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BUA Foods: Head and Shoulders Above the Rest as Rivals Struggle

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“Africa’s Biggest Giver”- Inside The Telling Video Celebrating BUA Chairman, Abdul Samad Rabiu’s Birthday

BUA Foods: Head and Shoulders Above the Rest as Rivals Struggle

 

 

Nigeria’s third largest publicly listed company, BUA Foods Plc reported Half Year 2024 earnings, beating analysts’ expectations on both the top and bottom lines as its stock makes a ton of sense to investors while peer rivals have capitulated to macroeconomic headwinds.

 

 

Restructuring and merger of all 5 business divisions and Conversion to plc and the introduction of new products combined with hedging against foreign currency risk have helped drive better-than-expected results and upside in stock performance.

 

 

The consumer goods giant is the best performing consumer stock on the Nigeria exchange as its shares have gained 96.43 percent as of July 31, 2024.

 

BUA Foods: Head and Shoulders Above the Rest as Rivals Struggle

 

That compares with Unilever Nigeria’s year to date (YTD) returns of (+21.28 percent); Flour Mills Plc, (+39.18 percent); Nascon Allied Industries (-39.81 percent); Nestle Nigeria (-24.55 percent), Nigerian Breweries, (-22.22 percent); Dangote Sugar, (-34.82 percent); International Breweries, (-12.50 percent), and Guinness, (-8.33 percent).

During this period, the company has made significant strides in executing its strategic plans, successfully launching new products, specifically, macaroni, premium pasta and semolina to meet the yearnings of its customers.

BUA Foods diversified portfolio and expansion into new markets impacted revenue growth while strengthening its partnership with key stakeholders.

Expectedly, sales surged 109.51 percent to N672.39 billion as at June 2024.

The percent growth at the top line (sales) outperforms Unilever’s revenue growth of (+40.92 percent); Cadbury, (+44.46 percent); Nestle Nigeria, (+55.47 percent); Flourmills (+67.23 percent); Nigerian Breweries, (+72.94 percent); Guinness Nigeria (+30.53 percent); International Breweries, (+92.20 percent), Dangote Sugar, (+45.78 percent), and Nascon Allied, (+32.14 percent).

Because BUA Foods maintained a strong focus on cost optimization, it achieved sustained margins and profitability.

The company’s profit after tax (PAT) surged by 414.54 percent to N130.93 billion as at June 2024, making it the most profitable consumer goods firm in Nigeria even amid a difficult business environment.

Peer rivals such as Nestle Nigeria, Cadbury, Nigeria Breweries, Guinness, International Breweries, and Dangote Sugar, posted losses after taxes as they were hard hit by foreign currency revaluation losses.

Unilever, Flourmills, and Nascon Allied posted profits of N4.43 billion, N6.97 billion, and N4.84 billion.

 

BUA Foods: Head and Shoulders Above the Rest as Rivals Struggle

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MTN Contributes N200bn Monthly in VAT, Driving Tax Reform Debate

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MTN Contributes N200bn Monthly in VAT, Driving Tax Reform Debate

MTN Contributes N200bn Monthly in VAT, Driving Tax Reform Debate

 

MTN Nigeria, the nation’s largest telecom company, pays over N200 billion in Value Added Tax (VAT) monthly, making it the single biggest contributor to the country’s VAT revenue, according to Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee.

Speaking at Channels Television’s Town Hall on Tax Reforms, Oyedele highlighted significant disparities in the current VAT allocation system, revealing that all VAT paid by MTN is credited solely to Lagos State, where the company’s headquarters is located, despite the fact that services generating this revenue are consumed nationwide.

“MTN is the largest contributor to VAT in Nigeria,” Oyedele stated. “They pay over N200bn every month, and the gap between them and the second-largest contributor is massive. However, all this VAT is currently allocated to Lagos, even as calls are made across states like Kano, the FCT, Ekiti, Edo, and Kebbi.”

As part of the ongoing tax reform efforts, the committee has proposed a new framework to ensure equitable distribution of VAT revenues based on consumption rather than the corporate headquarters’ location.

Under the proposed redistribution model, Lagos State, which now retains the full N200bn from MTN, would see its share reduced to around 20 per cent. The remaining revenue would be distributed more fairly among other states where the services are consumed.

“This adjustment ensures states where VAT is generated get their fair share,” Oyedele explained. “While Lagos State’s share decreases slightly, every other state stands to gain under the new system.”

The tax reform bill, designed to address inefficiencies and promote fairness in Nigeria’s fiscal policies, has sparked debate among stakeholders. Critics have accused the committee of advancing policies that may negatively impact certain regions.

Oyedele, however, dismissed these claims, arguing that the current system is flawed and in need of urgent correction. “If something is being done wrongly, how can Lagos State or anyone oppose reforms aimed at fixing it?” he questioned.

The proposed reforms, which include provisions for revenue redistribution and efficiency improvements, are seen as pivotal to ensuring fairness and sustainability in Nigeria’s tax system.

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Celebrate Your Wins, No Matter How Small-Prudent Ludidi

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Those who wronged you may never say "I'm sorry" - Prudent Ludidi

Celebrate Your Wins, No Matter How Small-Prudent Ludidi

 

Today, I want to talk about something incredibly important, yet often overlooked: celebrating our wins. Yes, you heard that right – celebrating our wins, no matter how small.

We live in a world that constantly pushes us to achieve more, be more, and do more. We’re always striving for the next goal, the next milestone, the next achievement. And while ambition is great, it’s equally important to acknowledge and celebrate the small victories along the way.

Think about it. How often do you achieve something amazing, only to dismiss it as “not a big deal” or “just part of your job”? How often do you downplay your successes or attribute them to luck rather than your hard work and dedication?

Here’s the thing: every win, no matter how small, is worth celebrating. Every achievement, no matter how insignificant it may seem, is a testament to your strength, resilience, and determination.

Celebrating your wins does several things. Firstly, it boosts your confidence and self-esteem. When you acknowledge your achievements, you remind yourself of your capabilities and potential.

Secondly, celebrating your wins helps you stay motivated and focused. By recognizing your progress, you’re more likely to stay committed to your goals and keep pushing forward.

Thirdly, celebrating your wins fosters a positive mindset. When you focus on what you’ve achieved, rather than dwelling on what’s still to be done, you cultivate gratitude, happiness, and contentment.

So, how can you start celebrating your wins?

Start small. Write down three things you’ve accomplished each day before bed. Share your achievements with a friend or family member. Treat yourself to something special.

Celebrate the tiny victories: finishing a difficult project, trying a new recipe, or simply making it through a tough day.

Celebrate the milestones: landing a new job, running a marathon, or graduating from college.

And celebrate the moments in between: learning a new skill, making a new connection, or taking a much-needed break.

Remember, celebrating your wins isn’t about being arrogant or boastful. It’s about acknowledging your hard work and dedication. It’s about recognizing your worth and value.

Don’t wait until you’ve achieved something “big” to celebrate. Celebrate every win, no matter how small. Celebrate every achievement, no matter how insignificant it may seem.

You are worthy of recognition. You are worthy of celebration. And you are worthy of acknowledging your own strength and resilience!

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Afriq Group CEO, Staff graduates of Certified Cryptocurrency Compliance Specialist 3Cs

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Afriq Group CEO, Staff graduates of Certified Cryptocurrency Compliance Specialist 3Cs

 

The A&D Forensic Institute has awarded staff members of the Afriq Group of Companies the Certified Cryptocurrency Compliance Specialist (CCCS) certification after they successfully completed the required training. The ceremony, held in Abuja from November 4 to 8, 2024, marked a significant milestone for Afriq Group’s dedication to compliance and security in the cryptocurrency sector.

Notably, Afriq Group of Companies is the first Cryptocurrency company in Africa to train over 12 staff members as Certified Cryptocurrency Compliance Specialist.

During the event, Mr. Jesam Michael, CEO of Afriq Group, expressed his gratitude to the A&D Forensic Institute for their in-depth training. He acknowledged that previously, the company focused mainly on trading and profit-making in the crypto space but had now realized the value of knowledge and compliance. “We were mainly focused on making money, but A&D has helped us see the importance of a knowledge base in the crypto space,” Mr. Jesam Michael said.

A highlight of the training week was the introduction of Mrs. Faith E., Afriq Group’s new Cryptocurrency Consultant, who visited the staff on the fourth day. The CEO described her as a mentor and guide for the company’s growth. Mrs. Faith, a seasoned expert in cryptocurrency since 2016, emphasized the importance of education in the evolving technological space. She noted, “People often view technology as magic, but anything lasting over a decade is no longer a trick; it is innovation.” Mrs. Faith stressed that staying educated is essential for Afriq Group to protect its reputation and thrive within the global community, especially given the challenges of operating in a sensitive and risky sector.

She also highlighted how this training would elevate the staff’s capabilities and open new career paths for them. “This training benefits you as individuals first, making you certified specialists, which is recognized internationally,” she said. Mrs. Faith urged the participants to make the most of their knowledge and continue learning to strengthen Afriq Group’s position in the market.

After completing their certification exams, the staff received their CCCS certificates. Mr. Martin, CEO of Farm Trading, joined the ceremony to present the certification to Mr. Jesam Michael as a newly certified Cryptocurrency Investigator. In his remarks, Mr. Martin praised the achievement as a positive step for compliance in the industry and emphasized the balance between business operations and regulatory standards. “Work closely with management, document processes, and follow rules carefully. This way, your role as compliance officers can drive success without jeopardizing business integrity,” he advised.

The event concluded with renewed excitement and a sense of purpose among the staff, who now hold specialized expertise in cryptocurrency compliance. Mr. Jesam Michael reminded everyone to continue their dedication, noting that their work would be under the scrutiny of experts like Mrs. Faith to ensure excellence and adherence to best practices.

 

Afriq Group CEO, Staff graduates of Certified Cryptocurrency Compliance Specialist 3Cs

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