Author: Chidi Emenike

Airtel Africa pegs exchange rate for its final dividend payment at N410.95/$

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Airtel Africa Plc, a leading pan-African provider of telecommunications and mobile money services, has announced that an exchange rate of N410.95/$ will be applicable in the determination of its proposed final dividend of 2.5 cents

According to a disclosure signed by the Group Company Secretary, Simon O’Hara and published on the website of the Nigerian Exchange Group Plc (NGX Plc), the rates will be applicable to any shareholder that qualifies for and has elected to receive the dividend payment in Naira, Dollar or GBP.

Additionally, shareholders’ on the London Stock Exchange and the Nigerian Exchange Limited who wish to receive their entire dividend in the currencies of their choice (other than the default currencies) are strongly advised to participate in the currency election, by obtaining, filling and returning the currency election form  to their respective company’s registrar domiciled in their countries. Investors are to check their respective  stock markets for more information as regards timeframe and other modalities.

Exchange rate

  • 1 USD=410.95 Naira
  • 1 USD=0.7068 GBP

The firm noted that the exchange rate for the Nigerian naira or GB Pounds amounts payable was determined by reference to the exchange rates applicable to the U.S dollar available on 9 June 2021.

For more information about the disclosure, click HERE

 

Ecobank Transnational Incorporated finalizes issuance of Tier 2 Sustainability Notes, raises $350 million.

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Ecobank Transnational Incorporated (ETI) has formally launched its Tier 2 sustainability Notes, raising $350 million from the landmark issuance.

This is according to a press released signed by the firm’s Head of Corporate Communications, Adenike Laoye and seen by Nairametrics.

According to the notice, the recent deal is the first ever Tier 2 Sustainability Notes by a financial institution is Sub-Saharan Africa.  The notes, which matures in June 2031, has a call option in June 2026 and was issued with a coupon rate of 8.75% with interest payable semi-annually in arrears.

The financial giants also disclosed that the Tier2 issuance is the first to have a Basel III- compliant 10NC5 structure outside of South Africa in 144A/RegS format. Sequel to this, the notes will be listed on the main market of the London Stock Exchange.

The bank also emphasized that investors’ interest in the notes were impressive, with major markets in the UK, USA, Europe, the Middle East, Asia and Africa, achieving a 3.6x oversubscribed order book, of over $1.3 billion at its peak.

Commenting on what the proceeds of the notes will be used for, the pan-African bank noted that it will be used to refinance new or existing eligible assets as described in ETI’s sustainable framework

Commenting on this deal, the Group Chief Executive Officer of ETI, Ade Ayeyemi, stated that: “This is a landmark issue for Ecobank, and indeed the success of this first Sustainable Tier 2 issuance is testament to our clear strategy, solid positioning across the pan-African banking space as well as our deliberate and long term focus on sustainable initiatives. We are particularly pleased with the diverse order book which reflects the confidence investors have in Ecobank to deliver on our commitment to sustainable financing.’’

What you should know:

  • ETI had earlier announced the proposed launch of the Tier 2 sustainability notes, few days ago.
  • The Joint Lead Managers and Bookrunners in the transaction were Citi, Mashreq, Renaissance Capital and Standard Chartered Bank.

Fidson Healthcare Plc proposes dividend worth N521.6 million to shareholders.

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The Board of Directors of Fidson Healthcare Plc has proposed a final dividend of 25 kobo for every share of 50 kobo held by shareholders, amounting to a total of N521.6 million for the year ended 2020.

This is according to a disclosure signed by the company’s secretary, J.A Adebanjo, and sent to the Nigerian Stock Exchange.

According to the notice, dividends will be paid electronically to qualified shareholders’ on 29th of July, 2021. The qualified shareholders are those, whose names appear in the Register of Members as at the close of trading on 7th of July, 2021.  Other qualifying conditions are;

  • Shareholders must have completed the e-dividend registration.
  • In addition, shareholders must have mandated the Registrar (Meristem Registrars and Probate Limited) to pay their dividend directly into their bank accounts.

What you should know:

  • The Bank is expected to discuss this proposed dividend in its Annual General Meeting scheduled to hold on 28th of July, 2021 at Conference Centre, 2nd Floor, Fidson Towers, Lagos.
  • The company had earlier reported a profit tax of N1.18 billion in FY 2020, indicating a surge of about 190% YoY.
  • The company currently has 2,086,360,250 units of shares outstanding.

For more information about the proposed dividend, click HERE

CHI Plc projects profit after tax of N515.7 million in Q3 2021.

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Consolidated Hallmark Insurance Plc released its earnings forecasts for the third quarter of the year (Q3, 2021).

  • Net premium was projected at N4.91 billion
  • Net claims projection of N2.03 billion
  • Net operating income was projected at N3.46 billion.
  • Underwriting and management expenses projections of N1.53 billion.
  • Tax projection of N110.79 million
  • Profit after tax was projected at N515.7 million.

See link to results.

RAK Unity Petroleum Plc set to wind up business, appoints liquidator.

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Rak Unity Petroleum Company Plc, a major distributor of petroleum products in Nigeria, has announced plans to wind up its business, subject to the approval of the members of the company in the imminent general meeting.

This decision was reached during the recently concluded Annual General Meeting of the company, held on the 4th of June, 2021 at Marina-Lagos.

An excerpts of the resolutions read: ‘’ THAT the Company be wound up voluntarily in accordance with the provisions of the Companies and Allied Matters Act 2020 subject to the approval of the members of the Company in the general meeting.’’

Additionally, in a bid to facilitate the winding up of the company, the shareholders resolved to appoint Mrs. Chinwe Chiwete of EPIC law firm as its liquidator. Confirming this, a part of the notice read thus: ‘’ THAT Mrs Chinwe Chiwete of the law firm of EPIC Legal of Block 74, Plot 22B, Emma Abimbola Cole, Lekki Phase 1, Lagos be appointed liquidator for the purposes of winding up of the Company, subject to the approval of the members of the Company in the general meeting.’’

It is pertinent to note that RAK Unity Petroleum was incorporated on 20th of December, 1982 as a limited liability company. It was listed on the second-tier of the Nigerian Stock Market (ASeM) on 21st of March, 1989.

Rak Unity Petroleum Plc is engaged in the sale and distribution of petroleum products. The Company is also engaged in the business of storage of oil, gas, kerosene, among others.

 

Sunu Assurances Nigeria Plc projects profit after tax of N168.6 million in Q3 2021.

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Sunu Assurances Nigeria Plc has released its earnings forecasts for the third quarter of the year (Q3, 2021).

  • Net premium income was projected at N2.2 billion.
  • Underwriting income was projected at N2.38 billion.
  • Net claims projection of N429.36 million.
  • Operating expenses projection of N1.24 billion.
  • Profit after tax was projected at N168.6 million.

See link to forecasts.

JAIZ Bank Plc projects profit after tax of N994.88 million in Q3 2021.

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Jaiz Bank Plc has released its earnings forecasts for the third quarter of 2021 (Q3 2021).

  • Gross Earnings is projected to hit N6.9 billion.
  • Interest income is projected to hit N6.57 billion.
  • Net operating income projection of N4.64 billion.
  • Operating expenses projections of N3.54 billion.
  • Tax is projected at N110.5 million
  • Profit after tax is projected at N994.88 million.

See link to forecasts.

MTN Nigeria Plc approves FY 2020 dividend pay-out of N120.09 billion to shareholders.

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The Board of Directors of MTN Nigeria Plc has approved the payment of N120.09 billion to the shareholders of the company who currently hold the 20,354,513,050 fully paid ordinary shares of the company.

This disclosure is part of the resolutions passed at the recently concluded Annual General Meeting of the company, held on the 7th of June, 2021.

According to the notice: ‘’A dividend payment in the total sum of N120,091,626,955.00 (One hundred and twenty billion ninety one million six hundred and twenty six thousand nine hundred and ninety five Naira) which translates to N5.90Kobo per every 2 kobo ordinary share; to shareholders whose names appear in the Company’s Register of Members at the close of business on Tuesday, May 4, 2021 (bringing total dividend for the year ended 31st December 2020 to N9.40), subject to withholding tax, be and is hereby approved.

Other resolutions reached at the Annual General Meeting include;

  • The appointment of Ms. Tsholofelo Molefe, Dr. Ernest Ndukwe, Messrs. Rhidwaan Gasant, Ralph Mupita and Jens Schulte-Bockum into the company’s Board were reviewed and approved.
  • The remuneration of the Board Chairman for the year ending 31st Decemeber 2021, was fixed at N28,920,000/
  • Non-Executive Directors fees for the year ending were pegged at N16,472,000.
  • The firm was authorized to establish an Equity Shelf Programme for the purpose of facilitating offers for the sale of shares in the company by MTN International (Mauritius)

What you should know:

  • MTN Nigeria Plc had earlier declared an all-time highest revenue  by a listed Nigerian entity for FY 2020

For more information about the disclosure, click HERE.

 

Nestle Nigeria Plc publishes names of over 17,000 shareholders who are yet to claim their dividends.

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Nestle Nigeria Plc has published the names of 17,187 shareholders who are yet to file and receive their dividends, categorizing them under the firm’s unclaimed dividend list.

According to a disclosure sent to the Nigerian Exchange Group Plc (NGX) and seen by Nairametrics, the list of unclaimed dividends for shareholders of Nestle Nigeria Plc will be published in two reputable media houses on 11th of June, 2021. The publication will be made available via the online platforms of The Punch and Guardian newspapers.

Rationalizing this recent action, the firm disclosed that the Companies and Allied Matters Act 2020 had mandated the company to publish the list of unclaimed dividends with names of all intended beneficiaries, in at least two national newspapers.

The recent disclosure by the Nestle Nigeria Plc therefore validates an earlier claim of a surge in unclaimed dividend in Nigeria, estimated to be around N200 billion by an adhoc committee of the Nigerian House of Representatives.

In a bid to manage the high incidence of unclaimed dividends in Nigeria, the Federal Government of Nigeria through the Finance Act 2020 had proposed the establishment of an Unclaimed Dividend Trust Fund, which is to be managed by the Debt Management Office (DMO).

 

What you should know:

  • Nairametrics had earlier reported that Nigerian Breweries Plc had published the names of over 100,000 shareholders who are yet to file and claim their dividends.
  • Nestle Nigeria Plc had earlier reported a profit before tax of N60.6 billion in FY 2020. Sequel to this, a dividend of N35.50 was proposed during the period

See link to the unclaimed dividend list of the company.