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Author: Rukayat Adeyemi

  • ASR Africa, BUA Group donate N10m to empower widows

    L-R: Dr Ubon Udoh (MD/CEO, ASR Africa), Dame Olabisi Alokolaro (President, IWS), Mrs Banke Adeola (⁠Chairperson, Widows Trust Fund), ⁠Mrs Umoren Cecilia-Aqua (IWS Trustee), ⁠Mrs Feyisola Abiri (Ex-Officio) and Mrs Olande Atere (⁠General Secretary, IWS) during ASR Africa presentation of the N10 million Grant to International Women’s Society.

    Donation

    By Rukayat Adeyemi

    Lagos, June 12, 2024 (NAN) The Abdul Samad Rabiu Initiative for Africa (ASR Africa), in commemoration of the 2024 International Widows’ Day, donated N10 million grant to the International Women’s Society (IWS) on Tuesday in Lagos.

    ASR Africa is a brainchild of African industrialist, philanthropist, and Chairman of BUA Group, Mr Abdul Samad Rabiu.

    The initiative, established in 2021, aims to provide sustainable, impact-based, homegrown solutions to developmental issues affecting health, education, and social development within Africa.

    Dr Ubon Udoh, the Managing Director/Chief Executive Officer (CEO) of ASR Africa, announced the donation at the Widows Feast and Empowerment Programme organised by IWS in Lagos.

    According to Udoh, the grant is part of ASR Africa’s ongoing efforts to invest in social development, one of its primary focus areas.

    He noted that the grant also reflected the commitment of the chairman of ASR Africa and BUA Group to improving the livelihoods and welfare of Nigerians.

    He said that the grant, distributed to widows in partnership with IWS, aimed to bring relief to the beneficiaries while ensuring its relevance and sustainability.

    Udoh appreciated the significant work done by IWS since its establishment in 1957.

    Commenting on the donation, Mrs Adeola Adebanke, the Chairperson of the Widows’ Trust Fund of IWS, expressed joy and satisfaction.

    She stated that not less than 250 widows benefited from the empowerment programme.

    Adebanke explained that the programme, organised yearly through the IWS WTF, is held to feast with and empower the widows.

    She further explained that the IWS WTF plays a vital role in supporting widows by providing them with the resources, skills, and connections needed to build a bright future.

    Adebanke prayed that the ASR Africa/BUA Group chairman continues to make significant strides and break new boundaries.

    The widows unanimously expressed their gratitude to ASR Africa and BUA Foods Plc for the timely palliative care packs received.

    The News Agency of Nigeria (NAN) reports that 250 widows received palliative care packs from BUA Foods Plc, which comprised rice, pasta, edible oil, and semolina.(NAN) (www.nannews.ng)

    RUKY/AWA
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    Edited by Olawunmi Ashafa

  • Investors on NGX lose N93bn

    Loss
    By Rukayat Adeyemi

    Lagos, June 11, 2024 (NAN) Bearish sentiment dominated the equity market on Tuesday, making investors lose N93 billion or 0.16 per cent.

     
    Loses in MTN Nigeria, Transnational Corporation, Ecobank Transnational Incorporated(ETI), Royal Exchange, Oando Plc, among other declined stocks drove the market performance down.
    Specifically, the Nigerian Exchange Ltd.(NGX) market capitalisation, which opened at N56.452 trillion, shed N93 billion or 0.16 per cent to close at N56.359 trillion.

    The All-Share Index also went down by 0.16 or 163 points to settle at 99,630.51, in contrast to 99,793.71 recorded on Monday.

    Consequently, the Year-To-Date (YTD) return fell to 33.24 per cent.
    However, market breadth closed positive with 29 leaders and 19 laggards.
    On the gainers’ chart, Total Energies led by N35.30 to close at N388.90, Presco Plc followed closely by N29.30 to close at N323.20 per share.
    UPDC Real Estate Investment Trust gained 12k to close at N1.33, FTN Cocoa Processors added 11k to close at N1.25, while Chams rose by 16k to close at N1.85 per share.
    Conversely, National Salt Company of Nigeria(NASCON) led the losers’ chart by N4.05 to close at N36.80, Thomas Wyatt declined by 17k to close at N1.59 per share.
    May & Baker dropped 43k to close at N5.60, C&I Leasing Plc trailed by 20k to close at N2.80 and Consolidated Hallmark Holdings shed 6k to close at N1.38 per share.
    Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 22.62 per cent.
    A total of 848.97 million shares valued at N16.55 billion were exchanged in 8,064 deals, as against 963.54 million shares valued at N13.50 billion exchanged in 8,657 deals traded in the previous session.
    Fidelity Bank led the volume and value chart with 293.18 million shares worth N2.93 billion, followed by Nigerian Breweries with 101.58 million shares valued at N2.91 billion.
    Zenith Bank sold 74.28 million shares valued at N2.57 billion, ETI traded 62.46 million shares worth N1.48 million.
    Access Corporation also transacted 51.90 million shares valued at one billion Naira.(NAN)(www.nannews.ng)
    RUKY/AWA
    ==========
    Edited by Olawunmi Ashafa

  • Unity Bank projects N5.2bn profit in Q3

    Profit
    Lagos, June 10, 2024 (NAN) Retail lender, Unity Bank Plc, has projected a profit after tax of N5.2 billion in third quarter of the year.
    This was contained in its earning forecast released to the Nigerian Exchange Ltd. (NGX) on Monday.
    The lender projected a pre-tax profit of N5.7 billion while targeting a turnover of N26.93 billion in gross earnings during the quarter.
    This indicates 8.2 per cent increase from the second quarter of 2024 projection of N24.89 billion.
    The earnings forecast also showed that the bank expects to record its interest income at N23 billion, with net revenue anticipated to hit N6.58 billion for the period.
    Unity Bank’s operating income is expected to rise to N13.38 billion, while cash flow from financing activities is projected to rise to N353.6 billion for the projected quarter.
    Meanwhile, the bank’s improved projected cash from financing activities and the expected increase in cash and cash equivalents highlight the lender’s strong liquidity position, which is critical for sustaining current and future business operations.
    The bank stated that it expected to achieve the result and surpass the projection, barring any unforeseen significant changes in the operating macroeconomic environment under which assumptions underlying the forecast were made.(NAN)(www.nannews.ng)
    RUKY/AWA
    ==========
    Edited by Olawunmi Ashafa

  • NSE seeks Seplat’s collaboration on renewable energy, national development

    Collaboration
    By Rukayat Adeyemi
    L-R: Director External Affairs & Social performance, Seplat Energy Plc, Ms Chioma Afe, Chief Operations Officer/Executive Director, Mr Samson Ezugworie, President , NSE, Mrs Margaret Oguntala, CEO, Seplat Energy Plc, Mr Roger Brown, Managing Director, Seplat East Onshore Ltd, Ibi-Ada Itotoi, during a visit of a delegation led by the President/ Chairman –in-Council of the NSE to SEPLAT Energy Plc, on Monday in Lagos.
    Lagos, June 10, 2024 (NAN) The Nigerian Society of Engineers (NSE), on Monday, solicited collaboration of Seplat Energy Plc on capacity building for local engineers, renewable energy expansion projects and innovations for national development.

    NSE’s President, Mrs Margaret Oguntala, also an engineer, made the appeal while leading a delegation of the society on a visit to Seplat Energy in Lagos.

     

    Oguntala said that the visit was in line with NSE’s objectives and committed to partnerships toward influencing and providing quality advice to governments, commerce and industry sector players, academia and other stakeholders.

     

    She listed programmes embedded in the NSE Strategic Agenda developed by its council to drive growth in various sectors and communities.

     

    She commended the company’s demonstration of leadership through innovations, sustainability, and excellence within the industry and its efforts in pursuing cleaner energy use to reduce carbon emissions.

     

    She said the firm’s efforts in reducing carbon emissions, investing in renewable energy sources, and supporting local communities aligned perfectly with the values and objectives of the NSE.

     

    Oguntala solicited support from the energy firm toward the expansion of NSE’s renewable energy installations at its headquarters in Abuja, as well as capacity building of engineers to ensure the development of the nation.

     

    “We believe that working together with us to expand this infrastructure will go a long way in helping us to achieve our objectives and bolster your contribution to supporting  a more sustainable and prosperous future for our country.

     

    “NSE also seeks to collaborate with Seplat Energy in the realm of capacity building and professional development.

     

    “Our engineers are the backbone of the energy sector, and they must be equipped with the latest knowledge, skills, and technologies.

     

    “We propose the establishment of joint training programmes, workshops and research initiatives that will not only enhance the capabilities of our engineers but also drive innovation within the sector.

     

    “As we look towards the future, it is clear that the path to sustainable development lies in strong partnerships and collective actions.

     

    “The NSE is committed to fostering such partnerships, and we are confident that our collaboration with Seplat Energy will yield significant benefits for both our organisations and for the nation as a whole,” she said.

     

    Oguntala announced that the 2024 National Engineering Conference and Exhibition with the theme “Sustainable Engineering Solutions to Food Security and Climate Change” will focus on food security.

     

    She added that the Council of NSE carefully considered and approved the theme for the conference to reflect the desire of President Bola Tinubu in achieving sustainable food security for Nigeria.

     

    The NSE president thanked the Chief Executive Officer(CEO) of Seplat Energy, Mr Roger Brown, and his team for hosting the NSE while expressing hope for fruitful partnerships for advancement of Nigeria.

     

    Responding, Brown, CEO of Seplat Energy, thanked the NSE team for recognising the firm as a leading indigenous energy company and for the partnership over the years.

     

    Brown congratulated Oguntala on her emergence as the first female president of NSE since inception in 1958.

     

    According to him, Seplat Energy is leading Nigeria’s energy transition with accessible, affordable and reliable energy that drives social and economic prosperity.

     

    “As the nation’s trusted independent energy supplier, we understand that Nigeria’s energy transition is a unique challenge. It needs leaders with long-term vision, local insight and courage to forge new pathways.

     

    “We are one of them. Step by step, we are bringing together like-minded trailblazers and forming networks of partners to make cleaner forms of energy more available and reliable for everyone.

     

    “Each step propels us further, and in our mission to lead Nigeria’s energy transition with accessible, reliable and sustainable energy that drives Nigeria’s social and economic prosperity.”

     

    “In line with our strategy to deliver energy transition, we have assessed various midstream gas, power, and renewable investment opportunities that are focused on increasing energy supply and reliability, lowering costs, and reducing carbon intensity of Nigeria’s electricity consumption,” he said. (NAN)

    RUKY/AWA
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    Edited by Olawunmi Ashafa

  • Equity market opens with N324bn gain

    Market

    By Rukayat Adeyemi

     

    Lagos, June 10, 2024 (NAN) The Nigerian equity market on Monday opened the week on a positive note with a gain of 0.58 per cent.

    Consequently, investors gained N324 billion or 0.58 per cent, as the market capitalisation which opened at N56.128 trillion, closed at N56.452 trillion.

    The All-Share Index also closed 0.58 per cent or 573 points stronger to close at 99,793.71 as against 99,221.14 recorded on Friday.

    As a result, the Year-To-Date (YTD) return rose to 33.46 per cent.

    The market’s positive performance was primarily driven by gains in Seplat, Guaranty Trust Holding Company (GTCO) Zenith Bank, United Bank For Africa(UBA), Transcorp Hotel (more…)

  • Weekly Report: Selloffs in blue-chips decline NGX market indices by 0.08% 

    Market
    By Rukayat Adeyemi
    Lagos, June 8, 2024 (NAN) During the week, selloffs in Seplat, Fidelity Bank, Transnational Corporation, among 34 other declined equities drove the Nigerian Exchange Ltd.(NGX) broader index down by 0.08 per cent week-on-week.
    Notably, the NGX All-Share Index and market Capitalisation depreciated by 0.08 per cent to close the week at 99,221.14 and N56.128 trillion respectively, as against 99,300.38 and N56.172 trillion respectively posted last week.
    As a result, stock market investors lost N44 billion week-on-week.
    Similarly, all other indices finished lower with the exception of NGX Main Board, NGX Insurance and NGX Consumer Goods which appreciated by 0.08 per cent, 0.84 per cent and 0.33 per cent respectively.
    However, the NGX ASeM, NGX Industrial Goods and NGX Sovereign Bond indices
    closed flat.
    Meanwhile, 35 equities appreciated in price during the week lower than 45 equities in the previous week.
    37 equities depreciated in price higher than 25 in the previous week, while 82 equities remained unchanged, lower than 84 recorded in the previous week.
    Specifically, Unity Bank led the losers’ table by 21.57 per cent to close at N1.20, Sovereign Trust Insurance followed by 13.64 per cent to close at 38k per share.
    Transnational Corporation lost 11.21 per cent to close at N10.30, Sunu Assurances shed 10.85 per cent to close at N1.15, while Prestige Assurance dropped 10.71 per cent to close at 50k per share.
    On the gainers’ table, RT Briscoe led by 25 per cent to close at 60k, Oando Plc trailed by 23.73 per cent to close at N14.60, Eterna Plc gained 22.45 per cent to close at N15 per share.
    Deap Capital Management and Trust Plc rose by 20 per cent to close at 48k and Red Star Express Plc added 15.73 per cent to close at N3.90 per share.
    Meanwhile, a total turnover of 1.703 billion shares worth N30.495 billion in 37,765 deals was traded this week by investors on the Exchange, in contrast to 2.189 billion shares valued at N31.303 billion that exchanged hands last week in 39,362 deals.
    The Financial Services Industry, measured by volume, led the activity chart with 1.222 billion
    shares valued at N15.876 billion traded in 18,782 deals.
    This contributed 71.77 per cent and 52.06 per cent to the total equity turnover volume and value respectively.
    The Oil and Gas Industry followed with 171.174 million shares worth N3.549 billion in 3,699 deals.
    The third place was the Consumer Goods Industry, with a turnover of 116.145 million shares worth N4.434 billion in 4,163 deals.
    Trading in the top three equities namely: Fidelity Bank Plc, Access Holdings Plc and Veritas
    Kapital Assurance Plc measured by volume accounted for 583.809 million shares worth
    N5.740 billion in 4,733 deals.
    This  contributed 34.28 per cent and 18.82 per cent to the total equity turnover volume and value respectively.
    According to analysts a Cowry Asset Management Ltd., looking ahead to the next week, a mixed trend is expected.
    The analysts predicted that this would be driven by profit-taking activities, the publication of third-quarter earnings forecasts by corporates, and portfolio rebalancing.
    They noted that market pullbacks are anticipated to enhance the index’s upward potential, supported by the ongoing dividend earnings season.
    “Investors and traders are expected to also position themselves for expected macroeconomic data, such as the Consumer Price Index for May.
    “However, investors are advised to trade in stocks of companies with sound fundamentals,” the analysts added.(NAN)(www.nannews.ng)
    RUKY/AWA
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    Edited by Olawunmi Ashafa

  • Regularisation amnesty: Property owners, developers complying – LASG

    Compliance
    By Rukayat Adeyemi
    LASPPPA officials at a campaign on the 90-day amnesty period offered by LASG for regularisation of building permits.
    Lagos, June 7, 2024 (NAN) The Lagos State Physical Planning Permit Authority (LASPPPA), on Friday, said that property owners and developers were complying with the 90-day amnesty period offered for building regularisation.
    The News Agency of Nigeria (NAN) reports that  the state Gov. Babajide Sanwo-Olu of Lagos State  approved s 90-day amnesty period, effective May 2, for house owners and developers within the state to obtain requisite building permits for their property.
    The General Manager of LASPPPA, Mr  Kehinde Osinaike, confirmed the compliance at a campaign embarked upon by LASPPPA officials across the state to further educate the public on the need to obtain their building permits.
    Osinaike, also a town planner, commended Lagos residents who had approached the authority to regularise their physical planning approvals since the opening of the amnesty window.
    According to him, the turnout has been encouraging.
    “I can say that we have witnessed an impressive level of compliance from building owners since the programme started on May 2.
    “However, so many people who are yet to take advantage of this opportunity can still do that from now till the end of July,” he said.
    Osinaike said that the amnesty window was  to ensure that buildings would be constructed correctly and that necessary fees for physical planning purposes  paid to the government.
    On the possibility of extending the amnesty window, the general manager said that only the state governor had the prerogative to make the review.
    He said that the three-month period was enough for the residents to perfect their planning approvals.
    According to him,  the process is seamless, affordable and achievable within three months.
    Osinaike advised the residents to liaise with district officers of LASPPPA in their respective local government areas  and local council development areas for guidance, adding that they should avoid touts or any third party agent.
    The general manager listed documents required for processing building approval to include title document/ proof of ownership, survey plan, as-built architectural drawings, structural, electrical and mechanical drawings, and non-destructive integrity test report, where applicable.
    He said that the other documents included letter of structural stability and indemnity, where aplicable, land use planning analysis report and other supporting documents, where applicable, including evidence of tax payment.
    The state Commissioner for Physical Planning and Urban Development, Dr Oluyinka Olumide, acknowledged the tenacity of LASPPPA in ensuring that Lagos residents  were fully aware of the amnesty period.
    Olumide, represented by Mr Taiwo Fesomu, Director of Administration and Human Resource, Office of Physical Planning, Lagos State, urged the authority not to rest on its oars in ensuring that more house owners and developers would take advantage of the window.
    Olumide said that the state government, through the approval of the amnesty window without payment of a penalty, had  proven to have  a human face.
    The commissioner said: “I want to implore Lagosians not to allow this amnesty window to pass them by.
    “This gesture from the state government shows that the administration of Gov. Sanwo-Olu does not want anyone to lose his or her property but wants everyone to conform with laws guiding physical development in the state.
    NAN reports that the sensitisation campaign organised by LASPPPA started from its headquarters at GRA, Ikeja, through Ikeja Under Bridge and Obafemi Awolowo Way, to Alausa Secretariat and Maryland and some other parts of the state.
    LASPPPA staff distributed flyers to residents and sensitised them about the need to take advantage of the amnesty opportunity.(NAN)(www.nannews.ng)
    RUKY/IGO
    =========
    Edited by Ijeoma Popoola

  • Veritas Kapital earns N2.33bn profit in 2023

    Dr Adaobi Nwakuche, Managing Director/CEO, Veritas Kapital Assurance
    Profit
    By Rukayat Adeyemi
    Lagos, June 7, 2024 (NAN) Veritas Kapital Assurance Plc. has recorded an increase in its Profit After Tax(PAT) from N193.93 million in year 2022 to N2.33 billion for the financial year ended Dec.31, 2023.
    The insurance company revealed this in a statement made available to newsmen on Friday in Lagos.
    The company, having complied its financial statement with the IFRS 17-standard, recorded monumental year-on-year growth of N2.14 billion to set a new benchmark in the industry.
    The insurer stated that its net insurance and investment results soared by an 163 per cent, leaping from N1.46 billion in the previous year to N3.84 billion in 2023.
    The underwriter’s revenue also rose by 41 per cent, from N5.05 billion in 2022 to N7.10 billion in 2023, representing N2.06 billion increase.
    Commenting, Dr Adaobi Nwakuche, Managing Director/CEO of Veritas Kapital Assurance, expressed profound satisfaction with the company’s astronomical financial achievements.
    Nwakuche attributed the phenomenal success of the firm to strategic business decisions of judicious underwriting and investments,which generated substantial returns.
    She noted that this exceptional financial performance underscores the insurance firm’s unwavering commitment to enhancing shareholder value and revolutionising its business offerings to deliver an unparalleled customer experience.
    “The impressive growth in our financial metrics underscores our strategic focus on sustainable growth and value creation for our stakeholders.
    “Our commitment to smart underwriting and investments has yielded significant returns, reinforcing our position as a leading insurance provider in Nigeria,” she said.
    According to her, as part of the insurer’s strong financial performance, its group’s total assets increased from N17.25 billion in 2022 to N24.64 billion in 2023, indicating 43 per cent growth.
    The managing director stated that the underwriter’s shareholders’ funds also grew by 31 per cent, from N12.46 billion in 2022 to N16.37 billion in 2023.
    Nwakuche noted that Veritas Kapital’s remarkable financial performance in year 2023 demonstrated its resilience in navigating challenging economic conditions.
    She added that the company’s steadfast dedication to delivering value and ensuring the security of its customers’ interests solidifies its position as a dominant force in the Nigerian insurance industry.
    The managing director said: “As Veritas Kapital continues to build on its formidable financial foundation, clients and stakeholders can confidently rely on its financial strength and unwavering commitment to excellence.
    “The company’s dedication to providing comprehensive insurance solutions makes it a trusted partner in safeguarding its customers’ and stakeholders’ interests.
    “This extraordinary performance not only highlights Veritas Kapital’s financial triumphs but also serves as an inspirational beacon of strategic vision and resilience in the face of economic adversity,” she said. (NAN)(www.nannews.ng)
    RUKY/VIV
    ====
    Edited by Vivian Ihechu

  • Agusto & Co upgrades Wema Bank’s rating to Bbb+ on improved performance

    Rating
    By Rukayat Adeyemi
    Lagos, June 7, 2024 (NAN) A Pan-African credit rating agency, Agusto & Co, has upgraded Wema Bank’s rating from BBB to BBB+, following the bank’s strong 2023 financial  performance.
    Agusto & Co, also a leading provider of industry research and knowledge in Nigeria and Sub-Saharan Africa,
    also confirmed a stable outlook for the bank.
    This is disclosed in a statement issued by the bank on Thursday Lagos
    Among the outstanding results achieved by Wema Bank was a 196 per cent increase in Profit Before Tax (PBT) from N14.75 billion to N43.59 billion.
    This translated to higher pre-tax return on average equity (ROE) and pre-tax return on average assets (ROA) from 21.5 per cent to 43.9 per cent  and one per cent to 2.1 per cent respectively.
    The bank also recorded a 220.4 per cent increase in Profit After Tax (PAT) from N11.21 billion to N33.66 billion, 70.63 per cent increase in Gross Earnings from N132.30 billion to N225.75, 53.64 per cent.
    It recorded an increase in loans disbursed from N521.43 billion to N801.10 billion and a reduction in cost-to-income ratio (CIR) from 80.1 per cent to 64.4 per cent due to significant earnings growth despite economic fluctuations.
    The bank also posted 220.53 per cent increase in earnings per share from N87.2 to N279.5, among other indices.
    According to Agusto & Co, “The upgrade of Wema Bank’s rating to Bbb+ is underpinned by improved profitability despite macroeconomic headwinds, lower impaired loan ratio, better deposit mix, strong shareholders’ support as reflected in the successful rights issue exercise and perpetual bond issuance.
    “We have also attached an ESG score of ‘2’, reflecting our view that environmental, social, and governance issues have a minimal impact on Wema Bank’s rating”.
    Mr Moruf Oseni, Wema Bank’s Managing Director, expressed the bank’s gratitude to Agusto & Co for acknowledging the strong progress made by the bank.
    “Wema Bank is on a journey to the top and we are driven by a commitment to delivering exceptional value, exceeding expectations, and providing optimum returns to every stakeholder—shareholders, customers, employees, and partners alike.
    “It is this commitment that has reflected positively in our numbers and will propel our growth over the next decade”. (NAN)(www.nannews.ng)
    RUKY/AWA
    ==========
    Edited by Olawunmi Ashafa

  • May & Baker shareholders approve N517.57m total dividend for 2023

     

    Dividend
    By Rukayat Adeyemi
    Board Members of May & Baker Nigeria Plc at the company’s 73rd AGM on Thursday in Lagos

    Lagos, June 6, 2024 (NAN) Shareholders of May & Baker Nigeria Plc (M&B) have approved a total dividend payout of N517.57 million for the financial year ended 2023.

    This translates to a dividend of 30k for every 50k share held in the company, representing a total of dividend of N571.57 million, subject to applicable tax.

    The shareholders gave their consent at the 73rd Annual General Meeting (AGM) of the company on Thursday in Lagos.

    They also lauded the company’s leadership for maintaining a fair performance and paying dividend amid the tough business operation terrain in the country during the year under review.

    In her address, Sen. Daisy Danjuma,  Chairman, Board of Directors of May & Baker, said that every shareholder whose name appeared in the register of members as at the close of business on May 21 would be paid.

    Revewing the financials of the pharmaceutical company in the year 2023, Danjuma stated that in spite of the tough challenges facing businesses, the company still turned in a fairly good performance.

    She said that the company’s group revenue grew by 37 per cent from N14.3 billion in 2022 to N19.7 billion in 2023.

    According to her, the firm’s gross profit also grew by 70 per cent to N6.8 billion in 2023, from N3.9 billion posted in the year 2022.

    The chairman mentioned that the company’s operating income dropped significantly from N1.6 billion in 2022 to N62.2 million in 2023.

    Danjuma indicated that distribution, selling and marketing expenses grew by 19 per cent to N2.6 billion in 2023 from N2.1 billion in 2022 to drive revenue.

    She added that the pharmaceutical firm’s administrative expenses grew by 119 per cent from N1.2 billion in 2022 to N2.7 billion in 2023.

    “It is important to note that N1.1 billion out of this came from foreign exchange losses due to the depreciation in the value of Naira versus the dollar.

    “At least three major pharmaceutical companies closed business operations in Nigeria while many small local players also closed shop.

    “The total loss by corporates due to foreign exchange losses runs into trillion, looking across all industries,  with some even recording erosion of shareholders’ funds.

    “Coupled with this is the impact of fuel subsidy removal and power costs for factory operations have increased by over 500 per cent across industries on account of higher diesel and gas prices,” she said.

    According to her, the company, on its future outlook, would continue to invest more in expanding its production capacity in the Pharma Centre at Ota, in Ogun State.

    Danjuma said the pharmaceutical firm has also re-launched its water business -Lily table water, which is now produced in its plant at Ota factory which used to be the old foods plant for its noodles business which it divested from in 2018.

    She appreciated the shareholders, staff, and management of the company for their continued dedication and contributions to the growth of the firm.

    The chairman announced that the company would mark its 80-year anniversary of existence in Nigeria by September

    “The company is boldly matching on as it continues in its tradition of delivering quality medicines to the Nigerian populace and beyond with the launch of seven new products into our market and region,” she added.

    In his remark,Mr Patrick Ajah, Managing Director, May & Baker, said that the pharmaceutical company remains dedicated to furthering its sustainability agenda, embracing innovation and fostering partnerships to drive positive changes for its stakeholders and the planet.

    Ajah stated that throughout 2023, the company continued to integrate Environmental, Social and Governance (ESG) principles into its business operations, striving for a balance between profitability and social impact.

    “Our effort in reducing environmental footprint, enhancing community engagement, and upholding ethical standards have yielded tangible results, reinforcing our position as leader in sustainable business, ” he said.(NAN)(www.nannews.ng)

    RUKY/AWA
    ============
    Edited by Olawunmi Ashafa