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Business News

Meyer Plc announces resignation of Omosebi as its MD

Adeola Omosebi resigns from Meyer Plc as the Managing Director.

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Meyer paints, Meyer Plc appoints new Chief Financial Officer, Meyer appoints Rotimi Alashe, FIRS shutdown Meyer Ikeja Paint Factory

Meyer Plc, in a notice to the Nigerian Stock Exchange (NSE) and the investing public, has announced the resignation of its Managing Director, Adeola Omosebi. The statement further disclosed that the company’s Board of Directors has accepted Omosebi’s resignation which took effect from August 25, 2018.

The company, in the same statement, also disclosed the appointment of Kehinde Yusuf as its Chief Financial Officer (CFO) with effect from September 3, 2018.

Meyer Plc had released its Unaudited Consolidated Financial Statements for the period ended June 30, 2018.

The company’s revenue stood at N513 million in June 2018 compared to N519.5 million in June 2017. Loss before tax stood at N28.9 million in June 2018 compared to N27.5 million in June 2017. Loss after tax is N93.9 million in June 2018 compared to 98.3 million in June 2017.

Recall that in June 2018, the company reached an agreement with the Assets Management Company of Nigeria (AMCON) on a loan restructuring plan for the company. This was made known at the company’s Annual General Meeting (AGM) which was held in Lagos.

Meyer Plc, formerly DN Meyer Plc, was incorporated in Nigeria in 1960.

Meyer Plc was listed on the Nigerian Stock Exchange (NSE) in 1979. For nearly sixty years, it has been manufacturing and marketing wide-ranging, high quality industrial/marine paints, road lining paints, architectural paints, wood paints, roof lining paints, tube coatings, adhesives, etc.

In the past 56 years, Meyer Plc has undergone a series of corporate changes and rebranding. Formerly an offshoot of Hagemeyer Nigeria Limited, its name was rebranded to Meyer Paints in 1994, following Dunlop Nigeria’s acquisition of majority shares in the parent company. By 2003, Dunlop Nigeria Plc had divested its majority shares in the parent company, meaning that Meyer Paints ceased to be its subsidiary. Its current name, Meyer Plc, came to being in 2010 after a new set of core investors led by Citiprops Limited acquired controlling shares in the company.

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Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ).Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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Business

Royal Academy of Engineering invests over £3.5 million in Nigeria, others

The academy has awarded over £3.5 million in 37 projects in Nigeria and across 13 African countries.

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The Royal Academy of Engineering has awarded over £3.5 million to 37 projects in Nigeria and across 13 African countries to promote better training and sustainability and diversify economies.

This was disclosed by the Academy via a statement issued and seen by Nairametrics on Thursday to mark the UNESCO World Engineering Day 2021.

It stated that the Academy’s interest in partnering with partner academic institutions’ projects focused on realizing sustainable development goals.

One of such projects, according to the statement, is the renewable energy project recently embarked on by Engineering students in the University of Abuja, Nigeria.

It stated, “A new awardee of the HEPSSA programme, the University of Abuja, in a project titled “Renewable energy utilization: Accelerating diffusion of solar power systems”, seeks to address the problem of access to affordable and clean energy with a view to enable accelerated diffusion solar power systems.”

Commenting on the progress achieved in Africa, Nigerian born Engineer in the UK, Yewande Akinola MBE, who is also a member of the Royal Academy of Engineering GCRF Africa Catalyst Committee, said:

“While we see immediate improvements in skills and innovation through these programmes, the real win is establishing a framework for lasting change. This will equip communities in Africa to anticipate and plan for the challenges posed by climate change, urbanisation and economic development. The continent is transforming rapidly, and those engineering its future need the skills to think on their feet.”

Stressing the need for strategic partnerships and buy-in of stakeholders, she said, “By developing strong alliances between local partners in sub-Saharan Africa and the UK, we can enable learning, collaboration and sharing of best practice, which in turn will build skills to boost innovation. But there is much more to be done, which needs the continued support of investors and partners.”

She added that the Academy aimed to support the development of a diverse and future fit workforce across the continent.

“It is estimated that fewer than 10% of engineering posts in Africa are currently occupied by women. GCRF Africa Catalyst has worked with Women in Engineering (WomEng) to promote gender diversity across a wide spectrum of professional experience.

“WomEng’s work with Eswatini’s Registration Council for Architects, Engineers, Surveyors and Allied Professionals has resulted in seven registered female members where they initially had none. A HEP SSA project with the Institute of Engineers Rwanda also helped to increase the number of female internship applicants from 5% to 2018 to 25% in 2019,” she said.

Highlights of achievements of the Africa grants:

  • Over 2000 professionals trained by Professional Engineering Institutions across sub-Saharan Africa.
  • Over 530 student industry placements since 2013. Number of students obtaining industry internships increased from 40% to 90% over the course of one project in Zambia
  • Diversity & Inclusion initiatives have driven equal gender participation in programmes. A project from the Institute of Engineers Rwanda helped to increase the number of female internship applicants from 5% in 2018 to 25% in 2019.
  • 50 individual course curricula reviewed and improved as a result of industry-academia partnerships.
  • Almost 50 UK organisations and 400 in-country bodies involved as project partners so far.

What you should know

  • Launched in 2016, with support from the UK government’s Global Challenges Research Fund (GCRF), the Africa Catalyst initiative allows Engineers to focus on issues of specific importance to their relevant jurisdictions while facilitating good governance practices.
  • The Royal Academy of Engineering is showcasing its impact on enhancing collaboration, education, and diversity in engineering in sub-Saharan Africa, delivered through its Africa grants programmes ahead of the second UNESCO World Engineering Day for Sustainable Development on the 4th of March 2021.

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Entertainment

Veteran broadcaster, actor, Sadiq Daba is dead

Daba died on Wednesday evening after losing a battle to leukaemia and prostate cancer.

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Veteran broadcaster and actor, Sadiq Daba, died on Wednesday evening after losing a battle to leukaemia and prostate cancer.

His death was confirmed by filmmaker, Kunle Afolayan, with whom he recently worked with on the 2020 motion picture, Citation.

Afolayan, who said that the ace broadcaster died on the evening of Wednesday, March 3rd, said he spoke with his wife and son who confirmed his passing to him.

Many Nigerians, including billionaire Femi Otedola, had donated money for his treatment abroad and showed massive support on social media.

Daba made waves in the 1980s on Nigerian Television Authority (NTA).

He has featured in several TV series and movies, with “Cock Crow at Dawn” and “October 1st” as notable mentions.

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