Once again, Japaul Gold and Ventures Plc has announced it will not be able to file unaudited financial statements for the period ended 30 June 2021.
This is becoming a trend following a similar announcement in the first quarter of the year.
In a statement signed by Babatunde Adewale, Legal Officer, the company said it will be unable to file the 2021 quarter 2 unaudited financial statements within the regulatory due date of 30 July 2021.
This, it attributed to the ongoing business diversification process which has not been finalised.
It would be recalled that the company announced in November 2020 that it has received approval in principle from H&H Mines Limited to invest in or acquire shares in the company once it concluded its fundraising exercise.
The announcement saw Japaul’s share price rising over 100 percent in two months before it became clear that the embattled company still has a long way to go to perfect the deal given the fact that it still plans to raise the necessary fund for the deal. A company struggling financially before changing its name and business direction from oil to mining.
“The company is currently conducting some strategic engagements aimed at impacting positively on the company’s new business and intent at successfully transiting from a loss position to a consistent and sustainable profitability as envisaged in the operations,” Japaul statement reads in part.
It added that “In view of this, the company has sought and obtained the approval of NGX Regulation Limited (NGX RegCo) for an extension of time to file the accounts on or before 29 September 2021.”
Oliver Alawuba, UBA Deputy Managing Director, Increases Stake in United Bank for Africa
Oliver Alawuba, Deputy Managing Director of the United Bank for Africa, has added 986,000 shares valued at N7.148 million to his stake in the bank.
The lender disclosed in a statement signed by Bili A. Odum, Group Company Secretary, UBA Plc.
Mr. Alawuba purchased the shares at N7.25 a unit on Thursday, June 24, 2021 at Lagos, Nigerian Exchange Limited trading floor.
Oliver Alawuba has worked with the UBA Group for almost 20 years and was appointed in January 2020, CEO for the Group’s Africa operations. He previously held the role as CEO of UBA in Ghana and more recently, as Regional CEO for UBA in Anglophone Africa.
Mr. Oliver Alawuba has over twenty years of work experience in the banking industry and the academia. Oliver was at various times an Executive Director at Finbank Nigeria Plc (now FCMB Plc), MD/CEO of UBA Ghana Ltd, MD/CEO of UBA West Africa, Directorate Head, Public Sector and Personal Banking and Regional CEO, UBA Africa – Anglophone.
Oliver has B.Sc and M.Sc degrees in Food Science and Technology and MBA in Banking and Finance. He is an alumnus of the AMP and SEP programmes of the prestigious Insead Business School, France, and London Business School respectively. He is also a Fellow of Nigerian Institute of Management and Honorary Senior Member of Chartered Institute of Bankers of Nigeria.
Abdul Samad Rabiu, Chairman of BUA Cement, Transfers N7 million Worth of Shares to Godswill Egbe
Mr. Abdul Samad Rabiu, the Chairman of BUA Cement Plc and founder of BUA International Limited, has transferred 100,000 shares at N69.92 each through BUA International Limited to Godswill Egbe, a project manager.
The details of the transaction were contained in the two disclosure statements released through the Nigerian Exchange Limited on Friday.
The nominal transfer was recorded as a sale of shares for BUA International Limited (Transferor) and as a purchase of shares for Godswill Egbe (Transferee).
“Nominal transfer is the transfer of unlisted public securities between a Transferor and Transferee who are related or connected parties with no exchange of money or consideration for the transfer.”
The total value of the shares stood at N6.9 million. Therefore, bringing the total value of shares divested or sold by Rabiu in the last one month to N1.933 billion.
In June 2021, Investors King had reported that the chairman divested 27,130,000 shares valued at N1,926,230,000. Rabiu still holds about 31 billion shares in the company, representing around 92 percent of the total shares issued by BUA Cement.
NGX, NG Clearing Hold Engagement Session With PFAs on Derivatives
Nigerian Exchange (NGX) Limited continues to drive understanding of derivatives ahead of the launch of Exchange Traded Derivatives in the Nigerian capital market. On Thursday, 8 July 2021, NGX in collaboration with NG Clearing hosted a virtual engagement with Pension Fund Administrators (PFAs).
Speaking at the event, the Divisional Head, Trading Business, NGX, Mr. Jude Chiemeka stated, “In line with our committment to deepen the Nigerian capital market, NGX will introduce derivatives as a new asset class to the benefit of stakeholders, including PFAs. We are confident that derivatives will provide a greater pool of liquidity and the participation of PFAs in NGX derivatives market will not only allow PFAs to protect their positions but also benefit from various opportunities. That said, being the first line of contact for investors in the capital market, NGX is focused on educating market participants through workshops, webinar and conferences which will continue pre and post-product launch.
Mr. Chiemeka also highlighted three main elements which are critical to the success of any derivatives market and expounded on the efforts of NGX in ensuring these are in place. The areas are: market efficiency and integrity, financial safety and integrity, and customer protection (fair treatment of customers). He further stated, “Ahead of the launch of derivatives, The Exchange trading system, X-GEN, has been configured to trade derivatives products and there are rules governing order priority. Also, The Exchange has a robust market surveillance system – SMART – to monitor the market on a regular basis for any potentially manipulative behaviour of market participants.”
It would be recalled that NGX received approval for seven derivatives contracts from the Securities and Exchange Commission (SEC) on 28 June 2021. The approved contracts are: Access Bank Plc Stock Futures, Dangote Cement Plc Stock Futures, Guaranty Trust Bank Plc Stock Futures, MTN Nigeria Communications Plc Stock Futures, Zenith Bank Plc Stock Futures, NGX 30 Index Futures, and NGX Pension Index Futures.
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