The banking sector based on statistics recorded a total of N1.32tn in non-performing loans as of the end of April 2023.

According to figures obtained by The PUNCH from the CBN, this figure represented 4.3 per cent of the total credit in the banking sector which stood at N30.64tn.

The loans in the sector had maintained a steady increase, following the Loan to Deposit Ratio order of the CBN that mandated banks to increase their loans’ ratio to the public.

According to the figures, the banks’ gross credit was N29.72tn as of the end of December 2022, with non-performing loans of N1.2tn or 4.2 per cent of the total credit

However, challenges in the economy, which was further worsened by naira crunch crisis in the first quarter of the year, a challenge that crippled many businesses, created repayment challenges for many businesses.

A Monetary Policy Committee member, Aliyu Sanusi, said in his statement released by the CBN that in April 2023, “The non-performing loans ratio was 4.3 per cent, and was below the regulatory maximum of five. Furthermore, Liquidity Ratio stood at 45.3 per cent, above the regulatory minimum of 30 per cent. These suggest that the banking system continues to remain safe, sound and resilient.

“The industry’s total assets and gross credit to the economy have sustained an upward trend, the former grew year-on-year by N16.65tn or 25.88 per cent to N80.97tn in April 2023. The upward trend in total credit to the economy had continued since 2019 following the bank’s Loan to Deposit Ratio policy, standing at N30.64tn as of April 2023.”

The SMEs in the country fell into naira crunch challenge after many of them survived the COVID-19 pandemic. The CBN had restructured its intervention loans to the SMEs, after extending five per cent interest rate, introduced to cushion the effect of COVID-19 on the economy by one year.

Agusto & Co said in its report titled, ‘Redesign gone wrong? – Costly cashless’, that, the disruption to transactions, trade (domestic & foreign), productivity and all-round economic activity was likely to be significant enough to trigger a contraction in GDP in Q1, 2023, and possibly a loss of livelihoods for many.

It stated, “Many cash-dependent businesses are being pushed to the brink. For example, cocoa farmers are currently unable to pay their labourers and transporters, jeopardising production and exports.

“The cash constraint is also likely to compel consumers to prioritise spending on necessities, leaving many businesses, particularly MSMEs, with decreased sales and heightened credit risks.”

The CBN, during the last quarter of 2022, announced plans to redesign the naira notes within 90 days, which led to huge challenges for all sectors, with the country’s growth slowing down in the first quarter of 2023.

Figures obtained from the National Bureau of Statistics’s first quarter report on Nigeria’s Gross Domestic Product showed that, Nigeria’s GDP grew by 2.31 per cent (year-on-year) in real terms in the first quarter of 2023.

It added that, “This growth rate declined from 3.11 per cent recorded in the first quarter of 2022, and 3.52 per cent in the fourth quarter of 2022. The reduction in growth is attributed to the adverse effects of the cash crunch experienced during the quarter.”

The National President, Association of Small Business Owners of Nigeria, Mr Femi Agbesola, noted that the SMEs were grappling with challenges, hindering them from meeting their loan obligations.

According to him, about 7.8 million SMEs under the association shut down in the last two years.

Speaking on some of the challenges facing the SMEs, he said, “The first is the high inflation rate which has eroded the disposable capital of the consumers, and the consumers don’t have funds in their hands to buy more.

“This reduces the sales and profit of SMEs and makes it difficult to meet their obligations including loans.”

He worried that foreign exchange rate was galloping daily and affecting the price of goods and commodities.

Agbesola said, “For the past three months now, the CBN has jacked up the MPR rate and today, it is at its highest. With the harsh economic condition of the country, it is difficult for anybody to pay loans at that high interest rate; that is why some of them are also failing.

“Another challenge is the increase in pump price of fuel due to subsidy removal as companies now spend more in their operations.”

An MPC member, Kingsley Obiora, noted that the non-performing loan in the sector was reduced due to write-offs, restructuring of facilities, Global Standing Instruction, and sound credit risk management.

He said, “Consequently, total gross credit increased by N4.54tn, representing an increase of 19.71 per cent between the end of April 2022 and the end of April 2023, from N26.10tn to N30.64tn, due to the increase in the industry funding base, the CBN’s directive on Loan to Deposit Ratio, and business strategy and competition.

“The credit growth was largely recorded in key sectors of the economy, including oil and gas, manufacturing, general commerce, and government.”

The CBN in 2020, released the GSI guideline to reduce non-performing loans in the banking sector and monitor consistent loan defaulters among others.

According to the CBN, the GSI allowed the banks to recover the outstanding principal and interest upon default from any account maintained by the debtor across all financial institutions in Nigeria.

SOURCE:https://brandspurng.com/2023/08/08/banks-non-performing-loans-hit-n1-32tn-blame-economic-challenges/

President Bola Tinubu on Friday flagged off the first phase of the Nigerian National Petroleum Company Limited (NNPCL) 1350 Megawatt (MW) Gwagwalada independent power plant (GIPP) project in Abuja.


The project is expected to generate between $700 and $800 million annually within the first 10 years of operations.

The president spoke on Friday while performing the groundbreaking ceremony of the project’s 350MW first phase.



Tinubu said the project would ensure that all distribution bottlenecks are removed until the country becomes an industrialized economy.


He said the plant will improve power supply to homes and businesses, and create more jobs for young professionals and local communities.

“Government will ensure that all distribution bottlenecks are removed and will be removed. We cannot become a productive and industrialised economy unless you can generate, transmit, and distribute electricity,” Tinubu said.

“To accelerate our economic growth, we must remove every obstacle on our [way] to energy sufficiency. That this project is taking off so early in the life of our administration, it should serve as a notice to the residents of Abuja and indeed all Nigerians of our determination to bring positive change to this nation”.


The GIPP project is a 1,350MW combined cycle power plant that will sit on an already acquired 54.7 hectares of land in Gwagwalada.

The project is led by NNPC in a joint venture with China Machinery and Engineering Corporation (CMEC) for the EPC, and General Electric (GE) for the long-term service agreement.

According to a statement from the presidency, the plant will be powered by gas from the Ajaokuta-Kaduna-Kano (AKK) pipeline that is currently under construction.

When completed, the GIPP is expected to generate a revenue of $800 million annually.

Tinubu charged NNPC to ensure that the project is completed in the scheduled three years period.

It was necessitated by the need to deliver gas towards additional power generation capacity in Nigeria. Gas supply to the plant shall be through the Ajaokuta- Kaduna-Kano (AKK) Gas Pipeline Project which is currently in the advanced stages of construction.

Accordingly, the fuel requirements will be satisfied under a long-term Gas Sales, Purchase and Aggregation Agreement with Shell Petroleum Development Company Joint Venture (SPDC JV).

The project consists of three powertrain blocks of 450MW each.

Each block will include two General Electric GT13E2 gas turbine generators, two heat recovery steam generators, one steam turbine electric generator, one direct air-cooling condenser, a balance of plant equipment and a black start diesel generator.

On completion, the project will generate an average of 10.3 million Megawatt hours of electricity per year for sale to the Nigerian Bulk Electricity Trading Plc (NBET).
The sales of the generated power will be through Power Purchase Agreement with the NBET to distribution companies under long-term agreements and direct sales to major off-takers.

China Machinery Engineering Corporation will construct the project under a turnkey Engineering, Procurement and Construction contract.

The ground-breaking event was attended by the Group Chief Executive Officer of the NNPC Limited, Mele Kyari; the Permanent Secretary of the Ministry of Petroleum Resources, Gabriel Aduda and his counterpart in the FCT Olusade Adesola, among other top dignitaries in the private and public sectors.

SOURCE:https://brandspurng.com/2023/08/06/fg-targets-800m-revenue-as-tinubu-flags-off-first-phase-of-nnpcls-1350mws-in-abuja/

The Nigeria Deposit Insurance Corporation (NDIC) has begun paying all depositors of banks affected by the recent license revocation by the Central Bank of Nigeria (CBN).

The affected banks include 178 Microfinance Banks and four Primary Mortgage Banks, 62 of which had already stopped operations, and 74 were declared insolvent. At the same time, 12 were temporarily distressed, and the remaining six were voluntarily liquidated.

The Managing Director of NDIC Alh. Bello Hassan gave the assurance Friday while speaking during a two-day capacity-building workshop organised for senior management staff of the corporation in collaboration with the Bureau of Public Procurement held at Four Points by Sheraton hotel, Ikot Ekpene with the theme: ‘Result Based Procurement: A Strategic Approach.”

Hassan who was represented by the Executive Director, Operation, Alh Mustapha Ibrahim said that the corporation would not compromise standards and would also ensure that no room is left for public panic over the safety of bank deposits.

He stated that NDIC would continue to strengthen the financial system to appropriately support the economic advancement of the nation and also contribute meaningfully to financial system stability.

He said, “It is also pertinent to remind ourselves of the role the Nigeria Deposit Insurance Corporation continues to play as a key player in the Financial Safety-Net arrangement of the country’s banking system as a Deposit Insurer; others being; the prudential Regulation & Supervision, Failure Resolution, Deposit Insurance and Lender of Last Resort function of the Central Bank of Nigeria.

“These components continue to safeguard the safety and soundness of the banking system as well as promote financial stability.

“Following the recent revocation of the licenses of 178 Microfinance Banks and four Primary Mortgage Banks by the Central Bank of Nigeria, the Nigeria Deposit Insurance Corporation has since commenced the liquidation exercise with the main purpose of paying the guaranteed sum, recovery of debts owed the banks, sale of physical assets and payment of liquidation dividend on the uninsured sum

“The NDIC is hereby assuring depositors of the closed banks of speedy payment of their insured sums.”

Hassan expressed delight that the collaboration and training of Procurement Staff by BPP has facilitated waste reduction, blocked leakages, enhance healthy competition and transparency, and by extension would make NDIC become “one of the Best Deposit Insurers in the world”.

In his remark, the Director-General of the Bureau of Public Procurement, Alh. Mamman Ahmadu said that any public procurement without plans and records is tantamount to criminality.

Ahmadu, represented by the Director, Research and Development/ICT, Alh. Aliyu Aliyu assured that the agency would continue to collaborate with NDIC to ensure smooth sailing on procurement.

SOURCE:https://brandspurng.com/2023/08/07/ndic-to-pay-insured-sum-to-depositors-of-182-liquidated-banks/

British Prime Minister Rishi Sunak has come under fire for allegedly investing $500 million in the tax haven of Cayman Islands.

Stock market filings show that Theleme has a $500m (£377m) investment in the US-based Moderna, which accounts for around 20% of all the money it manages, about $2.5bn.

Sunak allegedly invested a substantial amount of $500 million from his private funds into the pharmaceutical company Moderna.

The PM was a founding partner of Theleme Partners, a major investor in Moderna, and one of the executives managing its US office.

Furthermore, Sunak reportedly granted additional permissions for Moderna to establish vaccine production facilities within the United Kingdom.

The accusations have raised concerns about potential conflicts of interest and ethical implications, as Sunak’s investment in Moderna appears to intersect with his role as Prime Minister.

The timing and nature of the investment have led to questions about whether Sunak used his position of power to benefit financially while promoting the interests of the pharmaceutical company.

Moreover, may have breached National Security Act.

The Act warns against using knowledge obtained while secretly working for a foreign power to cause harm to citizens.

SOURCE:

GEN Nigeria, the leading organisation in Nigeria committed to promoting entrepreneurship and nurturing the next generation of innovative leaders, has revealed that it will be attending the 2024 Global Entrepreneurship Congress Africa (GEC+Africa) event in Cape Town South Africa with one hundred and fifty entrepreneurs from Nigeria.


The disclosure was made at the GEC+Africa Lead Up event organised by GEN Nigeria and themed ‘Connecting Africa: Strides in the Nigeria Entrepreneurship Ecosystem’ in Lagos recently.

The keynote speaker at the event was the managing director/chief executive officer of CEO of Bank of Industry, Olukayode Pitan represented by Mr Obaru Osah and the event was attended by Providus Bank official, Bank of Industry (BOI) officials, top officials of GEC+Africa and some Nigerian entrepreneurs.


Apart from the 150 Nigerian delegates billed to attend the event on March 14th, 2023, fifteen (15) entrepreneurs from the various African countries’ delegations will be pitching for a seed fund of $100,000.

Speaking at the event, Dr Olawale Anifowose, Managing Director at GEN Nigeria said, “ The GEC+Africa Lead Up Event serves as a dynamic platform that showcases the finest elements of successful entrepreneurial ecosystems on the continent. It aims to foster collaboration, knowledge sharing, and networking opportunities, propelling African entrepreneurs to new heights of success.”

Anifowose, who spoke on the role GEN Nigeria is playing at the event stated that “At the heart of this event is the instrumental role played by GEN Nigeria. As a strategic partner for GEC+Africa 2024, GEN Nigeria is actively contributing to the facilitation of global opportunities for 150 Nigerian entrepreneurs.

Adding that “This lead-up event in Nigeria marks the beginning of a remarkable journey towards empowering and enriching the entrepreneurial landscape in the country.”

He said, “We are immensely proud to be a part of GEC+Africa Lead Up Event, as it aligns perfectly with our vision of fostering a thriving entrepreneurial ecosystem in Nigeria,” adding that “We aim to provide Nigerian entrepreneurs with the tools, knowledge, and connections they need to succeed, while also showcasing the immense potential of our entrepreneurial community on a global stage.”

Furthermore, Project Lead of GEC+Africa, Mrs Carmen Rossouw, said that “There is a need for Africa to build platforms that promote a stronger and better entrepreneurial ecosystem where entrepreneurs in Africa can share ideas, discuss common issues and give access for networking.

“The aim is to discuss issues pertaining to the growth of Africa’s entrepreneurial ecosystem. The idea is to converge and discuss issues such as access to finance, cross border market access, taxation, technology and regulation. A peer review could be a catalyst we need Africa to catapult our Small and Media Enterprises (SMEs) sector.”

Mrs Carmen Rossouw added “The event will bring together 1,500 delegates, and over 30 ministers of trade and investments, to discuss issues around entrepreneurship and trade in Africa and create opportunities for startups within 46 African countries to network while investors and corporate organisations will have access to these SMEs”.

17 Nigerian startups and SMMEs showcased their innovative solutions, aiming to secure a spot among the top 15 African SMEs pitching at the GEC+ Africa stage. Excitingly, Wano, Strich Inc, and Schrödinger Technologies emerged as the triumphant winners!

These exceptional winners will not only join the prestigious Enterprise Development Centre of the Pan Atlantic University and GEN Nigeria Venture Builder program but also proudly represent Nigeria at the global stage of GEC+Africa in Cape Town, South Africa

GEN Nigeria is the leading organisation in the country committed to promoting entrepreneurship and nurturing the next generation of innovative leaders. As the strategic partner for GEC+Africa 2024, GEN Nigeria is dedicated to creating global opportunities for Nigerian entrepreneurs and driving impactful change in the entrepreneurial landscape

SOURCE:https://brandspurng.com/2023/08/02/gen-nigeria-takes-150-nigerian-entrepreneurs-to-gecafrica-in-cape-town/

Following the failure by the National Assembly to pass the Factoring Bill in 2018, despite its ability to unlock over $6.6 billion in financing to small businesses in the country, the Nigerian Export-Import Bank (NEXIM) and the African Export-Import Bank (AFREXIM) have rallied stakeholders to commence the services with a regulation while awaiting the law.

The Managing Director/ Chief Executive, of Nigerian Export-Import Bank (NEXIM), Mr. Abba Bello, said factoring remained one of the financing options that will mitigate the traditional challenges of SMEs in meeting the eligibility criteria for accessing credit from traditional banking institutions.

Speaking at the opening of the factoring training workshop under the auspices of Afreximbank /AfDB FAPA grant consulting activity in Abuja, Bello said it was important to make progress with factoring services, particularly against the backdrop of the AfCFTA and the need to promote financial inclusion and MSMEs’ development for economic growth and employment generation.

Essentially, factoring involves a business selling its accounts receivables to a third party called a factor at a discount to solve an immediate cash need and is considered a low-hanging fruit in providing a huge financing lifeline to SMEs which are often starved of the funds they need to grow and contribute meaningfully to the economy.

Reports estimated that Nigeria’s factoring market is worth over $6.6 billion due to the high informal sector and could increase to $27.1 billion with more formalisation of SMEs, a conducive policy environment among others.

MSMEs account for more than half of the market at $3.5 billion thus validating the link between factoring and financing for SMEs.

However, to guarantee successful deployment in the country especially for instances of adjudication, the promoters said there was a need to have a law backing factoring.

The Factoring Bill had been in the National Assembly for the past six years awaiting passage, thereby delaying the commencement of services in the country while other countries in Africa have progressed.

The NEXIM Bank MD also stated that the development finance institution was committed to facilitating the growth and development of the trade credit insurance market, and other key financial infrastructure that will engender a sustainable factoring ecosystem.

He reiterated the bank’s commitment to the current advocacy and partnership framework towards the promotion of factoring services adding that the training workshop will no doubt facilitate capacity building and technical skills acquisition preparatory to the introduction of factoring services in Nigeria.

Bello noted that the bank had over the years been engaged in joint advocacy with the CBN FSS2020, Afreximbank, Factor Chain International (FCI) and other stakeholders in the Nigerian Factoring Working Group to champion the passage of a draft Factoring Bill currently at the National Assembly, as well as the issuance of specific Factoring Regulation/Circular towards a transparent and credible service in the country.

He said the promotion of factoring services is strategically aligned with the bank’s mandate as a trade policy bank towards facilitating the mainstreaming of the informal sector into the financial sector of the economy with the attendant benefits of access to finance/working capital support, thereby enhancing financial inclusion of MSMEs among others.

Also speaking at the workshop, Technical Adviser to the NEXIM Bank MD, Mr. Hope Yongo, recommended that stakeholders should immediately commence pilot factoring services with regulation while still awaiting an Act of the National Assembly to back up the operation.

The plan is to leverage existing regulations in the banking industry for a start.

He pointed out that countries including Egypt and India among others, initially started factoring without a law. He believed that the positive results from its operation will speak louder and hasten the passage of the Bill.

Yongo warned that waiting for the passage of the Bill by the legislature could further put Nigeria behind as well as hamper progress in its deployment.

He added factoring represented an opportunity to diversify the country’s non-oil export base and boost trading with neighbouring countries.

However, Head, Client Relations, Anglophone West Africa, Afrexim Bank, Mr. Peter Olowononi, said the COVID-19 pandemic and global headwinds arising from the Russia-Ukraine crisis have validated the strategic focus of the bank on promoting intra-African trade.

He said factoring had been the option as SMEs have been disproportionally affected by rising financing costs and related supply chain disruptions caused by these crises.

Olowononi also said Afreximbank, working with FCI and other strategic partners, will not relent in its efforts at supporting SMEs, factoring companies, banks, and corporates in Africa with the requisite financing, capacity building, and technical assistance among other interventions.

SOURCE:https://brandspurng.com/2023/08/02/factoring-nexim-afrexim-eye-6-6bn-market-to-unlock-funding-to-msmes/

The Board of Directors of NASCON Allied Industries Plc has approved the proposed merger of the company with Dangote Sugar Refinery Plc and Dangote Rice Limited, both companies under the Dangote Group.

Both NASCON and Dangote Sugar had filed corporate notices on the Nigerian Exchange Limited earlier in July, revealing the proposal and that it was an agenda for its board at their next meeting.

Following the NASCON board meeting, the company filed another update stating that the board passed resolutions involving the merger and the unaudited financial statements for the second quarter of 2022.

Part of the corporate notice read, “At this meeting, the Board of Directors among other matters, passed the following resolutions: 1. Approval of the Unaudited Financial Statements for the second quarter ended June 30, 2023; 2. Approval to undertake a scheme of merger among the company, Dangote Sugar Refinery Plc and Dangote Rice Limited, subject to the approval of regulators and shareholders.“

Recall that NASCON had weeks back announced the appointment of Thabo Mabe as its substantive Managing Director and Fatima Aliko-Dangote as a non-executive director.

For the financial year ended December 2022, NASCON recorded revenue growth of 76.6 per cent to N58.8bn from N33.3bn in 2021, supported by growth in salt (up 79.8 per cent) and seasonings (up 50.0 per cent) sales.

Cost of sales rose by 60.6 per cent to N34.2bn as against N21.3bn declared in 2021.

, while gross profit jumped by 105.2 per cent from N12bn in 2021 to N24.5bn in the period under review, operating expenses rose 59.9 per cent to N15.2 bn compared to N9.5 bn in 2021.

Profit after tax increased by 84.1 per cent to N5.5bn for the year, compared to N3bn achieved in 2021. Earnings per share also increased to N2.06 in 2021 compared to N1.12 in 2021.

SOURCE:https://brandspurng.com/2023/08/01/nascon-board-approves-merger-with-dangote-companies/

With filmmaking, aspiring visual storytellers can embark on a unique journey. From the formative experiences of early life to continuous growth, filmmakers are presented with endless opportunities to learn and evolve.

An inspiring example of this are the stories of Adedamola Akapo and Victor Lushinjilo Kasanga, who ventured into the world of cinema through the NYFA and MultiChoice Talent Factory Academy’s unique and impactful partnership.

“These talented individuals harnessed the power of their personal experiences to ignite a passionate drive towards realizing their dreams of becoming remarkable storytellers in their own right,” says Jim Miller, Vice President of Strategic Initiatives at NYFA.

The MultiChoice Talent Factory Academy is a multi-disciplinary training program whose mission is to develop the next generation of storytellers in Africa. Students are given the opportunity to partake in a year-long program that provides them with a multitude of knowledge about filmmaking and the industry. Along with being a member of the Class of 2022, NYFA Filmmaking students Adedamola Akapo and Victor Lushinjilo Kasanga were chosen as “top of the class.” They even received scholarships to participate in the program!

The MultiChoice Talent Factory Academy is a multi-disciplinary training program whose mission is to develop the next generation of storytellers in Africa. Students are given the opportunity to partake in a year-long program that provides them with a multitude of knowledge about filmmaking and the industry.

Along with being a member of the Class of 2022, NYFA Filmmaking students Adedamola Akapo and Victor Lushinjilo Kasanga were chosen as “top of the class.” They even received scholarships to participate in the program!

When it comes to expanding our crafts, there is always room for more and more knowledge. Both Adedamola and Victor never gave up on their storytelling and, no matter what were always open to learning more. Much like these two, Storytellers take their passions and use the tools provided at NYFA to reach new heights in their potential.

Being able to partake in The MultiChoice Talent Factory Academy provides storytellers the year-long opportunity to truly hone their craft with a multitude of unique resources. Here at NYFA, we are extremely proud of Adedamola Akapo, Victor Lushinjilo Kasanga, and the rest of the MultiChoice Talent Factory Academy Class of 2022!

SOURCE:https://brandspurng.com/2023/07/26/nyfa-students-awarded-top-of-the-class-in-multichoice-talent-factory-academy/

Nigerian youths have commended the group chief executive officer of the Nigerian National Petroleum Company Limited (NNPC Ltd), Mallam Mele Kyari, for promoting transparency, probity, accountability, and good governance in the Nigerian oil and gas industry vis-à-vis his handling of the recent fuel subsidy removal initiative.

The youths, under the aegis of the Nigerian Youths Alliance (NYA) made this known in a statement co-signed by its national president, Ifeanyi Ogbu, and secretary, Yemisi Oluwadamiro, in Abuja, on Wednesday.

The group specifically lauded the NNPCL chief over his transparency in the company’s payment of an interim dividend of N123 billion to the Federation Account Allocation Committee (FAAC) for the month of June, barely two months after the federal government stopped subsidy payments.

While calling on Nigerians to be patient with the government over the temporary pains caused by the removal of the petrol subsidy, the group urged the NNPCL chief to remain focused and avoid distraction sponsored by oppositions, anti-democratic elements and corrupt individuals who had fed fat by milking the country with the subsidy payment scheme.

According to the statement, “As Nigerian youths, even in these trying times, we must recognize, commend and encourage the efforts of our patriots who are having sleepless nights to ensure this nation works.

According to the statement, “As Nigerian youths, even in these trying times, we must recognize, commend and encourage the efforts of our patriots who are having sleepless nights to ensure this nation works.

“We are, however, not surprised because every genuine change for growth meets strong resistance and force, and someone must bear the brunt.

“In the history of the oil company, Mr. Kyari has proven to be man of selfless service, integrity, outstanding astute industry technocrat, a a professional par excellence.

“Nigerians will attest to the fact that Kyari’s achievements have surpassed all his predecessors for the past 20 years.

“He has distinguished himself to be a visionary and professional manager with a towering repertoire of the inner workings of the industry, having served in various positions over the years.

“In barely two months since the government stopped payment of fuel subsidy payment, he delivered a whopping N123 billion to FAAC. This is commendable.

“Before his assumption of office as the GMD of the defunct NNPC; there were a lot of unresolved and knotty issues lingering and hampering the sector from achieving its potential. He stepped in and proffered solutions to them.

“Even before the passage of the Petroleum Industry Act 2021, which he promoted, Kyari convinced Nigerians of the new direction of the NNPC by making the financial books open transparently for public probity which has changed the opacity in the system.

“NNPC financial books have never been opened transparently for public scrutiny over the years, but Kyari changed the narratives.

“He has effectively deployed his wealth of experience to spearhead giant innovations which have helped in repositioning the NNPC today.

“In his bid to put an end to the business of oil thieves, in 2022, Kyari introduced the “Crude Theft Monitoring Application” (CTMA) to check the theft of Nigeria’s oil. The CTMA, which has been helpful in preventing oil theft, has application options for reporting incidents, with prompt follow-up and responses and another one for crude sales documents validation.

“Not quite long after Kyari assumed office, the stifling Covid-19 pandemic hit the world economy which adversely affected the petroleum industry real hard, the price of crude oil dropped sharply in the international market which affected our revenue earnings drastically but with resilience and careful handling of its affairs, we were able to come out stronger.

“While we plead with Nigerians to be patient as the dividends for their current pains will come soon, we urge the new NNPCL and its management to remain focused and sustain their good works even as the country navigates through these trying moments.”

SOURCE:https://brandspurng.com/2023/07/26/subsidy-removal-youths-commend-kyaris-transparency-drive-urge-nigerians-to-be-patient/

The National Agency for Food and Drug Administration and Control (NAFDAC) has partially banned the sale of unwholesome Whippy Real Mayonnaise in Nigeria over unsatisfactory lab outcomes.

The food and drug regulator said the product was discovered following a consumer’s complaint and investigated by the post-marketing surveillance unit of the agency in Ilorin, Kwara State.

This disclosure is contained in a statement issued by the Director-General of NAFDAC, Mojisola Adeyeye, where she stated that upon investigation, it was discovered that the products were sourced from a local manufacturer in Onitsha, Anambra State.

Laboratory analysis conducted on the product by the Agency, showed unsatisfactory outcomes. It was discovered that though the products were still within shelf life, they have become rancid and exhibits a colour different from the original colour of mayonnaise.

All zonal directors and state coordinators have been directed to carry out surveillance and mop up the implicated batches of the unwholesome product.

Product details

The details of the products are as follows;

Product name: Whippy Real Mayonnaise with a dribble of lemon/Au citron

Product manufacturer: SNF FOODS Limited

Manufacturer Address: Plot 52, Harbour Industrial Estate, Pokobros Avenue, Off Atani Road, Onitsha, Ogbaru LGA, Anambra State.

Pack sizes: 245g and 460g in plastic bottles

Manufacture Date: June 2022

Best Before: December 2023

Batch numbers: OA2GP220614A (Pack size 245g), OA2GP220611A and OA2GP220617A (Pack size 460g)

NAFDAC Reg.No.: A8-0700

Analysis showed unsatisfactory outcomes
The statement reads, ‘’The National Agency for Food and Drug Administration and Control (NAFDAC) is notifying the public of the sale of unwholesome Mayonnaise brand (Whippy Mayonnaise) in Nigeria. This product was discovered following a consumer complaint received and investigated by the post-marketing surveillance unit of the Agency in Ilorin, Kwara State.
‘’On investigation, the products were sourced locally from the manufacturer SNF FOODS Limited, Onitsha, Anambra State. Samples were taken randomly from different batches of the product for laboratory analysis in NAFDAC Laboratory.
‘’Laboratory analysis conducted on the product by the Agency, showed unsatisfactory outcomes. It was discovered that though the products were still within shelf life, they have become rancid and exhibit a colour different from the original colour of mayonnaise. All zonal directors and state coordinators have been directed to carry out surveillance and mop up the implicated batches of the unwholesome product.’’

The agency said the substandard Whippy Real Mayonnaise packed in 245g and 460g in plastic bottles was manufactured in June 2022 and would expire in December 2023, with the manufacturer’s (SNF Foods Ltd) address listed as Plot 52, Harbour Industrial Estate, Pokobros Avenue, Off Atani Road, Onitsha, Ogbaru LGA, Anambra State.

The batch numbers are OA2GP220614A (Pack size 245g), OA2GP220611A, and OA2GP220617A (Pack size 460g) with A8-0700 NAFDAC registration number.

Consumers to exercise caution
NAFDAC in the statement added,

‘’NAFDAC implores distributors, retailers, and consumers to exercise caution and vigilance to avoid consumption, sale or distribution of the implicated batches of the unwholesome Whippy Real Mayonnaise. The products’ authenticity and physical condition should be carefully checked.
‘’Anyone in possession of the above-mentioned batches of Whippy Real Mayonnaise is advised to submit stock to the nearest NAFDAC office. If you, or someone you know, have consumed this product, or suffered any adverse reaction/event after consumption, you are advised to seek immediate medical advice from a qualified healthcare professional.
‘’Members of the public are encouraged to report any suspicion of distribution and sale of unwholesome packaged food products to the nearest NAFDAC office, NAFDAC on 0800-162-3322 or via email: sf.alert@nafdac.gov.ng
‘’Similarly, consumers are also encouraged to report adverse events or side effects related to the consumption of unwholesome packaged food products to the nearest NAFDAC office, or through the use of the E-reporting platforms available on the NAFDAC website www.nafdac.gov.ng or via the Med-safety application available for download on android and IOS stores or via e-mail on pharmacovigilance@nafdac.gov.ng


SOURCE:https://brandspurng.com/2023/07/25/nafdac-bans-sale-of-whippy-mayonnaise-over-unsatisfactory-lab-outcomes/

The Nigerian media sector is experiencing rapid growth and facing strong competition as it continues to evolve. P+ Measurement Services, a leading media intelligence consultancy, analyzed the top media performers in the Nigerian subscription-based streaming services, telecommunications, and insurance sectors for the second quarter of 2023.

This analysis aims to provide a comprehensive overview of each industry’s media share, considering the advancements in subscription-based streaming services, the telecommunications sector’s expansion, and the insurance sector’s consistent performance. The media analysis monitors over 1.3 million online publications in the local and global media space, including blogs, news sites, forums, and digital media, as well as approximately 1,380 print publications (including daily, weekly, and monthly publications), from which various meta-data were harvested.

In the Nigerian subscription-based streaming industry, Netflix Nigeria emerged as the top performer, out of the five brands monitored, capturing a significant media share of 47%, followed by Amazon Prime Video and Showmax Nigeria with 29% and 24% respectively.

The Nigerian telecommunications industry saw a competitive landscape with several key players. The top media performers, out of the five brands monitored, in terms of media share: MTN Nigeria and Airtel tied for the top position, each capturing 30% of the media share. Globacom secured 25% and 9Mobile 15%.

Out of the ten leading insurance brands monitored, five insurance companies stood out as top media performers, with Leadway Assurance maintaining its position as the top performer in Q2, capturing 39% of the media share. Coming in second was AIICO Insurance with 19%, AXA Mansard Insurance ranked third with 18%, NEM Insurance came in fourth with 15% and Mutual Benefits Assurance with 9%.

Analysis of Top Reputational Drivers in Q2, 2023

During the second quarter, noteworthy media drivers in the subscription-based streaming services sector in Nigeria included Netflix Nigeria’s innovative approach of reimagining folktales with African filmmakers, transforming them into dark fantasy dramas. Amazon Prime Video achieved a significant milestone for the brand with Jade Osiberu’s ‘Gangs of Lagos’ setting a new record. Additionally, Showmax Nigeria collaborated with Upbeat to host a special screening party for children on Children’s Day, where they had the opportunity to hang out with Jay Jay Okocha.

The Nigerian telecommunications industry witnessed several significant PR drivers during the period. One noteworthy development was MTN Nigeria’s securing approval from the Nigerian Communications Commission to lease NTEL’s spectrum, which greatly influenced the industry. Airtel Nigeria experienced a boost in its brand recognition and reputation following the appointment of Carl Cruz as MD/CEO. Similarly, Globacom garnered attention and media coverage as Chief Executive Officer Mike Adenuga celebrated his 70th birthday. Furthermore, 9Mobile made headlines with its announcement of a substantial N70 billion investment in network modernization, driving its presence and impact in the market.

Leadway Assurance garnered significant attention by achieving a groundbreaking milestone as the first insurer to surpass N100 billion in premium income within the insurance sector. In a notable display of Corporate Social Responsibility, AIICO Insurance directed its investments toward the healthcare industry. AXA Mansard Insurance experienced remarkable growth of 13% in revenue during the first quarter, contributing to an increased level of media engagement for the brand. NEM Insurance demonstrated its commitment to policyholders by disbursing a substantial sum of N12.3 billion in claims during the 2022 financial year. Additionally, Mutual Benefits Assurance witnessed Dr. Akin Ogunbiyi, the chairman, offering valuable insights to the younger generation about the significance of making favorable first impressions during the launch of his book.

SOURCE:https://brandspurng.com/2023/07/19/netflix-leadway-and-mtn-nigeria-lead-sectors-as-top-media-performers-in-q2-2023/

IDT Corporation, a global fintech company, today announced the expansion of its BOSS Money app into Francophone Africa – Senegal, Côte d’Ivoire, Cameroon, and Democratic Republic of Congo.

The BOSS Money app now enables app users to send, receive, carry, and exchange money in multiple local currencies across Francophone Africa. The app also enables direct receipt of BOSS Money remittances within minutes from friends and family in the US.

“We are excited to expand our BOSS Money services and bring our transformative fintech solutions to Senegal, Côte d’Ivoire, Cameroon, and Democratic Republic of Congo” said Nat Robinson, BOSS Money Africa, CEO. “We’ve tailored the BOSS Money app specifically to meet the pressing need among the unbanked for a cross-border transaction platform in these markets.”

With a focus on customer-centricity, the BOSS Money app aims to redefine the financial transaction landscape for individuals and small businesses in Francophone Africa, offering innovative solutions tailored to the unique needs and aspirations of the local communities. By leveraging fintech and expertise in local financial markets, the BOSS Money app is becoming a powerful tool for financial inclusion and economic empowerment.


“Our goal is to empower individuals and businesses with convenient, secure, and affordable financial services across Africa, enabling them to thrive and build a brighter future.” said Grace Anyetei, IDT’s Regional Director of Operations.

SOURCE:https://brandspurng.com/2023/07/19/boss-money-app-expands-into-francophone-africa/

According to a recent broadcast sent by Wema Bank, it has announced that it has lifted its suspension of the international transaction on naira cards.

According to the financial institution, it would be imposing a $500 monthly limit on international transactions performed on its naira cards. This is coming after many commercial banks had blocked the use of its naira cards for international cash transactions including web and point-of-sale (POS) transactions.

This policy has since affected many Nigerians who engaged in online shopping from stores such as Amazon, and Aliexpress as they were no longer able to use their Naira cards to pay online.



Wema Banks addressing its customer announced that they can now enjoy easy and fast transactions on international purchases using their naira cards.


The notice read thus “You can now use your Naira cards, including Mastercard, ALAT Mastercard, and Visa, for international spending. For your international transactions, you can enjoy up to $500 per month,”.

What this means for Nigerians.

Nigerians can now make international purchases freely and buy from all their favorite international brands just with the tap of a few buttons. It also provides enhanced security and control, due to the $500 monthly spending limit for international transactions. Therefore Nigerians can manage their expenses responsibly while enjoying the benefits of making payments in foreign currencies.

SOURCE:https://brandspurng.com/2023/07/18/wema-banks-upgrades-dollar-limit-on-its-naira-cards-to-500/

The Experiential Marketers Association of Nigeria (EXMAN) marked its momentous tenth-year anniversary by hosting a two-day brand experience Summit titled “Unlocking the X.” The event, which also included the association’s Annual General Meeting (AGM) and an Awards Gala, took place at the Balmoral Event Centre, Federal Palace Hotel.

Kicking off with a two-day brand experience summit on Wednesday, the event featured a distinguished lineup of over 30 speakers from diverse fields, including technology, marketing communications, entertainment, legal, and film production.

Renowned industry professionals such as Steve Babaeko, President of AAAN and Chairman of IAA Nigeria Chapter, and CEO/CCO of X3M Ideas; Olaitan Adedeji, Director at PwC; Feyi Olubodun, Founder and Managing Partner of Open Squares Consulting; Ifeanyi Oputa, Founder of Studio24; Rolake Akinkugbe-Filani; Jane Egerton-Idehen, Founder of J.E.I Consulting; Dare Art Alade, renowned singer and songwriter; Prof. Uchenna Uzo of the Lagos Business School; Franklyn Ozekhome, CEO of Identiture Africa; Femi Odugbemi, icon of the Nigerian film industry; Victor Aghahowa, Head of Productions at Multichoice Nigeria; JR Kanu, founder of Reach Africa; and Jimi Daodu, Founder of Vault Hill, among others, shared their expertise and insights.

The speakers explored a wide range of topics, including “Activating Brands in the Metaverse,” “Amplifying Live Experiences through Digital,” “Monetizing Events through Streaming,” “The New Agency Model,” “Creating Experiences With Afrobeat,” “Understanding the Nigerian Consumer through Financial Data,” “The Power of Live Experiences – the BBN Story,” “Insights on Pop Culture,” and “Intellectual Properties (How Agencies can protect their IP),” among others.

Following the enlightening brand experience summit, EXMAN held its Annual General Meeting, where five exceptional agencies were inducted into the association. The newly welcomed agencies include Acceler8ted Marketing, Expose Media, Iminnd Experience, MPXM, and Red Gecko, thereby further strengthening the EXMAN community.

In another development, the EXMAN Executives led by Tunji Adeyinka concluded their service to the association after two successful terms in office, during which they propelled both the association and the experiential industry to new heights. They made way for a newly elected leadership, led by Tolulope Medebem, assumes responsibility as President of the association. Medebem, who is also the CEO of AsterIML, becomes the first female president of EXMAN, having previously served as the association’s first female Vice President.

The association also elected other key officers, including Angela Makinwa, Director of Client Engagement, Strategy & Creative at EXP Marketing Nigeria, as Vice President; Olurotimi Rhodes, Business Optimization Director at iD8 Limited, as General Secretary; Olayiwola Jegede, Managing Director of IMinnd Experience, as Publicity Secretary; and Ndanusa Amihere of TownCriers Limited, as Financial Secretary.

The grand finale of the event, a commemorative anniversary dinner and awards night, celebrated the achievements of outstanding agencies and individuals within the experiential marketing ecosystem in Nigeria. Distinguished industry leaders and stakeholders, including Dr. Olalekan Fadolapo, Director-General of the Advertising Regulatory Council of Nigeria, and Steve Babaeko, President of AAAN and Chairman of IAA Nigeria; Femi Adelusi, President of the Media Independent Practitioners Association of Nigeria-MIPAN graced the occasion.

Fifteen categories witnessed intense competition among experiential agencies, with Connect Marketing emerging as the overall winner and recipient of the grand prix—the most prestigious award of the night.

Additionally, industry giants George Thorpe and Kunle Onime were honoured for their remarkable contributions to the growth of the experiential industry. George Thorpe received a lifetime achievement award, while Kunle Onime was recognized for his exceptional contributions and also received a lifetime achievement award.

SOURCE:https://brandspurng.com/2023/07/17/exman-celebrates-10th-anniversary-with-annual-brand-experience-summit-awards-gala/

Former Super Eagles player Nwankwo Kanu has been appointed as chairman of Nigerian League club Enyimba FC.

This appointment was confirmed by the Abia State government after Governor Alex Otti dissolved the Enyimba board, which was led by Anyansi-Agwu for 24 years, and he would be replaced by Kanu.

The 46-year-old former Arsenal star is expected to lead Enyimba to success at both the CAF Champions League and the 2023/24 season’s league and Federation Cup competitions, which has been won by the club on several occasions.

Kanu would work with the former Iwuanyanwu Nationale star, Finidi George, who works at the club as the football coach. Both Kanu and Finidi George were part of Louis Van Gaal’s team, which won the UEFA Champions League in 1995.

Kanu captained Nigeria to the gold medal at the 1996 Olympics, scoring memorable goals, including the tie-deciding semifinal strike against Brazil.

In a career that spanned over 20 years, Kanu also played for Inter Milan, West Bromwich Albion and Portsmouth. He was a member of the Arsenal ‘Invincibles,’ the Arsene Wenger-led side that went a whole season undefeated in the English Premier League.


SOURCE:https://brandspurng.com/2023/07/14/kanu-appointed-as-enyimba-chairman-replaces-anyansi-agwu/

It will be a fun time for kids this long school break with the debut of Netflix’s first original animated series from Africa, Supa Team 4, about four teen girls who happen to be undercover superheroes living in the neo-futuristic African city of Lusaka.

As the school holidays begin, we know the biggest worry of most parents is how to keep their children entertained all summer!

With Netflix’s parental control feature, parents have full control over their kids’ content while keeping them entertained throughout the holiday. Here are some tips to help you prepare the perfect summer for your kids.

A. Create a profile for kids

Create a special profile just for your kids. Doing so will allow recommendations tailored to your preferences so your likes and dislikes aren’t muddled. Each Netflix account, no matter what plan you are on, allows the creation of up to five profiles for individuals within a household. Each profile can be customised with specific names and profile photos. To use the Netflix kids experience, select Kids.


2. The Netflix Kids experience profile has a custom logo on the profile icon, so it is easy to identify. It comes with a simplified look and feel that plays only TV shows and movies which have been carefully pre-selected for kids. This profile also removes direct access to account settings allowing you much-needed peace of mind. If you select a maturity rating that exceeds the level allowed for the Netflix Kids experience, then the Kids experience won’t be applied to that profile.

B. Set parental controls

Netflix’s extensive catalogue of movies and TV series is one of its best-selling points. However, not all of the content available are age-appropriate for children, so the platform has specific parental controls that can block access to particular age-restricted movies or specific content. When you set a maturity rating for a profile, that profile will see only TV shows, movies, and games at or below that rating. You can also set a 4-digit PIN on your profile to ensure they can’t access it.


C. Access viewing history for a profile

Want to see what your kid is watching? No worries. From your account page, open the Profile & Parental Controls settings for the profile you want to see, then click on viewing activity. If you see a limited list, use the ‘Show More’ button to expand it. To download a list into a spreadsheet, select ‘Download All’ at the bottom of the page. The downloaded file can be opened using any spreadsheet software that supports the CSV file format. You can also use this feature to see a list of devices that have used your account recently.
So, whether your family is on vacation or resting at home, experience the best kids content Netflix has curated this holiday. With a button tap, your kids can access the best entertainment from Supa Team 4, to Miraculous: Ladybug & Cat Noir, The Movie, Sonic Prime and more on the Netflix family summer slate.

SOURCE:https://brandspurng.com/2023/07/11/set-up-parental-control-on-netflix-and-allow-your-kids-to-enjoy-the-holidays-with-supa-team-4/

Zedcrest Capital, a firm known for its debt and equity capital markets investments but who has recently begun dabbling in venture investments, has launched a $10 million fund for African pre-Series A startups.


According to Zedcrest Capital, the “Knight Fund” is aimed at providing last-ditch follow-on capital access to local funding required to help startups consolidate on existing operations, growth, and expansion. “The Knight Fund was inspired by the current slowdown in startup funding for African founders as global investors retreat to focus on their core markets,” the organization said in a statement.



Top investors such as Tiger Global, SoftBank, and Sequoia Capital invested millions of dollars in African startups, particularly unicorns, last year, boosting the continent’s local ecosystem. This year, however, has been different. Despite receiving more VC investments in H1 2022 than in H1 2021 (an estimated $3 billion, according to several data trackers), the continent has yet to produce a single unicorn after eight months.



The talk in town is that African startups are feeling the pressure of the global market downturn and a slowdown in venture capital as international investors pull out term sheets and reduce the number of rounds previously earmarked for the region.
This event has influenced the certainty and speed with which African startups raise capital. Access to follow-on capital required to transition to the next growth phase is critical for early-stage startups that have raised – and spent – several million dollars in the last couple of years. Otherwise, they may cease to exist — for example, Kenya-based food startup Kune. Due to the current market conditions, startups such as Swvl, Vezeeta, and Wave have laid off employees.

SOURCE:https://brandspurng.com/2022/07/31/zedcrest-sets-up-a-10-million-emergency-fund-for-african-startups/

The Director General of Lagos State Procurement Agency, Fatai Onafowote has been penciled down to win the 2023 Africa Procurement and Supply Chain award in Lagos on July 27 and 28, 2023.

Other top procure and supply chain experts across the continent have also been nominated for the prestigious awards scheduled to be held at Oriental Hotel Lagos end of July 2023.

The last four editions have been held in Accra Ghana, however, the organisers believed that the fifth edition in Lagos looks to be the biggest.

The Africa Procurement and Supply Chain Awards (APSCA 2023) is aimed to recognise the leading procurement experts, teams and top procurement & supply chain organizations has been held in Accra Ghana since its inception and has been largely graced by industry stakeholders, decision makers and high-ranking government officials.

According to the Group CEO of InstinctWave, Mr. Akin Naphtal, “The Africa Procurement and Supply Chain Awards in the last five years has received massive support from Industry stakeholders and decision makers in Ghana, – The Public Procurement Authority, the professional bodies for the industry such as GIPS, CISM and CIPS Ghana and others.”

“This has helped raise the standards of the profession, without robust procurement and supply chain strategies, it would be impossible for most business operations to function. Our mission is to lift the veil on the Procurement & Supply chain in Africa as a whole. This Is why we are moving it to Nigeria,” he added.

Naphtal said, “Procurement & supply Chain is an indispensable business catalyst that has evolved at a rapid pace over the last few decades and Africa, must be at the centre of Global Procurement and Supply Chain. Procurement management has a direct impact on an organization’s bottom line and strategic business operations hence their outstanding contributions to the industry must not go unnoticed.”

‘APSCA 2023 will recognise leading procurement experts, teams and top procurement & supply chain organizations, whose outstanding leadership and practices have raised the standards of the profession, showcasing top ethics, best practices, tact and brilliance in managing organizations’ supplies as well as promoting business growth and sustainability in Africa.’

In its fifth year, the Africa Procurement & Supply Chain Awards (APSCA 2023) will also feature the Africa Supply Chain Live Summit themed “Shaping the future of procurement, supply chain and logistics”. This summit will provide an opportunity to benchmark strategies and define the best way to thrive in the current and uncertain market. It will also highlight the importance of local content development, sustainability, talent development, e-procurement and more.

The summit will bring together thought-provoking speakers, inspiring leaders and stakeholders from all spheres of the procurement industry who are pushing the boundaries when it comes to innovation to discuss the future ahead that will drive real impact in the sector.

Entries for the award’s night are open to all procurement & supply chain units that cut across all industries in the private and public sector space within Africa.

The Africa Procurement & Supply Chain Awards (APSCA) is guided by International Standards and are judged by an independent, free and fair panel.

The prestigious awards scheme is in collaboration with the Ghana Institute of Procurement & Supply, (GIPS) and other industry stakeholders.

APSCA 2023 promises to be an extraordinary one as it will provide an exceptional opportunity for stakeholders in the sector to network, entertain patrons, reinforce relationships with industry stakeholders and reward staff with exceptional performance.

SOURCE:https://brandspurng.com/2023/07/11/onafowote-others-win-africa-procurement-and-supply-chain-awards/

Capital importation grew by 6.78 percent in the first quarter of 2023, according to the National Bureau of Statistics (NBS).

The total capital imported stood at $1.13 billion, up from the $1.06 billion recorded in Q4 2022.

On a quarter-to-quarter basis, foreign investment into the country increased by 6.78 percent but dropped by 28 percent on a year-to-year basis.

“Total capital importation into Nigeria in Q1 2023 stood at $1.13 billion, lower than $1.57 billion recorded in Q1 2022, indicating a decrease of 28 percent,” the NBS said.

“When compared to the preceding quarter, capital importation rose by 6.78 percent from $1.06 billion in Q4 2022.”

Only eight of the 36 states and the federal capital territory (FCT) received capital investments in Q1 2023.

Lagos remains the top destination for foreign investment ($704.87 million), followed by FCT ($410.27 million), Akwa Ibom ($5.121million), Adamawa ($4.50 million), Anambra ($4 million), and Ogun ($2.09 million).

Others are Niger ($1.50 million), Ondo ($0.20 million) and Ekiti ($0.01 million).

Further analysis indicates that the highest capital importation was received through portfolio investment, which accounted for 57.32 percent ($649.28 million).

Other investments accounted for 38.31 percent ($435.76 million) and foreign direct investment (FDI) accounted for 4.20 percent ($47.60 million) of total capital importation.

The sector that received the highest capital investment was banking ($304.56 million), representing 26.89 percent of total capital imported. The production sector recorded $256.12 million, the IT sector had $216.06 million), consultancy ($0.02 million), oil and gas ($0.75 million), and brewing ($0.65 million).

By banks, the report shows that Citibank Nigeria Limited ranked top with $424.13 million (37.45 percent). Standard Chartered Bank Nigeria Limited was next with $360.33 million (31.81 percent) and Stanbic IBTC Bank had $151.85 (13.41 percent).

President Bola Ahmed Tinubu has continued to reiterate his administration’s commitment to ensuring consistency in policy and a better business climate to attract investment.

In a recent meeting with Shell Petroleum Development Company (SPDC), Tinubu said attracting investments was “a promise I made personally to Nigerians. Whatever it takes, I will fulfil that promise to Nigerians”.

SOURCE:https://brandspurng.com/2023/07/11/nigerias-q1-2023-capital-importation-drops-to-1-13bn-nbs/

The President Tinubu-led Federal Government is set to harmonize all revenue-collecting agencies in Nigeria.

The Special Adviser to President Bola Tinubu on Revenue, Zach Adedeji made this known on Channels Television’s Politics Today programme on Monday.

Adedeji said the government will double the country’s total annual revenue which is currently below N15trn by deepening the nation’s revenue collection system and not by adding extra taxes.

According to the President’s revenue chief, Nigeria has a revenue problem but the current administration is prepared to tackle the challenge through fiscal discipline and harmonization of revenue channels using technology to view all government revenue-collecting agencies in real-time.

“The law is very clear as to how to collect revenue. In Section 162 of the Nigerian Constitution, it is clearly stated that there shall be an account called the Federation Account and all government revenue must be put into that account,” Adedeji said.

“When we talk about harmonization, we are just saying the integration of all collecting agencies, that on one platform, we can know what is happening in NIMASA, NPA, NCC, Customs, Federal Inland Revenue (Service)…We will make use of technology to know everything going on in real-time.”

Adedeji clarified that the Tinubu administration is not going to collapse revenue-generating bodies like the Nigerian National Petroleum Company (NNPC) Limited, the Federal Inland Revenue Service (FIRS), the Nigerian Maritime Administration and Safety Agency (NIMASA), and the Nigeria Customs Service.

Rather, he said, the current administration will use technology to integrate all revenue-collecting agencies to monitor revenue in real time and remove any form of “government within a government”.

Adedeji also stressed that Tinubu has already approved the harmonization of all the revenue-collecting agencies.

“We are not collapsing. NNPC will be NNPC because it is limited, Federal Inland Revenue (Service) will be but the collection of all revenue will be technologically driven by data…Why there seems to be a government within a government is because of the law because there is no real law that specifies what they should do.”

He also said the removal of petrol subsidy and the unification of foreign exchange rates has removed the “distortion we have in our economy”, saying Nigerians would soon begin to see the “windfall which I know will bring shared prosperity for all Nigerians”.

SOURCE:https://brandspurng.com/2023/07/11/https-brandspurng-com-revenue-collecting-agencies/

Crude oil climbed 2 per cent on Tuesday as markets banked on August supply cuts by top exporters, Saudi Arabia and Russia, despite worries about a weak global economic outlook.

Markets in the US were closed on Tuesday for the Independence Day holiday, but this did not affect crude oil as Brent grew by $1.60 to $76.25 per barrel, and the US West Texas Intermediate closed higher by $1.44 to $71.23 per barrel.

Some members of the Organisation of the Petroleum Exporting Countries and its allies (OPEC+), led by Saudi Arabia on Monday said it would extend its voluntary output cut of 1 million barrels per day to August while Russia and Algeria volunteered to lower their August output and export levels by 500,000 barrels per day and 20,000 barrels per day, respectively.

If fully implemented, that would bring a combined reduction of 5.36 million barrels per day from August 2022 – possibly even more because several countries in the OPEC+ producer group are unable to fulfil their output quotas.

The total cuts now stand at more than 5 million barrels per day or 5 per cent of global oil output.

Market analysts, however, point out that little has changed in oil dynamics despite Monday’s announcements.

Even before the latest cut announcements, International Energy Agency (IEA) data suggested the oil market was set to show a supply deficit of roughly 2 million barrels per day in the third and fourth quarters.

The market will remain worried about demand concerns over China’s sluggish economic recovery after the lifting of pandemic restrictions.

Also, China’s Caixin/S&P Global manufacturing PMI eased to 50.5 in June from 50.9 in May, the private survey showed.

The figure, combined with the country’s official survey that showed factory activity extending declines, adds to evidence the world’s second-largest economy lost steam in the second quarter.

Meanwhile, interest rates in the US and Europe are expected to rise further to address persistently high inflation.

Manufacturing in the US also fell further in June to levels last registered in the first wave of the COVID-19 pandemic.

Interest rate increases from the US Federal Reserve since March 2022, when the central bank embarked on its fastest monetary policy tightening campaign in more than 40 years, have gripped the markets.

SOURCE:https://brandspurng.com/2023/07/05/crude-oil-prices-rise-2-as-market-weighs-supply-cuts/

ZINOX Technologies Limited, one of Africa’s leading integrated technology group, has unveiled a plan to invest over $250,000,000 after years of research, test running of durable and cost efficient multifaceted renewable energy solutions for Africa particularly Nigeria, with leading renewable energy companies in China, UK, South Africa and Dubai as partners.

For 23 years, Zinox has pioneered innovative technologies and boasts of an enviable track record of efficient delivery of critical tech solutions in Nigeria and various African countries. The iPOWER – Solar, Inverters and Batteries, a brand of global partnership, is now available in Nigeria with up to 25 years’ warranty. Zinox plans to deliver within 24 hours all orders for iPOWER PRODUCTS to major cities in Nigeria subject to stock availability.

Unveiling this at the just concluded annual strategic business retreat, attended by captains of tech and Power industries including the Chairman of Zinox Group, Leo Stan Ekeh, the Managing Director of Zinox Technologies Limited, Mrs Kelechi Eze-Okonta said that Zinox is the tech heartbeat of the continent and has proven that Africa has a level of Technology Independence with high quality tech related projects timely and successfully deployed across Africa.

‘’We have taken our time, with huge investments on research with distinguished global partners, to come to this point. We believe that what is worth doing, is worth doing well. We now have tested products that have warranties of up to 25 years. We also plan to launch our integrated Executive Mobile Energy solution for Professionals, SMES, PaaS for Telcos’ Rural Telephony Infrastructure and students on the 4th of September.’’

In her own words, we have worked with credible domestic partners to deploy renewable solutions in over 25,000 homes, schools and offices in the last seven years.

‘’We are now excited to hit the market with specific cost-efficient energy solutions that are budget friendly both for homes and businesses, no matter your size and scope, but most importantly, we will take responsibility no matter who you buy iPower – Inverters, Solar Panels and Batteries from. We are also starting to train over 500 Nigerian Engineers and certified technicians from 36 states plus Abuja who shall conduct standard power audit, installations and after sales support nationwide to offer our customer full value for money.’’

Continuing, Mrs Eze-Okonta disclosed that Zinox has quietly been test running different configurations of sustainable renewable energy products from Solar, Wind, and a bit of Biomass, with complimentary quality products such as batteries and Inverters engineered and internationally certified to be country and continent specific.

‘’We want to delete Nigeria as a dump site for all sorts of fake energy products which we really consider as unethical and unacceptable and save the scarce resources available in the country. We take responsibility for iTEC Solar, Inverters and Batteries locally as we are equipped for comprehensive aftersales support.’’

Zinox shall work closely with key stakeholders such as the Renewable Energy Association of Nigeria (REAN), and local developers to provide the necessary support to aid the improvement of the acute power supply crisis that threatens economic growth, where over 70 million Nigerians lack access to power, coupled with increasing electricity costs in Nigeria.

Renewable energy can help Nigeria not only meet its energy needs but also power sustainable economic growth and create jobs while achieving global climate and sustainable development objectives.

Contributing in same vein as the Managing Director of Zinox Technologies Limited, the Chairman of the Zinox Group, Dr. Leo Stan Ekeh disclosed that the sum of $250m has been secured specifically to expand access to competitive and climate-friendly electricity supplies for Nigeria Homes and Businesses.

He said that the project will help create new opportunities for improving the quality of life while providing additional support to developers, REAN, and other key stakeholders in the preparation of its priority projects. Zinox, with her partnerships shall launch enterprise products and solutions that will power off grid solutions, estates, hospitality businesses, while continuing with the consumer products with its very successful iPower products for homes, small and medium organizations, he concluded.

SOURCE:https://brandspurng.com/2023/07/04/zinox-to-invest-250m-on-renewable-energy/

Zenith Bank Plc has retained its ranking as the Number One Bank in Nigeria by Tier-1 Capital in the 2023 Top 1000 World Banks’ Rankings, published by The Banker Magazine. For the fourteenth year in a row, the Bank has held its position as the number one Tier-1 bank in Nigeria, emerging as the 467th Bank globally with a Tier-1 Capital of $2.54 billion.

The rankings, published in the July 2023 edition of The Banker Magazine of the Financial Times Group, United Kingdom, were based on the 2022 year-end Tier-1 capital of banks globally. The rankings continue to be the primary source for global bank financials and are used by most international organisations in their assessments of banks.

Zenith Bank’s financial performance for the year was bolstered by an impressive double-digit growth of 24% in gross earnings, leading to an improved market share in both the retail and corporate segments of the market. This occurred despite a persistently challenging macroeconomic environment and headwinds.

Commenting on the ranking, the Group Managing Director/CEO of Zenith Bank Plc, Dr Ebenezer Onyeagwu, said, “Being ranked as the Number One Bank in Nigeria by Tier-1 Capital for the fourteenth consecutive year attests to our resilience as an institution despite a very challenging macroeconomic environment and global headwinds. It is also an affirmation of our best-in-class service and commitment to value creation for our highly esteemed customers.”

He thanked the Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR, for his foundational role in building the structures and setting the institution on the path to continued success; the Board for their vision and outstanding leadership; the staff for their unwavering commitment and dedication; and the Bank’s customers for their unflinching loyal support of the Zenith brand.

Tier 1 Capital describes capital adequacy, which is the core measure of a bank’s financial strength from a regulator’s point of view. According to the ranking, Tier 1 Capital, as defined by the latest Bank for International Settlements (BIS) guidelines, includes loss-absorbing capital, i.e., common stock, disclosed reserves, retained earnings, and minority interests in the equity of subsidiaries that are less than wholly owned.

Zenith Bank became one of the latest companies to join the exclusive group of stocks worth over one trillion, as its market capitalisation on the Nigerian Exchange (NGX) crossed the N1 trillion mark in the third week of June 2023. This followed the appreciation of its share price by 3.23% to close at N32 per share, taking its market capitalisation above a trillion to close at N1.004 trillion.

The bank’s track record of excellent performances has continued to earn it numerous awards including being recognized as Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and 2022; Best Bank in Nigeria, for three consecutive years from 2020 to 2022, in the Global Finance World’s Best Banks Awards; Best Commercial Bank, Nigeria 2021 and 2022, in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022; Best in Corporate Governance’ Financial Services’ Africa, for four consecutive years from 2020 to 2023, by the Ethical Boardroom; Most Sustainable Bank, Nigeria in the International Banker 2023 Banking Awards; Best Commercial Bank, Nigeria and Best Innovation In Retail Banking, Nigeria in the International Banker 2022 Banking Awards.

Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021, and Retail Bank of the year, for three consecutive years from 2020 to 2022, at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

Similarly, Zenith Bank was named as Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Bank of the Year 2021 by Champion Newspaper, Bank of the Year 2022 by New Telegraph Newspaper, and Most Responsible Organisation in Africa 2021 by SERAS Awards.

SOURCE:https://brandspurng.com/2023/07/03/for-14-years-zenith-bank-retains-nigerias-no-1-bank-ranking/

…Daniel Amokachi Endorse Tournament
In a bid to promote a healthy lifestyle, bonding and participation in sporting activities among children residents within its estate, Adron Homes and Properties have launched the first-ever Adron Estate Children Summer Games.

The maiden edition Estate sports festival which will specially feature children and parents resident in Adron Homes Estate within Simawa, Ogun State Axis from Phase 1, Phase 1 extension and Phase 2 and Phase 2 extension. The summer game is billed to hold on the 19th of August, 2023, at the newly built Olori Aderonke EmmanuelKing Recreational Park, located at Shimawa town, Ogun State.

As part of its responsibility to bring residents of its estate together occasionally to create friendship, and keep the minds of children alert and in good shape during school holidays, Adron Homes has chosen sporting activities which will also avail them to invest in hidden talents and showcase them to the world. As the maiden edition is fast approaching, the real estate company is not relenting on its oars as it’s not known for doing things in half measure. Preparations are in top gear to bring all sport-critical stakeholders on board to ensure a smooth summer game with the kids and their parents.

Ex-Super Eagles captain Daniel Amokachi; Adron Homes Games Ambassador for 2023, and the Special Assistant, Sports, (SA), to the immediate past President of Nigeria, Muhammadu Buhari has confirmed his attendance and eagerly looking forward to the games, which would see participants taking parts in games such as football, basketball, table-tennis, scrabble and other sports events, and also winning prizes that include; scholarships to the distinguished athletes. He is also looking forward to witnessing the first-ever sports complex built in any estate in Nigeria.

The ultra-modern sports complex named after the wife of the Group Managing Director of Adron Homes and Property Limited, Aare Adetola EmmanuelKing, boasts of world-class sporting facilities both track and field; a hybrid synthetic pitch, running track, basketball court and Disney-like children’s play park which is adjudged as the first in any modern-day estate in Nigeria. The facility will play host to the first Adron Homes Summer Games for children of residents of the City of David, as well as, other Adron Homes Estates residents aged between 6-17 years.

Speaking ahead of the sports festival, Group Managing Director of Adron Homes and Property Limited, Aare Adetola EmmanuelKing, said he is putting all resources into catching them young and also promoting friendship and bonding between residents of their estate within the Simawa Axis.

“The summer games will keep the children mentally fit, strong and also do something challenging among themselves. It will also help them form a great bond and also avail their parent to bond and exchange contact with other parents who are residents. Phase One and its extension and Phase 2 and its extension is quite a long distance so the only way to bring everyone under one roof is through sport that’s why we came up with the children’s summer game.” he said.

Aare Adetola also disclosed that; the best time to catch athletes is when they are growing so their hidden talents can be discovered early and nurtured to greatness. “Serena and Venus Williams were discovered early by their father who trained them in the tennis game; today the sisters are both champions in tennis. This has also motivated me to hold the Summer games for children living within our estate.”

The Chief Executive Officer of Match International Limited, Waidi Akanni disclosed that the mini-sports festival which is one of the several Corporate Social Responsibility programmes of the leading estate company, is set to set a benchmark for grassroots sports development and sponsorship in the world of corporate sports engagement.

SOURCE:https://brandspurng.com/2023/06/26/adron-homes-launches-first-ever-estate-summer-games/

The National Association of Nigerian Students (NANS), Southwest Zone D has extended its heartfelt congratulations to the newly appointed government officials, particularly those representing the Southwest region of the federation.

Speaking via a statement made available to our correspondent, NANS commended His Excellency, President Asiwaju Bola Ahmed Tinubu, GCFR, for his decisive action in appointing Maj Gen Taoreed Lagbaja as Chief of Army Staff, Adeniyi Adewale Bashir as Controller General of Customs, and DIG Kayode Egbetokun as Acting Inspector-General of Police.

“NANS Southwest-Zone D firmly believes that these appointments will contribute significantly to the development and progress of our nation. We express our optimism that the new appointees will discharge their duties with utmost dedication, professionalism, and integrity.

“Their collective experience and expertise will undoubtedly help in advancing our country’s security, customs operations, and overall governance.

“We urge Maj Gen Taoreed Lagbaja, Adeniyi Adewale Bashir, and DIG Kayode Egbetokun to prioritize the well-being of the Nigerian people and work towards fostering a safe, secure, and prosperous nation. As representatives of the Southwest region, we trust that they will bring their knowledge, insights, and understanding of the unique challenges faced by our region to the table.

“We are confident that they will actively promote policies and initiatives that will benefit the Southwest and the entire nation at large.

“NANS Southwest-Zone D pledges its unwavering support to the new appointees and assures them that we are committed to collaborating with them in achieving their set goals. We call on the Nigeria populace and stakeholders to rally behind these individuals and provide the necessary support and encouragement they need to excel in their respective positions.

“We also express our gratitude to the outgoing Service Chiefs, the Inspector-General of Police, and the Comptroller-General of Customs for their service to the nation. We appreciate their contributions to ensuring the safety and security of Nigerians.

“In conclusion, NANS Southwest-Zone D once again congratulates Maj Gen Taoreed Lagbaja, Adeniyi Adewale Bashir, and DIG Kayode Egbetokun on their well-deserved appointments. We remain optimistic about the positive impact they will make in their new roles. Together, let us strive for a greater Nigeria”.

SOURCE:https://brandspurng.com/2023/06/21/nans-southwest-congratulates-newly-appointed-government-officials/

280 Nestlé Nigeria volunteers including the Managing Director and CEO, Wassim Elhusseini are mentoring 12,000 students in JSS2, SS1, and SS2 classes in twenty-three public secondary schools across Nigeria.

The Youth Leadership Mentoring Program aims to instill the right values, skills and attitudes requisite for success and positive personal development from an early age in children.

The program now in its second season, is a collaboration between Nestlé Nigeria and REVAMP Africa, a youth-focused non-profit organization with the vision to revive educational values and maximize potential among young people, especially in public secondary schools.

Joy Ukpong, an SS2 student at Estate Senior Grammar School Ilupeju, Lagos State says that as a result of the mentoring session with Wassim, she has resolved that the top four values she will imbibe for her personal development and academic success are determination, kindness, generosity and respect for others. This is the first time she has ever been in a mentoring program.

Recounting her experience, Joy said, “My classmates and I are excited to have mentors in our classes. Today’s session on values and morality was very interesting.

The mentors spoke to us about developing personal values for success in life. I am determined to live by the four values I have set for myself, both in school and outside the school. I will also put in more effort in my academics so I
can excel and achieve my dreams.”

Wassim Elhusseini, MD/CEO Nestlé Nigeria PLC said, “At Nestlé, we believe that communities cannot thrive if they fail to offer a future for younger generations. I am therefore delighted that Nestlé is collaborating with REVAMP Africa on this initiative that prepares young people for success in life.

The Youth Leadership Mentoring Program is a great opportunity to encourage children to imbibe the right values,build good character and develop leadership skills.

I am proud of the 280 Nestlé Cares volunteers who have dedicated time despite their busy schedules to mentor 12,000 children across the country over a 4-week period. We are confident of the positive impact this initiative will make in the lives of all the mentees.”

Mr.Kelechi Anyalechi, founder, REVAMP Africa Foundation said, “We are thrilled to commence another stream of the transformative Youth Leadership Mentoring Program in collaboration with Nestlé Nigeria. The program is designed to empower and nurture the leaders of tomorrow through experiential learning. Young people will have the opportunity to immerse themselves in real scenarios, learn from successful Nestlé Nigeria and REVAMP Africa leaders who have made a difference in various fields. This practical approach will enable them to develop the necessary skills and gain valuable insights to become young excellent leaders.”

The principal of Estate Senior Grammar School, Ilupeju, Mr. Olurotimi Joseph Egunyomi said “I thank Nestlé for this mentoring program which is value adding for the students. The opportunity to meet professionals from diverse fields will have a lasting impact on the children. We are glad that a company like this is playing a complementary role, assisting us in achieving our objective of raising children who excel in academics and character. The students and I are looking forward to subsequent sessions.”

Through the Youth Leadership Mentoring Program, Nestlé Nigeria and REVAMP Africa are equipping young individuals across the six geopolitical zones in Nigeria, with the skills, knowledge, and confidence needed to excel in an ever-evolving world.

Nestlé Cares is the company’s employee volunteer program which provides opportunities for Nestlé employees to give back to society by offering their time, talent and resources to impact individuals and families, communities, and the environment.

SOURCE:https://brandspurng.com/2023/06/16/nestle-employees-mentor-12000-students/

Leading agricultural technology company, ThriveAgric, has today released its 2022 Impact Report reiterating the company’s mission to build the largest network of profitable farmers and accelerate an Africa that feeds itself. In the year under review, the Nigeria-founded company scaled its operations into neighbouring Ghana, and Kenya in East Africa amongst other feats.

Key highlights of ThriveAgric’s 2022 annual impact report include:

Connecting with 514,000+ smallholder farmers in more than 2900 communities

Pilot operations in 5 regions of Ghana and 6 counties in Kenya

Invested over $100 million in financing

Produced 1.5 million+ metric tonnes of grains

153.3% year-on-year increase in the number of women impacted

80% increase in youth impact in communities

To accomplish these groundbreaking milestones, the fast-growing agricultural company leveraged its proprietary technology and key partnerships with governments and global institutions including the Ghana Commodity Exchange (GCX), Promasidor (Kenya) Limited, VISA, and OCP Africa.

Samirah Bello, Partnership Lead at ThriveAgric said: “At ThriveAgric, we remain committed as an impact-driven and customer-focused company. Through our strategic partnerships, we have been able to accelerate impact and reach meaningful milestones while tackling barriers confronting smallholder farmers in their day-to-day business. This report is an expansion of our 2017–2021 impact report, and we are proud to say that we have built a tech-driven agricultural enterprise that will eventually help feed both Africa, and the rest of the world.”

Speaking on the social impact, Uka Eje, CEO and co-founder of ThriveAgric said: “In addition to the social benefits such as reducing poverty and improving gender equality, smallholder farmers that work with ThriveAgric produce double the national average yields due to access to better quality seeds, fertilisers and equipment. At ThriveAgric, we will continue to adopt a multifaceted approach that includes collaboration between various stakeholders, increased investment, technology adoption, and sustainable agricultural practices. Our 2022 impact report is a testament that we are on the right track.”

Access to funding remains one of the biggest challenges confronting smallholder farmers in Africa. According to the Africa Development Bank (AfDB), agri-SMEs in Africa are critically underfunded with an annual financing gap of approximately $100 billion.ThriveAgric is bridging this gap by providing input financing, providing data-led advisory to improve output, enhancing supply chain efficiency, and encouraging sustainable agricultural practices with the aim of building a network of profitable smallholder farmers and contributing to a food secure Africa.

Leaning into its Theory of Change (highlighted in the impact report), ThriveAgric aims to provide $500 million in credit to 10 million smallholder farmers across Nigeria, Ghana, and Kenya in 2027, and to double this outcome by 2050. The company will also be working with organisations who leverage its Agricultural operating Software (AOS) to provide access to loans for their farmers, and is currently onboarding partners. With food security projected by the UN to rise to a record 310 million Africans by 2030, ThriveAgric has planned expansions into Tanzania, Egypt and Zambia to alleviate the potential impact.

SOURCE:https://brandspurng.com/2023/06/13/thriveagric-empowers-over-500000-smallholder-farmers-to-scale-food-production-in-nigeria/

Nigerian Breweries has concluded plans to acquire an 80 per cent stake in Distell Wines and Spirits Nigeria Limited as part of efforts to capture significant growth opportunities in the wines and spirits segment of the brewing industry.

According to the announcement contained in a notification of the proposal sent to Nigeria Exchange Limited and signed by the company secretary, Uaboi Agbebaku, the company received the offer from Heineken Beverages Limited to acquire an 80 per cent majority interest in Distell Wines & Spirits Nigeria Limited.

Nigerian Breweries Acquires 80% Stake In Distell Nigeria
To that end, “the board resolved to consider the offer in detail with support from external legal and financial advisers and thereafter make a decision thereon in the coming weeks. The outcome of the decision will be communicated in due course,” the company secretary said.

Distell Nigeria is a subsidiary of Distell International Limited- a company 100 per cent owned by Heineken Beverages. Distell International Limited holds an 80 per cent shareholding in Distell Nigeria, which was founded in 2018 with its headquarters in Lagos, Nigeria.

Distell Nigeria produces wines and ciders locally and are also into the importation of wines, spirits, and flavoured alcoholic beverages from Distell Group in South Africa.

SOURCE:https://brandspurng.com/2023/06/06/nigerian-breweries-acquires-80-stake-in-distell-nigeria/

Oyo State Governor, Seyi Makinde, on Wednesday, pledged support to Mouka Foam Nigeria, in a bid to expand its business base in the state.

Makinde gave this assurance when the management of Mouka Foam Limited led by its Managing Director, Femi Fapohunda paid him a courtesy visit at the governor’s office, Ibadan, on Wednesday.

Briefing journalists after the meeting, the Chief Press Secretary to the Governor, Mr Sulaimon Olanrewaju, said the governor assured the team that he would do everything to support the company to achieve its objectives.

Olanrewaju explained that the ambience and the conducive environment of the state motivated the company to plan to site a factory in Ibadan.

Sulaiman said: “The governor hosted a team from Mouka Nigeria and their partners from Morocco, and the focus of the discussion was on them establishing a factory in Ibadan.

“They said they had gone round the whole of the nation and they found out that the environment here was conducive for their business. As a result of that, they want to site a factory here, and the governor has assured them that, within two weeks, anything concerning their request to secure land for their factory would be sorted out.

“The governor equally promised that every support they require in the pursuit of the dream will be given to them. So, it was a very successful meeting, and the people are eager to come to Ibadan as soon as possible.

“The governor added that all hands were on deck to make the state the preference of investors.”

In his response, the Managing Director of Mouka, Mr Femi Fapohunda, appreciated the governor for the warm reception, saying that the state had been very accommodating and good for the company’s business.

“We currently have plants in Lagos and Kaduna, but we have already reached our capacity, and we are now expanding the business, and Ibadan has been very friendly. This is where we are looking to put all the investments and expansion, and that is why we are here today,” he said.

When asked about the volume of investment the factory is bringing into the state, Fapohunda said: “I can tell you that it is millions of dollars. We are here already and we are ready to start the business.

“We already have a depot here that does 10 per cent of Mouka Limited business in Nigeria.”

The meeting had in attendance, Chief Bolaji Ayorinde, SAN as well as the Chief of Staff, Otunba Segun Ogunwuyi.

SOURCE:https://brandspurng.com/2023/06/02/makinde-pledges-support-for-mouka-foam-to-site-factory-in-oyo/

Dufil Prima Foods, Nigeria’s noodles brand, has announced plans for the expansion of its indomie cafes across Nigeria.

According to a statement released by the brand, Dufil will now be offering millions of Nigerians the opportunity to experience the unique taste and customised dining for families who wish to eat out of the house.

The statement reads “Indomie Café became the first noodles bar in Nigeria when it started operations in October 2018—this expansion will position Indomie Café as a major chain of Quick Service Restaurants in Nigeria.

“Keying into the demands of noodles lovers who have been requesting Indomie Instant Noodles at other QSRs, Dufil Prima Foods Limited consolidated on the goodwill to expand the services of the Indomie Café across the country.”

Tope Ashiwaju, the Group Corporate Communications, and Event Manager, who spoke at the launch said “Indomie Cafe is dedicated to customising Indomie noodles according to individual taste preferences with a wide variety of condiments, sauces, and spiciness levels to choose from, our customers can create their customised perfect bowl of Indomie.”

Vikram Parige, Head of Business added that “Indomie Café has been serving delicious food since October 2018, starting from its Surulere branch.

“With three business models – KIOSK, Cloud Kitchen, and Restaurants – located all over Lagos, we aim to become Nigeria’s preferred ‘Go-To’ eatery for out-of-home “Indomie” consumption. Our expansion plan is to open more restaurants Pan Nigeria with great local and international cuisine.”

The statement also disclosed that customer would have access to a variety of options which includes home delivery, dine-in, and takeaway services.

While the company also added that it would be collaborating with local businesses like Glovo, Jumia Foods, and Chowdeck to enable customers enjoy their meals wherever they may be.

SOURCE:https://brandspurng.com/2023/06/02/dulfil-to-expands-operations-launching-indomie-cafe/

In a remarkable demonstration of its commitment to fostering innovation and entrepreneurship, the Lagos State Government in partnership with the Dubai World Trade Centre has proudly sponsored 25 exceptional startups to participate at Gitex Africa Morocco.

The startups include Pocket Food, Access Tech, Printivo, Startup Lagos, Eko Institute of Technology, Kirgawa, Qore, Imperial EdTech, Bunce, Etaps, and Innovia Labs.

Gitex Africa Morocco is the largest and most influential tech and startup event in Africa. The prestigious event, renowned for showcasing technological advancements, innovations, and digital transformation, provides a platform for these Nigerian startups to pitch their ideas, connect with investors, and network with industry leaders on a global scale.

The presence of the Executive Governor of Lagos State, Babajide Sanwo-Olu at the GITEX Africa Digital Summit, underscores the Lagos State Government’s unwavering support for the startup ecosystem. Governor Sanwo-Olu had a speaking session where he shared his vision for fostering innovation and driving the digital transformation of Lagos State. He highlighted the remarkable growth of Africa’s tech start-up sector and emphasized that Nigerian tech start-ups surpassed the $4 billion mark in 2022, with Lagos playing a leading role in the continent’s digital transformation.
The Governor emphasized that Africa’s rise in technology is unstoppable. From Nairobi to Cape Town, and from Rwanda to Morocco, the continent is emerging as a global tech hub, attracting both local and international investments. He then called for continued collaboration between the public and private sectors to harness Africa’s limitless potential.

His presence serves as a strong testament to the government’s commitment to nurturing the growth of startups and positioning Lagos as a hub for technological advancements in Africa.

The event was also attended by Tunbosun Alake, the Special Adviser to the Governor of Lagos State on Innovation and Technology, who emphasized the government’s dedication to driving technological advancements and fostering an innovation-driven economy.

The Lagos State Government delegation, led by the Honourable Commissioner, Ministry of Science & Tech, Honourable Hakeem Fahm and Permanent Secretary, Ministry of Science and Technology, Engr. (Mrs) Ibilola Kasunmu provided guidance and support to the sponsored startups throughout their journey at GITEX Africa Morocco.

GITEX Africa Morocco brings together the brightest minds, entrepreneurs, and investors from around the world to explore the rapidly advancing tech landscape in Africa. With a focus on AI, Cybersecurity, Fintech, Cloud Computing, and Connectivity, the event offers invaluable insights and opportunities to shape inclusive digital societies and drive technological advancements across various sectors.

The Lagos State Government’s sponsorship exemplifies its unwavering commitment to empowering the local startup ecosystem and positioning Nigerian entrepreneurs on the global stage. By investing in these talented startups, the government aims to create a conducive environment for innovation to thrive, foster economic growth, and position Lagos State as a hub for technological advancement in Africa.

Supported by Eko Innovation Centre, an innovation hub focused on driving the growth of startups and promoting digital transformation in Nigeria, the chosen startups represent the forefront of innovation in Nigeria. These startups will have the unique opportunity to present their groundbreaking ideas, engage in interactive showcases, attend outcome-focused conferences, witness product launches, and network with industry experts. This exposure at GITEX Africa Morocco will undoubtedly accelerate their growth, opening doors to potential partnerships, collaborations, and investment opportunities.

SOURCE:https://brandspurng.com/2023/06/05/lasg-in-partnership-with-dubai-world-trade-centre-empowers-nigerian-startups/

For the fourth consecutive year, Zenith Bank Plc has been named as the Best Corporate Governance ‘Financial Services’ Africa 2023 by the Ethical Boardroom.

The award, which was published in the Spring 2023 edition of The Ethical Boardroom magazine, is in recognition of the bank’s adherence to global best practices and institutionalization of corporate governance, setting an industry-wide example of best practices in that field.

Speaking on the recognition, the Group Managing Director/Chief Executive of Zenith Bank Plc, Dr. Ebenezer Onyeagwu, said: “I am extremely pleased that Zenith Bank has been awarded the Ethical Boardroom Corporate Governance Award as a regional governance champion for the fourth year running. No doubt, the bank’s board has pioneered the exemplary governance culture for which we are now renowned.

Indeed, this recognition reflects our steadfast commitment, discipline and high ethos in the conduct of our business and dedication to the principles of good corporate governance. This award will motivate us to strengthen this culture internally and advocate for good governance at every forum”.

He dedicated the award to the Founder and Group Chairman, Jim Ovia, CFR, for providing the template for an enduring and very successful institution; the Board for their vision and outstanding leadership; the staff for their dedication and commitment; and the bank’s customers for their unwavering loyalty to the brand.

Ethical Boardroom is a trailblazing and leading international magazine that delivers in-depth coverage and critically-astute analysis of global corporate governance issues to help boards stay ahead of the governance curve.

Zenith Bank has been generally adjudged a Corporate Governance compliant bank by the Nigerian Exchange (NGX) hence its listing on the Premium Board of the Exchange. The bank continues to sustain this reputation and reappraise its processes to ensure that its business conforms to the highest global standards at all times.

The bank’s track record of excellent performances has continued to earn it numerous awards including being recognised as the Number One Bank in Nigeria by Tier-1 Capital, for the 13th consecutive year, in the 2022 Top 1000 World Banks Ranking published by The Banker Magazine; Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and 2022; Best Bank in Nigeria, for three consecutive years from 2020 to 2022, in the Global Finance World’s Best Banks Awards; Best Commercial Bank, Nigeria 2021 and 2022 in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022; Best Commercial Bank, Nigeria and Best Innovation In Retail Banking, Nigeria in the International Banker 2022 Banking Awards. Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021, and Retail Bank of the year, for three consecutive years from 2020 to 2022, at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

Similarly, Zenith Bank was named as Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Bank of the Year 2021 by Champion Newspaper, Bank of the Year 2022 by New Telegraph Newspaper, and Most Responsible Organisation in Africa 2021 by SERAS Awards.

SOURCE:https://brandspurng.com/2023/05/31/zenith-bank-named-best-corporate-governance-financial-services-in-africa/