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Corporate Actions: Poor Results and New Appointments



Corporate actions are decisions taken by companies’ boards of directors or management teams, that could have impacts on the firms themselves or shareholders.

Examples of corporate actions include the release of quarterly and full year results, payment of dividends, closing of shareholders’ registers, announcing qualification dates and Annual General Meeting (AGM) dates.

Here is a rundown of corporate actions that took place last week, and those expected this week.

Corporate Actions that took place last week

A new MD

Neimeth International Pharmaceuticals Plc announced the appointment of Matthew Obi Azoji as Managing Director/Chief Executive Officer, effective 1st of February 2019.

The company also released its results for the first quarter ended December 30, 2018. Turnover dropped from N394 million in 2017 to N227 million in 2018. The firm also made a loss before tax of N139 million in 2018, as against a N13 million profit before tax made in 2017.

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A new CFO

Interlinked Technologies Plc has appointed Adedoyin Ogundipe as its Chief Financial Officer. The immediate past CFO, Funke Ali, has been transferred to head the Internal Audit department.

Access Bank ED resigns

Access Bank announced the resignation of Titi Osuntoki, an Executive Director Business Banking division, effective March 18, 2019. Osuntoki, who also once worked in Guaranty Trust Bank, is leaving to pursue other interests.

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UBA non-Executive Director Retires

Kola Jamodu, a non-Executive Director, retired from the board of tier one lender UBA Plc. The move is in line with regulatory requirements, having spent a total of 12 years in office. Jamodu, a former Managing Director of PZ Cussons, remains on the board of several firms including Nigerian Breweries Plc.

Staco delays 2018 AGM

Staco Assurance Plc obtained the approval of the Corporate Affairs Commission (CAC) to extend a delay in its 2017 AGM. Industry regulator, NAICOM, is yet to approve the company’s FY 2017 results. The firm has however expressed optimism that it would hold the AGM within the first quarter of 2019.

AXA commences a closed period

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The board of AXA Mansard Insurance Plc will meet on the 13th of February, 2019 to consider among other items, the company’s audited results for the 2018 financial year.

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Access Bank board approves FY 2018 results

The board of Access Bank Plc has approved the bank’s results for the 2018 financial year, following a board meeting held on January 28, 2019. The results will be forwarded to the Central Bank of Nigeria for approval before release.

NB to hold board meeting

Nigerian Breweries Plc will be holding a board meeting on the 13th of February, 2019. Items to be considered include the company’s FY 2018 results, and a proposal for the payment of a dividend.

Transcorp Plc to hold board meeting

Transnational Corporation Plc (commonly known as Transcorp Plc) will be holding a board meeting on February 13, 2019. Among the issues to be considered are the company’s audited results for the 2018 financial year.

United Capital Plc to consider FY 2018 results 

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United Capital Plc will be holding a board meeting on February 15, 2019. Among the issues to be considered are the company’s results for the 2018 financial year.

Berger Paints Plc


Berger Paints Plc released the schedule for its board meetings in 2019.

Guinness Nigeria Plc releases HY 2018/2019 results

Guinness Nigeria Plc released its results for the half year ended December 30, 2018. Revenue fell from N70.5 billion in 2017 to N67 billion in 2018. However, profit before tax rose from N3.5 billion in 2017 to N3.7 billion in 2018. Profit after tax also rose from N2.1 billion in 2017 to N2.5 billion in 2018.

The company also held an investor conference call, following the release of the results.

John Holt Plc Q1 2018/2019 results

John Holt Plc released its results for the first quarter ended December 30, 2018. The firm made a N2 million profit in 2018, as against a N141 million loss in the comparative period of 2017.

Vitafoam Q1 2018/2019 results

Vitafoam Nigeria Plc released its results for the first quarter ended December 2018. They showed an increase in both top line and bottom line, continuing a decent performance from last year.

Flour Mills 9M 2018/2019 results

Flour Mills results for the nine months ended December 2018, showed a decline in both top line and bottom line. The same pattern was observed in the three months ended December 2018; a surprising fact given that the last quarter of the year is typically upbeat in terms of economic activities.

Honeywell toes the same line

Honeywell Flour Mills also posted disappointing results. Profit before tax dropped sharply from N3.4 million in 2017 to N143,000 in 2018.

Sovereign Trust Insurance 2018 claims 

Sovereign Trust Insurance Plc gave a breakdown of the N12 billion in claims it paid last year. Energy accounted for 50% of claims paid for, while fire insurance ranked second, with claims of N664 million. Motor Insurance took third place with N567 million in claims.

Chams Plc makes board changes 

Chams Plc announced several changes to its board. Very Rev. Ayo Richards has resigned as non-Executive Director and Board Chairman. Dr. Mrs. Dere Awosika is now the new Board Chairman of Chams Plc. Pastor Ituah Ighodalo and Alhaji Yusuf Modibbo have been appointed as non-Executive Directors. Mayowa Olaniyan and Funke Alomooluwa have been appointed as Executive Directors.

Notore records Q1 loss

Notore Chemical Industries Plc released its results for the first quarter ended December 2018. The company recorded a loss before tax of N93 million.

Ellah Lakes settles a debt

Ellah Lakes Plc announced that it had commenced a restructuring of its balance sheet, with the payment of a debt owed its key shareholder, JW Ellah and sons Limited. The company defrayed the debt, by handing over a plot of land located in Obrikom, Ahoada local government to its creditor.

Telluria Limited, a firm owned by Chuka Mordi, may emerge a key shareholder following the conclusion of a private placement.

Meyer Plc recovers 

Meyer Plc released its unaudited results for the 2018 financial year. The company has returned to profit, with a profit after tax of N218 million in 2018, as against a loss of N202 million recorded in 2017.

Niger Insurance full-year profit dips

Niger Insurance Plc released its results for the 2018 financial year. Gross premium written declined sharply, while profits before and after tax also fell.

Newrest shareholders approve delisting

At an EGM held last week, shareholders of Newrest ASL Plc approved the voluntary delisting of the company from the Nigerian Stock Exchange (NSE).

Africa Prudential board meeting

Africa Prudential Plc will hold a board meeting on February 25, 2019. Main item on the agenda is to consider the company’s full year results. The company will commence a closed period this week. During this time, insiders and those with access to sensitive information cannot trade their shares.

Interlinked releases HY 2018 results

Interlinked technologies Plc released its results for the half year ended December 2018. Revenue fell slightly, while the company’s losses worsened.

Academy’s losses worsen

Academy Press Plc released its results for the half year ended December 2018. Revenue dipped slightly while the company’s loss after tax worsened to N178 million in 2018.

NNFM’s losses worsen

NNFM released its results for the nine months ended December 2018. While volumes milled and revenue increased, the company’s losses worsened to N169 million in 2018.

Caverton clears the air

Caverton Offshore Support Group Plc (parent company of Caverton Helicopters) yesterday released a statement following the crash landing of one of its helicopters. The company attributed the crash to poor weather conditions.

Corporate Actions taking place this week

Neimeth International Pharmaceuticals 

Neimeth International Pharmaceuticals Plc will be holding its Annual General Meeting this week.

 Scoa Plc 

Scoa Plc will be holding its Annual General Meeting (AGM) this Thursday.

Forte Oil EGM

Forte Oil will be holding an Extra Ordinary General Meeting (EGM) this week. The company will be seeking shareholders approval to enter into transactions with its Chairman Femi Otedola.

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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Stock Market

GTBank, Total, MTN Nigeria, push investors to gain N119 billion

The overall market capitalization size gained N119 billion to close today at N14.027 trillion.



Global stocks sell-off persists as resurgence of COVID-19 frighten investors 

Trading at the Nigerian Stock Exchange closed in bullish for the third consecutive trading session on Wednesday.  The All-Share Index (ASI) advanced further by 0.85% to close at 26,837.42 points.

Similarly, the overall market capitalization size gained N119 billion to close today at N14.027 trillion.

  • The upturn was impacted by gains recorded in large and medium capitalized stocks, including Total, MTN Nigeria, Guaranty Trust Bank, and Zenith Bank.
  • A total volume of 322 million units of shares, valued at N4.03billion exchanged hands in 4,046 deals
    STERLINGBANK was the most traded shares by volume at 83.6million units while ZENITHBANK topped by value at N443.3million.
  • Investor sentiment as measured by market breadth was positive as 21 stocks advanced against 9 decliners. TOTAL (+10.00%) led the gainer’s chart, while NB (-6.76%) finished the top loser.
  • Sector Performance was mainly positive as four of the five indices recorded gains.
  • NSE Banking Index: Advanced by 1.93%, lifted by FCMB (+4.29%), GUARANTY (+3.70%) and ZENITHBANK (+2.00%).
  • NSE Industrial Index: Gained 1.40%, on buy interest in DANGCEM (+2.81%).
  • NSE Oil & Gas Index: Improved by 0.94%, on TOTAL (+10.00%) price appreciation.
  • NSE Insurance Index: Up marginally by 31%, saved by WAPIC (+5.71%) and CUSTODIAN (+4.00%)
  • NSE Consumer Goods Index: Down by -1.66%, on sell-offs in NB (-6.76%), PZ (-5.88%) and DANGSUGAR (-0.80%

Top gainers

  • TOTAL up 10.00% to close at N96.8
  • UACN up 9.45% to close at N6.95
  • GUARANTY up 3.70% to close at N28.05
  • DANGCEM up 2.81% to close at N142.9
  • MTNN up 1.18% to close at N129

Top Losers

  • UPL down 6.77% to close at N1.24
  • NB down 6.76% to close at N49
  • PZ down 5.88% to close at N4
  • UBN down 2.91% to close at N5
  • DANGSUGAR down 0.80% to close at N12.4


Nigerian bourse continued its bullish run for a 3-day running streak amid selling pressures in crude oil and global equities.

  • The recent affirmation by a global financial rating agency,(Fitch Ratings) has revised the Outlook on Nigeria’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to Stable from Negative and affirmed the IDR at ‘B’ showing the worse seems to be over, as crude oil prices, Nigeria’s major earning is selling at a profitable price margin, coupled with the Foreign exchange restrictions on certain goods, have kept the nations foreign reserve fairly relatively stable.
  • Also, significant buying pressures from blue-chip stocks which include Total, GTBank, MTN Nigeria, and Dangote cement kept the bullish momentum fired up on all cylinders
  • In spite of the gains recorded in the past few weeks, Nairametrics envisages caution when choosing stocks to buy as the COVID-19 pandemic remain on major headlines around the world coupled with the rising cost of goods and services, dampening the morale of retail investors relatively.

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Crypto: Large investors transfer over 700,000 Ethers

Large investors moved over 700,00 Ether coins in five different transactions from unknown wallets.



cryptocurrency, Crypto: Large investors transfer over 700,000 Ethers

Ethereum whales are going for a rebound as price pick up from its recent lows.

Statistics seen from Whale Alert, an advanced crypto tracker showed large investors moved over 700,00 Ether coins in five different transactions from unknown wallets to unknown wallets.

READ: Over 1,000,000 stolen XRP transferred from Kucoin to major crypto exchanges

Highlights of some transactions seen by Nairametrics include;

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READ: Investor moves $133 million worth of Bitcoins, suspected from Coinbase

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What you should know; Nairametrics had in recent times, observed the high movement by these Ethereum whales as these large entities have purchased almost half of all the Ethereum mined so far in 2020

At the time this report was drafted Ethereum traded at $357.11 with a daily trading volume of about $10 Billion. ETH price is up 0.1% in the last 24 hours. It has a circulating supply of 110 Million coins and a max supply of ∞ coins.

READ: Warning signs: Ethereum daily active wallets hit a 67-day low

Whales are basically large entities that own a significant amount of Ethers This means that an Ethereum whale would be a single Ethereum address owning around 1,000 Ethereum or more.

Ethereum is a cryptocurrency designed for decentralized applications and deployment of smart contracts, which are created and operated without any fraud, interruption, control or interference from a third party.

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READ: After 22 years, NBS is set to commence National Business Sample Census

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Quick fact; Ethereum 2.0 is an upgrade that aims to solve the blockchain trilemma – security, scalability, and decentralization.

  • In alternative smart contract platforms, they are designed to be highly scalable but compromises on decentralization.
  • Whereas a highly secured and decentralized blockchain network would have the trade-off being highly unscalable.
  • Ethereum 2.0 brings a very different flavor of design that aims to address those issues by way of using Proof-of-Stake (POS), Beacon Chain, Sharding, and Execution Environment. Due to the complexity of the project, the development will take place in 3 phases

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Dangote Sugar lists additional ordinary shares on NSE

This arose from the Scheme of Merger between Dangote Sugar Refinery Plc and Savannah Sugar Company Limited (SSCL).



Dangote Sugar lists additional ordinary shares on NSE

Dangote Sugar refinery Plc (DSR) a major subsidiary of the Dangote Group, has disclosed that it has listed 146,878,241 additional ordinary shares on the Nigerian Stock Exchange (NSE), as a result of the recent merger with Savannah Sugar Company Limited.

This disclosure signed by Head, Listings Regulation Department, Godstime Iwenekhai, was released during trading hours on Wednesday.

In line with the resolution passed at the Court-Ordered meeting of members of Dangote Sugar Refinery Plc on the 9th of July 2020, the additional shares listed on the Exchange arose from the Scheme of Merger between Dangote Sugar Refinery Plc and Savannah Sugar Company Limited (SSCL).

The additional 146,878,241 ordinary shares of 50 kobo listed are in consideration for the transfer by SSCL of all its assets, liabilities and business undertakings, including real property and intellectual property rights to DSR.

Hence, these shares shall be issued and allotted to the shareholders of SSCL (The Scheme Shareholders), in place of 162,756,968 ordinary shares held by the Scheme Shareholders in SSCL as at close of business on the terminal Date, when Dangote Sugar merged with Savannah Sugar Company Limited.

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(READ MORE:First Bank tops as Nigerian banks record lower E-business income)

With the listing of the additional 146,878,241 ordinary shares, the total issued and fully paid-up shares of Dangote Sugar Refinery Plc has now increased from 12,000,000,000 to 12,146,878,241 ordinary shares of 50 kobo each.

Financial performance of Dangote Sugar Refinery Plc

Results for the first half of 2020 ended June 30, 2020, show revenue increased from N80.363 billion in the corresponding period of 2019 to N103 billion, as the company continue to benefit from border closure.

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However, the profit of the company in H1 2020 was marginally higher than the profit in the corresponding period of 2019, as a result of higher raw material and consumables costs which rose faster than the increase in revenue.

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