Zenith Bank obtains Mareva Injunction restraining Orjiako from Seplat Energy’s accounts and assets.

A Federal High Court sitting in Lagos has issued a Mareva Injunction that temporarily restrains the co-founder of Seplat Energy Plc, Dr Ambrose Bryant Chukwuemeka Orjiako, popularly known as ABC Orjiako, and other firms linked to him, from accessing the accounts and assets of Seplat Energy Plc.

This is according to a statement signed by the Secretary of Seplat Energy Plc, Mrs Edith Onwuchekwa, and filed with the Nigerian Exchange Limited (NGX).

Seplat Energy Plc in the recent press release disclosed that the order has no impact on its operations. It linked the injunction to a court action instituted by Zenith Bank Plc against the aforementioned parties.

Recall that Zenith Bank Plc through its counsel, Mr Kemi Balogun (SAN) had dragged Dr Orjiakor, Shebah Exploration and Production Company Limited, Shebah Petroleum Development Company Limited and about six others before the Federal High Court, over an alleged debt of about $78,426,578.64.

Having accessed the merit of the case, Justice Yellin Bogoro of the Federal High Court in Lagos, issued an interim order restraining Orjiako, and the two firms, as well as their proxies in Nigeria and any jurisdiction worldwide, from receiving and or transferring assets and accounts of Seplat Energy Plc, pending the hearing and determination of the bank’s motion on notice.

What they are saying: A press release issued by the energy giant on the matter reads: ‘’ Seplat Energy has been made aware of the ex parte Interim Orders of Mareva Injunctions which were granted by the Federal High Court sitting in Lagos, Nigeria in a court action instituted by Zenith Bank PLC against Shebah Exploration & Production Company Limited and 8 others, with an additional 29 cited parties.

‘’The Interim Orders give an administrative mandate to Seplat Energy Plc and others not to deal with the assets of (or transfer funds to) Shebah Exploration & Production Company Limited, Shebah Petroleum Development Company Limited and Dr. A.B.C. Orjiako. The order has no impact on the operations of Seplat Energy. We understand the injunction relates to loans made by Zenith Bank PLC to Shebah Exploration & Production Company Limited in 2014.’’

Recall that similar issue played out between the firm and Access Bank Plc in the early parts of this year, after the Bank obtained an initial ex parte order to seal the assets of the energy firm, over the debt of a third party- Cardinal Services Limited.

Shebah Exploration & Production Company is owned by Dr. Orjiako. The company co-founded Seplat Energy Plc, in collaboration with Platform Petroleum Limited.

UBA plans to issue new 5-year bond, set to redeem outstanding Eurobond worth $500m.

United Bank for Africa Plc (UBA) has announced plans to issue a 5-year Fixed Rate Senior Unsecured Note, as part of its global medium term note programme.

To facilitate the issuance of the 5-year unsecured note whose value is yet to be ascertained as at the period of reporting this, the financial giant stated that a series of global investor and fixed income investor calls will be held from today, 8th of November, 2021. The calls will be organized by the joint lead managers of the offer, namely: Citigroup Global Markets Limited, Mashreqbank psc, Renaissance Securities (Cyprus) Limited, Standard Chartered Bank and United Capital Plc.

This is according to a notice signed by the Group’s Secretary, Bili Odum, and filed with the Nigerian Exchange Limited (NGX).

The net proceeds that will be generated from the proposed 5-year fixed rate benchmark USD-denominated Regulation S/144A Senior Unsecured offering is most likely to complement the lender’s stable funding base and support the growth of its balance sheet and overall business.

In addition, the tier-1 bank proposed to redeem its outstanding $500 million Eurobond due June 2022, issued at a coupon rate of 7.75%. Consequently, the bank is expected to announce a cash tender offer for all of the outstanding bonds today. Citigroup Global Markets Limited, Mashreqbank psc, Renaissance Securities (Cyprus) Limited, and Standard Chartered Bank are dealer managers for the Tender Offer.

Recall that UBA had in 2017 issued its debut $500 million Eurobond which was oversubscribed by 240%. The offer attracted investors around the world, including the United Kingdom, Asia, the Middle East, Europe and the United States. The bond was listed on the Irish Stock Exchange.

It is imperative to note that Nigerian banks have been leveraging on the international debt market to boost their capital buffers amidst tight FX liquidity and the country’s macroeconomic challenges.  Similarly, recall that Fidelity Bank had recently announced plans to raise about $500m from the international debt capital market through the issuance of 5-Year unsecured notes. The firm intends to list the Notes on the Irish Stock Exchange, with the expectation that the Notes will be traded on its regulated market.

In its 2021 9M financial results, UBA reported that its profit after tax grew by about 36% to N104.6 billion. Its net interest income marginally grew by 1.7% to N229.3 billion, while deposits from customers grew to N6.08 trillion during the period.

As of press time, UBA is currently trading N8.50 per share on the floor of the Nigerian Exchange Limited (NGX).

Stanbic Africa Holdings Ltd invests additional N124m in Stanbic IBTC.

Stanbic Africa Holdings Limited (SAHL), an unlisted and wholly owned subsidiary of Standard Bank Group Limited (SBG), has announced the acquisition of an additional 3.2 million units of shares in Stanbic IBTC Holdings PLC, in a deal worth N124.12 million.

The deals were announced via two separate disclosures both signed by the secretary of Stanbic IBTC Holdings Plc., Chidi Okezie, and filed with the Nigerian Exchange Limited (NGX).

The breakdown of the transactions which occurred on the 1st and 2nd of November, 2021, showed that SAHL acquired additional 3,182,562 units of Stanbic IBTC shares at a unit price of N39, amounting to N124,119,918.

The new investments which took place in Lagos, is in addition to the sum of N463, 736,280.7 invested in Stanbic IBTC Holdings Plc by the former in September.

What you should know:

  • As at 30th of June 2021, SAHL held about 7,443,450,299 units of shares in Stanbic IBTC, translating to about to 67.02% of the latter’s total shareholdings.
  • Stanbic IBTC share price is currently trading at N39 per share on the floor of the Nigerian Exchange Limited (NGX).

 

2021 9M Results: Unity Bank grows profit after tax by 23% to N1.94 billion.

Unity Bank released its unaudited financial results for the nine months period ended 30th of September, 2021.

  • Net interest income for the period was N14.6 billion (+15% YoY)
  • Fee and commission income of N4.56 billion (+16% YoY)
  • Operating income was N19.4 billion. (+8% YoY)
  • Operating expenses totalled N18.3 billion. (+14% YoY)
  • Total assets for the period stood at N574.6 billion. (+17% Ytd)
  • Profit for the period was N1.94 billion. (+23% YoY)
  • Earnings per share of 16.57 kobo Vs 13.46 kobo YoY.

See link to results.

FBN Holdings Plc gives updates on audited financial statement for period ended September 30, 2021

First Bank Holdings Plc has filed a notice with the exchange disclosing that the Group’s Financial Statements for the period ended September 30, 2021 is currently being audited and is expected to be released by the ending of November.

The notice read, “FBN Holdings Plc wishes to notify the Nigerian Exchange Limited (NGX) that the Group is currently undertaking the interim audit of its financial statements for the period ended September 30, 2021”.

Hence, the bank will be unable to submit the financial statements of its operations for the third quarter on October 29, 2021, as previously expected. The financial statements for the period under review will be released and filed with the exchange after the audit is concluded, the notice said.

The group expects that the audited financial statements will be submitted to the Nigerian Exchange (NGX) by November 29, 2021, after the audit has been concluded and the approval of the CBN has been secured.

Furthermore, the bank stated that the trading window for dealing in the company’s shares remains closed to all insiders and their connected persons until twenty-four hours after the release of the audited financial statements.

FBN Holdings Plc notifies The Exchange of recent development, appoints Meristem as new Registrar

FBN Holdings Plc has notified The Exchange and investing public of the appointment of Mrs. Tope Orhionsefe Omage as a Non-Executive Director of First Bank Nigeria Limited and the renewal of the appointment of the Managing Director and Deputy Managing Director of First Bank, Dr. Adesola Adeduntan and Mr Gbenga Shobo, for another term.

This was disclosed in a notice of recent developments in the bank, signed by the company’s secretary, Seye Kosoko and filed with the Nigerian Exchange Limited.

Also, the bank notified the exchange of the renewal of appointment of the Managing Director and Deputy Managing Director of FBNQuest Merchant Bank Limited, one of the subsidiaries of the group.

The Managing and Deputy Managing Directors are Mr. Kayode Akinkugbe and Mr. Taiwo Okeowo, respectively.

In addition to this development, the Board of the bank has appointed Meristem Registrars Limited as the new registrars to replace First registrars and Investors Services Limited and take over the Register of Members of FBN Holding Plc.

The appointment of Meristem Registrars is expected to take effect from December 1, 2021.

See full disclosure here

Union Bank of Nigeria Plc reports N3.61 billion as Net Profit for third quarter ended 30 September, 2021

Union Bank of Nigeria Plc has released its unaudited financial statement for the third quarter ended 30th of September, 2021.

  • Interest income during the period was N32.16 billion. (+13.84% YoY)
  • Interest expense for the period was N20.92 billion. (+45.20% YoY)
  • Net interest income for the period was N11.24 billion
  • Net Fee and commission income during the period was N3.74 billion. (+75.89% YoY)
  • Operating income of N23.00 billion was recorded.
  • Profit before income tax was reported as N3.89 billion. (-6.52%)
  • Profit after tax for the period was N3.61 billion. (-16.33%)
  • Total assets during the period stood at N2.56 trillion. (+369.99 bn YtD)
  • Earnings per share of N15 kobo Vs N16 kobo.

See full result here

Board of LivingTrust Mortgage Bank Plc authorize Directors to raise additional capital

The board members of LivingTrust Mortgage Bank Plc. passed certain resolutions at its Extra-Ordinary General Meeting which was held on October 25, 2021 at 11am.

This was disclosed in a notice signed by the company’s secretary and filed with the Nigerian Exchange (NGX). proposed and passed the following resolutions:

The purpose of the meeting was to deliberate and give authorisation to the directors to raise additional capital for the company. At the end of the meeting, the Directors were authorized to raise capital whether by way of rights issue, an offer for subscription, or other methods or combination of methods, based on the discretion of the directors and subject to obtaining the requisite regulatory approvals.

Other resolutions passed at the extra-ordinary general meeting include:

  • Directors have been authorized to enter into and execute the agreements and all other requisite documents related to, connected with and incidental to implementing the resolution to raise capital, including without limitation, complying with the directives of any regulatory authority.
  • Following allotment by the Board of Directors, the new shares issued by the Company pursuant to the Rights Issue be listed with the Nigerian Exchange Group;
  • That the Directors be authorized to appoint such professional parties and advisers, as may be necessary for or incidental to effecting the above resolutions and that all acts carried out by the Directors and/or management of the Company in connection with the above are approved and ratified;
  • Directors are authorized to use the proceeds of the capital raise to recapitalize the Bank and obtain a National Mortgage Banking License from the Central Bank of Nigeria.

Access Bank Plc: Postponement of board meeting and extension of non-dealing period

Access Bank Plc has notified its shareholders, the investing public and other relevant stakeholders of the postponement of the Board of Directors Meeting and extension of non-dealing period.

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

According to the notice, the board meeting which was earlier announced to be held on Wednesday, October 27, 2021, has now been rescheduled to hold on Friday, October 29, 2021. The meeting was set up to enable the Directors approve the group’s unaudited financial accounts for the third quarter of the year (Q3, 2021) ended 30th of September, 2021.

In addition, the company disclosed that the earlier announced Non-Dealing period in respect of the company’s securities will continue until 24 hours after the release of the company’s results n line with the post-listing requirements of the NGX.

During the closed period, all insiders and their connected persons are prohibited from directly or indirectly trading (i.e buying, selling, transferring or otherwise dealing) in the company’s securities in any manner.

See full disclosure here.

Wema Bank Plc announces the rescheduling of Board meeting

In a notice filed with the Nigerian Exchange Limited (NGX), Wema Bank has announced to its investors and the investing public that the earlier date scheduled for the meeting of Board of Directors has been changed.

The bank says it wishes to notify the investing public that in accordance with the Rules of the NGX, the meeting earlier scheduled for October 26, 2021 has been rescheduled to hold on October 28, 2021 at 10.00 a.m. in Lagos.

The purpose of the board meeting is for the consideration and approval of the Company’s performance during the third quarter and Unaudited Financial Statements for the period ended 30 September 2021 as well as have deliberations over other corporate actions.

According to the disclosure signed by the company’s secretary, Johnson Lebile, “The Company’s Closed Period which commenced on 1 st October 2021 will continue until 24 hours after the Bank’s 2021 Q3 UFS and other corporate actions have been made public in line with the Rulebook of the Exchange”.

See link to disclosure.