Author: Chidi Emenike

NEM Insurance Plc set to pay N902.97m dividend to shareholders.

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The Board of NEM Insurance Plc has approved a total dividend of N902.97 million representing 9 kobo per share for the 2020 financial year at the 51st Annual General Meeting of the company, held at NEM House in Obanikoro, Lagos on 24th of June, 2021.

This is according to a notification signed by the company’s secretary, Olajumoke Philip-Akede and seen by Nairametrics

An abstract of the resolution read: ‘’ That the dividend payment of 9k for every ordinary share of 50k each be and are hereby payable to all shareholders whose names appear on the Company’s Register of Members at the close of business on the 4th of June, 2021.’’

In light of this, the approved dividend will be paid on all the issued 10,032,955,535 ordinary shares of the company.

In addition, the board also agreed to consolidate the company’s shares in the ratio one (1) new ordinary shares for every two (2) ordinary shares previously held by its shareholders. This will consequently raise the nominal value of the ordinary shares from 50 kobo each to N1 per share.

Other key decisions reached at the AGM include;

  • Two Directors were re-elected into the Board, namely: Dr. Fidelis Ayebae and Mrs. Olayinka Aletor.
  • Directors and Auditors remuneration for the 2021 financial year were fixed.
  • Five persons were elected as members of the statutory audit committee for the 2021 financial year.
  • The board also approved the amendment of the company’s Memorandum and Articles of Association to reflect the changes brought about by the share consolidation exercise.
  • The board finally approved that the transfer of N272,551,000 representing the value of 4.7 billion ordinary shares, from the Company’s Share Premium account and Retained Earnings account to the Share Capital account.

What you should know:

  • NEM Insurance Plc had earlier reported a profit after tax of N5.08 billion in FY 2020, indicating a surge of about 112.3% when compared to the sum declared in the corresponding period of 2019.

Infinity Trust Mortgage Bank Plc projects profit after tax of N160.3 million.

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Infinity Trust Mortgage Bank Plc released its earnings forecasts for the third quarter of the year (Q3, 2021).

  • Gross earnings was projected at N431.6 million
  • Interest income was projected at N334.23 million.
  • Net operating income was projected at N367.9 million.
  • Operating expenses was projected at N189.8 million
  • Tax was projected at N17.8 million
  • Profit after tax was projected at N160.33 million.

See link to results.

Gbolahan Joshua retires as Executive Director from the Board of Fidelity Bank Plc.

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The Board of Fidelity Bank Plc has announced the retirement of Mr. Gbolahan Joshua as an Executive Director of the company.

This is according to a notification signed by the company’s secretary, Mrs. Ezinwa Unuigboje, and sent to the Nigerian Exchange Group Limited (NGX).

According to the disclosure, the retirement of Mr. Gbolahan who also doubles as the Chief Operations and Information Officer from the Board of the company, will become effective from 11th of June, 2021.

It is imperative to note that the Board of Directors approved the retirement of Mr Gbolahan at its recently concluded meeting held on 26th of April, 2021 and subsequently communicated the decision to the Central Bank of Nigeria, which formally acknowledged the development.

In this light, the board and management of the bank seized the opportunity to appreciate Mr. Gbolahan’s contributions to the growth and development of the institution during his period of employment and tenure on the Board. The board further wished him well in his future endeavours.

What you should know about Gbolahan:

  • Mr Gbolahan is a veteran in the financial industry with over 21 years of experience in the assurance and banking sectors. His areas of technical expertise include finance, strategy, investors’ relations, digital banking and information technology among others.
  • He joined Fidelity Bank in April 2014 as the Divisional Head Strategy Innovation and Business Transformation. He was subsequently appointed into the Board in September 2019 as an Executive Director/Chief Operations and Information Officer.
  • Prior to joining Fidelity Bank, Mr Gbolahan worked for a host of leading financial institutions like FCMB, Union Bank, Heritage Bank and UBA, serving in various leadership positions like CFO, CIO and COO, etc.
  • He is an alumnus of Olabisi Onabanjo University where he obtained a Bachelor’s degree in Accounting and Finance.

2020 FY Results: PZ Cussons Nigeria Plc reports a 125% surge in profit to N1.8billion.

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PZ Cussons Nigeria Plc released its unaudited results for the 12 months period ended 31st of May, 2021.

  • Revenue for the year was N82.4 billion. (+23% YoY)
  • Cost of sales was N59.09 billion. (+1.2% YoY)
  • Administrative expenses totalled N6.85 billion. (+25.0% YoY)
  • Operating profit was N6.97 billion. (+198.6% YoY)
  • Profit after tax was N1.8 billion. (+125.3% YoY)
  • Earnings per share of 46 kobo. (+125.3% YoY)
  • Net profit margin was 2.2% Vs -11% YoY.
  • Quick ratio of 0.8 Vs 0.6 YoY.

See link to results.

Total Nigeria Plc set to pay N2.06 billion dividend to shareholders.

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The Board of Total Nigeria Plc has approved a total dividend of N2.06 billion representing N6.08 per share for the 2020 financial year at the 43rd Annual General Meeting of the company, held at The Civic Centre, Lagos on 17th of June, 2021.

This is according to an official disclosure signed by the company’s secretary, Bunmi Popoola-Mordi and sent to the Nigerian Exchange Group Limited (NGX).

According to the notice: ‘’ It was resolved that a dividend of N6.08 (Six Naira, Eight Kobo) per share as recommended by the directors be and is hereby payable on Friday 18th June, 2021 to all holders of ordinary shares whose names appear in the Register of Members at close of business on the 16th of April, 2021 subject to deduction of withholding tax at the rate applicable on the date of payment.’’

Sequel to this, the approved dividend rate of N6.08 per share will be paid on all the issued 339,521,837 ordinary shares of the company.

Other key decisions reached at the AGM include;

  • Three Directors were re-elected into the Board, namely: Mr. Stanislas Mittelman, Mrs. Lesley Baxter-Green and Mr Alexander Adotevi.
  • Directors and Auditors remuneration for the 2021 financial year were fixed.
  • Five persons were elected as members of the statutory audit committee for the 2021 financial year.

What you should know:

  • Total Nigeria Plc had earlier reported a profit after tax of N2.24 billion in FY 2020, indicating a dip of 1.55% when compared to the sum of N2.28 billion recorded in correspondig period of 2019.

 

Jaiz Bank approves payment of N883.9 million as final dividend to shareholders.

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The Board of Jaiz Bank Plc has approved a disbursement of the total sum of N883.9 million as final dividend to its shareholders for the period ended 31st December, 2020.

The approval is part of the resolutions reached at the recently concluded 9th Annual General Meeting held by the company on the 23rd of June, 2021.

Affirming this, a part of the resolution stated: ‘’That a final dividend of N0.03kobo per share be and is hereby sanctioned and the directors be and are hereby authorized to pay the same on Wednesday, June 23 2021 to shareholders whose names appeared in the Company’s Register of Members by close of business on Friday June 11, 2021 subject to the deduction of the appropriate Withholding Tax at the time of payment, as recommended by the Board.’’

It is pertinent to note that the approved dividend rate of 3 kobo per share will be paid on all the issued 29,464,249,300 ordinary shares of the company.

Other decisions reached at the AGM include;

  • Three eminent personalities were elected into the Board as Directors, namely: Dr. Abdulateef Bello, Mrs Aisha Waziri Umar and Dr. Sirajo Salisu.
  • Four retired Board members were re-elected as Directors, having presented themselves for re-election.
  • Managers remuneration for the 2021 financial year were fixed at N263,119,000
  • Five persons were re-elected as members of the Audit Committee for the 2021 financial year.
  • Directors fees were pegged at N16 million per annum for the Board Chairman and N14 million per annum for every other Non-Executive Director.

What you should know:

  • JAIZ Bank Plc had earlier reported a profit after tax of N2.9 billion in FY 2020, indicating an increase of 19% YoY.

 

2021 Q1 Results: Coronation Insurance profit surge by 79% to N648.2 million.

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Coronation Insurance Plc released its unaudited interim financial results for the first quarter of the year ended 31st of March, 2021.

  • Net premium income for the period was N2.32 billion. (+2.2% YoY)
  • Fees and commission income of N228.15 million. (-47.3% YoY)
  • Total claims paid during the period was N1.64 billion (+43.01% YoY)
  • Underwriting profit was N755.85 million. (-41.7% YoY)
  • Operating expenses totalled N1.36 billion. (-10.8% YoY)
  • Profit after tax was N648.2 million. (+79.4% YoY)

See link to results.

Nestlé S.A buys additional shares of Nestlé Nigeria worth N175.65 million.

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Nestlé S.A, Switzerland, the parent company of Nestlé Nigeria Plc, has increased its stake in the Nigerian subsidiary with the purchase of 125,463 additional units in the shares of the company.

This disclosure was made by Nestlé Nigeria Plc, in a notification issued and signed by its Company’s Secretary, Bode Ayeku.

The purchase which occurred in a single tranche, took place on the floor of the Nigerian Exchange Limited on 22nd of June, 2021. It is imperative to note that the 125,463 additional units of Nestlé Nigeria shares were purchased at an average price of N1, 400 per unit, totaling N175.65 million.

This recent transaction further strengthens the status of Nestlé S.A as the majority shareholder in its Nigeria subsidiary. Sequel to the recent transaction, the company has so far purchased a total of 269,910 additional shares worth N377.87 million in the last two days.

It is pertinent to note that the recent disclosure is in line with statutory requirements, aimed at entrenching transparency and boosting investors’ confidence in the market. Insider transactions are often a sign of how shareholders perceive a company’s valuation. It could also mean a possible capital raise or that the major shareholders are strengthening their existing holdings.

What you should know:

  • Nestlé S.A had earlier reported the purchase of additional 144,447 units of Nestlé Nigeria Plc shares at a price of N1, 399.99 per share, worth N202.2 million.

LivingTrust Mortgage Bank Plc appoints Timothy Gbadeyan as Company Secretary.

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LivingTrust Mortgage Bank Plc has announced the appointment of Mr Timothy Olorunsogo Gbadeyan as its Company Secretary/Head of Legal Services.

This is according to a disclosure signed by the Company’s Finance Officer/Head of Investors Relations, Ikechukwu Omuku, and sent to the Nigerian Exchange Group Limited.

By the virtue of his appointment, Gbadeyan will be in charge of the company’s secretarial and legal duties.

Profile

Mr. Gbadeyan is an experienced corporate attorney with technical expertise in deals advisory, real estate finance, factoring, general commercial transactions, corporate governance, company secretarial services and regulatory compliance. Until his appointment, he was the Head of Legal Services of infinity Trust Mortgage Bank Plc.