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PZ Cusson contemplating departing from Africa

By
David Abi
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0

PZ Cussons, a company with a 140-year history, is contemplating departing from Africa due to a sharp decline in sales in Nigeria.

PZ Cussons, a company steeped in 140 years of history, is contemplating withdrawing from Africa due to a significant decline in sales in Nigeria. According to Bloomberg, the British soap maker is evaluating its Africa business, considering the possibility of divesting from the region where it was originally founded. This move aims to redirect investments into its remaining operations and address debt concerns.

The CEO, Jonathan Myers, emphasized the importance of balancing respect for the company’s heritage with a forward-looking perspective. He hinted at various potential outcomes, including changes in ownership, stressing the need for an objective decision-making process.

Despite a recent five percent increase in share prices, PZ Cussons has faced challenges, with shares declining by 50 percent over the past year. The company also intends to sell its St. Tropez fake tan brand, recognizing growth opportunities in the US and other new markets.

Myers outlined a strategic focus on branded baby products, beauty

Myers outlined a strategic focus on branded baby products, beauty, and hygiene items, citing the acquisition of Childs Farm as a prime example. Key markets for the company moving forward include the UK, Australia, New Zealand, and Indonesia.

A comprehensive review revealed that PZ Cussons’ operations, particularly in Nigeria, were overly complex relative to their size. Challenges in Nigeria include currency devaluation, forex availability issues, and stringent government regulations.

In March, regulatory hurdles surfaced when PZ Cussons’s bid to acquire the remaining 27 percent stake in its Nigerian arm was rejected. The Securities and Exchange Commission (SEC) deemed the offer price unfair, signaling further complications for the company in the Nigerian market.

PZ Cussons’s potential departure from Africa adds to a trend of multinational companies facing difficulties in Nigeria. Challenges such as power shortages, currency fluctuations, and regulatory uncertainties have prompted other firms, including Unilever, GlaxoSmithKline, Sanofi, Equinor Nigeria Energy Company, and Procter & Gamble, to exit or scale back operations in the country.

The President of the Manufacturers Association of Nigeria (MAN), Francis Meshioye, highlighted the adverse impact of these challenges on the manufacturing sector, including increased reliance on costly alternative energy sources and instability in foreign exchange rates.

My father gave me the name Davido.

By
David Abi
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0

The singer has revealed in a video that his father named him Davido.

David Adeleke, the American-born Nigerian superstar, shared insights into the origin of his professional moniker, ‘Davido.’ Renowned for his chart-topping tracks, Davido disclosed that his billionaire father, Mr. Adeleke, bestowed upon him his stage name during a recent interview with Business Untitled.

Despite initial resistance from his father regarding his music career, Davido, known for hits like ‘Unavailable,’ expressed that his father has consistently harbored hopes for his success.

Flight operations at Lagos airport disrupted due to fire.

By
David Abi
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0

Breaking News: Flight operations at Lagos airport disrupted due to fire outbreak.

Thursday morning witnessed a disruption in flight operations at Lagos’ Murtala Muhammed Airport due to a fire outbreak. Obiageli Orah, the Director of Public Affairs and Consumer Protection at the Federal Airports Authority of Nigeria (FAAN), confirmed this in a statement.

Orah explained that all flight activities were diverted from terminal 1 to the D wing of the airport following the outbreak. Engineers promptly disconnected power from the entire E wing in an effort to contain the fire.

The fire, which originated around 5:29 am, began as smoke emanating from the E54 bridge. Orah detailed, “Smoke was detected billowing from the E54 Bridge, leading electrical engineers to immediately cut off power to the entire E Wing.”

She further elaborated, “The Airport Rescue and Firefighting Services

She further elaborated, “The Airport Rescue and Firefighting Services (ARFFS) team was quick to respond, arriving at the scene by 05:30 hrs. Initial suspicions point to sparks from an electrical unit as the cause, but a thorough investigation is ongoing to ascertain the cause of the fire.”

By 06:41 hrs, the fire, which had escalated, was brought under control. Efforts to ventilate the building and clear the smoke are ongoing. Meanwhile, all flight operations in Terminal 1 of MMA have been redirected to the D Wing.

The incident caused tension and panic among airport officials and travelers, prompting them to seek safety. However, FAAN’s team and the Airport Rescue and Firefighting Services have since restored normalcy at the airport.

119 Prisoners flee Suleja prison

By
David Abi
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0

Urgent News: Severe alarm as 119 prisoners flee following the destruction of a prison in Suleja caused by a heavy rainstorm.

In Niger State, a state of alarm ensued when a total of 119 inmates escaped following the destruction of the Nigerian Correctional Centre in Suleja due to a heavy rainstorm. Adamu Duza, the spokesperson of the Federal Capital Territory (FCT) Command of the Nigeria Correctional Service (NCoS), revealed this in a statement issued on Thursday morning.

Duza explained that the intense storm, accompanied by heavy rainfall around 9 pm, caused significant damage to the old Suleja custodial centre, including parts of its perimeter fence, leading to the escape of numerous inmates.

He stated, “A heavy downpour that lasted for several hours on the night of Wednesday, 24 April 2024 has wreaked havoc on the Medium Security Custodial Centre, Suleja, Niger state, as well as surrounding buildings, destroying part of the custodial facility, including its perimeter fence, giving way to the escape of a total of 118 inmates of the facility.”

The NCoS swiftly activated its recapture procedures and, in collaboration with other security agencies, managed to recapture 10 escaped inmates, with efforts ongoing to apprehend the remaining individuals.

Duza acknowledged the aging infrastructure of many correctional facilities, noting ongoing efforts to replace them with modern facilities. He emphasized ongoing construction projects for six ultra-modern custodial centers across Nigeria and the renovation of existing facilities.

Assuring the public of their safety, Duza urged citizens to remain vigilant and report any suspicious activities to the nearest security agency.

 

I love working with Chris Brown, Davido

By
David Abi
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0

Davido expresses his admiration for collaborating with both Chris Brown and Kizz Daniel in a recent video.

Award-winning Nigerian artist, David Adeleke, widely known as Davido, recently highlighted American rapper Chris Brown as one of his favorite musical collaborators. The ‘Twe Twe’ singer also revealed in a recent interview with an unnamed business platform his fondness for working alongside his peers, Kizz Daniel and Zlatan Ibile.

Notably, Davido, fresh from his triumphant MSG sold-out performance in the US, boasts an extensive list of musical partnerships with various artists such as Mayorkun, Fave, Logos Olori, Olamide, Adekunle Gold, Perruzi, Meek Mill, and many more.

Having collaborated on hit tracks like ‘Blow My Mind’ and ‘Sensational,’ Davido and Chris Brown have solidified their musical chemistry. Their recent deluxe release, ‘Hmmm,’ continues to gain traction across music streaming platforms.

Davido also praises Kizz Daniel, citing their joint efforts on tracks like ‘One Ticket’ and the ‘Twe Twe (Remix).’ Additionally, he acknowledges Zlatan, an Afrobeat artist, with whom he has produced several songs, including ‘Osanle’ and ‘Money.’

In his own words, Davido states, “I can give you a couple of artistes I love working with, Chris Brown, an artiste from Nigeria called Kizz Daniel, and rapper Zlatan.”

Social media users shared their reactions in the comments section. Here are some responses:

@etoekene1 remarked, “Davido knows how to make his fans and adversaries feel his presence both in and outside the country 😂”.

@PrincePR01 commented, “Zlatan deserves an honorable mention 😅”.

@OBOtimeless expressed, “My idol”

I made $1.3m from my concert Davido claims

By
David Abi
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0

In a recent video, singer Davido proudly declares that he earned $1.3 million (equivalent to N1.6 billion) from his sold-out MSG show.

Afrobeats sensation David Adeleke, known professionally as Davido, is making waves once again as he reveals his earnings from his recent Timeless show in New York City, USA. In a recent interview circulating online, the “Unavailable” hitmaker disclosed that he raked in an impressive $1.3 million (equivalent to N1.6 billion) from his Madison Square Garden (MSG) performance in New York City.

This accomplishment adds to Davido’s list of achievements, as he joins fellow Nigerian artists Wizkid and Burna Boy in the prestigious league of artists who have successfully shut down MSG. Davido’s electrifying stage presence at the 19,500-capacity venue drew wild excitement from the audience, with special appearances by artists such as Teni, Young John, Zlatan Ibile, Fave, Ghanaian singer Stonebwoy, Cave Men, and others.

In the interview, Davido proudly declared, “I made $1.3M from my MSG show last night.”

Fans and followers have varied reactions to Davido’s success, with some commending his individual prowess while others engage in playful comparisons with other artists. Nonetheless, Davido’s financial success continues to draw attention and admiration, proving his undeniable impact on the global music scene.

924 inactive mining licenses revoked

By
David Abi
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0

The Nigerian government has canceled 924 inactive mining licenses and is actively seeking new investors.

The Nigerian government has disclosed the revocation of 924 licenses belonging to dormant miners, covering exploration, mining, small-scale mining, and quarrying. Minister of Solid Minerals Development, Mr. Dele Alake, made the announcement in Abuja, emphasizing the government’s commitment to cleansing the mining sector.

Alake highlighted that adequate notice was provided to the affected miners via the official Gazette of the Federal Republic of Nigeria, No. 227, published on December 27, 2023, in compliance with constitutional provisions. Despite this, only 39 licensees took immediate action or presented challenges impeding their operations.

Out of the 924 dormant licenses revoked, 528 were for exploration, 20 for mining leases, 101 for quarrying, and 273 Small Scale Mining Licenses (SSML). License owners have a 30-day window to redeem them by paying fines: N10 million for revoked Mining Licenses, N7.5 million for SSML, and N5 million for Exploration License (EL).

The minister emphasized that investors worldwide are now free to apply for any affected Cadastral Units on a ‘first come, first served’ basis. This move aims to streamline the licensing system, penalizing those who exploited sector opportunities for personal gain.

DSTV and GOtv subscription fees increased by 25%.

By
David Abi
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0

Breaking: MultiChoice raises DSTV and GOtv subscription fees by 25% again.

Multichoice Nigeria, the operators of DStv and GOtv, have announced a price adjustment for their subscription packages, effective from May 1, 2024. This adjustment marks a 25% increase across all packages. The decision comes as the company cites rising operational costs in the country.

Under the new pricing structure, the DStv Premium package rises by 25.42% to N37,000 from N29,500, while the DStv Compact+ increases by 26.26% to N25,000 from N19,800. The Compact package sees a 25.6% hike to N15,700 from N12,500. Other packages, including Confam, Yanga, and Padi, also experience price increments.

For GOtv subscribers, the Supa+ package jumps to N15,700 from N12,500, while the Supa package increases to N9,600 from N7,600. Max subscribers will now pay N7,200, up from N5,700. Additionally, the Jolli package will see a price increase to N4,850 from N3,950, and the Jinja and Lite packages will also have adjusted prices.

This move follows previous price adjustments in 2023, with Multichoice attributing the latest increase to the ongoing economic challenges and operational expenses.

Key points about Tinubu’s consumer credit scheme.

By
David Abi
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0

Key points about Tinubu’s consumer credit scheme for Nigerians.

President Bola Ahmed Tinubu has greenlit the N100 billion Consumer Credit Scheme to alleviate economic hardships. Here are 7 key points:

  1. The scheme, conducted with financial institutions and cooperatives nationwide, expands consumer credit accessibility.
  2. It’s crucial for citizens to access goods and services upfront and pay responsibly over time, enhancing their quality of life.
  3. It facilitates essential purchases like homes, vehicles, education, and healthcare.
  4. The scheme allocates a significant N100 billion for consumer credit loans.
  5. All working-class Nigerians are eligible to apply.
  6. Applications opened on April 24 and close on May 15, 2024.
  7. The rollout starts with civil servants, extending to the public later.

To apply, follow a 5-stage registration process, including providing personal information, credit needs, primary and secondary employment details, and a face capture.

El-Rufai 8 years in Office been Investigated.

By
David Abi
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0

Breaking: Kaduna Assembly initiates investigation into El-Rufai’s 8-year administration.

The Kaduna State House of Assembly has launched an investigation into the financial dealings of the previous administration led by Governor Nasir El-Rufai. Speaker Yusuf Liman inaugurated a 13-member committee following a motion by Kauru constituency representative, Mugu Yusuf, to probe loans obtained during El-Rufai’s tenure. The committee has begun its task, requesting the Commissioner of Finance to submit documents and memoranda regarding financial transactions from 2015 to May 2023.

The directive, in line with constitutional provisions, seeks detailed information on loans, financial transactions, contractual liabilities, salary payments, and contractor engagements during the specified period. This move reflects the Assembly’s commitment to ensuring transparency and accountability in governance.

Actress Stella Damasus celebrates her 46th birthday

By
David Abi
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0

Actress Stella Damasus celebrates her 46th birthday with gratitude for life, expressing heartfelt sentiments.

Nollywood veteran Stella Damasus celebrates her birthday, sharing gratitude for life at 46. On her Instagram, she reflects on life’s journey, acknowledging both highs and lows, while expressing appreciation for God’s guidance. Her post, accompanied by stunning photos, draws warm wishes from fans and fellow celebrities. Comments overflow with heartfelt birthday messages, highlighting Damasus’s enduring charm and influence in the entertainment industry.

Governor Aliyu Sacks 15 traditional Rulers

By
David Abi
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0

Breaking: Governor Aliyu dismisses 15 traditional rulers in Sokoto, citing reasons for their removal.

Sokoto State Governor Ahmed Aliyu has removed 15 district heads over allegations of insubordination, land racketeering, aiding insecurity, and misappropriation of public properties. The dismissals were announced by the Governor’s press secretary, Abubakar Bawa. Those affected include district heads appointed by the former Governor Aminu Tambuwal, whose appointments were deemed haphazard and rejected by their subjects. Additionally, cases involving district heads of Isa, Kuchi, Kilgori, and Gagi have been recommended for further investigation. Notably, some officials were transferred to different positions, while others were retained. The decision follows recommendations from a committee set up by the state government to review appointments of traditional rulers. Meanwhile, Governor Aliyu pledged enhanced welfare for NYSC members in Sokoto State during the swearing-in ceremony for Batch A stream 2 corps members, emphasizing the importance of national unity and security.

Yahaya Bello’s withdrawal of $720K WHY?

By
David Abi
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0

EFCC discloses Yahaya Bello’s withdrawal of $720k from Kogi government’s account to cover his child’s school fees.

The EFCC Chairman, Ola Olukoyede, disclosed how former Kogi state Governor Yahaya Bello withdrew $720,000 from government funds to pay his child’s school fees in advance, amidst facing 19 counts of money laundering charges. Despite efforts to execute an arrest warrant, Bello evaded capture, with a stand-off lasting hours at his residence. His absence during a scheduled arraignment prompted his declaration as wanted by the EFCC. Bello’s legal team cited jurisdictional issues and a restraining court order against EFCC’s arrest attempts. The situation underscores challenges in enforcing legal proceedings against high-profile figures and the complexities surrounding corruption allegations in Nigeria.

Efcc Freezes 300 Forex Account.

By
David Abi
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0

Breaking: EFCC freezes over 300 accounts in Nigeria due to suspicious forex transactions.

The Economic and Financial Crimes Commission (EFCC) has frozen over 300 accounts due to suspicious forex transactions, revealing a new financial scheme dubbed the “P to P” peer-to-peer trading, operating outside official channels. EFCC Chairman Ola Olukoyede warns of potential threats to the Naira’s stability, with over $15 billion passing through these platforms in a year, bypassing regulations. This crackdown echoes recent government actions against crypto trading platforms like Binance, with claims of over $26 billion channeled through Binance without trace. The EFCC is determined to protect Nigeria’s financial system integrity and the Naira’s value amidst these challenges.

Maryam, send her apology to Nigerians.

By
David Abi
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0
Maryam the bully

Maryam, the bully from the viral Lead British School video, offers a sincere apology to Nigerians.

In a new video, Maryam, the bully from the viral Lead British School video, has issued apologies to Nigerians and the victim, Namtira Bwala. The initial incident gained attention when a video showed Namtira enduring 18 slaps from Maryam, who repeatedly asked, “Who broke my heart?” The apology follows widespread condemnation of the bullying incident, highlighting growing concerns about student welfare and school discipline.

watch video via the link  https://www.instagram.com/p/C6HDM3CsJdg/

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