Tag: approve

  • Shareholders approve N90b rights issue for Lafarge Africa

    Shareholders of Lafarge Africa Plc have approved plan by the company to raise about N90 billion in new equity funds as the cement company seeks to deleverage its balance sheet and restructure short-term loans.

    At an extraordinary general meeting in Lagos, shareholders approved resolutions authorising the company to create additional 10 billion ordinary shares of 50 kobo each to increase its authorised share capital to 20 billion ordinary shares.

    Shareholders also authorised the board of the company to raise capital of N90 billion by way of a rights issue of ordinary shares to its shareholders  and that the rights issue be executed at such price, time, for such period and on such other terms and conditions as the directors may deem fit.

    Also, the meeting granted the board the authority to apply any convertible loan, shareholder loan or any other loan facility due to any person, from the company, as may be agreed by the person and the company, towards payment for any shares or rights subscribed for in the rights issue.

    Shareholders also authorised the company to enter into a related party transaction to accept loan facility from LafargeHolcim, the foreign majority core investor which holds 76.32 per cent equity stake.

    Chairman, Lafarge Africa Plc, Mr Mobolaji Balogun, said the additional capital to be raised will further help to deleverage the company’s balance sheet and provide head room for the expansion of its business.

    He said the company foresees a stable pricing environment and favourable economic conditions in its Nigeria market while its South Africa operations are undergoing a turnaround plan.

    Chief Executive Officer, Lafarge Africa Plc, Mr. Michel Puchercos said the company’s refinancing plan is aimed at preparing for future development in Nigeria by improving the company’s leverage as well as strengthening its profitability.

  • ‘Why we don’t approve every request to fell trees’

    Tree planting is vital to the environment. Lagos State Parks and Gardens (LASPARK) General Manager Mrs. Bilikis Adebiyi-Abiola, in this interview with MUYIWA LUCAS, speaks on the significance of the tree planting campaign and her agency’s role in ensuring a habitable environment.

    What role is LASPARK playing in this bio-diversity agenda of Lagos State?

    Our mission is towards a greener and healthier Lagos. One of our biggest mandate is to plant trees. Our annual target is one million trees planted in the state, which we’ve been achieving. Since we started in 2012, we’ve planted over seven million trees. And you as well know, trees are very important to bio-diversity, they are the natural habitat of many of the organism that are germane to the sustainability of the environment. Trees produce food for humans, as well as oxygen, which are very important to the existence of mankind. Trees also help to produce groundwater to ensure that the soil is well catered for and provide us with enough water to use for our daily activities. We have realised that we have to really continue to sensitise people about tree planting in the state and also to prevent wanton tree felling because people may not be aware that you cannot just cut the trees indiscriminately without the permission of the government. We have set aside a date, July 14 of every year, which is the annual tree planting day, with a tree planting campaign that is carried out across the state, in all the local governments, at the same time and trees are planted on that day.

    We’ve also taken a step further this year by kicking off a community tree planting drive and we’re going around during the raining season to various communities of the state to ensure that people are carried along and sensitised and are a part of planting trees in their localities. Last week, we were in Epe Division of the state, where we planted over 200 trees in the community and were joined by young and old people. I was very happy and emotional when a woman, aged 106 years, joined us in the tree planting exercise in Epe. She came out, she couldn’t even walk well, but she came out and planted a tree with us. So, we are doing that all over the state, in various parts of the state; we want people to take tree planting as a personal thing and to also protect the trees after they have been planted.

    Beyond planting trees, how do you ensure their sustainability?

    We carry out a lot of monitoring of the trees through our monitoring team. We enumerate the trees as well, so we know how many trees we have planted. We know that not all the trees will survive, so we monitor them. We also replace them. So, if a tree doesn’t make it, we ensure that we replace the tree and ensure that there are enough trees in the area. One of the things that we’re really going to work towards is to do a scientific study on trees all over the state because we’ve seen just anecdotally that there are parts of the state that have more trees than others. For instance, you’ll see somewhere like Ikoyi or Agege, they have a lot of trees than areas like Alimosho. And because trees provide almost 40 per cent of the oxygen that we need, it’s a worrisome thing to see that there are some parts of the state that do not have enough trees. So, we’re going to do a mapping over time, to see where we need to pinpoint and target to plant more trees in the state.

    How do you marry preservation of trees with the development of the state, especially in corridors, such as Lekki-Ajah and Epe, where you have to fell trees to build infrastructure?

    We’ve seen that in some instances trees need to give way for development. There is just no way around it. But in most of the cases, we don’t approve every request to fell trees for development. We actually check. In some places around the world, when you look at some streets, you will see that it’s crooked; it’s because they don’t want to cut a particular tree, which is why they make the road crooked. One of the things we are selling to developers and construction companies is that if there is a tree on the Right of Way (RoW) of where you are going, try and work a way around it, because if you cut the tree, you have to replace it with five. But it will take some years for those trees you have planted to even start growing and doing carbon emission capture. Our job is mainly to sensitise but we know that some trees will give way, which is why we are also aggressively planting trees. There are some streets that you will see that the trees are planted only with a few yards. I just think about how Lagos must have been a few years ago, before LASPARK started planting trees. It must have been very bland, because there were no trees. If you look at some of the streets around, the trees that are there are just less than 10 years old. So, we have a lot of work to do.

    How do you run the parks and gardens?

    We have about 200 gardens and about eight recreational parks that we maintain across the state. We recently added to JJT Park in Alausa and Rafiu Jafojo Park in Shasha. We have a team of people; we have contractors; we have companies that are contracted by the state to manage the parks to make sure they are cleaned and to make sure that they are safe for usage. Over the past few months, people are beginning to feel comfortable, they are beginning to come to the parks. Even on Children’s Day, we had a programme for children in all of our parks, where children had a very good time. We have also kickstarted a bus tour, which is going to be around Ikeja. It kicked off at the JJT Park and ran from May 25 to 28 and it took children around Ikeja to see the monuments around the state.

    What measures have you put in place to guide against social vices in parks and recreational centres?

    In all of our parks, we have very tight security. We are all parents at LASPARK, a lot of us have children. So, we take our children to our parks and you can imagine for us to take our children to the parks, we definitely know that the parks are safe. We have security teams. We are very close to the police. We have a lot of people that are doing recognisance, some are plain-clothed officials monitoring people. You would not know that they are actually security operative, but they are actually monitoring people to see if there is a problem. Furthermore, we don’t let people come into the parks indiscriminately- we actually screen them. If you come into the park, you will see that you will only see decent people. Many of the bad elements of the society know that they are not welcome in the parks, so they don’t even come near them. All our parks are free, so you can bring you children to the parks, they will enjoy themselves. You don’t have to spend a dime to get in. You only pay if there is any organised programme, but most of the time you come to the park, the entry is free. In fact, the Ikeja City Tour we held from Monday to Wednesday, was free. But from today, there will be a fee to it.

    Are you contemplating the public-private partnership (PPP) agreement to run the parks and gardens?

    Absolutely, you are right. When you look at the amount of expenditure we incur to maintain the parks, it is much more than the revenue. We are also looking at companies to adopt the parks. Recently, one of our parks, Muri Okunola Park in Victoria Island, benefited from the largesse of Sterling Bank. The bank repainted the park, fixed some items and put in some artworks. So, we encourage the private sector to come in and support the park. You will be surprised at how cheap it will be to do this as a CSR, and it will be a way for you to promote your brand in a good atmosphere.

  • Reps set to approve N208.8b virement

    Reps set to approve N208.8b virement

    The House of Representatives is set to approve the request for virement of N208.821 billion in the Appropriation Act 2016.

    This follows the submission of the report of the House Committee on Appropriation at plenary yesterday.

    While the requested Special Intervention in Recurrent Expenditure was N167,113,304,018 that of Capital was N39,208,367, 476.

    The request was sent to the Hon. Mustapha  Dawaki- headed committee on Appropriation  November 16 for further legislative inputs.

    While submitting the report yesterday, Dawaki said the committee had met with relevant stakeholders.

    “The affected MDAs justified the need for intervention and approval of the virement. The Committee observed that there are other areas of critical needs with potential for developing and stimulating the economy and for which additional funds could be be provided through virement from the Special Intervention Programme,” he said.

    The committee report showed a virement request from Service Wide Vote ( SWV) for Public Service Wage Adjustment PSWA-N71.8 billion;  SWV to Contingency-N1.2billion; SWV to Margin for Increase in Cost (MIC)-N2 billion; Ministry of Interior to Cadet feeding- Police Academy, Wudil, Kano-N932.4 million; SWV to Amnesty Programme-N35 billion; SWV to Internal Operations of the Armed Forces- N5.2 billion; SWV to Operation Lafiya Dole-N13.9 billion.

    Others are Ministry of Youths and Sports Development, NYSC-N19. 792 billion; Ministry of Foreign Affairs, Foreign Missions-N16.3 billion); Federal Ministry of Education: augmentation of Meal/ Subsidy/ Direct Teaching & Lab Cost – N900 million; and Statutory Transfer to Public Complaints Commission-N2.5 billion.

    In the  capital component of the virement are the Ministry of Defence, Nigerian Airforce- N12.7 billion; Capital Supplementation: Presidential Initiative for the Northeast-N1.5 billion; and Payment of local Contractors Debts/ Other Liabilities-N25 billion.

    However, there was confusion in the manner of presentation of the report of the Committee in the Order Paper as it stated that the report which came via a motion was titled: “Receipt and Approval of the request for the virement of funds in the Appropriation Act, 2016.”

    The motion was unanimously passed by members when it was put to vote by the Speaker, Hon. Yakubu Dogara.

    But the Chairman of the Rules and Business Committee, Hon. Orker Jev and the Minority Leader of the House, Leo Ogor cleared the air saying the request still has to be considered in the Committee of Supply before it is finally approved by the House.

    The Spokesman of the House, Abdulrazak Namdas also said in spite of the virement coming as a motion and its subsequent passage, it will still be considered by the whole House before approval.

  • Approve new working group for NEITI

    Approve new working group for NEITI

    SIR: The Africa Network for Environment and Economic Justice, ANEEJ, welcomes the election of Fedrik Reinfeldt as the new chairperson of the Global Extractive Industries Transparency Initiative, EITI, as Clare Short prepares to step down in February. Fedrik Reinfeldt whose election is expected to be ratified in February at the 7th Global Conference in Lima, Peru, is also expected to visit Nigeria on February 7, along with the out-going EITI Chairperson.

    We congratulate EITI on the seamless and transparent transition process that has ushered in Fedrik Reinfeldt, and wish his time as chair of EITI a progressive one. Yet, with his planned visit to Nigeria in February, ANEEJ seeks to highlight issues with the implementation of previous NEITI audit reports.

    We urge President Muhammadu Buhari to use the opportunity of the visit of EITI leadership to immediately approve the constitution of a new National Stakeholders Working Group for Nigeria Extractive Industries Transparency Initiative (NEITI). This should facilitate the formal publication of NEITI 2013 oil, gas and solid minerals audit reports so as not to jeopardize Nigeria’s chances of being revalidated, having missed the December 31st 2015 deadline given by EITI for Nigeria to publish such report.

    In recent times, ANEEJ has been at the forefront in calling for a proper handling of NEITI audit reports. We expect the President this time to assure Nigerians of the determination of his administration to conclusively follow up with such recommendations because this will promote the on-going reforms in the extractive sector in Nigeria. At a time when Nigeria’s fortunes in the oil sector are dwindling, these expected reforms are the groundwork that Nigeria needs to bring the economy back on track.

    We are aware that EITI is currently reviewing the validation process and modalities as a result of the divergent views expressed by multi-stakeholders involved in the process. However, it is pertinent for the in-coming leadership of EITI to consider this review process a priority so as to harmonize the views of multi-stakeholders for EITI to achieve the desired impact.

     

    • Bob Majiri Oghene Etemiku

    ANEEJ, Benin City.

  • FCMB shareholders approve N25 kobo dividend

    FCMB shareholders approve N25 kobo dividend

    Shareholders of First City Monument Bank (FCMB) Group Plc have unanimously approved the payment of a cash dividend of 25 kobo per ordinary share, for the year ended December 31, 2014.

    The approval came at the second Annual General Meeting (AGM) of the group in Lagos at the weekend. The Group, the Coordinator of Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, commended the Board and Management of the lender for the performance and dividend payment, despite the particularly challenging operating environment for banks in 2014.

    He said the increase in the Group’s profit from N16 billion in 2013 to N22 billion in 2014 is commendable. “It is a clear signal that things are looking up. We are also happy that FCMB has emerged as a strong player in retail banking and from what we have seen so far, we are optimistic that the Bank will continue to wax stronger,’’ he said.

    National Chairman of Shareholders’ Trustees Association of Nigeria, Alhaji Mukhtar Mukhtar, said, ‘’the result is very wonderful, despite the very harsh economic environment. The FCMB has been able to give us a wonderful result. We are very satisfied. The 22 kobo dividend is very encouraging. Profit after tax has gone up, total assets has increased. We are very impressed with the result. I congratulate the current executive management of the Bank for a job well done’’.

  • Shareholders approve Africa Prudential Registrars’ N700m dividends

    Africa Prudential Registrars (APR) Plc would today distribute N700 million as cash dividends to shareholders following the approval of the dividend recommendation at the annual general meeting of the company.

    APR, Nigeria’s first and only share registration company listed on the Nigerian Stock Exchange (NSE), would pay a dividend per share of 35 kobo to all shareholders. The payment of the dividend will be made on April 10, 2015 to all shareholders on the register of members of the company as at the qualifying date of Tuesday, March 17, 2015.

    Addressing shareholders at the meeting, chairman, Africa Prudential Registrars (APR) Plc, Chief  Eniola Fadayomi said that APR’s dividend policy aims at rewarding shareholders by increasing their wealth, consistently.

    She noted that though market performance in the first half of the year showed momentary positive runs, the second half was far less impressive, pointing out that in spite of the inclement operating environment, the company recorded significant gains when compared to the previous year.

    Managing director, Africa Prudential Registrars (APR) Plc, Mr. Peter Ashade, reassured that the company remains true to her goal of becoming the leading and dominant provider of share registration services in Africa.

    “As a result, our focus for the year will be to continue to profitably grow our businesses while providing our clients and stakeholders with appropriate alternative solutions. We will strive to manage our operating costs by optimizing our processes while concurrently improving the level of service delivery to our clients,” Ashade said.

    Key extracts of the audited report and accounts of the company showed steady growths in all key performance indicators. Gross earnings rose from N1.85 billion in 2013 to N2.11 billion in 2014. Profit before tax also rose from N1.21 billion to N1.30 billion. After taxes, net profit stood at N1.22 billion in 2014 as against N914.46 million in 2013. Earnings per share showed corresponding increase from 46 kobo in 2013 to 61 kobo in 2014.

  • FCMB shareholders approve N5.94b dividend

    FCMB shareholders approve N5.94b dividend

    Shareholders of First City Monument Bank (FCMB) Group Plc unanimously approved the payment of a cash dividend of 30 kobo per ordinary share, for the year ended December 31, 2013.

    This translates to a total amount of N5.94 billion. The approval came at the first Annual General Meeting (AGM) of FCMB Group Plc held in Lagos on Friday.

    Group Coordinator of Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, commended the board and management of FCMB Group Plc for improving its profitability over 2012, despite the particularly challenging operating environment for banks in 2013.

    He added that ‘’the resumption of good dividend payment is proof that FCMB’s management team is successfully executing its strategy and leveraging the recent transformation into a financial holding entity, to drive significant value creation for shareholders’’.

    Also,  National Chairman of Shareholders’ Trustees Association of Nigeria, Alhaji Mukhtar Mukhtar, expressed delight on the payment of dividend. He urged the management and board to continue to improve customer experience at every customer interface and invest in key sectors of the economy, as these will improve profitability and ability to pay even more dividends next year.

    The Chairman of FCMB Group, Dr. Jonathan Long, stated that the Group, which comprises First City Monument Bank Limited, FCMB Capital Markets Limited and CSL Stockbrokers Limited, ‘’has recovered strongly over the past two years and in 2013 made sufficiently strong progress’’. He attributed this to the implementation of initiatives that have improved efficiency and the successful integration of FinBank, which has boosted FCMB in retail banking. Long added that, ‘’the intention to pay dividend signifies the desire of the board to reward its shareholders for their continued commitment and support.

    The Managing Director of FCMB Group Plc, Mr. Peter Obaseki, noted that “the Group is on track to deliver on its promise to its various shareholders’’. He continued by explaining that the Financial Holding Company structure, ‘’enables us deliver more consistently and sustainably.”

  • Shareholders approve N3b new equity issue for May & Baker

    Shareholders approve N3b new equity issue for May & Baker

    Shareholders of May & Baker Nigeria Plc have authorised the directors of the healthcare company to raise up to N3 billion in new equity fund with a view to reducing dependence on loans and strengthen the company’s balance sheet.

    At the annual general meeting in Lagos, shareholders unanimously authorise the board of directors “to raise additional equity capital of an amount up to N3 billion or any fraction thereof either locally and or internationally through any or a combination” of rights issue, private placement and public offer.

    The meeting also empowered the directors to decide on absorption of excess monies from the new capital issue.

    The resolution highlighted that the new capital issue would be for the “purposes of enhancing the company’s working capital and financing the development of the company’s businesses”.

    To create headroom for the new capital issue, shareholders also increased the authorised share capital of the company from N1 billion, consisting of 2.0 billion ordinary shares of 50 kobo each, to N1.90 billion, consisting of 3.8 billion ordinary shares of 50 kobo each, by creating additional 1.80 billion ordinary shares of 50 kobo each. May & Baker currently has 980 million issued shares outstanding on the Nigerian Stock Exchange (NSE).

    There are indications that the company may opt for rights issue, giving assurances from shareholders that they will support the recapitalisation exercise. The company is also favourably disposed to new major investor with technical experience and know-how to optimize its potential.

    In his address to shareholders, chairman, May & Baker Nigeria Plc, Lt. Gen. Theophilus Danjuma (rtd), said the recapitalisation is an important measure to reduce the company’s current high debt-to-equity ratio and the resultant high financing costs.

    According to him, it is imperative that shareholders inject more equity to the company to make it stronger and put it in better position to face the challenges in the industry.

    He outlined that the management of the company has been implementing measures to improve the performance of the company and deliver returns to shareholders.

    “These measures include strategies to sustain revenue growth through more aggressive marketing and product development initiatives, better management of working capital and aggressive reduction in overhead costs,” Danjuma said.

    He noted that the consolidation of all pharmaceutical manufacturing operations of the company at its PharmaCentre in Ota would help to improve operational efficiency and capacity utilisation while curtailing excess overhead costs.

    Responding to shareholders’ questions and remarks, managing director, May & Baker Nigeria Plc, Mr. Nnamdi Okafor, said the company’s fundamentals have shown appreciable improvements as reflected by rising sales and improving cash flow.

    He assured that the company has a bright future as it has been able to build strong institutions and brands that will ensure sustainable growth irrespective of changes in management and operating environment.

    According to him, with the expected certification of the company’s products and processes by the World Health Organization (WHO), the company is set to become the first in Nigeria to be certified by the global health organisation, with immense potential for greater global opportunities and increased earnings.

    He added that the WHO certification would highlight the leading position of May & Baker in the healthcare industry and provide opportunities to grow returns to shareholders.

     

  • ‘Court didn’t approve tribunal’s report against Akeredolu’

    ‘Court didn’t approve tribunal’s report against Akeredolu’

    Contrary to insinuations that the candidate of the Action Congress of Nigeria (ACN), Mr Oluwarotimi Akeredolu (SAN), was purportedly indicted by a Judicial Commission of Enquiry, the former President of the Nigerian Bar Association (NBA) was neither indicted nor barred from participating in politics.

    Details of the court processes on two suits filed in 1999 and 2001 on the proceedings of the commission and the outcome showed that neither case advanced to judgment.

    The parties agreed on an amicable settlement (out-of-court) by virtue of a term of settlement adopted by the court as its judgment.

    Justice P. I. Odunwo of the Ondo State High Court, Akure, on December 10, 2002, consolidated the suit and adopted the terms of settlement filed by the parties.

    The court’s decision to consolidate the suit was based on an agreement by the parties. The court, upon hearing an ex parte application by Akeredolu, which was not opposed by lawyer to the state and some others, Daniel Onukun, consolidated both cases and adopted the terms of settlement as prayed in the application.

    Onukun represented Justice R. O. Fawehinmi (retired), Kunle Adedipe, Dele Awopeju, E. O. A. Komolafe, D. O. Akinduro, Ondo State Governor and the Attorney-General and Commisioner for Justice.

    Justice Odunwo held: “In view of the fact that the two suits …have been settled amicably out of court by the parties on the basis of the terms of settlement filed on December 10, 2002 and on the application by Mr O. O. Akeredolu (SAN), which application is not objected to by Mr Onukun, the terms of settlement in respect of the two matters stated above are hereby made the judgment of this honourable court. There is no order as to cost.”