Connect with us

Business

Shareholders thumb up NASCON’s good performance, despite pandemic

Published

on

Shareholders thumb up NASCON’s good performance, despite pandemic

…wins haulage company of the year

 

 

 

 

Shareholders of NASCON Allied Industries Plc, a subsidiary of Dangote Industries Limited (DIL) have commended the food seasoning company over its impressive performance in the year ended December 31, 2021, in spite of the harsh economic operating environment just as the company emerged the best haulage company of the year.

 

 

 

 

 

Speaking during the NASCON’s Annual General Meeting (AGM) held at the weekend in Lagos, a representative of the shareholders, Mrs. Bisi Bakare said the performance reflects the ability of the management of NASCON to steer the company through difficult times especially in the face of lack of power, fluctuating exchange regime and dwindling purchasing power of consumers.

 

 

 

She expressed the belief that the overall performance of the Company was a reflection of its Seven sustainability pillars adopted by NASCON and which are geared towards ensuring that the company connects with all stakeholders.

 

 

 

 

 

Another shareholder, Mrs. Adetutu Siyanbola in her remarks said that NASCON Transport Team section should be commended as indicated in the financial report, for winning the best haulage company of the year out of the 684 companies that enrolled for the Road-Transport-Safety-Standardization-Scheme of the Federal Road Safety Corps.

 

 

 

 

 

She pointed out that the company has over the years imbibed a culture known for taking good care of shareholders through consistent payment of dividends adding that despite the harsh operating environment occasioned by the global economic downture, the company still paid a dividend of 40 kobo per share.

 

 

 

 

 

Adding his voice to the commendation, respected shareholders’ rights’ activist, Sir Sunny Nwosu, lauded the board and management of NASCON for their ability to declare and pay dividends despite the harsh operating environment which resulted from the Apapa Wharf gridlock and the downturn in national economy. He said that while other companies are lamenting and cutting down on production, the company is paying dividend which is commendable.

 

 

 

Responding, the acting Managing Director, NASCON, Mr. Thabo Mabe said the company is not resting on its achievements but is moving from street to street, market to market and shop to shop, introducing its array of products to consumers.  He said that as a company in the fast-moving consumer goods sector, the management team has developed plans and strategies to capture more  share in chosen markets and will gradually deploy them in the coming months.

A peep into NASCON’s annual report for 2021 indicated that profit before tax, rose from N3.9 billion to N4.3 billion while net profit was N2.97 billion.

National Salt Company of Nigeria (NACON) was established as a salt refinery at Ijoko, Ogun State in 1973, in 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 of raw salt into refined, edible and industrial salt. NASCON is also into the production of seasoning and vegetable oil.

Shareholders thumb up NASCON’s good performance, despite pandemic

 


Business

Abounding investment opportunities in the e-commerce value chain

Published

on

Abounding investment opportunities in the e-commerce value chain

Abounding investment opportunities in the e-commerce value chain

By Olorunfemi Adejuyigbe

 

Abounding investment opportunities in the e-commerce value chain

 

 

B2B platforms like Alerzo are changing the Nigerian retail market narrative by presenting the attractive investment opportunities therein to the world.

The federal government recently revealed the improving impact of e-commerce on the country’s economy, saying the current e-commerce spending in Nigeria has grown to $13billion per annum and expected to reach $75billion in revenue per annum by 2025.

 

 

 

 

Expressing passion about the growing investment opportunities in the e-commerce value chain, which are capable of contributing significantly to the country’s Gross Domestic Product (GDP), the federal government also said e-commerce grew in Nigeria from 14% in 2019 to 17% in 2020.

Alerzo’s technology-based market penetration helps in reaching people beyond the urban settlements to rural areas and giving them access to extensive catalogue of products, in addition to free delivery. The leading e-commerce platform also facilitates development and financial inclusion through digital payment platforms.

 

 

 

 

 

 

 

 

 

For instance, Alerzo, through AlerzoPay, is contributing to the development of dematerialized payment solutions which are key to the success of e-commerce and an important asset for Nigeria when it comes to development prospects.

By their business models, B2B e-commerce platforms are a chain of activities that open up economic opportunities such as job creation, financial inclusion and technology advancement, as Alerzo’s Chief Executive Officer, Adewale Opaleye, made known that Alerzo directly employs more than 3,000 people in its operational chain.

 

 

 

 

 

 

 

 

 

B2B e-commerce platforms also allow local retailers to improve their businesses and become profitable and thus enable them to hire more staff to support their production and/or distribution activities.

Continue Reading

Business

VAT Row: Court of Appeal Rules In Favor of FIRS

Published

on

VAT Row: Court of Appeal Rules In Favor of FIRS

VAT Row: Court of Appeal Rules In Favor of FIRS

By Olorunfemi Adejuyigbe

 

VAT Row: Court of Appeal Rules In Favor of FIRS

 

The Court of Appeal, sitting in Lagos on Friday has upheld the appeal filed by the Federal Inland Revenue Service (FIRS), against the Lagos Hotel Owners Association of Nigeria.

The Court of Appeal set aside the Federal High Court judgment in favor of the Association.

 

 

 

 

 

In 2019, the Association had gotten a judgment from the Federal High Court sitting in Lagos, whereby the court had invalidated the powers of the FIRS to collect VAT from the members of the Association.

The FIRS thereafter appealed the judgment at the Court of Appeal.

 

 

 

 

 

 

 

The Court of Appeal also struck out the Counter claim of the Lagos State Government against FIRS. Yesterday’s judgment has therefore affirmed the authority of FIRS to collect VAT from all taxpayers.

Details later …

Continue Reading

Business

FIRSTBANK LAUNCHES SINGLE-DIGIT LOAN FOR WOMEN-OWNED BUSINESSES, REINFORCES ITS ROLE IN STRENGTHENING GENDER INCLUSION IN NIGERIA

Published

on

FIRSTBANK LAUNCHES SINGLE-DIGIT LOAN FOR WOMEN-OWNED BUSINESSES, REINFORCES ITS ROLE IN STRENGTHENING GENDER INCLUSION IN NIGERIA

FIRSTBANK LAUNCHES SINGLE-DIGIT LOAN FOR WOMEN-OWNED BUSINESSES, REINFORCES ITS ROLE IN STRENGTHENING GENDER INCLUSION IN NIGERIA

By Olorunfemi Adejuyigbe

FIRSTBANK LAUNCHES SINGLE-DIGIT LOAN FOR WOMEN-OWNED BUSINESSES, REINFORCES ITS ROLE IN STRENGTHENING GENDER INCLUSION IN NIGERIA

 

 

 

 

The FirstGem fund (FirstGem loan) is a single-digit loan scheme, exclusively designed to put women at an advantage in contributing to the socio-economic development of the country.

The loan scheme covers female-owned or partnered SMEs in various sectors of the economy Launched in 2016, FirstGem has been impactful in driving financial inclusion, influencing women’s empowerment through gender-advancement programmes like savings culture, financial literacy, wealth management and building an investment portfolio.

 

 

 

 

 

In furtherance of its role in promoting female entrepreneurship across the country, Nigeria’s premier banking institution and leading financial inclusion services provider, First Bank of Nigeria Limited, has announced the launch of the FirstGem fund (FirstGem loan); a single-digit loan scheme, exclusively designed to put women at an advantage in contributing to the socio-economic development of the country.

 

The FirstGem loan scheme is designed for female-owned or partnered SMEs in the following sectors Food/Beverage processing & Packaging, Beauty and cosmetics, Confectionaries, Catering & Restaurants, Transportation (Logistics) and Agric/Agro-Allied (retail value chain). With an interest rate of 9% per annum, FirstGem loan is a collateral-free loan that is available to the bank’s existing and prospective female customers. Based on eligibility, customers can access loans from N500,000.00 to N3,000,000.00.

 

 

 

 

 

 

 

To access the loan, Female owned or partnered SMEs can visit the Bank’s website – https://www.firstbanknigeria.com/personal/loans/more-financing-options/firstgem-funds/ – to download and fill out the Retail Loan Application Form. The completely filled form should be submitted to the nearest FirstBank branch with accompanying documents.

 

Speaking on the loan Folake Ani-Mumuney, Group Head, First Bank of Nigeria Limited said, “we are delighted with the role our FirstGem product plays in creating an avenue to enlarge the business activities and endeavours of female entrepreneurs across the country. Our FirstGem value proposition offers real solutions to constraints encountered by female entrepreneurs and working professionals, as it exposes women to opportunities for the advancement of their business. We implore every female business-minded individual to take advantage of the FirstGem loan as it puts them at an advantage to contribute their quota to the national economy.”

 

 

 

 

 

 

 

 

Launched in 2016, FirstGem has been impactful in driving financial inclusion, influencing women’s empowerment through gender-advancement programmes like savings culture, financial literacy, wealth management and building an investment portfolio. FirstGem is designed specifically to meet the needs of the female gender, aged 18 years and above.

 

FirstGem is targeted at a broad spectrum of women, working professionals, entrepreneurs or market women through an array of benefits such as free business advisory services, access to finance, specialized training on business development initiatives (virtual and physicalevents), regular insights on business / investment opportunities. and mouth-watering discounts at partner merchant outlets (spas, salons, grocery stores) offering lifestyle products and services.

 

 

 

 

 

 

 

 

 

 

Recently, FirstBank announced its partnership with CDC Group, the UK Government’s development finance organisation to economically empower women-owned and led businesses as well as local small and medium-sized enterprises (SMEs) in Nigeria. The facility, which is in the sum of US$100 million will have a minimum of 30% allocated in the form of credit lines to women entrepreneurs.

 

 

 

 

 

About FirstBank

First Bank of Nigeria Limited (FirstBank) is the premier Bank in West Africa and the leading financial inclusion services provider in Nigeria for over 128 years.

With over 750 business locations and over 150,000 Banking Agents spread across 99% of the 774 Local Government Areas in Nigeria, FirstBank provides a comprehensive range of retail and corporate financial services to serve its over 30 million customers. The Bank has an international presence through its subsidiaries, FBNBank (UK) Limited in London and Paris, FBNBank in the Republic of Congo, Ghana, The Gambia, Guinea, Sierra-Leone and Senegal, as well as a Representative Office in Beijing.

 

 

 

 

 

 

 

 

 

 

The Bank has been handy at promoting digital payment in the country and has issued over 10million cards, the first bank to achieve such a milestone in the country. FirstBank’s cashless transaction drive extends to having more than 10million people on its USSD Quick Banking service through the nationally renowned *894# Banking code and over 4.5 million people on FirstMobile platform.

Since its establishment in 1894, FirstBank has consistently built relationships with customers focusing on the fundamentals of good corporate governance, strong liquidity, optimised risk management and leadership. Over the years, the Bank has led the financing of private investment in infrastructure development in the Nigerian economy by playing key roles in the Federal Government’s privatisation and commercialisation schemes. With its global reach, FirstBank provides prospective investors wishing to explore the vast business opportunities that are available in Nigeria, an internationally competitive world-class brand and a credible financial partner.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FirstBank has been named “Most Valuable Bank Brand in Nigeria” six times in a row (2011 – 2016) by the globally renowned “The Banker Magazine” of the Financial Times Group; “Best Retail Bank in Nigeria” for seven consecutive years (2011 – 2017) by the Asian Banker International Excellence in Retail Financial Services Awards and “Best Bank in Nigeria” by Global Finance for 15 years. Our brand purpose is always to put customers, partners and stakeholders at the heart of our business, even as we standardise customer experience and excellence in financial solutions across sub-Saharan Africa, in consonance with our brand vision “To be the partner of the first choice in building your future”. Our brand promise is always to deliver the ultimate “gold standard” of value and excellence. This commitment is anchored on our inherent values of passion, partnership and people, to position You First in every respect.

 

 

 

 

 

 

 

Folake Ani-Mumuney

Group Head, Marketing & Corporate Communications

First Bank of Nigeria Limited

Continue Reading

Trending