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Tag: INTERIM

  • Interim management committees resume in 18 Ondo councils

    Interim management committees resume in 18 Ondo councils

    The interim management committees appointed for the 18 local governments and 33 Local Council Development Areas (LCDAs) by Governor Oluwarotimi Akeredolu have resumed, despite a court order barring the governor from swearing them in.

    An Akure High Court presided over by Justice Yemi Fasanmi had granted an interim injunction filed by the opposition Peoples Democratic Party (PDP), which sought to restrain the defendants from inaugurating the committee.

    Defendants were Governor Akeredolu, Speaker of the House of Assembly and Attorney General and Commissioner for Justice.

    The PDP had asked the court to restrain the defendants from inaugurating any person or persons not democratically elected as member(s) of caretaker committees to administer the affairs of the councils and LCDAs pending the determination of the interlocutory injunction.

    However, before the PDP secured the injunction, the appointed interim management committees for the councils and LCDAs had been cleared by the assembly.

    It was gathered that the caretaker chairmen were asked to resume, based on the screening and oath administered during the assembly screening.

    Read Also: Igboho to security agencies: step up efforts against killer herders

    Government sources said the PDP injunction had become an academic exercise, as it could not stop an action already taken.

    Another source said the court injunction was sponsored by some APC chieftains, who wanted to cause crisis ahead of the party primary for next year’s governorship election.

    The source said the plan by the APC chieftains was to stop Akeredolu from installing his preferred successor.

    Speaking at a news briefing, Caretaker Chairman for Irekari LCDA, Steve Otaloro, said he was committed to running an open government that encouraged participation of communities.

    He said he would resume today, adding that he had already taken oath of office during the screening by lawmakers.

    “I am going to involve the people. By involving people, the LCDA can achieve greater progress and ensure that the dividends of democracy reach every citizen.”

  • Access Bank rallies as shareholders get N5.7b interim dividend

    Access Bank rallies as shareholders get N5.7b interim dividend

    Access Bank Plc was a major contrarian stock in the negative trading at the Nigerian stock market yesterday as the top-tier commercial bank released its half-year earnings report, showing impressive growths across key fundamentals.

    On the strength of the six-month earnings, which saw 43 per cent growth in gross earnings and 39 per cent in profit after tax, the board of the bank has recommended distribution of N5.72 billion as interim dividend to shareholders. The breakdown of the dividend recommendation indicated that shareholders on the register of the bank as at the close of business on September 3, 2015 would receive a dividend per share of 25 kobo. More than 830,000 shareholders would benefit from the interim dividend, which becomes payable on September 10, 2 105.

    Against the average decline of 0.98 per cent, Access Bank’s share price rose by 4.91 per cent, the fourth highest percentage gain, to close at N4.29 as the news made the round at the Nigerian Stock Exchange (NSE).

    Key extracts of the audited report for the six-month ended June 30, 2015 showed that gross earnings rose by 43 per cent to N168.3 billion in first half 2015 as against N117.9 billion recorded in comparable period of 2014. The top-line was boosted by an 18 per cent increase in interest income to N98.9 billion in the first half of 2015 compared with N83.6 billion in the comparable period of 2014. Group profit before tax leapt by 44 per cent to N39.1 billion as against N27.1 billion in previous year while profit after tax grew by 39 per cent to N31.3 billion in first half 2015 compared with N22.6 billion in first half 2014.

    Non-interest income had risen by 101 per cent to N69.4 billion in first half 2015 as against N34.6 billion in first half 2014. Return on average equity improved to 21.6 per cent in first half 2015 from 16.5 per cent in 2014.

    Group managing director, Access Bank Plc, Mr. Herbert Wigwe said the results reflect the bank’s concerted efforts to deliver on its growth objectives for 2015.

    According to him, while the first half of the year was defined by significant macro-economic and policy headwinds with major impact on all aspects of its business, the group despite those challenges reported improved profits in the first half of the year with significant contributions from its securities trading business.

    He commended the strong support from shareholders of the bank noting that the success of the recently concluded rights issue which raised N41.8 billion has placed the bank in a stronger position.

    “With our capital position secure, our priority will be to focus on; driving migration of our customers to alternative platforms  to boost profitability of our channels; implementing  our customer service improvement initiatives; generating low-cost liability from continued engagement with customers; growing risk assets by deepening market share in target sectors; optimising and improving penetration of our customers’ value chain and driving operational efficiency through  cost containment and procurement optimization measures,” Wigwe said.

  • Seplat declares interim dividends as net profit drops by 62%

    Seplat Petroleum Development Company Plc recorded low performance in the third quarter as net profit dropped by 62 per cent to N13.6 billion.

    The board of directors of Seplat Petroleum Development Company Plc has however recommended distribution of interim dividend of $0.04 or four cent to shareholders of the upstream oil company.

    Shareholders whose names are found on the company’s register at the close of business on October 29, 2015 will be entitled to the cash benefit. Nigerian investors and others who may opt to receive their dividends in Naira will use the exchange rate on October 29 to determine the equivalent Naira value.

    The nine-month report for the period ended September 30, 2015 showed that profit after tax dropped from N35.4 billion in 2014 to N13.6 billion in 2015. Profit before tax had dropped from N35.4 billion to N13.54 billion. Operating profit also declined from N39.51 billion to N22.69 billion while gross profit slumped to N38 billion in third quarter 2015 as against N54.6 billion in third quarter 2014. The oil company’s turnover had dropped from N92.01 billion to N83 billion.

    The council of the Nigerian Stock Exchange (NSE) had recently approved application by Seplat to create a multi-million shares employee incentive scheme that will ensure periodic distribution of the equities of the oil and gas exploration and production company to employees. Seplat is listed on the NSE and the London Stock Exchange (LSE).

    With the approval, Seplat will finalise the process of establishment of an “Employee Long-Term Incentive Plan” under which more than 10.13 million ordinary shares of 50 kobo each will be warehoused and distributed to pre-qualified employees of the oil company. The approved initial shares are currently valued at about N2.48 billion. Seplat opened this week at N244.69 per share.

    The “Employee Long-Term Incentive Plan” is the final phase of a two-part incentive scheme under which the six-year old company plans to reward directors and employees, especially those executives and directors that contributed to its hugely successful initial public offering (IPO).

    After a highly successful global IPO of $500 million, Seplat had made history mid April 2014 as the first upstream company to be listed on the NSE. It also simultaneously listed its shares on the LSE. The initial offer size of the IPO was expected to raise gross proceeds of approximately $500 million, equivalent to £300.9 million and N82.5 billion. It was however oversubscribed. It subsequently increased its capital base by about N5.78 billion with the absorption of the oversubscription from the IPO by adding 10.03 million ordinary shares of 50 kobo each to its shares. The company attributed the additional shares to oversubscription and allotment that resulted from the IPO.

    The Nation had earlier exclusively reported that Seplat Long Term Incentive Plan (LTIP) consists broadly of two components including share incentives related to the company’s successful global initial public offering and annual share bonus.

    Under the global IPO bonus scheme, the company would issue bonus shares to directors and senior management staff at nominal cost to the company.

    The company will issue ordinary shares to its executive directors and senior management as a reward for their contribution to achieving a successful global offer as stated in the prospectus dated April 9, 2014. A total of 7.75 million ordinary shares qualify as global offer bonus shares out of which 3.87 million shares vest immediately but will be held till 2015 and 3.873 million shares will vest after two years.

    Also, the company will also issue unspecified ordinary shares under its annual share incentive scheme.  The annual bonus scheme is a performance-related deferred annual bonus award by reference to performance against objective performance targets during the previous financial year.

  • UBA declares N7.2b interim dividend in first half

    UBA declares N7.2b interim dividend in first half

    Shareholders of United Bank for Africa (UBA) Plc would share a total of N7.2 billion as interim cash dividends as the bank’s net profit rose by 40 per cent in the first half.

    The board of directors of UBA yesterday announced that shareholders would receive a dividend per share of 20 kobo on September 16. The dividend recommendation was part of the highlights of the bank’s earnings report for the half-year ended June 30, 2015.

    UBA’s share price rose by 4.85 per cent at the Nigerian Stock Exchange (NSE).

    The six-month earnings report showed strong growth in earnings and profits, as the bank continued to optimize its pan-African African network, which now contributing to over 23 per cent of profit after tax.

    Key extracts showed that gross earnings rose by 21 per cent to N166.9 billion by June 2015 compared with N138.2 billion in comparable period of June 2014. Profit before tax grew by 35.1 per cent to N39.0 billion as against N28.89 billion recorded in corresponding period of 2014. Profit after tax jumped by 40 per cent to N32 billion in 2015 compared with N22.86 billion posted in comparable period of 2014. Earnings per share increased from 71 kobo to 94 kobo.

    Commenting on the results, group managing director, United Bank for Africa (UBA) Plc, Mr. Phillips Oduoza said the results showed the resilience of the bank’s business strategy in the face of the challenging operating environment.

    “Our business strategy has proved to be resilient, balancing prudence, with an ability to significantly grow bottom line and continue to focus on operating effectiveness. We look forward to continuing to support our customers and working with them to achieve financial success for them and the wider Nigerian and African economies,” Oduoza said.

    He said the bank’s bottom-line reflected better extraction of value across all business segments and ongoing process optimization.

    According to him, it was also satisfying to see the bank’s cost-to-income ratio decline further while the bank has maintained a healthy loan book, a tribute to both its risk management and to the robustness of its clients’ businesses, with non-performing ratio at just 1.8 per cent of total loans granted, one of the lowest in the banking industry.

    “We understand that many in Nigeria are facing difficult economic circumstances and we are very much shouldering our responsibility to support and grow wealth creation,” Oduoza said.

    Speaking on the performance of the bank’s African subsidiaries, group chief financial officer, UBA, Ugo Nwaghodoh said the bank’s businesses in other African countries have started to significantly impact the group’s returns, contributing 23 per cent of profit after tax, with an even stronger outlook.

    He said recent initiatives taken by the bank to improve operational efficiencies have been yielding positive results, thus reinforcing optimism on the future of UBA’s African business.

  • Zenith Bank declares N7.85b interim dividend

    Zenith Bank declares N7.85b interim dividend

    The board of Zenith Bank Plc has recommended distribution of about N7.85 billion as interim dividend to shareholders of the bank, setting a new path with its first-ever interim dividend.

    A dividend recommendation released yesterday at the Nigerian Stock Exchange (NSE) indicated that shareholders would receive an interim dividend of 25 kobo per share. The qualifying date for the dividend is August 21, 2015 while the register will close on August 24, 2015.

    The first-ever interim dividend highlighted considerable improvements in the earnings of the bank in the first half. Zenith Bank recently adopted a new financial reporting policy of publishing audited half-yearly results.

    Key extracts of the six-month audited report and accounts for the period ended June 30, 2015 showed that gross earnings rose by 24 per cent from N184.4 billion in June 2014 to N229.08 billion in 2015. Net interest income grew by 14 per cent from N98.6 billion in 2004 to N112.6 billion for the period ended June 30, 2015.

    Group profit before tax increased by 24 per cent from N58 billion to N72 billion while profit after tax rose to N53 billion as against N47 billion in 2014. Customers’ confidence in the Zenith Bank increased during the period under review as deposits rose from N2.5 trillion to N2.6 trillion, just as total assets stood at N3.8 trillion in 2015 as against N3.7trillion in 2014. Gross loans and advances grew by 10.4 percent without compromising the asset quality as evidenced by a best-in-class low cost rate of 0.8 percent, which is below industry average non-performing loan (npl) ratio of 1.44 percent.

    The bank’s outstanding service delivery has won numerous international endorsements and awards, including Best Bank in Corporate Governance in Nigeria by Global Banking and Finance (2015), Best Customer Service Bank in Nigeria by Global Banking and Finance (2014) and the Most Customer-Focused Bank in Nigeria by KPMG (2014).

    The bank only recently scored another first, becoming the first Nigerian institution to be awarded a triple ISO certification by the British Standards International (BSI): the ISO 22301, 27001 and 20000 standards.

    The bank had stated that the three standards, which require the bank to subscribe to internationally accepted principles and standards, will deepen customer experience through greater information security and information technology management system that emphasize the protection of the customers and their investments in an increasingly unpredictable business environment.

  • APC accuses PDP of secret push to instal interim govt

    APC accuses PDP of secret push to instal interim govt

    PDP disowns anti-polls leaflets

    Is an interim government on the cards?

    Yes, the All Progressives Congress (APC) said yesterday.

    It alleged that the Federal Government and the ruling Peoples Democratic Party (PDP) had started a clandestine campaign, lobbying emirs and other opinion leaders to accept an Interim Government from May 29 —the Dr. Goodluck Jonathan administration’s terminal date.

    Minister of Justice and Attorney General of the Federation Mohammed Adoke has said an interim government was not being considered because it is not in the Constitution.

    The APC claimed that the PDP was scheming against elections because of the fear of defeat.

    The PDP, APC alleged, is behind the distribution of leaflets in Gombe, the Gombe State capital, at the weekend, warning people against voting in the elections.

    In a statement yesterday by its National Publicity Secretary Alhaji Lai Mohammed, the APC said:

    ‘’It is an open secret that their emissary is touring the North, meeting with Emirs and others to push for an interim government. It has also been revealed how they plan to use the National Assembly to seek tenure elongation. Never before has a sitting government been this desperate to avoid elections. This election phobia by a sitting government is a first in contemporary history.’’

    Former President Olusegun Obasanjo on Saturday accused President Goodluck Jonathan of being behind the shift of elections, saying the President wants to go the way of former Ivory Coast President Laurent Gbagbo, who shifted elections many times until he felt he was in a position to win. When the election was eventually held, Gbagbo lost, but he refused to handover until he was disgraced out of power.

    The elections were rescheduled from February 14 and 28 to March 28 and April 11.

    The APC insisted yesterday that the PDP is “mortally afraid” of the general elections, “sponsoring the circulation of leaflets urging the people of Gombe to stay away from polling booths on election days or they will be in trouble”.

    The APC said “even the attack on Gombe on Saturday was suspect, wondering how Boko Haram insurgents will drive on the highway from Maiduguri to Gombe in a convoy of many vehicles without being spotted or stopped at the myriad of military checkpoints dotting the area”.

    It described as “curious that the Boko Haram terrorists, who have never mentioned the elections in their regular videos on YouTube, have suddenly started campaigning against the conduct of elections”.

    The party also noted that the local government elections in Yobe, one of the hotbeds of the Boko Haram insurgency, went without any incident in 2013, indicating that there has not been a systematic campaign by the insurgents to attack voters.

    ‘’Part of the strategy of the PDP and the Jonathan Administration is to depopulate perceived opposition strongholds through all sorts of dangerous measures, and this scaremongering, supposedly by Boko Haram, fits into that strategy. They are also the unseen hands behind the advertisement by faceless groups, urging Muslims to vote for Muslim candidates. It is in line with their exploitation of religious and ethnic fault lines to divide Nigerians,’’ the party said.

    The APC said the alarm raised by Mike Omeri, the Coordinator of the National Information Centre, that some female suicide bombers may strike at polling units during the elections, also fits into the PDP/Jonathan Administration’s opposition stronghold depopulation strategy.

    ‘’It is now very clear to Nigerians that the PDP-led Federal Government does not want the forthcoming elections to hold, because it is guaranteed a shellacking. First the government sponsored a campaign to postpone the elections because of low PVC distribution. When they realised the number of PVCs collected was growing and that their argument might no longer be tenable, they suddenly used security as an alibi, abandoning their earlier push for the election shift on the basis of low PVC distribution.

    ‘’After they succeeded in forcing the postponement, they launched another campaign for the PVCs and the Card Readers to be jettisoned in favour of TVCs, because that will allow them to rig, if indeed the elections proceed in spite of them. Those campaigning against the use of PVCs and Card Readers have forgotten that Ghana successfully used the same technology in its last elections, and that it is not rocket science,’’ the party said.

    The party urged President Goodluck Jonathan not to plunge Nigeria into a crisis or give the country the Gbagbo treatment, all in pursuit of personal interest at the expense of national interest.

    ‘’The plot that landed Ivory Coast under Laurent Gbagbo in hot water, and for which Gbagbo is currently cooling his heels in a holding cell at the International Criminal Court (ICC) at The Hague, was not as elaborate as that being pushed by the PDP and the Jonathan Administration. That is why we are urging them to tread softly and save Nigeria from crisis.

    ‘’We know Nigerians have seen through the games being played by the PDP and the Jonathan Administration. Nigerians and the entire world know those who are behind the election postponement, the myriad of court cases seeking to disqualify our presidential candidate, the ongoing efforts to depopulate opposition strongholds, the devilish advertisements seeking to use ethnicity and religion to divide Nigerians, the campaign to jettison the PVCs and Card Readers in favour of TVCs as well as the tenure elongation and interim government options.

    ‘’That is why we are calling on all lovers of democracy to be vigilant in the run-up to the rescheduled polls, and for them to insist that nothing but the holding of the elections will be acceptable to Nigerians,’’ it said.

  • APC rejects interim govt, election shift

    APC rejects interim govt, election shift

    •Party says polls must hold as scheduled

    ALL Progressives Congress (APC) has said it will neither accept an interim government nor a postponement of next month’s elections, as being advocated by certain individuals.

    The party insisted that the elections must hold as scheduled on February 14 and 28, 2015.

    Its National Publicity Secretary, Alhaji Lai Mohammed, in a statement in Lagos yesterday, warned that any attempt to scuttle the polls in preference for any other arrangement would be resisted through available constitutional means.

    The statement said: “We are aware that those who are not comfortable with the turning of the political tide in favour of the opposition ahead of the elections are scheming to abort a possible victory for our party, through either an interim government or a postponement of the elections.

    “These enemies of Nigeria include those who are worried about the strong anti-corruption stance of our party and its avowed commitment to good governance, and those who favour the status quo of anything goes, bad governance and massive corruption that have left Nigerians deeply pauperised and traumatised.”

    APC said those who might consider the two scenarios of interim government and postponement of the elections as outlandish should consider the published, but yet unrefuted statement by Deji Adeyanju – said to be an official in the Office of the Senior Special Assistant to the President on Public Affairs, Dr. Doyin Okupe.

    The party quoted Adeyanju, who handles Dr. Okupe’s Twitter Account, as saying in a Blackberry Messenger (BBM) statement: “Buhari can never be President of Nigeria. Quote me any day any time. Instead of Buhari to become President of Nigeria, Nigeria would rather break up.

    “A military coup will even be allowed than for Buhari to become the President of a democratic Nigeria. Quote me any day, any time.”

    The party said since the statement had not been refuted, it could safely be concluded that the BBM represented the thinking in the Presidency circles.

    The statement added: “If a citizen is advocating a military coup against a sitting government just to prevent a supposed election victory of the opposition; it is nothing short of treason. Yet, the security agencies that have been falling over themselves, warning against incendiary and inciting statements, have not yet swung into action over this inciting statement. This is not encouraging vis-a-vis the non-partisan stance of the security agencies.

    “The truth is that what could as well be a Freudian slip by Adeyanju has exposed the depth of panic and desperation in the Presidency ahead of next month’s polls. This has also confirmed that those who have been canvassing, either openly or otherwise, the options of interim government or postponement of the elections, are working at the behest of certain forces.”

    The party, therefore, called on Nigerians to be vigilant and be ready to do everything under the law to protect the nation’s democracy; imperfect as it might be.

    It also alerted the international community to the evil machinations of some desperate politicians ahead of the general elections.

    ‘’Our stand is simple, but needs to be restated: the 2015 general elections must hold as scheduled all over Nigeria, and our party is ready for the elections. As we stated earlier, we will only accept the outcome of a free, fair, credible and transparent elections; not that of manipulated polls.

    “We will also not agree to the postponement of next month’s elections under any guise, and an interim arrangement plot is totally unacceptable to us.

    “We challenge the ruling PDP to also state its own stand on next month’s polls for the world to note.

    ‘’We also challenge the Presidency to state its own stand and to also distance itself from the anarchic and treasonable statement by one of its own over the forthcoming polls,” APC said.

  • FHA gets technical board, interim managers

     

     

    •Firm holds promo

    the Managing Director  Beryl Shelter Limited (BSL), Mrs. Abiola Afolayan, has advised prospective investors in the property sector to invest wisely and seek quality guidiance before buying any property if the property so invested in is to give the maximum benefit to its owner.

    Mrs Afolayan also added that a good property should give a minimum of 10 per cent per annum on the investment.

    The property market, she further noted, is booming because of the available funding, especially as more banks are willing to give credit facilities.

    “Investment in the real estate market will always remain a wise priority. Traditionally, investment in this sector provides a higher growth potential than other forms of investment, and being a home owner gives most people a great deal of personal satisfaction, but there is also the need to make a good judgement on this, and that is where we have comparative edge,” Mrs Afolayan said.

    Similarly, the firm’s Chairman, Mr. Babajide Sanwo-Olu, said the firm was set to cause a stir in the sector with its unparalled product offering.

    Therefore, he said, what BSL offers will bring about a change in the market, especially in how buying and selling is done. “We have taken it upon ourselves to take the lead in how people do business in this sector; we are improving the financial welfare of the people,”she reasoned.

    Meanwhile, BSL has announced a promo to reward referrals made to her by the public. Tagged the “Felix Grand Promotion”, it is targeted at property owners and those who desire either to sell or rent out properties.

    According to Mrs Afolayan, the promo is aimed at ensuring   that the firm retains patronage of 30 per cent share of the property needs of the medium to high income earners.

    Under the promo, the firm is offering a free Hyundai Elantra car, as the star prize, for property referrals to the tune of N100 million.

    She explained: “Simply introduce to our company anyone who you know wants to buy, sell or rent a property and you get a free gift for your referral.”

    Items to be won include an iPhone, 11 KVA generator, washing machine, and gas cooker.

  • GTBank declares N7.36b interim dividends amidst tight bottom-line

    GTBank declares N7.36b interim dividends amidst tight bottom-line

    Guaranty Trust Bank (GTBank) Plc yesterday released its much-awaited audited report and accounts for the first half of 2014, with a recommendation to distribute about N7.36 billion as interim dividends to shareholders.

    Key extracts of the six-month report for the period ended June 30, 2014 indicated a modest growth in the top-line but the bank’s bottom-line was notably constrained by almost a triple in loan loss provisions. While gross earnings rose by 7.0 per cent, pre and post tax profits declined by 7.0 per cent and 10 per cent respectively.

    The gross dividend of N7.36 billion represents a dividend per share of 25 kobo, the same rate that the bank paid in the previous year. The dividend will be paid on September 18, 2014 to shareholders on the register of the bank as at September 4, 2014.

    Gross earnings stood at N132.99 billion in first half 2014 as against N124.20 billion in corresponding period of 2013. Interest income had risen by 8.0 per cent from N92 billion to N99.7 billion. A disproportionate increase in interest expense by 20 per cent from N23.46 billion to N28.15 billion depressed net interest expense growth to 4.0 per cent at N71.56 billion in 2014 as against N68.54 billion.

    With loan loss expenses rising by 287 per cent from N1.32 billion to N5.10 billion, the bank’s pre-tax profit slipped from N57.36 billion to N53.40 billion. After taxes, profit after tax also dropped from N49.01 billion to N44.01 billion. Earnings per share stood at N1.55 in first half 2014 as against N1.73 in first half 2013.

    Managing director, Guaranty Trust Bank Plc, Mr. Segun Agbaje, attributed the decline in the bottom-line to challenges in the operating environment, especially increasing regulatory headwinds, and the loan loss provision made during the period.

    According to him, the impairment charge was as a result of a significant loan that the bank decided to provide for following the demise of the obligor; in line with its laid down corporate governance practices.

  • Interim APC chair in Anambra

    The All Progressives Congress (APC) has appointed former state chairman of the All Nigeria Peoples Party (ANPP), Pat Orijiakor, as its interim Anambra State Chairman.

    Former Deputy National Vice Chairman Annie Okonkwo, who resigned his position in Awka on Monday, said Orjiakor’s appointment was to make sure the party was not lagging behind.

    Okonkwo said: “The party has found out that the only person to lead, pending ratification of every other thing, is Orjiakor.

    “The gentleman is a vibrant person with vision; and for our party to move ahead of others, we have to appoint him before a substantive chairman emerges.

    “APC cannot be allowed to operate in a vacuum; it has been like sheep without a shepherd, so we cannot continue like this.”

    Orijiakor said: “It is the handiwork of God for me to lead the eminent persons in APC, but what I am promising members is that I will not fail them.

    “This is the era of truth, I will not lead my members astray, but one thing is sure, and that is APC is going to take over from Governor Peter Obi on March 17, next year.”