Strong Organic Growth in Revenues and Profits
The results presented herein reflect the first-time consolidation of African projects and operations at Sephaku.
The Group delivered strong organic growth in both revenues and profits in 2011. Revenues after consolidation increased by 16.5% to ₦235.9bn (2010: ₦202.6bn) as a result of higher cement sales, up 9.2%, and higher average selling prices of ₦27,240 in 2011 against ₦25,554 in 2010.
Mr. Onyekachi Onubogu, Marketing Director of Promasidor Nigeria Limited- makers of Top Tea, says tea is more affordable than other beverages in the market.
Onubogu said tea is considerably more affordable than any other beverage in the market and gives consumers more value for their money.
“Tea is significantly more affordable than any other beverage in the Nigerian market, a pack of Top Tea for instance will give consumers 26 sachets of tea at the rate of N110.”
He further said that “if a consumer drinks one Top Tea sachet every six hours, the consumer can drink four tea sachets in a day, and if one divides 26 sachets in the pack by four, then one can drink the pack in one week.”
For the price of cheap gasoline, Nigeria paid billions of dollars into a corrupt government system of fuel subsidies that saw huge contracts awarded to shady companies without any oversight, according to a lawmakers’ report.
The report, debated Tuesday in Nigeria’s House of Representatives, is breathtaking in its scope, even for a country where many grudgingly accept graft as a way of life in the OPEC nation’s oil industry, government and private sector. But some fear it may not change much, especially as it implicates some of the same elite class that dominate politics and business in Nigeria.
The Association of Electricity Consumers of Nigeria (AECN) has accused a former member of the House of Representatives, Dino Melaiye, of demonstrating an insufficient understanding of the new electricity tariff which will come into effect on June 1.
By comparing the new tariff to the removal of the subsidy on petroleum products last January which led to a hike in pump prices of petrol and kerosene, said the association, the former legislator “is clearly out of touch with reality”.
In a statement in Lagos, the AECN National Co-ordinator, Chief Ganiyu Makanjuola, said that “Honourable Melaiye is in error by assuming that the review will automatically translate to an
astronomical increase in the amount the Nigerian people, especially the masses, pay for
electricity.”
The Nigeria Deposit Insurance Corporation (NDIC) in collaboration with the Office of Technical Assistance (OTA) of the United States Treasury recently conducted a six-week training programme on risk-based supervision as part of the Corporation’s capacity building initiative.
Alhaji Umaru Ibrahim, Managing Director/Chief Executive of NDIC, said the need for the adoption of RBS framework in the supervision of banks in the country was based on the fact that both the system and the institutions were getting more complex in terms of size, nature of products and volume of transactions. He added that if these complexities were not properly identified, measured, monitored and controlled, they could inflict damages on the institutions and the system at large.
CWG Rated Among Top 50 Technology Business Companies in West Africa
The Computer Warehouse Group (CWG) has once again achieved another feat from among ICT Companies ranked in West Africa as it was recognized as one of the ‘Top 50 Technology Business Companies in West Africa’ at the 5th IT Edge West Africa Convergence Forum 2012 in Lagos.
The ranking was an annual computation of the IT Edge Intelligence Unit (IT-IU) for Top 50 Companies which is accompanied with critical research findings forming part of the survey content.
IT experts recently gathered in Lagos for a one day Business Technology Summit tagged “Data Security and Optimization put in place by Computer Warehouse Group (CWG), in partnership with Oracle.
The experts saw the need for Nigerian companies, especially those in the manufacturing and service sector to leverage on latest technology to protect their databases from increased data threats in view of the expected boost on the electronic means of transaction in the country.
One of the measures to be taken by the organizations was to strengthen the protection of their databases through deployment of the newest security solutions in order to protect their corporate information and clients.
Peter Boglo, Presales Consultant, Oracle pointed out that despite the current development of Nigeria into an electronic-based economy where there would be explosion of data running on electronic platforms, Nigerian banks and other organizations had not taken advantage of latest database security solutions from Oracle to protect their networks.
NCC Slams N1.17bn Penalty on ETISALAT, Globacom over Poor Quality of Service
Four Nigerian mobile service providers, MTN Nigeria, Etisalat, Airtel and Globacom are to pay a cumulative sum of N1.17 billion penalty for the poor quality of services rendered to their different subscribers in the months of March and April 2012.
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