The Nation Newspaper

Tag: Shares

  • Investors step upbargain-hunting for shares

    Investors step upbargain-hunting for shares

    • Equities rally N246b

    There were more than two advancers for every decliner yesterday at the Nigerian stock market as investors stepped up bargain-hunting for quoted shares.

    For the third consecutive trading session, benchmark indices at the Nigerian market continued on the upside, with average return of 0.44 per cent yesterday.

    Aggregate market value of all quoted equities at the Nigerian Exchange (NGX) rose from its opening value of N55.654 trillion to close at N55.900 trillion, an increase of N246 billion.

    The All Share Index (ASI)- the value-based common index that tracks all share prices at the NGX, appreciated by 435 points or 0.44 per cent to close at 98,818.04 points as against its opening index of 98,383.04 points.

    The concurrence between the aggregate market value and the ASI underlined that the increase in market value was mainly driven by capital appreciations in share prices, as against primary market transactions.

    There were 31 gainers to 15 losers. Abbey Mortgage Bank led the gainers with a gain of 9.76 per cent to close at N2.70 per share. NASCON Allied Industries followed with a gain of 9.66 per cent to close at N40.85. FCMB Group rose by 9.63 per cent to close at N7.40 per share. International Breweries increased by 9.59 per cent to close at N4 while Dangote Sugar Refinery added 9.56 per cent to close at N47 per share.

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    On the negative side, International Energy Insurance led the losers with a drop of 9.68 per cent to close at N1.40, per share. Jaiz Bank followed with a decline of 6.52 per cent to close at N2.15. Tantalizer dropped by 6.0 per cent to close at 47 kobo per share. NPF Microfinance Bank depreciated by 5.88 per cent to close at N1.60 while Fidson Healthcare down by 5.40 per cent to close at N14.90 per share.

    Meanwhile, the momentum of activities slowed down slightly with total turnover dropping by 7.3 per cent to 518.948 million shares valued at N4.767 billion in 7,781 deals. Abbey Mortgage Bank led activity chart with 230.346 million shares worth N621.912 million. Access Holdings followed with account of 80.993 million shares valued at N1.392 billion. United Bank for Africa (UBA) traded 23.901 million shares valued at N541.687 million. FCMB Group traded 18.657 million shares worth N133.164 million while Fidelity Bank recorded 16.379 million shares worth N154.845 million.

  • NSE gives shares, cash, computers to essay competition winners

    The Nigerian Stock Exchange (NSE) at the weekend rounded off its 2018 NSE Essay Competition with the presentation of shares, cash and computers to winners and their schools.

    Miss Deborah Lawrence of Good Shepherd School, Ajegunle Village, Atan-Ota, Ogun State, emerged the overall winner. Lawrence clinched the first position ahead of over 20,150 participants across the country, winning N500,000 scholarship for her university education, N250,000 equity investment and a laptop. Her school was also rewarded with a trophy, three desktop computers and a printer.

    Miss Ashiru Oluwalanaayo of Corona Secondary School, Agbara, Ogun State and Master Dominic Charles of GEC Comprehensive College, Ipaja, Lagos State, emerged first and second runners up respectively. Each of them also got a laptop, equity investment and scholarships for their university education. Their schools also got varying number of computers and trophies. Seven other laptops were given as consolation prizes to seven winners.

    Chief Executive Officer, Nigerian Stock Exchange (NSE), Mr Oscar Onyema, said the main goal of the the NSE Essay Competition, which is now in its 18th year, is to build a financially savvy generation by imbuing a culture of wealth creation among the youths.

    According to him, the competition serves as a platform that gives the Exchange the ability to view the perspectives of future leaders on key challenges relating to financial literacy, while providing opportunity to feel the pulse of the spread of financial inclusion in Nigeria.

    Onyema, who was represented by Head of Shared Services at the NSE,  Bola Adeeko, said the youth segment is often recognised as a priority target for financial education because the philosophy of catching them young remains a wise one.

    He, however, pointed out that financial literacy holds great value for all segments of the population and should not be limited to a certain age group as the benefits of a financially literate society are universal and its positive impact can be felt in the promotion of better livelihoods, economic growth, financial systems, and poverty reduction.

    “There is the need to build a platform that will help awaken the interest of our youths and buoy up students to learn and appreciate economic concepts, particularly as it concerns financial literacy and the significance of the capital market to the economy,” Onyema said.

    He noted that this year’s competition topic asked students to discuss “how technology can promote financial literacy and encourage investment habit among youths” as a way of getting future leaders to think about how to adopt technology as a veritable tool for building a financially savvy generation.

    In her keynote address, wife of Ogun State governor, Mrs Olufunso Amosun, who was represented by Mrs. Yemisi Durojaiye, commended the NSE for the initiative, which sought to bridge the gap between classroom learning and practical knowledge required for long-term personal financial responsibility for societal development.

    “It is also heart-warming to note that over 40,000 young people in more than 8,000 secondary schools across Nigeria have benefited from this completion,” Amosun said.

     

  • Seafood entrepreneur shares tips for success

    There is a booming market for the supply of seafood to the United States and Europe. Seafood entrepreneur Chief Princewill Utchay says there are opportunities for small businesses to explore in the business, DANIEL ESSIET reports.

    Seafood export is big business. The global seafood market reached $120.85 billion in 2016, and is projected to reach about $155.32 billion by 2023, according to analysts.

    Total global seafood consumption is projected to increase by 31 million tonnes by 2025 to reach 178 million tonnes. United States, Europe and United Kingdom are huge markets for seafood exports.

    Although captured fishes still have a good potential, super markets and food chains still import shrimps, lobsters and others.

    One of the entrepreneurs in the sector is the President, Institute of Export Operations and Management, Princewill Utchay. A graduate of marketing, Utchay returned from United States with various business ideas. From a small beginning, Utchay, also Chief Executive, Prime Seafood Limited, is a reference point in the industry. He started in the 80s.

    Utchay spoke on the sidelines of the institute’s breakfast meeting held in Lagos. And where did his seafood interest come from? He grew up liking lobsters and shrimps.  He saw opportunities in seafood business while others were exploring the oil and gas industry.

    When a group of diners sit down for a meal in expensive restaurants, they might add the final extravagant touch by ordering shrimp cocktails all round. This delights him. He quickly went one step further and zeroed in on seafood mostly shrimp and lobster. It was a new industry, there was plenty of room to grow and the opportunities it presented were much greater. And as the value of the product was much higher, and the revenues wrought from a single transaction were also much higher.   He sources products from across Nigeria, produces good quality in a high volume, while staying competitive and maintaining a proper packaging procedure.

    But aside from the shrimp business, his other seafood interests are doing fine. His can-do attitude and willingness to adapt to and try new things is a great example for young Nigerian entrepreneurs to follow.

    According to him, there is also a growing demand for sustainable seafood from retailers, hotels, restaurants and air-catering companies abroad.

    For instance, exporters of prawns, shrimps can   secure a good position on the international market.

    According to him, Nigeria can stimulate export by improving product quality and the infrastructure of its seafood sector.

    He noted, however, that there was need to help exporters to satisfy the European regulations and legislation.

    He said the institute is ready to help Nigerians export more sea food as good opportunities exist for increasing the amounts and variety of Nigeria products that can be sold abroad.

    He said the institute will focus on productivity, EU food safety compliance and improving the productivity of small-scale businesses.

    Chief Executive, Institute of Export Operations and Management, Mr. Ofon Udofia said there are opportunities for Nigerians to explore in the industry.

    According to him, the sector remains largely untapped due to lack of adequate infrastructure and facilities as well as quality control mechanisms.

    He said the exports sector faces challenges to remain competitive and to further grow, including in the technology to drive innovation and productivity.

    Udofia said the institute conducts numerous programmes to develop capacity, export marketing skills and enhance awareness on international market opportunities.

    The seminars and workshops, according to him, serve to guide would-be exporters and existing exporters of merchandise and services trade on the developments and business opportunities in international markets.

    He said a component of the institute’s programmes is to further strengthen knowledge of the SMEs and boost their capacity to integrate into the global markets by providing in-depth information on the foreign markets, including practical information on how to export, services that SMEs can avail and use, consumer trends and market access environment of the sector, and practical market entry recommendations, among others.

    The Head of the Trade Section, Trade, Investment and Competitiveness Commission, Nigeria Economic Summit Group (NESG), Prof Jonathan Aremu, said there  was need to enhance knowledge on market accessibility, global trade requirements, trade practices, branding, international product and environmental standards, trade financing, and market requirements.

    He lamented that the African Continental Free Trade Area (AfCFTA) negotiations had not made any head way, adding that it would have helped to expand market access for Nigerian exporters.

    He stated that the opportunity of AfCFTA in Nigeria will enhance economic and political reform, security, increase performance, investment efficiency, intra-regional trade and investment.

    He said there are opportunities for small businesses to trade globally.

    He added, however, that small businesses must ensure that they understand the values, needs and behaviour patterns of African consumers and most businesses fail this test.

  • US based actor Ofu Obekpa shares his success story

    U.S.-based Nigerian filmmaker Ofu Obekpa, who came into the country for the promotion of his action movie, Klippers, has revealed that he had earlier tried to run away from acting.

    Speaking at the premiere of the movie at Ozone Cinema, Yaba, Lagos on Thursday, Obekpa who hails from Benue State and has starred in movies like ‘Captain America: Civil war’, and ‘Black Panther’ said acting runs in his family.

    “I’ve been acting for a long time. My mum used to be an actress. My sister studies theatre. I think it’s a family thing. I literarily ran away from it. But it’s like I’m coming to full circle right now. Life is funny as it is. I never thought I was going to be an actor but here I am now. I went to film school, taking advice from my dad, to add more production value to myself and learn the whole craft of movie making. So, that’s how I know how to edit, write, direct and all that good stuff.”

    ‘Klippers’ is about an assassin sent by his employer to kill his ex-wife. In his quest to accomplish the task, the assassin develops a fondness for his target. His employer then sends another hit man who has a scary success record of getting the job done. A series of events triggers a face off and the race to stay alive begins. In the movie, Ofu stars alongside WWE legend Kevin Nash, formerly known as Diesel,

    Nigerian international seasoned actor, Conphidance, and Robert Pralgo.

    Speaking about the feedbacks he has been getting, Obekpa said it’s been love. “All these people telling me congrats, I’m really happy,” said Obekpa

    who has worked on several American movies, television productions and has shot some documentaries.

    “It’s great. I enjoyed it. Hard work pays.”

    The actor also said he hopes the Nigerian audience would accept his movie. After its Nigerian run, ‘Klippers’ which is powered by Skyrunner Productions will also be watched in Czech Republic, Japan, France, Russia, Poland, Brazil and Spain.

  • Ekocorp to convert directors’ debts to shares

    • Major investor for healthcare firm

    Shareholders of Ekocorp Plc are scheduled to meet on Thursday to consider two proposals of converting some debts to shares and completing a 10-year-old special placement that will see emergence of a new major investor in the healthcare company.

    A Federal High Court has ordered the convening of an extraordinary general meeting for shareholders to consider and if necessary, approve two special resolutions on the debt-to-equity conversion and private placement.

    Under the proposed debt-to-equity conversion, 75 per cent of the debts owed by the company to three major promoters and directors as at 2007 will be converted to ordinary shares at N1 per share. These include N43.82 million debt owed to Dr Sunday Kuku, equivalent of 43.82 million shares under the terms of the conversion; N42.69 million shares owed to Dr Augustine Obiora, equivalent to 42.69 million shares and N27.74 million shares owed to late Dr Alexandria Eneli, equivalent to 27.74 million shares.

    Also, 75 per cent of debt owed to Chief F G A Cole, amounting to N4.32 million will be converted to 4.32 million ordinary shares.

    Shareholders are also expected to approve the allotment of 110.0 million ordinary shares of N4 each to Geoff Ohen Limited through a special placement that has been approved on June 17, 2008.

     

  • ‘Ladoja, family, friends blew N1.9b shares proceeds’

    The Federal High Court in Lagos yesterday heard that a former Oyo State Governor Rashidi Ladoja allegedly did not remit N1.9billion realised from the sale of the state’s shares.

    The Economic and Financial Crimes Commission (EFCC) told the court that the money allegedly went to Ladoja, his family and friends and was not refunded.

    An EFCC investigator, Abubakar Madaki, testifying in Ladoja’s trial, alleged that the former governor unilaterally gave instructions in 2007 that the shares be sold.

    He said the shares, worth N6.6billion, were sold without the state executive council’s resolution.

    According to the investigator, Ladoja engaged Fountain Securities as a portfolio manager to sell the shares at a discounted rate, adding that the shares were acquired by McLace Securities.

    “In the course of our investigation, about N500million was recovered from McLace Security, Fountain Securities and other stockbrokers.

    “The balance could not be recovered because some of those who purchased the shares were not even stockbrokers as highlighted by the report of the Nigerian Stock Exchange.

    “Part of the proceeds was used to offset the four cars given to the first accused (Ladoja), which he confirmed. That too, the first accused has not refunded the value of the cars neither did his family members and associates refund what was given to them; all these were part of the proceeds.”

     

     

     

  • Seplat doles out N17.13b bonus shares to employees

    Seplat Petroleum Development Company Plc Board of Directors has distributed ordinary shares of the oil and gas company worth N17.13 billion to its employees as bonus shares.

    A regulatory filing indicated that the company awarded 25 million ordinary shares of 50 kobo each as bonus shares to its staff members under the company’s Long-Term Incentive Plan (LTIP).

    The supplementary listing of the  ordinary shares at the Nigerian Stock Exchange (NSE) increased the company’s total issued and fully paid up shares to 588.445 million ordinary shares.

    The supplementary listing implies that the beneficiaries can trade on their shareholdings, subject to the conditions for the award of the shares.

    Seplat opens today at the NSE at N685 per share.

    The firm’s Company Secretary, Dr Mirian Kene Kachikwu, said the distribution was in exercise of the powers granted to the board of the oil and gas company by the shareholders at the Annual General Meeting (AGM) held on June 30, 2014 to implement the initial public offering (IPO) award and other remuneration of the top management and directors as disclosed in the IPO prospectus.

    She said the 25 million shares were allotted to Stanbic IBTC Trustees Limited as custodian in furtherance of the company’s LTIP.

    After a highly successful global initial public offering (IPO) of $500 million, Seplat had made history in April 2014 as the first upstream company to be listed on the NSE. It also simultaneously listed its shares on the London Stock Exchange (LSE). The IPO was oversubscribed.

    Seplat was founded in 2009 by Shebah Petroleum Development Company Limited and Platform Petroleum (Joint Ventures) Limited for the purpose of investing in Nigerian oil and gas opportunities. Maurel& Prom, a French independent oil company, subsequently acquired a 45 per cent equity interest in SEPLAT; this interest was later spun-off to form Maurel & Prom Nigeria S.A, now known as Maurel & Prom International.

    In July 2010, Seplat acquired a 45 per cent participating interest in, and was appointed operator of, a portfolio of three onshore producing oil and gas leases in the Niger Delta (OMLs 4, 38 and 41), which includes the producing Oben, Ovhor, Sapele, Okporhuru, Amukpe and Orogho fields. Since acquisition, Seplat has more than tripled production from these OMLs.

    In June 2013, Newton Energy Limited, a wholly-owned subsidiary of the company, entered into an agreement with Pillar Oil Limited to acquire a 40 per cent participating interest in the Umuseti/Igbuku marginal field area within OPL 283.

  • Nigerian Breweries lists 67.8m scrip shares

    Nigerian Breweries has listed 67.8 million ordinary shares of 50 kobo each, increasing its outstanding issued shares from 7.929 billion ordinary shares to 7.997 billion ordinary shares. The additional shares further strengthened Nigerian Breweries’ position as the third most capitalised company at the Nigerian Stock market.

    Nigerian Breweries closed at the weekend with a market capitalisation of N1.214 trillion, coming behind Dangote Cement’s N4.43 trillion and Guaranty Trust Bank’s N1.442 trillion.

    The supplementary shares were due to the scrip dividend scheme offered by the company to eligible shareholders, who elected to receive new ordinary shares in lieu of cash dividends.

    The additional shares arose as a result of the scrip dividend scheme offered to eligible shareholders of the company, who elected to receive new ordinary shares in lieu of cash dividends with respect to the N2.58 final dividend declared for the year ended December 31, 2017.

    Nigerian Breweries had distributed N28.4 billion to shareholders as cash dividend for the 2016 business. Breakdown of the dividend recommendation showed a total dividend per share of N3.58. A final dividend of N20.46 billion was distributed to shareholders on the basis of N2.58 per share. The company had earlier paid interim dividend of N7.9 billion to shareholders, equivalent to N1 per share.

    The board of Nigerian Breweries had then recommended an option for qualifying shareholders to receive new ordinary shares in the company instead of the cash final dividend, on terms and conditions as the board may determine based on prevailing market conditions.  Shareholders subsequently voted for the cash-for-share dividend option at the company’s annual general meeting in May 2017.

  • Court seizes N6b, $222,000 N2bn shares, 12 houses from Jonathan’s cousin, ex-aides

    Court seizes N6b, $222,000 N2bn shares, 12 houses from Jonathan’s cousin, ex-aides

    Justice Nnamdi Dimgba of the Federal High Court in Abuja has ordered interim forfeiture to the Federal Government of the sums of N6,584,785,000; $222,000 and Aso Savings Limited shares valued at N2,028,800,000 allegedly derived fraudulently from  proceeds of the sale of Power Holdings Company of Nigeria (PHCN).

    Justice Dimgba also ordered an interim forfeiture of 12 houses and some plots of land located in Lagos, Ibadan and Abuja allegedly bought with part of the loot.

    The judge gave the orders while ruling on an ex-parte motion filed by the Economic and Financial Crimes Commission (EFCC).

    The EFCC accused some former aides and a cousin to former President Goodluck Jonathan of diverting about  N27,188,232,208.20 proceeds of the PHCN Severance Insurance Premium.

    The judge heard and granted the motion in chambers yesterday after it was moved by EFCC’s lawyer Ben Ikani.

    Justice Dimgba also directed  the EFCC to publish the orders in any national daily within 14 days, following which any interested persons or organisations interested in the assets would be entitled to challenge the court orders.

    He adjourned further hearing in the case to February 6.

    In the ex parte mtotion, EFCC named top government officials involved in the said  scam to include then Chief of Staff to the then President Goodluck Jonathan, Brig.-Gen. Jones Arogbofa,  then Accountant-General of the Federation Mr. Jonah Otunla, and the then Permanent Secretary in the Ministry of Power, Dr. Godknows Igali.

    Others also named in the scam were a cousin to Jonathan, Robert Azibaola; a  former Director-General of Bureau for Public Enterprises, Mr. Benjamin Dikki; and a former Minister of State for Power, Mohammed Wakil.

    It alleged that Arogbofa got N150m through proxies; Dikki, N1 billion; the ex-Permanent Secretary, Ministry of Works, Igali N475 million; Otunla N3.6 billion; Jonathan’s cousin, Azibaola N2.5bn and Wakil, N118m.

    The EFCC also alleged that, of the N27,188,232,208 allegedly misappropriated by government officials, N6,584,785, $222,000, and N2,028,800,000 worth of shares of Aso Savings Ltd had been recovered from the suspects.

    The seized properties include two units of 4-bedroom detached duplex (Houses 12 & 14) at Alexander Miller Estate, Lekki-Lagos; one unit 4-bedroom semi-detached terrace duplex (block C11, Unit 7) at Lekki Garden Estate Paradise 3, Lekki, Lagos; one unit of 4-bedroom semi -detached(House 4b) at Olive Court, Agodi, GRA, Ibadan, Oyo State; and two units of 3-bedroom flat with 1-room boys quarters at 6a & b, Ogedengbe Street, Apapa, Lagos.

  • Avon Crowncaps delists shares

    The Nigerian Stock Exchange (NSE) has delisted the name of Avon Crowncaps & Containers Plc from its Daily Official List.

    This followed the conclusion of the voluntary process by Avon Crowncaps, which requested for the delisting of its shares from the NSE.

    The delisting effectively locked in more than N807 million in market valuation of shareholders’ holdings.

    Avon Crowncaps had issued and outstanding shares of 683.97 million listed on the main board of the NSE and its last traded price was N1.18 per share.