First Bank of Nigerian Plc said it has committed well over N500 billion to finance oil and gas projects in Nigeria as part of efforts to enhance local capacity and competitiveness as The Local Content Act of the Federal Government received yet another boost from the financial sector. This sum has led to the successful acquisition of a vessel — DSV AVIANNA — for Broron Oil and Gas Company.
The bank’s stock closed negative throughout the periods of review as it records -52.77%, -33.44%, -2.28% and -35.18% in 2008, 2009, 2010 and 2011 while it has recorded positive YTD performance of +62.92% in 2012 so far. The company recorded positive growths in gross earnings and PAT in its Q2 2012 financials.
First Aluminium Nigeria Plc will resume payment of dividend to its shareholders in 2015 barring any unforeseen circumstances. Incorporated on August 20, 1960, and quoted on the floor of the Nigerian Stock Exchange (NSE) on November 5, 1992, First Aluminium Plc suspended payment of dividend in 2002 due to operational challenges.
The industrial goods firm’s share price recorded +88.60% gain in 2008 while it went down in 2009 by -88.37%. The stock resumed uptrend in 2010 with +46.00% gains while parts of the gains were erased in 2011 with -31.51% loss recorded. In 2012 so far, the stock has remained flat as it currently trades at the nominal price of 50k.
Sovereign Trust Insurance Plc: Erstwhile, General Manager and Chief Operating Officer (COO) of Sovereign Trust Insurance Plc (STI), Mr. Sammy Ogbodu, have been elevated to the position of Executive Director in the company. With the new appointment, which took effect from the beginning of this month, Ogbodu becomes a member of the company’s board of directors.
The insurance outfit recorded price decline of -72.34% and -57.26% in 2008 and 2009 respectively while it closed flat in subsequent years. The stock currently trades at the nominal price of 50k while it has recorded flat position so far in 2012.
Flour Mills of Nigeria Plc: Incorporated in September 1960 as a private limited liability company, Flour Mills of Nigeria Plc is one of the largest and most successful industrial conglomerates in Nigeria. The company focuses on flour milling, pasta production, importation, blending, distribution and sale of fertilizer, manufacturing of flexible packaging materials and woven propylene sacks, livestock feeds and port terminal management.
The stock share price went down by -61.27% in 2008 while the losses were erased in 2009 and 2010 with +12.54% and +91.67% price appreciation respectively. The stock closed 2011 with -5.14% losses while it has recorded -1.15% YTD losses so far in 2012. In its latest Q1 12 result, the firm records positive figures in both turnover and PAT.
ETI Plc: In a move to better position MoneyGram among its Nigerian patrons, management of the company has entered a fresh partnership with Ecobank to facilitate a hitch-free money transfer. At the agreement signing ceremony in Lagos recently, MoneyGram’s Vice- President, Africa, Mr. Herve Chomel, said the partnership offered growth opportunities to the operations of the two financial institutions. He also stated that it would create a better convenient platform for customers of the bank to integrate into the global schemes of MoneyGram.
The Pan-African Bank recorded a whopping -81.29% loss in 2008 and also went down by -63.05% in 2009. The stock recorded +4.67% gains in 2010 while 2011 saw another loss of -33.12%. The stock has so far recorded +6.76% gains in 2012 with positive growth also recorded in gross earnings while negative growth was recorded in PAT.
Unity Bank Plc has announced a relaunch of its mobile banking application, Unity Mobile. The reintroduced product placed the bank in a leading role in the financial services sector by providing customers with secure real-time mobile transaction capability, the bank’s Head of Media Relations, Sani Zaria, said. Zaria said that apart from the convenience to customers of being able to bank from their mobile phones, Unity Mobile was unique in its simplicity of use while remaining absolutely secure.
The stock price went down by -67.50% and -70.63% in 2008 and 2009 respectively while +42.86% gains were recorded in 2010. 2011 saw -54.17% losses as the 2012 YTD performance stands at -9.09% losses and the price currently trades at 0.50k nominal value.
First City Monument Bank Plc has supported the Lagos State Electricity Board’s Renewable Energy project by funding 2,500 rechargeable solar lamps for distribution to school children. The Lagos State Electricity Board’s Renewable Energy project aims to maximize power supply through independent power projects and improving public lighting for the citizens of the state.
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 depreciations in 2011 while it has recorded a depressing performance in 2012 with -30.62% YTD losses recorded so far.
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