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B-E-W-A-R-E: Auditors Reveal Why John Holt May Go Bust Despite 535% Profitability Growth

John Holt Plc released its 2014 results on Monday posting a 535% increase in Earnings per share. However, the auditors of the company, BDO Professional Services, in the Financial Statements have given a qualified opinion on the results of the company. A qualified opinion from an Auditorbasically means the auditor does not have sufficient evidence to verify an aspect(s) of a company’s financials.…

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Here Are Godwin Emefiele's 5 Strong Responses Debunking Capital Controls

Here Are Godwin Emefiele’s 5 Strong Responses Debunking Capital Controls

The CBN has in recent months issued a set of circulars that have affected the purchase of utilization of dollars in Nigeria. The moves have been viewed by some, particularly foreign investors as akin to Capital Controls. Capital Controlis a tool used by Central Banks to limit the outflow of dollars from their economy. This concern has not gone unnoticed by the CBN Governor and granted an…

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ANNOUNCEMENT: Nigerian Stocks Drop On Wednesday Is The Worst in the Whole Wild World

Not Russia, Greece, Ghana, or Venezuela but Nigeria!! We are stealing the headlines in the most notorious manner you can think about. Check out this excerpt from a Bloomberg article on Wednesday.

Nigerian stocks fell for the biggest three-day decline since August 2006 as oil prices traded near $50 a barrel and investors sold their holdings following a rally late last year.

The Nigerian Stock…

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Press Release: Standard Alliance Insurance Appoints New MD/CEO

Standard Alliance Insurance Plc has notified The Nigerian Stock Exchange of the resignation of Mr. Tom Imokhai as Managing Director/Chief Executive Officer. It also informed The Exchange that Mr. Bode Akinboye has been appointed as the new Managing Director/Chief Executive Officer of the Company.

Mr. Akinboye is a Private Equity Entrepreneur with investments in Telecommunications, Banking, and…

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#New MD/CEO #Standard Alliance Insurance Plc

Press Release: FBN Insurance Completes Takeover of Oasis Insurance

FBN Insurance Limited, a subsidiary of FBN Holdings Plc, has concluded the takeover of Oasis Insurance Plc having acquired 71.2% equity interest through a block divestment in February 2014.

In accordance with Rules of the Securities & Exchange Commission, FBN Insurance Limited made a mandatory takeover bid for the remaining 28.8% equity interest in Oasis Insurance Plc.

By the close of the…

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#FBN Holdings #Oasis Insirance Plc #TAKEOVER

Press Release: John Holt Plc Post 535% Increase in EPS (2014)

JOHN HOLT PLC AUDITED RESULTS FOR THE PERIOD ENDED SEPTEMBER 2014

Revenue (Millions)

2014 N2,8`5

2013 N3,038

%age Change (-7.3%)

Profit after tax (Millions)

2014 N591

2013 N93

%age Change (+535%)

Earnings Per Share

2014 N151.87

2013 N23.91

%age Change (+535%)

Press Release

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#John Holt Plc

IBRU vs IBRU : Ikeja Hotel 'Shareholders' Boots Out Goodie Ibru As Chairman

IBRU vs IBRU : Ikeja Hotel ‘Shareholders’ Boots Out Goodie Ibru As Chairman

The shareholders of Ikeja Hotels Plc yesterday voted to kick out its chairman Mr Goodie Ibru after an Extra-Ordinary General meeting held January 6, 2014. The company has been in internal turmoil for months now even as its share price continue to rally over the last few months and ending up as the most performing stock for 2014. According to reports, there are two factions in the company jostling…

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Chart of the day: CBN Blows $33billion Defending The Naira in 2014 Just how much has the CBN spent in 2014 in trying to ensure importers meet up with their insatiable need for the dollar?

With a Vengeance, Bears Takes Over Nigerian Stock Exchange

The Nigerian All Share Index followed with yesterday bearish run as the index posted a 4.19% loss. The Index opened flat before the sell-offs that started yesterday took off. Like yesterday, Tuesday’s sell off was buoyed by blue chip stocks who lost between 5% and 9% today. In fact, about 8 out of the top 10 losers on Tuesday were stocks included in the NSE 30 index of most capitalized stocks. A…

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Official: Sterling Bank's N19.8billion Private Placement Was 93% Subscribed

Official: Sterling Bank’s N19.8billion Private Placement Was 93% Subscribed

Sterling Bank Plc has announced results of its Private Placement. It put on offer 7,471,698,113 ordinary shares of 50 kobo each at a price of N2.65 per share

It also confirms the offer was 96.3% subscribed

Share certificates and CSCS accounts of successful allottees will be dispatched on or before January 23, 2015

Last November Sterling Bank indicated that they were selling 7.4billion unit of…

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Analysis: Is UBA N4 Rights Issue Really Trading At a Discount?

“Shareholders Get UBA’s Rights Issue at 7.4% Discount”

By the way that was a headline from a Thisday article suggesting the current UBA Rights Issue which opened at N4 is being sold at a discount. But is it?

First of all we need to understand why it is important for a stock to trade at a premium to its Rights Issue Price. When a stock trades higher than its rights issue price, it gives investors…

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P-A-N-I-C: South African Stocks Record Largest Daily Decline Since 2008

Reuters report, South Africa’s benchmark Top-40 index shed 3.9% Monday, its biggest drop since November 2008. The article blamed a worldwide dumping of emerging market assets in the face of a resurgent dollar and falling oil prices.

Nigerian stock exchange also record a 2% drop today whilst the MSCI Frontier Market which includes Nigeria dropped by 0.88% as the sell off intensified. MSCI…

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Who Is Smarter? Brent Crude Slips to $53.38, Nigeria Sticks To $65

Its January 5th and We are Already in an $11 Hole

Oil producers are pumping oil like no mans business

WTI dropped below $50 for the first time in 5 1/2 years

Brent Crude closed today at $53.3 as more supplies were pumped to an already glutted market. According to Bloomberg Russia pumped as much as 10.6million barrels per day, it highest since after the Soviet Era as oil producers jostle for…

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#Brent Crude Oil #Nigerian Benchmark

New Year, New Bears: Nigerian All Share Index Shed 2%

The Nigerian Stock Exchange closed its first day of trading 2014 on a negative note with the All Share Index losing 2.08% to close lower at 33,943. A total of 16 stocks gained whilst another 29 stocks joined the losers table. Key drivers of today’s trading are the likes of Ecobank, GTB, Zenith Bank, which posted 97.3m, 49.5m, 33.8m, 35m in volume respectively. Topping the gainers chart was RT…

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Again, NSE Extends Dangote Cement Deadline to Comply With Free Float Rule

Dangote Cement has been granted a two year extension to comply with the Free Float rules of the Nigerian Stock Exchange. The Nigerian Stock Exchange rules requires companies quoted on the Main Board of the Nigerian Stock Exchange to have at least 20% of its outstanding shares in free float (in the hand of the public). Currently, by our estimates Dangote Cement has just over 8% of its shares…

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#dangote cement #Extension #Free Float #Nigerian Stock Exchange #NSE

Official: UBA 2014/2015 Rights Issue Details

Issue Price: N4.00 per share

Offer Ratio: One (1) new ordinary share for every ten (10) ordinary shares

Qualification Date: Wednesday, 15th October 2014

Acceptance list Opens: Monday, 29th December 2014

Acceptance list Closes: Thursday, 5th February 2015

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#Rights Issue #UBA

Press Release: Afromedia Plc 2014 Audited Results

AFROMEDIA PLC 2014 AUDITED RESULTS FOR THE PERIOD ENDED SEPTEMBER 30TH 2014

Revenue (Millions)

2014 N341

2013 N7429

%age Change (-54%)

Profit after tax (Millions)

2014 (N1,412.7)

2013 (N878.7)

%age Change (-61%)

Loss Per Share (Kobo)

2014 (32)

2013 (19)

%age Change (-68%)

Press release

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#2014 Fy Results #Afromedia Plc

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