The Central Bank of Nigeria has received the total sum of N19.48 billion as relief fund contributed to the account set up under the Private Sector Coalition Against COVID-19. This was disclosed in a statement issued by CBN’s Director, corporate communications, Isaac Okorafor, and seen by Nairametrics.
In the statement, Okorafor explained that 47 donors, which include individuals, banks and other corporates, have redeemed their pledges, while the apex Bank await an outstanding N3.4 billion from four others, as at April 3, 2020.
Some of the donors are CBN, which paid N2 billion; Aliko Dangote, President, Dangote Industries (N2 billion); Abdulsamad Rabiu, Chairman, BUA Sugar Refinery (N1 billion); Segun Agbaje, Group Managing Director, GTBank; Tony Elumelu, Chairman, United Bank of Africa, (N1 billion); Oba Otudeko, Chairman, First Bank of Nigeria, (N1 billion), and Jim Ovia, Chairman, Zenith Bank Plc, (N1 billion).
Others are Herbert Wigwe, Group Managing Director, Access Bank Plc; Femi Otedola, Chairman, Amperion Power Distribution Limited, (N1 billion); Raj Gupta, Chairman, African Steel Mills Nigeria Limited, (N1 billion); Modupe and Folorunsho Alakija of Famfa Oil Limited (N1 billion) and John Coumantatous of Flour Mills of Nigeria Plc (N600 million) among others.
Nairametrics had reported that the CBN plans to raise about N120bn to curb the coronavirus pandemic. CBN Governor, Godwin Emefiele, had said on behalf of the Bankers’ Committee and in partnership with the private sector led by Aliko Dangote Foundation and Access Bank, they had come together to form the Nigerian Private Sector Coalition Against COVID-19.
Okorafor explained that the development was the fulfilment of giving weekly update of the donations. He stated, “The coalition was full of appreciation to the individuals and corporate bodies for hearkening to the call championed by the CBN and the private sector.”
He tasked more Nigerians and corporate bodies to key into the coalition with a view to supporting the fight against the pandemic, stressing that Nigeria could overcome the scourge with all hands on deck.
Neimeth Pharmaceuticals to raise N5 billion in additional equity
The Board of Neimeth is set to raise N5 billion additional equity upon the approval by shareholders of the company at the AGM.
The disclosure is part of the resolutions reached at the Board of Directors meeting of 15th January 2021. At the end of the meeting, it was resolved that the company would raise additional equity to the tune of N5 billion.
In line with this development, a board resolution proposing to raise equity will be presented at the Annual General Meeting of the Company scheduled to hold on 9th March 2021.
What you should know
- The Board of the Company is yet to disclose if the additional equity would be a rights issue or a private placement, as the details of the additional N5 billion equity set to be raised are yet to be finalized.
- The fund will help the company’s management to execute key strategies that will reposition the company as a leader in the healthcare industry, with the hope to deliver better returns on investment to shareholders.
- The additional equity financing will also increase Neimeth’s outstanding shares, which will dilute earnings and impact the Company’s stock value for existing shareholders.
- The move has the potential to trigger a sell-off of the company shares on the Nigerian Stock Exchange.
Cutix Plc forecasts N148 million profit in Q4 2021
Cutix Plc has projected that its revenue will double and profit will increase by 9% to N148 million.
Cutix Plc has projected that in the fourth quarter of its financial year 2021, its revenue will double and profit will increase by 9% to N148 million.
These projections were made by the company in a recent earnings forecast issued by the Management, and signed by the Company’s CEO and CFO.
Key highlights of the earnings forecast for Q4 ended April 30, 2021
- Revenue to increase to N1.66billion, 100% Q-o-Q.
- Cost of Sales to increase to N1.16 billion, 70% Q-o-Q.
- Distribution, Admin & Other expenses to increase to N232.89 million, 14%% Q-o-Q.
- Other Income to remain unchanged at N2.50 million,
- Finance Charges to increase slightly to N47.38 million, 3% Q-o-Q.
- Operating income to increase to N227.83 million, 14% Q-o-Q.
- Taxation is projected at N79.74 million.
- While Profit attributable shareholders is projected at N148.10 million.
The earnings forecast was made on the ground that the Nigerian economy will continue improve, as the country recovers from the impact of COVID-19. In this regard, revenue in the fourth quarter of 2021 will be slightly higher than the revenue projected in the third quarter of 2021.
However, the increase in the cost of sales driven by the input cost will pressure profitability to the tune of N148.10 million, which is 9% higher than the profit after tax made in the corresponding quarter of 2020.
PZ Cussons proposes dividend payout of N397 million to the shareholders
The Board of Directors of PZ Cussons Nigeria Plc has proposed the payment of N397 million to the shareholders of the company.
The Board of Directors of PZ Cussons Nigeria Plc has proposed the payment of N397.047 million to the shareholders of the company who currently hold the 3,970,477,045 fully paid ordinary shares of the company.
This disclosure was made public by the company in a notification issued and signed by the Company Secretary, Jacqueline Ezeokwelume, today the 7 January 2021.
She explained further that if the dividend of ten (10) Kobo per share recommended by Directors is approved by members at the Annual 72nd General Meeting, the dividend payments will be made on Monday, 1 February 2021.
What you should know
- The Register of Members and Transfer Books of the Company will be closed from Monday, 11 January 2021 to Friday, 15 January 2021 (both dates inclusive) for the purpose of preparing an up-to-date Register of Members.
- However, only shareholders whose names appear in the Register of Members and Transfer Books at the close of business on 19th October 2020 will receive the dividend on Monday, 1 February 2021.
What they are saying
Mr. Gbenga Oyebode, MFR, the Chairman of PZ Cussons Nigeria Plc, in his address said:
- “Fellow shareholders, the Board of Directors is recommending to the shareholders at this AGM, a dividend pay-out of N397,047,700 representing 10 Kobo per share (2019: 15 Kobo per share). If approved, the dividend will be paid to shareholders on Monday, 1 February 2021 after deducting the appropriate withholding tax.”