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Category: Business

  • Dangote, BUA Cements spend whopping N204.925bn on power

    Nigeria’s two biggest cement factories, Dangote Cement and BUA Cement spent a whopping sum of N204.925 billion on fuel and power during the half year ended June 30, 2023.

    A look at the financials showed that Dangote Cement spent the sum of N157.020 billion during the half year 2023 as against N129.957 billion in 2022 representing a growth of 20.82 per cent.

    Following the high cost of sales, profit after tax grew marginally by 3.77 per cent to N178.603 billion for the half year 2023 as against N172.104 billion in 2022. The cost of sales grew by 18.80 per cent to N383.088 billion from N322.461 billion.

    Similarly, BUA Cement spent N47.905 billion on energy in the first half of 023, representing an increase of 9.92 per cent over N43.580 billion reported in 2023.

    Profit after tax was N63.616 billion in 2023 as against N61.363 billion in 2022, accounting for an increase of 3.67 per cent while the cost of sales stood at N114.943 billion in the half-year of 2023 from N97.503 billion in 2022, representing a growth of 17.88 per cent.

    Dangote Cement on the other hand complained that it recorded lower volumes due to surging inflation.  

    According to the company’s six months of unaudited results, sales volume for pan-African operations was up 11.6 per cent compared to 4.9Mt in the first half of 2022. The total pan-African volume accounts for 40.4 per cent of Group volumes in the half year.

    Chief Executive Officer of Dangote Cement, Arvind Pathak said:  “Dangote Cement delivered positive results in the first half of the year. Our Nigeria operations achieved a 22.6 per cent recovery in sales over the first quarter, which was impacted by the general elections and the cash crunch. However, the steep currency devaluation in mid-June slowed this volume recovery and increased the already inflated operating cost.”

    According to data, the profit after tax of these companies stood at N242.219 billion from N233.467 billion in 2022 representing a 3.75 per cent increase.

    The profits were impacted by the rise in production cost of sales which was driven mainly by an uptick in raw materials cost and cost of energy.

    The rising cost of sales swallowed much of the earnings following rising inflation and high exchange rate. The cost of sales for the firms stood at N498.031 trillion for the half year 2023 as against N419.964 billion in 2021, accounting for a growth of 41.15 per cent.

  • Nigeria’s equity market sheds N15bn

    Trading activities on the floor of Nigerian Exchange (NGX) closed Tuesday depreciating by N15 billion.

    arket capitalisation of listed equities declined by 0.04 per cent to 63309.65 points from 65336.71 points traded the previous day.
    The NGX All Share Index also depreciated by 27.06 basis points to 65309.65 points from 65336.71 points recorded the previous day.
    A review of the transactions during the day showed that Guinness Nigeria Plc led gainers table in percentage terms, gaining 10 per cent to close at N60.50 per share, Gkaxosmith followed with a gain of 9.74 per cent to close at N10.70 per share, Chellaram added 9.73 per cent to close N3.72 per unit, TIP grew by 9.72 per cent to close at N0.79 per share while Universal insurance gained 9.09 per cent to close at N0.24 per share.
    On the contrary, NSLTech topped losers chart with 10 per cent to close at N0.27 per unit, Northern Nigeria Flour Mills followed with a drop.of 9.89 per cent to close at N12.30 per share, JohnHolt dipped by 9.52 per cent to close at N1.33 per unit, Tantalizer down by 8.33 per cent to close at N0.33 per share, Mutual Benefits fell by 7.69 per cent to close at N0.48 per unit.
    The volume of trades went down by 16.525 million, representing 4.94 per cent as investors traded 317.808 million shares valued at N4.471 billion in 6376 deals against 334.333 million shares costing N3.891 billion in 6940 deals.


    Transactions in the shares of AccessCorp led market activities with 49.355 million shares valued at N86.161 million, Sterling Bank followed with account of 43.823 million shares cost N153.936 million, Universal insurance traded 28.863 million shares cost N6.896 million, FCMB group traded 18.125 million shares worth  N112.162 million while FBNHoldings exchanged 14.301 million shares cost N261.734 million.

  • Google to update personal information control tool

    Google has announced plans to update its personal information control tool to allow users to keep track of their contact information in search.

    It stated that last year, it launched the ‘results about you’ tool to allow people to request the removal of search results that contain their personal phone number, home address, or email, from Search.

    It noted that it had now updated and improved the tool, helping users keep track of their personal contact information in Search and alerting them when it is found so that they can remove it.

    In a statement, the firm said, “In the coming days, we’ll be rolling out a new dashboard that will let you know if web results with your contact information are showing up on Search.

    “Then, you can quickly request the removal of those results from Google — right in the tool. We’ll also notify you when new results from the web containing your contact info pop up in Search, to give you added peace of mind.”

    According to Google, the tool is currently available in the United States and will be rolled out globally soon.

    Also, the firm announced that its SafeSearch blurring setting, which allows, and protects family members from encountering explicit imagery on Search, will be rolled out to users globally next month.

    It stated that the setting ensures that explicit imagery — such as adult or graphic violent content — will be blurred by default when it appears in Search results.

    It added, “We have long had policies that enable you to remove non-consensual explicit imagery from Search. Now, we’re building on these protections to enable people to remove from Search any of their personal, explicit images that they no longer wish to be visible in Search.”

    ends

  • Nigeria’s equity market begins week positively with N76bn gain

    The Domestic equity market opened the week on a positive note, gaining N76 billion following gains recorded by small and medium stocks.

    The market capitalisation of listed equities increased by 0.21 percent to N35.555 trillion from N35.479 trillion reported on Friday.

    The NGX All Share Index also appreciated by 138.63 basis points to 63336.71 points from 65198.08 points traded the previous day.

    An analysis of the investment showed that Enamalwa led gainers table during the day, gaining 9.86 per cent to close at N19.59 per share Wema Bank followed with a gain of 9.77 per cent to close at N4.72 per share, UPL also appreciated by 9.73 per cent to close at M2.48 per unit, SUNU Assurance added 9.68 per cent to close at N1.02 per share Gkaxosmith gained 9.55 per cent to close at N9.75 per unit.

    On the contrary, Omatek topped losers chart during the day in percentage terms, shedding 8.82 per cent to close at N0.31 per unit, Prestige insurance trailed with a drop of 7.84 per cent to close at N0.47 per unit, Mcnichols fell by 7.35 per cent to close at N0.63 per share, Cornerstone Insurance declined by 7.22 per cent to close at N0.90 per share, Wapic Insurance dipped by 5.97 per cent to close at N0.63 per unit.

    Volume of trades declined during the day as investors traded 334.333 million shares valued at N3.891 billion in 6940 deals against 363.147 million shares worth N6.073 billion in 6644 deals.

    Transactions in the shares of Sterling Bank Plc led market activities during the day with 55.141 million shares valued at N197.266 million, FCMB group followed with account of 28.249 million shares cost N173.843 million, Fidelity Bank exchanged 18.842 million shares cost N150.847 million.

    Japaul Gold traded 17.355 million shares cost N17.018 million while AccessCorp exchanged 17.100 million shares cost N296.635 million.

  • Difficult but necessary reforms needed to ramp up tax revenue – JTB

    For Nigeria to attain optimum tax revenue collection capacity across the Federal, States and Local Government tax authorities, the country must make hard but necessary reforms that would yield long term benefits.

    This was the position stated by the Chairman of the Joint Tax Board (JTB), Mr. Muhammad Nami, who is also the Executive Chairman of the Federal Inland Revenue Service (FIRS) at the 153rd Meeting of the Board which held today in Abuja with the theme: “Harmonization and codification of taxes at the National and Sub-national levels: Key to achieving a tax friendly environment in Nigeria.” 

    Nami, while delivering his address to the Board stated that for progress to be made in taxation, tax authorities must continue to explore and adopt measures and innovative initiatives that will lead to the optimisation of tax revenue for all levels of government. 

    “As the new administration’s attempt to address the many socioeconomic challenges facing the nation on many fronts, it becomes imperative for all the levers of State to shake-off any lethargic antecedents and focus on the goal of a national resurgence.

    “The unique and privileged offices we occupy as drivers of the nation’s tax administration processes presents us with a rare opportunity to take hard, but necessary decisions that are expected to yield long term benefits and add immense value to our collective prosperity as a nation.

    “In recent years, especially since the dawn of our current democratic dispensation, the importance of taxation has continued to be reiterated and reinforced by all, and the critical role that tax-revenue plays in funding government and governance cannot be over-emphasized. 

    “However, as we continue to make progress in our unique model of taxation, it is appropriate that we continue to explore and adopt measures and innovative initiatives that will lead to the optimization of tax revenue for all the levels of government, in more efficient, more effective, more inclusive, and more sustainable ways.

    “It is only by achieving this, that our efforts as tax administrators can trigger the manner of activity required in the productive sectors of our economy, towards achieving the immense economic potentials that we are capable of,” Mr. Nami said.

    The Chairman of the Joint Tax Board further assured Executive Chairmen of State Revenue Authorities present that given the thrust of the current administration’s tax policy direction, the country was on the pathway to eradicating multiplicity of taxes as a core of its overall economic regeneration objectives. 

    Chairman, Presidential Fiscal Policy & Tax Reforms Committee, Mr. Taiwo Oyedele, while delivering a presentation on the theme of the meeting highlighted that multiple taxation was causing low tax morale in the country, as well as discouraging investments, while creating room for corruption and making doing business difficult.

    The Presidential Fiscal Policy and Tax Reforms Committee Chairman further noted that the solution to the country’s revenue challenges is not to introduce more taxes, but to focus on the few taxes that are high yielding, noting that with these, tax authorities would be able to collect far more than is currently being collected. 

    Oyedele stated that for the government to raise more revenue, it needed to get to a point where the total number of taxes collected at the Federal, State and Local government levels would be at a single digit. 

    “We also need to clarify on taxing rights. We need to integrate tax collection functions—that is, all revenues that are to be collected must be collected by a single revenue agency. Government must also do well to fund our tax agencies well. We also need to harmonise revenue administration and simplify our approach to tax compliance,” Oyedele said.

    He further advocated for the country’s tax authorities to use more technology, review the country’s constitution and tax laws, as well revisit Nigeria’s concept of fiscal federalism.

  • FAO trains Nigerian farmers, others on drip irrigation

    As part of efforts to boost food production, towards addressing the increasing demand to feed the ever-growing population in Nigeria, Food and Agriculture Organization of the United Nations (FAO) has trained farmers, extension workers, researchers, and irrigation technicians in drip irrigation.

    A statement by FAO Communication Specialist, David Tsokar, recently, the training was held in Kano under the aegis of the FAO initiative to promote drip irrigation scheme in selected sites in the country, with the theme “Innovations in Irrigation Development and Practices for increased Water and Land Productivity for Beneficiary Farmer Leaders, Agriculture Extension Officers, Irrigation Technicians and Irrigation Engineers.”

    Declaring the training open, the Director of the Irrigation and Drainage department at the Federal Ministry of Water Resources, Engineer Esther Oluniyi said the initiative is part of government’s efforts to promote food security and sustainable water management for irrigated agriculture with the expectation to produce more crops per drop of water on the land.

    He noted that the briefing and coaching sessions would broaden the understanding of participants on efficient “farm management practices to produce even more crops on the same land using less amount of water, implementation and management procedures of drip irrigation kits for sustainability.”.

    FAO Representative, Fred Kafeero noted that though designed as a lesson learnt from operation, maintenance, and the rehabilitation of challenged irrigation schemes in Nigeria by the department, the initiative was developed as a pilot initiative in collaboration with the Water Resources Ministry.

    He stated that it is viewed to compare “low energy drip based irrigated system side by side gravity canal, flood based irrigated system, with the view to come up with a study on some irrigation parameters such as volume of water use, the number of crops produced, cost of power, labour cost among others”.

    The training was attended by representatives of the Federal Ministry of Water Resources, leaders of farmer groups, Hadejia-Jamare River Basin Development Authority, the Agriculture Development Programme from Kano state, and academia from the Bayero University Kano (BUK) among many others.

    The objective of the training is to enhance understanding of the technical processes of the different stages of drip irrigation practices with a view to cascade the training to the individual/ farmer groups in the irrigation scheme. This is against the background that drip irrigation reduces the impact of drought and climate change on food production; contamination of groundwater and rivers caused by fertilizer leaching is averted; it is advantageous to rural communities in poverty reduction due to increase in outputs and reduces rural urban drift.

  • 3m people die annually from food poisoning globally- Expert  

    A food expert, and second Vice President of Nigeria Institute of Food Science and Technology (NIFST), Dr Ignatius Alaka, has labeled farmers using inorganic fertilizers, pesticides, herbicides, antibiotics, synthetic hormones to grow their crops and raise livestocks as hired assassins.

    Alaka said the farmers were killing consumers slowly and painfully. According to him, these farmers kill consumers of their produce gradually and painfully. This is even as he called for increased consumption of organic products.

    Presenting a paper titled “Food Safety, Hygiene and Adherence to Quality Organic Standard,” during a ensitization workshop on organic agriculture for rice farmers and processors in Ebonyi State recently Dr. Alaka, said research has shown over the years that these in-organic substances used in farming had very serious deleterious harmful effects, even as he revealed that globally, over 1.5 billion cases of food borne disease outbreak are reported resulting in 3 million deaths.

    “Organic agriculture, which is governed by strict government standards, requires that products bearing the organic label are produced without the use of toxic and persistent pesticides and synthetic nitrogen fertilizers, antibiotics, synthetic hormones, genetic engineering etc. The use of organic fertilizers to grow nutritious foods is becoming internationally acceptable in-view of its numerous health benefits.

    “Consumers should be aware that you are what you eat. Anyone who has ever had food poisoning can tell you it is an experience you would never wish for your enemy. To avoid this, it is important to learn about food safety guidelines pertaining to the preparation of foods.

    “However, there is inadequate supervision and proper monitoring by food safety officers and the enforcement of food hygiene regulation is weak. There is also the lack of training in food safety and good hygiene practices for food handlers.

    “Rice is one of the most important grain crops in the world. Growth in population combined with rapid urbanization has helped to fuel the demand for rice. In order to meet up with the high demand for rice, farmers have to increase their production capacity by adapting conventional means of using in-organic fertilizers and pesticides.

    “The way people access food is important for their safety and health. All food manufacturers have a responsibility to provide consumers with safe, wholesome foods. Safety is not an option but it is an essential part of the planning, preparation and production of foods.

    “The safety and quality of foods is becoming a matter of increasing concern. Information is more readily available to consumers through the mass media and they are considerably more aware of existing and potential risks from pesticides, food poisoning and a poor diet,” he warned.

    He said a lack of consideration of safety can result in serious threat to public health and according to him, in most countries serious penalties exist for those who contravene hygiene and food safety legislations. 

    He also, urged farmers to take advantage of the high demand of organic produce across the world, saying consumer demand for organic food is growing at a rate of 20 to 30 per cent annually year and that it is estimated that more than 6 out of every 10 Australian households now buy organic foods, hence Nigeria farmers must key in now and take advantage of this opportunity to grow organic rice and other crops.

  • NDIC assures depositors of 182 closed MfBs, PMBs speedy payment 

    The Nigeria Deposit Insurance Corporation (NDIC) has assured depositors affected by the recent revocation of the licenses of 178 Microfinance Banks (MFBs) and four Primary Mortgage Banks (PMBs) by the Central Bank of Nigeria (CBN) of speedy payment of their insured deposits.

    The Managing Director of NDIC Mr. Bello Hassan gave the assurance during a three-day capacity-building workshop for management staff of the corporation at the weekend in Ikot Ekpene, Akwa Ibom state.

    The event had as its theme: ‘Result Based Procurement: A Strategic Approach’ was organized by the Corporation in collaboration with the Bureau of Public Procurement (BPP).

    The Managing Director represented by the Executive Director, Operation, Mr Mustapha Ibrahim stressed that the Corporation would not compromise standards as it would also ensure that depositors get their money promptly to prevent a panic situation.

    Hassan stated that NDIC would continue to strengthen the financial system to appropriately support the economic advancement of the nation and also contribute meaningfully to financial system stability.

    “It is also pertinent to remind ourselves of the role the Nigeria Deposit Insurance Corporation (NDIC) continues to play as a key player in the Financial Safety-Net arrangement of the country’s banking system as a Deposit Insurer; others being; the prudential regulation & supervision, failure resolution, deposit insurance and lender of last resort function of the Central Bank of Nigeria (CBN).

    These components continue to safeguard the safety and soundness of the banking system as well as promote financial stability. 

    “Following the recent revocation of the licenses of 178 Microfinance Banks (MFBs) and four Primary Mortgage Banks (PMBs) by the Central Bank of Nigeria (CBN), the Nigeria Deposit Insurance Corporation (NDIC) has since commenced the liquidation exercise with the main purpose of paying the guaranteed sum, recovery of debts owed the banks, sale of physical assets and payment of liquidation dividend on the uninsured sum. 

    “The NDIC is hereby assuring depositors of the closed banks of speedy payment of their insured sums,” he added 

    Hassan expressed delight at the collaboration and training of procurement staff by BPP saying it has helped to conserve funds, block leakages, and enhance healthy competition and transparency.

    In his remark, the Director-General of BPP, Mr. Mamman Ahmadu cautioned that any public procurement without plans and records is tantamount to criminality.

    Ahmadu, represented by the Director, Research and Development/ICT, Mr. Aliyu Aliyu assured that the agency will continue to collaborate with NDIC to ensure smooth sailing on its procurement activities.

  • FAAN apprehends 21 touts at Lagos Airport

    FAAN apprehends 21 touts at Lagos Airport

    The Federal Airports Authority of Nigeria (FAAN) has successfully conducted a series of arrests at the Murtala Muhammed Airport in Lagos, resulting in the capture of 21 suspects involved in various illicit activities.

    Among those apprehended were touts, illegal foreign exchange dealers, hawkers, and scavengers. Mr. Abdullahi Yakubu-Funtua, Director of Public Affairs and Consumer Protection at FAAN, disclosed this information in a statement released on Sunday.

    Emphasizing the importance of creating a sanitized airport environment free from illegal activities, FAAN handed over the suspects to the Police for further investigation and appropriate legal action.

    The recent arrests are part of FAAN’s proactive approach to combat touting and other illegitimate activities within the airport premises.

    In collaboration with the Joint Monitoring Task Force (JMTF) and the Aviation Security Crime Investigation and Intelligence (AVSEC-CII) Unit, FAAN has been conducting targeted raids in recent weeks.

    These raids have led to the apprehension of not only touts but also cable thieves and other miscreants who pose a threat to airport safety and security.

    On a specific operation conducted on August 4, 2023, the JMTF and AVSEC-CII raided the ITZ 1 and 2 landside, the car parks, and the airport access roads, resulting in the capture of 21 individuals involved in various illegal activities.

    FAAN’s Director, Mr. Yakubu-Funtua, sternly warned individuals who have no legitimate business at the airport to refrain from engaging in unlawful acts, as further arrests will be made to uphold the safety and security of airport users and the airport environment.

    “The Joint Monitoring Task Force (JMTF) and the Aviation Security Crime Investigation and Intelligence (AVSEC-CII) Unit have since the past few weeks conducted raids in this regard.

    “Cable thieves and other miscreants have been apprehended in the course of these raids.

    “On Friday, Aug. 4, 2023, the Murtala Muhammed Airport (MMA) JMTF and AVSEC-CII raided the ITZ 1 and 2 landside, the car parks, and the airport access roads.

    “In the course of the raid, a total of 21 persons including touts, illegal foreign exchange dealers, hawkers, and scavengers were arrested.

    “The apprehended suspects have since been transferred to the Nigerian Police Force through the CII for further necessary action,” he said.

    Reaffirming FAAN’s commitment to its core values of safety, security, and passenger comfort, the director highlighted the authority’s unwavering dedication to maintaining the highest standards for the benefit of all airport users.

  • 585 SMEs get N150k livelihood grants each in Kogi

    585 SMEs get N150k livelihood grants each in Kogi

    Kogi has given N150,000 each to 585 beneficiaries in its 21 local government areas to expand their businesses.

    The beneficiaries, mainly petty traders, artisans and small business owners got the grants after receiving training under the state’s “Livelihood Grants’’ programme on how to expand their businesses.

    Mr Kehinde Olorunmosunle, Head of Delivery Platform for Social Transfer and Livelihood Grants, told newsmen in Lokoja on Saturday that the beneficiaries were between 18 years and 35 years of age.

    He described the beneficiaries as agile people that are able to run around and do businesses.

    “They are petty traders, artisans, hair dressers, bakers, and fashion designers, among others.

    “The training is meant to continue to remind the beneficiaries on the need to use the money judiciously.

    “The beneficiaries had earlier been trained on what was expected of them and their businesses before getting the money.

    “We went into their communities to confirm the authenticity of their various businesses before releasing the grant to them.

    “Immediately the money was given to them, we also moved into the communities to monitor how they applied the funds,’’ he said.

    Olorunmosunle advised beneficiaries to use the grants judiciously and not to divert them to frivolities.

    He expressed appreciation of the Kogi government for the timely release of funds that had enabled Kogi citizens to benefit from the grants.

    He also commended the Federal Government and the World Bank for the initiative, saying it had yielded tangible results in Kogi.

    Some of the beneficiaries, Mr Musa Abah, Miss Rejoice Thomas, and Miss Medinat Kabiru thanked the World Bank, and the federal and Kogi governments for the gesture.