- Local Sugar Production Increases by 101%
Local sugar production increased as companies expand their local sugarcane plantations for more raw sugar.
According to the National Sugar Development Council (NSDC), sugar production increased from 14,918 metric tonnes (MT) in 2017 to 30,000MT in 2018. Representing a 101 per cent increase in production during the period.
While most sugar production companies still import raw sugar and refine locally, import decreased from $459.36 million in 2017 to $337.31 million in 2018.
Sugar consumption, however, dropped from 1.301 million MT to 1.246 million MT in 2018.
Masur Ahmed, president, Manufacturers Association of Nigeria (MAN), said: “There are a lot of improvements in the sugar value chain.”
Ahmed, who attended a press conference in Lagos last week, further said “Three companies are already developing significant sugarcanes as their raw material,” he added.
Experts attributed the improvement to Dangote Sugar, Flour Mills and BUA who are competing for market share.
They, however, said there is slow progress in the sugar value chain as some local companies have flouted the agreement signed with the government by importing more of the products, rather than investing in the local market as agreed.
“Certain companies have not been quite diligent in adhering to the rules,” said Sadiq Usman, head- corporate business development, Flour Mills.
“Also, documentation, planting issues, weak infrastructures and land rights are still big problems for us and these factors have continued to slow the pace of our development in boosting sugar production.”
Usman said Flour Mills is the second largest producer of sugar in Nigeria but lost 75 per cent of its plantation to floods in 2018.
“Last year, the floods wiped away a significant proportion of our sugarcane production. It affected close to 2,000 hectares of the 3,000 hectares we planted and now we are replanting again.”
C & I Leasing Appoints Ugoji Lenin Ugoji as Group Managing Director/CEO
C & I Leasing Plc has appointed Mr. Ugoji Lenin Ugoji as the Group Managing Director and Chief Executive Officer following the retirement of Mr. Andrew Otike-Odibi on 31 of December 2021.
The company disclosed in a statement signed by Mbanugo Udenze & Co Company Secretary and seen by Investors King. Ugoji, the company’s chief operating officer, is now the Managing Director/CEO, effective 1 January 2022.
Ugoji Lenin Ugoji Profile
Ugoji holds a Bachelors’ Degree in Estate Management from the University of Lagos, and an MBA in Banking & Finance from the ESUT Business School, Enugu. He is also a Chartered Pension professional, and an associate of the Certified Pension Institute of Nigeria.
Ugoji joins C & I Leasing with over 20 years experience in Commercial/Investment Banking, Leasing and Asset Management.
His last assignment was with The Mellanby Trust Company, a Commodity focused Asset Management Company registered with the Securities & Exchange Commission (SEC), where he was a founding Director and the Chief Investment Officer responsible for directing the company’s Investment Portfolio structure for purposes of its corporate and individual clients.
Ugoji’s extensive experience in the Leasing Industry commenced in 2005 as a Pioneer member of the Aquila Capital Group where he served as the pioneer Group Head Treasury & Wealth Management. He was responsible for creating the Group’s, Equipment Leasing focused Funding and Investment structure, which was targeted at attracting Capital from Private Equity, Foreign Development Financial Institutions and Local sources.
From 2010 to 2015, he served as the pioneer Managing Director for ‘Aquila Asset Management Ltd’, a Management Buy-Out firm from the Aquila Group. Prior to his time at the Aquila Group, Ugoji worked at Continental Trust Bank (now UBA) and NAL Bank Plc (now Sterling Bank) in the Treasury, International Operations and Domestic operations groups respectively.
Ugoji is happily married with children. He is passionate about ideas creation, investment and deal structuring, and enjoys volunteering for laudable causes. When not at work or volunteering, he enjoys spending time with his family, reading, music and photography.
C&I Leasing Appoints Cordros Registrars as its Registrar
C&I Leasing Plc, a Nigerian leading maritime company, has appointed Cordros Registrars Limited as its registrar for share registration and data management service provider.
The company disclosed this in a statement filed with the Nigerian Exchange Limited and obtained by Investors King.
Cordros Registrars Limited has now replaced Centurion Registrars Limited and takes over the Register of Members of C & I Leasing Plc effective 1st January, 2022.
The statement reads “C&I Leasing Plc hereby notifies Nigerian Exchange Limited (NGX), its shareholders and the investing public of the appointment of Cordros Registrars Limited as its REGISTRARS – SHARE REGISTRATION AND DATA MANAGEMENT SERVICE PROVIDER.
“Cordros Registrars Limited replaces Centurion Registrars Limited and takes over the Register of Members of C & I Leasing Plc effective 1st January, 2022.”
Speaking at a virtual press conference at the weekend, the Chief Executive Officer, C & I Leasing Plc, Ugoji Ugoji, revealed the company’s plans to explore opportunities in the digital space to improve its revenue despite the negative effects of the pandemic.
Explaining how the company planned to achieve this, he said by increasing and enhancing its collaboration and the creation of new business models to navigate the impact of the COVID-19 crisis, the company will remain more profitable and competitive in the industry.
He also stated that the company would continue to look at the existing businesses to identify areas of improvement.
“We must be able to adapt and manage the resources of the company to improve on our processes to reduce the cost of transactions and grow our topline revenue,” he said.
Netflix Increases US, Canada Subscription Fees…Nigerian Subscribers To Suffer Same Fate
With the increase in inflation rates and the unstable foreign exchange, Netflix is likely to hike its subscription fee in Nigeria.
This is following the latest increase in its subscription fee in the United States and Canada, effective immediately for new subscribers.
Usually, when the inflation rate rises, prices of goods and services also increases, and consequently, banks raise their interest rates as well to cope and maintain their profit margin.
In the U.S., subscribers to Netflix’s basic plan, which allows for one stream on one screen at a time and does not have HD streaming, will now be charged $9.99 a month, up from $8.99.
The standard plans, which allow for users to stream on two screens at the same time now costs $15.49 per month, an increase from $13.99, while premium plans have also increased to $19.99 a month.
Investors King gathered that this is the third time Netflix will raise its prices in three years and the first since October 2020 for streamers residing in the U.S. and Canada.
Presently in Nigeria, Netflix’s subscription rate ranges from about 3,300 to about 5,800 per month.
Investors King recalls that Netflix, in 2020, officially launched its presence in Nigeria and since its launch, the streaming company has dominated Nigeria’s relatively new video-on-demand market with some hit movies and web series like King of Boys, Òlòtūré, Citation, Lionheart, Namaste Wahala, among others.
Today, Netflix has over 151 million paying subscribers in more than 190 countries.
Meanwhile, the Federal Government of Nigeria is making plans to force international social network services and digital platforms to register and open offices in Nigeria.
This means that media services, social media platforms and digital streaming platforms like Netflix and the others must register and pay tax in Nigeria and register with the National Broadcasting Corporation (NBC).
This move, according to the government, is to ensure that all these platforms register with the NBC, apply for a broadcasting license and pay tax.
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