A Lebanese. Businessman, Mohammed El-Khalil, who came to Nigeria for the first time in 1926 founded the company. Since then, it haas metamorphosed from a very successful transport business (El-Khalil Transport), in a bid to diversify the then largest transport company in the entire West of Africa. On October 1, 1960, the exact day Nigeria gained her independence, Nigerians also experienced the birth of a soft drinks giant. It was on that day that the first bottle of 7-Up rolled out from the factory located in Ijora, Lagos.
Since then, 7-Up has continued to grow steadily. In the late 80s, it established two more plants in Ibadan and Ikeja. In the early 1990s when Pepsi International took over 7-Up international, it again got great opportunities to introduce the Pepsi brand to the Nigerian people. Today, the company has its headquarters in Beirut, Lebanon and operational bases in three African countries- Nigeria, Tanzania and Ghana. The company currently operates from eight plants in Nigeria. They are: Ibadan, Ikeja, Kaduna, Ilorin, Kano, Enugu, Aba and Benin.
SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC
LONG-TERM INCENTIVE PLAN
Stanbic IBTC Stockbrokers Limited has notified The Nigerian Stock Exchange that its client, Seplat Petroleum Development Company Plc is set to list the Seplat Long-Term Incentive Plan (“Seplat LTIP”) following the conclusion of the Seplat Initial Public Offer in 2014.
The Seplat Petroleum Development Company Plc Long-term Incentive Plan (Seplat LTIP) was approved and disclosed in the Prospectus that was issued in April 2014 and the revision was made to the earlier approval in June 2014. At its Annual General Meeting held in June 2014, the shareholders of Seplat Petroleum Development Company Plc approved the Long-Term Incentive Plan for the company’s staff, which is intended to increase the employee productivity, morale and loyalty by focusing their performance more on long-term goals through tying employee performance to rewards.
The Seplat LTIP is made up of:
* Global Offer Bonus:
This is granted to the Company’s Executive Directors and senior management as a reward for their contribution to achieving a successful Global Offer and disclosed in the Prospectus dated 9th April 2014 issued in connection with the Company’s Initial Public Offer. A total of 7,745,945 shares qualify as Global Offer Bonus shares out of which 3,872,972.50 shares vest immediately but will be held till 2015 and 3,872,972.50 will vest after 2 years.
* Annual Bonus:
This is a performance-related deferred annual bonus award by reference to performance against objective performance targets during the previous financial year.
* Non-Executive Directors Share Scheme:
All non-executive who have served on the board for at least nine months as at the date of the Global Offer are eligible to subscribe to Ordinary Shares of the Company with an equivalent value of 200,000 pounds based on the UK Global Offer Share Price at the nominal value of the shares based on the Global Offer share price. The legal and beneficial ownership of the shares will vest in the Directors from the subscription date, with a restriction on the sale of the shares, such that the Directors cannot sell or encumber any of the shares until the first anniversary of the Global Offer at which point they may sell up to 50% of the Scheme Shares while any of the remaining 50% cannot be sold until after the second anniversary of the Global Offer.
It is the intention of Seplat to issue the LTIP shares at nominal cost to the Company as part of the agreed employee incentive scheme in consideration of their services to the Company over a period of time. The Company will pay the cost of the shares at nominal price from its profit and allotment will be made from the Company’s Authorised Share Capital and will not be bought on the floor of the NSE. The shares are to be
issued from the unissued shares of the Company at nominal price and allotted to the employees/Trustees at nominal price too.
The Prices of Presco and NEM were marked down today for Dividend of N1.00 and 6 kobo
UNITY BANK PLC
EXPIRATION OF TENURE OF EXECUTIVE DIRECTOR
Unity Bank Plc (“the Bank”) has notified The Nigerian Stock Exchange that following the expiration of the second tenure of Mr. Ahmed Yusuf as an Executive Director, the Board of Directors of the Bank at its meeting held on 7 May 2015 approved his exit from the Bank with effect from 1st July 2015.
BERGER PAINTS NIGERIA PLC
Appointment of a New Company Secretary/Legal Adviser
Berger Paints Nigeria Plc (“the company”) has notified The Nigerian Stock Exchange of the appointment of Mrs. Oluseun Oluwole as the new Company Secretary/Legal Adviser with effect from 1 July 2015.
Mrs. Oluwole is a lawyer and a Chartered Secretary who graduated from the University of Kent at Canterbury, UK with a degree in law. She also holds a Masters degree in Corporate & Commercial Law from University College London, UK as well as Masters degree in Accounting & Finance from University of Kingston, UK.
She is a member of Nigerian Bar Association, Business Recovery & Insolvency Practitioners Association of Nigeria, the Nigerian Institute of Management and the Institute of Chartered Secretaries & Administrators, UK.
After an internship at the International Court of Arbitration, she commenced her career with Akintola Williams Deloitte as an Audit Assistant. Subsequently, she has practiced various aspects of corporate law at internationally rated law firms and worked as an external company secretary to several local and international companies.
She has also functioned as the Acting Director-General of the Nigerian British Chamber of Commerce. Her most recent role was as the Head of the Training & Executive Search/Selection Unit at DCSL Corporate Services Ltd.
Mrs. Oluseun Oluwole takes over from Pheola Caulcrick & Co. the erstwhile Company Secretary of Berger Paints Nigeria Plc.