Two foremost rating agencies, Moody’s and Augusto & Co. have affirmed that Heritage Bank’s capitalisation remains sound in relation to its low asset risk model and has capacity to generate income from its core business and settle its obligation as at when due.
According to Moody, under the new methodology, the bank’s credit metrics’ ratings remained consistent with an a3 BCA when measured against Australia’s macro profile.
A statement from Heritage Bank explained that as part of efforts to furnish investors with objective analyses and independent assessments of its securities, bonds and credit assets, it had engaged the services of Moody and Augusto & Co. to provide superior information on credit risk and other investment instruments.
The bank said: “The international and local ratings investment metrics is a welcome development to the bank and, in light of this sterling achievement, we swiftly need to improve on our performances in order to boost our subsequent ratings.”
According to the rating agency, the a3 BCA takes into account the bank’s low asset risk model that supports its very strong asset quality. Relative to its asset risk profile the bank maintains sound capitalisation.
Moody’s in the new bank methodology added: “The bank’s baseline credit assessment (BCA), which encapsulates its stand-alone financial profile, and its adjusted BCA were also confirmed at a3. The outlook for all ratings is stable.”
The new bank rating methodology includes a number of elements that Moody’s has developed to help accurately predict bank failures and determine how each creditor class is likely to be treated when a bank fails and enters resolution.
These new elements capture insights gained from the 2008-09 financial crisis and the fundamental shift in the banking industry and its regulation. In light of the new bank rating methodology, Moody’s rating actions reflect the following considerations: (1) the “Very Strong” macro profile of Australia; and (2) the bank’s low asset risk model.
Meanwhile, Agusto & Co, Nigeria’s first Credit Rating Agency and a Pan African leader in credit ratings and credit reports affirmed same rating with Moodys on all rated assets and instruments. Recall that recently, African Export Import Bank provided a $150 million funding support for Heritage Bank.
Dangote Sugar Refinery Postpones Board Meeting Amid Social Unrest
Dangote Sugar Refinery Has Postponed Board Meeting Scheduled for Today Amid Social Unrest
The management of Dangote Sugar Refinery Plc on Friday said they have decided to postpone the company’s board meeting scheduled to hold today October 23, 2020 to a date they will communicate soon.
The management said the decision was due to the ongoing precarious situation in the country, especially the attacks on various establishments since governor Sanwo-Olu imposed a 24-hour curfew on all parts of the state.
In a statement signed by the company secretary, Mrs. Temitope Hassan, Dangote Sugar Refinery said “Further to our announcement made on October 8, 2020, the Company wishes to notify the Exchange and the investing public that the meeting of the Board of Directors of the Company earlier scheduled to be held on Friday October 23, 2020 to consider the draft unaudited financial statement of the Company for the Q3 ended September 30, 2020 has been postponed in view of the current precarious situation in the country.
“The new date for the meeting will be communicated as soon as normalcy returns. The Closed Period which has already commenced will continue till 24 hours after the filling of the Results.
“No insider of the Company, including its Directors, Employees, Advisers and Consultants and their connected persons may deal directly or indirectly in the Shares of the Company during the Closed Period.
All Dangote Sugar Refinery Plc Insiders have been duly informed.”
Put a Total Ban on Importation of Tomato Paste, Dangote Tells FG
Dangote Calls for a Complete Ban on Importation of Tomato Paste
Dangote Tomato Processing company has called on the Federal Government to put a complete ban on importation of tomato paste into the country.
Abdulkarim Kaita, the Managing Director, Dangote Tomato Processing Plant situated in Kadawa, Kano State, made the call while flagging off the distribution of tomato seedlings to 5,000 farmers under the Central Bank of Nigeria’s Anchor Borrowers programme.
Kaita, who said the company was working with the CBN to provide tomato farmers with high yield seeds that would allow them to produce a minimum of 40 tons per hectare, said “We are appealing to the Federal Government to put a total ban on the importation of tomato like what it did to rice.”
Kaita said the call was important to deepen local production of tomato and ensure the country was self-sufficient in tomato production.
Speaking further, he said a complete ban of tomato past importation would lead to more investment in the industry and foster growth of processing plants, a move that would increase job creation opportunities for many people in the country.
“It is only by putting a total ban on tomato importation that the government can encourage farmers to grow the commodity for the country to be self-sufficient,” he said.
He added that “There are 12 major tomato producing states in the country which if fully cultivated, in the next one year Nigeria will be able to start exporting tomato.”
Livestock Feeds Appoints Adegboyega Adedeji as Substantive Managing Director
Adegboyega Adedeji is the Substantive Managing Director
Livestock Feeds Plc on Monday announced it has appointed Mr. Adegboyega Adedeji as the company’s substantive Managing Director, effective from 2nd October 2020.
In a statement released on the Nigerian Stock Exchange (NSE), the company said Mr. Adedeji was the Acting Managing Director of the Company before he was appointed as the Managing Director.
It added that Mr. Adedeji was “formerly the General Manager, Sales and Operations responsible for all sales activities and the strategic development of the Company’s markets, along with new products portfolio generation and development.”
He graduated from the famous Obafemi Awolowo University, Ile-Ife in 1996 and had his MBA from the University of Roehampton, UK in 2018.
He worked with Grand Cereals Limited as Regional Sales Manager before becoming their procurement manager. He moved to UACN Plc in 2007 as the Training Services Manager, a position held till September 2009 before he was transferred to UAC Restaurant.
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