MTN Promotes Culture, Sponsors Abuja Carnival

The giant communication network provider in Nigeria, MTN, has proved its determination to promoting the Nigerian culture through its MTN XtraConnect package and by sponsoring the Abuja Carnival which took place recently.

MTN sponsored the event from the opening ceremony and participants of various activities were given MTN branded T-shirts. At the mini competition at the Millennium Park on Saturday, children were asked questions and were given lots of gifts by MTN in appreciation.

Saidat Lawal, the Manager, MTN, Mass market, said the company sponsored the event as part of its determination to add fun, style and value to the cultural lives of the Nigerian people.

She said that MTN XtraConnect is a cost effective communication package of MTN to MTN for family and friends both day and night. Other special communication packages are MTN Connect 4 life, Xtra Cool, Xtra Pro, Xtra Special and Xtra Profit.

The Director National of National Troupe of Nigeria, Professor Ahmed Yerima, who spoke during one of the activities, commended the company’s efforts which it has been known for and advised them not to relent.

Investment monitoring website launched in Nigeria

Investors in the Nigerian Stock Exchange can now access the value of their investment portfolio without hassle as a new web-based resource center has been opened in Nigeria.

The facility www.investordelight.com was co-initiated by Ponle Holloway. The website provides an easy way for investors to have a track on their stock portfolio regularly.

According to information on the website, process of putting up your portfolio is very simple; to benefit from this facility the investor should load the list of his stocks, quantity held and purchase price to his account on the facility.

Automatically, the value report would be generated and displayed daily within the user’s account, reflecting current value of each stock, gain and overall portfolio held.

Subsequently, the valuation report would be transmitted daily to the user’s e-mail.

With this facility investors can easily keep track of changes in value of stocks.

This facility is different from trade alert which monitors activities on your stocks so that fraudulent stock brokers won’t sell any of your shares without your permission. Investordelight.com only gives users update on the value of their stocks.

Dangote Appoints CEO for Cement Operation

Dangote Industries limited, a subsidiary of Dangote Group of Companies in Nigeria, has a Chief executive Officer in order to drive its cement operations internationally.

The new Chief executive Officer, Mr. Tony Hadley is to resume office on the 1st of January 2008. He is a mechanical engineering graduate from London’s Imperial College and has over 27 years of working experience.

Tony used to be staff in the oil industry with Schlumberger in different positions and several countries for 18 years.

Hadley has been an African regional president for Lafarge since 2001. He has a cross country experience in Europe, North and South America and Africa.

DN MEYER Plc Ends Senior Managers Retreat

Premium Paint Company DN MEYER PLC has completed its 2007 senior managers’ Retreat at Hotel Royale Ikeja. This was held on 23rd to 24th November 2007.

In attendance this year were the Company’s Chairman Mr J.D. Lawuyi (MON), the Managing Director Mr Bola Olayinka, Executive Directors and senior managers of the company.

The Focus was the company’s Vision 2016 and the outlook on implementation.
Foremost management consultant Mr Abiodun Toki of Tom Associates was on hand to start off the retreat with a case study- THE NEED FOR EXECUTION- to illustrate the usual missing link between set vision and achievement. This was to set the stage for the Retreat. The team also reviewed the existing capacities within the company with a view towards recalibrating for superior performance in line with contemporary challenges of the economy.

The MD charged the house for deeper re-focusing on the vision fully set- achieving a quantum leap in turnover with a yearly improving gross profit/ PBT while, watching the costs at all levels. Every one was to look into his or her activities and determine the capacity to deliver, especially in manning and equipment to reach this agreed vision. The communiqué put succinctly, is no procrastination…”just do it.”

UBA Posts N29.53billion profit before tax

The leadership gulf between UBA Plc and its peers in the banking industry has widened remarkably following the release of the bank’s 2007 full year financial results at the Nigerian Stock Exchange (NSE). For the financial year ended 30th Sept 2007, the UBA Group posted the highest ever profit in the banking industry with a profit before tax (PBT) of N29.53 billion, up from N12.81 billion in the previous year. This represents a growth of 131percent over last year. Gross earnings rose by 21% from N90.45b to N109.5 billion.

Apart from emerging as the most profitable bank in Nigeria today, UBA also widened its leadership in balance sheet size. Having been the first Nigerian bank to post a trillion Naira in total assets in 2006, the Group’s 2007 results has further deepened its leadership in this respect, closing the year with a balance sheet size plus contingencies of N1.64 trillion, representing a 64 per cent (or 56.2%?) growth.

The bank’s deposit liabilities also hit one trillion Naira, up 28 percent from last financial year. (are these figures correct?, a total deposit base that is remarkably in excess of the total assets and contingencies of some of its nearest competitors. As far as the development of credit in the Nigerian economy, UBA tripled its total loans and advances from N110 billion last year to N320 billion this year, representing a growth of 192%.

The bank also grew its shareholders’ funds, closing at N168billon for the 2007 financial year. UBA Shareholders will be smiling to their banks if the bank’s proposal to pay them a dividend of 120k per share is approved at the next Annual General Meeting.

Union Homes Bags NSE Award

Union Homes Savings and Loans Plc, which is well known for its excellent performance in providing home ownership and housing projects in Nigeria has won the 2007 Nigerian Stock Exchange (NSE) President’s Merit Award in the real estate sector.

The company was presented the award alongside 15 other companies in Lagos last week at the 30th Annual President’s Merit Award Ceremony of the NSE. The Managing Director and Chief Executive of Union Homes, Mr. Austine Aikhorin received the award on behalf of the company.

The Assistant General Manager, Corporate Affairs, Mr. Uche Onyeabo said the company was honoured with the award as a result of its mortgage financial strategy, returns on investment and its annual financial reports and profiles.

He added that other reasons like compliance with exchange’s listing and post listing requirements, satisfaction with statutory requirements for its annual performance and conduct of annual general meeting explained why the company got the award.

There has been an increase in the demand for its housing projects. The market price of the company which listed on an exchange only last year has also over doubled.

ETB Plans IPO For 2008

For the first time after the 2005 consolidation exercise in the banking sector in Nigeria, Equitorial Trust Bank Limited would fling its doors open for investors through an initial public offer in the first quarter of the year 2008.

The bank which merged with Devcom Bank during the consolidation said the public offer would enable it to achieve its aims of which one is to become one of the 5 leading banks in Nigeria.

Managing director and Chief Executive of ETB, Mr. Ike Oraekwuotu said the bank initially attempted acquiring some of the banks taken over by the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation but did not succeed at both attempts.

He said the details of the offer would be disclosed in the first quarter of 2008. He also said that the Bank’s branch expansion goal aimed at increasing its business to 200 locations would be achieved before the end of the current financial year.

Ike said ETB would not fail to make use of the opportunity of the presence of its sister company, Globacom, in Benin Republic and any other African country where Globacom is licensed.

He finally said ETB recorded a 73% increase in the Profit After Tax of N2.14 billion in 2006 compared to N3.72 billion of 2007 and 20% rise from N109 billion in 2006 to N130.44 billion in 2007.

Academy Press Builds Plant with 200m

A leading printing and publishing company in Nigeria, Academy Press Plc is building an independent power plant worth N200 million in its premises due to the incessant power failure that has been affecting most firms in the country.

After the presentation of the ISO/NIS 9001 certificate by the Standard Organisation of Nigeria recently, the MD of Academy Press, Mr. Gbenga Ladipo said that the decision to own its power plant came at the verge of the power shortage faced by the company in the past few years.

He said the new power plant would help production in the company as against when there was no time.

UNILAG VC to Receive Award on Dec 6

In recognition of his various contributions towards the development of education in Nigeria, the Vice Chancellor of the University of Lagos, Professor Tolu Odugbemi, would on December 6, 2007 be conferred with an award of Nigerian National Order of Merit.

The VC would be conferred this honour by the president of the Federal Republic of Nigeria, Umaru Musa Yar’adua in Abuja.

The Principal Assistant Registrar (Information) of the institution, Mr. Seth Adebisi-Dare said the VC would be conferred the honour due to his outstanding contributions to research in medicine and scholarship and national development.

The VC, who was appointed into office on the 30th of April 2007, would be the first alumnus of UNILAG to be honoured with the award.

IRS Airline Begins Plans for e-Ticketing Strategy

IRS has made up plans to begin a test-run on the e-ticketing strategy announced by the International Air Transport Association (IATA) for the aviation sector.

The e-ticketing strategy which is a modernized system would enable passengers to make reservations, buy IRS airlines tickets and pay online via the company’s website and it would be designed by TIKAERO of Thailand.

General Manager of the Airline, Yemi Dada, said the company is making plans with Union Bank Plc to issue a ‘T-plus’ card for the company. He described the ‘T-plus’ card as an electronic purse through which travelers would do all traveling processes and flight tracking.

He said the card would as well be useful for logging and tracking membership benefits. He added that IRS aims to extend its operations to other African countries and internationally next year.

On November 19, 2001 the airline was incorporated to carry out aviation businesses, in February 2002, it was issued an Air Transport license so as to operate fully and in March of the same year, the Nigerian Civil Aviation Authority (NCAA) gave it an Air Operators Certificate (AOC).

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