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Julius Berger announces close period ahead of Q3 2019 results

Julius Berger Nigeria Plc has announced that the company would observe the close period of trading from October 15, 2019.

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Julius Berger declares final dividend for FY 2018

The Board of Directors of Julius Berger Nigeria Plc has announced that the company would observe the close period of trading from October 15, 2019, to October 30, 2019.

The statement, which was disclosed in a notification sent to the Nigerian Stock Exchange (NSE), stated that the Board Audit Committee of the company would hold a meeting on October 29, 2019, to consider financial results for the third quarter (Q3) ended September 30, 2019.

[READ ALSO: Camalaniugan Bridge: Julius Berger to partner Frey-Fil Corporation]

The announcement is in line with rule 17.18 of Part 2 (Issuer’s Rules) of the NSE’s Rule Book (2015) which states that,

The period of closure shall be effective from fifteen (15) days prior to the date of any meeting of the Board of Directors proposed to be held to consider any of the matters referred to above or the date of circulation of agenda papers pertaining to any of the matters referred to above, whichever is earlier, up to twenty-four hours after the price-sensitive information is submitted to the Exchange. The trading window shall thereafter be opened. Every issuer shall notify the Exchange in advance of the commencement of each closed period.”

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Julius Berger tells investors there're no plans for a rights issue at the moment

Why this matters: The close period will allow the board to consider the company’s unaudited financial statements for the third quarter. Other company issues will also be discussed during the meeting of the Board of Directors.

What is a close period? A close period is a period before the release of a company’s result or financial statement when of course, those with sensitive information are not allowed to trade on the stock. These individuals may include company directors, audit committee members, persons discharging managerial responsibility, employees and consultants with sensitive information.

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[READ ALSO: Julius Berger gets new Non-Executive Director]

Insiders at Julius Berger Nigeria Plc have been barred from trading in the company’s shares.

Insiders in Julius Berger under the provisions of the Company and Allied Matters Act Cap C20, LFN, 2004 (CAMA), the rules and regulations of the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange are under restriction not to trade or deal in the equity of the company,” the statement read.

Reincarnated as a lover of stocks, Angel investors, seed funds, and anything aligned to tech or startups raising money, Joseph's work at Nairametrics involves following the money to wherever it leads. Before joining Nairametrics, he won an investigative journalism fellowship with ICIR, appeared in several national dallies, with hard-hitting opinions, features and investigative pieces. He has also engaged in content marketing and copywriting for a top e-commerce firm in Nigeria.

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Coronavirus

COVID-19 Update in Nigeria

On the 24th of November 2020, 168 new confirmed cases and 1 death was recorded in Nigeria

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The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 66,607 confirmed cases.

On the 24th of November 2020, 168 new confirmed cases and 1 death was recorded in Nigeria, having carried out a total daily test of 5,838 samples across the country.

To date, 66,607 cases have been confirmed, 62,311 cases have been discharged and 1,169 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 749,136 tests have been carried out as of November 24th, 2020 compared to 743,298 tests a day earlier.

COVID-19 Case Updates- 24th November 2020,

  • Total Number of Cases – 66,607
  • Total Number Discharged – 62,311
  • Total Deaths – 1,169
  • Total Tests Carried out – 749,136

According to the NCDC, the 168 new cases were reported from 10 states- FCT (61), Lagos (50), Kaduna (27), Oyo (12), Rivers (6), Katsina (5), Ogun (3), Kwara (2), Edo (1), Kano (1).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 23,018, followed by Abuja (6,576), Plateau (3,805), Oyo (3,715), Rivers (2,963), Kaduna (2,940), Edo (2,695), Ogun (2,156), Delta (1,823), Kano (1,777), Ondo (1,727), Enugu (1,332),  Kwara (1,095), Ebonyi (1,055), Katsina (1,012), Osun (945), Gombe (938). Abia (926), Bauchi (753), and Borno (745).

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Imo State has recorded 662  cases, Benue (493), Nasarawa (485), Bayelsa (445),  Ekiti (354), Jigawa (328), Akwa Ibom (319), Niger (296), Anambra (285), Adamawa (261), Sokoto (165), Taraba (157), Yobe (94), Kebbi (93), Cross River (90), Zamfara (79), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

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The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.

READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

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Hospitality & Travel

US imposes $15,000 visa bond on 15 African countries, others

The US has issued a visa rule requiring tourist and business travelers in some countries to pay a bond of up to $15,000 in addition to the visa fees.

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US imposes $15,000 visa bond on 15 African countries, others, Berger Paints' improved margins ride on the back of cost efficiency

The outgoing administration of US President, Donald Trump, on Monday, November 23, 2020, issued a new temporary visa rule that requires tourist and business travelers from 15 African countries and others to pay a bond of up to $15,000 in addition to the visa fees, which ranges from $16 to $300, in order to visit the United States.

According to TheCable, the US State Department said the visa bond pilot programme, expected to take effect from December 24 and end on June 24, 2021, is targeted at countries whose citizens have higher rates of overstaying B-2 visas for tourists and B-1 visas for business travelers.

READ: Update: No one will take our democracy away, not now, not ever- Biden

The Trump administration said the six-month pilot program aims to test the feasibility of collecting such bonds and will serve as a diplomatic deterrence to overstaying the visas. Hence, overstay places significant pressure on Department of Justice and Department of Homeland Security.

The visa bond rule will permit U.S. consular officers to request tourist and business travelers from countries whose nationals had an overstay rate of 10% and above in 2019 to pay a refundable bond of $5,000, $10,000, or $15,000.

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READ: COVID-19: IMF Chief predicts $345 billion financing gap in African countries 

The countries whose tourist and business travelers fall into this category and subjected to the bond requirements are 24 countries, including 15 African countries. While these nations had higher rates of overstays, they sent relatively fewer travelers to the United States.

The countries include Afghanistan, Angola, Bhutan, Burkina Faso, Burma, Burundi, Cape Verde, Chad, the Democratic Republic of the Congo (Kinshasa), Djibouti, Eritrea, the Gambia, Guinea-Bissau, Iran, Laos, Liberia, Libya, Mauritania, Papua New Guinea, Sao Tome and Principe, Sudan, Syria, and Yemen

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READ: Falling Oil prices: Nigeria’s Halloween reality

Nigerian travelers escaped paying the temporary visa rule, as their overall score was below the threshold of 10% and above overstaying rate.

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Economy & Politics

Senate approves issuance of N148bn promissory notes to Bayelsa, 4 others

Promissory notes worth N148,141,969,161.24 has been approved by the Senate as refund to Bayelsa, Cross River, Ondo, Osun and Rivers States

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Senate approves issuance of promissory notes worth N148 billion as a refund to five states

Promissory notes worth N148.141billion have been approved by the Senate as a refund to Bayelsa, Cross River, Ondo, Osun, and Rivers States for projects executed on behalf of the Federal Government.

The approval which was given by the Senate at the plenary on Tuesday, 24th November 2020, came after the presentation of a report by the Committee on Local and Foreign Debts, led by Senator Ordia Clifford (PDP-Edo).

READ: Banks to lose interest on petrol subsidy-induced loans

According to a news report by NAN, this is a go-ahead to the Federal Government, who had sought the approval of the Senate for issuance of promissory notes for a refund on federal projects executed by State governments.

The request was contained in a letter addressed to President of Senate, Dr. Ahmad Lawan by President Muhammadu Buhari, and read at plenary. The Senate referred the matter to the Committee on Local and Foreign Debts for further legislative input.

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(READ MORE: FG inaugurates steering committee on Covid-19 economic recovery)

Senator Ordia Clifford, while presenting the report of the committee, said the Permanent Secretary, Federal Ministry of Finance; Federal Commissioners of Finance and Works in the five states, had briefed the committee on details of the projects.

He said the Committee was presented with documents relating to the approvals of the Federal Government through the Federal Ministry of Works and Housing for the execution of the projects and certificates of completion, amongst other documents.

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READ: Boosting IGR; A necessity for states to avoid total dependence on FAAC allocations

At the plenary today, Senator Ordia moved the motion that the Senate approves the Committee’s recommendations by approving the issuance of the promissory notes to the State governments.

According to him, the amount due to the five states is N148.14billion.

  • Bayelsa was allotted N38.40billion
  • Cross River was allotted N18.39billion
  • Ondo was allotted N7.82billion
  • Osun was allotted N4.57billion
  • Rivers was allotted N78.95billion

What they are saying

The President of the Senate, Ahmad Lawan, disclosed that records showed PDP states had the highest refund, he said: “If you look at the list of states, only two are APC states and they have the least in terms of refund, this is fantastic and a mark of leadership by the Federal Government. This shows tolerance and leadership by this administration.”

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