Monday, August 13, 2012 / The Analyst / Proshare Research

Companies in the NEWS Today – First City Monument Bank Plc, Diamond Bank Plc, United Bank for Africa Plc, Niger Insurance Plc

First City Monument Bank Plc, FCMB, said it has entered an agreement with Tower Power Utilities Limited, TPUL to invest N4 billion in the company’s 17.75 mega watts gas fired generation plant in Ogun state. A statement released by FCMB added that the financing was granted through the Bank of Industry’s N300 billion Power and Aviation Intervention Fund (BOI-PAIF).



The banking stock recorded -68.22% losses in 2008 while it went up by +19.33% and +4.75% in 2009 and 2010 respectively. The stock went down by -44.27% price depreciation in 2011 while it has recorded a depressing performance in 2012 with -26.082% YTD losses recorded so far.

Diamond Bank Plc has promised to pay dividend to its investors given the impressive performance for the first half of 2012. Managing Director/CEO Mr. Alex Otti said the bank wrote off over N44 billion naira bad debts last year and now plans to concentrate on organic growth instead of Merger and Acquisition (M&A).



The banking stock recorded -62.70% losses in 2008 while it went up by +4.37% and +4.31% in 2009 and 2010 respectively. The stock went down by -75.60% price depreciation in 2011 while it has recorded an impressive performance in 2012 with +34.83% YTD gains recorded so far.

United Bank for Africa Plc, UBA is set to partner with the Republic of Benin on infrastructure and economic development by supporting the country’s Cotton Campaign and other projects that would benefit the people. According to the Group Managing Director of the Bank, Mr Phillips Odozua, UBA has proven its role in facilitating trade and investment in Africa.



The insurance firm’s stock closed negative throughout the periods of review as it records -73.43%, -19.40%, -15.36% and -72.74% losses in 2008, 2009, 2010 and 2011 respectively while it has also recorded +65.38% YTD gains in 2012.

Niger Insurance Plc has reiterated its commitment to developing capital development through local and international training of key staff. Managing Director, Justus Uranta confirmed that over 50 employees have graduated from the West African Insurance Institute, WAII in Banjul, Gambia to enrich their knowledge.



The Insurance outfit’s stock closed negative throughout  the periods of review as it records -51.49%, -70.15%, -38.14% and -16.67% in 2008, 2009, 2010 and 2011 while it has recorded positive YTD performance of +2.00% in 2012 so far. The company recorded negative growths in its gross earnings and positive PAT growths in its Q4 2011 financials. 

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