Wednesday 31 July 2019
BUSINESS DAY
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news FoodCo nominated for award at BusinessDay IMN pledged allegiance with foreign Nigerian Business Leadership Awards countries to destabilise Nigeria - IGP GBEMI FAMINU
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oodCo Nigeria Limited, a diversified consumer goods company with interests in retail, manufacturing and fast food, has been shortlisted as a nominee for the Multigenerational Leader of the Year award under the Global category of the inaugural Nigerian Business Leadership Awards. The Nigerian Business Leadership Awards, organised by BusinessDay Media Limited, Nigeria’s foremost business media, financial intelligence and corporate events hosting company, is scheduled to hold on Saturday, August 3, 2019, at the Grand Ballroom, Lagos Continental Hotel, Victoria Island. In a letter notifying FoodCo of the nomination, Frank Aigbogun, publisher, BusinessDay Nigeria Limited, stated that the company’s selection followed a rigorous review process by an independent panel of judges handpicked for their professional background and familiarity with Nigerian retail business and the private sector in general. The letter read in part: “The decision to nominate you for
this award was informed by certain factors. First, your track record as leader that is shaping the future of business in Nigeria through innovation and investment in the Nigerian retail sector. Second, the impressive growth trajectory and market share acquisition of Foodco Nigeria Limited over the past year in a tough operating environment and third, your values for maintaining integrity and the highest professional standards at a time when stakeholders and regulators are holding boards accountable to stringent governance expectations. “FoodCo Nigeria Limited has sustained it’s commitment to national development as a Proudly Nigerian entrepreneur and the company represents one of the shining examples of Nigerian businesses that competes with and stands shoulder to shoulder with international retail brands.” In his response, Ade SunBasorun, CEO-designate, FoodCo Nigeria Limited, expressed gratitude to BusinessDay for the recognition bestowed on the company. According to Sun-Basorun: “We are humbled that our activities have attracted the attention of no less a body than
Business Day Nigeria Limited. Right from inception, FoodCohas been driven by a passion for people, passion for service and passion for excellence and this common thread runs through every touch point of our operations. Our key objective remains to deliver superior customer service to customers leveraging on innovation and technology and we.” Established 37 years ago as a fresh fruits and vegetable store, FoodCo has since expanded its service offerings to include supermarkets, quick service restaurants and entertainment. With eight branches already in its portfolio, FoodCo Supermarket is currently ranked amongst the Top-10 national supermarket chains in Nigeria, the no.2 Supermarket Chain in South West Nigeria (outside Lagos) and the No.1 supermarket chain in Oyo State, by National Consumer Brands. FoodCo is invested in several social responsibility initiatives including a staff scholarship scheme and the Adegbenga Sun-Basorun Scholarship Scheme aimed at providing financial succor to help staff and indigent secondary school students attain their educational aspirations.
… says group has set up para-military outfit ‘HURRAS’ to terrorise citizens Innocent Odoh, Abuja
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nspector-General of Police (IGP) Mohammed Abubakar Adamu has alleged that the Federal Government had to proscribe the Islamic Movement in Nigeria (IMN), otherwise called Shiites, because the government uncovered facts that the sect has pledged allegiance to some foreign countries from where they are enjoying political, financial and training support with the aim of destabilising Nigeria. IGP Adamu disclosed this on Tuesday during the monthly security conference with DIG, AIGs and Command CPs, adding that the IMN was guilty of setting up of a para-military guard known as ‘HURRAS’ through which IMN had been terrorising local residents. He said further that IMN members instituted unregistered security outfits and performed paramilitary ceremonies, hoisting of flags, combat exercises, parades and inspection by the IMN leader. “Also, the activities of the Islamic Movement in Nigeria led by Sheik Ibrahim El-Zakzaky has over time evolved to constitute a grave threat to national security, law and order, socio-religious harmony,
peace, good governance and the sovereign integrity of the Federal Republic of Nigeria,” he said. The police boss pointed out that the members of the IMN have engaged in extreme radicalism, series of terror-related activities, violence and other unlawful activities, which threaten national security interest, good governance, and the corporate existence of the Federal Republic of Nigeria. According to the IGP, some of the nefarious activities include: “They engage in unauthorised blocking of public highways, engagement in illegal roadblocks, imposition of illegal curfews and checkpoints, raids on security assets, prevention of arrest of their members, invasion of court premises to abort legal proceedings involving IMN members, refusal to submit to ordinary security checks and attacks on security agents which led to the death of several Nigerians. “Provocative preaching and hate speeches aimed at inciting members against non-members while working towards its agenda of creating an Islamic State in Nigeria and challenging the legitimacy of the Federal Government in favour of Islamic
government, non-recognition of the Constitution of the Federal Republic of Nigeria, nonrecognition of State Authority, non-recognition of our democratic values and disrespect for our judicial processes. “The IMN has over the years manifested its penchant for launching attacks on Nigerians and the symbols of state authority. Since 2018 till date, the IMN has engaged in coordinated and organized violent protests within the Federal Capital Territory. “Two weeks ago, the IMN extended its violent protest on 9 July 2019 to the National Assembly in the course of which they violently attacked and fatally injured security operatives in an attempt to overrun the National Assembly and threaten the nation’s democratic order. The protesters overwhelmed the first gate of the complex, inflicting damage on the security post, and marched on to the second one just before the main complex while the lawmakers were in session. The protesters also damaged a police vehicle and several other vehicles belonging to visitors, lawmakers and staff of the National Assembly who also sustained varying degrees of injuries, the IGP said.
Buhari’s certificate saga: Military never asked us to submit certificates to board - Buhari’s witness Felix Omohomhion, Abuja
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ne of the witnesses of President Muhammadu Buhari at the Presidential Election Petition Tribunal, Tuesday, contradicted the president who had earlier claimed his certificates were with the military board. President Buhari had in 2015 claimed that his certificates were with the military board on request. However, one of his witnesses, Major General Paul Tafa, (rtd), who claimed to have been enlisted in the Nigerian Army with President Buhari on April 16, 1962, denied that no such order was issued by the military. Tafa, who made the assertion while answering a question from lead counsel to INEC, insisted that the Nigerian Army never asked them to surrender their certificates for whatever reason at any time. When probed further by Usman to confirm that the army had asked them to submit their certificates in 1962, Tafa insisted, “There was nothing of such during our time.” Atiku and PDP in their petitions are challenging the eligibility of President Buhari for the 2019 presidential election on grounds of non-possession of requisite academic qualification, election malpractices, among others. Tara however confirmed English as the official language of communication during their time in the army. Under cross examination by Atiku and PDP’s lead counsel,
Levy Uzoukwu, the first defence witness said President Buhari being the Commander in Chief of the Armed Forces of the Federal Republic of Nigeria had all military formations under him. Another witness and current Chief of Staff to President Buhari, Abba Kyari, who claimed to have known Buhari for nearly 40 years, told the tribunal that he received and signed for Buhari’s Cambridge WASC Certificate 12 days ago. Kyari had told the tribunal that Buhari possessed credit in five subjects including English Language in his West African School Certificate (WASC) examination conducted by Cambridge University. But under cross-examination by Uzoukwu, Kyari told the tribunal that he personally received and signed for Buhari’s Cambridge University WASC Certificate on July 18, 2019. The witness further admitted that Buhari in his Curriculum Vitae listed the schools he attended but did not list any of the certificates obtained. He also admitted not being Buhari’s classmate at any time and never a member of the army, adding that he was not in possession of any of Buhari’s certificates. Further cross examined by Atiku’s counsel, Kyari admitted that the Diploma Certificate in Strategic Studies he claimed Buhari possessed in his witness statement was not listed in Buhari’s CV. While he told the tribunal that Atiku was a Cameroonian by birth, he however admitted he never knew nor met Atiku’s father and grandfather. www.businessday.ng
L-R: Mbanugo Udenze, company secretary; Chukwumah Okolo, chairman, and Andrew Otike-Odibi, MD/CEO, all of C&I Leasing plc , at the 28th annual general meeting of the company in Lagos, yesterday. Pic by Pius Okeosisi.
Seplat’s N20.5bn maiden gas tolling revenue drives half-year profitability to 6-year high ... firm plans to be Nigeria’s largest supplier of processed gas in 2021 OLUWASEGUN OLAKOYENIKAN & OLUFIKAYO OWOEYE
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eplat Petroleum Development Company plc, Nigeria’s largest listed Oil and Gas firm by market value, showed improved profitability in the first half of 2019 buoyed by gas tolling revenue from Nigerian Petroleum Development Company, a subsidiary of the Nigerian National Petroleum Corporation (NNPC). Seplat’s revenue from contracts with customers in the period rose by 3.98 percent on a year-on-year basis to N108.97 billion, thanks to N20.53 billion realised from gas tolling and
recognised for the first time, which resulted to increased net income margin of 42.61 percent, the highest in 6 years. Gas tolling is revenue received from the NPDC for processing its share of the gas extracted from OML 4, 38 and 41 from 2015 to 2018, according to Seplat. “In prior periods, the Group had not recognised the related income or receivable for the service because the basis for determining the fees was yet to be concluded with NPDC,” the Group said.
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As a result, when total revenue is adjusted for the gas tolling revenue, gross revenue will decline by 15.61 percent to N88.44 billion in the review period since revenues from gas and crude oil sales fell to N22.15 billion and N66.29 billion, respectively. Analysts at Lagos-based investment house, Chapel Hill Denham, attributed the declines to “tight operating environment”. Cost of sales fell some 11.75 percent to N45.44 billion from N51.5 billion after a 20 percent decline to N15.27 billion in royalties from N19.06 billion. Owing to this, gross profit increased by @Businessdayng
19 percent from a year earlier to N63.5 billion, pushing its gross margin to 58.3 percent from 50.87 percent. Seplat’s finance costs dropped by 40 percent to N7.6 billion from N12.7 billion, reducing the impact of the cost of borrowing on its pre-tax profit which fell marginally by 0.39 percent to N36.96 billion from N37.1 billion. A 98 percent decline in Seplat’s tax expense to N437 million boosted its after-tax profit, making it grow 152.6 percent to N37.5 billion in the first half of 2019 as against N14.8 billion in the same period last year.