NASCON shareholders laments impact of Apapa Wharf gridlocks on ROI

Business News

SHAREHOLDERS of NASCON Allied Industries Plc have lamented the negative impacts of the Apapa Wharf gridlocks on businesses and the returns on investment, ROI.

The shareholders who spoke at the annual general meeting of the Dangote Industries Limited subsidiary held in Lagos, yesterday, laud the board and management of NASCON for a good outing in 2018 and noted that but for the Apapa Wharf gridlocks, the company could have done better in the financial year under review.

Sunny Nwosu, one of the shareholders, lauded the board and management of NASCON for their ability to declare and pay dividends despite the harsh operating environment which resulted from the Apapa Wharf gridlock and the downturn in the national economy.

He said while other companies are lamenting and cutting down on production, the company is paying dividend which is commendable.

Another shareholder, Mrs. Funke Godswill, also commended the performance of the company but lamented the impact of Apapa Wharf traffic which she said hinders optimal performance of companies within the axis.

Sunday Apu, a concerned shareholder, bemoaned the issue of smuggling of salt products through the borders which erodes the market share of NASCON.

He called on the management to collaborate with the Nigeria Customs Service in order to curb the spate of smuggling which stifles domestic production.

Executive Director, Commercial of NASCON, Fatima Aliko-Dangote, said the company, which added three new products in 2018, would be introducing more products this year as part of strategies to meet the needs of its varied customer base.

Managing Director , NASCON, Paul Farrer said the company, having demonstrated its resilience in the challenging environment of 2018, is strongly focused on capacity growth and increased market penetration.

He disclosed that the company would be leveraging on a number of synergies including improved output in terms of quality, quantity and business efficiency to deliver value for all stakeholders.

On the new products introduced in 2018, he said, “we launched the Dangote Stew Mix, Dangote Curry and Dangote Classic seasoning.

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