PZ Cussons has warned shareholders that its profits will drop almost 13 percent in its current financial year as consumers will be “under pressure” across its markets, especially Africa. The leading consumer products company said its subsidiary in Nigeria, where the disposable incomes remained weak, is operating under tough conditions, which will eventually have a negative impact on the firm’s overall performance. Due to this, the company is likely to declare a sharp decline in pre-tax profit for the year ending May as it will look to limit its exposure to Nigeria.The full-year adjusted pre-tax profit is expected to be $92.1 million from $105.4 million a year earlier.
MTN Nigeria has sued the Kogi state government over the lockdown of its base station in Lokoja, the state capital. The base station has been shut since 23 January. The state’s Internal Revenue Service had shutdown the facilities of MTN in the state over the alleged failure to remit tax obligations of ₦120 million to the state government. MTN says that the minister of finance has not approved the taxes being requested by the KGIRS. The attorney-general of Kogi and the NCC were also named as parties to the suit filed at a state high court in Lokoja.
Music label, Mavin Records has announced a multi-million dollar equity investment partnership deal with Kupanda Capital, an investment and advisory firm. The deal is a part of Mavin’s efforts to expand its scope to reach more talented artistes across Africa, and globally. COO Mavin Global, Tega Oghenejobo, who announced the deal did not disclose the amount involved. He, however, said the record label will grow its artist roster and facilitate partnerships at a global scale with the resources and operational capacity Kupanda brings along with its investment. Bobby Pittman, Co-Founder and Managing Partner at Kupanda Capital said they are impressed by Mavin team’s experience and are pleased to partner with them in their next phase of growth.
The CBN has released the sum of $210 million as continued intervention in the inter-bank foreign exchange market. The intervention, according to the regulator’s spokesperson, Isaac Okorafor, was directed at authorised dealers in the wholesale segment of the market, who received about $100 million, while the SMEs and the invisibles segments were allocated about $55 million each. Last Friday, the CBN injected a total of about $289.76 million into the retail Secondary Market Intervention Sales and CNY38.70 million in the spot and short-tenored forwards of the inter-bank foreign exchange market. The intervention kept the Naira stable at the segment on Tuesday at ₦306.75 to a Dollar.