Connect with us

Markets

HASAL Microfinance Pays Shareholders N200m Dividends

Published

on

hasal-microfinance

HASAL Microfinance Bank, an Inclusive Finance has paid out more than N200m in the last three years to its shareholders. The Managing Director of the bank, Mr. Rogers Nwoke while assuring the shareholders that the bank would continue to guarantee value to all investors, confirmed that Hasal in the last three years had been returning 40 Kobo for every ordinary share held.

The Bank’s Customer Multi-Purpose Cooperative Society, which was established in 2013 with over 200 members, has grown into a big mutual cooperative availing its members liberty to access business support funding from the bank at group and individual levels and at a reduced interest rate.

The decision to form a Customer Multi-Purpose Cooperative Society, Nwoke said, was part of the bank’s Social Performance Initiatives aimed at making micro-business owners/entrepreneurs part owners of a thriving institution in order to ensure they are part of the banks’ success as this avails customers the opportunity to grow their business as the bank is growing.

The Managing Director further stressed that, when the bank launched HASAL MFB shares, “the Board and management felt it was important to give customers the opportunity to become shareholders of the bank. Today those customers who purchased our shares have received millions of Naira in dividend for three years in a row”.

The founding President of the HASAL Customers’ Multi-Purpose Cooperative Society, Mr. Pascal Emenyonu stated his confidence and that of his members on the bank. “We believed three years ago that the money we were investing in the bank will yield results, and today our expectations has been realistic because we have earned dividends consistently in the last three years.

He also added that “the level of integrity and competence of the management team gives us the assurance that the capacity of the bank can only get better, so our members have decided to keep reinvesting for our benefit and that of the bank”.

Similarly, Mr. Christian Eze, a customer of the bank for six years and also a shareholder within the cooperative scheme explained that he became a member of the cooperative because he believes in the bank and he is happy with the way HASAL provides financial services to the poor.

Mr. Eze further added that the cooperative is “making arrangement to start fish farming.

“This is where being a bank shareholder is very good, we are accessing loans from the bank to be able to finance the business as well as capacity building in the form of training.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Continue Reading
Comments

Crude Oil

Oil Rises as Threat of Immediate Iran Supply Recedes

Published

on

crude-oil-production

Oil prices rose on Tuesday, with Brent gaining for a fourth consecutive session, as the prospect of extra supply coming to the market soon from Iran faded with talks dragging on over the United States rejoining a nuclear agreement with Tehran.

Brent crude was up by 82 cents, or 1.13%, to $73.68 per barrel, having risen 0.2% on Monday. U.S. oil gained 91 cents, or 1.3%, to $71.79 a barrel, having slipped 3 cents in the previous session.

Indirect discussions between the United States and Iran, along with other parties to the 2015 deal on Tehran’s nuclear program, resumed on Saturday in Vienna and were described as “intense” by the European Union.

A U.S. return to the deal would pave the way for the lifting of sanctions on Iran that would allow the OPEC member to resume exports of crude.

It is “looking increasingly unlikely that we will see the U.S. rejoin the Iranian nuclear deal before the Iranian Presidential Elections later this week,” ING Economics said in a note.

Other members of the Organization of Petroleum Exporting Countries (OPEC) along with major producers including Russia — a group known as OPEC+ — have been withholding output to support prices amid the pandemic.

“Additional supply from OPEC+ will be needed over the second half of this year, with demand expected to continue its recovery,” ING said.

To meet rising demand, U.S. drillers are also increasing output.

U.S. crude production from seven major shale formations is forecast to rise by about 38,000 barrels per day (bpd) in July to around 7.8 million bpd, the highest since November, the U.S. Energy Information Administration said in its monthly outlook.

Continue Reading

Crude Oil

Oil Prices Rise as Demand Improves, Supplies Tighten

Published

on

Oil Prices - Investors King

Oil prices rose on Monday, hitting their highest levels in more than two years supported by economic recovery and the prospect of fuel demand growth as vaccination campaigns in developed countries accelerate.

Brent was up 53 cents, or 0.7%, at $73.22 a barrel by 1050 GMT, its highest since May 2019.

U.S. West Texas Intermediate gained 44 cents, or 0.6%, to $71.35 a barrel, its highest since October 2018.

“The two leading crude markers are trading at (almost) two-and-a-half-year highs amid a potent bullish cocktail of demand optimism and OPEC+ supply cuts,” said Stephen Brennock of oil broker PVM.

“This backdrop of strengthening oil fundamentals have helped underpin heightened levels of trading activity.”

Motor vehicle traffic is returning to pre-pandemic levels in North America and much of Europe, and more planes are in the air as anti-coronavirus lockdowns and other restrictions are being eased, driving three weeks of increases for the oil benchmarks.

The mood was also buoyed by the G7 summit where the world’s wealthiest Western countries sought to project an image of cooperation on key issues such as recovery from the COVID-19 pandemic and the donation of 1 billion vaccine doses to poor nations.

“If the inoculation of the global population accelerates further, that could mean an even faster return of the demand that is still missing to meet pre-Covid levels,” said Rystad Energy analyst Louise Dickson.

The International Energy Agency (IEA) said on Friday that it expected global demand to return to pre-pandemic levels at the end of 2022, more quickly than previously anticipated.

IEA urged the Organization of the Petroleum Exporting Countries (OPEC) and allies, known as OPEC+, to increase output to meet the rising demand.

The OPEC+ group has been restraining production to support prices after the pandemic wiped out demand in 2020, maintaining strong compliance with agreed targets in May.

On the supply side, heavy maintenance seasons in Canada and the North Sea also helped prices stay high, Dickson said.

U.S. oil rigs in operation rose by six to 365, the highest since April 2020, energy services company Baker Hughes Co said in its weekly report.

It was the biggest weekly increase of oil rigs in a month, as drilling companies sought to benefit from rising demand.

Continue Reading

Crude Oil

FG Spends N197.74 Billion on Subsidy in Q1 2021

Published

on

Crude oil - Investors King

The Federal Government has spent a total sum of N197.74 billion on fuel subsidy in the first quarter (Q1) of 2021, according to the Federal Account Allocation Committee (FAAC) report for May.

The report noted that the value of shortfall, the amount the NNPC paid as subsidy, in the March receipts stood at N111.97 billion while N60.40 billion was paid in February.

In the three months ended March, the Federal Government spent N197.74 billion on subsidy.

The increase in subsidy was a result of rising oil prices, Brent crude oil, against which Nigerian oil is priced, rose to $73.13 per barrel on Monday.

The difference in landing price and selling price of a single litre is the subsidy paid by the government.

On May 19, the Nigerian Governors Forum suggested that the Federal Government removed the subsidy completely and pegged the pump price of PMS at N380 per litre.

The governors’ suggestion followed the non-remittance of the NNPC into the April FAAC payments, the money required by most states to meet their expenditure such as salaries and building of infrastructure.

However, experts have said Nigeria is not gaining from the present surge in global oil prices given the huge money spent on subsidy.

Kalu Aja, Abuja-based financial planner and economic expert, said “If Nigeria is importing Premium Motor Spirit and still paying subsidy, then there is no seismic shift.”

“Nigeria needs oil at $130 to meet the deficit. In the short term, however, more dollar cash flow is expected and with depreciated Naira, it will reduce short term deficit.”

Adedayo Bakare, a research analyst, said that the current prices do not really mean much for the country economically.

He said, “The ongoing transition away from fossil fuels and weak oil production from the output cuts by the Organisation of Petroleum Exporting Countries will not make the country benefit much from the rising oil prices.

“Oil production used to be over two million barrels but now around 1.5 million barrels. We need OPEC to relax the output cuts for the naira to gain.”

Continue Reading

Trending