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BUSINESS: NASCON Records 84% Increase In Profit

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  • shareholders commend dividend payment.

NASCON Allied Industries Plc have recorded impressive growth in all performance indicators in
the year ended December 31, 2022, with profit after tax surging by 84 percent, from N2.97
billion to N5.47 billion. Shareholders at the company’s 2022 annual general meeting (AGM) held
at the weekend in Lagos commended the board and management of NASCON for consistent
payment of dividends.

Analysis of the food seasoning company’s annual report indicated that profit before tax rose
significantly by 98 percent, from N4.24 billion to N8.37 billion, representing an increase of
N4.12 billion. Turnover was on the upswing, increasing from N33.28 billion to N58.79 billion, a
77 percent increase compared to 2021. Earnings per share also increased to 206 kobo in 2022
in contrast to 112 kobo in 2021. A total of N2.65 billion is to be paid as dividend compared to
N1.06 billion in 2021.

Speaking at the AGM, a shareholder, Mr Tunde Badmus, applauded the management for the
impressive performance and efficient running of the company, amid a harsh economic
environment. Badmus appreciated the company for the dividend declared despite the
challenging operating environment.

Also speaking, Mr Anthony Omojola, the former National-Coordinator, Independent
Shareholders Association of Nigeria lauded the board and management of NASCON for
improved performance and declaration of dividend. Omojola said that the company had
remained consistent in dividend payment over the years.

He, however, urged the company to work with registrars and investors relations department to
tackle the rising unclaimed dividends in the market.
The shareholders at the meeting approved the payment of N1 per 50k share totalling N2.65
billion recommended by the board.

This was in contrast with N1.06 billion or 40k per share declared in the comparative period of
2021. Addressing the shareholders, Mrs. Yemisi Ayeni, the company’s Chairperson, said the company during the period reduced greenhouse gas emissions by five percent.

Ayeni said the company implemented waste reduction programmes and achieved a 28 percent
reduction in hazards and non-hazardous waste generated. “We have strengthened our relationships with our employees, customers, suppliers, and
communities and supported initiatives that promote social well-being," she said.
On the future, Ayeni said that health, safety and environment, and sustainability considerations
remain major drivers of policy and strategy at NASCON.”

Although global and national pressures continue to pose challenges, we are optimistic about
the future outlook as we continue to monitor the business environment.
" Despite the identified challenges, the board and management of NASCON are determined to continue on the right path to develop the business," Ayeni said.

The Acting Managing Director, Mr. Thabo Mabe, said insecurity, congested ports and poor road
infrastructure, unstable power supply along with employee emigration, traffic gridlock and
foreign exchange issues contributed to the challenges of doing business in 2022.
Mabe expressed optimism that “2023 will involve capitalisation on our gains, leading to greater productive efficiency and enhanced resource utilisation in spite of the challenges in 2022.”

Speaking on future plans, he said that the company would continue to embrace strategies that
would boost its market share. “Our core competence in our business is to refine crude salt for both human and animal consumption. This is an area that we have focused our business to attain leading customer service standards. Our plan for future growth is to continue to develop these markets and drive cost savings within the business, as input costs skyrockets. Nigeria is blessed with a huge consumer base and opportunities; we will be part of these opportunities and contribute our quota to power eradication” he said.

National Salt Company of Nigeria was established as a salt refinery at Ijoko, Ogun State in 1973,
as a joint venture between the Federal Military Government of Nigeria and Atlantic Salt &
Chemical Inc. of Los Angeles, California, USA.

The Company was privatised in 1991 with its shares listed on the Nigerian Stock Exchange in
October 1992, through which Dangote Industries Limited purchased majority shares. Following
the reverse takeover of NASCON by Dangote Salt Limited (DSL) in 2007, NASCON acquired the
assets, liabilities, and business undertakings of DSL.

Principal activities of the company include processing raw salt into refined, edible, and
industrial salt. NASCON is also into the production of seasoning and vegetable oil.

BIG STORY

JUST IN: Super Eagles Qualify For 2025 Africa Cup Of Nations

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Nigeria’s Super Eagles have officially qualified for the 2025 Africa Cup of Nations with two games remaining in the qualification series.

With 10 points, the Super Eagles have secured a top-two finish in their group, especially after Libya’s unexpected 1-0 victory over Rwanda in Kigali.

The team will next face Benin Republic’s Cheetahs in Abidjan on Thursday, before concluding their campaign against Rwanda at home.

Neither Rwanda (5 points) nor Libya (4 points) can surpass Nigeria in the standings, ensuring their qualification.

The 35th edition of the Africa Cup of Nations will be held in Morocco from December 21, 2025, to January 18, 2026.

The Super Eagles, three-time African champions, reached the final in the last edition hosted in Côte d’Ivoire.

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BIG STORY

Music Band Boy Commits Suicide After Boss Tortured Him For Stealing “Sprayed Money” [VIDEO]

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A Lagos young guitarist identified as Lekan, has allegedly committed suicide after being tortured for stealing money from the leader of a music band group in Ogun State.

Lekan, who was pronounced dead by medical experts at a private hospital in Ifo Local Government Area of the state, was found lying lifeless inside his room after drinking an insecticide liquid, “sniper,” to get away from the trauma that trailed the allegations from his boss who was identified as Sam Omo-Oba.

It was learnt that the deceased was tortured and recorded alongside Ayo, another member of the band, for stealing the money realized from their performance at a Celestial Church of Christ (CCC) anniversary celebration where they entertained guests and worshippers.

The development has thrown the entire Oke-Aro community in Ifo Local Government into mourning, considering the circumstances surrounding the demise of the 26-year-old guitarist who lived in their community but operated often in Lagos.

On Wednesday, a close member of the family told our correspondent that Lekan was pronounced dead by medical experts on Monday, less than 24 hours after they left the church show on Sunday. The source, who identified himself as Kola, narrated that the family, even after seeing him lifeless still rushed him to hospital with a commercial motorcycle popularly called “Okada.”

“He was rushed to a private hospital to save him but the medical facility rejected the family request which prompted the move to another healthcare facility where the doctors pronounced him dead”.

Kola explained that the theft allegation, which was linked to the young artist’s demise, started after Sam Omo-Oba asked that members of his band who could not go home spend the night in his house.

“But they could not spend the night in his house because he was not allowed into the estate, so they decided to lodge at a hotel close to the community.

“While in the hotel, we heard that Sam and the band members drank and slept in the same room. In the morning, the band boss raised an alarm that Lekan and Ayo had stolen money inside his pocket, demanding they return it immediately”.

It was gathered that the deceased guitarist maintained the innocence of the crime he was being linked to during the torture. In the video making rounds online, Lekan was seen being allegedly tortured over the theft despite denying any link to the alleged crime perpetrated.

In the less than one-minute video, Lekan and Ayo were seen being questioned about who took the money and their responses attracted torture after the answers failed to meet expectations of the band leader.

In another video, a voice, suspected to be that of Sam Omo-Oba, was heard announcing that some notes had been discovered where the deceased and Ayo allegedly hid them.

Analyzing the videos, a resident of Oke-Aro who identified himself as Micheal told The Guild that the deceased was wrongly accused of theft, saying, “I know Lekan, rather than steal would prefer to work to earn his pay daily. And since our paths crossed, I have not earned that he stole from people”.

He added, “The torture and recording may have affected him psychologically that he considered suicide as the next option. I say this because, on his body, there were bruises on him which indicated that the torture was too much for him.

“I know him since he started playing drum under Kehinde Carlos and I have no record of theft linked to him. You can see it that the video showed the deceased insisting that he never took the money from his boss even when he was beaten to accept the allegations.

“The entire issue is sad and I can’t believe that Lekan is gone. I wish that this whole scenario could be reversed to avoid this tragedy. This is a young man with aspirations in the music industry. I know how he aspired to handle musical instruments for the big artists in the country. But now, all the dreams have been shattered”.

Efforts to get the Ogun Police Command spokesperson, SP Omolola Odutola, to confirm the sad development proved abortive.

 

Credit: The Guild

 

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BIG STORY

Doctor, Three Nurses Die In Same Hospital Within 72 Hours In Saki, Oyo State

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A doctor and three nurses have been reported dead in a hospital in Saki West Local Government Area of Oyo State within 72 hours.

According to Vanguard News, this has created panic among residents of the ancient town, particularly around the hospital.

The hospital has been identified as Almusharaf Hospital, Oke Sunah.

A resident of the area, Adekunle Lawal, told Vanguard News: “Three days ago, one nurse died and on Monday another nurse died and yesterday, the doctor and another nurse died.

“We are afraid because we don’t know what caused their deaths.

“The doctor is a quack doctor.

“Maybe all of them treated a patient who has a contagious disease, which, I think, was not well handled.

“It’s a very big hospital.

“They carry out minor surgery on patients and at times they invite doctors from elsewhere to join them.

“If it’s a contagious disease, how come that no patient died but the staff?

“People are also speculating that it could be food poisoning.

“Maybe one of them ate food and gave it to the others to eat.

“We don’t know.

“All these are mere assumptions until those responsible for monitoring these hospitals carry out an autopsy on the deceased.

“None of the patients died.

“It’s only the staff of the hospital.

“All of them have been buried.

“You know they are Muslims.

“Please, the Ministry of Health and other relevant agencies should step in.”

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