Gov Sanwo-Olu Reopens Alaba Int’l Market

The Lagos State Government has taken the decision to reopen the Alaba International Market and some markets within the Trade Fair Complex in Ojo. The market was previously closed due to issues related to improper waste management and environmental infractions. Mr. Tokunbo Wahab, the Commissioner for the Environment and Water Resources, clarified that the reopening of these markets was not politically motivated but a strategic move to ensure a clean and healthy environment in and around business facilities. Wahab stated: “The decision to reopen the markets followed rigorous assessment and implementation of stringent environmental standards. These standards were set to guarantee that businesses in the state operate in a manner that is not detrimental to the environment and the well-being of the people.” Collaborating with market officials, the Lagos Waste Management Authority, led by Dr. Muyiwa Gbadegesin, worked tirelessly to ensure that the necessary environmental standards were met.  He emphasized the importance of maintaining a balance between commerce and environmental health. “We have standards that each market in the state has to comply with to make our business environment clean and healthy for buyers and sellers,”  Gbadegesin explained. “These include proper waste management, zero tolerance for open burning of waste, and zero tolerance for dumping of waste in drainage channels.” Gbadegesin encouraged market users and business owners to commit to environmental sustainability through proper waste disposal, emphasizing that compliance with these standards is crucial to avoiding future market closures.

NEPC Trains Exporters On Snail Production, Packaging For Export

The Nigerian Export Promotion Council (NEPC) has trained exporters in Imo on snail farming, processing and packaging for exportation. The one-day training took place in Owerri on Friday. Speaking at the workshop, Executive Director of the NEPC, Dr Ezra Yakusak, said that the training was one of many efforts by the Council to reduce dependency on oil and gas, while simultaneously growing the nation’s economy. Speaking on the theme “Producing Snail for Export,“ Yakusak who was represented by the NEPC Coordinator in Imo, Mr Anthony Ajuruchi, said that snail farming had proven to have the potential to feed the nation. He said that with a total global estimate of about $2.1 billion, snail farming, if given necessary attention, could grow Nigeria’s Gross Domestic Product (GDP) especially with the prevailing local conditions that support the development of the practice such as suitable climate and availability of green vegetation. “We’re raising the capacity of entrepreneurs to equip them to join the global snail market and compete meaningfully so as to grow Nigeria’s GDP using non oil exports. “We are also looking forward to organising the Imo Exporters Summit and plans are already in top gear. “Entrepreneurs in Imo and Nigeria are making frantic efforts in the export industry and we will keep offering our support and mentorship to keep them at par with their counterparts in other parts of the world,” he said. Also speaking, one of the resource persons, Miss Chinonso Onwukwe, the Chief Executive Officer of Suncious Farms Limited, said that modern technology had been developed to overcome the natural wetness of snails and be able to preserve them over long periods. “With oven drying, snails can be preserved for some six months to one year. Snail farming is not capital intensive yet it is lucrative. “It can be consumed by all especially as it is a healthy food with high protein and calcium contents. Everything in a snail including the shell is nutritious and lucrative. “We market our products in the US, UK and other places and there is nothing to regret about snail farming. It’s not time consuming yet it’s super lucrative, I can confirm,” she said. According to another resource person, Mr Joseph Ozor, said that though the natural habitat of snails has been threatened by urbanisation, there are still substitute methods of snail farming which produce desired results. Ozor, a Biologist, urged participants at the workshop to venture into large scale snail production for commercial purposes and to take advantage of mentorship opportunities in the field.

Conoil Grows Earnings To N145.8bn In 2022

Conoil Plc has reported gross earnings of N145.8 billion for the 2022 financial year. The amount represents an increase of 5.3 per cent against N138.2 billion in the corresponding period of 2021. The major oil marketer in a statement at the weekend on its audited results for the year ending December 31, 2022, said despite the massive developmental challenges in the country and the tough operating environment, its Profit Before Tax (PBT) grew by 60.1 per cent to N6.13 billion in 2022 from N3.83 billion in 2021, while Profit After Tax (PAT) increased by 60.1 per cent from N3.08 billion to N4.96 billion in the same period. With the significant improvement in profitability in the petroleum-marketing subsector, Conoil’s earnings per share rose to N7.14, representing a 60.8 percent increase over the N4.44 earned in 2021. The company also recorded an increase of 22 per cent in net from N53.98 billion to N65.91 billion. Thrilled by the impressive all-round performance, shareholders at the company’s 53rd Annual General Meeting at the weekend, unanimously approved the proposed final dividend payout of N1.734 billion, which translates to N2.50 per share, for the 2022 financial year. Conoil had assured the shareholders of its commitment to continue to deliver strong and sustainable performance that would enhance returns to its shareholders. The Chairman, Conoil Plc, Dr. Mike Adenuga (jnr), in his address to the shareholders at the meeting, said that company remained motivated in creating excellent value for its shareholders, while also ensuring that its share price remained on the rise. He said, “We have shown a consistent ability to improve our operating margin and grow our volumes across all our locations. We have a great brand portfolio with energized and talented personnel with a reach pan-Nigerian. Our overriding goal is to ensure the continued delivery of excellent services to our customers and ultimately ensuring that our shareholders are rewarded. “Conoil Plc plans to consolidate on the progress made in the previous years to deliver a strong and sustainable performance that enhances returns to our shareholders. “Regardless of the odds, the company is marching forward in the year with confidence and optimism, as it strategically and continuingly positions its business to take advantage of key opportunities,” Adenuga assured the shareholders. Looking ahead, the Conoil Chairman noted that while there might be challenges posed by the rapidly changing geopolitical and socio-economic environment, Conoil would, however, concentrate on the strategies that have given it the greatest dividend. He said the Federal Government has stated critical reforms, such as the elimination of the petrol subsidy and reforms in the foreign exchange market.  Towards this end, he said Conoil would concentrate on the strategies that have given it the greatest dividend. “The Company will grow its earnings, improve profitability and asset quality and deliver competitive returns to its esteemed shareholders.”

Access Holdings’ Half-Year Profit Hits N940bn

Access Holdings’ net profit for the first half of the year rose by about 52 per cent compared to the corresponding period of last year as its half-year revenue reached N900 billion mark for the first time ever. Gross earnings for the period climbed by 58.9 per cent to N940 billion, putting the financial services group on track to dwarf the N1.4 trillion reported for full year 2022, when the current year winds down. Access Bank anchored the growth on fair value and foreign exchange gain, which expanded by approximately 50 per cent to N192 billion. That followed a major revamp of the Nigerian foreign exchange system towards the end of the second quarter, which triggered a reasonable drop in the value of the naira against the dollar but opened the door for the lender to gain big after converting its financial assets denominated in the foreign currency to the naira. At 13.5 per cent, improvement in net interest income was paltry as the cash the corporation paid savers as an incentive for holding their deposits ate away at most of the interest it generated during the period, which originally had surged by as much as 63 per cent. That expense alone consumed N382.6 billion of the entire revenue.Taxable profit advanced to N167.6 billion from N97.8 billion a year earlier, while profit for the period rose 52.4 per cent to N135.4 billion. Ironically, Access Holdings’ post-tax profit lagged those of its other peers who come behind it among Nigeria’s five biggest banks, including UBA, Zenith, GTCO and FBN Holdings in indication of the group’s current inability to tap the vast potentiality of its assets to boost earnings. Its total assets stood at N20.8 trillion in June in a big leap from N15 trillion at the end of last year, following a banking acquisition in Angola and a number of similar deals in the pipeline with Standard Chartered Bank in Cameroon, Gambia, Sierra Leone, Tanzania and also Angola. Access Holdings declared an interim dividend of N0.30 per share on Saturday equivalent to a payout of N10.7 billion, compared to the N0.20 per share it announced a year earlier. The stock has yielded 103 per cent since the beginning of the year.

CBN Approval Delaying Release of H1 2023 Statements -Access Holdings

The board of Access Holdings Plc has announced that it is awaiting approval from CBN to release its Half-Year (HY) financial results for the period ended 30th June 2023 after completion of the audit of its subsidiaries. In a statement signed at the Nigerian Exchange Limited by the Company Secretary, Sunday Ekwochi, the results would be filed on or before September 30, 2023. “Access Holdings Plc (the Company) wishes to notify the investing public and the Nigerian Exchange Limited (NGX) of a potential delay in the publication of the Company’s Audited Interim Financial Statements for the Half Year ended June 30, 2023 (the Results’). The Company had, on August 14, 2023, requested and obtained the approval of NGX for the Results to be filed on or before September 15, 2023, subject to the approval of the Central Bank of Nigeria (CBN’), due to post-audit completion matters. In line with NGX’s approval, the Company had submitted the Results to the CBN for its approval. However, given the time estimated for the CBN to review the submitted Results, it is envisaged that the Company may be unable to meet the September 15, 2023 timeline for publication of the Results. Based on the foregoing, the Company has sought and obtained an extension of time to file the Results on or before September 30, 2023, subject to CBN’s approval of the Results. In mid-July, Access Holdings completed its acquisition of a majority stake in Finibanco Angola after receiving necessary regulatory approvals from CBN and Angola’s apex bank. The group noted that the bank had signed necessary agreements with minority shareholders of Finibanco Angola S.A. who expressed interest in selling their shares. With the completion of the acquisition, Access Holdings now owns more than 51 per cent stake in Finibanco Angola S.A. Also, Access Bank Plc (flagship subsidiary of Access Holdings) reached an agreement to acquire the sub-saharan subsidiaries of Standard Chartered Bank. In the acquisition deal, Standard Chartered will sell its shareholding in its subsidiaries in Angola, Cameroon, Gambia, and Sierra Leone to Access Bank as well as its consumer, private & business banking business in Tanzania. Recall that the Access Holdings’ initial delay in releasing its results was due to ongoing audit activities of the newly acquired sub-subsidiaries of the banking group. Following the completion of its audit activities, it is now seeking final approval from the apex bank before publishing its results to the investing public.

I’m sad GSK is leaving Nigeria after 51 years- Peter Obi

The Labour Party Presidential Candidate in the 2023 election, Mr Peter Obi, has decried the exit of Pharmaceutical giant, GlaxoSmithKline (GSK), from Nigeria after 51 years of operations. Obi, who is also aformer Governor of Anambra State, made this known in his official tweets handle on Saturday morning in Lagos. On Thursday, GlaxoSmithKline (GSK), a British pharmaceutical and biotechnology company, said in the coming months, it plans to exit Nigeria after 51 years of operations. Its Spokesperson, Omongiade Ehighebolo, said in a statement that the challenge in accessing currency was affecting its ability to maintain a consistent supply of medicines and vaccines in the market. GSK has a manufacturing facility in Agbara, on over 25 hectares of land. The company had directly employed no fewer than 400 highly technical workers including pharmacists, microbiologists, biochemists, chemists, dentists, and doctors just to mention, and also employed over 1000 other staff. Obi said the company that indirectly provided jobs and business opportunities for thousands of Nigerians across the nation, regretted that it was now leaving all these behind, and pushing more people back into unemployment. The LP standard bearer said that their reason for leaving portends a gloomy future for the country’s investment climate. He said: “Today, I was saddened to hear that GlaxoSmithKline (GSK), is exiting Nigeria after 51 years of operations. “Their reason for leaving Nigeria is even more disheartening, that they are no longer perceiving any future growth of the country, which will be anchored on productivity.” He said it was painful that the country was at the point in the nation’s journey where multinationals were leaving the country and the local ones were closing down. Obi added that this was the consequence of poor management of the economy, hence, millions were losing their jobs and the poverty index was worsening. He said these multinationals leaving the country, not only create jobs but create immeasurable training that contributed immensely to human capital development. The LP standard bearer recalled his consistent position that “in turning the nation around, it must move the economy from consumption to production. According to him, part of this includes encouraging and supporting local and foreign investments, like GSK, in the country. Obi finally stressed the importance of creating an environment that creates and sustains multinationals to invest in the country was key to the dream of greatness. He said in the new Nigeria that they seek to create, the emphasis on production would encourage investors to stay and expand on its shores.