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Meyer Plc appoints a new Chief Financial Officer

@meyerpaints Plc has appointed the former Financial Controller of @DangoteGroup, Rotimi Alashe. His appointment comes seven months after the company was dragged into a tax mess that led to the shutdown of its paint factory in Ikeja.

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Meyer Plc appoints new Chief Financial Officer, Meyer appoints Rotimi Alashe, FIRS shutdown Meyer Ikeja Paint Factory, Meyer plc appoints Devashish Nath

Meyer Plc has appointed the former Financial Controller of Dangote Group, Rotimi Alashe as the new Chief Financial Officer (CFO).

Alashe had been acting in the capacity of Chief Financial Officer for Meyer Plc since July 1, 2019, before the announcement. According to the company’s statement signed by its Secretary, Ifetola Fadeyibi, he has 30 years experience as a financial expert. The appointment was disclosed on the Nigerian Stock Exchange (NSE) yesterday.

[READ ALSO: SEC moves to help Nigerians who invested in this Ponzi Scheme]

Meyer believes Alashe is a valued contributor to executive-level strategy. He has led and facilitated management change through investment opportunities and has also spent 18 years in driving the growth of blue chip companies.

Meyer paints, Meyer Plc appoints new Chief Financial Officer, Meyer appoints Rotimi Alashe, FIRS shutdown Meyer Ikeja Paint Factory

Paints

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Why this matters: His appointment came seven months after the Federal Inland Revenue Service (FIRS) reportedly shut down Meyer’s factory located in Ikeja. There were reports that FIRS officials visited the paint company over back taxes. Meyer, however, denied the tax claims and said relevant papers were presented to the FIRS officers who later reopened the company.

[READ MORE: O’Concept, the QSR reengineering snack-on-the-go to flip the market]

Alashe’s academic history: He’s a graduate of University of Benin and has an MBA in General Management from Pan Atlantic University (Lagos Business School). He is equally a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and an Associate of the Charted Institute of Management Accountants (CIMA), UK.

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Meyer paints, Meyer Plc appoints new Chief Financial Officer, Meyer appoints Rotimi Alashe, FIRS shutdown Meyer Ikeja Paint Factory

Meyer Plc

Career history: Within Rotimi Alashe’s 30 years professional experience in the financial circle, he worked for about fourteen companies in Nigeria.

  • Chief Financial Officer/Executive Director, Coscharis Farms Limited (March 2018-April 2019)
  • Chief Responsibility Officer, SPA Integrated Trades (June 2017-February 2018)
  • Head of Finance, Flour Mills Nigeria Plc (Sunti Golden Sugar Estate Limited / 2015-2017)
  • Head, Financial Reporting, Tax & Statutory Compliance, Frigoglass Industries Nigeria Limited (2010-2015)
  • Financial Controller, Dangote Group (Obajana Cement Plc) (2007-2010)
  • Finance and Administration Manager, Airliquide Nigeria Plc (2006-2007)
  • Finance Manager, Freezone Fabrication Company Limited (2004-2006)
  • Chief Finance Officer, Vic Lawrence Consulting Limited (2004)
  • Financial Controller, Linkserve Limited (2003)
  • Chief Accountant, Edo Cement Limited (2003)
  • Finance Manager, Nigerian Bottling Company Plc (1999-2002)
  • Plant Accountant, West African Portland Cement Plc (1994-1999)
  • Audit Manager, West African Portland Cement Plc (1993-1994)
  • Audit Senior, Ernst and Young International (1988-1993)

[READ FURTHER: CAP Plc’s share price is beginning to tank]

Note: Meyer Plc appointed a new Managing Director in March 2019. The company’s Board of Directors unanimously approved Devashish Nath’s appointment at a meeting held on Tuesday, March 18, 2019. The appointment took effect from Friday, February 1, 2019.

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Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: [email protected]

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Business News

Nascon Allied Industries Plc: Increase in sale of goods boosts revenues

Nascon Allied Industries Plc recorded a boost from an increase in the sale of goods revenue-generating unit

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Nascon Allied Industries Plc recorded a boost from an increase in the sale of goods revenue-generating units, as total revenues increased slightly. The company reported revenues of N21.87 billion in 2020 (9months) – 4.01% increase compared to N21.03 billion in the corresponding period of 2019.

What you should know

Key highlights from 2020 (9months) results

  • Revenues increased by 4.01% from N21.03 billion to N21.87 billion YoY.
  • Revenues from sale of edible, refined, bulk grade salt; seasoning and vegetable oil, increased to N21.87 billion, +22.53% YoY.
  • Other income increased to N12.81 million, +27.43% YoY.
  • No revenue was recorded for freight income on the deliveries of salt and seasoning income-generating unit.
  • Gross profit increased to N8.96 billion, +74.56% YoY.
  • Operating profit increased to N3.64 billion +18.60% YoY.
  • Pre-tax profits increased to N3.47 billion, +16.63% YoY.
  • Post-tax profits increased to N2.29 billion, +13.27% YoY.
  • Earnings Per Share increased to 115 kobo, +12.75% YoY
  • Total assets increased to N44.36 billion, +45.79% YoY.
  • Total liabilities increased to N32.04 billion, +67.21% YoY.
  • Total equity increased to N12.32 billion, +9.35% YoY.

(READ MORE:Dangote’s NASCON Allied Industries Plc moves operation from Apapa)

Bottomline

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Nascon Allied Industries Plc recorded a boost from increase in sale of goods revenue-generating unit, but no revenue was recorded for its freight income on the deliveries of salt and seasoning revenue generating-unit.

Though companies have generally recorded decreased revenues in the last three quarters, mostly due to COVID-19; Nascon Allied Industries Plc was able to increase its total revenues and pre-tax profits in the period under consideration.

 

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Tech News

Instagram disables its “Recent” feature

Instagram recently announced it had removed the “recent” tab from hashtag pages on a temporary basis

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COVID-19: Instagram cracks down on coronavirus AR effects, Instagram Tenders apology for fagging #EndSARS fake, Instagram has disabled the “Recent” feature for the forthcoming U.S election,

Instagram disclosed that it would remove the “Recent” tab from its hashtag pages for people in the United States of America.

The social networking and video sharing service stated this on its official Twitter handle. It said it is “doing this to reduce the real-time spread of potentially harmful content that could pop up around the election.”

What you should know

Nairametrics had reported on Instagram’s apology for its algorithm malfunction that led to the flagging of #EndSARS posts as fake.

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Instagram has also taken the following measures to ensure a successful November election.

  • The registration of 4.4 million votes this year through its flagship platform – Instagram and Messenger.
  • Serving as a means of information and tool to people in the US on the electoral process
  • The ban of any content that can thwart the success of the election.

(READ MORE:U.S dollar stable amid U.S holiday)

Mark Zuckerberg, the CEO of Facebook, said he was perturbed about the high risks for civil unrest in the US due to the upcoming presidential election.

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“I’m worried that with our nation so divided and election results potentially taking days or weeks to be finalized, there is a risk of civil unrest across the country.”

Furthermore, he disclosed on a call while discussing Facebook’s Q3 earnings, that “given this, companies like ours need to go well beyond what we’ve done before.”

Why this matters

The aim of the short-term decision is to decrease the spread of misinformation in the forthcoming US election.

 

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ENDSARS

#EndSARS: Police did not shoot protesters – IGP Adamu

The IGP has said that police officers acted professionally and exercised commendable restraints during the #EndSARS protests.

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The Inspector-General of Police, M.A Adamu, has said that officers of the Nigeria Police Force acted professionally and exercised commendable restraints during the protests, in a response to Amnesty International about police firing at protesters.

The IG disclosed this in a statement on Friday morning, saying reports on the shooting of protesters is not true.

What you should know

Amnesty International released a report on the 21st of October, 2020, saying it has confirmed “that the Nigerian army and police killed at least 12 peaceful protesters yesterday at two locations in Lagos. The killings took place in Lekki and Alausa, where thousands were protesting police brutality as part of the #EndSars movement.”

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President Muhammadu Buhari also disclosed last week that 51 civilians, 11 Police officers, and 7 soldiers have been killed in the unrest.

The IGP said today that, “Officers of the Nigeria Police Force acted professionally, exercised commendable restraints and some paid the supreme price for peace during the recent protests and ensuing violence in some parts of the country.

“The Amnesty Int’l report is untrue, misleading, and contrary to all available empirical evidence.

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“Even when the protests turned violent in some parts of the country, the officers still maintained utmost restraint and did not use excessive force in managing the situations.”

The IG added that 22 Police personnel were killed by hoodlums, with many more injured and that 205 police stations were attacked.

“Available reports show that twenty-two (22) police personnel were extra-judicially killed by some rampaging protesters and scores injured during the protests. Many of the injured personnel are in life-threatening conditions at the hospital.

“Two hundred and five (205) police stations and formations including other critical private and public infrastructure were also damaged by a section of the protesters,” he said.

The IG said Amnesty International failed to pay tribute to police officers who lost their lives in the violence and accused the organization of “discriminatory tendencies.”

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