By Peter Egwuatu

Longman Nigeria Plc has announced plans to become a wholly owned Nigerian business, following a mutually agreed divestment programme by Pearson Education UK, which holds 51% stake in the company.

A statement from Longman said that “having reviewed the opportunities and challenges within the operating environment vis-a-vis the strategies and aspirations of the two companies, Pearson Education and Longman Nigeria have reached the conclusion that both parties will be better placed to take advantage of available opportunities and realise their full potentials as separate corporate entities.”

While reaffirming its commitment to support the federal and state governments in delivering world-class education to Nigerians, the company stated that the development would give the Nigerian company the scope to accelerate its progress in the areas of new product development, brand building, human capital growth and responsiveness to customers.

Specifically, the company stated that it was poised to become a wholly owned Nigerian business, with international outlook, unassailable business pedigree and the right to enter into partnerships across the globe without let or hindrance, while preserving its identity.

The company would develop more products that are relevant to the needs of the Nigerian and West African educational markets.

Strategic decision-making would be in the hands of Nigerians who would use their deep knowledge of the education sector acquired over a 50-year period to chart a new course that would benefit customers, employees, shareholders and the community.

“The company is now in a position to explore opportunities, not only within Nigeria, but also the neighbouring West African and other African countries, with potentials for increased returns for all stakeholders,” the statement added.

While noting that the planned divestment by Pearson would not lead to capital flight or the dilution of the current shareholding structure, the company pointed out that its business fundamentals were as strong as ever considering the breadth and position of its products in the market, the strength and experience of its Board and Management, the company’s healthy financial state and its earning potentials.