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Unilever Nigeria to create new company for tea business

Unilever Nigeria to create new company for tea business The Punch Published 15 May 2021 Unilever Nigeria Plc announced on Friday that its Board of Directors had approved the steps required to implement the separation of its tea business in Nigeria. The approval on April 30, 2021 followed the announcement made on Feb. 25 about Unilever Nigeria’s planned separation of its tea business as part of the global separation, according to a statement obtained from the Nigerian Exchange Limited. The company noted that on 23 July 2020, following the completion of a strategic review, Unilever Plc announced its intention to separate its global tea business, including the retail and food solutions businesses, plantations, T2 and Pukka.

Nigeria s animal feeds manufacturer earnings Quality Drop as Revenue, Profit Jump

Nigeria’s animal feeds manufacturer earnings Quality Drop as Revenue, Profit Jump In 2020, Livestock Feeds Plc. –pioneer manufacturer of animal feeds in Nigeria– recorded its highest revenue on records since the financial year 2014, analysts at Meristem Securities said in a report. However, the company’s earnings quality drop following a strong increase in inventories and receivables at the time when the company reported raised animals feeds prices amidst jumping headline inflation rate. For 19 consecutive months, the average increase in the general price level has maintained an uptrend before it settled at 18.17% in March, however, projected to rise further. Meristem Securities analysts hinted about the deterioration in earnings quality, thus advised investors to dump the stock over lack of upside advantage.

Equity Analysts Spot Buying Opportunity in MTN Nigeria after Earnings Beat

Equity Analysts Spot Buying Opportunity in MTN Nigeria after Earnings Beat Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy. Equity analysts at Vetiva Capital limited spots buying opportunity in MTN Nigeria Plc.’s stock after the telecommunication giants beat earnings estimates in the first quarter (Q1) of 2021. Due to the impressive outturn for the period, the equity analysts’ team at Vetiva Capital led by Luke Ofojebe maintained buy ratings on the telecom giant’s stock. MTN Nigeria Q1-2021 earnings saw the company grow its revenue by 17% year on year to ₦385 billion, riding on a 43% year-on-year surge in data income.

Vice President Yemi Osinbajo Lauds SecureID Limited for Pioneering World-Class Smart Card Manufacturing Facility in Lagos, Nigeria

Vice President, Prof. Yemi Osinbajo has lauded Africa’s leading smart card manufacturing and digital solutions company, SecureID Limited, for its manufacturing operations in Nigeria while creating copious job opportunities and bringing Nigeria to the fore of global competitiveness with its world-class smart card manufacturing plant in Lagos. The statement was made during a visit to the company’s manufacturing facility on May 11 at Apapa-Oshodi, Isolo Lagos and was attended by several eminent guests. The company recently bagged the esteemed Global System of Mobile Applications (GSMA) making it the first in Nigeria and 3rd in Africa; adding to its other global certifications including Visa International, MasterCard Incorporated, Verve, Card Quality Management (CQM) and ISO 9001/2015 for Smart Card Manufacturing and Personalization of credit and debit cards for all banks in Nigeria and clients in 21 countries across Africa. SecureID also manufactures simcards for telecom companies

UBA, Zenith, seven others grow customer deposits to N30 81tn

UBA, Zenith, seven others grow customer deposits to N30 81tn
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