Berger Paints

By Chinyere Joel-Nwokeoma

Berger Paints Nigeria Plc has recorded a revenue of N3.59 billion for the financial year ended Dec. 31, 2019 as against N3.3 billion recorded in the preceding year, an increase of six per cent.

However, due to internal efficiency the companys operating profit roseby 196 per cent between 2017 and the end of 2019 while it recorded an upward movement in all its key performance indicators in the review period.

Addressing the shareholders at 60th virtual Annual General Meeting (AGM) by proxy on Wednesday, the Chairman, Mr Abi Ayida, attributed its performance to re-refocusing on production of its primary products, corporate foresight and innovativeness and huge investment in automated factory, among others.

Ayida, explained that the operating environment was challenging last year but the company was able to record upward movement across all its financial indices.

The board and management faced increasingly hostile business-operating environment in 2019.

However, due to your companys growth strategy, we were able to deliver an impressive performance. A review of financial results shows improved performance across all financial indices.

Our revenue grew by six per cent to N3.59 billion from N3.38 billion but the gross profit for the year grew by 12 per cent to N1.66 billion from N1.48 billion in 2018 while the profit for the year grew by 40 per cent from N320 million to an historic N448.7 million.

The moderate growth in revenue was intended as deferred scale achievement to maintain our focus on operational efficiency.

We believe the numbers justify this approach. Indeed, operatingprofitimproved by 196 per cent between 2017 and end of 2019, Ayida said.

Shareholders commended the companys financial performance and its heavy investment in automated factory as an index of growth strategy.

They urged the Board and Management to increase the dividend of 25k per share next year and also map out strategy to cope with the impacts of COVID-19 which had become inevitable.

A Shareholder, Comrade Lawrence Oguntoye, described the companys performance as excellent against the backdrop of tough operating environment last year.

He attributed the stellar performance to the companys resilient, visionary and focused leadership.

All financial indices are positive. This is a reflection of growth strategy borne out of resilient, visionary and focused leadership.

It is commendable that while many companies are down-sizing, Berger Paints is increasing its staff strength.

The Board and Management has performed magic wand in business profitability and sustainability, Oguntoye said.

Corroborating him, another Shareholder, Mr Egunde Moses, who also commended the companys performance, urged the board and management to put strategies in place for optimal performance in spite of the COVID-19 pandemic.

Moses also advised the company to address the issue of unclaimed dividend and impacts of adulterated products on the business of paint manufacturers.

Responding, Ayida expressed gratitude to the shareholders and assured them of greater performance, irrespective of the state of operating environment.

The lockdown has brought significant level of uncertainties to the global business environment. We have analysed COVID-19 and determined to brace up; our first approach is preservation of capital.

This informed our decision to declare a modest dividend of 25k per share for the review period. Our position is that it is better to err on the side of prudence.

Our huge investment in automated factory ispart ofourgrowth strategy. Our efforts shall continue to pay off; the companys future is bright.

We have always addressed the issue of adulterated products to the extent of prosecution and conviction of some people. We shall continue to do a lot more.

As for unclaimed dividend, we cannot go beyond the limit of the regulators directives but we are always ready to implement any official policy on this, he added. (NAN)

Source: NAN News

COVID-19 updates by NCDC

By Abujah Racheal

Nigeria Center for Disease Control (NCDC) announced 452 new cases of COVID-19, bringing the total number of the cases in the country to 21,371.

The Nigeria Centre for Disease Control (NCDC) gave the figure on Tuesday night through its official Twitter handle.

The NCDC said that the new cases were from 14 states.

It said that the country recorded seven deaths on June 23.

The NCDC said that Lagos State had the highest number of the new cases with 209 cases, followed by Delta with 37 cases and Ogun 36, FCT 22, Abia 20, Enugu 16, Bauchi 15, Kaduna 8, Ondo -8, Osun 7, Imo 3, Benue 3 and Borno 1.

The NCDC said that as at June 23, 21,371 COVID-19 cases had been confirmed in the country, with 13,285 active, 7,338 treated and discharged, 117, 569 samples collected and 533 deaths recorded.

Source: NAN News

World Bank

By Mustapha Sumaila

The World Bank has approved a 750 million dollars International Development Association (IDA) credit for Nigerias Power Sector Recovery Operation (PSRO) to improve electricity supply.

The Bank, in a statement in Abuja on Wednesday, said that the target was to also achieve financial and fiscal sustainability and enhance accountability in Nigerias power sector.

It explained that about 47 per cent of Nigerians did not have access to grid electricity and those who had access, faced regular power cuts.

According to the bank, the economic cost of power shortages in Nigeria is estimated at around 28 billion dollars, which is equivalent to two per cent of its Gross Domestic Product (GDP).

It stated that getting access to electricity was one of the major constraints for the private sector according to the Ease of Doing Business report.

It added that improving power sector performance, particularly in the non-oil sectors of manufacturing and services, would be central to unlocking economic growth post COVID-19.

The statement quoted Shubham Chaudhuri, World Bank Country Director for Nigeria, as saying lack of reliable power has stifled economic activity and private investment and job creation.

This is ultimately what is needed to lift 100 million Nigerians out of poverty.

The objective of this operation is to help turn around the power sector and set it on a fiscally sustainable path. This is particularly urgent at a time when the government needs all the fiscal resources it can marshal to help protect lives and livelihoods amid the COVID-19 pandemic.

It further explained that the PSRP was a comprehensive programme to restore the power sectors financial viability, improve service delivery and reduce its fiscal burden.

The PSRO is expected to increase annual electricity supplied to the distribution grid, enhance power sector financial viability while reducing annual tariff shortfalls and protecting the poor from the impact of tariff adjustments.

This will enable the turnaround of power sector while helping the Federal Government to redirect large fiscal resources from highly regressive tariff shortfall financing towards critical crisis-responsive and pro-poor expenditures. It will also increase public awareness about ongoing power sector reforms and performance.

Source: NAN News

Access bank Logo

By Chinyere Joel-Nwokeoma

Access Bank Plc has unveiled a digital lending portal to provide access to finance for Small and Medium Enterprises (SMEs) in the country.

The portal tagged: Caxh flow Loans by Access, is to encourage grow and expand SMEs businesses.

Mr Victor Etuokwu, Access Bank Executive Director, Retail Banking, said the digital lending portal was part of its effort to provide access to finance for SMEs.

Etuokwu said in a statement in Lagos on Wednesday that Cash flow Loans by Access would enable business owners to access loans easily from the comfort of their homes via an online platform while staying safe.

This new service, is accessible to all small and medium enterprise customers who have established sufficient cash flow records with the bank, he stated.

Etuokwu noted that the bank would continue to impact SMEs positively to ensure economic growth and development.

In a period like this, when we need to be more present and relevant in the lives of our customers than ever.

We have risen to the challenge to ensure business owners have easy access to funds to sustain and expand their businesses while keeping safe.

We are committed to not only providing uninterrupted service but superior service to meet the needs of all our customer segments.

He said that the bank developed the digital lending platform to make loan application more convenient with flexible collateral, favourable interest rates, application tracking, robust customer service and much more.

We have been focused on providing solutions targeted at boosting the economy because we believe it is our responsibility to contribute to the stimulation of economic growth.

With the launch of cash flow loans by Access, we are renewing our commitment to providing the much needed financial support to SMEs, he said.

Access Bank is recognised as one of the most innovative financial institutions in Africa.

With over 40 million customers and 600 branches nationwide, it offers a range of products and services tailored to suit needs and lifestyle of its customers across multiple segments.

Source: NAN News

Babajide Sanwo- olu, Lagos state governor

By Florence Onuegbu

The Lagos State Government, on Tuesday said it would take deliberate steps to ameliorate the challenges confronting widows in the state.

Mrs Bolaji Dada, the Commissioner for Women Affairs and Poverty Alleviation (WAPA), made the pledge during the commemoration of 2020 International Widows Day at a low-key event held at Alausa, Ikeja.

The event was attended by the First Lady of Lagos State, Dr Ibijoke Sanwo-Olu and wife of the Deputy Governor, Mrs Oluremi Hamzat.

Dada said that the widows challenges would be confronted through friendly policies and women-tailored empowerment initiatives.

She remarked that widows were occasionally faced with pathetic challenges, which could be mitigated.

According to her, these challenges can be mitigated through the provisions of access to good health care, education for the children, empowerment, decent work or vocation and lives that are free from violence and abuse.

The commissioner said that the state government was determined to protect the rights of its citizens, especially women and vulnerable groups in the society.

She said the administration of Gov. Babajide Sanwo-Olu, through her ministry, has initiated specific programmes to ameliorate the plight of widows in the state.

Dada added that the government would also empower them to be self-reliant in coping with the numerous challenges confronting them.

For instance, last year, over 500 widows were trained in short-term skills such as hairdressing and cosmetology, event decoration, catering, tie and dye to mention a few.

Apart from training them, they were also given starter packs to help them set up their personal businesses, she said.

Dada also said that the ministry also had 18 skills acquisition centres located in various locations around the state.

According to her, this is to address unemployment, support widows, and offer economic empowerment to women and young persons.

She said that the centres offered short and long term vocational training in various skills free of charge, while starter packs are given to the trainees, in line with their chosen vocations.

The commissioner urged all widows not to engage in self-pity or lose a sense of self-worth but rather be bold to face challenges that may confront them.

Do all you can, to boost your morale and self-worth, and hold on to God and take good care of your children.

I pray that Almighty God will continue to sustain you and your children.

Source: NAN News

COVID-19

By Abujah Racheal

The National Council on Health (NCH) has approved the Health Sector Coronavirus (COVID-19) Pandemic Response Action Plan.

The council approved the plan at the Emergency NCH Meeting held as virtual meeting and chaired by the Minister of Health, Dr Osagie Ehanire.

The approval by the council was based on States updates and deliberations at the meeting.

The council also stepped down the presentation of the Draft Guideline on Basic Health Care Provision Fund, scheduled earlier for presentation to the council, for a later time after further necessary consultations.

It also agreed not to establish the COVID-19 Community Support Centres (CSCs) as parallel centres but as additional options to relieve the burden of service delivery on existing facilities.

The council also decided that States were to own and lead the implementation of the COVID-19 Community Support Centres (CSCs) where desirable.

It also resolved that the Federal Ministry of Health would share a Template on Needs Assessment and Daily Reporting Format on Case Management to facilitate decision making for federal governmnet support to states.

The News Agency of Nigeria (NAN) reports that the council agreed on the above after it considered the development of the Health Sector Coronavirus (COVID-19) Pandemic Response Action Plan and the proposed establishment of Community Support Centres (CSCs) in high burden states of Lagos and Kano as well as the FCT, towards reducing community transmission of COVID-19.

NAN further reports that the council also deliberated on the progress of work/support by all stakeholders and challenges encountered in the containment of the COVID-19 pandemic across the states of the federation.

It reports that the membership of the Health Council comprised the Minister of Health as Chairman, Minister of State for Health, 36 State Commissioners for Health and the Secretary of Health and Human Services Secretariat of the Federal Capital Territory.

The Secretary of the Council is the Permanent Secretary, Federal Ministry of Health, Mr Abdulaziz Abdullahi.

Some of those that attended the meeting were Minister of State for Health, Sen. Olorunnimbe Mamora, 25 State Commissioners for Health from Jigawa, Bauchi, Kebbi, Lagos, Edo and Kaduna.

Others were Sokoto, Kano, Kogi, Yobe, Niger, Imo, Rivers, Cross Rivers, Enugu, Anambra, Katsina, Ekiti, Kwara, Plateau, Osun, Ogun, Nasarawa, Gombe; the Acting Secretary of Health and Human Services Secretariat of the FCT and Representative of Akwa Ibom Commissioner for Health.

Also at the meeting were Heads, Chief Excutive Officers and representatives of Departments, Agencies and Parastatals of the Federal and State Ministries of Health, FCT Health and Human Services Secretariat, representatives of development partners, civil society organisations, and health professional associations on COVID-19.

Source: NAN News

By Lizzy Okoji

President, Nana Akufo-Addo, has sent apologies to President Muhammadu Buhari over the demolition of Nigerias mission building in Accra, Ghana.

Mr Ferdinand Nwonye, spokesperson for the Ministry of Foreign Affairs, made this known in a statement on Tuesday in Abuja.

The Ministry of Foreign Affairs wishes to inform that the President of Ghana, Nana Akufo-Addo, called President Muhammadu Buhari GCFR, today, June 23, on the phone.

To express his sincere regrets and apology for thedemolition of a building on the premises of the Nigerian High Commission in Accra, Ghana.

He informed President Buhari that he had directed a full investigation of the unfortunate incident.

It further emerged earlier in the day that some suspects had been arrested and will be arraigned in court.

The Ministry of Foreign Affairs on this note wish to call on Nigerians home and abroad to remain calm despite the highly provocative attack on the High Commission of Nigeria in Accra, Ghana.

And to reassure Nigerians that the Federal Government is engaging the Ghanaian Authorities at the highest level to seek redress, it stated.

The News Agency of Nigeria (NAN) reports that on June 19, some unidentified persons willfully carried out the demolition of a building in premises of the Nigerian High Commission in Accra, Ghana.

The perpetrators, who were purportedly on the instruction of the Ghana Urban Development Agency, were said to have carried out the act without prior notification.

There have also been engagements between the Minister of Foreign Affairs, Geoffrey Onyeama, and the Ghanaian authorities since the incident.

Source: NAN News

Abdullahi Shugaba

Troops of the Nigerian Army has rescued six victims kidnapped by armed bandits in Musa Local Government Area of Katsina State.

Brigade Commander in charge of 17 Brigade Headquarters, Katsina, Brig-Gen. Wama Idris, on Tuesday, handed over the victims to Secretary to the State Government (SSG), Alhaji Mustapha Inuwa, to be reunited with their families.

Represented by Major Olabode Adedayo, Idris said the victims were rescued by the Nigerian army after a fierce gun battle with the kidnappers at a forest between Danmusa and Safana.

He pointed out that 11 people were kidnapped but the forces were able to rescue six, with five people yet to be rescued.

The army assured that they would still comb the forests to get the remaining ones.

Receiving the victims, the SSG thanked the Nigerian Army for its efforts to rescue the kidnapped persons.

He said the operations by the Nigerian army against banditry, kidnapping, cattle rustling and armed robbery in Katsina State were yielding positive results.

Source: NAN News

Mr Ekoi Obono-Obla at the ICPC headquarters after his arrest in Abuja on Friday. Photo: ICPC

Independent Corrupt Practices and Other Related Offences Commission (ICPC) has begun tracking of 22 constituency projects worth N1.68 billion in Gombe State.

Mr Laban Rakum, Superintendent, ICPC Bauchi State office, who is the team leader for the exercise, disclosed this during a Constituency and Executive Projects Tracking Group (CEPTG) meeting, held in Gombe on Tuesday.

Rakum stated that the projects to be tracked would cover from 2016 to 2019, and the amount budgeted for them was N1.68 billion, while the contracts were awarded for N1billion.

He stated that the exercise would cover some selected Constituency Projects in Gombe North Senatorial District, Gombe Central Senatorial District and Kaltungo/Shongom Federal Constituency, executed by five Ministries, Departments and Agencies (MDAs).

The ICPC official stated that the primary objective of the exercise was to ensure the satisfactory execution of all constituency/ executive projects, as well as to obtain value for money from the treasury

We have the mandate to investigate fraudulent procurement practices in the award of contracts for constituency or executive projects and other projects with potential to impact lives of ordinary Nigerians.

Our expected outcome is to improve delivery of social welfare services to the citizens, and to ensure value for money in execution of public projects, he said

According to him, the exercise, which will be carried out in collaboration with other stakeholders like Civil Society Organisations (CSOs), Nigeria Institute of Quantity Surveyors (NIQS) and the media, is expected to last four weeks.

Rakum said that the exercise was taking place simultaneously in 16 states, including Gombe State, and this was the second phase of the initiative by the Commission.

The News Agency of Nigeria (NAN) reports that highlights of the meeting included stakeholders interactive session which featured questions, suggestions and recommendations, all aimed at enhancing the exercise during field trips to communities.

Source: NAN News

Chief of Air Staff (CAS), Air Marshal, Sadique Abubakar

By Doris Esa

The Nigerian Air Force (NAF) is building an apron, hangar and aircraft shelters at the Umaru Musa Yaradua International Airport in Katsina.

Air Commodore Ibikunle Daramola, the NAF Director of Public Relations and Information, made this known in a statement on Tuesday in Abuja.

He said the Katsina airport serves as the Headquarters of the Air Component of Operation HADARIN DAJI.

Daramola said the construction of the shelters followed the recent massive deployment of air assets and ground support equipment.

This is to reinforce internal security operations against bandits, cattle rustlers, kidnappers and other criminal elements in the North West and North Central parts of the country.

The aircraft shelters would ensure that aircraft deployed for operations in the North West Theatre, with their delicate onboard avionics and electrical instruments, are not unduly exposed to the harsh effects of weather.

Similarly, the hangar would provide a more conducive environment for the conduct of maintenance activities thereby reducing the need to fly aircraft outside of the operational area for the conduct of repair works, he said.

The Chief of the Air Staff, Air Marshal Sadique Abubakar, after inspecting the project site on Tuesday, said that the facilities being emplaced would no doubt enhance the NAFs operations in dealing with bandits and other criminal elements in Katsina, Zamfara, Kaduna and surrounding states.

Abubakar said that the construction work would be executed through direct labour by NAF Engineers from the Directorate of Services.

He noted that some of the materials, including the frames for the aircraft shelters, had been relocated using NAF C-130H aircraft from another NAF unit, where they were not being used.

The air chief added that the new facilities would also form part of the infrastructure for the NAF Central Flying School, once fully activated.

He expressed his gratitude to the governor of Katsina State, Malam Aminu Masari, for allocating the land for use by the NAF.

Abubakar equally appreciated the Emirs of Katsina and Daura as well as the people of the state for their support to the NAF, especially in the provision of useful information.

He said that the fight against banditry was a collective responsibility that required the cooperation of all well-meaning Nigerians.

The air chief was conducted on the inspection by AVM Charles Ohwo, the Air Officer Commanding Special Operations Command, and the NAF Director of Services, Group Capt. Abdullahi Abubakar.

The News Agency of Nigeria (NAN) reports that Abubakar was accompanied on the visit by Branch Chiefs and Directors from Headquarters of NAF as well as other senior NAF officers.

Source: NAN News