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UNITED CAPITAL PLC HOLDS 2021 ANNUAL GENERAL MEETING; SHAREHOLDERS TO RECEIVE N4.2BILLION DIVIDEND PAYOUT

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Following the release of its remarkable audited financial results for 2020, foremost Pan-African financial services conglomerate, United Capital Plc, held its Annual General Meeting on Tuesday, March 23, 2021 at Lagoon Restaurant, Victoria Island, Lagos.

At the Annual General Meeting, which was held by proxy due to the COVID-19 pandemic, the Company presented its financial performance for 2020 which shows a recorded revenue of N12.87Billion, N7.95Billion in Profit Before Tax and earnings per share of 130 Kobo. Shareholders in attendance commended the company for its transparency in the published financial statements, and its adherence to legal and ethical requirements as corroborated by the company’s auditors who were also present.

The Chairman of the Board of Directors, Mr. Chika Mordi, in his statement to shareholders noted that “Despite the macroeconomic pressure, United Capital Plc reported an outstanding financial performance in 2020. Total revenue was up 50% year on year to N12.87billion in 2020, from N8.59 billion earned in 2019. Profit Before Tax grew to N7.95billion in 2020, up 61% from N4.95billion in 2019, signifying solid growth in the overall profitability of the Group. The Group’s Return on Average Equity for the 2020 financial year stood at 35%, one of the highest among listed financial services institutions, highlighting strong value creation for our shareholders”.

A pivotal moment at the Meeting was the shareholders’ approval to pay a dividend of 70 kobo per share, totaling N4.2billion. The shareholders also approved the appointment of two new Independent Non-Executive Directors; Mr. Titus Oladipupo Fatokun and Hajiya Sutura Aisha Bello as Directors of the Company.

Speaking to the Company’s outlook for the 2021 financial year, the Group CEO, Mr. Peter Ashade stated “Our financial performance, in what was a year of protracted disruptions, is a testament of our unwavering commitment to our clients’ needs, come what may. For us at United Capital, we are optimistic about the year 2021 as it presents greater opportunities for innovation, growth, and expansion beyond our current ecosystem”.

In addition to its outstanding financial performance, United Capital Plc also recorded landmark achievements during the year. The company’s corporate ratings improved from BBB+ to A- with a stable short-term and long-term outlook reflective of an investment grade institution. Its flagship digital platform, InvestNow, recorded over N1billion in processed investors assets with its newly commissioned consumer finance business line disbursing 64,536 instant loans valued at N3.14billion, leveraging a 100% digital model.

Major contributors to the company’s overall performance are its subsidiary businesses – Investment Banking, Asset Management, Securities and Trustees. This was highlighted in the company’s emergence as top 3 largest Fund Manager from 10th position in 2019 with its Mutual Fund Assets Under Management exceeding N162billion at the end of 2020 from N39billion as at year-end 2019. The Company also served as the lead issuing house and trustee on various high-profile public and private securities issuances with a total value exceeding N400 billion in 2020 among others.

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Former Governor Ifeanyi Okowa, Spends Second Night In EFCC’s Cell Over N1.3 Trillion Alleged Fraud

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Immediate past governor of Delta State, Ifeanyi Okowa, who was arrested and detained by the Economic and Financial Crimes Commission (EFCC) has spent second night in the custody of the anti-graft commission.

 

Okowa is currently being investigated and detained over the alleged diversion of N1.3 trillion.

 

The N1.3 trillion reportedly represents the 13% derivation fund from the federation account between 2015 and 2023.

 

According to sources within the commission, Okowa was invited to the EFCC office in Port Harcourt, Rivers State, where he’s subsequently detained by officials.

 

One of the sources stated, “Okowa was at our Port Harcourt office following an invitation from investigators probing the allegations against him. He was then arrested. The commission is investigating him regarding the N1.3 trillion 13% derivation fund from the federation account between 2015 and 2023.

 

“He is also accused of failing to account for the funds, as well as another N40 billion he allegedly claimed was used to acquire shares in UTM Floating Liquefied Natural Gas. He reportedly bought shares worth N40 billion in one of the country’s major banks, representing an 8% equity stake, to support the offshore LNG project. The funds are alleged to have been misappropriated for other purposes.

Investigators are also examining the alleged diversion of funds by the former governor to acquire estates in Abuja and Asaba, Delta State. He is currently being held at the EFCC facility in Port Harcourt.

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Lagos Government Shuts Down Redeemed Church, Celestial Church, Clubs, Event Centres Over Noise Pollution

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The Lagos State government has shut down a branch of Pastor E. A. Adeboye’s Redeemed Christian Church of God, a Celestial church, nightclubs and event centres over noise pollution.

The Commissioner for Environment and Water Resources, Tokunbo Wahab, who made this known on Wednesday, said the churches, clubs and event centres were sealed on Tuesday by the Lagos State Environmental Protection Agency (LASEPA) in the Ogudu, Gbagada, Iyana Ejigbo, Isolo, Ajao Estate, Oshodi, Ilasamaja, and Okota areas of the state.

The sealed establishments include: Redeemed Christian Church of God, Celestial Church of God, OMA Nightclub and Lounge, Lounge & Lodging, Bridge Spot Bar, Okiki Event Center and Hall, Emota Paradise Hotel (Phase 2), CF Hotel & Suites, House 27 Hotel & Suites, Echo Spring Hotel, and Smile T Continental Hotel.

The commissioner in a post on X said, “In a bid to address noise pollution and other environmental violations, the Lagos State Environmental Protection Agency (LASEPA) took action yesterday, closing down several establishments across different parts of the state.

“This enforcement drive, focusing on areas like Ogudu, Gbagada, Iyana Ejigbo, Isolo, Ajao Estate, Oshodi, Ilasamaja, and Okota, is part of LASEPA’s continuous efforts to uphold environmental standards and safeguard public health.

“The affected establishments include Honourable Lounge & Lodging, Redeemed Christian Church of God, Celestial Church of God, OMA Nightclub and Lounge, Bridge Spot Bar, Okiki Event Center and Hall, Emota Paradise Hotel (Phase 2), CF Hotel & Suites, House 27 Hotel & Suites, Echo Spring Hotel, and Smile T Continental Hotel.”

 

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Gen. Taoreed Lagbaja: Tinubu directs flags be flown at half-mast

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President Bola Tinubu has directed that Nigeria’s national flags be flown at half mast for seven days across the country to mourn the passing of the late Chief of Army Staff, Lt. Gen. Taoreed Lagbaja.

The late Army chief, who was appointed by Tinubu on 19 June 2023, was said to have passed away on Tuesday night after a prolonged illness.

The Secretary to the Government of the Federation, George Akume, in a statement on Wednesday by his office Director of Information & Public Relations, Segun Imohiosen, said the president expressed regret over Lagbaja’s death.

Akume said, “President Bola Tinubu has expressed regret following the death of the Chief of Army Staff, Lieutenant General Taoreed Abiodun Lagbaja, after a brief illness at the age of 56.

“The President has directed that national flags be flown at half mast throughout the country for seven days in honour of the departed Army chief.

“He profoundly appreciates the services of the departed to the nation and wishes the family the fortitude to bear the great loss.”

Meanwhile, the Ministers of Defence, Mohammed Badaru and Bello Matawalle, have commiserated with the president, the military, and Lagbaja’s family over his death.

In a statement by the Ministry’s spokesperson, Henshaw Ogubike, the ministers described Lagbaja’s death as a great loss to his family, the Army, and the nation at large.

“The passing on to eternal glory shocked us at the Ministry of Defence, as our working relationship with him was commendable; he exhibited the spirit of camaraderie and cooperation with us in the discharge of our mandate.

“The late Chief of Army Staff contributed significantly to internal security operations across Nigeria and also exhibited a high level of professionalism.

“He will be greatly missed by the family, the military, and the nation, as he served the nation with commitment and dedication,” the statement added.

 

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