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Forex Woes: Eight Manufacturers, Including Dangote And BUA, Report N627bn Losses
Forex Woes: Eight Manufacturers, Including Dangote And BUA, Report N627bn Losses
The first quarter of 2024 has seen eight prominent manufacturers, including industry giants like Dangote, BUA, and Lafarge, grappling with substantial forex-related losses amounting to N627.7 billion, according to a recent analysis of financial statements by The PUNCH…….CONTINUE READING....KINDLY READ THE FULL STORY HERE▶
The depreciation of the Nigerian naira, particularly evident since the beginning of the year, has significantly impacted organized businesses across various sectors. The naira’s decline reached a peak in February, reaching as high as N1,900 against the dollar in the parallel market.
For companies with forex-denominated obligations, the devaluation of the naira necessitated the revaluation of these obligations, leading to substantial losses. Lafarge Africa Plc, for instance, reported a forex loss of N21.8 billion, contributing to a decline in both pre-tax and post-tax profits.
Similarly, Dangote Cement and BUA Cement recorded forex losses of N63.77 billion and N10.06 billion, respectively, despite their revenue growth in the first quarter of 2024.
In the food and beverage sector, Nestle Nigeria reported a staggering forex loss of N166.9 billion, resulting in a net loss of N142.7 billion for the quarter. Dangote Sugar also faced forex challenges, reporting a loss of N102.9 billion in the same period.
The brewing industry was not spared, with International Breweries and Nigerian Breweries reporting forex losses of N162.2 billion and N72.8 billion, respectively. These losses have added to the financial woes of the companies, exacerbating their already challenging operating environment.
Despite efforts to mitigate the impact of forex volatility, such as increasing prices and managing costs, manufacturers continue to grapple with the unpredictability of currency fluctuations. Ayodele Abioye, Managing Director of BUA Foods, highlighted the significant challenge posed by FX dependency, emphasizing the need for proactive strategies to navigate the current economic landscape.
While forex-related losses present significant challenges for manufacturers, experts note that these losses may not always translate into actual cash flow losses and are often unrealized until forex obligations are fully paid. Nonetheless, the mounting forex woes underscore the urgent need for effective risk management strategies and policy interventions to support businesses in weathering economic uncertainties.
Social media personality and Oyo-based herbal vendor, Eniola Fagbemi, widely known as Sisi Alagbo, has issued a public apology following the circulation of a private video online.....KINDLY READ THE FULL STORY HERE▶
News reports that she reacted to the incident in a Facebook post on Wednesday, where she admitted responsibility and expressed regret over the controversy.
Sisi Alagbo said she was deeply sorry to anyone who felt hurt or disappointed by the video.
In her words, “I own my mistakes, and I apologise with all sincerity for the video circulating online. I am deeply sorry to everyone who felt disappointed in me.”
She also disclosed that the backlash has had a serious impact on her emotional health, saying she has been unable to eat or sleep properly since the video went viral.
“I am already passing through a lot. I can’t eat or sleep for days. Even sleeping medicines aren’t working for me any longer,” she said.
Appealing for forgiveness and understanding, she added, “Please forgive me. I don’t want to injure myself. I only have a little strength left.”
The incident adds to a growing trend of leaked private videos involving public figures in Nigeria, with personalities such as Tiwa Savage and Moyo Lawal previously facing similar situations.
The National Coordinator of the Obidient Movement Worldwide, Yunusa Tanko, alongside the National Publicity Secretary of the Obi–Kwankwaso Movement, Justin Ijeh, has called for adherence to Nigeria’s informal zoning practice, saying it promotes fairness, equity, and national stability.....KINDLY READ THE FULL STORY HERE▶
Speaking in an interview with Punch, Tanko maintained that the idea of a southern presidential ticket is based on fairness and political balance, noting that the current presidency is already held by the South.
He explained that Peter Obi had aligned with this position by agreeing to serve only one term of four years if elected.
Tanko said: “Yes, we are concerned about zoning. That was why we’ve been asking the ADC to zone the presidency to the southern part of this country, considering the simple fact that the Presidency has been zoned to the South.
“As you speak right now, what we have is a southern presidency. So, once you have a southern president, it simply means that even if there is going to be a replacement for the existing president, it should come from the South for them to complete their tenure.
“I think it is only fair to do that. And that was why Mr Peter Obi has also agreed that he’s going to do only four years.”
Tanko further expressed optimism that Obi would emerge as the consensus candidate of the opposition if a unified arrangement is reached, adding that his popularity—especially among young Nigerians—remains strong.
He said Obi enjoys massive public support across the country, describing moments of public reception during recent travels as overwhelming and emotional.
According to him, “That is because he’s the most popular candidate in the country at the moment… especially among the youth. Anywhere he goes, he is adored.”
Tanko added that large crowds and emotional displays of support reflect the level of trust Nigerians have in Obi’s leadership potential.
Similarly, Justin Ijeh noted that while zoning is not provided for in the constitution, it has become a political tradition that helps maintain inclusiveness in Nigeria’s diverse society.
He argued that, in the current political climate, it would be appropriate for the presidency to remain in the South in line with existing convention, warning that deviating from it could create avoidable political tension.
Ijeh said zoning, though informal, remains a stabilising mechanism that helps balance representation in the country’s power structure.
The Ugandan government has detained 62 Nigerian nationals over allegations of illegally running a church in the country.....KINDLY READ THE FULL STORY HERE▶
The development was confirmed in a statement posted on the government’s account on Wednesday. According to the Ugandan National Citizenship and Immigration Control (NCIC), the suspects were also found to be living and working in the country without valid permits. The agency said the arrests followed an intelligence tip-off indicating that the individuals were operating unlawfully without the necessary documentation. “Following a tip-off, our enforcement team has arrested 62 Nigerian nationals operating illegally in Adjumani (without work permits). The group, primarily found operating a church among other things, is now being processed for prosecution under Uganda’s immigration laws,” the statement read. The spokesperson for Uganda’s Ministry of Internal Affairs, Simon Peter Mundeyi, said the suspects often present themselves as gospel preachers while allegedly engaging in other unlawful activities. He added that they are currently being held at the ministry’s Namanve facility, where they are undergoing legal processing that could lead to deportation, fines, or blacklisting. “They often pose as gospel preachers while engaging in other irregular activities. Acting on intelligence, we moved in and apprehended them,” Mundeyi said. He further disclosed that preliminary investigations showed conflicting accounts from the suspects, with some claiming they were deceived into coming to Uganda with fake job offers, while others are being investigated over alleged involvement in cyber-related fraud and other offences.
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