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Stock Exchange Slams N22.1m Fine on RT Briscoe

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R.T. Briscoe Nigeria

By Dipo Olowookere

An automobile company listed on the trading platform of the Nigerian Stock Exchange (NSE), R.T. Briscoe Nigeria Plc, has been slammed with a huge monetary fine.

A document sighted by Business Post over the weekend showed that the company was slapped with a sanction to the tune of N22.1 million.

It was gathered that the fine was placed on the firm for its failure to file its financial statements at the due time as required by the listing rules.

Recall that RT Briscoe and five other companies on the exchange were the first set to be suspended by the exchange this year. They were suspended on September 1, 2020.

For the auto firm, trading in its shares was paused by the NSE over its failure to submit its audited financial statements for the 2019 financial year and the results for the first and second quarters of 2020.

After the embargo on the trading of its equities, the organisation took an action by releasing them, which made the suspension to be lifted in compliance with the listing rules.

However, for not doing the needful at the appropriate time, the stock exchange has fined the company and this is expected to be paid from the purse of the organisation.

It was gathered that for filing its 2019 earnings late, the company has been asked to pay a fine of N8.3 million, while the late submission of its Q1 2020 results attracted N8.5 million and the late filing of the Q2 2020 accounts attracted N5.3 million.

Business Post reports that RT Briscoe has been going through a rough time lately.

In its 2019 results, its auditors, PKF Professional Services, warned that the company may be forced to wind down over its inability to meet its obligations because it is not generating enough funds.

According to PKF Professional Services, the group’s current liabilities exceeded its current assets by N14.8 billion versus N13.4 billion in 2018, while its total liabilities exceeded its total assets by N9.5 billion compared with N8.2 billion in 2018.

“Due to the losses incurred over the years, the shareholders’ fund has been totally eroded to the tune of N9.4 billion deficit as at December 31, 2019,” the note from the auditors said.

The auditors had further said the bank overdrafts of RT Briscoe as December 31, 2019, stood at N15 billion, representing 86 per cent of the total liabilities which is significant in the consolidated financial statements.

“The company has not been able to repay the bank overdraft and this has led to winding-up cases by the banks and other creditors.

“There are also issues on penalty charges by the banks. The significant, in relation to the inability to repay the borrowings which led to court litigations and also the going concern issues, make it a key audit matter,” the auditors said in the report.

It has been opined that the latest fine of N22.1 million of the NSE on the company may further compound the woes of RT Briscoe, according to an investor in the nation’s stock market.

“This is not good for the company, especially the shareholders’, who value have been eroded,” Mr Adegbite Salami, informed Business Post on Monday.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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Ibadan Tanker Explosion: OYRTMA Issues Traffic Advisory

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OYRTMA

By Aduragbemi Omiyale

The Oyo State Road Transport Management Authority (OYRTMA) has advised road users to use alternative routes, while its men and other relevant agencies strive to return normalcy to the route.

This traffic advisory became necessary following an explosion of a petrol-laden tanker along the Agodi area in Ibadan, the state capital.

The Chairman of OYRTMA, Mr Akin Fagbemi, in a statement on Friday, stated that efforts were being made to bring the situation under control.

He stated that “the incident, which resulted to the slagging of powered electric poles and cables dangling across the road, portends danger to motorists plying the route hence, in the interim, the authority has barricaded the way from Total-Garden to Agodi-Gate, Ibadan to enable safety officials of relevant government agencies evacuate the affected vehicles and restore normalcy.”

“Motorists are advised to navigate towards the State Secretariat at the Total-Garden Round-about to link the Government Road towards the Kola Daisi Civic Center inwards Agodi-Gate to Iwo-Road,” he disclosed.

“Alternatively, Motorists could opt for the Premier Hotel road to link the State Secretariat and move as above.

“From Beere to Iwo-Road Motorists are advised to take the Oje-Market to link Agodi-Gate inwards Iwo-Road.

“Another alternative is for motorists to move from the State Secretariat and navigate Ikolaba via the Nigerian Customs Zonal Hq. to get to Iwo-Road, Ibadan,” he further stated.

The agency beseeched commuters to drive carefully around the affected area as its men and officers are working concertedly with relevant agencies to restore normalcy in the shortest time possible.

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Coscharis Partners Sterling Bank for Vehicle Finance Scheme

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Coscharis Motors

By Ashemiriogwa Emmanuel

A leading auto dealership in Nigeria, Coscharis Motors, has partnered with Sterling Bank Plc to offer a vehicle finance scheme to allow retail and fleet buyers to purchase their choice vehicles through a repayment plan from the bank.

The partnership has also seen that the auto company lists its vehicles on the bank’s Non-Interest Banking Division platform- AltDrive to equally promote e-commerce transactions.

With this, customers are offered an online retail marketplace where vehicular brands sold by Coscharis Motors can be accessed and purchased either through self-funding or credit finance from Sterling Bank.

The Coscharis Group General Manager, Marketing and Corporate Communications, Mr Abiona Babarinde, while commenting on the idea, said that, “We took this strategic decision earlier in the year to collaborate with relevant stakeholder partners to be able to give our numerous discerning customers and prospects alike the soft landing of owning any of our vehicles with ease in terms of providing friendly financial schemes.”

According to him, the repayment pattern can be expanded for up to five years, of which customers can choose between 15 per cent to 30 per cent initial payment.

He said this is coupled with the bank’s friendly interest rate and ease of accessibility to a plethora of car brands to aid customers’ ultimate satisfaction.

“This ultimately gives anyone the capability to purchase any of our brands with more convenient payment terms with any of our partners like the Sterling Bank.

“We started this initiative with one of our sister companies in the group, Coscharis Mobility, representing sixth in Nigeria amongst some other financial institutions while others are in the pipeline to come on board,” Mr Babarinde added.

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Ember Months: Makinde Urges Drivers to Drive Cautiously

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Drivers to Drive Cautiously

By Modupe Gbadeyanka

Governor Seyi Makinde of Oyo State has encouraged drivers across the state to be more careful during this last quarter of the year as the vigilance of everyone means safety for all while negligence of anyone portends danger to all.

He said this at the 2021 National Workshop for Proprietors and Training for Instructors of Driving Schools organised by the Federal Road Safety Corps (FRSC).

Mr Makinde promised to consolidate the existing relationship with the agency to reduce accident indexes in the state, particularly during the ember months, noting that the partnership will ensure continuous and adequate training of drivers across the State.

The Governor, who was represented by the Chairman of the Oyo State Road Transport Management Authority (OYRTMA), Mr Akin Fagbemi, said the collaboration was necessary at such a time when there are more vehicular movements usually associated with some haste, rush and unacceptable attitude of untrained drivers.

He commended the FRSC on the ongoing Driving School Standardisation Programme (DSSP) aimed at improving driving school operations in Nigeria.

He noted that the programme has developed uniform standards, safety consciousness, professionalism and proficiency in drivers’ education in the State.

Mr Makinde extolled FRSC saying, “the great successes recorded in monitoring and regulating the driving school industry through driver training education which is evident in the reduction of road traffic crashes over the years as a result of improved driver education in recent times.”

The Governor added, “It is also very important to note here, that training of learner and professional drivers must be carried out in accordance with standards enshrined in the driving schools training manual, with all the required training facilities in place, most importantly trainees must undergo all the sessions required for the type of vehicles they intend to learn how to drive and at the end must pass the Compulsory Computer Base Test (CBT) before the National Drivers Licence is issued to them”.

“Through these efforts put in place by the FRSC, Nigeria has been recognized globally by several organizations including the United Nations and other international road safety organizations. Our National Drivers Licence is now recognized and accepted by counties across the globe,” the Governor said.

Stakeholders at the workshop included the Oyo State Commissioner of Police, Director DSS Oyo State Command, Representative of the FRSC Corps Marshal, Representatives of the Comptroller General of Customs, NSCDC among several others.

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