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Global Meltdown Takes toll On Nigerian Firms

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16 years ago

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The low performance of quoted companies on the Nigerian Stock Exchange (NSE) has been attributed to the global economic meltdown whose impact has just started to manifest.

Owing to the consistent depreciation of the purchasing power of Nigerians, the consumption level has dropped appreciably leading to low patronage of products and services produced by these companies.

An economist said the economic slow down is gradually taking toll on Nigerian companies.

According to him, apart from sectors that are underperforming based on the provisions they are making for exposures in their operations, other sectors which are not making  provisions are still recording low returns and some losses.

His words: “What we are experiencing now goes beyond the compulsory provision required by the Central Bank of Nigeria (CBN) and the National Insurance Commission of the economy.  The truth of the situation on our hands is that global economic slowdown has gradually begun to creep on the companies.  This has also impaired purchasing power and companies are no longer pulling the kind of turnover they used to.  What this implies is that we are facing the reality of global meltdown and the earlier we realize and work to checkmate its full outburst of imminent recession, the better”.

He stressed that “Indifference and reactive measures from government will be costly at this time if the government does not stand up to curtail its movement now”.

The three companies that posted their audited results for 2008 recently all ended in losses.

First City Monument Bank’s profit after tax for instance declined by 73 per cent, sliding   from N15 billion to N3.9 billion within the corresponding period of a financial year.

Guinea Insurance profit after tax also dropped by 18 per cent from N92.6 million to N75.3 million within the period.

Also, Interlinked Technologies profit after tax slumped by 108 per cent to N1.1 million against N13.1 million the previous  year.

A look at the list of companies that posted their third quarter unaudited results established a similar trend.  Out of 19 companies that posted their third quarter  results, 11 of those results were in negative territory.  The list included prominent corporate organisations like First Bank Nigeria Plc, Mobil Oil Nigeria Plc, International Breweries Plc, May & Baker Plc, UTC Nigeria Plc among others.

The loss pattern cuts across all sectors as opposed to those compelled to make provision for their bad businesses.

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NIMASA Marks 2025 Customer Week, Pledges Service Excellence 

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3 days ago

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October 13, 2025

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The Nigerian Maritime Administration and Safety Agency, NIMASA has officially launched its 2025 Customer Service Week celebrations under the inspiring global theme, “Mission: Possible.”
The Agency is leveraging this annual celebration to reaffirm its commitment to transforming customer challenges into opportunities and consistently delivering exceptional service to grow the Nigerian Maritime sector.
In his remarks, the Director General/Chief Executive Officer (CEO) NIMASA, Dr. Dayo Mobereola, noted that effective service delivery remains central to the Agency’s mandate, stressing that excellence must begin internally before extending to external stakeholders.
“Providing service is paramount, both internally and externally. We must remain prepared, committed, and available to solve problems together as a team. Excellence in service delivery defines who we are and what we represent,” . Mobereola stated.
He highlighted teamwork, accountability, and continuous improvement as essential drivers of institutional growth and public confidence.
The Head, SERVICOM Unit, Hajiya Rakiyyah Lammai, appreciated the Director General for his continued support in strengthening customer service structures within NIMASA.
She noted that this year’s theme aptly reflects the dedication and resilience of the Agency’s staff in upholding service quality.
The 2025 Customer Service Week was commemorated across NIMASA offices nationwide with recognition programmes, engagement activities, and customer feedback sessions aimed at promoting a culture of responsiveness and efficiency.
As NIMASA continues to promote safety, security, and sustainability within Nigeria’s maritime domain, the 2025 Customer Service Week reinforces that service excellence remains the cornerstone of effective public service.
By: Nkpemenyie Mcdominic, Lagos
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SEME Customs Foils Smuggling Attempt Of Expired Flour, Seizes N2bn  Contraband 

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3 days ago

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October 13, 2025

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The Seme Area Command of the Nigeria Customs Service (NCS) has intercepted five trucks conveying 10,000 bags of expired flour valued at N1.2billion.
The Command Controller, Comptroller Wale Adenuga, who disclosed this during his Maiden Press Briefing, at the Seme Krake border, last Thursday, said the consignment, which originated from Egypt and came through the Benin Republic border, was seized in a joint operation with the National Agency for Food and Drug Administration and Control (NAFDAC).
According to him, the interception was achieved through credible intelligence shared by the Comptroller General of Customs, Adewale Adeniyi and the NAFDAC Director General, Moji Adeyeye.
Displaying the seized goods, Adenuga said the flour, produced in March 2024, had expired in November, 2024, posing serious public health risk.
He said, “If these things find their way into the country, they change the bag, and it goes into the markets… the health risks associated with consuming such expired products could have led to severe infections, food poisoning, and long-term health complications.
“Beyond health implications, such unwholesome goods undermine local industries and erode consumer trust.”
Speaking on the command’s revenue performance and strides in trade facilitation, Adenuga said a total of N1.5billion was generated in the month of September 2025 alone.
The figure, he said represent an exceptional increase of over 182% compared to the N531.4million generated in August 2025, the month before his assumption of duty.
“This outstanding performance
reflects the effectiveness of the Comptroller General’s reform agenda, which emphasizes compliance, transparency, and data-driven monitoring of goods, as well as dedication of officers and men who continue to embody his vision of a modern, efficient and accountable Customs Service,” he said.
Adenuga said the command guided by the Comptroller General of Customs commitment to transparency and modernization has intensified effort to simplify procedures and ensure that legitimate traders enjoy the full benefits of Customs modernization and regional integration along the Lagos–Abidjan corridor.
“Upon assumption of duty, and in line with the CGC’s strategic vision anchored on the policy thrust of Consolidation, Collaboration and Innovation, I declared trade facilitation as the hallmark of our administration. We believe that when trade is facilitated, processes are streamlined, costs are reduced and more revenue is generated, ” he said.
Beyond the expired flour, Adenuga also showcased other contraband goods seized by the command within the month of September.
The items include 1,104 parcels of cannabis sativa, 98 parcels of 120mg Tramadol, with two suspects handed over to the NDLEA, 2,043 bags of foreign parboiled rice, 150 bales of second-hand clothing and 169 bottles of DSP cough syrup with codeine and five used vehicles with a total Duty Paid Value at N1,999billion.
“Under the guidance of the CGC’s zero-tolerance stance on smuggling, Seme Command remains unwavering in its commitment to suppress smuggling and protect national security, public health and economic stability.
“Our position is clear along the Lagos-Abidjan that any economic resource diverted into smuggling will be a colossal waste; it will be better to channel such resources into legitimate business that could empower thousands of Small and Medium Scale Enterprises (SMEs) and create jobs, ” Adenuga said.
The Customs boss also commended the Nigerian Navy, particularly the Forward Operating Base ( FOB) in Badagry for its support in the fight against smuggling, and handing over seized foreign parboiled rice intercepted on the waterways.
“We shall continue to enhance our operational efficiency through technology, stakeholder collaboration and proactive intelligence. Our collective mission is to ensure that the Seme-Krake border remains a gateway of prosperity not criminality.
“Together with our partners and stakeholders, we are building a smarter, safer and more prosperous border corridor in full alignment with the CGC’s modernization blueprint, ” he said.
By: Nkpemenyie Mcdominic, Lagos
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LASG UNVEILS GROUNDBREAKING OMI-EKO PROJECT AT FIVE COWRIES TERMINAL 

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3 days ago

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October 13, 2025

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The Lagos State Government, through the Lagos State Waterways Authority (LASWA), will officially launch the Omi Eko Project on Friday, 17th October 2025, at Five Cowries Terminal, Falomo.
The unveiling, to be performed by the Lagos State Governor, Babajide Sanwo-Olu, would feature key speakers and virtual project presentation.
According to a Statement, the event highlights the state’s dedication to advancing sustainable water transportation and smart city solutions.
 The project aims to transform Lagos’s water transit with over 78 electric ferries, digital systems, and enhanced safety features, reducing commute times and promoting eco-friendly travel.
“The Omi Eko Project is poised to revolutionize Lagos’s water transportation landscape by integrating innovative technology, strengthening terminal infrastructure, and championing environmental sustainability..
“With the deployment of over 78 high-capacity electric ferries, digital ticketing systems, intelligent terminals, and safety innovations, the project will significantly reduce commute times and establish a reliable, modern transportation option for millions.”the statement added.
The Five Cowries Terminal, a key transport hub, underscores the integration of land and water mobility in Lagos’s Urban Mobility Plan.e Hotel, GRA, Ikeja, for the maiden summit of JustAlive Communications Limited, publishers of JustNet News to discuss infrastructural development trends in the sector.
By: By: Nkpemenyie Mcdominic, Lagos
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