In recent times, Nairametrics has received a whole lot of emails pertaining to Sterling Bank’s I-invest app. Lots of people want to know if it is legit, dependable and can be truly trusted to carry out their treasury bills investments and transactions. After carrying out investigations and trying it out ourselves, we are able to say this.
At this point in the Nigerian money market, there are a lot of possibilities, albeit, business wise. There is little or nothing not to be expected in the Nigerian Market. The Nigerian market and trading as we know is quite volatile. Most times to make it, you have to be at the top of your game. This, Sterling Bank has done by introducing the I-invest app in conjunction with Parthian Partners in April of this year, 2018.
I do not think it is much news anymore about the authenticity of investing in treasury bills to secure and increase one’s funds and investment. In fact, ranging from astute working-class people to retiring people and of course pensioners, they are advised to place their money into Treasury bills investment.
Now, this is where the I-invest mobile App comes in. A huge feat. Most of the mobile banking apps in Nigeria we are familiar with literally deal with funds transfer, airtime top-up, payment of utility bills and a host of related features. Let me also stress that prior to this time, though a lot of financial experts were talking about it and encouraging participation, it was not easy to embark upon investing in treasury bills. You would have to spend hours in the banking hall much to one’s chagrin. Now, with the I-invest app, that difficulty, delay, and uncertainty have been dispensed with. Unless you’re set in your ways which you should not be.
All about I-invest App
- The I-invest app was launched by Sterling Bank in partnership with Parthian Partners and can be found and downloaded free on Google Play and Apple Store.
- The sole aim for which this app was created was to enhance the participation in investing in Treasury bills and to bridge the gap between the per-conception of this method of investment and potential investors.
- The I-invest app has also brought treasury bills investment to the doorstep of everyone who is interested in it. You do not need banking officials, no documents or forms to fill and no spending of valuable time in the bank anymore. It is as simple as that; when you think investing in Treasury bills, simply think I-invest app.
- For every app, you must be registered to enjoy the features inherent in the app. This is not the case with the I-invest app. I am pleased to inform you that you do not need to register or become an account holder with Sterling Bank to enjoy this app or its service. All you need are your identification card, BVN and a valid phone number and you would be registered.
- It is so easy to use that in a little over five (5) minutes, you are all set up and ready to start investing. All of this is done from the comfort of wherever you are through your mobile phone without stress. It accords you the wherewithal to learn and see what you are doing first hand.
- Your money is secure and if at any time you feel overwhelmed, you have the choice of simply withdrawing your funds.
- Basically, there is no venture without risks but with the I-invest app and investment in Treasury bills, you can almost get rid of any apprehension arising therein.
- The I-invest mobile app is secure and is directly regulated by the Nigerian Securities and Exchange Commission (SEC). Furthermore, this forestalls any fraudulent act, the initial BVN details and Bank account details provided during the onset of registration are those that will only be recognised during any transaction that will be undertaken.
- You can also monitor your funds or investments in real time to ensure your money does not get lost.
- What’s more? Normally, it is quite difficult for funds invested in treasury bills to get missing. Getting your funds back is guaranteed and more often than not, your interest rates keep multiplying at every stage.
- It should be noted that during registration, a secret question is provided which acts as a buffer for investors.
- That is not to say that there are mobile thefts and/or loss or malfunction of one’s mobile device. This does not in any way impede or jeopardise the security and functionality of the I-invest app.
- Gone are the days when the idea of investing in treasury bills meant owning millions in order to invest. With I-invest, just about anyone with a minimum of a hundred thousand Naira (N100,000) can go into the Treasury business.
- Irrespective of one’s knowledge of financial investment, I-invest makes it so easy for a novice to use. The interface is user-friendly and pretty self-explanatory.
The I-invest app is in a league of its own. A pacesetter and more is obviously being expected. The days are still early with people cautiously trusting their mobile phones and apps with millions of Naira. Be that as it may, the creation of I-invest app is welcome development in the world of financial techs and it has definitely made the language and mystery shrouded around treasury bills extinct. The future is here, and we are making the most of it.
I-invest is also hoping to have other investment instruments on the app.
Deap Capital Management & Trust Plc reacts to ‘rumoured’ AMCON takeover
AMCON had dragged the company before a Court in a bid to recover the debt.
Deap Capital Management & Trust Plc has reacted to media reports about the supposed takeover of its assets by the Asset Management Company of Nigeria, AMCON.
In a statement that was signed by the Company Secretary, Yetunde Fashesin-Sousa, Deap Capital admitted that it is indebted to AMCON to the tune of N1.6 billion. It was also confirmed that AMCON owns a 20% equity stake in the fund management firm.
Note that the indebtedness arose after AMCON took over ownership of certain banks. Apparently, these are banks that Deap Capital originally owed. However, following the transfer of the unnamed banks’ assets to AMCON, the debts were also transferred alongside.
Meanwhile, AMCON had dragged the company before the Federal High Court in Lagos in a bid to recover the debt. A ruling on the case, which was delivered on January 28 by the Hon Justice John Terhemba Tsoho, was in AMCON’s favour.
Following the ruling, AMCON began the process of recovering the debt from Deap Capital Management & Trust Plc. The company said it has been cooperating in this regard by working towards repaying the debt.
The company also clarified that the assets that were taken over by AMCON belonged to its former directors whose names were not mentioned. Nairametrics could not verify if these directors are among those who were recently reinstated by the Securities and Exchange Commission, SEC. But we do know that AMCON had obtained a court order to attach the ‘former directors’ assets’ in its attempt to recover the N1.6 billion debt.
In the meantime, Deap Capital Management & Trust Plc said it is committed to resolving its operational challenges, including the recovery of its operational license and profitability issues. The company’s latest earnings report (for its Q1 period ended December 31st, 2019) showed a total income of N1 billion. There was also a N6.3 million loss for the period under review.
Deap Capital’s stock opened today’s trading session on the Nigerian Stock Exchange with a share price of N0.30. Year to date, the stock has declined by some -18%.
Lafarge Africa Plc. announces its board meeting and closed period for Q2 2020
The notification which was duly signed by General Counsel & Company Secretary.
Lafarge Africa Plc. notified the Nigerian Stock Exchange and the investing public that he closed period will commence on Wednesday, 8th July 2020 until the unaudited financial statement for the second quarter ended 30th June 2020, is released to the Nigerian Stock Exchange.
In a disclosure on the Nigerian Stock Exchange, it wrote: “We hereby notify the Nigerian Stock Exchange and the investing public that a meeting of the Board of Directors of Lafarge Africa Plc has been scheduled to hold on Thursday, 23rd July 2020 to consider the second quarter financial results of the Company for the quarter ended 30th June 2020.”
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The notification which was duly signed by General Counsel & Company Secretary, Mrs. Adewunmi Alode explained further stating that “Accordingly, no Director, employee, persons discharging managerial responsibility and Advisers of the Company and their connected persons may directly or indirectly deal in the shares of the Company in any manner during the closed period.”
Over the past few months, it made a few board changes with the retirement of two of its Non-Executive Directors, as well as the appointment of three new Directors. It had also spun off its South African subsidiary, Lafarge South Africa Holdings (LSAH), last year.
Lafarge Africa’s Q1 2020 revenue was up 9.8% year-on-year to N63.7 billion, driven by higher Cement Sales (a figure up 11% year-on-year to N62.3 billion) which offset the weakness in Aggregate and Concrete (down 21% y/y to N1.4bn). Its EBITDA grew by 2.4% year-on-year to N19.3 billion as well. As at Tuesday the 7th of July, the share price of the company was N10.00.
AXA Mansard Insurance Plc gives notice of Annual General Meeting
The AGM will be live-streamed to enable shareholders and stakeholders participate.
Insurance firm, AXA Mansard Insurance Plc., has given notice of its board of its Annual General Meeting (AGM) scheduled for Wednesday, July 29, 2020, at 10:00 a.m.
The announcement which was disclosed by Nigerian Stock Exchange (NSE) in a corporate disclosure on July 7th, 2020 and signed by Company Secretary, Omowunmi Mabel Adewusi read, “Notice is hereby given that the twenty-eighth annual general meeting of AXA Mansard Insurance Plc. will hold at the Oriental Hotel, no. 3, Lekki Road, Victoria Island, Lagos on Wednesday, July 29, 2020, at 10:00 a.m.”
As noted, the purpose of the AGM is to transact the following business:
- To receive the Audited Financial Statements for the year ended December 31, 2019, and the Reports of the Directors, Auditors and Statutory Audit Committee thereon
- To authorise Directors to fix the remuneration of the Auditors
- To elect Directors and
- To elect members of the Statutory Audit Committee.
In order to ensure that all relevant stakeholders can be a part of the AGM, the company will also be streaming the AGM live. It noted that “This will enable shareholders and other stakeholders who will not be attending physically to follow the proceedings.”
The link for the live streaming of the Meeting will be made available on the Company’s website at www.axamansard.com.
Recall that a few months ago, in March, the company’s Board of Directors announced the appointment of John Dickson as the company’s new Non-Executive Director. A month earlier, it also disclosed its plan to sell its pension management subsidiary (AXA Mansard Pensions Ltd) and some undisclosed real estate investments.
Its unaudited financials for the period Q1 2020 reveal a growth across revenue and profit lines. Gross written premium grew by 21% from N17.4 billion earned in Q1 2019 to N21 billion in Q1 2020. Profit for the year for the group grew by a commendable 120% from N890 million in Q1 2019 to N1.9 billion in Q1 2020.
As at Tuesday, the 7th of July when markets closed, the share price of the company was N1.59. The company’s EPS stood at 0.33 while its price to book ratio stood at 0.6082.