Business News
FCMB Group “defies” Coronavirus pandemic, goes ahead with AGM by proxy
FCMB Group Plc said it will go ahead with its already scheduled Annual General Meeting (AGM), albeit by proxy.
FCMB Group Plc said it will go ahead with its already scheduled Annual General Meeting (AGM), albeit by proxy. This is the second company to follow this route after Guaranty Trust Bank Plc resorted to a proxy AGM in late March.
In a public disclosure that was sent to the Nigerian Stock Exchange, yesterday, FCMB Group explained its decision. According to the company, a proxy AGM became necessary due to the Coronavirus pandemic, and the ongoing efforts to contain its spread through social distancing and lockdowns.
The statement further noted that the company’s decision was informed by the important corporate actions that are “predicated on the AGM”.
In other words, FCMB Group has some important and urgent resolutions that must be made by shareholders during the AGM, including the approval of the company’s audited financial statement and the resolution to pay dividends to shareholders.
[READ FURTHER: FCMB appoints Deloitte as new auditors following expiration of KPMG’s tenure)
The AGM will hold on the 28th of April, 2020, as previously scheduled, following approval by the Corporate Affairs Commission (CAC). Part of the statement by the company said:
“We are also mindful of the legal framework and corporate actions predicated on the AGM, such as payment of dividend to shareholders, approval of audited accounts and filing of the Company’s annual returns, ratification of the retirement of and appointment of Directors as well as the appointment of new Auditors in line with the Central Bank of Nigeria requirements.
“Therefore, towards ensuring that these actions do not remain stalled as would be the case if the AGM is postponed or cancelled, we engaged the Corporate Affairs Commission (CAC) and have obtained their approval to hold the AGM WITH ATTENDANCE BY PROXIES.”
Recall that GTBank had gone ahead with a proxy AGM due to the similar reasons that FCMB Group Plc highlighted above.
FCMB Group Plc’s stock started today’s trading on the Nigerian Stock Exchange with a share price of N1.45.
Hospitality & Travel
Just-in: Air Peace to recall some sacked pilots after Minister’s intervention
Air Peace had trained over 80 pilots, giving its staff the best remuneration package.
Air Peace would soon recall some of the pilots that were sacked recently. This coming after the Minister of Aviation, Hadi Sirika had intervened.
This was disclosed by the Ministry of Aviation via its Twitter handle on Tuesday.
The recall was the fall-out of an intervention meeting called by the Minister between the airline management and the leadership of the National Association of Airline Pilots and Engineers (NAAPE) held in his office on Tuesday.
Back story: Nairametrics reported as Nigerians woke up to the news that Air Peace had sacked about 70 pilots under its employment across its fleet and also reduced staff salaries by 40%. The airline said the exercise was due to the devastating impact of the Coronavirus pandemic on its business.
It added that the move was made to protect the majority of the existing jobs and the possibility of creating new ones in the future, as well as ensuring the survival of the airline.
In the verbal agreement, Chairman, Air Peace, Chief Allen Onyema acceded to the Minister’s appeal for the recall of the maximum number of pilots that the airline can accommodate without going under.
Chairman, NAAPE, Galadima Abednego explained that as a union it was a painful thing to see a large number of their members thrown into the labour market, and further appealed to employers of labour to see the union members as partners, and not adversaries.
On his own, Onyema expressed his sadness and disappointment over what he called the ingratitude of some of the airline’s pilots after everything is done to make them comfortable on their jobs.
He recalled how Air Peace had trained over 80 pilots and an equal number of aircraft engineers, giving its staff the best remuneration package within the sector only for them to disappoint at a time their understanding was needed.
He however commended Senator Hadi Sirika for providing the required leadership to the industry and promised his full cooperation in ensuring the growth of the aviation sector in Nigeria.
The Aviation Minister called for the understanding of everyone, especially the Labour unions, of the prevailing situation in the aviation industry, saying it was not the time for unnecessary upheavals.
AIR PEACE TO RECALL SOME SACKED PILOTS, AS SIRIKA INTERVENES
Respite has come the way of some of the pilots recently sacked by the management of Air Peace, as many of them would soon be recalled to their jobs.
— Federal Ministry of Aviation, Nigeria (@fmaviationng) August 11, 2020
He commended Chief Onyema for his enormous contributions in developing the industry, but appealed to him to recall the maximum number of the sacked pilots that the airline can comfortably accommodate in the prevailing circumstances to which airline operator agreed.
Coronavirus
WHO gives condition for approving Russia’s COVID-19 vaccine as the vaccine gets a name
Russia has named its first approved COVID-19 vaccine, Sputnik V for the foreign markets.
The World Health Organization (WHO) said that any form of approval of prequalification of the Russian vaccine will require rigorous review and assessment of all required safety and efficacy data.
This disclosure was made by the spokesman of the WHO, Tarik Jasarevic, during a United Nations briefing in Geneva about clinical trials.
He said that the UN health agency and the Russian health authorities are currently discussing the process for possible WHO prequalification for its newly approved COVID-19 vaccine.
Tarik Jasarevic, during the UN briefing in Geneva said, “We are in close contact with Russian health authorities and discussions are ongoing with respect to possible WHO prequalification of the vaccine, but again prequalification of any vaccine includes the rigorous review and assessment of all required safety and efficacy data.”
Meanwhile, in a related development, Russia has named its first approved COVID-19 vaccine Sputnik V and it is available for foreign markets. The name references the world’s first satellite, which marked a symbolic accomplishment for the USSR during the cold war and space race era. Now, the Russian Government basks in its success at becoming the first country to approve a vaccine for COVID-19.
The head of Russia’s Direct Investment Fund (RDIF) pointed out that Russia had already received requests from more than 20 countries for 1 billion doses of its newly registered COVID-19 vaccine.
Nairametrics had earlier reported today the announcement of the registration of the first COVID-19 vaccine in what could be described as a step ahead of other vaccine developments. The Russian President, Vladimir Putin, who made the disclosure during a televised government meeting, said that Russia had become the first country in the world to grant regulatory approval to a COVID-19 vaccine after less than 2 months of human testing.
However, the speed at which Russia is moving to roll out the vaccine has prompted some western countries and international scientists to question whether the Russian government is putting national prestige ahead of solid science and safety.
Business
Nigeria signs African Trade Insurance Agency agreement
The African Trade Insurance Agency was launched to provide risk solutions for investors.
President Muhammadu Buhari has signed the instrument of accession agreement for Nigeria for the establishment of the African Trade Insurance Agency. This was announced by the Federal Government on Monday night.
READ ALSO: Kenyan Candidate emerges as strong contender to Iweala for WTO
President @MBuhari has signed the instrument of accession of the agreement for the establishment of the African Trade Insurance Agency; sequel to the directive of the Federal Executive Council (FEC), that the instrument be prepared and forwarded for execution.
— Presidency Nigeria (@NGRPresident) August 10, 2020
READ MORE: Brent crude records minor gain as growing concerns over COVID-19 limit upside
The agreement is coming after the Federal Executive Council ordered that an instrument be prepared and forwarded for execution.
The African Trade Insurance Agency was launched in 2001, to provide risk solutions for investors, after the East African economic Union (COMESA) executed a World bank funded study to discover why Africa does not attract more Foreign Direct Investments.
READ ALSO: GEEP provides COVID-19 palliative microloans to 87,614 traders
The organization said it added credit insurance to its portfolio in 2006 after its members identified global trade as a major pillar of growth in the continent which has seen it grow as a market leader for risk mitigation in Africa. The ATI also attracts funding from the African Development Bank and World Bank
Nigeria joining the agreement would provide Nigeria with the necessary insurance financing to increase investment inflows into the country and improve economic productivity.
Just-in: Air Peace to recall some sacked pilots after Minister’s intervention
DANGOTE CEMENT, GUINNESS drops lower, as investors lose N75.07 billion
WHO gives condition for approving Russia’s COVID-19 vaccine as the vaccine gets a name
A new MSME Academy is now available for all Africa’s Micro, Small and Medium Enterprises in Nigeria
Gold price loses $80 following Russia’s COVID-19 vaccine approval
COVID-19 Update in Nigeria
3 major ways COVID-19 will affect Banks’ 2020 profits
Exchange rate stabilizes at the black market as dollar supply hits record low
Total Nigeria caught in the oil demand and lockdown saga
DMO offers N150 billion worth of FGN Bonds for subscription
