News
Oil Palm Firm Pays Shareholders N2.8bn Dividend After Tax
The management of Okomu Oil Palm Company Plc has announced a dividend payment of N2.8 billion after tax to shareholders.
The Tide source reports that the company is located at Udo Community in Ovia South West Local Government Area of Edo State.
The Chairman of Okomu Oil Palm, Mr Gbenga Oyebode made the announcement at the company’s 2017 annual report and accounts, yesterday in Benin.
He said the feat was made possible due to the prudent management of the company.
“As s result of the excellent results delivered and to ensure that our shareholders remain participants in the success of the company, the Board of Directors recommends for approval, a dividend payment of N3.00k per ordinary share, or a total dividend of nearly N2.8 billion.
“During the year under review, the results of the company recorded combined turnover totaling N20.2 billion which amounts to an increase of 40 per cent on 2016 turnover.
“Direct costs of sales were 36 per cent higher than 2016 at N4.9 billion, generally in line with inflation and the Naira devaluation,’’ he said.
According to him, in 2017, the company also paid more than N2 billion in taxes to federal agencies up from N948 million paid in 2016.
“This translated into a total comprehensive income of N8.9 billion in 2017, this being 78 per cent better than the N4.9 billion total comprehensive income recorded in 2016,’’ he said.
Oyebode explained that although there were some improvements from the previous year, “2017 still presented numerous challenges to the business environment with a contraction monetary policy, high levels of inflation and unemployment.
“However, government’s action to reign in excessive budgets and improve foreign liquidity as well as an increase in oil prices helped bring the economy out of recession this year.
“We also saw improved rubber and crude palm oil (CPO) prices this year, with increases of 24 per cent and 44 per cent respectively.
“This combined with fiscal discipline displayed by the management, saw the company delivering excellent record,’’ he said.
“The consolidated profits on continuing operations after tax saw an increase of 78 per cent on the 2016 results.
“Turnover also increased by 40 per cent from 2016, which saw the company take up position as one of the top 10 companies with the highest turnover on the Nigerian Stock Exchange in 2017.’’
On its operations in the year under review, Oyebode noted that as at the end of 2017, the total oil palm area was 17,244 ha, of which 7,371 ha with new plantings were yet to mature.
“Plantation cost for the year was 28 per cent higher than for 2016,’’ he added.
‘Production of crude oil palm from the oil mill was two per cent higher than 2016’s production, with oil extraction rates averaging approximately 22 per cent.
“However, the oil mill costs for 2017 were 37 per cent higher than the previous year, predominantly driven by the increased costs of imported spare parts as a result of the devaluation of the Naira.
The Organised Labour yesterday, called on the Federal Government to ensure inclusiveness in policy making and guide against erosion of rights, such as free speech and association.
The President, Nigeria Labour Congress (NLC), Mr Joe Ajaero made the call at the 2025 Workers’ Day celebration held at the Eagle’s Square, Abuja.
The Tide source reports Ajaero and the President, Trade Union Congress, Mr Festus Osifo delivered a joint statement on behalf of the organised labour at the event.
Ajaero described May Day as, not only a moment to honour workers’ sacrifices, but also a platform to demand justice and accountability from those in public office.
He frowned at the alleged suppression of protests, and the erosion of rights of workers by some agents
According to him, workers have a duty to resist economic injustice, insecurity, and policies that undermine their dignity.
Speaking on the theme of the day, the NLC President underscored the need for Nigerian workers to reclaim the civic space and resist policies that contribute to worsening economic conditions.
“Our theme this year – “Reclaiming the Civic Space in the midst of Economic Hardship – reflects the urgent need for citizens to protect democracy and push back against repression.
“The civic space, where Nigerians express their concerns and challenge injustices is shrinking.
“If we fail to reclaim this space, the foundation of our democracy risks collapse,” he said
Ajaero, therefore, urged workers to unite and resist division, fear, and despair.
He also urged them to mobilise and organise for change, declaring that the right to demand better conditions is non-negotiable.
“Without workers, there is no society; without labour, there is no development. We must take our place in the fight for economic justice and democratic governance.”
Speaking in the same veins, Osifo said workers are the backbone of the nation—the educators, healthcare providers, builders, farmers, and innovators who sustain its economy -.
He stressed the need for the labour to reclaim the civic space even in the midst of economic hardship.
The Joint Admissions and Matriculation Board (JAMB) has disassociated itself from a fraudulent site requesting payments from candidates who missed the ongoing 2025 Unified Tertiary Matriculation Examination (UTME).
The board said that the site, “Copyrightwriter Personal J Rescheduling Flw” and account number 8520641017 at Sterling Bank, associated with it, are scam.
The disclaimer is contained in a statement made available to newsmen in Abuja on Thursday by the Board’s Public Communication Advisor, Dr Fabian Benjamin.
Benjamin said the account is being exploited to defraud unsuspecting candidates who missed their UTME.
“We issue this urgent notice to inform the public about this nefarious scheme targeting candidates who were unable to participate in the UTME.
“Some unscrupulous individuals are deceitfully soliciting payments of N15,700 under the false pretence of offering rescheduling services for the examination.
“Let us be unequivocal: this, it is a blatant scam, and we are confident that the public will not fall prey to such cheap and regressive tactics.
” The individuals behind this scam have no affiliation with JAMB or any legitimate government agency.
“The account details provided in these communications are entirely fictitious and bear no connection to any official processes; they exist solely for the purpose of perpetrating fraud,” he said.
Benjamin called on Sterling bank to take immediate and decisive action against this criminal activity.
According to him, JAMB has reported the matter to the relevant security agencies and actively pursuing those responsible for this deceitful act.
He further said that “JAMB does not reschedule examinations for candidates who miss their scheduled tests due to reasons unrelated to the Board’s actions”.
He, however, said that the Board is conducting a thorough investigation for candidates whose biometrics failed during verification and were thus unable to sit for the examination.
He said those without discrepancies would be invited to retake the examination at no cost , stressing that “no cost is required”
“It is imperative to understand that JAMB does not charge any fees for examinations after a candidate has completed their registration.
“We strongly urge all candidates to remain vigilant and not to succumb to these fraudulent schemes.
“Protect yourselves and report any suspicious activity immediately,” he explained.
The Niger Delta Development Commission (NDDC) has expressed its willingness to partner with the United Nations (UN) to accelerate the development of the Niger Delta region.
Dr Samual Ogbuku, Managing Director of the NDDC, made the appeal in a statement issued by the commission’s Director of Corporate Affairs, Mrs Seledi Thompson-Wakama, in Port Harcourt on yesterday.
According to the statement, Ogbuku sought the UN’s support during his visit to the UN Resident and Humanitarian Coordinator (UNRHC), Mr Mohammed Fall, at the UN regional office in Abuja.
He called on the global body to provide the NDDC with technical assistance and expert services to support the region’s development.
“We are eager to collaborate with the UN, recognising that the state governments in the region and the NDDC alone cannot achieve the level of regional development required,” he said.
Ogbuku identified key areas where support would be needed, including the provision of portable and affordable drinking water powered by high-tech solar energy sources.
He also highlighted the importance of reforesting the mangrove swamps, which have been severely damaged by decades of environmental degradation caused by oil exploration in the Niger Delta.
“Although the NDDC has made progress in providing solar-powered streetlights across the region, we still require UN support in delivering solar energy solutions for residential buildings.
“We also wish to explore the possibility of installing solar mini-grids in homes across communities, which would boost local commerce and trade,” he added.
The NDDC managing director further appealed for increased UN involvement in areas such as healthcare, education, youth training, gender development, and food security.
Ogunku stated that such interventions would significantly enhance the standard of living in the region.
In response, Fall affirmed the UN’s readiness to collaborate with the NDDC to fast track development in the Niger Delta.
He assured that the UN would support initiatives in food security, job creation, education, and renewable energy, among other areas.
“We aim to approach development in the Niger Delta holistically, rather than focusing solely on environmental pollution.
“This is merely an entry point; however, the UN’s development vision aligns with the Sustainable Development Goals (SDGs), which are designed to positively impact various aspects of people’s lives,” Fall stated.
He assured the NDDC of continued and fruitful engagements to drive the region’s development.