GTCO Plc to pay 30 kobo interim dividend for H1 2021

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Guaranty Trust Holding Company Plc (GTCO) has proposed an interim dividend of 30 kobo per 50 kobo ordinary share for the first half of the year ended 30 June, 2021.

The proposed dividend is subject to appropriate withholding tax, with a qualification date of September 27, 2021.

On Tuesday October 12, 2021, the dividend which amounts to N8.83 billion will be disbursed electronically to ordinary shareholders whose names appear on the Register of Members as at Monday, September 27, 2021, and who have completed the e-dividend registration and mandated their Registrar to pay their dividends directly into their bank accounts. Holders of GTCO’s GDR listed on the London Stock Exchange will also receive their dividend payment subsequently.

The bank’s registrar is Datamax Registrars Limited. The e-dividend mandate form can be downloaded or filled online on the registrar’s website HERE, or on GTCO’s website.

Garanty Trust Holding Company has 29,431,179,224 outstanding shares and a market capitalization of N797.58 billion as at the time of filing this report. The bank’s shares opened trading on 10th of September, 2021 at N27.10 per share.

In case you missed it: GTCO had earlier released its interim financial results for the half year period ended 30 June, 32021. Its profit after tax declined by 16% to N79.4 billion, just as Earnings per share printed N2.79 as against N3.32 recorded in corresponding period of last year.

2021 H1 Results: GTCO Plc’s profit after tax declines by 16% to N79.4 billion.

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Guaranty Trust Holding Company Plc (GTCO Plc) released its interim financial results for the half year period ended 30th of June, 2021.

  • Net interest income after adjusting for loan impairments was N102.3 billion. (-15.3% YoY)
  • Net fee and commission income of N36.86 billion. (+53.4% YoY)
  • Personnel expenses totalled N17.23 billion. (-1.2% YoY)
  • Customers’ deposits during the period stood at N3.63 trillion.
  • Profit after tax was N79.4 billion. (-15.8% YoY)
  • Earnings per share of N2.79 Vs N3.32 YoY.

See link to results.

UBA Shareholders to get N6.8 billion interim dividend.

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United Bank for Africa Plc (UBA) has declared an interim dividend of N0.20 for every ordinary share of 50 kobo each, for the financial period ended June 30, 2021. The declared dividend is to be paid on all the 34,199,421,368 issued ordinary shares of the bank, amounting to N6.84 billion.

In a statement signed by its secretary, Bili Odum, the financial giant noted that the dividend will be paid electronically on Thursday, September 30, 2021, to shareholders whose names appear on the Register of Members as at Thursday, September 23, 2021, and to those who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their Bank accounts.

While the Register of Shareholders will be closed on Friday, September 24, 2021, Qualification Date has been scheduled for Thursday, September 23, 2021.

It is worthy to note that the declared interim dividend of 20kobo per share is about 17.6% higher than the amount declared in the corresponding period of last year (HY 2020: 17 kobo). This increase might be attributed to a much improved financial performance reported by the bank during the just concluded half-year period.

HY 2021 Highlights

Recall that the lender had recently recorded a double digit surge in most of its key financial metrics for the recently concluded half year period. For example, its Net interest income after impairment, Net fee and commission income and profit after tax all grew by 29.1%, 18.6% and 36.3% respectively.

UBA closed trading today 9th of September, 2021 with a share price of N7.85 per share on the floor of the Nigerian Exchange Limited (NGX).

 

2021 H1 Results: UBA grows half year profit by 36% to N60.58 billion.

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United Bank for Africa Plc (UBA) released its interim financial results for the half year period ended 30th of June, 2021.

  • Net interest income after impairment was N143.93 billion. (+29.1% YoY)
  • Net fee and commission income of N45.77 billion. (+18.6% YoY)
  • Employee benefit expenses totalled N42.62 billion. (-4.4% YoY)
  • Loans and advances to customers stood at N2.63 trillion.
  • Profit after tax was N60.58 billion. (+36.3% YoY)
  • Earnings per share of N1.69 Vs N1.24 YoY.
  • An interim dividend of 20 kobo per share was declared

See link to results.

Total Nigeria successfully completes change of name to TotalEnergies Marketing Nigeria Plc.

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French energy giant, Total SE, has successfully completed various regulatory processes required to effect the change of its name to TotalEnergies Marketing Nigeria Plc.

According to a statement signed by the company’s secretary, Bunmi Popoola-Mordi, the firm noted that it should be henceforth addressed as TotalEnergies Marketing Nigeria Plc.

Recall that on the 19th of August, 2021, shareholders of the company (then known as Total Nigeria Plc) voted to change its name to TotalEnergies Marketing Nigeria Plc. The change was driven by the firm’s desire to transition into a multi-energy group, providing affordable, more reliable and cleaner energy in the best way. In addition, the transition is in a bid to support the Paris Agreement and vomiting to carbon neutrality by 2050.

Commenting on the rationale behind the change, the firm said: ‘’ The name change is accompanied by a new visual identity for all of our activities, aimed at anchoring our transformation to a multi-energy group, such transformation being based on a development strategy of two pillars, gas and renewable electricity, as well as the underlying ambition of a transition to carbon neutrality by 2050.’’

As at the period of reporting this, TotalEnergies Marketing Nigeria Plc is currently trading at N199.20 per share on the floor of the Nigerian Exchange Limited (NGX).

Access Bank Plc announces 5-Year Senior Unsecured Note Issuance.

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Access Bank Plc has announced plans to issue a 5-Year fixed rate Senior Unsecured Note, as part of its Global Medium Term Note Programme.

To facilitate this, the bank announced that it will be hosting a series of global investor and fixed income investor calls, from September 11, 2021.  The calls will be co-anchored by a series of leading financial institutions such as; Absa, Barclays, J.P. Morgan and Standard Chartered Bank (Joint Bookrunners) and Chapel Hill Denham, Rand Merchant Bank (Financial Advisers).

Confirming this development, the bank in a statement signed by its secretary, Sunday Ekwochi said: ‘’Access Bank Plc (‘’Access Bank’’ or ‘’the Bank’’) announces today on the Nigerian Exchange Limited that it has mandated Absa, Barclays, J.P. Morgan and Standard Chartered Bank as Joint Bookrunners and Chapel Hill Denham and Rand Merchant Bank as Financial Advisers and Joint Bookrunners to arrange a global investor call in addition to a series of fixed income investor calls commencing on September 11, 2021. The issuance of a 5-Year fixed rare USD-denominated Regulation S/144A Senior Unsecured Note under the Bank’s Global Medium Term Note Programme may follow subject to market conditions.

The bank further added that: ‘’Kindly note that this announcement is not being made in, and copies of it may not be distributed or sent into, the United States (except that it may be sent in the United States directly to qualified institutional buyers, as defined in rule 144a under the U.S. Securities Act of 1993, as amended (the ‘’Securities Act’’), Canada, Australia, Japan, Nigeria or any other jurisdiction where to do so would be unlawful. These materials do not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein have not been and will not be registered under the Securities Act, and may not be offered or sold in the United States or to U.S persons unless such securities are registered under the Securities Act or pursuant to an exemption from the registration requirements of the Securities Act. Recipients of this announcement may not forward this to any other person resident in Nigeria. Access Bank will not be liable for violation of Nigeria’s securities laws where a recipient forwards this announcement to other persons resident in Nigeria’’

Back story: Recall that Access Bank’s $300 million senior bond issued in 2016 is due for repayment in October this year. Based on the current FX policy restrictions by the CBN, the lender through the proposed issuance is trying to refinance its debt by exploring other sources of funding.

Sterling Bank projects profit after tax of N2.99 billion in Q4 2021.

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

  • Gross earnings is expected to hit N40.19 billion
  • Interest income is projected at N30.8 billion.
  • Net operating income is expected to hit N28.8 billion.
  • Operating expenses projection of N25.6 billion
  • Tax is projected at N259.7 million
  • Profit after tax is projected at N2.99 billion

See link to results.

 

LASACO Assurance Plc appoints Razzaq Abiodun as new Managing Director.

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The Board of LASACO Assurance Plc has approved the appointment of Mr Razzaq Abiodun as the new Managing Director of the company, following the retirement of the former Managing Director, Mr Segun Balogun.

This is according to a notice signed by the company’s secretary, Gertrude Olutekunbi, which partly read: ‘’ LASACO Assurance plc (Lasaco) wishes to inform the Nigerian Exchange Limited (NGX), its distinguished shareholders and the general public that at the Board of Directors Meeting of the Company held on Friday, 27th August ZOZL, the Board approved the appointment of Mr. Razzaq Abiodun as the Managing Director following the retirement of Mr. Segun Balogun’’

Until his recent appointment, Mr Abiodun was the Deputy Managing Director (Technical) of the firm.

About Mr Razzaq Abiodun

Mr Razzaq Abiodun has over 30 years’ experience in the insurance industry spanning claims, underwriting and marketing. He began his insurance career with City Union Insurance Company where he rose to the position of Deputy Manager, Claims/Reinsurance. He was also a Senior Manager at Metropolitan Trust Insurance Company (now Consolidated Hallmark). Abiodun also worked at WAPIC Insurance Plc where he was an Assistant General Manager, before his appointment as pioneer Managing Director of WAPIC Insurance (GHANA) Ltd.

He holds a Master’s degree in Business Administration from Lagos State University; and is a Graduate of Law from the Ghana Institute of Management and Professional Studies (GIMPA). Abiodun is an Associate of the Chartered Insurance Institute of United Kingdom and a Fellow of the Chartered Insurance Institute of Ghana.

 

 

NCC renews MTN Nigeria operating licence for another 10 years.

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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.

Jaiz Bank Plc secures $25 million from Islamic Corporation to support SMEs in Nigeria.

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Jaiz Bank Plc has secured an additional $25million line of financing (LOF) from Islamic Corporation for the Development of the Private Sector (ICD),  to support Small and Medium Enterprises (SMEs) in Nigeria.

This is according to a statement signed by the bank’s secretary, Mrs Rukayat Dahiru, and uploaded on the website of the Nigerian Exchange Limited (NGX).

According to the notice, the non-interest bank had been in partnership with the ICD since 2018, when it granted a $20m Line of Finance (LOF) to support SMEs in the country. Having effectively disbursed the funds to eligible SMEs and subsequently repaid the LOF, Jaiz Bank approached and obtained an additional $25m from ICD for onward disbursement.

The bank further revealed that it secured the $25m LOF earlier in February this year, but could not proceed with the signing ceremony due to COVID-19 restrictions. However, the formal agreement was signed on the 2nd of September, 2021 during the recently concluded Islamic Development Bank (IsDB) annual meeting which was held in Tashkent, Uzbekistan. The meeting afforded Chief Executives of both institutions the opportunity to meet and finalize the deal.

What you should know:

  • The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral development financial institution and a member of the Islamic Development Bank (IsDB) Group. ICD was established in November 199 to support the economic development of its member countries through the provision of finance for private sector projects, and promotion of competition/entrepreneurship, while encouraging cross border investments.