Visafone Nigeria distributes over 200 protective helmets as CSR programme

Visafone flagged off its maiden Corporate Social Responsibility (CSR) initiative at the Victoria Island Bar Beach on Thursday, August 14, 2008.

The event witnessed the presentation of over 200 protective helmets and reflective jackets to Okada riders drawn from Victoria Island - Law school and Eko Hotel Roundabout units.

Working in conjunction with Arrive Alive, an NGO committed to ensuring the safety of motorists and road users across Nigeria, Visafone said it launched the initiative as a means of contributing to the safety of road users, as well as, cushioning the traumatic head injuries suffered by okada riders, who usually drive without helmets while also providing reflective jackets for night time operations.

Speaking at the event, Mr. Chike Nwaka, Zonal Commanding Officer, Zone II Head Quarters of the FRSC, who was represented by Assistant Corps Commander, Mr. M. L Abdullahi, commended Visafone for the initiative, which he called, a “timely and worthwhile venture that will reduce fatalities on our roads and protect the lives of both okada riders and their passengers.”

Explaining the rationale behind the CSR initiative, Visafone, in a statement by Toni Kan Onwordi said Visafone has and will always “look beyond the bottom line as a responsible corporate citizen. As a wholly Nigerian owned company, we are committed not just to ensuring that Nigerians experience the joy of communication through our services, we also want them to experience a better quality of life by empowering them economically and ensuring safety of lives on our roads.”

According to the company, the Bar Beach event is a pilot scheme and will be replicated across the state and country in due course.

Nigeria: Food Concepts Plc Prepares for Capital Market

Owing to the need to expand its business services and serve customers better, Food Concept and Entertainment Plc, is making adequate preparations to list its initial public offer on the Nigerian Stock Exchange.

Mr. Dele Akinyanju, Chief Executive, Food Concept, said the board of the company is still contemplating on the amount of shares to make public while waiting for approval from the capital market.

Akinyanju noted that the company just concluded a private placement and it became a public limited company on July 9, 2008.

Food Concept and Entertainment Plc is a leading chicken company in Nigeria. It began operations in 2001 and can now boast of 22 chicken stores.

It is the largest producer of bread in the country with the production of 75000 loaves of Butterfield bread a day through its bakeries in Lagos, Benin, Port Harcourt and Abeokuta.

Goldlink earns N2.32billion premium , plans to raise funds from the capital market in Nigeria

Goldlink Insurance Plc has announced a premium income of N2.32 billion for the year ended December 31, 2007.

This represents an increase of 15 per cent over the figure of N2.02 billion in 2006. Also, the company recorded profit before tax (PBT) of N666.05 million, representing 15 per cent increase over the figures of N581.62 million in 2006.

Besides, the company recorded net profit of N593.99 million, representing 15 per cent increase over N516.5 million achieved in 2006.

The company also recorded increases in its investments income, which went up by nine per cent from N2.657 billion in 2006 to N2.885 billion last year. Total net assets increased by five per cent from N6.333 billion in 2006 to N6.677 billion in 2007, while shareholders fund increased from N5.427 billion to N5.571 billion in the year under review.

The chairman of the company, Mr. Gbenga Afolayan, addressing shareholders at the company’s 15th yearly general meeting in Lagos attributed the impressive performance to the support of all stakeholders that allowed the company to provide qualitative services to her numerous customers.

Therefore, in keeping with the company’s record of rewarding its shareholders with good returns on their investment, he said, the board has proposed for approval a dividend of five kobo for every 50 kobo ordinary share held.

On the future prospects, the Goldlink chairman said: “We look forward with hope to continued stability in the economy and improvements in several areas of human development indices, especially, power and energy.”

He added that the destination is not far, but the road is not smooth either, but we are determined to face the challenges envisaged in the industry, I am confident that our strategy will continue to deliver good results, with our strong management team ensuring excellence in execution in all facets.”

Meanwhile, in a bid to expand its operations, Goldlink Nigeria Plc has disclosed its intention to raise N6 billion from the capital market.

Afolayan, during the yearly general meeting explained that the need to raise money from the pulic was due to the company’s plans to extend its business activities across sub-Saharan Africa.

He said the company has concluded arrangement to open offices in Sierra Leone. Ghana and Gambia, adding that they have already got approval to commence operations in Ghana and Gambia.

“We are going to raise money because we need it for big capital project. We have increased our authorised share capital to N10 billion today and we are coming to raise between N5 to N6 billion in the market.

“We are looking at offices beyond Nigeria now. We are looking at Sierra Leone, we are looking at Gambia and we are looking at Ghana end to expand our scope locally we are just looking at the Climate, immediately the directors approves the money, we will hit the market,” he said.

Dunlop Nigeria Embarks on Strategic Redirection

Dunlop Nigeria Plc, the only surviving tyre manufacturing company in Nigeria, has embarked on a strategic redirection of its business in order to restore shareholder value which has been deteriorating as a result of consistent losses in the tyre business.

The Company’s recent N8 billion expansion into the Heavy Truck Radial segment has been frustrated by reversal of Government Policy on tariff for imported truck/bus tyres from 40% to 10% at the beginning of 2007 which has created unfair and inequitable advantages for importers of finished tyres.

Furthermore, the dichotomy between tariff for Car tyres (50%) and Truck/Bus tyres (10%) is also being abused by these importers, both in terms of tariff and haulage evasion.

Additionally, the evident decay of local manufacturing infrastructure, particularly the epileptic power & gas supply situation, imposes add-on cost amounting to about 40% which puts locally-produced tyres at a disadvantage.

The whole situation certainly confers undue advantages on importation rather than local manufacturing, which does not augur well for the interest of our great Nation, and we have been drawing attention of Government to this uneconomic reality in the last 18 months, without success.

“Thus, we are forced to scale down local tyre manufacturing operations due to the very harsh business environment.”

“Meanwhile, we have embarked on a strategic business redirection in order to restore shareholder value. Our Rubber plantation business is continuing and performing satisfactorily while being further expanded. We are equally harnessing available opportunities for growth in other sectors of the economy.”