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Okomu Oil Palm Company Plc. announces AGM and dividend payment of N2.00 per share 

Okomu Oil Palm Company Plc. has announced today that its Board of Directors will be meeting on Thursday, 28th May 2020

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Okomu Oil Palm Company Plc. announces AGM and dividend payment of N2.00 per share , Presco reports N5 billion profits in 9M 2020, up by 56.4% from last year

Okomu Oil Palm Company Plc announced today that its Board of Directors will be meeting on Thursday, May 28, 2020 to take decisions on the company’s audited financial statements for the period that ended December 31, 2019, and other pressing matters.

The company has proposed a final dividend of N2 per 50 kobo share, subject to shareholders’ approval and proper withholding tax. Dividends will only be paid to shareholders whose names appear in the Register of Members as at the close of business on May 29, 2020.

Closure of register: Note that Okomu Oil Palm Company Plc’s register of shareholders will be closed from Tuesday, May 19 to Friday, May 22, 2020, for the purpose of dividend payments.

Dividend qualification date is Monday, May 18, 2020.

Date of payment: On Friday May 29, 2020, dividends will be paid electronically to shareholders whose names appear on the Register of Members as at May 18, 2020, and who have completed e-dividend registration. Shareholders should also ensure to mandate the Registrars to pay their dividends directly into their bank accounts.

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(READ MORE: Okomu, UACN, Ekocorp top gainers chart on Friday)

Okomu Oil Palm Company Plc Q1 2020 results

The company recorded a growth in revenue of 65.2% in Q1 2020 as it’s turnover of rose from ₦6.9 billion in comparison to the ₦4.2 billion same period last year. It also recorded a profit after tax of over ₦2 billion, in comparison to the ₦1 billion recorded in Q1 2019, a jump of 101.4%.

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There was an increase in interest on long term loans of ₦113.5 million from ₦72.6 million in Q1 2019 to ₦186 million in Q1 2020.

Finally, cash generated from operations surged to ₦3.6 billion in Q1 2020 from ₦7.2 million in Q1 2019 because of the surge in cash receipt from customers of 129.3% YoY. 

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment Trading. Featured Financial Market Analysis for a Fortune Global 500 Company. Member of the Chartered Financial Analyst Society. Follow Olumide on Twitter @tokunboadesina or email [email protected]

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Business

COVID-19: CACOVID spent N43.27 billion to support 3 key priorities – CBN

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CACOVID devotes N23 billion to feed Nigerians

The Central Bank of Nigeria (CBN) has revealed that the Coalition Alliance Against COVID-19 (CACOVID) has so far incurred an expenditure of N43.27billion on the acquisition of, not only medical equipment and supplies but also food palliatives for vulnerable Nigerians.

The recent press release noted that the funds raised by CACOVID was used to support 3 key priorities – Medical facilities and equipment, food relief programs and communications plans.

The breakdown of the expenditure in the aforementioned areas are:

  • Medical Facilities and equipment: In collaboration with other stakeholders, CACOVID developed 39 fully equipped isolation centers across the 36 States of the Country including the Federal Capital Territory (FCT). The sum of N4.19billion was spent in Building Isolation Centers. In addition, medical equipment such as PCR test kits for suspected cases of COVID-19 were procured along with other required medical items at a cost of N9.02billion.
  • Food relief programs: As a way of cushioning the impact of the lockdown on vulnerable citizens, CACOVID provided palliatives in the form of essential food items to 1.7million households, which is equivalent to supporting 8 million Nigerians. A total of N28.76billion was spent procuring these food supplies.
  • Communication plans: CACOVID also worked to improve awareness in rural communities on the COVID-19 virus, and the measures community health workers and other members of society should take when someone in the community is suspected of having symptoms similar to that of COVID-19. In lieu of this, expenses were incurred on Print, TV, radio, and social media as part of CACOVID communication plans.

Why this matters

The recent disclosure is in line with the principle of accountability and transparency, as the organization seeks to lay bare facts regarding expenditure incurred so far; thereby, nipping in the bud, suspicions and unfounded rumor.

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What you should know

Due to the sudden global health challenge (COVID-19), which wreaked havoc on most economies of the world, coupled with declining oil prices and declined government revenue; the Bankers Committee, comprising the Central Bank of Nigeria and the Deposit Money Banks, as well as key stakeholders in the private sector came together to set up an alliance in March 2020, known as the Coalition Alliance Against COVID-19 (CACOVID).

The ultimate objective is working with the government to provide support in areas that would result in improved health and welfare for vulnerable Nigerians.

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Companies

PZ Cusson announces retirement of Chairman, Kola Jamodu

PZ has announced the retirement Chief Kola Jamodu as Non-Executive Director and Chairman of the Board of the company.

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Kola Jamodu

The Board of Directors of PZ Cussons Nigeria Plc has announced the retirement of Chief Kola Jamodu as Non-Executive Director and Chairman of the Board of the company.

This disclosure was made in a notification signed by the Company’s Secretary, Jacqueline Ezeokwelume, and sent to the floor of the Nigerian Stock Exchange.

According to the notification issued by Mrs. Ezeokwelume, Chief Kola Jamodu will retire as a Non-Executive Director and Chairman of the Board effective 11 December 2020 to enable him to pursue other personal endeavours.

What you should know

Chief Jamodu joined PZ Cussons Group in 1974 and served in Executive positions for 24 years rising to the position of Chief Executive Officer of the Company, a position he held until he retired in 1999.

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He thereafter continued as a Non-Executive Chairman of the Board until 2001 when he was appointed as the Honourable Minister of Industry of the Federal Republic of Nigeria, a position he held until 2003.

He was reappointed as the Chairman of the Board of PZ Cussons Nigeria Plc in November 2014.

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Appointments

Abbey Mortgage Bank announces appointment of 6 Directors

The Central Bank of Nigeria has approved the appointment of 6 Directors of Abbey Mortgage Bank.

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Abbey Mortgage Bank announce the appointment of substantive Managing Director, and 5 Directors.

Abbey Mortgage Bank has announced the appointment of 6 Directors, including Mr. Madu Hamman as the substantive Managing Director.

The disclosure is contained in a notification, signed by the Bank’s Secretary, Geoff Amaghereon Esq. and sent to the Nigerian Stock Exchange market today, as seen by Nairametrics.

What you should know

Five (5) other Directors were appointed by the CBN – 2 Executive and 3 Non-Executive Directors.

The names and portfolios of the Directors are; Mr. Mobolaji Adewumi – Executive Director; Mr. Oladipupo Ayodele Adeoye – Executive Director; Mr. Nonso Okpala – Non-Executive Director; Professor Marius N. Umego – Non-Executive Director; and Brigadier-General John Obasa (rtd) – Non-Executive Director.

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The notice also mentioned that all appointments have been approved by the Central Bank of Nigeria.

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