The Nation Newspaper

Category: Equities

  • Union Bank pays N11b restructuring costs

    Union Bank of Nigeria (UBN) Plc paid about N11 billion as restructuring costs in 2013, according to the audited report and accounts of the bank released yesterday.

    The report underlined efforts to reposition the bank and key successes in the year. While the top-line recorded a modest increase of four per cent, the bank braced against decline in its core-banking interest income to increase pre and post tax profits by 31 per cent and 217 per cent respectively.

    Key extracts of the audited report and accounts for the year ended December 31, 2013 showed that group gross earnings closed 2013 at N121 billion as against N117 billion in 2012. Interest income however declined from N85 billion in 2012 to N81 billion in 2013. Net interest income also dropped from N63 billion in 2012 to N57 billion in 2013.

    Union Bank however reduced operating expenses by 18 per cent from N73 billion to N60 billion. With restructuring costs of N10.7 billion, the bank increased pre-tax profit to N3.8 billion in 2013 as against N2.9 billion in 2013. Profit after tax jumped from N1.2 billion to N3.8 billion.

    Group managing director, Union Bank of Nigeria (UBN) Plc, explained that the restructuring costs were due to a number of “critical internal and external restructuring initiatives” taken in 2013.

    According to him, the bank focused on two key priorities in 2013-immediately improving its operations by addressing critical challenges in service delivery to its clients; and developing a roadmap to establish the bank firmly as a leading player within the Nigerian banking industry.

  • Lead Securities highlights benefits of new online trading portal

    A new online trading product by Lead Securities & Investment Limited, as LeadTrader will enable investors to execute their trades through laptops, desktops, tablets and other mobile devices online, real time on the Nigerian Stock Exchange (NSE).

    Speaking yesterday at a media demonstration of the new product, managing director, Lead Capital Plc, Wale Adewumi, said the LeadTrader was designed to conform with global best solutions for on-line, real-time trading of securities being utilized by retail and institutional investors in the advanced economies.

    According to him, the new product provides a secure and efficient electronic channel of buying and selling stocks on the NSE in a transparent manner, which will give investors full control over their mandates.

    He noted that the ATM cards to be used to execute transactions on the platform are configured to forestall any act of money laundering and other fraudulent practices.

    He said the company has effective real time linkage that enables the entire processes of trading and payment to be executed electronically, without the need for manual intervention.

    “We are starting our roll out plan. We want to bring in more investors to become active participants. Nigeria has the biggest in Africa and we hope that in the next few years, our GDP will grow in terms of size because we would develop the retail market in such a way that investors can trade and control their investments in the capital market. This will enhance transparency, attract more market participant and boost the economy,” Adewumi said.

    He explained that orders submitted through LeadTrader will pass through a FIX compatibles Order Management System where appropriate compliance checks are in place to prevent erroneous orders going into the NSE’s trading platform.

    He added that the new portal is integrated with a payment switch that allows investors to add funds to their brokerage account through credit and debit cards while investors can also get real-time market data to make informed real-time trading decisions.

  • PZ Cussons grows Q3 profit by 32% to N5.2b

    PZ Cussons Nigeria Plc has become more profitable in recent period as latest operational report showed substantial increase in the profit-margin of the conglomerate.

    Key extracts of the interim report and accounts of PZ Cussons for the nine-month period ended February 28, 2014 showed that average pre-tax profit margin improved to 9.83 per cent by February 2014 as against 7.59 per cent recorded in comparable period of 2013.

    The improvement in the cost management enabled the conglomerate to optimize its modest sales growth of 2.04 per cent into 32.3 per cent increase in pre-tax profit. Group turnover stood at N52.59 billion in 2014 as against N51.54 billion in 2013. Profit before tax meanwhile rose from N3.91 billion to N5.17 billion. Profit after tax also rose by 33.3 per cent from N2.90 billion to N3.87 billion.

    PZ Cussons had recently distributed N5.16 billion from its general reserve as a special dividend to shareholders. A breakdown of the special dividend indicates that shareholders will receive N1.30 per share.

    PZ Cussons had also, for the first time, paid an interim dividend of about 20 kobo after posting 53 per cent increase in profit for the half year ended November 30, 2013. Gross turnover rose from N31 billion in 2012 to N32.46 billion in 2013. Profit before tax rose by 53 per cent to N3.1 billion from N2 billion. Profit after tax also rose from N1.515 billion to N2.317 billion.

    PZ Cussons had ridden on the back of improved cost management and internal efficiency to double net earnings in the immediate past year, prompting the company to distribute N2.22 billion as dividends to shareholders. The gross dividend of N2.22 billion represented a dividend per share of 56 kobo, an increase of 30 per cent on 43 kobo paid for the previous year.

    Audited report and accounts of PZ Cussons for the year ended May 31, 2013 showed that while sales slipped by 1.12 per cent, profits before and after tax jumped by 77.6 per cent and 110 per cent respectively. The improvement in the bottom-line impacted on the underlying returns to shareholders as earnings per share increased from 61 kobo in 2012 to N1.23 in 2013.

    Turnover closed May 2013 at N71.34 billion as against N72.15 billion recorded in 2012. Profit before tax meanwhile rose from N4.31 billion to N7.65 billion. Profit after tax also doubled from N2.54 billion to N5.32 billion.

    The performance in 2013 represented a major recovery for the fast moving consumer good company, which had suffered significant decline in the previous year.

    Audited report and accounts for the year ended May 31, 2012 had shown turnover of N72.16 billion as against N65.9 billion in 2011. Gross profit however dropped to N16.18 billion as against N18.45 billion. Profit before tax also halved to N4.31 billion compared with N8.03 billion in 2011 just as profit after tax dwindled from N5.7 billion to N2.5 billion.

    PZ Cussons appeared to have benefitted from extensive cost restructuring and internal efficiency management.

    With costs constraints and efficiency issues becoming evident in its performance, the global conglomerate had started global restructuring of its operations including closure of manufacturing operations in several countries and concentration in some countries including Nigeria.

    The global restructuring project was sequel to high costs of operations that have increasingly impacted on the global profitability of the conglomerate.

    According to a document on the global restructuring operations with details for West Africa, PZ Cussons group developed the global restructuring programmes to ensure that its supply chain cost base remains at a competitive level given sustained rise in raw material costs together with significant wage inflation in emerging markets.

  • NSE introduces new pricing model for large companies

    The Nigerian Stock Exchange (NSE) has decided to replace the current single pricing methodology with a dual pricing methodology that allows variance in pricing according to the initial or subsisting price of a stock.

    The need for the new dual pricing methodology became evident last week, following the listing of the first upstream company on the stock market. The NSE recorded a milestone last week with the listing of the first upstream company, SEPLAT Petroleum Development Company Plc, an indigenous independent oil and gas company.

    The listing of Seplat activated the exploration and production subsector of the oil and gas sector and added N313 billion to the aggregate market value of quoted companies. About 543.3 million ordinary shares of 50 kobo each were listed at N576 per share.

    Manager, rules and interpretation, Nigerian Stock Exchange (NSE), Oluwatoyin Adenugba, said the listing of Seplat exposed a lacuna in Exchange’s current rule on pricing methodology.

    According to the NSE, the relevant rule on pricing, Article 100, does not set forth a pricing methodology for determining the price movement where a new security is priced above N100 at the time of listing.

    Adenugba said the NSE has then decided to take the most reasonable step in the interest of investors and the capital market by treating the newly listed Seplat as “Group B” securities.

    As a “Group B” security, a trade of 10,000 units will lead to a change in the published price of Seplat.

    Also, in order to provide for similar instances in the future, the Exchange shall seek amendment to the Article 100 of the Rules and Regulations Governing Dealing Members to include a clause on categorization of a new listing that is priced above N100 as a “Group B” stock.

    According to the proposed amendment, for purposes of calculating price movements and price limits, equity securities traded on the Exchange shall be classified as follows: “Group A” shall consist of equities with a primary market maker that are not classified in Group B; and “Group B” shall consist of equities with a primary market maker, that are priced above N100 per share for at least four of the last six months; or new security listings that are priced above N100 at the time of listing on the Exchange.

    With the amendment, the “Group A” stocks now include Dangote Cement, Nigerian Breweries, Nestle Nigeria, Seplat, Lafarge Cement Wapco Nigeria, Guinness Nigeria, Forte Oil, Total Nigeria and Mobil Oil Nigeria Plc.

  • Global shares edge higher on good earnings

    Global equity markets rose on Thursday, boosted by solid United States (US) economic data and upbeat results from some US companies, including General Electric, while the dollar rose after a joint call by major powers for an end to the fighting in Ukraine.

    The MSCI world equity index, which tracks shares in 45 nations, rose 1.15 points or 0.28 per cent, to 410.53. The Dow Jones industrial average closed down 16.31 points or 0.1 per cent, to 16,408.54, the S&P 500 gained 2.54 points, or 0.14 per cent, to 1,864.85, and the Nasdaq Composite added 9.291 points, or 0.23 per cent, to 4,095.516.

    Morgan Stanley reported a 55 percent jump in first-quarter earnings, General Electric posted a 12 percent rise in overall industrial profits, and both earnings and revenue of Goldman Sachs beat market estimates.

    “The market is digesting the sharp move we’ve seen this week and is doing its best to ignore the results from IBM and Google, which didn’t look great,” said Steve Sosnick, equity risk manager at Timber Hill/Interactive Brokers Group in Greenwich, Connecticut.

    The number of Americans filing initial claims for jobless benefits rose less than expected in the latest week and factory activity in the US mid-Atlantic region expanded in April at a faster clip than expected.

    The US Labor Department said initial claims for unemployment benefits ticked up 2,000 to a seasonally adjusted 304,000 for the week ended April 12, near the 6-1/2-year low touched the prior week.

    The Philadelphia Federal Reserve Bank said its business activity index rose to 16.6 from 9.0 in March. A reading above zero indicates expansion in the mid-Atlantic region’s manufacturing.

    European equities finished higher. The FTSEurofirst 300 index of top European shares closed up 0.46 percent.

    Brent crude settled down 7 cents at $109.53 a barrel. U.S. crude settled up 54 cents at $104.30 a barrel. U.S. COMEX gold futures for June delivery settled down $9.60 at $1,293.90 an ounce.

  • Investors hunt for penny stocks in tight market

    With relatively low dividend yield on highly capitalised stocks, investors appeared to be turning to low-priced stocks as the stock market dithered between profit-taking and bargain-hunting.

    Several low-priced stocks, otherwise known as penny stocks, traded at significant premium above market average last week, underlining the increased investors’ appetite for several low-priced stocks with potential for dividend-payment.

    Average gain by investors at the Nigerian Stock Exchange (NSE) stood at 0.58 per cent last week. Investors in low-priced stocks however recorded better bargains with many low-priced stocks closing with double-digit gains.

    Penny stocks dominated the top gainers’ list. Honeywell Flour Mills led the bullish stocks with a gain of 11.30 per cent to close at N3.94 per share. AG Leventis Nigeria followed with a gain of 10.49 per cent to close at N1.58. CourteVille Business Solutions rose by 9.84 per cent to close at 67 kobo. University Press returned 9.46 per cent to close at N4.05. RT Briscoe added 9.09 per cent to close at N1.20. Ikeja Hotel chalked up 7.02 per cent to close at 61 kobo while Vitafoam Nigeria’s share price rose by 5.0 per cent to N4.20. Meanwhile, three large-cap stocks made the top 10 gainers’ list, including Forte Oil, which rose by 10.14 per cent to close at N148.99; Access Bank that increased by 6.17 per cent to close at N8.26 and CAP, which added 5.96 per cent to close at N40 per share.

    The benchmark index at the NSE, the All Share Index (ASI), recorded a modest return of 0.58 per cent at 39,311.60 points as against its week’s opening index of 39,083.66 points. Aggregate market value of all quoted equities rose by N374 billion from N12.554 trillion to N12.928 trillion. The significant increase was partly due to the listing of SEPLAT Petroleum Development Company during the week. Seplat had on Monday listed about 543.28 million ordinary shares of 50 kobo each at N567 per share.

    While there were 42 decliners to 31 gainers, gains in the highly capitalised sectors boosted the overall market position. Sectoral indices for the dominant banking, oil and gas and industrial goods sectors closed on the upside. The NSE 30 Index, which tracks the 30 most capitalised stocks, recorded a week-on-week return of 0.34 per cent. The NSE Banking Index gained 1.14 per cent while the NSE Oil and Gas Index recorded the highest weekly return of 2.75 per cent. The NSE Industrial Goods Index recorded a weekly return of 1.46 per cent. The NSE Insurance Index indicated average return of 0.47 per cent. However, the NSE Consumer Goods Index depreciated by 0.76 per cent.

    Turnover during the four-day trading week stood at 1.53 billion shares worth N14.31 billion in 17,704 deals as against a total of 1.64 billion shares valued at N23.16 billion that were traded in 21,620 deals in the previous week. The market closed on Thursday. The government had declared Friday as public holiday in commemoration of Good Friday.

    Analysis of the transactions showed that the financial services sector remained the main driver of market activities. Financial services stocks accounted for 1.33 billion shares valued at N10.39 billion in 10,582 deals; representing 86.7 per cent of aggregate turnover volume.

    The conglomerates sector occupied a distant second on the activity chart with a turnover of 102.92 million shares worth N578.97 million in 1,198 deals. Consumer goods sector placed third with 28.98 million shares worth N1.73 billion in 2,218 deals.

    On stock by stock basis, the trio of United Bank for Africa Plc, UBA Capital Plc and Transnational Corporation of Nigeria Plc were the most active stocks. The three stocks accounted for 800.38 million shares worth N4.77 billion in 2,373 deals, contributing 52.3 per cent of total turnover volume.

  • GTBank records mixed performance in first quarter

    Guaranty Trust Bank (GTBank) Plc recorded modest growth in gross earnings in the first quarter but its bottom-line was suppressed by relatively higher interest and operating expenses.

    First quarter report of GTBank for the period ended March 31, 2014 showed that while gross earnings rose by 6.0 per cent, profit before tax slipped marginally by 2.0 per cent. Net profit after tax however inched up by 2.0 per cent.

    The performance of the bank across the profit and loss accounts and the balance sheet was tight with slight increases in key balance sheet items. Deposits rose by 3.0 per cent while loans and advances inched up by one per cent. Net assets rose by 6.0 per cent.

    Gross earnings stood at N67.58 billion in first quarter 2014 as against N63.86 billion in comparable period of 2013. Profit before tax dipped from N28.49 billion to N28.01 billion. Profit after tax inched up from N22.56 billion to N23.11 billion. Earnings per share thus increased by similar ratio from 80 kobo to 81 kobo.

    Customer deposits rose from N1.44 trillion in first quarter 2013 to N1.49 trillion in first quarter 2014. Loans and advances increased marginally from N1.01 trillion to N1.02 trillion. Net assets rose by 6.0 per cent from N332.35 billion to N352.89 billion.

    GTBank on Monday distributed N42.67 billion as final cash dividends to shareholders for the 2013 business year, representing a dividend per share of N1.45. The bank had paid interim dividend of N7.36 billion, implying a dividend per share of 25 kobo. The total dividend for 2013 stood at N50 billion, representing N1.70 per share.

    Key extracts of the audited report and accounts of GTBank for the year ended December 31, 2013 showed modest growths in the top-line and bottom-line. Gross earnings rose by 9.0 per cent from N223.06 billion in 2012 to N242.67 billion in 2013. Profit before tax inched up by 4.0 per cent from N103.03 billion to N107.09 billion in 2013. Profit after tax also rose marginally by 4.0 per cent from N86.69 billion to N90.02 billion in 2013. Earnings per share thus improved slightly from N3.06 to N3.17 per share.

    The report showed that the bank recorded 28.6 per cent growth in loan book from N783.91 billion in 2012 to N1.01 trillion in 2013 while customer’s deposits grew by 24.3 per cent from N1.15 trillion in 2012 to N1.43 trillion in 2013. Total balance sheet size closed 2013 in excess of N2 trillion while shareholders’ equity increased by 17.9 per cent from N281.83 billion in 2012 to N332.35 billion in 2013.

    GTBank also maintained top position in the industry with pre-tax return of equity of 34.9 per cent and pre-tax return on asset of 5.6 per cent. Risk management framework in the bank emerged stronger as non-performing loans ratio decreased to 3.58 per cent in 2013 from 3.75 per cent in 2012.

    Chairman, Guaranty Trust Bank (GTBank) Plc, Mr. Egbert Imomoh, said the bank expected to consolidate its growth in 2014.

    According to him, GTBank will take advantage of all emerging opportunities and remain focused on improving its customer experiences and creativity to improve on its performance in the period ahead.

    Imomoh said 2014 will be another phase in the bank’s journey to be the foremost financial institution in Africa.

    According to him, the bank would continue to seek innovative ways of growing its business while staying the course and working hard to maintain its reputation.

    “We are poised to take advantage of all opportunities that will arise during g the course of the year and are committed to maintain our position as the bank of choice for discerning customers in all economies we operate in,” Imomoh said.

    Managing director, Guaranty Trust Bank (GTBank) Plc, Mr. Segun Agbaje said the commitment of the bank is to continue to grow its business in a manner that is beneficial to all stakeholders.

    He noted that the bank made appreciable progress in 2013 in spite of the competitors, which were offering basically the same services as the bank and the peculiarities of the operating environment.

    “With our performance, we will maintain our commitment to maximizing shareholder value with a dividend payout of N1.70 per share, an increase of 10 per cent over N1.55 paid in2012 and share price appreciation of 17 per cent in 2013,” Agbaje said.

  • Forte Oil doubles 3-month profit to N1.3b

    Forte Oil Plc continued in its strides in the first quarter with significant growths in sales and profitability.

    Key extracts of the unaudited report and accounts of Forte Oil for the three-month period ended March 31, 2014 made available by the Nigerian Stock Exchange (NSE) showed that turnover grew by 30.74 per cent while pre and post tax profits rose by 100.6 per cent and 107.8 per cent respectively.

    The report showed that turnover rose to N34.78 billion in the first quarter of 2014 as against N26.6 billion recorded in comparable period of 2013. Gross profit rose by 72.4 per cent from N2.68 billion to N4.63 billion. Profit before tax doubled from N633.07 million to N1.27 billion. After taxes, net profit stood at N1.10 billion by March 2014 as against N530.60 million recorded in corresponding period of 2013. Basic earnings per share rose from 49 kobo to 75 kobo.

    The first quarter report came on the heels of distribution of N4.32 billion as cash dividends to shareholders for the immediate past year ended December 31, 2013. Breakdown of the dividend indicated that shareholders received a dividend per share of N4.

    The dividend payment, Forte Oil’s first payout in several years, followed impressive performance in 2013. Key extracts of the audited report and accounts for the year ended December 31, 2013 showed that turnover rose from N90.98 billion in 2012 to N128.03 billion in 2013. Profit before tax increased to N6.52 billion compared with N1.15 billion recorded in 2012. Profit after tax also leapt from N1.01 billion in 2012 to N5.0 billion in 2013. With these, earnings per share jumped to N4.32 in 2013 as against 93 kobo in 2012.

    Chairman, Forte Oil Plc, Mr. Femi Otedola, who spoke to shareholders recently on the outlook of the company, has said would continue to distribute the larger part of its net earnings to shareholders.

    He assured shareholders that the company would surpass its previous figures in the 2014 business year noting that the board and management would pursue initiatives that will enhance margins and ensure increase in shareholder value annually.

    He pointed out that the company has strong future growth potential noting that the earnings from its power subsidiary, which contributed 10 per cent of group’s earnings within two months of operations, is a clear indication of what to expect in the years ahead.

    According to him, the company’s short-medium term focus of expansion into upstream and oil and gas sectors through participation in government bids rounds and acquisition of marginal fields from the international oil companies remain on track.

    “We shall continue to pursue initiatives that spur business growth and efficiency, liquidity management and aggressive diversification into related high margin business that would continue to increase shareholder value and distributions on an annual basis,” Otedola said.

    Group chief executive officer, Forte Oil, Mr. Akin Akinfemiwa, said the decision of the company to pay more than 85 per cent of its net earnings for the 2013 business year as dividends to shareholders was to compensate shareholders, who had waited patiently for the past five years without dividends.

    “Dividend decisions going forward, like we did this year, will be driven by our earnings, liquidity and growth needs,” Akinfemiwa said.

    According to him, the group will continue to review its processes and use technology as a driver for talent, business efficiency, cost reduction and improvement in profitability.

    “We remain very confident of not only a sustainable but an improved business performance in 2014,” Akinfemiwa said.

  • UBA grows lending to N1.1tr in Q1

    United Bank for Africa (UBA) Plc stepped up lending to various sectors across its pan-African operations in the first quarter as the bank grew loans and advances by 16 per cent to N1.1 trillion.

    Interim report and accounts of UBA for the period ended March 31, 2014 released yesterday showed that the bank further expanded credit support to the emerging sectors in Nigeria and Africa with its loans and advances hitting a new record high.

    UBA’s loans rose by 16 per cent from N937.6 billion by December 31, 2013 to N1.067 trillion by March 31, 2014. Gross earnings had risen by 8.2 per cent to N68 billion in 2014 compared with N63 billion recorded in the corresponding period of 2013.

    Quarter-on-quarter, profit after tax rose by 36.37 per cent from N9.23 billion by December 2013 to N12.59 billion in the first quarter of 2014. Net interest margin , which shows the quality of the bank’s earning on its lending activities, remained stable at 5.9 per cent. Cost of funds also remained stable at 3.6 per cent while return on assets remained stable at 1.9 per cent. Return on equity improved to 22.1 per cent from 21.3 per cent.

    The report showed operating income of N45.5 billion within the first three months of this year, a marginal increase on N44.6 billion in the first quarter of 2013.

    Commenting on the results, group managing director, United Bank for Africa (UBA) Plc, Mr. Phillips Oduoza, said the bank has focused on a number of strategic initiatives aimed at increasing its market share in the Nigerian and African markets.

    “We are optimistic that the gains of our improved electronic banking channels and financial inclusion initiatives will materialize in successive quarters during the year. We remain confident that we have the right tools to achieve our business goals for the year whilst ensuring we continue to improve our customer service delivery and further consolidate our growth momentum,” Oduoza said.

    According to him, the UBA Group remains a highly diversified financial services provider, the leading player in three different markets and controlling significant market share in 19 different African countries.

    He noted that the bank has a strong retail franchise across the continent offering its more than seven million customers a bouquet of products and services tailored to meet their different financial needs.

  • US Ambassador throws weight behind listing of oil companies, others

    United States Ambassador to Nigeria, Mr. James Entwistle, said the listing of the Nigeria National Petroleum Corporation (NNPC), newly privatized power companies and other key companies would enhance corporate governance and ensure inclusive distribution of Nigeria’s wealth creation.

    Speaking during a courtesy visit to the Nigerian Stock Exchange (NSE) yesterday in Lagos, Entwistle said listing on the stock market would deepen the culture of long-term strategic corporate development and enhance transparency among Nigerian companies.

    According to him, public quotation forces corporate leaders to think long-term in order to meet their obligations to shareholders while the notion of being answerable to shareholders forces a level of transparency and market discipline that will benefit the Nigerian people.

    He noted that the Nigerian stock market has proven to be a catalyst for corporate growth given the performance of major companies listed on it.

    “I understand that government officials and regulatory authorities are considering a requirement that newly privatised Nigerian companies list on the NSE. I’m also aware of legislation in the National Assembly that would transform the NNPC into a national oil company that could list up to one-third of its equities on the NSE. Other national companies like Petrobras and Petronas have long been traded on publicly and have thrived as global competitors in the oil sector. Being answerable to shareholders forces a level of transparency and market discipline that will only benefit the Nigerian people,” Entwistle said.

    He commended the various regulatory efforts at the Nigerian stock market noting that the NSE is one of Nigeria’s finest institutions.

    He pointed out that a healthy, well-run and well regulated stock exchange allows citizen shareholders to participate and share in Nigerian economic success.

    “A healthy stock market is a vote of confidence in Nigeria’s future. It gives Nigerian pensioners and investors a place to invest for the long term, and the opportunity to demonstrate their faith in local business leaders,” Entwistle said.

    According to him, a virile stock market gives youth starting out their careers confidence that healthy Nigerian companies will create employment opportunities far into the future while encouraging corporate leaders to adopt long-term strategies in order to meet their obligations to shareholders.

    He canvassed for continuous improvement in the business environment in Nigeria noting that improved operating environment will bring more investments into the country.

    While admitting that Nigerian had several challenges, Entwistle said the US would continue to collaborate with Nigeria to promote policies that would lead to broad-based, sustainable growth and improved trading relationship between both countries.

    He outlined that there is already a good level of US-Nigeria commercial cooperation with some of US biggest companies already active in Nigeria.

    “I believe that as your government continues to make the investment climate here attractive to foreign companies, you will continue to see the GEs (General Electric) and the Procter and Gambles and the other key US companies coming to Nigeria,” Entwistle said.