Connect with us

News and Report

STOCKS TO WATCH: Zenith Bank, C & I Leasing, Ecobank top stocks pick this week

Published

on

Much as the quantity of shares traded fell by half last week, Nigerian stocks were up 0.6 per cent, driven by a bigger interest in financial services stocks.

In a mark of confidence in the prospects the market offers, equities continued to find a solid ground against the pressure that would have diverted a big portion of institutional investors’ capital away into fixed-income assets, taking into account the country’s high monetary policy rate, which has made the latter particularly attractive.

“Given the tremendous mid-long term opportunities in the equities market, fund managers and businesses may begin to entertain mid-long-term (≥6 months) investment objectives, cherry-picking only sound equities with undisputable (or undervalued) fundamentals and ongoing corporate actions (M&As…),” said investment bankers at United Capital.

On the whole, bank stocks hold a notably bright spot for investment among other sectors, considering that such equities are generally undervalued and that the sector has so far this year yielded lower than it did last year.

With Zenith Bank releasing a reasonably strong result recently coupled with the high expectations that the rest of the Big 5 lenders will follow suit, the market is on track to sustain its uptrend in the near term.

PREMIUM TIMES has assembled some stocks with fundamentals and other potential, adopting key analytical approaches to save you the hassle of randomly picking equities for investment.

The selection, a product of analytical market watch, offers a guide to entering the market and taking strategic positions in hopes that equities will increase in value with the passage of time.

This is not a buy, sell or hold recommendation but a stock investment guide. You may need to involve your financial advisor before taking investment decisions.

Zenith Bank
Zenith Bank tops this week’s pick for declaring an interim dividend of N1 per unit for half-year 2024, twice as much as the cash reward it gave shareholders in the same period of last year.

The top-tier lender’s profit after tax rose by almost twofold to N578 billion within the period.

The price-to-book (PB) ratio of the financial institution is presently 0.4x, while its price-to-earnings (PE) ratio is 1.4x.

C & I Leasing
C & I Leasing makes this week’s list for currently trading significantly below its intrinsic value, brightening its chances of good price appreciation in the future. The company’s PB ratio is 0.1x, while the PE ratio is 6.9x.

Ecobank Transnational Incorporated (ETI)
ETI appears in the pick for currently trading well below its actual value. The PB ratio of the lender is 0.4x at the moment, while the PE ratio is 1.2x.

Prestige Assurance
Prestige Assurance features on this week’s list for currently trading below its real value. The insurer’s present PB ratio is 0.4x, while the PE ratio is 2x.

Ikeja Hotel
Ikeja Hotel makes the cut for currently trading below its real value. The company’s PB ratio is 0.6x, while the PE ratio is 2.6x.

Mutual Benefits Assurance
Mutual Benefits appears on the list for trading significantly below its real value. The underwriter’s PB ratio is 0.6x, while its PE ratio is 2.4x.

News and Report

Court rejects Lagos AG, Lawal Pedro’s move to stop N1.35bn ‘fraud’ case Against Olalekan Abdul Prosecuted By EFCC.

Published

on

By

 

Drama as judge, SAN argue over alleged ruling alteration, rudeness…

 

 

The Special Offences Court, in Ikeja, Lagos, yesterday, declined an application by the Lagos State Attorney General, Lawal Pedro, to completely halt the trial of Olalekan Abdul and another person, being prosecuted by Economic and Financial Crimes Commission, EFCC, for alleged N1.35 billion fraud.

 

 

Justice Mojisola Dada discharged the duo of the 20 counts filed against them by the state but ordered the continuation of their trial on five related counts simultaneously filed against them by the EFCC.

 

A mild drama ensued in the process, leading to the judge accusing the defence counsel of disrespecting the court and the lawyer maintaining his innocence.

 

 

The matter was adjourned to October 31, 2024 for continuation of trial.

 

The AG had filed for discontinuance after an earlier move to take over its prosecution failed. The court had also earlier ruled that the defendants had a case to answer, and that the prosecutor could prosecute the defendants.

 

 

The anti-graft agency filed in December 2019, a 26-count conspiracy, forgery, and stealing charge against the defendants. They were arraigned on January 29, 2020.

 

It alleged that the defendants conspired with Adeyinka Adewole and Morakinyo Bolanle, at large, to obtain N350 million, and N1 billion from Wema Bank under false pretences.

 

The defendants, one of them former Managing Director of Cleanserve, pleaded not guilty and were granted bail.

 

 

The matter resumed, yesterday, for the ruling on the notice of preliminary objection by the prosecution concerning the notice of discontinuance filed by the AG. It relied on Section 211 of the Constitution for discontinuing both state and Federal offences before the court.

 

 

Franklin Oforma appeared for the prosecution, Jonathan Ogunsanya for the AG of Lagos State, Adeyinka Olumide-Fusika, SAN, appeared for the 1st defendant while A. Abdulrasaq represented the 2nd defendant.

 

The second defendant’s counsel informed the court that the learned Silk, Dr. Muiz Banire was ill and on his way.

Reading her ruling, Justice Dada discharged the 1st and 2nd defendants on all 20 out of the 26 counts brought against them under the laws of Lagos State relying on sections 211 of the 1999 constitution.

 

 

Nevertheless, the judge ruled that the defendants should continue their defence in the remaining six-count charge brought against them under the Advance Fee Fraud Act and EFCC Act.

 

Mr. Olumide-Fusika asked that the case be stood down for 30 minutes. Afterwards, he attempted to make an oral application for his client to be acquitted, but the judge declined.

 

 

A mild drama ensued in the process, leading to the judge accusing Olumide of being “lousy” and “rude” and the SAN denied the allegation and maintaining his stand.

 

Olumide-Fusika: “At least it will be on record that I made the applications.

Judge: “I’ll consider it in the final judgment.”

 

Olumide-Fusika: “No, I’m making the application now.”

Judge: “Ehn let it be there.”

 

Olumide-Fusika: “I’m making the application now. Now, my lord.”

Judge: “Please don’t shout. No shouting.”

 

 

Olumide-Fusika: “I’m not shouting. I’m making the application now.”

Judge: “And watch your language please.”

 

 

Olumide-Fusika: “I’m making the application now. I’m making the application now. The prosecutor made an application when Your Lordship read the ruling.”

 

Judge: “What application did he make?”

 

Olumide-Fusika: “He made an application. He pointed your lordship’s attention to the fact that your lordship made an order discharging and asking the second defendant to go.”

 

Judge: “Discharging them?”

 

Olumide-Fusika: “Your lordship said so.”

 

 

 

 

 

 

Continue Reading

News and Report

Festus Keyamo  Emphasizes Nigeria’s Strategic Position as Africa’s Aviation Hub at Moscow Conference 

Published

on

By

 

The Honourable Minister of Aviation and Aerospace Development of Nigeria, Festus Keyamo SAN CON FCIarb (UK), addressed the global aviation community at the on-going International Route Development Conference themed Network Cargo 2024 in Moscow, Russia. The conference, focused on enhancing global partnerships through the highest standards of freight forwarding services, attracted transport ministers and industry leaders from across the world, all seeking to establish efficient and competitive cargo routes.

 

During his keynote speech, the Aviation Minister emphasized Nigeria’s unique geographical advantage in becoming the central hub for air transportation in Africa. He stated, “Geographically, we are in the best position to be the real hub of Africa. If you look at the map, we are equidistant to South America across the Atlantic, to Europe, and to Asia. We are about 6 to 7 hours to Doha, Dubai, and Brazil. With our population, we have the dream to develop a real hub for Africa.”

 

Keyamo further highlighted Nigeria’s untapped aviation potential, citing the significant volume of international traffic originating from the country. However, much of this traffic is currently serviced by foreign airlines. “If you look at it, most of the flights originating from Nigeria are not indigenous. Airlines from Ethiopia, Egypt, Morocco, and other countries feed on our traffic. They know that Nigerians travel all over the world,” he remarked.

 

To address this imbalance, the Honourable Minister expressed the Nigerian government’s commitment to increasing the capacity of local airlines. He noted that President Bola Ahmed Tinubu is focused on strengthening Nigeria’s domestic aviation sector, ensuring that local operators benefit from the nation’s air traffic. “Instead of giving up our traffic and airspace to other people, we are focused on ramping up the capacity of our local airlines. That is a major priority of President Tinubu’s administration,” he said.

 

In line with the theme of the Network Cargo 2024 conference, the Honourable Minister announced Nigeria’s plans to expand its international routes, with a particular focus on establishing direct connections to South America, specifically Brazil. “It is ironic that to fly to Brazil from Nigeria, one has to first travel east to Addis Ababa or go to Angola before heading west. We are working to open up direct routes from Nigeria to South America, addressing this gap in our aviation connectivity,” Keyamo revealed.

 

Furthermore, the Minister elaborated on Nigeria’s recent adoption of the Cape Town Convention’s practice directions, which regulate dry leasing—a common global practice in the aviation industry. By domestically implementing these regulations, Nigeria has provided assurances to the leasing world that aircraft brought into the country will be protected under Nigerian law. “The practice direction we signed last week ensures that Nigerian courts protect lessors and financiers, giving them the confidence that their aircraft are safe in Nigeria. This move will foster a symbiotic relationship, as we have the traffic and the need for new routes,” he added.

 

In conclusion, the Minister underscored Nigeria’s commitment to achieving global standards in aviation by enhancing local airline capacity, securing international partnerships, and expanding direct routes to underserved destinations.

 

Tunde Moshood

SA Media and Communications to the Honourable Minister of Aviation and Aerospace Development

Continue Reading

News and Report

Extortion: Customs launch investigation into alleged extortion by officials…

Published

on

By

 

 

The Kano-Jigawa command of Nigeria Customs Service (NCS) says it has launched an investigation into an alleged extortion involving businessmen at Abubakar Rimi market popularly known as Sabon Gari.

 

The investigation followed a complaint by the businessmen alleging extortion by some officials of the command.

 

 

According to the Public Relations Officer of Sabon Gari Shop owners and online marketers Association, Nazifi Auwalu, business has been made difficult for their people as the level of extortion has instilled fear among them.

 

“We are facing a difficult situation because we are now in a dilemma of transporting goods from elsewhere into Kano State. We are now like rat and the cat between us and customs officials. They follow us into nook and crannies of the state arresting goods. We did not share any border whether land or sea and what we are selling are mostly bought in the country, Lagos in particular.

 

 

Recently, our vehicle load of perfume was arrested by some customs officials who accused us of conveying contraband. The vehicle was moved to the customs office and was ransacked and nothing was gotten from it.

 

“One Officer in charge, FOU, told us that we have to pay the sum of N1 million or else the vehicle will not be allowed to go out of the building. You can’t even go into his office until you are searched and you have to drop your phone. That’s how we were extorted that amount which was received by the Officer.”

 

 

Also narrating his ordeal, another businessman, Nura Abdullahi, said he was extorted to the tune of N3 million of which after a bargain paid N2 million at Kaduna customs office.

 

“For me, my vehicle was arrested at Kano-Kaduna toll gate on its way from Lagos and was taken back to Kaduna. It was searched and there was nothing. At first, they told us that if they found anything they will seize the vehicle and the goods and we agreed.”

 

 

We asked them to allow the vehicle to go since there is nothing but they refused. We first paid N150,000 for uploading and taking back the goods and we paid. At last we have to pay that N2 million cash.”

 

But reacting to the issue, the Public Relations Officer, Kano-Jigawa command, Customs, Nura Abdullahi said the command has launched an investigation into the matter and all involved will be brought to book.

 

 

 

The office is on the matter currently investigating who and who are involved. The team sent to investigate have already begun arrest of officials found wanting on the issue.”

 

 

“I want to thank the businessmen for raising the alarm and anyone that was cheated will

be duly compensated,” he said.

 

 

 

Continue Reading

Trending