Business
UNILEVER Nigeria Targets N3bn Net Profit In Q3,
Board of Unilver Nigeria Plc has estimated that distributable earnings of the conglomerate would be about N3 billion by the third quarter, placing it in good stead to sustain significant growth that has characterized its reports in recent years.
In the latest window on operations of the conglomerate, directors at the weekend indicated that it could record post-tax profit of N2.87 billion on total sales of about N32.75 billion during the nine-month period ending September 30,2009.
The latest forecasts build on earlier projections indicating that net profit after tax could be about N2.01 billion by the six-month period ended June 30, 2009, indicating earnings per share of some 53 Kobo. The conglomerate had estimated that total sales would be about N20.93 billion during the six-month period while higher profit margin expected to push pre-tax project to N2.95 billion, about two-third of pre-tax earnings for the whole of 2008.
The latest forecasts indicate possible earnings per share of 76 kobo, putting the company closer to its three digit dividend target.
Unilever Nigeria’s cash payout rate was about 99 percent for the 2008 business year having paid 68 kobo to shareholders out of the year’s earnings per share of 69 kobo.
Apostle Hayford Alile, Chairman, Unilever Nigeria Plc, has said the conglomerate might round up cash payouts to three-digit value this business year as shareholders as it consolidates business growth.
He said the Unilever Nigeria would strive to sustain its progressive cash payout trend and possibly move from current two-digit rate to three digits this business year.
Following impressive performance in 2008, unilever Nigeria had distributed about N2.6 billion to shareholders, representing a dividend per share of 68 kobo. The cash payout per share of 68 kobo represented an increase of 172 percent on 25 kobo paid for 2007.
Alile said the company would translate envisaged growths in 2009 into higher dividends for shareholders.
According to him, Unilever Nigeria as well-positioned to sustain its impressive growth trend irrespective of the challenging trading environment.
He said the company would continue to focus on market growth in its leading categories while ensuring smart material cost management that enables the company to provide Nigerian Consumers with brands that offer a good value-for-money proposition.
Audited report and accounts for the year ended December 31, 2008 showed that turnover rose from N33.99 billion in 2007 to N37.38 billion in 2008. Pre-tax profit rose by 106 percent from N2.0 billion in 2007 to N4.1 billion in 2008. Profit after tax grew by 141 percent to N2.6 billion in 2008compared with N1.1 billion in 2007.
The report showed that the intrinsic profit-making capacity of the company doubled in 2008 with pretax profit margin rising from 5.8 percent in 2007 to 11 percent in 2008. Alile assured that the conglomerate was poised to sustain its upwardly growth pattern as it continues to improve underlying margins, distribution and administrative expenses.
Interim report and accounts of Unilever Nigeria for the three months ended march 31, 2009 showed single-digit growths in sales and profit. The report showed that turnover rose by 8.1 percent to N10.43 billion in first quarter 2009 as against N965 billion recorded in comparable period of 2008. Profit before tax inched up by 3.73 percent from N1.58 billion in first quarter 2008 in N1.64 billion in first quarter 2009. Profit after tax also rose marginally by 4.37 percent to N1.12 billion in 2009 as against N1.08 billion in recorded in corresponding period of 2008.
The Nigerian Communications Satellite Limited (NIGCOMSAT), the country’s satellite operator, has called for immediate promolgation of policy action that will enable the country to harness the potentials of Artificial Intelligence (AI).
NIGCOMSAT, also warned that Nigeria risks missing out on Africa’s projected $1.2trillion share of the global AI economy by 2030.
Managing Director of NIGCOMSAT, Nkechi Egerton-Idehen, disclosed this in a statement issued at the weekend following her participation in the Meeting of the National Council for Communications, Innovation, and Digital Economy.
“Artificial intelligence is reshaping industries, economies, and societies worldwide, with projections that it will contribute up to $15.7trillion to the global economy by 2030. Africa stands to gain $1.2trillion of this if the right policies and innovations are in place”, Idehen said, citing a PricewaterhouseCoopers report.
The NIGCOMSAT MD underscored the transformative potential of AI in agriculture, highlighting its applicability in Benue State, widely regarded as Nigeria’s “food basket.”
According to her, machine learning tools could revolutionize agricultural practices by improving pest detection and optimizing planting schedules using satellite imagery.
“AI offers us the chance to not only flourish economically but also to achieve food security. However, we must ask ourselves if we are prepared to manage this technology responsibly”, she added.
Idehen also noted that internet access remains a significant barrier to AI adoption in Nigeria.
“For AI tools to be effective, basic digital infrastructure is essential. Addressing this gap must be a priority.
“AI is happening. We have the opportunity to manage this technology revolution responsibly, both in Africa and globally, through innovation and governance”, she said.
In August 2024, the Federal Ministry of Communications, Innovation, and Digital Economy released a draft National Artificial Intelligence Strategy, aiming to position Nigeria as a global leader in AI.
Corlins Walter
The Chairman of Emohua Local Government Council, Chief David Omereji, has said the council has so far spent over N1 billion for the electrification of communities in the area.
Omereji said this while addressing staff of the council at the council headquarters recently.
He said the move was part of his administration’s resolve to ensure peace and development of the LGA.
According to him, the Council spent about N29 million on monthly basis for the maintenance of the Emohua Local Vigilante group known as OSPAC, with each member being paid a stipend of N100, 000 monthly.
He diaclosed that 11 out of the 14 wards are currently enjoying electricity, while efforts are on to light-up the remaining ones.
“I also want to use this opportunity to inform the political class for purposes of records and for the understanding of the people that the Council under my watch have done more than enough”, he said .
The Emolga boss explained that all that have been achieved were through the personal effort of the Council, without support from anybody as rumoured in some quarters.
Omereji further reaveled that a number of other projects, including roads, fencing of schools, hospitals, courts premises, and reconstruction of some abandoned buildings at the Council Headquarters are being undertaken by his administration.
He enjoined the people of the area to support his administration’s drive to bring purposeful development to the LGA.
The Emohua Council boss, who reiterated his hatred for noise making, stated that his works would speak for him, and solicited the support of staff of the council and the entire people of the area.
He noted the fact that some people may not be happy with his achievements, saying that he would remain focused, while advising critics of his government to do so constructively with facts and figures.
King Onunwor
The Movement for the Survival of the Ogoni People (MOSOP) has raised some ethical questions over a Financial and Technical Services Agreement (FTSA) between Sahara Energy and West African Gas Limited (WAGL), an affiliate of the Nigerian National Petroleum Company (NNPC).
MOSOP said the agreement was not done in good faith, not in the interest of the Nigerian people, and did not follow due process.
Foremost Ogoni born activist and MOSOP leader, Fegalo Nsuke, who made this known in Abuja, weekend, described the Sahara-WAGL deal as fraudulent, deceptive and an insult on the intelligence and integrity of the Nigerian nation.
Nsuke called on President Bola Ahmed Tinubu to cancel that FTSA between Sahara Energy and WAGL, noting that the agreement is fraught with irregularities and deceptive.
“What Sahara and the NNPC did in the FTSA between Sahara and WAGL is shameful and depicts high level corruption in public service of our country.
“WAGL is an affiliate of Sahara and the NNPC. How then can Sahara go into an agreement with its own affiliate? It’s as good as going into an agreement with itself. This is deceptive and fraudulent”, Nsuke said.
He continued that “Sahara Energy is certainly not a company the Ogoni people want on their soil and we are calling on Mr. President, Bola Ahmed Tinubu, to terminate any deal between the NNPC and Sahara Energy over OML 11, and to allow for an inclusive arrangement that considers a fair treatment of the Ogoni people in the distribution of revenues from natural resource extraction on Ogoni soil.
“The last Ogoni Congress has been unequivocal on the Ogoni demand for justice and has given a clear path to resolve the three decade old conflict between all critical parties.
“It will be good to explore this path to peace and development for Ogoni and for our country”.
Nsuke accused Sahara Energy and the NNPC of frustrating the progress made by MOSOP to achieve a permanent solution to the Ogoni problem.
He urged a presidential intervention with deep consideration for a fair treatment of the Ogoni people in order to permanently address the problem.
He noted that Sahara Energy should give up on the Ogoni area to allow for an engagement in the interest of the country and the people.
Recall that MOSOP and Sagara Energy have recently been engaged in a row in what MOSOP describes as an unholy relationship between Sahara Energy and the NNPC over OML 11.
MOSOP expressly rejected Sahara Energy and called for a fair treatment of the Ogoni people in natural resource extraction in Ogoni.
It noted that Ogoni people, led by MOSOP, paid the sacrifice to take the oil from Shell, hence “the position of MOSOP must be taken into consideration in decisions relating to resumption of oil production in Ogoni”.