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Fx crisis: PZ Cussons to sell Nigeria subsidiaries, others

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Fx crisis: PZ Cussons to sell Nigeria subsidiaries, others

Fx crisis: PZ Cussons to sell Nigeria subsidiaries, others

 

Multinational consumer goods company, PZ Cussons, says it has commenced plans to sell its African subsidiaries to any interested buyer.

The parent company of PZ Cussons Nigeria said it is looking at a partial or full sale to mitigate the company’s exposure to fluctuations in the naira, which has devalued by 70 per cent.

The company stated this in its preliminary results published on its website for the year ended May 31, 2024.

According to the consumer goods manufacturer, the board has also received multiple interests regarding the sale of its African business.

 

The document read, “Over the last 12 months, we have made continued operational progress and delivered against the strategic priorities set out at the start of the year, against the backdrop of macro-economic challenges.

“At the same time, we have taken the important first steps to transform our business and maximise shareholder value, by refocusing our portfolio on where we can be most competitive.

“The period was marked by a 70 per cent devaluation of the Nigerian naira, which has had significant implications on our reported financials. We have worked hard to mitigate the impact of this on the group, while continuing to serve Nigerian consumers who are facing unprecedented inflation and economic difficulties.”

It, however, noted that revenue in its UK Personal Care business has significantly improved to a year of profitable, double-digit revenue growth.

On the sales of subsidiaries, the company said it has received, “a number of expressions of interest for our African business”, which recognises the potential of its brands and could lead to a partial or full sale.

“The favourable trends of the second half of FY24 have continued into the new financial year. We are progressing with our plans to sell St. Tropez and have received a number of expressions of interest for our African business, w the potential of our brands and people, which could lead to a partial or full sale.

 

“Against this backdrop, we remain confident in the long-term potential for PZ Cussons as a business with stronger brands in a more focused portfolio, delivering sustainable, profitable growth,” PZ Cussons said.

Commenting on the impact of the naira devaluation, PZ Cussons said a foreign exchange loss of £107.5m “primarily arose from the translation and settlement of USD denominated liabilities in our Nigerian subsidiaries and is wholly the result of the devaluation of the naira, which fell by 70 per cent from May 31, 2023 to May 31, 2024”.

In April, the Chief Executive Officer, PZ Cussons, Jonathan Myers, said the company was reviewing its brands and geographies over macroeconomic challenges and complexities in Nigeria.

He spoke a month after the Securities and Exchange Commission rejected PZ Cussons’ request to acquire the shares of minority shareholders in PZ Cussons Nigeria Limited, its Nigerian subsidiary

 

In September 2023, PZ Cussons had shown interest in buying the remaining 26.73 per cent minority shares in its Nigerian subsidiary, at a price of N21 per unit.

As of May 31, PZ Cussons holds a 73.27 per cent stake in the Nigerian subsidiary, which represents 2.90bn shares, worth N45.53bn as of September 18.

The Nigerian subsidiary of the company, PZ Cussons Nigeria Plc has continued to struggle, as it posted a N94.78bn loss in the third quarter of 2023/24 compared to the N11.213bn gain it had in the corresponding period in 2022.

The firm suffered a N74.14bn loss in Q2. PZ Cusson remained in a negative net asset position, as liabilities surpassed assets by N46.420bn on the back of naira depreciation.

Earlier this year, the Securities and Exchange Commission rejected the ‘No Objection’ sought by the multinational to buy out minority shareholders at N23 and delist from the Nigerian exchange.

In another notice posted on the Nigerian exchange website, the company stated,  “Please note that the company’s closed period, which commenced on September 1, 2024, will remain in effect until 24 hours after the release of the Unaudited Financial Statements for the first quarter ended 31 August 2024, to the market.”

 

 

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LX Group CEO BIGLX Takes Cryptocurrency To The Next Level ….Why You Should Invest

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LX Group CEO BIGLX Takes Cryptocurrency To The Next Level

….Why You Should Invest

The LXGROUP CEO by name GODWIN GREGORY IBEGBU popularly known as BIGLX has proven that he is on a mission to take cryptocurrency to the next level. He said dreams do come true and I am a living testimony to that.

 

The Fastest growing cryptocurrency brand had driven a strong force in the crypto space within its reign of one year and eight months after several years of working under his former bosses. He gave cryptocurrency a chance and it has given him his financial freedom. Success doesn’t just come in a day but by work In progress. The newly cryptocurrency brand has recorded over 800-1000 users during this period of time making them run a total transaction of 1.1Billion naira in just a year and 8 months.

The lxgroup was officially rebranded from its former name LordBtc Exchange which started with $5-$100 customers repeatedly for 5 months not quite long started getting more users who wanted to give a try and after their first transaction with the brand they got stocked to the brand and introduced the lxgroup to their own fellow friends and now they have been a wave in the crypto space with notable users in the space of a year and eight months.

He added, “I have learnt to be patient and cut off from people who want to compete”.

“According to the records, LX and his team have transacted and processed out a total of $670K during this time frame making them efficient and reliable for its users. I will say this again for the records over a year plus with an additional 8 months ago, no adverts nothing just myself and the team have witnessed lxgroup been used by many, trusted by thousands, and has successfully processed a total payment of 1.1Billion Naira in transactions across its banks to customers. Further more he said I LX love you all, for supporting me and the brand for years now isn’t easy with the trust, the refers and the trades are noticed, we have also worked hard over the years making sure we improve in serving you better without compromising your trust and we are pleased to say greater things awaits lxgroup. Also I urge you all to keep trading with us as we will Never disappoint you all.”

LX Group CEO BIGLX Takes Cryptocurrency To The Next Level

....Why You Should Invest

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FIRS Launches USSD Code *829# for taxpayers’ satisfaction

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FIRS Launches USSD Code *829# for taxpayers’ satisfaction

 

In a bid to enhance ease of doing business, the Federal Inland Revenue Service (FIRS), on Wednesday, launched an Unstructured Supplementary Service Data (USSD) Code *829# specifically targetted at improving taxpayers’ satisfaction.

FIRS chairman, Zacch Adedeji, launched the code at the Revenue House in Abuja as part of activities making this year’s Customer Service Week which has the theme Above and Beyond.

The initiative makes Nigeria the sixth African country to deploy USSD code for simplifying tax payment processes. .

A statement by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman said taxpayers on any mobile telecommunication network in the country can now get across to FIRS real-time on issues relating to retrieval of Taxpayers Identification Number (TIN), verification of Tax Clearance Certificate (TCC), information on tax types and rates, locate the nearest FIRS office, and as well as get answers to general tax-related inquiries.

Speaking at the ceremony, Adedeji said the instant messaging protocol demonstrated further commitment of the agency to simplifying tax administration and ensuring that “every taxpayer—whether in bustling cities or remote areas—can engage with FIRS seamlessly.”

He called on taxpayers to enjoy the benefits that the USSD code offers and utilise the code for all their enquiries.

“With the *829# USSD code, taxpayers now have the power to: retrieve their Taxpayer Identification Number (TIN), verify their Tax Clearance Certificate (TCC), access information on tax types and rates, locate the nearest FIRS office, and get answers to general tax-related inquiries.

“Without the need for internet access, all of these services are now available with a simple mobile phone. This technological leap reflects our dedication to creating a tax system that is efficient, transparent, and responsive to the needs of taxpayers”, he said.

The agency also launched Customer Centricity Guide, a booklet containing policies, processes and procedures to ensure that FIRS keeps the taxpayers in their rightful position as ‘kings.’

“Equally important is the unveiling of the Customer Centricity Guide. This guide embodies our commitment to putting taxpayers at the centre of our service delivery.

“It outlines the principles and values that will drive our interactions with taxpayers by ensuring that every engagement is defined by respect, professionalism, and efficiency.

“The guide serves as a reminder to us all that the taxpayer is not just a client, but a valued partner in nation-building. Through the combination of the *829# USSD code and the Customer Centricity Guide, we are reinforcing a culture of service excellence and making tax compliance not just a duty but an experience that fosters trust and voluntary participation.

“As we celebrate this achievement, I encourage everyone to make full use of the *829# service and embrace the Customer Centricity Guide. Your feedback will be crucial as we continue to enhance these services and meet the evolving needs of our taxpayers,” he said.

The national coordinator of Servicom, Nnenna Akajemeli, praised the effort of the FIRS towards taxpayers’ satisfaction, noting that the efforts are evident.

“There are many things to congratulate the FIRS on. One is the launch of the USSD code *829# and the customer centricity guide. These initiatives which are simplifying tax and ensuring that citizens and taxpayers are delighted at the quality of service you render,” she said.

FIRS Director, Taxpayers’ Service Department, Loveth Onanuga noted the agency recognized that customer-centricity means more than just satisfying customers’ basic wants, but also going “above and beyond what customers anticipate and astonishing them with great service” in line with the theme of the week.

 

 

CAPTIONS USSD 1-3

L-R, Coordinating Director, People Services Group, Anthony Okonkwo; Coordinating Director, Services Support Group, M.L Abubakar; Coordinating Director, Compliance and Enforcement Group, Matthew Gbonjubola; Coordinating Director, Medium Taxpayers’ Group, Dick Irri; Chief of Staff, Tayo Koleosho; chairman, Federal Inland Revenue Service (FIRS), Zacch Adedeji; Coordinating Director, Corporate Services Group, Mrs Bolaji Akintola; Coordinating Director, Special Duties, Tamadi Shettima; Coordinating Director, Large Tax Group, Ms Aminat Ado during the unveiling of the agency’s USSD code *829# at the FIRS headquarters in Abuja, on Wednesday.

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Fidelity Bank improves ease of Revenue Collection with Tax Booths

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Fidelity Bank improves ease of Revenue Collection with Tax Booths

 

 

As part of initiatives towards increasing efficiency in revenue collection in Anambra State, leading financial institution, Fidelity Bank Plc, has donated 10 units of tax booths to the Anambra State Internal Revenue Service (AIRS).

Commenting on the donation, the Regional Bank Head, Awka, Fidelity Bank Plc, Dr. Nosa Orumwense, explained that the donation is borne out of the bank’s devotion to creating solutions for its customers.

“For nearly four decades, Fidelity Bank has been dedicated to meeting the banking needs of Nigerians with customized solutions. Whether through thoughtfully designed products or exceptional services, we have established ourselves as the preferred bank for individuals looking to grow, businesses interested in prospering and economies that want to prosper.

“Today’s donation to AIRS is a first-of-its-kind initiative in Nigeria and would go a long way in smoothening the experience with tax payment and collection for individuals and the Anambra State government respectively. We are grateful for the opportunity to partner with the government on this project and commit to do more”, explained Dr. Orumwense.

Named the “Fidelity Bank AIRS Small-Tax Hubs,” these booths are customized, secure, and user-friendly self-service terminals designed for efficient banking transactions. They are equipped with both mains and solar power sources to ensure continuous operation, and they connect to the internet for real-time transaction processing.

At the commissioning ceremony, Chairman of Anambra State Internal Revenue Service, Dr. Greg Ezeilo, FCA expressed gratitude for the donation, calling the gesture “a dream come true.” An elated Dr Ezeilo praised Fidelity Bank for the groundbreaking support while promising that the hubs would be utilized effectively.

Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged commercial bank with over 8.3 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.

The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.

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