Business

NNPC LTD and FIRST E&P Launch Transformative School Renovation Initiative for Displaced Children in Bauchi State

Published

6 months ago

September 2, 2024

The Nigerian National Petroleum Company Limited (NNPC Ltd) and FIRST Exploration and Petroleum Development Company Limited (FIRST E&P) Joint Venture (‘the JV’) has announced the completion of an Education Infrastructure project which saw the comprehensive rehabilitation of 6 schools in Bauchi State.

Focusing on communities catering to Internally Displaced Persons (IDPs), the project commenced in 2022 with a goal to improving learning conditions for pupils in disadvantaged communities of the State
Nigeria houses the third-largest population of internally displaced persons (IDPs) in Africa, different forms of crisis have severely impacted many communities in the Northeastern region of the country.

According to the International Organization for Migration (IOM), over 2.18 million IDPs were recorded in Nigeria as of February 2021.

Many schools in the region are in dire condition, leaving children without access to quality education – one of the most critical tools for overcoming poverty and instability.

With a project implementation cost of over N900 million naira, the 4 secondary schools and 2 primary schools that were rehabilitated through this exercise include Government Day Secondary School, Azare, Bauchi; Government Day Comprehensive Secondary School, Azare, Bauchi; Ahmad Turaki Primary School Nassarawa East, Bauchi; Matsango Senior Secondary School, Azare; Katsalle Primary and Junior Secondary School, Azare and Bakoshi Nursery and Primary School, Azare.

To address issues ranging from significant infrastructural dilapidation to non-functional toilets and lack of learning supplies, the project delivered comprehensive renovations and upgrades, including new roofs, structural repairs, proper classroom furniture, upgrade of school laboratories and the installation of toilets. Additionally, solar powered boreholes were provided to ensure access to clean water, addressing the critical Water, Sanitation, and Hygiene needs in these schools.

Commenting on the announcement, Mr. Etomi, Executive Director, Corporate Services of FIRST E&P, said: ” For us as company, Educational Advancement is one of our pillars for social development. We believe that education is the foundation of societal progress, and by revitalising these schools, we have helped in empowering the children with the tools they need to rebuild their lives. However, this initiative goes beyond mere construction; it’s about restoring hope and dignity for the children of Bauchi State. This project aligns perfectly with the UN Sustainable Development Goal 4 of inclusive and equitable quality education and is a crucial step towards achieving that vision and unlocking the future potential of these communities.”

Bala Wunti, Chief Upstream Investment Officer, NNPC Upstream Investment Management Services (NUIMS), added: “As a responsible corporate citizen, NNPC Limited is committed to supporting the development of our communities. This education infrastructure project is a testament of our dedication to providing quality education and essential amenities to those who have been affected by the insurgency. We believe that investing in education is investing in the
future of our nation.”

He went further to express optimism that the infrastructure will inspire a thirst for knowledge in students and encourage teachers to deliver their best.

Commenting on the impact of the initiative, Inuwa Muhammad, Principal, Government Comprehensive Day Secondary School, Azare said, “As the Principal of the School, I am very delighted to have this renovation during my tenure because this is a great development to the school and the entire community at large. The company has done so much.”

Ibrahim Muhammad, Principal, Government Day Secondary School, Azare commended the JV saying, “Thankfully, the renovation took place at the right time. It will greatly help the school and its standard.”

Following a competitive bid and evaluation of capacity, the project was implemented by local contractors, ensuring that the benefits extend beyond education to include economic empowerment. This approach was taken not only to guarantee high-quality work but also to foster economic growth within the local community through the creation of jobs and development of skills.

Business

LAFARGE AFRICA ACHIEVES RECORD SALES OF 697BN; OPERATING PROFIT At 192bN, UP BY 89%; PAT UP BY 96% TO CLOSE AT 100BN

Published

2 weeks ago

February 28, 2025

Seyi Babalola

( Net Sales: FY 2024 up 72% YoY benefiting from improved volume; Q4 2024 up 86% vs PY

( Operating Profit: FY 2024 up 89% YoY; Q4 2024 up 103% vs PY
( Operating Margin: FY 2024 28%, up from 25% PY; Q4 2024 31%, up from 28% PY
( Profit After Tax: FY 2024 up 96% YoY, driven by Topline growth; Q4 2024 up 263% vs PY
( Continued focus on Increased product range, Sustainability and Health & Safety

Lafarge Africa Plc, a leading innovative and sustainable building solutions company and manufacturers of a range of cement brands has released its audited financial statement, recording a revenue of N696.76Billion for the 2024 financial year. The growth in revenue represents an increase of 72% from N405.50 billion that was recorded in the corresponding period in 2023. A breakdown analysis of the audited result also revealed that operating profit for the company in the financial year ended 2024 grew from N102.02billion in the corresponding period in 2023 to N193.01billion, representing an 89% significant rise.

According to the result released by NGX, the earning per share for the company for the 2024 financial year rose by 96%, moving from 3.17 to 6.22. A statement signed by the Chief Executive Officer, Lafarge Africa, Lolu Alade-Akinyemi noted that despite inflationary pressure on purchasing power which has affected the business, the Nigerian Infrastructure and construction sector has witnessed tremendous growth.

Alade-Akinyemi described the company’s outstanding financial performance as a testament to its strong market positioning, strategic initiatives drive on Volume growth, decarbonizing its environment though emission reduction and converting waste into energy.

We also leveraged on innovation and operational efficiency to deliver strong products and solutions into the building market, drive cost improvement, creating a great environment for our people to thrive and delivering value to our stakeholders.

He explained that despite a challenging business environment, the company remained resilient,
leveraging innovation and green growth in line with its sustainability ambitions, while also delivering value to its stakeholders.

”Lafarge Africa Plc remains committed to strengthening its leadership position in offering environmental friendly building solutions, while driving long-term profitability,” he said.

“We maintain our positive outlook for 2025, with market recovery expected to continue at similar growth with 2024. We will continue to maximize volume opportunities across our markets and actively manage our costs. We remain committed to our sustainability ambitions and strategy of ‘Accelerating Green Growth’ through innovative building solutions and delivery of stakeholder value,” he said.

He expressed appreciation to its esteemed customers, employees and all other stakeholders for their commitment, despite the macroeconomic headwinds being experienced in the industry.

-END-

About Lafarge Africa Plc
Lafarge Africa Plc, a leading Sub-Saharan Africa building solutions company is a member of Holcim Limited, a world leader in building solutions accelerating our world’s green transformation. Listed on the Nigerian Exchange Group, Lafarge Africa is actively participating in the urbanization and economic growth of Nigeria, the largest economy in Africa.

Lafarge Africa has the widest footprint in Nigeria with cement operations in the South West (Ewekoro and Sagamu in Ogun State), North East (Ashaka, in Gombe State), South East (Mfamosing, Cross Rivers State) with Ready-Mix operations in Lagos, Abuja and Port Harcourt. Lafarge Africa has a current installed cement production capacity of 10.5Mtpa.

Lafarge Africa leverages on its innovative expertise to provide value-added products and services solutions in the building and construction industry in Nigeria. Additional information is available on the web site at www.lafarge.com.ng

About Holcim
Holcim is a global leader in innovative and sustainable building solutions with net sales of CHF 27.0 billion in 2023. Our 63,448 employees are driven by our purpose to build progress for people and the planet across our regions to improve living standards for all. We partner with our customers to offer the broadest range of advanced solutions, from sustainable building materials ECOPact and ECOPlanet, to our circular technology ECOCycle®, all the way to Elevate’s advanced roofing and insulation systems.

Business

Maintain status quo on subscription prices – FCCPC tells MultiChoice

Published

2 weeks ago

February 28, 2025

Seyi Babalola

The Federal Competition and Consumer Protection Commission, FCCPC, on Thursday directed MultiChoice Nigeria to maintain its current subscription prices pending the outcome of ongoing investigations.

It should be recalled that the Pay-TV operator had announced a 21 per cent increase in subscription fees for its DStv and GOtv packages, effective from 1st March 2025.

However, on Tuesday, FCCPC vowed to investigate the price hike, summoning the company’s leadership to explain the circumstances behind the proposed increase.

MultiChoice Nigeria subsequently requested an extension of the date for its appearance before the commission.

In response, FCCPC, in a statement issued on Thursday by its Director of Corporate Affairs, Ondaje Ijagwu, said that while the request had been granted, “the company is now required to attend the rescheduled investigative hearing on 6th March 2025, along with all relevant officers and a comprehensive response.”

“Pursuant to this, MultiChoice is expressly instructed to maintain the existing price structure as of 27th February 2025, pending the Commission’s review and final determination on the matter.

“Maintaining the status quo on pricing is essential to prevent any potential consumer harm during this period,” the statement added.

Business

Dangote slashes petrol price to N860 per litre in Lagos

Published

2 weeks ago

February 26, 2025

Seyi Babalola

Dangote Petroleum Refinery has announced a drop in the ex-depot (gantry) price of Premium Motor Spirit (PMS), often known as petrol, by N65.00, from N890 to N825 per litre, effective February 27th, 2025.

Under the new system, purchasers in Lagos will pay N860 per liter at MRS stations.

The price adjustment, according to Dangote was designed to provide essential relief to Nigerians in anticipation of the upcoming Ramadan season, while also supporting President Bola Ahmed Tinubu’s economic recovery policy by alleviating the financial burden on the Nigerian populace.

This marks the second price reduction of PMS in February 2025, following a previous decrease of N60.00 earlier in the month.

Additionally, in December 2024, during the yuletide period, the refinery reduced the price of PMS by N70.50, from N970 to N899.50 per litre, as part of its commitment to easing the cost of living and providing relief to Nigerians during the holiday season.

With the latest reduction, the management of the refinery said Nigerians will be able to purchase the Dangote petrol at the following prices in all our partners’ retail outlets.

“For MRS Holdings stations, it will sell for N860 per litre in Lagos, N870 per litre in the South-West, N880 per litre in the North, and N890 per litre in the South-South and South-East respectively.”

“The same product will also be available at the following prices in AP (Ardova Petroleum) and Heyden stations: N865 per litre in Lagos, N875 per litre in the South-West, N885 per litre in the North, and N895 per litre in the South-South and South-East.”

The company assured the public of a consistent supply of petroleum products, with sufficient reserves to meet domestic demand, as well as a surplus for export to enhance the country’s foreign exchange earnings.

It called on marketers to support this initiative, ensuring that Nigerians remain the primary beneficiaries of this effort.