Guinea Insurance Plc appoints Chinenye Nwankwo as Company Secretary.

The board and management of Guinea Insurance Plc, a leading insurance company, have notified the Nigerian Exchange Group Limited (NGX) of the appointment of Mrs. Chinenye Nwankwo as the new company secretary.

This is according to a statement signed by the Managing Director/CEO of the company, Mr. Ademola Abidogun, dated 17th of September, 2021.

According to the notice, Mrs. Nwankwo was appointed as the new in-house Company Secretary cum Legal Adviser of the Company following the resignation of the former secretary, Mrs. Oluranti Oke. It is pertinent to note that Mrs. Oke resigned from her position following the disengagement of DSCL Corporate Services Limited which served as the outsourced company secretary of Guinea Insurance Plc.

Corroborating this, an abstract of the recent notice issued by the company and filed with the Nigerian Exchange Limited (NGX) read thus: ‘’Following the resignation of Mrs. Oluranti Oke and disengagement of DSCL Corporate Services Limited, as the outsourced Company Secretary of Guinea Insurance Plc (GIPLC or the Company), we wish to formally notify the Nigerian Exchange Limited (NGX), our distinguished Shareholders and the General public of the appointment of Mrs. Chinenye Nwankwo, as the in-house Company Secretary cum Legal Adviser of the Company.’’

About Mrs. Nwankwo

Mrs. Chinenye Nwankwo is a seasoned legal practitioner with over 10 years of experience and expertise in litigation, corporate governance, legal and regulatory compliance, company secretarial practice, capital market, legal audit and due diligence, corporate restructuring and commercial dispute resolutions. Before joining Guinea Insurance Plc, she led the legal and compliance unit at Financial Derivatives Company Limited, Nigeria. She has also functioned as Company Secretary to other similar public quoted companies, multinationals and startups in the technology sector.

In terms of education, Mrs. Nwankwo is a Law graduate from the University of Nigeria, Nsukka (UNN) and was called to the Nigerian Bar in 2009. She is a member of the Nigerian Bar Association, an accredited practitioner with the Corporate Affairs Commission and registered practitioner, Financial Reporting Council and student member of the Institute of Chartered Secretaries and Administrators, Nigeria.



Guinness Nigeria to hold its AGM on the 19th of October, 2021

Guinness Nigeria Plc has announced that it will be hosting its 71st Annual General Meeting on the 19th of October, 2021. The meeting will be held at Raddison Blu Hotel located on Ozumba Mbadiwe Avenue, VI-Lagos, by 11:00 am prompt,

This is according to a statement issued by the company and signed by its secretary, Rotimi Odusola, made available on the website of the Nigerian Exchange Limited (NGX)

According to the notice, some of the issues to be discussed include;

  • The audited financial statement for the year ended June 30, 2021, and the report of its Directors, auditor, and the audit committee.
  • To declare a dividend
  • Board appointments will also be considered and ratified.
  • To fix remuneration of managers and Directors in FY 2021.
  • To elect shareholders’ representatives of the statutory audit committee, among others.

In view of the directives on physical distancing and the restriction on maximum number of people at every gathering due to the COVID-19 pandemic, attendance at the AGM shall only be by proxy in accordance with section 254 of the Companies and Allied Matters Act 2020 and as approved by the Corporate Affairs Commission.

What you should know:

  • Guinness Nigeria Plc had earlier reported a profit after tax of N1.26 billion in FY 2020. The bottom line grew by about 110% YoY.
  • As at the period of reporting this, Guinness Nigeria Plc is currently trading at N30.5 on the floor of the Nigerian Exchange Limited (NGX).

For more information about the AGM, click HERE.



NPF Microfinance Bank appoints Adamu Usman as Non-Executive Director.

The Board of NPF Microfinance Bank Plc (‘’the Bank’’) has approved the appointment of Mr Adamu Usman as a Non-Executive Director, subject to regulatory approval from the Central Bank of Nigeria.

According to a notice acknowledged by the bank, dated 15th of September, 2021, Mr Usman was appointed to fill the void created by the retirement of a former director- Mr Aminu Saleh, who until his retirement was representing the interest of the Nigerian Police Cooperative Multi-Purpose Society Limited on the Board of the Bank.

As at the period of reporting this, Mr Usman’s appointment is yet to be ratified by the Central Bank of Nigeria (CBN) and the shareholders of the Bank.

About Mr Adamu Usman

Adamu Usman is currently the Assistant Inspector General of Police (AIG) in charge of the Nigerian Police Cooperative Multi-Purpose Society Limited. He enlisted in the Nigerian Police Force (NPF) on 15th of March, 1988, and later became the Public Relations Officer (PRO) in the defunct Gongola and Adamawa states.

Mr Usman holds a degree in Public Administration from Ahmadu Bello University, Zaria and a Master in Public Administration from Imo State University. He also obtained an Advanced Diploma in Security Operations/Management from the University of Lagos.

Usman is a member of the International Chief of Police and International Security Organisation (ISO-SEC) Switzerland. He is a fellow of International Institute of Professional Security (FIIPS). He has undertaken several professional courses both locally and internationally.

Union Bank appoints former Minister for Women Affairs, Aisha Abubakar as Independent Non-Executive Director.

Union Bank of Nigeria Plc (‘’Union Bank’’) has announced the appointment of Ms Aisha Abubakar into its Board, as Independent Non-Executive Director, effective from 9th of September 2021.

The Bank in a statement filed with the Nigerian Exchange Limited (NGX) today, revealed that the appointment has been approved by the Central Bank of Nigeria (CBN).

It would be recalled that Ms Abubakar served as Nigeria’s Honourable Minister for Women Affairs and Social Development from 2018 to 2019. Prior to this, she also served as the Honourable Minister of State for Industry, Trade and Investment between 2015 and 2018.

About Ms Abubakar

Ms. Abubakar is an accomplished public sector administrator with over three decades of professional experience in Public Service and Pension Administration, Investment Banking, SME Finance/Rural Enterprise Development and Micro-Credit Administration. She is a Fellow of the International Professional Managers Association (IPMA-UK), and the President of the International Experts Consultants (IEC-UK).

Ms. Abubakar also boasts of valuable private sector and development experience, having worked at Continental Merchant Bank Limited, African Development Bank and African International Bank.

What they are saying:

Commenting on her appointment, Union Bank’s Board Chair, Mrs. Beatrice Hamza Bassey, said: ‘’On behalf of the Board of Directors, I welcome Ms. Aisha Abubakar to the Board. She brings many years of robust experience which will be invaluable in supporting our efforts to steer the Bank forward and deliver on our strategic objectives.”

Also commenting, the Chief Executive Officer of Union Bank, Emeka Okonkwo, said: ‘’ I am pleased to welcome our new Independent Non-Executive Director, Ms. Aisha Abubakar to the Board. We look forward to drawing from her wealth of experience and fresh perspectives as we continue to execute our vision to be Nigeria’s most reliable and trusted partner.

2021 H1 Results: Japaul Gold and Ventures Plc reports half year loss of N257.54 million.

Japaul Gold and Ventures Plc released its unaudited financial results for the period ended June 30, 2021.

  • Turnover for the period was N313.62 million. (-4.1% YoY)
  • Cost of sales was N221.9 million. (+27.9% YoY)
  • Administrative cost of N408.4 million. (-11% YoY)
  • An operating loss of N256.8 million was incurred.
  • Net assets during the period stood at N2.56 billion.
  • Loss for the year from continued operations of N257.54 million.(-772.6% YoY)

See link to results.

Nestlé S.A invests additional N1.92 billion in shares of its Nigerian subsidiary.

Nestlé S.A, a leading multinational food and beverage company, has invested an additional N1.92 billion in shares of its Nigerian Subsidiary (Nestlé Nigeria Plc).

This disclosure was made by Nestlé Nigeria Plc, in a notification issued and signed by the Company’s Secretary, Bode Ayeku, and made available on the website of the Nigerian Exchange Limited (NGX).

According to the notice, Nestlé S.A acquired additional 1,369,938 units of Nestle Nigeria Plc shares at a price of N1, 399 per share. This puts the total consideration for the shares purchased by the parent company at N1, 916,543,262.

It is pertinent to note that the recent transaction which took place on the floor of the Nigerian Exchange Limited (NGX), was effected in three tranches between 13th and 15th of September, 2021.

Breakdown of the deal

  • In the first tranche which took place on the 13th of September 2021, the parent company purchased additional 863,914 units of its Nigerian subsidiary shares at N1,400 per share, totalling N1,209,479,600
  • Subsequently, the firm purchased an additional 12,107 units of the latter’s share at N1,397.78 per unit, worth N16,922,922.46
  • In the last tranche which took place on 15th of September 2021, the firm purchased a further 493,917 units of shares at N1,400, totalling N691,483,800
  • In light of this, a total of 1,369,938 units of Nestle Nigeria’s share were purchased at an average price of N1, 399, totalling N1, 917,886,322.46.

This recent transaction will further raise the stakes and cement the position of Nestlé S.A as the majority shareholder in its Nigerian subsidiary (Nestlé Nigeria Plc).

What you should know

  • Nestlé S.A is a leading Swiss multinational food and drink processing company and the parent company of Nestlé Nigeria Plc.  As at 30th of June 2021, Nestle S.A, Switzerland owns about 533,270,982 units of ordinary shares in the Nigerian subsidiary, translating to about 67.28% of Nestle Nigeria Plc total shareholdings.
  • Nestle Nigeria Plc is currently trading N1, 410 per share on the floor of the Nigerian Exchange Limited (NGX).


UPDC Real Estate Investment Trust reports profit after tax of N583.2 million in H1 2021.

UPDC Real Estate Investment Trust released its unaudited results for the half year period ended 30th of June, 2021.

  • Income from investment property was N627 million. (-26% YoY)
  • Interest income of N159.2 million. (+3% YoY)
  • Net income for the period was N775.14 million. (-30% YoY)
  • Operating expenses totalled N86.9million. (-34% YoY)
  • Total assets during the period under review stood at N32.19 billion.
  • Profit after tax was N583.2 million. (-29% YoY)
  • Earnings per unit of 22 kobo Vs 31 kobo YoY.

See link to results.

Fidelity Bank holds H1 2021 Investors Presentation.

Fidelity Bank Plc held its Half Year (HY) 2021 results presentation to investors and analysts. Below are the facts to the figures;

  • Gross earnings grew by 6.2% YoY to N105.8bn as the gradual recovery of business activities translated to an increase in non-interest revenue. This is as total customer induced transactions across all service channels increased by 58% YoY.
  • Total interest income increased by 1.7% YoY, though interest income on liquid assets dropped by 40.3% YoY.
  • Net interest margin dropped to 5.3% from 6.4% in H1 2020, as the decline in average yield on earnings assets surpassed improved average funding cost in H1 2021.
  • Average cost of deposits dropped by 135bps to 2.7%, while the average borrowing cost declined by 29bps to 4.9%.
  • The Bank also recorded a N7.2 billion drop in key expense lines as it deepens operational efficiency through process improvement and cost optimization. The bank partly hinged the drop on harnessing the benefits of remote working, which impacted the overall operating cost.
  • Total assets grew by 12.8% to N3.11 trillion from N2.8 trillion as at December, 2020.
  • Customer deposits increased all deposit types. The top three are; Debt securities (+28.8% YTD), Tenor deposits (+26.8% YTD) and Demand deposits (+18.4% YTD). The bank further explained that low cost deposits accounted for 75.5% increase in total customer deposits.
  • Net loans & advances increased by 15.8% YTD to N1.54 trillion, with 30.7% of the loan book within the 12 months or less maturity portfolio.
  • CAR stood at 18.8%, well above the regulatory minimum requirement of 15.0%

For more information about the Investors presentation, click HERE.


Infinity Trust Mortgage Bank projects profit after tax of N160.33 million in Q4 2021.

Infinity Trust Mortgage Bank Plc released its earnings forecasts for the fourth quarter of the year (Q4, 2021)

  • Gross earnings were projected to hit N431.57 million.
  • Interest income was projected at N334.23 million.
  • Net operating income projection of N367.94 million
  • Operating expenses projection of N189.8 million
  • Tax projection of N17.8 million
  • Profit after tax was projected at N160.33 million.

See link to results.

Stanbic Africa Holdings Limited acquires additional 5.5m units of shares in its Nigerian unit,  worth N216.2 million.

Stanbic Africa Holdings Limited (SAHL) has announced the acquisition of an additional 5.5 million units of shares in its Nigerian subsidiary- Stanbic IBTC Holdings PLC, in a deal worth N216.2 million.

This is according to a disclosure signed by the secretary of Stanbic IBTC Holdings Plc, Chidi Okezie, and filed with the Nigerian Exchange Limited (NGX).

The breakdown of the transaction which occurred in Lagos on Tuesday showed that SAHL acquired additional 5,557,703 units of Stanbic IBTC shares at a unit price of N38.90, amounting to N216, 194,646.7

This transaction comes barely 24 hours after the financial services holding company had similarly spent about N194.4 million for the purchase of an additional 5 million stakes in its Nigerian subsidiary.

In this light, the recent transaction thereby raises the stake of SAHL in Stanbic IBTC to about 67.16% translating to 7,454,008,002 units of shares. Recall that as at 30th of June, 2021, the former held about 7,443,450,299 units of shares in the latter, indicating about 67.02% of the latter’s total shareholdings.

Stanbic Africa Holdings Limited (SAHL) is an unlisted, wholly owned subsidiary of Standard Bank Group Limited (SBG). SAHL is registered in the United Kingdom and is the holding company for majority of SBG’s African subsidiary banks.

Stanbic IBTC Holdings Plc closed trading today 15th of September, 2021 at N38.9 per share on the floor of the Nigerian Exchange Limited (NGX).