The Nation Newspaper

Tag: Shareholders

  • Shareholders mourn

    Shareholders mourn

    Shareholders have expressed shock and sadness over the death of Group Chief Executive Officer, Access Holdings Plc, Mr. Herbert Wigwe and former Group Chairman, Nigerian Exchange Group (NGX Group) Plc, Chief Abimbola Ogunbanjo.

    President, Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Dr. Faruk Umar, who described the death as tragic, said it was a great loss not only to the capital market, but to Nigeria as well.

    “They played key roles in the development of the Nigerian capital market, and their passing away will create a huge vacuum that will take a long time to fill,” Umar said.

    He noted that Access Bank had witnessed a huge expansion and profitability during Wigwe’s leadership , while Ogunbanjo would be remembered for playing a key role in the demutualisation  of the Exchange .

    Wigwe was instrumental in the growth of Access Bank, which he co-founded with his friend and business partner Aigboje Aig-Imoukhuede. He took over as Access Bank Group CEO in 2014, focusing on the Bank’s expansion in Nigeria and Africa before taking the helm at Access Holdings in 2022. Under his leadership, Access Bank drove its African strategy to become Sub Saharan Africa’s largest retail bank by customer base.

    Wigwe was a member of the Access Bank UK board as well as the board of the Nigerian Business Coalition Against AIDS (NiBUCAA). He has long been an advocate for the eradication of malaria in Africa, working with the Corporate Alliance on Malaria to support this objective. He also sat on the board of the Nigerian Mortgage Refinance Company and Friends Africa and was an honorary member of the Chartered Institute of Bankers of Nigeria and a fellow of the Institute of Chartered Accountants of Nigeria and Institute of Credit Administration.

    A two-time winner of the African Banker of the Year award from the African Banker Awards, Wigwe was a passionate advocate of the United Nations Sustainable Development Goals, which form the bedrock of Access Holdings’ growth strategy.

    His academic credentials include a degree in Accounting from the University of Nigeria, an MA in Banking and Finance from the University College of North Wales (now Bangor University), and an MSc in Financial Economics from the University of London. He also completed the Harvard Business School Executive Management Program.

    Wigwe recently founded Wigwe University, Africa’s first ivy league institution dedicated to providing a world-class education and raising the next generation of fearless leaders

    Ogunbanjo was a leading corporate lawyer and boardroom guru. Former Group Chairman of Nigerian Exchange Group (NGX Group) Plc, Ogunbanjo led the transformation of the Nigerian Stock Exchange (NSE) from a non-profit, member-based organisation into a public limited liability company, with its shares publicly quoted for all investors to participate in the ownership of the country’s oldest securities exchange.

    Read Also: NGX Group mourns ex-chairman, Ogunbanjo’s loss, commiserates with Wigwe’s family

    The conversion of the then NSE, otherwise known as demutualisation, birthed the NGX Group as a non-operating holding group and the separation of the trading and regulatory arms of the Exchange. A versatile corporate lawyer, Ogunbanjo led the emergent NGX Group in its formative years between 2021 and 2022. He had served as the President of the National Council of the NSE from 2017 to 2021. He was credited with several landmark initiatives at the Exchange including the launch of West Africa’s first Exchange Traded Derivatives (ETDs) market.

    Abimbola Ogunbanjo was born to the family of Chief Chris Ogunbanjo, a foremost corporate lawyer, industrialist and philanthropist, who passed away late last year. Until his death, Abimbola Ogunbanjo was Managing Partner of the renowned corporate law firm of Chris Ogunbanjo LP (Solicitors), his family’s iconic law firm.

    A boardroom guru, Abimbola Ogunbanjo was a director on the boards of many other companies including Beta Glass Plc, GTL Registrars Limited, AIICO Insurance Plc, ConocoPhillips Limited, Chris Ogunbanjo Foundation and the Advisory Board of the University of Buckingham Centre for Extractive Studies among others.

    A registered Nigerian capital market consultant, Ogunbanjo is a member of the International Bar Association, Nigerian Bar Association and Institute of Petroleum.

    A philanthropist and dedicated social worker, Ogunbanjo was Global Ambassador for the Cervical Cancer-Free Nigeria (CCFN) campaign, an initiative of the Global Oncology (GO), a US-based nonprofit organization supported by Standford University. He was conferred with the traditional title of Bamofin of Erunwon Ijebu Kingdom in veneration of his legal acumen. The late Ogunbanjo was also conferred with national honour of Officer of the Order of the Federal Republic (OFR).

  • ‘Shareholders key to our business’

    Oil and gas firm Lekoil has said value appreciation for shareholders will be the core of its operational strategy this year.

    Its CEO, Olalekan Akinyanmi, said in a note that accompanied its 2018 financial report, that the priority is also to grow production at its Otakikpo through Phase Two development (subject to funding) to reach gross volumes of between 15,000 and 20,000 barrels per day (bpd).

    “The first step has already occurred, with 3D seismic data acquisition and interpretation now completed. This  year  should, therefore, provide key catalysts for value appreciation for shareholders as we move forward in building a leading Africa-focused exploration and production business,” he said.

    Lekoil was founded in 2010 by a group of leading professionals with extensive experience in the international upstream oil and gas industry as well as in global fund management and investment banking.Working with partners, government and regulatory agencies, the company has sustained production levels and continues an aggressive investment campaign which is projected to result in increased production and profitability in the short to medium term.

    “We also continue to advance toward the start of the appraisal drilling programme on Ogo in OPL 310.  We will work with our joint venture partner, Optimum to negotiate agreements that will allow us to make progress on the block, after securing all relevant regulatory extensions and approvals,’ Akinyanmi said.

    Apart from its interests in Oil Mining Lease (OML) 310, the company and its partners finalised Technical Evaluation on Oil Production Lease (OPL) 325 in January last year.

    Its consultants, Lumina, identified and reported on 11 prospects and leads which were estimated to contain potential gross aggregate Oil-in-Place volumes of over 5,700 mmbbls (un-risked, Best Estimate case). After finalising terms for a Production Sharing Contract (PSC) on the block, Lekoil intends to farm-down a portion of its 62 per cent working interest following a detailed prospect/lead risking study.

  • Fidson Healthcare gets N2.3b equity from shareholders

    Fidson Healthcare Plc has successfully raised about N2.345 billion from its shareholders to recapitalise its operations. The healthcare company had set out to raise N3 billion through a rights issue to existing shareholders, but the offer was undersubscribed by N655 million.

    Fidson Healthcare had offered 750 million ordinary shares of 50 kobo each through a rights issue to existing shareholders at N4 per share. The rights issue was pre-allotted on the basis of one new ordinary share for every two ordinary shares held as at December 28, 2018.

    Regulatory filing however showed that shareholders subscribed to 586.36 million ordinary shares of 50 kobo each at N4, implying a subscription level of 78.18 per cent. The company has listed the additional shares at the Nigerian Stock Exchange (NSE), thus increasing its outstanding paid up shares from 1.5 billion ordinary shares of 50 kobo each to 2.086 billion ordinary shares of 50 kobo each.

    Fidson Healthcare had planned to raise N4.5 billion new equity funds through a rights issue of 900 million ordinary shares of 50 kobo each to existing shareholders at N5 per share. However, the company decided to reduce the offer size and offer price.

    Read Also: Ebola: Two health workers killed in DR Congo

    Chairman, Fidson Healthcare Plc, Mr. Segun Adebanji, said the net proceeds of the rights issue would be used to refinance some expensive debts, strengthen the working capital position of the business and fund some strategic capital expenditure.

    According to him, the capital injection from the rights issue would enable the board and management to reposition the business in order to take advantage of visible growth opportunities.

    He praised shareholders for their continued support, assuring that the company has a promising future.

    “Together we will continue to reap the bountiful rewards of our investment in the year ahead,” Adebanji said.

    Managing Director, Fidson Healthcare Plc, Mr Fidelis Ayebae, said the company would take advantage of the net proceeds from the rights issue to inject fresh working capital into the business in order to maximise the opportunities that exist in the market.

    According to him, a revenue growth of over 20 per cent is projected for 2019, with increased focus on growing its ethical product segments. The business development work being done in hospitals to enhance the patronage of Fidson brands is also expected to increase demand.

    He said about 20 new products will be introduced into the market in 2019 to take advantage of the available capacity at the new factory.

    He added that further cost savings will be generated by directly importing key raw materials, taking advantage of the Central Bank of Nigeria (CBN) window for manufacturers, and renegotiating with its suppliers.

    He said the company is also switching its energy source from diesel to gas, noting that Fidson expects that through its cost savings initiatives, to reduce production costs and increase gross margins significantly in 2019.

    “The prospects look good for Fidson in the near-term, enabling the company to cement its leadership position in the pharmaceutical industry,” Ayebae said.

  • Seplat assures shareholders of higher returns

    The board and management of Seplat Petroleum Development Company Plc have assured shareholders that the growth in the operations of the leading indigenous oil and gas company will lead to increased dividend payouts and share price appreciation in the years ahead.

    At the annual general meeting yesterday in Lagos, the company reiterated its commitment to stronger growth in the oil and gas sector and increased returns to its shareholders.

    Addressing the shareholders, Chairman, Seplat Petroleum Development Company Plc,  Dr Ambrose Orjiako, said the company’s 2018 operational and financial performance reflected the significantly higher levels of production uptime at its core oil producing assets combined with a firmer, albeit still volatile, oil price and increased contribution from the company’s gas business.

    He noted that the company’s results from the previous two years were characterised by  the extended period of force majeure at the Forcados terminal from February 2016 to June 2017, pointing out that stable operations have positioned the company to deliver better results.

    “As we enter 2019, our reliable production base, low unit cost of production and discretion over capital commitments will allow the business to remain highly free cash flow generative and profitable. In the absence of any major interruption or force majeure event, this will enable Seplat to honour its dividend policy and provide an attractive yield to our shareholders in addition to the potential for capital appreciation,” Orjiako said.

    He said the company would selectively invest in low risk oil production drilling opportunities within the existing portfolio and the continued expansion of the gas business, with 2019 set to be the year that activity intensifies at the large scale Assa-North and Ohaji-South (ANOH) gas and condensate development.

    According to him, Seplat remains an ambitious growth-orientated company that is in a position of strength to capture inorganic opportunities where it can leverage its competitive advantages to seek out carefully considered, price disciplined and value accretive acquisitions.

    Chief Executive Officer, Seplat Petroleum Development Company Plc, Mr. Austin Avuru, said Seplat has delivered an excellent operational and financial performance resulting in robust profitability and cash flow generation providing us with an extremely solid foundation for growth in the coming years.

    According to him, at the company’s core assets in the West, OMLs 4, 38 and 41, the extension of the license to 2038 means that it can confidently plan and invest long into the future to realise the full potential of those blocks.

    He outlined that as the company continues to enhance production and revenue diversification with new wells scheduled at OML 53 in the East, the board had taken the final investment decision to invest in the large scale ANOH gas and condensate development which will form the next phase of transformational growth for its gas business.

    According to him, disciplined capital allocation continues to remain at the core of the company’s activities evidenced by its continual deleveraging of its debt levels to the current balance of $350 million.

    “In 2018, Seplat reinstated the dividend, increased capital investments and with the resources and headroom in our capital structure, we are equipped to capitalise on organic and inorganic growth opportunities as they may arise,” Avuru said.

    He also announced that Seplat board has taken the final investment decision for the ANOH and Amukpe to Escravos alternate export pipeline which will be completed and fully commissioned in second quarter of 2019.

    “These projects are part of the future expansion initiatives of Seplat in Nigeria’s oil and gas industry,” Avuru said.

    Seplat posted N228 billion turnover in the year ended December 31, 2018, 65 per cent growth on N137 billion recorded in the 2017. Profit before differed tax stood at N73 billion, indicating 480 per cent increase on N13 billion recorded in 2017. A review of Seplat 2018 results indicated positive performance across most financial indices, confirming the company’s position as one of the well managed indigenous oil firms in Nigeria. Gross profit grew by 84 per cent to N120 billion from N65 billion reported in 2017. Operating profit stood at N95 billion, representing a growth of 177 per cent on N34 billion recorded in 2017. Seplat’s net profit after tax however dipped by 45 per cent from N81 billion to N45 billion.  in December 2018. Seplat is paying a final dividend of $0.05 per share to all its shareholders.

  • Shareholders laud Wema Bank for dividend payment

    Shareholders of Wema Bank have commended the board, management and staff of the financial institution for recording impressive performance in 2018 despite the challenging macroeconomic and regulatory environment.

    They gave the commendation on Wednesday at the bank’s 2018 Annual General Meeting (AGM) in Lagos.

    The shareholders also gave their approval to the financial results of the bank and the three kobo per share dividend payment for the year ended December 31, 2018.

    The for the first time in 14 years, rewarded the shareholders on their investment in the company.

    The Chairman of the bank, Babatunde Kasali, said the banking industry witnessed a lot of challenges in the year under review as the central bank increased its interventionist posture, issuing circulars with increased frequency.

    Kasali, however, said that the bank delivered on most of its strategic goals for 2018 and undertook bold steps to ensure that its future mandate consolidated on the good work done in previous years.

    Wema Bank recorded an increase in its gross earnings by 9.56 per cent to N71.5 billion from N65.3 billion in 2017, while the interest income appreciated by 8.6per cent to N57.6 billion from N53.1 billion.

    From the results presented, the net fee and commission increased to N6.5 billion from N5.6 billion, the net trading income rose to N5.5 billion from N4.8 billion, while the other income appreciated to N1.8 billion from N1.6 billion.

    Its total assets rose to N488.8 billion from N387.6 billion, while the total liabilities went up to N437.9 billion from N337.9 billion, with the shareholders fund rising to N50.9 billion from N49.6 billion.

    While the profit before tax rose by 59.4 per cent to N4.8 billion, the profit after tax rose by 47.5per cent to N3.3 billion from N2.3 billion, with the earnings per share going up by 48.3 per cent to N8.60k from N5.80k in 2018.

    On the outlook for 2019, the chairman said growth would be slow advising the banking industry to prepare for that.

    Kasali said the bank intended to find opportunities for accelerated growth especially around the sectors and industries that enjoyed growth such as agriculture and manufacturing.

    According to him, internally significant steps were taken in 2018 to ensure that the bank delivers value to shareholders in 2019.

    “Another of our core commitment in 2019 is to continue to use our technological edge to drive and deliver on our goals for the year.

  • Shareholders laud FCMB over N2.77b dividend

    Shareholders of FCMB Group Plc at the weekend approved the payment of N2.77 billion as cash dividend for the 2018 business year amid commendations for the board and management of the financial services group.

    At the Annual General Meeting (AGM) in Lagos, shareholders approved the 2018 financial results and payment of a cash dividend of 14 kobo per ordinary share, totaling N2.77 billion.

    Key extracts of the audited report and accounts of FCMB Group for the year ended December 31, 2018 showed that profit before tax rose by 73 per cent to N18.4 billion in 2018 as against N11.5 billion in 2017. Gross revenue grew to N177.4 billion, an increase of 4.3 per cent compared with N169.9 billion in 2017. Net interest income rose by three per cent to N72.6 billion while deposits also increased by 19 per cent to N821.7 billion. Loans and advances stood at N633 billion while total assets grew by 21 per cent to N1.43 trillion. Capital adequacy ratio stood at 15.9 per cent.

    Speaking at the meeting, shareholders commended the group for its impressive performance in spite of the challenging macroeconomic and regulatory environment.

    Chairman, Trusted Shareholders Association of Nigeria, Alhaji Mukhtar Mukhtar, said the increased dividend payment was a delight to shareholders given the low economic activities in the country.

    “I am highly impressed with the group’s balance sheet quality which witnessed a high growth. This shows vigorous policies that have positively impacted on and optimised the balance sheet. Another significant aspect of the performance of FCMB is the growing contributions of the subsidiaries in the profit margin.  The 14 kobo dividend declaration signals FCMB’s commitment to improving the lots of shareholders,’’ Mukhtar said.

    Progressive Shareholders Association of Nigeria (PSAN) Chairman, Mr. Boniface Okezie, said FCMB and its subsidiaries have done very well in terms of dividend payment and the overall performance.

    According to him, the loans portfolio of the bank is also encouraging while the fact that it has been able to increase its branch network is an indication that it is expanding.

    “I believe that FCMB will build on this performance,’’ Okezie said.

    Addressing the shareholders, FCMB Group Plc Chairman, Mr. Oladipupo Jadesimi, said the group has continued to move forward on the path of good governance, strengthening and improving its corporate governance structure and bringing it into line with its long-term strategy and the highest international standards.

    He said the group has taken initiatives to increase the confidence of its shareholders, investors and other stakeholders in an environment that is demanding even more transparency.

    ‘’The board of directors, fully engaged and committed to the group’s corporate culture and strategy, has the experience, knowledge, dedication and diversity needed to accomplish our objective of making FCMB one of the leading financial services groups of African origin, helping people and businesses prosper and upholding our adopted of execution, professionalism, innovation and customer focus,’’ Jadesimi said.

    FCMB Group Chief Executive Mr. Ladi Balogun, outlined that the commercial and retail banking group, which includes First City Monument Bank Limited, Credit Direct Limited, FCMB (UK) Limited and FCMB Microfinance Bank Limited, grew its profit by 61 per cent, driven by improved performance in consumer finance business and increase in fees and commissions.

    He added that commercial and retail banking remains the largest group, contributing 83 per cent of profit while the group’s banking franchise continued to grow as reflected by a 20 per cent increase each  in deposits and customer base, which rose to 4.9 million customers.

    He pointed out that the pre-tax profit of investment banking group, which includes FCMB Capital Markets Limited and CSL Stockbrokers Limited, increased by 24 per cent in 2018, a performance driven by higher conversion of investment banking deal pipeline as well as cost efficiencies.

    He said the asset and wealth management franchise, which includes FCMB Pensions Limited, First City Asset Management Limited and CSL Trustees Limited, increased combined assets under management to over N310 billion, an increase of 24 per cent.

    According to him, in spite of the reduction in fees charged by pension fund administrators by the primary regulator, asset management businesses increased pre-tax profits by 15 per cent while the group also acquired additional shares in FCMB Pensions Limited to increase its stake from 88.2 per cent to 91.6 per cent in 2018.

    He assured shareholders and other stakeholder that 2019 would see continued growth along all key indices for the Group, especially those around profitability, deposits, customer numbers and assets under management.

  • Shareholders laud UBA over pan-African growth

    •Approves N29.1b dividend

    Shareholders of United Bank for Africa (UBA) Plc have commended the first-tier commercial banking group for its steady growth across the key African markets.

    At the annual general meeting yesterday in Lagos, shareholders commended that UBA’s diversified operations in several African economies in addition to its domestic operations in Nigeria has provided strong base for sustained growth over the years

    Shareholders also approved the payment of a final dividend per share of 65 kobo per share, bringing the total dividend per share for the 2018 business year of 85 kobo. Total dividend for the year stood at N29.06 billion.

    National Chairman, Progressive Shareholders Association of Nigeria (PSAN), Boniface Okezie, commended the board and management for the dividend in spite of unfriendly operating environment, noting that with the financial results, UBA has shown that it can make Africa proud being the biggest bank,

     

    Hamzat Ridwan, representing shareholders from Zamfara State also said the group has proved to be African giant with the performance recorded across the 20 African countries.

    Chairman, United Bank for Africa ( UBA ) Plc , Mr Tony Elumelu, assured shareholders that the group is on a stronger footing to gain market share in Nigeria and other 19 African countries where it operates.

    Elumelu noted that despite the relatively slow recovery of the economy, the group’s retail deposit grew by 42 per cent, a testament to its improved service channels and enhanced customer service.

    He reiterated the commitment of the bank to its pan-African vision noting that UBA is enthusiastic to be a partner in realisation of critical infrastructure across the African countries.

    He pointed out that interest income rose by 11 per cent on the back of increased asset base and African operations contributed 40 per cent of the top-line  earnings, reinforcing the positive outlook on the group’s profitability over the medium to long term.

    Group Managing Director, United Bank for Africa (UBA) Plc, Kennedy Uzoka, said the bank remains liquid and well capitalized with the group capital adequacy ratio (CAR) ratio of 24 per cent, adding that even under a BASEL III scenario, its capital buffer remains strong to support growth.

    Uzoka said the group remains optimistic and will continue to deepen its play in target growth sectors that are benefactors of the government’s reforms and policies whilst banking new opportunities.

     

     

  • Shareholders laud GTB over sustained growth

    Shareholders of Guaranty Trust Bank Plc (GTB) Plc yesterday commended the board and management of the commercial bank for sustaining growth despite the challenges in the operating environment.

    At the annual general meeting yesterday in Lagos, shareholders also unanimously approved the payment of a final dividend per share of N2.45 kobo, bringing the total dividend per share paid for the 2018 financial year to N2.75 Kobo.

    Shareholders commended the performance of the bank in 2018, noting that it has also started on a good with the first quarter results in 2019.

    A shareholders’ leader, Mr. Patrick Ajudua, commended the board and management of the bank for sustaining its profitability and ensuring good dividend payment to shareholders.

    “We believe you have done well and believe that you will do better by next year,” Ajudua said.

    He urged the bank to consider increasing its dividend payout in the next year citing the impressive growth in net earnings per share.

    Another shareholder, Mr Tunji Bamidele, also commended the dividend policy of the bank and urged the board to consider upward review of dividend payout.

    “I appreciate your earnings per share as well as your dividend policy of about 42 per cent compared to that of last year. I appeal to the board to move beyond this. Giving us 50 per cent will be efficient for we are the shareholders,” Bamidele said.

    Managing Director, Guaranty Trust Bank (GTB) Plc, Mr. Segun Agbaje, assured that the bank would continue to work harder to deliver better returns to shareholders.

    According to him, the board and management would continue to work hard to make sure the dividend payouts exceed expectations every year.

    Chairman, Guaranty Trust Bank (GTB) Plc, Mrs Osaretin Demuren, said the performance of the bank across all financial metrics showed the improvement in the strategic positioning of the brand.

    She noted that at the heart of the group’s strategy is a commitment to the shared future it intends to create for its customers, staff, shareholders and all the stakeholders across Africa.

    She said the growths by the group’s subsidiaries showed that the bank is consolidating its leading position in Nigeria’s financial services sector, as well as making progress in growing its business across select, high growth African markets

    “We believe that our commercial success depends on the prospects of Africa and we, in turn, play a significant role as a catalyst for her growth,” Demuren said.

    She assured that the bank is on track towards executing its strategy, achieving its vision and fulfilling its purpose.

    “Given the outlook if improving macroeconomic conditions, the bank remains resolute in taking advantage of these opportunities to growing earnings, improving profitability and delivering returns to its esteemed shareholders,” Demuren said.

    Key extracts of the audited report and accounts of GTB for the year ended December 31, 2018 showed that gross earnings rose by 3.7 per cent to N434.7billion in 2018 as against N419.2 billion in 2017. Profit before tax stood at N215.6 billion in 2018 as against N197.7 billion recorded in 2017, representing an increase of 9.1 per cent.

    Key extracts of the interim report and accounts for the first quarter ended March 31, 2019 also showed that GTB’s gross earnings inched up by 1.2 per cent to N110.33 billion in first quarter 2019 as against N108.97 billion in first quarter 2018. Profit before tax rose by 8.3 per cent from N52.62 billion to N56.98 billion. Profit after tax also rose from N44.67 billion to N49.30 billion. With these, earnings per share increased from N1.58 in first quarter 2018 to N1.74 in first quarter 2019.

     

  • Fidelity Bank to pay N3.2b dividend to shareholders

    Fidelity Bank Plc is proposing a N3.2 billion dividend payout to shareholders. The payout followed the bank’s strong financial result for the year-ended December 31, 2018.

    The bank posted a 4.8 per cent growth in Gross Earnings from N180.2 billion to N188.9 billion while Profit Before Tax soared by 30.6 per cent to N25.1 billion, when compared with the N19.2 billion it recorded in 2017.

    Profit After Tax grew by 29 per cent from N17.7 billion in 2017 to N22.9 billion in 2018, while Operating Income rose by 13.9 per cent from N85.9 billion to N97.2 billion. Customer Deposit, which is a measure of consumer confidence rose by 26.3 per cent from N775.2 billion to N979.4 billion just as total assets grew by 24 per cent from N1.4trillion to N1.7trillion.

    “We are delighted by our 2018 numbers, which clearly shows a sustained performance trajectory. We are growing our market share with continued traction in our chosen business segments. We recoded double digits growth in interest income on our liquid assets, digital banking, FX and other income lines,” said Fidelity Bank CEO, Nnamdi Okonkwo.

    As seen in recent years, the bank’s digital retail banking approach has continued to yield positive results. Savings recorded its fifth consecutive year of double digits growth with a 27.7  per cent increase to peak at N228 billion.  ”Savings accounts for over 23 per cent of our total deposits, an attestation of our increasing market share in the retail segment,” he said.

    Okonkwo was also enthused with the progress of its digital banking play stating that over 42 per cent of customers are now enrolled on the bank’s mobile/internet banking products and more than 81 per cent of total transactions done on digital platforms, resulting in 25 per cent of fee-based income, coming from digital banking.

  • Shareholders commend Africa Prudential for sustained growth

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

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

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

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

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

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

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

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

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

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

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

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

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