14 NEWS/BUSINESS
Tuesday, July 29, 2014
business news
Zenith Bank, Virgin Group Support Young Entrepreneurs
By Bukola Idowu, Lagos
Two young Nigerian entrepreneurs have emerged winners of the Enterprise Challenge competition organised by the British Council and Virgin Atlantic in partnership with Zenith Bank, earning a business master class from the founder and chairman of Virgin Group, Sir Richard Branson.
Miss Eseoghene Odiete and Mr Nasir Yammama, emerged winners in the online competition called the Enterprise Challenge, which was organised for Nigerian entrepreneurs aged 18-35 and living in Nigeria or studying in the United Kingdom to help them develop their entrepreneurial skills. The competition attracted over 1000 young Nigerian
entrepreneurs. According to the organisers, the apprentice-style competition took place over three rounds, during which candidates wrote an essay on their entrepreneurial journeys, created a video pitch for their businesses or business plans, and had their ideas scrutinised by a panel of experts in Nigeria and the UK.
Honeywell Flour Mills Records 17.86% Increase In Profit by OLUSHOLA BELLO, Lagos
Honeywell Flour Mills Plc has reported a 17.86 per cent rise in its profit for the financial year ended March 31, 2014. The company financials currently at the Nigerian Stock Exchange (NSE) showed that the company generated N3.352 billion in profitafter- tax. The figure represents a 17.86 per cent rise on the N2.844 billion it generated in the same period of 2013. According to the firm, it appreciated to N10.458 billion in the review period from N7.921 billion in the corresponding period of 2013. The company’s revenue
appreciated by 20.51 per cent to N55.084 billion in 2014 from N45.709 in 2013, while cost of sales grew by 18.1 per cent to N44.627 billion in 2014 from N37.788 billion in 2013. According to the firm, increase in operating costs, which rose by 46.13 per cent from N3.72 billion to N5.436 billion between comparative periods in 2013 and 2014, was due to increased overheads necessary to operate the expanded production capacity, among other things. The company’s total assets grew by 15.14 per cent to N63.83 from N55.437 billion in 2013, while the earnings per share went up to 42.26 kobo from35.86 kobo in 2013.
Ebola Virus: NCAA Suspends ASky Operations To Nigeria By NKEM OSUAGWU, Lagos
The Nigerian Civil Aviation Authority, (NCAA), has suspended all ASky Airline operations to Nigeria with immediate effect. Acting director- general of NCAA, Mr Benedict Adeyileka, made this announcement yesterday afternoon at the agency’s in Lagos. He said the regulatory authority has to take this action to protect Nigerians from the deadly ebola virus which was ravaging some parts of east and central Africa. ASky Airline is an important player in the west, east and central Africa operating 80 flights into Lagos and Abuja weekly. The airline flew the Liberian, who was obviously infected with the virus into Lagos. The passenger has since died and the country manager of the ASky was invited to the headquaters of the agency to offer explanation to the Authority on the incident and show evidence of actions taken by the airline since the pandemic. The airline’s representative could not offer any conclusive or substantial evidence neither did he demonstrate any capacity to be able to prevent a reoccurrence . This is contrary to the provision of Article 14 of the Chicago Convention,1944, which states that, “Each contracting State agrees to take effective measures to prevent the spread by means of air navigation, of cholera, typhus (epidemic),smallpox, yellow fever, plague and such other communicable diseases as the contracting state shall from time to time decide to designate.....” The International Civil Aviation Organisation (ICAO) has similarly prescribed measures (standard practices) in Annex 9 to the Convention which a state must take to prevent the spread of communicable disease in the event of an outbreak. Follow these reports on leadership.ng/business
L-R: Director, UN-Habitat, Prof. Banji Oyelaran-Oyeyinka; Deputy Executive Director, UN-Habitat, Dr Aisa Kirabo; Minister of Youth Development, Mr Boni Haruna; Nigeria’s Deputy High Commissioner to Kenya, Amb. Moh’d Rabiu Danjaji, during the signing of an agreement at the UN-Habitat office,
Bank Loans Record Marginal Growth In H1 2014
by Bukola Idowu, Lagos
Despite the financial inclusion drive of the Central Bank of Nigeria (CBN), banks are recording less deposits from customers, just as the half year results of some banks which were released last week showed a slight growth in loans and advances to customers. So far, eight out of those listed on the Nigerian Stock Exchange (NSE), Union Bank, United Bank for Africa, Zenith Bank, Wema Bank, Unity Bank, Stanbic IBTC, First City Monument Bank and Sterling Bank have released their half year report ended June 30, 2014. UBA which recorded a rise of 8.7
per cent in its gross earnings in the first half of the year had its PAT drop by 19.5 per cent buoyed by increased spending on personnel as well as operations. Total assets of UBA had dropped to N2.49 trillion as against the June 2013 figure of N2.64 trillion, with its loans and advances to customers recording a 3.5 per cent decline to N904.24 billion, just as deposits from customers dropped by 8.2 per cent to N1.98 trillion. Commenting on the results, group managing director and chief executive of UBA, Phillips Oduoza, assured that the UBA Group remained focused on its medium and long- term strategies
to grow market share in all its businesses across Africa, manage costs down and ultimately deliver value to all stakeholders. “We are confident that business returns will be much better in the remaining period of the year as we continue to deploy new and innovative ways of delivering value adding products and services” Oduoza stated. For Sterling Bank, the 16.3 per cent improvement in gross earnings which rose from N41.85 billion to N48.69 billion was eroded by increase spending as well as its impairment for loan loss, as PAT dropped by 6.6 per cent.
New DG For NCAA: FG Gets 2-week Deadline
By NKEM OSUAGWU, Lagos
Following the expiration of the 21 days ultimatum given to the federal government to appoint a substantive director-general for the Nigerian Civil Aviation Authority of Nigeria (NCAA), the Air Transport Services Senior Staff Association of Nigeria (ATSSSAN) has given a fresh 14- day ultimatum to the government. In a letter entitled: “Re- Demand for a Substantive Director- General of NCAA,” addressed to the secretary to the federal government of the federation (SGF), Senator Ayim Pius Ayim, dated July 24, 2014,
and signed by the deputy national secretary of ATSSSAN, Tarnongu Captain, the union said it was driven by deep patriotism and commitment to contribute their quota to the transformation agenda of Mr President in the aviation industry. Tarnongu in the letter drew the attention of SFG to the leadership vacuum existing in the Nigerian Civil Aviation Authority (NCAA) making reference to their earlier letter on the above subject matter dated June 18, 2014. The letter reads: “As a stakeholder in the industry, we are aware of the enormous responsibility of
this Authority as chief regulator of standards, and custodian of safety in the aviation industry. Thus, we are justifiably disturbed on the inability of government to appoint a substantive director-general for the Authority. “We are by this letter, giving notice of the extension of our earlier 21 days ultimatum for another 14 days to lapse on Tuesday, August 12 , 2014, by which time we expect the Government to confirm a substantive director-general for the organisation, failing which, we shall be at liberty to deploy any other legitimate means to press home our demands.”