- Nestlé Nigeria Reports N17.454bn Profit in Q1 2020
Nestlé Nigeria Plc reported a turnover of N70.329 billion in the quarter ended March 31, 2020.
This was slightly below the N70.966 billion filed in the same period of 2020, according to the unaudited financial results released on the website of the Nigerian Stock Exchange (NSE).
Gross profit rose from N31.468 billion in the corresponding quarter of 2019 to N31.657 billion in Q1 2020. While distribution, sales and marketing expenses surged to N11.042 billion, up from N10.371 billion filed in Q1 2019.
Admin expenses also dragged on profit as N3.078 billion was spent during the period. Profit before tax stood at N17.454 billion, down from N19.121 billion recorded in the same quarter of 2019 while profit after tax declined from N12.846 billion in Q1 2019 to N11.195 billion in Q1 2020.
Earnings Per Share moderated to N14.21, down from N16.21.
In a statement released by the company, it said: “As the COVID-19 pandemic continues to have an impact on a global level, we have three key priorities as a Company: safeguarding the health and wellbeing of our people, ensuring business continuity to meet consumer needs and supporting communities with relief efforts. Nestlé Nigeria is working closely with the government, health authorities and other private sector players to respond to the challenge.”
“For the Company’s 31 March 2020 financial statements, the Coronavirus outbreak and the related impacts are considered non-adjusting events as the Company has a robust business continuity plan in place to ensure an uninterrupted supply of essential food and beverages. Consequently, there is no impact on the recognition and measurement of assets and liabilities.
“Due to the uncertainty of the outcome and duration of the current events, it is too early to quantify the overall impact of the outbreak on the Company’s financial position, results of operations or cash flows in the future.”
Leaked Documents Reveal Money Laundering Scam Worth $2tn
Several leaked documents have revealed how the world’s biggest banks enable criminals to launder money around the world.
The documents showing about $2tn of transactions are popularly called FinCEN files.
The BBC reports that the FinCEN files are more than 2,500 documents, most of which were files that banks sent to the US authorities between 2000 and 2017. They raise concerns about what their clients might be doing.
The documents are utilised by the banks to report suspicious behaviour. However, they may not be proof of wrongdoing or crime, the report said.
The Financial Crimes Enforcement Network, a bureau of the United States Department of the Treasury is saddled with the task of analysing information about financial transactions to combat domestic and international money laundering, terrorist financing, and other financial crimes.
The FinCEN files revealed how top tier banks such as HSBC, JP Morgan, Barclays Bank, Deutsche Bank, Standard Chartered amongst others helped highly connected individuals move money round several accounts in the world.
JP Morgan allowed a company to move more than $1bn through a London account without knowing who owned it.
One of Russian President Vladimir Putin’s closest associates used Barclays Bank in London to avoid sanctions which were meant to stop him using financial services in the West.
Some of the cash was invested in works of art, the report added.
UK Banks to Ditch Clients Across Europe
UK banks are “outrageously failing” many tens of thousands of expat clients across Europe as they plot to shut their accounts and cancel credit cards within weeks due to post-Brexit rules.
This is the damning assessment of Nigel Green, the CEO and founder of deVere Group, one of the world’s largest financial advisory and fintech organisations, as most of Britain’s biggest banks send letters to customers in the EU warning them that all services are to be scrapped unless they have a UK address.
Mr Green says: “Most of the UK’s high street banks are plotting to unceremoniously abandon their customers across Europe within weeks.
“Accounts will be shut and debit and credit cards voided – regardless of how much or how little you have in those accounts or how long you have been a client – as it becomes illegal for UK banks to service British customers living in the EU without applying for new banking licences.”
He continues: “Once again, traditional banks are outrageously failing their clients who now need to take urgent steps to continue to be able to access, use, and manage their money.
“The move by these banks will be a major inconvenience to many tens of thousands of Brits living in the EU.”
Before post-Brexit rules come into effect, those affected are being urged to find alternatives to avoid potentially serious financial disruption.
“I would urge expats to now seek a financial services provider that already operates under pan-European rules,” says the deVere Group CEO.
In 2017 the firm launched deVere Vault. deVere Vault provides borderless global services with a ground-breaking e-money app and a single card, multi currency service designed with those with an international lifestyle in mind.
“You’re able to open a deVere Vault account in around five minutes, withdraw money from any cash machine worldwide, get real-time notifications with all your transactions, spend money on the card wherever Mastercard is accepted, and send and receive money in most major currencies,” notes Mr Green.
He concludes: “deVere Vault meets a growing need in an increasingly globalised world for our clients to have borderless access to and use of their money.
“Agile, tech-driven challenger banks and fintech firms are ready to fill the void left by traditional banks who are now having to routinely ditch their customers.”
NNPC Says Private Investors Will Finance Rehabilitation of Downstream Assets
Private Investors to Finance NNPC Rehabilitation of Downstream Assets
The Nigerian National Petroleum Corporation (NNPC) during the weekend said a group of private investors would finance the proposed rehabilitation and replacement of its aging downstream assets, especially petroleum pipelines, across the nation.
In a statement released in Abuja, the Group Managing Director, Mallam Mele Kyari, said some of the assets to be replaced were as old as 40 years and long overdue for replacement.
The managing director explained that the investors to be engaged would be doing the financing under the Finance, Build, Operate and Transfer, BOT, Model, adding that the model became imperative given the state of the nation’s downstream infrastructure.
He said: “Some of these assets are as old as 40 years and they are due for replacement; and when you want to do a replacement of this scale, you do need a lot of resources.
“And we know that we require these assets so we decided that we bring in private partners who will fund these pipelines, they will construct it, they will operate it with us and then ultimately they will fully recover their investment from the tariff which we will pay for using these pipelines. And as soon as they recover their cost and their margin, they will hand over these assets back to us.”
According to the NNPC boss, no fewer than 78 firms have already submitted virtual bids indicating their willingness to undertake the rehabilitation of the downstream pipelines, associated depots and terminal infrastructure of the NNPC through the financing model.
He added that the final partners would be selected by the end of the first quarter of 2021.
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