Tag: The Nation newspaper

  • Capital markets focus on investor education

    Capital markets across the world have launched a week-long investor’s education programme aimed at enlightening investors on basics of investing and the emerging trends in the global securities market.

    The International Organisation of Securities Commissions (IOSCO) on Monday launched its third annual World Investor Week (WIW), after successful organisation of the week-long event in 2017 and last year. IOSCO is global body of securities regulators and its members regulate more than 95 per cent of the world’s securities markets in more than 115 jurisdictions. Nigeria is a member of IOSCO.

    The WIW is a week-long, global campaign, which aims to promote investor education and investor protection, highlighting the various initiatives of securities regulators in these two critical areas.

    The WIW started on September 30, and will run through October 6, 2019. IOSCO members will provide, in their jurisdictions, a wide variety of activities, such as launching publications or services, promoting contests and organizsing workshops, conferences and other events. Many members leverage the event to organize further investor education activities throughout the year.

    According to IOSCO, given the digital environment, the WIW 2019 includes key messages regarding online investing, digital assets and initial coin offerings, as well as re-emphasizing the basics of investing.

    IOSCO noted that in last year’s WIW, IOSCO members and stakeholders from some 90 jurisdictions on six continents undertook a range of activities, such as offering investor-focused information and services, promoting contests to increase awareness of investor education initiatives, organizing workshops and conferences and launching local and national campaigns in their jurisdictions.

    Chairman, International Organization of Securities Commissions (IOSCO) and Chief Executive Officer, Hong Kong Securities and Futures Commission, Ashley Alder, said the third edition of the World Investor Week evidences IOSCO’s continuous efforts and commitment to investor education and protection.

    Ashley said IOSCO has been encouraging new initiatives among its members and preparing them for dealing with the challenges of increasingly interconnected and digitalised capital markets.

  • Olamide, Phyno, others thrill at Aspire Music Festival

    Top Nigerian artistes  have thrilled fans at the Aspire Music Festival  held recently in Lagos.

    The music festival organised by Zenith Bank Plc at Harbour Point Event Center,  Lagos is part of the activities for the second edition of the bank’s lifestyle event, ‘Style by Zenith’. Among artistes that featured were:Olamide, Phyno, Flavour, Niniola, Rema and Mayorkun. Each  artiste came on stage with their A-game.

    Also on stage for rib-cracking jokes were music comedian Kenny Blaq, while celebrity hypeman and OAP, Do2dtun revved-up the crowd throughout the night event, giving them real value for their time.

    Kenny performed his signature comedy music skits. A notable skit from Kenny left many in awe when he performed his version of the late pop legend Michael Jackson’s smashing hit ‘Billie Jean’ featuring Zlatan. Another favourite of the crowd was when he sampled how an industrious gospel ‘Alaba’ musician can remix the popular ‘Zanku’ track to fit into his own genre. That performance elicited laughter from the crowd.

    Zenith Bank’s Aspire Music Festival is an annual lifestyle fair, one out of a series of events lined up to usher in ‘Style by Zenith 2.0’.

     

  • Toyota to raise stake in Subaru to 20 per cent

    Toyota Motor Corporation said it will raise its stake in Subaru Corp to 20 per cent from 16.8 per cent to boost the companies’ joint development of advanced technology for autonomous and electric vehicles.

    The increased stake will make Toyota’s 14-year-old partner into its equity-method affiliate, meaning the Japanese auto giant will see Subaru’s earnings incorporated into its consolidated financial statements.

    Under a deal struck by the two automakers, Subaru also plans to acquire a stake in Toyota worth 80 billion yen ($741 million), equivalent to the largest Japanese automaker’s additional investment in the smaller partner.

    They will buy each other’s shares through the stock market or direct transactions between them as soon as approval is secured from competition authorities.

    Toyota has been stepping up efforts to consolidate its ties with smaller rivals and tech giants such as SoftBank Group Corp to respond to a shift in consumer demand for electric, connected and self-driving vehicles.

    Toyota agreed in late August with Suzuki Motor Corp on a capital tie-up to jointly work on autonomous vehicles.

    Toyota formed an alliance with Subaru, formerly known as Fuji Heavy Industries Ltd, in 2005 after purchasing shares from General Motors Co.

    Toyota and Subaru have since cooperated in vehicle development, production and sales. Toyota is already the largest shareholder in Subaru.

    As part of their cooperation, they began selling their jointly developed sports car, branded by Toyota as the 86 and Subaru the BRX, in 2012.

    In June, the carmakers said they will jointly develop an electric sports utility vehicle to be sold under each company’s name by the mid-2020s in the United States.

    Subaru is also among major Japanese automakers that have invested in a self-driving technology startup Monet Technologies Inc, jointly established by Toyota and SoftBank Corp.

     

  • ANAN raises committee to assess MDAs

    The Association of National Accountants of Nigeria (ANAN) has embarked on assessment of Ministries, Departments and Agencies (MDAs) for public sector accountability.

    Leading the group’s members during the ‘Walk’ in Abuja, ANAN President Prof.  Muhammad Mainoma said the association had constituted a seven-man committee to assess the MDAs.

    Mainoma said the theme of the 24th Annual Conference of the association held in Abuja was “Nation building sustainable growth: Challenges and prospects”.

    He recalled that ANAN started the concept of “Whistle Blowing‘’ several years ago, saying the association discovered that it must put a system in place to monitor and assess MDAs.

    According to him, we have set up a committee to rank MDAs in order of performance in a bid to check corruption.

    “We want individuals to run away from corruption. Ours is to develop a nation where corruption will not happen. The kind of mechanism we are developing in our association is controlled mechanism. No individual should be in a place to start a project and complete it. Other people must be involved to avoid connivance,” Mainoma said.

    He explained that benchmarking is important in nation-building and also remains a pillar of the ANAN conference. “You cannot build a nation if you do not have love for the nation. You require a lot in terms of organisation. You require some level of capacity building. Knowledge is essential if you are talking about nation building,” he said.

    He called for sincerity of purpose on the part of everyone as all hands must be on deck in building a successful nation.

    “Bench Marking, Love, Organisation, Capacity Building, Sincerity of Purpose (BLOCKS). All that is required is BLOCKS for nation building,” Mainoma said.

    He, however, noted that a citizen must be energetic and healthy before thinking about nation building,

    “We do this ‘Walk’ as a symbolic presentation of all we do daily. You must be healthy to be in a position to help the growth of the economy,” ANAN president said.

     

  • Stanbic IBTC Pension to sponsor Art X Lagos

    Stanbic IBTC Pension Managers Limited (SIPML), a subsidiary of Stanbic IBTC Holdings PLC, has announced its plan to sponsor this year’s Art X Lagos.

    SIPML is sponsoring Art X Modern, a new section dedicated to celebrating pioneers of African modern art from the 20th century.

    Art X Modern will comprise three galleries: Bloom Art and Mydrim Gallery, which are Nigerian, and Gallery 1957 from Ghana. It will feature Uche Okeke and Obiora Udechukwu as well as Prof. Ablade Glover from Ghana, among others.

    SIPML will host a public talk.

    Stanbic IBTC Pensions Chief Executive Mr. Eric Fajemisin said the company is committed to promoting the art sector.

    He said: “Our interest in promoting arts is hinged on the belief that creativity and intellect can serve as sources of livelihood for individuals who decide to make a career out of their passion for painting and drawing. In other climes, art is cherished, and patrons sometimes pay a fortune for works of art that are considered collectors’ items. We want to promote a culture which ensures that artists are appreciated for their ingenuity and adequately rewarded with the premium and royalties that their works attract.”

    Fajemisin added that the company decided to host the Art X Modern section to ensure that artists get the recognition due them during their lifetime.

    “Being Nigeria’s largest pensions manager, we have the responsibility to ensure that our customers retire well, so that they have something to fall back on post work-life.

    We are also promoting that principle which holds that those who contribute actively to enriching lives and enhancing our creative industry get their due, even after leaving active work life.”

    This year’s edition of Art X Lagos will hold at Federal Palace Hotel from Friday, November 1 to Sunday, November 3, 2019. This year’s Art Festival will feature 23 gallery booths including Nigerian gallery exhibitors such as: The Space, Bloom Art, Nike Art Gallery, Retro Africa and SMO Contemporary, among others.

    The roll call of artists who will showcase their art includes: Abe Odedina (Nigeria / UK / Brazil), Soly Cissé (Senegal), Sam Nhlengethwa (South Africa), Tizta Berhanu (Ethiopia), Peju Alatise (Nigeria) and Lady Skollie (South Africa).

    ART X Lagos is West Africa’s first international art fair, designed to showcase intriguing and innovative contemporary art from the African continent and diaspora.

     

     

  • FAQ on Defined Benefits Scheme

    What is a Letter of Administration?

    Letters of Administration are usually granted by a probate registry of a High Court to appoint appropriate person(s) or institution to administer the estate of a deceased person in line with extant applicable laws and regulations such as the Administration of Estate Laws, 2005.

    • What are the features of Letters of Administration?

    In line with the provisions of the Administration of Estate Law, 2005, a valid Letter of Administration must contain the following features: Name of the Court (High Court), Name of deceased; Date; Place of Death; Names and addresses of the beneficiaries; Value of property; and Seal of the Court.

    • Which of the courts is saddled with issuing Letters of Administration?

    The High Court of a state or the FCT High Court.

    • What is the difference between Letters of Administration and Enrollment of Order?

    An Enrolment of Order is a summary of the judgment of a Court for enforcement, while Letters of Administration are granted by a probate registry of the High Court to appoint appropriate person(s) or institution(s) that would administer the estate of the deceased.

    • What is the importance of a seal in a Letter of Administration? Can Letters of Administration be authentic without it?

    Red seal or the seal of the court must be affixed to a Letter of Administration to authenticate the document. A letter of Administration without a seal is invalid.

  • ‘To secure, we have to love: herdsmen, kidnappers, Boko Haram and the climate of fear’

    It is also a story of economic hierarchy. The herders are not the owners of the cattle. Some of them are owned by shadowy big men, who encourage them to bring home the profits. So those who argue against the herdsmen also are pitching battles by proxy against the Fulani hegemon. It makes the matter even more complicated.

    The question of banditry has become another hobgoblin. Is the herdsman a bandit, or it is just the bandit masquerading as herdsman. If the herdsman was so busy trying to sell its cows, what time will they have to sell their cows if they lay ambush everyday on highways?  According to some analysts, the herdsmen exist who have always been with us. These men still occupy the farms and wreak havoc. They still want grazing fields for their animals. Yet, when we see them, we only see sticks. They don’t read. They don’t follow the fire and outrage of contemporary angst and debate. They just go about their businesses.

    But some say there are bad herdsmen, but most of the havoc we see come from bandits who have lost their way in the world. So, they live and die by killing and dispossessing the victims. According to recent reports of captured marauders, some of them are trained outside the country. They steal into the country through the borders. Yet, the reports show that they would not know their way around the country if they did not make companionship with locals. That is why the economic blends with the cultural. The Zamfara case tells us that it is essentially an economic matter.

    Zamfara State would, in a properly governed environment, be a near Eldorado with networks of highways, high-rises, shopping malls, a buzzing airport, the panoply of spinoff commerce, burgeoning cultural exports, et al. But it’s the hallowed ground of bandits and crude adventurers. It is the economic equivalent of a hoodlum’s paradise.

    Tied to this is the perception of the bandit crisis as class warfare. Take, for instance, the rage of elite kidnappings, especially in the north. The Abuja-Kaduna highway is now a thoroughfare of woe for even the Fulani elite. Those who say the bandit crisis is Fulanisation and Islamisation should answer why a governor, a minister, a permanent secretary, a money bag of the Fulani extraction would not travel that road with all the array of cars and security men. Rather they would huddle with others in the rowdy comfort of a train. The story is told of an imam who gave a pep talk in Abuja and told his audience that the Abuja-Kaduna expressway was safe. After his glowing delivery, it was time to return home to Kaduna. He did not hit the express. Rather his hosts escorted him to the train station. His faith was not tailored to his own soul, but to those he encouraged. Do what I say, but not what I do.

    Nothing demonstrates the confluence of class warfare and economic imperative than the issue of kidnapping. They have redefined the value of human capital. You kidnap a judge or a minister’s son, and that is a great investment in human resources. The return could be more profitable than drugs. Within hours, you can make as much as N20 million or N50million, or even more, depending on the opulence and desperation of the captive and their family. Why would the talakawa, who neither reads nor write, and who cannot earn with all his manic muscles more than N20 thousand Naira a month, neglect so great a financial salvation? Within a week, he can stun himself with enough to buy a new car and build a house and enjoy all the soft life and luxuries that Maigida has taken for granted. All he has to do is kidnap again. It becomes addictive. Any catch translates into a generational wealth in their eyes. He becomes a money-miss-road, dross in gold. So, to such gold diggers, they don’t see Fulani, they see Eldorado.

    In the northeast, the Boko haram flame has failed to abate. When it is not smothering lives in firestorms of surprise attacks, suicides bombs and all, it is smouldering in intermittent skirmishes. Yet, it all began with a class narrative. The poor under the cynical watch of former Borno State Governor, Ali Modu Sherriff, were used for elections and cast away. They needed shelter, food, and wives. A certain messianic creature known as Mohammed Yusuf provided them all these. All he wanted from them was his own version of Islamic piety. They are under the thrall of the man who gave them food. He works under what the Russian writer Fyodor Dostoyevsky designates as the triad of oppression. They are authority, mystery and miracle. These three weapons under a person’s command can make him a god on earth. That was Yusuf, and the founder of Boko Haram. After providing the Sheriff castaways with food, shelter and wives. He had made them his children, his urchins. As Dostoyevsky noted in his novel, The Brothers Karamazov, “anyone who can appease a man’s conscience can take his freedom.”

    With mystery, he gave them faith. With miracle, he gave them food, shelter, and all of that gave him authority.  To other classes of humans, food may not be miracle. To the poor who is hungry, especially the destitute, food and shelter are miracles from God. Again, as Dostoyevsky defines it, “In a realist, faith does not spring from miracle but miracle out of faith.” You define your own miracle.

    So, his followers now decided to strike. Was it about Islam? Well, yes, the extreme variant. But was it about class? Plenty. They brought down emirs, razed tony mosques, pillaged the markets, carted away the girls that would be brides to the rich, etc. They saw themselves not as evil people. They saw themselves as messengers of the Almighty, who loathed the moral squalor of the feathered class.

    Yusuf took away their freedom and gave them his own. They all want to be free to be terrorists. Philosopher Isaiah Berlin noted that freedom was not only about the classical idea of western liberal thought. Anyone can define it their way. As the Marxist wants his freedom, so does the terrorist, so does Boko Haram.

    Within the Nigerian state, we therefore see all of these clashes in the family. Each one wants a different definition of comfort and peace. In that ambience, peace is the major casualty, and where there is no peace, fear abounds.

    When Boko Haram was at its peak, the military brass backed by its Fulani elite waged a quiet genocide against the Kanuri. Anytime they saw a Kanuri gathering, or a kanuri traveller with their distinctive tribal marks, they were targeted for arrests, harassments and killing. The shoe, as they say, is in the other foot now. The targets are Fulani today. No one trusts them, including the Hausa. Even the elite Fulani suspects the talakawa up north. As Samuel Coleridge once noted, even “whoring brothers disagree.” So, we have created fear as an instrument of governance. It will take fear banishment and as sense of fairness for the fear to go.

    With each afraid of the other, we cannot stop banditry, or herdsmen crisis, or even Boko haram. We need a leadership of fairness and fearlessness. Is that not why the issue of banditry even in the southwest has become even a big problem. On the military level, why are we not using drones to target and isolate and knock out the hoodlums? Are they not living among us? Are they spirits?

    What did the former Borno State Governor Kashim Shettima deploy to flush out many Boko haram players from among the people? They were the Civilian JTF. They are the unsung heroes of modern Nigeria. We need drones as intelligence since the intelligence agencies in Nigeria have failed us. We need to create civilian equivalents of the JTF in the southwest and other parts of the country. Then the drones can track their hideouts, and the Air Force and soldiers can go to work. In short order, we can deal with the scourge. That is a short term solution to the herdsmen bugbear.

    After that, we can face the perennial issue of distrust. If we cannot stop it, it will haunt us, and the scourges will emerge in other dimensions.  We have to awake the right identities and paradigms for the future. That accounts for why the philosopher Rene Descartes said, cogito ego sum, “I think therefore I am.” In his own book of polemics titled, The Rebel, Albert Camus wrote, “I rebel – therefore we exist.” In his novel, Satanic verses” Salman Rushdie declares, “to be born again first you have to die.”

    So, it means we have to pursue a new birth and a new identity. Hence I titled this piece, “To secure, first we have to love.” That is love each other. It means a leadership of cooperative charisma beyond class and tribe and primordial loyalties. Or else we shall solve one and go into another problem. For instance, as Femi Falana has warned, the followers of Sheikh EL Zakzaky are fuming and growing. Is that the next bandit? Or cover for one?

    So, the problem is not in anywhere else but in us. It is because we fear ourselves.

     

  • Waiting for Deep Sea project’s magic

    Over 95 percent of Nigerian trade, by volume, and more than 70 percent of its value is moved around aboard ships and handled by seaports nationwide. But, according to Minister of Transportation, Rotimi Amaechi, the maritime sector returns less than N100 billion annually. Can the Deep Sea Project boost the country’s fortunes in the sector? ROBERT EGBE reports

    Nigeria’s coastline of 852 kilometres bordering the Atlantic Ocean in the Gulf of Guinea and maritime area of 46,000 km2, have significant and diverse marine resources. Also, various national economic activities depend on or derive from ocean resources, but the potentialities of the country‘s blue economy is far from being fully harnessed.

    For instance, in 2018, the maritime sector failed to attain the 5.5 per cent growth rate predicted in the Nigerian Maritime Industry Forecast released by the Nigerian Maritime Administration and Safety Agency (NIMASA) last year.

    The shortfall in NIMASA’s growth forecast was attributed to a number of developments including the volatile status of the oil market, uncertain global trade conditions, reduced cargo throughput at Nigerian ports, the recovering economy, piracy and reduced flow of foreign direct investments (FDIs).

    Maritime security is also a key factor affecting maritime sector growth.

     

    Deep Sea Project

     

    But it is not all doom and gloom.

    Experts in the sector believe with sufficient maritime security the economy will blossom.

    Minister of Transportation, Rotimi Amaechi, has stated that the new maritime security infrastructure being built by the Federal Government, the Deep Sea Project would be a major economic trigger for the country.

    Amaechi spoke in Lagos during the World Maritime Day celebrations, with the theme, “Empowering Women in the Maritime Community”.

    During the event, 10 women were honoured for their pioneering contributions to the maritime sector. Also, 10 students, who excelled in an essay competition organised by NIMASA in commemoration of the Day were awarded the Agency’s educational grants.

    Amaechi said the Deep Sea Project, which aims to secure the country’s territorial waters up to the Gulf of Guinea, would inspire greater investors’ confidence in the Nigerian maritime sector and boost the sector’s contribution to the national economy.

    “With this security infrastructure, the revenues of the agencies in the maritime sector will increase and the revenue to the country will also increase.

    “Currently, maritime sector is  returning less than N100 billion; they should be doing more than that. They should be returning above N300 billion. But in terms of the economy, the maritime industry is contributing quite a lot,” the minister said.

     

    Linking railway system to seaports

     

    According to Amaechi, the government’s plan to link the railway system to the seaports, is a way of integrating the maritime sector into the rail master structure. This, he noted, will make movements of goods to and from the ports more effective, thereby boosting the economy.

    He said: “All seaports in Nigeria must be connected by rail; that is a policy of government. We have put in place a 25-year modernisation programme for the rail system. With the master plan, we have taken rail from where the past government stopped into the seaports.

    “For instance, the current Lagos-Kano rail line began from Ebute-Meta. But when we came, we started another line from Ebute-Meta to Apapa seaport. With this, when you bring in your goods, you turn them to the rail that takes them to the hinterland. The one from Lagos to Calabar will link the Calabar, Port Harcourt, and Onne seaports, and so on.”

     

    Gender inclusivity in Deep Blue Project

     

    Stakeholders also pledged to uphold quality female participation in the sector especially in the execution of the anchor security scheme, the Deep Blue Project.

    The Deep Blue Project is a multi-pronged approach towards tackling insecurity in the Nigerian territorial waters and the entire Gulf of Guinea. It involves the acquisition of assets, such as fast intervention vessels, surveillance aircraft, and other facilities, including a command and control centre for data collection and information sharing that will serve the goals of targeted enforcement. The project also includes the training of personnel from the security services to man the assets.

    The objective is to build an integrated surveillance and security architecture that will comprehensively combat maritime crime and criminalities in Nigeria.

    Amaechi, who commended the leaderships of agencies of government in the maritime sector for their commitment to capacity development, pledged Federal Government’s commitment to gender equality based on competence.

    He said women in Nigeria had shown that the female gender had the capacity to assist government attain the goal of lifting more Nigerians out of poverty.

    “Deputy Secretary-General of the United Nations, Amina Mohammed, has excelled as a global technocrat not because of her gender, but due to her knowledge and ability to deliver on assignments given to her.

    “President Muhammadu Buhari is committed to giving capable women opportunity to serve Nigeria. Nigerian women should commit more to capacity development. Women are the most intelligent creation by God,” the minister added.

    NIMASA Director-General, Dr. Dakuku Peterside, who made a presentation on the measures by the Federal Government to tackle maritime security, explained the female gender’s role in the Deep Blue Project.

    Dakuku said: “We have various components in the coordinated maritime security solution and the female gender is already part of the project.

    “Aside land, air, and marine-based assets being acquired, we have an intelligence gathering component where the women are already playing a major role. We recognise gender equality as one of the key platforms on which we can build a sustainable solution to security challenges in Nigerian maritime sector.”

     

    More scholarships for women needed

     

    Also speaking at the occasion, Minister of State for Transportation, Senator Gbemisola Saraki, called for more scholarship and mentorship schemes to boost female participation in the shipping sector. Saraki noted that the achievements of women in the maritime sector had shown that if given the opportunity, the Nigerian woman will excel.

    “We want more scholarships for the girl child in Nigeria. Women who have been given the opportunity in Nigeria have excelled, just as we have shown with the NPA where Hadiza Bala Usman has made tremendous difference, being the first female MD of that Parastatal,” she stated.

     

    UI student wins World Maritime Day essay competition

     

    Meanwhile, a student of the University of Ibadan, Mr. Toluwalope Ojewola emerged overall winner of an essay competition organised by NIMASA to mark the World Maritime Day.

    Ojewola was tops in a group of 10 students whose entries were selected by an independent panel of judges for the final contest. But all 10 nominees were awarded the Agency’s educational grants.

    The essay competition, which had over 100 entries, was on, “Empowering women in the maritime community,” in line with the IMO (International Maritime Organisation) campaign focus, “Supporting gender equality, empowering women” in maritime.

    Ojewola was presented with a N500, 000 Education Grant, a laptop and a plaque by the the Minister of Transportation.

    Miss Blessing Omataye of the University of Benin came second, while Alexander Chikudinaka Nwaegede from the University of Nigeria, Nsuka, came third. Both won educational grants and lap tops. They were part of the 10 students awarded educational grants by the Agency.

    The annual essay competition, which commenced in 2017 is open to only first and second year students of tertiary institutions in Nigeria and is part of NIMASA’s commitment to getting youths, particularly girls, involved in the intellectual discourse on harnessing the potentials of the blue economy in Nigeria.

     

    10 maritime women leaders honoured

     

    The event also witnessed the recognition of some women considered as pioneers in the Nigerian maritime sector. The first female Admiral in the Nigerian Navy, Rear Admiral Itunu Hotonu, First female to Chair the Senate Committee on Maritime and now Minister of State Federal Ministry of Transportation, Senator Gbemi Saraki, Chairman House Committee on Maritime Safety, Education and Administration, Hon. Linda Chuba Ikpeazu, Nigeria’s first most senior female Director at the IMO, Mrs Monica Mbanefo, the First Female Managing Director of the NPA Hadiza bala Usman as well as the first female Director-General of NIMASA Mrs Mfon Usoro.

    Others include Hajia Lami Tumaka Director special duties in NIMASA, Mrs Magaret Orakwusi, Mrs Chinwe Ezenwa, Ms Funmi Folorunso, Dr Vicky Haastrup and others

  • Fidson Healthcare assures shareholders of sustained growth

    The board of Fidson Healthcare Plc has assured shareholders that ongoing expansion and business growth initiatives would continue to strengthen the performance of the healthcare company in the years ahead.

    Addressing shareholders at the Annual General Meeting (AGM) in Lagos, Chairman, Fidson Healthcare Plc, Mr. Segun Adebanji, said the company has continued to strengthen its operating facilities through expansion and retooling.

    According to him, old machines and equipment have been replaced with modern ones as the company repositions through business realignment and useful industry collaboration in order to take advantage of the growth opportunities in the market.

    “We are currently expanding our capacity utilization through increased production and contract manufacturing for other notable companies in the industry,’’ Adebanji said.

    He pointed out that the company has also continued to leverage on its World Health Organisation (WHO)-certifiable factory as it recently entered a partnership with GlaxoSmithKline (GSK) that will see it manufacture for GSK’s West African operations going forward.

    He added the strategic partnership and other market penetration strategy and cost optimization were some of many initiatives to sustain growth and return value to shareholders of the company.

    He noted that with the conclusion of the company’s rights issue earlier this year, the company has already taken steps to improve its financial structure in line with the purpose of the new capital raising, which was aimed at refinancing expensive debt and working capital funding in a bid to improve margins.

    At the meeting, shareholders approved payment of a dividend per share of 15 kobo. The company’s turnover rose by 15 per cent from N14.06 billion in 2017 to N16.23 billion in 2018. Profit before tax however dropped to N160.9 million in 2018 as against N1.6 billion in 2017. The decline was attributed to increased cost of sales margin from 49 per cent in 2017 to 61 per cent in 2018 and 92 per cent increase in finance cost.

     

  • Lagos retirees get N1.5b pension

    Public service retirees in Lagos State under the Contributory Pension Scheme (CPS) have received N1.55 billion pension.

    In a statement, Lagos State Pension Commission (LASPEC) Director-General Mrs Folashade Onanuga said 287retirees were presented their retirement bond during the  67th Retirement Bond Presentation in Lagos.

    She said Governor Babajide Sanwoolu has continued to rise to the challenge of paying pension benefits promptly.

    According to her, the governor is committed to ensuring that the state  retirees did not labour in vain.

    She added that the government had been funding the accrued pension rights without which retirees would not be able to have access to the balance in their Retirees Savings Account (RSA).

    She implored the retirees to go for regular medical checkups to maintain their mental and physical well-being.