SKYE BANK PLC today announced the voluntary resignation of the leadership of the Bank in order to pave the way for a new team to further the new strategic direction of the Bank in the retail and commercial space. A total of 12 directors including the Chairman of the Board, Dr. Olatunde Ayeni, the Group Managing Director/CEO, Mr. Timothy Oguntayo, and the Deputy Managing Director, Mrs. Amaka Onwughalu, voluntarily resigned their positions. 4 Executive Directors not included in the 12 above would however continue in office. Consequently, the CBN has approved the appointment of Alhaji M.K. Ahmad and Mr. Tokunbo Abiru as the new Chairman and the new GMD/CEO respectively.
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OANDO PLC has today announced a $210m recapitalization of its downstream operations by HV Investments II B.V. (“HVI”), a joint venture owned by Helios Investment Partners (“Helios”), an Africa-focused private investment firm, and the Vitol Group (“Vitol”), an independent trader of energy commodities (together, “the Consortium”).

As a result of this, the Company announced that a new company would be formed to hold interests in Oando Marketing Limited, Oando Supply & Trading Limited, Apapa SPM Limited, and Oando Trippmart Limited. Oando Plc would retain 49% shareholding in the newly formed corporate vehicle, with the Consortium owning 49%, and the residual 2% owned by a local entity.
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INFINITY TRUST MORTGAGE BANK PLC released its result for the half year ended 30th June, 2016 today with the result showing the Turnover of the Bank grew from N333.7m in 2015 to N401.1m. The Profit before Tax of the Bank also grew from N116.9m to N151.3m, while the Profit after Tax grew from N104m to N134.7m.
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REDSTAR EXPRESS PLC released its audited result for the year ended 31st March, 2016 at the close of trading last Friday. The result showed the Revenue of the Company decreased from N6.7bn in 2015 to N6.6bn. The Profit before Taxation of the Company also decreased from N611.1m to N572.1m, while its Profit after Taxation decreased from N383.6m to N334.4m. The Directors of the Company recommended a dividend for the year, as detailed below.
Proposed Dividend:     35 kobo
Proposed Bonus:         Nil
Closure Date:              27th – 29th July, 2016
AGM Date:                  18th August, 2016
Payment Date:            1st September, 2016
AGM Venue:                To be Advised.
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NIGER DELTA EXPLORATION AND PRODUCTION PLC – Corporate Action for the Year Ended 31st December, 2015
Proposed Dividend:     200 kobo per share
Proposed Bonus:         Nil
Closure Date:              23rd June, 2016
AGM Date:                  Thursday, 28th July, 2016
Payment Date:            Thursday, 28th July, 2016
AGM Venue:                Agip Hall, Muson Centre, 8/9 Marina, Onikan, Lagos @ 11am

The equity prices of the following companies were adjusted today for dividends as recommended by their Board of Directors.

  • CEMENT COMPANY OF NORTHERN NIGERIA PLC was adjusted for a dividend of 10 kobo. Its last closing price was N7.45; hence, its ex-div price was N7.35.
  • PRESCO PLC was adjusted for a dividend of 100 kobo (last closing price, N37.00; ex-div price, N36.00).