Tag: declares

  • Stanbic IBTC declares N9b interim dividend

    Stanbic IBTC declares N9b interim dividend

    The board of Stanbic IBTC Holdings Plc has recommended distribution of N9 billion as interim dividend on the first half earnings of the holding company. Shareholders on the register of the company as at July 31, 2015 will receive a dividend per share of 90 kobo. The dividend will become payable on August 28, 2015.

    The dividend recommendation was part of the highlights of the first-half earnings report of the company released yesterday, which showed 11 per cent growth in gross income and steep decline of 40 per cent in net profit.

    Key extracts of the six-month accounts and report for the period ended June 30, 2015 showed that gross earnings rose to N68.30 billion in first half 2015 as against N61.72 billion in comparable period of 2014. Profit before tax however dropped by 52 per cent from N19.95 billion to N9.54 billion. Profit after tax also declined by 40 per cent to N9.70 billion in 2015 as against N16.18 billion in comparable period of 2014. Earnings per share dropped from N1.48 in first half of 2014 to 80 kobo in first-half of 2015.

    The company’s balance sheet meanwhile emerged stronger with 22 per cent growth in customers’ deposits within the six-month period. Total assets closed June 30, 2015 at N1.03 trillion as against N944.54 billion recorded by the year ended December 31, 2014, representing an increase of nine per cent. Customers’ deposits rose by 22 per cent from N494.94 billion in December 2014 to N601.73 billion in June 2015. Total liabilities rose by 10 per cent from N830.27 billion to N911.17 billion. Shareholders’ funds also increased by eight per cent from N110.05 billion to N118.76 billion.

    Stanbic IBTC Holdings’ share price rose by 1.05 per cent to N25.01 per share yesterday at the Nigerian Stock Exchange (NSE), playing the contrarian stock as the downtrend at the stock market continued. The NSE Banking Index dropped by 1.3 per cent, ahead of the 0.82 per cent decline recorded by the overall benchmark index, the All Share Index (ASI).

    Average-year-to-date return at the NSE thus worsened to -8.34 per cent, extending the recent sustained decline to its eighth seventh consecutive trading session. There were 16 gainers against 33 losers. Forte Oil topped the losers’ list with a drop of N9.74 to close at N185.24. Guinness Nigeria dropped by N7.31 to close at N138.93 while Seplat Petroleum Development Company dipped by N4.89 to close at N330.11 per share.

     

  • Skye Bank declares 661m bonus shares as total assets hit N1.4tr

    Skye Bank declares 661m bonus shares as total assets hit N1.4tr

    The board of Skye Bank Plc has recommended distribution of a total of 660.9 million ordinary shares of 50 kobo each as bonus shares to shareholders as the bank grew its balance sheet by about 27 per cent to N1.42 trillion in 2014.

    According to the recommendation released yesterday, shareholders would receive a bonus share for every 20 ordinary shares held by the close of register for the scrip issue. The bonus shares indirectly gave some N1.43 billion to shareholders, according to current valuation of the stock.

    Key extracts of the audited report and accounts of Skye Bank for the year ended December 31, 2014 showed that group total assets rose by 26.8 per cent from N1.12 trillion in 2013 to N1.42 trillion in 2014. Total liabilities also rose by 29.6 per cent to N1.29 trillion in 2014 as against N995 billion recorded in 2013. Loans and advances portfolio grew by 18.4 per cent from N549.9 billion to N651.3 billion. Total equity also increased modestly by 8.9 per cent to N132.3 billion in 2014 as against N121.4 billion in 2013.

    However, the bank’s top-line recorded marginal growth of 3.3 per cent from N132.4 billion in 2013 to N136.7 billion in 2014. Profit before tax meanwhile declined from N19.6 billion to N10.5 billion while profit after tax dropped to N9.7 billion in 2014 as against N18.5 billion reported in 2013. The bank meanwhile grew retained earnings by 71.1 per cent to N33.7 billion in 2014 as against N19.7 billion recorded in 2013.

    The bank indicated that the decline in profit was due to some developments during the year, including elevated impairment charges, regulatory payments, and higher operating cost. It however noted that substantial profit retention underlined the group’s pursuit of growth in a stable, strategic and an enduring manner.

    Commenting on the earnings report, group managing director, Skye Bank Plc, Mr. Timothy Oguntayo said the bank braced the challenging operating environment to carefully grow its risk assets portfolio while attaining a 15.7 per cent growth in deposits.

    He described the performance in 2014 as fairly decent adding that the bank has continued to support customers in critical and productive sectors of the economy.

    Oguntayo pointed out that the recent acquisition of Mainstreet Bank Limited, which has resulted into a much larger franchise of over 450 branches, provides the bank with enhanced capacity to provide easier access to its teeming customers, and explore various opportunities in diverse segments of the Nigerian economy.

    He assured shareholders and other stakeholders that the synergies and economies of scale expected from the acquisition will begin to manifest from the current financial year, while promising current and potential customers of consistent quality service on all electronic platforms and in the business locations.

  • Shell declares force majeure on Forcados crude exports

    Shell declares force majeure on Forcados crude exports

    Shell has declared force majeure on exports of Nigeria’s Forcados crude oil.

    According to Reuters, Shell declared force majeure on the evening on May 5 following “a series of leaks” in the Trans Forcados pipeline that brings oil to the export terminal. The pipeline is operated by the Nigerian Petroleum Development Company (NPDC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC).

    Several cargoes of Forcados for May loading were still on offer, with around 189,000 barrels per day (bpd) scheduled for export in six cargoes. The June export programme, with a total of 158,000 bpd, had not yet started trading, sources said.

    An overhang of light sweet crudes in the Atlantic Basin has depressed differentials to dated Brent and limited the impact of recent supply disruptions on some West African crude oil grades, the report added.

  • Kwara PDP women leader declares for APC

    The Peoples Democratic Party (PDP) Women Leader in Kwara State, Hajia Nimota Suleiman, yesterday declared for the All Progressives Congress (APC).

    Mrs. Suleiman, a close associate of Senator Gbemisola Saraki, dumped the PDP in a resignation letter to the Chairman,  Akogun Iyiola Oyedepo.

    Senator Saraki, on the eve of the Presidential and Parliamentary elections, urged her supporters to vote for APC.

    She said: “I thank you all for always being there for me. All of you know that tomorrow, March 28, is the last Saturday of the month and also the day for the Presidential Election. I urge you to sweep your environment very well with your brooms.”

    The Women Leader said: “I hereby announce my resignation as the Women Leader of the Peoples Democratic Party (PDP) in Kwara State.

    “This resignation is sequel to the defection of my leader, Senator Gbemisola Rukayah Saraki, from the PDP in Kwara State to the All Progressives Congress (APC).

    “Since Senator Saraki instructed her supporters to vote massively for the APC in the state, I have come to the realisation that my membership of the PDP has become untenable.

    “Therefore, in fidelity to her ideology and in solidarity with her political leadership, I Hon. Nimota Suleiman, this day, cease to be the state Women Leader and member of the PDP in Kwara State.

    “I have taken this decision to register my displeasure over the unprecedented neglect women have suffered under the PDP in the state. I believe that there is no justification that of about 40 candidates of the party across the state, not one is a woman, despite the participation of women in the electoral process.

    “As a representative of women in the state executive council (SEC) of the party, I hereby, this day declare my immediate resignation from the PDP in the state.”

  • Ezekiel Mbah declares self fit ahead of Tetouan tie

    Ezekiel Mbah declares self fit ahead of Tetouan tie

    Kano Pillars striker Ezekiel Mbah has declared himself fully fit and ready to face Moroccan side Moghreb Tetouan this weekend in a rescheduled CAF Champions League first leg match in Morocco.

    Mbah spoke to footballlive.ng at the Aminu Kano International Airport shortly before the team’s departure for Morocco midnight Tuesday that the players are ready for the challenge but called on Nigerians to pray for the team to secure a good result in Morocco ahead of the club’s return leg in Kano.

    “We are strong enough to play the game now. Gambo Mohammed is still on the hospital bed right now. The only thing Nigerians have to do for us right now is to pray for Kano Pillars to win in Morocco because playing with North African teams is not easy. They know how to play better than us and they are faster than us as well,”he said.

    The Moroccan side will be at home against  Kano Pillars on Friday while the second match will be at the Sani Abacha Stadium in Kano on April 4.

    Kano Pillars were attacked earlier this month by armed robbers in Abaji, a town near Abuja while travelling by road to Owerri to honour a league game against Heartland FC in Nigeria, leaving five of their key players injured.

    The incident led to Kano Pillars’ schedule in the Nigerian league and the CAF Champions League to be moved forward.

  • Nestle Nigeria declares N13.9b dividend

    Nestle Nigeria declares N13.9b dividend

    The board of directors of Nestle Nigeria Plc has recommended distribution of N13.87 billion to shareholders as final dividends for the immediate past business year ended December 31, 2014. Nestle Nigeria had earlier distributed N7.93 billion as interim dividends. This final dividend recommendation brings total dividend for the year to N21.8 billion.

    A breakdown of the dividend recommendation shows that shareholders would receive a final dividend per share of N17.50, bringing total dividend per share for the year to N27.50. The final dividend is expected to be approved by shareholders at the company’s annual general meeting on May 11, 2015 and will subsequently become payable as from May 12, 2015 to shareholders on the register of the company as at the close of business on Friday, 24 April 2015.

    The final dividend is being paid from the pioneer profits of the company and as such not subject to deduction of withholding tax.

    Key extracts of the audited report and accounts of the company for the year ended December 31, 2014 showed that turnover rose by eight per cent from N133.08 billion in 2013 to N143.3 billion in 2014. Profit before tax however dropped from N26.05 billion in 2013 to N24.4 billion in 2014. Profit after tax was almost unchanged at N22.24 billion in 2014 as against N22.26 billion in 2013.

    Directors of the food company described the performance as satisfactory citing the tough macroeconomic environment and the devaluation of Naira.

    “We are pleased with the turnover growth despite the challenging macro-economic environment. It is encouraging that we sustained almost the same level of profit after tax in 2013 notwithstanding the devaluation of the Naira which increased our net finance costs,” the company stated.

    According to the company, it will continue to increase its marketing investments, accelerate innovation and ensure that its pricing is always sensitive to consumer needs.

    Analysts a FBN Capital noted that Nestle Nigeria’s top-line performance was constrained by similar headwinds faced by other consumer goods companies such as increased competition across various product segments, insecurity in northern Nigeria and lower discretionary income.

    Analysts pointed out that devaluation of Naira and foreign exchange could further negatively impact the company’s profitability.

    “We do not expect the proposed dividend to impress the market; instead we expect the market’s reaction to the results to be negative given the weak underlying performance,” FBN Capital stated.

  • Aluko declares war against Lokeren

    Aluko declares war against Lokeren

    Nigeria international Sone Aluko has said he is battle ready to face Belgian Cup winners Lokeren in a UEFA Europa League playoff.

    His winning goal against Slovak club Trencin in a 2-1 win gave City Hull their first victory in the competition.

    Hull City progressed to next stage of the Europa League in their first appearance on the continent with a 3-2 aggregate win.

    Former Aberdeen and Rangers forward Aluko was introduced to the game in the 74th minute for Shane Long and scored the winner six minutes later.

    “To be honest, I wasn’t too fussed about who we got, but I’m happy that the draw is favourable for the fans,” the former Aberdeen and Birmingham City winger told Mirror of UK.

    “Hopefully, we’ll be able to take a strong support over there.”

    The first leg will be played on August 21 in Belgium, while the second leg will take place in England a week later. The overall winners of this tie will qualify for the mini-league stage of the second-tier club competition.

  • Nigeria needs prayers, cleric declares

    The District Superintendent of the Apostolic Faith Church in West Africa, Rev. Emmanuel Adeniran, has called for intense prayers to save the nation.

    Nigerians, he stated, need prayers that move the hands of God and flow from pure hearts.

    He spoke at the West and Central (WECA) District Headquarters of the church in Anthony Village Lagos with reporters on the camp meeting that commences today.

    The meeting ends on August 24, according to him.

    Adeniran said: “At the, moment, the stability of our nation is greatly threatened and the future will forever remain lost in oblivion, should we fail to heed the call of our creator.

    “For every fabric of our society to experience true salvation and transformation, we must all resolve to experience the true transformation and cleansing from within through the shed blood of our lord and saviour, Jesus Christ.”

    This year’s meeting, according to Adeniran, commemorates the 70th anniversary of the church.

    On what to expect at the camp, he said: “It is a period of spiritual rejuvenation wherein we converge with great expectation to hear, receive and be blessed of God.

    “It is a time set aside and ordained by God through His divine purpose to bless, heal and deliver both the spiritually and physically oppressed.”

  • Imo declares ex-council boss, contractor wanted

    Imo State government has declared the ex-sole administrator of Onuimo Local Government, Mr. Jeff Imo and the Managing Director of LUFRANZA Construction Services, Mr. Chike Egbojimba, wanted over an alleged failed road contract.

    But Egbojimba denied the allegation, describing the government’s action as an attempt to tarnish his image and reputation.

    Government said in a statement by the Chairman of the Task Force Committee on Rural Roads and the Chief of Staff to the Government House, Sir Jude Ejiogu, that the duo were declared wanted, following their refusal to honour the invitations given them by the committee to explain why they allegedly abandoned a contract awarded to them after collecting mobilisation fees.

    The statement added that the committee has given the contractor and the former council boss 48 hours to appear before the Commissioner of Police, Imo State Command or the Director of the State Security Service, urging the public to assist with information that could aid the arrest of the contractors.

    The committee has also directed the following contractors: A.I.L Construction Company, Hyfield and Allied Services, Bontex Construction Company and Wons Engineering Company Limited; who were awarded contracts for the building of rural roads in Ikeduru Local Government, to report to it within 48 hours or be declared wanted.

    The committee chairman said the action became necessary to ensure that contractors, who had been paid, did not abandon projects, adding that government would not tolerate abandonment of projects after collecting mobilisation fees.

    Egbosimba said there was no reason for the government to declare him wanted because he never abandoned any contract.

    He said part of the agreement for the two-kilometre road contract awarded to his firm at the cost of N120million was that he was supposed to be paid N60million per kilometre, but he was not paid, adding that he had completed 1.7 kilometre with asphalt, using the little money initially paid to him.

    The managing director said since he started the contract, he had been receiving the money in bit from the former sole administrator, whom he accused of using his company to allegedly defraud the government.

    Debunking the allegation that he has gone into hiding, Egbosimba said he has attended the meetings of the committee where he explained his predicament.

  • Fani-Kayode: Drama as court declares EFCC’s witness hostile

    There was drama at the Federal High Court in Lagos yesterday as Justice Rita Ofili-Ajumogobia declared a witness presented by Economic and Financial Crimes Commission (EFCC) as hostile.

    The witness, Ojo Agbor, was testifying in the trial of a former Aviation Minister Femi Fani-Kayode for alleged money laundering when the prosecutor, Mr Festus Keyamo, applied to the court to declare him a hostile witness.

    Keyamo said Agbor’s testimony was totally different from what was in his statement to the EFCC.

    The lawyer also alleged that the defence had “coached” the witness on what to say in court.

    “He has been coached. That is why he has been running away despite different invitations to testify. We had to write his director to produce him this morning,” Keyamo said.

    After the judge declared Agbor a hostile witness, Keyamo accused the witness of deliberately lying to the court.

    He also alleged that the witness and Fani-Kayode had communicated through phone prior to yesterday’s proceedings.

    “Your phone record will show that you have called the accused person or the accused person has called you,” Keyamo said. The witness replied: “He has not called me.”

    Keyamo said: “I want to put it to you that you’re here today to tell deliberate lies,” to which Agbor said “No”.

    Keyamo also alleged that Fani-Kayode was giving the witness signals on what to say during proceedings.

    When Fani-Kayode turned to gaze at Keyamo in a look of denial, Keyamo said: “The accused person is looking menacingly at me,” adding jovially: “The way he’s looking at me is like we’re dragging one girlfriend.”

    The witness said the statement he made to EFCC was not voluntary.

    According to him, the commission’s officials asked him to lie, otherwise he would be charged along with Fani-Kayode.

    Agbor began his testimony by saying someone else, a property manager, gave him various amounts money to pay into Fani-Kayode’s account. The money, he said, was proceeds of a property sale.

    He said he was given N3 million and other amounts by a man he called Kola.

    But in his statement to the EFCC, which he read out in court on Keyamo’s prompting, he stated that Fani-Kayode gave him all the money directly.

    During cross-examination by defence counsel Mr Ifedayo Adedipe (SAN), Agbor said he was “slapped” by an EFCC official and threaten to “co-operate”.

    “On 26th November, 2006, some Mopol (mobile police officers) arrested me and took my car key. I asked them ‘Where are you taking me to’?

    “One of them landed me a slap and said I was a thief. They took me to EFCC’s office, locked me in a room, and asked me to tell them what I know about Fani-Kayode.

    “I told them it was one Mr Kola that gave me the money I deposited into my boss’ account.

    “They then told me that I should write that it was Fani-Kayode, who gave me the money to deposit. They threatened to make me an accomplice if I didn’t write that Fani-Kayode gave me the money. My Lord, I had no option than to write,” Agbor said.

    The witness said EFCC sent him a letter on April 24, asking him to testify.

    “Keyamo told me that I should not change what I said in my statement. I said I was not going to lie,” he said.

    During re-examination, Agbor said the officers who arrested him were different from those who took his statement, and that he could not remember their names.

    Justice Ofili-Ajumogobia adjourned till June 24 for continuation of trial.