Editorial
Red Star Express Records N7.3b Turnover, Declares Dividend
One of Nigeria’s leading logistics company, Red Star Express Plc, has posted a turnover of N7.3billion in the year under review which is ten percent (10%) higher than the preceding year. The profit before tax increased from N572million to N653million, while profit after tax also increased from N334.4million to N426.8million.
This was declared at the recently organized 24th Annual General Meeting (AGM) of the company held in Lagos. At the AGM, Reports and Financial statements of the year ended march 31st 2017 were tabled down while reviewing the company’s performance during the financial year.
On dividend, the company maintained its commitment to the creation of wealth for shareholders in appreciation of their support at all times. To this end, the Board of directors declared a gross cash dividend of 40 kobo for every 50 kobo share totaling N236million which will be paid on September 7th 2017 subject to the deduction of appropriate withholding tax.
According to the Chairman, Dr. Mohammed .H. Koguna, the company is happy to have posted a profit from its preceding year inspite of challenges. “I am happy to inform you that despite the challenges posed by the environment during the financial year under review, our staff and management worked assiduously to ensure that our company posted a satisfactory result. Lower oil revenues, tight capital controls, increased inflationary pressure and exchange rate volatility combined to make 2016 a challenging year for Nigeria. By June 2016, the country had slipped into recession, facing its first full year contraction for almost three decades, with a negative annual GDP growth rate of -1.73 percent compared to about 2.8 percent growth rate recorded in 2015 as reported by the Nigeria Bureau of Statistics (NBS). Most of the hitherto solid conglomerates had to resort to several cost cutting measures, including the most inevitable of downsizing, in order to remain active in the economy. Despite being a global phenomenon, unemployment has been a major challenge successive administrations contend with yearly. The national Bureau of statistics (NBS) says the country’s unemployment rate rose from 13.3 percent in the 2nd quarter to 13.9 percent in the 3rd quarter of 2016. The crisis in the nation’s aviation industry escalated from occasional crashes to perpetual flight delays and cancellations. The acute shortage of aviation fuel also worsened the situation with airfares rising by as much as 3005. However, we are aware of government’s multi-faceted efforts in confronting and resolving the economic challenges and we can attest to the fact that they are already yielding positive efforts. We are glad our company made profits despite all”.
Red Star Express remained steadfast in her policy of making sure that the social and economic welfare of its stakeholders are preserved and sustained through the Red Star Foundation. However, to show commitment on this, during the year under review, the company awarded 20 additional scholarships to secondary school students from the Eastern, Western and Northern parts of Nigeria.
The company praised the team of the new GMD/CEO, Mr Obabori and the Group Executive Committee comprising of the Executive Directors and Divisional Managing Directors of the subsidiaries who had worked hard in the year under review to create growth platforms and expansions into related opportunity areas. The company is of the opinion that the present management will further improve the fortunes of their company in the coming years. The former GMD/CEO, Mr Sule Bichi who was appointed as a Non-Executive Director with effect from October 27th 2016, was also appreciated amongst others.
In the course of the year, the company opened a branch office in the Niger Republic and is gradually building capacity in pick up and delivery of mails and packages.
Nevertheless, the company looks forward to restructuring the company as a Holding Company from its current Group Structure which the company has run for over seven years. This according to her, became necessary in view of the various initiatives the company seeks to explore and the need to have a more structured accounting system.
Red Star Express is a licensee of FedEx (Federal Express), and one of the most reputable companies in the Nigeria logistics industry. Incorporated in October 1992, the company provides a portfolio of logistics solution which includes domestic and international deliveries, freight forwarding, integrated warehousing and haulage services, information and document management, e-Commerce order fulfillment services. Red Star became an Associate of TNT following the acquisition of TNT by FedEx in 2016.
Sequel to successful outing of season-2 of the Big Brother Naija (BBNaija) last year, Heritage Bank Plc, has again partnered with MultiChoice Nigeria Limited, owners of the DSTV and GOTV brands to bring the third season of the entertainment to viewers across Africa and beyond.
The Big Brother Naija 2018 was launched on Sunday night with Ebuka Obi-Uchendu as the host with 20 house mates battling for the winning prize of N45 million which include a cash gift of N25 million and SUV Jeep among others. The theme of this year’s edition is “Double Wahala.”
The host said one of the innovations in this season was that viewers could give housemates secret tasks to do and some lucky viewers could win cash prizes of N1 million during the duration of the show.
The house mates will stay at the Big Brother House for the next 85 days to entertain viewers and the show promises to show case a lot of drama, intrigues and romance.
Speaking at the live streaming of the opening session in Lagos at the weekend, Mr. Fela Ibidapo, Group Head, Corporate Communications of Heritage Bank said, “When the last season of the reality show was about to start, some of us did know what we were getting into. We are back here again because last year was successful.’’
He said Heritage Bank believed in creativity and innovation and expressed appreciation to MultiChoice for the opportunity to be part of this edition of the show.
About 20 house mates were invited to the house in the third season of the show which began last Sunday night, with four of them debuting in a reality show for the first time in their lives.
This is an increase over 12 that participated in last year’s edition.
The new comers are Nina Chinoso 21 years- old, Vanessa Williams aka Vandora from Edo State, Teddy A 29 and Kelvin Burle aka K-Brule 23 years-old.
The others are Alexandria (a lady) 22, Adedayo Adewunmi aka Dee-One, a comedian; Princess Onyejekwe 25, Miracle Igbekwe, a pilot and model; Ahneeka 25 years and a TV presenter; Rico Savey,25; Bam Bam,28 years-old freelancer in acting and singing; Bitto Brain 26, Ifu Ennanda, an actress and business broker; Leo 25 years-old corporate hustler with a retail firm; Khloe 24 and a fashion designer; Angela 31 years-old film maker, Anto, Tobi- 23, Cee-C and Omololu Adetokunbo aka Lolu.
In the season two of the show, besides providing financial assistance to the BB Naija contenders, Heritage Bank helped them with business and advisory support services for between six to nine months.
This support helped to chart a veritable course and equip the housemates with the necessary tools to make informed business choices during their individuals’ careers.
In a bid to bring additional value to Nigerian culture, Heritage Bank also ensures that in partnering with the housemates, they take positive steps towards creating, preserving and transferring wealth to Nigerians.
Heritage Bank had also organised an SME enhancement capacity programme for the Ex-Housemates of the BB Naija and other emerging 21st century entrepreneurs at an SME enhancement capacity training programme.
Big Brother Nigeria was designed by its creators to attract controversies and create agenda for social discussions.
Mrs Eunice Odubor, a 48- year old staff of the Civil Defence Corps, yesterday won the 4th edition of the season 2 reach for the Skye millionaire reward.
Forty other lucky loyal customers across Nigeria also went home with various cash gifts ranging between N20, 000, N50, 000 and N100, 000 respectively.
The cash bonanza and draw which took place at the busy Ekiosa market in Benin City, the Edo State Capital, had in attendance top management staff and Zonal officers of National lottery Commission which witnessed the occasion.
Presenting the cheque to Mrs Isibor, at the resident of the Obazelu of Benin Kingdom, Chief Osaro Idah, the group head Product and Innovation of the bank, Ndubisi Osakwe, said the presentation was a clear demonstration of Skye Bank’s commitment to continue to impact the lives of loyal customers.
He said: “Today Skye Bank has shown its capacity in supporting individuals and retail businesses. We started this journey a couple of months back…now in its 3rd year and this is the fourth in the series.
“We have given given rewards to customers who are loyal to Skye Bank, who have responded to our promo to put N10, 000 for 30 days in savings account and they will qualify to win up to N1m. Mrs Idubor of Foresty branch Benin who has been loyal invested N10, 000 and has won N1m and her account will be credited”
In his remark, Chief Osaro Idah, who presented the cheque to the winner commended the bank for blazing the trail in corporate social responsibility among banks.
Elated Mrs Idubor, who could not hold back tears expressed her gratitude to Skye Bank for the money and promised to tell others to bank with Skye Bank.
She said part of the amount will be invested into the education of her child who had dropped out of the Ambrose Alli University Ekpoma due to paucity of funds.
The Zonal Coordinator, National Lottery Commission, Mrs Kate Okocha, also commended the bank for the transparency and encouraging people to save by opening account.
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