A substantial shareholder of Unilever Nigeria Plc, Unilever Overseas Holdings B.V, has increased its stake in its Nigerian subsidiary with the purchase of over 67,094,382 additional shares on August 14, 2020, at the rate of NGN 12.5 per share.
This disclosure was made in a note to the Nigerian Stock Exchange (NSE) by the food and personal care products manufacturer and signed by the company’s General Counsel/Company Secretary, Abidemi Ademola.
The transaction, which was done on the floor of the Nigerian Stock Exchange, is put at NGN838.7million.
Unilever Overseas Holdings B.V is already the single largest investor with over 70% shareholding in the company.
Unilever Nigeria closed at N13 per share on Friday, August 14, on the floor of the Nigerian Stock Exchange with a market capitalization of about N71.81 billion.
See below details of the transaction:
Recent Financials:
According to the information contained in its 2020 half-year report, Unilever Nigeria suffered a revenue loss of 40% for the three months period ended June 2020 The company reported a revenue of N14 billion between April and June 2020 compared to N23.4 billion for the same period in 2019.
The drop in revenues negatively impacted its half-year 2020 results when compared to the same period last year. For the first half this year (January to June 2020) Unilever reported N27.3 billion compared to N42.6 billion same period last year. The drop in revenue threw the company into a loss per share of 9 kobo compared to 61 kobo same period in 2021.
The Nigerian Pension Industry (‘the Industry’) has evolved over the years from one with predominantly public sector participants running a defined benefit scheme to a mandatory defined contribution system for all government and private-sector employees in the country.
The 2004 pension reform redefined retirement planning in Nigeria and led to a significant boost in the number of enrolees and the size of managed assets in the Industry.
As at 31 December, the Nigerian Pension Industry’s assets under management stood at ₦10.2 trillion (or $28.3 billion at US$1= ₦360) as at 31 December 2019, representing an 18.6% growth from the ₦8.3 billion recorded at the end of 2018 and a 17.2% compound annual growth rate over the last five years.
Photo by Joslyn Pickens
Growth in managed assets has been increasingly driven by investment returns rather than additional contributions over the last five years, according to Agusto & Co’s 2020 Pension Industry Report. Specifically, 63.4% of growth was attributable to investment returns earned on managed assets with the outstanding 33.6% representing net annual contributions in the last five years.
Going forward, Agusto & Co expects a considerable slowdown in AuM growth driven by lower contributions as unemployment is expected to rise significantly given the weakened macroeconomic environment following the COVID-19 pandemic.
Job losses are expected to trigger higher benefit withdrawals as disengaged enrolees seek access to the 25% lump sum drawings permitted by PenCom regulations for employees out of work for more than three months.
Investment performance is also expected to fall considerably in line with the lower yields on government securities, which account for over 70% of the Industry’s asset allocation. Nonetheless, we note positively the favourable demography of enrollees, which has over 73.8% below the age of 50 indicating relatively low expectations of liquidity events such as lump-sum payments, annuities and programmed withdrawals.
We expect AuM to continue to grow albeit at a much slower pace of 8.5% in 2020 and rising to 12% in 2021, which is well below the compound annual growth rate (CAGR) of 17.2% over the last five years.
Despite the notable strides in pension reforms and double-digit average growth in the last five years, Nigeria continues to lag behind some emerging markets in terms of pension penetration, with a pension AuM to GDP ratio of 6.8%. The Industry’s AuM to GDP ratio falls below those of Kenya and South Africa with 13.2% and over 120% respectively but compares well with Ghana’s 5%.
The weak pension penetration has been due in part to the previous exclusion of Nigeria’s informal sector (which accounts for an estimated 65% of GDP) and the low compliance rate of eligible organisations. Nonetheless, we note increased efforts by the Commission to ensure compliance and drive enrolee participation. Most notable is the micro pension scheme (MPS).
The micro pension scheme allows previously excluded self-employed persons and organisations with less than three persons to participate in the contributory pension scheme under more flexible rules.
We remain unconvinced by the structure of the scheme for informal sector operators, given that compliance is optional and prior lessons from the National Health Insurance Scheme indicate voluntary compliance is unlikely to yield significant levels of enrolment.
Agusto & Co’s 2020 Pension Industry Report provides detailed information on the structure and competitive environment of the industry as well as the regulatory environment and its impact on the Industry’s performance. Recent developments and key issues including the most anticipated transfer window, minimum pension guarantee, multi-fund structure and the micro pension scheme are also discussed in detail.
Furthermore, the report provides a detailed analysis of the Industry’s financial condition as well as the performance of the individual funds (funds I-IV). Agusto & Co has also ranked PFAs by share of managed assets and fund performance in the report.
Some highlights from Agusto & Co. Pension Industry Report:
Pension assets stood at N10.2T in 2019
Representing a 17.2% CAGR over the last five years
Pension assets to grow by 8.5% in 2020
Favourable demography with 73,8% enrollees below 50years old.
United Capital Asset Managementmutual funds have recorded significant growth despite the COVID -19 pandemic that has affected the economy and headwinds in the financial markets. Data made available to THISDAY showed that the funds surpassed the market realities and beat the benchmarks.
According to the fund managers, all our funds are actively managed to generate alpha regardless of the market conditions. For instance, the current return on the United Capital Money Market Fund is 5.7 per cent, which is better two per cent yield on the 91-day Treasury Bill in the secondary market.
Also, the United Capital Bond Fund and Eurobond Funds’ yields stand at 8.9 per cent and 6.9 per cent compared to benchmark returns of 6.0 per cent and 3.0 per cent respectively. The benchmark for the two funds is 3-year average FGN Bond yields and LIBOR+2 per cent respectively.
The company said the funds grew mainly on the back of its robust distribution network.
“We have been able to complement our physical touchpoints with an effective online sales model that allows clients to subscribe and redeem funds seamlessly. Our superior returns also set us apart our funds continued to return above industry average and benchmarks.
For our Eurobond Fund, another key driver of the growth was investors demand FCY due to the weak outlook for the naira, especially amidst the pandemic. We have also maintained a strong A credit rating for our Money Market Fund, which gives investors comfort in investing in our funds,”the firm explained.
Commenting further, the Managing Director/CEO United Capital Asset Management, Odiri Oginni, the firm has constantly supported its clients on their journey to financial independence through our mutual funds.
“Our mutual funds have grown much faster than the overall market in the last 18 months while returns on the funds consistently outperformed benchmarks, placing us amongst the top five Asset Managers by mutual funds size in the market. We hope to continue in this streak and even surpass it in the months and years ahead,”he said.
Also commenting, the Group Executive Director, United Capital Plc, Sunny Anene, stated:“the strong growth in the funds under management of our Asset Management subsidiary points to a high level of investor confidence in our brand as we continue to reward our clients with above-market returns regardless of challenges in the market.
With an investment-grade credit rating, asset under management in excess of N150 billion, cutting across privately managed funds and 6 collective investment schemes, we remain positioned as a fund manager of choice in Nigeria today.”
Lagos, Nigeria – Monday, August 17, 2020: Leading consumer and SME finance company, Zedvance Finance Limited has revealed plans to empower small and medium-sized businesses with interest-free credit to catalyze their growth against the backdrop of the global economic downturn occasioned by the Covid-19 pandemic.
Driven by a need to create a support system for SMEs at this uncertain time, the company will be running a 3-week virtual campaign with the theme: “Keeping SMEs Alive”.
Speaking on the initiative, the Acting Chief Executive Officer, Zedvance Finance, Ever Obi said the objective of the initiative is to help SMEs stay afloat at this crucial time and to promote economic enterprise in line with the company’s Corporate Social Responsibility pillars.
“We understand the critical role loans play in helping SMEs looking to take their businesses to the forefront of the market. More importantly, we know that interest-free loans will allow them to accelerate growth by reducing the burden of loan interest payment.”
“Essentially, we are creating a support system for SMEs. Majority of our youth are budding entrepreneurs. While we provide ‘safe’ capital for them, we believe that some level of guidance on corporate and product strategy will also be invaluable. For this reason, we will be having five top entrepreneurs that will be speaking on different topics on entrepreneurship via our social media platform during the campaign”,he said.
Speaking on how to pitch for the zero-interest loan, Lukmon Oloyede, Head, Product Marketing & Brand Communications, send “all entrepreneurs can send their ‘pitch’ via Zedvance’s Social Media platforms – @zedvance on Facebook, Instagram, Twitter and LinkedIn or email customercare@zedvance.com. Participants are to invite their friends and family to like your pitch, follow Zedvance social media platforms and state why they deserve a zero-interest loan for your business.
Through Zedvance’s Instagram Live Chat, Tunji Andrews, Co-Founder, Awabah Nigeria will be speaking on ‘Strategies for SME Fund Raising in a pandemic era’; Chidi Nwaogu, C0-Founder & CEO, Publiseer will shed light on ‘How to Avoid Common Startup Pitfalls’ while Tosin Oshinowo, Founder, cmDesign Atelier will also lead the conversation on ‘Building a Globally Competitive Creative Enterprise’. Lanre Messan, CEO, FirstFounders will talk on ‘Securing Funding for SMEs in a Post Pandemic Era’ and Margarita Adokuru, Founder, Margaritas Farm will speak on ‘Building Global Competitive Agric-Business in Nigeria’.
The first edition of the campaign will hold from August 18th – 31st, 2020.
Zedvance Finance Limited loans are accessible through a range of self-service digital channels includingwebsite –www.zedvance.com, mobile app – MoneyPal (available on Google Playstore) and phone call to the Customer Service Centre on 07001001000. Customers can access loans between N2,500 and N5,000,000 in minutes depending on their credit score.
The Board of Directors of MRS Oil Nigeria Plc hereby informs The Nigerian Stock Exchange and the investing public of the appointment of Mr. Samson Adejonwo as the new Chief Finance Officer (CFO) of the Company. He replaces Mr. Charles Agutu as the Chief Finance Officer (CFO).
The Board and Management of the MRS Oil Nigeria commends Mr. Charles Agutu’s financial proficiency, which influenced the growth of the Company during his tenure. His resignation is effective immediately.
Mr. Samson Adejonwo has over twelve (12) years’ experience in Accounting and Management. He held various positions in organizations, such as Summit Finance company, ALM Consulting Limited before joining MRS Holdings Limited.
He holds an MBA degree in International Business Management from Lagos State
University and he is an Associate Member of the Institute of Chartered Accountant of Nigeria.
Until his appointment as the Chief Finance Officer (CFO), he was the Finance Manager of MRS Oil and Gas Company Limited.
Mr. Samson Adejonwo’s appointment is effective August 17, 2020
Some 1.7 million small-scale farmers in Kenya, Nigeria and Pakistan will soon receive personalized agricultural advice through their mobile phones as a means to improve their incomes, food security and resilience to economic shocks caused by COVID-19, the International Fund for Agricultural Development (IFAD) announced today.
The innovative initiative, one of 11 proposals to receive initial funding under IFAD’s Rural Poor Stimulus Facility (RPSF), comes as a result of a new partnership between IFAD and Precision Agriculture for Development (PAD), a global non-profit organisation co-founded by Nobel Prize-winning economist Michael Kremer.
Using mobile phone technology, farmers will receive low-cost, customized advice to improve on-farm practices, input utilization, pest and disease management, environmental sustainability and access to markets.
IFAD’s RPSF, which was launched recently by IFAD’s UN Goodwill Ambassadors, the actor and humanitarian Idris Elba and the model and activist Sabrina Dhowre Elba, aims to mitigate the effects of the COVID-19 pandemic on the livelihoods and food security of rural poor people.
Funding for these first 11 initiatives, amounting to US$11.2 million from the RPSF plus $5.2 million in co-financing mainly from governments and implementing partners, will benefit an estimated 6.7 million small-scale farmers in developing countries who are adversely impacted by the economic slowdown caused by the COVID-19 pandemic.
Among the proposals financed are two regionally focused initiatives in Asia and Sub-Saharan Africa that will provide emergency livelihood support through local farmers’ organisations, and eight country-level initiatives in Afghanistan, Bangladesh, Cambodia, Ethiopia, Nepal, Nigeria, Palestine and Rwanda.
The majority of these initiatives, which are embedded in national COVID-19 response strategies, will be implemented through IFAD project teams and other strategic partners to ensure fast delivery.
The activities that will be delivered include: providing seeds and fertiliser in time for the upcoming planting season; assisting with storage and market transport; supporting local banks to provide credit; and establishing digital platforms for information, training, banking and marketing services.
Working through existing project teams and IFAD country offices, the initiatives will draw on existing targeting data to identify and provide assistance to the most at-risk groups.
The second round of funding, which includes 22 initiatives and amounts to $13.8 million, is expected by the end of August. Thanks to generous contributions from key partners, additional rounds of funding will follow later in the year.
Facebook today, launched Avatars in Africa to give people new ways to express themselves online. Avatars are digital personas that enable people to engage across Facebook and Messenger in a more personal and dynamic way. You can use your personalised avatar to share a range of emotions and expressions via a digital persona that is unique to you.
There are many ways you can use your avatar including in comments, Stories, Messenger and soon, text posts with backgrounds too. With so many emotions and expressions to choose from, avatars let you share your authentic reactions and feelings with family and friends across the app. You can customise your avatar with hairstyles, complexions, outfits, COVID-19 support stickers and more.
To create your avatar, go to the Facebook or Messenger comment composer, click on the “smiley” button, and then the sticker tab. Click “Create Your Avatar”.
“Facebook is home to some of your most personal content and we want to allow people to share and react to that content in the most personalised way possible,” says Nunu Ntshingila, Regional Director, Facebook Africa. “We’re excited to give people more options to convey their identity on Facebook, allowing them to share in a more personal, light-hearted way.”
Avatars include hundreds of global sticker packs and integrations with GIF providers and can also be shared across Facebook and Messenger by:
The following are the details related to the dividend:
Financial period
FY 31/03/2020
Announcement date
13/08/2020
Ex-Dividend date
25/08/2020
Record date
24/08/2020
Payment date
10/09/2020
Dividend amount per share
0.15 NGN
AGM
Northern Nigeria Flour Mills Plc, also announced its Annual General Meeting (AGM) details as thus:
AGM date
:
08/09/2020
Year ended
:
31/03/2020
Venue
:
Bristol Palace Hotel, 54/56 Guda Abdullahi Road, Farm Center, Kano
Time
:
14:00
Financials
Northern Nigeria Flour Mills Plc recently released its Q1 2020 Unaudited results for the period ended June 30th, 2020. The company’s revenue grew by 68.9% to N1.9bn from N1.1bn in the previous quarter.
In terms of profit, the company saw a growth in its profit before tax by 304% to N68.5m while profit after tax grew by 536.9% to N68.5m. Net Assets grew by 144.4% from N1.2bn to N2.8bn.
Northern Nigeria Flour Mills Plc is a milling company in Nigeria which mills wheat and other grains and sells its products under the Golden Penny brand name. Products produced by Northern Nigeria Flour Mills Plc include wheat flour, semovita, wheat offal, masaflour, germ flour, masavita and corn offal.
It’s retail and wholes range for banking and confectionary includes Golden Penny flour, Golden Penny sugar and Golden Penny rice. The company’s head office is in Kano, Nigeria.
Tripple Gee and Company Plc, a manufacturer of financial instruments, secure and commercial documents and flexible packaging materials declared a final dividend of N0.055 per share for the year ended 31 March 2020.
The following are the details related to the dividend:
Financial period
FY 31/12/2019
Announcement date
13/08/2020
Ex-Dividend date
01/09/2020
Record date
31/08/2020
Payment date
22/09/2020
Dividend amount per share
0.055 NGN
The Company Secretary, Mrs M.A Sode, confirmed in a note to the Nigerian Stock Exchange that the dividend will be paid electronically on 22nd September 2020, while shareholders will be advised on the date for the annual general meeting on 16 September 2020.
Tripple Gee and Company announced 68% Turnover growth in Q4’20 Result.
The company released its 2020 Audited results for the period ended March 31st, 2020 in which its turnover grew by 68% to N1.3bn from N785m in the previous quarter.
Tripple Gee and Company Nigeria grew its Profit before tax by 56% to N55m as well as its Profit after tax that increased by 36% to N37.5m. Net Assets declined by -5.6% from N1.2bn to N1.1bn.
Incorporated as a private limited liability company in 1980, Tripple Gee & Company Plc commenced operations as a small print service catering to commercial office stationery needs firstly and subsequently to specialised food and pharmaceutical packaging requirements.
Tripple Gee & Company Plc manufactures and sells paper and packaging products in Nigeria and specialising in printing financial instruments and security documents. The company services the banking, oil and gas, pharmaceutical and FMCG sectors as well as government regulatory bodies.
Security documents include MICR encoded and personalised cheques, dividend warrants, share certificates, ballot papers and election stationery as well as licenses and permits, customs revenue collection forms and receipts, statement of accounts, utility bills and pension contributions.
Tripple Gee & Company Plc also offers packaging and labelling products which include pharmaceutical labels, anti-counterfeit labels and packaging labels such as printed nylon, BOPP, PVC and shrink packaging products. Its head office is in Lagos, Nigeria.
Nigeria’s inflation rate rose further in July 2020 to 12.82% (year-on-year), 0.26% points higher than the rate recorded in June 2020 (12.56%). This is according to the latest CPI report, released by the National Bureau of Statistics.
On a month-on-month basis, the Headline index increased by 1.25 percent in July 2020. This is 0.04 percent rate higher than the rate recorded in June 2020 (1.21) percent.
The percentage change in the average composite CPI for the twelve months period ending July 2020 over the average of the CPI for the previous twelve months period was 12.05 percent, representing a 0.15 percent point increase from 11.90 percent recorded in June 2020.
The urban inflation rate increased by 13.40 percent (year-on-year) in July 2020 from 13.18 percent recorded in June 2020, while the rural inflation rate increased by 12.28 percent in July 2020 from 11.99 percent in June 2020.
On a month-on-month basis, the urban index rose by 1.27 percent in July 2020, up by 0.04 from 1.23 percent recorded in June 2020, while the rural index also rose by 1.23 percent in July 2020, up by 0.04 from the rate recorded in June 2020 (1.19) percent.
The corresponding twelve-month year-on-year average percentage change for the urban index was 12.66 percent in July 2020. This is higher than 12.50 percent reported in June 2020, while the corresponding rural inflation rate in July 2020 is 11.49 percent compared to 11.36 percent recorded in June 2020.
Food Index
The composite food index rose by 15.48 percent in July 2020 compared to 15.18 percent in June 2020.
This rise in the food index was caused by increases in prices of Bread and cereals, Potatoes, yam and other tubers, Meat, Fruits, Oils and fats, and Fish.
On a month-on-month basis, the food sub-index increased by 1.52 percent in July 2020, up by 0.04 percent points from 1.48 percent recorded in June 2020.
The average annual rate of change of the Food sub-index for the twelve-month period ending July 2020 over the previous twelve-month average was 14.63 percent, 0.17 percent points from the average annual rate of change recorded in June 2020 (14.46) percent.
All Items Less Farm Produce
The “All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 10.10 percent in July 2020, down by 0.03 percent when compared with 10.13 percent recorded in June 2020.
On a month-on-month basis, the core sub-index increased by 0.75 percent in July 2020. This was down by 0.11 percent when compared with 0.86 percent recorded in June 2020.
The highest increases were recorded in prices of Medical services, Passenger transport by air, Pharmaceutical products, Hospital services, Passenger transport by road, Maintenance and repair of personal transport equipment, Paramedical services and Vehicle spare parts.
The average 12-month annual rate of change of the index was 9.48 percent for the twelve-month period ending July 2020; this is 0.11 percent points higher than 9.37 percent recorded in June 2020.
State Profiles
In analysing price movements under this section, note that the CPI is weighted by consumption expenditure patterns which differ across states. Accordingly, the weight assigned to a particular food or non-food item may differ from state to state making interstate comparisons of consumption basket inadvisable and potentially misleading.
All Items Inflation
In July 2020, all items inflation on year on year basis was highest in Bauchi (16.10%), Kogi (15.90%) and Sokoto and Plateau (15.20%), while Lagos (10.70%), Adamawa (10.60%) and Kwara (10.50%) recorded the slowest rise in headline Year on Year inflation.
On month on month basis, however, July 2020 all items inflation was highest in Kogi (2.85%), Zamfara (2.44%) and Yobe (2.35%), while Ondo (0.67%), Adamawa (0.63%) and Ogun and Imo (0.62%) recorded the slowest rise in headline month on month inflation.
Food Inflation
In July 2020, food inflation on a year on year basis was highest in Kogi (20.09%), Sokoto (19.28%) and Plateau (18.05%), while Adamawa (13.37%), Abia (13.33%) and Lagos (13.13%) recorded the slowest rise.
On month on month basis, however, July 2020 food inflation was highest in Zamfara (3.40%), Kogi (3.32%) and Yobe (3.00%), while Niger and Ogun (0.44%), Lagos (0.41%) with Adamawa recording price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate).
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