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Ikeja Electric Implements NIN Linkage for Energy Token Access Starting November 1, 2023

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Ikeja Electric, a prominent electricity distribution company in Nigeria, has announced a significant policy change set to take effect from November 1, 2023.

According to their official Twitter statement, customers who wish to receive two sets of 20-digit tokens required for loading energy tokens will now be required to link their National Identification Number (NIN) to their meter.

The move aligns with the growing emphasis on NIN linkage across various sectors in Nigeria, driven by the government’s commitment to creating a unified and secure identity system.

Ikeja Electric has called upon its customers to proactively link their NIN to their meters to ensure uninterrupted access to energy tokens. The requirement is expected to enhance the security and reliability of the energy token distribution process.

As NIN linkage becomes a pivotal element of service access, Ikeja Electric encourages its customers to initiate the linkage process promptly to avoid any potential disruptions in their energy services.

Detailed information on how to link the NIN to meters has been made available on the company’s official channels.

This policy change signifies Ikeja Electric’s commitment to complying with regulatory directives and improving the overall customer experience.

It also reinforces the broader national initiative to foster a secure and efficient identity management system, which has gained increasing significance in various sectors across the country.

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Lafarge Africa Board Proposes N30.60bn Dividend, Lower Than Previous Year

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Lafarge Africa’s Board of Directors has recommended a dividend payout of N30.60 billion for the year ended December 2023, a reduction from the previous year’s dividend.

The proposed dividend translates to N1.90 per unit of shares and awaits approval from shareholders at the upcoming Annual General Meeting (AGM) of the company.

In a corporate announcement filed with the Nigerian Exchange Limited, Lafarge Africa disclosed that the proposed dividend is payable from the Pioneer Reserve to shareholders registered as of March 28, 2024.

Despite the lower dividend proposal, Lafarge Africa recorded an increase in revenue to N405 billion, marking an 8.6% rise from the previous year’s N373 billion.

However, the company’s post-tax profit experienced a 4.7% decline, amounting to N51.14 billion, attributed mainly to the devaluation of the naira.

Lolu Alade-Akinyemi, the Chief Executive Officer of Lafarge Africa, expressed confidence in the company’s performance despite economic challenges.

He highlighted the growth in revenue and an improved operating margin, despite pressures from inflation and currency devaluation.

Looking forward, Lafarge Africa remains optimistic about the construction sector’s growth in Nigeria, despite prevailing economic challenges.

The company aims to leverage its market opportunities while maintaining a focus on sustainability and stakeholder value.

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Merger and Acquisition

EnjoyCorp Limited Secures Strategic Acquisition of Champion Breweries Plc

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Champion Breweries

EnjoyCorp Limited, a conglomerate known for its ventures in food, beverage, and hospitality, has successfully secured a strategic acquisition deal with Heineken B.V.

The agreement entails EnjoyCorp acquiring 100% of Heineken’s shareholding in The Raysun Nigeria Company Limited, which holds an 86.5% stake in Champion Breweries Plc, a prominent regional brewer listed on the Nigerian Exchange Limited (NGX).

The transaction, subject to regulatory approvals, is anticipated to conclude in the second quarter of 2024.

Heineken will extend its support to Champion Breweries for a year post-acquisition, ensuring a seamless transition of ownership.

This acquisition marks EnjoyCorp’s strategic entry into the beverage sector, aligning with its vision of catering to the diverse tastes of the African consumer market.

By integrating Champion Breweries as an anchor subsidiary, EnjoyCorp aims to strengthen its foothold in the industry.

EnjoyCorp, known for its mission to enrich life’s moments through quality brands and sustainability, sees this acquisition as a pivotal step in its journey toward transformative growth.

With a focus on innovation and community engagement, EnjoyCorp endeavors to inspire consumers to cherish life’s moments responsibly.

The acquisition underscores EnjoyCorp’s commitment to shaping the future of the beverage industry in Africa.

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Apple’s Ambitious Electric Car Effort Comes to an End, Stock Rises

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Apple Inc. has announced the termination of its decade-long effort to develop an electric car, marking the end of one of the company’s most ambitious projects.

The decision was disclosed internally on Tuesday, surprising nearly 2,000 employees involved in the project, according to sources familiar with the matter.

Chief Operating Officer Jeff Williams and Vice President Kevin Lynch, who spearheaded the effort, informed staff that the project would wind down.

Many employees from the car team, known as the Special Projects Group, will transition to Apple’s artificial intelligence division under executive John Giannandrea, focusing on generative AI projects.

The news brought a sense of relief to investors, with Apple’s stock climbing approximately 1% to $182.63 at the close of trading in New York.

Elon Musk, CEO of Tesla Inc., also celebrated the decision, signaling approval with a post on social media.

The end of the electric car project, named Project Titan, is a significant shift for Apple, which initially aimed to produce a fully autonomous electric vehicle with advanced features.

However, the endeavor faced challenges from its inception, including leadership changes and strategic shifts.

Despite investing substantial resources and talent, Apple found itself grappling with a cooling market for electric vehicles, sluggish sales growth, and manufacturing hurdles.

The company explored various designs and tested self-driving technology extensively but ultimately struggled to achieve breakthroughs in the competitive automotive industry.

Apple’s decision underscores its strategic shift towards prioritizing generative AI projects over automotive ventures.

While the end of the electric car project marks a notable chapter in Apple’s history, it signifies the company’s adaptability and focus on areas with long-term profitability potential.

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