Q3 - 2020

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DISCLAIMER The information contained herein is of a general nature and is not

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intended to address the circumstances of any particular individual
or entity. Although concerted efforts have been made to provide
accurate and timely information, there can be no guarantee that
such information is accurate in the future. This should not be used
as an investment guide without appropriate professional advice.

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Deals reported are either acquisitions, mergers, takeovers, rights
issues, public offers, or any form of capital raise such as corporate
bonds or other forms of debt offerings.

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Nairametric
EXECUTIVE SUMMARY

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The Nigerian economy in the third quarter of 2020 was characterised by the
sustained impact of Corona Virus (COVID-19) Pandemic and weak oil price.
Despite the gradual easing of lockdown measures across the country and
aggressive intervention of stimulus package, business sentiments remain
Corporate deals during the period were mostly seed/series funding. Some
of the deals were also credit facility, acquisition, bond and commercial
paper issuance. Target companies utilized the capital for reasons such as
business expansion, debt payment and outright acquisitions.

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low across critical sectors.
This report summarises most of the corporate deals announced in Q3 2020.
Data obtained from the Nigerian Stock Exchange reeveals that foreign It is a compilation of official press releases and media reports sourced by
capital inflow between January and September 2020 in the equity market Nairalytics, the data and research arm of Nairametrics.
was estimated at N175.31 billion, as against N326.00 billion recorded in the

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corresponding period of 2019, representing 86% decline (YoY). The Corporate Deals Book is published at the end of every quarter and is
available for Nairametrics Subscribers only.
In Q2 2020, Nigeria’s Gross Domestic Product (GDP) in real terms contracted
by -6.10% (year-on-year), thereby ending the 3-year trend of low but positive

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real growth rates recorded since the 2016/17 recession.

Despite the developments, the economy witnessed several corporate deals

being consummated or under stages of completion for the period ending

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September 2020. Nairametrics captured 27 corporate deals in Nigeria,
cutting across various sectors of the economy.
 ricsNairametrics NUMBER OF DEALS – 27

Nairametrics
DEALS OVERVIEW
JULY 2020 – 9 AUGUST 2020 – 8 SEPTMBER 2020 – 10

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KEY FACTS
There were 27 reported deals compiled in Q3 2020

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Seed/Series Funding – 8

Rights Issue – 4

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Bond Issuance – 4

Acquisition – 4
of the deals compiled were
37.04%

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Commercial Paper Issuance – 3 made in September 2020.
Equity Funding – 2

Grant/Investment – 2
29.6% of the deals were in form of

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Seed/Series Funding.
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DEALS IN JULY 2020

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N11.5Billion
Deal Type - Bond issuance
Investors - Public
Utilization - Capital Investment
Deal Status - Closed N7Billion
Deal Type - Rights issue

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Investors - Public
Utilization - Working Capital
Deal Status - On-going

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Undisclosed
Deal Type - Acquisition
Investors - Access Bank
Utilization - Business Expansion
Deal Status - Closed

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51% Stake
Deal Type - Acquisition
Investors - Custodian Investment
Utilization - Partnership
Deal Status - On-going

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Nairametrics
DEALS IN JULY 2020

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$10Million
Deal Type - Series Funding
Investors - Partech, International
Finance Corporation
(IFC), Women
Entrepreneurs Finance
$20Million
Initiative (We-Fi) and Deal Type - Seed funding

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MSA Capital AFRICA MUSIC FUND Investors - 88mph
Utilization - Business Expansion Utilization - Business Expansion
(AMF)
Deal Status - Closed Deal Status - Closed

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N10Billion
Deal Type - Bond issuance
Investors - Investing public
Utilization - Capital Investment
Deal Status - Closed

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Undisclosed
Deal Type - Acquisition
SAVANNAH SUGAR Investors - Dangote Sugar Refinery
COMPANY LIMITED Utilization - Acquisition
Deal Status - Closed

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Nairametrics
DEALS IN JULY 2020

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$9Million

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Deal Type - Seed funding
Investors - African Development
Capital
Utilization - Business Expansion
Deal Status - Closed

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Nairametrics
DEALS IN AUGUST 2020

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$300,000
Deal Type - Seed funding
Investors - EMFATO, Microtraction,
and Niche Capital
Utilization - Business Expansion N1.06 billion
Deal Status - Closed Deal Type - Rights issue

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Investors - Public
Utilization - Working Capital
Deal Status - Closed
Consolidated Hallmark
Insurance Plc

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N7.1Billion
Deal Type - Commercial paper issuance
Investors - Investing public
Utilization - Working Capital
Deal Status - Closed

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N50Billion
Deal Type - Commercial paper
issuance
Investors - Investing public
Utilization - Working Capital
Deal Status - Closed

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DEALS IN AUGUST 2020

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$1.5Million
Deal Type - Seed funding
YELLOW CARD Investors - Polychain, Andreesen
Horowitz and Celo
Utilization - Business Expansion $40Million
Deal Status - Closed Deal Type - Equity

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Investors - Investors
Utilization - Business Expansion
Deal Status - On-going

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$50,000
Deal Type - Grant
Investors - Platform Capital
Utilization - Business Expansion
Deal Status - Closed

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N6.82Billion
Deal Type - Rights issue
Investors - Investing public
Utilization - Working Capital
Deal Status - On-going

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Nairametrics
DEALS IN SEPTEMBER 2020

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N138Million
Deal Type - Equity
Investors - Heineken
Brouwerijen B.V
Utilization - Investment N1.82Billion
Deal Status - Closed Deal Type - Rights issue

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Investors - Public
Utilization - Working Capital
Deal Status - Closed

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N10Billion
Deal Type - Bond issuance
Investors - Investing public
Utilization - Capital Investment
Deal Status - On-going

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N400Million
Deal Type - Bond issuance
Investors - Private investors
Utilization - Capital Investment
Deal Status - Closed

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Nairametrics
DEALS IN SEPTEMBER 2020

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N11.01 billion
Deal Type - Commercial paper
issuance
Investors - Public
Utilization - Working Capital 100% stake
Deal Status - Closed Deal Type - Acquisition

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Investors - inq
Utilization - Business Expansion
Deal Status - Closed

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$500,000

MONO
Deal Type - Seed Funding
Investors - Lateral Capital, Ventures
Platform, Golden Palm
Investments and Rally Cap.

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Utilization - Business Expansion $150,000
Deal Status - Closed Deal Type - Seed Funding
Investors - itanna
Utilization - Business Expansion
Deal Status - Closed

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 Nairametrics
SSN 2020

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DEALS IN SEPTEMBER 2020

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$100,000
Deal Type - Seed Funding

Nairametrics
Investors - Meltwater
Entrepreneurial School
of Technology (MEST) N135Million
Utilization - Business Expansion Deal Type - Investment
Deal Status - Closed Investors - Founers Factory
Utilization - Business Expansion

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Deal Status - Closed

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rametricsNairam
Nairametric
SUMMARY

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In the third quarter of 2020, Nairametrics Research compiled 27 deals, 8 of which were Seed/series funding, Rights issue, Bond issuance and acquisitions
recorded were 4 each, 3 Commercial paper issuances while Equity funding and Grant/investments were 2 each.

A larger portion of the deals was carried out in September with 10 deals sealed during the month, closely followed by July (9) and August (8).

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