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Business News

Here is the new United Capital GCEO

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United Capital

In a notice sent to the Nigerian Stock Exchange (NSE) on Wednesday, the board of United Capital Plc has announced the appointment of Peter Ashade as its new Group Chief Executive Officer (GCEO).

Ashade is the current Managing Director of African Prudential Plc (formerly African Prudential Registrars). African Prudential, is yet to name Ashade’s replacement. 

He replaces the outgoing GCEO Oluwatoyin Sanni. The company in the notice did not give reasons for her resignation. 

Sanni had recently announced her resignation from the firm in a post on her Linkedin page. She was appointed Group Chief Executive Officer (GCEO) in January 2014.

While not giving specific reasons for her action, she however hinted at the possibility of starting a venture of her own. Prior to working at United Capital, she had stints at First Trustees (now FBN Quest Trustees) and the Cornerstone Group. 

Ashade’s appointment takes effect on June 30, 2018, subject to regulatory approval.  

About Peter Ashade

Peter Ashade joined the services of UBA registrars (the forerunner of African Prudential) in June 2006. He holds a B.Sc. in Banking and Finance, an MSc in finance from the University of Lagos (UNILAG), and a Masters in Business Administration (MBA) from the Obafemi Awolowo University (OAU), Ile-Ife.

He is also a member of several professional bodies including the Chartered Institute of Bankers of Nigeria (CIBN), Chartered Institute of Taxation of Nigeria (CITN) and Institute of Capital Market Registrars (ICMR).

United Capital Plc

United Capital Plc was incorporated in Nigeria as a limited liability company on March 14, 2002. It became a public company and was listed on the NSE in January 2013 after a successful spin-off from United Bank for Africa Plc.

The move was following an instruction by the Central Bank of Nigeria (CBN) in December 2011 to commercial banks to either spin off their non-banking subsidiaries or form a  Holding Company (HOLDCO) structure.

Other subsidiaries spun off include African Prudential Plc (formerly African Prudential Registrars) and Afriland Properties Limited. UBA shareholders thus, received shares in African Prudential, Afriland Properties, and United Capital. Afriland was, however, not listed on the NSE and currently trades in the NASD OTC exchange.

United Capital is a holding company with three subsidiaries namely United Capital Trustees Limited, United Capital Asset Management Limited and United Capital Securities Limited. Its areas of business include investment banking, trusteeship, asset management and stock broking.

Results for the first quarter ended March 2018 show gross earnings increased from N2.1 billion in 2017 to N2.2 billion in 2018. Profit before tax rose slightly from N1.3 billion in 2017 to N1.4 billion in 2018. Profit after tax also moved in like manner from N1.1 billion in 2017 to N1.2 billion in 2018.

African Prudential Plc closed at N4.11 in today’s trading session, down 4.42%. Year to date return by the stock has now slipped into negative territory at 2.52%. 

United Capital Plc closed at N3.16 in today’s trading session on the NSE, up 0.32%. Year to date return by the stock, however, remains negative at 6.48%.  The two stocks have thus underperformed the All Share Index (ASI) which is up 2.57% year to date. 

Jaiz bank

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training.He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE).He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy.You can contact him via [email protected]

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Coronavirus

Covid-19: WHO approves China’s Sinopharm vaccine

WHO has announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination.

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Covid-19: First world nations oppose waiving intellectual rights for vaccine development

The World Health Organization (WHO) has announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination.  The vaccine is reported to have 79% efficacy against covid.

This was disclosed today in a report by Reuters. The vaccine would also be the second Chinese-made vaccine after Sinovac vaccine and would be the first developed outside Europe and North America to receive WHO accreditation.

“This expands the list of COVID-19 vaccines that COVAX can buy, and gives countries confidence to expedite their own regulatory approval, and to import and administer a vaccine,” WHO Director-General, Tedros Adhanom Ghebreyesus said.

The WHO added that the easy storage requirements make it highly suitable for low-resource settings.

“Its easy storage requirements make it highly suitable for low-resource settings,” a WHO statement said while also disclosing that the vaccine has been approved for people above the age of 18 to receive two shots.

“On the basis of all available evidence, WHO recommends the vaccine for adults 18 years and older, in a two-dose schedule with a spacing of three to four weeks,” the statement added.

The vaccine was created by Beijing Biological Products Institute, a subsidiary of Sinopharm subsidiary China National Biotec Group, with an efficacy of 79% for all age groups.

The WHO however, admitted that few older adults (over 60 years) were enrolled in clinical trials, so efficacy could not be estimated in this age group.

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In case you missed it

The quest for vaccine efficiency got a major boost earlier this week as Nairametrics reported that the United States government announced that it supports the waiver of Intellectual Property Protections on Covid-19 vaccine development, in a bid to boost the fight against the pandemic, and says it will participate in the Okonjo-Iweala-led WTO negotiation to make it happen.

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Obituaries

“Mama Taraba”, Former minister and senator, Aisha Al-Hassan is dead

Ex-Women Affairs minister, Aisha Jummai Al-Hassan, popularly known as Mama Taraba is dead

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A former Minister for Women Affairs and ex-Governorship Candidate in Taraba State, Aisha Jummai Al-Hassan, popularly known as Mama Taraba is dead.

According to media reports she died in a hospital on Friday in Cairo, Egypt at the age of 61.

Al-Hassan, who was a former senator of the Federal Republic of Nigeria from Taraba North Senatorial District, was the All Progressive Congress (APC) Governorship Candidate for Taraba in the 2015 general elections.

READ: Abba Kyari’s last letter to President Buhari

She later contested for the same seat on the platform of the United Democratic Party in the 2019 general elections after resigning from APC and as a minister in the administration of President Muhammadu Buhari on July 27, 2018.

The former senator was born on the 16th of September, 1959 in Jalingo, Taraba State, to Alhaji Abubakar Ibrahim, Sarkin Ayukan Muri.

READ: Chad’s President Deby dies of injuries suffered on the frontlines, as son takes over

Aisha Jummai Al-Hassan attended Muhammed Nya Primary School, Jalingo and LEA Primary School, Tudun Wada, Kaduna before proceeding to Saint Faith College (now GGSS) Kawo Kaduna where she studied between January 1973 and June 1977.

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