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Alert: Large volume trades trail Sanni’s exit at UCAP

The last 3 trading sessions on the Nigerian Stock Exchange (NSE) have seen large trading volumes in the shares of Africa Prudential Plc and United Capital Plc.

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United Capital

The last 3 trading sessions on the Nigerian Stock Exchange (NSE) have seen large trading volumes in the shares of Africa Prudential Plc and United Capital Plc. The two stocks trade in the financial sector.

Africa Prudential

177 million shares valued at N767 million have so far been traded this week. 56.2 million shares valued at N242 million were traded in 59 deals on Monday, 49.5 million shares valued at N213 million were traded in 42 deals on Tuesday, and 72.1 million shares valued at N312 million were traded in 67 deals on Wednesday.

United Capital

983 million shares valued at N773 million have been traded so far this week. 79.1 million shares worth N253 million were traded in 70 deals on Monday, 82.6 million shares valued at N262 million were traded in 153 deals on Tuesday, and 78.6 million shares valued at N258 million were traded in 98 deals on Wednesday.

101 million shares valued at N325 million have been traded in 38 deals in today’s session as at the time of writing this report.

United Capital is currently trading at N3.25 up 1.27%. Year to date the stock is down 9.21%.

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Africa Prudential is currently trading at N4.25. Year to date, the stock is down 1.64%. The two stocks are thus, underperforming the All Share Index (ASI) which is up 2.06%.

Latest news

United Capital recently announced the appointment of Peter Ashade as its Group Chief Executive Officer (GCEO). Ashade was the Managing Director of African Prudential plc (formerly Afriprud registrars).

He replaces Oluwatoyin Sanni, who will be stepping down at the end of this month. Sanni revealed this last weekend in a post in her LinkedIn page. She was appointed Group CEO of United Capital in January 2014. 

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African Prudential is yet to announce Ashade’s replacement.

Q1 2018 results for the company show Gross Earnings increased from N641 million in 2017 to N957 million in 2018. Profit before tax increased from N402 million in 2017 to N541 million in 2018. Profit after tax also rose from N377 million in 2017 to N460 million in 2018.

What could be happening?

Feelers from the market indicate the movement may not be out of the ordinary, but simply portfolio realignment.

United Capital Plc

United Capital Plc was incorporated in Nigeria on the 3rd of August, 2012. The company was listed on the NSE on the 17th of January, 2013, after it was spun off from UBA Plc. 

Principal activities of the firm are the provision of investment banking services, portfolio management services, securities trading and trusteeship.

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United Capital’s Q1 2018 results show Gross Earnings increased from N2.1 billion in 2017 to N2.2 billion in 2018. Profit before tax inched up slightly from N1.3 billion in 2017 to N1.4 billion in 2018. Profit after tax increased from N1.1 billion in 2017 to N1.2 billion in 2018.

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Africa Prudential Plc

Africa Prudential Plc was originally incorporated as UBA Registrars Limited in March, 2006. The Company subsequently changed its name to Africa Prudential Registrars Plc in August, 2011 and was listed on the NSE in January 2013. To expand its business portfolio, the Company acquired UAC Registrars Limited in June, 2013.

The company changed its name to Africa Prudential plc following a special resolution passed by shareholders reflecting the firm’s expansion beyond registrar services.

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: FG to inaugurate 18-man vaccine task team

FG has announced plans to set up an 18-man Covid-19 Vaccine Task Team with the responsibility to acquire and deploy vaccines in the country.

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Minster for health, FG ignores travel ban calls despite Uganda, US, others move against coronavirus, FG reports 10 new cases of COVID-19, COVID-19: FG to inaugurate 18-man vaccine task team

The Federal Government has announced through the Ministry of Health, that it will inaugurate an 18-man Covid-19 Vaccine Task Team, in a bid to ensure vaccine security In Nigeria.

This was disclosed on Monday by the Health Minister, Dr. Osagie Ehanire, during the daily briefing of the Presidential Task Force (PTF) on COVID-19 in Abuja.

He revealed that the need for a task force comes as vaccines would be made available globally. The responsibilities of the task force include the acquisition and deployment of vaccines in the country.

Now that vaccines are known to be close at hand, the Federal Ministry of Health is taking measures toward vaccine security, for which an 18-man National COVID-19 Vaccine Task Team with seven Terms of Reference (ToR) will be inaugurated.

“The ToR will include generating strategies for acquisition, deployment, and options for licensed production by Biovaccine Nigeria Ltd.

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“Our options with WHO/GAVI led Covax facility remains our first line of engagement,” he added.

(READ MORE:

(READ MORE: COVID-19 Palliatives: CACOVID donation is 95% complete – PTF)

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What you should know  

After news of the Pfizer vaccine went viral, Nairametrics reported that the Health Minister, Dr. Osagie Ehanire, said Nigerians will benefit early from COVID-19 vaccines when the product is made available for commercial use. He revealed that any vaccine that is deemed fit for commercial use in treating coronavirus will be made available early to Nigerians.

Nairametrics also reported plans by the Nigerian government to set up a vaccine production company in Nigeria to boost local COVID-19 vaccine production.

The G-20 nations announced a pledge to pay for vaccine distribution to developing nations that can’t afford it. The leaders also announced a debt extension programme to developing nations during the weekend’s G-20 summit.

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Economy & Politics

Gov. Makinde presents N266 billion budget to Oyo State House of Assembly

Governor Seyi Makinde has presented a ₦266.64billion budget proposal to the Oyo State House of Assembly.

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The Oyo State Governor, Seyi Makinde, presented the Budget Proposal for the 2021 Fiscal Year to the Oyo State House of Assembly. The total budgeted sum is ₦266.64billion, with education expected to receive N56.35billion – 21% of the budget and a rise from N12 billion budgeted in 2019.

This was disclosed by Governor Makinde in a social media post on Monday.

According to NAN, Mr. Makinde disclosed on social media that the ‘Budget of Continued Consolidation’ was prepared with input from stakeholders in all seven geopolitical zones of the state.

The total budgeted sum is ₦266.64billion The Recurrent Expenditure is ₦136.26billion, while the Capital Expenditure is ₦130.38billion. We are again, aiming for at least 70% implementation of the budget,” he said.

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The News Agency of Nigeria also disclosed that infrastructure spending in the budget would be N46.06billion – representing 17.27% of the total budget and an increase of N33.66 billion over that of last year.

Other sectors include Agriculture which represents 3.6% valued at N9.58billion and Healthcare taking 4.9% of the budget with an N13.29billion allocation.

(READ MORE: #EndSARS: Nothing wrong with social media bill – Ali Ndume)

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The Governor disclosed that Oyo has reduced its infrastructure deficit and made improvements in the areas of healthcare, education, and others.

We have been able to lower our infrastructural deficit, make improvements in healthcare delivery, improve the quality of education, and achieve milestones in our security systems,” he said.

He also added that the state had recorded a 26% increase in IGR at N25.6 billion and hopes to increase IGR to over N100 billion for the 2021 budget.

As of September, we had recorded an IGR of N25.6 billion. And using the half-year figures, it represented a 26.4% increase in IGR year-on-year. Oyo State’s IGR is presently about 32% of actual aggregate revenue.

“We still have not achieved a total dependence on the state’s income outside of the federal allocation to fund the budget. Slowly, but surely, we are getting there.

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“For the 2021 budget, our plan is to increase our annual IGR to N102.82billion. We hope to achieve this by widening the tax net to bring in more taxpayers into the system,”  he added.

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Economy & Politics

Restructuting: Plans must pass through legal process from the National Assembly – Tambuwal

Tambuwal has insisted that plans to restructure Nigeria and the Constitution must pass through due process from the National Assembly.

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The Governor of Sokoto State and Former House of Reps Speaker, Aminu Tambuwal, has said that any plan to restructure Nigeria and the Constitution must pass through legal due process from the National Assembly.

Tambuwal disclosed this at a plenary session of the 26th Nigerian Economic Summit, titled: “Building partnerships for resilience” in Abuja on Monday.

Tambuwal warned that Nigeria must learn from mistakes 0f 2015 when the last attempt to amend Nigeria’s constitution was rejected after the first reading.

He added that any plan to restructure must be done after amending the constitution, which must pass through the assembly.

“As it were at the moment, whatever you are going to do about the constitution, has been prescribed by the constitution and how you are going to do it.

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“The constitution has prescribed how a word in that constitution is going to be amended.

“Except of course we are saying we are going to jettison the National Assembly and the State Assemblies in getting it done, which is not possible,” he said.

“So you cannot go outside of the constitution to amend the constitution. We better come to terms with this realization and to come together and agree on how best we can work together to achieve what the nation desires,” he added.

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What you should know 

The agitations from the October protests in Nigeria have revived talks about restructuring in Nigeria. Earlier this month, the Governors of Ekiti and Kaduna State, Kayode Fayemi and Nasi El-Rufai argued that restructuring was a means to end Nigeria’s economic troubles.

“In essence, our desire to build a more perfect union should be anchored on the principle of devolution of powers – that is, re-allocation of powers and resources to the country’s federating units.

“The reasons for this are not far-fetched. First, long years of military rule have produced an over-concentration of powers and resources at the centre to the detriment of the states. Two, the 1999 Constitution, as has been argued by several observers, was hurriedly put together by the departing military authority and was not a product of sufficient inclusiveness.

“All points considered, the fiscal burden of maintaining a largely inefficient and over-bloated bureaucracy is a metaphor for shooting oneself on the foot,” Fayemi said.

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