₦airaland Forum

*Lasaco Assurance expands into agricultural insurance*.

*Key point:* Lasaco Assurance Plc has obtained *formal approval to offer agricultural insurance products.*

*What it means:*
- Strategic expansion into agric value chain
- Broadens product portfolio beyond general/life
- Aims to boost revenue — per MD *Ademoye Shobo*, approval will substantially boost revenue going forward

*Products they can now offer:*
- *Multi-Perils Crop Insurance*
- *Plantation Insurance*
- *Poultry Farm Insurance*
- *Fishery Insurance*
- *Livestock Insurance*
- *Farm Property and Produce Insurance*
- *Cattle Insurance*

This is part of a bigger trend — NAICOM pushing insurers into agric to de-risk food security lending.

If he lived a good life, may his soul Rest in Peace. If not...

For your *₦4M* and because you said *safety is first*, here's how I see those 4 options:

*1. Stanbic Fixed Deposit*
- *Safest of the 4.* It's a Tier-1 bank, regulated by CBN, your money is insured by NDIC.
- Rate is *lower* — around 7.00% to 11.00% per year depending on tenor now. So ₦4M won't double fast, but your capital is very secure.
- Good if your main fear is "I don't want story."

*2. OPay Fixed / OPay Safebox*
- They pay *much higher* — sometimes 15.00% to 18.00%, which is why people like them.
- OPay is a licensed Mobile Money operator, but *it is NOT a bank*. Your deposit is *NOT NDIC insured* like a bank. If anything goes wrong, recovery is harder.
- I don't advise putting your *full ₦4M* there if safety is your #1 goal. You can use it for small daily money, not core savings.

*3. Moniepoint*
- This one is now a *Microfinance Bank*, so it *is licensed by CBN and NDIC insured* (up to ₦5M per depositor, same rule as other MFBs).
- Safer than OPay, and rates on their fixed deposits, are better than Stanbic — around 12.00% to 15.00%.
- Solid middle ground for safety + better returns.

*4. PiggyVest*
- Not a bank, it's a *savings platform*. But they are well-structured — they keep money with custodians like Providus Bank, and they have compliance record.
- Their Safelock can give you *up to 20.00%+* if you lock long. Safety is *good for a fintech*, but technically not NDIC insured directly, in your name.
- Good for discipline, not for your entire emergency fund.

*If I were thinking like you — safety + maximizing ₦4M:*

Don't put all eggs in one basket.

Example of what many safety-conscious people like me will do:
- *₦2.5M in Stanbic Fixed* — your untouchable core.
- *₦1M in Moniepoint Fixed* — higher interest but still insured.
- *₦500k in PiggyVest Safelock* — to test higher return.

Avoid locking the full ₦4M in OPay, if safety worries you.

Enough said.

Nothing wrong if you choose to marry a Prostitute, so long as you have fully accepted the assets and liabilities, of marrying a Prostitute.

Most ladies now are Prostitutes. Nothing wrong if you choose to marry a Prostitute, so long as you have fully accepted the assets and liabilities, of marrying a Prostitute.

Why UACN is the cleaner play than chasing LIVESTOCK at ₦15.85:

*LIVESTOCK at ₦15.85:* You are paying 79.00% premium to Sunbeth's own entry price of ₦8.85. When SEC publishes the MTO circular, the mandatory bid will almost certainly be ₦8.85. If you bought at the top, you are mathematically guaranteed to be down 44% if you tender. You're betting on greater fool liquidity, not fundamentals.

*UACN at ~₦184:* You are buying the seller, not the asset.

- UACN gets ₦19.5bn cash NOW + another ~₦15-20bn from 43% MDS Logistics sale to TGI. That's ~₦35-40bn unencumbered cash before year-end close.
- That cash hits a balance sheet where interest coverage is 1.53x and finance cost is ₦15.85bn in H1 alone. Every ₦10bn debt repaid adds ~₦2.5bn back to PBT at current rates.
- You own CHI Limited (Hollandia Yoghurt, Chivita) — which tripled UACN revenue to ₦365bn in H1. That's where the 28% gross margin is.

So: LIVESTOCK rally is speculative premium. UACN rally is portfolio re-rating.

*Risk check before you mop:*

1. UACN gearing is still 4.10x D/E even after sale — this is NOT a low-debt stock. If CBN holds rates high, finance cost still eats profit.
2. CSL ₦268.33 target (+45.83%) assumes CHI integration delivers and paint and Gala volumes hold. If FMCG demand weakens in Q4, target slips.
3. UACN free float is larger but still moves fast — it hit 52-week high ₦203.95 recently, now at ₦184. Volatile.

If you are already stuck in LIVESTOCK Full Bid, don't sell at market bottom to chase — wait for Full Offer to break. If you have fresh cash and want agribusiness exposure, UACN is structurally superior to buying LIVESTOCK at 79.00% markup.

This is not financial advice — just mechanics. Do your own DD and check your stockbroker's UACN position.

The second-level thinking that the market hasn't priced in yet.

UACN will receive the full *₦19.5bn* cash — because the ₦19.5bn _is_ the price for its 73.29% stake at ₦8.85 per share.

*Balance sheet as at H1 2026:*

- Gross borrowings: *₦307bn*
- Net debt: *₦256.9bn*
- Cash: ₦50.1bn
- Debt-to-equity: *4.10x*.
- Gearing: 406%.

So ₦19.5bn is *not a de-risking event*, it's an *accelerant*:

₦19.5bn or ₦307bn = *6.3% of gross debt*. If applied entirely to debt, net debt goes 256.9bn → ∼237.4bn. D/E goes 4.10x → ∼3.81x.

That's why this is a "debt-repair phase" not debt elimination.

*Why it still matters for UACN's re-rating:*

1. *Portfolio reset:* Edibles & Feed was 52% of revenue (₦102.8bn) in FY24 but only ₦4.8bn PBT vs Packaged Food & Beverages doing ₦6.6bn PBT on just ₦58bn revenue. Selling low-margin feed + 43% MDS Logistics stake converts low ROIC assets to cash for high-margin CHI and Gala and Paints.

2. *Free cash flow already improved:* H1 2026 FCF was ₦70.9bn vs ₦8.8bn last year, net debt already down ₦37bn in 6 months. The ₦19.5bn adds to that momentum.

3. *CSL's ₦268.33 target (+45.83%)* makes sense only if you model CHI integration savings + lower finance cost. Finance cost surged to ₦15.85bn in H1 2026 due to CHI acquisition debt. Any debt paydown directly boosts PAT because interest coverage is only 1.53x.

*Bottom line:*
Don't buy UACN Plc because "₦19.5bn makes it net-cash." Rather, buy UACN Plc because management is finally monetizing non-core stakes (Livestock + MDS) and recycling into 28.00%+ margin Packaged Food & Beverages. The cash is fuel, not rescue.

*LIVESTOCK Plc is in a classic NGX takeover squeeze.*

I am seeing it's Full Bid lock on my terminal since last week. Let's break down what is really happening, so that you don't get trapped:

*1. The deal math everyone is missing*

UAC agreed to sell 73.29% at *₦8.85*.

That values total equity at about ₦19.5bn for 2.2bn shares outstanding. So UAC gets ~₦14.3bn for its stake.

*SEC Rule on MTO:* Section 131 ISA and SEC Takeover Rules — when you cross 30%, you must do a Mandatory Takeover Bid to minorities at *NOT LESS than the highest price you paid in the last 6 months.*

If Sunbeth paid UAC ₦8.85, the MTO price is legally expected to be *₦8.85* — not ₦16 or ₦20.

That is the valuation disconnect. Market is pricing fantasy MTO at ₦16 to ₦20. Real MTO will likely be ₦8.85.

Why is it still running to ₦15.85?
- *New owners narrative:* Sunbeth Treenuts is a real operating agribusiness, not a portfolio investor. Market thinks they will inject working capital, improve feed milling margins.
- *Free float is tiny:* UAC held 73.29%, so only ∼26% was trading. Now that 73% is locked, tradable float is even thinner. Any 5m units buy order will hit 10% limit.
- *Earnings turnaround* Q3 cost optimization helped, but still not enough to justify 80% premium to takeover price.

*2. Full Bid mechanics*

NGX has 10% daily limit. Once LIVESTOCK hits +10% at open, no seller can match buyers, so it stays on Full Bid with 0 units offered. It can stay like that for 2 weeks, like we saw with PRESCO in 2024, OANDO in 2023.

*What to do:*

*If you already hold:*
Hold but set a realistic exit. The day sellers appear, it will dump 10% daily too. Don't expect Sunbeth to buy you at ₦15. The smart money is selling into the Full Offer when it breaks.

*If you want to buy now at ₦15+:*
You are buying 70% above the acquirer's own entry price. If MTO comes at ₦8.85, you are underwater immediately. High risk.

*Watch for:*
- Formal SEC filing — Tender Offer Circular. That will confirm MTO price.
- UAC EGM to approve sale — Sunbeth still needs SEC approval.
- If MTO price is indeed ₦8.85, expect sharp correction to ~₦9 to ₦10 range after lock breaks.

That's the *CBN Guidelines on Management of Dormant Accounts, Unclaimed Balances and Other Financial Assets* — latest version July 19, 2024. It updated the 2015 version.

GTB is quoting it directly:

*1. Classification*
- *Inactive:* No customer-initiated transaction for *6 to 12 months*
- *Dormant:* Remains inactive for *1 year or more* after last customer transaction
- Applies to *all account types:* current, savings, term deposits, domiciliary, prepaid cards or wallets, shares deposits.

Customer-initiated means YOU do transfer, deposit, withdrawal, USSD. Bank charges, interest, COT don't count.

*2. Bank must notify you*
CBN mandates banks to *notify you when account becomes inactive and give quarterly updates after* — that's the SMS you got. They must also notify 6 months before classifying as dormant.

*3. What bank cannot do*
- Banks are *banned from converting dormant balances to income*. It must stay as deposit liability until you claim it.

*4. After 10 years — Unclaimed*
If dormant for *10 years* with no claim, balance is transferred to CBN's *Unclaimed Balances Trust Fund (UBTF) Pool Account* and invested in T-Bills. You can still reclaim it — bank verifies and CBN refunds principal + interest within 10 working days.

*5. Exemptions*
Accounts under litigation, investigation, or used as collateral or lien are NOT classified dormant.

So your account just hit the 6-month inactive trigger — one small transaction today will reset the clock.

In Nigeria:

- *Inactive:* No customer-initiated transaction (withdrawal, transfer, deposit, USSD, app) for *6 months*. The bank will send you that warning text.
- *Dormant:* No activity for *12 months*. Then restrictions kick in — you can't withdraw or transfer until you reactivate. CBN then moves balances after 10 years to unclaimed funds, but that's far away.

Banks count only transactions YOU do, not charges or interest.

*How to reactivate now (pick one):*

1. *Do a transaction today:* Transfer N100 from GTB app to another bank, or use *737#, or deposit cash. That alone often flips it back from inactive.
2. *If it already says dormant:* Go to app > Account > Reactivate, or visit any GTB branch with valid ID + BVN. No fee.
3. For full dormancy over 12 months, GTB will ask for ID and to fill a dormancy reactivation form — usually same day.

To avoid next time, set a small monthly auto-transfer of N500 to your other account.

Most bank staffs in Nigeria use Opay or PalmPay account for personal transfers, even while working at GTB, First Bank, Access Bank, Zenith Bank, and UBA Bank.

Why?:

- *Speed:* Opay was built mobile-first, instant settlement even on weekends. Traditional bank USSD or apps still go through NIP switches that can lag or fail during peak, especially around salary week.
- *Cost:* Free or cheap transfers vs N10 to N25 bank charges — staff feel it too.
- *Reliability for small tickets:* For N5k to N100k to vendors, family, that instant notification matters more than a bank's full suite.

It's not that banks are unaware — CBN licensed Opay as an MMO, and banks earn float anyway. But it shows the gap: legacy core banking vs fintech UX. The irony is banks now push their own fintech arms (GTB's Squad, Access's Hydrogen) to compete with the same efficiency.

This is a brutal classic GTBank QuickCredit fraud pattern.

*What happened to Adeyinka Lasaki:*

- Sept 20: Series of unauthorized debits totaling *N977,124* on his GTBank account
- *N568,908* from his own balance wiped out
- *N408,215 loan* (GTB QuickCredit) taken _by the fraudster_ in his name, also withdrawn instantly
- He said GT World app froze or wouldn't respond while the debits were happening, couldn't block until after.
- Went to FUNAAB branch Sept 21, then other branches — says staff said investigation closed, "nothing we can do" and he should repay the N408k loan he didn't take.

He emailed GTBank Oct 9 — no response as of today.

*Why GTBank is pushing loan repayment:*

Their system sees the loan as legit because it was disbursed from his authenticated profile (phone, maybe SIM swap or leaked USSD PIN). Under CBN regulation, once a loan hits your account, the liability sits with account holder unless bank proves compromise on their end.

But under CBN Consumer Protection Framework and CBN's 2023 fraud liability guidelines, bank is liable if customer reports within reasonable time and bank failed to have adequate fraud controls or delayed blocking.

*What he should do now — since branch route failed:*

1. *Get evidence in writing:* Police report + affidavit for unauthorized loan, keep all debit alerts, screenshot of GT World not responding
2. *Formal escalation:* Send written complaint to GTB complaints email (copy complaints@gtbank.com) + get ticket ID. After 14 days unresolved...
3. *CBN Consumer Protection Dept:* Email cpd@cbn.gov.ng + upload on CBN CRM portal. Attach complaint ID, account statement. CBN takes loan fraud where app was compromised seriously.
4. *NDIC and EFCC:* QuickCredit fraud ring is rampant — EFCC portal has online report. Also do a BVN-linked fraud report via your bank to flag beneficiary accounts.

This is the same MO as the case where N1m was stolen from a scholar's GTB account and not recovered. GTB's QuickCredit API has been abused for 2 years — fraudster gets access, takes max loan, instant disbursement, then transfers out via OPay or Palmpay mules, before block works.

If you know him, tell him NOT to pay that loan yet — paying can be taken as acceptance. He should formally dispute it as fraudulent, in writing.

This is the clearest warning sign yet, for Tier-1 banks.

*The headline numbers - H1 2026:*

- *OPay:* Revenue +136.50% to $467.1m (N623.8bn), Pretax +276.00% to $134.5m, Net +318.00% to $90.9m
- *Zenith:* Gross earnings -24.60% to N1.899trn, Net income -19.00% to N430.7bn (tax hit)
- *GTCO:* Gross +3.20% to ~N1.1trn, PBT +0.40% to N603bn, PAT -7.70% to N414.2bn, Fee income -9.00% to N123bn, Loan book flat at N3.14trn

OPay is now ∼33.00% of Zenith's revenue and ∼28.00% of its profit, from almost zero, just 4 years ago. 89.50% of OPay's revenue, is still from Nigeria.

*Where OPay is actually winning:*

1. *Distribution:* 50.1m MAU, 26.8m DAU (July 31), tripled since Q1 2024. 90.1bn transactions worth $558bn LTM. 800k POS terminals + agents vs 5 bank branches per 100k people in Africa.
2. *Lending pivot:* This is the real threat. New loans originated in H1 tripled to $927.6m (N1.24trn), 6.7m borrowers in Q2 (7x vs early 2024). Loan income $236.1m (+168.00%) is now its biggest revenue line. Outstanding $324.9m is still only 3.60% of Zenith's book and 14.00% of GTCO's, but growing 204.00%.
3. *Deposits:* 42m+ users with savings, $978.9m balances (N1.31trn) — NDIC insured, interest-bearing. That's cheap deposits, that banks are losing.

*Why GTCO's -9.00% fee income matters:*
OPay's transaction revenue +87.00% to $130.6m, while GTCO's fee income fell. Banks live on fees + cheap retail deposits. If salary, transfers, and savings sit in OPay first, banks lose the data, and the float.

Zenith's defense is working better — fee income +40.00% on digital, NIM widened to 12.40%. So Tier-1s can compete, but not with branch-led model.

*OPay's own risk is flagged in its October 9 NYSE prospectus:*
- Credit loss provisions = 25.00% of revenue (high-risk 100-day loans).
- Regulatory risk of rate caps
- FX trap: limits moving dollars out of Nigeria could block dividends to foreign shareholders

Bottom line:

It's not size, it's velocity. OPay has 66.10% of active users, across finance apps, in Nigeria. Banks still dwarf it, but the daily habit, has flipped to fintech.

This is the clearest warning sign yet, for Tier-1 banks.

*The headline numbers - H1 2026:*

- *OPay:* Revenue +136.50% to $467.1m (N623.8bn), Pretax +276.00% to $134.5m, Net +318.00% to $90.9m
- *Zenith:* Gross earnings -24.60% to N1.899trn, Net income -19.00% to N430.7bn (tax hit)
- *GTCO:* Gross +3.20% to ~N1.1trn, PBT +0.40% to N603bn, PAT -7.70% to N414.2bn, Fee income -9.00% to N123bn, Loan book flat at N3.14trn

OPay is now ∼33.00% of Zenith's revenue and ∼28.00% of its profit, from almost zero, just 4 years ago. 89.50% of OPay's revenue, is still from Nigeria.

*Where OPay is actually winning:*

1. *Distribution:* 50.1m MAU, 26.8m DAU (July 31), tripled since Q1 2024. 90.1bn transactions worth $558bn LTM. 800k POS terminals + agents vs 5 bank branches per 100k people in Africa.
2. *Lending pivot:* This is the real threat. New loans originated in H1 tripled to $927.6m (N1.24trn), 6.7m borrowers in Q2 (7x vs early 2024). Loan income $236.1m (+168.00%) is now its biggest revenue line. Outstanding $324.9m is still only 3.60% of Zenith's book and 14.00% of GTCO's, but growing 204.00%.
3. *Deposits:* 42m+ users with savings, $978.9m balances (N1.31trn) — NDIC insured, interest-bearing. That's cheap deposits, that banks are losing.

*Why GTCO's -9.00% fee income matters:*
OPay's transaction revenue +87.00% to $130.6m, while GTCO's fee income fell. Banks live on fees + cheap retail deposits. If salary, transfers, and savings sit in OPay first, banks lose the data, and the float.

Zenith's defense is working better — fee income +40.00% on digital, NIM widened to 12.40%. So Tier-1s can compete, but not with branch-led model.

*OPay's own risk is flagged in its October 9 NYSE prospectus:*
- Credit loss provisions = 25.00% of revenue (high-risk 100-day loans).
- Regulatory risk of rate caps
- FX trap: limits moving dollars out of Nigeria could block dividends to foreign shareholders

Bottom line:

It's not size, it's velocity. OPay has 66.10% of active users, across finance apps, in Nigeria. Banks still dwarf it, but the daily habit, has flipped to fintech.

*Fixed Income + FX — Oct 12, 2026 Report*

*T-Bills: Bullish*
- Avg yield -1bp to *17.83%*
- 35 papers down ∼1bp each (broad buying)
- Exceptions: 03-Jun-27 +17bps, 23-Sep-27 +7bps — selling there

*Bonds: Bearish*
- Avg yield +2bps to *16.19%*
- Sell pressure short/mid curve: 15-May-33 +41bps, 21-Jun-33 +30bps, 17-Apr-29 +26bps + 13 other papers up

*Most Traded Bonds:*
- FGN JUN 38 15.45% — Yield 16.90% — Vol 121.47m
- FGN APR 37 16.25% — 17.20% — 52.10m
- FGN APR 49 14.80% — 16.486% — 24.40m
- FGN MAY 33 19.89% — 17.10% — 21.60m
- FGN JUN 32 17.95% — 16.90% — 16.20m

*T-Bills Auction — Oct 7:*
- 91-Day: Offer N100bn, Sub N39.42bn, Allot N38.55bn, Stop 15.50%
- 182-Day: Offer N100bn, Sub N46.87bn, Allot N44.92bn, Stop 15.80%
- 364-Day: Offer N700bn, Sub N1,683.43bn, Allot N885bn, Stop 15.85% — massive oversub on long end

*Bond Auction — Sept 14:*
- SEP 36 16.79%, JUN 38 15.45%

*Derivatives (NGX Futures):*
- NGX30H7: Base 7,601.75 → Close 9,434.58 -0.14%
- NGX30Z6: Base 10,199.50 → Close 9,299.37 -0.15%
- Pension H7: -0.33% to 13,319.27
- Pension Z6: -0.34% to 13,109.06

*FX:*
- NFEM: 1,332.97 NGN/USD vs 1,332.10 prior = +0.07% depreciation
- Parallel: 1,375.00 NGN/USD, down 0.36% — spread widens to N44.90 from N41.32
- External Reserves: *$58.81bn* as of Oct 12 vs $55.08bn prior = +6.77% — aligns with $54bn Sep 3 peak continuing up

*Money Market:*
- System Liquidity: N6.49trn vs N4.04trn = +60.64% — flush
- OPR: 20.40% (+40bps), O/N: 20.81% (+9bps) — rates up despite liquidity, typical CBN tightening

*News:* Shell to exit Nigeria's domestic gas business

Exceed15:
Be stingy to women . Invest in yourself.

Smiles. If not for the high libido of men, hunger and poverty will kill most women.

*NGX Daily — Oct 13, 2026 Snapshot*

*Headline:* Banking Stocks Continue to Drag NGX Lower
- NGXASI: 247,513.63, -0.09% on day, YTD +59.06%
- Market cap: N162.03trn
- Breadth: 32 decliners vs 24 advancers, but reported as 1.33x
- Deals: 38,538 (-22.39%), Volume: 394.15m (-2.76%), Value: N21.35bn (+7.46%)

*Sector Indices Today / YTD:*
- NGX30: -0.12% / +60.48%
- NGXBNK: -0.79% / +68.03%
- NGXCNSMRGDS: +0.14% / +1.65%
- NGXOILGAS: +0.11% / +124.71% (strongest YTD)
- NGXINS: -0.38% / -9.32%
- NGXINDUSTR: 0.00% / +83.96%
- NGX-ASI: -0.09% / +59.06%

*Movers:*
- Drag: WEMABANK -2.58%, GTCO -1.77%, ACCESSCORP -0.88%, ZENITHBANK -0.78%, MBENEFIT -5.49%, DANGSUGAR -1.29%
- Lift: ETI +5.52%, OANDO +4.01%, NB +1.88%, CADBURY +0.50%

*Top by Volume:* ACCESSCORP 57.02m, LIVESTOCK 48.03m, GTCO 24.42m, UBA 22.75m, ZENITHBANK 16.67m

*Top by Value:* GTCO N3.13bn, ZENITHBANK N2.14bn, FIRSTHOLDCO N1.95bn, MTNN N1.88bn, ACCESSCORP N1.61bn, ARADEL N1.60bn

*Top Gainers:* ETRANZACT +9.96% to N14.35, WAPIC +7.83%, DAARCOMM +7.25%, LIVESTOCK +6.92%, CHAMS +5.88%

*Top Losers:* LEGENDINT -6.85%, OMATEK -6.43%, NSLTECH -5.71%, MBENEFIT -5.49%, AIICO -4.39%

FTSE Russell anticipated stock rally. Much Ado about nothing...

Finally, UACN Plc crosses 100% gain, YtD. Hits N184.00...

*FTN Cocoa Processors Plc — 2025 FY (year ended Dec 31, 2025) — Financial breakdown:*

*Top line vs cost problem:*
- Revenue: *N1.38bn (2024) → N5.65bn (2025) = +309.5%*
- Cost of sales: *N536.59m → N6.33bn* — surged ∼11.8x
- *Gross loss: N685.92m* vs gross profit N839.22m in 2024. Cost of sales exceeded revenue by 12.1% — negative gross margin.

*Operating side:*
- Selling & distribution: N17.42m → N116.58m
- Operating expenses: N409.56m → N847.92m
- Impairment loss: N14.09m
- Other operating income: N124.89m
- *FX swing saved the year:* Exchange gain *N1.84bn* in 2025 vs *loss N11.68bn* in 2024.
- *Operating profit: N304.72m* vs operating loss N10.31bn in 2024.

*Bottom line still negative:*
- Finance costs: *N578.12m* > operating profit
- Loss before tax: *N273.4m* vs N10.62bn loss in 2024 — 97% reduction in loss
- Loss after tax: *N273.4m* vs N9.53bn
- Loss per share: *N2.44 → N0.07*

*Balance sheet pressure:*
- Total liabilities: *N17.65bn → N23.71bn*
- Non-current borrowings: *N17.15bn → N23.21bn*
- Current liabilities: N496.65m → N501.34m
- Total assets: N21.09bn → N24.14bn
- Non-current assets (PPE): N17.36bn → N16.62bn (decline)
- Current assets: N3.73bn → N7.52bn

*Takeaway:* Massive revenue recovery and FX turnaround narrowed losses sharply, but core operations remain unprofitable — selling N5.65bn of cocoa but spending N6.33bn to produce it. Rising long-term debt at N23.21bn remains the key risk until they can convert sales to positive gross profit.

Agbalowomeri:
ACCESS shareholders doing another round of gbelogbebo

*eTranzact — Control change summary:*

- *Buyer:* Trademarks Global Concepts Limited acquired *5,168,921,170 shares = 56.18% controlling stake*.
- *Sellers:* Access Bank Plc, Meristem Trustees Limited (as Trustee for Accelerex Holdings), and eTranzact Global Limited. Access Bank and Accelerex have fully exited.
- *Board reshaped:* Directors representing exiting shareholders resigned, along with two Independent Non-Executive Directors.
- *New appointees (CBN approved):*
- Non-Executive Directors: Akinwunmi Akinfemiwa, Olatunde Akande, Doron Grupper
- Independent Non-Executive Directors: Omobola Hollist, Mustapha Ajenifuja, SAN.

- *Background:*
- eTranzact revenue H1 2026: N16.28bn (+22.6%).
- Access Bank had built stake from 23.80% in 2021 to 37.56% by Dec 2022 (N12.1bn investment), now fully exited. This is a full exit from a domestic associate, unlike the Ghana subsidiary sale in July 2026 where Access reduced from 93.40% to 85.96% but retained control.
- Trading clue: 5.1bn shares traded in March 2026, close to the 5.17bn now disclosed as transferred — indicates deal was negotiated for months.
- Founded 2003 by Valentine Obi, pioneer mobile or electronic payments switch.

- *Notable new director:* Akin Akinfemiwa — also NED at First Bank of Nigeria, ex-MD/CEO of Geregu Power and ex-GCEO of Forte Oil (now Ardova).

Company is now updating records with CAC.

Don't be a romantic fool

She wants you to be romantic but not too much and at will.

For example, buy her flowers. You treat her sweet. But remember, in anything you do, make sure she's worked for it.

If you are being romantic without her reciprocating your efforts, that's what we call simping.

Never over-compliment

Complimenting her excessively inflates her ego, putting you in a very bad situation. She will start thinking she's better than you. That she can do better.

That's a position you don't want to be.

Don't overshare

During your first contact, don't over-explain yourself. Let her do much of the talking.

Women love explaining themselves. Ask open ended questions and reflect questions back to her.

Your mystery will keep her fantasies awake about you.

Program her

If you don’t manipulate your woman's mind, another man will.

She wants to be programmed by you.

You are the leader and she wants to be part of your principles.

Set clear intentions.

When you approach a woman, tell her you like her and that you imagine doing things together. Let her fantasies run wild.

Don't swap phone numbers without making it clear that you want a sexual relationship. Otherwise you will end up being placed in the brother-zone.

Don't ask her out

Thing is, when you make it clear to her, you transfer the frame or leverage. She has the power to either agree or reject you.

Starve them of that power.

Women will accept you before you even say a single word, this has happened multiple times. Watch their actions.