Guardian

…Lists insurgency, piracy as major challenges

LEARN Africa Plc has posted a turnover of N2.913 billion in its 2012 operations, against N2.923 recorded in 2011.

The company’s operating profit stood at N212.9 million, compared to N382.6 million achieved in the previous year.

Besides, the directors of the company also propose a dividend of 20kobo per 50 kobo ordinary share due to every shareholder of the company.

Reviewing the company’s performance at the 40th yearly general meeting of the company in Lagos yesterday, the company Chairman, Mr Emeke Iwerebon attributed the slide in turnover to the problem of insurgency in the Northern part of the country, as well as the issue of piracy, adding that unless these issues are tackled, the company would continue to affect its operations.

He explained that the Northern market contributes 60 per cent to the overall business activities.

“Our major challenge is the insurgency in the north and the issue of piracy. Our business has been affected with the emergency declared in three states and until it is tackled, we would continue to have major challenge. The cankerworm of the publishing industry, known as piracy has remained with us. It has taken on both international and local dimensions and it is inflicting serious losses on the company’s fortunes.

“ Government needed to intensify efforts and sustain the fight against piracy because when we review our market share, we discovered that piracy is affecting the business.”

He assured shareholders that the company would continue to strengthen mutually beneficial partnership in the areas of content development and marketing support of their exclusive titles.

He added that the company was developing new products that would keep the company at the top of the publishing industry in Nigeria.

Iwerebon added,”we are also developing new ways of managing our relationships with our customers in order to improve our standards of customer care and gain a better understandings of our markets”.

The Managing Director, Mr Olusegun Oladipo, who explained that the company controls about 65 per cent of  theu market share in the industry, added that government need to fund the National Copyright Council in order to tackle piracy problem in Nigeria.

“If there is any legal backings from government on piracy, this problem will be reduced. On our own side, we are introducing materials in line with the new curriculum. We are embarking on full digital learning and we would ensure that all our titles are in line with the new curriculum.” He said.