The Nigerian Shippers Council says it is ready to effect a 50 percent cut on the registration fees it recently introduced for operators in the maritime sector. This cut is part of an effort to decongest the port environment. As a result, the shipping line agencies and seaport terminal operators would now pay ₦50,000 down from ₦100,000, while inland container depot operators would pay ₦25,000 as against ₦50,000 previously charged; warehouse operators, off dock terminal operators, stevedoring companies and cargo consolidators now ₦10,000 instead of ₦20,000 as freight forwarders, clearing agents and haulage firms which would have been ₦10,000 will now pay ₦5,000. The shippers’ associations’ fee remains ₦5,000.
Retailers and merchants all over the country experienced 150,777 failed Point of Sales transactions on Tuesday. The POS transactions carried out by retailers and merchants totalled 798,833 at exactly 7.10pm on Tuesday and had a high failure rate of 19 per cent, live updates provided by the NIBSS showed. Stakeholders in the industry in the past had attributed the high failure rate of transactions on the terminals to a poor network. To address this challenge, payment systems that use multiple SIM cards, WiFi, or Local Area Network have been developed. Commenting on the factors responsible for the failed transactions, the Head, Corporate Communications, NIBSS, Lilian Phido, recently said rejected transactions could be linked to system downtime for specific banks or network issues emanating from a specific service provider.
Coca-Cola HBC, the parent company of Coca-Cola Company in Nigeria said its sales volume in the country has continued to reduce in a highly competitive environment. In its 2018 full year result, the company said that its group volume increased by 4.2 percent in emerging markets with growth in all countries except Nigeria. The firm said its volume grew 8.8 percent in developing markets, driven by Poland, Hungary, and the Czech Republic. It said the drop in Nigeria was as a result of intense competition in sparkling segment which comprises the trademark Coca-Cola and the Coca-Cola Zero variants, Water, while juice and Energy delivered positive results.
Dangote Cement has announced an 11.9 percent increase to ₦901.2 billion at the end of 2018 from ₦805.6 billion realised in the 2017 financial year. The announcement was made by the company’s board in its audited financial statements for the year ended December 31, 2018. The results, released Wednesday, show that the profit before tax improved to ₦300.8 billion from ₦289.6 billion, with the company getting a tax credit of ₦89.5 billion during the fiscal year to shoot its profit after tax to ₦390.2 billion in the period under review. According to the firm, its production cost of sales increased to ₦383.3 billion from ₦351.3 billion, while the administrative expenses gulped ₦52.5 billion in the year against ₦45.3 billion a year earlier. The company recorded ₦10.2 billion for other income in contrast to ₦5.2 billion posted in 2017 FY, with ₦517.9 billion declared as gross profit in the period under consideration compared with ₦454.3 billion 12 months earlier. The profit from operating activities was ₦338.7 billion in 2018 compared to ₦304.2 billion in 2017. The company’s earnings per share stood at ₦22.83 in 2018 FY against ₦11.65 in FY 2017.