Shareholders Approve Union Bank’s N50bn Rights Issue

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The shareholders of Union Bank Nigeria Plc have endorsed five resolutions authorising the Board of Directors of the bank to raise up to N50bn through rights issue.

The shareholders gave their approval at an Extraordinary General Meeting of the bank held in Lagos on Wednesday.

In order to accommodate the new shares, the shareholders approved the increase of authorised capital of the bank from N9.5bn (made up of 19 billion ordinary shares) of 50 kobo each to N17.5bn (made up of 35 billion ordinary shares) of 50 kobo each by the creation of additional 16 billion ordinary shares of 50 kobo, each ranking equally with the existing shares of the bank.

Consequently the memorandum and articles of association Consequently, the memorandum and articles of association of the bank will be amended to reflect the increase in the authorised share capital to N17.5bn. Read more

Ensure Insure Plc. Is The 32nd Security Available To Trade On The Nasd Otc Market

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The securities of Ensure Insurance Plc have been admitted to trade on the NASD OTC market. The company’s securities were introduced by Chapel Hill Denham Securities Limited.

Ensure Insurance Plc has issued and fully paid up 3.75 billion ordinary shares at a nominal value of ₦0.50 per share. All participating Institutions are encouraged to inform their clients of this development. The Secretaries/Registrar is GTL Registrars Limited and demateralisation can start immediately.

Digital Channels Aid 70% Deposit Growth At UBA

  • Bank pioneers email banking in Nigeria

United Bank for Africa (UBA) is profiting from its huge investments in technology, as its various digital channels currently aid 70 per cent of incoming transactions at the bank.

Besides, the bank, which claimed to have over 10 million accounts in its 19 branches across Africa, informed that outflow transactions is over 80 per cent, aided still by the digital channels, which include the Automated Teller Machines (ATM); Point of Sales (PoS) terminals, Nigeria Inter-Bank Settlement Scheme (NIBSS) Instant Payment, Internet and mobile banking, among others. Read more

Members Of MAN Plans To List Shares On NSE

Director General, Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir (left); Chairman, Economic Policy Committee, MAN, R.I Odiah,; Vice President, Multinational, MAN, Christos Giannopoulos; Chief Executive Officer, the Nigerian Stock Exchange (NSE), Oscar N. Onyema; President, MAN, Dr. Frank S. Udemba Jacobs; Vice President (Lagos Zone) & Honourary National Treasurer, MAN, I.A Agoye; and Chairman, Finance & Establishment Committee, MAN, Francis Meshioye, at the closing ceremony at the Exchange, on Wednesday.
Director General, Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir (left); Chairman, Economic Policy Committee, MAN, R.I Odiah,; Vice President, Multinational, MAN, Christos Giannopoulos; Chief Executive Officer, the Nigerian Stock Exchange (NSE), Oscar N. Onyema; President, MAN, Dr. Frank S. Udemba Jacobs; Vice President (Lagos Zone) & Honourary National Treasurer, MAN, I.A Agoye; and Chairman, Finance & Establishment Committee, MAN, Francis Meshioye, at the closing ceremony at the Exchange, on Wednesday.

Manufacturers Association of Nigeria (MAN) has disclosed plans by the members to list their share on the Nigerian Stock Exchange (NSE).Already, three members of the group are currently working out modalities with the exchange to fasttrack every listing requirement.

The Director General of the association, Segun Ajayi-Kadir, during the Association’s Bell Riging Ceremony at the exchange in Lagos on Wednesday assured that more members had also indicated interest to list their shares on the market. Read more

Weak Nigerian Economy Will Endanger Fiscal Consolidation – Fitch

Weaker growth will make it harder to contain Nigeria’s rising debt burden, Fitch Ratings says. Fitch has substantially cut its growth forecasts for Nigeria to reflect a weak performance in 1H16 and continuing policy challenges, including implementing the new foreign-exchange regime and delays in the disbursement of the 2016 budget.

We expect real GDP to contract by 1% in 2016, compared with our earlier forecast of a 1.5% expansion. We expect a limited bounce back and forecast a recovery to 2.6% next year, with downside risks if dollar liquidity remains tight. The medium-term growth outlook remains significantly lower than the 5.6% growth seen in 2010-14.  Read more

PZ Nigeria’s Assets Hit N74.4b

The Chairman, PZ Cussons Nigeria Plc, Chief Kola  Jamodu yesterday said the company’s balance sheet remained strong with total assets of N74.4 billion compared to N67.4billion it was last year.

The chairman who spoke during the firm’s ‘Annual Report and Accounts 2016’ in Abuja, stated that overall, the company did well to hold its share of the market. Read more

How Nigeria Can Deal With Recession

Nigeria will have to turn to industries other than oil to help pull itself out of recession, experts have said as the latest sobering government figures revealed that the economy fell by just over two per cent in the second quarter of 2016.

The overall decline of Nigeria’s economy is – gross domestic product (GDP) fell 2.06 percent in the second quarter – largely attributed to the global drop in the price of oil, which saw growth of -17.48 per cent in real terms in the same period.

IMF data projects a -1.8 per cent change in real GDP for 2016. This would be the first annual decline in over twenty years, and the worst annual recession to have hit the country since 1987, when GDP growth dropped to -10.8 per ceNigeria plans to borrow as much as $10billion from debt markets, with about half of that coming from foreign sources. Funds from this Eurobond would be spent on power transmission projects, solid mineral development and agriculture.

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Shareholders Contemplate Court Action To Stop Unclaimed Dividends Fund

Determined to stop the Securities and Exchange Commission (SEC) from moving unclaimed dividends of 12 years to the proposed Nigerian Capital Market Development Fund (NCMDF), some shareholders are planning a court action, THISDAY checks have revealed.

The capital market apex regulator is planning to establish the NCMDF for dividends that have been unclaimed for 12 years and above. The Companies and Allied Matters Act (CAMA) provides that unclaimed dividends for 12 years are statute barred and are returned to the companies that paid the dividends.

However, SEC has proposed a new rule on application of 12 years and above unclaimed dividends.
“All companies and registrars shall not later than 30 days after the end of every calendar year forward to the Commission a report of unclaimed dividends in their custody, which shall specify compliance with Sub Rule (1) of this Rule. Companies shall disclose details of compliance with this Rule in their annual reports,” SEC said in the rule. Read more

NSRDA Issue Warning As Solar Eclipse Hits Nigeria Today.

New Picture (8)Nigerians have been warned to be alert and not to panic as a solar eclipse will occur in some parts of the country on Thursday. 

 

National Space Research and Development Agency (NSRDA) has urged the public not to panic over the Annular Eclipse which will be experienced between the hours of 7:15am and 10:03am on Thursday, September 1 with slight variations in actual timing across the country.

 

In a press statement by the Head of Media and Corporate Communications, Dr Felix Ale, the Agency appealed to the general public not to panic or adduce any mystical interpretations to this event, urging them not to observe the eclipse with naked eyes, as this can cause damage. Read more

Investors Await N212.85bn T-Bill Auction This Week

currencyInvestors in the country’s capital market are optimistic that the next Treasury bill auction slated for this week will boost activities in the fixed income market.

Expectedly, there were no significant movements in liquidity level last week, given the absence of auctions. However, the Open Buy Back and overnight rates declined by 4.83 per cent and 6.66 per cent respectively, to peg average money market rate at 18.55 per cent at the close of the week.

Activities in the Nigerian bond market seemed bearish, as indicated by a 0.04 per cent week-on-week change in average bond yield to 16.14 per cent.  Conversely, average yields declined in the T-bills space across all tenors to peg at 17.16 per cent as of Thursday, August 26, 2016. Read more