Category: Banking

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Jaiz Bank Plc appoints new Company Secretary.

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The board and management of Jaiz Bank Plc have notified the Nigerian Exchange Limited (NGX), its shareholders and all relevant stakeholders, of the appointment of a new Company Secretary in the person of Mr. Shehu Mohammed.

In a notice dated 7th October, 2021 and signed by an Executive Director of the Bank in charge of its Business Development in North, Sirajo Salisu, the Non-interest bank announced that Mr. Mohammed will also serve as its Legal Adviser.

Mr. Shehu Mohammed’s appointment took effect from 6th October, 2021. He took over from Mrs. Rukayat Dahiru who was recently promoted to Chief Compliance Officer .

The newly appointed Company Secretary brings on board a wealth of experience as a senior legal adviser with extensive knowledge of the banking industry.

About Mr. Shehu Mohammed

Shehu Mohammed is an experienced legal practitioner with over 25 years’ experience. His areas of technical competence include but not limited to; litigation management, company secretariat functions, corporate governance, among others.

He started his Banking career in 2001 with NUB International Bank Ltd as Legal Officer and later Assistant Company Secretary/Legal Adviser. He worked in other Banks and Fin Insurance Ltd where he held positions of Acting Group Head Legal and Substantive Company Secretary/Legal Adviser respectively. In February 2017, he was appointed Company Secretary of Unity Bank Plc, a position he held until the end of 2019. He later joined Al-Fill Legal Consult as a Managing Partner.

Mohammed is an alumnus of the prestigious Ahmadu Bello University, Zaria and Bayero University, Kano. He is a member of various reputable professional bodies such as the Nigerian Bar Association (NBA), the Institute of Chartered Economists of Nigeria (ICEN) and the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN).

In addition, he has attended many relevant trainings including but not limited to the Anti-Money Laundering and Drug Abuse, Securities and Credit Documentation, among others.

In conclusion, the Board and Management of the Bank wished him all the best on his new role.

 

 

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

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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.

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

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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.

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

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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

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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.

Access Bank successfully prices landmark $500m Additional Tier 1 Eurobond.

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Access Bank Plc has announced the successful pricing of its $500 million 144A/Reg S Additional Tier 1 Eurobond. The offering achieved a pricing of 9.125% yield and coupon recording over 200% over-subscribed order-book which peaked at over $1 billion.

The Additional Tier 1 Eurobond which is issued under the Bank’s Medium Term Note Programme, is a Basel III compliant Perpetual Non-Call 5.25-year Subordinated Note, scheduled to be listed on the London Stock Exchange. It is pertinent to note that the Eurobond may be called anytime from 7th of October, 2021, subject to pre-requisite conditions among which is the Central Bank of Nigeria’s approval.

This information was disclosed by the lender in a statement signed by its secretary, Sunday Ekwochi, and made available on the website of the Nigerian Exchange Limited (NGX).
Commenting on the transaction, the Group Managing Director of the Bank, Dr Herbert Wigwe, said that: ‘’At Access Bank, we remain fully committed to the execution of our vision to become the World’s Most Respected African Bank. This remarkable transaction, which is a first in the Nigerian banking industry, significantly enhances our Tier-1 and Total Capital Ratios, providing significant room for growth and on-going execution of our strategic objectives. It showcases the Bank’s leadership in its marketplace. This issuance on the back of our recently concluded $500 million Senior Eurobond underscores the formidable confidence of a diversified range of global and local investors in the Access Bank strategy.’’

What you should know:
• Nairametrics had earlier reported plans by Access Bank to issue Additional 5 Year Tier 1 Eurobond, sequel to the successful issuance of a $500m unsecured Eurobond. These issuances are part of the lender’s Global Medium-Term Note Issuance Programme.

• The financial giant also revealed that Citibank, JP Morgan, Mashreqbank and Renaissance Capital will act as Joint Bookrunners of the transaction, while Chapel Hill Denham and Coronation Merchant Bank will act as Financial Advisers and Joint Bookrunners) of the deal.

• Access Bank closed trading on September 30, 2021 with a share price of N9.15.

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

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Union Bank Plc has announced that it will be a hosting a Board of Directors meeting on Monday, 25th of October, 2021 to discuss and approve the Bank’s unaudited financial statements for the period ending September 30, 2021.

This is according to a notice signed by the company’s secretary, Somuyiwa Sonubi and filed with the Nigerian Exchange Limited (NGX). The notice partly reads: ‘’ In compliance with The Nigerian Exchange (“NGX”) Rule Book and the Amendments to the Listing Rules, Union Bank of Nigeria Plc (“the Bank”) hereby notifies NGX and our esteemed stakeholders that the Board of Directors of Union Bank of Nigeria Plc (“the Board”) is scheduled to approve the Unaudited Financial Statements for the period ended 30 th September 2021, on Monday 25th October 2021.’’

Consequently, the Bank will be observing a closed period from Friday, 1st of October, 2021 until twenty-four (24) hours after the outcome of the meeting and the Bank’s 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.

Fidelity Bank Plc announces notice of board meeting, closed period.

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Fidelity Bank Plc has announced that its board of directors will meet on 26th of October, 2021 to review and approve the unaudited financial results of the Bank for the third quarter of the year (Q3) ending September 30, 2021.

Consequently, the firm also announced that it will observe a closed period from October 1, 2021 until 24 hours after the Bank’s unaudited financial statements have been filed with the Nigerian Exchange Group Limited and made public.

This is according to a disclosure signed by the Bank’s secretary, Ezinwa Unuigboje and sent to the Nigerian Exchange Group Limited (NGX).

It is pertinent to note that the closed period is in line with Rule 17.18(a) (Closed Period Rules) of the NGX’s Rule Book (2015). During this period, individuals with sensitive information about stock performance such as; Directors, managers, employees, consultants and their connected persons, are prohibited from trading in the shares of the bank either directly or indirectly.

For more information about the board meeting, click HERE.

Access Bank Plc set to issue additional 5-Year Tier 1 Eurobond.

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Access Bank Plc, a leading full service Nigerian commercial bank with presence in 11 African countries, has announced plans to issue additional 5-Year USD denominated Tier 1 Eurobond, in furtherance of its Global Medium-Term Note Issuance Programme.

To facilitate this, the tier-1 bank announced that it will be organizing a global investor call and series of fixed income investor calls. The global investor call slated for 27th of September 2021, will be hosted by Citi, J.P. Morgan, Renaissance Capital and Mashreqbank (Joint Bookrunners of the deal) in collaboration with Chapel Hill Denham and Coronation Merchant Bank (Financial Advisers of the deal).

Recall that Access Bank had earlier issued a $500 million unsecured Eurobond, part of its Global Medium-Term Note Issuance Programme. The deal drew huge interest from top-grade investors globally and was oversubscribed 3X, making it the highest orderbook for a Nigerian bank Eurobond transaction.

Buoyed by this success, the top lender in a notice made available on the website of the Nigerian Exchange Limited (NGX) today, revealed that it will further consolidate on its success by issuing a new 5-Year USD-denominated Regulation S/144A Tier 1 bond.

As at the period of reporting this, details about the size or amount of the bond and its coupon rate remains unknown. In light of this, further details about the Basel III-compliant bond will be subsequently communicated.

What they are saying:  Commenting on the recent development, a press statement issued by Access Bank and signed by its Secretary, Sunday Ekwochi, partly reads: ‘’Access Bank Plc (‘’Access Bank’’ or the ‘’Bank’’) announces today on the Nigerian Exchange Limited that it has mandated Citi, J.P. Morgan, Renaissance Capital and Mashreqbank as Joint Bookrunners and Chapel Hill Denham and Coronation Merchant Bank as Financial Advisers and Joint Bookrunners to arrange a global investor call on 27 September 2021 at 2PM UKT/9 AM NYT in addition to a series of fixed income investor calls. The issuance of an inaugural Basel III-based perpetual Non-Call 5.25-year benchmark USD-denominated Regulation S/144A Additional Tier 1 bond offering under the Bank’s Global Medium-Term Note Programme may follow, subject to market conditions.’’

Why it matters: Apart from helping the tier-1 bank to refinance its debt, the successful issuance of this bond is capable of acting as a great support and helping the CBN to manage its FX crisis, all of which will help to strengthen the exchange rate.

 

 

 

LivingTrust Mortgage Bank projects profit after tax of N182.56million in Q4 2021.

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LivingTrust Mortgage Bank Plc released its earnings forecasts for the fourth quarter of the year ending 31st of December, 2021.

  • Gross earnings projection of N762.9 million.
  • Interest income was projected at N686.9 million.
  • Interest expense was projected at N246.7 million
  • Fees and other income projection of N76 million.
  • Operating expenses projection of N211.4 million.
  • Tax was projected at N32.2 million.
  • Profit after tax was projected at N182.56 million.

See link to forecasts.