Economy
LASACO Assurance Plans Share Reconstruction
By Modupe Gbadeyanka
The board of LASACO Assurance Plc has indicated its intention to carry out a share reconstruction exercise, Business Post has gathered.
However, to make this happen, the company wants the approval of its highest decision-making organ, the shareholders.
A notice from LASACO Assurance said it would want the shareholders to authorise this share reconstruction of its existing 7.334 million ordinary shares at the 39th Annual General Meeting (AGM) fixed for Thursday, September 12, 2019 at the City Hall in Lagos.
The board wants to restructure the shares to one new unit for every four previously held by its investors.
“This notice is hereby given that the 39th Annual General Meeting of LASACO Assurance Plc will be held at City Hall, Catholic Mission Street, Lagos Island, Lagos on Thursday, September 12, 2019 at 11am for the following purposes.
“To lay before the members, the reports of the directors, the audited financial statements for the year ended December 31, 2018 together with the reports of the audit committee and the independent auditors thereon. To declare a dividend, to elect directors.
“To authorise the directors to fix the remuneration of the external auditors; BDO Professional Services, who has been appointed as company’s external auditors in place of Doyin Owolabi & Co who retired as company’s auditors having served the statutory five years as stipulated by the National Insurance Commission (NAICOM) code.
“To elect members of the audit committee, to fix the directors fees.
“To reconstruct the existing shares of 7,334,344 ordinary shares [to] one new share for every four shares previously held.
“That the directors be authorised to appoint all necessary parties and to do all such acts and things to give effect to the share capital reconstruction exercise,” the notice said.
Business Post reports that companies use share reconstruction exercise to reduce the number of outstanding shares and then increase their share price proportionately without affecting the total book value of those shares.
Recall that in September 2018, the board of LASACO Assurance said it was planning to raise fresh capital with the creation of additional 40 billion shares.
In its financial statements for the year ended December 31, 2018, the insurer grew its profit before tax by 12 percent to N958.2 million from N854.3 million, while the profit after tax appreciated by 11 percent to N736.3 million from N661.9 million.
In the results released by the company, the gross premium written rose by 35 percent to N9 billion from N6.7 billion, while the net underwriting income jumped by 31 percent to N5.2 billion from N4 billion.
However, the investment income went down by 14 percent to N753.7 million from N874.7 million, while the other income dropped by 67 percent to N190.5 million from N576.4 million.
During the year under consideration, the net claims paid by LASACO Assurance reduced by 8 percent to N1.8 billion from N2 billion.
An analysis of the firm’s balance sheet showed that the total assets depleted by 8 percent to N17.1 billion, while the total liabilities reduced to N8.6 billion from N10.4 billion, with the shareholders’ funds increasing by 4 percent to N8.5 billion from N8.2 billion and the earnings per share (EPS) rising to 13 kobo to 12 kobo.
By Adedapo Adesanya
The duo of Afriland Properties Plc and Geo-Fluids Plc crashed the NASD Over-the-Counter (OTC) Securities Exchange by a marginal 0.06 per cent on Wednesday, December 11 due to profit-taking activities.
The OTC securities exchange experienced a downfall at midweek despite UBN Property Plc posting a price appreciation of 17 Kobo to close at N1.96 per share, in contrast to Tuesday’s closing price of N1.79.
Business Post reports that Afriland Properties Plc slid by N1.14 to finish at N15.80 per unit versus the preceding day’s N16.94 per unit, and Geo-Fluids Plc declined by 1 Kobo to trade at N3.92 per share compared with the N3.93 it ended a day earlier.
At the close of transactions, the market capitalisation of the bourse, which measures the total value of securities on the platform, shrank by N650 million to finish at N1.055 trillion compared with the previous day’s N1.056 trillion and the NASD Unlisted Security Index (NSI) went down by 1.86 points to wrap the session at 3,012.50 points compared with 3,014.36 points recorded in the previous session.
The alternative stock market was busy yesterday as the volume of securities traded by investors soared by 146.9 per cent to 5.9 million units from 2.4 million units, as the value of shares transacted by the market participants jumped by 360.9 per cent to N22.5 million from N4.9 million, and the number of deals increased by 50 per cent to 21 deals from 14 deals.
When the bourse closed for the day, Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units valued at N3.9 billion, followed by Okitipupa Plc with 752.2 million units worth N7.8 billion, and Afriland Properties Plc 297.5 million units sold for N5.3 million.
Also, Aradel Holdings Plc, which is now listed on the Nigerian Exchange (NGX) Limited after its exit from NASD, remained the most active stock by value (year-to-date) with 108.7 million units sold for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units worth N5.3 billion.
By Adedapo Adesanya
The euphoria around the recent appreciation of the Naira eased on Wednesday, December 11 after its value shrank against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N5.23 or 0.3 per cent to N1,547.50/$1 from the N1,542.27/$1 it was valued on Tuesday.
It was observed that spectators’ activities may have triggered the weakening of the local currency in the official market at midweek as they tried to fight back and ensure the value of funds in foreign currencies strengthened.
The domestic currency was regaining its footing after the Central Bank of Nigeria (CBN) launched an Electronic Foreign Exchange Matching System (EFEMS) platform to tackle speculation and improve transparency in Nigeria’s FX market.
At midweek, the Nigerian currency depreciated against the Pound Sterling by N3.56 to close at N1,958.68/£1 compared with the preceding day’s N1,955.12/£1 and against the Euro, it slumped by 34 Kobo to trade at N1,612.66/€1, in contrast to the previous session’s N1,613.00/€1.
As for the black market segment, the Naira lost N45 against the American currency during the session to quote at N1,670/$1 compared with the N1,625/$1 it was traded a day earlier.
A look at the cryptocurrency market showed a recovery following profit-taking as the US Consumer Price Index report matched economist forecasts.
The news was enough to convince traders that the Federal Reserve is certain to trim its benchmark fed funds rate another 25 basis points at its meeting next week.
The move also saw Bitcoin (BTC), the most valued coin, return to the $100,000 mark as it added a 2.9 per cent gain and sold for $100,566.12.
The biggest gainer was Cardano (ADA), which jumped by 15.00 per cent to trade at $1.16, as Litecoin (LTC) appreciated by 10.4 per cent to sell for $121.76, and Ethereum (ETH) surged by 7.0 per cent to $3,929.30, while Dogecoin (DOGE) recorded a 6.7 per cent growth to finish at $0.4181.
Further, Binance Coin (BNB) went up by 5.2 per cent to $716.72, Solana (SOL) expanded by 4.6 per cent to $229.77, and Ripple (XRP) increased by 4.2 per cent to $2.43, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
By Aduragbemi Omiyale
The Dangote Refinery located in the Lekki area of Lagos State has made its first export of premium motor spirit (PMS) just three months after it commenced the production of petrol.
In September 2024, the refinery produced its first petrol and began loading to the Nigerian National Petroleum Company (NNPC) on September 15.
However, due to some issues, the facility has not been able to flood the local market with its product, forcing it to look elsewhere.
In a landmark move for regional energy integration, Dangote Refinery has partnered with Neptune Oil to take its petrol to neighbouring Cameroon.
Neptune Oil is a leading energy company in Cameroon which provides reliable and sustainable energy solutions.
Dangote Refinery said this development showcases its ability to meet domestic needs and position itself as a key player in the regional energy market, adding that it represents a significant step forward in accessing high-quality and locally sourced petroleum products for Cameroon.
“This first export of PMS to Cameroon is a tangible demonstration of our vision for a united and energy-independent Africa.
“With this development, we are laying the foundation for a future where African resources are refined and exchanged within the continent for the benefit of our people,” the owner of Dangote Refinery, Mr Aliko Dangote, said.
His counterpart at Neptune Oil, Mr Antoine Ndzengue, said, “This partnership with Dangote Refinery marks a turning point for Cameroon.
“By becoming the first importer of petroleum products from this world-class refinery, we are bolstering our country’s energy security and supporting local economic development.
“This initial supply, executed without international intermediaries, reflects our commitment to serving our markets independently and efficiently.”
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