The Nation Newspaper

Tag: UAC

  • Airtel, UAC partner to feed 5000 underprivileged

    In the spirit of the Yuletide, Airtel has partnered with UAC Restaurants, owners of Mr. Biggs brand, to feed 5,000 underprivileged Nigerians under its CSR initiative dubbed ‘Five Days of Love.’

    As part of the programme, Airtel and Mr. Biggs will spread love, joy and happiness of the season to communities by spending quality time and providing wholesome meals supplied by Mr. Biggs to over 5000 less privileged people.

    The initiative kicked off at the Rowe Park, Yaba, Lagos, with the Chief Executive Officer and Managing Director of Airtel, Segun Ogunsanya, leading his colleagues to feed hundreds of people that graced the occasion.

    Speaking on the occasion, Ogunsanya noted said Christmas season is not just a time for celebration but also an occasion for sharing and giving.

    “Indeed, Airtel is passionate about uplifting and empowering Nigerians and we shall continue to create and support platforms that will make lives better for telecoms consumers.

    “My colleagues in the North, South and West of Nigeria will also be hosting this same party, marking the theme of this campaign, Five Days of Love,” he said.

    The Airtel Five Days of Love train will hit Enugu tomorrow, targeting over 1,000 beneficiaries at the Local Government Headquarters, Igbo-Eze South, Local Government Area of the state.

  • Court adjourns suit against UAC till Nov 17

    Court adjourns suit against UAC till Nov 17

    In Ikeja High Court has adjourned until November 17 a suit by Grant Properties Limited and others against UAC Properties Development Company Plc and UAC of Nigeria Plc over an alleged trespass of a property at Igboshuku village in Eti Osa, Lagos.

    Other claimants are Fibigboye Estate limited and Knight Rook limitedý.

    According to them, by virtue of a ýCertificate of Occupancy dated December 6, 2002 and registered in the Lagos State Land Registry, Knight Rook Limited is entitled to a parcel of land measuring 50.349 hectres at Igboshuku village, behind Femi Okunnu Housing estate, Lekki Peninsula Scheme 11 (known as Victory Park Estate).

    The claimants said as ýsecurity for the facility and in lieu of execution of a deed of legal mortgage, they transferred their interest in Knight Rook to Sterling Bank Plc, Skye Bank plc, Unity Bank Plc and Wema Bank Plc, with an exit clause to return to the claimants all rights and interests in the property upon full liquidation of a loan facility.

    The claimants said they were still in possession of the land before the alleged acts of trespass by the defendants’ agents.

    But, the defendants are urging the court to dismiss the suit, adding that the claimants have no locus standi to sue and maintain the action.

    A counsel at UAC Properties, Mrs Afolake Kalaro, while being led in evidence by Mr Ayodele Akindele (SAN), told the court that due process was observed in the acquisition of the land in dispute.

    She stated that the second defendant is the sole and exclusive owner of the land by their investigation.

    While being cross examined by the claimant counselý, Bolajo Badejo (SAN), she said she did not visit the land in her personal capacity.

    Deputy Manager of Sterling Bank Plc, ýAdeola Egbinade, testified that his bank was one of the consortium of banks that has shares in the second defendant.

    He noted that he was in charge of secretariat of the Project Implementation Committee set up under an MOU dated August 8,2006 between the claimants and consortium of banks.

  • Why UAC Unscripted explores comedy as marketing tool

    Why UAC Unscripted explores comedy as marketing tool

    The UAC and HS Media Group have described the use of humour as a veritable tool for reaching out to customers and meeting its communication needs in its latest sponsored Family TV Game Show titled Unscripted.

    UACN Plc and HS Media Group has unveiled the TV game show UAC Unscripted, a 30-minute family game show to be aired on NTA Network every Monday at 8.30pm, beginning on July 11. It is anchored by ace comedian Okey Bakassi.

    The show explores comedy through the anchor man, Bakassi, following patterns of previous shows where the brand makes use of comedians to pilot its show in an effort to attract the audience and connect them with brands in the UAC kitty, besides addressing some social issues.

    “Upon re-engineering our corporate identity in  2008, the need arose to identify strategies that are broad enough to meet varying communication needs of the business units despite the diversifying nature of their target audiences. Being the leaders in various sectors of the economy where they operate, the business units need to supremely identify with their customers in a manner that makes them stand out and yet identifiable as  members of the same family- the UACN Plc family. Attempting to meet their communication needs led to us identifying comedy as a veritable platform for reaching out,” said Executive Director, Corporate Services, UACN Plc, Mr Joe Dada.

    He also said that following the pattern of previous corporate sponsored programmes which explored comedy to address social issues among others, Dada said the UAC Unscripted, is not short of laughter in an effort to engender bonding in the family and therefore in the society at large.

    While in its current effort the brand select two celebrity couples every week to compete in puzzle games comprising, music, sports and current affairs quiz in the spontaneous and unrehearsed reality family game show, the CEO of HS Media Group, the company which produced UAC Unscripted, Mr. Taye Ige, said the UAC Unscripted is a story preceded by a long line of antecedents’ Teju Baby Face’s The Real Nigerian Show in 2008; TA, Holy Malam & McAbbey’s UAC La ½ Hour in 2010 and Yaw, Klint da Drunk & Koffi’s UAC Soccer La ½ Hour in 2012.

    However, the preview of the first episode of Unscripted at the unveiling features comedian Owen Gee and his wife, Moyo and popular Goje Africa presenter couple Isaac and Nneka Moses competing against one another in a relaxed atmosphere.

    “The TV game show Unscripted is a 30-minute reality family game show, which is a platform to engage, educate, celebrate and reward our consumers,” Mr Dada narrated.

    ”Alongside HS Media Group, our TV content provider, we have since then created a number of programmes beginning with The Real Nigerian Show before giving way to UAC La ½ Lines where serious issues in the society are discussed and solutions proffered in a very, very relaxed and lighthearted atmosphere created by comedy,” said Dada.

  • UAC Foods appoints Chidi Okoro MD

    UAC Foods appoints Chidi Okoro MD

    The board of UAC Foods Limited (UFL) has announced the appointment of Mr. Chidi Okoro as the Managing Director of the company, a joint venture business of UAC of Nigeria (UACN) Plc and Tiger Brands International of South Africa.

    UAC Foods Limited manufactures a range of consumer goods in Nigeria with products such as Gala Sausage Rolls, Gala Tinkies, Kingsway Chilli Beef Sausage Roll, Funtime Cake, Funtime Coconut Chips, Supreme Ice Cream, Delite Fruit Juice, Swan Water and Swan Soft Drinks.

    Mr Okoro, a seasoned Fast Moving Consumer Goods (FMCG) industry executive with vast business and product management experience spanning over 25 years, possesses a solid track record that is a good fit with the current strategic focus of UFL.

    Prior to the new appointment which took effect on October 15, 2015, Okoro held a number of senior management positions including General Manager-Africa Lucozade Ribena Suntory responsible for setting up teams, processes and integrating the Africa operations to develop it into a major revenue and profit contributor to Orangina Schweppes International. Before assuming this role, he was for four years the Managing Director of GlaxoSmithKline Nigeria PLC.

    He joined GlaxoSmithKline Consumer as Sales Director for West Africa (Nigeria, Ghana, Liberia, Sierra Leone, and Gambia), where he successfully put his sales and marketing experience from telecommunications, pharmaceuticals and food into practice to achieve the company’s sales objective.

    Mr Okoro kicked off his working career at Emzor Pharma Nigeria Limited as a Product Manager and Senior Sales Representative and Detailing Representative and moved on to Reckitt Benckiser Nigeria Limited as Brand Manager and Regional Sales Manager. He later teamed up with Promasidor Nigeria as Sales Director and National Sales Manager and Regional Manager and Operations Manager before joining MTN Telecommunications Nigeria as General Manager-Business Sales.

    He holds two master’s degrees in Positive Leadership & Strategy from IE Business School, Madrid, Spain and Marketing from University of Lagos, Nigeria and a bachelor’s degree in Pharmacy from University of Nigeria, Nsukka, Nigeria.

  • UACN’s shareholders approve N3.3b dividends

    UACN’s shareholders approve N3.3b dividends

    Shareholders of UAC of Nigeria (UACN) Plc yesterday at the annual general meeting of the conglomerate in Lagos approved the distribution of N3.3 billion as cash dividends for the 2014 business year. Shareholders would receive a dividend per share of N1.75.

    Shareholders who spoke at the meeting commended the performance of the conglomerate, in spite of the harsh operating environment.

    Addressing the shareholders, chairman, UAC of Nigeria (UACN) Plc, Senator Udoma Udo Udoma, said the company has been able to sustain its previous dividend payout in spite of the tough business environment.

    Key extracts of the audited report and accounts of UACN for the year ended December 31, 2014 showed that the conglomerate recorded a modest top-line growth of nine per cent from N78.7 billion in 2013 to N85.7 billion in 2014 while profit before taxation was N14.1 billion compared to N13.9 billion of 2013.

    Udoma said the company has continued to manage market dynamics and innovatively lead competition in its markets, highlighting various areas where the company had recorded some key gains.

    According to him, in 2014, in line with the company’s vision to be number one in its chosen markets, UACN Group achieved market leadership with its Vital Fish feed brand, which was introduced just three years ago.

    He outlined that in order to further consolidate on its technology improvement initiative, capacity and efficiency in operations, three new plants were commissioned including a new Feed mill at the Ikeja plant of Livestock Feeds Plc, an automated Pie line for the Restaurants business and a new processing and packaging technology for Supreme Ice cream.

    Udoma noted that as part of the business transformation process, the company has fully implemented both the new SAP enterprise resource software across the group and the Enterprise Risk Management framework to enhance the control environment of its business.

    He pointed out that the group has already started seeing value from the outsourcing of its internal audit function and whistle blowing mechanism, key initiatives that have strengthened corporate governance at all levels of the business and in the group’s joint-venture operations.

  • UAC ends summer school programme

    UAC ends summer school programme

    This year’s edition of the UAC Free Weekend Classes initiative organised for secondary school pupils ended with commendations for the value of the programme.

    The organisers, UAC of Nigeria Plc, are also impressed about the turnout of pupils for the programme at the centres at Lanre Awolokun Senior Secondary School, Gbagada and Newland Senior Secondary School inside the Tolu Schools Complex, Ajegunle in Lagos.

    Speaking during the rounding-off  of the seven-week initiative at the centres in Lagos, the Executive Director, Corporate Services, UAC Of Nigeria PLC, Mr Joe Dada, said the company was encouraged by the growing popularity of the programme among pupils in Lagos. The Free Weekend Classes is free to the beneficiaries.

    He was, particularly, happy that many of the pupils that registered were from the Senior Secondary Schools (SSS) the target of the initiative.

    “Since 2008, our company has been ‘doing good’ – in line with UAC’s corporate tagline-and leading from the front in the grand march to stem the tide of increasing deterioration of the education infrastructure and programmes in our country,” he said. The pupils were taught English, Mathematics, Physics, Chemistry, Biology, and Accounts by employees of the managers under its Volunteer Scheme.

    They also enjoyed career counseling sessions to prepare them to make the right career choices.

    Dada called on other companies and Nigerians to join the march “towards lifting our country out of the mire of backwardness and underdevelopment, which the deterioration in the education sector portends, especially among youths.”

     

  • More firms to send reports electronically

    More firms to send reports electronically

    More companies are  opting to send their  annual reports and accounts in electronic copies to shareholders as companies seek to cut costs of shareholders’ relations.

    Many companies had used their previous annual general meetings to sensitise shareholders and seek necessary consents, prior to take-off of the e-reporting initiative.

    Shareholders of companies under the UAC of Nigeria (UACN) Group including UAC of Nigeria, CAP Plc, and UACN Property Development Company (UPDC) had at the yearly general meetings of the companies considered amendments to the articles of association of the companies to enable the companies send annual reports and accounts and other notices through compact disc, electronic mail or web publication in addition to existing option of hard printed copy.

    Cadbury Nigeria had earlier notified that it would now distribute its audited reports and accounts and other related documents in soft electronic format rather than in paper form.

    The company said the decision to use compact disc to distribute information to shareholders was part of its desire to ensure the sustainability of environment and align with international best practice.

    According to the company, to ensure fairness and equity, shareholders will be given the option of requesting for a paper copy of these documents by exception, if they determine that they do not want to receive same in a CD format.

    Nestle Nigeria has also said it was introducing electronic delivery of annual reports and other corporate documents to ensure quick and effective access to information.

    At its last general meeting, Nestle Nigeria provided shareholders with an electronic mandate form, which would legally allow the company to send soft edition of its reports online through email address or compact disc. Nestle Nigeria’s shareholders would also be able to download all the reports from web address to be provided by the company.

    Securities and Exchange Commission (SEC) has requested the National Assembly to amend the Companies and Allied Matters Act (CAMA) 1990 to allow electronic shares issuance, dematerialisation, electronic bonus and dividends among other initiatives.

    SEC has sought for amendments to section 117 of CAMA which gives companies the general powers to issue shares and section 125, which makes provisions relating to allotment of shares and issuance of share certificates to allow electronic issuance and allotment.

    According to SEC, these amendments would allow companies to electronically issue shares through CSCS accounts, which would enhance the dematerialisation of paper share certificates.

     

     

     

    SEC called for general review of sections 114 to 165 of CAMA.

    The apex capital market regulator also wanted the legislators to amend section 220 of CAMA, which provides for service either by giving the member personally or sending it to him by post or to his registered address to provide for service of notices electronically in the first instance where a member has provided an email address as a means of communication and the definition of registered address should include an electronic address.

    “Sections 83 and 84 should recognise the use of electronic registers as a mandatory backup and provide for a location of that register securely on independent servers or disks not in the premises of the company or the registrar,” SEC stated.

    SEC also called for amendment of section 379 on dividends to allow for electronic payment of dividends and subsequently full automation of dividend payment after expiration of a grace period.

     

  • Equities crash to lowest prices as investors lose N814b

    Equities crash to lowest prices as investors lose N814b

    Several equities open trading today at the Nigerian Stock Exchange (NSE) at their lowest prices in a year as quoted stocks lost more than N814 billion in five straight days of losses last week. At least a quarter of companies quoted on the stock market closed weekend at their lowest prices or around their lows. With another quarter stagnated at their nominal prices during the period, the continuing downtrend and the emergence of new lows for several stocks highlighted the grim market situation at the stock market.

    Several leading stocks such as UAC of Nigeria, Guinness Nigeria, National Salt Company of Nigeria (Nascon), Seplat Petroleum Development Company, Nigerian Aviation Handling Company, Okomu Oil Palm and UACN Property Development Company among others are now trading at their lowest prices in a year.

    All key indices at the NSE highlighted the widespread bearishness across the sectors. The All Share Index (ASI), the common value-based index that tracks prices of all quoted companies, indicated a week-on-week average decline of 7.42 per cent. It closed weekend at 30,763.38 points as against 33,228.29 points recorded as opening index for the week.

    Aggregate market value of all quoted equities also dropped from the week’s opening value of N10.970 trillion to close at N10.156 trillion, indicating a loss of N814 billion.

    With the decline last week, average year-to-date return at the stock market worsened with the ASI indicating a year-to-date return of -25.57 per cent. The NSE 30 Index, which tracks the 30 most capitalised stocks, showed year-to-date return of -26.73 per cent. The NSE Banking Index carried a return of -27.66 per cent. Other returns included NSE Insurance Index, -7.61 per cent; NSE Consumer Goods Index, -28.34 per cent; NSE Industrial Goods Index, -27.16 per cent and NSE Lotus Islamic Index, which recorded the highest average loss of -30.57 per cent. The NSE Oil & Gas Index is the only one with a gain of 11.45 per cent.

    With nearly seven decliners for every advancer, 10 equities appreciated during the week compared with 68 stocks that depreciated. One hundred and nineteen stocks remained unchanged, nearly half of them stunted at their nominal prices.

    Total turnover last week stood at 1.81 billion shares worth N28.92 billion in 20,677 deals. The financial services sector was the most active with 1.37 billion shares valued at N13.78 billion traded in 11,742 deals; representing 75.69 per cent and 47.66 per cent of the total equity turnover volume and value respectively. The consumer goods sector recorded a turnover of 137.12 million shares worth N9.37 million in 3,583 deals. Conglomerates sector placed third on the activity chart with a turnover of 93.13 million shares worth N567.17 million in 1,256 deals.

    The trio of Guaranty Trust Bank Plc, FBN Holdings Plc and Diamond Bank Plc were the most active stocks and jointly accounted for 624.39 million shares worth N9.19 billion in 5,090 deals, contributing 34.50 per cent and 31.77 per cent to the total equity turnover volume and value respectively.

    Also traded during the week were a total of 1,299 units of Exchange Traded Products (ETPs) valued at N452, 196 executed in 21 deals. Similarly, a total of 800 units of FGN bonds valued at N825, 011 were executed in a deal.

  • UAC vows to expose ‘herbalist’ churches

    The United Aladura Churches (UAC) has dissociated itself from white garment churches involved in criminal and shady practices.

    The body comprising churches under the Cherubim and Seraphim; The Church of the Lord (Aladura) Worldwide; The Fellowship of Christ Disciples Ministry (a.k.a. Independent) and the Celestial Church of Christ (CCC), stated that those involved in those practices are not genuine members of the organisation.

    The President of UAC, Baba Aladura Samuel Andrew, assured that the body will work vigorously to sanitise all white garment churches by exposing and flushing out the bad egg among them.

    “There are some churches claiming to be white garments wearing/Aladura but do not practise the doctrines as laid down by our Lord, Jesus Christ and the founding fathers like Moses Orimolade Tunolase, Josiah Ositelu, Joseph Ayo Babalola and Bilewu Oshoffa.

    “Leaders in some of these churches are alleged to be ‘herbalists’ in white garments who go about deceiving unsuspecting public. The UAC is set to expose such people and their ‘churches’, Andrew vowed in a statement.

    For the purpose of sanitisation of these dubious churches, he said committees and sub-committees will be constituted to visit churches in all local governments in states where the UAC operates to determine the genuine ones.

    He lamented: “Most churches just use white garment to cover up their evil activities, whereas they are just herbalists in disguise.

    “The UAC will investigate such churches, expose them and take necessary actions deemed fit to discourage such satanic activities.”

  • UAC introduces new gala

    UAC introduces new gala

    UAC Foods Limited (UFL) has introduced Gala Chicken Sausage Roll into the market. At the launch, the Managing Director of UAC Foods Limited, Dr. Tawanda Mushuku, said the new Gala Chicken Sausage Roll is an innovative extension to the Gala brand. Mushuku explained that the Sausage Roll is a response to the yearnings of  the teeming consumers Gala obtained through a dedicated consumer research/feedback mechanism and relentless efforts of UFL’s Research and Product Development Department. “UAC Foods Limited is a consumer-centric company that believes in manufacturing products to satisfy identified needs of our consumers. The new Gala Sausage Roll that we unveiled today is another innovative product developed to satisfy our consumers’ desires for a chicken-filled sausage roll,” he said. Also, the General Manager, Marketing, UAC Foods Limited, Mrs. Joan Ihekwaba, said Gala Chicken Sausage is the first in the market with 100 per cent pure chicken garnished with vitamins and minerals.