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Cement giants drop profits in Q1 on cash-strapped policy

Ehime ALEX
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Cement giants drop profits in Q1 on cash-strapped policy

DESPITE increases in total sales figures for the first quarter (Q1) of this year relative to the prior period, the profit lines of the three giant cement manufacturing companies in Nigeria seesawed on the back of the naira redesign policy of the Central Bank of Nigeria (CBN).

A check by The ICIR on the unaudited financial results of Dangote Cement Plc, BUA Cement Plc, and Lafarge Africa Plc for the three months ended March 31, 2023, showed that their gross profit, operating profit, profit before tax or pre-tax profit and profit after tax or net profit varied in the review period.

The CBN had on October 26, 2022 revealed plans to redesign, produce, and circulate new series of N200, N500 and N1,000 notes. Inaugurated on November 23, 2022, by the President, the notes officially came into circulation on December 15, 2022.

And as part of the implementation plans, the apex bank oughted to phase out the old notes under a tight deadline of January 31, but further extended the deadline to February 10, after the move was greeted with public outcry. 

Bag of cement from Dangote, Lafarge and BUA.
Bag of cement from Dangote, Lafarge and BUA.

But when it became obvious that the previous date was not.longer tenable, the apex bank further extended the validity of only the old N200 note to April 10, and reluctantly obeyed the verdict of the Supreme Court that the old notes should remain legal till December 31.

The much ado about the implementation of the policy and the cash-strapped saga that followed virtually affected every businesses and grounded the economy to a halt, The ICIR reported.

“Q1 2023 was a challenging first quarter due to the economic impact of the general elections and shortage of cash in circulation following the currency redesign policy,” Khaled El Dokani, the chief executive officer of Lafarge Africa, lamented.

According to the Lafarge Africa boss, these factors constrained the company’s financial performance in the review period, however, the company remains focused on delivering sustainable value to all stakeholders as market recovers post-election and through the rest of the year.

Analysis by The ICIR showed that Lafarge Africa’s sales rose by 1.34 per cent to N91.82 billion; gross profit by 10.21 per cent to N46.48 billion; operating profit by 0.81 per cent to N22.24 billion; and pre-tax by 4.72 per cent to N22.48 billion.

However, the company’s net profit dropped by 14.94 per cent to N14.94 billion in Q1 2023 compared to N17.56 billion in Q1 2022.

Lafarge Africa’s Q1 performance. Source: Unaudited financial result for the three months ended March 31, 2023 as posted by the company

A member of the global leader in innovative and sustainable building solutions, Lafarge Africa specialises in cement, construction aggregates, and concrete.

In the period under review, while BUA Cement reported a sales growth of 9.65 per cent to N106.35 billion, gross profit was upped by 4.52 per cent to N50.38 billion, however, the company’s operating profit fell by 9.43 per cent to N38.38 billion, pre-tax profit  by 15.57 per cent to N35.46 billion and net profit by 19.13 per cent to N26.80 billion.

BUA Cement’s Q1 performance. Source: Unaudited financial result for the three months ended March 31, 2023 as posted by the company

BUA Cement is a $1 billion investment of BUA Group primarily engaged in the business of quarrying, extracting, processing and dealing in limestone as well as the manufacture and supply of cement. 

The big elephant in the room, Dangote Cement, marginally reported a 3.45 per cent rise in net profit to N109.50 billion in Q1 2023 while all other profit lines including sales dropped in Q1 relative to Q1 2022.

The company’s sales fell by 1.56 per cent to N406.72 billion; gross profit by 6.18 per cent to N243.05 billion; operating profit by 14.19 per cent to N156.87 billion; and pre-tax by 6.12 per cent to N146.82 billion.

However, the company posted a 3.45 per cent growth in N109.50 billion in Q1 2023 from N105.85 billion in Q1 2022.

Dangote Cement’s Q1 performance. Source: Unaudited financial result for the three months ended March 31, 2023 as posted by the company

According to Dangote Cement, gas supply and currency weakening were some of the challenges the business faced.

“Faced with a high inflationary environment and weaker demand, Dangote Cement Plc deployed new and innovative business strategies that helped to drive up revenues, contain costs and protect margins.

“With the significant rise in diesel and gas prices, we opted for the aggressive use of cheaper Alternative Fuels (AF) in the production of cement, through the co-processing of wastes such as: agro wastes, waste lubricants, tyre derived fuels, sawdust, and packaging materials,” the company stated.

Dangote Cement is sub-Saharan Africa’s leading cement company with a production capacity of 48.6 million tonnes per year across ten countries.

 

How much time did your child spend looking at a screen today?

Editorial
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How much time did your child spend looking at a screen today?

By Catherine Draper, University of the Witwatersrand

HOW much time did your child spend looking at a screen today?

The answer likely depends on how old they are, what grade they’re in at school and what rules you have in place at home about screen time. But the reality is that, for children and adolescents growing up as “digital natives”, it is almost impossible to imagine life without screens of some sort.

Devices like cellphones, laptops and tablets have become ubiquitous as tools for entertainment and education in most parts of the world. This has led parents, guardians, teachers and researchers to wonder whether screens are good or bad for children.

The World Health Organization recommends that school-going children (five-17 years) limit their recreational screen time. The recommendation for two to four year-olds is not more than one hour of screen time per day (less is better); it suggests that children younger than two should have no screen time. Research evidence suggests that children and adolescents were already exceeding these recommendations, and that the COVID-19 pandemic only made this worse.

There isn’t yet conclusive evidence about whether screen time is good or bad for children. But, based on my ongoing research into children’s development – including the role of play, sleep, physical movement and screen time – my view is that there are benefits of educational screen time, but we don’t know enough about the potential harms.

Nevertheless, there are several things parents and teachers can do. This includes basics such as being aware of how much time children are spending on screens and what their posture is like through, to more complex issues such as what each child’s developmental weaknesses and strengths are. It also involves setting boundaries.

None of this is easy to implement. However it doesn’t mean that they cannot be a healthy goal worth working towards. It is never too late to start, but the earlier you do, the better.

Covering the basics

First, it is essential for parents to be aware about how screen-based activities (educational and recreational) influence their child’s development, as well as their behaviour.

Secondly, remember that all children are different and will therefore respond differently to screen time. So understanding the child and their strengths and weaknesses is key. For example, if a child struggles with managing sensory input – like loud noises, bright lights or certain textures – it may be better for them to avoid recreational screen time.

Thirdly, establish boundaries around screen time. This is key at home and at school.

Fourth, keep tabs on how screen time is stopping children from doing other things that are developmentally beneficial. For example, in the home, a child who is learning mostly on screens at school could be encouraged to spend time after school playing outside, and doing activities that develop fine motor skills. Screen swiping and typing are poor substitutes for activities that stimulate these skills, like writing, drawing, colouring in, painting, and cutting.

Fifth, in a school environment, are there other activities that provide children and adolescents opportunities to intentionally develop their social and emotional skills that are not getting as much attention when they are working alone on screens?

Sixth, are screens set up in such a way that encourages good posture?

Baby steps

Setting boundaries and striving for a healthy balance of educational and recreational screen time within the broader context of development may seem daunting.

It requires thoughtfully reflecting on the wider impacts of the choices made around screens, and offering a range of opportunities that help to boost chlidren’s chances of growing up to be healthy and well-adjusted adults.

As much as possible, involve children and adolescents in conversations about why a healthy balance of screen time will benefit them. This can help them take ownership of their choices about their health and development – both in the present as well as their future health and well-being.The Conversation

Catherine Draper, Associate Professor, University of the Witwatersrand

This article is republished from The Conversation under a Creative Commons license. Read the original article.

American research group appoints LASU professor to chair initiative

Oghenekevwe UCHECHUKWU
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American research group appoints LASU professor to chair initiative

THE American Political Science Association (APSA) has appointed a Professor of International Relations at Lagos State University (LASU), Kayode Soremekun, to coordinate and drive its Research Development Group on Africa.

This was disclosed in a letter of appointment signed by the Warren Weinstein Chair of African Studies at the Johns Hopkins University School of Advanced International Studies (SAIS), Peter Lewis.

In this capacity, Soremekun will help to foster academic engagement between scholars based in North America and Africa.

The Research Development Group initiative helps to support scholarly work and to develop collaborative networks and randomly selected academics are supported to attend the APSA annual meeting, which will be held this year in Los Angeles, United States, between August 31 – September 3.

Soremekun is the immediate past Vice Chancellor of Federal University, Oye Ekiti (FUOYE), and has lectured for over 20 years in both public and private tertiary institutions such as the Obafemi Awolowo University, Covenant University, Ota in Osun State and the National Open University of Nigeria.

APSA is the leading professional organisation for the study of political science and serves more than 11,000 members in more than 100 countries.

The Association promotes a lively, diverse community of scholars, teachers, students, and practitioners who bring wide-ranging interests, methodologies, and perspectives to the analysis and conduct of government and politics.

ECOWAS urges UK court to consider Ekweremadu’s contributions to society

Oghenekevwe UCHECHUKWU
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ECOWAS urges UK court to consider Ekweremadu’s contributions to society

THE Speaker of the Parliament of the Economic Community of West African States (ECOWAS), Sidie Mohamed Tunis, has appealed to the Chief Clerk of the Central Criminal Court Old Bailey, London, over the sentencing of his predecessor Ike Ekweremadu, for offences relating to organ trafficking.

Ekweremadu, a Deputy Senate President, along with his wife Beatrice, and doctor Obinna Obeta, were convicted of organ trafficking, in the first verdict of its kind under the UK’s Modern Slavery Act.

The couple had facilitated the travel of a 21-year-old Nigerian man to the United Kingdom (UK), for the purpose of transplanting one of his kidneys to their ailing daughter, Sonia, after the man was confirmed as a good match by Obeta.

But the story took a different turn when the man told UK authorities that he was deceived into travelling and was not aware he was to donate his kidney to Sonia, raising questions about consent which the couple claimed they previously got from him.

In his letter to the UK Court, Tunis said as a parent, he could relate to the pains, dilemma and crossroads the couple faced over the health of their daughter and urged the court to wear a human face in meting out judgement on May 5, noting that Sonia must still undergo a kidney transplant to stand a chance of surviving to fulfil her destiny.

“It is certain that Sonia cannot survive the absence of her parents in her present health condition… I wish to fervently appeal to the honourable court, on behalf of the ECOWAS Parliament, for leniency in meting out justice to the couple.

“We understand the position of the law, but only appeal that the honourable court puts on a human face in this circumstance and temper justice with mercy, especially considering his good behaviour and contributions to the good of the society, the less privileged, and democracy.

“Importantly, the typical Ekweremadu, being one, who is given to charity work and experienced in lawmaking in Nigeria and internationally, could also be very useful to the Nigerian and international community in public enlightenment and legal reforms/campaigns on organ trafficking to curtail such incidents drawing from his personal experience,” Tunis added.

Nigeria’s House of Representatives and former President Olusegun Obasanjo have also made similar appeals to the Old Bailey Court.

Ekweremadu: Reps appeal to UK court for leniency

Oghenekevwe UCHECHUKWU
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Ekweremadu: Reps appeal to UK court for leniency

AHEAD of sentencing on May 5, Nigeria’s House of Representatives has asked the United Kingdom (UK) to ‘temper justice with mercy’ in delivering judgment on former Deputy Senate President Ike Ekweremadu, who has been tried for organ trafficking.

In March, the UK’s Old Bailey Court in London, found Senator Ekweremadu, his wife, Beatrice and a medical doctor, Obinna Obeta guilty of an organ-harvesting plot against a 21-year-old Nigerian man.

In a resolution passed at plenary on Tuesday, May 2, the legislators also called on the Federal Government to take diplomatic steps to intervene in the matter.

Earlier, a lawmaker from Enugu state Toby Okechukwu, sponsored a motion of urgent public importance, where he stated that Ekweremadu “acted within his limited knowledge”.

He said although ignorance is not an excuse, the court should take into consideration that Ekweremadu has not been convicted before and has been a responsible citizen of Nigeria.

In the same vein, the Speaker of the House of Representatives, Femi Gbajabiamila, said it behoves on any government to plead for clemency when their citizens are in such a situation.

“For 24 years, Ekweremadu has served the country with vigour. He has used his office to champion democracy,” Gbajabiamla said.

Last month, former President Olusegun Obasanjo wrote asking the Chief Clerk of the UK c2ourt in old Bailey to intervene and ensure that justice is tempered with mercy on the matter.

“Mr. Chief Clerk, I am very much aware of the current travails and conviction of Ike Ekweremadu and his wife in the United Kingdom resulting from their being charged with conspiring to arrange the travel of a 21-year-old from Nigeria to the UK in order to harvest organs for their daughter.

“I do realise the implications of their action and I dare say, it is unpleasant and condemnable and can’t be tolerated in any sane or civilized society.

“However, it is my fervent desire (that) you will use your good offices to intervene and appeal to the court and the government of the United Kingdom to be magnanimous enough to temper justice with mercy and let punishment that may have to come take their good character and parental instinct and care into consideration,” Obasanjo wrote.

During trial, prosecutor Hugh Davies KC said the Ekweremadus had treated the man and other potential donors as “disposable assets” and “spare parts for reward”, a behaviour that showed “entitlement, dishonesty and hypocrisy”.

He said Ekweremadu, who owns several properties and had a staff of 80, “agreed to reward someone for a kidney for his daughter – somebody in circumstances of poverty and from whom he distanced himself and made no inquiries, and with whom, for his own political protection, he wanted no direct contact”.

Davies also argued that Ekweremadu ignored medical advice to find a donor for his daughter among genuine family members.

Aba Power confirms reconnection to grid after N120m debt payment

Harrison EDEH
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Aba Power confirms reconnection to grid after N120m debt payment

THE Aba Power has been reconnected to the national grid on Monday after 10 days of disconnection by the market operator arm of the Transmission Company of Nigeria (TCN).

The reconnection followed payment of N120 million of outstanding debt that the Aba Power owed the operator.

The company confirmed this development in a statement it issued on May 1, 2023.

The TCN had on April 19 issued a 30-day notice to Aba Power to clear a debt of N896 million. On the same date, it directed its market operator unit to remove Aba Power completely from the national grid within a few hours.

Over 20,000 members of the Aba Landlords Protection and Development Association (ALPDA) threatened to mobilise to the Alaoji Power Plant in Abia State and occupy it if the TCN failed to rescind its disconnection order.

“Despite the unfavourable operating environment in the country, which has gravely impacted our customers’ ability to pay their bills, Aba Power paid N120m to the Market Operator last Friday, so as to reconnect it to the grid immediately,” the company said.

Aba Power took effective control of the Aba Ringfence servicing nine local government areas in Abia State last September and said it had paid N440 million to the Federal government agencies in the power sector in the last six months.

“This is the first and only time in Nigeria’s history that an entire area serviced by an electricity distribution company has been cut off from the grid, with all the far-reaching socioeconomic and security implications for the whole nation. In the case of other DisCos, not more than feeders would be put out for two or three days, despite owing billions of naira,” the company said.

The company called for support from all the stakeholders. “We need individuals and communities to guard power infrastructure in their localities and report any suspicious act of vandalism to us or to any security agency. We constantly lose expensive machines, equipment, and materials to thieves.

“We also need electricity consumers to pay their bills as and when due. When we generate revenue from customers who pay for power consumed, we will be able to discharge our obligations to not just electricity providers like the Niger Delta Power Holding Company Ltd, but also to government agencies like the Transmission Company of Nigeria. As a result, we will be able to avoid experiences like cutting off people and businesses in the Aba Ring fence from the national grid,” it said.

It added that a situation where only 40 per cent of businesses and individuals in the Aba Ringfence pay what they should is unacceptable. “Many electricity consumers bluntly refuse to pay for power consumed. Some engage in meter bypassing; some others in other grave malpractices which can only make constant, quality and affordable power supply very difficult,” the company said.

Apart from Aba Power, the TCN had also removed the Kano and Kaduna electricity distribution companies (Discos), as well as APL Electric Limited from the national grid because they breached the rules guiding the market operations.

TCN’s Market Operator chief, Edmund Eje, told The ICIR that there is a market agreement that must be adhered to in order to lessen the burden of power sector subsidy on the Federal government.

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Eje said, “There is a market rule, and once there is a breach, there has to be  a sanction. There is also room for curing and remediation. Discipline is key for the sector, nobody needs to be reminded to  play its role.

“This illiquidity in the sector and other related issues started last year, and processes were followed. However, the narrative from some of the affected utilities made it seem like the market operator just acted this week, without prior engagements.”

He stressed that generation companies and other ancillary service providers were losing from non-compliance to the market rule by some power firms and distribution companies.

Outrage as Femi Adesina says govt not responsible for job creation

Mustapha USMAN
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Outrage as Femi Adesina says govt not responsible for job creation

NIGERIANS on the social media have expressed outrage over presidential spokesman Femi Adesina’s claim that it is not the government’s responsibility to create jobs.

Adesina made the comments while speaking on President Muhammadu Buhari’s achievements on Arise TV on Tuesday, May 2.

Adesina said the only responsibility of the government is to create enabling environment for job creation, while the private sector creates jobs.

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Responding to a question on Buhari’s promise to create three million jobs yearly, Adesina noted the President didn’t give a specific figure.

“Did you say three million was the promise? I wouldn’t say he put a figure. What I recall was that President Buhari gave the per cent of joblessness in the country. I wouldn’t recall that he gave a specific figure for the number of jobs we are creating. For all you know, that may have come from anywhere.

“Regard as it may, it is the job and the duty of the government to create an enabling environment for jobs in the country. It is not the government itself that creates jobs. All it does is to create an enabling environment.”

According to him, most of the jobs “you need in a country would come from the private sector”. “As long as you have an enabling environment, it is the private sector that will create the jobs.”

He, however, noted that Buhari has achieved remarkably in all sectors including oil and gas, infrastructure, legislative matters, and security.

Buhari reportedly promised to provide three million jobs for unemployed youths if voted as the President in 2015.

Some Nigerians who reacted to Adesina’s comments on the social media expressed outrage at the presidential spokesman’s claims.

However, some also agreed with him to a certain extent, but said the government has failed to provide an enabling environment for private sectors.

Many of them identified insecurity, unstable electricity, police brutality, bad roads and infrastructures as major issues that the Buhari administration failed to address while in office.

A Twitter user with the name Bobola Mercy reacted by saying that the government could feed on citizens’ taxes but does not want to create jobs.

“But it is the duty of the citizens to pay taxes to the government that is being collected from their self-established jobs that will be used as their highly corrupt salary which they did not work for.”

@GodsDawta1 questioned why Buhari campaigned with the promise of providing jobs every year: “Agreed….My own queshun is “Why then campaign with the promise of providing jobs every election year” since it’s not govt duty?”

Another user wrote: “When a govt has totally failed. They begin to look for lies to wash their lies.”

Thomas Bassey said although he agreed with Adesina, the Buhari administration failed to create an enabling environment for job creation.

“Yes to some extent I agree… but it is 100% the duty of the government to create an enabling environment where people can work, live well and create jobs for others… and as far as am concerned the Government failed WOEFULLY! . So it takes us  back to status quo!”

OfonzeNews also said it is the government’s responsibility to provide electricity and support small businesses to grow.

He wrote: “But you must provide electricity, build good roads, develop the rail transportation, build solid infrastructures and support small businesses to grow. In fact it’s your duty as a government to create the environment that will support businesses and industries that will create jobs.”

Train accident: Lagos govt files charges against BRT driver

Vincent Ufuoma
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Train accident: Lagos govt files charges against BRT driver

THE Lagos State government has filed charges against Osibanjo Oluwaseun, the driver of the Bus Rapid Transit (BRT) vehicle that collided with a train in the Shogunle area of the state last month.

Charges against Oluwaseun were filed at a State High Court sitting in Ikeja on Tuesday, May 2.

He was arraigned on a 16-count charge bordering on involuntary manslaughter and grievous harm.

The State’s Director of Public Prosecution, Babajide Martins, told the court that the driver ignored warning signals, and “negligently killed” four passengers due to the collision with the train.

The prosecution counsel also said the action of the driver inflicted bodily injuries on some passengers of the train.

He asked the court to remand the defendant to a correctional facility and prayed for a new date for trial.

According to him, the accused offences contravened the Criminal Laws of Lagos State, 2015.

However, Oluwaseun pleaded not guilty to the charges.

The defense counsel, Lekan Egberongbe, appealed to the court to remand the defendant in police custody due to health reasons.

In her ruling, Justice Oyindamola Ogala said the court did not have the medical report of the defendant, adding that it should be presented to prison officials.

“If the custodial centre is served with the necessary medical report of the defendant, he should be given proper medical attention,” the judge said.

The case was subsequently adjourned to May 26 for the commencement of trial.

The collision between the BRT vehicle and the train occurred on March 9 in the Shogunle area of Oshodi, Lagos.

Witnesses at the scene said the bus was attempting to cross the rail track when an oncoming train rammed into it and dragged the bus from Shogunle to the PWD area of Ikeja.

Two passengers died at the scene while four others were declared dead at different hospitals.

Reacting to the accident, the managing director of the Nigerian Railway Corporation (NRC), Fidet Okhiria, said the driver is to be blamed for the accident.

But, the BRT driver said the vehicle had a mechanical fault while asking for forgiveness from the families of the victims.

The ICIR commences training on open contract reporting project

Blessing OTOIBHI
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The ICIR commences training on open contract reporting project

THE International Centre for Investigative Reporting (ICIR) has commenced training of selected journalists from newsrooms in North-East and North-West Nigeria on Data and Investigative Journalism.

The three-day programme is currently taking place in Tahir Guest Palace, Kano State.

The participants were drawn from print, online and broadcast media across the North-West and North-East geopolitical zones.

Selected participants at the ongoing #OCRP training
Selected participants at the ongoing training

The training, which is part of The ICIR Open Contract Reporting Project sponsored by the MacArthur Foundation, was organised by the Centre to build journalists’ capacity in Investigative and Data Journalism.

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In his address, The ICIR’s Executive Director Dayo Aiyetan told participants that the project was designed to equip journalists working on the Open Contract Reporting Project (OCRP) with the ability to properly conduct investigative journalism, particularly when using data.

Abigail Obigwezzy, a professor;  Lami Sadiq, Daily Trust Head of Investigation; Yetunde Mosunmola from the Independent Corrupt Practices Commission (ICPC), Jonathan Ebe from Public and Private Development Centre(PPDC), Kemi Busari Editor of Dubawa are some of the faculty of trainers and mentors at the programme.

Prof. Abigail Obigweezy, Yetunde Mosunmola. and Lami Sadiq at the ongoing training
Prof. Abigail Obigweezy, Yetunde Mosunmola. and Lami Sadiq at the ongoing training

The ICIR Open Contract Reporting Project initiative began in 2017.

The project is aimed at building the capacity of Nigerian journalists to scrutinise and report on contracting and procurement processes.

Since the project began, The ICIR has organised capacity-building training for journalists and given funding to cash-strapped newsrooms in Nigeria to launch investigations related to public procurement and the budgeting process as a way of holding public officials to account.

Gombe APC expels senator, Rep for anti-party activities

Beloved JOHN
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Gombe APC expels senator, Rep for anti-party activities

THE Gombe State chapter of the All Progressives Congress (APC) has expelled two of its members for allegedly working against the party’s interest during the 2023 general elections. 

The chapter announced the expulsion of Senator Bulus Amos, who represents Gombe South Senatorial District and Yunusa Abubakar, a House of Representatives member representing Yamaltu/Deba Federal Constituency, on Tuesday, May 2.  

The state chairman of the APC, Muhammad Kaka, who made the announcement, said the lawmakers’ dismissal was informed by the gravity of their actions.

The lawmakers had earlier been suspended by their executive wards on April 18.

Bulus was suspended by executives of Bambam Ward of Balanga LGA, while the disciplinary committee in Yamaltu Deba Federal Constituency suspended Abubakar.

“The decision was reached after the findings of a petition written from his ward, which caused a five-man committee of the ward to investigate the matter,” the party said. 

Kaka said the lawmakers could not provide a good defence for their actions when summoned by party executives. 

He said Bulus threatened the party executives when questioned about his actions.

“We held elections in our ward during the just concluded general elections, and we have Senator Amos from our ward who didn’t come out to partake in our political activities.

“Instead, the senator went around with his supporters telling them not to vote for the APC and in his polling unit and the surrounding polling units, APC didn’t win any of those units because of his anti-party activities,” he said.

Kaka also said Amos appeared before the executives and could not justify his actions. “We gave him another chance, but he failed to return”, he added.

“He said we have no right to expel him from the party; this is wrong as no one is bigger than the party. It is in view of this that we, the executives at the ward, decided to expel Senator Amos from our party.”

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