In line with its plan to strategically position its business model for increased efficiency, Berger Paints Nigeria Plc has appointed Anjan Sircar as its new MD/CEO, and Tolulope Ogunkolade as its new Chief Operating Officer (COO).
While Sircar’s appointment took effect on Tuesday, April 30, 2019, Ogunkolade’s appointment will take effect from Monday, May 6, 2019.
Anjan Sircar’s profile: Sircar comes with a vast experience, having served as the CEO of Elite Group of Companies, Bangladesh, Country Director & Head of Berger Paints (Nepal) Ltd., a subsidiary of Berger Paints India Ltd., Director and General Manager, Asian Paints India Ltd, and as Country Director of Kadisco Asianpaints, a subsidy of Asian Paints India Ltd).
Sircar holds a Bachelor of Science degree from Calcutta University (Ashutosh College) and has attended several management courses at the Indian Institute of Management Ahmedabad. He has also completed Harvard Business School’s ‘Manage Mentor 18 Module’.
On the other hand, Ogunkolade has almost two decades of proven accomplishments in operations, management, strategy, business development, energy, infrastructure assets, manufacturing, and natural gas utilization infrastructure.
He holds a Higher National Diploma with Upper Credit in Electrical and Electronics Engineering from the Federal Polytechnic, Ado-Ekiti, and a Master of Science (M.Sc) Degree
in Strategic Engineering Management from the Anglia Ruskin University, United Kingdom (UK).
Until his appointment, Ogunkolade was the General Manager (GM), Manufacturing, Income Electrix Limited, Rivers State.
About Berger Paints: Berger Paints Nigeria Plc commenced operations in Nigeria on January 9, 1959 with registration number RC.1837. Lewis Berger, a German colour chemist founded the Berger Paints’ dynasty in London, in 1760.
The company operates in 5 business segments, which include -Decorative/Architectural finishes, Industrial Coatings, Marine & Protection coatings, Automotive/Vehicle refinishes, Wood Finishing and Preservers.
Berger Paints Nigeria Plc is currently trading at N7.35 on the Nigerian Stock Exchange (NSE).
FGN Free Meter Program and getting power to the people
Without effective penalties for erring DisCos and consumers, progress may still remain very slow.
According to news reports, the Minister of Power, Mamman Saleh on Wednesday said the distribution of the four million free electricity prepaid meters pledged by the Central Bank of Nigeria would soon begin across the country.
According to him, the government is wrapping up the distribution of its initial one million meters, which he labelled phase zero, and would soon begin the distribution of the four million sponsored by CBN, which he tagged phase two. He also noted that the Federal Executive Council approved N3bn for the execution of six major electricity projects in the country to upgrade Nigeria’s electricity facilities and improve power supply across the country.
Ineffective metering remains a major drawback to the success of power sector reforms in Nigeria. While some consumers avoid paying for power consumed through meter bypass, some other consumers are made to pay for what they have not consumed through estimated billing by DisCos.
DisCos have been largely unsuccessful with metering their customers.
As far as inadequate metering is concerned, DisCos over time, have used this situation to their advantage via estimated billings. It appears that fully metering customers are currently being viewed as a disincentive, given that estimated bills can easily be manipulated.
According to a report by the Nigerian Electricity Regulatory Commission (NERC), only 4,234,759 (40.27%) of the total customer population of 10,516,090 were metered as of 30 June 2020. Clearly, this validates the widely held view that there are a wide number of customers on estimated billing which gives room for illegal connection to the networks and in turn corrupt practices. NERC further revealed that only three out of 11 Electricity Distribution Companies in the country had metered more than 50% of electricity customers under their coverage areas as of June 2020.
Effective metering in our view is one step ahead in solving the myriad of problems embattling the Nigerian power sector. Though supposed to be unpaid for, many customers in a bid to avoid the bureaucracy associated with getting meters have paid to get their own meters. We believe the provision of meters to all end-use customers will go a long way in ameliorating the liquidity squeeze in the power sector whilst also providing cashflow to the DisCos for investment in equipment needed to evacuate unused electricity to consumers nationwide.
We laud the FG’s efforts at distributing meters freely to end-users, but we note that without effective penalties for erring DisCos and consumers, progress may still remain very slow.
CSL Stockbrokers Limited, Lagos (CSLS) is a wholly owned subsidiary of FCMB Group Plc and is regulated by the Securities and Exchange Commission, Nigeria. CSLS is a member of the Nigerian Stock Exchange.
Covid-19: WHO approves China’s Sinopharm vaccine
WHO has announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination.
The World Health Organization (WHO) has announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination. The vaccine is reported to have 79% efficacy against covid.
This was disclosed today in a report by Reuters. The vaccine would also be the second Chinese-made vaccine after Sinovac vaccine and would be the first developed outside Europe and North America to receive WHO accreditation.
“This expands the list of COVID-19 vaccines that COVAX can buy, and gives countries confidence to expedite their own regulatory approval, and to import and administer a vaccine,” WHO Director-General, Tedros Adhanom Ghebreyesus said.
The WHO added that the easy storage requirements make it highly suitable for low-resource settings.
“Its easy storage requirements make it highly suitable for low-resource settings,” a WHO statement said while also disclosing that the vaccine has been approved for people above the age of 18 to receive two shots.
“On the basis of all available evidence, WHO recommends the vaccine for adults 18 years and older, in a two-dose schedule with a spacing of three to four weeks,” the statement added.
The vaccine was created by Beijing Biological Products Institute, a subsidiary of Sinopharm subsidiary China National Biotec Group, with an efficacy of 79% for all age groups.
The WHO however, admitted that few older adults (over 60 years) were enrolled in clinical trials, so efficacy could not be estimated in this age group.
In case you missed it
The quest for vaccine efficiency got a major boost earlier this week as Nairametrics reported that the United States government announced that it supports the waiver of Intellectual Property Protections on Covid-19 vaccine development, in a bid to boost the fight against the pandemic, and says it will participate in the Okonjo-Iweala-led WTO negotiation to make it happen.
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