Market Beat in partnership with Data Bank Securities Ltd  wish to bring to our readership this section on Africa’s Finances and Markets and we do hope the material embedded therein will be of some use to you.

Nigeria: Access Bank declares N10.5 billion dividend

Access Bank Plc, in its financial result has reported a triple digit growth across key performance indices. The bank has thus declared a N10.5bn dividend pay - out. The Bank by this performance has surpassed its revised forecast for the year.

 According to the bank result the shareholders fund now stand at N172 billion representing a 508 per cent growth over the period. The result recently approved by the Central Bank and released on the floor of the Stock Exchange, showed that the Bank's total assets and contingents continued on the upward trend as it grew by 194 per cent from N408.7 billion in 2007 to N1.2 trillion in 2008.

The outstanding growth in balance sheet size is demonstrative of the underlying growth of public confidence in the Access Bank franchise aided by effective deposit mobilisation strategies and the development and introduction of innovative and solution - based financial products.

 According to the bank financial report the Bank recorded an increase of 137 per cent in profit before tax, rising from N8 billion in 2007 to N19 billion coupled with a 107 per cent growth in gross earnings, from N28 billion to N57.6 billion.

The reassuring quality of the result is strongly indicative of the Bank's commitment to its strategic goal of becoming one of the top 3 financial services groups in Nigeria by 2012.

As a rapidly emerging African financial power house, the Access Bank franchise is increasingly an investor's delight owing to its significantly enhanced shareholder value creation and immense returns potential.

Kenya: Safari COM investors still waiting for refunds a month later

Over a month after the results of the Safari COM Initial Public Offering (IPO) were unveiled, some investors have not received their refunds. In Eldoret, some investors are still waiting for refunds from various stock brokers' to invest the money elsewhere.

They say that some of the brokers are reluctant to refund their money. Investors had applied for shares worth Sh50, 000 only to receive 2,200 shares, the equivalent of Sh11, 000 at the issue price of Sh5 per share.

The shares reached a high of Sh8 at the Nairobi Stock Exchange and are now trading at Sh6.80 cents. Some especially those who depended on business are unable to repay their loans due to the post-election violence that affected their operations.

 The investors appealed to the government to intervene and ensure that the refunds are processed.

The selling agents issuing the cheques have maintained that the delay was because they must ensure there was sufficient proof from the investors before payment.

The Safari COM IPO attracted the highest number of prospective buyers- 860,000 in Kenya's IPO history.

The 10 billion shares that were put on sale were oversubscribed by a massive 453 per cent forcing a reduction in the number of minimum shares allocated to individual applicants.

Zimbabwe: Government says inflation now 2.2 million percent
The country's official inflation rate hit 2.2 million percent on Wednesday.

Reserve Bank revealed the new figures in Harare but a respected economist believes the rate could be as high as 15 million percent. Zimbabwe's annual rate of inflation is the highest in the world.

The Gambia Press Union (GPU), in collaboration with the West African Journalists Association (WAJA) and the African Capacity Building Foundation (ACBF), recently concluded a four-day capacity building training for journalists held at the TANGO conference hall, Bakau.

The training programme drew participants from both print and electronic media in The Gambia. The training programme targets young and committed reporters with at least three to four years of newspaper or broadcasting exprience.

The four-day forum was  centred on current and topical issues affecting journalists such as ethical issues of the journalism profession.

The training showcases presentations by veterant journalists touching on topical issues such as who is a journalist, what it takes to be a journalist in the 21st century, the media and laws, court reporting,interview skills, and investigative journalism, among others.

Speaking at the opening ceremony, Ndey Tapha Sosseh, president of GPU, said the workshop was a unique opportunity for journalists, especially the young sprouting and committed ones.

“It will accord you the opportunity to not only learn new things but share expriences,’’ she said.

Ndey Tapha Sosseh expressed optimism about the purpose and spirit of organising the workshop, which she said centred on the need to improve and build capacities of journalists.

“Many journalists want to improve on their skills and to even acquire higher training but they cannot afford to do it. So this training is a series the GPU plans to conduct in order to fill that gap,” she said.

Ndey Tapha Sosseh seized the opportunity, on behalf of the GPU, to thank the sponsors for what she called their outstanding partnership.

Alpha Sall, coordinator of the West Africa Journalist Association (WAJA), described GPU as an important partner to the sub-regional journalists association of which Ms Sosseh is the second vice-president.

According to the WAJA coordinator, The Gambia continues to be a faithful partner of WAJA in all its operations. He assured the GPU of WAJA’s support at all time.

Mr Karim Sonko, acting permanent secretary at the Department of State for Communication, Information and Information Technology, who deputised for his secretary of state, Fatim Badjie, congratulated the GPU and its partners for organising such an important training for Gambian media practitioners.

The  acting PS spoke at length on the role of journalists, especially on the need for balanced and impartial reporting.

Mr Karim Sonko expressed optimism that the training will prove to be rewarding for the participants.

He used the occasion to reveal plans to introduce a journalism faculty at the University of The Gambia (UTG), which he said, once established, will fill the gap for training in The Gambia.

He, however, warned journalists to desist from the culture of what he called so-called freedom of speech in the interest of sustainable development.

Emil Touray, secretary general of GPU chaired the opening ceremony.
Certificates were presented to all the participants in recognition of their active participation.

The Sport Journalist Association of The Gambia and the Senegalese Sports Journalist Association will engage in a partnership geared towards  cementing the relationship between the two sides.

This initiative came about following the arrival of a Senegalese sports journalist delegation who attended The Gambia and Senegal match last weekend.

According to Mamodou Diouf, President of the Senegalese journalist Association, as part of facilitating the formation of the twining programme, his committee will come to Banjul on the 26th of July to work on the modalities of the twining.

Diouf seized the opportunity to inform SJAG members, at a meeting held between the two bodies, that every year the Association National de la Press Sportive du Senegal benefit from an amount of two million CFA (close to D100,000) from their national Olympic committee as part of their contribution towards developing sports in Senegal.

“We also have a permanent sponsorship from our national GSM operator Orange, who also assist in funding our activities,” he explained.

The Senegalese Journalist association will also be heading for congress on July 28th 2008 in Dakar.

The twining programme if formed will set the plate form for both parties to exchange experiences and learn more lessons for the advancement of the two associations. 

The National Youth Parliament in partnership with the Kaira-Suu Program Area, CCF Affiliated will hold two three-day youth capacity building training programs for young people in Kombo South in preparation for the District Youth Congress.

The Zone one training, which will take place in Jambanjelly from Friday the 16th to the 18th of May 2008 will bring together youth representatives from Farato, Jambur, Jambanjelly, Sanyang, Tujereng, Tanjeh, Banyanka and Kunkujang Mariama. Whilst the Zone two training will be staged in Kartong from Friday, 30th May to Sunday 1st June 2008.

Hon Ousman Conteh, the Program Officer, NYP, in speaking to this paper noted that the joint program aims at enhancing the capacity of young people in the district in order to promote their participation and integration. The youth structure in the district is faced with the trouble of inadequate youth participation and the programs will prepare the young people for effective youth leadership in the area.

The National Youth Parliament has the vision of strengthening and encouraging the participation of young people in addressing socio-economic, political and cultural issues. This, Conteh said, cannot happen without acquiring the required skills and knowledge. He called on other institutions across the country to partner with youth institutions in helping to shape a proper destiny for the young people through their own involvement.

The Kombo South Training’s he said will focus on group facilitation skills and mobilization, report writing, public speaking, communication skills, understanding gender, national youth acts & policy, understanding child rights and leadership among many other things.     

Conteh finally thanked the CCF and the Kaira-Suu Program Area for their continued support and partnership.