Notore Chemicals Industries Plc has taken a step further in its bid to prove to Nigerians how effective they are as they have just been listed on the Main Board of the Nigerian Stock Exchange (NSE).
The breakthrough took place at the Head office of the NSE where the company was congratulated by Chief Executive Officer of the Nigerian Stock Exchange, Oscar N. Onyema, for taking the bold step of getting itself listed.
Notore has remained the primary supplier of fertilizer for the ongoing Anchor Borrowers’ Program (ABP) and continues to contribute significantly to the Agricultural Transformation Agenda of the Federal Government.
In 2015, the Federal Government launched the Anchor Borrowers’ Programme (ABP). The ₦55 billion programme is an intervention scheme by the federal government through the Central Bank of Nigeria (CBN) to boost agricultural production and non-oil exports in the face of unpredictable crude oil prices and its resultant effect on the revenue profile of the nation.
According to Oscar, “Today’s listing is a promising development in the country’s agro-allied and petrochemical sector and we encourage more local players to explore the different opportunities in the capital markets for raising long term capital. We believe that increased participation of indigenous companies in the capital markets will increase investors’ confidence (both local and international) and entrench good corporate governance, transparency and sustainability in the sector.
“We are pleased that Notore Chemicals Industries Plc has taken this strategic step to join the Main Board of the Exchange and in so doing, the prestigious club of quoted companies in Nigeria. This step indicates the firm’s belief that our platform remains a veritable avenue for raising capital and enabling sustainable national growth. I commend Notore Chemicals Industries Plc for this bold and strategic step.”
Oscar went on to state during his opening speech that, “Today’s Listing by Introduction of 1.61billion ordinary shares of Notore Chemicals Industries Plc at a Listing Price of N62.50 per share is a culmination of several months of hard work by all parties to the transaction including the Securities and Exchange Commission and The Exchange. This listing has added N100.75bn (N100, 754,137,500) to the market capitalization of The Exchange, further deepening the Nigerian Capital Market. It will also increase the visibility of Notore Chemicals Industries Plc; solidify its brand as a pre-eminent agro-allied company in Nigeria.”
Notore commenced commercial production and distribution of fertilizer across the country in 2010 after the rehabilitation of plants and assets acquired from the moribund National Fertilizer Company of Nigeria (NAFCON) through the federal government’s privatization programme in 2005. Notore is one of the leading fertilizer, agro-allied, and power companies in Africa and is evidently committed to aiding Nigeria and the African continent to become self-reliant in food production and economic wealth.