65
TABLE 23 CONT’D: BUSINESS COMBINATION APPLICATIONS HANDLED BY SECURITIES & EXCHANGE COMMISSION (1982 – 2010)
S/N Acquiring company Target company(ies) Year of
Approval
Terms of Conversion/Business Combination Type Mode of settlement
52 ordinary shares of 50k each of Custodian Insurance for every 63 ordinary shares of N1.0 each of Fire, Equity & General Insurance.
99. Leadway Assurance Company Ltd Atlantic Assurance Ltd 2007 Acquisition
Shareholders of Atlantic Assurance received N265.7 million for the acquisition of the entire shares of the company by Leadway Assurance.
100. Crusader Insurance Plc
Golden Insurance Ltd Refuge Insurance Ltd Royal Trust Assurance Ltd 2007 Acquisition
50 ordinary shares of Crusader Insurance for every 291 ordinary shares of Golden Insurance, 100 ordinary shares of Crusader for every 313 ordinary shares of Royal Trust and 100 ordinary shares of Crusader for every 2749 ordinary shares of Refuge Insurance.
101. Diamond Bank Plc Diamond Bank Plc African Development Ins. Co. Ltd 2007 Acquisition
Shareholders of African Development Insurance Company received N539.75 million for the acquisition of the 95% of the company’s shares by Diamond Bank.
102. Sona Systems Associates Management Ltd
Sona Breweries Plc Food, Agro & Allied Industries Ltd International Beer & Beverages 2007 Acquisition
Shareholders of Sona Breweries, Food, Agro & Allied Industries and International Beer & Beverages received from Sona Systems the sum of N640.368 million, N661,165,254.55 and N227.514 million respectively for the acquisition of the entire assets of the companies.
Source: Securities & Exchange Commission
Nigerian Capital Market Statistical Bulletin – Volume 2 Page 66
TABLE 23 CONT’D: BUSINESS COMBINATION APPLICATIONS HANDLED BY SECURITIES & EXCHANGE COMMISSION (1982 – 2010)
S/N Acquiring company Target company(ies) Year of
Approval
Terms of Conversion/Business Combination Type Mode of settlement
103. Industrial & General Insurance Company Ltd Nasal Insurance Ltd 2007 Acquisition
1 ordinary share of IGI for every 7 ordinary shares of Nasal
104. Oando Marketing Ltd Oando Plc 2007 De-merger
Oando Marketing Ltd received assets worth N16.386 billion for 49,750,000 ordinary shares of N1.0 each of Oando Plc. Oando Marketing thus became a separate entity from Oando Plc
Payment of net consideration of $4,227,476 by issuance of 7,410,232 ordinary shares of Niger Delta Exploration & Production Plc, representing 50% of the amount and $2,223,062 worth Niger Delta Petroleum Resources Ltd Irredeemable Participating Investment Notes (IPINs).
Payment of net consideration of $2,361,150 by issuance of 6,746,143 ordinary shares of N10.0 each in Niger Delta Exploration & Production Plc to the shareholders of Chemur Ltd
Issuance of 118,177,993 ordinary shares of Oando Plc for 11,765,889 fully paid ordinary shares of Ocean & Oil Investments in Oando Energy Services Ltd, Oando Production & Development Co. Ltd, Oando Exploration & Production Ltd, Oando Supply & Trading Ltd and Oando Trading (Bermuda) Ltd. 12 identified minority shareholders of Gaslink Nig. Ltd received 63,591,633 ordinary shares of Oando Plc for 635,916,330 ordinary shares of Gaslink Nig. Ltd.
Payment of net consideration of $2,361,150 by issuance of 6,746,143 ordinary shares of N10.0 each in Niger Delta Exploration & Production Plc to the shareholders of Chemur Ltd
Source: Securities & Exchange Commission
Nigerian Capital Market Statistical Bulletin – Volume 2 Page 67
TABLE 23 CONT’D: BUSINESS COMBINATION APPLICATIONS HANDLED BY SECURITIES & EXCHANGE COMMISSION (1982 – 2010)
S/N Acquiring company Target company(ies) Year of
Approval
Terms of Conversion/Business Combination Type Mode of settlement
Payment of net consideration of $2,361,150 by issuance of 6,746,143 ordinary shares of N10.0 each in Niger Delta Exploration & Production Plc to the shareholders of Chemur Ltd
Issuance of 118,177,993 ordinary shares of Oando Plc for 11,765,889 fully paid ordinary shares of Ocean & Oil Investments in Oando Energy Services Ltd, Oando Production & Development Co. Ltd, Oando Exploration & Production Ltd, Oando Supply & Trading Ltd and Oando Trading (Bermuda) Ltd. 12 identified minority shareholders of Gaslink Nig. Ltd received 63,591,633 ordinary shares of Oando Plc for 635,916,330 ordinary shares of Gaslink Nig. Ltd.
All the assets, Liabilities and undertakings including real properties of Cook ‘N’ Light Nig. Plc were transferred to Tower Aluminium Nig. Plc.
Cash payment of N1.54 billion in exchange for every 1 ordinary share of 50k each of Cook “N” Lite Nigeria Plc
112. Sovereign Trust Insurance Plc
Sovereign Trust Insurance Plc Coral Int’l Insurance Company Ltd Prime Trust Insurance Co. Ltd 2008 Merger
11 ordinary shares of Sovereign Trust for every 15 ordinary shares of Confidence Insurance, 8 ordinary shares of Sovereign Trust for every 5 ordinary shares of Coral Int’l Insurance and 7 ordinary shares of Sovereign Trust for every 16 ordinary shares of Prime Trust
The transaction was a nominal transfer of 100% equity in Baytide Nig. Ltd, involving 20 million ordinary shares of N1.0 each to Tantalizers Ltd.
Source: Securities & Exchange Commission
Nigerian Capital Market Statistical Bulletin – Volume 2 Page 68
TABLE 23 CONT’D: BUSINESS COMBINATION APPLICATIONS HANDLED BY SECURITIES & EXCHANGE COMMISSION (1982 – 2010)
S/N Acquiring company Target company(ies) Year of
Approval
Terms of Conversion/Business Combination Type Mode of settlement
115. Consolidated Hallmark Insurance Plc
Hallmark Assurance Plc Nigerian General Ins. Co. Ltd 2008 Acquisition
375 ordinary shares of Consolidated Hallmark Insurance for every 100 ordinary shares of Hallmark Assurance and 120 ordinary shares of Consolidated Hallmark Assurance for every 100 ordinary shares of Nigerian General Insurance Company Ltd.
116. Damnaz Cement Company Ltd
Cement Company of Northern Nigeria Plc 2008
Acquisition of 50.7% Holdings of Scancem International in Cement Company of Northern Nigeria Plc by Damnaz Cement
Scancem Nig. Ltd received a cash payment of N3,453,580,080 from Damnaz Cement Company for its 637,403,152 ordinary shares or 50.7% holdings in Cement Co
Shareholders of Insignia Print received 540,000,000 ordinary shares of Dufil Prima for their 999,999 ordinary shares of N1.0 each and Shareholders of De-United Foods received 1,223,333,334 ordinary shares of Dufil Prima for their 59,999,998 ordinary shares of N1.0 each.
120. FCMB Capital Markets Ltd CSL Stockbrokers Ltd City Securities Registrars Ltd 2008 Acquisition
CSL Stockbrokers and City Securities Registrars received N6.65 billion and N995 million respectively from FCMB Capital Market Ltd in consideration of their issued and fully paid shares.
The entire equity holdings of VGC Communications Ltd was purchased at the cost of N8.35 billion by MTN Nigeria Ltd.
Source: Securities & Exchange Commission
Nigerian Capital Market Statistical Bulletin – Volume 2 Page 69
TABLE 23 CONT’D: BUSINESS COMBINATION APPLICATIONS HANDLED BY SECURITIES & EXCHANGE COMMISSION (1982 – 2010)
S/N Acquiring company Target company(ies) Year of
Approval
Terms of Conversion/Business Combination Type Mode of settlement
122. Gyallesu Community Bank Ltd Kudandami Community Bank Ltd 2008 Acquisition
1 ordinary share of Gyallesu Community Bank for every 1 ordinary share of Kudandami Community Bank
123. Bank PHB Plc Spring Bank Plc 2008 Takeover
Bank PHB took over the management of Spring Bank after acquiring 33% of Spring Bank. Bank PHB thereafter bid to purchase 26.97% of issued and paid-up capital of Spring Bank.
124.
West Africa Household Utilities Manufacturing Company Limited (WAHUM)
Battery Manufacturing Company Nigeria Limited (BAMCO) 2009 Merger
Shareholders of BAMCO were paid N6.67 per every share held
125. Crown Flour Mills Ltd Interstate Flour Mills Ltd and Mix and Bake Flour Mills Industries 2009 Merger
Four (4) ordinary shares of Interstate Flour Mills Ltd to every Five (5) ordinary shares of Crown Flour Mills Ltd; and Five (5) ordinary shares of Mix and Bake Industries to every four (4) ordinary shares of Crown Flour Mills
126. Lasaco Insurance Plc Elmac Insurance Company Ltd 2009 Acquisition
For the Acquisition of 100% equity of Elmac, its shareholders will receive One (1) ordinary share of Lasaco Insurance Plc for every forty two (42) ordinary shares held
127. Niger Delta Exploration and Production Plc
Investors in the Irredeemable Participating Investment Notes (IPINs) of Niger Delta Exploration and Production Plc 2009 Acquisition
Acquisition/Cancellation of 3,393,589 IPINs by payment of $10,542,620.23, representing 30% and a total of 18,727,321 ordinary shares of Niger Delta Exploration and Production Plc
128. Ecobank Nigeria Plc African International Bank Ltd 2009 Acquisition
A total of N65,000,000 was paid to the shareholders of African International Bank by Ecobank Nigeria Plc based on N65 per share
A total of N6.65 billion and N995.0 million were paid for 100% equity of CSL Stockbrokers and CSL Registrars at a unit price of N66.5 and N19.90 respectively.
Source: Compiled from the World Development Indicator *US$ price change in the stock markets covered by the S&P/IFCI and S&P frontier BMI country indices
Nigerian Capital Market Statistical Bulletin – Volume 2 Page 73
Chart 6: NUMBER OF LISTED COMPANIES ON THE STOCK EXCHNAGE OF SOME SELECETED AFRICAN COUNTRIES (2006 – 2010)
Source: World Development Indicator Chart 7: MARKET CAPITALISATION OF SOME AFRICAN STOCK MARKET (2006 – 2010)
Source: World Development Indicator
Nigerian Capital Market Statistical Bulletin – Volume 2 Page 74
TABLE 25: STOCK MARKET INDICATORS FOR SOME SELECTED EMERGING MARKETS 2006 - 2010
Country
S/N of Listed Companies Market Capitalization US$ (million) Turnover Ratio % S&P Global Equity Indices Annual %
Source: Compiled from the World Development Indicator *US$ price change in the stock markets covered by the S&P/IFCI and S&P frontier BMI country indices
Nigerian Capital Market Statistical Bulletin – Volume 2 Page 75
TABLE 26: STOCK MARKET INDICATORS FOR SOME SELECTED DEVELOPED MARKETS 2006 - 2010
Country S/N of Listed Companies Market Capitalization US$ (million) Turnover Ratio % S&P Global Equity Indices Annual
United States of America 5,133 5,130 5,603 4,401 4,279 19,425,855 19,947,284 11,737,646 15,077,286 17,138,978 182.8 216.5 230.2 348.6 189.1 13.6 3.5 -39.0 23.5 12.8
Source: Compiled from the World Development Indicator *US$ price change in the stock markets covered by the S&P/IFCI and S&P frontier BMI country indices