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Shoprite announces decision to close store in January 2024

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Shoprite, one of Nigeria’s leading grocery chains, will close its single outlet in Kano state, located at Kano’s famed Ado Bayero Mall, in January 2024.

The supermarket’s closing was notified in a letter to its staff on December 7, 2023.

Shoprite, which is owned by Retail Supermarkets Nigeria Limited, indicated in a letter signed by one of its officials, Mubertus Rick, that the decision was made “after careful evaluation of the store’s financial situation and the current business climate.”

The “Ado Bayero Mall Closing Announcement” letter said that the retail outlet will close on January 14, 2024.

Shoprite store

“Dear Employees, I regret to inform you that our store in Ado Bayero Mall Kano, Kano state will be closing its doors on January 14, 2024.

“This decision was not made lightly, as we understand the impact it may have on our employees and community, however, after careful evaluation of the financial situation of the store and the current business climate we believe in the best course of action for the long term growth of our organisation,” the letter read.

“We understand that this news may be difficult to digest and we want to assure you that we are here to support you during this transitional period. Your well being is our top priority and we will do everything we can to assist you in finding new opportunities within our company,” it added.

However, the company urged its staff members to explore opportunities in its other stores across Nigeria.

“We encourage you to apply for any existing positions in our existing stores across the country, through the human resources department. Additionally, we will be opening new stores in the coming month and you are welcome to apply for employment there as well.

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“We deeply appreciate your dedication, hardwork and commitment to our company through out the years.

SEE ALSO:  Zenith Bank appoints first female GMD, Adaora Umeoji 

“Your contributions have been invaluable and we area greatful that the value you have brought to our team. As we navigate this transition, we will ensure that the process is as seamless as possible for everyone involved. In the upcoming days and weeks we will provide you with more information regarding surveillance packages and other important details.

“Once again, we want to express our gratitude for your contributions to ours company’s successes. We hope that you will stay connected with us as we move forward. If you have any questions or require assistance, please don’t hesitate to reach out to me chief operating officer, or our head of human resources,” the letter concluded.

Efforts to reach the Shoprite management for comments were unsuccessful, but some business operators at the Ado Bayero Mall confirmed that the store would close in January.

“Yes, Shoprite will be shutting down its operations in Kano in January. But other businesses around the store are still operating,” an owner of a barbing Saloon in the mall told our reporter.

He declined to be identified.

The news comes just days after a number of global corporations, including pharmaceutical behemoth GlaxoSmithKline (GSK) and prominent consumer goods company Procter & Gamble (P&G), announced the closing of their Nigerian operations.

GSK and P&G had been present in Nigeria for 51 and 30 years, respectively.

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In their comments, the companies blamed Nigeria’s unfavorable business environment, which had resulted in massive losses due to the country’s protracted currency crisis.

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EKEDC migrates 33 additional feeders to Band A

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The Eko Electricity Distribution Company says the Nigerian Electricity Regulatory Commission has approved the migration of 33 additional feeders to Band A under its franchise area.

The feeders are Adeleke Adedoyin, Ajeast, Annex, Army Resettlement, British America Tobacco, CIG, Coker, Dideolu, Droyers, Empire Court, Estate, Etim Inyang, Firro, Freeman, Glover, Heritage, M&K Express, Mega Plaza, Montgomery 1, Moore Road, Nest Oil, NIMR, Nipost, Osborne, Ozumba Mbadiwe, Palace Road, Rocky Estate, Rumens, Smith, Station Feeder (Nitel), Victoria Arobieke, DPR andNitel.

The DisCo disclosed this Friday in a statement made available to our correspondent by the General Manager, Corporate Communications of EKEDC, Babatunde Lasaki.

The Federal Government, through the NERC, had on April 3 announced that subsidy would no longer be paid on the electricity consumed by Band A customers.

From N68 per kilowatt-hour, Band A customers now pay N255/KWh, while others maintain the old tariffs.

Lasaki said customers in these areas would experience “a guaranteed minimum of 20 hours of power supply daily in line with the newly approved Multi-Year Tariff Order”.

He assured customers within the EKEDC network of ongoing efforts to improve the quality of service rendered to them.

He said, “In our bid to serve our customers better, we are looking to even add more feeders to the list of our Band A feeders so that more customers can enjoy a guaranteed 20 hours of power supply daily.

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“It is also our commitment to ensure that customers under other service bands, that is, Bands B to E also enjoy their guaranteed minimum supply hours while we work to improve our power supply”.

SEE ALSO:  Mbah urges FG to complete Enugu int’l trade fair complex

Lasaki added that EKEDC was working to eliminate supply downtime within its franchise area and achieve its goal of a stable and uninterruptible power supply.

He said, “The EKEDC is dedicated to investing more in infrastructural capacity to improve power supply and is working with all stakeholders to ensure a minimum of 20 hours of supply is available to all its customers”.

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Mbah urges FG to complete Enugu int’l trade fair complex

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Enugu chamber of commerce lauds Mbah over security, infrastructure
Enugu State Governor, Dr Peter Mbah

The Enugu State Government has urged the Federal Government to bring to reality its resolve and pledge to build the Enugu International Trade Fair complex to international standard according to its master plan.

Gov. Peter Mbah made the call on Friday in Enugu while declaring open the 35th Enugu International Trade Fair.

The fair, which is being organised by
Enugu Chamber of Commerce Industry Mining and Agriculture (ECCIMA), is themed: “Promoting Made in Nigeria products for global Competitiveness.”

Mbah, represented by his Deputy, Chief Ifeanyi Ossai, noted that for equity, there was a need for the Federal Government to build and complete the fair complex just as it had done in Kaduna and Lagos fair complexes.

According to the governor, we cannot easily explain to our people why this fair complex is not developed, while that of Kaduna and Lagos had been fully built and developed by the Federal Government.

“I charge the Federal Minister, here present, to make a formal memo to the Federal Executive Council for its development. We cannot aviod to wait any longer on this vital economic development move,” he said.

He also called on the chamber and organised private sector in the region to work towards it through executive and legislative lobbying and advocacy as well as media awareness on the matter.

The governor also called on the chamber and other sister chambers in the South-East and South-South regions to open lobby for the opening up of viable waterways commercial businesses and goods movement through the River Niger Port, Ibom Deep Port and Oguta Port among others.

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“This is to facilitate trade and large movement of goods as well as check the excess use of the roads to convey goods, which is more expensive,” he said.

SEE ALSO:  Naira rebounds to N1,400/$ as speculators offload forex

Mbah said that the state had passed and signed it Electricity Act, which means that very soon it will give licence to private investors to produce electricity in the state.

 

“We know how vital the place of constant and reliable electricity to industrialization and economy growth of our dear state,” he said.

On the theme of the fair, he said that it was apt, adding that it was only through massive productive activities especially goods patronized by Nigerians can lead the country to prosperity.

“It is also good we add quality and value on every made in Nigerian product we are promoting to gain global competitiveness and acceptability,” he said.

The Minister of Innovation, Science and Technology, Chief Uche Nnaji, noted that with its wealth of agricultural and mineral resources, Enugu State is in a prime position to lead the push for products made in Nigeria.

Nnaji said that the state’s potential for various industries, including energy, pharmaceuticals, and building materials, sets the groundwork for substantial economic change and industrial growth.

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He said: “To make the most of this potential, it’s vital for the state to encourage investment and offer financial incentives to businesses. Enugu’s key location and the increasing demand for local products highlight big market opportunities.

“This effort is supported by Presidential Executive Order Number 5 and the goals of my Ministry to use innovation, science, and technology as the main drivers of economic change.

“We are dedicated to improving the quality and appeal of locally made products, demonstrated by our backing of engineering developments and research efforts.”

SEE ALSO:  CBN raises capital base for mega banks to N500bn, gives compliance deadline

In a welcome address, Chief Odeiga Jideonwo, President of Enugu Chamber of Commerce Industry Mining and Agriculture (ECCIMA), called on Federal Government through the CBN to reconsider reviewing downwards, interest rate.

Jideonwo noted that policies of government especially as it affects credit to SMEs should be made to work by using the business associations as buffer for her members that are genuinely in need of credit facilities to expand their business operations.

According to him, now is the time to support the startups/SMEs which will in turn, tackle the issue of unemployment, insecurity, hunger, etc, in our country, for wealth creation.

“There is no gainsaying that this will go a long way to unleash the economy of most states in the Federation and thereby expanding the frontiers of the nation’s economy.

“One of the unique features of the 35th Enugu International Trade Fair, is the presence of the second 1000sqm Marquee Tent designated to accomodate SMEs from Enugu State.

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“All thanks to His Excellency, the Executive Governor of Enugu State, Dr. Peter Ndubuisi Mba for sponsoring the installation of this tent where all SMEs are showcasing their products and services.

“By this, the ingenuity and new ideas in the state would be brought to bear for commercialization. We have also made entry to the Fair complex free to all visitors. This is aimed at driving more traffic into the Fair.

“Interestingly, we have resolved to make this fair a pilot fair to boost our match making strategy to provide a more amenable atmosphere for interface between Researchers, Prototype Innovators and Investors for enhanced linkages to enhance and unleash the industrial sector/SMEs.”

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Transcorp demonstrates robust growth in FY’23 as revenue increases by 47.3%

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…pre-tax profit up by 93.5%

Transnational Corporation Plc has announced its financial results for the year ended December 31, 2023.

The Group achieved substantial growth in its financial indicators, reinforcing its market leadership and strategic positioning.

In its audited results, Transcorp reported significant year-on-year growth, with revenue rising to N197 billion in the year 2023, from N134 billion in 2022, representing a 47.3% increase. The strong performance is further demonstration of the Group’s strategic focus and effective execution.

Highlights of Transcorp group Results:

• FY 2023 Revenue was N197 billion, a significant increase of 47.3%, compared to 2022.

• Operating Expenses saw an increase of 22.6% year on year, totalling N26.9 billion in 2023, reflecting the impact of inflation.

• Net Finance Cost increased by 46% to N22.6 billion, arising from interest on foreign currency loans, that has now been repaid.

• Profit before Tax surged by 93.5%, amounting to N58.8 billion in 2023, compared to N30.4 billion in the same period last year.

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• Profit after Tax improved 91% year-on-year to N32.6 billion in 2023, compared to N17.1 billion in the same period last year.

• Earnings per share of the Group were N40 compared to N19 in 2022.

• Total assets grew by 20%, to N529.9 billion in full year 2023, up from N442.7 billion in December 2022.

In response to the results, Dr. (Mrs) Owen D. Omogiafo, President/Group Chief Executive Officer of Transcorp, commented, “The financial results for 2023 underscore our Group’s strong operational performance and the results of our strategic initiatives. Notwithstanding the strong macroeconomic headwinds in the year, we achieved significant growth in revenue and profits, indicating our ability to navigate a dynamic market landscape effectively. Our primary objectives remain centered on achieving sustainable growth, enhanced operational and technical efficiency, and maximizing value for shareholders.”

SEE ALSO:  Mbah urges FG to complete Enugu int’l trade fair complex

Transcorp is dedicated to its transformation agenda, emphasizing sustained growth and a relentless pursuit of long-term value for shareholders.

Transnational Corporation Plc (Transcorp Group) is one of Africa’s leading, listed Conglomerates, with strategic investments in the power, hospitality, and energy sectors, driven by its mission to improve lives and transform Africa.

Transcorp’s power businesses, Transcorp Power Plc and Transafam Power, provide over 15% of Nigeria’s installed power capacity. Transcorp is committed to developing Nigeria’s domestic energy value chain, through its investments in OPL281. The Group’s hospitality business, Transcorp Hotels Plc owns the iconic Transcorp Hilton Abuja, Nigeria’s flagship hospitality destination, and has launched the digital platform Aura by Transcorp Hotels.

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