The Nation Newspaper

Tag: Africa Prudential

  • Africa Prudential appoints new CEO

    Africa Prudential appoints new CEO

    Africa Prudential Plc has appointed Catherine Nwosu as its first female chief executive officer. The appointment took effect on March 1, 2024.

     Nwosu brings a wealth of experience to the role. Having served in various capacities within Africa Prudential since its inception in 2006, she is well-versed in the company’s operations and deeply invested in its success.

      Her appointment signifies not only her exceptional qualifications but also Africa Prudential’s unwavering commitment to diversity, inclusion, and sustainability in its leadership structure. Nwosu’s impressive credentials include an alumni status from the esteemed Lagos Business School, a fellowship and vice presidency at the Institute of Capital Market Registrars, and membership in the Institute of Chartered Accountants of Nigeria.

    Read Also: GOTNI leadership center hosts CEO roundtable in Lagos

     “We are confident in the future of Africa Prudential with Catherine at the helm,” declared Eniola Fadayomi, Chairman of the board. He emphasised Nwosu’s familiarity with the company’s legacy of innovation and premium service delivery, describing her as “a talented professional and a friend of the business.”

    Fadayomi expressed unwavering faith in Nwosu’s leadership and her ability to further solidify Africa Prudential’s commitment to excellence and sustained growth. She also extended sincere gratitude to the outgoing chief executive, Obong Idiong, for his invaluable contributions and instrumental role in the company’s growth.

  • Shareholders commend Africa Prudential for sustained growth

    Shareholders of Africa Prudential Plc have commended the board and management of the share registration company for sustaining its growth over the years, despite challenges in the operating environment.

    At the annual general meeting in Lagos, shareholders approved the payment of N1 billion as cash dividend for the 2018 business year, representing a dividend per share of 50 kobo.

    Founder and former national coordinator, Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, commended the company for always setting the pace with introduction of innovative solutions which has helped to improve investors’ experience in the capital market.

    He noted that the company has continued to create value for its shareholders through sustained fundamental growths and returns to shareholders.

    National Coordinator, Pragmatic Shareholders Association, Mrs. Bisi Bakare commended the management of the company for their forward-looking initiatives, particularly on the automated accreditation management solution.

    She expressed delight at the convenience that the company has created for shareholders through initiatives such as the e-Accredit service delivers via USSD *4018#.

    “When you get to the annual general meeting, you don’t need to join the queue. Your name is already on the accredited list. All you do is present your ticket ID and you go into the meeting,” Bakare noted.

    Addressing the shareholders, Chairman, Africa Prudential Plc, Chief Eniola Fadayomi noted that despite the challenging operating environment in 2018, the company ended the year with an impressive performance.

    According to her, the company recorded a turnover of N4.48 billion, which represents a growth of 35 per cent over the previous fiscal financial year and a profit before tax of N2.39 billion, which represents an increase of 16 per cent over the previous year.

    She added that regardless of the challenges facing the capital market, some positive trends in recent times indicate impending rebound in the market, adding that the company is positioned to leverage the emerging opportunities in 2019.

    Managing Director, Africa Prudential Plc, Mr. Obong Idiong said the company has been developing new business lines to ensure sustained growth and returns to shareholders.

    He outlined that while advancing its dominance in the registrar business, the company is into the digital technology space with a view to innovatively leveraging technology to create comfort and bring about alluring change through the deployment of digital solutions in strategically selected markets.

    He pointed out that EasyCoop, the company’s automated cooperative management solution, has been upgraded with many value-adding features, including exclusive discounts shopping in the EasyCoop Mart which promises to be the largest e-commerce hub for the cooperative community in Africa.

     

  • Africa Prudential predicts more listing as economy improves

    more companies will seek public listing in the months ahead as ongoing efforts by the government continue to improve macroeconomic environment.

    Chairman, Africa Prudential Plc, Chief Eniola Fadayomi, said the relentless determination of the Federal Government to improve the Nigeria’s rating on ease of doing business will facilitate the inflow of foreign investments and open up opportunities for new registrar mandates from companies going public.

    Addressing shareholders at the annual general meeting of the company yesterday in Lagos, Fadayomi said successful rights issues by many quoted companies are expected to spur the primary market for initial public offerings and offers for subscription.

    Accoring to her, with the Federal Government sustaining its policy reforms and benefits from investment in infrastructure and favourable policies from the Central Bank of Nigeria, the outlook for the real sectors of the economy is bright.

    “We are optimistic that your company will rightfully position itself in 2018 to maximise all the business opportunities that will arise from the budget implementation by seeking appointment as registrars from those companies that would be seeking public listing on the Nigerian Stock Exchange (NSE),” Fadayomi said.

    She added that the bullish trend in the capital market is expected to continue as both foreign and local investors’ confidence improves.

    Shareholders of Africa Prudential unanimously approved a dividend payment of N800 million or 40 Kobo per share to all shareholders whose names appeared in the company’s register of members at the close of business on Friday, March 12, 2018.

    In his remarks, Managing Director, Africa Prudential Plc, Mr. Peter Ashade noted that despite the challenging operating environment in 2017, the company ended the year with an impressive performance.

    The company recorded a 38 per cent increase in turnover to N3.36 billion and 43 per cent increase in profit before tax to N2.06 billion in 2017.

    He pointed out that the company in 2017 focused on the need for diversification of its business portfolio to achieve long term sustainability and viability, which necessitated the change of name that was approved at the last annual general meeting.

    “In 2018, we will intensify effort to build on the progress so far recorded in our business diversification drive by pursuing relentless innovation in product development and process improvement effort, offering exceptional customer experience to our client and leveraging technology for improved productivity and efficiency,” Ashade said.

    Shareholders who spoke at the meeting commended the board and management of the company. Founder, Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, commended the company for declaring a dividend of 40 Kobo in spite of the various projects the company undertook in the year under review.

    President, Pragmatic Shareholders Association of Nigeria, Mrs Bisi Bakare, commended the innovative approach of the management with the introduction of key products such as Easycoop, E-records, USSD *4018# and VAR.

    She urged the company to do more to enhance shareholders’ value in the years ahead.

     

  • Africa Prudential, United Capital declare N2.9b dividend

    Shareholders of Africa Prudential (APR) Plc and United Capital Plc will receive N2.9 billion as total dividend payout for the immediate past business year.

    Directors of the two companies-which were spun off from the United Bank for Africa (UBA), in separate filing at the Nigerian Stock Exchange (NSE) indicated that shareholders of APR will receive 33.3 per cent increase in payout while payouts to United Capital’s shareholders would be reduced by 30 per cent.

    The Board of Directors of APR has recommended distribution of N800 million as cash dividend for the 2017 business year, representing a dividend per share of 40 kobo. The recommended payout for 2017 represents 33.3 per cent increase of 30 kobo dividend per share paid for the 2016 business year. The increase in dividend payout underlined the well-rounded improvement in the performance of the share registration company.

    Directors of United Capital have recommended total cash dividend of N2.10 billion for the 2017 business year compared with N3 billion distributed for the 2016 business year. Shareholders will receive a dividend per share of 35 kobo for the 2017 business year as against 50 kobo per share received for the 2016 business year. United Capital struggled with a top-down decline in 2017 with net earnings dropping by 57.5 per cent.

    Key extracts of the audited report and accounts of APR for the year ended December 31, 2017 showed that turnover rose from N2.42 billion in 2016 to N3.32 billion in 2017. Profit before tax also rose from N1.45 billion to N2.07 billion. After taxes, net earnings stood at N1.71 billion in 2017 as against N1.02 billion in 2016. Earnings per shares consequently increased from 51 kobo in 2016 to 86 kobo in 2017. The dividend will be paid on March 27, 2018 to shareholders on the register of APR as at the close of business on March 12, 2018.

    In the same vein, key extracts of the audited report and accounts of United Capital for the year ended December 31, 2017 showed that turnover dropped from N9 billion in 2016 to N8.92 billion in 2017. Profit before tax declined from N6.37 billion to N5.55 billion while profit after tax dropped from N6.91 billion to N4.36 billion. With this, earnings per share declined from N1.15 in 2016 to 73 kobo in 2017.

    United capital’s dividend will be paid on March 28, 2018 to shareholders on the register  as at the close of business on March 08, 2018.

  • Africa Prudential launches personalised registrar for shareholders

    Africa Prudential Plc, Nigeria’s leading share registration and investors services company, yesterday launched its new USSD code that enables shareholders to perform several tasks on their phones.

    The USSD code- *4018#, which was unveiled in Lagos yesterday enables shareholders to perform multitude of tasks including checking their outstanding dividend, shareholding balance, confirming bank mandate right from their mobile phones from the comfort of their homes, work places or leisure.

    With the code, otherwise known as “Personal Registrar”, shareholders can also check postal and email addresses from their mobile phones.

    Managing Director, Africa Prudential Plc, Mr. Peter Ashade, said the new service is available round the clock and works on all kinds of mobile phones and networks.

    He noted that the service does not require internet data as shareholders only need to dial the code to access the service environment.

    He pointed out that the “Personal Registrar” was developed by the company in its drive to persistently pursue exceptional service experience in line with its avowed commitment to culture of excellence and persistent drive to improving investors’ confidence in the market.

    “We continuously embark on product development and process improvement to deliver exceptional customer experience to our clients across sectors of the economy, while exciting the Nigerian capital market as a whole,” Ashade said.

    Head, Business Development, Africa Prudential Plc, Mrs. Bridget Bayo-Ajayi who also addressed key capital market stakeholders at the event,  encouraged shareholders whose mobile numbers have not been duly registered on the company’s database to execute a shareholder data update form for their mobile numbers to enjoy the service.

    Representing shareholders at the event, Mrs. Bisi Bakare of Pragmatic Shareholders Association, lauded Africa Prudential for putting shareholders convenience first by launching the first-of-its-kind product in registrars business.

    It would be recalled, among others that the company was named the Best Registrar Firm in West Africa by Africa-Canada Trade Alliance at the 7th Edition of the West Africa Innovation and Excellence Awards in 2017 in recognition of outstanding innovations and advocacy role in the capital market.

     

  • Africa Prudential declares N700m dividend in first year

    Africa Prudential Registrars (APR) Plc would be distributing N700 million to shareholders as cash dividends as the share registration company ended its first business year as a stand-alone company with strong growth in revenue and profit.

    In a regulatory filing obtained by The Nation, the Board of APR indicated that shareholders will receive a dividend per share of 35 kobo for the 2013 business year. The dividend recommendation was part of the highlights of the board’s meeting last week.

    According to the board, the dividend will be paid on Friday, April 4, to shareholders whose names appear on the company’s register of members at the close of business on Friday, March 14.

    Audited report and accounts of the company for the year ended December 31, 2013 showed that gross revenue rose by 78.6 per cent while pre and post tax profits jumped by 81 per cent and 63 per cent.

    Group turnover rose from N1.03 billion in 2012 to N1.85 billion in 2013. Profit before tax nearly doubled at N1.21 billion in 2013 compared with N667.54 million. After taxes, net profit rose from N561.65 million to N914.46 million. With earnings per share at 46 kobo, the company will be paying 76 per cent of net earnings to shareholders.

    The balance sheet position of the company also emerged stronger as total assets grew by 91 per cent from N91.4 billion to N16.42 billion. Shareholders’ funds grew by 33.6 per cent to N4.33 billion as against N3.24 billion in previous year. Total liabilities had increased from N6.96 billion to N12.09 billion.

    APR, formerly known as UBA Registrars, was unbundled from the United Bank for Africa (UBA) Group and its shares distributed to UBA’s shareholders last year. It subsequently made history as the first and only share registration company on the Nigerian Stock Exchange (NSE).

    Towards the end of the year, APR had recently successfully raised N1.2 billion new equity funds from its existing shareholders through a rights issue of one billion ordinary shares of 50k each at N1.20 per share.

    APR has indicated that it will use the net proceeds of the rights issue to finance its growth plan. APR recently concluded the acquisition of UAC Registrars, the oldest non-bank affiliated registrar in the capital markets.

    The company plans to integrate and absorb UAC Registrars to enhance its competitive scale, reduce operating expenses and increase overall profitability.

    Directors of the company said it is focused on delivering values to shareholders.

    “The group is focused on delivering value for its shareholders whilst ensuring the group is able to continue effectively as a going concern. Value adding opportunities to grow the business are continually assessed, although strict and careful criteria are applied,” the board stated in additional reports on the 2013 earnings.

    According to the board, the policies for managing capital are to increase shareholder value by maximising profits and cash. The policy is to set budgets and forecasts into the short and medium term that the group ensures are achievable.

    The board noted that the process for managing capital are regular reviews of financial data to ensure that the group is tracking the targets set and to reforecast as necessary based on the most up to date information while maintaining a sustainable generation of free cash flow in operations to fund steady growth.