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Corporate Actions: Julius Berger announces closed period, as Nigerian Breweries readies for AGM

In a public disclosure that was sent to the NSE yesterday, Julius Berger Nigeria Plc said its closed period would commence from today.

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Julius Berger announces board appointments, Corporate Actions: Julius Berger announces closed period as Nigerian Breweries readies for AGM, Julius Berger Nigeria Plc announces N2 dividend to shareholders and bonus shares

In a public disclosure that was sent to the Nigerian Stock Exchange yesterday, Julius Berger Nigeria Plc said its closed period would commence from today, ahead of the company’s plan to release its audited 2019 financial statement.

The closed period is in line with the listing rules of the NSE, as well as provisions by the Securities and Exchange Communication and the Company and Allied Matters Act.

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Corporate Actions: Julius Berger announces closed period as Nigerian Breweries readies for AGM

Note that the closed period is expected to last until twenty-four hours after the company’s audited 2019  financial statement is released to the public. During the duration period, anyone with insider knowledge about the company and all its subsidiaries, are prohibited from trading in the company’s stock.

The stock opened trading today on the NSE at N22.40.

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In the meantime, Julius Berger’s audit committee members are scheduled to meet between March 10th and 11th to approve the audited 2019 financial statement.

Corruption, Vervelde, Nigerian Breweries, Nigerian Breweries mentioned in corruption case, company reacts , Nigerian Breweries Plc announces dividend payout for 2019 

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[READ MORE: Seplat Petroleum announces closed period, as directors meet on March 19th)

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Meanwhile, in a related development, Nigerian Breweries Plc earlier today announced the 22nd of April, 2020 as the date for its 74th annual general meeting (AGM).

The AGM, which will hold in Lagos at Shell Nigeria Hall, Muson Centre, will be used to deliberate on a number of important issues, including deliberations on the company’s audited financial statement for the year 2019, as well as the proposed dividend payment. The company’s shareholders shall also be deliberating on some special business.

A statement from the company disclosed that the shareholders shall also be considering whether or not to pass a resolution which said:

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“That the general mandate given to the company to enter into recurrent transactions with related parties for the company’s day-to-day operations, including amongst others the procurement of goods and services, on normal commercial terms be and is hereby renewed.” 

Analysis: Sterling Bank, where are the returns? 

Abubakar Suleiman, CEO, Sterling Bank

Still on financial statements, Sterling Bank also announced yesterday, through a public disclosure to the NSE, that its board of directors recently met to approve the company’s audited financial statement. Details of the audited result will be communicated to the public as soon as the Central Bank of Nigeria is done reviewing it, the company said.

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READ ALSO: Sterling Bank dedicates 10% loan portfolio to supporting agriculture

The board of Ardova Plc (formerly Forte Oil Plc) also met and approved the company’s audited 2019 financial statement. The document will be filed with the NSE latest by Friday, February 28th, 2019.

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Patricia

Emmanuel covers the financial services sector for Nairametrics. Do you have a scoop for him? Well then, contact him via his email- [email protected]

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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

Update: 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.

The latest development is coming a day after he was invited to face the Rtd Justice Ayo Salami led probe panel, to various allegations that had been levelled against him, which borders on misconduct and financial irregularities.

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Meanwhile, the Presidency in reaction to the probe of Magu, declared that it shows that nobody under the administration of President Muhammadu Buhari is above scrutiny. A monitored report suggests that the investigation of the EFCC boss was to reinforce that this administration’s commitment to transparency and accountability, adding that the holder of such office must be above suspicion.

A monitored report states that the interrogation of Magu is to give him the opportunity to clear himself of the weighty allegations against him.

The Department of State Services (DSS), yesterday stated that contrary to claims in the media that the EFCC boss had been arrested, he was only invited by a presidential panel that was set up to review the activities of the EFCC.

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According to the DSS, he was served the invitation to the panel, while on his way to the Force Headquarters, Abuja for a meeting, so he was neither arrested nor forced to honour the invitation.

The acting Chairman of EFCC appeared before the panel probing allegations of gross misconduct against him on Monday, July 6, 2020.

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