Nestle Nigeria Plc has recorded another half-year loss after tax, following the foreign exchange reform introduced by the Central Bank of Nigeria.
Nestle posted a N176.9bn loss after tax which is a 254 per cent fall from the N49.98bn it lost in the same period last year.
This was disclosed in the company’s half-year financial statement seen by THE WHISTLER.
The company’s challenges began last year when it declared a full-year loss of N79.5bn which is 280 per cent down compared to 2022 when it posted a profit after tax of N48.96bn.
Although the company’s sales revenue surged by 55 per cent to reach N406.9 in June 2024 as against the N261.8bn recorded in June 2023, Nestle said it has continued to struggle with government policies.
The company which is famous for its brands like Maggi, Milo, Golden Morn and Nescafé posted a gross profit of N63.07bn, a rise of four per cent from the N60.79bn recorded in June 2023.
But Nestle’s profit after tax for the six months ending June 2024 was negatively impacted by the depreciation of the naira which sold nearly N1,600 per dollar earlier in 2024.
“The devaluation of the Naira led to the revaluation of our foreign currency obligations and had an adverse impact on the profit after tax resulting in a net loss of -N176.9bn for the first half of the year,” the manufacturer said.
The company’s net finance cost rose form N129.9bn last year to N315.6bn in June 2024.
As a result of the loss, diluted earnings per share which measures per-share profitability fell from a loss of N63.06 per share last year to N223.19 loss per share.
Nestle’s total assets grew to N868.95bn but the company’s liabilities valued N973.8bn exceeded its assets.
The Chief Executive of Nestlé Nigeria Plc, Mr. Wassim Elhusseini said, “We are confident in our ability to navigate the current challenges to deliver long-term value to our shareholders while contributing positively to our communities.”
Data from the Nigerian Exchange Limited (NGX) showed that the company has a market capitalisation of N729.2bn while its shares closed at N920 on Monday, July 29,2024.
Two police orderlies attached to a former House of Representatives member, Joan Onyemaechi and her driver were on Tuesday evening killed when bandits abducted her and her children in Asaba, the Delta State capital.
PUNCH Metro gathered that the gunmen stormed Onyemaechi’s church, King Jesus and I, located at Ogajifo Street off DSB Road and shot the two police orderlies and her driver before whisking the former lawmaker and her children away.
Sources from the street told PUNCH Metro that a stray bullet also hit a passerby who died on the spot.
“The gunmen stormed the church and immediately shot at the police orderly and the driver.
“They drove the lawmaker away in her SUV and were shooting indiscriminately in the street. Unfortunately, a stray bullet hit a young man who died on the spot.”
Onyemaechi was the immediate past Commissioner for Technical Education under Governor Sheriff Oborevwori before she resigned to pave the way for her younger brother to return for the chairmanship position in the just concluded council election.
When contacted, the Police Public Relations Officer in the state, SP Bright Edafe, confirmed the kidnapping incident to our correspondent but said that only a police officer and one other were killed.
He said, “Only a policeman and one other were killed. I don’t know whether he was the driver. They picked only her.”
Prof Mike Ozekhome, SAN, writes on behalf of Incorporated Trustees of Association of Local Governments of Nigeria ( ALGON),warning the Forum of State Commissioners For Finance of Nigeria, not to tamper with funds due to the 774 LGAs of Nigeria, but to pay to them directly as ordered by the Supreme Court in its judgement dated July 11,2024. The Silk told the Forum and Governors controlling it of the dire consequences of disobeying the clear orders of the Supreme Court of Nigeria.
The founder and Chief Executive Officer, Telegram Messenger app, Pavel Durov, has narrated how he had 100 biological children around the world despite being unmarried.
The 39-year-old entrepreneur made this known through his popular channel on Monday evening.
According to him, despite his preference to remain single and alone, 15 years ago, his friend (unnamed) approached him to donate his sperm in a clinic, which he acceded to and resulted in him helping over 12 families all over the world have kids due to what he described as ”high-quality donor material’.
Narrating, he said, “I was just told that I have over 100 biological kids. How is this possible for a guy who has never been married and prefers to live alone?
“Fifteen years ago, a friend approached me with a weird request. He said that he and his wife couldn’t have kids due to a fertility issue and asked me to donate sperm at a clinic for them to have a baby. I laughed my ass off before realising he was dead serious.
“The boss of the clinic told me that ‘high-quality donor material’ was in short supply and that it was my civic duty to donate more sperm to anonymously help more couples. This sounded crazy enough to get me to sign up for sperm donation.
“Fast forward to 2024, my past donating activity has helped over a hundred couples in 12 countries to have kids. Moreover, many years after I stopped being a donor, at least one IVF clinic still has my frozen sperm available for anonymous use by families who want to have kids.”
He hinted that he would plan to open-source his DNA so that his biological children could easily find him, stressing, “Of course, there are risks, but I don’t regret having been a donor. The shortage of healthy sperm has become an increasingly serious issue worldwide, and I’m proud that I did my part to help alleviate it.”
Durov further advised healthy men to donate sperm to families struggling to have kids around the world.
The Telegram founder is a Russian-born Emirati entrepreneur. In 2022, he was recognized as the richest expat in the United Arab Emirates, according to Forbes. In February 2023, Arabian Business named him the most powerful entrepreneur in Dubai.
Transparency International’s Corruption Perceptions Index (CPI) highlights a pervasive global prevalence of corruption, with significant challenges also evident across the African continent.
According to the CPI, two-thirds of countries in the world have some form of corruption issue.
The index evaluates 180 countries and territories based on their perceived levels of public sector corruption, with scores ranging from 0 (highly corrupt) to 100 (very clean).
Although North Africa has made strides in combating corruption, Sub-Saharan Africa continues to have the lowest corruption index among regions. With a global average of 43, Sub-Saharan Africa has an average score of just 33.
Here are 10 African countries with high corruption.
Somalia, Global Rank: 180th
Somalia has emerged as the most corrupt country in Africa heading into 2024. Political instability and ongoing conflicts have fostered an environment rife with corruption. The weak central government lacks effective oversight and accountability mechanisms, significantly hindering the nation’s progress.
South Sudan, Global Rank: 177th
As the world’s youngest country, South Sudan has faced persistent corruption issues since its independence in 2011. Power struggles and resource mismanagement have siphoned funds away from essential services and infrastructure, creating substantial obstacles to economic development.
Equatorial Guinea, Global Rank: 172nd
Corruption control in Equatorial Guinea is reportedly extremely poor, leading citizens to lose faith in public officials who seem to prioritize their own interests over public service.
Libya, Global Rank: 170th
Following the revolution, Libya faces severe corruption due to weak institutions and political instability, with control over the nation’s oil wealth intensifying governance challenges and stalling economic development.
Sudan, Global Rank: 162nd
Sudan is listed among the most corrupt African countries due to widespread issues affecting nearly all sectors, especially the economy and politics, where power abuse and favoritism are prevalent.
Democratic Republic of Congo, Global Rank: 162nd
The DRC contends with corruption across both public and private sectors, impeding development efforts. Despite its abundant natural resources, corruption continues to be a major barrier to progress and the enhancement of living standards for its citizens.
Comoros, Global Rank: 162nd
Corruption is widespread in Comoros, undermining national progress and worsening poverty and inequality, while the island nation faces significant challenges in establishing effective anti-corruption measures and promoting transparency.
Chad, Global Rank: 162nd
Chad faces severe corruption, which, coupled with security issues worsened by insurgency, cripples its economy and weakens the rule of law, as many individuals engage in corrupt practices with a sense of impunity.
Burundi, Global Rank: 162nd
In Burundi, systemic issues significantly impede progress, affecting public services, worsening economic challenges, and hindering efforts to improve citizens’ well-being.
Eritrea, Global Rank: 161st
Eritrea rounds out the top 10, facing corruption challenges that obstruct progress and development, making it crucial to address these issues to ensure a brighter future for its citizens.
Yoruba Nation agitator Sunday Igboho has reacted to reports that he opposed the planned nationwide #EndBadGovernanceInNigeria protest.
He denied the claim saying it is false propaganda.
His spokesperson, Olayomi Koiki while reacting said the news was aimed at undermining Igboho’s commitment to Yoruba self-determination.
Koiki clarified that Igboho remains focused on achieving Yoruba independence and referenced a letter sent to President Bola Tinubu on April 17, which called for negotiations on the Yoruba’s peaceful exit from Nigeria. This letter, also signed by Yoruba Self-Determination Movement (YSDM) leader Prof. AdeBanji Akintoye and Ola Ademola, set a two-month deadline for establishing a negotiation team, expiring on June 13, 2024.
Igboho reiterated his stance during a visit to Oba Benjamin Olanite, the Onimeko of Imeko, on July 25, where he thanked the monarch for his support during his detention in Benin Republic.
He emphasized that while he supports Nigerians’ right to protest economic issues, his efforts remain on achieving Yoruba independence.
Koiki urged the media to avoid spreading misinformation about Igboho’s stance and announced that another letter would be sent to President Tinubu and international bodies to further negotiations for Yoruba independence.
The Lagos State government has unveiled an ambitious plan to generate N200 billion annually by expanding its income tax base to include remote workers and leveraging digital solutions for enhanced revenue collection.
According to the synopsis document for the EKO Revenue Plus Summit, which is expected to hold on September 25th and 26th, 2024, with the theme “Unlocking New Revenue Streams for Lagos State”, this southwest state plans to raise N5 trillion internally generated revenue (IGR) from four major sectors.
One of such sectors is the digital economy, through which Lagos State plans to introduce a Resident Global Digital Citizen Tax Management System, targeting remote workers, foreign firms, and digital influencers.
This system will also involve accreditation and licensing of digital economy operators, supported by a robust platform including e-Portal, Market Place, and a Recovery Platform.
According to the synopsis document, the initiative’s estimated budget is N250 million, covering portal construction, data mining, partnerships, stakeholder engagements, and communications.
The southwest state aims to generate N200 billion annually from about two million people in this area.
Other revenue targets for the digital economy sector
Digitalization of Government Services and Data Monetization: Lagos State plans to develop a public data marketplace to license and monetize data from various government services. Key components include the Lagos ProveIT App and the Lagos State Document Validation and Authentication App. This initiative is expected to cost N500 million and potentially generate N50 billion per year.
Lagos State Fintech Hub: The state plans to establish a fintech hub to support digital payments, mobile money, lending, and crowdfunding. The projected budget is N5 billion, with an estimated annual revenue of N100 billion from vendor transaction fees and platform services.
Lagos State Software Development Center: It also targets a new hub focused on developing software solutions for finance, SMEs, and retail sectors is planned. With a budget of N500 million, the initiative aims to generate N150 billion annually from subscriptions and service fees.
Lagos State Digital Economy Acceleration Hub: This initiative involves selecting and developing 100 innovative startups through a hackathon and subsequent support, with an estimated cost of N12 billion and expected revenue of N100 billion per year from profit-sharing models.
Lagos State Advertisement Network: The creation of a state-owned advertisement network and approval management platform is anticipated. With a budget of N500 million, the projected annual revenue is N15 billion from income fees and permits.
Blockchain and Tokenization Agenda: Lagos State plans to implement tokenization for real estate, infrastructure, and intellectual property. This project will require N500 million and aims to generate N100 billion annually from income fees and permits.
Collaboration with FGN on Digital Service Tax (DST): The state plans to work with the Federal Government to implement DST, generating revenue from global digital platforms operating in Nigeria. This collaboration has a budget of N750 million and is projected to bring in N50 billion annually.
What you should know
With the EKO Revenue Plus Summit happening in September, Lagos State plans to hit N5 trillion in internally generated revenue (IGR) under the current governorship of Babajide Sanwo-Olu.
A part of the document read: “Increasing Lagos State IGR to 5 Trillion Naira in the life of the current administration requires a comprehensive and innovative approach that leverages technology, strengthens tax administration, expands the tax base and explores new revenue stream options, especially in the non-tax areas, while optimizing the existing processes.”
The Lagos State government has set an ambitious target to significantly boost its internally generated revenue (IGR) as part of the Lagos New Money Initiatives.
The plan aims to propel the IGR to a staggering N5 trillion by unlocking an additional N2.73 trillion stream of revenue.
This initiative is designed to build upon the existing IGR framework target of N1.25 trillion, thus creating a substantial financial foundation for the state.
The Lagos State government has identified four core sub-sectors of the state’s economy as key areas for additional revenue generation, aiming to achieve an incremental IGR of approximately N2.73 trillion.
These sub-sectors, which include the Property Industry, Digital Economy, Informal Sector, and Circular Economy, are each poised to contribute significantly to the state’s financial growth.
The Property Industry alone is expected to generate N1.5 trillion, while the Digital Economy is projected to add N750 billion. The Informal Sector is anticipated to bring in N460 billion, and the Circular Economy is expected to contribute N20 billion.
[NiajaNews]
Organisers of the proposed #EndBadGovernance protest slated for August 1-10 have rejected the proposal by the Inspector General of Police (IGP) Kayode Egbetokun for a confined protest.
Naija News reports that this was made known during a meeting with the organisers on Tuesday.
According to Channels TV, the IGP had suggested confined protests in identified locations and advised against street rallies.
However, one of the lawyers to the Take It Back Movement, and the groups organising the August protest, Ebun-Olu Adegboruwa, rejected the proposal of the IGP.
More to come…
[naijanews]
Hoodlums have just attacked a bus, loaded with palliatives, belonging to the Nigeria Union of Journalists (NUJ) Cross River State Council.
The Pen Professionals, upon receiving information from the Director of Cross River State Emergency Management Agency (CR-SEMA), Rev. James Anam, as beneficiaries of the present phase of distribution, hurriedly moved to the government warehouse and successfully conveyed the food items.
The palliative-laden vehicle, en route to the NUJ Secretariat, was attacked, about an hour ago, with hoodlums raining hales of stones on the slowly moving vehicle, carting away food items from the broken windows.
The bus driver, Joseph Akpaenin, whose phone was stolen and himself left with a battered shoulder from the attack, narrated that their saving grace was when the booth of the bus flung open with several bags of rice and garri dropping off. He said the mob’s focus shifted from the bus to the items dropped off, giving enough way for him to scamper to safety.
[BusinessDay]
A total of 369 irregular migrants comprising more than one hundred women and children have been deported from Libya to Nigeria and Mali.
The head of the Libyan Interior Ministry organisation tasked with halting irregular migration, Mohammed Baredaa said two repatriation flights took place transporting 204 Nigerians and 165 Malians.
A Libyan official told AFP on Tuesday that nine babies, 18 minors, and 108 women were among the Nigerian irregular migrants.
Baredaa added that the flights were carried out “in coordination with the International Organisation for Migration (IOM)”.
The United Nations agency provides free return flights to migrants and helps reintegrate them into their home countries with its “voluntary humanitarian return programme”.
Some migrants told AFP on Tuesday that they were being forcibly deported.
Libyan authorities “came at night and broke down the door”, said Hakim, 59, a Nigerian who has lived in Libya for 25 years and declined to give his surname.
Hakim said they confiscated his passport before detaining him and his wife ahead of their repatriation.
Libya is still struggling to recover from years of war and chaos after the 2011 NATO-backed overthrow of longtime dictator, Moamer Kadhafi.
Smugglers and human traffickers have taken advantage of the climate of instability that has dominated the vast country since.
Libya has been criticised over the treatment of migrants and refugees, with accusations from rights groups ranging from extortion to slavery.
Situated about 300 kilometers (186 miles) from Italy, the country is a key departure point for migrants, primarily from sub-Saharan African countries, risking perilous Mediterranean Sea journeys to seek better living conditions in Europe.
But with mounting efforts by Libya and the European Union to curb irregular migration, many have found themselves stranded in Libya.
Earlier this month, Libyan authorities said up to four in five foreigners in the North African country were undocumented.
“It’s time to resolve this problemme”, Interior Minister Imad Trabelsi had said at the time, adding that Libya has turned from a “transit country to a country of settlement”, something he deemed “unacceptable”.
[Leadership]
More...
Super Eagles forward, Kelechi Iheanacho will today sign a two-year contract at LaLiga club, Sevilla.
He is expected in Spain on Tuesday (today) to undergo his medicals.
The 27-year-old will sign the dotted lines afterwards.
The versatile striker will join the former UEFA Europa League winners on a free transfer.
Iheanacho left Premier League club, Leicester City last month following the expiration of his contract.
He will reunite at Sevilla with fellow Super Eagles star Chidera Ejuke, who also teamed up with the La Liga club as a free agent.
Some suspected thugs, on Tuesday, took to the street in Lagos State to threaten residents not to come out for the hunger protest scheduled for Thursday, August 1 to 10.
In a viral clip on Tuesday, the people whose voices were only heard were chastising the market women and men to desist from the planned protest as it might lead to more destruction than that witnessed in the #EndSARS protest.
The men in the video warned, “Anybody that is confident should come out on Thursday to protest. Are you the only one hungry?
“If you dare come out for the protest, you will be mercilessly dealt with.”
This development comes amidst the directive by the Inspector General of Police (IGP), Kayode Egbetokun, ordering senior police officers to protect participants of the planned #EndBadGovernance protest.
Naija News reports that Egbetokun gave this directive in a letter to the request of human rights lawyer, Ebun-Olu Adegboruwa.
Adegboruwa, a Senior Advocate of Nigeria (SAN), had, on July 26, 2024, written the IGP to provide police coverage for protesters.
The senior lawyer had written the IGP on behalf of the Take It Back Movement, one of the groups planning the #EndBadGovernance protest in August.
The IGP, in his response letter dated July 29, 2024, directed senior police officers to attend to the request of the senior lawyer.
Watch the video below:
Media
Bank customers have thronged their banks to reactivate their dormant accounts in line with the Central Bank of Nigeria (CBN) guidelines on the management of dormant accounts and unclaimed balances.
Some of the customers, who spoke to the News Agency of Nigeria (NAN) in Abuja on Tuesday, said they had activated their bank accounts to avoid mop up of their little savings.
Mrs Ugonne Akputa, a business woman, said that she paid in some money into her six year old Access Bank account which she had left for some time to reactivate it.
Akputa said she still needed to operate the account to save some money which she rarely withdrew.
”I went to my bank to make enquiries about my account which I have left for some time now.
”They told me that I should just pay in money into the account to activate it and I did,” she said.
Mr Cyprian Yusuf, another customer at First Bank, said he was at the bank to make enquiries on his late brother’s account.
Yusuf said that although he was not abreast of the amount in the account, he would not forfeit the money.
”When I heard of this dormant account thing, I decided to quickly come to my late brother’s bank to ask them how I can retrieve the money.
”He died three years ago and I don’t think the account has been in operation.
”So, I want to see what I can do so that his wife and children can use the money at least to feed,” he said.
Another bank customer, Mrs Chinny Olaedo, appealed to banks and the CBN to ensure the safety of customers’ monies, especially those abroad.
”I live abroad but I came back to Nigeria for something very important to my family.
”I have a savings account in one of the banks and I have my savings there. I transferred some money into the account recently so that it will still be active but I know that many people abroad might not know about this or do this.
”The CBN and other banks should make things easier for us abroad so that many of us will still be operating our Nigerian accounts,” she said.
A bank official who pleaded anonymity said it would take six months of no activity in an account before it would be declared dormant in their bank.
The official said the bank would notify customers whose accounts were dormant in line with the CBN’s guideline.
The source said the bank was preparing reports to also notify the CBN on the status of their dormant customers’ accounts.
Another bank official who also preferred anonymity, called on customers whose accounts were dormant to pay in monies into them to activate them.
According to CBN, eligible accounts are dormant accounts with balances that have remained with the financial institutions for a period of 10 years and beyond.
The apex bank said eligible dormant accounts/unclaimed balances and other financial assets including current, savings and term deposits in local currency, domiciliary accounts and unclaimed salaries and wages, commissions, and bonuses, among others.
The apex bank said the aim of the guidelines were to identify dormant accounts/unclaimed balances and financial assets with a view to re-uniting them with their beneficial owners, hold the funds in trust for the beneficial owners.
The bank said the objective was also to standardise the management of dormant accounts/unclaimed balances and financial assets and establish a standard procedure for reclaim of warehoused funds.
The CBN said it would open and maintain an account earmarked for the purpose of warehousing unclaimed balances in eligible accounts.
According to the CBN, the account would be called “Unclaimed Balances Trust Fund Pool Account”.
NAN reports that the CBN had also cleared Next-of-Kin (NoK), legal representative, or beneficial owner to make claims on unclaimed balances or funds in dormant accounts.
The bank said the NoK to dormant account owner could now make claims on unclaimed balances or funds in dormant accounts by submitting applications for the reclaims to the financial institutions.
(NAN)
Prominent journalist and publisher Chief Dele Momodu has criticized former Ekiti State Governor Ayo Fayose over his recent comments that poor men having multiple wives and children is a hindrance to Nigeria’s growth.
Fayose in an interview with Channels TV on Monday, claimed that poor men having many wives and children, citing his experiences in the North, is a problem to Nigeria’s growth.
Responding to these comments, Momodu questioned Who is more destructive to the nation, the poor man with plenty of wives and children, or the politician with one wife and many high-maintenance girlfriends, who wastes public resources on extravagant lifestyles.
He also asked who is more productive, the politicians and the poor in society, challenging the notion that the latter group is less productive.
Momodu urged Fayose to acknowledge that they have all failed the country and need an urgent reset, rather than engaging in blame games.
He wrote, “My dear Brother AYO FAYOSE, I have just two questions Sir: who is more destructive to the nation, the poor man with plenty wives and children or the politician with one wife and many high maintenance girlfriends, who waste public resources on extravagant lifestyles including private jets?
“Who is more productive, the politician who steals the sweat and resources of the citizens or the poor man who sends his many poor wives and children to the farmlands to grow crops for every one of us!!!
“Your Excellency, my dear Brother, please, let’s all accept that we’ve failed this country and we need an urgent reset. We cannot afford the blame games at this perilous time
“May God forgive our transgressions…
Warmest regards always, CHIEF DELE MOMODU”
[Punch]