3rd April, 2012
More than 70 per cent of Nigeria’s quoted companies are yet to comply with the rule by The Nigerian Stock Exchange(NSE) to submit their yearly audited account by 31 March.
Among the violators, according to the NSE website are First Bank plc, Nigeria’s leading bank, Sterling Bank, Fidelity, Skye bank, UBA, and the regional bank, WEMA. All the listed 29 insurance companies failed to meet the deadline, the NSE report shows.
Dangote Cement plc, Nigeria’s most capitalized stock representing 25 per cent of the entire bourse has also not complied. So are the indigenous oil giants, Oando and Conoil.
Just a little over 30 companies of the 119 listed in the first tier of the exhange have complied, with Nestle leading the pack.
It submitted its audited account on 21 February, more than two weeks before Nigerian Breweries, Zenith Bank and Courteville Business Solutions Plc, followed the cue.
The trio made their submissions between 6 and 8 March.
Among the companies that have complied is Okomu Oil plc which declared a total dividend of N5 for 2011, sparking a frenzy for the stock, with hardly any holder ready to sell. Others are Presco Plc, GTB, First City Monument bank, Access Bank, Julius Berger, the construction giant, Diamond bank, Stanbic IBTC, Ecobank, NAHCO, Unilever, Glaxo Smithkline and Champion Breweries.
Total, Ashaka Cement have also submitted their audited accounts, after the deadline. Ashaka made its submission today, along with four other companies, declaring more than 15 per cent increase in PAT, from N3 billion in 2010, to N3.57 billion 1n 2011. The company is offering a 40 kobo dividend, at a date to be advised later. The stock went down by 50 kobo midway into trading today, from N11.02 to N10.60, an obvious indication that the market was not impressed by the payout.
The four other companies that submitted their accounts along with Ashaka today are Berger Paints, Morison Industries, A.G. Leventis and Japaul Oil and Maritime plc.
Cadbury which has submitted its report, showing increase in turnover and profit after tax, did not offer dividends to its stockholders.
The dividend payout by many of the companies which have declared their results has spurred more interest in the exchange by investors, in the hunt for profit and positioning for future payout, analysts said.
