The Securities & Exchange Commission (SEC) has approved the merger of Planet Capital Limited, Strategy & Arbitrage Limited, and Emerging Capital Limited. Planet Capital Limited will be retained as the name of the emergent firm.

Emerging Capital Limited and Strategy & Arbitrage Limited were both licensed by the SEC and the Nigeria Stock Exchange (NSE) as brokers and dealing members firms of the Exchange. Planet Capital, on the other hand, was licensed by the SEC to operate as an Issuing House, Underwriter and Financial Adviser.

Under the new arrangement, Planet Capital Limited, an investment banking firm will seek to optimise its resources and capabilities with service offerings in three distinct groups:  Debt Capital Markets, Equity Capital Markets, and Strategic Advisory Services. Each of the groups is managed by a Co-CEO/Managing Director who provides strategic leadership for the group.

The Debts Capital Markets Group will be led by Mr. Chidi Agbapu; Mr. Efe Akhigbe will provide leadership for the Equity Capital Markets, while Mr Tony Anonyai will take charge of Strategic Advisory Services.

In a statement released by the company, Mr Anonyai noted that “the merger is underpinned by the considerations to boost our human capital, expand our business development capabilities and improve on our corporate governance and risk management profile.”

Expressing his sentiments on the merger, Akhigbe observed: “This is a very exciting time for us at Planet Capital as we position ourselves to deliver superior services to clients, by identifying their unique advisory needs whether in the area of capital raising or corporate restructuring and tailor our services to satisfy those needs.”
On his part, Agbapu said: “Given the evolving state of our economy, Planet capital would leverage the merged competencies of our new firm to explore and exploit the huge opportunities in the market place.”

A Lagos Federal High Court had last Friday granted an order sanctioning the scheme of merger between the three companies. The suit to that effect was brought before the court by via a petition dated and filed on August 7, 2014.

The scheme of merger was initiated at the instance of the companies to promote an efficient and more effective business operation following the combination of the inherent strengths of each of the Companies for improved operational efficiency and an expanded product range.

Thisday