The Covid-19 pandemic that has ravaged the global economy is having an impact on Nigerian businesses and as First Quarter 2020 results begin to trickle in, MoneyCentral has compiled a list of what firms are disclosing about the economic impact of the coronavirus on their businesses. We will continue to report more disclosures as they are made.
Mobil Nigeria (11 Plc)
“The Covid-19 crisis continues to impact all businesses, with the effect expected to be more pronounced in the future. The priority for us is to protect the health, safety and welfare of all stakeholders under our duty of care as well as support the Government and its agencies as they work to reduce the impact of the outbreak.
At this stage, it is not possible to determine the financial impact of Covid-19 on our Company given the lack of visibility on the end date of the pandemic or on how long it would continue to impact the Nigerian economy. The Company has a strong Balance Sheet and the Board and Management are focusing on efforts to mitigate the impact on our business.”
Linkage Assurance Plc
“We will continue to refine our strategy in line with the political, economic, sociological and technological changes in the industry particularly the impact of Coronavirus (COVID-19) pandemic on the business landscape.
Also we will continue to develop innovative products, alternative channels of distributions and strategic initiatives that will enable us achieve our corporate goals and objectives.
With a medium-to-long term perspective, we believe that we will benefit from growth in these initiatives.”
CWG Plc
“During the quarter ended 31 March 2020, the Group has put in place appropriate measures to respond to the global COVID-19 pandemic. In line with the directives from the government to curtail the spread of the Virus, The Group activated its business continuity plan and also a ‘Work from Home’ plan thus, providing the necessary tools to her staffs to enable them deliver on their responsibilities.
The Group is assessing the vulnerable segments on the impact of Covid-19 on its earnings, liquidity, capital, employee, customers and other stakeholders. The outcome of the evaluation which is ongoing, in terms of numbers, would be duly disclosed in the subsequent audited financial statements to be issued by the Group.
The Group will continuously and closely monitor the development, evaluate and proactively address its impact on the Group’s financial position and performance. However, based on current assessment, the Directors are confident that the Going Concern of the Group will not be threatened and would be able to continue to operate Post COVID-19.”
Stanbic IBTC
The tier-2 lender had earlier filed a notice to the Nigerian Stock Exchange (NSE), saying it faces no real threat from the Covid-19 pandemic.