Corporate actions are decisions taken by companies’ boards of directors or management teams, that could have impacts on the firms themselves or shareholders.
Examples of corporate actions include the release of quarterly and full year results, payment of dividends, closing of shareholders’ registers, announcing qualification dates and Annual General Meeting (AGM) dates.
Here is a review of corporate actions that took place last week
Nigerian Breweries FY 2018
Nigerian Breweries released its audited results for the 2018 financial year after closing hours. Nairametrics had earlier placed the stock on its watchlist last week. While revenue dipped slightly, profit before tax and profit after tax fell by over 30%.
The company attributed the poor results to the increase in excise duties and a challenging operating environment.
The company declared a final dividend of N1.83 per share. March 6, 2019 has been fixed as qualification date, while shareholders’ register will be closed from March 7 to March 13, 2019. Payment date has been fixed for the March 20, 2019, and AGM Date is scheduled for Friday, May 17.
Transcorp Hotels FY 2018
Transcorp Hotels Plc released its results for the 2018 financial year. They reflected increases in both topline and bottom-line, with revenue increasing by 26% and profit after tax rising by about the same margin.
The firm has declared a dividend of N0.15 per share.
Parent company, Transcorp Plc released its results on Friday, a few days after. The results were quite positive with revenue up by 30%, and profit after tax up by nearly 100%.
The company has declared a final dividend of N0.03 per share. Qualification date is February 28, 2019. The shareholders’ register will be closed from March 1 to March 5, 2019. Payment date has been set for March 19, 2019.
AXA Mansard Halts Hospital Project
AXA Mansard released resolutions from its board meeting held on the 13th of February, 2019. The board approved its results for the 2018 financial year and gave an update on its hospital project.
The project announced in 2017 has been put on hold due to unforeseen circumstances. The board of directors directed management to embark on further studies, in order to determine an appropriate structure of intervention within the Nigerian Healthcare delivery system.
A Valentine’s gift
Newrest ASL Nigeria Plc released its results for the 2018 financial year on Valentine’s Day. Revenue was up by 38%, while profit after tax rose by a whopping 247%.
The company has declared a final dividend of N0.20 per share. Qualification date is April 26, 2019 while the shareholders’ register will be closed from April 29 to May 3, 2019. Payment date has been fixed for May 17, 2019, and AGM is fixed for May 16, 2019.
A late filing
Standard Alliance Insurance Plc notified the Nigerian Stock Exchange of its inability to submit its 2018 Audited Financial Statements (2018 AFS) within the regulatory timeline of March 30, 2019 as required by the Exchange’s rules.
The late filing is because of National Insurance Commission’s (NAICOM) directive to reconstitute its board. The company has commenced the reconstitution exercise as directed, and hopes to complete it soon. It also expects to submit its results on or before the 30th of June, 2019.
Goldink Insurance Plc released a backlog of results. The most recent for the nine months ended September 30, 2018 show that the firm made a loss after tax of N149 million, and has negative retained earnings of over N11 billion.
Afromedia bounces back
Afromedia Plc released its results for the 2017 financial year. The company bounced back from a N1.7 billion loss. This was largely due to a write back of a N2.2 billion provision no longer required.
Golden Guinea Insurance Plc
Golden Guinea Breweries Plc has also released long over due results. However, the firm gave no timeline for its resumption of operations.
In a notice sent to the Nigerian Stock Exchange last week, DN Tyre and Rubber Plc (formerly known as Dunlop Nigeria Plc), gave an update on its restructuring plans.
According to the firm, it had recorded significant results with the Federal Government, pertaining to the conclusion of a new automotive policy, which had taken into account some policies that had adverse effects on the company. The policy is in the process of being forwarded to the National Assembly for legislation.
In addition, DN Tyre had also developed a 10-year strategic business plan, to enable it to return to local manufacturing, which it was marketing to potential investors, after which it would seek technical partners.
The firm was also in serious discussions with a state government which was setting up an industrial park, with provision for an automobile cluster and tyre manufacturing plant.
An emergency meeting
Financial services firm Royal Exchange Plc held an emergency board meeting on February 14, 2019. The firm was to discuss an update on a proposed investment in the firm. No word yet on the outcome reached.
A board meeting
United Capital Plc held a board meeting on the 15th of February, 2019. Items that were on the agenda include the company’s 2018 full year results and management letter.
Meet Atedo Peterside, the man who refuses to go with the crowd
Atedo Peterside, the man who runs in when everyone is running out.
At the height of the COVID-19 pandemic, when most people were seeking ways to hold on to their jobs and prepare for the economic hardship that was bound to ensue, one man was busy resigning from his positions on the boards of several listed companies.
What were his reasons? Well, he wanted to focus on other interests, precisely on the ANAP Foundation COVID-19 Think Tank which he had just founded at the time. The non-governmental organisation was established with the aim of helping combat the pandemic.
That man is Atedo Nari Atowari Peterside, who also goes by the acronym, ANAP. Besides founding IBTC which is currently a part of Stanbic IBTC Holdings Plc, Peterside also founded ANAP Jets. He has been instrumental to the growth of several companies in the private sector and is a key player in influencing public policy in the country. Peterside has also been appointed by successive governments to serve on different important committees.
This week on our founder’s profile, we bring you Atedo Peterside, the man who runs in when everyone is running out.
Let’s talk about his early years
Mr Peterside was born to the family of Chief Michael Clement Atowari Peterside and Patricia Awune Gboloba Bob-Manuel in 1955. As the only boy in a family of three children, he grew up under a strong parental influence. His father was an Ophthalmologist, and whenever his job allowed him to be at home, he devoted the time to raising his kids with stern lectures as well as he did with lighthearted jokes.
In 1965, ten-year-old Atedo finished his primary education and proceeded to boarding school at Kings College, Lagos. However, the onset of the Nigerian Civil War suspended his education until 1970 when the war ended.
Despite losing all his savings in the war, Chief Peterside worked and saved enough to send his son to the City University, London in 1973. It was there that he obtained his first degree in Economics. He later obtained his Master’s degree in 1977, also in Economics from the London School of Economics and Political Science.
Why he chose his career path
In a tribute to his father in 2016, Atedo recalled that his father’s profession as a medical doctor meant that he was always on call and hardly at home with the family. Much as he wanted to follow his father’s footsteps and be a “force for good,” Atedo knew even then that there had to be another way to make positive impacts in the world without being a medical doctor.
“Because you were permanently ‘on call’, I decided from a very early age that there must be alternative paths to earning a decent living outside of medicine, which looked like a thankless job to me,” he wrote in the tribute.
Even though that was the time when it was more fashionable to take a career as a medical doctor or a lawyer, Atedo would not go with the flow.
The consciousness that some ‘good soldiers’ had been killed in the coups, political crisis and civil war in the 1960s also discouraged him from toeing that line. The stories of the war, as he later noted, was his first painful encounter with the concept of “collateral damage,” and it seemed so unfair that people should have to suffer such consequences trying to put things right in their fatherland.
It was then that he decided he was going to be an entrepreneur and settled for studying Economics when he went to the United Kingdom for his first degree.
After schooling, Atedo started his banking career with full consciousness of his main objective – becoming an entrepreneur. He took up a job with the NAL Merchant Bank (now known as Sterling Bank Plc), which was considered one of the foremost merchant banks at the time. He already knew for a fact at this time that he wanted to go into Investment banking. And he wanted to own one of such banks.
While talking about this years later, Atedo said “I was more of an entrepreneur who just happened to be in banking. I took to banking as a career with the clear intention of becoming a bank entrepreneur.”
With these dreams in mind, he attended the Owner/President Management Programme at the Harvard Business School from 1991–1993.
Despite knowing that he wanted to start a bank, Atedo had to stay on for 10 years at NAL Merchant Bank. The Central Bank of Nigeria’s regulations at the time stipulated that one needed at least 10 years of banking experience to qualify as the Chief Executive Officer of a bank.
“I stayed for 10 years, not because I couldn’t have started it earlier, but because I needed to have the required 10 years’ experience. And as soon as I did, I went ahead to start the bank,” he said.
To get a bank started around the time Peterside founded Stanbic IBTC, one had to apply for a banking license and also get investors, which at the time was not so easy. So Chief Peterside started off the process by investing in the bank. Atedo had insisted that it would be inappropriate to seek outside investors for a venture which his own father was afraid of.
Atedo recalled that this act of belief reinforced his desire to preserve the bank’s capital at all cost, knowing that he did not only have his money at stake, but that of his father and other shareholders. He stayed as CEO for 18 straight years after incorporation, taking the bank through the early tough years. Under his watch, the bank continued to grow steadily, showing good figures year after year.
“I don’t think being a CEO at age 33 was such a big issue” he later remarked. “It was being a founder, largest shareholder and entrepreneur, and being the pillar carrying the bank, that was where the pressure really came from. It was a case of being at the forefront taking decisions and bearing the consequences.”
Values he had gotten from his father came in handy at this time. “My father trained me to disbelieve first and question the message anyone was giving me and only proceed if the proposal makes sense to me,” he recalled.
It was courtesy of this trait that he never fell prey to fraudsters in his business. Fraudulent schemes were popular at the time, with some of them pitching fake businesses to investors and banks. Unfortunately for them, they soon understood that it was a waste of time trying to get IBTC.
The experience of working under (now late) Chief Wole Adeosun, his Managing Director and former boss at NAL Merchant Bank, had also given him sufficient exposure. He admitted that the responsibilities which he had to handle so early in his career helped build his confidence, reassuring him that he could run a bank.
Acquisitions and mergers
When CBN raised the minimum capital base for banks to N25 billion in 2005, IBTC acquired two commercial banks – Chartered Bank Plc and Regent Bank Plc. Consequently, IBTC became a universal bank on 19 December 2005, with a new name – IBTC Chartered Bank Plc.
In 2007, the bank again merged with Standard Chartered Bank to form the Stanbic IBTC Bank Plc, and Atedo was elected Chairman in October 2007.
About the merger, he remarked that it was a deliberate decision not influenced by any financial or technical problems in the bank.
“We could have gone on without the merger and still not had any problems. It was a decision we made after 18 years and we took it because we thought we had seen the right banking partners that will take the bank to the next level.
“Also as a founder, I was concerned about the careers of those who had given their lives and careers to grow IBTC, and my priority was getting them into an arrangement and institution that could go on forever so that they could have safe and secure jobs and careers,” he later said.
The wisdom in his decision can be seen in the fact that lots of the staff who had worked with him in IBTC went on to have fulfilling careers in the new entity even long after he left.
For instance, Sola David-Borha, who was his deputy from IBTC and later at Stanbic IBTC, succeeded him as MD and went on to become head of Africa region for the parent bank.
Another principle which Atedo enforced as MD was using merit as a first criterion in all recruitments and appointments. Not even gender or ethnicity could get anyone an appointment unless he was first qualified, and Atedo insisted that he did not mind having all males or all females if those were the most qualified persons.
The implication of this practice was that the bank often had more female representation in its management than other banks, and sometime in 2004, it was the only bank that had more females on its management team than males.
The bank also had a lot of qualified bankers coming in, because they knew that it was an environment where they would be allowed to thrive irrespective of gender, ethnicity or other factors.
As CEO and later Chairman of a big bank, Atedo had to deal with many challenges. But he would later recall that the most significant challenge came in October 2015 when the Financial Reporting Council of Nigeria accused the bank of falsifying its 2013 and 2014 accounts by including sums which had not been disbursed as part of its operations costs.
It was a bad day for the bank, especially since the regulatory agency had taken its accusations public whilst asking the bank to withdraw and rectify the statements. The bank’s management also went public with its explanation. Even though the funds had not been disbursed at the time the financial reports were sent in, they had to be included in order to make provisions for disbursement later.
The explanation should have helped set issues straight but this was not to be. As a matter of fact, the issue dragged on for over a year until the Federal Government appointed CBN to conduct an investigation into it. Eventually, CBN cleared the air and upheld the bank’s practice as the standard – making provisions for the expenses which formed part of its operations costs.
“I was conversant with all of the accounts and I knew we had done nothing wrong. The only issue was getting everyone to see it. I was also very confident in the team that I had built,” he said in an interview later.
In his resignation notice later on, Atedo stated that he planned to leave the company in 2015, but the protracted dispute with the Financial Reporting Council forced him to delay his plans.
Pursuing other interests
After seeing to the end of the issues with regulatory agencies, Atedo Peterside retired as Chairman in March 2017. Although he still had interests in the bank, he wanted to give more time to other interests. However, he remained on the boards of both The Standard Bank of South Africa Limited and Standard Bank Group Limited.
His focus after this time was the ANAP Jets Limited which he had started while still heading the board in 2015. He is the Chairman of ANAP Jets Limited, as well as a major shareholder. ANAP Jets provides fractional ownership platform, charter and aircraft management services, to serve the business sector, taking care of every detail in operating, maintaining, crewing, catering, and fueling the jet.
The company has a technical partnership, which brings in Aliserio S.r.l. (formerly Eurofly Service S.p.A.) chaired by Mr Rodolfo Baviera, Aliserio S.r.l., of Italy as a technical partner. Not only is the company over 40 years old, Mr. Rodolfo Baviera has also been the Chairman of The European Business Aviation Association between 2000 and 2016, giving him the expertise and network needed to make a valuable technical partnership.
Atedo also served as board Chairman at Cadbury, and board member of Nigerian Breweries (Heineken subsidiary), Unilever and a Non-Executive Director of Flour Mills Nigeria Plc, until the onset of the pandemic when he resigned to devote more time to combatting the pandemic under the auspices of the ANAP foundation COVID-19 think tank.
He is the Chairman of ART X Collective Limited and Endeavour High Impact Entrepreneurship Ltd/Gte, a non-profit organization that provides mentorship and support to scale-up companies. Mr Peterside also serves on the African Advisory Board of the Prince’s Trust International.
Obviously, his hobbies of boating, polo, reading and traveling are not enough to occupy the 65-year old as he continues to pick up new pursuits. Now, he concerns himself with influencing public policy for a better society and has served on several committees at the instance of the government.
“I am sad that today, no young Nigerian at age 33 can start a bank the same way I did because the rules will not even permit him. I feel like the rules have been rigged against the younger generation and that is why you see most of them going into the creative arts like singing, dancing and acting because that is where they feel they have an advantage over the older generation. We need to look at influencing public policy to give them competitive advantage in every sector including public offices,” he said.
Without entering the theatre like his father, Atedo has made his mark in his chosen path. However, what will speak most for the tireless entrepreneur are the professionals whom he has mentored in the banking industry.
He was conferred with an honorary Doctor of Science Degree by the University of Port Harcourt, Nigeria, and also elected an Honorary Fellow of the Chartered Institute of Stockbrokers on 1 April 2019.
COVID-19 Update in Nigeria
On the 10th of July 2020, 575 new confirmed cases and 20 deaths were recorded in Nigeria.
The spread of novel Corona Virus Disease (COVID-19) in Nigeria continue to record significant increase as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 31,323 confirmed cases.
On the 10th of July 2020, 575 new confirmed cases and 20 deaths were recorded in Nigeria, having carried out a total daily test of 3,725 samples across the country.
To date, 31,323 cases have been confirmed, 12,795 cases have been discharged and 709 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 175,656 tests have been carried out as of July 10th, 2020 compared to 171,931 tests a day earlier.
COVID-19 Case Updates- 10th July 2020,
- Total Number of Cases – 31,323
- Total Number Discharged – 12,795
- Total Deaths – 709
- Total Tests Carried out – 175,656
According to the NCDC, the 575 new cases are reported from 18 states- Lagos (224), Oyo (85), FCT (68), Rivers (49), Kaduna (39), Edo (31), Enugu (30), Delta (11), Niger (10), Katsina (9), Ebonyi (5), Gombe (3), Jigawa (3), Plateau (2), Nassarawa (2), Borno (2), Kano (1), Abia (1)
Meanwhile, the latest numbers bring Lagos state total confirmed cases to 12,051, followed by Abuja (2,433), Oyo (1,689), Edo (1,593), Delta (1,348), Rivers (1,343), Kano (1,303), Ogun (1,063), Kaduna (946), Katsina (655), Ondo (606), Borno (586), Gombe (527), Bauchi (519), Ebonyi (508), Plateau (499), Enugu (469), Abia (402), Imo (359), Jigawa (321).
Kwara state has recorded 311 cases, Bayelsa (299), Nasarawa (238), Osun (212), Sokoto (153), Niger (135), Akwa Ibom (134), Benue (121), Adamawa (100), Anambra (93), Kebbi (86), Zamfara (76), Yobe (62), Ekiti (46), Taraba (27), while Kogi and Cross River state have recorded 5 cases each.
Lock Down and Curfew
In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.
The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.
On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020.
|Date||Confirmed case||New cases||Total deaths||New deaths||Total recovery||Active cases||Critical cases|
|July 10, 2020||31323||575||709||20||12795||17819||7|
|July 9, 2020||30748||499||689||5||12546||17513||7|
|July 8, 2020||30249||460||684||15||12373||17192||7|
|July 7, 2020||29789||503||669||15||12108||17012||7|
|July 6, 2020||29286||575||654||9||11828||16804||7|
|July 5, 2020||28711||544||645||11||11665||16401||7|
|July 4, 2020||28167||603||634||6||11462||16071||7|
|July 3, 2020||27564||454||628||12||11069||15867||7|
|July 2, 2020||27110||626||616||13||10801||15693||7|
|July 1, 2020||26484||790||603||13||10152||15729||7|
|June 30, 2020||25694||561||590||17||9746||15358||7|
|June 29, 2020||25133||566||573||8||9402||15158||7|
|June 28, 2020||24867||490||565||7||9007||14995||7|
|June 27, 2020||24077||779||558||4||8625||14894||7|
|June 26, 2020||23298||684||554||5||8253||14491||7|
|June 25, 2020||22614||594||549||7||7822||14243||7|
|June 24, 2020||22020||649||542||9||7613||13865||7|
|June 23, 2020||21371||452||533||8||7338||13500||7|
|June 22, 2020||20919||675||525||7||7109||13285||7|
|June 21, 2020||20242||436||518||12||6879||12847||7|
|June 20, 2020||19808||661||506||19||6718||12584||7|
|June 19, 2020||19147||667||487||12||6581||12079||7|
|June 18, 2020||18480||745||475||6||6307||11698||7|
|June 17, 2020||17735||587||469||14||5967||11299||7|
|June 16, 2020||17148||490||455||31||5623||11070||7|
|June 15, 2020||16658||573||424||4||5349||10885||7|
|June 14, 2020||16085||403||420||13||5220||10445||7|
|June 13, 2020||15682||501||407||8||5101||10174||7|
|June 12, 2020||15181||627||399||12||4891||9891||7|
|June 11, 2020||14554||681||387||5||4494||9673||7|
|June 10, 2020||13873||409||382||17||4351||9140||7|
|June 9, 2020||13464||663||365||4||4206||8893||7|
|June 8, 2020||12801||315||361||7||4040||8400||7|
|June 7, 2020||12486||260||354||12||3959||8173||7|
|June 6, 2020||12233||389||342||9||3826||8065||7|
|June 5, 2020||11844||328||333||10||3696||7815||7|
|June 4, 2020||11516||350||323||8||3535||7646||7|
|June 3, 2020||11166||348||315||1||3329||7522||7|
|June 2, 2020||10819||241||314||15||3239||7266||7|
|June 1, 2020||10578||416||299||12||3122||7157||9|
|May 31, 2020||10162||307||287||14||3007||6868||7|
|May 30, 2020||9855||553||273||12||2856||6726||7|
|May 29, 2020||9302||387||261||2||2697||6344||7|
|May 28, 2020||8915||182||259||5||2592||6064||7|
|May 27, 2020||8733||389||254||5||2501||5978||7|
|May 26, 2020||8344||276||249||16||2385||5710||7|
|May 25, 2020||8068||229||233||7||2311||5524||7|
|May 24, 2020||7839||313||226||5||2263||5360||7|
|May 23, 2020||7526||265||221||0||2174||5131||7|
|May 22, 2020||7261||245||221||10||2007||5033||7|
|May 21, 2020||7016||339||211||11||1907||4898||7|
|May 20, 2020||6677||284||200||8||1840||4637||7|
|May 19, 2020||6401||226||192||1||1734||4475||7|
|May 18, 2020||6175||216||191||9||1644||4340||7|
|May 17, 2020||5959||388||182||6||1594||4183||7|
|May 16, 2020||5621||176||176||5||1472||3973||7|
|May 15, 2020||5445||288||171||3||1320||3954||4|
|May 14, 2020||5162||193||168||3||1180||3815||4|
|May 13, 2020||4971||184||164||6||1070||3737||4|
|May 12, 2020||4787||146||158||6||959||3670||4|
|May 11, 2020||4641||242||152||10||902||3589||4|
|May 10, 2020||4399||248||142||17||778||3479||4|
|May 9, 2020||4151||239||127||11||745||3278||4|
|May 8, 2020||3912||386||118||10||679||3115||4|
|May 7, 2020||3526||381||108||4||601||2818||4|
|May 6, 2020||3145||195||104||5||534||2507||1|
|May 5, 2020||2950||148||99||5||481||2370||4|
|May 4, 2020||2802||245||94||6||417||2291||2|
|May 3, 2020||2558||170||88||2||400||2070||2|
|May 2, 2020||2388||220||86||17||351||1952||2|
|May 1, 2020||2170||238||69||10||351||1751||2|
|April 30, 2020||1932||204||59||7||317||1556||2|
|April 29, 2020||1728||196||52||7||307||1369||2|
|April 28, 2020||1532||195||45||4||255||1232||2|
|April 27, 2020||1337||64||41||0||255||994||2|
|April 26, 2020||1273||91||41||5||239||994||2|
|April 25, 2020||1182||87||36||3||222||925||2|
|April 24, 2020||1095||114||33||1||208||855||2|
|April 23, 2020||981||108||32||3||197||753||2|
|April 22, 2020||873||91||29||3||197||648||2|
|April 21, 2020||782||117||26||3||197||560||2|
|April 20, 2020||665||38||23||1||188||466||2|
|April 19, 2020||627||86||22||2||170||436||2|
|April 18, 2020||541||48||20||2||166||356||2|
|April 17, 2020||493||51||18||4||159||317||2|
|April 16, 2020||442||35||13||1||152||277||2|
|April 15, 2020||407||34||12||1||128||267||2|
|April 14, 2020||373||30||11||1||99||263||2|
|April 13, 2020||343||20||10||0||91||242||2|
|April 12, 2020||323||5||10||0||85||228||2|
|April 11, 2020||318||13||10||3||70||238||2|
|April 10, 2020||305||17||7||0||58||240||2|
|April 9, 2020||288||14||7||1||51||230||2|
|April 8, 2020||274||22||6||0||44||226||2|
|April 7, 2020||254||16||6||1||44||204||2|
|April 6, 2020||238||6||5||0||35||198||2|
|April 5, 2020||232||18||5||1||33||194||2|
|April 4, 2020||214||5||4||0||25||185||0|
|April 3, 2020||209||25||4||2||25||180||0|
|April 2, 2020||184||10||2||0||20||162||0|
|April 1, 2020||174||35||2||0||9||163||0|
|March 31, 2020||139||8||2||0||9||128||0|
|March 30, 2020||131||20||2||1||8||121||0|
|March 29, 2020||111||22||1||0||3||107||0|
|March 28, 2020||89||19||1||0||3||85||0|
|March 27, 2020||70||5||1||0||3||66||0|
|March 26, 2020||65||14||1||0||2||62||0|
|March 25, 2020||51||7||1||0||2||48||0|
|March 24, 2020||44||4||1||0||2||41||0|
|March 23, 2020||40||10||1||1||2||37||0|
|March 22, 2020||30||8||0||0||2||28||0|
|March 21, 2020||22||10||0||0||1||21||0|
|March 20, 2020||12||4||0||0||1||11||0|
|March 19, 2020||8||0||0||0||1||7||0|
|March 18, 2020||8||5||0||0||1||7||0|
|March 17, 2020||3||1||0||0||0||3||0|
|March 16, 2020||2||0||0||0||0||2||0|
|March 15, 2020||2||0||0||0||0||2||0|
|March 14, 2020||2||0||0||0||0||2||0|
|March 13, 2020||2||0||0||0||0||2||0|
|March 12, 2020||2||0||0||0||0||2||0|
|March 11, 2020||2||0||0||0||0||2||0|
|March 10, 2020||2||0||0||0||0||2||0|
|March 9, 2020||2||1||0||0||0||2||0|
|March 8, 2020||1||0||0||0||0||1||0|
|March 7, 2020||1||0||0||0||0||1||0|
|March 6, 2020||1||0||0||0||0||1||0|
|March 5, 2020||1||0||0||0||0||1||0|
|March 4, 2020||1||0||0||0||0||1||0|
|March 3, 2020||1||0||0||0||0||1||0|
|March 2, 2020||1||0||0||0||0||1||0|
|March 1, 2020||1||0||0||0||0||1||0|
|February 29, 2020||1||0||0||0||0||1||0|
|February 28, 2020||1||1||0||0||0||1||0|
Prices of Oil, pepper, tomatoes, rice others jump as low sales hit major markets in Lagos
Prices of major household items such as vegetable oil, tomatoes, pepper, rice and several others have once again spiked across major markets. This is according to the latest household market survey carried out by Nairametrics Research.
The latest household survey conducted by Nairametrics Research Team, revealed that Nigerians may be in for a sustained challenging time due to COVID-19 pandemic as major markets across Lagos state have been hit with low patronage, low sales and rising prices.
A medium-sized bag of pepper that was initially sold for an average of N8,000 in June has now increased by 20% to sell for an average of N10,000. Also, a big basket of oval-shaped tomatoes that was initially sold for an average of N8,500 now sells for an average of N10,000.
The team also found that 25 litres gallon of vegetable oil increased by 4.01% from an initial average of N12,575 to an average of N13,100. Surprisingly, the price of onions increased in the past weeks as a big bag of dry onions now sells for an average of N17,000 from an initial drop reported in June.
The report detailed items that recorded an increase in price, items that decreased in price, items that maintained initial prices, special markets and key insights.
Items that witnessed price increase
Some of the items that recorded an increase in price compared to last month include;
- A big bag of dry onions now sells for an average of N17,000, indicating a 2.94% increase compared to an average of N16,500 recorded a fortnight ago.
- The big basket of oval-shaped tomatoes that was initially sold for an average of N8,500 increased by 15% to sell for an average of N10,000.
- A small basket of oval-shaped tomatoes recorded a 13.3% increase to sell for an average of N7,500 compared to N6,500 recorded last month.
- The price of a bag of 50kg Mama Gold rice increased marginally by 1.17% to sell for an average of N21,375
- Mama’s Pride rice (50kg) also increased marginally by 0.59% to sell for an average of N21,125.
- A 50kg bag of Foreign rice now sells for an average of N28,500 compared to an initial average of N27,500 indicating a 3.51% increase in price.
- A big bag of melon increased by 15.38% to sell for an average of N39,000 compared to N33,000 recorded in June 2020.
- The price of a big bag Bush mango seed (Ogbono) currently sells for an average of N75,000. This is a 9.33% increase compared to N68,000 recorded two weeks ago.
- 1 loaf of Butterfield bread increased by 5.7% as it now sells for an average of N438 compared to an initial average of N413.
- A 5kg cylinder of household cooking gas is currently filled across the four markets for an average of N1,400 compared to an initial average N1,375 recorded two weeks ago. This indicates a 1.79% increase.
Items that recorded decrease in price
Despite the increase in the price of most of the items, some items however recorded marginal decrease in price.
- A big tuber of Abuja yam now sells for an average of N838, compared to an initial average of N930, which indicates a 13.4% reduction in price.
- Also, a smaller tuber of yam recorded a 12% reduction in price from an initial average of N700 to an average of N625.
- The price of 1 big Titus fish now sells for an average of N563 compared to an initial average of N575.
Items that maintained initial price
Household items that maintained their initial prices include milk, cocoa beverages, bread, and flour.
- A 400g Peak Powdered (Tin) milk continues to sell for an average of N1,213 while 900g still sells for an average of N2,375.
- A big basket of sweet potatoes still sells for an average of N8,000 while a small basket of the same items continues to sell for an average of 600.
- 5kg of household cooking gas (Refilling) continues to sell for an average of N3,375 while 5kg cylinder is still filled for an average of N1,375.
- A bag of yellow maize still sells for an average of N17,250 while White maize also maintains average of N17,500.
- 500g and 900g Milo Tin still sell for an average of N1,038 and N2,075 respectively across the four markets.
- The price of Kote and Titus fish continues to sell for N563 and 575 respectively.
- A bag of 50kg beans (Oloyin) still sells for an average of N12,750, white beans sells for an average of N21,125 and brown beans sells for an average of N20,625.
- A big nylon of crayfish increased by 15.4% in July to sell for an average of N15,000 compared to N13,000 recorded in June 2020.
- Round shaped tomatoes are yet to be sold in the markets due to the raining season. Meanwhile, oval-shaped tomatoes popularly regarded as Yoruba tomatoes is being sold in the major markets visited in Lagos. However, the price of the oval-shaped tomatoes is high due to the scarcity of the commodity. We found that a big basket is sold for an average of N10,000 while a small basket is sold for an average of N7,500.
- Big sized bag of pepper was not sighted by Nairametrics team at Mile 12 market and traders of the commodity explained that no truck conveying pepper arrived from the north in recent times, and this has forced the price of the limited stock to rise in the last two weeks. A medium-sized bag sells for an average of N10,000 at Mile 12 market.
Sellers at various markets who spoke to Nairametrics research revealed that sales have dipped in recent weeks due to increase in price, traffic situation and alternate opening of the market.
According to a trader at Daleko market, “sales have dropped significantly in the past month as the price of food items keeps increasing with markets only opening on specific days of the week. I think the increase in price of goods has discouraged consumers from purchasing as much as they do before which is affecting our revenue at the end of the day.”
Another trader interviewed at Mushin market by Nairametrics research team explained that, “Our goods are spending more time on display now compared to pre-COVID period, which has affected our turnover in recent times.”
|Items||Brand||Unit||MUSHIN (2/07/2020)||DALEKO (2/07/2020)||OYINGBO (2/07/2020)||MILE 12 (2/07/2020)||Average||MUSHIN (18/06/2020)||DALEKO (18/06/2020)||OYINGBO (18/06/2020)||MILE 12 (18/06/2020)||Average|
|Bag of Rice||Basmati||5kg||NA||NA||NA||NA||NA||NA||NA||NA||NA||NA|
|Bag of Rice||Mama Gold||10kg||NA||4000||NA||NA||4000||NA||4000||NA||NA||4000|
|Bag of Rice||Royal Stallion||50Kg||28500||NA||28000||29000||28500||28000||NA||27000||27500||27500|
|Bag of Rice||Rice Master||10kg||NA||3500||NA||4000||3750||NA||3500||NA||4000||3750|
|Bag of Rice||Mama Gold||50kg||22000||21500||21000||21000||21375||22000||21500||21000||20000||21125|
|Bag of Rice||Caprice||50kg||28000||NA||27500||27500||27666.666666667||28000||NA||27500||27500||27666.666666667|
|Bag of Rice||Mama's Pride||50kg||21500||21000||21000||21000||21125||21000||21000||21000||21000||21000|
|Bag of Rice||Falcon||25kg||NA||NA||NA||NA||NA||NA||NA||NA||NA||NA|
|Bag of Beans||Oloyin||50kg||13000||12500||13000||12500||12750||13000||12500||13000||12500||12750|
|Bag of Beans||White||50kg||22000||20500||21000||21000||21125||22000||20500||21000||21000||21125|
|Bag of Beans||Brown||>50kg||20500||19500||21500||21000||20625||20500||19500||21500||21000||20625|
|Tuber of Yam||Abuja||1 Big Size Tuber||850||800||800||900||837.5||1000||900||900||1000||950|
|Tuber of Yam||Abuja||1 Medium Size Tuber||650||600||600||650||625||650||700||750||700||700|
|Carton of Noodles||Indomie||305g (Belle full)||2900||2900||2900||2900||2900||2900||2900||2900||2900||2900|
|Carton of Noodles||Indomie||200g (Hungry man)||3200||3200||3200||3200||3200||3200||3200||3200||3200||3200|
|Carton of Noodles||Chikki||100g||2000||2200||2100||2100||2100||2000||2200||2100||2100||2100|
|Carton of Noodles||Minimie||70g||1600||1650||1700||1650||1650||1600||1650||1700||1650||1650|
|Carton of Noodles||Golden Penny||70g||1400||1400||1400||1400||1400||1400||1400||1400||1400||1400|
|Bag of Garri||Ijebu||80kg||13000||13500||13000||14000||13375||13000||13500||13000||14000||13375|
|Bag of Garri||White||50kg||11000||11500||11500||11000||11250||11000||11500||11500||11000||11250|
|Bag of Garri||Yellow||50kg||12000||12500||12000||12500||12250||12000||12500||12000||12500||12250|
|Basket of Potato||Sweet||Big Basket||8000||8000||8000||8000|
|Basket of Potato||Sweet||Small Basket||700||600||600||633.33333333333||700||600||600||633.33333333333|
|Basket of Potato||sweet||Smallest Basket||200||200||200||200||200||200||200||200|
|Basket of Potato||Irish||Biggest Basket||20000||20000||20000||20000|
|Basket of Potato||Irish||Small Basket||2000||2000||2000||2000||2000||2000|
|Basket of Potato||Irish||Smallest Basket||1700||1500||1500||1566.6666666667||1700||1500||1500||1566.6666666667|
|Packet of Pasta||Golden Penny||500g||4300||4400||4300||4200||4300||4300||4400||4300||4200||4300|
|Packet of Pasta||Dangote||500g||4100||4100||4200||4100||4125||4100||4100||4200||4100||4125|
|Packet of Pasta||Power (1 pc)||500g||220||220||220||220||220||220||220||220||220||220|
|Packet of Pasta||Bonita (1 pc)||500g||230||200||230||220||220||230||200||230||220||220|
|Gallon of Palm Oil||Local||5 Litres||2200||2100||2100||2100||2125||2200||2100||2100||2100||2125|
|Gallon of Palm Oil||Local||25 Litres||11000||11000||11000||11000||11000||11000||10500||11000||10500||10750|
|Gallon of Vegetable Oil||Local||5 Litres||2400||2200||2300||2200||2275||2200||2200||2200||2200||2200|
|Gallon of Vegetable Oil||Local||25 Litres||13100||13000||13300||13000||13100||12600||12400||12900||12400||12575|
|Gallon of Vegetable Oil||Kings||5 Litres||3000||3000||3000||3000||3000||3000||3000||3000||3000||3000|
|Gallon of Vegetable Oil||Wesson||5 Litres||3900||3900||3900||3900||3900||3900||3900||3900||3900||3900|
|Gallon of Vegetable Oil||Mamador||3.8 Litres||2500||2450||2500||2400||2462.5||2500||2450||2500||2400||2462.5|
|Gallon of Vegetable Oil||Power||3 Litres||1800||1800||1800||1800||1800||1800||1800||1800||1800||1800|
|Bunch of Plaintain||Plaintain||1 Big Bunch||500||400||450||500||462.5||500||400||450||500||462.5|
|Bag of Flour||Dangote||50kg||11200||11200||11000||11000||11100||11200||11200||11000||11000||11100|
|Bag of Flour||Honey well||50Kg||11200||11200||11200||11200||11200||11200||11200||11200||11200||11200|
|Bag of Flour||Mama Gold||50kg||11000||11300||11000||11000||11075||11000||11300||11000||11000||11075|
|Milk||Peak Powdered (Tin)||400g||1250||1200||1200||1200||1212.5||1250||1200||1200||1200||1212.5|
|Milk||Peak milk (Refill)||500g||1050||1000||1000||1000||1012.5||1050||1000||1000||1000||1012.5|
|Milk||Dano Powdered (Tin)||500g||1000||1000||1000||1000||1000||1000||1000||1000||1000||1000|
|Milk||Three Crown (Refill)||380g||720||700||750||700||717.5||720||700||750||700||717.5|
|Milk||Loya Powdered (Tin)||400g||1000||1000||1000||1050||1012.5||1000||1000||1000||1050||1012.5|
|Cocoa Beverages||Milo (Tin)||500g||1000||1100||1050||1000||1037.5||1000||1100||1050||1000||1037.5|
|Cocoa Beverages||Milo (Tin)||900g||2000||2100||2100||2100||2075||2000||2100||2100||2100||2075|
|Cocoa Beverages||Milo Refill||500g||900||900||900||900||900||900||900||900||900||900|
|Cocoa Beverages||Bournvita Refill||500g||950||1000||950||900||950||950||1000||950||900||950|
|Cocoa Beverages||Bournvita (Plastic)||900g||2000||2000||2000||2000||2000||2000||2000||2000||2000||2000|
|Cocoa Beverages||Ovaltine Refill||500g||800||800||850||850||825||800||800||850||850||825|
|Tea||Lipton Yellow label||52g||310||290||300||300||300||310||290||300||300||300|
|Sugar||St' Loius Sugar(Cube)||500g||500||550||550||550||537.5||500||550||550||550||537.5|
|Sugar||Golden Penny Sugar (cube)||500g||350||350||350||400||362.5||350||350||350||400||362.5|
|Bottled Water (Refill)||Cway||Refill||600||600||650||600||612.5||600||600||650||600||612.5|
|Juice||5 Alive||1 litre||600||550||550||600||575||600||550||550||600||575|
|Tomatoes||Big Basket||round shaped||NA||NA||16000||16000|
|Medium Basket||round shaped||NA||NA||9500||9500|
|Small Basket||round shaped||NA||NA||6000||6000|
|Big Basket||Oval Shaped||8500||10000||8500||8500|
|Small Basket||Oval Shaped||6500||7500||6500||6500|
|Fish||Kote (Horse Mackerel)||1 big Fish||550||600||550||500||550||550||600||550||550||562.5|
|Fish||Titus (Mackerel)||1 big Fish||550||550||550||600||562.5||550||600||550||600||575|
|Onions||Big bag||Dry Onions||17000||17000||16500||16500|
|Onions||Big bag||New Onions||NA||NA||NA||NA|
|Bush mango seed||(Ogbono)||1 big bag||75000||75000||68000||68000|
About Nairametrics Food Price Survey
The Nairametrics Food Price Watch is a bi-weekly household market survey that covers the prices of major food items, with emphasis on five major markets in Lagos – Mushin Market, Daleko Market, Oyingbo Market, Idi-Oro Market and Mile 12.