Saudi Agriculture Company to Acquire 44.58% Stake in Olam Agri for $1.78bn James Emejo in Abuja and Dike Onwuamaeze in Lagos
Saudi Agriculture and Livestock Investment Company (SALIC) is set to acquire 44.58 per cent stake
in Olam Agri for $1.78 billion in the first tranche of the deal. The agreement announced in a joint statement, added that upon completion of tranche 1, SALIC would own a controlling 80.01 percent stake
in Olam Agri. Singapore’s Olam Group Limited would upon the completion of the sale of Tranche 1, have a put option' to sell its remaining 19.99 percent stake in Olam Agri to SALIC in the second
tranche which is exercisable on the third anniversary of completion of the sale of Tranche 1 at the Closing Valuation plus six per cent IRR. SALIC would upon the completion of the sale of tranche 1, have a call
option to buy the 19.99 per cent stake in Olam Agri on or before the third anniversary of the completion of the sale of Tranche 1. The implied 100 per cent equity valuation for Olam Agri of $4 billion
is 23 percent higher than the $3.25 billion market capitalisation of Olam Group Limited (OGL), which currently consists of Olam Agri, ofl and the Continued on page 9
Emefiele Accuses Judge of Bias, Unjust Handling of Questions in Ongoing Trial... Page 26
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Oil Marketers Threaten Strike, Give FG Seven Days to Offset N100 Billion Debts Say many depots in North already grounded over mounting indebtedness Decry 5% levy imposed on its members by NMDPRA
Emmanuel Addeh in Abuja Oil Marketers under the aegis of the
Depot Chairmen Forum (DCF) of the Independent Petroleum Marketers Association of Nigeria (IPMAN)
yesterday threatened to embark on a strike action if the N100 billion owed it by the federal government
in ‘bridging claims’ is not paid. The forum, in a communiqué issued in Abuja by its Chairman,
Yahaya Alhassan, gave the federal government a seven-day ultimatum, warning that if the Nigerian Mid-
stream and Downstream Petroleum Continued on page 9
El-Rufai: Tinubu, Not N'Assembly Rejected My Nomination as Minister
Says there's anger in north, nobody from the region will vote the president today Wants so-called security report on him released Hints he might leave APC, insists party has left him Pledges never to defect to PDP, but any other party remains an option Gov Sani Uba, Nuhu Ribadu no longer my friends, ex-minister affirms Alleges Ribadu trying to eliminate all opposition to his 2031 presidential ambition Ribadu responds: I have never discussed running for president in 2031, my focus is on Nigeria and President Tinubu Reno Omokri to ex-Kaduna gov: You failed screening woefully, you were a diplomatic liability Story on page 9
PRESENTATION OF 10,000 PROFESSIONAL KITS TO MIDWIVES IN THE NORTH-WEST GEOPOLITICAL ZONE...
L-R: Governor of Kaduna State, Senator Uba Sani; Coordinating Minister for Health and Social Welfare, Professor Ali Pate; Wife of the Kaduna State Governor, Hajiya Hafsat Uba Sani; First Lady of Nigeria, Senator Oluremi Tinubu; Executive Secretary/ CEO, National Primary Healthcare Development Agency, Dr. Muyi Aina; Wife of the Vice President of Nigeria, Hajia Nana Shettima; Wife of the Chief of Staff to the President, Mrs. Salamatu Gbajabiamila; and Wife of the Katsina State Governor, Hajia Dikko Radda, during the presentation of 10, 000 professional kits to the wife of the Kaduna State Governor by the First Lady of Nigeria for midwives in the North-West geopolitical zone of Nigeria...yesterday