Connect with us

RedStar Records 27 Percent Increase

Published

on

Kindly share this post

In spite of the global economic downturn that has drastically reduced volumes in the logistics and courier business, RedStar Express Plc, a wholly owned indigenous courier company that aspires to be the best service –driven logistics solution provider in the country has recorded an impressive 27 percent growth in earnings. Mohammed H. Koguna, chairman of the company disclosed this during his annual report and accounts presentation for the financial year 2008/2009  at the company’s 16th  Annual General Meeting held in Lagos last week . This year’s AGM marked the second since the company was quoted on the Nigerian Stock Exchange.
Koguna informed that despite the lull in capital market activities that sizeable volume of the company’s shares was actively traded on the floor of the Exchange.
Koguna said the entrance of more players in the courier space has heightened competition in the industry with mounting pressure on prices and margins even as he lamented the deplorable condition of the Nigerian roads which the organization has to contend with often leading to high maintenance cost and accidents.
The chairman was happy that three subsidiaries created by the company in the financial year demonstrated impressive first year results saying that collectively the subsidiaries accounted for 25 percent of the group’s turnover with higher margins.  Focusing on different segments, he said the birth of the subsidiaries gives RedStar Express Plc a broader revenue base and greater growth potentials which he said will go a long way in reducing the risks of the company while ensuring stability of income.
On the financial performance of the company within the financial year, Koguna said the harsh business environment notwithstanding that RedStar Express posted a good performance with group turnover increasing by 29 percent from N3.1 billion N4 billion while profit before tax leapfrogged by 50 percent to N459million and profit after tax grew by 27 percent to N248 million after making adjustments for back duty additional tax arising from 5 years tax audit covering 2003-2007. Earnings per share therefore increased from 33 kobo to 42 kobo. In view of that, the Board of Directors of the company recommended a cash dividend of 30 kobo per share payable to shareholders whose names appeared on the register of the company as at August 13, 2009.Subject to withholding tax , the AGM  approved that the total dividends payable  to shareholders amounts to N177 million
It would be recalled that in the company’s Annual General Meeting held in July last year, dividend of 25 kobo was declared per ordinary share amounting to N147 million.
On corporate social responsibility, Koguna said the board of directors approved a grant of N6million to RedStar Foundation for the purpose of establishing the scholarship scheme in the eastern and northern parts of the country even as the AGM approved that appropriation of 0.5 percent of profit after tax be granted to RedStar Foundation as a way of extending the CSR of the company on continual basis.
On its operations, the chairman said the board has set a strong growth platform in the subsidiaries of the company given their potentials saying that considering the global economic downturn that the approach of the company for 2009/2010 will be of cautious optimism.
Sule Umar bichi, managing director / chief executive officer of the company assured that all the companies’ money owed by their customers will be collected as the management has contracted credit collection personnel in Abuja and Port Harcourt to enhance the process. He said what is happening in the money market and the finance   sector  has been noted even as he informed that the company is making sure that that does not affect their debt collection. 


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Continue Reading
Advertisement
Comments

News

NAEC to Deploy Nuclear Science for Power Generation

Published

on

Kindly share this post

Nigeria Atomic Energy Commission (NAEC), in collaboration with the Centre for Energy Research and Training (CERT) at Ahmadu Bello University, Zaria is set to leverage nuclear science and technology to enhance electric power generation in Nigeria.

NAEC to Deploy Nuclear Science for Power Generation

Prof Yusuf-Aminu Ahmed, chairman of NAEC, made this known during the 20th Anniversary Symposium of Nigeria’s first Nuclear Research Reactor-1 (NNR-1) in Zaria.

Prof Ahmed emphasised the accumulated expertise in nuclear power at the center, asserting Nigeria’s readiness to advance to the next stage of power generation through nuclear reactors. “We have utilised the reactor for research and development extensively, and now we are poised to employ it for electricity generation,” Mr Ahmed stated.

He further disclosed that President Bola Tinubu has tasked the commission with contributing to Nigeria’s clean energy initiatives, with the nuclear energy programme set to play a significant role, and noted the signing of intergovernmental agreements with some vendors.

Sen. George Akume, secretary to the government of the federation, lauded the 20 years of safe operation of the nuclear research reactor as a testament to Nigeria’s commitment to the safe application of nuclear energy.

He underscored that the successful operation of the nuclear research reactor paved the way for considering a nuclear reactor for electricity generation, echoing President Tinubu’s advocacy for nuclear energy in Nigeria’s power sources.

In his remarks, Prof Sunday Jonah, director of the center, highlighted the event’s purpose of celebrating two decades of safe operation, maintenance, and utilisation of the NNR-1.

However, amidst the achievements celebrated, Prof Jonah expressed concern over a purported attempt by NAEC to wrest control of the center from the university through the proposed NAEC Bill 2022 and cautioned that such a move would contradict the original vision of the center’s establishment within universities, designed to foster a culture of research and development.

 

 

 

 

 


Kindly share this post
Continue Reading

News

INTERPOL Appoints Uche, Nigerian CP as Chairman, African Heads of Cybercrime Units

Published

on

Kindly share this post

International Police Organization (INTERPOL), has appointed  Ifeanyi Henry Uche, Nigerian Police Commissioner, as the chairman of the African heads of cybercrime units comprising heads of 54 countries.

INTERPOL Appoints Uche, Nigerian CP as Chairman, African Heads of Cybercrime Units

Uche who is the Commissioner of Police in charge Nigeria Police Force National Cyber Crime Centre (NPF -NCCC) is taking over from Ratjindua Tjivikua, head of Cybercrime of Namibia after his tenure expired.

Speaking at the closing of the Africa Working Group Meeting on Cybercrime on Friday, Uche said, “The high penetration rate of new technologies in Africa increasingly exposes the sub-regional cyberspace as potential targets for cybercriminals as most African countries still have low levels of commitment to cybersecurity.

“It is important that we join the operational sub groups created by INTERPOL to bolster our collective efficiency in the fight against cybercrime in the subregion.

He said, “Resource sharing, the level of information and intelligence among African law enforcement is still at its lowest ebb largely blamed on extant domestic laws.

“I advocate for the establishment of African Incident Response Mechanism and Cybersecurity Frameworks on a Police-to-Police basis to eliminate the bottlenecks impeding free flow of resources.

“We must leverage the INTERPOL NCB 1/247 communication network and existing capabilities with regard to sharing of classified intelligence.”

Uche said this should be done with “Establishment of Specialized Cybercrime Units, noting it is rather unfortunate that most African countries do not have a specialized Cybercrime Unit dedicated for the investigation of Cybercrime and cyber-enabled crime. I implore member states to under-study the Nigeria police model of the Nigeria police Force National Cybercrime Center (NPF-NCCC).

“Investment in Technology, Infrastructure and Capacity building through a deliberate effort by member states to make the multi-million-dollar commitment in acquiring the much-needed technology and digital solution as a prelude to efficient cybercrime response and prevention. We must begin to look inwards by developing indigenous technologies to address our peculiar socio-cultural challenges.

“Legislative support to push the advocacy and lobby the governments to make and enforce robust cybersecurity laws and regulations that address cybercrime effectively. This includes laws on data protection, online privacy, electronic transactions, and cybercrime prevention.

“With the Fourth Industrial Revolution and emergence of Al and IOT, the undeniable reality is that the global cyberspace is undergoing profound and rapid changes given the penetration of new technologies and growing interconnection of the system.

“Though this evolution offers opportunities for innovations, diversification, and cost optimization, it also carries with it increased exposure to new and devastating risks of imminent cyber-attacks. These attacks permeate and affect the entire global digital ecosystem equally with no exception to geographic belts hence it affects businesses of all sizes both in public and private sectors in all regions at a breakneck speed.

“Cybercrime poses a significant threat to our societies, economies, and security”,  he said. “it is imperative that we work together to address this growing challenge. As Chairman, I am committed to lead from the front, fostering the much-desired collaboration among our member Units to enhance our collective ability to prevent and investigate cyber crimes effectively in Africa.

“I consider this as a call to champion the enthronement of a new charter of technological renaissance and home-grown cybersecurity ethics in Africa and a paradigm shift from absolute dependence on external solutions to African nurtured technological initiatives, adaptive to our Socio-Political ecosystem.

In her remarks at the event, Hajia Imaan Suleiman Ibrahim, minister of State, Police Affairs, said, “The Government of Nigeria is fully committed to reforming our police force, recognizing that cybersecurity is an integral component of our national security agenda.

“We understand that a secure cyberspace is essential for our immediate and long-term development objectives. Therefore, we are dedicated to enhancing our cybersecurity capabilities, investing in the necessary resources, and fostering collaboration both domestically and internationally.

“Consistent with the Renewed Hope Agenda of Mr President, we are working assiduously to move beyond mere conversations to working with key stakeholders to strengthen Nigeria’s cybersecurity legal and regulatory frameworks.

“We are working to enhance the provision of the requisite tools, equipment, and facilities to strengthen the cybersecurity architecture of the Nigeria Police Force, and we remain committed to regional and international cooperation mechanisms.”


Kindly share this post
Continue Reading

News

History as Nigeria Acquire First Cosmic Rays Detector in Africa

Published

on

Kindly share this post

National Space Research and Development Agency (NASRDA) said Nigeria has made history by becoming the first country in Africa to acquire a cosmic ray muon detector to aid climate change and atmospheric research.

History as Nigeria Acquire First Cosmic Rays Detector in Africa

The muon detector acquired by Nigeria for monitoring cosmic rays and space weather was built and designed by the Physics and Astronomy Department of Georgia State University (GSU), USA;  Prof. Babatunde Rabiu, director of UN- African Regional Centre for Space Science and Technology Education in English (UN-ARCSSTEE), a research and development centre of NASRDA, disclosed.

He spoke at a symposium on Cosmic Rays and Space Weather was organised by UN-ARCSSTEE in collaboration with Georgia State University (GSU), USA in Abuja.

According to Prof Rabiu a cosmic ray is a natural radiation that is not ionized in the atmosphere. He added that cosmic rays vary in location, latitude, and altitude of location and can be modified when certain anthropogenic activities occur.

“More than ever, scientists are curious about predicting weather, and studying space weather, especially now that climate change is becoming obvious, which is the condition in outer space.

“Cosmic rays are everywhere and it has to do with the earth, and it is useful in studying the climate but is yet to be fully impacted because it is ongoing research.

“That is why we hope that with the measurements, we are taking with the muon detector, we will be able to have effective predictability of our climate system,’’ he said.

Rabiu, while speaking on space weather activities in Africa, said it dated back to 2004 with the distribution of manometers across Africa by donor agencies.

He said that although few countries in Africa had their Global Navigation Satellite System (GNSS) receivers, the continent needed more monitoring systems for space weather.

Prof. He Xiaochun, director of Physics, at GSU, USA, said the project was targeted at exploring living in space, understanding it, and its adaptation, and providing information for stakeholders to protect and make informed decisions.

Xiaochun explained that cosmic ray radiation, mostly proton particles, is produced far in deep space and gets into the solar system and produces cosmic ray showers in the earth’s upper atmosphere.

“We measure the shower particles at the surface of the earth and decode the state of the space and earth weather.

“One needs a network IP address to be able to share data and reconfigure the detector with remote access,” he said.

Dr Bonaventure Okere, director of the Centre for Basic Space Science and Astronomy, said that the facility would aid astronomy studies and enhance research and development in that area.

The symposium highlighted cosmic radiations, how it interacts with the atmosphere, and environments, the impact of climate change, and how such radiations could be studied and analysed using the cosmic rays muon detector.

The meeting also discussed the need for stakeholders to make informed decisions on the reduction of gas emissions and having clean air for sustainable human development.

 

 

 


Kindly share this post
Continue Reading

Trending