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Old July 31st, 2008, 03:41 PM   #41
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Blue Chips' Gains Boost NSE Index, Capitalisation By Two Percent

Driven by gains on the share price of blue chips companies on the Nigerian Stock Exchange (NSE), the performance indices, the All-share index and market capitalisation both appreciated by 2.06 per cent each.

Particularly, the index which opened at 51,205.37 points rose by 1,054.08 points to close at 52,259.45 points while the capitalization closed at N10.47 trillion from N10.26 trillion at which it opened.

Mobil Oil Nigeria Plc recorded the highest share price gain, rising by N11.01 to close at N231.21 per share from N220.20 per share at which it opened, followed by Julius Berger Nigeria Plc with a gain of N6.01 to close at N126.34 per share and Benue Cement Company Plc garnered N2.42 to close at N50.92 per share.

Other share price gainers include: First Bank of Nigeria Plc N2.00, Flour Mills Nigeria Plc N2.00, Lafarge Cement WAPCO Plc N1.90, United Bank for Africa Plc N1.51, Cadbury Nigeria Plc N1.38, GTBank Plc N1.22, UAC Property Development Company Plc N1.20 among others.

On the contrary, Chevron Oil Nigeria Plc recorded the highest share price loss, dropping by N12.34 to close at N234.48 per share, from 246.82 per share at which it opened, Seven-up Bottling Company Plc, followed with a loss of N2.58 to close at N49.16 per share and National salt Company Plc dipped by N0.59 to close at N11.91 per share.

Other share price losers include: BankPHB Plc N0.49, Neimeth International Pharmaceuticals Plc N0.40, Niger Insurance Plc N0.28, Vono Products Plc N0.25, Nigerian Breweries Plc N0.20, International Breweries Plc N0.19, Ferdinand Oil Mills Plc N0.15 among others.

A surge was recorded in trading, as a turnover of 758.39 million shares valued at N7.93 billion was recorded 13,839 deals, representing an appreciation of 79.53 per cent from then previous day's turnover of 422.43 million shares valued at N5.76 billion in 12,396 deals.

The Insurance sub-sector dominated the other sub-sectors, accounting for 49.91 per cent of the market turnover with 378.53 million shares valued at N465.77 million in 1,759 deals. Investment and Allied Assurance Plc remained the most patronised in the sub-sector, trading 298.45 million shares valued at N223.19 million in 663 deals, followed by Regency Alliance Insurance Plc with a turnover of 10.73 million shares valued at N24.1 million in 206 deals while Custodian and Allied Insurance recorded 7.62 million shares valued at N41.57 million in 47 deals.

The Banking sub-sector followed on the sectorial analysis, accounting for 211.9 million shares valued at N4.52 billion in 6,507 deals.
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Old August 1st, 2008, 10:33 PM   #42
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Uganda: Nigeria Bank Buys Commercial Microfinance

NIGERIA bank, Global Trust Bank, has bought Commercial Micro Finance Ltd (CMF), a move likely to intensify the already stiff competition in the financial sector.

The bank will take over CMF's eight branches and six agencies in a deal that took effect on July 14, a statement said.

"With this acquisition, we have helped CMF achieve a longstanding desire to attain full commercial bank status," Edigold Monday, the acting chief executive of Global Trust Bank, said.

The sale price has not been disclosed. CMF will be known as Global Trust Bank Uganda Ltd.

"Although the acquisition is complete, Global Trust Bank will continue to operate under CMF's branded premises until all the integration processes are completed," Monday said.

The buy-out comes after the take-over of Uganda's biggest micro-finance company, Uganda Micro-finance Limited, by Kenya's Equity Bank.

Global Trust Bank is owned by Nigeria's Industrial and General Insurance, National Insurance Corporation and Ugandan nationals, including Patrick Bitature.
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Old August 1st, 2008, 10:44 PM   #43
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Banking Stocks Drive NSE Turnover By 56 Percent

Equity trading on the Nigerian Stock Exchange (NSE) was driven on Wednesday by activity in the Banking sub-sector, accounting for 56.1 per cent of the market turnover.

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Particularly, a turnover of 736.2 million shares valued at N10.48 billion was recorded 14,338 deals, dropping by 2.93 per cent from the previous day's turnover of 758.4 million shares valued at N7.93 billion in 13,839 deals.

The Banking sub-sector, propelled by activity in the shares of First City Monument Bank Plc (FCMB), dominated the other sub-sectors, trading 412.8 million shares valued at N7.82 billion in 8,261 deals. FCMB recorded the highest patronage in the sub-sector, with the exchange of 192.05 million shares valued at N2.98 billion in 109 deals, followed by Oceanic Bank International Plc with a turnover of 29.73 million shares valued at N704.44 million in 1,400 deals and Access Bank Plc recorded 22.51 million shares valued at N378.56 million in 426 deals.

The Insurance sub-sector followed on the sectorial analysis, accounting for 23.7 per cent of the market turnover with 174.42 million shares valued at N339.11 million in 1,580 deals. Investment and Allied Assurance Plc emerged the most active, trading 71.15 million shares valued at N54.16 million in 565 deals, followed by Regency Alliance Insurance Plc with the exchange of 17.34 million shares valued at N39.51 million in 168 deals and Mutual Benefits Assurance Plc recorded 15.7 million shares valued at N47.87 million in 32 deals.

The upsurge in the performance indices continued, as the All-share index and market capitalisation both appreciated by 1.26 per cent each. Specifically, the index which opened at 52,259.45 points rose by 657.21 points to close at 52,916.66 points while the capitalisation closed at N10.6 trillion from N10.47 trillion at which it opened.

Gains on the share prices of blue chips companies accounted for the rise in the market indices, with Julius Berger Nigeria Plc recording the most share price appreciation, rising by N6.31 to close at N132.65 per share from N126.34 per share at which it opened, followed by Flour Mills Nigeria Plc with a gain of N2.95 to close at N61.95 per share and Benue Cement Company Plc garnered N2.48 to close at N53.40 per share.

Other share price gainers include: Cadbury Nigeria Plc N1.64, First Bank of Nigeria Plc N1.50, Guinness Nigeria Plc N1.49, UAC Property Development Company Plc N1.26, Oceanic Bank International Plc N1.12, Dangote Flour Mills Plc N1.10, Costain (West Africa) Plc N1.05 among others.

Chevron Oil Nigeria Plc, on the other hand, recorded the highest share price loss, dropping by N9.47 to close at N225.01 per share, from N234.48 per share, followed by Nigerian Enamelware Plc with a loss of N4.42 to close at N83.98 per share and Conoil Plc dipped by N3.07 to close at N82.50 per share.

Other share price losers include: Lafarge Cement WAPCO Plc N1.92, UAC Nigeria Plc N1.50, Ecobank Transnational Incorporated N1.49, Okomu Oil Palm Plc N1.00, Neimeth International Pharmaceuticals Plc N0.38, Red Star Express Plc N0.30, Afribank Nigeria Plc N0.27 among others.
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Old August 2nd, 2008, 12:23 AM   #44
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IMFB Introduces Islamic Banking

The Integrated Micro Finance Bank has introduced Islamic banking in its financial and investment products.

Speaking in Lagos, Wednesday, Managing Director and Chief Executive Officer of the Bank Mr. Simon Akinteye said one of its products which is shariah compliant is the Ijara. This, he said will be based on daily contribution from the leased products and the bank, as well as the investor's share in the profit.

He said it is leasing without interest but that the interest will be shared into three parts and the bank will take just one part while the customer takes two parts.

The other two Islamic products are: Musharaka Marana and Musharaka Nasat which would be the contribution of 12 weeks.

He said on this, the investor would be giving double the amount to invest and subsequently the profits would be shared with the bank and him.

He said the products would cater for Nigerians who wouldn't want to do conventional banking.

The bank also said it is deepening the capacity and finances of the over 70 million poor Nigerians most of which are women and youths.

She said women particularly are impoverished in Nigeria even though hard working, hence the need to improve their finances. Launching the products, the

Speaking on another new product that was launched, Mr. Akinteye said: "The Business equipment Leasing Account (BELA) product would be useful to anyone who is ready create economic value to the least income generating assets like wheel barrows, generators, refrigerators, hair dryers, barbing saloon complete kit, vulcanizing machines grinding machines etc."

He explained further that: "We are doing what the conventional commercial banks cannot do. We are really going down to the basics, to providing equipments to people to generate funds. They are going to be paying back gradually over a period of time. Repayment is as small as N200 per day, some N500 and others would pay on weekly say, a thousand naira" adding that "after they have fully paid, the equipments become theirs."
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Old August 4th, 2008, 06:45 PM   #45
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Bank PHP Opens New Branch in Gambia

In line with its strategic intent to build a model global banking franchise that will create superior value for all stakeholders, Bank PHB, last week, launched its brand in the Gambia.

This follows the bank's 100 per cent acquisition of an existing bank in the Gambian International Bank for Commerce (IBC). Speaking at the brand unveiling ceremony, the managing director and chief executive of Bank PHB, Gambia, Mr. Chuks Chibundu, said the bank's entry into the Gambia was informed by its desire to contribute its quota to the country's economy.

Chibundu said a developing economy like that of the Gambia requires a stable, vibrant and dynamic financial system that will support the real sector of the economy. He disclosed that with the improvement in technology and processes as well as the training of its staff, Bank PHB was set to redefine service standards in the banking industry of the Gambia.

Bank PHB's executive director, Alhaji Ahmed Kuru, who stood in for group managing director, Mr Francis Atuche, assured the Gambian people that plans have been concluded to make Bank PHB in the country the workplace of choice in line with global best practices. He added that as part of efforts to empower the Gambian people, over 98 per cent of the staff strength of the bank will consist of Gambians. He called on Gambians to embrace the bank in its bid to redefine standards. The secretary of state for finance, Hon Musa Bala Gaye, who represented President Yahya Jahmeh, said he was optimistic that Bank PHB would change the banking and financial landscape of the Gambia for better following the bank's track record in Nigeria.

Bank PHB took over the operations of International Bank for Commerce (IBC) in the Gambia in February this year with four branches. It has already secured approval for four additional branches, which are expected to be up before the end of the year. Atuche said the move to the Gambia was part of a global expansion strategy to culminate in the emergence of a global financial brand.
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Old August 4th, 2008, 07:11 PM   #46
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Investors Embrace NSL IPO

The ongoing Initial Public Offer (IPO) of Nigerian Sports Lottery (NSL) has continued to attract huge patronage from the investing public as they besiege the sales centres on daily basis to buy into one of the offers that has been acclaimed the most prospective.

Feelers from receiving agents revealed that investors are leveraging on the company's currently released half-year result which was a major improvement over corresponding 2007 result.

NSL is currently offering 800 million ordinary shares of 50 kobo each for subscription at a unit price of N15.50. The offer, which kicked off on Monday, July 14th, 2008 would be rounded off on Wednesday, August 20th, 2008.

Also, investors are said to be diversifying their portfolio since they have leveraged on capital appreciation they enjoyed on the banking and insurance sub-sectors' consolidations.

A peep into the recently released results showed that the company rose from operational loss of N238 million in the six months ended June 30th, 2007 to after tax profit of N2.6 billion in the same period of 2008, on a gross income which rose from N79 million in 2007 to N3.5 billion in 2008.

Shareholders fund rose from N471 million in 2007 to N2.6 billion in 2008, while cash and cash equivalent rose from N679 million to N1.67 billion. Fixed assets also grew from N77 million to N950 million. Unpaid interim dividend for 2008 stood at N580 million.

In a note attached to the result, the company explained that diversification of its revenue base has resulted in a very strong and successful business strategy.

While reassuring investors on the second half of the year's performance, the company said: "Barring all unforeseen circumstances, the company is in line to achieving its forecast for the year ended December 30th, 2008, considering the relaunch of the national lottery and its strong partnership with LAGTECH, a Lagos lottery based outfit, and selling of air time vouchers over the network of 20,000 terminals."

Analysis shows that the company's half year profit before tax which stood at N2.6 billion is 52 per cent of the full year forecast of N4.95 billion, while profit after tax of N2.556 billion is 68 per cent of the N3.74 billion one year forecast.

The proceeds of the offer according to the prospectus would enable the company become a platform for the conveyance of lottery and electronic transaction processing, including credit/debit card payments, electronic air time vending, bill payments and funds transfer.

NSL at the moment boasts of over 20,000 merchants acquired nationwide and has all GSM networks airtime on its terminals as well as Starcomms.
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Old August 5th, 2008, 01:42 PM   #47
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Diamond Bank Posts Impressive Results for 2008

Diamond Bank Plc has declared Profit Before Tax (PBT) of N16.2 billion for its financial year ended April 30, 2008. This represents a growth of 112 per cent over N7.6 billion recorded in 2007.

The PBT was achieved from gross earnings of N60.4 billion, an increase of 52 per cent over N39.9 billion earned in the previous year. The Profit After Tax (PAT) for the year grew by 122 per cent to N12.8 billion as against N5.8 billion achieved in 2007. The PAT resulted in earnings per share of 118k for the year compared to 74k in 2007.

On the strength of the bank's performance, the Board of Directors is recommending N7.4 billion to be paid as dividend to shareholders. This translates into 56 kobo per 50 kobo share. In addition, the Board is recommending the capitalisation of N657.8 billion from the general reserve account for bonus issue, in the proportion of one new ordinary share for every 10 ordinary shares currently held.

These achievements are indications that the bank has made significant strategic progress with the implementation of its growth agenda post-consolidation. Details of the audited results for the year under review also indicate significant improvements in other performance indices. The deposit base achieved a 93 per cent growth, moving from N217.7 billion in 2007 to N419.7 billion in 2008, while balance sheet size rose to N840.3 billion, a growth of 87 per cent over the figure of last year.

According to the Group Managing Director/CEO, Mr. Emeka Onwuka: "The bank's commitment to running a responsive and responsible business anchored upon our heritage of values and high performance has provided a firm foundation for success - making 2007/2008 a record financial year for Diamond Bank Plc. The year saw us building on our strong reputation for customer focus, ethical principles, innovative product development and quality service. These principles have continued to steer our growth on an impressive and sustainable path."

He added: "Leveraging on these principles and our focused development of our delivery infrastructure, systems and technology, we have gained momentum and scale in all our markets. Consequently, we generated attractive returns to our shareholders, while our strong balance sheet, large customer base and solid risk management framework have helped us to build a robust institution capable of guaranteeing quality growth".

Diamiond Bank has entered into a strategic partnership with International Finance Corporation (IFC), an arm of the World Bank that availed the bank a $20 million facility, dedicated specifically to support the growth of African Micro, Small and Medium Enterprises (AMSME) lending in the country. The Corporation also seconded a Resident Expert who has garnered extensive international experience in MSME funding to work with the bank for two years to drive the development of products, operational and risk management framework for the bank's MSME business.

It will be recalled that Diamond Bank recently made investments in promising financial services sub-sectors - insurance, mortgage and pension funds - to improve the growth, earning mix and profitability of its business. Conscious of the fact that these businesses are outside our core competence areas, the bank is working with very competent and experienced firms to speedily position the subsidiaries for market penetration. ADIC Insurance, for instance, entered into a strategic alliance with a leading South African insurer, Hollard Insurance, toward the launch of a veritable bancassurance model in Nigeria. The strategic equity partnership with Actis is also very helpful in this direction as the latter introduced some experts to work with Diamond Mortgages. Working with such experts had been very helpful in entrenching Diamond PFC (Pension Fund Custodian) in the evolving pension funds market.

The decision has started yielding significant results as the contribution of the bank's subsidiaries - Diamond Bank Benin S.A., Diamond Securities Limited, ADIC Insurance Group, Diamond Pension Fund Custodian and Diamond Mortgages - to the Group's Non-interest Income grew to 12.3 percent compared to 2.7 per cent in the previous period. The subsidiaries' contribution to PBT also grew to 7.1 per cent from 2.4 per cent. The strong and improving performance of the subsidiaries is an indication of the potential earnings diversification effect of venturing into the promising specialised financial services.

Diamond Bank recorded some landmark achievements during the year under review. As a testament to the bank's rising profile in the Energy Finance in the country, the bank's transaction with Lonestar Drilling Company won the Trade Finance Magazine's "Deal of the Year" award during the Magazine's awards held recently in London. Trade Finance Magazine, is an affiliate of Euromoney.

Early this year, the bank also won the "Most Improved Bank" Award at the prestigious ThisDay Annual Awards. The award is a confirmation of the improved performance driven by result-oriented and forward-looking strategies, innovation in product offering and excellent quality of customer service delivery. This recognition has strengthened the bank's resolve to accomplish even more and leverage on the achievement to continuously deliver superior financial performance to all stakeholders.

Similarly, the bank's subsidiary in the Republic of Benin - Diamond Bank Benin S.A. - emerged the Best Bank in Benin 2007 after a keenly contested award during an International Exhibition of Banks, Insurance and Financial Services held in that country.

This is a clear testimony to the giant strides the subsidiary has made in that Francophone country within the short time the bank has operated there. Towards boosting business activities in the UEMOA zone, the Bank is expanding into Togo, Senegal and Cote d'ivoire before the end of 2008.

Diamond Bank's international profile was raised during the year with the successful conclusion of an offering of US$500 million Global Depository Receipts (GDRs) and the subsequent listing on the Professional Securities Market (PSM) of the London Stock Exchange (LSE).
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Old August 6th, 2008, 06:49 PM   #48
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AP Goes to Market, Raises N110 Billion

In a bid to expand its business opportunities in the nation's downstream sector, African Petroleum (AP) Plc on Tuesday moved to the Nigerian Stock market to raise additional N110 billion through public offers for subscription of 199,070,721 billion ordinary shares of 50 kobo each at N250.00 per share.

Before the acquisition of the oil firm by its major investor, Zenon Oil last year, the company has suffered consistent working capital deficiencies for the past five years between 2003 and 2007, amounting to over N49.23 billion.

But at the end of the completion board meeting and signing ceremony in Lagos on Tuesday, the chief operating officer of the company Tunde Falasinu said the funding provided, if realized is expected to significantly ameliorate and improve the working capital and cash flow situation of the company.

Although, the net proceeds from the offer, according to Falasinu is N104.910 billion due to deduction of underwriting expenses, the offer opens on August 18 and closes September 24.

He said the proceed from the offer is specifically targeted at expansion of the company's business activities which, he said include construction of N44.314 billion 50,000 barrels refinery capacity in Lagos at Lekki free trade zone, construction of a 60,000 metric tons storage capacity worth N2.7billion in Port Harcourt, construction of N5.759 billion, 120,000 ton Premium Motor Spirit storage tank in Apapa, Lagos, market expansion with construction and acquisition of additional 350 modern service stations nationwide worth N24 billion.

Other proposed investment for the proceeds are renovation as well as remodel nationwide 300 existing AP outlets at N4.658 billion, Expansion of Liquefied Petroleum Gas, bitumen plant in Apapa at N1.657 billion and increase in working capital at N18.055 billion.

He said all the projects would be completed within 24 months, except refinery construction which would last for 36 month.

Falasinu said all things being equal, investors into the offer are bound to reap bountiful dividend as directors of the company are foreseeing huge returns.

According to Falasinu, the assumption is that by year 2008 profit before tax would reach N18.2 billion, 2009 N23.5 billion and 2010 N30.82 billion.

The joint issuing houses are Access Bank, Afribank Capita, FCMB capital, Guarranty Trust bank, Intercontinental Capital Markets, UBA Global and Zenith Capital.
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Old August 6th, 2008, 09:34 PM   #49
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Access Bank Shareholders Approve N10.492 Billion Dividend Payout

Shareholders of Access Bank Plc, have approved a total dividend of N10.492 billion for the financial year ended March 31, 2008 .

The total dividend which translates to 65 kobo for every 50 kobo ordinary shares held by investor, increased by 303 per cent against N2.791 billion paid in the previous year.

Addressing shareholders at the 19th annual general meeting in Lagos, the Chairman of the Bank, Mr Gbenga Oyebode, said that despite the challenges in the industry, the bank recorded remarkable improvements in its financial result as its gross earnings grew by 111 per cent, from N 27.8 billion in the comparative period of 2007 to N 57.9 billion within the period under review.

The profit before tax according to him rose by 137 per cent from N8.0 billion posted in the corresponding period of 2007 to N19 billion at the end of March this year while profit after tax surged significantly from N6.08 billion achieved in 2007 to N 16.056 billion, representing a growth rate of N 164 per cent.

Oyebode, however pointed out that the bank's total assets and contingents grew by 198 per cent from N408 billion in preceding year, to N 1.2 trillion in 2008.

He further stated that the bank's successful public offer in 2007 has enhanced the shareholders, funds to N177 billion from N30.7 billion recorded in the previous year.

It would be recalled that the bank through the public offering which was over subscribed by 341 per cent, raised N249 billion from both domestic and international investors.

The bank's loans and advances also increased from 127 per cent from N 107.75 billion made in the preceding year to N 244.59 billion within the period under review while deposit liabilities of the bank went up by 71 per cent from N205.234 billion in the previous year to N351.789 billion at the end of March 2008.

He stated that in line with the bank's objective of becoming Africa 's Bank of best practice, it has intensified effort for its offshore expansion in some African countries such as Gambia , Sierra Leone .

Oyebode said that Access Bank Planned to leverage on the acquisition of Bancor Bank S.A Rwanda, the fourth largest bank in Rwanda with strong shareholder and corporate customer base, to grow market share and build scale in East Africa countries, such as Tanzania, Uganda and Kenya.

For the bank to ensure that it provide a broad spectrum of products and services for all the market segment, he said that it has started the process of establishing both an Asset management as well as a Mortgage banking business, adding that the bank has acquired 100 per cent interest in United Securities Limited , a reputable registrar business.
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Old August 7th, 2008, 09:09 PM   #50
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Union Bank to Raise 310 Billion Naira From Capital Market

Union Bank Nigeria Plc is set to raise over N301 billion from the Nigerian capital market, the highest amount to be raised by any bank in the history of the nation's capital market.

The bank intends to float a hybrid offering comprising offer for subscription of 7.3 billion ordinary shares of 50 kobo each at N36.00 per share and a Rights Issue of 1.4 billion ordinary shares of 50 kobo each at N35.00.

Managing Director/CEO of the bank, Dr. Barth Ebong told Vanguard, yesterday that both the Public Offering and Rights Issue are given at a discount of N6.00 and N7.00 per share, respectively.

The shares of the bank on the Nigerian Stock Exchange (NSE) has been on technical suspension and pegged at N42.00 per share since management of the bank submitted application to the Quotation Committee of the Exchange in respect of the proposed offer.

The reason for the technical suspension is in accordance with the NSE rule for companies seeking to raise funds from the capital market so as to prevent any person from taking undue advantage of the proposed offer.

The purpose of the offer, according to Ebong is to improve working capital, Information Technology (IT), improvement of branches, among others.

Union Bank of Nigeria Plc has been bringing a handful of unique consumer financial products and style of services to satisfy the yearnings and further create value for its teeming customers and prospective ones.

Ebong said that the products, which are technology-driven, include Union Ever - savings/current accounts based products; Union Life Time Accounts; Union Plus - consumer credit finance loan products; and Union Galaxy - the electronic banking package.

In these categories are bouquet of products, specifically developed to satisfy the yearnings of the different customer segments such as Money Line (Cashmaster), Importers Express Account, Distributor Commodity Link Account, Union Elite Account and Association Account (U-Trade).

According to him: "The products have value-added features and benefits such as greater account flexibility, higher interest rate yields, portfolio management services, insurance covers for account holders, bonus interest, concessionary rates for commission on turnover and direct linkage of deposits with loans, among others."
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Old August 11th, 2008, 07:07 PM   #51
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Ecobank Acquires Burkina Faso Bank for $20m

African banking group Ecobank ETIT.LG, has bought 90 percent of Banque Agricole Et Commerciale Du Burkina (BAC-B), from Burkina Faso for 8.55 billion CFA francs ($19.77 million or N2.37billion), the government said.

BAC-B, founded in 1980 and renamed in 2002, extends some 30 billion CFA francs ($69 million or N8.28billion) a year in credits to the country's farming sector, mainly to finance cotton cultivation.

Burkina Faso is West Africa's top cotton producer, and has privatised parts of the industry in recent years under programmes agreed with Western organisations such as the International Monetary Fund (IMF).

"The state has retained 10 percent stake and will play a regulatory role," Burkina Faso's Economy and Finance Ministry said;Ecobank Transnational Incorporated is one of Africa's fastest-growing banking groups, with stock market listings in Nigeria ETIT.LG and on the Abidjan-based BRVM bourse, serving French-speaking West Africa's CFA franc zone ETIT.CI.

The group also has separately listed subsidiaries, including in Nigeria ECOB.LG and Ghana ETI.GH.

In May, shareholders approved plans to raise up to $3 billion via an equity or debt offer, through regional and international markets to finance continued expansion. They also approved continuing merger talks with Nigeria's First Bank FBNP.LG.

Ecobank has expanded from its West African base in recent years and its purchase of a 75 percent stake in Kenya's EABS in June extended its operations to 23 countries on the continent.
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Old August 12th, 2008, 08:33 PM   #52
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Afrinvest Launches N5 Billion Equity Fund

The Nigerian capital market witnessed another milestone yesterday with the launching of the Afrinvest Equity Fund.

The fund which is an investment product from Afrinvest West Africa Limited, a renowned investment firm, is targeted at everyone with savings and investment interest.

The firm is offering 50 million units of the Equity Fund for sale to the general public at N100.00 per unit, totaling about N5 billion. The offer opened Monday, August 11, and would be closing on September 17, 2008.

Speaking yesterday at the launch, the Chairman, Apostle Hayford Alile, said an investment in the fund is a great opportunity which offer investors, ownership in basket of stocks and money market opportunities.

He said Afrinvest's enviable reputation in the African financial services landscape has been earned through many years of hard work, professionalism, integrity and excellence.

Also speaking, the Managing Director, Godwin Obaseki, said the fund is intended to encourage people to invest, no matter how small, adding that the product which comes in the midst of market down turn would present investors with the opportunity of buying stocks well below their highs, particularly for those who could not get enough allocation or muster enough resources to buy, during public offers.

"This offer is borne out of our commitment to bringing our world class professional expertise to a wider audience. As a professionally managed investment vehicle, Afrinvest Equity Fund offers an opportunity to achieve good returns from a diversified portfolio of investments," he added.

Afrinvest is the first asset manager in Nigeria to be Rated A+ by Global Credit rating Company. The rating is based on the firm's world class approach to investment management, culminating from over a decade of experience in the business of professional investment management.
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Old August 13th, 2008, 09:36 PM   #53
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Diamond Bank Declares N12.8 Billion Profit, Grows By 112 Percent

Diamond Bank Plc has declared Profit Before Tax (PBT) of N16.2 billion for its financial year ended April 30, 2008. This represents a growth of 112 per cent over N7.6 billion recorded in 2007.

The PBT was achieved from gross earnings of N60.4 billion, an increase of 52 per cent over N39.9 billion earned in the previous year. The Profit After Tax (PAT) for the year, grew by 122 per cent to N12.8 billion as against N5.8 billion achieved in 2007. The PAT resulted in earnings per share of 118k for the year, compared to 74k in 2007.

On the strength of the Bank's performance, the Board of Directors are recommending N7.4 billion to be paid as dividends to shareholders. This translates into 56 kobo per 50 kobo share. In addition, the Board is recommending the capitalisation of N657.8 billion from the general reserve account for bonus issue, in the proportion of one new ordinary share for every ten ordinary shares currently held.

These achievements are indications that the Bank has made significant strategic progress with the implementation of its growth agenda post-consolidation. Details of the audited results for the year under review, also indicate significant improvements in other performance indices.

The deposit base achieved a 93 per cent growth, moving from N217.7 billion in 2007 to N419.7 billion in 2008, while balance sheet size rose to N840.3 billion, a growth of 87 per cent over the figure of last year.

According to the Group Managing Director/CEO, Mr. Emeka Onwuka: "The Bank's commitment to running a responsive and responsible business anchored upon our heritage of values and high performance, has provided a firm foundation for success, making 2007/2008 a record financial year for Diamond Bank Plc.

"The year saw us building on our strong reputation for customers focus, ethical principles, innovative product development and quality service. These principles have continued to steer our growth on an impressive and sustainable path".
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Old August 13th, 2008, 09:40 PM   #54
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NSE Lifts Suspension on Spring Bank, Drives Turnover By 76 Percent

The Nigerian Stock Exchange (NSE) on Monday lifted the suspension placed on the shares of Spring Bank Plc.

The lifting of the suspension may be as a result of the apparent resolution of the crisis that rocked the company in 2007.

The shares of the company were placed on full suspension on February 21, 2008, due to a number of issues such as allegations that the bank did not meet up with the minimum capital base stipulated by the Central Bank of Nigeria (CBN), crisis on the board and management of the bank among other issues.

This led to the CBN's intervention, removing the former managing director and appointed an interim chief executive, Mr. Suleyman Ndanusa, the former helmsman of the Securities and Exchange Commission (SEC).

The NSE, in a bid to protect the company and investors placed the shares of the company on full suspension indefinitely. The suspension, according to the NSE, was in order prevent a free fall in the share prices of the company, as investors would resort to dumping the shares of the company due to panic.

In recent weeks, indications have emerged that the bank has returned to the path of normalcy and calls were made by certain stakeholders on the need for the CBN to hands off the management of the bank.

As a result of the lifting of the suspension, shares of the bank were the most sought after, accounting for 76.3 per cent of the market turnover. It recorded a turnover of 2.38 billion shares valued at N13.28 billion in 59 deals.

A turnover of 3.12 billion shares valued at N20.34 billion was recorded in 11,421 deals, appreciating by 70.68 per cent from the Friday's turnover of 386.73 million shares valued at N4.8 billion in 10,260 deals.

The Banking sub-sector, dominated the other sub-sector, accounting for 86.54 per cent of the market turnover with 2.7 billion shares valued at N18.43 billion in 5,552 deals. In addition to trading in the shares of Spring Bank Plc, First City Monument Bank Plc traded 162.79 million shares valued at N2.48 billion in 174 deals and Fidelity Bank Plc recorded 45.94 million shares valued at N389.41 million in 241 deals.

The Insurance sub-sector followed on the sectorial analysis, accounting for 11.22 per cent of the market turnover with 352.2 million shares valued at N387.82 million in 1,817 deals.

Investment and Allied Assurance Plc recorded the highest patronage, trading 285.88 million shares valued at N208.88 million in 565 deals, followed by Universal Insurance Plc with the exchange of 11.73 million shares valued at N19.21 million in 185 deals and Standard and Alliance Insurance Plc recorded 5.5 million shares valued at N16.21 million in 106 deals.

The declining trend of the market indices was halted as the performance indices and market capitalisation appreciated by 0.16 per cent each.

Specifically, the index which opened at 49,703.56 points rose by 76.28 points to close at 49,781.84 points while the capitalisation closed at N10.14 trillion from N10.12 trillion at which it opened.

The rise in the market indices was as a result of gains on the share prices of blue chip companies, with Chevron Oil Nigeria Plc recording the highest share price gain, rising by N11.22 to close at N235.66 per share, Julius Berger Nigeria Plc followed with a gain of N2.15 to close at N45.27 per share and Benue Cement Company Plc garnered N1.80 to close at N49.00 per share
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Old August 14th, 2008, 09:56 AM   #55
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Hi. Do you have an idea where i can get a source that publishes all upcoming results presentations for Nigerian banks?
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Old August 14th, 2008, 10:56 PM   #56
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Q3 '08 - UBA Records N28.85 Billion Profit After Tax

The unaudited Q3'08 result of United Bank for Africa Plc (UBA), for the period ended June 30, 2008, just released showed that its Profit Before Tax (PBT) increased by 68.3 per cent to N33.14 billion in 2008 from N19.69 billion in 2007.

According to the figures, the tax provision which increased by 68 per cent between 2007 and 2008 to N4.3 billion from N2.56 billion, brought about a Profit After Tax (PAT) of N28.85 billion in 2008 as against N17.13 billion in 2007, representing an increase of 68.4 per cent .

The figures also show that the bank's Gross Earnings (GEs) grew by 59.8 per cent to N120.25 billion, compared with N75.25 billion in the corresponding period of 2007. The figures also show a significant improvement in the bank's quality of assets. The gross loan increased by 180.1per cent from N119.74 billion in 2006 to N335.39 billion in 2007, while the non performing loan decreased marginally by 2.86 per cent from N15.1 billion in 2006 to N14.66 billion in 2007.

Only last month, UBA commenced banking operations in Freetown, Sierra Leone, at the bank's first branch and head office located at 15 Charlotte Street, Freetown, bringing to seven the number of African countries where UBA group currently has presence, which are Nigeria, Ghana, Uganda, Cameroon, Cote d'Ivoire, Liberia and Sierra Leone.

The group's increasing network in Africa now spans countries in West Central and East Africa, in addition to international presence in London, New York and the Cayman Islands.

UBA Plc is the largest banking group in West Africa, with total assets in excess of US$15 billion and more than 6 million customers across the region. It is a full service financial services institution, offering retail banking, corporate and investment banking, private equity, asset management as well as stock broking and custodian services.
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Old August 14th, 2008, 10:56 PM   #57
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I've no idea, Maybe someone here can give you some details.
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Old August 14th, 2008, 11:12 PM   #58
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That`s going to be difficult to get. I doubt if you can be allowed to such info.
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Old August 15th, 2008, 09:08 AM   #59
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thanks. but what i'm actually looking for is a calendar of results announcements, so i can know beforehand, the exact date that the results will be released. that way you don't "happen" to come across the results. but thanks. i'll keep a lookout for them, especially through this thread. great stuff

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Old August 15th, 2008, 05:49 PM   #60
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S&P Launches National Credit Rating Scale

Standard and Poor's Rating Services(S&P), has launched a national credit rating scale for the Federal Republic of Nigeria (BB-/Stable/B local currency; BB-/Stable/B foreign currency), in a new initiative to support the growth and transparency of the domestic bond market.

The move will also improve availability of long-term funding for the public and emerging private sector.

S&P said in a statement yesterday, that the Nigeria national scale was designed to appeal to a wide range of companies and institutions seeking to raise capital in Africa's most populous state, as it enables the firm to offer a much finer distinction in the credit quality of local debt issuers than is allowed by its global ratings scale.

It said it will provide issuers, counterparties, intermediaries, and investors in the country's financial markets with both debt ratings, which apply to a specific debt instrument, and issuer credit ratings, which apply to a specific obligor.

"High global oil prices, strong macro-economic growth, and increased involvement by international investors in the country's maturing financial markets have created a boom period for Nigeria, already firmly established as the financial hub of West Africa," said Konrad Reuss, Standard & Poor's Managing Director, South & Sub-Saharan Africa.

He said, "although the Nigerian domestic debt market is still relatively small by international standards, private sector interest in naira-denominated assets is rising. Standard & Poor's believes the market will grow rapidly in the coming years, as local and the Federal Governments, banks, and infrastructure projects seek to fund long-term projects."

Recognising the importance of developing the domestic Nigerian bond market on the African continent, the African Development Bank issued its first Nigerian naira bond in 2007, with Naira-denominated bond market capitalisation reaching approximately $US45 billion by the beginning of 2007. The Pension Reform Act of 2004 has also been instrumental in creating a local investor base that is now looking to credit ratings to provide an objective and rigorous assessment of credit quality.

"Standard & Poor's new Nigerian national scale is a unique instrument for measuring the credit risk associated with issuers and debt instruments operating in the Nigerian market, launched in response to specific demand from local market participants," said Rob Richards, Standard & Poor's Managing Director.
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