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22 Hospitality Limited buys Sheraton’s parent company, Capital Hotels

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Capital Hotels Plc, owners of the Abuja-based luxury hotel, Sheraton, said 22 Hospitality Limited has procured 66.1 per cent of its outstanding shares in exchange for a controlling stake in the company.

A purchase of a company’s total issued shares crossing the 50 per cent threshold is deemed a buyout. Capital Hotels has not posted annual profit in the last two years.

The transaction is the end of a series of off-market deals conducted for months, and means Hans Gremlin Nigeria Limited will be yielding to 22 Hospitality Limited the ownership crown it had worn for two decades.

“All the required regulatory approvals have been received for the transaction,” Capital Hotels said in a statement posted on the Nigerian Exchange’s website.

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Capital Hotels set out earlier in the year to raise capital for, what it said, was the renovation of the hotel.

The board sought to approach it by way of rights issue and made a proposal during an emergency general meeting in April to sell new shares to existing shareholders at N7 per share at a time a unit was selling for N3.19 in the market.

A refusal by shareholders to endorse the offer for fear it would erode their rights meant the board turned to private placement as a second option. In all, 1,611,995,510 shares were allotted to 22 Hospitality Hospital at N7 per unit when that was concluded, totaling N11.3 billion.

The company’s share price, which had been stuck at N3.19 for at least seven months to 23rd May, jumped to N3.40 that date but has not moved again ever since.

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The share purchase transferred 51 per cent of the company’s outstanding shares to 22 Hospitality Limited.

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“In addition, 22 Hospitality Limited also bought 456,641,337, and 21,562,293 Ordinary Shares of 50 kobo each representing 14.45% and 0.68% of the equity share capital of the Company, from Hans Gremlin Nigeria Limited and Associated Ventures International Limited respectively through Offer for Sale,” according to the statement.

Altogether, the new owner’s holding in the firm translates to 2,090,199,140 ordinary shares.

Bank of Industry Limited, Ministry of Finance Incorporated, Nigeria Re-insurance Corporation and Continental Energy Resources Limited are among the substantial shareholders of Capital Hotels, its 2021 audited financial statement shows.

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Lifestyle

I’m not your Christian saviour, not here to uphold beliefs about God — Tems

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Nigerian singer, Temilade Openiyi, popularly known as Tems, has told her followers that she is not their christian saviour, neither is she trying to uphold their beliefs about God.

The singer made this known via her Twitter page on Tuesday.

Tems also said she is who she is and not trying to impress anyone.

She wrote, “I don’t know who needs to hear this, but I am not your Christian saviour. I didn’t come here to uphold your beliefs about God.
“I will not fit into this box you try to put me in. I won’t satisfy you in that area. Please find the person that will or ask yourself why you care.

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“I don’t brag because I’m not playing the same game. I don’t need to brag. I am who I am, whether you know it or not. It is the house that is built on the solid rock that will withstand the storm. I’m trying to impress myself, not you.”

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Man takes N120k loan, uses N119k to bet and lost (Video)

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Nigerian man has narrated how a customer took a loan from a popular microfinance bank and lost almost everything to sports betting.

He shared the man’s story in a documentary about the dangers of gambling and people who are addicted to the act.

The young bet centre operator said that the man visited the microfinance bank and took a loan of N120,000 using his brother as guarantor.

But the shocking part is that as he was leaving, he entered his virtual betting centre which was in the same building.

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He then used N119,000 out of the money to bet, unfortunately he lost it all. Feeling frustrated by the outcome, he used the remaining N1k to buy weed and alcohol.

Watch video below:

 

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A post shared by GossipMillNaija (@gossipmilltv)

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Chimamanda Adichie declined the national honors, media aide says

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Award-winning Nigerian author, Chimamanda Ngozi Adichie, who was recently decorated with Harvard University’s iconic W.E.B. Du Bois Medal, has broken her silence over her non-appearance at the conferment of national honours ceremony by President Buhari. on Tuesday, October 11.

Putting the records straight, a member of Chimamanda’s communications team, Omawumi Ogbe, told The Guardian that she declined the honour.⁣

“Following the recent conferment of national awards by the President, there have been conflicting reports about one of the announced recipients, Chimamanda Ngozi Adichie. Some social media users say the award-winning writer rejected the award, while others say she accepted it.⁣

The author did not accept the award and, as such, did not attend the ceremony. She, however, did not want to create undue publicity around it, so her non-acceptance was conveyed privately,” Ogbe said.

While conferring the award on 450 Nigerians and foreigners, President Buhari had justified the honours, saying the awardees had distinguished themselves in the service of the nation and humanity.⁣

“We have among the recipients today, Amb. Prof. Tijjani Muhammad-Bande, Dr. Ngozi Okonjo Iweala, Ms. Amina J. Mohammed and Chimamanda Ngozi Adichie, who are doing our country proud on the international scene. Our dear sisters are a source of inspiration to our young women that through the dint of hard work and dedication, they can achieve greatness,” ⁣the President said.

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