The Nigerian Exchange Limited (NGX) has admitted additional 402,082,657 ordinary shares of 50 Kobo each per share of Cadbury Nigeria Plc on its platform. 

This was contained in the NGX’s weekly report seen by Nairametrics. 

According to the report, the additional shares listed on NGX arose from Cadbury’s conversion of N7,036,446,501.26 intercompany loan to equity. 

The statement read: 

“Trading Licence Holders are hereby notified that additional 402,082,657 ordinary shares of 50 Kobo each per share of Cadbury Nigeria Plc (Cadbury or the Company) were on Thursday, 16 May 2024, listed on the Daily Official List of Nigerian Exchange Limited (NGX).

The additional shares listed on NGX arose from Cadbury’s Conversion of N7,036,446,501.26 Intercompany Loan to Equity.

With this listing of the additional 402,082,657 ordinary shares, the total issued and fully paid-up shares of Cadbury has now increased from 1,878,201,962 to 2,280,284,619 ordinary shares of 50 Kobo each.”

Shareholders of Cadbury Nigeria recently approved the conversion of an intercompany loan into equity by allotting 402,082,657 ordinary shares to Cadbury Schweppes Overseas at a price of 50 kobo each.  

 Each share ranked pari passu with existing ordinary shares and was priced at N17.50 per share, reflecting the company’s share price at the close of trading on December 27, 2023. 

The company resolved to convert its intercompany loan of $7.718 million, equivalent to N7.036 billion, owed to Cadbury Schweppes Overseas Limited into equity. 

This strategic restructuring of Cadbury Nigeria’s capital structure appears to be a response to its recent financial performance. According to the company’s unaudited financial results for the 2023 fiscal year, Cadbury Nigeria recorded a post-tax loss of N27.633 billion, largely due to a significant foreign exchange loss of N36.933 billion. 

This substantial loss has led to negative retained earnings of N19.906 billion, and shareholders’ funds have declined to a negative N15.081 billion from a positive N8.478 billion at the end of 2022. Despite these challenges, the company showed strong topline and midline performance, with gross profit increasing by 130.4% year-on-year to N17.79 billion, and operating profit surging by 4,226% year-on-year to N8.397 billion, indicating robust profit margins. 

Given these financial vulnerabilities, converting the intercompany loan to equity could address several critical issues. It has the potential to eliminate exchange losses on intercompany loans, reduce interest expenses, and lower overall debt levels, thereby strengthening the company’s financial position. 

Cadbury Nigeria closed its last trading day on Friday, May 17, 2024, at N16.25 per share on the Nigerian Stock Exchange (NGX). Cadbury began the year with a share price of N19.00 but has since lost 14.5% off the price valuation. 

[nairametrics]

North East Governors’ Forum has reiterated its concern over the seeming neglect of the region in the allocation of Federal Government Capital Projects. 

In a communique issued at the end of  10th Meeting of the forum held in Bauchi, Governor Babagana Zulum of Borno State, who is the Chairman, said the region is also not included in the National Infrastructure Plan for the transition from PMS to Compressed Gas

The Forum noted with dismay that despite its cry for attention on the State of infrastructure in the region which has been consistently echoed in all its communique over the years, especially the poor road and railway infrastructure along the economic corridors that links the NorthEast subregion to the rest of the country, nothing serious seems to be happening.

“The Roads from Enugu to Maiduguri is in deplorable State and the railway from Enugu up to Maiduguri has been destroyed. This is a major route for regional trade and very important for integration, peace building and improving national unity.

“The Forum is calling on the Federal Government to look into the situation and consider the reconstruction of these basic infrastructure along Enugu-Maiduguri Economic Corridor and inclusion of NE in all National Development Plans and initiatives.”

The Forum further noted the blackout experienced by the region over the lack of electricity experienced over the last one month and the nonchalant attitude
exhibited by the TCN in addressing this issue of National importance for the security and development of the country.

“Forum is watching keenly the commitment made by TCN to restore power to all the state of the region by the 27th May, 2024; accordingly, the Forum urged the Federal Government to direct TCN to take immediate action.

“The Forum has resolved in the short term, to set up a solar power plant that can generate a minimum 10 Megawatts per State.

“The Forum notes with deep concern that the Northeast, is the only region in Nigeria that has one transmission line supplying six states with a land mass of nearly 300Km square and population of over 35 million,”This has made the region the most vulnerable and most disadvantaged for industrial development and economic growth with over 70% of its population below 35 years of age. ”

“The Forum therefore calls on the Minister of Power and indeed the Federal Government as a matter of urgency to implement the extension of the 330KV transmission line from Makurdi – Gassol – Jalingo linking to Adamawa – Gombe – Bauchi and the extension of the 330KV line from Kano- Bauchi- Yobe, linking to Borno.

“The Forum resolved to maximise the existing hydropower generated in Kashimbilla and Dadin Kowa dam which the region has not been benefitting from because of the Ministry of Power has failed to extend the 330KV line of Makurdi Gassol- Jalingo line. Forum notes that climate change and environmental degradation remains a reality in the region.

“The Forum appreciates the various states for the policies they are putting in place to reclaim the environment. It called for a more sustained and coordinated regional onslaught to reverse the speed of desertification in the region.

“The Forum also charges the Northeast Development Commission
(NEDC) to be consultative in its dealings, operation and project prioritization. It calls on the NEDC to work with the
States in the region for Energy Development to unlock the energy potentials of the region and lessen the energy paucity burden of the people.”

[DailyTrust]

Three abducted Chibok girls who escaped from Boko Haram captivity and enrolled at the American University of Nigeria, AUN, were among 189 students who officially graduated with first degrees on Saturday.

DAILY POST reports that of the hundreds of girls who were abducted from Chibok in 2014, while a great number remain in captivity, many have been lucky to escape and lead better lives.

In his remark during the 15th Commencement (Convocation) ceremony of the university at its main campus in Yola on Saturday, the President (vice chancellor) of the University, Dwayne Frazier, charged the graduates to uphold the tenets of the institution.

He reminded them that the university prepares students to face their new challenges.

“I have no doubt that you will excel because you have all shown resilience, determination, and commitment. These qualities will propagate you for the best even as you contribute to the development of the country,” Frazier told them.

In his message, the guest speaker, Professor Mike Ozekhome, asserted that the institution has proven that it can impact the world positively.

“With the entrepreneurship lectures and training you have received here at AUN, you can create jobs for yourselves,” he charged the students.

Eight students were awarded PhD, 10 students with MSc, and 189 students awarded first degrees.

Ozekhome was honoured with a Doctor of Letters degree for promoting peace, human rights, the rule of law, and good governance in Nigeria.

[DailyPost]

The Federal Government has released the names of the Pro – chancellors/Chairmen and members of the Governing Boards of 111 Federal universities, polytechnics and colleges of education eleven months after they were dissolved by the National Universities Commission (NUC). 

The list, which comprises technocrats, politicians and traditional rulers, is made up of 50 Federal Universities, 37 Polytechnics and 24 Colleges of Education. 

The government named Senior Advocate of Nigeria (SAN), Wole Olanipekun as the Chairman of the Governing Council of University of Lagos (UNILAG).

Others on the list included former Bauchi Governor, Isa Yuguda, who will chair the Governing Council of the National Open University of Nigeria (NOUN); former Secretary to the Government of the Federation, Yayale Ahmed, was appointed to lead the council of Ahmadu Bello University (ABU), Zaria, Kaduna State; former Zamfara Governor Mahmud Shinkafi will chair the council of University of Jos, Plateau State; former Ebonyi Governor Martin Elechi was named chairman of the Governing Council of Federal University, Dutse, Jigawa State while former Adamawa Governor Bala James Ngilari was appointed chairman of the Governing Council of Federal University of Calabar, Cross River State.

Also, the government appointed former Borno Deputy Governor, Alhaji Ali Abubakar Jatau as chairman of the Governing Council of Federal University, Birnin Kebbi, Kebbi State; former Katsina Deputy GovernorTukur Jikamshi, as the chair of the Federal University, Oye-Ekiti, Ekiti State and former Senator from Anambra state, Joy Emordi will chair the council of Alvan Ikoku Federal University of Education, Owerri, Imo State.

Others are: former executive secretary of the National Universities Commission, Prof Julius Okojie was appointed as chairman of the governing council of Federal University, Otuoke, Bayelsa State; former Minister of Budget and Economic Planning, Udoma Udo Udoma was appointed as the Pro-Chancellor/Chairman of Bayero University, Kano, Kano State; Senior Advocate of Nigeria (SAN), Yusuf Ali, was named as the Pro-Chancellor/Chairman, Federal University of Agriculture, Abeokuta, Ogun State, a former Executive Secretary of NUC, Professor Emeritus Peter Okebukola as well as Dr. Abiodun Layonu head the University of Port Harcourt and University of Benin Governing Councils respectively.  

The immediate-past Executive Secretary of NUC, Adamu Rasheed, who resigned from office a few months into his second term in office, was also named to chair the governing council of the Federal University of Health Sciences, Otukpo, Benue State.

The details containing the names of the governing councils are contained in an advertorial signed by the Permanent Secretary, Federal Ministry of Education, Didi Esther Walson-Jack.

According to the advertorial, the inauguration and retreat of the Council members would hold on May 30 and 31, 2024 at the NUC headquarters in Abuja. 

“The inauguration and retreat for the Governing Councils will take place on Thursday, May 30 and Friday, May 31, 2024, at the National Universities Commission, 26 Aguiyi Ironsi Street, Maitama, Abuja. Both events will commence at 9:00am daily,” it said. 

Some of the chairmen of boards of Polytechnics include: HRH Arc. Ezeogo Ewa Elechi (Federal Polytechnic, Ugep, Cross River State); Salisu Kallamu (Federal Polytechnic, Oko, Anambra State); Ekem Okeke (Federal Polytechnic, Orogun, Delta State);  Sir Paul C. Chukwuma (Federal Polytechnic Kabo, Kano State); Sen. Suleiman Hunkuyi (Federal Polytechnic, Daura, Katsina State); Otunba Tajudeen Abioye (Yaba College of Technology, Lagos State); Prof Erik Omogbai (Federal Polytechnic Bida, Niger State) among others. 

For Colleges of Education, the immediate past Permanent Secretary, Federal Ministry of Education, David Andrew Adejo heads the Federal College of Education (Technical), Akoka, Lagos State as Chairman while renowned labour leader, Comrade Isa Aremu pilots affairs as Chairman of the Governing Board of Federal College of Education (Tech) Keana, Nasarawa State. Also in the list is Sen. Binta Masi (Federal College of Education, Iditep, Akwa Ibom State);  Prof. Isah Garba (Federal College of Education, Kontagora, Niger State), Sen. Emmanuel Anosike (Federal College of Education, Aha-Amufu, Enugu State) among others.

The Academic Staff Union of Universities (ASUU) had threatened to embark on strike if the government failed to reconstitute the Governing Councils of Universities within two weeks. 

The National Universities Commission (NCC) on June 22, 2023 announced the dissolution of Governing Councils of all federal universities and boards of other agencies and parastatals in the country.

The NUC directive was based on a similar one three days earlier by President Bola Tinubu ordering the dissolution of the boards of all government parastatals, agencies and companies.

[TheNation]

Manchester City’s Phil Foden has been named the Premier League’s 2023/2024 Player of the Season.

This announcement comes after the 23-year-old England midfielder was voted Footballer of the Year by the English Football Writers’ Association earlier this month, completing an awards double.

Foden has scored a career-best 17 Premier League goals this season, with one game remaining for champions City at home against Westham on Sunday.

Taking to X, #PhilFoden posted, “What a week! So honoured to receive these prestigious awards! Thank you to everyone who voted for me, to the City staff and coaches, my family and of course, my teammates.

“I’m delighted with the way I’ve played so far this season and it wouldn’t have been possible without those around me.”

“To win this award is an achievement that I am extremely proud of,” said Foden.

“The Premier League is acknowledged as the greatest league in the world, and it is a pleasure to have been nominated with so many other great players who have all enjoyed special seasons for their clubs.”

City will secure a record fourth successive English title if they win at home to West Ham on Sunday.

“Overall, I’ve been very happy with the way I have played this season and really pleased that I have been able to contribute with the goals and assists throughout the season,” Foden added.

“I’d like to thank all of the City staff, coaches and especially my teammates because without them this wouldn’t be possible. And I would also like to take this opportunity to thank everyone who voted for me as the award means a lot.”

EPL also shared images of the footballer hailing him on the feat.

It posted, “Winning awards. #PhilFoden has been doing it for years.”

[Punch]

Shehu Sani, a former Senator representing Kaduna Central, has revealed that the proposed N45,000 minimum wage by the Federal Government is not realistic, saying no Nigerian worker can survive with less than N100,000 minimum wage with prevailing economic reality.

The former Kaduna lawmaker stated this while on ARISE TV discussing the ongoing minimum wage controversy between organized Labour and the federal government

He said, “I don’t know how a Nigerian can survive with less than N100,000. If you break down what the government is offering N45,000-48,000, you will see how unrealistic it is by the time you factor in many things. The position taken by labour should be considered by the government.

“It is one thing agreeing to increase the minimum wage and then the capacity to pay. Let us not forget that in the last few years, the government has been finding it difficult to even pay the ones that they already have on paper, so how this could be reflected should be considered.

“But from what we have learnt since the withdrawal of subsidy, the government has more money and there’s no better way to effectively and productively spend it than to increase the minimum wage of Nigerian workers to a reasonable point where he can adequately take care of his family.

“Economic reforms are taking place in this country, there are consequences for the reforms. They are supposed to be sacrifices but it should be across the board.

“Workers are seeing that money is coming in trillions, they want their own share. When a nation subsidises, it makes more value for wages but when they are removed, you have to pay for it.”

[Vanguard]

Former Vice-President Atiku Abubakar says he has been engaging Peter Obi, presidential candidate of the Labour Party (LP) in the 2023 election, to discuss the possibility of a merger.

Atiku was the presidential candidate of the Peoples Democratic Party (PDP) in the last election. Both Obi and Atiku lost the election to Bola Tinubu of the All Progressives Congress (APC).

Speaking on Friday in an interview with BBC Hausa, Atiku said he would support anyone chosen to represent the PDP in 2027 — even if the candidate is from the south-east.

Atiku also said he would not be retiring from politics any time soon.

“This is to anybody that thinks there is going to be a misunderstanding between me and Obi, let me assure you that not even a small issue is going to happen between us,” he said.

“Also we are going to be behind anybody that will be chosen to represent us in the forthcoming elections.

“I have made it clear in my previous speeches that if our parties are going to merge to agree on a candidate from the south-east, as long as he is qualified, we will allow it.

“At this moment we are meeting and making arrangements to unite the party and take it to a more promising point.

“If there is anybody thinking we would be moving backwards, keeping quiet to the dishonesty and injustice happening to the people of Nigeria, then I think he is daydreaming because I am still very much active in political activities.”

When asked if he would be running in the next election, he said “at this moment, we should all sit back until 2027 to see if I would be contesting or not”.

“We are the people championing the return of democracy and we will continue to ensure democracy is fully improved. We are not going to watch how things deteriorate,” he added.

[TheCable]

President of the Pan-African Conglomerate, Dangote Industries Limited (DIL), Aliko Dangote has called for increased investments in the African continent to foster its rapid growth and development.

Speaking at the largest gathering of private sector leaders in Africa, the Africa CEO Forum in Kigali, Rwanda, Dangote emphasized that recent trends underscore Africa's pivotal role as the future epicenter of global progress.

The business mogul cautioned against the continent's overreliance on raw material exports, but advocating instead for strategic investments that will propel indigenous industries. He urged African nations to resist the urge to export raw materials but to nurture domestic manufacturing capabilities so as to reduce dependency on imported consumer goods.

"Looking ahead, Africa holds the key to its greatness. I'm not merely investing money but dedicating my entire being to this cause. In Africa, possibilities are boundless. It is like a scratch card; you won’t know what is inside unless you scratch it. For some of us, despite the boom of the capital market in the US, we didn’t really participate, rather we invested in Africa,” he affirmed.

Over the past seven years, Dangote said he had channelled over $25 billion into bolstering Africa's self-sufficiency in vital sectors such as fertilizers, petrochemicals, and refined products. Notably, he said the monumental Dangote Refinery, boasting a capacity of 650,000 barrels per day, stands poised to meet the burgeoning demand across West Africa, Central Africa, and South Africa.

“We have finished our refinery; it is quite big. We believe it is what Africa needs. If you look at the entire continent, there are only two countries that don’t import petroleum products, only Algeria and Libya but the rest import. We need to change that, so we don’t just produce raw materials but finished products and create jobs. One of the things we need to know as Africans is that when we produce raw material and export them while others dump finished products on our continent, what we are doing is that we are importing poverty while exporting jobs. We must change the narrative.

“We just commissioned in February. We are producing jet fuel and diesel. By next month, we will be producing gasoline but what that will do is that it will be able to take most of the African crudes that are being produced and be able to supply refined products not only in Nigeria because our capacity is too big for Nigeria. It will be able to supply in West Africa, Central Africa and South Africa. This is the first phase, we are going to the next phase by next year,” he said.

Expressing concern over Africa's paradoxical export of raw materials juxtaposed with an influx of imported finished goods, Dangote underscored the urgent need to reverse this trend. He lamented that exporting raw materials while importing finished goods perpetuates a cycle of job loss and poverty.

Founded in 2012, the Africa CEO Forum, is a platform through which African decision-makers connect with each other continuously, as well as with international investors and institutions operating on the continent..

It has evolved into an organisation dedicated to facilitating business in Africa through the exchange of ideas and experiences,

City FM is inviting you to a scheduled Zoom meeting.

Programme: CITY TALKS WITH REUBEN ABATI

Time: 12:00pm

Guest: Mr. Ehi Braimah
(Publisher/Editor-in-Chief, Naija Times)

Topic: "National Minimum Wage Controversy"

Date: 18th May, 2024

Join Zoom Meeting
https://zoom.us/j/92877141732?pwd=VEJWb29OL2VVekZUTHRpdWYxK0xxZz09

Meeting ID: 928 7714 1732
Passcode: 600206