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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, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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IL Bagno Rewards High Performing staff with All-Expense Paid Trip to Dubai

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Victor Nwaogu receiving Ticket from ED Black Pelican

IL Bagno, the leading total interior solutions company in Nigeria, for the world’s leading manufacturers of sanitary fittings, kitchen, tiles, doors, and other interior solutions recently recognised two members of its staff for their high performance and commitment to the success of the organisation.

Bosede Opebiyi and Victor Nwaogu both administration officers at IL Bagno’s Abuja and Lagos office respectively were awarded the IL Bagno excellence award based on a voting process by managers of the organization. They were both presented with a 5 day all-expense paid trip to Dubai and a commendation letter signed by the CEO.

Speaking on the award presentation, Mrs. Adetola Owolabi; Executive Director Black Pelican Group said ‘’as an organisation, we value and reward professionalism and exceptional performance. We voted the winners considered to be the most supportive and representatives of the ethos of hard work, diligence, and professionalism. They both represent the ideals of the company and go over and beyond to support other members of the team to achieve the organisations objectives. Consistent good work never goes unnoticed; I would therefore encourage others to emulate the diligence shown by them’’.

An elated Opebiyi thanked the organization for the kind gesture. ‘’I am proud to be a part of the Black Pelican Group, thank you for recognising my effort, I am motivated to do even more’’.

‘’I am truly humbled by the trust and faith placed in me, I feel compelled to work harder and improve my skills on the job’’ Nwaogu stated.

The debut award will be given twice in a year to deserving staff members voted by managers of The Black Pelican Group.

IL Bagno business is the business unit with the Black pelican Group that provides total interior solutions, it has carved a niche for being the preferred supplier of bathroom and other interior fittings to the most discerning clients and projects. The company recently celebrated its 18th anniversary.

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Merger and Acquisition

Bankman-Fried’s FTX Says no Talks to Acquire Robinhood

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Robinhood-Investors King

Sam Bankman-Fried’s FTX crypto exchange said it is not in talks to acquire Robinhood Markets Inc, after a report on Monday claimed the exchange was exploring such a deal.

Bloomberg News reported on Monday FTX was discussing internally how to buy the app-based brokerage and that Robinhood had not received a formal takeover approach, citing people with knowledge of the matter.

“There are no active M&A conversations with Robinhood,” Bankman-Fried said in an emailed statement.”We are excited about Robinhood’s business prospects and potential ways we could partner with them.”

Robinhood declined to comment. The retail-trading platform’s shares were down 5% in extended trading after jumping over 14% on the report.

Last month, the founder and chief executive of FTX revealed a 7.6% stake in Robinhood but said he did not have any intention of taking control of the retail-trading platform.

Robinhood’s dual-class shares give its founders control of 64% of the voting shares outstanding, making it virtually impossible for takeovers without their support.

The popular trading platform has come under pressure this year as trading volumes ease from 2021’s frenetic pace – when retail investors used it to pump money into shares of so-called meme stocks such as GameStop and AMC Entertainment.

That slowdown, along with a sell-off in high-growth technology stocks, has driven a near 50% slump in Robinhood shares this year. The company had a market valuation of nearly $7 billion as of Friday’s closing price.

FTX’s U.S. arm announced in May it would launch a stock trading platform by the end of the summer. Last week, it acquired partner Embedded Financial Technologies for an undisclosed amount, which would add custody, execution and clearing services to its equity trading platform.

FTX and its billionaire founder Bankman-Fried have rescued other players during the crypto market’s recent crash. It provided crypto lender BlockFi with a $250 million revolving credit facility to help the firm avoid a liquidity crunch.

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Oando Finally Released 2020 Unaudited Financial Statement, Reports N133.426 Billion Loss

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oando

Oando Plc, a Nigerian leading multinational energy company, has finally released its 2019 and 2020 unaudited interim financial statements after two years of dispute with shareholders and suspension of the company’s 2018 Annual General Meeting.

The revenue of the embattled oil company declined from N576.572 billion reported for the 2019 financial year to N489.986 billion in the 12 months ended 31 December 2020. This represents a decline of 15%. Oando disclosed in its unaudited financial statements obtained by Investors King.

Gross profit plunged by 43.8% to N40.782 billion, down from N72.560 billion achieved in the corresponding period of 2019.

The company’s net finance cost also grew from N40.712 billion in 2019 to N58.941 billion in 2020. Loss before income tax improved by 64.65% from -N377.415 billion in 2019 to -N133.426 billion in 2020.

Oando received N170.337 billion in tax credit in 2019 and another N855.420 million in 2020. Loss for the period moderated by 35.98% to N132.570 billion in 2019 to N207.078 billion.

Explaining the reason for the delay, Oando said “The suspension of the company’s 2018 AGM and attendant issues prevented shareholders from being kept abreast of business operations, a move decried on numerous occasions by Oando and her executives as not being in the best interests of the market.

“In July 2021, Oando entered into a settlement with the SEC on all matters subject to litigation and other issues flowing therefrom, thus putting an end to one part of the dispute with Ansbury.

“Key for Oando was that the SEC did not find the company guilty of any wrongdoing and by way of a settlement, was able to prevent further market disruption and harm to Oando Plc’s shareholders,” the statement said.

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