- The FMDQ OTC Securities Exchange Board Listings, Markets and Technology Committee, has granted approval for the listing of the Chapel Hill Denham Nigeria Infrastructure Debt Fund Series I 49,450,000 Units of ₦101.20 each, under the ₦200,000,000,000.00 Issuance Programme. The Chapel Hill Denham Nigeria Infrastructure Debt Fund is the latest in a series of initiatives aimed at aiding the development of Nigeria’s infrastructure sectors via the capital market. The Fund, the first listed infrastructure debt fund in Nigeria, is a close-ended fund and has its investment focus on the traditional infrastructure sectors of transport, power, renewable energy, utilities, energy infrastructure, logistics and other public-private-partnership type investments.
- Unilever Nigeria reported a 236 percent surge in its profit after tax for the first half of 2017. The firm’s unaudited result for the half year ended June 30, 2017, submitted to the NSE showed that the profit after tax of the company stood at ₦3.7 billion compared to ₦1.1 billion recorded in the corresponding period of 2016. Profit before tax likewise jumped by ₦3.556 billion or 239 percent to ₦5.044 billion, as against the ₦1.487 billion reported in the corresponding period of last year. Consequently, Unilever’s earnings per share grew to 97 kobo; as against 29 kobo in the first half of 2016. The result showed that revenue from sales stood at ₦45.1 billion, a 40 percent increase from ₦32.3 billion in H1 2016. The company’s food product segment raked in ₦20.7 billion, accounting for 46 per cent of the total revenue. This was followed by personal care with ₦12 billion, while the home care segment yielded ₦12.3 billion, both accounting for 27 percent each of the total revenue. Selling and distribution expenses rose to ₦1.942 billion from ₦1.502 billion, while marketing and administrative expenses fell to ₦5.571 billion as against ₦6.689 billion in 2016, bringing gross profit for the period to ₦6.394 billion, which was significantly higher than the ₦2.161 billion recorded earlier.
- Wema Bank’s unaudited financial results for the six months ended June 30th, 2017, showed a growth of 10.4 percent in profit after tax on the back of a 26 percent growth in interest income. The lender’s profit after tax soared from ₦1.1 billion in 2016 to ₦1.2 billion in 2017, the bank’s interest income appreciated from ₦20.2 billion as at June 2016 to ₦25.4 billion in June 2017. The bank’s operating income that stood at ₦13.4 billion in June 2017 as against ₦12.7 billion in the same period of the prior year was thus boosted by the Bank’s net fee and commission income which rose to ₦3.9 billion from ₦3.1 billion and other income which appreciated 85 percent to ₦589.3 million from ₦319.2 million also in the period under review, despite a 24 percent reduction in Net Trading income that fell to ₦527.1 million from ₦695.6 million in June 2016. Total operating expenses however increased by 5 percent to ₦11.965 billion in June 2017 compared with ₦11.392 billion the previous year.
- The Taleveras Group says all its business transactions and investments in the oil sector have been in compliance with international trading standards. The group has been trading and engaging in third party contracts, inclusive of oil and gas upstream operations, in the last 17 years. Commenting on the case by the US Department of Justice, Taleveras said neither it nor its associated companies lifted any oil from the Atlantic Drilling Fluids. Legal counsel, Alex School, said the company — which just won oil blocks in Equatorial Guinea — said Taleveras or its chairman, Igho Sanomi, have nothing to do with the legal case against Atlantic Drilling Fluids. The company said online reports were not only misleading but “grossly inaccurate”.