Abuja - Following complaints by subscribers who participated in the public offers  embarked upon by banks in the country and their inability to access their share certificates, months after the exercise had been concluded, the Central Bank of Nigeria [CBN] and Securities and Exchange Commission (SEC) will meet next week to sort out the problem.

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Lagos - The Nigerian Stock Exchange (NSE) has placed the shares of Chevron Oil Nigeria Plc were on full suspension following the company’s failure to intimate the regulatory authorities on the divestment and transfer of its shares by a core investor in the company. This means that the shares of the company will not be traded on the floor of the NSE until it is lifted.

The company’s stock closed at N280 a share, a decrease of N10 from the previous day’s unit share price of N290.

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Lagos - African Petroleum Plc (AP) is set to raise over N100 billion in its forthcoming public offer and right issue.

This information was disclosed by the Chief Operating Officer of the company, Mr. Tunde Falasinnu to financial correspondents in Lagos.

Mr Falasinnu also disclosed that the company plans to surpass its current financial performance by over 25 per cent, adding that the increase will be witnessed in its dividend payout, turnover and profitability among other financial indices.

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Lagos - Dangote Sugar Refinery, the most profitable Nigerian company in the beverage sector, is the second largest sugar refinery in the world – second only to the Al Khaleej Sugar Refinery in Dubai.

The refinery at present, is also the first and only sugar refinery in the whole of West Africa. The company recorded a profit after tax of N21.4bn on a turnover of N80.6bn and has already declared N17bn as dividend for the 2007 financial year.

The Managing Director of Dangote Sugar Refinery Plc, Mr. Abdullahi Sule, said in a statement that the performance was testimony to the quality of its products and wide acceptance by the public.

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The board of directors of Dangote Sugar Plc, has approved the payment of 50k dividend per every share held by investors, in addition to a generous bonus issue of one share for every five shares held, following the declaration of a turnover of N83.8 billion in its 2008 financial year end result.

The company had made a total of N12 billion payments in its dividend schedule which is on quarterly basis.

Although, the result showed that the company’s turnover dropped from N83.8 billion in 2007 to N80.64 in 2008, it showed an outstanding Profit After Tax of N21.47 billion over last years figure of N16.65 billion, a much welcome development for shareholders.

Current trading over the last few weeks showed that the shares are averaging well, while Dangote flour has witnessed a downward trend after an impressive initial showing.

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