Business
Total Nigeria Shareholders Rejoice Over N4.75bn 2018 Dividend
Total Nigeria Plc shareholders have unanimously endorsed the payment of N4.75 billion final dividend recommended by the company for the financial year ended Dec. 31, 2018.
The Tide source reports that the shareholders gave the approval at the company’s 41st Annual General Meeting (AGM) held in Lagos.
The dividend translated to N14 per share subject to the deduction of appropriate withholding tax.
Reports say that the company had earlier distributed the sum of N1.02 billion as interim dividends, representing N3 per share.
Speaking at the meeting, Mr Sunny Nwosu, Founder, Independent Shareholders Association of Nigeria, commended the company for consistent and enhanced dividend in spite of unfriendly operating environment.
Nwosu said that the company had paid regular dividend in spite of proliferation of taxes, late payment of subsidy and high cost of operation.
He, however, called for full deregulation of the downstream sector to boost employment rate as well shareholders return on investment.
The shareholder activist said that government should deregulate the sector and allow operators to compete favourably.
Nwosu said that government interference in the sector was affecting shareholders return on investment.
He said that government should consider the shareholders who always expect increased dividend at end of every financial year.
Also speaking, Mr Matthew Akinlade, a shareholder, said that government as a regulator should not be competing with operators in the downstream sector.
Akinlade said that unemployment rate would continue to grow if government continues to muscle power with operators in the downstream.
Responding, Mr Stanislas Mittelman, Total Nigeria Chairman, described 2018 as a challenging year for the company, downstream petroleum sector and the country at large.
Mittelman said that some of the key challenges were security issues, delayed payment under the Petroleum Support Fund scheme, high cost of investment, reduced capital inflows and weakening crude oil prices.
He said that the company had continued to experience sustained pressure on its cash flow due to late payment of subsidies resulting in huge financial expenses.
“All of these add significant costs to doing business, had negative impact on our sales and affected our profitability,’’ he said.
The chairman said that the company had entered into a storage arrangement in Lagos area which would allow it capture opportunities in line with its import and logistics optimisation strategy.
“We signed a 15 year power purchase agreement with a manufacturing company in Ogun State to provide 999kWp solar hybrid solution,’’ he added.
Mittelman said that the company would continue to strengthen its solar business to boost profit as well as increase dividends payable to shareholders.
MoniePoint Inc. a digital financial firm in Nigeria, has said it is empowering community pharmacists across the country with innovative payment solutions to improve access to drugs.
The financial firm said it had also provided loans for pharmacists under the aegis of the Association of Community Pharmacists of Nigeria (ACPN) to drive healthcare delivery in the country.
MoniePoint in a release titled, “Inside Nigeria’s community pharmacies: How Moniepoint drives healthcare access with payments and funding”, has reaffirmed its commitment to providing digital payment solutions to improve health outcomes in Nigeria.
The release examined how community pharmacies play a crucial role as vital access points for medical care in Nigeria, especially in areas with limited hospital or clinic access.
According to the release, the ACPN National Chairman, Ambrose Igwekwam, highlighted the critical role played by community pharmacies in Nigeria’s healthcare system over the years.
Igwekwam, however, expressed concerns over the challenges confronting the nation’s pharmaceutical industry which he said was hindering access to affordable medicines.
The pharmacist listed poor infrastructural systems, power, transportation, regulatory bottlenecks, importation dependency, and limited research opportunities as major challenges facing the pharmaceutical sector.
He also stressed the need for robust collaborative efforts with institutions like Moniepoint to strengthen the sector.
“As Nigeria continues to grow, improving local pharma manufacturing to meet the demands of this growth presents a key opportunity for us all.
“There is also the African Continental Free Trade Area Agreement, which is expected to boost our industry, especially when we start producing our drugs locally, which will provide the much needed foreign exchange from exports.
“We are also seeing advancements in digital health and technology which would hopefully deepen the practice of e-prescription in Nigeria”, the ACPN boss said.
Corlins Walter
In order to enhance customer service and streamline operations, the Chartered Insurance Institute of Nigeria (CIIN) has called on stakeholders in the insurance industry to embrace Artificial Intelligence (AI).
The President of the institute, Yetunde Ilori, made this call at the 2024 Office Representatives Committee (ORC) Workshop, organised by the institute, with the theme “AI and the Future of the Insurance Industry”, in Lagos.
Ilori at the event, emphasised the importance of AI adoption, noting that it was not a threat to jobs but rather a tool to improve efficiency across the insurance sector.
“It is not about AI taking over our jobs, but about us using AI to simplify processes and give maximum satisfaction to all the customers we serve whether as underwriters, brokers, loss adjusters, or in educating our members”, she said.
The workshop, which brought players in the insurance sector together, aimed to address how AI could be leveraged to transform business processes and improve customer interactions.
The Chairman of the ORC, Monica Nwachukwu, underscored the role of AI in modernising the industry, adding, “AI can automate customer and claims processes, allowing insurers to provide faster and more efficient services to their customers”.
She explained how AI could help extract data from legacy systems, enhancing decision-making processes.
“By integrating AI with APIs, insurers can feed valuable data into AI solutions to improve operations and customer service”, she added.
In his address, the Managing Partner of A4S and Training Heights, Orlando Odejide, stressed the need for companies to align their strategies with future technologies like AI, especially as they prepare for 2025.
“Any organisation that wants to grow into the future must have its strategic plan in place. If your strategy for 2025 is not ready, it should be done by October”, he advised.
He encouraged participants to think critically about how AI could be integrated into their business models to ensure they remain competitive.
“The idea is for you to use this workshop as a platform to think about your organization and how AI can help streamline your processes and improve growth”, Odejide noted.
In order to gain global respect and recognition, the National Space Research and Development Agency (NASRDA) has reaffirmed its determination to pursue its goal in ensuring that Nigeria’s space capabilities are recognised on the world stage.
The agency also reaffirmed its commitment to positioning Nigeria as a key player in the global space economy.
In a statement by the Director of Media and Corporate Communications, Dr. Felix Ale, NASRDA revealed that the Director-General of the agency, Matthew Adepoju, emphasised this during recent engagements at the 79th United Nations General Assembly and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and Global Alliance Business Association international conference in Michigan, United States.
The statement noted that Adepoju outlined a forward-thinking agenda, stressing the importance of Nigeria’s space programme as a leader in research, exploration, and technological innovation.
“Our goal is to ensure that Nigeria’s space capabilities are recognised on the world stage.
“We must foster collaborations with global space agencies to enhance our satellite capabilities and technological infrastructure”, he stated.
The NASRDA boss said the agency is focusing on enhancing satellite capabilities, expanding international collaborations, and leveraging space science for national development.
He said NASRDA will have no stone unturned in pursuit of excellence, ensuring the agency secures the necessary resources and recognition to propel it forward.
“The relationships we build today will pave the way for tomorrow’s advancements in space science.
“Innovation and progress thrive in an environment built on collaboration and inclusivity”, he stated.
He emphasised that with the support of the government, international partners, and a dedicated team, NASRDA is poised to make significant strides in the evolving global space landscape.
“We are on the brink of a new era for Nigeria’s space agency. Together, we will ensure our nation stands out in the global space economy”, he said.
Corlins Walter