BusinessDay 28 Mar 2018

A4
NEWS
Afriland Properties reports 233% surge in
PAT, shareholders approve N137.39m dividend
DIPO OLADEHINDE
BUSINESS DAY
C002D5556
Afriland Properties
Plc. has
announced a
profit after tax of
N1.02 billion for
the year ended, December
31, 2017, representing 233
percent increase compared
to N307 million in the corresponding
period of 2016.
Total assets in the year under
review stood at N19.8 billion
which represents 17.9 percent
increase over N16.8 billion
recorded in 2016.
This was stated by the
Board of Directors during
the company’s 5th Annual
General Meeting, which took
place at the Banquet Hall of
Lagoon Restaurant on Tuesday,
March 27, 2018. The
shareholders also approved
the Board’s proposal to pay
a sum of N137.39 million as
dividend, translating to 10
kobo per ordinary share.
For the financial year
ended 2017, Afriland properties
plc, also recorded 11
percent growth in revenue
from N1.1 billion in 2016
to N1.3 billion, while profit
before tax increased by 96
percent to N1.06 billion from
N0.540billion in 2016 finan-
cial year.
In her address, the Managing
Director/Chief Executive
Officer, Afriland Properties
Plc, Uzo Oshogwe, stated
that “though the year under
review was a period of unprecedented
challenges and
profound economic instability,
our company was steadfast
in our delivery and dedication
to our clients while
earning a good return for our
shareholders. Our teamwork
and intense focus reflects
in the strong performance
across our businesses.
“Our purpose to improve
lives by investing in the development,
management
and maintenance of worldclass
Real Estate offerings
across Africa, remains a driving
force and we would continue
to build our capabilities
and investments in our people,
systems and products.
“Though the operating
environment may not
change significantly, we are
confident that our strategies
will yield even better results
in the coming years. We are
closely monitoring various
policy measures being taken
by the Government to further
sustain the gains made
in 2017.”
Take cue from Secondus, beg Edo people for
forgiveness, Ojezua advises Edo PDP, others
Less than 24 hours after
the national chairman
of the People’s
Democratic Party
(PDP), Uche Secondus, apologised
to Nigerians for what
he described as “the past
mistakes of the PDP,” chairman
of the Edo State chapter
of the All Progressives Congress
(APC), Anselm Ojezua,
has called on the Edo PDP
members to emulate their
national chairman and apologise
to the people.
Ojezua said: “Edo people
deserve an unreserved apology
from the Edo State chairman
of the PDP, Chief Dan
Orbih as well as other leaders
of the party in the state,
for their years of misrule. We
need not debate the sins of
the PDP over and again, now
that the national chairman of
the opposition party has courageously
admitted to impunity
and misrule.”
He explained that the
“Edo APC has in the past
urged the Edo PDP to apologise
for their sins which are
still visible in all parts of the
state, several years after they
were voted out of office.”
He maintained that “it
is foolhardy and imprudent
to continue to grandstand
ODINAKA ANUDU
Nigeria decided not
to join an Africa
free trade zone last
week because it
needs to carry out more consultations
at home first, the
government said on Tuesday.
Other leaders agreed to
form a zone encompassing
1.2 billion people, but 11
countries including the continent’s
biggest economy, Nigeria,
and its most-developed,
South Africa, did not sign up.
The omissions were a
blow to African Union plans
to cut back red tape and other
barriers that have strangled
trade between African states
- which amounts for just 15
percent of total commerce on
the continent.
“Minister of Foreign Affairs:
The decision for President
@MBuhari to not attend
the #AfCFTA signing ceremony
was taken because we
realized more inclusive (domestic)
consultations needed
to take place before Nigeria
signs,” read a message on the
presidency’s Twitter feed.
It did not go into any details
on the nature of the consultations.
South Africa did immediwhen
your sins stare at you
daily, from the failed dredging
of Ikpoba River, the failed
Edo Water Board resuscitation
project, failed Cassavita
Factory, failed Fruit Juice
processing factory in Ehor,
failed Bendel Breweries and
Edo Line, for which billions
of naira were either borrowed
or allegedly spent, yet
Edo people never had the
benefit of seeing their actualisation,
and enjoying the
outcomes.”
He argued, “If the Edo
PDP government meant well
for Edo people and completed
these projects, the
socio-economic profile of
the state would have appreciated
a great deal. Former
Governor Adams Oshiomhole
picked up a completely
broken down state and rescued
it from total collapse
by aggressively fixing the
huge infrastructural deficit
he inherited, constructing
schools, roads, hospitals and
enthroning purposeful leadership.
“Today, Governor Godwin
Obaseki is paying the
desired attention to industrialisation,
infrastructure, law
and order and job creation,
amongst other sectors.”
Nigeria to consult before deciding
on African trade zone
Wednesday 28 March 2018
ately comment on its reasons
last week. Others staying on
the sidelines were: Botswana,
Lesotho, Namibia, Zambia,
Burundi, Eritrea, Benin, Sierra
Leone and Guinea Bissau.
Nigeria’s President Muhammadu
Buhari was earlier
scheduled to travel to Kigali to
ratify the trade deal but backtracked
on the opposition of
the Organised Private Sector
(OPS) who said they were not
consulted.
Negotiations on the free
trade agreement started in
2012 with an ambitious longterm
goal of deepening trade
among African Union countries,
creating bigger and integrated
regional markets for
African products and achieving
economies of scale among
African manufacturers.
The agreement removed
tariffs on 90 percent of goods
and liberalised trade in services
to allow African consumers
to have access to
cheaper products from other
African countries.
Apart from allowing domestic
firms to access bigger
markers, the trade deal aims
to remove tariffs and quotas
to lower import and consumer
prices and increase intra-
African trade.