Peter OBIORA investadvocate

Lagos (INVESTADVOCATE) – Courteville Investment Plc, operating in the Commercial/Services Sector of the Nigerian Stock Exchange (NSE) today Wednesday April 06 2011 signed a deal with Sierra-Leone worth $10 million (N1.5 billion) for the next 10 years to administer the Country’s Motor Vehicle documentation.

Adebola Akindele, Managing Director/Chief Executive Officer (MD/CEO) of the Company confirmed this to investadvocate in a telephone chat in Lagos Nigeria.

“We have just finished signing a deal with Sierra-Leone to help the country handle their Motor Vehicle Administration Documentation” he said.

Akindele confirmed to investadvocate that the deal is for a period of 10 years and it is expected to yield Courteville Investment about $1.0 million (about N150 million) per annum (PA); and for a total of 10 years, the firm is expected to earn about $10 million (N1.5 billion) in the projected period.

The Courteville MD had said in an interview early February 2011 and published on the investadvocate website that the Firm was planning to expand its operations to other parts of the West African sub region.

At the Courteville’s last Annual General Meeting (AGM) held July 2010, Akindele confirmed that the Firm is in collaboration with Industrial and General Insurance Plc (IGI), in order to help facilitate business prospects in eight African countries for Courteville; using IGI’s contacts in those places; where they currently hold sway.

“The collaboration is what has given us faster breakthrough in a lot of African countries. We hope to ride on their strength with the Governments of those Countries to capture their Market” he said.

The Company is presently the biggest player in AutoReg Vehicle Licensing Service in Nigeria with presence in about sixteen (16) States. “What we are already handling has taken us beyond 65% of the Market share and beyond 50% for the whole of West Africa” he said.

Beyond this, Akindele had told investadvocate that Courteville had submitted its registration of patient in places like America and Europe to see if the Company can be given the opportunity to do business in those places.

In its Audited Year Ended (December) 2010 released April 05 2011 on the Floor of the Nigerian Stock Exchange (NSE), the Company recorded a Turnover of N869.036 million in year 2010 compared to N776.832 million in year 2009; indicating an increase of 11.86%.

Profit Before Tax (PBT) also rose slightly from N215.935 million in year 2009 compared to N231.237 million in the review period; showing a rise of 7.08%.

While Profit After Tax (PAT) was N124.757 million in year 2010 compared to N181.444 million in year 2009; representing a decrease of -31.24% in the review period.

Akindele attributed the reason for the above result to the last global economic crisis and Market Meltdown.

Also, he affirmed the Courteville was at that period investing and spending so much money; especially in the E-Commerce part of it’s business.

Courteville on April 01 2009, listed shares worth N7.5 billion on the Nigeria’s Bourse; when it listed by introduction N2.96 billion Ordinary Shares of 50 Kobo each at N2.50 Kobo per share.

This came on the heels of a successful Private Placement (PP) the Company had; which saw it raise about N1.3 billion in year 2008.