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Oil Palm Firm Pays Shareholders N2.8bn Dividend After Tax

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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.

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Fubara Hails Team Rivers For Winning Tinubu Inter-Schools Debate Championship …Describes Victory As Great Feat For Rivers

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Rivers State Governor, Sir Siminalayi Fubara, has congratulated Team Rivers for emerging champions at the grand finale of the President Bola Ahmed Tinubu Inter-Senior Secondary Schools Debate Championship.

The governor, who was represented by his deputy, Prof. Ngozi Odu, described the students’ victory as “a great feat” and a clear demonstration of the intellectual capacity, brilliance, confidence, and preparedness of Rivers children to compete and excel at the national level.

The Tide reports that the finals of the Presidential Debate Championship held last Thursday at the Obi Wali International Conference Centre, Port Harcourt, Rivers State.

Fubara commended the students for their eloquence, critical thinking, and teamwork, while also appreciating their teachers, coaches, and the Rivers State Ministry of Education for the guidance and support that led to the outstanding performance.

“This victory is a source of immense pride to all Rivers people. It shows that our investment in education and human capital development is yielding results. Our children have once again proven that they are among the best in the country.

“We are proud of you and we will continue to support programmes that build the minds of our young people,” he stated.

The governor assured that his administration would continue to create an enabling environment and provide necessary support for academic and extra-curricular activities in schools across the State to help the youths to excel in future competitions.

He further urged other students across the State to draw inspiration from Team Rivers and strive for excellence in all their endeavors.

Fubara expressed profound appreciation to the Grand Patron of the championship and Nigeria’s First Lady, Senator Oluremi Tinubu, for her steadfast support and commitment to initiatives that promote education, youth development, and the empowerment of the Nigerian child.

?While congratulating Team Rivers for coming out on top, Fubara told the participants that they were all winners, irrespective of the outcome, stressing that their courage to stand before an audience and articulate their ideas demonstrated that the future of Nigeria remains intellectually vibrant and full of promise.

He also commended the organisers of the championship for creating a platform where young Nigerians could develop the confidence, discipline, critical thinking and communication skills required to participate meaningfully in national development.

?He reaffirmed the commitment of the State Government to supporting initiatives that advance academic excellence, innovation, discipline and opportunities for young people.

The governor dedicated an award presented to him to the people of Rivers State, the state’s education system, young Nigerians, and all those contributing to the development of the State.

?In his welcome address, the Chairman of the National Advisory Board, President’s Schools Debate, Hon. Usman Muhammed, said the championship was aimed at raising articulate, informed and responsible young Nigerians committed to democracy, good governance and nation-building.

?He commended the governor and the people of Rivers State for hosting the event, stressing that debate promotes critical thinking, tolerance and responsible citizenship.

?On his part, the State Commissioner for Education, Dr Peters Nwagor, explained that the essence of the championship was to train and develop youth, especially students, on how to get to leadership positions, saying it takes a sound mind to be able to come out to speak publicly and come to defend the opinion in a public setting.

?The Tide reports that while Team Rivers came first, Team Kwara emerged second, while Team Sokoto took the third position.

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Fubara Unveils Reconstructed Buguma-Degema-Abonnema Road

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Rivers State Governor, Sir Siminalayi Fubara, has unveiled the reconstructed  Buguma-Degema-Abonnema Road, a major transport corridor linking communities across the Asari-Toru, Degema, and Akuku-Toru Local Government Areas of the State.

The project, a 19.79 kilometre road was executed by Julius Berger Nigeria  PLC,  brings to an end the nightmares of man-hour losses and insecurity associated with the route.

The long stretch of the road was in a very deplorable condition before the Fubara administration awarded the contract for its rehabilitation in September 2024.

Fubara disclosed that the completion of the project in record time was a fulfillment of a personal commitment made after witnessing the  severe degradation of the road during a previous visit to the area.

“It is a road that you must pass if you’re going to Abonnema. It is a road that because of its state, a lot of evil activities was taking place there. But to the glory of God today, I don’t think those negative acts can even be imagined or be carried out along that corridor again.

“I made a promise to myself that day that even if it is remaining one week, we must make sure that we fix this road. Today, to the glory of God, the road has been fixed.

“I am happy that today, we are all here gathered happily that this particular dream has come to reality,” he said.

The governor reiterated that his desire for the State is not just about embarking on projects but in doing those things that  will touch the lives of the  people positively.

He reaffirmed  the  commitment of his administration to complete the Trans-Kalabari Highway, another major road project linking several coastal communities in the State.

He expressed appreciation to the people for their love and cooperation especially for allowing the contractors to do their jobs without hitches.

“You have shown me so much love. Nobody can take that away. One particular project that cannot be denied is the Trans- Kalabari Road that we are doing. I want to beg you that if I cannot meet all you requests today, don’t  worry, my successor will continue from where I will stop,” he said.

Special Guest of Honour, the Amanyanabo of Abonnema Kingdom, King Desrael Gbobo Bob-Manuel, who officially  commissioned the project,  commended the state government for its rapid infrastructure development, noted that the rehabilitation of the roa has drastically improved travel time, safety and the living conditions of the people.

“In the past, for you to leave any of our communities to Port Harcourt, you must, as a matter of fact, go into a one-day fasting and prayers the previous day. Otherwise, you are not sure you will get to your destination.

“Today, I can leave my palace in Abonnema by 10:00 AM, and I will be wherever I want to be in Port Harcourt before 11:00 AM,” the royal father said.

King Bob-Manuel stated that the reconstructed  road would not only enable the local fishermen to transport their catch directly to urban markets in Port Harcourt for better profit margins, but will open the  riverine communities to new investments.

 

 

 

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Tinubu Appoints Enitan As New Head Of Federal Civil Service 

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President Bola  Tinubu has appointed Mr Abel Olumuyiwa Enitan as the Head of the Civil Service of the Federation, effective August 27, 2026.

Enitan succeeds Mrs Didi Esther Walson-Jack, who will retire soon from the Federal Civil Service upon attaining the statutory retirement age of 60.

Mr Enitan, from Osun State, is the most senior Permanent Secretary in the Federal Civil Service.

He has served as Permanent Secretary for seven years and seven months, working at the Ministry of Police Affairs, the Ministry of Humanitarian Affairs, and the Office of the Vice President. He is currently the Permanent Secretary in the Federal Ministry of Education.

Enitan, according to a statement by Special Adviser to the President on Information and Strategy, Bayo Onanuga, brings considerable institutional experience and a deep understanding of how the Federal Civil Service works to his new responsibility.

Tinubu expressed his profound appreciation to Mrs Walson-Jack for her distinguished service to the nation and for the reforms, impact and innovations witnessed in the Civil Service during her tenure.

“The President wishes her a fulfilling and successful life after service and conveys the nation’s gratitude for her years of dedicated and impactful public service,” the statement added.

Tinubu charged the incoming Head of the Civil Service of the Federation to consolidate on the reforms and innovations already underway, deepen professionalism and efficiency across the service, and build a more effective and responsive Civil Service capable of delivering on the administration’s Renewed Hope Agenda.

The President further urged Enitan to lead a Civil Service that is professional, merit-driven, accountable, innovative, and responsive to Nigerians’ needs and aspirations.

Enitan was born on December 12, 1966. He had his secondary education at Ajibode Grammar School, Ibadan and the College of Arts and Science, Ile-Ife. He later attended the University of Lagos and graduated in 1988 with a B.Sc. in Finance and Banking.

In 2015, Enitan obtained an M.Sc. in Public Policy Analysis from Nasarawa State University, Keffi.

 

 

 

 

 

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