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Breaking News: Berger Paints Commences Four-Day Work Week

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Berger Paints

A frontline manufacturer of coated paints and allied products, Berger Paints Nigeria (BPN) PLC, has emerged the first company in Nigeria to commence a four-day work week, scheduled for July 1st 2022, to upscale productivity through flexible operation and extended rest period for its staff.

But the novel work initiative, which has been embraced by the Company’s staff, will neither lead to staff rationalization nor salary reduction.

In a statement, the Company’s Chairman, Mr Abi Ayida, assured that the new four-day work week would not affect the customers and other external stakeholders as full week of services would still be provided in certain core functions related to customer fulfillment.

“ We have thought long and hard on how we can better take care of our people in an impactful and lasting way. I am therefore pleased to announce that we will from next month be the first Nigerian company, that I am aware of, to permanently change to a four day work week. The four-day week will not lead to staff rationalization. The intended outcome of this change is enhanced productivity from better rested people. Rest and recovery is a key metric of sustained performance.

“ This initiative will go a long way in redressing this imbalance and is not only beneficial to the employee but will also benefit the company. For far too many employees their place of work represents the only setting where they are assured of basic services like power, water and security. Human capital is our most precious resource as a company and we intend to nurture and protect our people in any way we can.

“ Our transition to more flexible working practices was initially primarily driven by the mobility challenges that are the outcome of perennial traffic congestion. We continue to have a firm understanding that this was a significant but not easily quantifiable, real cost to our business. “, said Ayida.

According to him, mobility constraints have always impacted significantly on companies productivity across the board in Nigeria and as a forward looking organization, prior to the emergence of Covid-19 pandemic, BPN had invested heavily in Technology to upscale its global competitiveness.

“ One of the first significant decisions I made when I became the Chairman was to lead a transition to more flexible working practices. In 2018, we made the decision to invest in fully interactive Board and Management meeting rooms with full virtual capabilities. By the time the Pandemic came along 15 months later, we had already fully embraced hybrid or virtual meetings with our external stakeholders who had that capability.

“ Our environment is very detrimental to work-life balance. As a manufacturing company, a significant segment of our staff by the nature of their jobs are involved in repetitive tasks as part of the manufacturing process. In order to maintain our consistently high quality levels, very high levels of concentration over extended periods are required. The unrelenting and deteriorating nature of our harsh operating environment has a cumulative corroding effect on an employee’s physical and mental well-being.

“ The ongoing Pandemic does seem, in hindsight, to be a mere precursor to absolutely dire global macroeconomic headwinds. We have always operated in a challenging environment but the current situation is unprecedented in the unrelenting nature of the disruptions. As an organization we are focused on thriving despite the environment and that can only be achieved through meticulous preparation, a very dynamic and infinitely flexible approach to strategy design and implementation.

“ We are blessed with an ideal blend of very experienced and new dynamic entrants in our workforce and we have significantly invested in transparent communication of our objectives and how the outcomes are beneficial. We are confident that we have enrolled enough advocates and change agents in the process. “, said Ayida.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Guinness Nigeria Postpones Spirits Importation Exit, Extends Deal with Diageo

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Guinness - Investors King

Guinness Nigeria Plc has announced a delay in its plan to halt the importation of spirits as it extended its agreement with multinational alcoholic beverage company Diageo until 2025.

The decision, communicated through a corporate notice filed with the Nigerian Exchange Limited on Tuesday, cited a longer-than-expected transition period for separating its business from Diageo’s.

Initially slated for discontinuation in April 2024, the importation of premium spirits like Johnnie Walker, Singleton, Baileys, and others under the 2016 sale and distribution agreement with Diageo will now continue for an additional year.

The extension comes as the process of business separation between Guinness Nigeria, a subsidiary of Diageo, and Diageo itself faces unexpected delays.

In October, Guinness Nigeria had announced plans to cease importing spirits from Diageo, a move aimed at reducing its foreign exchange requirements.

However, the separation process has encountered unforeseen hurdles, necessitating the extension of the importation agreement.

The notice, signed by the company’s Legal Director/Company Secretary, Abidemi Ademola, highlighted the ongoing efforts by Guinness Nigeria and Diageo to implement the separation, originally scheduled for completion by April 2024.

The extension underscores the complexity of disentangling the businesses and ensuring a smooth transition.

Guinness Nigeria reaffirmed its commitment to the long-term growth strategy, aligning with Diageo’s decision to establish a new, wholly-owned spirits-focused business.

Despite the delay, both companies remain dedicated to managing the importation and distribution of international premium spirits in West and Central Africa, with Nigeria as a key hub.

The postponement comes amid challenges faced by Guinness Nigeria, including significant exchange rate losses, which amounted to N49 billion in the 2023 half-year operations.

Despite these setbacks, the company remains optimistic about its future prospects in the Nigerian market.

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Apple’s Market Value Plummets Amid Regulatory Scrutiny on Both Sides of Atlantic

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inside apple company

Apple Inc. finds itself at the center of regulatory storms on both sides of the Atlantic, leading to a significant dip in its market value.

The tech giant is facing intense scrutiny from regulators with allegations of antitrust violations looming large.

In the United States, the Department of Justice, along with 16 state attorneys general, has filed a lawsuit against Apple, accusing the company of breaching antitrust laws.

This legal action has sent shockwaves through the investment community, resulting in a 4.1% drop in Apple’s shares on Thursday alone.

This decline wiped out approximately $113 billion in market value, increasing its year-to-date losses to 11%.

Once hailed as the world’s most valuable firm, Apple’s shares have underperformed major indices like the Nasdaq 100 and the S&P 500 in 2024.

Across the pond, European regulators are also eyeing Apple’s practices closely. The company faces potential probes into its compliance with the region’s Digital Markets Act.

This legislation empowers authorities to levy hefty fines, up to 10% of a company’s total annual worldwide revenue, for violations.

With investigations looming, Apple’s future in the European market appears uncertain.

Despite Apple’s staunch defense against the allegations, investors remain jittery about the implications of regulatory actions.

The company’s legal battles have underscored broader concerns about its dominance in the digital marketplace and the impact on competition.

As the regulatory saga unfolds, Apple must navigate turbulent waters, balancing legal challenges with its commitment to innovation and market leadership.

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NNPC Gears Up for Public Listing, Embraces Full Commercialization

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NNPC - Investors King

The Nigerian National Petroleum Company Limited (NNPC) is poised for a transformation as it sets its sights on a public listing.

The announcement came from Mele Kyari, the Group Chief Executive Officer of NNPC, during his address at the ongoing 2024 CERAWEEK in Houston, United States.

Kyari affirmed NNPC’s commitment to aligning with the provisions of the Petroleum Industry Act (PIA), which mandates the company to become a quoted entity.

This move, he emphasized, is a pivotal step towards realizing the objectives outlined in the PIA, ensuring transparency, efficiency, and profitability in the Nigerian oil and gas sector.

In his remarks, Kyari highlighted the transformative journey NNPC has undergone, transitioning from a government-owned corporation to a commercially-oriented and profit-driven entity.

He emphasized that the company has evolved into a full limited liability company, capable of generating dividends for its shareholders while adhering to tax and royalty obligations.

Furthermore, Kyari underscored the strategic importance of NNPC to Nigeria’s resource management and economic development, emphasizing its pivotal role in the country’s energy sector.

The planned public listing of NNPC shares is anticipated to democratize ownership and enhance transparency within the company’s operations.

Kyari noted that the process is in line with the legal framework established by the PIA and is expected to commence within the stipulated timeline.

NNPC’s bold move towards commercialization signifies a paradigm shift in Nigeria’s oil and gas industry, promising increased accountability, efficiency, and value creation for stakeholders.

As the company embraces this new era, it aims to consolidate its position as a key player in the global energy landscape while driving sustainable growth and development domestically.

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