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  • Don’t give up! (3)

    Dear Reader,

    Welcome to this week’s teaching. In the previous editions, we examined how to use prayers and a life that speaks to help get your unbelieving spouse saved. I see God turning your challenges into cheap miracles, as you put to practice those things that you have learnt, in Jesus’ name.

    This week, we shall be examining the use of FASTING in getting your spouse saved. “Fasting” means doing away with food for the purpose of concentration. It is a way of seeking the face of God, earnestly bringing the flesh under your control in order to be more sensitive to God.  God knew that there would be challenging situations that will prove a little difficult for us; that was why He recommended fasting. Mark 9:29 confirms that: “This kind can come forth by nothing, but by prayer and fasting.  Set some time apart to fast for the salvation of your loved ones. This must be coupled with prayer and the Word of God.  When fasting is void of prayer and the Word of God, then it is hunger strike or mere dieting! Your fasting must also be done in wisdom. It is not how long you fast that matters, but how well and effective your fast is.

    I once met an elderly woman who became born again after she was married. Apparently, her husband was deep into the occult. This woman took up the challenge and started praying for her husband, breaking the power of the devil over his life. At a point in time, she started sacrificing her breakfast for her husband’s salvation. According to her, she would prepare her breakfast and give it to the needy. She did this for two years!

    Meanwhile, she was in a different city from where her husband was. Unknown to her, God had sent someone to cross path with the man and he gave his life to Christ. When this woman met her husband he was born again!  We serve a God of miracles!  Can you imagine her joy that day? But she had to pray, practise patience and fast about it.  Yours will be the next testimony in Jesus’ name!

    Fasting has several advantages in helping to get your spouse saved. Fasting is an added plus to prayers. When fasting is done effectively along with prayers using the Word of God, the result is always an immediate success. Some impossible situations recorded in Esther 4:3, Matthew 17:29 and Acts 14:23 in the Bible, experienced a turn-around through fasting and prayers.

    God’s Word in Isaiah 58:6-7 says: Is not this the fast that I have chosen? To loose the bands of wickedness, to undo the heavy burdens, and to let the oppressed go free, and that ye break every yoke?  Is not to deal thy bread to the hungry, and that thou bring the poor that are cast out to thy house?  When thou seest the naked, that thou cover him; and that thou hide not thyself from thin own flesh?  This means that fasting can set one lose from any kind of bondage and break every kind of yoke, when it is done effectively (Isaiah 58:8-14).  It is not just abstaining from food or drink, but abstaining with a major purpose of seeking God in prayers via His Word, while maintaining a good Christian life that speaks.

    This is an ‘all-round package’ for answered prayers that covers every area of need, including the salvation of your spouse! I see God answer your prayers according to the desires of your heart, as you simply put the above-mentioned points to work, in Jesus’ name!  Don’t give up on your spouse; your own testimony is at hand.

    However, the first thing to do for your fasting to be effective is to surrender your life to Christ and become a child of God. God will only listen to His children. God’s children are those who have accepted Him through His Son, Jesus Christ, as their Lord and Saviour. If you will like to accept Jesus Christ as your Lord and Saviour and become born-again, please say this prayer: “Dear Lord Jesus Christ, I come to You today. I am a sinner. Forgive me of my sins and cleanse me with Your Blood. Deliver me from sin and satan to serve the living God. I accept You as my Lord and Saviour. Make me a child of God today. Thank You for accepting me into Your Kingdom.”

    If you prayed this simple prayer, you are now a child of God. He loves you and will never leave you. Read your Bible daily, obey God’s Word and seek Christian fellowship (John 14:21).

    Congratulations! You are now born again! All-round rest and peace are guaranteed you, in Jesus’ Name. Call or write, and share your testimonies with me through contact@faithoyedepo.org; OR 07026385437 and 08141320204.

    For more insight, these books authored by me are available at the Dominion Bookstores in all Living Faith Churches and other leading Christian bookstores: Marriage Covenant, Making Marriage Work, Building A Successful Home and Success in Marriage (Co-Authored).

  • Pay up

    • FG should get NEPC to pay what it owes non-oil exporters

    The ruckus over the disbursement of Export Expansion Grant (EEG) which has pitted the Federal Government against operators in the non-oil sector merely indicates how little has changed in spite of official posturing about boosting the non-oil sector. At stake is the N125 billion worth of promissory notes – the Negotiable Duty Credit Certificates (NDCC) issued by the Ministry of Finance under the EEG scheme, but which the Federal Government has either neglected or refused to honour.

    Under the scheme introduced by the immediate past administration to boost non-oil exports, beneficiaries were granted subsidies of up to 40 percent based on the value of local content. The Federal Government would later suspend the scheme in August 2013 for the reason that the EEG scheme has become unsustainable. By this time, the exporters had in all, amassed NDCC’s worth N125 billion.

    Victor Iyama, President of the Federation of Agricultural Commodity Association of Nigeria (FACAN) puts the dilemma of the exporters this way: “Exporters have NDCC of over N125 billion in their hands. They have been stuck with it for several years now. Many exporters are now wondering if they have been handed a dud cheque by the Ministry of Finance”.

    The response of his counterpart, Chairman of Cashew Association of Nigeria, Babatola Faseru, was one of grim resignation: “They (NDCCs) are like cheques issued by the government. If the government says that people should not issue dud cheques, then they should honour the certificates”.

    We agree with the duo. Clearly, the failure to honour the NDCC injures the credibility of the Federal Government. The issue here is not so much the Federal Government’s prerogative to review the scheme as it deems, fit but whether such can be said to vitiate outstanding commitments to holders of its credit notes.

    Moreover, if the statement credited to the chief executive of the Nigerian Export Promotion Council, the agency which implements the EEG scheme, that the claims were being looked into with a view to restructuring a payment system for the beneficiaries is any reassuring, it is only to the extent that the statement does not deny that the NDCCs are valid instruments. Beyond that however, mere offer of bland assurances cannot be described as good enough.

    Given our understanding of how things work in the bureaucracy, such generalised statements, offer at best, cold comfort. Indeed, it could mean an interminable wait for payments that may or may not come. We think that the exporters deserve more.

    We expect the NEPC to commit to specific timelines for clearing the obligations. The path of honour lies in settling those obligations without further delay.

    Beyond that, one immediate question that arises is whether the EEG was actually budgeted for. If yes, what happened to the funds earmarked for it? And if no, how did the agency plan to meet the obligation to the exporters whenever they fell due? While the agency undertakes the review process, it will also do well to address these questions.

    At a time of shrinking oil revenues and heightened uncertainties in global demand for oil, we expect the Federal Government to be doing all within its power to boost activities in the non-oil sector. If merely to ameliorate the impregnable odds in the Nigerian operating environment – the very factors underlying the legendary non-competitiveness of our domestic products – a more rigorous effort to curb abuse of export incentives would seem to us better strategy to help the sector and indeed the economy than outright abrogation of incentives.

    We see a lot that the N125 billion can do to a sector with such proven potentials. The NEPC should find the funds to pay. If there are abuses in the process, the government should not hesitate to isolate these and deal decisively with the perpetrators. That is better than using the abuses as excuse to renege on an obligation.

  • UP: Steady performance

    UP: Steady performance

    University Press (UP) Plc maintained a steady performance in 2013 with modest improvements in sales and profitability. The printing and publishing company grew sales by 11 per cent and reined in initial high costs of sales to retain modest improvement in the bottom-line. The steady profit outlook enabled the company to retain its dividend per share of 35 kobo while growing net assets per share by 17 per cent.

    Audited report and accounts of the printing and publishing company for the year ended March 31, 2013 showed average pre-tax profit margin improved marginally from 16.5 per cent in 2012 to 17 per cent in 2013 after the company fell on midline cost management to moderate the gross margin, which had dropped from 52.1 per cent to 50.8 per cent. The improved underlying bottom-line reflected in the actual pre and post tax profit, which grew by about 15 per cent each.

    While the overall cost of business was slightly higher, the balance sheet position of the company was stronger with better financing structure and liquidity. Its zero financial leverage remained a stabilising factor while adequate financing coverage provides reassurance on the cash flow of the company.

     

    Financing structure

    UP’s total assets inched up by 3.9 per cent from N2.68 billion to N2.79 billion. Non-current assets had increased by about 28 per cent from N1.02 billion to N1.30 billion while current assets dropped by 10.6 per cent from N1.66 billion to N1.49 billion. Total liabilities meanwhile dropped by 25.3 per cent to N623 million in 2013 as against N834 million in 2012. Current liabilities had dropped by 34 per cent from N772 million to N512 million. Long-term liabilities rose by 79 per cent from N62 million to N111 million. Shareholders’ funds increased by 17.1 per cent to N2.17 billion in 2013 as against N1.85 billion in 2012. The paid up share capital of the company remained unchanged at N216 million.

    The underlying financing position was stronger with better equity financing and less pressures from current liabilities. The proportion of equity funds to total assets improved from 68.9 per cent in 2012 to 77.7 per cent in 2013. Current liabilities/total assets ratio dropped from 28.8 per cent to 18.4 per cent while long-term liabilities/total assets ratio stood at 4.0 per cent in 2013 as against 2.3 per cent in 2012. The company maintained zero gearing ratio with no outstanding indebtedness to banks.

     

    Efficiency

    The company managed to balance costs and productivity, harnessing its improving midline cost management to mitigate top-line costs. Average number of employees reduced from 301 persons in 2012 to 293 persons in 2013. Total staff costs meanwhile increased from N293.12 million to N339.43 million, representing average staff cost per head of N1.16 million in 2013 as against N0.974 million in 2012. Average contribution of each employee to the pre-tax profit improved correspondingly from N1.14 million to N1.34 million. Total cost of business, excluding financing charges, inched up to 84.5 per cent of total incomes in 2013 as against 84 per cent recorded in 2012.

     

    Profitability

    UP sustained a modest profit outlook; with both actual profit and loss figures and underlying profitability ratios showing appreciable improvements. Total turnover grew by 11 per cent from N2.08 billion in 2012 to N2.31 billion in 2013. The company’s only business line remained sales of printed books. The top-line performance reflected modest growth in sales in the western and northern regions as well as impressive increase in emerging export sales. UP divided its domestic market into three zones-western, northern and eastern zones. Turnover in the western zone increased by 12.5 per cent from N702.10 million to N789.54 million. Sales within the northern zone also improved by 12 per cent to N985.15 million as against N877.04 million in previous year. However, sales within the eastern zone was almost flat at N500.64 million in 2013 as against N500.3 million in 2012. Export sales jumped from N2.67 million in 2012 to N37.38 million in 2013.

    Cost of sales, however, rose by 14 per cent from N998 million to N1.14 billion. This moderated gross profit growth to 8.4 per cent at N1.18 billion in 2013 compared with N1.08 billion in 2012. Total operating expenses grew by 8.9 per cent from N751 million to N818 million. Non-core business income rose by 146 per cent to N48 million as against N19 million. Finance charges increased by 29 per cent from N9 million to N12 million. With these, profit before tax improved by 14.5 per cent to N393 million in 2013 as against N344 million in 2012. After taxes, net profit stood at N261 million as against N227 million, indicating an increase of 14.6 per cent.

    Earnings per share increased by 14.6 per cent from 53 kobo in 2012 to 60 kobo in 2013. The company distributed N151 million as cash dividends to shareholders, representing a dividend per share of 35 kobo, the same rate paid for the previous year. Net assets per share meanwhile improved from N4.29 to N5.02.

    Underlying performance ratios were mostly on the upward. While gross profit margin slipped from 52.1 per cent to 50.8 per cent, pre-tax profit margin improved from 16.5 per cent to 17 per cent. Return on total assets increased from 12.8 per cent to 14.1 per cent while dividend cover firmed up to 1.73 times as against 1.51 times in previous year. However, return on equity slipped from 12.3 per cent to 12 per cent.

     

    Liquidity

    The liquidity position of the company remained stable. Current ratio, which relates probable current liabilities with similar assets, improved from 2.15 times in 2012 to 2.90 times in 2013. The proportion of working capital to total sales was steady at 42.1 per cent in 2013 compared with 42.7 per cent in 2012. Debtors/creditors ratio stood at 1,594 per cent in 2013 as against 32.2 per cent in 2012.

     

    Governance & structures

    Incorporated in 1949, UP is one of the oldest surviving companies in Nigeria. It became a public limited liability company and listed its shares in 1978. University Press is owned by about 11,000 shareholders with three major investors holding 23.77 per cent. Oxford University Press, United Kingdom, the foreign partner, holds 9.80 per cent equity stake. Cashcraft Asset Management Limited, a Nigerian investment firm, holds 7.71 per cent while Dr. Lekan Are, who chairs the Board of Directors, holds the largest individual equity stake of 6.26 per cent.

    The board and management remain stable. Mr Samuel Kolawole still leads corporate growth as managing director. UP broadly complies with code of corporate governance and best practices with appropriate committees, checks and controls to ensure independence and integrity of the decision-making and accounting processes.

     

    Analyst’s opinion

    University Press has shown appreciable resilience and stability. However, it needs to retool its sales strategy to unlock new domestic and international markets. There is a limit to the use of cost management in sustaining profit in the face of sluggish sales. As noted earlier, a large top-line growth will provide more room to manage costs and deliver a healthier bottom-line. UP needs to explore new product development. Besides, it needs to find new high-margin ways of selling traditional products. While building on its public sector patronage, the company also has to break new grounds in the domestic and international private education businesses. It has started this with the increase in export sales.

    The expected recapitalisation of the company would provide additional capital to further support growth and steady it against operating challenges. Overall, there is a reasonable basis to assume that UP will sustain steady performance in the years ahead.

  • MONTPELLIER COACH TO UTAKA: Up your game

    MONTPELLIER COACH TO UTAKA: Up your game

    Nigeria international and Montpellier forward John Utaka, and his teammates have been told to double their work rate if the club is to avoid a shameful outing this season. A highly disappointed coach of the side Rene Girard gave the warning following another league defeat Saturday, the fifth in the series of loses so far recorded by the French Ligue 1 champions.

    La Paillade were condemned to a fifth league defeat of the season, with the hopes of recording back-to-back titles already teetering on the brink.

    Girard lamented the poor display of his team, with goalkeeper Geoffrey Jourdren benched after criticising the coach in the 3-2 defeat to Evian before the international break.

    “We were ineffective in defence and in attack, we gave them goals, and it’s a real shame,” Girard was quoted as saying by Ligue1.com.

    “It always comes down to the same thing: if you have to score four goals to win a game on the road, it’s always complicated. The result was in keeping with how our season has been going, and there’s not much to say.

    “It’s a shame because we put in a lot of effort and we created chances but in the end it came to nothing. There are many reasons that could explain our shakiness but ultimately we didn’t take our chances when we should have.

    “We need to work, work, work. There is no other solution. It’s certain that our match against Nice will be very important – and very tough. We’ll need our players to step up and not back down. We need to get going, and soon,” he said

    Utaka, who recently returned from injury, saw 36 minutes of action in Saturday’s 2-1 away loss to his former club Rennes, replacing Gaëtan Charbonnier in the 54th minute. Utaka played for Rennes between 2005 and 2007, making 63 appearances and scoring 22 goals.

    Montpellier play Olympiakos in the Champions League on Wednesday.

  • Akeredolu to Mimiko: your time is up

    Akeredolu to Mimiko: your time is up

    The Ondo State Action Congress of Nigeria (ACN) governorship candidate in the October 20 election, Mr. Oluwarotimi Akeredolu (SAN), at the weekend urged Governor Olusegun Mimiko to start packing his things from the Government House because he would lose the election.

    Akeredolu spoke in Lagos when he addressed reporters in company of his running mate, Dr Paul Akintelure.

    He said: “He (Mimiko) has lost the election. He can never win because he has nothing, absolutely nothing, to show to the people as his achievement in the past four years.”

    The former Nigerian Bar Association (NBA) President accused the governor and his ruling Labour Party (LP) of abandoning many projects.

    The ACN candidate said Mimiko, “who started one or two roads, didn’t complete any”.

    He added: “I know he will not complete them. I shall complete the roads when, by the grace of God, I am elected.”

    The frontline lawyer said the number of jobless youths in Ondo State has increased because of the poor leadership the governor has provided.

    Akeredolu: “These are the people who will vote and they have parents and family members who will also vote. Mimiko is out of the minds of Ondo State residents; they are only waiting for the Election Day to see him off.

    “Mimiko has no project to inaugurate except markets, which he has been building inside the bush. Nobody goes there. He builds town halls. What are the people doing?”

    According to him, the ACN and the Peoples Democratic Party (PDP) will collaborate to vote out the governor.

    He said: “Mimiko has refused to organise a local government election since he came into office.”

    Akeredolu dismissed the crowds at LP rallies, saying they did not reflect the people’s acceptance of the party.

    He said: “We are not perturbed by this because civil servants are forced to attend. Some are induced. But the people will still vote according to their conscience. You will see the result of the election from Owo.”

    The ACN standard bearer promised to take Ondo State into the Southwest regional integration, adding that the state cannot afford to be the weak link in the region.

    He also promised to begin a massive rural development of the state, if voted in the October 20 election.

    “I shall open up the rural areas,” he said.

    Akeredolu said education would get the lion’s share of the budget in his administration, “because it will be free at the primary and secondary levels”.