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Dangote, Otedola, Elumelu, Ovia, others donate N19.48 billion to COVID-19 relief fund

Dangote, CBN, Otedola, Elumelu, Ovia, Rabiu donated the total sum of N19.48 billion as relief fund contributed to the account set up under the Private Sector Coalition Against COVID-19

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Nigerian billionaires and what happened to them in 2019

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.

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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.

See full list of donors here

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Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper.The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference.The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

2 Comments

2 Comments

  1. Nwaizu Ikechukwu

    April 4, 2020 at 5:27 pm

    Chip on the way. Chicken change is it.

  2. Emenike Christian

    April 5, 2020 at 6:00 pm

    People all over the country denoted money to Nigeria’s citizens but still today we have not seen any kobo from them. I am from abia state and I stay in port Harcourt rivers state, pls we can’t eat food there is no food things are hard pls we need help

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Companies

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.

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Neimeth Pharmaceuticals
The Board of Directors of Neimeth Pharmaceuticals has revealed plans to raise N5 billion in additional equity upon approval by shareholders of the company.
The information was contained in a press release published on the NSE and signed by the Company Secretary, Mrs. Florence Onhenekwe.

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.

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Companies

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.

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Cutix Plc, dividend

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.

READ: Vitafoam shares gain 9.6%, as company reports N4.11 billion as profit in 2020

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.

READ: Royal Exchange Plc forecasts N500.83 million PAT in Q1 2021

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Bottom line

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.

READ: Okomu Oil Plc records 27.01% decline in 2020 Q3 revenues

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.

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Companies

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.

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PZ Cussons Plc, PZ Cussons Nigeria Plc

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.”

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