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Stock Exchange Slams N22.1m Fine on RT Briscoe

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R.T. Briscoe Nigeria

By Dipo Olowookere

An automobile company listed on the trading platform of the Nigerian Stock Exchange (NSE), R.T. Briscoe Nigeria Plc, has been slammed with a huge monetary fine.

A document sighted by Business Post over the weekend showed that the company was slapped with a sanction to the tune of N22.1 million.

It was gathered that the fine was placed on the firm for its failure to file its financial statements at the due time as required by the listing rules.

Recall that RT Briscoe and five other companies on the exchange were the first set to be suspended by the exchange this year. They were suspended on September 1, 2020.

For the auto firm, trading in its shares was paused by the NSE over its failure to submit its audited financial statements for the 2019 financial year and the results for the first and second quarters of 2020.

After the embargo on the trading of its equities, the organisation took an action by releasing them, which made the suspension to be lifted in compliance with the listing rules.

However, for not doing the needful at the appropriate time, the stock exchange has fined the company and this is expected to be paid from the purse of the organisation.

It was gathered that for filing its 2019 earnings late, the company has been asked to pay a fine of N8.3 million, while the late submission of its Q1 2020 results attracted N8.5 million and the late filing of the Q2 2020 accounts attracted N5.3 million.

Business Post reports that RT Briscoe has been going through a rough time lately.

In its 2019 results, its auditors, PKF Professional Services, warned that the company may be forced to wind down over its inability to meet its obligations because it is not generating enough funds.

According to PKF Professional Services, the group’s current liabilities exceeded its current assets by N14.8 billion versus N13.4 billion in 2018, while its total liabilities exceeded its total assets by N9.5 billion compared with N8.2 billion in 2018.

“Due to the losses incurred over the years, the shareholders’ fund has been totally eroded to the tune of N9.4 billion deficit as at December 31, 2019,” the note from the auditors said.

The auditors had further said the bank overdrafts of RT Briscoe as December 31, 2019, stood at N15 billion, representing 86 per cent of the total liabilities which is significant in the consolidated financial statements.

“The company has not been able to repay the bank overdraft and this has led to winding-up cases by the banks and other creditors.

“There are also issues on penalty charges by the banks. The significant, in relation to the inability to repay the borrowings which led to court litigations and also the going concern issues, make it a key audit matter,” the auditors said in the report.

It has been opined that the latest fine of N22.1 million of the NSE on the company may further compound the woes of RT Briscoe, according to an investor in the nation’s stock market.

“This is not good for the company, especially the shareholders’, who value have been eroded,” Mr Adegbite Salami, informed Business Post on Monday.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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Detty December: Pernod Ricard, FRSC Launch Anti-Drunk Driving Campaign

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Pernod Ricard FRSC

By Adedapo Adesanya

Global leader in the spirits and wine industry, Pernod Ricard, in partnership with the Federal Road Safety Corps (FRSC), has launched the Don’t Drink and Drive campaign in Lagos to raise awareness about the dangers of drunk driving and promote responsible drinking habits among road users, during the Detty December festivities.

The campaign, themed Take Responsibility for Your Safety – Don’t Drink and Drive, aims to reduce road accidents and fatalities during the festive season and beyond. According to the FRSC, drunk driving remains a leading cause of road crashes in Nigeria, with Lagos State being particularly vulnerable due to its vibrant nightlife and high vehicle population.

Speaking at the launch event, the Managing Director of Pernod Ricard Nigeria, Mr Michael Ehindero, emphasized the company’s commitment to promoting responsible drinking and road safety.

“At Pernod Ricard Nigeria, we believe in encouraging responsible choices and promoting a culture of safety on our roads,” he said.

Corps Commander Kehinde G. Hamzat, Sector Commander of FRSC Lagos State, who was represented by Deputy Corps Commander Edith Eloka echoed the importance of collective responsibility in ensuring road safety. “Road safety is a shared responsibility, and we must work together to prevent crashes and save lives,” he said.

The campaign includes sensitization programs for commercial drivers, road users, and the general public, as well as collaborations with government agencies, civil society, and private sector partners to amplify the message of responsible drinking and road safety.

It is part of Pernod Ricard Nigeria’s global Sustainability & Responsibility roadmap, which aligns with the United Nations Sustainable Development Goal 3 that promotes good health and well-being, and is reflected in its global purpose statement, which states: “We are committed to being a responsible and sustainable company, creating a better tomorrow for all our stakeholders.”

The event secured 1,500 pledges from participants at the Ikeja City Mall, The Event Centre, and ABC Transport Company, with goodwill messages from stakeholders, including the National Union of Road Transport Workers (NURTW), the Ministry of Transportation, the National Drug Law Enforcement Agency (NDLEA), and the Nigerian Association of Road Transport Owners (NARTO).

While admonishing safe road usage, Corps Road Safety Commander, Mr Godwin Uweni, Head of Operations, Ikotun Unit Command FRSC, advised motorists to prioritize road safety and adhere to FRSC guidelines.

At ABC Motor Park, there was a head-to-head trivia competition with gift items and stickers with the “Don’t Drink & Drive” message to drivers, who were also encouraged to share their experiences on social media, using the branded hashtag, Don’t Drink and Drive.

Last year, the company partnered with FRSC and other stakeholders to promote road safety through the Don’t Drink and Drive campaign, and responsible drinking practices with its Drink More Water activation.

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Lagride Gets $100m UBA Loan for EV Charging Infrastructure, Others

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Lagride $100m UBA loan

By Modupe Gbadeyanka

The United Bank for Africa (UBA) Plc has provided a financing facility worth about $100 million to assist Lagride expand its electric vehicle charging infrastructure in Lagos State.

The loan would also be used by the company to scale its Drive-to-Own programme and enable 3,500 Lagos drivers to transition from daily earners into long-term asset owners, business operators and mobility investors.

The partnership strengthens Lagos State’s transportation ecosystem and accelerates the shift toward a structured, technology-enabled and financially bankable mobility sector.

Over the past 10 months, Lagride has rebuilt its entire onboarding and operational system for drivers, known as Lagride Captains.

The platform introduced a performance-led Drive-to-Earn structure supported by weekly and monthly rental models. This system has generated consistent 90-day usage and repayment data across the fleet, allowing UBA and other financial institutions to assess driver performance with accuracy, confidence and transparency.

Eligibility for the programme is based on clearly defined performance thresholds, repayment discipline, safety compliance and service consistency.

Through this approach, Lagride has emerged as the most structured, data-driven and credit-ready mobility platform in Nigeria, setting a new benchmark for bankable driver financing and asset ownership.

EV Infrastructure Expansion

As part of the milestone, Lagride also unveiled an expanded electric vehicle charging facility in Alausa, Lagos, reinforcing its long-term commitment to clean, future-ready mobility.

The expanded infrastructure is designed to support the growing electric vehicle segment within Lagride’s fleet, reduce operational downtime and enable more efficient, sustainable transportation at scale. By pairing driver financing with practical EV infrastructure, Lagride is positioning itself as a mobility platform built not just for today’s Lagos, but for the next generation of urban transport.

“Lagride was created to give Lagos a modern, disciplined and technology-driven mobility system while ensuring that drivers are not left behind.

“The goal is for drivers who we call Captains to become business owners, fleet partners and mobility investors, not just drivers.

“This $100 million partnership with UBA moves thousands of captains closer to owning productive assets, managing multiple cars and building stronger financial futures. It is a major step forward in our commitment to driver prosperity and the future of smart mobility in Lagos,” the chairman of Lagride, Ms Diana Chen, said.

On his part, the chief executive of UBA, Mr Oliver Alawuba, said Lagride represents the kind of transformational, well-governed and data-backed initiative that UBA exists to support across Africa.

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Police to Resume Tinted Glass Permit Enforcement January 2

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tinted glass permit

By Aduragbemi Omiyale

The Nigeria Police Force has said it would begin the enforcement of the controversial tinted glass permit despite an ongoing case in the court.

In a statement on Monday night signed by its spokesman, Mr Benjhami Hundeyin, the police said the reason for the resumption of the enforcement was due to insecurity in the country.

The enforcement, the statement noted, will resume on Friday, January 2, 2026, and motorists who require the tinted glass permit have been encouraged to apply through the approved channels and ensure that their vehicles comply with legal procedures.

The police noted that there was not a time the court prevented it from going ahead with the implementation of the tinted glass permit, noting that this was for the “safety of all citizens.”

“It is important to clarify that at no point did the court restrain the Nigeria Police Force from enforcing the provisions of the law regarding the use of tinted glass on vehicles.

“Nonetheless, in the spirit of responsibility, transparency, and public convenience, the Force suspended enforcement to allow motorists ample opportunity to regularise their documentation and complete the registration process without pressure,” parts of the statement today stated.

“Recent trends, however, reveal a disturbing rise in criminal activities perpetrated with the aid of vehicles fitted with unauthorised tinted glass. Some individuals and organised criminal groups have exploited this gap to conceal their identities and facilitate crimes ranging from armed robbery to kidnapping and other violent crimes.

“In view of this, the Nigeria Police Force has found it both necessary and urgent to resume full enforcement as a proactive measure to safeguard our communities.

“Consequently, enforcement of tinted glass permit will resume on January 2, 2026,” it declared.

“The Inspector-General of Police (IGP) Kayode Adeolu Egbetokun, assures the public that the renewed enforcement will be carried out with utmost professionalism, respect for the rights of citizens, and in accordance with extant laws.

“He adds that the Force remains committed to promoting public safety and upholding the rule of law while working collaboratively with all stakeholders to keep Nigeria secure,” the statement added.

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