Connect with us

Business

Investors Scramble for Fidelity Bank’s Offers

Published

on

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Investors are literally scrambling for shares of Fidelity Bank Plc as the leading commercial bank’s capital raising continues to gather momentum among all categories of investors.

Investors’ appetite for Fidelity Bank is shown in massive subscriptions to its ongoing rights and public offers and voluminous trading at the stock market.

Current weekly report shows that Fidelity Bank was the most active stock at the stock market, outperforming the banking sector and the overall market.

Fidelity Bank recorded a turnover of 1.73 billion shares worth N18.27 billion in 1,579 deals to emerge atop the activities chart for the week.

This implies that Fidelity Bank accounted for 51 per cent and 35 per cent of total volume and value traded during the week. Total turnover for the week at the Nigerian Exchange (NGX) stood at 3.39 billion shares worth N52.30 billion in 44,814 deals.

In what underlined the fact that transactions in Fidelity Bank was driven by positive investors’ sentiment, the bank’s share price combined the huge turnover with appreciation.

Contrary to the overall negative performance of the market and the banking sector, Fidelity Bank’s share price rose by 0.05 per cent to N10.75 per share. The benchmark index that measures pricing trend for the equities market, the All Share Index (ASI) of the NGX, closed the week down by 0.46 per cent. The NGX Banking Index, the sectoral index that measures the performance of the banking sector, had closed lower by 0.48 per cent.

The secondary market trading on Fidelity Bank’s shares underscored investment experts’ general view on the attraction of the bank’s ongoing rights and public offers. Experts have categorized Fidelity Bank as a most attractive offer, with the bank carrying the “buy” recommendation in most investment research reports.

For instance, at the ongoing offer prices, Fidelity Bank is locking in immediate double-digit gain of between 11 to 18 per cent for investors in the ongoing rights and public offers, a substantial immediate return that’s unique to the bank among other competitors.

Fidelity Bank had started with a N127.1 billion hybrid offer including a rights issue of 3.2 billion ordinary shares of 50 kobo each at N9.25 per share and a public offer of 10 billion ordinary shares of 50 kobo each at N9.75 per share.

With massive subscriptions and the offers clearly heading to huge oversubscription, the bank has received approvals to issue additional 8.2 billion ordinary shares to absorb potential oversubscription. Thus, the rights issue size was doubled with additional 3.2 billion shares while 5.0 billion shares were added to the public offer.

Application list for the offers closes on August 12, 2024. A minimum subscription of 1,000 shares or N9, 250 for rights issue and N9, 750 shares for public offer ensures that the generality of the people can benefit from the bank’s ongoing offers.

Experts at Afrinvest West Africa said subscribing to the rights and public offers is a cheaper way as the issuing company bears the cost of transaction compared to the secondary market where the buyer pays transaction charges and levies.

Afrinvest categorised Fidelity Bank as an “opportunity” for the investing public, citing the bank’s impressive historical capital gain and performance records.

Investment experts at Arthur Steven Asset Management said investors in Fidelity Bank’s ongoing rights and public offers stand to reap about 57 per cent in capital gain over a short term period, putting the bank’s shares as valuable inflation-hedging assets.

Analysts at Arthur Steven Asset Management outlined that with a return on equity of 23 per cent, Fidelity Bank has consistently increased dividend payouts for the past three years, rising from 35 kobo per share in 2021 to 40 kobo and 60 kobo in 2022 and 2023 respectively.

Analysts noted that the bank has a long-to-deposit ratio of 75 per cent, which underlines Fidelity Bank’s strong commitment to supporting businesses and national economic development. Debt-to-equity ratio stands at 1.34 times, showing that the bank has no significant debt burden and thus easily, aggressive growths translate to higher returns to shareholders.

Fidelity Bank has delivered an average annual capital gain of more than 100 per cent over the past five years and ranked among the elite stocks with the highest corporate governance rating at the Nigerian stock market.

The secondary or stock market performance has been driven by massive expansion in business operations and strong growth in profitability. Fidelity Bank has recorded an average annual profit growth of 64 per cent over the past three years.

The bank has also seen rapid expansion in customer base and assets as total balance sheet size leapt from N2.1 trillion to N6.2 trillion, the sixth largest in the Nigerian banking industry. The balance sheet was driven by a hefty total deposit of more than N4 trillion, equally the sixth biggest in the industry.

Continue Reading

Business

Polaris Bank Partners NCF to Extend Tree Planting Initiative to Abuja, Anambra

Published

on

Polaris Bank Partners NCF to Extend Tree Planting Initiative to Abuja, Anambra

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Polaris Bank, in a robust display of its commitment to environmental sustainability, has expanded its nationwide tree-planting initiative in collaboration with the Nigerian Conservation Foundation (NCF).

The latest exercise took place at Government Secondary School, Gwagwalada, in the Federal Capital Territory (FCT) on October 14, 2024, following a similar event at Chukwuemeka Odumegwu Ojukwu University in Anambra State just days earlier and Professor K.K Nwozor commended the Bank for its conservation efforts.

The initiative is part of a broader strategy by Polaris Bank to align its operations with the United Nations Decade on Ecosystem Restoration (2021–2030), which stresses the urgent need for land restoration and resilience against desertification and drought. The theme resonates with the 2024 World Environment Day, underscoring the bank’s proactive stance in promoting sustainable practices aimed at restoring degraded lands and enhancing biodiversity across Nigeria.

Osazuwa Igbinoba, Directorate Head for Abuja, articulated the bank’s ethos, stating, “Sustainability is embedded in our business strategy and actions at Polaris Bank.” He noted that the tree-planting efforts not only aim to restore natural ecosystems but also focus on planting economic trees to ensure a sustainable environment for future generations.

Chiwetalu Nwatu, Directorate Head for the South East, echoed this sentiment by emphasizing that sustainability is at the heart of the Bank’s operations, encompassing more than just financial services. He noted that Polaris Bank’s approach integrates responsible banking with societal empowerment and environmental responsibility, all grounded in Environmental, Social, and Governance (ESG) principles.

The significance of tree planting as a countermeasure against climate change cannot be overstated. Thus, the initiative addresses critical issues such as soil erosion, air quality improvement, and climate regulation through carbon dioxide absorption. The bank’s efforts are not isolated; they form part of a nationwide campaign that has seen similar initiatives executed at various educational institutions and community reserves across Nigeria.

The Bank’s nationwide Tree planting exercises were held recently at Tai Solarin University, Ijebu Ode in Ogun State on July 1st; Ajingi Community Reserve, Kunkurawa in Kano State on August 30th; and University of Ibadan, Oyo State on October 3rd.These events illustrate Polaris Bank’s commitment to sustainable development and environmental restoration.

This project not only enhances local ecosystems but also serves as a public call to action on the importance of environmental preservation. Through collaborative efforts like these, Polaris Bank seeks to inspire individuals, communities and organizations to engage in environmental restoration and contribute to a sustainable future for all.

Polaris Bank, in collaboration with the NCF, remains steadfast in its commitment to environmental stewardship, community well-being and corporate responsibility, as demonstrated through these impactful tree-planting activities. Through this project, the Bank aims to inspire individuals, communities and organizations to foster a culture of sustainability throughout Nigeria.

Continue Reading

Business

Origin Tech Group and NALDA Partners on Greener Hope…

Published

on

…Set to sign MOU towards transforming Nigeria’s Agricultural Productivity.

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

In a bold step towards consolidating its quest for revolutionizing large-scale mechanized agriculture in Nigeria, the Greener Hope Large Scale Mechanisation Programme’s team paid a courtesy visit to the Executive Secretary of the National Agricultural Land Development Authority (NALDA), Mr. Cornelius Oluwasegun Adebayo.

L-R, Engr Olusegun Owolabi SA Technical, NALDA; Prince S J Samuel (Chairman, Origin Tech Group); Mr Cornelius Oluwasegun Adebayo (Executive Secretary] and Dr Musa Olasupo (Director of Programmes, Greener Hope Agriculture Productivity Programme – GHAPP, during the courtesy call on the Executive Secretary of National Agricultural Land Development Authority (NALDA), recently in Abuja.

The focus of the meeting was to establish a strong partnership between Origin Tech Group and NALDA, aimed at ensuring the smooth implementation of Greener Hope, a transformative agricultural initiative aimed at addressing the food insecurity concerns in the Country.

This collaboration brings together the expertise of both organizations in key areas such as land clearing, mechanization, and the establishment of large-scale model farms across Nigeria. The goal is to unlock new opportunities in sustainable farming, boost productivity, and ultimately transform Nigeria’s agricultural landscape through Greener Hope, which is set to substantially revolutionalize Nigeria’s agriculture by providing sustainable access to modern farm machinery and implements, eliminate drudgery, manage post-harvest loses and significantly boost crop yields across the country.

Origin Tech Group, an agricultural value-chain conglomerate is extremely pleased to be working with the Federal Government to birth this innovative program with critical structures and promises to place Nigeria on a higher pedestal to impact every aspect of farming both in the commercial segment and small-holder enterprises; raising and promoting the new agricultural ecosystem in her quest for food security, wealth creation, job opportunities and help spur economic growth.

Speaking about the partnership with NALDA, the Executive Chairman of Origin Tech Group, Prince S. J. Samuel, expressed his optimism: “Our partnership with NALDA is a critical step toward realizing the full potential of Nigeria’s agriculture. By integrating mechanization and land development, we are positioning the country for food security and long-term economic growth.”

During the meeting, Dr. Musa Olasupo, Director of Programs for Greener Hope’s large-scale mechanization program, and Engr. Olusegun Owolabi, Special Adviser on Technical Affairs to NALDA, joined the discussion to outline practical steps for launching model farms across the country, ensuring Nigeria’s agriculture attains self-sufficiency.

Similarly, Mr. Cornelius Oluwasegun Adebayo, NALDA’s Executive Secretary, emphasized the importance of public-private partnerships in achieving agricultural transformation on a large scale: “At NALDA, we are excited to collaborate with Origin Tech Group on this groundbreaking initiative. Together, we’ll empower farmers, create job opportunities, boost food production, and improve rural prosperity by mitigating rural-urban migration, especially amongst the youth population across Nigeria.”

Dr. Musa Olasupo also highlighted the urgency of this novel initiative, saying: “Nigeria’s food security is at a critical juncture, with challenges like insecurity, climate change, and smuggling that combine to threaten our food supply. Bridging those gaps, Greener Hope will provide the infrastructure farmers need to transition to large-scale farming, increase their yields and secure a sustainable food productivity future.”

The Greener Hope Large-Scale Mechanization Programme, a collaborative effort with the Federal Ministries of Agriculture and Food Security is designed to overhaul Nigeria’s agricultural sector through the provision of modern farming machinery and equipment, capacity building on equipment use and servicing for youths and the establishment of medium to large scale model farms that will serve as hubs for agricultural best practices.

As the team continues to partner with key agencies like NALDA, both organizations are committed to driving agricultural transformation, enhancing food security, and contributing to Nigeria’s economic growth.

For more information, visit www.greenerhopeng.com.

Continue Reading

Business

Fearless Energy Drink Wins ‘Outstanding Energy Drink of the Year 2024’ Award

Published

on

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

…Blazes the Trail in its Market Segment

Fearless Energy Drink, Nigeria’s leading energy drink brand from the stable of Rite Foods Limited, has clinched the coveted “Outstanding Energy Drink of the Year 2024” Award at the recent Marketing Edge Awards held at Sheraton Balmoral, Lagos.

Mr. Olaniyi Aderuku, Brand Manager, Fearless Energy Drink (Middle), flanked by Mrs. Ruth Mark, Assistant Brand Manager, Rite Sausages (Left), and Mr. Innocent Adulugba, Corporate Communications Manager (Right), all of Rite Foods Limited, during the Marketing Edge Awards, where Fearless Energy Drink Brand of Rite Foods Limited won the “Outstanding Energy Drink of the Year 2024” Award on Saturday, 28th September 2024, at Sheraton Balmoral, in Ikeja, Lagos.

Fearless Energy Drink with the Fearless Classic and Fearless Red Berry variants emerged as the winner in its category, after a thorough rating and evaluation of the highly saturated energy drink market, where the brand made entrant in 2017 with the first-ever packaged polyethylene terephthalate (PET) bottle packaging that has been the standard for competitors.

The recognition stems from the brand’s unique flavour, originality, and numerous contributions to the industry in talent promotion, human development, and sustainability initiatives that have significantly impacted human and national development.

Extolling the brand for the win, Mr. John Ajayi, the organiser, and publisher of Marketing Edge Magazine affirmed that the Fearless Energy Drink brand has truly demonstrated its market leadership in all ramifications, surpassing its competitors through sponsorship of effective strategic initiatives. He stated that the feat was also due to the brand’s distinctiveness, innovation, and the positive energy it offers.

While receiving the award, Olaniyi Aderuku, the Brand Manager of Fearless Energy Drink, expressed gratitude to Marketing Edge for the acknowledgment of the brand as the number one in its category, a position that has earned it numerous accolades and has also defined the market standard.

He said, “Fearless Energy Drink will continually strive for taste superiority, excellence, and innovation in providing exceptional experience to its consumers, adding that the laurel attests to its strong commitment to consumer connection and satisfaction.”

According to him, “Our Fearless Energy Drink with its tagline ‘Embrace The Thrill’ offers its consumers the unquenchable desire to make a difference in their endeavours, with the positive energy it provides, through credible platforms that resonate with its values of courage, leadership, and the willpower to succeed”

The Fearless Energy Drink brand has garnered so many awards that validate its profile, including Media Consortium Awards 2024: “Energy Drink Brand of the Year”; Brand Exchange Awards 2024: “Best Value for Money”; the “Most Outstanding Energy Drink in Consumer Engagement” in 2023; Best Value for Money – Energy Drinks Brand 2023; and the “Most Outstanding Energy Drink Brand of the Year” in 2021, among other laurels.

Continue Reading

Trending

Copyright © 2021 All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from August24news.com
This Website is designed and Managed by: August 24 Communications Nigerian Limited (RC: 798585)