Cadbury Nigeria Plc has announced a turnover of N59.2 billion for the nine-month period ended September 30, 2023. The company revenue grew by 39 per cent over N42.54 billion recorded in the same period in 2022. This followed the approval of the unaudited financial statements by the Company’s Board of Directors. The company’s gross profit rose by 95 per cent from N8.4 billion in 2022 to N16.31 billion in 2023, while operating profit for the period under review, increased by 191 per cent from N3.3 billion to N9.65 billion. In a statement issued by the company, the managing director of…
Author: Elvis Eromosele
By Elvis Eromosele I was at Ikeja underbridge recently and couldn’t find a place to ease myself. I looked, hard. People have had the same experience across major markets in Lagos. Lagos lacks conveniences. Open defecation is rampant in Nigeria. Lagos, often called the nation’s economic hub, faces a growing crisis that affects both its residents and its reputation. The lack of public conveniences and rampant open defecation have reached alarming levels. (Warning: Don’t look out of your window when crossing any bridge in Lagos). I’m happy to admit that it’s not purely a Nigerian issue. The United Nations acknowledges…
Ecobank, the leading pan-African banking group, and the African Guarantee Fund, a specialised pan-African guarantee provider, have signed a $D200m risk-sharing agreement. The partnership is aimed at catalysing economic growth and supporting entrepreneurial ventures – including women-owned SMEs on the continent. The two organisations signed a strategic partnership agreement Thursday on the sidelines of the Africa Financial Industry Summit in Lomé, Togo, in the presence of their respective leaders. The $200m risk-sharing agreement marks the third renewal of Ecobank’s partnership with AGF. The initial guarantee, provided by AGF in 2013, covered seven countries with a total guaranteed portfolio of $50m.…
L-R: Abdulmalik Halilu, Director, Research, Statistics and Development, NCDMB; Sops Ideriah, Group Managing Director, West Africa, SLB; Engr. Simbi Wabote, Executive Secretary, NCDMB at the unveiling ceremony in Lagos, Nigeria The Nigerian Content Development and Monitoring Board (NCDMB) and SLB today unveiled the first cohort of their joint program, the NCDMB-SLB Technology Enhancement Program (N-STEP). The unveiling ceremony which occurred on the sidelines of the 2023 Nigerian Association of Petroleum Geologists (NAPE), convened industry stakeholders, academia and representatives of the beneficiary institutions. The N-STEP program provides a unified framework for the rapid development and deployment of software solutions to address…
The United Bank for Africa Plc (UBA) has said that it is looking to support Small and Medium Scale Enterprises in four sectors including Agro-processing, Automotive, pharmaceuticals, Transport and Logistics with the $6bn facility from the Africa Continental Free Trade Area Secretariat. According to a statement from the lender on Wednesday, UBA’s Deputy Managing Director, Muyiwa Akinyemi, said this during the Africa Day celebration at the just-concluded Lagos International Trade Fair, where it was the headline sponsor. Akinyemi explained that the bank’s dedication to SMEs across Africa informed its recent agreement with the AfCFTA Secretariat, to provide financing for up…
The Chairman of the Compliance and Enforcement Committee of the Nigeria Institute of Public Relations (NIPR), General Chris Olukolade (Rtd), has said that machinery has been put in place to sanction individuals who are practising public relations without certification as required by relevant laws. General Olukolade, a former Director of Defence Information (DDI) disclosed at the inaugural meeting of the committee which comprises top public relations practitioners in the security, paramilitary, public service and the private sector. He said the institute is putting in place appropriate structures at all levels to effectively enforce NIPR laws and practices by liaising with…
The Federal Government has identified about $23 billion in investment opportunities in Nigeria for projects that are directly related to the country’s Energy Transition Plan, the Minister of Power, Adebayo Adelabu, stated on Monday. In his remarks at the 2nd German-Nigerian Symposium on Green Hydrogen, Adelabu said the opportunities would not only provide electric power for economic development but would result in significant net job creation with up to 340,000 jobs by 2030. He said the ETP would create up to 840,000 jobs by 2060, driven mainly by power, cooking and transport sectors, adding that gas would play a critical…
The Diabetes Association of Nigeria has called for an increase in sugar tax from 10 per cent to 20 per cent citing it as a measure to combat the consumption of sugar. This was stated by Dr. Alkali Mohammed the president of the Diabetes Association of Nigeria. He also stated that Nigerian diabetic patients spend on average around N300,000 annually on diabetic medications and diabetes, indirectly costing Nigeria about $4.5 billion annually. Dr Alkali Mohammed shared this alarming statistic during the commemoration of the 2023 World Diabetes Day (WDD) in Abuja. The association also disclosed that a staggering 11.2 million…
The Nigeria Deposit Insurance Corporation (NDIC) has made cumulative payments of liquidation dividends of N45.45 billion as of July 2023, which represented amounts exceeding the guaranteed sums to depositors of the 20 liquidated banks. Director, Communication and Public Affairs of the Corporation, Bashir Nuhu, who disclosed this in Abuja, while reacting to recent news reports that claimed a liquidation of 20 banks, explained that the 20 banks mentioned in those reports were among the banks that had been previously closed due to the revocation of their operating licenses by the Central Bank of Nigeria (CBN) between 1994 and 2018. He…
In its drive to commit to cleaner transportation, Lagos state is set to get 50 electric buses by the first quarter of 2024. This was revealed by Olukemi Amore, head of bus services at Lagos Metropolitan Area Transport Authority (LAMATA), at the 2023 Nordic Nigeria Connect on Tuesday. “For the next phase of electric buses, we will see 50 electric buses come into Lagos,” she said. She said it is one of Lagos state’s plans to transition to cleaner mobility and reduce emissions in line with Sustainable Development Goals 11, 13 and the Lagos State Government’s THEME’S Agenda. Lagos State…