The Nation Newspaper

Tag: growth

  • Berger Paints’ CEO unfolds growth plan

    Mr. Peter Folikwe, the new managing director of Berger Paints Nigeria has outlined the company’s strategic growth plan, which is aimed at enhancing shareholders’ value.

    Folikwe, who assumed office in March, said Berger Paints has modernized and upgraded its production with the acquisition of new machinery that will position the Nigerian company as one of the best paints manufacturers in Sub-Sahara Africa.

    He said recent investments in new production facilities, human resources and innovation were all aimed at enhancing the company’s earnings and shareholders’ value.

    According to him, the new production facility is designed to produce top quality and innovative products at reasonable prices, which will help the company to reduce inefficiency and increase the company’s turnover and market share.

    “Specifically, we are on the track to build the first automated paint manufacturing plant in the Sub-Sahara Africa. When completed, it will revolutionize our production and distribution processes, enhance product quality and delivery and reinforce our competitive edge,” Folikwe said.

    He assured that Berger Paints would continue to uphold the sanctity of the post listing requirements of the NSE, which place premium on full disclosure at all times, adding the management of the company is committed to creating better returns for shareholders.

    In his remarks, chief executive officer, Nigerian Stock Exchange (NSE), Mr Oscar Onyema commended the board and management of Berger Paints for sustaining a long legacy of corporate excellence.

    He urged the company’s management to uphold the highest standard of corporate governance in order to be on the Exchange’s Premium Board Index for companies that excel in corporate governance.

    Folikwe spoke during a visit to the NSE, during which he also performed the ceremonial ringing of closing bell for the stock market.

    He had earlier assured shareholders of Berger Paints that the company would sustain its profitability noting that the performance of the company in the first half of 2015 indicates that the company has been waxing stronger despite the harsh operating environment for manufactures in Nigeria.

    He pointed out that the company is setting up a multi-billion Naira factory to expand its operations while working on innovative products that would not only appeal to Nigerian consumers but the entire global markets.

    Folikwe reiterated that his pre-occupation is to drive Berger Paints as a brand whose products would continue to define quality and acceptability in Nigeria.

    In a related development, Folikwe had called on the government to support the development of the Nigerian real sector by providing enabling environment for manufacturing companies to thrive.

    He said Nigerian manufacturers are contending with several obstacles, which have reduced their competitiveness and limit their growth potential.

    Folikwe urged the Federal Government to address the issues of foreign exchange rate, infrastructural deficit, multiple taxation and enforcement of enabling rules by the Standard Organisation of Nigeria (SON) in order to create the much-needed enabling environment for businesses to thrive.

  • ‘Council autonomy will spur growth’

    ‘Council autonomy will spur growth’

    The chairman of Kwali Area Council, Hon Ibrahim Daniel has said that local government autonomy as well as abolishing the joint state and local government system will stimulate development at the grassroots.

    Reacting to the report of the autonomy granted by Kaduna State Governor Mallam Nasir el-Rufai to local governments in the state and the abolition of joint state and local government system, Daniel urged more states in the country to follow suit as it will bring development to the doorsteps of the people.

    “The governor of Kaduna State is replicating what he saw as a minister in the FCT. He met one of the best practices of FCT administration and decided to take it to his state. The area council account in FCT has been an autonomous account. Whatever FCT administration generates, 10 per cent goes to the area councils. If other states will follow suit, it will bring development will be seen at the door step of the people.

    “Whatever money that is meant for the councils should be giving to them so that the development will reach to the people.  For me, there should be only two tiers of government in the country, the local government and the federal government. The state does not have a jurisdiction, they exist under the local government. What you see is the capital centre being developed while the local government are left on their own,” he said.

    He expressed sadness that in most states, development was only recorded in the city capital adding that it was bad as the state fund should be equitable distributed so that development will be for everyone.

    “The state funds are meant for equitable distribution. If more local government created, they will deal with the people in the grass root and federal government have to do with international issues, the military and other issues,” he said.

     

  • EXMAN’s executive targets 25 per cent growth

    EXMAN’s executive targets 25 per cent growth

    Disturbed by the challenges facing its members, Experiential Marketers Association of Nigeria (EXMAN) has resolved to tackle them.

    Its President, Dr Rotimi Olaniyan spoke after the group’s second Annual General Meeting (AGM) in Abeokuta.

    He said the problems include dwindling revenue, reduced margin, and slow growth.

    Olaniyan said the agenda of the new Executive Council include the   growth and profitability to increase the sector’s market size.

    He said its targeted 25 per cent growth rate could be realised given the six critical goal areas set up to drive the process.

    He said this would be achieved in the next one year and to achieve these, the body would only worry itself about six critical goal areas.

    “First is revving the industry and basically protecting the industry from non-professionals, and secondly, it is about thought leadership. This is putting in place initiatives that would ensure that we maintain cutting edge as a practice and professional service industry,” he said.

    Other areas, Olaniyan believed, could spur the intended growth rate include improving the internal training capacity and focus on client engagement.

    “We will focus on client engagement as a critical issue. It is time for us to set up a proper forum to  to engage with clients and bring them up to speed with the challenges that we all faced,” he added.

    According to him, “Everybody in the experiential marketing industry is complaining; we have reduced margin; we have payment compensation terms that we don’t feel is adequate to cover our operational cost, not to talk about the little profit at the end of the day, which we can use to reinvest. So, there is a need for us to do some work in that area,” he said

    He, however, promised that in the next 30 days, the new leadership would unveil a document that would show the output that would be used to measure their performance in office.

    EXMAN’s immediate past president, Olagesin said his two years as foundational president had been fantastic. According to him, “it is never easy to take up the responsibility of leading a new association and starting from scratch. It has been very interesting, challenging as well as enjoyable, because laying the foundation and structure that would guide us going forward was never going to be an easy task.”

    The other new executives are Vice President, Wole Olagundoye; General Secretary, Kehinde Salami; Financial Secretary, Kayode Idowu and Publicity Secretary, Abiodun Oshinibosi.

  • ‘New export markets vital to growth’

    A new strategy to help drive agri-food exports is  vital to the  economy  in the face of the dwindling  Naira, an  expert,  Prof  Martins Antekhai  has  said.

    The most significant trend in Foreign Exchange (FE) markets so far this year has been the continued weakening of the Nigeria against both US dollars and Sterling.

    Nigeria has depreciated almost 70  per cent   versus the dollar since May of last year.

    Antekhai, who is of the Department of Fisheries, Lagos State University (LASU), said improved exporting  would have had a significant impact on the  economy as  the weaker Naira  is  making  the  economy   felt   the  negative  impact  of the global oil price drop.

     According  to him,  selling more agro produce abroad and growing export access is  very important in the government’s move to reposition the economy.

     Also, the Administrator, Rice Farmers Association of Nigeria, Kebbi State Chapter, Muhammad Sahabi Augie called for the government to create more opportunities to get more great Nigeria  exports products into new global markets.

    According to  him, rebuilding an economy that is export focused will support sustainable full employment and create jobs.

     Chief  Executive, Cocoa Development Initiative, Mr  Robo Adhuze,  said the  government was set to roll out a vision of increasing agricultural food exports by providing an environment  for educated, innovative and entrepreneurial people to realise their own aspirations and drive the sector towards ambitious new levels of growth and development.

    To this end, he urged the government to build a comprehensive plan for the development of the agri-food sector.

    Adhuze called for a plan to reverse long-term declines in farming productivity and the nation’s self-sufficiency.

  • ‘New export markets vital to growth’

    A new strategy to help drive agri-food exports is  vital to the  economy  in the face of the dwindling  Naira, an  expert,  Prof  Martins Antekhai  has  said.

    The most significant trend in Foreign Exchange (FE) markets so far this year has been the continued weakening of the Nigeria against both US dollars and Sterling.

    Nigeria has depreciated almost 70  per cent   versus the dollar since May of last year.

    Antekhai, who is of the Department of Fisheries, Lagos State University (LASU), said improved exporting  would have had a significant impact on the  economy as  the weaker Naira  is  making  the  economy   felt   the  negative  impact  of the global oil price drop.

    According  to him,  selling more agro produce abroad and growing export access is  very important in the government’s move to reposition the economy.

    Also, the Administrator, Rice Farmers Association of Nigeria, Kebbi State Chapter, Muhammad Sahabi Augie called for the government to create more opportunities to get more great Nigeria  exports products into new global markets.

    According to  him, rebuilding an economy that is export focused will support sustainable full employment and create jobs.

    Chief  Executive, Cocoa Development Initiative, Mr  Robo Adhuze,  said the  government was set to roll out a vision of increasing agricultural food exports by providing an environment  for educated, innovative and entrepreneurial people to realise their own aspirations and drive the sector towards ambitious new levels of growth and development.

    To this end, he urged the government to build a comprehensive plan for the development of the agri-food sector.

    Adhuze called for a plan to reverse long-term declines in farming productivity and the nation’s self-sufficiency.

     

  • Union Bank records modest growth in first half

    Union Bank of Nigeria (UBN) Plc, one of the oldest banks in Nigeria, rode on the back of significant growth in its core banking operations to mitigate headwinds and sustain overall steady but modest performance in the first half of this year.

    Key extracts of the interim report and accounts of UBN for the period ended June 30, 2015 indicated that interest income, which rose by 18.3 per cent, counterbalanced 11.2 per cent decline in non-interest income, leaving the top-line with a modest growth of 5.8 per cent. Pre and post tax profits rose marginally by 2.2 per cent and 1.9 per cent respectively.

    Group gross earnings closed first half 2015 at N55.96 billion as against N52.88 billion recorded in comparable period of 2014. Interest income had risen from N36.6 billion in 2014 to N43.3 billion in 2015. Net interest income however declined from N13.87 billion to N12.31 billion. Group profit before tax inched up from N6.47 billion to N6.61 billion while profit after tax slightly increased from N6.34 billion to N6.46 billion. Earnings per share rose from 35 kobo to 38 kobo.

    Managing director, Union Bank of Nigeria (UBN) Plc, Mr. Emeka Emuwa, said the successful implementation and migration to a new banking platform, Oracle FlexCube UBS, has provided a more stable operating environment for the bank to serve customers and process routine transactions quicker and more efficiently.

    “In spite of economic headwinds and regulatory changes impacting the financial industry, Union Bank remains on a stable growth trajectory as we implement initiatives to grow our core banking segments,” Emuwa said.

    He noted that the group’s core banking business performed significantly better during the period as the bank’s stand alone gross earnings grew by 17 per cent while the bank delivered profit before tax of N10.2 billion, a 53 per cent increase over the same period in 2014.

    “Excluding the gain on the sale of subsidiaries, the bank delivered profit before tax of N6.7 billion, a 134 per cent increase over the first half of 2014. Deposits also continue to move in the right direction with 8.0 per cent growth when compared to December 2014. Non-volatile deposits alone grew by N55.7 billion during the first half of 2015,” Emuwa stated.

    He assured that as more clarity emerges in the macro-economic environment in the second half, the group would consolidate the gains it made in the first half of the year; maintaining its focus on delivering operating efficiencies across its operations and proactively managing its risk while exploring emerging opportunities in the economy.

    In her remarks, chief financial officer, Union Bank of Nigeria (UBN) Plc, Mrs. Oyinkan Adewale, said good performance across most financial metrics underscored the improving fundamentals and operational discipline of the bank.

    “For the second half of 2015, our focus remains on continuing to manage funding costs, reducing operating expenses and minimising impairment costs through proactive risk management. We will also continue leveraging technology to enhance customer experience and reduce the cost of servicing customers,” Adewale added.

     

     

  • Tony Elumelu Foundation backs private sector economic growth

    The Tony Elumelu Foundation has reiterated its commitment to private sector economic growth and giving the operators a leading role in Africa’s development.

    Africapitalism, the economic philosophy first developed by Tony O. Elumelu, back in 2010, and has been heavily influenced by his long career as a banker, investor, entrepreneur and philanthropist.

    The Africapitalism Institute and Durham University Business School, co-hosted a day-long academic symposium on the economic philosophy called “Africapitalism” at the Foundation’s headquarters in Lagos.

    The primary goals of Mr. Elumelu’s Africapitalism mission are to promote public policies that facilitate private sector growth, to educate established businesses about how Africapitalist business practices can enhance both profits and prosperity, and to address the specific needs of Africa’s emerging entrepreneurs as the best source of new and inclusive local value creation.

    “The purpose of today’s discussion is to explore the key issues influencing Africapitalism as an economic philosophy from the perspective and scrutiny of academia,” said David Rice, Director of the Africapitalism Institute at the Tony Elumelu Foundation.

    “Years ago, Mr. Elumelu developed this philosophy from the perspective of a practitioner and his role as a banker, businessman, investor, and entrepreneur.  Now his Foundation is supporting the rigorous, independent analysis of Africapitalism’s merits.”

    Several distinguished faculty members from Durham University made presentations to a diverse audience that included scholars, students, business people and investors.

    Participating faculty members included Professor Geoff Moore, Chair of Business Ethics and Deputy Dean; Professor Mehmet Asutay, an expert in Islamic Finance; senior lecturer Dr. Emmanuel Adegbite, who spoke about Africapitalism and corporate governance; and Mark Learnmonth, Professor of Organizational Studies.  The day’s agenda was driven by Dr. Adegbite, who is a member of the Africapitalism Research Project team led by Professor Kenneth Amaeshi, who has appointments at Edinburgh University in Scotland and at Lagos Business School.

  • ‘Nigeria’s unity, panacea for growth’

    NIGERIA can only harness its economic potentials when its people live together harmoniously, irrespective of tribal, religious and political affiliations, Senate President Abubakar Bukola Saraki said yesterday.

    He spoke while receiving members of Northern Reawakening Forum (NRF), led by Mohammed Umara Kumali.

    The Senate President Media Office quoted Saraki as saying that the country is blessed with abundant resources and that the only way to ensure their efficient utilisation was for all the geo-political zones to contribute their quota to the growth of the economy.

    Saraki was also quoted to have said that every part of the country was important and should be encouraged to actively participate in the nation’s development.

    He said: “It becomes a concern when any part of the country cannot meet up its obligation. Our objective in the Eight Senate is to encourage the diversification of the economy by developing other sectors like agriculture, mining, industrialisation and other viable areas with the aim of creating employment and a robust economic environment across the country.

    “We must set out our priorities. We must show that there is a difference in our legislative activities. We must meet up with the yearnings and aspirations of Nigerians who have sacrificed so much for us during the last elections.

    “I am confident that this Senate will continue to partner and work closely with every stakeholder in our resolve to give the nation the dividends of democracy.”

    Kumalia said his group came into existence three years ago with the aim of finding solutions to the myriad of challenges faced by the North.

    He said the association has been engaging governments at all levels on how to contain the inter-ethnic and religious crisis, high level of illiteracy, exploration of oil in the North, agricultural development and insecurity.

     

     

    That is the reason why we are here.”

    Kumalia listed industrialisation of the North, dredging of the River Niger, the passage of the Petroleum Industry Bill (PIB), insecurity, improved agriculture and investment in education as some of the lingering issues “we in the North want this government to address as a matter of urgency.”

    Kumalia, who hailed the Senate President for rising up to the challenges being faced by Nigerians, also assured that the forum would not relent in partnering the National Assembly towards addressing the challenges.

  • ‘Technical development key to oil, gas growth’

    Players in the oil and gas sector have been urged to make technical capacity development as a panacea for their growth.

    Acting Principal/Chief Executive, Petroleum Training Institute (PTI), Effurun in Delta State, Mr. Jacob Avuakporeta Orukele, gave the advice at an oil/gas and allied companies learning managers workshop at the institute.

    In his welcome address on the occasion, he said allied companies  should be preparing their organisations for the challenges ahead.

    At the event, he sought for collaboration in human capital development, staff exchange programme, students industrial attachment and the support of stakeholders.

    In a lecture on, Gas development:  On-shore and off-shore, A level playing field of the future in the Industry,   Dr. Olimma Ufuoma Allison harped on the essentials of gas formation, noting the natural processes in the evolution of a viable oil and gas wells and reservoirs. She listed the global distribution of gas resources and disclosed that Nigeria has the largest gas reservoir in Africa and the ninth in terms of resource availability in the world.

    She underscored the enormous cost of infrastructure for gas development and the government’s effort in addressing such challenges. She stressed the success of the Joint Venture between NLNG and foreign companies in exploitation of gas in Nigeria.

    She reiterated that the investment potential in the industry was a consequence of the rising demand for gas both locally and globally and cited the various local and international companies involved in successful gas business.

    She noted the imperativeness of reduction of gas flaring to meet international regulations as regard to gas flaring actually gave rise to the investment opportunities to comply to national legislative  requirement and international regulatory laws. She reiterated the strategies embarked upon by the government in the nation’s Gas Master Plan to attract investments in gas sector of the economy.

    She recounted the issues of threat to security, inherent risk and low investment in gas infrastructure as the major challenges in gas development projects in the country.

  • Ogidi Day: Feasting for economic growth

    Ogidi Day: Feasting for economic growth

    Undaunted by the many challenges they face, the people of Ogidi in Ijumu  Council Area of Kogi State have remained resolute, using the yearly Ogidi Day celebration as platform for socio-economic growth, Assistant Editor (Arts) Ozolua Uhakheme, reports

    Despite the poor state of the 12-kilometre road that leads to the serene community of Ogidi in Ijumu local government council area of Kogi State, thousands of guests arrived at the rocky settlement much earlier than expected. The hosts led by the Ologidi of Ogidi, Oba Rabiu Oladimeji Sule and National President Ogidi Development Union Mr. Tunde Ipinmisho were fully at home and prepared for the big annual feast. Large size banners and posters tied to strategic places welcome every guest to the community with a strong message: One people, One purpose. And the purpose is to galvanise the people in promoting socio-economic development in the community, especially education.

    At intervals, several gun shots broke the rhythms of cultural troupes’ drumbeats that resonate in a community hemmed by several hills. Last Saturday morning, those shots symbolically heralded the opening of the festival that attracted guests from far and near including foreign tourists.

    Community Hall ground, venue of the Ogidi Day 2015 celebration was literarily overran by guests, performing troupes, artists and dancers who added colours to this year’s feast- a multipurpose event that encompasses new yam festival, cultural exhibition, free medical checks, live drawing session and development mobilisation.

    An all-female troupe, Adunni Nefetiti set the tone for the day’s event with a soulful and dramatic presentation, which was followed by homage to Ologidi. Expectedly, different groups including Ogidi Development Union branches across the country took turns to pay homage to the Ologidi.

    Guests that attended the event included Kogi State Deputy Governor, Mr Abayomi Awoniyi, who represented Governor Captain Idris Wada; Major General David Jemibewon (retired) and his wife, Modupe; Senator Dina Melaye; Dr Dayo Olagunju, Chief Nike Okundaye;  Olojudo of Ido-Osun, Oba Adedapo Aderemi and other top traditional rulers from neighbouring communities. Groups and individuals such as Ronke Bello led UK-based NGO, Ripple made handsome donations to the community.

    Captain Wada said that beyond the excitement that the new yam celebration symbolises, the people of Ogidi deserve commendation for sustaining their heritage and putting the beauty of the culture of its people on the global map adding that   the new yam evokes life and renewal.

    The governor who was represented by his deputy, Abayomi Awoniyi said that through such initiative the people of Ogidi have not only complimented the tourism objectives of the state government, but have gone steps ahead in promoting the state as the best and most diverse tourist destination in Nigeria.  “Government will ensure that Ogidi and other communities who attract tourists to our state continue to receive appropriate institutional support and recognition not only by enhancing the necessary infrastructure in their localities but by enlisting them in the official calendar of government’s activities. As you may be aware this administration has already initiated and sustained the annual cultural carnival where our cultural resources across the state are generously exhibited,” he said.

    He acknowledged the contributions of Chief (Mrs) Nike Okundaye who built a high profile of achievement in the preservation, projection and the presentation of the culture of Ogidi people.

    Continuing, he said: “I must say that the Ogidi community again stands out in this regard, because as you may be aware, this administration has carried out rehabilitation of many public schools across the state in demonstration of its commitment to restoring glory to public schools in the state.  Schools that have benefited from this programme include; St Augustine’s College, Kabba, Abdul Azeez Memorial School, Okene, Government Secondary school, Dekina, St Charles College, Ankpa, and Holy Rosary College, Idah among others.  I therefore, commend the Ogidi community for using the opportunities presented by this programme to raise funds for the rehabilitation of your schools.”

    The initiative, he said, is a commendable demonstration of understanding, bearing in mind the hard realities of government’s limitation in responding to the various needs of the populace.  He added that in many respect, the people of Ogidi are showing good examples that should be emulated by other communities.

    Melaye pledged to continue to support the community saying Okun people are the most deprived ethnic group in the state. “but that story will soon change and very soon we shall occupy Lugard House at Lokoja. Roads and water supply will be my carddinal projects and dits a battle of no retreat, no surrender. In 4 yearstime, Ogidi will not be forgotten.

    National President, Ogidi Development Union, Mr. Tunde Ipinmisho said the Ogidi day celebration is fast gaining ground among cultural festivals in the country, but noted that many people in Ogidi are yet to realise its socio-economic relevance. He stated that the annual event is not meant to put food on people’s table but to attract national and global attention to the rich cultural heritage of Ogidi.

    “And through that draw attention to the parlous state of Ogidi. No government establishment that will attract workers to live in Ogidi. But we have found an anchor to our creative enterprise. One day, tourists from across the globe will arrange their holidays to visit Ogidi,” he added. On the critical interventions by the Ogidi Ela Forum in the areas of education and infrastructural rehabilitation, he said: “The two schools in Ogidi are not in good shape as there are not teachers apart from corps members.  If we neglect our education, we will deny ourselves of comfort hence we tackle the challenge frontally.”

    In pursuance of its immediate needs in the community, Ogid Ela Forum has raised about N1.5million that will be expended in phased rehabilitation of the community school.

    The event also witnessed performances by different cultural troupes such as Ondo State Troupe, Iyah and Nupe group, Osogbo/Agbo Olode group, Nike group, and cutting of cake marking the birthday of Mrs Habeeb Folarin. Also there was a life painting session by four artists Owolabi Ayodele, Adeleke Hakeem, Biodun Badejo and Alabi Dimeji who captured the hilly landscape of Ogidi on canvass.