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  •  Universal Insurance Plc says it has recorded a gross premium of N3 5 billion for the financial year ended Dec 31 2021 The figure represents 0 29 per cent when compared with N3 4 billion recorded in same period of 2020 Mr Jasper Osita Chairman Universal Insurance said this at the 52nd Annual General Meeting AGM of the insurance company in Lagos Osita said that the profit after tax for the year under review stood at N151 million as against N130 8 million achieved in 2020 Also profit before tax appreciated from N140 6 million in 2020 to N162 2 million in 2021 He noted that the company showed further resilience by increasing its assets from N11 3 billion to N12 3 billion in 202 while shareholders fund rose to N10 billion compared to N9 8 billion recorded in 2020 Osita said that the performance of the underwriting firm in the year under review was because of the resilience of all its stakeholders in ensuring the company s corporate existence Our quest is to become one of the top players in the financial service sector of this economy Our emergence as expected e stop shop for the array of services which we now offer through our retail outfits is in line with this quest he said According to him despite the difficult business environment the company was ready and equipped with dedicated board management and staff that are willing and ready to ensure that the fortunes of the company do not dwindle In his address Mr Benedict Ujoatuonu Managing Chief Executive Officer CEO of the insurance company said the performance of the insurer in the year 2022 would be far better than the year under review Ujoatuonu said As at the half of year 2022 the underwriting firm has done more than what it did in the whole of 2021 despite the current situation of the country We are hoping very strongly that the year 2022 will come out better he said According to him the insurer s hotel which is its major subsidiary is working and already contributing to the revenue of the company The managing director said What we did was to remove the old management of the hotel and contract it out to hotel managers under monthly rental Responding shareholders of the underwriting company commended the insurer for its strong financial performance in 2021 despite the difficult operating business environment globally Former President of the Independent Shareholders Association of Nigeria ISAN Mr Sunny Nwosu lauded the board and management of the insurance firm for growing its profit and improving the bottom line at a time when many other insurers recorded lower profit Nwosu said The result we see today is a testimony that things are changing and I commend the courage of the new chairman of the company for encouraging that things must be done properly I have faith in this company especially when you look at the retail earnings The company has been doing well in that area but needs to be encouraged to do more We also appreciate the core investor who doesn t sleep but always working to ensure the company move forward We have a reputable insurance company and we must support them to make sure they meet all regulatory requirements of the recapitalisation Mr Moses Igbrude Immediate Past Publicity Secretary Independent Shareholders Association of Nigeria ISAN commended the company s performance despite difficulties in the business environment Igbrude charged insurance regulators and operators to collaborate in educating Nigerians on the need for insurance He noted that insurers must do more in deepening micro insurance for financial inclusion deeper penetration and sustaining the future of the industry NewsSourceCredit NAN
    Shareholders commend Universal Insurance on N3.5bn gross premium
     Universal Insurance Plc says it has recorded a gross premium of N3 5 billion for the financial year ended Dec 31 2021 The figure represents 0 29 per cent when compared with N3 4 billion recorded in same period of 2020 Mr Jasper Osita Chairman Universal Insurance said this at the 52nd Annual General Meeting AGM of the insurance company in Lagos Osita said that the profit after tax for the year under review stood at N151 million as against N130 8 million achieved in 2020 Also profit before tax appreciated from N140 6 million in 2020 to N162 2 million in 2021 He noted that the company showed further resilience by increasing its assets from N11 3 billion to N12 3 billion in 202 while shareholders fund rose to N10 billion compared to N9 8 billion recorded in 2020 Osita said that the performance of the underwriting firm in the year under review was because of the resilience of all its stakeholders in ensuring the company s corporate existence Our quest is to become one of the top players in the financial service sector of this economy Our emergence as expected e stop shop for the array of services which we now offer through our retail outfits is in line with this quest he said According to him despite the difficult business environment the company was ready and equipped with dedicated board management and staff that are willing and ready to ensure that the fortunes of the company do not dwindle In his address Mr Benedict Ujoatuonu Managing Chief Executive Officer CEO of the insurance company said the performance of the insurer in the year 2022 would be far better than the year under review Ujoatuonu said As at the half of year 2022 the underwriting firm has done more than what it did in the whole of 2021 despite the current situation of the country We are hoping very strongly that the year 2022 will come out better he said According to him the insurer s hotel which is its major subsidiary is working and already contributing to the revenue of the company The managing director said What we did was to remove the old management of the hotel and contract it out to hotel managers under monthly rental Responding shareholders of the underwriting company commended the insurer for its strong financial performance in 2021 despite the difficult operating business environment globally Former President of the Independent Shareholders Association of Nigeria ISAN Mr Sunny Nwosu lauded the board and management of the insurance firm for growing its profit and improving the bottom line at a time when many other insurers recorded lower profit Nwosu said The result we see today is a testimony that things are changing and I commend the courage of the new chairman of the company for encouraging that things must be done properly I have faith in this company especially when you look at the retail earnings The company has been doing well in that area but needs to be encouraged to do more We also appreciate the core investor who doesn t sleep but always working to ensure the company move forward We have a reputable insurance company and we must support them to make sure they meet all regulatory requirements of the recapitalisation Mr Moses Igbrude Immediate Past Publicity Secretary Independent Shareholders Association of Nigeria ISAN commended the company s performance despite difficulties in the business environment Igbrude charged insurance regulators and operators to collaborate in educating Nigerians on the need for insurance He noted that insurers must do more in deepening micro insurance for financial inclusion deeper penetration and sustaining the future of the industry NewsSourceCredit NAN
    Shareholders commend Universal Insurance on N3.5bn gross premium
    Economy2 months ago

    Shareholders commend Universal Insurance on N3.5bn gross premium

    Universal Insurance Plc. says it has recorded a gross premium of N3.5 billion for the financial year ended, Dec. 31, 2021.The figure represents 0.29 per cent when compared with N3.4 billion recorded in same period of 2020.Mr Jasper Osita, Chairman, Universal Insurance, said this at the 52nd Annual General Meeting (AGM) of the insurance company in Lagos.

    Osita said that the profit after tax for the year under review stood at N151 million as against N130.8 million achieved in 2020.Also, profit before tax appreciated from N140.6 million in 2020 to N162.2 million in 2021.He noted that the company showed further resilience by increasing its assets from N11.3 billion to N12.3 billion in 202, while shareholders fund rose to N10 billion, compared to N9.8 billion recorded in 2020.Osita said that the performance of the underwriting firm in the year under review was because of the resilience of all its stakeholders in ensuring the company’s corporate existence.

    “Our quest is to become one of the top players in the financial service sector of this economy.

    “Our emergence as expected e-stop-shop for the array of services which we now offer through our retail outfits is in line with this quest, ” he said.

    According to him, despite the difficult business environment, the company was ready and equipped with dedicated board, management and staff that are willing and ready to ensure that the fortunes of the company do not dwindle.

    In his address, Mr Benedict Ujoatuonu, Managing Chief Executive Officer (CEO) of the insurance company, said the performance of the insurer in the year 2022 would be far better than the year under review.

    Ujoatuonu said, “As at the half of year 2022, the underwriting firm has done more than what it did in the whole of 2021, despite the current situation of the country.

    “We are hoping very strongly that the year 2022 will come out better,” he said.

    According to him, the insurer’s hotel which is its major subsidiary is working and already contributing to the revenue of the company.

    The managing director said: “What we did was to remove the old management of the hotel and contract it out to hotel managers under monthly rental.

    Responding, shareholders of the underwriting company commended the insurer for its strong financial performance in 2021, despite the difficult operating business environment globally.

    Former President of the Independent Shareholders Association of Nigeria (ISAN), Mr Sunny Nwosu, lauded the board and management of the insurance firm for growing its profit and improving the bottom line at a time when many other insurers recorded lower profit.

    Nwosu said: “The result we see today is a testimony that things are changing and I commend the courage of the new chairman of the company for encouraging that things must be done properly.

    “I have faith in this company especially when you look at the retail earnings.

    The company has been doing well in that area but needs to be encouraged to do more.

    “We also appreciate the core investor who doesn’t sleep but always working to ensure the company move forward.

    “We have a reputable insurance company and we must support them to make sure they meet all regulatory requirements of the recapitalisation.

    Mr Moses Igbrude, Immediate Past Publicity Secretary, Independent Shareholders Association of Nigeria( ISAN), commended the company’s performance, despite difficulties in the business environment.

    Igbrude charged insurance regulators and operators to collaborate in educating Nigerians on the need for insurance.

    He noted that insurers must do more in deepening micro insurance for financial inclusion, deeper penetration and sustaining the future of the industry.


    NewsSourceCredit: NAN

  •   Shareholders under the aegis of the Independence Shareholders Association of Nigeria ISAN have voiced their displeasure at the increase in banks mandatory cash reserve ratio CRR ISAN founder Mr Sunny Nwosu said this in a statement made available to the Nigerian News Agency on Sunday in Lagos Shareholders urged the main bank to reduce the CRR to 15 percent from 27 5 percent or pay interest on restricted deposits to banks noting that banks had more than 12 trillion restricted deposits with the Central Bank of Nigeria CBN Nwosu said the bank s decision to lower most bank charges and fees along with the increase in the CRR amid expectations of mounting regulatory headwinds was causing a setback in the sector CRR is a monetary policy tool used by the Bank of Nigeria CBN to control the money supply in the economy The CRR authorizes the central bank to seize up to 27 5 percent of customer deposits effectively restricting banks access to money The lead bank debited a portion of banks deposits since 2019 as part of a CRR policy and mutually inclusive loan to deposit relationship that aimed to further boost lending to the private sector It is noteworthy that Nigeria has the highest reserve requirement in sub Saharan Africa South Africa Kenya and Ghana have CRRs below 10 percent We believe that the high level of CRR moderated the performance of the industry and the liquidity position during the year under review the statement said CBN Governor Godwin Emefiele admitted that the move was part of efforts to curb excess liquidity in the banking system which is already seen as a contributor to the resurgence of the inflationary trend According to Nwosu the strict monetary policy of the CBN has continued to hit the banking sector with a multiplier effect on the equity market and loss of added value for shareholders He said After a serious assessment of the CRR and the current AMCON scam ISAN insists that CBN should pay interest to banks on restricted deposits to improve banks obligation to the real sector As an alternative the main bank should reduce the CRR to 15 percent to allow banks to declare significant dividends that encourage domestic investment We urge CBN to reconsider the CRR and among other things to improve the performance of the fictitious sector of the economy He said the challenge of the Nigerian economy made it imperative for CBN to pay interest on restricted deposits Banks restricted deposits with CBN are dormant funds We argue that if these funds are with the banks they will certainly improve their earnings loans to the real sector and returns to shareholders Nwosu said in the statement He noted that CRR s ongoing debits had put the banking sector under serious threat noting that the main bank was denying banks the ability to earn income from customer deposits A breakdown of some banks debited via mandatory CRR showed that Zenith Bank Plc s restricted deposit with CBN increased from N680 26 billion in 2019 to N1 33 trillion in 2021 while FBN s restricted deposit Holdings Plc reached N1 32 billion in 2020 from N843 44 billion in 2019 FBN Ltd and FBN Quest Merchant Bank Ltd also had restricted balances of N1 3 billion and N39 37 billion respectively with CBN as of December 31 2020 Access Bank Plc s CRR deposit with CBN also grew to N1 31 trillion or a 54 percent increase from N848 85 trillion in 2019 while Guaranty Trust Holdings Plc GTCO reported N1 03 trillion of mandatory reserve with CBN in 2020 from N443 65 billion reported in 2019 United Bank for Africa s mandatory reserves with CBN also increased to N1 10 billion in 2020 compared to N832 11 billion in 2019 The National Coordinator ISAN Mr Anthony Omojola said that interim reports from banks in 2021 showed low income following higher borrowing costs as the increase in CRR further complicated the flow of foreign exchange from banks that already hit the COVID 19 pandemic and oil price shocks Omojola said that CBN s storage of around N1 2 trillion from the banking system since it raised the CRR penny to 27 5 percent along with AMCON s sinking funds raised serious concerns That the restricted accumulated deposits of the banks until 2020 if invested in treasury securities at five percent would add N482 billion to the earnings of the industry before taxes The industry s return on average share capital ROE would have increased 31 6 percent as of December 2020 he said Source NAN
    Shareholders decry effect of CRR on banks’ revenue, seek reduction
      Shareholders under the aegis of the Independence Shareholders Association of Nigeria ISAN have voiced their displeasure at the increase in banks mandatory cash reserve ratio CRR ISAN founder Mr Sunny Nwosu said this in a statement made available to the Nigerian News Agency on Sunday in Lagos Shareholders urged the main bank to reduce the CRR to 15 percent from 27 5 percent or pay interest on restricted deposits to banks noting that banks had more than 12 trillion restricted deposits with the Central Bank of Nigeria CBN Nwosu said the bank s decision to lower most bank charges and fees along with the increase in the CRR amid expectations of mounting regulatory headwinds was causing a setback in the sector CRR is a monetary policy tool used by the Bank of Nigeria CBN to control the money supply in the economy The CRR authorizes the central bank to seize up to 27 5 percent of customer deposits effectively restricting banks access to money The lead bank debited a portion of banks deposits since 2019 as part of a CRR policy and mutually inclusive loan to deposit relationship that aimed to further boost lending to the private sector It is noteworthy that Nigeria has the highest reserve requirement in sub Saharan Africa South Africa Kenya and Ghana have CRRs below 10 percent We believe that the high level of CRR moderated the performance of the industry and the liquidity position during the year under review the statement said CBN Governor Godwin Emefiele admitted that the move was part of efforts to curb excess liquidity in the banking system which is already seen as a contributor to the resurgence of the inflationary trend According to Nwosu the strict monetary policy of the CBN has continued to hit the banking sector with a multiplier effect on the equity market and loss of added value for shareholders He said After a serious assessment of the CRR and the current AMCON scam ISAN insists that CBN should pay interest to banks on restricted deposits to improve banks obligation to the real sector As an alternative the main bank should reduce the CRR to 15 percent to allow banks to declare significant dividends that encourage domestic investment We urge CBN to reconsider the CRR and among other things to improve the performance of the fictitious sector of the economy He said the challenge of the Nigerian economy made it imperative for CBN to pay interest on restricted deposits Banks restricted deposits with CBN are dormant funds We argue that if these funds are with the banks they will certainly improve their earnings loans to the real sector and returns to shareholders Nwosu said in the statement He noted that CRR s ongoing debits had put the banking sector under serious threat noting that the main bank was denying banks the ability to earn income from customer deposits A breakdown of some banks debited via mandatory CRR showed that Zenith Bank Plc s restricted deposit with CBN increased from N680 26 billion in 2019 to N1 33 trillion in 2021 while FBN s restricted deposit Holdings Plc reached N1 32 billion in 2020 from N843 44 billion in 2019 FBN Ltd and FBN Quest Merchant Bank Ltd also had restricted balances of N1 3 billion and N39 37 billion respectively with CBN as of December 31 2020 Access Bank Plc s CRR deposit with CBN also grew to N1 31 trillion or a 54 percent increase from N848 85 trillion in 2019 while Guaranty Trust Holdings Plc GTCO reported N1 03 trillion of mandatory reserve with CBN in 2020 from N443 65 billion reported in 2019 United Bank for Africa s mandatory reserves with CBN also increased to N1 10 billion in 2020 compared to N832 11 billion in 2019 The National Coordinator ISAN Mr Anthony Omojola said that interim reports from banks in 2021 showed low income following higher borrowing costs as the increase in CRR further complicated the flow of foreign exchange from banks that already hit the COVID 19 pandemic and oil price shocks Omojola said that CBN s storage of around N1 2 trillion from the banking system since it raised the CRR penny to 27 5 percent along with AMCON s sinking funds raised serious concerns That the restricted accumulated deposits of the banks until 2020 if invested in treasury securities at five percent would add N482 billion to the earnings of the industry before taxes The industry s return on average share capital ROE would have increased 31 6 percent as of December 2020 he said Source NAN
    Shareholders decry effect of CRR on banks’ revenue, seek reduction
    Banking12 months ago

    Shareholders decry effect of CRR on banks’ revenue, seek reduction

    Shareholders under the aegis of the Independence Shareholders Association of Nigeria (ISAN) have voiced their displeasure at the increase in banks' mandatory cash reserve ratio (CRR).

    ISAN founder Mr. Sunny Nwosu said this in a statement made available to the Nigerian News Agency on Sunday in Lagos.

    Shareholders urged the main bank to reduce the CRR to 15 percent from 27.5 percent or pay interest on restricted deposits to banks, noting that banks had more than 12 trillion restricted deposits with the Central Bank of Nigeria (CBN).

    Nwosu said the bank's decision to lower most bank charges and fees, along with the increase in the CRR, amid expectations of mounting regulatory headwinds, was causing a setback in the sector.

    CRR is a monetary policy tool used by the Bank of Nigeria (CBN) to control the money supply in the economy.

    The CRR authorizes the central bank to seize up to 27.5 percent of customer deposits, effectively restricting banks' access to money.

    The lead bank debited a portion of banks' deposits since 2019 as part of a CRR policy and mutually inclusive loan-to-deposit relationship that aimed to further boost lending to the private sector.

    “It is noteworthy that Nigeria has the highest reserve requirement in sub-Saharan Africa. South Africa, Kenya and Ghana have CRRs below 10 percent.

    "We believe that the high level of CRR moderated the performance of the industry and the liquidity position during the year under review," the statement said.

    CBN Governor Godwin Emefiele admitted that the move was part of efforts to curb excess liquidity in the banking system, which is already seen as a contributor to the resurgence of the inflationary trend.

    According to Nwosu, the strict monetary policy of the CBN has continued to hit the banking sector with a multiplier effect on the equity market and loss of added value for shareholders.

    He said: “After a serious assessment of the CRR and the current AMCON scam, ISAN insists that CBN should pay interest to banks on restricted deposits to improve banks' obligation to the real sector.

    “As an alternative, the main bank should reduce the CRR to 15 percent to allow banks to declare significant dividends that encourage domestic investment.

    "We urge CBN to reconsider the CRR and, among other things, to improve the performance of the fictitious sector of the economy."

    He said the challenge of the Nigerian economy made it imperative for CBN to pay interest on restricted deposits.

    “Banks restricted deposits with CBN are dormant funds. We argue that if these funds are with the banks, they will certainly improve their earnings, loans to the real sector and returns to shareholders, ”Nwosu said in the statement.

    He noted that CRR's ongoing debits had put the banking sector under serious threat, noting that the main bank was denying banks the ability to earn income from customer deposits.

    A breakdown of some banks debited via mandatory CRR showed that Zenith Bank Plc's restricted deposit with CBN increased from N680.26 billion in 2019 to N1.33 trillion in 2021, while FBN's restricted deposit Holdings Plc reached N1.32 billion in 2020 from N843 .44 billion in 2019.

    FBN Ltd. and FBN Quest Merchant Bank Ltd. also had restricted balances of N1.3 billion and N39.37 billion respectively with CBN as of December 31, 2020.

    Access Bank Plc's CRR deposit with CBN also grew to N1.31 trillion or a 54 percent increase from N848.85 trillion in 2019, while Guaranty Trust Holdings Plc (GTCO) reported N1.03 trillion of mandatory reserve with CBN in 2020 from N443 65 billion reported in 2019.

    United Bank for Africa's mandatory reserves with CBN also increased to N1.10 billion in 2020 compared to N832.11 billion in 2019.

    The National Coordinator, ISAN, Mr. Anthony Omojola, said that interim reports from banks in 2021 showed low income following higher borrowing costs, as the increase in CRR further complicated the flow of foreign exchange from banks that already hit the COVID-19 pandemic and oil price shocks.

    Omojola said that CBN's storage of around N1.2 trillion from the banking system since it raised the CRR penny to 27.5 percent, along with AMCON's sinking funds, raised serious concerns.

    “That the restricted accumulated deposits of the banks until 2020, if invested in treasury securities at five percent, would add N482 billion to the earnings of the industry before taxes.

    "The industry's return on average share capital (ROE) would have increased 31.6 percent as of December 2020," he said.

    Source: NAN

  •  Shareholders of FBN Holdings Plc on Monday approved a total dividend of N13 64 billion declared by the company for the financial year ended Dec 31 2019 The shareholders gave the approval at the company s eighth Annual General Meeting AGM by proxy monitored live on You Tube by the News Agency of Nigeria in Lagos NAN reports that the dividend translated to 38k per share compared with 26k paid in the comparative period of 2018 Speaking at the meeting a shareholder Mr Matthew Akinlade commended the company for the dividend and impressive results achieved in 2019 in spite of challenging business environment Akinlade said that the company s operating indices showed that a lot of progress was recorded in 2019 Looking at the various indices it shows the company has made a lot of progress in 2019 in spite of difficulties encountered during the period he said Akinlade said shareholders were very happy with enhanced dividend declared by the company during the period urging that it should be improved upon in the years ahead Mr Sunny Nwosu Founder Independent Shareholders Association of Nigeria ISAN said the dividend approved was well appreciated by the shareholders Nwosu who described the dividend as good thinking good product called on the board and management of the company to ensure enhanced performance in future Mr Adebayo Adeleke another shareholder commended the company for outstanding performance it recorded in 2019 Adeleke advised the company to reduce the level of concentration in oil and gas sector in view of current oil prices and local deregulation He said that sectoral allocation to agriculture sector presently at 3 2 per cent should be reviewed in line with present realities Adeleke lauded the company for reduction in impairment charges as well as Non Performing Loan NPL which stood at 9 9 per cent in 2019 against 24 7 per cent in 2018 He however urged investors to take advantage of the current company s price trading at a great discount to increase their stake Responding Mr Urum Kalu Eke the company s Group Managing Director assured the shareholders that FBN Holdings would continue to improve on its performance and NPL in the years ahead Eke said loans given out in the last three years were within NPL of less than one per cent He told the shareholders that the group s commercial bank subsidiary had been cleaned and transformed According to him the commercial bank in 2019 paid dividend to the holding company for the first time in five years Speaking on its insurance subsidiary Eke said the company had not sold the insurance business to anybody He said the company was still discussing with its partners noting that its primary business was to invest or divest a business Eke noted that enhancement of shareholders value would remain paramount in any business decision We will make full disclosure at the end of the decision but whatever decision that will be made will be in the interest of shareholders and to strengthen the holding company he said Dr Adesola Adeduntan FirstBank Chief Executive Officer said the bank had invested heavily in technology and human capital to maintain leadership in the industry Adeduntan said the bank was a clear leader when it came to electronic business with large volume of transactions in ATMs USSD and agency banking among others He disclosed that 23 per cent of the traffic of e channels in the country was controlled by the bank Adeduntan said the bank remains the biggest lender to the agriculture sector and would continue to partner with the Central Bank of Nigeria to strengthen the sector But we will not do it to the detriment of depositors and shareholders money he promised Edited By Oluwole Sogunle NAN
    FBN Holdings shareholders endorse N13.64bn dividend in 2019
     Shareholders of FBN Holdings Plc on Monday approved a total dividend of N13 64 billion declared by the company for the financial year ended Dec 31 2019 The shareholders gave the approval at the company s eighth Annual General Meeting AGM by proxy monitored live on You Tube by the News Agency of Nigeria in Lagos NAN reports that the dividend translated to 38k per share compared with 26k paid in the comparative period of 2018 Speaking at the meeting a shareholder Mr Matthew Akinlade commended the company for the dividend and impressive results achieved in 2019 in spite of challenging business environment Akinlade said that the company s operating indices showed that a lot of progress was recorded in 2019 Looking at the various indices it shows the company has made a lot of progress in 2019 in spite of difficulties encountered during the period he said Akinlade said shareholders were very happy with enhanced dividend declared by the company during the period urging that it should be improved upon in the years ahead Mr Sunny Nwosu Founder Independent Shareholders Association of Nigeria ISAN said the dividend approved was well appreciated by the shareholders Nwosu who described the dividend as good thinking good product called on the board and management of the company to ensure enhanced performance in future Mr Adebayo Adeleke another shareholder commended the company for outstanding performance it recorded in 2019 Adeleke advised the company to reduce the level of concentration in oil and gas sector in view of current oil prices and local deregulation He said that sectoral allocation to agriculture sector presently at 3 2 per cent should be reviewed in line with present realities Adeleke lauded the company for reduction in impairment charges as well as Non Performing Loan NPL which stood at 9 9 per cent in 2019 against 24 7 per cent in 2018 He however urged investors to take advantage of the current company s price trading at a great discount to increase their stake Responding Mr Urum Kalu Eke the company s Group Managing Director assured the shareholders that FBN Holdings would continue to improve on its performance and NPL in the years ahead Eke said loans given out in the last three years were within NPL of less than one per cent He told the shareholders that the group s commercial bank subsidiary had been cleaned and transformed According to him the commercial bank in 2019 paid dividend to the holding company for the first time in five years Speaking on its insurance subsidiary Eke said the company had not sold the insurance business to anybody He said the company was still discussing with its partners noting that its primary business was to invest or divest a business Eke noted that enhancement of shareholders value would remain paramount in any business decision We will make full disclosure at the end of the decision but whatever decision that will be made will be in the interest of shareholders and to strengthen the holding company he said Dr Adesola Adeduntan FirstBank Chief Executive Officer said the bank had invested heavily in technology and human capital to maintain leadership in the industry Adeduntan said the bank was a clear leader when it came to electronic business with large volume of transactions in ATMs USSD and agency banking among others He disclosed that 23 per cent of the traffic of e channels in the country was controlled by the bank Adeduntan said the bank remains the biggest lender to the agriculture sector and would continue to partner with the Central Bank of Nigeria to strengthen the sector But we will not do it to the detriment of depositors and shareholders money he promised Edited By Oluwole Sogunle NAN
    FBN Holdings shareholders endorse N13.64bn dividend in 2019
    Economy3 years ago

    FBN Holdings shareholders endorse N13.64bn dividend in 2019

    Shareholders of FBN Holdings Plc on Monday approved a total dividend of N13.64 billion declared by the company for the financial year ended Dec. 31, 2019.

    The shareholders gave the approval at the company’s eighth Annual General Meeting (AGM) by proxy monitored live on You Tube by the News Agency of Nigeria in Lagos.

    NAN reports that the dividend translated to 38k per share, compared with 26k paid in the comparative period of 2018.

    Speaking at the meeting, a shareholder, Mr Matthew Akinlade, commended the company for the dividend and impressive results achieved in 2019 in spite of challenging business environment.

    Akinlade said that the company’s operating indices showed that a lot of progress was recorded in 2019.

    “Looking at the various indices, it shows the company has made a lot of progress in 2019 in spite of difficulties encountered during the period,” he said.

    Akinlade said shareholders were very happy with enhanced dividend declared by the company during the period, urging that it should be improved upon in the years ahead.

    Mr Sunny Nwosu, Founder, Independent Shareholders Association of Nigeria ((ISAN), said the dividend approved was well appreciated by the shareholders.

    Nwosu, who described the dividend as good thinking, good product, called on the board and management of the company to ensure enhanced performance in future

    Mr Adebayo Adeleke, another shareholder, commended the company for outstanding performance it recorded in 2019.

    Adeleke advised the company to reduce the level of concentration in oil and gas sector in view of current oil prices and local deregulation.

    He said that sectoral allocation to agriculture sector, presently at 3.2 per cent, should be reviewed in line with present realities.

    Adeleke lauded the company for reduction in impairment charges as well as Non Performing Loan (NPL) which stood at 9.9 per cent in 2019 against 24.7 per cent in 2018.

    He, however, urged investors to take advantage of the current company’s price trading at a great discount to increase their stake.

    Responding, Mr Urum Kalu Eke, the company’s Group Managing Director, assured the shareholders that FBN Holdings would continue to improve on its performance and NPL in the years ahead.

    Eke said loans given out in the last three years were within NPL of less than one per cent.

    He told the shareholders that the group’s commercial bank subsidiary had been cleaned and transformed.

    According to him, the commercial bank  in 2019 paid dividend to the holding company for the first time in five years.

    Speaking on its insurance subsidiary, Eke said the company had not sold the insurance business to anybody.

    He said the company was still discussing with its partners, noting that its primary business was to invest or divest a business.

    Eke noted that enhancement of shareholders value would remain paramount in any business decision.

    “We will make full disclosure at the end of the decision, but whatever decision  that will be made will be in the interest of shareholders and to strengthen the holding company,” he said.

    Dr Adesola Adeduntan, FirstBank Chief Executive Officer, said the bank had invested heavily in technology and human capital to maintain leadership in the industry.

    Adeduntan said the bank was a clear leader when it came to electronic business, with large volume of transactions in ATMs, USSD  and agency banking, among others.

    He disclosed that 23 per cent of the traffic of e-channels in the country was controlled by the bank.

    Adeduntan said the bank remains the biggest lender to the agriculture sector and would continue to partner with the Central Bank of Nigeria to strengthen the sector.

    “But we will not do it to the detriment of depositors and shareholders money,” he promised.


    Edited By: Oluwole Sogunle (NAN)

  •  Shareholders of Guaranty Trust Bank GTBank Plc on Thursday lauded the bank s decision to go ahead with the 2019 Annual General Meeting AGM in spite of COVID 19 The shareholders made the commendation in an interview with the Nigeria News Agency in Lagos while reacting to the bank s plan to hold AGM slated for March 30 by proxy to minimise social contact NAN reports that GTBank on March 25 in a notice to its shareholders and the Nigerian Stock Exchange NSE said that the Corporate Affairs Commission granted its request to hold the meeting by proxy According to Investopedia proxy is an agent legally authorised to act on behalf of another party or a format that allows an investor to vote without being physically present in a meeting Shareholders not attending a company s AGM may vote their shares by proxy by allowing someone else to cast votes on their behalf or they may vote by mail The bank had expressed concerns over the health hazards arising from the coronavirus pandemic which could heighten by public gatherings We are pleased to inform you that the Corporate Affairs Commission has graciously approved that the AGM should hold with attendance by proxy to minimise social contact Shareholders are encouraged to appoint proxies to represent them at the meeting as the company would abide by the Lagos State Government directive of not having more than 25 people in a gathering or any number as may be permitted at the date of the meeting the bank said in the notice Commenting on the issue Mr Moses Igbrude immediate Publicity Secretary Independent Shareholders Association of Nigeria ISAN commended the bank for the idea Necessity they say is the mother of invention Many companies postponed their AGMs because of COVID 19 pandemic but GTBank decided to be strategic by exploiting other available ways of holding AGM instead of postponing it and delaying dividend payment which shareholders need most at this critical time Igbrude said The shareholder activist said that the bank had proved to be strategic and innovative He said that ISAN had nominated its Founder Mr Sunny Nwosu to be its proxy at the AGM Mr Ambrose Omordion the Chief Operating Officer InvestData Ltd also hailed the bank for the initiative It is a welcome development The bank has domonstrated commitment to creating value for its shareholders for having faith in its management It is also an indication that investors will get their dividends needed at this trying period Omordion said Edited By Olawunmi Ashafa Ijeoma Popoola NAN
    Shareholders applaud GTBank’s decision to hold AGM by proxy
     Shareholders of Guaranty Trust Bank GTBank Plc on Thursday lauded the bank s decision to go ahead with the 2019 Annual General Meeting AGM in spite of COVID 19 The shareholders made the commendation in an interview with the Nigeria News Agency in Lagos while reacting to the bank s plan to hold AGM slated for March 30 by proxy to minimise social contact NAN reports that GTBank on March 25 in a notice to its shareholders and the Nigerian Stock Exchange NSE said that the Corporate Affairs Commission granted its request to hold the meeting by proxy According to Investopedia proxy is an agent legally authorised to act on behalf of another party or a format that allows an investor to vote without being physically present in a meeting Shareholders not attending a company s AGM may vote their shares by proxy by allowing someone else to cast votes on their behalf or they may vote by mail The bank had expressed concerns over the health hazards arising from the coronavirus pandemic which could heighten by public gatherings We are pleased to inform you that the Corporate Affairs Commission has graciously approved that the AGM should hold with attendance by proxy to minimise social contact Shareholders are encouraged to appoint proxies to represent them at the meeting as the company would abide by the Lagos State Government directive of not having more than 25 people in a gathering or any number as may be permitted at the date of the meeting the bank said in the notice Commenting on the issue Mr Moses Igbrude immediate Publicity Secretary Independent Shareholders Association of Nigeria ISAN commended the bank for the idea Necessity they say is the mother of invention Many companies postponed their AGMs because of COVID 19 pandemic but GTBank decided to be strategic by exploiting other available ways of holding AGM instead of postponing it and delaying dividend payment which shareholders need most at this critical time Igbrude said The shareholder activist said that the bank had proved to be strategic and innovative He said that ISAN had nominated its Founder Mr Sunny Nwosu to be its proxy at the AGM Mr Ambrose Omordion the Chief Operating Officer InvestData Ltd also hailed the bank for the initiative It is a welcome development The bank has domonstrated commitment to creating value for its shareholders for having faith in its management It is also an indication that investors will get their dividends needed at this trying period Omordion said Edited By Olawunmi Ashafa Ijeoma Popoola NAN
    Shareholders applaud GTBank’s decision to hold AGM by proxy
    Economy3 years ago

    Shareholders applaud GTBank’s decision to hold AGM by proxy

    Shareholders of Guaranty Trust Bank (GTBank) Plc. on Thursday lauded the bank’s decision to go ahead with the 2019 Annual General Meeting (AGM) in spite of COVID-19.

    The shareholders made the commendation in an interview with the Nigeria News Agency in Lagos, while reacting to the bank’s plan to hold AGM slated for March 30 by proxy, to minimise social contact.

    NAN reports that GTBank on March 25, in a notice to its shareholders and the Nigerian Stock Exchange (NSE), said that the Corporate Affairs Commission granted its request to hold the meeting by proxy.

    According to Investopedia, proxy is an agent legally authorised to act on behalf of another party or a format that allows an investor to vote without being physically present in a meeting.

    Shareholders not attending a company’s AGM may vote their shares by proxy by allowing someone else to cast votes on their behalf, or they may vote by mail.

    The bank had expressed concerns over the health hazards arising from the coronavirus pandemic, which could heighten by public gatherings.

    “We are pleased to inform you that the Corporate Affairs Commission has graciously approved that the AGM should hold with attendance by proxy, to minimise social contact.

    “Shareholders are encouraged to appoint proxies to represent them at the meeting, as the company would abide by the Lagos State Government directive of not having more than 25 people in a gathering (or any number as may be permitted at the date of the meeting),”  the bank said in the notice.

    Commenting on the issue, Mr Moses Igbrude, immediate Publicity Secretary,  Independent Shareholders Association of Nigeria (ISAN), commended the bank for the idea.

    “Necessity, they say, is the mother of invention.

    ” Many companies postponed their AGMs because of COVID-19 pandemic, but GTBank decided to be strategic by exploiting other available ways of holding AGM instead of postponing it and delaying dividend payment which shareholders need most at this critical time,” Igbrude said.

    The shareholder activist said that the bank had proved to be strategic and innovative.

    He said that ISAN had nominated its Founder, Mr Sunny Nwosu, to be its proxy at the AGM.

    Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., also hailed the bank for the initiative.

    “It is a welcome development.

    “The bank has domonstrated commitment to creating value for its shareholders for having faith in its management.

    “It is also an indication that investors will get their dividends needed at this trying period,” Omordion said.


    Edited By: Olawunmi Ashafa/Ijeoma Popoola
    (NAN)

     

  •   Capital market operators on Tuesday urged the new Malam Garba Kurfi the Managing Director APT Securities and Funds Ltd called for the removal of VAT on capital market transactions Kurfi said that the new chairman should harmonise various taxes in the country for easy administration and better returns He urged Nami to map out strategies that would raise the country s contribution of tax revenue to Mr Moses Igburde the Publicity Secretary Independent Shareholders Association of Nigeria ISAN urged the new FIRS boss to learn from the mistakes of Fowler Igburde said that the new chairman should address issues of multiple taxation and gangster way of collecting taxes from taxpayers According to him FIRS should engage the companies and other tax payers rather than adopting gangster approach FIRS must leverage on technology and modern infrastructure to collect and monitor tax collections he added Igburde charged FIRS to introduce friendly tax policies that would encourage companies to pay their taxes willingly He stressed that taxpayers would be willing to pay taxes if government at all levels ensure provision of the needed infrastructure security as well as ease of doing business Mr Boniface Okezie the National Coordinator Progressive Shareholders Association of Nigeria called for the elimination of multiple taxation in the country Okezie stressed the need for provision of massive infrastructure across all geopolitical zones to encourage people to pay taxes He also called for introduction of tax incentives such as award of government contracts to taxpaying companies to increase tax net Edited by Ese E Ekama NAN
    Operators task new FIRS boss on VAT, withholding tax on capital market transactions
      Capital market operators on Tuesday urged the new Malam Garba Kurfi the Managing Director APT Securities and Funds Ltd called for the removal of VAT on capital market transactions Kurfi said that the new chairman should harmonise various taxes in the country for easy administration and better returns He urged Nami to map out strategies that would raise the country s contribution of tax revenue to Mr Moses Igburde the Publicity Secretary Independent Shareholders Association of Nigeria ISAN urged the new FIRS boss to learn from the mistakes of Fowler Igburde said that the new chairman should address issues of multiple taxation and gangster way of collecting taxes from taxpayers According to him FIRS should engage the companies and other tax payers rather than adopting gangster approach FIRS must leverage on technology and modern infrastructure to collect and monitor tax collections he added Igburde charged FIRS to introduce friendly tax policies that would encourage companies to pay their taxes willingly He stressed that taxpayers would be willing to pay taxes if government at all levels ensure provision of the needed infrastructure security as well as ease of doing business Mr Boniface Okezie the National Coordinator Progressive Shareholders Association of Nigeria called for the elimination of multiple taxation in the country Okezie stressed the need for provision of massive infrastructure across all geopolitical zones to encourage people to pay taxes He also called for introduction of tax incentives such as award of government contracts to taxpaying companies to increase tax net Edited by Ese E Ekama NAN
    Operators task new FIRS boss on VAT, withholding tax on capital market transactions
    Economy3 years ago

    Operators task new FIRS boss on VAT, withholding tax on capital market transactions

    Capital market operators on Tuesday urged the new Malam Garba Kurfi, the Managing Director, APT Securities and Funds Ltd., called for the removal of VAT on capital market transactions.

    Kurfi said that the new chairman should harmonise various taxes in the country for easy administration and better returns.

    He urged Nami to map out strategies that would raise the country’s contribution of tax revenue to Mr Moses Igburde, the Publicity Secretary, Independent Shareholders Association of Nigeria (ISAN), urged the new FIRS boss to learn from the mistakes of Fowler.

    Igburde said that the new chairman should address issues of multiple taxation and gangster way of collecting taxes from taxpayers.

    According to him, FIRS should engage the companies and other tax payers rather than adopting gangster approach.

    FIRS must leverage on technology and modern infrastructure to collect and monitor tax collections,’’ he added.

    Igburde charged FIRS to introduce friendly tax policies that would encourage companies to pay their taxes willingly.

    He stressed that taxpayers would be willing to pay taxes if government at all levels ensure provision of the needed infrastructure, security as well as ease of doing business.

    Mr Boniface Okezie, the National Coordinator, Progressive Shareholders Association of Nigeria, called for the elimination of multiple taxation in the country.

    Okezie stressed the need for provision of massive infrastructure across all geopolitical zones to encourage people to pay taxes.

    He also called for introduction of tax incentives such as award of government contracts to taxpaying companies to increase tax net.

    Edited by: Ese E. Ekama
    (NAN)

     

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