The Nigerian Exchange Limited (NGX), today, announced the listing of Ronchess Global Resources Plc and also facilitated the financing of over N5 trillion in capital raised by governments and corporates so far in 2021.
The Chief Executive Officer, NGX, Temi Popoola made this known during the Closing Gong Ceremony to commemorate the successful listing of 91,000,000 ordinary shares of Ronchess on the Growth Board of the exchange, held last Friday.
Represented by the Divisional Head, Listing Business, NGX, Olumide Bolumole, Popoola stated that the NGX All Share Index (ASI) has continued to remain resilient in the face of major macro-economic shocks including; increased insecurity, foreign exchange volatility amongst others.
He noted that in spite of the challenges, the NGX has continued to play its role as a capital aggregator connecting investors with opportunities across sectors including in infrastructure through companies such as Ronchess, “In the course of year, our support for capital raising have continued with NGX facilitating the financing of over N5 trillion in capital raised by governments and corporates.”
Whilst congratulating Ronchess Global Resources’ effort in listing its shares, the NGX CEO said, the exchange is quite optimistic that the listing will spur activities on the Growth Board even as it continues to encourage businesses to list their securities in the market and investors to deploy capital across its various financial products.
“Today’s new entrant to NGX, Ronchess, is a leading provider of traffic solutions, construction, and procurement services in Nigeria with a large client base cutting across corporates and MDAs. This listing signals the importance of the Growth Board and reinforces NGX’s commitment to supporting issuers in achieving their strategic objectives,“ he said.
In his remarks, Managing Director, Ronchess Global Resources Plc, Mr. Jackson Ukuevo, expressed profound gratitude to the board and management of Nigerian Exchange Limited and Securities and Exchange Commission (SEC) for the regulatory approval given to Ronchess to list on NGX today.
He further thanked all the professional parties to this transaction; Signature Advisory Limited – the Institutional Service Provider, FSDH Capital Limited – the Broker to the transaction and Mainstreet Capital Limited – the Financial Adviser among others for their hard work and dedicated efforts towards the actualization of a successful listing.
The Growth Board is designed to encourage growth-oriented companies to leverage the capital market in raising long-term capital, stimulate growth, and promote liquidity. The board targets fast-growth companies such as Ronchess, who have demonstrated the appetite to enhance their attractiveness in the global market and connects them with an extensive pool of both local and international investors.
Wilde, Fakhoury to Lead Teneo’s Restructuring Operations in Middle East
By Aduragbemi Omiyale
The duo of Matthew Wilde and Elie Fakhoury has been appointed to lead the financial advisory and restructuring operations of Teneo in the Middle East.
Teneo is a global CEO advisory firm with an already strong presence in the region where it provides a wide range of strategic communications, management consulting, and risk advisory services from offices in Riyadh, Dubai, and Doha.
To expand its operations, Teneo launched its Financial Advisory business and wants Wilde and Fakhoury to play significant roles. They most recently worked together at AlixPartners.
Wilde is one of the region’s most experienced restructuring practitioners. He led PwC’s restructuring and M&A teams in the region for many years until 2019.
He has also played significant roles in many of the largest and most complex restructurings in the region including Arabtec, NMC Healthcare, Al Jaber, Saudi Oger, Dubai World, DryDocks World and OW Bunker, among many other projects.
With over 15 years’ experience of working in the region, Fakhoury has successfully planned and led both large-scale turnaround programs as well as operational improvement and balance sheet restructuring projects for a broad range of clients including The Abraaj Group, Arabtec, JBF RAK and many others.
“We are delighted to welcome both Matthew and Elie to Teneo as we accelerate our expansion in key markets around the world,” said Daniel Butters, CEO of Teneo’s Financial Advisory business. “The Middle East represents a significant opportunity for our business and we look forward to continuing to grow our regional team and offering in the weeks and months ahead.”
Nick McDonagh, Senior Managing Director and Head of Teneo in the region said: “We are excited to have such an experienced team in Matthew and Elie join us in the Middle East. Their industry reputation and operational and financial advisory expertise will add another layer of sophistication to our integrated offering.
“Their arrival also highlights the exponential growth we have seen in our global financial advisory practice since the acquisition of the Deloitte UK restructuring business less than a year ago. We look forward to quickly integrating our new colleagues into our broader service offering to help accelerate our growth in the region.”
“To be joining such a dynamic and fast-growing business as Teneo is incredibly exciting. I am looking forward to combining our restructuring and financial advisory experience with Teneo’s market-leading strategic and financial communications, management consulting and risk advisory capabilities.
“In doing so, we can uniquely provide CEOs with what really matters to them when dealing with their most challenging business issues,” Wilde said.
“Our ability to combine our financial and operational restructuring strengths with Teneo’s “one-firm” collaborative culture, unique CEO advisory model, global network, and wide range of functional expertise will make Teneo’s offering truly unique in this region,” Fakhoury added.
House of Reps adopts Electoral Act amendment bill
The House of Representatives has amended the controversial clause 84 of the Electoral Act Amendment Bill by adopting a harmonised version of the Clause with that of the Senate.
On Tuesday, the houses amended the clause by adding “consensus” as a third option for the nomination of candidates of political parties for election in the Electoral Act (Amendment) Bill, 2021.
Recall, the president refused to assent to the bill on the account of the said clause 84. However, the lawmakers adopted a harmonised version of Clause 84 of the Bill with that of the Senate.
What the lawmakers are saying
Adding consensus brings the options to three – direct primaries, indirect primaries and nomination by consensus.
The speaker of the House of Representatives, Femi Gbajabiamila told the house that the step became necessary in order to speed up the passage of the bill and its transmission to President Muhammadu Buhari for his assent.
He said the house had concluded its task on the Amendment to the Electoral Act by passing the amendment to Clause 84 on the mode of conducting primaries by parties to produce candidates.
The speaker said without the consensus option in the House’s version of the bill would mean that both chambers would have to raise conference committees to reconcile their differences which could further delay the bill, which was needless.
Rep Benjamin Kalu, the Spokesperson of the House of Reps told newsmen that the house observed that the Senate added consensus which was not part of the president’s recommendations.
He said the house in its wisdom admitted that such differences in the mode of party primaries by the two chambers could be an issue that would cause a delay in the president assenting to the bill.
“So, we decided to waive the house rule to enable us, look at other options that will satisfy the needs of time. The political parties are calling for full options, which are direct, indirect and consensus.
“And where such consensus fails, it shall go to direct or indirect primary or a special convention shall be held to ratify the choice of a consensus candidate,” he said.
In case you missed it
Nairametrics had reported that the house of reps rescinded its decision on the adoption of direct primaries as the only mode of selection of candidates to represent parties during elections in the Electoral Act Amendment Bill.
... House of Reps adopts Electoral Act amendment bill Read More on ... Nairametrics.