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Stockswatch Sep 21-27, 2020 Flipbook PDF
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News Obaseki re-elected as Edo State Governor
Pg. 4
Family & Corporate Wellness
Home & Family
Menopause: Things every woman should know Pg. 15
No Romance without Finance!
Pg. 14
September 21-27, 2020
Money Market Sterling Bank launches 'Grow with Sterling Initiative'
Profit taking drags equity market lower by 0.08% WoW Pg. 3
Pg. 10
Entrepreneur
SMEs: Mastering the art of collaboration Pg. 8
Nigerian Banks' Performance:
Beyond Q2 Earnings, What Next?
02
Cover
September 21-27, 2020
Nigerian Banks' Performance: Beyond Q2 Earnings, What Next?
F
inancial Intuitions play important role in economic development of any nation. It is evident that no sector in the economy can flourish without the support and services of the banking sector. The banking system is a catalyst that drives growth in every sector of the economy. Performance of banking stocks for half year 2020 was quite impressive despite the fact that Covid19 pandemic disrupted business operations in the country. Apart from the fact that the results were good, some of them still declared interim dividend. On the strength of impressive Q2 results and interim dividend payout, we observed price rally for most of these banking stocks. How sustainable could this price rally be? We are already rounding up the third quarter of the year, hence the market is anticipating Q3 results of quoted companies. Commenting on the performance of banks and their impact on the Nigerian economy, Aruna Kebira, Chief Dealer of Global View Capital Limited stated thus: “I believe the banks will consolidate on what they did for quarter two, especially when they can raise their head above the water in those difficult times, there is no way they will not do better. The economy is more or less open. Even if we are not running into capacity. And if we continue like this, Q3 report will be better than what we saw in Q2 report. Without the banks, the whole economy is finished. If the banks are not there, a number of things will go wrong. You cannot access credit. There will be no development. When a company grows to a certain level and they want to expand their market share, they will have to go to the bank to access credit. If the bank are not there, there will be no development. Without banks in place, the rate of arm robbery will be higher. Robbers don't attack people anyhow on the street because what they carry is just ATM cards, not cash anymore. Through banks, people are able to save. In elementary economics, aggregate savings is equal to aggregate investment. It is from savings that people will be able to invest. It is what is saved that banks give out for investment. Hence, there is no economy that will survive without the banks. Banks' contribution to the capital market is significantly high. If you remove all the banks from the capital market, then nothing will remain. Most of their dividend is what dictates the market. Dividend yield from banking stocks is significant. If Nestle at N1200 pays N30 dividend, dividend yield will be lower than that of Zenith at N16 that paid N2.80 dividend, which
gives higher dividend yield. Most of all the banks pay dividend. Banks capitalization contribution to the capital market cannot be overemphasized. When the capital market was booming, it is banks that was moving it. Banking stocks are fundamentally sound. Most financial institutions in Nigeria are fundamentally strong because they do the same business which is financial intermediary. The number of unbanked, most especially in the urban area is very low. You can hardly see somebody that does not have a bank account. Banks' products are well embraced. Most Bank stocks are fundamentally sound; whether you look at it from their prices, management and products. The banking sector provides liquidity to the capital market. 90% of banks quoted on NSE are highly liquid, which means you can enter and get out as much as you like. It is actually the banking sector that is moving the market because they herald the bulls. The moment the market want to go up, it is from the banking sector that you quickly understand; and if the bears are coming, it is also from the banking sector that you will understand it. So they lead when the bulls are coming and also show when the bears are coming. Q3 Expectation for Banking Stocks FBN Holdings Plc The big elephant released a fantastic Q2 results with growth in topline and bottom line figures. The holding company grew profit after tax by 56.33% to N49.46 billion from N31.64 billion. The current management is working diligently to bring their non-performing loans to the barest minimum. The moment this is achieved, there earnings will go up and the market will react positively to this, which will obviously push the price upward. Going forward, Q3 earnings of FBN Holdings Plc is expected to better than what they declared in their Q2 result.
Zenith Bank Zenith Bank grew its topline and bottom line figures in the first half of 2020 and that was quite impressive. Though the market sentiment is still actually pricing Zenith Bank lower than GT Bank for obvious reasons. By the time we see Q3 result of Zenith Bank better than Q2, the share price of Zenith is bound to mover than its current level. It is possible Zenith Bank might up their final dividend payout to N3.
Guaranty Trust Bank Guaranty Trust Bank dropped in their Q2 earnings as most their metrics declined. The unique thing about GT Bank is that they don't make noise. What they do is that they just release result for people to see their performance. We believe that the management of the bank will deal with the reason why their half year account dropped, and will work on it to give a better performance in Q3. UBA Half year earnings of UBA drooped, just like Guaranty Trust Bank. There interim dividend payout dropped to 17 kobo from 20 kobo. If UBA worked on what caused the drop in their Q2 earnings, they will come out better in Q3 result. Stanbic IBTC Q2 result of Stanbic IBTC was impressive as the the bank achived growth in its topline and bottom line figures. The only thing that may work against them is the 6 million ordinary shares they listed. It will further dilute their earnings per share. Instead of paying dividend, they gave option of Scrip. A lot of people opted for scrip and it has been listed on the NSE. It will dropped their earnings per share because they will have more outstanding number of shares. Fidelity Bank
Access Bank Access Bank did well in their Q2 result. People were thinking that the effect of Diamond Bank merger will weigh them down but we can see what happen. The Bank reported Gross Earnings of N396.76 billion, up by 22.31% from N324.38 billion achieved in the first half of 2019. Profit before tax grew by 1.84% to N74.31 billion. The Bank reported Profit after tax of N61.03 billion and still paid 25 kobo interim dividend. What they need to do is to build this result and the bank is bound to give a better result in their Q3 earnings.
Q2 result of Fidelity Bank was impressive even though they did not pay interim dividend. The bank reported Gross Earnings of N105.76 billion, up by 2.03% from N103.66 billion reported in the first half of 2019. Profit before tax (PBT) appreciated by 21.92% to N11.96 billion from the PBT of 9.81 billion in H1'19. Profit after tax grew by 33.01% to N11.30 billion from N8.498 billion reported in the first half of 2019. Earnings per share increased to 39 kobo form 29 kobo which translates to 33.01% year on year. We expect Fidelity Bank to build on this result and come out with a better Q3 earnings.
03
Insider Watch September 21-27, 2020
Profit taking drags equity market lower by 0.08% WoW T
he Nigerian equity market last week closed on a negative not as profit taking persist, bringing the All Share Index down by 0.08% to close at 25,572.57. The Market Capitalisation appreciated by 0.10% to close the week at N13.365 trillion. The listing of additional 601,030,210 ordinary shares of Stanbic IBTC Holdings on NSE brought about the increase in the Market Capitalisation, or else it would have declined. An aggregate of 1.139 billion units of shares, valued at N12.692 billion in 17,109 deals were traded last week by investors on the floor of the Exchange, in contrast to a total of 1.226 billion shares valued at N10.842 billion that exchanged hands last week in 19,529 deals. The Financial Services industry (measured by volume) led the activity chart with 870.300 million shares valued at N7.863 billion traded in 9,427 deals; thus contributing 76.43% and 61.95% to the total equity turnover volume and value respectively. The Industrial Goods industry followed with 62.689 million shares worth N1.162 billion in 1,557 deals. The third place was the ICT industry, with a turnover of 50.859 million shares worth N2.552 billion in 619 deals. Trading in the top three equities namely FBN Holdings Plc, Guaranty Trust Bank Plc and Access Bank Plc. (measured by volume) accounted for 353.048 million shares worth N4.018 billion in 3,095 deals, contributing 31.00% and 31.66% to the total equity turnover volume and value respectively. All other indices finished lower with the exception of NSE Main
Board, NSE Pension, NSE Insurance, NSE Meri Growth, NSE Consumer Goods, NSE Lotus II and NSE Industrial Goods Index which appreciated by 0.13%, 0.06%, 0.01%, 0.17%, 0.13%, 0.19% and 0.50% respectively while NSE ASeM Index closed flat. (See summary of Index movements in the table below). Thirty-two (32) equities appreciated in price during the week, higher than Twenty-three (23) equities in the previous week. Thirty-one (31) equities depreciated in price, lower than Thirty-eight (38) equities in the previous week, while one hundred (100) equities remained unchanged, lower than one hundred and two (102) equities recorded in the previous week.
Gainers COMPANIES WAPIC LEARNAFRCA UNITYBNK NEIMETH IKEJAHOTEL CAP BERGER UBN [BLS] CHIPLC PRESTIGE [BLS] COURTVILLE REGALINS WEMABANK ROYALEX AIICO LAWUNION STERLNBANK MAYBAKER NB UCAP AFRIPRUD VITAFOAM JAIZBANK WAPCO FLOURMILL GUARANTY FIDELITYBK CUSTODIAN UACN DANGCEM ARDOVA GUINNESS
Stanbic IBTC A total volume of 601,030,210 ordinary shares of Stanbic IBTC Holdings Plc was admitted to trade at the Nigerian Stock Exchange on Wednesday, 16 September 2020. Prestige Assurance Plc Prestige Assurance has announced the extension of offer period for the rights issue of 13,635,796,006 ordinary shares of 50 kobo each at 50 kobo per share on the basis of thirty-eight (38) new ordinary shares for fifteen (15) ordinary shares held. The Nigerian Stock Exchange has received a confirmation from the Securities and Exchange Commission to extend the offer period by two (2) weeks. With this extension, the Offer which was initially scheduled to close on Thursday, 17 September 2020 will now close on Wednesday, 30 September 2020.
11/09/2020 0.33 1.04 0.52 1.78 0.84 15.75 6.05 5.00 0.29 0.52 0.20 0.23 0.53 0.28 0.87 1.13 1.16 3.00 41.05 3.08 4.40 5.69 0.58 12.80 19.50 25.00 1.76 4.80 6.00 134.00 11.35 13.50
18/09/2020 0.37 1.14 0.57 1.95 0.92 17.10 6.50 5.35 0.31 0.55 0.21 0.24 0.55 0.29 0.90 1.16 1.19 3.07 42.00 3.15 4.50 5.80 0.59 13.00 19.80 25.35 1.78 4.85 6.05 135.00 11.40 13.55
% Change 12.12 9.62 9.62 9.55 9.52 8.57 7.44 7.00 6.90 5.77 5.00 4.35 3.77 3.57 3.45 2.65 2.59 2.33 2.31 2.27 2.27 1.93 1.72 1.56 1.54 1.40 1.14 1.04 0.83 0.75 0.44 0.37
Losers COMPANIES
11/09/2020
18/09/2020
% Change
ABCTRANS NEM TRIPPLEG UPL UNIONDAC FCMB CORNERST NAHCO NPFMCRFBK INTBREW FIDSON ETI CHAMS CADBURY ACCESS OANDO [MRF] REDSTAREX UBA ZENITHBANK CUTIX STANBIC HONYFLOUR FBNH LIVESTOCK TRANSCORP SEPLAT CILEASING CAVERTON [BLS] JBERGER NASCON DANGSUGAR
0.36 2.25 0.44 1.70 0.27 2.20 0.65 2.13 1.38 3.50 3.70 4.20 0.22 7.75 6.75 2.40 3.75 6.20 17.20 1.75 40.00 0.94 5.05 0.59 0.61 390.00 4.00 1.86 15.60 10.05 12.05
0.30 2.03 0.40 1.57 0.25 2.06 0.61 2.00 1.30 3.30 3.50 4.00 0.21 7.40 6.45 2.30 3.61 6.00 16.70 1.70 39.10 0.92 4.95 0.58 0.60 385.00 3.95 1.84 15.50 10.00 12.00
-16.67 -9.78 -9.09 -7.65 -7.41 -6.36 -6.15 -6.10 -5.80 -5.71 -5.41 -4.76 -4.55 -4.52 -4.44 -4.17 -3.73 -3.23 -2.91 -2.86 -2.25 -2.13 -1.98 -1.69 -1.64 -1.28 -1.25 -1.08 -0.64 -0.50 -0.41
04
News
September 21-27, 2020
Godwin Obaseki re-elected as Edo State Governor The announcement by the returning officer follows the collation of the results from all the 18 Local Government Areas of Edo where the election was conducted. Governor Obaseki's victory comes on the back of a tensed and heated electioneering process that saw him dump the APC after being disqualified from the primaries, join the PDP and overcome stiff opposition and criticism by members of his former party, including former ally and his predecessor Adams Oshiomhole. It was a dramatic process that saw Obaseki run a governorship race against Ize-Iyamu for a second time in four years. Both men faced each other in 2016, albeit with Obasek flying the flag of the APC and Ize-Iyamu flying that of the PDP.
M
r Godwin Obaseki of the People's Democratic Party (PDP) has defeated Mr Osagie IzeIyamu, to win a second term as governor of Edo State.
votes than his closest rival IzeIyamu, who got 223, 619 votes. A total of 14 political parties fielded candidates to jostle for the office of the governor in the state.
It is the first governorship poll to be conducted by the Independent National Electoral Commission (INEC) since the outbreak of coronavirus (COVID-19) in the INEC Returning Officer for the country. poll declared the governor as While it held in some places in the winner on Sunday at the line with the COVID-19 office of the electoral umpire in protocols of the Nigeria Centre Benin City, which doubled as for Disease Control (NCDC), the final collation centre. the compliance level was very The governor secured 307,955 low in other polling areas. of the total votes, 84,336 more Governor Obaseki was returned elected after polling the highest number of votes in the keenly-contested poll conducted on Saturday.
A political rift between the governor and Oshiomhole which spiraled beyond the state to national politics, saw both men switch parties and square up against each other on platforms they once criticised. The campaign, characterised by drama and controversy that did not spare the State House of Assembly, was tempered by the intervention of the Oba of Benin to calm fears that the poll could turn violence heightened. A peace accord was also signed by all the candidates days before the poll as stakeholders made concerted efforts to ensure a successful poll. Preliminary reports from some electoral observers have held that it was mostly peaceful and largely free and fair.
“As you may be aware, the Micro, Small and Medium Enterprises (MSMEs) sub-sector is a critical subsector in the Nigerian economy.
“They collectively account for a majority of the enterprises in Nigeria and also account for the highest number of jobs created in the economy.
S
Small, and Medium Enterprises (MSMEs) sub-sector are critical in the Nigerian economy, and the initiative will trigger an entrepreneurial revolution in Industrialization, Agriculture, and Commerce in Nigeria.
Mr. Radda stressed that the initiative will enhance youth engagement in productive ventures, According to SMEDAN's Director- thereby ensuring they earn income General, Dikko Radda, in a through filling the artisanal gap in statement on Tuesday, the Micro, Nigeria.
T
he Chairman of Nigeria's leading engineering construction company, Julius Berger Nigeria Plc and its Managing Director Mr Mutiu Sunmonu and Engr. Dr. Lars Richter respectively, has in a joint video that has gone viral, celebrated the nation's most iconic engineering brand as the company marks its golden jubilee as a Nigerian registered business corporation. The year 2020 marks the 50th Anniversary since Julius Berger's incorporation as a Nigerian company. According to Sunmonu, while the physical celebration has reasonably been put on hold due to the advent, concerns and effects of the global COVID-19 pandemic, the company is using the occasion to acknowledge the epoch-making milestone in the company's history and to reflect on the meaningful contributions Julius B e r g e r has mad e t o N ig e ria' s development. The articulate chairman who strategically started his corporate career as a First Class graduate from the prestigious Unversity of Lagos, and who also badges the Presidential honours award, Commander of the Order of the Niger, CON, gave particulars to the company's contributions when he said that Julius Berger has offered content to the nation's development “through the construction of durable, long-lasting buildings and critical infrastructure, which serve as the backbone to economic growth and daily life”. Sunmonu added that Julius Berger has also contributed over the past 50 years “to the livelihood of one of the largest private workforces in the country, by way of secure, long-term employment and professional development of our staff”. This, he said, was in addition to the company's community development initiatives “resulting from [Julius Berger's] corporate social responsibility activities in the areas of health, education and youth sports and critical response measures enacted”. The Chairman of Julius Berger, in his message proudly said that for the
SMEDAN to empower youths on skill development
mall and Medium Enterprises Development Agency of Nigeria (SMEDAN) has said that over 1,000 youths are expected to benefit from the National Business Skills Development Initiative (NBSDI) in entrepreneurship, vocational, and empowerment materials initiated by the agency.
Julius Berger at 50: No challenge that has been too big, and no job too complex- Chairman Sumonu company, no challenge has been too big, and no job has been too complex to accomplish. He said: “Julius Berger has constructed some of Nigeria's most iconic structures and demanding engineering feats; project after project, we have proven ourselves to be a reliable partner equipped with the technical knowhow and organizational edge to deliver quality solutions”. While stating that there is no doubt that the arrival of COVID-19 to Nigeria brought on new and unexpected challenges, requiring sacrifices from all as well as significant adjustments to our norms, Sunmonu, however, confidently added that the disruptive pandemic “has also served as an important reminder of the importance of community and the centrality of corporate responsibility to our value system as a company”. Julius Berger's Managing Director, Engr. Dr. Lars Richter, also in the joint video further reinforced the Chairman's message saying that “in the face of COVID-19, [Julius Berger] has strengthened its stance as a pillar of support to Nigeria, to the Government, to healthcare providers and social impact institutions… and to the company's communities through various donations and contributions”. In the words of the cerebral Engr. Richter who substatively holds a PhD in civil egineering, “…with innovation as a key value we have continued to find creative solutions, remaining quick to adapt in order to keep delivering through remote working, increases in PPE and safety protocols and the repurposing of resources to promote public health and support relief measures”. Richter with palpably inspiring professional and managerial confidence further said that: “Julius Berger at 50, celebrates not only the past five decades of excellence achieved, but in the context of our current circumstances, [Julius Berger] celebrates our resiliency as a company and our unrelenting commitments to advancement and progress – no matter the challenge”.
FIRS generates N438bn from non-oil tax revenue
T
he Federal Inland Revenue Service (FIRS), has said that it collected N490 billion in tax receipts in July, with a sum of N438 billion, representing 89% came from Non-oil receipts.
“It is in the bid to support the MSMEs in the most practical way that the Agency developed the National Business Skills Development Initiative (NBSDI),” Mr. Radda stated.
The revenue agency in a statement on Thursday explained that the significant drop in oil revenue to N52 billion, representing 11%, is due to the global shock caused by the COVID-19 pandemic which led to a significant cut in crude oil production by oil-producing nations.
The SMEDAN DG explained that the program is running in 11 states in the country including: “Katsina, Rivers, Delta, Ebonyi, Adamawa, Niger, Lagos, Kwara, Bauchi, Zamfara and Ekiti where a total of 1,397 entrepreneurs will be impacted with entrepreneurship skills, vocational skills, and empowerment materials.”
The statement quoted FIRS Executive Chairman, Mr. Muhammad Nami, who attributed the increase in the non-oil sector receipt to reform measures introduced by the FIRS Board and Management as well as the renewed vigour in the Service workforce.
He stated that despite the national and global economic upheaval caused by the pandemic, the FIRS has continued to record a significant increase in collectible tax revenue from the non-oil sector of the economy. According to Mr. Nami, non-oil tax receipts have consistently contributed 75-90 percent of total tax revenue in recent months. “For instance, out of N490 billion collected by the Service in July, only N52 billion was from the oil sector with the rest coming in through non-oil receipts.” The FIRS boss noted that Value Added Tax (VAT) and Stamp Duties receipts have boosted government revenue despite the pandemic.
05
Earnings September 21-27, 2020
The earnings per share (EPS) of the microfinance bank dropped to N0.165 from N0.166.
N125.57 billion, up by 7.83% when compared with the Gross Earnings of N117.37 billion recorded in 2019. Profit before tax PBT for the period was N52.406 billion, appreciated by 17.37% when compared with PBT of N44.650 billion in 2019. The firm posted a profit after tax of N45.204 billion, rose by 24.72% from the previous Profit after Tax of N36.245 billion in 2019.
Jaiz Bank grew profit after tax by 43.87% in Half Year 2020 Jaiz Bank Plc released its half year financial report on July 21, 2020. The Financial Institution grew its Gross Earnings by 43.87, closing the half year period with 8 billion against the previous close of N5.7 billion in Half Year 2019. Profit before tax closed at 1.3 billion, up by 15.69%, when compared to its previous close of N13.01 billion in half year 2018. Profit after tax was up by 48.70% to close at N1.3 billion away from the previous close of N905 million in half year 2019. Earnings per share for the period under review grew to 4 kobo from the previous earnings per share of 3 kobo in half year 2019
Royal Exchange Garners N11bn Gross Premium in Half Year, 2020
The Earnings per share of Stanbic Holdings stands at N4.30, up by 24.72% against the earnings per share of N3.45 recorded in 2019.
The First Half year financial report of Royal Exchange plc for the period ended June 30th 2020 reveals that the group topline figures rose by 9.85% closing at N11.288 billion from the previous close of N10.275 billion in 2019. Profit After Tax (PAT), grew by 166.5% to settle at N420 million from the previous loss after tax of N631 million. For the period under review, the EPS of the Insurance Company stands at N0.08 from the previous deficit of N0.12 reported in the preceding period of 2019. Guaranty Trust Bank declares N94.27bn profit in H1'20 Guaranty Trust Bank on Wednesday 2nd of September, 2020 released its half year result for the period ended, 30th June, 2020. The financial giant filed a Gross Earnings of N225.139 billion, soared by 1.47% away from N221.870 billion reported in 2019.
Sterling Bank declares N5.414bn profit in H1'20 Sterling Bank plc, in its first year report for the period ended June 30th, 2020, recorded a decline of 4.38% in bottom line figures for the period under review to close at N5.414 billion when compared with the previous close of N5.662 billion in H1, 2019.
Zenith Bank posts N103.8bn profit in H1'20 The Audited half year financial report for the period ended 30th June, 2020 of Zenith Bank plc revealed a Gross Earnings of N346.088 billion, soared by 4.37% away from N331.586 billion recorded in half year 2019. The reported Profit before Tax grew by 2.19% to stand at N114.124 billion above the previous close of N111.677 billion.
The Bank filed its H1'20 financial statements with the NSE on 30th July, 2020 which showed a drop of 2.85% in Gross Earnings to N70 billion in current period from N72 billion reported same period in 2019.
The Bank's Profit after Tax was up by 16.81%, to settle at N103.826 billion better than N88.882 billion reported previously in 2019.
The earnings per share (EPS) for the period under review is 19 kobo, down by 4.38% compared with the previous EPS of 20 kobo in the first half of 2019.
Earnings per Share (EPS) of Zenith Bank Plc stands at N3.31, grew by 16.81% against the previous EPS of N2.83.
The microfinance bank sheds 0.53% from N380 million in H1, 2019 to settle at N378 million in the current period under review.
The bank posted a profit after tax of N94.271 billion, declined by 4.90% from N99.133 billion recorded in 2019. Earnings per share (EPS) for the period under review stands at N3.20, shedding 4.90% from the EPS of N3.37 in 2019.
Access Bank posts N61.03bn profit in H1'20,
NPF Microfinance sheds 1.31% of its Gross Earnings to N2.074bn in H1'20 NPF Microfinance Bank plc, in its published half year report for the period ended 30th June 2020, reported a Gross Earnings of N2.074 billion, down by 1.31% when compared with the Gross Earnings of N2.101 billion reported in the half year of 2019.
Profit before tax dropped by 5.25% to settle at N109.714 billion away from N115.787 billion reported in 2019.
Stanbic IBTC grew topline and bottom line figures in H1'20
Access Bank Plc on Thursday 3rd of September 2020 released its half year scorecard for the period ended 30th June, 2020.
Stanbic IBTC Holdings Plc on the 2nd of September, 2020 released its first half financial report for the period ended 30th June, 2020.
The financial giant reported a gross earnings of N396.757 billion, rose by 22.31% when compared with the gross earnings of N325.376 billion in 2019.
The financial institution reported a Gross Earnings of
06
Earnings
September 21-27, 2020
Profit before tax inched up by 1.84% to settle at N74.306 billion from N72.965 billion reported in 2019. Profit after tax plunged to N61.035 billion from N61.874 billion reported in 2019, indicating a marginal drop of 1.36%. The earnings per share of Access Bank for the period under review stands at N1.72, down by 1.36% from the EPS of N1.74 in 2019. With reference to the share price of N6.40, the P.E ratio of Access Bank stands at 3.73x with earnings yield of 26.83%. Access Bank proposed an interim dividend of 25 kobo to its shareholders, subject to appropriate withholding tax will be paid to shareholders whose names appear in the register of members as at the close of business on Thursday 17th day of September, 2020.
Fidelity Bank reports N11.3bn half-year profit Fidelity Bank plc released to the Nigerian stock Exchange, the (NSE) its 202 first half financial report for the period ended 30th June 2020 on 3rd September, 2020. The bank posted a gross earnings of N105.755 billion, up by 2.03% when compared with N103.655 billion reported in 2019. Profit before tax advanced by 21.92% to settle at N11.963 billion from N9.812 billion reported in 2019. The financial institution grew its Profit after tax to N11.303 billion, growing by 33.01% from the Profit after tax of N8.498 billion reported in half year of 2019. Fidelity Bank grew its Earnings per share for the period under review to stands at N0.39, up by 33% when compared with the previous earnings of N0.29 in 2019.
In the audited half year financial report released to the NSE for the period ended, 30th June, 2020. The bank posted a gross earnings of N300.26 billion, up by 2.24% when compared with N293.69 billion reported in half year of 2019. Profit before tax dipped by 18.61% to settle at N57 billion away from N70 billion recorded in 2019. The profit after tax of the firm stands at N44.4 billion, declined by 21.69% from the previous profit after tax of N56.7 billion in 2019. The earnings per share (EPS) of UBA dropped by over 21% to settle at N1.30 from 2019 half year EPS of N1.66.
Airtel Africa declares 6.9% revenue boost in HY'20 Airtel Africa Plc released its half year 2020 scorecard to the market on 24th July, 2020, showing that the company's total turnover was up 6.90% to about N329 billion for the first six months of 2020 from N308 billion recorded same period last year. The telecom company ended the period, shedding about 29 billion of its Profit after Tax to stand at about N22 billion in contrast to N51 billion recorded same period last year. This translates to 56.82% year on year bottom-line decline. The shareholders' earnings per share fell by 56% to stand at N5.87 from N13.60 reported in the preceding period of 2019. *Note: All the figures above were converted from US Dollar($) to Nigerian Naira(#) at a rate of 1 United States dollar = 387.1100 Nigerian naira. (primary market rate as at Friday 24th, July, 2020).
UBA declares N44.43bn profit in H1'20 The shareholders of United Bank for Africa are to get rewarded on their investment as the financial institution declared 17 kobo interim dividend payout for its esteemed shareholders.
Eterna Plc files N28bn turnover in H1'20 Eterna plc on August 4th, 2020 released its 2020 half year financial report, which showed that the
company dipped in its Profit after Tax for the period by 159.33% to settle at a loss of N66.6 million from the previous PAT of N112.2 million recorded in 2019. The company's scorecard revealed a declined Gross Earnings by 81.69% to stand at N28.518 billion from N155.767 billion recorded in the preceding period of 2019. The earnings per share was down by over 159% from previous period's N0.09 to current period deficit of N0.05.
CHAMS Plc declares N910m turnover in HY'20 CHAMS Plc, in its 2020 half Year financial results released to the Nigeria Stock Exchange on August 1st, 2020 shows that the company dipped by 53.49% in Topline figures from N1.957 billion in 2019 to N910 million reported in half year of 2020. The company's financial results also disclosed 105.81% decline in Profit After Tax from N226 million recorded in the same period the previous year to a loss of N13 million in the current period under review. The earnings per share fell by over 105.81% from N0.05 recorded in 2019 to N0.00 in the current period under review.
INTERLINKED TECHNOLOGIES PLC UNIVERSAL INSURANCE PLC PRESCO PLC AIICO INSURANCE PLC AND SUBSIDIARIES ACCESS BANK PLC OMOLUABI MORTGAGE BANK PLC BERGER PAINTS PLC ABC TRANSPORT PLC BUA CEMENTS PLC CONSOLIDATED HALLMARK INSURANCE PLC NEM INSURANCE PLC ROYAL EXCHANGE PLC STANBIC IBTC HOLDINGS PLC COURTVILLE BUSINESS SOLUTION ARDOVA PLC ZENITH BANK PLC CORNERSTONE INSURANCE PLC UNITED BANK FOR AFRICA PLC FIDELITY BANK PLC DANGOTE CEMENT PLC GUARANTY TRUST BANK PLC LASACO ASSURANCE PLC MAY & BAKER NIG PLC BOC GASES NIGERIA PLC STERLING BANK PLC UNION DIAGNOSTIC & CLINICAL SERVICES MCNICHOLS CONSOLIDATED PLC eTRANZACT INTERNATIONAL PLC NIGERIAN BREWERIES PLC CHAMPION BREWERIES PLC DAAR COMMUNICATIONS PLC CONOIL PLC AFRICAN ALLIANCE INSURANCE PLC NIGERIA AVIATION HOLDING COMPANY TOTAL NIGERIA PLC GUINEA INSURANCE PLC TANTALIZER PLC IKEJA HOTEL PLC CHAMS PLC RAK UNITY PETROLEUM PLC ETERNA OIL PLC
COMPANY
2.91 0.20 47.45 0.94 6.40 0.60 6.05 0.47 40.20 0.45 2.00 0.25 37.50 0.21 13.45 17.20 0.55 6.55 1.80 141.80 25.65 0.30 3.00 4.51 1.19 0.27 0.47 2.61 31.00 0.95 0.33 16.90 0.20 1.98 87.80 0.20 0.20 1.12 0.22 0.30 2.00
PRICE
Jun-20 Jun-20 Jun-20 Jun-20 Jun-20 Jun-20 Jun-20 Jun-20 Jun-20 Jun-20 Jun-20 Jun-20 Jun-20 Jun-20 Jun-20 Jun-20 Jun-20 Jun-20 Jun-20 Jun-20 Jun-20 Jun-20 Jun-20 Jun-20 Jun-20 Jun-20 Jun-20 Jun-20 Jun-20 Jun-20 Jun-20 Jun-20 Jun-20 Jun-20 Jun-20 Jun-20 Jun-20 Jun-20 Jun-20 Jun-20 Jun-20
YEAR
COMPANY FIGURES
30-Jul-20 6-Aug-20 31-Jul-20 30-Jul-20 3-Sep-20 30-Jul-20 30-Jul-20 31-Jul-20 3-Aug-20 30-Jul-20 30-Jul-20 27-Aug-20 2-Sep-20 7-Aug-20 30-Jul-20 3-Sep-20 30-Jul-20 1-Sep-20 3-Sep-20 30-Jul-20 2-Sep-20 18-Aug-20 4-Aug-20 30-Jul-20 30-Jul-20 4-Sep-20 30-Jul-20 20-Aug-20 30-Jul-20 1-Aug-20 1-Aug-20 6-Aug-20 6-Aug-20 3-Aug-20 31-Jul-20 2-Aug-20 30-Jul-20 30-Jul-20 1-Aug-20 30-Jul-20 4-Aug-20
DATE
RELEASED T/O(Nm)
56,847,000 1,216,402,000 10,404,610,000 25,422,023,000 324,375,797,000 105,036,806 1,565,840,000 3,022,188,000 89,858,984,548 4,758,967,011 11,779,470,000 10,275,491,000 117,374,000,000 553,452,365 82,785,486,000 331,586,000,000 7,717,349,000 293,690,000,000 103,655,000,000 467,730,000,000 221,869,545,000 6,877,115,000 4,055,680,000 1,480,586,000 72,294,000,000 653,426,707 355,457,009 6,457,857,000 170,191,184,000 1,626,180,000 1,822,475,000 72,219,024,000 3,943,719,000 4,800,209,000 150,830,331,000 756,156,000 638,752,714 5,809,391,000 1,956,843,000 2,905,208,000 155,767,316,000
T/O(Nm)
164,646,000 2,202,496,000 13,458,422,000 31,923,129,000 396,757,240,000 124,933,716 1,828,403,000 3,431,105,000 101,261,401,338 5,334,751,706 12,986,033,000 11,288,116,000 126,570,000,000 585,688,037 87,313,516,000 346,088,000,000 8,041,662,000 300,257,000,000 105,755,000,000 476,852,000,000 225,138,817,000 6,946,745,000 4,072,366,000 1,476,407,000 70,234,000,000 630,609,226 317,648,141 5,769,313,000 151,809,837,000 1,427,313,000 1,467,735,000 57,455,721,000 3,119,408,000 3,576,450,000 106,704,944,000 514,414,000 433,826,842 2,905,673,000 910,104,000 1,160,590,000 28,518,814,000
PREVIOUS
CURRENT
189.63 81.07 29.35 25.57 22.31 18.94 16.77 13.53 12.69 12.10 10.24 9.85 7.83 5.82 5.47 4.37 4.20 2.24 2.03 1.95 1.47 1.01 0.41 -0.28 -2.85 -3.49 -10.64 -10.66 -10.80 -12.23 -19.46 -20.44 -20.90 -25.49 -29.25 -31.97 -32.08 -49.98 -53.49 -60.05 -81.69
(%)
CHANGE
-12,997,000 1,216,402,000 5,770,616,000 2,788,842,000 74,306,223,000 41,493,073 60,430,000 -345,874,000 39,164,723,363 444,429,610 1,849,897,000 617,758,000 52,406,000,000 11,811,110 1,171,390,000 114,124,000,000 1,100,844,000 57,129,000,000 11,963,000,000 162,851,000,000 109,713,844,000 713,953,000 645,421,000 193,593,000 5,678,000,000 40,989,626 14,036,806 -118,250,000 5,589,464,000 -26,088,000 -524,988,000 498,084,000 523,120,000 -179,992,000 -523,898,000 -97,729,000 -135,113,318 -777,055,000 -13,135,000 -11,168,000 71,864,000
PBT(Nm)
CURRENT
-107,154,000 -166,803,000 3,440,880,000 2,851,092,000 72,964,975,000 62,649,580 214,188,000 71,854,000 35,658,211,499 426,591,776 1,907,526,000 -478,380,000 44,650,000,000 10,715,252 6,327,926,000 111,677,000,000 557,511,000 70,274,000,000 9,812,000,000 155,488,000,000 115,787,342,000 639,903,000 427,686,000 -532,773,000 6,001,000,000 84,969,654 15,441,336 141,315,000 13,318,268,000 141,410,000 -623,283,000 1,518,669,000 -2,184,661,000 579,595,000 202,092,000 -533,316,000 -126,323,056 341,853,000 225,969,000 -39,619,000 165,041,000
PBT(Nm)
PREVIOUS
-87.87 -829.24 67.71 -2.18 1.84 -33.77 -71.79 -581.36 9.83 4.18 -3.02 -229.14 17.37 10.23 -81.49 2.19 97.46 -18.71 21.92 4.74 -5.25 11.57 50.91 -136.34 -5.38 -51.76 -9.10 -183.68 -58.03 -118.45 -15.77 -67.20 -123.95 -131.05 -359.24 -81.68 6.96 -327.31 -105.81 -71.81 -56.46
(%)
CHANGE
-12,997,000 208,775,000 4,390,011,000 2,636,103,000 61,034,794,000 41,493,073 41,092,000 -395,217,000 34,819,273,752 295,396,703 1,563,163,000 420,076,000 45,204,000,000 3,748,095 1,012,367,000 103,826,000,000 1,000,547,000 44,431,000,000 11,303,000,000 126,143,000,000 94,271,010,000 632,017,000 438,886,000 127,079,000 5,414,000,000 27,872,946 11,758,806 -118250000 5,589,464,000 -18,288,000 -524,988,000 338,697,000 507,617,000 -143,184,000 -537,188,000 -100,300,000 -135,113,318 -785,904,000 -13,135,000 -16,970,000 -66,580,000
PAT(Nm)
CURRENT
2020 HALF YEAR RESULTS
-107,759,000 -173,058,000 2,574,612,000 2,682,360,000 61,873,675,000 62,649,580 145,648,000 20,031,000 30,613,523,572 332,371,978 1,611,860,000 -631,462,000 36,245,000,000 2,761,822 5,450,563,000 88,882,000,000 501,760,000 56,739,000,000 8,498,000,000 119,240,000,000 99,133,237,000 598,547,000 290,826,000 -614,157,000 5,662,000,000 79,021,778 12,673,557 96,094,000 13,318,268,000 99,110,000 -623,283,000 1,032,695,000 -2,368,465,000 467,259,000 129,975,000 -538,259,000 -126,323,056 284,521,000 225,958,000 -32,655,000 112,228,000
PAT(Nm)
PREVIOUS
-87.94 -220.64 70.51 -1.72 -1.36 -33.77 -71.79 -2073.03 13.74 -11.12 -3.02 -166.52 24.72 35.71 -81.43 16.81 99.41 -21.69 33.01 5.79 -4.90 5.59 50.91 -120.69 -4.38 -64.73 -7.22 -223.06 -58.03 -118.45 -15.77 -67.20 -121.43 -130.64 -513.30 -81.37 6.96 -376.22 -105.81 -48.03 -159.33
(%)
CHANGE
-0.05 0.01 4.39 0.23 1.72 0.01 0.14 -0.24 1.03 0.036 0.30 0.08 4.30 0.00 0.78 3.31 0.07 1.30 0.39 7.40 3.20 0.09 0.25 0.31 0.19 0.01 0.04 -0.03 0.70 0.00 -0.04 0.49 0.02 -0.09 -1.58 -0.02 -0.04 -0.38 0.00 -0.30 -0.05
EPS(N)
-0.46 -0.01 2.57 0.24 1.74 0.01 0.50 0.01 0.90 0.041 0.31 -0.12 3.45 0.00 4.18 2.83 0.03 1.66 0.29 7.00 3.37 0.08 0.17 -1.48 0.20 0.02 0.04 0.02 1.67 0.01 -0.05 1.49 -0.12 0.29 0.38 -0.09 -0.04 0.14 0.05 -0.58 0.09
EPS(N)
-87.94 -220.64 70.51 -1.72 -1.36 -33.77 -71.79 -2073.03 13.74 -11.12 -3.02 -166.52 24.72 35.71 -81.43 16.81 99.41 -21.69 33.01 5.79 -4.90 5.59 50.91 -120.69 -4.38 -64.73 -7.22 -223.06 -58.03 -118.45 -15.77 -67.20 -121.43 -130.64 -513.30 -81.37 6.96 -376.22 -105.81 -48.03 -159.33
(%)
CURRENT PREVIOUS CHANGE
ESTIMATED RATIOS
-53.00 15.33 10.81 4.04 3.73 72.30 42.67 -1.97 39.10 12.39 6.76 3.06 8.71 199.01 17.30 5.20 8.10 5.04 4.61 19.16 8.01 3.48 11.79 14.77 6.33 34.42 13.06 -92.70 44.35 -406.72 -7.54 34.63 8.11 -22.46 -55.49 -12.24 -4.75 -2.96 -78.65 -1.00 -39.18
PE RATIO
-1.89 6.52 9.25 24.75 26.83 1.38 2.34 -50.73 2.56 8.07 14.80 32.66 11.47 0.50 5.78 19.23 12.35 19.83 21.67 5.22 12.49 28.77 8.48 6.77 15.80 2.91 7.66 -1.08 2.25 -0.25 -13.26 2.89 12.33 -4.45 -1.80 -8.17 -21.04 -33.76 -1.27 -99.90 -2.55
YIELD
EARNINGS
-7.89 9.48 32.62 8.26 15.38 33.21 2.25 -11.52 34.39 5.54 12.04 3.72 35.71 0.64 1.16 30.00 12.44 14.80 10.69 26.45 41.87 9.10 10.78 8.61 7.71 4.42 3.70 -2.05 3.68 -1.28 -35.77 0.59 16.27 -4.00 -0.50 -19.50 -31.14 -27.05 -1.44 -1.46 -0.23
PROFIT
236,699,521 16,000,000,000 1,000,000,000 11,330,204,480 35,545,225,622 5,000,000,000 289,823,447 1,657,700,001 33,864,354,060 8,130,000,000 5,280,502,913 5,145,370,074 10,504,967,358 3,552,000,000 1,302,481,103 31,396,493,786 14,729,507,615 34,199,421,368 28,974,797,023 17,040,507,405 29,431,179,224 7,323,433,421 1,725,234,886 416,244,706 28,790,418,126 3,553,138,530 326,700,000 4,200,000,000 7,996,902,051 7,829,496,464 12,000,000,000 693,952,117 20,585,000,000 1,624,218,750 339,521,837 6,140,000,000 3,211,627,907 2,078,796,399 4,696,060,000 56,624,533 1,304,144,647
SHARES
Earnings
07
September 21-27, 2020
08
Entrepreneur
September 21-27, 2020
SMEs: Mastering the art of collaboration companies collaborate, even creative and musical collaborations are very likely, the strategic alliance between the restaurant and bottled water producers, a delivery company with retail outlets, eateries and poultry farm ventures, a telecommunications company and phone manufacturers including software c o m p a n i e s . I n a d d i t i o n , producers/manufactures can directly collaborate with supermarket and retail stores. An excellent strategic alliance is generally between two or more parties that provide complementary expertise to each other. Firms can equally explore the opportunity of an international strategic alliance with a foreign company to improve competitiveness and reduce operational cost. Strategic alliance is crucial and can guarantee an improved competitive advantage. However, it is a bit different from the formal business partnership because the collaboration may not involve stringent business partnership registrations and logo adoption. However, strategic alliance is just a cooperative agreement between business firms for mutual benefit. It is simply a collaborative effort that allows businesses to pool and/or share resources such as finance, staffing, skills, expertise and information or knowledge; this approach benefits the collaborators', and it is a powerful strategic option to grow business performance.
TIMI OLUBIYI, PH.D.
T
he novel coronavirus has been devastating in terms of impact on economies, businesses and household. Due to this, businesses and activities today facing increasing levels of competitive pressure and difficulty in improving or sustaining performance. The new normal has made the management of many companies to seek innovative strategies to advance their company's competitive advantage as well as their profitability. To stem the negative impact of COVID19 on businesses, among the strategic tools gaining prominence at present is a strategic alliance. Different strategies can be employed by SMEs and large firms to gain entry into new markets or stem the tide of the COVID-19 impact, however, strategic alliance comes with a cost advantage. It is usually a collaborative arrangement and has been adjudged the core elements of today's business tactics. A strategic alliance can be described as a concerted effort by two or more independent firms to have a collaborative and synergistic relationship in terms of human and material resources for mutually beneficial objectives. Simply explained, in the street of Lagos State Nigeria, a usual scene is that of food hawkers, one that comes to mind
is that of local cooked beans sellers (ewa aganyin) on one hand and bread seller (Agege bread) on the other hand. They strategically collaborate to hawk side by side, thereby securing more patronage as bread taken with beans is a popular staple meal for teeming Lagosians. Even at that level, evidence suggests that forming alliances enhance business performance. The formation of strategic alliances in these times can be seen as a strategic business response to the COVID-19 pandemic and the increasing uncertainty and complexity in the business environment. In simple words, a strategic alliance is an agreement between two or more organisations or individuals to cooperate in specific business activity so that each benefit from the strengths of the other and eventually gain competitive advantage. Strategic alliances involve organisations of at least two enterprises or specialty units that cooperate to accomplish deliberate critical objectives that are commonly useful. With the COVID19 pandemic, it is expected that increasing trend towards business and multi-company alliances will help companies in their business process and corporate culture reviews. As an example, we might see hardware and software
I foresee within the next two years, significant collaboration and several corporate alliances worldwide to sustain business performance and also mitigate the impact of the COVID19 pandemic. Companies will form this strategic alliances to obtain one or more of the following, technological advantage, product or service demand optimization, reduce the burden of infrastructure constraints, reduce costs of operation, improve customer satisfaction, improve inventory and increase market share, improve economies of scale, a way to bring a new product/service to market faster, reduce financial risk and/or spread the risk, and a way to remain competitive. There is a large body of knowledge and academic references to suggest that firms engaging in strategic alliances achieve more significant gains and business performance. In fact, many global companies have multiple alliances, and even some global businesses adopt collaborations with numerous partners to improve competitiveness. Therefore, the main reason for strategic alliance adoption is to increase profitability and overall business performance. Application of corporate alliance and collaboration as a strategy helps tackle problems such as lack of capital, marketing issues, weak innovative capability, high operational, poor technology usage, and ineffective logistics management. Significantly, a strategic alliance is mostly done as a complementary business relationship. More so the alliance amongst businesses is usually based on mutual trust, and a large body of research identifies that the main desire of firms to engage in an alliance is to improve firm's performance. More so it gives the competitiveness to produce a better performance than when not collaborating. The overall advantage of the strategic
business alliance is that it gives ample opportunities for relational rents and competitive advantage, where relational rent is defined as 'a supernormal profit jointly generated in an exchange relationship that cannot be generated by either firm in isolation and can only be created through the joint contributions of the specific alliance partners It is essential to state that, like any other SME a business alliance may equally face possible problems such as a clash of cultures, a lack of trust, lack of clear goals if not initially defined, lack of coordination between management teams and differences in operating procedures among partners. Cultural clash is probably one of the biggest problems that corporations' alliances face today. “These cultural problems consist of language, egos, and different attitudes to business can all make the going rough. However, evaluating the performance of alliance partners is an important issue. Furthermore, the individual companies in the alliance should recognise the capacity of their partners to realise the integration of sustainable partnership management through communication, visions, missions, motivation and attention to achieve a conducive collaboration. Consequently, companies can stay aloft during and after pandemic and gain economies of scale by considering a strategic alliance proposal, which may be a better option than a merger or acquisition. Because forming alliances with complementary businesses can expand company scope and capabilities. It will make a substantial impact during this era, and organisations seeking alliances can always look for partners who will help them create value for customers at lower costs. In conclusion, strategic alliances are increasingly becoming an essential part of overall corporate strategy, as a way to grow product and service offerings, develop new markets and leverage technology and R&D. Vibrant markets for products and technologies, combined with the expanding expenses of cost of doing business, have brought about a noteworthy increment in the utilisation of alliance. Strategic alliances are progressively turning into a critical piece of general corporate strategy, to develop goods and services, grow new markets, influence technology, research & development. So, if you require any form of help to address a question like “What does it take for strategic alliances to succeed?” Then you might need to get across to the author. Good luck! How may you obtain advice or further information on the article? Dr. Timi Olubiyi is an Entrepreneurship and Small Business Management expert. He is a prolific investment coach, Chartered Member of the Chartered Institute for Securities & Investment (CISI) and a financial literacy specialist. He can be reached on the twitter handle @drtimiolubiyi and via email: [email protected], for any questions, reactions, and comments.
09 September 21-27, 2020
Our Independence, Our Freedom
'I am no bird; and no net ensnares me: I am a free human being with an independent will' Charlotte Brontë
I
have witnessed celebrations of N i g e r i a n ' s independence year after year, and the National/ International (For those in Diaspora) event is always a sight to behold on all broadcasting platforms. I still remember all the glamour of match passes, displays of the Nigerian flag, and the public holiday associated with October 1st, it was worth waiting for as a child. I remember waiting for what I termed; “The Freedom Speech" read out by our past Presidents. To me, it was always a green, white green party, as that formed our dress code for the day to a large extent. I can also remember my inner screams of “I am free" as a teenager, after seeing foreign movies that showed content of what slavery entails. Being a slave either by choice or force is not what we will ordinarily term as "icing on the cake" instead, a "manmade hell" and Prison without walls. How can an independent Nation have people who are yet to
Catherine Tamara Oyewole
The Land is Green! Every time, I hear the song by Ty Bello; "The land is green", it reminds me of opportunities lying everywhere. We are free to annex and harvest these opportunities. Nigeria is in her current state because of you and I. Her arms are open wide, waiting for us to solve all her problems. There is unemployment because most of us are yet to cultivate our ideas, bringing a harvest that create job opportunities. Most of our youths have failed to see that their talents are needed in governance and not in adding more to series of complaint without solutions. embrace freedom, but are still bent on enslaving themselves to ideas of those who they have unknowingly placed as masters over them? Freedom is a Choice! The prison doors might be open
wide, but it takes only those who understand what it means to be free, to see it as an opportunity to be independent, having a right to choices and life. Freedom is having a right to creativity and innovation and using them for your sustenance, instead of
depending on another for survival. Freedom is having the ability to make right choices for yourself and everyone attached to you, without necessarily relying on the choices of others.
The land is Green, we are free men and women. Let us come together to build a stronger world, a better Nigeria that will bring about our total independence.
Bunmi Jembola
Five critical questions you should ask to win the deal
Y
ou cannot win a good sale without critical questioning. As you may be aware, questioning is the most important part of the sale process. More often than not, when you lose the sale, it is because you didn't ask the right questions. Here are a few questions that will greatly improve your chances of eventually closing the deal. QUESTION 1: As of today, what are your most important business priorities, things you need to quickly do to realize your next set of growth objectives? This question is profound. It will help you achieve two things. First, it will open up the customer to you with all vulnerability. Here, you are asking him about the most important things he needs to grow. Even if you cannot provide them he will still be willing to talk. Everyone wants to share their worries. People always talk about the things that are most important to them. They talk
passionately and that's what you need to win their confidence. That's exactly what you need to have a great conversation. Two, this question should help you to understand how to build urgency into the sale process. I say very frequently in my trainings that the only important thing in the sale process is what is important to the customer. The only urgent thing is what he urgently needs. Nothing else can make him buy with a sense of urgency as much as what he considers urgent. Once you get the answer to the above question, you should tie your value propositions to that end. QUESTION 2: What is the single most-important lesson you have learned in this business? This is ALWAYS a deep-dive question and it is the cleverest way to unveil his challenges. More often than not in answering that question entrepreneurs focus on their challenges. You can even add a follow-up question:
What one advice will you give to someone starting out in this same field? Now, these questions may not be related in any way to your sale. That is not a problem. In fact, it is all the better. It builds your credibility as one not just coming to “harvest” the income of the prospect but to provide value. In all honesty, that cannot happen without deep understanding of the customer's journey. As you may already know, people buy more from people they like. Not necessarily people who can solve the problem. The likeness factor is so very key to selling. Genuine and thoughtful questions will get the customer to talk to you and ultimately like you. QUESTION 3: If price was not a problem will you be willing to buy from me? This question arises at the objection stage and it helps you to validate a price objection. As a rule, a price objection is not real until it has been raised twice. So when someone
brings up a price objection you want to be sure if it's real or it is a pointer to some other veiled fears or doubts. The answer will also help you in ascertaining if indeed you need to shift on price to close the deal. QUESTION 4: If we convince you enough of our capacity to deliver on every of your goal for this purchase, will you mind being our champion? This question is particularly suited to B2B complex sales. In a complex sale, decision making is often by consensus. Many people need to agree before the deal can proceed. Too often too, people are busy with their own deliverables and they cannot be bothered with stuffs that don't particularly add to their KPI scores. To get through the deal you will need a champion- someone who will happily do the leg work and speak for you each step all the way within the organization. Necessarily, he has to be one who is influential in the sale process himself. Asking this particular question requires some tact, a good
measure of buy-in and some level of professional friendship. You may not be able to ask this at your first pitch, may be not even second. QUESTION 5: Is there anyone else who necessarily should be a part of this deal process? This one question will help you to avoid losing precious time. In every organization there is serious politicking going on, sometimes as much as you have in a country's political system. You want to be sure your sale is not frustrated on account of some ego play by individuals jostling for relevance or because of some interdepartmental scuffles. Since you often need everyone's consensus to sell, it is wisdom to include every relevant person, department or their representative from an early stage. Not doing so can negatively impact your chances. Just some guy who's not even spoken to you before will bring up an issue of competence just because he hasn't been carried along.
10
Money Market
September 21-27, 2020
Sterling Bank launches 'Grow with Sterling Initiative'
S
terling Bank Plc has launched a programmed, tagged 'Grow with Sterling Initiative', to promote work-study programme for secondary school leavers. The Chief Human Resources Officer, Sterling Bank Plc, Temi Dalley, said this in a statement on Thursday entitled 'Sterling Bank pioneers workstudy programme for secondary school leavers, offers a 65 per cent
scholarship.' The bank said the initiative sought to contribute to the educational development of young secondary school leavers It said it understood that an investment in knowledge paid the best interests, adding that it recently signed an agreement with Washington-based Nexford University by sponsoring secondary school leavers in Nigeria to earn
international undergraduate degrees under a maximum duration of three years. “To also gain hands-on expertise, they will be concurrently engaged by Sterling Bank to serve in specific capacities in a work-study arrangement,” it said. Dalley said the programme was part of the bank's new-to-the-world opportunities for young Nigerians to get access to quality and affordable
education while gaining cognate e d u c a t i o n u n d e r a u n i q u e work experience. partnership arrangement with the The bank said it would not pay bank as the financier and Nexford nothing less than 65 per cent tuition U n i v e r s i t y a s t h e l e a r n i n g fee of the learners admitted into the provider. programme, marking a significant Listing other benefits, Dalley investment in the education of young added that learners would get complimentary access to 20 per Nigerians. Grow with Sterling initiative is a co- cent tuition discount and free branded social impact programme enrolment on online learning that will enable Nigerian secondary platforms, among others. school leavers to further their
CBN approves N200bn housing loan T
he Central Bank of Nigeria (CBN) has approved N200 billion as mortgage finance loan to Family Homes Fund (FHF) targeted at low-income earners. A statement by CBN on Tuesday, indicated that the money will be used to build 300,000 homes in all states and the Federal Capital Territory (FCT) and is expected to
generate about 1.5 million jobs in five years.
live in informal settlements with shared facilities in unsanitary environments. Towards targeting people on low-income level across the country.”
“The programme will house up to 900,000 children and adults (at an average of 3 persons/home) on a low income with direct impact on health, education and economic outcomes,” the bank explained.
To conserve foreign exchange, the CBN disclosed that the buildings will be constructed using about 90 per cent of locally sourced materials.
“Most of these would currently
“In that regard, the programme will
deliberately aim to revitalize local manufacture of construction materials including doors and windows, ironmongery, sanitary fittings, concrete products, tiles, glass, electrical fittings/fixtures and bricks etc,” it added.
locks etc.” Beneficiaries are expected to pay an interest rate of not more than 5.0% p.a. (all-inclusive).
The Framework shall be subject to review from time to time as m a y b e “For example, it is estimated that deemed necessary, the bank the programme will require up to stated. 1.7m doors, 7m door hinges and
11
Money Market September 21-27, 2020
Polaris Bank introduces Pearl Account to empower women entrepreneurs
P
olaris Bank has introduced Pearl Account among its various products to empower women entrepreneurs. The Pearl account will equip women entrepreneurs with the requisite knowledge and skills to run their businesses. The bank's Acting Managing Director/CEO Innocent Ike, said: “Polaris Bank is a member of the United Nations Environment Programme
Finance Initiative (UNEP FI) and hence a critical stakeholder in the global conversation about gender inclusion and women empowerment, especially in enhancing their access to finance and business opportunities.” He said the empowerment of women constitutes one of the six pillars of the bank's corporate citizenship and sustainability focus.
The bank's Group Head, Products and Market Development, Mrs. Adebimpe Ihekuna, said lack of proper guidance on access to opportunities is also a major hindrance to women in their entrepreneurial ventures. “We have designed Polaris Pearl Account for women or groups of women entrepreneurs who initiate, organise, and operate a
business enterprise to fulfill support them with requisite an existing need for the skills on emerging local and purpose of making profit.” global trends that may impact their businesses. She added: “With Polaris Pearl, women entrepreneurs She continued: “Many women do not only have access to entrepreneurs who have collateral-free loans but are embraced the Polaris Pearl also regularly supported in products have so far enjoyed understanding vital aspects of numerous incentives such as business development such as business name registration, business training, business health check, business plan tips and positioning for new development, and a host of o p p o r t u n i t i e s . W e a l s o other value-adding benefits.”
CBN distributes N369bn palliative to SMEs, manufacturers, others
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he Central Bank of Nigeria on Tuesday outlined the distribution it has made so far in various sectors of the economy to cushion the adverse impact of the COVID-19 pandemic.
He said, “So far, we have about N255bn of this amount that has been disbursed and you would observe that up to around last month, the Purchasing Managers Index has been contracting downwards.
19 pandemic through the Nirsal Microfinance Bank.
Emefiele said, “Initially, we planned for N50bn to be disbursed but we saw that there was more and more need from households and According to the apex bank, about s m a l l b u s i n e s s e s t h a t w e r e N369bn has been disbursed to impacted by the pandemic. small and medium businesses, “The CBN took the decision to manufacturers, pharmaceutical i n c r e a s e t h e s i z e o f t h a t companies, among others, under intervention from N50bn to different financial support schemes N100bn. To date, close to about of the CBN. N69bn of this fund has been The CBN Governor, Godwin Emefiele, reeled out the interventions of the bank while speaking at the 13th Annual Banking and Finance Conference in Abuja.
“But as a result of these interventions, following the easing of the lockdown, we have observed that the index has begun a positive trajectory. And we are also calling on manufacturing companies and others to take advantage of this.”
disbursed to over 140,000 households and businesses.”
The governor said a N100bn intervention fund in loans to pharmaceutical companies and healthcare practitioners intending He said the bank created the to expand and strengthen the N100bn target credit facility for capacity of healthcare institutions households and small and medium was also created. enterprises affected by the COVID-
“Out of that N100bn, close to about 40 healthcare and pharmaceutical companies have been supported to the tune of about N45bn and we still have some of the fund available for drawdown by those who need the support,” he added.
Emefiele stated that a N1tn facility in loans to boost local manufacturing and production across critical sectors was established by the bank.
This, he said, would increase output and ultimately help the country to avoid recession. “The impact of these measures helped to prevent larger contraction in second quarter Gross Domestic Product growth as projected by analysts,” Emefiele stated.
12
Economy of States
September 21-27, 2020
Parents bemoan Babcock Varsity's stringent resumption conditions secure learning environment, ongoing till he resumes. all the students will be Students are required to show required to do the following: proof of payment on resumption or evidence they “1. Undergo screening for have enough funds to cover COVID-19 at the entrance of their fees. the university campus for N25,000 to be borne by each “The 400-Level students will students; resume on Monday, later they “2. Once on campus, students will allow other students to will not be allowed to leave resume for six weeks only until the period of six weeks to from next month. This is after paying the hypertensionbe spent on campus. giving school fees of “3. A student who insists on N702,000 for six weeks only,” leaving campus for any reason the parent said. during this period, on return to campus would be required Defending the demands, to go on two weeks isolation. Suleiman said the university Also, he or she would have to did not ask students to come go for an additional COVID-19 with their own COVID-19 test screening at his or her own results because it wanted to be sure if they were authentic. cost.” The letter noted that students “The university wants to be are also to resume with their sure that the result of the p e r s o n a l s a f e t y k i t s – COVID-19 test the students i n c l u d i n g a n i n f r a r e d are bringing is authentic. We thermometer (for those that do not want to risk the life of can afford them), a pack of any student. We are doubly disposable face masks or three committed to their good reusable ones, as well as hand health and safety while studying on campus,” he said. sanitizers. The institution will resume in two batches – first to final year students in 400-Level, 500 and 600Levels) next Monday and to others on October 25, 2020. n preparation for resumption of a c a d e m i c activities, Babcock University, Ilishan-Remo, Ogun State has set out some rules for students resuming for the 2020/2021 academic session from Monday which parents considered as too stringent and are having
I
misgivings about.
campus.
In addition to taking COVID-19 tests that would cost N25,000 and bringing personal safety kits — students of the university will not be allowed off campus for the six weeks stipulated for the first semester, unless they are ready to complete two weeks of isolation and take another COVID-19 test on return to
The rules are detailed in a letter to parents and students dated September 11, 2020 and signed by the Director of Communications and Marketing, Dr. Joshua Suleiman. Suleiman said: “Students and parents are to note that to ensure a peaceful, safe and
Parents complained about the cost of meeting these demands in addition to increased fees despite that the students would spend less time on campus because of the pandemic. One parent told The Nation that her ward would be paying N702,000 as fees for the sixweeks period from October 25 – though online classes will be
We'll enact law to protect mining host communities - Osun Assembly onsequent upon complaints by residents of areas where mining activities are ongoing in Osun state, the House of Assembly Speaker Timothy Owoeye said on Thursday that the state will enact a law that will protect the interest of communities.
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He spoke on the sidelines of the plenary held with Segilola Resource Ltd, a mining company that is about to begin operation at Odo-Ijesha, Iperindo and Imogbara
communities in Atakumosa East Local Government. The Speaker said the purpose of summoning the mining company was to resolve the grievances their host communities were having with them in terms of compensation for their land, which had been taken over for their mining activities. “It is one of the primary functions of the legislative arm to intervene in any activity within its jurisdiction and I want to tell the good people of the state that the existence and investment of Segilola Resource Ltd
is good for the state. “When we noticed a problem between the company and their host communities, after we received a petition from the hosting communities, the House quickly intervened.
also for the company to come up with encouraging compensation for the people. “We discover that there is a lacuna between the federal and the state laws, because the law of the land stipulates that the Federal Government has exclusive power, in terms of mining, not putting into consideration the state that will host whoever that wants to invest in mining.
“We noticed that the hosting communities felt cheated on the issue of compensation from the company in terms of what the company is trying to do in return for the host communities. “Investors rely on Federal Act on “ W e h a v e a p p e a l e d t o t h e mining and this has not paid any communities to remain calm and good to the state because when investors do not give compensation,
Suleiman also said there was no fee increment save for the N36,000 introduced to cover ICT costs. He said the university was charging regular fees for the full semester despite students not spending the full duration on campus because it has to make accommodation for decongesting classrooms and hostels to accommodate fewer students because of the pandemic. He added that paying full fees for the semester was akin to paying full rent for a house regardless of how many days one lives in it.
13
Economy of States September 21-27, 2020
Newly appointed teachers to get employment letters in Ondo Akure South Local Government on Thursday. Odu said due process of recruitment is being followed adding that applicants have written their exam online and all other necessary steps are being followed. Speaking further on the efforts of the state government in the development of education in the state, Odu stated that 54 schools were repaired in Akure South Local Government alone.
n d o s t a t e government through the State Universal Basic Education Board has assured that employment letters of the1000 teachers to
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be recruited by the government will soon be out. Chairman of the Board, Princess Oladunni Odu disclosed this in an interview with newsmen shortly after meeting with headteachers in
According to her, nine new construction have been done by the present administration, perimeter fencing of 10 schools have been carried out while 25 schools have been renovated in the area. She assured that government will not relent in its effort to ensure that teachers have their rightful position in the scheme of things in the state.
Gani Adams laments terrorist's takeover of Oyo national park
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he Aare Onakakanfo of Yorubaland, Chief Gani Adams, on Wednesday, claimed that armed terrorists have occupied Kishi, a town North West of Oyo State, and the Old Oyo National Park.
authorities.”
The statement added that the region was gradually becoming a haven for bandits and terrorists masquerading as herdsmen, warning that the situation must be nipped in the bud to prevent Adams in a statement, his violence. Special Assistant on Media, According to it, the gathering Mr Kehinde Aderemi, said of armed groups in the area the development portends will affect the stability of the great danger to the security entire South-West which has of the South-West zone. the largest land mass of The statement indicated that 28,454 square kilometers the armed groups engaged in and listed as the 14th by size k i d n a p p i n g a n d a l s o among the 36 states of the destroyed the people's means federation. of livelihood and access to The statement read that the forest resources. occupation of the land by It read, “The reports range armed groups is an assault on from ceaseless kidnapping, Y o r u b a h e r i t a g e a n d rape and threat to lives of civilisation, adding, “I have Yoruba people in the Oke c o n f i r m e d i n t e l l i g e n c e Ogun area with Kishi as the reports that the historic Kishi present hub of terrorist town has been ravaged by a t t a c k s . I t i s m y terrorists. Killing and responsibility to alert the kidnapping of over 100 public and also the relevant people is frightening and worrisome.”
Ekiti gets NEPZA approval for agro-economic zone T
he Nigeria Export Processing Zones Authority, NEPZA, has given approval to Ekiti State to establish a knowledge-based and agriculture special economic zone. This is aimed at better harnessing the State's comparative advantage in the areas of scholarship and agriculture, making it the first service-oriented zone in Nigeria. Ekiti State Governor, Dr. Kayode Fayemi, made this known when he paid a courtesy visit to NEPZA Managing Director, Prof. Adesoji Adesugba, in Abuja. NEPZA in a statement, quoted Governor Fayemi as saying: “We all talk about Foreign Direct Investment, FDI, all the time, we all talk about creating an enabling environment, but to ensure that these happen, we must think outside of the box in order to drive the process in our localities. It is indeed crucial that we recognize and disaggregate those investments in terms of sub-national opportunities at the state level. For us in Ekiti, we
arguably have comparative advantages in the areas of scholarship and agriculture; we are very keen in our knowledge economic agenda to have a status of a special economic zone, which is going to be the first service-oriented zone.
“For us to be really industrialized, we have to go down to the basics, down to the local governments, down to states. While the Federal government will continue to assist and develop policies that will turn states to develop in terms of industrialization, we should leverage the special economic zones and free trade zones as have been successfully used in places like China, Dubai, Ethiopia and Turkey.”
“The state is known as the Fountain of Knowledge, and there must be a way to turn knowledge into wealth. What the Covid-19 has done to us is for us to begin to see economic diversities as opportunities and to exploit them, that really is the purpose for our proposed knowledge zone, which sits within our education quadrangle. For us in Ekiti, this is the Ministry that we have a stake in; it is a wonderful opportunity for us to engage with you and your team.” He added that the state also intends to use the scheme to elevate the status of its agriculture potential where all value chains would be harnessed for greater benefit of the people. Fayemi remarked, “These are the products we have to sell to the world in Ekiti, therefore, we will like you to assist
He noted that developing economies all over the world are using this strategy to fast track industrialization, urging state governors to key into the scheme.
us in deepening our opportunities in this regard. That is what has brought me, in addition to congratulating you on your worthy appointment as Chief Executive of this very important agency
of government.” Responding, Prof. Adesugba expressed the agency's willingness to licence the proposed zone, saying,
Adesugba was quoted: “I am not surprised that the government in 1992 thought it was a relevant strategy for the country to use. NEPZA will continue to partner with states such as yours to actualize the aspiration of establishing this well thought out Knowledge-based and Agricultural Special Economic Zone in your state.”
14 September 21-27, 2020
No Romance without Finance!
CONSTANCE OLAJIDE oney play a vital role in giving contentment in a relationship. Men tend to feel a great sense of worth that comes with money while women tend to see money as a source of financial security and stability. There is a popular songs that goes thus “no romance without finance”. Financial crisis can harm even the strongest relationship. Statistics have it that most issues from home can be traced to finance. When parents are not financially buoyant to take care of their child, such child may end up in the street to find other means of survival and could be lured in to bad vices through peer pressure. The chain reaction will keep extending, and it will not be out of place to say that financial
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issues from home can translate to societal issue. A few tips below could help in making your family void of financial crisis:
Create a budget You can create a financial plan such as a budget with your partner in order to manage monthly expenses and avoid money problems in future. Decide your income, then decide how much money you will want to assign for various purposes. You both should always be aware how much money you are earning and what part of it is being spent and saved. Be open to your spouse You both together or one of you may be in debt when getting
married. No matter who incurred it and how much the amount is, you have to make sure that you both together have decided on how you both will deal with it together. It is extremely important that you both pay off the debt as soon as possible and make sure that you limit each other from taking any further loans and if you still find the need always discuss with your partner.
also whenever you are making a budget make sure that you can cover all your bills along with Encourage regular ensuring that you are saving some discussions money every month. You both together should go through the budget weekly to get yourselves aware how your money is being spent and if you'd A l w a y s d i s c u s s b e f o r e want to make some changes to it. making any large purchases In this, you both will know about No partner should ever make a your financial situation and will huge purchase without bringing make decisions keeping that in their partners into confidence. In Trust is a very important factor mind bringing you two on the a healthy relationship, it is in marriage and breakage of it same page and avoiding money necessary for both partners to be comfortable enough to discuss m a y l e a d t o s e r i o u s issues in marriage. and have equal contribution to consequences. This trust is also the buying decision before needed when it comes to Live within your means making any major purchase. f i n a n c e s . A v o i d f i n a n c i a l Everyone loves lavishness, but infidelity at all costs. If your nobody loves being broke. Being Making decisions like these won't financial issues are not tackled broke can strain your relationship just ease your financial burden immediately, it can also ruin and in order to avoid that always but also bring you closer and your marriage. try to stay within the budget. And strengthen your bond.
Family & Corporate Wellness
15
September 21-27, 2020
Menopause: Things every woman should know Breast soreness Any time in your life when your hormones drastically change can create the same symptoms; this is typically menstruation, pregnancy and menopause. So while breasts can become sore while on your period or pregnant, it can also happen during menopause. Burning mouth It's not quite as common as some of the other symptoms, but decreased levels of saliva during menopause can lead to what's known as 'burning mouth syndrome'. This is a hot sensation that affects the tongue, lips, cheeks and roof of the mouth. Joint pain Not all joint pain may signal arthritis, but the menopause is a common time for women to develop musculoskeletal symptoms. Digestive problems
little while ago, i had some encounters with women with all sorts of complaints about menopause. Just recently, I had an interesting discussion with a woman who complained to me about how she feels with the whole of her body. Below is my dialogue with her:
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Good Morning Mrs Angela and how are you Ma? Mrs Angela: Nurse, good morning oooo, I am not fine at all my sister. How old are you? Mrs Angela: I am 45 years old What is the problem? Mrs Angela: Nurse, my body just dey pain me, like say i wan die, my stomach dey hurt me, something dey waka for my body, my mensis no dey come like before, i no fit bend down, i too dey forget things, sometimes my mood go just spoil, i no fit sleep for night.But i remember something, my self and my neighbour dey quarrel, i dey suspect say she do me juju. At that point I could only laugh, then tried to convince her that her neighbour is not to blame; that the condition she's going through is normal in a woman. I went further to tell her that she is about to experience menopausal state, that her particular current state is known as climacteric period when there is a natural decline in reproductive hormones usually occurs when a woman is in her 40s or 50s. I further explained some other things to her including type of foods to eat and then recommended that she sees a gynaecologist. Few days later, i checked on her and she affirmed that she was feeling a lot better. Inspired by Mrs Angela's experience, i decided to write on this topic for this week's edition with the intention of creating awareness to every woman about the important things to know regarding menopause and also to prevent them from alluding to the erroneous ideologies as the primary cause of their painful experiences as seen in Mrs Angela's case. In Nigeria, there are about 1.5 million cases yearly. Perimenopause, or menopause transition which is also known as climacteric period, begins several years before menopause. It is the time when the ovaries gradually begin to make less estrogen, the chemical hormone that regulates menstrual cycle. Usually, it starts in a woman's 40s, but can start in
her 30s or even earlier. Perimenopause lasts up until menopause, the point when the ovaries stop releasing eggs. In the last 1 to 2 years of perimenopause, this drop in estrogen speeds up. At this stage, many women have menopause symptoms. The average length of perimenopause is 4 years, but for some women this stage may last only a few months or continue for 10 years. Perimenopause ends when a woman has gone 12 months without having her period. Women in perimenopause have at least some of these symptoms: Hot flushes One of the most common symptoms of menopause, hot flushes affect around 75% of menopausal women. Hot flushes normally appear as a rising redness on the chest, neck and face and can make you feel very overheated and sweaty. Night sweats Essentially, night sweats are hot flushes that occur at night and can disrupt sleep or can lead you to feeling unpleasant when you wake up. Irregular periods Because menopause is all to do with the end of your reproductive years, your periods will start to reduce as your hormone production decreases. These can, therefore, become very erratic; sometimes you may get Premenstrual syndrome but with no bleeding. Mood swings With studies showing that mood swings affect 27% of menopausal women, this can feel like a more extreme version of the mood swings you may have experienced during your periods. Vaginal dryness Your natural lubrication is maintained by your oestrogen levels, so as these begin to drop, you may notice vaginal dryness. This can cause some pain and discomfort, particularly during sex. Headaches These are typically more common for women who experienced them during their periods. You can get some quick relief from head cutaneous stick or Kool 'n' soothe but if headaches persist then you may be suffering from migraines and should visit your doctor.
Your digestive system is one of the most sensitive systems in your body and is often the first thing to get disrupted due to any major changes to your body (new medications, new foods, nervousness). Changes to hormones are another major body change that can lead to stomach upsets such as bloating, indigestion, constipation, diarrhoea and cramps. Electric shocks Because of the erratic changes going on in your body during menopause, you may notice that you experience more electric shocks. It's also common to get these just before a hot flush. Muscle tension This can often be closely linked to stress and anxiety and presents itself as a feeling of tightness in the muscles, like a strain. Gum problems Affecting between 10 and 40 percent of menopausal women, gum problems are often accompanied by a metallic taste in the mouth. Tingling extremities It's not overly common but a tingling sensation can appear on any part of the body. This is usually in the feet, hands, arms and legs. Itchy skin Low oestrogen levels can also lead to low collagen levels. Collagen is responsible for keeping skin plump, firm and healthy so with less of it, you may notice that skin can become thing, dry and itchy. Be sure to combat this with an intensive moisturiser.
Nrs OKE OLOLADE
The brain doesn't work as hard during menopause because oestrogen is the hormone that pushes it to burn glucose for energy. With lower levels of oestrogen, you end up with a lack of focus and concentration. Weight gain Many women notice weight gain when they start taking the contraceptive pill, caused by a major change in hormones. The major change in hormones during menopause can also cause weight gain but this can usually be combated by healthy eating and exercising. Irregular heartbeat Lower oestrogen levels can overstimulate the nervous system and circulatory system, which can, in turn, lead to heart palpitations or an irregular heartbeat. Body odour Not only can the menopause make you sweat more, but the change in hormones can also actually change your natural scent. Irritability Your hormones play a large role in contributing to your emotions and the fluctuation can lead to feelings of sadness or irritability. Depression In more extreme cases, this change in emotions can lead to depression. Depression is four times more likely to affect women of a menopausal age than a woman below the age of 45. Panic disorder Menopausal women are actually more susceptible to panic attacks than almost anyone else. Osteoporosis Bone density can drop by up to 20% after the menopause, which puts you at risk of osteoporosis. Be sure to look after your bones with a healthy balanced diet and calcium supplements. The symptoms of menopause vary from one woman to another, even if they belong to the same family. This is because age and the rate of decline of the ovary function differ tremendously across all women.Menopause isn't a one-size-fits-all event. Some women reach natural menopause with little to no trouble. Consult a doctor (gynaecologist) to understand your symptoms and find ways to manage them if you feel they are interfering with your day-to-day functioning.
One of the more common symptoms of menopause, many women will notice a feeling of extreme tiredness.
Several hormone therapies are used for the treatment of hot flashes and prevention of bone loss. But they may not be right for everyone. If you have certain medical conditions, hormonal therapy may not be suitable for you. Changes to your lifestyle may help relieve many of the symptoms without the need for hormonal intervention such lifestyle as:
Anxiety
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Exercise.
Along with mood swings, menopausal women may notice increased feelings of anxiety. As many as one in three women may experience this during menopause. To help calm feelings of anxiety.
·
Stop smoking.
Fatigue
Disrupted sleep Because of all the changes going on in your body (as well as the other menopausal symptoms), you may also experience disrupted sleep and insomnia. If this persists, sleeping tablets may be able to help.
· Get more sleep and try going to sleep and waking up at the same time each day. ·
Drink less alcohol.
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Get to a healthy weight and stay there.
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Get enough calcium in your diet.
· Ask your doctor if you should take a multivitamin.
Hair loss While most people are aware that a lot of men lose their hair as they get older, not everyone realises that women get this too. Menopause can act as an accelerator for hair loss, leaving it looking thinner. Difficulty concentrating
Finally, it is important to remember that Menopause is a natural part of a woman's life cycle. Stay in touch and get regular checkups with your doctor to cope with any menopause-related health problems effectively.
16
Beginers Guide
September 21-27, 2020
Demand, Supply and Stock Price movement T
he law of supply and demand is an economic theory that explains how supply and demand are related to each other and how that relationship affects the price of goods and services. It's a fundamental economic principle that when supply exceeds demand for a good or service, prices fall. When demand exceeds supply, prices tend to rise.
Stock prices are a function of supply and demand, although other influences such as earnings and the economy, might affect the desirability of owning or selling a particular stock.
There is an inverse relationship between the supply and prices of goods and services when demand is unchanged. If there is an increase in supply for goods and services while demand remains the same, prices tend to fall to a lower equilibrium price and a higher equilibrium quantity of goods and services. If there is a decrease in supply of goods and services while demand remains the same, prices tend to rise to a higher equilibrium price and a lower quantity of goods and services. The same inverse relationship holds for the demand of goods and services. However, when demand increases and supply remains the same, the higher demand leads to a higher equilibrium price and vice versa. In this regard, you might have read and heard a lot of explanations about stock prices and their movement, why they rise and fall seemingly at random. We have sometime in one of our past edition discussed about the influence of earnings on stock prices or the economy. While all these factors do indeed figure into price changes, the reality is that they have a little direct impact on prices. But these and other factors do change the balance of supply and demand, which is integral. Stock prices are a function of supply and demand, although like I said earlier, other influences, such as earnings and the economy, might affect the desirability of owning or
selling a particular stock.
mand balance.
If a company reports surprisingly low earnings, demand for its stock might wither. And as the price drops, the balance between buyers and sellers is changed. Buyers will begin demanding discounts off the existing price and many motivated sellers will accommodate them. When there are more sellers than there are buyers, this creates more supply than demand so the price likewise falls.
If demand for a stock exceeds the supply, its price will rise, but it will only rise to a point where buyers suspect that demand is waning. At that point, holders of the stock will begin selling. Some might have ridden the price up and they believe a reversal is coming so they take their profits and sell.
At some point, a stock's price might drop to a level where buyers find it attractive, or some other factor will change the dynamic. As more buyers move into the market, demand grows faster than supply and the price correspondingly goes up. Sometimes supply and demand find a balance—a price that buyers accept and that sellers accommo d a t e . Prices will bounce up and down w h e n supply and demand a r e roughly equal, but they'll do it i n a narrow p r i c e range. It's possible for a stock to stay in this range for days or e v e n months before something e l s e disrupts t h e supply/de
For whatever reason, the price begins to fall as more owners sell. There's now more supply than there is demand. The holder of the stock lowers the price to entice buyers. The same dynamic works on the other side, but in reverse. As the price falls, it will reach a level that buyers find attractive. As buyers acquire shares, the stock's price will rise because sellers must be enticed to let go of their shares.
Enterprising Youth
17
September 21-27, 2020
Nichole Onome YembraInnovative and Resilient Professional of the African economy. The mission of the firm is to transform Africa by using innovative technologies to solve real socioeconomic challenges in impact sectors critical to sustainable economic development. VGG has extensive experience in serving both in public and private sectors and primarily operate through its multi-sector strategic business units. The firm's line of business includes energy, healthcare, education, aviation, financial services and social services. The firm renders help to its customers reach new levels of efficiency, reliability and sustainability by providing industryleading technology solutions and expertise. The firm's business intelligence and research teams provide data solutions that are tailored to meet specific decision-making needs for the various sectors it operates. The solutions are characterised by intelligence dashboards for real-time access to useful insights reporting, analytics to drive actionable insights based on patterns in data, monitoring and evaluation tools to achieve transparency in public sector initiatives.
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ichole Onome Yembra is one of the few young female entrepreneur in Nigeria with amazing success story. She is the Chief Financial, Risk and Investment Officer for Venture Garden Group (VCG) and a Managing Partner at GreenHouse Capital, VCG's investment arm. Venture Garden Group is a holding company of financial technology entities dedicated to innovative and data-driven solutions. GreenHouse Capital, which launched formally in April 2016, began investments in startups since 2014 under the VGG
umbrella. When Nichole joined the VGG and Greenhouse Capital teams, she guided the formal legal structure of the fund and led the investment into 8 new ventures in 2016, raising the group to the 14 companies it has today. Nichole is not only driving the financial strategy of Venture Garden Group through challenging economic times, she is also actively engaged in serving as the local partner for foreign investors eager to transform African technology startups. Through GreenHouse Capital, she takes on fintech enabled portfolio companies looking to transform the education,
renewable energy, big data, and fintech ecosystems. The portfolio companies' products have connected over 3,000 students to tutors, revolutionized off-grid solar solutions and increased banking services of Nigeria's nearly 84.6 million unbanked population. Each of these companies has seen at least 2X growth since joining the GH portfolio. Venture Garden Group (VGG) is a leading provider of innovative, datadriven, end-to-end technology platforms addressing reconciliation and payment processing inefficiencies across multiple sectors
Venture Garden Group is proud to support initiatives that grow the African technology ecosystem and have the potential to change the world. Through GreenHouse Capital, the investment arm of VGG, the firm support Africa's next generation of high growth technology startups and entrepreneurs. It offer investment services and resources to passionate entrepreneurs who find opportunities in the midst of challenges and are poised to transform emerging markets in a fundamental way. VGG's products and platforms address the most challenging inefficiencies in reconciliation and payment processing across multiple industries including financial services, education, aviation, as well as power. Venture Garden Group offers technology solutions to drive efficiency, transparency and productivity in governments and private sector organisations.
18 Sports September 21-27, 2020
LAGOS REWARDS MEDAL WINNING STUDENTS IN 2020 MALTINA SCHOOL GAMES
TOTTENHAM DEFEATS SOUTHAMPTON 5-2
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on Heung-min destroyed Southampton with a four-goal blitz as Tottenham earned their first Premier League win of the season with a 5-2 victory at St Mary's on Sunday. Just 24 hours after Tottenham signed Gareth Bale, South Korea forward Son delivered a virtuoso display that showed Jose Mourinho's side already have plenty of firepowers. Bale has returned to Tottenham on a season-long loan from Real Madrid seven years after he left the north London club for a then-world record £85 million ($109 million) fee.
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hirty seven Lagos students who won medals at the pilot edition of the Maltina National Games organised by the National Schools Sports Federation (NSFF) were rewarded by the Lagos State Government at a reception held at the Teslim Balogun Stadium in Surulere last week Thursday. Speaking at the appreciation event, Executive Chairman, Lagos State Sports Commission (LSSC), Sola Aiyepeku said that “what we are witnessing today is the synergy between the LSSC and the Lagos State Ministry of Education, and this is very important for Sports development in Lagos State.
work on their progress both in education and sports.
rewarding the excellent performance of the students.
“It is important for us to recognize the success recorded by our students in Lagos State for doing the State proud at the last Maltina National Games by claiming the first position.”
“Lagos state is noted for rewarding excellence performance,” she remarked.
He urged the students to be selfdisciplined and also encouraged them to always aim higher in academics and sports. “We have the raw materials in our youth and it is left for the Lagos State Ministry of Education, the coaches and for us at the LSSC to follow up to work on their progress both in education and sports.
She appealed to the LSSC to work towards re-enacting the glorious days of Inter house Sports and Principals Cup in the atate, adding that the LSSC should ensure that sporting facilities are provided in Public Schools for the state to discover more talents.
While appreciating what the Lagos State Government is doing through the LSSC by rewarding the students who have done Lagos state proud at the last Ours is to ensure that they have a Maltina National Games, the “It is important for us to National President of NSSF, Mrs. smooth career progression and recognize the success recorded sports development. On our part, Olabisi Joseph commended the by our students in Lagos State synergy between the LSSC, Lagos for doing the State proud at the we will leave nothing to chance State Ministry of Education and last Maltina National Games by to ensure that they become the NSSF. successful in their sporting claiming the first position.” career because they already have “School sports is the bedrock of He urged the students to be self- the talent to become superstars sustainable Sports development disciplined and also encouraged in their sporting career,” and we must continue to ensure them to always aim higher in Aiyepeku said. that school sports get the needed academics and sports. The Permanent Secretary, Lagos attention,” Joseph. “We have the raw materials in State Ministry of Education, All the 37 medal winning our youth and it is left for the Abosede Adelaja stated that the students were presented with Lagos State Ministry of Ministry really appreciates the Training kits. Education, the coaches and for Lagos State Government for us at the LSSC to follow up to
But the Wales forward will not be available until midOctober as he recovers from a knee injury, so Mourinho needs Son and Harry Kane to carry the attack until then. No one would question the quality of that pair and they underlined the point with superb performances that ripped Southampton to pieces.
of the season. After losing to Everton in their Premier League opener last weekend, Tottenham have lifted the gloom with this vibrant second-half performance after the Bale coup. Dele Alli was left out of Tottenham's squad and Mourinho raised fresh questions about the midfielder's future when he said: “We have too many players for some positions and some of them are paying the price for this.” Tottenham were playing the second of five games in 10 days, an unrelenting schedule that Mourinho had derided as “crazy” and initially they looked fatigued. Tottenham escaped again when Lloris rashly raced off his line and headed the ball straight at Ings, who curled into the empty net only to see the goal ruled out for handball by the Saints striker. Southampton winger Moussa Djenepo hit the outside of a post with a curling effort from the edge of the area.
Danny Ings put Southampton ahead in the first half, but Son Ings has been linked with a equalized before the break and scored three more in the move to Tottenham after a prolific campaign last term and second half. the qualities that attracted Kane, who hit the back of the Mourinho were on show as he net twice in the first half only put Southampton ahead in the to have them ruled out for 32nd minute. offside, capped a swaggering Running onto Kyle Walkerdisplay with his second goal
Peters' long pass, Ings displayed his astute movement as he got in behind Eric Dier, then demonstrated his predatory instincts by guiding his shot across Lloris into the far corner. With Tottenham looking increasingly bedraggled, it was a surprise when they equalised against the run of play in first half stoppage-time. Tanguy Ndombele picked out Kane on the left and the striker's cross reached Son, who ignored the acute angle to clip a sublime finish past Alex McCarthy. Son's goal was a huge boost to Tottenham's morale and they took the lead with a wellcrafted goal two minutes after half-time. Once again it was Kane and Son who prised open the Southampton defence as the England captain fed the South Korean with a delicate pass. Son surged through on goal and calmly guided a precise strike past McCarthy with his left foot. Tottenham's star forwards weren't finished yet and they left Southampton for dead in the 64th minute. Dropping deep to devastating effect, Kane was the provider with a superb lofted pass over the Saints defence and Son finished in emphatic fashion.
ARSENAL GRABS LATE WINNER AGAINST Awoniyi joins Union Berlin WEST from Liverpool HAM Saturday.
Since joining Liverpool in 2015, Awoniyi has been sent on loan to FSV Frankfurt, NEC Breda, Mouscron (featured on loan twice at Mouscron), Gent and Mainz. Commenting on Awoniyi's signing the German club stated: “Union Berlin have bolstered their attacking power with the signing of Taiwo Awoniyi on loan from Premier League side Liverpool. “The 23-year-old joined the Liverpool academy in 2015 and has gained first-team experience across European football.
T
aiwo Awoniyi has made his seventh loan move from Liverpool as he completed his transfer to Bundesliga club Union Berlin
for the 2020/2021 season. Union Berlin confirmed Awoniyi's loan move in a statement released on their official website last week
“Awoniyi spent last season at Mainz, but previously featured in Germany for FSV Frankfurt, in the Netherlands at NEC Nijmegen and in Belgium with KAA Gent and Royal Mouscron.
E
ddie Nketiah's late goal ensured A r s e n a l maintained their 100 per cent Premier League start as they condemned West Ham to a second successive defeat The Gunners largely controlled the early stages and went ahead with their first effort on goal when Alexandre Lacazette headed in from PierreEmerick Aubameyang's
chipped cross. Despite Mikel Arteta's team largely dominating possession West Ham slowly grew into the game. The Hammers, who always looked dangerous on the counter-attack, levelled just before the interval when Michail Antonio bundled in Ryan Fredericks' cross at the end of a sweeping move. While Arsenal continued to enjoy more of the ball
after the break, David Moyes' side created the better openings in front of goal with Antonio heading against the bar and seeing a scuffed close-range effort saved by Bernd Leno. However, Nketiah's late tapin from a Dani Ceballos pass ensured Arsenal continued their fine home record against the Hammers, having won 11 of the last 12 meetings at Emirates Stadium.
19
ICT September 21-27, 2020
Basic Guide to Agency Banking (1) With agency banking, the banks can kill two birds with one stone. First, they can save the cost required to set up a new physical branch as maintaining a physical branch on average is 25% costlier than managing the network of agents. Second, they can increase their profitability by driving business from the areas which were previously untapped. Increasing customer base With the help of banking agents, the banks and financial institutions can finally offer their services to the large section of unbanked and untapped customers. This huge surge in the number of customers increases the profits of banks in many folds. Similarly, with agency banking, the banks can have a large number of agents under them which can, in turn, bring more customers to the bank and financial institutions. Asset quality maintenance Banking agents are usually familiar with the clients as they have good relations with them. Agents are aware of their repayment capacity, financial stability, and many other factors that help banks to make decisions on loan lending. With such key insights, the banks can maintain their asset quality. Build trust and awareness
A
ccording to a report by the World Bank, around 1.7 billion adults in the world remain unbanked as they don't have a bank account. Back in 2014, this number was 2 billion. To fight this grim reality the governments of many countries have started to aggressively focus on financial inclusion. At the same time, it's also important to understand that availing banking services is not easy for all. Almost 59% of unbanked adults have stated the lack of affordable banking service as the major reason for them to not have an account. In addition to that, the exhausting documentation process makes the matter worse for the unbanked people. But with the latest Fintech developments, banking is all set to change forever. The combination of internet and smartphone penetration has served well for the financial industry, especially the banking sector. It has empowered banks to offer their services to a person irrespective of his location. This new phenomenon is called branchless banking or agency banking. In this article, we will see what agency banking is and how it is impacting banking all over the world. As a registered agent with various banks and fintech in Nigeria with over 3 years of business experience in Agency or Retail Banking, I will like to state that anyone who wish to venture into Agency banking must be equip with the necessary information before venturing into the business. The business is lucrative and profitable but at the same time it volatile and exposed to a lot of risk. A single mistake or carelessness can land an agent in Police custody or irredeemable loss. What is agency banking? Agency banking is a type of branchless banking that allows the traditional banks to extend their network of branches and services in a cost-efficient manner through authorized agents. Agency banking is gaining popularity due to various reasons like product availability, risk management, improvement in financial inclusion, and many more. How does agency banking work? To provide agency banking services, the banks need to have an advanced agency banking solution that facilitates seamless banking experience to the
customer along with establishing smooth coordination among all the components of agency banking mentioned above. Below are the steps as to how branchless banking works. Get authorization as a banking agent In the first stage, the retailer gets authorized as a banking agent by his respective bank or financial institution to perform various financial transactions such as listed below: Create mWallet Once the authorization process is completed, the banking service provider creates mWallet for the banking agent. Once the mWallet is created, the banking agent deposits a prepaid balance in it. Customer opens his bank account Customers can open their bank account by simply visiting the nearest banking agent with a valid ID and utility and the Agent will help the customers in necessary documentation and filling of the documents in the bank without the customers necessarily visiting the Bank. The Agent take away the stress of queuing up at the Bank from the customers. The bank then reward the Agent with a commission after a successful opening of the account. Cash in (deposit money) To deposit money, customers have to pay cash to the banking agent. The banking agent then transfers the same amount of money from his mWallet to the customer's account. The agent then issue a receipt to the customer as evidence of transaction
Banking agents provide a human touch to the formal banking system. Users find comfort in interacting with someone they know. That's precisely the reason why users trust agents more than the formal branches. With such comfort and convenience, clients feel safe to perform all the financial operations that they need. Such trust in banking agents encourages the whole community to utilize agency banking in their regions. Enhanced customer experience Agency banking provides users with enhanced customer experience. Branchless banking has brought banks to the doorsteps of users. Now, instead of traveling and waiting at the bank branch for hours, the clients can simply visit their agents which are located at their proximity. Users can perform various banking operations through their agents such as withdrawing/depositing funds, paying bills, loan payments, and many more without any formal ID or biometric. Agency banking is an easy platform for the users as it delivers various banking solutions for the unbanked populations with the use of phones, card readers, POS (point-of-sale) terminal, and many other cuttingedge technologies for processing real-time transactions. Point of Sale (POS) terminal business has become an acceptable means of financial transaction in our environment especially at this time of Epidemic and the stress and time it takes to queue at the banks for transaction.
Cash-out (withdraw money)
Customers were the one scared of being scammed by an agent through their ATM card when the business was new in Nigeria until now that agents have gain the trust of customers overtime.
Customers can transfer money from their account to the agent's mWallet by using the USSD menu on their phone. Afterward, the agent pays the same amount to the customer in the form of cash.
Situation is now the other way round, POS agent are now to be careful of being get scammed or robbed by their customers or prospective customers hence the need for the security tips for agents in this article.
The banking agent can access various banking services and perform different actions via a user-friendly agency banking solution. Advantages of agency banking for banks Reduced costs Agency banking is a very cost-effective way for banks and financial institutions to extend their services in the areas that have lower penetration of banks. With agency banking, banks and financial institutions don't need to set up a physical branch thus reducing operational, infrastructure, maintenance, and other high-capital investment costs.
Six important security tips for POS agent • Don't collect transfer for Cash: To avoid the issue of fake transfer, or transfer from a scammed victim it's better not to collect transfer from your customer that want a cash in return. A Customer may claim that he forgot his ATM card at home and requested that he should transfer money to your account and collect cash in return whereas he might have a bad agenda. He might send you a fake transfer
or send your account number to his prospective scam victim if he is a scammer and expect cash in return from you when the scammed person send money into your account. This might lead you to get involved in police negatively and even if you will be later found not guilty, you would have loose some things. You will also have to part with your hard earned capital if you are a victim of fake transfer. So it is better not to receive transfer for cash from a customer. • Always re-check your programmed amount by checking the receipt or your balance: For timely notice of a re-programmed withdrawal amount, always recheck the receipt before giving out the cash to your customer. Some customers know how to operate the machine and the one with an evil agenda might re-program the amount he told you to a bigger amount whereas you already have the amount he told you in mind and thereby innocently give out the said amount. Therefore it is advisable to always check your receipt or Balance before dispensing Money to your customer. • Don't rush to answer a question of availability of bigger amount: A customer might ask you if a large amount is available for withdrawal (e.g Do you have 120,000 on ground or Can I withdraw 150,000) in order to know your financial capacity and to know if it worth it to rob you. In this case, be wise and study the person well and consider his seriousness before you answer especially if he is a total stranger to your environment even if you have the money. • Remain calm and stand your ground for pending transfer issue: Some customers are impatient when a transfer is pending and you have already been debited but they become furious because they have not get alert immediately. At this state, you just have to calm them down and explain it to them. Since your shop is stationed and you are not running away, just tell them to come back if they didn't receive alert in few hours/minutes time. If you refund them and the pending transaction become successful, you might not see them again and you will be on the losing side. • Don't do the business in front your of residence: Doing the business in front of your house is not advisable if there's not a tight security because you are dealing with cash and everybody will know that you are sleeping and waking up with the cash at your house. Imagine this, a customer might come to deposit 150,000 naira at your shop around 7pm and still be the same person to come and rob you of it at night because he knows that is your house and that you can't finish the 150,000 before the end of that day since he came to deposit around 7pm when the day is almost over. • Don't close too late: Evil are mostly perpetrated at night, remember you are dealing with cash so stay safe by closing early. Early is relative to environment. The level at which different areas are busy are different from one another so study your environment and determine the best earliest time to be closing. Olusegun Odebiyi is the CEO of Fuse Computer Solutions, a business specialized in CCTV installation, LAN Setup, Radio Deployment and Mobile Banking Agency He can be reached on Whatsaap: 08170290909 and [email protected]
20
Corporate Action
September 21-27, 2020
21 September 21-27, 2020
COMPANIES
WoW
WoW
WoW
52 WEEKS
52 WEEKS
9/11/2020
9/18/2020
12/31/2019
DEALS
VOLUME
VALUE(N)
PRICE HIGH
PRICE LOW
PRICE
PRICE
PRICE
WoW
YtD
ELLAH LAKES
4
14,230,000
60,477,607.10
4.26
4.25
4.25
4.25
4.25
0.00
0.00
FTN COCOA PROCESSORS
0
0
0.00
0.26
0.20
0.26
0.26
0.20
0.00
LIVESTOCK
57
2,270,108
1,357,798.27
0.75
0.36
0.59
0.58
0.50
OKOMUOIL
99
399,673
31,011,373.80
80.00
40.15
78.00
78.00
PRESCO
48
749,622
36,631,507.35
57.05
36.45
49.00
49.00
WoW
WoW
WoW
52 WEEKS
52 WEEKS
9/11/2020
9/18/2020
12/31/2019
DEALS
VOLUME
VALUE(N)
PRICE HIGH
PRICE LOW
PRICE
PRICE
PRICE
INFINITY TRUST MORTGAGE PLC
0
0
0.00
1.36
1.36
1.36
1.36
1.39
0.00
-2.16
OMOLUABI MORTGAGE BANK MPLC
0
0
0.00
0.60
0.50
0.60
0.60
0.55
0.00
9.09
30.00
RESORT SAVINGS & LOANS
0
0
0.00
0.20
0.20
0.20
0.20
0.20
0.00
0.00
-1.69
16.00
UNION HOMES
0
0
0.00
3.02
3.02
3.02
3.02
3.02
0.00
0.00
55.60
0.00
40.29
47.50
0.00
3.16
AGRICULTURE-CROP PRODUCTION
CONGLOMERATES CHELLARAMS
1
72
165.60
2.78
2.51
2.51
2.51
2.78
0.00
-9.71
JOHN HOLT
3
2,118
1,080.18
0.61
0.46
0.56
0.56
0.56
0.00
0.00
SCOA
3
435
1,148.40
2.93
2.93
2.93
2.93
2.93
0.00
0.00
TRANSCORP
215
29,440,806
17,642,326.29
1.27
0.54
0.61
0.60
0.99
-1.64
-39.39
UAC NIGERIA
191
7,537,491
45,453,837.20
11.15
4.50
6.00
6.05
8.60
0.83
-29.65
JULIUS BERGER ROADS NIG
2
21,000
21,630.00
4.32
1.03
1.03
1.03
3.51
0.00
-70.66
210
2,157,736
33,560,584.50
27.50
15.00
15.60
15.50
19.90
-0.64
-22.11
0
0
0.00
6.60
6.60
6.60
6.60
6.60
0.00
0.00
SFSREIT
0
0
0.00
76.95
69.30
69.30
69.30
0.00
0.00
100.00
UACN PROPERTY DEV.
54
910,314
845,070.45
1.65
0.74
0.95
0.95
1.00
0.00
-5.00
UHOMREIT
1
100
4,065.00
40.70
40.65
40.65
40.65
40.70
0.00
-0.12
UPDCREIT
4
78,445
313,739.00
4.90
3.10
3.80
3.80
4.25
0.00
-10.59
CONSUMER GOODS DUNLOP
0
0
0.00
0.20
0.20
0.20
0.20
0.20
0.00
0.00
ENAMELWARE PLC
1
100
2,200.00
22.10
22.10
22.10
22.10
22.10
0.00
0.00
MCNICHOLS
4
350,000
158,070.00
0.55
0.42
0.47
0.47
0.46
0.00
2.17
MULTI-TREX INT FOODS
0
0
0.00
0.36
0.36
0.36
0.36
0.36
0.00
0.00
126
2,362,464
13,513,441.65
6.00
3.35
5.69
5.80
4.40
1.93
31.82
VITAFOAM
BREWERY: CHAMPION GOLDEN GUINEA
WoW
YtD
CHANGE(%) CHANGE(%)
OTHER FINAN. INSTITUTIONS AFROMEDIA PLC
3
35,500
7,350.00
0.41
0.20
0.20
0.20
0.34
0.00
-41.18
CUSTODIAN & ALLIED
79
52,422,124
251,148,799.45
6.50
4.55
4.80
4.85
6.00
1.04
-19.17
DEAP CAP. MANAGEMENT
3
29,740
8,384.25
0.40
0.30
0.30
0.30
0.40
0.00
-25.00
NIGERIA ENERGY SECTOR FUND
4
136
69,468.00
552.20
552.20
552.20
552.20
552.20
0.00
0.00
ROYAL EXCHANGE ASS
34
5,384,063
1,480,394.83
0.33
0.20
0.28
0.29
0.30
3.57
-3.33
UCAP PLC
437
27,023,112
83,365,495.57
3.80
1.76
3.08
3.15
2.40
2.27
31.25
0
0
0.00
115.05
103.20
115.05
115.05
103.20
0.00
11.48
EKOCORP
8
19,681
118,123.80
6.00
3.40
6.00
6.00
4.25
0.00
41.18
EVANS MEDICAL PLC
0
0
0.00
0.50
0.50
0.50
0.50
0.50
0.00
0.00
FIDSON HEALTHCARE PLC
60
792,230
2,806,072.29
5.05
2.21
3.70
3.50
3.10
-5.41
12.90
GLAXOSMITH
165
2,320,997
11,652,102.95
11.20
3.45
5.00
5.00
6.10
0.00
-18.03
MAY & BAKER NIG PLC
79
2,153,738
6,471,431.48
3.39
1.79
3.00
3.07
1.93
2.33
59.07
MORISON
4
115,017
62,110.08
0.60
0.45
0.60
0.60
0.50
0.00
20.00
NEIMETH
81
2,919,816
5,479,080.01
2.57
0.37
1.78
1.95
0.62
9.55
214.52
NIGERIA-GERMAN
0
0
0.00
3.62
3.62
3.62
3.62
3.62
0.00
0.00
PHARMA-DEKO PLC
2
10,420
15,630.00
1.50
1.50
1.50
1.50
1.50
0.00
0.00
UNION DIAGNOSTICS
5
187,030
48,159.10
0.31
0.20
0.27
0.25
0.22
-7.41
13.64
VALUEFUND
HEALTHCARE
CONSTRUCTION/REAL ESTATE ARBICO
COMPANIES
CHANGE(%) CHANGE(%)
6
36,953
32,552.17
1.69
0.69
0.90
0.90
0.95
0.00
ICT/ TELECOMUNICATIONS AIRTEL AFRICA
66
161,001
60,301,747.40
399.30
380.00
380.00
380.00
298.90
0.00
27.13
CHAMSPLC
69
19,465,149
4,087,010.20
0.53
0.20
0.22
0.21
0.33
-4.55
-36.36
COURTVILLE BUSINESS SOLUTIONS PLC
15
10,021,150
2,011,345.74
0.28
0.20
0.20
0.21
0.23
5.00
-8.70
CWG PLC
1
10
23.00
2.54
2.54
2.54
2.54
2.54
0.00
0.00
E-TRANZACT INTERNATIONAL PLC
7
833
2,174.13
2.61
2.38
2.61
2.61
2.61
0.00
0.00
159.30
90.00
120.00
120.00
105.00
0.00
14.29
-5.26
MTN NIGERIA
444
20,716,567 2,485,818,435.90
0
0
0.00
0.81
0.81
0.81
0.81
0.89
0.00
-8.99
NCR (NIGERIA) PLC
1
3
5.40
5.80
2.00
2.00
2.00
4.50
0.00
-55.56
GUINNESS
435
5,029,008
68,077,776.90
51.50
13.00
13.50
13.55
30.05
0.37
-54.91
OMATEK VENTURES PLC
0
0
0.00
0.45
0.26
0.26
0.26
0.50
0.00
-48.00
INTERNATIONAL BREWERIES
300
10,225,094
30,829,649.75
20.00
2.75
3.50
3.30
9.50
-5.71
-65.26
TRIPPLE GEE AND COMPANY PLC
16
494,207
199,587.82
0.68
0.40
0.44
0.40
0.64
-9.09
-37.50
NIGERIAN BREWERIES
304
1,571,817
66,127,988.95
66.10
22.00
41.05
42.00
59.00
2.31
-28.81
INDUSTRIAL GOODS
HOUSEHOLD/FOOD PRODUCTS
0
0
0.00
2.10
2.03
2.03
2.03
2.09
0.00
-2.87
CADBURY
126
2,579,616
17,194,971.30
11.95
4.95
7.75
7.40
10.55
-4.52
-29.86
BERGER PAINTS PLC
57
3,282,999
21,219,368.65
7.70
5.50
6.05
6.50
6.75
7.44
-3.70
DANGOTE FLOUR
440
12,647,577
147,768,250.65
16.60
8.50
12.05
12.00
13.60
-0.41
-11.76
BETA GLASS CO. PLC
36
20,144
1,006,436.65
75.00
55.40
55.40
55.40
53.80
0.00
2.97
FLOUR MILLS
242
2,715,693
53,063,762.50
24.00
12.50
19.50
19.80
19.70
1.54
0.51
BUACEMENT [BLS]
99
521,552
20,212,055.35
44.00
27.65
40.30
40.30
0.00
0.00
100.00
HONEYWELL
100
3,540,951
3,294,056.60
1.18
0.79
0.94
0.92
0.99
-2.13
-7.07
CAP PLC
140
3,554,238
60,455,918.60
34.00
15.30
15.75
17.10
24.00
8.57
-28.75
NASCON
73
4,694,161
50,261,218.65
18.00
8.50
10.05
10.00
12.95
-0.50
-22.78
CUTIX PLC
58
2,354,815
4,088,442.93
1.92
1.16
1.75
1.70
1.33
-2.86
27.82
NESTLE
201
144,734
174,597,024.20
1469.90
764.90
1175.00
1175.00
1469.90
0.00
-20.06
DANGOTE CEMENT PLC
310
2,971,703
401,282,000.40
215.00
116.00
134.00
135.00
142.00
0.75
-4.93
N NIG FLOUR MILLS
20
44,301
203,214.60
4.50
3.87
4.50
4.50
4.30
0.00
4.65
MEYER PLC
5
17,500
8,125.00
0.54
0.46
0.50
0.50
0.54
0.00
-7.41
PZ. CUSSONS NIGERIA PLC
110
958,661
3,985,677.30
9.80
3.75
4.25
4.25
5.65
0.00
-24.78
NOTORE CHEMICAL IND.
2
50
3,125.00
62.50
62.50
62.50
62.50
62.50
0.00
0.00
UNILEVER
121
611,943
8,379,696.65
33.70
9.90
14.40
14.40
22.00
0.00
-34.55
PORTLAND PAINTS & PRODUCTS NIG PLC
2
1,020
2,224.60
2.23
2.23
2.23
2.23
2.23
0.00
0.00
0
0
0.00
12.15
10.95
10.95
10.95
12.15
0.00
-9.88
PREMIER PAINTS PLC
1
10
100.00
9.40
9.40
9.40
9.40
9.40
0.00
0.00
VANLEER
2
203
1,827.00
9.10
9.10
9.10
9.10
9.10
0.00
0.00
WAPCO
845
49,964,466
653,857,184.60
17.60
8.95
12.80
13.00
15.30
1.56
-15.03
UNIONDICON [BRS]
FINANCIAL SERVICES (BANKS)
AUSTIN LAZ & COMPANY PLC
ACCESS
1024
93,536,233
620,318,861.00
12.00
5.30
6.75
6.45
10.00
-4.44
-35.50
ETI
276
13,410,373
54,215,282.35
9.00
3.90
4.20
4.00
6.50
-4.76
-38.46
NATURAL RESOURCES
FBN HOLDINGS PLC
1054
153,927,655 755,703,315.40
7.85
3.60
5.05
4.95
6.15
-1.98
-19.51
ALUMINUM EXTRUSION IND PCL
2
66
587.40
8.20
8.10
8.10
8.10
8.10
0.00
0.00
FCMB GROUP PLC
178
86,666,342
178,308,226.26
2.26
1.41
2.20
2.06
1.85
-6.36
11.35
BOC GASES PLC
18
17,159
78,568.27
6.12
3.65
4.36
4.36
5.50
0.00
-20.73
48,349,970.09
FIDELITYBK
382
27,147,912
GUARANTY TRUST BANK
1017
105,584,000 2,642,069,962.15 2,269,537.85
2.40
1.40
1.76
1.78
2.05
1.14
-13.17
MULTIVERS PLC
8
1,500,500
300,100.00
0.20
0.20
0.20
0.20
0.20
0.00
0.00
34.40
16.70
25.00
25.35
29.70
1.40
-14.65
THOMAS WYATT NIG. PLC
2
447
163.86
0.42
0.27
0.35
0.35
0.38
0.00
-7.89
-4.84
JAIZBANK
87
3,910,826
0.78
0.34
0.58
0.59
0.62
1.72
STANBIC IBTC HOLDINGS PLC
146
31,523,506 1,244,214,208.05
46.00
23.50
40.00
39.10
41.00
-2.25
-4.63
OIL AND GAS
STERLING BANK
500
19,831,485
23,190,118.21
2.70
0.99
1.16
1.19
1.99
2.59
-40.20
ANINO INTERNATIONAL PLC
UBA
1105
54,558,035
330,244,081.55
9.25
4.40
6.20
6.00
7.15
-3.23
-16.08
ARDOVA PLC
UNION BANK OF NIGERIA
175
1,888,465
9,583,388.40
7.60
4.90
5.00
5.35
6.00
7.00
-10.83
CAPITAL OIL PLC
0
0
0.00
0.21
0.20
0.20
UNITYBNK [AWR]
38
3,507,158
1,918,238.98
0.84
0.40
0.52
0.57
0.64
9.62
-10.94
CONOIL PLC
79
277,815
4,181,113.70
23.80
13.15
15.25
WEMABANK
172
14,840,167
7,951,824.18
ZENITHBANK
1867
91,077,315 1,541,354,085.25
0
0
0.00
0.25
0.25
0.25
0.25
0.25
0.00
0.00
108
727,829
8,261,512.20
34.65
9.40
11.35
11.40
18.10
0.44
-37.02
0.20
0.20
0.00
0.00
15.25
18.50
0.00
-17.57 -25.56
0.80
0.44
0.53
0.55
0.74
3.77
-25.68
ETERNA PLC
90
958,261
2,565,471.70
4.10
1.80
2.68
2.68
3.60
0.00
23.00
10.70
17.20
16.70
18.60
-2.91
-10.22
JAPAUL OIL & MARITIME SERVICES PLC
63
9,180,495
1,879,613.13
0.42
0.20
0.21
0.21
0.20
0.00
5.00
MOBIL OIL NIG PLC
125
120,201
22,602,226.40
213.90
126.00
192.50
192.50
147.90
0.00
30.16
INSURANCE:
MRS OIL NIGERIA PLC
32
41,558
496,420.15
18.80
12.45
12.45
12.45
15.30
0.00
-18.63
6
27,678
5,535.60
0.20
0.20
0.20
0.20
0.20
0.00
0.00
OANDO
191
4,997,663
11,667,030.96
4.90
1.89
2.40
2.30
3.99
-4.17
-42.36
175
15,808,112
13,779,341.13
1.22
0.61
0.87
0.90
0.72
3.45
25.00
RAK UNITY PET. COMP PLC
1
200
60.00
0.30
0.30
0.30
0.30
0.30
0.00
0.00
CHI PLC
8
260,000
78,440.00
0.49
0.20
0.29
0.31
0.39
6.90
-20.51
SEPLAT PETROLEUM DEV COMP LTD
85
265,698
101,240,507.10
657.80
282.00
390.00
385.00
657.80
-1.28
-41.47
CONERSTONE INSURANCE PLC
30
10,702,498
6,581,882.52
0.84
0.20
0.65
0.61
0.45
-6.15
35.56
TOTAL NIGERIA PLC
145
363,287
29,204,529.80
162.00
79.10
80.00
80.00
110.90
0.00
-27.86
GOLDLINK INSURANCE
0
0
0.00
0.33
0.20
0.20
0.20
0.20
0.00
0.00
GUINEA INSURANCE
5
11,460
2,292.00
0.20
0.20
0.20
0.20
0.20
0.00
0.00
SERVICES
INTERNATIONAL ENERGY INS. PLC
0
0
0.00
0.38
0.38
0.38
0.38
0.38
0.00
0.00
ABC PLC
36
1,567,242
493,376.16
0.56
0.25
0.36
0.30
0.45
-16.67
-33.33
LASACO
68
15,431,530
3,889,665.14
0.37
0.20
0.25
0.25
0.25
0.00
0.00
ACADEMY PRESS
16
640,769
179,348.97
0.40
0.25
0.29
0.29
0.37
0.00
-21.62
LAW UNION
20
2,502,539
2,881,523.65
1.22
0.33
1.13
1.16
0.50
2.65
132.00
AFRICA PRUDENTIAL PLC
187
5,727,246
24,297,216.44
5.50
3.15
4.40
4.50
4.00
2.27
12.50
LINKAGE ASSURANCE
14
400,406
169,500.68
0.71
0.35
0.41
0.41
0.53
0.00
-22.64
CAPITAL HOTEL PLC
4
974
2,581.58
2.75
2.43
2.43
2.43
2.75
0.00
-11.64
MANSARD INSURANCE PLC
51
1,463,614
2,671,033.54
2.14
1.36
1.85
1.85
1.98
0.00
-6.57
CAVERTON OFFSHORE SUPPORT GRP PLC
86
3,088,192
5,388,703.59
3.05
1.70
1.86
1.84
2.67
-1.08
-31.09
MUTUAL BENEFITS
52
21,859,750
4,372,048.50
0.26
0.20
0.20
0.20
0.20
0.00
0.00
C&I LEASING PLC
77
1,982,373
7,303,695.25
7.35
3.60
4.00
3.95
5.90
-1.25
-33.05
NEM INSURANCE CO NIG PLC
33
769,311
1,569,450.46
2.80
1.44
2.25
2.03
2.42
-9.78
-16.12
DAAR COMMUNICATIONS PLC
2
5,000
1,500.00
0.36
0.33
0.33
0.33
0.36
0.00
-8.33
NIGER INSURANCE CO. PLC
0
0
0.00
0.22
0.20
0.20
0.20
0.20
0.00
0.00
GSPECPLC
1
1
4.19
5.20
4.65
4.65
4.65
4.65
0.00
0.00
PRESTIGE ASSURANCE CO PLC
24
1,649,528
850,319.66
0.71
0.39
0.52
0.55
0.55
5.77
0.00
IKEJA HOTEL PLC
26
620,895
600,083.85
1.60
0.84
0.84
0.92
1.12
9.52
-17.86
REGENCY ALLIANCE CO.PLC
12
409,623
98,269.75
0.27
0.20
0.23
0.24
0.20
4.35
20.00
INITSPLC
2
20,000
11,000.00
0.70
0.57
0.57
0.57
0.70
0.00
-18.57
SOVEREIGN INSURANCE
2
1,036
207.20
0.26
0.20
0.20
0.20
0.20
0.00
0.00
INTERLINKED TECHNOLOGIES PLC
4
40,568
117,332.88
3.21
2.91
2.91
2.91
3.20
0.00
-9.06
STACO INURANCE
0
0
0.00
0.48
0.48
0.48
0.48
0.48
0.00
0.00
JULI PLC
1
25
34.00
1.51
1.51
1.51
1.51
1.51
0.00
0.00
STANDARD ALLIANCE INS PLC
0
0
0.00
0.20
0.20
0.20
0.20
0.20
0.00
0.00
LEARN AFRICA PLC
39
689,724
764,110.60
1.46
0.90
1.04
1.14
1.13
9.62
0.88
SUNU ASSURANCE PLC
1
681
136.20
0.22
0.20
0.20
0.20
0.20
0.00
0.00
MEDVIEWAIR
0
0
0.00
1.62
1.62
1.62
1.62
1.62
0.00
0.00
UNIC INSURANCE PLC
0
0
0.00
0.20
0.20
0.20
0.20
0.20
0.00
0.00
NAHCO PLC
180
6,987,592
14,086,634.63
3.41
1.98
2.13
2.00
2.40
-6.10
-16.67
UNIVERSAL INS
4
10,118
2,023.60
0.20
0.20
0.20
0.20
0.20
0.00
0.00
NSLTECH
4
5,012
1,002.40
0.20
0.20
0.20
0.20
0.20
0.00
0.00
VERITASKAP PLC
3
1,800
360.00
0.22
0.20
0.20
0.20
0.20
0.00
0.00
RED STAR EXPRESS PLC
87
2,059,838
7,514,185.30
5.71
2.73
3.75
3.61
4.45
-3.73
-18.88
WAPIC INSURANCE PLC
95
2,933,809
1,038,232.38
0.47
0.20
0.33
0.37
0.34
12.12
8.82
R T BRISCOE PLC
0
0
0.00
0.29
0.20
0.20
0.20
0.21
0.00
-4.76
SKYWAY AVIATION
7
13,196
36,463.18
4.19
1.42
2.93
2.93
4.19
0.00
-30.07
SMURFIT
0
0
0.00
0.44
0.19
0.20
0.20
0.29
0.00
-31.03
STUDIO PRESS
3
106,000
178,634.61
1.99
1.79
1.79
1.79
1.99
0.00
-10.05
TANTALIZERS PLC
0
0
0.00
0.20
0.20
0.20
0.20
0.20
0.00
0.00
TOURIST COMPANY OF NIG PLC
1
10
31.50
3.15
3.15
3.15
3.15
3.50
0.00
-10.00
AFRICAN ALLIANCE AIICO
MICRO FINANCE NPF MICROFINANCE BANK PLC
59
4,060,591
5,029,629.49
1.97
0.85
1.38
1.30
1.15
-5.80
13.04
MORTGAGE CARRIERS
TRANSCOHOT [BLS]
3
11,002
39,607.20
5.40
4.00
4.00
4.00
4.90
0.00
-18.37
ABBEY BUILDING
0
0
0.00
1.05
0.99
1.05
1.05
1.00
0.00
5.00
TRANS-NATIONWIDE EXPRESS PLC
6
4,481,923
3,070,457.64
1.00
0.70
0.75
0.75
0.92
0.00
-18.48
ASOSAVINGS [MRS]
0
0
0.00
0.50
0.50
0.50
0.50
0.50
0.00
0.00
UNIVERSITY PRESS PLC
64
196,348
310,870.86
1.99
0.90
1.70
1.57
1.28
-7.65
22.66
22 September 21-27, 2020
Lafarge Africa boosts net profit by 158.96% despite COVID-19 impact Return on Asset (%) Return on Equity (%) Asset Turnover PBT Margin (%) PAT Margin (%) Half Year 2020 Company Year Period Revenue (Nbn) Profit Before Tax (Nbn) Profit After Tax (Nbn) Earnings Per Share (Naira)
H1'20 4.71 4.69 0.24 23.86 19.35
Lafarge Africa Plc 30, June 2020 6 months Jun-20 120,540,345 28,757,176 23,329,257 1.45
H1'19 2.56 2.61 0.33 13.11 7.64
Jun-19 117,885,243 15,453,211 9,008,887 0.56
% Change 2.25 86.09 158.96 158.96
Trend in H1 Profit after tax (PAT) and Earnings per share (EPS)
WOLE OLAJIDE afarge Africa reported an impressive half year result for 2020 despite obvious business disruption caused by Covid-19 pandemic. The company reported a turnover of N120.54 billion, up by 2.25% from the turnover of N117.88 billion. Profit before tax for rose by 86.09% to N28.76 billion from N15.45 billion. Profit after tax appreciated by 158.96% to N23.33 billion from N9.01 billion. Earnings per share (EPS) grew to N1.45 from the EPS of N0.56, which translates to 158.96% growth year on year.
L
Return on Assets (RoA) For the period under review, Return on Asset for Lafarge Africa is calculated as 4.71%, up by 2.15 percentage points from the RoA of 2.56% in H1'19. This is an indicator of how profitable a company is relative to its total assets. ROA gives investor an idea as to how efficient a company's management is at using its assets to generate earnings. Return on Equity (RoE) RoE of 4.69% was achieved in the first half of the year as against 2.61% estimated in H1'19. This translates to 2.08 percentage point growth. The return on equity (ROE) is a measure of the profitability of a business in relation to the equity. ROE measures how many naira of profit are generated for each naira of shareholder's equity. ROE is a metric of how well the company utilizes its equity to generate profits.
Asset turnover: Asset turnover is the ratio of total sales or revenue to assets. This metric helps investors understand how effectively companies are using their assets to generate sales. The asset turnover of Lafarge Africa in the first half of the year 2020 dropped to 0.24x from 0.33x in H1'19. PBT Margin: The Profit before Tax (PBT) margin of Lafarge during the period under review increased by 10.75 percentage point year on year, as PBT grew by 86.09% in the same period. PAT Margin: The Profit after Tax (PAT) margin of the firm increased by 11.71 percentage point as PAT also increased by 158.96% in the same period.
OUTLOOK Despite the impact of COVID-19 pandemic in H1 2020, medium to long-term outlook remains positive.
economy in Africa. Lafarge Africa has the widest footprint in Nigeria with cement operations in the South West (Ewekoro and Sagamu in Ogun State), North East (Ashaka, in Gombe State), South East (Mfamosing, Cross Rivers State) with Ready-Mix operations in Lagos, Abuja and Port Harcourt. Lafarge Africa has a current installed cement production capacity of 10.5Mtpa.
According to Khaled El Dokani, CCEO of Lafarge Africa, the Group will continue to focus on the business resilience to maintain a healthy balance sheet, while prioritizing the health and wellbeing of our people, communities and other stakeholders. Lafarge Africa leverages on its innovative expertise to provide value-added products and services solutions in the building and construction industry in Nigeria. Lafarge Africa Plc, a leading Sub-Saharan Lafarge Africa PLC (Lafarge Africa) was Africa building materials company is a incorporated in Nigeria on 26 February, 1959 subsidiary of LafargeHolcim, a world leader and commenced business on 10 January 1961. in building materials. Listed on the Nigerian The Company formerly known as Lafarge Stock Exchange, Lafarge Africa is actively Cement WAPCO Nigeria Plc changed its name participating in the urbanisation and after a special resolution was passed by the economic growth of Nigeria, the largest shareholders at an Annual General Meeting
held on Wednesday 9 July 2014. The change of name became effective with the acquisition of shares in Lafarge South Africa Holdings (Proprietary) Limited (LSAH) which was disposed in 2019, United Cement Company of Nigeria Limited (UNICEM), AshakaCem Ltd (AshakaCem) and Atlas Cement Company Limited (Atlas). The Company's corporate head office is situated at 27B Gerrard Road, Ikoyi, Lagos which is same as the registered office. Lafarge Africa is in the business of manufacturing and marketing of cement and other cementitious products such as ReadyMix Concrete, Aggregates, Fly-Ash etc. On July 15, 2016, Lafarge S.A. France and Holcim Limited, Switzerland two large global players merged to form LafargeHolcim Group based in Zurich, Switzerland. Consequently Lafarge Africa is now a subsidiary company of Lafarge Holcim.
23 September 21-27, 2020
AIICO Insurance Plc: Sale of Pension Management Subsidiary to Boost Liquidity Half Year 2020 Company Year Period
AIICO Insurance Plc 30, June 2020 6 months
Revenue (Nbn) Profit Before Tax (Nbn) Profit After Tax (Nbn) Earnings Per Share (Naira)
Jun-20 31,923,129 2,172,197 2,861,064 0.25
Jun-19 25,422,023 3,015,772 2,943,821 0.26
% Change 25.57 -27.97 -2.81 -2.81
tax of N2.86 billion, down by 2.81% as against the PAT of N2.94 billion in the first half of 2019. Earnings per share dropped to 25 kobo from 26 kobo reported in 2019.
WOLE OLAJIDE
A
IICO Insurance Plc recently notified the investing public that it has entered into discussions with FCMB Pensions Limited for the sale of 70% stake in its Pension Management subsidiary, AIICO Pensions Managers Limited to FCMB Pensions Limited. The proposed sale is AIICO's stake of 70% and other shareholders stakes of 26% thus bringing the cumulative sale of 96% stake to be purchased by FCMB Pensions. At the conclusion of the proposed sale, AIICO Pensions shall cease to be a subsidiary of AIICO Insurance Plc. The proposed transaction is subject to the approvals of the National Pension Commission and the Federal Competition and Consumer Protection Commission. By the time the sale of AIICO pension subsidiary is completed, it will boost the company's financials, hence share price will improve, relative to current price. Impact of covid-19 on business operations The Company assessed the financial and capital impact on its business across its Life and Non-Life businesses with varying scenarios ranging from two-month period to a six-month of lockdown. The management assessed the impact of COVID-19 on the Company's operations, cash flow, liquidity, capital resources, strategic and brand as well as risks and uncertainties about the impact on future periods.
The outcome of the assessment does not suggest any significant adverse impact on the businesses, financial condition, operations and the Company's survival and sustainability. There is no negative material impact on the Company's sources and uses of funds, as well as no significant variance on any assumptions made on revenues. In addition, the company carried out detailed scenario analysis and stress testing to examine the impact of COVID-19 on AIICO's business operations and financial performance. The results of the scenario testing carried out showed that the CovID-19 pandemic had no impact on the Company's going concern status as at 31 March 2020. As a socially responsible organization, AIICO supported the Federal Government and Lagos State Government in the fight against the pandemic by providing life insurance to over 5,000 frontline Healthcare workers. Hygiene kits were provided to pregnant women and established a feeding program, targeted at less privileged in vulnerable communities within Lagos State. Q2'20 Financial Report AIICO Insurance in the first half of 2020 reported Gross premium written of N31.92 billion, up 25.57% from N25.42 billion reported in 2019. Profit before tax (PBT) declined by 27.97% to N2.17 billion from the PBT of N3.02 billion in the first half of 2019. The underwriting firm reported Profit after
offer Life and Pension products and insurance services. The Company was renamed American International Insurance Company Limited (“AIICO”) upon the acquisition of a 60% stake by the Federal Government of Nigeria, and later AIICO Insurance Plc has consistently improved listed on the Nigerian Stock Exchange in 1990, upon the foundation laid by its founders over after which both shareholders – the Federal 50 years ago. In today's business environment, Government of Nigeria and AIG divested. it is imperative that a market leader such as F o l l o w i n g t h e i n s u r a n c e i n d u s t r y ' s AIICO Insurance Plc abide by a set of Corporate consolidation in 2007, the Company acquired Governance Codes and Practices which will NFI Insurance plc and Lamda Insurance further reassure all stakeholders that our Company Limited. The Company subsequently business practices have been institutionalized re-certified as both a General Insurance and and that the Enterprise has been positioned to Life Assurance Company – taking advantage of its legacy, brand, franchise and strong retail deliver value to its Stakeholders. distribution network to grow a leading General Having adopted the Codes of Corporate Governance set out by both the National Insurance business. As an insurance company, AIICO's goal is to be the insurer of choice and the leading insurance company in Nigeria – providing life insurance and retirement services as well as risk underwriting to a substantial and diversified client base, which includes corporations, financial institutions, governments and AIICO Insurance Plc developed a framework individuals in Nigeria. for the business which guarantees the AIICO is the market leader in the life insurance independence and authority of both and retirement services and is a market leader management and Board of Directors. The (top 3) in Non-Life insurance in Nigeria. The Board of Directors maintains its oversight core insurance franchise is complemented by function and effectiveness in the discharge of our leading insurance asset management, its responsibilities through a number of Board pension, and health management businesses. Overall, AIICO is currently the 2nd largest Committees set up for that purpose. insurance company in Nigeria (by gross premiums). AIICO commenced operations in Nigeria in 1963 as an Agency office of American Life AIICO also owns valuable financial and Insurance Company (“ALICO”) – at the time, a strategic assets including a controlling stake in subsidiary of American International Group Multishield Limited, and a 19% stake in (“AIG”). The Company was incorporated, Healthcare International Limited (both registered and licensed in Nigeria as American healthcare management organisations Life Insurance Company Limited – as a wholly (“HMOs”)), and AIICO Capital Limited, an owned subsidiary of ALICO/AIG – in 1970 – to asset management wholly-owned subsidiary. Commission for Insurance (NAICOM) in 2009 and The Securities & Exchange Commission of Nigeria (SEC) in 2011, the company has been fastidious in adhering to those codes in addition to also evolving certain business practices which have enhanced our Corporate Governance stature and culture.
September 21-27, 2020
Kunle Ahmed: Seasoned underwriter with decades of experience unle Ahmed is a highly skilled management professional, underwriter and team- spirited leader. He is the Chief Executive Officer of AXA Mansard Insurance Plc.
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Kunle joined AXA Mansard in February 2004 as a Senior Manager in charge of the Energy team in Lagos. He later went on to commence the company's Port Harcourt operations in the same year. Kunle was appointed Divisional Director, Institutional Business Division of AXA Mansard Insurance plc in 2011 and was invited to the Board as an Executive Director in 2012. Kunle's professional career spans over twenty years. He joined Industrial and General Insurance Co. Limited in June 1994 where he acquired experience in the Oil and Energy insurance business. He is a graduate of the West African Insurance Institute and has attended several Oil and Gas seminars including the Marginal Oil Field Development & Capacity
Upon completion of a bid process, Eustacia Limited (a member of the Verod Group) was selected as the preferred bidder. The Company along with the minority Shareholder entered into a sale and purchase agreement with Eustacia Limited to divest the entire issued ordinary share capital of AXA Mansard Pensions comprising of 60% shareholding (2,067,672,000 shares) held by AXA Mansard Insurance plc and 40% shareholding (1,378,448,000 shares) held A X A M a n s a r d I n s u r a n c e r e c e n t l y by the minority Shareholder. announced the divestment from its subsidiary, AXA Mansard Pensions Limited. The divestment has received letters of No Objection from the National Insurance Commission (NAICOM), National Pension After obtaining the Shareholder's approval Commission (PENCOM), and the Federal at the Company's Extra Ordinary General Competition & Consumer Protection Meeting held on the 13th of February 2020, Commission (FCCPC). The completion of the Company commenced the process of the divestment is subject to the receipt of divestment by appointing Messer Rand the final approval of the National Pension Merchant Bank as the Financial Advisers Commission. while Aluko & Oyebode acted as the Legal Advisers on the transaction. Commenting on the divestment, Mr. Kunle Building in Nigeria, 'Siyafunda' Property and Engineering Course organized by SwissRe South Africa and Energy & Risk Management Course organized by MARSH, London. He is a member of the Chartered Insurance Institute of London and an alumnus of both the Orchestrating Winning Performance Programme, IMD Switzerland and the Advanced Management Programme, Lagos Business School.
Ahmed, Chief Executive Officer, AXA Mansard Insurance Plc said: “This transaction marks a new step in AXA´s broader strategy to focus on and grow our Life, Property & Casualty (P&C) and Health businesses across all its geographies. The AXA Group sees great potential in the Nigerian insurance market and believes AXA Mansard is ideally placed to capture these opportunities, thanks to its market leadership positions in Health Insurance, Property & Casualty and Life Insurance. We plan to capitalize on our successes to further build our capabilities and continue to deliver the best offers & services to our customers”.
AXA Mansard is a member of the AXA Group, the worldwide leader in insurance and asset management with 166,000 employees serving 107 million clients in 64 countries. The group is a conglomerate of independently run businesses, operated according to the laws and regulations of many different countries. Despite being written in upper case, "AXA" is not an acronym, the name was chosen because it is short and can be pronounced easily the same way in every language. AXA is present in geographically diverse markets, with operations concentrated in Europe, North America and Asia Pacific. AXA's is also present in Central and South America, Middle East and in Africa via operations in Cameroon, Gabon, Ivory Coast, Morocco, Senegal and Algeria. AXA has more than over 20 year's continuous presence in Africa. In 2016, IFRS revenues amounted to Euro 100.2 billion and IFRS underlying earnings to Euro 5.7 billion. AXA had Euro 1,429 billion in assets under management as of December 31, 2016. AXA Mansard was incorporated in 1989 as a private limited liability company and is registered as a composite company with the National Insurance Commission of Nigeria (NAICOM). The Company offers life and non-life insurance products and services to individuals and institutions across Nigeria whilst also offering asset/investment management services, health management services and pension fund administration through its three subsidiaries AXA Mansard Investments Limited, AXA Mansard Health Limited and AXA Mansard Pensions Limited. Listed on the Nigeria Stock Exchange in November 2009, AXA Mansard in December 2014 became a member of AXA following AXA's acquisition of Assur Holdings (AAH), the majority shareholders in the erstwhile company. The firm is rated B+ by A.M. Best (2016) for Financial Strength. The Company is also certified ISO 9001:2008 compliant by the Standard Organisation of Nigeria (SON) for quality management systems.