The Nation Newspaper

Category: Investors

  • Benue Gov adopts Zugacoin

    Benue Gov adopts Zugacoin

    Agency Reporter

    Benue state government has adopted Zugacoin as honourable Speaker to the Benue State House of Assembly, Hon.Titus Ubah alongside, Hon. Bem Mngutyo minority leader Benue state house of Assembly officially became registered members of Zugacoin.

    This new feat was achieved during their courtesy visit to the founder of Zugacoin Archbishop Dr Sam Zuga who is also from Benue state, a Tiv man by birth.

    The Honorable Speakers expressed excitement over the establishment and the progress of Zugacoin as the first Cryptocurrency in Africa founded by a Nigerian.

    In addition, the Honourables said many members of Benue state house of assembly and other top government officials are already registered members of Zugacoin, assured Archbishop Dr Sam Zuga of the Benue government’s full support and backing towards the establishment of Zugacoin as the aims is also inline with the Archbishop’s vision 0202-2020. Which is to make the able Nigerian youths millionaire.

    READ ALSO: Zugacoin: Bishop Sam Zuga differentiates between membership registration, presale and ICO

    It would be recalled that a few weeks ago, ZUGACOIN broke new records since its official launch into the cryptocurrency market on December 1, 2020.

    The most valuable and expensive Cryptocurrency in the world joined the CoinMarket Cap making its CEO, Archbishop Sam Zuga, the first African to list his Coin on CoinMarket Cap.

    It is important to note that Zugacoin has continued to gain ground, making historic progress in the world of cryptocurrencies.

    Zugacoin which is specially created to help Nigerians and other Africans at large tackle poverty is also on Coin Gecko and rated the most expensive cryptocurrency.

    The newly launched currency is making waves on global exchange platforms like Coingeko, Coin market cap, Uniswap, Indoex, Vindax and Nellerabox.

    (NAN)

  • Access Bank begins dollar payment for fund transfers

    Access Bank begins dollar payment for fund transfers

    Taofik Salako, Deputy Group Business Editor

     

    ACCESS Bank Plc has started nationwide payout of dollars to beneficiaries of international remittances, in response to the recent policy change by the Central Bank Nigeria (CBN).

    The CBN had directed that recipients of international remittances can now receive their funds in cash in dollars or to have funds paid directly into their domiciliary accounts.

    Executive Director, Retail Banking, Access Bank Plc, Victor Etuokwu, said the nationwide dollar payment was part of the bank’s promise to create value and meet the needs of its customers.

    “We are happy to announce that our customers can now receive funds sent from the Diaspora in dollars at any of our branches nationwide. The funds will be available as cash pick-up or direct transfer into customers’ domiciliary accounts,” Etuokwu said.

    He noted that Access Bank’s promise to deliver “more than banking” services is even more critical at this time as customers are looking for convenient products and services that facilitate their lifestyle adding that the bank’s remittance services are available to both customers and non-customers of the bank.

    “We encourage Nigerians in the Diaspora to take advantage of this season of giving, to send funds home for their loved ones, who in turn can receive either  by opening an Access Bank domiciliary account or reactivate their inactive domiciliary account and the funds will be paid directly to their accounts or visit any of our 500 branches nationwide to receive their funds in dollars cash.

     

  • Japaul Oil changes to Japaul Gold

    Japaul Oil changes to Japaul Gold

    Taofik Salako, Deputy Group Business Editor

     

    THE Nigerian Stock Exchange (NSE) has formally effected the change of name of Japaul Oil & Maritime Services to its new name Japaul Gold & Ventures, concluding the restructuring process of the former oil servicing company into its new business of mining natural resources.

    The change of name at the NSE followed approval by shareholders of the company at its Annual General Meeting (AGM) in July 2020 and the receipt by the company of a new certificate of incorporation from the Corporate Affairs Commission (CAC).

    With the change, Japaul’s trading symbol at the stock market also changed from Japauloil to Japaulgold.

    At the AGM, shareholders had approved the change of the company’s name from  Japaul Oil & Maritime Services Plc to Japaul Gold and Ventures Plc to reflect its new business focus from oil and gas servicing sector into natural resource management, specifically the exploration, mining, processing and export of minerals such as gold and lithium among.

  • NASD to launch digital currency, equity crowd funding

    NASD to launch digital currency, equity crowd funding

    Taofik Salako, Deputy Group Business Editor

     

    THE NASD Plc, the owner of NASD OTC Securities Exchange, the trading platform for unlisted public securities, plans to launch trading in digital currency and equity crowd funding in 2021 as part of major initiatives to further deepen and diversify product base and services at the over-the-counter (OTC) exchange.

    According to the NADD workplan for 2021, the Exchange also plans to launch its NASD Private Market to cater for specific fund raising requirements and open up a new vista in commercial paper (CP) issuance and trading.

    Besides, the Exchange will add sub-brokers to its growing list of market operators while further strengthening regulatory framework through additional guidelines for dealers.

    The NASD laid out its workplan during an interactive session with members of the House of Representatives’ Committee on Capital Market and Institutions and top management officials of the Securities and Exchange Commission (SEC).

    The NASD outlined its growth from an association in the 1990s to a public company in 2017, having been licensed by SEC in 2012 to operate a full OTC market. It had commenced operations in 2013 and gradually built up a robust platform that contains several high-profile companies as well as large, diverse and committed community of authorized traders, participating institutions, issuing houses and custodians.

  • May & Baker Nigeria grows Q3 profit by 44% to N1b

    May & Baker Nigeria grows Q3 profit by 44% to N1b

    By Taofik Salako, Deputy Group Business Editor

     

    May & Baker Nigeria Plc crossed a landmark to a pre-tax profit of N1 billion in the third quarter as improving sales and internal cost management lifted the company’s pre-tax profit by 44 per cent.

    Key extracts of the interim report and accounts of May & Baker Nigeria Plc for the nine-month period ended September 30, 2020 released at Nigerian Stock Exchange (NSE) showed considerable growths in profitability as well as balance sheet.

    Managing Director, May & Baker Nigeria Plc, Mr. Nnamdi Okafor, said the third quarter results showed the resilience of the business strategy of the group in spite of the uncertainties and decline occasioned by COVID-19 pandemic.

    Despite the lockdowns and disruptions caused by COVID-19 pandemic and other macroeconomic headwinds, total sales rose by 8.8 per cent to N6.44 billion in third quarter 2020 as against N5.92 billion recorded in third quarter 2019. While cost of sales dropped marginally from N3.75 billion to N3.74 billion, gross profit rose by 24.7 per cent from N2.16 billion to N2.70 billion.

    Profit before tax jumped by 44 per cent to cross the billion naira mark to N1.003 billion in third quarter 2020 as against N696.4 million in third quarter 2019. After taxes, net profit also grew by 43.9 per cent from N473.60 million to N681.70 million. Basic earnings per share expectedly rose by 44 per cent from 27.45 kobo in third quarter 2019 to 39.52 kobo in third quarter 2020.

    Underlying profitability ratios also showed a general improvement in the profitability of the company and value creation for investors. Gross profit margin rose by more than five percentage points to 41.9 per cent in third quarter 2020 as against 36.6 per cent in third quarter 2019. Pre-tax profit margin also rose from 11.8 per cent to 15.6 per cent.

    Return on equity increased from 8.5 per cent to 11.1 per cent while return on total assets stood at 7.2 per cent as against 7.3 per cent. Total assets had grown by 44.9 per cent from N9.58 billion in third quarter 2019 to N13.88 billion in third quarter 2020. While the company’s paid up share capital remained unchanged at N862.62 million, shareholders’ funds rose by 10.2 per cent to N6.12 billion in third quarter 2020 as against N5.56 billion in third quarter 2019.

    Okafor said continuing growth in sales underscored the increasing market shares of many key products and the success of the company’s marketing and distribution strategies.

    According to him, the company’s investments in research, operations and production have put it in strong position to maintain leadership in the primary Nigerian market and to consolidate its expansion across neighbouring countries in line with its vision of being the dominant pharmaceutical brand in Sub Saharan Africa (SSA).

    “We are delighted with the performance so far this year, and we are hopeful to sustain this. Given the general difficulties and uncertainties in the operating environment, our results are encouraging. Our shareholders are seeing the results of our perseverance,” Okafor said.

    While calling on the Federal Government to consider the domestic healthcare industry in its policy formulations, Okafor assured that May & Baker Nigeria will leverage its almost eight decades of operations and state-of-the-art facilities to take advantage of the emerging opportunities from the Africa Continental Free Trade Agreement (AfCFTA).

    He said the company has continued its quest to diversify income sources and broaden its operations base by optimizing its World Health Organisation (WHO)-certified pharmaceutical manufacturing complex through domestic and global partnerships as well as contract manufacturing.

    He assured shareholders that the company is on a strong footing to sustain good returns on their investments.

    May & Baker Nigeria had distributed a total of N431.31 million as cash dividends to shareholders for the 2019 business year. This represented 25 per cent increase in dividend payout, after the company’s net profit rose by 109 per cent to N716.4 million in 2019. Shareholders received a dividend per share of 25 kobo, an increase of 25 per cent on 20 kobo per share paid for the 2018 business year.

     

  • CSCS wins BAFI award

    CSCS wins BAFI award

    Central Securities Clearing System (CSCS) Plc has won the securities services company of the year award at the eighth edition of the banks’ and Other Financial Institutions (BAFI) Awards 2020.

    Divisional Head, Shared Services, Central Securities Clearing System (CSCS) Plc, Mrs. Onome Komolafe, received the award on behalf of the company at the weekend.

    Komolafe said the award strengthens the company’s self-motivation to sustainably enhance its delivery of excellent services to all market participants.

    She said CSCS is driven by the philosophy of always doing better, as it continues to seek innovative ways of creating and delivering value for all market participants and ultimately the growing investors in the Nigerian capital market.

    “The management of CSCS is humbled by the recognition that this award reflects and would like to thank the organisers, judges and more importantly the capital market participants, who have consistently and objectively distinguished us. As we dedicate this award to our loyal participants and all investors in the Nigerian capital market, we reckon this award is a clarion call to continue to do better, as today’s best can always be better tomorrow,” Komolafe said.

    She added that as the preferred market infrastructure, CSCS remains committed to investing in the right technologies and best talent, as it seeks to sustainably create mutual value for all stakeholders whilst deepening the Nigerian capital market for inclusive economic growth.

    The BAFI Awards are created to celebrate organisations, teams and individuals that have achieved excellence in the delivery of financial services across the entire the customer spectrum.

    CSCS was adjudged the Continental Leader in Post-trade and Custody Services Award 2019 at the 7th edition of BAFI Awards.

     

  • Shareholders okay Olushekun, others for Cutix board

    Shareholders okay Olushekun, others for Cutix board

    Shareholders of Cutix Plc have approved the appointment of Mr Ariyo Olushekun, Mrs Ijeoma Ezeasor and Mr Ike Okonkwo as non-executive directors of the company.

    At the annual general meeting in Otolo-Nnewi, Anambra State, shareholders passed resolutions endorsing the appointment of the three new directors, after consideration of their profiles.

    Chairman, Cutix Plc, Ambassador Okwudili Nwosu, said the board had screened the three new directors in line with the criteria for appointment unto the board and found them all to be worthy.

    Citing their profiles, Nwosu said the directors were recommended for approval of the shareholders having considered the strong ethical and governance standard of the company.

    He assured shareholders on the future prospects of the company noting that the company would be aggressive in taking advantage of emerging opportunities.

    According to him, Cutix has been diversifying its product range and capability by introducing new cable and non-cable products.

    He said the company would continue to maintain financial discipline in its investment decisions while also ensuring high standards of corporate governance, transparency, strong commitment, sustainable business policies and effective management of risks.

    “We will thus maintain our pledge to you to continue to pay you dividends regularly, award bonus issues as promised and increase market value of your company. We remain convinced that our company company’s core business remains strong and through the effective integration of the Adswitch acquisition, the combined business will have greater scale and value creation opportunities as the investment case for the company remains compelling,” Nwosu said.

    Olushekun,  a fellow and former president of the Chartered Institute of Stockbrokers (CIS), is a frontline Nigerian investment banker. He is also a fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and Institute of Directors (IoD). He is an Authorized Dealing Clerk of the Nigerian Stock Exchange (NSE) and NASD Plc. He had served on the National Council of the Nigerian Stock Exchange.

    Olushekun is the founder and chief executive officer of Capital Assets Limited, a leading investment banking group. He is also on the boards of many companies including Central Securities Clearing System Plc, NASD Plc, Unity Registrars Limited, Co-Link Investment Management Limited and Applied Logic Limited.

    Okonkwo, an astute marketer, project management expert and accountant has a long standing relationship with Cutix. He is an associate member of the Nigerian Marketing Association and the Nigerian Institute of Management.

    Ezeasor is a policy analyst with vast technical competence in industrial and economic policy. She is currently pursuing a doctorate degree (Ph.D) at the University of Nigeria. She is a member of various organisations.

     

  • Global regulators move to strengthen money market funds

    Global regulators move to strengthen money market funds

    Agency Reporter 

    The International Organisation of Securities Commission (IOSCO), the global body of securities regulators, has published diagnostic report and thematic review aimed at strengthening the resilience of money market funds (MMFs).

    Nigeria is a member of the board of IOSCO, which is responsible for the governing and standard-setting functions of the organisation. IOSCO board consists of 34 securities regulators.

    The diagnostic report analysed events that occurred in the MMFs sector during the market turmoil in March 2020 while the thematic review assessed the implementation of selected IOSCO recommendations issued in 2012 to strengthen the resilience of MMFs globally.

    The thematic review was conducted by the IOSCO Assessment Committee (AC) and it was based on IOSCO´s assessment of the legislative and regulatory frameworks of the nine largest MMF domiciles, in relation to the implementation of the 2012 IOSCO recommendations. The participating jurisdictions represented approximately 95 per cent of the total net assets managed by MMFs worldwide. The assessment under this review was generally based on information as of end of August 2019.

    The diagnostic report was conducted by the Financial Stability Engagement Group (FSEG) to focus on the effects of the market dislocations related to the COVID-19 events on MMFs and seek to characterize the behavior of MMFs of varying types and of currencies across the main MMF jurisdictions.

    The March 2020 market turmoil impacted the functioning of the short-term funding markets and led to significant strains in the MMF sector, raising questions about its resilience. Against this backdrop, the diagnostic report provides a factual description of events across jurisdictions in March 2020. The Diagnostic Report describes how impacts – driven by a combination of cash needs and “flight-to-safety” behaviors – varied considerably by MMF type, structure and currency. Outflows from MMFs holding primarily non-public, mostly USD-denominated debt were significant. In contrast, the market saw historic inflows into MMFs holding primarily US government instruments.

    According to IOSCO, given its considerable size, the MMF industry plays an important role in the real economy by supporting the short-term funding needs of banks and non-financial corporations.

    In response to the severe stress experienced during the 2008 global financial crisis, IOSCO had published recommendations in 2012, aimed at strengthening the resilience of MMFs globally. The recommendations assessed in the thematic review focus on valuation; liquidity management; and MMFs that offer a stable net asset value.

    The thematic review found that the participating jurisdictions have generally implemented MMF reforms in line with the 2012 IOSCO recommendations, taking into account the heterogeneity and specificities of their local MMF markets.

    Liquidity requirements in most of the assessed jurisdictions were in line with the recommendations for MMFs to hold a minimum amount of liquid assets with some variation on the type of eligible assets and amount.

    All jurisdictions systematically require the use of stress tests. In line with the 2012 recommendations, all assessed jurisdictions allow for the use of certain liquidity management tools and require specific pre- or post- sale disclosures to investors regarding the use of these tools.

    Central bank interventions in money markets – some of them targeted specifically at MMFs – as well regulatory relief measures introduced by securities and prudential regulators, helped ease the financial strains. All non-government MMFs honored redemptions and none were forced to apply liquidity management tools such as fees, gates or suspensions.

    However, the March 2020 market turmoil highlighted continuing vulnerabilities in certain types of non-public MMFs and the need for further reform. The diagnostic report highlighted areas that merit further consideration, such as the broader ecosystem and the functioning of the money markets, the behaviour of MMF investors and elements of  regulatory frameworks that may have played a role in accelerating flows out of certain types of non-public MMFs.

  • Tough operating environment may continue, says NB

    Tough operating environment may continue, says NB

    By Taofik Salako, Deputy Group Business Editor

     

    Nigerian operating environment will remain challenging in the meantime with rising inflation and declining consumer purchasing power expected to impact corporate performance.

    Speaking during a virtual presentation at the Nigerian Stock Exchange (NSE), Managing Director, Nigerian Breweries (NB) Plc, Mr. Jordi Borrut Bel said the performance of the company was adversely affected by COVID-19 pandemic and tough macroeconomic conditions.

    According to him, the 2020 performance of Nigerian Breweries was adversely impacted by the COVID-19 pandemic, value added tax (VAT) increase, foreign exchange devaluation and scarcity of foreign exchange.

    He said the company’s position in the market enabled it to mitigate the impact in the third quarter, noting that the company will strive to sustain the performance of the second half of 2020 by continuing to drive premiumisation and growth.

    “However, we still expect to have a challenging operating environment with devaluation, inflation and affordability. The capabilities of our people, focus on our consumers combined with a commercial agility and position for growth gives us confidence to continue to winning with Nigeria,” Bel said.

    Divisional Head, Listings Business, Nigerian Stock Exchange (NSE), Mr. Olumide Bolumole praised the efforts made by the board and management of Nigerian Breweries towards achieving business continuity by enhancing the organisation’s operational efficiency.

    He also lauded the decision of the company to use the NSE Facts Behind the Figures event to provide the market with information about its financial performance as well as strategic and operational developments.

    “Given that the market is driven by timely, relevant and accurate information, this interaction with the market through this forum is vital and we encourage the management of Nigerian Breweries to continue to strive for sustainability by adhering to the highest standards of disclosure and corporate governance,” Bolumole said.

    He added that the Exchange has continued to position itself as the African Exchange of choice for companies and investors by implementing policies aimed at strengthening the corporate governance of listed companies.

    According to him, leveraging its various digital platforms and innovative technology to ensure business continuity and uninterrupted dissemination of information to the market, NSE has also showed its remarkable resilience by providing a platform to support listed companies in meeting their strategic business objectives.

    Nigerian Breweries earmarked about N1.9 billion as interim cash dividend to shareholders after the company posted net profit of N7.05 billion in third quarter. This represents a dividend per share of 25 kobo.

    According to the unaudited and provisional results filed at the NSE, NB saw 0.7 per cent decline in revenue from N235.7 billion in September 2019 to N234 billion in September 2020. The company attributed the marginal decline to factors such as increase in Excise Duty, rising inflation, increase in value-added tax ( VAT) from 5.0 per cent to 7.5 per cent as well as the impact of the COVID-19 on most businesses across the world.

    In a statement signed by the Company Secretary and Legal Director, Nigerian Breweries Plc, Mr. Uaboi Agbebaku, the company reassured that it would continue to focus on efforts to mitigate the impact of the pandemic on its operations, while protecting the health, safety and welfare of employees, customers and partners.

    The statement noted that the interim dividend will become payable on Tuesday, December 1, 2020 to all shareholders registered in the books of the company as at Friday, November 20, 2020.

     

     

  • May & Baker Nigeria eyes growth with new malaria drug

    May & Baker Nigeria eyes growth with new malaria drug

    Nigeria’s leading pharmaceutical manufacturer, May & Baker Nigeria Plc has introduced a new anti-malarial medicine that promises to revolutionise malaria disease treatment in the country.

    The new drug, named Malact is a dihydroarteminsin-piperaquine combination-based formulation which ensures fast relief from malaria and guarantees better post treatment protection.

    Managing Director, May & Baker Nigeria Plc, Mr Nnamdi  Okafor,  said the introduction of Malact is part of the company’s efforts at  continually  confronting  the  malaria  scourge  by  providing  effective  and  affordable medicines for treatment of the disease.

    He stated further that Malact is the latest and most effective arsenal in the toolbox for fight against malaria, adding that the goal of May & Baker Nigeria is to continue to be the one-stop-shop for quality antimalarials.

    According to him, the introduction of the more efficacious dihydroarteminsin-piperaquine  based  anti-malarial  drug  is  a  great  relief  that  promises  to  reduce malaria related mortality.

    Executive Director, Pharma Sales and Marketing, May & Baker Nigeria, Mr Chukutem Chukuka explained that Malact has a reliable efficacy which guarantees patient faster relief compared   to other  Artermisinin based  Combination  Therapies  (ACTs) currently   available   in   the   market.

    According to him, the new drug also   has better post-treatment protection because of the piperaquine content that makes it possible for patients not to experience relapse for at least six weeks.

    “Malact therefore prevents malaria for up to six weeks and prevents recrudescence of malaria,” Chukuka said.

    He outlined other advantages of Malact to include convenient dosing because it is taken once a day, which reduces the chances of dosage non-compliance while it  does  not  require  to  be  taken  with  fatty  meals  by  the  patient  before  it  can  be absorbed.

    With  increasing  resistance  to  older  drugs,  the  World  Health  Organisation  (WHO)  had jettisoned  Chloroquine and  recommended  Artermisinin based  Combination  Therapies  (ACTs)  as first  line drug  for the  treatment of uncomplicated malaria.

    However, most ACTs have since then shown    limitations    including    resistance    to    treatment. But    dihydroarteminsin-piperaquine combination,  the  newer artemisinin-based combination  therapy  has  shown  excellent  efficacy  in multiple  trials and  is  considered  the  most promising drug  currently  available  for  the treatment  of uncomplicated malaria.

    The combination has a reliable efficacy which guarantees patient faster relief compared to other ACTs currently available in the market.  It also has better post treatment protection because of the piperaquine content that makes it possible for patients not to experience relapse for at least six weeks.

    May & Baker Nigeria Plc remains a key player in the anti-malarial market in Nigeria. It was the first company to introduce an antimalarial drug to Nigerians with its Nivaquine brand   of   chloroquine   sulphate   decades   ago.   When   the   WHO   discountenanced chloroquine as first line drug for the treatment of malaria, and recommended the ACTs, the  company  was  one  of  the  first  pharmaceutical  manufacturers  in  Nigeria  to  locally produce  ACTs  with  the  introduction  of  its  artemisinin  combination  therapy  (ACT) antimalarial drug “Artelum” which is a brand of artemether-lumefantrine in April 2009.

    According to the World Health organization, Malaria remains a major global health challenge with over 200 million cases annually in Africa. It is responsible for over100, 000 deaths    in    Nigeria    every    year. In    addition    to    loss    of    life, malaria places   an economic burden on African nations  that  is  estimated  to  be  worth  over  $12  billion  in direct cost and GDP loss annually.

    May & Baker is Nigeria’s first pharmaceutical company with over 76 years’ experience of doing business in the country. It has one of the few WHO-cGMP production facilities in Nigeria. Its facility was  certified  by  the  World  Health  Organisation  in  2014.