Learn Africa Plc, formerly Longman Nigeria Plc, has reported that it controls about 60 per cent market share in the publishing industry.
This, according to the management of the company, is recorded despite the numerous challenges faced by the business in the past few years.
Speaking during its 40th Annual General Meeting in Lagos on Thursday, the Chairman of the company, Mr. Emeke Iwerebon, said the crisis rocking most parts of the North had hampered the full growth of its business.
He called on the concerned authorities to put things in place to ensure that things were brought under control in the troubled areas, so that the business would perform better in the current financial year.
He said, “The whole issue about the insurgency in the North has been a serious challenge to our business in the last few years. This is because that region represents about 60 per cent of our business; and the business has really been affected by the problems. We hope that government’s intervention through the state of emergency will help to turn things around in that region.
“Another major challenge that has been affecting the business is the problem of piracy, which remains the greatest threat to our industry and we hope that this challenge is addressed as it would go a long way to improve the lot of the business.”
The company’s results showed that it posted a turnover of N2.91bn in 2012, representing a decline of 0.3 per cent from N2.9bn in 2011.
However, the company declared a total dividend of N154.29m, representing a payout of 20 kobo per share to shareholders.
Also speaking on the issue, the company’s Managing Director, Mr. Olusegun Oladipo, said that government had not been very supportive with the industry in the fight against piracy, adding that efforts aimed at curbing the menace needed to be put in place.
He said, “I think government has a lot to do in the area of putting a stop to piracy in our industry. The main problem we have here is that government has not been funding our agency, the Nigerian Copyright Commission, like they have been funding other agencies such as the National Agency for Food Drug Administration and Control.
“This has really hampered the ability of the NCC to reduce the menace of piracy, thus, leaving publishers at the mercy of these pirates. The publishers also have been trying to raid these pirates, but there is only so much they can do as there is no legal backing, so we hope government comes to our aid.”