₦airaland Forum

Dangote Foundation and GBCHealth have joined forces to forge a new model of partnership, African Business Coalition on Health (GBCHealth) in Africa.

Chairman of Dangote Foundation, Aliko Dangote, shared plans to build an African Business Coalition on Health (ABCHealth), during the Bloomberg Global Business Forum, he was co-hosting, and which took place alongside the United Nations General Assembly this week in New York.

According to him, the African-led coalition of companies and philanthropists, will seek to improve the health and wellbeing of Africans, both within the workplace and within the broader communities. He stated that the partnership will develop and deploy impactful health programs across Africa, deepening knowledge, building evidence for future investment and strengthening coordination among African philanthropists, business leaders, companies and local business networks.

The Coalition is building on the leadership, reputation and convening power of the Aliko Dangote Foundation and the experience, reputation and global reach of GBCHealth. Critical issues that will be the focus of the partnership ranges from nutrition to malaria, with priorities identified and agreed by local leadership.

Through his Foundation, Dangote has made an unprecedented grant and seed contribution to GBCHealth of US$ 1.5 million over three years as a call to action and a signal to the African business community of the importance of working together and investing in health.

“The time is ripe for the private sector to proactively demonstrate its value in partnering to lead a new era in development,” said Mr. Dangote. “The coalition can provide much needed guidance to ensure activities and investments are driving results in areas where the private sector can have real impact, focusing on holistic and integrated solutions that cross borders. We look forward to working with other business leaders as partners in development to drive this impact.”

Co-chair of GBCHealth’s Board of Directors, Aigboje Aig-Imoukhuede said, “This coalition brings together two heavyweights in the health and development arena”.

“Together we have an opportunity to demonstrate how investing in health and creating healthier populations, can help business maximize shareholder value, accelerate economic growth and make entry into new markets more feasible.”

The coalition will have five primary objectives over its first three years:
•Incubate partnerships on priority health programs to enhance and accelerate results;
•Work directly with companies to optimize workplace and community health programs;
•Advocate for policies and initiatives that drive system-level changes;
•Create a hub of data and insights specific to Africa and African business;
•Curate leadership events to convene and drive action around common health issues, across sectors.

The program will kick off in Nigeria and roll out through business regions in Africa and beyond over the next three years.

The continent currently has 400 companies with revenue of more than $1 billion per year, and these companies are growing faster, and are more profitable in general, than their global peers. Coupled with these fast-moving regional leaders, small and growing businesses create 80% of the continent’s employment and are stoking the engines of growth.

Against this backdrop, according to Dangote, there’s a new cadre of responsible business leaders and philanthropists who understand the value and promise of sustainable large-scale investments in African countries, and are poised to make an even bigger impact on the continent’s people and economies.

Investments in better training, healthcare and supply chain accountability have demonstrated direct financial return through gains in productivity and efficiency, while sup­port for social programs has accelerated economic growth and raised incomes which in turn unlocks a wider con­sumer base and makes entry into new markets more feasible.

In her comments, CEO of the Dangote Foundation, Zouera Youssoufou, said “GBCHealth has a strong track record of bringing diverse groups together to improve the health wellbeing of communities. We look forward to collaborating to build an African business community united as a force for healthier and more inclusive development.”

“What is needed now is an approach that combines the value of local insights and trusted networks with the leverage of a global platform and expertise to support the more coordinated and impactful involvement of the African private sector across the continent and within the global development community,” commented Mr. Aig-Imoukhuede.

“The coalition builds on the local-to-global business approach we have developed in Nigeria through our work with the Corporate Alliance on Malaria in Africa (CAMA). The Aliko Dangote Foundation has demonstrated expertise in implementing result-oriented health programs in Nigeria and across Africa. We look forward to our collaboration to bring insights from this work to a global audience,” said Nancy Wildfeir-Field, President of GBCHealth.

Immediate plans include hiring an African based CEO for ABCHealth, and building a support base for the coalition working towards a launch in early 2018.

The foundation is generously providing office space and support for coalition staff over the first three years of development.

“It’s an ambitious and bold project,” said Dangote, “but the only way to move Africa forward is to take bold moves, to think big, dream big and do big things together – breaking down silos, working across borders and working across sectors– with government and with each other.”

SOURCE: https://pageone.ng/2017/09/19/dangote-foundation-gbchealth-forces-health/

Over 25 banks in Ghana will have to race against time to meet the new capital requirement announced by the Bank of Ghana (BoG) as their current capital is less than 50 percent of the 400 million cedis quoted by the central bank.

According to the requirements, all 35 banks in the country are required to present their restoration plans, 3 will easily meet it while seven are in a position to meet it but for the payment of dividends and exclusion of unaudited accounts for the first half of 2017, among others.

The Bank of Ghana recently increased the capital requirement of banks from 120 million cedis to 400 million cedis to strengthen the financial system of the country. The banks in the country have to present their capital restoration plans within 45 days after the announcement by the Bank of Ghana, which means they all have up to December 2018 to meet it but this is the status quo as at now.

After the 45 days, the banks in the country will have 180 days to meet the requirement by presenting the capital requirement to the bank of Ghana. So if by April 2018 you have not meet it and the time is exhausted, then you have missed section 105. Missing section 105, you can’t lend, you can’t open branches you can’t do so many things.

SOURCE: https://pageone.ng/2017/09/19/banks-ghana-new-capital-requirement/

Aiteo Group, the indigenous oil company sponsoring Nigeria’s senior national team, the Super Eagles might be reviewing the terms of the sponsorship.

According to an unidentified official of the company who spoke to the media, Aiteo is perhaps unsatisfied with the leverage it is earning from the NGN5 billion sponsorship.

An official of the company said “They told us that the Aiteo Cup will be a media event, which means the competition will be widely publicized. But it is almost coming to an end and the newspapers and broadcast media seem not to know what is happening.

“We have not seen the program for the competition. In fact, the NFF only informed us of the quarterfinals’ draws a few hours before the event.

There is no plan for anything … things are not done that way. We are talking of more than N5 billion sponsorship that has been made so difficult for us to leverage on. If this NFF continued this way, we will be forced to review our relationship with them.”

If this NFF continued this way, we will be forced to review our relationship with them.”

SOURCE: http://pageone.ng/2017/09/19/aiteo-group-sponsors-of-nigerian-super-eagles-might-pull-out/

Two men have been indicted by a federal grand jury in San Francisco on charges related to an investment fund scheme, announced Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department’s Tax Division and the U.S. Attorney’s Office for the Northern District of California.

G. Steven Burrill is charged with wire fraud, investment adviser fraud, and tax evasion in connection with an alleged scheme to siphon money from an investment fund. Marc Howard Berger is charged with aiding and assisting in the preparation of tax returns in which Burrill failed to report income he received from the scheme.

According to the 34-count indictment, Burrill was the owner and CEO of Burrill & Company (B&C) and a number of related entities. Through the entities, Burrill allegedly managed investment funds, including Burrill Life Sciences Capital Fund III, L.P. (the “Fund”), an investment fund focused on the life sciences industry. The Fund was comprised of total committed capital of approximately $283 million, most of which, according to the indictment, was committed by limited partners. The indictment alleges that Burrill induced limited partners to contribute capital to the Fund with false and misleading letters. In addition, the indictment alleges Burrill caused the Fund to transfer millions of dollars in management fees to companies he controlled; the money was in excess of the management fees that were due and allowable under the agreements that governed the Fund. Further, the indictment alleges Burrill filed false and fraudulent U.S. Individual Income Tax Return, Forms 1040, which understated his income by excluding money Burrill transferred out of the Fund and into accounts he controlled.

Berger is alleged to have willfully assisted Burrill in preparing and presenting to the IRS three income tax returns in which Burrill understated his income.

In sum, Burrill is charged with 26 counts of wire fraud, one count of investment-adviser fraud, and one count of tax evasion. Additionally, Berger is charged with three counts of aiding and assisting in the preparation of a false tax return.

Berger was arrested this morning and made his initial appearance in federal court in San Francisco. Federal Magistrate Judge Sallie Kim arraigned Berger, who pleaded not guilty and has been released on bond. Berger’s next scheduled appearance is on Oct. 3 before the Honorable Richard Seeborg. Burrill is scheduled to make his initial appearance on Oct. 2.

If convicted, Burrill faces a statutory maximum sentence of 20 years in prison and a fine of $250,000 or twice the gross gain for each count of wire fraud; five years in prison and a fine of $250,000 for investment-adviser fraud, and five years in prison and a $250,000 fine for tax evasion. Berger faces a statutory maximum penalty of three years in prison, if convicted of aiding and assisting in the preparation of a false tax return. Additional terms of supervised release, fines, and restitution may also be imposed; however, any sentence following conviction would be imposed by the court only after consideration of the U.S. Sentencing Guidelines and the federal statute governing the imposition of a sentence.

An indictment merely alleges that crimes have been committed, and the defendants are presumed innocent until proven guilty beyond a reasonable doubt.

Acting Deputy Assistant Attorney General Goldberg thanked special agents of the IRS Criminal Investigation and the FBI, who conducted the investigation, and Assistant U.S. Attorney Robert Leach and Trial Attorney Lori Hendrickson of the Tax Division, who are prosecuting the case. The San Francisco Regional Office of the Securities and Exchange Commission provided assistance in this matter.

SOURCE: https://pageone.ng/2017/09/19/multi-million-dollar-investment-tax/

Everton has signed a multi-year shirt sleeve partnership with Rovio Entertainment – the games giant behind the Angry Birds franchise.

The Angry Birds logo debuted on the left sleeve of the Everton jersey during the Premier League fixture at Old Trafford against Manchester United. The 2017/18 season is the first campaign in which Premier League clubs can carry sponsorship on the arm of player shirts.

Since launching in December 2009 Angry Birds has become a worldwide phenomenon with more than 3.7billion game downloads. The partnership with Rovio Entertainment, a Finnish-based company, will open a range of marketing opportunities to new global audiences for both parties.

With 97% global brand awareness, over 450millon game downloads in 2016, 80million monthly active users, 25million followers on Facebook and more than 3billion YouTube views; Angry Birds’ worldwide digital reach offers Everton and Rovio the opportunity to create innovative branded content using the Club’s crest, players and stadium – as well as giving users of the games the chance to win some exclusive Everton prizes.

Everton’s Chief Executive Robert Elstone said: “We’re delighted that Rovio Entertainment has become Everton’s first shirt sleeve partner. Angry Birds is one of the best-selling game apps of all time and is also a remarkable success story in terms of the way in which the brand has crossed over from gaming to become part of popular culture. Everyone here is excited about being able to work with such a creative, dynamic and ambitious brand.”

Alan McTavish, Head of Commercial at Everton, said “Rovio Entertainment recognise the global reach that Everton can deliver through its international fanbase and the global exposure of the Premier League. In return, working with Rovio and the Angry Birds brand gives Everton exposure in key international markets through their breadth of digital channels in gaming and animation, as well as a wide range of co-branded merchandise.

“The lead character in the Angry Birds universe is known as Red – and it is great to know he is now a Blue.

“We look forward to working together to deliver some innovative and exciting worldwide activations in what I’m sure will be a long and successful partnership.”

Ville Heijari, CMO of games at Rovio Entertainment added: “We are excited to bring Angry Birds into the top flight of English football in partnership with Everton. In Everton, we have found a partner who shares our values of putting the fans first, and creating a long-lasting legacy for our community of players. This is Rovio’s first partnership in the most watched sports league in the world, and a logical continuation of our global Angry Birds brand partnerships.”

SOURCE: https://pageone.ng/2017/09/18/everton-signs-first-sleeve-angry-bird/

Standard & Poors Rating agency said it is affirming Nigeria’s sovereign affirmed at ‘B/B’; outlook stable.

The rating agency said Nigeria’s stable outlook signals assessment that oil sector improvements will support higher economic growth, fiscal revenues, among other things.

Nigeria’s stable outlook signals assessment that oil sector improvements will also support higher current account receipts over next 12 months.

The country’s saw improvements in 2017 with higher oil production will help increase foreign currency supply, keep current account in balance.

S&P said ratings on Nigeria constrained by the view of the low level of economic wealth, weak external position, among other things.

The agency noted that ratings on Nigeria also constrained by view of real GDP per capita trend growth rates below those of peers with similar levels of development, and future policy responses that may be difficult to predict.

However, the agency said Nigeria still see sporadic attacks in northeast owing to Boko Haram, as well as risk of another escalation of tensions in the Niger Delta.

Nigeria is Africa’s largest economy by gross domestic product but second to South Africa, the continent’s third largest economy in terms of development and market depth.

The country’s economy virtually depends on oil revenue for 0ver 70% of its budget funding, a volatile sector that led to a first in 20 years’ recession that just ended last week since the first quarter of 2016.

SOURCE: https://pageone.ng/2017/09/18/sp-affirms-nigerias-ratings-as-stable/

Aiteo, a Nigerian oil company has defended its Executive Vice Chairman (EVC), Mr Benedict Peters against corruption allegations published on several websites.

Mr Benedict Peters was accused of buying property in England and luxury furnishings for the former Minister of Petroleum Resources, Mrs Diezani Alison-Madueke in return for contracts from the NNPC.


The company said in a statement that the publication contains several untrue and malicious allegations against our Executive Vice Chairman and the Aiteo Group. It is obviously directed against the image, reputation and integrity of our EVC and the company in what we have identified as an orchestrated large-scale campaign of calumny which is sponsored and designed to tarnish our image.

We have responded to most of the baseless allegations in previous publications but global best practice demands that we tender this rebuttal for the sake of our shareholders, stakeholders, host communities, the many thousands directly or indirectly deriving their livelihood from the company and the public at large.

It is well known in the Oil, Gas and wider Energy sectors that the Aiteo Group comprises a number of separate, legal and corporate entities whose asset base includes OML 29 and NCTL upstream, and other substantial assets downstream, developed more than 16 years ago. The company became a major player in the oil and gas industry especially in importing and exporting petroleum products in Nigeria and was flourishing as a prosperous corporate entity, by any standards, long before Mrs. Alison-Madueke was appointed as Minister for Petroleum Resources.

It is indisputable that our EVC is “experienced” in the oil and gas industry, having worked in the industry in the topmost positions for more than 23 years. Similarly, Aiteo Group is neither an inexperienced nor “newly minted” company and we note that while the publication impliedly recognises this position, it does not provide express clarification as should have been done.

Already, Mr Peters, through his lawyers, has challenged the veracity of the claims made in the article in court. There is a related civil case in the United States which recites matters relevant to the UK and Nigerian court cases in respect of which further comment cannot also be made for the same reason.

Neither our company nor EVC is a party to the US proceedings. We need hardly remind the publishers that in Nigeria, discussing facts of cases that are pending in court and making prejudicial statements pertaining thereto is a criminal offence. Section 133 of the Criminal Code Act, Cap C38 of the Laws of the Federation of Nigeria 2004, which broadly, defines contempt of court and prescribes punishment for same, provides in Section 133(1&9) that: “Any person, who while a judicial proceeding is pending, makes use of any speech or writing, misrepresenting such proceeding, or capable of prejudicing any person in favour of or against any party to such proceeding, or calculated to lower the authority of any person before whom such proceeding is being heard or taken; or commits any other act of intentional disrespect to any judicial proceeding or to any person before whom such proceeding is being heard or taken” is guilty of an offence.

In summary, all allegations of impropriety contained in the said publication are expressly and categorically denied. Mr Peters has not been charged with any criminal offence in Nigeria or any other jurisdiction with respect to any of the matters stated in the publication. Like every major player in the oil and gas sector, including international oil companies (IOCs), Mr Peters and the Aiteo Group’s interactions with the Minister of Petroleum Resources as with other Ministers before her, were in accordance to acceptable corporate practice in Nigeria. Other than such interaction, there is no commercial link between them and there is no basis for inferring any. We add that our Group’s contribution to the overall financial capacity of the country, over several years predating her appointment as Minister cannot be overemphasised. Aiteo has created significant direct and indirect employment, contributed billions of Naira and millions of US Dollars to the nation’s treasury and led to direct foreign investment worth more than US$4 billion. In addition, the company engages in several other corporate social investment programmes in its host communities and the nation generally.

The case in the United Kingdom is a civil case. An application has already been made to discharge the restraint order which is a mirror order of, and largely relies for its authority on, interim forfeiture orders granted by a Nigerian Court with respect to the same properties. There is incontrovertible evidence in the form of provenance of funds utilised to acquire the property or properties concerned; legal documents of title and documentary proof of rights of ownership from purchase to date that completely confirm that the material purchases were transacted solely by our EVC and his companies; that he irrefutably owns the material property or properties. It is therefore ridiculous, false and highly defamatory to suggest or infer that properties were “bought for Mrs Alison-Madueke”. The matters in Nigeria and United Kingdom remain active and extant.

The US proceedings which refer to United Kingdom properties does not substantiate any wrongdoing on our EVC part. He purchased furniture for one of his United Kingdom properties. This furniture was delivered to and placed in that property. The furniture was for his own use and not purchased for Mrs Alison-Madueke as stated in the publication; and is entirely consistent with his status, stature and financial compass as well as the value and location of the property for which the furniture was bought.

These comments seem unquestionably designed to injure and damage our EVC and our reputation; destroy the fabric of our commercial objectives and outlook; divert business away from us and create such opprobrium that our entire business is severely prejudiced and undermined.

We note that the publishers did not seek any verification of the account set out in the publication from us prior to publishing same. Aiteo has a Media and Communications Department, fully staffed by professionals who deal with matters of this nature. It is easy to contact us either through contact details on our website or by phone. But the publishers chose not to do so. Instead, they elected to publish defamatory material in a most irresponsible, reckless and malicious exercise of journalistic licence.

Finally, we are aware that a certain group has committed considerable resources to this global campaign of hate and denigration. The reason for this mindless and incomprehensible offensive is unclear, but we are confident that sooner than later, our investigations shall reveal the irrepressible truth.

Regardless of the stories being bandied around by detractors, the facts of this matter are in the public domain and accessible in the courts of law for everyone to see. However, given the potential consequences of this publication, we are considering all options to protect the personal and professional integrity of our company and our Executive Vice Chairman.

SOURCE: https://pageone.ng/2017/09/15/aiteo-defends-vice-chairman-benedict-peters-corruption/

There seems to be a slow down in the crash of Nigeria’s consumer prices. August inflation from the National Bureau of Statistics, NBS remained unchanged.

The NBS said August inflation Slightly fell to 16.01% compared to 16.05% disclosed in July.

As a sign that the fall in inflation has further slowed down, core inflation for the month rose by 0.1% on a month on month basis.

Also, the urban index was higher than rural index which further means that people in the cities are still paying far more than what they should pay for goods and services.


The release of the inflation data would set a tone for the monthly monetary policy committee, MPC, headed by the Central Bank of Nigeria, CBN.

SOURCE: https://pageone.ng/2017/09/15/nigerias-august-inflation-remained-unchanged-16-01/

The Rwandan start-up EarthEnable is the winner of the Postcode Lottery Green Challenge 2017. During the finale, co-founder Gayatri Datar impressed the international jury with her sustainable alternative for cement to replace dirt floors.

As the winner, she receives a cheque of EUR500,000 to further develop her green innovation. The runner-up prize of EUR200,000 goes to the biodegradable alternative for plastic by the Danish start-up Pond.

This year, the other three finalists were also surprised to each receive EUR100,000. This brings the total prize pool of one of the biggest sustainability competitions in the world to EUR1 million.

The earthen floors offered by the Rwandan start-up EarthEnable improve the lives of the world's poorest people and ensure significant reductions in CO2 emissions, as they eliminate the need for cement floors. More than a billion people still live on sandy floors, which are often a breeding ground for parasites and germs. A cement floor is often the only available alternative, but this is expensive and is not eco-friendly. EarthEnable supplies floors made from local, natural materials, which have been sealed using a plant-based oil. These floors are 75% less expensive, and produce 90% fewer emissions, than cement.

Gayatri Datar (31), co-founder: "Being proclaimed as winner out of 515 entries is unbelievable! This is a really important strategic endorsement for us. With the prize money we plan to scale within Rwanda and likely in three other countries. The prize money gives us the opportunity to test different scaling models to find a viable scale strategy to improve the health and lives of millions of people who are still living on dirt floors."

SOURCE: https://pageone.ng/2017/09/15/rwandan-startup-earthenable-eur500000/

England has accounted for the highest spending in the recently closed international transfer window during the summer. According to a recent FIFA Transfer Window Analysis report which x-rayed the Big 5 leagues, England was the biggest spender this summer with an outlay of USD 1.40 billion.

This report is a summary of the activity in the International Transfer Matching System (ITMS) during the summer 2017 registration period, with a focus on the official international transfer figures for the Big 5 countries (England, France, Germany, Italy and Spain).

Between 1 June and 1 September 2017, 7,590 international transfers were completed worldwide. Global spending reached USD4.71 billion, meaning clubs spent almost as much during those three months as they had in the whole of 2016 (USD 4.79 billion). Once again, clubs from the Big 5 took centre stage, completing 21.2 per cent of the total incoming transfers and spending 77.9 per cent of the total global spend.

According to the world football governing body, Big 5 countries recorded a total of 1,608 incoming transfers (+6.2 per cent) and USD 3.67 billion spent (+31.7 per cent) this summer, representing new record highs for the period. Spending by the Big 5 this summer was almost three times what it was in the same period in 2012 (USD 1.24 billion).

The steady increase in the number of transfers can be attributed to the expanding number of clubs active in the international transfer market. The increase in spending appears to be a consequence of two concurrent factors. First, the increasing number of clubs that spend money on transfer fees. Second, the increase in average expenditure by these clubs, which has grown from USD 14.5 million five years ago to USD 21.4 million this summer.

At country level, England was the world‘s biggest spender this summer with an outlay of USD 1.40 billion, more than double that of any other country.

Spain was the country with the highest level of receipts (USD 752.3 million), which also made it the only one of the Big 5 that ended the summer with a positive net balance.

France recorded the largest increase worldwide in international transfer spending during the period, with its clubs spending USD 604.1 million on engaging players from abroad. This was a 250 per cent increase compared to last summer and 191 per cent more than the annual total in 2016.

The report also includes detailed information at country level including transfer types, origin and destination of transfers, the nationality and average age of the players involved, and historical comparisons for both the number of international transfers and transfer spending for the Big 5 countries over the last five summer registration periods.

SOURCE: https://pageone.ng/2017/09/13/england-usd1-40-billion-transfer-report/

Brian Acton, co-founder of WhatsApp, now owned by Facebook Inc (FB.O), will leave the popular messaging company to start a new foundation, he said in a Facebook post.

Acton spent eight years with WhatsApp, which Facebook bought in 2014 for USD19 billion in cash and stock.

“It’s something I’ve thought about for a while, and now it’s time to just focus and execute,” Acton said. “I’ll have more to share in the coming months.”

Brian Acton, a graduate of Stanford University and former employee of Apple, met Koum while both were working at Yahoo. The pair left Yahoo in 2007 and launched WhatsApp two years later.

SOURCE: https://pageone.ng/2017/09/13/whatsapp-co-founder-leaving-company/

In what may sound to many as some odd news, Philip Morris International said it will commit around USD1 billion in its bid to reduce the prevalence of smoking.

The maker of Marlboro cigarettes is said to be funding a group that aims to convert smokers into consumers of devices that don’t burn tobacco.

In a recent statement it was confirmed that Derek Yach, a former World Health Organization official who worked on a global tobacco treaty, will lead the group, Bloomberg reports. The cigarette maker said it plans to spend about USD80 million annually over 12 years on the project, starting in 2018.

The Foundation will fund research and encourage innovative measures to reduce the harm caused by smoking. It will evaluate the impact that smoke-free alternatives can have on smokers and public health, assess the effect of reduced cigarette consumption on the industry value chain, and measure overall progress towards a smoke-free world.

André Calantzopoulos, Chief Executive Officer of PMI, said, “There is a unique opportunity today to significantly change the health trajectories of the millions of men and women who continue to smoke by offering them a better choice. The Foundation is a welcome driver of change, at a time when a smoke-free future is clearly on the horizon. We will welcome its recommendations to accelerate smoker adoption of less harmful alternatives.”

PMI currently expects to support the Foundation by contributing approximately USD 80 million per year, depending on the Foundation’s requirements and operations, over the next 12 years, beginning in 2018. This sustained support reflects PMI’s commitment to making a smoke-free world a reality.

The Foundation is an independent body, governed by its Board of Directors.

While the new foundation appears to be a rare example of a consumer-goods company supporting efforts to undermine sales of its own products, its creation was greeted with skepticism by one anti-smoking organization.

“The tobacco industry has a terrible track record of funding research designed to support its efforts to block policies to cut smoking,” Deborah Arnott, chief executive of London-based Action on Smoking and Health, said in a statement. “Tobacco industry claims can never be accepted at face value.”

SOURCE: https://pageone.ng/2017/09/13/cigarette-maker-usd1-billion-smoking/

Brazilian midfielder Philippe Coutinho has joined Liverpool's main squad in training ahead of preparations for the club's clash against Sevilla in the UEFA Champions League.

Finally!!!

More news on https://pageone.ng/

The Security Council has imposed stiffer sanctions on the Democratic People’s Republic of Korea (DPRK), imposing limits on oil exports, banning the country’s textile imports and access to gas liquids, and more closely inspecting cargo ships going in and out of its ports.

In the approved text, the 15-member Council seeks to cap refined petroleum products up to 500,000 barrels beginning in October, and up to 2 million barrels per year starting in January for a period of one year.

In addition, the resolution takes action against DPRK nationals who work outside of the country and who could be “generating foreign export earnings that the DPRK uses to support its prohibited nuclear and ballistic missile programmes.”

The resolution prohibits UN Member States from providing work authorizations for DPRK nationals unless “is required for the delivery of humanitarian assistance, denuclearization or any other purpose,” consistent with other resolutions on the topic.

Building on resolution 1874 (2009), the Council also gives countries the right to inspect ships with the consent of the countries where the ships are registered, “if they have information that provides reasonable grounds to believe that the cargo of such vessels contains items the supply, sale, transfer or export of which is prohibited.”

In addition to the sanction on DPR Korea, the Council banned textile imports, including fabrics and partially completed apparel, beginning 90 days from the adoption of the resolution.

The resolution follows the condemnation by the Council of the nuclear test carried out by DPRK on 3 September of this year and its violation of eight resolutions dating back to 2006 which could have “large-scale regional security implications.”


“The proliferation of nuclear, chemical and biological weapons, as well as their means of delivery, constitutes a threat to international peace and security,” the Council said in today’s text.

SOURCE: https://pageone.ng/2017/09/12/un-dpr-korea-oil-exports-textile-imports/

Green Africa Airways, Lagos-based value airline startup, has selected Pentagram as its branding consultant.

Pentagram is the world’s largest independent design consultancy firm with a deep portfolio of some of the most well-known global brands including Microsoft, Star Alliance, Samsung, MasterCard, Tiffany & Co., Rolls Royce and Eurosport.

Green Africa Airways said in an email statement that the team at Pentagram will be led by partner Eddie Opara, a multifaceted designer whose work encompasses refreshing design, modern technology and strategy.

Reacting to the news, Eddie Opara noted, “We are incredibly thrilled that Green Africa Airways selected Pentagram from an outstanding pool of globally competitive firms who were all excited about the possibility of working on this new brand.”

He continued, “As a Nigerian and African, I’m especially personally vested and honored to have the opportunity to be a part of how Green Africa Airways communicates its mission to the world.”

Babawande Afolabi, founder & CEO of Green Africa Airways, said, “Our aspiration is to build Green Africa Airways into a Model brand that Customers will come to love and that will give our Employees, Communities and Investors a sense of pride. We look forward to working with Eddie and his team at Pentagram as we shape one of the key pillars of the foundation for Green Africa Airways’ Brand.”

Earlier in the year, Green Africa Airways commenced its Air Operating Certificate (AOC) process marking another major step for the new airline which received an Air Transport License (ATL) from the Nigerian Government in 2016.

In an exclusive press release issued to PageOne.ng, Mr. Babawande Afolabi, said, “Our vision is to make safe and quality air travel profitably accessible to as many Nigerians as possible. Embarking on our AOC process – the last regulatory requirement before our inaugural flight – brings us much closer to realizing this vision.”

Green Africa Airways enters the market against a backdrop of significant headwinds, including a depreciating naira and a rapidly changing local aviation industry.

SOURCE: https://pageone.ng/2017/09/12/green-africa-airways-brand-pentagram/

ky Sports has signed a new deal to show live coverage of the EFL until 2024. The new agreement means that from the start of the 2019/20 season, Sky Sports Football will show up to 183 matches exclusively live each year in the Sky Bet Championship, Sky Bet League One, Sky Bet League Two, Carabao Cup and Checkatrade Trophy – a 26% increase in the number of games on our current deal.

In addition and for the first time Sky Sports will be able to broadcast 80 Sky Bet Championship midweek matches across interactive and digital platforms, taking the total number of potential matches available to Sky Sports customers and EFL fans to over 260, from the current 145 games. The additional midweek games will also be available across the EFL iFollow streaming service.

The agreement includes:

• More matches, up to 183 exclusive live games per season

• Further 80 midweek Sky Bet Championship games across interactive and digital platforms

• 15 live matches from the Carabao Cup, including both semi-finals and the Wembley final

• Rights to offer live coverage across a range of Sky platforms, including online and on mobile

Barney Francis, Sky Sports Managing Director, commented: “This is great news for EFL fans and our viewers, with more live games than ever before and more opportunities for fans to watch their teams live. With a new dedicated football channel, newly enhanced digital platforms, adding more games means Sky Sports is getting even better for football fans.

“Securing the EFL strengthens the Sky Sports service even further with the rights that matter most to our customers. This follows similar enhanced deals with Sky Sports becoming the exclusive home of F1 from 2019 for five years, and the only place to see England home cricket and the new domestic T20 competition live through to 2024.

“Viewing of live EFL games grew by 12% year-on-year last season, and is up a further 7% so far this season. Fans value our live EFL coverage and we are delighted to be able to offer even more in the coming years.”

EFL Chief Executive Shaun Harvey said: “Sky Sports has for many years been a hugely important and valued partner of the EFL and we are delighted to extend our relationship by a further five years. I would like to thank all those who submitted bids and we now look forward to working with the Sky Sports team as they cement their position as the broadcast home of live EFL matches.

“In agreeing a deal over five seasons, it delivers a guaranteed increase in the level of income distributed to EFL Clubs from 2019/20 and long-term financial certainty was an absolute priority throughout this process. It is a partnership that as well as having mutual tangible benefits, allows the EFL to maximise reach and exposure for its competitions, alongside providing further opportunities for Clubs to generate additional incremental revenues through iFollow.”

SOURCE: https://pageone.ng/2017/09/12/sky-sports-live-efl-2024/

The latest research by ManpowerGroup claims there are no negative employment Outlooks reported for the first time since 2009 according to the latest ManpowerGroup Employment Outlook Survey.

The company said in its latest report that hiring confidence is strongest in Japan, Taiwan, Costa Rica, India and Hungary.

“We are seeing sustained hiring confidence from employers around the world after some years of caution,” said Jonas Prising, Chairman & CEO, ManpowerGroup. “Countries including Spain, Italy and Greece are back on track and job prospects across the world are looking up. In the UK, employers in financial services and construction report the strongest Outlooks, reinforcing their need for access to talent.

ManpowerGroup added that “Across the world, lower unemployment, strong hiring intentions and demand for increasingly specific skill sets all point to a growing skills mismatch. In this tight labor market organizations need to work harder than ever to reskill existing employees and upskill future talent. It’s time to get smart about how to attract, retain and develop the workforce of tomorrow.”

Global Hiring Plans by Region
◾EMEA: Staffing levels are expected to grow in 24 of 25 countries surveyed. Employers in Hungary, Greece and Romania report the strongest hiring plans in the EMEA region and employers in Switzerland, Czech Republic, Italy and Belgium report the weakest, yet still positive Outlooks. ◾In the UK, employer hiring intentions continue to be favorable in the face of uncertainty around Brexit negotiations. The Q4 Outlook remains stable at +6%, improving 1% quarter-on-quarter and year-on-year. The strongest UK Outlooks are seen in the construction sector at +11% and finance and business services at +9%.
◾Employers in Greece are reporting the eighth consecutive quarter of positive hiring intentions. The Outlook of +15%, the strongest planned hiring since Q3 2008, is driven by continued growth in the finance and business services sector, at +21%.
◾French employers report positive hiring intentions for the sixth consecutive quarter. The employment Outlook for the last quarter is the strongest reported in more than two years. New President Macron’s focus on labor market reform could provide greater mobility and help employers find the workers they need.

◾Asia Pacific: Hiring is expected to increase in all eight Asia Pacific countries and territories during Q4 2017. Hiring sentiment is strongest in Japan and Taiwan, while the weakest Outlooks are reported in Australia and China. ◾Japan’s employers report the strongest fourth-quarter forecast among all 43 countries and territories for Q4 2017, driven by robust Outlooks in the Mining & Construction and Transportation & Utilities sectors.
◾Following six consecutive quarters of declining hiring intentions, employers in India reported a Q4 Outlook of +19%, up from +15% in Q3, which was the weakest Outlook in India since 2005.

◾Americas: Positive Outlooks are reported in all 10 countries surveyed. Employers in Costa Rica report the most optimistic hiring intentions across the Americas region, while Brazil and Peru reported the weakest Outlooks. ◾Employers across the United States remain positive, with nearly one in five (21%) planning to hire in Q4. US employers are continuing to expand in the durable goods manufacturing sector, reporting an Outlook of +18%, the strongest hiring intentions since 2007. Employers in Professional & Business Services also reported the strongest hiring intentions than at any point since 2009.
◾Despite the Brazilian Outlook being the weakest in the region at +1%, Q4 2017 represents its second consecutive quarter of positive forecasts following nine consecutive quarters of negative reports.


SOURCE: https://pageone.ng/2017/09/12/global-employment-outlook-looks-positive-first-time-decade/

As scammers go bonkers to peddle their baloney schemes, Former Etisalat is raising yet another alarm on a popular ‘promotion prize’ scam going life in Nigeria.

In a recent post on its fraud alert page, 9mobile said:

9mobile is aware that fraudulent scams may be circulated about promotions and prizes that we have not authorized. all our promotions and competitions, including the winners thereof, are published in national dailies and on our website at www.9mobile.com.ng. please beware of SMSs from fraudsters. 9mobile nigeria will only send SMS with the number 200 for prize notification. In order to confirm authenticity of winning notification kindly call 200.

we apologize for any inconveniences that these scams may have caused you. we are certain that with your help, we can take necessary actions to curb subscriber fraud and help protect you and every other customer on the 0809ja network.

Because of the potential damage that such scams might have on its image, 9mobile said is using a ‘cro

If you have any knowledge about an ongoing fraud, or have received a scam message, please complete the form below. the information you provide us with is secure and will be treated with the highest level of confidentiality.

It is very much likely that the same group of fraudsters might be behind a recent recruitment scam targeted at job seekers interested in working with the newly renamed mobile carrier.

In a bogus message and blog post that went viral online, fraudsters said:

Below is also a copy of the recruitment message being broadcast on blogs and social platforms.

NEW ETISALAT NIGERIA COMPANY KNOWN AS 9 MOBILE IS RECURITING FOR A SCHEME CALLED GRADUATE CONTRACT STAFF* *(GCS)*

ITS 80K AND ABOVE MONTHLY ONLY FOR A PERIOD OF 2 YEARS AFTER WHICH THE PERSON MIGHT BE CONVERTED TO A CORE STAFF BASED ON HIS/HER PERFORMANCE

CANDIDATE MUST NOT B ABOVE 28 YEARS*

POSTS NEEDED
*BRANCH MANAGERS*
*COSTUMER CARE* *REPRESENTATIVES*
*COMPUTER OPERATORS*
*TECHNICAL STAFFS*

IF YOU HAVE ANYONE WHO FITS THE CRITERIA, LET THEM SEND THEIR CV TO THE EMAIL BELOW
liveopsjobrecruitment@gmail.com

All Applications must be submitted not later than 2 weeks from the date of this Publication


9mobile and many other mobile carriers are often used to defraud unsuspecting members of the public through different tactics. The use of promotion prizes and recruitment is one of the tricks in their playbook.

SOURCE: https://pageone.ng/2017/09/10/9mobile-raises-fraud-alert-on-fake-prizes-promotions/

Prison reform startup, Dream Again Prison & Youth Foundation has received a pledge of USD100,000 from Dr Strive Masiyiwa to support the works being done by the organization.

Dr Strive Masiyiwa who staged a return to Nigeria via his investment in Kwese (an entertainment company) made the pledge at an Entrepreneur Town Hall Africa Series held in Lagos on Friday 8 September 2017.

The group literally helps those who have been incarcerated in prison to become better persons through training in terms of skills acquisition.

Strive is a UK-based Zimbabwean businessman, entrepreneur and philanthropist. He is the founder and executive chairman of diversified international telecommunications group Econet Wireless.

He is the owner of Kwese (a dynamic entertainment company organizing the town hall in Nigeria), Zimbabwean satellite and broadcasting network under Econet Media. Dr Strive is scheduled to be in Nigeria as part of his tour of nations including Kenya, and some other African countries.

In terms of his involvement with Nigeria, since the departure of Econet in an unceremonious fashion, he recently invested in Nigerian Basketball League with Kwese TV as official broadcasters. Mr Strive indeed believes in Nigeria as he recently made a profound statement about Nigerian youth taking center stage in the nearest future.

SOURCE: https://pageone.ng/2017/09/08/strive-masiyiwa-usd100000-dream-again-prison/

Foods and personal care product maker, Unilever, has acquired the organic herbal tea business, Pukka Herbs Ltd.

Pukka Herbs Ltd was founded in 2001 by Tim Westwell and Sebastian Pole. With a proposition of using organic and ethically sourced ingredients, Pukka’s health and wellness philosophy centres around benefitting people, plants and planet.



Unilever has not disclosed the details of the deal.

According to Unilever, the company has a turnover of over £30m and growth of around 30%. It is also growing rapidly across Europe and the US. According to Euromonitor 2016, Pukka is the fastest growing organic tea company in the world. The herbal, fruit and green tea market is currently worth €1.6bn* which trends suggest will become even more prominent globally in the future.

Unilever’s Refreshment Category President, Kevin Havelock, said: “Pukka has strong values and a clear purpose that aligns fully with our own sustainable growth model. There’s a clear strategic, philosophical and cultural fit for us.”

“Both of us believe in business being a force for good in society. Tim and Sebastian have cultivated Pukka into a successful business without compromising their ingredients or their ideals. The acquisition strengthens our tea business, addressing a gap in our portfolio. Pukka is a premium player in the natural, organic, health and wellness segment which is fast-growing, attractive and scalable. We look forward to bringing Pukka to even more consumers.”

Tim Westwell, Pukka co-founder and CEO said: “From day one, our mission was to connect more people with the incredible power of plants and herbs. Sixteen years later, with 1.5 billion Pukka teas enjoyed, we’ve made huge progress – and it’s just the beginning.”

Sebastian Pole, Pukka co-founder and Master Herbsmith said: “Choosing Unilever came down to two fundamentals: scale and sustainability. It is a leader in social and environmental change and it wholeheartedly embraces Pukka’s beliefs. So, there’s a meeting of values. Pukka will remain 100% organic and a champion for fair trading through pioneering schemes like Fair for Life, and continue to donate 1% of its sales to global environmental charities. With Unilever, we have new levels of reach and opportunity.”


SOURCE: https://pageone.ng/2017/09/08/unilever-acquires-herbal-tea-company-pukka-herbs/

Sub-Saharan Africa-focused financial services group, Atlas Mara said it has completed the raising of additional USD200 million to be spent on Union Bank, one of its major banks.

Atlas Mara has over 37% stake in Union Bank of Nigeria, one of Nigeria’s oldest lenders with NGN31.0 billion interest income as at the second quarter of this year.

The company said in its half year result that used to fund an increase in investment in our Nigerian associate investment, UBN, and subscribe to our share of the rights issue proposed by UBN which we expect will be completed later this year. The proceeds will also support further expansion of our Markets and Treasury and Fintech business lines.

Atlas Mara has since left loss territory in the first quarter of this year after the company reported its first profor after several quarters of losses.

For the half year, the company reported net profit after tax for the first half of 2017 was $11.5 million compared to a profit of $1.2 million reported for the prior year period, reflecting early successes in repositioning of business lines and cost reduction initiatives, implemented in late 2016 /early 2017. Q2 results of $6.4m is the strongest over the past four consecutive quarters.

Net interest income (NII) increased by 79.0% year on year on a constant currency (ccy) basis mainly supported by the inclusion of the FBZ acquisition completed at the end of June 2016. On a pro forma basis, including FBZ on a like-for-like basis, NII would have still reflected an increase of 32.2% year on year. Our businesses benefitted from increased yields and further progress in the reduction of funding costs, following our continuous focus on raising less expensive transactional deposits.

Non‐interest income (NIR) declined by 35.2% on a ccy basis, largely driven by a one off fair value gain of $15.4 million reported in H1 2016, which resulted from the depreciation of the Nigerian Naira in June 2016. This currency deprecation positively impacted the carrying value of our liabilities measured at fair value. Although we saw positive growth in the Markets and Treasury business, the growth for this period was lower than the comparative period growth as a result of lower trading volumes in Mozambique and Botswana, due to lower customer activity following the slow rate of recovery in those markets from macro headwinds experienced in 2016.

Markets business reported a 33% year on year revenue growth, reflecting the accelerated business focus to increase both volume and value of transaction flows in this business across all our operating banks.

Loan impairment charges of $10.0 million were broadly stable on the prior year net charge of $9.1 million with the NPL ratio decreasing year on year from 13.2% to 12.0%. The credit loss ratio of 1.5% at June 2017 (2016: 1.3%) was supported by improved credit processes and specific NPL recoveries, notably in Zambia and Zimbabwe totaling $10.8 million for the first half of 2017, versus $2.7 million of NPL asset recoveries recorded in the comparative prior period. This was somewhat offset by additional specific impairments in Zimbabwe and Rwanda taken on the corporate loan book of $6.3 million year to date.

Cost savings in the Shared Services & Centre, after staff rationalisation programs and the closure of the Johannesburg office in March 2017, further contributed to the noteworthy cost reduction visible in the more than 15% lower cost to income ratio reported year on year, now at 85.2%. The Centre reported a $8 million lower cost base recorded for the first half of 2017 compared to the Centre cost base reported as at June 2016.

Union Bank of Nigeria Plc (UBN) continued to demonstrate ongoing business improvements and contributed $8.7 million of net income to Atlas Mara’s results. While this was 30.4% lower than in the comparable period, this was largely due to the year on year decline in the Naira with the contribution increasing by 7.5% in ccy terms.

Loans and advances were $1.33 billion at 30 June 2017. The loan book declined by 8.0% in ccy terms year on year reflecting a cautious risk appetite in certain markets coupled with a slower recovery of economic conditions prevalent in 2016, constraining demand for credit.

Deposits were $1.89 billion at 30 June 2017, this represented growth of 2.7% on a ccy basis since June 2016.

Equity as at June 2017 totals $573.1 million (December 2016: $ 526.1 million), reflecting the positive net impact of the profit contribution for the half year, the modest equity placing undertaken in February 2017 of $13.5 million, and the positive FX translation impact of $ 17.8 million from converting our African operations into US dollars as reporting currency over H1 2017, as some currencies have strengthened against a weaker dollar since year-end.

At the end of June 2017 our book value was $7.18 per share (December 2016: $ 7.29) and our tangible book value was $ 5.31 per share (December 2016: $ 5.27).

SOURCE: https://pageone.ng/2017/09/08/atlas-mara-bet-usd200-million-union-banks-fintech-treasury-unit/

South African Football Association, SAFA has confirm that they have received a report from FIFA stating the replay of the World Cup match against Senegal that was played last year on 12 November 2016 in Polokwane which South Africa won 2-1.

According to FIFA, this decision follows the confirmation of the Court of Arbitration for Sport (CAS) to uphold the lifetime ban of match referee, Jospeh Lamptey, for match manipulation, the ruling imposed by the FIFA Disciplinary and Appeal Committees. In their letter, FIFA further suggests that the match will be replayed within the November 2017 international window, with the exact date to be confirmed in due course.

Bafana Bafana won the match 2-1 thanks to goals from Thulani Hlatshwayo, after a controversial penalty decision and Thulani Serero. Cheikh Ndoye scored a consolation goal for the visitors.

SAFA said in a report that it is studying the contents of the report and will issue a statement on intentions to challenge that decision.

SAFA also stated categorically that it was in no way involved with any wrongdoing related to the actions of the referee, as stated in the FIFA report.

The nation’s football governing body also confirmed that its has appointed a Senior Counsel, Mr Norman Arendse to help handle the matter.

SOURCE: https://pageone.ng/2017/09/07/south-africa-reacted-verdict-senegal/

Standard Bank’s local unit in Nigeria, Stanbic IBTC has one thing working for it, the bank focused on bringing in capital inflows into Nigeria.

Within the second quarter of the year, Stanbic IBTC processed 32.91% of total capital inflows, this was according to data released by the National Bureau of Statistics, NBS Nigeria’s data that recently declared an to the country’s recession.

https://pageone.ng/2017/09/06/stanbic-ibtc-responsible-32-capital-inflow/

Stanbic IBTC accounted for 32.91 percent ($589.84 million or N216.47 billion) of the total share during the period, representing an increase of 9.12 percent over the $536.78 million it posted in the first quarter of the year. That brings to $1.127 billion (N413.62 billion) capital importation by Stanbic IBTC in the first six months of the year.

The trio of Stanbic IBTC, Citibank Nigeria and Standard Chartered Bank accounted for 70.7 percent or $1,267.8 million of the total $1.792 billion capital importation during the quarter, while the other 22 banks generated the rest.

According to the report, Portfolio Investments was the key mover of capital during the quarter, growing by 145.7 percent, followed by Other Investments, which rose by 95.02 percent, and Foreign Direct Investment (FDI) by 29.8 percent over the first quarter. In figures, Portfolio Investment accounted for $770.5 million, or 43.0 percent of the total. In second place was Other Investments with $747.5 million, or 41.7 percent, and FDI with $274.4 or 15.3 percent.

Stanbic IBTC’s position as the major handler of foreign capital inflow further shows the offtake of the funds was from the United Kingdom, which accounted for $696.7 million or 38.87 percent of the total. The second largest value of capital importation came from the United States with $287.82 million or 16.06 percent.

The latest position of Stanbic IBTC in capital inflow further shows they are coming back into the country.

The NBS said Nigeria’s economy grew by 0.55% in the second quarter of the year as opposed to about -2.6% fall within the same period last year. The latest capital inflow report further corroborates the data.

As Nigeria’s recession lose steam with a relative ease in the Forex market, portfolio investors have started taking positions in Nigeria’s stock market as well as foreign direct investment purposes.

Source: https://pageone.ng/2017/09/06/stanbic-ibtc-responsible-32-capital-inflow/

Dr Strive Masiyiwa is set to make a return to Nigeria for a town hall conversation with Nigerian Entrepreneurs. The event tagged ‘Nigeria Entrepreneur Town Hall with Strive Masiyiwa’ is scheduled for September 8, 2017 between 10:30am to 1pm at Landmark Centre 2&3 Water Corporation Road, Victoria Island, Lagos.

Strive is a UK-based Zimbabwean businessman, entrepreneur and philanthropist. He is the founder and executive chairman of diversified international telecommunications group Econet Wireless.

He is the owner of Kwese (a dynamic entertainment company organizing the town hall in Nigeria), Zimbabwean satellite and broadcasting network under Econet Media. Dr Strive is scheduled to be in Nigeria as part of his tour of nations including Kenya, and some other African countries.

In terms of his involvement with Nigeria, since the departure of Econet in an unceremonious fashion, he recently invested in Nigerian Basketball League with Kwese TV as official broadcasters. Mr Strive indeed believes in Nigeria as he recently made a profound statement about Nigerian youth taking center stage in the nearest future.

A brief insight as to what the discourse would be with the businessman:
#AfripreneurTalk !
•Do you want to ask entrepreneur and philanthropist Strive Masiyiwa a question that’s been on your mind for years?
•Do you want to join the conversation about how entrepreneurship can and will transform the African continent?
•Do you want to help build a community of entrepreneurs, especially young people, who will take Africa into the future?

If you’ve answered yes, you are invited to be a part of the Town Hall discussion with Strive Masiyiwa. The organizers say attendants will become part of a 2.5+ million-strong online Facebook community of #Afripreneurs and #Globalpreneurs who are building skills and developing mindsets for the new economy.
Read more and register to attend https://pageone.ng/2017/09/02/strive-masiyiwa-return-nigeria-youth/
Register here
https://www.eventbrite.co.uk/e/nigeria-entrepreneur-town-hall-with-strive-masiyiwa-tickets-37490829079?aff=ehomecard

South Africa is said to have come out recession following its gross domestic product which rebounded with 2.5% growth for the second quarter of the year.

The figure is an improvement from the contraction reported for two consecutive quarters. GDP declined 0.3% in the fourth quarter of 2016 and 0.7% in the first quarter of 2017, fin24 reports.

Second-quarter data shows year-on-year GDP growth was 1.1%, and for the six months growth has been 1.1%. The nominal GDP is estimated at R1.145bn.

Statistician general Pali Lehohla explained that the primary industry contributed “significantly” to the growth numbers, with growth of 10.3%.

Lehohla described growth in the agricultural sector as “shooting through the roof” by 33.6%. It contributed 0.7 of a percentage point to overall GDP growth. Mining grew 3.9%, contributing 0.3 of a percentage point to overall growth.

The secondary sector grew 1.9%, with growth in the manufacturing industry up 1.5%. Electricity production increased 8.8%, while construction declined 0.5%.

The tertiary sector reported growth of 1.2%, with trade up 0.6%, transport up 2.2% and finance up 2.5%. The finance, real estate and business services contributed 0.5 of a percentage growth to GDP. General government services decreased 0.6%, contributing a -0.1 of a percentage point to GDP growth.

On the expenditure side of GDP, growth was recorded at 2.4%. Year-on-year expenditure was 0.8% and 0.5% for the six months.

Lehohla said that although agriculture production had grown so significantly, it did not contribute significantly to the number of people employed because of mechanisation. The 33% growth comes off a low base. This growth driven by the record maize crop expected for the second and third quarters, explained deputy director general: Economic Statistics Joe de Beer.

Household final expenditure came to 4.7% for the quarter, with the bulk of spend (26.7%) going towards clothing and footware. However, spend on education declined 0.9%, with spend on restaurants and hotels dropping 7% and transport 9.8%.

There was an increase in spend on semi-durable (21.2%) and non-durable (7.9%) goods, following a rebound in retail sales, explained Michael Manamela, chief director of national accounts.

Government final consumption expenditure was up 0.8% for the quarter, up from the -1.7% decline reported in the first quarter.

Gross fixed capital formation declined 2.6% for the quarter, compared to growth of 1.3% reported in the first quarter. Manamela explained this was driven by a deceleration in residential and non-residential building plans.

During the briefing Lehohla confirmed that he would be leaving Statistics South Africa on October 31, but would not be drawn on further discussion of his departure.

https://pageone.ng/2017/09/05/south-africa-recession-records-2-5-gdp-growth/

Guinness Nigeria PLC, the second largest brewer in the country has finally returned to reporting profits after many quarters of losses that trailed its performance.

Guinness said it recorded a gross profit of N48.3bn which is 16% higher versus the previous year and an operating profit of NGN10.2bn representing an increase of 131% year on year.

Total revenue for the period rose by 21% to NGN125 billion compared to NGN101 billion reported same period last year. Operating profit was further boosted by cost-cutting measures and financing models to NGN10 billion compared to NGN4.4 billion in the previous year.

In an email statement issued by the company, Mr Babatunde Savage, Chairman, Guinness Nigeria Plc, said that the company remains committed to the Nigerian market. “It is pleasing to see that the decisions we have taken in recent years have helped to position the company for sustained business growth. We are grateful for the strong support that our shareholders have afforded us over the years. With our continuing focus on driving performance and our determination to positively impact the lives of Nigerians. We look forward to continuing to give Nigerians a reason to celebrate life every day and everywhere.”

Acquisitions to note

Guinness also disclosed that it has acquired rights to distribute McDowell’s, a United Spirits Limited (USL) whisky brand. for several years, McDowell, a USL brand has been marketed to entry level and low-income whisky market across Southern parts of Nigeria.

The acquisition happened after USL opted out of its structure of direct distribution. The company also acquired the rights to distribute International Premium Spirits (IPS) including Johnnie Walker Scotch whisky and Bailey’s liqueur in Nigeria.

Ndegwa also stated that “Our gross profit of N48.3bn is as a result of volume growth, pricing benefit and a favourable sales mix as we continued to invest in our expanded brand portfolio during the year. Part of that investment includes the N4.7billion spirits line for locally manufactured spirits which we commissioned in Benin. These strategic acquisitions and expansions have filled the gaps in the spirits brand base allowing us to compete across all categories of the alcoholic beverage market in Nigeria. We remain committed to executing our productivity agenda with a strong focus on cost reduction, distribution and operational efficiencies.”

Read more https://pageone.ng/2017/09/05/guinness-nigeria-gets-back-into-profit-after-several-quarters-losses/

r Strive Masiyiwa is set to make a return to Nigeria for a town hall conversation with Nigerian Entrepreneurs. The event tagged ‘Nigeria Entrepreneur Town Hall with Strive Masiyiwa’ is scheduled for September 8, 2017 between 10:30am to 1pm at Landmark Centre 2&3 Water Corporation Road, Victoria Island, Lagos.

Strive is a UK-based Zimbabwean businessman, entrepreneur and philanthropist. He is the founder and executive chairman of diversified international telecommunications group Econet Wireless.

He is the owner of Kwese (a dynamic entertainment company organizing the town hall in Nigeria), Zimbabwean satellite and broadcasting network under Econet Media. Dr Strive is scheduled to be in Nigeria as part of his tour of nations including Kenya, and some other African countries.

In terms of his involvement with Nigeria, since the departure of Econet in an unceremonious fashion, he recently invested in Nigerian Basketball League with Kwese TV as official broadcasters. Mr Strive indeed believes in Nigeria as he recently made a profound statement about Nigerian youth taking center stage in the nearest future.

A brief insight as to what the discourse would be with the businessman:
#AfripreneurTalk !
•Do you want to ask entrepreneur and philanthropist Strive Masiyiwa a question that’s been on your mind for years?
•Do you want to join the conversation about how entrepreneurship can and will transform the African continent?
•Do you want to help build a community of entrepreneurs, especially young people, who will take Africa into the future?

If you’ve answered yes, you are invited to be a part of the Town Hall discussion with Strive Masiyiwa. The organizers say attendants will become part of a 2.5+ million-strong online Facebook community of #Afripreneurs and #Globalpreneurs who are building skills and developing mindsets for the new economy.

SOURCE: https://pageone.ng/2017/09/02/strive-masiyiwa-return-nigeria-youth/ Also see how you can attend the event.

Germany’s insurance giant, Allianz said it will not tamper with the management of Ensure Insurance but it would rather retain the board and its local talents.

Allianz announced yesterday that it had acquired 98% equity stake in Nigeria’s Ensure Insurance, a deal that was awaiting regulatory approvals in Nigeria.



In an exclusive interview with Africa CEO of Allianz, Coenraad Vrolijk, he told PageOne.ng’s Samuel Odusami that it will not make any change to the team as its competence was part of its reasons to acquire the Nigerian insurer.

“Developing and retaining local talent is a key focus for Allianz in Africa. One of the main reasons we are happy to have Ensure on board is the strength of the management team who are doing an excellent job in growing the franchise across the country and who we plan to retain,” he said.

An insurance expert who craved anonymity said the plan to retain 100% local management team is a good morale booster not just for the board of Ensure but the Nigerian insurance industry board room as a community. He said the move would further expose local talents to international insurance best practices and knowledge transfer that will have a ripple effect on the insurance industry as a whole.

However, Coenraad said Allianz will not retain the company’s current brand identity and the name given its controlling stake in Ensure.

“With the integration of Ensure Insurance into the Allianz Group, the company will be rebranded to Allianz in line with our global unified brand policy. Since the Ensure brand name is being owned by the company there is no urgency, however, to carry out the rebranding, we will be working with the Ensure team to address this topic in due course in 2018,” he said.

Allianz already has a full-fledged regional office in Casablanca, Morocco’s capital with key managers in charge of regional coordination on site. The Casablanca will be its hub for the entire African operations, a continent many insurance majors look to latch on for growth.

Allianz SE is listed on the German Stock Exchange. The company said it is not looking at listing the local unit on the Nigerian Stock Exchange, NSE.

An equity analyst who spoke to PageOne.ng on the company’s plan to keep its Nigerian operations private said, the Ensure Insurance would likely be one of its smallest local units given that the 98% stake was acquired for NGN11.5 billion. “It is a small exposure, the company can easily absorb it in its portfolio of foreign operations,” he said.

There are indications that a local listing might happen in future, but Coenraad was very explicit “we have no plans to list the company on the Nigerian stock exchange”, he said.

As a comparison, after France’s AXA acquired 77% stake in Mansard Insurance, it did not take the company private as AXA Mansard is currently listed on the NSE. Allianz might in the nearest future look to deepen its operations and presence in Nigeria by going public.

To look at the scale of Allianz, Allianz is largest P&C (property and casualty) insurer in the world and the largest European insurer (life + non-life).

In its 2017 second quarter results, Allianz reported an 83.4% rise in its net income (also known as net profit) to EUR2.0 billion. Gross revenue rose by 2% to EUR30.0 billion. Allianz said it is looking at reporting EUR10.8 billion as operating profit for the full year.

Allianz said its asset under management (AuM) at the end of the period was EUR1.9 trillion.

The entrance of Allianz is expected to see AXA, Swiss Re and another foreign player, Prudential, double down on their strategies to take advantage of the growth potentials in Nigeria’s insurance market. Analysts have concluded that being the continent’s largest economy, Nigeria is not matching its expectations. The entire industry reported gross premium of USD1 billion as at 2015. This is a small dent when compared to the second largest economy in Africa, South Africa, which reported USD50 billion within the same period.


While South Africa’s insurance market is deep and advanced when compared to Nigeria, the market is also getting saturated with local players looking for growth in Nigeria, Kenya and emerging African economies. The decision of Allianz to enter Nigeria is therefore justified.

SOURCE: https://pageone.ng/2017/08/31/allianz-rebrand-ensure-insurance-next-year-retain-management/

Africa’s largest economy bedeviled by power problems said it has awarded the construction of Mambilla hydroelectric plant to China Civil Engineering Construction Corporation, CCECC.

The 3,050 megawatt plant has been in the works but not executed for over 30 years. According to the federal minister of works, Babatunde Raji Fashola China’s Export-Import Bank will provide 85 percent of the funding and Nigeria’s government will supply the remaining 15 percent for the joint venture, Fashola said, adding that construction should take around six years.

“The scope of works is very extensive, it requires the construction of four dams,” he said.

“It will involve a lot of preparatory work (and) resettlement … It will also help Nigeria strike a very big blow on the climate change issue.”

The Mambilla Plateau is a plateau in the Taraba State of Nigeria. The plateau is Nigeria’s northern continuation of the Bamenda Highlands of Cameroon.

The Mambilla Plateau has an average elevation of about 1,600 metres (5,249 ft) above sea level, making it the highest plateau in Nigeria. Some of its villages are situated on hills that must be at least 1,828 metres (5,997 ft) high above sea level.

Some mountains on the plateau and around it are over 2,000 metres (6,562 ft) high, like the Chappal Waddi (more appropriate name: Gang) mountain which has an average height of about 2,419 metres (7,936 ft) above sea level. It is the highest mountain in Nigeria and the highest mountain in West Africa if Cameroon’s mountains, such as Mount Cameroon, are excluded.

The plateau developed on basement complex rocks.Tertiary basalts also occur on the Mambilla plateau and are mostly formed by trachytic lavas and extensive basalts, occurring around Nguroje.[4] The Mambilla Plateau measures about 96 km (60 mi) along its curved length; it is 40 km (25 mi) wide and is bounded by an escarpment that is about 900 m (2,953 ft) high in some places.[5] The plateau covers an area of over 9,389 square kilometres (3,625 sq mi). Mountain is found at the northeastern flank of the Plateau.

Environmental groups are raising concerns about the impact of the project on the immediate environment and its long term consequence.

International Rivers campaign group said on its official site that: “Many fear that Mambilla will go the way of previous large development projects (including large hydropower projects) where contracts are meted out but projects are never built,”

“If the Mambilla dam project does continue, it could mean disastrous environmental and social impacts for those already living in poverty along the banks of the Benue River,” the group said.

Nigeria’s major problem apart from corruption has been the lack of stable power. Many cottage and large manufacturers have either shuttle or relocated over the last four decades due to huge costs spent on generating sets and fuel used to power plants.

SOURCE: https://pageone.ng/2017/08/30/nigeria-awards-usd5-8-billion-mambilla-power-dam-project-chinas-ccecc/

Allianz Group has announced a binding agreement to acquire 98 percent of Nigerian insurer Ensure Insurance Plc. from its core shareholder Greenoaks Global Holdings Ltd. (GGH).

Ensure Insurance Plc offers life and non-life insurance services and generated 11 million euros in gross premiums written in 2016.
Allianz Group views Africa as one of the important future growth markets and is now present in 17 countries across the region. Nigeria, a fast growing country with a population of more than 180 million citizens, is the country with the largest gross domestic product (GDP) on the continent.

“Nigeria is one of the most dynamic economies in Africa. The acquisition of Ensure Insurance Plc gives us full access to this key insurance market in Africa and marks a major milestone for Allianz’s long-term growth strategy on the continent. This new step of development will allow us to offer the best products and services to Nigerian customers in both personal and commercial lines. In addition, as we grow our excellent African teams, we are laying particular emphasis on hiring and developing local talent,” said Coenraad Vrolijk, Regional CEO Africa of Allianz SE.

Pending regulatory approvals, the transaction is expected to close end of 2017 when Ensure Insurance Plc shall become a member of the Allianz Group.

Source: https://pageone.ng/2017/08/30/allianz-acquires-ensure-insurance/

United Bank for Africa, UBA said it has made provisions in its books for the NGN38 billion debt owed by 9mobile Telecom to the tier one bank.

The bank disclosed in a chat with Reuters later today that its total exposure which is about USD125 million using real time forex rate is secured.

Reuters said UBA did not disclose how much it earmarked for the debt and when the loan will be repaid.

It would be recalled that 9mobile, former Etisalat had appointed financial advisors to help the company screen buyers into its equity position.

SOURCE: https://pageone.ng/2017/08/29/uba-makes-provision-ngn38-billion-9mobile-debt/

Treasurer and Vice President of the World Bank, Arunma Oteh has been confirmed as a guest speaker at the forthcoming General Assembly and Annual Meeting of the World Federation of Exchanges holding in Bangkok, Thailand.

The World Federation of Exchanges (“The WFE”), which represents more than 200 market infrastructure providers including exchanges and CCPs, announced its 57th General Assembly & Annual Meeting. The meetings take place from 6-8 September 2017.

Arunma Oteh became the Director General of the Securities and Exchange Commission (SEC) in Nigeria in January 2010 where she was responsible for regulation of Nigeria’s capital markets, including the Nigerian Stock Exchange before joining the World Bank

The event, hosted by The Stock Exchange of Thailand (SET), will see more than 300 delegates gather for the WFE Annual Meeting, with a public programme of 15 key note speeches and panel sessions, in addition to member-only sessions for the Working Committee and Board.

There are three key note speeches on day one of the conference: Arunma Oteh, Treasurer, The World Bank; Dr Chaiyawat Wibulswasdi, Chairman, SET; and Dr James Zhan, Director, Investment & Enterprise, United Nations Conference on Trade and Development (UNCTAD).

Panel sessions that day include an opening discussion around the role of exchanges and CCPs in fostering economic growth and development, and this topic is the basis of a joint research report that will be launched at the event by The WFE and UNCTAD. Other panels will cover topics such as new technology and innovation in regulated markets, and how exchanges and CCPs should navigate the changes currently impacting global markets.

Day two includes key note speeches from Paul Andrews, Secretary General, IOSCO; Paul Hilgers, CEO, Optiver; and Dr David Marshall, Associate Director of Research, and Director of the Financial Markets Group, The Federal Reserve Bank of Chicago, along with panel sessions on emerging markets, retail participation in public markets, liquidity, and industry consolidation.

Nandini Sukumar, CEO, The WFE said: “The WFE would like to thank the Stock Exchange of Thailand for its great hospitality as the global leaders of the exchange and CCP industry gather from around the world for the 57th WFE General Assembly & Annual Meeting. The conference aims to remind the world of the value that exchanges and CCPs bring to the real economy; our united commitment to developing markets that are not only fair, orderly and transparent but also a vehicle for sustainable development; and the innovation that our industry collectively nurtures.”

Kesara Manchusree, President, SET said: “SET is highly honoured to host the 57th WFE General Assembly & Annual Meeting in Bangkok, Thailand. This is the second time that we have an opportunity to host this special assembly again after the first one in 1999. SET hopes that during the visit WFE members will gain a better understanding of the growing businesses of emerging exchanges in Asia, especially the progress on sustainability, governance, and social value. In addition, we hope that the Thai hospitality in this land of smiles will make the WFE event a memorable one.”

SOURCE: https://pageone.ng/2017/08/29/arunma-oteh-federation-exchanges/