Tag: rebounds

  • Standard Alliance rebounds with N65.6m profit

    Standard Alliance Insurance Plc has witnessed a strong recovery in the immediate past business year, pulling away from a net loss of N1.34 billion to close the year with a pre-tax profit of N65.56 million.

    Key extracts of the audited report and accounts of Standard Alliance Insurance for the year ended December 31, 2017 released at the weekend at the Nigerian Stock Exchange (NSE) showed considerable growths in the top-line and the bottom-line.

    Gross premium rose from N4.38 billion in 2016 to N4.84 billion in 2017. Profit before tax stood at N65.56 million in 2017 compared with pre-tax loss of N1.21 billion in 2016. After taxes, net profit stood at N58.55 million in 2017 as against net loss after tax of N1.34 billion in 2016. With these, earnings per share turned positive at 0.45 kobo in 2017 as against net loss per share of 10.13 kobo in 2016.

    Also, first-quarter report for the three-month ended March 31, 2018 showed a positive start in 2018 as gross premium rose from N1.0 billion in first quarter 2017 to N1.25 billion in first quarter 2018. Profit before tax increased from N323.29 million to N477.38 million while profit after tax rose from N270.91 million to N406.40 million. Earnings per share improved from 2.50 kobo to 3.70 kobo.

    However, the company witnessed a contraction in the second quarter. Key extracts of the interim report for the half-year ended June 30, 2018 showed that gross premium declined from N3.15 billion in half-year 2017 to N2.35 billion in half-year 2018. Profit before tax dropped from N480.85 million to N337.45 million while profit after tax declined from N379.76 million in half-year 2017 to N284.95 million in half-year 2018. Earnings per share consequently declined from 4.01 kobo to 2.61 kobo.

    Standard Alliance Insurance had in 2017 completed its business combination with Standard Alliance Life Assurance Limited by issuing 917.86 million ordinary shares to shareholders of Standard Alliance Life Assurance Limited to take over all assets and liabilities of the firm.

    According to the scheme of merger, five ordinary shares of Standard Alliance Insurance were exchanged for seven ordinary shares of Standard Alliance Life Assurance Limited.

    The NSE had suspended trading on Standard Alliance Insurance and seven other companies for failing to submit their earnings reports within the required timeline.

    Post-listing rules at the NSE require quoted companies to submit their audited earnings reports, not later than 90 calendar days, or three months, after the expiration of the period.The rules also require quoted companies to submit interim report not later than 30 calendar days after the end of the relevant period.

    With the submission of the report, the suspension on the stock is expected to be lifted this week.

     

  • Remi Ajidahun rebounds

    Once-upon-a-time happening dude Remi Ajidahun is back in town with a big bang. Before a whirlwind of controversy blew him away from the social radar, Ajidahun was a force who rode the horse of fame like conquering Caesar striding into a kingdom. He lived life to the hilt, maintaining his extravagant lifestyle with endless supply of money from his political and business connections.

    The one-time senior special assistant to former aviation minister, Femi Fani-Kayode, was even at one point a political bouncer who held the access keys to some political bigwigs. He was one of the guys who made things happen in the corridors of power. However, those who rise with their masters often fall with them, and so it was with Ajidahun, the Vice Chairman of Hole 19, an exquisite fun spot on Victoria Island. As FFK’s fortunes began to wane, he lost his influence and had to lie low.

    Having spent some years in the wilderness, Ajidahun is on a rebound on the scene with the opening of the Tag Heuer Franchise Store in Abuja. Tag Heuer is a Swiss luxury watch designer and one of the household names among celebrities. In what amounts to a successful coup, Remi is now an authorised seller of the Swiss watchmaker’s brands in the country. He is already enjoying huge patronage from celebrities with strong appetite for luxury wears.

  • Naira rebounds, exchanges at N300/$ in parallel market

    Naira rebounds, exchanges at N300/$ in parallel market

    The Federal Govern-ment’s insistence not to devalue the naira is paying off, as the local currency firmed yesterday against the greenback, exchanging for between N300 and N310 to the dollar at the close of business.

    It gained about 20 per cent from its Tuesday’s N364 exchange rate to the dollar. A source at the Central Bank of Nigeria (CBN) who asked not to be identified, as he was not authorised to speak on the matter, said the development, “is an affirmation of what the ape bank had stood far, that the naira will eventually find parity with the greenback in due course.” The official said the wide margins in the naira/dollar exchane rate in the past few months were the handiwork of currency speculators.

    The rates yesterday opened at N295 to dollar, moved to N300 and closed at N310 to the dollar in different parts of the country, including Lagos, Abuja, Onitsha and Aba.

    The ongoing rebound of the naira means that the CBN’s drive for exchange rate stability and zero tolerance for currency speculators is already yielding the desired result.  The naira had firmed as retail traders, having anticipated a cut in the official rate and stocked up on dollars, bought the local currency back after the government said it would not devalue.

    The Nation’s findings showed that there was drama yesterday at the Abuja foreign currency market as the Naira kept fluctuating against the dollar. By 9am yesterday at the popular Wuse Zone 4 hub of Bureau De Change in Abuja the Naira started at around N294 to the dollar, appreciated to N247 in the afternoon and by 4:30pmwas trending around N200 to the dollar.

    However, within a space of five at the Zone 4 Plaza currency market, The Nation first learnt that the Naira was N260 to the dollar at 5:52pm and four minutes later, it had depreciated to N295 to the dollar.

    The unpredictability of the value of the Naira has kept Nigerians and Abuja residents in particular on edge and has remained a trending topic all over the city.

    However, the official exchange rate has closed at N197.50 following CBN’s curbs introduced late last year to defend a currency peg have restricted access to dollars. The policy shift has moved demand for dollars on to the parallel market, a flow further fuelled by speculation of a possible weakening of the peg.

    On Saturday, President Muhammadu Buhari rejected the idea of devaluing the naira, despite mounting pressure from an economic crisis caused by a sharp fall in the price of oil, Nigeria’s dominant export. The parallel market naira had risen on Monday and Tuesday, and its gains gathered pace yesterday.

    “The market is reacting to the president’s ‘no devaluation’ stance,” Aminu Gwadabe, who is the President, Association of Bureau De Change Operators of Nigeria (ABCON) said.  Authorities had stepped up efforts to rid the market of illegal currency traders, he added.

    He said the many BDC operators are not sure the liquidity in the market will continue, urging government to enhance more liquidity in the market to bring the rates further down.

    Gwadabe said the association was advising members to issue receipts to customers for foreign currency transactions in order to improve transparency and curb speculation. He explained  that the group was working to introduce a single quote across the parallel market and maintain a bid-ask spread of 3.5 percent. The unofficial market still accounts for less than five per cent of Nigeria’s currency trades.

    Also speaking, ABCON Chairman for North-West Kano Region, Alhaji Mustapha Yakubu said BDC operators in Kano have lost huge money after the rates felled. He also urged the government to improve market liquidity.

  • Market rebounds, closes at N13.475 trillion

    Equities market took a positive direction on Wednesday following gains recorded by 21 companies led by Guinness, Dangote Cement and Gloxo Smith.

    The NSE All-Share Index appreciated by o.67 per cent or 272.12 points to close at 40,809.32 against the 40,537.20 achieved on Tuesday. Also, the market capitalisation, which opened at N13.385 trillion, rose by N90 billion to close higher at N13.475 trillion.

    Guinness topped the gainers’ chart, gaining N6.01 to close at N180 per share. Dangote Cement came second on the gainers’ chart with N6 to close at N225, while Glaxo Smith rose by N4.74 to close at N64.74 per share.

    Guaranty Trust Bank grew by 90 kobo to close at N28.90, and Champion Breweries gained 43 kobo to close at N9.45 per share.

    On the other hand, Nestle topped the losers’ chart, dropping N19.90 to close at N1, 050 per share. Seplat followed with a loss of N10 to close at N640, while Mobil dipped N5.95 to close at N174 per share.

    Forte Oil lost N5.85 to close at N219 and Wapco dipped by N1.50 to close at N128.50 per share.

    In all, a total of 427.766 million shares valued at N11.90 billion, were exchanged in 4,342 deals, representing an increase of 45.31 per cent, as against a turnover of 294.390 million shares, worth N3.49 billion, achieved in 5,097 deals on Tuesday.

    UBA Capital emerged the most traded stock, accounting for 154.38 million shares valued at N324.15 million. It was trailed by Aiico Insurance, which sold 42.62 million shares worth N34.10 million, while NEM Insurance accounted for 27.19 million shares, valued at N22.91 million.

    Zenith Bank traded 21.42 million shares, worth N514 million, while investors in Guaranty Trust Bank staked N544.76 million on 19.31 million shares.

  • Delta ACN rebounds to tackle PDP over council polls

    Delta ACN rebounds to tackle PDP over council polls

    The dark days are over for the Delta State chapter of the Action Congress of Nigeria (ACN). The party seems poised to challenge the ruling party in the state in the coming local government elections in 2015. Correspondent OKUNGBOWA AIWERIE reports.

     

    The Delta State chapter of the Action Congress of Nigeria (ACN) appears to be stabilising after a period of internal crisis which severely hampered the party’s growth in the state. The subsequent poor showing of the party at the 2011 gubernatorial elections has also been attributed to the crisis.

    At the party’s congress which held in Asaba in 2010, Chief Adolor Okotie-Eboh, son of Chief Festus Okotie-Eboh, Nigeria’s first Finance Minister in the First Republic, emerged chairman after the warring factions agreed to sheathe their swords and resolved to work in the interest of the party.

    However, despite the relative peace which reigns in the party, there are still pockets of discontent as represented by the strident calls by such people as Dr Veronica Ogbuagu, Harvest Igben and Senator Adego Eferakeya for the removal of the newly elected state chairman.

    The chairman has, however, dismissed such calls describing them as vain attempts to continue to cause disaffection within the party. He said the party has moved beyond the era of few people hijacking it for their selfish interest.

    His words: “No, these are just three individuals in the party causing trouble because they have discovered that they cannot penetrate me and make me work against the goals of our party, which in my opinion is why they are bitter.

    “They have not come out to say which rule I have broken, all they say is I am a former PDP man. Who is more PDP than a former commissioner under Chief James Ibori like Dr Ogbuagu or Senator Adego Eferakeya, a former member of PDP who represented Delta Central in the Senate? I never held any position even though I was a PDP member in the past. Omo-Agege used to be with us and was our principal and as our principal at that time we were loyal to his cause. He has gone back to PDP and we have moved on. We are rebuilding the party in order to make the sort of impact we want to make in 2015”.

    Aside the minor irritations of these dissenting members within its fold, a more pressing challenge for the party, according to Okotie-Eboh, is the forthcoming local government elections in the state.

    Although the Delta State House of Assembly recently passed the Delta State Independent Electoral Commission (DSIEC) amendment bill, it is yet to screen nominees presented by Governor Emmanuel Uduaghan.

    This crucial task of screening of nominees by the legislature lies at the heart of the petition by the opposition ACN.

    The delay has opened the state government to attack by the opposition over its management of the process leading to the local council polls, thus setting the stage for an inevitable collision between the government and opposition parties.

    Aside the lethargy displayed in the amendment of the DSIEC bill by the State Legislature, the opposition in the state is miffed at the composition of nominees to serve on the board of the state election commission.

    Okotie-Eboh told The Nation that his party is opposed to the government’s move, stressing that some nominees presented to the Assembly by Governor Uduaghan were politicians.

    His words, “Local council election is a state affair, but I do not know why the House of Assembly has not considered our petition about some nominees presented by Governor Uduaghan to the House. Some of them are politicians; they are card carrying members of the PDP. We are not comfortable with those names and I hope they look into it and make replacements. Until there is a constitutional amendment on administration of local council polls, I guess we are stuck with the shenanigans of state government”.

    A copy of the petition made available to The Nation, signed by the party’s publicity secretary, Mr. Frank Egbomien said Uduaghan lacks the power to recommend persons to be screened by the legislature.

    Part of the petition reads:“The Delta State ACN wishes to draw the attention of the PDP government to the most recent decision of the Edo State High Court, sitting in Ekpoma on 16th May, 2012, wherein, Hon. Justice Akomolafe Wilson declared, among other things: “By virtue of Section-7(1) of the 1999 Constitution of the Federal Republic of Nigeria (as amended), the Governors lack the power to handpick or recommend persons not democratically elected, to be screened or ratified by the House of Assembly, for the purpose of appointing such persons as members of the Local Government transition committees.”

    The party further alleges that the state government is plotting to install caretaker committee to run local councils. “Surprisingly, however, it has come to the knowledge of the Delta State ACN, that the PDP government of Delta State has perfected a plan to illegally constitute care-taker/transition committees to run the affairs of the Local Government Councils in the State,” it said.

    It continued: “The Delta State ACN wishes to condemn, in very strong terms, the PDP government’s ill-advised intention, which is undemocratic, unconstitutional, and contravenes the extant provisions of the Constitution of the Federal Republic of Nigeria, and a subsisting court judgment on the matter. Section-7(1) of the Constitution of the Federal Republic of Nigeria, 2010 (as amended), states clearly, that democratically elected structures must be ensured at the Local Government levels. This is the position of the law, which has been repeatedly upheld by the court.”

    But the State Commissioner for Information, Mr. Chike Ogeah denied the allegations leveled against it by ACN, stressing that the government was desirous of organising a free and fair local council poll and would ensure the integrity of the board of electoral umpire.

    He said: “The state government is not going to put PDP members into such a non partisan commission. The opposition should be patient until the list is made public and desist from working on hearsay. The state government fully realizes the importance of local government council polls and is determined to organize a free, fair and credible poll.”

    Okotie-Eboh is confident about the chances of his party in the local council polls and ultimately the 2015 Delta State gubernatorial elections.

    “I can tell you that the ruling party is in for a shocker, it is not proper to disclose our strategies on the pages of the newspaper. I can assure you that we are not sleeping we are working hard across the three senatorial districts with party faithful across the 25 local government areas and I hope we will make a good showing across the state in the local council polls and ultimately the gubernatorial election in 2015,” he declared.