The Nation Newspaper

Category: Equities

  • MoMo PSB recommits to financial inclusion

    MoMo PSB recommits to financial inclusion

    Chief Executive Officer, MoMo Payment Service Bank (PSB), Eli Hini has reiterated the commitment of the firm to financial inclusion.

    Hini said MoMo PSB offers a platform that exposes SMEs to a wider customer base and connects them with valuable services like easy online payments, international remittance options, and the ability to accept payments from any source.

    “These solutions eliminate the need for cash transactions, saving time, reducing risk, and offering clear records for better financial management. By simplifying business processes and offering access to new opportunities, we believe we are transforming the way SMEs operate and empowering them for future growth,” Hini said.

    As part of a month-long celebration marking MoMo PSB’s second-year anniversary, industry leaders, policymakers, and other stakeholders gathered at the Eko Hotel Convention Centre in Victoria Island to discuss financial inclusion and solutions for SMEs in Nigeria. The MoMo Stakeholders’ Conference served as a platform for deliberations on the evolving landscape of financial services in Nigeria. MoMo PSB was formally licensed in April 2022, reflecting the commitment of the Central Bank of Nigeria (CBN) to advance financial inclusion in Nigeria.

    Mobile money has become a significant driver of economic growth and financial inclusion across Sub-Saharan Africa, particularly in countries like Nigeria, Ghana, and Senegal. According to the Groupe Speciale Mobile Association (GSMA), a global organization unifying the mobile ecosystem, the region boasts almost three-quarters of the world’s mobile money accounts, with Nigeria and Ghana playing pivotal roles in driving this growth. The industry has seen exponential growth since 2013, with registered mobile money accounts in West Africa doubling during this period. This surge in mobile money adoption has not only facilitated financial transactions but has also contributed significantly to the GDP of countries with mobile money services.

    For instance, between 2013 and 2022, mobile money contributed over $150 billion to Sub-Saharan Africa’s GDP, representing a 3.7 percent increase.

    Read Also: Layi Wasabi to represent MoMo PSB as The Law

    In tandem with the growth of mobile money adoption, there has been a corresponding increase in mobile agents, particularly in Sub-Saharan Africa. In 2023 alone, registered agents grew to 18.6 million, while active agents reached 8.3 million. These agents have played a crucial role in digitizing financial transactions, accounting for more than two-thirds of all money entering the mobile money ecosystem. This surge in mobile money penetration has significantly improved financial inclusion and access to digitally enabled services across the region.

    MoMo PSB, a prominent player in Nigeria’s digital financial services sector, is strategically utilizing its vast network of agents and merchants to further advance financial inclusion and promote digital transactions. With over 3.1 million agents and 1.8 million merchants, MoMo PSB is poised to offer accessible and affordable financial services to millions of unbanked and underserved individuals across Nigeria. This extensive network not only facilitates seamless transactions but also serves as educational hubs, enlightening users about the advantages of digital financial services. By expanding its agent and merchant base, MoMo PSB aims to deepen financial penetration, drive economic empowerment, and contribute to the overall growth and stability of Nigeria’s economy.

    The Stakeholder Conference featured panel discussions, presentations, and insights from policy regulators, industry players, and SME experts on key issues within the digital economy sector, addressing various aspects of Nigeria’s financial services landscape. Discussions revolved around regulatory frameworks, technological innovations, and strategies for enhancing financial inclusion, with a particular focus on empowering small and medium-sized enterprises (SMEs).

    The event also featured the unveiling of new SME Digital Solutions: Merchant App, MID, Open API, Remittance. These tools will empower SMEs by simplifying transactions (in-store, online, and mobile), streamlining financial management through API integration, and unlocking international opportunities with remittance services.

    The MoMo PSB Stakeholders’ Conference provided an important platform for advancing discussions on regulatory frameworks, technological innovations, and collaborative strategies essential for promoting financial inclusion and economic empowerment.

  • Senate Committee clears SEC’s new management

    Senate Committee clears SEC’s new management

    The Senate Committee on Capital Market has cleared Dr. Emomotimi Agama as the Director-General of the Securities and Exchange Commission (SEC).

    The Committee chaired by Senator Osita Izunaso, also approved the nomination of Frana Chukwuogor as Executive Commissioner, Legal and Enforcement; Mr Bola Ajomale, Executive Commissioner, Operations and Mrs. Samiya Usman, Executive Commissioner, Corporate Services.

    President Bola Tinubu had on April 19, 2024 appointed Agama to take over from Mallam Lamido Yuguda.

    Speaking shortly after his confirmation, Agama said he would accelerate the development of the capital market in a manner that would boost wealth creation, attract investments and create jobs for Nigerians.

    According to him, his team was appointed to further drive the market to the path that would boost economic growth.

    “We are bringing on board innovation, development. We are going to change the narrative of the Nigerian capital market. We are going to turn it around. That is the essence of our appointed by Mr. President. With this team, we assure Nigerians that we’re going to do the best that the President has the desire to do.

    “So, we should all wait to see what is going to happen. Our desire is to move this market forward. And to help in achieving the President’s $1trillion economy in the shortest possible time,” Agama said.

    Read Also: President, governors to Nigerian children: we will secure your future

    He described the capital market as the barometer of the economy, noting that the Commission would implement innovative polices and programmes that will create world-class companies in such a way that will ensure redistribution of wealth.

     “You must understand that the capital market is actually the barometer of any economy. And without a strong capital market, then, of course, the economy will not do very well. The intention of this management is to make sure that we mainstream the capital market in the Nigerian economy.

    “And in doing that, we’re going to be able to provide employment, change the narrative, and create companies that are going to be top world-class companies in such a way that there will be what we call redistribution of wealth.

    “The president has an intention to change the lives of Nigerians. And the capital market is one of the vehicles that the president intends to use to achieve that. That is why the president has set up a team like this to be able to do that,” Agama said.

  • Foreign investors’ transactions rise by 28% on forex liquidity

    Foreign investors’ transactions rise by 28% on forex liquidity

    Foreign portfolio investors appeared to be increasingly active in the Nigerian investment market with more than a quarter increase in transactions in recent period.

    Official trading data at the Nigerian Exchange (NGX) released yesterday showed that total foreign transactions  at the market increased by 28.19 per cent from N94.26 billion or $70.83 million in March 2024 to N120.83 billion or $90.83 million in April 2024.

    The increase in foreign transactions moderated the impact of decline in domestic transactions, although domestic investors continued to dominate transactions at the market.

    Total domestic transactions at the NGX nearly halved, dropping by 49.27 per cent from N444.28 billion in March 2024 to N225.40 billion in April 2024.

    With these, total transactions at the NGX in April 2024 dropped to N346.23 billion or  $260.24 million, a decrease of 35.7 per cent from N538.54 billion or $404.69 million recorded in March 2024.

    However, compared with the comparative month of April 2023 when the market pooled N191.2 billion, the performance in April 2024 represented a significant increase of 81.1 per cent.

    Market analysts attributed the increase in foreign transactions to increased foreign exchange (forex) liquidity as the Central Bank of Nigeria (CBN) continues to implement its forex reforms.

    Read Also: Forex crisis: BDCs to recapitalise, re-apply in CBN reform plan

    FPI transactions, which used to account for between one third and half of transactions at the Nigerian market, had plummeted to its lowest in recent years as the country struggled with a hemorrhagic, subsidised multiple forex rates.

    The new government of President Bola Tinubu, which marks its one-year anniversary tomorrow, abolished the multiple forex rates, alongside removal of equally debilitating petrol subsidy.

    Further analysis of the breakdown of market transactions showed that institutional investors outperformed retail Investors by 10 per cent.

    Retail domestic transactions decreased by 54.89 per cent from N223.37 billion in March 2024 to N100.77 billion in April 2024. Institutional domestic transactions decreased by 43.58 per cent from N220.91 billion in March 2024 to N124.63 billion in April 2024.

  • Fidelity Bank gets highest corporate governance rating

    Fidelity Bank gets highest corporate governance rating

    Fidelity Bank Plc has been assigned with the highest corporate governance rating as one of the most-compliant companies at the Nigerian stock market.

    Fidelity Bank is awarded CG+, the highest rank under the Corporate Governance Rating System (CGRS), which screens quoted companies against prescribed best practices and standards.

    This implies that the bank complies with the highest corporate governance standards by promptly adhering  to all full disclosure requirements and global best practices.

    A review of the latest compliance report showed that Fidelity Bank sustains its highest-ranking rating of CG+, with shareholders and market pundits commending the high corporate standards of the bank.

    Corporate governance compliance at the stock market includes prompt submission of detailed operational results from period to period as required by the market rules, full disclosures of all material and regulated information and accurate rendition of reports and accounts.

    Also, compliance includes ensuring that the company’s shares are not encumbered in a way that impinges on free float or number of shares available to the general investing public for efficient price discovery, compliance with all investor-protection safeguards in communication with shareholders and organizing statutory meetings as required among others.

    Head, Listings Regulation Department, NGX Regulation (NGXRegco), Mr. Godstime Iwenekhai, explained that the CGRS was designed to strengthen the governance structures of listed companies and provide a valid basis for discerning investors to differentiate between listed companies on the basis of their compliance with acceptable standards of corporate governance.

    “In our view, corporate governance promotes ethical business practices, transparency and fair competition,” Iwenekhai said.

    He pointed out that the special character combination CG+ underlines compliance with best practices and highest corporate governance standards, and entitles the rated companies to special privileges at the stock market.

    The Nigerian Exchange (NGX) noted that compliance tracker was aimed at maintaining market integrity and protecting the investors, noting that listed companies are required to adhere to high disclosure standards.

    “Financial information which is periodic disclosure and on-going material events disclosure should be released to NGX in a timely manner to enable it efficiently perform its function of maintaining an orderly market”, NGX stated, referencing some of the criteria for its corporate governance rating.

    Market pundits and shareholders agreed that corporate governance compliance is a major factor in deciding on investing in a publicly quoted company. It is also a reference for the safety of such investment.

    Read Also: Fidelity Bank’s PBT rises by 120.1%

    Managing Director, Arthur Steven Asset Management, Mr. Olatunde Amolegbe, said corporate governance compliance rating is extremely important as it indicates to the investing public the quality of compliance of a company to listing requirements.

    “As you know, stock prices are driven primarily by available information and the NGX has a minimum level of disclosure expected of quoted companies. This disclosure helps the public make qualitative decisions as to the state or performance of the companies they are seeking to invest in. These markers are therefore the initial indicators as to whether the companies are meeting their disclosures and other regulatory obligations or not”, Amolegbe, a former president of Chartered Institute of Stockbrokers (CIS), said.

    Managing Director, APT Securities & Funds, Mallam Garba Kurfi, said the corporate governance rating shows the extent companies are in compliance with corporate governance.

    “High rating means very good in doing right thing timely while low rating discourages foreign investors from investing in such companies”, Kurfi, a leading market operator and member of the board of Securities and Exchange Commission (SEC), said.

    Managing Director, HighCap Securities, Mr David Adonri, noted that CG+ means excellent corporate governance rating”.

    “When a company is organised and uphold good corporate governance, the benefit to stakeholders is maximized”, Adonri said.

    Shareholders said high corporate governance was one of the compelling reasons they chose to invest in Fidelity Bank.

    President, Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Dr. Faruk Umar said Fidelity Bank has a very good corporate governance structure that reassures investors of the safety of their investments.

    According to him, while the bank has good succession plan, the calibre of the independent non-executive directors on the board gives shareholders strong confidence of the kind of board oversight they will be expecting.

    National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Mr. Moses Igbrude, said Fidelity Banks impressive performance over the years had been built on good corporate governance.

    “My appeal to the board is to continue to imbibe good corporate governance in order to sustain this growth”, Igbrude said.

    National Coordinator, Pragmatic Shareholders Association of Nigeria, Mrs. Bisi Bakare, said Fidelity Bank has created a very excellent impression in the minds of shareholders.

    According to her, the bank has continually showcased exemplary leadership with continuous impressive results, with successive growths over the past five years.

    “Fidelity Bank is a very good bank that shareholders are very happy with their investments and we have never regretted buying into Fidelity Bank”, Bakare said.

    National Coordinator, Progressive Shareholders Association of Nigeria, Mr. Boniface Okezie said good corporate governance was the cornerstone of Fidelity Banks sustained growth and impressive returns over the years.

    “Fidelity Bank remains one of the best stocks that investors should look forward to invest in for better returns. I’m very optimistic of the banks healthy strong assets. With its good corporate governance and excellent customers service, there is every reason to hope for more promising future”, Okezie said.

    The NGX tags defaulting companies for poor corporate governance and also applies various monetary and non-monetary sanctions, including fines ranging between N100,000 to N100 million, partial or full suspension of trading, naming and shaming with a red alert tag and compulsory delisting in extreme cases. 

  • Fund to raise N20.24b for new investments in infrastructures

    Fund to raise N20.24b for new investments in infrastructures

    The Nigeria Infrastructure Debt Fund (NIDF), Nigeria’s first local currency-denominated infrastructure investment trust fund, is seeking to raise N20.24 billion in new capital for additional investment in various infrastructural projects.

    NIDF is offering 185 million units of N100 par value at offer price of N109.43 under the series 10 of its N200 billion issuance programme. The offer is scheduled to close on June 13, 2024.

    The issuance represents the Fund’s 10th capital raise since inception in 2017 and the second since its listing on Nigerian Exchange (NGX).

    Chapel Hill Denham, the fund manager, stated that the proceeds from the offer will be applied towards infrastructure loans, in furtherance of the fund’s objective of supporting the growth of Nigerian infrastructures.

    NIDF facilitates domestic and foreign institutional capital into infrastructure development in Nigeria, which has resulted in key development outcomes.

    NIDF aims at providing investors regular and stable income by making debt investments primarily in infrastructure projects in Nigeria.

    Read Also: Nigeria, UK to unlock sustainable capital for major infrastructures

    The fund, backed by major institutional investors including the Nigeria Sovereign Investment Authority (NSIA), has provided long-term financing in naira for private infrastructure projects.

    Chief Executive Officer, Chapel Hill Denham, Mr Bolaji Balogun, said NIDF has increased the diversity of the areas it invests into, including transportation, power, education, telecoms and social infrastructure among others.

    He said the country needs to invest consistently to grow in that area of infrastructure.

    He also stressed the importance of infrastructure as an asset class.

    Chief Executive Officer, Nigeria Infrastructure Debt Fund (NIBF), Anshul Rai, outlined the achievements of the fund since its inception in 2017.

    “Through the good work of the team, we have been fortunate not to have non-performing loans. We have had situations where the price of the funds have been very strong with very significant returns,” Rai said.

    Chairman, Nigeria Infrastructure Debt Fund (NIBF), Mr Phill Southwell lauded the listing, adding that by listing on the exchange, NIDF hopes to crowd in retail investors.

    He said the fund’s investment strategy has the sustainability principles of environment, sustainability and governance (ESG) integrated into it.

  • Firm launches commodities trading subsidiary in UAE

    Firm launches commodities trading subsidiary in UAE

    Johnvents  Industries Limited said it had launched its global commodities trading subsidiary in Dubai Multi Commodities Centre (DMCC) In Dubai, United Arab Emirates .

    The aim is to transform agricultural and economic development on a global scale.

    It said the Johnvents Industries DMCC would operate as its international trading subsidiary specializing in sourcing and trading premium agricultural commodities.

    Head of Business of Johnvents Industries DMCC, UAE, Sanjay Purohit, who spoke in Akure, the Ondo State capital, said the development was part of strategic expansion of the company to promoting responsible farming practices and sustainable sourcing throughout our operations.

    According to Sanjay, “Johnvents Industries DMCC commodities portfolio includes soybeans, soybean oil, palm oil, sesame seeds, rubber, cocoa-based products, and more.

     “With origin countries primarily in Africa, Johnvents Industries DMCC operates a global network, serving customers worldwide.”

    Read Also: the United Arab Emirates (UAE)

    Founder and Group Managing Director of Johnvents Group, Mr. John Alamu, said that the launch of Johnvents Industries DMCC signified commitment to expanding access to premium agricultural commodities for global markets.

    Alamu stated that it was a testament of the company’s commitment towards its strategic growth objectives, and to grow beyond Africa but across the globe His words, “Our presence in the UAE allows us to leverage a strategic location and robust infrastructure to expand our reach and impact.

    “We are constantly thinking of ways to achieve our vision of transforming the agribusiness landscape to drive economic prosperity in Africa and beyond and this move is in service of that goal.

    “With origin countries mainly in Africa, Johnvents DMCC was set up to operate a global aggregation network connecting farmers and critical output to broader opportunities for greater value.”

  • Forex loan conversion increases core investor’s stake in Cadbury Nigeria to 79.4%

    Forex loan conversion increases core investor’s stake in Cadbury Nigeria to 79.4%

    Cadbury Schweppes Overseas Limited, a subsidiary of Mondelēz International Inc, has increased its majority equity stake in Cadbury Nigeria to about 79.4 per cent after conversion of a foreign loan into equities in the Nigerian subsidiary.

    Regulatory filing at the Nigerian Exchange (NGX) showed that a total of 402.08 million ordinary shares of 50 kobo each were listed in the name of Cadbury Nigeria in favour of Cadbury Schweppes Overseas Limited after the completion of the debt-to-equity conversion.

    The additional listing increased the total shareholding of Cadbury Schweppes Overseas from 1.41 billion ordinary shares of 50 kobo each or 74.97 per cent of total issued shares to 1.81 billion ordinary shares of 50 kobo each, representing about 79.4 per cent of the enlarged issued share capital.

    Cadbury Nigeria’s total issued share capital increased from 1.878 billion ordinary shares of 50 kobo each to 2.28 billion ordinary shares of 50 kobo each.  

    Head, Issuer Regulation Department, NGX Regulation (NGXRegCo), Godstime Iwenekhai, stated that the newly listed shares arose from the conversion of N7.036 billion intercompany loan to equity

    At an extraordinary general meeting in Lagos, shareholders of Cadbury Nigeria had endorsed the plan to convert about $7.72 million or N7.04 billion owed to Cadbury Nigeria’s majority shareholder, Cadbury Schweppes Overseas Limited, to equity.

    Under the approval, the loan would be converted into equity by the allotment of 402.083 million ordinary shares of 50 kobo each to Cadbury Schweppes Overseas Limited. Shareholders also approved increase in Cadbury Nigeria’s share capital from N939.101 million to N1.140 billion.

    Managing Director, Cadbury Nigeria Plc, Oyeyimika Adeboye, explained that the adoption of debt-to-equity conversion was due to challenges faced in sourcing dollars to repay the company’s foreign currency-denominated loans, due to persistent foreign currency scarcity experienced in the country.

    Read Also: Cadbury Nigeria grows sales by 43% in Q1

    Foreign exchange (forex) losses had pushed the company to a loss of N27.63 billion in 2023, despite considerable improvements in sales and underlying profitability.

    Key extracts of the unaudited report and accounts of Cadbury Nigeria for the year ended December 31, 2023 showed that the company recorded a turnover of N80.38 billion in 2023, 46 per cent increase on audited report of N55.21 billion in 2022. Gross profit rose from N7.72 billion in 2022 to N17.79 billion in 2023, an increase of 130 per cent. Operating profit jumped from N194.06 million to N8.4 billion. However, with foreign exchange losses, the company closed 2023 with loss of N27.63 billion as against pre-tax profit of N1.3 billion in 2022.

    Adeboye, said the company has sustained its current growth trajectory, despite the difficult operating environment in the country, due to its resilience as well as focus on revenue and cost management.

    According to her, the massive devaluation of the naira impacted negatively on businesses particularly operators in the fast-moving consumer goods (FMCGs) sector that rely on imported inputs.

    She noted that the increase in the company’s operating profit was an indication that the growth strategies that it has put in place are yielding fruit.

    “We operate in a challenging environment that requires a degree of creativity and tenacity to remain in business. Despite the strong economic headwinds we faced during the year under review, Cadbury Nigeria remains committed to delivering value for its various stakeholders and we shall continue to put our consumers at the heart of what we do,” Adeboye said.

  • AYuTe Africa to empower agritech entrepreneur

    AYuTe Africa to empower agritech entrepreneur

    The Heifer Nigeria has announced the launch of the AYuTe Africa Challenge Nigeria 2024, an enterprise development programme designed to identify, nurture and support innovative, technology-driven agric-centric enterprises in the country and to empower winners in the 2024 challenge with $40,000.

    The Interim Country Director, Heifer International, Nigeria,  Lekan Tobi, said that the challenge serves as a springboard for identifying outstanding young agri-tech innovators, as well as assisting in the formation of strong partnerships.

    Read Also: NLC, TUC warn FG not to touch pension fund

    “The competition will increase visibility for growth and improve small holder farmers’ productivity and national competitions which will be built on  regional competition  awarding  up to $1.5 million each year to leading agritech innovators across Africa.  The 2023 edition winner, Tajudeen Yahaya, was empowered with $10,000.

    “In Ethiopia, Kenya, Nigeria, Rwanda, Senegal and Uganda, national competitions award tens of thousands of dollars in each country, helping translate the energy and ideas of young agritech innovators into meaningful impact for smallholder farmers across the country, and supporting winners to grow their businesses and profile,” Tobi said.

  • Seplat Energy to support national growth with sustainable energy solutions

    Seplat Energy to support national growth with sustainable energy solutions

    • $1b turnover, dividend excite shareholders

    Seplat Energy Plc, a leading indigenous energy company that accounts for about 25 per cent of the country’s gas-to-power supply, yesterday reaffirmed its commitment to long-term investments and strategic initiatives aimed at deepening the nation’s quest for sustainable energy.

    Highlighting its landmark $1 billion turnover and President Bola Tinubu’s commissioning of its the ANOH Gas Processing Plant, Seplat Energy said it was committed to delivering sustainable values to the nation and its shareholders.

    At the annual general meeting, shareholders approved the payment of a total dividend of US 15 cents for the 2023 business year, including a special dividend of US 3 cent per share and a core dividend of US 12 cent per share.

    Chairman, Seplat Energy Plc, Mr. Udoma Udo Udoma, said the company has made significant progress on several of its growth projects, underlining its willingness to not just deliver value today but to plan for tomorrow.

    He said the company delivered robust financial results in 2023, including 11.5 per cent increase in total revenue to $1.06 billion, crossing the $1.0 billion mark for the first time.

    According to him, Wednesday’s commissioning of the company’s ANOH Gas Processing Plant by President Bola Tinubu was a strategic milestone for Seplat Energy and the nation, putting the company in stronger stead to increase its gas production capabilities and support Nigeria’s energy transition efforts.

    “We delivered a strong set of results in 2023, against a weaker oil price environment. Despite the 17 per cent decline in average price of Brent crude, we grew our oil and gas revenue by 11.5 per cent to $1.06 billion, crossing the $1.0 billion mark for the first time, supported by improved production and asset availability.

    “Our average daily production also increased by 8.3 per cent in 2023, to 47,758 boepd (barrels of oil equivalent per day), from 44,104 bopd in 2022, with revenue from oil and gas sales for 2023 rising to 11.5 per cent to $1.061 billion from $952 million in 2022. This excludes the reported $98.9 million overlift. We also completed 14 new wells across our operated and non-operated assets,” Udoma said.

    Chief Executive Officer, Seplat Energy Plc, Mr. Roger Brown, underlined the company’s commitment to sustainability and energy transition, outlining initiatives aimed at increasing its contribution to Nigeria’s power sector by providing lower carbon and renewable energy solutions.

    According to him, the company recognises its duty to minimise the impact of operations on the environment.

    He said the company aims at creating increasingly sustainable energy solutions to provide access and meet increasing energy demand, while addressing the critical challenge of climate change for society and its business.

    He added that the company has been positioned for decarbonisation through several strategic initiatives with a key focus being the aggressive programming to eliminate gas flares by 2025, which is a significant part of its commitment to achieving net zero by 2050.

    “We are also exploring using solar power where feasible and have initiated a diesel replacement programme to increase the use of gas, a less carbon-intensive fuel, for power generation in our operations. To support these decarbonisation efforts, Seplat Energy has committed substantial financial resources.

    Read Also: NLC, TUC warn FG not to touch pension fund

    “In 2023, we allocated $5.7 million towards projects to end routine flares in operations. This includes installing gas compression facilities and incineration at various flow stations. Upon completing these projects, we expect to significantly improve our gas handling capacity and reduce flares, thus monetising flare gas in alignment with our corporate strategy and national initiatives,” Brown said.

    Chief Financial Officer Designate, Seplat Energy Plc, Mrs. Eleanor Adaralegbe, said the dividend payment underscored the company’s strong financial performance and the confidence in its future outlook.

    According to her, the payment of the special dividend reflects the board’s continued confidence in the future of the business and is underpinned by a strong balance sheet, crystalizing Seplat’s commitment to delivering value to its investors.

    Chief Operating Officer, Seplat Energy Plc, Mr. Samson Ezugworie, who provided insights into the company’s operational performance and strategic initiatives, said the company has, till date, achieved a cumulative 10.6-million-man hours since last LTI recorded on the 13th of October 2022.

    “Safety remains our top priority. Several training sessions on incident management, process safety management training for operations, engineering, maintenance, wells, and HSE team members were conducted over the past year to ensure our teams in the various asset locations are updated on the latest procedures on Safety.

    “In addition to these, the company is on a path to achieving ISO 45001 and 14001 standards certifications, demonstrating its commitment to top-tier safety and environmental performance. These certifications are globally acknowledged benchmarks for occupational health and safety management systems and environmental management systems, respectively,” Ezugworie said.

    Shareholders who spoke at the meeting commended the board and management for the growth in the operations of the company.

    President, Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Dr Faruk Umar, said Seplat Energy has proven to be exemplary in value creation for the shareholders and the country.

    “I am happy to say that Seplat Energy has been helping the nation in the sense that the tax that we are paying the government is very significant, not to talk of the dividend that we have been getting in dollars, which has never gone down.

    “Also, this is one of the three companies that I have seen in the capital market having many independent directors, and this is good for corporate governance. Seplat’s dual listing is accompanied by the highest level of corporate governance adherence and this is good,” Umar said.

    Another shareholder, Mr. Patrick Ajudua said the performance of the company was a reassurance that investors needed to continue to invest in the company.

    “I want to commend also the financial performance which saw the gross earnings grew up significantly. I want to state that the company has been doing well. I also commend Seplat on the ANOH project. We pray that the company continues to thrive despite the challenges in the industry,” Ajudua said.

    A shareholder, Mrs. Oludewa Thorpe commended the company on its smooth leadership succession since its inception, noting that such smooth transition “is very good for the company and for corporate governance”.

  • Shareholders approve Berger Paints’ N232m dividends

    Shareholders approve Berger Paints’ N232m dividends

    Shareholders of Berger Paints Nigeria Plc have approved the payment of N232 million as cash dividends for the 2023 business year.

    At the annual general meeting in Lagos, shareholders commended the management of the company for its resourcefulness in improving the company’s fortunes in the last financial year.

    National Coordinator, Pragmatic Shareholders Association, Mrs Bisi Bakare, said that the 2023 performance was a significant improvement on the previous year against the background of headwinds such as high energy cost, soaring inflation rate, exchange rate and low purchasing power of consumers.

    According to her, Berger Paints was able to maintain its leadership position in the paints manufacturing industry in Nigeria.

    “The performance is highly commendable, especially when we consider the challenges, such as energy cost, high interest rate, weak purchasing power of consumers and rising inflation amongst others in the operating environment,” Bakare said.

    Founder, Independent Shareholders Association of Nigeria (ISAN), Chief Sunny Nwosu, said shareholders were satisfied with the company’s impressive performance.

    He commended its board and management for the balanced gender representation in their compositions.

    Berger Paints declared a dividend of N232 million for the 2023 financial year up from N203 million paid in 2022. The final dividend of 80 kobo per share brought the total dividend for the year to N1.

    In the period under review also, the company’s share price jumped by 116 per cent from N6 in December 2022 to N13 by December 2023.

    Other performance indicators of Berger Paints for the period showed impressive returns as profit after tax recorded a significant surge of 125 per cent from N208 million in 2022 to N445 million in 2023. This was realized from total earnings of N7.9 billion in the period under review, an increase of  25 per cent from N6.3 billion in the previous financial year.

    Chairman,  Berger Paints Nigeria Plc, Mr. Abi  Ayida, explained that adherence to many sustainability initiatives enhanced the company’s performance in the review period.

    Read Also: FG denies alleged plans to access Pension Funds

    He also attributed the stellar performance to five key pillars: product innovation, market expansion, operational efficiency, customer experience and strategic partnerships.

    “In the face of market uncertainties, Berger Paints maintained its position as a leading player in the paints and coating industry. Our relentless commitment to innovation, product quality, and customer satisfaction has not only fortified our market presence but also empowered us to seize new opportunities for growth. Currently, Berger Paints operates within the premium and super premium segments of the market,” Ayida said.

    Managing Director, Berger Paints Nigeria Plc, Mrs. Alaba Fagun, said the company’s performance was a testament to synergistic collaboration between the workers and the company’s strategic vision.

    According to her, the management deployed a harmonious blend of financial acumen, operational resilience, and strategic foresight.

    She said the company looks forward to building upon its achievements by fostering sustainable growth and delivering enduring value to its shareholders.

    ‘’Beyond the quantitative achievements, our success story in 2023 was intricately woven with qualitative advancements, which is a testament to the synergistic collaboration between our adept workforce and the strategic vision set forth by the leadership,” Fagun said.