Here are the top news stories for the week:

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.