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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

NCC Unveils Initiative To Combat Fraud, Spam Messaging

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The Nigerian Communications Commission has unveiled a draft regulatory framework aimed at addressing fraud, spam, and other challenges in the “Application-to-Person” messaging sector.

The telecom regulator made this announcement in a statement on Friday.

The proposed framework was introduced during a virtual Stakeholders’ Forum, a key step towards enhancing the sector’s integrity and ensuring a fair, transparent environment for all parties involved.

The draft framework, presented by the acting Head of Legal and Regulatory Services at the NCC, Mrs. Chizua Whyte, on behalf of the Executive Vice Chairman, Dr. Aminu Maida, seeks to regulate the A2P messaging space.

A2P messaging, used for notifications such as bank alerts, promotional campaigns, and government updates, has become a vital communication tool in Nigeria.

However, the sector faces significant challenges, including consumer protection concerns, fraud, and data privacy issues, as well as an unequal distribution of value within the ecosystem.

“The international A2P messaging space in Nigeria faces gaps that have led to issues such as fraud, spam, and data privacy concerns. These challenges threaten the sustainable growth of this communication tool,” the NCC said.

The regulator emphasised its commitment to fostering innovation while ensuring a secure, transparent environment for businesses, consumers, and service providers.

The proposed framework aims to address these challenges by protecting consumers, promoting fair competition, and holding service providers accountable.

“This forum marks a pivotal step towards addressing these challenges,” the NCC said. “We are here to engage with all stakeholders—operators, aggregators, businesses, service providers, and consumers—to refine the framework and ensure it meets the needs of the entire ecosystem.”

The NCC stressed the importance of inclusivity and collaboration in creating an effective regulatory environment.

The commission’s efforts are focused on promoting a sustainable A2P messaging ecosystem that enables business innovation, enhances communication efficiency, and supports Nigeria’s socio-economic growth.

Stakeholders were encouraged to provide feedback and contribute ideas during the forum to help shape the final framework.

The NCC reiterated its commitment to creating a regulatory environment that supports innovation while safeguarding the interests of all stakeholders in the A2P messaging sector.

For further updates, the NCC urged stakeholders to remain engaged throughout the regulatory process, stressing the importance of cooperation in shaping the future of A2P messaging in Nigeria.

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BIG STORY

JUST IN: Oil Marketers Reduce Petrol Price By 11.8% To N939.50 Per Litre

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Oil marketers sourcing “Premium Motor Spirit”, “PMS”, also known as petrol, from the Dangote Petroleum Refinery have reduced the price by 11.8 percent to N939.50 per litre, down from N1,060 per litre.

As of Thursday, December 19, petrol was still being sold at N1,060 per litre in Lagos and surrounding areas.

However, by Friday, MRS, a leading marketer, along with others, had adjusted their prices, now selling at N939.50 per litre.

It’s worth noting that the Dangote Petroleum Refinery had earlier lowered the ex-pump price of petrol to N899.50 per litre, down from N970 per litre.

According to the refinery, this price reduction is intended to offer much-needed relief to Nigerians ahead of the holiday season.

Anthony Chiejina, the Chief Branding and Communications Officer of Dangote Group, made this announcement.

“To alleviate transport costs during this holiday season, Dangote Refinery is offering a holiday discount on “PMS” (“petrol”). From today, our petrol will be available at N899.50 per litre at our truck loading gantry or SPM,” Chiejina said.

‘‘Furthermore, for every litre purchased on a cash basis, consumers will have the opportunity to buy another litre on credit, backed by a bank guarantee from Access Bank, First Bank, or Zenith Bank.”

 

More to come…

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BIG STORY

EFCC Allocates N18bn For Allowances, N5bn For Travels In Proposed 2025 Budget

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The Economic and Financial Crimes Commission (EFCC) has announced plans to allocate N18 billion for allowances in 2025.

This figure is part of the proposed 2025 budget currently under consideration and awaiting approval by the national assembly.

As per the appropriation bill, the EFCC’s total budget for 2025 stands at approximately N62.2 billion.

This budget includes personnel costs (N38.6 billion), overheads (N20.9 billion), and capital expenditure (N2.2 billion).

Within the allowance budget, N1.7 billion is designated for “non-regular allowances,” while “regular allowances” are set at N16.7 billion.

Other proposed expenditures for the EFCC include welfare packages (N1.4 billion), fuel and lubricants (N2 billion), financial charges (N1.2 billion), construction and provision of office buildings (N1.1 billion), and maintenance services (N2.1 billion).

The EFCC also plans to allocate N4.9 billion for “local travel and transport,” with “international travel and transport” expected to cost N1.7 billion.

The proposed budget includes N800 million for the purchase of fixed assets.

On Wednesday, President Bola Tinubu unveiled the N49.7 trillion 2025 “Budget of Restoration: Securing Peace and Rebuilding Prosperity.”

In his address to the national assembly, Tinubu stated that it was time “we rewrite Nigeria’s narrative together.”

The primary focus of next year’s budget will be the defence, infrastructure, health, and education sectors.

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