By Rukayat Moisemhe

The Chairman, Vitafoam Nigeria Plc, Dr Bamidele Makanjuola, has announced his retirement after ten years of meritorious service, in line with the company’s tenure policy.

Makanjuola made this known while addressing the company’s shareholders at its 61st Annual General Meeting (AGM) in Lagos on Thursday.

He commended the company’s board, management and shareholders for their support throughout his tenure.

He said that the company shall continue to post strong earnings and generate shareholder value, given its team of innovative management and staff, irrespective of vagaries in the operating environment.

“While turnover grew substantially, profitability was hobbled by raw materials price inflation at both local and international markets.

“In addition, we had to contend with a sharp decline in naira exchange rate relative to other major currencies, the paucity of foreign exchange, high inflation, poor purchasing power and low disposable income of consumers, among others.

“I would like to inform you that this is the last AGM at which I shall address you as the Chairman of Vitafoam Nigeria Plc., having served out a full term, in line with the company’s tenure policy for non-executive directors.

“Together we have moved boundaries and broken glass ceilings and while some of our plans might not have turned out exactly as envisioned, we have persevered with your support to move the company to the next level in our collective quest for greatness.

“With renewed confidence, efforts will be intensified to grow our business lines by expanding Vitafoam’s product offerings,” Makanjuola said.

President, Noble Shareholders Solidarity Association, Mr Mathew Akinlade, lauded the outgoing chairman, saying he showed exemplary leadership, characterised by integrity and dedication.

He said that during his tenure, the company recorded exponential progression in virtually all performance indicators.

“A peep into just the last five-year performance alone is quite revealing that Vitafoam under Makanjuola grew tremendously.

“For instance, the revenue grew from N19.5 billion in 2018 to N46.3 billion in 2022, an increase of 137 per cent.

“The earnings per share moved from 57k to 338k, an increase of 493 per cent.

“The man deserves to be celebrated,” he said.

Vitafoam Group Managing Director, Mr Taiwo Adeniyi, declared a dividend payout of N1.9 billion, translating into N1.52 per ordinary share of 50k each for the 2022 financial year.

According to him, the dividend, a commitment to positive rate of return, is an evidence of the company’s stellar performance, in spite of the tough operating climate.

He hinged the company’s ability to weather the storm on the innovation and corporate culture of its quality products and services.

“You may see two products looking so much alike in the market but they do not cost the same price.

“The intrinsic values in our products stand us out and we have created a niche market for ourselves as we invest heavily in research and development.

“And we customize our products to address the needs of our diverse customers, including consideration for age and gender.

“This is what is standing us out in the market place,” Adeniyi said. (NAN)(www.nannews.ng)

=========
Edited by Sam Oditah

By Ginika Okoye

Norrenberger, a financial services group, says it will sensitise stakeholders and winners of its Fit-life event to get more from their monies by exposing them to strategic investment opportunities.

Norrenberger is an industry leading, integrated financial services group offering asset management, investment banking, pensions, insurance and securities trading services.

A statement by the Chief Finance Officer of the group, Nkiru Chime, in Abuja on Thursday, said they had hosted winners of the event as part of their Corporate Social Responsibility.

Chime said the group, as a financial organisation, was looking for initiatives and avenues to impact their teams, clients and the community.

“We cannot tell people how to invest but we can guide and work with them to achieve financial inclusion,” she said.

She said that one of the group’s strategic plans was to deepen financial inclusion in the country.

“We observed that some people do not have financial management skills to manage their funds, hence the need to sensitise and work with them to achieve financial inclusion.

“We cannot tell people how to invest but we can guide them and that is what we are doing with our winners from the Fit life event,” Chime said.

The News Agency of Nigeria (NAN) reports that Norrenberger component companies are licensed by the Securities & Exchange Commission, National Pension Commission (PENCOM) and National Insurance Commission (NAICOM). (NAN) (www.nannews.ng)

===================
Edited by Dorcas Jonah/Chinyere Joel-Nwokeoma

The Dangote Coal Mines Limited has disbursed scholarship to members of host communities in Benue and Kogi States. 

This is coming barely one year into coal mining operation at Effeche Akpalli in Ugbokolo Ward of Okpokwu Local Government of Benue.  

In Ankpa, Kogi, scholarship fund was also distributed to members of the coal communities.  

In the same token, the Dangote Cement Plant in Gboko also disbursed scholarship to host communities in Benue.  

The exercise is part of the company’s annual Corporate Social Responsibility (CSR) scheme for host communities, and it has been running for upward of a decade.   

In 2022, Group President of the Dangote Industries Limited Aliko Dangote announced series of scholarship schemes for communities hosting the Dangote Sugar Refinery in Numan, Adamawa State.  

In Benue, 10 members of the Effeche community, who are currently studying in higher institutions of learning, benefitted from the fund. 

The company’s contribution to the educational development in Nigeria has been described as immeasurable having constructed multimillion Naira edifices and hostels in some selected universities.  

The company is adjudged to be Africa’s largest donor, and second biggest employer of labour, after government in Nigeria.  

The Head of Dangote’s mining operation in Benue, Dillip Taman, said the scholarship was part of the Corporate Social Responsibility of the company, adding that the company takes the plights of the host communities very seriously.  

He said the company is kick-starting several other projects contained in the Community Development Agreement.  

The chairperson of the Okpokwu Local Government, Amina Audu, who was represented by the Leader of the Legislative Council, urged the beneficiaries to use the money efficiently, while urging the company not to relent in the annual scholarship scheme.  

A community leader, Chief Samuel Ameh, said the community was desirous of ensuring a smooth operational turf for the company, saying a peaceful coexistence was a major prerequisite for profitability and community development.(NAN)

PR: