Category: Equities

Bundle, a social trading app, has partnered the Feminst Coalition, and TEFEM, to donate educational and vocational grants to their communities.

This initiative was part  of the International Women’s Day theme – #BreakTheBias.

Bundle not only donated a grant but also sponsored women to take free courses on Art, Tech and Entertainment on Udemy.

According to  its CEO, Emmanuel “Babz” Babolola, “Bundle’s decision to support this ecosystem of women is born out of the obvious gap between men and women in the crypto and tech space.

There is a need for more female representation across all sectors and we want to be a part of this growth. We intend to consciously drive inclusion by empowering these women with the knowledge and resources needed to take the next step. That’s why beyond the grant we will also be offering educational training on Udemy for those who are interested’.

“The Feminist Coalition believes it is every girl’s right to access quality education. Women’s rights and safety is one of three pillars of our work and, undoubtedly, girls’ education is a space we are committed to working within, for the advancement of Nigerian women. This donation from Bundle to our Girls Education Programme will change the lives of brilliant young girls from disadvantaged communities,” said a Feminist Coalition spokesperson.

The grant and training are all part of Bundle’s month-long campaign to celebrate women. Aside from the grant, Bundle will also be holding weekly Q&As on its telegram channel.

Women who have made great strides in crypto spaces, will be speaking on  various aspects such as NFT, crypto trading.

Also, women who have broken into major spaces in their career will be speaking on Bundle’s Twitter and Instagram, to charge other women to take the bold step they need to break the bias.

President/Chairman of Council of the Chartered Institute of Bankers of Nigeria (CIBN), Bayo Olugbemi has inaugurated the institute’s Southsouth Zonal office in Port Harcourt.

Olugbemi advised the zone to take advantage of this initiative to grow the membership of the branches in the Zone, work towards training and developing more chartered bankers, organise impactful programmes and activities and let the impact of the institute be felt in the Zone

He said it had been the desire of the institute to register its presence in the Southsouth to mark the birth of that dream as the Zonal Office will take off in Port Harcourt.

The CIBN chief added that the office was offerd to the institute by the Managing Director/Chief Executive Officer, Heritage Bank Plc, Ifie Sekibo.

He stated that the new office would serve the state branches under the Zone, namely, Rivers, Bayelsa, Cross River, Akwa Ibom, Delta and Edo, adding that this initiative opens a new vista of opportunities for them.

Olugbemi stated that since the establishment of the great Institute almost six decades ago, the Institute has continually maintained its relevance as a foremost professional body for bankers in Nigeria, upholding ethics and professionalism, supporting the economy.

“We have worked very closely with the Central Bank of Nigeria and the Bankers Committee on the implementation of the Competency Framework, ensuring that fit and proper persons occupy various positions in the banking industry”, he said.

According to him, the Institute also recently launched a new syllabus for the training of professional bankers, the new syllabus was fortified and enriched with contents that are contemporary and addresses emerging issues in the world of banking and finance. The syllabus was adjudged by stakeholders within and outside the country as robust, revolutionary, rich in content, fit for purpose and in line with global standards.

Sterling Bank Plc has launched a new digital platform in a bid to improve banking experience for non-bank financial institutions, corporate clients and high networth investors among others.

The digital platform, known as Omni X, is an integrated investment and liquidity management platform with Sterling Bank’s wide range of digital products and service offerings to users. It was configured to enable businesses invest and raise seamlessly. Omni X complements Sterling Bank’s existing corporate internet banking platform.

Executive Director, Corporate and Investment Banking, Sterling Bank, Mr. Yemi Odubiyi  said Omni X was deliberately designed to offer a simple, easy and effective platform to manage the daily liquidity needs of corporates.

At a recently held focus group event for captains of industry, the Group Head, Client Coverage and Financial Institutions, Kashetolulope Lawal, highlighted that Omni X would provide convenience to corporate clients by expediting financing decisions, speeding up transaction processing times, automating investment processes, while minimising the incidence of human errors associated with manual processing to improve customers’ experience and drive business productivity; dovetailing into profitability for users.

“Omni X becomes an imperative solution for corporates across various sectors to invest and raise financing simultaneously where possible due to; the nature of their businesses, the time sensitivity attached to these activities and the culminating desire for an improved solution that does the most in the shortest time possible.”

Omni X also incorporates corporate account opening and other services for seamless on-boarding and transaction processing as well as solutions for investments, liquidity management and access to advisory services.

He  also hinted that the platform is designed to simplify the major banking needs of businesses, investments and financing in the financial and other allied services sectors, adding that the innovation is by far more than what any financial institution has done in Nigeria.

Lawal further added that “beyond the vanilla financial services that can be accessed, Omni X will allow organizations achieve corporate account opening, manage investment and collection services, and access financing solutions including but not limited to cash backed and trade settlement loans.”

“Omni X as we have designed it, will solve corporates’ concerns on how to invest, finance and make the most of available capital, in as close to real time as possible. It is yet another statement of commitment by Sterling Bank not just to innovative banking, but also to the Nigerian economy. Omni X will improve their productivity and offer services from the viewpoint of an industry leader,” Lawal said.

The board of directors of Custodian Investment Plc has recommended payment of N3.24 billion to shareholders as cash dividends for the 2021 business year.

Directors recommended the payment of a final dividend per share of 40 kobo, in addition to an interim dividend of 10 kobo per share paid in September 2021, representing total dividend of 50 kobo per share.

The company recorded a revenue growth of 14 per cent in its audited financial performance for the financial year ended December 31, 2021.

The audited accounts of the group indicated that gross revenue increased by 14 per cent to N85.7 billion in 2021. After adjusting for non-recurring one-time gain from prior year’s result, profits from continuing ordinary operations recorded 18 per cent growth while net asset per share grew by 16 per cent to N9.37. The company’s shareholders’ fund also grew by 16 per cent from N47.6 billion to N55.1 billion.

The report showed that major business segments posted appreciable revenue and profit growths despite the challenging operating environment.

Custodian Investment is a diversified non-bank financial institution quoted on the Nigeria Exchange (NGX) with investments in life and non-life insurance, pension fund administration, trusteeship and real estate businesses.

Wema Bank Plc has reaffirmed its commitment to empowering and educating Small and Medium Enterprises (SMEs) with skills and knowledge on current business trends.

Divisional Head, Retail Business, Wema Bank Plc, Dotun Ifebogun, noted the significance of SMEs to the economic growth of any country and highlighted Wema Bank’s strides in the SME segment and the importance of participating in such knowledge sharing sessions.

He spoke at the bank’s first-quarter SME webinar series themed ‘From Talent to Wealth: Building your Talent into a Successful Business.

The webinar, one of the banks’ avenues to bridge the enterprise knowledge gap and grow Nigeria’s SME space, was moderated by a Creative consultant and experiential communication coach, Chioma ‘BBB’ Okpala. Featured as panellists were the Chief Digital Officer of Wema Bank, Olusegun Adeniyi; the Deputy General Manager, Creative Industries, Bank of Industry, Uche Cynthia Nwuka and Director, Siren and Suave Entertainment Limited, Oluwole Idowu.

Ifebogun said Wema Bank understands the need to focus on the SME segment of the economy, and it will continue to support SMEs with funds, help them harness their skills and equip them with knowledge on current business trends to help them upscale.

“This is our first SME webinar of the year 2022, but the 5th edition we’ve done since we started the SME webinar series,” Ifebogun said.

Speaking on ‘Developing talent and building it into a successful business, Director, Siren and Suave Entertainment Limited, Oluwole Idowu, said innovators and serious-minded entrepreneurs need first to identify their talents, then market and make revenue from it.

According to Idowu, entrepreneurs and creative artists must market themselves with the channels and tools available and slowly build an online presence.

“As a creative person, you need to put yourself out there continuously; have an Electronic Press Kit (EPK) to showcase your talent and update it frequently. You must make sure that your brand image and perception align with your message. It is easy to get to the top but staying at the top isn’t easy. Build and grow slowly,” Idowu said.

He further counselled creative artists to see themselves as a product and sell themselves as one. He also told them to be intentional when choosing a manager because it is crucial to harness their talent and build a brand.

Reiterating the importance of identifying talent and applying creativity in building a business, the Deputy General Manager, Creative Industries, Bank of Industry, Uche Nwuka, said individuals need to identify their talent and conduct market research in the industry they are interested in, as well as develop their character.

“As an SME business, you need to be skilled in your area of interest, understand the key elements of business growth, conduct extensive market research, understand your financial needs, have knowledge of growing a customer base and learn to update yourself.

Your talent will drive your business idea, and a good business idea will generate revenue,” Nwuka said.

She further noted that character is a decisive game-changer that can make or mar a business if not well guided. “Talent gets you to the room, while character will keep you in the room,” she concluded.

Chief Digital Officer, Wema Bank, Olusegun Adeniyi, who wrapped up the session, spoke on leveraging technology to build your talent into a successful business.

“Technology is the biggest enabler in today’s world, around which businesses revolve. We have experienced digital disruptions, leading to success stories and improved services across all sectors. In this digital age, building your talent into a successful business requires a high level of creativity and innovation,” Adeniyi said.

He highlighted some of the opportunities for creatives in the entertainment, hospitality, digital marketing, fintech and health care sectors, and also took participants through current industry trends and how the internet has created a broad playing field for business competition.

He urged young innovators and SMEs to focus on building in-demand skills, creating channels to market themselves, protecting themselves through legal guidance, and giving back to society.

The SME-centric Wema Bank has a rich history of supporting SMEs and has, over the years, introduced several initiatives in the SME segment like ALAT for Business platform, funding unique start-ups and creatives through its Hackaholics program, SME Business School, SME loan offerings and many more.

 

The Nigerian Exchange Group (NGX Group) Plc recorded considerable growths in revenue and profitability in 2021 with net profit rising by 22.2 per cent to N2.3 billion.

The defunct Nigerian Stock Exchange (NSE) had in 2021 completed its demutualization process, converting from a not-for-profit, member-owned mutual organization to a private public limited liability company owned by shareholders.

With demutualisation, NSE transitioned into a non-operating holding company, Nigerian Exchange Group (NGX Group) Plc with three subsidiaries – Nigerian Exchange Limited (NGX), the operating exchange; NGX Regulation Limited (NGX RegCo), the independent regulatory company; and NGX Real Estate Limited (NGX RelCo), the real estate company.

Key extracts of the audited report and accounts of NGX Group for the year ended December 31, 2021 showed that gross earnings grew by 13 per cent to N6.8 billion in 2021 from N6.0 billion in 2020. Revenue rose by 14.9 per cent from N5 billion in 2020 to N5.8 billion in 2021. Profit before tax increased by 25.4 per cent to N2.4 billion. After taxes, net profit rose by 22.2 per cent to N2.3 billion in 2021 as against N1.84 billion in 2020.

The increase in revenue was driven by a 24.8 per cent growth in listing fees, which grew to N757.4 million in 2021 as against N606.9 million in 2020, 4.9 per cent growth in its treasury investment income and a 2.1 per cent growth in transaction fee, which rose to N2.9 billion from N2.8 billion.

Further analysis indicated that return on equity grew by 70 basis points to 6.6 per cent while its return on assets stood at 5.9 per cent from 5.2 per cent recorded in 2020.

Chairman, Nigerian Exchange Group (NGX Group) Plc, Otunba Abimbola Ogunbanjo, said the group was delighted by the progress made in 2021 across strategic, operational and financial aspects of its business.

He noted that the demutualisation and listing by introduction were significant and unprecedented milestones for the group, commending all stakeholders for their support and trust in the group’s quest to unlock its true value and diversify its operations and product offerings.

“All within one year, we demutualised, restructured, and listed the business with the holdco being the investment holding company with three operating subsidiaries and other associate companies and equity investments.

“The board has during the year under review, focused broadly on adapting to the enhanced corporate governance demands following the change in organisational form, whilst exercising its oversight functions on strategy development and execution and drilling down on emerging value accretive opportunities presented by the demutualization,” Ogunbanjo said.

He outlined that in 2022, the group aims to continue strengthening its brand with a view to making it a globally respected significant economic actor.

Group Managing Director, Nigerian Exchange Group (NGX Group) Plc, Mr. Oscar Onyema, pointed out that the group went through a restructuring of its business to refine its business model, with increased focus on expanding into new business areas, which is reflective in the activities of the group.

According to him, NGX Group, in 2021, focused on formulating and executing the strategy of the holding company, which includes building multiple businesses across the entire capital market value chain with diversified revenues as well as strategic and operational flexibility.

“Gross earnings growth of 13 per cent coupled with after tax profit growth of 22.2 per cent is an encouraging start to our journey as an investment holding company.

“Going forward our focus remains: on strengthening our capital structure; being active in every sphere of the capital markets value chain in Nigeria, but also growing our presence across Africa as a leading integrated market infrastructure provider; optimising our current investments and making new strategic investments; and recruiting top talents to execute our strategy. We aim to continue to create value, optimise profitability and build a sustainable business in alignment with stakeholders’ interest,” Onyema said.

 

Shareholders of Vitafoam Nigeria Plc yesterday approved the payment of N1.9 billion as cash dividends for the 2021 business year amidst commendations for the board and management of the company.

Shareholders will receive a dividend per share of N1.50 per share.

Shareholders who spoke at the annual general meeting of the company yesterday in Lagos commended the company’s performance noting that the continuing growth in its operations underscored the success of the company’s strategy.

A leader of Independent Shareholders Association of Nigeria (ISAN), Mr Adebayo Adeleke, said the company had a bright future as all its subsidiaries have become profitable.

President, Noble Shareholders Solidarity Association, Mr Mathew Akindele said that Vitafoam Nigeria’s policy of attracting people of value to its board also continued to its exceptional performance.

Addressing shareholders, Chairman, Vitafoam Nigeria Plc, Dr Bamidele Makanjuola said the company achieved strong performance through flexible financing strategy and excellent customer service.

According to him, the performance of the company was driven by improved operational efficiency, excellent customer service, a business friendly funding window and steadfast implementation of its strategic initiatives.

He noted that during the financial year, the company facilitated programmes that enhanced the quality and aesthetics of its products, enlarged the customer base, boosted technology investments to spur retail sales and strengthened its distribution channels.

“The success achieved was due to the implementation of a flexible financing strategy aided by the Bank of Industry loan, as well as cost maximisation through internal efficiency gains. Through the deployment of fresh initiatives to expand our business frontiers, we shall remain innovative and customer-focused while vigorously driving internal efficiencies in all our operations. By so doing, we aim to drive up shareholder value in the interest of all stakeholders,” Makanjuola said.

He pointed out that notwithstanding the challenging business environment, it was gratifying that the company posted a brilliant performance in the year under review.

Audited report and accounts of Vitafoam Nigeria for the year ended September 30, 2021 showed that group turnover improved from N23.4 billion in the 2020 to N35.4 billion in 2021. Profit before tax grew from N5.64 billion to N7.34 billion while profit after tax also increased from N4.1 billion to N4.5 billion.

Group Managing Director, Vitafoam Nigeria Plc, Mr Taiwo Adeniyi had attributed the company’s consistent performance to its policy of putting its diverse customers at the centre of research and development.

He added that beyond foams, Vitafoam produces a range of building materials with several subsidiaries contributing to the group performance including Vitapur, Vitablom, Vitavisco, Vono, Vitaparts and Vitafoam SierraLeone.

 

Banks, insurance companies and other companies with primary regulators will have to obtain initial clearance from their regulators as part of the application for any capital market issue.

In a circular yesterday, Securities and Exchange Commission (SEC) stated that companies would henceforth be required to obtain the reference letter of “No-Objection” from their respective primary regulators and file same along with other application documents presented to the Commission.

SEC stated that the new requirement become necessary in a bid to further improve the Commission’s transaction turn-around period and enhance integrity of capital market instruments.

“The Commission hereby draws the attention of issuing houses to the due diligence requirement for a “No-Objection” letter from primary regulators of issuers, especially those in the banking and insurance sectors, as a prerequisite for the Commission’s approval of proposed transactions,” SEC stated.

The apex capital market regulator stated that the letter of “No-Objection” should cover confirmation that there have not been any material changes in the financial statements of the companies or sponsors from the last accounting year end to date as well as in names of current members of the board of directors; and no objection to the proposed issuance.

SEC noted that where in relevant instances, an application is not accompanied by a letter of “No-Objection”, such submission will be considered to be incomplete and would not be processed.

 

The Board of the Nigerian Exchange (NGX) has approved a new strategy on digital transformation, strategic partnerships and customer-centric solutions as part of ongoing activities aimed at improving business operations and processes at the Exchange.

The NGX explained that the new strategy will ensure that it becomes a leading organisation with a focus on deepening the capital market, diversifying our products and services, enhancing retail participation, and delighting our stakeholders across board.

According to the Exchange, the new strategy comes on the back of impressive performance recorded after the demutualisation. In 2021, NGX experienced growth in trading figures with the NGX All Share Index (ASI) returning 6.1 per cent and turnover in the fixed income market increasing by 158.19 per cent. Equity capitalisation rose by 5.89 per cent, while fixed income figures rose by 12.81 per cent during the year.

The NGX outlined that several landmark transactions were also recorded including the first-ever end-to-end digital offer in the Nigerian capital market and the ground breaking listing of BUA Cement Plc’s N115 billion bond, the largest corporate bond issuance, among others.

In a statement, NGX stated that in order to effectively consolidate the recent achievements, the board has approved a restructuring.

As part of the restructuring, the board has equally approved a change in the organisational structure with the attendant rightsizing of the workforce to better position the NGX to deliver competitive value in today’s dynamic technology-driven global capital market.

The NGX stated that the new structure, which took effect from yesterday, was designed to increase efficiency, enhance value, reduce cost, and maximise revenue generation.

According to the new structure, the Exchange will transition from an operational structure of its divisions, namely, listings business, trading business, business support services, and technology services, to a refreshed operational structure of three divisions namely: capital markets, digital technology, and business support services.

“While there is a deep appreciation for the efforts of all employees in building the thriving Exchange that exists today, these actions are necessitated by the need to effectively position Nigerian Exchange Limited to lead the digitalisation and digital transformation of the Nigerian capital market.

“This new strategy reflects the Exchange’s commitment to developing the Nigerian capital market through agile, innovative, and disruptive approaches, which will in turn contribute to the growth of Nigeria’s economy. Ultimately, Nigerian Exchange Limited remains focused on providing investors and businesses a reliable, efficient, and adaptable exchange hub in Africa, to save and access capital,” NGX stated.

Nigeria’s most capitalised quoted company and Africa’s largest cement manufacturer, Dangote Cement Plc grew its turnover by 33.8 per cent to N1;38 trillion last yearw as strong sales in its largest domestic Nigerian market continued to drive the group.

Key extracts of the audited report and accounts of Dangote Cement for the year ended December 31 2021 released at the Nigerian Exchange (NGX) showed that turnover rose from N1.03 trillion in 2020 to N1.38 trillion in 2021. Nigeria’s contribution to group sales increased from N719.95 billion in 2020 to N993.3 billion in 2021. Other African operations contributed N397.32 billion in 2021 as against N318.68 billion in 2020.

The group sales volume stood at 29.3 metric tonnes, with Nigeria accounting for 18.61 metric tonnes while operations in other countries contributed 10.86 metric tonnes. Gross profit stood at N538.37 billion while net profit after tax closed 2021 at N364.44 billion.

The Aliko Dangote-led board of directors has recommended payment of a dividend per share of N20 for the 2021 business year.

Meanwhile, Carbon Disclosure Project (CDP) has raised Dangote Cement’s rating from C to B-. The CDP is an international non-profit organization based in the United Kingdom which runs the global disclosure system for investors, companies, cities, states and regions to manage their environmental impacts.

CDP explained that it raised the rating as a result of the company’s commitment to climate change noting that the upgrade clearly illustrates the progress made by Dangote Cement regarding commitment to transparency and mitigating its carbon dioxide footprint. This is one of the highest ratings in Sub-Saharan Africa and the only Nigerian company rated by CDP.

Chief Executive Officer, Dangote Cement Plc, Michel Puchercos, said the cement company is focused on making a positive difference, which is why sustainability is at the core of every part of its business.

“We are pleased to be recognised for the progress that we are making in our environmental disclosures and sustainability. The CDP rating upgrade clearly illustrates the steps that Dangote Cement is taking in its commitment to transparency on climate and environmental issues.

“In addition, our Alternative Fuel Project is at an advanced stage which aims to leverage waste management solutions, reduce CO2 emissions, and source material locally. This year, we co-processed 89,000 tons of waste representing a 60% increase over 2020,” Puchercos said.

He added that Dangote Cement remained focused on sound governance as it has been leading the way with its commitment to sustainability and best practices.

“We are driven by the goal of achieving the highest level of governance and building a sustainable brand for all stakeholders.  Transparency and consistency are at the core of every part our business culture,” Puchercos said.

He noted that Dangote Cement became the first Nigerian listed company to report its financial results using XBRL format with the IFRS taxonomy, adding that adopting XBRL reporting format will benefit Dangote Cement’s existing and potential investors.

Dangote Cement is sub-Saharan Africa’s largest cement producer with an installed capacity of 45.6 metric tonnes per annum across 10 African countries. It operates a fully integrated “quarry-to-customer” business with activities covering manufacturing, sales, and distribution of cement.

Dangote Cement has a long-term credit rating of AA+ by GCR and Aa2.ng by Moody’s due to its position, significant operational scale and strong financial profile evidenced by the company’s operating and net profit margins relative to regional and global peers, adequate working capital, satisfactory cash flow and low leverage.