…As Notore Chemicals records N2bn loss in 2018***
The Nigerian Army has announced the commencement of Exercise
Egwu Eke III, otherwise known as Python Dance, in all parts of the country
in preparation against security challenges anticipated before, during and after
the 2019 General Elections.
The Chief of Army Staff, Lt. – Gen Tukur Buratai, who stated
this at a flag-off ceremony in Maiduguri, Borno State, on Friday, said the
military exercise would last from January 1, 2019 to February 28, which
effectively covered the period of the 2019 elections.
The army chief said the exercise was necessary to tackle the
“challenges coupled with other security threats across the country such as
terrorism, militancy, kidnapping and banditry.”
Buratai said apart from the identified threats, the military
was set to combat criminal groups and elements planning violence before, during
and after the 2019 General Elections.
The COAS, who was represented by the Head of Army
Training and Operations, Maj.-Gen. Lamidi Adeosun, said, “Egwu Eke, which is an
Igbo phrase meaning ‘Python Dance,’ was first introduced in the South-East with
Egwu Eke I and II exercises executed successfully in year 2016 and 2017,
respectively.
He said, “It yielded positive results in checkmating the
security challenges being witnessed in the South-East region then.
“Exercise Egwu Eke III is significant because for the first
time it will be conducted simultaneously across the country. It is also a
reassurance of the resolve of the Nigerian Army and indeed the entire Armed
Forces of Nigeria as well as other security agencies to ensure that law and
order are maintained as we approach the forthcoming 2019 General Elections.”
The army had the Python Dance I exercise in 2016
and the Python Dance II in 2017 which covered only the South-East and
some parts of the South-South geo-political zones to tackle the incidence of
kidnapping, armed robbery and violence reported in the areas.
The exercise had been greeted with widespread criticisms in
the South-East, with insinuations that the army exercise was targeted at
members of the Indigenous Peoples of Biafra.
The army chief said on Friday in Borno that the Python
Dance would be conducted in the six geo-political zones of the country,
adding that as the general elections approached, an upsurge in stockpiling of
arms had been observed by the military.
Buratai added, “As the build-up to the 2019 general
elections gathers momentum, an upsurge of security challenges such as
stockpiling of arms by criminal groups, formation of ethnic militias and
violence induced by political activities has been observed. These challenges
coupled with other security threats across the country such as terrorism,
militancy, kidnapping and banditry portend that dissident groups and criminal
elements could cash in on the situation to perpetrate large-scale violence
before, during and after the 2019 general elections.”
In the meantime, Notore Chemical Industries Plc has recorded
a N2.01bn loss in its 2018 financial year.
The financial statements of the company, which was made
available to the Nigerian Stock Exchange on Thursday, showed that the company’s
finance cost of N10.8bn made the company record the N2.01bn loss, compared with
a profit of N8.7bn in 2017.
An analysis of the financial statements showed that the
company’s total revenue of N26.8bn reduced by 25.2 per cent when compared to
the N35.9bn recorded in the same period in 2017.
The company said in a statement on Friday that it expected
its revenue to improve in 2019 after the completion of its plant
Turn-Around-Maintenance programme.
According to the audited results, Notore Chemicals recorded
a reduction in the cost of sales, from N25.5bn in 2017 to N17.2bn in 2018.
Administrative expenses increased from N4.4bn to N6.2bn,
while sales and distribution expenses rose from N320m to N530m in 2018.
The Group Managing Director/Chief Executive Officer, Notore
Chemicals, Mr Onajite Okoloko, said the company listed on the NSE in August
2017.
He said he believed the listing would increase the company’s
access to capital in order to fund its future growth initiatives and grant
Nigerians the opportunity to participate in its growth history.
According to the statement, the company has been championing
the introduction of Urea Super Granules into the Nigerian market for
application by rice producers in flooded farmlands.
The statement read in part, “Also, in its commitment to
improving product/service quality, processes and customer satisfaction, the
company has transited from its ISO 2001: 2008 Quality Management System to the
new ISO 9001:2015 Quality Management System international standard.
“We are also embarking on Plant Turn-Around-Maintenance
programme, which involves the acquisition
and installation of a backup power plant and for the stocking-up of
critical equipment spares inventory.”
The company said upon successful completion of the TAM
programme in 2019, its urea production volume would increase to its nameplate
capacity of 1,500mtpd.
It said this would translate to a significant increase in future revenue and cash flow of the company and the group.
Punch
