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Hello everyone, welcome to @Nairametrics Corporate News Roundup for the week ended April 26, 2020. This thread is brought to you by @BluechipTechNG
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If you are just seeing this thread for the first time, we do this every Sunday at 10pm, basically bringing you bitesize news from Corporate Nigeria.
This week, we’ve got news about more companies that are supporting the government with funds, or providing relief materials to ease the burden on Nigerians.
We have news about deals and companies that posted either 2019 Full Year, or First Quarter financial results, and one coming up with initiatives to aid remote working/worshiping.
We also have news about a corporate that disclosed its loss to the September 2019 xenophobic attacks.
Let’s begin from there…
Let’s begin from there…
1/Xenophobic attacks have ceased, at least for now, but some companies still bear the brunt and one of them is the supermarket arm of Shoprite Holdings in Nigeria.
The company lost 8.1% of its sales in constant currency terms at the end of the second half (H2) of 2019, due to the attacks.
In its H2 financial result, the parent company stated that the impact of the store closures and drop in customer count resulted in a difficult half year for the company.
2/ Earlier in the week, Dangote Cement Plc announced the successful issuance of its N100 billion Series 1 Fixed Rate Senior Unsecured Bonds.
While some had believed that the bond would not be fully subscribed, others were not surprised when the company announced that the bond issuance was oversubscribed by a wide range of investors.
Note that some of the investors who subscribed to the Dangote Cement bond include Nigerian pension funds managers, asset managers, insurance companies, banks, and even foreign fund managers. The total book amounted to N155 billion.
The N100 billion Series 1 Fixed Rate Senior Unsecured bonds will be due in April 2025. It is Dangote Cement’s debut bond issuance in the Nigerian debt market and part of a larger N300 billion programme which the company has planned.
3/ In the fight against COVID-19, First Bank has shut its Kano Main branch, after it lost one of its staff, Abdullahi Lawal, who until his passing worked at the branch.
The oldest financial institution has implemented robust protocols at the branch, including practising social distancing, frequently disinfecting buildings and environs, whilst ensuring services are available through its alternative channels such as ATMs and digital platforms.
As a responsible corporate organization, First Bank has been at the fore-front of concerted efforts against the coronavirus pandemic alongside others.
4/ Nigerians have been reacting to the circular from the Executive Chairman of Federal Inland Revenue Service (FIRS), Muhammad Nami, to taxpayers over early payment of taxes by some corporates.
These corporates, which are believed to be making a fortune from the lockdown directive to curb spread of COVID-19.
The circular, which was an update on palliative measures to cushion the effect of COVID-19 on taxpayers, asked corporate organisations in some sectors of the economy to consider paying their annual returns earlier than due dates; this is besides their normal monthly obligations.
Several critics described the request as an act insensitivity to the plight of both individuals and corporates that are trying to keep their heads above water.
5/ As part of activities to mark its first year anniversary, http://Wealth.ng , a Nigerian investment platform, is organising a giveaway where participants can win cash prizes and choice stocks.
The firm is also making a donation to Destiny Trust, a Lekki-based philanthropic organisation that cares for and educates orphans. A new product will also be launched soon for users, in the spirit of the celebration.
According to http://Wealth.ng , participation in the giveaway simply requires one to download the app and start investing with a minimum of N20,000.
This is @Nairametrics thread BTU by @BluechipTechNG
This is @Nairametrics thread BTU by @BluechipTechNG
6/ Bundle Africa has launched a social payment application for cash and cryptocurrency transactions. The Bundle app, which was formally launched in Nigeria on Thursday, will allow users to buy, sell, and hold fiat and digital currencies.
According to the founder, Yele Badamosi, the app was specially built to serve the need of the typical native African user that prefers financial services delivered digitally via mobile apps, as opposed to visiting brick and mortar bank branches.
7/ Despite COVID-19, some companies are still rewarding their shareholders. MTN Nigeria Communication Plc joined this league when it announced a final dividend payout of N4.97 per 2 kobo ordinary share.
