Mutual Benefits Assurance Plc set to hold 25th General Meeting on July 29.

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The Board of Mutual Benefits Assurance Plc has announced that it will be hosting its 25th Annual General Meeting on the 29th of July, 2021.

According to a notice issued and signed by the company’s secretary, Jide Ibitayo, the meeting will be held at Radisson Hotel, GRA Ikeja-Lagos by 10:00am on the aforementioned date.

Some of the key issues that will 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.

What you should know:

  • Mutual Benefits Assurance Plc had earlier reported a profit after tax of N5.11 billion in FY 2020, indicating an increase of about 41% when compared with FY 2019 figures.
  • In line with CAC guidelines, attendance at the AGM will be by proxy. Sequel to this, a list comprising of six (6) representatives authorized to represent shareholders, have been made available.
  • Register of Members will be closed from 19th-23rd of July, 2021 to enable the Registrar prepare for the Annual General Meeting.
  • The link for the Annual General Meeting will be made available on the company’s website: www.mutualng.com

 

For more information about the AGM, click HERE.

 

 

Chams Plc completes balance sheet restructuring exercise.

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Chams Plc, a leading integrated identity management, payments system and solutions provider, has announced the successful completion of its balance sheet restructuring exercise.

This is according to a notification issued by the company which reads: ‘’ This is to inform the Nigerian Exchange Limited (The Exchange) and the investing public that following the receipt of regulatory approvals, the Balance Sheet Restructuring exercise by Chams Plc which was approved by a special resolution at the Extra-Ordinary General Meeting of the Company held on April 24, 2018 has been completed.’’

In light of the above, the exercise was executed in the following manner;

  • The Balance Sheet Restructuring Account (“BSRA”) was created for the purpose of effecting all necessary accounting entries in line with statutory requirements
  • The sum of N5,458,750,000 as at October 31,2017 was transferred from the Share Premium as a credit to the BSRA
  • The negative balance of N5,458,750,000 as at 31st October 2017 was transferred from the Retained Earnings Account to the BSRA
  • The Solicitors to the Balance Sheet Restructuring sought an order or orders to the following effect from the court
  • An order of the Court confirming the above stated Balance Sheet Restructuring of Chams Plc was approved by Special resolution of its shareholders
  • All incidental, consequential and supplemental orders as are necessary to ensure that the Balance Sheet Restructuring were fully and effectively implemented
  • The Directors of the Company were authorized to take all actions that were within their powers and/or necessary to effect the Balance Sheet Restructuring.

What you should know:

  • A balance sheet restructuring refers to the sort of multiparty agreement that takes place when equity and debt holders of a firm agree to concessions that will make the balance sheet stronger.
  • It is pertinent to note that the decision to restructure the balance sheet of Chams Plc was taken at the Extraordinary General Meeting of the shareholders which held on 24th of April, 2018 at ACE-Olivia Hall, City Mall, Onikan-Lagos.

 

NEM Insurance Plc set to pay N902.97m dividend to shareholders.

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The Board of NEM Insurance Plc has approved a total dividend of N902.97 million representing 9 kobo per share for the 2020 financial year at the 51st Annual General Meeting of the company, held at NEM House in Obanikoro, Lagos on 24th of June, 2021.

This is according to a notification signed by the company’s secretary, Olajumoke Philip-Akede and seen by Nairametrics

An abstract of the resolution read: ‘’ That the dividend payment of 9k for every ordinary share of 50k each be and are hereby payable to all shareholders whose names appear on the Company’s Register of Members at the close of business on the 4th of June, 2021.’’

In light of this, the approved dividend will be paid on all the issued 10,032,955,535 ordinary shares of the company.

In addition, the board also agreed to consolidate the company’s shares in the ratio one (1) new ordinary shares for every two (2) ordinary shares previously held by its shareholders. This will consequently raise the nominal value of the ordinary shares from 50 kobo each to N1 per share.

Other key decisions reached at the AGM include;

  • Two Directors were re-elected into the Board, namely: Dr. Fidelis Ayebae and Mrs. Olayinka Aletor.
  • Directors and Auditors remuneration for the 2021 financial year were fixed.
  • Five persons were elected as members of the statutory audit committee for the 2021 financial year.
  • The board also approved the amendment of the company’s Memorandum and Articles of Association to reflect the changes brought about by the share consolidation exercise.
  • The board finally approved that the transfer of N272,551,000 representing the value of 4.7 billion ordinary shares, from the Company’s Share Premium account and Retained Earnings account to the Share Capital account.

What you should know:

  • NEM Insurance Plc had earlier reported a profit after tax of N5.08 billion in FY 2020, indicating a surge of about 112.3% when compared to the sum declared in the corresponding period of 2019.

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.

2020 FY Results: PZ Cussons Nigeria Plc reports a 125% surge in profit to N1.8billion.

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PZ Cussons Nigeria Plc released its unaudited results for the 12 months period ended 31st of May, 2021.

  • Revenue for the year was N82.4 billion. (+23% YoY)
  • Cost of sales was N59.09 billion. (+1.2% YoY)
  • Administrative expenses totalled N6.85 billion. (+25.0% YoY)
  • Operating profit was N6.97 billion. (+198.6% YoY)
  • Profit after tax was N1.8 billion. (+125.3% YoY)
  • Earnings per share of 46 kobo. (+125.3% YoY)
  • Net profit margin was 2.2% Vs -11% YoY.
  • Quick ratio of 0.8 Vs 0.6 YoY.

See link to results.

Total Nigeria Plc set to pay N2.06 billion dividend to shareholders.

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The Board of Total Nigeria Plc has approved a total dividend of N2.06 billion representing N6.08 per share for the 2020 financial year at the 43rd Annual General Meeting of the company, held at The Civic Centre, Lagos on 17th of June, 2021.

This is according to an official disclosure signed by the company’s secretary, Bunmi Popoola-Mordi and sent to the Nigerian Exchange Group Limited (NGX).

According to the notice: ‘’ It was resolved that a dividend of N6.08 (Six Naira, Eight Kobo) per share as recommended by the directors be and is hereby payable on Friday 18th June, 2021 to all holders of ordinary shares whose names appear in the Register of Members at close of business on the 16th of April, 2021 subject to deduction of withholding tax at the rate applicable on the date of payment.’’

Sequel to this, the approved dividend rate of N6.08 per share will be paid on all the issued 339,521,837 ordinary shares of the company.

Other key decisions reached at the AGM include;

  • Three Directors were re-elected into the Board, namely: Mr. Stanislas Mittelman, Mrs. Lesley Baxter-Green and Mr Alexander Adotevi.
  • Directors and Auditors remuneration for the 2021 financial year were fixed.
  • Five persons were elected as members of the statutory audit committee for the 2021 financial year.

What you should know:

  • Total Nigeria Plc had earlier reported a profit after tax of N2.24 billion in FY 2020, indicating a dip of 1.55% when compared to the sum of N2.28 billion recorded in correspondig period of 2019.

 

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.

 

2021 Q1 Results: Coronation Insurance profit surge by 79% to N648.2 million.

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Coronation Insurance Plc released its unaudited interim financial results for the first quarter of the year ended 31st of March, 2021.

  • Net premium income for the period was N2.32 billion. (+2.2% YoY)
  • Fees and commission income of N228.15 million. (-47.3% YoY)
  • Total claims paid during the period was N1.64 billion (+43.01% YoY)
  • Underwriting profit was N755.85 million. (-41.7% YoY)
  • Operating expenses totalled N1.36 billion. (-10.8% YoY)
  • Profit after tax was N648.2 million. (+79.4% YoY)

See link to results.