Category: Banking

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Zenith Bank appoints Omobola Ibidapo-Obe Ogunfowora as Director.

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Zenith Bank Plc has appointed Dr. Omobola Ibidapo-Obe Ogunfowora into its Board as an Independent Non-Executive Director, following a confirmation from the Central Bank of Nigeria

This is according to a notification sent to the Nigerian Exchange Group Limited (NGX) platform, dated 30th of June, 2021, as seen by Nairametrics.

Dr. Ogunfowora’s profile

Dr. Omobola Ibidapo-Obe Ogunfowora is a legal and corporate governance practitioner with enviable experience in the private and public sector. She gained valuable experience in the academia, having worked as a commercial and industrial law lecturer at the University of Lagos. She also had a long spell as a Dispute Resolution Compliance Specialist with the Ombudsman Services in the U.K.

Dr. Ogunfowora is an alumna of the prestigious Cardiff Law School where she obtained a LLB (Hons) and LLM degrees. She further proceeded to Queen Mary University and Middlesex University, where she obtained MRes and PhD degrees respectively.

For more information about the recent disclosure, click HERE.

 

 

Fidelity Bank CEO, 1 other splash N54.9million on additional 23.9m shares.

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Two highly ranked board members of Fidelity Bank Plc have purchased additional 23.9 million shares of the company in a deal cumulatively worth N54.9 million.

According to two separate disclosures signed by the company’s secretary, Ezinwa Unuigboje and made available on the website of the Nigerian Exchange Group Limited (NGX), the two board members that consolidated their equity stakes are; Mrs Nneka Onyeali-Ikpe (M.D/CEO) and Mr Nelson Nweke (Non-Executive Director).

Breakdown of the deal

The breakdown of the deal revealed that the Managing Director/CEO of Fidelity Bank purchased a total of 2,138,260 units at an average price of N2.30 per share. This puts the total consideration for the shares purchased by the M.D/CEO at N4, 917,998. Additionally, it is important to note that the deal occurred on the 28th of June, 2021.

On the other hand, Mr Nelson Nweke purchased a total of 21,805,180 units of the firm’s shares at an average price of N2.29, totalling N49, 933,862.2. This deal took place from 23rd-29th of June, 2021.

Cumulatively, the aforementioned board members spent a total of N54, 851,860.2 on additional 23,943,440 units of the firm’s shares.

Why it matters:

The disclosure is in line with the rule 17.15(C) of The Exchange, which demands that all dealings by insiders of listed companies be reported by the management. This is aimed towards ensuring transparency in the system and maintaining stakeholders’ confidence in the financial system.

 

 

Infinity Trust Mortgage Bank Plc projects profit after tax of N160.3 million.

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Infinity Trust Mortgage Bank Plc released its earnings forecasts for the third quarter of the year (Q3, 2021).

  • Gross earnings was projected at N431.6 million
  • Interest income was projected at N334.23 million.
  • Net operating income was projected at N367.9 million.
  • Operating expenses was projected at N189.8 million
  • Tax was projected at N17.8 million
  • Profit after tax was projected at N160.33 million.

See link to results.

Gbolahan Joshua retires as Executive Director from the Board of Fidelity Bank Plc.

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The Board of Fidelity Bank Plc has announced the retirement of Mr. Gbolahan Joshua as an Executive Director of the company.

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

According to the disclosure, the retirement of Mr. Gbolahan who also doubles as the Chief Operations and Information Officer from the Board of the company, will become effective from 11th of June, 2021.

It is imperative to note that the Board of Directors approved the retirement of Mr Gbolahan at its recently concluded meeting held on 26th of April, 2021 and subsequently communicated the decision to the Central Bank of Nigeria, which formally acknowledged the development.

In this light, the board and management of the bank seized the opportunity to appreciate Mr. Gbolahan’s contributions to the growth and development of the institution during his period of employment and tenure on the Board. The board further wished him well in his future endeavours.

What you should know about Gbolahan:

  • Mr Gbolahan is a veteran in the financial industry with over 21 years of experience in the assurance and banking sectors. His areas of technical expertise include finance, strategy, investors’ relations, digital banking and information technology among others.
  • He joined Fidelity Bank in April 2014 as the Divisional Head Strategy Innovation and Business Transformation. He was subsequently appointed into the Board in September 2019 as an Executive Director/Chief Operations and Information Officer.
  • Prior to joining Fidelity Bank, Mr Gbolahan worked for a host of leading financial institutions like FCMB, Union Bank, Heritage Bank and UBA, serving in various leadership positions like CFO, CIO and COO, etc.
  • He is an alumnus of Olabisi Onabanjo University where he obtained a Bachelor’s degree in Accounting and Finance.

Jaiz Bank approves payment of N883.9 million as final dividend to shareholders.

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The Board of Jaiz Bank Plc has approved a disbursement of the total sum of N883.9 million as final dividend to its shareholders for the period ended 31st December, 2020.

The approval is part of the resolutions reached at the recently concluded 9th Annual General Meeting held by the company on the 23rd of June, 2021.

Affirming this, a part of the resolution stated: ‘’That a final dividend of N0.03kobo per share be and is hereby sanctioned and the directors be and are hereby authorized to pay the same on Wednesday, June 23 2021 to shareholders whose names appeared in the Company’s Register of Members by close of business on Friday June 11, 2021 subject to the deduction of the appropriate Withholding Tax at the time of payment, as recommended by the Board.’’

It is pertinent to note that the approved dividend rate of 3 kobo per share will be paid on all the issued 29,464,249,300 ordinary shares of the company.

Other decisions reached at the AGM include;

  • Three eminent personalities were elected into the Board as Directors, namely: Dr. Abdulateef Bello, Mrs Aisha Waziri Umar and Dr. Sirajo Salisu.
  • Four retired Board members were re-elected as Directors, having presented themselves for re-election.
  • Managers remuneration for the 2021 financial year were fixed at N263,119,000
  • Five persons were re-elected as members of the Audit Committee for the 2021 financial year.
  • Directors fees were pegged at N16 million per annum for the Board Chairman and N14 million per annum for every other Non-Executive Director.

What you should know:

  • JAIZ Bank Plc had earlier reported a profit after tax of N2.9 billion in FY 2020, indicating an increase of 19% YoY.

 

LivingTrust Mortgage Bank Plc appoints Timothy Gbadeyan as Company Secretary.

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LivingTrust Mortgage Bank Plc has announced the appointment of Mr Timothy Olorunsogo Gbadeyan as its Company Secretary/Head of Legal Services.

This is according to a disclosure signed by the Company’s Finance Officer/Head of Investors Relations, Ikechukwu Omuku, and sent to the Nigerian Exchange Group Limited.

By the virtue of his appointment, Gbadeyan will be in charge of the company’s secretarial and legal duties.

Profile

Mr. Gbadeyan is an experienced corporate attorney with technical expertise in deals advisory, real estate finance, factoring, general commercial transactions, corporate governance, company secretarial services and regulatory compliance. Until his appointment, he was the Head of Legal Services of infinity Trust Mortgage Bank Plc.

Fidelity Bank Non-Executive Director purchases additional 4.4million shares.

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Fidelity Bank Plc has notified the Nigerian Exchange Group Limited that Mrs. Nwamaka Onwughalu, a Non-Executive Director in the bank, has acquired 4,404,700 additional units of Fidelity Bank shares, worth ₦9.95 million.

In line with The Exchange’s policy on insider dealing, the formal disclosure was made by the Bank’s Secretary, Ezinwa Unuigboje.

According to the notice, Mrs. Nwamaka acquired the additional 4.4 million units of Fidelity Bank shares at an average share price of ₦2.26 per share. This put the total consideration for the shares purchased by the non-executive director at ₦9,954,622. In addition, it is pertinent to note that the deal took place on the 16th-17th of June, 2021.

It is imperative to note that the disclosure is in line with the statutory requirements specified by the Exchange and needed to entrench transparency and confidence in the system. Trade by insiders, particularly purchases, often demonstrates confidence in the financial performance of the companies that they run.

Fidelity Bank Plc’s shares opened trading today 23rd of June, 2021 at ₦2.28 per share.

 

Living Trust Mortgage Bank projects profit after tax of N109.21 million in Q3 2021.

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Living Trust Mortgage Bank Plc released its earnings forecasts for the third quarter of the year (Q3, 2021).

  • Gross earnings was projected at N626.65 million
  • Net interest income was projected at N353.4 million
  • Net operating income was projected at N339.4 million
  • Operating expenses projection of N210.91 million
  • Tax was projected at N19.3 million.
  • Profit after tax was projected at N109.21 million

See link to forecasts.

NGX Suspends Trading on GTB Shares ahead of Holdco listing.

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The Nigerian Exchange Group Limited (NGX) has suspended trading in the shares of GT Bank Plc, ahead of its listing as a holding company.

This was disclosed by the head of listings and regulation department of the NGX, Godstime Iwenekhai, through a bulletin issued on Friday.

Commenting on the recent development, Iwenekhai said: “Trading License Holders and the investing public are hereby notified that trading in the shares of Guaranty Trust Bank Plc (the Bank) was suspended today, Friday, 18 June 2021.

“The suspension is necessary to prevent trading in the shares of the Bank in preparation for the eventual delisting of Guaranty Trust Bank Plc from the Daily Official List of the Nigerian Exchange Limited (NGX) and listing of the Holding Company, Guaranty Trust Holding Company Plc on NGX.”

Recall that GTBank had earlier obtained a regulatory approval-in-principle (AIP) to restructure into a financial holding company (Holdco), following shareholders and investors approval. In line with the development, investors approved the transfer of 29,431,179,224 ordinary shares of 50 kobo each in the issued and paid-up share capital of the bank held by them to Guaranty Trust Holding Company Plc.

What you should know:

  • Given the recent development, GT Bank will join the growing list of financial holding companies in Nigeria, such as: FBN Holdings Plc, FCMB Group Plc , Stanbic IBTC Holdings Plc and Access Bank Plc (still in process)
  • With its new status as a holding company, the bank will be able to diversify into other allied businesses like asset management, insurance, payment service and even pension management.

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Unity Bank Plc projects profit after tax of N380.82 million in Q3 2021.

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Unity Bank Plc released its earnings forecasts for the third quarter of the year (Q3, 2021).

  • Gross earnings were projected at N10.9 billion.
  • Interest income projection of N7.2 billion.
  • Net operating income was projected at N4.65 billion.
  • Operating expenses projection of N4.23 billion.
  • Tax was projected at N35.4 million.
  • Profit after tax was projected at N380.82 million.

See link to results.