Author: Chidi Emenike

Georgios Sotiropoulos resigns as a Director from the Board of PZ Cussons Nigeria Plc.

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The Board of Directors of PZ Cussons Nigeria Plc has announced the resignation of Mr. Georgios Sotiropoulos, as Executive Director of the company, effective from 31st of May, 2021.

This disclosure was made in a notification signed by the Company’s Secretary, Jacqueline Ezeokwelume, and sent to the floor of the Nigerian Exchange Group Limited.

According to the notice, the Board considered and approved the resignation request tendered by the aforementioned Director.

What you should know

According to his LinkedIn profile, Sotiropoulos joined PZ Cussons Group in 1999 and served in various leadership positions for over 22 years, rising to the position of Managing Director (Africa Supply Chain).

He was appointed to the Board as an Executive Director on 22nd of March, 2018. He is an alumnus of the University Of Birmingham, UK where he obtained a Masters in Mechanical Engineering and Business Administration.

For more information about the recent disclosure, click HERE.

 

GCR Upgrades MTN Nigeria Long Term Issuer Rating to AAA.

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GCR Ratings (GCR) has upgraded the national scale long-term Issuer rating of MTN Nigeria Communications Plc to AAA and affirmed the national scale short-term Issuer rating of A1+, with a stable outlook.

This is according to a notice made available on the website of the Nigerian Exchange Group Limited (NGX) and seen by Nairametrics.

According to the notice, the recently concluded N110 billion series 1 unsecured bond issued by the telecommunications giant, was also upgraded with a nation scale long-term rating of AAA and a stable outlook.

It is imperative to note that the rating is the highest possible long-term and short-term ratings on GCR’s national rating scale, and MTN Nigeria is the first mobile network operator in Africa to be accorded such ratings by GCR.

According to GCR: ‘’ The ratings accorded to MTN Nigeria Communications Plc reflects its very strong competitive position as the leading provider of telecommunication services in Nigeria, as well as its strong earnings and cash flow which has supported a robust financial profile.’’

GCR further noted that MTN Nigeria has progressively sustained its earnings, with a five-year CAGR of 14.1% to FY20. Similarly, Its EBITDA margin remained strong around 50%-53% in the recent period, trending above international peers.

In light of this, GCR expects MTN Nigeria to continue to maintain strong revenue growth given its growing infrastructure, and Nigeria’s favourable demographic. On the other hand, GCR expressed concerns over the continuous devaluation of the Naira, noting that it is capable of increasing pressure on the unhedged operating and capital costs, as a large component of spending relates to US Dollar denominated imports, impacting the earnings margins.

Meanwhile, the CEO of MTN Nigeria, Karl Toriola opined that the recent ratings demonstrate the resilience of the telecommunications giant, he said: ‘’We are delighted with the outcome of the GCR rating. This demonstrates the resilience of our business and positions MTN Nigeria as the benchmark of reference for the information and communications technology sector for long-dated, fixed-term instruments. As we continue to invest in our network and strengthen our risk management processes, we remain focused on sustaining and accelerating growth in line with our Ambition 2025 strategy.’’

Sunu Assurance Plc announces the resignations of Company Secretary and CFO.

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Sunu Assurance Nigeria Plc has announced the resignations of its Chief Financial Officer, Mr Akeem Adamson and Company Secretary, Head of Legal and Chief Compliance Officer, Mr John Akujieze from the service of the company.

The recent shake up was communicated through two separate disclosures, made available on the website of the Nigerian Exchange Group Limited (NGX).

Affirming the recent development, the firm disclosed that the aforementioned personalities tendered their resignation letters and it has been accepted by the Board. In line with this, their resignations will become effective from 7th of September, 2021.

The Board and Management of the company also seized the opportunity to thank the eminent staffs for their contributions and wished them well in their future endeavours.

On the other hand, the board also approved the appointment of Mrs Taiwo Kuku and Mr Theo Lyile as new acting company secretary and CFO respectively.

Sunu Assurances Nigeria Plc (formerly known as Equity Assurance Plc), is an insurance company offering non-life insurance, asset management and health management services to both retail and corporate clients.

 

 

Fidelity Bank Non-Executive Director purchases additional 4.4million shares.

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Fidelity Bank Plc has notified the Nigerian Exchange Group Limited that Mrs. Nwamaka Onwughalu, a Non-Executive Director in the bank, has acquired 4,404,700 additional units of Fidelity Bank shares, worth ₦9.95 million.

In line with The Exchange’s policy on insider dealing, the formal disclosure was made by the Bank’s Secretary, Ezinwa Unuigboje.

According to the notice, Mrs. Nwamaka acquired the additional 4.4 million units of Fidelity Bank shares at an average share price of ₦2.26 per share. This put the total consideration for the shares purchased by the non-executive director at ₦9,954,622. In addition, it is pertinent to note that the deal took place on the 16th-17th of June, 2021.

It is imperative to note that the disclosure is in line with the statutory requirements specified by the Exchange and needed to entrench transparency and confidence in the system. Trade by insiders, particularly purchases, often demonstrates confidence in the financial performance of the companies that they run.

Fidelity Bank Plc’s shares opened trading today 23rd of June, 2021 at ₦2.28 per share.

 

Living Trust Mortgage Bank projects profit after tax of N109.21 million in Q3 2021.

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

  • Gross earnings was projected at N626.65 million
  • Net interest income was projected at N353.4 million
  • Net operating income was projected at N339.4 million
  • Operating expenses projection of N210.91 million
  • Tax was projected at N19.3 million.
  • Profit after tax was projected at N109.21 million

See link to forecasts.

Sovereign Trust Insurance Plc projects profit before tax of N1.27 billion in Q4 2021.

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Sovereign Trust Insurance Plc released its earnings forecasts for the fourth quarter of the year (Q4, 2021).

  • Gross premium written was projected at N12.6 billion.
  • Net claims incurred was projected at N2.75 billion
  • Total underwriting expenses projection of N2.03 billion.
  • Underwriting profit was projected at N2.69 billion
  • Management expenses was projected at N2 billion
  • Profit before tax was projected at N1.27 billion.

See link to forecasts.

Nestlé S.A invests N202.2 million in shares of its Nigerian subsidiary.

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Nestlé S.A, a leading multinational food and beverage company, has invested an additional N202.2 million 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.

According to the notice, Nestlé S.A acquired additional 144,447 units of Nestle Nigeria Plc shares at a price of N1, 399.99 per share. This puts the total consideration for the shares purchased by the parent company at N202, 224,355.53

Meanwhile, it is worthy to note that the recent transaction took place on the floor of the Nigerian Exchange Limited on the 18th of June, 2021.

By implication, the 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).

For more information about the recent disclosure, click HERE.

Nestle Nigeria Plc announces 52nd Annual General Meeting. See how to participate

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The Board of Nestle Nigeria Plc has announced that it will be hosting its 52nd Annual General Meeting today, 22nd of June, 2021.

This is according to a notification signed by the company’s secretary, Bode Ayeku, and seen by Nairametrics.

According to the notice, investors, shareholders and other relevant stakeholders who might not be able to attend the meeting due to restriction on mass gathering imposed by the government as a result of COVID-19, can opt to watch the live proceedings and participate using the link attached in the disclosure HERE.

As a rule of thumb, it is expected that several issues will be discussed in the AGM among which are;

  • The audited financial statement for the year ended December 31, 2020, and the report of its Directors, auditor, and the audit committee.
  • The firm’s proposed dividend will be considered and approved.
  • Board appointments will also be considered and ratified.
  • Remuneration of managers and Directors in FY 2021 will be considered.
  • Shareholders’ representatives of the statutory audit committee will be elected.

What you should know:

  • Nestle Nigeria Plc had earlier reported a profit after tax of N39.2 billion in FY 2020, as its earnings per share for the period printed at N49.47. Sequel to this, a dividend of N35.5 was proposed by the board.

Royal Exchange Plc appoints new company secretary.

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Royal Exchange Plc has announced the appointment of Mazars Ojike and Partners as its new company secretary, effective from 30th of May, 2021.

This is contained in an official disclosure sent to the Nigerian Exchange Group Limited (NGX) which reads: ‘’Royal Exchange Plc (the company) wishes to inform its shareholders and the investing public that the company has appointed Mazars Ojike and Partners as its new Company Secretary.’’

By the virtue of its appointment, Mazars Ojike and Partners will offer secretarial services and act as representative of Royal Exchange Plc.

About Mazars

Mazars Ojike and Partners is part of an international audit, tax and advisory firm. It has six distinct service lines which include; accounting and outsourcing solutions, audit, consulting, financial advisory, legal/corporate commercial and tax solutions. The firm was indigenously established in June 1975 and currently boasts of over 90 professionals (including 4 partners)

 

For more information about the recent disclosure, click HERE.

 

Prestige Assurance Plc projects profit after tax of N1 billion in Q3 2021.

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Prestige Assurance Plc released its earnings forecasts for the third quarter of the year (Q3, 2021).

  • Turnover was projected at N7.5 billion
  • Profit before tax was projected at N1.25 billion
  • Tax was projected at N250 million.
  • Profit after tax was projected at N1 billion.

The forecasts were made based on numerous assumptions, among which are;

  • There will be no serious Government restrictions of trade that will affect the insurance business.
  • The company will not suffer any major catastrophe which will necessitate reduction of investment portfolio for claims payment.
  • There will not be any considerable reduction in the level of interest rate.
  • The capital Market activities will improve significantly from the bearish position to the bullish.
  • The country political climate shall be stable for carrying out business activities across the nation.

For more information about the disclosure, click HERE.