Major news stories from the past week
Here are some of the major news stories from the past week:
- Nigerian Breweries to pay another interim dividend: NIGERIAN Breweries Plc has declared another interim dividend of N14, 368,868,446, that is, N1.90 per ordinary share of 50 kobo each in the share capital of the company. This was made known recently, in a statement from the company signed on behalf of the Board of Directors, Mr. Uaboi G. Agbebaku, the company secretary/legal adviser.The dividend is payable on Tuesday, 6th January, 2009, out of the amount standing to the credit of the profit and loss account, to all shareholders registered in the books of the company at the close of business on Friday, 26th December, 2008.
This will be the second time that the company will be paying interim dividend to its shareholders in the current financial year following the earlier interim dividend paid in October. The company had in October, 2008, paid an interim dividend of N7,562,562,340, that is, N1.00 per ordinary share of 50 kobo each in the share capital of the company.
- UBA declares bonus of 1 for 4, share price adjusted: As a result of the cash dividend and bonus share declaration, and in accordance with the rules of the Nigerian Stock Exchange (NSE), the share price of United bank for Africa plc (UBA) share price was adjusted on Tuesday to reflect bonus share issue. Consequently, UBA share price opened at a new price of N11.56 on Tuesday from the closing price of N15.20 at the end of trading on Monday.
The bank had declared a final cash dividend of N0.75 per share, and a bonus of one share for every four held. Payment will occur on January 8,2009.
According to Victor Osadolor, group chief finance officer, UBA paid an interim cash dividend in June 2008. After taking into account the interim dividend and bonus share issue, this translates into an effective total dividend for the year of N1.37 per share.
David Ellis, head, investors elations, noted that the bank’s stock remained one of the most actively traded stocks in the financial service sector. Estimated return on investment on the bank’s shares is in excess of 80 percent 2008, made up of 75 percent scrip issue and 8.8 percent yield on cash dividend.
- Acen shareholders okay acquisition by Sovereign Trust: After several rebuffs by the shareholders of Acen Insurance plc on acquisition bids by insurance companies who made it through the recapitalisation deadline, an approval has finally been granted for its acquisition by Sovereign Trust Insurance plc.
The acquisition would now progress based on a share exchange of one Sovereign Trust share for 85 shares in Acen Insurance. Some shareholders of Acen had express concern over the basis of the exchange, but were consoled by the fact that the position was better than an outright loss in investment. Their fears had been heightened by the fact that Acen Insurance had been de-listed from the Nigerian Stock Exchange (NSE).
It would be recalled that the company was de-listed by the NSE about two months ago for falling short of certain listing requirements.
- Afribank introduces Visa Credit Card: Afribank Nigeria Plc has introduced a Visa Credit Card into the global banking market.A statement on Thursday said the Afribank dual currency credit card was the first in Nigeria, which did not require customers to provide collateral.
According to the bank, it is specifically designed to meet the varying needs of modern banking customers at home and abroad, and is available to both customers and non-customers of the bank.The statement said the bank had in the past two years taken giant strides to ensure that its fast growing customer base enjoyed world-class services in a bid to confirm its leadership in e-commerce.
Afribank introduced the Visa Credit Card, an international credit card, issued in partnership with Visa Incorporation, as part of its ongoing aggressive transformation effort.
It is a dual currency credit card, globally recognised as a card payment system for acquiring goods and services from merchant locations and obtaining cash from automated teller machines carrying the Visa logo.“With Afribank dual currency Visa credit card, the world opens up as holders can visit countries abroad without the burden of carrying cash, shop in stores abroad, on the Internet, by telephone or mail order,” the statement said.
- SEC appoints Vetiva market maker: IN line with the decision of the Securities Exchange Commission (SEC) to stimulate activities on the floor the Nigerian capital market in the wake of the global economic slide, Vetiva Capital Management Limited has been appointed market makers.
Market makers are wholesale operators who ensure that there is liquidity in the stock market by either buying shares when there is a glut or selling shares when there is scarcity. The need to evolve the market maker strategy was reached last August as part of the recovery measures to stem the persistent fall in the share prices at the stock market.
- Regency Alliance pays N350 million claims: IN conformity with its quick claims settlement policy, Regency Alliance Insurance Plc paid about N350 million as claims to its customers between January and September 2008.
In a press release by the company’s Group Head, Corporate Planning, Mr. Adeniyi Ojebisi, claims payments are now being made within 24 hours of receipt of discharge vouchers.
This payment of claims without tears, he states, is aimed at providing succour for policyholders as fast as possible.
Among those whose claims were paid include The Bank of Industry, Delta State Oil Producing Areas Development Commission, SevenUp Bottling Plc, UBA Plc, Nigerian National Petroleum Corporation and Wema Bank.They also include West African Seasoning Co. Limited, Nigeria Aviation Handling Company Plc, Olam Nigeria Limited, Alhaji Ganiyu Ogunwale, Mr. Alex Toju Amorghoye and Mr. Femi Williams.
- Oasis Insurance gets new helmsman: IN restating its commitment towards greater efficiency and profitability, the Board of Directors of Oasis Insurance Plc has appointed Mr. Babatunde Olarinde Oshadiya as the new acting managing director of the company. Oshadiya took over from Mr. Segun Durojaiye, who until his resignation last week, directed the affairs of the company for eight years.
Babatunde Oshadiya, a 1985 graduate of Insurance from the University of Lagos, is a tested professional with over two decades experience in insurance practice. He is an associate of both Chartered Insurance Institute of London (ACII) and Nigeria (ACIIN).
Prior to his appointment, he had served as the executive director, Marketing of the company between August 2007 and October 2008 and was formerly the managing director of ACEN Insurance Plc.
Oshadiya worked in various sector of the industry from broking, insurance supervision to marketing. He had before this appointment worked at Hapatomah Insurance Brokers, Jos, Insurance Department, Federal Ministry of Finance (now NAICOM), Metropolitan General Insurance, NEM Insurance Plc and ACEN Insurance Plc where he was the managing director.