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Forte Oil (Now Ardova Plc) Thrives Without Femi Otedola, Grows Profit After Tax by Over 550 Percent in Q3 2020

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Ardova

Ardova Plc Grows Profit After Tax to N875.380 Million in Q3 2020

Ardova Plc formerly known as Forte Oil continues to thrive despite the exit of its former owner, Billionaire Femi Otedola.

The company returned to profitability last year after disposing some of its units to focus on those generating money.

In the unaudited financial statements released through the Nigerian Stock Exchange on Friday, the oil company grew revenue to N40.866 billion in the third quarter (Q3) ended September 30, 2020.

This was slightly higher than the N40.761 billion posted in the same period of 2019.

The cost of sales also declined marginally from N38.209 billion in the corresponding period of 2019 to N37.267 billion in the period under review.

Ardova grew gross profit from N2.552 billion in Q3 2019 to N3.599 billion in Q3 2020. While operating profit more than double from N642.318 million achieved in the corresponding period of 2019 to N1.394 billion in Q3 2020.

Also, the indigenous oil marketing company reduced finance cost from -N598.475 million posted in the same quarter of 2019 to -N216.916 million in Q3 2020. However, finance income dropped from N165.242 million in Q3 2019 to N72.008 million in Q3 2020.

Still, the company managed to reduce net finance cost from -N433.233 million in Q3 2019 to -N144.908 million in Q3 2020.

Ardova grew profit before tax by over 600 percent from N209.085 million in Q3 2019 to N1.249 billion in Q3 2020.

Similarly, the company’s profit after tax rose by over 550 percent from -N190.843 million posted in the third quarter of 2019 to N875.380 million in Q3 2020.

Earnings per share rose from -15 kobo in Q3 2019 to 67 kobo in Q3 2020.

Abdulwasiu Sowami, the owner of Prudent Energy, purchased Femi Otedola’s 75 percent stake in Forte Oil before changing its name to Ardova and appointed Olumide Adeosun as the Chief Executive Director of the company.

Since the purchase, Adeosun has embarked on a series of restructuring and disposed certain business units that were becoming a liability to curb losses and improves profitability at a minimal cost.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Finance

Konga Chairman, Ijogun, Zinox Group ED, Etukudoh Bow Out in Style

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Ijogun and Etukudoh- Investors King

Serial digital entrepreneur and Chairman, Zinox Group, Leo Stan Ekeh have heaped praises on two recently retired Executive Management staff, Chairman of Konga Group, Mr. Olusiji Ijogun and Executive Director, Zinox Group, Mr. Etiene Etukudoh for their immense contributions and years of outstanding service to the companies, even as he expressed deep gratitude to them for their invaluable efforts and sacrifices.

Ekeh spoke at a smart valedictory event held in honour of Ijogun and Etukudoh.

The event was held at the impressive Yudala Heights located at Idowu Martins, Victoria Island, Lagos on Tuesday, August 3, 2021. The well-attended event, organized in strict compliance with COVID-19 regulations, saw Executive Management and staff of the Zinox and Konga groups, as well as other guests and associates of the departing staff in attendance.

While delivering his appreciation speech, Ekeh explained his many years of a fruitful relationship with the two distinguished personalities and wished them greater heights in their future endeavours.

Ekeh, who described Ijogun as a brother, stated that integrity is a major quality for the choice of Chairman for any organization.

“For a company to be successful, the biggest brain is the Chairman and the CEO as they prescribe and supervise the implementation of quality culture, structure and systems. It is not just the knowledge of the business, the integrity of the personality and the quality of leadership. The business is bound to fail if the leaders don’t believe in God and that’s a major problem with start-ups in Africa. Konga wouldn’t have survived if I hadn’t known Siji.

‘‘It is a privilege to have Mr. Ijogun as Chairman of the Konga Group and we really appreciate his many efforts,” Ekeh said.

Further, Ekeh drew rich illustrations from his many professional and personal experiences with Mr. Ijogun, noting that his time as Chairman of the Konga Group was a blessing to the entity.

Also speaking about Etukudoh, who spent many performance-filled years at TD Africa where he rose to the position of Managing Director, Ekeh described him as an ideas man who he can always vouch for.

“Etiene is an all-rounder. He worked for all the companies in the Group. He is a good Nigerian and he has style. He’s one young man I can vouch for. He’s brilliant, modern and trustworthy. I have great confidence in him and I always told him when I have new businesses. He’s a man of great ideas and we consider it a privilege for him to have worked with us. This relationship is for life. You have me as a father so you can call me anytime,” Ekeh assured.

The event also offered attendees the opportunity to share their goodwill messages as well as their experiences of working with Ijogun and Etukudoh. Many of the speakers were effusive in hailing both men as inspirational professionals who will be greatly missed.

Reacting to the showers of encomiums, Ijogun, a certified corporate guru with a track record of exceptional service with a host of multinationals, expressed gratitude for the opportunity to serve as the first Chairman of the Konga Group after its acquisition by Zinox. He described Ekeh as a calculated risk-taker and an unmatched incubator of businesses that can turn a profit from waste.

He also predicted a progressive future for Konga and charged the Group to remain resilient by sustaining its impressive growth trajectory.

“Konga’s growth is phenomenal. Nobody knew online platforms would be the order of the day before COVID-19. To the glory of God, Konga has moved from loss-making to profit-making, with over 15 times greater in terms of revenue and I must commend Mr. Ekeh for the deep pockets. Since inception, we’ve added the Health, Food, Bulk and Travel business and still have more in the offing. With the influx of investors, Konga will be a major African business initiative in the nearest future,” Ijogun declared.

Also expressing gratitude for the memorable show of love, Etukudohreaffirmed his loyalty as a brand ambassador for the Zinox Group.

“I am grateful for the honour. In everything, I just wanted a big brand. I want to celebrate everyone who has been a part of my life. It’s been a journey. I came into the Group and made up my mind to demystify what people call the ‘Oga status’.

‘‘After today, nobody remembers the title but how you treated them. I’ll recommend that every staff work closely with the Chairman for at least one year before they leave the company. Chairman has been a big brother and his hunger has no part two. I’m grateful to Chairman, his wife, Mrs. Chioma Ekeh and everyone else. This is a great family and we have to keep it growing forever,” he said.

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Finance

CBN Reveals Framework For Creation Of Payment Service Holding Companies

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Godwin Emefiele CBN - Investors King

The Central Bank of Nigeria (CBN) on Tuesday released guidelines for the establishment and regulation of Payments Service Holding Companies (PSHCs) in Nigeria.

This is contained in a circular issued by Mr. Musa Jimoh, CBN’s Director, Payments System Management Department.

Jimoh instructed deposit money banks, payments service providers and other financial institutions to take cognizance of new license categorization for the Nigerian payments system.

“It requires companies desirous of offering switching and processing services, and mobile money services to set up a PSHC structure such that activities of the subsidiaries are clearly delineated.

“The CBN hereby issues the guidelines to facilitate the understanding of regulatory requirements for operations of PSHC in Nigeria,” he said.

He urged all stakeholders to ensure strict compliance with the guidelines and all other regulations.

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Banking Sector

Standard Chartered Launches Easy Payment Plan For Credit Card Users

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Standard Chartered

Standard Chartered Bank Nigeria Limited has launched one of a kind solution for clients tagged Easy Payment Plan (EPP). The EPP allows Credit Cardholders to choose an installment plan for purchases made with SC Credit Card.

Speaking on the solution, Bonaventure Odukwe, Head of Personal Banking and Alliance said, “Convenience and flexibility are at the heart of the solutions we continuously bring to our clients. With this EPP solution, clients can spread repayment in equal installments for a convenient period ranging from 3, 6, 9 to 12 months; enjoy a reduced interest rate of 1.5% per month and earn reward points when you make purchases and discounts at select merchant locations.

EPP attracts no processing or liquidation fees and gives our esteemed clients the opportunity to enjoy the lifestyle that they want now while ameliorating the stress of paying at once. For us this is one of the many ways that we continue to offer value to our clients, support their financial goals and reiterate that we are here for good.”

With the new Easy Payment Plan, clients can make purchases from their favorite stores and then spread the repayment in a flexible and stress-free way and at their own convenience. It is a convenient way to use ones’ Credit Card to make bulk purchases at a reduced interest rate, the bank said.

“This is open to all clients of the Bank that have operating credit cards and new clients that sign up for our credit cards.”

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