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Business News

Berger Paints declares N188 million dividend, reveals expansion Plans

Berger Paints Nigeria PLC has revealed strategies and interventions aimed at improving its operational processes for long-term sustainable growth.

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Berger Paints Plc, Berger Paints offers support for Lagos State to combat coronavirus

Berger Paints Nigeria PLC has revealed strategies and interventions aimed at improving its operational processes for long-term sustainable growth.

The company’s board disclosed the plans to shareholders at its 59th Annual General Meeting held in Lagos.

Strategic Initiatives in Detail: According to the company, the areas of strategic initiative encompassing structure, people, processes, and digital operations, were derived from a comprehensive assessment of the company for future competitiveness.

The company’s Chairman, Abi Ayida, stated that the initiatives were decided following consultations with the company’s various units and stakeholders. He asserted the assessment process underscore the company’s need to reposition for global competitiveness and sustainable Return on Investment.

“On assumption of office, I solicited views on how this required journey could be made, and attained unvarnished narrative of what we as employees, partners, stakeholders and leaders were doing well and what not so well. The outcome of these valuable sessions, after board review and consideration, confirmed that there was significant headroom for improvement in our people, processes and organisational structure.”

The chairman identified the key anchors of the company’s restructuring to be a clear and integrated customer-centered global strategy, an innovative business model, organisation restructuring for resilience, sustainability, and perpetuity and retooled human capital and talent management.

More to come for Shareholders: Adiba reaffirmed the company’s dedication to value creation, assuring shareholders of more opportunities for robust engagement with shareholders. He said a help desk has been created to ease the secretariat’s communication with shareholders.

He promised shareholders that the company’s ultra-modern plant would be commissioned soon.

Shareholders Impressed by 2018 Result: Shareholders approved payment of cash dividend of N188.39 million for 2018 business year, translating to 65 Kobo dividend per share. Turnover grew to N3.38 billion from N3.01 billion posted in the same period in 2017, representing a rise of 12%. Equally, Profit Before Tax increased by 33.8% N339.5 million recorded in 2017 to N454.3 million.

Shareholders gave credit to the board and management for the improvements in all the performance indicators.

Ronald Adamolekun is a creative writer with proficiency in journalism, financial reporting, financial analysis and imaginative writing. However, his core competency lies in fiction and short story writing as well as feature writing. He is a graduate of English and Literature from Covenant University, Ota, Nigeria.

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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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