E-Business
Flour Mills Acquires Majority Stake in Honeywell Flour Mill
Flour Mills of Nigeria Plc, has announced that its reached consensus agreement with Honeywell Group Limited to acquire majority stake in Honeywell Flour Mills Plc.
The agreement enables Flour Mills to purchase 71.69 per cent stake in Honeywell, while a separate pact with FBN Holdings Group allows the miller to acquire the financial services group’s stake of 5.06 per cent in Honeywell, bringing its consolidated holding in Honeywell to 76.75 per cent.
Quoting a regulatory filing note at the Nigerian Exchange Limited on Monday, newsmen report that the deal could mean Flour Mills will be taking over about 6.09 billion units of Honeywell’s 7.93 billion ordinary shares, priced at an opening price of N3.39 per unit on Monday.
It said the disposal of the 71.69 percent stake by Honeywell will be conducted on the basis of an enterprise value N80 billion.
The key highlights of the proposed transaction are as follows:
- HGL will dispose of a 71.69% stake in HFMP to FMN based on an enterprise value of NGN80 billion. The final equity price per share payable will be determined based on HFMP’s adjusted net debt and net working capital at the date of completion.
- The proposed combination is subject to approval from the appropriate regulators.
- The complementary transaction combines FMN’s market-leading offerings that include grain-based foods, sugar, starches, oils, spreads and breakfast cereals with HFMP’s market leading diverse and differentiated range of carbohydrate products.
- Stakeholders would benefit from the more than 85-year combined track record of FMN and HFMP and their shared goal of making affordable and nutritious food available to Nigeria’s population.
- The scale of the transaction provides employees of the consolidated company with more career development opportunities in a larger organisation, with the potential to create more jobs in the economy as it will have more brands and categories, and a larger and more geographically diverse footprint.
- Customers across the nation will benefit from access to a wider product range and a robust pan-Nigerian distribution network, accessing greater number of points of sale supported by enhanced customer-focused sales teams and redistribution capabilities.
- The combination will also serve as a catalyst for an even stronger stream of innovation that is focused on local content offerings.
- The country and its food security agenda will benefit from both companies’ focus on developing Nigeria’s industrial capability, its agricultural value chain and specifically backward integration of the food industry.
- Nigeria presents vast opportunities, particularly in light of the country being the largest market on the continent as well as a signatory of AfCFTA.
- HFMP’s listing will be retained for the foreseeable future. Minority shareholders of HFMP will be treated fairly and in line with capital market regulation. Further information will be provided within the required channels and timeframes.
Commenting on the transaction, Obafemi Otudeko, managing director, Honeywell Group Limited said: “Today’s announcement is in line with the evolution of Honeywell Group and our vision of creating value that transcends generations.
“For over two decades, we have supported Honeywell Flour Mills to build a strong business with a production capacity of 835,000 metric tonnes of food per annum.
“Following the transaction, Honeywell Group will be strongly positioned to consolidate and expand its investment activities, including as a partner of choice for investors in key growth sectors.”
Omoboyede Olusanya, group managing director of Flour Mills of Nigeria, said: “The proposed transaction is aligned with our vision not only to be an industry leader but a national champion for Nigeria.
“We believe that this will create an opportunity to combine the unique talents of two robust businesses.
“As a result, we will have a better-rounded and more comprehensive skill set available to us as a combined diversified food business, thus enabling us to better serve our consumers, customers and other stakeholders, whilst providing employees with access to broader opportunities.”
Nigeria Data Protection Commission (NDPC) has said the certification of data protection professionals in the country will significantly reduce capital flight and create more than 500,000 jobs in the sector.
L-r: Dr. Vincent Olatunji, executive commissioner, NDPC and Dr. Oyedokun Oyewole, president of the Institute of Information Management,
Dr. Vincent Olatunji, executive commissioner, NDPC, stated this at the presentation of the certificate of licence to the Institute of Information Management (IMF) in Abuja.
He said the certification of data protection professionals would not only enhance the protection of personal data, but also boost the country’s economic growth and development.
The projection comes as the commission intensifies efforts to promote data protection and privacy in Nigeria’s rapidly growing digital economy.
According to Dr. Olatunji, the move aims to enhance the capacity of organisations to protect personal data and promote compliance with Nigeria’s data protection regulations.
Establishing a local institution to train and certify Nigerians would significantly enhance local content in the sector, the NDPC boss hinted.
The commission, he assured his audience, was already exploring the possibility of implementing the licencing framework across Africa—a move that could potentially harmonise data protection standards and expertise across the continent.
Dr. Oyedokun Oyewole, president of the Institute of Information Management, said the licence would effectively address the existing gap in the data protection ecosystem, providing a much-needed solution.
Recalling that the certification process began in 2021, Dr. Oyewole reaffirmed the institute’s dedication to excellence, pledging to provide top-notch education in data protection and set a benchmark for the country’s education system in this field.
The IIM’s certification programmes will cover essential topics such as data protection principles, risk management, and compliance with the Nigeria Data Protection Regulation (NDPR).
The initiative is expected to boost the confidence of organisations and individuals in the country’s data protection landscape.
Nigerian Consumer Credit Corporation (CrediCorp), has partnered Fintech Association of Nigeria (FinTechNGR) to drive consumer credit scheme initiative through a robust payment platform that would be provided by members of FinTechNGR.
Speaking at a Social Meet in Lagos, organised by FinTechNGR, with the theme: “Augmenting the Future, AI, Credit and Transformation of Nigerian Finance,” the Chairman, CrediCorp Board of Directors, Aderemi Abdul-Bojela, said members of FinTechNGR would have specific roles to play in the partnership, in the areas of providing robust platform for money transfer, technology evaluation, among others.
“Today, CrediCorp is engaging with members of FinTechNGR in a social interactive gathering to discuss collaboration and support for the growth of Consumer Credit Corporation in Nigeria. We want to interact to understand how technology will drive the crediCorp initiative in Nigeria and also to understand the role that members of FinTechNGR will play in all of these initiatives around CrediCorp,” Abdul-Bojela said.
Describing the partnership as a welcome development that will enhance savings culture among Nigerians, the Chief Operating Officer (COO) of FinTechNGR, Dr. Babatunde Obrimah, said: “FinTechNGR is an enabler of technology advancement in Nigeria. We bring the players together to drive technology innovation.
“Our role in the FinTechNGR-CrediCorp partnership is to ensure that our members support the growth of consumer credit in Nigeria, by providing the relevant payment platforms for all financial transactions among the banks who are the lenders, the customers who are the burrowers and the CrediCorp who is the guarantor.”
Speaking about the benefits for Nigerians, Obrimah said the Consumer Credit Corporation in Nigeria would enhance the country’s credit culture and enable Nigerians to save and plan well with their savings. “The initiative will address inflation, help in liquidity flow, build trust in customers’ borrowing, boost credit culture and enhance the culture of savings among Nigerians,” Obrimah said.
Addressing the issue of risk and consumer trust, Abdul-Bojela said the CrediCorp has put measures in place to ensure that the banks that would be involved in lending, would be protected and guaranteed of the repayment of the loans within the CrediCorp ecosystem.
He said there would be an independent management that would ensure that the right technology is put in place to recover all monies.
Kashifu Abdullahi, director general of the National Information Technology Development Agency (NITDA), announced plans to integrate digital literacy into Nigeria’s education system, to achieve a 70% literacy rate by 2027 and 95% by 2030.
Kashifu Abdullah, DG, NITDA
The NITDA’s DG made the announcement on Wednesday in Abuja during a media parley.
He stated that in order to include digital literacy in the curriculum at all educational levels, from kindergarten to university, the Agency was collaborating with the Federal Ministry of Education.
Abdullahi, said that this program would equip Nigerians with the digital know-how and abilities they need to succeed in the digital economy.
He emphasized that NITDA would also launch the “Digital Literacy for All Initiative” to educate Nigerians outside the formal education system and provide access to quality digital content.
Nigeria would train over two million young people in in-demand IT skills in order to become significant global outsourcing hub
NITDA is also collaborating with the Defence Headquarters and security agencies to develop digital solutions to address security concerns, including the use of drones, artificial intelligence, and other digital resources to combat banditry, abduction, and terrorism, he said.
According to him, the agency’s draft SRAP 2.0 plan aims to establish Nigeria as a digitally empowered nation, with a focus on innovation, national prosperity, and inclusivity.
The director general of NITDA added that, if successfully implemented, this strategy could propel Nigeria into a new phase of digital empowerment and leadership in the global digital economy.
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