Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News

C&I Leasing assures investors of brighter 2020 amid likely financial error

Abiola OdutolabyAbiola Odutola
3 years ago
in Business News, Company News
The NSE’s best performing stock in 2019 was just struggling last year; what changed?, C&I Leasing assures investors of brighter 2020 , SEC extends C&I Leasing N3.2 billion rights issue to Jan. 13
Share on FacebookShare on TwitterShare on Linkedin

After it notified the Nigerian Stock Exchange of a likely financial error in the audited accounts of its Ghana subsidiary, C & I Leasing Plc has assured the investing public of its ability to meet its 2020 profit target.

Incorporated in Ghana, Leasafric is a non-bank institution founded in 1992 to focus on leasing business.

What it means: C & I Leasing owns 71% equity stake in Leasafric and the subsidiary contributes about 10% to the group’s financial performance. It implies the error could affect the figure of the parent company at the end of the financial year-end.

C&I Leasing gets approval to list N539 million worth rights issue 

In its notification to the NSE, the board of directors of Leasafric Ghana was expected to meet today to review the matter and would notify all regulators including the Bank of Ghana and carry out a special investigation into the circumstances surrounding the likely errors in the Audited Accounts

Company Secretary, Mbanugo Udenze & Co, explained that while the exact amount in question would be ascertained by the ongoing investigations, they are of opinion that the write-off of the amount might not have any material impact on the group’s net earnings for 2019.

[READ MORE: C & I Leasing diversifies into offshore asset operation and partners Indian firm]

C & I Leasing said it had begun putting adequate measures in place and strengthening its existing risk control framework to prevent a recurrence.

The firm said, “Nevertheless, we assure all the stakeholders and the investing public that C&I Leasing Plc is resilient and well-diversified to cushion any likely impact of the financial error. 

“It is noteworthy to mention that our detection of this financial error is as a result of the effective implementation of the company’s robust corporate governance framework which is closely monitored by the board and we remain committed to ensuring the continued full and effective implementation of the framework.  

“In spite of the likely impact on our profit target for 2019, we are optimistic that with our exceptional track record in major sectors of the economy, we expect to meet our profit targets for 2020, and beyond. We, therefore, do not envisage that this event will have any material negative impact on C & I Leasing Plc’s on-going rights issue.”  

Related

Tags: C & I Leasing Plcfinancial errorinvestorsLeasafricLeasafric GhanaNigerian Stock Exchange

Leave a Reply Cancel reply

HFM
Mega Millions
Mega Millions
Patricia





NM newsletters

Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

Recent News

  • Veritas Kapital Assurance Gross Premium Hits 77% Growth in Q4 2022
  • Just in: Emefiele insists the CBN is not considering extending deadline for swapping naira notes
  • Traction Launches Business Solution Suite, Grow with Traction To Support MSMEs

Follow us on social media:

Recent News

Veritas Kapital Assurance Gross Premium Hits 77% Growth in Q4 2022

Veritas Kapital Assurance Gross Premium Hits 77% Growth in Q4 2022

February 3, 2023
CBN embarks on unconventional moves to beat January 31 deadline

Just in: Emefiele insists the CBN is not considering extending deadline for swapping naira notes

February 3, 2023
  • Home
  • Exclusives
  • Markets
  • Industries
  • Economy
  • Business News
  • Financial Literacy
  • Lifestyle
  • Opinions

© 2023 Nairametrics

No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds

© 2023 Nairametrics