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COVID-19: Companies issue stay away order from some of Nigeria’s biggest hospitals

At least two of Nigeria’s biggest companies have advised their staff members to avoid certain private hospitals in Lagos which are believed to have been contaminated by the Coronavirus.

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Coronavirus, COVID: U.S. records 4,000 COVID-related deaths in a day for the first time

At least two of Nigeria’s biggest companies have advised their staff members to avoid certain private hospitals in Lagos, which are believed to have been contaminated by the Coronavirus. This comes as some private hospitals in the city have temporarily suspended their operations due to fear of contaminations.

What we know: In an internal memo that was sent out to all staff by the head of human capital of a tier-1 bank, staff members were advised to immediately contact the hotlines of the Nigerian Centre for Disease Control (NCDC) if they have recently visited any of the hospitals or been in contact with people who have.

In a similar internal memo that was seen by Nairametrics, the head of human capital of a top oil company advised staff members to use alternative hospitals available under their HMO plan, in order to avoid the “contaminated” hospitals.

A health scare: On Monday, April 20th, 2020, Vevic Lifecare Hospital in Lekki, Lagos, informed the public that its management has decided to suspend operations for approximately ten days. According to a statement that was made available by the hospital, the decision became necessary after a Covid-19 patient was inadvertently admitted at the facility, even as two hospital staff members ended up contracting the deadly virus.

In view of this, the hospital was closed so it can undergo a full decontamination exercise. In the meantime, the infected hospital staff members were handed over to the NCDC for proper monitoring and treatment.

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Saint Nicholas Hospital also released a statement, yesterday, informing the general public that it has decided to temporarily suspend operations for two weeks. Again, the move became necessary after it was discovered that the hospital had been exposed to the contagious virus.

At least, six other hospitals in Lagos are believed to have made a similar decision to suspend operations in the meantime. There are strong indications that more hospitals might do so in the coming days.

The backstory: Recall that the Nigerian Centre for Disease Control had strongly advised against the treatment of Coronavirus in private hospitals. Hospitals are required to refer any patient displaying symptoms of the virus to the NCDC.

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In the meantime, the NCDC and other affiliate agencies have been battling to contain the spread of the deadly virus. As you may well know, the Presidency also recently extended its lockdown directives for Abuja, Lagos, and Ogun states by two more weeks. But the Coronavirus cases in Nigeria keep rising. So far, a total of 665 cases have been confirmed, with 188 recoveries and 22 fatalities.

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One of those who have died of the virus is Abba Kyari, the former Chief of Staff to President Muhammadu Buhari. As Nairametrics reported, Kyari died over the weekend at a Lagos private hospital called First Cardiology Consultants. His death happened weeks after he contracted the highly-contagious virus, following official visits to some parts of Europe.

Meanwhile, the government is ramping up efforts at wide-spread testing and contact-tracing. Thanks to the generous donations by the country’s private through the Private sector-led Coalition Against COVID-19 (CACOVID), more testing kits are now expected in the country soon. A statement by CACOVID, as reported by Nairametrics, noted that a total of 400,000 COVID-19 test kits have been ordered.

Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs.He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor.Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan.If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.

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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 disclosed that the company is set to raise N5 billion in additional equity upon approval by shareholders of the company.

This information was made public knowledge in a notification issued by the Company Secretary, Mrs. Florence Onyenekwe, and published on the website of the Nigerian Stock Exchange.

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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