Economy
Honeywell Targets Expansion to Sustain Revenue Growth
By Modupe Gbadeyanka
Shareholders of Honeywell Flour Mills Plc, a leading foods manufacturer in the country, have been assured a sustained growth in revenues through innovation and capacity expansion.
This assurance was given by Chairman of the company, Dr Oba Otudeko, ahead of the 10th Annual General Meeting (AGM) of the firm scheduled for Thursday, September 26, in Lagos.
In the 2019 Annual Reports and Accounts of the company, the Chairman also assured stakeholders that the future of the business would be shaped by innovation; introduction of new and unique food products whilst maintaining its commitment to increasing local content.
“My conviction that ours is a company of the future is borne out of the knowledge that we are making significant investments in organic growth and expansion which is cardinal to meeting the needs of our growing customer base and securing future earnings,” Mr Otudeko said.
Speaking on some of the measures the company has employed to promote efficiency and growth, he stated that, “We have increased our capability and measurement of external market trends, and we regularly collate customer and consumer insights to better develop category and brand strategies.
“Our strategy focuses on investing in markets and segments which we identify as attractive because we are confident that we can secure profitable growth and build further competitive advantage.”
Also speaking ahead of the AGM, Managing Director of the company, Mr Lanre Jaiyeola, assured shareholders that the company would strengthen revenue by expanding its portfolio and marketing new products tailored to consumers’ taste, nutritional needs, and pockets.
“Following deep research work on Nigeria’s consumer behavior and needs, we are in a position to produce safe, healthy and affordable food products for all Nigerians,” Mr Jaiyeola said.
For the financial year ended March 2019, revenue increased by 4 percent to N74.4 billion, total assets increased by 10 percent to N137.5 billion, while the company had a gross profit margin of 15 percent. Operating profit reduced by 58.7 percent to N3.9 billion, reflecting the major impact the traffic situation in Apapa and environs had on the evacuation of finished goods to customer locations.
In keeping with its objective of identifying new areas of growth and competitive advantage, HFMP began commercial operations from its new multi-billion Naira ultra-modern factory in Sagamu, Ogun State during the year under review.
On the new Sagamu factory, Mr Jaiyeola said: “Management expects that concentrating pasta production in one location and sales of the increased volumes of pasta will boost revenues for the business, thereby improving operating profits in the coming years.”
In a final message to shareholders, Chairman of the board stressed that the company will continue to innovate and improve its product offerings in order to exceed consumers’ expectations and increase market share.
By Aduragbemi Omiyale
The Debt Management Office (DMO) has asked retail investors interested in investing in the FGN savings bonds to begin to talk to their financial advisers.
This is because subscription for the retail bonds for March 2026 has commenced and will close on Friday, March 6, according to a circular issued by the agency on Monday.
The debt office is selling two tenors of the debt instrument, with the shorter note maturing in two years’ time and the longer maturing a year later.
Details of the notice showed that the two-year paper is being offered at a coupon of 12.906 per cent, and the three-year paper at 13.906 per cent.
Both notes are sold at a unit price of N1,000, with a minimum subscription of N5,000 and in multiples of N1,000 thereafter, subject to a maximum subscription of N50 million. They can be purchased via approved stockbroking firms in Nigeria.
The FGN savings bond qualifies as a security in which trustees may invest under the Trustee Investment Act. It also serves as government securities within the meaning of the Company Income Tax Act (CITA) and the Personal Income Tax Act (PITA) for tax exemption for pension funds, amongst other investors.
It can be used as a liquid asset for liquidity ratio calculation for banks, and is listed on the Nigerian Exchange (NGX) Limited for trading at the secondary market.
The bond is backed by the full faith and credit of the Federal Government of Nigeria (FGN) and charged upon the general assets of the country.
By Adedapo Adesanya
Nigeria has broken up the OPL 245 oil block into four new assets to be operated by Eni and Shell, potentially settling the future of the field at the centre of one of the oil industry’s biggest historic corruption trials.
According to Reuters, the agreement clears the way for the development of OPL 245, one of Nigeria’s biggest deepwater reserves that has remained untapped for almost three decades amid overlapping lawsuits in multiple countries.
The final contracts are expected to be signed starting Monday, the report said, citing a source familiar with the situation.
The Nigerian government had signalled for years that it was keen to find a solution that would bring the block into production. The source wished to remain anonymous as they are not authorised to comment on government policy before an official announcement.
Located in the Niger Delta’s deepwaters, the field has languished since its initial award in 1998 to Malabu Oil and Gas, a shadowy firm controlled by Mr Dan Etete, Nigeria’s oil minister at the time. The block is estimated to hold up to 9 billion barrels of oil equivalent in reserves—enough to rival Nigeria’s entire proven reserves if fully developed.
Mr Etete controversially awarded the lucrative licence to his own company for a nominal $20 million fee, sparking immediate controversy over conflicts of interest.
The saga escalated in 2011 when Malabu sold its rights to a Shell-Eni joint venture for $1.3 billion.
Italian and Nigerian prosecutors alleged that over $1 billion of that sum was siphoned off through bribes to politicians, middlemen, and Mr Etete himself, including hefty payments to then-President Goodluck Jonathan’s associates.
The two European energy giants and some of their former and current executives, including Eni CEO, Mr Claudio Descalzi, faced trial in Italy but all were acquitted in 2021, having denied all wrongdoing.
Shell and Eni have consistently denied wrongdoing, insisting the payments complied with due diligence.
The anti-graft agency, the Economic and Financial Crimes Commission (EFCC), has pursued parallel probes, recovering over $200 million in frozen funds, but progress stalled amid political shifts.
Operations at the Nigerian oil block have been halted for more than a decade by a series of trials and competing legal claims.
In 2023, the federal government withdrew civil claims totalling $1.1 billion against Eni, ending the long battle.
By Modupe Gbadeyanka
The price of Premium Motor Spirit (PMS), otherwise known as petrol, has been increased by at least N100 per litre at the pump.
This followed the recent increase in the price of crude oil in the global market as a result of the bombardment of Iran by the United States and Israel over the weekend.
The air strikes killed the Supreme Leader of Iran, Mr Ayatollah Ali Khamenei, and several others.
Iran has responded by firing missiles at US facilities in some Gulf countries, including Saudi Arabia, Qatar, Kuwait, Bahrain, the UAE, and others.
Crude oil prices rose to about $80 per barrel on the market from about $70 per barrel before the Middle East crisis.
Oil marketers in Nigeria have responded to the tension and have raised the prices of petroleum products.
At most MRS Oil retail stations in Lagos, the new price notice showed an increase of about N100 per litre.
As of Monday, the price of PMS was N837 per litre, but on Tuesday morning, it had changed to N938 per litre, while at NNPC retail stations, it was N930 per litre instead of the previous N830 per litre.
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