Economy
UAC Of Nigeria Plc Declares N26bn Profit Before Rax In 2024

UAC Of Nigeria Plc Declares N26bn Profit Before Rax In 2024
UAC of Nigeria Plc declares N26bn profit before tax in 2024. The company generated N197 billion in revenue; a 63 per cent increase from 2023.
The UAC of Nigeria has reported a profit before tax of N26 billion for 2024, marking a 107 per cent increase from the N12 billion recorded in 2023.
The company disclosed this in a corporate filing with the Nigerian Exchange Limited on Saturday. In 2024, UAC recorded earnings per share of 497 kobo, up from 314 kobo in 2023.
The company generated N197 billion in revenue; a 63 per cent increase from 2023.
It stated, “This growth was driven by strong sales in key segments, including edibles and feed 54 per cent, packaged food and beverages 102 per cent, and paints 52 per cent.
UAC’s gross profit for 2024 surged by 117 per cent to N46 billion, with a gross margin improvement of 5.83 percentage points to 23.5 per cent.
This was supported by volume growth in packaged food and beverages, improved production efficiency, and strategic price adjustments to mitigate inflationary pressures.
Operating profit doubled to N19 billion in 2024, compared to N9 billion in 2023. Excluding a one-off gain from property sales in 2023, the operating profit rose by 780 per cent, with underlying operating profit of N2.1 billion.”

UAC Of Nigeria Plc
UAC also saw net finance income increase to N5.9 billion in 2024 from N2.4 billion in 2023, driven by higher investment yields and gains in the treasury portfolio.
The Group Managing Director, Fola Aiyesimoju, commented on the results, stating, “We achieved strong growth in 2024, with a 63 per cent increase in revenue and a 107 per cent rise in profit before tax.
Mr Aiyesimoju said, “This is the result of hard work and dedication from our teams across the group.
We remain focused on creating shareholder value and prioritising profitable growth, scale, and simplicity as we move into 2025.”
Crime
VP Shettima Urges Compatriots To Maintain Unity, Peace In The Country

VP Shettima Urges Compatriots To Maintain Unity, Peace In The Country
VP Shettima urges compatriots to maintain unity, peace in the country. Mr Shettima made the call during a luncheon with Borno elders and his schoolmates in celebration of Eid-El-Fitr in Maiduguri.
Vice-President Kashim Shettima has urged Nigerians to promote unity, peaceful coexistence, and tolerance as key pillars for national progress, drawing from the lessons of Ramadan.
Mr Shettima made the call during a luncheon with Borno elders and his schoolmates in celebration of Eid-El-Fitr in Maiduguri.
The vice-president, who was represented by Abdulkadir Rahis, representing Maiduguri Metropolitan Constituency at the House of Representatives, emphasised the need for continued harmony among citizens.
Mr Shettima also called on everyone to support President Bola Tinubu’s administration’s ongoing economic reforms, assuring them that short-term difficulties would yield long-term benefits for the country.
“I wish to also say that we should all perfect, maintain, and build on the sense of unity that exists among us for our collective gain and progress as a gift for one another. President Tinubu remains committed to implementing policies that will create sustainable development for all Nigerians.
“Just as Ramadan teaches endurance, we ask for your continued patience as these necessary reforms take root and bear fruit,” he said.

Shettima
The vice-president further urged Nigerians to continue to imbibe the spiritual lessons gained during Ramadan as a pathway to national development.
“Peaceful coexistence is very important and we should not relent in maintaining that virtue. It will go a long way in bringing about the development of ourselves and the nation,” he said.
Mr Shettima enjoined the citizens of Borno and Nigerians, in general, to always maintain traits of humility and communal living in line with the teachings of the holy books.
Akwa Ibom
Akwa Ibom Women Announced FormationoOf Socio-cultural, Socio-political Association, Pledged Solidarity, Commitment

Akwa Ibom Women Announced FormationoOf Socio-cultural, Socio-political Association, Pledged Solidarity, Commitment
Akwa Ibom women announced formation of socio-cultural, socio-political association, pledged solidarity, commitment. Ibeno Women in Akwa Ibom State Pledge Solidarity to Eunice Thomas’ Leadership.
A socio-cultural cum socio-political association, “Circle of Trust”, has formally announced its formation in Akwa Ibom State, while declaring Dr. Eunice Thomas as Grand Matron. Dr. Thomas — former Commissioner for Women Affairs, and Education respectively in Akwa Ibom State, is Non-Executive Director on the Board of Nigerian National Petroleum Company Limited (NNPCL).
Speaking during a visit to the Director, Mrs. Magdalene Leo, president of CoT, disclosed that their choice of Dr. Thomas as grand matron is because of her impactful mentorship of women and young people, and time-tested credibility as a beacon of hope for Ibeno community.
The Forum further described her as a “friend of widows, not only in Ibeno land but across other local government areas of the state”, and a “woman who gives strength to those without strength”.
As stated by Mrs. Leo, parts of the Forum’s aims are to enhance rapid community development and fast track women empowerment. It will also seek ways to foster unity and love by preaching peaceful co-existence, as well as mobilizing women to play greater roles in politics and governance. To give it a solid footing, the president disclosed that plans are underway to have it registered with relevant authorities.
While soliciting her backing to enable it achieve its immediate and long term goals, the women pledged solidarity and commitment to her leadership which it hailed as “conscientious, empathic, honest and rewarding”.
In her remarks, the NNPCL Director lauded the women for their collective vision, opining that with unity and togetherness, the forum can achieve all its goals. She described their objectives as noble and praised their courage to find ways to break free from their limitations, encouraging them to always speak up and be heard.
Dr. Thomas who suggested that the group should explore non-subservient ways of generating revenue such as owning a cooperative society through which it can give out business loans, amongst others, donated a take off grant to the body for the initiative.
With the group having its own finances, it can make independent decisions on issues that affect their communities, the local government area, state, and country in general, she submitted.
She urged them to always align their ambitions and dreams with the plans of God. She also reminded them of the importance of building their home and maintaining family values, while pursuing communal development.

Akwa Ibom Women
“As women, we have to be the covering of our family, and we can do this through every day intercessory prayers”.
The former commissioner advised members of the forum to shun divisive tendencies and exist in love and forgiveness as these are the sure ways to win together.
She thanked the group for identifying with her efforts, and for their belief in her. She promised to continue to support women and empower them sustainably.
The group has Magdalene Leo as President; Anthonia Bassey — VP; Princess Wills — Secretary; Blessing Brown — Treasurer; Maureen Johnson — PRO, and Helen Itrechio — Adviser.
Economy
Edo Governorship Election: Tribunal Sets To Delivers Judgment Wednesday In PDP’s Petition

Edo Governorship Election: Tribunal Sets To Delivers Judgment Wednesday In PDP’s Petition
Edo Governorship Election: Tribunal sets to delivers judgment Wednesday in PDP’s petition. The PDP and Mr Ighodalo are challenging the decision by the INEC to declare Monday Okpebholo of the All Progressives Congress as the winner.
On Wednesday, the Edo Governorship Election Petition Tribunal will deliver judgment on the petition filed by the Peoples Democratic Party and its candidate, Asue Ighodalo, against the September 21, 2024 governorship election in Edo.
The PDP and Mr Ighodalo are challenging the decision by the INEC to declare Monday Okpebholo of the All Progressives Congress as the winner. They alleged that irregularities marred the election.
The three-member tribunal, headed by Justice Wilfred Kpochi, had, on March 3, reserved judgment on the petition after the parties adopted their final written addresses.
The tribunal will deliver judgment in the three petitions marked EPT/ED/GOV/01/2024, EPT/ED/GOV/02/2024 and EPT/ED/GOV/03/2024.
The tribunal had, on January 31, admitted in evidence 148 Bimodal Voter Accreditation System Machines that were used during the conduct of the disputed governorship poll.
The electronic devices were tendered by a senior technical officer in the ICT department of INEC, Anthony Itodo, and admitted in evidence by the panel.
The petitioners had subpoenaed INEC to produce the BVAS machines that were used in 133 polling units where election results are being disputed.
INEC had declared that Mr Okpebholo of the APC secured 291,667 votes to defeat his closest rival, Mr Ighodalo of the PDP, who got 247,655 votes.

Edo State
Dissatisfied with the outcome of the poll, the PDP and its candidate approached the tribunal, praying it to nullify INEC’s declaration of the APC and Mr Okpebholo as winners of the contest.
The petitioners, among other things, contended that the governorship election was invalid because of alleged non-compliance with the Electoral Act 2022 provisions.
However, APC and Mr Okpebholo urged the tribunal to dismiss the petitions for being baseless, arguing that the petitioners had failed to substantiate the allegations in their petitions.
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