Checklist For Sand Dredging And Gravel Mining In Akwa Ibom State

Esan Bolaji
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Checklist For Sand Dredging And Gravel Mining In Akwa Ibom State

The activities of illegal sand dredgers and gravel miners have continued to pose severe environmental and security threats in Akwa Ibom State.

Critical state infrastructure and assets are currently being threatened, several communities have lost their sources of natural drinking water, farmlands are being devastated with an attendant loss of revenue.

It is even more worrisome that suspicious characters from all parts of the country are beginning to find dwelling places in our state under the guise of sand dredging or gravel mining.

Checklist For Sand Dredging And Gravel Mining In Akwa Ibom State Brandspurng

In view of the urgent need to alleviate these concerns, generate a database of practitioners in the state and ensure that all mining activities in Akwa Ibom State are carried out in accordance with the extant laws, please find below an approved checklist for all current and prospective artisanal miners.

1. Formal expression of interest to the Akwa Ibom State Ministry of Environment (MoE)
2. Site verification/Inspection
3. Evidence of Memorandum of Understanding (MOU) with host communities.
4. Evidence of operational permit/license by the Federal Ministry of Mines & Steel (MoM&S) and National Inland WaterWay Authority (NIWA), where applicable.
5. Acceptable Environmental Management Plan (EMP)
6. Evidence of business registration with the Corporate Affairs Commission (CAC)
7. Evidence of up-to-date tax clearance from Akwa Ibom State Internal Revenue Service (AKIRS)
8. Environmental Permit issued by the Akwa Ibom State Ministry of Environment (MoE). This is renewable annually while approved locations will be mapped.

It is important to note that all prospective miners and current operators must be certified to have completed this process before the commencement of operation. Furthermore, all operators must subject their sites to mandatory quarterly environmental monitoring as well as an annual environmental audit.

This checklist was developed after due consultation with other relevant regulatory bodies. Implementation takes immediate effect.

We count on the cooperation of all current and prospective artisanal miners, community leaders and related agencies in ensuring the safety of our environment.

Clean Recipe Drives Mothers’ Preference For Capri-Sun

Esan Bolaji
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Clean Recipe Drives Mothers’ Preference For Capri-Sun

Findings have shown that Capri-Sun is the number one fruit drink mothers prefer for their children. A cross-section of mothers engaged emphasized the importance of consuming healthy beverages for the overall health and long-term development of their children.

Being a mom is a lot like being a custodian. Everyone is looking up to you to figure out everything from what to drink, to where to go, and what to do every day. Mothers desire what is best for their kids to grow and evolve by guiding them along the way.

Nutritionists Harp On the Health Benefits of Capri-Sun Brandspurng2

Capri-Sun has endeared itself to mothers over the years by creating a variety of fruit drinks made with ‘Clean Recipe’. A ‘Clean Recipe’ essentially means foods or beverages made from natural ingredients with no artificial colours, no artificial sweeteners, no artificial flavours and no added preservatives.

Against the background of a plethora of unwholesome kiddies’ fruit drinks that have saturated the market, mothers have become more observant about the nutritional value of beverages to ensure that only healthy fruit drinks with a ‘Clean Recipe’ like Capri-Sun make it to the snack boxes and meal tables for their children.

Nutritionists Harp On the Health Benefits of Capri-Sun Brandspurng

Mrs. Josephine Edet, a mother of three children, says she takes a special interest in what her children consume, because of many unwholesome fruit drinks in the market that cannot pass the tests of quality and safety.

“As a mom, growing up, I enjoyed Capri-Sun. Because of its consistent taste and quality over the years, it is a brand I trust. Putting Capri-Sun in my children’s lunchboxes is a priority because it is a convenient and healthy fruit drink that hydrates with a natural taste that appeals to them,” she stated.

Mrs. Gladys Ikechukwu, a civil servant and mother of two, noted that Capri-Sun appeals to mothers with its all-natural ingredient formulation.

“Mothers want their children to be healthy, but the labels on many fruit drinks are confusing and misleading, causing parents to think they are providing their children a healthy drink when in actuality, they are not. Capri- Sun offers a healthy alternative with its all-natural ingredients,” she added.

The ‘Clean Recipe’ of Capri-Sun follows in the tradition of CHI Limited, one of the most admired companies in the food & beverage industry in Nigeria. Its unique production processes ensure the use of only premium natural ingredients and quality packaging that guarantees optimal retention of fruit contents.

Capri-Sun can be consumed by young children any day, anytime, and anywhere, on its own or with meals. It is perfect for lunchboxes, picnics, after school activities, family days out, on-the-go, etc.

Capri-Sun is available in Orange and Apple variants and comes in 200ml and 100ml fun pouches. It can be purchased in all departmental stores, neighbourhood shops, open markets and supermarkets located across Nigeria.

ViacomCBS Networks Africa partners with the Zero Malaria Starts With Me movement

Esan Bolaji
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ViacomCBS Networks Africa partners with the Zero Malaria Starts With Me movement

22 February 2021: ViacomCBS Networks Africa (VCNA) has joined forces with the Zero Malaria Starts With Me (ZMSWM) movement to inspire and engage young people in the fight against malaria – the generation that can end this preventable disease.

VCNA’s commitment to malaria and its powerful platforms will provide a unique opportunity to draw attention to the oldest and deadliest disease on the continent. 

Lilies Njanga brandspurng ViacomCBS Networks Africa partners with the Zero Malaria Starts With Me movement to support and inspire young people in their fight against malaria

This partnership comes together at a crucial time in the fight against malaria. Despite the progress made since 2000, malaria continues to claim lives and COVID-19 has made the fight even harder.

While 90% of life-saving malaria prevention campaigns were delivered as planned in 2020, the World Health Organization (WHO) is warning that disruption to malaria diagnosis and treatment could still lead to thousands of additional deaths across the African continent where 74% of the population is below the age of 35.

Lilies Njanga brandspurng ViacomCBS Networks Africa partners with the Zero Malaria Starts With Me movement to support and inspire young people in their fight against malaria

Therefore, it is crucial to building partnerships that can reach young people and ensure their engagement so that malaria doesn’t steal their futures.

VCNA is committed to driving social change and through its network championing and pioneering powerful and engaging edutainment across channel platforms for children and youth from MTV, MTV Base and Nickelodeon. Given the enormous economic and social burden of malaria on young people, VCNA’s ambition is to ensure that its platforms and creative content is a driving force behind further eradication of this disease.

On 24 February 2021, VCNA will support the Draw the Line Against Malaria campaign – a new youth-focused creative campaign powered by African stars.

The campaign aims to inspire young people to support the ZMSWM movement and call on their leaders at zeromalaria.org to commit to more action, more innovation, more funding and more political leadership to achieve zero malaria within a generation.  

“By joining forces, ViacomCBS Networks Africa and Zero Malaria Start With Me will bolster efforts to inspire and galvanise young people across Africa, and globally, in the fight against malaria – a preventable and treatable disease.

This collaboration will provide an opportunity to showcase the talent and positive energy emerging from the African continent and further engage youth audiences to take action for positive social impact. This is the generation that will end malaria,” says Monde Twala, Senior Vice President and General Manager at ViacomCBS Networks Africa.

“Through multiplatform edutainment content, integration of youth culture, trending music and youthful storytelling, we can play an important role to effect positive change and to achieve meaningful impact in malaria-affected communities. ViacomCBS Networks Africa embodies and aligns to this vision of a Reimagined Africa,” continues Twala.  

Lilies Njanga, Africa Director for Malaria No More UK, said 

“This partnership will create a powerful opportunity to reach young people in Africa and beyond with a rallying cry for them to step up action in the fight against malaria.

We believe that art and music are universal languages that have the power to unite and inspire young people – ViacomCBS embodies and aligns to these values and reaches a global audience. Together we hope to inspire youth to become trailblazers and end malaria in their generation.”   

This partnership follows VCNA’s dedication to social impact causes. In 2020 the network partnered with the World Food Program and UNICEF for the Africa Day Benefit Concert to raise funds for immediate food provision and health care in support of coronavirus-affected communities across Africa together with YouTube.

The social impact series MTV Shuga in partnership with the MTV Staying Alive Foundation has led a formidable charge in effectively disseminating information and positively changing behaviour and attitudes through increased HIV testing.

Vbank Debuts #GrowWithV Webinar With A Branding Edition

Esan Bolaji
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Vbank Debuts #GrowWithV Webinar With A Branding Edition

Nigeria’s leading digital bank, Vbank, has debuted a webinar series to further its #GrowWithV campaign.

Throughout the month of February, Vbank, a product of VFD Microfinance Bank, has run series of free advertising campaigns on Instagram, Twitter and Facebook to promote small businesses under an initiative it calls ‘Grow with V.’

Vbank Debuts #GrowWithV Webinar With A Branding Edition Brandnewsday

The bank also kicked off a webinar series where the first edition featured celebrity influencer and CEO/Founder of 360 Nobs, Noble Igwe, who spoke to participants on ‘Branding Your Business for Success,’ as a part of the initiative.

“At Vbank, we pride ourselves on knowing our customers and having a good understanding of their needs. And that is why we are focused on creating value in different ways that make life easier, whether indirectly via a feature on the app, or directly like publicizing your business on our social platforms or getting you into the room with experts.

It’s simple: we grow when you grow, so why not help you grow,” said Ebere Ahaotu, Senior Product Manager for Vbank.

The #GrowWithV initiative is an avenue to give back to micro, small and medium entrepreneurs, struggling hard to keep afloat in the Nigerian business environment, as well as to invest in the human capital of the country, by facilitating the sharing of relevant local knowledge in areas of interest selected by the webinar attendees.

Some of the businesses that have benefitted from the #GrowWithV free digital advertising promotion for entrepreneurs include Pronino Classics, Regclass clothing and Shades by AYOMIEPAT.

At the debut webinar attended by more than 100 participants, Noble Igwe shared industry secrets that have kept him relevant for more than fifteen years and why it is important to brand your personality away from your business.

“Being a celebrity or influencer gives good mileage to your business, no doubt. But it is important to focus on the business that will sustain the celebrity status. Your number of followers (on social media) is an indication of popularity and not necessarily a measure of your influence.

Your branding determines how people perceive you or your business and that guides how they interact with you. So, it’s not just about making a good impression; it’s about letting customers and would-be clients know what to expect from the business. Building a brand’s personality is about focus,” he counselled.

The one-hour conversation was moderated by Deola Aromiwura, Branding and Digital Manager, VFD Tech.

Vbank is an end-to-end virtual bank focused on providing a simple, quick, convenient, secure, and seamless banking experience with zero transfer and SMS notification charges. The app is available on android and iOS stores. It is powered by VFD Microfinance Bank.

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Nigerian Breweries Plc Profit Declines By 54%; Revenue Up 4.4% in 2020

Esan Bolaji
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Nigerian Breweries Plc Profit Declines By 54%; Revenue Up 4.4% in 2020

The Board of Directors of Nigerian Breweries Plc has released its audited financial statement for the year ended 31 December 2020, declaring a profit after tax of N7.52 billion and a turnover of ₦337.01billion in revenue.

This result represents a percentage increase of 4.3% compared to ₦323 billion recorded during the corresponding period in 2019.

Source: Company Fillings, Vetiva Research Insider Dealing: Heineken Brouwerijen B.V acquires additional 6,894,409 units of Nigerian Breweries shares

Key Highlights

  • Revenue grew by 4.4% to N337bn from N323bn in the previous quarter.
  • Profit before tax declined by 50% to N11.6bn.
  • Profit after tax declined by 54% to N7.4bn.
  • Net Assets declined by -3.9% from N161bn to N168bn.

In the statement signed by the Company Secretary/Legal Director, Uaboi Agbebaku, the Board of Directors commended the Company’s Management for its efforts in mitigating the impact of the COVID-19 pandemic on the business, as well as the prudent management of its resources as reflected in a 7% reduction in expenses incurred on marketing, distribution, and administration.

The statement further revealed that the Board of Directors will be recommending to the Company’s Shareholders at the forthcoming Annual General Meeting the declaration of a total dividend of ₦7.52billion, at 50k per share representing a hundred percent dividend payout ratio.

Recall that the Company had earlier in 2020, paid an interim dividend of ₦1.999billion which translated to ₦0.25k per share. The final proposed dividend of ₦5.52billion at ₦0.69k per share will be payable to shareholders upon approval on 23 April 2021.

The statement further noted that only qualifying shareholders whose names appear on the Company’s Register of Members at the close of business on 10 March 2021 will be paid the final dividend.

Directors would also be recommending to Shareholders for their approval at the forthcoming AGM, a right of election for Qualifying Shareholders to receive new ordinary shares in the Company as against the final dividend in cash.

Despite the negative impact on its operations, it is noteworthy that Nigerian Breweries made various donations in cash and kind valued at about ₦531 million out of a phased commitment of ₦600 million to the Federal and 7 State Governments’ COVID-19 Task Forces Relief Funds.

According to Mr Agbebaku, the Board of Directors expressed confidence that Nigerian Breweries is well-positioned to continue to deliver a return on investment to Shareholders. The statement adds that the company remains committed to not only keeping its balance sheet strong but ensuring that the health, safety and welfare of its employees, customers and partners are protected.

Smart Traffic Management to Significantly Reduce Congestion and Emissions; Saving Cities $277Bn by 2025

Brand Spur
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Smart Traffic Management to Significantly Reduce Congestion and Emissions; Saving Cities $277Bn by 2025

Smart Intersections to Drive Growth by 64% Over the Next 4 Years

22nd February 2021: A new study from Juniper Research has found that smart traffic management systems will save cities $277 billion, by reducing emissions and congestion globally by 2025; rising from $178 billion in 2021.

It identified smart intersections as the key technology behind these savings, by enabling a reduction of over 33 hours of time spent in traffic per annum per motorist by 2025.

traffic-brand spur nbs nigeria

Smart intersections include areas of the high traffic that leverage connectivity and AI-based automation to monitor and manage the flow of traffic based on real-time data, in order to reduce the time wasted on road congestion.

The new research, Smart Traffic Management: Technologies, Use Cases & Market Forecasts 2021-2025, predicts that over 95% of the $277 billion in savings will be attributable to congestion reduction.

North America and Europe are anticipated to account for over 75% of all savings, owing to their increasing investment into smart traffic management and the high vehicle usage in these regions.

Stakeholder Collaboration on V2X Needed

The research argues that V2X (Vehicle-to-Everything) technologies are critical to the enhancement of existing smart traffic management services. V2X leverages cellular connectivity to enable vehicles and smart traffic infrastructure to communicate information.

It predicts that V2X connectivity will enable smart traffic management platforms to gather data directly from vehicles, rather than relying on traditional traffic actuation methods.

In turn, stakeholder collaboration will enable the integration of various automotive services into smart traffic management; providing enhanced convenience for vehicles utilising smart parking services.

Smart Parking Investment to Grow by 115%

The report forecasts that investment into smart parking will reach $1 billion by 2025; rising from $460 million in 2021.

Smart Traffic Management to Significantly Reduce Congestion and Emissions; Saving Cities $277Bn by 2025

It anticipates that smart parking vendors will focus on the connectivity between parking sensors, management platforms and end-users, and urges vendors to focus on smart displays that provide relevant and up-to-date parking availability information to road users in a safe manner.

Juniper Research provides research and analytical services to the global hi-tech communications sector; providing consultancy, analyst reports, and industry commentary.

United Capital Reports An Impressive 57% Growth In PAT

Esan Bolaji
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United Capital Reports An Impressive 57% Growth In PAT

Lagos, 22 February 2021: United Capital Plc, announced its audited Financial Statements for the period ended December 31st, 2020. During the period under review, the Group showed significant growth in key indicators despite the challenging global economic climate and Covid-19 pandemic.

United Capital reported impressive growth across key indicators during the year under review despite the challenging global climate. Total Revenue in FY 2020 grew 50% to N12.87bn from N8.59bn in FY 2019, Profits before tax recorded a significant growth of 61%, while PAT was up 57% year-on-year.

An increase of 48% was recorded in Total Assets, being well-financed by a 52% increase in Liabilities, while Shareholders Fund grew 25% on the back of a strong 29% growth in retained earnings.

HIGHLIGHTS OF THE RESULT

Statement of Profit or Loss:

Year-on-Year Analysis (FY 2020 to FY 2019) reveals the following;

  • Gross Earnings: N12.87 billion in 2020, compared to N8.59 billion in 2019 (50% growth year-on-year)
  • Net Operating Income: N12.49 billion in 2020, compared to N7.90 billion in 2019 (58% growth year-on-year)
  • Operating expenses: N4.93 billion in 2020, compared to N3.64 billion in 2019 (35% growth year-on-year)
  • Profit Before Tax: N7.95 billion in 2020, compared to N4.95 billion in 2019 (61% growth year-on-year)
  • Profit After Tax: N7.81 billion in 2020, compared to N4.97 billion in 2019 (57% growth year-on-year)
  • Earnings Per Share: 130 kobo. (2019: 83 kobo)

United Capital Plc Raises N15Bn in Series 3 Commercial Paper Issuance

Statement of Financial Position:

  • Total Assets: N224.75 billion, compared to N150.46 billion as at December 31 2019 (48% growth year-on-year)
  • Total Liabilities: N198.32 billion, compared to N130.88 billion as at December 31 2019 (52% growth year-on-year)
  • Shareholders Fund: N24.43 billion, a 25% increase year-on-year relative to N19.59 billion as of December 31 2019.

United Capital Reports An Impressive 57% Growth In PAT Brandspurng

Comparing FY 2020 with FY 2019, the following are worthy of note:

  • Total Revenue: United Capital’s total revenue increased by an impressive 50% YoY on the back of strong growth in Fee and Commission income (+77% YoY), Investment Income (+42% YoY), and net trading income which was up 453% YoY.
  • cost-to-income ratio: There was improved operational efficiency during the period as the cost-to-income ratio declined by 4.13 percentage points, largely attributable to the faster growth in revenue (+50% YoY) relative to operating expenses (+35%YoY). Of note, however, there was a sharp 513% increase in impairment allowance as a result of a notable 54% year-on-year increase in financial assets.
  • PBT Margin: United Capital’s Profitability margin also improved with PBT margin gaining 4.13 percentage points to 62% for FY 2020 relative to 58% for FY 2019 as PBT expanded by 61% during the period.
  • PAT Margin: PAT margin also improved, up 2.79 percentage points to 61%, despite a tax charge of 2% for 2020 relative to a tax credit of N23.7 million in 2019.
  • Total Assets: Total Assets grew by 48% YoY largely on account of a significant 54% YoY increase in investment in financial assets and a 44% growth in the cash and cash equivalents line.
  • Total Liabilities: A 60% growth in managed funds and a 43% increase in other borrowed funds saw total liabilities rise by 52% YoY.
  • Shareholders’ Fund: Shareholder’s wealth improved during the period, up 25% YoY driven by the strong 29% growth in retained earnings.
  • Proposed Dividend: The Directors proposed a dividend of 70k per share, amounting to a total of an N4.2billion dividend to be paid to shareholders upon approval of members at the AGM. The dividend is payable to shareholders whose names appear on the Register of Members at the close of business on March 5, 2021.
United Capital Reports An Impressive 57% Growth In PAT Brandspurng
*UCAP share price at 31/12/2020

While commenting on the group’s performance the Group CEO, Mr. Peter Ashade, had this to say:

“I am pleased to inform all stakeholders that United Capital Plc delivered impressive returns amid the unprecedented environment worsened by the pandemic during the 2020 financial year with remarkable double-digit growth in Revenue, PBT and PAT and solid performance across key business parameters.

This empowers us to adopt a more positive outlook for the year 2021 as we navigate the tough terrain compounded by a second wave of the COVID-19 pandemic among other severe economic challenges.”

Discussing the result further he stressed that;

“Despite the tough operating environment, all stakeholder groups can be assured of our commitment to providing best-in-class solutions to diverse client segments and delivering superior returns to shareholders even as we work with regulatory authorities to strengthen the broader financial system as the domestic economy continues on the path to recovery in the year 2021.”

Deal with Siemens: Hope For The Power Sector?

Esan Bolaji
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Deal with Siemens: Hope For The Power Sector?

CSL Brokers – According to a news report by Punch, the Federal Government last week signed a contract with Siemens Energy Nigeria for the pre-engineering phase (the first phase) of the Presidential Power Initiative through a Special Purpose Vehicle (SPV), FGN Power Company.

The Presidential Power initiative seeks to improve power generation in the country. Notably, the pre-engineering phase will include engineering design works, specifications for onshore installation, commissioning works for the transmission and distribution systems, network development studies, power simulation, training, and support services.

Kaduna DisCo, Konexa Plan $50m Power Expansion Project Brandspurng

The federal government in July 2019 signed a power deal with the power giant to deliver 25,000MW by the end of 2025 and to fix the archaic transmission and distribution infrastructure in the sector.

Furthermore, milestones were set to ensure the provision of 7,000MW and 11,000MW of reliable power supply by 2021 and 2023 respectively. Since then, several steps have been taken such as the initial N8.6bn commitment made by the government in 2020 as disclosed by the Minister of Power, Sale Mamman.

Currently, Nigeria has a power generating capacity of about 13,000MW with a less than 50% utilization capacity at a peak power generation of 5,222MW.

The Nigerian power sector has been bedevilled by a number of constraints since the privatization done in 2013 such as lack of cost-reflective tariff, poor metering infrastructure, low network coverage and decrepit transmission facilities that have continued to undermine performance and drive liquidity squeeze in the sector.

Over the years, the widening deficiency in the on-grid supply of power has forced consumers into costly off-grid alternatives, which account for 52% of electricity consumption, based on IMF estimates.

According to the world bank, about 80 million people still lack access to grid electricity, making Nigeria the country with the largest access deficit in Sub-Saharan Africa. The institution further puts the national electrification rate at 55%, with the rural electrification rate at a meagre 39%.

Clearly, a lot of work is required in improving the supply of power across the country and ensuring its availability to unserved and underserved households and businesses.

FPL Media Unveils New Advertising And Branding Platforms With A Potential Exposure Of 30 Million Viewers Monthly

Esan Bolaji
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FPL Media Unveils New Advertising And Branding Platforms With A Potential Exposure Of 30 Million Viewers Monthly

FPL Media A leading Out-of-Home Advertising company in Lagos has been awarded the exclusive rights to the advertising and brand promotions for the Bus stations/shelters on the recently commissioned ultra-modern 14km BRT Bus corridor which runs from Oshodi to Abule Egba in Lagos state after a competitive review from other interested parties.

This development reiterates FPL media’s commitment to providing exceptional opportunities for brands. This platform provides the opportunity for businesses to showcase their products and services to their target audience on a larger scale in order to achieve returns on advertising investments.

FPL Media Unveils New Advertising And Branding Platforms With A Potential Exposure Of 30 Million Viewers Monthly Brandspurng

The infrastructure is the second purpose-built BRT corridor in Lagos 13 years after the first one was built. It is a major upgrade, world-class and fitted with modern facilities which redefine public transport in Lagos state such as laybys, pedestrian bridge crossings at each bus station, ticketing points and waiting areas for passengers.

The corridor has 14 bus stations and each bus station is fitted with a mix of large format and small format advertising platforms like indoor advertising displays, side panel lightboxes, street lamp poles and bridge panels.

Brands are encouraged to take advantage of the footfall at each bus station for market activations like roadshows, product samplings and Point-of-sale displays. The route situated on the Lagos-Abeokuta Expressway is the busiest transport corridor in West Africa with estimated daily traffic of a million passengers.

The corridor cuts across 4 densely populated local governments in Lagos-Oshodi, Ikeja, Agege and Alimosho, with demographics suited for mass-market retail-focused brands in the FMCG, banking and insurance, sports gaming, financial technology, real estate and telecommunications services providers.

FPL media is excited about providing the platform that connects brands with audiences with resonating impact via this medium.

FPL Media Unveils New Advertising And Branding Platforms With A Potential Exposure Of 30 Million Viewers Monthly Brandspurng1

NSE Places Indefinite Suspension LASACO Assurance

Esan Bolaji
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NSE Places Indefinite Suspension LASACO Assurance

The Nigerian Stock Exchange (NSE) has placed an indefinite suspension on trading on LASACO Assurance Plc after the company failed to complete its share capital reconstruction within the initial stipulated period.

In a circular, the NSE stated that the placement of full-suspension on trading in the shares of LASACO Assurance was to determine shareholders eligibility for the share capital reconstruction as at the qualification date of January 29, 2021.

The statement reads:

Please refer to our market bulletin of 1 February 2021 with reference number: NSE/RD/LRD/MB07/21/02/01, notifying the Market of the placement of full-suspension on trading in the shares of LASACO Assurance Plc (LASACO or the Company), in order to determine shareholders eligible for the share capital reconstruction as at the Qualification Date of 29 January 2021.

Market stakeholders are hereby notified that the full suspension placed on trading in the shares of LASACO has been extended in order to enable the Company to complete the reconstruction exercise and to allot the reconstructed shares to eligible shareholders. The extended period of suspension is from 15 February 2021 till further notice.

Lasaco Assurance appoints 2 Non-Executive Directors, Aderinola Disu Resigns

LASACO Assurance plans to cancel 5.5 billion ordinary shares of 50 kobo each, 75 per cent of its current issued share capital, under a massive share capital reconstruction plan.

The share capital reconstruction includes the exchange of one new ordinary share of 50 kobo each for every four ordinary shares currently held by shareholders.

The reconstruction will lead to a reduction of the paid-up share capital of the company from its current N3.667 billion divided into 7.334 billion ordinary shares of 50 Kobo each to N916.793 million divided into 1.834 billion ordinary shares of 50 Kobo each at the end of the reconstruction.

Shareholders of LASACO Assurance had, at the 39th Annual General Meeting (AGM) on October 8, 2019, approved the share capital reconstruction.

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