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C&I Leasing Plc expands, acquires ‘Petrotech JV’

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C &I Leasing Plc, a leasing and business service conglomerate has just concluded the buyout of 27.5% minority stake in C&I Petrotech Marine Ltd- a Joint Venture company with six vessels presently deployed to a long-term contract with Shell Petroleum Development Company of Nigeria (SPDC).

The parties engaged Wizer Advisory as an independent advisor for the valuation of the shares. As a result of this transaction, C&I Petrotech Marine Limited is now a fully owned subsidiary of C&I Leasing Plc.

Recall, C&I Leasing Plc recently recorded a successful N7 Billion Bond issue- the first series in a N20 Billion debt issuance programme. The company had stated that the funds raised would largely be invested in business expansion and restructuring of the company’s debts over a period of five years among other initiatives which will guarantee increased profit margins and returns for shareholders. Today’s buyout transaction of C&I Petrotech Marine Limited minority shareholders is evidence of C&I Leasing’s commitment to investing in its business growth and expansion.

According to the Managing Director of the Company, Mr. Andrew Otike-Odibi, “Our journey into the Maritime sector as a service provider for the Oil and Gas sector actually started through the C&I Petrotech Marine Joint Venture in 2010 and has over the years culminated in the ownership of over twenty vessels consisting of crew boats, pilot boats, tug boats, patrol boats and platform support vessels for providing services such as line and hose handling, berthing and escort services, mooring support, fire-fighting, pollution control, security and floating and self-elevating platforms.”

“This clearly reiterates our commitment to growing our Marine service business and gaining leadership in the field”.

It is hoped that this buyout will further the company’s drive to restructure and reposition its marine business for enhanced profitability.

C & I Leasing Plc has been in operation for over two decades and has since evolved from being a simple consumer finance leasing company licensed by the Central Bank of Nigeria in 1991 to  becoming a  diversified,  leasing  and  business  service  conglomerate  providing  support services to various indigenous and multinational organizations in West Africa along three lines: Fleet Management, Personnel Outsourcing and Marine Services. The C&I Leasing group of companies has its operational offices in Lagos, Benin, Port-Harcourt, Calabar, Enugu and Abuja. The company has also been listed on the Nigerian Stock Exchange since 1997 and is invested in the following subsidiaries – Leasafric Ghana Limited, Epic International FZE Dubai and now C&I Petrotech Marine Limited.

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BUSINESS

Fidelity Bank doles out N16m to 13 customers

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L-R: Divisional Head, Operations, Fidelity Bank Plc., Martins Izuogbe; Baale of Dankaka and N1 Million GAIM 3 Promo Winner, Alhaji Oluwa Kareem Amodu; his wife, Alhaja Amodu; Regional Bank Head, Apapa, Fidelity Bank Plc, Jude Monye at the 3rd Monthly Prize presentation ceremony of the Fidelity Get Alert in Millions Promo Season 3 (GAIM 3) held at the Fidelity Bank Trinity, Apapa Branch. Lagos ….yesterday.

Fidelity Bank Plc on Tuesday splashed 13 customers with N16 million under the Get Alert in Millions Savings (GAIM) season three initiative.

Mrs Chijioke Ugochukwu, the bank’s Executive Director, Shared Services and Product, stated this at the third monthly prize presentation in Lagos that the promo was an initiated aimed at boosting financial inclusion and saving culture.

Ugochukwu said that the bank, through the GAIM, had made significant impact on its customers.

She said that the monthly draw produced 13 cash winners and 18 consolation prizes, comprising refrigerators, generators and television sets.

Ugochukwu said that the bank had also given out N50 million and 54 consolation prizes under the GAIM season three initiative.

According to her, N60 million remains outstanding for grab by lucky customers in the course of the promo, adding that the bank has also earmarked N110 million to be won by customers for the GAIM season three initiative.

Ugochukwu further disclosed that the bank had given N2.67 million worth of airtime to about 1,964 customers, comprising of first 100 accounts opened weekly.

She said that the savings promo allowed the bank to go into nooks and crannies of the country to enlighten people on financial inclusion.

Mr Richard Madiebo, the bank’s Divisional Head, Retail Banking, said that the bank had made banking easy through the promotion.

Madiebo called on Nigerians to take advantage of the initiative to open account with Fidelity Bank, assuring customers that they had the chance of winning N1 million, N 2 million and more.

Alhaji Oluwakareem Amodu, the Bale of Dankaka, Ajeromi Ifelodun Local Government Area of Lagos State, who won N1 million lauded the bank for the initiative, saying that he opened the account with N1, 000, describing he promo as genuine.

Mr Rahman Yusuf, a star prize winner of N 2, appreciated the bank for its kind gesture of instituting the promo.

“I want to say a very big thank you to Fidelity Bank for this opportunity. I did not believe in it until I got here and confirmed that I won,” Yusuf said.

Yusuf said he opened the account with zero balance..(NAN)

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AMCON seeks buyers for Polaris Bank

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The Asset Management Corporation of Nigeria (AMCON)  is  seeking new investors to take over nationalised lender, Polaris Bank after elections next month. It is also taking stock of the bank’s assets ahead of the sale, its spokesman, Jude Nwauzor, said yesterday.

“The election season has slowed down things,” Nwauzor, said.

Nigerians will vote on February 16 in a presidential election where incumbent Muhammadu Buhari is seeking a second term.

“We would advertise for Expressions of Interest from investors after elections and commence the sale process,” Nwauzor said.

Some of Nigeria’s banks have faced tough times since low oil prices put pressure on their business of lending to the oil and gas industry. The country emerged from a recession in 2017 but economic growth remains sluggish and this has weighed on credit growth.

Polaris Bank was set up last year to take over the assets of Skye Bank which collapsed and had its operating licence revoked by Nigeria’s central bank.

Polaris was then transferred to the state-owned bad bank for sale to investors. AMCON has previously sold three other nationalised banks.

The AMCON spokesman said the bad bank was seeking to recover debts owed to Polaris that were non-performing and had asked for proposals on repayment.

AMCON was set up in 2010 to take on non-performing loans from banks as part of the country’s efforts to resolve a financial crisis at that time.

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CBN warns against rising debt, retains rate at 14%

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All 11 members of the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) yesterday, voted to retain the Monetary Policy Rate (MPR) at 14 percent and other key economic parameters in its first meeting in 2019.

The Governor of CBN, Godwin Emefiele, who made this disclosure in a communique read at the end of the meeting in Abuja, warned against the nation’s rising debt profile, even as he revealed that the nation’s foreign reserves now stand at $43.28 billion.

According to Emefiele, the Committee deliberated on external borrowing, where it noted the increase in debt level and thus called  for caution.

He said the debt level, if not checked, could rapidly hit the pre-2005 Paris Club level. The Governor said that Committee recommended the Federal Government to sustain the pace towards addressing infrastructure deficit in Nigeria.

On monies being paid by the Finance Ministry in collaboration with the Debt Management Office (DMO) to the oil and petroleum marketers, Emefiele said there was an agreement that the banks would halt interest charges from July 2017 to date on loans they gave oil marketers.

“So, its an agreement we have and any bank who refuses to do so, the petroleum marketer through his association should please inform the Central Bank”, he said.

On output, the CBN Governor said the real Gross Domestic Product (GDP) grew by 1.81 per cent during the third quarter of 2018 from 1.5 per cent during the second quarter of 2018.

“The services and agricultural sector continued to drive output growth. However, the persistence of herdsmen attacks on farmers, cattle rustling and flooding in parts of the country affected agricultural and livestock output.

“The output for growth however remains fragile as the late implementation of the 2018 budget and the residual impact of flooding and security challenges constituted headwinds to growth.

“The committee therefore believes that effective implementation of the 2018 capital budget and the Economic Recovery and Growth Plan and improvements in the security situation and continued stability in the foreign exchange market will enhance aggregate demand and growth”, he added. 

The communique further noted that the committee observed that the near-term risk to inflation remains the impact of flooding on agricultural output, insecurity on food producing belts of the country, exchange rate pass through to inflation due to weakening of oil price and campaign related spending towards the 2019 general election.

On the MTN penalty, he said: “I am glad to tell you in November we held a round of meetings with MTN officials even from South-Africa and by December we concluded those engagements and the matters were resolved. It resulted in notional I repeat it is not a fine, not a penalty,  reversal of $53million amounting to about N19.5billion and this amount has since been paid by the MTN and terms of settlement of the matters have already been lodged at the Nigerian court”.

On the 41 items restricted from foreign exchange, he said the economic department of the CBN together with Economic and Financial Crimes Commission (EFCC) would investigate any company or any individual suspected of bringing these items either through any border or through smuggling of any means for money laundering and economic sabotage.

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