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.
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.
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.
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.
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.
Sell-off of shares by investors extend Flourmillers loss on NSE to N25 billion
Nigerian Flour millers on NSE suffer a decline as wary investors offload shares.
The sell-off of shares on the Nigerian Stock Exchange has triggered an N24.9 billion loss in the market capitalization of Flour Millers since the beginning of February, as wary investors offload.
It is important to note that the Nigerian Equity Market has been on the downward trend since the beginning of February, as wary investors sell off stakes in companies as the yields in the money market become attractive.
The results of this move led to a decline in the shares of companies listed on the Nigerian Stock Exchange, including a decline in the shares of Flour millers listed on the bourse.
A review of the performance of the stocks of these Flour millers on NSE revealed that the market capitalization of FLOUR MILLS, HONYFLOUR, and Northern Nigeria Flour Mills from the open of trade on February 1 till the close of trading activities on February 24 has declined from N154 billion to N129 billion.
How they have all performed
FlourMills has declined from N142.3 billion to N118.3 billion. However, the market cap of Honeywell Flour Mills has also declined, albeit marginally from N10.31 billion to N9.91 billion, while that of NNFM has declined from N1.72 billion to N1.25 billion. When added up, the three millers have lost N24.85 billion in market capitalization.
However, Flour Mills, the largest miller on NSE lost the most with N23.98 billion, as a percentage of market capitalization. Flour Mills is down by 16.85%.
At the end of trading activities on the floor of the Nigerian Stock Exchange, the shares of Flour Mills declined by 6.9% to close at N28.85 per share, as investors sell off 5,029,161 ordinary shares of the company worth N143,009,264.10.
Shares of Honeywell at the close of trading activities today declined by 1.6%, while shares of Northern Nigeria Flour Mills remained unchanged at N7.02 per share.
The Consumer good index to which the Flour millers belong has fallen by 6.1% year since the beginning of February, compared to the Nigerian Stock Exchange All Share Index -5.17%.
FG says Finance Bill 2020 will check inflation
The Finance Minister has stated that the reduction of import duties on vehicles will subsequently reduce transport fares and food prices.
The Federal Government has said that the Finance Bill 2020 was designed to reduce import duties on some commodities, including vehicles, thereby checking inflation.
This is as the Bill was part of measures to make transportation affordable, thereby reducing the cost of foodstuff across the country.
According to a report from the News Agency of Nigeria (NAN), this disclosure was made by the Minister of Finance, Budget and National Planning, Zainab Ahmed, while answering questions from State House correspondents in Abuja on Wednesday.
Ahmed explained that her Ministry advocated and got approval for a reduction in the import duties charged on vehicles precisely to check inflation trends.
What the Minister for Finance is saying
The Minister expressed concerns over the inflation rate in the country, saying inflation was high at 16.7% and still inching up gradually over the last couple of months.
Ahmed said, “When you look at the components that constitute inflation in our country, the largest contributor is food inflation and … if you decouple it, the largest contributor to food inflation is the cost of transport.
“We now look at how do we reduce the cost of transport because we can’t give every Nigerian money to pay for their transportation fares. We figured that one of the good ways to do it is to increase the acquisition of mass transit vehicles and to reduce the acquisition cost of vehicles and tractors that are used for productive purposes like agriculture.”
She expressed optimism that the reduction of the import duties on vehicles, when fully operational, would boost mass transit activities and subsequently reduce transport fares and food prices.
She said, “So the reason why we reduce those duties is to reduce the cost of transportation.
”So, once this implementation takes full effect, we are hoping that we’ll be able to see more tractors coming into the country, more mass transit buses coming to the country, reducing the cost of transportation as a result, and also having an impact on food prices.”
What you should know
- It can be recalled that as part of its bid to introduce tax incentives in the face of the economic downturn caused by the coronavirus pandemic, the Federal Government in November 2020, through the signed Finance Bill 2020, proposed the slash of import duties for tractors, buses and other motor vehicles from 35% to 10% and 0% to further help cushion the socio-economic conditions in the country.
- The Minister for Finance, Budget and National Planning had explained that the need to reduce food inflation figures through one of the causative factors of high production cost, which is transportation, inspired the bill.
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