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Annual General Meeting (AGM)

  •  Consolidated Hallmark Insurance Plc has announced a profit before tax of N971 7 million for the financial year ended Dec 31 2021against N772 6 million in 2020 an increase of 26 per cent Mr Obinna Ekezie the Chairman of the company said this at the 27th Annual General Meeting AGM on Wednesday in Lagos Ekezie said that the insurer s profit after tax during the review period rose by 17 per cent to N790 6 million from N678 million in 2020 He said that the company generated a Gross Premium Written GPW of N10 5 billion in the year under review as against N9 8 billion in 2020 an increase of 7 4 per cent The chairman added that the group s total assets rose by 10 per cent to N15 7 billion from N14 3 billion in 2020 Despite the prevailing economic environment investment income grew from N940 million to N1 2 billion in 2021 The financial year under review was again another success story by your company despite the persisting challenges in the operating environment he said Ekezie said that the underwriting firm declared a final dividend of N433 6 million during the period under review which translated to four kobo per share We had earlier paid N216 8 million interim dividend at two kobo per share and expected to pay final dividend of N216 8 million amounting to two kobo per share as well thereby bringing the total dividend payment to N433 6 million The dividend payment is in a bid to reward our teeming shareholders for their commitment and loyalty he added In his address Mr Eddie Efekoha the Managing Executive Officer of the company said that insurer was able to achieve the feat due to measures it applied to cut cost I am glad to inform you that some prudent cost control measures we put in place helped us to attain an all time high pro t before taxation of N971 7 million in 2021 he said Efekoha said whilst the company strives to continually meet the needs of its customers through prompt payment of all fully documented and genuine claims it also continued to fine tune its risk underwriting through prudent measures He noted that these strategy has paid off as it recorded a drop in the amount expended on claims in 2021 to N3 99 billion from the N4 2 billion claims expenses in 2020 We however recovered more from our robust reinsurance arrangement in 2021 than the previous year as evident in the N1 71 billion recovered when compared with N1 61 billion he said According to him the 2021 financial year was lled with a lot of hopes not just for the insurance industry and by extension the financial services sector but the entire economy It was a year which marked the near full reopening of the operations space for businesses to thrive following the easing of the global lockdowns and restrictions that characterised the previous year 2020 For us in Consolidated Hallmark Insurance our story is not different from that of the nation as the year whose operations we are reviewing during this AGM marks another positive outing for us in the various key nancial indices he added Efekoha said the underwriter had developed some unique products that would address specific needs of customers which would be accessible digitally and launched into the market upon approval from the regulator He said that arrangements were on top gear for the transformation of the insurance company into a Holding Company structure Efekoha said Upon approval by the regulators this will enable us to formalise our diversified operations in other aspects of financial services thus putting us in good stead to optimise advantages derivable from Holdco structures Benefits like additional income from cross selling of our services to customers across the group would now be tapped vigorously he said NAN
    Consolidated Hallmark Insurance grows profit by 26% in 2021
     Consolidated Hallmark Insurance Plc has announced a profit before tax of N971 7 million for the financial year ended Dec 31 2021against N772 6 million in 2020 an increase of 26 per cent Mr Obinna Ekezie the Chairman of the company said this at the 27th Annual General Meeting AGM on Wednesday in Lagos Ekezie said that the insurer s profit after tax during the review period rose by 17 per cent to N790 6 million from N678 million in 2020 He said that the company generated a Gross Premium Written GPW of N10 5 billion in the year under review as against N9 8 billion in 2020 an increase of 7 4 per cent The chairman added that the group s total assets rose by 10 per cent to N15 7 billion from N14 3 billion in 2020 Despite the prevailing economic environment investment income grew from N940 million to N1 2 billion in 2021 The financial year under review was again another success story by your company despite the persisting challenges in the operating environment he said Ekezie said that the underwriting firm declared a final dividend of N433 6 million during the period under review which translated to four kobo per share We had earlier paid N216 8 million interim dividend at two kobo per share and expected to pay final dividend of N216 8 million amounting to two kobo per share as well thereby bringing the total dividend payment to N433 6 million The dividend payment is in a bid to reward our teeming shareholders for their commitment and loyalty he added In his address Mr Eddie Efekoha the Managing Executive Officer of the company said that insurer was able to achieve the feat due to measures it applied to cut cost I am glad to inform you that some prudent cost control measures we put in place helped us to attain an all time high pro t before taxation of N971 7 million in 2021 he said Efekoha said whilst the company strives to continually meet the needs of its customers through prompt payment of all fully documented and genuine claims it also continued to fine tune its risk underwriting through prudent measures He noted that these strategy has paid off as it recorded a drop in the amount expended on claims in 2021 to N3 99 billion from the N4 2 billion claims expenses in 2020 We however recovered more from our robust reinsurance arrangement in 2021 than the previous year as evident in the N1 71 billion recovered when compared with N1 61 billion he said According to him the 2021 financial year was lled with a lot of hopes not just for the insurance industry and by extension the financial services sector but the entire economy It was a year which marked the near full reopening of the operations space for businesses to thrive following the easing of the global lockdowns and restrictions that characterised the previous year 2020 For us in Consolidated Hallmark Insurance our story is not different from that of the nation as the year whose operations we are reviewing during this AGM marks another positive outing for us in the various key nancial indices he added Efekoha said the underwriter had developed some unique products that would address specific needs of customers which would be accessible digitally and launched into the market upon approval from the regulator He said that arrangements were on top gear for the transformation of the insurance company into a Holding Company structure Efekoha said Upon approval by the regulators this will enable us to formalise our diversified operations in other aspects of financial services thus putting us in good stead to optimise advantages derivable from Holdco structures Benefits like additional income from cross selling of our services to customers across the group would now be tapped vigorously he said NAN
    Consolidated Hallmark Insurance grows profit by 26% in 2021
    Economy6 months ago

    Consolidated Hallmark Insurance grows profit by 26% in 2021

    Consolidated Hallmark Insurance Plc has announced a profit before tax of N971.7 million for the financial year ended Dec. 31, 2021against N772.6 million in 2020, an increase of 26 per cent.Mr Obinna Ekezie, the Chairman of the company, said this at the 27th Annual General Meeting (AGM) on Wednesday in Lagos.Ekezie said that the insurer’s profit after tax during the review period rose by 17 per cent to N790.6 million from N678 million in 2020.He said that the company generated a Gross Premium Written (GPW) of N10.5 billion in the year under review as against N9.8 billion in 2020, an increase of  7.4 per cent.

    The chairman added that the group’s total assets rose by 10 per cent to N15.7 billion from N14.3 billion in 2020.

    “Despite the prevailing economic environment, investment income grew from N940 million to N1.2 billion in 2021.

    “The financial year under review was again another success story by your company, despite the persisting challenges in the operating environment,” he said.

    Ekezie said that the underwriting firm declared a final dividend of N433.6 million during the period under review which translated to four kobo per share.

    “We had earlier paid N216.8 million interim dividend at two kobo per share and expected to pay final dividend of N216.8 million amounting to two kobo per share as well, thereby, bringing the total dividend payment to N433.6 million.

    “The dividend payment is in a bid to reward our teeming shareholders for their commitment and loyalty,” he added. In his address,  Mr Eddie Efekoha, the Managing Executive Officer of the company, said that insurer was able to achieve the feat due to measures it applied to cut cost.“I am glad to inform you that some prudent cost control  measures  we  put  in  place  helped  us  to attain an all-time high profit before taxation of N971.7 million in 2021”, he said.Efekoha said whilst the company strives to continually meet the needs of its customers through prompt payment of all fully documented and genuine claims, it also continued to fine tune its risk underwriting through prudent measures.He noted that these strategy has paid off , as it recorded a drop in the amount expended on claims in 2021 to N3.99 billion from the N4.2 billion claims expenses in 2020.“We, however, recovered more from our robust reinsurance arrangement in 2021 than the previous year as evident in the N1.71 billion recovered when compared with N1.61 billion,” he said.According to him, the 2021 financial year was filled with a lot of hopes not just for the insurance industry and  by extension the financial services  sector, but  the entire economy.“It  was a  year which marked the near full reopening of the operations space  for  businesses  to  thrive,  following  the easing of the global lockdowns and restrictions that characterised the previous year 2020.“For us in Consolidated Hallmark Insurance, our story is not different from that of the nation as the year whose operations we are reviewing during this AGM marks another positive outing for us in the various key financial indices,” he added.Efekoha said the underwriter had developed some unique products that would address specific needs of customers which would be accessible digitally and launched into the market, upon approval from the regulator.He said  that arrangements were on top gear for the transformation of the insurance company into a Holding Company structure.Efekoha said: “Upon approval by the regulators, this will enable us to formalise our diversified operations in other aspects of financial services thus putting us in good stead to optimise advantages derivable from Holdco structures.“Benefits like additional income from cross selling of our services to customers across the group would now be tapped vigorously,” he said.

    (NAN)

  •  Some financial analysts have urged the Federal Government to grant fiscal incentives to oil and gas sector to unlock the nation s growth prospects They said this in separate interviews with the News Agency of Nigeria in Lagos on Thursday Dr Muda Yusuf Chief Executive Officer Centre for the Promotion of Private Enterprise CPPE said such incentives to the sector would accelerate more Gross Domestic Product GDP growth Having more fiscal incentives for the sector is crucial to attract foreign capital particularly now that the world is moving towards more environmentally friendly energy The sector is yet to be exploited adequately to change our economic state Despite having one of the largest reserves it s stilled been fled Yusuf said He noted that the federal government could ensure economic growth in the country by harnessing the nation s huge population Allocating more funds for educational and vocational training of our population will convert them into a human capital assets Our human capital is one of our best assets and when utilised could compete globally he said The former Director National Association of Small and Medium Enterprises NASME Mr Nerus Ekezie said the federal government could enhance growth by supporting the building of more business clusters The establishment of more business clusters in many part of the country will facilitate economic growth and create employment opportunities Having more of such initiative around will enhance knowledge transfers build domestic capacity and reduce the cost of doing businesses he said Ekezie noted that the federal government could upscale its critical infrastructure needs so as to boost the business environment He also said that it would also help to facilitate the movement of commodities with less headwinds Also the former President Chartered Institute of Bankers of Nigeria CIBN Dr Bayo Olugbemi said the federal government should tackle the insecurity headwinds to curtail further spread to other parts of the country The insecurity challenges is one of the factors jeopardising the general economy in recent time The headwinds were exacerbating and moving to other regions particularly in many of the hinterland Olugbemi said According to him the agriculture sector and its value chain need to be supported to enhance growth in the economy Through having improved seedlings and more agric extension workers will ensure attainment of food sufficiency in farm produce The sector is one aspect of the economy that we have comparative advantages and can expedite economic growth he said NAN reports that the Economic Outlook 2022 released by the African Development Bank AfDB has projected an average growth rate for Nigerian economy from 2022 t to 2023 at 3 2 per cent A report released at the just concluded Annual General Meeting AGM of the bank in Accra Ghana focuses on the growth prospect of the continent in the context of the COVID 19 pandemic climate change adaptation energy transition and other structural challenges NAN
    How incentives to oil, gas sector will unlock national growth, say experts
     Some financial analysts have urged the Federal Government to grant fiscal incentives to oil and gas sector to unlock the nation s growth prospects They said this in separate interviews with the News Agency of Nigeria in Lagos on Thursday Dr Muda Yusuf Chief Executive Officer Centre for the Promotion of Private Enterprise CPPE said such incentives to the sector would accelerate more Gross Domestic Product GDP growth Having more fiscal incentives for the sector is crucial to attract foreign capital particularly now that the world is moving towards more environmentally friendly energy The sector is yet to be exploited adequately to change our economic state Despite having one of the largest reserves it s stilled been fled Yusuf said He noted that the federal government could ensure economic growth in the country by harnessing the nation s huge population Allocating more funds for educational and vocational training of our population will convert them into a human capital assets Our human capital is one of our best assets and when utilised could compete globally he said The former Director National Association of Small and Medium Enterprises NASME Mr Nerus Ekezie said the federal government could enhance growth by supporting the building of more business clusters The establishment of more business clusters in many part of the country will facilitate economic growth and create employment opportunities Having more of such initiative around will enhance knowledge transfers build domestic capacity and reduce the cost of doing businesses he said Ekezie noted that the federal government could upscale its critical infrastructure needs so as to boost the business environment He also said that it would also help to facilitate the movement of commodities with less headwinds Also the former President Chartered Institute of Bankers of Nigeria CIBN Dr Bayo Olugbemi said the federal government should tackle the insecurity headwinds to curtail further spread to other parts of the country The insecurity challenges is one of the factors jeopardising the general economy in recent time The headwinds were exacerbating and moving to other regions particularly in many of the hinterland Olugbemi said According to him the agriculture sector and its value chain need to be supported to enhance growth in the economy Through having improved seedlings and more agric extension workers will ensure attainment of food sufficiency in farm produce The sector is one aspect of the economy that we have comparative advantages and can expedite economic growth he said NAN reports that the Economic Outlook 2022 released by the African Development Bank AfDB has projected an average growth rate for Nigerian economy from 2022 t to 2023 at 3 2 per cent A report released at the just concluded Annual General Meeting AGM of the bank in Accra Ghana focuses on the growth prospect of the continent in the context of the COVID 19 pandemic climate change adaptation energy transition and other structural challenges NAN
    How incentives to oil, gas sector will unlock national growth, say experts
    General news6 months ago

    How incentives to oil, gas sector will unlock national growth, say experts

    Some financial analysts have urged the Federal Government to grant fiscal incentives to oil and gas sector, to unlock the nation’s growth prospects.

    They said this in separate interviews with the News Agency of Nigeria in Lagos, on Thursday.

    Dr Muda Yusuf, Chief Executive Officer, Centre for the Promotion of Private Enterprise(CPPE), said such incentives to the sector would accelerate more Gross Domestic Product(GDP) growth.

    “Having more fiscal incentives for the sector is crucial to attract foreign capital, particularly now that the world is moving towards more environmentally friendly energy.

    “The sector is yet to be exploited adequately to change our economic state. Despite having one of the largest reserves, it’s stilled been fled,” Yusuf said.

    He noted that the federal government could ensure economic growth in the country, by harnessing  the nation’s huge population.

    “Allocating more funds for educational and vocational training of our population will convert them into a human capital assets.

    “Our human capital is one of our best assets and when utilised, could compete globally,” he said.

    The former Director, National Association of Small and Medium Enterprises (NASME), Mr Nerus Ekezie, said the federal government could enhance growth by supporting the building of more business clusters.

    “The establishment of more business clusters in many part of the country will facilitate economic growth and create employment opportunities.

    “Having more of such initiative around, will enhance knowledge transfers, build domestic capacity and reduce the cost of doing businesses,” he said.

    Ekezie noted that the federal government could upscale its critical infrastructure needs, so as to boost the business environment.

    He also said that it would also help to facilitate the movement of commodities with less headwinds.

    Also, the former President, Chartered Institute of Bankers of Nigeria (CIBN), Dr Bayo Olugbemi, said the federal government should tackle the insecurity headwinds to curtail further spread to other parts of the country.

    “The insecurity challenges is one of the factors jeopardising the general economy in recent time.

    “The headwinds were exacerbating and moving to other regions, particularly in many of the hinterland,” Olugbemi said.

    According to him, the agriculture sector and its value chain need to be supported to enhance growth in the economy.

    “Through, having improved seedlings and more agric extension workers will ensure attainment of food sufficiency in farm produce.

    “The sector is one aspect of the economy that we have comparative advantages and can expedite economic growth,” he said.

    NAN reports that the Economic Outlook 2022, released by the African Development Bank (AfDB), has projected an average growth rate for Nigerian economy from 2022 t to 2023 at 3.2 per cent.

    A report released at the just concluded Annual General Meeting (AGM) of the bank in Accra, Ghana, focuses on the growth prospect of the continent in the context of the COVID-19 pandemic, climate change adaptation, energy transition and other structural challenges.



    (NAN)

  •  The National Institute of Marketing of Nigeria NIMN has unveiled plans to help businesses achieve meaningful customer engagement and drive sustainable growth by leveraging technology at its 2022 Annual Marketing Conference AMC President of the Institute Mr Idorenyen Enang made this known in a statement on Sunday in Lagos He noted that the theme of the event Driving Business Sustainability in the Age of Data and Technology was to acquaint businesses with newer technological sustainability models Enang said that the AMC alongside its Annual General Meeting AGM would hold on June 16 and 17 at Eko Hotel Lagos He said the event is expected to attract about 500 marketing professionals entrepreneurs and business leaders across different sectors of the economy The theme of the conference is topical and relevant to the Nigerian business community and is of interest to business across different sectors he said Chairperson of the Events and Conferences Committee Mrs Adenike Olufade said the choice of the theme was driven by the desire of the Institute to share with the audience how businesses are leveraging data and technology to achieve growth She added that there would be a keynote speaker and two panel sessions namely Disruptive Marketing and The Future of Marketing in a Technology Driven World The keynote speaker and discussants are practitioners from different sectors of the Nigeria economy who are deploying data and technology in their respective sectors to deliver exciting customer experience to their market segments Disruptive Marketing would be discussed by Mr Otome Oyo General Manager GM EXP Agency Africa Mr Kelechi Nwosu Managing Director TBWA Ms Joyce Ibukun Aiyemo Marketing Coordinator Allied Foods Burger King and Mr Segun Ogunleye GM Marketing Seven Up Bottling company The second panel will feature Ms Ized Uanikhehi Co founder Zedi Africa Mr Ladi Oladipo Head Marketing Coral Pay Mrs Omobolanle Akingblala CMO Hirefoster and Prof Uchenna Uzo Faculty Director Marketing Lagos Business School The event will also feature the induction of new fellows into the institution and provides a platform for marketers across various industries to learn network and create impact The conference offers a great platform for learning and networking with accomplished executives in the marketing profession and other interested persons This is a great platform to learn from business leaders who have successfully leveraged data and technology to drive business growth in a challenging environment she said Registrar of the Institute Mr Sidney Ogodo said the conference would feature an AGM where elections for the positions of first vice president and second vice president would hold He added that the electoral committee has commenced the process for the election by inviting eligible members of the institute to signify interest to contest for both positions Ogodo said that electronic voting system would be used to conduct the election to give members both within and outside the shores of the country the opportunity to exercise their franchise NAN
    NIMN to host annual conference on business sustainability via technology
     The National Institute of Marketing of Nigeria NIMN has unveiled plans to help businesses achieve meaningful customer engagement and drive sustainable growth by leveraging technology at its 2022 Annual Marketing Conference AMC President of the Institute Mr Idorenyen Enang made this known in a statement on Sunday in Lagos He noted that the theme of the event Driving Business Sustainability in the Age of Data and Technology was to acquaint businesses with newer technological sustainability models Enang said that the AMC alongside its Annual General Meeting AGM would hold on June 16 and 17 at Eko Hotel Lagos He said the event is expected to attract about 500 marketing professionals entrepreneurs and business leaders across different sectors of the economy The theme of the conference is topical and relevant to the Nigerian business community and is of interest to business across different sectors he said Chairperson of the Events and Conferences Committee Mrs Adenike Olufade said the choice of the theme was driven by the desire of the Institute to share with the audience how businesses are leveraging data and technology to achieve growth She added that there would be a keynote speaker and two panel sessions namely Disruptive Marketing and The Future of Marketing in a Technology Driven World The keynote speaker and discussants are practitioners from different sectors of the Nigeria economy who are deploying data and technology in their respective sectors to deliver exciting customer experience to their market segments Disruptive Marketing would be discussed by Mr Otome Oyo General Manager GM EXP Agency Africa Mr Kelechi Nwosu Managing Director TBWA Ms Joyce Ibukun Aiyemo Marketing Coordinator Allied Foods Burger King and Mr Segun Ogunleye GM Marketing Seven Up Bottling company The second panel will feature Ms Ized Uanikhehi Co founder Zedi Africa Mr Ladi Oladipo Head Marketing Coral Pay Mrs Omobolanle Akingblala CMO Hirefoster and Prof Uchenna Uzo Faculty Director Marketing Lagos Business School The event will also feature the induction of new fellows into the institution and provides a platform for marketers across various industries to learn network and create impact The conference offers a great platform for learning and networking with accomplished executives in the marketing profession and other interested persons This is a great platform to learn from business leaders who have successfully leveraged data and technology to drive business growth in a challenging environment she said Registrar of the Institute Mr Sidney Ogodo said the conference would feature an AGM where elections for the positions of first vice president and second vice president would hold He added that the electoral committee has commenced the process for the election by inviting eligible members of the institute to signify interest to contest for both positions Ogodo said that electronic voting system would be used to conduct the election to give members both within and outside the shores of the country the opportunity to exercise their franchise NAN
    NIMN to host annual conference on business sustainability via technology
    Economy6 months ago

    NIMN to host annual conference on business sustainability via technology

    The National Institute of Marketing of Nigeria (NIMN) has unveiled plans to help businesses achieve meaningful customer engagement and drive sustainable growth by leveraging technology at its 2022 Annual Marketing Conference (AMC).

    President of the Institute, Mr Idorenyen Enang, made this known in a statement on Sunday in Lagos.

    He noted that the theme of the event, “Driving Business Sustainability in the Age of Data and Technology”, was to acquaint businesses with newer technological sustainability models.

    Enang said that the AMC alongside its Annual General Meeting (AGM) would hold on June 16 and 17 at Eko Hotel, Lagos.

    He said the event is expected to attract about 500 marketing professionals, entrepreneurs and business leaders across different sectors of the economy.

    “The theme of the conference is topical and relevant to the Nigerian business community and is of interest to business across different sectors,” he said.

    Chairperson of the Events and Conferences Committee, Mrs Adenike Olufade, said the choice of the theme was driven by the desire of the Institute to share with the audience how businesses are leveraging data and technology to achieve growth.

    She added that there would be a keynote speaker and two panel sessions: namely, ‘Disruptive Marketing and The Future of Marketing in a Technology Driven World’.

    “The keynote speaker and discussants are practitioners from different sectors of the Nigeria economy who are deploying data and technology in their respective sectors to deliver exciting customer experience to their market segments.

    “Disruptive Marketing would be discussed by Mr Otome Oyo, General Manager (GM), EXP Agency Africa, Mr Kelechi Nwosu, Managing Director, TBWA, Ms Joyce Ibukun Aiyemo, Marketing Coordinator, Allied Foods (Burger King), and Mr Segun Ogunleye, GM, Marketing, Seven Up Bottling company.

    “The second panel will feature Ms Ized Uanikhehi, Co-founder, Zedi Africa, Mr Ladi Oladipo, Head Marketing, Coral Pay, Mrs Omobolanle Akingblala, CMO, Hirefoster, and Prof Uchenna Uzo, Faculty Director, Marketing, Lagos Business School.

    “The event will also feature the induction of new fellows into the institution and provides a platform for marketers across various industries to learn, network and create impact.

    “The conference offers a great platform for learning and networking with accomplished executives in the marketing profession and other interested persons.

    “This is a great platform to learn from business leaders who have successfully leveraged data and technology to drive business growth in a challenging environment,” she said.

    Registrar of the Institute, Mr Sidney Ogodo, said the conference would feature an AGM where elections for the positions of first vice-president and second vice-president would hold.

    He added that the electoral committee has commenced the process for the election by inviting eligible members of the institute to signify interest to contest for both positions.

    Ogodo said that electronic voting system would be used to conduct the election to give members both within and outside the shores of the country the opportunity to exercise their franchise.

    (NAN)

  •   Ecobank Transnational Incorporated ETI the parent company of the Ecobank Group www Ecobank com the leading pan African bank with operations in 33 African countries today held its 34th Annual General Meeting AGM in Abidjan Costa of ivory Alain Nkontchou Chairman of Ecobank Group said 2021 was a year of transformation for the Group and the Board is pleased to reward shareholders with a dividend for the first time since 2016 Our results show that we are maximizing operational efficiencies and transforming our business successful for long term sustainable growth As we continue to deliver on our strategic imperatives we are firmly positioned as the ideal partner for households and businesses to grow and succeed and to foster Africa s economic development while continuing to grow our revenue and value Ade Ayeyemi CEO of Ecobank Group further observed The Group s years of consistent and disciplined management decisive action investments in people and innovative technology are producing tangible results with record 2021 earnings growth scalable gives us a low cost of service and the preparation to facilitate the enormous expected growth in payments and collections This coupled with our intention to be the commercial bank for sub Saharan Africa makes us a key player in helping African businesses and economies maximize the enormous opportunities created by the African Continental Free Trade Area AfCFTA Ade added that the Bank s first quarter 2022 results provided clear confirmation of the Ecobank Group s continued strong and sustained performance trajectory reinforcing the Bank s reliability and ability to successfully deliver on its purpose focused on Africa and the support to the economies of the continent regardless of prevailing challenges We are steadfast in our determination to win for all of our stakeholders she noted Shareholders applauded the Group s impressively strong performance in 2021 which was achieved despite the challenging environment Group profit for the year was 357 million compared to 88 million in 2020 although the latter was negatively impacted by a goodwill impairment charge of 164 million Group net income increased 4 6 percent to 1 757 million Ecobank s Single Market Infinite possibilities The theme of the AGM underscores the endless possibilities offered by the African market especially in the AfCFTA era The Bank is ready to maximize this unique market with endless possibilities with its clients and clients by providing trade support and meeting the financial needs of clients and clients using its innovative solutions and services With an unrivaled African presence a strong balance sheet and the ability to tap capital markets as needed Ecobank s commercial corporate and investment banking and consumer banking divisions are assured The Shareholders approved all the resolutions presented at the General Shareholders Meeting including the application of profits the renewal of the mandates of the directors and the appointment of the alternate trustees
    Ecobank Transnational Incorporated holds its 34th AGM and Shareholders approve resolutions
      Ecobank Transnational Incorporated ETI the parent company of the Ecobank Group www Ecobank com the leading pan African bank with operations in 33 African countries today held its 34th Annual General Meeting AGM in Abidjan Costa of ivory Alain Nkontchou Chairman of Ecobank Group said 2021 was a year of transformation for the Group and the Board is pleased to reward shareholders with a dividend for the first time since 2016 Our results show that we are maximizing operational efficiencies and transforming our business successful for long term sustainable growth As we continue to deliver on our strategic imperatives we are firmly positioned as the ideal partner for households and businesses to grow and succeed and to foster Africa s economic development while continuing to grow our revenue and value Ade Ayeyemi CEO of Ecobank Group further observed The Group s years of consistent and disciplined management decisive action investments in people and innovative technology are producing tangible results with record 2021 earnings growth scalable gives us a low cost of service and the preparation to facilitate the enormous expected growth in payments and collections This coupled with our intention to be the commercial bank for sub Saharan Africa makes us a key player in helping African businesses and economies maximize the enormous opportunities created by the African Continental Free Trade Area AfCFTA Ade added that the Bank s first quarter 2022 results provided clear confirmation of the Ecobank Group s continued strong and sustained performance trajectory reinforcing the Bank s reliability and ability to successfully deliver on its purpose focused on Africa and the support to the economies of the continent regardless of prevailing challenges We are steadfast in our determination to win for all of our stakeholders she noted Shareholders applauded the Group s impressively strong performance in 2021 which was achieved despite the challenging environment Group profit for the year was 357 million compared to 88 million in 2020 although the latter was negatively impacted by a goodwill impairment charge of 164 million Group net income increased 4 6 percent to 1 757 million Ecobank s Single Market Infinite possibilities The theme of the AGM underscores the endless possibilities offered by the African market especially in the AfCFTA era The Bank is ready to maximize this unique market with endless possibilities with its clients and clients by providing trade support and meeting the financial needs of clients and clients using its innovative solutions and services With an unrivaled African presence a strong balance sheet and the ability to tap capital markets as needed Ecobank s commercial corporate and investment banking and consumer banking divisions are assured The Shareholders approved all the resolutions presented at the General Shareholders Meeting including the application of profits the renewal of the mandates of the directors and the appointment of the alternate trustees
    Ecobank Transnational Incorporated holds its 34th AGM and Shareholders approve resolutions
    Africa6 months ago

    Ecobank Transnational Incorporated holds its 34th AGM and Shareholders approve resolutions

    Ecobank Transnational Incorporated ("ETI"), the parent company of the Ecobank Group (www.Ecobank.com), the leading pan-African bank with operations in 33 African countries, today held its 34th Annual General Meeting (AGM) in Abidjan, Costa of ivory.

    Alain Nkontchou, Chairman of Ecobank Group, said: “2021 was a year of transformation for the Group and the Board is pleased to reward shareholders with a dividend for the first time since 2016. Our results show that we are maximizing operational efficiencies and transforming our business successful. for long-term sustainable growth. As we continue to deliver on our strategic imperatives, we are firmly positioned as the ideal partner for households and businesses to grow and succeed, and to foster Africa's economic development, while continuing to grow our revenue and value."

    Ade Ayeyemi, CEO of Ecobank Group, further observed: “The Group's years of consistent and disciplined management, decisive action, investments in people and innovative technology are producing tangible results with record 2021 earnings growth. scalable gives us a low cost of service and the preparation to facilitate the enormous expected growth in payments and collections. This, coupled with our intention to be the commercial bank for sub-Saharan Africa, makes us a key player in helping African businesses and economies maximize the enormous opportunities created by the African Continental Free Trade Area (AfCFTA).”

    Ade added that the Bank's first quarter 2022 results provided clear confirmation of the Ecobank Group's continued strong and sustained performance trajectory, reinforcing the Bank's reliability and ability to successfully deliver on its purpose focused on Africa and the support to the economies of the continent, regardless of prevailing challenges. . “We are steadfast in our determination to win for all of our stakeholders,” she noted.

    Shareholders applauded the Group's impressively strong performance in 2021, which was achieved despite the challenging environment. Group profit for the year was $357 million compared to $88 million in 2020, although the latter was negatively impacted by a goodwill impairment charge of $164 million. Group net income increased 4.6 percent to $1,757 million.

    Ecobank's 'Single Market'. Infinite possibilities.' The theme of the AGM underscores the endless possibilities offered by the African market, especially in the AfCFTA era. The Bank is ready to maximize this unique market with endless possibilities with its clients and clients by providing trade support and meeting the financial needs of clients and clients, using its innovative solutions and services. With an unrivaled African presence, a strong balance sheet and the ability to tap capital markets as needed, Ecobank's commercial, corporate and investment banking and consumer banking divisions are assured.

    The Shareholders approved all the resolutions presented at the General Shareholders' Meeting, including the application of profits, the renewal of the mandates of the directors and the appointment of the alternate trustees.

  •  Keffi Old Boys Association KOBA says it plans to spend about N1 billion to tackle the infrastructure deficit in its Alma Mater The President General of the group Mr Edward Ujege said this at KOBA s Annual General Meeting AGM on Friday in Keffi KOBA is the umbrella body for the alumni of Government College Keffi Nasarawa State Ujege said the project was intended to create an enabling environment for teaching and learning in the school He said the group set a 10 point agenda for infrastructure upgrade modification and improvement of the policy of running the college He said that to achieve the goal his executive planned a fundraiser to be able to generate the money Ujege listed the projects to include improvement in water supply electricity supply security feeding beds and mattresses Others are procurement of laboratory equipment and reagents healthcare renovation of dormitories class rooms and transportation He said that the association had made modest achievements since the inception of his executive in February 2019 Ujege said the leadership had succeeded in getting a Secretariat and office equipment We assisted in reactivating the water system in the college We also created different social media platforms such as WhatsApp Facebook and Telegram to ease communication and information dissemination among others he said Ujege further said that Central Bank of Nigeria through its Deputy Governor Edward Adamu had also executed massive reconstruction and rehabilitation of infrastructure in the school He said some of the projects included a new dining hall Kaduna House clinic Katsina Ala House and science laboratories The KOBA boss said the group had continued to enjoy robust relationship with the State Government He said that the association had audience with Gov Abdullahi Sule with respect to giving a facelift to the school Ujege congratulated KOBA members holding various political positions in the country and wished them well He also appealed to members and other well meaning Nigerians to continue to contribute to the development of the school Also the Secretary General of KOBA Mr Sam Israel while presenting the group s annual report thanked members for their relentless contributions to the development of the school Israel said the renovation rehabilitation and provision of infrastructure in the school by the association and other people had helped to upgrade education standard in the school He also commended the governor for his support toward developing the school In a remark the Principal of the School Alhaji Audu Idris Ohimege thanked the association and other public spirited individuals for contributing to the transformation of the school He gave assurance that the management would ensure proper use of the facilities books and science equipment donated by the group The Chairman of Keffi Local Government Mr Baba Shehu said he donated science equipment to encourage the study of science education in the college and state at large Shehu promised to continue to support the development of the school Th News Agency of Nigeria NAN reports that highlights of the event included the launch of the group s almanac and donation of 1000 assorted textbooks to the school by the Abuja chapter of the association Also the association observed one minute silence in honour of its deceased members including former president Maj Gen Emmanuel Abisoye rtd NAN
    Old boys budgets N1bn to fix infrastructure for Alma Mater
     Keffi Old Boys Association KOBA says it plans to spend about N1 billion to tackle the infrastructure deficit in its Alma Mater The President General of the group Mr Edward Ujege said this at KOBA s Annual General Meeting AGM on Friday in Keffi KOBA is the umbrella body for the alumni of Government College Keffi Nasarawa State Ujege said the project was intended to create an enabling environment for teaching and learning in the school He said the group set a 10 point agenda for infrastructure upgrade modification and improvement of the policy of running the college He said that to achieve the goal his executive planned a fundraiser to be able to generate the money Ujege listed the projects to include improvement in water supply electricity supply security feeding beds and mattresses Others are procurement of laboratory equipment and reagents healthcare renovation of dormitories class rooms and transportation He said that the association had made modest achievements since the inception of his executive in February 2019 Ujege said the leadership had succeeded in getting a Secretariat and office equipment We assisted in reactivating the water system in the college We also created different social media platforms such as WhatsApp Facebook and Telegram to ease communication and information dissemination among others he said Ujege further said that Central Bank of Nigeria through its Deputy Governor Edward Adamu had also executed massive reconstruction and rehabilitation of infrastructure in the school He said some of the projects included a new dining hall Kaduna House clinic Katsina Ala House and science laboratories The KOBA boss said the group had continued to enjoy robust relationship with the State Government He said that the association had audience with Gov Abdullahi Sule with respect to giving a facelift to the school Ujege congratulated KOBA members holding various political positions in the country and wished them well He also appealed to members and other well meaning Nigerians to continue to contribute to the development of the school Also the Secretary General of KOBA Mr Sam Israel while presenting the group s annual report thanked members for their relentless contributions to the development of the school Israel said the renovation rehabilitation and provision of infrastructure in the school by the association and other people had helped to upgrade education standard in the school He also commended the governor for his support toward developing the school In a remark the Principal of the School Alhaji Audu Idris Ohimege thanked the association and other public spirited individuals for contributing to the transformation of the school He gave assurance that the management would ensure proper use of the facilities books and science equipment donated by the group The Chairman of Keffi Local Government Mr Baba Shehu said he donated science equipment to encourage the study of science education in the college and state at large Shehu promised to continue to support the development of the school Th News Agency of Nigeria NAN reports that highlights of the event included the launch of the group s almanac and donation of 1000 assorted textbooks to the school by the Abuja chapter of the association Also the association observed one minute silence in honour of its deceased members including former president Maj Gen Emmanuel Abisoye rtd NAN
    Old boys budgets N1bn to fix infrastructure for Alma Mater
    Education7 months ago

    Old boys budgets N1bn to fix infrastructure for Alma Mater

    Keffi Old Boys Association (KOBA) says it plans to spend about N1 billion to tackle the infrastructure deficit in its Alma Mater. The President-General of the group, Mr Edward Ujege, said this at KOBA’s Annual General Meeting (AGM) on Friday in Keffi.KOBA is the umbrella body for the alumni of Government College, Keffi, Nasarawa State. Ujege said the project was intended to create an enabling environment for teaching and learning in the school. He said the group set a 10-point agenda for infrastructure upgrade, modification and improvement of the policy of running the college.He said that to achieve the goal, his executive planned a fundraiser to be able to generate the money. Ujege listed the projects to include improvement in water supply, electricity supply, security, feeding, beds, and mattresses. Others are procurement of laboratory equipment and reagents, healthcare, renovation of dormitories, class-rooms and transportation.He said that the association had made modest achievements since the inception of his executive in  February 2019. Ujege said the leadership had succeeded in getting a Secretariat and office equipment.“We assisted in reactivating the water system in the college. We also created different social media platforms, such as WhatsApp, Facebook and Telegram to ease communication and information dissemination, among others,” he said.Ujege further said that Central Bank of Nigeria, through its Deputy Governor Edward Adamu, had also executed massive reconstruction and rehabilitation of infrastructure in the school.He said some of the projects included a new dining hall, Kaduna House, clinic, Katsina Ala House and science laboratories.The KOBA boss said the group had continued to enjoy robust relationship with the State Government. He said that the association had audience with Gov. Abdullahi Sule, with respect to giving a facelift to the school.Ujege congratulated KOBA members holding various political positions in the country and wished them well. He also appealed to members and other well-meaning Nigerians to continue to contribute to the development of the school.Also, the Secretary-General of KOBA, Mr Sam Israel, while presenting the group’s annual report, thanked members for their relentless contributions to the development of the school.Israel said the renovation, rehabilitation and provision of infrastructure in the school by the association and other people had helped to upgrade education standard in the school.He also commended the governor for his support toward  developing the school. In a remark, the Principal of the School, Alhaji Audu Idris-Ohimege, thanked the association and other public-spirited individuals for contributing to the transformation of the school.He gave assurance that the management would ensure proper use of the facilities, books and science equipment donated by the group. The Chairman of Keffi Local Government, Mr Baba Shehu, said he donated science equipment to encourage the study of science education in the college and state at large.Shehu promised to continue to support the development of the school. Th News Agency of Nigeria ( NAN) reports that highlights of the event included the launch of the group’s almanac and donation of 1000 assorted textbooks to the school by the Abuja chapter of the association.Also, the association observed one minute silence in honour of its deceased members, including former president, Maj.-Gen. Emmanuel Abisoye (rtd.).(NAN)

  •  NEM Insurance Plc has generated a gross premium of N27 8 billion for the financial year ended Dec 31 2021 indicating an increase of 26 per cent when compared with N22 billion achieved in 2020 NEM Insurance Chairman Dr Fidelis Ayebae announced this at the the 2021 Annual General Meeting AGM on Friday in Lagos Ayebae said the underwriter during the period under review posted net premium of N19 3 billion from N15 8 billion recorded in the corresponding period of 2020 an increase of 23 per cent He said the insurance firm incurred a gross claim of N11 6 billion during the review period as against N8 4 billion in 2020 an increase of 26 per cent In the same vein the net claims expenses of N5 6 billion incurred in 2021 was nine per cent lower than that of the preceding period which was N6 05 billion The net claims ratio for the period under review was 20 per cent as against 27 per cent in 2020 due to good claims recovery during the period under review he said According to him though interest rate in commercial paper was low in 2021 the insurer was proactive enough to take the advantage of other investment opportunities to generate income on investment of N1 13 billion The chairman said this resulted in an increase of about 13 per cent as against the previous income on investment in 2020 which was N1 004 billion Ayebae hinted that investment in Associate RegencyNem Insurance Ltd Ghana was fully impaired in 2021 because of going concern issues He stated that the Group incurred the sum of N4 18 billion being an adverse variance of 30 per cent over year 2020 which was N3 22 billion The chairman said that the parent company recorded a negative variance of 29 5 per cent over year 2020 Specifically N4 16 billion was incurred in 2021 N3 19 billion was incurred in 2020 he said Ayebae said that the group s Earnings Per Share EPS for the year under review stood at 89k in contrast with 96k in 2020 Ayebae said that the group s Profit After Tax PAT stood at N4 45 billion in 2021 lower than N5 08 billion in the previous year representing a decrease of 12 5 per cent This result is majorly due to sharp decrease in fair value gain he said He stated that the board of directors had recommended a dividend of 22k per ordinary shares to be paid out of the profit for the year On recapitalisation Ayebae noted that inspite of the suspension of the process by the National Insurance Commission NAICOM NEM Insurance was poised to recapitalise and had enough reserve to do so The chairman identified the rising inflation insecurity climate change Ukraine war hike in fuel pump price unstable labour market and new waves of COVID 19 among others as part of challenges in the present year Ayebae expressed optimism that the company would record enhanced performance in the current He said As the situation continues to be very dynamic the company has been working diligently to assess the potential risks posed by COVID 19 to its business on an ongoing basis and to realign its strategies accordingly We are of the opinion that our business operations will not suffer any major setback on account of these major challenges The board and management will continue to leverage its robust technology infrastructure and maintain a healthy result and asset base he said In his address the Group Managing Executive Officer NEM Insurance Mr Tope Smart said that the company recorded positive performance in the review period Smart explained that the global health crisis in year 2020 which further compounded the fragile economic situation in Nigeria took its toll on households and corporate bodies He said Despite this difficult terrain our company showed resilience and we were able to post impressive results The managing director expressed gratitude to all brokers and clients for their unalloyed support over the years To our board members words are not enough to express our appreciation to you for creating the right environment which assisted us in delivering value to all stakeholders we are grateful I want to equally thank all our staff who in the midst of difficulty brought about by COVID 19 remained undaunted and have continued to deliver superior services to our numerous brokers and clients To all our shareholders thank you for keeping faith with us in this journey As we look forward to the future we are confident that more than ever before our goal of industry leadership is within reach NAN
    NEM Insurance generates N27.8bn gross premium in 2021
     NEM Insurance Plc has generated a gross premium of N27 8 billion for the financial year ended Dec 31 2021 indicating an increase of 26 per cent when compared with N22 billion achieved in 2020 NEM Insurance Chairman Dr Fidelis Ayebae announced this at the the 2021 Annual General Meeting AGM on Friday in Lagos Ayebae said the underwriter during the period under review posted net premium of N19 3 billion from N15 8 billion recorded in the corresponding period of 2020 an increase of 23 per cent He said the insurance firm incurred a gross claim of N11 6 billion during the review period as against N8 4 billion in 2020 an increase of 26 per cent In the same vein the net claims expenses of N5 6 billion incurred in 2021 was nine per cent lower than that of the preceding period which was N6 05 billion The net claims ratio for the period under review was 20 per cent as against 27 per cent in 2020 due to good claims recovery during the period under review he said According to him though interest rate in commercial paper was low in 2021 the insurer was proactive enough to take the advantage of other investment opportunities to generate income on investment of N1 13 billion The chairman said this resulted in an increase of about 13 per cent as against the previous income on investment in 2020 which was N1 004 billion Ayebae hinted that investment in Associate RegencyNem Insurance Ltd Ghana was fully impaired in 2021 because of going concern issues He stated that the Group incurred the sum of N4 18 billion being an adverse variance of 30 per cent over year 2020 which was N3 22 billion The chairman said that the parent company recorded a negative variance of 29 5 per cent over year 2020 Specifically N4 16 billion was incurred in 2021 N3 19 billion was incurred in 2020 he said Ayebae said that the group s Earnings Per Share EPS for the year under review stood at 89k in contrast with 96k in 2020 Ayebae said that the group s Profit After Tax PAT stood at N4 45 billion in 2021 lower than N5 08 billion in the previous year representing a decrease of 12 5 per cent This result is majorly due to sharp decrease in fair value gain he said He stated that the board of directors had recommended a dividend of 22k per ordinary shares to be paid out of the profit for the year On recapitalisation Ayebae noted that inspite of the suspension of the process by the National Insurance Commission NAICOM NEM Insurance was poised to recapitalise and had enough reserve to do so The chairman identified the rising inflation insecurity climate change Ukraine war hike in fuel pump price unstable labour market and new waves of COVID 19 among others as part of challenges in the present year Ayebae expressed optimism that the company would record enhanced performance in the current He said As the situation continues to be very dynamic the company has been working diligently to assess the potential risks posed by COVID 19 to its business on an ongoing basis and to realign its strategies accordingly We are of the opinion that our business operations will not suffer any major setback on account of these major challenges The board and management will continue to leverage its robust technology infrastructure and maintain a healthy result and asset base he said In his address the Group Managing Executive Officer NEM Insurance Mr Tope Smart said that the company recorded positive performance in the review period Smart explained that the global health crisis in year 2020 which further compounded the fragile economic situation in Nigeria took its toll on households and corporate bodies He said Despite this difficult terrain our company showed resilience and we were able to post impressive results The managing director expressed gratitude to all brokers and clients for their unalloyed support over the years To our board members words are not enough to express our appreciation to you for creating the right environment which assisted us in delivering value to all stakeholders we are grateful I want to equally thank all our staff who in the midst of difficulty brought about by COVID 19 remained undaunted and have continued to deliver superior services to our numerous brokers and clients To all our shareholders thank you for keeping faith with us in this journey As we look forward to the future we are confident that more than ever before our goal of industry leadership is within reach NAN
    NEM Insurance generates N27.8bn gross premium in 2021
    Economy7 months ago

    NEM Insurance generates N27.8bn gross premium in 2021

    NEM Insurance Plc has generated a gross premium of N27.8 billion for the financial year ended Dec. 31, 2021, indicating an increase of 26 per cent when compared with N22 billion achieved in 2020.NEM Insurance Chairman, Dr Fidelis Ayebae, announced this at the the 2021 Annual General Meeting (AGM) on Friday in Lagos.Ayebae said the underwriter during the period under review posted net premium of  N19.3 billion from N15.8 billion recorded in the corresponding period of 2020, an increase of 23 per cent.He said the insurance firm incurred a gross claim of N11.6 billion during the review period as against N8.4 billion in 2020, an increase of 26 per cent.“In the same vein, the net claims expenses of N5.6 billion incurred in 2021 was nine per cent  lower than that of the preceding period which was N6.05 billion.“The net claims ratio for the period under review was 20 per cent as against 27 per cent in 2020 due to good claims recovery during the period under review,” he said.According to him, though interest rate in commercial paper was low in 2021, the insurer was proactive enough to take the advantage of other investment opportunities to generate income on investment of N1.13 billion .The chairman said this resulted in an increase of about 13 per cent as against the previous income on investment in 2020 which was N1.004 billion.Ayebae hinted that investment in Associate (RegencyNem Insurance Ltd., Ghana) was fully impaired in 2021 because of going concern issues.He stated that the Group incurred the sum of N4.18 billion being an adverse variance of 30 per cent over year 2020, which was N3.22 billion.The chairman said that the parent company recorded a negative variance of 29.5 per cent over year 2020.“Specifically, N4.16 billion was incurred in 2021, N3.19 billion was incurred in 2020,” he said.Ayebae said that the group’s Earnings Per Share ( EPS) for the year under review stood at 89k in contrast with 96k in 2020.Ayebae said that the group’s Profit After Tax (PAT) stood at N4.45 billion in 2021 lower than N5.08 billion in the previous year, representing a decrease of 12.5 per cent.“This result is majorly due to sharp decrease in fair value gain,” he said.He stated that the board of directors had recommended a dividend of 22k per ordinary shares to be paid out of the profit for the year.On recapitalisation,  Ayebae noted that inspite of the suspension of the process by the National Insurance Commission (NAICOM), NEM Insurance was poised to recapitalise and had enough reserve to do so.The chairman identified the rising inflation, insecurity, climate change, Ukraine war, hike in fuel pump price, unstable labour market and new waves of COVID-19, among others as part of challenges in the present year.Ayebae expressed optimism that the company would record enhanced performance in the current.He said : “As the situation continues to be very dynamic, the company has been working diligently to assess the potential risks posed by COVID-19 to its business on an ongoing basis and to realign its strategies accordingly.“We are of the opinion that our business operations will not suffer any major setback on account of these major challenges.“The board and management will continue to leverage its robust technology infrastructure and maintain a healthy result and asset base,” he said.In his address, the Group Managing Executive Officer, NEM Insurance, Mr Tope Smart, said that the company recorded positive performance in the review period.Smart explained that the global health crisis in year 2020 which further compounded the fragile economic situation in Nigeria took its toll on households and corporate bodies.He said: “Despite this difficult terrain, our company showed resilience and we were able to post impressive results.”The managing director expressed gratitude to all brokers and clients for their unalloyed support over the years.“To our board members, words are not enough to express our appreciation to you for creating the right environment which assisted us in delivering value to all stakeholders, we are grateful.“I want to equally thank all our staff who in the midst of difficulty, brought about by COVID-19 remained undaunted and have continued to deliver superior services to our numerous brokers and clients.“To all our shareholders, thank you for keeping faith with us in this journey.“As we look forward to the future, we are confident that more than ever before, our goal of industry leadership is within reach.

    (NAN)

  •  Industrial and Medical Gas IMG Nigeria Plc says it posted a net profit of N372 million in its 2021 financial year results The company said in a statement on Wednesday in Lagos that the figure represented an increase of 27 per cent when compared with the N292 million recorded in 2020 despite the inclement operating environment The company s directors are proposing bonus of one ordinary share for every five ordinary shares held by shareholders whose names appear in the company s register of members at the close of business on Friday June 10 The proposed bonus shares shall increase the shareholders outstanding shares and boost liquidity of the company s stock on the NGX Approval of the bonus shares is one of the major items on the agenda for IMG s hybrid Annual General Meeting AGM scheduled for Friday June 24 In the review period IMG s total revenue was up by 16 4 per cent to hit N3 69 billion in 2021 from N3 17 billion in the preceding year while its total assets inched up the statement said It added that the Chairman IMG Mr Abiodun Alabi shall review the global economic outlook the Nigerian economy emerging success stories of divestment of Linde Group during the meeting It also said the acquisition of 60 per cent holding in the company by T Y Holdings would be reviewed The acquisition significantly increased T Y holding s stake to 72 per cent and the change of the company s name from BOC Gases to IMG Nigeria Plc as part of its brand positioning It said Alabi shall also review the industrial gas market and unfold IMG s major performance indicators to the shareholders He will formally introduce the four new directors that have joined the Company s Board from diverse professional backgrounds and robust industry experience NAN
    IMG grows profit by 27%, offers bonus shares
     Industrial and Medical Gas IMG Nigeria Plc says it posted a net profit of N372 million in its 2021 financial year results The company said in a statement on Wednesday in Lagos that the figure represented an increase of 27 per cent when compared with the N292 million recorded in 2020 despite the inclement operating environment The company s directors are proposing bonus of one ordinary share for every five ordinary shares held by shareholders whose names appear in the company s register of members at the close of business on Friday June 10 The proposed bonus shares shall increase the shareholders outstanding shares and boost liquidity of the company s stock on the NGX Approval of the bonus shares is one of the major items on the agenda for IMG s hybrid Annual General Meeting AGM scheduled for Friday June 24 In the review period IMG s total revenue was up by 16 4 per cent to hit N3 69 billion in 2021 from N3 17 billion in the preceding year while its total assets inched up the statement said It added that the Chairman IMG Mr Abiodun Alabi shall review the global economic outlook the Nigerian economy emerging success stories of divestment of Linde Group during the meeting It also said the acquisition of 60 per cent holding in the company by T Y Holdings would be reviewed The acquisition significantly increased T Y holding s stake to 72 per cent and the change of the company s name from BOC Gases to IMG Nigeria Plc as part of its brand positioning It said Alabi shall also review the industrial gas market and unfold IMG s major performance indicators to the shareholders He will formally introduce the four new directors that have joined the Company s Board from diverse professional backgrounds and robust industry experience NAN
    IMG grows profit by 27%, offers bonus shares
    Economy7 months ago

    IMG grows profit by 27%, offers bonus shares

    Industrial and Medical Gas (IMG) Nigeria Plc, says it posted a net profit of N372 million in its 2021 financial year results.

    The company said in a statement on Wednesday in Lagos that the figure represented an increase of 27 per cent when compared with the N292 million recorded in 2020, despite the inclement operating environment.

    “The company’s directors are proposing bonus of one ordinary share for every five ordinary shares held by shareholders, whose names appear in the company’s register of members at the close of business on Friday, June 10.

    “The proposed bonus shares shall increase the shareholders’ outstanding shares and boost liquidity of the company’s stock on the NGX.

    “Approval of the bonus shares is one of the major items on the agenda for  IMG’s hybrid Annual General Meeting (AGM), scheduled for Friday, June 24.

    “In  the review period, IMG’s total revenue was up by 16.4 per cent to hit N3.69 billion in 2021 from N3.17 billion in the preceding year, while its total assets inched up,” the statement said.

    It added that the Chairman, IMG, Mr Abiodun Alabi, shall review the global economic outlook, the Nigerian economy, emerging success stories of divestment of Linde Group during the meeting.

    It also said the acquisition of 60 per cent holding in the company by T.Y. Holdings would be reviewed.

    The acquisition significantly increased T.Y. holding’s stake to 72 per cent and the change of the company’s name from BOC Gases to IMG Nigeria Plc as part of its brand positioning.

    It said, “Alabi shall also review the industrial gas market and unfold IMG’s major performance indicators to the shareholders.

    “He will formally introduce the four new directors that have joined the Company’s Board from diverse professional backgrounds and robust industry experience.”

    (NAN)

  •  The Corps Marshal Federal Road Safety Corps FRSC Dr Boboye Oyeyemi has urged the leadership of the FRSC Staff Cooperative Ltd to ensure prudence and integrity in the management of its resources Oyeyemi made the call at the cooperative s 8th Annual General Meeting AGM on Wednesday in Abuja He said that the focus of the cooperative was to empower officers and marshals of integrity to be able to create other sources of income apart from salaries Oyeyemi however enjoined the members to always fulfill their expected obligations and uphold the cooperative ethics and practices so as to continue to actualise the dictum of each for all all for each He said the leadership of society would be able to ensure better performances and resilience of the society to fulfil its mandate if all members continue to do their bits Oyeyemi urged the leadership of the society to continue to work hard to satisfy the demands of members What you have seen is a success story that today we declared a dividend of N60 million and the profits have been rising from the last six years So it shows that if the cooperative is properly managed It will reduce burden on the government but the foundation must be on integrity and trust and industry itself Once that is done I think things will go better So the best advice is for people to form cooperative groups based on integrity that will reduce pressure on the government and on the society he said FRSC boss assured members of the cooperative s commitment to continuous growth to the overall benefits of members He said the management had provided exceptional guidance and leadership to the society in the areas of investment programmes and pursuits from 2014 to date in its commitment to strengthen the society He said the corps had recently approved another N300 million auto loan facility for staff which is a joint venture between the cooperative and Post Service Scheme The focus of the facility according to him is to essentially ease the mobility challenges faced by most officers and marshals when reporting to work In addition Stanbic staff cooperative loan was also approved to enable staff meet their basic needs due to pressure on monthly salary as their common source of income However a Committee headed by the DCM AHR was set up for the review of loans and advances to members So far disbursement for auto loan is ongoing and we can assure you that all members requests will be properly attended to and loans granted with ease while considering applicants integrity with appropriate recommendations he said The President of the Society ACM Shehu Mohammed said the results for the 2021 financial year was a reflection of resilience and commitment of his team in the face of challenging economic conditions especially the effects of COVID 19 Mohammed said the society experienced yet another year of strong growth mainly attributable to increased patronage by FRSC Staff to IBTC Bank Loan Scheme which contributed 45 per cent of net operating income during the year According to him the total disbursement of IBTC loans within the financial year 2021 was N1 2 billion to 4 200 beneficiaries while the cumulative disbursement from the commencement of the scheme in 2014 to date is about N5 09 billion to 13 531 beneficiaries mainly FRSC Staff The positive impact of increased revenue from our day to day business activities stood at 40 78 per cent over the year 2020 from N608 7 million to N856 9 million resulting to improved profit for the year 2021 The profit before Investment Income rose by 33 per cent compared to year 2020 to close at N94 8 million Based on the financial results laid before you the cooperative management proposed a dividend of 4 kobo for every N1 saved by members as dividend pay out for the year 2021 financial year which translated to 33 per cent increase over the previous year 2020 The total proposed dividend for the year under review is N60 million payable as the AGM is concluded and endorsed by the corps marshal he said The president said the earning per share had also improved steadily over the years with 6 kobo in 2017 18 kobo in 2018 20 kobo in 2019 49 kobo in 2020 and 66 kobo in 2021 He added that the cooperative had remained consistent in dividend payment since 2018 with N31 8 million in 2018 N36 million in 2019 N45 million in 2020 to N60 million in 2021 A member of the cooperative Albert Hansen a Superintendent Commander said the society had continued to help members to achieve many things like housing needs Hansen said he had been able to execute projects through loans from the cooperative adding that the FRSC cooperative society had been ran in the most efficient manner NAN
    Oyeyemi tasks FRSC cooperative society on integrity, hails leadership
     The Corps Marshal Federal Road Safety Corps FRSC Dr Boboye Oyeyemi has urged the leadership of the FRSC Staff Cooperative Ltd to ensure prudence and integrity in the management of its resources Oyeyemi made the call at the cooperative s 8th Annual General Meeting AGM on Wednesday in Abuja He said that the focus of the cooperative was to empower officers and marshals of integrity to be able to create other sources of income apart from salaries Oyeyemi however enjoined the members to always fulfill their expected obligations and uphold the cooperative ethics and practices so as to continue to actualise the dictum of each for all all for each He said the leadership of society would be able to ensure better performances and resilience of the society to fulfil its mandate if all members continue to do their bits Oyeyemi urged the leadership of the society to continue to work hard to satisfy the demands of members What you have seen is a success story that today we declared a dividend of N60 million and the profits have been rising from the last six years So it shows that if the cooperative is properly managed It will reduce burden on the government but the foundation must be on integrity and trust and industry itself Once that is done I think things will go better So the best advice is for people to form cooperative groups based on integrity that will reduce pressure on the government and on the society he said FRSC boss assured members of the cooperative s commitment to continuous growth to the overall benefits of members He said the management had provided exceptional guidance and leadership to the society in the areas of investment programmes and pursuits from 2014 to date in its commitment to strengthen the society He said the corps had recently approved another N300 million auto loan facility for staff which is a joint venture between the cooperative and Post Service Scheme The focus of the facility according to him is to essentially ease the mobility challenges faced by most officers and marshals when reporting to work In addition Stanbic staff cooperative loan was also approved to enable staff meet their basic needs due to pressure on monthly salary as their common source of income However a Committee headed by the DCM AHR was set up for the review of loans and advances to members So far disbursement for auto loan is ongoing and we can assure you that all members requests will be properly attended to and loans granted with ease while considering applicants integrity with appropriate recommendations he said The President of the Society ACM Shehu Mohammed said the results for the 2021 financial year was a reflection of resilience and commitment of his team in the face of challenging economic conditions especially the effects of COVID 19 Mohammed said the society experienced yet another year of strong growth mainly attributable to increased patronage by FRSC Staff to IBTC Bank Loan Scheme which contributed 45 per cent of net operating income during the year According to him the total disbursement of IBTC loans within the financial year 2021 was N1 2 billion to 4 200 beneficiaries while the cumulative disbursement from the commencement of the scheme in 2014 to date is about N5 09 billion to 13 531 beneficiaries mainly FRSC Staff The positive impact of increased revenue from our day to day business activities stood at 40 78 per cent over the year 2020 from N608 7 million to N856 9 million resulting to improved profit for the year 2021 The profit before Investment Income rose by 33 per cent compared to year 2020 to close at N94 8 million Based on the financial results laid before you the cooperative management proposed a dividend of 4 kobo for every N1 saved by members as dividend pay out for the year 2021 financial year which translated to 33 per cent increase over the previous year 2020 The total proposed dividend for the year under review is N60 million payable as the AGM is concluded and endorsed by the corps marshal he said The president said the earning per share had also improved steadily over the years with 6 kobo in 2017 18 kobo in 2018 20 kobo in 2019 49 kobo in 2020 and 66 kobo in 2021 He added that the cooperative had remained consistent in dividend payment since 2018 with N31 8 million in 2018 N36 million in 2019 N45 million in 2020 to N60 million in 2021 A member of the cooperative Albert Hansen a Superintendent Commander said the society had continued to help members to achieve many things like housing needs Hansen said he had been able to execute projects through loans from the cooperative adding that the FRSC cooperative society had been ran in the most efficient manner NAN
    Oyeyemi tasks FRSC cooperative society on integrity, hails leadership
    Defence/Security7 months ago

    Oyeyemi tasks FRSC cooperative society on integrity, hails leadership

    The Corps Marshal, Federal Road Safety Corps (FRSC), Dr Boboye Oyeyemi, has urged the leadership of the FRSC Staff Cooperative Ltd. to ensure prudence and integrity in the management of its resources.

    Oyeyemi made the call at the cooperative’s 8th Annual General Meeting (AGM) on Wednesday, in Abuja.

    He said that the focus of the cooperative was to empower officers and marshals of integrity to be able to create other sources of income apart from salaries.

    Oyeyemi, however, enjoined the members to always fulfill their expected obligations and uphold the cooperative ethics and practices so as to continue to actualise the dictum of “each for all, all for each”.

    He said the leadership of society would be able to ensure better performances and resilience of the society to fulfil its mandate, if all members continue to do their bits.

    Oyeyemi urged the leadership of the society to continue to work hard to satisfy the demands of members.

    “What you have seen is a success story that today we declared a dividend of N60 million and the profits have been rising from the last six years.

    “So, it shows that if the cooperative is properly managed, It will reduce burden on the government but the foundation must be on integrity and trust and industry itself.

    “Once that is done, I think things will go better. So the best advice is for people to form cooperative groups based on integrity that will reduce pressure on the government and on the society,” he said.

    FRSC boss assured members of the cooperative’s commitment to continuous growth to the overall benefits of members.

    He said the management had provided exceptional guidance and leadership to the society in the areas of investment, programmes and pursuits from 2014 to date in its commitment to strengthen the society.

    He said the corps had recently approved another N300 million auto-loan facility for staff, which is a joint venture between the cooperative and Post-Service Scheme.

    The focus of the facility, according to him, is to essentially ease the mobility challenges faced by most officers and marshals when reporting to work.

    “In addition, Stanbic staff cooperative loan was also approved to enable staff meet their basic needs due to pressure on monthly salary as their common source of income.

    “However, a Committee headed by the DCM (AHR) was set up for the review of loans and advances to members.

    “So far, disbursement for auto loan is ongoing and we can assure you that all members’ requests will be properly attended to and loans granted with ease, while considering applicants’ integrity with appropriate recommendations,” he said.

    The President of the Society, ACM Shehu Mohammed, said the results for the 2021 financial year was a reflection of resilience and commitment of his team in the face of challenging economic conditions, especially the effects of COVID-19.

    Mohammed said the society experienced yet another year of strong growth, mainly attributable to increased patronage by FRSC Staff to IBTC Bank Loan Scheme, which contributed 45 per cent of net operating income during the year.

    According to him, the total disbursement of IBTC loans within the financial year 2021 was N1.2 billion to 4,200 beneficiaries while the cumulative disbursement from the commencement of the scheme in 2014 to date is about N5.09 billion to 13,531 beneficiaries, mainly FRSC Staff.

    “The positive impact of increased revenue from our day to day business activities stood at 40.78 per cent over the year 2020 from N608.7 million to N856.9 million resulting to improved profit for the year 2021.

    “The profit before Investment Income rose by 33 per cent compared to year 2020 to close at N94.8 million.

    “Based on the financial results laid before you, the cooperative management proposed a dividend of 4 kobo for every N1 saved by members as dividend pay-out for the year 2021 financial year, which translated to 33 per cent increase over the previous year 2020.

    “The total proposed dividend for the year under review is N60 million payable as the AGM is concluded and endorsed by the corps marshal,” he said.

    The president said the earning per share had also improved steadily over the years with 6 kobo in 2017; 18 kobo in 2018; 20 kobo in 2019; 49 kobo in 2020 and 66 kobo in 2021.

    He added that the cooperative had remained consistent in dividend payment since 2018 with N31.8 million in 2018; N36 million in 2019; N45 million in 2020 to N60 million in 2021.

    A member of the cooperative, Albert Hansen, a Superintendent Commander, said the society had continued to help members to achieve many things like housing needs.

    Hansen said he had been able to execute projects through loans from the cooperative, adding that the FRSC cooperative society had been ran in the most efficient manner.

    (NAN)

  •  Mrs Bianca Ojukwu wife of late Odumegwu Ojukwu has urged Igbo people in Diaspora especially in the United Kingdom UK and Ireland to always remember home while living their lives Ojukwu made the call while addressing the Igbo community in UK at a summit and Annual General Meeting AGM organised by Ohanaeze Ndigbo UK and Ireland A statement signed on Tuesday by Mrs Aqueen Ibeto President Ohanaeze Ndigbo UK and Ireland stated that the summit was part of activities to mark the 100 days in office of the new Ohanaeze leadership Ojukwu said time had come for every Igbo man and woman in the UK to go back to the root and assist in community development especially now that activities had intensified for the 2023 general elections In fact some of our people feel somehow threatened when they have contact with their relatives back home The tragedy is that much as we may want it otherwise the UK will become their home and the home of their children Unlike the Jews Indians and Asians we have not found a way to connect our children to our homeland she said According to her most children of Jewish descent will take a trip once in their life time to the holocaust place to learn about their history and to learn that they must never forget What do our own children know about our history and the war that we fought what do they know about the Igbo spirit and how far we have come What do they know about the fact that the Igbo man is like the phoenix rising from the ashes The Igbo enterprise today is the phoenix rising from the ashes of 20 pounds which is what we had but look at the Igbo man today it is a testament of the resilience of the Igbo man Ojukwu said She regretted that the Igbo culture was gradually being overtaken by Western culture a development she noted was caused by the carefree attitude of some parents When we think of our children we make excuses about having to conform but other races make more excuses about raising their children in the culture they know Your friend will come to your home and your child will say how are you Andrew welcome to our house no uncle or sir attached Somebody told me when I went to Ireland that she had to have elaborate ploy to bring her child back home to Nigeria to go to Marris Brothers in Uturu Okigwe This happened because she was in the kitchen and asked her son to get her spice on the kitchen cupboard the boy was watching TV and he said to her mum you are such a bugger When she insisted he got up got the spice and said to her very well soon Jane and I will be leaving here and won t have to go through this Jane and I his girlfriend And the mum asked why and he said because by then you will be in the old people s home It didn t take long for her to realise that something desperate had to be done She managed to get him back to Nigeria and after three years his brain had to be reset you know Marris Brothers don t take nonsense she added Ojukwu however said that the action of the woman might be a bit extreme but that the problem emanated from the negligence of some parents on their children Ibeto the Ohanaeze President in her remark said the was also an opportunity to unite the Igbo community in UK She said it was also an avenue to rekindle the Igbo culture and tradition in the minds of the people It would be recalled that Ibeto emerged as the new President of Ohanaeze Ndigbo in UK after an election held on Nov 20 2021 in London She took over from Dr Nnanna Igwe NAN
    Remember home before it’s late, Bianca urges Igbo community in UK
     Mrs Bianca Ojukwu wife of late Odumegwu Ojukwu has urged Igbo people in Diaspora especially in the United Kingdom UK and Ireland to always remember home while living their lives Ojukwu made the call while addressing the Igbo community in UK at a summit and Annual General Meeting AGM organised by Ohanaeze Ndigbo UK and Ireland A statement signed on Tuesday by Mrs Aqueen Ibeto President Ohanaeze Ndigbo UK and Ireland stated that the summit was part of activities to mark the 100 days in office of the new Ohanaeze leadership Ojukwu said time had come for every Igbo man and woman in the UK to go back to the root and assist in community development especially now that activities had intensified for the 2023 general elections In fact some of our people feel somehow threatened when they have contact with their relatives back home The tragedy is that much as we may want it otherwise the UK will become their home and the home of their children Unlike the Jews Indians and Asians we have not found a way to connect our children to our homeland she said According to her most children of Jewish descent will take a trip once in their life time to the holocaust place to learn about their history and to learn that they must never forget What do our own children know about our history and the war that we fought what do they know about the Igbo spirit and how far we have come What do they know about the fact that the Igbo man is like the phoenix rising from the ashes The Igbo enterprise today is the phoenix rising from the ashes of 20 pounds which is what we had but look at the Igbo man today it is a testament of the resilience of the Igbo man Ojukwu said She regretted that the Igbo culture was gradually being overtaken by Western culture a development she noted was caused by the carefree attitude of some parents When we think of our children we make excuses about having to conform but other races make more excuses about raising their children in the culture they know Your friend will come to your home and your child will say how are you Andrew welcome to our house no uncle or sir attached Somebody told me when I went to Ireland that she had to have elaborate ploy to bring her child back home to Nigeria to go to Marris Brothers in Uturu Okigwe This happened because she was in the kitchen and asked her son to get her spice on the kitchen cupboard the boy was watching TV and he said to her mum you are such a bugger When she insisted he got up got the spice and said to her very well soon Jane and I will be leaving here and won t have to go through this Jane and I his girlfriend And the mum asked why and he said because by then you will be in the old people s home It didn t take long for her to realise that something desperate had to be done She managed to get him back to Nigeria and after three years his brain had to be reset you know Marris Brothers don t take nonsense she added Ojukwu however said that the action of the woman might be a bit extreme but that the problem emanated from the negligence of some parents on their children Ibeto the Ohanaeze President in her remark said the was also an opportunity to unite the Igbo community in UK She said it was also an avenue to rekindle the Igbo culture and tradition in the minds of the people It would be recalled that Ibeto emerged as the new President of Ohanaeze Ndigbo in UK after an election held on Nov 20 2021 in London She took over from Dr Nnanna Igwe NAN
    Remember home before it’s late, Bianca urges Igbo community in UK
    General news7 months ago

    Remember home before it’s late, Bianca urges Igbo community in UK

    Mrs Bianca Ojukwu, wife of late Odumegwu Ojukwu has urged Igbo people in Diaspora, especially in the United Kingdom (UK) and Ireland to always remember home while living their lives.Ojukwu made the call while addressing the Igbo community in UK at a summit and Annual General Meeting (AGM) organised by Ohanaeze Ndigbo UK and Ireland.A statement signed on Tuesday by Mrs Aqueen Ibeto, President, Ohanaeze Ndigbo UK and Ireland, stated that the summit was part of activities to mark the 100 days in office of the new Ohanaeze leadership.Ojukwu said time had come for every Igbo man and woman in the UK to go back to the root and assist in community development, especially now that activities had intensified for the 2023 general elections.“In fact, some of our people feel somehow threatened when they have contact with their relatives back home“The tragedy is that much as we may want it otherwise, the UK will become their home and the home of their children.“Unlike the Jews, Indians and Asians, we have not found a way to connect our children to our homeland,” she said.According to her, most children of Jewish descent will take a trip once in their life time to the holocaust place, to learn about their history, and to learn that they must never forget.“What do our own children know about our history and the war that we fought; what do they know about the Igbo spirit and how far we have come.“What do they know about the fact that the Igbo man is like the phoenix rising from the ashes.“The Igbo enterprise today is the phoenix rising from the ashes of 20 pounds, which is what we had, but look at the Igbo man today, it is a testament of the resilience of the Igbo man,” Ojukwu said.She regretted that the Igbo culture was gradually being overtaken by Western culture, a development she noted was caused by the carefree attitude of some parents.“When we think of our children, we make excuses about having to conform, but other races make more excuses about raising their children in the culture they know.“Your friend will come to your home and your child will say “how are you Andrew, welcome to our house”, no uncle or sir attached.“Somebody told me when I went to Ireland that she had to have elaborate ploy to bring her child back home to Nigeria to go to Marris Brothers in Uturu, Okigwe.“This happened because she was in the kitchen and asked her son to get her spice on the kitchen cupboard; the boy was watching TV and he said to her, mum you are such a bugger.“When she insisted, he got up, got the spice and said to her, very well, soon Jane and I will be leaving here and won’t have to go through this.“Jane and I, his girlfriend. And the mum asked why, and he said because by then you will be in the old people’s home. It didn’t take long for her to realise that something desperate had to be done.“She managed to get him back to Nigeria and after three years, his brain had to be reset; you know Marris Brothers don’t take nonsense,” she addedOjukwu, however, said that the action of the woman might be a bit extreme but that the problem emanated from the negligence of some parents on their children.Ibeto, the Ohanaeze President, in her remark said the was also an opportunity to unite the Igbo community in UK.She said it was also an avenue to rekindle the Igbo culture and tradition in the minds of the people.It would be recalled that Ibeto emerged as the new President of Ohanaeze Ndigbo in UK, after an election held on Nov. 20, 2021 in London.She took over from Dr Nnanna Igwe.(NAN)

  •  MTN Nigeria Communications Plc paid N13 12 billion as dividends to shareholders for Year 2021 Its audited Financial Statement for the year released in Lagos on Friday showed that the company paid N8 57k per shareholding The statement also indicated that at its 2021 Annual General Meeting AGM five directors were re elected just as shareholders representatives were elected to the company s Statutory Audit Committee Board representatives were also re elected at the AGM Directors re elected are Mr Mohammad Ahmad Mr Andrew AIIi Mr Michael Ajukwu Dr Omobola Johnson and Mr AB Mahmoud SAN Shareholders representatives elected are Mr Oye Hassan OdukaIe retired Col Ayegbeni Peters and Mr Nornah Awoh Board representatives re elected are Mr Rhidwaan Gasant and Mrs lfueko Omoigui Okauru NAN
    MTN Nigeria pays N13.12bn dividend in 2021 at N8.57k per shareholding
     MTN Nigeria Communications Plc paid N13 12 billion as dividends to shareholders for Year 2021 Its audited Financial Statement for the year released in Lagos on Friday showed that the company paid N8 57k per shareholding The statement also indicated that at its 2021 Annual General Meeting AGM five directors were re elected just as shareholders representatives were elected to the company s Statutory Audit Committee Board representatives were also re elected at the AGM Directors re elected are Mr Mohammad Ahmad Mr Andrew AIIi Mr Michael Ajukwu Dr Omobola Johnson and Mr AB Mahmoud SAN Shareholders representatives elected are Mr Oye Hassan OdukaIe retired Col Ayegbeni Peters and Mr Nornah Awoh Board representatives re elected are Mr Rhidwaan Gasant and Mrs lfueko Omoigui Okauru NAN
    MTN Nigeria pays N13.12bn dividend in 2021 at N8.57k per shareholding
    General news7 months ago

    MTN Nigeria pays N13.12bn dividend in 2021 at N8.57k per shareholding

    MTN Nigeria Communications Plc., paid N13.12 billion as dividends to shareholders for Year 2021.

    Its audited Financial Statement for the year released in Lagos on Friday showed that the company paid N8.57k per shareholding.

    The statement also indicated that at its 2021 Annual General Meeting (AGM), five directors were re-elected just as shareholders representatives were elected to the company’s Statutory Audit Committee.

    Board representatives were also re-elected at the AGM.

    Directors re-elected are Mr Mohammad Ahmad, Mr Andrew AIIi, Mr Michael Ajukwu, Dr Omobola Johnson and Mr AB Mahmoud (SAN).

    Shareholders representatives elected are Mr Oye Hassan-OdukaIe, retired Col. Ayegbeni Peters and Mr Nornah Awoh.

    Board representatives re-elected are Mr Rhidwaan Gasant and Mrs lfueko Omoigui-Okauru.

    (NAN)

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