Author: Chidi Emenike

Zenith Bank holds HY 2021 Investors Presentation. 

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

  • Interest income declined by 6% YoY due to the prevailing low yield environment which affected yields on some marketable securities. 
  • On the other hand, Interest expense declined by 26% YoY due to rebalancing of deposit mix and the declining yield environment. 
  • Contribution of non-interest income to total revenue increased from 37.3% to 41.0% YoY. This was driven by the growth recorded in fees on electronic products (91%), account maintenance fee (51%) and agency& collection fees (50%). 
  • ROAE declined from 21.5% to 18.8% YoY due to the 15.6% YoY increase in capital base and the slow recovery of the economy. 
  • Cost-to-income ratio increased from 54.4% to 56.1% YoY due to inflationary pressure and regulatory costs. 
  • Capital adequacy and liquidity ratios during the period stood at 22.0% and 69.9% respectively. 
  • Customers’ deposits grew by 8.1% YoY due to increasing confidence in the Zenith brand. The breakdown of the deposit mix showed that demand account contributed the highest (55.2%), followed by Savings (20.4%), Domiciliary (17.5%) and Term (7%) 
  • Gross loans as at the period stood at N2.99trillion. The top four sectors it lent out to are; Upstream Oil and Gas (18.4%), Government (15.9%), General Commerce (13.2%), Other Manufacturing (10.5%).  
  • On the other hand, the sectors that got the least allocation in terms of the disbursement of the gross loans are; Finance and Insurance (0.3%), Education (0.4%), Beverages and Tobacco (2%). 
  • Total customers during the period stood at 13.71 million. (+24.1% YoY). 
  • A total number of 135,463 active POS terminals, 62,341 agents and 2,051 ATM terminals were recorded during the period under review. 
  • In terms of diversity, out of its 7,848 employees, 3936 are female while 3,912 are male employees. 

For more information about the Investors presentation, click HERE. 

University Press Plc: Notice of Annual General Meeting

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The Board of University Press Plc has announced that it will be hosting its 43rd Annual General Meeting (AGM) in Lagos on the 23rd of September, 2021.

According to a notice signed by the company’s secretary, Mrs. O.A. Binitie Aboyade-Cole and sent to the Nigerian Exchange Group Limited (NGX), the meeting will hold at Three Crowns Building in Ibadan on the aforementioned date and by 11:00am prompt.

In light of this, the following issues will be discussed;

  • The audited financial statement for the year ended March 31, 2021, and the report of its Directors, auditor, and the audit committee.
  • To consider and approve the dividend recommended by the Board
  • 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.

For more details about the AGM, click HERE.

 

CBO Capital Partners Limited sells off additional 5 million units of Ellah Lakes shares worth N21.3 million.

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CBO Capital Partners Limited, a substantial shareholder, has divested some of its equity holdings in Ellah Lakes Plc, following the recent sales of about 5 million of its shares in the latter.

The recent move is part of a strategic arrangement reached by three substantial shareholders in Ellah Lakes Plc (inclusive of CBO Capital Partners Limited),  to sell down 25% of their holdings, in a bid to satisfy the NGX’s free float benchmark of 20% and resolve the lack of liquidity in the shares of the company.

In a statement signed by the company’s secretary, Kenechi Ezezika, and sent to the Nigerian Exchange Limited (NGX) today, the company disclosed that it sold 5,000,000 units of Ellah Lake’s shares in its portfolio, at a unit price of N4.25, amounting to N21, 250,000.

In the same vein, recall that on the 19th of August, 2021, CBO Capital Partners Limited had sold about 26.62 million units of Ellah Lakes Plc shares worth N113.16 million.

It is imperative to note that these disclosures are in line with The Exchange’s policy on insider dealings, aimed at ensuring transparency in the capital markets and maintaining public confidence or trust in the markets.

Ellah Lakes Plc closed trading today 31st of August, 2021 with a share price of N4.25

 

 

 

Dr. Samba Seye appointed Managing Director of Total Nigeria Plc.

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Total Nigeria Plc has announced the appointment of Dr Samba Seye as its new Managing Director, with effect from September 1, 2021.

The announcement is contained in a recent press release signed by the company’s secretary, Bunmi Popoola-Mordi and filed with the Nigerian Exchange Limited (NGX).

Dr Seye was appointed to replace the outgoing Managing Director- Mr Imrane Barry, who has been reassigned to TotalEnergies SE headquarters in Paris, France.

About Dr. Samba Seye

Dr. Seye is a thorough-bred professional with experience across several countries. Until his recent appointment, he has been a member of TotalEnergies SE Ethics Committee since 2019. He joined the Total Marketing and Services in 2014 as a Project Manager in the Strategy Department, and has since rose through the ranks to occupy various leadership positions in the company, including; The Deputy Executive Vice President, West Africa(2015), Vice President Specialties/General Trade Total MS /Africa (2016) and Executive Vice President West Africa, Total MS /Africa (2017).

Dr. Seye holds a Doctorate Degree in Engineering from the University of Sciences and Techniques of Lille, France, where he worked as an assistant lecturer from 1990 until 1993.

Total Nigeria Plc closed trading today 31st of August, 2021 with a share price of N199.20

Transcorp Plc Appoints Oluwatobi Ojediran Acting CFO as Mutiu Bakare Resigns.

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Transnational Corporation of Nigeria Plc (Transcorp Plc), has announced the appointment of Mrs. Oluwatobi Ojediran as acting Chief Financial Officer (CFO) of the company. This followed the resignation of the incumbent CFO, Mr. Mutiu Bakare, with effect from September 9, 2021.

This is according to a recent press release signed by the company’s secretary, Kofo Olokun-Olawoyin, and made available on the website of the Nigerian Exchange Limited (NGX).

The firm in the recent disclosure noted that pending the appointment of a substantial Group Finance Officer, Mrs. Oluwatobi Ojediran will assume the role in an acting capacity.

About Mrs. Oluwatobi Ojediran

Mrs. Oluwatobiloba Ojediran is a chartered accountant with a professional experience that spans over 10 years. She started her career at KPMG Professional Services, where she provided accounting, audit and advisory services to clients. She subsequently worked at Intercontinental Hotel, as Finance Manager, gaining financial and operational experience in the hospitality industry.

She is professional skilled in financial and corporate reporting, budgeting, audit and investigation, IFRS advisory, financial modelling, and project management. She holds a Second-Class upper degree (B.Sc.) in Mathematics and Statistics from the University of Lagos, Nigeria. She is also a member of the Institute of Chartered Accountants of Nigeria (ICAN).

 

Primrose Investment purchases additional 21.1m units of FCMB shares worth N65.3 million.

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Primrose Investment Limited, a real estate and property development company, has announced the purchase of additional 21.1 million units of FCMB Group Plc shares worth N66.6 million.

This is according to a recent disclosure, signed by the firm’s secretary, Olufunmilayo Adedibu, and forwarded to the Nigerian Stock Exchange.

Breakdown

The breakdown of the recent deal showed that Primrose Investment Limited purchased a total of 21,123,071 units of FCMB shares at an average price of N3.0916 per share. This puts the total consideration for the shares purchased at N65, 304,086.3

It is pertinent to note that the deal took place in seven tranches on 4th, 5th, 6th, 10th, 12th, 26th and 27th of August, 2021. The breakdown of the amount spent in each tranche is succinctly captured below;

  • In the first tranche, 6,888,555 units of the firm’s share were purchased at N3.1692 per share, grossing N21,831,208.51
  • Another 534,516 units were purchased at N3.0762 in the second tranche, totalling N1, 644,278.12.
  • In the third tranche, 5,100, 000 units were purchased at N3.0998 per share, grossing N15,808,980
  • A further 5,000,000 units were purchased at N3.1468 per share in the fourth tranche, grossing N15,734,000
  • In the fifth tranche, additional 500,000 units were purchased at N3.0977 per share, totalling N1,548,850.
  • An additional 600,000 units were purchased in the sixth tranche at N3.0128, totalling N1,807,680.
  • In the last tranche, 2,500,000 units of shares were purchased at N3.0389 each, worth N7,597,250

What you should know:

  • Recall that in July, Primrose Investment Limited had invested about N70.2 million in acquiring 22 million units of FCMB shares.
  • As at the period of reporting this, FCMB is currently trading N2.97, down by 2.62%.

 

Nigerian Enamelware Plc reports a loss of N37.8 million in Q1 2021.

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Nigerian Enamelware Plc released its unaudited interim results for the 3 months period ended 31st of July, 2021.

  • Revenue for the period was N97.2 million. (-41% YoY)
  • Cost of sales was N126.5 million. (-42% YoY)
  • Administrative expenses totalled N8.47 million. (+40% YoY)
  • A loss after tax of N37.8 million was incurred.
  • Loss per share of 50 kobo Vs 112 kobo YoY.

See link to results.

 

MTN Nigeria denies owing FG tax arrears.

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MTN Nigeria Communications Plc has denied being indebted to the Federal Government of Nigeria in respect of outstanding taxes.

In a statement signed by the company’s secretary, Uto Ukpanah, and made available on the website of the Nigerian Exchange Limited (NGX), the telecommunications giants noted that it had furnished tax authorities with evidences to demonstrate full compliance with all extant and regulatory obligations. The teleco giant further reiterated its commitments to abiding by applicable laws and  contributing to the social and economic development of Nigeria.

Recall that the office of the Accountant General of the Federation (AGF) had allegedly accused MTN Nigeria Plc of owing taxes from 2007 to 2017. Consequently, a $2billion tax demand was instituted against the firm. However, after two years of allegation, the Attorney-General of the Federation and Minister of Justice, Abubakar Malami on January 8, 2020, withdrew the $2 billion tax demand and transferred the matter to the Federal Inland Revenue Service (FIRS) and the Nigerian Customs Service (NCS) for resolution.

Commenting on the recent development, the telecommunications firm in the press release said: ‘’MTN Nigeria Communications Plc (MTN Nigeria or the Company) wishes to clarify erroneous reports in the media alleging the company is indebted to the Federal Government of Nigeria in respect of outstanding taxes.

‘’It may be recalled that in a letter dated 8 January 2020, the Office of the Attorney General of the Federation (OAGF) officially transferred the matter of MTN Nigeria’s alleged indebtedness to the Federal Inland Revenue Service (FIRS) and the Nigerian Customs Service (NCS) for resolution.

‘’As with previous request of a similar nature, MTN Nigeria has been happy to cooperate with the authorities, providing evidence to demonstrate full compliance with all extant tax and regulatory obligations and discussions are on-going in this regard.

‘’As recently as last year, the tax authorities commended MTN Nigeria for its prompt payment of dues. In addition, when asked earlier this year, the Company agreed to make advance tax payments ahead of established deadlines to support Government’s revenue drive. This was also the case in 2020, when in response to FIRS appeal to support Government MTN Nigeria made an early payment of its 2019 Companies Income Tax (CIT) of N46.9 billion. The Company did the same this year, between March 2021 and June 2021; making early payments of N95.5 billion for the 2020 CIT, which was due on 30 June 2021.’’

 

 

 

 

 

Mutual Benefits Assurance Plc appoints Apel Capital Ltd. as new company Registrar.

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Mutual Benefits Assurance Plc has announced the appointment of Apel Capital Registrars Limited as its new company registrar, with effect from 1st of September, 2021.

In a statement signed by the company’s secretary, Ide Ibitayo, and made available on the website of the Nigerian Exchange Limited (NGX), the firm stated that the new registrar will take over from Meristem Registrars and Probate Service Limited.

Confirming the recent development, an extract of the recent notice read: ‘’Mutual Benefits Assurance Pic (Mutual Benefits Assurance or the Company) wishes to inform its valued shareholders, investing public and key stakeholders that the Company has appointed a new registrar – Apel Capital Registrars Limited. The appointment takes effect from September 2021. Apel Capital Registrars Limited will replace Meristem Registrars and Probate Services Limited.’’

What you should know about Apel Capital Registrars Limited.

Apel Capital Registrars Limited is a private company limited by shares, and a wholly owned subsidiary of Apel Group. It is one of the leading registrars in Nigeria, offering diverse services such as; primary market services, investor relations, employee share plan, dividend reinvestment plan, post primary market services, among others. Some of its notable clients include Chapel Hill Denham, Lasaco Assurance Plc, AIICO Balanced Fund, International Breweries Plc, NEM Insurance Plc, among others.

 

 

Tantalizers Plc set to hold 23rd Annual General Meeting (AGM) on September 27.

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Tantalizers Plc has announced that it will be hosting its 23rd Annual General Meeting on the 27th of September, 2021. The meeting will be held at the firm’s training hall located in its head office at Lagos, by 10:00 am prompt,

This is according to a statement issued by the company and signed by its secretary, Bamidele A. Dambo.

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

  • The audited financial statement for the year ended December 31, 2020, and the report of its Directors, auditor, and the audit committee.
  • 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, the meeting will hold by proxy in accordance with section 254 of the Companies and Allied Matters Act 2020 and as approved by the Corporate Affairs Commission.

Additionally, the AGM will be streamed live online, to enable shareholders and other relevant stakeholders who will not be attending the meeting physically to also be part of the proceedings. The link for the live streaming will be made available on the company’s website: www.tantalizersnig.com

What you should know:

  • Tantalizers Plc had earlier reported a loss after tax of N97.75 million in Q1 2021.
  • As at the period of reporting this, Tantalizers Plc is currently trading at 20 kobo on the floor of the Nigerian Exchange Limited (NGX).

For more information about the AGM, click HERE.