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Zenith In Fantastic Lead As Most Actively Traded Stocks, Emerges NSE Most Capitalised

New-Zenith-Boss, Peter Olisamedua Amangbo

Based on its positive performance for a period of 15 months, Zenith Bank Nigeria Plc has emerged the most active and capitalised stock of the Nigerian Stock Exchange (NSE).Zenith Bank had in February, occupied the third position as the most capitalised stock, trailing behind Nigerian Breweries Plc and First Bank Nigeria Plc.

To achieve the new position, Zenith Bank Plc recorded 20.8 per cent increase in market capitalisation from N394.6 billion in February, to N476.5 billion in the month of March.Also, according to information obtained from the NSE, First Bank of Nigeria Plc occupied the second position with 12.7 per cent increase in market capitalisation from N422.04 billion to N475.41 billion.

Nigerian Breweries Plc occupied the third position with an eight per cent rise in market capitalisation from N431.1 billion to N465.1 billion, while Guaranty Trust Bank Plc and United Bank for Africa Plc (UBA), retained the fourth and fifth positions. They both recorded increased market capitalisation of 15.7 per cent and 16.8 per cent, respectively. According to NSE, Zenith Bank Plc emerged the most active stock with transactions volume of 763.7 million shares, followed by Access Bank Plc with 559.1 million shares, while First Bank of Nigeria Plc placed third with 542.3 million shares.

BA placed fourth with 538.2 million shares. Guaranty Trust Bank Plc occupied the fifth position with 524.9 million shares, while Diamond Bank Plc occupied the sixth slot with 452.9 million.The top three most active stocks accounted for 1.9 billion shares or 17.4 per cent of total traded stocks, while the top five most active stocks accounted for 2.93 billion or 27.3 per cent of total transactions during the month.

Zenith Bank plc recently, proposed a total dividend payout of N11.3 billion and a bonus of one-for-four for the reporting period ended December 31, 2009.The bank’s result indicates a pre-tax profit of N35 billion and a profit after tax of N20.6 billion out of which over N11 billion has been set aside for dividend pay-out. During the period, Zenith recorded gross revenue of N277 billion, up from N211 billion in 2008, representing a 31 per cent revenue growth and increasing dominance in its market share.

Equally impressive is the Capital Adequacy Ratio of the bank, which stands at about 30 per cent, three times the 10 per cent regulatory minimum requirement under the Basel II framework and also above the industry average. The bank’s liquidity ratio stood at 60 per cent and is more than double the 25 per cent minimum regulatory requirement. This very strong liquidity position is the product of well-articulated risk management policies and practices.

Wema Bank MD, Oloketuyi Rated Low By Stakeholders As SEC Axed Dangles With N700Million

wema bank, segen oloketuyi

Stakeholders In Wemabank are attacking Oloketuyi and he may face the music in the next Stakeholders meeting. Nigeria’s apex capital market regulator, the Securities and Exchange Commission (SEC) has ordered Wema Bank Plc to pay over N70 million for negligence.

The order was made by the SEC, after an all parties meeting pursuant to ?a petition written by BROADSTREET PARTNERSHIP, a Lagos based Commercial Law firm and Business Advisory Consultants on behalf of WEHSAC FARMS LTD, against WEMA BANK PLC for negligence and default of contract relating to the inability of Wema Asset Management Ltd, then a wholly owned subsidiary of Wema Bank; but now fully integrated into the Bank for non purchase of 7.0 million units of Daar Communication Plc shares during the company’s 2008 public offer.

SEC ordered Wema Bank to refund the sum of N35 Million with interest calculated at the current Monetary Policy Rate (MPR) plus five (5) percent from the date of allotment in 2008 till the date the compliant was lodged in the Commission on October 14, 2014 amounting to over N70 Million.

The petition to SEC was written on October 14, 2014 ?after series of letters to Wema Bank by the petitioner and their counsel failed to get the bank to act diligently.

The Bank and the petitioner were duly represented by lawyers at the all parties meeting that held in the Commission’s office on March 17th 2015.

It was further established by SEC that the respondent acted nonchalant in their handling of the transaction the subject matter of the petition and thereafter.

A letter obtained by InvestAdvocate addressed to the managing director (MD) Wema Bank with reference number SEC/LZO/L&I/INVG/1754 signed by Omotayo Adeleke on behalf of the director general (DG) and dated May 21, 2015 shows that the Commission established that the complainant WEHSAC Farms Ltd subscribed to 7.0 million units of Daar Communication shares in the 2008 public offer which the company never got.

Other facts established by SEC shows that the subscription was done through Wema Asset Management and the sum of N35 million deposited with a completed application form submitted accordingly.

Also, it was established that as a result of error, the complainant never received its share certificate or any notice of allotment of shares of Daar Communication.

SEC disclosed that after several unfruitful visits to Wema Asset Management’s office, the complainant wrote a letter of enquiry to First Registrars Ltd, Registrar to

Daar Communication in year 2011, requesting to know if any allotment of shares was made to the WEHSAC Farms in the said offer.

The complainant was informed by First Registrar that their names were not in the register of members allotted shares in Daar Communication as regards the 2008 offer.

The Nigeria’s apex capital market regulator revealed that Wema Asset Management Ltd by a letter dated August 19, 2011 three (3) years after the offer informed WEHSAC Farms that the said shares were allotted in a wrong name following their error in the list of subscribers forwarded to the Registrar and advised the complainant to apply to the Registrar for change of name.

According to SEC, the complainant declined the advice having filed the correct company’s name in the application form submitted; as it considered this the duty of Wema Asset Management who forwarded the wrong names to the Registrar to take necessary steps to rectify the error.

The Commission disclosed that thereafter no further action was taken by Wema Asset Management to rectify this mistake until 2014 six (6) years after the offer and when Wema Asset Management became integrated with Wema Bank Plc as a result of which the matter was taken over by the Bank.

Following the integration of Wema Asset Management with Wema Bank, the lender wrote to First Registrar on June 26, 2015 admitting the mistake made by Wema Asset Management which it acquired and requested for the confirmation of holdings and change of name.

A visit to First Registrar by InvestAdvocate, a copy of the Bank’s letter to the Registrar dated June 26, 2014 admitting error on the part of Wema Asset Management was made available to InvestAdvocate for citing.

Officers’ in-charge of the support services division of First Registrar confirmed to InvestAdvocate there was a name change from WEH Farms Ltd to Wehsac Farms Ltd with account number 181891. They also confirmed that the share certificate was still with them at the registrar.

SEC says despite the fact that Wema Bank had executed an indemnity form on behalf of the complainant, and a new certificate issued in the correct name, the complainant has refused to collect the new certificate due to the fact that the value of the shares has declined.

“It is pertinent to state that the counsel that represented the Bank at the All Parties Meeting scheduled for the resolution of this matter refused the avail the Commission with copies of all the documents requested which was in his possession,” SEC disclosed.

According to the apex capital market regulator, having established the facts, it is noteworthy that the purpose of investment is for yielding future benefit. “The complainant in this case was denied access to the instrument with which appropriate time bound investment decision could have been made through the negligence of Wema Asset Management Ltd in delaying its prompt rectification,” SEC added.

The Commission noted that the Rules for Code of Conduct for Capital Market Operators as embedded in schedule IX of SEC Rules and Regulation provides that operators as professionals should not engage in any act that would adversely affect and erode investor’s confidence.

SEC directed the lender to comply with its decision as regards the matter and revert to it latest June 5, 2015

InvestAdvocate contacted Onome Odili, head, brand management & marketing communications of Wema Bank to seek clarification from the side of the Bank as regards the matter.

She requested for the SEC letter to made available to her in order to follow up the matter with those in-charge, in a telephone chat with InvestAdvocate, this was availed to her.

On reverting to InvestAdvocate, she tried to find out if the former fully understood what was in the letter purportedly written by Wema Bank to First Registrar on June 26, 2014 admitting mistake by Wema Asset Management, requesting for confirmation of holdings and change of name.

Odili disclosed that Wema Bank has since responded to the Commission’s letter dated May 21, 2015 establishing its findings.

“Did you read the letter and what did the Wema Bank letter say,” she queried.

According to Odili, the bank is not seeing the matter as negligence, “we are not seeing it as negligence,” she said.

She promised doing an official letter to respond to our enquiries, “I will send you an email,” she added following questions by InvestAdvocate on the timeline for the official response.

As at the time of filing in this report, InvestAdvocate is yet to receive the official response via email from the Wema Bank’s head, brand management & marketing communications as promised by her.

Share price of the lender at the close of Wednesday’s session on the Nigerian Stock Exchange (NSE) declined 3.03 percent to 0.96 kobo from 0.99 kobo recorded the previous session; losing 0.03 kobo per share.

Fidelity Bank Gives Out N52m In Loyalty Scheme


Fidelity Bank Plc has rewarded loyal customers with the sum of N52 million in its ongoing ‘Fidelity Loyalty Savings’ scheme.

A total of 106 customers were rewarded in the second batch. A breakdown of this showed thar 80 beneficiaries received N500,000 “Xtra income” each, under Fidelity Personal Savings Scheme (FPSS) while 26 ‘Sweeta’ account holders received N150,000 “School fees support” each.

Speaking at an event to reward the lucky customers, Executive Director, Shared Services, Fidelity Bank Plc, Chijioke Ugochukwu, said the bank is focused on giving its customers extra value in its service. She said the loyalty scheme was designed to encourage customers to save.

“It is not easy to save. It is a conscious choice you have to make, even though it is for your good, especially now that things are tough. So, we think that the bank as a financial institution with the well being of its customers at heart, is using such a loyalty scheme to draw attention to the benefits of saving.

“Saving a little everyday and every month, makes a tremendous difference. One of the important things we want parents to reach their children is how to save for the rainy days and as the children grow up, it will be part of them,” the executive director said.

According to her, the reward was for customers across the country.
She said the scheme was designed to appreciate customers that had opened FPSS and Sweeta accounts respectively. The accounts are interest-yielding which allows deposit of cash, cheques and dividend warrants. In addition, the FPSS and Sweeta accounts can be opened with any amount.

“Another presentation will be held next month to a fresh set of beneficiaries of the scheme. So, open and start saving today and you could win extra income and school fees support,” she added.

Why UBA Big Boy, Ikpobe Resigns, As Bank Announces Key Appointments

Phillips Oduoza, UBA - MD

Contrary to speculation that his ambition was the issue, Younews can tell you that Apollos has other project on his mind. And United Bank for Africa (UBA) has realigned its Nigeria operations and announced new appointments as part of concerted efforts to improve on the bank’s current growth momentum and deliver on stellar results in the current financial year and beyond.

As part of the realignment, the bank has streamlined its operational structure by creating five directorate heads to man various Strategic Business Groups (SBGs) in UBA Nigeria to achieve optimal span of control and more effective supervision in a bid to drive improved customer relationship.

LEADERSHIP further gathered that the activities of the bank in Lagos, Oyo, Ogun, Kwara, Ekiti and Osun states of the country will now be super               vised by Liadi Ayoku whilst Tari Ekpebu will oversee Rivers, Bayelsa, Cross Rivers, Akwa- Ibom, Edo and Delta States.

Aisha N’ Allah will be responsible for the Group’s business in Sokoto

Kebbi and Zamfara while Ibrahim Puri will oversee UBA’s operations in Bauchi, Kogi, Nassarawa, Borno, Yobe, Plateau and Adamawa States and Mohammed Abubakar, will supervise the bank’s operations in Kaduna, Kano, Katsina, Jigawa, and Niger states.

The new appointments and realignment take immediate effect.

Also, the Group managing director/CEO of the pan-African banking Group Phillips Oduoza said, “This repositioning exercise was done to bring our senior and more experienced staff closer to the customers to facilitate improved relationship management and decision making.”

Meanwhile, the Board of Directors of United Bank for Africa (UBA) Plc has accepted the resignation of Mr Apollos Ikpobe from the bank. Ikpobe who was deputy managing director, Domestic Bank, resigned effective June 11, 2015 to pursue other interests.

UBA is a leading provider of innovative banking and financial solutions across Africa. With operations in 19 African countries and offices in New York, London and Paris, UBA is connecting people and businesses in the continent and across the globe.

Sterling Bank MD Adeola Adeyemi, Destroys Banks Image….. Customers, Board Disturbed

adeyemi adeola

This is not the first time, but this is highly embarrassing. The Managing Director of Sterling bank, Adeyemi Rasak Adeola, will not forget in a hurry the bitter taste of being a randy man when his beautiful wife was said to have caught him red handed with a female fling, a senior manager of the bank.

Mrs. Adeola, wife of the top banker, we gathered, left their Ikoyi home to track down the alleged randy banker at a hotel, said to be the love nest of the lover man, in Ikoyi.

Having tracked him, The angry woman reportedly wife went berserk on sighting her husband and the alleged mistress, she went loose, tearing his shirt and screaming over her voice.

Findings revealed further, that the otherwise quiet woman got frustrated and tired of her husband’s randy ways, and it was also learnt that Alhaji Adeola’s love nest is the IKOYI Boat club and the prestigious Protea Hotel which he has turned into a second home.

It was discovered that ever since the matter took place Alhaji Adeola has gone low key or changed direction as he rarely goes to the boat club or Protea and the Sterling Bank staffer who was caught with him has since been relieved of her job and she has now reportedly relocated to South Africa.

UBA’s Charlse Aigbe Vehemently Debunks Oduoza / Genevieve Romance Tale

Phillips Oduoza, UBA - MD

United Bank for Africa (UBA)’s Divisional Head, Marketing Communications and Strategies, Mr. Charles Aigbe has spoken up on the incessant blackmail of its financial institution by some unscrupulous persons under the guise of news platform. For sometime now, a certain online reporter has been using his medium to tarnish the good name of the bank and its Group Managing Director, Mr. Philip Oduoza.

He has issued a statement to refute the said nasty allegation in its entirety that his boss, never went out with Genevieve Nnaji neither was/is any form of amorous relationship with them His words, “We can confirm that the allegation that the GMD of UBA Mr. Phillips Oduoza is involved with actress Genevieve Nnaji is an ‎online smear campaign, designed to blackmail UBA. Our investigations show that a particular online publication has continued to push the story since last year, posting several versions of the story after each failed attempt to blackmail the bank in order to extort funds through forced advertisement.

The online medium has gone ahead to post the fake story on after the last failed blackmail attempt,” the statement stated. “The story is pure fabrication. Mr. Oduoza is not involved with Genevieve Nnaji in anyway and we have repeatedly told this to them and advised to desist from pushing such wicked lies. We urge all to disregard this cruel attack on the person of Mr. Oduoza” said Mr. Aigbe.

As a global institution, we see the media as partners and have been very supportive in numerous funding, advertising and capacity building initiatives. This spiteful attempt will not deter us from continuing to partner with responsible media practitioners and organizations. We are a law abiding institution and will therefore take legal action against this online publication (s) and any other media/platform that allows itself to be used to spread these lies,” Mr. Aigbe further disclosed .

Union Bank Board, Stakeholders Ruminate Over GMD, Emuwa’s Rape Scandal


Embarrassment and image nosedive are what Union Bank MD’s story making round has cost the bank. Stakeholders are worried on the effect. The Group Managing Director and Chief Executive Officer of Union Bank of Nigeria PLC (UBN), Mr. Emeka Emuwa , can no longer pay a visit to Cameroon to the role he played in a rape case involving his younger brother.

Mr. Emeka Emuwa was a Country Officer and Country head of Union bank in Cameroon where he had regional responsibility for the bank’s Central African businesses in Gabon and Congo.

While discharging his official duties of the bank in Cameroon, his younger brother who was with him allegedly got involved in a rape case that eventually led to his arrest. However, with the efforts of Mr. Emeka Emuwa, his younger brother was allegedly granted a conditional bail on the premise that Mr. Emuwa would produce him anytime for questioning and trial.

After regaining his temporary freedom, this accused person allegedly disappeared from the surface of Cameroon with no traces. All attempts made by the Cameroonian police to get the details of the bolted brother from Mr. Emuwa proved abortive as he allegedly denied them information about the whereabouts of his brother.

UBA Chairman Tony Elumelu Reveals Notable Success Strategies To Youth

tony elumelu

Leading Nigerian businessman and philanthropist Tony O. Elumelu, Chairman, Heirs Holdings, has encouraged Nigerian youths to secure their future by cultivating an attitude of learning, collaboration and entrepreneurship. The Chairman made this assertion while delivering the commencement address on the topic “Employee, Employer, and Empowerer: Pathways to Success and Impact in an Uncertain World”, during the postgraduate graduation ceremony of Babcock University in Ilishan Remo, Ogun State on June 4, 2015.

 Elumelu presented advice based on his own experience needed to achieve success during the ceremony. He also spoke on how to create opportunities through entrepreneurship. “Entrepreneurship is how we become masters of our destiny and tackle the serious challenge or ill that poverty and mass unemployment pose to the stability of our societies and economies.”

 He shared some learning that shaped him for future leadership. His mentor Ebitimi Banigo helped him to develop his strategic thinking and to channel his ideas into concrete actions.

 Tony Elumelu told the graduates to always look beyond religion and ethnicity in whatever they do. “Do not allow your religion, ethnicity or nationality to become the chains that limit your vision, your network and your ambition.  Rather, use them as bridges to expand your world by embracing their common principles of humanity, solidarity, charity, honesty and the search for the common good.”

 Elumelu’s address at Babcock University follows a series of international speaking engagements which saw him speak on the transformative power of entrepreneurship at the Oxford Africa Conference, Oxford University, the White House and Georgetown University, Washington DC.

 The President and Vice Chancellor of Babcock University, Prof. J. A. Kayode Makinde commended the graduating students. He said: “To my dear graduating students, I say congratulations. You are the reason why we are here today having endured  and pushed through to the end. Now you see the silver lining behind the clouds. It surely was not an easy road but I am sure that eventually, you are seeing the reward of your hard work.”

 The University also conferred honourary doctorate degrees on two former state governors – Babatunde Fashola (Lagos) and Rabiu Kwankwaso (Kano). The immediate past Governor of Ekiti State, Dr. Kayode Fayemi, was also present at the ceremony.

Dangote Expands Cement Empire To Ethiopia Opens Plants In 6 Countries, 10 To Go

dangote ethiopia cement

Distinct and highly strategic investor businesman Aliko Dangote has again shown his  ability to dominate African market with superior product and services.

The President, Dangote Group, Alhaji Aliko Dangote, has said that plans are afoot to double the capacity of the newly opened 2.5 million-metric-tonne per annum cement plant in Ethiopia.

Dangote, who stated this at the inauguration of the $500m plant located in Mugher District, Oromia national regional state of Ethiopia, said the expansion work would begin before the end of the year.

According to him, the decision to set up as well as expand the plant was informed by the enabling environment created by the Ethiopian government with massive investment in several large-scale infrastructure projects, including the construction of the continent’s largest hydropower dam.

He noted that in addition to the plant known as Dangote Cement (Ethiopian) Plc, the company was simultaneously setting up new plants and terminals across 16 African countries.

He said, “This is in line with our long term vision to become the world’s biggest cement producers. We envisage that by the time we complete all our ongoing African projects, we will be on track to achieving our target.

“We believe that manufacturing and not trading is the best way to grow an economy. Apart from cement production, we are also investing substantially in other sectors of the economy such as agriculture, oil and gas refinery, fertilizer and petrochemicals. In all, we have 13 subsidiaries in Nigeria and we are investing about $16bn between now and 2018 in new projects and existing plants.”

The Ethiopian factory is Dangote’s sixth offshore plant that have commenced operations outside Nigeria.

Others countries where the company currently has plants running are Cameroon, Senegal, Ghana, South Africa and Zambia, while some other plants are at various stages of construction across the continent.

Dangote said the Ethiopian plant would create direct employment for 2,000 people in the main plant operations and logistics, with a fleet of 600 trucks; while 5,000 indirect jobs would also be created, adding that African businessmen should invest more in the continent.

He noted that achieving a real economic integration in the African continent would require political stability and a breakdown of the barriers and borders between countries, which hindered free flow of goods, services and people.

Dangote added, “We need to make deliberate efforts to encourage Africans, not just foreigners, to invest in Africa. Dangote Cement is currently in 16 African countries with plans to invest in many more over the next years.

“There are a number of other successful pan-African brands today such as MTN, Shoprite and Ecobank.”

“We need to encourage this trend to see more investments in Africa by Africans. Above all, there is need to encourage the private sector to collaborate with governments across Africa to address the issue of infrastructure deficit, which has plagued the continent for decades.”

The Governor, Central Bank of Nigeria, Mr. Godwin Emefiele, stated that the Ethiopian plant underscored the importance of promoting intra-African investment.

“Africans have the capacity to drive the continent’s growth rather than rely on foreign investment. This project will have economic effect not only on Ethiopia, but on the entire region and it will enhance the process of Africa exporting cement to other continents of the world,” he said.

The Prime Minister, Federal Democratic Republic of Ethiopia, Hailemariam Desalegn, noted that as one of the fastest growing economies in the world, the country’s investment potential had barely been scratched on the surface.

He said the government was spending millions of dollars on critical infrastructure to address investment and align with policies that were already in place to aid investors.

“Ethiopia represents a lucrative market that has barely been tapped with its 95 million people and growing economy,” he said.

Ethiopia’s Minister of Industry, Ahmed Abitew, said that with the new plant, the cement sector of the country would make significant growth in meeting local demand, which has grown due to infrastructural development.

According to him, production has currently risen from 11.23 million metric tonnes to 17.5 million metric tonnes per annum.

“The government is giving due attention to the industrial sector with its average growth of 20 per cent per annum,” he said.

Dangote also encouraged the Nigerian delegation at the event, which included captains of industries, to invest in Ethiopia and other parts of the continent, adding that the policies that had been put in place by the CBN to create an enabling environment for the private sector in Nigeria should be replicated across the continent.

UBA Wins Corporate Citizens Award

Phillips Oduoza, UBA - MD

Pan-African financial services group, United Bank for Africa (UBA) Plc continue to garner national and international laurels with the latest  being the Corporate Citizens Award in the ‘Extensive Compliance Category.

UBA received the award at the maiden edition of the awards ceremony organised by the Corporate Affairs Commission (CAC) at the Transcorp Hilton Hotel, Abuja, Nigeria.

The Corporate Citizens Award is open to all registered companies in Nigeria and seeks to promote the culture of good corporate governance in the Nigerian environment by recognising corporate citizens who have conducted their affairs in compliance with statutory requirements and best practices.

“The idea behind this initiative is to recognize performance and reward corporate excellence among companies operating in Nigeria, with the ultimate goal of improving our rating in the global competitiveness index” said Otunba Funso Lawal, Chairman of the Board of Directors of the Commission in his remarks at the ceremony.

To be eligible for consideration, companies must have complied with the requirements of the Companies and Allied Matters Act and respective industry statutes and regulations. Apart from impacting on their respective industries positively they are expected to  have performed creditably well in corporate social responsibility.

Specifically the independent panel of judges under the Chairmanship of Dr. Christopher Kolade, Former Nigerian High Commissioner to the United Kingdom, looked at financial management, work place environment, management of stakeholder relations, innovation, corporate social responsibility, industry leadership as well as corporate governance to select winners.  26 companies including UBA made the final list from over 800 companies that were considered and we were one of the 9 winners that eventually emerged.

Mr Olusegun Aganga, Minister for Commerce and Industry, who represented the President, Federal Republic of Nigeria, Goodluck Jonathan at the event commended all the companies who received award at the event while encouraging those who did not win to  imbibe the best practices of the companies that won. He noted that  the awards will provoke commitment to best business practices among companies in Nigeria and expressed happiness that this is coming at a time the current government’s transformation agenda is blossoming.

Welcoming the recognition to the bank, Phillips Oduoza, Group Managing Director and CEO  UBA Plc said the award reaffirms the bank’s commitment to best practices in the way it does its business across the continent.

“We operate in multi-jurisdictions given that we have presence in 19 African countries and three international financial centres; London, New York and Paris. We are thus committed to higher standards in regulatory compliance in the interest of our stakeholders and  and customers.” Oduoza said.

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