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Business News

Wema Bank Plc announces notice of board meeting, closed period

Wema Bank Plc has announced that its board of directors would meet on Tuesday, May 12, 2020, at 10 am to take decisions on the company’s unaudited Financial Statements

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Wema Bank's 2019 half year financial results, Wema Bank Plc announces notice of board meeting, closed period

Wema Bank Plc has announced that its board of directors would meet on Tuesday, May 12, 2020, at 10 am to take decisions on the company’s unaudited Financial Statements for the period ended March 31, 2020, among other issues.

The company also announced that it would observe its closed period from April 24, 2020, to 24 hours after the release of the company’s 2019 Audited Financial Statements to the floor of the Nigerian Stock Exchange.

This was disclosed in a notification, which was sent to the Exchange. The announcement is in line with Rule 17.18 of Part 2 (Issuer’s Rules) of the NSE’s Rule Book (2015) which states that:

“The period of closure shall be effective from fifteen (15) days prior to the date of any meeting of the Board of Directors proposed to be held to consider any of the matters referred to above or the date of circulation of agenda papers pertaining to any of the matters referred to above, whichever is earlier, up to twenty-four hours after the price-sensitive information is submitted to the Exchange.

“The trading window shall thereafter be opened. Every issuer shall notify the Exchange in advance of the commencement of each closed period.”

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(READ MORE: Wema Bank clears the air on alleged contempt suit)

Why this matters: The closed period will allow the board to consider the company’s unaudited financial statements for the first quarter. Other company issues will also be discussed during the meeting.

What is a closed period? A closed period is a period before the release of a company’s result or financial statement, when those with sensitive information are not allowed to trade on the stock. These individuals may include company directors, audit committee members, persons discharging managerial responsibility, employees and consultants with sensitive information.

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Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Follow Olumide on Twitter @tokunboadesina or email [email protected] He is a Member of the Chartered Financial Analyst Society.

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Appointments

UACN Property Development Company Plc appoints Wole Oshin as Chairman

Mr. Wole Oshin has been announced as the new Chairman of UACN Property Development Company Plc.

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Custodian Investment Plc. announces board meeting and closed period, Custodian Investment Plc. announces board meeting and closed period

Mr. Wole Oshin has been announced as the new Chairman of the Board of Directors of UACN Property Development Company Plc (UPDC).

UPDC Plc has announced the appointment of Mr. Wole Oshin as the new Chairman of the company with immediate effect, following the resignation of the former Chairman, Mr. Babatunde Kasali from the Board.

The appointment was confirmed in a letter by the company dated 27th January 2021, and available on the NSE website – corporate disclosure. The letter was signed by the company’s Secretary/Legal Adviser, Mrs. Folake Kolaro, on behalf of UPDC Plc.

The announcement noted that Mr. Wole Oshin is one of the two Non-Executive Directors appointed on the 4th of January 2021.

What you should know

  • Wole Oshin is the Managing Director of Custodian Investment Plc. Mr. Oshin sits on several Boards including the International Insurance Society [IIS], New York and Nigerian Insurers Association. He is also an Advisory Board Member of the Common Wealth Enterprise and Investment Council (United Kingdom).
  • UPDC is the largest real estate platform listed on The Nigerian Stock Exchange. The Company has been involved in property acquisition, development, sales and management of quality and affordable residential, commercial, and retail properties in Nigeria for over 20 years.
  • In 2020, Custodian Investment PLC acquired 51% of UPDC’s issued share capital from UAC of Nigeria PLC and is now the Company’s largest shareholder.

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Business News

Financial institutions generate N24.77 billion VAT in 2020, up by 44.4% Y-o-Y

Banks and other financial institutions generated on behalf of the government, a total sum of N24.77 billion as VAT in 2020.

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Top banks’ stocks plunge, as bears overwhelms Nigerian tier-2 banks’ rally, Financial Institutions generate N24.77 billion VAT in 2020, up by 44.4% Y-o-Y.

Banks and other financial institutions have generated on behalf of the government, a total sum of N24.77 billion as Value Added Tax (VAT) in 2020, up by 44.4% when compared to N17.15 billion recorded in 2019.

This is according to the Sectoral value-added tax report, recently published by the National Bureau of Statistics (NBS).

On a quarterly basis, financial institutions generated the highest VAT figures of N7.36 billion in Q4 2020, up by 64.77% Year-on-Year. This is sequel to the sums of N5.43 billion (Q1, 2020), N5.11 billion (Q2, 2020), and N6.87 billion (Q3, 2020) generated earlier.

The growth in the generated VAT figures might be attributable to the implementation of the modified VAT structure of 7.5% which became effective on February 1, 2020.

Historical trend

The major highlight of VAT generated by the government from financial institutions and their percentage in relation to the total VAT revenue is succinctly captured below;

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  • In 2015, banks and financial institutions generated on behalf of the government, a total of N23.06 billion as VAT, representing 3.03% of total generated VAT across board.
  • In 2016, it generated a total of N25.05 billion, representing 3.22% of the total generated VAT across board for the period under review.
  • In 2017, a total sum of N20.76 billion VAT revenue was generated by the aforementioned sector, representing about 2.13% of the total VAT for the year.
  • In 2018, a total sum of N18.5 billion was generated by the federal government as VAT from financial institutions, representing about 1.7% of the total VAT for the year.
  • In 2019, banks remitted the total sum of N17.15 billion as VAT, representing about 1.45% of the total VAT generated across all sectors for the year.
  • A total sum of N24.77 billion was generated as VAT from banks and financial institutions, representing about 1.62% of the total VAT generated across all sectors for 2020.

What you should know: Nairametrics had earlier reported that Nigeria generated N1.53 trillion VAT in 2020, up by 29% Y-O-Y.

  • Nairametrics gathered that banks and other financial institutions generated the total sum of N129.29 billion as VAT between 2015 and 2020.
  • Nairametrics also learnt that the sum of N24.77 billion generated by financial institutions as VAT in Q4, 2020 is the highest ever by the financial sector, since 2013.

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Hospitality & Travel

KLM demands rapid antigen tests from Lagos passengers, as Netherland bans flights to UK, others

Passengers are to obtain rapid antigen tests at Murtala Mohammed International Airport before departure via Air France KLM Royal Dutch Airlines.

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KLM, Air France to resume flight operations in Nigeria from December 7

Air France KLM Royal Dutch Airlines has asked passengers departing from Lagos to obtain a rapid antigen test at Murtala Mohammed International Airport before departure from January 26, 2021.

This was disclosed by the Commercial Team Nigeria, Air France KLM Royal Dutch Airlines in its newsletter.

The airlines explained that customers, who are traveling to France as their final destination, now need to show a negative COVID-19 test result before boarding the aircraft and that the test result cannot be older than 72 hours and only PCR or LAMP tests are accepted.

Also, to fight against COVID-19, the Dutch government imposed flight ban to the United Kingdom, South Africa and South America.

It stated, “In addition, a second COVID-19 test will be required (rapid test – antigen) for all customers traveling to The Netherlands, including transfer customers.

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“No passengers will be allowed to board the aircraft without both the negative PCR test (72 hours before departure) and antigen test results (4 hours before departure) and will be rebooked accordingly. For now, all flights to/from U.K will be suspended until 27 January 2021.”

Steps to obtain rapid test

  • Antigen testing for passengers flying to The Netherlands including transfer customers need to be done as of 4
    hours prior to flight departure. In order to undergo the test, each passenger must complete a biodata form
  • The payment for the COVID-19 antigen test needs to be made via cash or card. The venue for sample collection is at the airport close to the check-in desks.
  • Rebook policy for mandatory PCR test: Customers that are not able to provide negative test results on time can take advantage of Air France and KLM PCR-test rebook policy.

What you should know

In December 2020, Nairametrics reported that KLM Royal Dutch Airlines and Air France resumed flight operations to Abuja and Lagos.

The airlines in a statement disclosed that international passengers can now fly Air France and KLM from Nigeria (Abuja and Lagos) to Paris and Amsterdam, with the possibility of further transfers to other European and North Atlantic destinations.

In a piece of travel advice, the airline asked customers to ensure they are well prepared for their trip and check the entry and travel requirements for their destination and transit countries in line with travel restrictions and governmental authorizations before making any travel plans. This is as the entry requirements may change with short notice.

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