The Aliko Dangote Foundation’s Board of Trustees has agreed to actively participate in the evacuation and resettling of thousands of Nigerians stuck in Sudan.
Zouera Youssoufou, Managing Director and Chief Executive Officer of the Aliko Dangote Foundation (ADF), has spoken with the management of Air Peace and the Federal Government to express the Foundation’s willingness to assist the stranded Nigerians.
She said: “The Foundation will collaborate with the Federal Government and Air Peace in ensuring seamless transportation of the stranded Nigerians and more importantly provide logistics and succour to the evacuees, to make them settle more comfortably when they return to Nigeria.”
The Foundation MD went on to say that ADF understands the challenges that the Federal Government and Air Peace face in this mission, and that they have contacted relevant Federal Government agencies involved in humanitarian disaster relief intervention, “…indicating our interest in collaborating with them to ensure that all Nigerians stranded in Sudan are safely returned home.”
It should be noted that the Aliko Dangote Foundation provided logistical support to the Nigerian government for Nigerian volunteer health workers who assisted in Ebola containment efforts in Liberia and Sierra Leone upon their return to the nation in 2015.
Also, during the recent Covid pandemic, ADF supported the return of Nigerians from India and Dubai with specially chartered flights as well as Covid testing and quarantining when they arrived back in Nigeria.
Since 2011, ADF has supported several thousand IDPs in Yobe, Borno, Adamawa, and Abuja with a total spending of over 25 billion naira in the provision of food, shelter, and health services.
Meanwhile, according to a joint press release from the Ministry of Foreign Affairs and the Federal Ministry of Humanitarian Affairs, Disaster Management, and Social Development, the first batch of 13 buses carrying 637 evacuees has arrived at the identified safe borders in Aswan, Egypt, and is undergoing necessary documentation and clearance before admission into Egyptian territory for their eventual evacuation to Nigeria.
Sudan has seen violent conflicts between the country’s military and the country’s largest paramilitary group.
Hundreds of people have been slain, and thousands of individuals escaping the horrific civil conflict have been reported to be trapped on the Sudan-Egypt border due to Egypt’s visa restrictions.
The Federal Government is apparently planning to levy a 5% excise duty tax on mobile telephone services, landline telephone services, and Internet services. Despite a recent announcement by the Minister of Communications and Digital Economy, Isa Pantami, that the government has exempted the telecoms sector from excise duty tax, this remains the case.
For the first time, the Federal Government halted the planned excise levy on telecommunications services in September of last year. Pantami announced the suspension during the inaugural meeting of the Presidential Committee on Excise Tax for the Digital Economy Sector. According to the minister, the information, technology, and communication sector, particularly the telecom business, is already overloaded by excessive and complex taxation, which would certainly have a negative impact on the sector if the government does not take safeguards.
Pantami stated that the IT industry has been the backbone of the Nigerian economy, both in terms of GDP contribution and taxes collected by the Federal Internal Revenue Service. The minister said, “However, in spite of the contributions and achievements of the sector, we have been recording some challenges coming up from time to time that if care is not taken these challenges could be a barrier to the development of this sector in the next few years to come. One of them is the issue of excessive taxation and sometimes, multiple taxations in the sector.”
He further disclosed that the number of taxes from both federal and state levels paid by firms in the ICT sector rose from 39 in August to 41 in September 2022, within a period of about a month.
“The ICT sector is being overburdened with so many categories of tax,” Pantami stressed, adding, “If care is not taken, this is going to jeopardize the achievements and gains we have recorded so far in the sector.”
The Federal Government, through the Budget Office of the Federation, had earlier revealed that it would begin the implementation of its proposed excise duties on telecommunication services and beverages in 2023. However, Pantami has maintained that he is against implementing this tax, which would increase the cost of telecommunication services for Nigerians.
The minister noted that with the increase in operating costs due to inflation and rising diesel prices, among others, there were more than 15 attempts to increase the price of telecommunication services within three years, which he kicked against. The minister also said that he rejected the excise duty on telecoms because such a tax is usually introduced on luxury products or services.
He added that in most countries, it is usually introduced to reduce the consumption of certain things in the country, such as cigarettes Pantami noted that by implication, it means the government is discouraging Nigerians from using telecommunication services, which have become a necessity for many Nigerians.
He said that introducing the tax would likely destroy the sector and further contribute to more hardship for Nigerians.
The Federal Government, however, inaugurated a committee to review the possibility of introducing the excise duty in the digital economy sector and advise the presidency on the necessary steps to take.
After months of uncertainty concerning the implementation of a new tax on calls, data, and other telecom services, Pantami, in March 2023, announced that the government was concerned about the sufferings of Nigerians and has exempted telecoms from excise duty.
He said, “I am happy to report to you that President Muhammadu Buhari, GCFR, has approved the exemption of the digital economy sector from the five per cent excise duty to be paid and this is because of the strength of the argument presented to him by the Committee that additional burden on telecom sector will increase the sufferings of Nigerians and that other sectors that are not making as much contribution to the economy should be challenged to do more and pay the five per cent excise duty.”
However, the new Fiscal Policy Measures for 2023 via a Circular dated 20 April 2023, and signed by the Minister of Finance, Budget and National Planning, Zainab Ahmed revealed that the government was set to proceed with the implementation of the five per cent excise duty on telecom services.
The circular was shared on Linkedin by the Fiscal Policy Partner and Africa Tax Leader, PwC, Taiwo Oyedele. The circular was coded HMFBNP/MDAs/CIRCULAR/2023 FP/04 and titled ‘Approval for the Implementation of the 2023 Fiscal Policy Measures and Tariff Amendments.’ It stated that the president, Major General Muhammadu Buhari (retd), has approved the implementation of the 2023 Fiscal Policy Measures.
It read in part, “The revised excise duty rate on alcoholic beverages and tobacco products in line with existing excise regime implementation period shall take effect from 1st June 2023 and reviewed upwards in line with the new regime by 1st June 2024.
“The excise duty on Single Use Plastics shall also take effect from 1st June 2023. While on the other hand, the excise duty rate on Telecommunication Services remains as approved by Mr President and published in the Official Gazette No. 88, Vol. 109 of 11th May 2022.”
Oyedele said, “The 2023 FPM confirms the excise duty on telecommunication services earlier introduced via the Finance Act 2020 and prescribed in the Official Gazette No. 88, Vol. 109 of 11 May 2022 approved by the President.
“The tax is applicable on mobile telephone services, fixed telephone, and internet services, both postpaid and prepaid at the rate of five per cent.”
Excise duty on telecom services has generated a lot of controversies since the minister of finance first announced its implementation in 2022 with telecom operators and consumers kicking against the tax. At the time, operators stated that the tax would be transferred to consumers (increasing consumption tax on telecom services to 12.5%) because of the multiple taxations that the sector was already besieged with.
To counter the implementation of excise duty on telecom services, telecommunication consumers under the aegis of the National Association of Telecoms Subscribers are presently in court to fight the legality of the government’s move. Even after the Minister of Communications, Pantami, announced the cancellation of excise duty in March, the National President, NATCOMS, Adeolu Ogunbanjo, said , “We cannot withdraw our case until the law is repealed or it has the backing of the law.
“They need to give it the backing of the law because even though he has said this, the new administration can introduce it again. The next administration will be looking to increase revenue. So, until it is amended or repealed, we will still be in court. The next president can always introduce it again. We are in court already and are pursuing it.”
Firms operating in the Information and Communication space paid N1.41tn as company income tax between 2016 and 2022, data from the National Bureau of Statistics revealed.
According to the Federal Inland Revenue Service, CIT is governed by Companies Income Tax Act (CITA), Cap C21, LFN 2004 (as amended). It is a tax imposed on profit of a company from all sources. The rate of tax is 30 per cent of total profit of a company. It differs from Value Added Tax, which is a consumption tax paid on goods and services supplied in Nigeria.
The CIT paid by ICT firms rose by 144.89 per cent from N147.93bn in 2016 to 362.26bn in 2022. The data revealed that the CIT for the sector was N147.93bn in 2016, N153.75bn in 2017, N133.62bn in 2018, N177.74bn in 2019 and N180.26bn in 2022. It also revealed that it was N252.67bn in 2021 and N362.26bn in 2022.
Before the third quarter of 2021, the taxes paid by the telecommunications sector was categorized under professional services. A different sector for ICT was introduced in the third quarter of 2021, and it includes the activities of telecommunications and information services; publishing; motion picture, sound recording and music production and broadcasting.
Commenting on the proposed reimplementation of excise duty tax on telecom services, the President, Association of Telecommunications Companies of Nigeria, Mr Tony Emoekpere, told The PUNCH that this move will set the industry back to its many challenges.
He said, “If it is reintroduced, the advantages of its removal will be eroded. This sets us back, we have always been complaining about multiple taxations and the removal of excise duty was a relief from the Federal Government on the challenges we were facing.
“Do not forget that some of these multiple taxations we are facing are in areas where the Federal government does not have a direct impact like in the states, the FG didn’t have control over that. The removal helped the industry, but putting it back just sets us back to the challenges we have been facing all this while.”
According to the President, National Association of Telecoms Subscribers, Adeolu Ogunbanjo, the latest attempt by the government to add excise duty on telecom services will not only increase the cost of telecom services but affect businesses.
“If this new attempt succeeds, it will complicate many things. Alcohol is a luxury, but mobile phones are now companions. They help businesses and network operators are doing a lot to make access cheaper for many businesses. This new move will frustrate consumers. It will cause a lot of confusion, complicate matters, and cause the price of telecom services to go up,” he said.
The Securities and Exchange Commission (SEC) of Nigeria has banned six online trading platforms as part of its ongoing assault on illicit and unregistered enterprises. The Commission stated in a circular issued on Monday in Abuja that the platforms purported to offer investment and financial services and products.
According to the circular, the platforms were not registered with the SEC, and the financial services they provided were also not authorized.
The Commission included Prime Invest and “Primeinv.co,” FXBoxed, New Finance LLC and New Fx Limited, Axi24, Evolve Consulting LCC, and Trust Fund- Mining Global Pty Ltd in the circular.
“’ The Commission’s attention has been drawn to the under-listed e-commerce companies and their websites offering online trading platforms to the investing public.
“Members of the public are advised to adopt the greatest diligence in making investment choices.
”In view of the above, the general public is hereby warned that any person dealing with the above mentioned e-commerce websites is doing so at his or her own risk,” the SEC said.
The SEC had earlier warned against patronising a set of firms blacklisted by Italy’s securities regulator, Commissione Nazionale per le Soecieta’ e la Borsa (CONSOB).
Nigeria’s President-elect Bola Tinubu stated that the fight of the workers will be his fight; he then promised to pay Nigerian employees more than the minimum wage, offering them a “living wage.”
Tinubu made the remarks in a statement posted on Monday to mark Workers Day.
I join the rest of the world and all compatriots to celebrate Nigerian workers on this year's International Workers’ Day. pic.twitter.com/szDpA5mn5Y
He also stated that he will constantly fight for workers and that they will be paid “more than minimum wage.”
He did, however, urge for “better understanding and cooperation,” emphasizing that “tough decisions” will have to be made in the coming days.
“On this special day, as your President-elect, I extend my hand of friendship to the Nigerian workers through the two central Labour unions – Nigeria Labour Congress and Trade Union Congress,” he said.
“In me, you will find a dependable ally and co-labourer in the fight for social and economic justice for all Nigerians, including all the working people.
“Your fight will be my fight because I will always fight for you. My plans for better welfare and working conditions are clearly spelt out in my Renewed Hope Agenda for A Better Nigeria. It is a covenant born of conviction and one I am prepared to keep.
“At this point, I must remind Nigerian workers that we all have a common battle to wage, one which we must win together. And it is the fight against poverty, ignorance, disease, disunity, ethnic and religious hate and all negative forces that contend against the stability and prosperity of our country.
“In Nigeria I shall have the honour and privilege to lead from May 29, workers will have more than a minimum wage. You will have a living wage to have a decent life and provide for your families.
“The days ahead will, however, demand better understanding and cooperation from all sides, because leadership will require that we take tough and hard decisions so that our people and all Nigerian workers can live more abundantly.”
The governor of Edo state, Godwin Obaseki stated that the Federal Government (FG) may be unable to pay workers’ salaries beyond June unless large amounts of money are printed or the petrol subsidy is removed.
Obaseki stated on Monday at the Workers’ Day celebration in Benin, the capital of Edo, that if the government chooses any of the choices, Nigerians, particularly workers, will experience hardship.
“It would be a miracle for the federal government and state governments to pay salaries beyond June this year without resorting to massively printing money or removing fuel subsidy. Either of these decisions will bring more hardship and pain to Nigerians, particularly workers,” he said.
“We must all make sure that the burden and pain of these measures, which must be taken, are not carried by workers alone.
“Workers must now rise and ensure that they champion any discussion on subsidy removal. You must shift from the tradition of reacting when these policies have been made but insist that you take charge and ensure full transparency and disclosure. If we are all undertaking a reform, then the benefits and pains that will come out of the reforms must be mutually shared by all Nigerians, not just the downtrodden.”
When the Edo state government proposed an increase in the minimum wage to N40,000 in 2022, Obaseki hopes that the federal government and other state governments would instantly follow suit.
“My promise to Edo workers here today is that the day the federal government is able to pay its new minimum wage and hand over a cheque to any federal worker, that day, we will match the federal government and do the same for state workers,” he said.
“As your governor, I will ensure that workers are fairly treated so that your take-home pay can really take you home. Our government has kept faith with prompt and regular payment of staff salaries and retirees’ benefits in the State in the last six years.
“As a tradition, salaries are paid latest on the 26th day of every month and for any holiday celebrations, our workers are paid before the celebration so that they have money to celebrate.”
Tropical General Investments (TGI) Group, a global conglomerate and leading contributor to the Nigerian economy, has been ranked among the 25 Best Workplaces where people can grow their careers in the 2023 LinkedIn Top Companies list.
The LinkedIn Top Companies list ranks the top 25 companies investing in their employees and helping them build careers that will set them up for long-term success.
TGI Group has an impressive track record in fast-moving consumer goods, agriculture, and energy and was recognized for performing excellently on the eight assessment pillars used for the second annual ranking.
These pillars include the ability to advance, skills growth, company stability, external opportunity, company affinity, gender diversity, educational background, and employee presence in the country. The insights for the ranking were sourced from LinkedIn Talent Insights, including the parent company and majority-owned subsidiaries.
Among TGI’s most prominent skills, LinkedIn listed Payroll Services, Enterprise Software, and Product Testing. Its most common job titles were Sales Manager and Sales Executive. The most common job titles were Sales Manager and Sales Executive, and the most prominent job functions were Sales, Operations, and Quality Assurance.
Rafiat Gawat, Group Head of Corporate Communication, expressed her enthusiasm for the recent achievement of Tropical General Investments (TGI) Group, stating that the recognition by LinkedIn marks a significant milestone in the organization’s growth trajectory.
“We are very excited about this. It’s a huge achievement for Tropical General Investments (TGI) Group. Those who have been with the Group long enough can attest to how much we have grown as an organization.
“We have come such a long way especially in recent years, and the future is bright. And it is indeed satisfying that our efforts are being recognized and validated by organizations such as LinkedIn. As they say, the reward for hard work is more work, so this is another reason for us to do even more to improve employee experience for TGI Associates”, she concluded.
In explaining the assessment pillars, LinkedIn stated that the ability to advance tracks employee promotions within a company and when they move to a new company based on standardized job titles. Skills growth looks at how employees across the company gain skills while employed at the company, using standardized LinkedIn skills.
“Company stability tracks attrition over the past year and the percentage of employees that stay at the company for at least three years. External opportunity looks at recruiter outreach across employees at the company, signalling demand for workers from these companies. Company affinity measures how supportive a company’s culture is and looks at connection volume on LinkedIn among employees, controlled for company size.
Tropical General Investments (TGI) Group is a global conglomerate with majority of its investments in emerging markets. TGI’s investments focus on driving inclusivity and value addition using locally sourced raw materials, state-of-the-art manufacturing facilities and a highly skilled workforce to produce world-class products consumed locally and exported to global markets. TGI Group is the parent company of WACOT Rice, CORMART, CHI Farms among others.
Admirals, a global fintech leader with 22 years of experience and expertise, is pleased to announce the establishment of its physical presence in Nigeria, aiming to further position itself as a major financial services provider in the African continent.
With this launch Admirals offers a wide range of financial products and services to the Nigerian traders, such as trading with Stocks, Forex and CFDs on indices, metals, energies, stocks, bonds and digital currencies, as well as boosting financial literacy in the region with the help of its educational materials such as courses, webinars, seminars, e-books to name a few.
The inaugural event was held at Ibis Hotel 23, Toyin Street Ikeja Lagos, and featured sought-after experts in the financial services industry including Boriss Gubaidulin, Admirals Africa Director, Davies Babalola, Admirals Global Sales Team Lead and Nelson Daramola, stock broker and authorised dealer of NSE, who are committed to educating and empowering traders with the knowledge and tools needed to succeed in the financial markets.
Expressing his excitement at the launch event Boriss Gubaidulin, Admirals’ Africa Director and a veteran in the financial industry said “We are extremely thrilled to have opened another hub in the African continent. Our end goal remains the same, and that is, enhancing financial accessibility and literacy for traders in the local region by providing them with strong financial services and support. Being a well-regulated and renowned fintech company, we plan to expand our conventional trading by granting access to international financial markets and educational resources in Nigeria.Admirals is looking forward to helping the growth of our traders, investors, partners and anyone who is interested in expanding their financial knowledge.”
Admirals’ Nigeria Manager and Sales Team Lead, Davies Babalola, commented on the new launch by admitting, “We have received significanttraction from traders in Nigeria, prompting us to establish a local presence to better support community of local traders in Nigeria. With this launch we are reiterating our goal to allow traders to safely engage in online forex trading in developing countries and diversify their investment portfolio with our tailor-made solutions.”
The Admirals launch event was a great opportunity for attendees to learn about the Admirals brand and the world of trading and investing. Attendees were also informed about the Admirals special trading features such as the Welcome bonus and the No Deposit Bonus, for new and advanced traders to sign up and start trading.
With a variety of branded giveaways and raffle prizes, the Admirals launch event was designed to be a fun and engaging experience for the participants.
Huawei Technologies Company Limited has been sent a three-day warning strike notice by the Private Telecommunications and Communications Senior Staff Association of Nigeria (PTECSSAN) due to suspected anti-labor activities.
Huawei is a major supplier of smart products and ICT (information and communications technology) infrastructure worldwide.
In a letter to the business, the general secretary of PTECSSAN, Mr. Okonu Abdullahi, stated that the union had instructed its members to stop working on firm projects between midnight on May 2 and midnight on May 4, 2023.
According to Okonu, an indefinite strike would be called if the corporation didn’t agree to the union’s demands after the warning strike.
He claimed that since no workers would be present to handle them, the strike might result in interruptions to the telecommunications network.
“It became clear to us that your company is not labor-friendly and is not interested in peaceful and amicable resolutions of the concerns of our members. As a result, we were forced to begin this industrial action,” He said.
He further said, “For the avoidance of misunderstanding, until the following are agreed upon with the union, we will not be backing down from the warning strike”.
The following such as: “Immediate recognition of the employees’ fundamental right to unionize freely, as well as immediate recognition of the union as the representative bargaining unit for workers’ rights.”
“Immediate payment of membership dues into the union’s account as previously specified; among other things, immediate payment of some union members’ March salaries.”
He continued saying ”Please be assured of our union’s dedication to guarantee improved working conditions for her members, We look forward to your company granting our demands”.
He further listed Other demands which include the union’s participation in the process as well as the immediate regularization of the employment of union members on the Huawei projects. The Pension Act’s immediate implementation of appropriate pension deduction and remittance requirements.
The National Health Insurance Scheme, which provides coverage for employees, their spouses, and four of their dependents, needs to be approved right away.
As required by Section 9(3) of the Pension Reform Act of 2004, union members must be immediately enrolled in group life insurance.
The letter stated, in part, that negotiations for the Collective Bargaining Agreement (Conditions of Service) should start right away for the benefit of union members.
According to the data at the FMDQ Security Exchange where forex is traded officially, the dollar to naira exchange rate stood at (undisclosed).
This would mean that the Nigerian currency either gained or lose in value against the United States dollar, as the foreign exchange (forex) trading closed at N460.37 per $1 on Thursday, April 27.
How much is the dollarto naira at the black market today?
Going by sources at the Bureau De Change (BDC) in Lagos, the dollar to naira last traded between ₦730 and ₦732 with an average of ₦731.00 in the black market in the state.
It is, however, pertinent to note that the Central Bank of Nigeria (CBN) does not recognise the parallel market (black market), as it has directed individuals who want to engage in forex to approach their respective banks.
Dangote Industries Limited (DIL) has been given the national scale long-term and short-term Issuer ratings of AA+ (NG) and A1+ (NG), respectively by GCR ratings.
According to the rating note that was published, the group’s gross debt position is anticipated to be N3.9 trillion, which is high given that there are plans to issue more debt in 2023.
The national scale long-term Issue rating of AA+ (NG) given to Dangote Industries Funding Plc’s N10.5 billion Series 1 Tranche A, N177.1 billion Tranche B Bond, and N112.4 billion Series 2 Senior Unsecured Bond was also confirmed by GCR in a rating note.
According to GCR’s comment posted on its website, the outlook for the ratings is seen as stable. The rating statement stated that Dangote Industries Limited’s affirmation reflects both its systemic significance as the largest Nigerian conglomerate with a reasonably diversified business portfolio and its position as the refinery project under construction.
The high debt level, recent cash flow compression, and substantial foreign debt exposure are offset by the strengths, according to the ratings. The group’s businesses in cement, sugar, and fertilizer are industry leaders.
The cement sub-group, which has activities in 10 countries but is still heavily focused on the Nigerian market, contributes to approximately 70% of the group’s earnings.
DIL stated “Once the refinery starts operating, we anticipate that the group’s earnings and business fundamentals will be more heavily skewed toward oil refining.”
It continued saying, “Although there have been delays in starting the refining process, the management plans to start the plant in phases beginning in June 2023, with a minimum production capacity of 400,000 bpd (about 60% of the total installed capacity), with the first phase giving priority to the production of diesel.”
“The second phase, which would contain a wider variety of refined petroleum products, is slated to begin in the fourth quarter of 2023,” it added.
According to GCR’s comment, the ongoing strength of the sales and earnings margins is the basis for the positive earnings evaluation.
In the third quarter of 2022, the company’s revenue increased by an annualized 24.9% to N1.7 trillion. According to GCR, higher trading volumes in the sugar and fertilizer subsidiaries, as well as price rises across a variety of product lines, caused the outcome to exceed its forecasted growth of 14%.
We predict that the strong top line growth in 9M would continue throughout the entire 2022. However, we have taken a cautious approach to revenue growth for 2023, assuming additional delays in the start of refining activity.
Therefore, “we project a volumes-led revenue growth of 20% for the existing businesses in 2023 and 80% for the additional revenue from the refinery in 2024, assuming about 40% uptime and 50% capacity utilization.”
Although it slightly decreased during the time frame, the EBITDA margin remained high and was higher than the 35% average over the previous five years.
“We anticipate the margin trend to be maintained in 2023, but given the refinery’s earnings margin, it may decline to around 30% in 2024.” According to the rating note, the biggest rating limitation is still the group leverage and capital structure because of the high debt level and currency risk.
According to the company, due to the N112 billion Series 2 bond issued in December 2022, Dangote Industries Limited’s gross debt, which includes shareholder loans, climbed to N3.5 trillion as of September 2022 and is expected to reach N3.7 trillion for the entire year 2022.
Despite this, the rating note stated that net debt to EBITDA decreased from a high of 4.9x in 2020 to 3.2x as of September 2022, supported by reported strong earnings.
Although the group plans to raise additional debt, GCR stated that although gross debt could increase to N3.9 trillion in 2023, the rating agency anticipates net debt to EBITDA to decrease to around 2.6x in 2023 and below 2x in 2024. It supported the estimate by relying on the anticipated high earnings.
We also take note of the shareholder loan, which amounts to N916 billion (26% of the aggregate debt), and whose installments are being postponed until the refinery can support itself financially.
According to the rating note, net debt to EBITDA, exclusive of shareholder loans, would register at roughly 2x in the first nine months of 2022 and 1.5x in 2023.
The group operating cash flow has been restricted to 25% since 2020, which has been attributed to working capital constraints brought on by a few one-time non-operating items.
While the pressures may subside in 2023, DIL continue to estimate a cautious operational cash flow to debt ratio of 19%. We view the strong exposure to foreign exchange on its debt adversely, but we anticipate that this will change in 2024 once the refinery is fully operational and the loans have been significantly repaid.
With sources versus uses coverage predicted at 1.9x for the 12-month period ending December 31, 2023, and 1.3x for the 24-month period ending December 20, 2024, according to GCR, DIL’s liquidity is deemed sufficient.
This is partly supported by the enormous cash position of N802 billion as of September 2022 and the anticipated strong net operating cash flow of N780 billion in 2023, which should be more than enough to cover the scheduled necessary repayment of external debt, capital expenditures, and dividend payments.
Due to the repayment flexibility, GCR has excluded the shareholder loans payable. Due to the refinery project’s economic importance to Nigeria, GCR has given DIL positive consideration for peer comparison.
Given the systemic significance of the underlying project, the federal government continues to provide support, including a 20% investment in the refinery and priority access to foreign money.
Series 1 and Series 2 Senior Unsecured Bonds issued by Dangote Industries Funding Plc, the special purpose company that sponsors DIL, have raised a total of N300 billion. #GCR Affirms Dangote Ratings, Cites Robust Earnings.
Series 1 and Series 2 Senior Unsecured Bonds of its sponsored special purpose vehicle, Dangote Industries Funding Plc, have generated a total of N300 billion for DIL.
Lafarge Cement Announces Defers Filing of Audited Reported
To thrill and reward its cherished clients around the nation, Lafarge Africa Plc has launched a new consumer promotion.
The ‘Buy and Win’ promotion will take place from April 10 to May 31, 2023, and prizes will include generator sets, microwave ovens, water dispensers, television sets, smartphones, blenders, industrial fans, DSTV/GOTV decoders, sacks of rice, recharge cards, and much more.
Customers who purchase any bag of Lafarge Cement are expected to look inside the bag for a scratch-off card, scratch it, and win quick rewards in order to take part in the promotion.
Gbenga Onimowo, Commercial Director, Lafarge Africa Plc, explained the reasoning behind the new promotion saying “the objective is to please and reward the company’s valued customers who purchase its high-quality products for their loyalty and patronage over the years and to validate its commitment to helping them “build progress together.”
“The promotion is yet another way to thank our customers nationwide for their support and dedication while enticing more individuals to sample our diverse goods. Lafarge Africa is convinced that consumers will continue to see our products as the greatest option for creating their ideal structures, which will entice them to become dependable clients”, Gbenga continued.
Gbenga expressed hope at the level of consumer interest the promotion has attracted across the nation, stating that with the promotion, the business is prepared to strengthen its relationship with customers by incentivizing them to take part and stand a chance to win big.
He concluded by saying “Lafarge Africa will continue engaging its clients with more seasonal marketing initiatives to deepen their connection and show gratitude for their steadfast business”.
Dangote Sugar Refinery Plc (DSR) would distribute N18.22 billion in dividends to shareholders for the fiscal year that concluded on December 31, 2022, notwithstanding the challenging economic climate that year.
Next season, the business plans to produce more than 170,000 tonnes of sugar. The dividend payment per share owned by shareholders would be N1.50 kobo.
Aliko Dangote, the business’s chairman, commented on the results by saying, “The shareholders are quite delighted with the way we have been managing their company and also in re-investing the profit into the Backward Integration Programme (BIP) for the sugar industry. We are going to do our part to make sure that Nigeria quickly achieves sugar self-sufficiency. Even though we are not the only players, we will undoubtedly contribute. We should be able to produce more than 170,000 tonnes, which would be the greatest amount ever produced locally in Nigerian history.”
The company reported a profit before tax (PBT) of N82 billion and a turnover of N403 billion, a 46% increase over the N276 billion achieved during the same time the previous year.
Dangote attributed the company’s success to the management team’s pragmatism in focusing on ongoing cost and process optimization, increased operational efficiencies, and customer service delivery.
With the assistance of all stakeholders and strict commitment to the principles of the Federal Government’s Sugar Master Plan, Dangote promised that the management will continue to carry out strategic initiatives to maintain performance.
Dangote stated that part of Dangote Sugar’s success was made possible by the management’s continued implementation of the Dangote Sugar Development Master Plan, which included the rehabilitation and upgrade of the Dangote Sugar Refinery’s Numan operations, facilities, and land development, as well as the development of the Nasarawa Sugar Company Limited, the greenfield sugar project, and Tunga in Nasarawa State.
Dangote further stated that “the Sugar Master Plan’s first phase of execution concluded during the year under review and that the Federal Government has approved the second phase, which will take place over the following ten years.”
In addition, he said, “This extension came as a result of the National Sugar Development Council and other government parastatals reviewing the first phase of the program, taking into account the difficulties and numerous unanticipated circumstances that plagued the first phase of the program.”
The Aliko Dangote Foundation (ADF) Board of Trustees has decided to actively participate in the evacuation and resettlement of the thousands of Nigerians who are trapped in Sudan.
The management of Air Peace and the Federal Government have been contacted by Zouera Youssoufou, the managing director and chief executive officer of the Aliko Dangote Foundation (ADF), to let them know the foundation is prepared to assist the stranded Nigerians.
“The Foundation will work with the Federal Government and Air Peace to ensure seamless transportation of the stranded Nigerians,” she added. “More importantly, however, we will provide logistics and assistance to the evacuees to make their transition back to Nigeria more comfortable.”
The Foundation MD continued, “…indicating our interest in collaborating with them to ensure that all Nigerians stranded in Sudan are brought back home safely.” ADF understands the difficulties facing the Federal Government and Air Peace involved in this mission and has contacted relevant Federal Government agencies, involved in humanitarian disaster relief intervention.
On their return to Nigeria in 2015, the Nigerian government received logistical support from the Aliko Dangote Foundation for the Nigerian volunteer health workers who had helped the Ebola containment operations in Liberia and Sierra Leone.
ADF also assisted Nigerians returning from India and Dubai during the recent Covid pandemic by providing specially chartered flights, Covid testing, and quarantining after they returned to Nigeria. ADF has aided thousands of IDPs in Yobe, Borno, Adamawa, and Abuja since 2011 by spending more than 25 billion naira on food, shelter, and medical care.
The first batch of 13 buses carrying 637 (637) evacuees had arrived at the designated safe borders at Aswan, Egypt, and were undergoing the necessary paperwork and clearance before admission into the Egyptian territory for their eventual evacuation to Nigeria, according to a joint press release from the federal ministries of humanitarian affairs, disaster management, and social development.
There have been frequent battles in Sudan between the military and the main paramilitary group. Numerous fatalities have been reported, and thousands of refugees from the brutal civil war are reportedly stuck at the Sudan-Egypt border due to Egypt’s visa requirements.
The Transmission Company of Nigeria (TCN) said it would reconnect three Distribution Companies (Discos) that were previously disconnected from the National Grid due to non-compliance with market rules on May 1, 2023.
TCN Market Operator, Dr. E. A Eje, announced in a statement that the suspended and disconnected Discos will be reconnected to the National Grid at the request of Minister of Power, Abubakar Aliyu.
“All Market defaulters should comply with the provisions of the Market Rules with respect to payment of their outstanding invoices, posting of adequate Bank Guarantees (BG), and forwarding of their active Power Purchase Agreements (PPA) as the case may be, to the Market Operator/TCN,” the statement partly read.
“It should be noted that other defaulters who are yet to be Suspended/ Disconnected should cure their defaults within this sixty (60) days. At the expiration of this grace period, the Market Operator will resume sanctions in line with the Market Rules.
“The MO/TCN is hereby urging the erring Discos to seize this opportunity to fix their defaults as we applaud the intervention of the Honorable Minister of Power.”
The Federal Government (FG) has cited severe rain and traffic for the delay in finishing the Lagos-Ibadan Expressway rehabilitation by the end of April.
Ademola Kuti, Director, Federal High Ways, South-West at the Ministry of Works and Housing, revealed this on a Sunday program.
After failing to reach the road project’s December 2022 schedule, the Minister of Works and Housing, Babatunde Fashola, established a revised completion date of April 30, 2023.
Kuti stated that the April deadline was missed due to rain and traffic.
“The earlier completion date of 30th of April which is today (Sunday), we were unable to meet that target because of some factors, majorly the heavy rain which we experienced since March and April and of course the unexpected heavy traffic,” he said.
He did, however, tell motorists on the route that FG is determined to complete the project but that he cannot provide a specific completion date because he cannot foresee the weather.
“So, as we move into the next month (May), we expect that the rain will still be heavy and it will be a bit difficult but what we want to assure motorists is that we are determined is determined to complete this project, we are fully on ground.
“As a matter of fact, we opened access in the OPIC axis, that is from the Kara Bridge to the Long Bridge and what is left is just about a kilometre as you enter Lagos and then maybe another two kilometres as you are leaving Lagos and we are fully determined with enough men on ground to achieve this,” Kuti stated.
The Lagos State Government obtained electric buses for public transportation.
In a statement issued on Sunday, Governor Babajide Sanwo-Olu stated the buses were purchased in collaboration with Oando PLC, and that Lagosians may expect a cleaner public transit system.
I am excited to announce the first set of electric buses in the Lagos Mass Transit Master Plan as part of our increased effort to modernise every sector of Lagos. Thanks to our partnership with @Oando_PLC, Lagosians can expect a cleaner and greener public transportation system.… pic.twitter.com/4swo4R2fBS
Sanwo-Olu via the statement said,” I am excited to announce the first set of electric buses in the Lagos Mass Transit Master Plan as part of our increased effort to modernise every sector of Lagos. Thanks to our partnership with Oando PLC, Lagosians can expect a cleaner and greener public transportation system.
“With the ability to travel 280km at full charge, taking into account our unique travel times in Lagos, our electric buses are a game-changer. With an average daily usage of 200km by existing BRTs, there is no need to fear that the buses can stop while in transit.
“Our new electric buses will not only reduce carbon emissions but will also increase efficiency. This means that Lagosians can say goodbye to high fuel costs and hello to cost-efficient transportation.
“We shall be running a pilot scheme over the next few months to gather sufficient data required to analyse the operational efficiencies relative to the current BRT buses to further improve our public transport service.
“This collaboration is a testament to our commitment to creating a sustainable future for Lagos.
We understand the need for charging stations to power our electric buses, which is why we are partnering with Oando Clean Energy Limited to strategically place Universal Chargers at public places like malls and gas stations. We also plan to establish an Assembly Plant for Electric Buses in the near future.
“This is just the beginning of our efforts to transform Lagos into an even smarter city as we continue to increase our fleet of electric vehicles, further modernizing the Lagos transportation system.
“Join us in embracing the future of mobility in Lagos.,” Sanwo-Olu said.
The Central Bank of Nigeria (CBN) has denied allegations that it is considering withdrawing from circulation the new ₦200, ₦500, and ₦1,000 notes.
The apex bank’s Acting Director of Corporate Communications, Isa AbduMumimas, rejected the allegations as “unfounded speculation” in a statement issued on Sunday, saying that there is no plan to phase out the three freshly redesigned bank notes.
CBN via the statement said, “The attention of the Central Bank of Nigeria (CBN) has been drawn to a fake news item circulating in the media, particularly in the social media space, suggesting that the Bank is contemplating the withdrawal of the recently redesigned ₦1000, ₦500 and ₦200 currency banknotes from circulation,” the statement partly read.
“We wish to state emphatically that such speculation is unfounded and a ploy by some interests to cause panic among members of the public.
“We wish to reiterate that the new and old currency notes have been circulating side by side just as the Bank has been taking delivery of a good quantity of the redesigned bank notes from the Nigerian Security Printing and Minting Company (NSPMC) Limited.”
“For the avoidance of doubt, the redesigned and old notes will continue to be accepted as legal tender. They will circulate side-by-side for transactions ahead of the December 31, 2023 deadline, when the old ₦1000, ₦500 and ₦200 banknotes will eventually be phased out,” the statement concluded.
inDrive, the global mobility and urban services platform, has announced the launch of inCode 2023, the company’s first annual global hackathon. This hackathon seeks to award €16,000 for the top ideas to make ride-hailing safer and more inclusive.
inDrive is inviting the world’s leading tech talent to register teams of 1 to 6 people, with entries judged by inDrive experts based on the idea, impact, code quality, UX/UI quality, and feasibility.
inCode 2023 challenges innovators to discover ways to make ride-hailing safer and more secure for all, propose methods to make ride-hailing more inclusive for people with disabilities, and determine what factors or features are currently missing from inner and inter-city trips and the delivery of goods, and discover ways to use technology to improve these services and solutions.
The hackathon will be held in two phases, starting with Phase 1 from April 20 to June 4, 2023, during which participants will submit their ideas and general concepts in the format of PowerPoint/ Keynote presentations.
Phase 2 will begin from June 19 to July 9, 2023, during which participants will deliver their prototypes to compete for the prizes. The best prototypes in the three categories will win prizes of €750, €1.500, and €3.000, respectively.
Alexander Lobashev, Senior VP of Engineering, inDrive, commented on inCode 2023, stating that “Ride-hailing platforms owe their very existence to the creativity and technical expertise of software developers and coders’ ability to dream up, design, and build global products, reliable algorithms, and user-friendly interfaces.
“inCode is a way for inDrive to recognize the tech innovators who invest their time and talent to make ride-hailing safer, more inclusive, and better. We at inDrive are excited to see what ideas emerge from our first annual hackathon.”
inCode 2023 is hosted on the industry-leading HackerEarth platform, with a community of 7.6 million developers globally. More than 500 companies have conducted online hackathons with HackerEarth.
The National Executive Council (NEC) of Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has called on the federal government to ensure that the local refineries are put into full operation before an important policy such as the removal of petrol subsidy would be taken in the interest of the generality of Nigerians.
The union, in a statement jointly signed by the National President and Secretary, NUPENG, Williams Akporeha, and Afolabi Olawale, used the opportunity to condemn in totality the anti-union behaviour and employment tactics of some unscrupulous indigenous and multi-national employers who have unfortunately turned the Nigeria Local Content Law into ambits of slavery and precarious employment rather than a source of fulfilling employment and empowerment for teeming qualified young Nigerians.
The statement further stated that the leadership of the union was also using the special day of May 1, to commend the patriotic efforts of petroleum tanker drivers who even in the face of harsh conditions of work, including the poor state of highways, intimidation, and harassment from some unscrupulous security forces, were still working hard to ensure that factories and other businesses are kept running and homes are kept comfortable for Nigerians.
The statement further explained that the union would no longer condone unwarranted attacks, intimidation and burning of their petroleum trucks while on genuine and legal haulage of petroleum products by some security agents most especially among the Nigeria Army Anti-Bunkering Task Force operating in the South-South region of the country,
The union stated that henceforth they would start to resist this because they cannot continue to fold their hands and watch members lose their sources of livelihood in the hands of those armed men.
According to the statement, “It is imperative today being so special to the working people to draw further attention to the plight of Nigeria oil and gas workers so that concerned authorities and the general public can take appropriate actions for amelioration.
“Blue- collar workers in the Nigeria oil and gas sector have continued to lament yet still exercise restrain over the increasing degeneration, indecency and precariousness of employment and working conditions in the Nigeria oil and gas industry. “It is becoming increasingly clear that the geese that is laying the golden eggs is being exploited, unappreciated and its existence threatened. We wish to assure our members that as long as our Solidarity remains constant, we shall continue to grow stronger.”
According to the data at the FMDQ Security Exchange where forex is traded officially, the dollar to naira exchange rate stood at (undisclosed).
This would mean that the Nigerian currency either gained or lose in value against the United States dollar, as the foreign exchange (forex) trading closed at N460.37 per $1 on Thursday, April 27.
How much is the dollarto naira at the black market today?
Going by sources at the Bureau De Change (BDC) in Lagos, the dollar to naira last traded ₦738 and ₦750 with an average of ₦743.50 in the black market in the state.
It is, however, pertinent to note that the Central Bank of Nigeria (CBN) does not recognise the parallel market (black market), as it has directed individuals who want to engage in forex to approach their respective banks.
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