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FMN redeems N1 billion pledge to CACOVID relief fund, donates $1.5 million worth of medical supplies

Flour Mills of Nigeria Plc has redeemed its N1 billion pledge to the CBN-led Private Sector Coalition against COVID-19 (CACOVID) fund.  

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Flour Mills of Nigeria Plc, 2018 FY: Flour Mills’ shareholders unanimously endorse N4.92 billion dividend , FMN redeems N1 billion pledge to CACOVID relief fund, donates $1.5 million worth of medical supplies

Flour Mills of Nigeria Plc has redeemed its N1 billion pledge to the CBN-led Private Sector Coalition against COVID-19 (CACOVID) fund.

In addition to this, the agro company announced that it has donated $1.5 million worth of medical supplies to support the Nigerian Government in the fight against COVID-19.

This announcement was contained in a statement released by the APO group on behalf of Flour Mills of Nigeria Group.

According to the statement, the supplies include 35,000 laboratory-based testing capacity, 100/day field-testing capacity and 75 ventilators which are expected to beef up COVID-19 testing capacity.

READ MORE: How five Nigerian tech-startups are tackling COVID-19 outbreak

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Also included are 331,000 pieces of Personal Protective Equipment (N95 Masks, Coveralls, Protective gloves, Protective eyewear), sufficient for use for 10,000 health care professionals for the next two months.

Flour Mills, 7 other quoted companies fined N14.3 million, Flours Mills Nigeria Plc issues N20 billion fixed rate bond, FMN redeems N1 billion pledge to CACOVID relief fund, donates $1.5 million worth of medical supplies

The supplies are expected to start arriving on Saturday, 18 April till Monday, 27 April and will be distributed through the Nigeria Centre for Disease Control (NCDC).

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Purchasing these items from Dubai, the United States, Canada, Greece and China, in the midst of national restrictions of medical supplies procurement across the world, is fuelled by the desire to provide the Nigerian government with the much-needed support to contain the virus.

The group has also commenced a relief distribution of food supplies worth $840,000 to the most vulnerable people across 12 Nigerian states.

READ ALSO: Lawmakers now closer to an agreement with stakeholders on free electricity supply

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Flagging off the FMN COVID-19 response action, Group Chief Operating Officer, Boye Olusanya, said that the company will continue to partner with the Federal Government and other health agencies to reduce the impact of the pandemic.

“The safety of Nigerians is paramount to us, so we encourage all Nigerians to adhere to the necessary protective measures against the virus and its spread,” Olusanya said. 

 

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Ruth Okwumbu has a MSc. and BSc. in Mass Communication from the University of Nigeria, Nsukka, and Delta state university respectively. Prior to her role as analyst at Nairametrics, she had a progressive six year writing career. As a Business Analyst with Narametrics, she focuses on profiles of top business executives, founders, startups and the drama surrounding their successes and challenges. You may contact her via [email protected]

1 Comment

1 Comment

  1. Anonymous

    April 18, 2020 at 9:15 am

    And how much have You given to your employees as a relief package???

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Coronavirus

COVID-19: Russia produces first batch of its newly approved vaccine

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COVID-19: J&J starts vaccine trials on humans after success on monkeys

Russia announced on Saturday, August 15, 2020, that it has produced the first batch of its newly approved vaccine, Sputnik V, hours after the health ministry reported the start of its production.

The disclosure was made in a statement by the Russian Health Ministry and quoted by Russian news agencies.

This is coming some days after the Russian President, Vladimir Putin, announced the registration of the world’s first COVID-19 vaccine in what could be described as a step ahead of other vaccine developments.

The announcement is seen as a propaganda coup for the Russian government against the west amid a global race to develop vaccines against the coronavirus disease.

The announcement of the vaccine registration by Putin was met with caution from scientists and the World Health Organization (WHO), who said that it still needed a rigorous safety review. Some of the scientists fear that with this fast regulatory approval, Russia may be putting national prestige ahead of safety.

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Putin had said the vaccine was safe and that one of his own daughters had been inoculated, although the final stage testing involving over 2,000 people just started this week. Such trials are considered very important before a vaccine can secure regulatory approval.

Russia has said the vaccine which is the first for the coronavirus disease to go into production, will be rolled out by the end of August.

The Gamaleya Research Institute, which developed the vaccine in collaboration with the Russian Defence Ministry, said that Russia would be producing about 5 million doses a month by December or January.

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Companies

Heineken scoops more Nigerian Breweries shares in insider disclosure

The company has about 8 billion shares outstanding with Heineken as the majority shareholder.

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Nigerian Breweries major shareholder, Heineken disclosed it purchased 274,542 units at an average price N35.76 per unit.

Insider disclosures are reported on the Nigerian Stock Exchange as a regulatory requirement especially when it informs a major shareholder or director of a company purchasing shares in the company they own.

In a related development, its chairman Chief Kolawole Babalola Jamodu also purchased 10,000 units at N37 per unit.

Nigeria Breweries closed at N36 per share on Friday trading at a price to earnings of 34x. The company has about 8 billion shares outstanding with Heineken as the majority shareholder.

What this means: Insider purchases are often an indication of how shareholders perceive the company’s valuation. It can also mean a lot of things from a possible capital raise to a strengthening of their existing holdings.

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Nigerian Breweries has struggled for growth over the last few years as consumers continue to experience a change to taste and preference for alcohol.

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Business

Lagos announces additional tax incentives for businesses, individuals

Waiver of penalty for late payment of liabilities under PAYE that were due during the period when the state was under lockdown.

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LIRS further extends deadline for filing annual return by one month

The Lagos State Government has announced additional tax incentives and reliefs for businesses and individuals in the state, as part of measures aimed at reducing the burden on taxpayers amid the COVID-19 pandemic.

The disclosure was made in a public notice issued by the Lagos State Internal Revenue Service (LIRS) and signed by its Executive Chairman, Ayodele Subair.

The additional tax incentives are part of the several measures implemented by the LIRS to mitigate the impact of the coronavirus pandemic on taxpayers in Lagos and ensure business continuity.

The government had earlier given 3 months extension of deadline for filing annual returns from March 31 to June 30, 2020.

The additional measures being implemented by the state government include:

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  • LIRS shall be allowing on a case by case basis, the payment of outstanding liabilities in instalments to ease cash flow challenges that may affect taxpayers.
  • Waiver of penalty for late payment of liabilities under PAYE that were due during the period when the state was under lockdown (March-May 2020).
  • Waiver of penalties due on late filing of 2020 annual tax returns (Form A).
  • Waiver of interest and penalty components of outstanding tax audit liabilities from 2009 to 2015 for entities that present and keep to a structured payment plan that terminates on or before December 31, 2020.
  • Grant of tax credits of 20% of cash and kind donations made for COVID-19 by resident individuals to Lagos State Government for the 2021 Year of Assessment only subject to a cap of 35% of tax due.
  • Increase of payment channels to make payment of taxes easier, simpler and more convenient for all.
  • Adopting of video conferencing as the default mode for conduct of Tax Audit Reconciliation Committee (TARC) meetings in consonance with social distancing advisories from Government and other relevant authorities.

The Lagos state government expressed hope that all residents of the state would take advantage of these palliatives and reciprocate the government’s kind gestures by discharging their civic responsibilities by promptly paying their taxes and levies to the state.

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