Author: Chidi Emenike

Wema Bank announces the appointment of 2 new directors.

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Wema Bank Plc has announced the appointment of Prince Olusegun Adesegun and Mr. Adeyemi Adefarakan as Non-Executive Directors, with effect from July 19, 2021.

This disclosure is contained in a notification which was sent by Wema Bank to the Nigerian Exchange Group Limited (NGX), esteemed shareholders and other stakeholders, signed by the Company Secretary, Johnson Lebile.

According to the notice, the appointments of Prince Olusegun Adesegun and Adeyemi Adefarakun have both been approved by the Central Bank of Nigeria (CBN).

Directors Profile

Prince Olusegun Adesegun is a psychologist, career counsellor and consultant for high quality investment decisions. He has technical expertise in marketing, administration, supply chain logistics solutions and management both at the public and private sectors.

Segun once worked for Pyramid Products Limited, where he served as Manager in Training and rose to become the General Manager of the then Eastern Zone in 1988. He retired and engaged in private business, establishing and owning Pecol Ventures Limited – a cash crop export and paper products company where he transformed the company from a small producer to a large, world-class Agric-Export firm. He combined his private business with public service to become a two-time Commissioner for Works and Housing in Ogun State, and later served as the Deputy Governor of Ogun State between 2011 and 2015.

Segun holds a Masters’ degree in Industrial Psychology from the prestigious University of Ibadan.

On his part, Adeyemi Adefarakan is a seasoned executive with strong global investment banking, portfolio risk, asset and financial management exposure. Yemi currently serves as the Group Chief Financial Officer and an Executive Director on the board of CBSL (Continental Broadcasting Service Limited). He holds other Boards positions where he continues to create and extract shareholder value through active board engagement.

Before he joined CBSL, Yomi worked with some of London’s financial powerhouses such as; State Street Global Markets, DRW Investments, JP Morgan Chase, Deutsche Bank and HSBC Global Asset Management, where he traded both vanilla and complex instruments and risk-managed multi-billion-dollar multi asset portfolios.

He holds a B. SC (Hons) in Economics & Accountancy from the prestigious City University, London and a Masters’ degree in International Securities, Investment & Banking from the acclaimed ICMA Centre at the University of Reading, U.K.

 

Tripple Gee & Company Plc reports a loss after tax of N62.47 million in Q1 2021.

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Tripple Gee & Company Plc released its unaudited results for the period ended 30th of June, 2021.

  • Turnover for the period was N256.9 million. (+107% YoY)
  • Cost of sales was N192.6 million. (+71% YoY)
  • Distribution and administrative expenses totalled N118.01 million (+72% YoY)
  • Loss after tax for the period was N62.47 million.
  • Loss per share of -13 kobo Vs -12kobo YoY.

See link to results.

Fidelity Bank Reschedules Board of Directors Meeting.

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Fidelity Bank Plc has informed shareholders and the general public, of a change in the date of its forthcoming Board of Directors meeting earlier scheduled to hold on 6th of August, 2021.

According to a notice signed by the bank’s secretary, Ezinwa Unuigboje, and filed with the Nigerian Exchange Group Limited (NGX), the Board Meeting will now hold on Thursday, August 5, 2021.

The Bank had earlier disclosed that the forth coming meeting was scheduled to consider and approve its audited financial statements for the half year ended June 30, 2021. Consequently, the bank announced a closed period from July 1, 2021, until 24 hours after the publication of the audited half year financial statements

It is pertinent to note that during the closed period, all insiders of the firm are prohibited from trading in the shares of the Bank.

What you should know:

  • Fidelity Bank Plc had earlier reported a profit after tax of N9.6billion in the first quarter of the year (Q1, 2021).
  • The bank closed trading today 22nd of July, 2021 with a share price of N2.39, down by 0.42%.

See link to recent disclosure.

BOC Gases Nigeria Plc reports profit after tax of N168.44 million in H1 2021.

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BOC Gases Nigeria Plc released its unaudited half-year results for the period ended 30th of June, 2021.

  • Revenue for the period was N1.77 billion. (+20% YoY)
  • Cost of sales for the period was N864.5 million. (+19% YoY)
  • Administrative expenses totalled N355.4 million. (+20% YoY)
  • An operating profit of N297.6 million was reported in the period.
  • Profit after tax for the period was N168.44 million.(+27% YoY)
  • Earnings per share of 40 kobo Vs 32 kobo YoY.

See link to results.

Total Nigeria declares interim dividend of N1.36 billion for 2021 half-year.

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The Board of Directors of Total Nigeria Plc in a recent meeting held on the 19th of July 2021, has declared an interim dividend of N4.00 per ordinary share of 50 kobo for the period ended June 30, 2021.

According to a notice signed by the company’s secretary, Bunmi Popoola-Mordi and filed with the Nigerian Exchange Group Limited (NGX), the dividend will be paid on the 13th of September, 2021, to all qualified shareholders whose names appear on the Register of Members as at 13th of August, 2021. Other qualifying conditions include;

  • The completion of the e-dividend registration
  • The authorization of the Registrar (CardinalStone Registrars Limited) to pay the dividends directly into the respective shareholder’s bank account.

In light of the above, the Register of Shareholders will be closed from Monday, August 16, 2021 to Friday, August 20, 2021. Similarly, the energy giants scheduled its qualification date for August 13, 2021.

Compared to last year, the recent dividend declaration is a major boost to shareholders and an indication that the firm has returned back to the profit path. Recall that in comparable period of last year, the firm did not declare any interim dividend due to its unfavourable financial standing as at that time.

Drivers: 

Total Nigeria Plc reported an impressive result in the 2021 half-year period. The firm’s revenue in the aforementioned period stood at N151.3 billion as against N106.7 billion recorded in corresponding period of 2020, indicating an increase of about 42% Year-on-Year.

Similarly, the firm reported a profit after tax of N8.07 billion in June 2021 as against a loss of N537.19 million incurred in June 2020, indicating a surge of about 1,601% Year-on-Year. Other key financial metrics such as Earnings per Share, Dividend per Share, etc., all recorded a massive boost.

What you should know: 

  • A dividend is a payment made by a company to its shareholders, usually as a distribution of profits. When a company earns a profit or surplus, it reinvests a portion of the profit in the business (retained earnings) whilst paying a portion as dividends to the shareholders.
  • The distribution to shareholders may either be in cash (usually a deposit into their bank accounts) or in issuance of further shares.
  • Total Nigeria Plc is expected to pay the interim dividend of N4.00 on all the outstanding 339,521,837 ordinary shares of the company.

As at the time of reporting this, Total Nigeria Plc shares trade N184.8/unit on the floor of The Exchange, up by 10%.

2021 H1 Results: Total Nigeria Plc grows profit after tax by over 1,000% to N8.1 billion

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Total Nigeria Plc released its unaudited half-year results for the period ended 30th of June, 2021.

  • Revenue for the period was N151.3 billion. (+42% YoY)
  • Cost of sales for the period was N125.8 billion. (+33.4% YoY)
  • Administrative expenses totalled N13.8 billion. (+16.3% YoY)
  • Profit for the period was N8.1 billion.(+1,601% YoY)
  • Earnings per share was N23.8 (+1,601% YoY)
  • Total shareholders fund for the period was N32.8 billion.
  • An interim dividend of N4.00 was declared for the period.

See link to results.

Fidson Healthcare Plc announces 98th Board Meeting.

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 Fidson Healthcare Plc has announced that it will be hosting its 98th Board of Directors meeting on the 28th of July, 2021.

This is according to a disclosure signed by the Company’s secretary, J.A Adebanjo and sent to the Nigerian Exchange Group Limited (NGX).

The meeting is scheduled to consider among other things, the unaudited financial statements of the company for the half year ended 30th of June 2021 (H1, 2021). Sequel to this, the bank will be observing a closed period from 1st of July, 2021 until 24 hours after the unaudited financial statements have been filled with The Exchange.

The closed period will prevent insiders who can influence the share price of the company, e.g. directors, managers, employees etc., from trading in the shares of the company.

In case you missed it: Fidson Healthcare had earlier reported a profit after tax of N579.6 million in the first quarter of the year, indicating a surge of about 281% when compared with the figure posted in corresponding period of last year.

 

For other details of the meeting, click HERE.

African Alliance Insurance Plc announces inability to submit financial statements.

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African Alliance Insurance Plc has notified stakeholders and the general public of its inability to file its unaudited financial statements for the period ended 30th of June, 2021.

In a statement signed by the company’s secretary, Anthonia Udeh, the management of African Alliance Insurance Plc announced that it will not be able to file the financial statements of the company on  the regulatory due date of 30th of July, 2021.

According to the notice, the delay is occasioned by the fact that the company is yet to file its Audited Financial Statement (AFS) for the period ended 31st of December, 2020, which is a prerequisite for filing the unaudited financial statements for the second quarter. However, the company noted that it is has submitted and currently awaiting the response of its primary regulator- The National Insurance Commission (NAICOM) on its 2020 AFS.

In line with the recent development, the company further announced that it has sought and obtained approval from the Nigerian Exchange Limited (NGX) to extend the timeframe for the submission of its 2021 Q2 unaudited financial statement to 29th of September, 2021.

In conclusion, the firm reiterated its commitments to ensuring that the unaudited financial statement of the company is filed with the period extended by the Exchange.

In case you missed it: Recall that African Alliance Insurance Plc and 3 other companies were suspended by the Nigerian Exchange Limited (NGX) on the 2nd of June, 2021. The suspension was due to the failure of the concerned companies to present their Audited Financial Statements (AFS) for the year ended December 2020 or the Unaudited Financial Statement for the period of March 2021 or both.

Seplat’s subsidiary, Westport Oil secures $50m offtake lending facility.

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Westport Oil Limited, a subsidiary of Seplat Energy Limited, has secured a $50 million offtake linked reserved based lending facility due April 2027.

The Offtake Facility is subordinated to the $110 million senior reserve based lending facility (the ‘’RBL’’). It attracts an initial interest of Libor +10.5% payable semi-annually and is scheduled to commence repayment from March 2023.

Affirming this, a notice signed by the Chief Financial Officer of Seplat, Mr Emeka Onwuka read: ‘’ Seplat Energy Plc (“Seplat” or the “Company”), a leading Nigerian independent energy company listed on both the Nigerian Exchange Limited and the London Stock Exchange, announces that its wholly owned subsidiary, Westport Oil Limited, has successfully raised a US$50 million offtake linked reserved based lending facility due April 2027 (the “Offtake Facility”). The Offtake Facility is subordinated to the US$110 million senior reserve based lending facility (the “RBL”). The Offtake Facility carries initial interest of Libor + 10.5% payable semi-annually and is scheduled to commence repayment from March 2023.’’

What you should know:

  • An offtake agreement is an arrangement between a producer and a buyer to purchase or sell portions of the producer’s yet-to-be-manufactured goods. It is usually negotiated in advance and it helps buyers lock in price, while guaranteeing supply of a product. One of the advantages of this agreement is that it grants producers  easy access to finance.
  • Westport Oil Limited had earlier refinanced its existing $100 million reserve-based lending (RBL) facility due November 2023, with a new five-year $100 million reserve-based lending (RBL) facility due March 2026.
  • The RBL carries initial interest of Libor +8% payable semi-annually and is scheduled to commence repayment from March 2023. It also includes a $75 million accordion to accommodate further commitments in the future.

Unilever Nigeria profit surge by 238% to N714.8 million in H1 2021.

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Unilever Nigeria Plc released its unaudited interim financial statements for the six months ended 30th of June, 2021.

  • Revenue for the period was N39.2 billion. (+43.2% YoY)
  • Cost of sales for the period was N29.3 billion. (+38.2% YoY)
  • Marketing and administrative expenses totalled N1.7 billion. (+34.3% YoY)
  • Operating profit for the period was N422.4 million. (+130% YoY)
  • Profit for the period was N714.8 million. (+237.7% YoY)
  • Earnings per share was 12 kobo (+233.3% YoY)

See link to results.