Author: Chidi Emenike

Ngozi Nkem retires as Non-Executive Director of Consolidated Hallmark Insurance Plc.

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The Board of Consolidated Hallmark Insurance Plc has notified shareholders and the investing public, of the retirement of one of its Non-Executive Directors, Mrs Ngozi Nkem from her position after many years of meritorious service.

This is according to a notification signed by the Company’s Secretary, Rukevwe Falana and sent to the Nigerian Exchange Group Plc.

According to the notice, the retirement decision was duly considered and ratified at the Board of Directors’ meeting of the company, held on 28th of April, 2021. The disclosure is in line with the Corporate Governance Code and Guidelines of the National Insurance Commission (NAICOM).

About the retiree

Ngozi Nkem is an experienced banker with many years of experience. She is an alumna of Abia State University, where she obtained a BSc. degree in Banking and Finance.

Mrs Nkem currently manages Zopon Nigeria and also sits in the board of three other firms- Transglobe Securities Nigeria Limited, Binez Hotel Limited and Abia State Hotels Limited.

LivingTrust Mortgage Bank Plc set to hold Annual General Meeting on 10th of June.

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The Board of LivingTrust Mortgage Bank Plc has announced that it will host its 7th Annual General Meeting on the 10th of June, 2021.

This is according to a notification signed by the company’s secretary, Olabisi Fayombo and seen by Nairametrics. Sequel to this, the following issues will be discussed;

  • 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 officially declared.
  • 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.

What you should know:

  • LivingTrust Mortgage Bank had recently posted a profit after tax of N100.6 mllion in Q1 2021, indicating a surge of about 260%.
  • If ratified, FY 2020 dividend will be paid to qualified shareholders on the 14th of June, 2021.
  • In line with CAC guidelines, attendance at the AGM will be by proxy. Sequel to this, a list comprising of five (5) representatives authorized to represent shareholders, have been made available.

For more information about the AGM, click HERE

Custodian Investment Plc gets regulatory clearance to take-over UPDC.

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Custodian Investment Plc has obtained a regulatory approval to proceed with a Mandatory Takeover (MTO) offer of UACN Property Development Company (UPDC).

According to a notice signed by the secretary of Custodian Investment Plc, Adeyinka Jafojo, the MTO offer to minority shareholders of UPDC will involve the purchase of up to 34,415,332 Ordinary shares of 50 kobo each, at a price of 90 kobo per share.

In addition, the offer is expected to be open by 31st of May, 2021 and close by 2nd of July, 2021. The qualification date was 14th of May, 2021, implying that shareholders whose names appear on the Register of Members as at the aforementioned qualification date are eligible to participate.

What you should know:

  • Nairametrics had earlier reported that the duo (Custodian and UPDC) had agreed to a sale of 51% of UPDC in a transaction that will occur in two phases.
  • Sequel to the completion of the deal, UAC will still retain part ownership of the company but will cease to have it as a subsidiary of UAC.

 

 

FMDQ Exchange lists BUA Cement Plc’s N115 billion Series 1 bond

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FMDQ Exchange has announced the listing of BUA Cement Plc’s N115 billion Series 1 fixed rate bond on its platform, as part of a N200 billion bond issuance programme.

This is according to a disclosure by FMDQ which reads: ‘’ FMDQ Exchange is pleased to welcome the listing of the largest corporate bond in the Nigerian debt capital markets, the BUA Cement PLC ₦115.00 billion Series 1 Fixed Rate Bond under its ₦200.00 billion Bond Issuance Programme, on its platform.’’

Recall that FMDQ Exchange had recently admitted a host of corporate bonds and commercial papers on its platform. Nairametrics had earlier reported the listing of Flour Mills, NMRC bonds worth N39.9 billion and the admittance of FG’s Sukuk bond worth N162.6 billion.

By the virtue of the listing of its bond on FMDQ platform, BUA Cement alongside other securities will be availed global visibility, transparency, governance and continuous information disclosure, amongst other value-added services.

 

For more information about the recent disclosure, click HERE

2021 Q1 Results: Cornerstone Insurance Plc grows profit by 39% to N658.15 million.

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Cornerstone Insurance Plc released its unaudited results for the first quarter of the year (Q1, 2021).

  • Net premium earned during the period was N2.82 billion. (+97.7% YoY)
  • Total claims paid during the period was N1.3 billion (+20.01% YoY)
  • Underwriting profit of N1.49 billion. (+566.6% YoY)
  • Personnel expenses totalled N598.25 million. (+33.3% YoY)
  • Profit after tax was N658.15 million. (+38.5% YoY)

See link to results.

FMDQ Exchange lists Flour Mills, NMRC bonds worth N39.9 billion.

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FMDQ Exchange has announced the successful listing of Nigerian Mortgage Refinance Company Plc and Flour Mills of Nigeria Plc bonds worth N39.9 billion in total.

According to series of verified disclosures from the FMDQ Exchange, the breakdown of the listing showed that;

  • FMDQ Exchange successfully listed the Nigerian Mortgage Refinance Company Plc’s N 10 billion Series 3 Fixed Rate Bond on its platform, as part of its N440 billion Bond Issuance Programme.
  • Flour Mills of Nigeria Plc also listed its N4.89 billion Series 4 (Tranche A) and N25 billion Series 4 (Tranche B) Fixed Rate Bonds on the FMDQ platform, as part of its N70 billion Bond Issuance Programme.

The recent disclosure is sequel to a host of other listings earlier announced by FMDQ Exchange since this year. It provides the opportunity for the aforementioned firms to raise funds from the debt capital markets in a bid to plug in capital shortfalls and meet other statutory needs.

On the other hand, FMDQ Exchange has revealed that its Debt Market Size as at 19th of May, 2021 stands at N23.7 trillion.

2021 Q1 Results: Meyer Plc reports a 123% increase in profit to N5.7 million.

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Meyer Plc released its unaudited results for the first quarter of the year (Q1, 2021).

  • Revenue for the period was N223.5 million. (-15.5% YoY)
  • Cost of sales was N145.16 million. (-12.9% YoY)
  • Administrative expenses totalled N99.8 million. (-17.02% YoY)
  • Profit for the period was N5.68 million. (+122.7% YoY).
  • Earnings per share of 1 kobo(+120% YoY)

See link to results.

FMDQ Exchange admits FG’sN162.6 billion Sukuk Bond.

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The Federal Government of Nigeria has once again demonstrated its unrelenting commitment to the development of local infrastructure through the debt capital markets, by listing the N162.56 billion Ijarah Sukuk bond on the FMDQ Securities Exchange.

This is according to a notification by FMDQ which reads: ‘’FMDQ Exchange has successfully admitted the following Bond to its platform: The Federal Government of Nigeria Roads Sukuk Company 1 Plc N162.56 billion Ijarah Sukuk’’.

Sukuk bond are sharia-compliant, fixed-income capital markets instruments, structured in a way to generate returns in conformity with Islamic principles and laws. Some of these principles include; the prohibition of interest, scrutinizing and funding only permissible assets (halal) among others.

The proceeds from the bond will be used to fund earmarked capital projects most especially roads, across the states in the federation.

Recall that the Federal Government of Nigeria through the Debt Management Office had recently announced the listing of the aforementioned bond on the Nigerian Stock Exchange and the FMDQ Exchange, as captured by Nairametrics.

What you should know:

  • The bond is the third sovereign Sukuk, sequel to the successful issuance of the N100 billion Sukuk in 2017 and another of equivalent amount in 2018.
  • The recent Sukuk has a maturity period of 7 years and at the time of issuance was massively subscribed by 446%

MTN Nigeria set to hold Annual General Meeting on 7th of June.

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The Board of MTN Nigeria Communications Plc has announced that it will host its Annual General Meeting on the 7th of June, 2021.

This is according to a notification signed by the company’s secretary, Uto Ukpanah and seen by Nairametrics. Sequel to this, the following issues will be discussed;

  • 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 officially declared.
  • 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.

What you should know:

  • MTN Nigeria Plc had recently posted a profit after tax of N73.7 billion in Q1 2021, indicating a surge of about 43%.
  • In line with CAC guidelines, attendance at the AGM will be by proxy. Sequel to this, a list comprising of six (6) representatives authorized to represent shareholders, have been made available.

For more information about the AGM, click HERE.

C & I Leasing Plc proposes final dividend worth N39.1 million for shareholders.

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The Board of C & I Leasing Plc has proposed a final dividend of N39.1 million to its shareholders for the period ended 31st of December, 2020.

This is according to a notification published on the website of the Nigerian Exchange Group Plc (NGX), stating that a dividend of 5 kobo per share will be paid on all the issued 781,646,167 ordinary shares of the company.

The proposed final dividends will be paid electronically to qualified shareholders on or before 30th of June, 2021. Qualified shareholders are those, whose names appear on the Register of Members as at close of business on 11th of June, 2021. Other qualifying conditions are;

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

What you should know:

  • C & I Leasing Plc earlier released its Q1 2021 results showing a profit after tax of N77.7 million.
  • In a bid to consider the proposed final dividend, an Annual General Meeting (AGM) will be held by the company on the 29th of June, 2021 by 11:00am