UBA Expands to Burkina Faso
Source – ThisDay Newspapers
United Bank for Africa (UBA) Plc has acquired majority stake in the state owned Banque Internationale du Burkina Faso (BIB).
The investment according to a statement made available to THISDAY in Lagos, is in furtherance of its expansion strategy across the African continent.
The statement said the investment in the Burkinabe bank has effectively paved way for the extension of the UBA brand to the West African region and thus brings to eight the number of African locations for the bank.
Apart from Nigeria, UBA has established its presence in Ghana, Liberia ,Sierra Leone, Uganda, Cameroon and Liberia whilst its presence in key global financial centers like New York and London , provides it with a platform to render financial solutions to African business globally.
The initial investment in BIB, which has received all approvals by the apex regulatory financial institutions in Burkina Faso according to the statement, is consistent with the UBA Group’s vision that is driven by the need to establish a strong pan-African presence.
“We are delighted with the opportunity to extend our operations to Burkina Faso. BIB is the leading bank in the country and provides a solid platform for the deployment of innovative financial services and products to the people” said the Chief Executive Officer of UBA Africa, Rasheed Olaoluwa.
BIB was founded in 1974 as BIAO, following the restructuring of BIV (Banque International de Voltas) which was changed in 1991 to Meridien BIAO and later operated under strategic partnership with Belgolaise .
The bank has a very strong legacy as the first bank to commence commercial operations in Burkina Faso and share similar characteristics with UBA. Apart from having the largest ATM network in the country, it equally has an extensive branch network with affiliates in the brokerage and leasing businesses. Its array of innovative products include Africard, the first prepaid visa card in Burkina Faso that was launched last year.
The reconstituted BIB Board of Directors has announced the appointment of one of the foremost bankers in the region, Mr. Alphonse Kadjo as the new MD/CEO.
UBA’s brand positioning as Africa’s global bank is an effective touchstone that facilitates market acceptance even before consumers have the opportunity to experience its products. Expectedly this will be brought to bear in Burkina Faso as has been the case in other geographies in Africa where UBA quickly has become one of the key providers of financial services.

‘Oceanic Records Upsurge of New Customers’
Source – ThisDay Newspapers
Oceanic Bank International Plc is recording an upsurge in its customer base as it approaches financial year end, a statement from the bank has said.
The bank said that the development was the direct fallout of the successful take off of its end of the year mass marketing, where overwhelming number of new accounts were opened bank-wide within the week.
The statement said the exercise, code named “Market Explosion”, was also intended to give a boost to the bank’s on-going customer reward savings promotion ‘Save and Win Big’ formally flagged off at the Iyana-Ipaja area of Lagos where traders, artisans, drivers and other professionals took the advantage of the relaxed conditions for account openings and participated in the exercise.
In the ‘Save More and Win Big’ promotion designed to reward customers with lots of cash, a total of 976 winners are to emerge between November 10, 2008 and February 10, 2009, should they save N20, 000 and retain the deposit for 30 days. Potential winners stand the chance of winning between N250, 000 and N2.5million.
Giving the vision of the bank behind the Market Explosion exercise, the Head, Retail Banking, Mr. Ade Asekun, who led a team of the marketers at the Iyana Ipaja market and motor- park, explained that the exercise was intended to make Oceanic Bank International the number one bank in retail banking not only in Nigeria but also in Africa .
He said: ‘We are taking the banking services to the customers wherever they are, in their abode and places of trade as opposed to the normal banking services where they come to the banking hall to do the opening formalities.’
‘This exercise is a nationwide event to reinforce our save and win promotion to reward our customers both old and new, in line with our philosophy of building a stronger Nigeria by empowering her citizens financially.
‘As we are here now, we are marines that can fight both on land and in the sea and come out victorious. In essence, we are trying to inculcate the habit of saving in those that do understand the dynamics of saving and at the same time deepening the saving culture of those saving already’, he maintained.
He further explained that saving is the bedrock of any sound economy, giving an instance of Singapore where it was made a policy that citizens should save 60 per cent of their income, a development, he said, made the country to be an economically strong as it is today.

UBN Repositions to Enhance Profitability
Source – ThisDay Newspapers ‘
Group Managing Director /Chief Executive Officer of Union Bank of Nigeria Plc, Mr Barth Ebong, has said the bank’s Enterprise Transformation Programme designed to make it a market leader, is on course.
Ebong, who made this known while presenting the bank??s “Facts Behind the Figures” to dealing members of the Nigerian Stock Exchange (NSE) and investing public last Friday, said his management was committed to giving better value to its shareholders.
I am happy to inform you that the first phase of the project has been completed and the major recommendation of our consultants, which covers the transformation of our systems, processes and procedures particularly in critical and strategic areas such as human resource, information and communication technology, credit and risk management, are being implemented,” he said.
He added “The quick wins so far achieved in the implementation strategy include, inter alia, the following: A new corporate plan, in which we defined the overall focus, direction, corporate vision and strategic objectives of the bank. Decomposition and assignment of the new strategic thrust and priorities of the bank to different strategic business units and strategic resource units as mandates.”
He stated that the bank had designed 50 other initiatives, many of which it has started to implement.
The initiatives include the following: A re-branding project. A key component of this project involves the redesign and restructuring of our branches in order to give them a unique identity and visibility. We have also embark on the restructuring of our 13 former area offices into 41 business development centres to strengthen service delivery and improve relationship management in our new branch structure which separates marketing from operations, ?? he said.
Ebong assured that the bank’ future was very bright given the steps it has taken to ensure that the Enterprise Transformation Programme is successfully implemented.
Given the emphasis placed on realigning our system, processes, procedures, people and technology and as one of the most capitalised banks in the country, we are poised to deliver best-in-class financial service solution driven by state-of ‘the-act technology.
We are confident that given our experience in retail banking spanning a period of over nine decades and the commitment of our management and staff, we are always committed to service excellence,’ he assured.

TUESDAY, NOVEMBER 25TH
Neimeth bags NSE’s merit award
Source – Vanguard NewsPaper
One of the country’s ingenious pharmaceutical company, Neimeth International Pharmaceuticals Plc has bagged the Nigerian Stock Exchange Merit Award for the 2007 financial year under the Healthcare category.
The award which was presented at the Celebrated Civic Centre, Ozumba Mbadiwe Avenue, Victoria Island was witnessed by over 1000 Stock Market Operators with the Managing Directors of Blue Chip Companies in attendance.
The NSE Council congratulating Neimeth, opined that the company will keep up the quality report and excellent conduct of Annual General Meeting which earned Neimeth the award.
Receiving the award on behalf on his company, The President/CEO, Mazi Sam Ohuabunwa, expressed special gratitude to God for this unique award which he believes will challenge Neimeth to perform optimally in all parameters of her operations.
He further stated that Neimeth is poised to take advantage of evolving opportunities in the Nigerian economy to return to the capital market as to actualize her ambitious investments in new capacities and new businesses. “We have already begun the implementation of our Vision 2010, which is to achieve a turnover of 10Billion Naira by 2010 sales year”.
Neimeth new subsidiaries, according to the CEO are the major tools for reaching there. But beyond 2010, Neimeth is determined to become the leading Healthcare Company with activities in sterile products manufacturing, including production of vaccines, soaps and creams, sanitary pads and diapers and health foods and drinks.

FirstBank’s Executive Director, John Aboh, retires
Source – Guardian Newspapers
FIRSTBANK of Nigeria Plc’s Executive Director, Banking Operations and Services, John Aboh, has formally notified the bank’s board of his intention to retire from the service of the bank, with effect from December 31, 2008, a notification which the Board has graciously accepted.
A statement by the bank’s Head, Corporate and Planning Group Co-ordinator, Mr. H.O. Bakare, stated: “Acclaimed for its corporate governance practice, Aboh’s election to FirstBank’s board, his tenure, the process for his retirement, and the means by which he will be succeeded in his office as a director of the bank are consistent with the bank’s recognition of the need to put appropriate governance structures in place.
He said: “Along with the recent announcement by the bank of the impending retirement of its Managing Director/Chief Executive, Mr. J. M. Ajekigbe, and his replacement, effective January 1, 2009, by Mr. Sanusi Lamido, at present Executive Director, Risk & Management Control of the bank. These corporate governance processes and structure function to ensure FirstBank board’s unfettered discharge of its responsibilities of setting the bank’s strategic goals, providing the leadership to put them into effect, overseeing the management of the business and accounting to shareholders for their stewardship.
Bakare continued: “This has ensured that over the years, FirstBank’s Board composition remains highly diversified, competent, reliable, ensuring stable management, while delivering strong economic value, good ethical practice and high level of transparency.
He stated further: “Within this governance context, “Uncle John”, as he is fondly called, brought considerable intellectual depth, and a dazzling breadth of experience to his more than seven years of meritorious service to the Board. His tradition of scholarship dates even further back. ”
A first prize winner of the bank’s yearly essay competition in 1979/1980, Aboh commenced his banking career with FirstBank in 1981, after which he had stints with a number of other banks, the combined experience of which prepared him for a distinguished career, which besides his work as Executive Director, Banking Operations & Services, with the bank, also saw him lead a turnaround operation that stabilised WEMA Bank, helping to restore confidence to the nation’s financial services industry.
An expert in international trade operations, structured trade finance, project implementation and regulatory interface, as FirstBank director, Aboh championed epochal initiatives in the bank’s operations and transaction/payments system.

WEDNESDAY, NOVEMBER 26TH
Union Bank promises improved returns to shareholders
Source – Vanguard NewsPaper
Union Bank Nigeria Plc has promised its shareholders improved returns on their investments in the years ahead.
Speaking during the presentation of facts behind its figures on the Nigerian Stock Exchange (NSE), in Lagos last week, the Managing Director of the bank, Mr. Bartholomew Ebong disclosed that it has put in place the necessary programmes and strategies that will help to position it as a leading player in the nation’s financial landscape, and ensuring huge growth in its bottom lines in the years ahead.
He said, “With the on going Enterprise Transformation Programme and the determination of our staff, the future outlook of the bank is very bright. The bank has now been repositioned not only to match competition in the industry but to assure and maintain its leadership position. Given the emphasis placed on realigning our system, processes, procedures, people and technology and as one of the most capitalised banks in Nigeria, we are poised to deliver best-in-class financial service solution driven by state-of-the-art technology.
Our goal is to enhance our stakeholder value through efficient service delivery, while making superior returns to our shareholders and exceeding their expectations.”
He disclosed that it intends to use its more than nine decades of retail banking experience, its attractive capital base and its recent Enterprise Transformation Programme to ensure that improves on its financial performance in the coming years, and become the most profitable bank, providing the needed support to grow the Nigerian economy.
He disclosed that it has nurtured most of its subsidiaries to maturity, putting them in the position to contribute significantly to the growth in the bottom line of the group, providing quality services to their numerous stakeholders. He further stated that one of its subsidiaries, Union Assurance Plc, is gearing up for listing on the NSE within the next couple of months, adding that it also plans to list its other subsidiaries in the years ahead.
The bank recorded a significant improvement in all its financial indices, in its financial results for the year ended 31st March, 2008. It posted a gross earnings of N112.99 billion rising by 27 per cent from N89.24 billion recorded in 2007, its profit before tax appreciated by 88 per cent from N17.58 billion in 2007 to N33.01 billion in 2008, while its profit after tax and minority interest stood at N25.74 billion compared with N13.33 billion recorded in its 2007 financial year, representing an appreciation of 93 per cent.
To this end, the bank is proposing to its shareholders, a dividend of N11.58 billion representing an appreciation of 44 per cent from the previous year??s dividends of N9.65 billion. This represented a dividend per share of N1.00 for every 50 kobo share held by its shareholders.
It is also proposing a bonus of one ordinary share for six ordinary shares held by its shareholders.
According to Ebong, ‘We are able to achieve this feat due to our universal banking strategy, which allows us to offer a wide range of services to meet the ever-changing needs of our customers.’
The company annual general meeting is scheduled to hold on Wednesday, November, 26, 2008, in Sokoto state.

Guinness Nigeria Plc holds AGM on Friday
Source – Guardian Newspapers
THE 58th yearly general meeting (AGM) of Guinness Nigeria Plc takes place at Excakubur Hotel, Benin City, Edo State capital on Friday.
As a prelude to this year’s meeting, and in keeping with one of the company’s pillars of “Creating Amazing Relationships” with its hub communities and other stakeholders, Mr. Devlin Hainsworth, the company’s new managing director will lead other directors of the company to pay a courtesy visit to the Benin Monarch, His Royal Majesty, Omo N’oba ErediaUwa, CFR, Oba of Benin in his palace tomorrow.
Also, the Guinness directors will call on the new Governor of Edo State, Adams Oshiomhole in his office on the same day.
This year’s yearly general meeting will witness deliberations on the accomplishments of Guinness Nigeria Plc, in the past one-year, and the future growth of the company.
The shareholders of the company are expected to approve a robust dividend payment of almost N9 million, translating into 600 kobo per 50 kobo each.
It will be recalled that earlier in the year, Guinness Nigeria paid out over N10 billion, representing 680 kobo for every 50 kobo share as special dividend to its shareholders.
Guinness Nigeria Plc, a Diageo company recently appointed Devlin Hainsworth as the new managing director of the Nigeria’s leading brewing company.
Mr. Devlin Hainsworth, who took over from Mr. Keith Taylor, joined Diageo in 1999 as managing director, Guinness Ghana. During his leadership, the Ghana business recorded a tremendous growth through aggressive innovation programmes and efficient route to market.

FCMB introduces Minus-to-Plus account
Source – Guardian Newspapers
TO further satisfy the needs of its teeming customers and to enhance creative, First City Monument Bank (FCMB) has introduced another innovative consumer product called Minus-to-Plus account tailored to offer maximum returns on funds in customers’ current accounts.
Minus-to-Plus account is the only commission on turnover (COT)-free current account that combines the flexibility of automated funds management with fixed deposit returns.
Speaking on the new account in Lagos recently, the Chief Operating Officer of FCMB, Mr. Anurag Saxena said that the Minus-to-Plus account is a zero COT current account that pays fixed deposit returns, adding that it also operates as an auto-save current account that allows the customer to earn interests on funds while having the flexibility to issue clearing cheques.
According to him, the account offers relatively low opening balance of N100, 000 with no minimum operating balance required, and attracts eight per cent interest yearly for funds that had stayed for a minimum of 30 days in the fixed deposit account.
He added that the account also offered a zero commission on turnover (COT) every month if the effective monthly average balance in the Minus-to-Plus account and fixed deposit account combined was above N100, 000.
The COO said that other benefits of the account included non application of account maintenance charges or service charge, free Debit/ATM Gold Card with higher withdrawal limits of up to N200, 000 per day on FCMB ATMs only, access to funds through over 6000 FCMB and Interswitch connected ATMs and unlimited payments through POS machines.
He added that account owners would also enjoy free personalised cheque books, SMS alerts, lodgments of clearing instruments and dividend warrants, unlimited withdrawals from account and introductory free Internet banking access offer for three months.
To the Group Head, Consumer Banking, Mr. Shibashis Ghosh said that the new product was about consumer banking that was identifying and proffering solutions that made customers satisfied and getting committed to the Nigerian brand, stressing that the name was given to it by customers themselves during the period of research.
Ghosh, speaking on the operation of the account said that the Minus-to-Plus account automatically transferred funds in excess of N200, 000, into an interest bearing fixed deposit account in multiples of N100, 000. This means that you must have a minimum of N300, 000 for an investment of N100, 000 to occur on your account. The account allows for unlimited access to the invested funds and pays eight per cent interest per annum only on funds that have stayed for a minimum of 30 days in the fixed deposit account.
Also speaking at the event, the Head Consumer Products, Mr. Kareem Mustafa, said that the benefit of the account was got when a customer maintained or kept above N100, 000 in his or her accounts, adding that for existing current account holder would only need to signify if they wanted the account.
Other innovative products already introduced by FCMB for customer satisfaction under its Consumer Banking Group include All-in-One account, Wealthbeing, MySalary Plus and MyHome.

THURSDAY, NOVEMBER 27TH
Shareholders approve Bank PHB’s N9.1 Billion Dividend
Source – Vanguard NewsPaper
Bank PHB is to pay out a total of N9.1 Billion in dividend to all its shareholders. This follows the approval given by the bank’s shareholders at its Annual General Meeting held Tuesday in Lagos. The cash payout is 100 per cent higher than the N4.5 billion dividend paid out in 2007 and 623 per cent higher than the N1.25 billion paid in 2006.
Shareholders also applauded the bank??s decision to pay dividend on the new shares issued in its initial public offering (IPO) in 2007 despite the fact that the money raised from that offer is yet to be fully put to work in the bank??s operations.
Earlier in his address to shareholders, Chairman Board of Directors of the Bank, Abdul-Lateef Kolawole Abiola, told shareholders that Bank PHB is “poised for a bright future as the bank has a number of initiatives to enhance its operational efficiency in order to continually increase shareholder value.”
Some of the initiatives he said include ??the installation of new IT Software called Temenos T24, a core banking application that will enable the bank cut turnaround time in its banking halls.?? ??The most striking feature of this remarkable software is that it has been found to be future proof. This means that it has the ability to accommodate future changes that would be of significant strategic advantage in coming years.??
He also disclosed that Bank PHB added more than 30 branches to its total branch network during the year while it recapitalised and repositioned two of its key subsidiaries, Insurance PHB and Mortgages PHB in its bid to become a bank ??that meets the respective needs of all categories of stakeholders??
The Chairman informed shareholders that Bank PHB in February 2008 began operations in Gambia with four branches after successfully acquiring a bank hitherto known as International Bank for Commerce (IBC) Limited.
Also speaking at the AGM, Francis Atuche, MD/CEO of Bank PHB assured shareholders that the bank is within a ??spitting?? distance of meeting its goals of operating at the very peak of the Nigerian banking industry.

Market makers to swing into action any moment. SEC
Source – Punch Newpaper
The newly-appointed market makers expected to pull Nigeria’s capital market out of the doldrums are to begin operation any moment from now in line with the recommendations of the Presidential Advisory Committee on the Nigerian Capital Market, the Securities and Exchange Commission has said.
SEC confirmed on Wednesday that the approved market makers were Chapel Hill Advisory Partners Limited, Greenwich Trust Limited and Diamond Capital and Financial Market Limited.
They are expected to stabilise the market by ensuring continuous liquidity and by synchronsing buy and sell transactions of securities while operating within the established transaction spread ?? bid/offer spread.
The spread, according to SEC, “shall be a maximum limit of three per cent, subject to review from time to time.”
SEC??s Head, Corporate Affairs, Mr. Lanre Oloyi, in a telephone interview with our correspondent, however, said that this was not the last to be heard on the issue, adding that ??these are only the three market makers so far registered; other applications are still being considered??.
SEC had earlier refuted allegations that it was being stampeded into confirming some firms as market makers, saying that the appointment was done based on the set criteria for the role.
A market maker, according to SEC??s rule, is ‘any specialist permitted to act as a dealer; any dealer acting in the position of a block positioner; any dealer, who with respect to a security, holds himself out as being ready to buy and sell such securities for his own account on a regular and continuous basis.
‘The market maker shall be a company duly registered with the Corporate Affairs Commission and shall have a minimum paid-up capital of N2bn,?? the regulatory body stated in the guideline, adding that the firm was required to at all times maintain sufficient liquid assets to cover its current indebtedness.
Oloyi, however, did not give an exact kick-off date, saying that since they were to operate on the Nigerian Stock Exchange, there might still be some things to finalise.
‘We have given them the go-ahead to operate as market makers, but there may still be one or two things to do with the Exchange,’ he noted.

Bank PHB transforms Finacorp to Mortgages Bank PHB
Source – Guardian Newspapers
PLATINUM and Habib Bank (Bank PHB) has promised to bring a new lease of life to Nigeria’s fast growing Mortgage banking industry with the transformation of Finacorp Building Society, one of Nigeria’s foremost mortgage companies to Mortgages Bank PHB, a subsidiary of the bank.
Announcing the launch in Lagos at the weekend, the Managing Director and Chief Executive of the bank, Mr. Francis Atuche said Bank PHB was throwing its weight behind the new Mortgages Bank PHB because of the enormous potential in mortgage banking in Nigeria.
He said the transformation was the sure way of ensuring that the huge housing deficit in Nigeria is tackled in the most effective way possible.
The managing director, who was presented by the Deputy Director, Mr. Ignatius Ukpaka, said their supremacy would be supported by the array of innovative customer-centric products, testament to the founding vision set in motion over 25 years.
He assured customers and intending customers that doing business with Mortgages Bank PHB was as safe as doing business with Bank PHB Plc, as they will experience the same level of excitement and customer service delivery as Bank PHB.
According to him, Mortgages Bank PHB had already lined up several mortgage products to meet the different mortgage finance needs of customers.
The managing director, however, urged government to provide an enabling environment for mortgage institutions to thrive by allowing the Federal Mortgage Bank to act as facilitator, instead of providing housing finance, which banks do in developed economies.
The Managing Director and Chief Executive of Mortgages Bank PHB, Mr. Bola Ogunsola, said the supremacy in the transformation of Finacorp Building Society to Mortgages Bank PHB Limited reflects its renewed commitment towards providing solution to housing problems in Nigeria, through a well thought-out products backed by the power of the nation’s most innovative bank, Bank PHB.
According to him, the enviable record of mortgage banking of Finacorp which dates back to 1993 attests to its dogged determination to see that many Nigerians fulfil their aspirations of owing homes of their dream.
He said, ” our enhanced operations under the umbrella of a well-capitalised Bank PHB to provide the comfort required to actualise our mission and satisfy the yearnings of our teeming customers.
” Mortgage PHB is well capitalised with a capital base in excess of a N1 billion, while plans are at an advanced stage to raise the capitalisation to N5 billion soon,” he added.
Some of products to be offered by the mortgage firm, according to Ogunsola, include mortgage finance for purchase of land, shops and business offices, refinancing of equity in existing houses. Others are mortgage finance for property under developers’ floor plan schemes, purchase of completed property, mortgage finance under the National Housing Fund (NHF) scheme and wholesale construction finance to certified estate developers.

Mutual Benefits hosts insurance brokers
Source – Guardian Newspapers
MUTUAL Benefits Assurance is poised to extend the frontiers of its marketing drive towards all stakeholders in the insurance industry as it hosts the December edition of the Members Evening of the Nigerian Council of Registered Insurance Brokers (NCRIB), the umbrella body of insurance brokers operating in the country.
According to a release issued by NCRIB’s Head of Public Relations, Mr. Tope Adaramola, the event, which would attract the cr?me de la cr?me in the broking profession, comes up on Wednesday, December 3, 2008 at the secretariat of NCRIB, 58 Moleye Street, Alagomeji, Yaba, Lagos, starting from 3.00 pm. The management team would be led by the institute’s Managing Director, Mr. Akin Ogunbiyi.
He noted that the occasion would provide Mutual Benefits the opportunity of further networking with insurance brokers who are believed to control a sizeable proportion of the nation’s insurance market and notch its aggressive marketing drive.
A recipient of several awards, the company had recently been awarded the International Business Initiative Directions Star Award based on its commitment to quality leadership, technology and innovation. The company currently has branches all over the country, as well as, in Liberia.

Cornerstone Insurance rebrands, gets new investors
Source – Guardian Newspapers
AS a follow-up to the acquisition of 51 per cent equity in Cornerstone Insurance Plc by Capital Alliance Private Equity, managed by African Capital Alliance, involving $26 million, the company has rebranded with a new logo and new corporate services.
Speaking at the brand launch at the weekend, the company’s chairman, Mr. Adedotun Sulaiman, said the vision of the new investors and the board was to define the future of insurance and change the way insurance business was being conducted in the country.
According to him, the company has set for itself a goal of becoming the leader in the insurance industry.
His word, “it is common knowledge that, Cornerstone as a company is known and has a historical legacy of transforming the industry. You are all living witnesses to the pioneering role of the six visionaries, led by the late Adetunji Ogunkanmi, who in 1991 conceived a vision to improve the way insurance business was done in Nigeria. Today, 17 years later, that dream has become the reference point for quality services in the Nigerian insurance industry.
“In no time, Cornerstone has become the brand of choice, but it is our opinion that the inherent and intrinsic equity value the brand possesses, has not been fully leveraged, hence the need to revitalise it to enable us achieve our vision, to be the leader in the sector in the short and long-term by providing innovative and value-adding products and services for our customers. That explains the need for us to recreate our identity, without altering our values.”
Be informed therefore, that a new era, more or less, the second leg of our revolution will be ushered in this evening at this same venue, when Cornerstone Insurance, will once again, set the tone for the transformation of the insurance industry in Nigeria for the benefit of all stakeholders. This evening between the hours of 6.pm and 8.30p.m, we will be unveiling a new Cornerstone brand anchored on delivering value beyond expectations through innovation reinforced with the best professional and ethical practices.
Thus the exercise this evening goes beyond mere change of identity. It is a carefully through-out corporate strategy meant of position the company, which has forayed into other areas of the financial services sector, as a group, to tap into the bountiful opportunities the national economy offers and to create wealth for customers and stakeholders.
The new Cornerstone offers every stakeholder, a promising future that is not only assured, but exciting and we cannot just wait to explore it.
We know as a matter of fact that the journey will not be smooth sailing, but we are confident in the fact that we have the right attitude, the brand, the expertise and the support of the media to make us realise our vision and together, we shall all take the glory that we came, we saw and we conquered by changing the face of insurance in Nigeria, for the sector to take its rightful pride of place among other thing sectors of the nation.

FRIDAY, NOVEMBER 28TH
Challarams releases 2008 result, hits N14.5b turnover
Source – Guardian Newspapers
Chellarams Plc has announced a turnover of N14. 5 billion for the financial year ended 31st March 2008.
The financial result, which was made known at the company’s yearly general meeting yesterday in Abuja, shows an increase of about N3.35 billion, over that of 2007.
The profit before tax also grew from N215,587 million in 2007 to N311,323 million, this year.
Speaking at the yearly general meeting, the Chairman of the company, Chief Anofi Goubadia, expressed satisfaction with the performance of the group in the face of regrettably high-rise inflation of 12 per cent.
The positive financial result according to him was made possible through the contribution of all divisions and subsidiaries of the group; with the distributive trade division accounting for about 75 per cent of the total turnover.
Looking into the future of the company, as he retires as chairman after 35 years as a Director, Chief Goubadia stated that the company was already positioning itself strategically to actualize its mission statement of providing Chellarams products, in every home and factory in Nigeria and beyond.
One of such strategy he said was to secure franchises of world renowned quality brands, which will confer competitive advantage on the groups’ business operations and enhance wealth creation for share holders’ investment in the group.

Fidelity Bank launches Wealth Wallet
Source – Guardian Newspapers
Responding to the growing needs of its teeming customers, Fidelity Bank Plc has launched another innovative customer product known as ‘Wealth Wallet’, which is conceived to enhance the life style of the high and middle income professional.
Wealth wallet according to the bank will offer a blend of four lifestyle enhancing credit facilities (mortgage loans, household loans and car loans) in one bundle for ease and convenience to customers.
According to the General Manager, Consumer Banking, Mrs. Yvonne Isichei, at the official launch in Lagos recently, the Wealth Wallet is the bank’s response to the growing lifestyle needs of the emerging middle class.
To her, there is a fast growing demand for credit, by so doing Fidelity’s Wealth wallet is easily distinguishable from the clutter of credit products in the market place.
She further said that the mortgage component of the package is made is made up of home equity loan, residential investment property loan and land acquisition loan, “The mortgage component of this product, for instance, offers customers 10-15 years to repay the loan and carries 20 per cent equity contribution and a moratorium period of six months, with an option to repay at no cost”, she explained.
Isichei said the household loan component of the package offers individuals a rare opportunity to acquire household and luxury items of their choice with appreciable ease.
She explained that the household loans carries flexibility repayment terms that factor in the earning of the applicant and a 24-month tenor where the item to be acquired is valued at over N1 million. Adding that it also has a provision for harmonized family income rating for husband and wife.
For the Fidelity Wealth wallet’s car purchase loan, the GM, Consumer Banking said it has been programmed to enable the customer to buy brand new vehicles and reposses Fidelity financed vehicles from reputable leasing companies in Nigeria and allows a repayment period of over four years.
“The product was also designed with clusters like co-operative clubs of blue chip companies, large corporations and key government parastatals in mind”, stressed Isichei.
Ensuring that the banking public has easy access to the offer, Mrs. Isichei explained that Wealth Wallet would roll out simultaneously in locations all over the country, stressing the wealth wallet loan administrator portal enables customers to log on by themselves, check their credit rating and complete their loan application in the comfort of their homes.

Mobil executes N405.9 billion oil, gas project
Source – Guardian Newspapers
AMERICAN firm, Mobil Producing Nigeria Unlimited (MPN), on Tuesday on Bonny Island, Rivers State, commissioned a $3.5 billion (about N405.9 billion) East Area Project designed to boost crude oil recovery, gas commercialisation and end gas flaring in its areas of operations.
Mobil, an ExxonMobil affiliate, is the operator of the Nigerian National Petroleum Corporation (NNPC)/ Mobil Joint Venture.
The project, The Guardian gathered, will impact significantly on increased crude oil output, increased reserve, monetisation of flared gas volumes and increase in Nigerian local content development.
It was also gathered that the volume of gas reduction achieved by the project is the equivalent of taking one million cars off the road.
The Chairman and Managing Director of MPN, Mr. John Chaplin, who has been promoted to the position of Vice President of the ExxonMobil Corporation, explained that the east area projects include Additional Oil Recovery (AOR) and Natural Gas Liquids 11 (NGL11).
The major components of the AOR projects are gas compression complex plus seven associated platforms, personnel living quarters and more than 100 miles of pipeline for natural gas gathering and distribution.
“We expect the project to produce 530 million gross barrels of additional oil reserves from blocs OML 67 and OML 70 and provide a peak volume of 120,000 barrels of oil per day,” he disclosed.
Chaplin also disclosed that considering Organisation of Petroleum Exporting Countries (OPEC) cuts and corresponding cuts in Nigeria ‘s output, the new addition takes MPN’s production to about 800,000 barrels per day.
The NGL 11 includes the installation of an offshore gas-processing complex, more than 125 miles of new pipelines and the expansion of the joint venture’s Bonny River terminal facilities.
“The new facilities can process up to 950 million cubic feet of natural gas a day, yielding up to 65,000 barrels per day of natural gas liquids,” the MPN managing director pointed out.
He said Nigerian workers and local contractors were able to achieve an enviable safety feat of 12 million hours on the project.
Nigerian companies also provided in country fabrication, logistics support and other services, as well as, training and development of employees and contractors.
“These companies were involved in construction of the Bonny River terminal expansion, installation of pipelines, fabrication and installation of components for the EAP offshore complex.
“A key component of the EAP national content strategy includes the use of funding from Nigerian banks. Approximately, $220 million of the total project financing of the NGL 11 development was completely arranged through Nigerian banks,” Chaplin disclosed.
The NGL 11 project was actually financed by loans to the tune of $1.275 billion. The loans were supported by a $325 million guarantee from the Overseas Private Investment Corporation, an agency of the United States of America.
Chaplin described funding of the EAP as prime example in alternative funding arrangement and praised Bonny community, which gave the JV the freedom to operate, adding that this is probably “because they see us as a responsible corporate citizen.”
He pointed out that short term gas development would see the company supplying 100 million cubic feet of gas per annum to the Nigeria Liquefied Natural Gas plant in Bonny from next year for processing and subsequent supply to the domestic market.
“In the medium term, we are also working on 500Mw IPP to be located at the QIT at a cost of $500m. But there are issues of securitisation and the fiscal arrangements yet to be worked out with government,” he noted.
Also speaking, Alhaji Abubakar Lawal Yar’Adua, the acting group managing director of the NNPC who was represented by Austin Oniwon, the group general manager in charge of Research and Development explained that the EAP would progress the JV gas flare by eliminating approximately 200 million cubic feet of flared gas per day.
“This accomplishment is in line with the Federal Government’s objective of utilising Nigeria’s vast gas resources for economic development, emphasises the NNPC’s commitment to various gas projects and minimizes the environmental footprints of oil and gas operations in the country.”
On the issue of securitisation and providing the right fiscal regime for supply of gas to the domestic market as well as investment in power projects, contrary to claims of lack of commitment, Oniwon said the Corporation was working out modalities with its partners.
He also said it was not true that the current management of the corporation has not made an effort to progress projects, adding that the industry was a continuum.
Credit Suisse First Boston advised the Joint Venture on the financing and UBA Plc was appointed the facility agent for the Nigerian tranche.

Stanbic IBTC Bank Launches Online Electronic Channel
Source – ThisDay News
Stanbic IBTC Bank has launched an online banking channel, called new Business Online to the Nigerian market.
Standard Bank has been offering online banking to its clients in South Africa and other countries in Africa for over 20 years, and has been a leading light in that area In South Africa in the past 17 years.
New Business Online is an internet-based multi-currency, multi-country, multi-entity online banking channel, which enables clients to make payments to third parties (suppliers, vendors, staff etc), transfer funds between their own accounts and provides them with real-time access to their balances and statements for all accounts, across currencies, and even across countries.
New Business Online is powered by state-of-the-art technology and adheres to the highest levels of user-friendliness.
At a press briefing in Lagos on Thursday, the Deputy Chief Executive Officer of Stanbic IBTC Bank, Mrs. Sola David-Borha , said “the deployment of this online banking channel is in line with the Bank’s strategic focus of strengthening its universal banking franchise.”
??It is secure and allows multiple signatory authorizations, and it allows clients to set up users and authorizers according to their own segregation of duties. It has a sophisticated built-in messaging and reporting tool and audit trails??, David-Borha said.
Head, Transactional Products and Services,
Andrew Mashanda, further stated that ‘the major strength of our new online banking channel is the convenience and ease with which customers can transfer funds and view statements in the comfort of their offices or homes.?? He also mentioned that this channel is one of the safest methods of transferring funds, as it eliminates the risk associated with carrying large sums of cash from place to place or the inconvenience of writing cheques and expecting confirmation of payments made.
The Standard Bank Group, which has a controlling stake of 50.1 per cent in Stanbic IBTC, has been in business for 146 years and is Africa ??s largest banking group ranked by assets and earnings. As at 30 June 2008, the group had total assets of over US$174 billion, employing over 48,000 people worldwide, a network in 18 African countries and 20 countries outside of Africa including the key financial centres of Europe, United States of America and Asia .
Stanbic IBTC is a full service universal bank with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth management ?? leveraging on its industry expertise and international presence. The Bank has always been highly rated and currently has a long term rating of AAA by Fitch.

Intercontinental Named ‘Bank of The Year’
Source – ThisDay News
Intercontinental Bank Plc was yesterday in London, named Bank of The Year in the 2008 edition of The Banker Awards.
The prestigious and credible industry award in the world is organised by The Banker Magazine, a publication of Financial Times of London, the world’s number one media conglomerate.
The Banker Magazine monitors the performance of key financial institutions across the world and articulates the profile of corporate actions for the purposes of rewarding best performers in their respective countries. Intercontinental Bank was adjudged best in Nigeria.
The bank’s ”strengthened brand, strategic and growing global presence, and a clear mission to boost stakeholders’ returns”, are among the reasons given by The Banker for choosing Intercontinental Bank as its Nigeria’s Bank of the Year 2008.
Fitch Ratings recently affirmed Intercontinental Bank’s National Long-term ratings at A+. This ranking indicates that the bank is a low risk financial institution. The agency also affirmed the bank’s international rating at B+, which is the highest for any Nigerian bank as at date by Fitch Ratings.
According to Fitch “the ratings reflect Intercontinental Bank’s developing domestic franchise, strong record of earnings growth and adequate capitalization”.
Standards & Poor’s has also pronounced the bank’s international rating as BB-, which is the highest for any Nigerian bank just as Nigeria’s sovereign rating is also capped at BB-. Fitch and S & P are the two world’s leading rating agencies for both corporate and sovereign risks.
The coveted Banker/Financial Times award was coming barely a month after the bank was named “African Bank of The Year” and “Financial Brand of the Year” by two leading international media groups in two separate events at the just concluded World Bank/IMF meeting in Washington DC, USA. Industry observers believe that The Banker Magazine/Financial Times award shows consistency and confirmation of the judgment of all other awards the Bank won this year.
Other global financial institutions that won The Banker/ Financial Times bank of the year in their respective countries are BNP Paribas, France; Industrial and Commercial Bank, China; KPC Group, Belgium; Bradsco bank,Brazil; Commerce Bank of Germany; HSBC Hon-Kong; Sumitomo Muitsui Financial Group, Japan; Standard Bank Group, South Africa; Credit Suisse., Switzerland; and J P Morgan of USA among others.
Receiving the award in London yesterday, the Group Chief Executive of Intercontinental Bank Plc, Dr. Erastus Akingbola, expressed satisfaction with the recognition of the contributions and performance of the Bank and indeed African financial institutions by the world class media group. Akingbola who is also the President of Chartered Institute of Bankers of Nigeria (CIBN) stated that Intercontinental Bank is set to sustain the performance which has earned it these strings of rewarding recognitions amongst worlds financial industry players.
The first of the awards, ”African Bank of The Year” which is promoted by the London-based African Banker Magazine in partnership with the Corporate Council of Africa, was instituted last year to recognize the reforms, rapid modernization, consolidation, integration and expansion of the African banking industry.

Zenith Bank Begins Operation in Sierra Leone
The developed according to a statement came after the bank had secured the perquisite approvals form that country’s financial services regulator . The bank already maintains a strong presence along the West African Coast with wholly-owned subsidiaries in Accra , Ghana (Zenith Bank, Ghana ) as well as Europe through Zenith Bank UK Limited. This is in addition to a representative office in Johannesburg , South Africa .
The statement said it is entering Sierra Leone with its trademark superior banking services, which will be provided through wide range of commercial banking services and products and at a time when the country is on the path to economic recovery and growth and sustainable development.

Wema Bank Crisis: 26 Senior Officers Lose Jobs
Source – This Day
At least 26 senior officers of Wema Bank Plc were said to have lost their jobs as the aftermath of the recent crisis that rocked the bank.
The former acting Managing Director of the bank, Mr. John Aboh, was said to have authorised the indefinite suspension of the 26 staff members of the Bank.
Aboh was said to have instructed the bank’s Head of Human Resources, via a memo, to relieve the 26 staffers for their alleged support for Mr. Adebisi Omoyeni, former Managing Director, when he resumed duty after his recall from the forced leave of about seven months.
Sources in the bank claimed that the suspended staffers were accused of being loyal to Omoyeni and were therefore placed on indefinite suspension without pay until their cases are investigated and determined.
The decision was said to have been hastily taken by the Aboh-led management of the bank without recourse to the due process of query-and-response system known in corporate governance.
However, an official of the bank said that the workers have not been sacked, but were only suspended.

Crusader to raise N7b from capital market
Source – Guardian Newspapers
AS part of measures to foster its expansion drive, Crusader Nigeria Plc has concluded plans to raise over N7 billion from the Nigeria Stock Exchange (NSE) through rights issue and convertible debenture offer.
The rights issue, which opens on September 24, 2008, will see the company offering 797,884,198 ordinary shares of 50 kobo each at N4.50 per share on the basis of one ordinary share for every five shares held as at February 25, 2008, while its N4 billion’s 12 per cent unsecured convertible debenture stock opens tomorrow.
The company hopes to raise about N7.086 billion from its existing shareholders to finance the creation of a strong and broad based financial services group through the acquisition of new business and expansion of its existing businesses and products.
The company noted that the decision to raise the capital by a way of rights issue and convertible debenture stock is in response to the present bearish state of the capital market and also to guarantee investors of 12 per cent interest per annum till 2013 or its convertible debenture stock.
Specifically, the company hopes to expand N2.42 billion or 34.16 per cent of its offer proceeds on acquisition of new financial service and business, N12 billion or 28.22 per cent each on investment in insurance companies and investment in real estate while N410.7 million or 5.8 per cent will be used as working capital.
Furthermore, N200 million or 2.82 per cent of the proceeds will be expanded on office expansion and upgrade of its branches. While N55 million or 0.78 per cent will be spent on information technology upgrade.

Nigerian Breweries Plc declares Interim Dividend
Source – NSE
The shares of Nigerian Breweries Plc was adjusted for an interim dividend of N1.00 on the floor of the Nigerian Stock Exchange today. According to the report, the closure date of register of members is Thursday 9th, 2008 while payment date is Friday 17th, 2008.

DN Meyer Placed on Technical Suspension
Source – This Day
The shares of DN Meyer Plc, the manufacturers and marketers of premium paints, pvc, floor tiles and adhesives, were placed on a technical suspension last week as the firm is set to raise fresh funds.
The suspension according to a statement from the company, is sequel to the on-going favourable consideration being given to the company’s application to raise further capital by the regulatory authorities of the Stock Exchange Market. As it is the practice, the suspension will be in force pending when the approval is given and throughout the period of the coming offer.
The share price at the suspension was N11.51. The share price had risen to N21.00 this year from lowest price of N2.00 in January 2007.
Analysts are predicting a very good outing for the company, following its very impressive fundamentals in recent months.
DN Meyer Plc is over 48 years in operation in the country and operates in the premium segment of the Architectural Paints and Coating Industries. Its products have received awards from Users and Professionals in the Building Industry. The most recent being “the Paint Manufacturer of the year 2008” award by the Nigerian Institute of Architects (NIA).

May and Baker pays 40k dividend
Source – The Punch
As from September 29, 2008, shareholders of May and Baker Plc will begin to enjoy the company?s dividend payout of 40 kobo per share for the year ended December 31, 2007.
This amount represents an increase by 33 per cent over the 30 kobo dividend paid to shareholders the previous year. In its financial result for the year ended December 31, 2007, the company recorded a turnover of N3.9bn.

DAAR Communications to list at N5.00 on Sept 26
Source – Proshare
Broadcast Giants DAAR Communications Plc (DAAR) owners of radio station Ray Power 100.5 Frequency Modulation (FM) and African Independent Television (AIT) would September 26, 2008 list is shares at N5.00 per share on the Floors of the Nigerian Stock Exchange (NSE). A source close to Proshare NI made this confirmation today in Lagos Nigeria.
DAAR in February 2008 approached the Nigerian Capital Market to raise fresh funds of N13.947 billion through a hybrid offer of Initial Public Offering (IPO) by way of an offer for subscription of 1.829 million and DAAR Investment Holding Company Limited offer for sale of 960 million ordinary shares of 50 Kobo each at N5.00 per share respectively.
During the offer from the Prospectus made available to Proshare NI, DAAR affirmed that an application has been made to the council of the NSE for admission to its Daily Official list of its 8.0 billion Ordinary Shares of 50 Kobo each.
This is coming on the heels of investors concern as regards the listing of the Broadcast Giants.
Though as at the time of filling in this report, Proshare NI could not get further details in respect of the proposed listing of the company.
In the same vein, come October, 2008, DAAR would be launching its satellite television in Abuja Nigeria; viewers are expected to pay in order to have access to this satellite station.

Exchange de-lists 10 quoted firms
Source – NSE
Apparently enforcing its earlier promise to de-list non-performing firms from its daily official list, the Nigerian Stock Exchange (NSE) de-listed 10 companies for breaching the post-listing requirement of the exchange. Specifically, the Stock Exchange said the companies failed to submit their quarterly and yearly reports at the appropriate time. As part of NSE’s post-listing requirements, companies in the first tier equities sector are required to present their scorecards on quarterly basis to the Stock Exchange, while those in the emerging market sector are to present theirs on half yearly basis to ensure adequate information and returns to investors. As part of the stakeholders’ intervention in the stock market to arrest the trend of bearish dominance and ensure stock prices’ stability, there has been promise to de-list moribund companies which fail to meet the post-listing requirements of the stock exchange. These companies include ACEN INSURANCE PLC, AMICABLE ASSURANCE PLC, BAICO INSURANCE PLC, ATLAS NIGERIA PLC, CERAMICS MANUFACTURING PLC, and BEVERAGES (W.A.) NIGERIA PLC. Others are ENPEE NIGERIA PLC, TATE INDUSTRIES PLC, MAUREEN LABORATORIES PLC AND RIETZCOT NIGERIA PLC. The move is to ensure that the investing public is protected from investing in stocks on companies whose financial activities are shrouded to the regulatory authorities and shareholders.

Company Results:
Law Union six months profit up by 83.3%
Source – The Punch
Law Union & Rock Insurance Plc’s pre-tax profit rose by 83.3 per cent to N591.5m in the second quarter, ended June 30 2008, up from N322.8m in the corresponding period of 2007.
In a statement by the company on Tuesday, Law Union’s unaudited financial accounts for the period showed that profit after tax increased by 72.5 per cent to N473.2m, up from N274.3m in June 2007.
It added that the earnings were extracted from a gross income of N1.805bn, representing an improvement of 61.1 per cent over N1.121bn recorded in the same period of the previous year.
The company similarly grew its investment and other income by 374.8 per cent to N173.6m in the year under review, compared with N36.6m in the corresponding period of 2007.
The growth momentum, it added, was apparent from its first quarter, ended March 31, 2008, when the company posted a gross premium income of N1.1bn, an increase of 48.1 per cent over a figure of N729.6m in the corresponding period of the preceding year.
According to the company, pre-tax profit in the first quarter, grew by 60.8 per cent to N274.9m, up from N171.0m while PAT leapt to N219.9m, representing a 60.8 per cent growth rate over N136.8m posted in the corresponding period a year earlier.
Investment and other incomes, the statement added, expanded in the first three months of the current financial year to N43.4m, up from N18.m.

Nigerian Bottling Company Plc announces N39.450 billion half year turnover
Source – NSE
The Nigerian Bottling Company Plc today announced its unaudited half year result for the year ended 30th June, 2006. According to the result, the turnover recorded N39.450 billion compare to N34.100 billion of 2007. This represents an increase of 15.54 percent.
Profit after tax was 31.55 percent greater than what was recorded in 2007, it grew from N1.68 billion to N2.210 billion in 2008.

Law Union and Rock Insurance Plc profit up by 88.48 percent
Source – NSE
Law Union and Rock Insurance Plc have made available its audited results for its year ended 12th December, 2007. The results showed consistent improvement in all indices. It recorded a Gross premium of N2.500 billion against N1.330 billion recorded in 2006, showing an 87.97 percent increase. Profit before tax leaped by 106.15 percent from N0.369 billion in 2006 to N0.179 billion in 2007. After tax profit was 88.48 percent greater than what was recorded in 2007, it grew from N0.311 billion to N1.650 billion in 2008. The board of directors of the company has proposed a dividend payout of 6kobo to its shareholders, register closes 2nd September, 2008 and payment date is for 17th October, 2008.

Julius Berger Plc increases 2nd quarter profit by 35 percent
Source – NSE
Julius Berger Plc has made available its result for the second quarter ended 30th June, 2008. The result showed consistent improvement in all indices. It recorded a turnover of N43.18 billion against N34.15 billion recorded in 2007, showing a 26.44 percent increase. Profit before tax leaped by 70.56 percent from N0.985 billion in 2007 to N1.68 billion in 2008. After tax profit was 34.79 percent greater than what was recorded in 2007, it grew from N690.0 million to N930.07 billion in 2008.

GTBank’s profit up by 109%
Source – The Punch
Guaranty Trust Bank plc’s profit before tax increased by 109 per cent for the six months ended August 2008, confirming its increasing share of the banking industry just as the bank officially announced a change in its financial year end from February 29 to December 31, starting from this year.
The financial results announced on Thursday, showed that the bank grew its gross earnings from N33bn in the corresponding period of 2007 to N57.2bn this year.
A statement by the bank said it recorded a profit before tax of N23bn for this half-year period, adding that it represented a 109 per cent increase from N11bn recorded in the corresponding period of the previous year.
The bank?s total assets plus contingents, it said, grew by 43 per cent, up from N840.4bn to N1.2tn, while shareholders? funds stood at N167.1bn as at August 31, 2008.
The statement quoted the Managing Director of the bank, Mr. Tayo Aderinokun, as saying that the decision of the bank as regards its change of year end was in keeping with its tradition of ensuring the adoption of international best practices, as many renowned international banks had December 31 as their financial year end.
This decision, he said would also align the bank?s year end with that of its subsidiaries, which already operated a December 31 year end.
The bank was one of the few banks that indicated its intention to comply with the initially proposed uniform December year end by the Central Bank of Nigeria, the statement added.
With over 140 business offices in Nigeria and banking subsidiaries in Ghana, Sierra Leone, Gambia and the United Kingdom, Guaranty Trust Bank has over the years maintained a pre-eminent position as a major player in the Nigerian financial services industry through its consistent remarkable achievements.

1. Nigeria was ranked as the 9th best performer in doing business in Africa at the 108th position behind Mauritius, South Africa, Namibia, Botswana, Kenya, Ghana, Swaziland, and Ethiopia.
2. Unlike Ghana (109 to 87), Mozambique (140 to 134), Kenya (82 to 72), Burkina Faso (165 to 161) who made some form of progress towards reformation, Nigeria was stagnant at 108.
3. Abuja had the shortest time to start a business at 22 days while it took at least 57 days in Cross River which came in last.
4. Abuja scored best in terms of bottlenecks while Abia was last.
5. It is cheapest to start a business in Abuja while it is most expensive in Cross River.
6. There is a variance in administrative fees required to start up a business.
7. It is easiest to do business in Kaduna while it is most difficult to do business in Ogun State.
8. If the best practices are adopted, there is a potential of Nigeria’s ranking improving from the 108th position to the 51st position.

The Growth Report - Africa Highlights (126)
The Growth Report - Presentation (117)

Other findings include:

1. The performance of all Nigerian states is weakest in the area of registering property. Governor consent for property transfers is the main source of delays and high costs of property transfers throughout Nigeria. The delays in granting consent are longest in states where every consent is signed by the state governor, and shorter where the authority to grant consent has been delegated to another government official. Currently, all Nigerian states would rank low in the global Doing Business ranking. Abuja, FCT — Nigeria’s top performer on this indicator — would rank only 157 out of 178 economies worldwide.
2. Registering a business has become significantly easier across Nigeria, thanks to computerization of the registry, establishment of zonal branches of Corporate Affairs Commission, and new Stamp Duty offices. Company registration remains fastest in Abuja, where the headquarters of Corporate Affairs Commission are located.
3. Compliance with building regulation is easier and cheaper in northern states. There is wide variance in the cost of obtaining building permits across Nigeria. A permit for the same warehouse would cost just 25% of Nigeria’s income per capita in Sokoto, and 826% in Lagos.
4. There are substantial differences in the time and cost to enforce a commercial contract in Nigeria. Typically, court performance is better in states that have already implemented the new High Court rules, such as Abuja, FCT, Lagos, and Kaduna. Across the country, enforcement time substantially contributing to delays in recovery of commercial debts.

PERIOD                             2007           2006
NON-LIFE REVENUE         332.34M      95.90M
LIFE REVENUE                   11.50M       12.50M
PBT (Nm)                          818.46M      220.74M
TAX (Nm)                         141.73M      78.991M
PAT (Nm)                         676.69M      135.791M
S/outstanding ( billion) 10.37 Proposed Dividend per Share = N0.05k
EPS (naira) 0.07
Closure date = May 19 to 22, 2008
P/E Ratio (times) 64.38
Payment Date = June 5, 2008
21st AGM of the Company will be held at Golden Gate Resturant, Ikoyi in May 22, 2008 at 11.00am

Part of the reason was that I was out of the country with limited access to the Internet.

Henceforth, the major emphasis of this blog will be to provide information on businesses and companies listed on the Nigerian Stock Exchange. You can expect to get the latest news on this companies and analysis prepared by the top stock brokers in Nigeria. 

The President presented his 2008 Budget to the joint session of the senate and house of reps. It was tagged, The Budget For The Ordinary Nigerian.

Remarkable story of how the National Hospital, Abuja removed a 5kg tumor from a man’s face.

Zenith Bank is named the African Bank of the Year by African Investor Magazine.

Nigerian soccer team plans 2 friendlies with Egypt and Sudan in preparation for the ’08 Nations Cup.

Online electronic trading system implemented and inaugurated at the Lagos Stock Exchange.

Aluminum Smelter Company (ALSCON) to be reopened by RUSAL in January.

No more foreign takeover of Nigerian Banks – CBN.

The Economist Magazine recently released the 2007 Business Competitiveness Ranking of 82 countries. Nigeria was ranked 75th just above Kenya, Angola, Cuba etc. I sincerely hope this changes.

But in recent months, a lot of these banks are coming back to the market. We have had First Bank and Oceanic. Now, Fidelity, FCMB and AfriBank are back in the market with fresh public offers. To add more salt to injury, Zenith and BankPHB are to raise fresh funds soon.

I am beginning to be suspicious of these constant public offers. It leads to abuse. Why do these companies need to return to the market? In a way, it seems it has become something of a status symbol with these companies – who can raise the most amount? Who has the highest value and capitalization? And I dont think that should be the case. I hope something is done about it. Else it will lead to serious abuse and lack of accountability.