Following the approval of the unaudited financial statements of Cadbury Nigeria Plc by the Board of Directors, the Company has announced a turnover of N35.608 billion for the six-month period ended 30 June 2023, representing an increase of 27.7 per cent over N27.877 billion recorded in the same period in 2022. The Company’s gross profit rose by 74.7 per cent from N5.854billion in 2022, to N10.230billion in 2023, while its operating profit for the period under review, increased by 113.2 per cent from N2.848billion to N6.072billion. In a statement issued by the Company, Oyeyimika Adeboye, its Managing Director, attributed Cadbury Nigeria’s net revenue growth…
Author: Elvis Eromosele
The recent surge in petrol prices following the removal of subsidies and the devaluation of the naira has resulted in a notable increase in job losses across Nigeria. Coupled with rising inflationary pressures, the purchasing power of cash-strapped consumers has weakened, posing challenges to businesses grappling with higher operating costs. As a consequence, numerous small businesses have been forced to shut down, further exacerbating the country’s unemployment situation. Reports suggest that approximately 10 per cent of the 40 million Micro, Small, and Medium Enterprises (MSMEs) in Nigeria have ceased operations since the subsidy regime removal. In light of the challenging…
Nigeria’s pension industry has achieved a milestone of over 10 million registered contributors as of June 2023, 19 years after the reform of the sector. Pension fund assets also hit a record N16.76 trillion in the same month, growing by 4.1 per cent from N16.10 trillion in May 2023. Michael Oyebola, an analyst at Money Counselors, while reviewing the performance of the pension industry at the end of June, described it as a significant achievement. “In a significant achievement for the Nigerian economy and its citizens’ financial security, the country’s Pension Fund Retirement Savings Accounts (RSA) have crossed the 10…
Elvis Eromosele In the ever-changing global economic landscape, policies that have the potential to drive transformation and growth are invaluable. One such policy that has captured the attention of financial experts and businesses alike is the exchange rate unification implemented by Nigeria. At the forefront of this discussion is Sovereign Finance Company Limited, a leading financial services provider committed to driving innovation and empowering businesses across various sectors of the Nigerian economy. In a recent webinar titled “Unification of Exchange Rate: Impact on Nigerian Small & Medium Enterprises,” Sovereign Finance shared insights on how this policy could herald a new…
OPay Nigeria, leading financial service company, has officially rebranded and unveiled a new logo to mark its 5-year anniversary in the Nigerian market. This change not only symbolizes its significant growth and impact over the years but also represents its promise into a new era with enhanced services, technological advancements, and the aim to solidify its position as the most reliable financial platform in Nigeria. OPay Nigeria was founded in 2018 and has grown tremendously to become a household name for Nigerians with over 40 million users, 500,000 agents, and 300,000 merchants who trust and use OPay for everyday payments and collections. Over…
Larry Page, the co-founder of Alphabet Inc., Google’s parent company, has seen a major rise in his net worth, gaining a whopping $5.4 billion. As of the time of writing, Larry Page’s total net worth stands at an impressive $109 billion. This surge in wealth has catapulted him to the 12th position on Forbes’ list of the richest billionaires. The primary source of Larry Page’s gains is his status as a controlling shareholder of Alphabet Inc. The company’s share price experienced a substantial increase of 5.94 per cent, reaching $129.46 from its previous closing price of $122. The boost in…
The Nigerian National Petroleum Company Limited (NNPCL) has said that the country recorded 40 incidents of crude oil theft between July 15 and July 21, 2023. The company stated this on Tuesday via its official Twitter account. According to the NNPCL, the war against crude oil theft is still raging across the Niger Delta region, specifically highlighting Rivers, Bayelsa, and Delta states, the company said that 93 illegal connections were found, and disconnections as well as repairs are ongoing. The company also said that 69 illegal refineries were discovered and destroyed within the highlighted period. Also, 27 cases of pipeline…
Twitter owner, Mr Elon Musk, has gone ahead with plans and officially changed the microblogging platform’s famous bird logo to an “X” on Monday. News reports at the beginning of the week had noted that the billionaire said the platform would soon “bid adieu to the Twitter brand and, gradually, all the birds.” As of Monday, the domain X.com directs users to Twitter’s homepage, though Twitter.com also remains live. However, this newspaper can confirm that this change has not spread to its mobile app. This development is part of sweeping reforms that have occurred since the Space X CEO acquired…
The conversational AI service of Google, Bard, has been enhanced with four additional features to enable users get more from the application, including uploading images with prompts. Users can now pin and rename their conversations with Bard, making it easier to revisit conversations that contain important information or ideas later. Through the export code to more places feature, users can now export Python code to Replit, in addition to Google Colab, making it easier for users to share their code with others or use it in other projects. Users will also be able to share responses with friends using shareable…
The Nigerian Communications Commission (NCC) has revealed that people with access to telecommunication subscriptions in the country stood at 227.18 million as of May 2023, while teledensity hit 119 per cent. This was disclosed by the Executive Vice Chairman of NCC, Mr Umar Danbatta, during the two-day 2023 ICTEL Expo organised by the Lagos Chamber of Commerce and Industry (LCCI) at Landmark Event Centre, Lagos, on Tuesday. Speaking at the event themed Tech Disruption, Transforming Industries with Innovation, Mr Danbatta, who was represented by Mr Alkasim Umar, the Director of the Consumer Affairs Bureau of NCC, said Nigeria was on course…