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FrieslandCampina WAMCO reports N199.5 billion turnover at 48th AGM

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FrieslandCampina WAMCO reports N199.5 billion turnover at 48th AGM

 

 

Top dairy company, FrieslandCampina WAMCO Nigeria PLC, makers of premium milk brands – Peak, Three Crowns, Coast, Nunu and Olympic has reported a turnover of N199.5 billion. This was announced at its 48th Annual General Meeting held Thursday, 6 May 2021, in Lagos.

 

 

 

 

Speaking at the AGM, the Chairman, Mr. Moyo Ajekigbe, OFR said, “the challenging operating environment in 2020 notwithstanding, the Company’s commercial and financial performance for the year showed considerable improvement compared to the previous year. Turnover increased by 23% in 2020 to N199.5billion from N161.8billion in 2019. This was due to a combined effect of organic and inorganic growth following the acquisition of Nutricima’s dairy business. Profit Before Tax however decreased by 20.3% from N18.8 billion in 2019 to N14.9 billion in 2020 as a result of high input costs and naira devaluation impact.”

 

 

 

 

The meeting was held in compliance with COVID-19 pandemic protocols, ensuring the health and safety of all stakeholders involved. The meeting was broadcast live for shareholders and other relevant stakeholders to participate in the proceedings in line with the “Guidelines on Holding of Annual General Meetings (AGM) of Public Companies Using Proxies” as established by the Corporate Affairs Commission.

 

 

 

All the resolutions submitted for shareholder approval were adopted, including the approval of a total dividend payout of N6.74 per N0.50 share.

 

 

 

As underlined by the Managing Director, Mr. Ben Langat, during his presentation on the financial results, “2020 was shaped by the Company’s continued focus on sustainable business processes. We leveraged our brands and superior commercial expertise to deliver impressive volumes during the year. FrieslandCampina WAMCO continues to be committed to nourishing Nigerians with quality dairy nutrition. Our Board and Management will continue to take necessary steps to ensure that the growth momentum is sustained.”

Explaining the Company’s response to COVID, Mr. Langat said, “From the very first signs of the Covid-19 pandemic, our Company defined three absolute priorities; protecting the health and safety of our employees; doing all that is necessary to ensure business continuity; and supporting Nigeria to manage through the crisis, therefore, a donation of N500 million was made to the COVID Relief Fund while over N100 million worth of products were donated to low income communities during the lockdown.”

Following its expansion drive, FrieslandCampina WAMCO acquired Nutricima factory in Ikorodu during the year under review. The acquisition underlines FrieslandCampina WAMCO’s continued commitment to contribute to the development of the Nigerian dairy sector and satisfies the need for additional production capacity for FrieslandCampina WAMCO to meet the growing consumer demand for locally produced dairy.

Under its backward integration strategy, the business aggressively expanded its activities to

strengthen the dairy value chain in Nigeria. Significant to this was the establishment of the Center for Nigerian Dutch Dairy Development,  Nigeria’s first national expertise Center for dairy, committed to unlocking and developing homegrown dairy expertise across the value chain. The business also established the Value4Dairy Consortium, a formidable partnership of FrieslandCampina WAMCO, URUS, Barenbrug and Agrifirm, committed to accelerate self-sufficiency in Nigeria’s dairy sector.

A look at Q1 2021 activities indicates continued economic headwinds in a volatile and uncertain business environment. However, FrieslandCampina WAMCO remains positive about the future of its business in Nigeria. The business is confident that our brands, which are well known, will continue to grow on the back of our strong business fundamentals and unique route-to-market strategy to achieve our business ambition.

 

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Energy sector: Plot to discredit heads of regulatory agencies uncovered

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**Energy sector: Plot to discredit heads of regulatory agencies uncovered

There is a subtle plot by some individuals, acting in cahoots with some members of the House of Representatives, to discredit heads of regulatory agencies in the energy sector.

This newspaper reports that the motive of the scheme is to put the heads of the agencies under intense pressure, distract them from performing their duties and thus set set the stage for their sack on grounds of non-performance.

Available information said that the plot was orchestrated by a member of the House from the South who has become infamous for blackmail, intimidating and manipulating agencies in the guise of oversight responsibility.

He has been leading his committee members by the nose in the grand conspiratorial alliance to extort money from the agencies of government in furtherance of some selfish agenda.

This newspaper reports that there have been some mutterings by some of the commiitee members who have realised that the actions of their chairman are far from being motivated or inspired by patriotism.

Some members are pissed off with the committee chairnan’s reported boast about his ability to sway them with “just a few dollars.”

Meanwhile, reports have confirmed that the committee chair has been trying to “double deal” and has, in the process, come under intense rebuke by the regulators.

This newspaper quoted a source to have said that “evidence has been recorded’.

However, This newspaper had yet to get a copy of the recorded evidence as of the time of publication.

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Dangote, NNPC Spat: Shareholders Condemn Demarketing of Dangote Refinery

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Dangote: NANS Write President Tinubu Over mismanagement Of CTIN Funds (Video)

Dangote, NNPC Spat: Shareholders Condemn Demarketing of Dangote Refinery

 

 

 

Shareholders have strongly defended Africa’s foremost industrialist, Aliko Dangote over the on-going petroleum product supply controversies, while criticising the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, for deliberate attempt at demarketing Dangote Petroleum Refinery & Petrochemicals.

 

 

The shareholders under the aegis of Pragmatic Shareholders Association of Nigeria (PSAN) in a statement signed by its National Coordinator, Mrs. Bisi Bakare, expressed dismay over the recent allegations from the petroleum regulatory agency regarding the quality of diesel produced by Dangote Petroleum Refinery.

The NMDPRA boss Farouk Ahmed has faced the backlash after suggesting that the diesel produced by the $20 billion Dangote refinery is of inferior quality compared to imports into the country.

Bakare commended Dangote for his visionary approach in establishing one of the world’s largest refineries in Nigeria. She highlighted Dangote’s commitment to national development, stressing his patriotism and resolute character through substantial investments like the refinery.

“Dangote has ensured that the bulk of his business investments are local, contributing significantly to economic development through tax payments, extensive job creation, and consistent returns for shareholders,” she added.

The shareholders group strongly condemned what they termed as “unwarranted efforts to demarket the refinery” by regulatory bodies. They cautioned that such actions could deter both local and international investors and undermine government efforts to stabilise fuel prices and ensure availability.

“We must rally around Dangote Refinery,” Mrs. Bakare urged, “to provide crucial support such as crude oil allocation, cooperation from international oil companies, and regulatory agency collaboration.” She stressed the refinery’s potential to save Nigeria over 30% in foreign exchange currently spent on offshore refining, which could significantly alleviate the country’s foreign exchange challenges.

“As shareholders,” Mrs. Bakare affirmed, “we remain steadfast in our support of Alhaji Aliko Dangote’s vision to bolster the nation’s economy and create more opportunities for our citizens.”

PSAN is the latest to join the growing list of Nigerians rallying support for Dangote in the ongoing standoff. Prominent figures and associations such as the President of the African Development Bank Group (AfDB), Akinwumi Adesina; billionaire businessman, Femi Otedola; federal lawmakers; former Vice President and 2023 presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar; former Anambra state governor and 2023 Labour Party presidential candidate, Peter Obi; Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA); and the Manufacturers Association of Nigeria have all voiced their support for Dangote Refinery.

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EXCITING PRIZES TO BE WON WITH FIRSTBANK VISA GOLD AND VISA INFINITE CARDS IN THE 2024 SUMMER CAMPAIGN

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EXCITING PRIZES TO BE WON WITH FIRSTBANK VISA GOLD AND VISA INFINITE CARDS IN THE 2024 SUMMER CAMPAIGN

EXCITING PRIZES TO BE WON WITH FIRSTBANK VISA GOLD AND VISA INFINITE CARDS IN THE 2024 SUMMER CAMPAIGN

FirstBank, the West African premier financial institution and financial inclusion services provider announces its continuous VISA Cross Border and Summer campaign in partnership with VISA. The campaign, which commenced on 1 April 2024, is set to run until 31 August 2024 as a rewarding initiative for existing VISA Gold and VISA Infinite cardholders and prospective customers.

 

 

 

Throughout the campaign, 502 lucky Visa Infinite and Visa Gold cardholders will win $50 gift vouchers. 2 cardholders will enjoy an all-expense-paid trip for two to the Olympic Games in Paris, France. The promo offers an excellent opportunity for cardholders to enjoy the premium benefits of using their FirstBank VISA cards while standing a chance to win fantastic rewards.

 

EXCITING PRIZES TO BE WON WITH FIRSTBANK VISA GOLD AND VISA INFINITE CARDS IN THE 2024 SUMMER CAMPAIGN

 

To qualify for this exciting offer, Visa Infinite and Visa Gold cardholders must spend $500 and above in at least six transactions during the campaign period.

 

 

Speaking on the promo Chuma Ezirim, the Group Executive E-Business and Retail Products, FirstBank said, “We are excited to reward our loyal customers and users of FirstBank Visa Infinite and Visa Gold cards, whilst also welcoming new customers through this campaign. This promo underscores our commitment to reward our customers with innovative and impactful offerings designed to enhance their banking experience.

“We appreciate Visa for the partnership as we deliver value and create memorable experiences for our customers.”

The FirstBank Visa Gold card is an international premium credit card issued in partnership with Visa International. It is a US Dollar-denominated card secured by chip and PIN technology, ensuring both convenience and security for users.

On the other hand, the FirstBank Visa Infinite card is the pinnacle of the Visa card range, targeted at High-Net-Worth Individuals. This card offers an extraordinary selection of exclusive travel, dining, shopping, and lifestyle opportunities, providing unparalleled benefits to its holders.

 

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