Category: Consumer Goods

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Northern Nigeria Flour Mills Plc appoints Rabi’u Gwarzo as new board chairman.

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Northern Nigeria Flour Mills Plc today announced the appointment of Alhaji  Rabi’u M. Gwarzo (OON), as the new Chairman of its Board of Directors. He replaces Alhaji Alhassan Aminu Dantata (CON) who resigned as Board chairman on 9th September 2021.

The recent development is part of the resolutions reached at the recently concluded Board of Directors meeting of the company, held at Bristol Palace Hotel in Kano State, on the 9th day of September, 2021.

Confirming the recent development, the firm in a statement signed by its secretary, Theophilus Ogwuche, and filed with the Nigerian Exchange Limited (NGX), stated that: ‘’At the Meeting of the Board of Directors of Northern Nigeria Flour Mills Plc (the Company or NNFM) held at THE BRISTOL PALACE HOTEL, 54/56 GUDA ABDULLAHI ROAD, FARM CENTRE, KANO on THURSDAY, 9th SEPTEMBER, 2021 the following resolutions were duly passed.

‘’That the Board of Directors of NNFM Plc has accepted the resignation of Alhaji Alhassan Aminu Dantata CON from the Board of NNFM Plc with effect from 9th September 2021.

‘’That following this resignation, the Board of Directors has appointed Alhaji Rabi’u M. Gwarzo, OON as the new Chairman of the Board.’’

About Rabiu Gwarzo

Until his recent appointment, Alhaji Rabiu Gwarzo served as the Vice Chairman of Northern Nigeria Flour Mills Plc. He started his educational career with a brief stint at Bayero University Kano and proceeded to West Ham College and North East London Polytechnic, both in London where he studied Commercial Accounting between 1972 and 1975.  He holds a Certificate in Accounting and Finance of University of Strathclyde, Glasgow, Scotland (1982).

He joined Northern Nigeria Flour Mills Plc as an Accountant in 1985, rose to the position of Deputy Managing Director in 1991 ; Managing Director in 1997 and was elevated to the position of Vice-Chairman of the Company in 2011.

Alhaji Rabiu, (an Officer of the Order of Niger), who joined the Board of Flour Mills of Nigeria Plc. as a non-executive member on 8th December, 2009, is also a member of Kano Peace Development Initiative and a Director of Kano State Investment Company Limited.

 

2020 FY: Guinness Nigeria declares N1.01 billion final dividend.

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Guinness Nigeria Plc has declared a final dividend of N0.46k per 50 kobo ordinary share, which amounts to N1.01 billion for the financial period ended June 30, 2021.

This is according to a notice signed by the company’s secretary, Rotimi Odusola and filed with the Nigerian Exchange Limited (NGX).

It is pertinent to note that the final dividend of 46 kobo per share which is subject to appropriate withholding tax and approval will be paid on all of the company’s 2,190,382,819 outstanding shares. This puts the total amount to be disbursed as final dividends N1, 007,576,096.74

Consequently, on 20th of October 2021, the dividend will be paid electronically to the shareholders whose names appear in the Register of Members as at the close of business on September 28, 2021.

To facilitate and expedite the payment process, the Company’s Register of Shareholders will be closed from 29th of September to 4th of October, 2021. In addition, the company will be hosting its Annual General Meeting in Lagos on 19th of October 2021, to approve the disbursement and discuss other pertinent issues.

To qualify for participation, shareholders are urged to ensure that their names appear on the Company’s Register of Members as at the aforementioned date and ensure that they complete the e-dividend registration form. They are also expected to mandate the Registrar (Veritas Registrars Limited) to pay their dividends directly into their bank accounts.

What you should know:

  • Guinness Nigeria Plc had earlier recorded a 110% surge in its bottom line to N1.26 billion for the 2020 FY Period. Other key financial metrics also recorded a double digit growth, such as top line which grew by 54% YoY to N160.42 billion and earnings per share (EPS) which printed 57 kobo, advancing by 110% YoY.
  • Based on its impressive performance for the period, a dividend of 46 kobo per share, totalling over N1 billion was declared for the period.
  • Guinness Nigeria closed trading today 27th of September, 2021 at N30 per share.

 

 

Presco Plc projects profit after tax of N14.5 billion in Q4 2021.

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Presco Plc released its earnings forecasts for the fourth quarter of the year (Q4, 2021) ending 31st of December, 2021.
• Turner is expected to hit N44.57 billion.
• Cost of sales is projected at N16.3 billion.
• Administrative expenses totalled N6.7 billion.
• Tax projection of N5.09 billion.
• Profit after tax is projected at N14.51 billion.

See link to results.

Meyer Plc: Notice of Board Meeting

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Meyer Plc has notified its shareholders, the investing public and other relevant stakeholders that it will be hosting a Board of Directors Meeting on Friday, October 8, 2021, by 10 am prompt.

This is according to a press statement signed by the company’s secretary, Kalu O. Kalu, and filed with the Nigerian Exchange Limited (NGX).

According to the notice, the board meeting is scheduled to enable the Directors consider and approve the company’s unaudited accounts for the third quarter of the year ending 30th of September, 2021.

Consequently the company will be observing a closed period from October 1, 2021 until 24 hours after the financial results have been released to the NGX and made public. During the closed period, all insiders and their connected persons are prohibited from trading (i.e buying, selling, transferring or otherwise dealing) in the company’s shares.

 

For more information about the disclosure, click HERE.

 

Guinness Nigeria set to hold Board Meeting on October 19.

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Guinness Nigeria Plc has notified shareholders, the Nigerian Exchange Limited (NGX), the investing public and other stakeholders that it will be hosting a Board of Directors Meeting on the 19th day of October, 2021.

This is according to a recent notice issued by the brewing giant and filed with the Nigerian Exchange Limited (NGX), as seen by Nairametrics.

According to the disclosure, the Board meeting was scheduled to enable the company consider and approve its financial results for the quarter ending 30th of September 2021, amongst other issues. If approved, the company’s result for the period is expected to be published on the NGX website on or before 20th of October, 2021.

Consequently, the Company will commence a closed period from 30th of September, 2021 until 24 hours after the outcome of the Board Meeting is announced to the investing public. During the closed period, no director, person discharging managerial responsibility and adviser of the Issuer and their connected persons shall deal in the securities of the Company.

 

See link to notice.

 

2021 H1 Results: Juli Plc reports half year loss of N15.7million.

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Juli Plc released its financial results for the half year period ended 3oth of June, 2021.

  • Turnover for the period was N190.8 million. (+50.5% YoY)
  • Cost of sales was N137.8 million. (+51.6% YoY)
  • Administrative expenses totalled N68.6 million. (+23.7% YoY)
  • Total assets at the period stood at N239.32 million.
  • A loss of N15.7 million was incurred during the period.

See link to results

Juli Plc reports a loss of N0.78m in Q1 2021.

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Juli Plc released its financial results for the first quarter (Q1, 2021) ended 31st of March, 2021.

  • Turnover for the period was N101.6 million. (+11.1% YoY)
  • Cost of sales was N72.64 million. (+7.9% YoY)
  • Administrative expenses totalled N29.75 million. (-24.4% YoY)
  • Total assets at the period stood at N229.2 million.
  • A loss of N0.78 million was incurred during the period.

See link to results

Nigerian Enamelware Plc announces new board changes.

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Nigerian Enamelware Plc has announced that five (5) of its Directors have retired from the Board of the Company, effective from 30th of June, 2021.

According to a statement issued by the company and made available on the website of the Nigerian Exchange Limited (NGX), the five Directors who retired are; Alhaji Chief M.A Ola Yusuf (Chairman/Independent Non-Executive Director), Philip Shui Che Tung (Executive Director), Aare Hadji Tokunbo Alli (Executive Director), Paul Shui Po Tung (Non-Executive Director), Lewis Shui Ngok Tung (Non-Executive Director).

On the other hand, the company also announced the appointment of seven (7) other individuals into its Board as Directors, effective on 1st of July, 2021.The newly appointed Directors are;

  • Bamofin Olatokunbo Sanni (CHAIRMAN/INDEPENDENT NON- EXECUTIVE DIRECTOR): Bamofin Olatokunbo Sanni is o solicitor and legal practitioner with over 30 years’ experience in the legal profession. He has on extensive board experience. Prior to his appointment to the Board, he was the company secretary to Nigerian Enamelware Plc. and sundry other companies under the WEMPCO Group which he has only proven himself very resourceful. He brings a wealth of experience and knowledge to this important role, and has an exceptional track record of delivering strategic information.
  • Taiwo Alli (EXECUTTVE DTRECTOR): Mr. Taiwo Alli started his career in WEMPCO Group of Companies in 2006 as an Administrative Manager in Standard Industrial Developments and subsequently transferred to Wempco Steel Mills Company Limited as Project Manager. He was the Public Relations and a seasoned operations Manager at Logos Oriental Hotel from April 2009 until December 2019 when he became an Executive Director of the parent company, Western Metal Products Company Limited.
  • Stanley Sham (EXECUTIVE DIRECTOR): Mr. Sham hos occupied several management positions with vast experience in finance, accounting, and internal audit. His career as on administrator spans across several Countries over 40 years namely Hong Kong, China and Philippines. He brings a wealth of experience to his new role of providing strategic leadership in the management of the Company.

He holds a degree in Business Administration from Hong Kong.

  • Yujun Tang (EXECUTIVE DIRECTOR): Mr. Yunjun Tong worked at Shanghai Donglian Electric Company Limited as the electric maintenance supervisor from July 1990 to May 2000′ He is presently employed by WEMPCO Group of companies since July, 2000 where he has proven resourceful with his vast experience of over thirty years. Mr. Tong attended Jiangsu and Wutan Middle School Central High in China. He hos also attended several electrical and management courses where he obtained high-ranking certificates.
  • Robert Tung (NON-EXECUIIVE DIRECTOR): Mr. Robert Tung is a senior executive in WEMPCO Group of companies. He has worked with the Group for over 41 years, handling the financial aspect of the business activities. He is currently o non-executive in Africa Finance Corporation.
  • Prince Sunday. O. Ogunnowo (Independent Non-Executive Director): Prince Sunday acts as a director in Leverage Homes Savings & Loans Ltd. He also serves in the capacity of a member of Audit Committee for a number of Companies including Consolidated Breweries Plc as well as Nigerian Enamelware.
  • Lawrence Iseh (Executive Director): Mr. Lawrence Iseh is a chartered accountant and seasoned professional with diverse experience in the private and public sector. He had previously worked in firms like Kew-Metal Works Limited, Standard Industrial Development Company Limited before joining WEMPCO Group of Companies in 2016. He holds HND (Upper Credit) in Accountancy from Yaba College of Technology.

In addition, the company also announced that it has appointed Ms Oyetola Oluwafemi as the Company Secretary effective 1st of September, 2021, following the resignation of the defunct secretary-Bamofin Olatokunbo Sanni, who was appointed into the Board as a Director.

Speaking on behalf of the outgoing Directors, Alhaji Chief M.A. Ola Yusuf said: ‘’Having served as Chairman of Nigerian Enamelware Plc. for 3Oyears, I cannot think of a better time to be handling over the reins of the company to a new Chairman, and I on behalf of the Directors, I would like to thank the Board and Management of Nigerian Enamelware Plc. for their support over the years and to welcome the new members of the board. They have a great exciting future ahead of them and I believe that they would make the company even more successful than the last.’’

Guinness Nigeria to hold its AGM on the 19th of October, 2021

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Guinness Nigeria Plc has announced that it will be hosting its 71st Annual General Meeting on the 19th of October, 2021. The meeting will be held at Raddison Blu Hotel located on Ozumba Mbadiwe Avenue, VI-Lagos, by 11:00 am prompt,

This is according to a statement issued by the company and signed by its secretary, Rotimi Odusola, made available on the website of the Nigerian Exchange Limited (NGX)

According to the notice, some of the issues to be discussed include;

  • The audited financial statement for the year ended June 30, 2021, and the report of its Directors, auditor, and the audit committee.
  • To declare a dividend
  • Board appointments will also be considered and ratified.
  • To fix remuneration of managers and Directors in FY 2021.
  • To elect shareholders’ representatives of the statutory audit committee, among others.

In view of the directives on physical distancing and the restriction on maximum number of people at every gathering due to the COVID-19 pandemic, attendance at the AGM shall only be by proxy in accordance with section 254 of the Companies and Allied Matters Act 2020 and as approved by the Corporate Affairs Commission.

What you should know:

  • Guinness Nigeria Plc had earlier reported a profit after tax of N1.26 billion in FY 2020. The bottom line grew by about 110% YoY.
  • As at the period of reporting this, Guinness Nigeria Plc is currently trading at N30.5 on the floor of the Nigerian Exchange Limited (NGX).

For more information about the AGM, click HERE.

 

 

Nestlé S.A invests additional N1.92 billion in shares of its Nigerian subsidiary.

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Nestlé S.A, a leading multinational food and beverage company, has invested an additional N1.92 billion in shares of its Nigerian Subsidiary (Nestlé Nigeria Plc).

This disclosure was made by Nestlé Nigeria Plc, in a notification issued and signed by the Company’s Secretary, Bode Ayeku, and made available on the website of the Nigerian Exchange Limited (NGX).

According to the notice, Nestlé S.A acquired additional 1,369,938 units of Nestle Nigeria Plc shares at a price of N1, 399 per share. This puts the total consideration for the shares purchased by the parent company at N1, 916,543,262.

It is pertinent to note that the recent transaction which took place on the floor of the Nigerian Exchange Limited (NGX), was effected in three tranches between 13th and 15th of September, 2021.

Breakdown of the deal

  • In the first tranche which took place on the 13th of September 2021, the parent company purchased additional 863,914 units of its Nigerian subsidiary shares at N1,400 per share, totalling N1,209,479,600
  • Subsequently, the firm purchased an additional 12,107 units of the latter’s share at N1,397.78 per unit, worth N16,922,922.46
  • In the last tranche which took place on 15th of September 2021, the firm purchased a further 493,917 units of shares at N1,400, totalling N691,483,800
  • In light of this, a total of 1,369,938 units of Nestle Nigeria’s share were purchased at an average price of N1, 399, totalling N1, 917,886,322.46.

This recent transaction will further raise the stakes and cement the position of Nestlé S.A as the majority shareholder in its Nigerian subsidiary (Nestlé Nigeria Plc).

What you should know

  • Nestlé S.A is a leading Swiss multinational food and drink processing company and the parent company of Nestlé Nigeria Plc.  As at 30th of June 2021, Nestle S.A, Switzerland owns about 533,270,982 units of ordinary shares in the Nigerian subsidiary, translating to about 67.28% of Nestle Nigeria Plc total shareholdings.
  • Nestle Nigeria Plc is currently trading N1, 410 per share on the floor of the Nigerian Exchange Limited (NGX).