• Monday, December 11, 2023
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Five things to know to start your Thursday


International Breweries gross profit hit N43.7bn

International Breweries Plc, the beer and non-alcoholic beverages company, disclosed in a statement during its 46th annual general meeting that it recorded a N43.7 billion gross profit in the 2022 financial period.

In the AGM held in Lagos on Wednesday, the company said that its revenue rose to N218.7 billion as of the end of the 2022 financial period from N182.3 billion in the same period in 2021.

“With the challenging economic circumstances, the gross profit for 2022 decreased to N43.7 billion from N46.4 billion in 2022,” it said.

It added that the finance income increased from N3.1 billion in 2021 to N5.2 billion in 2022.

The Net Finance Cost increase accruing N5.6 billion in 2022 from N1.8 billion in 2021, the company said.

Read also: We are engaging Starlink to reduce service costs ; NCC

5G subscriptions now 60,000, telecoms investments hit $76bn says NCC

Umar Danbatta, the executive vice chairman of the Nigerian Communications Commission (NCC), disclosed in an interactive session with stakeholders in the communications media ecosystem held in Lagos on Wednesday that the total investments into the telecommunications sector rose to $75.6 billion as of the end of 2021, while 5G subscriptions have grown to over 60,000.

The 5G subscriptions cut across 12 states of the federation and is expected to expand in the coming months.

The BCC boss disclosed further that investment in the telecom sector is computed from the CBN and that provided by the service providers.

He added that since its initial $500 million investment in 2001, the sector has grown to become one of the most important drivers of government revenue.

2023 Economic Summit: Ondo targets highlighting capacity, attracting investors – official

On Wednesday, the Ondo State Government said the forthcoming economic summit in the state was aimed at highlighting its capacity in energy, natural resources, the blue economy, agriculture, and tourism for investors.

Razaq Obe, the Commissioner for Energy and Mineral Resources, said this at a news conference held in Akure, the state capital, to herald the investment summit tagged “Develop Ondo 2.0” in Akure.

The commissioner listed some of the areas as blue economy, tourism, energy, natural resources, and agriculture.

Obe, who doubles as the chairman of the organising committee for the summit, disclosed that the state was targeting investors who would explore the untapped natural resources in the state.

Germany provides €10m to NEPAD-IPPF to boost infrastructure development in Africa

The African Development Bank and KfW Development Bank, on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ), announced on Wednesday the replenishment of the NEPAD-Infrastructure Project Preparation Facility (NEPAD-IPPF) Special Fund.

The funds are expected to boost regional infrastructure in Africa. The German Government will provide €10 million to replenish the Special Fund, according to the details of the agreement.

The agreement was signed in Berlin by Helmut Gauges, Head of Financial Cooperation in Subsaharan Africa, on behalf of KfW, and African Development Bank Vice President and Chief Financial Officer, Hassatou N’Sele.

Germany’s support will bolster NEPAD-IPPF’s efforts towards priority areas such as green, climate-smart infrastructure and a stronger focus on the second Priority Action Plan of the Programme for Infrastructure Development in Africa for the period 2021-2030 (PIDA-PAP 2).

Biden administration appeals ban on social media contacts

The Biden administration on Wednesday appealed a federal judge’s ruling restricting some agencies and officials from meeting and communicating with social media companies to moderate their content, according to a court filing.

According to Reuters, the notice of appeal filed on Wednesday signals the government’s plan to ask the U.S. Court of Appeals for the Fifth Circuit in New Orleans to review the ruling in a lawsuit challenging the Biden administration’s efforts to persuade social media companies to police posts it considered disinformation.

The lawsuit, brought by Republican attorneys general in Louisiana and Missouri, alleged that U.S. government officials went too far in efforts to encourage social media companies to address posts they worried could contribute to vaccine hesitancy during the COVID-19 pandemic or upend elections.