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MTN, Nestle Record Losses in Half Year over Forex

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MTN Nigeria, leading telecommunications firm has recorded a 29.1 per cent decline in its net profit for the first half of 2023, largely due to the liberation of the foreign exchange regime by the Central Bank of Nigeria (CBN).

MTN, Nestle Record Losses in Half Year over Forex

Also, Nestlé Nigeria PLC, one of the largest food and beverage companies in Africa, posted a loss after tax of N49.9 billion, a 280per cent decline over the same period in 2022.

The CBN on June 14 collapsed all segments of the market into the investor and exporter (I&E) window and reintroduced the ‘willing buyer, willing seller’ model.

This has led to an approximately 60 per cent movement in the exchange rate, since the announcement, to N756.24/$ at the end of June 2023 as the market seeks an equilibrium level.

According to its unaudited results for the half-year ended June 30, MTN posted a profit of N128 billion, compared to N181bn during the same period in 2022.

MTN, which is Nigeria’s biggest company by market value, however, reported a revenue growth of N1.15 trillion from N950bn in the same period in 2022.

While noting that the liberalisation of the forex regime and removal of fuel subsidy provide a clear pathway to the return of international capital into the capital markets,  it however, added that “the immediate impact on our results for H1 was the unrealised forex losses included in our net finance charges.”

Also  Nestlé Nigeria PLC, reported revenue of N261.8 billion in the first half of 2023, representing a 17.7 per cent increase compared to its performance in the same period of 2022.

It also had a 34 per cent increase in Gross profit, hitting N107.3bn from the N80.2bn earned in H1 2022.

The Company posted a loss after tax of N49.9 billion, a 280% decline over the same period in 2022.

The losses are mainly due to the recent devaluation policy of the CBN.

 

 

 

 


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Mysterious Illness Kills 50 People within Hours of Symptoms, Doctors Raise Alarm

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Pic Credit: Daily Sabah
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A mysterious illness killed more than 50 people in the Democratic Republic of Congo (DRC), with most victims dying within 48 hours of showing symptoms, health officials have reported.

Mysterious Illness Kills 50 People within Hours of Symptoms, Doctors Raise Alarm

Pic Credit: Daily Sabah

The outbreak, first reported on January 21, has resulted in 419 cases and 53 deaths.

The World Health Organization (WHO) has classified it as a significant public health threat, citing concerns over its rapid progression and fatality rate.

Suspected origin and early cases

Authorities believe the outbreak started in the town of Boloko, where three children reportedly ate a dead bat.

The children developed severe symptoms and died within two days.

Medical experts suspect the illness is a form of hemorrhagic fever, which can cause fever, internal bleeding, headaches, and joint pain.

“That’s what’s really worrying,” said Serge Ngalebato, medical director of Bikoro Hospital in the DRC, referring to the disease’s speed and severity.

Ebola, one of the most well-known hemorrhagic fevers, has not been detected in this outbreak, according to initial testing.

A second wave of cases emerged in the town of Bomate on Feb. 9. Authorities have tested samples from 13 patients, all of which returned negative results for Ebola and Marburg virus.

However, some samples tested positive for malaria.

The WHO reported that the fatality rate of the illness is 12.3%, significantly higher than the early fatality rate of COVID-19.

Experts warn that the outbreak could spread further due to the region’s remote location and fragile healthcare system.

 

 

 

 

 

 

 

 


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NPC Warns Nigerians to Beware of Fake Recruitment Website

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National Population Commission (NPC), has alerted the public to a fraudulent website https://npc-career.allprogram.site/job created by individuals with malicious intent.

NPC Warns Nigerians to Beware of Fake Recruitment Website

Erelu Taibat Yemi Oloruntoba, director, Public Affairs, NPC, said in a statement that the fake site falsely claims to facilitate recruitment for the 2025 Population and Housing Census, aiming to defraud unsuspecting citizens.

“We want to state unequivocally that the Commission is not currently conducting any recruitment for Ad-hoc staff related to the upcoming census. President Bola Ahmed Tinubu, GCFR, has stated that a committee will be established to align the census budget with the government’s present financial situation before issuing a proclamation for the conduct of the upcoming biometric Population and Housing Census,” the statement outlined.

It, therefore, warned Nigerians to be aware that when there is a date for the census and it becomes necessary for the commission to recruit ad hoc staff for the exercise, it will be officially announced through national media outlets, as well as the NPC’s verified social media platforms and website.

It urged the general public to disregard the fake website and its misleading information to avoid falling victim to scams.

The statement avowed that NPC is actively investigating the creators of this fake website, adding, “we encourage everyone to seek accurate information regarding the NPC’s activities from our official social media handles and website.”

According to the statement, NPC is committed to keeping the public informed about developments concerning the first biometric Population and Housing Census in Nigeria.

“We appreciate your support in ensuring a successful census exercise,” the statement said.


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Fuel Scarcity Looms as Marketers Threaten Strike over N100Bn Debt

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Independent Petroleum Marketers Association of Nigeria (IPMAN) has issued a seven-day ultimatum to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to pay outstanding bridging claims amounting to N100billion or face a nationwide strike.

Fuel Scarcity Looms as Marketers Threaten Strike over N100Bn Debt

In a communique released on Monday, the association expressed growing frustration with the NMDPRA’s failure to fulfill its financial commitments, despite repeated assurances.

The statement, signed by Yahaya Alhassan, chairman of the IPMAN Depot Chairmen Forum, highlighted that the NMDPRA had previously promised to resolve the debt but has consistently reneged on those promises.

According to the IPMAN communique, the NMDPRA had made a public commitment to pay the bridging claims within 40 days, following a stakeholders’ meeting where the Nigerian Association of Road Transport Owners (NARTO) demanded payment before halting a planned strike action.

The meeting, which involved high-ranking government officials such as Mal. Nuhu Ribadu, national security adviser, and Mr. Adeola Ajayi, DG DSS, was seen as an opportunity for resolution.

However, 40 days have since turned into several months without any sign of payment. IPMAN noted that this continued delay has severely impacted the operations of its members.

“One of those promises was made by the NMDPRA at the stakeholders meeting on the eve of the last strike action declared by NARTO. At that meeting, the NMDPRA assured us that the bridging claims would be paid within 40 days, but now months have passed, and there is still no hope of payment,” the statement read.

IPMAN also lamented the devastating economic consequences of the delayed payments, noting that many of its members have been forced to close their businesses, lay off staff, or, in some cases, suffer personal tragedies due to the financial burden.

“Many of our members have lost their businesses to commercial banks as they are unable to meet loan repayment obligations due to the unfulfilled payments of bridging claims,” the statement added.

In addition to the outstanding claims, IPMAN accused the NMDPRA of imposing “abnormal levies” on its members. One of the most contentious issues raised was a 5 per cent commission on petrol station sales, which IPMAN described as an illegitimate imposition.

“When has the NMDPRA turned itself into a real estate agent, collecting a commission on sales of retail petrol outlets?” the communique questioned.

 


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