Zenith Bank
Business and Economy

Business and Economy (222)

Shareholders of Nigeria’s leading indigenous oil and gas company, Oando PLC, were treated to a dividend payout of N2.4billion at the company’s recently concluded 37th Annual General Meeting.

The Board of Oando recommended a 30K dividend for the 2013 financial year and an interim 70K dividend for the six months ended June 30, 2014, which amounted to N2.4 billion at N1 per share.

The company posted N8.9 billion profit in H1 2014

In an unprecedented move to compel businesses operating in Nigeria to comply with the provisions of the Consumer Protection Council Act, especially relating to product quality standard, the federal government has instituted legal action against the Nigerian Bottling Company Limited, NBC, and Coca-Cola Nigeria Limited, alongside their chief executives before at a federal high court in Abuja over an alleged criminal breach of the CPC Act.The charge filed before the court by the Attorney General of Nigeria and Minister of Justice accused the managing directors of the companies, Mr. Ben Langat, for Nigerian Bottling Company Limited, and Mr. Adeola Adetunji, for Coca Cola Nigeria Limited, and their companies respectively, of having committed an offence by violating the Orders of the Consumer Protection Council by deliberately failing, refusing and/or neglecting to comply with the Council’s Orders duly made and served on them. The offence is said to be contrary to Section 21 of the Consumer Protection Council Act, Cap C. 25, Laws of the Federation of Nigeria, 2004 and punishable under the same section.

In the first count of the two-count charge against Coca-Cola Nigeria Limited and its Managing Director, Mr. Adeola Adetunji, the federal government alleged that the accused committed an offence by refusing to attend the hearing of the Consumer Protection Council held in Abuja in relation to investigation of violation of product quality standard under the Consumer Protection Council Act after Summons was duly issued and served on them and thereby committed an offence contrary to Section 18 of the Consumer Protection Council Act Cap C. 25 of the Federation of Nigeria, 2004 and punishable under the same section.

Coca-Cola and its Chief Executive, as in the case of NBC, were also charged with violating the Orders of the Council by deliberately refusing to comply with the Order duly made and served on them, thereby committing an offence contrary to Section 21 of the Consumer Protection Council Act, Cap C. 25, Laws of the Federation of Nigeria, 2004 and punishable under the same section.

CPC had earlier found NBC and Coca-Cola culpable following its findings from the administrative panel set up over a consumer complaint regarding two half-empty cans of Sprite manufactured by Nigerian Bottling Company, NBC, Limited under the license and authority of Coca Cola Nigeria Limited.

The Council had alleged that the Coca Cola company bluntly refused to attend the proceedings at the administrative panel level where, following an extensive investigation, findings by the panel substantiated the allegation of product defect and a violation of the Consumer Protection Council’s Act. It thereafter based on made some recommendations and Orders to Coca-Cola and NBC.

According to Mrs. Dupe Atoki, the Director General of the CPC, part of the recommendations and orders issued Coca-Cola Nigeria Limited and the Nigerian Bottling Company was to subject their manufacturing processes to COC’s inspection for a period of 12 months to ensure compliance with laid down safety standards and regulations and compensation for the consumer who filed the complainant.

The case has been assigned to Justice Evoh Chukwu but no date has been fixed for the hearing.

Saturday, 25 October 2014 05:34

Diamond Bank appoints Uzoma as CEO

Written by

The Board of Dia-mond Bank Plc, has announced the appointment of Mr. Uzoma Dozie  as Managing Director/Chief Executive following the  voluntary resignation of  Dr. Alex Otti, from the bank Friday. The appointment of Uzoma is subject to the approval of the Central Bank of Nigeria (CBN).

In an official statement released by the Bank’s Corporate Communications Department, Chairman of the Board of Directors, HRM Igwe Nnaemeka Alfred Achebe, Obi of Onitsha, announced the changes in management.

Speaking on the outgoing GMD/CEO, the chairman said he would be sorely missed, adding that Dr. Alex Otti’s achieved enviable landmarks during his time. He described his tenure as, “the brightest years of Diamond Bank’s 24 year-history”.

“Dr Alex Otti is a fine gentleman with an outstanding career in the Nigerian Banking industry. We are pleased with the time he spent at the helms of affairs of Diamond Bank Plc and wish him every success in his future endeavours,” Igwe Achebe added.

Under Dr. Alex Otti’s stewardship, Diamond Bank made a remarkable return to profitability and has continued to record  growth across all performance indicators year-on-year.

After writing off toxic risk assets which resulted in the loss of N16 billion in 2011, the Bank posted a profit before tax of N28.36 billion in 2012 and N32.5 billion Naira in 2013.

The Bank also saw its total assets rise from N564.9 billion in February 2011 to N1.18 trillion by December 31, 2012 and N1.52 trillion on December 31, 2013.

He is credited with creating the office of the Chief Risk Officer and designating an Executive Director to head the department.

WEMA Bank Plc has posted net interest income of N13.9 billion in its unaudited financial results for the period ended September 30, 2014.   

This, according to the bank represents 71per cent growth, when compared to N8.1billion achieved in the corresponding period in 2013.

The bank’s operating profit also rose from N15billion in 2013 to N19 billion during the period under review.

   Profit before tax recorded 345 per cent growth, from N0.56billion in 2013 to N2.5 billion in 2014.

   Reacting on the performance, the Managing Director/CEO of the bank, Segun Oloketuyi  said: “While we remain on course in achieving our growth targets as set out by our growth plan, Project LEAP, we are delighted to announce continuous quarter-on-quarter improvement in our financial performance as displayed in our Q3 results. 

   “Our Total Assets are up 6per cent from December 2013 and loans have risen by 29per cent in the same period. Profit before Tax grew by 345per cent compared to the equivalent period in the last financial year and 47per cent in Q3, this year, spurred by a 44per cent growth in Net Interest Income and a 51per cent rise in Fees& Commission Income quarter on quarter respectively.

  “Our operations are also becoming more efficient with cost-to-income ratio down 900 basis points to 86per cent from 95per cent at year-end 2013and a downward trending NPL ratio of 2.5per cent. Return on Equity (ROE) has also improved from 3.9per cent in 2013 to 9per cent this quarter. These achievements, when combined with our growing deposit base illustrate that our turnaround initiatives are indeed yielding results,” he added.

   He explained that the bank opened three new branches in the last quarter, and embarked on a renovation exercise on four of its branch network located in key commercial and retail hubs, “whilst keeping a keen eye on possible opportunities in the market to grow our business inorganically.”

  “ We have obtained our PCI-DSS recertification and continue to improve our technology and electronic payment platforms. We intend to continue to leverage the efficiency gains from Project LEAP, and invest in key areas to achieve superior returns to our shareholders over the next quarter and through to next year”

   As part of the Banks efforts to boost its customer enhancement initiatives during the quarter,  Oloketuyi  added that the bank organised an international trade & structured finance forum, bringing together customers involved in international trade, regulators and other key stakeholders. 

   “With adequate representation from key stakeholders and regulators, we were able to enhance the understanding of the new guidelines issued by the CBN and the Customs Service regarding trade, address customer issues with regulators directly and have positioned ourselves adequately within the system to take advantages of the opportunities that arise”, he said.

WEMA Bank Plc has posted net interest income of N13.9 billion in its unaudited financial results for the period ended September 30, 2014.   

This, according to the bank represents 71per cent growth, when compared to N8.1billion achieved in the corresponding period in 2013.

The bank’s operating profit also rose from N15billion in 2013 to N19 billion during the period under review.

   Profit before tax recorded 345 per cent growth, from N0.56billion in 2013 to N2.5 billion in 2014.

   Reacting on the performance, the Managing Director/CEO of the bank, Segun Oloketuyi  said: “While we remain on course in achieving our growth targets as set out by our growth plan, Project LEAP, we are delighted to announce continuous quarter-on-quarter improvement in our financial performance as displayed in our Q3 results. 

   “Our Total Assets are up 6per cent from December 2013 and loans have risen by 29per cent in the same period. Profit before Tax grew by 345per cent compared to the equivalent period in the last financial year and 47per cent in Q3, this year, spurred by a 44per cent growth in Net Interest Income and a 51per cent rise in Fees& Commission Income quarter on quarter respectively.

  “Our operations are also becoming more efficient with cost-to-income ratio down 900 basis points to 86per cent from 95per cent at year-end 2013and a downward trending NPL ratio of 2.5per cent. Return on Equity (ROE) has also improved from 3.9per cent in 2013 to 9per cent this quarter. These achievements, when combined with our growing deposit base illustrate that our turnaround initiatives are indeed yielding results,” he added.

   He explained that the bank opened three new branches in the last quarter, and embarked on a renovation exercise on four of its branch network located in key commercial and retail hubs, “whilst keeping a keen eye on possible opportunities in the market to grow our business inorganically.”

  “ We have obtained our PCI-DSS recertification and continue to improve our technology and electronic payment platforms. We intend to continue to leverage the efficiency gains from Project LEAP, and invest in key areas to achieve superior returns to our shareholders over the next quarter and through to next year”

   As part of the Banks efforts to boost its customer enhancement initiatives during the quarter,  Oloketuyi  added that the bank organised an international trade & structured finance forum, bringing together customers involved in international trade, regulators and other key stakeholders. 

   “With adequate representation from key stakeholders and regulators, we were able to enhance the understanding of the new guidelines issued by the CBN and the Customs Service regarding trade, address customer issues with regulators directly and have positioned ourselves adequately within the system to take advantages of the opportunities that arise”, he said.

It has come to our notice that Access Bank Plc is in the process of selling more shares in order to shore up its capital to bolster its current balance sheet position ahead of Basel IIII. Please note that the present Access Bank, which has its Head Office at Plot 999c, Danmole Street, Victoria Island, is a product of a questionable business combination/Merger between Intercontinental Bank Plc and Access Bank Plc.

Accordingly, the general public is hereby put on notice, that the legality or otherwise of this business combination and subsequent merger of these two institutions mentioned above is still being challenged in various courts of competent jurisdiction in Nigeria, especially on the basis of allotting 3.5 shares for every 100 shares originally held by shareholders.  This can be verified under the following suit numbers: FHC/L/CP/1272/09, FHC/L/CP/605/11 & CA/L/606/11. All prospective investors within and outside the country are hereby duly informed.

You Are Warned!

Signed:

Concerned Shareholders of Intercontinental Bank Plc

Over two hundred Nigerians thronged the Town Hall meetings and one day training organized for prospective sales agents for Nigeria’s first super mobile money network, the Glo Xchange, in Abeokuta, Enugu, Onitsha and in Kano cities of Nigeria.
At the event Glo and partner banks – Zenith, Stanbic IBTC, Ecobank and First Bank enlightened the public and prospective agents on the rudiments of the Mobile Money business.
Addressing the participants in Abeokuta, Globacom’s Mobile Money Expert, Mr. Tim Mukata described the Glo Xchange agentship as a veritable avenue for business minded Nigerians to make money on every transaction without losing their initial deposits.
“Being a Glo Xchange agent is a win-win situation for agents as the floating capital remains the same at any point in time. The agents will get commissions on every transaction, attract clients to purchase other merchandising items in their shops and carry out transfer of money anytime of the day, seven days a week. It is very safe and easy and I implore Nigerians from all parts of the country to join the train,” Mr. Mukata added.He informed the participants that a Glo Xchange agent can make up to a monthly profit of N50,000 initially and increase it as more people transfer money through the platform. He said the agent can graduate to the level of recruiting agents, sub-dealers and dealers.
Mr Mukata noted that the Glo Xchange network would form the foundation for agency banking in Nigeria in the nearest future.
Since Glo Xchange was launched three weeks ago, thousands of Nigerians have registered as agents of the country’s first super mobile money agent network. Commenting on the training, Mr. Kunle Akingbogun, the representative of the Ogun State League of Cooperative Thrift and Credit Societies which has over one hundred thousand branches, commended the initiative and urged Globacom to extend the partnership to Skye Bank for their members to benefit from the scheme.
In a related development, a prospective sales agent Prince Jaiye Adeleke who recently retired from Union Bank said the agentship would be a continuation of his relationship with people in the last thirty years of his banking experience.
At the Kano, Enugu and Onitsha venues of the training, the prospective agents trooped to sign up to the scheme while praising Globacom’s initiative.
Mr Nonick Anozie, a small-scale business owner in Onitsha, said Glo Xchange was a “good innovation, with obvious potential to greatly enhance the economy.”
Ignatius Okpara fron Nnewi said that with Glo Xchange, Globacom has once again demonstrated its love for Nigerians, by “always setting the pace in innovation.”

MTN Network: Musician - Luciano White

Song: Don’t Gamble
MTN Code - 035140 

Song: My Flow
MTN Code - 035337 

Song: Love Nwantintin
MTN Code - 035338 

To Register, type reg to 4100 (for the first time user only). Type the
code of the desired song to 4100 to activate your caller tune on MTN Network. For
example, type 035338 to 4100 to buy Love Nwantintin by Luciano White. 
Caller tune costs N50.

AIRTEL NETWORK: Musician - Luciano White

Song: Love Nwantintin
Airtel Network Code: 0263823 

Song: My Flow
Airtel Network Code: 0263824

Song: Don’t Gamble
Airtel Network Code: 0263825

To buy tunes on Airtel Network: Type BUY space Tune code in an SMS and send to 791 
For example to buy Love Nwantintin by Luciano White, send Buy 0263823
and send to 791. Tone costs N50 every 90 days.

GLO NETWORK: Musician - Luciano White

Song: Don’t Gamble 
Glo Network Code: 024521 

Song: My Flow
Glo Network Code: 024522

Song: Love Nwantintin
Glo Network Code: 024523 

To register, type Reg to 7728 (for first time user only) registration
costs N50. Type tune followed by the code of the desired song to 7728 to
activate your caller tune on Glo Network. For example, type tune 024521 to 7728 to receive Don’t Gamble
by Luciano White. 
Caller tunes cost N50.

The naira on Thursday depreciated significantly against the US dollar by N1.70k or 1.04 percent at the inter-bank market following continuous drop in the price of crude oil.

The price of crude oil (Bonny Light) on Thursday dropped by 2.2 percent to $93.08/barrel compared to $95.2/barrel on September 24, 2014.

After trading on Thursday, the local currency closed at N164.10/$ as against N162.40/$ on Tuesday, according to data obtained from Financial Markets Dealers Quotations (FMDQ).

Analysts say declining global oil prices and low offshore inflows into the local debt and equity markets have seen the naira weaken in the last three weeks.

However, there was no dollar sale by Central Bank of Nigeria (CBN) at the Retail Dutch Auction System (RDAS) on Wednesday due to the public holiday marking Nigeria’s 54th Independence Day celebration.

Meanwhile, the CBN on Monday offered a total of $500 million but sold a total of $499.9 to 20 deposit money banks at the rate of N155.75/$ at its twice weekly Dutch Auction System (RDAS).

Saturday, 27 September 2014 23:34

Market Watch: indices record marginal growth

Written by

Weekly transactions on the Nigerian Stock Exchange (NSE) closed upward on Friday as the market indicators appreciated marginally by 0.10 per cent.

The All-Share Index rose by 39.72 points or 0.10 per cent to close at 40,819.72 against 40,780.00 achieved on Thursday.

The market capitalisation, which opened at N13.465 trillion, gained N13 billion or 0.10 per cent to close at N13.478 trillion due to price gain by some blue chip equities.

An analysis of the price movement chart indicated that Seplat topped the gainers’ chart, gaining N27 to close at N667 per share.

7UP garnered N13.73 to close at N147.73, while Guinness rose by N7 to close at N190 per share.

Mobil Oil increased by N2 to close at N176, while Lafarge WAPCO improved by N1.69 to close at N128.68 per share.

Conversely, Dangote Cement led the losers’ chart with a loss of N3.98 to close at N220 per share.

The organisation was followed by CAP with a loss of N1.94 to close at N39, while Glaxosmith depreciated 31k to close at N64.59 per share.

Ikeja Hotels lost 16k to close at N1.52, while NASCON depreciated by 9k to close at N8.91 per share.

Access Bank emerged the most traded stock, accounting for 63.57 million shares worth N562.13 million in 156 deals.

Mansard Insurance recorded a turnover of 21.06 million shares valued at N63.15 million in 24 deals, while FBN Holdings sold 17.02 million shares valued at N236.23 million which were exchanged by investors in 448 deals.

In all, a total of 245.926 million shares worth N2.77 billion were traded by investors in 3,806 deals against the 273.113 million shares valued at N4.62 billion traded in 4,330 deals on Thursday.

NAN

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