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Nigerian Stock Exchange

11 Plc Formerly Mobil to Delist from NSE on 31, March 2021, Plans to Pay Shareholders N213.90 Per Share

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Mobil Service Station

11 Plc Formerly Mobil to Delist from NSE on 31, March 2021, Plans to Pay Shareholders N213.90 Per Share

11 Plc, former Mobil, has finalised plans to delist from the Nigerian Stock Exchange (NSE) on March 31, 2020, according to the latest filing with the NSE.

The company said it would purchase the interest of present shareholders at N213.90 per share, the highest amount the company price traded in the last six months.

The interest of dissenting shareholders shall be bought by the Company for a consideration of N213.90 (Two Hundred and Thirteen Naira, Ninety Kobo Only) per ordinary share, being the highest price at which 11 Plc shares have traded, six (6) months preceding the notice of the AGM at which the resolution to delist was deliberated, as provided by the rules of the Nigerian Stock Exchange. The Financial Advisers and the Board, therefore consider this price fair and reasonable,” the company stated.

The 11 Plc average trading volume in the last 12 months stood at 48,272.22 shares at an average daily value of N8,236,994.97.

The statement noted that the delisting was approved by shareholders of the company on October 14m 2020 at the Annual General Meeting.

Upon the delisting of 11Plc, the shares of the Company will no longer be available for trading on the Main Board of the Nigerian Stock Exchange. It is envisaged that the delisted 11 Plc will continue its operations as an unlisted Public Company.

“The delisting will not have any impact on the existing employment contracts of its staff.

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.

Nigerian Stock Exchange

Okey Nwuke, Access Bank Non-Executive Director, Purchases 1.3 Million Shares in the Bank

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Dr Okey Nwuke - Investors King

Dr. Okey Nwuke, a non-executive director in Access Bank, has purchased 1.3 million shares of Access Bank, according to the latest disclosure filing from the bank.

Nwuke bought 1.3 million shares at N7.45 a unit on May 5, 2021 at the Nigerian Stock Exchange (NSE).

Dr. Nwuke has over 28 years’ experience in finance and corporate governance working with top corporates and leading commercial banks in Nigeria. He is a Fellow of both the Institute of Chartered Accountants of Nigeria and Chartered Institute of Taxation of Nigeria, an honorary member of Chartered Institute of Bankers of Nigeria and a member of Business Recovery and Insolvency Practitioners.

He has garnered considerable expertise in credit analysis and bank financial management through professional training as a Chartered Accountant, from relevant training programmes as well as on the job training. He was an Executive Director in Access Bank from 2004 to 2013 and served as the Chairman of the Board of Directors of the Bank’s subsidiaries in Rwanda and Burundi. Dr. Nwuke was a pioneer Non-Executive Director of Stanbic IBTC Pension Managers Limited representing Access Bank.

Dr. Nwuke’s key competencies include finance, strategy development and execution, organizational restructuring and transformation, leadership and change management. He joined the Board of Coscharis Group in August 2014 and is currently responsible for the strategic drive to position it for sustainability. He currently chairs the Shareholders’ Audit Committee of NASCON Plc and sits on the Boards of Access Pension Fund Custodian Limited, First Ally Asset Management Limited, Claritus Limited and Simply Gifts and Interiors Limited.

He holds a B.Sc. Degree in Accountancy from University of Nigeria, Nsukka and an MBA (Distinction) in International Banking and Finance from the Birmingham Business School, United Kingdom. Dr. Nwuke holds a Doctorate Degree in Business Administration (DBA) from Walden University, Minnesota, USA with a research focus on leadership transition challenges in family businesses. He has been exposed to several leadership and professional development programmes at renowned institutions including Harvard Business School, Boston (AMP 175), Wharton Business School, Pennsylvania (both in U.S.A), INSEAD and IMD.

He joined the Board in November 2019 and currently chairs the Board Credit and Finance Committee. He is also the Vice-Chairman of the Board Technical Committee on Retail Expansion.

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Nigerian Stock Exchange

Experts Says Yes to Access Bank Shares, Predicts Growth

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Access bank

Analysts at United Capital Plc, an investment banking group, have said Access Bank is a good stock to buy given its recent acquisition and series of adjustments made to its strategies.

The analysts said the bank that recently expanded its operations to Cameroon, Kenya, Zambia and South Africa has the possibility of double-digit capital appreciation of about 14 percent.

We expect Access Bank to sustain top and bottom-line expansion in 2021. While non-interest income growth should taper going forward, as the economy stabilises, we imagine that rebounding asset yields, supported by massive balance sheet size and gains from expansion activities, should spur interest income growth,” United Capital stated.

The experts said the bank’s well-diversified loan book is expected to sustain asset quality and thus keep non-performing loans and cost of risk within prudential limits.

Therefore, the analysts expect pre and post tax profits to remain stable in 2021, a continuation of 13 percent pre tax profit growth filed in 2020.

As such, in addition to the already concluded acquisitions, plans are currently in place to enter Morocco, Algeria, Egypt, Ivory Coast, Senegal, Angola, Namibia and Ethiopia. A sum of $60 million was paid to acquire south Africa’s Grobank, a major milestone in the bank’s foray into the south African market and a critical factor in driving intra-African trade by widening its trade finance operations,” United Capital stated.

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Nigerian Stock Exchange

VFD Group Plc Receives SEC Clearance for its Proposed N4.13Billion Right Issue

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Nonso Okpala - VFD Group - investorsking.com

Lagos-based proprietary investment company, VFD Grouphas received clearance from the Securities & Exchange Commission (SEC) for the proposed right issue of 7,452,054 Ordinary Shares of 50 Kobo each at N556 per share based on 1 share for every 16 shares held.

The proposed right issue was approved by the Board of Directors at its Extraordinary General Meeting (EGM) which held on 23rd November 2020. The capital raise is part of the long-term strategic plan of VFD Group to harness the opportunities in selected companies that meet VFD Group’s Investment criteria.

The Group Managing Director/CEO, Nonso Okpala, has expressed his gratitude to the regulatory body, SEC, for the clearance, while hinting on the next phase of the business.

“Our expansion drive has been a long time coming and with this clearance, one of our immediate first steps is the enhancement of our systems, and the integration of all our subsidiary offerings under a very effective and technological platform. We are focused on expanding further within the local financial services industry as well as on the African continent,” he disclosed.

VFD Group is a proprietary investment company that focuses on building positive and socially conscious ecosystems by aggregating potentially viable business with the objective of creating innovative products and solutions that are accessible to the everyday Nigerian citizen and entrepreneur.

VFD Group Plc was founded on the values of integrity and good governance, and built on the strength of innovation and network, the goal of VFD Group is to establish a firm foothold in various ecosystems on the continent through their subsidiary companies. VFD Group operates through various portfolio to provide innovative financial services – alternative funding and investment channels – that are accessible to individuals and small businesses that provide the following services: Financial Advisory, Currency Exchange, Debt services, Private Funds Management, Asset Management, Real Estate, International Remittance/ Settlement.

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