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Verification of offer proceeds-CBN

November 12, 2007 -- Central Bank of Nigeria through its director banking supervision, Mr. Ignatius Imala has said that the Central Bank of Nigeria has not stopped the verification of proceeds of banks offers.

According to Mr. Imala the CBN has not communicated with the Securities and Exchange Commission, nor the banks that it has stopped verification of offer proceeds.

Wema Bank Posts N2.5bn Net Profit

November 12, 2007 -- Wema Bank which released its financial statements for year ending 31st March, 2007 has made an after tax profit of N2.5 billion. A five-year detailed analysis of the banks performance indicates that this is an impressive performance as the bank has just completed its house cleaning of classified accounts, thereby positioning it on a new springboard of accelerated performance and growth.

Gross earnings grew by 78.4 per cent from N14.8 billion in 2005/2006 to N26.43 billion in 2006/2007.

This had hitherto grown at an average rate of 25.6 per cent yearly between 2003 and 2005. Total assets also rose by 37.4 per cent from N120.1 billion in 2006 to N165 billion in 2007.

Between 2003 and 2005, total assets had increased only by 26.7 per cent yearly.

NSE pegs Sterling, Ecobanks prices

November 12, 2007 -- The share prices of Sterling Bank and Ecobank Nigeria were placed on technical suspension last week by the Nigerian Stock Exchange following their merger plan just as investors exchanged over N50 billion on stocks.

As of Wednesday when their prices were pegged, Sterling Bank was going for N7.28, while Ecobank was traded at N7.25.

The rationale behind the technical suspension is to protect the prices from artificial swings until the merger arrangement is fully consummated.

Shareholders Endorse FIBs Offer

November 07, 2007 -- Shareholders of First Inland Bank Plc yesterday in Abuja endorsed the banks planned N100 billion public offer scheduled for the first quarter of next year.

The planned public offer was conceived to shore up the banks capital base as well as to make it more competitive in the emerging banking landscape in the country.

The N100 billion capital is expected to be raised both locally and internationally, by way of a hybrid of equity (rights issue and offer for subscription), debentures, bonds and/or preference shares.

Tuning tough market losses

November 07, 2007 -- With the current declining trend of the market, there measures player in the stock market could undertake to cushion their losses in the market. Losing is as much a part of trading as is winning. Nonetheless, nobody likes to lose. A string of losses can feel a bit like digging your own grave. In fact, more than a few traders have gone bust just because they didn't know how to handle their losses. The secret to successful trading is by knowing how to handle losing streats.

Afribank Public Offer

November 06, 2007 -- Afribank Plc. offer for subscription 4,000,000,000 ordinary shares of 50k each at N25.00 per share.

Application forms are available at banks, stockbrokers and all branches of Afribank Nigeria Plc nationwide.

Offer opens November 1, 2007 Offer closes December 10, 2007

PetrolChina market

November 06, 2007 -- PetrolChina Co. almost tripled on its first day of tradind in Shangai, becoming the world's first company to be value at $1 trillion, larger than the entire Russian stock market. PetrolChina shares rose to 43.96 yuan from the sale price of 16.7 yuan, giving the state-owned oil producer a greater market value than Exxon Mobil Corp. and General Electric Co. combined. The rally makes PetorlChina shares four times more expensive than those of Exxon, even though China's biggest oil producer has a quarter of the revenue. China's stock market was valued at less than $1.1 trillion before tripling this year and giving the communist nation five of the world's 10 biggest companies.

Bagco Holds Completion Meeting

November 01, 2007 -- Preparatory to being listed on the Nigerian Stock Exchange, the completion board meeting for initial public offering of Nigerian Bag Manufacturing Company Limited (Bagco) is scheduled for Thursday November 1, 2007, in Lagos.

Directors of the company and professional advisers will sign all necessary documents that would approve the offering expected to raise about N7.27 billion. The amount is being sourced through an offering of 1.86 billion ordinary shares of 50 kobo each at N3.90 per shares.

The offer, which according to a company source, is expected to open next week will be a turning point in the history of the company as it would expand its horizon and impact positively on the economy of the country.

Established in 1964 as a subsidiary of Flour Mills of Nigeria Plc, Bagco produced its first polypropylene sack eight years after in 1972.

7-UP: Good To Hold

November 01, 2007 -- The share price of 7-Up Bottling Company Plc has oscillated since the release of the last audited financial statement for March 2007 to date. Analysts attribute that to a number of factors, which include the mop up of funds from the secondary to the primary market segment, profit taking by investors after the stock ran its full circle at year-end as well as the marked down effect for dividend of N1.30 per share declared by the directors. The equity, which had peaked at N54.60 per share from a low of N37.4 closed on Monday at N45. see page C8 of Daily Independent for more detail.

Value of Trading dips by 29%

October 19, 2007 -- The value of equities traded at the stock market dipped by 29 percent on Thursday while the Nigerian Stock Exchange All-Share index rose to close higher at 51,306.88. The market capitalisation of equities also appreciated to close higher at N8.224tn. Details on page 19 of the Punch News Paper.

NIG. STOCK MARKET LEADS AFRICAN MKT

August 16, 2007 -- The Half-year-review of African stock markets has shown that the Nigerian stock market returned an average of 55 per cent, in capital appreciation, in the first half of 2007, about 43 percentage points ahead of 12.2 per cent recorded by South Africa, Africas largest capital market.

TRANSCORPS PLAN TO RE-LAUNCH NITEL

August 16, 2007 -- The story indicates that Stockbrokers have received with excitement news by Transnational Corporation of Nigeria (Transcorp) Plc to re-brand NITEL, as the move is expected to boost the share price of Transcorp on the stock market. Meanwhile, Transcorp has appointed an American, Mr. Kevin Causo, as Programme Manager of NITEL.

ZENITH RETAINS IND. LEADERSHIP

August 03, 2007 -- Zenith Bank Plc, in its 2006/2007 audited results, declared that its assets and contingents amounted to N1.2 trillion, the largest in the Nigerian banking industry. The new asset base represents a growth of 67 percent from N759.97 billion which the bank recorded in its 2005/2006 trading year.

NSE, STOCKBROKERS, OTHERS CELEBRATE

August 03, 2007 -- The Nigeria Stock Exchange (NSE), stockbrokers, chief Executive of quoted companies and other stakeholders in Lagos celebrated the historic N1 Trillion Transaction Value and 51,000 index points of The Exchange amidst pomp and pageantry including a grand road show.

FOREX DD SOARS AS FUEL IMPORT RISE

August 03, 2007 -- By the story, foreign exchange (forex) demand has surged from $160 million to $180 million, representing a 12.5 percent increase in the week ended July 27, 2007 as a result of increase in demand by some oil companies for importation of petrol (premium motor spirit) and ticket remittance by some foreign airline operators during the review period. See am analysis titled HIGH FOREX DEMAND AND CAPITAL FLIGHT

NSE LIFTS SUSPENSION ON FBN SHARES

July 26, 2007 -- The Nigerian Stock Exchange (NSE) on Tuesday, 25th July, 2007 lifted the technical suspension placed on the shares of First Bank of Nigeria Plc, following its recent public offering. The shares which were suspended at N40.40 gained N2.02 to close at N42.42

STOCK MARKET WILL NOT CRASH - YAROE

July 26, 2007 -- General Manager/Head, Quotations and Listing Department, The Nigerian Stock Exchange, has revealed in a half-page interview with BusinessDay why the stock market in Nigeria will remain viable and profitable, despite the tremendous price appreciation in share prices. Mr. Yaroe said The Exchanges International Investment Road shows abroad have created awareness of the potential opportunities in the nations stock market, which foreign fund managers are keen to tap into among others.

STOCK MARKET TURNOVER CROSSES N1TR

July 26, 2007 -- Transaction on the floor of The Nigerian Stock Exchange crossed the N1 trillion mark on Monday, July 23, marking a new milestone in the history of The Exchange. In the last six months, the value of transactions stood at N1.019 trillion, representing 117 percent growth on turnover of N470 billion recorded in the whole of 2006.

GOVT REFUNDS N200BN TO INS. FIRM

July 26, 2007 -- Government has released the Insurance Companies funds totaling N200 billion, hitherto trapped in the vault of the Central Bank of Nigeria (CBN). A total of thirty-three insurance companies are set to benefit from the payback. Daily Champion of Tuesday 24th July2007, page 17 can be checked

EFCC BLACKLISTS BANKS

July 26, 2007 -- The Economic and financial Crimes Commission (EFCC) has blacklisted five new generation banks for assisting State Governors to launder money through the banks. Identities of the banks are not disclosed. Meanwhile, the EFCC says it would continue to monitor closely all activities of banks to ensure Nigeria retains its current clean status by the Financial Action Task Force (FATF)

FIRST REAL INVESTMENT TRUST

July 26, 2007 -- Nigeria is about to witness the first real estate investment trust (REIT), which is set to complete 482 units of housing within twelve months in Port Harcourt at cost of N10 billion. United States-based Lemma Group and Clifford Garden Limited, Port Harcourt is arranging the REIT.

GTBANK GDR

July 26, 2007 -- Guaranty Trust Bank (GT Bank) will on Thursday acquire the status of dual listing with the listing of 3.850 billion shares in respect of the Global Depository Receipt (GDR) on the London Stock Exchange at $11.20 per unit. GTBank has deposited the GDR certificates with the Central Securities Clearing Systems Depository

DANGOTE, OTEDOLA, TRANSCORP

July 19, 2007 -- The story indicates that Bluestar Oil Service Limited Consortium, comprising the business interests of Alhaji Aliko Dangote, Mr Femi Otedola and Transnational Corporation of Nigerian Plc (Transcorp) has offered to pull out conditionally from the deal for 12 months to consortiums decision is linked to the barrage of criticism that has trailed the transaction. The group has demanded a refund of the $721m it paid for the acquisition of the refineries, with interest accruable. See BusinessDay, front page, The Punch, back page, ThisDay page 1, The Guardian, page 1

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