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Nigerian Companies Report Decline in Q1 Earnings Amid Cash Crunch and Election Concerns



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Nigeria’s economic situation seems to be taking a toll on the earnings of Nigerian companies in the first quarter of 2023.

According to reports by the Nigerian Stock Exchange, many companies have reported a decline in earnings in the first three months of the year, with some attributing the decline to cash crunch and uncertainty concerning the incoming administration.

The report showed that out of the 19 companies that have released their Q1 2023 results, only seven recorded an increase in earnings while 12 reported a decline in earnings. This is a significant drop compared to Q1 2022, where 14 companies reported an increase in earnings and only five reported a decline.

Many companies have cited the cash crunch as a significant factor affecting their earnings, with some claiming that they have not been able to access loans from banks due to the current economic situation. Others claim that the cost of running their businesses has increased due to inflation, which has affected their bottom line.

One company that has reported a decline in earnings is Dangote Cement, Nigeria’s largest cement manufacturer. In a statement released by the company, it attributed the decline to the cash crunch and increased costs of running its business.

However, Dangote Cement expressed optimism that the situation would improve in the coming months.

Another company that has reported a decline in earnings is MTN Nigeria, the country’s largest telecommunications company.

In a statement, the company cited the cash crunch as the primary reason for the decline in earnings. They also mentioned that the uncertainty that surrounded the just concluded general elections had affected their business activities.

The decline in earnings is not limited to the private sector as the report also showed that some government-owned companies have also recorded a decline in earnings.

For example, the Nigerian National Petroleum Corporation (NNPC) reported a decline in profits in Q1 2023, which they attributed to the fall in crude oil prices.

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

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Lafarge Africa Plc Announces Resignation of CEO Khaled El-Dokani, Welcomes Lolu Alade-Akinyemi as Successor

Lafarge Africa Plc, one of Nigeria’s leading cement manufacturing companies, is undergoing a significant leadership transition as it bids farewell to its Chief Executive Officer, Khaled El-Dokani, and welcomes Lolu Alade-Akinyemi as his successor.



Lafarge Africa - Investors King

Lafarge Africa Plc, one of Nigeria’s leading cement manufacturing companies, is undergoing a significant leadership transition as it bids farewell to its Chief Executive Officer, Khaled El-Dokani, and welcomes Lolu Alade-Akinyemi as his successor.

In an official statement released yesterday, Lafarge Africa Plc informed shareholders and the investing public about the resignation of Mr. Khaled El-Dokani as the Group Managing Director/Chief Executive Officer (GMD/CEO), effective from June 30, 2023.

Mr. El-Dokani joined the board of the company as an Executive Director on January 18, 2020, and his tenure was marked by exceptional leadership during challenging times.

Under Mr. El-Dokani’s guidance, Lafarge Africa Plc successfully navigated the unprecedented challenges posed by the COVID-19 pandemic, achieving remarkable financial performance year after year.

He implemented a comprehensive turnaround plan that addressed the company’s industrial, financial, and human resource challenges, earning accolades for his strategic decision-making.

Although stepping down as GMD/CEO, Mr. El-Dokani will continue to contribute to the company as a Non-Executive Director, leveraging his extensive experience and expertise to support the future growth and success of Lafarge Africa Plc.

Mr. Lolu Alade-Akinyemi Appointed as the New Group Managing Director/CEO

Simultaneously, Lafarge Africa Plc announced the appointment of Mr. Lolu Alade-Akinyemi as the new Group Managing Director/CEO, effective from July 1, 2023. Mr. Alade-Akinyemi brings a wealth of experience and a proven track record in various leadership roles within the company.

He previously served as the Chief Financial Officer (CFO) and the supply chain director of Lafarge Africa Plc, joining the board as an Executive Director on April 8, 2020.

With over 20 years of cross-functional experience in finance, supply chain management, business development, and sales, Mr. Alade-Akinyemi has demonstrated his ability to drive growth and improve business performance.

His achievements in turnaround situations, coupled with his extensive international exposure gained through working in the UK, Belgium, Ghana, and Nigeria, make him well-suited to lead Lafarge Africa Plc in its next phase of growth and expansion.

Mr. Alade-Akinyemi’s impressive professional background includes his tenure as Finance Director at PZ Cussons Nigeria Plc for four years, as well as a 16-year career at The Coca-Cola Company, where he held roles of increasing responsibility in finance, business development, supply chain, and sales.

He began his career as a trainee at ExxonMobil before carving his path as a seasoned business executive.

The board of Lafarge Africa Plc expressed their gratitude to Mr. Khaled El-Dokani for his dedicated service and exceptional leadership during his tenure as GMD/CEO. They acknowledged his significant contributions, which propelled the company’s success even in the face of challenging circumstances.

Meanwhile, the board extended their warmest congratulations to Mr. Lolu Alade-Akinyemi on his appointment as the new Group Managing Director/CEO. They expressed confidence in his ability to build upon the company’s achievements and drive Lafarge Africa Plc towards greater heights.

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App-Based Transport Workers in Nigeria Launch Nationwide Strike Over Fuel Subsidy Removal

The Amalgamated Union of App-Based Transport Workers of Nigeria (AUATWON), representing drivers from platforms like Bolt, Uber, and others, has initiated a nationwide strike today in response to the removal of fuel subsidy.




The Amalgamated Union of App-Based Transport Workers of Nigeria (AUATWON), representing drivers from platforms like Bolt, Uber, and others, has initiated a nationwide strike today in response to the removal of fuel subsidy.

The removal of the subsidy has resulted in a surge in the price of Premium Motor Spirit (PMS), causing e-hailing drivers to express concerns about the inadequate fare increase implemented by ride-hailing companies. This, in turn, has had a detrimental impact on their income.

In a statement released by AUATWON, it acknowledged that the Federal Government has engaged in discussions with the Nigeria Labour Congress to address the fuel subsidy removal and facilitate negotiations on behalf of the workers.

Nevertheless, the union alleges that app companies have obstinately refused to establish a platform for negotiations with the drivers, thereby prolonging the planned industrial action.

The union said,

“App companies are not bigger than the government. If our government despite its strength can negotiate and have documented agreements with NLC and TUC, why will-App companies remain in their dictatorial attitude It’s time we negotiate with them and have documented agreements away from the terms and conditions they are changing every day without our input.

“As a result of this insensitivity, the union is directing all its members across the nation to shut down their service on all ride-hailing applications from Wednesday, June 7, 2023, in protest against every dictatorial practice and lack of concern for welfare and security of App-Based Transport workers of Nigeria.”

The union is urging driver partners, fleet managers, and app-based transport workers nationwide to stand in solidarity and support the strike. Additionally, they emphasize that during the protest, all drivers on rentals or hire purchases should be granted a waiver.

Checks by Investors King showed that to address the drivers’ concerns, they are requesting several measures, including a minimum of a 200 percent increase in fares, a 50 percent reduction in commission charges, and an end to the unjust deactivation of drivers who decline to work due to low fares and resulting lack of profitability.

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SnackFix From Bühler Adds Value to Local Grains in Nigeria and Boosts Food Security



SnackFix - Bühler

The SnackFix small-scale cereal bar production system from Swiss technology group Bühler is the ideal solution for small and medium enterprises (SMEs) to add value to locally produced grains in Nigeria and assist the country to address food security, says Manuel Murrenhoff, Managing Director, Bühler Nigeria.

On-the-go snacking consumption in Nigeria is rising steadily, presenting opportunities for SMEs to enter the market. “In terms of bars, fruit, and sweet snacks alone, this market segment is expected to exceed half a million tonnes by 2025,” says Murrenhoff. The main driver is the burgeoning population, estimated at 223.8 million in 2023, a 2.41% increase over 2022, and expected to grow to 377 million by 2050.

“The economically active part of the Nigerian population is quite sizeable and very mobile, which is boosting on-the-go snacking consumption,” says Murrenhoff. In addition, with half of the population living below the poverty line, there is more than ever the need to drive consumption of the full range of locally grown grains to keep final product prices in check.

“With the price of wheat projected to rise to record heights, Nigeria cannot possibly feed the growing population by importing wheat and other products. On the one hand, there is a shortage of forex and on the other hand, prices are escalating globally. That is where innovation, using local grains, plays an important role in food security, especially as these can be successfully incorporated into ready-to-eat foods,” says Murrenhoff.

Iyore Amadasun, Sales and Channel Business Manager at Bühler Nigeria, says that Bühler’s Snackfix, designed for food producers seeking a share from the on-the-go snack segment, promotes the processing of locally sourced grains for snacks while maintaining the highest food safety standards.

SnackFix is a multi-grain solution that allows SMEs to innovate across the spectrum of locally produced grains in Nigeria. The technology presents an entry-level, plug-and-play solution that is compact, cost-effective, and easy to commission and operate.

SnackFix includes a continuous mixer, a cooling tunnel, and a cutting system, all in one – everything needed for quality production. The combination allows SMEs to manufacture a huge variety of cereal bars at a volume of up to 130 kg per hour.

Customers benefit from Bühler’s experience in product development using a wide range of locally produced grains including, for example, sesame seeds, cashews, and peanuts. “We can help newcomers in the market achieve the best recipe to satisfy functional and indulgence consumer requirements in this segment and then supply them with a customised solution,” says Amadasun. In addition, Bühler has an innovation centre and laboratory in Switzerland to assist with different formulations and product development.

“The ready-to-eat market is of strategic importance to Nigeria, as it can adapt local grains for snacking consumption, promote healthy eating habits, and at the same time assist with Food Security,” says Amadasun.

With offices in Lagos and Kano, Bühler Nigeria is a leader in grain and food processing and offers solutions for grain drying and storage, flour milling, rice milling, cacao and chocolate processing, wafer and biscuit, pasta and noodles, feed, and aqua feed milling. Bühler Nigeria also provides support in the form of solutions for ink and coating applications and flexible packaging systems.

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