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Business News

Honeywell to pay shareholders N475.8 million as dividend

Honeywell Flour Mills Plc to pay dividend for 2018 financial year.

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The Chairman, Board of Directors, Honeywell Flour Mills, Dr Oba Otudeko has said shareholders of the company have approved the payment of 6 kobo for every 50 kobo ordinary share, amounting to a total of N475.8 million for the 2018 financial year.

Otudeko made this disclosure while speaking at the company’s 9th Annual General Meeting in Lagos.

The Chairman assured shareholders that in the new year, the company will advance its focus to build market-strong, highly-desired and recognisable consumer brands that would be well distributed across Nigeria.

Lanre Jaiyeola, the Managing Director, Honeywell Flour Mills, said the company successfully contended with macroeconomic challenges, including higher energy and transportation costs, through the meticulous execution of its continuous improvement strategy.

According to Jaiyeola, the company had implemented strategic projects to limit production losses, conserve energy and reduce downtime from equipment failure.

Jaiyeola added that the company’s management also implemented a carefully planned input-cost management strategy to ensure profitability, even amid the pressures of the tough operating environment.

“Throughout the period under review, Honeywell Flour Mills Plc was focused on its mission to provide nutrient-fortified food products to more than 1.3 billion consumers, in furtherance of its ambition to significantly contribute to food security in Nigeria.

“The company remains very optimistic about the future of the business and we look forward to the new financial year with excitement given the enormous work that has been done to ensure commencement of production at the new factory site in Sagamu and roll out of new products.” – Jaiyeola

Honeywell Flour Mills had released its income statement for the period ended June 30, 2018.

The company’s revenue decreased to N17.7 million from N18.2 million in 2017. Profit before tax for the period stood at N127 million as against N804 million in 2017. Also, profit after tax dipped to N102 million compared to N643 million in 2017.

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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    Tip Jar, Twitter’s new giveaway feature that lets users send money to you

    Twitter has introduced a new feature called Tip Jar that allows you send money to your favourite tweeters.

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    Twitter has introduced a new feature called Tip Jar that allows you send money to your favourite tweeters.

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    You’ll know an account’s Tip Jar is enabled if you see a Tip Jar icon next to the Follow button on their profile page. Tap the icon, and you’ll see a list of payment services or platforms that the account has enabled. Select whichever payment service or platform you prefer and you’ll be taken off Twitter to the selected app where you can show your support in the amount you choose.

    Twitter has released series of features this year as part of its efforts to grow Twitter’s user base to 315 million daily active users by the end of 2023.

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    Customs Apapa Command generates revenue of N65.4 billion in April

    This indicates a 64% increase in collection and an unprecedented record that has never been achieved in the history of Apapa Area Command.

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    The Nigerian Customs Service (NCS) Apapa Area Command has announced a revenue of N65,463,398,355.85 for the month of April—an increase of N25,585,561,139.92 compared to the same period last year.

    This was disclosed by Comptroller Ibrahim Yusuf, Area Controller of Apapa command, in a press briefing on Thursday.

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    “This indicates a 64% increase in collection and an unprecedented record that has never been achieved in the history of Apapa Area Command.

    In line with the provision of extant laws, trade guidelines, and enforcement of government fiscal policy measures, the command was able to further strengthen its anti-smuggling operations against economic saboteurs through credible intelligence-driven operations.

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    This led to the seizure of 4×40 feet containers laden with unregistered pharmaceuticals (674 cartons of tramadol tablets in 225mg and 120mg, and 805 cartons of codeine syrup in 100ml) at APMT and SIFAX 3 bonded terminal respectively.

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    Recall Nairametrics reported that the Nigeria Customs Service (NCS) Apapa Command stated earlier that it generated a revenue of N159.58 billion in the first quarter of 2021.

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