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Annual General Meeting (AGM)

  •  Mr Obafunso Ogunkeye the Chairman Board of University Press Plc on Thursday narrated to the stakeholders how the company managed the challenging times brought by the global COVID 19 pandemic Ogunkeye spoke in Ibadan on Thursday at the Annual General Meeting AGM of the company for the Year 20212022 where he declared a dividend of 10k per share for the financial year 20212022 that ended on March 31 2022 He said that in spite of the pandemic the company s board and management team were able to conserve the resources for its sustainability So the outcome we have seen today at the AGM amounts to the dedication of staff the management and the active direction of the board in ensuring that the business should be sustained and it was indeed sustained We are quite happy with the results and the shareholders are quite delighted because expectations were low since we were just came back from the lockdown Ogunkeye said He expressed optimism for the new financial year in spite of being an election year Ogunkeye assured stakeholders that the recent Central Bank of Nigeria CBN s policy on interest rate would not affect the company since it was not operating on loans but its reserve We limited the amount we paid out as dividends to conserve funds that can be deployed into servicing our customers without depending on banks the chairman said Also Mr Samuel Kolawole the Managing Director University Press Plc said the company operated in the past year under very challenging circumstances According to him this was due to the effect of foreign exchange and its uncertainty has had adverse effects on some businesses in Nigeria He said that for publishing most of the raw materials were imported The papers inks and most of the inputs while the prices of these went up the value of naira went down drastically and this affected our operations Our cost rose and it became more challenging and the chain of distribution was disrupted in getting raw materials to be able to print our books The inflation in the country is also telling on us because it has also led to an increase in the cost of input that we used It has also affected the purchasing power of our customers And so we have had to struggle with all the difficulties but we are happy that despite that we are able to do well Kolawole said Responding on behalf of the shareholders Mr Eric Akinduro the Chairman Ibadan Zone Shareholders Association commended the board and management of the company for making it viable and thriving in spite of the challenging times Akinduro said For a successful company we need to look at the people who are at the helms of that company We appreciate them for being proactive to the business and that is why we are able to have regular dividends every year Though it is not a big dividend when it is regular and comes frequently and consistently we are quite sure that we will get something We thank God that the company is still existing despite the fact that we have a very tough and turbulent period He however decried the high rate of dividends saying the regulators should ensure that they give shareholders their dividends instead of keeping it NewsSourceCredit NAN
    How we survived challenging pandemic times, says University Press Board Chairman
     Mr Obafunso Ogunkeye the Chairman Board of University Press Plc on Thursday narrated to the stakeholders how the company managed the challenging times brought by the global COVID 19 pandemic Ogunkeye spoke in Ibadan on Thursday at the Annual General Meeting AGM of the company for the Year 20212022 where he declared a dividend of 10k per share for the financial year 20212022 that ended on March 31 2022 He said that in spite of the pandemic the company s board and management team were able to conserve the resources for its sustainability So the outcome we have seen today at the AGM amounts to the dedication of staff the management and the active direction of the board in ensuring that the business should be sustained and it was indeed sustained We are quite happy with the results and the shareholders are quite delighted because expectations were low since we were just came back from the lockdown Ogunkeye said He expressed optimism for the new financial year in spite of being an election year Ogunkeye assured stakeholders that the recent Central Bank of Nigeria CBN s policy on interest rate would not affect the company since it was not operating on loans but its reserve We limited the amount we paid out as dividends to conserve funds that can be deployed into servicing our customers without depending on banks the chairman said Also Mr Samuel Kolawole the Managing Director University Press Plc said the company operated in the past year under very challenging circumstances According to him this was due to the effect of foreign exchange and its uncertainty has had adverse effects on some businesses in Nigeria He said that for publishing most of the raw materials were imported The papers inks and most of the inputs while the prices of these went up the value of naira went down drastically and this affected our operations Our cost rose and it became more challenging and the chain of distribution was disrupted in getting raw materials to be able to print our books The inflation in the country is also telling on us because it has also led to an increase in the cost of input that we used It has also affected the purchasing power of our customers And so we have had to struggle with all the difficulties but we are happy that despite that we are able to do well Kolawole said Responding on behalf of the shareholders Mr Eric Akinduro the Chairman Ibadan Zone Shareholders Association commended the board and management of the company for making it viable and thriving in spite of the challenging times Akinduro said For a successful company we need to look at the people who are at the helms of that company We appreciate them for being proactive to the business and that is why we are able to have regular dividends every year Though it is not a big dividend when it is regular and comes frequently and consistently we are quite sure that we will get something We thank God that the company is still existing despite the fact that we have a very tough and turbulent period He however decried the high rate of dividends saying the regulators should ensure that they give shareholders their dividends instead of keeping it NewsSourceCredit NAN
    How we survived challenging pandemic times, says University Press Board Chairman
    Economy4 days ago

    How we survived challenging pandemic times, says University Press Board Chairman

    Mr Obafunso Ogunkeye, the Chairman, Board of University Press Plc, on Thursday narrated to the stakeholders how the company managed the challenging times brought by the global COVID-19 pandemic.

    Ogunkeye spoke in Ibadan on Thursday at the Annual General Meeting (AGM) of the company for the Year 20212022, where he declared a dividend of 10k per share for the financial year 20212022 that ended on March 31, 2022. He said that in spite of the pandemic, the company’s board and management team were able to conserve the resources for its sustainability.

    “So, the outcome we have seen today at the AGM, amounts to the dedication of staff, the management and the active direction of the board, in ensuring that the business should be sustained and it was indeed sustained.

    “We are quite happy with the results and the shareholders are quite delighted, because expectations were low since we were just came back from the lockdown,” Ogunkeye said.

    He expressed optimism for the new financial year in spite of being an election year.

    Ogunkeye assured stakeholders that the recent Central Bank of Nigeria (CBN)’s policy on interest rate would not affect the company since it was not operating on loans, but its reserve.

    “We limited the amount we paid out as dividends to conserve funds that can be deployed into servicing our customers without depending on banks,” the chairman said.

    Also, Mr Samuel Kolawole, the Managing Director, University Press Plc, said the company operated in the past year under very challenging circumstances.

    According to him, this was due to the effect of foreign exchange and its uncertainty has had adverse effects on some businesses in Nigeria.

    He said that for publishing, most of the raw materials were imported.

    “The papers, inks and most of the inputs, while the prices of these went up, the value of naira went down drastically and this affected our operations.

    “Our cost rose and it became more challenging and the chain of distribution was disrupted in getting raw materials to be able to print our books.

    “The inflation in the country is also telling on us, because it has also led to an increase in the cost of input that we used.

    “It has also affected the purchasing power of our customers.

    “And so, we have had to struggle with all the difficulties, but we are happy that despite that we are able to do well,” Kolawole said.

    Responding on behalf of the shareholders, Mr Eric Akinduro, the Chairman, Ibadan Zone Shareholders’ Association, commended the board and management of the company for making it viable and thriving in spite of the challenging times.

    Akinduro said: “For a successful company, we need to look at the people who are at the helms of that company.

    “We appreciate them for being proactive to the business and that is why we are able to have regular dividends every year.

    “Though, it is not a big dividend, when it is regular and comes frequently and consistently, we are quite sure that we will get something.

    “We thank God that the company is still existing despite the fact that we have a very tough and turbulent period.

    ” He, however, decried the high rate of dividends, saying the regulators should ensure that they give shareholders their dividends, instead of keeping it.


    NewsSourceCredit: NAN

  •  The Chemical and Non Metallic Products Employer s Federation CANMPEF on Wednesday recommended some steps that the Federal Government should take to rejig the economy The CANMPEF President Chief Devakumar Edwin gave the recommendation at the 43rd Annual General Meeting AGM of the federation in Lagos Edwin said that to address the ongoing rise in unemployment government needed to provide incentives to sectors of the economy that had potential to generate huge employment figures According to him job creation should be given more focus in the nation s economic plans and agenda across the tiers of government While quoting data from the UN the CANMPEF president said that Nigeria was expected to be the world s third most populous country by 2050 with over 300 million people and 60 per cent of its population under 50 years Taking proactive actions government must throw its weight behind agriculture to provide raw material input for industries Manufacturing to produce finished goods for consumption and export Information Communications Technology ICT to enable process efficiency Power and energy sector for effective power up of industry and households as well as education and skills acquisition to improve the income earning potential of its citizens he said Edwin said that the recent huge emigration of young talents was another reason to address the unemployment concern to the sustainability of Nigeria s industrial sector By implication a looming draught in work age population may be inevitable Already some sectors such as health ICT and engineering are showing strains of lean workforce Edwin said He said that to increase the nation s foreign exchange earning opportunities all hands should be on deck to reverse the lingering resource through deliberate value addition agenda into raw materials and natural resources He advised policy makers to take cue from the Action Plan on Critical Raw Materials by the European Commission which was unveiled in September 2020 Edwin urged the government to consistently take on bold initiatives in collaboration with the private sector to reform the electricity sector He further said that the laudable Presidential Power Initiative launched in 2019 should be pursued vigorously to ensure timely and successful completion While our members through patriotic commitment navigate the tough current economic terrain our federation will continue to avail its platform to share knowledge and exchange information Drawing on lessons from year 2020 and 2021 we urge our members to digitally incorporate their business processes Focus on operational efficiency diversify supply sources backward and forward integration and cost management to create and compete favourably he added The CANMPEF Executive Secretary Mr Femi Oke said that its members have suffered many challenges in the year under review According to him some of the challenges include excruciating high cost of energy to power production and increasing cost of transportation air land and sea Others he said are difficulty in accessing required foreign exchange for raw materials purchase machineries and spare parts for production He said that seaport congestion and poor social infrastructure particularly energy road and security as well as taxes and levies duplication from the Federal State and Local Governments still persisted notwithstanding the harsh economic environment and escalating insecurity challenges Alluding to data from the Nigerian Security Tracker Oke said there were 2 943 abductions and 5 800 deaths due to insecurity between January and June 2021 He said that as part of efforts to resolve the challenges facing its members the federation embarked on the following advocacy visits and meetings We visited Gov Babajide Sanwo Olu of Lagos State Managing Director Nigerian Ports Authority and the General Manager Lagos State Environmental Protection Agency He said that as part of employee welfare and industrial relations CANMPEF in 2021 negotiated an end of service benefits and new collective agreement with the National Union of Chemical Footwear Rubber Leather and Non Metallic Product Employees It is CANMPEF expectation that government will continue to provide the enabling environment for the private sector to thrive and continue to provide the much needed employment he said The News Agency of Nigeria reports that the AGM elected members for the 20222023 year Those elected included President Chief Devakumar Edwin Group Executive Director Strategy Portfolio Development amp Capital Projects Dangote Group Plc and 1st Vice President Mr Rotimi Aluko Managing Director CEO Voda Paints Ltd As 2nd Vice President Mr Denis Simonin Managing Director Nigerite Ltd was elected www ng NewsSourceCredit NAN
    CANMPEF unveils plan for FG to rejig economy 
     The Chemical and Non Metallic Products Employer s Federation CANMPEF on Wednesday recommended some steps that the Federal Government should take to rejig the economy The CANMPEF President Chief Devakumar Edwin gave the recommendation at the 43rd Annual General Meeting AGM of the federation in Lagos Edwin said that to address the ongoing rise in unemployment government needed to provide incentives to sectors of the economy that had potential to generate huge employment figures According to him job creation should be given more focus in the nation s economic plans and agenda across the tiers of government While quoting data from the UN the CANMPEF president said that Nigeria was expected to be the world s third most populous country by 2050 with over 300 million people and 60 per cent of its population under 50 years Taking proactive actions government must throw its weight behind agriculture to provide raw material input for industries Manufacturing to produce finished goods for consumption and export Information Communications Technology ICT to enable process efficiency Power and energy sector for effective power up of industry and households as well as education and skills acquisition to improve the income earning potential of its citizens he said Edwin said that the recent huge emigration of young talents was another reason to address the unemployment concern to the sustainability of Nigeria s industrial sector By implication a looming draught in work age population may be inevitable Already some sectors such as health ICT and engineering are showing strains of lean workforce Edwin said He said that to increase the nation s foreign exchange earning opportunities all hands should be on deck to reverse the lingering resource through deliberate value addition agenda into raw materials and natural resources He advised policy makers to take cue from the Action Plan on Critical Raw Materials by the European Commission which was unveiled in September 2020 Edwin urged the government to consistently take on bold initiatives in collaboration with the private sector to reform the electricity sector He further said that the laudable Presidential Power Initiative launched in 2019 should be pursued vigorously to ensure timely and successful completion While our members through patriotic commitment navigate the tough current economic terrain our federation will continue to avail its platform to share knowledge and exchange information Drawing on lessons from year 2020 and 2021 we urge our members to digitally incorporate their business processes Focus on operational efficiency diversify supply sources backward and forward integration and cost management to create and compete favourably he added The CANMPEF Executive Secretary Mr Femi Oke said that its members have suffered many challenges in the year under review According to him some of the challenges include excruciating high cost of energy to power production and increasing cost of transportation air land and sea Others he said are difficulty in accessing required foreign exchange for raw materials purchase machineries and spare parts for production He said that seaport congestion and poor social infrastructure particularly energy road and security as well as taxes and levies duplication from the Federal State and Local Governments still persisted notwithstanding the harsh economic environment and escalating insecurity challenges Alluding to data from the Nigerian Security Tracker Oke said there were 2 943 abductions and 5 800 deaths due to insecurity between January and June 2021 He said that as part of efforts to resolve the challenges facing its members the federation embarked on the following advocacy visits and meetings We visited Gov Babajide Sanwo Olu of Lagos State Managing Director Nigerian Ports Authority and the General Manager Lagos State Environmental Protection Agency He said that as part of employee welfare and industrial relations CANMPEF in 2021 negotiated an end of service benefits and new collective agreement with the National Union of Chemical Footwear Rubber Leather and Non Metallic Product Employees It is CANMPEF expectation that government will continue to provide the enabling environment for the private sector to thrive and continue to provide the much needed employment he said The News Agency of Nigeria reports that the AGM elected members for the 20222023 year Those elected included President Chief Devakumar Edwin Group Executive Director Strategy Portfolio Development amp Capital Projects Dangote Group Plc and 1st Vice President Mr Rotimi Aluko Managing Director CEO Voda Paints Ltd As 2nd Vice President Mr Denis Simonin Managing Director Nigerite Ltd was elected www ng NewsSourceCredit NAN
    CANMPEF unveils plan for FG to rejig economy 
    General news4 days ago

    CANMPEF unveils plan for FG to rejig economy 

    The Chemical and Non-Metallic Products Employer’s Federation (CANMPEF) on Wednesday recommended some steps that the Federal Government should take to rejig the economy.

    The CANMPEF President, Chief Devakumar Edwin, gave the recommendation at the 43rd Annual General Meeting (AGM) of the federation in Lagos.

    Edwin said that to address the ongoing rise in unemployment, government needed to provide incentives to sectors of the economy that had potential to generate huge employment figures.

    According to him, job creation should be given more focus in the nation’s economic plans and agenda across the tiers of government.

    While quoting data from the UN, the CANMPEF president said that Nigeria was expected to be the world’s third most populous country by 2050, with over 300 million people and 60 per cent of its population under 50 years.

    “Taking proactive actions, government must throw its weight behind agriculture to provide raw material input for industries, Manufacturing to produce finished goods for consumption and export; Information Communications Technology (ICT) to enable process efficiency.

    “Power and energy sector for effective power-up of industry and households as well as education and skills acquisition to improve the income earning potential of its citizens,” he said.

    Edwin said that the recent huge emigration of young talents was another reason to address the unemployment concern to the sustainability of Nigeria’s industrial sector.

    “By implication, a looming draught in work-age population may be inevitable.

    “Already, some sectors such as health, ICT and engineering are showing strains of lean workforce,” Edwin said.

    He said that to increase the nation’s foreign exchange earning opportunities, all hands should be on deck to reverse the lingering resource through deliberate value addition agenda into raw materials and natural resources.

    He advised policy makers to take cue from the Action Plan on Critical Raw Materials by the European Commission which was unveiled in September 2020. Edwin urged the government to consistently take on bold initiatives in collaboration with the private sector to reform the electricity sector.

    He further said that the laudable Presidential Power Initiative launched in 2019 should be pursued vigorously to ensure timely and successful completion.

    “While our members, through patriotic commitment, navigate the tough current economic terrain, our federation will continue to avail its platform to share knowledge and exchange information.

    “Drawing on lessons from year 2020 and 2021, we urge our members to digitally incorporate their business processes.

    “Focus on operational efficiency, diversify supply sources (backward and forward integration) and cost management to create and compete favourably,” he added.

    The CANMPEF Executive Secretary, Mr Femi Oke, said that its members have suffered many challenges in the year under review.

    According to him, some of the challenges include excruciating high cost of energy to power production and increasing cost of transportation (air, land and sea).

    Others, he said, are difficulty in accessing required foreign exchange for raw materials purchase, machineries and spare parts for production.

    He said that seaport congestion and poor social infrastructure, particularly energy, road and security as well as taxes and levies duplication from the Federal, State and Local Governments still persisted, notwithstanding the harsh economic environment and escalating insecurity challenges: Alluding to data from the Nigerian Security Tracker, Oke said there were 2,943 abductions and 5,800 deaths due to insecurity between January and June 2021. He said that as part of efforts to resolve the challenges facing its members, the federation embarked on the following advocacy visits and meetings.

    “We visited Gov. Babajide Sanwo-Olu, of Lagos State, Managing Director, Nigerian Ports Authority and the General Manager, Lagos State Environmental Protection Agency.

    He said that as part of employee welfare and industrial relations, CANMPEF in 2021 negotiated an end of-service benefits and new collective agreement with the National Union of Chemical, Footwear, Rubber, Leather and Non-Metallic Product Employees.

    “It is CANMPEF expectation that government will continue to provide the enabling environment for the private sector to thrive and continue to provide the much needed employment,” he said The News Agency of Nigeria reports that the AGM elected members for the 20222023 year.

    Those elected included: President, Chief Devakumar Edwin (Group Executive Director, Strategy, Portfolio Development & Capital Projects, Dangote Group Plc) and 1st Vice-President: Mr Rotimi Aluko (Managing Director CEO, Voda Paints Ltd. As 2nd Vice-President, Mr Denis Simonin (Managing Director, Nigerite Ltd) was elected.

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    NewsSourceCredit: NAN

  •  Mr Olumide Adeosun Chief Executive Officer Ardova Group a Nigerian integrated energy company says the company s capital investment in 2021 has sustainably impacted on its balance sheet Adeosun made this known at its 43rd Annual General Meeting AGM held on Tuesday in Lagos The News Agency of Nigeria reports that Ardova Plc had in November 2021 concluded the acquisition of Enyo Retail and Supply Limited ERSL as part of moves to increase its market share in the downstream oil and gas sector He said Ardova continues a journey of growth and economic impact Our shareholders are a major part of our vision to drive business expansion and transformation We have ventured into partnerships in areas of our diversified investments resulting in capital projects that will deliver efficiency for the group Our revenue growth is an attestation to the efforts and positive decisions made despite bearing economic challenges and we hope to continue to outperform market expectations with solid profit margins He added that Ardova remains focused on a future beyond traditional fuels and taking necessary bold initiatives By expanding our footprint across the nation through the acquisition of Enyo we have widened the network of AP s retail station outlets and shortened our proximity to the end customer We have made it easier to deliver at wide scale retail the cleaner energy products that will materialise from our present capital investments Adeosun said Adeosun stated that Ardova remains committed to delivering shareholder value NAN also reports that Ardova Plc recorded a gross revenue of N192 47 billion in the 2021 financial year representing a 5 95 per cent increase from the 2020 revenue of N181 66 billion Ardova Group also disclosed a revenue of N201 44 billion for 2021 which is a 10 71 per cent increase from 2020 Its shareholders funds grew by 6 58 per cent year on year to N20 91 billion in 2021 financial year compared with N19 62 billion posted in 2020 due to 11 85 per cent growth in retained earnings The group also expanded its total asset base by 95 7 per cent year on year to N126 80 billion Adeosun also lauded the company s 2021 performance and its strategy going forward Adeosun said Ardova continues a journey of growth and economic impact Our shareholders are a major part of our vision to drive business expansion and transformation We have ventured into partnerships in areas of our diversified investments resulting in capital projects that will deliver efficiency for the group Our revenue growth is an attestation to the efforts and positive decisions made despite bearing economic challenges and we hope to continue to outperform market expectations with solid profit margins He added that Ardova remains focused on a future beyond traditional fuels and taking necessary bold initiatives By expanding our footprint across the nation through the acquisition of Enyo we have widened the network of AP s retail station outlets and shortened our proximity to the end customer We have made it easier to deliver at wide scale retail the cleaner energy products that will materialise from our present capital investments he said Adeosun stated that Ardova remains committed to delivering shareholder value Mr Moshood Olajide Chief Financial Director Finance amp Business Support Ardova Plc noted that the increase in the group s revenue was primarily driven by growth in the fuels business which constituted 86 7 per cent He said Lube sales recorded 52 per cent growth resulting in 12 8 per cent of revenue the transport and logistics business constituting 0 3 per cent and Liquefied Petroleum Gas Cylinder sales with 0 2 per cent of the group revenue ng NewsSourceCredit NAN
    2021 performance excites Ardova boss
     Mr Olumide Adeosun Chief Executive Officer Ardova Group a Nigerian integrated energy company says the company s capital investment in 2021 has sustainably impacted on its balance sheet Adeosun made this known at its 43rd Annual General Meeting AGM held on Tuesday in Lagos The News Agency of Nigeria reports that Ardova Plc had in November 2021 concluded the acquisition of Enyo Retail and Supply Limited ERSL as part of moves to increase its market share in the downstream oil and gas sector He said Ardova continues a journey of growth and economic impact Our shareholders are a major part of our vision to drive business expansion and transformation We have ventured into partnerships in areas of our diversified investments resulting in capital projects that will deliver efficiency for the group Our revenue growth is an attestation to the efforts and positive decisions made despite bearing economic challenges and we hope to continue to outperform market expectations with solid profit margins He added that Ardova remains focused on a future beyond traditional fuels and taking necessary bold initiatives By expanding our footprint across the nation through the acquisition of Enyo we have widened the network of AP s retail station outlets and shortened our proximity to the end customer We have made it easier to deliver at wide scale retail the cleaner energy products that will materialise from our present capital investments Adeosun said Adeosun stated that Ardova remains committed to delivering shareholder value NAN also reports that Ardova Plc recorded a gross revenue of N192 47 billion in the 2021 financial year representing a 5 95 per cent increase from the 2020 revenue of N181 66 billion Ardova Group also disclosed a revenue of N201 44 billion for 2021 which is a 10 71 per cent increase from 2020 Its shareholders funds grew by 6 58 per cent year on year to N20 91 billion in 2021 financial year compared with N19 62 billion posted in 2020 due to 11 85 per cent growth in retained earnings The group also expanded its total asset base by 95 7 per cent year on year to N126 80 billion Adeosun also lauded the company s 2021 performance and its strategy going forward Adeosun said Ardova continues a journey of growth and economic impact Our shareholders are a major part of our vision to drive business expansion and transformation We have ventured into partnerships in areas of our diversified investments resulting in capital projects that will deliver efficiency for the group Our revenue growth is an attestation to the efforts and positive decisions made despite bearing economic challenges and we hope to continue to outperform market expectations with solid profit margins He added that Ardova remains focused on a future beyond traditional fuels and taking necessary bold initiatives By expanding our footprint across the nation through the acquisition of Enyo we have widened the network of AP s retail station outlets and shortened our proximity to the end customer We have made it easier to deliver at wide scale retail the cleaner energy products that will materialise from our present capital investments he said Adeosun stated that Ardova remains committed to delivering shareholder value Mr Moshood Olajide Chief Financial Director Finance amp Business Support Ardova Plc noted that the increase in the group s revenue was primarily driven by growth in the fuels business which constituted 86 7 per cent He said Lube sales recorded 52 per cent growth resulting in 12 8 per cent of revenue the transport and logistics business constituting 0 3 per cent and Liquefied Petroleum Gas Cylinder sales with 0 2 per cent of the group revenue ng NewsSourceCredit NAN
    2021 performance excites Ardova boss
    General news6 days ago

    2021 performance excites Ardova boss

    Mr Olumide Adeosun, Chief Executive Officer, Ardova Group, a Nigerian integrated energy company, says the company’s capital investment in 2021 has sustainably impacted on its balance sheet.

    Adeosun made this known at its 43rd Annual General Meeting (AGM) held on Tuesday in Lagos.

    The News Agency of Nigeria reports that Ardova Plc had in November 2021 concluded the acquisition of Enyo Retail and Supply Limited (ERSL) as part of moves to increase its market share in the downstream oil and gas sector.

    He said, “Ardova continues a journey of growth and economic impact.

    Our shareholders are a major part of our vision to drive business expansion and transformation.

    “We have ventured into partnerships in areas of our diversified investments resulting in capital projects that will deliver efficiency for the group.

    “Our revenue growth is an attestation to the efforts and positive decisions made despite bearing economic challenges and we hope to continue to outperform market expectations with solid profit margins.

    ”He added that Ardova remains focused on a future beyond traditional fuels and taking necessary bold initiatives.

    “By expanding our footprint across the nation through the acquisition of Enyo, we have widened the network of AP’s retail station outlets and shortened  our proximity to the end customer.

    “We have made it easier to deliver at wide scale retail the cleaner energy products that will materialise from our present capital investments,” Adeosun said. 

    Adeosun stated that Ardova remains committed to delivering shareholder value.

    NAN also reports that Ardova Plc recorded a gross revenue of N192.47 billion in the 2021 financial year, representing a 5.95  per cent increase from the 2020 revenue of N181.66 billion.

    Ardova Group also disclosed a revenue of  N201.44 billion for 2021 which is a 10.71 per cent increase from 2020.Its shareholders’ funds grew  by 6.58 per cent year-on-year to N20.91 billion in 2021 financial year compared with N19.62 billion posted in 2020 due to 11.85 per cent growth in retained earnings.

    The group also expanded its total asset base by 95.7 per cent year-on-year to N126.80 billion.

    Adeosun also lauded the company’s 2021 performance and its strategy going forward.

    Adeosun said: “Ardova continues a journey of growth and economic impact.

    Our shareholders are a major part of our vision to drive business expansion and transformation.

    ” We have ventured into partnerships in areas of our diversified investments resulting in capital projects that will deliver efficiency for the group.

    “Our revenue growth is an attestation to the efforts and positive decisions made despite bearing economic challenges and we hope to continue to outperform market expectations with solid profit margins.

    ”He added that Ardova remains focused on a future beyond traditional fuels and taking necessary bold initiatives.

    “By expanding our footprint across the nation through the acquisition of Enyo, we have widened the network of AP’s retail station outlets and shortened  our proximity to the end customer.

    “We have made it easier to deliver at wide scale retail the cleaner energy products that will materialise from our present capital investments,” he said. 

    Adeosun stated that Ardova remains committed to delivering shareholder value.

    Mr Moshood Olajide, Chief Financial Director, Finance & Business Support, Ardova Plc, noted, that the increase in the group’s revenue was primarily driven by growth in the fuels business which constituted 86.7 per cent.

    He said Lube sales recorded 52 per cent growth resulting in 12.8 per cent of revenue, the transport and logistics business constituting 0.3 per cent, and Liquefied Petroleum Gas Cylinder sales with 0.2 per cent of the group revenue.

    ng
    NewsSourceCredit: NAN

  •  The Ilorin Emirate Medical Group IEMG on Saturday in Ilorin offered free medical treatment and drugs to more than 500 patients in Balogun Gambari area of Ilorin Speaking on the sidelines of the outreach Prof Ayisha Gobir the President of the Group explained that the outreach was part of the 2022 Annual General Meeting AGM She noted that the medical consultations and drugs were part of the humanitarian and community engagement policy thrusts of the association The outreach is taking place at Balogun Gambari area to honour our traditional institutions We collaborated with various well meaning organisations the Joint Balogun Gambari Development Association individuals and organisations who supported our programmes The outreach is focused on common illnesses that can cause death including hypertension diabetes gastroenteritis and malaria among others she said Gobir who teaches at the Faculty of Basic Medical Science of the University of Ilorin said that many children also benefitted from the outreach as they were treated for some childhood diseases such as coughing and deworming Similarly the don noted that the Association s AGM included Career Counselling across some selected schools in Ilorin so as to guide them of their choice of profession She observed that the ongoing ASUU strike would not prevent them from doing their community service adding that even though they were not teaching for now they engaged in research publishing of papers and community service Also Dr Abdullahi Ahmed the Vice Chairman of the group observed that there were many Nigerians with various health challenges and could not access health care due to poverty He observed that such outreach was a means of reaching out to the indigents in the society where they were treated free of charge and at their doorsteps in their communities Ahmed who is also the Kwara Chairman of the Nigeria Medical Association NMA advocated that the only way to cater for the health of Nigerians was through the Health Insurance while commending the Federal and State Governments for making it available for the indigents to access He explained further that the artisans and small job owners could access Health Insurance in Kwara for a token of N6 000 annually Also Dr Hafsat Ahmed of the Department of Epidemiology of the University of Ilorin admonished Nigerians against self mediaction She urged Kwara residents and Nigerians at large to always visit hospitals before the consumption of drugs Ahmed however observed that some patients could not even afford N500 for consultation fee in hospital while observing that the association felt the free community services such as this would certainly come to their aid Malam Mohammed Balogun the President of the of Balogun Gambari Youth Movement commemded the doctors for the selfless act for the needy and commitment to the community development NewsSourceCredit NAN
    Ilorin Emirate doctors offer free medical treatment to 500 patients
     The Ilorin Emirate Medical Group IEMG on Saturday in Ilorin offered free medical treatment and drugs to more than 500 patients in Balogun Gambari area of Ilorin Speaking on the sidelines of the outreach Prof Ayisha Gobir the President of the Group explained that the outreach was part of the 2022 Annual General Meeting AGM She noted that the medical consultations and drugs were part of the humanitarian and community engagement policy thrusts of the association The outreach is taking place at Balogun Gambari area to honour our traditional institutions We collaborated with various well meaning organisations the Joint Balogun Gambari Development Association individuals and organisations who supported our programmes The outreach is focused on common illnesses that can cause death including hypertension diabetes gastroenteritis and malaria among others she said Gobir who teaches at the Faculty of Basic Medical Science of the University of Ilorin said that many children also benefitted from the outreach as they were treated for some childhood diseases such as coughing and deworming Similarly the don noted that the Association s AGM included Career Counselling across some selected schools in Ilorin so as to guide them of their choice of profession She observed that the ongoing ASUU strike would not prevent them from doing their community service adding that even though they were not teaching for now they engaged in research publishing of papers and community service Also Dr Abdullahi Ahmed the Vice Chairman of the group observed that there were many Nigerians with various health challenges and could not access health care due to poverty He observed that such outreach was a means of reaching out to the indigents in the society where they were treated free of charge and at their doorsteps in their communities Ahmed who is also the Kwara Chairman of the Nigeria Medical Association NMA advocated that the only way to cater for the health of Nigerians was through the Health Insurance while commending the Federal and State Governments for making it available for the indigents to access He explained further that the artisans and small job owners could access Health Insurance in Kwara for a token of N6 000 annually Also Dr Hafsat Ahmed of the Department of Epidemiology of the University of Ilorin admonished Nigerians against self mediaction She urged Kwara residents and Nigerians at large to always visit hospitals before the consumption of drugs Ahmed however observed that some patients could not even afford N500 for consultation fee in hospital while observing that the association felt the free community services such as this would certainly come to their aid Malam Mohammed Balogun the President of the of Balogun Gambari Youth Movement commemded the doctors for the selfless act for the needy and commitment to the community development NewsSourceCredit NAN
    Ilorin Emirate doctors offer free medical treatment to 500 patients
    General news1 week ago

    Ilorin Emirate doctors offer free medical treatment to 500 patients

    The Ilorin Emirate Medical Group (IEMG) on Saturday in Ilorin offered free medical treatment and drugs to more than 500 patients in Balogun Gambari area of Ilorin.

    Speaking on the sidelines of the outreach, Prof. Ayisha Gobir, the President of the Group, explained that the outreach was part of the 2022 Annual General Meeting (AGM).

    She noted that the medical consultations and drugs were part of the humanitarian and community engagement policy thrusts of the association.

    “The outreach is taking place at Balogun Gambari area to honour our traditional institutions.

    “We collaborated with various well meaning organisations; the Joint Balogun Gambari Development Association,  individuals and organisations who supported our programmes.

    “The outreach is focused on common illnesses that can cause death, including hypertension, diabetes, gastroenteritis and malaria among others,” she said.

    Gobir, who teaches at the Faculty of Basic Medical Science of the University of Ilorin, said that many children also benefitted from the outreach as they were treated for some childhood diseases such as coughing and deworming.

    Similarly, the don noted that the Association’s AGM included Career Counselling across some selected schools in Ilorin, so as to guide them of their choice of profession.

    She observed that the ongoing ASUU strike would not prevent them from doing their community service, adding that even though they were not teaching for now, they engaged in research, publishing of papers and community service.

    Also, Dr Abdullahi Ahmed, the Vice -Chairman of the group, observed that there were many Nigerians with various health challenges and could not access health care due to poverty.

    He observed that such outreach was a means of reaching out to the indigents in the society where they were treated free of charge and at their doorsteps in their communities.

    Ahmed who is also the Kwara Chairman of the Nigeria Medical Association (NMA), advocated that the only way to cater for the health of Nigerians was through the Health Insurance, while commending the Federal and State Governments for making it available for the indigents to access.

    He explained further that the artisans and small job owners could access Health Insurance in Kwara for a token of N6,000 annually.

    Also Dr Hafsat Ahmed, of the Department of Epidemiology of the University of Ilorin admonished Nigerians against self mediaction.

    She urged Kwara residents and Nigerians at large to always visit hospitals before the consumption of drugs.

    Ahmed, however, observed that some patients could not even afford N500 for consultation fee in hospital, while observing that the association felt the free community services such as this would certainly come to their aid.

    Malam Mohammed Balogun, the President of the of Balogun Gambari Youth Movement, commemded the doctors for the selfless act for the needy and commitment to the community development.


    NewsSourceCredit: NAN

  •  A Federal High Court in Abuja on Friday ordered the reinstatement of two aggrieved directors of Green Energy International Limited Dr Bunu Alibe and Mr Ayo Olojede who were illegally removed by the company s management Justice Bolaji Olajuwon in a judgment described their removal from the oil company as unlawful Olajuwon said that the Annual General Meeting AGM of the company held on Nov 12 2020 during which Alibe and Olojede were removed was convened in contravention of Section 285 of the Companies and Allied Matters Act CAMA 2020 The judge who ordered that all the backlog of the directors entitlements including salaries and allowances be paid also awarded three million naira in favour of the duo for damages The News Agency of Nigeria reports that Alibe and Olojede had in a suit marked 202020 sued Green Energy and Prof Anthony Adegbulugbe as 1st and 2nd defendants Adegbulugbe was a former Special Adviser on Energy in the Olusegun Obasanjo administration The plaintiffs in the suit which commenced via a petition accused Adegbulugbe of series of corporate misdemeanours including unilateral usurpation of executive responsibilities contrary to the provisions of CAMA 2020 and the company s Article of Association They claimed that they were unlawfully removed by the chairman of the company they jointly nurtured to fruition Responding Adegbulugbe also filed a separate suit against the two directors before the court marked 13902020 Although the matter was formerly before Justice Ijeoma Ojukwu the case was however reassigned to Olajuwon following the transfer of Ojukwu to the Calabar division of the court recently Delivering the judgement Olajuwon said that notice of general meeting to all directors and members of a company must be given 21 days from the day it was issued She held that the petitioners were only given 20 days notice instead of 21 days as required by the law for the meeting held on Nov 12 2020 According to her Section 241 of CAMA provided a lengthy time to be provided for a meeting of a company to be held The judge held that the argument of the defence that Ojukwu had ordered that parties should attend the AGM as part of the efforts to resolve the crisis rocking the company and that the aggrieved directors failed to comply did not hold water I have carefully read the proceedings of Hon Justice Ojukwu The notice of the Annual General Meeting was served before the order of the court was made and the court did not abridge the length of time for the meeting to be held Where the provision of the law is clear and unambiguous the court must give it its meaning she said Olajuwon therefore declared that all actions taken at the AGM held on Nov 12 2020 were null and void A declaration that the alleged non election removal of the petitioners as directors of the 1st respondent Energy Oil was unlawful illegal and not in accordance with the provisions of the Companies and Allied Matters 2020 in that proper procedure was not followed or adopted A declaration that pursuant to Article 27 of the 1st respondent s Articles of Association the provisions and powers contained in Section 285 of the Companies and Allied Matters Act 2020 are neither exercisable nor applicable to the 1st respondent An order invalidating and setting aside the holding of the purported Annual General Meeting of 12 November 2020 and nullifying every decision taken thereafter including the purported non reelection of the petitioners as directors of the 1st respondent As the petitioners are still members of the 1st respondent the court hereby restrains the respondents whether by themselves or their servants agents privies or how whatsoever from denying the petitioners any or all rights emoluments and benefits due to them as directors of the 1st respondent including but not limited to unhindered access to the company s offices and sites settlement of all bonuses and financial entitlements and allowances due and or payable to them General damages in the sum of N3 million is hereby awarded in favour of the petitioners for their unlawful removal as directors of the 1st respondent in contravention of the provisions of CAMA 2020 the judge further declared She held that the petitioners were not given fair hearing in the decisions taken by the company The petitioners case succeeds in part because they were not given adequate notice she said The judge also dismissed the sister suit marked 13902020 and filed by Adegbulugbe against the two directors Earlier Olajuwon had also dismissed the defence motion challenging the jurisdiction of the court to entertain the suit Olajuwon however dismissed the allegations levelled against Adegbulugbe that he took unilateral decisions in the running of the company and turned the firm into a family affair According to Olajuwon he who asserts must prove She held that the two directors failed to discharge the burden of proof of the allegations as no sufficient materials were placed before her to believe so On the aborted Project Horizon Contract she held that it was executed by Adegbulugbe in the interest of all the shareholders and the firm while the petitioners could not prove their allegations against him NewsSourceCredit NAN
    Court orders Green Energy to reinstate aggrieved directors, pay entitlements
     A Federal High Court in Abuja on Friday ordered the reinstatement of two aggrieved directors of Green Energy International Limited Dr Bunu Alibe and Mr Ayo Olojede who were illegally removed by the company s management Justice Bolaji Olajuwon in a judgment described their removal from the oil company as unlawful Olajuwon said that the Annual General Meeting AGM of the company held on Nov 12 2020 during which Alibe and Olojede were removed was convened in contravention of Section 285 of the Companies and Allied Matters Act CAMA 2020 The judge who ordered that all the backlog of the directors entitlements including salaries and allowances be paid also awarded three million naira in favour of the duo for damages The News Agency of Nigeria reports that Alibe and Olojede had in a suit marked 202020 sued Green Energy and Prof Anthony Adegbulugbe as 1st and 2nd defendants Adegbulugbe was a former Special Adviser on Energy in the Olusegun Obasanjo administration The plaintiffs in the suit which commenced via a petition accused Adegbulugbe of series of corporate misdemeanours including unilateral usurpation of executive responsibilities contrary to the provisions of CAMA 2020 and the company s Article of Association They claimed that they were unlawfully removed by the chairman of the company they jointly nurtured to fruition Responding Adegbulugbe also filed a separate suit against the two directors before the court marked 13902020 Although the matter was formerly before Justice Ijeoma Ojukwu the case was however reassigned to Olajuwon following the transfer of Ojukwu to the Calabar division of the court recently Delivering the judgement Olajuwon said that notice of general meeting to all directors and members of a company must be given 21 days from the day it was issued She held that the petitioners were only given 20 days notice instead of 21 days as required by the law for the meeting held on Nov 12 2020 According to her Section 241 of CAMA provided a lengthy time to be provided for a meeting of a company to be held The judge held that the argument of the defence that Ojukwu had ordered that parties should attend the AGM as part of the efforts to resolve the crisis rocking the company and that the aggrieved directors failed to comply did not hold water I have carefully read the proceedings of Hon Justice Ojukwu The notice of the Annual General Meeting was served before the order of the court was made and the court did not abridge the length of time for the meeting to be held Where the provision of the law is clear and unambiguous the court must give it its meaning she said Olajuwon therefore declared that all actions taken at the AGM held on Nov 12 2020 were null and void A declaration that the alleged non election removal of the petitioners as directors of the 1st respondent Energy Oil was unlawful illegal and not in accordance with the provisions of the Companies and Allied Matters 2020 in that proper procedure was not followed or adopted A declaration that pursuant to Article 27 of the 1st respondent s Articles of Association the provisions and powers contained in Section 285 of the Companies and Allied Matters Act 2020 are neither exercisable nor applicable to the 1st respondent An order invalidating and setting aside the holding of the purported Annual General Meeting of 12 November 2020 and nullifying every decision taken thereafter including the purported non reelection of the petitioners as directors of the 1st respondent As the petitioners are still members of the 1st respondent the court hereby restrains the respondents whether by themselves or their servants agents privies or how whatsoever from denying the petitioners any or all rights emoluments and benefits due to them as directors of the 1st respondent including but not limited to unhindered access to the company s offices and sites settlement of all bonuses and financial entitlements and allowances due and or payable to them General damages in the sum of N3 million is hereby awarded in favour of the petitioners for their unlawful removal as directors of the 1st respondent in contravention of the provisions of CAMA 2020 the judge further declared She held that the petitioners were not given fair hearing in the decisions taken by the company The petitioners case succeeds in part because they were not given adequate notice she said The judge also dismissed the sister suit marked 13902020 and filed by Adegbulugbe against the two directors Earlier Olajuwon had also dismissed the defence motion challenging the jurisdiction of the court to entertain the suit Olajuwon however dismissed the allegations levelled against Adegbulugbe that he took unilateral decisions in the running of the company and turned the firm into a family affair According to Olajuwon he who asserts must prove She held that the two directors failed to discharge the burden of proof of the allegations as no sufficient materials were placed before her to believe so On the aborted Project Horizon Contract she held that it was executed by Adegbulugbe in the interest of all the shareholders and the firm while the petitioners could not prove their allegations against him NewsSourceCredit NAN
    Court orders Green Energy to reinstate aggrieved directors, pay entitlements
    General news1 week ago

    Court orders Green Energy to reinstate aggrieved directors, pay entitlements

    A Federal High Court in Abuja on Friday ordered the reinstatement of two aggrieved directors of Green Energy International Limited, Dr Bunu Alibe and Mr Ayo Olojede, who were illegally removed by the company’s management.

    Justice Bolaji Olajuwon, in a judgment, described their removal from the oil company as “unlawful.

    ” Olajuwon said that the Annual General Meeting (AGM) of the company held on Nov. 12, 2020, during which Alibe and Olojede were removed, was convened in contravention of Section 285 of the Companies and Allied Matters Act (CAMA), 2020. The judge, who ordered that all the backlog of the directors ‘ entitlements, including salaries and allowances be paid, also awarded three million naira in favour of the duo for damages.

    The News Agency of Nigeria reports that Alibe and Olojede had in a suit marked, 202020, sued Green Energy and Prof. Anthony Adegbulugbe as 1st and 2nd defendants.

    Adegbulugbe was a former Special Adviser on Energy in the Olusegun Obasanjo administration.

    The plaintiffs, in the suit which commenced via a petition, accused Adegbulugbe of series of corporate misdemeanours, including unilateral usurpation of executive responsibilities, contrary to the provisions of CAMA, 2020 and the company’s Article of Association.

    They claimed that they were unlawfully removed by the chairman of the company they jointly nurtured to fruition.

    Responding, Adegbulugbe also filed a separate suit against the two directors before the court marked: 13902020. Although the matter was formerly before Justice Ijeoma Ojukwu, the case was, however, reassigned to Olajuwon following the transfer of Ojukwu to the Calabar division of the court recently.

    Delivering the judgement, Olajuwon said that notice of general meeting to all directors and members of a company must be given 21 days from the day it was issued.

    She held that the petitioners were only given 20 days notice instead of 21 days, as required by the law, for the meeting held on Nov. 12, 2020. According to her, Section 241 of CAMA provided a lengthy time to be provided for a meeting of a company to be held.

    The judge held that the argument of the defence that Ojukwu had ordered that parties should attend the AGM as part of the efforts to resolve the crisis rocking the company and that the aggrieved directors failed to comply did not hold water.

    “I have carefully read the proceedings of Hon.Justice Ojukwu.

    “The notice of the Annual General Meeting was served before the order of the court was made and the court did not abridge the length of time for the meeting to be held.

    “Where the provision of the law is clear and unambiguous, the court must give it its meaning,” she said.

    Olajuwon, therefore, declared that all actions taken at the AGM held on Nov. 12, 2020 were null and void.

    “A declaration that the alleged non-election removal of the petitioners as directors of the 1st respondent (Energy Oil) was unlawful, illegal and not in accordance with the provisions of the Companies and Allied Matters 2020 in that proper procedure was not followed or adopted.

    “A declaration that pursuant to Article 27 of the 1st respondent’s Articles of Association, the provisions and powers contained in Section 285 of the Companies and Allied Matters Act 2020 are neither exercisable nor applicable to the 1st respondent.

    “An order invalidating and setting aside the holding of the purported Annual General Meeting of 12 November, 2020 and nullifying every decision taken thereafter, including the purported non-reelection of the petitioners as directors of the 1st respondent.

    “As the petitioners are still members of the 1st respondent, the court hereby restrains the respondents whether by themselves or their servants, agents, privies or how whatsoever, from denying the petitioners any or all rights, emoluments and benefits due to them as directors of the 1st respondent, including but not limited to unhindered access to the company’s offices and sites, settlement of all bonuses and financial entitlements and allowances due and or payable to them.

    “General damages in the sum of N3 million is hereby awarded in favour of the petitioners for their unlawful removal as directors of the 1st respondent in contravention of the provisions of CAMA 2020,” the judge further declared.

    She held that the petitioners were not given fair hearing in the decisions taken by the company.

    “The petitioners’ case succeeds in part because they were not given adequate notice,” she said The judge also dismissed the sister suit marked, 13902020, and filed by Adegbulugbe against the two directors.

    Earlier, Olajuwon had also dismissed the defence motion challenging the jurisdiction of the court to entertain the suit.

    Olajuwon, however, dismissed the allegations levelled against Adegbulugbe that he took unilateral decisions in the running of the company and turned the firm into a family affair.

    According to Olajuwon, he who asserts must prove.

    She held that the two directors failed to discharge the burden of proof of the allegations as no sufficient materials were placed before her to believe so.

    On the aborted Project Horizon Contract, she held that it was executed by Adegbulugbe in the interest of all the shareholders and the firm while the petitioners could not prove their allegations against him.

    (
    NewsSourceCredit: NAN

  •  Afriland Properties Plc has restated its commitment to bridging the country s housing deficit as its shareholders endorsed a total dividend of N137 39 million for the financial year ended Dec 31 2021 The News Agency of Nigeria reports that the shareholders gave the approval at the company s ninth Annual General Meeting AGM on Thursday in Lagos The dividend translates to 10k per ordinary shares when compared to 5k per share N68 69 million paid by the company in the comparative period of 2020 Chairman of Afriland Properties Mr Emmanuel Nnorom assured the shareholders that the company would remain committed to delivering enhanced return on their investments Nnorom said the company commenced and completed 22 projects during the period under review Thirty one other projects are at various stages of completion across different locations in the country The company s revenue rose by eight per cent to N1 99 billion compared with N1 85 billion achieved in the preceding year Profit before tax stood at N1 60 billion from N1 01 billion in 2020 indicating an increase of 58 per cent In spite of the challenging business environment the company recorded strong operating performance in revenue and profit he said Mrs Uzoamaka Oshogwe the company s Managing Director said the company had been positioned to take advantage of government s policy direction to enhance its market share She said the company would continue to embrace opportunities in the industry to fill the housing gap Oshogwe said the company remained committed to the provision of affordable homes to Nigerians and would work with the government to achieve it She stated that the company was positioned to take advantage of government s policy direction and optimise future rental income from proprietary properties to maximise shareholders wealth We will continue to explore the possibility of partnering reputable organisations and government to optimise our property portfolio to deliver superior value to shareholders State and federal governments own land they should give us some of the land so that we can build taking away the cost of land from the total cost of development We are already bringing down the cost of actually buying these properties from the lower cadre and we are hoping that the government is listening and some states are already doing that We need to have access to cheap funding because real estate is a capital intensive project she said Mr Sunny Nwosu Founder Independent Shareholders Association lauded the company for improved performance in spite of the challenging operating environment Nwosu urged the company to embrace strategies that would help in meeting the housing gap especially for the middle class Mrs Bisi Bakare National Coordinator Pragmatic Shareholders Association commended the company for its strong performance in revenue despite the inclement business environment Bakare enjoined the company to employ modalities that would ensure enhanced returns in the years ahead NewsSourceCredit NAN
    Afriland Properties to bridge housing deficits, endorses N137.39m dividend
     Afriland Properties Plc has restated its commitment to bridging the country s housing deficit as its shareholders endorsed a total dividend of N137 39 million for the financial year ended Dec 31 2021 The News Agency of Nigeria reports that the shareholders gave the approval at the company s ninth Annual General Meeting AGM on Thursday in Lagos The dividend translates to 10k per ordinary shares when compared to 5k per share N68 69 million paid by the company in the comparative period of 2020 Chairman of Afriland Properties Mr Emmanuel Nnorom assured the shareholders that the company would remain committed to delivering enhanced return on their investments Nnorom said the company commenced and completed 22 projects during the period under review Thirty one other projects are at various stages of completion across different locations in the country The company s revenue rose by eight per cent to N1 99 billion compared with N1 85 billion achieved in the preceding year Profit before tax stood at N1 60 billion from N1 01 billion in 2020 indicating an increase of 58 per cent In spite of the challenging business environment the company recorded strong operating performance in revenue and profit he said Mrs Uzoamaka Oshogwe the company s Managing Director said the company had been positioned to take advantage of government s policy direction to enhance its market share She said the company would continue to embrace opportunities in the industry to fill the housing gap Oshogwe said the company remained committed to the provision of affordable homes to Nigerians and would work with the government to achieve it She stated that the company was positioned to take advantage of government s policy direction and optimise future rental income from proprietary properties to maximise shareholders wealth We will continue to explore the possibility of partnering reputable organisations and government to optimise our property portfolio to deliver superior value to shareholders State and federal governments own land they should give us some of the land so that we can build taking away the cost of land from the total cost of development We are already bringing down the cost of actually buying these properties from the lower cadre and we are hoping that the government is listening and some states are already doing that We need to have access to cheap funding because real estate is a capital intensive project she said Mr Sunny Nwosu Founder Independent Shareholders Association lauded the company for improved performance in spite of the challenging operating environment Nwosu urged the company to embrace strategies that would help in meeting the housing gap especially for the middle class Mrs Bisi Bakare National Coordinator Pragmatic Shareholders Association commended the company for its strong performance in revenue despite the inclement business environment Bakare enjoined the company to employ modalities that would ensure enhanced returns in the years ahead NewsSourceCredit NAN
    Afriland Properties to bridge housing deficits, endorses N137.39m dividend
    Economy2 weeks ago

    Afriland Properties to bridge housing deficits, endorses N137.39m dividend

    Afriland Properties Plc has restated its commitment to bridging the country’s housing deficit as its shareholders endorsed a total dividend of N137.39 million for the financial year ended Dec. 31, 2021. The News Agency of Nigeria reports that the shareholders gave the approval at the company’s ninth Annual General Meeting (AGM) on Thursday in Lagos.

    The dividend translates to 10k per ordinary shares when compared to 5k per share (N68.69 million) paid by the company in the comparative period of 2020. Chairman of Afriland Properties, Mr Emmanuel Nnorom, assured the shareholders that the company would remain committed to delivering enhanced return on their investments.

    Nnorom said the company commenced and completed 22 projects during the period under review.

    “Thirty one other projects are at various stages of completion across different locations in the country.

    “The company’s revenue rose by eight per cent to N1.99 billion compared with N1.85 billion achieved in the preceding year.

    “Profit before tax stood at N1.60 billion from N1.01 billion in 2020, indicating an increase of 58 per cent.

    “In spite of the challenging business environment, the company recorded strong operating performance in revenue and profit,” he said.

    Mrs Uzoamaka Oshogwe, the company’s Managing Director, said the company had been positioned to take advantage of government’s policy direction to enhance its market share.

    She said the company would continue to embrace opportunities in the industry to fill the housing gap.

    Oshogwe said the company remained committed to the provision of affordable homes to Nigerians and would work with the government to achieve it.

    She stated that the company was positioned to take advantage of government’s policy direction and optimise future rental income from proprietary properties to maximise shareholders wealth.

    “We will continue to explore the possibility of partnering reputable organisations and government to optimise our property portfolio to deliver superior value to shareholders.

    “State and federal governments own land, they should give us some of the land so that we can build, taking away the cost of land from the total cost of development.

    “We are already bringing down the cost of actually buying these properties from the lower cadre and we are hoping that the government is listening and some states are already doing that.

    “We need to have access to cheap funding because real estate is a capital intensive project,” she said.

    Mr Sunny Nwosu, Founder, Independent Shareholders Association, lauded the company for improved performance in spite of the challenging operating environment.

    Nwosu urged the company to embrace strategies that would help in meeting the housing gap, especially for the middle-class.

    Mrs Bisi Bakare, National Coordinator, Pragmatic Shareholders Association, commended the company for its strong performance in revenue despite the inclement business environment.

    Bakare enjoined the company to employ modalities that would ensure enhanced returns in the years ahead.


    NewsSourceCredit: NAN

  •  The Dangote Sugar Refinery Plc DSR has scaled up its social intervention programmes around host communities in Adamawa and Nasarawa States where its Backward Integration projects BIP are located The Group is investing hugely in raw sugar production as part of the Federal Government Sugar Master Plan This is coming on the back of 500million dollars that has so far been injected into the project in Nasarawa National Sugar Development Council NSDC has developed a road map for the realisation of self sufficiency in the sugar sector within a short time which led to the Nigeria Sugar Master Plan NSMP that gave birth to the BIP Billions of naira have been expended in social intervention schemes around the communities hosting DSR Numan in Adamawa and Tunga Sugar Project in Nasarawa The company said with 78 000 hectares of farmland in Nasarawa and 32 000 hectares in Adamawa it is creating thousands of employment opportunities for Nigerians Currently over 600 workers are being engaged while 90MW of electricity is to be generated in the Dangote Sugar Project in Tunga Nasarawa State The Dangote Group is the second largest employer of labour after the Federal Government While speaking at a recent Annual General Meeting AGM of the company the Chairman of Dangote Sugar Refinery Aliko Dangote noted that Nigeria could rake in foreign exchange of up to 700 million dollars yearly from the BIP scheme He warned that the BIP scheme must be protected to insulate the Nigerian economy and create jobs If the national sugar master plan is followed strictly and the players follow the rules the country will be better for it as Nigeria will save between 600 million and 700 million annually as forex he said A statement from the Corporate Communication Department of the company said when the factory is fully operational it would have the capacity to crush 12 000 tons of cane per day Some of the Corporate Social Responsibility projects executed include the provision of blocks of classrooms scholarship water scheme rehabilitation and opening up of road network and construction of health centers Minister of Industry Trade and Investment Otunba Niyi Adebayo who was on a working tour of the Dangote s expansive Savannah Sugar Company SSCL Ltd in Numan Adamawa State and the Tunga sugar project site in Nasarawa State had described the projects as huge impressive and amazing The Minister said It s a very impressive sight It s amazing that such a project exists in this place What we ve seen so far from all the plantations we ve been to is very impressive We are impressed with the level of work they are doing In the same vein in the DSR Numan the company is not resting on its oars In 2020 the company constructed multimillion Naira blocks of classrooms administration blocks and an examination hall DSR Numan also intervened in the provision of electricity through the donation of 300KVA to the Gyawana Community as well as the donation of a 27KVA Generator to the Lamurde Community The company has also instituted an out grower scheme in DSR Numan of which 294 people have so far benefited Its intervention in the area of road infrastructure has been very huge some of which include the rehabilitation of the Gyawana Lamurde road Gyawana Zekun road Gyawana Township road the rehabilitation of Dubwangun road and the rehabilitation of Opalo Zekun roads The company has also gave out financial support to youth religion and development based groups in Adamawa State PR NewsSourceCredit NAN
    Dangote scales CSR in Adamawa, Nasarawa
     The Dangote Sugar Refinery Plc DSR has scaled up its social intervention programmes around host communities in Adamawa and Nasarawa States where its Backward Integration projects BIP are located The Group is investing hugely in raw sugar production as part of the Federal Government Sugar Master Plan This is coming on the back of 500million dollars that has so far been injected into the project in Nasarawa National Sugar Development Council NSDC has developed a road map for the realisation of self sufficiency in the sugar sector within a short time which led to the Nigeria Sugar Master Plan NSMP that gave birth to the BIP Billions of naira have been expended in social intervention schemes around the communities hosting DSR Numan in Adamawa and Tunga Sugar Project in Nasarawa The company said with 78 000 hectares of farmland in Nasarawa and 32 000 hectares in Adamawa it is creating thousands of employment opportunities for Nigerians Currently over 600 workers are being engaged while 90MW of electricity is to be generated in the Dangote Sugar Project in Tunga Nasarawa State The Dangote Group is the second largest employer of labour after the Federal Government While speaking at a recent Annual General Meeting AGM of the company the Chairman of Dangote Sugar Refinery Aliko Dangote noted that Nigeria could rake in foreign exchange of up to 700 million dollars yearly from the BIP scheme He warned that the BIP scheme must be protected to insulate the Nigerian economy and create jobs If the national sugar master plan is followed strictly and the players follow the rules the country will be better for it as Nigeria will save between 600 million and 700 million annually as forex he said A statement from the Corporate Communication Department of the company said when the factory is fully operational it would have the capacity to crush 12 000 tons of cane per day Some of the Corporate Social Responsibility projects executed include the provision of blocks of classrooms scholarship water scheme rehabilitation and opening up of road network and construction of health centers Minister of Industry Trade and Investment Otunba Niyi Adebayo who was on a working tour of the Dangote s expansive Savannah Sugar Company SSCL Ltd in Numan Adamawa State and the Tunga sugar project site in Nasarawa State had described the projects as huge impressive and amazing The Minister said It s a very impressive sight It s amazing that such a project exists in this place What we ve seen so far from all the plantations we ve been to is very impressive We are impressed with the level of work they are doing In the same vein in the DSR Numan the company is not resting on its oars In 2020 the company constructed multimillion Naira blocks of classrooms administration blocks and an examination hall DSR Numan also intervened in the provision of electricity through the donation of 300KVA to the Gyawana Community as well as the donation of a 27KVA Generator to the Lamurde Community The company has also instituted an out grower scheme in DSR Numan of which 294 people have so far benefited Its intervention in the area of road infrastructure has been very huge some of which include the rehabilitation of the Gyawana Lamurde road Gyawana Zekun road Gyawana Township road the rehabilitation of Dubwangun road and the rehabilitation of Opalo Zekun roads The company has also gave out financial support to youth religion and development based groups in Adamawa State PR NewsSourceCredit NAN
    Dangote scales CSR in Adamawa, Nasarawa
    General news2 weeks ago

    Dangote scales CSR in Adamawa, Nasarawa

    The Dangote Sugar Refinery Plc (DSR) has scaled up its social intervention programmes around host communities in Adamawa and Nasarawa States where its Backward Integration projects (BIP) are located.   

    The Group is investing hugely in raw sugar production as part of the Federal Government Sugar Master Plan. This is coming on the back of 500million dollars that has so far been injected into the project in Nasarawa.   

    National Sugar Development Council (NSDC) has developed a road map for the realisation of self-sufficiency in the sugar sector within a short time, which led to the Nigeria Sugar Master Plan (NSMP) that gave birth to the BIP.   

    Billions of naira have been expended in social intervention schemes around the communities hosting DSR Numan in Adamawa, and Tunga Sugar Project in Nasarawa.   

    The company said with 78,000 hectares of farmland in Nasarawa and 32,000 hectares in Adamawa, it is creating thousands of employment opportunities for Nigerians.   

    Currently, over 600 workers are being engaged, while 90MW of electricity is to be generated in the Dangote Sugar Project in Tunga, Nasarawa State.

    The Dangote Group is the second largest employer of labour after the Federal Government.   

    While speaking at a recent Annual General Meeting (AGM) of the company, the Chairman of Dangote Sugar Refinery, Aliko Dangote, noted that Nigeria could rake in foreign exchange of up to 700 million dollars yearly from the BIP scheme.

    He warned that the BIP scheme must be protected to insulate the Nigerian economy and create jobs.

    “If the national sugar master plan is followed strictly and the players follow the rules, the country will be better for it as Nigeria will save between $600 million and $700 million annually as forex,” he said.

    A statement from the Corporate Communication Department of the company said when the factory is fully operational; it would have the capacity to crush 12,000 tons of cane per day.

    Some of the Corporate Social Responsibility projects executed include the provision of blocks of classrooms, scholarship, water scheme, rehabilitation and opening up of road network, and construction of health centers.   

    Minister of Industry, Trade, and Investment, Otunba Niyi Adebayo, who was on a working tour of the Dangote’s expansive Savannah Sugar Company (SSCL) Ltd in Numan, Adamawa State, and the Tunga sugar project site in Nasarawa State, had described the projects as “huge, impressive and amazing.

    ” The Minister said: “It’s a very impressive sight. 

    It’s amazing that such a project exists in this place.

    What we’ve seen so far from all the plantations we’ve been to is very impressive.

    We are impressed with the level of work they are doing.

    ” In the same vein, in the DSR Numan, the company is not resting on its oars.   

    In 2020, the company constructed multimillion Naira blocks of classrooms, administration blocks, and an examination hall.   

    DSR Numan also intervened in the provision of electricity through the donation of 300KVA to the Gyawana Community, as well as the donation of a 27KVA Generator to the Lamurde Community.   

    The company has also instituted an out-grower scheme in DSR Numan, of which 294 people have so far benefited.    

    Its intervention in the area of road infrastructure has been very huge, some of which include: the rehabilitation of the Gyawana-Lamurde road, Gyawana-Zekun road, Gyawana Township road, the rehabilitation of Dubwangun road, and the rehabilitation of Opalo-Zekun roads.   

    The company has also gave out financial support to youth, religion, and development-based groups in Adamawa State.

    PR:
    NewsSourceCredit: NAN

  •  Olusegun Runsewe President Nigeria Golf Federation NGF has promised more support and funding for the Ladies Golf Association of Nigeria LGAN to ensure more successful outings in international tournaments Runsewe made the remarks while receiving a delegation from LGAN who paid him a courtesy visit in Abuja on Wednesday The delegation led by Juliet Monyei Inyere the LGAN President also had Ekanem Ekwueme the LGAN Past President and the newly elected AACT Trustee for West and Central Africa Others are Amina Wilfred and Evelyn Oyome who represented Team Nigeria at the just concluded All Africa Challenge Trophy AACT 2022 in Dar es Salaam Tanzania The News Agency of Nigeria reports that Team Nigeria finished seventh position out of 20 countries that participated at the prestigious African event held from Sept 3 to Sept 11 Runsewe expressed delight at the performance of the team adding that they had indeed achieved a great feat in the history of golf in Nigeria and also made the country proud I am very happy first and foremost I want to give all praises to the Almighty God for granting Team Nigeria a safe trip to Tanzania and for making Nigeria proud In other countries of the world these trophies won by the team will be retrieved from them to be taken to an archive For me I am very happy that out of the 20 countries you came seventh The reason why this game has not been popular is because we don t really celebrate our achievements and successes Tomorrow a young lady will see Team Nigeria as icons and want to be like them So Team Nigeria I want to thank you for going to make Nigeria proud and for me out of 20 countries for us to come seventh is a big celebration he said The NGF President also congratulated Ekwueme who he recalled was not only just the first Nigerian ever to occupy her new position as the West and Central trustee of the AACT He noted that she is also the only certified female World Handicap System WHS Course rater in Nigeria NAN reports that Ekwueme was unanimously voted into the board of the AACT as the Trustee in charge of the West and Central Africa region during the association s Annual General Meeting AGM in Dar es Salaam I recalled that when I was elected president of NGF the first thing I said was if the only thing I can achieve is the WHS then I will go for it We would have ended up spending over 200 000 pounds to bring a certified consultant from R amp A including hotel accommodation flight ticket and security But we got all these free of charge at home and that was why I quickly brought Ekwueme in and keyed into the WHS Because of Ekwueme s involvement Nigeria has been on the expressway to getting into WHS as all the delays we would have encountered have been taken care of and we are almost there now Ekwueme is therefore the only available qualified and tested person we have who is trusted by R amp A he said Runsewe assured the LGAN President of his unflinching support for the association adding that all hands must be on deck to ensure that the game of golf was developed Earlier Monyei Inyere appreciated the NGF president for his support which enabled the team achieve the great feat On behalf of LGAN and 4E Sports Ltd I will like to sincerely thank you for your support towards the successful representation of Team Nigeria at the AACT Tanzania 2022 in Dar es Salaam We are proud to say that Nigeria took the 7th position out of the 20 countries that took part in the African Championship Nigeria was also the best country from West and Central Africa and our best performance yet in the competition since its inception in 1992 she said She appealed to the Minister of Youth and Sports through the NGF to support LGAN s upcoming 2022 Nigeria Ladies Open This would be the first time the association would be hosting not just the West and Central Africa Lady Golfers but Africa as a whole she said Ekwueme thanked the NGF President for the warm reception accorded to the LGAN team adding that it was the first of its kind as it has never happened before She said that aside her election the headquarters of AACT West and Central Africa was moved to Abuja with 14 countries registered under the West and Central region Ekwueme used the opportunity to reiterate the association s plea for the support of the upcoming Nigeria Ladies Open She said they were expecting alot of internationals coming for the Open as it was a counting event for the World Amateur Golf Ranking NewsSourceCredit NAN
    Runsewe promises more support, funding for ladies golf association
     Olusegun Runsewe President Nigeria Golf Federation NGF has promised more support and funding for the Ladies Golf Association of Nigeria LGAN to ensure more successful outings in international tournaments Runsewe made the remarks while receiving a delegation from LGAN who paid him a courtesy visit in Abuja on Wednesday The delegation led by Juliet Monyei Inyere the LGAN President also had Ekanem Ekwueme the LGAN Past President and the newly elected AACT Trustee for West and Central Africa Others are Amina Wilfred and Evelyn Oyome who represented Team Nigeria at the just concluded All Africa Challenge Trophy AACT 2022 in Dar es Salaam Tanzania The News Agency of Nigeria reports that Team Nigeria finished seventh position out of 20 countries that participated at the prestigious African event held from Sept 3 to Sept 11 Runsewe expressed delight at the performance of the team adding that they had indeed achieved a great feat in the history of golf in Nigeria and also made the country proud I am very happy first and foremost I want to give all praises to the Almighty God for granting Team Nigeria a safe trip to Tanzania and for making Nigeria proud In other countries of the world these trophies won by the team will be retrieved from them to be taken to an archive For me I am very happy that out of the 20 countries you came seventh The reason why this game has not been popular is because we don t really celebrate our achievements and successes Tomorrow a young lady will see Team Nigeria as icons and want to be like them So Team Nigeria I want to thank you for going to make Nigeria proud and for me out of 20 countries for us to come seventh is a big celebration he said The NGF President also congratulated Ekwueme who he recalled was not only just the first Nigerian ever to occupy her new position as the West and Central trustee of the AACT He noted that she is also the only certified female World Handicap System WHS Course rater in Nigeria NAN reports that Ekwueme was unanimously voted into the board of the AACT as the Trustee in charge of the West and Central Africa region during the association s Annual General Meeting AGM in Dar es Salaam I recalled that when I was elected president of NGF the first thing I said was if the only thing I can achieve is the WHS then I will go for it We would have ended up spending over 200 000 pounds to bring a certified consultant from R amp A including hotel accommodation flight ticket and security But we got all these free of charge at home and that was why I quickly brought Ekwueme in and keyed into the WHS Because of Ekwueme s involvement Nigeria has been on the expressway to getting into WHS as all the delays we would have encountered have been taken care of and we are almost there now Ekwueme is therefore the only available qualified and tested person we have who is trusted by R amp A he said Runsewe assured the LGAN President of his unflinching support for the association adding that all hands must be on deck to ensure that the game of golf was developed Earlier Monyei Inyere appreciated the NGF president for his support which enabled the team achieve the great feat On behalf of LGAN and 4E Sports Ltd I will like to sincerely thank you for your support towards the successful representation of Team Nigeria at the AACT Tanzania 2022 in Dar es Salaam We are proud to say that Nigeria took the 7th position out of the 20 countries that took part in the African Championship Nigeria was also the best country from West and Central Africa and our best performance yet in the competition since its inception in 1992 she said She appealed to the Minister of Youth and Sports through the NGF to support LGAN s upcoming 2022 Nigeria Ladies Open This would be the first time the association would be hosting not just the West and Central Africa Lady Golfers but Africa as a whole she said Ekwueme thanked the NGF President for the warm reception accorded to the LGAN team adding that it was the first of its kind as it has never happened before She said that aside her election the headquarters of AACT West and Central Africa was moved to Abuja with 14 countries registered under the West and Central region Ekwueme used the opportunity to reiterate the association s plea for the support of the upcoming Nigeria Ladies Open She said they were expecting alot of internationals coming for the Open as it was a counting event for the World Amateur Golf Ranking NewsSourceCredit NAN
    Runsewe promises more support, funding for ladies golf association
    General news3 weeks ago

    Runsewe promises more support, funding for ladies golf association

    Olusegun Runsewe,  President, Nigeria Golf Federation (NGF) has promised more support and funding for the Ladies Golf Association of Nigeria (LGAN), to ensure more successful outings in international tournaments.

    Runsewe made the remarks while receiving a delegation from LGAN who paid him  a courtesy visit  in Abuja on Wednesday.

    The delegation led  by Juliet Monyei-Inyere, the LGAN President also had Ekanem Ekwueme, the LGAN Past President and the newly elected AACT Trustee for West and Central Africa.

    Others are Amina Wilfred and Evelyn Oyome who represented Team Nigeria at the just concluded All Africa Challenge Trophy (AACT) 2022 in Dar es Salaam, Tanzania.

    The News Agency of Nigeria reports that Team Nigeria finished seventh position out of 20 countries that participated at the prestigious African event  held from Sept. 3 to Sept. 11. Runsewe expressed delight at the performance of the team, adding that they had indeed achieved a great feat in the history of golf in Nigeria and also made the country proud.

    “I am very happy,  first and foremost I want to give all praises to the Almighty God for granting Team Nigeria a safe trip to Tanzania and for making Nigeria proud.

    “In other countries of the world, these trophies (won by the team) will be retrieved from them to be taken to an archive.

    “For me I am very happy that out of the 20 countries you came seventh.

    “The reason why this game has not been popular is because we don’t really celebrate our achievements and successes.

    Tomorrow a young lady will see Team Nigeria as icons and want to be like them.

    “So, Team Nigeria I want to thank you for going to make Nigeria proud and for me, out of 20 countries, for us to come seventh is a big celebration.

    ,” he said.

    The NGF President also congratulated Ekwueme, who he recalled was not only just the first Nigerian ever to occupy her new position as the West and Central trustee of the AACT.

    He noted that she is also the only certified female World Handicap System (WHS) Course rater in Nigeria.

    NAN reports that Ekwueme was unanimously voted into the board of the AACT as the Trustee in charge of the West and Central Africa region during the association’s Annual General Meeting (AGM) in Dar es Salaam.

    “I recalled that when I was elected president of NGF, the first thing I said was, if the only thing I can achieve is the WHS, then I will go for it.

    “We would have ended up spending over 200, 000 pounds to bring a certified consultant from R & A, including hotel accommodation, flight ticket and security.

    “But we got all these free of charge at home and that was why I quickly brought Ekwueme in and keyed into the WHS.

    “Because of Ekwueme’s involvement, Nigeria has been on the expressway to getting into WHS as all the delays we would have encountered have been taken care of and we are almost there now.

    “Ekwueme is therefore the only available, qualified, and tested person we have who is trusted by R & A,” he said.

    Runsewe assured the LGAN President of his unflinching support for the association, adding that all hands must be on deck to ensure that the game of golf was developed.

    Earlier, Monyei-Inyere appreciated the NGF president for his support which enabled the team achieve the great feat.

    “On behalf of LGAN and 4E Sports Ltd., I will like to sincerely thank you for your support towards the successful representation of Team Nigeria at the AACT Tanzania 2022 in Dar es Salaam.

    “We are proud to say that Nigeria took the 7th position out of the 20 countries that took part in the African Championship.

    “Nigeria was also the best country from West and Central Africa and our best performance yet in the competition since its inception in 1992,” she said.

    She  appealed to the Minister of Youth and Sports through the  NGF to support LGAN’s upcoming 2022 Nigeria Ladies Open. “This would be the first time the association would be hosting not just the West and Central Africa Lady Golfers but Africa as a whole,”she said.

    Ekwueme thanked the NGF President for the warm reception accorded to the LGAN team, adding that it was the first of its kind as it has never happened before.

    She said  that aside her election, the headquarters of AACT West and Central Africa was moved to Abuja, with 14 countries registered under the West and Central region.

    Ekwueme  used the opportunity to reiterate the association’s plea for the support of the upcoming Nigeria Ladies Open. She said they were expecting alot of internationals coming for the Open as it was a counting event for the World Amateur Golf Ranking.


    NewsSourceCredit: NAN

  •  Nigeria s Ekanem Ekwueme has been unanimously voted into the board of the All Africa Challenge Trophy AACT Ladies Association as the Trustee in charge of the West and Central Africa region The News Agency of Nigeria reports that the announcement of the result took place at the Julius Nyerere International Convention Centre in Tanzania The result saw Ekwueme unanimously voted in by all the West and Central African delegates Juliet Monyei Inyere the President Ladies Golf Association of Nigeria LGAN who confirmed Ekwueme s victory to the News Agency of Nigeria on Sunday said she was voted unopposed during the association s Annual General Meeting AGM in Dar es Salaam A hearty congratulations to our past LGAN President Ekanem Ekwueme on her unopposed election into the Board of the AACT Ladies Association She was voted into the board as the new Trustee in charge of all the West and Central Africa region during the AGM in Tanzania on Friday It was indeed an overwhelming and well deserved victory for one of our own Here is wishing her a very successful tenure of four years We are proud of her she said Ekwueme who is also the only certified female World Handicap System WHS Course rater in Nigeria told NAN that she was elated to have been voted into the board She added that she would bring all her experience to bear in the discharge of her duties for the next four years I am really delighted and elated to have been unanimously voted into the board of the AACT Indeed this is not just a victory for me but also a big one for Nigeria and the whole West and Central Africa as well I hope to bring all the experiences I have been able to gather over the years to bear in the discharge of my duties in this highly exalted office for the next four years she said NewsSourceCredit NAN
    Golf: Nigeria’s Ekwueme emerges trustee board member for West, Central Africa
     Nigeria s Ekanem Ekwueme has been unanimously voted into the board of the All Africa Challenge Trophy AACT Ladies Association as the Trustee in charge of the West and Central Africa region The News Agency of Nigeria reports that the announcement of the result took place at the Julius Nyerere International Convention Centre in Tanzania The result saw Ekwueme unanimously voted in by all the West and Central African delegates Juliet Monyei Inyere the President Ladies Golf Association of Nigeria LGAN who confirmed Ekwueme s victory to the News Agency of Nigeria on Sunday said she was voted unopposed during the association s Annual General Meeting AGM in Dar es Salaam A hearty congratulations to our past LGAN President Ekanem Ekwueme on her unopposed election into the Board of the AACT Ladies Association She was voted into the board as the new Trustee in charge of all the West and Central Africa region during the AGM in Tanzania on Friday It was indeed an overwhelming and well deserved victory for one of our own Here is wishing her a very successful tenure of four years We are proud of her she said Ekwueme who is also the only certified female World Handicap System WHS Course rater in Nigeria told NAN that she was elated to have been voted into the board She added that she would bring all her experience to bear in the discharge of her duties for the next four years I am really delighted and elated to have been unanimously voted into the board of the AACT Indeed this is not just a victory for me but also a big one for Nigeria and the whole West and Central Africa as well I hope to bring all the experiences I have been able to gather over the years to bear in the discharge of my duties in this highly exalted office for the next four years she said NewsSourceCredit NAN
    Golf: Nigeria’s Ekwueme emerges trustee board member for West, Central Africa
    General news3 weeks ago

    Golf: Nigeria’s Ekwueme emerges trustee board member for West, Central Africa

    Nigeria’s Ekanem Ekwueme has been unanimously voted into the board of the All Africa Challenge Trophy (AACT) Ladies Association as the Trustee in charge of the West and Central Africa region.

    The News Agency of Nigeria reports that the announcement of the result took place at the Julius Nyerere International Convention Centre in Tanzania.

    The result saw Ekwueme unanimously voted in by all the West and Central African delegates.

    Juliet Monyei-Inyere, the President, Ladies Golf Association of Nigeria (LGAN), who confirmed Ekwueme’s victory to the News Agency of Nigeria on Sunday, said she was voted unopposed during the association’s Annual General Meeting (AGM) in Dar es Salaam.

    “A hearty congratulations to our past LGAN President, Ekanem Ekwueme on her unopposed election into the Board of the AACT Ladies Association.

    “She was voted into the board as the new Trustee in charge of all the West and Central Africa region during the AGM in Tanzania on Friday.

    “It was indeed an overwhelming and well deserved victory for one of our own.

    “Here is wishing her a very successful tenure of four years. 

    We are proud of her,” she said.

    Ekwueme, who is also the only certified female World Handicap System (WHS) Course rater in Nigeria, told NAN that she was elated to have been voted into the board.

    She added that she would bring all her experience to bear in the discharge of her duties for the next four years.

    “I am really delighted and elated to have been unanimously voted into the board of the AACT.

    “Indeed this is not just a victory for me, but also a big one for Nigeria and the whole West and Central Africa as well.

    “I hope to bring all the experiences I have been able to gather over the years to bear in the discharge of my duties in this highly exalted office for the next four years,” she said.


    NewsSourceCredit: NAN

  •  The Flour Mills of Nigeria Plc a food and agro allied company says its revenue stood at N1 2 billion as at March This represents an increase of 51 per cent compared with N771 6 million recorded in March 2021 Its Chairman John Coumantaros was quoted in a statement to have said this during the company s 62nd Annual General Meeting AGM in Lagos Coumantaros who was represented by Vice Chairman FMN Paul Gbededo said the group s increased earnings was as a result of the company s resiliency as well as shareholders support According to him the group completed the acquisition of Honeywell Flour Mills Plc within the fiscal year Resolutions made at the meeting held on Wednesday included the shareholders approval of payment of N2 15 dividend for the 2022 fiscal year The shareholders also approved the request for company s board of directors to raise N200 billion in additional capital Coumantaros said This acquisition created a more resilient national champion for Nigeria in the food industry laying the groundwork for long term growth and food security Our food division s strategic priorities are motivated by the need to become Africa s leading consumer and business to business B2B food brand with the goal of more than doubling earnings before interest taxes depreciation and amortization EBITDA It also announced its first quarter unaudited results for the period ended 30 June 2022 which increased by 45 3 per cent in revenue to stand at N339 601 billion from N233 703 billion in 2021 The company recorded the increase despite rising effects of inflation on the prices of goods and services The audited results which were released to the Nigerian Exchange Group NGX showed that cost of sales increased by 47 per cent to N306 352 billion from N208 004 billion achieved in 2021 In its financial statement the company s food segment contributed 63 per cent growth of the revenue to N213 166 billion from N146 925 billion in 2021 Also the Agro Allied segment was next with 45 per cent of the revenue with N65 652 billion from N47 588 billion in 2021 while pofit after tax rose marginally by 0 89 per to N5 495 billion in 2022 from N 5 446 billion in 2021 NewsSourceCredit NAN
    Flour Mills posts N1.2bn revenue in March
     The Flour Mills of Nigeria Plc a food and agro allied company says its revenue stood at N1 2 billion as at March This represents an increase of 51 per cent compared with N771 6 million recorded in March 2021 Its Chairman John Coumantaros was quoted in a statement to have said this during the company s 62nd Annual General Meeting AGM in Lagos Coumantaros who was represented by Vice Chairman FMN Paul Gbededo said the group s increased earnings was as a result of the company s resiliency as well as shareholders support According to him the group completed the acquisition of Honeywell Flour Mills Plc within the fiscal year Resolutions made at the meeting held on Wednesday included the shareholders approval of payment of N2 15 dividend for the 2022 fiscal year The shareholders also approved the request for company s board of directors to raise N200 billion in additional capital Coumantaros said This acquisition created a more resilient national champion for Nigeria in the food industry laying the groundwork for long term growth and food security Our food division s strategic priorities are motivated by the need to become Africa s leading consumer and business to business B2B food brand with the goal of more than doubling earnings before interest taxes depreciation and amortization EBITDA It also announced its first quarter unaudited results for the period ended 30 June 2022 which increased by 45 3 per cent in revenue to stand at N339 601 billion from N233 703 billion in 2021 The company recorded the increase despite rising effects of inflation on the prices of goods and services The audited results which were released to the Nigerian Exchange Group NGX showed that cost of sales increased by 47 per cent to N306 352 billion from N208 004 billion achieved in 2021 In its financial statement the company s food segment contributed 63 per cent growth of the revenue to N213 166 billion from N146 925 billion in 2021 Also the Agro Allied segment was next with 45 per cent of the revenue with N65 652 billion from N47 588 billion in 2021 while pofit after tax rose marginally by 0 89 per to N5 495 billion in 2022 from N 5 446 billion in 2021 NewsSourceCredit NAN
    Flour Mills posts N1.2bn revenue in March
    Economy3 weeks ago

    Flour Mills posts N1.2bn revenue in March

    The Flour Mills of Nigeria Plc, a food and agro-allied company, says its revenue stood at N1.2 billion as at March.

    This represents an increase of 51 per cent compared with N771.6 million recorded in March 2021. Its Chairman, John Coumantaros, was quoted in a statement to have said this during the company’s 62nd Annual General Meeting (AGM) in Lagos.

    Coumantaros, who was represented by Vice-Chairman, FMN, Paul Gbededo, said the group’s increased earnings was as a result of the company’s resiliency as well as shareholders’ support.

    According to him, the group completed the acquisition of Honeywell Flour Mills Plc within the fiscal year.

    Resolutions made at the meeting held on Wednesday included the shareholders’ approval of payment of N2.15 dividend for the 2022 fiscal year.

    The shareholders also approved the request for company’s board of directors to raise N200 billion in additional capital.

    Coumantaros said, “This acquisition created a more resilient national champion for Nigeria in the food industry, laying the groundwork for long-term growth and food security.

    “Our food division’s strategic priorities are motivated by the need to become Africa’s leading consumer and business-to-business (B2B) food brand, with the goal of more than doubling earnings before interest, taxes, depreciation, and amortization (EBITDA).

    ” It also announced its first quarter unaudited results for the period ended 30 June 2022, which increased by 45.3 per cent in revenue to stand at N339.601 billion from N233.703 billion in 2021. The company recorded the increase despite rising effects of inflation on the prices of goods and services.

    The audited results, which were released to the Nigerian Exchange Group (NGX), showed that cost of sales increased by 47 per cent to N306.352 billion from N208.004 billion achieved in 2021. In its financial statement, the company’s food segment contributed 63 per cent growth of the revenue to N213.166 billion from N146.925 billion in 2021. Also, the Agro Allied segment was next with 45 per cent of the revenue with N65.652 billion from N47.588 billion in 2021, while pofit after tax rose marginally by 0.89 per to N5.495 billion in 2022 from N 5.446 billion in 2021.
    NewsSourceCredit: NAN