NASCON shareholders laud management for impressive outing in 2018

…As NASCON targets increased market share via product innovation

Motolani Oseni

Shareholders of NASCON Allied Industries Plc on Thursday commended the board and management for a good outing in 2018, even as the company targets more market share in the food sector through increased product range and innovation.

The Shareholders, who were at the NASCON Annual General Meeting (AGM) held in Lagos yesterday, were optimistic of a better and an improved financial year by the end of 2019.

Speaking at the AGM of the Dangote Industries Limited subsidiary, Executive Director, Commercial of NASCON, Fatima Aliko-Dangote, explained that 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, adding that firm products are widely accepted in the market.

Also, 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. These three products are part of a wider product enrichment plan to diversify our product portfolio.

The products were specifically developed to meet and surpass the needs of our consumers across the country. Each of these products has been tailored to suit the local taste and cooking habits of the different regions in Nigeria.

We would continue to differentiate ourselves in our product category by consistently delivering high quality, nutritious products.”

Commending the board and management of NASCON for a good outing in 2018, a shareholder, Olagoke Olusegun pointed out that the firm board of directors consists of vibrant and experienced members who oversee and influence the activities of the management team.

According to him, the good synergy between the board and management is seen in the performance of the company despite the harsh operating environment manufacturing companies faced in the year 2018.

He also tasked the management to pay more attention to the welfare of staff who are key to the performance of the company, adding that management should adhere to the best operating guidelines in order not to run afoul of regulatory agencies’ requirements.

A leading shareholders’ rights’ activist, Sunny Nwosu, in his remarks, 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 the 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 erode 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.

Mrs. Bisi Bakare, in her contribution, commended the quality of the product mix from NASCON which she said compares with the best in the market.