Corporate Actions on the Nigerian Stock Exchange WTD June 14 2019

Corporate actions are decisions taken by companies’ boards of directors or management teams, that could have impacts on the firms themselves or shareholders. 

Examples of corporate actions include the release of quarterly and full year results, payment of dividends, closing of shareholders’ registers, announcing qualification dates and Annual General Meeting (AGM) dates. 

Here is a review of corporate actions that took place last week, and those expected in the coming week.  

Corporate Actions that took place last week  

Saved by the Courts  

Oando Plc remained in the headlines this weekas the company obtained an injunction from a Federal High Court restraining the Securities and Exchange Commission (SEC) from appointing an interim management team.  

Daar Communications Plc informed the Nigerian Stock Exchange (NSE) that it had resumed operations. The company was briefly shut down this week, following the suspension of its operating licence by the National Broadcasting Commission (NBC). It subsequently obtained a court injunction which mandated a return to the status quo.  

The firm will however continue to engage with the NBC, the government and the public on the issue. 


Oghogho Akpata and Sena Anthony, who were non Executive Directors of Oando Plc, have  stepped down. 

Akpata is the Managing Partner of Templars, a prominent law firm. Ms. Anthony had a long and distinguished career with the Nigerian National Petroleum Corporation (NNPC) before retiring as Group Executive Director Level Corporate Secretariat and Legal Division, after spending thirty four years.  

While no reasons were given for their actions, it may be linked to the SECs decisions following the forensic audit conducted.  

Coronation Research

The duo are reportedly among several non Executive Directors asked to step down from the board, and refund certain payments collectedto the company.   


Dangote Sugar Refinery Plc, Law Union and Rock Insurance Plc, NEM Insurance Plc, Julius Berger Nigeria Plc, The Initiates Plc, BOC Gases Nigeria Plc, Dangote Cement Plc, and Forte Oil Plc were all marked down this week.  

A markdown simply means that a proposed dividend or bonus, is subtracted from the stock’s share price.

Dangote Sugar Refinery Plc was marked down by N1.10. Law Union and Rock Insurance Plc was marked down by N0.02. NEM Insurance Plc was marked down by N0.13. Julius Berger Nigeria Plc was marked down by N2. The Initiates Plc was marked down by N0.05. BOC Gases Plc was marked down by N0.40. Dangote Cement Plc was marked down by N16. Forte Oil Plc was marked down by N1.15. 

While the dividend payment has been subtracted from the respective share prices, payment to shareholders will take place on or after Annual General Meetings have been held.


ETranzact International Plc has confirmed the appointments of Oluwaniyi Tolulope as substantive Managing Director/CEO, and  Hakeem Adeniji Adele as Deputy Managing Director.  

Last year in May, the Central Bank of Nigeria instructed the erstwhile Managing Director, Valentine Obi and two Executive Directors, Sullivan Akala and Ike Eze to step down. The Chief Technology Officer (CTO) Richard Omoniyi and Chief Operating Officer (COO), Kehinde Segun, also resigned. The action was taken following the fraud that had taken place using the company’s platform. 

CAP Plc’s board has appointed two non Executive Directors Mrs, Muhibat Abass and Mrs Bolarin Okunowo 


Ecobank Transnational Incorporated announced the over subscription of its $50 million bond, issued at 8.25%. The bonds will be consolidated and form a single series with the $450 million 9.5% issued in April 2019 and due in April 2024. 

The proceeds will be used for ETI’s general corporate purposes and will further strengthen the liquidity of ETI. 

 Corporate Actions taking place next week   

Wapic Insurance Plc, Oando Plc, NASCON Allied Industries Plc, Okomu Oil Palm Plc, and Eterna Plc will be holding their Annual General Meetings (AGMs).  

Union Bank of Nigeria Plc will also hold an Extraordinary General Meeting (EGM), as it seeks shareholders approval to net accumulated permanent losses from legacy transactions amounting to N54.4 billion against its share premium.  

Credit arising from this transaction will be used to eliminate the bank’s retained losses for the 2018 financial year. 

The balance sheet restructuring proposed will not affect the bank’s authorized or issued share capital or regulatory capital, but enable it pay dividends in the near future. 


Source: Corporate Actions on the Nigerian Stock Exchange WTD June 14 2019

By Onome Ohwovoriole

Techylawyer nor its authors claim to have written this article, we acknowledge the works of the original author


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