Dangote Sugar Refinery (DSR) has announced its intention to merge with its subsidiary, Savannah Sugar Company Limited (SSCL).
The Details: In a notice sent to the Nigerian Stock Exchange (NSE) and the general investing public, the board of directors recommended that the business combination would occur through a scheme of external restructuring which would then result in the merger.
The scheme recommended a transfer of all assets, liabilities and undertakings of Savannah Sugar to Dangote Sugar. It also recommended the cancellation of the entire issued share capital of Savannah Sugar to produce Dangote Sugar Refinery as the surviving entity.
However, the scheme is subject to the approval of the shareholders of both companies and regulatory approval of authorized agencies.
“The transaction will be subject to the receipt of the approval of the shareholders of DSR and SSCL at duly convened separate court-ordered meetings of DSR and SSCL respectively as well as, the receipt of regulatory approvals of the Securities and Exchange Commission and the Federal Competition and Consumer Protection Commission.”
A look into Dangote Sugar financials: The company reported a decline in profit in its 9 months financial statement for 2019. It reported a revenue of N117.4 billion in the last three quarters of 2019, indicating a 0.57% increase compared to its N116.8 billion revenue for 2018.
Cost of sales increased by 1.5% to N88.4 billion, up from N87 billion during the comparable period last year.
However, there was a 12.4% decline in the company’s profit before tax for the period which stood at N22.9 billion compared to N26.2 billion during the comparable last year.
In the same vein, the company’s profit after tax declined by 12% to N14.8 billion compared to N16.9 billion recorded in the first three quarters of last year.
About Dangote Sugar Refinery: Dangote Sugar Refinery Plc commenced business in March 2000 as the sugar division of Dangote Industries Limited. The sugar-refining factory at Apapa port was commissioned in 2001 with an initial installed capacity to process 600,000 MT of raw sugar per annum. In December 2007, DSR Plc successfully exported its first consignment of 1,500MT of sugar to Ghana.
Savannah Sugar Company Limited: Savannah Sugar Company Limited (SSCL) is an existing cane sugar production operation located on 32,000 hectares of land in Numan, Adamawa State, Nigeria, with a milling capacity of 50,000 tonnes of sugar per annum. At present, SSCL produces refined sugar from just 6,750 hectares of sugarcane cultivated on its sugarcane fields.
It is a subsidiary of the Dangote Sugar Refinery.
Just in: Fuel scarcity looms as NUPENG directs Tanker drivers to withdraw services in Lagos
This was disclosed in a press statement by NUPENG on Friday, August 7, 2020.
The scarcity of petroleum products appears to be looming in Lagos as the leadership of Nigerian Union of Petroleum and Natural Gas Workers (NUPENG) has directed its members to withdraw its services in Lagos with effect from Monday, August 10, 2020.
This is due to the failure of government authorities to address the various issues that have been causing serious pains and harrowing experience on the petroleum tanker drivers in the state for several months now.
This was disclosed in a press statement by NUPENG on Friday, August 7, 2020.
NUPENG LEADERSHIP DIRECTS WITHDRAWAL OF SERVICES BY PETROLEUM TANKER DRIVERS IN LAGOS STATE WITH EFFECT FROM MONDAY, AUGUST 10, 2020
Read more:https://t.co/TV5sFoBOcO@followlasg#Lagos pic.twitter.com/tAuOpsMc3a
— NIGERIA UNION OF PETROLEUM AND NATURAL GAS WORKERS (@officialNUPENG9) August 7, 2020
President Buhari signs amended Companies Allied Matters bill
The President’s action on the document repealed and replaced the extant Companies and Allied Matters Act, 1990.
President Muhammadu Buhari has assented to the Companies and Allied Matters Bill 2020, which was recently passed by the National Assembly.
This was disclosed in a statement signed by a media aide of President Buhari, Femi Adesina and shared by the Personal Assistant to the President, Bashir Ahmad, via his Twitter handle.
According to the statement, the President’s action on the document repealed and replaced the extant Companies and Allied Matters Act, 1990, and introduced several corporate legal innovations geared toward enhancing ease of doing business in the country.
— Bashir Ahmad (@BashirAhmaad) August 7, 2020
Key innovations in the new Act:
* Filing fee reductions and other reforms to make it easier and cheaper for small and medium-sized enterprises to register and reform their businesses in Nigeria;
* Allowing corporate promoters of companies to establish private companies with a single member or shareholder, and creating limited liability partnerships and limited partnerships to give investors and business people alternative forms of carrying out their business in an efficient and flexible way;
* Innovating processes and procedures to ease the operations of companies, such as introducing Statements of Compliance; replacing “authorised share capital” with minimum share capital to reduce costs of incorporating companies; and providing for electronic filing, electronic share transfers, e-meetings as well as remote general meetings for private companies in response to the disruptions to close contact physical meetings due to the COVID-19 pandemic;
* Requiring the disclosure of persons with significant control of companies in a register of beneficial owners to enhance corporate accountability and transparency; and
* Enhancing the minority shareholder protection and engagement; introducing enhanced business rescue reforms for insolvent companies; and permitting the merger of Incorporated Trustees for associations that share similar aims and objectives.
Update: FG extends second phase of eased lockdown by another 4 weeks
This is the third time the second phase of the eased lockdown is being extended.
President Muhammadu Buhari has approved the extension of the second phase of eased lockdown by another 4 weeks.
According to a monitored media report, this is the third time the second phase of the eased lockdown which is currently observed across the country is being extended
The disclosure was made by Boss Mustapha, the Secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19, during the Task Force briefing in Abuja on Thursday.
The Federal Government had on July 27 extended the current lockdown by an additional one week due to the Sallah celebration on July 29.
Mustapha disclosed that the extension followed the briefing and recommendation to President Muhammadu Buhari on Wednesday on the progress made so far by Presidential Task Force in containing the spread of Covid-19 and keeping citizens safe from contracting the virus.
The PTF Chairman noted that they made a couple of recommendations to the president and the extension of the current phase of ease of lockdown was one of the ones approved.
He revealed that in the recommendation that was made to the president about retaining the current phase of the lockdown, the PTF made some minor changes to address the economic, socio-political concerns of Nigerians.
Under the current extended second phase, the current curfew of 10 pm to 4 am is still in force, civil servants on grade level 12 and above are now to resume work fully and close by 4 pm and no longer 2 pm that currently operates. He, however, said that virtual meetings by government officials and parastatals will be maintained.
He also said that while the restrictions on recreational parks have been lifted for non-contact physical activities, the ban on entertainment centres will be sustained.
Mustapha explained that despite the accomplishments and challenges, some challenges continue to pose a considerable concern. Some of them include increased non-compliance with non-pharmaceutical prevention measures, lack of enforcement of necessary guidelines issued to preserve lives, insufficient engagement by some states with the national response, and lingering concern about the gap between identified cases and the actual burden of disease.
He also talked about apathy, fatigue and disbelief combining to challenge public enlightenment, compliance and behaviour change.
The SGF said that to address these challenges, the PTF decided that it was important to ensure that restrictions were not completely relaxed in order to control transmission.
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He noted that it was also important that at this Community Transmission Phase of the pandemic, sub-national governments should step up to take more responsibilities by owning the response.
The various state authorities and the Federal Capital Territory were mandated to enforce non=pharmaceutical guidelines, the use of face masks in public appearances and places.