Author: Chidi Emenike

Zenith Bank announces board meeting, closed period ahead of Q3 2021 results.

Chidi Emenike Leave a comment

Zenith Bank Plc has announced that it will be hosting a Board of Directors meeting on Thursday, October 28, 2021 to discuss the group’s unaudited financial statements for the third quarter of the year ended September 30, 2021.

This was confirmed by the financial giant through a statement signed by its secretary, Michael Otu, and made available on the website of the Nigerian Exchange Limited (NGX).

Excepts of the notice read: ‘’In line with listing regulations of the Nigerian Exchange Limited (NGX or the Exchange) for quoted companies, Zenith Bank Plc (the Bank) hereby informs its shareholders, NGX and the investing public that the Board of Directors of the Bank is scheduled to meet on Thursday, October 28, 2021 to consider the Group’s Unaudited Financial Statements for the third quarter ended September 30, 2021.’’

Consequently, in line with provisions of Rule 17.18(a) Close Period, Rulebook of the Exchange, 2015 (Issuers’ Rule) as amended, the tier-1 bank commenced a Closed Period from Friday, 1 October 2021. The closed period will run until 24 hours after the unaudited accounts is released to the public.

Accordingly, directors, employees, advisers, consultants and their connected persons and any other person(s) with insider information are prohibited from trading in the shares of the company during the closed period.

To access the disclosure, click HERE.

Okomu Oil Palm Company Plc: Notice of Board Meeting.

Chidi Emenike Leave a comment

Okomu Oil Palm Company Plc have notified shareholders, the Nigerian Exchange Limited (NGX), the investing public and other relevant stakeholders of its imminent Board of Directors meeting scheduled to hold on Friday 29th of October, 2021 at 8:00am prompt.

According to a statement issued by the company today, the meeting will avail board members the opportunity to consider and approve the unaudited financial statement of the company for the third quarter of the year ended 30th of September, 2021 (Q3, 2021) and a possible declaration of an interim dividend.

Confirming this, excerpts of the recent press release issued by the company read thus: ‘’The Okomu Oil Palm Company Plc (the Company) wishes to inform the Nigerian Exchange Limited (the Exchange), its shareholders and the investing public that the Board of Directors of the Company is scheduled to meet on Friday 29th October, 2021 at 8:00am to consider amongst other things, the 2021 Q3 Unaudited Financial Statement of the Company for the period ended 30 September 2021 and the possible declaration of an interim dividend.’’

Consequently, in line with provisions of Rule 17.18(a) Close Period, Rulebook of the Exchange, 2015 (Issuers’ Rule) as amended, the Company commenced a Closed Period from Friday, 1 October 2021 for trading in its shares by Directors, Employees, Advisers, Consultants and their connected persons and any other person(s) with insider information until 24 hours after the announcement of the 2021 Q3 unaudited financial statement to the market.

To access the disclosure, click HERE.

2021 H1 Results: Royal Exchange half year profit slumps by 62% to N233.12 million.

Chidi Emenike Leave a comment

Royal Exchange released its unaudited consolidated financial statements for the half year period ended June 30, 2021.

  • Net premium income for the period was N3.66 billion. (-11% YoY)
  • Fees and commission income of N307.2 million. (+13% YoY)
  • Underwriting profit was N892.04 million. (-22% YoY)
  • Total expenses of N1.11 billion. (+14% YoY)
  • Profit after tax was N158.5 million. (-62% YoY)
  • Loss per share of 1 kobo Vs 5 kobo YoY.
  • Total shareholders’ fund for the period was N3.31 billion. (-10% YoY)

See link to results.

First Bank announces board meeting, closed period ahead of 9M 2021 results.

Chidi Emenike Leave a comment

First Bank Holdings Plc has announced that it will be a hosting a Board of Directors meeting on Wednesday, 27th of October, 2021 to discuss and approve the Bank’s unaudited financial statements for the nine months period ended September 30, 2021.

This is according to a notice signed by the company’s secretary, Seye Kosoko and filed with the Nigerian Exchange Limited (NGX).

Consequently, in line with the provisions of rule 17.18(a) of the Nigerian Exchange Limited (NGX) Rulebook, the Group has commenced a closed period from Friday, 1st of October, 2021 which will last until twenty-four (24) hours after the unaudited financial statements for the aforementioned period have been filed with the NGX and made public.

During the closed period, all insiders of the company such as; directors, employees, advisers, consultants and any other person (s) with insider’s information and their connected persons are prohibited from transacting in the shares of the company.

To access the disclosure, click HERE.

Airtel Nigeria offers to buy back minority shares worth N61.24 billion.

Chidi Emenike 1 Comment

Airtel Networks Limited (‘Airtel Nigeria’), a leading provider of telecommunications services in Nigeria and a subsidiary of Airtel Africa Plc, has offered to buy back its 8.27% minority shareholdings at an offer price of N55.81 per share, totalling N61.24 billion.

In what appears to be an open offer, the telecommunication giant revealed that if all minority shareholders agreed to sell their shares, the total buy back will be worth an estimated N61.24 billion (c$148.1 million, using an exchange rate of 413.38 NGN/USD).

This was disclosed by the company via a statement made available on the website of the Nigerian Exchange Limited, which reads: ‘’ Airtel Africa, a leading provider of telecommunications and mobile money services, with a presence in 14 countries across Africa, today announces that its subsidiary Airtel Networks Limited (‘Airtel Nigeria’), a leading provider of telecommunications services in Nigeria, has initiated a process under which it seeks to buy back the 8.27% minority shareholdings at an offer price of NGN 55.81 per share. Assuming all minority shareholders decide to tender their shares, the total consideration is estimated to be NGN 61.24 bn (c$148.1mn using an exchange rate of 413.38 NGN/USD). This represents an open offer to all shareholders.’’

The company also revealed that further details about the deal will be subsequently communicated to all and sundry in due course.

About Airtel Nigeria

Airtel Nigeria (Airtel Networks Limited) is a leading mobile telecommunication services provider in Nigeria and a member of Airtel Africa Group, committed to providing innovative, exciting, affordable and quality mobile services to Nigerians. The company made history on August 5, 2001 by becoming the first telecoms operator to launch commercial GSM services in Nigeria and has scored a series of many “firsts” in the highly competitive Nigerian telecommunications market including the first to introduce toll-free 24-hour customer care; first to launch service in all the six geo-political zones in the country; first to introduce affordable recharge denominations; first to introduce monthly free SMS and first to introduce monthly airtime bonus.

Segun Ogunsanya assumes role as Airtel Africa CEO.

Chidi Emenike Leave a comment

Mr. Olusegun Ogunsanya has formally assumed his role as the Managing Director/ Chief Executive Officer of Airtel Africa Plc.

This was confirmed in a statement issued by the leading telecommunication firm, which stated that his role became effective from October 1, 2021. He took over from Mr. Raghunath Mandava, whose tenure formally ended on September 30, 2021.

Excerpts of the notice released by the telecommunication giant and made available on the website of the Nigerian Exchange Limited (NGX), read thus: ‘’ Airtel Africa plc, a leading provider of telecommunications and mobile money services, with a presence in 14 countries across Africa, announces that further to the Company’s appointment of Olusegun “Segun” Ogunsanya, as Managing Director and Chief Executive Officer, Segun has begun his new role as at 1 October 2021 and joined the Board of Airtel Africa plc.’’

Recall that Airtel Africa Plc had earlier in April announced the appointment of Mr Segun Ogunsanya as the new MD/CEO of the Company. The notice stated that Ogunsanya who was then the CEO of Airtel Nigeria would join the Board of the parent company with effect from October 1, 2021.

Commenting on his resumption and his vision for the company, Mr Segun said: ‘’I am looking forward to building on the solid foundations the Group has established for future sustainable growth across Africa. Moving forward, we will invest even more in our network and distribution channels to serve the communities where we operate. By doing this, we will continue to sustainably bridge the digital divide, expand financial inclusion and meet the evolving needs of our customers.’’

About Segun Ogunsanya

Segun is a chartered accountant and an electronics engineer. He was previously Managing Director and CEO of Airtel Nigeria and was responsible for the overall management of the operations in the Company’s largest market. He has more than 25 years of working experience that spans business management, banking, consumer goods and telecoms. Before joining Airtel in 2012, Segun held leadership roles at Coca-Cola in Ghana, Nigeria, and Kenya (as MD and CEO). He has also been the Managing Director of Nigerian Bottling Company Ltd (Coca-Cola Hellenic owned) and Group head of retail banking operations at Ecobank Transnational Inc, covering 28 countries in Africa.

Royal Exchange grows profit by 10% to N22.76 million in Q1 2021.

Chidi Emenike Leave a comment

Royal Exchange Plc released its unaudited consolidated financial statements for the quarter ended 31 March, 2021.

  • Net premium income during the period was N2.6 billion. (+22% YoY)
  • Fees and commission income of N120.4 million. (+14% YoY)
  • Underwriting profit of N822.41 million. (+69% YoY)
  • Total expenses of N850.24 million. (+62% YoY)
  • Total assets stood at N27.63 billion during the period under review.
  • Profit after tax was N22.76 million (+10% YoY)
  • Total shareholders fund was N3.29 billion. (-10% YoY)
  • Loss per share of -N2 Vs. -N3 YoY

See link to results.

Africa Prudential appoints Anu Akindolire as acting CFO, as Mr Olufemi Adenuga resigns.

Chidi Emenike Leave a comment

The Board of Directors of Africa Prudential Plc has appointed Mr. Anu Akindolire as the new Acting Chief Financial Officer of the Company, following the resignation of Mr. Olufemi Adenuga from the position.

This disclosure was made in a statement signed by the company’s secretary, Joseph Jibunoh, and sent to the Nigerian Exchange Limited (NGX).

According to the disclosure, following the resignation of Mr. Adenuga with effect from September 30, 2021, and pending the appointment of a substantive Chief Finance Officer, Mr Anu Akindolire will assume the role in an acting capacity.

Corroborating this, the recent statement issued by the firm partly reads: ‘’ We write to formally notify the Nigerian Exchange Limited (NGX) of the resignation of the Chief Finance Officer of Africa Prudential Plc, Mr. Olufemi Adenuga with effect from September 30, 2021.

‘’Pending the appointment of a Chief Finance Officer, Mr. Anu Akindolire will assume the role in an acting capacity.’’

About Mr. Anu Akindolire

Mr. Anu Akindolire is a Chartered Accountant with varied experience acquired from the financial services and Capital Market sectors. His professional skills extend to financial and corporate reporting, treasury management and budgeting. He is an Associate Member of the Institute of Chartered Accountants of Nigeria (ICAN), Institute of Capital Market Registrars (ICMR), Institute of Chartered Management Accountants Australia; a certified Portfolio Management Professional from the New York Institute of Finance and is currently undergoing the Finance Leadership Program at the Chartered Institute of Management Accountants, UK.

Sterling Bank announces board meeting, closed period ahead of Q3 2021 results.

Chidi Emenike Leave a comment

The Board of Sterling Bank Plc has notified shareholders, the Nigerian Exchange Limited (NGX), investing public and other relevant stakeholders of its imminent meeting, scheduled to hold on Thursday, 28th of October, 2021 at 10:00am prompt.

The meeting will enable the Board members to consider and approve the Bank’s financial statements for the period ending 30th of September, 2021.

Confirming the recent development, a recent notice filed with the NGX partly reads: ‘’ Sterling Bank Plc (the Bank) wishes to notify the Nigerian Exchange Limited (NGX), its shareholders and the investing public that a meeting of the Board of Directors of the Bank will be held in Lagos on Thursday, 28th October, 2021 at 10.00am to consider the Bank’s Financial Statements for the period ending 30th September, 2021.’’

In light of the above, the Bank declared a closed period for trading in its shares from 1st of October, 2021 until 24 hours after the financial statements for the period ending 30th September, 2021 are released on the floor of the Exchange (NGX).

Consequently, Directors and other insiders of the Bank are restricted from dealing in the securities of the Bank during the closed period.

 

To access the notice, click HERE.

JAIZ Bank projects profit after tax of N1.03billion in Q4 2021

Chidi Emenike Leave a comment

JAIZ Bank Plc released its earnings forecasts for the fourth quarter of the year ending 31st of December, 2021 (Q4, 2021).

  • Gross earnings projection of N7.15 billion.
  • Interest income is projected at N6.8 billion.
  • Net operating income is projected at N4.7 billion.
  • Operating expenses projection of N3.53 billion.
  • Tax is projected at N114.8 million.
  • Profit after tax is projected at N1.03 billion.

See link to forecasts.