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Business News

Conoil announces the appointment of an Acting Director of Finance

The mamnagement of @Conoil_Plc, has announced the appointment of Mr. Ismail Salam as the Acting Executive Director for Finance.

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Conoil Plc, NSE, Conoil Plc's shares, NSE suspends shares from trading shares, Conoil Plc declares dividend payment for FY 2019, announces AGM soon

The management of Conoil Plc issued a statement, yesterday, to the Nigerian Stock exchange (NSE), notifying its shareholders, stakeholders, and the entire public of the appointment of Mr. Ismail Salam. He is the new Acting Executive Director for Finance.

Conoil Plc, however, explained that Mr Salami’s appointment is subject to the approval of its shareholders during the company’s next Annual General Meeting (AGM).

Ismail Salam’s profile: Mr. Ismail Salam is an accomplished professional with experience in diverse sectors of the economy. He is a graduate of Accountancy with an MBA in Financial Management and a Fellow of the Institute of Chartered Accountants.

Mr. Salam brings with him over 30 years of strong and decisive leadership experience in Teaching, Manufacturing, Banking, Telecommunications, and now Oil and Gas.

Prior to this time: As reported by Nairametrics, the last time the company added a new member to its board was in October 2018, when it appointed Hardeep Kheterpal, as its Acting Managing Director.

The company’s Financial performance: Conoil Plc is yet to file its audited financial statement for the full year 2018. According to the company, the reason it is yet to do this is because its external auditors are having challenges effecting the mandatory conversion to the International Financial Reporting Standard (IFRS9).

Its last filed financial statement which was for Q3 2018 and it showed that the company’s revenue increased by 7.9% to N75.8 billion compared to the corresponding period in 2017.

The company’s profit before tax increased to N2.2 billion, up by 11.8%, while its profit after tax jumped to N1.58 billion, showing a 16.8% hike. While its earnings per share increased to 229 kobo, up by 16.8%.

About Conoil Plc: Conoil Plc is a Nigerian petroleum marketing company involved in the sale of regulated gasoline and kerosene, diesel, aviation fuel, and low pour fuel. Other business activities of the firm include production and marketing of lubricants under the brand name Quatro. The company was previously known as National Oil and Chemical Marketing Plc until it was acquired by Conpetro in 2002.

The company’s shares are currently trading at N20.15 on the Nigerian Stock Exchange.

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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.

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.

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.”

Hotflex

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.

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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