Business
NNDC to pay N100m dividends to shareholders
The New Nigeria Development Company (NNDC) Limited will pay N100 million as dividends to its shareholders at the end of the current fiscal year, the Chairman Board of Directors, Tanimu Yakubu has said.
He spoke at the presentation of the financial statement of the company to the 52nd Annual General Meeting (AGM) in Kaduna.
Yakubu said the directors proposed for approval appropriation of a gross dividend of N100 million at the rate of 20 kobo per share based on earnings per share of 55 kobo; and appropriations of N15 million each for the Young Professional Development Trust and Musa Bello Learning Resource Centre Funds respectively.
“Turnover stood at N854.13 million against the corresponding period’s figure of N637.24 million, an increase of N216.90 million or 34%. Operating expenses for the period under review stood at N580.91 million as against the preceding year’s figure of N643.84 million giving a favourable variance of N62.93 million or 9.8%.
“Pre-tax profit for the year ended March 31, 2020, stood at N273.22 million against the corresponding period’s pre-tax loss of N6.61 million. Shareholder’s funds stood at N14.70 billion as of March 31, 2020.”
Yakubu stated that the company will continue to manage investments in associate and quoted companies with a view to optimising returns while pursuing an optimal management strategy for the subsidiary companies. He added that the nominal value of NNDC quoted investments stood at N761.02 million as against their combined market value of N6.26 billion as of March 31, 2020.
The Chairman on manpower development said: “Members of staff development has continued to receive our encouragement and support. The Young Professionals Development Trust will continue to produce Professionals in Accountancy, Stock Broking, Insurance and ICT whose primary aim is to develop manpower resources within owner states.
“NNDC intends to go well beyond upstream activities in our four hydrocarbon blocks in the Benue Trough (OPLs 809 and 810) and Chad Basin (OPLs 722 and 733).
“NNDC will, therefore, venture into power generation, gas processing and other midstream activities with the private sector in the lead,” he said.
Business
Naira depreciates again, trades at N1,402/$
Naira depreciates again, trades at N1,402/$
The Nigerian currency, naira, on Thursday slightly depreciated at the official market, trading at N1,402.67 to the dollar.
Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), showed that the naira lost N11.71
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This represents a 0.84 per cent loss when compared to the previous trading date on Tuesday April 30, when it exchanged at 1,390.96 to a dollar.
However, the total daily turnover increased to 232.84 million dollars on Thursday, up from 225.36 million dollars recorded on Tuesday.
Meanwhile, at the Investor’s and Exporter’s (I&E) window, the naira traded between 1,445.00 and N1,299.42 against the dollar.
Naira depreciates again, trades at N1,402/$
Auto
Appeal court takes over NURTW case as NIC withdraws
Appeal court takes over NURTW case as NIC withdraws
The National Industrial Court has withdrawn from a case involving Alhaji Najeem Usman Yasin, Board of Trustees chairman of the National Union of Road Transport Workers (NURTW), and Alhaji Tajudeen Ibikunle Baruwa’s ambition to return as president of the union over lack of jurisdiction.
The industrial court’s decision was made to avoid conflict with the Court of Appeal, where the matter is already being heard.
Before the NIC announced its decision to hands-off the case, the defendants’ counsel, Mr. O.I. Olorundare SAN, had informed the court that the matter is currently before the Court of Appeal, Abuja division, and that the industrial court could not continue to adjudicate on the same matter.
The counsel cited authorities to support his claim, adding that the National Industrial Court does not have concurrent jurisdiction with the Court of Appeal.
The presiding judge, O.O. Oyewunmi, struck out the case, stating that the Appeal Court had taken over the matter and that the Industrial Court must respect the hierarchy of courts.
Alhaji Yasin and six others took the case to the Appeal Court, challenging the decision of the industrial court recognising a delegates’ conference held on May 24, 2023, where Baruwa was proclaimed as President of the union for a second term in office.
With the latest NIC judgement, both parties will now proceed to defend their positions at the Court of Appeal and await the final judgement.
Business
Multichoice shuns court order, proceeds with increase of DSTV, Gotv packages
Multichoice shuns court order, proceeds with increase of DSTV, Gotv packages
Despite the intervention of the CCPT, Multichoice Limited has proceeded to increase packages price for DSTV and GOTV as announce on Wednesday last week.
Newstrends had earlier reported that the corporation announced that the new rates will go into effect on Wednesday, May 1, 2024, in a statement.
Meanwhile, on Monday, MultiChoice Nigeria Limited was ordered by the Competition and Consumer Protection Tribunal (CCPT) in Abuja to suspend the planned prices and tariffs hike on packages and services.
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The three-member tribunal, presided over by Saratu Shafii, gave the interim order following an ex-parte motion moved by Ejiro Awaritoma, counsel for the applicant, Festus Onifade.
News prices includes: DStv, Premium bouquet, the price moved from N29,500 to N37,000; Compact+ from N19,800 to N25,000; Compact from N12,500 to N15,700; Confam from N7,400 to N9,300, among others.
For GOtv users, Supa+ increased from N12,500 to N15,700; Supa moved from N7,600 to N9,600; Max from N5,700 to N7,200; Jolli, from N3,950 to N4,850, among others.
Multichoice shuns court order, proceeds with increase of DSTV, Gotv packages
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