Fidelity Bank Commends Air Peace’s Performance

.Celebrates Airline’s Commencement of the Lagos-London Route

LAGOS – Fidelity Bank Plc has commended Air Peace’s performance since it commenced flight operations about 10 years ago.

Dr. Nneka Onyeali-Ikpe, the Managing Director, Fidelity Bank Plc gave the commendation over the weekend in Lagos during a special event organised for the airline by the bank to celebrate Air Peace for the milestone of commencement of direct flights from Lagos to London.

According to Nneka Onyeali-Ikpe, who doubled as the host at the event, the airline has upheld the principles of financial discipline and good corporate governance since inception, while it has also been very loyal to the bank.

She expressed delight that the bank had the airline as one of its major clients since inception, stressing that the Bank was celebrating the airline’s milestone of launching direct flight service to London and other developments it would attain in the future.

The event, which held at the Civic Center, Victoria Island, Lagos, had in attendance several bank Managing Directors, stakeholders in the aviation sector, media personalities and well-wishers of both brands.

Speaking at the event, an elated Dr. Allen Onyema, the Chairman, Air Peace, observed that it was not rosy for the airline to attain its status and expressed gratitude to the flying public, the various aviation stakeholders, the media and the government for the continued support since it launched in 2014.

He specifically acknowledged the pivotal role played by Engr. Ben Adeyileka, the former Acting Director-General, Nigeria Civil Aviation Authority (NCAA), in helping the airline secure its Airline Operator Certificate (AOC).

He further commended Fidelity Bank for the consistent support and stressed that the bank had contributed to the success story of the airline.

“I call it our journey with Fidelity Bank. I did not envisage this day would come when an indigenous institution would be celebrating another indigenous institution. Fidelity supports real business. They keep removing people from the streets of poverty. Let other banks emulate Fidelity,” he said.

He reiterated that Air Peace was set up primarily to create employment, not for profitmaking, stressing that the motivation behind the business was to empower Nigerians economically.

“Air Peace was not borne out of the intent to profiteer, but to create jobs. Air Peace was not established because I wanted more money but because of the conviction that running an airline would create massive job opportunities. That was why we went into aviation”, he remarked.

He restated the airline’s belief in the Nigerian project, maintaining that supporting the airline meant supporting the growth of the Nigerian economy.

Onyema further craved for the support of all Nigerians on the Lagos-London route, which it opened on March 30, 2024.

He explained that the airline needed to sustain the route, stressing that this could only be done through support from Nigerians.

He said: “For every penny you pay to Air Peace, you pay to sustain the jobs of thousands of Nigerians and support economic growth.

“Air Peace flies you from any of our domestic routes to London. So, you can fly from Yola to London via Lagos. From the local airport, you are taken to the international airport free of charge with a seamless luggage transfer.”

He pledged that the airline would continue to fully adhere to the standard of safety and lauded the management and staff of Air Peace for their efforts in realising the London dream

GTCO to pay shareholders a total dividend of N94 billion for FY 2023.

Shareholders of Guaranty Trust Holding Company (GTCO) Plc will receive a total dividend of N94.180 billion for the financial year ending December 2023, representing a reward of N3.20 for each share held.

It was the board of directors of GTCO, pursuant to the powers vested in it by the provisions of Section 426 of the Companies and Allied Matters Act (CAMA 2020) of Nigeria, who made these recommendations.

During the 2023 financial year, directors declared and paid an interim dividend of 50 Kobo per ordinary share on the share capital of 29,431,179,224 ordinary shares of 50 Kobo each, for the half-year period ended June 30, 2023.

The directors also recommended the payment of a final dividend of N2.70k per ordinary share of 50 Kobo (bringing the total dividend for the financial year ended December 31, 2023, to N3.20k).

This was contained in the company’s corporate action announced at the Nigerian Exchange Limited (NGX) on Monday and obtained by Nairametrics.

Still subject to shareholders’ approval
According to the company, the final dividend is subject to the appropriate withholding tax and will be paid to shareholders whose names appear in the register of members at the close of business on 26th April 2024.

This will be presented at the next Annual General Meeting for shareholders’ ratification and approval

The statement signed by the company noted that on 9th May 2024, dividends will be paid electronically to shareholders whose names appear on the register of members as of 26th April 2024 and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their bank accounts.

Advice to shareholders
Shareholders who are yet to complete the e-dividend registration are advised to download the registrar’s E-Dividend Mandate Activation Form, which is also available on the website of the registrars.

Shareholders with dividend warrants and share certificates that have remained unclaimed or are yet to be presented for payment or returned for validation are advised to complete the e-dividend registration or contact the registrar.

What you should know
Nairametrics reported that GTCO recorded gross earnings of N1.187 trillion, representing a 120.03% increase from the N539.235 billion reported the year prior.

A cursory review of the financial statements delineates the sources of the gross earnings. Interest income stands out as a substantial contributor, comprising 46.42% of the gross earnings.
The Group also reported a profit before tax of N609.308 billion for the year ended 31 December 2023 and proposed a final dividend of N2.70.
Additionally, foreign exchange (FX) revaluation gains of N449.347 billion played a pivotal role, contributing 37.24% to the gross earnings.
This represents a notable shift from the preceding year, where interest income accounted for 60.34% and FX revaluation gains contributed a modest 10.74%.
The group is also intending to seek shareholder approval next month to raise up to $750 million in capital.
This initiative aligns with the efforts of other banks to bolster capital reserves in order to meet new regulatory targets.
The Central Bank of Nigeria last month announced minimum capital requirements for banks to strengthen the country’s financial system and enable lenders to play a bigger role in boosting economic growth.

Bullish turnaround as equity records N71 billion surge, GTCO re-enters SWOOT

The Nigerian Stock Exchange halted its streak of losses, marking an eleventh day with a modest rise of 125.30 points in the All-Share Index, ending at 99,665.05.

This represents a slight uptick of 0.13% from the previous mark of 99,539.75 points.

Market capitalization also experienced growth, climbing by N70.869 billion to reach N56.367 trillion, up from N56.296 trillion.

The positive trend is primarily credited to the robust performance of leading finance firms within the SWOOT sector, further boosted by GTCO’s addition to the sector, which saw its share price soar by 9.55% and ZENITH BANK’s market value rise by 6.76%.

JAPAULGOLD stood out with a commendable 9.58% increase in share price, outperforming 16 other advancing stocks. Conversely, TIP faced a downturn, leading 19 declining stocks with a 10% drop in share price.

Trading volumes peaked with GTCO, which led both in volume and value traded. Despite this, the overall transaction volume witnessed a decline, concluding the day with 8,298 deals, a decrease from the previous session’s 7,168 transactions.

Market Indices
NGX All-Share Index: 99,665.05 points
Previous ASI: 99,539.75 points
% Day Change: +0.13%
Day’s Lowest: 99,507.03 points
Day’s Highest: 99,846.26 points
% YTD: +33.29% (Previous: +33.12%)
Market Cap: N56.367 trillion
Volume Traded: 306.62 million units
Value: N5.301 billion
Deals: 8,298
Top Gainers
JAPAULGOLD: +9.58% to close at N1.83
GTCO: +9.55% to close at N36.70
FTNCOCOA: +8.76% to close at N1.49
UNIVINSURE: +8.57% to close at N0.38
RTBRISCOE: +8.47% to close at N0.64
Top Losers
TIP: -10% to close at N1.80
PRESTIGE: -9.84% to close at N0.55
OMATEK: -9.52% to close at N0.76
VITAFOAM: -9.26% to close at N17.15
LEARNAFRICA: -9.09% to close at N3.00
Top Traded Stocks
The market experienced a modest increase, with trading volumes climbing by 18.91%. This surge resulted in an additional 48.76 million shares being traded, bringing the total volume to about 306.62 million shares. This marks a significant rise from the previous session’s volume of 257.86 million shares.

GTCO led the trading volume with 50.16 million shares, closely followed by ACCESSCORP with 48.07 million shares. Other notable trading volumes included UBA with 41.74 million shares, UNIVINSURE with 39.71 million, and ZENITHBANK with 15.17 million shares.

However, the total value of trades slightly decreased by 1.81%, settling at N5.301 billion compared to N5.399 billion in the previous session, indicating a N97.95 million decrease.

Regarding trade values, GTCO was at the forefront with trades worth N1.77 billion. UBA followed with N956.46 million, ACCESSCORP with N815.93 million, ZENITHBANK with N560.32 million, and STANBIC with N216.72 million.

SWOOT and FUGAZ Update
Today’s Nigerian stock market concluded positively, largely due to the remarkable gains of prominent banks. The integration of GTCO into the SWOOT group was a significant factor, as it saw a 9.55% surge in its stock price, while Zenith Bank also enjoyed a 6.76% increase.

Conversely, a group of corporations, including AIRTELAFRICA, BUACEMENT, BUAFOODS, DANGCEMENT, GEREGU, MTNN, SEPLAT, TRANSCOHOT, and TRANSPOWER, showcased stability by maintaining their stock prices amidst market fluctuations.

Among the banking sector, GTCO, Zenith Bank, and UBA stood out as the top performers, with their share prices climbing by 9.55%, 6.76%, and 0.66%, respectively.

On the other hand, Access Holdings faced a slight decline, dropping 1.18% in value, while FBN Holdings’ shares remained unchanged.