Zain Commends MTV Africa Music Awards nomination process

Following the release of the nominees for the MTV Africa Music Awards with Zain (MAMAs) in Lagos, Nigeria, yesterday, the Nigerian telecom company has given the process leading to the selection of the winners thumps up. Read more

Simba Motors plans to establish more outlets in Nigeria

The management of Simba Motors has resolved to establish more outlets nationwide.

The Managing Director of Simba Motors, Mr. Dileep Banerjee explained at the just concluded Lagos auto fair that feedbacks so far received by the company indicated that its range of products was doing “very well” in the Nigerian market. Read more

FCMB hits N15.10bn profit after tax

First City Monument Bank has posted a profit after tax of of N15.10bn in its financial year ended April, 2008 as against N5.25bn recorded in last financial year.

The bank’s post tax profit stood at N15.10bn up from N5.25bn recorded in the similar period of 2007. Its gross earnings for the year under review also rose to N52.82bn from N24.97bn in 2007, representing an increase of 112 per cent.

Speaking at the company’s 25th Annual General Meeting in Lagos on Tuesday, the Chairman of the bank, Mr. Jonathan Long, attributed the impressive performance of the company to management commitment to growing shareholder value.

“We have delivered impressive financial results and I believe that we have met the earlier promises made to you during the period under review, while at the same time achieving the crucial strategic objectives which the management had set for itself.”

The bank also declared a total dividend payout of N8.1bn, translating to a 50 kobo dividend per every 50 kobo share, held by shareholders registered in the books of the bank as at September 19, 2008.

“We are confident that we will continue to operate in a stable and encouraging business environment and that as a bank, we are well positioned to expand further, whilst maintaining our tradition of excellence,” he stated.

Long expressed the bank’s commitment to continue to pursue new business openings that were capable of generating sustainable growth for the bank in the coming years.

The company’s Earnings Per Share has also increased by 115 per cent from 63 kobo in 2007 to 135 kobo, while its total assets grew by 78 per cent to N467bn up from N263bn recorded in 2007.

Also speaking at the event, the Chief Executive Officer of the bank, Mr. Ladi Balogun, said that the company remained focused on attaining market leadership in the areas of investment banking, consumer banking and transaction banking.

“We have successfully established a formidable distribution network, with 140 branches and over 1,000 sales agents and comprehensive product set with wealth management being inaugurated in 2008. This points to our ability to sustain a robust and rapid growing earnings which we expect to maintain,” he said.

He said the bank would be inaugurating its wealth management offering which was bound to take the company by leaps and bounds in the coming years.

Pentagon commences operation in Nigeria

 Automobile and other security provider, Pentagon Protection, has commenced operational activities in Nigeria.

With head office in the United Kingdom, Pentagon Protection, explained during the just concluded Lagos motor fair that apart from its qualified staff, all required procedures were being followed to ensure maximum safety for all its customers.

Pentagon Nigeria explained that worldwide, Pentagon Protection was saving lives, protecting property and reducing injuries.

“Window tints completed to Pentagon standards are virtually flawless. We spend two or three time on a car than most car tinting companies with quality control processes that are unrivalled.

“We also have extensive experience in handling all types of cars. Pentagon’s flagship operation in West London is generally recognized as being the finest car window tinting facility in the world. Our systems and process follow ISO9002 accreditation, directly from the BSI as a British Standards Registered Firm and we are now in Nigeria.

“Through a pentagon’s Nigerian network which we are presently building, we will be able to offer our renowned quality and service standards locally at branches around the country in a very short while.

“Babies and young children seated at the rear of the car, vital protection from harmful ultra violent (UV) rays and excessive heat or glare. A pentagon car window tint is more effective and practical (and better looking) than stick-on blinds.

“Keep cool, helps to keep your vehicle cooler and more comfortable to sit in or drive during bright and hot weather for all passengers.

“Supa glass provides valuable protection from car- jackers that may try to smash their way through a side window, whilst a car is being driven. With Supa glass both driver and passenger will feel safer and more secure when traveling through high risk areas where street crime is a known problem.

“Most thieves want to break through a side window when stealing from a vehicle. Supaglass protection is designed to resist and slow a thief down significantly so that in most cases he will simply abandon his attempt and run off.

Supaglas also prevents the interior of a vehicle being inundated with countless glass fragments, which is what normally happens during a break-in.

“In the event of a heavy side impact, a side window will shatter and shower the inside of a vehicle with countless glass particles.

“Designed to hold a broken window together Pentagon Supa glass reduces substantially the risks of injury from flying glass- keeping drivers and passengers safer and better protected at all times.

“In the event that a vehicle rolls over, when a window shatters, it is possible for occupants to be wholly or partially ejected from the cabin.

“Supa glass provides an excellent “ejection mitigation” barrier during a rollover accident, helping to protect all occupants and to minimize injuries,” said Adams

Oceanic Banks gross eanings hits N150.9bn

 Oceanic Bank International Plc has hit a gross earnings of N150.9bn in its 2007 financial year.

According to the bank’s unaudited results recently approved by the Nigerian Stock Exchange, the company’s gross earnings rose by 101 per cent compared to N74.94bn recorded in the corresponding period in 2007.

A statement from the bank on Tuesday showed that its profit before tax increased by 127 per cent to N52.23bn in contrast to N23.01bn posted at the preceding year, while its bank’s profit after tax increased by 135 per cent to N41.24bn in contrast to N17.54bn in 2007.

Speaking on the fourth quarter result, the Chief Executive Officer of the bank, Mrs. Cecilia Ibru, said the high turnover and profitability were the manifestation of strategies put in place by the management to take the bank to a greater height.

She assured that the bank would ensure bumper returns on investments of its shareholders while rendering the best services available in the industry to its teeming customers. Oceanic, she assured, would be the best bank in all ramifications.

According to the statement, the performance reflects Oceanic Bank’s track record of consistent and superior performances over the years. For instance, the bank earned N106.7bn in the third quarter of 2008 over N47.52bn in the same period in 2007.

Commenting further on the success of the bank’s financials, Ibru attributed the superlative performance to the bank’s solid management, continuous quest for innovations and human capital development. These, she said, were geared towards value-added customer service delivery.

The bank’s achievements so far, according to her, was as a result of through rigorous training and refresher courses organized for the staff and more importantly to the strict adherence of all the Management and staff to the bank’s core values, tagged: TEAMS, an acronym of Transparency, Equal Opportunity, Accountability, Merit and Service Excellence.

Nigeria: IEI gets tripple B rating from Agusto

 International Energy Insurance Plc (IEI) is an “insurer with satisfactory financial condition and adequate capacity to meet claim obligations,” said Agusto & Co in its 2008 Insurance Rating Report just released in Lagos.IEI earned a triple B (Bbb) rating from the rating agency for showing such strong financial standing, which means that the insurance company scored anything from 60 per cent to 69 per cent in the overall assessment of its financial condition.

Giving details of the performance ratios measured in the evaluation, Agusto & Co described IEI as an insurance company that has demonstrated a track record of strong profitability and sustained earnings, satisfactory investment, strong capital base, stable and experienced management. The rating agency noted IEI dominance and strategic positioning in the energy insurance market.

Further details of the rating report stated that IEI’s capitalisation is strong with a solvency margin of 469 per cent compared to a regulatory minimum of 15 per cent, which means that IEI has 31 times more cash than the industry average.

The report also stated that in the assessment period IEI posted a return on equity of 12 per cent, which was higher than the coupon rate of 9.5 per cent on the 12 month treasury bills.

The report added that the company is blessed with experienced and focused management, quality staff driving company’s good productivity and a retail customer base that has aided diversification of the company’s business portfolio.

The report stated that IEI’s staff productivity index, as measured by net earnings per staff, improved to N6.8 million as at December 2007 from N1.6 million in 2006, an excellent achievement compared to about N2.3 million achieved by some of its peers within the same period. Gross premium per employee stood at N18.9 million, higher than an average of N12.2 million achieved by some of some of its peers.

In the wake of the Insurance Rating Report 2008, looks poised for greater things. The company is implementing a growth strategy that is partly driven by diversification plan by which it has acquired interests in a number of subsidiaries and associates with different business focuses. IEI’s aim for these investments is to position itself to benefit from emerging opportunities in other market segments, while retaining its focus on energy insurance.

Some of IEI subsidiaries and associates include IEI Ghana Limited, IEI Assets Limited, IEI Anchor PFA, IEI Mortgage, Equity Life Insurance Company Limited and C&I Leasing.

IEI currently has shareholders’ funds of N11.5 billion, which is far in excess of the regulatory minimum requirements of N3 billion for general insurance business and one of the highest in the insurance industry.

Three years ago the management of IEI led by Mr. Jacob Erhabor, managing director and chief executive embarked on a strategic turnaround programme to reinvent the company. The rising financial profile of the company is seen by market watchers as the positive outcome of the reinvention programme.

IEI reported an after tax profit of N1.30 billion for the second quarter ended June 30, 2008, representing an improvement of 212.30 per cent from N414.95 million made in the same period of 2007. The second quarter net earnings surpassed the entire turnover of N1. 02 billion posted in the half year ended June 30, 2007.

The company’s unaudited half-year results released to the Nigerian Stock Exchange indicate excellent improvement on all key performance indicators. Gross premium income went up by 74.3 per cent to N1.778 billion in the review period compared with the preceding year’s total of N1.020 billion. The insurer generated a pre-tax profit of N1.52 billion for the period, which was 212.30 per cent higher than the pre-tax profit record in the corresponding period a year ago.

Growth in underwriting profit, assets and shareholders’ funds was relatively modest at 32.14 per cent, 23.39 per cent, and 8.33 per cent, respectively. The superb Q2 performance helped IEI to rocket its net profit margin to 72.8 per cent from 41 per cent in the corresponding quarter a year earlier. By such fantastic profit margin IEI easily rates as the most efficient insurance company in the Nigerian market with the hard-to-beat record of making a net profit of N72.8 from every N100 income generated.

The significant improvement in the second quarter follows an equally bullish performance in first quarter for the period ended March 31, 2008 during which the company grew its gross premium income by 217 per cent to N980.3 million from N309.3 million achieved in the corresponding period of 2007. Within the first quarter too the company lifted pre-tax profit by 220 per cent to N395.2 million, up from N123.6 million earned in the same period year earlier.

Similarly, total assets and shareholders’ funds went up 144 per cent and 88 per cent to N15.2 billion and N10.97 billion, respectively

Fim introduces “startracker” to recover vehicle in Nigeria

 ”Startracker” has been introduced by Basequills Securities Nigeria Limited to aid vehicle tracking andd recovery services.

Basquills is one of the leading security providing firms in the country.

The company’s Managing Director and Chief Executive Officer, Mr. Tunde Ojo told said that the device was their innovative and dependable approach to vehicle tracking/recovery, fleet and asset management at an event where the product was showcased in Lagos.

“We are very particular about the safety and life of our client and will in no way jeopardise this. With our digital map, with street level details of over 150 towns, across the country, we able to monitor and trace vehicle to robbers den, and also with the use of engine\fuel\ignition cut-off.

“With special tools, we can identify and expose vehicle hidden behind close garage doors. With our fleet management solution,s we can save users more than 40 per cent of funds expended on time, fuel, vehicle deployment and maintenance scheduling,” he said.

Basquills also assist shipping and cargo logistics companies to determine accurate estimate time of arrival of goods and their destination, said Ojo.

Crusader Insurance solicits investors support

CCrusader  Nigeria Plc has solicited the support of investors for the Convertible Debentures Stock floated by the company that will give them greater benefits.

Addressing investors at the 2008 Investors’ Forum of the company in Lagos, the Group Managing Director, Tola Mobolurin said that the company decided to postpone its offer for subscription of 1.2 billion ordinary shares to a more auspicious time to give both prospective and existing investors opportunities to benefit greatly from the repositioned insurance company.

He said that the Convertible Debenture offer is good for investors seeking higher returns more than capital market average dividend yield currently standing at four per cent.

Said Mobolurin, “the Convertible Debenture is a perfect investment for those, whose investment objective is more cash income oriented.

The 12 per cent per annum interest to be received on the Debenture is certainly superior to the annual divided receivable on shares for which the prevailing dividend yield for the whole market runs well below 5.5 per cent less than half of the interest being offered by the Convertible Debenture.

The Convertible Debenture Stock being offered by the company carries a fixed conversion price of N7.35 (today’s market price) guaranteed for five years, which is considered generous by all standards. Whichever way one chooses to look at it, the Offer looks like an elixir for the current slump in the market.

Apart from the superior guaranteed cash income offered by the Convertible Debenture, once the market price exceeds the conversion price of N7.35, the debenture will technically trade above par, thus providing the Debenture holder an opportunity for capital gain.

Alternatively the Debenture holder could convert the Convertible Debenture to shares and sell those shares at a profit. In essence, an investor, who decides will technically trade above par, this providing the Debenture holder an opportunity for capital gain. Alternatively the Debenture holder could convert the Convertible Debenture to shares and sell those shares at profit.

In essence, an investor, who decides to convert his Debenture Stock into equity at any time the market price rises above the current market price, within the next five years, will be converting at a price lower than the prevailing market price at the time of the conversion and will immediately have a potential capital gain.

On the other hand, an investor may decide not to convert at all and thus hold on to his debenture throughout the stipulated period. Such an investor, apart from getting the guaranteed interest that he receives throughout the life of the Debenture will at the end collect his principal with no capital loss!”

According to him, “in addition to the Convertible Debenture, the company is also offering 787 million Ordinary Shares of 50 kobo each by way of rights to existing shareholders at N4.50 per share, a discount of 38.78 per cent off the current market price.

The rights will appeal to existing shareholders who do not want to be diluted and those, who have become believers in Crusader shares; one of the best performing shares over the last five years on the Nigerian Stock Exchange. It should also appeal to those who believe the market will recover and start growing within the next one year.

Buying at N4.50 ensures a deep cushion against any drop in price and a good springboard threshold for early and substantial capital gains as the market recovers. The shares will qualify for the dividend of 20 kobo to be paid next year. Even though the company will not receive the proceeds of the issue until November 2008, buyers of the rights will qualify to receive full dividends on the new investments.

The dividend history of Crusader and the yield has always been competitive and this in itself speaks for the company’s success. Since being listed, the company has not skipped dividend payment.”

He said that those, who are not current shareholders, can still participate in the rights by buying rights through their stockbrokers on the floor of the Nigerian Stock Exchange. Besides, those, who desire to buy rights and their stockbrokers will be assisted to do so and are encouraged to contact the Lead Stockbroker, Capital Bancorp Limited

Nigeria: Ikhumi becomes Bethesda Programme Director

Bethesda Child Support Agency, an initiative of Freedom Foundation, has appointed Mrs. Douye Ikhumi as programme director to accelerate the development of initiatives and management of all Bethesda programmes according to the strategic direction set by the Board of the Foundation.

Ikhumi holds a Bachelor in Arts degree in French Language from the Lagos State University and has a Post Graduate Diploma in Management from the Obafemi Awolowo University, Ile-Ife.

She has over 10 years voluntary and working experience in a number of Non-Governmental Organisations (NGOs), thus equipped to undertake the onerous task to create for disparaged Nigerian children an enabling environment that empowers them to thrive, grow and develop to their full potentials.

She has managed programmes funded by the World Bank, United States Agency for International Development (USDA) and President Emergency Plan for AIDS Relief (PEPAR). She has attended a number of trainings on HIV/AIDS management and prevention, Stakeholders Forum on MDGs & NEEDS, Effective Volunteer Management, project monitoring and evaluation amongst a host of others.

A UNICEF trained Peer Educator Trainer (P.E.T.) as regards HIV & AIDS awareness; Ikhumi was also engaged in research on Knowledge Attitudes & Beliefs (KAPB) on HIV/AIDS in Lagos State and was a guest speaker on Radio Nigeria forum on Destitute Children in Nigeria 2008. She has served as a consultant and has drafted policy documents for an array of non profit organisations.

Profiliant works with Celemi to stimulate business in Nigeria

Celemi has concluded plans to partner Profiliant Development Resources Limited to introduce business simulation programmes into Nigeria.

Business simulations help companies create real market scenarios using models that support better understanding of what strategies and tactics a company should adopt and apply. Ivy League business schools worldwide are known to integrate business simulation as core content of their post-graduate curricular.

The partnership according to the Chief Executive Officer of Profiliant, Oliver Nnona, is to bring Celemi’s business simulation to Nigeria for the first time, affording business owners, decision makers and top business executives the opportunity of acquiring business acumen, and devolve understanding of strategic positioning, resource allocation and market share to the success of any for-profit organisation.

The Celemi Simulation products include the Enterprise, Livon and Tango. The Celemi Enterprise simulation equips participants to deal with challenges and balance short term results with long term values. Celemi Livon teaches business executives how to attract and retain targeted clients in an extremely competitive market, while Tango teaches how to boost profitability by attracting the right clients and employees.

Every Celemi solution is based on a core methodology, The Power of Learning, to engage, captivate and motivate people so they learn new information quickly and put this knowledge into practice immediately. The Power of Learning incorporates relevant hands-on activities in an environment that simulates your own operating conditions so people learn by experience -their own. With this knowledge, everyone can take immediate and appropriate action.

According to James Van der Westhuzien, a Celemi consultant and regional manager for Africa, on a recent trip to Nigeria, “business simulation is probably one of the most effective ways to teach staff how a business works and how the business makes money.”

He further opines that, “for a country like Nigeria, the opportunities for the application of the business simulations application are enormous considering the massive investment in the country and the current expansions in various industrial sectors.”

The company noted that it already has prominent Nigerian corporations, especially, in the Telecommunications space and the Financial Services industry in Nigeria have adopted and started using the Celemi suite of business simulation solutions.

Furthermore, Celemi, in recognition of this potential has begun the process investing in the Nigerian market to make simulations more accessible to Nigerian organisations, whether big or small.

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