Connect with us

Business

T.Y Danjuma takes over BOC Gases as debts to creditors rise

Published

on

Ignore T.Y Danjuma, Nigerian Army tells citizens

Theophilus Danjuma has acquired BOC Gases Nigeria Plc, manufacturers of industrial and medical gases, amid rising debt to the company’s trade creditors.

Ripples Nigeria had reported in November 2020, that Danjuma was planning a takeover move in the company which he had 12 percent stake in.

Nine months ago, the two parties were waiting on regulatory approval from the Securities and Exchange Commission (SEC) the Nigerian Exchange, and Federal Competition and Consumer Protection Commission (FCCPC).

In a recent NGX filing, BOC Gases informed the investing public that Danjuma’s stake in it is now 72 percent, as the businessman acquired extra 249,746,823 ordinary shares in BOC Gases Nigeria Plc.

Read also: Ignore T.Y Danjuma, Nigerian Army tells citizens

This share is owned by BOC Holdings UK (a member of the Linde Group), and it is equivalent of 60 percent, a controlling stake held by the UK group.

The completion of the deal gives TY Danjuma the ownership of BOC Gases Nigeria Plc, effective August 13, 2021, and also hands him the liabilities of the company.

Ripples Nigeria gathered that the current liabilities of BOC Gases has risen to N2.82 billion in H1 2021, against the N2.53 billion between January to June 2020.

Findings showed the BOC Gases debt to trade creditors, other creditors and accruals rose to N1.27 billion in the First-Half of this year, in contrast to the N1.04 billion in H1 2020.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now

Investigations