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FX Turmoil: May & Baker Achieves ₦28.9bn Revenue, ₦1.6bn Gain

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FX Turmoil: May & Baker Achieves ₦28.9bn Revenue, ₦1.6bn Gain

Despite Nigeria’s difficult macroeconomic environment in 2024, pharmaceutical company, May & Baker Nigeria Plc, has posted a 47 per cent growth in its group revenue, increasing from ₦19.7 billion in 2023 to ₦28.9 billion in 2024, according to its annual report and financial statements for the year ended 31st December 2024.

Chairman of board of directors, May & Baker Nigeria Plc, Senator Daisy Danjuma, at the company’s 74th Annual General Meeting (AGM) held in Lagos on Thursday, acknowledged the turbulent business climate in the country, marked by surging inflation, exchange rate volatility, and higher operating costs.

While the Nigerian economy grew marginally from 2.45 per cent in 2023 to 3.1 per cent in 2024, Danjuma disclosed that companies continued to face stiff headwinds, especially due to exchange rate depreciation, as the naira closed the year at ₦1,615 to the dollar, leading to widespread exchange losses across industries. She explained that although the federal government had removed the exchange rate subsidy, which allowed the naira to float freely, many corporates recorded losses that impacted overall tax contributions to government revenue.

Despite these challenges, May & Baker reported a 29 percent growth in gross profit, from ₦6.6 billion in 2023 to ₦8.5 billion in 2024. Other operating income rose by 135 percent, climbing from ₦62.2 million to ₦146.1 million, primarily from exchange gains. Operating expenses, however, increased in tandem with market realities. Distribution, selling, and marketing expenses went up by 26 percent, from ₦2.6 billion to ₦3.3 billion, while administrative expenses rose modestly by 5 percent, from ₦2.7 billion to ₦2.8 billion. Finance costs also increased by 27 percent to ₦370 million.

The company achieved a Profit Before Tax (PBT) of ₦2.6 billion, representing a 69 percent growth over the ₦1.5 billion recorded the previous year. Tax expenses more than doubled, rising by 115 percent, from ₦437 million in 2023 to ₦952 million in 2024, due to back duty assessments and deferred tax implications. After tax, May & Baker posted a Profit After Tax (PAT) of ₦1.6 billion, up by 50 percent from ₦1.1 billion in 2023. Earnings per share also increased by 50 per cent, rising from 63 kobo to 94 kobo.

In recognition of the performance, the Board recommended a dividend of 40 kobo per 50 kobo share, translating to a total payout of ₦690.1 million, subject to applicable tax. The dividend will apply to shareholders on the register as of May 20, 2025.

On subsidiaries and joint ventures, May & Baker’s joint venture with the federal government, Biovaccines Nigeria Limited, completed its first supply order to the National Primary Healthcare Development Agency during the year. “Although the company made a marginal profit on the transaction, deferred tax obligations led to a net loss of ₦27 million for May & Baker’s share of the venture,” Danjuma averred.

Looking ahead, Danjuma expressed optimism about the company’s future. “The future indeed looks very promising for our company as we continue to invest and position ourselves more strategically as a leading healthcare brand in Sub-Saharan Africa,” she said. According to her, the company is strengthening its production capabilities at its world-class pharmaceutical plant in Ota by acquiring additional machinery and equipment.

In 2024 alone, May & Baker launched seven new products, all of which have entered the market. “In every challenging environment also lies opportunities for the bold,” she said, urging shareholders to continue supporting management in steering the company toward sustained growth and regional leadership.

The company stated that the construction of a local vaccine production facility is still in progress but is moving slowly due to regulatory bottlenecks and compliance issues. In contrast, Ajah said the company’s subsidiary, Osworth Nigeria Limited, posted a strong performance, recording ₦2.4 billion in revenue in 2024, an 82 percent increase from ₦1.3 billion in 2023. Osworth’s Profit After Tax also grew by 82 percent from ₦159 million to ₦289 million.

The managing director, May & Baker Nigeria Plc, Patrick Ajah, disclosed that the company is formulating 21 new products, five of which are currently under regulatory review by National Agency for Food and Drug Administration and Control (NAFDAC).

Reinforcing its commitment to Sustainable Development Goals (SDGs), the managing director said May & Baker expanded its CSR and community investment portfolio, focusing on health and the environment. “The company’s social investment spending grew by 57 percent, rising from ₦9.4 million in 2023 to ₦14.8 million in 2024. The company is also in partnership with National Institute for Pharmaceutical Research and Development (NIPRD), aimed at commercialising locally developed pharmaceutical innovations,” he added

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Dangote Refinery Fixes Petrol Price in New Pricing Template 

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Dangote Refinery Slashes Ex-Depot Price By N40

Dangote Petroleum Refinery has fixed the ex-depot price of Premium Motor Spirit (PMS), also known as petrol, at $0.779 per litre as it officially transitioned to a dollar-denominated pricing system for refined petroleum products.

The new pricing template, which took effect on Monday, July 13, 2026, also pegs Automotive Gas Oil (diesel) at $1.087 per litre and aviation fuel at $0.942 per litre, while coastal deliveries of petrol have been priced at $1,044.62 per metric tonne.

The move effectively ends naira payments for petrol, diesel and aviation fuel purchased from the refinery, marking a significant shift from the naira-based transactions introduced under the Federal Government’s naira-for-crude policy, which commenced on October 1, 2024.

In a notice to petroleum marketers and customers, the refinery said all previously issued naira-denominated Proforma Invoices (PFIs) and Deal Recaps for both gantry and coastal transactions had become invalid.

The notice, signed by the refinery’s Group Commercial Operations, stated: “Following our email of July 9, 2026, regarding the transition from naira to United States dollars (USD), please note that all issued naira coastal and gantry PFIs/Deal Recaps are now invalid, and no payments should be made against them.

“The applicable USD prices for each product, effective today, July 13, 2026, are provided below.”

Under the revised pricing template, petrol sold through the gantry will cost $0.779 per litre, diesel $1.087 per litre, aviation fuel $0.942 per litre, while coastal PMS supplies will sell for $1,044.62 per metric tonne.

The refinery, however, clarified that the transition does not affect Liquefied Petroleum Gas (LPG) transactions.

“Also note that this transition to USD does not apply to LPG transactions,” the notice added.

Industry sources said the change was necessitated by an increasing mismatch between the currency used to purchase crude oil and the currency in which refined products were being sold.

According to one source familiar with the development, Dangote Refinery now receives a significant portion of its crude oil from the Nigerian National Petroleum Company Limited (NNPCL) under dollar-denominated supply arrangements, while a large volume of refined products has continued to be sold domestically in naira.

The source said the imbalance had heightened the refinery’s exposure to foreign exchange risks.

Another industry official explained that the refinery had received fewer crude cargoes under the naira-for-crude arrangement in recent months, making it commercially necessary to align product sales with the currency used for crude procurement.

“Dangote Refinery is receiving fewer naira-denominated crude cargoes from NNPCL than dollar-denominated cargoes, while a larger volume of its petroleum products has been sold in naira.

“The resulting currency mismatch, combined with volatility in international crude oil prices and continued exchange-rate uncertainty, made it necessary to migrate product sales to dollars,” the source said.

The development is expected to have far-reaching implications for petroleum marketers, many of whom source products directly from the refinery for nationwide distribution.

It also raises fresh questions about the future of the Federal Government’s naira-for-crude initiative, which was introduced to strengthen domestic refining, reduce pressure on foreign exchange demand and help stabilise fuel prices.

Although the refinery has fixed a dollar benchmark for product sales, the retail pump price of petrol across the country will continue to depend on several factors, including the prevailing naira-dollar exchange rate, international crude oil prices, transportation and logistics costs, regulatory charges and marketers’ margins.

With Dangote Refinery now accounting for a substantial share of Nigeria’s refined petroleum supply, industry stakeholders are expected to closely monitor how the new pricing regime influences fuel prices and competition in the deregulated downstream petroleum market.

 

Source: Tribune

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Nigeria Strengthens Maritime Leadership as Fadahunsi Emerges Vice Chairman of Eastern Atlantic Hydrographic Commission

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The Hydrographer of the Federation and Chief Executive Officer of the National Hydrographic Agency (NHA), Rear Admiral OO Fadahunsi, has been elected Vice Chairman of the Eastern Atlantic Hydrographic Commission (EAtHC) for the 2026–2028 term, further reinforcing Nigeria’s growing influence in regional and global maritime governance.

Rear Admiral Fadahunsi’s election was confirmed on Friday, 3 July 2026, during the ongoing EAtHC Conference in Abidjan, Côte d’Ivoire, where member states endorsed his emergence to one of the commission’s most strategic leadership positions.

Established on 26 November 1984 under the auspices of the International Hydrographic Organization (IHO), the Eastern Atlantic Hydrographic Commission was founded by France, Nigeria, Portugal and Spain. Over the past four decades, the commission has expanded significantly, comprising 11 member states, 10 associate members and six observers committed to promoting hydrographic excellence across the Eastern Atlantic region.

The commission plays a pivotal role in advancing hydrography, nautical cartography and maritime safety through capacity-building initiatives, the development and implementation of International (INT) Charts and Electronic Navigational Chart (ENC) schemes, improved hydrographic surveys, enhanced charting standards, effective dissemination of nautical information and sustained advocacy on the importance of hydrography to regional maritime development.

Since its inaugural conference in Paris, France, in April 1986, the EAtHC has convened biennially to strengthen collaboration among member states and chart the future of hydrographic development.

In another significant endorsement of Nigeria’s expanding maritime profile, the country has been selected to host the next EAtHC Conference in June 2028. Nigeria will also host the 25th Meeting of the Capacity Building Sub-Committee (CBSC25) and the 19th Meeting of the Inter-Regional Coordination Committee (IRCC19) in June 2027, positioning the country at the centre of major international hydrographic engagements.

Rear Admiral Fadahunsi’s election is widely regarded as a testament to Nigeria’s sustained investment in hydrographic development, maritime safety and regional cooperation. It also reflects growing international confidence in the National Hydrographic Agency’s contributions to safer navigation, marine resource management and the blue economy.

As Nigeria prepares to welcome leading hydrographers, maritime regulators and technical experts from across the world over the next two years, the country is poised to consolidate its reputation as a key driver of hydrographic innovation and maritime security in the Eastern Atlantic region.

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Canada Publishes 2 Official Websites to Find Jobs, Says Over 2,000 Vacancies Are Posted Daily 

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Canada has made it easier for unemployed individuals and foreigners who wish to live and work in the country to find jobs that can help them live comfortably and meet their basic responsibilities.

On the official Canadian government website, two links are provided to websites where job seekers can find available jobs in Canada

According to the Canadian government website, applicants who apply for jobs through these platforms can get hired by different companies, as more than 2,000 jobs are posted every day.

Aside from these two websites, the Canadian government explains that individuals can also use employment agencies to help them find jobs that match their skills.

A job seeker can also ask friends or family members if there are job openings or vacancies, as not all positions are advertised on these websites.

1. Job Bank

The Canadian government explains that thousands of jobs are advertised on this platform every day by organisations and companies. The link to access the website can be found in the detailed post published on the Canadian government website.

2. Jobs GC

Another website where foreigners who wish to work in Canada or Canadian citizens can find government jobs is the Jobs GC website. Federal public service jobs are advertised on the website, alongside several other opportunities that may match an applicant’s skills.

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