Diamond Bank Shareholders Panic Over New Revelation

Image

By Dipo Olowookere

In recent times, Diamond Bank Plc has been in the news mostly for the wrong reasons, which has left many people wondering what will happen to their investment in the financial institution.

This fear worsened yesterday when a reputable businessplatform, Proshare Nigeria, published a letter purportedly written by theformer Chairman of the bank, Mr Oluseyi, Bickerstheth, to key shareholders and stakeholdersin the industry.

The letter detailed how some directors, who were later forced out of the firm, kicked against alleged corporate governance abuse by some key elements of Diamond Bank, including its CEO, Mr Uzoma Dozie.

Mr Bickerstheth even said there was an initial agreement for Mr Dozie to resign from the company from January 3, 2019 to allow a new management team, but that he refused to honour this alleged agreement.

He further said contrary to the denials, there were actually moves to allow Access Bank takeover Diamond Bank.

Already, the revelations made by the Chairman has sparked new reactions from shareholders of Diamond Bank, who want the relevant authorities to quickly take decisive steps to avert another loss of investment like it happened few months ago with the defunct Skye Bank, which was nationalised to Polaris Bank.

Those who spoke with Business Post said the Central Bank of Nigeria (CBN), the Nigerian Stock Exchange (NSE) and the Securities and Exchange Commission (SEC) must not allow the sweat of many investors to go down the drain again.

“The relevant agencies must act fast to avert another crisis,” an investor in the stock market told us on Tuesday.

“Though the chairman did not really say anything new to us, he only confirmed what some of us have been saying about the crisis in Diamond Bank,” another investor said.

Below is the unedited letter purportedly written by Mr Bickerstheth.

RECENT DEVELOPMENTS AT DIAMOND BANK PLC –NEED FOR URGENT ACTION

This letter is written without prejudice and is intended as an instructive, unvarnished, and factual rendition of the truth, for posterity sake. My overall and irrevocable interest remains ensuring the reversal of the declining fortunes of DIAMONDBNK, as well as ensuring that no party, however and wherever placed, threatens the survival of Diamond Bank and the integrity of the Nigerian financial system. It is my hope that all concerned remain faithful to the objective requirements and fiduciary obligations of their positions of stewardship.

I speak on behalf of myself as chairman of DIAMONDBNK and 3 other non-executive directors (NEDs) of the Bank namely Mr Rotimi Oyekanmi, Mrs Juliet Anammah and Mrs Aisha Oyebode. As individuals and as a group of professionals with direct knowledge of the events captured below, I state emphatically our dissociation from any dangerous abuses of office highlighted below, and insist that proper governance be maintained in this, and all other cases. I assume that the CBN did not have all the facts prior to now; if so, it is my assessment that it is not too late for the CBN to do the correct thing by insisting on the Board oversight of the underlying matters, as referenced in our prayer in this letter.

We are all technically independent directors of DIAMONDBNK as we do not represent the interest of any specific shareholder but the interest of all the stakeholders especially those whose investments have made Diamond Bank what it is today as a systemically important bank in Nigeria.

As Independent non-executive directors, we are all very concerned and motivated particularly by concerns of a bank that now appears to be adrift with no direction and leadership, exacerbated by misinformation and counter information within the media. The most recent being the assertions in the media on Monday November 12, 2018 that the bank is to be acquired by Access Bank only for that to be denied by Access Bank, which has now totally dissociated itself from any such transaction. Also DIAMONDBNK has also dissociated itself from the assertions in the media. I have elected to ignore comments from various quarters that the Access Bank transaction is favored by the CEO, and the very loud boasts by the CEO himself that the Access Bank transaction has been endorsed by our regulator, to the exclusion of all other options being considered by the board; as I have also chosen not to speculate on the incentives and motivation for his haste and the evident abuse that will be perpetuated if any such deal is allowed to go through without following due process.

1.  Our Position

DIAMONDBNK’s performance has continued to decline. Current forecasts indicate the bank will close 2018 on significantly lower profit (or even a loss situation) than planned. Management was not able to attend the Q3 Analysts call and we are aware that S&P has downgraded the bank’s credit rating. The bank had neither declared nor paid any dividend since 2013 and the Bank was only meeting the CBN Capital Adequacy Ratio (CAR) by the grace of CBN forbearance and the current financial position of the Bank does not show any signs of improvement.

The Bank is in dire need of recapitalization. Nonetheless, the Board remains the foremost governing body of the bank with the fiduciary responsibility to protect the interests of all shareholders, thus, all recapitalization proposals including potential acquisitions can only be by a full Board for consideration and approval.

The Diamond Bank Board has 5 “independent” NEDs and the action of the CEO in now attempting to remove 4 of these 5 NEDs, after the fact, was prejudiced and selectively done to undermine the independence of the NEDs. The insertions and “acceptance” of their purported resignation, contrary to the decision of the full board in a meeting, to rescind the decision, was in bad faith and is ultra vires and of no consequence and effect. This attitude of the CEO in fact aligns with the CBN examiners’ observation referenced in paragraph 3 below regarding corporate governance where the management takes actions either without notifying the Board or without securing Board approval as has been seen even in matters concerning the investment vehicle of the CEO’s family.

Further, according to CAMA and SEC Rules, only the Board can accept/approve the resignation of a director. Thus, an acceptance by an executive such as the CEO being null and void and illegal suggests that an acceptance by the CBN based on this illegal action by the CEO appears to have been done hastily.

Indeed, the said resignation of the 4 NEDs never came into effect in law and the Bank through its Board at the meeting of October 22 2018 continued to hold them out as Directors with no dissent from any director. The 4 NEDs remain on the board of Diamond Bank unless and until they have tendered their valid letters of resignations and the Board has accepted same.

2. Background and Context

Following several directors reaching their expiration of tenor in 2016/2017, the board decided in alliance with international best practice to have a more professional and independent membership, and, therefore, brought in additional professionals to help steer the Bank. These board members are myself, Mr Rotimi Oyekanmi, Mrs Juliet Anammah, Mr. Dele Babade, Mr Idris Mohammed, Mr. Chris Ubosi and Mrs Aisha Oyebode. And the board recently recommended Mr. Oghogho Akpata to the board awaiting confirmation from the CBN

The board identified the need to inject equity into the bank. In addition, the bank had several financial obligations due in 2019, which the board insisted the funding should be in place by end 2018 (before the Nigerian elections). To improve the viability of the bank, the board had approved the sale of its subsidiaries outside Nigeria as this would be expecting to lead to, subject to the CBN approval, a reduction in the minimum CAR from 15% to 10% upon conversion of the bank to a National Bank (from International Bank).

The board then discussed the options for raising capital and one of the key shareholders indicated interest in injecting more equity into the bank but on condition of a change in management. Observing the issues of performance, the board then decided to first determine the capital requirement by appointing advisers to review the loan book. The result of this evaluation was expected at the end of October 2018 and we presume this has been received by the bank

The Central Bank examiners, in August 2018, had highlighted potential gaps in corporate governance based on transactions which, from their assessment, executive management had not disclosed to the board as it ought to have. Specifically, the examiners highlighted the new corporate head office which was under construction and observed that the progress in terms of cost and status of progress was not captured in any board minutes and indeed was not discussed nor was any budget approval for cost increase discussed or presented to the board.

With the examiners’ concerns, new capital being contemplated and declining performance of the bank in the past 4 years, the Non-executive directors (NEDs) critically assessed the quality of executive leadership of the Bank and the need to strengthen the leadership. A key shareholder CSSAF DBN Holdings demanded an immediate removal of management principally the CEO but the Board favored a less drastic approach to minimize disruption and also enable the Board secure new leadership.

After several discussions, the CEO, of the Bank who is also a representative of the second largest shareholder Kunoch Ltd agreed to resign effective January 3, 2019 but would not tender his letter to confirm his verbal notification. In response, the representative of CSSAF DBN Holdings therefore at the Board meeting held on October 18, 2018 put forward a motion for the removal of the CEO with immediate effect. This was despite continuous negotiations and attempts by members of the Board, to provide an amicable solution to this impending shareholder fight and reaching several tentative agreements, which were frustrated by both parties. Nonetheless due to technical reasons and reluctance of board members regarding an immediate removal of the CEO, the vote for the removal of the CEO was postponed, pending legal clarifications, which could not be provided by the Company Secretary.

The CEO, at the October 18 2018 meeting, had a financial adviser appointed by the executive management without reference to the board to present to the board various strategic options for recapitalization either through an internal rights issue or possible merger with other Tier 1 banks. While the board stated that this was to have been presented to the board capital raising committee, it allowed the presentation to be made. The presentation, though based on 2017 financials was still very high level and, was well received by the Board and the board directed that the recommendation be passed on to the capital raising committee of the bank to evaluate this along with all other options being considered – new injection of capital by the shareholders, merger with a local bank or position to partner with an international bank not currently operating in Nigeria

On Friday October 19, 2018, due to the lack of clarity on the motion for immediate removal of the CEO, the representative of CSSAF DBN Holdings informed board members that as a majority shareholder CSSAF DBN Holdings would call for an Extraordinary General Meeting to remove the CEO since the board had not voted on the matter. The 4 NEDs then decided that it was becoming a shareholder fight, which they felt could have been averted either by the CEO tendering a letter indicating his resignation effective January 3, 2019 or by CSSAF DBN Holdings accepting to give the Board the responsibility of ensuring the issue is resolved amicably. Purely on this basis, the 4 NEDs wrote to resign their appointments immediately by emails to the Company Secretary to allow the 2 shareholders resolve the impasse

The action of the 4 NEDs had the desired purpose of forcing the key shareholders, with the intervention of the CBN, to resolve the impasse. The CEO eventually wrote the letter indicating he would resign from the bank effective January 3, 2019. This letter was written on Diamond bank corporate letter head, addressed to the CBN Governor and forwarded to the Bank Chairman (who had purportedly resigned.). With the letter and the substantive matter seemingly resolved, the 4 NEDs, after tremendous pressure by all parties concerned to rescind their resignation including the representatives of CSSAF DBN Holdings, Kunoch Limited and the CEO himself, on Sunday October 21 2018 sent emails to the Company Secretary notifying her of their decision to rescind their resignation given that the impasse had been resolved.

Another positive and significant outcome was the delivery, by the majority shareholder, of its intent to inject further capital into the bank since their condition that the CEO be removed had been met (by his resignation notice)

The CEO then called for an emergency board meeting on Monday October 22, 2018 to request a mandate for the CEO and executive management to review and conclude on a potential strategic merger as an option for recapitalization. The company secretary sent formal notices to all the 13 board members and all 13 board members (including the 4 NEDs who had previously and purportedly resigned and rescinded their resignation) were on the call. It was most disturbing when the CEO, who was on his way out, vigorously sought exclusive powers to negotiate and conclude the terms for the alleged acquisition of Diamond Bank by Access Bank, a development that had never been tabled before the Board, and which, (if and whenever received) like other expressions of interest, should be subjected to objective evaluation by the Board and its Advisers. This sought mandate was not given to the CEO for the reasons stated above.

The CEO’s resignation letter was also discussed and the CEO stated his preference thatthe letter be regarded as a private letter and excluded from board minutes.

The Chairman stated that given the implications of its content for the bank which had been discussed by the Board, it had to be included in Board minutes. Immediately after the meeting the Chairman sought the legal advice of the Company secretary who confirmed that given the NSE listing rules, the letter was material and the NSE should be formally notified. The Chairman then asked the Company Secretary and the Chairman of the Board Governance and Personnel Committee to review the Rules, following which the Company Secretary was to proceed in compliance them. The further action of the CEO on October 24th truncated this process and as of writing, the minutes of the October 22nd meeting have not been circulated and it is not certain if the bank has formally notified the NSE of the CEO’s impending resignation on January 3rd 2019.

The strategic option was again referred to the Capital-Raising Committee, which met immediately after the board call; the committee is made of 4 NEDs and 3 Executive Directors (including the CEO).

The Capital-Raising Committee agreed to consider 5 Advisers. It was further agreed that the Terms of Reference would be drafted by one of the members and the Advisers were to be contacted within 48 hours of the meeting.

It came as a total surprise to all the NEDs of the bank to read in the media on October 24th that 4 NEDs had resigned to create room for a potential investor planning to invest in the bank. This was patently untrue. These deceptive and invalid media stories have amplified in volume and tone, with the latest being a convenient and self-serving story in the November 12th, 2018 edition of The Nation newspaper, wherein the position long canvassed by the outgoing CEO was portrayed as the position of the Board and Bank.

For emphasis, the Board has never received any expression of interest by Access Bank for any form of merger or acquisition involving both Diamond Bank and Access Bank. If and when that is received, our principled position remains that the criteria must be defined by the Board; all valid and competent interests objectively assessed, and a determination made in the transparent and fiduciary cause of protecting and preserving the legitimate interests of the shareholders, depositors, staff, and other stakeholders of the bank.

Further to this media article, on October 25th the CEO further sent letters to the 4 NEDs purporting to accept their resignation. The Company Secretary also posted a notification of the resignation of the 4 NEDs on the NSE issuers’ portal and finally the CEO sent a letter from the CBN which was addressed to him and in which the CBN accepted the resignation of the 4 NEDs and instructed the CEO to find replacements.

Since then there have been media reports with varying renditions of the facts.

This letter has been necessitated by the following:

    The seeming lack of regulatory / procedural clarity regarding the purported resignation of four directors to which it is important that the three regulators; CBN, SEC and NSE jointly or severally make a pronouncement directly to the bank on these matters having now been apprised of the facts in the foregoing and other consultation they may have had.

    The need to maintain corporate governance in the bank and protect the interest of all the shareholders of the bank.

Our Prayers

    That all regulatory bodies copied in this letter objectively review the foregoing and address this matter promptly in a manner that restores confidence not only in Diamond bank as an entity but in the financial system as a whole.

    That the said regulatory bodies continue to support the Board of Diamond Bank in discharging its fiduciary responsibility in protecting the interests of all shareholders and stakeholders.

    That the Board be allowed to convene the Board strategic meeting as planned for Q4 2018 to discuss the above matters and decide the way forward.

We trust that at this particularly crucial time, the Central Bank of Nigeria and indeed all the regulatory bodies copied in this letter will take necessary steps to prevent the manifest erosion of corporate governance in any bank, as this could very easily have negative and far reaching systemic effects.

Yours Sincerely,

SEYI BICKERSTHETH

CHAIRMAN, DIAMOND BANK PLC

cc:    

·         President, Nigerian Stock Exchange

·         Director General, Securities and Exchange Commission

·         Chairman, CSSAF DB Holdings

·         Chairman, Kunoch Limited

·         Chairman, African Capital Alliance

Share
Related Stories
Image
13-February-2024

Tunisia Joins Nigeria, Others to Adopt PAPSS

By Adedapo Adesanya Tunisia, through its central bank, Banque Centrale de Tunisie (BCT), has joined the Pan African Payment and Settlement System (PAPSS), making it the first North African country and 13th country to be boarded on the platform. PAPSS, developed by the African Export-Import Bank (Afreximbank) in collaboration with the African Union (AU) and the African Continental Free Trade Area (AfCFTA) Secretariat, facilitates real-time settlement of intra-African trade and payments, in African currencies, across the continent. The platform unites central banks from across Africa and seeks to address the existing challenges faced by African businesses and individuals in accessing

Image
16-February-2024

Ecobank Seeks Entries for International Art Exhibition +234Art

By Modupe Gbadeyanka Emerging young Nigerian artists have been invited to participate in an international art exhibition organised by Ecobank Nigeria in partnership with Soto Gallery. The 10-day event tagged +234Art, is scheduled to commence on Friday, March 22, 2024, and is dedicated to nurturing and uplifting the burgeoning art industry in Nigeria by providing a platform to support emerging artists and encourage increased interest in art acquisition, thereby contributing to the growth and prosperity of the local art sector and its international recognition. The art fair will among other things seek to create a sustainable platform for young and

Image
28-February-2024

GTBank to Close Lagos Branches Early Today

By Dipo Olowookere One of the leading financial institutions in Nigeria, Guaranty Trust Bank (GTBank), has informed its customers of an early closure of its branches in Lagos on Wednesday, February 28, 2024. In a notice sent via e-mail to its customers, the tier-1 lender explained that this is due to the closure of the Third Mainland Bridge (TMB) for 24 hours by the federal government. The federal government is closing the bridge to motorists for repairs from 12 noon on Wednesday, February 28 to 12 noon on Thursday, February 29, 2024. The closure will affect both bounds of the

Image
14-February-2024

Access Bank to Give Customers Prizes in Love is More Campaign

By Modupe Gbadeyanka Access Bank Plc has disclosed that its customers would win different prizes in its MyAccessMoreValetineStory designed to reward them for their loyalty. The campaign was launched to make the love season memorable for its valued customers, a statement from the lender explained. It stated that special Valentine’s offers, themed Love is More, were introduced during this period to spread love and financial well-being all through February. “Access Bank is committed to enhancing the financial well-being of our customers while celebrating love in all its forms. “These Valentine’s offers are a token of our appreciation for their continued

More Stories
Image
30-May-2018

Reputation Expert Holds Product Recall Crisis Management Seminar

By Dipo Olowookere An international reputation management consultant and speaker, Mr Deon Binneman, has launched a one–day Product Recall Crisis Management Program, which he will facilitate in-house for interested clients. The one-day in-house workshop ensures that team members understand the implications of a recall and their roles and functions during such an event. The South African Consumer Protection Act places onerous responsibility on companies to recall faulty products in a manner that will cause no harm to the public. This implies detailed Crisis Management and Crisis Communication protocols that incorporate best practice thinking, crisis communication & logistical management. Product Recalls

Image
18-January-2024

Court Relaxes Emefiele’s Bail Conditions, Allows Trips Outside Abuja

By Adedapo Adesanya The Federal Capital Territory High Court has granted the request of the embattled immediate past Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, to travel out of the Federal Capital Territory (FCT), Abuja. However, Justice Hamza Muazu said Mr Emefiele must remain in the country even though his travel credentials have been seized. Mr Emefiele has faced ordeals relating to his time at the CBN since mid-last year. In one of his bail conditions, he was prohibited from travelling outside Abuja. The former apex bank chief, through his lawyer, Mr Mathew Bukka, had requested

Image
05-October-2020

Berger Paints Picks Former KPMG Staff as New CFO

By Dipo Olowookere A former employee of Messrs KPMG Professional Services (KPMG), Mrs Pheobe Onyinye Obi, has been appointed as the new Chief Financial Officer (CFO) of Berger Paints Plc. Mrs Obi, who studied Accounting from Babcock University Remo, Ogun State, for her first degree, joined KPMG in 2009 and left in 2018. While at the company, she rose to management level from senior associate, spearheading projects in Consumer Markets, adding several companies to the existing client base. Additionally, she met and surpassed deadlines and requirements of multinational group reporting both under IFRS and local statutory reporting requirements. Her impressive

Image
17-July-2020

NASD OTC Market Size Grows to N523.34bn

By Adedapo Adesanya The size of the NASD Over-the-Counter (OTC) Securities Exchange grew to N523.34 billion on Thursday, July 16 following the 0.08 per cent reported at the session. At the previous session, the unlisted securities market had closed at N522.93 billion but after Thursday’s trading, it expanded by N410 million. Data from the exchange showed that the benchmark index of the market, the NASD Unlisted Security Index (NSI), increased yesterday by 0.56 points to 712.45 points from 711.89 points. On the activity chart, things were positive as the trading volume rose by 351.1 per cent to 1.3 million units

Image
26-September-2019

Naira Trades Flat at I&E Wednesday on Drop in Forex Demand

By Adedapo Adesanya  The Naira traded flat against the Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Wednesday, September 25 2019. This rarely occurs on the market segment. According to data sourced from the FMDQ yesterday, the local currency was exchanged against the American currency at N362.29/$1, the same price it was quoted on Tuesday at the I&E window. Business Post observed that the demand for forex at the investors arm of the market yesterday went down as indicated by the daily market turnover, which closed at $157.77 million, a sharp reduction from

Image
26-March-2020

uLesson Lowers Prices of Products to Help Students

A learning app designed to help African students be the very best they can be, uLesson, has announced the downward review of prices of its products. The developer of the mobile application disclosed in a statement that the decision to lower the prices was taken to accommodate more students who will be at home during this period of the Coronavirus pandemic. The price review, which was made known by the CEO of the company, Mr Sim Shagaya, was driven by the desire to help more students have access to the app’s rich curriculum-relevant content even while at home and to

Image
14-May-2018

Nigeria Exports N29b Worth of Agric Products in Q1 2018

By Modupe Gbadeyanka About 45,462 metric tons of agricultural commodities with free on board (FOB) value at N29.2 billion were exported out of Nigeria between January and March 2018, the Customs Area Controller of the Nigeria Customs Service (NCS), Tin Can Island Command, Mr Musa Abdulahi, has revealed. Addressing newsmen in Lagos a moment ago, Mr Abdulahi attributed this to the Federal Government’s initiative on export. He explained that this represents an appreciable improvement of 558.46 percent in terms of volume and 402.24 percent in terms of FOB value when compared with the 8,140 metric tons valued at N7.3 billion

Image
07-September-2016

Boko Haram: Zenith Bank Gives Scholarship To 50 Orphans

By Dipo Olowookere Not fewer than 50 children orphaned by Boko Haram activities in Borno State have received scholarships to pursue their education. The gesture was made by Zenith Bank Plc to celebrate the 50th birthday of Governor Kashim Shettima of Borno State, who was once a management staff of the Bank. The scholarship covers total fees for tuition, text books, note books, school bags, uniforms and school shoes for the next nine years. According to the Bank, the beneficiaries will enjoy the grant from their pre-nursery school period in 2016 to 2025 when they are expected to have completed

Ad
Ad
Recent Stories
Image
02-March-2024

JUST IN: Nollywood Star Mr Ibu Dies

By Modupe Gbadeyanka Information just reaching Business Post indicates that popular Nigerian actor, Mr John Okafor, otherwise known as Mr Ibu, is dead. It was gathered that the Nollywood star breathed his last on Saturday in a hospital in Lagos. His demise comes a day after the Nigeria film industry lost an actor, Mr Tolani Quadri Oyebamiji, well-known as Sisi Quadri. Mr Ibu underwent a surgery, which led to the amputation of one of his legs. He was later discharged from the hospital, but was reportedly taken back. Until his death, he acted in several movies. He was well known

Image
02-March-2024

African Bishops Seek Overhaul of Financial System as Debt Burden Worsens

African Catholic Bishops called for an overhaul of the financial system to address health, climate, food and other challenges the region faces. Ahead of a gathering of African Finance Ministers in Victoria Falls, Zimbabwe, the Justice, Peace and Development Commission of the Catholic Symposium of Episcopal Conferences of Africa and Madagascar (SECAM) outlined reforms for debt relief, development resources and governance. “In Sub-Saharan Africa the number of people facing food insecurity stress or crisis has more than doubled since 2019, reaching 420 million people last year,” noted the bishops in a statement. A delegation representing the African Bishops and religious

Image
02-March-2024

MTF Class of 2023 to Premiere Her Dark Past, Grown

By Modupe Gbadeyanka Two feature films will be premiered this weekend exclusively on the Africa Magic Showcase channel 151 and Africa Magic Urban channel 153 by the students of the MultiChoice Talent Factory (MTF). The two pieces of art titled Grown and Her Dark Past are the final projects of the MTF Class of 2023 students, a statement from the organisation said. The MTF is a leading film school in West Africa for young, talented and passionate filmmakers. It was established by the media platform to grow the region’s creative industry. Grown premieres on Africa Magic Showcase at 8.30 pm

Image
02-March-2024

Mandela’s Heirs Lose Power in South Africa

By Alexander Braterskiy South African authorities warn that if the opposition wins the parliamentary elections, the country may change course and leave the informal BRICS economic bloc, which includes Russia. The position of the African National Congress party, which has been in power since the collapse of apartheid, is indeed not the best, as shown by the municipal elections held earlier in the country. The opposition accuses the president of corruption and abuse of power, as well as an inability to cope with the country’s energy crisis. The ANC crisis occurred on the 30th anniversary of the first free elections

Image
02-March-2024

CAA Reaffirms Commitment to Climate Innovation for Sustainable Future

By Modupe Gbadeyanka A leading social enterprise focused on environmental sustainability, Climate Action Africa (CAA), has reaffirmed its commitment to being at the forefront of driving climate innovation for a sustainable future. The organization, which is a key participant at the four-day Omniverse Summit 2024 in Lagos, emphasised the need to integrate environmental sustainability models, technology, and community-driven innovation to address climate change challenges. It promised to foster an inclusive climate action ecosystem through innovation, which it said can be used to identify and scale solutions to address the imminent climate crisis in Nigeria and Africa as a whole, The

Image
02-March-2024

Endosurvivors Foundation Set For Another Endometriosis Awareness

By Adedapo Adesanya EndoSurvivors International Foundation (ESIF), an NGO championing endometriosis awareness in Nigeria, has announced its upcoming events in commemoration of the Global Endometriosis Advocacy Month in March, fondly tagged March4Endo by advocates all over the world.  Endometriosis is a chronic and inflammatory condition that affects approximately 1 in 10 girls and women in Nigeria and on a global scale. This sums up to about 190 million affected girls/women around the world, about the population of Nigeria in 2018.  The World Health Organisation (WHO) recognizes that endometriosis has significant social, public health, and economic implications leading to a decrease

Image
02-March-2024

CSCS, FrieslandCampina Lift NASD OTC Bourse by 0.31%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned to the positive territory after it gained 0.31 per cent on Friday, March 1, thanks to the duo of Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc. CSCS Plc added 81 Kobo to its value to sell for N19.46 per unit compared with the preceding day’s N18.65 per unit, and FrieslandCampina improved by N1.15 to settle at N71.4o per share, in contrast to Thursday’s closing price of N70.25 per share. However, Aradel Holdings Plc continued its price depreciation yesterday as it shed N6.75 to sell at N2,395.00

Image
02-March-2024

Naira Now N1,548.25 at Official Market, N1,560/$1 at Black Market

By Adedapo Adesanya The Naira sustained its gradual recovery against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, March 1, appreciating by 2.94 per cent or N46.86 to sell at N1,548.25/$1, in contrast to the N1,595.11/$1 it was traded on Thursday. Also, in the spot market, the Nigerian currency improved its value against the Pound Sterling during the trading day by N90.13 to close at N1,956.06/£1 versus the previous day’s N2,046.19/£1 and against the Euro, it gained N76.39 to trade at N1,675.25/€1, in contrast to the N1,751.64/€1 it closed a day earlier. The supply of

Image
02-March-2024

Crude Oil Jumps 2% as Traders Sight Possible OPEC+ Cuts

By Adedapo Adesanya Crude oil appreciated by about 2 per cent on Friday as traders awaited a decision from the Organisation of the Petroleum Exporting Countries and allies (OPEC+) on supply agreements for the second quarter. Yesterday, the price of Brent futures went up by $1.64 or 2 per cent to $83.55 per barrel and the US West Texas Intermediate (WTI) futures rose by $1.71 or 2.19 per cent to $79.97 a barrel. For the week, Brent added around 2.4 per cent while WTI gained more than 4.5 per cent. Analysts noted that the expectation that OPEC+ is going to

Image
02-March-2024

NGX Indices Nosedive by 1.23% as Traders Resume Profit-Taking

By Dipo Olowookere The bears made a quick return to the Nigerian Exchange (NGX) Limited after leaving the stage for the bulls for a day as investors reassessed the impact of the hike in the benchmark interest rate by the Central Bank of Nigeria (CBN) on Tuesday on their investments. On Friday, the key performance indicators of the bourse closed lower by 1.23 per cent as a result of renewed selling pressure, especially in the energy and industrial goods sectors. Business Post reports that at the close of transactions on the first trading session of March 2024, the industrial goods