Category: Capital Market

Court Freezes Another Sh400.6m Belonging To Flutterwave

JUSTINA EMMANUEL OKPARA

The High Court of Kenya has allowed the freezing of a further Sh400.6 million belonging to Nigerian fintech startup Flutterwave after the Assets Recovery Agency (ARA) linked the money to card fraud and money laundering. For the good part of this year, Flutterwave has been in constant contest with Kenyan authorities over money held in different banks alleged to have been obtained illegally. This is the second time the company in less than six months that the company’s accounts have been frozen on grounds of fraud and money laundering. In…

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AIICO Insurance grows premium by 21.4% in H1’22     

JUSTINA EMMANUEL OKPARA

AIICO Insurance Plc, foremost and most resilient insurance services provider, has announced a gross written premium (GWP) of N45.5billion in the H1 2022, up by 21.4per cent compared with N37.481billion recorded within the same of in 2021. While the company posted a growth of 21.4per cent in 2022, the group grossed N45.5billion year-on-year (y-o-y) in the first half of the year from N37billion or 21.6per cent within the period under review. The company’s unaudited results represent the firm’s performances for the interim period ended 30 June 2022. Accordingly, the company’s…

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AMCON: Josepdam not indebted to us

JUSTINA EMMANUEL OKPARA

Following the successful liquidation of its indebtedness, the Asset Management Corporation of Nigeria (AMCON) has declared Josepdam & Sons Limited and Josepdam Sugar Company Limited free of any debt obligation to the Corporation. A letter to this effect sighted by our correspondent revealed that the concerned obligors had defrayed the total outstanding balance put at N18.783 billion. Recall that a section of the media had recently been erroneously listing Josepdam alongside other obligors that are yet to liquidate their indebtedness to the Corporation.  The said publication also alleged that Mrs.…

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AXA Mansard Records 21% Drop In Profits

JUSTINA EMMANUEL OKPARA

Frontline underwriting firm, AXA Mansard Insurance Plc, has posted a 21 per cent drop in its profits before and after tax. According to the breakdown, the insurer recorded a four percent drop in profit before tax as well as 17 per cent drop in profit after tax, according to details from its 2021 financial report. Further details revealed that the company’s PBT went down from N6.04 billion recorded in 2020 to N5.78 billion posted in 2021, representing a four per cent drop. In the same vein, the profit after tax…

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Investors say Flutterwave’s governance issues demand an intervention

Admin

Flutterwave’s rise to startup stardom has been fueled by over $400 million from venture capitalists. When Flutterwave wanted to raise $100 million in Jan. 2021, it pitched a compelling set of metrics to investors. Its revenue had grown from $5 million to $55 million between 2018 and 2020. Gross profit was $26 million with a 48% margin. Its services were used in 20 countries, thanks to the hard work of over 270 employees. Based on these numbers (as recorded in an investor presentation seen by Quartz), the licenses it had…

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Orjiako To Step Down As Chairman Of Seplat Energy

Dorothy Ewa

Seplat Energy Plc has announced the decision of its Chairman Dr. A.B.C. Orjiako to step down as Chairman of the Board of Directors of Seplat Energy Plc. Orjiako notified the Board of Directors of his decision yesterday, November 17, 2021. According to a statement from the company, in order to facilitate an orderly transition Orjiako will remain as Chairman until the next Annual General Meeting in May 2022, when an Independent Chairperson will take over. Orjiako is the co-founder and pioneer of Seplat Energy. Since 2009, as Chairman of the…

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Infractions: NGX Fines Mutual Benefits, Lasaco, Others N325.7m

Admin

.Trading in Royal Exchange, Niger Insurance’s shares suspended For failing to adhere to regulatory rules and regulations instituted by the stock market regulator, at least seven underwriting firms have been fined a total of N325.7 million between 2020 and 2021, according to the latest X-Compliance report released by the Nigerian Exchange Group (NGX). According to the September 17 report cited by New Telegraph, Mutual Benefits Assurance Plc received the highest chunk of the fine, amounting to N256.3 million for unauthorised publication of notice of annual general meeting and problem with…

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NGX opens week negative with N83bn loss

Admin

The Nigerian equities market yesterday halted last Friday’s gain to begin the trading week negative following sustained sell pressure. The market breadth closed positive with 21 losers and 18 gainers. Key market indicators, the NGX ASI, declined by 0.40 per cent as bargain hunters sustained profit takings. Consequently, the NGX All-Share Index dropped by 158.98 basis points or 0.40 per cent from 39,485.65 index points last Friday to 39,326.67 while the market capitalisation of equities depreciated by N83 billion to close at N20.489 trillion from N20.572 trillion. On the activity…

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NGX reclassifies United Capital to medium price stock group

admin

Trading License Holders have been notified of the reclassification of United Capital Plc from the Low-Priced Stock Group to the Medium-Priced Stock Group, in line with The NGX’s Pricing Methodology framework. According to a notification by the Nigerian Exchange  Limited, equity securities of quoted companies on the NGX are classified into three Stock Price Groups or Categories – High-Priced, Medium Priced, and Low-Priced Stocks, based on their market price. In this regard, securities must have traded for at least four out of the most recent six month period within a Stock…

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H1: Zenith Bank posts N117bn pre-tax profit

Admin

Zenith Bank Plc has announced its audited results for half-year ended 30 June 2021, recording positive growth across key financial metrics despite a challenging macroeconomic environment exacerbated by COVID 19. According to the financial results presented to the Nigerian Exchange (NGX), the Group recorded a growth in profit before tax of three per cent from N114 billion reported in H1’20 to N117 billion in H1’21. The Group also recorded a nine per cent growth in non-interest income from N116 billion in June 2020 to N127 billion in June 2021. Overall, the…

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