Source - SMW
Wey Education said it had completed documentation relating to its expansion in Nigeria and set up a new subsidiary in the African nation.

The subsidary had entered into a technical agreement with boarding school City of Knowledge Academy.

The school would provide various services to Wey, including relevant licenses to enable it to operate as an online educational establishment in Nigeria.

City of Knowledge Academy had also agreed to establish a learning centre at its boarding school.

The school would receive a commission fee of 5% of Wey's turnover for its services.

Its owner, Mosun Belo-Olusoga, intended to take a 20% stake in Wey's Nigerian subsidiary in due course, Wey said.

Separately, the company said it had entered into an operation and services agreement with financial services Sage Grey in Nigeria for the establishment of Wey Marketing.

The marketing company would be wholly-owned by Sage Grey and had been sub-contracted to provide operations and marketing services to Wey, which would be paid a performance-related commission for its services.
At 2:24pm: (LON:WEY) Wey Education Plc Ord 1p share price was +0.1p at 15.6p