Trading activities at the equities sector of the Nigerian Stock Exchange closed on a negative note on Monday, with major indices recording depreciation. Specifically, the NSE‘s All Share Index dropped by 0.65 per cent or 156.69 points to close at 24,085.15 points, from 24,241.84 points recorded last week. Similarly, the market capitalisation of the listed equities fell by 0.65 per cent or N39bn, from N5.94tn to close at N5.90tn on Thursday. The NSE-30 Index closed at 1,002.99 points, representing a decline of 0.75 per cent or 7.58 points, from 1,010.57 points. Market analysts, who spoke to our correspondent, said that the instability in the capital market was partly as a result of uncertainty in the market, adding that investors were doubtful of the reforms in the financial market. The NSE Banking Index dropped by 0.42 per cent or 1.5 points to close at 352.55 points, as against 354.05 recorded last week. The banking sub-sector maintained its lead on the activity chart, accounting for 38.3 per cent of total turnover. Trading in the shares of First Bank of Nigeria Plc, Guaranty Trust Bank Plc, Access Bank Plc and United Bank for Africa Plc, drove volume in the sub-sector. Activities in the maritime sub-sector followed on the activity chart, as it accounted for 16 per cent of total turnover. The shares of Japaul Oil and Maritime Services Plc drove volume in the sub-sector, accounting for 100 per cent of turnover in the sub-sector. African Petroleum Plc led the gainers‘ chart with an increase of five per cent or N1.56 to close at N32.82 per share. Guinness Nigeria Plc gained 0.6 per cent or 90 kobo to close at 164.00 per share, while Okomu Oil Palm Plc rose by five per cent or 63 kobo to close at N13.23 per share. On the other hand, Nigerian Breweries Plc led 32 other stocks on the price losers‘ chart, losing by 3.6 per cent or N2.63 to close at N69.75 per share. Benue Cement Company Plc followed with a three per cent or N1.94 kobo decline to close at N63.06 per share, while Lafarge Wapco Plc dropped by 1.6 per cent or 59 kobo to close at N36.52 per share.

POLY Products Nigeria Plc has declared a profit after tax of N13.2 million and N58.3 million for the 2007/2008 and 2008/2009 financial years respectively, recording an increase of over 344 per cent. The company also announced a turnover of N1.7 billion for the 2007/2008 operating year and approved the payment of a dividend of four kobo per 50 kobo share for the year ended March 31, 2008 and eight kobo per 50 kobo share for 2009, which ended 31, 2009. Speaking at its combined 42nd and 43rd Annual General Meeting (AGM) for 2008 and 2009 financial year in Lagos, Chairman of the company, Mr. Michael Louis Murray-Bruce, said that, “in spite of the challenging business environment, the company’s prospects remained bright. “Though competition is very stiff, the market for plastic packaging remains strong. To this end, we plan to improve our performance and return value to shareholders. The board will continue to work with management to ensure that our company improves its operational efficiency and profitability in a bid to continually meet the needs of our customers and other stakeholders,” Murray-Bruce said. According to the chairman, “during the period under review, the economy and the manufacturing sector in particular continued to operate in a difficult business environment. The economy had mixed results. The aggression in the Niger Delta led to disruption in drilling operations and significant fall in Nigeria’s oil output, and consequently revenue. However, the increase in oil prices from US$30 to US$120 in 2007/2008 ameliorated the impact of fall in output. GDP grew by over 6.0 per cent in 2007, while inflation stood at about 14 per cent.” He added that, “despite all of these, the company posted an increase in turnover, which was attributed to the expansion of its Ota plant, leading to an increase in volume and enabling us to serve other segments of the market.” Murray-Bruce expressed gratitude to other board members, management and staff, shareholders, customers, suppliers, bankers and business partners for their contributions, support, loyalty and dedication to the company during the period. Poly Products Nigeria Plc was registered as a private limited liability company in 1965 and became a public liability company in December 1979 as a quoted company on the Nigerian Stock Exchange. The company manufactures both high and low density polyethylene sheeting and rolls, plain and stripes, wide-width films, stretch film, shrink film, PP straps, PP film rolls and jerry cans of various sizes. Its other product lines include a multi-layer extrusion line, printing rolls for pure water processing, pharmaceutical calibrated cups, cosmetic containers, performs and PET bottles.

ACCESS Bank, at the weekend, presented cars to the five lucky customers that emerged winners in its maiden on-going “Take the Lead’ promotion. Speaking at a ceremony where the cars were presented to their owners in Lagos, Executive Director, IBG, Access Bank, Mr. Okey Nwuke, noted that redeeming the prizes to the lucky winners in the promotion attested to the fact that the exercise was real and transparent, adding that the bank initiated the promotion to promote savings culture in the country. Nwuke pointed out that involving the Consumer Protection Council (CPC) and Lagos Lotteries Board right from the beginning showed that the whole process was transparent, urging Nigerians to open account with the bank. “The promo is to encourage savings culture in the country. What you have seen today (at the weekend) is a proof that the whole process is transparent. I, therefore, encourage everyone to avail himself of this opportunity provided by the bank to win cars and the excellent customer service the bank is noted for,” he said. Explaining the promo, Division Head, Retail Banking, Mr. Victor Etuokwu, said that it was meant to give Nigerians opportunity to save with the bank and enjoy the attendant benefits, adding that redeeming the prizes showed that Access Bank was a credible corporate organisation. To qualify for the draws, Etoukwu outlined the conditions as opening an access advantage account, maintaining at least a balance of N50, 000 for 60days, multiples of N50, 000 qualifies a customer for multiple entries, adding that it was opened for all new and existing customers. The promotion which began in June ends in December. The handing over of the Peugeot 407 cars was done under the watch of the officials from CPC and Lagos State Lotteries Board. All the five winners who came with some members of their families included Abiodun Emmanuel Olasoji and Festus Kodili Thomas from Lagos/West zone, Okeke Obiefuma and Umeokeke Echezona from Port Harcourt/East zone and Chinedu Egemba.from Abuja/North Zone. CPC’s Chief Surveillance and Enforcement Officer, Mrs. Ngozi Obidike, lauded the bank for redeeming the prizes, adding that the council was part of the draws and prize-giving to show to members of the public that the process was transparent. She noted that her council had taken the initiatives to be part of various promotions for the interest of the customers, adding that Access Bank received all the needed approvals. Speaking in the same vein, A Compliance Officer of Lagos State Lotteries Board, Daramola Oluwatoyin, stated that many customers had benefited immensely from Access Bank various promos, urging Nigerians to open account with the bank as the process was transparent.

Oceanic Bank International Plc has begun a series of consumer fairs to be held in different parts of Apapa, Lagos and its environs, to create more awareness about its products and services and conduct direct sales to end users. A statement from the bank said the consumer fairs will enable its account officers have face-to-face contact with customers so as to be able to offer professional advice on the various products and services that will best meet the banking and financial needs of businesses and individuals in Apapa. “The bank aims to reach out to customers in their homes ,offices, clubs and recreational spots in various parts of Apapa to provide them with free financial advice to help them make good personal and business finance decisions,” the statement said. “The consumer fairs would also make it easy for customers to open accounts and subscribe to the various transactional products and services which the Bank provides. These fairs will be bringing convenience and accessibility out of our branches directly to the doors, homes and offices of people throughout Apapa.” “Our staff will be talking to people about accounts that help them to reduce the cost of doing business, products that help them to prevent fraud on their accounts and cards, products such as internet banking and international debit cards that make it possible for Nigerians particularly international and regional traders, military men, police men and diplomats to access their accounts anywhere in the world and at any time.” Oceanic Heath will also offer free blood pressure tests and advice at the various locations, while Oceanic Homes will be there to run members of the public through our various home ownership plans.” “We will also be talking to people about personal and business loans and overdrafts which they can use to move their business forward or increase the quality of their lifestyles e.g. to acquire generators, homes, cars, furniture, paying school fees, restocking, renovating their business premises or schools etc. Through these fairs, the bank hopes to reach out to Individuals of all income groups, Co-operatives, associations, clubs, petty traders, small and medium sized businesses, Schools, Churches, Children, Youth and various classes of salary earners. Some of the areas already covered by the fairs are Park Lane and its environs, Oluwole Market, Apapa Boundary Market, Waterside, Apapa Wharf, Apapa Amusement Park, Creek Road, the Polysonic Mall and their environs. Areas to be covered in the days ahead are Kirikiri and its environs on August 30 as well as The LG Shop on Warehouse road, Apapa G.R.A, Calcutta and Bombay Streets and their environs on August 31st.

Indications emerged on Sunday that the Nigerian Stock Exchange would punish some quoted companies this week, over non-compliance with the post listing requirements of the Exchange. The sanctions, according to market sources, are prompted by complaints from investors that some quoted companies are not giving their results to the NSE at the right time, while some are not holding their Annual General Meetings as and when due. The source added that the sanctions were also part of the moves by the current management and council of the NSE to protect investors and restore confidence to the stock market. Generally, companies listed on the Alternative Securities Market, otherwise known as emerging market, are required to present their results to the NSE at the end of every six months, while those at the first-tier market are required to present theirs every quarter. It was not clear as at the time of going to the press, the type of sanctions the NSE would impose on the companies, but such strategic decisions are always approved by the council of the NSE. Sanctions that may be imposed by the NSE include fine, technical suspension and full suspension. Technical suspension means that the price of the stocks cannot move during trading, while full suspension means that the stocks cannot be traded upon until the suspension is lifted. The highest sanction imposed on quoted companies is delistment from the NSE‘s official list. Already, the Alternative Securities Market is undergoing some transformation and is being supervised by a deputy general manager. Prompted by enquiries by our correspondent, the Assistant General Manager, Corporate Communications of the NSE, Mr. Sola Oni, explained that the NSE was poised to enforce the compliance of quoted companies to the post listing requirements, to protect investors. He said, ”The Exchange‘s preoccupation is to sustain the efforts aimed at reinforcing investor confidence in the market.” Worried by the non-compliance of some companies in the emerging markets’ sector of the NSE to the post listing requirements, stockbrokers and shareholders had urged the regulators to take the necessary steps to ensure compliance. To some shareholders, the companies, which were not complying with the requirements of the regulators, should be delisted by the regulators. The NSE had delisted some companies considered to be moribund or not giving shareholders a clue on what was happening.

The United Bank for Africa Plc has secured a multi-million euro oil and gas financing deal with Société Africaine de Raffinage of Senegal. A statement from the bank on Saturday said, “Under the financing deal, secured after a rigorous bid process involving other financial institutions, UBA Senegal will avail SAR, the national refinery of Sénégal, a total facility of ¤234m in three parts.” It said the first part was a crude oil financing facility of ¤180m, followed with a short-term loan of ¤54m to finance stock and receivables, and then a Receivable Financing Facility of ¤60m. The official signing ceremony, according to the statement, took place at the Ministry of Energy and was witnessed by the Senegalese Minister of Energy, Mr. Samuel Sarr, Chief Executive Officer, SAR, Mr. Carmello SAGNA, and a delegation of UBA, which included the Chief Executive Officer, UBA Africa, Mr. Rasheed Olaoluwa and Managing Director, UBA Senegal, Mr. Jean-Luc Konan. The statement quoted Olaoluwa, as saying that the transaction was the largest outside Nigeria, coming on the heels of UBA‘s lead role in the $265m supplementary refinancing deal for Exxon Mobil and the Nigerian National Petroleum Corporation. ”We are positioned to support governments and institutions actualise growth and development potential in Senegal and across Africa, thus making UBA a financial partner of choice for major players in the oil and gas sector in Africa,” he said. Commenting on the deal, The Senegalese minister for energy said the development was historical for Senegal and for the UBA group. He was quoted as saying, ”The UBA/SAR deal demonstrates the increasing importance of intra-African finance, with African institutions ready and willing to provide long-term and sophisticated financial solutions to African clients. ”The transaction also underlines the strong relationship between Nigeria and Senegal, and brings with it the potential for the refining of Nigerian crude by SAR.” UBA is one of Africa‘s leading financial institutions offering universal banking to more than seven million customer accounts across Africa and key financial centres. It currently operates in 16 African countries, including Nigeria, Benin, Ghana, Côte d‘Ivoire, Liberia, Sierra Leone, Sénégal, Burkina Faso, Guinea, Gabon, Chad, Kenya, Uganda, Tanzania and Zambia with presence in New York, London and Paris.

The Minister of State for Commerce and Industry, Mrs. Josephine Tapgun, has urged Omatek Computers to take advantage of the N200bn government intervention fund designed to revive the manufacturing sector. Tapgun, who stated this during a tour of Omatek Computers’ factory in Lagos, recently, noted that the fund, which was accessible through the Bank of Industry, would help the indigenous computer manufacturer expand its frontiers and enhance industrial growth. The Group Managing Director, Omatek, Mrs. Florence Seriki, in her response, however, urged the Federal Government to place companies like Omatek on its priority list with regards to the intervention fund. With factories in Nigeria and Ghana, she said Omatek remained the only manufacturing concern in the whole of Africa engaged in the assemblage of computer casings, keyboards and speakers from completely knocked down components. The Federal Government had approved N200bn, out of the N500bn for disbursement to the manufacturing sector. The Central Bank of Nigeria is providing the intervention fund at a concessionary interest rate of not more than seven per cent with a tenor of between 10 and 15 years. The facility covers lending and refinancing of projects, restructuring of existing portfolios to manufacturers and support for investment in industrial clusters‘ power supply. Tapgun also commended Omatek Computers for sustaining its production capacity, in spite of the global economic downturn. According to the minister, Omatek has been able to prove to the world, through its quality, world -class computers, that made-in-Nigeria products can be trusted. She said the present administration had expressed its readiness to back local manufacturers to ensure high quality products that could compete globally. She, however, called on all Nigerians to patronise locally-made products as a way of boosting the production capacity of indigenous manufacturers, such as Omatek Computers. Tapgun commended the company on its role in helping to bridge the digital divide, which existed between Nigerian youths and youths in other parts of the world, through its flexible and affordable computer ownership scheme. She, however, called on all decision makers to adopt “our own products, especially by ensuring that major projects are implemented locally so that factories like Omatek can sustain production and provide employment opportunities for Nigerians. Seriki, who said the company had continued to improve on its offerings, noted that the International quality consciousness for Omatek brand of products was reflected in ”The Best System Builder Award for the Year 2005” it won in South Africa at the Microsoft African Partner Summit. The Award, which has remained unmatched till date, covers the West East and Central Africa and in effect confirms OMATEK‘S poineering status in building quality local computer brands and a stamp of excellence attesting to the quality and volume of computers produced by the company, Seriki noted.

The stock exchange will only trade for three days next week to accommodate the announcement of public holidays by the Federal Government. Minister of Interior, Captain Emmanuel Ihenacho, yesterday announced that the Federal Government has declared Thursday and Friday next week as public holidays to mark this year’s Muslim festival of Id-el-Fitr, signaling the end of the holy month of Ramadan. Captain Ihenacho, in a statement signed by the Assistant Director, Press, Mr Timothy Oyedeji, wished Nigerians a blissful and joyous celebration during the period. We will also be observing the two-day break and resume services on Monday, September 13, 2010.

Taraba State Governor, Mr. Danbaba Suntai, has enjoined well-meaning individuals and corporate organisations to contribute to the uplift of humanity by providing basic social amenities to their immediate communities. Governor Danbaba who dropped the hint on Thursday in Jalingo while commissioning a multi-million students’ hostel built and donated to the newly established Taraba State University by the Zenith Bank PLC, said it was part of their Corporate Social Responsibility to give to society out of what they were able to generate over time. He added that it was even becoming more necessary now that scarce government resources could not meet the ever increasing demands of various communities that were yearning for development. He expressed appreciation over the decision of the bank to construct a two-storey student’s hostel that was made up of 48 rooms with each having the capacity to accommodate four students. He added that it would go a long way in reducing the problems of the students.

the board of directors of Bank PHB Plc on Thursday, disclosed that four institutional investors had shown interest in the bank. The Chairman of the bank, Mr. Kola Abiola, stated this at a shareholders‘ interactive session in Lagos. According to Abiola, ”We have received bidding from four institutional investors. We have held several talks with these prospective bidders, and we have streamlined them to two after serious consideration by the board and management of the bank.” Abiola, who did not mention the investors, said that the board would take a decision on the bidders soon. He said, ”The next stage is for the bidders to submit their proposals. They have done their evaluation and very soon we will receive their proposals, thereafter, we will take a decision in the bank’s interest.” The Chairman also said that the bank was making progress with its recapitalisation plan, adding that the bank would meet the deadline set by the Central Bank of Nigeria for the rescued banks. Meanwhile, shareholders present at the event urged the board to consider the interest of shareholders when taking decisions on the new investors. The Chairman, Ibadan Zone Shareholders‘ Association, Chief Aderemi Oyepeju also commended the board for its efforts towards debt recovery. He said, ”We commend you for your efforts in recovering the bank‘s debt. However, we want you to do more. We want you to set up a special committee saddled with the responsibility of recovering money from the bank‘s debtors.” He added, ”Our position is that you should get a good bidder or core investor for the bank. In doing that, ensure that you look for an investor that will work with the shareholders.” Speaking in the same vein, the Chairman, Shareholders Trustees Association, Mr. Mukhtar Mukhtar said that the shareholders were in support of the recapitalisation process, adding that the shareholders should be considered before taking any decision. On loan recovery, Abiola said the bank had recovered N36.6bn between January and June this year, adding that N51bn was still expected from further recoveries, which include the ones that will be sold to the Asset Management Corporation.

The All-share Index and market capitalisation of the Nigerian Stock Exchange fell on Wednesday as a result of selling pressures across major sectors in the equities sector. The decline, according to analysts, who spoke with our correspondent, was caused by profit taking by investors in major sub-sectors. They noted that the selling pressure was significant across all sectors, but was dominant in the food/beverages and banking sub-sectors. They added that the effect of the massive sell offs by banks and stock broking firms to reduce their exposure to 10 per cent in the capital market also contributed to the decline. Meanwhile, the NSE‘s All Share Index fell by 0.09 per cent or 21.19 points, from 24,268.24 on Tuesday to 24,247.05 points. Similarly, the market capitalisation of the listed equities dropped by 0.09 per cent or N5bn to close at N5.94tn, as against N5.95tn recorded the previous day. The NSE-30 Index closed at 1,009.54 points, representing a decline of 0.10 per cent or 1.06 points, from 1,010.60 points. The NSE Banking Index fell by 0.32 per cent or 1.13 points, from 355.41 to 354.28 points, while the NSE Insurance Index also declined by 0.80 per cent or 1.38 points to close at 174.38 points. Turnover was driven by activities in the banking sub-sector, as it accounted for 51 per cent of total volume. Volume in the sub-sector was driven by trading in the shares of Guaranty Trust Bank Plc and Zenith Bank Plc. Nigerian Breweries Plc recorded the highest gain, with an appreciation of two per cent or N1.40, to close at N71.00 per share. African Petroleum Plc followed with a gain of five per cent or N1.35 to close at N28.37 per share, while Dangote Flour Mills Plc finished with a gain of 2.3 per cent or 40 kobo to close at N17.50 per share. Guinness Nigeria Plc recorded the highest price loss, down by 1.2 per cent or N2.01 to close at N162.99 per share. Flour Mills Nigeria Plc also lost 2.3 per cent or N1.65 to close at N70.25 per share. PZ Cussons Nigeria Plc followed with a four per cent N1.33 loss to close at N32.00 per share.

AHEAD of September 30, 2010 deadline on its recapitalisation and in line with requirement for the approval of special offer, Wema Bank Plc has submitted the names of its prospective investors to the Council Nigerian Stock Exchange (NSE). The Central Bank of Nigeria had in June 2010 extended the recapitalisation deadline it gave Unity Bank Plc and Wema Bank Plc by three months. A source, who declined to give the names of the prospective investors, said the development would pave way for a successful recapitalisation of the bank, adding that numerous investors are already indicating interest in the offer. The source added that all things being equal, Wema Bank is on the threshold of recovery as the combination of fresh capital of N9 billion, loan recovery of over N25 billion, release of Small and Medium Enterprises (SME’s) financing fund by Bank Of Industry coupled with proceeds from sale of toxic assets to Asset Management Company of Nigeria (AMCON) “will take WEMA beyond the capital it requires to carry on business as a bank under the new CBN guidelines.” Explaining further, the source said that as part of its three-pronged approach towards recapitalising the bank, the management has embarked on a special placing offer to raise an additional N9 billion from a number of select high net-worth investors. He said the planned offer, which already has the blessing of the Central Bank of Nigeria (CBN) is expected to “record a huge success going by the pre-offer commitment given by a number of investors to pick up the shares on offer.” He said other aspects of the recapitalisation plan such as loan recovery and sale of toxic assets, are also progressing very well, adding that over N25 billion had been recovered as at the end of July 2010. “Distressed assets valued at approximately N37 billion have also been packaged for sale to the Asset Management Company of Nigeria (AMCON) as soon as the corporation commences operations in due course. Wema Bank’s efforts have also been boosted by about N6.4billion accessed by the bank under the N200 billion SME Refinancing Fund.”

THE Local Organising Committee, (LOC) for the 2010 National Sports Festival, tagged ‘GardenCity Games’, has officially appointed Sovereign Trust Insurance Plc as the overall underwriter for the biennials fiesta to be held in Port Harcourt, the Rivers State capital later in the year. Speaking at the signing of the MOU between the LOC and Sovereign Trust Insurance Plc, the Commissioner for Sports in Rivers State and the Vice Chairman of the Local Organising Committee, Boma Iyaye congratulated the Management of Sovereign Trust for having emerged the official Insurer to the 2010 edition of the National Sports Festival. In his words, “it was a keenly contested bid with a high degree of transparency in terms of the process involved, but at the end of the day, your company, (Sovereign Trust) came atop and here we are concretising that agreement and the willingness to work with your organisation. “I can assure you that you will get full co-operation and support from the LOC and other participating states sports directors, who are involved in the organisation of the sports festival. We will all abide by the terms and conditions outlined in the Memorandum of Understanding, which we have both agreed upon today.” The General Manager, Branch Operations for Sovereign Trust Insurance Plc, Mr. Sammy Ogbodu thanked the LOC and in particular, the Rivers State government for having reposed such huge confidence in the company to have appointed it as the Official Insurer to the GardenCity Games. He pointed out the fact, that the company will do all in its capacity to ensure that all the athletes and other insurable elements to be used for the games are adequately insured. In his words, “let me use this opportunity and medium to express Management’s appreciation to the LOC and the Rivers State government for this unique opportunity you have given us to be of service to the nation. It is a call to duty and we will not let you down in any way. “Let me also assure you, that the company is committed to the successful hosting of the games and we will do all within our reach to achieve that aspiration of making this particular edition one of the most memorable national sports festivals to be organised in the history of the games. The Head of Corporate Communications/Brand Management for Sovereign Trust Insurance Plc, Mr. Segun Bankole harped on the fact, that the company already has a track record of underwriting and sponsoring high profile sporting events in the country. In 2007, the company was the official insurer to Team Nigeria to the All Africa Games held in Algiers. In 2008, the company became the First Insurance company in Nigeria to have sponsored an all expense paid trip to a continental football tournament in Accra, Ghana, the MTN/CAF African Cup of Nations.

Oceanic Bank has revealed that its management is exploring several options for recapitalising through a combination of strategies.The bank in a statement expressed that it is seeking to recapitalise through several options such as internally generated profits, sale of non- performing loans to Asset Management Corporation of Nigeria (AMCON), and capital injection from strategic investors. According to the statement, the bank’s business performance, commitment to good corporate governance and transparency are attributes that have further enhanced Oceanic’s brand equity in the financial services sector.“Oceanic has emerged a stronger institution from its restructuring, with prospects for a brighter future as we continue to collaborate with our stakeholders on the adoption of an effective recapitalisation plan.”It would be recalled that the turnaround programme, which followed the CBN intervention in the bank last August has recorded impressive results driven by growth in retail banking, improved efficiency in business processes and loans recoveries. The bank recently announced gross earnings of N64.27 billion and profit before tax of N10.19 billion in its unaudited results for the half year ended June 30, 2010. Compared to a loss before tax of N50.78 billion in the corresponding period of 2009, the profit before tax of N10.19 billion is a clear indication of the success of the bank’s transformation programme.Industry experts say the eventual recapitalisation of the bank would significantly boost profitability, improve returns for shareholders, and provide a solid platform for sustained superior service delivery. The management expressed appreciation to their numerous customers for the support for its steady recovery and progress made in its turnaround programme.A statement from the bank said that growing customer confidence and loyalty is an indication of the effectiveness of the recovery strategy put in place by the management. The bank thanked its numerous customers for their confidence and patronage, adding that, “Oceanic Bank will continue to remain focused on providing efficient customer focused services. This is what motivates the bank’s management and staff as we strive towards making Oceanic Bank an enterprise that gives all its stakeholders an assurance of peace at all times.” With a branch network of over 365, a customer base of about 4.9 million and a deposit base of over N600 billion, Oceanic Bank has clearly established itself as one of the leading banks in the country.

Resorts Savings and Loans Plc recorded N1.2 billion gross earnings in 2009.This was disclosed by the bank’s chairman, Mr. Joe Idudu, at the mortgage finance institution’s yearly general meeting, held in Lagos, on Tuesday.The figure represents 96 per cent rise over the N660 million recorded in 2008. He also said that the bank posted a profit before tax of N405 million in 2009 as against N207 million in 2008.The chairman said that the total assets of the bank increased from N6.7 billion in 2008 to N8.4 billion in 2009.According to him, the total asset figure represented a growth rate of 25 per cent. “Notwithstanding the challenges in 2009, the bank was able to make a gross earning of N1.2 billion in 2009 when compared to N660 million in 2008. The profit before tax is N405 million in 2009 when compared to N207 million in 2008, showing a growth rate of 96 per cent,” he said.Idudu said that the bank would pay one kobo per share as dividend to shareholders. He also said that the bank would continue to take advantage of new opportunities in creating mortgage-backed assets, while expanding its operational base.He said to improve the lot of its employees, the bank had established a training school at its Ikeja branch.According to him, this is to ensure that the employees get the best standard of banking practices. Mr. Abimbola Olayinka, the managing director, said that the bank had invested in housing development in Abuja, Lagos, Ogun and Adamawa.He said that most of the investments would be visible in the next two to three years “because housing takes time to mature.” He urged the shareholders to consider opening accounts with the bank to make the payment of their dividends easier.Some of the shareholders urged the management to invest more in medium housing schemes that would favour the middle class.

INSPITE of the challenges in the operating environment, Consolidated Hallmark Insurance Plc recorded gross premium income of N3 billion, compared to the N2.5 billion it achieved the corresponding period of last year. Also, the company’s underwriting profit improved slightly by 13 per cent to N1.8 billion last year as against N1.6 billion in 2008. Profit after tax, however, dropped to N0.2 billion compared to N0.4 billion achieved in 2008. Addressing shareholders at the 15th yearly general meeting of the company held at Abuja, the Chairman, Dr. Obi Ralph Ekezie said that in spite of the challenges that characterised the year, the company continued to demonstrate capacity to withstand the challenges, deliver appreciable results and position itself for better performance in the future. He told shareholders, “our gross premium earned in 2009 was N3 billion, compared to N2.5 billion recorded in the same period in 2008. In the same vein, the company’s underwriting profit improved slightly by 13 per cent to N1.8 billion in 2009 as against N1.6 billion in 2008. Profit after tax dropped to N0.2 billion compared to N0.4 billion achieved in 2008.” According to him, the total balance sheet as at 2009 is N5 billion from the N5.6 billion in 2008. The cumulative effect of debt write-off and diminution in value of investments in the capital market and good will item accounted for this reduction. On the future outlook, the chairman said, “the company will continue to position itself to meet with the challenges as they emerge and turn them to opportunities. The Nigerian insurance market remains a big market that is yet to be fully harnessed. Our focus in the short to medium term is to look inwards and maximise the opportunities that exist and beckoning in the Nigerian market before venturing into new lands.” The Managing Director/Chief Executive, Mr. Eddie Efekoha, in his remark said, “the energy insurance market comprising oil and gas and the power sector is a huge market. It is also a business with significant demand on resources, technical skills and interventional affiliations. We are currently getting our fair share of the market. The sector has progressively contributed an increasing proportion to our gross premium income over the years. In 2009, it contributed 11 per cent as compared to four per cent in 2008 and just one per cent in 2007.” According to him, we will continue to upgrade the technical skills in the company to ensure that we maximise the potentials of this arm of our business.”

THE Managing Director and Chief Executive, Niger Insurance Plc, Dr. Clinton Uranta, has given assurance that the company will continue to pay all genuine claims promptly. In a chat with journalists in Lagos, he stated that despite the challenges in the market, the underwriting firm would remain upright in the management and payment of claims. “Claims payment are why we are in the business of insurance, so, must continue to honour obligations to our clients.” Apart from increasing the company’s branches to 42 in order to render excellent services, he disclosed that six regional offices have been empowered with autonomy to underwrite risks and pay claims whenever the need arises. He stressed that the current global meltdown, nothwithstanding the firm is quite aware of the financial implications of this reality and needed to maintain an effective financial management to be able to weather this storm. According to him, the company successfully maintained its core operations of risk bearing and due to its financial stability and operational efficiency. The company paid claims of N1 billion in 2009 representing 15 per cent increase over the 2008 figure. The fact that the company believers in human capital development, it has in its employ well qualified and seasoned professionals to exceed customer’s expectations. The importance placed on human capital development has seen its staff exposed to both international and local training. Recently, 15 of the company’s staff passed the examinations of the Chartered Insurance Institute of Nigeria (CIIN) to become chartered insurers. To increase its market share, the Niger Insurance boss disclosed that the company has strengthened its Agency System to sell life polices. Besides, he said, the company is currently undergoing a corporate transformation and re-engineering process, which is termed Niger Enterprise Strategy Transformation (NEST).

The Quotations Committee of the Nigerian Stock Exchange‘s council on Tuesday approved the listing of issues worth N74.3bn for six companies, two state governments and one financial instrument. A statement from the NSE on Tuesday said the approval was part of efforts aimed at deepening the depth of the stock market. According to the Head, Corporate Communications, NSE, Mr. Sola Oni, the application of Ebonyi State Government‘s of N20bn Fixed Rate Development Bond 2010/2015 of N1, 000 each at par at 14 per cent, was approved. The bond, according to him, is for the repayment of outstanding bank facilities, as well as funding of the state infrastructural development initiatives. A consortium of four stockbrokers led by Cowry Assets Management Limited, is the stockbroker to the issue. Kaduna State Government‘s application for offer for subscription of N8.5bn 12.5 per cent bond 2010/2015 of N1,000 each at N1,000 per bond, was also approved. The bond was introduced by BGL Securities Limited. Geo-Fluids Plc‘s application for listing by introduction of 3.99 million ordinary shares of 50 kobo each at N5.00 per share, was also approved. The issue was introduced by Falcon Securities Limited and Chartwell Securities Limited. The issue will shore up the NSE‘s market capitalisation by N19.958 bn BGL Funds Limited‘s Initial Public Offering for Nubian and Sapphire Funds of 500,000,000 and 2,000,000,000 units at N1.00 at par respectively, were also approved at the meeting. The stockbroker to the listing is BGL Securities Limited. Tantalizers Plc‘s placing of 261.6 million ordinary shares of 50 kobo each at N0.86 per share valued at N225m with the International Finance Corporation, was approved at the meeting. The issue was introduced by Skye Securities Limited. The rights issue of Staco Insurance Plc, involving 1.6 billion ordinary shares of 50 kobo each at par, was also approved by the council. The issue was introduced by Marina Securities Limited. Skye Bank Plc‘s placing of 1.75 billion ordinary shares of 50 kobo each at N7.00 per share with 22 high networth and institutional investors, was approved and the issue was jointly introduced by Dominion Trust Limited and Renaissance Securities Limited. Wema Bank Plc‘s placing of 3.1 billion ordinary shares of 50 kobo each at N3.00per share with two strategic investors was also approved.It was introduced by Independent Securities Limited. Also, Deap Capital Management and Trust Plc‘s rights issue of 750 million ordinary shares of 50 kobo each at N1.00 per share was approved. The issue was introduced by Compass Securities Limited.

As part of efforts to boost savings culture and reward its customers under the take the lead promo, Access Bank has said it will reward its first five winners under its take the lead promo with brand new cars. Speaking in Lagos on Tuesday, the bank’s Group Head, Product Research and Development, Mrs. Chinwe Uzoho, said that it was part of efforts at adding value to its customers. According to her, in June, the bank started the initiative to reward customers who consistently maintain a minimum of N50,000 with a brand new car till the promo ends in December. She said, ”It is meant for those who opened accounts and maintained the minimum amount for minimum period of 60 days. When we commenced it, many customers keyed into it and from the end of August till December, the bank plans to give out five cars every month to the winners. During the draw to pick out the winners, the computer randomly and in a transparent manner picked the names of the account owners from the regions which include Lagos and West, Port Harcourt and East as well as Abuja and north. The Chief Surveillance and Enforcement Officer, Consumer Protection Council, Mrs. Ngozi Obidike, said that the office had continued to ensure that only promos that would benefit the populace were encouraged. She said that the CPC had been following the whole process and seen that it was a transparent one which the public would benefit from. According to her, ”CPC ensures that all that is given to the customers are the best to ensue that they are satisfied and Nigerians are given the best. Our essence of being here is to ensure that the promotion is fair and we are convinced that the bank is doing well for the customers.”

OCEANIC Bank has revealed that its management is exploring several options for recapitalising through a combination of strategies. The bank in a statement expressed that it is seeking to recapitalise through several options such as internally generated profits, sale of non- performing loans to Asset Management Corporation of Nigeria (AMCON), and capital injection from strategic investors. According to the statement, the bank’s business performance, commitment to good corporate governance and transparency are attributes that have further enhanced Oceanic’s brand equity in the financial services sector. “Oceanic has emerged a stronger institution from its restructuring, with prospects for a brighter future as we continue to collaborate with our stakeholders on the adoption of an effective recapitalisation plan.” It would be recalled that the turnaround programme, which followed the CBN intervention in the bank last August has recorded impressive results driven by growth in retail banking, improved efficiency in business processes and loans recoveries. The bank recently announced gross earnings of N64.27 billion and profit before tax of N10.19 billion in its unaudited results for the half year ended June 30, 2010. Compared to a loss before tax of N50.78 billion in the corresponding period of 2009, the profit before tax of N10.19 billion is a clear indication of the success of the bank’s transformation programme. Industry experts say the eventual recapitalisation of the bank would significantly boost profitability, improve returns for shareholders, and provide a solid platform for sustained superior service delivery. The management expressed appreciation to their numerous customers for the support for its steady recovery and progress made in its turnaround programme. A statement from the bank said that growing customer confidence and loyalty is an indication of the effectiveness of the recovery strategy put in place by the management. The bank thanked its numerous customers for their confidence and patronage, adding that, “Oceanic Bank will continue to remain focused on providing efficient customer focused services. This is what motivates the bank’s management and staff as we strive towards making Oceanic Bank an enterprise that gives all its stakeholders an assurance of peace at all times.” With a branch network of over 365, a customer base of about 4.9 million and a deposit base of over N600 billion, Oceanic Bank has clearly established itself as one of the leading banks in the country.