Suspension of Trading in C & I Leasing Shares by the Nigerian Exchange (NGX)

C&I Leasing
C&I Leasing

The management of C&I Leasing PLC has reacted to the purported suspension of trading in the shares of the company.

The firrm on statement made available to BusinessUpdate said “our attention has been drawn to media reports regarding the temporary suspension of Trading in our Shares by the Nigerian Exchange.

We wish to clarify as follows:

Significantly, our operations are guided by multiple regulators for the different aspects of our services to various industries, which has delayed our filings even though our financial reports are presently up to date.

We are actively engaging with the Nigerian Exchange (NGX) to resolve all outstanding regulatory obligations.

Nonetheless, we would submit our 2021 filings as soon as the necessary regulatory approvals have been obtained.

We crave the indulgence, and understanding of the general public, and also wish to reassure our shareholders and other stakeholders including all our esteemed customers of Management’s commitment to good corporate governance and global best practices in all our dealings.”

Ardova Plc Set to File 2021 Audited Financial Statement

Olumide Adeosun, Ardova plc
Olumide Adeosun,Ardova plc

The Board and Management of Ardova Plc (Ardova), says “it wishes to allay concerns over the recent suspension of trading of the company’s securities on the Nigerian Exchange Limited (NGX) over the late filing of its 2021 Audited Financial Statements”.
According to a press statement at the disposal of BusinessUpdate “the delay in submission was primarily due to the accounting reconciliations that followed the acquisition of Enyo Retail and Supply Limited (ERSL), a transaction which was concluded in November 2021. Enyo’s accounting has now been harmonized with the IFRS accounting standard already in place at Ardova Plc, following which the group’s Consolidated Financial Statements were completed and duly audited. These audited financial statements were approved by Ardova’s Board of Directors following its meeting on 29 June, 2022, and will be filed with the NGX on or before 8 July, 2022. In accordance with NGX rules, we expect that the suspension of trading will be lifted upon submission.
The Board and Management apologize for inconvenience caused by this administrative circumstance and reassure our stakeholders that Ardova Plc remains committed to the highest standards of compliance and corporate governance.”

NGX Suspends Trading In The Shares Of Nine Companies

Nigerian Exchange Group logo
Nigerian Exchange Group logo

For failing to submit it’s annual accounts in record time,the Nigerian Exchange Limited has notified the market of the suspension of trading in the shares of nine companies pursuant to Rule 3.1, Rules for filling of accounts and treatment of Default filing (Default filing rules) which provides that ” if an issuer fails to file the relevant account by the expiration of the Cure period. The Exchange will:
(a) Send the issuer a ” second filing deficiency notification” within 2 business days after the end of the Cure period.
(b) Suspend trading in the issuer’s securities, and
(c) Notify the Securities and Exchange Commission(SEC) and the market within 24 hours of the suspension”.
The nine companies are

African Alliance Insurance Plc
Niger Insurance Plc
Royal Exchange Plc
Ekocorp PLC
C&I Leading Plc
Mutual Benefits Ass. Plc
Coronation Ins. Plc
Premier Paints PLC
Ardova Plc

Trading in the shares of the nine companies have been suspended from the facilities of the Nigerian Exchange Limited (NGX) effective Friday 1st July 2022.
The suspension of trading in the share of these companies is sequel to the failure to file their audited financial statement’s for the year ended 31st December 2021.

In accordance withe Default filing rules set forth above the suspension of trading in the shares of the above mentioned companies will only be lifted upon the submission of the relevant accounts, provided NGX Regulations Limited (NGXRegCo) is satisfied that the accounts comply with Alla applicable rules of NGX.

NDLEA Commended  For Sustaining Fight Against Drug Abuse And Illicit Trafficking

NDLEA Commander of the Apapa Special Area Command, Mr. Inelegwu Ameh
NDLEA Commander of the Apapa Special Area Command, Mr. Inelegwu Ameh
The National Drug Law Enforcement Agency, NDLEA has been Commended for its efforts at steming the tide of drug abuse and illicit trafficking in the country.

Participants at the Public enlightenment of the 2022 International Day Against Drug Abuse and Illicit Trafficking gave the commendation Monday while rounding off the week long activities to mark the day

Some participants who spoke at the conference .such as Chief Osita Chukwu, the President of Save Nigeria Freight Forwarders inhis goodwill message applauded the good job the NDLEA Chairman, Buba Marwa is making in this regard, insisting that “everyone who witnesses what goes on in our society should know that there is actually a tremendous change in the the fight against drug importation, sale and abuse. If other sectors of the economy can do very well like the NDLEA has been doing as at today, we will not be searching for running mates for Presidents and running mates right now because the right key for the right door would have been discovered and we will then be able to be witness a change that will be impactful”.

Cross section of participants at the international day Against Drug Abuse and illicit trafficking
Cross section of participants at the international day Against Drug Abuse and illicit trafficking

Representative of the Flag officer commanding the Western Naval Committed, Commander Muhammed Dalhatu in his goodwill message also congratulated the NDLEA for organising this year’s drug abuse awareness campaign.

He said “we all know the efforts NDLEA management puts in place to make our society an illicit drugs free society. We have seen it all over the places.

Controller of Immigration Apapa Lagos Seaport and Marine Command ably represented by C.S.O Adewunmi also commended the NDLEA for the commemoration of 2022 International Day against Drug Abuse. According to Adewunmi the NDLEA is doing a great work in trying to eradicate drug abuse in our society.
He bakoned on all to rally round and support NDLEA to make our society a drug.

Dr. Kayode Farinto, the Acting President of the Association of Nigeria Licensed Customs Agents while commending the efforts of the agency at curtailing the menace of drugs trafficking, disclosed that his association has been collaborating with the NDLEA in the past two years on the issue.

In his keynote address, Dr. Wale Ige of the Nigerian Institute for Policy and Strategic Studies, Kuru used graphic and video evidence to illustrate his presentation to bring home the problem of drug abuse. Dr. Ige whose paper is titled “Addressing challenges in health and humanitarian crises in the maritime corridor”, pointed out that health is described as the general condition of a person and that the UN defined health as a state of complete physical, mental and psychological well being and NOT as a mere absence of illness.

Lt.Col. Amajuoyi, Commandant at Bonny Cantonment who wondered why the menace of drug abuse has lingered so long advised the agency on adopting proactive measures in order to solve the drugs problems.

Dr. Ige who delivered the Keynote address noted that humanitarian crisis can have physical, mental and psychological implications on the human person and so should be eradicated. He said that by reason of the participants being mainly those close to the port corridor, a place of transhipment of cargoes, care must be taken to forestall the incidence of drug trafficking, sale and abuse that may lead to a crisis. He admonished parents and leaders to show responsibili c bcty and refrain from engaging in activities that will introduce their children and wards to the dangerous arena of substance abuse.

Meanwhile, Chairman of the NDLEaA, Brig. Gen. Buba Marwa in his address of welcome at the occasion noted that the day is of utmost importance to the global community in the continuous effort to ameliorate the consequences of abuse of illicit substances and make our world a safer place.
He said the theme for this year which is “Addressing Drug Challenges in Health and Humanitarian Crises.” highlights an aspect of the drug problem that is critical for Nigeria and indeed the world at large.

The NDLEA Chairman who was represented by the Commander of the Apapa Special Area Command, Mr. Inelegwu Ameh, stated that. “drug abuse health challenges came to the fore in 2021 as the human family was recovering from the COVID-19 pandemic. It was the crux of the World Drug Report for 2021, which noted that “Drug use killed almost half a million people in 2019, while drug use disorders resulted in 18 million years of healthy life lost, mostly due to opioids. Serious and often lethal illnesses are more common among drug users, particularly those who inject drugs, many of whom are living with HIV and Hepatitis C.” ”

Marwa admitted that the concerns of World Drug Report 2021 were not far fetched because here in Nigeria, there were similar patterns with findings of the National Drug Use and Health Survey in 2018 with the risk of the spread of HIV, Hepatitis C and other blood-borne diseases very high and this in turn raises the stake of a public health crisis. Hence, there was no questioning the rationale of treatment for drug users.

“The National Drug Use Survey afforded Nigeria the baseline information needed for the design and implementation of effective prevention, treatment and care services capable of reducing the demand for drugs and also prevent the morbidity and mortality attributable to drug use.” He stated

The NDLEA Chairman affirmed that there were challenges associated with these substances which were obvious and as the report noted: “Two-thirds of high-risk drug users reported a self-perceived need for drug treatment. Around 40 per cent of those reported that they had wanted to receive drug treatment but were unable to access such services.”
Aside from the cost of treatment, the stigma associated with substance use and access to required health services were cited as major barriers to treatment in the country.

London Stock Exchange Celebrates Achievements Of Seplat Energy’s Pioneer Chairman, ABC Orjiako

elebrates ABC Orjiako’s Achievements-  L-R: Mr. Basil Omiyi, Chairman, Seplat Energy; Suneel Bakhshi, Chairman, LSEG’s Africa Advisory Group; Dr. ABC Orjiako, Pioneer and Immediate Past Chairman, Seplat Energy Plc; Julia Hoggett, Chief Executive Officer, London Stock Exchange (LSE) Plc; and Roger Brown, CEO, Seplat Energy, during the opening bell ringing ceremony organized by the LSE in honour of Dr. Orjiako for his many achievements at Seplat in  London, June 8.
elebrates ABC Orjiako’s Achievements-
L-R: Mr. Basil Omiyi, Chairman, Seplat Energy; Suneel Bakhshi, Chairman, LSEG’s Africa Advisory Group; Dr. ABC Orjiako, Pioneer and Immediate Past Chairman, Seplat Energy Plc; Julia Hoggett, Chief Executive Officer, London Stock Exchange (LSE) Plc; and Roger Brown, CEO, Seplat Energy, during the opening bell ringing ceremony organized by the LSE in honour of Dr. Orjiako for his many achievements at Seplat in London, June 8.
The London Stock Exchange (LSE) on Wednesday June 8th celebrated the many achievements of Dr ABC Orjiako, the pioneer chairman of Seplat Energy Plc, Nigeria’s leading energy company.

Seplat Energy Plc which is listed on both the Nigerian Exchange Limited (NGX) and London Stock Exchange is driving the country’s energy transition towards cleaner, more reliable energy. Orjiako retired last month after 13 years as the Board Chairman of Seplat Energy Plc.

Orjiako in his reaction at the event in London, said: “It is the magnanimity of the LSE (London Stock Exchange) and LSEG’s Africa Advisory Group (LAAG) that made it possible for us to be here today. It is not an easy thing to ring the opening bell of the LSE; and for me to use this to mark my exit as the chairman of Seplat brings very old memories to me starting from 2014 when we first rang the bell to list our security in this market.”

“One of the things that gladdens my heart is the fact that everything on the board turned green as we rang the bell; this is very important for us in Seplat. Colour green not only signifies good performance in the market but remains a very important symbol in Seplat. It symbolises life, it symbolises what this company represents particularly sustainability and business,” Orjiako said.

The pioneer chairman of Seplat further said: “I want to thank you for this great opportunity. I am the last of the founders of Seplat to leave. For Seplat, it is a promise kept. It is a very strong and apt statement to say that Seplat believes in enduring strong and robust corporate governance practices. We made up our minds from the beginning that this company will fly and grow if we maintain very good corporate governance. So, when we started, we made a promise that the chairmanship of this company would be handed to an independent non-executive chairman”.

Julia Hogget, chief executive officer, London Stock Exchange Plc said, “I have had the opportunity occasionally to meet members in person, but this is really the first opportunity. Not all of us, but a lot of us have managed to come for this important occasion and to acknowledge the many achievements that you (ABC Orjiako) have had in your career.”

Speaking further at the event, she said: “I know this isn’t the end. We need to make sure that this doesn’t feel like an Eulogy but a transitioning from one remarkable stage in life to the next. And we are also thoroughly delighted that we get to keep you with LAAG, because it has been such an important part. Your contributions are such an important part. It is fair to say that there have been many African successes in London since the outset of the advisory group. But Seplat Energy for me, when I was working through this with the team, actually feels like an exemplar of so much of what LAAG is about, but also what we are seeking to achieve for the future as well. And the trailblazing that you have done as chairman, I think is an illustration of that.”

“Seplat Energy was also the first Nigerian company to list ordinary shares simultaneously on the London Stock Exchange and the NGX and $535million was successfully raised during that initial public offering (IPO), which was both oversubscribed and the largest IPO in subject,” Hogget noted.

“It says a lot about the people at the London Stock Exchange that one of the things that they wanted me to make sure I equally reference, apart from the IPO, was the financial innovation that took place following the listing in terms of the cross border settlement mechanism. It is a really an important point. It is also that innovation that enabled the seamless transverse shares between the UK and Nigerian share registers. This mechanism has paved the way for other issuers to use the “Seplat Model” to dual list in London and the UK.

Innovations paved the way for massive effect and I think that is part of the history of the organization as well. So Seplat, apart from being an energy company, has become a financial platform for investors following the IPO. All these with you at the helm, made Seplat the first”.

Also speaking at the event, Basil Omiyi, Chairman, Seplat Energy Plc said: “I am delighted to speak on behalf of the Board and management of Seplat Energy on this special occasion organized by the LSE and LAAG in honour of Dr ABC Orjiako, the Pioneer Chairman of Seplat Energy in recognition of his accomplishments with the Exchange and to mark his retirement from the board of Seplat Energy.”

“We appreciate the kind gesture by the Exchange and London Stock Exchange Africa Advisory Group (LAAG) to honour him. Our Pioneer Chairman, Dr. ABC Orjiako, who is very well known to you, has led our company to build and nurture a very rewarding relationship with the Exchange since its listing” Omiyi noted.

“We are happy to be seen as an example for others to follow and thank the Exchange for the role it has played in enabling Seplat become the Nigerian Champion it has grown to be,” he added.

Also speaking, Suneel Bakhshi, chairman of LSEG’s Africa Advisory Group said: “It is a pleasure to say there is a natural respect from all LAAG members for ABC. I have seen that over the years, when we had some meetings in London, Nairobi, Abuja and hopefully many more to come. I feel that ABC symbolises the spirit of LAAG in so many ways and obviously your confidence with what you achieved in Seplat supports that. You are the reason far beyond the successes of Seplat. We look forward to many more years ABC.”

FirstBank Bounces Back To Its Leadership Position, Delivers A Fantastic Performance In 2021

Dr. Adesola Adeduntan, MD, First Bank
Dr. Adesola Adeduntan, MD, First Bank
As financial market analysts continue to digest the 2021 financial results of the FirstBank Limited, which they say reflect the return of the banking conglomerate to its leadership position, Festus Akanbi writes that the regime of strong fundamentals which the robust performance represents is in tandem with the ongoing restructuring being midwifed by the current board and management of the company

The Nigerian investing community was held spellbound earlier in the week when FBN Holdings Plc released its much-awaited 2021 financial statements to the public, showing a stellar performance, especially in its banking subsidiary, First Bank of Nigeria Limited, which is said to be indicative of its strong recovery from its hitherto dwindling financial position.

Banking and capital market analysts, in their immediate reactions, said the impressive results signpost a regime of strong fundamentals after a period of restructuring by the leadership of its current management and board.

The Scorecard.

To mitigate the effect of the low-interest rate on investment securities and revenue generation, the bank was said to have intensified deposit mobilisation and funding strategy to support enhanced loan growth at optimised rates leading to a 5.7% increase in interest expense to N140.8 billion as against N133.2 billion in December 2020.

During the period, non-interest revenue grew by 96.1% to N364.6 billion as against N185.9 billion in the preceding year on the back of increased fees and commission income, treasury activities, and other operating income.

According to a report by Nairametrics, in its bid to further enhance its revenue generation capacity, First Pension Custodian Limited, a subsidiary of First Bank of Nigeria Limited, entered into a definitive agreement with Access Bank Plc for the planned acquisition of the entire share capital of Access Pension Fund Custodian Limited held by Access Bank Plc. This, according to the management of the bank will further boost its market share in the industry, aid revenue diversification, and support annuity income.

The bank says it will continue to create quality loans with a focus on retail lending driven by technology as it continues to grow non-interest income to further diversify revenue.
To show for the relentless efforts of the board and management of the bank, deposits from customers increased by 19.5% y-o-y to N5.9 trillion (Dec 2020: N4.9 trillion) reaffirming the bank’s strong market access and robust funding base.
A statement from the bank said, “Our investment in agent banking, digitalisation, and deployment of digital platforms which our customers have adopted, improved customer penetration and deepened our solid retail franchise. This continues to provide us with access to stable funding, reducing our cost of fund ratio to 2.1% (Dec 2020: 2.3%) while supporting the float of our current and savings account at 91.2% (First Bank of Nigeria).”
In the same vein, total assets grew 16.2% y-o-y to N8.9trillion as against N7.7trillion in 2020, driven by a 30.0% y-o-y increase in customer loans and 26.3% increase y-o-y in investment securities. Cash and balances with Central Banks, loans to banks & customers, and investment securities constitute 87.2% of total assets (Dec 2020: 83.4%).
“With a cleaner balance sheet and resilient earnings-generating capacity, FirstBank (Nigeria) was able to accrete capital buffers from organic earnings. Hence, despite the increase in loans and advances, Capital Adequacy Ratio (CAR) remained steady, marginally increasing to 17.4% (Dec 2020: 17.0%),” the report said.
Meanwhile, the audited report for the group indicated an impressive double-digit growth in the top line and the bottom line. Gross earnings rose from N590.66 billion in 2020 to N757.30 billion in 2021. Profit before tax doubled by 99.1 per cent to N166.66 billion in 2021 as against N83.7 billion in 2020. Profit after tax grew by 68.4 per cent from N75.6 billion to N151.079 billion. Earnings per share thus increased from N2.45 in 2021 to N4.17 in 2021.

Its balance sheet also gives cause for joy to its stakeholders as its total assets rose from N7.69 trillion in 2020 to N8.93 trillion in 2021. Customers’ deposits grew to N5.85 trillion in 2021 as against N4.9 trillion in 2020. Loans and advances to customers also improved from N2.21 trillion to N2.88 trillion. With total liabilities rising from N6.92 trillion to N8.05 trillion, shareholders’ funds increased from N765.17 billion in 2020 to N879.86 billion in 2021.

A quick analysis of the performance shows a progressive trajectory that has portrayed First Bank as an organisation that has recovered from past episodic challenges that led to a change of baton at its board level.

Analysts are quick to point at the recent restructuring exercise in the organisation as the launchpad for the excellent balance sheet operations which translated into a 30.3 per cent rise in its gross earnings, while total assets and customer deposits rose by 15.9 per cent and 19.5 per cent respectively.

The audited report also confirmed Mr. Femi Otedola as the largest individual shareholder of the group, with total direct and indirect shareholdings of 7.57 per cent.

Fall in NPLs, Boost to Profitability

For a bank that was almost brought to its knees by the burden of non-performing loans, it came as a great relief to both the shareholders and the regulatory authorities that for the first time in a long while, First Bank’s NPLs came down to 6.1 per cent, significant progress for the bank when compared to other Tier 1 banks and the regulatory threshold of 5.0per cent.

Analysts also attributed the significant fall in the NPL rates from 40 in 2016 to 6.5 per cent in 2021, to a new culture of corporate governance currently in place in the group and which has successfully revamped the company’s risk management capabilities.

According to the bank, the recent turnaround and improvement in the non-performing loans have been a major boost in FirstBank’s quest to improve profitability and reinforce its leadership in the financial services industry in Nigeria.

Analysts said with the impressive results for its 2021 operations, the board and management of FBN have proven to the investing community that the company is ready to take its leadership role in the nation’s banking sector and that the years of locusts have been put behind the institution.

A Transition to Sustained Growth

In their view, First Bank, with these impressive results has demonstrated the fact that is transitioning into a sustained growth phase and delivering performance commensurate with the size of its business capabilities of its people.

And for the shareholders of the company, it was a harvest time with N12.56 billion set aside as divided, about 8.3 percent of the total net earnings recorded in 2021.

A capital market analyst, Mr. David Edobor explained that the major transformation in First Bank, as evident in its mouth-watering performance should be attributed to the doggedness and determination of the new leadership of the bank. His view was corroborated by a source from the company who explained that the performance was driven by a relentless focus on the needs of customers and improving the competitiveness of the bank’s offerings.

“We have sharpened our “Go to Market” approach to better leverage the opportunities which our large scale provides, in addition to becoming more relevant to our clients by improving our value propositions.”

Over the years, FirstBank has been able to grow customer accounts from about 10 million in 2015 to over 36 million (including digital wallets). It also became the second-largest issuer of cards in Africa with over 11.8million issued cards, onboard over 18.6 million active customers on First Bank digital banking platforms.

New Hands, New Culture of Excellence

Market watchers said although some of the impressive figures represented the performance of the bank before the coming of the current leadership, analysts said the good news coming from the organisation will greatly challenge the incumbent board and management to push the frontier of excellent performance in the company.

It would be recalled that the bank was able to stabilise after a leadership tussle at the board level. However, with the triumph of Adeduntan and his return to his post, the foremost bank has been recording stellar performances.

Part of the changes was the emergence of the chairman of Geregu Power Plc, Femi Otedola as the highest single shareholder of the company.

An elated Chief Executive Officer of First Bank, the banking arm of the holding company, Dr. Adesola Adeduntan, described the success of the commercial banking business as the beginning of the transition into a sustained growth phase.

He said, “Following years of strategic restructuring of the Bank’s balance sheet and operations, the Commercial Banking business is beginning to transition into a sustained growth phase delivering performance commensurate to the size of our business and capabilities of our people. Profit before tax is up 77.9%, gross earnings 30.3%, total assets 15.9%, and customer deposits up 19.5%.”

This performance, according to him, was driven by a relentless focus on the needs of customers and improving the competitiveness of the bank’s offerings. “We have sharpened our ‘Go To Market’ approach to better leverage the opportunities which our large scale provides in addition to becoming more relevant to our clients by improving our value propositions.

“This performance is also in line with the Bank’s Quantum Profitability Leap agenda which seeks to ensure that we fully maximise the revenue-generating capacity of our business to boost the bottom line and fulfil the expectations of all stakeholders in the business,” Adeduntan stated.

FirstBank engages in the business of commercial banking and has many subsidiaries that focus on international commercial banking, trusteeship, capital markets, pension fund custodianship, mortgage financing, insurance brokerage, and management of SMIEIS fund investments, small-scale banking, and bureau de change activities.

Culled from ThisDay

NGX Urges Investors To Diversify Their Portfolios For Better Returns

Temi Popoola, CEO, NGX
Temi Popoola, CEO, NGX

Nigerian Exchange Limited (NGX) has emphasized the need for diversification of portfolios by investors to ensure enhanced return on investment.The Chief Executive Officer of NGX, Temi Popoola stated this, as the stock market continued its uptrend rally.

So far this year, the Nigerian stock market performance has been buoyant with the NGX-All Share Index (NGX-ASI) Year-to-Date (YTD) return at 23.1 per cent as at May 25, 2022 and currently over the psychological 50,000-level for the first time since the 2008 crash, as opposed to the broad-based bearish performance experienced in other markets.

Popoola stated that in spite of the current appreciation in prices of equities in the country, opportunities still exist for investors in other assets classes. He said as a multi-asset Exchange, NGX has various products for every investor regardless of what their investment goals, risk appetite or return expectations might be, listing the products as equities, fixed income, Exchange Traded Funds and Derivatives.

According to him, there are opportunities in every segment of the market. It is important for investors to do the analysis, understand where those opportunities are, as there are opportunities, not only in the equity side but across the various asset classes.

He stressed that diversification of the portfolio would go a long way to reduce risks, explaining the need for investors to re-balance their portfolio.

Popoola however said that the Nigerian capital market and the business of the stock exchange would always be impacted by dynamic economic trends and investor demands.

Explaining further, he said achieving success through growth that creates value will increase the Exchange’s ability to operate efficiently and profitably in the transient advantage economy that has unfolded in Nigeria and around the world.

“While there has been no respite in the macro economy and operating environment due to lingering oil price and foreign exchange pressures, our long-term outlook for the Exchange remains positive as listed companies continue to show resilience and our members have been repositioned to deliver superior value to investors,” he said.

Popoola noted that NGX would continue to find more products that a lot of Nigerians and the youth demography are attracted to, and introduce to the market.

“NCC Committed To Promoting Organizational Efficiency, Capacity Building” – Danbatta

Directed Human Capital and Administration, Usmn Malah, representative of the EVC NCC, Prof. Umar Danbatta while receiving a delegation led by the Acting Registrar and CEO of NIM, Jude Iheanacho, who paid a courtesy visit to the NCC Head Office recently.
Directed Human Capital and Administration, Usmn Malah, representative of the EVC NCC, Prof. Umar Danbatta while receiving a delegation led by the Acting Registrar and CEO of NIM, Jude Iheanacho, who paid a courtesy visit to the NCC Head Office recently.
The Nigerian Communications Commission (NCC) has once again reiterated its stance on professionalizing its workforce and strengthening collaborations with strategic partners such as the Nigerian Institute of Management (NIM) in order to enhance operational efficiency.

The Executive Vice Chairman (EVC) of NCC Prof. Umar Danbatta, stated this while receiving a delegation led by the Acting Registrar and CEO of NIM, Jude Iheanacho, who paid a courtesy visit to the NCC Head Office recently.

Director, Human Capital and Administration, Usman Malah, who represented the EVC at the event, noted that the Commission places a high premium on capacity building and is implementing policies geared towards achieving this vital objective. Malah also said that it was in the Commission’s best interest to deepen its collaboration with NIM, through strategic partnering, so that NCC can improve organisational efficiency and regulatory excellence.

Speaking further, Malah declared that the Commission’s faith in the transformational capacity of skilled human resources is demonstrated by the Commission’s support to staff who are members of the Institute. The support includes prompt payment of membership fees for its staff; and subscription to and participation in NIM’s mandatory capacity building programmes for members.

Malah promised to make recommendations to the Management of Commission to take additional steps in solidifying the strategic relationship, such as setting up a joint committee of the two bodies to draw up modalities for inter-agency collaboration.

Iheanacho, in his response, lauded NCC for its positive contribution to the telecommunications sector and also said a highly-skilled, highly professional workforce was needed to regulate the dynamic, competitive, and highly intellectual world of telecommunications. The NCC, Ihenacho observed, has been an exemplary public sector institution noted for its proactive, all-inclusive engagement of stakeholders in the telecoms sector.

The NIM Chief Executive, who acceded that there was a need for strategic partnership between the two organisations, also declared that there were a variety of emergent upskilling programmes by NIM aimed at ensuring that Nigeria was in tune with global trends.

Iheanacho also informed the Commission that programmes such as the Mandatory Continuing Professional Education Programme; and the Continuing Learning and Development programmes were examples of programs that dealt with contemporary issues in management which NCC can leverage for improved workplace efficiency.

The Nigerian Institute of Management (NIM) was established in 1961, though the enabling Act, the Nigerian Institute of Management (Establishment) Act was enacted by the National Assembly on July 19, 2003.

The objectives of the institute include the development of good management, professionalizing management, and improving and standardizing management in Nigeria.

The reception of the NIM team and the interaction took place at the NCC Conference Hall and was attended by the Head of Administration at NCC, Ibrahim Aliyu; Head of Human Capital, Safiya Jijji, who was represented by Folorunsho Mesele, a Principal Manager in the Human Capital Department.

Seplat Appoints Basil Omiyi, CON,Independent Non-Executive Chairman And Dr Charles Okeahalam as Senior Independent Non-Executive Director

Seplat Energy logo
Seplat Energy logo

Seplat Energy PLC, a leading Nigerian energy company dual listed on both the Nigerian and the London Stock Exchanges, is pleased to announce the appointment of Basil Omiyi, CON, as the Company’s new Independent Non-Executive Chairman, effective immediately. His appointment follows a thorough assessment of internal and external candidates and was approved after a unanimous vote by all Directors of Seplat Energy, in compliance with the Companies and Allied Matters Act in Nigeria (“CAMA”).

In addition, Dr. Charles Okeahalam succeeds Mr. Omiyi as the Senior Independent Non- Executive Director.

Mr. Omiyi has been a member of Seplat Energy’s Board of Directors since March 2013 and as Senior Independent Non-Executive Director from 1 February 2021. During this period, he sat on the Company’s Remuneration, Nominations & Governance, Energy Transition, and Risk Management & HSSE committees.

His experience in the energy industry is extensive, with more than 40 years at Royal Dutch Shell, during which time he held senior roles in Nigeria and Europe, including becoming Managing Director of Shell Petroleum Development Company of Nigeria in 2004 and in addition, Country Chairman of Shell Companies, Nigeria, until his retirement in 2009.

Mr. Omiyi has held several leadership positions in the Nigerian oil and gas industry, including: Chairman, Upstream Industry Group (Oil Producers Trade Section, Lagos Chambers of Commerce & Industry) from 2007-2010; Chairman of the Energy Sector of NEPAD Business Group, Nigeria, and Board Member NEPAD Business Group, Nigeria from 2005-2010; Chairman, of the Oil & Gas Commission of the Nigerian Economic Summit Group from 2005-2010; and Board Member, Nigerian Extractive Industry Transparency Initiative (NEITI) 2007-2010. Mr. Omiyi is also the Independent Non-Executive Chairman of Stanbic IBTC Holdings, a subsidiary of Standard Bank Group, a post he has held since 2015.

In 2011, he was awarded the national honour of Commander of the Order of the Niger for pioneering leadership in Nigeria’s oil and gas sector.

Dr. Charles Okeahalam joined the Board in March 2013 as an Independent Non-Executive Director, and is Chairman of Seplat Energy’s Finance Committee, and a member of the Energy Transition, Remuneration, and Nominations & Governance committees.

Dr. Okeahalam has extensive corporate finance and capital markets expertise and in particular, detailed knowledge of African financial markets, economies and the investment industry. He was a co-founder of AGH Capital Group, a private equity and diversified investment holding company based in Johannesburg, with assets in several African countries. Prior to co-founding AGH Capital Group in 2002, he was a Professor of Financial Economics and Banking at the University of the Witwatersrand in Johannesburg.

His other roles have included advising a number of African central banks and government ministries, the World Bank and the United Nations. He has held several board positions and is a former non-executive chairman of Heritage Bank Limited, Nigeria. Since March 2016 he has served as the non-executive chairman of the Nigeria Mortgage Refinance Company.

Roger Brown, Chief Executive Officer of Seplat Energy, said:

“As the founders of Seplat Energy Dr. ABC Orjiako and Mr. Austin Avuru step off the board and the Company moves into the next chapter of its development, Seplat has once again demonstrated its commitment to strong corporate governance in delivering on its promise of appointing an Independent Non-Executive Chairman.

Mr. Basil Omiyi has been a leading figure in the Nigerian oil and gas sector and also with Seplat Energy, having joined its Board in 2013 and helped it to achieve a dual listing in April 2014. The vast depth of experience and his detailed knowledge of Seplat Energy will be invaluable as we continue to evolve and mature the company. He has provided invaluable guidance as an Independent Director and I look forward to his continued leadership as our new Independent Non-Executive Chairman.

We will also benefit from the considerable expertise of Dr. Charles Okeahalam as Senior Independent Non-Executive Director, especially his experience and knowledge of Africa’s economies and its financial markets.

Under their guidance we will continue to expand and consolidate our position as Nigeria’s leading energy company and the partner of choice to deliver energy transition for Africa’s largest economy and its rapidly growing population.”

Nestlé Nigeria Announces 26.3% Growth In Topline Q1 2022 Financial Results


Wassim Elhusseini, MD/CEO, Nestlé Nigeria Plc
Wassim Elhusseini, MD/CEO, Nestlé Nigeria Plc
estlé Nigeria PLC has announced its financial results for the first quarter of 2022, ending 31 March 2022. The company recorded a 26.3% growth in revenue to N 110.2 billion against N 87.3 billion during the same period in the previous year.
Profit after tax for the period stood at N 18.0 billion according to the unaudited financial statements of the Company.
The financial results were reviewed and approved by the Board of Nestlé Nigeria PLC during its meeting held on April 29, 2022.
January March 2022
January March 2021


A close look at the financialsof the company for the period in review shows that revenue was up by N22.9 billion in Q1, 2022. Up from N 87.3 billion dollars on the corresponding period of 2021.
The increase in revenue was achieved with a slight increase in Cost of sales by N 14.5bn from N 52.5bn in Q1 2021 to 66.98bn in 2022.
Gross Profit on the same vein inched up M 8.5 bn in Q1 20222 to close at N 43.24bn as against N 34.74 bn recorded in the corresponding period of 2021.
While the company succeeded in bringing down administrative expenses from N 3.32 billion in202 to N 2.62bn in the period under review
The company also ensured a marginal incrrase in Marketing and Distribution expenses which moved from N 11.12 bn in 2021 to N 14.22 bn im 2022.

Consent upon the figures, the company recorded a Profit before income tax of
27,85bn compared to 19,00 bn in the preceding year, just as Profit for the period stood at 17,98 bn as against 12,400 bn in 2022.
Commenting on the results, the Managing Director and CEO of Nestlé Nigeria PLC, Mr. Wassim Elhusseini said, “On behalf of the management and staff of Nestlé Nigeria PLC, I am delighted to present this impressive performance of our company in the first quarter of 2022. I commend the efforts of the entire team at Nestlé Nigeria PLC, for continuing to
thrive under the current difficult business environment.
We know that the global economic situation and supply chain disruptions will continue to put more pressure on the already challenging business environment. However, we remain
optimistic that we can continue to improve our business by empowering our people and ensuring continued supply of essential nutritious food and beverages to consumers.
We will continue to focus on these two important areas while caring for our communities and business partners, and all collaborators across our value chains to sustain this growth
throughout the year.”