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Fidelity, Zenith Joins UBA, Others Asking for More Time to File Half Year Financial Results

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Fidelity, Zenith Bank and UBA Ask for More Time to Submit Half Year Results

Fidelity Bank has joined the list of listed companies asking for more time to file 2020 audited half-year financial statements.

The bank, in a letter to the Nigerian Stock Exchange, said the 2020 half-year financial statements have been completed and the audited accounts submitted to the Central Bank of Nigeria for approval following which the audited accounts will be published through the Nigerian Stock Exchange.

Fidelity bank said the NSE has granted a 30-day extension of time to file the Bank’s Audited Half-year Financial Statements for the period ended June 30, 2020 (2020 H1 AFS).

Therefore, it expects to publish the 2020 Half Year results on or before September 28, 2020.

The bank added that its trading window for dealings on the bank’s shares will remain closed to all insiders until 24 hours after the release of its 2020 half-year results. An indication that the bank plans to limit unnecessary speculations that normally trailed insider dealings.

The announcement was after the United Bank for Africa announced it would need some time to file its 2020 audited half-year financial statements.

Also, Zenith bank asked for additional time to compile and seek approval for its financial statements.

“Zenith Bank Plc wishes to notify the Nigerian Stock Exchange and the investing public of a slight delay in the release of the Audited half-year financial reports by the Bank,” the bank stated in a statement to the Nigerian Stock Exchange.

“The delay is to enable the Bank conclude all outstanding regulatory requirements in the course of approval of the financial statements.”

It added that “Zenith Bank Plc is however optimistic that the reports will be submitted to the Exchange on or before September 30, 2020.”

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.

Finance

UK Banks to Ditch Clients Across Europe

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UK banks are “outrageously failing” many tens of thousands of expat clients across Europe as they plot to shut their accounts and cancel credit cards within weeks due to post-Brexit rules.

This is the damning assessment of Nigel Green, the CEO and founder of deVere Group, one of the world’s largest financial advisory and fintech organisations, as most of Britain’s biggest banks send letters to customers in the EU warning them that all services are to be scrapped unless they have a UK address.

Mr Green says: “Most of the UK’s high street banks are plotting to unceremoniously abandon their customers across Europe within weeks.

“Accounts will be shut and debit and credit cards voided – regardless of how much or how little you have in those accounts or how long you have been a client – as it becomes illegal for UK banks to service British customers living in the EU without applying for new banking licences.”

He continues: “Once again, traditional banks are outrageously failing their clients who now need to take urgent steps to continue to be able to access, use, and manage their money.

“The move by these banks will be a major inconvenience to many tens of thousands of Brits living in the EU.”

Before post-Brexit rules come into effect, those affected are being urged to find alternatives to avoid potentially serious financial disruption.

“I would urge expats to now seek a financial services provider that already operates under pan-European rules,” says the deVere Group CEO.

In 2017 the firm launched deVere Vault. deVere Vault provides borderless global services with a ground-breaking e-money app and a single card, multi currency service designed with those with an international lifestyle in mind.

“You’re able to open a deVere Vault account in around five minutes, withdraw money from any cash machine worldwide, get real-time notifications with all your transactions, spend money on the card wherever Mastercard is accepted, and send and receive money in most major currencies,” notes Mr Green.

He concludes: “deVere Vault meets a growing need in an increasingly globalised world for our clients to have borderless access to and use of their money.

“Agile, tech-driven challenger banks and fintech firms are ready to fill the void left by traditional banks who are now having to routinely ditch their customers.”

 

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NNPC Says Private Investors Will Finance Rehabilitation of Downstream Assets

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Private Investors to Finance NNPC Rehabilitation of Downstream Assets

The Nigerian National Petroleum Corporation (NNPC) during the weekend said a group of private investors would finance the proposed rehabilitation and replacement of its aging downstream assets, especially petroleum pipelines, across the nation.

In a statement released in Abuja, the Group Managing Director, Mallam Mele Kyari, said some of the assets to be replaced were as old as 40 years and long overdue for replacement.

The managing director explained that the investors to be engaged would be doing the financing under the Finance, Build, Operate and Transfer, BOT, Model, adding that the model became imperative given the state of the nation’s downstream infrastructure.

He said: “Some of these assets are as old as 40 years and they are due for replacement; and when you want to do a replacement of this scale, you do need a lot of resources.

“And we know that we require these assets so we decided that we bring in private partners who will fund these pipelines, they will construct it, they will operate it with us and then ultimately they will fully recover their investment from the tariff which we will pay for using these pipelines. And as soon as they recover their cost and their margin, they will hand over these assets back to us.”

According to the NNPC boss, no fewer than 78 firms have already submitted virtual bids indicating their willingness to undertake the rehabilitation of the downstream pipelines, associated depots and terminal infrastructure of the NNPC through the financing model.

He added that the final partners would be selected by the end of the first quarter of 2021.

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Lafarge Africa Says Improved Operating Efficiency Boosts Performance in Q2 2020

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Lafarge Africa

Improved Operating Efficiency Bolsters Our Performance in Q2 2020, Says Lafarge

Lafarge Africa plc has said its strong second-quarter performance was due to improved operating efficiency and strategic implementation of the company’s health, cash and cost initiative.

The Chief Executive Officer, Lafarge Africa, Mr. Khaled El Dokani, disclosed this at the company’s virtual Facts Behind Figure presentation on the Nigerian Stock Exchange.

The company grew profit before tax by 29.7 percent to N21.7 billion in the second quarter of 2020, up from N16.33 billion posted in the same period of 2019.

Also, the company’s net profit rose by 60 percent from N9.54 billion recorded in the corresponding period of 2019 to N15.26 billion in the second quarter of 2020.

While its net sales declined by 5.1 percent to N56.85 billion from N59.87 billion in Q2’19, El Dokani said it was due to the COVID-19 negative effect that impacted businesses.

El Dokani said: “The proactive measures we have put in place as a business have been instrumental to the positive results we have seen. Our route-to-market strategy has proven to be effective, particularly, our expanded distribution network which proved very valuable during the peak of the COVID-19 pandemic lock-down.

“We have steadily expanded our retail footprint in our core markets. The recent re-launch of our Supaset brand has continued to gain traction with our customers, especially with the block makers.

“The implementation of our Health, Cash and Cost initiative has and would remain in focus to deliver improvement in our performance.”

He assured that Lafarge Africa would continue to focus on business resilience to ensure a healthy balance sheet while making the health of ‘our people, communities and other stakeholders priority.’

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