Tag: Revenue

  • Transcorp delivers strong performance as revenue rises by 21%

    Transcorp delivers strong performance as revenue rises by 21%

    Transnational Corporation Plc (Transcorp) has released its financial results for the full year ended December 31, 2022, demonstrating significant improvements in its major income lines.

    The conglomerate with investments in the Hospitality, Power, and Oil & Gas sectors, recorded growth in its profit before tax, which rose by 8% to N30.3 billion compared to N27.9 billion in December 2021.

    The conglomerate saw a 7% increase in its Power investments, despite the challenges faced in the year from the issues with gas supply, off the diminished Oil & Gas production in the country in 2022.

    The hospitality sector showed a very strong performance, achieving a record revenue of 31.4 billion and profit before tax of N4.5billion. These achievements have been made within a challenging operating environment characterized by foreign exchange volatility, high cost of production and rising inflation.

    It’s worth noting that the Group’s total revenue and operating profit also experienced significant growth, rising by 21% from N111.2 billion in December 2021 to N134.7 billion in the period under review, and from N38.5 billion in December 2021 to N46.7 billion in December 2022, respectively.

    Operating expenses for the year ended December 2022 stood at N23.4 billion, representing an increase of 24% compared to N18.8 billion recorded in the same period of 2021.

    The results showed that total assets increased by 6% from N416 billion in December 2021 to N442.7 billion in December 2022, primarily due to additional investment in the recovery of the power plants and investment in financial assets.

    Shareholders’ Funds rose to N154.8 billion, representing a 6% year-on-year increase from N146.3 billion recorded in the same period of 2021.

    Commenting on the results, the President/Group Chief Executive Officer, Dr. (Mrs.) Owen Omogiafo attributed the success of the results to the robustness of the company’s business model, which remains prudent and nimble across its operations.

    She said “As we reflect on our achievements, we take pride in the improved performance of our Group. Looking to the future, we will continue to focus on efficiency and cost optimisation, ensuring that we remain agile and responsive to the market while delivering value to our stakeholders.”

    Transcorp remains committed to its transformation agenda whilst sustaining growth and a continuous drive to deliver long-term value to its shareholders.

  • Transcorp delivers strong performance as revenue rises by 21%

    Transcorp delivers strong performance as revenue rises by 21%

    Transnational Corporation Plc (Transcorp) has released its financial results for the full year ended December 31, 2022, demonstrating significant improvements in its major income lines.

    The conglomerate with investments in the Hospitality, Power, and Oil & Gas sectors, recorded growth in its profit before tax, which rose by 8% to N30.3 billion compared to N27.9 billion in December 2021.

    The conglomerate saw a 7% increase in its Power investments, despite the challenges faced in the year from the issues with gas supply, off the diminished Oil & Gas production in the country in 2022.

    The hospitality sector showed a very strong performance, achieving a record revenue of 31.4 billion and profit before tax of N4.5billion. These achievements have been made within a challenging operating environment characterized by foreign exchange volatility, high cost of production and rising inflation.

    It’s worth noting that the Group’s total revenue and operating profit also experienced significant growth, rising by 21% from N111.2 billion in December 2021 to N134.7 billion in the period under review, and from N38.5 billion in December 2021 to N46.7 billion in December 2022, respectively.

    Operating expenses for the year ended December 2022 stood at N23.4 billion, representing an increase of 24% compared to N18.8 billion recorded in the same period of 2021.

    The results showed that total assets increased by 6% from N416 billion in December 2021 to N442.7 billion in December 2022, primarily due to additional investment in the recovery of the power plants and investment in financial assets.

    Shareholders’ Funds rose to N154.8 billion, representing a 6% year-on-year increase from N146.3 billion recorded in the same period of 2021.

    Commenting on the results, the President/Group Chief Executive Officer, Dr. (Mrs.) Owen Omogiafo attributed the success of the results to the robustness of the company’s business model, which remains prudent and nimble across its operations.

    She said “As we reflect on our achievements, we take pride in the improved performance of our Group. Looking to the future, we will continue to focus on efficiency and cost optimisation, ensuring that we remain agile and responsive to the market while delivering value to our stakeholders.”

    Transcorp remains committed to its transformation agenda whilst sustaining growth and a continuous drive to deliver long-term value to its shareholders.

  • Transcorp delivers strong performance as revenue rises by 21%

    Transcorp delivers strong performance as revenue rises by 21%

    Transnational Corporation Plc (Transcorp) has released its financial results for the full year ended December 31, 2022, demonstrating significant improvements in its major income lines.

    The conglomerate with investments in the Hospitality, Power, and Oil & Gas sectors, recorded growth in its profit before tax, which rose by 8% to N30.3 billion compared to N27.9 billion in December 2021.

    The conglomerate saw a 7% increase in its Power investments, despite the challenges faced in the year from the issues with gas supply, off the diminished Oil & Gas production in the country in 2022.

    The hospitality sector showed a very strong performance, achieving a record revenue of 31.4 billion and profit before tax of N4.5billion. These achievements have been made within a challenging operating environment characterized by foreign exchange volatility, high cost of production and rising inflation.

    It’s worth noting that the Group’s total revenue and operating profit also experienced significant growth, rising by 21% from N111.2 billion in December 2021 to N134.7 billion in the period under review, and from N38.5 billion in December 2021 to N46.7 billion in December 2022, respectively.

    Operating expenses for the year ended December 2022 stood at N23.4 billion, representing an increase of 24% compared to N18.8 billion recorded in the same period of 2021.

    The results showed that total assets increased by 6% from N416 billion in December 2021 to N442.7 billion in December 2022, primarily due to additional investment in the recovery of the power plants and investment in financial assets.

    Shareholders’ Funds rose to N154.8 billion, representing a 6% year-on-year increase from N146.3 billion recorded in the same period of 2021.

    Commenting on the results, the President/Group Chief Executive Officer, Dr. (Mrs.) Owen Omogiafo attributed the success of the results to the robustness of the company’s business model, which remains prudent and nimble across its operations.

    She said “As we reflect on our achievements, we take pride in the improved performance of our Group. Looking to the future, we will continue to focus on efficiency and cost optimisation, ensuring that we remain agile and responsive to the market while delivering value to our stakeholders.”

    Transcorp remains committed to its transformation agenda whilst sustaining growth and a continuous drive to deliver long-term value to its shareholders.

  • Aregbesola urges LGs to generate revenue, drive development

    Aregbesola urges LGs to generate revenue, drive development

    Interior Minister Rauf Aregbesola has urged Local Governments to generate revenue to drive development at that level.

    This is contained in a statement issued by Aregbesola’s Media Adviser, Mr Sola Fasure, on Tuesday in Abuja.

    Speaking at a one-Day dialogue with the theme, “2023 and Beyond: Tracking Campaign Promises for Good Governance” organised by NPO Reports in Abuja, the minister said:” local governments, though closest to the people are dependent on the federation account for funding.

    ”They really have no business waiting from handouts every month from the central government.

    “The Local Councils must generate revenue to drive development at that level. No local government will be accountable with handouts. Charity doesn’t make people responsible.”

    Aregbesola advised that people of a locality must fund their local government.

    This, he said when done, would enable them not to exact responsibility and accountability from that government.

    “People can hardly hold a government accountable, whose funding they are not responsible for. This applies to state governments too.

    ”I ask myself, is local council a tier of government in a federation. Examples abound world over of countries that practice federal system like ours.

    “In Australia, Germany, the U.S. and many others, there are only two tiers in a federal system which is usually the central and the regional governments. The local government is not one of them.”

    The minister commended the organiser of the dialogue, Alhaji Semiu Okanlawon, CEO, Proumou Media Consulting Nigeria Ltd Editor-in-Chief/Publisher, NPO Reports for his professionalism.

    He urged Okanlawon to continue to stand for the best tradition of responsible journalism.

    ”I am here in my capacity as ogbeni Rauf Aregbesola, and not as the Minister of Interior, and I will expect to be quoted as such.

    “I came here because of my personal relationship with Semiu. The topic he has chosen to celebrate at this One-Day Dialogue on the 12th anniversary of his publication, is very apt.

    “All the erudite scholars who spoke have done adequate academic justice to the topic.

    “When I was the governor in Osun, I created a government department called the Bureau of Social Services with the acronym ‘BOSS’, to track government programmes, projects and interventions.

    “I also had a Policy and Economic Team (PET) to track projects and initiatives of my office.

    “I also engaged private social, political and economic consultants to do the performance monitoring and perception review.”

    The minister, however, added that beyond the tracking of these projects, the next thing was tracking productivity.

    “Before we can track productivity, we must mobilise Nigerians for productivity. I heard some speakers talking about tracking the productivity of all tiers of government.

    ”President Muhammadu Buhari is investing rightly in infrastructure so Nigerians can be mobilised for productivity.

    “With his promise to lift 100 million Nigerians out of poverty, if half of that number can be mobilised for productivity through the different initiatives the government is championing.

    “Nigeria will in no time be competing with the first world nations,” the minister added.

    Earlier, the former governor of Ekiti, Dr Kayode Fayemi, said that while in office, he had a very efficient Monitoring and Evaluating Unit that tracked all government projects.

    “But according to the topic of the day’s dialogue, sometimes politicians cannot fulfil their campaign promises due to factors totally out of their control.”

  • TNG Deal Breakers: Outlandish outbound medical tourism and drain on dollar revenue

    TNG Deal Breakers: Outlandish outbound medical tourism and drain on dollar revenue

    At 415 Naira to US$1, Nigeria’s outbound medical tourism cost the economy 664 billion Naira or US$ 1.6 billion as of May 2022. These are the estimated official figures admitted by the federal government as money spent by Nigerians seeking healthcare overseas. Comparatively, while inbound medical tourist visit to the country was under 1000 in 2019, for the same reason 1.9 million Nigerians travelled abroad.

    These figures would have continually declined if proper investments were made in the healthcare sector. In addition, the health policies and executive recklessness in both public and private sectors are significant factors fueling the craving for overseas medical travel, even for the most minor ailments like neck pain! For surgery alone, the Nigerian Investment Promotion Commission estimated 30,000 Nigerians travelled for surgery alone in 2019. 

    Although there have been some investments in modern healthcare facilities in the country, these are quite a few and grossly inadequate to stem the tide of the merry-go-round that medical trip has become. For instance, the Nigerian Sovereign Investment Authority (NSIA) invested a total of $22.5 million in two diagnostic centres in Kano and Umuahia ($5.5 million each) and the NSIA-LUTH Cancer Centre in Lagos costing $11.5 million. In as much as these investments are encouraging, the managers of the facilities are not marketing them properly. 

    There is also the Duchess a purpose-built, state-of-the-art, 100-bed hospital that is meant to deliver the highest standard of healthcare comparable to anywhere else on the planet. Duchess International Hospital is said to have benefitted from the N200 billion CBN post-Covid funding.

    Besides, quite a huge portfolio of rent seekers has developed around the business of medical tourism with the medical profession itself broiled into the saucepan. The commissions paid on referrals by doctors in Nigeria have enticingly augmented revenue for those who choose to practice in the country. In all these, the economy bleeds. The scarce foreign exchange earnings from crude oil and remittances to Nigeria are again sucked back into the same originating economies.

    Quick fixes

    It is wasteful to dwell on what could have been done during the tenure of the winding down of the government of eight years. Rather, the focus now should be on how to do sustainable quick fixes to save the economy post-Buhari regime. Genuine patriotism needs to be demanded by the incoming federal government from both private and public sector executives. The culture of entitlement and outlandish nibbling of the system should be stopped. The medical profession in Nigeria should also take responsibility for the numerous referrals they have aided when there, apparently, was no need it for it. The following comprise quick fixes that can patch forex leakage through medical tourism:

    o   Medical trips and allowances for executives in both private and public sector establishments should be paid in naira so that recipients can make dollar purchases themselves.

    o   Government should accredit only highly rated diagnostic and hospital facilities across the country as authentic referral centres for medical treatment overseas. Then, the referrals given by these hospitals and diagnostic centres become affirmation that they lack either the personnel or the facility to conduct such a procedure or test. 

    o   Medical trip overseas by top executives is loaded on some companies’ earnings. This entitlement and the dollar allowance is the major lure to foreign medical trip.

    o   All medium and large-scale companies in the private sector have in place health insurance packages for employees graded according to their position and office. 

    o   In addition to this, appropriate tax on the foreign exchange component of the medical allowance due to top execs can be a disincentive to the collection of this money in forex while the government will make it tax-free if it is paid in local currency. This measure should also apply to the public sector’s top-level employees.

    o   A reassessment of the existing national health insurance scheme to ensure it works for everyone 

    Exemptions should be given to foreign nationals who, in most cases, have a healthcare package that may require them to travel to their home countries for access to facilities. Of course, the executives have earned their perks and corporations owe themselves a duty to ensure top-notch healthcare for their executives. However, this should not be to the detriment of the bleeding economy. Medical facilities in the country ought to be used before jetting out for things that can be done locally thereby saving money for both enterprises and the economy.

    The Downsides 

    Certainly, Nigerians are significant contributors to this burgeoning medical tourism industry. In a report authored by Dr Olusesan Makinde, he admitted that while “medical tourism could provide access to health care services that are not available in departure countries, several issues such as cost of service, follow-up after surgery, quality of care, and adverse outcomes are challenges that have plagued the industry.” 

    Thereby, medical tourism is systematically creating a cycle of business out of the weak health system from the low and middle-income countries that contribute heavily to this market. This is largely due to the fact that “some of the services that medical tourists seek are not ethically allowed in their home countries where they will return upon completion of a procedure, thereby creating a follow-up conundrum.”

    However, Makinde notes; “not all services provided to medical tourists are of the quality advertised. About 25% of medical tourists who presented in one of the leading Asia country tourist hospitals for care regretted seeking care at this health facility and were unlikely to recommend the practice to their peers. In addition, it is said that the risks associated with services are downplayed or never mentioned to medical tourists by Medical Tourism Facilitators. 

    A study recently reported that 39% of patients who presented at a health facility in Nigeria after receiving neurosurgical care outside the country died from complications of the procedures they had undergone. Upon return to the country, over a quarter of these patients presented with infections necessitating follow-up care that was not initially planned and that incurred unplanned expenses, which pushed the cost of care to astronomical levels. 

    Another downside not known to the public, according to Makinde, is that “medical tourists, in their bid to seek care, are exposed to infectious microbes that are uncommon in their native environments, thereby facilitating the transfer of these contagious agents across geographic boundaries. 

    Many Nigerians travel to countries such as India and the UK for various treatments including cardiac surgery, neurosurgery, cosmetic surgery, orthopaedic surgeries, and renal transplant surgeries. The ongoing case of one of Nigeria’s serving Senator’s daughter is a case in point that should be shaming to any government. Recall also that the wife of a Nigerian ex-president died after undergoing cosmetic surgery in Spain.

    Low Awareness

    As stated earlier, patients with medical conditions that are treatable in Nigeria are being referred abroad because of better information on the availability of services over the internet and social media whereas health facilities available in the country are held back by the code of medical practice which frowns at physician’s advertising. However, advertising facilities and services are not prohibited. If healthcare facilities and expertise available overseas can be advertised and is permissible under the same code of ethics for medical practice, the facilities and expertise available may also use the internet to inform people about services offered in the country.

    The drain on the foreign exchange earnings of the government through avoidable medical trips abroad should be stopped. Only in the case of emergencies with referrals from the accredited best-rated facilities as proposed here, can a foreign trip be permitted.

    Although, the federal government may not impose restrictions on private-sector health spending, but it can show examples and curb frivolous medical trips in the ranks of top public sector employees. After reining in public servants’ penchant for medical tourism, it can then focus on the private sector by first, deciding to peg annual forex allocation to private companies for overseas healthcare.

  • Muhammad Bello advocates for improved revenue profile in FCT

    Muhammad Bello advocates for improved revenue profile in FCT

    Malam Muhammad Bello, the Federal Capital Territory (FCT) Minister, has advocated for improved revenue profile for the territory through a robust tax policy.

    The minister, who stated this at the FCT Internal Revenue Service (FCT-IRS) Town Hall meeting, on Wednesday in Abuja, said this would enhance infrastructure development in the nation’s capital.

    Bello, represented by the Permanent secretary of FCTA, Mr Olusade Adesola, explained that the FCT Administration had the mandate to build a capital territory that was comparable to the best in the world.

    “For over four decades, we have delivered on this mandate as Abuja has indeed turned out to be a very beautiful city indeed as testified to severally by visitors to the city.

    “It must, however, be admitted that if we are to continue to provide world class infrastructure for the city, we need a greatly improved revenue base.

    ”This can only be attained by a robust tax policy where all who call FCT home also contribute through faxes to her development.”

    Bello, however, commended the acting Executive Chairman of FCT-IRS for the initiative of holding public gathering, adding that would enable residents and other stakeholders to fully grasp the import of the tax policy.

    The minister said the efforts of the FCT-IRS, with the cooperation of residents
    of the FCT, had ensured that the territory was the second highest internally generating sub-national in the country.

    “It is, however, quite clear that we have the potentials of being number one with a little bit more effort and commitment from all of us.

    “It is only with this show of commitment that we can truly build the FCT of our collective dreams. It is our strong desire to make the FCT a model for excellence in tax matters.

    “The attainment of this ideal, we all know, is a function of collective responsibility and hard work.”

    The minister explained that the FCT residents and business owners have a responsibility of paying tax to help the administration in developing the city.

    “Therefore, I use this opportunity to send a note of strong warning to tax evaders to desist from their actions.

    “Not only are their actions morally wrong as they ride on the sweat of others but their actions are also serious criminal offences for which they can face very severe penalties on their conviction.

    “We are not unmindful of complaints about multiple taxation and other sundry challenges in our tax regime.

    “This matter is also of grave concern to us and we are taking measures to resolve the issue because it also impacts negatively on our efforts of encouraging investment in the territory,” he said.

    Earlier, the acting Executive Chairman of FCT-IRS, Haruna Abdullahi, said that the existing law fully provide for sanction to be meted out to tax defaulters.

    ”Failure to demand and verify a Tax Clearance Certificate presented by an individual was liable to sanctions and possible conviction with a fine of N5 million or three years imprisonment or both the fine and imprisonment.

    ” I will urge all residents and relevant stakeholders to choose voluntary compliance over compulsion.

    “It is imperative that a Tax Clearance Certificate (TCC) is demanded as a pre-condition for various transactions in the FCT.

    ”It is instructive to note that the law requires such from Government Ministries, Departments, Agencies and Commercial Banks.”

  • Why we have revenue constraints – President Buhari

    Why we have revenue constraints – President Buhari

    President Muhammadu Buhari has alluded to reasons why his government is having revenue constraints, stressing this is mainly a result of the theft of crude oil, a major contributor to Nigeria’s revenue base.

    TheNewsGuru.com (TNG) reports President Buhari as saying this is compounded by the global economic downturn as a result of the ongoing Russian-Ukrainian war.

    Buhari made this known when he received the Central Working Committee of the Association of Senior Civil Servants of Nigeria (ASCSN) at the State House, Abuja, on Friday when he assured that the Orosanye White Paper Report will be implemented, after review.

    According to him, the public service remains the engine room of the government and should attract the “best and brightest” that will fuel policies with fresh ideas.

    He said: “I have directed that the Orosanye White Paper Report be subjected to immediate review to enable Government take the most appropriate decision on its general recommendation. I am aware that the review is about to be completed.

    “While some may complain about the length of time it has taken thus far, the outcome of the various review teams would lead to some fundamental changes in the structure of our Civil Service and as such it must be subjected to rigorous review and scrutiny before presentation and implementation”.

    According to the president, the Secretary to the Government of the Federation will submit the harmonised white paper once it has been concluded. He assured that the administration remains focused on strengthening the service and ensuring it helps the government fulfill its objectives.

    The president noted that the government understands the role of the Civil Service in policy formulation and implementation towards the provision of socio-economic and political benefits to our citizens.

    “This administration remains focused on strengthening the service and ensuring it helps the government fulfill its objectives. The Civil Service must not be seen as a dumping ground for job seekers, but must attract the best and the brightest who will contribute fresh ideas and a determination to solving our socio-economic problems,” the president added.

    Buhari appreciated civil servants for their role in realising targets of the administration.

    “The role and importance of the Civil Service cannot be over emphasised. A strong Civil Service is the bedrock on which good governance, policy execution and pathways for the delivery of democratic dividends can be achieved.

    “I am further delighted to note your acknowledgement of the giant strides this administration has made since its inception in repositioning the Federal Civil Service for greater productivity and enhanced performance.

    “I take note of the various milestone achievements you have listed which symbolises our commitment to the Civil Service in spite of the many challenges that we encountered from the beginning of this journey,’’ he said.

    President Buhari addressed the issue of the revenue constraints when he spoke on the request for salary review for civil servants by the committee while acknowledging the urgent need for a general salary review in the Federal Public Service due to worldwide problems of high inflation amidst general economic disruption.

    “However, I wish to urge you to appreciate the revenue constraints being presently faced by Government which is caused mainly by the activities of unscrupulous citizens through the theft of our crude oil, a major contributor to our revenue base.

    “This is compounded by global economic downturn as a result of the on-going Russian – Ukrainian war, which has led to price increases not just in the costs of goods and services globally, but also in the transportation of these goods and services across the globe. You are also aware of the enormous burden placed on our finances by the COVID-19 pandemic.

    “Furthermore, let me note the significant investment we have had to make in security over the last seven years, which means other sectors of the economy have not been able to receive as much funding as we would have liked.

    “Only when our country is secured, that we are able to proceed and take on other aspects of our economic challenges,’’ he added.

    Buhari explained that investment in security assets had been at a huge cost, after several decades of negligence.

    “However, my confidence in the Nigerian Armed forces is unshaken, and I have tasked the Chief of Defense Staff and his service chiefs to take the war to these criminals who have made life difficult for many Nigerians.

    “Recent reports have shown the message is now being heard and the dividends of our seven years of investments are now maturing.

    “I implore our forces to continue with the current effort and determination until we rid our land of these miscreants.

    “I also wish to reiterate that we will not allow a few criminals to have unfettered access to the nation’s crude oil supply hence I have directed our security agencies to speedily bring to a halt the activities of these vandals in the Niger Delta,’’ he said.

    He said that criminal activities on seas, where large vessels seek to hide in neighboring countries will be checked.

    He stressed that “there should be no hiding place for such criminals, and our cooperation with neighbouring countries in halting these crimes is being strengthened and tightened.’’

    Buhari told the Central Working Committee of ASCSN that request for restoration of the payment of gratuity to public service employees was one of the landmark provisions addressed in the 2004 Pension Reform Act.

    “Therefore, implementing your request for the payment of a bulk sum of gratuity to retired civil servants would negate the intent and provisions of the Act.

    “It should be acknowledged that a change in the implementation of the Act would require an amendment by the National Assembly.

    “But more importantly, the Pension Reform Act is a better designed and robust system that allows for safety of pensioners funds and its payment.’’

    On the harmonisation of salary in the Public Service, the president said a committee was set up for that purpose, under the Minister of Finance which was still working.

    According to Buhari, a report is expected to be submitted at the conclusion of its assignment, which would be studied for appropriate action.’

    The president said the Head of Service of the Federation had been directed to liaise with other relevant government agencies to see how the 2023 budget estimates could accommodate an increase in the budget of Federal Government Staff Housing Loans Board.

    “Let me thank you once more for this visit and to reassure you that this administration would not tolerate any policy that would destabilise the service.

    “I therefore implore you to always acknowledge your very important role as the engine room of government no matter the political party that is in power. This is the main reason why you must remain non-partisan in the discharge of your duties,’’ he said.

    The Minister of Labour and Employment, Dr Chris Ngige, said members of ASCSN had been supportive in actualising programmes and policies of the administration.

    He described the leadership as mostly public servants that were vast in civil service procedure, “so when you negotiate with them it is easy and when you make the right point they know’’.

    In his remarks, the President of ASCSN, Dr Tommy Okon, noted that the administration had been “worker-friendly’’ with implementation of far reaching reforms.

    He said such reforms included regular payment of salaries and allowances, increase in minimum wage, extension of retirement age for some workers, like teachers, and sustenance of the size of public service in spite of constraints of financing.

    Okon however called for an increase in salaries of civil servants, following increasing cost of living, restoring full payment of gratuity at retirement, harmonisation of public service salaries and allowances, and increase in the budget of the National Housing Fund.

    He said the increasing cost of living had made it difficult for many public servants to carry on in spite of the minimum wage review, advising that benefits of all public servants should also be harmonised for fairness.

    “There should be equal pay for jobs of equal value,’’ he added.

    The president of ASCSN commended Buhari for ensuring access and inclusivity in governance, noting that it is the first time the association was meeting with a president of the country.

  • Dangote Cement records 24.2% revenue increase in Q1

    Dangote Cement records 24.2% revenue increase in Q1

    Dangote Cement Plc on Tuesday said its revenue for the first quarter stood at N413.2 billion, translating to a 24.2 per cent increase over the same period last year.

    The company said this in a statement signed by Mr Anthony Chiejina, Group Head, Corporate Communications, Dangote Group, in Lagos.

    According to the statement, the company also recorded a profit after tax of N105.9 billion resulting in 18 per cent increase for the same period.

    Analysis of the company’s three months results indicated that Dangote Cement sold a total volume of 7.2 Metric tonnes of cement.

    It said its Nigerian operations accounted for 4.8 Metric tonnes, while the rest of Africa did the balance of 2.4.

    Chief Executive Officer, Dangote Cement, Mr Michel Puchercos, said the increases in both revenue and profitability drove strong cash generation across the group.

    He added that the company was ramping up production at its Okpella plant and was progressing well to deploy grinding plants in Ghana and Cote d’Ivoire.

    “Dangote Cement is Africa’s leading cement producer with nearly 51.6Mta capacity across Africa and with a fully integrated quarry-to-customer producer, it has a production capacity of 35.25Mta in its home market, Nigeria.

    “The Obajana plant in Kogi State, Nigeria, is the largest in Africa with 16.25Mta of capacity across five lines; Ibese plant in Ogun State has four cement lines with a combined installed capacity of 12Mta while Gboko plant in Benue state has 4Mta; and Okpella plant in Edo state has 3Mta.

    “Through recent investments, Dangote Cement has eliminated Nigeria’s dependence on imported cement and has transformed the nation into an exporter of cement serving neighbouring countries,” he said.

  • NCC, FIRS inaugurate joint committee to boost revenues in telecoms sector

    NCC, FIRS inaugurate joint committee to boost revenues in telecoms sector

    The Nigerian Communications Commission (NCC) and the Federal Inland Revenue Service (FIRS) have taken their collaboration a notch further by setting up a Joint Committee of senior and management staff of the two agencies towards the implementation of inter-agency strategies for enhancing national revenues in the telecommunications sector.

    The NCC’s Executive Commissioner, Stakeholder Management, Adeleke Adewolu, inaugurated the 17-member committee on behalf of the Commission’s Executive Vice Chairman, Prof. Umar Danbatta, and the Executive Chairman of the FIRS, Mr. Muhammad Nami, at the NCC’s Board Room in Abuja on Tuesday, May 10, 2022.

    The inauguration of the committee, comprising six officials of NCC and eleven officials of FIRS, was carried out with senior officials of NCC and those of the tax agency led by its Coordinating Director for Compliance Support Group, Dr. Dick Irri, who represented the FIRS’ Executive Chairman, Muhammad Nami at the event.

    While inaugurating the Committee on behalf of the heads of the two agencies, Adewolu stated that the terms of reference (ToR) of the Committee include: review the Memorandum of Understanding (MoU) signed between the NCC and the FIRS on June 9, 2020; and carry out inter-agency interaction on the implementation of the NCC’s Revenue Assurance System (RAS), to ensure that it incorporates the needs of FIRS to the extent that RAS can remain the sole interface with telecom service providers’ networks vis-à-vis the Tax Authority’s information needs from the telecoms sector.

    Given the Committee’s composition and with the extensive experience and commitment of its members – which had informed their selection by the agencies – Adewolu stated that the managements of NCC and the FIRS expected no less than an excellent output from the Committee, tasking them to work together harmoniously and in the overall national interest.

    Also in his comments, Dr. Dick Irri, who led the FIRS delegation to the inauguration, advised the Committee to take the assignments very seriously. “I would like to task you to take this assignment as a national matter as we expect the two agencies to work in harmony, collaborate effectively and have a warm handshake that will make this synergy between the two agencies a great example of collaboration between Federal Government agencies towards enhancing fiscal governance in Nigeria,” he said.

    The decision to set up the Committee was one of the major outcomes of the meeting between the FIRS and the NCC on March 8, 2022 organised at the instance of the Honourable Minister of Communications and Digital Economy, Prof. Isa Ali Pantami, to discuss the request by the FIRS for data and documents from the telecoms industry for enhancing national revenues from the sector.

    The inauguration is a significant achievement, as it deepens the strategic collaboration between the two government agencies in the pursuit of their statutory objectives. It also vindicates the emphasis placed on achieving mutually-sustainable relationships with relevant stakeholders as detailed in both the NCC’s Strategic Management Plan (SMP), 2020-2024 and the Strategic Vision (Implementation) Plan (SVP 2020-2025) as well as FIRS’ strategic framework.

    The activities of the NCC and the FIRS are acknowledged as pivotal to the achievement of sustainable revenue and growth projections of the Federal Government. In this regard, the telecoms sector has sustained a relatively high contribution to Gross Domestic Product (GDP) over the years – ending fourth quarter of 2021 at 12.6 per cent.

    Besides, the FIRS recently acknowledged that some telecom licensees contribute significantly high percentage of total national tax revenue. It is expected that the Joint Committee will enable both organisations to further optimise revenues for the Federal Government from the telecoms, digital economy and adjacent sectors of the economy.

  • Nigeria’s box office records N4.8bn revenue in 2021

    Nigeria’s box office records N4.8bn revenue in 2021

    The Cinema Exhibitors Association of Nigeria (CEAN) has realised N4.8 billion revenue through ticket sales in 2021.

    CEAN Chairman, Mr Patrick Lee, disclosed this in an interview with the the News Agency of Nigeria (NAN) on Saturday in Lagos.

    Lee said that the figure represented an increase of 128.57 per cent when compared with N2.1 billion worth of tickets sold in 2020.

    He noted that there was a great decline in 2020 due to the lockdown occasioned by the COVID-19 pandemic which led to the closure of cinemas.

    According to him, before the pandemic year, 2019, total cinema ticket sales was N5.9 billion.

    Lee attributed improved sales in 2021 to enhanced quality of locally produced movies in the nation, urging movie producers to keep it up.

    He added that enhanced publicity by the association on the need for individuals to cultivate the habit of visiting the cinemas contributed to the feat.

    He commended Nollywood movie producers on improved quality of locally produced movies.

    “We have noticed an upward trend in people going to the cinemas lately, we have done a lot on publicity and it is beginning to pay off.

    “We have also noticed that the quality of movies coming into the cinemas are now attracting more people.

    “During the Christmas period, we had beautiful movies released to the cinema such as Spiderman and Aki and Paw Paw.

    “The quality of movies produced between Christmas period and now are generating a lot of interest.

    “We will continue to sensitise the public to the benefits of visiting the cinemas to watch movies on the big screen,” he said.

    Lee said efforts were also made to improve the environment at every cinema across the nation.

    He added that the association reviewed ticket price to ensure people get value for their money.