Business News B2
Daily Times Nigeria Thursday, November 9, 2017
A’Ibom to establish modular refinery …commends NCDMB on effective local content implementation in the oil, gas industry
Simon Ugwu
R-L: Timothy Onekutu, Chinenyenwa Ozoemena, Alex Nwogu, Team Members, Financial Literacy, Customer Experience & Analytics, Heritage Bank; Ajiri Efeturi, Team Lead, Financial Literacy, Customer Experience & Analytics, Heritage Bank; Oyeniyi Adenlewo, Experience Centre Associate Retail Banking; Lt. Isah and Lt. Cdr. Godspower Oyibo, Nigerian Navy Seconday School, Ojo, with students of Nigerian Navy Secondary School, Ojo, Lagos at the World Savings Day event held in Lagos...yesterday
Elumelu, others to speak on tax, business at a forum Simon Ugwu Dr.Tony Elumelu, Chairman Heirs Holding, will be the Guest Speaker at this year’s Lagos Business School (LBS) Alumni Day, scheduled for Thursday, November 16, 2017, in Lagos. Elumelu, who is also Chairman of UBA Group
and Transcorp Plc, will lead discussions on the “Effects of Multiple Regulations and Taxation on Business Growth in Nigeria.” The other panellists include, Mr. Hamzat Ayodele Subair, Chairman, Lagos State Internal Revenue Service; Mr. Taiwo Oyedele, Head of Tax & Regulatory
Services and PwC West Africa Tax Leader; and Sir Ndukwe Osogho-Ajala, Chairman/ CEO of Soulmate Industry Limited. The session, which will have Nigeria’s 2018 economic outlook presented by Dr. Biodun Adedipe, Founder/Chief Consultant of B. Adedipe Associates and will be chaired
NAFDAC eases processes, cost of registering products for MSMEs
…establishes business support desk Moses Oyediran, Enugu The National Agency for Food, Drug Administration and Control (NAFDAC) has said that it has eased the processes and cost of registration of products for Micro, Small and Medium Enterprises (MSMEs). The Acting Director-General of NAFDAC, Mr. Ademola Mogbojuri, said this on Wednesday, in Enugu, during a South-East Stakeholders’ Consultative Forum meant to promote the Federal Government’s Ease of Doing Business’ directive. Mogbojuri said that the meeting was to dialogue and find ways to resolve complaints and bottlenecks producers and starts-up face in establishing their businesses. He said that the agency was highly concerned about the growth of small businesses and helping young entrepreneurs to start their
businesses and create more job and money for Nigerians. ``We have recently directed 50 per cent reduction of registration of products for companies with five or less than five employees; while reducing registration time to 90 days for all MSMEs. ``NAFDAC has established Small Business Support Desk (SBSD) to guide small businesses through registration processes and also serve as enquiry point for small businesses on regulatory issues. ``Also, we now have electronic submission of documents to line Directorates in Lagos as well as NAFDAC Product Registration Outreach (NaPRO) to provide interactive engagement and advice on documentation, labeling and other requirements so as to facilitate the registration process.” ``Increase in the number of times samples are submitted to the laboratory per
month; while cosmetic companies can use three rooms as against four in the past and can also share facilities for common products. ``Fees charged for registration of locally manufactured products are lower than those charged for imported products. ``The Agency is always discouraging the use of consultants by companies,’’ Mogbojuri, who was represented by Dr. Abubakar Jimoh, Director of Special Duties, said. Earlier, the Enugu State Co-ordinator of the agency, Mr. Chike Obiano, said that consultative forum would be sustained and even be made more frequent against the backdrop of its importance in our regulatory oversight functions. He said,``NAFDAC is committed to zero tolerance on fake drugs, unwholesome processed food and sub-standard regulated products.”
and moderated by Prof Olawale Ajai, a Lagos Business School professor of legal, social and political environment of business. The event is being hosted by the Chief Executive Programme, CEP 24 and International Management Programme, IMP 2.
Analyst raises DSR EPS forecast, gross margin over 2018-19 Bonny Amadi Dangote Sugar Refinery has been projected to report growth 135 per cent earnings per share (EPS) in 2017E, with sales estimate growth of 15 per cent year on year to N204.1 billion going forward into 2018. The growth forecast was released by FBNQuest in its company report, following DSR’s Q3 2017 result release. The projected sale growth is hinged on a recovery in unit volume sales 21per cent y/y to 790,000 tonnes, which is expected to offset further potential price reductions over the coming months. According to the investment analysts company, Dangote Sugar Refinery’s (DSR) Q3 2017 earnings of N9.4bn beat its earlier forecast by 15 per cent, and have thus raised its EPS forecast over the 2017-2018E period by around 3 per cent. “Our new price target of N16.0 is up by a similar magnitude” DSR’s Q3 PBT of N14.0billion grew by 236
per cent y/y, driven by lower production costs: Q3 2017 results showed several positives across the P&L. Although sales were flattish, both PBT and PAT were up significantly, 236 per cent y/y and 244 per cent y/y, respectively. The company’s profitability was driven by a marked gross margin expansion of +2153bps y/y to 32.9 per cent. Although we were expecting a healthy gross margin performance, the magnitude of the expansion surprised positively. DSR production costs, which were substantially lower y/y, benefitted from consistent gas supply through the quarter. Opex, which came in flattish y/y, also helped enhance the company’s Q3 2017 result. It said that” sequentially, sales declined q/q, while PBT and PAT both fell by around 24% y/y. Compared with our estimates, while sales missed our estimate by 16%, PBT beat our N12.6bn estimate by around 11%.”
The Governor of Akwa Ibom State, Mr Udom Emmanuel has assured citizen of the state on government readiness to commence building of modular refinery which will help to absorb some trainees who have completed their training in various fields. Emmanuel who was represented by the Secretary to the State Government, Sir, Etekamba Udo Umoren gave the assurance at the ongoing 7th practical Nigerian Content, organised by the Nigerian Content Development and Monitoring Board (NCDBM) on Tuesday in uyo, with the theme ``Nigerian Content – The Next Frontier’’ The governor said that plans are also on the way to upgrade the Peacock Paint Industry at Ikot Ekang, Etinan, to produce anti-corrosive paint of international standard for use in the oil and gas industry. He said that government has great interest in peace and security, adding that the state have a robust mechanism that provides a platform for oil companies and their host community to interface and dialogue on mutual interest and co-exist. According to him, this is to promote peace and provide conducive environment for oil companies to operate. It has also provided room for companies to sign Memorandum of Understanding (MOU) with their host communities. He said that however, out of thirteen (13) Oil Producing Companies operating in the state, only five (5) have signed MOU with their Host Communities in compliance to Government directive. It is good for us to be proactive. I therefore urge companies who are yet to sign MOUs to contact the State Ministry for this. ``There is no doubt that Akwa Ibom State is the highest producer of crude oil and the most peaceful in the Niger Delta Region. In spite of this, the State has few oil and gas and service companies established in it. ``This is unacceptable. However, since the inception of this administration conscientious effort has been made to build capacities, develop manpower and provide infrastructure to enable the State reposition itself and take its pride of place,’’ he said