₦airaland Forum

I am very sorry for the error, it has now been corrected.

Sterling Bank’s Profit, EPS Shoot to Moon by 63% in HY 2018
https://www.businesspost.ng/2018/07/30/sterling-banks-profit-eps-shoot-to-moon-by-63-in-hy-2018/

soloniger:
where is the lik for Sterling bank?

Nigerian Breweries H1 2018 Profit Drops 22% as Revenue Sheds 5%
https://www.businesspost.ng/2018/07/30/nigerian-breweries-h1-2018-profit-drops-22-as-revenue-sheds-5/

HY 2018: Aggressive Marketing Strategies Buoy Transcorp Hotels Revenue by 29%
https://www.businesspost.ng/2018/07/30/hy-2018-aggressive-marketing-strategies-buoy-transcorp-hotels-revenue-by-29/

Sterling Bank’s Profit, EPS Shoot to Moon by 63% in HY 2018
https://www.businesspost.ng/2018/07/30/sterling-banks-profit-eps-shoot-to-moon-by-63-in-hy-2018/

By Dipo Olowookere

One of the foremost groups in Nigeria, Socio-Economic Rights and Accountability Project (SERAP), has threatened to take a legal action against Minister of Finance, Mrs Kemi Adeosun, if she fails to speak on the authenticity of her National Youth Service Corps (NYSC) exemption certificate.

Exactly three weeks ago, Premium Times published a report alleging that the Minister forged her NYSC exemption certificate.

After the report, the management of the corps said it was investigating if the certificate was forged or not.

However, it confirmed that Mrs Adeosun did applied for the certificate, but failed to state if the request was granted or not.

Mrs Adeosun graduated from a United Kingdom institution in 1989 at the age of 22 and normally, she should have returned to Nigeria for the mandatory one-year NYSC, but she did not.

It was reported that the NYSC exemption certificate with the Finance Minister was issued in September 2009, granting her exemption from the mandatory service on account of age.

But Business Post gathered from reports that Mrs Adeosun’s certificate was dated September 9, 2009, and was purportedly signed by the former director-general of NYSC, Mr Yusuf Bomoi, who stepped down from the corps in January 2009.

Going by the NYSC law, section 13, eligible Nigerians who skipped the service are liable to be sentenced to 12 months imprisonment and/or N2,000 fine.

Section 13 (3) of the law also prescribes three-year jail term or option of N5,000 fine for anyone who contravenes provision of the law.

In a tweet on Friday night, SERAP warned that if the Minister continues to remain silent on the issue, it would be forced to drag her to court.

“Dear @HMKemiAdeosun It’s 20 days since reports of alleged NYSC certificate forgery, and 13 days since we asked you to clear the air on the matter.

“This is failure to take responsibility, and we’ll take legal action in the public interest if you continue to refuse to speak up,” SERAP said yesterday via its Twitter account.

In another Twitter post on Saturday night, the organisation said, “Considering allegations of certificate forgery against @HMKemiAdeosun and Sen Adeleke, Osun state PDP, should @AsoRock immediately begin a nationwide verification of academic credentials of senior govt officials & members of the @nassnigeria.”

About 13 days ago, SERAP had in a statement warned “suspicions of certificate forgery involving a senior member of the government if not urgently and satisfactorily addressed would weaken public trust in the government’s oft-expressed commitment to transparency and accountability.”

In the statement issued by its deputy director, Mr Timothy Adewale, the group had stressed that, “Clarifying the allegations of certificate forgery would show a commitment to doing the right thing, and a natural disposition toward openness,” noting that, “The continuing failure and/or refusal to speak to Nigerians on these allegations amounts to a betrayal of public trust.”

https://www.businesspost.ng/2018/07/28/nysc-certificate-serap-threatens-to-sue-adeosun/

Wale Tinubu Vows to Prioritise Oando Shareholders' Interest
https://www.businesspost.ng/2018/07/28/wale-tinubu-vows-to-prioritise-oando-shareholders-interest/

FBN Holdings Interest Income Dips by 3% Amid 16% Rise in Profit
https://www.businesspost.ng/2018/07/28/fbn-holdings-interest-income-dips-by-3-amid-16-rise-in-profit/

Understanding Terms Used in Stock Market (Part 1)
https://www.businesspost.ng/2018/07/27/understanding-terms-used-in-stock-market-part-1/

By Dipo Olowookere

The last time, I wrote about key things to take note of before investing in the recharge card business especially with the way fraudsters try to lure unsuspecting victims into the business.

Today, I am focusing on the stock market, explaining some terms used in the sector.

The stock or equity market is one aspect of the capital market some people get confused about because of its high volatility.

By high volatility, I mean you can gain a huge amount in one trade and loss everything in the next transaction. It is unlike the fixed income market, another aspect of the capital market, where at the point of investment, you know what you are getting as profit.

Now to the common terms used in the market.

Share/Equity/Stock

These terms are commonly used interchangeably and they mean the same thing. A share is like an indivisible unit of capital showing you are one of the owners of a company.

When a company, owned by more than one person, is established and registered as a business entity, it must indicate its ownership structure, which is represented by the number of shares held by each of the persons. It is by this percentage the owners share any profit or dividend recorded by the firm during a given period of time.

Now, a company in need of cash to expand its operations can approach the stock exchange to sell its shares to the general public through an Initial Public Offering (IPO), also expanding the number of persons owning stakes in the firm.

When this is done, the stock market regulator, which is the stock exchange, allows trading of the shares of such company on its platform.

The value of these stocks at the market are determined by demand and supply as well as information about company, the sector or the country’s economic and political happenings.

If a company is having an internal crisis that found its way to the public domain, it is natural for some people, who bought shares of the firm, to panic and if they foresee that the crisis could be ‘brutal’, they will quickly offload (sell off) their shares, resulting in many sellers, but less buyers. Like in the elementary Economics, when this happens, the price of the commodity falls; vis-à-vis.

Trade

This is mainly the buying and selling of stocks on the floor of the exchange. It is the process of executing a transaction; selling or buying of shares of a company at the stock market at a particular price.

Deal

It is a single transaction carried out by a shareholder or investor during trading in the stocks of a company at the market.

Volume

The volume of shares is the total number of units of equities traded during a given period of time at the stock exchange. As expected, the volume of shares transacted by investors at any given trading session either rises or falls.

Value

This is the worth of an equity trading at the stock market. In stock market reporting, this could mean the total worth of stocks traded at the market for a given period of time.

Market Capitalisation

This is simply the total value of shares of the company selling its shares at the stock market. For example, if a company has a total of 1,000 shares selling at N5 each, its total capitalisation would be 1000xN5, which gives us N5,000.

As at the close of trading on Thursday, the total value of shares trading at the Nigerian Stock Exchange stood at N13.196 trillion.

All-Share Index (ASI)

The ASI is a bit complex, but I will try to break it down to make it understandable. It is mainly a statistics showing the direction or performance of the stock market.

Because during a trading day, some stocks will appreciate in price, while others will depreciate in value, with some remaining unchanged. As a result, there was the need to have an indicator showing a true reflection the market’s performance at the trading session.

So, in January 1984, the NSE put its index at 100 points and as at yesterday, it closed at 36,427.22 points after gaining 80.42 points.

Bear Market

This is when the market records a loss

Bull Market

This is when the market records a gain

Full Bid

This simply occurs when there are prospective buyers at the stock market but no willing sellers. This happens when investors have information that the stock may appreciate in price and there is a rush to own the stock so as make profit after selling it at a higher price.

Full Offer

This is the direct opposite of ‘full bid’. This occurs when there are prospective sellers of a stock but no buyers.

52 Week High

This is simply the highest value a particular stock was sold at in the past 52 weeks (one year).

52 Week Low

This refers to the lowest value a particular stock was sold at in the past 52 weeks (one year).

I will continue this piece in a subsequent post.

However, before then, please feel free to let me know where you require any further clarification.

https://www.businesspost.ng/2018/07/27/understanding-terms-used-in-stock-market-part-1/

I am very sorry for the late response. You can check this link. I hope it is helpful

Understanding Terms Used in Stock Market (Part 1)
https://www.businesspost.ng/2018/07/27/understanding-terms-used-in-stock-market-part-1/

ggoldmine:
I see terms like trade, deals, volume, equity, gain, loss, I don't really know the whole concept of these terms. Is equity market same thing as capital market? I understand the share term but how do they calculate loss and gain? Is it based on the what the company sold that day,I.e. for FMCGs or for banks; what customers deposited into the bank? I really don't understand how the stock market works.

By Modupe Gbadeyanka

Insurance companies operating in the country have been directed to increase their capital base to N15 billion from N5 billion.

Business Post reports that the last time the insurers were asked to raise their minimum capital was in February 2007. It was then said that Tier 1 firms should have N5 billion capital base; Tier 2, N3 billion; and Tier 3, N2 billion.

At an emergency meeting with Chief Executive Officers (CEOs) of the 57 licensed insurance companies on Wednesday, the industry regulator, National Insurance Commission (NAICOM), said this was in line with the Risk Based Supervision (RBS) model which requires a composite insurance company that intends to be a Tier 1 player to have N1 billion capital base.

The model also made it compulsory for a Tier 2 player to have a minimum solvency capital of N7.5 billion while a Tier 3 player is expected to have N5 billion minimum capital.

According to NAICOM, the new capital base will take effect from January 1, 2019 and under the new era, life insurance companies under Tier 3 will only be licensed to underwrite individual life, health and miscellaneous insurance; while the non-life under this category will be licensed to underwrite fire, motor, general accident, engineering (only classes covered by compulsory insurance), agriculture and miscellaneous insurance.

Also, life insurance companies under Tier 1 will be allowed to underwrite all Tier 2 risks and annuity; while the non-life firms in this category will be allowed to underwrite all Tier 2 risks and oil and gas (oil related projects, exploration and production), and aviation insurance.

In addition, life insurance companies under Tier 2 would be licensed to underwrite all Tier 3 risks and group life assurance; while the non-life firms in this category would be allowed to underwrite all Tier 3 risks and engineering (all inclusive), marine, bonds credit guarantee and suretyship insurance.

It would be recalled that a similar thing was done in the banking sector some years ago, which resulted into smaller banks merging to meet up with the N25 billion capital base.

Business Post reports that this same scenario will likely play out in the insurance sector with this new N15 billion minimum capital required from insurers in the country.

Smaller insurance companies will likely form an alliance to meet up while bigger firms will likely acquire others to become bigger.

Speaking on the matter, Commissioner for Insurance, Mr Mohammed Kari, who was Kari, who was represented at the meeting by the Director of Supervision at NAICOM, Mr Barineka Thompson, assured that no insurance company’s licence will be withdrawn.

He explained that the move was necessary because while inflation and interest rates had increased in the last 10 years, insurers were still operating with the 2007 capitalization.

“Interest rate has gone from single to double digit, interest rate has increased over time and with many macroeconomic and institutional factors on the upward trends, while the industry still maintains the same capitalisation in the last 10 years.

“So, it is desirable for operators to now choose which tier they want to operate in. Some companies are finding it difficult to fulfil their obligations to their policy holders and shareholders because they are carrying risks above their limits,” he said.

https://www.businesspost.ng/2018/07/27/naicom-gives-insurance-firms-deadline-to-raise-capital-base-to-n15b/

Oando Holds 41st AGM in Lagos on Friday
https://www.businesspost.ng/2018/07/26/oando-holds-41st-agm-in-lagos-on-friday/

MRS Oil Profit Drops by N198m, Revenue Rises 0.3% in H1 2018
https://www.businesspost.ng/2018/07/26/mrs-oil-profit-drops-by-n198m-revenue-rises-0-3-in-h1-2018/

Which of the terms do you get confused about?

ggoldmine:
I don't understand all these terms used in the stock market, I've done researches, gotten definitions but still confused. Abeg, I need first hand explanation from experts, I really want to know these things. Even on tv news, I'm always lost on these kinda news.

By Dipo Olowookere

Trading activities on the floor of the Nigerian Stock Exchange (NSE) ended on a negative note on Wednesday as investors continue to react to the political tension in the country as more politicians from the ruling party continue to cross over to the opposition party ahead of the 2019 general elections.

At the close of transactions yesterday, the equity market depreciated further by 0.30 percent with the year-to-date returns closing at -4.96 percent.

Business Post reports that the All-Share Index (ASI) decreased by 108.44 points to close at 36,346.80 points, while the market capitalisation reduced by N39 billion to settle at N13.167 trillion.

Similarly, the volume of shares transacted by investors on Wednesday depreciated by 12.89 percent, while the value of equities decreased by 17.46 percent.

A total of 329.9 million shares were transacted yesterday in 4,327 deals worth N3.7 billion in contrast to the 378.7 million shares valued at N4.4 billion the previous day.

FBN Holdings emerged as the most active stock during the day’s session, trading 88.1 million equities valued at N820 million.

United Bank for Africa followed with a total of 51.7 million shares sold for N482 million, while Access Bank traded 39.2 million shares worth N394.17 million.

Zenith Bank exchanged 20.4 million equities valued at N473.3 million, while Diamond Bank sold 18 million shares worth N22.8 million.

At the wrap of business on the floor of the stock exchange, the Financial Services sector led the activity chart with 280.1 million shares exchanged for N2.6 billion with the Conglomerates sector following with 16.1 million equities sold for N30 million.

An analysis of the price movement chart showed that Forte Oil recorded the highest loss to lead the losers’ table, dropping by N2.10k of its share value to close at N23.10k per share.

Lafarge Africa came second with a loss of N1.75k to close at N27.50k per share, while Dangote Sugar went down by N1.50k to close at N15.50k per share.

Flour Mills decreased by N1 to settle at N28.70k per share, while Nigerian Breweries also reduced by N1 to close at N104.50k per share.

On the flip side, Beta Glass, unlike on Tuesday when it topped the laggards’ chart, led the gainers’ table on Wednesday, increasing by N5.10k to close at N78 per share.

It was followed by Unilever of Nigeria, which increased by 45 kobo to close at N52.55k per share, while Cutix improved by 36 kobo to close at N3.99k per share.

United Bank for Africa rose by 35 kobo to close at N9.50k per share, while Cement Company of Northern Nigeria (CCNN) grew by 20 kobo to close at N26.20k per share.

https://www.businesspost.ng/2018/07/25/nigerian-stock-market-bleeds-amid-political-tension/

**Tasks FG Must Stop Importation of Dairy Products

By Dipo Olowookere

President of Dangote Group, Mr Aliko Dangote, has appealed to federal government to introduce stop the importation of dairy product like milk just like with cement by coming up with what he called “draconian policy.”

The Africa’s richest man gave this suggestion in an interview with the Financial Times of London, where he was quoted as saying “Nigeria has always had a lack of visionary leadership.”

Mr Dangote, whose Dangote Cement controls over 65 percent share of the market in Nigeria, decried the fact that Nigeria still imports a lot of things that could be produced locally.

According to him, “What Nigeria needs is to produce locally what we can produce locally. Nigeria still imports vegetable oil, which makes no sense.

“Nigeria still imports 4.9 million tonnes of wheat, which does not make sense. Nigeria still imports 97 or 98 per cent of the milk that we consume.

“Government needs to bring out a draconian policy to stop people importing milk, just like they did with cement,” he was quoted to have said.

Speaking about his $12 billion oil refinery project expected to become operational in 2019, he said, “when we finish this project, for the first time in history Nigeria will be the largest exporter of petroleum products in Africa.”

When it is up and running, — the refinery will process 650,000 barrels of oil a day, a third of every drop Nigeria produces and approaching one per cent of planetary production.

That will make it the biggest oil refinery of its type in the world.

It will pump out all the plastic Nigeria’s 190 million population needs, as well as three million tonnes of fertiliser a year, more than all its farmers currently sprinkle on their fields.

The project requires sinking 120,000 piles, on average 25 metres in length. But, no port in Nigeria is big enough to take delivery of the massive equipment, which includes a distillation tower the height of a 30-storey building, and no road is strong enough to bear its weight.

Mr Dangote disclosed that he had to build both, including a jetty for which he has dredged the seabed for 65m cubic metres of sand.

There is not enough industrial gas in the whole country to weld everything together, so Dangote also revealed that he will build his own industrial gas plant. There aren’t enough trucks, so he’s producing those in a joint venture with a Chinese company, he added.

The plant will need 480 megawatts of power, about one-tenth of the total that electricity-starved Nigeria can muster, he further hinted.

Dangote is building his own power plant too.

For years, and absurdly, Nigeria has exported all its oil as crude and then reimported refined petroleum, such as petrol and benzene.

That has been a lucrative racket for the middlemen who scheme over import contracts and who concoct ways to scam a system distorted by subsidies.

“I am sure you know about this game,” Mr Dangote said. Because of its reputation for skulduggery, he said, he has shunned the oil trade.

“It is very simple to destroy a name,” he added, referring to a family business that stretches back to his great-grandfather on his mother’s side, Mr Alhassan Dantata, a prodigiously wealthy merchant who imported kola nuts from Ghana and exported groundnuts from Nigeria.

“But it’s very difficult to build it.”

Mr Dangote reiterated his desire to acquire London-based Arsenal Football Club, saying “I love Arsenal and I will definitely go for it.”

He reckoned that the football club is worth about $2 billion.

Speaking about his daily schedules, he said, “people call me in the middle of the night to tell me about their problems.”

According to him, Tony Blair, a former British prime minister and his friend had told him he needed to screen his calls. “Tony said he only makes three phone calls a day,” Mr Dangote said, adding that each day, scores of emails come rat-tat-tatting in. “You try to be polite and reply but they come back to you with a longer email, not minding that here is a very, very busy person,” he said.

He reckoned that he takes more than 100 calls a day.

“Look Aliko’,” he said Mr Blair had told him, “the world is not going to fall apart if you don’t answer your phone.’ “He, however, said his ambitions were changing as he is considering pulling back from the business, concentrating on strategy and letting others run things day-to-day.

“I’m trying to step back from some of the boards.”

https://www.businesspost.ng/2018/07/25/nigeria-lacks-visionary-leaders-dangote/

Yields to Remain Stable as CBN Mops up Inflows from Maturing Bills
https://www.businesspost.ng/2018/07/26/yields-to-remain-stable-as-cbn-mops-up-inflows-from-maturing-bills/

FG to List Nigeria Air on Stock Exchange, Targets IPO in 2019
https://www.businesspost.ng/2018/07/25/fg-to-list-nigeria-air-on-stock-exchange-targets-ipo-in-2019/

By Dipo Olowookere

The Senate on Tuesday approved the payment of N45 billion severance package to former employees of the defunct Nigeria Airways Limited.

The former national carrier of the nation was liquidated by the administration of President Olusegun Obasanjo in 2003 as a result of mismanagement.

But since the company was liquidated, former workers of the airline have not been paid their full entitlements unlike their colleagues of foreign nationals, who worked with Nigeria Airways and were paid their 25 years package after the firm stopped operating.

The Nigerian nationals who worked with the company were first paid for five years by the administration of late President Umaru Yar’Adua.

But since then, they have been begging federal government to clear the remaining 20 years.

However, in the last administration of President Goodluck Jonathan, there were reports that the pensioners would be paid 10 years of the remaining 20 years, but when this present administration of President Muhammadu Buhari came in, he set up a committee, which agreed to pay for only five years.

On September 20, 2017, the Federal Executive Council (FEC) approved the payment of N45 billion to the former workers of Nigeria Airways.

It was then believed that the pensioners would receive their pay before the end of the year, but this was never so.

After so many threats by the pensioners and aviation workers earlier this year, it was later learnt that the money would only be paid after the National Assembly approves the issuance of promissory notes and bond programme planned by the government to raise money for the payment.

Some weeks ago, the parliament finally considered the request of the executive and then set up an adhoc committee to look into it.

Business Post reports that at the plenary yesterday, Senator Francis Alimikhena urged his colleagues to consider the report of the Ad-hoc Committee on the promissory note programme and a bond issuance to settle inherited local debts and contractual obligations on refund to state governments for projects executed on behalf of the Federal Government. This was seconded by Senator James Manager.

During the session, the lawmakers argued that the payment of the severance package to the ex-Nigeria Airways workers was long overdue.

As a result, they resolved to approve the request by the federal government to raise promissory notes and bonds to pay them.

https://www.businesspost.ng/2018/07/25/senate-approves-payment-of-n45b-to-ex-nigeria-airways-workers/

BREAKING: CBN Retains MPR at 14%, Liquidity Ratio at 30%
https://www.businesspost.ng/2018/07/24/breaking-cbn-retains-mpr-at-14-liquidity-ratio-at-30/

By Dipo Olowookere

The management of Ikeja Electric Plc (IE) has announced the commencement of the distribution of single and three phase prepaid meters across its network.

This, according to a statement issued by the Nigeria’s leading electricity distribution company and made available to Business Post, is in keeping with its promise to ensure that its customers are metered, thereby reducing the incidence of estimated billing.

It was disclosed that the first batch delivery of meters, which have been delivered by Mojec International Ltd, MBH Power and Beacon Power Services Ltd, allows for remote data access and vending, which in turn contributes significantly to the energy conservation advocacy of IE.

Reputed to be largely tamper proof, the meters will also help IE deal with recurrent cases of illegal meter bypass, energy theft and other illegal issues that have plagued discos with regard to older and less secure meters.

Indications are that over 85,000 meters may be installed in the first roll out phase which will take place concurrently across the six Business Units in IE’s coverage area.

The roll out is different from the MAPS roll out agenda, which follows NERCs Meter Asset Provision Regulation Approval by the Federal Government, set to commence towards the end of the year.

Speaking on the metering exercise, the Head of Corporate Communications at Ikeja Electric, Mr Felix Ofulue, noted that though the meter itself was free, an installation cost may apply.

He explained that customers would receive meters in line with a schedule of distribution that was feeder based, after they had filled out the application form which is available at any IE’s offices and the official website, www.ikejaelectric.com.

Mr Ofulue noted that, “Once the customers have been approved, location surveyed and other relevant technical assessments carried out, our technical partners overseeing that specific location will handle installation of the meters.”

https://www.businesspost.ng/2018/07/21/ikeja-electric-to-distribute-85000-prepaid-meters-to-customers/

NSE Lifts Suspension on Royal Exchange Shares
https://www.businesspost.ng/2018/07/20/nse-lifts-suspension-on-royal-exchange-shares/

Ecobank Grows Profit by 37% Amid 0.59% Drop in H1 2018 Earnings
https://www.businesspost.ng/2018/07/20/ecobank-grows-profit-by-37-amid-0-59-drop-in-h1-2018-earnings/

Dangote Cement Generates N482b as Revenue in Six Months
https://www.businesspost.ng/2018/07/20/dangote-cement-generates-n482b-as-revenue-in-six-months/

H1 2018: Unilever Nigeria Gains N5.7b Despite 12% Rise in Cost of Sales
https://www.businesspost.ng/2018/07/20/h1-2018-unilever-nigeria-gains-n5-7b-despite-12-rise-in-cost-of-sales/

GTBank Stops Transfer of Cards Between Branches Sept 1
https://www.businesspost.ng/2018/07/19/gtbank-stops-transfer-of-cards-between-branches-sept-1/

By Dipo Olowookere

Renowned British fashion label, Burberry, announced that it destroyed its unsold luxury products worth $36.5 million in 2017.

According to the company, this has brought the total value of good it has destroyed mainly by burning to £90 million over the past five years.

Explaining the rationale behind this tradition of destroying its unsold products, which include clothes, accessories and perfume, Burberry emphasised that it is mainly to protect its brand.

The company noted that destroying the unwanted items, it would make it impossible for the items to be stolen or sold cheaply.

However, Burberry stressed that the energy generated from burning its unsold products was captured, making it environmentally friendly.

According to a spokesperson of the firm, “Burberry has careful processes in place to minimise the amount of excess stock we produce.

“On the occasions when disposal of products is necessary, we do so in a responsible manner and we continue to seek ways to reduce and revalue our waste.”

Over the past few years, Burberry has been working hard to make its brand exclusive again after it went through a phase when counterfeiters were “sticking the Burberry check on anything they could,” said Ms Maria Malone, principal lecturer on the fashion business at Manchester Metropolitan University.

“The reason they are doing this is so that the market is not flooded with discounts. They don’t want Burberry products to get into the hands of anyone who can sell them at a discount and devalue the brand,” Ms Malone added.

https://www.businesspost.ng/2018/07/20/burberry-destroys-37m-worth-of-unsold-luxury-products/

Wema Bank Plans N20b Bond Issuance to Increase Capital Base
https://www.businesspost.ng/2018/07/19/wema-bank-plans-n20b-bond-issuance-to-increase-capital-base/

T-Bills Reverse Gains as CBN Mops up N496b via OMO Sales
https://www.businesspost.ng/2018/07/20/t-bills-reverse-gains-as-cbn-mops-up-n496b-via-omo-sales/

By Dipo Olowookere

The management of Fidelity Bank Plc says it is considering instituting a legal action against some of its former employees, who staged protests at its branches in Ikeja last week and in Victoria Island, Lagos this week.

In a statement made available to Business Post on Thursday, lender expressed dismay at the actions of the demonstrators, which it described as harassment.

Fidelity Bank said in the statement signed its Divisional Head, Brand & Communications, Mr Charles Aigbe, that, “The actions, aimed at preventing innocent customers from carrying out their banking transactions, are the handiwork of a few disengaged drivers from one of our vendor companies.”

The financial institution emphasised that,

“For the avoidance of doubt, we state categorically that Fidelity Bank is not owing staff salaries, severance packages or gratuity payments as erroneously being portrayed.”

The bank explained that “the drivers, who were in the past outsourced to the bank, have been paid their severance packages and entitlements by their employers.”

“We are a responsible financial institution, operating in Nigeria and guided by the laws of the land. Whilst we are not against the right to constituted assembly, these actions are clearly unwarranted and obviously misdirected.

“We are initiating legal measures to put a stop to this corporate harassment and we urge the relevant authorities, including the Nigerian Police Force (NPF) to note this threat to the conduct of our legitimate business,” the statement said.

Meanwhile, some investors in the Nigerian stock market have expressed worry over the protests at the branches of Fidelity Bank.

They described the issue as not only embarrassing, but capable of causing panic to shareholders of the company.

Those who spoke with Business Post on Tuesday on the issue charged the management of the bank to do something about the allegation of non-payment of entitlements raised by the demonstrators.

During the protest on Tuesday at the Adeola Odeku branch of Fidelity Bank in Victoria Island, Lagos, the aggrieved employees of the financial institution lamented on what they called unpaid salaries and non-conducive working environment.

They carried placards with inscriptions like ‘Fidelity Bank, pay our money,’ ‘We are tired and hungry’ amongst other.

https://www.businesspost.ng/2018/07/19/fidelity-bank-threatens-legal-action-against-protesters-denies-owing-workers/

Fidelity Bank Threatens Legal Action Against Protesters, Denies Owing Workers
https://www.businesspost.ng/2018/07/19/fidelity-bank-threatens-legal-action-against-protesters-denies-owing-workers/

United Capital Sustains Growth in H1 2018, Records N2b Profit
https://www.businesspost.ng/2018/07/19/united-capital-sustains-growth-in-h1-2018-records-n2b-profit/

Ecobank Nigeria Appoints Patrick Akinwuntan as New CEO
https://www.businesspost.ng/2018/07/19/ecobank-nigeria-appoints-patrick-akinwuntan-as-new-ceo/

How Unclaimed Dividend Affects Investors, Economy—SEC00
https://www.businesspost.ng/2018/07/19/how-unclaimed-dividend-negatively-affects-investors-economy-sec/

IST Holds Workshop on Capital Market Jurisprudence
https://www.businesspost.ng/2018/07/19/ist-holds-workshop-on-capital-market-jurisprudence/

Honeywell Floors Ecobank at Supreme Court
https://www.businesspost.ng/2018/07/19/honeywell-floors-ecobank-at-supreme-court/

Our Strategy to Grow Value for Shareholders has Paid off—Conoil
https://www.businesspost.ng/2018/07/17/our-strategy-to-grow-value-for-shareholders-has-paid-off-conoil/

SEC Boss Assures Stakeholders of Robust Capital Market
https://www.businesspost.ng/2018/07/17/sec-boss-assures-stakeholders-of-robust-capital-market/

Flour Mills to Pay Dividend from Accumulated Pioneer Profit
https://www.businesspost.ng/2018/07/17/flour-mills-to-pay-dividend-from-accumulated-pioneer-profit/

T-Bills Market Stays Bullish as Money Market Rates Drop on Reduced Funding Pressures
https://www.businesspost.ng/2018/07/18/t-bills-market-stays-bullish-as-money-market-rates-drop-on-reduced-funding-pressures/

Buoyant System Liquidity Leaves Treasury Bills Market Bullish
https://www.businesspost.ng/2018/07/17/buoyant-system-liquidity-leaves-treasury-bills-market-bullish/

Investors Dump Oando Shares Amid News of UK Court Ruling
https://www.businesspost.ng/2018/07/16/investors-dump-oando-shares-amid-news-of-uk-court-ruling/

Transcorp Grows H1 2018 Profit by 161% to N10.9b
https://www.businesspost.ng/2018/07/16/transcorp-grows-h1-2018-profit-by-161-to-n10-9b/

Registrars Frustrating Recovery of Unclaimed Dividends—Shareholders
**As Unclaimed Dividends Hit N130b
https://www.businesspost.ng/2018/07/16/registrars-frustrating-recovery-of-unclaimed-dividends-shareholders/

CBN to Sell N178b T-Bills Wednesday as N609b Bills Mature Thursday
https://www.businesspost.ng/2018/07/16/cbn-to-sell-n178b-t-bills-wednesday-as-n609b-bills-mature-thursday/