Month: September 2021

AXA Mansard announces Director’s resignation.

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Mr. Ohis Ohiwerei, an Independent   Non-Executive Director of AXA Mansard Insurance Plc, has resigned from the company’s board, effective from August 31, 2021.

This was announced via a notice signed by the company’s secretary, Omowunmi Mabel Adewusi, and made available on the website of the Nigerian Exchange Limited (NGX).

The Board seized the opportunity to express their appreciation to Mr. Ohiwerei for his leadership and overall contribution to Company’s growth during his tenure on the Board, an indication that his resignation was unanimously accepted and approved by the Board.

In addition, the company also stated that it is currently awaiting the approval of the regulators to announce his replacement.

About Mr. Ohis Ohiwerei

Mr. Ohis Ohiwerei was appointed into the Board of AXA Mansard Insurance Plc as Independent Non-Executive Director, since August, 2016. He also serves in the Board of other notable companies like Notore Chemical Industries Limited, and Orange One Finance Limited, among others.

He has over twenty three years’ experience in the banking industry, having worked in Guaranty Trust Holding Company (formerly GTBank), from 1992 till 1998. He then joined Ecobank Plc in 1998 as Country Treasurer for Nigeria and a member of the regional treasury audit team till 2000 when he joined Diamond Bank Plc.

He served as Chief Financial Officer of Diamond Bank Plc and became Executive Director (Corporate Banking) of Diamond Bank Plc from 2005 till his retirement in 2010. While at Diamond Bank, he also served as the Chief Financial Officer and (Non-Executive) Director of ADIC Insurance Limited.

Ohiwerei holds a Bachelors’ degree in Engineering and Masters in Business Administration (MBA) from the prestigious University of Benin.

What you should know:

  • AXA Mansard Insurance Plc was incorporated on the 23rd of June, 1989 as a private limited liability company and was issued a composite insurance licence by the National Insurance Commission (NAICOM) in March 2004.
  • The company is duly registered by the Securities and Exchange Commission of Nigeria (SEC) and functions as a multi-expert asset management company within the AXA Mansard Group.
  • AXA Mansard Plc closed trading today 14th of September, 2021 with a share price of 83 kobo.

Access Bank holds HY 2021 Investors Presentation.

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

  • Gross revenue grew by 14% YoY to N450.6bn, comprising of 71% in interest income and 29% in non-interest income. The Group explained that the strong and diversified revenue growth were driven by expansive retail banking growth as evident by the increased velocity of transactions, well executed trading strategy, optimizing value chain of wholesale banking customers, prioritizing margin growth through efficiencies, and delighting the customer at every touchpoint.
  • Interest income grew by 30% YoY, due to the improved yield environment and a growth in interest on loans and advances to customers, which partly cancelled out the decline in cash and cash equivalents.
  • In its retail banking division, the bank recorded over 42million customers, opened 1.3 million accounts under its agency banking initiative, recorded 75, 231 registered agents nationwide and attracted about N1.37 trillion in savings account deposits during the period under review.
  • The bank also showed resilience during the period as its assets yields increased by 80bps YoY to 10.3%. Net interest margin increased by 157bps YoY to 6.4%, while Cost of Funds (CoF) decreased by 80bps YoY to 2.9%.
  • Operating expense grew by 9% YoY to N189.8bn due to enlarged franchise following the acquisitions in Kenya, Mozambique, South Africa and Zambia.
  • The group maintained strong asset quality relative to peers with NPL ratio stable at 4.3% in June 2021. (December 2020: 4.3%)
  • Digital loans worth N68bn were disbursed during the period.

For more information about the Investors presentation, click HERE.

 

Stanbic Africa Holdings acquires additional stakes in its Nigerian unit worth N194.4m.

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Stanbic Africa Holdings Limited (SAHL), a wholly-owned subsidiary of Standard Bank Group Limited, has increased its stakes in Stanbic IBTC Holdings PLC, a company trading its stocks on the Nigerian Exchange Limited (NGX).

According to a statement signed by the secretary of Stanbic IBTC Holdings Plc, Chidi Okezie, and filed with the Nigerian Exchange Limited (NGX), SAHL paid about N194.4 million to acquire the additional equities.

The breakdown of the transaction which occurred in Lagos on Monday showed that SAHL acquired additional 5 million units of Stanbic IBTC shares at a unit price of N38.88, amounting to N194, 400,000.

What you should know about Stanbic Africa Holdings Limited (SAHL)

  • 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.
  • As at 30th of June 2021, the financial services holding company owned about 7,443,450,299 units of shares translating to about 67.02% of Stanbic IBTC total shareholdings.
  • The recent transaction will raise the total shareholdings of the financial services holding company to 7,448,450,299 units, translating to 67.09%.

Stanbic IBTC Holdings Plc is currently trading at N39 per share on the floor of the Nigerian Exchange Limited (NGX).

 

For more information about the disclosure, click HERE.

 

 

 

2021 HY Results: C & I Leasing Plc half year profit slumps by 58% to N113 million.

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C & I Leasing Plc released its unaudited financial results for the half year period ended 30th of June, 2021.

  • Gross earnings for the period stood at N9.3 billion. (-15.5% YoY)
  • Net lease rental income was N4.3 billion. (-17.04% YoY)
  • Net outsourcing income of N597.11 million. (-13.3% YoY)
  • Net tracking income of N38.9 million. (-35.7% YoY)
  • Total assets during the period stood at N58.01 billion.
  • Personnel expenses totalled N546.3 million. (-17.9% YoY)
  • Profit after tax was N113 million. (-57.8% YoY).
  • Basic earnings per share of 13 kobo Vs 36 kobo YoY.

See link to results.

Japaul Gold & Ventures Plc: Notice of Board Meeting.

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Japaul Gold & Ventures Plc has announced that it will be hosting a Virtual Board of Directors Meeting via Zoom Platform on the 14th day of September, 2021 by 10:00am.

This is according to a disclosure signed by the company’s secretary, Michael Edeko, and sent to the Nigerian Exchange Limited (NGX).

According to the notice, the meeting will enable the Board Directors to receive and consider the company’s financial statement for the period ended 30th of June, 2021. Decisions reached at the meeting will be subsequently communicated.

In addition, the firm also announced a closed period from 1st of July, 2021 until 24 hours after the company’s financial statement and outcome of the board meeting have been made public in line with the Rulebook of the Nigerian Exchange Limited.

In the closed period, insiders with material information that could influence the share price, comprising of directors, managers, employees, advisers, consultants, etc., and their connected persons are prohibited from directly or indirectly dealing in the securities of the company

Here is a link to the notice.

AGM Watch: Flour Mills of Nigeria Plc N6.76 billion Dividend Approved By Shareholders.

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The shareholders of leading Nigerian food and agro allied company, Flour Mills of Nigeria Plc, have approved the N6.76 billion recommended by the company as final dividend for the year ended 31st of March, 2021. This amount translates into a final pay out of N1.65 per share to shareholders.

A notice sent to the Nigerian Exchange Limited (NGX) today, acknowledged by the company’s secretary, Umolu Joseph,  said the decision was made during the recently concluded Annual General Meeting (AGM) of the company which held at Eko Hotels & Suites, Adetokunbo Ademola Street, Victoria Island, Lagos.

Recall that Nairametrics reported that the company announced in August that it intends to pay a dividend of N1.65k per 50 kobo share for the period ended March 31st 2021. Initially, the company had erroneously exempted the dividend from applicable withholding tax on the notion that the dividend will be paid from accumulated pioneer profit.  However, in response to this error, the firm swiftly and subsequently sent another notice to the NGX and the investing public, stating: ‘’The correction is that the dividend shall be paid from the Company’s accumulated profit and therefore subject to withholding tax.’’

In addition, the company confirmed the appointment of Mrs. Juliet Anammah and Mr. Muhammad Ahmad, as Independent Non-Executive Directors of the company. It also re-elected Mr. John G. Coumantaros, Prof. Jerry Gana and Mr. Alfonso Garate, as its Directors during the AGM.

Note that the board of the company had earlier in its last AGM recommended Mrs. Juliet Anammah and Mr. Muhammad Ahmad for the aforementioned positions.

Other resolutions the company made in the course of the meeting were;

  • Non-Executive Directors remuneration for the year ending March 31, 2022 were fixed at N39 million. In addition, sitting allowances will be paid at standard agreed rates for each meeting attended.
  • Directors were authorized to fix the remuneration of the independent auditors of the company- KPMG Professional Services.
  • The following individuals were elected into the Statutory Audit Committee; Mr. Adeshina Olalekan Oladebo, Mr. Sekoni Nurudeen Adebayo and Mr. Adeshina Tajudeen Imram (representing the Shareholders) and Mr. Foluso Philips and Alhaji Olalekan A. Saliu (representing the Board).

Highlights of the firm’s Full Year Result

Recall that Flour Mills of Nigeria Plc had reported a profit after tax of N25.7 billion for the year ended 31st of March, 2021, indicating a surge of 126% YoY. The firm’s revenue also grew by 34% to N771.6 billion, while earnings per share printed N6.38, compared to N2.25 posted in corresponding period of last year. Consequently, the firm declared a dividend of N1.65 per share, which is up by 18% YoY.

It is pertinent to note that the impressive topline growth for the year was aided by gains from the firm’s Agro-allied turnaround strategy. The expansion of the firm’s backward integration program across all value chains, including strategic partnerships with smallholder farmers were all pivotal in achieving a revenue growth of 34%.

Flour Mills of Nigeria Plc is currently trading at N29.35 on the floor of the NGX

 

2021 HY Results: Fidelity Bank grows half year profit by 71% to N19.31 billion.

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Fidelity Bank Nigeria Plc released its interim results for the half year period ended June 30, 2021.

  • Gross earnings for the period under review totalled N112.3 billion.(+6.2% YoY)
  • Net interest income of N50.3 billion. (+4.1% YoY)
  • Personnel expenses totalled N11.1 billion. (-8.9% YoY)
  • Customers deposit at the period stood at N1.98 trillion
  • Profit for the period was N19.31billion. (+70.8% YoY)
  • Earnings per share of 67 kobo Vs 39 kobo YoY.
  • No dividend was announced in the period.

See link to results.

Royal Exchange Plc projects profit after tax of N70.16 million in Q4 2021.

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Royal Exchange Plc released its earnings forecasts for the fourth quarter of the year (Q4, 2021).

  • Net premium is projected to hit N368.5 million.
  • Total underwriting expenses projection of N348.7 million.
  • Net operating income is projected at N389.6 million.
  • Profit before tax is projected at N103.17 million
  • Tax is projected at N33.01 million
  • Profit after tax is projected at N70.16 million.

See link to results.

Linkage Assurance Plc forecasts profit after tax of N624 million in Q4 2021.

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Linkage Assurance Plc released its earnings forecasts for the fourth quarter of the year (Q4, 2021).

  • Gross Premium is projected to hit N1.13 billion.
  • Net claims projection of N336.7 million.
  • Net operating income is projected at N1.76 billion.
  • Profit before tax is projected at N640 million
  • Tax is projected at N16 million
  • Profit after tax is projected at N624 million.

See link to results.

Prestige Assurance projects N1.1 billion PAT in Q4 2021.

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Prestige Assurance Plc released its earnings forecasts for the fourth quarter of the year (Q4, 2021).

  • Turnover is projected to hit N9.25 billion
  • Profit before tax is projected at N1.39 billion
  • Tax is projected at N278 million
  • Profit after tax is projected at N1.11 billion.

The forecasts were made based on the following assumptions;

  1. There will be no serious Government restrictions on trade that will affect the insurance business.
  2. The company will not suffer any major catastrophe which will necessitate liquidation of investment portfolio for claims payment.
  3. There will not be any considerable reduction in the level of interest rate.
  4. The capital Market activities will improve significantly from the bearish position to the bullish.
  5. The country political climate shall be stable for carrying out business activities across the nation.
  6. The company will continue to deal with its present range of insurance policies.
  7. The company will enhance its present treaty arrangement due to recapitalization.
  8. The accounting policies will not change.
  9. The basis of taxation will not change materially.
  10. The company would maintain its present work force and additional hands will be employed to take care of increased business activities.
  11. There will be vigorous effort to improve upon the present market share.
  12. A part of the Proceed from recapitalization will be invested in government gilts to enhance investment income.
  13. There shall be no protest, pandemic and other pandemonium which might affect business transactions negatively.
  14. There will be availability of forex to meet up with the company’s obligation denominated in foreign currencies.

See link to forecasts.