Julius Berger doles out N1.32bn to shareholders

Co n s t r u c t i o n giant, Julius Berger Plc., has bounced back to profitability as it declared a total gross dividend payout of N1.32 billion to its shareholders for the 2017 financial year. The company’s profit after tax for the same period was N636,353,000, a significant improvement on return on its investments when compared to the huge loss the company recorded in 2016. Chairman, Julius Berger Nigeria Plc, Mr. Mutiu Sunmonu, disclosed this in a message to shareholders at the 48th Annual General Meeting…

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Shareholders endorse CAP’s N1.4bn dividend

Shareholders of Chemical and Allied Products (CAP) Plc yesterday at their 53rd Annual General Meeting (AGM) endorsed their company’s N1.435 billion dividend, amounting to 205 kobo per every 50 kobo share, for the 2017 financial year even as the company assured of steady growth in profitability and expansion.   The shareholders who commended the company for the dividend pay-out, said the shareholders were appreciative of the efforts, which the company put in place to drive the bank for increased return on investment.   They said over the years, the company…

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Operators seek collaboration for market awareness

Some operators in the nation’s capital market have called on the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE) to collaborate with market operators for a better structured public awareness campaign that will deepen the market in 2017. The Managing Director/ Chief Executive Officer, Crane Securities Limited, Mr. Mike Eze, in a chat with New Telegraph, said that public apprehension of the capital markeåt would substantially be allayed with a better structured public awareness campaign to be jointly anchored by NSE, SEC and market operators for the…

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Law Union & Rock’s profit rises100% to N561m

Foremost underwriting firm, Law Union & Rock Insurance Plc, has posted a 100 per cent increase in profit after tax from N280.92 million in 2015 to N561.85 million in 2016. Managing Director of the company, Jide Orimolade, who disclosing this, expressed hope of achieving similar feat this year by growing its premium income by 50 per cent. He said that the firm was committed and strategically positioned to consolidate on profit earned this year to delight its shareholders and stakeholders. He noted that the company’s giant stride in profit after…

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Liberty’s N3.72bn stake for UNIC nears completion

                     …as NSE delists underwriter   The move by South Africa’s Liberty Holdings to acquire 75 per cent majority equity stake in UNIC Insurance Plc for 160 million Rands (N3.72 billion) is gaining momentum as the Nigeria Stock Exchange (NSE) has delisted the ailing insurance firm. Liberty Holdings is an investment holding company with existing investment interest in the Nigerian market through Total Health Trust. As part of the arrangement, UNIC was last week delisted and replaced by UNIC Diversified Holdings (UDH) Plc at the NSE as the insurance company…

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CBN raises banks’ forex limits to resolve breaches

Central Bank of Nigeria

The Central Bank of Nigeria (CBN) has increased the limit on banks’ foreign currency borrowings to 125 per cent of shareholders’ fund after some lenders breached its regulatory limit due to the recent fall in the naira, Reuters reported yesterday. The new regulation replaces a 2014 rule capping foreign borrowings, including Eurobonds, at 75 per cent of shareholders’ funds as the country tries to manage widespread capital shortfalls at lenders due to a currency crisis and bad loans. According to the news agency the apex bank said in a circular:…

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