Finance

Akeredolu Calls for Investment in Capital Market in Ondo

Published

6 years ago

January 30, 2019

Akeredolu Calls for Investment in Capital Market in Ondo

The Ondo State Governor, Mr Rotimi Akeredolu, said he would provide an enabling environment for capital market to thrive in the state, with a view to developing the nation’s capital market sector.

Akeredolu said an enabling environment was necessary in the state to encourage people to invest “when there is economic growth in the land.”

Akeredolu stated this in Akure, Ondo State, while declaring open a one-day enlightenment programme organised by the Securities and Exchange Commission.

The programme was themed ‘E-dividend and investment initiative at developing the Nigeria capital market.’

The participants were drawn from major stakeholders in the capital market comprising civil servants, representatives of investment companies, representatives of the Ondo State Chamber of Commerce and Industry and representatives of Ondo State Cooperative Thrifts.

The governor, who was represented at the event by the Secretary to the State Government, Mr Ifedayo Abegunde, said the political climate would remain stable enough in the state to enable stakeholders recover their investment within a reasonable period.

He said, “As we are all aware, investors’ interests are being centred on three broad objectives, ― income, growth and safety. We will ensure these three objectives are not missing in our state.

“The objective of this enlightenment programme is to give alternate economic condition to civil servants and other stakeholders to decide the best time to buy or sell shares/securities.”

He explained that the enlightenment campaign would also provide an opportunity to prospective investors to be acquainted with the general principle and policy of “buy low and sell high.”

“I will like to appeal to you all to give this short enlightenment campaign the serious attention it deserves so that we will have an improved, effective and quality investment initiatives in the state.

“It will also give us the opportunity to put in our best to make sure that state derives maximum benefits from investment opportunities in Nigeria,” Akeredolu added.

The Zonal Director, SEC, Mr Edward Okolo, explained that the essence of the programme was to enlighten the people of Ondo State on e-dividend processes and the opportunities in the capital market.

According to him, the e-dividend will afford people of the state the opportunity to bring their moribund companies into the market and revive it, which will then provide employment for the teeming population of unemployed youths in the state.

He noted that the programme would not only afford participants the opportunity to be well informed about investment in shares and stocks, but would also help individuals to do the needful whenever opportunity opened for investment.

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Samed Olukoya

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Finance

VFD Group Plc Eyes N1.05 Billion Net Profit as Q4 Earnings Forecast Hits N16.12 Billion

Published

17 hours ago

September 11, 2024

Samed Olukoya

VFD Group Plc, an industry-agnostic proprietary investment company with a portfolio of over 40 businesses across various sectors and geographies, has projected to earn N1.05 billion in the fourth quarter of 2024.

This was revealed in a financial projection statement signed by the Director of Finance, John Okonkwo, and Group Managing Director, Nonso Okpala.

According to the statement, gross earnings is projected to hit N16.12 billion in the period ending December 31, 2024.

Investment and similar income is expected to contribute N15.1 billion while investment expenses are projected at N10.42 billion.

This is expected to result in a net investment income of N4.68 billion.

Also, other income sources are expected to bring in N1.02 billion to take the total operating income to N5.7 billion.

However, the company is projected to spend N3.98 billion as operating expenses.

This includes personnel expenses of N1.09 billion, depreciation and amortization costs of N534.82 million and other operating expenses amounting to N2.35 billion.

Net impairment charge of N216.74 million was expected while net operating income is expected to stand at N5.49 billion.

VFD Group estimates its profit before tax will reach N1.51 billion, with an income tax expense of N452.67 million, leaving a profit of N1.05 billion for the period.

The company’s cash flow projections also paint an optimistic picture. Net cash generated from operating activities is expected to be N3.16 billion, while cash used in investing activities is forecasted at N6.4 billion.

On the financing side, the group projects cash generation of N8.81 billion, leading to a net increase in cash and cash equivalents of N5.57 billion.

By the end of Q4, cash reserves are expected to rise to N9.86 billion from N4.28 billion at the beginning of the quarter.

Although these numbers are projections, the forecast indicates VFD Group’s ability to manage its finances effectively in the face of economic uncertainties.

Banking Sector

Zenith Bank Extends Public Offer and Rights Issue by Two Weeks

Published

2 days ago

September 10, 2024

Investors King

Zenith Bank Plc on Monday announced that it has obtained regulatory approval to extend its public offer and rights issue by two weeks.

In a statement released via the Nigerian Exchange Limited (NGX), the leading financial institution said its offers for both existing shareholders and new investors have been extended to September 23, 2024, from the initial closing date of September 9.

The bank attributed the extension to the nationwide protest that began on August 1, the same day the offers were opened.

Zenith Bank stated that the extension will provide shareholders with more opportunities to take advantage of the rights issue and allow the general public ample time to subscribe to the public offers.

Banking Sector

Unity Bank Projects N27b In Q4 Earnings, Targets N4b Profit

Published

2 days ago

September 10, 2024

Investors King

Unity Bank Plc has projected gross earnings of N27 billion and a Profit After Tax of N4 billion in Q4, 2024, in its latest earnings forecast released to the Nigerian Exchange Group.

Although the projected gross earnings represent a marginal increase from the N26 billion projected for Q3 2024, the lender continues to maintain a profitable outlook, with pre-tax profit expected at N4.2 billion.

An analysis of the earnings forecast shows that the lender also expects interest income to rise from N23 billion to N24.5 billion, with net revenue expected to rise marginally by 1.0% to N7.2 billion within the quarter compared to N6.5 billion in Q3, 2024.

Net operating income is projected at N12 billion, while cash flow from financing activities is projected to rise to N481.4 billion from N353.6 billion, a 1.3% projected increase on a quarter-on-quarter basis. This projected growth in cash flow from financing activities continues to reflect the lender’s growing liquidity position which is essential for sustained business operations.

The lender said it expects to cover the milestones with a consistent optimistic outlook in its projection, barring any significant changes in the operating environment, under which the assumptions were made.

The lender noted that it will continue to deliver top-notch customer-centric products and services, especially in the digital lending space following the roll-out of enhanced platforms and channels for superlative customer experiences.

Analysts are of the view that the Q4 forecast reflects a steady growth trajectory on the back of key performance indicators and strategic repositioning to hedge the challenging market conditions.