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Companies make last-minute preparations to release 2018 results

Some companies on the Nigerian Stock Exchange are now making last-minute preparations ahead of the release of their 2018 financial results.

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Corporate Actions

Some listed companies on the Nigerian Stock Exchange are now making last-minute preparations ahead of the release of their financial results for the 2018 fiscal year.

Berger Paints Plc and UACN Property Development Company Plc, yesterday, issued statements informing the Nigerian Stock Exchange and the investing public that their boards would soon meet to consider their 2018 results.

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According to the statement by Berger Paints Plc, the company’s board members will meet on March 19, 2019, to review the company’s audited result, as well as consider issues relating to their dividend declaration.

In the meantime, the company has commenced a Closed Period for trading in its shares by its Advisers, directors, employees, and anyone with insider information. The Closed Period would last until twenty-four hours after the 2018 financial statement is publicly-disclosed.

In the same vein, UACN Property Development Company Plc said its board of directors already met on March 4, 2019, for the same purpose of considering the 2018 full year result.

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The company also announced a Closed Period in trading in its shares which would last until 24 hours after the audited result is filed.

In a related development, the management of African Alliance Insurance Plc announced that the Nigerian Stock Exchange has granted it permission for an extension of the submission dates for its full-year 2018 results as well as that of Q1 2019.

Cadbury Nigeria Plc reminded stakeholders that its Closed Period is still ongoing, until March 21st, 2019 after the expected result must have been released. The company also advised any stakeholder with insider information about the company’s affairs to ensure to abide by the Close Period.

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Finally, NPF Microfinance Bank Plc informed their NSE and the investing public about their inability to meet up with the deadline for the submission of the company’s audited financial statement.

According to the company, the delay is as a result of the challenges associated with the newly acquired core Banking Software (T24) test run under the National Association of Microfinance Banks Unified Integration Platform (NAMBUTT) project of the Central Bank of Nigeria.

Many companies are expected to disclose their full-year 2018 financial statements before the end of this month. And based on available information, some companies will report losses.

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Coronavirus

Novavax secures $1.6 billion funding for COVID-19 vaccine production

The fund is expected to help Novavax start a final-stage study of its vaccine candidate.

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Novavax secures $1.6 billion funding for covid-19 vaccine production

An American Vaccine Development Firm, Novavax Inc, one of the front runners in the race to develop a vaccine for COVID-19 treatment, will receive $1.6 billion funding from the United State government to support large scale manufacturing of coronavirus vaccine.

This represents the biggest contribution to the ‘Operations Warp Speed Program’, a public-private partnership initiative by the US government, to facilitate and accelerate the development, manufacturing and distribution of COVID-19 vaccines, therapeutics and diagnostics.

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Novavax in a statement said that the funds will allow the biotech firm to conduct advanced human studies and engage in manufacturing to deliver 100 million doses as soon as late 2020.

Novavax is among the companies trying to develop a vaccine against the novel coronavirus that has developed into a pandemic and spreading rapidly in countries like US, India and Mexico. The Operation Warp Speed Program has supported efforts of firms like Pfizer Inc, Johnson & Johnson, Moderna Inc, AstraZeneca Plc and Merck & Co, to get doses of the vaccine as early as possible.

READ MORE: New Covid-19 Cases reach all-time high – WHO

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The fund is expected to help Novavax start a final-stage study of its vaccine candidate before the winter period, with as many as 30,000 people.

Novavax, had earlier secured as much as $388 million in May from the coalition for Epidemic Preparedness Innovations, the single largest contributions from the organization at that time. The biotech company’s vaccine candidate is to provoke the production of antibodies that prevent the spike protein which the coronavirus uses to infect host cells.

According to the World Health Organization (WHO), drug manufacturing firms and university researchers are investigating more than 140 experimental vaccines. Moderna, Pfizer and the University of Oxford, in collaboration with AstraZeneca, are among the companies and institutions that have started studies of their vaccines in healthy patients.

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Hospitality & Travel

Lagos Ferry Company targets 480,000 commuting passengers daily – MD

The administration is seeking ways to decongest the heavy Lagos traffic and using inland water transport.

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The Managing Director of the Lagos Ferry Services Company (LAGFERRY) Mr AbdoulBaq Balogun says the company has a target of transporting 480,000 people daily on the waterways of Lagos State.

He made the comment in an online show called ”Covinspiration”.

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He said, “As at June 30, we had operated for 77 days on inland waterways and moved 60,000 passengers”. Revealing that the company had 14 boats and was making efforts to expand operations with bigger ferries with the involvement of private investors.

Adding that the administration is seeking ways to decongest the heavy Lagos traffic and tapping into the potential of inland water transport.

“With about 1.6 million people moving on Lagos roads every day, we are being tasked with the responsibility of ensuring that we move at least 30 percent of these motorists off the roads through the waterways. 

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“That gives us about 480,000 passengers. So, moving 480,000 passengers is our daily target on the waterways of Lagos State.

“Mr Governor is focusing his energy on ensuring a multi-modal transport system with the abundance of water bodies we have. We are moving people and goods on pleasant experience through the inland waterways,” he said.

READ MORE: FG to shut Third Mainland Bridge for 6 months

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He said the company operates in all the 40 inland waterway routes, and expanded operations will decongest traffic from in the on Lekki Epe Expressway, Ikorodu road,  the Third Mainland Bridge and Lagos-Badagry Expressway

The managing director said that traffic congestion on Lekki Epe Expressway, Ikorodu road, the Third Mainland Bridge, Lagos-Badagry Expressway would be minimized with LAGFERRY operations in those six routes.

“We are just coming on board, we are still testing the water, passengers are just coming to know us and we are still creating awareness. 

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“We have not reached our peak and we are yet to get to the optimum operational level. We want to expand the services of LAGFERRY to other routes and enhance productivity,” he said.

 

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Economy & Politics

Just in: Buhari suspends EFCC boss, Ibrahim Magu from office

The suspension follows the investigation of allegations of gross misconduct against him on Monday.

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EFCC to help AMCON recover bad debts

President Muhammadu Buhari has approved the suspension of the acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, from office. The suspension follows the investigation of allegations of gross misconduct against him on Monday.

According to available information, Magu was suspended to allow for probe into allegations against him.

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READ MORE: NNPC denies allegation of under payment to Federation Accounts

The EFCC boss appeared before a presidential probe panel headed by retired Justice Ayo Salami, who is investigating the allegations against him.

Details later…

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Patricia
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