Connect with us

Business

50th AGM: WAMCO Records 21% Growth, Announces N324.7bn Revenue in 2022

Published

on

FrieslandCampina WAMCO Nigeria PLC, the nation’s foremost dairy organization and
makers of Peak, Three Crowns, Coast, Olympic and Nunu milk brands has reported a turnover of N324.7 billion for the financial year ended 31 December 2022. This was announced at its 50th Annual General Meeting, which held on Tuesday, 9 May 2023 at the Sheraton Hotel, Lagos.

Operating Results and Performance
The Company recorded a growth in net sales due to a focus on revenue growth
management. However, there was a drop in volume which was mainly a result of high
inflation and a reduction in the overall consumer purchasing power. Turnover increased by 21% from N268.4 billion in 2021 to N324.7 billion in 2022. Profit Before Tax (PBT)
increased by 6% from N12.7 billion in 2021 to N13.5 billion in 2022 due to lower finance
costs and cost management measures.

Ben Langat, Managing Director FrieslandCampina WAMCO Nigeria PLC
“To mitigate the extremely difficult global economic challenges coupled with
unprecedented inflationary pressures witnessed in 2022, we upscaled our commercial execution with relentless focus on Revenue Growth Management and redistribution initiatives to stay agile and competitive. We made investments in our brands via diverse initiatives, optimizing market spend with an increased focus on physical availability. Leveraging our strong brands and superior commercial expertise has helped to sustain our leadership position and deliver significant top-line growth.
“Aside the afore-mentioned metrics, I am proud of several achievements in the year
under review that supported our stability and performance. These include but are not
limited to the launch of Peak Yoghurt 1L pack and successful brand activations like the
annual Three Crowns mum of the year campaign. We also introduced Nunu yoghurt,
Nigeria’s first drinking yoghurt made from 100% locally sourced milk and produced in a
unique mobile factory, also the first of its kind in Nigeria. This is yet another success recorded in the actualization of our sustainability and backward integration plans in support of the dairy development policy of the Federal Government of Nigeria.
“Several awards and recognitions were also received for the Company’s excellence in marketing, safety, quality and manufacturing. These external (and global) recognitions are a
validation of our operational excellence and continuous improvement culture in the face
of the tough business climate.
“We will continue to innovate and drive accessibility to our portfolio by incorporating
more local content to drive more competitiveness in the market. We remain committed to delivering quality, affordable and accessible nutrition to millions of Nigerian homes and to building a more productive and sustainable future in Nigeria.”Moyo Ajekigbe, OFR, Chairman, Board of Directors
“The success achieved in 2022 was the result of concerted efforts from various
stakeholders, and I would like to thank the Management Team for their focused
leadership, hard work and resilience; and my colleagues on the Board for their valuable
insights, counsel and teamwork during the last financial year.

“Special acknowledgement goes to our consumers who have remained consistent as they make their decisions to buy and consume our products on a daily basis, and to our
customers for their confidence in our products and the Company. I would also like to
thank our employees for their passion, hard work and dedication to duty. We continue to
owe our Corporate Head Office a debt of gratitude for their solid support and for their
confidence in Nigeria as an investment destination.

“Following the retirement of Rev. Isaac Agoye and Mr. Robert Steetskamp from the Board
after the last Annual General Meeting, Mrs. Audrey Joe-Ezigbo was appointed as an
Independent Non-Executive Director on 1st December 2022. We welcome Mrs. Audrey
Joe- Ezigbo to our Company and look forward to her valuable contributions.
”In accordance with the Company’s dividend policy, the Board of Directors proposed a
total dividend payout of N2.93 per N 0.50 ordinary share. No interim dividend was paid in
2022 and a final cash dividend payout of N2.93 per N 0.50 share was approved by the
shareholders at the Annual General Meeting.”

Business Outlook 2023
According to economic analysts, the business environment is expected to remain volatile
with rising unemployment, high inflation, high interest rate, insecurity and high exchange
rate. However, despite the expected difficulties and challenges in the business environment,

the Board and Management remain confident about the future of Nigeria and will
continue to invest in the country.
We strongly believe that our Company’s brands, which are leaders in the dairy sector will continue to grow on the back of innovation and our robust route-to-market. We will pursue our backward integration and portfolio
diversification strategies with renewed energy for continued prosperity and long-term
sustainability of our business.
Picture caption:
Members, Board of Directors: Oyinkan Ade-Ajayi, Roel van Neerbos, Moyo Ajekigbe, Ben Langat and Ore Famurewa cut the 50th corporate cake at the Sheraton, Ikeja, Lagos
Continue Reading
Advertisement


Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Access Bank, Fifth Chukker, UNICEF Partner to Expand Educational Opportunities for Vulnerable Children

Published

on

The transformative power of collective action in expanding access to education took centre stage in London as Access Bank UK, Fifth Chukker, UNICEF and the Kaduna State Government reaffirmed their shared commitment to creating brighter futures for Nigeria’s most vulnerable children.

Hosted by Access Bank UK, Access UK Polo Day celebrated more than 15 years of impact driven by a shared vision to expand educational opportunities for underserved children. What began as a modest initiative has evolved into one of Africa’s most impactful education programmes, with the Access Bank Fifth Chukker School in Kaduna State and its associated interventions positively impacting more than 14,000 children across underserved communities in Northern Nigeria.

At the heart of this transformation is the Access Bank Fifth Chukker School, where investments in educational infrastructure, learning resources and student support have created lasting opportunities for thousands of children. Between 2018 and 2026 alone, the school recorded 2,538 graduates, with female pupils accounting for more than 54 per cent of the total, underscoring the programme’s contribution to advancing girls’ education and promoting inclusive access to learning.

More than 1,000 pupils benefit from the school’s internationally recognised foundational learning programme each year, contributing to improved literacy and numeracy outcomes and a reported 15 per cent increase in learning performance. Students continue to secure admission into leading secondary schools, while teachers receive ongoing professional development and digital learning support. Enhanced infrastructural facilities and expanded learning resources have further strengthened the overall learning environment, helping to sustain the programme’s long-term impact.

This year’s event reinforced a compelling message: Every pledge should lead to a classroom, every classroom should empower a child, and every child should have the opportunity to shape a brighter future.

Speaking at the event, the Managing Director and Chief Executive Officer of Access Bank Plc, Roosevelt Ogbonna, reflected on the remarkable growth of the initiative and the unwavering commitment of its supporters.

“What began as a dream to transform the lives of 100 children has grown into a movement that has positively impacted more than 14,000 young people. We want to return next year talking about 28,000 children. Education remains the greatest leveller, giving every child a genuine opportunity to realise their potential and contribute meaningfully to society.”

Ogbonna expressed appreciation to donors and partners whose support has sustained the initiative, noting that investment in education creates lasting intergenerational impact.

Kaduna State Governor Uba Sani described education as one of the most valuable investments any society can make. He praised the longstanding alliance between Access Bank, Fifth Chukker and UNICEF, noting that it has restored hope and opportunity to thousands of children from underserved communities.

Highlighting Kaduna State’s ongoing education reforms, the Governor revealed that approximately 300,000 out-of-school children had been returned to classrooms over the past year through partnerships with organisations including UNICEF and other development partners. He also announced plans to construct an additional 120 classrooms at the Fifth Chukker Access Bank UNICEF School, enabling even more children to access quality education.

“What we are doing here is about humanity. By giving children access to quality education, we are empowering them to dream, to lead and to build a better future for themselves and their communities.”

Governor Sani also paid tribute to the late Herbert Wigwe, acknowledging his vision, leadership and enduring commitment to improving educational outcomes for underserved populations.

For Aigboje Aig-Imoukhuede, Chairman of Access Holdings, the true success of the initiative is reflected in the lives being transformed.

“The most meaningful measure of success is not the number of buildings we construct, but the opportunities we create. Every child who receives an education, every young person who discovers their potential, and every community strengthened through learning represents the lasting impact of this partnership. Together, we are proving that when purpose meets collaboration, we can create opportunities that change lives for generations.”

Welcoming guests, Jamie Simmonds, Chief Executive Officer of The Access Bank UK, described the gathering as polo with purpose, a celebration not only of sport but of a shared mission to create opportunity through education. He highlighted the institution’s commitment to supporting initiatives that deliver sustainable social impact and broaden access to learning for underserved children.

The event concluded with a renewed commitment from all stakeholders to deepen investment in education as a catalyst for national development and social progress. The Access Bank Fifth Chukker School continues to demonstrate the impact of sustained collaboration among the private sector, government and development partners, delivering measurable outcomes for vulnerable children in Northern Nigeria.

Continue Reading

Business

Ecobank Nigeria Wins Deutsche Bank’s Client Excellence Award

Published

on

Ecobank Nigeria, a subsidiary of the leading pan-African financial services group Ecobank Group, has been awarded the Client Excellence Award by Deutsche Bank in recognition of its outstanding performance, operational excellence, and commitment to delivering superior Institutional Cash and Trade Finance services.

The award recognises Ecobank Nigeria’s consistent achievement of high standards in transaction processing, service delivery, operational efficiency, and collaboration within the global trade finance ecosystem. It further reinforces the Bank’s position as a leading financial institution providing innovative financial solutions that support corporates, financial institutions, and businesses engaged in domestic and international trade.

Receiving the award on behalf of Ecobank Nigeria, Segun Anjorin, Coverage Head, Corporate and Investment Bank, Ecobank Nigeria, expressed appreciation to Deutsche Bank for the recognition, noting that the award reflects the Bank’s unwavering commitment to excellence, innovation, and customer-centric service delivery.

“We are honoured to receive the Deutsche Bank Client Excellence Award. This recognition is a testament to our commitment to delivering seamless and innovative solutions that enable our clients to thrive in an increasingly interconnected global marketplace.”

“At Ecobank Nigeria, we remain focused on leveraging our extensive pan-African network, digital capabilities, and strategic partnerships to facilitate trade, improve transaction efficiency, and support economic growth across Nigeria and the African continent. We value our longstanding relationship with Deutsche Bank and look forward to further strengthening our collaboration in the years ahead,” Anjorin said.

Commenting on the award, Anand Jha, Managing Director, Global Head of TFFI and Regional Head, Trade & Lending, Middle East and Africa (MEA), Deutsche Bank, commended Ecobank Nigeria for its exceptional service standards and operational excellence.

“The Client Excellence Award recognises institutions that consistently demonstrate outstanding quality, efficiency, and reliability in transaction banking operations. Ecobank Nigeria distinguished itself through its commitment to excellence, strong operational controls, and customer-focused service delivery that has created measurable value for clients and counterparties alike.”

“We are pleased to recognise Ecobank Nigeria’s achievements and appreciate the strong partnership we have built over the years. We look forward to continuing our collaboration in supporting trade, payments, and financial flows that drive economic development across Africa and beyond,” Jha said.

The recognition underscores Ecobank Nigeria’s continued investment in world-class banking solutions and reinforces its role as a trusted financial partner for businesses seeking efficient cash management, trade finance, and cross-border banking services. It also highlights the Bank’s commitment to supporting economic development by facilitating seamless trade and financial transactions across Africa and the global marketplace.

About Ecobank Nigeria
Ecobank Nigeria is a member of the Ecobank Group, the leading pan-African banking institution with operations in 33 African countries and international offices in London, Paris, Beijing, and Dubai. With over 220 branches, more than 36,000 agency banking locations, and robust digital platforms, Ecobank delivers accessible, affordable, and instant banking services. The Bank is strategically positioned to support pan-African trade, particularly under the African Continental Free Trade Area (AfCFTA).

Continue Reading

Business

Wema Bank Announces Hackaholics 7.0 with Mouthwatering Prizes

Published

on

Nigeria’s oldest indigenous national bank, most innovative and pioneer of Africa’s first fully digital bank, ALAT, Wema Bank, on Wednesday, announced the 7th edition of its flagship innovation initiative, Hackaholics.

Launched in 2019, Hackaholics is Wema Bank’s youth and tech-focused initiative designed to serve as a platform for young Africans with creative, game changing, tech-driven ideas and products, to bring their ideas to life. Since its launch, Hackaholics has discovered thousands of groundbreaking solutions, supported over 10,000 startups, engaged 50,000 participants, developed over 100 solutions from scratch and disbursed $500,000,000 in grant prizes to dozens of winners whose remarkable solutions have earned a top spot in the past 6 editions. With the launch of Hackaholics 7.0, Wema Bank is set to execute the biggest Hackaholics edition yet.

Themed “Powering Possibilities”, Hackaholics 7.0 will kick off with an open call for applications, calling on all young Africans with creative tech-driven solutions across any of the 7 verticals: Financial Inclusion, Healthcare, Digital Transformation, Education, Sustainability, Social Impact and Future of Work. Each application is to be made via the portal at hackaholics.wemabank.com, under one of three tracks: The Startup Pitch Competition, Hackathon and the newly introduced Social Impact track.

Following the application window, Hackaholics 7.0 will then proceed on a national tour which will touch 10 pitch centres across the six geopolitical zones of Nigeria. Each pitch centre will serve as a hub for innovators within the region to pitch their creative solutions and get the opportunity to secure the top spot in their pitch centre, and ultimately, proceed to the grand finale where the winners of Hackaholics 7.0 will be announced.

Speaking on the inspiration behind Hackaholics’ exceptional seven-year journey, Wema Bank’s MD/CEO, Moruf Oseni, reiterated the Bank’s commitment to powering innovation, empowering youth and promoting economic growth in Africa.

“At Wema Bank, we believe that institutions have a responsibility that extends beyond providing commercial services. We have a responsibility to create meaningful opportunities, provide the right resources, enable innovation to thrive, and support the ecosystems that will shape today’s youth as well as tomorrow’s economy. This sense of responsibility is what has driven the evolution of Hackaholics from inception till date. With Hackaholics, we have, and we are investing in the next generation of innovators, inspiring innovation that will impact lives, strengthening Nigeria’s innovation ecosystem and giving youth a platform to make meaningful use of their creativity; and the numbers continue to speak volumes,” Oseni said.

While performing the function of declaring the application window open, Tajudeen Bakare, Wema Bank’s Divisional Executive, Business Support, noted that “As we launch Hackaholics 7.0 today, we are opening up a new phase of opportunities for more Nigerian youth to challenge themselves, explore their creativity and become startup founders. I encourage every young Nigerian with a passion for innovation to leverage the opportunity that we have carefully curated through Hackaholics and get ahead of the curve in today’s dynamic work landscape. Together, we can continue to build an ecosystem where innovation flourishes, opportunities expand, and young people are empowered to create solutions that shape the future”.

Hackaholics 7.0 is free, and open to any Nigerian youth who has innovative ideas and solutions to pitch. Interested startups and innovators can apply at hackaholics.wemabank.com. All updates on the Hackaholics 7.0 journey will be made available on the Bank’s website @wemabank.com as well as its social media platforms @wemabank and @alat_ng.

Continue Reading