daily menu » rate the banner | guess the city | one on oneforums map | privacy policy (aug.2, 2013) | DMCA policy | flipboard magazine

Go Back   SkyscraperCity > Continental Forums > Africa > West Africa > Nigeria > Other discussions > Business and Economy

Business and Economy Our business, economy and other related discussions

Reply
 
Thread Tools
Old August 15th, 2008, 07:09 PM   #61
Håkønljzberg
Moderator
 
Håkønljzberg's Avatar
 
Join Date: Sep 2006
Posts: 22,685

CBN Launches Entrepreneurship Development Centres

The Central Bank of Nigeria CBN, as part of its efforts to build capacity for wealth creation and employment generation, as well as complement the efforts of relevant government agencies has initiated the Entrepreneurship Development Centres (EDCs) in six geo-political zones of the country.

The entrepreneurship training programme which is for unemployed graduates of Nigerian Universities, Polytechnics, Colleges of Education and Secondary School Leavers, has commenced on pilot basis in three centres, namely, Kano , Onitsha and Lagos .

The Onitsha Entrepreneurship Development Centre (CEDC), is expected to be launched on Friday, August 15, 2008 at Ononenyi Anwah Plaza , No 2, Awka Road , opposite All Saints Cathedral Church Field, Onitsha , Anambra State , while the Lagos Entrepreneurship Development Centre (LEDC), launching is scheduled to take place on Thursday, August 21, 2008 at: NYSC Orientation Camp, beside Government College , Agege, Lagos.
Håkønljzberg no está en línea   Reply With Quote
Old August 18th, 2008, 02:03 PM   #62
Håkønljzberg
Moderator
 
Håkønljzberg's Avatar
 
Join Date: Sep 2006
Posts: 22,685

Depositors' Funds Now N6.7 Trillion - Soludo

The governor of the Central Bank of Nigeria (CBN), Prof. Chukwuma Soludo has said the volume of depositors' money in all banks operating in the country stood at N6.7 trillion as at June this year.

The figure, he said, is N5.5 trillion higher than the pre-CBN consolidation era. Then, depositors' funds with the banks stood at N1.2 trillion.

Soludo said that the number of depositors in the banking system is now about 25 million, while the banks dominate the Nigerian Stock Exchange market,which he said remains the fastest growing market in Africa.

The CBN governor was speaking at the All Saints Cathedral field, Onitsha, Anambra State at the formal opening of the Entrepreneurship Develop-ment Centre (EDC) corporate headquarters.

He said the successes already recorded in banking sector reforms had progressed a great deal, with a phenomenal rise in the size of credit that is being injected into the economy through the Small and Medium Enterprises (SME). He however noted that the CBN realised that despite the quantum of money in the banks' vaults, a large chunk of the public remains "un-banked."

That, he emphasised, informed the setting up of the micro-finance banks that will work in the communities where individuals can access funds.

Putting the number of micro-finance banks across the country at over 750, which is still below an envisaged target of 780, Soludo said about N20 million is usually needed in setting up one of such banks.

He said Anambra state has the second largest number of micro-finance banks after Lagos state.
Håkønljzberg no está en línea   Reply With Quote
Old August 19th, 2008, 07:26 PM   #63
Håkønljzberg
Moderator
 
Håkønljzberg's Avatar
 
Join Date: Sep 2006
Posts: 22,685

UBA Retains September As Year-End

Following the Central Bank of Nigeria (CBN)'s relaxation of its requirement for all Nigerian banks to move to a uniform December year end, the Board of UBA has decided to retain its existing September year end.

Consequently, UBA, in a statement announced today, said it anticipates next reporting audited results for the 12-months ended September 30, 2008, some time around late November/early December.

The uniform year end policy initially billed for December 2008, but shifted to December 2009, is no longer a requirement for banks. The CBN last month, announced postponement of the uniform accounting year-end period for banks, which it had earlier slated to take effect from December 2008.

While briefing journalists at the end of the recent Monetary Policy Committee (MPC) meeting in Abuja, the CBN Governor, Prof. Chukwuma Soludo, said it would be left to the discretion of banks. The apex bank says that the new date for the uniform year-end of accounting rates of commercial banks in Nigeria will be December 2009, indicating a one-year extension of the earlier policy decision.

Reasons given for the postponement are not far fetched, as the CBN, at the end of the Financial System Surveillance Committee (FSSC) meeting held recently, stated that the postponement taken at the meeting, "is in response to the observed desperate behaviour of some banks in deposit mobilisation and hiking interest rates at levels that cannot be justified by the fundamentals.

"Defending the shift of the uniform year-end for the banks, Soludo said that the decision was in response to the manner in which banks were mobilising deposits and increasing interest rates. However, this has not gone down well with some banks, which have argued that had the December 2008 date been allowed to stay, those claiming to be first in most indices would have been exposed.
Håkønljzberg no está en línea   Reply With Quote
Old August 19th, 2008, 07:29 PM   #64
Håkønljzberg
Moderator
 
Håkønljzberg's Avatar
 
Join Date: Sep 2006
Posts: 22,685

NEM's Shareholders Endorse Plans for Recapitalisation

SHAREHOLDERS of NEM Insurance Plc have approved the company's board of directors proposal to further raise its capital base to N10 billion .

The shareholders at its thirty eight Annual General Meeting (AGM) held last week in Lagos approved all the resolutions put before them at the meeting.

Among the resolutions passed was the authorisation of the increase in capital base up to N10 billion. The capital could be raise by way of a combination of offer for subscription to the general pubic and rights issue to the existing shareholders at an appropriate price , terms and at a time to be determined by the directors.

It was agreed by the shareholders that in the event of over subscription of the offer, the board can capitalise the excess money and allot additional shares to the extent that can be accommodated by the company's unissued share capital and that the proceeds should be used for the same purpose as the offer. Furthermore, approval was given for the increase in the authorised capital from N4,200,000,000 to N5,000,000,000 by the creation of additional 1,600,000,000 ordinary shares of 50 kobo each ranking pari-passu in all respect with the existing shares of the company. Consequently, the companies Memorandum and Articles of Association of the company was amended to accommodate the creation of the additional shares.

Shareholders who spoke at the meeting commended the board and management for the impressive performance and proposed dividend recorded for the financial year ended December 31, 2007. The company declared a dividend of 5 kobo per share totalling N248,846,138.00.

Speaking at the meeting, Chief Adewale Teluwo, thanked the shareholders for their unalloyed support over the years despite the challenges.

According to him " Our company strives to be one of the best five insurance companies in Nigeia and to be a globally recognised one. Hence our vision and mission statement shall be pursued vigorously.

In addition, plans are in progress to commence internet insurance transaction and by the end of 2008 same would have been concluded".

Commenting on the financial performance, Teluwo said " In the first quarter of the year under review , much business were lost as a result of the uncertainty of the insurance companies to be recertified. However, as the year progressed , business picked up and good result was recorded by the end of the year. Gross premium income posted an increase of 199.2 per cent up, i.e the sum of N2.6 billion was generated in the current year as against N853.6 million recorded in 2006".
Håkønljzberg no está en línea   Reply With Quote
Old August 21st, 2008, 06:55 PM   #65
Håkønljzberg
Moderator
 
Håkønljzberg's Avatar
 
Join Date: Sep 2006
Posts: 22,685

Spring Bank Excites Investors, Drives NSE Turnover By 57 Percent

Shares of Spring Bank Plc emerged the most patronised by investors on Tuesday on the Nigerian Stock Exchange (NSE) as it dominated trading activity, accounting for 56.5 per cent of the market turnover.

Specifically, a turnover of 1.24 million shares valued at N9.56 billion was recorded in 11,800 deals, rising by 51.21 per cent from the previous day's turnover of 823.78 million shares valued at N4.44 billion in 10,587 deals.

Spring Bank recorded a turnover of 681.23 million shares valued at N3.81 billion in 74 deals. The renewed interest in the shares of the bank may be as a result of investors' decision to take position in the stock in anticipation of its improved fortunes.

There are indications that a number of banks are planning to acquire or merge with the bank, as soon as the Central Bank of Nigeria (CBN) hands off the management of the bank. However, the shares of the bank have remained on technical suspension, as the price as stayed at N5.59 since the lifting of the full suspension.

Buoyed by trading in the shares of Spring Bank, the banking sub-sector dominated the other sub-sectors, accounting for 72.58 per cent of the market turnover with 892.35 million shares valued at N8.1 billion in 6,290 deals. In addition to trading in the shares of Spring Bank, Oceanic recorded a turnover of 38.67 million shares valued at N724.05 million in 794 deals and Zenith Bank Plc recorded 28.8 million shares valued at N1.10 billion in 544 deals.

The Insurance sub-sector followed on the sectorial analysis, accounting for s22.58 per cent of the market turnover with 276.79 million shares valued at N301.52 million in 1,277 deals. Investment and Allied Assurance Plc dominated trading in the sub-sector, with a turnover of 238.8 million shares valued at N179.93 million in 403 deals, followed by Intercontinental WAPIC Insurance Plc with exchange of 7.34 million shares valued at N44.37 million in 70 deals and Consolidated Hallmark Insurance Plc recorded 5.86 million shares valued at N8.73 million in 58 deals.

The declining trend in the market indices continued as the performance indices, the All-share index and market capitalisation both dropped by 0.70 per cent each.

Particularly, the index which opened at 46,621.07 points dropped by 326.75 basis points to close at 46,294.32 points while the capitalisation closed at N9.44 trillion from N9.51 trillion at which it opened.

Flour Mills Nigeria Plc recorded the highest share price loss, dropping by N3.30 to close at N62.70 per share from N66.00 per share at which it opened, followed by Cadbury Nigeria Plc with a loss of N1.42 to close at N30.05 per share and UAC Property Development Company Plc dipped by N1.32 to close at N25.18 per share.

Other share price losers include: Intercontinental Bank Plc N1.25, Benue Cement Company Plc N1.00, PZ Cussons Nigeria Plc N1.00, UAC Nigeria Plc N1.00, BOC Gases Plc N0.99, Dangote Sugar Refinery Plc N0.89, Costain (West Africa) Plc N0.82 among others.

On the contrary, Mobil Oil Nigeria Plc recorded the highest share price gain, rising by N16.53 to close at N347.28 per share, followed by Chevron Oil Nigeria Plc with a gain of N15.03 to close at N315.79 per share and First Bank of Nigeria Plc garnered N1.35 to close at N28.36 per share.
Håkønljzberg no está en línea   Reply With Quote
Old August 21st, 2008, 07:11 PM   #66
Håkønljzberg
Moderator
 
Håkønljzberg's Avatar
 
Join Date: Sep 2006
Posts: 22,685

Investors Buy N855 Million Sheraton Hotel Shares

Investors yesterday staked N855million to buy only 1.3million shares of the Capital Hotels Plc, owners of Abuja Sheraton Hotels and Towers, out of the 150 million shares offered for sale by the Bureau of Public Enterprises (BPE), on the Abuja floor of the Nigerian Stock Exchange (NSE).

The 150 million shares offered form part of the 637,919,840 shares (representing 41.1%) being offered, by the Federal Government to the public in the six geo-political zones of the country.

Only last week, the entire share capital of Capital Hotels Plc amounting to 1,600,000,000 was successfully listed on the Lagos floor of the Exchange and official flag off of trading in the shares.

The stock brokers who participated at the special sale conducted by the Assistant Director-General of the NSE, Lance Musa Elakama, include Forte Assets, Tower Assets, Mutual Alliance and Camry. Others are Calix, Equity Capital, TIPC and Spring Board.

The Director-General of BPE, Irene Chigbue, disclosed that the special sale of the Federal Government's shares would be conducted in Kano and Port Harcourt on August 28, 2008 where 50 million shares each , would be on offer for interested Nigerians from the North-West and South-South respectively.

Furthermore, she stated that on September 4, the sale would move to Yola, Onitsha and Ilorin, with 50 million shares each on offer to those from the North-East, South-East and North-Central zones, respectively.

The BPE boss explained that the sale of the shares has been deliberately taken round the different geo-political zones to keep faith with BPE's policy of fairness and transparency in the implementation of the privatisation programme.
Håkønljzberg no está en línea   Reply With Quote
Old August 21st, 2008, 07:34 PM   #67
Håkønljzberg
Moderator
 
Håkønljzberg's Avatar
 
Join Date: Sep 2006
Posts: 22,685

NDIC Wants 20 Percent Single Obligor Limit Slashed

Nigeria Deposit Insurance Corporation (NDIC) has recommended a downward review of the single obligor limit, which is at present pegged at 20 per cent of shareholders' fund, given the huge shareholders' funds capacity of many of the consolidated banks.

Single obligor limit is the maximum amount a bank is allowed to lend a single borrower or an individual in relation to the total shareholders' fund of that bank.

The recommendation came as the Central Bank of Nigeria (CBN) unveiled the timeframe for the implementation of the Financial Sector Strategy (FSS) 2020, which is designed to help transform Nigeria into an international financial centre by 2020.

CBN revealed that the implementation of the strategy had been divided into three phases -- one (June 2007- December 2012); two (January 2013- December 2016) and three (January 2017-December 2020).

Addressing participants yesterday in Abuja at the opening of the Fourth Conference of Regulators and External Auditors of Financial Institutions, Managing Director of NDIC, Mr. Ganiyu Ogunleye, said the prevailing single obligor limit could provoke unintended concentration of risk.

"In the context of risk management, I believe the present single obligor limit of 20 per cent of shareholders' fund unimpaired losses requires a downward review. This is necessary in view of the huge shareholders' funds of many of our consolidated banks. The present limit can induce unintended concentration of risk," he said.

Ogunleye pointed out that ensuring sound governance of financial institutions and effective risk management by both the regulators and the universal banks were part of the challenges being faced by regulators.

In this regard, he advised, "the universal banks are encouraged to adhere strictly to the code of corporate governance issued post-consolidation as well as international best practices."

According to him, "They should also put in place sound risk management framework as a matter of priority, while the Central Bank and the Nigeria Deposit Insurance Corporation have designed a risk-based supervisory framework. Its successful implementation requires the existence of sound risk management structures in banks."

Declaring the conference open, CBN Governor, Prof. Chukwuma Soludo, noted that in a bid to ensure the achievement of the desired targets within the planned timeframe, the apex bank had adopted the FSS 2020 blueprint.

The blueprint, he disclosed, would be used to "implement and transform the financial sector into a growth catalyst of the economy and engineer Nigeria's evolution into an international financial centre".

Soludo, who was represented by CBN's Deputy Governor, Operations, Mr. Suleiman Barau, said: "The strategy entails strengthening the domestic financial markets, which will then be used to drive overall economic growth."

According to him, "The second prong of the strategy focuses on integration with the external financial markets by targeting initiatives that will enable the financial sector to reinforce the expansion of our export base.

"To this end, we plan to start with our regional bloc and then expand to other global economic blocs.

"The third prong of the FSS focuses on engineering Nigeria's evolution into an international financial centre. We intend to become an international financial centre in the medium to long-term by leveraging on our areas of strength as a key factor."
Håkønljzberg no está en línea   Reply With Quote
Old August 21st, 2008, 07:38 PM   #68
Håkønljzberg
Moderator
 
Håkønljzberg's Avatar
 
Join Date: Sep 2006
Posts: 22,685

Govt to Raise N275 Billion From Capital Market as Fashola Signs Bill

Governor Babatunde Fashola of Lagos State yesterday signed the Bill for the raising of N275 billion from the capital market over the next three years.

At the ceremony, he proclaimed population as Nigeria's greatest asset with the potential to turn the economy around if properly harnessed while denouncing oil as a reliable asset for any country.

The Bill for the issuance of the bonds was passed by the State House of Assembly only last week and with its signing into law by the Governor, the stage is now set for the state to storm the Security and Exchange Commission (SEC) to register and raise the first tranche of N75 billion next month.

The Governor said the issuance of the bonds and notes worth N275Billion would be spread over the next three years.

He explained that the new law permits the state government to raise funds through the issuance of bonds and other securities as a means of responding to critical infrastructural challenges of the people and the state.

He said the bonds which would be issued in three tranches of N75Billion, N100Billion and N100Billion respectively would be an investor's delight. The first tranche for N75Billion, he pointed out, would be issued next month. He added that the new law also provides a basis for the establishment of the State Debt Insurance Programme and a platform for the sustenance of its infrastructure renewal and upgrade.

Fashola said that investment in the bonds is further reassuring because its repayment will be dependent not on volatile oil revenue which constitutes the bulk of the proceeds of revenue allocation.

On capacity for repayment, he said it will be dependent on the State's Internally Generated Revenue (IGR) which is now characterized by the willingness of the citizenry to pay their taxes due to popular buy-in of the people into the programmes and policies of the administration as a result of government's delivery on promises.

He therefore emphasized the need for the development of the human capital saying that was imperative if the country must rise to take its rightful place in the comity of nations. He said the belief of the State in human capital development informed the administration's continued effort at improving standards as well as provision of educational opportunity for all through its free education policy.

At another event yesterday, Fashola announced his approval of the recruitment of additional 500 traffic personnel to further strengthen the operations of the state traffic agency ahead of the "ember' months when the roads will become busier with heavy human and vehicular traffic.

He disclosed this when he received in audience the management team of Sterling Bank plc led by the Group Managing Director (GMD), Yemi Adeola. The team came to make a donation of 4,000 raincoats to the Lagos State Traffic Management Authority (LASTMA) to assist the agency's operations during the rainy season.

Fashola stressed that an increase in the number of traffic personnel will not only ensure free flow of traffic but create more employment opportunities for the youth and the middle aged.

While thanking Sterling Bank for the donation, he restated the determination of his administration to continue to create opportunity for interaction between the state and members of the organised sector.

Earlier, Yemi Adeola informed that the gesture of the bank was borne out of genuine concern adding that the donation will be an annual affair.
Håkønljzberg no está en línea   Reply With Quote
Old August 22nd, 2008, 09:57 PM   #69
Håkønljzberg
Moderator
 
Håkønljzberg's Avatar
 
Join Date: Sep 2006
Posts: 22,685

First Bank Backs NDIC on Single Obligor Limit

FIRST Bank of Nigeria PLC has said that it supports the move by the Nigeria Deposit Insurance Corporation (NDIC) for reduction of the single obligor limit for banks. The single obligor limit is the maximum amount banks can lend to a borrower and it is pegged to the capital base of each bank.

It was part of the prudential regulations introduced by the Central Bank of Nigeria (CBN) in the 1990s as part of measures to forestall distress in the industry. Presently, the single obligor limit is 10 per cent of the capital of banks

However, recently NDIC called for a reduction in the limit to five per cent sighting the increase in the capital base of banks as reason for the reduction.

Speaking at the 39th Annual General Meeting of First Bank held in Abuja yesterday, Managing

Director/Chief Executive of the bank, Mr. Jacob Ajekigbe said that the bank is in support of the reduction. He said that prior to the proposal by NDIC, the board of the bank had taken the initiative to reduce its single obligor limit to five per cent. This he said was prompted by the need to balance risk and foster competition.

According to him, "even though you have the money to lend for a particular project you don't need to bear all the risk since you can share it with other banks. He said beyond this is the fact that to the best of intent things can still go wrong hence the board has its own single obligor limit which is below that of the industry."

Ajikigbe also said shareholders of the bank on the price of the bank's share on the stock exchange saying there is nothing to worry about. He noted that despite the bearish nature of the exchange, the share of the bank is still liquid with a turnover of about N1 billion on Wednesday, while the price is also nodding up. According to him; this is the time to actually buy shares of the bank because the future is bright.

At the meeting shareholders commended the management and board of the bank for the impressive operating result recorded in the year ended March 31st 2008, and approved the N23.87 billion dividend proposed by the board, which translates to N1.20 per share.

Shareholders also approved an increase in the authorised share capital of the bank from N10 billion to N15 billion, and the number of directors to 20.
Håkønljzberg no está en línea   Reply With Quote
Old August 22nd, 2008, 10:08 PM   #70
Håkønljzberg
Moderator
 
Håkønljzberg's Avatar
 
Join Date: Sep 2006
Posts: 22,685

First Bank Declares N48 Billion Profits

First Bank Plc yesterday in Abuja declared a profit before tax of N48 billion for the financial year 2007/2008.

The figure showed a marked difference from the N26 billion recorded in 2006/2007.

The Chairman of the bank, Alhaji Umaru Mutallab, said the profit after tax for the bank rose from N21 billion in 2006/2007 to N37 billion in 2008, representing an increase of 77.1 per cent.

Speaking at the 39th annual meeting of the bank, Mutallab said the total asset of the bank had risen to N911 billion, showing an increase of 67.6 per cent.

According to him, the bank's gross earnings rose from N79 billion in 2007 to close at N131 billion in the year under review, which showed an increase of 64.7 per cent.

Based on the performance, Mutallab said the dividend per share proposed, increased from N1.00 in 2007 to N1.20 in the current year, representing total dividend payment of N23.87 billion.

He said a bonus of one for every four ordinary shares would be given to shareholders.

Chief Sonny Nwosu, President of Shareholders Association of Nigeria, commended the performance of the bank.
Håkønljzberg no está en línea   Reply With Quote
Old August 22nd, 2008, 10:12 PM   #71
Håkønljzberg
Moderator
 
Håkønljzberg's Avatar
 
Join Date: Sep 2006
Posts: 22,685

African Petroleum PLC Public Offer Commences

The much awaited African Petroleum Plc public offer was yesterday opened to the investing public.

The offer, which closes on September 29, 2008, followed the approval by Securities and Exchange Commission (SEC), for the company to raise N110 billion in a hybrid offer of 199, 070, 021 ordinary shares at N250 per share, and rights issue of 262, 929, 279 units at N230 per share. The Nigerian Stock Exchange had earlier granted its approval.

In the last financial year ending December 31, 2007, the company had from a near loss position declared a dividend of N7.05 billion profit before tax.

That figure represented an impressive growth of 188.93 per cent over N2.44 billion declared the previous year. Profit after tax also grew significantly from N2.10 billion recorded in 2006 to N5.10bn during the year under review.

Following the superlative performance, the company declared and paid dividend of N7 per share. That dividend payout represented a growth of 600per cent in comparison to the N1 payment in December 31, 2006.

Before the N1 pay out last year, the company had not paid dividend to its shareholders since privatisation, when the former core investor, Sadiq Petroleum Limited, bought controlling stake before its subsequent pull out, owing to discovery of huge debt, which was hidden at the time of due diligence in the run up to its acquisition.

Zenon's acquisition of 28 per cent of that stake in AP last year marked a remarkable change in fortune for AP.

Its half year result from January to June 30, 2008, shows another very impressive performance of 80per cent increase in profit after tax, which is phenomenal by all standards. The market capitalisation of AP has risen from N36, 000, 000, 000 billion before the Otedola-led board took over, to a record market capitalisation as at today, of N232, 244, 200, 000 billion.

The company's upward swing is not unconnected with the reforms and restructuring initiated by the board, while its sanitisation of the accounting system, restructuring of personnel and clear policy focus appears to have paid off. Only recently at the completion board meeting, Vice Chairman of the company, Mr Osa Osunde, said with the strong fundamentals AP now boasts of, investors stand a good chance of reaping bountifully from their investment, projecting that the share price might nudge the N500 magic line. He declared triumphantly that AP was back, better and stronger than before.

After the Public Offer, AP will be formalising its merger with Zenon Petroleum and Gas. Court processes for the merger are expected to commence shortly. AP with a current turnover of about N250, 000, 000, 000 and Zenon with turnover of N340, 000, 000, 000 is expected to produce a mega company of about N600, 000, 000, 000, making it the company with the highest turnover in Nigeria and thus increasing shareholders' value.

Otedola, who currently owns substantial majority shares in African Petroleum, is the sole owner of Zenon Petroleum and Gas. He had started Zenon about eight and half years ago from the scratch and literally transformed the company to the nation's biggest diesel supplier, with huge investments in maritime, haulage, properties and insurance.

The AP shareholders endorsed the merger at the last Annual General Meeting held in Ibadan, on April 29.
Håkønljzberg no está en línea   Reply With Quote
Old August 22nd, 2008, 10:15 PM   #72
Håkønljzberg
Moderator
 
Håkønljzberg's Avatar
 
Join Date: Sep 2006
Posts: 22,685

Access Bank to Commence Operations in UK

Access Bank Plc is set for another major milestone in its global expansion drive following its licensing and authorisation by the Financial Services Authorities (FSA) to operate a full service banking subsidiary in the United Kingdom.

The Access Bank (UK) Ltd has its head office at No 1, Cornhill in the City of London, overlooking the Bank of England. The Bank's Mayfair office is located at 53, Davies Street, London.

The new UK subsidiary will offer a full range of banking services which include corporate banking, personal banking, treasury and trade finance.

Mr. Aigboje Aig-Imouk-huede, Chairman of The Access Bank UK and Group Chief Executive of Access Bank Plc, said the bank's commencement of business within the European union "will perfectly complement our ongoing expansion across Africa and provide a platform for us to actualise our vision of attaining world-class status".

The bank, which brands itself as "Africa's Bank of Best Practice", says it has assembled a high-calibre Board of Directors, comprising respected and experienced international bankers, accountants and legal experts.

The seven-man board includes two independent Directors: Messrs. Derek Ross and Tim Wade.

"Their appointments attest to the bank's readiness to operate at the highest standards of corporate governance; as both individuals are accomplished professionals with enviable track records," the bank said.

Derek Ross is a retired partner of Deloitte, a Chartered Accountant and Corporate Treasurer. He is also on the Board of several other blue chip companies in the UK and chairs the Risk and Audit committee of Access Bank UK.

Tim Wade is a fellow of the Institute of Taxation of Australia and a member of Australian ACA. He has experience in retail banking with bias for the bancassurance model and exposure to Corporate banking.

Mr. Herbert Wigwe, Group Deputy Managing Director of Access Bank Plc, is the fourth non-executive director of the bank.

Mr. Jamie Simmonds, the Managing Director/CEO of the Access Bank (UK) Ltd, brings on board over 31 years banking experience, with specialist knowledge of Banking Operations, Credit Control, Retail and Commercial banking, having worked at NatWest, Royal Bank of Scotland and Coutts, the well respected private bank. He is a Certified Financial Adviser, an alumnus of the Harvard Business School Executive Management Development Programme and an Associate member of the Chartered Institute of Bankers. He is ably assisted by a team of highly experienced and dedicated executives.

Recently, Access Bank was ranked 359th by The Banker magazine in its rating of top global 1000 Banks.

This attests to the bank's gradual emergence as a global financial brand and financial powerhouse on the African continent, the bank said.
Håkønljzberg no está en línea   Reply With Quote
Old August 25th, 2008, 07:11 PM   #73
Håkønljzberg
Moderator
 
Håkønljzberg's Avatar
 
Join Date: Sep 2006
Posts: 22,685

Ecobank Plans Continent's Biggest Stock Sale

Ecobank Transnational plans to sell $2.5 billion of shares, in what it said is the biggest stock offering in Africa, to help fund new branches on the continent and expand in countries where it has no presence.

The combined offer of stock to existing shareholders and to the public will be held simultaneously on three west African exchanges in Nigeria, Ghana and Ivory Coast, Lome, Togo-based Ecobank said in a statement. The offer opens Aug. 25.

"The proceeds of the offer will be utilised to further strengthen Ecobank's accelerated growth plan to expand its network of branches in countries where it currently operates," Chairman Mande Sidibe said in the statement. The bank will open new operations in countries on the continent where it has no offices.

Ecobank's stock offering will take place on the Nigerian Stock Exchange, the Ghana Stock Exchange and the Bourse Regionale des Valeurs Mobilieres in Abidjan, Ivory Coast, Ecobank said.

Almost 3.76 billion shares are being offered to existing investors at $0.27 apiece at a ratio of five new shares for every nine held. Another 5.12 billion are being offered to the public at $0.29 each.

This implies a discount of 20 per cent for the rights offer and 12.5 percent for the public offer to the 30-day volume-weighted average price of the company's stock across the three stock markets where it trades, Ecobank said
Håkønljzberg no está en línea   Reply With Quote
Old August 25th, 2008, 07:12 PM   #74
Håkønljzberg
Moderator
 
Håkønljzberg's Avatar
 
Join Date: Sep 2006
Posts: 22,685

Stockbrokers Laud Zenith Bank's Performance

Zenith Bank's recently released twelve month result for the period ending June 2008 has won the commendation of stockbrokers who at a forum in Lagos at the weekend described it as astounding.

Speaking at the stockbrokers' forum organized by the bank at the Civic Centre, Victoria Island, Lagos to review the 2007/8 result, the doyen of stock broking in Nigeria, Reverend Olu Odejmi said the result was a product of the culture of excellence for which Zenith Bank is known, powered by a sound management team, led by the bank's Managing Director, Jim Ovia.

The bank's unaudited result for the period showed gross earnings of N158.29 billion for the period up to June 30, 2008 indicating a 67 per cent increase over the N94.88 billion declared last year.

The result also showed improved profitability, with profit before tax jumping by an impressive 96 per cent from the N25.67 billion recorded last year to N50.28 billion for the year under review. Equally impressive, the result showed, is profit after tax, which jumped by 119 per cent from the N18.77 billion recorded last year to N41.04 billion.

Stockbrokers at the event equally commended the strong performance of the Zenith stock, which they said had remained relatively stable at a time when other banks' shares were fast losing value. This development, they said, reflected the underlining strength of the bank and rising public confidence in the management of the bank.

Stressing the essence of the forum, Ovia said the management team thought it wise to carry major stakeholders such as the stockbrokers along on the change in the financial year of the bank from June to September.

The bank had earlier in the week announced its decision to shift its financial year end from June to September in a move that observers believe is aimed at enhancing shareholder value.

Ovia urged the stockbrokers to build up investors' confidence in the market through education so that they could see the current downturn in the market as a passing phase and one that would soon be over.

He reaffirmed the bank's commitment to creating value for its customers, saying a handsome dividend of N1 60k awaited the shareholders at the end of the bank's financial year in September.

As a panacea for the current lull in the market, Ovia called for urgent reforms in the capital market to enhance the market efficiency but more importantly to bring it up to global standards.
Håkønljzberg no está en línea   Reply With Quote
Old August 28th, 2008, 10:21 PM   #75
Håkønljzberg
Moderator
 
Håkønljzberg's Avatar
 
Join Date: Sep 2006
Posts: 22,685

CBN Unfolds Rules for New Banking Licences

A new framework for ownership of commercial banks in the country was unfolded yesterday in Abuja by the Central Bank of Nigeria (CBN).

The framework seeks to open Nigeria's economy to become a financial hub in the world by 2020.

According to the new framework, foreign investors seeking to establish a bank should not be companies incorporated in offshore centres or tax havens such as Gibraltar and The Cayman Islands among others.

For an investor to obtain Approval in Principle, the apex bank said such an investor needed to make a formal application for a licence to carry on the business of banking in Nigeria.

Specifically, the banking watchdog said the application must be submitted with a non-refundable application fee of N500,000.

Besides, such application according to the CBN, must be accompanied by a minimum capital deposit of N25 billion with the CBN on application with evidence of deposit by each shareholder.

"The source of capital contribution by each shareholder/subscriber would subsequently be verified by bank examiners," the guidelines said.

Besides, the new guidelines require that promoters of the new banks must state clearly in their feasibility report the sources of capital contribution from each investor.

In addition to these, the apex bank said fitness and appropriateness of the promoters would be ascertained through security screening and status enquiry from the Securities and Exchange Commission (SEC), Nigerian Deposit Insurance Corporation (NDIC), National Insurance Commission (NAICOM), Credit Bureau and reference to CBN's black book maintained by the Bankers Committee.

It also said the promoters of the new financial firm must sign an undertaking that the bank would be adequately capitalised for the volume and character of its business at all times.

The investors are to also provide a five-year financial projection.
Håkønljzberg no está en línea   Reply With Quote
Old August 30th, 2008, 02:31 PM   #76
Håkønljzberg
Moderator
 
Håkønljzberg's Avatar
 
Join Date: Sep 2006
Posts: 22,685

Market Rebound As Stakeholders Introduce New Measures to Check Decline

The declining trend of the Nigerian Stock Exchange (NSE) was halted on Wednesday following the announcement of new measures to stem the worrisome drop in the prices of the listed equities by the federal government, regulatory authorities and other stakeholders.

The market indices, the All-share index and market capitalisation both recorded significant appreciation, rising by 3.14 per cent each.

Specifically, the index which opened at 43,199.47 points rose by 1,373.38 basis points to close at 44,572.85 points while the capitalisation closed at N9.09 trillion from N8.81 trillion at which it opened.

Following the meeting with the federal government, regulators and operators in the capital market, a number of measures were introduced to arrest the persistent decline that has bedevilled the market over the last couple of months.

According to the Director-General of the NSE, Professor (Mrs.) Ndi-Okereke Onyiuke disclosed that a number of issues were presented at the meeting that is aimed at arresting the decline in the market.

Among the decisions reached in the meeting include: the reduction of transaction fees in both the primary and secondary market, suspension of new listings until the market stabilises, allowing quoted companies to buy back a maximum of 20 per cent of their shares, review of existing trading rules and regulations among others.

In response to the cheering news, majority of the listed equities recorded significant share price gain, with Chevron Oil Nigeria Plc recording the highest share price appreciation, rising by N20.00 to close at N420.00 per share from N400.00 per share at which it opened, followed by Oando Plc with a gain of N5.77 to close at N121.20 per share and Nigerian Breweries Plc garnered N2.15 to close at N45.16 per share.

Other share price gainers include: UAC Nigeria Plc N1.85, Benue Cement Company Plc N1.82, Lafarge Cement WAPCO Plc N1.74, First Bank of Nigeria 1.38, Cadbury Nigeria Plc N1.35, BOC Gases Plc N1.28, Intercontinental Bank Plc N1.25 among others.

With the introduction of the one per cent downward price movement ceiling, Mobil Oil Nigeria Plc recorded the highest share price loss, dropping continued its descent, as it led the pack of share price losers, dropping by N3.62 to close at N362.00 per share, followed by RT. Briscoe Plc with a loss of N0.19 to close at N19.29 per share and Berger Paints Plc dipped by N0.11 to close at N11.49 per share.
Håkønljzberg no está en línea   Reply With Quote
Old August 30th, 2008, 03:15 PM   #77
Håkønljzberg
Moderator
 
Håkønljzberg's Avatar
 
Join Date: Sep 2006
Posts: 22,685

Ecobank Targets 32 Countries By Year End

Managing Director and Chief Executive of Ecobank Nigeria Plc, Mr Ofong Ambah, has assured the Nigerian business community of the immense potentials of the on-going $2.5billion public offer and rights issue being sold simultaneously in all the bank's 25 subsidiaries across Africa .

Speaking to journalists shortly after the launch of the three-pronged offer in Lagos, Mr. Ambah said the offer gives Nigerian investors an incredible opportunity to make international investment locally, by merely subscribing to the offer which also includes a Global Depository Receipt (GDR).

He stated that the investment offer was an outstanding opportunity for Nigerians to benefit from the growth and development in 25 other economies where the bank has operations and subsidiaries, stressing that the pan-African bank was also quoted in three African stock exchanges, including Nigeria, Ghana and Cote d'Ivoire .

From just 27 branches in 2005, Ecobank Plc, he said, has through acquisitions, grown its network to about 215 branches over the last two years, just as plans are under way to raise this further to about 300 by the end of the current financial year.
Håkønljzberg no está en línea   Reply With Quote
Old September 1st, 2008, 02:36 PM   #78
Håkønljzberg
Moderator
 
Håkønljzberg's Avatar
 
Join Date: Sep 2006
Posts: 22,685

Microfinance Banks to Set Up Interbank Market

Microfinance Banks in the country have commenced moves to set up an interbank money market for the sub-sector.

An interbank money market is a market where banks borrow and lend among one another. The market provides opportunity to invest their excess funds, and also borrow to cover temporary shortfall in their liquidity position. Apart from the 24 banks, other players in the Nigeria interbank money market include the five discount houses.

However, other financial institutions like microfinance banks and primary mortgage institutions (PMIs) cannot participate in the market because they do not have direct access to the clearing house of the Central Bank of Nigeria.

Financial Vanguard, FV, investigation however reveals that some microfinance banks in collaboration with one of the discount houses have commenced moves to set an interbank money market for the sub-sector. It was gathered that market would also be open to PMIs that desire to participate.

Sources confirm to FV that the proposed microfinance interbank money market was initiated by Kakawa Discount House which hosted the first meeting with five microfinance banks last month. The second meeting was held last week and the microfinance banks in attendance include IMFB Microfinance Bank and Gapbridge Microfinance Bank.

A reliable source at the meeting told FV that the microfinance interbank market would operate like the conventional interbank money market. The only exception is that Kakawa discount House would act as the settlement institution or the intermediary for the microfinance bank.

Although details of the initiative is still been worked out, it was gathered that part of the preparatory measures is that microfinance banks would form money market association patterned after the Money Market Association of Nigeria (MMAN), which is the umbrella body for bank treasurers. It was also gathered that the constitution of the association is been worked out while effort is been made to reach out to as many microfinance bank as possible especially those outside Lagos. Just like it obtains in MMAN, the proposed association would be operated by the treasurers of microfinance banks while the banks would be members.

Another source who confirmed the development to FV explained that the interbank market is very necessary for the sub-sector as it would afford microfinance banks opportunities to earn some income from the excess funds while those with temporary liquidity shortfalls will not panic but have the confidence to carry on their operations knowing that there is a market where they can always access funds. The truth, according to the source is that no matter how you plan, there would always be occasional disruptions to your projection leading to temporary liquidity shortfall as well as excess liquidity. That is why the proposed microfinance interbank market would help stabilise the operations of microfinance banks and enhance their income.

Diamond Bank Declares N8bn Dividend, Bonus Share

At the 17th Annual General Meeting of Diamond Bank held in Lagos last week, shareholders approved the payment of N7.4 billion as dividend, which translates to 56 kobo per share, while the sum of N657.8 million is to be capitalized from the bank's general reserve to be distributed to shareholders as bonus share issue of one new share for every ten shares held.

Addressing shareholders at the meeting, chairman of the bank, the Obi of Onitsha, Igwe Ugwochukwu Achebe, attributed the it to the strength of the bank's perfomance in the 2008 financial year.

His words: I am delighted to report on another successful year for Diamond Bank Croup. We have demonstrated our ability to achieve good revenue growth and continue our strong profit momentum. Profit before tax (PBT) for the year under review grew by 112.2 per cent to N16.2 billion. This was supported by an increase of 51.6 per cent in gross earnings to N60.4 billion.

"Operating income for the year grew by 55.6 per cent to N47.7 billion from N30.7 billion recorded for the previous financial year. In achieving this growth, we placed a lot of emphasis on increasing fee-earning services and activities in the face of shrinking interest margin on fund-based activities. Consequently, non-interest income contributed 51.1 per cent of the operating income compared with 46.1 per cent achieved in the previous year.

"To achieve the revenue performances above, we grew the group's balance sheet substantially. Total balance sheet size moved up by 86.6 per cent to N840.3 billion. The growth was driven principally by 92.8 per cent increase in customer deposits to N419.7 billion and 114.7 per cent rise in shareholders' funds to N116.1 billion; the latter resulting mainly from our GDR offering. The growth in liabilities was largely utilized to fund the increase in the following earning assets: Loans and advances (including leases) at N270.3 billion - grew by 131.5 per cent, and short-term investments up from 238.7 per cent to N157.5 billion.

"Despite the increase in the bank's ordinary shares by 40 per cent to 13.2 billion towards the end of the third quarter of the financial year, we achieved an improvement of 59.5 per cent in our earning per share from 74 koboto118 kobo. On the strength of the bank's performance, the Board of Directors is pleased to recommend a dividend of 56 kobo per 50 kobo share.
Håkønljzberg no está en línea   Reply With Quote
Old September 5th, 2008, 08:26 PM   #79
Håkønljzberg
Moderator
 
Håkønljzberg's Avatar
 
Join Date: Sep 2006
Posts: 22,685

Investors Stake N5.315 Billion on 612.5 Million Shares

Trading activities on the floor of the Nigerian Stock Exchange (NSE) closed Wednesday on bullish note as investors staked N5.315 billion on 612,560,706 million shares in 16,419 deals. This was against the previous day trading in which investors offered N7.579 billion for 657.412 million shares in 15,396 deals.

This was the first time the market would be witnessing a drop in shares traded since the federal government intervention in the sliding price of share in the market.

Even at that, the market still recorded a marginal gain of N37 billion as market capitalization rose to N10.321 trillion against the previous day dealings of N10.284 trillion.

All-share-index also dropped by a point to close at 49,896.65 points against Tuesday's 49,897.86.

Nestle led the gainers' chart with N10.00 per share while Oando closed the market with a N6.90 per share gain. Other gainers were UAC Property with N6.90 per share gain and Glaxosmith N1.07 per share. On the losers' chart were Chevron with a loss of N4.40 per share, Sterling Bank N1.03 per share, Nigerian Beweries N0.50 and UACN N0.43 per share.

Meanwhile, a review of trading activities for the month of August shows that a turnover of 17.4 billion shares worth N169.64 billion in 249,937 deals was recorded in August, in contrast to a total of 19.97 billion shares valued at N190.75 billion exchanged during July 2008 in 357,000 deals.

Consequently, in eight months, total turnover was 159 billion units valued at N2.1 trillion exchanged by investors in 2,894,475 deals.

In the comparable period during 2007, total transactions were 90.4 billion shares valued at N1.34 trillion traded in 1,696,536 deals.

The banking subsector was the most active (measured by turnover volume) with traded volume of 9.6 billion shares valued at N124.1 billion in 126,777 deals while the Insurance subsector was second with traded volume of 5.7 billion shares valued at N7.3 billion in 33,811 deals. The Conglomerates subsector came third with transaction volume of 250.9 million shares valued at N1.9 billion traded in 7,102 deals.

The market value of the 319 listed securities closed at N13.04 trillion, down by 6.4 per cent from N13.932 trillion recorded in the preceding month. The 226 listed equities accounted for N10.1 trillion or 77.32 per cent of total market capitalization.

Equities from the banking subsector occupied the top 6 positions on the market capitalization table with the top five retaining their preceding month's positions. First Bank of Nigeria Plc was the most capitalized stock for the month, with a market capitalization of N796.84 billion, while Zenith Bank Plc was second with N697.75 billion and Intercontinental Bank Plc recorded N519.95 billion to occupy the third position. United Bank for Africa Plc and Union Bank of Nigeria Plc occupied the 4th and 5th positions to complete the top five.

The Nigerian Stock Exchange All-Share Index, which opened at 53,110.91 closed at 47,789.20. This shows a decline by 10.02 per cent during the month. The drop in the NSE ASI reflected the price decline suffered by many stocks. Compared with an opening value of 57,990.20 in December 2007, the year-to-date drop in The NSE ASI is 17.6 per cent. In August, there were 25 gainers and 109 losers while the prices of 92 equities remained constant. Last month, the market recorded 33 gainers and 105 losers.

The market return on a dividend-adjusted basis for August 2008 was negative at 6.3 per cent, however, the cumulative return remained positive at 31.5 per cent.

The effect of price declines caused a drop in the cumulative return from 40.31 per cent in July. Sectors with positive returns in August were Construction (8.74 per cent), Hotel & Tourism (6.72 per cent), The Foreign Listings (5.8 per cent), Real Estate (1.42 per cent), Breweries (0.79 per cent) and Leasing (0.08 per cent.

Cumulatively, eight subsectors - Airline Services, Banking, Building Materials, Insurance, Maritime, Mortgage Companies, Telecommunications and The Foreign Listings recorded negative returns. All the other subsectors recorded cumulative returns of between 0 - 224.34 percent.
Håkønljzberg no está en línea   Reply With Quote
Old September 6th, 2008, 08:57 PM   #80
Håkønljzberg
Moderator
 
Håkønljzberg's Avatar
 
Join Date: Sep 2006
Posts: 22,685

Wema - Omoyeni Sacked, Arrested

The CBN, yesterday, sacked Adebisi Omoyeni as Group Managing Director of Wema Bank and appointed Mr. Layi Alabi as Acting Managing Director/CEO.

He was later arrested by the Police on the order of the Inspector-General.

A statement signed by the CBN Governor, Professor Chukwuma Soludo, said in exercise of his powers under Section 32 of Banks and Other Financial Institutions Act 1991 (BOFIA), a "Special Examination of Wema Bank Plc was ordered and the Special Examination Report has been concluded.

CBN sacks Omoyeni

According to him, the "Central Bank of Nigeria is satisfied that Wema Bank Plc faces challenges in the circumstances described under Section 32 of BOFIA and it being in the interest of the public to ensure good corporate governance in the management of Wema Bank Plc and in further satisfaction that the business of Wema Bank Plc requires immediate strengthening to protect the interest of its depositors and shareholders."

The CBN, NDIC, SEC, ODUA Group, Board Members of Wema Bank, he stated, met on August 20 with the desire to finding a lasting solution to the crisis bedevilling the bank and signed a Memorandum of Understanding outlining the road map for the resolution of the crisis jointly signed by the relevant stakeholders of the bank and it was resolved that additional directors be appointed to strengthen Wema Bank's management team.

"The Central Bank of Nigeria is further satisfied that the forceful takeover of the affairs of Wema Bank Plc by Mr. Jeremiah Adebisi Omoyeni despite the Central Bank's express instruction to the contrary portends grave danger for the bank and the financial system and is in violation of the Memorandum of Understanding jointly signed by Mr. Omoyeni and the other relevant stakeholders of Wema Bank Plc.

"Under the Acting Managing Director since January 2008, Wema Bank has relatively stabilised, the forceful and illegal takeover of the bank by Mr. Omoyeni has created tension amongst the rank and file of the staff of the bank, trepidation amongst customers and shareholders thus necessitating that the Central Bank as the Regulatory Authority takes urgent steps to secure and strengthen the bank and safeguard the financial system.

"Now, therefore, I, Professor Chukwuma C. Soludo, Governor of the Central Bank of Nigeria in exercise of the powers conferred upon me by Sections 32 and 33 of the Banks and Other Financial Institutions Act, 1991, as amended, hereby:

"Remove Mr. Jeremiah Adebisi Omoyeni as a Director/Managing Director (CEO) of Wema Bank, Plc and appoint the following to complement the existing members of the Board: Mr. Layi Alabi, Acting Managing Director/CEO; Mrs. Christy Okoye, Executive Director; Mr. Iliya Dauda Rapu Ndirpaya, Executive Director.

"The Ag. MD, Mr. John Aboh, will continue to act and will hand over to Mr. Alabi on Monday, 8th September, 2008. Given under my hand at Abuja this 4th day of September, 2008."

Mr. Omoyeni, who resumed on Tuesday from suspension was arrested by the police yesterday in a dramatic twist to the crisis rocking the bank.

Vanguard reliably gathered that Omoyeni was arrested in his office at about 2.30 p.m. on the order of the Inspector-General of Police, Mr. Mike Okiro, following a petition by the Governor of the Central Bank (CBN), Professor Chukwuma Soludo.

Omoyeni's arrest, according to a source in the bank, was on the strength of his failure to get due clearance from the CBN before resuming at the bank on Tuesday. He arrived the bank with over 40 policemen who arrested Aboh and seven others.

The CBN petitioned the Inspector-General of Police when it was confirmed that Omoyeni refused to abide by the terms of the agreement reached in Abuja to resolve the crisis in the bank by not withdrawing his own case against the CBN, even after the other parties had withdrawn theirs.

Wema Bank stakeholders, CBN, NDIC, SEC, O'dua Group, Mr. Omoyeni, and Board members of Wema met on August 20, and agreed on terms for resolving the crisis. All the stakeholders described the terms as "excellent," with Omoyeni's counsel scoring the terms of the MoU as 98 per cent, while the O'dua representative scored it 90 per cent.

As at August 29, 2009, some of the cases in court (essentially ones instigated by Mr. Omoyeni) had not been withdrawn nor notice of discontinuance served upon the CBN.

It should be noted that the O'dua Group complied with the terms of the MoU by ensuring that cases instituted by other parties related to it were withdrawn.

Consequently, in a letter issued to Mr. Omoyeni on August 30, 2008, the Director of Banking Supervision noted the non-full compliance with the conditions precedent to the implementation of other terms of the MoU, and hence directed Mr. Omoyeni not to resume on September 1, pending the implementation of the conditions.

On Wednesday, his first full day in office, Omoyeni reportedly reversed all decisions taken since January when he was suspended from office by the CBN over allegations of fraud.

This included the recall of all those indicted during his tenure in office and suspended. He was also said to have suspended top officials including the bank's only existing executive director, Alhaji Nurudeen Fagbenro indefinitely.
Håkønljzberg no está en línea   Reply With Quote
Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off



All times are GMT +2. The time now is 01:34 AM. • styleid: 14


Powered by vBulletin® Version 3.8.11 Beta 4
Copyright ©2000 - 2017, vBulletin Solutions Inc.
Feedback Buttons provided by Advanced Post Thanks / Like (Pro) - vBulletin Mods & Addons Copyright © 2017 DragonByte Technologies Ltd.

vBulletin Optimisation provided by vB Optimise (Pro) - vBulletin Mods & Addons Copyright © 2017 DragonByte Technologies Ltd.

SkyscraperCity ☆ In Urbanity We trust ☆ about us | privacy policy | DMCA policy

Hosted by Blacksun, dedicated to this site too!
Forum server management by DaiTengu