Transcorp Hotels to launch 8b naira IPO

LAGOS (Reuters) – Nigeria’s Transcorp Hotels, part of the Transcorp conglomerate, plans to start marketing its initial public offering from Sept. 24 to raise 8 billion naira ($48.8 million), marketing documents seen by Reuters show. Transcorp Hotels plans to offer 800 million ordinary shares to new investors at 10 naira per share. The sale will … Read more

Total Nigeria pretax profit drops 12%

LAGOS (Reuters) – Total Nigeria, the local unit of France’s Total, said on Wednesday its half year to June pre-tax profit fell 12 percent to 3.42 billion naira ($21.13 million), compared with 3.90 billion naira in the same period last year. Gross earnings in the local fuel marketer however climbed to 120.15 billion naira from 117.29 billion … Read more