By Rukayat Moisemhe

Glovo, a multi-category digital application, has expanded its operations in Nigeria with the opening of a second digital Micro-Fulfillment Centre (MFC) for improved service delivery and better customer satisfaction.

Glovo’s Chief Executive Officer (CEO), Mr Oscar Pierre, said this at the innauguration of the centre at MFC in Yaba on Tuesday.

Pierre said that the move would enable the company to deliver more value-adding and premium services, especially to shape the future of grocery shopping in Nigeria.

He said that the company decided to expand its quick commerce arm, following the success of the business in Lekki.

According to him, this will help to meet the increasing consumer demand for rapid delivery on the mainland.

“With a young population, emerging middle class, and busy traffic, we recognised a huge potential in Nigeria to drive the adoption of quick commerce to enable people to save time and make better decisions when shopping for groceries online.

“Since our entrance into the Nigerian market in 2021, we have constantly worked to enhance our operating model to serve our consumers and give everyone easy access to anything in their city.

“This truly was, is, and will remain our main objective, and it is evident across all our operations.

“Glovo is driving the future of retail in Africa, and we are excited about the future opportunities and possibilities in Nigeria.

“Our goal is to increase the speed in which we digitise retail in our key markets, allowing us to stay ahead of the trend and offer solutions that enable our retail partners to compete fairly in the digital world,” he said.

Mr Kolawole Adeniyi, Head of Q-Commerce, Glovo Nigeria, said the company’s expansion to the retail ecosystem was with several advantages.

He said that by using glovo bargains; individuals and small businesses could continue to open retail businesses, selling products on Glovo’s app which are fulfilled through Glovo’s logistics (last mile) services.

He added that opening up the MFC would also create job opportunities and give distributors and partners additional sales channels.

“Glovo bargain is accessible through Glovo’s app or website and is closed to walk-in customers and it offers customers the best affordable prices for fresh and consumer packaged goods from the convenience of their homes.

“Using the latest in-store digital technology and dedicated resources, Glovo ensures the quickest possible delivery times with customers receiving their orders in 20-40 minutes.

“With Glovo Bargains, consumers conveniently buy groceries and other essential items at better prices than the open market, from the comfort and safety of their homes.

“We are excited to continue to expand our offering to meet consumer’s demands,” he said.

The News Agency of Nigeria (NAN) reports that Glovo’s investments in Nigeria in the first quarter of 2023 stands at N1.5 billion and has overpassed one million delivery orders in the country.(NAN)(www.nannews.ng)

Edited by Olawunmi Ashafa

By Ginika Okoye

Africa Prudential Plc shareholders have approved a dividend of 50k per share declared by the company for the financial year ended Dec. 31, 2022.

The shareholders gave the approval at the 10th Annual General Meeting (AGM) of the company on Tuesday in Abuja.

Speaking at the meeting, Sir Olatunji Okelana, a shareholder, commended the company for its 10 years of consistent listing on the Nigerian Exchange (NGX) Ltd.

Okelana attributed the company’s success in the nation’s capital market to the hard work of the board members.

He also commended the company for consistency in dividend payment in spite of the challenging environment.

He, however, called for more training of the company’s staff to meet up with the current technological trend.

Another shareholder, Mrs Bola Adetutu, called for improved women representation in the managerial roles of the company.

Mr Moses Igbrude, the National Coordinator, Independent Shareholders Association of Nigeria, appealed to the company to look into the issue of unclaimed dividends with a view to reducing it.

Addressing the shareholders, Mrs Eniola Fadayomi, the Chairman of the company, said in spite of the challenging operating environment in 2022, the company posted gross earnings of N4.1 billion against N3.5 billion in the comparative period of 2021.

Fadayomi said the company recorded a profit before tax of N2.1 billion during the review period against N2 billion in 2021.

She said that the figure represented a year-on-year increase of eight per cent compared to the previous year.

The chairman said notwithstanding the Central Bank of Nigeria projection of a slower economy growth, the company was well positioned with its brand software portfolio to drive sustainable growth.

Mr Obong Idiong, the Managing Director of the company, said they were working with various regulators to address issues of unclaimed dividends.

Idiong said the company had adopted several approaches to tackle the unclaimed dividends challenge.

He added that the company had engaged the Nigeria Inter-Bank Settlement System, the Central Securities Clearing System and stockbrokers to collate legacy data of investors to tackle the unclaimed dividend scourge.

“We also conducted roadshows in various states across the country, where our representatives are physical present to create awareness and engage investors.

“In addition, we launched media campaigns to engage and connect with shareholders.

“We remain committed to exploring new strategies to provide value and support our shareholders.

”During the year, we achieved a total dividend payout of N200,313,678,173.00 which reflected a 98 per cent payout ratio within the initial four days, surpassing the 94 per cent payout ratio of the previous year.

”Our digital technology services have achieved remarkable revenue growth since their launch in 2019 with an exponential increase of 21.48 per cent from 2019 to 2022.

”In 2022, our digital technology services generated revenue of over N1.3 billion surpassing the one billion naira threshold,” Idiong said.

He said the company’s total assets stood at N19.2 billion, representing a 22 per cent growth over the 2021 financial year of N15.7 billion.

The News Agency of Nigeria (NAN) reports that the company is a leading share registration and business solutions provider with over four decades experience in the country’s capital market.

Their business tentacles span across share registration services and digital technology services. (NAN)(www.nannews.ng)

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Edited by Chinyere Joel-Nwokeoma

By Rukayat Moisemhe

Vitafoam Nigeria Plc has restated its commitment to a safe and healthy work environment for its employees in recognition of their contributions to the growth recorded over the years.

Vitafoam’s Group Managing Director, Mr Taiwo Adeniyi, said this during the company’s health and safety week with the theme: “Creating a safe and healthy Vitafoam: Your rights and responsibilities” on Friday in Lagos.

Adeniyi represented by the Finance Director, Mr Joseph Alegbesogie, stated that the week was necessary to retrain employees to workplace risks and conduct routine health checks on all employees.

He added that the company’s top-notch performance was hinged on its robust safety policies, trainings and its ability to engage the right employees.

“At Vitafoam, we recognise that our employees are the number one ingredient for our success and we have put in place measures to guarantee their safety to ensure a productive workforce and a comfortable business.

“As we join other reputable organisations across the globe to celebrate the world day for safety and health at work, we reiterate and reaffirm our commitment to ensure a safe and healthy environment for all our employees.

“In celebrating the safety week, a number of activities have been lined up for the week to reawaken employee safety consciousness, assess our risks, train and conduct health checks with the goal of preventing workplace fatalities in our organisation,” he said.

Vitafoam’s Commercial Director, Sola Owoade, revealed that the firm had Standard Operating Procedures (SOP) that specified how processes should be carried out with safety as one of them.

“In all of our factory locations, we have sprinkler systems. There is no other foam industry in Nigeria that has that.

We have a hydrant system, a reservoir tank, with a capacity of over 1.2 million litres of water and a second one of 300,000 litres.

“Our sprinkler system is automated and we have smoke detectors all over the premises and also conduct safety drills monthly to test the state of awareness of workers.

“We want to see their response time, so that we are sure that we are safety – conscious always.

“There are clinics in all our factory locations, an ambulance stationed in the premises and a resident nurse and a doctor that visits twice a week, in case of emergencies,” Owoade said.

Mr Lanre Mojola, the Director-General, Lagos State Safety Commission, commended Vitafoam for the precautions and steps it put in place to ensure its operations were safety-compliant and had the interests of its stakeholders at heart.

Mojola, represented by Mr Seun Awojobi, Technical Adviser to the Commission, said that safety should be regarded as a matter of value for any organisation.

He, however, described Vitafoam as an exemplary organisation committed to health and safety. (NAN)(www.nannews.ng)

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Edited by Chinyere Joel-Nwokeoma

By Ginika Okoye

The shareholders of Afriland Properties Plc, a property management and investment company, have approved a total of dividend of N137 million for the financial year ended Dec. 31, 2022.

The company said this in a statement on Tuesday after its10th Annual General Meeting in Abuja.

The statement said that the company’s total revenue at the period stood at N1.9 billion representing a 19 per cent increase from N1.6 billion earned during the corresponding period in 2021.

The company said it was focused on delivering adequate returns to shareholders, while still growing its retained earnings.

The company also said that its profit before tax rose to N1.8 billion from N1.6 billion achieved in the previous year.

The company’s total assets grew by 12 per cent to N19 billion from N17.3 billion in 2021.

It said that the shareholders expressed delight about the financial performance of the company highlighting increased revenue, and earnings per share as a positive development.

According to the company, the shareholders attributed the successes of the company to hardwork, dedication, and purposeful leadership of the Board and Executive Management of the company.

”This year is a special one for us as we celebrate our 10th anniversary.

”Over the years, we have remained consistent in our promise to deliver and sustain value through people and projects.

”Our records speak to notable achievements in the real estate sector and we have remained resilient to record significant milestones.

”In line with our growth strategy, we plan on commissioning some of our projects this year and believe they will bring real value to investors and stakeholders,” it said.

The statement quoted the Managing Director/Chief Executive Officer, Mrs Uzo Oshogwe, as saying that the company would remain committed to enhanced return to shareholders.

Oshogwe lauded the company’s efforts in the past year, acknowledging the efforts of staff as well as support from the Board of Directors and shareholders as key success drivers.

“This year is a special one for us as we celebrate our 10th anniversary.

“Over the years we have remained consistent in our promise to deliver and sustain value through people and projects. Our records speak to notable achievements in the real estate sector and we have remained resilient to record significant milestones.

“In line with our growth strategy, we plan on commissioning some of our projects this year and believe they will bring real value to investors and stakeholders,” Oshogwe said.

The News Agency of Nigeria (NAN) reports that the company is a property management, investment, and development company, offering end-to-end services across the real estate value chain.

It has a portfolio size of over N12 billion and one of the largest land banks in the country. (NAN)(www.nannews.ng)

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Edited by Chinyere Joel-Nwokeoma

By Rukayat Moisemhe

Money Lenders Association has warned individuals to desist from obtaining loans from licensed money lending platforms and deliberately refuse to liquidate such loans.

Mr Gbemi Adelekan, President, Money Lenders Association, read the Riot Act to online loan defaulters in an interview with the News Agency of Nigeria (NAN) on Friday in Lagos.

Adelekan reminded such defaulters to be aware that their data were domiciled in the databases of credit bureaus licensed by the Central Bank of Nigeria (CBN).

According to him, failure to repay such loans will attract negative repercussions on borrowers’ credit history.

Adelekan said that the development can affect their chances of obtaining loan facilities from other financial institutions and credit providers in future.

He, however, stated that borrowers with genuine reasons for default such as job loss or other peculiar circumstances were advised to contact their respective lenders immediately, to discuss new repayment arrangements.

He advised would be borrowers to only patronise licensed and registered money lenders to guide against becoming a victim of fraudulent practices.

“This is to avoid adverse information on their credit reports, that could deny them access to future credit facilities.

“The attention of Money Lenders Association has been drawn to some individuals who have continued to acquire loans but have deliberately refused repayment of the said loans.

“We wish to inform the general public that data of loan customers, most especially defaulters, are domiciled in the databases of credit bureaus, so defaulting would have its adverse effects on the credit history of such individual.

“The Money Lenders Association is an association of registered money lenders, and members abide by the professional code of conduct of the association.

“Members of the public are hereby advised to only patronise licensed money lenders for their short-term loan needs and for further information, kindly check www.MoneyLenders.ng,” he said. (NAN)(www.nannews.ng)

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Edited by Yinusa Ishola/Chinyere Joel-Nwokeoma

By George Odok

Mr Festus Olumati, Port Manager, Nigerian Port Authority (NPA), Calabar Port, has said that the volume of vessels berthing at the Calabar Port has led to massive economic prosperity.

Olumati said this on Sunday in Calabar while on an oversight duty at the Port terminal where over four vessels were discharging their various cargos and petroleum product.

The Port Manager said that one of the vessels, “MV Desert Unity”, berthed at the Port with 16,000 metric tons of wheat, while “MV Medi Bangkok” berthed with 18,251 metric tons of general cargo including cars, trucks and project pipes.

According to him, the other two vessels berthed at the Port with premium motor spirit, while others were still at the Calabar Fairway Bouy and ready to berth for discharge.

“Today is Sunday, but there is tremendous activities going on in the port. As you can see, Calabar Port is very viable and working at optimal capacity.

“In line with the mandate given to us by our able Managing Director, Mr Mohammed Bello-Koko, that the Eastern Port must work, I had to swing into action to make it a reality.

“Also, in line with the mandate of the MD, I went out of the box to hunt for cargos to come into Calabar. The high traffic we see here today at the port is as a result of the mandate given to us by our MD.

“For the past 10 years, we have never had it like this where over five vessels will be berthing and discharging back-to-back at the Calabar Port.

“Special thanks to the MD of NPA for giving us all the requirements to work and achieve result. All our submissions to him for the Eastern Port to work have been approved.

“For these vessels to come here, we had to ask for concessional rate from the MD of NPA for those who bring in cargos and he gave the approval,” he said.

He said that the Port management was utilising the concessional rate strategy to woo vessels to the Calabar Port.

He told members of the public and maritime operators that the Calabar Port was viable, visible and very reliable to use, adding that the Port has modern equipment to discharge cargos.

“As you can see, our workers are effective and efficient and everything is done perfectly. The commitment of staff of NPA and the Eco Marine Terminal workers is quite commendable,” he said.

On security, he said that recently, a detachment of marine police were deployed to the Port to ensure maximum security for the Port in synergy with the NPA police command and Port security officers.

The News Agency of Nigeria (NAN) reports that the Port is currently a beehive of activities with youths engaged in various jobs. (NAN) (www.nannews.ng)

Edited by Ismail Abdulaziz

By Rukayat Moisemhe

Berger Paints Nigeria Plc has unveiled a new logo in a bold move to reposition the company for global competitiveness, increase earnings and boost shareholders value.

The unveiling which held in Lagos had in attendance some members of the company’s board of directors, representatives of the shareholders and senior staff.

According to Berger Paints Chairman, Mr Abi Ayida, the new brand identity stemmed from a comprehensive market research which revealed that 70 per cent of its customers sought for a deeper brand connection.

Ayida added that the logo change was consistent with the future that the firm was envisioning.

He revealed that alongside the new logo was an improved tagline which read: “Experience your world in colour.”

“Just like everything in life, there is a time when you refresh, modernise and update which is the same way we do as human beings.

“I think there is also a natural lifespan in the company’s image and its identity and touchpoint.

“We have thought long and hard and we are coming out of a difficult recent past globally and a lot has changed; the demography of our stakeholders are changing and we want that updated in a more memorable way,” he said.

Ayida also emphasised the need for government to create an operating environment that removes uncertainties for manufacturers to enhance proper planning and penetration for businesses.

The company’s Managing Director, Mrs Alaba Fagun, stated that the paint firm was repositioning itself to take over the African market.

“Berger Paints has been in existence for over 60 years and is are at the top of it as a frontline indigenous company.

“We want to be the top paint manufacturing company in Africa, whilst attracting young customers.

“Our target market has reduced from 60 to 35 years and this brand identity will speak to the market,” Fagun said.

Meanwhile, a shareholder, Mrs Joke Shofolahan, representing the Independent Shareholders Association of Nigeria, congratulated the firm on the new logo change. (NAN)(www.nannews.ng)

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Edited by Chinyere Joel-Nwokeoma