Ardova PLC (AP), a leading Nigerian integrated energy company held its 41st Annual General Meeting (AGM), which was also its first virtually held AGM on August 28, 2020, in Lagos.
In compliance with social distancing measures designed to curb the spread of the Coronavirus (COVID-19) pandemic, in-person shareholder attendance at the AGM was by proxy whilst the meeting was simultaneously streamed live online for the benefit of all the AP’s shareholders not physically present.
In a statement addressing the shareholders, AbdulWasiu Sowami, Chairman, AP said; “On behalf of the Board, I am pleased to inform our shareholders that the change in strategy introduced by our new management has begun to yield returns. Despite what was a challenging economic environment, the evolution of our business model to one focused on improving operational efficiencies, leveraging existing core assets and positioning the company to be at the forefront of renewable energy distribution in Nigeria has led to significant improvement in our top and
bottom line. We will continue to focus on delivering value to our shareholders as we continue to drive the growth and profitability of our business”
Key highlights for 2019 Financial Year indicate an increase in shareholders’ funds by15.6% year-on-year, to N17.5 billion in FY 2019 (FY2018: N15.1 billion) as a result of a 38% growth in retained earnings. The company also improved its operational efficiency and increased its volumes and margins for all its products, resulting in total volume growth of 37.4% y-o-y from 804.7million in FY 2018 to 1.1billion in FY 2019.
Olumide Adeosun, Chief Executive Officer, AP, in his comments on the 2019 financial performance stated that “Following the entry of the new management in 2019, our vision was to create an energy firm that will become the brand of choice for consumers. Our strategy to deliver on this goal is to be laser-focused in increasing operational efficiency and leveraging our core assets to maximise growth. On this premise, we divested from our non-core
subsidiaries, a strategic move that quickly resulted in a cleaner balance sheet and a healthy platform from which our resulting growth stems. It is against this backdrop that we delivered a 31% year-on-year growth in revenue and a 520% year-on-year growth in profitability.”
Mr. Adeosun also noted that “Our 2019 financial results mark the start of our repositioning plan. We will continue to be deliberate about building an energy company designed for the future, and our performance over the latter half of 2019 shows that moving forward on this course will set us on the right path to our long-term goals. We remain committed to delivering improved profitability and value for shareholders in 2020, as this remains a core component of our transformation.”
Other critical resolutions voted for by the shareholders at the meeting was the election of members of the Statutory Audit Committee and amendments to the Articles of Association to allow the meeting of the Board of Directors to hold via conference call, video call or other digital or electronic means.
Ardova Plc will continue to execute on its transformation strategy by leveraging new opportunities, innovation and partnerships that further its goal to emerge as Nigeria’s energy provider of choice.
Applications across Nigeria, South Africa and Kenya now open for the 2021 Facebook Community Accelerator Program
The selected leaders will spend five months learning from experts, coaches and a customised curriculum so they can strengthen their community.
Today, Facebook is inviting community leaders from Nigeria, South Africa and Kenya to apply for the 2021 Facebook Community Accelerator Program—a program that offers participants training, mentorship and up to $50,000 USD in funds to invest in an initiative that extends their community’s positive impact.
The aim of the Community Accelerator is to help leaders of Facebook communities to harness the power of their community to turn ideas into action. The selected leaders will spend five months learning from experts, coaches and a customised curriculum so they can strengthen their community.
Lessons include community identity foundations, leading action-oriented programmes and sustainability. Participants will also receive early access to new Facebook products aimed at helping communities better manage and activate their members.
Plan an initiative
Participants will identify an important initiative that will create a positive impact on the broader world and develop a plan to mobilise their community around their goal. Initiatives will be shared with potential partners, mentors and a panel of judges for the chance to be awarded funding and receive public recognition.
Participants will then spend three months executing their initiatives. They will collaborate with advocates and leaders in the community space and work with the Facebook team to bring their ideas to life.
Says Kiran Yoliswa, Partner Management Lead, Middle East and Africa Community Partnerships at Facebook: “Facebook communities and their leaders are helping to resolve social challenges, sharing knowledge and information, while connecting with others that share their interests or passion for a cause. We’ve seen so many incredible communities from across South Africa, Kenya and Nigeria using our platform to drive change and provide support and encouragement for thousands of people, we’re excited to offer their Facebook Community leaders this program to help amplify their impact even more.”
How to apply
This program is open to communities that have a presence in Facebook Groups with leaders who are 18 years or older. Communities must have existed for over one year and must have a minimum size of 1,000 members. Applications open today, May 4 – 31, 2021.
The Community Accelerator is part of our Facebook Community Leadership Program, a global initiative that invests in people building communities. Learn more and apply here.
FG partners UNICEF, holds High Level Forum on Financing Safe Schools
Government representatives in conjunction with UNICEF and Safe School Initiative held a high-level forum aimed at tackling security issues in the country
In a bid to mitigate the escalating security crisis, bedeviling the country, particularly incessant kidnappings in schools which has adversely taken a toll on education, affecting about 12 million children, leading to increased School closures; representatives of government, recently held a high Level Forum, in conjunction with UNICEF and Safe School Initiative targeted at nipping the crisis in the bud.
The Opening Session of the Forum, ‘Financing Safe Schools: Creating Safe Learning Communities was chaired by the Honourable Minister of Finance, Budget and National Planning, Dr. (Mrs) Zainab Ahmed, and the Chairman of the Nigeria Governors’ Forum, His Excellency Dr. Kayode Fayemi, who gave respective opening statements after, Goodwill Messages from, former Prime Minister of the United Kingdom, Mr. Gordon Brown Hon FRSE, and the Honourable Minister of Women Affairs, Dame Pauleen Talen.
The private sector, donors, and multilateral institutions all unanimously, pledged to collaborate so as to take a holistic approach to creating safe learning communities to redress the education emergency Nigeria is facing so children can safely return to school. Other stakeholders also acknowledged that the number of ‘out of school’ children in Nigeria must be urgently addressed through sustainable policy action to avoid a social and economic disaster.
Dr. Ayoade Olatunbosun-Alakija of the Nigeria Emergency Coordination Centre who convened and organized the high level forum opened the forum, providing context and background to the impetus for the Forum as she set the stage for discussions and called for sustainable policy action during deliberations.
Other notable speakers were His Excellency Mallam Nasir El-Rufai, the Executive Governor of Kaduna State; His Excellency Aminu W. Tambuwal, Executive Governor of Sokoto State; Ambassador Mary Beth Leonard, United States Ambassador to Nigeria; Ogbeni Rauf Aregbesola, Honourable Minister of Interior (as represented by Ahmed Abubakar Audi, Commandant-General of the Nigerian Security and Civil Defence Corps); Hon. Chukwuemeka Nwajiuba – Honourable Minister of State, Education; Rtd. , National Security Adviser Gen. Leo Irabor, Chief of Defence Staff; Mr. Asue Ighodalo, Chairman, Nigerian Economic Summit Group; Mr. Peter Hawkins, UNICEF Country Representative (Nigeria); Ag. IGP Usman Alkali Baba psc, fdc, NPM, Acting Inspector General of Police; Justin W van Fleet; Executive Director, Global Business Coalition for Education; Mr. Aliyu Ahmed, Permanent Secretary (Finance), Federal Ministry of Finance Budget & National Planning; and Mr. Shehu Aliyu Shinkafi, Permanent Secretary (Special Duties), Federal Ministry of Finance, Budget and National Planning; Mrs Maryam Uwais, Senior Special Assistant to the President of Nigeria on Social Investment; UNODC Representative Oliver Stopel, Ms Aisha Garba Mohammed, Senior Education Specialist, the World Bank Group.
Also in attendance were Ambassador Catriona Laing, British High Commissioner to Nigeria; Ambassador Ihab Moustafa Awad, Egyptian Ambassador to Nigeria; and Ambassador Knut Eiliv Lein, the Norwegian Ambassador to Nigeria, Ambassador Nicolas Simard, the Acting Canadian High Commissioner, and H.E. Joanna Tarnawska, Ambassador Extraordinary and Plenipotentiary of the Republic of Poland to Nigeria; Sen. Hadi Sirika, Honourable Minister for Aviation and UNDP Resident Representative Mohammed Yahya
At the end of the forum, Stakeholders committed to work together to collaboratively plan and implement an ‘Abuja Financing for Safe Schools Compact’ which will include the following key elements:
- Commitment to develop a participatory roadmap for the design and implementation of the ‘Abuja Financing Safe Schools Compact’ to create safe learning environments.
- Collaborative and participatory planning at all levels of government and with community: All 774 local government authorities will be engaged in developing plans to implement strategies for safe learning environments.
- Oversight, governance and strategic direction from regional and national level, with insights and expertise from local, sub-national and national government along with multilateral stakeholder oversight.
- Commitment of finance, resource and expertise from across government as well as the private sector and multilaterals: to enable the development and implementation of a cross-sectoral ‘Financing Safe Schools’ compact strategy.
- Public-private partnership and other modalities: to deliver the objectives and needs of a financing safe schools initiative.
- Commitment to review: to adjust the strategy as necessary with key milestones and objectives to be developed to assess progress.
A mechanism is in place to develop the Compact over the next 3 months, involving partnership across government, private sector multilaterals and civil society. The Compact will be delivered in August 2021 to the Ministry of Finance, Budget and National Planning and other key stakeholders for approval and implementation. The Compact will comprise a strategy to finance safe schools and create safe learning communities, a finance plan to support the strategy and a roadmap for implementing the strategy.
Nairametrics | Company Earnings
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- 2021 Q1 Results: FTN Cocoa Processor Plc reports loss after tax of N162.21 million
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- Courteville Business Solutions Plc proposes final dividend of 3 kobo per share for FY 2020.
- 2020 FY Results: UPDC Real Estate Investment Trust records over 500% growth in Profit after tax.
- Sovereign Trust Insurance records a 43% surge in profit after tax to N392.1 million in Q1 2021.