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Conoil’s Half-year Profit Rises by 196%

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Petroleum downstream player, Conoil Plc, has recorded a growth of 196 per cent in its 2016 half-year profit.

The unaudited half-year report of the oil marketing company filed with the Nigerian Stock Exchange on Friday showed that its profit before tax rose from N528.5m in 2015 to N1.566bn in 2016 representing 196 per cent increase.

Another major highpoint of the six-month scorecard was the 190 per cent increase in profit after tax from N359.4m in 2015 to N1.04bn in 2016, while earnings per share also rose from 52 kobo to 150 kobo, representing an increase of 190 per cent.

The company’s results were said to have prevailed against the volatility in the downstream sector of the petroleum industry and the nation’s receding economy. Going by the performance, it is expected that higher dividend payout for its shareholders at the end of the current financial year was realistic.

The company had declared N2.08bn last year, translating into the N3 dividend payout on every 50kobo ordinary share for the 2015 financial year, compared to N1 paid in 2014.

The firm said the capital market had been reacting positively to the company’s laudable 2015 financial performance, with a recent surge in the demand for its stock by investors. So far, Conoil investors have reaped a return of 34 per cent in the last two weeks, as the equity appreciated in value, it noted.

The company said, “The result shows that we out-performed our previous year in the top-line and should exceed our bottom-line performance at the current run-rate.

“The impressive performance was linked to the company’s innovative means of manufacturing and distributing products, huge financial investments in developing high-performance products and in the provision of services that matched and surpassed international standards.”

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 long experience in the global financial market.

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Remove Face Mask When Using ATM, Banks Tell Customers

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Face Mask May Cause ATM Transaction Failure, Banks Tell Customers

Deposit Money Banks have said due to their face recognition technology, customers wearing face masks may experience service failure while using the Automated Teller Machines (ATMs).

In an email issued to customers by Fidelity Bank, the bank said why the use of face masks is important to curb the spread of COVID-19 pandemic, customers should remove when performing ATM transactions.

The bank said “Wearing of face masks is a safety and precautionary measure we must all adhere to in this period of the COVID-19 pandemic.

“However, we advise that you remove your face mask while making withdrawals or carrying out ATM transactions to allow our ATM properly recognise you.

“Fidelity Bank ATM machines have face detection features installed to curb incidences of fraudulent ATM withdrawals.

“Consequently, you may not be able to carry out any transaction if our ATMs are not able to properly recognise you. We apologise for the inconvenience that this may cause you.”

Meanwhile, Guaranty Trust Bank plc continues to ease accessibility for all customers and advised customers to protect themselves.

GTBank said, “When visiting any of our branches, kindly protect yourself by wearing a face mask at all times. It is also very important that you keep a safe distance when in a queue inside or outside the branch.

“Before visiting any of our branches, please remember that you can withdraw up to N150,000 at all our ATMs and that you can do most of your banking from the safety of your home.”

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Access Bank in Talks to Acquire Cavmont Bank

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Access Bank to Acquire Cavmont Bank in Zambia

Access Bank Plc on Wednesday announced that its wholly-owned subsidiary in Zambia, Access Bank Zambia Limited (Access Bank Zambia) is in talks to acquire Cavmont Bank Limited, a subsidiary of Cavmont Capital.

According to the statement signed by Mr. Sunday Ekwochi, Company Secretary, Access Bank and released on the Nigerian Stock Exchange website on Wednesday, the ongoing discussions is to acquire 100 percent of Cavmont Capital’s interest in Cavmont Bank.

However, the lender said “there can be no certainty that a transaction will be agreed, nor as to the terms of any such agreement.

“The completion of a transaction would be subject to formal regulatory approvals. Access Bank will be updating the market as appropriate and in accordance with its disclosure obligations.”

The lender, therefore, advised shareholders to exercise caution when dealing in Access Bank’s securities.

Investors King Ltd note: This announcement further threw more lights on the recent purchases of Access Bank’s shares by Herbert Wigwe, the Chief Executive Officer and Managing Director, Access Bank.

The CEO/MD purchased 7.532 million of Access Bank‘s shares in the last one month.

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Mohammed Umar is the New Acting Chairman of EFCC

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Buhari Appoints Mohammed Umar as EFCC Acting Chairman

President Muhammadu Buhari has appointed, Mohammed Umar, the director of operations at the Economic and Financial Crimes Commission (EFCC), as the new Acting Chairman of the agency, according to the NAN.

A top official of the commission confirmed to NAN that Umar has taken charge of the agency following the suspension of Ibrahim Magu, the former acting Chairman.

Ibrahim Magu was suspended by the President on Tuesday following series of allegations bordering on frauds, financial misappropriations and abuse of power.

 

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