MTN Nigeria Communications has concluded plans to invest over N600 billion in network infrastructure in the next three years to improve telecommunications services.
Chairman of MTN Nigeria Communications, Dr Ernest Ndukwe, disclosed this during the company’s 20th-anniversary celebration held on Sunday in Lagos.
The News Agency of Nigeria (NAN) reports that the telecommunication company launched its services on Aug. 8, 2001, connecting about 69 million people in communities across the country to date.
Ndukwe said that MTN was also “committed to specifically expanding its rural connectivity to reach areas that were underserved” across the country.
“We plan to connect approximately 1000 rural communities to our network this year with an additional 2000 communities in 2022,” the MTN chairman said.
Ndukwe expressed optimism about what the future holds for Nigeria’s digital economy and looked forward to building it together with all stakeholders.
Also speaking at the event, Chief Executive Officer of the company, Karl Toriola, restated MTN’s planned participation in the restoration and rehabilitation of the Onitsha-Enugu Expressway through the Federal Government’s Road Infrastructure Tax Credit ((RITC) Scheme.
This is a response to government’s drive towards public-private partnership in the rehabilitation of critical road infrastructure in Nigeria, Toriola said.
“We’ve initiated plans for the construction of a purpose-built, state-of-the-art head office in Lagos.
“We will also be selling down 14 percent of MTN shares to over two million Nigerian retail investors,” Toriola stated.
He expressed appreciation to the government for its vision in liberalising the telecommunications sector and the robust framework developed by the regulators.
“We firmly believe that Nigeria’s digital journey is only just beginning and that the future is filled with promises.
“Working together, we can and will build the more prosperous and inclusive future we seek and empower even more Nigerian to do greater things,” the MTN chief executive said.
MTN Nigeria currently provides services in 223 cities and towns, in more than 10,000 villages and communities, in the 36 states and the Federal Capital Territory.
NAN reports that as part of the 20th-anniversary celebration, MTN gave out 20 new Honda HRVS as car gifts to its subscribers from year 2011 across the country.
In its bid to provide more job opportunities for young African photographers, and content creators, Peexoo Technologies, a tech-based photography platform has signed a partnership deal with big equipment producer, Canon.
The partnership was announced at an event held at The Bulb House in Lagos.
Speaking in his welcome address, Tosin Osunkoya, Co-founder, Peexoo Technologies said the partnership is aimed at helping photographers improve their work.
The partnership, according to him, brings together powerhouses in still and motion photography across Africa whereby an e-commerce platform is created to enable photographers to buy Canon products at discounted rates, one of the benefits of the partnership.
Through the partnership, members of the Peexoo community will have access to Canon’s technologies, enjoy free masterclasses, and also purchase equipment seamlessly.
Peexoo is a photography start-up leveraging artificial intelligence technology to support photographers and help upscale their businesses by connecting them to clients. It also serves as a platform for them to archive their work and display them for potential clients.
Already two years in operation, Peexoo has around 1,800 photographers registered. The platform intends to create ‘Peexoo Stock’ to help photographers sell their stock images.
Osunkoya said while a lot of negative things have been said about Africa in the past, Africans must start telling their own as stories, as such stories have been found out to be completely false.
From left: Taiwo Adediran, Sales Lead, Canon Channel Account Manager; Wande Adams, Co-founder/Head of Strategy, Peexoo; Kelechi Nwadike, Founder/Head of Products, Peexo; and Omotayo Omodia, Country Manager, Canon Nigeria at the event announcing the partnership in Lagos
“African stories have been said wrongly. For instance, we have been told that Africa is evil, it is a jungle. But that’s not true.
“We need to change the narratives. The only way we can do that is for us to tell our stories by ourselves. Nobody is going to help you tell your own story better. You have to do it yourself. That’s exactly what we are doing at Peexoo.
“We need to start creating content in this country. It is in the like of content creation that we have film makers, stories tellers, social media influencers being relevant because they have contents to share.”
“Here at Peexoo, we’re reimagining the creative arts, from how image-makers find jobs to how they edit pictures, create portfolio’s and grow their client base. The work we do is shaping the future of image-making and this global partnership with Canon is the catalyst in bringing the rest of the world into the picture.
“Canon has been a long-standing supporter of film and photography education groups. Their corporate philosophy, kiyose meaning “working and living together for the common good” is evident in their approach towards creatives in Africa,” he said.
Steve Nwadike, a co-founder, who spoke at an event announcing the partnership in Lagos said; “We are partnering with a banks for loans so that photographers can buy equipment and pay on instalments.
“Peexoo will bring to the table, resources that would expand the photography community in the country.
“Peexoo is not just a platform to showcase imagery, but a platform for expanding your businesses.
“Our dream is to see a developed visual sector in Nigeria, one that is internationally recognised and its visual content is converted into key economic benefits for its creators and the society at large.”
With the introduction of digital photography, the photography business in Nigeria has become one of the most lucrative businesses today because digitalized pictures and videos are now the order of the day.
The digital photography global market outlook report put the value of the global digital photography market at $79.12 billion in 2017 and is expected to reach $149.98 billion by 2026 growing at a compound annual growth rate (CAGR) of 7.4 percent during the forecast period.
While there is scant data on the size of the sector in Nigeria, there are thousands of photographers in Lagos alone, and around 20, 000 events take place in the city.
Some of the key factors influencing the market growth include increasing demand for smartphone penetration and rising interest in photography.
Wande Adams, CEO of The Bulb Africa, who also doubles as a co-founder at Peexoo, said disrupting the photography space with technology cannot be done without recognizing the work that Canon has done in the past.
He said the partnership is to be able to create more opportunities for the photographers on their platform.
According to Adams, being able to join forces with Canon and leveraging the amount of its experience will enable them to run masterclasses for African photographers to learn from the past experiences of other photographers.
“What this partnership does is that it will bring international facilitators to train in our master class. It also opens the door for photographers in our community to be able to access opportunities globally,” he said.
Adams added that Canon is a multinational and the partnership will give validity to Peexoo because it encourages photographers to see a platform that is being recognized by a brand as big as Canon.
Omotayo Omodia, Canon’s country manager, described the partnership as exciting and explained that they chose Peexoo because what they are doing resonates with their corporate belief and goals.
For her, Peexoo creating a platform where photographers can not only drop their content but also make money by meeting potential clients
“I think it’s amazing and for us at Canon, we look forward to helping people tell their stories, skill development, empowerment, and we look forward to more people knowing that Canon is a brand that is there to empower them.”
Highlighting the major benefit of the partnership to image-makers, Omodia noted; “a lot of them are already finding their way (independently) but we would like to play a role to take them from where they are today and give them access to a lot of openings from job developments to platforms where they can showcase their work”
“We have a responsibility to our customers and towards the communities which goes beyond just business,”
“This aligns perfectly with the services we offer image-makers here at Peexoo and buttresses the importance of this partnership in providing solutions to the economic vices facing the continent.
Stakeholders drawn from the Nigerian environmental sector including its allied agencies have commended Nigerian Breweries Plc – Nigeria’s foremost brewing company for its commitment to ensuring and promoting a sustainable environment in Nigeria through its numerous initiatives.
These opinions were expressed by all the stakeholders at the launch of NB Recycles Project held at the company’s head office in Iganmu, Lagos on Thursday, August 12, 2021.
Under this initiative, various collection points will be set up in all 9 brewery locations of Nigerian Breweries across the country (as well as the respective host communities) to encourage staff and members of the public to embrace the habit of recycling by returning all plastic bottles, aluminium cans, paper, cartons, nylon, and glass in exchange for monetary rewards.
In Lagos, the company set up a collection point at its headquarters for staff, and also donated four recycling bins to the Ijora community in Lagos to promote community-led plastic recycling and combat plastic pollution in the area. The NB Recycles project is being executed in partnership with Wecyclers, a foremost waste recycler in Nigeria who will manage the collection, sorting, and recycling of all the plastic wastes brought in by employees and community members.
In his keynote address, the Chief Executive Officer of Nigerian Breweries Plc, Hans Essaadi said the project restates the company’s commitment towards environmental sustainability, especially in the areas of Plastic recovery and Recycling.
Praising the company for its contribution towards plastic recovery and recycling in Nigeria, the Lagos State Commissioner for Environment and Water Resources who was represented by Assistant Director, Lagos State Ministry of Environment and Water Resources, Babajide Adeoye appealed for more resources to be committed to keeping the environment safe.
“In tackling this menace of plastic waste, there is need for a concerted effort between the government and industrial companies such as Nigerian Breweries. A recently concluded research shows that only 8% of plastic is recycled while the remaining 92% ends up in the environment, which is why initiative such as this is very important”, he said.
In her remarks, Chief Scientist Officer, National Environmental Standards and Regulations Enforcement Agency (NESREA), Ezenwannyi Udechukwu said the initiative deserves commendation as it helps to bring into focus the need to collectively tackle the threats posed by plastic waste while partnering with communities to do so. “We appreciate what you have done for the Ijora community, we also want you to extend this gesture to other places where your consumers are”, she added.
Speaking on behalf of the host community, the representative of His Royal Majesty, The Ojora of Ijora and Iganmu Kingdom, Prince Kunle Aromire expressed profound appreciation to the management of the company for their concern and commitment towards improving the welfare of the environment.
“On behalf of Kabiyesi, I want to appreciate Nigerian Breweries Plc for their support. We want to thank you for the job you are doing. We thank you for taking care of the welfare of our environment. Your presence in this community is not for business alone but you also care for the environment such that we now have a good environment to live in” Aromire added.
The CoV-2 Virus, known as the Delta Variant, is rapidly sweeping across the globe. This new variant appears to spread faster, cause more severe disease and is more likely to result in hospitalization. First detected in India, it has now reached 132 countries and territories. “Delta is a warning: it’s a warning that the virus is evolving but it is also a call to action that we need to move now before more dangerous variants emerge,” the WHO’s emergencies director Michael Ryan told a press conference.
It was in the Wuhan city of China that first cases of the coronavirus were found in December 2019. It has spread across the globe since then. The latest outbreak in China was first found in Jiangsu in June, and officials blamed the highly transmissible Delta strain for it. Soon after the outbreak, local authorities ramped up nucleic acid screening tests in a bid to detect positive cases at the earliest possible stage. Curbs were also imposed on the movement of people in the region, with long-distance and tour bus routes halted. What is left of economic activities are highly regulated delivery services, majorly those based on food supply. E-commerce platforms and delivery agents who sustained essential services in the heights of global lockdown are back to the rescue. One won’t forget in a hurry how the services of the likes of Jumia led essential delivery services to thousands of homes in Nigeria at the time.
In Africa, 17 countries have reported the Delta variant. The variant is causing the worst wave of COVID seen thus far on the continent. As disclosed by the World Health Organization, the Delta variant has spiked Covid-19 deaths in Africa by 80% in one month. Ghana, South Africa, Democratic Republic of Congo and Zimbabwe are on the list of most hit on the continent. On Thursday 8th July, the Nigerian government said a case of the dangerous delta variant has been recorded in a traveller in the country. A statement issued by the Nigeria Centre for Disease Control (NCDC) noted that the development raises a grave concern. The country has so far recorded 32 cases of the variant in 5 states.
To keep the new variant in check, the Covid-19 Presidential Task Force has warned Nigerians to stick to the existing distancing and hygiene protocols. Failure to abide by these guidelines will result in rapid increase which might lead to another phase of restrictions, and ultimately a lockdown. The latter is what many Nigerians cannot afford right now, as several businesses are just about picking up again from the brunt of the past months.
One of the ways to preserve free movement and economic activities is to revisit some of the online shopping culture of the pandemic era. For those who have returned to their physical shopping culture, it is time to reenact that Covid-19 precaution mood. The likes of Jumia Food provide a wide range of options for groceries and beverages. Partnering with the notable fast food and local restaurants in the country, the Jumia platform offers food shopping options from safety.
To reduce the risk of infections, a report has it that many Ghanaians have switched to shopping for essential items online, on Jumia. The shopping platform also makes available essential items such as beverages, sanitary items, household items,home and kitchen supplies. In addition, the report said groceries are becoming the topmost category where many consumers shop on online platforms such as Jumia Food. The regular vegetables, fruits and other grocery items are now purchased online and delivered fresh ensuring the safety of Ghanaians all over the country.
In some parts of Australia where only about 14% of the population is vaccinated, the third-largest city of Brisbane and other parts of Queensland state are now in a snap COVID-19 lockdown as a cluster of the Delta variant churns up new cases. Residents are turning to online shopping and delivery services for daily essentials. The citizens of Ireland have also been asked to limit contact activities as much as they can, unless it becomes extremely necessary. Using ecommerce services has become a way out, especially for food and other essentials. Recently, China’s leading e-commerce platform for services, Meituan, has ramped up R&D and its implementation of unmanned delivery robots and drones for its food delivery service, due to the COVID-19 pandemic.
Furthermore, the variant is now responsible for more than 80% of infections in the United States, largely among unvaccinated people, already fueling new outbreaks in states such as Missouri, Nevada and Arkansas. Also, Ireland delayed plans to reopen indoor dining and Hong Kong restricted incoming flights from Britain, where Delta is widespread. Also in the wake of the fast spreading variant, Italy announced that it would begin requiring either proof of vaccination or a recent, negative test in order to dine indoors, visit museums or participate in other activities.
It is thus advisable on the home front that while we all go about our daily activities, contact limitation and social distancing can still be achieved. There are several offices with a tradition of ordering lunch for staff on the Jumia Food platform. Other companies can take a leaf from this. It saves work time and also helps keep staff safe while at work. Away from the workplace, individuals should also revisit the online shopping culture, especially for groceries and other home essentials. Avoiding crowded places remains key to limiting the spread of covid-19 and its more lethal Delta variant. E-commerce was crucial to limiting the spread of the virus in the heat of the first wave, and still remains a vital tool for all, as we strive to overcome a third wave led by the more deadly Delta variant.
The leadership of the Nigeria Labour Congress has rejected the denomination of domestic gas pricing to GENCOs in foreign currency.
NLC President, Ayuba Wabba, said this in a statement made available to newsmen on Thursday in Abuja.
Wabba said the NLC was inundated with numerous enquiries from workers and members of the Nigerian public alike concerning the reported slash of domestic gas prices for electricity generation and its lack of noticeable impact or reduction of electricity tariff.
He also said the congress had noted the underlying statement of gas price reduction was attributed to the Minister of State for Petroleum Resources, Chief Timipre Sylva, as widely reported in the local media of Aug. 2.
He said that the minister at the 2021 Gas Stakeholders Forum in Kano reportedly announced that the Federal Government had approved the reduction of domestic gas prices for electricity generation from $2.50 to $2.18 per standard cubic feet (SCF).
According to him, it is partly as a result of the misgivings generated by the policy statement of the Minister of State for Petroleum that the congress is compelled to issue this statement.
”The purpose is to openly ventilate the agreed position between the Federal Government and Organised Labour on gas pricing as a critical factor in the computation of electricity tariff.
”It is significant that the incessant increase of electricity tariff was one of the several issues discussed between the representatives of the Federal Government and Organised Labour, hereinafter referred to as the Principals, on Sept. 28.
”Specifically, an agreement was reached at the meeting to set up an FGN-Organised Labour Technical Committee on Electricity Tariff,” he said.
He, however, noted that the Technical Committee was thus set up on Sept. 28.
He said it had a clear mandate to review several critical issues in the power sector and to suggest reforms that would provide succour to Nigerians over the short and long term.
The NLC President said that the committee submitted its final report to the Principals at the end of January 2021.
“The Principals accepted among other recommendations that “necessary actions should be taken to use efficiency to bring the gas price to below $1.50 per MMBtu.
”Congress also wishes the Nigerian public to know that about 80 per cent of electric energy generated in Nigeria is from thermal stations, which are powered by natural gas.
”In fact, the GENCOs consume over 70 per cent of domestic gas production. Whereas the GENCOs are required to pay as much as $2.50 per standard cubic feet, other gas users, however, get the same at lower rates, ranging from $1.50 to $1.70 per SCF.
”The worn explanation for the incongruous high differential was the lack of timely payment by the GENCOs for the gas supplied,” he said.
He, therefore, said that in other words, the lack of payment discipline and certainty was implicated as a major contributing factor that despite GENCOs account for over 70 per cent of the consumers of domestic gas, rates are higher for power generation.
Wabba said that to redress the invidious situation, the Principals resolved that Gas Companies should be integrated into the Central Bank of Nigeria payment waterfall of the Nigerian Electricity Sector Industry.
He said it was done to guarantee payments for gas and contract sanctity of GENCOs.
He said that congress has gone into lengthy detail to underpin her position that the gas price reduction for GENCOs announced by the Minister of State for Petroleum is a flagrant repudiation of the kernel of the agreement between the government and Organised Labour.
He said it fell far short below expectation.
He added that, hence, congress rejected the denomination of domestic gas pricing to GENCOs in foreign currency.
He said, rather, congress insisted on a payment regime in Naira not only for domestic gas but also, all energy associated products, which should be denominated in local currency.
He added that, from the foregoing, Congress was increasingly hard put to repose confidence in the discussions and agreement at the meetings.
He said the resolutions of the Principals could not certainly be the basis for the minuscule gas price reduction announced by Minister Timipre Sylva.
”Consequently, Congress demands of the Federal Government to reduce the pricing of domestic gas supply to GENCOs to less than $1.50 per SCF.
“We also demand that payment for gas by GENCOs should be denominated in Naira.
”Furthermore, the Gas Companies should be included in the Central Bank of Nigeria (CBN) and Nigerian Electricity Service Industry (NESI) payment waterfall to guarantee payments for gas and contract sanctity with GENCOs.
”Congress demands that the Government should respect the agreement it reached with Labour on electricity tariff.
”Congress remains implacably committed to the ultimate reduction of electricity tariffs by N15 per kilowatt-hour by December 2021 as contained in the agreement.
”Congress hereby serves notice that the posture of the Federal Government to flout agreements is completely unacceptable and would be resisted,” he said.
The Federal Government has unveiled plans to unbundle the Nigerian Postal Service (NIPOST) into a courier service, microfinance bank among others.
The Minister of Communications and Digital Economy, Isa Pantami, disclosed this on Tuesday during the unveiling of NIPOST’s N50 revenue stamp for denoting transactions in the country.
He listed other aspects of NIPOST unbundling which would take place before the end of the year to include NIPOST transport and logistics, courier services, and microfinance bank.
“We have many policies for transforming NIPOST in the pipeline. Part of the policy is the plan to unbundle NIPOST.
“We have in the pipeline, Transport and Logistics Company, a Courier Service and a Microfinance Bank. We will do the best we can before the year ends to ensure that the slot are achieved,” the Minister said.
According to him, these are part of efforts to boost Nigeria’s revenue generation which will be invested into education, security, agriculture, among other sectors in the country.
Pantami expressed optimism that NIPOST would be transformed into a world-class outfit.
“The unveiling of the N50 revenue stamp is the beginning of the transformation of NIPOST. We have recorded modest achievements in NIPOST that will increase its revenue and raise monies for other sectors of the Nigerian economy.
“Part of the transformation is to unbundle NIPOST. This includes NIPOST Property development Company; this is a company that will bring all the NIPOST Properties together and develop them and generate revenue from them,” he said.
Pantami tasked the staff of NIPOST to double efforts aimed at increasing revenue generation for the country, as that would be the only justification for the increased welfare package.
NIPOST Re-enactment Bill
In June 2021, the Senate passed the NIPOST repeal and re-enactment bill 2021, which had restricted the agency to only postal operations in the country.
The bill which was passed also seeks to unbundle NIPOST for efficient service delivery by creating a commission to regulate its affairs.
It was passed by the Senate following the consideration of the report of the Committee on Communications, which is Chaired by Senator Oluremi Tinubu.
Shareholders of Stanbic IBTC Holdings PLC have continued to laud the Group for their last dividend payout of 360 kobo per share for the financial year ended 31 December 2020, as well as the bonus shares of one for every six ordinary shares, approved at the last Annual General Meeting held in May 2021.
Some of the shareholders who expressed their appreciation to Stanbic IBTC said that they were glad that despite all the socio-economic challenges of 2020, the Stanbic IBTC Group continued to keep many Nigerians in paid employment and continued to invest in communities within Nigeria via various Corporate Social Investment projects.
“Indeed, the Stanbic IBTC Group deserves a lot of commendation” said Mr. Tunji Bamidele, one of the Company’s shareholders.
The last audited results showed that Stanbic IBTC posted gross earnings of N234.446 billion against N233.808 billion in 2019. Stanbic IBTC ‘s deposits to customers improved from N819.944 billion to N637.840 billion, while loans and advances improved from N532.124 billion to N625.139 billion.
Based on the results, the board recommended a final dividend of 360 kobo in addition to a bonus of one new share for every six ordinary shares already held. The shares of Stanbic IBTC jumped 9.9 per cent from N44.05 to N48.45 as investors reacted positively to the results and dividend declaration.
Analysts at FSDH Merchant Bank Research had said the 6.6 per cent increase in total income to N198.9 billion recorded by Stanbic IBTC was primarily driven by a 14.7 per cent jump in non-interest revenue N124.7 billion.
Non-interest revenue ascended 14.7 per cent, powered by a 43.4 per cent increase in trading income to N52.1.
Mr Tunde Bamidele, a shareholder, expressed gratitude to the Board and Management of Stanbic IBTC for the steadfastness, hard work and dedication, which resulted in the N83 billion profit after tax for the 2020 financial year: and the subsequent 360 kobo dividend and allotment of bonus shares.
He said: “I would like to express my gratitude to the Board of Directors, Management and members of Staff of Stanbic IBTC for a job well done. Despite the COVID-19 pandemic, the company declared a dividend of 360 kobo, which is impressive compared to other players in the financial industry. I would also like to thank you for giving us a bonus share for every six shares held. Indeed, the bonus dividend is robust.”
Stanbic IBTC remains one of Nigeria’s foremost financial institutions. The financial institution’s Chief Executive, Dr Demola Sogunle, has pledged the organisation’s commitment to put in more efforts towards satisfying the company’s customers, clients, and shareholders.
Nigeria’s private sector began the second half of the year on a positive footing as they continued the run of expansion that began in July 2020.
Quicker upticks in output, new orders, purchases and employment supported growth. Despite this, firms were able to keep backlogs at bay, though sentiment did moderate to the weakest since last September.
On the price front, higher raw material, wage and transportation prices were linked to another robust rate of overall input price inflation. Output prices also rose sharply.
The headline figure derived from the survey is the Purchasing Managers’ Index™ (PMI®). Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration.
The headline PMI rose in July to 55.4, up from 53.6 in June. The reading signaled a marked improvement in business conditions, and one which was the strongest since January 2020.
The uptick was centered on stronger demand conditions, with new orders rising at the fastest rate in one-and-a-half years. As a result, firms raised their output levels, and at the joint-quickest rate since August 2020.
Greater output requirements led firms to raise their buying activity during the month, which they did so at the sharpest rate in one-and-a-half years. The sustained period of output and new order growth encouraged firms to add to their inventory holdings. Anticipation of greater demand was also linked to stockpiling efforts.
To cater for higher workloads, firms raised their headcounts. Job creation has now been seen in each month since February. This allowed firms to clear their backlogs for the fourteenth month in a row. The rate of backlog depletion eased to the softest in four months, but was still among the quickest in the series history.
Meanwhile, vendor performance improved again, a trend observed throughout much of the series’ history. That said, the rate at which lead times shortened was the softest in 15 months. According to firms, busier road conditions and material scarcity affected supplier delivery times.
Material shortages drove higher costs, with firms also mentioning rising transportation and staff expenses. Overall input price inflation eased to a seven-month low, but was still strong in the context of the historical average. Output price inflation meanwhile quickened, with the improving demand environment allowing firms to raise their charges.
Finally, sentiment remained positive amid plans to raise exports and expand business operations. That said, the degree of positivity moderated to the fourth-weakest in the series.
The Federal Roads Safety Corps (FRSC), Lagos State Command, has arrested 15,000 offenders for various traffic offences in the last three months.
The sector commander, Mr. Olusegun Ogungbemide made this known at the 6th Training and Workshop of the Nigeria Auto Journalists Association (NAJA) in Lagos.
The FRSC boss speaking on the sidelines of the presentation said, “We arrested 15,000 offenders in the last three months, you should appreciate the fact that we have succeeded in arresting 15,000 crashes on our roads because the implication is that if we didn’t arrest these people, all the crashes we have been having, the causative reasons behind the crashes are what we have arrested before the real crashes.
This is the angle we should appreciate it from. And that’s why we are so passionate about this. We are at the receiving end and we know where the problem lies and we should be able to tackle it from there.”
He added, “Any time I have reasons to travel and I see a tanker carrying fuel beside me, I get agitated. I rather prefer to stay behind the tanker than to be by its side. The same thing goes for trucks carrying containers.
“At the beginning of the year, that was the first quarter, we arrested more than 800 trucks carrying containers along Lagos-Ibadan corridor.
“When say a container that is moved from the port to other part of the country must be latched and locked, they find the way out, they use a better truck to get the container out of the port and when they get outside the port, they transload to another vehicle that does not meet the minimal safety standards and those are the ones that you see crashing all over the place.”
Dangote Sugar Refinery has posted N131.95 billion revenue in its unaudited financial results for the half year (H1) ended June 30, 2021.
The Group Managing Director/CEO of the refinery, Ravindra Singhvi, made the disclosure in a statement on Sunday.
The company’s revenue rose by 27.8 per cent in contrast to N103.23 billion recorded in the comparative period of 2020, showing a strong improvements in performance indices.
Also, Gross Profit grew by 37.3 per cent to N28.59 billion compared to N20.82 billion recorded in the corresponding period of 2020, due to better top line performance.
Group sales volume increased to 388,589 tonnes while production volume also increased by 7.6 per cent to 403, 846 tonnes driven by operations optimization drive.
“We commenced the year on a strong footing with impressive performance in first half as the financial results have shown, with a stronger Q1 top line growth and a robust Q2 top line growth year on year.
“During the period under review we launched our new packaging designs for the 50kg fortified and non-fortified sugar bags with the theme: ‘Dangote Sugar has a new look…. Same Great Quality’.
“The theme reaffirms the quality of our product and inspires a deeper connection to the Dangote Sugar brand among our valued customers and consumers, whilst refreshing our market presence as the leading sugar brand in Nigeria, ” Singhvi said.
Singhvi also said that the company, as part of its supply chain management sustainability journey, continued to enhance its outgrowers scheme.
“The technical and agriculture support provided for them over time has led to the improved yield from our outgrowers sugarcane farms at the Numan Sugar Estate.
“This effort will be sustained to ensure the socioeconomic growth of our immediate communities and improved sugar cane supply for production.
“The team is committed to navigate the second half of the year, keeping the health and safety of our people and partners as top priority.
“Our Refinery in Apapa and Backward Integration Operations in Numan, Adamawa State and Tunga, Nasarawa State continue to operate in compliance with our health and safety protocols while ensuring our commitment to the environment and sustainable business practices are maintained.”
According to Singhvi, the recurrent challenges with Apapa traffic gridlock persisted during the first half of the year but expressed optimism that the truck call up system will address the situation.
He explained that the achievement of the Dangote Sugar Backward Integration Projects targets remains the focus.
“We are resolute and will continue in our quest to put Nigeria on the path of sugar self-sufficiency and on the world sugar map,” he added.
Also, Dangote Cement posted a Profit After Tax (PAT) of N191.6 billion, after a tax charge of N89.6 billion in its unaudited results for the half year ending on June 30.
The Group Managing Director, Dangote Cement, Mr Michel Puchercos, said this in a statement on Sunday in Lagos.
Puchercos said that the company’s resilient results for the six months ending on June 30, was as a result of the group sales volumes which hit 15.3Mt.
“We are pleased to report a solid set of the good results for the first half of the year.
“Our performance reflects the strong demand across the group, with increases in revenue and profitability, compared to the same period last year,” he said.
Pucheros added: “This strong intrinsic performance is magnified by the lower Q2 2020 results because of COVID-19.
“The growth trend continues, and we are focused on meeting the strong market demand across all our countries of operation.”
According to him, the company will continue to maintain a strong focus on health and safety measures in all our engagements with stakeholders.
“We have learned a lot over the past year on how to mitigate risks associated with COVID-19.
“We remain committed to protecting our team members and communities by being fully compliant with local laws and regulations.
“We are improving the output of our existing and new assets and I am happy to announce that our three Mt Okpella Plant, Edo, is on track to come on stream in the next quarter,” he said.
Puchercos also said that the company’s Alternative Fuel project which focused on leveraging waste management solutions, reducing CO2 emissions and sourcing material locally was at an advanced stage, while procurement and installation of the necessary equipment across all plants was ongoing.
He added that Dangote Cement was focused on sound governance.(NAN)
