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EXPLAINER: Transcorp, Access Holdings as New Brides for Stock Investors Transnational Corporation of Nigeria (Transcorp) Plc and Access Holdings Plc were the most-sought after stocks at the market as investors scrambled to take positions in the two companies. Trading report at the weekend indicated that Transcorp was the most-traded stock and the highest gainer at the Nigerian Exchange (NGX), with the conglomerate’s share pricing rising by 45 per cent. Access Holdings was the second most-active stock with the second largest turnover, with the intense bargain-hunting driving the holding company’s share price up by 11.86 per cent, one of the 10 highest gains during the week. Investors staked N5.94 billion on 3.04 billion shares of Transcorp in 1,171 deals. The open market buy orders pushed Transcorp’s share price up by 44.97 per cent from its week’s opening price of N1.69 to N2.45 per share. Access Holdings, which released its audited results for 2022 and 2023 first quarter results during the week, recorded a turnover of 157.79 million shares worth N1.54 billion in 709 deals. The holding company’s share price also rose from its week’s opening price of N8.85 per cent to close weekend at N9.90 per share. Transcorp has been the most-sought after company at the stock market in recent days after Lagos businessman and an energy investor, Mr. Femi Otedola, made a move for the conglomerate. The board of Transcorp at the weekend confirmed that the billionaire business mogul was behind multi-billion-naira equity deals on Transcorp. The high-stake positioning in Transcorp had sent other investors scouting for the shares of the conglomerate. The management of Transcorp said it Otedola had acquired 2.246 billion ordinary shares of 50 kobo each, representing 5.52 per cent equity stake in the conglomerate. The board of Transcorp described the Otedola’s investment as “expression of confidence in its leadership and management” as the group continues its unwavering commitment to superior stakeholders’ returns, anchored in our ideology of Africapitalism. “Rest assured of our commitment to remain resolute in executing our group’s strategy of making strategic investments in key sectors within the Nigerian economy, our transformation agenda and our ability to contribute positively towards building prosperity for all,” Transcorp stated. Otedola’s 5.52 per cent equity stake in Transcorp is above the five per cent threshold set by the market as benchmark for material or significant investment. Transcorp, one of the largest publicly quoted conglomerates, has businesses in the power, hospitality, agribusiness and oil and gas sectors. Its notable businesses include Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power and Transcorp Energy. Transcorp had strengthened its position as a leading player in the power sector with the successful acquisition of 100 per cent ownership stake in Afam Power Plc and Afam III Fast Power Limited, together with a combined installed capacity of about 1,000MW, bringing the group’s total power generation capacity to approximately 2,000 MW. The board of Access Holdings had last week recommended distribution of N53.32 billion as cash dividends for the 2022 business year. Access Holdings’ shareholders will receive a final dividend of N1.30 per share in addition to an interim dividend of 20 kobo, representing a total dividend per share of N1.50 for the 2022 business year. The dividend will be paid on May 24, 2023 to all shareholders on the register of the company as at the close of business on May 09, 2023. Key extracts of the audited report and accounts for the year ended December 31, 2022 showed that the group recorded appreciable growth across revenue lines, despite the strong global and national macroeconomic headwinds. Gross earnings rose by 43 per cent and crossed the trillion naira mark to N1.39 trillion in 2022 as against N971.9 billion in 2021. Pre and post tax profits stood at N167.68 billion and N152.20 billion respectively. The balance sheet of the group emerged stronger with total assets rising by 28 per cent from N11.73 trillion to in 2021 to N15 trillion in 2022. Customers deposit also rose by 33 per cent to N9.25 trillion as against N6.95 trillion. Loans to customers grew by 25 per cent from N4.45 trillion to N5.56 trillion. Shareholders’ funds increased by 17 per cent from N1.05 trillion to N1.23 trillion. The group’s three-month results for the quarter ended March 31, 2023 showed pre-tax profit of N81.59 billion in first quarter 2023 as against N65.56 billion in first quarter 2022. After taxes, net profit rose from N57.83 billion in first quarter 2022 to N71.66 billion in first quarter 2023. Group Chief Executive Officer, Access Holdings Plc, Mr. Herbert Wigwe, said the results showed the group’s deliberate focus on its strategies as it begins to see the dividends of organic and inorganic activities across the ecosystem. He explained that the 37 per cent growth in interest income to N827 billion in 2022 was driven by a strong loan book growth despite the high inflationary environment, with net loans and advances to customers growing by 25 per cent across the banking group, with a deliberate focus on credit disbursement to critical segments and growth sectors of the economy. He pointed out that the bank also saw good growth across the subsidiaries, with its United Kingdom subsidiary growing by 36 per cent to N1.1 trillion in 2022. “Access Holdings ended the year with over 58 million customers across the extensive network of subsidiaries and business verticals. The company’s asset base grew to N15.0 trillion and customer deposits to N9.25 trillion, with CASA mix up by five per cent, to 63 per cent as a result of leveraging innovation, digital technology and financial inclusion to mobilize sustainable low-cost deposits. “In the second half of 2022, Access Holdings Plc completed the divestment from Pensions Custodian business and acquired significant shareholding in First Guarantee Pensions Ltd & Sigma Pensions Ltd to form Access Pensions Ltd. This combination resulted in the creation of the fourth largest pension fund administrator (PFA) in Nigeria, with asset under management of N0.9 trilion, putting us clearly in the league of strategic players in the Pensions industry. “Our Payment business went live with the Switching business in third quarter 2022, while the other areas of the business will become fully operational from second quarter 2023. The overall business outlook for 2023 remains strong as we begin our new five-year strategic journey which aims to make us one of the top five financial services organisations in Africa by 2027,” Wigwe said.
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EXPLAINER: Transcorp, Access Holdings as New Brides for Stock Investors

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Oando’s Assets More than Double to N2.68 Trillion in One Year Oando Plc has released its audited Consolidated Financial Statements for the full year ended December 31, 2023, to the Nigerian Exchange Group (NGX). The company reported a total asset of N2.68 trillion as against N1.25 trillion posted in the comparable period of 2022, representing a growth of 113.73%. The company recorded a 43% increase in revenue, reaching N2.9 trrillion compared to N1.9 trillion in 2022. Notably, Oando achieved a turnaround, transitioning from a loss in 2022 to a profit-after-tax of N60.3 billion in 2023, a 961% increase in its operating profits despite the 24% reduction in the realised oil price ($83.15/bbl in 2023 compared to $109.55/bbl in 2022). According to the company, the reduction was consistent in gas prices as the value fell from $14.74/bbl in 2022 to $12.19/bbl in 2023; and in NGL prices with a similar decline from $6.23/boe in 2022 to $4.87/boe in 2023. Additionally, the company reduced its upstream borrowings by 23 per cent, from $635.6m in 2022 to $488.9m in 2023. Commenting on the results, Group Chief Executive, Oando Plc, Wale Tinubu, said: “Despite the operational hurdles occasioned by security breaches and persistent pipeline vandalism in the Niger Delta, we achieved a profit after tax of N60 billion, bolstered by the strength of our global trading alliances, a 12 per cent increase in total production, and favourable exchange gains from our foreign currency denominated assets.” “Our recently completed transformational acquisition of NAOC Ltd is a pivotal moment for the Company due to the expansive reserves and vast infrastructure network. Following our 2014 acquisition of ConocoPhillips’s Nigerian unit, this transaction was the next phase in our long-term strategy to increase our reserves and production capacity by leveraging the exit of the International Oil Companies whilst securing operational control of the assets. “Our immediate focus now shifts to a seamless integration and execution of initiatives towards achieving a marked increase in production. We are confident about the opportunities this platform provides and are committed to delivering sustainable value to all stakeholders” he added. Despite persistent operational security challenges in the Niger Delta, Oando achieved a 12 per cent increase in total production, reaching 23,258boepd in 2023 compared to 20,703boepd in 2022. Expanding on the performance of its production portfolio, Oando averaged a daily production of 6,211 bbls/day, making a 26 per cent increase to its 4,939 bbls/day in 2022. Consistent with the improved performance, it averaged 16,808boe/day of natural gas, 10 per cent better than 15,292 boe/day of natural gas in 2022. The company cited improved operations and repairs of shut-in wells offset by persistent sabotage activities as a reason for the production increase. The decline in global oil prices in 2023 was because of a tumultuous year of trading marked by geopolitical turmoil and concerns about the oil output levels of major global producers. The company noted that the operating profits increase was “driven by the increase in revenue and a significant increase in other operating income, largely due to foreign exchange gains on the group’s US dollar-denominated monetary assets. This was despite an increase in administrative expenses primarily from exchange losses from the impact of the Naira devaluation on our foreign currency-denominated liabilities.”
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Foreign Appetite for Nigerian Stocks Wanes as Outflow Hits N385.9 Billion in 9 Months Foreign investors are increasingly losing appetite in the Nigerian stock market as activities in the first nine months of the year shows withdrawal of investment. During the period, portfolio investors invested N310.99 billion on stocks even as they sold off more equities worth N385.89 billion, amounting to a net foreign outflow of N72.9 billion. In the nine-month period under review, the Nigerian Exchange recorded N3.968 trillion in equities trading and this was primarily driven by strong domestic investor participation The while the figure represents a remarkable increase from the N2.712 trillion worth of stocks traded during the same period in 2023, foreign investors contributed the least while domestic counterparts continued to dominate the space. Expatriates in the market were responsible for just N696.88 billion, accounting for 17.56% of the total value of stocks traded, while domestic investors dominated the market with N3.271 trillion, or 82.44% of total trading volume The latest Foreign Portfolio Investment report highlights the performance of domestic investors, with retail investors trading N1.739 trillion worth of stocks and institutional investors contributing N1.531 trillion during the nine-month period. Investments in September 2024 In September 2024, total transactions on the Nigerian Exchange saw a month-on-month increase of 29.90%, rising from N379.52 billion (approximately $237.70 million) in August to N493.01 billion (about $307.84 million). This is a notable improvement compared to September 2023, where total transactions were valued at N295.80 billion, marking a 66.67%t increase year-on-year. In September 2024, domestic investors outperformed foreign investors, executing transactions valued at 84% more than their foreign counterparts. Domestic transactions rose significantly, with total domestic trading increasing by 40.23% from N322.05 billion in August to N451.60 billion in September. Conversely, foreign transactions saw a decline of 27.95%, dropping from N57.47 billion (about $35.99 million) in August to N41.41 billion (approximately $25.86 million) in September. The report also indicates that retail investors surpassed institutional investors, outperforming them by 28%. A closer look at the domestic market reveals that retail transactions increased by 59.42 percent, from N180.72 billion in August to N288.10 billion in September, while institutional transactions rose by 15.6%, from N141.33 billion to N163.50 billion during the same period.
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Oando’s Assets More than Double to N2.68 Trillion in One Year Oando Plc has released its audited Consolidated Financial Statements for the full year ended December 31, 2023, to the Nigerian Exchange Group (NGX). The company reported a total asset of N2.68 trillion as against N1.25 trillion posted in the comparable period of 2022, representing a growth of 113.73%. The company recorded a 43% increase in revenue, reaching N2.9 trrillion compared to N1.9 trillion in 2022. Notably, Oando achieved a turnaround, transitioning from a loss in 2022 to a profit-after-tax of N60.3 billion in 2023, a 961% increase in its operating profits despite the 24% reduction in the realised oil price ($83.15/bbl in 2023 compared to $109.55/bbl in 2022). According to the company, the reduction was consistent in gas prices as the value fell from $14.74/bbl in 2022 to $12.19/bbl in 2023; and in NGL prices with a similar decline from $6.23/boe in 2022 to $4.87/boe in 2023. 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Following our 2014 acquisition of ConocoPhillips’s Nigerian unit, this transaction was the next phase in our long-term strategy to increase our reserves and production capacity by leveraging the exit of the International Oil Companies whilst securing operational control of the assets. “Our immediate focus now shifts to a seamless integration and execution of initiatives towards achieving a marked increase in production. We are confident about the opportunities this platform provides and are committed to delivering sustainable value to all stakeholders” he added. Despite persistent operational security challenges in the Niger Delta, Oando achieved a 12 per cent increase in total production, reaching 23,258boepd in 2023 compared to 20,703boepd in 2022. Expanding on the performance of its production portfolio, Oando averaged a daily production of 6,211 bbls/day, making a 26 per cent increase to its 4,939 bbls/day in 2022. 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This was despite an increase in administrative expenses primarily from exchange losses from the impact of the Naira devaluation on our foreign currency-denominated liabilities.” Oando’s Assets More than Double to N2.68 Trillion in One Year Oando Plc has released its audited Consolidated Financial Statements for the full year ended December 31, 2023, to the Nigerian Exchange Group (NGX). The company reported a total asset of N2.68 trillion as against N1.25 trillion posted in the comparable period of 2022, representing a growth of 113.73%. The company recorded a 43% increase in revenue, reaching N2.9 trrillion compared to N1.9 trillion in 2022. Notably, Oando achieved a turnaround, transitioning from a loss in 2022 to a profit-after-tax of N60.3 billion in 2023, a 961% increase in its operating profits despite the 24% reduction in the realised oil price ($83.15/bbl in 2023 compared to $109.55/bbl in 2022). According to the company, the reduction was consistent in gas prices as the value fell from $14.74/bbl in 2022 to $12.19/bbl in 2023; and in NGL prices with a similar decline from $6.23/boe in 2022 to $4.87/boe in 2023. Additionally, the company reduced its upstream borrowings by 23 per cent, from $635.6m in 2022 to $488.9m in 2023. Commenting on the results, Group Chief Executive, Oando Plc, Wale Tinubu, said: “Despite the operational hurdles occasioned by security breaches and persistent pipeline vandalism in the Niger Delta, we achieved a profit after tax of N60 billion, bolstered by the strength of our global trading alliances, a 12 per cent increase in total production, and favourable exchange gains from our foreign currency denominated assets.” “Our recently completed transformational acquisition of NAOC Ltd is a pivotal moment for the Company due to the expansive reserves and vast infrastructure network. Following our 2014 acquisition of ConocoPhillips’s Nigerian unit, this transaction was the next phase in our long-term strategy to increase our reserves and production capacity by leveraging the exit of the International Oil Companies whilst securing operational control of the assets. “Our immediate focus now shifts to a seamless integration and execution of initiatives towards achieving a marked increase in production. We are confident about the opportunities this platform provides and are committed to delivering sustainable value to all stakeholders” he added. Despite persistent operational security challenges in the Niger Delta, Oando achieved a 12 per cent increase in total production, reaching 23,258boepd in 2023 compared to 20,703boepd in 2022. Expanding on the performance of its production portfolio, Oando averaged a daily production of 6,211 bbls/day, making a 26 per cent increase to its 4,939 bbls/day in 2022. 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