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Business News

Folakemi Fadahunsi announced as UACN’s new Director

Fahunsi is expected to deploy her rich experience towards developing UACN Property Development Company Plc.

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Folakemi Fadahunsi announced as UACN's new Director

The management and board of UACN Property Development Company Plc, has announced the appointment of Folakemi Fadahunsi as its Chief Financial Officer (CFO) and Director.

A glimpse at Folakemi Fadunsi’s professional career

Fadahunsi is a Fellow of the Institute of Chartered Accountants of Nigeria.

She as a Bachelor of Science Degree in Engineering Physics  from Obafemi Awolowo University Ile-Ife and a Masters of Business Administration from Manchester Business School, Manchester UK.

She started her career with Arthur Andersen (now KPMG Professional Services) where she worked as an External Auditor for 4 years. She also worked in the Consumer Services Sector with companies such as Honeywell Group and GlaxoSmithKline.

Her most recent experience was with Pricewaterhousecoopers, where she worked for 5 years in the Advisory Finance and Accounting unit.

Her experience cuts across Consumer Markets, Telecommunications and the Public sector.

High expectations for Fahunsi 

Fahunsi is expected to deploy her rich experience towards developing and implementing appropriate strategies that will improve the company’s performance across and boost investors’ confidence.

It would be recalled that, a few weeks ago, the company appointed Ibikunle Ibiyinka Oriola, as its Group Finance Director.

Company’s performance

UACN Property Development Company Plc’s performance has, in the last few years, been a drag on the overall group performance.

Results for the nine months ended September 30, 2018, show that revenue fell from N3.1 billion in 2017 to N1.7 billion in 2018. The company’s losses worsened from N1.7 billion in 2017 to N4.5 billion in 2019.

About UACN

UACN was first incorporated in Nigeria under the name Nigerian Motors Ltd on April 22, 1931, as a wholly owned subsidiary of the United Africa Company Ltd, the firm that later became UAC International (UACI).
It is a publicly listed company based in Nigeria. Its areas of operation include manufacturing, services, logistics and warehousing, agricultural and real estate. UACN’s food operations include UAC Franchising, UAC Restaurants and UAC Dairies.
UACN Group’s stock is currently trading at N8.00 today’s trading session at the Nigerian Stock Exchange (NSE).

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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Spotlight Stories

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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US Elections: Twitter, Facebook suspend several news accounts

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

According to the blog post, “Tip Jar is an easy way to support the incredible voices that make up the conversation on Twitter. This is a first step in our work to create new ways for people to receive and show support on Twitter – with money.”

The new feature utilizes different payment platforms like PayPal, Venmo, Patreon, CashApp, and others.

Users can link their Twitter accounts with Tip Jar to any of these payment providers. Twitter takes no cut.

READ: Facebook is creating an audio chat product similar to Clubhouse

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.

The company also launched Twitter crop where images don’t get crop again on Twitter for Android or iOS. Standard aspect ratio images (16:9 and 4:3) will now display in full without any cropping and images will look just like they did when you shot them.

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READ: Does YouTube stand a chance against TikTok?

Lauren Alexander, a Twitter spokesperson said, “Today’s launch is a direct result of the feedback people shared with us last year that the way our algorithm cropped images wasn’t equitable, The new way of presenting images decreases the platform’s reliance on automatic, machine learning-based image cropping.”

Twitter has tested several features and more will be rolled out soon.

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Business

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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Border closure: Amid N5bn daily revenue, Customs officials lament allowance slash  

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.

What Ibrahim Yusuf is saying

“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.

READ: Customs revenue rises by N200 billion to hit N1.5 trillion in 2020

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.

Other items seized in the period under review include: two containers of unprocessed wood and one container of scrap copper wire,” he said.

He added that the progress the Apapa Command made in the month of April was possible due to the resilience of the officers, citing that the Command had taken steps to ensure efficient revenue collection by creating an enabling environment for legitimate businesses to thrive.

What you should know

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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