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Nigerian Stock Exchange ends Friday’s session in the green

The Nigerian Stock Exchange (NSE) ended Friday’s trading session in positive territory. The All-Share Index closed at 27,525.57 basis points, up 0.37%.

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Nigerian Stock Exchange, Nigerian Stocks

The Nigerian Stock Exchange (NSE) ended Friday’s trading session in positive territory. The All-Share Index closed at 27,525.81 basis points, up 0.37%. Year to date, the index is down by 12.42%.

Top Gainers

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UAC Nigeria Plc was the best-performing stock today. The stock gained 9.98% to close at N5. Sterling Bank Plc gained 9.17% to close at N2.50. Stanbic IBTC Holdings Plc gained 8.57% to close at N38. Unity Bank Plc also gained 7.69% to close at N0.70. Cement Company Northern Nigeria Plc rounded off the top five gainers for today. The stock gained 5.67% to close at N15.85.

Top Losers

On the flip side, GlaxoSmithKline Consumer Nigeria Plc was the worst-performing stock, declining by 9.43% to close at N7.20. Royal Exchange Plc fell by 9.09% to close at N0.20. Continental Reinsurance Plc fell by 7.64% to close at N1.45. Chams Plc fell by 7.14% to close at N0.26. FCMB Plc also rounded off the top five losers for the day. The stock shed 6.63% to close at N1.55.

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Top Trades by Volume

Access Bank Plc was the most actively-traded stock today. 22.8 million shares valued at N148.8 million were traded in 153 deals. Fidelity Bank Plc was next with 11.3 million shares valued at N18.9 million traded in 125 deals, followed by Guaranty Trust Bank Plc with 11.1 million shares valued at N302.6 million traded in 250 deals.

[READ ALSO: Fidelity Bank to become Tier-1 bank, as digitisation affects brick expansion]

Zenith Bank Plc was next with 9.2 million shares valued at N161 million traded in 309 deals. United Bank of Africa Plc rounded off the top five most actively traded stocks today with 7.7 million shares valued at N45.8 million traded in 177 deals.

Corporate Actions

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Fidelity Bank Plc has released its financial statements for the period ended June 30, 2019.

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Gross Earnings increased from N92.2 billion in 2018 to N103.6 billion in 2019.

Profit before Tax increased from N13 billion in 2018 to N15 billion in 2019.

Profit after Tax also increased from N11.8 billion in 2018 to N13.6 billion in 2019.

 

Cutix Plc has also released its financial statements for the period ended July 31, 2019.

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Revenue dipped from N1.3 billion in 2018 to N1.27 billion in 2019.

Profit before Tax decreased from N171 million in 2018 to N145 million in 2019.

Profit after Tax also decreased from N111.6 million in 2018 to N94.4 million in 2019.

 

Forte Oil Plc notified the general public that the proposed offer by Ignite Investment and Commodities Limited to other shareholders of Forte Oil is still under review by the relevant regulators and has not been formally launched.

 

United Bank of Africa Plc has declared a dividend of 20 kobo for every ordinary share of 50 kobo share for the period ended June 30, 2019, subject to withholding tax and shareholders’ approval.

The qualification date is September 12, 2019.

The Register of Shareholders will be closed from September 13, 2019.

[READ ALSO: Can Berger Paints increase market dominance by reducing prices?]

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FG seizes Dan Etete’s luxury private jet linked to Malabu oil deal

Dan Etete is alleged to have paid a total of $57 million for the jet in 2011, which was part of the spending spree that the former petroleum minister was alleged to have embarked on after allegedly receiving $336 million from the OPL 245 deal. 

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The Federal Government has tracked down and grounded a luxury private jet which is owned by the country’s former Petroleum Minister, Dan Etete, over his alleged involvement in the $1.1 billion Malabu oil scam. The luxury private jet was alleged to have been purchased with proceeds from that oil deal. 

This seizure was confirmed to Finance Uncovered by the legal counsel to Nigeria, Babatunde Olabode Johnson, who was appointed by the Nigerian government in 2016 to recover assets from the OPL 245 deal. 

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Johnson said that the order was served on the jet’s owner, a company called Tibit Ltd, which has until Tuesday next week (June 9) to file court papers opposing the seizure. Tibit is an anonymously owned company incorporated in the British Virgin Island. 

The asset recovery lawyers acting on behalf of the Nigerian government swooped last week, after the Bombardier 6000 jet, tail number M-MYNA, touched down at Montreal Trudeau International Airport in Canada on Friday May 29. 

A Quebec judge is understood to have granted a seizure order for the aircraft in the early hours of Saturday morning. 

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Giuseppina Russa, who was named on the Montreal court order, is Tibit’s sole director according to records of the British Virgin Island firm. 

Dan Etete is alleged to have paid a total of $57 million for the jet in 2011, which was part of the spending spree that the former petroleum minister was alleged to have embarked on after allegedly receiving $336 million from the OPL 245 deal. 

Etete, during his days as the petroleum minister, awarded the prospecting rights to the huge OPL 245 block to Malabu Oil and Gas, a company he secretly controlled. After the death of the then head of state, Sani Abacha, he retained the rights to the oil block as a private citizen until he offloaded them to oil giants, Shell and Eni in 2011, who both paid $1.3 billion to the Nigerian government. 

The entire OPL 245 deal is now subject to a corruption trial in an Italian court, where Etete is an accused, together with alleged middlemen and some top executives from Shell and Eni. All parties in the Milan trial have denied the charges against them. 

The Nigerian government has also charged Etete and several others linked to Malabu with money laundering in connection with the onward flow of funds from the OPL 245 deal. However, they have denied any wrongdoing, dismissing the allegations as political propaganda. 

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It was uncovered that Johnson had made a deal with an American litigation funder, Drumcliffe Partners, to help fund the recovery of OPL 245 assets. They are to receive 5% of any funds successfully recovered and returned to Nigeria.   

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Ecobank Transnational to hold AGM by proxies on June 30th

Due to the ravaging Coronavirus pandemic, ETI said the AGM will be held by proxies.

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Ecobank Transnational Incorporated (ETI) has announced the date and venue of its 32nd Annual General Meeting (AGM). According to a disclosure that was sent to the Nigerian Stock Exchange, the company’s AGM and an Extraordinary Meeting are scheduled to hold on June 30th, 2020, at Eko Hotels and Suites in Victoria Island, Lagos.

Due to the ravaging Coronavirus pandemic, ETI said the AGM will be held by proxies. The proxy AGM is expected to enable the Pan-African financial institution to abide by the directives issued by governments and agencies regarding COVID-19 and how to contain its spread.

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“As a responsible corporate citizen, ETI intends to strictly comply with this restriction in addition to other applicable health and safety measures. Accordingly, attendance at this year’s General Meetings shall be mainly by proxies in accordance with the Articles of Association of the Company and applicable law,” a statement by the company said.

To this end, shareholders have been advised to select any of the company’s top executives (including the Chairman, Emmanuel Ikazoboh, and the MD of Ecobank Nigeria, Patrick Akinwuntan) to represent and vote on their behalf during the AGM. Proxy forms may be downloaded from the company’s website, filled, and submitted in advance.

READ ALSO: NSE commemorates FBNQuest Merchant Bank’s N5 billion Bond Listing with Digital Closing Gong Ceremony

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Meanwhile, the issues that are up for discussion during the AGM and the Extra Ordinary meeting are enumerated below.

Annual General Meeting

1. Approval of the accounts
2. Appropriation of the Profits
3. Election of Directors
4. Ratification of the co-option of directors
5. Renewal of the appointment of the joint auditors
6. Approval of the Final Board Fees for Retiring Directors

Extraordinary General Meeting

1. Withdrawal of resolution on consolidation of shares
2. Amendment of the Articles

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Note that in Q1 2020, ETI reported profited after-tax from continuing operation of N66.4 billion, marking a 19% decline when compared to N81.9 billion during the comparable period in 2019.

ETI’s share price on the Nigerian Stock Exchange closed Friday’s trading session at N5.55. The company has a market capitalisation of about N137.3 billion according to information obtained from Bloomberg.

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NNPC explains measures to cut cost of crude oil production

Ewubare stated that NNPC was looking very closely at such variables as logistics, security, and transportation with a view to reducing the cost of production to $10 per barrel or below. 

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The Nigerian National Petroleum Corporation (NNPC) has said that it is taking some measures to bring down the cost of crude oil production to $10 per barrel or below. 

According to a press statement that was signed by NNPC’s Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, this was disclosed by the Corporation’s Chief Operating Officer (COO), Ventures and Business Development, Mr. Roland Ewubare, on a Channels TV breakfast programme on Friday, June 5, 2020. 

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Ewubare pointed out that the peculiarity of the terrain was an important factor in determining cost, with such issues as pipeline vandalism, crude oil theft, and some others being critical factors that are peculiar to the Nigerian terrain and would definitely drive up crude oil production cost in the country. 

READ ALSO: NNPC unveils COVID-19 contacts tracing app, marketers to buy petroleum products online

He, however, stated that NNPC was looking very closely at such variables as logistics, security, and transportation with a view to reducing cost of production to $10 per barrel or below. 

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He disclosed that much had been done over the years in the area of reducing contracting cycle which used to be a major factor responsible for high cost of production, stressing that the National Petroleum Investment Management Services (NAPIMS) achieved a six-month contracting cycle under him as Group General Manager. 

Mr. Ewubare denied reports that Nigeria is part of OPEC+ member countries that did not comply with the output cut that was agreed by the alliance 

Mr. Ewubare explained that though Nigeria’s total production capacity was 2.3million barrels per day, it was currently producing only about 1.4million barrels per day in compliance with the OPEC+ production quota, stressing that what makes up the little extra over the 1.4mbpd figure being bandied around for Nigeria was condensate which is usually not computed as part of production in OPEC quota.  

READ MORE: NNPC seeks Russian firms’ partnership to revamp oil refineries  

While making some clarification, Ewubare said, There’s some confusion in the market around the parameters for the production cuts. Nigeria has a full production capacity of about 2.3mbpd. We are currently producing between 1.6 and 1.7mbpd. Our OPEC quota as a result of the cuts is about 1.4mbpd. You and I know that condensate is not included in the computation of the cut numbers. So what we have is 1.4mbpd of crude oil. The little you see above 1.4mbpd is made up of condensate which does not count as part of the basis for assessing our OPEC quota”. 

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NNPC Group Managing Director, Mallam Mele Kyari, in a recent interview, advanced a similar position where he stressed that NNPC was working assiduously to bring down the cost of crude oil production to not more than $10 per barrel by 2021.  

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