COVID-19: CBN Presents N253.4m Grant To Check Pandemic
The letter was addressed to the bank’s Chairman, Ibukun Awosika. Mr Mustafa said that the action was taken without due consultations with the regulatory authorities, especially given the systemic importance of the commercial bank. He noted that the tenure of Mr Adeduntan has yet to expire.
“The CBN was not made aware of any report from the board indicting the managing director of any wrongdoing or misconduct; there appears to be no apparent justification for the precipitate removal.
“We are particularly concerned because the action is coming at a time the CBN has provided various regulatory forbearances and liquidity support to reposition the bank, which has enhanced its asset quality, capital adequacy and liquidity ratios amongst other prudential indicators.
“It is also curious to observe that the sudden removal of the MD/CEO was done about eight months to the expiration of his second tenure which is due on Dec. 31, 2021,” he added. Mustafa noted that the removal of a sitting MD/CEO of a systemically important bank was not good.“
The removal of a sitting MD/CEO of a systemically important bank that has been under regulatory forbearance for five to six years without prior consultation and justifiable basis has dire implications for the bank and also portends significant risks to the stability of the financial system.
“In light of the foregoing, you are required to explain why disciplinary action should not be taken against the board for hastily removing the MD/CEO and failing to give prior notice to the CBN before announcing the management change in the media.
“In the meantime, you are directed to desist forthwith from taking any further public/media comments on the matter. Your comprehensive response on the foregoing should reach the Director, Banking Supervision Department, on or before 5 p.m. on April 29, 2021,” he said.
The appointment was disclosed in a statement made by the bank’s Chairman, Ibukun Awosika. However, in an apparent leak, a letter from the central bank to First Bank revealed a query from the former to the latter expressing concern that the appointment of Shobo was done without the approval of the apex bank.
“The attention of the Central Bank of Nigeria (CBN) has been drawn to media reports that the Board of Directors has approved the removal of the current Managing Director of the bank, Dr. Sola Adeduntan, and appointed a successor to replace him. The CBN notes with concern that the action was taken without due consultation with the regulatory authorities, especially given the systemic importance of First Bank Ltd.”
The CBN also claimed that the tenure of Mr. Adedutan was yet to expire (bank MD’s have a maximum 10 years) and that they were also not aware of any misconduct of the former MD and as such there was no justification for his removal. “Given that the tenure of Dr. Adeduntan is yet to expire and the CBN was not made aware of any report from the Board indicting the Managing Director of any wrong-doing or misconduct, there appears to be no apparent justification for the precipitate removal.”
However, sources within the bank stated that First Bank has a maximum of 6 years tenure for its MDs in line with its succession plans. They also claimed the CBN is meddling in its internal affairs as the removal of the MD is in line with its succession plans and also does not exceed CBNs maximum of 10 years.
“First Bank followed its corporate governance framework in its change of leadership and appointment of new executive directors. No Managing Director in the 127 years history of FirstBank has ever attempted a tenure extension.
Why now?” Another source who did not want to be mentioned as they were not authorized to do so lamented that “Adeduntan’s term formally ends in June this year after 2 terms of 3 years each. Leaving early is in line with the bank’s succession planning.
When he was appointed 6 years ago and a DMD role was created, the erstwhile FirstBank Managing Director knew the DMD would succeed him and this is what has happened. This is corporate governance at its best.”
However, the apex bank in the leaked letter also suggested that it had provided First Bank with “regulatory forbearance” which can be interpreted as a bailout subliminally indicating that it has a say in the operations of the bank.
“We are particularly concerned because the action is coming at a time the CBN has provided various regulatory forbearances and liquidity support to reposition the bank which has enhanced its asset quality, capital adequacy and liquidity ratios amongst other prudential indicators.
It is also curious to observe that the sudden removal of the MD/CEO was done about eight months to the expiry of his second tenure which is due on December 31, 2021. The removal of a sitting MD/CEO of a systemically important bank that has been under regulatory forbearance for 5 to 6 years without prior consultation and justifiable basis has dire implications for the bank and also portends significant risks to the stability of the financial system.”
Sources within the bank also allude without proof that the involvement of the central bank in this matter may also be due to First Bank’s support of Flutterwave which may have angered CBN.
“Is this payback for FirstBank for supporting and enabling Flutterwave and other tech companies? FirstBank MD-Designate, Gbenga Shobo created a revolution by partnering with Flutterwave and other tech companies. Is this payback? The CBN Governor must be called to order. This is not a banana economy. We need to preserve the FirstBank heritage with its seamless succession planning.”
It is unclear how this matter will end but stemming from experience, we will not be surprised if this matter ends in court in a few days. The Central Bank has often controversially delved into board-related issues such as appointments and even firing of all or some Board members for what it perceives as severe infractions.
And as expected, it ended its query to the bank with a threat to the board if the decision to remove Adeduntan is not reversed. “In light of the foregoing, you are required to explain why disciplinary action should not be taken against the Board for hastily removing the MD/CEO and failing to give prior notice to the CBN before announcing the management change in the media.”
Dogecoin price skyrockets after billionaire Elon Musk referred to himself as ‘The Dogefather’ on Twitter ahead of his appearance on US comedy show SNL.
The meme-inspired cryptocurrency jumped from $0.25 to $0.30 in less than 15 minutes on Wednesday morning, recovering its losses from last week and pushing it back towards the record highs that it touched earlier this month.
Dogecoin as of press time was trading above 31 cents after it had touched a 24-hour high of 34 cents according to data from coindesk.com.
The Tesla CEO tweeted Wednesday “The Dogefather SNL May 8”, referring to his hosting spot on Saturday Night Live which was announced last week. This was hinted to imply the SpaceX and Tesla CEO would speak about dogecoin during his appearance on the show.
Dogecoin is parody crypto derived from the “Doge” meme created in 2013, which has seen a price increase of over 6000% in 2021, thanks in no small way to the attention garnered by the Tesla CEO.
It was boosted by the GameStop saga at the start of January 2021, soaring over 800% as Reddit users, who also pumped stocks such as GameStop and AMC, drew their attention to the coin.
The Shiba-Inu-themed token now has a market capitalization of nearly $50 billion, making it the seventh-largest cryptocurrency in the world. Earlier this month, dogecoin briefly eclipsed Ripple’s XRP to be the fourth largest before a heavy selloff that plunged it as low as 20 cents from its record high of 45 cents.
There are times when we just don’t want to make decisions, or we feel overwhelmed by the many choices available that we just want the stress taken away. A Friday evening with Netflix “Play Something” is the deal.
A fridge full of food but nothing seems exciting enough to try, or a family movie night where no one can agree. We’ve all been there, that’s why today 28th April 2021, Netflix launched “Play Something”
Designed for those all-too-frequent moments when you have no idea what to watch, Play Something takes the stress out of choosing and allows you to instantly watch something new without the hassle of browsing or Play Something Else to watch other shows and films tailored to your taste.
Let Netflix Do All The Work With Its Latest “Play Something” Feature-Brand Spur Nigeria
Play Something may already sound familiar—we’ve been testing this feature for some time and members in the test have been sharing some really helpfulfeedback along the way.
When you hit the ‘Play Something’ button, you’ll be instantly met with a series or film we know you’ll love based on what you’ve watched before.
For members that use screen-readers, Play Something fully supports Text-to-Speech (TTS). To discover your next favorite film or show with Play Something using TTS, visit our Accessibility help center for more information on how to enable this feature through your TV device settings.
When you hit the ‘Play Something’ button, you’ll be instantly met with a series or film we know you’ll love based on what you’ve watched before. Or with one more click you can ‘Play Something Else’ and get;
A brand new series or film,
A series or film you’re already watching,
A series or film on your list, or
An unfinished series or film you may want to revisit.
And to keep it easy, you can find Play Something in multiple ways on your TV:
Underneath your profile name
The tenth row on your Netflix homepage
The navigation menu on the left of the screen
When finding your next story to watch, there are ways to unlock a whole roster of new content.
Whether you’re in the mood for a new or familiar favorite, Let the story find you, just ‘Play Something’ and let Netflix handle the rest. Easy.
Are you a woman who smiles happily when other people call you a ‘strong woman’ or you are a man who has referred to some women as ‘strong women’? Then, this article is for you!
Being called a ‘strong woman’ is not a compliment and we need to stop taking it as one. On International Women’s Day, many people put up pictures of women on social media and they state that they are celebrating them for being the ‘strong women’ that they are. What does it mean to be a ‘strong woman’? By whose standards? Compared to who? And for what reason?
Photo by Leighann Blackwood
The choice of words we use and the narratives we pass from one generation to another deeply affect our biases against women. Over time, we have used the label ‘strong woman’ to reinforce prejudices and unrealistic societal expectations for women. We hear people say ridiculous things about being a ‘strong woman’. The woman who cries all night and puts on her red lipstick in the morning, with her hair properly done is a strong woman. The woman who combines extensive hours of paid work with unpaid domestic work, and has little time to rest is a strong woman. The woman who is assertive and leads a male-dominated industry is a strong woman. The woman who challenges the status quo is a strong woman. The list of those we confer the title of the ‘strong woman’ is endless.
It is such a bad idea for us to adopt the label of the ‘strong woman’ to justify some of the unrealistic societal expectations for women. It is equally a bad idea for women to take on the label of the ‘strong woman’ as a badge that they wear proudly. Girls are socialized into a society that projects women as having superpowers, as people who do not rest from work (whether paid or unpaid domestic work). Girls are socialized into a society that makes it difficult for women to ask for help, admit that women have their breaking points and that women have the need to indulge in self-care. Our society makes it seem like women are meant to be perfect, forgetting that we are all humans. We err, we forget, we get tired, and we bounce back.
The ‘strong woman’ title is problematic and it forces women to put pressure on themselves. It is high time we debunked the myth of the ‘strong woman’. We need to eliminate the negative connotations that sometimes come with the title of the ‘strong woman’.
Here are some reminders to help us collectively debunk the myth of the ‘strong woman’:
Women get tired, they are not super-humans: There are so many expectations on what a woman should be, the things she must do before she can ‘earn’ the title of the ‘strong woman’. Sometimes, we hear women brag about how they work long hours at work, get home to do chores, care for their family members and struggle to get 5 hours of sleep every night. Who are these women trying to impress? The society or their families? We all need to remember that women do not have extra strength stored up their sleeves. They are ordinary humans and it is okay for them to be tired and for them to communicate that they are tired.
It is normal for women to ask for help and set boundaries while giving help: We often portray this image of the ‘strong woman’ who does everything by herself. She does not ask for help and she is ever-ready to help everyone. This kind of expectations for women is unfair. We need to normalize women by asking for help when they need help. Whether they need help with their paid work or unpaid domestic work, we need to support women when they ask for help. We ascribe some gender roles to women based on the way our society operates and this places a lot of pressure on women. It is okay for women to seek help from their family members or even outsource some of their workloads. We should also expect women to set boundaries on the kind of help they are willing to give other people. Do not ask a woman for extra favours and expect her to oblige to your requirements just because she is a woman.
The ‘strong woman’ title is problematic and it forces women to put pressure on themselves. It is high time we debunked the myth of the ‘strong woman’
A woman seeking mental health support is not crazy and helpless: The label of the ‘strong woman’ has been used to depict a woman who needs psychological support but keeps things to herself. This interpretation of the ‘strong woman’ myth is unhealthy for women. Why should we praise a woman for crying all night and putting up a ‘strong beautiful face’ during the day? We need to make it easy for women to seek professional mental health support when necessary. Let us stop the stigmatization of mental health. A woman who seeks professional help for her mental health is not crazy. She is not petty, and she is not weak.
Women can find time to unwind and engage in leisure activities:
Another negative connotation that comes with the ‘strong woman’ title is that it refers to women who never stop working. We live in a society that projects busyness as a virtue. People come together to compare their levels of stress as if they are competing for the Nobel Prize. We also live in a society that socializes boys into hanging out with friends and girls staying home to do house chores. Whether women want to hang out with their friends or stay home to unwind is completely left to them, but we need to normalize leisure for women. They should be allowed to take breaks without feeling guilty for taking those breaks. Women should incorporate leisure activities in their everyday lives. Taking time for leisure is not what women do when they are at their breaking points or once in a blue moon.
As we continue to celebrate women every day, let us be mindful of the compliments we pass across to them. Being called a ‘strong woman’ is not a compliment because of the nuanced interpretations we have developed about the idea of being strong. Women are humans. They have their strengths and weaknesses just like men. They are not strong, they are not weak, they are just women!
The world will be a better place for girls and women to thrive when we give up the title of the ‘strong woman’.
Anifat Ibrahim is a Lagos-based social researcher, youth advocate, and freelance writer. She is interested in communication for development and she writes about inequalities, youth development, technology, education and other development-related issues.
Net revenues increased 7.9 percent driven by Organic Net Revenue growth of 3.8 percent, favourable currency, and incremental sales from the company’s acquisitions of Give & Go and Hu. Volume and pricing drove Organic Net Revenue growth, partially offset by unfavorable mix.
Gross profit increased $515 million, while gross profit margin increased 450 basis points to 41.0 percent, primarily driven by favourable year-over-year change in mark-to-market gains/losses from currency and commodity derivatives.
Adjusted Gross Profit increased $134 million at constant currency, while Adjusted Gross Profit margin remained flat at 39.6 percent due to higher raw material costs and unfavourable product mix, offset by higher pricing and manufacturing productivity.
Photo by The Creative Exchange
“Our first-quarter results demonstrate that we are emerging from the COVID-19 pandemic stronger, as we continue to build upon our track record of robust growth, profitability and cash generation,”said Dirk Van de Put, Chairman and Chief Executive Officer.
“We saw continued improvement across emerging markets, healthy demand in developed markets and another quarter of strong share performance. We remain squarely focused on accelerating growth by further strengthening our core brand and expanding our presence in high-growth channels, categories and adjacencies. Our strategy is working, and our business is better positioned than ever before.”
Operating income increased $427 million and operating income margin was 17.7 percent, up 490 basis points primarily due to favourable year-over-year change in mark-to-market gains/losses from currency and commodity derivatives and higher Adjusted Operating Income1, partially offset by higher restructuring expenses. Adjusted Operating Income increased $142 million at constant currency, and Adjusted Operating Income margin increased 140 basis points to 17.9 percent primarily driven by lower overhead costs, partially offset by increased advertising and consumer promotions spend.
Diluted EPS was $0.68, up 33.3 percent, primarily due to mark-to-market gains from derivatives versus losses in the prior year, lapping the prior-year loss on interest rate swaps and an increase in Adjusted EPS, partially offset by a loss on debt extinguishment, higher Simplify to Grow program costs and lapping the prior-year gain on equity method investment transactions.
Adjusted EPS was $0.77, up 10.6 percent on a constant-currency basis driven by operating gains and share repurchases, partially offset by lower equity method investment earnings and higher taxes primarily due to changes in the company’s mix of earnings.
Capital Return: The company returned $1.5 billion to shareholders in cash dividends and share repurchases.
2021 Outlook
Mondelēz International provides its outlook on a non-GAAP basis, as the company cannot predict some elements that are included in reported GAAP results, including the impact of foreign exchange. Refer to the Outlook section in the discussion of non-GAAP financial measures below for more details.
The company estimates currency translation would increase 2021 net revenue growth by approximately 2 percent with a positive $0.10 impact to Adjusted EPS3. Outlook is provided in the context of greater than usual volatility as a result of COVID-19. The company strategy and long-term algorithm remain unchanged.
Mondelēz International, Inc. (Nasdaq: MDLZ) empowers people to snack right in over 150 countries around the world. With 2020 net revenues of approximately $27 billion, MDLZ is leading the future of snacking with iconic global and local brands such as Oreo, belVita and LU biscuits; Cadbury Dairy Milk, Milka and Toblerone chocolate; Sour Patch Kids candy and Trident gum.
Mondelēz International is a proud member of the Standard and Poor’s 500, Nasdaq 100 and Dow Jones Sustainability Index.
United Capital Plc announced its Unaudited Financial Statements for the period ended March 31, 2021. The Group reported impressive growth across key indicators during the period under review despite the challenging global climate.
Total Revenue in Q1 2021 grew 62.57% to N3.12 bn from N1.92 bn in Q1 2020, Profits before tax recorded a significant growth of 67.85%, while PAT was up 67.82% year-on-year. An increase of 21.23% was recorded in Total Assets, and a 25.23% increase in Liabilities, while Shareholders Fund declined 11.25%.
Year-on-Year Analysis (Q1 2021 to Q1 2020) reveals the following;
Gross Earnings: N3.12 billion in Q1 2021, compared to N1.92 billion in Q1 2020 (63% growth year-on-year)
Net Operating Income: N3.10 billion in Q1 2021, compared to N1.89 billion in Q1 2020 (64% growth year-on-year)
Operating expenses: N1.15 billion in Q1 2021, compared to N0.74 billion in Q1 2020 (54%
growth year-on-year)
Profit Before Tax: N1.97 billion in Q1 2021, compared to N1.18 billion in Q1 2020 (68% growth year-on-year)
Profit After Tax: N1.66 billion in Q1 2021, compared to N0.99 billion in Q1 2020 (67% growth year-on-year)
Annualized Earnings Per Share: 111 kobo. (Q1 2020: 66 kobo)
Statement of Financial Position:
Total Assets: N270.04 billion, compared to N222.75 billion as at FY 2020 (21% year-to-date growth)
Total Liabilities: N248.36 billion, compared to N198.32 billion as at FY 2020 (25% year-to-date growth)
Shareholders Fund: N21.68 billion, an 11% year-to-date decrease relative to FY 2020’s value at N24.43 billion.
Comparing Q1 2021 with Q1 2020, the following are worthy of note:
Total Revenue:United Capital’s total revenuerecorded an impressive 63% growth year-on-year on the back of strong growth in Fee and Commission income (+133% year-on-year), Investment Income (+28% year-on-year), and net trading income which was up 137% year-on-year.
Cost-to-income ratio: Continued improvement in operational efficiency was seen during the period as the cost-to-income ratio declined by 2.0 percentage points, largely attributable to the faster growth in revenue (+63% year-on-year) relative to operating expenses (+54%yearon-year).
However, there was a sharp increase in impairment allowance due to the IFRS 9 requirement that some financial assets be measured at amortized costs.
PBT Margin: United Capital’s Profitability margin also improved with PBT margin gaining 2.0 percentage points to 63% for Q1 2021 relative to 61% for Q1 2020 as PBT increased by 68% year-on-year during the period.
PAT Margin: PAT margin also improved, gaining 1.5 percentage points despite a higher tax charge of 16.0% for Q1 2021, relative to a charge of 15.7% during the same period in 2020.
Total Assets: Total Assets grew by 21.23% year-to-date driven by a significant 241% increase in cash and cash equivalents and an 11% growth in trade and other receivables.
Total Liabilities: This increased by 25.23% owing to the growth in short term investment by 58.45% and trust funds by 19.53%. In aggregate, the Group’s managed funds grew by 40.05%.
Shareholders’ Fund: shareholders’ funds declined 11.25% YTD, with retained earnings down 11.76% due to the impact of N4.2b dividend payout during the period under review.
“I am pleased to inform all stakeholders that United Capital Plc commenced the first quarter of the year from a stable position with remarkable earnings growth and strong performance across key financial parameters even as we continued to navigate the tough terrain which at the moment points to a recovery in the domestic economy amid other improving global macroeconomic developments”.
With our well-articulated plans and solid risk management framework, we were able to deliver an increased revenue of over 63%, increased PBT of 68% and PAT increase of 67%.
“This performance empowers us to adopt a positive outlook on the remaining part of the year 2021 as the operating environment improves, supported by fiscal stimulus programmes, easing of restrictions on business operations, reopening of international and domestic travels, resumption of wholesale and retail trading activities as well as the rebound in oil prices”.
We have continued to drive our strategy as we push further our market diversification and cost-optimization initiatives, as well as implement, phased automation of our business processes whilst upholding our commitment to ensuring a significant improvement in our value delivery to all our stakeholders.
Discussing the result further he stressed that;
“Going into the remaining quarters, we remain diligently committed to delivering greater value to our stakeholders and providing best-in-class solutions to diverse client segments by constantly reviewing our strategy in the light of global and domestic developments even as we work with regulatory authorities to strengthen the broader financial system as the domestic economy continues on the path to recovery.”
Last year, a single outbreak of deadly infectious disease traveled around the world, changing life as we know it. But every year, there are many near misses-outbreaks that are successfully controlled before they become epidemics.
Today, Resolve to Save Lives, an initiative of Vital Strategies, released a first-of-its-kind interactive digital report highlighting “Epidemics That Didn’t Happen” to show how the trajectory of an outbreak can be altered when a country invests in and prioritizes preparedness combined with swift strategic action.
Epidemics that Didn’t Happen was developed by Resolve to Save Lives to highlight how investing in and prioritizing preparedness and response systems, such as community vaccination and vaccination programs, can save millions of lives and trillions of dollars. As governments contend with the ongoing devastation of COVID-19—and look for lessons for the next pandemic, the report serves as a call to action to global leaders. The world can learn from the experience that African governments have had with infectious diseases including COVID-19, Ebola and monkeypox.
The collaboration between a national rapid response team and local officials to contain the 2019 monkeypox outbreak in Akwa Ibom, highlighted in the report, serves as a lesson to governments and health leaders on how to respond to future health threats more efficiently through the use of rapid response teams and risk planning.
“Thanks to strong collaboration and coordination among local officials and a rapid response team, a monkeypox outbreak in Akwa Ibom was contained within a month,” said Dr. Chikwe Ihekweazu, Director General of the Nigeria Centre for Disease Control. “Our case study in the Epidemics That Didn’t Happen report illustrates how strong risk assessment, planning, and risk communication can help to prevent epidemics.”
The case studies described in the new report show that devastating human and economic losses can be avoided with modest investments, improved health systems, and better coordination and communication by determined leaders who put structures in place to find, stop and prevent infectious disease outbreaks before they spread.
And although the story of containing COVID-19 has largely been one of failure, countries including Vietnam, Mongolia and Senegal mounted effective responses that reinforce and act upon lessons drawn from earlier outbreaks. The case studies illustrate different aspects of effective public health programs, including:
Building community trust: How Kenya controlled a deadly anthrax outbreak
A risk-based response: How protective actions stopped yellow fever in Brazil
Effective surveillance: How Uganda detected cases of Ebola at the border
Rapid response teams at the ready: Nigeria’s approach to containing monkeypox
Good governance matters: How Senegal saved lives through government action and early testing
Preemptive action: How an early, strategic response in Mongolia averted a COVID-19 nightmare
COVID-19 Cooperation: Africa’s cohesive, continent-wide response to the pandemic
Investment in public health saves lives: Vietnam’s COVID-19 response is proof
“Preparedness combined with action really matters, if the world had been prepared to contain and respond to COVID-19, millions of lives could have been saved” said Amanda McClelland, Senior Vice President of Resolve to Save Lives.
“But the reality is that this won’t be the last pandemic in our lives—it is really a constant battle that requires political will, scientific innovation, and good public health practices to ensure we are safer next time. When countries can prepare and respond appropriately, even if not perfectly, their communities, neighbors and ultimately the world are safer for it.”
Landscape in Narok, Kenya. Courtesy: International Federation of Red Cross and Red Crescent Societies / The Kenya Red Cross Society-Brand Spur Nigeria
The COVID-19 pandemic has reinforced the need to work together at the global, regional, country and local levels to build a more resilient response to future health emergencies. It has revealed gaps and weaknesses across the high-, middle- and low-income countries.
Among the key lessons highlighted from successful responses to public health emergencies:
Improve governance to prioritize public health emergencies and address equity gaps
Invest in preparedness response and technical assistance
Learn from and adapt effective responses from other diseases and other areas
Prioritize early warning and response systems by adopting the “7-1-7” goal by being able to identify any new suspected outbreak within seven days of emergence, start to investigate the event within one day and report and begin response to it then, and mount an effective response within seven days
“All countries can and must improve their systems for preparedness and the quality of their response,” said Dr. Emmanuel Agogo, Nigeria Country Representative at Resolve to Save Lives, an initiative of Vital Strategies. “The actions highlighted in the report save lives and can fundamentally alter the trajectory of future outbreaks and pandemics.”
The case studies were developed with support from health ministries and global health organizations including, Kenya Red Cross, International Federation of Red Cross and Red Crescent Societies, Infectious Diseases Institute, Nigeria Centre for Disease Control, Akwa Ibom State Ministry of Health, Pan American Health Organization and Africa Centres for Disease Control and Prevention.
As Nigerians take the lead in global cryptocurrency trade and adoption, TradeFada, one of the major indigenous players in the Nigerian cryptocurrency industry is set to re-launch its services to the general public on Saturday, May 1, 2021.
Brand Spur Nigeria learnt that the TradeFada re-launch is not just locally, but to a more diverse international audience.
TradeFada will be launching a new robust and secure world-class crypto-to-crypto spot exchange that boasts of deep liquidity on over 100 trading pairs ranging from Bitcoin to Ethereum, Bogecoin, ripple, and so much more.
Tradefada App: TradeFada Set Date To Re-Launch-Brand Spur Nigeria
The exchange will also be available as mobile apps for Android and iOS to give users the ability to trade anytime and anywhere.
TradeFada will also be launching its instant fiat-to-crypto exchange platform to buy and sell cryptocurrencies in over 30 fiat currencies from different countries.
This feat plus their adherence to global best practices will place TradeFada amongst the world’s top cryptocurrency exchanges and gives Nigerians the opportunity to benefit from and participate in one of the world’s largest financial revolution and generational wealth transfer.
The Company’s revenue increased by 46% to ₦19.43 billion from ₦13.33 billion in the corresponding period. This was caused by a 48% increase in sales generated within Nigeria, being the Company’s primary geographical segment as it comprises 99% of the Company’s sales.
On the other hand, Unilever Nigeria reported a 51% upsurge in its Cost of Sales. This was jointly driven by an increase in Brand and Marketing, Overheads, and Service Fees by 63%, 53% and 124% respectively.
Also, the Finance Income shrunk by 62% to ₦186,79M from ₦495,64M in Q1’2020. This was aided by a 90% decline in Interest on-call deposits and bank accounts and, also a 42% decline in Exchange difference on bank accounts.
However, the Company’s Finance Cost increased by 5498% to ₦34,37M from ₦614,000 in Q1’2020. This major upsurge was attributed to Interest on third party bank loans and Employee benefit charge.
As a result of the high Cost of Sales and Finance Cost in Q1’2021, the Company’s Profit Before Tax (PBT) and Profit After Tax (PAT) declined by 112% and 144% to ₦110.09M and ₦492.00M, as against ₦948.47M and ₦1.11 billion in the corresponding period of 2020.
Consequently, the Earnings Per Share (EPS), settled at (₦0.09) per share; representing a 135% decrease as against ₦0.26 in Q1’2021.
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