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US Embassy Opens Abuja Consular Office
From Funmi Peter-Omale in Abuja

The United States Embassy in Nigeria yesterday opened the Abuja Consular
Office with a call on Nigerians to avail themselves of a new window of
opportunity for easy consular services. The US. Ambassador to Nigeria, Mr.
John Campbell, stated: “The goal of the consular section is to facilitate
travel between Nigeria and the U.S. –to encourage Nigerians to work, to
seek business opportunities, to study in and to visit the U.S. for whatever
their own private purposes, and then return home to share their experiences
and to help build their own country.”
According to him, the consular section is about facilitating
people-to-people contact as well as a means of broadening bilateral
relationship between the two countries.
“The United States and Nigeria are important partners in international
diplomacy, African regional peacekeeping, promotion of democracy through the
conduct of free and fair elections, alleviation of poverty through economic
development, and energysecurity.”
He said over 1200 regular student visas were issued to Nigerians students in
2006 stressing that the hope of the US. government was that educational
travel to the US from Nigeria would increase. “The U.S. values its
international students and seeks talented youth and adults the world over to
contribute to our multicultural student base.”
Ambassador Campbell assured that “We will strive to process all visa
applications with efficiency and security, minimising the time and trouble
needed apply for a visa.”

Livestock feeds to refurbish mills in 4 states
By Franklin Alli
DETERMINED to recapture its lost position in the agricultural sector,
LIVESTOCK Feeds PLC said it’s on the move to refurbish its mills in Aba,
Benin, Lagos and Kaduna States. The company is also optimistic that after
the ongoing restructuring exercise, its share price will leap from the
current 97 kobo per share to N97.00 per unit on the Nigerian Stock
Exchange.
Mr. Robert Tade, chairman of the company, stated these while fielding
questions from share-holders at their just ended 42nd annual general
meeting, held in Lagos.
“With an enhanced share-holders' funds and improved working capital, the
company plans to grow its market share and recapture customers that had been
lost to competitors. "This will be done by refurbishing our facilities in
Aba, Benin and Lagos, as well as providing the required tools to the sales
force in order to further motivate them,” the chairman stated.
He also said: “Later in the year, we will also reopen the Kaduna Mill,
which had been mothballed for some time now. The strategic location of this
mill will enhance our ability to stock raw materials and also provide
opportunity to meet the needs of our northern clientele.”
Shareholders, he said, should, therefore, expect better profitability in the
next financial year.
“We’ll still top the agricultural sector on the Nigerian Stock Exchange,
and in the near future, our share price will go up from 97 kobo to N97.00
per unit and with the new board working industriously to moving the
company forward, good days of distributing bonus, dividends and eggs are
coming back again,” he remarked.
According to him, the company has made significant progress in adding value
to hitherto huge loss position of shareholders’ investment in the company
but now has reached a critical point with dire needs for injection of new
funds.
He said the delay in the take off of the rights issue has hindered the
conclusion of the first phase of the turnaround plan of the company which
also forestall commencement of the next stage of the change process aimed
at ensuring the company’s return as market leader. Citing the operational
results for the year ended March 31, 2006, Tade said the financial
restructuring carried out through renegotiation of the company’s debts with
major creditors paid off with an exceptional item of about N709 million,
which complemented the operating income N19.2 million to give the company a
net profit of N748 million.
He added that the company is currently restructuring its operations and
human resources to reposition for emerging market opportunities and also
curtail impact of adverse operating challenges.
“The timely compliance with the negotiated debt relief agreement with our
major financial creditors culminated in positive write back of the debt
forgiveness into the financial statements. Our capability to secure a
bridging loan facility of N300 million in anticipation of equity injection
through the proposed rights issue guaranteed the success of the
exercise,” Tade noted.
He said the company would soon erase all traces of the losses in the past
years and be in a position to make good returns to shareholders.
He urged shareholders to support the turnaround of the company by picking up
their rights as preliminary evaluation of the projected financials after the
recapitalisation show robust results.
Shareholders of Livestock Feeds had authorised the board to issue some
544.72 million ordinary shares of 50 kobo each to existing shareholders on
the basis of 22 new shares for one share held. Shareholders also increased
the authorised share capital of the company from N17 million to N317 million
through creation of 600 million ordinary shares of 50 kobo each.
Audited results of the company for the year ended March 31, 2006 showed a
turnover of N560.02 million in 2006 as against N587.07 million in 2005.
Gross profit rose from N59.98 million in 2005 to N73.69 million in 2006
while profit before tax and exceptional item stood at N19.18 million in 2006
compared with a loss of N237.13 million in 2005.