Shareholders of Presco Plc. have approved payment of a final dividend of N6.60 per share, indicating N6.6 billion, for the year ended Dec. 31, 2022.

The company had paid an interim dividend of 20k per share, which amounted to N2 billion.

The latest dividend brought the total dividend the company paid for the year to N8.6 billion, amounting to N8.60 per share.

Addressing shareholders on Friday at the company’s 30th Annual General Meeting held on Obaretin Estate, Benin City, the Chairman of Presco Plc, Mr Jean Van Gysel, said that the dividend payment represented an increment of 13.16 percent over what it paid in 2021.

Van Gysel said the final dividend would be paid on Oct. 3 to shareholders whose names appeared on the register of members as at the close of business on Sept. 13, 2023.

The chairman praised the shareholders and all stakeholders for their support during the period under review.

He said: “On behalf of the board, I would again like to thank all of our amazing people and teams across the business for all their commitment and hard work during the year.

*L-R: Jan Van Eykeren, Director; Patrick Uwadia, Company Secretary; Mr. Jean Van Gysel, chairman; and Mr Felix Nwabuko, Managing Director at Presco’s AGM on Friday.

“I thank my fellow directors very sincerely for the wonderful work they do for the company.”

The chairman said that the company,  during the period, recorded  N81.03 billion in revenue as against N47.43 billion it realised in 2021.

He noted that the figure represented an increment of 71 percent.

According to him, the company’s gross profit grew by 57 percent to N49.97 billion from N31.75 billion in 2021.

Van Gysel said that fresh fruit bunches harvested in 2022 amounted to 302,050 tonnes compared with 233,253 tonnes in 2021.

“Crude palm oil produced was 68,998 tonnes as against 53,775 tonnes in 2021,” he said.

The chairman added that the company produced 55,878 tonnes of Refined, Bleached, and Deodorized Oil (RBDO) in 2022, compared to 46,327 tonnes it produced in 2021.

He also said that the company produced 19,420 tonnes of Olein and Stearin in 2022 as against 17,912 tonnes in 2021.

“The year under review birthed another exciting news concerning our expansion and growth strategy.

“We concluded plans to commence, in 2023, the planned and necessary construction of a new palm oil mill to cope with the steadily increasing fresh fruit bunches harvests and have the same ready for commissioning before the end of the second quarter of 2025.

“When completed, installed capacity for palm oil milling capacity will increase to 170 metric tonnes per hour,” the chairman said.

The Managing Director of Presco Plc., Mr Felix Nwabuko, assured the shareholders of improved performance in the years ahead.

Nwabuko advised the shareholders to identify their registrars and fill out necessary forms as part of measures to tackle the issue of unclaimed dividends.

The President of the Capital Shareholders Association, Abuja, Mr Augustine Ezechukwu, praised the board of directors and management of the company for outstanding performance in the year under review.

… As Military Uncovers Gun Factory, Recovers Weapons In Kaduna***

Zamfara’s Gov. Dauda Lawal on Saturday issued a ban on illegal mining in the state. He also ordered security agents to shoot violators of the order at sight.

The governor’s media aide, Malam Suleiman Idris, quoted Lawal as saying in Gusau that the order was part of measures to restore law and order.

The governor noted that illegal mining had fuelled banditry and other criminal activities in parts of Zamfara over the years.

“Illegal mining is undeniably one of the driving forces behind the rampant banditry plaguing Zamfara. “We must take swift and decisive action to curb this menace and restore peace and security to our communities,’’ Idris quoted Lawal as saying.

The governor ordered security agencies to take other stringent measures against those caught violating the order. According to him, it is time to end the destructive activity and implement measures to protect the safety and well-being of the people.

“The directive is necessary to ensure the safety and security of the people of Zamfara and deter potential wrongdoers. “It is also a swift action to enable the government to be in total control of the state’s resources and block activities that endanger the lives and properties of the people,’’ the governor said”

In another development however, Operation Safe Haven (OPSH), a military task force, maintaining peace in Plateau, Bauchi, and Kaduna States, has uncovered a gun factory at Kafanchan, Jama’a Local Government Area of Kaduna State.

Capt. James Oya, the Media Officer of the operation, disclosed this in a statement made available to newsmen, on Saturday in Jos.

Oya said that it had also arrested one Napoleon John, a suspected gunrunner and recovered various types of weapons and ammunitions.

He explained that the feat was possible owing to a week-long operation conducted by its troops.

”In line with our resolve to deal decisively with sponsors and perpetrators of crime as well as mopping up illegal weapons in our joint operation area, our troops have uncovered a gun manufacturing factory in Kafanchan, Jama’a LGA of Kaduna State.

”This followed a week-long intelligence operation that finally led to the capture of a wanted gunrunner, Napoleon John who has been on our wanted list.

”The suspect, who confessed to the crime, led troops to a concealed factory where arms of different calibre were sold by another miscreant identified as Monday Dunia.

”Dunia confessed to have been in the business for more than five years, fuelling the crisis in Kaduna State and neighbouring Plateau.

”A thorough search of the factory led to the recovery of 22 different weapons, including seven pistols, two locally fabricated AK-47 rifles, two military grade AK-47 rifles, and nine revolvers,” he said.

Oya said that its troops also recovered one submachine gun, rounds of 7.62mm special ammunition, machine tools, and a gas cylinder.

”In a follow-up operation held between Thursday night and early hours of Friday, troops raided another hideout in Adua 1 community of Kafanchan and recovered additional two AK-47 rifles, two revolver rifles, live rounds of 9mm and 7.62 ammunitions, six dangerous daggers, one hacker axe.

”Several empty cases of 7.62mm special rounds, two mobile phones, one fragmental jacket, two Police uniforms, one pair of military camouflage trousers, one ammunition magazine carrier, one pistol holster and one military grade camel pouch.

”We also recovered one police combat helmet, two masks, four identity cards, gunpowder, shrapnels, charms and amulets.

Oya said that the Commander of the operation, Maj.-Gen. Abdusalam Abubakar, commended the troops for the feat and urged them to do more.

He, however, warned sponsors and perpetrators of criminalities to abandon their evil ways and embrace lawful means of livelihood.

He thanked residents of the state for cooperating with the military and other security agencies and called for more support towards a peaceful Plateau

…CCECC completes only 1.24% of the targetted 2,044.1 km in 2 years***

The Minister of Transportation, Sen. Sa’idu Alkali, on Friday, expressed serious disappointment in the slow progress of work on the Port Harcourt-Maiduguri narrow gauge railway project.

Alkali expressed his disappointment after he and some top officials of the Ministry of Transportation inspected the project at Oyibbo Community in Rivers State on Friday.

The minister, according to a statement from the ministry also expressed a grave disappointment in his observed project handling by the contractor, the China Civil Engineering Construction Corporation (CCECC).

He said he was concerned by the delay and inefficiencies that had plagued the construction process.

“The Port Harcourt to Maiduguri Narrow Gauge Railway Project, once completed, is expected to facilitate the movement of goods and people, stimulate regional trade, and contribute to the overall socio-economic advancement of the country.

“The contract for the rehabilitation and reconstruction of the 2,044.1 km Port Harcourt-Maiduguri Eastern Narrow Gauge was signed on 16th November 2020 with a completion period of 36 months.

“The project is jointly financed by the Federal Government and the CCECC, with the Nigerian government providing 15% funding while the CCECC will provide 85% of the funds.

“However, the physical progress of work on the entire project so far is 243 km (1.24%) of the 2,044.1 km,” Alkali said.

He said that the delay had caused significant frustration among stakeholders and the local communities that were eagerly awaiting the completion of the railway line.

The minister, however, assured the public of quick completion of the project, saying that his visit underscored the government’s determination to prioritise infrastructure development and deliver on its promises to the Nigerian people.