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SHAREHOLDERS LAUD NIGERIAN BREWERIES’ RESULTS, APPROVE DIVIDEND PAYOUT

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Shareholders of Nigerian Breweries Plc have lauded its 2017 financial performance and approved the N33 billion dividend pay-out proposed by the Board.
The shareholders who spoke at the 72nd Annual General Meeting of the company held at the Muson Center, Onikan-Lagos on Friday noted that the company’s performance in spite of the very challenging operating environment, stood out as a shining example for other corporate organisations to emulate.
They agreed that the 2017 results and the dividend pay-out are strong signals of the resilience of the company in the face of the apparent challenges of the economy.
One of the shareholders, Mr. Gbadebo Adetokunbo congratulated the company for good showing in 2017 and for “doing the needful” to the shareholders. The same sentiment was echoed by Mr. Patrick Ajuwah, who lauded the company for improving the gross earnings and the bottom line.
Mr. Shotunde Shopeju, another shareholder, expressed confidence that the company remains in good stead to deliver good returns to shareholders in the future and congratulated the company for remaining strong even in the midst of economic challenges.
Theophilus Adegboye an eighty five year old shareholder from Oshogbo, Osun State congratulated the Company for improving the fortunes of shareholders. He urged his fellow shareholders to commend the company for proposing a 100% dividend pay-out at a time many quoted companies were unable to pay dividend to their shareholders.
Responding, Chief Kola Jamodu (CFR), Chairman, of the Company explained that the 100% pay-out is a reflection of its strong balance sheet and overall health of the company. He added that the N33 billion dividend pay-out is a considerable increase over the N28 billion paid last year. In the course of the year, the Company had earlier paid an interim dividend of N7.97 billion in November 2017, which amounted to N1.00 per share.
Jamodu maintained that the operating environment in 2017 was very challenging especially from an input cost, FOREX and purchasing power perspectives.
The dividend pay-out which translates to a total dividend of N4.13 per ordinary share of 50 kobo each is a 100% pay-out, and makes it the third year in a row that the company is delivering such to its shareholders.
An analysis of the Company’s audited results shows a gross revenue of N345 billion revenue which resulted in a N33 billion Profit After Tax (PAT) for the 2017 financial year. This represents a 16 percent increase in Profit After Tax from the N28.4 billion achieved in 2016, and a 10 percent growth in turnover in 2017 from N314 billion in the preceding period.

News and Report

Zenith Bank Assures Customers on Seamless Transactions, Apologizes for Disruptions During Infrastructure Upgrade

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Nigeria’s leading financial institution, Zenith Bank, has reassured its customers of improved services following recent infrastructure upgrades.

 

In a message posted on Thursday, the bank apologised for the service disruptions experienced across its e-channels during the upgrade period.

 

The bank clarified that the glitches were a result of routine information and technology maintenance, which is essential for optimizing service delivery.

 

Zenith Bank emphasized its commitment to ensuring 100% uptime, stating that it takes this responsibility “very personally” and continuously allocates resources to maintain uninterrupted service availability.

 

In the statement, the bank expressed its sincere apologies for any inconvenience caused to customers during the upgrade process, highlighting that the information technology enhancements are designed to improve the quality of service for its esteemed clientele.

 

The message reads in part:

 

Dear Valued Customer,

 

We sincerely apologise for the service disruptions you experienced recently on our banking channels. This was due to an information Technology upgrade aimed at improving the quality of service we provide.

 

We have made significant progress with the upgrade and you can now perform transactions conveniently with the following Zenith bank Channels:

 

Your Zenith Bank Debit Card

The Zenith Bank Mobile App

The Zenith bank Internet Banking Platform

Zenith Agents nationwide (Agent Banking)

 

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Just In: Tinubu Set To Embark on  Two-weeks Annual Leave.

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President Bola Ahmed Tinubu has announced a two-week annual leave

 

According to Bayo Onanuga Special Adviser to the President (Information & Strategy) President Bola Tinubu will depart Abuja today for the United Kingdom to begin a two-week vacation, part of his yearly leave.

 

He will use the two weeks as a working vacation and a retreat to reflect on his administration’s economic reforms.

 

He will return to the country after the leave expires.

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Alleged Corruption : El-Rufai denies allegations, vow to swear on Quran….

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A former Governor of Kaduna State, Nasir El-Rufai, has asserted that his entry into politics was driven solely by a desire to serve the people, not to amass wealth or siphon public funds.

 

El-Rufai made this declaration on Tuesday during a Hausa program aired on Freedom Radio, Kaduna.

 

Speaking candidly, the former governor dismissed allegations of financial misconduct during his administration, maintaining that he was already financially content before assuming office.

 

The Kaduna State House of Assembly had earlier indicted El-Rufai’s administration for the misappropriation of over N423 billion during his eight-year tenure.

 

 

However, El-Rufai and his associates have categorically denied the accusations, labeling them as politically motivated.

 

“I did not join politics to steal money or enrich myself. I was satisfied with what I had before becoming governor,” El-Rufai stated, adding that he is ready to swear on the Quran to prove his innocence if other former governors and current leaders do the same.

 

 

“I have always prayed for guidance in all I do, and I strive not to betray the trust of the people. Whenever the former governors of Kaduna State and other leaders are ready to swear with the Quran that they never misappropriated public funds, I will join them. I have no fear because I know I never took money that belonged to the people,” he said.

 

 

The former governor expressed dismay over the allegations, saying his administration has been accused without any clear evidence of where the money went missing or who took it.

 

He further claimed that his allies were being targeted and invited by the Independent Corrupt Practices Commission and the Economic and Financial Crimes Commission as part of a smear campaign against him.

 

“I have left everything to God’s judgment. I have prayed and will remain silent on the issue. I have instructed my lawyers to take legal action against those tarnishing my name, but for now, I’m focused on my activities like reading and writing,” he said.

 

 

El-Rufai emphasised that service to the people continues even after leaving office, stating, “You don’t need to hold a position in government to serve. We are still working with like-minded individuals who genuinely want to serve the people, not those seeking to enrich themselves.”

 

Looking ahead, El-Rufai revealed that he intends to return to politics in 2027 after completing his studies, remarking, “There is no retirement in politics. God willing, we will return and continue serving the people.”

 

 

 

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