2021 H1 Results: Japaul Gold and Ventures Plc reports half year loss of N257.54 million.

Japaul Gold and Ventures Plc released its unaudited financial results for the period ended June 30, 2021.

  • Turnover for the period was N313.62 million. (-4.1% YoY)
  • Cost of sales was N221.9 million. (+27.9% YoY)
  • Administrative cost of N408.4 million. (-11% YoY)
  • An operating loss of N256.8 million was incurred.
  • Net assets during the period stood at N2.56 billion.
  • Loss for the year from continued operations of N257.54 million.(-772.6% YoY)

See link to results.

UPDC Real Estate Investment Trust reports profit after tax of N583.2 million in H1 2021.

UPDC Real Estate Investment Trust released its unaudited results for the half year period ended 30th of June, 2021.

  • Income from investment property was N627 million. (-26% YoY)
  • Interest income of N159.2 million. (+3% YoY)
  • Net income for the period was N775.14 million. (-30% YoY)
  • Operating expenses totalled N86.9million. (-34% YoY)
  • Total assets during the period under review stood at N32.19 billion.
  • Profit after tax was N583.2 million. (-29% YoY)
  • Earnings per unit of 22 kobo Vs 31 kobo YoY.

See link to results.

2021 HY Results: C & I Leasing Plc half year profit slumps by 58% to N113 million.

C & I Leasing Plc released its unaudited financial results for the half year period ended 30th of June, 2021.

  • Gross earnings for the period stood at N9.3 billion. (-15.5% YoY)
  • Net lease rental income was N4.3 billion. (-17.04% YoY)
  • Net outsourcing income of N597.11 million. (-13.3% YoY)
  • Net tracking income of N38.9 million. (-35.7% YoY)
  • Total assets during the period stood at N58.01 billion.
  • Personnel expenses totalled N546.3 million. (-17.9% YoY)
  • Profit after tax was N113 million. (-57.8% YoY).
  • Basic earnings per share of 13 kobo Vs 36 kobo YoY.

See link to results.

United Capital appoints Tokunbo Ajayi as Non-Executive Director.

The Board of United Capital Plc (UCAP) has today announced the appointment of Ms Tokunbo Ajayi to the Board, as a Non-Executive Director, effective immediately.

This is according to a notice signed by the company’s secretary, Leo Okafor, and made available on the website of the Nigerian Exchange Limited (NGX).

Until her recent appointment, Ms Ajayi was the MD/CEO of United Capital Trustees Limited.

About Ms Tokunbo Ajayi

Tokunbo Ajayi is a financial industry expert with over three decades of experience specifically in the trusteeship space. She qualified as a Barrister and Solicitor of the Supreme Court of Nigeria in 1986 and obtained a Bachelor of Law degree from the University of Ife (now Obafemi Awolowo University), Ile Ife in 1985. She is also an Alumna of Philips Consulting, South Africa Senior Management Programme, and the Columbia Business High School High Impact Leadership Programme.

Ms. Ajayi is a member of various prestigious bodies, including; The Nigerian Bar Association, International Federation of Women Lawyers (FIDA) Nigeria, the Business Recovery & Insolvency Practitioners Association of Nigeria (BRIPAN), Institute of Directors (IoD) Nigeria, and the Nigerian Institute of Management and British Council.

In 2014, she was awarded the Business Excellence Award by the African Business Forum in the United Kingdom as well as the African Entrepreneurship Award in 2018 by the Voice Achievers Awards in the Netherlands.

United Capital Plc is a leading financial services group in Africa focused on leveraging technology to empower businesses, individuals, and governments. It offers wide range of financial services like Investment Banking, Asset Management, Trusteeship, Securities Trading, Wealth Management, and Consumer Finance.

Custodian Investment Plc projects profit after tax of N7.63 billion in Q4 2021.

Custodian Investment Plc released its earnings forecasts for the fourth quarter of the year (Q4, 2021).

  • Gross revenue is expected to hit N79.14 billion during the period under review.
  • Total expenses projection of N69.7 billion.
  • Net cash flow projection of N40.71 billion
  • Tax is projected at N1.86 billion.
  • Profit after tax is projected at N7.63 billion.

See link to forecasts.

NCC renews MTN Nigeria operating licence for another 10 years.

The Nigerian Communications Commission (NCC) has finally renewed MTN’s operating spectrum and licence in Nigeria for another 10 years from September.

In a statement signed by the company’s secretary, Uto Ukpanah, the telecommunications giant revealed that the NCC approved the renewal of its Unified Access Service (UAS) Licence and Spectrum licence for wireless local loop in the 900MHz and 1800MHz band.

According to the notice, these licences which expired on 31st of August, 2021, have now been renewed for a further ten-year period, starting from 1st of September, 2021. In addition, the regulator (NCC) acknowledged the receipt of the sum of N7.16 billion for the spectrum licence, and N374.6 million for the UAS licence in settlement of their invoices for the period 1st of September 2021 to 31 August, 2031.

The spectrum underpins MTN’s data network and telecom coverage in Africa’s biggest economy.

What they are saying:

Commenting on the renewals, the CEO of MTN Nigeria, Karl Toriola said: ‘’Renewing our licences for another ten years is very important to our business and enables us to continue to provide services to ensure the benefits of a modern connected life for our prople. MTN Nigeria is delighted with its strong partnership with the NCC and looks forward to working closely with the Commission, and the Ministry of Communications and Digital Economy, to accelerate the growth of Nigeria’s digital economy.’’

Back story: Recall that the NCC had earlier in August denied renewing the operating licence of MTN Nigeria. While it admitted that the telecommunications giant had applied for a renewal of its licence, it stated that the application is still undergoing required regulatory processes as at then.

Union Diagnostics and Clinical Services Plc. concludes process to delist shares from the Nigerian Exchange Limited.

Union Diagnostics and Clinical Services Plc, an indigenous medical diagnostic firm, has concluded various statutory processes required to delist its shares from the Nigerian Exchange Limited (NGX).

This is according to a disclosure signed by the company’s secretary, Samuel Iroye, which partly reads: ‘We write to inform you of the conclusion of the Scheme of Arrangement and the intent of the company to be delisted from the Nigerian Exchange Limited (the Exchange or NGX) effective from the date as approved by the Exchange.’’

As part of the statutory process, the firm revealed that it had earlier obtained its shareholders’ approval to delist the company’s shares during the last Annual General Meeting and Court Ordered Meeting held on the 25th of January, 2021.

Furthermore, the firm revealed that it had obtained all relevant regulatory approvals from the Securities Exchange Commission (SEC), the Nigerian Exchange Limited, Federal High Court, Federal Competition and Consumer Protection Commission (FCCCP) to embark on the delisting exercise.

Consequently, all shareholders (other than Lifecare Partners Limited, Akinniyi Ambrose Olusola and Akinniyi Elizabeth Abimbola) are enjoined to contact the Registrars for their payoff warrants.

Recall that in a bid to make the exit from the NGX seamless, Cedar Advisory Partners Limited, an investment firm with a niche in the healthcare business waded in to buy out 39.62% minority stakes in Union Diagnostic, conferring the firm the status of a majority shareholder in the latter. Cedar Advisory paid 35 kobo each for about 1,407,855,051 ordinary shares (39.62% stake), translating to about N492.75 million.

Subsequently, the minority shareholders of Union Diagnostics accepted the N492.75 million offered by Cedar for their shares, thus making the exit of the organization easier.  In addition, trading in the shares of the company was placed on full suspension earlier in March this year, to enable the parties involved determine shareholders whose names are in the register of members on the effective date and finalize the delisting process.

What you should know:

  • Union Diagnostic and Clinical Services Plc. (UDCS Plc.) is a leading indigenous and homegrown company in the medical diagnostics and healthcare sector with a deep knowledge of the Nigerian terrain owned by over ten thousand Nigerians and offering full and comprehensive services in diagnostic medicine since 1994 with capacity for conducting services ranging from Sonology including Colour Doppler imaging, X-ray imaging, Electrocardiography, Endoscopy, Computed Tomography (CT Scan), etc.
  • It was listed on the NGX in 2007 at N3.00 per share, with an ambition to become a leading diagnostic firm across the Africa continent.
  • Cedar Advisory Partners Limited is currently the majority shareholder in Union Diagnostics, holding about 59.66% of the latter’s total shareholding.



Medview Airline Plc appoints new Company Secretary as Abdullahi Adam Al-ilory resigns.

The board and management of Medview Airline Plc, has notified the Nigerian Exchange Limited (NGX) of the resignation of its Company Secretary, Abdullahi Adam Al-ilory Esq. of Messrs Abdullahi Adam Abdullahi & Co (Al-ilory Chambers) and the subsequent appointment of an acting secretary to fill the void.

In a letter signed by the Executive Director, Business Development and Commercials, Na’Allah I.S, the company announced that the resignation of Abdullahi became effective from 13th of August, 2021.

To fill the void, the company announced that Messrs G.Elias &Co will assume the role of the Company Secretary in acting capacity until the next Board meeting of the Company scheduled to hold on the 20th of September, 2021.

About Messrs G. Elias & Co:

Messrs G. Elias & Co is a leading Nigerian business law firm focused on providing bespoke, robust and sound legal advice on corporate, financial, disputes, tax, energy, projects, ”new economy” and commerce law matters. The firm has reputation and an outstanding record of, carrying out critical, innovative and complex work to the highest standards of excellence.

The firm was founded in 1994 and is currently a member of the Africa Legal Network (ALN), an association of leading independent law firms founded and based in Africa.


Vine Foods Limited purchases additional 1m units of United Capital shares worth N7.23m.

Vine Foods Limited, a company to linked to a Non-Executive Director in United Capital Plc, Mr Emmanuel Nnorom, has purchased an additional 1 million units of the latter’s shares, worth N7.23 million.

This is according to a notification signed by the firm’s secretary, Leo Okafor and sent to the Nigerian Exchange Limited (NGX), as seen by Nairametrics.

The notice revealed that the transaction took place on the 2nd of September, 2021, as the firm purchased an additional 1 million units of United Capital shares at a unit price of N7.23 per share, totalling N7, 230,000.

This disclosure is a regulatory requirement that must be reported to the Nigerian Exchange Limited (NGX), especially when a major shareholder or director of a publicly quoted company purchases or sells shares in the company they own.

United Capital Plc closed trading for the week ended 3rd of September, 2021 at N7.34 per share on the floor of the Nigerian Exchange Limited (NGX).


See link to disclosure.