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  • Firm preaches local patronage, signs brand ambassadors

    Firm preaches local patronage, signs brand ambassadors

    Eastern Distilleries and Food Industries, makers of Wake-up energy drink, has said people should patronise local brands.

        Chairman of Krisoral Group, Chris Oranu, spoke on the sidelines of post launch of the drink, and endorsement of musicians, Ojadili and Kola Boy, as brand ambassadors.

    He said the product was a Nigerian brand to express confidence in the market despite harsh business terrain hindering manufacturing.

    Oranu said the brand is eyeing African Continental Free Trade Agreement (AfCFTA) market and others.

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    Brand and Talent Manager, George Faaye, said the driving force behind the brand was its smoothness, with no caffeine and low alcohol.

    The artistes’ manager, Bernard Okoma, said this is an opportunity to promote local brands’’.  One of the ambassadors, Ikeh Ifeanyichukwu, (Ojadili), said everyone shouldwake up and work together to rebuild our continent.

  • Firm appoints new chief financial officer

    Firm appoints new chief financial officer

    Commodity trading company, Neveah, has appointed Akinsola Akinyemi as chief financial officer (CFO). He doubles as executive director.

    Akinyemi is an experienced finance professional with over 12 years of  experience in treasury, regulatory reporting, financial accounting, performance management, tax planning and management with reputable financial institutions.

    He is skilled at identifying business growth opportunities and has supported companies in achieving business expansion.

    Akinyemi holds a degree in Management and Accounting from Obafemi Awolowo University.

    Before joining Neveah, Akinsola held finance positions, including Group CFO at Cordros Capital, Group Financial Controller at United Capital, Investment One Financial Services and Meristem Securities Limited.

    He currently provides professional guidance on audit and risk management to one of the leading companies in ICT in his capacity as chairman of the statutory audit committee.

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    Akinyemi said: “It is great joining Neveah. I have followed the firm’s journey for a while, and I can say they have shown promise.

    “In this time of hardship for small and medium enterprises, Neveah has demonstrated grit and a sense of direction.

    “I believe they are here for the long run, and I am as elated about the work of building together as I am about the achievements that I am sure the future holds.”

    Neveah Limited is registered by the Nigerian Export Promotion Council (NEPC) as an exporter of agro-commodities and solid minerals.

    In the past five years, the firm has recorded a compound annual growth rate (CAGR) of 68 per cent and 176 per cent on revenue and profitability respectively.

    Most recently, the firm concluded its series 6-13 Commercial Paper issuances which was well subscribed to by a diverse group of investors including asset managers, insurance companies, PFAs and trustees, and received the approval of FMDQ Securities Exchange Limited.

    The firm was able to raise N8.9billion and its very last issuance was 97 per cent subscribed.

  • Firm records 34 per cent growth

    Firm records 34 per cent growth

    Flour Mills of Nigeria (FMN),  food and agro-allied company, has announced its unaudited financial performance for Q1 2023/2024, showing strong revenue growth.

     A statement by the company said the growth of 34 per cent in Q1’24 over Q1’23 showed solid performance across segments (Food, Agro-Allied, Sugar, and Support Segments by 42 per cent, 22 per cent, 21 per cent, and 10 per ent), driven by volume growth and a favorable mix. Overall gross profit grew by 51 per cent in Q1’24, at a higher rate than revenue growth. Operating Profit before adjustment for foreign exchange losses improved 52 per cent to N31 billion.

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    Group Managing Director, Omoboyede Olusanya, said the firm would ensure consistent development of local content and capacities.

    “As we churn out content of superior quality, it is of great importance to us today and in the future that we also continue to drive value for our shareholders. We fully understand the consequences of market volatility especially as it relates to our business environment across various focus areas; thus, we are building the business with so much fluidity so that it can withstand both emerging and existing environmental challenges as we continue to feed and enrich lives, everyday, We have continued to focus on local content with further backward integration investments,” he said.

    It is also highlighted that this year’s quarter is marked by strong growth in revenue with Gross profits growing ahead of revenue whilst operating profit fell due to FX exchange losses of N22.5bn during the Quarter. It also depicts an increased operational efficiency with accelerated plans for cost optimizations across the Group to ensure competitive product offerings and profitability in the new operating environment.

    The company’s Overall Profit Before Tax was impacted by N22.5bn foreign exchange losses during the Quarter leading to a 9.3 billion loss. However, this is a temporary impact given the timing of the devaluation as of mid-June.

    “FMN has proven its ability to overcome the effects of FX over the years and is comfortable that it will continue to do so. Net Debt improved by N31bn in Q1’24 vs. FY’23, primarily driven by tighter inventory management, reinforcing its commitment to reducing the debt and improving the cash flow. The recent N85bn commercial paper issued at an average rate of 11.75% is foreseen to further reduce the financing costs for the balance of the year, and beyond. Oil and fats business in the Agro Allied segment launched a new product, the Golden Penny Choco Spread with different SKUs confirming our commitment to product innovation and penetration into new markets.”

  • Firm empowers 21 in promo

    Firm empowers 21 in promo

    Pure Bliss has said it will empower more persons in its consumer promo till Sptember 5. 

    Twenty one persons have been won millions, with thousands getting airtime. 

    Brand Custodian, Bukola Yusuph, said: “Extending the promo is in response to demand from consumers who want to be part of the 60 lucky winners. We are motivated by consumers’ excitement and participation,” she said. 

     “We will continue to lead initiatives as this in the biscuits category. We have rewarded 21 millionaires, while thousands of consumers have received airtime. We will reward more consumers” Ms. Yusuph added.

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    The N1 million cash prize winners who have been rewarded in the ongoing Pure Bliss Millionaire Promo include Esther Omolara – a retired secretary turned entrepreneur from Lagos; Geoffrey Onyeama – a student from Enugu; Mustapha Abubakar – a teacher from Katsina; Oluchi Ijenwagu – a chef from Rivers State; Nu’uman Koko – a trader from Niger State; Busayo Adeboye – a teacher from Oyo State; Emmanuella Nwachukwu – a hairstylist from Imo State; Abba Jabba Ibrahim – a trader from Yobe; Olusola Akinwale – an architect from Lagos; Rotimi Olugbade – an Admin Manager from Osun; Aisha Imana – a Customer Service Representative from Lagos; and Gbolahan Olanrewaju – a Salesman from Jos; among others.

     Consumers that want to be one of the lucky 60 millionaires or airtime winners in the Pure Bliss Millionaire Promo are to buy any promo pack of their favourite Pure Bliss Cookies and Wafers, look inside the pack for a 7-digit code and SMS the code to 8011 using the format, “PUREBLISS CODE LOCATION” i.e. “PUREBLISS 1234567 ADAMAWA. They will receive a notification on the prize they have won – either it is airtime or the cash prize of one million naira. OK Foods, the manufacturer of Pure Bliss, said the terms and conditions of the campaign apply.

  • Firm, agency partner to deepen affordable housing

    Nigeria Mortgage Refinance Company Plc (NMRC) and a German agency, Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) have signed an agreement to deepen affordable housing.

    The deal was signed on the sidelines of the just-concluded 13th International Housing Show in Abuja.

    NMRC Managing Director Kehinde Ogundimu noted that the  collaboration would be focused on  access finance  housing.

    GIZ’s Cluster Coordinator for Sustainable economic Development, Hans Ludwig Bruns noted that GIZ and NMRC would leverage their synergies for the benefit  in the GIZ-SEDIN focal states: Ogun, Plateau and Niger.

    The collaboration would be done through the World Bank and international cooperation institutions.

    The engagement also falls under the primary mandate of the NMRC to address the challenges in financial innovations required to develop affordable housing from a private sector perspective by acting as a conduit between the capital markets and housing markets.

    Meanwhile, Chief Executive Officer, West African Ceramics Limited (WACL), Mr Bhaskar Rao, has said developing the rural areas will resolve the housing, insecurity and unemployment crisis in the country.

    He made this known during the Nigeria Housing Awards at the 13th Abuja International Housing Show, where he was recognised for his company’s initiatives in promoting affordable housing through the use of local building materials.

    According to him, leaving the rural areas underdeveloped will continue to encourage migration, which will put pressure on urban centres.

    “If the rural areas are left undeveloped, it will have consequential impact on managing the cities because there would be continuous influx and migration of people from rural areas to the cities which would become overbearing on the existing infrastructures, resulting in pollution, unemployment, and insecurity,” he said.

    Rao, however, acknowledged that the government alone could not solve the housing and unemployment problems of the country and called for the enabling environment that would promote entrepreneurship and encourage the Small and Medium Scale Enterprises (SMEs) to thrive.

    According to a statement by WACL, the award was in recognition of his leadership in the tile manufacturing, contribution to housing and support for affordable housing.

    Nigerian Institute of Building President Mr Kenneth Nduka, who presented the award, praised Rao. He said: ‘’I have  interacted with him and the company he manages which have earned our endorsement.’’

  • Controversy as firm, families bicker over land

    Who owns the 138.70 acres of land situated opposite Nichemtex factory at Molatori and Owode villages in Ibeshe Ikorodu? Was the vast land acquired from its owners by the United Nigerian Textile Limited (UNTL) decades ago?

    The above questions are begging for answers, following a brewing crisis between Nichemtex management of and the Ominiha/Shosanya families. They both are claiming ownership of the property.

    The parties have since January engaged in petitions and counter petitions to the Inspector General of Police (IG) Mohammed Adamu and the Assistant Inspector General of Police (AIG) Zone Two, Onikan with allegations of land grabbing, encroachment, police intimidation and harassment as well as conducts likely to cause breach of public peace.

    While the families through their lawyer, Adefolaju Oloko, accused the company of forging documents for the said land, Nichemtex alleged that the family attempted to grab the property it bought over four decades ago, which was duly registered on June 12, 1990 with Certificate of Occupancy (CofO) 21/21/1990H, issued in favour of UNTL.

    A petition to the IG dated March 27 and signed by Mahmud Adeshina for the company’s lawyer, Nichemtex had been in physical possession of the properties bought from the families since acquisition with a warehouse and block of flats erected in one of the acres.

    Trouble, however, started in 2003 when the Efunba family of Ikorodu instituted suit ID/285/2003 against Nichemtex before a Lagos High Court while the Ajako, Shosanya and Fadeyi families of lkorodu also filed  suit IKD/78/2014 in 2014.

    Both suits, the lawyer explained, were consolidated in 2017 and is currently before an Ikeja High Court.

    Disregarding the pending suit, the textile firm alleged that the Ajako, Shosanya and Fadeyi families filed a petition of forgery against them at the Police zonal headquarters in Onikan.

    “We and our client responded to the said petition and furnished the police with our client’s documents of title to enable them conduct an investigation into the matter so as to determine the veracity of the said title documents.

    “Despite the fact that the said petition of forgery is pending before Zone Two, Onikan, the said families have employed some other members of the police force to facilitate their acts of criminal trespass and encroachment on our client’s property and engage in a conduct that is likely to cause a breach of the public peace,” read the petition.

    Policemen attached to the Special Protection Unit (SPU) and the IG Monitoring Units, have, on the directive of the IG, raided the property and harassed workers despite the pending lawsuit, it was learnt.

    “On Wednesday, January 16, a number of Mobile Police Officers (MOPOL) went with some members of the said families and their lawyer, purportedly under the order of the Inspector General of Police to our client’s property, erected another gate and locked same up with a chain and padlock.

    “Thereafter, we wrote a petition dated January 23, on behalf of our client to the Area Commander of the ljede Division of the Nigeria Police Force, lkorodu informing him of the atrocious act of the said families, which is being facilitated by policemen, but the Area Commander politely declined to intervene in the matter because it was already before Zone Two, Force Headquarters, Onikan, Lagos.

    “On March 20, the members of the afore-mentioned families, acting in consonance with Baales within the Ibeshe/Owode communities, trespassed into the property of our client in which its warehouse is located. They were about 30 of them who were accompanied by some armed mobile policemen, who all forcefully entered into the premises of our client.

    “On March 21, the same set of people were seen by our client’s security guard conveying a good number of building blocks and cement into the property of our client with the intention of altering the block of flats on the premises and erecting new structures,” the petition stated.

    Noting that the actions of the trespassers were capable of causing breach of peace, the company said the continuous shutting of its premises, encroachment on its properties with building materials could provoke some hostilities between parties.

    “It may even lead to the loss of lives as the said families are desperate and have resorted to using armed members of the Nigeria Police to facilitate their trespass. It is disheartening that the police is being used by the above families to perpetrate acts of criminal trespass, encroachment and conducts that are likely to cause breach of peace.

    “We wrote letters dated January 17 and 18, 2019 to the Assitant Inspector General of Police, Zone Two headquarters, informing him about the actions of the unknown armed mobile policemen, who have been facilitating the trespass of the members of the said families, but no investigation was conducted nor any step taken to curb the trespass.

    “On February 7, our client received a letter of invitation requesting for the presence of its Managing Director at Zone Two Headquarters, Onikan, Lagos. Other than that, no attempt has been made by the said police formation to stop the families’ use of the police in harassing and encroaching upon our client’s property.

    “We implore you to use your good offices to investigate and intervene in this matter so as to put an end to the acts of criminal trespass, encroachment upon the property of our client and to also ensure that they do not use members of the Nigeria Police Force to perpetrate further atrocities on our client’s property,” it stated.

    But the families denied changing or locking the gate to the premises, stating that they only erected fence on part of the vast land where the fence had collapsed.

    Baale Ayodele Ominiha, who spoke on behalf of the families, said at no time was the land sold to UNTL, adding that the company expressed interest which was communicated to the family lawyer then, but never paid for the land.

    He said if the firm was sure of purchasing the land, it should provide the original receipt of sale, just as it has the one issued when it bought the Nichemtex factory land.

  • Firm, Lagos to host rice festival

    TESSCOM West Africa in partnership with the Lagos State Ministry of Commerce, Industry and Cooperatives has concluded plans to stage a two day Nigerian Rice Festival holding from April 25th to 27th, at Adeyemi-Bero Auditorium, CBD, Alausa, Ikejal.

    The Executive Director of Tesscom West Africa, Olukemi Ilori who made this known at a press conference said that it is a festival that celebrates Nigeria’s collective cultural identity as a nation in foods like jollof rice which has gained global acceptability.

    She noted that the festival gives us an opportunity to take our national food brand, Jollof Rice to other Rice festival and create awareness about Nigeria Jollof Rice, the best in the world as well as other Nigeria Rice dishes.

    Ilori stated that the festival is most importantly designed to enhance commercial activity in the entire rice value chain. It does so in such a way that people enjoy it and are happy, adding that we are fast tracking the development of the brand by hosting two festivals a year: one on the mainland and another on the island.

     

  • Firm launches products

    Office automation and document management solutions provider, Brother International, has upgraded its products range from the business machines to the document scanners as part of the brand’s regional growth strategy.

    The products were launched in conjunction with the firm’s partner and authorised representative in Nigeria, Skysat Technologies, during a dealer conference and training on the new digital printers, held in Lagos.

    Assistant Manager, Planning Division, Brother International, Virginia Jonathan said the products would help their customers including home-based and medium to large-sized businesses to  increase productivity, improve work-flow,  enhance organisational efficiency and   reduce costs.

    According to her, the firm is working to address the demand in market by delivering and offering high quality products from Laser and Inkjet printers/MFP, high speed document scanners to innovative labeling printers.

    She noted that with the partnership with Skysat Technologies, Brother International is billed to provide excellent sales and after sales technical support services for its products in Nigeria.

    “From the business machines, Brother’s latest Ink refill tank system series delivers enhanced print quality, paper handling capabilities and page yields for SMBs and SOHOs. Specifically targeted for high print volume home offices and small workgroups. The new products have been designed to cater to the ever-changing needs of the consumer who is always looking for quality and cost-effective document management solutions.’’

    She added: “They are developed for the heavy-duty scanning demands of the SMB market; all offer full network functionality, which allows the machine to work harder for multiple users on various devices, without the need for a link to a central PC.”

    MD, Skysat Technologies, Izzat Debs, said the launch was to recognise the firms existing leaders and to thank them for their patronage.

    He said the products launched are exciting, special and would do wonders in the market.

    “We have noticed that Nigerians don’t want to have a monopoly of brands but they are looking for other brands too to be available but with the capabilities and features these products have, we will complement what the customers are looking for,” he said.

  • Firm trains youths in writing

    Over 120 writers across Nigeria were trained on how to improve their craft and take their writing career to the next level at the first edition of Instincts Writing Workshop.

    The training organised by a media platform, Young and Cerebral, had representatives from literary organisations, illustrators, authors, writers and students from schools and colleges participated. It held at Sabo, Yaba, in Lagos State. The theme was, “Writing beyond a hobby”.

    Founder, Young and Cerebrals AdewunmiOshodi-Tapa, said Young and Cerebral is a media platform that provides inspiration, opportunity and empowerment through radio programmes, trainings, workshops and seminars.

    She said the workshop was its way of giving a voice to people who write.

    “We realised that people want to write and there are a lot of writers on the street. This workshop is to give writers a hope, dream and action plan that they can write and people will read their stories. It is the first of its kind and it will continue,” she said.

    Read also: Payment service firm gets CBN e-payment award

    She said Young and Cerebral is a clan of curious and imaginative story tellers based in Lagos metropolis. “We help enthusiastic 18 to35-year-olds to triumph by providing inspiration, empowerment and opportunities so that they can achieve personal fulfillment. We preach self-actualisation through our Media and Brand Services.

    “We profile thought-leaders, inventors, influencers, founders, whose lives embody our message. During our Saturday shows on Unilag103.1FM and LagosTalks 91.3FM, we celebrate and focus on individuals who make a difference across a wide variety of industries including but not limited to Marketing, Banking, Film, Telecom, Fashion, HR, Tech, Music, Food, Education and Photography,” she said.

    A Blogger and Bestselling Author, Sally Kenneth-Dadzie, speaking on the topic: “The Journey to writing the first line”, urged writers to overcome fear and laziness, be consistent, believe in themselves and in what they write.

    “You have to overcome fear, if you want to be a writer because fear can pull you down. Don’t be a lazy writer, know that no one is perfect, put in your best and never kill your story.”

    She said writing is hard work, urging writers to overcome unbelief in the writing process, make good use of opportunities including the use of social media to develop they witting skills, and that they should never let rejection pull them down.

    “Encourage writers around you,  find time to write, determine to be a writer that stands out so that when readers read your content, they will come back to your site,” she said.

    Another speaker, A Self Published Author and Writer, UfuomaEmerhor-Ashogbon, who spoke on “What it takes to publish”, noted that to publish a book there must be vision, message, talent, skill and perseverance.

    “You must have a vision of who you are and where you want to be, and your witting must have a message because your message is one thing that will distinguish you.”

    She added that there is a talent for writing, saying it is natural, inbuilt and God given. “You need skills to write, which requires that you have to develop, learn and train on how to write. Perseverance is what you need to push for you to be known,” she said.

    Another speaker, a writer and author, SeunOdukoya, spoke on ‘Writing as a trade’; said money can be made from writing, urging the writers to place value on themselves and on what they write.

    “It is your responsibility to make your writing make money for you; get inspiration to write, don’t give yourself excuses. There are several things you can write on, be good at whatever you are doing, don’t do it for free, and have faith and confidence in yourself. Write all the time, you cannot be great and be lazy, work at what you want to achieve, set a goal for yourself and constantly work towards achieving your goal, take responsibility for your witting, put value on yourself and on your work, pay attention to what you write and put value on your work,” he said.

  • FCDA, firm row over 500Mw power project

    The plan by Jehata Nigeria Limited to build a 500 megawatts (Mw)power generation  plant in Abuja may hit the rock, following objection by  the Federal Council Development Authority(FCDA).

    The firm (owners of Abuja Power Station) was accused of not  following     due diligence practice in its approach to the issue of building  the power plant by the FCDA.

    In a letter dated March 19 and made available to The Nation, Jehata Nigeria Chief Executive Officer/Managing Director, Jameel Jammal, accused the management of FCDA of delaying the siting of the plant.

    According to him, FCDA has refused to provide land for the project, seven and half years after the idea was mooted.

    He said the allegation of non-compliance with due process by FCDA was aimed at discouraging the firm from executing the project.

    Jehata Nigeria, Jammal noted,  wrote the FCDA to express its readiness to build the plant, adding that the letter was not treated.

    The letter read: “We, unequivocally, state that we do not understand what you mean by conducting ‘due diligence’ in our company. Recall that in the last seven years, we have been struggling with your office. The main issue is about FCDA allocating land to us (which we have opted to pay for) for the purpose of building a power plant and in those traumatic years. We, at Jehata Nigeria Limited, have given every conceivable piece of information to help your due diligence.”

    He added that his firm had earlier submitted some documents to FCDA as a proof of due diligence. The documents, he said, include Certificate of Incorporation of Jehata Nigeria Limited, the passport of its Managing Director, Jameel Jammal, his birth certificate, his firm’s tax clearance, letters of recommendation from the Federal Ministry of Power, and the Transmission Company of Nigeria (TCN), site verification by Federal Ministry of Environment and letter from Gas Aggregation Company of Nigeria (GACN).

    Others, he said, are Abuja Power Station Executive Summary and Drawings/Site plans.

    FCDA, however, countered Jehata Nigeria. A letter signed by the FCDA’s Director, Engineering Services, Shehu Hadi Ahmad, stated that the inability of Jehata Nigeria to follow due process slowed the building of the plant.

    He added that the delay in the construction was caused by Jehata Nigeria’s failure to address some administrative procedures. “I wish to express our regrets for the inadvertent delay in the process of your request, which arose due to some administrative procedures necessary to be fulfilled when dealing with such issue of eminent significance,” he said.

    FCDA, Ahmed said, was aware of the passion demonstrated by the firm to build a plant that would generate and inject 500Mw to the national grid and also boost supply of electricity to territory.

    The power sector privatisation in 2013 resulted in the splitting of the assets of the defunct Power Holding Company of Nigeria (PHCN) into the six power generation companies (GenCos) and 11 power distribution companies (DisCos). The development culminated in the application of embedded power plants by the DisCos to improve power supply to some areas.