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Union Diagnostics calls shareholders to update records with company registrars

Union Diagnostics has notified shareholders to update/confirm their records with the Company’s Registrars.



Union Diagnostic and Clinical Services Plc (UNIONDAC), has notified the shareholders of the company to update and/or confirm their records in the Register of Members with the Company’s Registrars on or before Wednesday, 23rd December 2020.

This disclosure was made by the Company in a public notice signed by the Company’s Secretary, Dr. Samuel Iroye, and sent to the Nigerian Stock Exchange.

According to the information contained in the public notice, all shareholders of the Company are required to update/confirm their records (including physical address/registered office address, phone number, and email address) by contacting the Company’s Registrars on or before Wednesday, 23rd December 2020.

Dr. Iroye disclosed that shareholders of the Company who are yet to register for the electronic payment system (e-dividend) with the Company’s Registrars are advised to contact the Registrars on or before Wednesday, 23rd December 2020.

This, however, would enable the company to initiate and conclude the e-dividend registration process not later than Wednesday, 30th December 2020.

Why this matters

  • This move is expected to strengthen the payment of dividends via direct credit into shareholders accounts. This would help to minimize zero tolerance of dividends loss in transit by the company, and eliminate the forfeiture of dividends in the future.
  • It will, however, enable the company to profile its shareholders, and know who has what, and how much. This is expected to enhance the ability of shareholders to immediately access and utilize the proceeds of their investments.

What you should know

  • The shares of the company, “UNIONDAC” increased by 0.02 kobo to close on the floor of the Nigerian Stock Exchange today at N0.27k, up by 8% from its previous close of N0.25k.
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Africa Prudential Plc declares N1 billion dividend for shareholders

The Board of Directors of Africa Prudential Plc has proposed the payment of N1 billion as dividend to qualifying shareholders.



The Board of Directors of Africa Prudential Plc, Nigeria’s leading registrar and a key player in the capital market, has proposed the payment of N1 billion as dividend to qualifying shareholders of the company.

This is in line with the resolution made at the Company’s Board meeting which held on Thursday, February 18, 2021, as the Board resolved to pay a dividend of 50 Kobo per ordinary share, amounting to N1,0000,000,000 (One billion Naira only).

It is essential to understand that the dividend recommended by AfriPrud’s Board is subject to appropriate Withholding Tax, and the approval of shareholders at the Company’s Annual General Meeting.

What you should know

  • The dividend recommended by the board of AfriPrud in 2020 is 28.57% lower when compared to the total dividend of 70 kobo per share paid to shareholders last year for 2019.
  • It is important to note that the dividend declared is subject to appropriate withholding tax and the approval of shareholders at the Company’s next Annual General Meeting.
  • However, with a share price of N7.3 per share at the close of trading activities on the floor of NSE for last week, the dividend yield of the company stands at 6.85%.
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Royal Exchange Plc forecasts N500.83 million PAT in Q1 2021

Royal Exchange has projected a 244% rise in its Profit After Tax for the first quarter of 2021.



Royal Exchange Plc has projected a rise in its Profit after Tax (PAT) to N500.83 million for the first quarter of 2021 (Q1, 2021), indicating a 244% increase from the figures recorded in Q3 2020.

This is according to the latest earnings forecast of the firm, signed by the Chief Financial Officer of the firm, Olalekan Jayeola, and sent to the Nigerian Stock Exchange market.

Key highlights of the earnings forecast of Q1 2021

  • Pre-tax profit is projected at N736.5million, +244% Q-o-Q.
  • Gross Written Premium is expected to hit N4.75 billion, +95% Q-o-Q.
  • Net premium is projected to decline to N1.7 billion, -19.1% Q-o-Q.
  • Fees and commission income is projected to decline to N141.2 million, -25% Q-o-Q.
  • Investment income is projected to increase to N475.51 million, +3.3% Q-o-Q.
  • Total underwriting expenses is projected to decline to N1.3 billion, -40.5% Q-o-Q.
  • Total underwriting profit is projected to increase to N567.4 million, +299.4% Q-o-Q.
  • Total operating expenses is projected to decline to N494.1 million, -5.7% Q-o-Q.

Key aLittlessumptions

In preparing the forecast, some assumptions were made including;

  • The premium income budget for the year is zero based.
  • Reinsurance is projected at 27% of Gross Written Premium.
  • Fees and Commission income was forecasted at 11% of reinsurance expense.
  • Claims expense of N514Million is estimated not to exceed 30% of Net Premium Income.
  • Underwriting expenses of N685Million is forecasted not to exceed 40% of Net Premium Income.
  • Management expenses of N479million are estimated not to exceed 30% of Net Premium Income.
  • The Inflation rate was projected at 14% as the worst case scenario.
  • The exchange rate of N385 to a dollar was assumed.
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Nigerian firm, InfraCredit secures $27 million equity investment from InfraCo Africa

InfraCredit has successfully closed a $27 million equity investment from InfraCo Africa.



InfraCo Africa, a member of the Private Infrastructure Development Group has completed a $27 million equity investment into InfraCredit, a Nigerian-based specialized local currency infrastructure credit guarantee institution.

This corporate action was announced by Infracredit, through a verified Tweet, as seen by Themoneymetrics.

According to the tweet, the investment is aimed towards unlocking infrastructural finance in Nigeria, accelerating economic growth, and market development.

Our source gathered that the investment made by InfraCo Africa through its dedicated investment vehicle makes it an equivalent shareholder alongside the Nigeria Sovereign Investment Authority (NSIA) and Africa Finance Corporation (AFC).

What they are saying

Commenting on the recent development, the CEO of InfraCredit, said:

  • “We are absolutely thrilled to welcome InfraCo Africa as an equity investor and stakeholder of InfraCredit in pursuit of our mission and strategic growth. We believe this equity investment marks a significant milestone and inflection point for InfraCredit in unlocking more infrastructure investments that will stimulate economic growth and market development.”

What you should know

  • InfraCredit, ‘AAA’ rated credit enhancement facility was established in 2017 by GuarantCo and the Nigerian Sovereign Investment Authority (NSIA) with the support of Private Infrastructure Development Group.
  • It was gathered that, in lieu of the new equity investment by InfraCo Africa, InfraCredit total capital base (paid-in and callable capital) will increase to $173million ( c.N68.3 billion), translating to an aggregate guarantee issuing capacity of up to N342 billion (c. $865 million), based on its current maximum capital leverage ratio of up to 5x allowable by its rating agencies.

Why it matters

The investment will further promote confidence in credit standing of InfraCredit, enhancing its ability to continue to increase private sector financing for infrastructure projects in key sectors such as transport, logistics, renewable energy, agriculture and healthcare.

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