- Guinness to Pay N3.32bn Dividend for 2018
Investors of Guinness Nigeria Plc will receive a dividend of N1.52 per ordinary share of 50 kobo each for the 2018 financial year.
Guinness Nigeria disclosed this through the Nigerian Stock Exchange on Thursday.
The company, however, noted that the dividend, which translated to N3.32 billion, was subject to the approval of shareholders at its forthcoming Annual General Meeting.
Commenting on the company’s performance, Mr Baker Magunda, the Managing Director Guinness Nigeria, said the firm would continue to work on growth while anticipating an improvement in macroeconomic parameters.
He said, “Revenue for the year declined by eight per cent, compared to same period last year on the backdrop of an extremely challenging macroeconomic and competitive environment.
“The cost of the increase in excise duty at a time of stagnant consumer disposable income had to be absorbed by industry players. Despite the tough competitive landscape, we continue to see good growth performance from Guinness, spirits and the malt drinks.”
Speaking on factors responsible for the 17 percent decline in gross profit during the 2018 financial year, he said high inflation rate, previous royalties and accruals not approved by the National Office for technology acquisition and promotion were responsible for the decline.
He further explained that while marketing expenses reduced by 16 percent, costs of logistics initiatives mitigated the gross profit decline, therefore, leading to a decline in operating profit by N4,4 billion.
DSS Arrests EFCC, Acting Chairman, Magu
DSS Arrested Magu, the Acting Chairman of EFCC
The Department of State Services (DSS) has arrested the acting chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, on allegation bordering on financial misappropriation, abuse of power and embesslement.
The Acting Chairman was accused of siphoning part of the money recovered from looters, a Punch reported stated.
The report stated “It was learnt that the security details to Magu put up a stiff resistance during the arrest of their principal, as they objected to the DSS move.
But he is now undergoing interrogation at the DSS Headquarters In Aso Drive.
This is happening barely two weeks after the Attorney-General of the Federation, Abubakar Malami (SAN) reportedly complained to the President, Major General Muhammadu Buhari (retd.) about Magu’s conduct and advised that he should be relieved of his appointment.
The AGF was said to have accused Magu of insubordination and discrepancies in the figures of funds recovered by the EFCC.
Again CBN Debits Banks N118 Billion for Failing to Meet CRR Target
CBN Debits Deposit Money Banks N118bn for Not Meeting CRR Target
The Central Bank of Nigeria (CBN) on Friday debited the nation’s deposit money banks a total sum of N118 billion for failing to meet 27.5 percent Cash Reserve Ratio (CRR) target.
This is the fourth of such action, bringing the total amount debited so far this year to N2.2 trillion.
According to Tunde Abidoye, an analyst at Lagos-based FBN Quest, the move brings “further downward pressure on banks liquidity ratios and earnings.”
“Based on the total sum that each bank has been debited this year, and our NIM assumptions for each bank, we estimate an aggregate opportunity cost of funds of N86bn for our universe of banks coverage,” Abidoye stated in a note to clients.
The central bank continues to debit banks to force them to loan more into the real sector and also reduce their forex purchasing power to better manage the nation’s weak foreign reserves and curb capital outflow. A series of recent reports have pointed to a possible foreign exchange devaluation to ease pressure on the nation’s reserves.
The report shows that the Stanbic IBTC and Guaranty Trust Bank were debited N15 billion each.
Debt Market: Dangote Cement Raises N250 Billion in H1, 2020
Dangote Cement Raises N250 Billion From Debt Market in H1 2020
Dangote Cement raised a total sum of N250 billion from the nation’s debt market in the first half of the year, according to the FMDQ Securities Exchange Limited.
In the statement published on the FMDQ website, the N250 billion debt includes the N100 billion Series 1 Bond raised under Dangote Cement’s N300 billion Bond Programme and the N150 billion Commercial Paper (Series 13-16 Domestic CP Issuance Programme) offered earlier in the year and now listed and quoted on FMDQ Securities.
Mr Michel Puchercos, the Chief Executive Officer, Dangote Cement, was quoted as saying, “This landmark transaction is the largest-ever bond issuance by a corporate issuer in Nigeria.
“It allows us to further broaden our sources of funding by accessing long-term debt at competitive costs from the capital market and builds further on the success of our domestic commercial paper programme.
“The success of these transactions, in the current challenging environment, illustrates investors’ continuous confidence in Dangote Cement’s strategy, strong cash generation and solid credit profile.”
Mr Kobby Bentsi-Enchill, the Executive Director and Head of Debt Capital Markets, Stanbic IBTC Capital Limited, said, “Stanbic IBTC Capital Limited has a long history of partnering with Dangote Cement Plc, and are delighted to have advised on this landmark corporate bond issuance, which reflects the depth and diversity of the Nigerian debt capital markets.”
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