Nestle Nigeria Plc publishes names of over 17,000 shareholders who are yet to claim their dividends.

Nestle Nigeria Plc has published the names of 17,187 shareholders who are yet to file and receive their dividends, categorizing them under the firm’s unclaimed dividend list.

According to a disclosure sent to the Nigerian Exchange Group Plc (NGX) and seen by Nairametrics, the list of unclaimed dividends for shareholders of Nestle Nigeria Plc will be published in two reputable media houses on 11th of June, 2021. The publication will be made available via the online platforms of The Punch and Guardian newspapers.

Rationalizing this recent action, the firm disclosed that the Companies and Allied Matters Act 2020 had mandated the company to publish the list of unclaimed dividends with names of all intended beneficiaries, in at least two national newspapers.

The recent disclosure by the Nestle Nigeria Plc therefore validates an earlier claim of a surge in unclaimed dividend in Nigeria, estimated to be around N200 billion by an adhoc committee of the Nigerian House of Representatives.

In a bid to manage the high incidence of unclaimed dividends in Nigeria, the Federal Government of Nigeria through the Finance Act 2020 had proposed the establishment of an Unclaimed Dividend Trust Fund, which is to be managed by the Debt Management Office (DMO).

 

What you should know:

  • Nairametrics had earlier reported that Nigerian Breweries Plc had published the names of over 100,000 shareholders who are yet to file and claim their dividends.
  • Nestle Nigeria Plc had earlier reported a profit before tax of N60.6 billion in FY 2020. Sequel to this, a dividend of N35.50 was proposed during the period

See link to the unclaimed dividend list of the company.

 

Sterling Bank Plc forecasts profit after tax of N4.04 billion in Q3 2021.

Sterling Bank Plc has released its earnings forecasts for the third quarter of 2021 (Q3 2021).

  • Gross earnings were projected to hit N38.4 billion.
  • Interest income was projected at N29.82 billion.
  • Net operating income projection of N26.5 billion.
  •  Operating expenses were projected at N22.11 billion.
  • Tax projections of N351.4 million
  • Profit after tax is projected at N4.04billion.

See link to forecasts.

First City Monument Bank Plc projects profit after tax of N3.4 billion in Q3 2021.

First City Monument Bank Plc has released its earnings forecasts for the third quarter of 2021 (Q3 2021).

  • Gross earnings were projected to hit N45.9 billion.
  • Net interest income was projected at N21.44 billion.
  • Net operating income projection of N30.72 billion.
  •  Operating expenses were projected at N23.8 billion.
  • Tax projections of N415.51 million
  • Profit after tax is projected at N3.4 billion.

See link to forecasts.

 

Lasaco Assurance announces CEO’s retirement, appoints Razzaq Abiodun as replacement.

The Board of Directors of Lasaco Assurance Plc has announced the retirement of its Managing Director/Chief Executive Officer and the appointment of a new one.

This was disclosed in a notification that was signed by the firm’s secretary/legal adviser, Gertrude Olutekunbi and sent to the Nigeria Exchange Group Plc (NGX).

In the statement, the company disclosed that its former Managing Director, Mr. Segun Balogun had retired from the Board effective from May 29, 2021. In a bid to fill the void left by his departure, the Board announced the appointment of Mr. Razzaq Abiodun who will superintend over affairs as the MD/CEO, although in an acting capacity.

Mr. Segun Balogun is a financial industry expert with experience that over three decades of experience. Prior to his appointment as MD of LASACO Assurance Plc, he was the CEO of FBN General Insurance Limited. He was also the former MD/CEO of WAPIC Insurance Plc for 13 years.

Balogun is an alumnus of the prestigious University of Lagos and is a Fellow of the Chartered Insurance Institute of Nigeria. He is an Associate of the Chartered Insurance Institute of the United Kingdom.

In similar vein, his successor- Mr. Razzaq Abiodun has over 30 years’ experience in the insurance industry with technical expertise in claims, reinsurance, underwriting and marketing. He worked for a host of leading insurance companies like the defunct  City Union Insurance, Metropolitian Trust Insurance (now Consolidated Hallmark), WAPIC Insurance Plc, among others. He joined Lasaco Assurance Plc in 2017 as Executive Director Technical and later became Deputy Managing Director Technical.

Abiodun is an alumnus of the Lagos State University and the Ghana Institute of Professional Studies (GIMPA), where he obtained a MBA and LLB respectively.

 

2020 FY Results: Coronation Insurance Plc profit after tax surge by 461% to N1.2 billion.

Coronation Insurance Plc released its audited full-year results for the period ended 31st of December 2020.

  • Net premium income for the year was N7.4 billion. (-5.8% YoY)
  • Fee and commission income was N2.11 billion. (+26.7% YoY)
  • Total claims paid during the period was N6.91 billion (+69.5% YoY)
  • Underwriting profit of N3.29 billion.(+12.5% YoY)
  • Expenses for the period totalled N5.43 billion. (+1.3% YoY)
  • Profit after tax was N1.2 billion. (+460.9% YoY).
  • Earnings per share of 7 kobo Vs 2 kobo YoY.

See link to results.

Ecobank Transnational Incorporated announces proposed launch of $300million Tier 2 sustainability notes.

Ecobank Transnational Incorporated, a leading Pan-African banking group and parent company of the Ecobank Group, has announced its plan to raise $300 million from the international debt capital markets through the issuance of Tier 2 qualifying sustainability notes.

According to a disclosure signed by the Group Head of Corporate Communications, Adenike Laoye, this plan was communicated to a host of regional Stock Exchanges that comprises of the Nigerian Exchange Group Plc (NGX), Ghana Stock Exchange and the Bourse Regionale des Valeurs Mobilieres.

According to the notice, ETI intends to list the Notes on the London Stock Exchange, with the anticipation that the Notes will be traded on its regulated market. Sequel to this, the issuance of the Notes is hence subject to prevailing market conditions and the conclusion of the necessary transaction documentation.

The Banking Group explained that an equivalent amount of the net proceeds of the Notes will be used to finance or re-finance, in part or full, new or existing eligible assets in accordance with ETI’s Sustainable Finance Framework.

 

More details about the nature of the Notes will be further communicated.

 

 

 Notore Chemicals Industries Plc reports a loss of N6.4 billion in FY 2020.

Notore Chemicals Industries Plc released its audited full-year results for the period ended 30th September 2020.

  • Revenue for the period was N18.8 billion.(-12% YoY)
  • Cost of sales was N21.7 billion. (+24% YoY)
  • Administrative expenses totalled N5.9 billion.(-10.4% YoY)
  • Operating profit was N9.49 billion. (+177% YoY)
  • Loss for the year was N6.4 billion.
  • Loss per share of -N3.97 Vs -N3.57 YoY.

Commenting on why the firm recorded a massive loss despite a surge in its operating profit, the Chairman of Notore Chemical Industries Plc, General Yakubu Gowon said: ‘’ Our operating profit in the financial year increased by 177% from ₦3.42 billion in FYE 2019 to ₦9.48 billion in FYE 2020. Despite the positive operating profit, we recorded a loss for the year of ₦6.39 billion during the period (FYE 2019: ₦5.75 billion). This was due to the offsets caused by Finance Cost— which rose from ₦13.69 billion in FY 2019 to ₦23.40 billion in FY 2020—and an Exchange loss on US dollar-denominated loans of ₦7.72 billion as a result of the CBN’s devaluation of the Naira from ₦306/$ to ₦380/$ during the period.’’

See link to results.

2020 FY Results: Bricklinks Africa Plc records a 115% surge in profit after tax.

Bricklinks Africa Plc has released its full-year results for the period ended 31st of December, 2020.

  • Revenue for the period was N215.9 million. (+30.4% YoY)
  • Cost of sales was N181.08 million. (+29.14% YoY)
  • Operating expenses totalled N33.18 million. (+1.5% YoY)
  • Profit for the year was N1.1 million. (+115% YoY)
  • Earnings per share of 11 kobo. (+115.1% YoY)
  • No dividend announcement was made.

See link to results.

AXA Mansard forecasts profit after tax of N4.42 billion in Q3 2021.

AXA Mansard Insurance Plc has released its earnings forecasts for the third quarter of 2021 (Q3 2021).

  • Net premium income is projected to hit N26.96 billion.
  • Net claims projection of N16.19 billion.
  • Underwriting profit is projected at N10.1 billion
  • An Operating expenses projection of N2.95 billion.
  • Tax is projected at N1.17 billion
  • Profit after tax is projected at N4.42 billion.

See link to forecasts.