Afriland Properties Plc has restated its commitment to bridging the country’s housing deficit as its shareholders endorsed a total dividend of N137.39 million for the financial year ended Dec. 31, 2021. The News Agency of Nigeria reports that the shareholders gave the approval at the company’s ninth Annual General Meeting (AGM) on Thursday in Lagos.
The dividend translates to 10k per ordinary shares when compared to 5k per share (N68.69 million) paid by the company in the comparative period of 2020. Chairman of Afriland Properties, Mr Emmanuel Nnorom, assured the shareholders that the company would remain committed to delivering enhanced return on their investments.
Nnorom said the company commenced and completed 22 projects during the period under review.
“Thirty one other projects are at various stages of completion across different locations in the country.
“The company’s revenue rose by eight per cent to N1.99 billion compared with N1.85 billion achieved in the preceding year.
“Profit before tax stood at N1.60 billion from N1.01 billion in 2020, indicating an increase of 58 per cent.
“In spite of the challenging business environment, the company recorded strong operating performance in revenue and profit,” he said.
Mrs Uzoamaka Oshogwe, the company’s Managing Director, said the company had been positioned to take advantage of government’s policy direction to enhance its market share.
She said the company would continue to embrace opportunities in the industry to fill the housing gap.
Oshogwe said the company remained committed to the provision of affordable homes to Nigerians and would work with the government to achieve it.
She stated that the company was positioned to take advantage of government’s policy direction and optimise future rental income from proprietary properties to maximise shareholders wealth.
“We will continue to explore the possibility of partnering reputable organisations and government to optimise our property portfolio to deliver superior value to shareholders.
“State and federal governments own land, they should give us some of the land so that we can build, taking away the cost of land from the total cost of development.
“We are already bringing down the cost of actually buying these properties from the lower cadre and we are hoping that the government is listening and some states are already doing that.
“We need to have access to cheap funding because real estate is a capital intensive project,” she said.
Mr Sunny Nwosu, Founder, Independent Shareholders Association, lauded the company for improved performance in spite of the challenging operating environment.
Nwosu urged the company to embrace strategies that would help in meeting the housing gap, especially for the middle-class.
Mrs Bisi Bakare, National Coordinator, Pragmatic Shareholders Association, commended the company for its strong performance in revenue despite the inclement business environment.
Bakare enjoined the company to employ modalities that would ensure enhanced returns in the years ahead.
Shareholders of Transcorp Hotels Plc have unanimously approved the company’s plan to raise the sum of N9.9 billion through a rights issue.
The shareholders gave the approval at the company’s Extra-Ordinary General (EGM) in Lagos on Monday and streamed live due to coronavirus.
Specifically, the shareholders mandated the company’s board of directors to issue up to 2,659,574,468 ordinary shares of 50k each from its unissued share capital by way of rights issue at N3.76 per share.
The rights issue would be on the basis of seven new ordinary shares for every 20 ordinary shares of 50k each held by existing shareholders of the company.
They also authorised the directors to appoint advisers and professional parties necessary for the transactions contemplated in the rights circular, upon such terms and conditions that the directors may deem appropriate.
The shareholders authorised the board of directors to take all actions as they might deem necessary or advisable to effect the purpose and intent of the foregoing resolutions.
According to them, this include without limitation the approval of the basis of allotment, allocation of proceeds of the shares issued, filing of any required documentation with the Securities and Exchange Commission (SEC), the Nigerian Stock Exchange and the Corporate Affairs Commission or any other regulatory authorities.
Mr Emmanuel Nnorom, the company’s Chairman, who spoke at the meeting, said the rights issue was still subject to obtaining requisite regulatory approvals from the SEC and other regulatory authorities.
Nnorom who commended the shareholders for their support and encouragement, assured them of enhanced value creation.
Transcorp Hotels Plc is one of Africa’s leading hospitality companies, committed to redefining service standards across the continent while remaining truly and authentically African.
Edited By: Chinyere Bassey/Adeleye Ajayi (NAN)
The Association of Power Generation Companies (APGC) has appointed Mr Omatseyin Ayida as its new Chairman, Board of Trustees (BOT).
The development followed the retirement of Mr Emmanuel Nnorom from the board, having completed his four-year tenure.
Mrs Joy Ogaji, the Executive Secretary, APGC, in a statement in Abuja on Friday said the appointment and retirement of Ayida and Nnorom was in line with the association’s governance charter.
The News Agency of Nigeria reports that the change of baton was reached at the association’s 3rd Annual General Meeting, which held on Wednesday, June 17.
Ayida is a member of the Board of Mainstream Energy Solutions Limited (MESL), concessionaire of Kainji and Jebba Hydro Power Plants.
He was nominated to represent MESL as a member of the BOT of the APGC in 2018.
He has a wealth of experience at Board and Management levels in Energy, Financial Markets, Strategy and Risk Management.
Ogaji revealed that Ayida is currently the Managing Director of Saken Capital Partners Limited, having served as the Managing Director of Ruyat Oil Limited previously.
According to her, Nnorom, who represent Transcorp Power Limited on the BOT, also stepped down as a member of the board.
She said that he has been replaced by the President and Chief Executive Officer (CEO) of Transnational Corporation of Nigeria Plc (Transcorp), Mrs Owen Omogiafo.
Nnorom, in his remarks, thanked the APGC for the confidence reposed on him as Chairman BOT, while noting the issue of liquidity arising from the debts owed Generation Companies (GENCOs) for power already generated, transmitted and consumed by Nigerians.
He said, as an association, there are immediate challenges the APGC must tackle.
“‘For instance, we appreciate the recent improvement in payment by Nigeria Bulk Electricity Trading (NBET) of money owed the DisCos.
“While other outstanding legacy debt equally owed our members be paid to enable them meet funding obligations critical to their ability to stay operational,” he said.
On his part, Ayida appreciated the board’s confidence in choosing him to lead the association after the exemplary work done by Nnorom.
He thanked Nnorom for his leadership, vision and tenacity as his appointment showcases the strong corporate governance culture we have as an association.
“I will build on his successes and maintain our members’ commitment to supporting Nigeria’s development by generating much-needed power for the country.
“The appropriate authorities/stakeholders should ensure improvements in the transmission and distribution infrastructure in the country,
“So as to enhance increased dispatch and evacuation of power generated, which will bring about improved supply to Nigerians,” Ayida said.
Edited By: Kamal Tayo Oropo/Muhammad Suleiman Tola (NAN)