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 Business › LG Introduces New Set Of Energy-efficient Home Appliances To Battle Energy by BrandSpurNG(op): 2:50pm On Sep 30, 2024 |
With a focus on addressing Africa’s distinct energy concerns, LG Electronics has introduced its newest line of energy-efficient home appliances. LG’s new appliances have industry-leading energy efficiency, in keeping with the worldwide push for sustainability and the African Union’s Agenda 2063 aim of shifting to a green economy. According to Oktae Kim, Product Director, LG Electronics Nigeria, Home Appliance Division: “As a responsible global citizen, LG Electronics is dedicated to developing eco-friendly solutions, reducing carbon footprint, and promoting sustainable living in Africa. We will continue to leverage our advanced core technologies, including inverter and component solutions, to deliver an expanded lineup of appliances with industry-leading energy efficiency.” LG’s most recent dryer and washing machine broke energy efficiency records. The washing machine’s Artificial Intelligence Direct Drive (AI DD™) motor can use a new drum motion to assist produce clean clothes while using less energy. The washer’s clever real-time RPM adjustment helps to maintain the appliance’s remarkable A-55 percent energy rating and keeps laundry from twisting or tangling. Continuing, LG’s new washing machine has an ezDispense™ function that automatically dispenses the appropriate quantity of detergent for each load, as well as a Microplastic Care cycle that lessens the amount of microplastics that are shed from textiles. In between, the new, energy-efficient dryer gets an A+++-26 percent rating. The newest laundry appliances from LG are both outfitted with AI-driven innovations. The dryer’s AI Dry™ feature offers precise moisture detection and ideal drying for a variety of materials and laundry items, while the washing machine’s AI DD motor and AI Wash feature offer improved fabric-sensing capabilities and strong performance. For a more convenient user experience, the washing machine can also automatically adjust temperature and cycle settings based on usage patterns. It can also rearrange the order in which cycles are shown on the control panel based on usage frequency. With its premium flat door design and A-25 percent efficiency rating, the new LG bottom-freezer refrigerator offers the lowest energy usage of any refrigerator currently available on the market while adding flair to the kitchen. Furthermore, the new model operates at a mere 29dB, creating a quieter kitchen atmosphere. LG’s new 60-centimeter (24-inch) built-in InstaView™ oven offers A++ energy efficiency along with a host of cutting-edge features and AI technology to enhance cooking. The oven has eighty different Auto Cook settings, BrandSpur technology, and information news reports. Additionally, Gourmet AI uses its built-in camera to recognise the food being cooked and choose the best cooking mode automatically from a database of thirty recipes. LG’s InstaView technology makes cooking even easier by allowing consumers to monitor the status of their food without opening the oven door. This feature also helps to maintain the oven’s temperature and reduces energy waste. However, with an energy economy rating of A-20 percent, the new LG QuadWash dishwasher is equipped with the company’s power-saving Inverter Direct Drive Motor. SOURCE:https://brandspurng.com/2024/09/30/lg-introduces-new-set-of-energy-efficient-home-appliances-to-battle-africas-energy-concerns/
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| Technology Market › Itec 75-inch UHD TV: Redefining The Viewing Experience In The Nigerian Market by BrandSpurNG(op): 2:05pm On Sep 30, 2024 |
iTEC is solidifying its position as one of the top brands in the electronics marketplace with the launch of its latest 75-inch UHD TV. This television, a product of Africa’s leading tech company, Zinox, is a masterpiece and nothing short of a marvel, as it provides an immersive visual experience that captivates casual viewers and tech enthusiasts across Nigeria and the broader Sub-Saharan market. Impressive Display and Resolution One of the significant features of the iTEC 75-inch UHD TV is its stunning 3840×2160 resolution. This display produces clear, detailed images that bring your favourite shows, movies, and games to life. The 16:09 aspect ratio ensures that every scene is perfectly proportioned, and the display’s astounding 1.07 billion colours provide a vivid and rich palette. This TV expertly captures every hue, whether it’s the intense reds of a sunset or the deep blues of the ocean. The colour spectrum of this TV is a real standout, offering a wide range of tones with an exceptionally natural feel. The uniformity of luminance guarantees that brightness will be dispersed equally over the screen, making for a consistent and enjoyable viewing experience from any angle. The backlighting is also top-notch. It offers excellent contrast between the darkest blacks and the brightest whites, enhancing every image’s depth and clarity. Fast Performance and Smart Features Beyond the visuals, this iTEC TV runs on the Android 11 operating system. It allows for a world of apps, streaming services, and customisation options. The TV has a Mali-G52 MC1 550MHz GPU and an ARM Cortex-A53 1.5GHz Quad-Core processor for snappy performance and seamless navigation. With 2GB of RAM and 8GB of internal storage, users can easily download and store apps, games, and other content. Seamless Connectivity Staying connected is a breeze with the TV’s range of connectivity options. Its LAN and wireless networking capabilities make it simple to sync with other smart gadgets in your house or stream information from the internet. The multiple HDMI and USB ports ensure you can connect various external devices like gaming consoles, soundbars, or USB drives without hassle. The SPDIF and AV ports further add to the versatility of this TV, making it a hub for all your multimedia needs. Stunning Sound Quality No modern TV is complete without excellent audio, and iTEC delivers on this front with its Dolby speakers. The sound quality is rich and immersive, making you feel like you’re right in the middle of the action. Whether you’re watching a high-energy action film or enjoying your favourite music, the Dolby audio elevates the entire experience. Designed for Every Viewing Angle One of the most impressive features of this TV is its wide viewing angle. No matter where you’re seated in the room, the picture remains clear and bright. This is perfect for family gatherings or group viewing sessions, ensuring that everyone enjoys the same high-quality visuals from any corner of the room. The TV’s rapid response time also ensures smooth motion, making it ideal for watching sports or playing fast-paced video games. Energy Efficiency and Power Despite its large size, the iTEC 75-inch UHD TV is designed with energy efficiency in mind. With power consumption rates of 200W, 250W, and 270W, depending on the mode of operation, this TV balances performance with eco-friendliness. This is particularly important in regions where power supply can be inconsistent, making this TV a practical choice for the Nigerian and Sub-Saharan markets. iTEC’s 75-inch UHD TV is a stellar offering for anyone looking to elevate their home entertainment experience. Its powerful performance, vibrant display, seamless connectivity, and immersive sound make it a must-have for tech-savvy individuals. With its impressive energy efficiency and robust features, this TV is sure to resonate with consumers in Nigeria and across Sub-Saharan Africa. Suppose you’re in the market for a cutting-edge TV that ticks all the boxes, iTEC’s latest model is definitely worth considering. Shop your iTEC TV now on konga.com for the best deals and seamless service. SOURCE:https://brandspurng.com/2024/09/30/itec-75-inch-uhd-tv-redefining-the-viewing-experience-in-the-nigerian-market/
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| Agriculture › New FIPAN President, Ayoola Oduntan, Pledges Collaboration With Stakeholders by BrandSpurNG(op): 11:14am On Sep 27, 2024 |
Dr. Ayoola Oduntan, the newly elected President of the Feed Industry Practitioners Association of Nigeria (FIPAN), has pledged to foster collaboration among stakeholders, including farmers, feed producers, financial institutions, and government agencies, to create an enabling environment for industry growth. He made this statement during his inaugural address on Tuesday, 24th September 2024, at De Rembrandt Hotel, Ikeja, Lagos. Dr. Oduntan underscored the importance of international partnerships to boost technological access, innovation, and best practices. He emphasized that these initiatives are crucial for improving efficiency, reducing costs, and elevating the quality of feed produced in Nigeria.”Our commitment is to ensure that every member of FIPAN has the support and resources they need to operate competitively in this challenging business climate,” Dr. Oduntan stated. He also indicated a strategic shift in focus, expanding FIPAN’s efforts beyond poultry feed to provide substantial support for ruminants and swine.The event was well attended by FIPAN members, including pioneering executives Chief Chinedu Ahamneze, Dr. Oyedele Oyediji, and immediate past president Raymond Isiadinso, as well as representatives from the U.S. Soya, feedmillers, raw material suppliers, farmers, importers, and other industry stakeholders. Dr. Oduntan received commendations for his significant contributions to the sector, particularly in his role as a past President of the Poultry Association of Nigeria, Group Managing Director of Amo Farm Sieberer Hatchery Limited, creators of the Noiler bird and producers of natnudO chicken, beef, fish and eggs.In his address, Dr. Oduntan urged FIPAN members to unite in advancing the industry’s cause, stressing that the future of the sector depends on stabilizing and reducing feed and food prices while aligning with government initiatives to bolster the purchasing power of the populace. According to the International Feed Industry Federation, global feed production has surpassed 1 billion tonnes annually, generating over $400 billion and underscoring feed’s vital role in the livestock industry. In Nigeria, the animal feed sector is valued at approximately $3.5 billion, showcasing tremendous potential. Under Dr. Oduntan’s leadership, his administration is dedicated to harnessing this potential through advocacy, strategic partnerships, and providing robust support to members, thereby significantly contributing to Nigeria’s agricultural and economic advancement.Looking ahead, Dr. Oduntan’s administration will prioritize innovative programs and policies to further strengthen the sector and enhance food security in Nigeria. Emphasizing the need to keep faith with Nigeria as there is a brighter tomorrow, he opined that an increase in the yield of corn eg from 2 tons per hectare to 6 tons per hectare, and elimination of post-harvest losses by 50 % could lead to significant growth in efficiency and profitable growth across the value chain. SOURCE:https://brandspurng.com/2024/09/26/new-fipan-president-ayoola-oduntan-pledges-collaboration-with-stakeholders-for-industrys-growthwith-commitment-to-innovation-technological-access-best-practices/
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| Business › Data Reveals 320 Businesses Gain Authorisation To Offer Nigerians Loan by BrandSpurNG(op): 1:22pm On Sep 25, 2024 |
320 businesses were authorised in September, up from 284 in May, to offer loans to Nigerians using digital platforms commonly referred to as loan apps. This occurred as the nation’s economic difficulties deepened and lenders saw an increase in loan requests. According to the lenders, applications for loans by Nigerians have doubled this year. The 320 businesses that now service the digital loan market are those that have obtained permission to do so from the Central Bank of Nigeria or the Federal Competition and Consumer Protection Commission (FCCPC). Examining the FCCPC database reveals that 42 digital lenders are operating under conditional approval, whereas 264 digital lenders have received full licenses from the Commission. In addition, 14 CBN-licensed businesses are included in the database. The ease of registration has turned into a draw for many to enter the digital lending industry, despite the FCCPC’s announcement that it is bringing digital lenders under its Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending to clean up the industry. The Chairman of the Money Lenders Association, the umbrella body of the registered lending app companies in Nigeria, Mr. Gbemi Adelekan, said: “Right now, the first thing that you would want to do if you’re in the financial sector is to go into digital lending. “If you think of microfinance, the regulation is tighter and the licence is costly. This is why many companies are coming into the space,” he added. Continuing, he had this to say: “More people are coming because the entry barrier is not as high as CBN-regulated financial institutions ” Beyond the simplicity of entry, the growing demand for quick loans from Nigerians presents enormous opportunities for anyone entering the digital lending industry, albeit with considerable non-payment risks. Adelekan claims that a large number of Nigerians now depend on credit to get by, and that’s where loan apps come in because they provide quick loans. He pointed out that there has been a fourfold increase in loan requests since the COVID-19 pandemic’s peak. He said: “Let me use our own company, KwikPay Credit as an example. During the COVID period, when everybody was sitting at home, give and take, weekly, we would get applications of like 1,000. “But now, we are receiving between 5,000 and 6,000 applications weekly. A lot of people want loans,” he added However, he pointed out that the majority of loan applicants are not eligible for the loans since their credit histories aren’t good enough. He claims that 90% of applicants often fail the credit history section of the BVN verification process after passing it. According to him: “One of the first things we do is to check whether an applicant has a financial footprint. Unfortunately, out of 5,000 applications, the system will reject 4,500 of them instantly. “Once you have an outstanding loan that you haven’t paid, the system filters you out. People don’t realize that their credit history matters,” he added. He went on to say that some lenders reduce the amount of risk they analyse to attract clients via BVN verification alone. He claimed that this group of lenders offers high interest rates to offset the dangers associated with their nano loans, which range from N3,000 to N5,000. Hundreds of other unregistered lenders are still operating in the market and receiving business from desperate borrowers, despite the increase in the number of digital leaders who have registered with the FCCPC and obtained permission to operate. The FCCPC said it has now placed 88 loan apps under its watchlist as it continues to work out modalities to sanitise the digital lending space, while 47 have been delisted from the Google Play Store, in response to their ongoing atrocities, which include harassing and defaming their customers through their contacts. The primary goal of the nation’s digital lender registration and licensing process, according to Dr. Adamu Abdulahi, Executive Commissioner of Operations at the FCCPC, is to identify the organisations operating the applications through its Interim Regulation so that they may be held accountable for any violations. He added that before the rule, it was impossible to identify any of the businesses running the loan applications. According to Abdullahi, the Commission is also attempting to find a balance between the loan apps’ ongoing operations and the clients’ loan defaults. He also noted that despite these difficulties, loan apps continue to play significant roles in the economy. It is pivotal to support equitable, open, and advantageous alternative lending opportunities for Nigerians. The FCCPC, led by its former boss, Babatunde Irukera, collaborated with the Joint Task Force (JTF) to develop the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022. The troubling activities of loan applications in the nation, particularly the illicit ones, due to claims of unfair practices and rights abuses, among other things, also made registration necessary. Citing Nairametrics, as of May of this year, there were 284 registered loan applications in the nation. There are currently 320 approved companies, up from 36 at the beginning of the application period, BrandSpur business and economy news reports. SOURCE:https://brandspurng.com/2024/09/24/data-reveals-320-businesses-gain-authorisation-to-offer-nigerians-loan/
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| Business › Swarovski Nigeria Tours Key Stores Across Lagos, Abuja,seek To Expand Nationwide by BrandSpurNG(op): 9:38am On Sep 25, 2024 |
Following a successful three days of touring with its international partners, Swarovski Nigeria visited important stores in Lagos and Abuja from September 16 to 18, 2024. The official opening of the Swarovski store at Palms Mall in Lagos was part of the visit, which also highlighted the brand’s growing influence in Nigeria. The unveiling of two new brand influencers, Enioluwa Adeoluwa and Efe Irele, was a noteworthy event of the visit. The influencers’ distinct perspectives and robust relationships with the Nigerian audience are valuable assets for Swarovski, which underscores the brand’s dedication to working with people who epitomise sophistication, grace, and contemporary luxury. A press conference held at the Palms Mall store in Lagos marked the start of the tour, drawing BrandSpur national news brand and significant media attention and producing in-depth coverage of Swarovski’s most recent offerings and strategic initiatives. The store was formally unveiled at the ceremony, serving as the flagship of Swarovski’s upscale retail collection in Nigeria. The team made a last stop at the Ikeja City Mall store on September 18, consolidating Swarovski’s position in the Nigerian market, after visiting the Jabi Mall store in Abuja on September 17th to look into the potential for further expansion. Jonathan Minter, Regional Sales Manager for Sub-Saharan Africa at Swarovski, reflected on the significance of the visit and remarked: “Nigeria is a key market in Swarovski’s African expansion strategy. With a growing middle and upper class, our goal is to blend Swarovski’s global heritage with localized marketing to make it a leading brand in Nigeria.” In addition to highlighting Swarovski’s well-known worldwide reputation for its crystals, gemstones, jewellery, and accessories, Polo Limited’s Head of Marketing, Chika Nnadozie also provided information about the brand’s strategic direction in Nigeria. “Our promotional efforts will include targeted in-store activations, influencer collaborations, and digital campaigns, all carefully designed to resonate with the Nigerian audience. By partnering with Enioluwa Adeoluwa and Efe Irele, we aim to strengthen Swarovski’s cultural relevance and connection with the local market,” stated Polo’s Marketing Head. In response to inquiries from the media on sustainability, Olamoniso Nduka, Head of Business Development at Polo Limited, said: “Swarovski leads the charge amongst other global jewelry players in sustainability with responsible sourcing and ethical practices. In Nigeria, we are committed to partnerships that align with these values and support local communities.” In addition, he talked about worries about currency fluctuations and emphasized the need for localized pricing systems to guarantee affordability without sacrificing quality for all strata of society in society. The visit encompassed not just a celebration of the present but also strategic discussions for Swarovski’s future in Nigeria. These included plans for new product launches and creative retail experiences. This visit marks a critical turning point in Swarovski’s journey, setting the stage for future success as the company continues to grow in Nigeria. About Swarovski Nigeria Offering the finest crystal jewellery in the world, Swarovski Nigeria is the go-to place for luxurious accessories that are both exquisite and reasonably priced. Drawing from the 129-year legacy of its worldwide equivalent, Swarovski Nigeria prioritises trend-setting designs and exceptional branding. Every painstakingly created crystal object tells a tale of unparalleled skill and artistry and embodies Swarovski’s heritage of innovation and high quality. SOURCE:https://brandspurng.com/2024/09/24/swarovski-nigeria-tours-key-stores-across-lagos-abuja-seek-to-expand-nationwide/
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| Education › LASU Wins Pitch Competition For PR Fest 2024 by BrandSpurNG(op): 12:06pm On Sep 24, 2024 |
A week-long celebration of public relations, creativity, and culture, PR Fest 2024, marked the first time that the highly competitive PR Pitch Competition was won by a team from Lagos State University (LASU). Lagos State University (LASU) and Yaba College of Technology (Yabatech) faced off in a tough competition of strategic communication skills on the first day of PR Fest. Both groups demonstrated excellent tactics for leveraging Lagos State’s rich cultural legacy to position the state as a top travel destination. The judges were greatly impressed by LASU’s pitch because of its creative and persuasive PR strategy. The winning team put forth a multifaceted plan to improve Lagos State’s standing as a cultural leader around the world by combining immersive experiences, digital storytelling, and strategic partnerships. Commenting on the competition, Mrs. Comfort Obot Nwankwo, Chairman of the Lagos Chapter of NIPR, praised both teams for their hard work and creativity, stating, “This competition has truly demonstrated the power of public relations in shaping narratives and influencing perceptions. LASU’s performance was exemplary, and we are excited to see the future of PR in the hands of such talented young professionals.” As part of their prize, the LASU team received the winner’s trophy and the sum of N100,000, while Yabatech was awarded the sum of N50,000 and a runner-up trophy. The presentation took place at the grand finale of PR Fest, held at Muson Centre. The judges for the pitch competition were Mr. Bolaji Abimbola, CEO of Indigo, and Mr. Bamiji Adeleye, CEO of Alderfort. The PR Pitch Competition was one of the key highlights of PR Fest 2024, underscoring the importance of strategic communication in promoting culture and tourism in Nigeria. The event also marked the beginning of an exciting week of activities, including lectures, cultural tours, and networking opportunities aimed at fostering creativity, collaboration, and innovation in public relations. SOURCE:https://brandspurng.com/2024/09/23/lasu-wins-pitch-competition-for-pr-fest-2024/
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| Computers › Qualcomm Approached Intel About A Takeover by BrandSpurNG(op): 11:36am On Sep 24, 2024 |
Qualcomm (QCOM.O), opens new tab has in recent days approached Intel (INTC.O), opens new tab to explore a potential acquisition of the troubled chipmaker, a source familiar with the situation said on Friday, in what could be a transformational deal in the sector but faces many hurdles. Qualcomm CEO Cristiano Amon is personally involved in the negotiations to acquire five-decade-old Intel, according to the source who was briefed on the matter. Another person familiar with the situation said Amon has been actively examining various options for a deal for the company. Earlier this month, Reuters reported that Qualcomm explored the possibility of acquiring portions of Intel’s design business and that its PC design unit was of particular interest. Qualcomm executives were examining Intel’s entire portfolio of businesses. The conversations with Intel are at an early stage. The San Diego-based company has not made a formal offer for Intel, according to third person familiar with the matter. The sources requested anonymity as the discussions are confidential. Intel declined to comment. Qualcomm did not immediately respond to a Reuters request for comment. Intel’s shares closed up 3.3%, while Qualcomm fell 2.9%. The approach by Qualcomm comes at a moment of weakness for Intel, which was once the most valuable chipmaker in the world, but whose shares have lost nearly 60% of their value since the start of the year. A deal, should it go ahead, would likely invite scrutiny from antitrust regulators in the United States, China and Europe. Qualcomm may be required to divest parts of Intel in order to gain regulatory approvals. A bid would mark the biggest takeover attempt in the technology industry since Broadcom sought to buy Qualcomm for $142 billion in 2018, before President Donald Trump nixed the tie-up, citing national security risks. Reuters could not determine how Qualcomm, which has a market value of $188 billion, would finance a bid for Intel, which is valued at $122 billion, including its debt. Qualcomm has roughly $13 billion in cash, according to recent company filings. It is also unclear how Qualcomm would handle the takeover of Intel’s contract manufacturing business. To build chips with an atomic level of precision, Intel has invested hundreds of billions of dollars over decades on its fabrication process and amassed tens of thousands of engineers to do it. Qualcomm has never operated a chip factory, or fab, and currently contracts the likes of Taiwan Semiconductor Manufacturing Co (2330.TW), opens new tab and uses designs and other technology supplied by Arm Holdings (O9Ty.F), opens new tab. INTEL’S WOES Once the dominant force in chipmaking, Intel ceded its manufacturing edge to Taiwanese rival TSMC and failed to produce a widely desired chip for the generative AI boom capitalized on by Nvidia (NVDA.O), opens new tab and AMD (AMD.O), opens new tab. Intel has been attempting to turn its business around by focusing on AI processors and creating a chip contract manufacturing business, known as a foundry. As part of a memo from CEO Pat Gelsinger, Intel released a series of announcements that stemmed from a board meeting last week. Gelsinger and other executives presented a plan to shave off businesses and restructure the company, Reuters has previously reported. The company plans to pause construction on factories in Poland and Germany, and reduce its real estate holdings. Intel also said it had reached a deal to make a custom networking chip for Amazon.com’s AWS. The Wall Street Journal reported on Qualcomm’s talks with Intel earlier on Friday. SOURCE:https://brandspurng.com/2024/09/23/qualcomm-approached-intel-about-a-takeover/
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| Business › NSDC Partners ACCI To Raise $5 Billion For Sugar Production Investments by BrandSpurNG(op): 12:57pm On Sep 20, 2024 |
The Abuja Chamber of Commerce and Industry (ACCI) and the National Sugar Development Council (NSDC) have started discussions about possible partnerships with the goal of raising approximately $5 billion to support investments in the sugar subsector. The proposed agreement came about as a result of Mr. Emeka Obegolu, SAN, President of ACCI, and Mr. Kamar Bakrin, Executive Secretary of NSDC, visiting each other in Abuja. It happened on the same day that a $2 billion Memorandum of Understanding (MoU) for the offtake of soy beans was signed by a Turkish company and Niger Food, a limited liability company that is partially owned by the Niger State Government. The agreement, which was projected to cost $200 million a year for ten years, was intended to support the state’s farmers’ livelihoods, increase employment opportunities, and promote agriculture. In the presence of Governor Mohammed Bago, the Memorandum of Understanding was signed on Monday at Government House in Minna by Mr. Sammy Adigun from Niger Foods and Mr. Nurullah Mehemet, Executive Officer of Direkci Group. Bago praised the Turkish government for its willingness to invest in Niger State and called the agreement “a game-changer.” “This collaboration is a game-changer for Niger State, and we are confident it will boost food security and significantly reduce unemployment,” he said. The governor declared that the state was open to working with Turkey in sectors other than agriculture. Bakrin said the council had a mandate, through the Nigeria Sugar Master Plan (NSMP), a 10-year blueprint currently in its second phase of implementation, to achieve self-sufficiency in sugar production. He said the target was to be able to produce two million metric tons of sugar annually, which covered the current annual consumption of about 1.8 million tons. The NSDC boss said a key aspect of the masterplan was the mobilisation of the right kind of funding. He said, “We estimate that the sector requires about $5 billion. So, one of the key roles of the council is to facilitate the mobilisation of the funding required, both in terms of equity as well as project finance or debt, if you will, of a particular nature that is suited to the gestation or the development cycle of sugar production, which is long-term, low-cost development finance.” Meanwhile, Chairman, Niger Foods, Mr. Sammy Adigun, disclosed that the Turkish firm will off-take 500,000 tonnes of soya bean each year for 10 years that the agreement would last. Adigun added that the agreement would empower local farmers by providing them with seeds and fertilisers and ensuring a guaranteed market for their produce. He revealed that the Turkish firm was also investing in a 100,000-hectare “Green House” project with a cold chain facility at the agro-processing zone with an annual output of about 160,000 tonnes of fruits and vegetables, such as tomatoe and pepper. In addition, Adigun disclosed that the group would establish a total of 2.5 million chicken production poultry facility, including eggs and feed mills production in two phases. Managing Director and Chief Executive Officer of Direkci Group, Nurullah Mehmet, said the firm had a long history of excellent performance across the country. SOURCE:https://brandspurng.com/2024/09/19/nsdc-partners-acci-to-raise-5-billion-for-sugar-production-investments/ 1 Like 1 Share
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| Business › Quickteller Paypoint Organizes Regional Empowerment Programme by BrandSpurNG(op): 1:36pm On Sep 19, 2024 |
Every business owner aspires to have a financially secure partner who will support them and help them realise their goals. Let’s face it, though: individuals rarely say what they mean or mean what they say, so this is frequently elusive. There is one exception to the rule, though! One of the top payment processors within the Interswitch Group, Quickteller Paypoint, is a “sure guy” who won’t abandon you. Not a cap! Quickteller Paypoint is not like some folks who are eager to promise to help and then vanish when things get really tough. BrandSpur business and economy news reports that they are not only Quickdoers but also Quicktellers! By relieving its agents of one worry, Quickteller Paypoint consistently assists its agents in realising their dreams. Across major Nigerian cities, including Lagos, Port Harcourt, Abuja, and Anambra, Quickteller Paypoint recently conducted Regional Engagement Forums as part of its continuous efforts to empower and support its POS agents. The big picture moment? A substantial fifty percent discount on Corporate Affairs Commission (CAC) registration costs was granted by the corporation to agents who had not registered their enterprises by the extended deadline of September 5, 2024, during these events. How wonderful a lifesaver! Who doesn’t like better stuff, as one agent said with excitement? Baba, Quickteller Paypoint na! In addition to offering the discount, Quickteller Paypoint has proven that it understands the vital role that its agents play in promoting financial inclusion in their local communities. The recent occurrences provide witness to this dedication, as agents experienced actual assistance, recognition, and worth. Agents that use Quickteller Paypoint receive more than just a service—they get a committed partner. In addition to engaging in dynamic instructional sessions and Q&As, agents at each event had the opportunity to ask tough questions of Quickteller Paypoint representatives and gain insightful guidance. The agents saw it as a great chance to advance their companies. The 50% CAC reduction offered by Quickteller Paypoint was a calculated decision to empower its agents, encourage compliance, and support businesses rather than just provide financial comfort. This program, however, highlights Quickteller Paypoint’s steadfast dedication to promoting growth, assuring agent success, and expanding financial inclusion throughout Nigeria. SOURCE:https://brandspurng.com/2024/09/19/quickteller-paypoint-organizes-regional-empowerment-programme-continues-to-foster-customer-growth/
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| Family › How Pre-paid Metre Has Caused People To Do Away With Electrical Appliances by BrandSpurNG(op): 1:55pm On Sep 17, 2024 |
In the days before pre-paid meters, homes bought a lot of appliances, including deep freezers, electric stoves, cookers, blenders, washing machines, boiling rings, pressing irons, and more, to either improve their kitchens or save time on daily tasks. Many people, particularly women, participate in thrift’s contribution (also known as ajo or esusu in Nigeria) to raise money to buy some of these gadgets, making the manufacturers and distributors happy in the process. But since the advent of prepaid meters, the economy and lifestyle have found that many homes have given up using the majority of these devices. Some sold them to individuals who were still using post-paid meters or to vendors of reasonably used goods, BrandSpur Technology and information news reports. A banker named Mrs. Bridget Johnson stated: “Since I started using prepaid meter, I have stopped using most of my gadgets, especially the electric cooker, washing machine, pressing iron, among other things. “We watch television set once a day. I had to buy an iPad where I downloaded various types of cartoons and educational materials for my kids to keep them busy. We switch off the lights and put on my fridge for three hours and switch it off once it is iced for a day.” She went further to reveal: “The rate at which the prepaid meter runs is alarming of recent. Before I pay N32 per unit, and when I load N10,000 with strict adherence to the rules my husband and I placed in the house, it lasts us up to two weeks for the bills to get exhausted. But recently, I discovered that when I loaded the N10,000 it wasn’t up to the two weeks before it finished. “I had to call the electricity distribution office where they told me I had been transferred to band A. I was so pissed off with such a transition but had no choice but to accept it. “In Nigeria of today you have to cut costs whether you like it or not,” she added. “Using a prepaid meter has its own advantages,” stated a businessman, Mr. Shodimu Olorunfemi. “One of them is regulating what you consume.” Continuing, he had this to say: “By doing so you have to forfeit carrying out certain lifestyles, especially using electronic gadgets that consume lots of electricity. “Such gadgets like electric cookers, hot plates, pressing irons, refrigerators, and Air conditioners, among others, consume higher units of electricity,” he added. He went on to disclose In his house, he prohibited the switching on of lights during the day and also watching television all the time. Speaking further, he stated: “Except I have a very important event I want to attend, I don’t iron my clothes. I pick the clothes for each day and hang them to straighten up. He, however, pointed out that he and his wife had to give out most of our gadgets to family members and friends who use postpaid meters. He added: “With this development and the state of the economy, those selling electronic gadgets are on the losing side because people like us will not even have a spoilt gadget talk of buying a new one.” Another banker, Mrs. Bakare Judith, who recently got married, said she sold all her electrical appliances that are power-draining. She had this to say: “I had to sell most of the electric gadgets I brought to my husband’s house when I discovered that he was using a prepaid meter. I use the blender once in two months and ironing is done once in a blue moon.” SOURCE:https://brandspurng.com/2024/09/17/how-pre-paid-metre-has-caused-people-to-do-away-with-electrical-appliances-in-their-homes/
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| Phones › NCC Launches DMS, Seeks To Improve Mobile Phone Security by BrandSpurNG(op): 11:43am On Sep 14, 2024 |
The new Device Management System (DMS), which was unveiled by the Nigerian Communications Commission (NCC), is intended to improve mobile phone security and safeguard Nigerian users. The DMS will function as a “Central Equipment Identity Register,” establishing a uniform database for tracking and monitoring mobile devices across all network operators in the nation, according to a statement that was put on the commission’s website on Monday. The “Type Approval Business Rule 2024,” which contains the new law, is said to have three main objectives: to prevent phone theft, to reduce the use of counterfeit devices, and to guarantee that standards are followed. Continuing, through the use of the International Mobile Equipment Identity (IMEI) numbers on the DMS, the NCC will be able to track devices and use them in conjunction with global databases to identify and prevent unauthorised devices. In addition to protecting consumers, the system is anticipated to improve national security by lowering phone theft, decreasing the supply of fake devices, and lessening the likelihood that stolen phones will be used for illegal purposes, BrandSpur telecom and IT news reports. But to boost income output and preserve Nigeria’s safe telecom infrastructure, the NCC disclosed that a registration price will be added for all devices linked to the network, in addition to the current type of approval fees. The DMS would safeguard consumer interests while maintaining accountability and transparency in the telecom industry, the commission underlined. SOURCE:https://brandspurng.com/2024/09/14/ncc-launches-dms-seeks-to-improve-mobile-phone-security/ 1 Like
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| Car Talk › Innoson Vehicle Launches First Locally-made Electric Vehicle In Nigeria by BrandSpurNG(op): 12:26pm On Sep 13, 2024 |
The debut of Innoson Vehicle Manufacturing Company’s (IVM) first locally-made electric vehicle marks a significant milestone for the Nigerian auto industry. This is a new phase for Innoson, which is well-known for emphasising lowering dependency on foreign automobiles to accelerate Africa’s shift to electric mobility. Cornel Osigwe, the company’s head of communications and corporate affairs, recently demonstrated the electric car during a test drive at the business’s Nnewi, Anambra State, production site. Although specifics like cost, quantity produced, and release date are still unknown, this launch signifies Innoson’s foray into the expanding electric car industry. Globally, electric cars (EVs) are becoming more and more popular as a key technology for lowering carbon emissions from transportation. The industry accounts for more than 15% of all energy-related emissions worldwide, according to the International Energy Agency (IEA). Due to advancements in performance and range, the number of electric vehicles (EVs) sold increased, with about 18% of new vehicles going electric in 2023. However, because of increased prices and inadequate infrastructure for billing, many underdeveloped countries—including Nigeria—face difficulties throughout this shift. In Nigeria, locally built electric vehicles made their debut in 2021 with the Stallion Motors-assembled Hyundai Kona. The National Automotive Industry Design and Development Council (NADDC) launched this program as a part of a larger plan to encourage environmentally friendly transportation by installing solar-powered charging stations. Even with these advancements, there are still significant problems with the nation’s electrical infrastructure. Nigeria can generate about 5,000 megawatts of power, but its consumption can approach 40 terawatts. Continuing, the widespread use of backup generators and high electricity bills make it more difficult to embrace electric vehicles, BrandSpur local news brand reports. The goal of Innoson Motor’s electric vehicle production demonstrates the company’s unwavering commitment to utilising regional resources. However, Osigwe stated that the company’s goal of enhancing Nigeria’s manufacturing sector and lowering reliance on imports is in line with the practice of procuring raw materials, including batteries, domestically for the production of electric vehicles. Innoson wants to offer high-quality, reasonably priced cars that are produced on the continent. After supporting the motorcycle market, the company is now addressing the electric vehicle market to improve manufacturing skills and stimulate economic growth. SOURCE:https://brandspurng.com/2024/09/12/innoson-vehicle-launches-first-locally-made-electric-vehicle-in-nigeria/
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| Politics › PenCom Approves Pension Account Holders N10.5b Mortgage by BrandSpurNG(op): 12:05pm On Sep 13, 2024 |
According to the National Pension Commission, or PenCom, 1,234 requests for residential mortgage financing totaling N10.5 billion were approved, while 156 requests were turned down because of incomplete paperwork. 379 of the 1,234 applicants whose benefits were approved came from the private sector, and the remaining 855 came from the public sector, the report went on to reveal. In order to support themselves and their families in the first half of 2024, or H1’24, 14,179 Retirement Savings Account (RSA) holders who lost their jobs this year took 25% of their pension savings, according to the Pencom report. RSA holders withdrew N23.4 billion during that time, according to the National Pension Commission’s (PenCom) second quarter report. A total of 5,528 RSA account holders withdrew N9.2 billion in Q2’24, compared to 8,651 RSA holders who withdrew N14.2 billion in the first quarter. Nevertheless, the second quarter report shows slower withdrawals. Nonetheless, a few industry watchers linked the higher number in Q1’24 to the customary financial strains that arise at the start of the year. “Of the 5,528 applicants whose benefits were approved, 5,223 were from the private sector, and the remaining 305 were from the public sector,” the PenCom report for Q2’24 said. The N9.3 billion was authorized for the 5,528 RSA holders who are younger than 50. “A total of 4,387 beneficiaries applied to access the death benefits of deceased employees/retirees,” the report said regarding the payment of death benefits. Of those, 4,376 requests were granted, and eleven were denied because the supporting paperwork was incomplete. 807 requests for death benefits were approved from the private sector, and 3,569 requests came from the public sector out of the 4,376 requests that were approved. For the 4,376 beneficiaries, a total of N29,318.98 million was approved. SOURCE:https://brandspurng.com/2024/09/13/pencom-approves-pension-account-holders-n10-5b-mortgage/
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| Politics › FG Markets $100 Billion Creative Economy Growth Plan To Corporate Nigeria by BrandSpurNG(op): 11:11am On Sep 12, 2024 |
Following months of comprehensive planning, the Federal Government has unveiled details of its bold and strategic plans to generate at least $100 billion and create over two million jobs from Nigeria’s creative economy yearly.https://brandspurng.com/2024/09/12/fg-markets-100b-creative-economy-growth-plan-to-corporate-nigeria/ 4 Likes 1 Share
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| Business › Sterling Pioneers Africa’s First Indigenous Core Banking System by BrandSpurNG(op): 2:43pm On Sep 10, 2024 |
Nigeria’s leading commercial bank and Africa’s most agile company, Sterling Bank Limited, has made history by migrating to what is believed to be the continent’s first ever indigenous core banking solution called SeaBaaS. The implementation of SeaBaaS, developed by Peerless, marks the completion of a new banking system announced to customers in August 2024. This strategic move positions Nigeria as a leader in digital banking, driven by local talent and cutting-edge technology. Leveraging advanced data analytics and artificial intelligence, the system promises to enhance customer experience and operational efficiency, providing smarter, faster financial services. Speaking on the achievement, Abubakar Suleiman, CEO of Sterling Bank, said SeaBaaS is the first fully developed core banking platform that is wholly built and owned by an African technology company. He described the development as the start of a new revolution in Africa’s drive for economic self-sufficiency, noting that the intellectual property underpinning SeaBaas will be available to partners across the continent in the coming months. For regulators, it ensures greater transparency, robust reporting, and compliance with evolving standards. “Partnering with Peerless to create SeaBaaS is not just a milestone for us; it is a renewal of our resolve and ambition to remain a world-class organization. It is proof that African institutions can do great things that will make the world stand up and take notice of us,” said Suleiman. “We are once again proving that the notion of Nigerian banking being one of the most technologically advanced is not just a myth, but a reality that is manifested in the quality of solutions we can develop, and services we can deliver to our customers.” Suleiman explained that the transition to SeaBaaS represents many things to many people. “For the African banking industry, it is the continent’s first indigenously conceived and engineered core banking application, built and owned entirely by a Nigerian company, with every line of code, database configuration and interface proudly African, delivered by homegrown talent. “For our customers, it offers faster transactions, enhanced security and innovative financial products tailored to their needs. For regulators, it ensures greater transparency, robust reporting and compliance with evolving standards.” The bank’s CEO acknowledged the challenges faced during the implementation, stating that implementation issues had been resolved, with the institution’s full bouquet of digital banking services being restored in phases for customers’ use. According to him, “This successful deployment reminds us that nothing truly valuable comes without challenges. While this transition has tested our systems and patience, it also reinforced our commitment to innovation and excellence. We enter this new phase confident that the migration will deliver unmatched efficiency and transformative customer experiences.” He also pointed out the financial implications of the migration, noting that African banks collectively spend hundreds of millions of dollars annually on foreign core banking systems, which exacerbates the continent’s trade balance issues. The introduction of SeaBaaS not only sets a new benchmark for Nigerian financial services but also paves the way for a future where African institutions can reduce their technology costs, thereby enhancing financial inclusion, he said. Sterling Bank’s migration to SeaBaaS adds to its history of being at the forefront of market-leading innovations. The bank pioneered Nigeria’s first contactless prepaid transport card (FarePay) and the first automated retail lending solution (Specta). It has also partnered with state governments to deploy innovations like the first drone delivery system for pharmaceutical consumables with Zipline in Kaduna, and digitized medical records. SOURCE:https://brandspurng.com/2024/09/09/sterling-pioneers-africas-first-indigenous-core-banking-system/ 1 Like
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| Investment › Nigeria’s SEC To Crack Down On Unregulated Crypto Exchanges by BrandSpurNG(op): 2:30pm On Sep 10, 2024 |
Nigeria’s Securities and Exchange Commission (SEC) plans to start enforcement actions against businesses and individuals involved in unregulated cryptocurrency transactions. Emomotimi Agama, the director-general of Nigeria’s SEC, announced that Nigeria would be taking action against entities attempting to offer cryptocurrency services without proper regulation, according to a report by the local news agency Nairametrics on Sept. 9. Agama emphasized that the measures align with the SEC’s commitment to protect investors, including those involved in the crypto industry. He stated: “We are certainly going to commence enforcement actions on anyone who wants to operate in this market without the intention of being regulated. For those that do not want to play by the books, we will not allow them to operate within our space.” Only two crypto exchanges are currently regulated in Nigeria The SEC’s statement comes about two weeks after the Nigerian securities regulator issued the first provisional operating licenses to the two local crypto exchanges, Busha Digital and Quidax Technologies, on Aug. 29. While there are a number of other SEC-approved businesses related to digital assets in Nigeria, Busha and Quidax are currently the only two exchanges officially supervised by the authority, according to its website. According to Agama, the recent approvals of Busha and Quidax in Nigeria were driven by young Nigerians’ growing interest in digital assets. The official stressed the need for a clear regulatory framework that protects investors while encouraging innovation. He mentioned that the SEC’s supervision of crypto will include checks related to Anti-Money Laundering and Combating the Financing of Terrorism protocols. Inconsistency and lack of clarity in Nigeria’s crypto regulations Industry observers agree that Nigeria’s approach to regulating cryptocurrency transactions has been somewhat unclear and inconsistent despite emerging as one of the world’s major crypto markets. In early 2021, the Central Bank of Nigeria (CBN) placed a blanket ban on crypto by prohibiting all financial institutions from servicing crypto exchanges in the country. One year later, the Nigerian SEC published a regulatory framework targeting crypto exchanges. In late 2023, the CBN officially lifted the ban on transacting in cryptocurrencies but subsequently pushed new regulations that aim to restrict peer-to-peer crypto exchange using the national currency, the Nigerian naira, in May 2024. Global exchanges like Binance have also faced action from Nigerian regulators. Despite Binance announcing its exit from Nigeria in March 2024, local law enforcement did not release its executives, including Binance’s head of financial crime compliance, Tigran Gambaryan. Gambaryan has been detained for over six months since his arrest in February as he awaits the court’s decision on bail, which is expected in October. SOURCE:https://brandspurng.com/2024/09/10/nigerias-sec-to-crack-down-on-unregulated-crypto-exchanges/
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| Phones › Tecno Launches Two Affordable Phones With Latest Features Into The Market by BrandSpurNG(op): 12:32pm On Sep 09, 2024 |
What could be more satisfying than being able to purchase a smartphone without breaking the bank? You can guess as well as I do—it’s having a choice. TECNO, which lives up to its motto of “Stop at Nothing,” has recently produced two extremely powerful but affordable devices: the TECNO POP 9 and the TECNO SPARK 30C. You may choose the smartphone that best suits your demands and budget thanks to the design of both models, which aim to provide you with the best possible value without sacrificing quality. What distinguishes these two economical kings? Alright, now that you have it. TECNO POP 9: Reliable and Reasonably Priced For individuals looking for dependable performance without going over budget, the TECNO POP 9 is ideal. With a fluid refresh rate of 120Hz, the 6.67-inch display makes gaming and scrolling effortless. This phone’s UNISOC T612 processor allows it to do daily tasks with ease. Additionally, even while you’re on the run, the 5000mAh battery with 18W rapid charging makes sure you always have juice. For those who enjoy photography, the POP 9 is a strong option because of its 13MP rear camera and 8MP front camera, which produce high-quality images and selfies. With 8GB of additional RAM and up to 128GB of storage, it’s a powerful device for the money. TECNO SPARK 30C: Packed with Features and Affordable Seeking something a bit more? You get greater value for your money with the TECNO SPARK 30C. It has a 6.67-inch display and a refresh rate of 120 Hz, just like the POP 9, but it goes one step further with a 50 MP primary camera that produces crisper and more detailed images. With the addition of two DTS-enabled speakers and an infrared remote control, this gadget enhances your multimedia enjoyment in addition to keeping you connected. Its 5000mAh battery with 18W rapid charging keeps you going all day, and you’ll have plenty of room for all your apps, media, and memories thanks to its up to 256GB storage and 8GB extended RAM. Whichever smartphone you choose—the feature-rich SPARK 30C or the reliable POP 9—TECNO guarantees that you’ll be getting an amazing deal without going over your budget. These phones are evidence that you don’t have to give up quality to buy a cheap phone. SOURCE:https://brandspurng.com/2024/09/06/tecno-launches-two-affordable-phones-with-latest-features-into-the-market/
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| Nairaland General › Lucious, Cookie Lyon Meets At Movie Night; Fight Night: The Million Dollar Heist by BrandSpurNG(op): 2:46pm On Sep 06, 2024 |
On Wednesday, September 4, the former co-stars of the popular FOX series Lucious and Cookie Lyon got back together to celebrate their most recent project, Fight Night: The Million Dollar Heist. BrandSpur’s digital news platform reached information that at the Jazz at Lincoln Centre in New York, which was the premiere event for the heist series, the actors posed for pictures. The 53-year-old Henson was dressed in a sparkling white minidress with long sleeves and a low neckline. Tall, strappy silver shoes finished office the sultry appearance. The 55-year-old Howard had a brown hair wig on top of a light blue collared shirt and a grey suit. The two are members of an all-star ensemble cast that also stars Samuel L. Jackson, Kevin Hart, and Don Cheadle. The series, which makes its Peacock debut on Thursday, September 5, centres on the aftermath of a robbery that happened following Muhammad Ali’s epic victory over Jerry Quarry on October 26, 1970. Continuing with a summary: “When a hustler named Chicken Man (Hart) hosts an afterparty to celebrate the fight with a guest list of the country’s wealthiest, the night ends with the most brazen criminal underworld heist in Atlanta’s history.” Chicken Man, who is thought to have planned the crime: “Is hellbent on clearing his name but must convince his old adversary, J.D. Hudson (Cheadle), one of the first Black detectives in the city’s desegregated police force, who is tasked with bringing those responsible to justice.” Chloe Bailey, Marsha Stephanie Blake, Dexter Darden, Lori Harvey, and Sinqua Walls are among the guest stars. The last time Henson and Howard appeared on screen together was in the 2015–2020 season of Empire. Henson said that the two had not seen one another since Empire ended until Fight Night: The Million Dollar Heist filming started on Tuesday, September 3. Henson went on to say: “I hadn’t seen Terrence since we left Chicago. It’s great to see him again.” SOURCE:https://brandspurng.com/2024/09/05/lucious-cookie-lyon-meets-at-movie-night-fight-night-the-million-dollar-heist/
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| Politics › 650,000 Barrels Per Day Dangote Refinery Begins Full Processing Of Gasoline by BrandSpurNG(op): 1:46pm On Sep 04, 2024 |
An official reveals the 650,000 barrels per day Dangote Refinery has started processing gasoline. Its products would only be purchased by the Nigerian National Petroleum Corporate Limited (NNPC Ltd), a corporate executive was quoted by Reuters on Monday. Reuters cited the Vice president at Dangote Industries Limited, Devakumar Edwin, stating: “We are testing the product (petrol), and subsequently, it will start flowing into the product tanks.” The precise launch date of the product on the local market was not specified by Mr. Edwin. He clarified that the gasoline will only be purchased by Nigeria’s sole importer, NNPC Ltd. He had this to say: “If no one is buying it, we will export it as we have been exporting our aviation jet fuel and diesel.” The new facility may make it easier for NNPC Ltd to supply the local market and may also assist in alleviating the gasoline crisis that has affected major Nigerian cities in recent months. Anthony Chiejina, the company’s Group Chief Branding and Communications Officer, confirmed the development in a brief statement to the local news brand on Monday night. According to him: “Yes, it’s true we have commenced processing.” The corporation set deadlines for its domestic gasoline supply in recent months, but the deadlines were not met, BrandSpur Corporate news desk reports. Aliko Dangote, the president of the Dangote Group, announced in June that gasoline produced at the refinery would be available for purchase in July. When a Senate delegation led by Senate President Godswill Akpabio visited the facility, Dangote revealed this information. He clarified that the reason for the date modification was a delay that caused the original June proposal to be rescheduled for mid-July. Again, in July, Dangote said petrol production in the oil refinery was disrupted because of the fire incident at the refinery. According to him, while speaking with journalists at the refinery: “PMS was supposed to be out by July, but we had a fire incident. The incident disrupted us for a few days, but latest 10 or 12 of August, PMS will be ready.” But the refinery in August asserted that fuel generated on the premises will be for sale by the end of the month. Mr. Chiejina responded to a question about why the refinery has not started providing domestic supplies by the deadline of August 12 by saying, “We said August, and today is 12 August. Just wait; this is August”. The Dangote Group and Nigeria’s petroleum authorities have been at odds for some time now about who controls the downstream petroleum market. The Dangote Group complained in June that a few foreign oil companies were undermining the plant’s operations by either refusing to provide petroleum or selling it for more than the going rate. It also ran in opposition to Nigerian energy industry regulators, such as the Nigerian Midstream and Downstream Regulatory Authority, which asserted that diesel from the refiner had higher than permitted levels of sulfur content. Dangote was also charged by the regulators with trying to form a monopoly. Dangote showed lawmakers who were touring the refinery to a laboratory where two distinct imported samples and refinery fuel were analyzed to disprove the claim. The diesel sample from the refinery had far less sulfur than the imported samples, according to the data accessed by BrandSpur. The Federal Executive Council (FEC) gave NNPC Ltd instructions in July to negotiate a settlement with the Dangote refinery and other nearby refineries over the disagreement over the sale of crude oil to them. Under President Bola Tinubu’s direction, the FEC further mandated that such sales of crude oil to refineries be made in naira and that refineries situated in Nigeria sell their refined goods to the Nigerian market in naira as well. In January, the 650,000 barrels per day Dangote Petroleum Refinery started producing aviation fuel and diesel. The business declared that production had started and that six million barrels of crude oil had been delivered to the refinery at its two SPMs, which are located 25 kilometers offshore. December 12, 2023, witnessed the 1st crude delivery,, and January 8, 2024, the 6th. The company with the receipt of an additional one million barrels of bonny light crude supplied by the Nigeria National Petroleum Company (NNPC), however, has kick-started the production of refined petroleum products. SOURCE:https://brandspurng.com/2024/09/03/650000-barrels-per-day-dangote-refinery-begins-full-processing-of-gasoline/
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| Business › Dangote, MTN Retain Most Valuable, Popular Brands In 2024 Top 50 Brands Ranking by BrandSpurNG(op): 11:47am On Sep 03, 2024 |
Dangote Industries Limited has emerged as Nigeria’s ‘Most Valuable Brand’ in 2024 by securing an impressive aggregate score of 89.6 percent on the brand strength measurement index (BSM) conducted by ‘Top 50 Brands Nigeria’, as part of its comprehensive 2024 top brands perception assessment. At the media briefing to announce the 2024 Top 50 Brands Nigeria in Lagos today, the organisers said that Dangote Industries Limited has once again solidified its position as Nigeria’s Most Valuable Brand, marking the seventh consecutive year it has held this prestigious title. “As a formidable force driving growth and transformation across Africa, it continues to set the pace, demonstrating the strength and potential of Nigerian home-grown brands on the global stage,” said Taiwo Oluboyede, CEO of TOP 50 BRANDS NIGERIA®. Celebrating excellence and resilience of brands in Nigeria, Oluboyede said, “We are thrilled to present the 2024 edition of the TOP 50 BRANDS NIGERIA® rankings, an annual celebration of the most influential and valuable brands in the country. This year’s list is a testament to the resilience, innovation, and enduring relevance of brands that continue to shape Nigeria’s economy, particularly in challenging times.” Dangote Industries is immediately followed by MTN Nigeria, which not only ranks second overall but also emerged as the Most Popular Brand in the country for the year, according to the Top-of-Mind (TOM) survey. MTN’s strong consumer connection and widespread recognition highlight its significant impact on the telecommunications sector and beyond, the survey revealed. At the third place in this year’s ranking is Globacom Nigeria, a leading Nigerian multinational telecommunications company known for its innovative solutions and commitment to progress. Globacom’s consistent ranking among the top brands indicate its significant role in Nigeria’s digital and technological advancement. Airtel Nigeria, another key player in the telecommunications sector, secured the fourth position. While Access Bank ranked in the fifth position, topping the Banking & Financial Services sector. Others in the top 10 are Zenith Bank Plc, Coca-Cola Nigeria, First Bank of Nigeria, BUA Group and GTCO Plc, rounding up the top 10 at the 6-10th positions respectively. Furthermore, the Banking & Financial Services sector demonstrated remarkable strength within the top 10, with four brands. These are —Access Bank, Zenith Bank, First Bank, and GTCO. Similarly, the Telecoms sector showcased its market dominance, with MTN, Airtel, and Globacom all ranking highly. A significant highlight this year is that seven of the first 10 brands out of the 50 are Nigerian, emphasizing the resilience and global competitiveness of home-grown brands, most of which had spread abroad. Additionally, it is impressive to note the consistency among the top brands, with seven of them maintaining their positions from last year. This stability reflects their continued relevance, strong market presence, and ability to navigate the complexities of the Nigerian business environment. Overall, Nigerian brands account for 24 spots on the top brands list this year, while international brands hold 26 positions, representing 52% of the total. The 2024 list also witnessed the entry of two new brands, these are Opay Nigeria and Flutterwave, which made their debut in the annual Top 50 evaluation. These new entrants highlight the growing influence of fintech and digital payment platforms in shaping Nigeria’s economic future. Notably, 14 brands maintained their positions from the previous year, reflecting their consistent performance and consumer trust. Another set of notes in the presentation are the 10 Brands to Watch – These are vibrant and upcoming brands, who, though not among the 50 Top Brands yet, but with significant visibility and promises. This year, 9 of the 10 Brands to Watch are Nigerian. During the public presentation, Oluboyede, CEO of TOP 50 BRANDS NIGERIA®, commended the brands for their exceptional performance resilience, particularly in the face of the present economic challenges. “These brands deserve commendation, really, especially in times like this. The past year has been tough for many businesses, with some relocating out of Nigeria and others barely holding on. However, the majority of these brands have shown the resilient Naija spirit by weathering the storms and standing strong with positive projections into the future” He went on “As the saying goes, tough times never last, but tough people do. It’s in times like this that you differentiate between the boys and the men, as these brands have shown., concluded Oluboyede. The 2024 TOP 50 BRANDS NIGERIA® list is a celebration of excellence, resilience, and the relentless pursuit of growth. As these brands continue to innovate and adapt, they set the standard for what it means to be a top brand in Nigeria. We look forward to witnessing their continued success and contribution to Nigeria’s economic development in the years to come. SOURCE:https://brandspurng.com/2024/09/03/dangote-mtn-retain-most-valuable-popular-brands-in-2024-top-50-brands-ranking/
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| Politics › Tinubu Authorises 50% Subsidy For Power Used By Institutions, Hospitals by BrandSpurNG(op): 3:04pm On Sep 02, 2024 |
President Bola Ahmed Tinubu’s bold decision to authorise a 50% subsidy for power used by universities and teaching hospitals may have provided some respite to establishments struggling with crippling electricity bills.https://brandspurng.com/2024/09/02/president-tinubu-authorises-50-subsidy-for-power-used-by-higher-institutions-teaching-hospitals/ 7 Likes 2 Shares
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| Politics › AMCON’s MD Advises Selling IBEDC To Profitable Investors For Efficiency by BrandSpurNG(op): 9:06am On Aug 30, 2024 |
Selling the Ibadan Electricity Distribution Company (IBEDC) to profitable investors is the only option, according to the Assets Management Corporation of Nigeria (AMCON), to increase its efficiency.SOURCE:https://brandspurng.com/2024/08/29/amcons-md-advises-selling-ibedc-to-profitable-investors-for-increased-efficiency/
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| Business › Qatar Airways Acquires 25 Percent Stake In Airlink by BrandSpurNG(op): 3:48pm On Aug 27, 2024 |
Qatar Airways Group has acquired a 25 per cent stake in Southern Africa’s premier independent regional carrier, Airlink. The announcement is a continuation of the multi award-winning airline’s ambition to further develop its operations across the African continent. The investment in Airlink – which flies to more than 45 destinations in 15 African countries – will enhance a code-sharing partnership between the two airlines. The deal will bolster Qatar Airways’ Africa growth strategy and cement its role as a key driver to the continent’s economic success. On the announcement, Qatar Airways Group Chief Executive Officer, Engr. Badr Mohammed Al-Meer, said: “Our investment in Airlink further demonstrates how integral we see Africa being to our business’ future. This partnership not only demonstrates our confidence in Airlink, as a company that is resilient, agile, financially robust and governed on sound principles, but also in Africa as a whole, showing huge potential that I am delighted we are able to help start realising.” Airlink Chief Executive, Rodger Foster, said: “Having Qatar Airways as an equity partner is a powerful endorsement of Airlink and echoes our faith in the markets we currently serve and plan to add to our network. This transaction will unlock growth by providing efficiencies of scale, increasing our capacity and expanding our marketing reach. By bolstering Airlink and its business, this investment will strengthen all of the existing airline partnerships Airlink has nurtured over the years.” The partnership between Qatar Airways and Airlink seeks to align both carriers’ loyalty programs – Qatar Airways Privilege Club and Airlink Skybucks. Qatar Airways currently flies to 29 destinations in Africa, and there’s been strong growth in the market with new destinations added to the Qatar Airways network on the continent since December 2020. Abidjan, Abuja, Accra, Harare, Kano, Luanda, Lusaka, and Port Harcourt are the African cities newly added to the extensive Qatar Airways network, while Cairo and Alexandria were resumed. SOURCE:https://brandspurng.com/2024/08/27/qatar-airways-acquires-25-percent-stake-in-airlink/
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| Education › FG Sets Writing Age For WASSCE At Eighteen by BrandSpurNG(op): 1:38pm On Aug 27, 2024 |
Important education stakeholders have denounced the Federal Government’s decision to set the age limit for students to sit for the Senior Secondary School Certificate Examinations, or SSCE, at 18, claiming that this will only cause the industry to regress. The groups responded to the statement made by Professor Tahir Mamman, the Minister of Education, stating that starting in 2025, candidates who are under the age of eighteen will not be permitted to take the exam and will not be able to apply for admission to postsecondary institutions unless they do so. Stakeholders that spoke with Vanguard yesterday included the Academic Staff Union of Universities (ASUU), the Congress of University Academics (CONUA), the Nigeria Union of Teachers (NUT), and the National Parents/ Teachers Association of Nigeria (NAPTAN). Mamman hinted at the new policy when he spoke on a Sunday night television program. Nigeria uses the 6–3–3–4 system, in which a child starts primary and secondary school at age six and attends for six years each. Nigerians are typically expected to be around 18 years old when they graduate from secondary school, but many drop out at 16 or younger because they skipped some classes. The policy establishing the minimum age for admission to tertiary institutions at 18 years old was introduced by the Ministry of Education in July. It did, however, make an exception for the 2024 admission cycle, stating that candidates as young as 16 would be accepted. According to Mamman, these younger students will no longer be permitted to take the SSCE. When asked if 16 or 18 was the current minimum age of admission to universities, the Education Minister responded in the affirmative. “The age is eighteen (years). We decided to allow underage candidates this year and use it as a kind of notice for parents during our meeting with JAMB. SOURCE:https://brandspurng.com/2024/08/27/fg-sets-writing-age-for-wassce-at-eighteen/
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| Education › 200 Students Receive Free Tablet Pcs And Cash At LSEF Centre At IMSU by BrandSpurNG(op): 12:22pm On Aug 23, 2024 |
The Leo Stan Ekeh Foundation (LSEF) Centre at Imo State University Owerri, inaugurated four months ago with state-of-the-art technology infrastructure by Africa’s leading tech icon (Forbes) Mr. Leo Stan Ekeh, recently empowered its first batch of 200 aspiring entrepreneurs. The centre distributed free cutting edge Zinox Tablet PCs and provided cash incentives to each participant, fostering their entrepreneurial journey. Upon completing the training, the top-performing students will receive interest-free loans of at least N1,000,000 to launch their own businesses, and some shall secure quality employment at structured corporates. According to the Director of the Centre, Dr. Gloria Chimeziem Ernest Samuel, “The 200 students have enjoyed and are still enjoying the privilege of being taught by different successful entrepreneurs, both locally and from the United States of America, on 21st century practical strategies and tacts to succeed in today’s highly competitive world. We have the best satellite technology to receive lectures from various parts of the world. As the Chairman of Zinox would always say, knowledge is influence in the 21st century, and that is the core of the foundation and the centre. We are tooling a new breed of aspiring entrepreneurs who will confront the business world with confidence.” Speaking further on the Entrepreneurship Boost Program of the Centre, Dr. Gloria observes that “it has been exciting times for these aspiring Entrepreneurs as they are learning from the best in different sectors and we expect them to become great pride to the centre, be they employers or employees. In today’s world, quality employees are also Entrepreneurs and that is why they are able to deliver great dividends. They enjoyed intensive training on Modern Etiquette, Entrepreneurship, Business Law, Career Planning, Accounting for non-accountants, E-commerce and Artificial intelligence, and God and Wealth in the 21st century, among other topics. She revealed that some of the guest lecturers include George Emetuche (The Selling Champion), Profs Mike Ndugbu, Vincent Onodugo, Oby Nnamocha, Drs Chioma Anuebunwa (US), Leonard Amaefula, Peters Ihejirika, and Chris Anukam. Some top corporate executives, like Lady Chioma Nwoke, Dave Omorogie, Mezie Emelonye, and Chief Jerry Chukwueke, among others, are on the list to further train them as the program enters the final month before graduation. SOURCE:https://brandspurng.com/2024/08/22/200-students-receive-free-tablet-pcs-and-cash-at-lsef-centre-at-imsu/
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| Politics › NECA’s Network Of Women Entrepreneurs Announces Structure To Enrich 800 Women by BrandSpurNG(op): 2:00pm On Aug 20, 2024 |
The Women in Digital Business training program, created to empower 800 women entrepreneurs via digital literacy and business innovation, has been launched, according to the NECA’s Network of Entrepreneurial Women. According to a release from NNEW, reached by BrandSpur business and economy news desk, the program, which is supported by Microsoft Philanthropies and the International Training Centre of the International Labour Organisation, is a major step in the direction of encouraging economic growth and sustainability among women-owned enterprises. Launched in July, the training program aims to improve the digital abilities of female entrepreneurs who have been in business for more than six months. To finish the training, participants must be fluent in English and dedicate at least 25 hours over five weeks. As per the statement, female entrepreneurs would investigate digital business solutions that are pertinent to their enterprises’ efficacy and acquire knowledge about the digital revolution of their personnel and company procedures. According to Mrs. Adefunke Kuyoro, President of NNEW: “We are thrilled to partner with ITC-ILO and Microsoft Philanthropies on the Women in Digital Business initiative to offer this empowering programme to women entrepreneurs.” “By equipping them with essential digital skills and innovative business strategies, we aim to bridge the digital divide, create opportunities for women entrepreneurs, and enhance their capacity to succeed in today’s digital economy,” she added. Kuyoro went on to say that the program is evidence of NNEW’s dedication to encouraging inclusive economic growth and supporting women in business. Furthermore stated by Mrs. Bukky Femi-Ajala, the Program Director: “The Women in Digital Business programme consists of 10 online training sessions and self-paced learning modules on a dedicated portal. “Participants will gain valuable insights and practical skills to enhance their business operations, increase efficiency, and drive growth in the digital economy,” the Director added. Femi-Ajala underlined that the goal of WIDB is to give female entrepreneurs the fundamental knowledge and abilities needed for digital business. The statement further reads: “Women In Digital Business is part of NNEW’s mission to support women entrepreneurs and promote digital inclusion. Registration for the third batch is open until the end of the month.” SOURCE:https://brandspurng.com/2024/08/20/necas-network-of-women-entrepreneurs-announces-launch-of-widb-structure-to-enrich-800-women/
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| Politics › Minister Of Power Commend Savannah For Its Contribution To The Growth Of Nigeria by BrandSpurNG(op): 2:39pm On Aug 19, 2024 |
The Honourable Minister of Power, Chief Adebayo Adelabu, has commended Savannah Energy, the British independent energy company focused around the delivery of Projects that Matter, for its investment in Nigeria’s energy sector, as well as its contribution to the growth of the domestic gas market to support national development. The Minister made the commendation during a recent visit to the Uquo Central Processing Facility (“CPF”) in Akwa Ibom State, which is owned by Accugas Limited, a subsidiary of Savannah Energy. Chief Adelabu described the Uquo gas facility as a huge investment and evidence of Savannah Energy’s confidence in Nigeria’s economy. He appealed to other companies in the gas industry to emulate Accugas so that Nigeria’s power challenges can be addressed. Chief Adelabu said: “We are calling on other companies to emulate the activities of Accugas so that the unreliable supply of gas that we have will be a thing of the past. They have been tried, they have been tested and they are trusted. One other thing I also noted is their investment in a new gas compressor to boost pressure for gas supplies. It is a significant investment. We really appreciate it, and we will continue to be partners”, the Minister said. Regarding the company’s social impact projects, Chief Adelabu said: “I want to also thank you for the jobs you have created directly and indirectly, the CSR projects executed and for the safeguarding of the environment. We don’t want you to relent. We want you to do more to continue your expansion plans, so that you can supply more gas.” The Managing Director of Savannah Energy, Nigeria, Pade Durotoye, said that the company supports the Federal Government’s adoption of natural gas as a transition fuel in Nigeria’s net-zero pathway, particularly power generation. This is why Accugas has invested in building a nameplate 200 MMscfpd processing facility, supported by a ~260km pipeline network solely for the domestic market. Durotoye said: “All our gas is consumed domestically, with 80% being sold to power generation companies, which account for approximately 20% of Nigeria’s thermal generation capacity for the grid. In addition, the gas supplied by Accugas enables about 10% of the country’s cement production.” He stated that Accugas has invested an additional US$45m in a new compression system at the Uquo facility that will allow the company to continue to provide reliable gas supplies to customers for years to come. The system comprises two parallel trains with a capacity of 160 MMscfpd each and is designed to increase the gas export pressure to a maximum of 81 bar gauge. The project is expected to be completed and operational later this year. SOURCE:https://brandspurng.com/2024/08/17/minister-of-power-commends-savannah-for-its-contribution-to-the-growth-of-nigerias-energy-sector/
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| Career › 7up Onboards Engr Lovelyn As New Senior Sustainability Manager by BrandSpurNG(op): 1:55pm On Aug 19, 2024 |
Engr. Lovelyn Okoye has been appointed as the new Senior Sustainability Manager at Seven Up Bottling Company (SBC), a move that underscores the growing significance of sustainability in Nigeria’s corporate landscape. Sources reached by BrandSpur national news, claim that this key recruitment is a significant step forward for SBC in strengthening its commitment to sustainable business practices and environmental responsibility. Access Bank Correct Issue With more than 12 years of experience, Okoye is a seasoned sustainability specialist who joins SBC following an impressive career at Dangote Cement Plc (DCP), where she most recently held the position of Group Sustainability and Environment Manager. Her move at SBC signifies not only a turning point in her professional life but also a more general change in SBC’s focus on sustainability. In the course of her employment at Dangote Cement, Okoye made a name for herself as a powerful authority on corporate sustainability. Her stellar history includes leading several projects that have a significant positive influence on the environment and nearby communities in addition to DCP. Her creation of a hand sanitiser and liquid soap production unit during the COVID-19 epidemic, which benefited the Ibese plant and the neighbourhood it was housed in, is one of her most notable accomplishments. Her knowledge encompasses all aspects of sustainability initiatives, not only environmental ones. Her contributions to decarbonisation, circular economy initiatives, and community empowerment projects have been invaluable. Her efforts have brought her numerous honours, including eleven internal DCP awards, which is a worthy testament to her contributions to sustainability, social performance, and health, safety, security, and environment (HSSE) procedures. Okoye is anticipated to use her extensive experience in SBC’s environmental initiatives in her new position. In a LinkedIn article, she shared her excitement about joining SBC and cited the company’s innovative culture and dedication to community development as important considerations in her decision: “Seven Up Bottling Company’s SABI values – Strive, Accountability, Bonding, and Innovation – resonate deeply with me,” she stated. “I’m thrilled to be positioned to fire on positive differences in the lives of all our stakeholders!” This new phase, in her opinion, offers a chance to increase her impact and carry out her goal of! building a more sustainable world. She said: “I’m excited to bring my expertise, experience, and passion for sustainability to Seven Up Bottling Company,” she said. “Together, we aim to drive sustainable excellence that will impact the triple bottom line of the organization and the industry at large.” The move by SBC to hire Okoye is in line with the mounting demand from around the world for businesses to address environmental issues and implement more sustainable business models. The action also demonstrates how sustainability is becoming more and more seen as a primary corporate function as opposed to a secondary worry. Particularly the beverage industry is under attention for problems like water use and plastic waste. Okoye’s hiring is viewed by SBC as a proactive move in the company’s continued attempts to confront these issues head-on. SOURCE:https://brandspurng.com/2024/08/19/7up-onboards-engr-lovelyn-as-new-senior-sustainability-manager/
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| Business › Amo Farm Sieberer Hatchery Ltd. Launches Noiler City To Combat Rising Food Costs by BrandSpurNG(op): 9:31am On Aug 12, 2024 |
Amo Farm Sieberer Hatchery Ltd., the pioneering developers and producers of the innovative Noiler birds, has announced the launch of its latest initiative, Noiler City, aimed at providing a sustainable solution to the soaring food prices in the country. This groundbreaking project comes in response to the staggering increase in egg and meat prices, as highlighted by the National Bureau of Statistics (NBS) Food Price Report for January 2024, which shows a 54% rise in the cost of eggs over the past year. Since the NBS report in January 2024, there has been an additional over 50% increase in the cost of eggs by August 2024. Amo Farm Sieberer Hatchery Ltd. recognized the urgent need to offer an affordable and reliable protein source for urban residents. The Noiler City initiative aims to provide a convenient and innovative way for city dwellers to access fresh eggs and meat directly from their homes. Dr. Ayoola Oduntan, Group Managing Director of Amo Farm Sieberer Hatchery Ltd., expressed his enthusiasm about the project, stating, “We are excited to launch Noiler City, a project dedicated to empowering urban residents to take control of their food supply and address escalating food costs. Noiler farming has already proven its value in rural communities, providing over a million households with a reliable source of meat and eggs. By bringing this successful model to the city, we aim to enhance food security and self-sufficiency for urban families.” The Noiler City initiative builds on the success of introducing Noiler birds to rural communities, which has significantly enhanced food security for over 1.4 million households through this sustainable farming model. Amo Farm Sieberer Hatchery Ltd. is now bringing these benefits to urban areas with a specially tailored package for city dwellers. The Noiler City Package offers a comprehensive and cost-effective solution for urban poultry farming, all for an affordable price of N150,000. This package includes a solid Battery Cage with a capacity of up to 16 birds, ensuring durability and exceptional value over time. It also comes with 10 five-week-old Noiler birds, consisting of 6 females and 4 males. The females are consistent egg layers, each producing a minimum of 150 eggs per cycle from 20 weeks, while the males will mature by 14 weeks, making them efficient for meat production. By investing in this package, individuals can save up to 48% on their egg and meat expenditures. To support the health and well-being of the birds, the package includes 10kg of Noiler feed, 100g of Divertamin multivitamin, and 500ml of disinfectant. Additionally, the Noiler City Management Manual provides detailed guidance, making this package an excellent choice for those with limited poultry experience. Business Development Manager at Amo Farm Sieberer Hatchery Ltd., Mrs. Itoro Awala-Ale highlighted the significance of the package, stating, “Our inclusive package is designed to empower city dwellers, regardless of their experience in poultry farming or space limitations, to thrive in urban environments. Once the hens start laying, you will enjoy a steady supply of fresh eggs right in your backyard, enabling you to grow your food and provide a consistent source of protein for your family.” Amo Farm Sieberer Hatchery Ltd. is committed to enhancing food security and self-sufficiency across Nigeria. With Noiler City, the company aims to revolutionize urban food systems and make high-quality, affordable poultry products accessible to all urban residents. Noiler is a dual-purpose bird developed primarily for both egg and meat production. It is known for its ability to provide a good balance of both, making it an efficient choice for poultry farming. Noiler is similar in taste to native chicken but grows 3 times faster and lays 5 times more eggs. SOURCE:https://brandspurng.com/2024/08/10/amo-farm-sieberer-hatchery-ltd-launches-noiler-city-to-combat-rising-food-costs/
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| Politics › FGN To Issue Straight Tax Relief For Companies That Employ More Staff – Wale Edu by BrandSpurNG(op): 2:43pm On Aug 09, 2024 |
Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, has disclosed that the federal government is considering giving companies that hire additional employees a straight tax relief. The federal government will also suspend import tariffs on a greater number of commodities in an effort to slow the rate of inflation increase. Citing an exclusive interview with AIT’s Money Line, he said as much, adding that the measures are a component of the inflation reduction Act, which the president is expected to sign in a few weeks. He claims that the fiscal measures are intended to lower firms’ production costs, which have gone up as a result of the current administration’s other policies and the poor exchange rate. According to him: “The inflation reduction act will now contain a range of import duties, exemptions, lowering of tariffs, and outright tax breaks for employment. If you employ more people, you will be given a tax break against it. So, a range of fiscal incentives will be laid out in an executive order which Mr. President will in due course sign.” He also disclosed to BrandSpur local news platform, that the federal government imports petrol at a cost of almost $600 million every month. He said that bordering nations, including Central Africa, that profit off Nigeria’s gasoline imports are to blame for the high cost of fuel imports. Continuing, according to Edun, a concentrated effort is made to guarantee the supply of food farmed locally. In the short term, he claims, in addition to distributing grains from the strategic reserves, a window has opened for importation because of the President’s pledge to lower prices and provide food swiftly. He gave everyone the assurance that this action would not hurt neighbourhood farmers because imports would only be permitted once local resources had run out. Edun clarified that using all locally grown product that is available in the markets or with millers would be one of the requirements for importation, with auditors in place to confirm this. FG has not requested Ways and Means advances from CBN. He pointed out that the goals of these interventions are to lower interest rates, stabilise exchange rates, and lessen inflation in order to foster an atmosphere that is favourable to investment and the creation of jobs. The minister however, clarified that they have not made a Ways and Means (or Ways and Means) request to the central bank for money to cover government bills or salaries. Rather, they have used market mechanisms to lower their debt, which is essential to sustaining a robust economy. He made it clear that just because the cap was increased to 10%, it doesn’t mean that it will be applied. As a safety measure, this increase offers more flexibility to meet payments in the event that there is a delay between incoming money and expenses. SOURCE:https://brandspurng.com/2024/08/09/federal-government-to-issue-straight-tax-relief-for-companies-that-employ-more-staff-wale-edun/
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| Politics › Nigeria Is The Ninth Most Attractive Investment Location In Africa - RMB by BrandSpurNG(op): 3:53pm On Aug 08, 2024 |
The business and investment bank, Rand Merchant Bank (RMB) has placed Nigeria as the ninth most attractive place to invest in Africa.SOURCE:https://brandspurng.com/2024/08/08/rmb-helps-nigeria-attain-9th-most-attractive-investment-location-in-africa/ 1 Like
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| Business › BUA Foods Witnesses 38% Increase Profit After Tax In June by BrandSpurNG(op): 7:15pm On Aug 05, 2024 |
Despite the macroeconomic challenges, BUA Foods Plc reported a 38% increase in profit after tax to N130 billion at the end of June 2024, up from N95.18 billion in the same time in 2023. Its financial statistics for the first half of the year, which were recently submitted to the Nigerian Exchange Limited, showed this. According to the financial report made available to BrandSpur’s local brand news, the company’s revenue increased by 110% to N672.3 billion from N320.9 billion in 2023, mostly because to its pasta, sugar, and flour divisions’ impressive success. The report states that the growth was caused by an 88% year-over-year increase in sugar sales to N369.7 billion from N196.5 billion in the first half of 2023, a 164% increase in flour sales to N227.9 billion from N86.05 billion in the same period last year, and a 95% increase in pasta sales to N74.03 billion from N37.9 billion in the same period last year. Increased sales across all of its product categories drove a 64% increase in gross profit to N218.4 billion. Additionally, operating profit increased by 75% to N202.3 billion as a result of increased operational effectiveness. Nonetheless, the business had to contend with growing expenses, as the cost of sales increased by 141% to N453.9 billion. In spite of this, BUA Foods was able to grow its asset base, as seen by the 3.3% increase in total assets to N1.11tn. Ayodele Abioye, Managing Director of BUA Foods, had this to say on the outcomes. He said: “The first half of the year has been one of significant resilience and achievements for our company. We attained a robust financial performance, with total revenue increasing by 110 per cent to N672.3bn compared to the same period last year. Our gross profit stands at N218.4bn, reflecting a growth of 64 per cent. This solid performance is a testament to the efficacy of our strategic initiatives, operational efficiency, and unwavering dedication of our board, management, and other members of staff. “During this period, we have made significant strides in executing our strategic plans, successfully launching new products, specifically, macaroni, premium pasta, and semolina to meet the yearnings of our customers. Our diversified portfolio and expansion into new markets impacted revenue growth while strengthening our partnership with key stakeholders We also maintained a strong focus on cost optimisation, resulting in sustained margins and profitability,” Abioye added. Speaking further, he spoke on projection for the second half, saying: “Looking ahead, we remain confident in our ability to navigate the challenges and opportunities in the market. We will continue to leverage our strong and orchestrated supply chain system to deliver a great financial performance in line with our strategic vision for sustainable growth and value creation for all stakeholders.” The shares of BUA Foods increased in value from N193.4 to N379.9, or 96.43 percent, between December 2023 and August 2. In contrast, the year-to-date returns for comparable consumer goods stocks are higher at Unilever Nigeria (+21.28%), Flour Mills Plc (+39.18%), Nascon Allied Industries (-39.81%), Nestle Nigeria (-24.55%), Nigerian Breweries (-22.22%), Dangote Sugar (-34.82%), International Breweries (-12.50%), and Guinness (-8.33%). However, the diverse portfolio and fresh market entry of BUA Foods, according to analysts, had an effect on the company’s revenue growth. SOURCE:https://brandspurng.com/2024/08/05/bua-foods-witnesses-38-increase-profit-after-tax-in-june/
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