The United States President Joe Biden faces a critical week Monday that will test his standing at home and abroad, as moves to force him to quit his fight for a second White House term gather pace.
The 81-year-old has so far defied calls to step aside after a disastrous debate against election rival Donald Trump last month threw into stark relief fears that he is too old to serve as president until 2029.
Allies have warned he needs to do more to convince his party and the public that, as he insists, only he can beat Trump at the ballot box.
“This week is going to be absolutely critical,” Democratic Senator Chris Murphy told CNN on Sunday.
NATO leaders will also need reassurance as they gather in Washington for a summit this week, with many European countries fearful of a Trump victory in November.
The 78-year-old Republican has long criticized the defense alliance, voiced admiration for Russian strongman Vladimir Putin, and insisted he could bring about a quick end to the fighting in Ukraine.
After a barnstorming day of campaign events in swing state Pennsylvania Sunday, Biden has no public events scheduled for Monday, which he is expected to spend preparing for the summit.
First Lady Jill Biden, a fierce defender of the president, is scheduled to campaign for him instead in Georgia, Florida, and North Carolina.
And Democratic lawmakers will return from a brief recess to Capitol Hill under pressure to either fall in line behind the president or urge him to step aside.
Tuesday, when the NATO summit begins, could prove a turning point: Democratic congressmen are expected to hold their regular caucus meeting, which may see the drumbeat of dissent that has dogged Biden since the debate intensifies.
Clock ticking for Democrats –
In recent days, five Democratic lawmakers have publicly called for him to drop out of the race, while party stalwarts such as former House Speaker Nancy Pelosi have said that questions about his health are “legitimate.”
On Sunday four senior congressmen said on a call with party lawmakers that it was time for Biden to bow out, according to US media.
With election day just four months away, the clock is ticking on any move to replace Biden as the nominee, and Democrats will be scrutinized for any signs of more open rebellion.
As for the public, Biden’s next major test before the increasingly unforgiving glare of the cameras is set to be a press conference on Thursday, during the NATO summit.
On Friday he picks up the campaign trail once more, heading for the battleground state of Michigan, before going to his beachside home in Rehoboth, Delaware.
Biden and his team appear determined to dig in for the siege, with the campaign unveiling an intense schedule for later in July, including an avalanche of TV spots and trips to key states.
But Democrats who have lost faith warn that the threat of a second Trump presidency — one in which, among other things, he has threatened to target “the enemy within” — makes the stakes too high to take any chances.
“There’s only one reason” the race between Trump and Biden is close, Democratic Representative Adam Schiff told NBC on Sunday.
“And that’s the president’s age.”
AFP
Super Eagles captain, Ahmed Musa, has cleared the air on his purported retirement from the national team.
The former Leicester City forward has not featured in a competitive match for the Super Eagles since 2021.
He started his last game for the national team three years ago during a World Cup qualifier against Cape Verde, he played 67 minutes in the 2-0 victory.
Musa did not play in any of Nigeria’s seven matches at this year’s Africa Cup of Nations, AFCON, where the team finished as runners-up.
His most recent appearance was a seven-minute cameo in a friendly game against Guinea in January.
Musa has also been without a club since he parted ways with Turkish side Sivasspor after his contract was terminated in February.
But speaking with reporters after a friendly match he organized, Musa disclosed that he has not drawn the curtain on his Super Eagles’ career, adding that he was only on a hiatus.
He explained: “I only took a little break from the national team.
“But I didn’t exit the team.”
Fuel scarcity is gradually surfacing in Lagos and other parts of the country as private depot owners hiked the ex-depot price of petrol from N630 to N720 per litre.
This came as fuel scarcity deepened in Abuja and the adjoining states on Sunday with some filling stations dispensing PMS as high as N900/litre.
Our correspondents report that a number of filling stations in Lagos, Ogun and some states have run out of stock as they refused to buy high-priced fuel from the private depots.
Speaking in an interview with one of our correspondents on Sunday, the National Vice President of the Independent Petroleum Marketers Association of Nigeria, Hammed Fashola, said many filling stations did not open for business because they had no fuel in their tanks.
He said the Nigerian National Petroleum Company Limited, which is the sole importer of petrol at the moment, should explain to Nigerians what was happening with the product.
“Those that shut their stations do not have fuel to sell. When you don’t have fuel, you cannot open your station. That is the problem. You know the NNPC is the sole importer of this product. I think it is in the best position to tell us what is actually going on.
“Currently, independent marketers cannot buy what the private depots are selling. They are selling fuel between N715 and N720 per litre. How much will marketers sell the product? Look at the cost of bringing it to their depots; with transportation and other depot expenses, it will be too costly for them. That is why the stations are shut down. Some marketers refuse to go and buy because they know the masses cannot afford high-priced petrol in this economy. That is the situation for now,” the IPMAN leader stated.
Our correspondents learnt that the third parties, who are private depot owners, used to sell PMS to independent marketers at the rate of N630-650/litre before now, while the NNPC sells petrol to major marketers at a price below or around N600.
On many occasions, leaders of IPMAN have appealed to the NNPC to supply them with petrol directly like they do to major marketers, but the NNPC has yet to yield to that call.
Fashola appealed to Nigerians to avoid panic buying, saying they should buy what they need so that the fuel in circulation could go round.
It was gathered that the major marketers sold petrol below N650 while the independent marketers sold between N750/litre and N800 /litre.
Multiple officials confirmed to one of our correspondents that officials of the Nigerian National Petroleum Company Limited stormed the various depots in Apapa on Friday, mandating depot owners to prioritise fuel supply to the Federal Capital Territory, Abuja, where the fuel queues were initially noticed on Friday.
Abuja prioritised
On Saturday and Sunday, many trucks were reportedly directed to Abuja to reduce the queues in the FCT, leaving Lagos and other places with little supply.
One of the officials disclosed that the NNPC was rationing PMS to depots due to the fuel supply gap.
This is coming barely three days after a report by Reuters claimed that Nigeria’s debt to suppliers of Premium Motor Spirit had surpassed $6bn, doubling what it was since early April, as the NNPC struggled to cover the gap between fixed pump prices and international fuel costs.
Although this was denied by the NNPC, the Reuters report stated that the national oil company began struggling early this year when late PMS payments surpassed $3bn.
The company, it said, had yet to pay for some January imports which traders put between $4bn and $5bn.
“The only reason traders are putting up with it is the $250,000 a month (per cargo) for late payment compensation,” one industry source said.
At least two suppliers were said to have stopped participating in recent tenders after hitting self-imposed debt exposure limits to Nigeria, meaning they will not send more PMS until they receive payments.
It was reported that Nigeria’s tenders to buy gasoline in June and July were smaller, traders told Reuters. NNPC will import via tender about 850,000 tonnes in July, according to the Reuters report quoting sources, down from the typical one million tonnes in previous months.
Meanwhile, PUNCH findings show some marketers have refused to supply petrol to independent marketers, who own the larger percentage of the filling stations in Nigeria. This, it was gathered, was because the depots/marketers were getting limited supplies from the NNPC.
“Currently, we focus on our filling stations. We get less than 50 per cent of what we usually get from the NNPC now. So, we make sure we feed our stations first before we consider selling to independent marketers. That is why most of them are out of stock. You know they don’t have access to the NNPC and the little we get is not even enough for our stations,” one of the depot operators told The PUNCH on condition of anonymity because was not authorised to speak on the matter.
The operator mentioned that the few depots selling to IPMAN members sell at higher prices as demand overshoots supply.
Our correspondents report that queues were returning to Lagos as of Sunday, creating fears among residents, who have yet to forget the fuel scarcity that almost grounded the economy in May.
When our correspondent visited some fuel stations across the state, it was observed that some fuel stations had adjusted the prices of PMS upward.
The PUNCH reported that fresh queues for the product surfaced in Abuja, parts of Niger and Nasarawa states on Friday, following the closure of many filling stations operated by independent marketers.
Dealers closed their retail outlets due to their inability to access petrol as a result of the hike in the ex-depot price of the commodity to N710/litre by private depot owners.
Motorists besieged the few stations that dispensed petrol on Friday; particularly those operated by the Nigerian National Petroleum Company Limited and some major oil marketers in Abuja and neighbouring states.
It was noted that the situation was extending to Lagos. Out of about 10 fuel stations along the Ikotun to Egbeda axis, only about two stations were dispensing at the time of filing this report.
At Ikotun, one of the outlets belonging to the NNPC that was selling for N568 per litre had long queues while others were not dispensing. At the Igando-Ikotun axis, only an outlet belonging to Petrocam sold at N820 per litre.
Long queues
The PUNCH also observed that an outlet belonging to TotalEnergies along Mushin Road, in Isolo, sold fuel at N615 per litre with a long queue of waiting buyers.
Meanwhile, a Technoil filling station at Isolo Bustop was not selling fuel at the time of filing this report. Also, the NNPC filling station on the same axis that sold for N568 per litre was crowded with cars.
Our correspondent further observed that there were no fuel attendants at an AP filling located along Okota Road, as the outlet was closed at the time of filing this report.
Al Morouf filling located along Ilasa Road only sold to a few customers.
A motorist who simply gave his name as Mr Emmanuel Anyebe, said, “They said they have removed fuel subsidy and by that, we assumed that what happened in the telecommunication industry would happen to the oil and gas sector, but it didn’t. It is not as if there is scarcity, there is no scarcity anywhere. I asked at the fuel station why the queue all they could say was that they had not been able to get the product. He said that about six tankers they ordered in the last two weeks were only able to get one tanker delivered to their station. This is just unnecessary suffering that is how I see it, they suffer people and waste people’s time unnecessarily.”
The PUNCH gathered that the AP Fuel Station at Ilasamaja experienced intermittent fuel sales on Sunday.
The station sold fuel in the morning but stopped operations in the afternoon, resuming sales later in the evening. Customers willing to pay a premium could purchase five litres of fuel at a rate of N4,000.
“We sold at N615 per litre today but we have stopped for now. However, if you are desperate, we can sell to you at a higher rate,” a customer attendant at the AP Fuel Station revealed.
Meanwhile, the General Fuel Station in Sadiku had no fuel available when visited by our correspondent, exacerbating the fuel scarcity crisis in Lagos.
A motorist simply identified as Segun in Nepal, Akowonjo, Lagos State, told our correspondent that he purchased fuel at the rate of N650, adding that the queue was becoming unbearable.
“I paid N650 per litre, and it is annoying because I have been buying it like this for the longest time, and I think the government needs to do something about it, but then again, we have no choice.
A commercial driver, Timothy stated that he purchased fuel at Petrocam in Ikeja for N670.
He said, “Things keep increasing, the dollar is high, and all these producers are storing the fuel somewhere. They even mentioned that the prices might be higher.”
In Ogun State, checks by our correspondent revealed that petrol was sold between N700 to N800 amid long queues.
Our correspondent learnt from a resident, Emmanuel Ogbonna, that Ebefem fuel station in Abeokuta dispensed petrol at the rate of N720.
Emmanuel decried the difficulties experienced in getting petrol as there seems to be a return of fuel scarcity.
Emmanuel said, “I bought fuel at N720 in Ebefem filling station. There was no queue at the time I visited the station but major fuel stations like NNPC were not dispensing fuel when I visited yesterday (Saturday) evening. It seems petrol is scarce.”
A fashion designer in Abeokuta who identified himself as Ibrahim told our correspondent that he purchased the product at the rate of N750 at a private fuel station.
“My apprentice got the fuel at N750 at Oyinkansola. This is affecting my business.”
Further checks in the Oloka area of Imeko-Afon revealed that petrol was dispensed at N850 per litre.
A resident, Ade Akinola, told our correspondent that petrol was dispensed at the rate of N850. He blamed the Federal Government’s decision to ban the supply of petroleum products within 20 kilometres of the nation’s borders.
Akinola said, “Over the years, petroleum products have been expensive in border communities because of the 20km ban on the supply of crude to the nation’s border.
“As of today (Sunday), the last filling station permitted to dispense petroleum products sells fuel at N850. In places like Ilara which is the border town, petrol sells for N1,500 per litre. This is making life tough for residents of border communities.”
Ado-Ekiti stations
Our correspondent reports that many of the petrol stations in Ekiti State, particularly in Ado-Ekiti, the state capital, have not been dispensing fuel to customers in the past few days.
At the few stations where the product is sold, there are long queues of vehicles especially where the price per litre is a bit low.
On Saturday and Sunday, the filling stations sold for between N650 and N760 per litre.
A motorist, Olaniyi Olaogun, said, “We have been in this fuel situation for some days now and nobody is ready to give an explanation. I bought fuel on Saturday at N650 per litre at a filling station in the Adebayo area of Ado-Ekiti. The queue there was unbelievable at that amount.
“It is only NNPC that sells at N580 per litre, others are above N600 per litre. I know NNPC along Iworoko Road sold at N580 per litre on Friday,” he said.
Another car owner, Mrs Lydia Igbala, said she bought fuel at N750 per litre and N760 per litre at different locations in the state capital on Saturday and Sunday respectively.
In Kwara, The PUNCH gathered that there was availability of PMS in Ilorin, on Sunday as most of the stations were selling fuel to motorists. However, the prices ranged from N600 to N750 per litre in most of the petrol outlets.
The AP filling station at Murtala Mohammed Road, a major commercial area in Ilorin, dispensed fuel at N620 per litre while MJK in the same area sold at N750. The MRS located on Unity Road sold at N600 per litre while Abanik at Sawmill sold at N660.
Shafa station sold at N700 per litre; Rain Oil at Asa Dam road and Lao area respectively were selling at N720 per litre; Tigress at Odota sold at N750 per litre, while Bovas sold at N670 per litre in all its stations located in various parts of the metropolis.
However, the price of diesel at stations that have supply ranged from N1,450 to N1,700 per litre while kerosene was sold at N1,650 per litre.
In Benin, Edo State, independent marketers sold PMS between N700 and N730 per litre, while the major marketers sold between N660 and N680.
Our correspondent reports that the prices were higher in Edo North with a litre going for between N730 and N900 by the Independent marketers who are mostly in that area. In Edo Central, a litre sold for between N750 and N850 on Sunday.
The NNPCL fuel station sold PMS at N591 per litre, but motorists had to queue for long hours to buy the product.
It was learnt that the NNPC filling stations in Rivers State were selling fuel for N591. However, others sold between N750 and N760 as of Sunday.
Sokoto
Long queues of motorists resurfaced at the mega station of the NNPC in Sokoto State as fuel scarcity hit the state. Our correspondent who monitored the development gathered that only the NNPC station sold the product at N620 naira per litre.
Other fuel stations that sold fuel between N720 and N750 before now sell between N850 and N900, depending on the filling stations.
In Kaduna, fuel is sold between N720 and N800 along the Sabon-Tasha expressway by Command Junction, in the southern part of the state.
At the NNPC Mega stations along Stadium Roundabout and Aliyu Makama Road by Living Faith Church, Barnawa, fuel was being sold at N620 per litre but with a long queue.
At the black-market rate, motorists buy a gallon of petrol at N4,000 and N4,500 depending on the locations within the Kaduna metropolis and its environs.
NNPC spokesperson did not immediately respond to calls and messages seeking reaction on the developments on Sunday
Abuja scarcity lingers
Meanwhile, some filling stations in locations far from the city centre of the FCT dispensed Premium Motor Spirit, popularly called petrol, at N900/litre on Sunday, as the scarcity of the commodity lingered in Abuja and neighbouring Nasarawa and Niger states.
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Hundreds of motorists besieged the outlets operated by big dealers such as Nipco, Salbas, and Conoil, among others, to get the product at between N660/litre to N690/litre, whereas smaller stations operated by independent marketers sold the product at higher rates.
One of the remote stations along the Kubwa Village market road dispensed its product at N900/litre and had fewer queues compared to those at the few outlets of major dealers that sold petrol on Sunday.
Attendants at the Kubwa facility confirmed the position that was earlier stated by the National President of the Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, that the ex-depot price of petrol had been increased to N710/litre at depots.
“The price of petrol at depots is now more than N710/litre. You have to pay for transportation to bring it from Lagos, Port Harcourt or Warri to Abuja, That cost has to be factored in. There are other operational costs to include too.
“When you add all this, there is no way you will sell at even N800/litre and be able to get a sensible margin. This applies mainly to independent marketers who operate smaller stations.
“For the major marketers, some of them have their private depots, so they can afford to sell at lower prices,” an attendant who simply identified himself as Austin, stated.
The IPMAN president had earlier told our correspondent that some dealers closed their retail outlets due to their inability to access petrol as a result of the hike in the ex-depot price of the commodity to N710/litre by private depot owners.
He said private depot owners had raised the ex-depot price of PMS to N710/litre, whereas the pump price of the commodity at NNPC retail stations was N617/litre.
Maigandi said, “The current situation is a result of the way private depot owners have been selling their products. It has been very difficult for independent petroleum marketers to get the product and sell it in Abuja and neighbouring states, as well as in other states in the North.
“So the queues you are seeing now are because of the cost of PMS by private depots. The private depots are selling at N710/litre, but if you check the price of the same product at NNPC retail outlets, it is N617/litre.
“Therefore, by the time we independent marketers buy from private depots and bring it to our filling stations, we will not be able to sell our product because our cost price is already so high, while the cost at NNPC retail outlets is far lower.
“And you know that when we buy it at the rate of N710/litre we have to add transportation cost again because there is no equalisation. And when we add the cost of transportation, the pump price is going to be higher than the N710/litre ex-depot price, whereas NNPC stations sell at N617/litre.”
Maigandi explained that because of the widespread number of stations operated by IPMAN, any distortion in the supply of products to members of the group would eventually lead to fuel queues because major marketers and NNPC stations are fewer in number.
On whether IPMAN members cannot get direct PMS supply from NNPC, instead of buying the product from private depots, he replied, “That is what we have been negotiating with them (NNPC), and they promised us that they will start giving us our allocation.
“They have started but the quantity is small compared to the number of retail outlets operated by IPMAN nationwide. We are getting products from NNPC, but the volume is too small for our members.
“So we are requesting additional volumes because in Abuja alone we have over 250 retail outlets belonging to IPMAN members. This is just for Abuja, we’ve not talked about Niger, Kaduna, and other states in the North, not to talk of the number nationwide.”
Maigandi, however, stated that the queues for petrol were not pronounced in remote villages, adding that “when you go to the villages you will see that there are no queues.”
[Punch]
The brewery industry is now facing severe cost pressure as prices of local raw materials rise astronomically undermining their backward integration strategy.
Industry stakeholders said the cost pressures coming from sorghum, wheat and others would remain elevated, driven by the impact of rising inflation, insecurity across agricultural belts in the country as well as other macroeconomic challenges.
The brewers had embraced a backward integration strategy to help them save money against imports due to exchange rate volatility.
However, the strategy has now started failing with local raw materials expenses by leading brewers increasing 113.6 per cent to N188.0 billion at the end first quarter of 2024, Q1’24, from N88.0 billion a year earlier, Q1’23, and the industry interim reports have indicated further rises in Q2’24 with no respite projected for this year.
Industry experts are now worried that the failure of the policy would lead to a return of massive importation of raw materials despite the foreign exchange implication.
This development, they also believe, amounts to another blow to Nigeria’s industrialization and employment generation.
Meanwhile, Vanguard findings have also shown that under the rising cost pressures, the top four leading Nigeria’s breweries resorted to bank loans to support cash-flow thereby accumulating credits amounting to N812.7 billion in the first quarter of the year, Q1’24.
The amount indicates almost 29 percent increase in borrowing quarter-on-quarter.
Financial information from the four leading manufacturing companies listed on the Nigerian Exchange Limited, NGX, shows that the finance cost (interest on borrowing) jumped by 191.2 percent to N125.5 billion in Q1’24 from N 43.1 billion in the corresponding period of 2023, Q1’23.
The affected companies are Nigerian Breweries Plc, Guinness Nigeria Plc, International Breweries Plc, and Champion Breweries Plc.
Commenting on the challenges facing the manufacturing sector in general, Chairman of Dangote Group, Alhaji Aliko Dangote raised the alarm over the latest interest rate of 30 percent which came at the backdrop of the hike in Monetary Policy Rate, MPR, as announced by the nation’s apex bank, the Central Bank of Nigeria, CBN, saying that it is detrimental to businesses in the country, adding that manufacturers cannot cope with it.
According to him, “But as all of us can testify, our manufacturing sector has declined over the years, and has largely failed to provide the jobs it was expected to create for our teaming youths. It has also increasingly lost the strong linkages it once had with our agricultural and mining sectors which, if it had continued would have resulted in increasing food security, and energy self-sufficiency.”
However, despite the hike in the price of their products, there has not been respite yet for the industry as cost of sales and economic hardship escalates resulting in huge losses recorded by major brewers both in the full year 2023 and in the Q1’24.
The rising inflation, declining purchasing power, naira depreciation coming along with scarcity of foreign exchange, hike in petrol prices, and higher tariff for electricity, among others, have compelled the brewery industry to increase the prices of their products to remain afloat.
But the industry analysts fear that the product price hikes imposed by the breweries may further reduce the demand for the products.
Losses
Meanwhile, the challenges have led the brewers to a combined loss after tax amounting N169.7 billion in the Q1’24, a massive 1034 percent rise from N14.9 billion recorded in the corresponding period of 2023, Q1’23.
In the Q1’24, the brewery industry recorded a combined Foreign Exchange, FX, loss of N272.9 billion, indicating a mind-blowing 1342 percent rise from the N18.9 billion they recorded in Q1’23, largely induced by the impact of the devaluation of the naira on their foreign exchange transactions from raw materials among others.
Also the industry’s cost of sales soared by 250.9 percent to N278.5 billion from N79.3 billion in Q1’23, while the net finance cost soared by 616.1 percent to N191.2 billion from N22.7 billion in Q1’23.
Increase in price of products
Nigeria’s inflation as of May this year stands at 33.95% according to National Bureau of Statistics, NBS. The brewery sector players are responding to this, by raising the price of their products.
Vanguard’s finding has shown that major brewery companies listed on the Nigerian Exchange Limited, NGX have raised prices of their products either directly or indirectly more than three times in one year and some twice in the first half of this year.
For instance, International Breweries Plc has raised the price of its products two times this year. Just, in April this year, the company announced that its product price would increase with effect from June 1, 2024.
The notice, which was signed by its District Manager, West, Mr Hans Darfour, noted: “All orders created in the system before 23:59 hours of February 29, 2024, will be charged at the current prices.
“All invoices issued by (or after) 00:00 hours of March 1, 2024, will have the new prices, without any exceptions.
“The price on the invoice will depend only on the time and date of invoicing, regardless of when the order was placed. “We urge all our business partners to follow this price chain to keep up with the excellent sales growth in past months and, at the same time, maximise your profits.”
Guinness announced a notice for its increment titled, “Price increase by Guinness Nigeria Plc – Selected Brands,” signed by its Commercial Director, Mr. Olusanya Adesanya, stating: “Following the prevailing economic realities which have impacted significantly on the costs of our production materials and cost of doing business, this is to inform you that we plan to take a price increase on selected Stock Keeping Units, SKUs in our Beer and MSS category.
“This new price structure will be effective from Wednesday, March 13, 2024, and further details will be communicated subsequently.”
Nigerian Breweries Plc approved a second price change in February, 2024 according to information from sources close to the firm.
International Breweries said it has increased prices of its various product offerings in Nigeria. The brewer said in a statement that reviewing prices in its portfolio has become necessary due to current market realities, and was done to serve its customers better.
Head of Sales of the company, Olaleye Abimbola, disclosed that it is confident that the decision to review the prices benefits all its partners.
Fallouts
In response to the difficult operating environment, Nigerian Breweries indicated plans for a company-wide re-organisation as part of a strategic recovery measure.
A letter signed by Nigerian Breweries’ Human Resources Director, Grace Omo-Lamai, and sent to the leadership of the National Union of Food, Beverage & Tobacco Employees (NUFBTE) and the Food Beverage and Tobacco Senior Staff Association (FOBTOB), stated that its proposed plan would include a temporary suspension of operations in two of its nine breweries. As a result, and by labour requirements, the company invited the unions to discussions on the implications of the proposed measures.
Commenting, Managing Director/CEO of Nigerian Breweries Plc, Hans Essaadi said: “We recognise and regret the impact that the suspension of brewery operations in the two affected locations may have on our employees. We are committed to limiting the impact on our people as much as possible by exhausting all options available including the relocation and redistribution of employees to our other seven breweries, and providing strong support and severance packages to all those that become unavoidably affected. We are also committed to supporting our host communities in ways that ensure they continue to feel our presence.”
Guinness Nigeria Plc, in Q1’24 recorded a loss after tax of N56.4 billion, and FX loss of N 37.0 billion.
Analysts’ comments
Analysts at Cardinalstone Research, while commenting on Guinness’s performance said: “We expect cost pressures to remain elevated, driven by the impact of rising inflation on locally sourced raw materials (e.g. sorghum) and foreign exchange volatility on imported products, notably the international premium spirits portfolio. Given that raw materials make up over 50.0% of the cost of sales, we envisage a compression in gross profit margin to 32.0% in full-year 2023/24 as against 34.1% in full-year 2022/23.”
Reacting to the development in the brewery industry, Clifford Egbomeade, Economy and Communications expert, said: “The poor performance and losses in the brewery industry in Nigeria can be attributed to various factors. One major challenge is the intense competition in the market, with several local and international players vying for a share of the market.
“The industry has also been affected by the harsh economic climate in Nigeria, which has led to a decline in consumer purchasing power and a shift towards affordable alternatives. Moreover, the industry has been impacted by the increase in excise duties and taxes, which has raised production costs and forced some brewers to increase prices. The industry has also been affected by the ongoing forex crisis, which has made it difficult for brewers to access foreign exchange to import raw materials and equipment.
“Unfortunately, some brewery companies in Nigeria might face closure or consolidation due to the challenging market conditions. Already, some breweries have begun to downsize or halt production, leading to job losses and economic hardship for affected communities and citizens alike.
Commenting also, David Adonri, analyst and Executive Vice Chairman, High Cap Securities Limited, said: “Their fortunes worsened after the government floated the Naira last year as many of them suffered FX losses that caused their balance sheets to become negative. Also, due to galloping inflation that had eroded the purchasing power of consumers and the high cost of production which has priced their products out of the reach of many consumers, the profitability of brewing companies has evaporated.
“Many consumers can no longer afford drinks manufactured by breweries. Due to consumer resistance, many traders in brewed drinks are suffering from loss of income. The quantum of tax that the government usually collects from breweries can no longer be assured. Many direct and indirect jobs have been lost due to the crisis in the brewery industry. The overall impact on the economy is the decline of the contribution of the industry to GDP.”
In his recommendation, he said: “ To avoid shutting down, many breweries are trying to re-capitalize to boost their working capital and extinguish short-term liabilities. IB Plc is currently running a Rights Issue while NB Plc is expected to hit the capital market very soon to raise capital. The breweries understand the huge potential of the Nigerian market and are determined to weather the storm. They know that the challenges are temporary and that their businesses will boom again when the economy rises to the new price level.”
[Vanguard]
Forty-eight students from 16 higher institutions in Nigeria have qualified for the finals of the maiden edition of University Duel.
University Duel is a competition for undergraduates to test their ability to apply theoretical knowledge to real-world challenges.
The 48 students were selected from 167 applicants from over 50 higher institutions — public and private — across Nigeria who participated in a series of tests.
The qualified schools earned their qualifications after presenting their top students in science, technology and innovation. The students competed for the four available spots per category.
According to the results, the University of Lagos (UNILAG), represented by Ogunyemi Oluwatobi, Mulero Raphael, and Okeke John-Paul, took the overall top spot with an average score of 93.3 percent. Covenant University, represented by Chukwuma Gift, Kayode Toluwani and Afinotan Alero, placed second with an average score of 91.3 percent.
The Obafemi Awolowo University (OAU) scored 84 percent, the University of Ilorin (UNILORIN) earned 82.7 percent, the Federal University of Technology, Akure (FUTA) gathered 82 percent, while the University of Nigeria Nsukka (UNN) had 80.7 percent.
Other qualified schools are the University of Benin (UNIBEN), Ladoke Akintola University of Technology (LAUTECH), University of Port-Harcourt (UNIPORT), Yaba College of Technology (YABATECH), Olabisi Onabanjo University (OOU), Lagos State University (LASU), Kaduna State University, Achievers University, Bells University of Technology and Veritas University, Abuja.
Oladapo Ojo, chief content developer at DM Holdings and executive producer of University Duel, said television stations nationwide will air the finals.
“We are incredibly proud of the performances of the students on the University Duel 2024-25 who have demonstrated outstanding intellectual prowess and hard work to reach the finals, which will be filled with a great learning experience for all as this will be beamed live on TV/Digital,” he said.
“University Duel is a platform that celebrates the passion, ingenuity, and dedication of Nigeria’s future STEM leaders. This competition will not only highlight the academic excellence within our universities but also foster a spirit of camaraderie and prepare students towards a great career after graduation. University Duel will also connect with the alumni and the general public, thereby producing the next generation of scientists, engineers and Innovators.”
The date for the commencement of the competition is yet to be announced.
[TheCable]
The National Drug Law Enforcement Agency (NDLEA) has arrested Ige Babatunde, the Ba’ale of Akarabata in Ile-Ife, for alleged drug trafficking.
In a statement on Sunday, Femi Babafemi, NDLEA spokesperson, said 50-year-old Babatunde was apprehended on Friday with 5kg of “fresh cannabis plants”.
The agency also said Yusuf Abdulrahman, a 25-year-old youth corps member, was arrested at Corpers Lodge in the Sumaila area of Kano, with 1.250kg of Loud.
He added that the NDLEA also raided the Lagos base of a “high-profile cocaine syndicate” headed by Agbakoba John Mmadu and his wife.
He said large consignments of cocaine meant for export and local distribution were recovered during the raid.
“Seven parcels of cocaine with a total weight of 7.652 kilograms were recovered from Mmadu at Ago Palace Way,” the statement reads.
“One hundred and twenty-two (122) compressed pellets of the same drug weighing 2.42kg were seized from Ijeoma and Ifeoma at Lilly Estate, bringing the total seizure to 10.1 kilograms valued at over N2.1 billion in street value.”
Babafemi added that NDLEA operatives in Benue intercepted a consignment of 350 grams of cocaine at a checkpoint along Enugu Road on Thursday.
“The illicit drug was concealed in an MP3 speaker sent as a waybill parcel. A swift follow-up operation at Flight motor park in Otukpo led to the arrest of the owner, 25-year-old Odeh Anthony,” the statement added.
“Meanwhile, NDLEA officers on a stop-and-search operation along Ngurore-Yola road in Adamawa state on Wednesday, July 3, arrested a Chadian, Yves Ahmat Gali, in a commercial bus coming from Kano to Yola.
“The suspect was found with a loudspeaker used to conceal 20 compressed blocks and nine plastic containers of Loud, a strong strain of cannabis weighing 5.200kg.
“In Kano, operatives on Wednesday, July 3, arrested a youth corps member, Yusuf Abdulrahman, 25, at Corpers Lodge, Sumaila area of the city, with 1.250kg of Loud, while in Osun state, the head of Akarabata community in Ile-Ife, Ba’ale Ige Babatunde, 50, was on Friday, July 5, arrested with fresh cannabis plants that weighed 5kg.
“Two suspects, Monday Ali, 49, and Jimoh Alewi, 37, were arrested when NDLEA operatives raided Ikota forest in Ifedore LGA, Ondo state, where a total of 42,500kg of cannabis was destroyed on 17 hectares of farmland while 73.5kg of the same substance was recovered for the prosecution of the suspects during a five-day operation that ended on Monday, July 1.
“In Abuja, the FCT, NDLEA operatives on Saturday, July 6, arrested the duo of Sanusi Mamman, 28, and Usaini Ibrahim, 20, in a vehicle along Abaji-Gwagwalada with 1,132 bottles of codeine syrup; 13,540 pills of tramadol; 50,000 pills of diazepam; and 59 pills of rophynol. The suspects claimed they were bringing the opioids from Onitsha, Anambra state.
“With the same drive, commands and formations of the agency across the country continued their War Against Drug Abuse (WADA) sensitization activities in schools, worship centres, workplaces, and communities among others in the past week.
“These include WADA enlightenment lecture for students of Community Grammar School (Junior), Aroro, Ibadan, Oyo state; students of Candy Secondary School, Agu Awka, Anambra state; students of Community High School, Umuida, Enugu Ezike, Enugu state; students of School for Arabic and Islamic Studies, Kofar Nasarawa, Kano state; and WADA sensitisation lecture organized by Zone M Zonal Command of NDLEA at Sabo motor park, Kaduna, among others.”
The statement said Buba Marwa, NDLEA chairman, commended the officers and men of the special operations unit in Osun, Benue, Ondo, Kano, and FCT commands for the arrests and seizures, while charging them to “maintain the tempo”.
A 40-year-old mother, identified as Rafiat Sheriff and her seven-year-old daughter, Asisat, on Saturday, lost their lives in a gas explosion that occurred on Ebute Road, Ibafo area of Ogun State.
Vanguard gathered that Rafiat had instructed her seven-year-old daughter to cook their dinner.
Confirming the incident, yesterday, spokesperson for the Ogun State Police Command, Omolola Odutola, said: “The incident occurred last night (Saturday night) when the mother told her seven-year-old daughter to cook.
“The girl was attempting to light up the gas cylinder when the entire house went up in flames.
“The mother and the child lost their lives in the explosion. Two other girls, including one of the children of the deceased, are currently receiving treatment in the hospital.”
The brewery industry is now facing severe cost pressure as prices of local raw materials rise astronomically undermining their backward integration strategy.
Industry stakeholders said the cost pressures coming from sorghum, wheat and others would remain elevated, driven by the impact of rising inflation, insecurity across agricultural belts in the country as well as other macroeconomic challenges.
The brewers had embraced a backward integration strategy to help them save money against imports due to exchange rate volatility.
However, the strategy has now started failing with local raw materials expenses by leading brewers increasing 113.6 per cent to N188.0 billion at the end first quarter of 2024, Q1’24, from N88.0 billion a year earlier, Q1’23, and the industry interim reports have indicated further rises in Q2’24 with no respite projected for this year.
Industry experts are now worried that the failure of the policy would lead to a return of massive importation of raw materials despite the foreign exchange implication.
This development, they also believe, amounts to another blow to Nigeria’s industrialization and employment generation.
Meanwhile, Vanguard findings have also shown that under the rising cost pressures, the top four leading Nigeria’s breweries resorted to bank loans to support cash-flow thereby accumulating credits amounting to N812.7 billion in the first quarter of the year, Q1’24.
The amount indicates almost 29 percent increase in borrowing quarter-on-quarter.
Financial information from the four leading manufacturing companies listed on the Nigerian Exchange Limited, NGX, shows that the finance cost (interest on borrowing) jumped by 191.2 percent to N125.5 billion in Q1’24 from N 43.1 billion in the corresponding period of 2023, Q1’23.
The affected companies are Nigerian Breweries Plc, Guinness Nigeria Plc, International Breweries Plc, and Champion Breweries Plc.
Commenting on the challenges facing the manufacturing sector in general, Chairman of Dangote Group, Alhaji Aliko Dangote raised the alarm over the latest interest rate of 30 percent which came at the backdrop of the hike in Monetary Policy Rate, MPR, as announced by the nation’s apex bank, the Central Bank of Nigeria, CBN, saying that it is detrimental to businesses in the country, adding that manufacturers cannot cope with it.
According to him, “But as all of us can testify, our manufacturing sector has declined over the years, and has largely failed to provide the jobs it was expected to create for our teaming youths. It has also increasingly lost the strong linkages it once had with our agricultural and mining sectors which, if it had continued would have resulted in increasing food security, and energy self-sufficiency.”
However, despite the hike in the price of their products, there has not been respite yet for the industry as cost of sales and economic hardship escalates resulting in huge losses recorded by major brewers both in the full year 2023 and in the Q1’24.
The rising inflation, declining purchasing power, naira depreciation coming along with scarcity of foreign exchange, hike in petrol prices, and higher tariff for electricity, among others, have compelled the brewery industry to increase the prices of their products to remain afloat.
But the industry analysts fear that the product price hikes imposed by the breweries may further reduce the demand for the products.
Losses
Meanwhile, the challenges have led the brewers to a combined loss after tax amounting N169.7 billion in the Q1’24, a massive 1034 percent rise from N14.9 billion recorded in the corresponding period of 2023, Q1’23.
In the Q1’24, the brewery industry recorded a combined Foreign Exchange, FX, loss of N272.9 billion, indicating a mind-blowing 1342 percent rise from the N18.9 billion they recorded in Q1’23, largely induced by the impact of the devaluation of the naira on their foreign exchange transactions from raw materials among others.
Also the industry’s cost of sales soared by 250.9 percent to N278.5 billion from N79.3 billion in Q1’23, while the net finance cost soared by 616.1 percent to N191.2 billion from N22.7 billion in Q1’23.
Increase in price of products
Nigeria’s inflation as of May this year stands at 33.95% according to National Bureau of Statistics, NBS. The brewery sector players are responding to this, by raising the price of their products.
Vanguard’s finding has shown that major brewery companies listed on the Nigerian Exchange Limited, NGX have raised prices of their products either directly or indirectly more than three times in one year and some twice in the first half of this year.
For instance, International Breweries Plc has raised the price of its products two times this year. Just, in April this year, the company announced that its product price would increase with effect from June 1, 2024.
The notice, which was signed by its District Manager, West, Mr Hans Darfour, noted: “All orders created in the system before 23:59 hours of February 29, 2024, will be charged at the current prices.
“All invoices issued by (or after) 00:00 hours of March 1, 2024, will have the new prices, without any exceptions.
“The price on the invoice will depend only on the time and date of invoicing, regardless of when the order was placed. “We urge all our business partners to follow this price chain to keep up with the excellent sales growth in past months and, at the same time, maximise your profits.”
Guinness announced a notice for its increment titled, “Price increase by Guinness Nigeria Plc – Selected Brands,” signed by its Commercial Director, Mr. Olusanya Adesanya, stating: “Following the prevailing economic realities which have impacted significantly on the costs of our production materials and cost of doing business, this is to inform you that we plan to take a price increase on selected Stock Keeping Units, SKUs in our Beer and MSS category.
“This new price structure will be effective from Wednesday, March 13, 2024, and further details will be communicated subsequently.”
Nigerian Breweries Plc approved a second price change in February, 2024 according to information from sources close to the firm.
International Breweries said it has increased prices of its various product offerings in Nigeria. The brewer said in a statement that reviewing prices in its portfolio has become necessary due to current market realities, and was done to serve its customers better.
Head of Sales of the company, Olaleye Abimbola, disclosed that it is confident that the decision to review the prices benefits all its partners.
Fallouts
In response to the difficult operating environment, Nigerian Breweries indicated plans for a company-wide re-organisation as part of a strategic recovery measure.
A letter signed by Nigerian Breweries’ Human Resources Director, Grace Omo-Lamai, and sent to the leadership of the National Union of Food, Beverage & Tobacco Employees (NUFBTE) and the Food Beverage and Tobacco Senior Staff Association (FOBTOB), stated that its proposed plan would include a temporary suspension of operations in two of its nine breweries. As a result, and by labour requirements, the company invited the unions to discussions on the implications of the proposed measures.
Commenting, Managing Director/CEO of Nigerian Breweries Plc, Hans Essaadi said: “We recognise and regret the impact that the suspension of brewery operations in the two affected locations may have on our employees. We are committed to limiting the impact on our people as much as possible by exhausting all options available including the relocation and redistribution of employees to our other seven breweries, and providing strong support and severance packages to all those that become unavoidably affected. We are also committed to supporting our host communities in ways that ensure they continue to feel our presence.”
Guinness Nigeria Plc, in Q1’24 recorded a loss after tax of N56.4 billion, and FX loss of N 37.0 billion.
Analysts’ comments
Analysts at Cardinalstone Research, while commenting on Guinness’s performance said: “We expect cost pressures to remain elevated, driven by the impact of rising inflation on locally sourced raw materials (e.g. sorghum) and foreign exchange volatility on imported products, notably the international premium spirits portfolio. Given that raw materials make up over 50.0% of the cost of sales, we envisage a compression in gross profit margin to 32.0% in full-year 2023/24 as against 34.1% in full-year 2022/23.”
Reacting to the development in the brewery industry, Clifford Egbomeade, Economy and Communications expert, said: “The poor performance and losses in the brewery industry in Nigeria can be attributed to various factors. One major challenge is the intense competition in the market, with several local and international players vying for a share of the market.
“The industry has also been affected by the harsh economic climate in Nigeria, which has led to a decline in consumer purchasing power and a shift towards affordable alternatives. Moreover, the industry has been impacted by the increase in excise duties and taxes, which has raised production costs and forced some brewers to increase prices. The industry has also been affected by the ongoing forex crisis, which has made it difficult for brewers to access foreign exchange to import raw materials and equipment.
“Unfortunately, some brewery companies in Nigeria might face closure or consolidation due to the challenging market conditions. Already, some breweries have begun to downsize or halt production, leading to job losses and economic hardship for affected communities and citizens alike.
Commenting also, David Adonri, analyst and Executive Vice Chairman, High Cap Securities Limited, said: “Their fortunes worsened after the government floated the Naira last year as many of them suffered FX losses that caused their balance sheets to become negative. Also, due to galloping inflation that had eroded the purchasing power of consumers and the high cost of production which has priced their products out of the reach of many consumers, the profitability of brewing companies has evaporated.
“Many consumers can no longer afford drinks manufactured by breweries. Due to consumer resistance, many traders in brewed drinks are suffering from loss of income. The quantum of tax that the government usually collects from breweries can no longer be assured. Many direct and indirect jobs have been lost due to the crisis in the brewery industry. The overall impact on the economy is the decline of the contribution of the industry to GDP.”
In his recommendation, he said: “ To avoid shutting down, many breweries are trying to re-capitalize to boost their working capital and extinguish short-term liabilities. IB Plc is currently running a Rights Issue while NB Plc is expected to hit the capital market very soon to raise capital. The breweries understand the huge potential of the Nigerian market and are determined to weather the storm. They know that the challenges are temporary and that their businesses will boom again when the economy rises to the new price level.”
A former presidential media aide, Doyin Okupe, has called for a political solution to the current upheavals in Rivers State.
Okupe, in an interview with newsmen in Lagos on Sunday, lamented that the current happenings in Rivers State are taking dangerous dimensions, describing the situation as a misfortune.
The former Labour Party (LP) chieftain said the happenings in the oil-rich state are about interests, and to resolve the issues, a political solution must be deployed.
He stated further that the crisis in the state was caused by disregard for rules and laws and shouldn’t have surfaced at all if laws were obeyed.
He said, “That is a total misfortune, and the real issue if we look at it properly, is that we do not obey our laws. if only we obey our laws, this situation cannot surface at all.
“The courts have to help, the judiciary must be consistent, fair and judge according to law, not any other sentiment.
“Let us all obey our laws and our rules and let the court adjudicate according to the law and anybody who flouts the law should pay for it.
“The way things are going in Rivers right now is dangerous, but a political solution is what I will suggest, as a very experienced politician.”
Okupe suggested that the interest of all aggrieved parties in the Rivers political crisis must be brought to the table and an acceptable middle ground agreed upon.
He said, “In all my years of politics, I have never seen anything in this world that a political solution cannot resolve in all political disagreements.
“Politics is about interest. What is the interest of A and what is the interest of B, and how can we marry them? That’s is all.”
Rivers State has been engulfed in a political crisis arising from a disagreement between the State Governor, Siminalayi Fubara, and his predecessor, who is the incumbent Minister of the Federal Capital Territory (FCT), Nyesom Wike.
The rift has also divided the State House of Assembly into two factions, with both parties currently in court to get the law on their sides.
Popular socialite, Ismaila Mustapha, also known as Mompha, has responded after the Economic and Financial Crimes Commission EFCC asked him to prove his allegations that they are the most corrupt agency.
This response comes in the wake of the EFCC’s claims that a colossal sum of N35 billion was discovered in his bank accounts.
Momoha, facing a money laundering case brought by the EFCC, in a post via Instagram wrote, “The most useless and corrupt Nigeria government agency @officialefcc.”
However, the EFCC, in a statement by the Head of Media & Publicity, Dele Oyewale, challenged Mompha to show proof that they are corrupt.
In a post via his Instagram page, Mompha said the fact that the anti-graft agency responded to him shows how it is “useless and jobless.”
He wrote, “My attention has once again been drawn to the social media tantrum of the efcc demanding that I prove corruption allegation against them. The fact that the commission, particularly their chairman could stoop so low to respond to my post shows clearly how useless, jobless the efcc is and how they waste taxpayers money on exchanging banters on social media.
“Now, I won’t bother to dwell on the trumped-up charges that was cooked up against me for personal gains by some of their corrupt officials and mere media trial because the fact speaks for itself but will rather dwell on how useless this commission under the leadership of the Chairman Cos why will the efcc on Friday, 5th of July, 2024 step outside of their constitutional duty and litter armed men on the streets of Lagos and Abuja all in the name of preventing citizens from protesting against the corruption being displayed by the Efcc, thereby infringing on their fundamental right to lawfully protest and preventing innocent citizens from going about their lawful business.
“Another example is beating up innocent citizens during their illegal and night raids ( we all saw what happened in Ondo state and recently in Lagos which the commission reluctantly admitted on its social media platform)
Now back to my case, the efcc claimed they have “overwhelming evidence of my involvement in money laundering”, however the question is; who is this faceless person I laundered money for?; does the person not have a name?; did you mention the name of the person in the trumped-up charges before the court?.
“Your commission is clearly the one drowning and clutching to any straw, when they quickly rushed to the media to post one side of the evidence of your witness in court when he was yet to be cross examined just to gain social media trend with my name, whereas all he said in court were lies with no evidential proof, which would all come to light on the next court date. To confirm how useless they are again ??? they will reply me again and i will be waiting with more proof ???? @officialefcc”
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During the WWE Money in the Bank event held in Toronto, Canada, John Cena confirmed that he will be stepping away from in-ring competition in the year 2025.
Cena specifically mentioned that his final appearances will take place at the 2025 Royal Rumble, Elimination Chamber, and WrestleMania 41, all scheduled to be held in Las Vegas.
Donning a ‘John Cena Farewell Tour 2025’, the 16-time world champion said: “I’ve been in the WWE for over two decades and in that time, I’ve seen incredible waves of prosperity like we got right now. WWE is the hottest ticket in town, no doubt, but I have also seen true hardship, that’s when no one knows your name, nobody wants to be your friend, and only the most dedicated and hardcore fans stand by your side.”
John Cena expressed his desire to participate in the transition of Raw to Netflix in January.
Cena entered the WWE scene in 2002. Nonetheless, starting in 2018, he has taken on a less full-time position within the company to concentrate on his acting projects.
The year 2023 will likely be remembered as a tumultuous one for Nigeria’s economy, with companies facing challenges such as exchange rate depreciation, rampant inflation, and weakening purchasing power.
Despite these obstacles, corporate Nigeria continued to provide services, pay salaries, contribute taxes, support local communities, and reward shareholders with dividends.
In navigating these economic challenges, the Managing Directors (MDs) and Chief Executive Officers (CEOs) of Nigeria’s listed companies played a crucial role. These executives were responsible for steering their organizations through both successes and difficulties, making decisions that often led to either praise or scrutiny.
Nairametrics’ research reveals that the highest-earning MDs and CEOs amassed a combined total of N7.9 billion in 2023. This represents a significant increase from the N4.227 billion combined salaries in 2022, reflecting a notable rise of N3.749 billion.
Whilst some of the companies they oversee reported massive losses due to exchange rate depreciation, they did deliver higher revenue growth leveraging on adaptive marketing and operational strategies.
A review of revenue figures shows that around 30 leading Nigerian companies reported a combined revenue of N11.4 trillion in 2023, up from N9.1 trillion in 2022. This growth spans multiple industries, including consumer goods, industrials, technology, oil and gas, and agriculture.
Commercial banks also performed well, with the top 10 listed banks, including the FUGAZ group, reporting N11.6 trillion in gross earnings, driven largely by significant forex gains.
In the following sections, we explore the profiles and earnings of the highest-paid MDs and CEOs in Nigeria for 2023, offering insights into the strategies and achievements that contributed to their impressive remuneration.
Babatunde Fajemirokun is the Managing Director and CEO at AIICO Insurance PLC, a position he has held since August 14, 2019. In 2023, he earned N233 million, a notable increase from N213 million in 2022.
Fajemirokun’s journey at AIICO Insurance PLC began in May 2009 in the Life Insurance Division, where he was responsible for value-enhancing projects.
- Before joining AIICO, he served as Divisional Head of Operations & Technology (2009-2013), Chief Operating Officer (2013-2017), and Group Chief Business Officer (2017-2019).
- He began his career in academia in 2001 as a visiting lecturer at Glasgow Caledonian University. He worked with Accenture, Lagos (2003-2007), and Capgemini Consulting, UK (2008-2009), providing consulting services to financial services and government clients.
- Babatunde also holds external positions as a Non-Executive Director at Food Concepts Plc and Xerox Corporation Nigeria.
- He is a Fellow of the Society of Underwriting Professionals (FCII), a Chartered Insurer, and a member of the Chartered Insurance Institute UK. He has an MBA from the University of Chicago Booth School of Business (2013), a Master’s in Business Information Strategy from the University of Strathclyde (2002), and a Bachelor’s in Business Economics from Glasgow, UK (2000).
Under his leadership AIICO’s profit before income tax from continuing operations saw a substantial increase of 571%, rising from N1.79 billion in 2022 to N12.03 billion in 2023. The
AIICO’s net profit for the year surged by 159%, reaching N11.57 billion in 2023, up from N4.47 billion in the previous year. The N7.10 billion increase highlights the company’s strong financial health and successful strategic initiatives.
Tim Kleinebenne is the Managing Director of Unilever Nigeria, a position he took on in April 2023. He earned an annual remuneration of N313 million an increase from N198 million paid to Carl Cruz the former MD in 2022.
- Kleinebenne graduated in Business Economics from the University of Hamburg in Germany and is a highly experienced General Manager with 31 years of international experience in the Fast-Moving Consumer Goods industry at Unilever.
- His career at Unilever includes senior roles in sales and marketing, and he has over 10 years of experience as Managing Director of various Unilever businesses, including two that were publicly listed.
- Currently, Kleinebenne is the Managing Director of Unilever Côte d’Ivoire. He previously served as Managing Director of Unilever Ethiopia, where he established and grew the business into a leading local consumer goods manufacturer, and as Managing Director of Unilever Caribbean.
Segun Agbaje is the Group Chief Executive Officer of Guaranty Trust Holding Company Plc (GTCO Plc), a leading African financial services group with a customer base across ten African countries and the United Kingdom. In 2023 his salary was N457 million an uptick from N4446 million paid in 2022.
With over 30 years of experience in investment, commercial, and international banking, Mr. Agbaje is recognized as one of Africa’s top CEOs.
- He holds a Bachelor of Science in Accounting and an MBA from the University of San Francisco and is an alumnus of Harvard Business School.
- Agbaje previously served as CEO and Managing Director of Guaranty Trust Bank Plc from June 2011 to July 2021, where he led significant growth, expanding the customer base from under 3 million to over 24 million and increasing profit before tax from N45.5 billion in 2010 to N238.1 billion in 2020.
- In July 2021, he became Group CEO of GTCO Plc, overseeing the establishment of strategic non-banking businesses in payments, asset management, and pension fund administration. His vision and leadership have positioned GTCO Plc for continued success as Africa’s leading financial services group.
The GTbank Group reported a profit before tax of N609.3 billion, marking a 184.5% increase from the N214.2 billion recorded in the year ending December 2022. Additionally, the Group’s net loan book saw a rise of 31.5%, growing from N1.89 trillion in December 2022 to N2.48 trillion in December 2023.
Hans Essaadi is the Managing Director and Chief Executive Officer. He was appointed on August 2, 2021. He earned a salary of N486 million in 2023, a rise from his pay of N320 million in 2022.
- Essaadi, an industry veteran with 33 years of experience, was appointed CEO designate in May and succeeded Jordi Borrut Bel, who served from January 2018 to July 2021.
- Prior to his appointment, Essaadi was the Managing Director of AlHaram Beverages, HEINEKEN’s operation in Egypt.
- He started his career with the HEINEKEN Group as a Sales Representative in 1991, advancing through various senior roles in Sales, Export, and Marketing.
- His international career with HEINEKEN began as Country Manager in Puerto Rico, followed by a role as General Manager of Brau Union International in Austria. He then served as General Manager of Sirocco in the UAE, and later as Managing Director of HEINEKEN Malaysia Berhad from 2013 to 2018 before his tenure in Egypt.
Nairametrics reported that Unilever Nigeria posted a pre-tax profit of N21.9 billion in 2023, a 151% increase from the N8.7 billion in 2022.
The company’s audited financial statements for 2023 showed a revenue of N103.9 billion, up 51.3% from N68.6 billion in 2022. Profit after tax in 2023 was N16.4 billion, a 205% rise from the N5.4 billion recorded in 2022.
Dr. Seye is the Managing Director of TotalEnergies Marketing Nigeria Plc. With over 25 years in the oil and gas industry, he joined Seplat in 2013 as CFO, became CEO in 2020. In 2023 he was paid N544 million an increase from N291 million earned in 2022.
- He holds a Doctorate in Engineering from the University of Sciences and Techniques of Lille, France, where he served as an assistant lecturer from 1990 to 1993.
- Seye began his industry career at Shell, working in various capacities before joining Total Marketing and Services in 2014 as a Project Manager in the Strategy Department.
- In 2015, he was appointed Deputy Executive Vice President for West Africa, a role he held until 2016, when he became Vice President of Specialties and General Trade for Total MS Africa. In 2017, he was promoted to Executive Vice President for West Africa, Total MS Africa.
- In addition to his executive roles, Dr. Seye has been a member of the TotalEnergies SE Ethics Committee since 2019.
Total Energies and Marketing Plc has released its full-year 2023 financial result posting a profit after tax of N12.912 billion amidst economic headwinds. The group’s profit after tax dropped by 19.89% to N12.912 billion from N16.118 billion reported in 2022. This was based on increasing inflation which the economy continues to struggle with.
Arvind Pathak was appointed Group Managing Director of Dangote Cement Plc on 1 March 2023. With over 36 years of experience in the cement industry, he was paid a salary of N609 million in 2023 a drop from the N706 million paid to Michel Puchercofs, his predecessor.
- Pathak is a seasoned business leader who previously served as MD and CEO of Birla Corporation Ltd.Before his current role, Mr. Pathak was the Chief Operating Officer and Deputy Group Managing Director of Dangote Cement Plc until 2021.
- He also served as CEO of Reliance Cement from 2008 to 2015 and was the Regional CEO of Associated Cement Company Limited.
- Pathak holds a degree in Electrical Engineering (1980) and a postgraduate degree in Industrial Engineering and Management (1982). He has received training from various international management colleges and was a Fulbright scholar
Dangote Cement led in revenue for 2023, reporting N2.208 trillion out of the total N3.074 trillion revenue, marking a 36.4% YoY growth. The Group’s profit for 2023 rose by 19.2% to N455.6 billion, compared to N382.3 billion in 2022.
It continued its strong performance in Q1, with revenue surging by 101% YoY to N817.350 billion, representing about 73% of the three companies’ revenue in Q1. This highlights its continued market dominance.
Roger Brown joined Seplat as Chief Financial Officer in 2013. Following Mr. Avuru’s retirement, Brown was appointed CEO and assumed the role on the 1st August 2020. He earned a remuneration of N746 million a rise compared to N500 million paid to Avuru in 2022.
- With a background in finance, he is a qualified Chartered Accountant with the Institute of Chartered Accountants of Scotland and also a member of Association of National Accountants of Nigeria.
- Brown has over 25 years’ experience in the financial sector, primarily focused on emerging markets with extensive experience in structuring energy and infrastructure transactions on the African continent. Before joining the Company, he was Managing Director of Oil and Gas EMEA for Standard Bank Group.
According to Seplat Energy Plc full year 2023 financial result the group’s profit after tax grew by 83% to N81.330 billion from N44.433 billion reported in 2022. The company reported a pre-tax profit of N125.5 billion, marking a substantial 44.75% increase from the N86.7 billion recorded in FY 2022. It recorded a N696 billion revenue up by 72.54% from N403.9 billion in 2022.
Engr. Lars Richter, is the CEO of Julius Berger and a distinguished German national. Appointed to the board of Julius Berger Nigeria Plc on October 16, 2018.In 2023 he earned a remuneration of N888 million a significant hike from N418 million recorded in 2022.
- Graduating from the esteemed Technical University of Berlin and the Technical University of Darmstadt in Germany, Dr. Richter commenced his professional journey with Bilfinger Berger AG in 2002.
- He began his tenure with Julius Berger Nigeria Plc in November 2009.
- He serves as a Member of the Board of Directors at PrimeTech Design and Engineering Nigeria Ltd., contributing his expertise to furthering engineering innovation. Additionally, he holds a position on the Shareholder’s Advisory Council of Julius Berger International GmbH, where he advises on international strategies and operations.
- Richter holds a Doctorate in Civil Engineering, and his professional qualifications and affiliations include membership in the Council for the Regulation of Engineering in Nigeria (COREN) and being a Fellow of the Nigerian Institute of Quantity Surveyors (FNIQS).
Nairametrics reported that Julius Berger’s revenue growth of 1.17% YoY in 2023 below its five-year compound annual growth rate of 11% might create doubt about the company’s ability to sustain the growth.
Moreover, profit growth in 2023 was striking surpassing its five-year growth rate driving earnings per share to N7.96, representing an impressive 61% YoY increase.
9. 2 Karl Toriola (MTN Nigeria) – N1.6 billion
[Nairametrics]
The Nigerian Education Loan Fund (NELFUND) has announced that students enrolled in 36 state-owned tertiary institutions can now apply for student loan effective from Sunday, July 7, 2024.
NELFUND said the management of the institutions had successfully submitted their student data to the NELFUND Student Verification System (SVS).
This was contained in a post made at the Fund’s X handle on Sunday.
Recall that the management of the Fund has postponed the application for the loan by two weeks for state-owned institutions on the ground that many of them failed to upload the required student data and fees information to the NELFUND Student Verification System (SVS).
The Fund however urged all other state-owned tertiary institutions to submit their complete student data to the NELFUND Student Verification System timely to enable their students benefit from the scheme.
Meanwhile, students from the following state institutions can now apply for the loan: Adamawa State University, Mubi; Ramat Polytechnic, Maiduguri; Borno State University; Mohammed Lawan College of Agriculture, Borno State; Edo State University, Uzairue; Ekiti State University, Ado-Ekiti; Gombe State University; Kingsley Ozumba Mbadiwe University, Imo State; Imo State University of Agriculture and Environmental Sciences Umuagwo; Nuhu Bamalli Polytechnic, Zaria; Yusuf Maitama Sule University, Kano; Umaru Musa Yar’adua University, Katsina; Katsina State Institute of Technology and Management; Kebbi State University of Science and Technology Aliero; and Confluence University of Science and Technology, Kogi State.
Others are Lagos State University of Education; Lagos State University; Nasarawa State University, Keffi; Tai Solarin University of Education, Ogun State; University of Medical Sciences, Ondo; Osun State University; University of Ilesa, Osun State; GTC, ARA Osun State; Taraba State University, Jalingo; Umar Suleiman College of Education, Gashua Yobe State; Zamfara State University, Talata Mafara and few other GTC institutions in Osun State.
[DailyTrust]
Chelsea, on Sunday, announced that academy graduate, Michael Golding, has completed a permanent transfer to Premier League club Leicester City.
The Blues disclosed this in a statement on their website.
“We wish Michael the best of luck in the next chapter of his career and thank him for all his efforts during his time as Blue,” Chelsea’s statement partly read.
Golding joined Chelsea as an Under-12 and represented the youth teams.
His performances for Chelsea also earned him international recognition between the Under-15 and Under-18 age groups.
He captained the England side that competed in the Under-17 European Championship in the summer of 2023 and later that year played three times at the Under-17 World Cup.
Golding recently featured for England Under-18s.
[DailyPost]