Category: Services

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

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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.

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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.

 

 

Trans Nationwide Express Plc projects profit after tax of N46.5 million in Q4, 2021.

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Trans Nationwide Express Plc released its earnings forecasts for the fourth quarter of the year (Q4, 2021).

  • Revenue is projected to hit N1.19 billion
  • Cost of sales is projected at N482.7 million.
  • Administrative expenses projection of N646.9 million
  • Tax projection of N20.9 million
  • Profit after tax is projected at N46.5 million.

See link to forecasts.

MEDVIEW AIRLINE PLC: Notice of Board Meeting.

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Med-View Airline Plc has announced that it will be hosting a virtual Board of Directors meeting on the 20th of September, 2021 at 9:00am prompt,

This is according to a notice signed by the company’s Executive Director in charge of Business Development and Commercial, Na’Allah I.S, and made available on the website of the Nigerian Exchange Limited (NGX).

According to the disclosure, the following issues will be discussed during the meeting;

  • The resignation of the Company Secretary and proposal on the appointment of a new Acting Company Secretary.
  • Proposal to appoint a new CEO and COO/AM
  • Presentation of update on the financial position of the company-ED Finance/CFO.
  • Restart of Operation

Here is a link to the notice.

 

University Press Plc: Notice of Annual General Meeting

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The Board of University Press Plc has announced that it will be hosting its 43rd Annual General Meeting (AGM) in Lagos on the 23rd of September, 2021.

According to a notice signed by the company’s secretary, Mrs. O.A. Binitie Aboyade-Cole and sent to the Nigerian Exchange Group Limited (NGX), the meeting will hold at Three Crowns Building in Ibadan on the aforementioned date and by 11:00am prompt.

In light of this, the following issues will be discussed;

  • The audited financial statement for the year ended March 31, 2021, and the report of its Directors, auditor, and the audit committee.
  • To consider and approve the dividend recommended by the Board
  • Board appointments will also be considered and ratified.
  • To fix remuneration of managers and Directors in FY 2021.
  • To elect shareholders’ representatives of the statutory audit committee.

For more details about the AGM, click HERE.

 

Transcorp Plc Appoints Oluwatobi Ojediran Acting CFO as Mutiu Bakare Resigns.

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Transnational Corporation of Nigeria Plc (Transcorp Plc), has announced the appointment of Mrs. Oluwatobi Ojediran as acting Chief Financial Officer (CFO) of the company. This followed the resignation of the incumbent CFO, Mr. Mutiu Bakare, with effect from September 9, 2021.

This is according to a recent press release signed by the company’s secretary, Kofo Olokun-Olawoyin, and made available on the website of the Nigerian Exchange Limited (NGX).

The firm in the recent disclosure noted that pending the appointment of a substantial Group Finance Officer, Mrs. Oluwatobi Ojediran will assume the role in an acting capacity.

About Mrs. Oluwatobi Ojediran

Mrs. Oluwatobiloba Ojediran is a chartered accountant with a professional experience that spans over 10 years. She started her career at KPMG Professional Services, where she provided accounting, audit and advisory services to clients. She subsequently worked at Intercontinental Hotel, as Finance Manager, gaining financial and operational experience in the hospitality industry.

She is professional skilled in financial and corporate reporting, budgeting, audit and investigation, IFRS advisory, financial modelling, and project management. She holds a Second-Class upper degree (B.Sc.) in Mathematics and Statistics from the University of Lagos, Nigeria. She is also a member of the Institute of Chartered Accountants of Nigeria (ICAN).

 

Primrose Investment purchases additional 21.1m units of FCMB shares worth N65.3 million.

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Primrose Investment Limited, a real estate and property development company, has announced the purchase of additional 21.1 million units of FCMB Group Plc shares worth N66.6 million.

This is according to a recent disclosure, signed by the firm’s secretary, Olufunmilayo Adedibu, and forwarded to the Nigerian Stock Exchange.

Breakdown

The breakdown of the recent deal showed that Primrose Investment Limited purchased a total of 21,123,071 units of FCMB shares at an average price of N3.0916 per share. This puts the total consideration for the shares purchased at N65, 304,086.3

It is pertinent to note that the deal took place in seven tranches on 4th, 5th, 6th, 10th, 12th, 26th and 27th of August, 2021. The breakdown of the amount spent in each tranche is succinctly captured below;

  • In the first tranche, 6,888,555 units of the firm’s share were purchased at N3.1692 per share, grossing N21,831,208.51
  • Another 534,516 units were purchased at N3.0762 in the second tranche, totalling N1, 644,278.12.
  • In the third tranche, 5,100, 000 units were purchased at N3.0998 per share, grossing N15,808,980
  • A further 5,000,000 units were purchased at N3.1468 per share in the fourth tranche, grossing N15,734,000
  • In the fifth tranche, additional 500,000 units were purchased at N3.0977 per share, totalling N1,548,850.
  • An additional 600,000 units were purchased in the sixth tranche at N3.0128, totalling N1,807,680.
  • In the last tranche, 2,500,000 units of shares were purchased at N3.0389 each, worth N7,597,250

What you should know:

  • Recall that in July, Primrose Investment Limited had invested about N70.2 million in acquiring 22 million units of FCMB shares.
  • As at the period of reporting this, FCMB is currently trading N2.97, down by 2.62%.

 

MTN Nigeria denies owing FG tax arrears.

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MTN Nigeria Communications Plc has denied being indebted to the Federal Government of Nigeria in respect of outstanding taxes.

In a statement signed by the company’s secretary, Uto Ukpanah, and made available on the website of the Nigerian Exchange Limited (NGX), the telecommunications giants noted that it had furnished tax authorities with evidences to demonstrate full compliance with all extant and regulatory obligations. The teleco giant further reiterated its commitments to abiding by applicable laws and  contributing to the social and economic development of Nigeria.

Recall that the office of the Accountant General of the Federation (AGF) had allegedly accused MTN Nigeria Plc of owing taxes from 2007 to 2017. Consequently, a $2billion tax demand was instituted against the firm. However, after two years of allegation, the Attorney-General of the Federation and Minister of Justice, Abubakar Malami on January 8, 2020, withdrew the $2 billion tax demand and transferred the matter to the Federal Inland Revenue Service (FIRS) and the Nigerian Customs Service (NCS) for resolution.

Commenting on the recent development, the telecommunications firm in the press release said: ‘’MTN Nigeria Communications Plc (MTN Nigeria or the Company) wishes to clarify erroneous reports in the media alleging the company is indebted to the Federal Government of Nigeria in respect of outstanding taxes.

‘’It may be recalled that in a letter dated 8 January 2020, the Office of the Attorney General of the Federation (OAGF) officially transferred the matter of MTN Nigeria’s alleged indebtedness to the Federal Inland Revenue Service (FIRS) and the Nigerian Customs Service (NCS) for resolution.

‘’As with previous request of a similar nature, MTN Nigeria has been happy to cooperate with the authorities, providing evidence to demonstrate full compliance with all extant tax and regulatory obligations and discussions are on-going in this regard.

‘’As recently as last year, the tax authorities commended MTN Nigeria for its prompt payment of dues. In addition, when asked earlier this year, the Company agreed to make advance tax payments ahead of established deadlines to support Government’s revenue drive. This was also the case in 2020, when in response to FIRS appeal to support Government MTN Nigeria made an early payment of its 2019 Companies Income Tax (CIT) of N46.9 billion. The Company did the same this year, between March 2021 and June 2021; making early payments of N95.5 billion for the 2020 CIT, which was due on 30 June 2021.’’

 

 

 

 

 

Mutual Benefits Assurance Plc appoints Apel Capital Ltd. as new company Registrar.

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Mutual Benefits Assurance Plc has announced the appointment of Apel Capital Registrars Limited as its new company registrar, with effect from 1st of September, 2021.

In a statement signed by the company’s secretary, Ide Ibitayo, and made available on the website of the Nigerian Exchange Limited (NGX), the firm stated that the new registrar will take over from Meristem Registrars and Probate Service Limited.

Confirming the recent development, an extract of the recent notice read: ‘’Mutual Benefits Assurance Pic (Mutual Benefits Assurance or the Company) wishes to inform its valued shareholders, investing public and key stakeholders that the Company has appointed a new registrar – Apel Capital Registrars Limited. The appointment takes effect from September 2021. Apel Capital Registrars Limited will replace Meristem Registrars and Probate Services Limited.’’

What you should know about Apel Capital Registrars Limited.

Apel Capital Registrars Limited is a private company limited by shares, and a wholly owned subsidiary of Apel Group. It is one of the leading registrars in Nigeria, offering diverse services such as; primary market services, investor relations, employee share plan, dividend reinvestment plan, post primary market services, among others. Some of its notable clients include Chapel Hill Denham, Lasaco Assurance Plc, AIICO Balanced Fund, International Breweries Plc, NEM Insurance Plc, among others.

 

 

Tantalizers Plc set to hold 23rd Annual General Meeting (AGM) on September 27.

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Tantalizers Plc has announced that it will be hosting its 23rd Annual General Meeting on the 27th of September, 2021. The meeting will be held at the firm’s training hall located in its head office at Lagos, by 10:00 am prompt,

This is according to a statement issued by the company and signed by its secretary, Bamidele A. Dambo.

According to the notice, some of the issues to be discussed include;

  • The audited financial statement for the year ended December 31, 2020, and the report of its Directors, auditor, and the audit committee.
  • Board appointments will also be considered and ratified.
  • To fix remuneration of managers and Directors in FY 2021.
  • To elect shareholders’ representatives of the statutory audit committee, among others.

In view of the directives on physical distancing and the restriction on maximum number of people at every gathering due to the COVID-19 pandemic, the meeting will hold by proxy in accordance with section 254 of the Companies and Allied Matters Act 2020 and as approved by the Corporate Affairs Commission.

Additionally, the AGM will be streamed live online, to enable shareholders and other relevant stakeholders who will not be attending the meeting physically to also be part of the proceedings. The link for the live streaming will be made available on the company’s website: www.tantalizersnig.com

What you should know:

  • Tantalizers Plc had earlier reported a loss after tax of N97.75 million in Q1 2021.
  • As at the period of reporting this, Tantalizers Plc is currently trading at 20 kobo on the floor of the Nigerian Exchange Limited (NGX).

For more information about the AGM, click HERE.