Business
PZ UK Seeks Buyer for Nigerian subsidiary
PZ Cussons UK, the parent company of PZ Cussons Nigeria Plc, says it has commenced plans to sell its African subsidiaries to any interested buyer.
The company record a foreign exchange loss of £107.5m “primarily arose from the translation and settlement of USD denominated liabilities in our Nigerian subsidiaries and is wholly the result of the devaluation of the naira, which fell by 70 per cent from May 31, 2023 to May 31, 2024”
The company stated this in its preliminary results published on its website for the year ended May 31, 2024.
According to the consumer goods manufacturer, the board has also received multiple interests regarding the sale of its African business.
The document reads : “Over the last 12 months, we have made continued operational progress and delivered against the strategic priorities set out at the start of the year, against the backdrop of macro-economic challenges.
“At the same time, we have taken the important first steps to transform our business and maximise shareholder value, by refocusing our portfolio on where we can be most competitive.
“The period was marked by a 70 per cent devaluation of the Nigerian naira, which has had significant implications on our reported financials.
We have workedhard to mitigate the impact of this on the group, while continuing to serve Nigerian consumers who are facing unprecedented inflation and economic difficulties.”
On the sales of subsidiaries, the company said it has received, “a number of expressions of interest for our African business”, which recognises the potential of its brands and could lead to a partial or full sale.
In April, the Chief Executive Officer, PZ Cussons, Jonathan Myers, said the company was reviewing its brands and geographies over macroeconomic challenges and complexities in Nigeria.
He spoke a month after the Securities and Exchange Commission rejected PZ Cussons’ request to acquire the shares of minority shareholders in PZ Cussons Nigeria Limited, its Nigerian subsidiary.
In September 2023, PZ Cussons had shown interest in buying the remaining 26.73 per cent minority shares in its Nigerian subsidiary, at a price of N21 per unit.
As of May 31, PZ Cussons holds a 73.27 per cent stake in the Nigerian subsidiary, which represents 2.90bn shares, worth N45.53bn as of September 18.
The Nigerian subsidiary of the company, PZ Cussons Nigeria Plc has continued to struggle, as it posted a N94.78bn loss in the third quarter of 2023/24 compared to the N11.213bn gain it had in the corresponding period in 2022.
Business
Exchange Rates Today Friday, 12 June
Black Market Rates
US Dollar (USD) ₦1,397
Great British Pound (GBP) ₦1,850
Official CBN Exchange Rates
US Dollar (USD) ₦1,363. 83
Great British Pound (GBP) ₦1,821. 25
EURO (EUR) ₦1,572. 90
SWISS FRANC (CHF) ₦1,706. 49
JAPANESE YEN (JPN) ₦8.50
CHINESE YUAN (CNY) ₦201.20
West African CFA (XOF) ₦2.40
West African Unit Account (WAUA) ₦1,857. 45
SAUDI RIYAL (SAR) ₦363. 29
SOUTH AFRICAN RAND (ZAR) ₦82.61
Black Market Rates
US Dollar (USD) Buy ₦1,397 Sell ₦1,405
Great British Pound (GBP) Buy ₦1,850 Sell: ₦1,870
EURO (EUR) Buy ₦1,587 Sell ₦1, 607
Canadian Dollar (CAD) Buy ₦1,030 Sell ₦1,100
South African Rand (ZAR) Buy ₦75 Sell ₦90
UAE Dirham Buy ₦350 Sell ₦370
Chinese Yuan Buy ₦180 Sell ₦200
Ghana Cedi (GHS) Buy ₦95 Sell ₦110
West African CFA Buy ₦2, 380 Sell ₦2, 460
Central African CFA Buy ₦2, 220 Sell 2,300
Australian Dollar Buy ₦800 Sell ₦900
Business
Airtel launches data calculator to counter depletion complaints
Commenting on the significance of the launch, Dinesh Balsingh, Chief Executive Officer, Airtel Nigeria, said that the company remains focused on building a network and customer experience ecosystem anchored on trust, transparency and continuous improvement.
Airtel Nigeria has launched the Airtel Web Data Calculator, a new digital tool designed to help customers estimate and better understand their internet data consumption based on real-life usage patterns.
Available through Airtel’s website, the calculator enables customers to estimate data usage across common digital activities such as video streaming, social media engagement, voice and video calls, and everyday web browsing.
Speaking on the launch, Oladokun Oye, Customer Experience Director, Airtel Nigeria, said that the initiative reflects Airtel’s commitment to customer empowerment and service transparency.
“As Nigerians become increasingly dependent on digital services for work, education, entertainment and communication, it is important that customers have clear visibility into how their data is consumed.
The Airtel Web Data Calculator was developed to help our customers understand their usage patterns better, make informed choices, and enjoy greater confidence in their digital experience,” he said.
Commenting on the significance of the launch, Dinesh Balsingh, Chief Executive Officer, Airtel Nigeria, said the company remains focused on building a network and customer experience ecosystem anchored on trust, transparency and continuous improvement.
“The future of telecommunications will be defined not only by network investments but also by how effectively operators help customers understand and manage their digital lives. The Airtel Web Data Calculator represents a practical innovation that places more information and control directly in the hands of our customers.” He said.
Business
Kingsley Moghalu chairs Bluecode Africa subsidiary in Nigeria
Moghalu served as Deputy Governor of the Central Bank of Nigeria from 2009 to 2014, heading the Financial System Stability and Operations Directorates at different periods.
Bluecode Africa, the European payments infrastructure operator backed by leading US and European institutional investors, has named Prof Kingsley Chiedu Moghalu as Chairman of the Advisory Board of its Nigerian subsidiary, Bluecode Payments Nigeria Limited as the company formally enters the Nigerian market.
The appointment was jointly announced by Chris Pirkner, Founder of Bluecode, and Odin Krismayr, Managing Director of Bluecode Africa, who described it as a foundational governance decision for the company’s Nigerian and continental operations.
Moghalu served as Deputy Governor of the Central Bank of Nigeria from 2009 to 2014, heading the Financial System Stability and Operations Directorates at different periods.
He led the team that introduced the unique-identifier Bank Verification Number (BVN), enrolling 50 million banking users, simplifying Know Your Customer (KYC) procedures, and doubled Nigeria’s financial inclusion rate from 33 to 60 per cent.
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