The Nation Newspaper

Category: Equities

  • NCDMB calls for listing of oil firms

    Listing of major companies in the Nigerian oil and gas sectors on the stock market would further stimulate the growth of the industry and enhance the inclusion of Nigerians in the national economic wealth creation.

    Nigerian Content Development and Monitoring Board (NCDMB) Executive Secretary,  Simbi Wabote, yesterday called on all stakeholders to work towards ensuring the listing of companies that add value to the country’s hydrocarbon resources, such as refineries, petrochemical industries and fertiliser companies.

    Speaking during the visit of the management of the NCDMB to the Nigerian Stock Exchange (NSE), Wabote noted that most of the companies listed under the oil and gas sector of the NSE are into marketing of petroleum products.

    He said the listing of upstream and mid-stream oil and gas companies would be a game-changer for the Nigerian oil and gas industry as this will give room for pooling together of funds for growth as well as the empowerment and inclusion of Nigerians in the activities of the mainstay of the economy.

    He commended the NSE for playing vital roles in the national economy by serving as  a means of wealth creation, wealth distribution, and source of long-term financing even as the businesses listed  on the exchange use their products and services to meet the needs of the people.

    “We will like to see more of the upstream and mid-stream companies listed on the Exchange.  More importantly,  we will like to see a major shift in the listing of companies that add value to our hydrocarbon resources in-country such as refineries, petrochemical industries, fertiliser companies, and companies in the liquefied petroleum gas and compressed natural gas  value chain,” Wabote said.

    He said the board recently launched its 10-year strategic roadmap designed to increase the Nigerian content level in the oil and gas sector from the current level of about 30 per cent to 70 per cent  by 2027.

    “This means retention of about $14 billion in the Nigerian economy out of the yearly spend of $20billion. This target represents huge opportunities for investors in the Nigerian economy. We see opportunity to collaborate with the NSE to increase the depth and breadth of listings using our 10-year strategy as a driver. For us in the Board, we have commenced multiple strategic initiatives to bring the roadmap into fruition,” Wabote said.

    According to him, the vision of NCDMB is to be a catalyst for the industrialisation of the  oil and gas industry and its linkage sectors.

    He outlined that in line with its focus as a catalyst for in-country resource utilisation, the board has taken 30 per cent equity in a 5,000bpd modular refinery and is considering other similar proposals for the establishment of modular refineries.

    “We reckon that at least 10 per cent  of Nigerian oil production should be refined using modular refineries. As a regulator, we have put in place our exit plans from these investments. We see opportunity to divest such equity via the Nigerian Stock Exchange so that Nigerians and other investors can be part owners of such enterprises. We are also looking at providing support other opportunities, such as the LPG value chain, industrial fabrication, and manufacturing using our oil and gas park schemes,” Wabote said.

    He pointed out that partnership between operators in major sectors of the economy and the stock market would boost activities at the stock market by increasing the listing of Nigerian companies on the Exchange.

     

  • Equities hit new low as return worsens to -7.41%

    Total market value of Nigerian equities dropped for the seventh consecutive trading session to N12.928 trillion yesterday as benchmark indices at the Nigerian Stock Exchange (NSE) indicated average year-to-date return of -7.41 per cent.

    Investors lost N13 billion or 0.10 per cent in the five-hour trading session yesterday, continuing a decline that had turned the market from a double-digit average gain to negative return.

    With nearly two of every three trades closing on the downside, the benchmark index for the equities market showed every average investor with potential loss of 7.41 per cent so far this year. When adjusted in line with the benchmark index, this is equivalent to total loss of more than N1 trillion so far this year.

    Aggregate market value of all quoted equities on the NSE declined from its opening value of N12.941 trillion to close at N12.928 trillion. The All Share Index (ASI)-the main value-based index that tracks share prices at the stock market, also dropped from its opening index of 35,446.47 points to close at 35,410.61 points. Equities capitalisation had opened this year at N13.609 trillion while the ASI opened at 38,243.19 points.

    All sectoral indices closed in the red, underlining the widespread selloffs across the sectors. The NSE Banking Index declined by 0.8 per cent. The NSE Insurance Index dropped by 0.5 per cent. The NSE Oil and Gas Index dipped by 0.3 per cent while the NSE Consumer Goods Index and NSE Industrial Goods Index slipped by 0.01 per cent each.

    “We expect the bearish performance to be sustained till midweek as investors continue to take profit following some unimpressive first half 2018 releases,” analysts at Afrinvest Securities stated.

    Guinness Nigeria led the 26-stock losers’ list with a drop of N4 to close at N90. Flour Mills of Nigeria followed with a loss of 60 kobo to close at N24. Oando and United Bank for Africa (UBA) declined by 30 kobo each to close at N5.25 and N9.15 respectively while Guaranty Trust Bank (GTB) and Dangote Sugar Refinery lost 20 kobo each to close at N38.80 and N15.30 respectively.

    Total turnover stood at 160.43 million shares valued at N2.21 billion in 3,120 deals. UBA was the most active stock with a turnover of 30.6 million shares. FBN Holdings followed with a turnover of 14.0 million shares while GTB placed third with a turnover of 13.9 million shares.

    On the positive side, 11, formerly Mobil Oil Nigeria, led the 14-stock gainers’ list with a gain of N4 to close at N180. International Breweries followed with a gain of N1.45 to close at N33.45. UAC of Nigeria rose by N1 to close at N14. Eterna and Stanbic IBTC Holdings added 65 kobo each to close at N7.20 and N50 respectively while Nigerian Breweries chalked up 50 kobo to close at N103.50 per share.

     

  • Seplat, NNPC strike joint ownership deal

    Seplat Petroleum Development Company (Seplat) Plc and the Nigerian National Petroleum Corporation (NNPC) yesterday signed joint ownership agreement in a joint venture floated to process gas production from upstream assets.

    Seplat, Nigerian indigenous upstream oil company which is listed on both the Nigeria Stock Exchange (NSE) and London Stock Exchange (LSE), signed the shareholder agreement and share subscription agreement with the Nigerian Gas Processing and Transportation Company (NGPTC), a wholly owned subsidiary of NNPC.

    Under the deal, NGPTC will subscribe for 50 per cent of the shares in ANOH Gas Processing Company Limited (AGPC), a company that was incorporated in 2017, for the purpose of processing future wet gas production from the upstream unitised gas fields at OML 53 & OML 21, which is operated by Shell.

    The signed shareholder agreement will govern Seplat’s and NGPTC’s respective interests in the AGPC incorporated joint venture. Other commercial agreements with NNPC and the Nigerian Gas Marketing Company (NGMC) were also executed during the signing ceremony held at NNPC headquarters in Abuja yesterday.

    Yesterday’s agreements were important precursors to the Final Investment Decision (FID) for the ANOH project which is expected in the fourth quarter of 2018.

    Chief Executive Officer, Seplat Petroleum Development Company (Seplat) Plc, Mr. Austin Avuru, noted that ANOH is one of the largest greenfield gas and condensate developments in Nigeria, which will supply much needed gas volumes to the growing domestic market.

    “We are delighted to have entered into an incorporated joint venture with our government partner NGPTC. The execution of the agreements today is an important step as we head towards taking FID on the ANOH project later this year,” Avuru said.

     

  • Stanbic IBTC Holdings lists 64.21m scrip shares

    Stanbic IBTC Holdings Plc has listed about 64.21 million ordinary shares of 50 kobo each to raise its total outstanding shares to about 10.114 billion ordinary shares of 50 kobo each at the weekend.

    The supplementary shares were due to the scrip dividend scheme offered by the holding company to eligible shareholders who elected to receive new ordinary shares in lieu of 50 kobo cash dividend declared for the business year ended December 31, 2017.

    Under a resolution passed at its extraordinary general meeting in August 2016, shareholders of Stanbic IBTC Holdings may choose to receive dividends declared by the company, up to year 2020, either in cash or as new ordinary shares in the company.

    The holding company had in 2017 listed 49.466 million ordinary shares of 50 kobo each in the names of shareholders that elected to receive shares in exchange for the 5.0 kobo final dividend declared for the year ended December 31, 2016 as well as the 60 kobo interim dividend declared for the period ended June 30, 2017.

    Stanbic IBTC had in 2012 adopted a holding company structure in line with the new banking regulatory regime of the Central Bank of Nigeria (CBN). Under the structure, the subsidiaries of Stanbic IBTC Holdings Plc are Stanbic IBTC Bank, Stanbic IBTC Pension Managers Limited, Stanbic IBTC Asset Management Limited, Stanbic IBTC Trustees Limited, Stanbic IBTC Capital Limited, Stanbic IBTC Stockbrokers Limited, Stanbic IBTC Insurance Brokers Limited, Stanbic IBTC Ventures Limited and Stanbic IBTC Investments Ltd. Stanbic IBTC Nominees Nigeria Limited and Stanbic IBTC Bureau de Change Limited are the only subsidiaries of Stanbic IBTC Bank.

  • UAC Foods gets new MD

    The board of UAC Foods Limited has appointed Dr Oladele Ajayi as the Managing Director of the company. UAC Foods Limited is a joint venture company between UAC of Nigeria (UACN) and Tiger Brands Limited of South Africa.

    Ajayi holds a PhD in Mechanical & Process Engineering from the University of Strathclyde, United Kingdom and he is an alumnus of the Advance Management Program of Harvard Business School.

    Prior to his appointment, Oladele was the Special Adviser to the Federal Minister of Industry, Trade & Investment and a Non-Executive Director of GZ Industries.

    In 1989, he had joined Nigerian Breweries Plc as an Assistant Brewer and following several roles in technical, marketing and sales, both in Nigeria and overseas, was appointed Sales Director of Nigerian Breweries Plc. Thereafter, he was appointed Managing Director of Heineken, Hungary and later Managing Director, Central and East Africa sub-regions for Heineken International.

    He also served in many non-executive roles such as Chairman of Sierra Leone Brewery Ltd, Chairman of Brasserries et Limonaderies du Rwanda, External Director of Guinness Ghana Breweries Ltd and Director of Brasserrie de Bourbon, St Dennis, La Reunion.

  • ‘Fictitious investors’ to wait till December to claim shares

    The Capital Market Committee (CMC)-a consultative assembly of stakeholders in the Nigerian capital market, at the weekend gave investors that used fictitious names and other surreptitious means to buy shares up till December 31, 2018 to claim their shares.

    The three-month extension of the deadline September 30, 2018 to December 31, 2018 was one of the highpoints of the second quarterly meeting of the CMC in Lagos.

    Acting Director General, Securities and Exchange Commission (SEC), Ms Mary Uduk, at a media interactive session that rounded off the CMC meeting at the weekend, said stakeholders agreed that the “Multiple Subscription Initiative” will now run till December 31, 2018.

    This is the third time the CMC will be extending the deadline as it had earlier granted a six-month extension till September 30, 2018. SEC had issued a deadline of September 1, 2017 for the regularization of the multiple and fictitious accounts and later extended this to March 31, 2018.

    The “Multiple Subscription Initiative” is aimed at regularisation of shares purchased with multiple identities, by investors-otherwise known as ghost shareholders that conjured up many identities to secure large allocation of shares, especially during public offerings.

    Claimants are expected to provide verifiable evidence and identifications to proof ownership of such unclaimed dividends and shares, after which such unclaimed dividends and shares will be forfeited.

    Uduk said the meeting also decided that in addition to the physical delivery of annual reports and accounts, the existing pilot exercise of electronic distribution by public companies should continue, while efforts are made to enlighten shareholders and obtain their relevant email addresses.

    According to her, SEC will also constitute a market-wide Financial Technology (fintech) committee to develop a fintech framework for the Nigerian capital market.

    The meeting also decided that with the completion of the work by committee on Minimum Operating Standard, SEC should work with trade group associations to implement the committee’s recommendations.

    Also, trade group associations that are yet to register with the Commission should register immediately, while capital market operators (CMOs) are expected to register with their respective trade group associations on or before December 31, 2018.

    The 2005-2008 boom period of the capital market had witnessed significant increase in public offerings as several banks, insurance companies and other non-financial quoted and unquoted companies jostle to raise funds through the capital market.

    Reports at SEC had indicated that in order to beat limits that were essentially features of public offerings including age, number of applications and allocation processes, several subscribers had used fictitious names and various forms of their names to push through multiple allocations.

    The issue of fictitious investors, otherwise known as ghost investors, is one of the sore points of the market carried over from the boom-burst period of the market. Not less than two-quarters of unclaimed dividends are believed to be related to fictitious shareholdings.

    SEC had earlier in a circular noted that stakeholders agreed to adopt a non-prosecutory approach to resolve the issue of multiple subscriptions, although the market also needs to ensure the balance not to be seen to be rewarding wrongful act and illegality of the perpetrators.

    SEC pointed out that a review by stakeholders had shown that one major source of unclaimed dividend remains the use of non-existent identity to make multiple subscriptions to public offers.

    A report by an investigate committee set up by the CMC had reported that there were two groups of investors involved in multiple subscriptions. The first group, categorised as Group A, consisted of existing investors that joggled their names in different forms to enable them purchase more than the permitted units of shares on offer. The second group, categorised as Group B, consisted of non-existent or ghost investors that did not actually exist but used fictitious names for the purpose of purchasing more than the permitted number of shares during public offers.

    While condemning the two groups for their fraudulent intentions and collectively illegal actions, the CMC however approved that Group A should be considered for a level of forbearance by giving them a grace period up to September 1, 2017 within which to come forward and expressly prove their individual identities, subject to highest Know-Your-Customer criteria, to be defined by the SEC.

    Those owners, whose identities are established, would then be allowed to consolidate their accounts. After the expiration of the timeframe, unclaimed dividends, traceable to this category that have not been identified and consolidated, along with their securities shall be transferred to the Nigerian Capital Market Development Fund to be managed transparently in a separate basket under clear guidelines.

    Investors under Group A that cannot conclusively prove the ownership of their shares and the second group of investors, Group B, will permanently forfeit the unclaimed dividends and related securities. Since these shares cannot be ascribed to anyone, both the unclaimed dividends and securities shall be transferred to the Nigerian Capital Market Development Fund.

    After the conclusion of this special resolution arrangement, anybody who engages in the wrongful act of multiple subscriptions for the same public offer shall be prosecuted while the market shall put in place adequate processes, leveraging on technology, towards detecting and identifying such cases of multiple subscriptions in the future.

  • Mutual Benefits assures shareholders

    The board of directors of Mutual Benefits Assurance Plc has assured shareholders that the net proceeds from the ongoing supplementary share issue would be used to deepen the capital base of the company and enhance its ability to create more wealth for shareholders.

    Mutual Benefits Assurance is offering 4.0 billion ordinary shares of 50 kobo each to existing shareholders at 50 kobo per share. The rights issue has been provisionally allotted on the basis of one new ordinary share of 50 kobo each for every two ordinary shares held as at the close of business on November 1, 2017.

    Application list for the rights issue opened on Monday August 6, 2018 and will close on Friday, September 14, 2018.

    Chairman, Mutual Benefits Assurance Plc, Dr. Akin Ogunbiyi, said the net proceeds of the rights issue would be used to finance the company’s growth plan including provision of additional working capital and expansion of information and communication technologies to support the company enlarged operations.

    He said the strategic goal of the company is to become the number one insurance company in Nigeria in terms of growth and profitability.

    He assured that new investments in technologies would help the company to eliminate delay in its processing and focus more on customer satisfaction.

    Addressing shareholders recently, Ogunbiyi reassured shareholders of the commitment of the board and management of the company to sustainable growth, in line with its five-year strategic plan.

    Mutual Benefits Assurance had in 2017 started implementation of a five-year strategic plan aimed at repositioning it for future opportunities and challenges.

    The five-year plan focused on four key areas of the group’s business including deepening market penetration and customer acquisition, customer service delivery excellence, transformation of it people and culture and operational effectiveness.

    Ogunbiyi noted that the 2017 business year showed the resilience of the company with 15.6 per cent growth in gross premium to N14.04 billion in 2017 from N12.14 billion in 2016, which placed the company among the top Nigerian insurance companies. Net benefits and claims grew by 53.9 per cent while the company recovered from a loss of N1.35 billion in 2016 to a profit of N1.02 billion in 2017.

    According to him, the significant growth in gross premium and better management of resources made 2017 a turnaround year for the company.

    He pointed out that the company has demonstrated its commitment to shareholders through the payment of N160 million dividend for the 2017 financial year, assuring that the latest dividend would mark the beginning of consistent dividend payments to shareholders.

  • GTB posts N109.6b profit in six months

    Nigeria’s largest financial institution and the third most capitalised quoted company, Guaranty Trust Bank (GTB) Plc recorded steady growths in the top-line and bottom-line in the first half with profit before tax rising to N109.6 billion within the period.

    The board of the bank has announced that N8.83 billion would be distributed to shareholders as interim dividend for the first half of 2018, representing a dividend per share of 30 kobo.

    Key extracts of the audited report and accounts of GTB for the six-month period ended June 30, 2018 released yesterday at the Nigerian Stock Exchange (NSE) showed that gross earnings rose by 5.9 per cent to N226.6billion in first half 2018 as against N214.1billion reported in comparable period of 2017. Profit before tax stood also rose by 8.4 per cent from N101.1 billion to N109.6 billion.

    The balance sheet showed that customers’ deposit grew by 10 per cent N2.269 trillion by June 2018 as against N2.062 trillion recorded at the beginning of the year. Total assets rose by 5.9 per cent to N3.549 trillion in June 2018 while shareholders funds stood at N497.1Billion. Assets quality improved as non-performing loan ratio improved to 5.8 per cent by June 2018 from 7.7 per cent in December 2017.

    Managing Director, Guaranty Trust Bank Plc, Mr. Segun Agbaje, described the first half results as decent results noting that in spite of declining yields and the challenges in the operating environment, the bank has maintained its steady growth.

    “The quality of this result is built on the strength of our businesses as well as the success of our digital-first customer-centric strategy in delivering financial services that are simpler, cheaper and more valuable to our customers’ everyday lives,” Agbaje said.

    He assured that the bank will continue to focus on consolidating its leading position in all the economies in which it operates by staying committed to building a business that is both nimble and efficient whilst strengthening relationships with its customers and creating business platforms that provide them with additional benefits beyond banking.

  • Nigerian Exchanges unite for devt

    Securities Exchanges in Nigeria yesterday launched the Association of Securities Exchanges of Nigeria (ASEN) as a common front to champion the development of Nigerian capital market and the economy generally.

    Incorporated as a non-profit industry association in 2017, the founding members of ASEN include AFEX Commodities Exchange (AFEX), FMDQ OTC Securities Exchange (FMDQ), NASD OTC Securities Exchange (NASD), Nigeria Commodity Exchange (NCX) and the Nigerian Stock Exchange (NSE).

    ASEN aims at advocating for policies and laws that protect the interest of Exchanges in Nigeria, promoting cooperative working between the Exchanges, building capacity of the Nigerian capital market and undertake growth projects targeted at benefitting the Nigerian capital market among others.

    Chief Executive Officer, Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, who doubles as Chairman of Board of Trustees of ASEN, said the launch of the association would stimulate the development of the Nigerian capital market.

    He noted that global securities exchanges are responding to developments in the operating environment and competitive landscape, by establishing mechanisms for cooperation that position not only their businesses but their markets to become more attractive to investors.

    “Nigerian securities exchanges must therefore embrace a broader collaborative effort to unlock new opportunities and efficiencies in view of increasing global competition. The establishment of this association is a bold step towards the actualization of that vision of becoming globally competitive trading venues,” Onyema said.

    Managing Director, NASD OTC Securities Exchange, Mr Bola Ajomale, a member of the Board of Trustees of ASEN, said the common front would enhance the standardisation and governance structure at the Nigerian capital market.

    According to him, collaboration between exchanges would ensure some level of uniformity and consistency in governance while allowing each member to continue along its natural trajectory.

    “Ultimately key stakeholders in the Nigerian capital market – regulators, issuers, investors and operators will be the real beneficiaries. We also believe the existence of such an association will significantly support market structure in Nigeria,” Ajomale said.

    Managing Director, Nigeria Commodity Exchange (NCX), Mrs Zaheera Baba-Ari, said the association was in line with the objectives of the commodity exchange noting that efforts are underway to revitalise the commodity ecosystem to unlock the agricultural value chain.

    Chairman, NASD OTC Securities Exchange Plc, Mr Olutola Mobolurin, urged the association to work collectively to build and strengthen domestic savings pointing out that the long-term growth of the market depends on domestic savings and investments.

    He noted that ASEN members should work together constructively to champion policies that will lead to the growth of the capital market.

    Director General, Debt Management Office (DMO), Mrs Patience Oniha reiterated the support of the agency for ASEN as the association’s objectives are in line with government’s policy of a private-sector led economy.

    President, Chartered Institute of Stockbrokers (CIS), Mr Adedapo Adekoje, said the formation of ASEN would go a long way in supporting the advancement of the Nigerian capital market and the overall development of the Nigerian economy.

    Chief Executive Officer, Central Securities Clearing System (CSCS) Plc, Mr. Haruna Jalo-Waziri, said ASEN would help to unlock the nascent potential of the Nigerian capital market.

    “I am also optimistic that this collaboration of domestic exchanges will further promote homogeneity in pricing and market mechanics comparable to globally acceptable standards, and advance product development initiatives; to sustain our market’s leadership as Africa’s investment hub of choice,” Jalo-Waziri said.

    Chairman, Association of Stockbroking Houses of Nigeria (ASHON), Chief Patrick Ezeagu, said stockbroking firms would work with ASEN to engender and sustain a viable and functionally beneficial capital market that will boost Nigerian economy.

  • May & Baker Nigeria grows profit by 534% in first half

    May & Baker Nigeria Plc sustained impressive growth in the first half of this year as net profit rose by 534 per cent to N601.37 million.

    Key extracts of the interim report and accounts of May & Baker Nigeria for the six-month period ended June 30, 2018 submitted to the Nigerian Stock Exchange (NSE) showed that total comprehensive income-which included profit after tax and extra ordinary income rose to N601.37 million in first half 2018 as against N94.86 million recorded in the comparable period of 2017.

    The 534 per cent increase in net distributable earnings has raised strong prospect of possible significant increase in dividend payout to shareholders. The healthcare company had increased its dividend payout by 233 per cent for the 2017 business year after it rounded off the year with significant growths in profitability.

    The report showed a well-rounded improvement in the bottom-line of the healthcare company as key underlying profitability margins improved considerably during the period. Pre-tax profit margin-which measures average pre-tax profit per unit of sale and serves as benchmark for profitability of the company, tripled from 3.13 per cent in first half 2017 to 8.44 per cent in first half 2018. Gross profit margin had increased from 30 per cent in first half 2017 to 33 per cent in first half 2018 while operating margin also grew to 12.7 per cent in 2018 as against 10.11 per cent recorded in corresponding period of 2017.

    Market analysts said the increase in gross margin, operating margin and pre-tax profit margin showed that the company’s performance in the first half was driven by improved business operations, increased efficiency and better cost management.

    The report showed that group’s profit before tax rose by 178.76 per cent to N388.90 million in first half 2018 as against N139.51 million recorded in comparable period of 2017. Profit after tax also leapt by 178.78 per cent from N94.86 million to N264.45 million. Earnings per share thus increased from 9.68 kobo in first half 2017 to 26.98 kobo in first half 2018. With the addition of N336.92 million gain from discontinued operations of its food business , total net earnings jumped to N601.37 million in first half 2018 compared with N94.86 million recorded in first half 2017.

    Group operating profit had increased by 29.9 per cent from N452.25 million to N587.35 million. Gross profit also rose from N1.34 billion to N1.52 billion. Group turnover had increased from N4.47 billion in first half 2017 to N4.61 billion in first half 2018. Further analysis had shown that the company’s finance costs reduced by 36 per cent from N326.87 million in first half 2017 to N209.34 million in first half 2018.

    Business segmentation analysis showed that the performance of the company was driven by its core pharmaceuticals business, which saw 22 per cent growth in sales during the period. The company recorded improvement in sales in all its principal geographical business areas of Lagos, West, East and North.

    Following shareholders’ approval at the Extraordinary General Meeting in November 2017 and approval by the Securities and Exchange Commission (SEC) in February 2018, the foods division of the business ceased operations and was subsequently disposed in April 2018.  The profit of N336.92 million derived from the disposal relate to the excess of proceeds over the carrying amount of the assets at the date of disposal and the incidental expenses thereto.

    Managing Director, May & Baker Nigeria Plc, Mr. Nnamdi Okafor, said It is noteworthy that the company achieved higher turnover in 2018 despite the discontinuation of a significant arm of its business responsible for about 20 per cent of turnover in 2017.

    He said the first half results have again demonstrated the long-term sustainability of the company’s growth strategy and the continuing efficiency of its world-class pharmaceutical manufacturing complex in Ota, Ogun State.

    According to him, the results showed that the group’s core business can sustain long-term value creation for shareholders even as it continues to explore additional opportunities for expansion of the core healthcare business in Nigeria and beyond.

    “Our many growth initiatives are paying off and we are happy that the results have proved us right. With improvement in macroeconomic environment, we will continue to improve on our performance with a view to creating greater value for our shareholders,” Okafor said.