The Dangote Petroleum Refinery has captured the world’s attention with its awe-inspiring scale and transformative potential.


As the inauguration of this monumental project approaches (May 22, 2023), it is essential to delve into the 26 remarkable facts that make the Dangote Petroleum Refinery a game-changer in Nigeria’s energy industry.

From its unprecedented capacity to its environmental stewardship, let’s explore the key features and achievements of this groundbreaking endeavour.

26 Facts About Dangote Petroleum Refinery
1. World Class Projects.


2. The Dangote Petroleum Refinery is located in Ibeju-Lekki, Lagos, covering a land area of approximately 2,635 hectares (seven times the size of Victoria Island).


3. World’s Largest Single-Train 650,000 barrels per day Petroleum Refinery with 900 KTPA Polypropylene Plant.
4. The 435 MW Power Plant in the Refinery alone will be able to meet the total power requirement of Ibadan DisCo of 860,316 MWh covering five States including Oyo, Ogun, Osun, Kwara, and Ekiti.

5. Dangote Petroleum Refinery can meet 100% of the Nigerian requirement of all refined products (Gasoline, 53 million liters per day; Diesel, 34 liters per day; Kerosene, 10 million liters per day and Aviation Jet, 2 million liters per day) and also have a surplus of each of these products for export.

6. Designed for 100% Nigerian Crude with the flexibility to process other crudes.
7. Self-sufficient Marine facility with the ability for freight optimization. The largest single order of 5 SPMs anywhere in the world.
8. Diesel & Gasoline Products from the refinery will conform to Euro V specifications.

9. The refinery design complies with World Bank, US EPA, and European emission norms and Department of Petroleum Resources (DPR) emission/effluent norms.

10. State-of-the-art technology.

11. Designed to process a large variety of crudes including many of the African Crudes, some of Middle Eastern Crudes, and the US Light Tight Oil.

12. Dangote Petroleum Refinery can meet 100% of the Nigerian requirement of all liquid products (Gasoline, Diesel, Kerosene & Aviation Jet) and also would have a surplus of each of these products for export.

13. 65 Million Cubic Metres of Sand dredged costing approx. Euros 300 Million, using the world’s largest, the second largest, and the tenth largest dredgers to elevate the height by 1.5 meters, to insure against any potential impact of the increase in mean sea level due to global warming.

14. Bought over 1,209 units of various equipment to enhance the local capacity for site works since even the biggest local civil contractors are unable to handle even small portions of our construction requirements.

15. Bought 332 cranes to build up equipment installation capacity since the current capacity in Nigeria is extremely poor.

16. Built the world’s largest granite quarry to supply coarse aggregate, stone column material, stone base, stone dust & material for the breakwater. (10 million tonnes per year production capacity).

17. Developed a port and constructed two quays with a load-bearing capacity of 25 tonnes/ sq meter to bring Over Dimensional Cargoes close to the site directly.

18. Constructed two more quays in the port with a capacity to handle up to Panamax vessels to export the fertilizer and the petrochemicals and two quays to handle liquid cargoes. The port will thus have 6 quays, including a Roll-on/Roll-off quay.

19. In the course of the civil works, some days 700 piles were drilled daily, and the total number of piles came to 250,000.
20. It has 177 tanks with a 4.742 billion liter capacity.

21. Total tanker loading of 2,900. This number is based on the tanker capacity of
33KL.

22. Dangote is one of the few companies in the world executing a Petroleum Refinery and a Petrochemical complex directly as an Engineering, Procurement, and Construction (EPC) Contractor. Globally, apart from three companies, no individual owner has done the complete EPC Contract for a Petroleum Refinery.

23. Temporary housing units on the premises can house 33,000 persons.

24. The project utilized the coordination of various local and international
suppliers and the coordination of multi-cultural work teams.

25. The Dangote Refinery Plant is a legacy project that will see Nigeria netting
21 billion dollars per annum.

26. Training of 900 young engineers in refinery operations outside the country. Another six Mechanical Engineers trained at GE University in Italy. 50 Process engineers trained by Honeywell/UOP for six months; 50 Management Trainees; secondment for succession.

SOURCE:https://brandspurng.com/2023/05/19/26-facts-about-dangote-petroleum-refinery/

Oyo State Waste Consultant, Mottainai Recycling Ltd. has revealed that it is adopting an improved technology-based waste management system, to enhance a safe and habitable environment in the State.

Speaking at a recent forum held in Ibadan to commemorate this year’s World Earth Day, the Chief Strategy Officer, Mottainai Recycling Ltd., Ms. Uloma Airhienbuwa revealed that new technology has been deployed to tackle challenges in Oyo State’s refuse collection system.

Ms. Uloma Airhienbuwa said the new method was deployed to seek quick solutions to environmental issues.

She said with the new technology, which allows the company to track movement of its Accredited Franchisees’ trucks, the State will achieve a clean, green and sustainable environment, in line with the Governor Seyi Makinde led-administration’s vision.

While calling for attitudinal change to check incidences of environmental degradation, Ms. Airhienbuwa also appreciated the continued support of the Oyo State government to create enabling infrastructure to ensure an effective waste management system.


While she drew the attention of residents of the State to imminent threats caused by environmental wastes, Uloma Airhienbuwa expressed optimism that the technology deployed into the waste management system will address the challenges posed by unwholesome waste disposal.

Speaking further, Ms. Uloma Airhienbuwa encouraged residents in the State to take ownership of their environment by avoiding harmful environmental practices.

SOURCE:https://brandspurng.com/2023/05/17/oyo-waste-management-system-technology-driven-mottainai/

Nigeria’s leading financial institution, Sterling Bank, in conjunction with the Africa Agriculture and Trade Investment Fund (AATIF), is set to promote environment-friendly agriculture businesses by lending the sum of $15 million to sustainable and renewable energypowered Agric enterprises.

The $15 million medium-term facility from the Africa Agriculture and Trade Investment Fund extends our partnership with Sterling Bank, which started in 2019 with an initial vision to support the growth of the bank’s agricultural activities. Since then, Sterling Bank and AATIF have worked together on numerous projects, with the bank making commendable contributions to the Nigerian agricultural sector. The extension of this partnership marks a new chapter in this fruitful relationship.

In a statement issued by the lender, Group Head for Agriculture and Solid Minerals Finance, Dr Olushola Obikanye, said the funding will further deepen Sterling’s agricultural investments in the agribusiness industry, promote sustainable practices, and encourage farmers to explore environment-friendly systems.

Also speaking on the funding, Sterling Bank’s Group Head for Energy, Dele Faseemo, said the fund will seek to increase Sterling’s funding for renewable energy installations in the agricultural sector and will positively impact lending in the sector as well as the Nigerian economy.

Ms Doris Koehn, chair of the AATIF Board of Directors, said of the deal, “When we first invested in Sterling Bank, we were keen to help actualize its impressive ambitions in growing its agricultural portfolio in Nigeria. Four and a half years later, we are proud to renew our
partnership with the Bank and are focused on further enabling its efforts towards serving local smallholder farmers.”

The Bank has become renowned as one of the key partners and lenders to the agricultural
sector, with over N100 billion, or approximately 13 percent of its lending portfolio, currently
financing agricultural businesses across Nigeria.

This, amongst other initiatives such as the Agriculture Summit Africa; the continent’s largest private sector-driven conference on the industry, and the Nigerian Farmers’ Radio; an educative radio programme promoting good agricultural practices aired in all geo-political zones of Nigeria, has endeared the bank to primary producers, aggregators, commodity processors, and exporters.
These initiatives recently saw Sterling awarded the best-participating bank by the Agric Credit Guarantee Scheme Fund.

Sterling has also innovated in the renewable energy space with the launch of Imperium, its
solution to power homes and businesses, and is currently in the final stages of deploying
Nigeria’s largest solar-powered solution for commercial property with the ongoing
transformation of its Lagos Marina headquarters.

The 18-storey building has been fitted with over 3,000 photovoltaic panels and will generate power from renewable sources
Agriculture and Renewable Energy form two of the five core pillars of Sterling’s now-famous
HEART strategy. With the remaining sectors being Health, Education and Transportation.

SOURCE:https://brandspurng.com/2023/05/16/serling-bank-promotes-renewable-energy-powered-agriculture-with-fresh-aatif-fund/

“This meeting should have been an email.” Emblazoned on coffee mugs, endless memes, and your colleagues’ faces on their ninth video call of the day, this sentence may end up being a catchphrase of the modern era.

As the pandemic rewrote the rule book for coworking and office culture, new processes and untested systems allowed inefficiencies to creep in—inefficiencies that included meetings scheduled for the sake of unstructured discussion or even basic human interaction rather than for productivity. While interacting might be easier than ever, value-creating collaboration isn’t—and its quality seems to be deteriorating.

Effective meetings aren’t just about keeping ourselves from going around the bend. When meetings aren’t run well—or when there are too many of them—decision making becomes slower and the quality of decisions suffers. According to one McKinsey survey, 61 percent of executives said that at least half the time they spent making decisions—much of it surely spent in meetings—was ineffective. Just 37 percent of respondents said their organizations’ decisions were both timely and high quality. And, in a different survey, 80 percent of executives were considering or already implementing changes in meeting structure and cadence in response to the evolution of how people worked during the pandemic.

What’s more, when leaders try to solve for inefficient decision making, they too often look to organizational charts and vertical-command relationships. Rarely, in McKinsey’s experience, do they see the real issue at hand: poor design and execution of collaborative interactions. In other words, you guessed it, ineffective meetings.

It doesn’t have to be this way. When meetings are run well, they not only foster better decisions but also leave attendees feeling energized and motivated to carry the momentum forward independently. For tips on how to put a stop to video call fatigue and restart your team’s productivity, read on.

What does time management have to do with effective meetings?

“The only thing on Earth that never lies to you is your calendar,” says renowned business author and McKinsey alum Tom Peters. “That’s why I’m a fanatic on the topic of time management. But when you use that term, people think, ‘Here’s an adult with a brain. And he’s teaching time management. Find something more important, please.’ But something more important doesn’t exist.”

Endless, diffuse meetings, according to Peters, take up far too much of executives’ precious working time. Half of leaders’ time, he says, citing an idea from the Israeli executive Dov Frohman, should be unscheduled. What should they do with all that unstructured time? One typically cheeky suggestion from Peters is to read more.

The reality is that effective meetings and good time management exist in a virtuous circle. Good time management means you feel empowered to turn down unnecessary meetings—and better meetings mean you spend the rest of your time feeling more purposeful in carrying out your work.

SOURCE:https://brandspurng.com/2023/05/14/what-is-an-effective-meeting/

Senegal, Burkina Faso, Morocco and Mali will represent Africa at the 2023 FIFA U17 World Cup.

The four sides sealed their places following the conclusion of the quarter-final matches at the U17 Africa Cup of Nations (AFCON) on Thursday.

The News Agency of Nigeria (NAN) reports that the 2023 FIFA U-17 World Cup will be the 19th edition of the biennial international men’s youth football tournament.

It is contested by 24 teams of the under-17 national teams of the member associations of FIFA from six confederations.

This edition marks the return of the tournament after a 4-year hiatus due to the COVID-19 pandemic forcing FIFA to cancel the 2021 edition.

The Golden Eaglets of Nigeria are the most successful team in the tournament having made eight appearances and winning a record, five FIFA U-17 World Cup titles (1985, 1993, 2007, 2013 and 2015).

They were also runners up on three occasions (1987, 2001 and 2009).

Nigeria are also two-time Africa U-17 Cup of Nations champions having won their first title in 2001, with their most recent title at the 2007 edition.

They were runners up on two occasions (1995, 2013) and finished third in 2003.

Brazil are the defending champions, having won their fourth title in 2019.

Africa has four slots at the tournament and with the U17 AFCON serving as the qualification, the teams that reach the semi-finals will represent the continent at the global event.

Of the teams qualified, Mali is the most experienced, having qualified five times previously. This is their sixth qualification.

Their best performance was in 2015 when they lost to African rivals Nigeria in the final. Their last qualification was in 2017 in India when they finished fourth.

They reached the quarter finals in 1997 and 2001 and exited in the group stage in 1999.

Burkina Faso are meanwhile going back to the global stage for the first time since their last qualification in 2011 when they exited in the group stages.

They have qualified for the World Cup four times in total and their best ever performance was in 2001 when they finished third after beating Argentina 2-0 in the play-off.

Morocco are meanwhile qualifying for the World Cup for the second time in their history, having made their debut in 2013 when they when they reached the round of 16.

Senegal have qualified for the World Cup for the second time in their history, after making their debut in 2019 following Guinea’s elimination.

In their maiden campaign, they reached the round of 16 after finishing second in their group. They lost 2-1 to Spain in the knockout phase. (NAN)

SOURCE:https://brandspurng.com/2023/05/12/senegal-burkina-faso-morocco-mali-to-represent-africa-at-fifa-u17-world-cup/

Interswitch Group, Africa’s leading integrated payments and digital commerce company, has announced the commencement of the fifth edition of its annual InterswitchSPAK National Science competition, a STEM-focused initiative targeted at young Africans.

The competition, which is open to all senior secondary school students between the ages of 14 and 17 in public and private schools in Nigeria, aims to discover and nurture young students in Science, Technology, Engineering, and Mathematics, with the goal of building a knowledge-based society and promoting sustainable development in Africa. InterswitchSPAK provides a platform for students to showcase their academic prowess in STEM subjects and compete for various exciting prizes, including university scholarships.

During the course of the competition, contestants will be taken through various qualifying rounds, including online assessments and a national qualifying examination leading to the semi-finals stage. This will be followed by a grand finale where the finalists will compete for the ultimate prize of N7.5 million in scholarships for a five-year period, a laptop and monthly stipends.

The second-place winner will receive N4 million in scholarships for three years, a laptop and monthly stipends. The third-place winner will in turn get N1 million in scholarships for one year, monthly stipends and a laptop. There will also be mentoring opportunities with senior Interswitch employees, as well as other exciting prizes.

This year’s special edition will offer a prize pool of over 14 million Naira, an increase from the usual 12.5 million Naira, as the competition aims to reward more winners than ever before. The increase in prize money will see over 100 students and teachers rewarded instead of just the top 3 winners.

Furthermore, InterswitchSPAK will also purchase JAMB e-PINS for 54 contestants to enable them to register for the Joint Admissions and Matriculation Board (JAMB) examination free of charge. These initiatives are a testament to InterswitchSPAK’s commitment to nurturing young talents in STEM and providing them with opportunities to excel in their chosen fields.

According to the Founder and Group Managing Director of Interswitch, Mitchell Elegbe, “InterswitchSPAK is a celebration of our commitment to promoting STEM education in Africa and empowering the next generation of innovators and problem solvers. As we commence the fifth edition, we are delighted to have reached this milestone in the competition and assure Africans that more students across the continent will have access to quality STEM education through InterswitchSPAK.”

This year’s competition, being a commemorative edition, promises to be more exciting as well as educative. Over the past four editions, the competition has seen remarkable success stories of students who have emerged as winners and have gone on to make significant contributions in various STEM fields.

Speaking during the launch of this year’s edition of the National Science Competition, Cherry Eromosele, Executive Vice President, Group Marketing and Corporate Communications at Interswitch, said, “We are excited to kick off this edition of InterswitchSPAK particularly because it’s been five years of visible impact. This highlights our focus on inspiring and empowering innovative young minds to drive progress in STEM and shape the future of Africa and the world at large.”

Oladapo Ojo, Founder and Group Managing Director of JustMedia, the technical partner of the InterswitchSPAK initiative, also said “Working on InterswitchSPAK over the years has been an incredible journey for JustMedia. We are proud to be a part of this initiative which seeks to promote academic excellence and STEM education among secondary school students in Africa. Our team has been fully committed to providing technical support to ensure the success of the competition and we are excited and looking forward to the fifth edition of this laudable project.”

InterswitchSPAK was birthed as a platform to engage and empower young Nigerians to become future leaders of innovation and the initiative’s consistency over the years is a demonstration of Interswitch’s commitment to its vision of promoting STEM education in Africa. The company believes that by nurturing young students in STEM subjects, it can contribute to building a sustainable and prosperous future for Africa.

SOURCE:https://brandspurng.com/2023/05/11/interswitch-announces-fifth-edition-of-national-science-competition-interswitchspak/

Renowned African Architect and Founder of AD Consulting, Olajumoke Adenowo is celebrating the unveiling of her book ‘Neo heritage’ this May.

The book, published by Global leaders in art and architecture Rizzoli, is an exceptional body of work, which describes contemporary African Architecture in detail and how the combination of these traditional elements with modern trends can create a globally relevant and innovative style in design.

The author Olajumoke believes that Africa’s rich heritage in design architecture can shape the future of global architectural practice through its unique capacities, technologies, philosophies, and problem-solving skills of which many people may not be aware. The book aims to promote mutual respect by highlighting the ideation behind designed form, showcasing the skills of the African ancestors by focusing on their approach to resolving the challenges of sustainably creating shelter for their human activities; a process which she termed “Heritage Design Ideation”.

Neo Heritage transcends geographical and disciplinary borders; it discusses models about Africa at scale and undoubtedly elevates the narrative on not just African Architecture but Architecture in general. The book focuses on 8 key pillars which covers the varying aspects of design and African art such as light, climate responsiveness, fourth dimension, contextual veracity, paradigms of beauty, functional art amongst others.

“Africa must evolve its own solutions” says Olajumoke, Author of Neo Heritage. “Generations of architects have been oblivious to the fact that their ancestors practiced amazing architecture which sustains the ability to solve current challenges. We must embrace the diversity that Africa architecture brings to the global stage, driving our heritage and the long term prospects of a truly inclusive architectural ecosystem. Neo Heritage is designed to remind Africa of its true heritage and the many opportunities available globally to define and refine traditional architecture for future generations.

I am indeed proud of this book and extend my gratitude to my publishers Rizzoli for their support in helping me achieve this publication in the highest standards” she added.

Olajumoke’s journey as an architect started in 1994 when she founded AD Consulting, which is now recognized as Nigeria’s foremost architectural firm. Since then, she has been described as the face of architecture in Nigeria and one of the most inspirational women in architecture today. She has been featured and acknowledged by numerous institutions across the world including the Royal Institute of British Architects, Forbes Africa 50 most powerful Women in Africa and Woman Entrepreneur of the year 2020, Hall of Fame at Obafemi Awolowo University and University of West England (2021) respectively.

She is also a philanthropist, a thought leader, and a global speaker on global architecture. Olajumoke is an alumna of the Harvard Kennedy School, the Yale School of Management, the MIT Sloan School of Management, The IESE Business School at the University of Navarra in Barcelona, Spain, the Lagos Business School, and Obafemi Awolowo University.

Olajumoke also recently received Congressional Recognition from the US Congress presented in person by Congresswoman Sheila Jackson Lee (Democratic Chief Deputy Whip for the U.S. House of Representatives, during the US reveal of Neo Heritage took place in Houston, Texas on the 18th of March 2023.

Ahead of its official release date in June 2023, the author is gifting 1000 Legacy Editions to some of the leading Architecture Programmes worldwide.

SOURCE:https://brandspurng.com/2023/05/09/olajumoke-adenowo-unveils-her-new-book-neo-heritage/

Fresh graduates serving under the National Youth Service Scheme ( NYSC) across 12 States have commended Polaris Bank for enhancing their digital literacy skills and preparing them for the emerging opportunities in Nigeria’s digital economy.

Polaris Bank, in partnership with the NYSC and NerdzFactory, had in November 2022 commenced a high-impact capacity-building workshop on digital skills targeted at 5,000 National Youth Service Corps members across 12 states in Nigeria.

The 6-month training program aims to equip fresh graduates with the necessary skills to thrive.

Providing a progress report on the initiative, Polaris Bank’s Group Head, Strategic Brand Management, Nduneche Ezurike said that the programme aims to equip young Nigerians with relevant work-ready digital skills on innovation, creativity and digital skills, as well as develop their business acumen.

He further noted that “the Bank understands the importance of digital literacy in today’s job market. That’s why we are committed to helping fresh graduates improve their skills through our training program. We believe that by doing so, we are helping them succeed in their careers and contributing to the growth and development of the national economy as a whole.”

Commending the programme, Halimah Usman noted: “I am grateful to the Bank for providing me with the opportunity to improve my digital skills through their training programme. The skills I have acquired will help me secure a job in the digital marketing industry, and I am confident that with these skills, I will be able to succeed in my career.”

Eze Obioma, another Corps member participating in the training, said: “The Bank’s training programme is a step in the right direction, and it is hoped that other organizations will follow suit in helping fresh graduates develop the digital skills they need to succeed in their careers”.

Another participant, Ajayi Adeyemi, added, “The trainers were very supportive, and they made the training programme very engaging. I enjoyed every bit of it and learned a lot of valuable skills that will help me in my future career.”

The high-impact training, which is running across two quarters, comprises courses such as; basic digital literacy; cyber security; data science; product design; software development (back end); product management; blockchain technology; mobile app development; 3D and virtual reality; and software development (front end).

Polaris Bank has recently earned accolades as a leading financial brand in innovation and digitization. The Bank was adjudged Digital Bank of the Year in 2021 and 2022 in BusinessDay’s Banks And Other Financial Institutions Award (BAFI). It also emerged as the best MSME Bank because of its ability to use technology to enable bottom-up support to the MSME sector.

SOURCE:https://brandspurng.com/2023/05/07/5000-corps-members-to-graduate-polaris-bank-digicorper-training-programme/

Master Lotanna Azuokeke, a student of Bishop Otubelu Juniorate, Trans Ekulu, Enugu, scored 99 marks in the just-concluded Unified Tertiary Matriculation Examination (UTME).

Azuokeke, 15, scored a total of 337 marks in the examination, according to a statement by Dr Chiwuike Uba, Media Adviser to the Bishop of the Diocese of Nike (Anglican Communion), the Founder of the school.

Uba said that Azụokeke, a native of Ọba in Idemmili South LGA of Anambra State, scored 88 marks in chemistry, 86 in physics, and 64 in the English Language.

He said: “Azụokeke broke record set by Chidera Obi who scored 329 marks to emerge overall best, five years ago.

“Report shows that Azuokeke applied to study electrical/electronic engineering at the University of Nigeria, Nsukka (UNN).”

Uba said that the school was established on Oct. 6, 2008, with the aim of contributing to improved education standards.

According to him, the school started with 24 students, but now has 411 students.

“The school recorded 100 per cent success in the last Basic Education Certificate Examination (BECE); three students came out with 11As each.

“We are proud of the success we have attained so far. Our JAMB results are simply wonderful, our WASSCE and NECO results are not bad also,” he said. (NAN)

SOURCE:https://brandspurng.com/2023/05/05/jamb-15-yr-old-scores-99-in-mathematics/

Fintech revenues are projected to grow sixfold from $245 billion to $1.5 trillion by 2030, according to a report from Boston Consulting Group (BCG) and QED Investors.

The fintech sector, which currently holds a two per cent share of the $12.5 trillion in global financial services revenue, is estimated to grow up to seven per cent. Last year, 2022 proved a challenging year for fintech companies, which on average lost more than half of their market value. However, the new research showed this was a short-term correction in an otherwise long-term positive trajectory.

The UK and European Union combined represent the world’s third-largest financial institution market and are expected to see substantial fintech growth through 2030, estimated at more than fivefold over 2021 and led by the payments sector.

The report revealed that Asia-Pacific is set to outpace the US and become the world’s top fintech market by 2030, with a projected compound annual growth rate (CAGR) of 27%. This growth will be driven primarily by emerging economies such as China, India, and Indonesia that have the largest fintechs, voluminous underbanked populations, a high number of small and medium-sized enterprises, and a rising tech-savvy youth and middle class.

North America, which currently has the world’s largest financial-services industry, will remain a critical fintech market and innovation hub, projected to grow fourfold to $520 billion in 2030, with the US accounting for a projected 32% of global fintech revenue growth.

“Commenting on the findings, Laimonas Noreika, co-founder and CEO, of fintech company HeavyFinance said: “The fintech industry is playing a crucial role in driving global economic growth, creating jobs and powering businesses. These projections show exponential growth in the coming years, and yet so many key sectors have yet to fully benefit from the power of fintech.

“As our industry moves forward, we need a much wider conversation about the importance of protecting the environment, offering companies the opportunity to access sustainable climate investments, and driving cleaner, greener businesses by reducing CO2 emissions,” added Noreika.

Steve Hadaway, Chief Revenue Officer for Encompass Corporation, added, “The FinTech sector has huge potential for rapid growth, which is being reflected in the banking sector in particular. Today, every bank I speak to is wrestling with the same problem: How to meet increasing Know Your Customer (KYC) demands, regulatory and operational, in a way that is effective, efficient and helps to transform the organisation in a way that has tangible long-term benefits. The answer is technology, which will be a key driver in the growth of the sector.

“An increasing number of banks are embarking on digital transformation journeys, highlighting the need for solutions that are key to improving efficiency and customer experience to boost business growth. By utilising dynamic KYC process automation, for example, organisations are realising that they can unlock the value of their KYC data to win more business and reduce time to revenue. This is just one area of the industry that is perfectly placed to boom, as the technology, regulations and business strategy continues to closely align,” said Hadaway.

The report suggested that the payments sector will grow fivefold to $520 billion, driven by cross-border payments, “payment-plus” models (bill pay and payment apps offering adjacent services such as wallet services), and the proliferation of use cases driven by real-time payments.

“Deepak Goyal, BCG MD and senior partner and co-author of the report said: “The fintech journey is still in its early stages and will continue to revolutionize the financial services industry as we know it.”

“Customer experience remains poor. More than half the world’s population remains unbanked or underbanked, and technology continues to unlock new use cases in leaps and bounds. All stakeholders must therefore seize the moment. Regulators need to be proactive and lead from the front. Incumbents should partner with fintechs to accelerate their own digital journeys.”

SOURCE:https://brandspurng.com/2023/05/03/fintech-will-be-1-5-trillion-industry-by-2030/

President Muhammadu Buhari is expected to depart for London, United Kingdom later Wednesday, May 3 to join other world leaders invited to attend the coronation of Charles III and his wife, Camilla, as His Majesty The King and Her Majesty The Queen Consort of the United Kingdom respectively.

The coronation according to a press release by the President’s Special Adviser on Media and Publicity, Chief Femi Adesina, will take place on Saturday, May 6.

Ahead of the coronation, the Commonwealth Secretariat will take advantage of the gathering of leaders in London to host a Commonwealth Summit for Presidents and Heads of Government of Commonwealth countries on Friday, May 5.

President Buhari is billed to participate in the Summit which will deliberate on the Future of the Commonwealth and the Role of the Youth.

The President will be accompanied by the Secretary to the Government of the Federation, Boss Mustapha, Minister of Foreign Affairs, Geoffrey Onyeama, Minister of Information and Culture, Lai Mohammed, the National Security Adviser (NSA), Maj.-Gen Babagana Monguno (Rtd), the Director General, National Intelligence Agency, (NIA), Ambassador Ahmed Rufai Abubakar, the Chairperson/Chief Executive Officer of Nigerians in Diaspora Commission, Hon. Abike Dabiri-Erewa and other senior government officials.


SOURCE:https://brandspurng.com/2023/05/03/buhari-to-attend-king-charles-coronation-on-saturday-in-london/

The 2022 KPMG Nigeria Banking Industry Customer Experience survey result listed Polaris Bank ‘as the most improved Bank under retail segment moving up five places to sixth position and 3rd under SME segment’, with the Bank showing significant improvement in customer ratings.

Many customers have praised the Bank for its personalized service, proactive approach to problem-solving, and faster turnaround times.

According to the survey, the Bank significantly improved its mobile banking propositions. Customers say that onboarding and the payments experience have also improved. Businesses also rated Polaris Bank highly for the quality of its payment solutions and, importantly, the timeliness of resolving POS-related complaints.

Polaris Bank (in third place) was the other new entrant in the top five, amongst Sterling Bank, Wema Bank, and Zenith Bank. POS-related issues such as timeliness of settlements and resolution of disputes were some of the most critical measures for SMEs this year. GTBank emerged as the leading Bank in the SME segment

Polaris Bank’s award-winning Digital Bank, VULTe has been a game changer, making life seamless for personalized and business offerings. Between October 2022 and February 2023, over N1.5 billion loans has been disbursed through VULTe to individuals and SMEs to aid personal and business growth in the country.

Polaris Bank’s digital platform VULTe, also achieved an impressive uptime ratio, enabling seamless transactions for its users. This performance has surpassed its competitors and earned recognition from the Nigerian Interbank Settlement Systems (NIBBS). In particular, during the recent currency redesign program, which aimed to support the cashless policy in Nigeria, VULTe demonstrated exceptional reliability. During a business call with the Bank’s management, NIBBS conveyed its appreciation for VULTe’s excellent performance during this challenging period

“Polaris Bank has made significant improvements in its digital banking platform, VULTe allowing customers to access their accounts, make transactions, and manage their finances more conveniently and seamlessly. This, has been particularly great, which I found most useful especially during the COVID-19 pandemic, as many customers I know have had to rely on the digital Bank to conduct their daily transactions”, Chibuzor Nwachukwu, a top civil servant in Abuja testified.

SOURCE:https://brandspurng.com/2023/05/02/kpmg-lists-polaris-bank-as-most-improved-retail-bank/

Egbin Power Plc, the largest Power Generating station in Nigeria, has rewarded several employees with cash prizes and gifts worth millions of Naira for stellar performances and contributions leading to increased productivity and further growth of the business.

The GenCo recently hosted the 2023 Best Performance Dinner to appreciate and encourage employees and teams who demonstrated high level of commitment and outstanding performance in their work over the past year and Q1 of 2023. The ceremony recognized employees in various categories including outstanding performance, innovation, QHSE, teamwork and leadership.

Benson Akindileni of Maintenance Planning Department emerged the Best Performing Staff and won a GS4 compact SUV, closely followed by Abdullahi Shuaibu of Mechanical Department who N5m in second place and Omatseye Dasilva of Procurement Department with N3m in third place.

Endurance Otaru emerged the Best Performing Female staff and was rewarded with a huge sum of N5m, while the Instrumentation & Control (I&C) team bagged the Best Performing Team and carted away N20m for their efforts. Winners in other categories bagged prizes worth between N500,000 and N1m in recognition of their contributions.

Speaking at the ceremony, one of the Directors of Egbin Power Plc, Kola Adesina OFR said that the impressive performance of the employees provided the necessary impetus for the growth of the business.

“We are proud of our employees, and it is our tradition to reward outstanding performance. Their hard work and dedication have helped our company achieve success and this is a show of our appreciation for their efforts. The employees being celebrated here have put together impressive performance and they have been able to deliver at optimal level within the organization, that is why we are celebrating them as a model to challenge and motivate others.”

He expressed optimism that the operations of Egbin Power Plc will get better because the initiative would further inspire the workforce as the management will continue to invest in its human capital development to create a pipeline for the kind of leadership needed for future growth and development of the industry.

Adesina pledged that the company will continue to use this platform to further drive human capital development, sustainability and inspire outstanding performance among staff.

Also speaking at the event, Chief Executive Officer, Egbin Power Plc. Mokhtar Bounour, noted that the occasion is part of the company’s tradition to empower and support the employees in driving high performance and celebrating their excellence which yields results for the business.

“The rewards are part of Egbin’s ongoing commitment to creating a positive and supportive work environment that recognizes and rewards employee contributions. By recognizing their performance for the outstanding results achieved, we further inspire them to greater heights and encourage them to keep working safely as well,” he said.

He explained that Egbin Power, which is part of Sahara Power Group, constantly strategizes to drive innovation, promote human capital development and sustainability in order to improve operation and deliver positive results for the power sector.

“This occasion is about empowering and celebrating our people, and the results achieved while also developing human capital and driving sustainable business. We expect that these rewards will further boost the motivation of our employees and improve their morale greatly.

“Recognizing and rewarding employees is essential to maintaining a strong motivated workforce. We want our employees to know that their efforts are valued and appreciated and that we are committed to supporting their growth and development within the organization,” he explained.

Abdulazzez Mofindi, a Director and representative of Bureau of Public Enterprise (BPE) on the Board of Egbin Power, commended the Management of Egbin Power for transforming the facility from what it used to be over the years before takeover.

He urged the Management to sustain the transformation and continue to drive performance in the sector by motivating the workforce and recognizing the role the staff play in the growth of the organization.

With an installed capacity of 1,320MW, Egbin is easily Africa’s largest privately-run thermal plant. The significance of an empowered and collaborative workforce portends great tidings for Egbin as the organization prepares for its Phase II expansion plan.

SOURCE:https://brandspurng.com/2023/05/01/egbin-power-rewards-employees-with-cash-prizes-worth-millions/

The National Anti-Corruption Commission (NACC) encourages the private sector not to offer bribes to government officers and advises them to impose internal measures to control bribery risks.

NACC Secretary-General Niwatchai Kasemmongkol said bribery was a national problem and there were cases in which bribes were offered for business benefits across borders, affecting the country’s credibility and efficiency of budgetary spending. The NACC, therefore, promoted good governance in the public sector to create the “No Gift” culture, he said.

NACC has set up Anti-Bribery Advisory Service (ABAS) Center to provide knowledge and guidelines to the private sector concerning the laws on offering bribes to government officials and to have appropriate measures to prevent bribery. This will lead business to be transparent operations with good governance and sustainable growth.

In addition, NACC also has rules for prosecuting private sector firms involved in bribing government officials and those working in international agencies. The rules have been issued to make private sector firms aware that they could be prosecuted if they are involved in corruption.

Mr. Niwatchai stated further that bribery should be prevented at both ends – the private sector or the bribe giver and government officers or the bribe taker. Those who offered bribe to government officers were subject to penalty under Section 176 of the Anti-Corruption Act B.E. 2561. Juristic persons who bribed government officers would face large fines, said the Secretary-General.

The NACC encourages juristic persons susceptible to public bribery to clearly identify their expenses for government agencies and impose measures to inspect these expenses.

According to the NACC Act, the value of the gift given to government officers must not exceed 3,000 baht.

The Secretary-General warned that juristic persons or businesses should not pay commissions to government officers for whatever reason to avoid risking breaking anti-bribery laws.

The National Anti-Corruption Commission (NACC) is a constitutional independent organization and supervised by nine commissioners selected from various professions. It is authorised to undertake work on the prevention and suppression of malfeasance, particularly in government agencies, on assets investigations, as well as on the monitoring of ethics and virtues of political position holders.

It has the authority to file charges in court as well as support and build up awareness of the penalties for committing corruption. The NACC is supervised by the NACC Board and has the Office of the NACC as its administrative agency.

Since 1997, Thai Courts have ruled against and punished politicians, former ministers, high-ranking government officials as well as executives of the private sector in the thousands of cases submitted by the NACC.

SOURCE:https://brandspurng.com/2023/04/28/private-sector-must-have-clear-details-of-bribery-prone-activities-nacc/

CHI Limited has announced its partnership with Isolo Local Council Development Authority (LCDA) to rehabilitate road networks around the company’s vicinity in Isolo. This initiative will improve the condition of road infrastructure and have a positive impact on residents of the community as well as other road users who ply these critical roads on a daily basis.

As a socially responsive corporate citizen, CHI Limited prioritizes this road rehabilitation initiative that serves industrial & residential communities and takes cognizance of its importance to the development of the Nigerian economy.

The current road rehabilitation project is not the first CHI Limited is undertaking. In July, 2018, the company partnered with the Isolo LCDA for the rehabilitation of roads within Ajao Estate.

Mr. Eelco Weber, Managing Director of CHI Limited, said the current road rehabilitation project is in line with the company’s commitment to positively impact the lives of the people in its immediate community.

“We believe that beyond manufacturing healthy fruit juices and value added dairy that nourishes the body and enhances good health, we must also positively influence the development of the community we operate in”.

“Partnering with the Isolo LCDA in the rehabilitation of these roads is one of such positive developments, because it impacts on the lives of the people by making these roads up to acceptable standards, reducing traffic bottlenecks, improving everyday journeys and boosting economic activities” he added.

The road rehabilitation project will be executed by Emmadokun Ventures, a civil engineering and construction firm and is expected to be completed in two weeks.

SOURCE:https://brandspurng.com/2023/04/27/chi-limited-partners-isolo-lcda-on-road-rehabilitation/

Deposit Money Banks’ accumulated debt from Unstructured Supplementary Service Data to telecommunication firms has surpassed N100 billion.

As a result, banks and telecommunications companies are expected to hold another round of meetings in order to break the impasse.

A few months ago, the debt was estimated to be N80 billion. Brandspurng can confirm that USSD debts had increased from N80 billion in November 2022 to more than N100 billion. The month of April According to him, little progress has been made in terms of repayment, with telcos and banks still locked in negotiations.

“There is no way forward while the banks and MNOs continue to negotiate. The debt has continued to rise and now exceeds N100 billion.”

A senior source in one of the telecom firms said that USSD debt has surpassed N100 billion. According to the source, banks owe only one of the telcos about N100 billion.

According to the source, “N100 billion is insufficient.” The amount owed to us as of November of last year was N90 billion. Right now, it is safe to say that the sum exceeds N100 billion. What about the others? This is just one telco. The total amount could be estimated at N150 billion.”

SOURCE:https://brandspurng.com/2023/04/26/ussd-debt-hits-n100bn-as-banks-telcos-meet/

The U.S. dollar is one of the most valuable currencies in the world and is the lender of choice for many countries that want to buy dollar-denominated U.S. bonds.

Due to inflation, some powerful currencies, like the Japanese yen (JPY), decreased in value but the dollar remained one of the strongest currencies and has not depreciated over time.

However, there are some currencies that outperform the USD despite the USD’s reputation as a reliable currency. This suggests that the value of the foreign currency is greater than $1 per unit. However, just because one currency is worth more than another does not necessarily mean that the other country’s economy is larger or stronger. A variety of factors, including the amount of cash in circulation, cause exchange rates to be fixed.

Here are the countries and their current exchange rates that are stronger than the US dollar.

Cayman Islands Dollar: 1 KYD = 1.20 USD

The value of the Cayman Islands is backed by the country’s status as a tax haven. In the 1970s, the Cayman Islands dollar (KYD) was fixed to the US dollar at 1.20. The country is a tax haven may seem like a simple way to increase a currency’s value above the value of the dollar, but it is not always the case.

Maintaining a currency peg can be challenging when the local economy is struggling and interest rates in the US are rising.

British Pound: 1 GBP = 1.24 USD

Over the past decades, the policymakers of the Bank of England (BOE)have generally kept up with developments in other nations. They have managed to keep the pound worth more than the dollar.

In the past, the British pound (GBP) was more valuable than the dollar. Nevertheless, it fell against the USD for the majority of the 20th century. In the 1980s, this decline stopped, and the British pound once again outperformed the US dollar.

Jordanian Dinar: 1 JOD = 1.41 USD

The Jordanian Dinar (JOD), like the Cayman Islands Dollar, has been pegged to the US dollar at a higher value. The hope was that a stable exchange rate would help Jordan attract US investment.

As indicated earlier, any country can peg its currency to the dollar at any value. To maintain the peg, the currency must maintain its value relative to the US dollar. Jordan accomplished this during the first two decades of the twenty-first century.

Omani Rial: 1 OMR = 2.60 USD

Oman is another country that has fixed its currency’s exchange rate with the US dollar (1 OMR = 2.60 USD). Due to Oman’s oil production and its historically tight monetary policy and financial restrictions, the Omani rial (OMR) has maintained its value against the dollar.

Omani policymakers have generally restricted the country’s money supply in order to protect it from war and conflict in the Middle East. This has had an effect on the country’s inflation rate. Furthermore, lending practices in Oman tend.to favor risk-averse businesses and ventures.

Bahraini Dinar: 1 BHD = 2.65 USD

The Bahraini dinar (BHD) was pegged to the US dollar and was slightly more valuable than the Omani rial. Despite the significant impact that low oil prices had on Bahrain’s economy, the yearly average of the Bahraini dinar has remained close to its current exchange rate since 2011. Bahrain’s inflation rate was also moderate and stable.

Kuwaiti Dinar: 1 KWD = 3.26 USD

The Kuwaiti dinar (KWD) is frequently the most valuable foreign currency, and it is not pegged. Significant oil production has contributed to Kuwait’s wealth and the value of the Kuwaiti dinar.

Kuwait has amassed a sizable sovereign wealth fund over the years. The Kuwait Investment Authority manages this fund, which has contributed to Kuwait’s continued prosperity.

SOURCE:https://brandspurng.com/2023/04/25/six-currencies-stronger-than-the-us-dollar/

The introduction of several policies introduced by the CBN has caused Nigerians to make use of alternatives such as e-payment and POS transactions. However, the alternative sources have not been so effective as failed transactions have hampered the success of online transactions.

According to reports, the volumes and values of electronic payment transactions that dropped in February have risen from N37.6 trillion to N49.4 trillion in March. Although the NIBSS made no comments about the number of failed transactions, recent reports have shown that only 60% of failed e-payment transactions which occurred in the year were resolved, which leaves 40% of complaints unresolved.

Recent data released by the NIBSS shows that the volume of epayment transactions rose by over 23% in the last month, which has been attributed to an increase in the total value of e-payment transactions last month and kept maintained a steady growth due to the continuous use of digital payment solution and waning cash scarcity.

According to investigative reports, despite the rise in the value of e-payment transactions, there are still many unresolved failed e-payment transactions, many of which occurred in the first quarter of the year and are amounting to millions of naira. This has caused many Nigerians to keep visiting the banks to report these transactions.

These transactions range from as low as N2000 to hundreds of thousands and many of them remain unresolved.

Reports shows that 70% of bank customers, who have been visiting the banks, are there to resolve issues on failed epayment transactions.

Across the country, the reports have been the same, from Lagos to Kano, Ondo to Kebbi, and Rivers to Sokoto states. Banking halls are congested with many customers who are there to report failed e-payment transactions so they can be resolved. Many were told to come back, while others complained that their transactions could not be found, with frustrations written on their faces.

Although many of these transactions are not limited to banking transactions only as similar problems have been reported at supermarkets, shopping malls, cinemas, and other hot spots in Nigeria. Nigerians are complaining of failed transactions.

This has frustrated many Nigerians, and due to the rise of transaction failures caused by unstructured supplementary data (USSD), failed automated teller machine (ATM) terminal transactions, which has been caused by slow service and disrupted internet banking system, etc.

According to data made available to BrandSpur Nigeria, PoS transaction volume rose from 113.53 million in February to 177.93 million in March, as well as an increase of about 30.41% in the value of transactions, which rose from N883.4 billion to N1.152 trillion.

Transactions carried out on mobile devices as shown by the system rose in volume from 183,687.1 in February to 380,110.94 in March. The value also increased from N2.56 trillion in February to N4.14 trillion in March.

This is also shown in the number of debts owed by telecoms operators at banks on USSD transactions also continued to rise, according to the Head of Operations, Association of Licensed Telecoms Operators (ALTON), Gbolahan Awonuga, has risen to N100 billion and debts have not been paid.

The challenges faced by the banking industry have been on for a long time and have compounded over the past few years, due to increased cashless policies introduced by the CBN. However, many of the unresolved transactions have breached CBN rules of dispense errors.

According to a circular on June 1, 2020, which June 8, 2020, signed by the former CBN Director, of Corporate Communications, Isaac Okorafor, titled: “CBN Revises Timelines for Dispense Errors, Refund Complaints,”, the document emphasized on the need to deliver quality services especially on funds reversal and customer complaints on the failed transaction, dispense errors and disputes. The document states as follows “Failed “On-Us” ATM transactions (when customers use their cards on their bank’s ATMs) shall be instantly reversed from the current timeline of three (3) days. Where instant reversal fails due to any technical issue or system glitch, the timeline for manual reversal shall not exceed 24 hours.

“Refunds for failed “Not-on-Us” ATM transactions (where customers use their cards on other banks’ ATMs) shall not exceed 48 hours from the current 3-5 days. Resolution of disputed/failed PoS or Web transactions shall be concluded within 72 hours from the current five (5) days. All banks are directed to resolve the backlog of all ATM, POS, and Web customer refunds within two weeks starting June 8, 2020.”.

Narrating her experience with failed transactions, Raliat Oyadeyi, shared “I was to make an urgent transfer to my mum for medicals. I was debited but the recipient account was not credited for days. That was frustrating because I sent the balance to my account. The problem was not resolved until about four weeks later after I had visited the banks multiple times. ”

A Chief Information Officer, who pleaded anonymity disclosed that banks have been able to resolve 60% of epayment transaction failures that occurred in February and March. He added that “the challenge is much. It was exacerbated by the shortage of infrastructure and reduced manpower in the banking sector. You know most technical staffers have left for abroad. It is really a huge challenge in the industry, but we are managing it. I can say that we have resolved about 60 per cent of ePayment failures. We have upgraded our infrastructure too. At our bank, we have employed more technical hands to salvage the situation.”.

While Chairman, the Committee of e-Business Industry Heads, Celestina Appeal also disclosed that banks have spent huge investments financially to establish electronic banking channels and IT infrastructure across Nigeria.

She said “As an impact of this surge, we witnessed some transaction failures on ePayment channels, and I am aware that banks quickly rose to the challenge of upscaling these channels and infrastructure to meet the demands. This situation is calm now, Banks have absorbed the lessons from these scenarios and are very well prepared to serve customers regardless of the level of demand or transaction traffic.

“I do not have the exact figure for the failure rates as it stands today, but going by our analysis, the failure rate (in percentage) has not worsened, the systems only experienced more failed transactions counts as a direct reflection of the increased overall transaction fed into the digital payment ecosystem,”

SOURCE:https://brandspurng.com/2023/04/20/e-payment-transactions-in-nigeria-rise-to-49-trillion-in-march-2023/

AXA Mansard Health Insurance, a member of the AXA Group and Airtel Nigeria, has unveiled a digital health bundle, an innovative product that offers customers access to affordable healthcare.

According to reports, over 95 per cent of the Nigerian population lacks any form of health insurance. This situation which the National Health Insurance Scheme (NHIS) has tried to tackle over the years sadly has forced many Nigerians to spend more on health.

Nigeria ranks the third highest country with the highest out-of-pocket health spending – 76.6% of health spending in the country is out-of-pocket.

However, the digital health bundle which was launched in Lagos at Airtel Nigeria head office has been described as the first of its kind in the history of the country. The product was strategically carved out to afford Nigerians high-speed Internet data plan, affordable healthcare benefits, and affordable healthcare Insurance.

Airtel customers who have data-enabled phones can dial x141x44# to subscribe to the various health bundles. It has three segments to which customers can subscribe: N700 for 1GB of data and 7 days of medical insurance; N1,700 for 2GB of data and 30 days of medical insurance; and 3,500 for 10GB and 30 days of medical insurance.

Chief Executive Officer AXA Mansard Health Limited Tope Adeniyi, commended Airtel Nigeria for the strategic partnership that will ensure that everyone including those at the bottom of the pyramid with data-enabled smartphones can benefit from affordable healthcare.

He said the Nigerian government has signed into law National Health Insurance Authority Bill making it mandatory for every Nigerian to have health insurance and this product we are offering is the best way to start.

According to Tope, through the partnership with Airtel, “we are addressing the issue of having less than 5 percent of those who have health insurance. We are advancing universal healthcare in Nigeria.”

He assured that AXA Mansard will continue to build partnerships with other businesses, designing strategies to build innovative products that will delight the customers.
Since the COVID pandemic, health care has been top of mind for a lot of Nigerians. And it’s also been very clear that access to this healthcare has been a critical issue for Nigerians.

Airtel and AXA Mansard have so far unboarded over 2000 pharmacies and collaborated with specific hospitals that will provide those basic health services to customers.

Speaking at the launch, Alfred Egbai, Deputy Chief Digital Innovation Officer, AXA Mansard said customers can subscribe by purchasing the data via a unique code (×141×44#)

“When you feel ill the next thing is to click the link that takes them straight to a WhatsApp WhatsApp channel. A customer can engage with a doctor who tries to understand their symptoms and exactly what it would look like if they walked into the hospital today. We have designed the same process and the doctor understands their symptoms, he links the customer with a pharmacy.

Alfred said the insurance company toensuresmerging customers can emerge in an emerging economy in Nigeria so that when these healthcare issues happen, we want to be there to protect them.

“Again, we want to ensure that they don’t slip back into poverty and that they can hit their aspirations and we’re doing this with one simple goal in mind – affordable medical intervention for everyone. We want to ensure no Nigerian lacks the basics when it comes to health care,” he said.

SOURCE:https://brandspurng.com/2023/04/20/axa-mansard-airtel-offer-digital-health-data-bundle-to-nigerians/

Many employees want to own a house before they leave active employment. However, an important limitation for most employees is their inability to contribute equity in order to obtain a mortgage loan to purchase a home.
Given this, the Pension Reform Act of 2014 (PRA 2014) allowed holders of Retirement Savings Accounts (RSAs) to use a portion of their retirement savings as equity contributions for residential mortgages.
The National Pension Commission (PenCom) issued Guidelines on Accessing Retirement Savings Account (RSA) Balance to Pay Equity Contribution for Residential Mortgage by Retirement Savings Account (RSA) Holders in 2022. This article explains the application, documentation, and remittance procedures that RSA holders must follow if they want to use their accounts to pay equity contributions for residential mortgages.
To begin, the Guidelines state that an interested applicant must obtain an offer letter for the property from the owner or an approved agent and then approach a Mortgage Lender to complete an application form. The Mortgage Lender examines the application form and confirms the authenticity of the property offer.
The PFA is required to issue a duly endorsed RSA statement to the applicant, which the applicant forwards to the Mortgage Lender. Upon receipt of the RSA statement, the Mortgage Lender verifies if 25% of the applicant’s RSA balance will be sufficient as an equity contribution. Where 25% of the RSA balance is acceptable as equity contribution, the Mortgage Lender issues a mortgage offer letter to the applicant. If, on the other hand, 25% of the RSA balance is insufficient, the Mortgage Lender is required to request the payment of supplementary equity contribution from the applicant. Upon confirmation of the additional equity contribution payment and meeting other requirements, the Mortgage Lender shall offer a mortgage loan to the applicant.
Consequently, within two working days of issuing the mortgage offer letter to the applicant, the Mortgage Lender must forward to the applicant’s PFA copies of the mortgage offer letter, the mortgage application form, and the verified property offer letter. Additional information required includes the loan amount, equity contribution required, bank account details of the Mortgage Lender and indemnity by the Mortgage Lender to the PFA on the use of the equity contribution. In addition, the Mortgage Lender is also required to provide evidence of payment of difference where 25% of RSA cannot cover the needed equity.

On receiving a mortgage offer letter, the applicant must approach his PFAs to request payment of his Equity Contribution. The applicant shall obtain and fill out an Application Form for 25% of his RSA balance and provide an indemnity to the PFA. The PFA also computes and validates that the requested amount is not more than 25% of the RSA Balance. In a joint application, each party shall apply to their respective PFA with a copy of the mortgage offer letter.

The PFA shall forward all applications that pass its review to the Commission within two working days of successful review and validation. If the PFA identifies any exceptions or discrepancies during the documentation review, the PFA shall communicate the exceptions to the Mortgage Lender within two working days.

The Commission shall review all applications submitted by PFAs and approve or reject the applications. Where the Commission declines to approve an application, it shall communicate the reason(s) for its decision to the PFA.
Upon receiving the Commission’s approval, the PFA issues a payment instruction to its Pension Fund Custodian (PFC) to remit the approved amount to the Mortgage Lender within two working days. The PFC must pay the approved amount for equity contribution to the Mortgage Lender within two working days of receiving the PFA’s instruction.

Primarily, PFAs are obligated to ensure that all applications for equity contribution by RSA holders meet the requirement of the Guidelines. PFAs are also mandated to maintain a Record of Applications received from RSA holders for payment of equity contributions for residential mortgages. Additionally, for transparency and ease of supervision, PFAs and PFCs are required to make periodic reports and returns to the Commission on payments made in respect of equity contributions for residential mortgages.
In conclusion, interested RSA holders should contact their PFAs for more information and guidance. PenCom remains committed to the effective regulation and supervision of the pension industry in Nigeria.

CloudClinic Limited (CCL), a digital healthcare service company, has launched its cloud-based healthcare solution called CloudClinic to facilitate virtual consultation between patients and licensed medical practitioners.



The platform makes it possible for anyone to access affordable health care from the comfort of their homes, offices or on the go with the aid of their internet-enabled devices.

“We are delighted to introduce CloudClinic, a suite of mobile platform, web and API services specially designed to seamlessly connect healthcare seekers in Nigeria to licensed healthcare services providers such as doctors, hospitals, pharmacies and medical laboratories,” said Ifeanyi Aneke, Founder and Chief Executive Officer of Cloud Clinic Limited, at the formal unveiling of the product in Lagos.

Aneke said CloudClinic was motivated by a burning desire to bring quality and affordable healthcare to the ‘doorstep’ of every Nigerian.

“We believe that healthcare should be convenient and accessible to every Nigerian. This belief birthed the development of our cloud-based healthcare platform,” he said.

Partnering with over a thousand licensed medical laboratories, pharmacies, and hospitals across Nigeria, CloudClinic is designed to improve access to healthcare while making it convenient.

Aneke stated that CloudClinic is also liberalising access to healthcare through its native language feature, which matches patients with doctors, based on their preferred native languages, ensuring effective communication, and understanding.

Commenting further, he stated that the platform ensures strict adherence to optimal health standards for patients, offering a complete and world-class healthcare experience.

“CloudClinic offers an extensive feature that gives patients a wide range of diagnostic, pharmaceutical, and hospital options, relying on our partnership with licensed and recognized medical laboratories and pharmacies while ensuring the confidentiality of all medical records,” Aneke said.

Also speaking at the launch, Dr Amy Ojiakor, Clinical Director, Cloud Clinic Limited, highlighted that Nigeria has a 1 to 10,000 doctor-to-patient ratio. She noted that an average Nigerian must drive long hours to get to a hospital and queue up for hours to see a doctor, adding that because of this limitation, Nigerian hospitals are plagued with many incidents of late presentation, which leads to a high mortality rate.

“Through CloudClinic, a doctor can request an investigation or prescribe a drug for the patient. The solution also makes it possible for a patient to quickly locate a Medical Laboratory Pharmacy and Hospital nearest to him or her,” she said.

According to her, CloudClinic also makes it possible for patients to have their samples collected in their homes and their drugs delivered to them when the patient cannot go out or do not want to go to the medical laboratories or pharmacies.

Also commenting, Flourish Nnamdi, Product Manager, Cloud Clinic Limited, commented that the product is user-friendly and backed by 24-hour, seven days a week support.

SOURCE:https://brandspurng.com/2023/04/17/tech-enabled-healthcare-platform-cloudclinic-unveiled-in-lagos/

In the midst of the ever-rising economic challenges as well as major headline inflation, Nigeria’s unemployment situation is starting to look serious.

According to reports, due to the harsh economic environment on companies as well as individuals, 81,000 pension contributors have lost their jobs in the last two years, this number which represents a 17.4% increase from the numbers from the two previous years, explains the increase in the number of withdrawals by disengaged contributors from the pension fund which rose from 30% from N36.45 billion in 2019 and 2020 to N47.8 billion in 2021 and 2022.

This trend has been attributed to the post covid macroeconomic challenges as well as the impact of the Russia-Ukraine war on pension fund operators. They also named the increased rate of “Japa” which has seen many skilled and professional workers leave Nigeria to settle and work in Canada, UK, and U.S as another factor contributing to the increase in the number of disengaged pension contributors.

The impact of the increase in the unemployment rate reflects in the increased number of job losses among pension fund contributors.
Meanwhile, according to reports by KPMG, “Although the National Bureau of Statistics (NBS) recorded an increase in the national unemployment rate from 23.1per cent in 2018 to 33.3per cent in 2020. We estimate that this rate has increase to 37.7per cent in 2022 and will rise further to 40.6 per cent in 2023.”

Although there is an assurance of the health of the Nigerian Pension scheme, due to an increase in monthly contributions, there is still worry in the minds of pension operators that the number of disengaged pension contributors will continue to rise unless there is improvement in the general macroeconomic environment.

The Pension Reform Act allows disengaged workers (retrenched pension contributors) to withdraw 25% of their pension savings four months after disengagement.

According to an analysis by Financial Vanguard on Pension Commission of Nigeria data shows that 81,504 workers were disengaged in the last two years, 40,646 workers in 2022, and 40,858 in 2021. This data represents a 17.4% increase compared to 69,390 workers which were disengaged in the previous two years, which were 37,674 workers in 2019 and 31,716 workers in 2020.

In the same pattern, there was a sharp increase in the number of withdrawals of pension funds by disengaged workers, which grew by 30% from N36.45 billion in 2019 and 2020 to N47.76 in 2021 and 2022.

Mr, Oguche Agudah, CEO of Pension Fund Operators Association of Nigeria, PenOp, shared some comments on the recent development, saying Over the last 2-3 years, it’s common knowledge that there has been an increasing number of Nigerians who are migrating. These economic migrants are typically highly skilled in mid-level to senior positions in the higher pay brackets which translates to higher pension contributions.

“The level of unemployment is reflected in the NBS statistics that put the figure at close to 40%. However, the health of the pension scheme is still strong as monthly pension contributions are on the rise. For example, Q4’2022 saw the highest level of monthly contributions in the 4 quarters of 2022. The payouts also show that the level of turnover is somewhat high.”

Agudah also commented on the upward trend which keeps rising in 2023 saying ““Regarding the trend, much of that will depend on general macroeconomic conditions in the country. There are some schools of thought that say the level of economic migration “jappa” will plateau. But on the other hand the outlook is still tough in the near term.”

While MD of Leadway Pensure PFA Limited, Mr Lanre Idris also commented that the growth in value could also be due to the fact most of the workers who accessed the 25% of withdrawal due to temporary loss of unemployment in 2022 were from the private sector.

Mr. Lanre Idris also said “The increase in the average payout is also likely a reflection of the growth of pension funds due to investment income generally across the Nigerian contributory pension space, particularly for long consistent contributors.

“The data also reveals the private sector dominated the group of workers who accessed 25% of withdrawal due to temporary loss of employment in 2022, making up 95% of the total number (that is, 38,687 out of the total 40,646 sectoral approved by PenCom). Meanwhile, FGN workers and State employees comprised only 4% and 1% respectively.

“Additional data and analysis would be needed to draw any definitive conclusions about the demographic profile of disengaged workers who withdrew funds from their retirement accounts during the period under review. However, one thing is clear, the key to a sizable payout for any type of retirement is consistent contributions over a long active working life with a reliable PFA.”

Mr. Lanre Idris also commented on the effect of the rising unemployment trend on the economy. He said “The Nigerian economy is not immune to the shocks being witnessed globally by all nations: the tailing effects of the COVID-19 pandemic, rising Inflation, job losses, tepid outputs, and the effects on the ongoing Russia-Ukraine war. For instance, several global companies cut a significant number of jobs. Meta, the parent company of Facebook, Instagram, and WhatsApp laid off more than 11,000 workers in 2022. In Nigeria, startups like Nestcoin (an African web3-based startup) laid off some employees after they lost a chunk of their assets in the FTX market. 54Gene, Kuda Bank, Eden Life, Quidax, and GetEquity are a few companies (especially in tech space) that laid off employees in 2022.

In addition, Nigeria is facing a rising increase in the exodus of people of working ages to developed nations. Despite the shaky start to the year occasioned by electioneering and naira crunch, the IMF has projected a 3.2% growth for Nigeria in 2023. This is a smaller growth than we need, but growth all the same and better than a large number of world member countries.

“A recent report by KPMG in its International Global Economic Outlook Report – H1 2023 stated that unemployment is expected to continue to be a major challenge in 2023 due to the limited investment by the private sector, low industrialization, and slower than required economic growth and consequently the inability of the economy to absorb the 4-5million new entrants into the Nigerian labour market every year.

“However, the government and in particular, the incoming government must continue to evolve ways to expand the economy and attract FDIs.”

While on the upward persisting trend in 2023, he added that “While the value of funds withdrawn rose by 28.9% in 2022, the number of disengaged workers marginally declined by 0.5%. Indeed, other than the spike in Q3 2022, the number of withdrawals remained largely flat which may suggest that layoffs are not increasing significantly based on the payout data available.

“Also, with continuing migration of workers abroad, one could expect some increase in the upward trend in pension fund withdrawals. However, some of those exiting may elect to keep their funds in the pension scheme because of the investment income on the funds. Whether there would be a significant increase in the number of withdrawals would depend a lot on government policies and the performance of the economy. It is my hope that the economy will continue to grow, inflation tamed and improved investments by the private sector to reduce unemployment and ensure job losses are curbed.”

SOURCE:https://brandspurng.com/2023/04/17/unemployment-rate-rises-as-over-81000-pension-contributors-loses-jobs/

The Central Bank of Nigeria, CBN has moved the motion for the increase of Nigeria’s Monetary Policy Rate to 18% from the previous 16.5% which it was raised to in November 2022.

According to the communique released by the Monetary Policy Committee after its meeting held on Monday 20th and Tuesday 21st March 2023 which had in attendance 12 members who all voted in favor of the increase made this decision amidst the concerns for the recent bank failures in the United States and Switzerland, with widespread monetary policy restriction which is spreading across the country.

Meanwhile, domestically, Nigeria’s economic output has progressed moderately however with inflation numbers going upwards and a marginal increase in food inflation, the MPR also assessed this with the general economic outlook released by the International Monetary Fund (IMF).
The communique reads thus “In the Emerging Markets and Developing Economies, the unfolding tight external financing conditions and shock spillovers from the Advanced
Economies could further dampen the recovery of output growth. In light of these developments, the International Monetary Fund (IMF), in its January 2023 World Economic Outlook, forecasted global output growth for 2023 at 2.9 percent, compared with 3.4 percent in 2022. Growth is, however, expected to improve to 3.1 percent in 2024.”

The monetary policy admitted the certain key factors which are expected to keep inflation above the long-run target of several central banks which were named as thus “the persisting disruption to energy markets associated with continued war between Russia and Ukraine; high commodity prices; and general disruptions to the global supply chain associated with uncertainties around the COVID-19 pandemic in China and the ongoing tensions between the US and China over Taiwan’s sovereignty”

The committee also considered the global financial markets and the renewed fears of investors to move away from the equities market to safer assets such as gold and others stake their money on treasury securities which yield higher returns. It is expected that with several advanced economy and central banks moving forward with monetary policy normalization, global financial conditions will likely remain tight and might reinforce the reassignment of financial portfolios which reflect the fears of investors.

Data from the Nigeria Bureau of Statistics (NBS) showed good numbers with the GDP experiencing a 3.10% growth in 2022 and a 3.52% growth (YoY) in the fourth quarter of 2022. The economy reflects a positive look while maintaining a positive growth trajectory for the past few months since the recession in 2020. This is largely attributed to sustained growth in the services and agricultural sectors, a rebound in economic activities, and continuous intervention which enhanced growth in the banking sectors and provides good projections for further growth in 2023 and 2024.

Although, the committee also expressed worry over the marginal increasing inflation (YoY) especially in February 2023, which grew from 21.82% in January to 21.91% in February. This increase is believed to be caused by little increase in food components which rose from 24.32% in January to 24.35% in February with other core components moderating to 18.84% in February 2023.

The little increase in the food component is driven by the high cost of transportation of food items, lingering security challenges in major food-producing areas, and infrastructural challenges which are causing clogs in the food supply chain.

Meanwhile, the committee also noted stability in the banking sector which is reflected in the performance of the Financial Soundness Indicators (FSIs) and Capital Adequacy Ratio, and the Non-Performing Loans ratio remains moderate. While, growth was also observed in the equities market in the same reviewed period, with the All Share Index (ASI) and Market Capitalization (MC) both increasing to 54,915.39 and N 29.92 trillion as of March 17, 2023.

However, there was a marginal decline in the gross external reserves which reduced to $36.13 billion in February 2023 from $36.4 billion in January 2023, which is a result of the decline in crude oil prices due to global economic uncertainty.

The committee concluded that the decision to increase the MPR has since had a moderate effect on inflation, despite the recent bank failures in the US and Switzerland and a following persistent increase in interest rates in the US.

The committee also concluded that despite the continued impact of the exchange rate on domestic prices levels, it is optimistic that the RT200 FX programme will continue to make progress and other policies such as Naira-4-Dollar aimed at attracting diaspora remittance would continue to improve the growth of Nigeria’s foreign external reserves and improve liquidity in the foreign exchange market.


SOURCE:https://brandspurng.com/2023/04/14/cbn-increases-mpr-to-18-as-inflation-accelerates-to-21-91/

A new consumer-focused survey has projected Konga as the most admired and innovative e-commerce company on the African continent.



The survey, which was published on March 15, 2023, coincided with the World Consumer Rights Day.



The market-wide consumer-based survey examined the current state, performance and growth path of e-commerce in Africa. The poll, which cut across multiple consumer layers from youths to middle age and Boomers returned a promising verdict on Konga, identifying it as the fastest growing e-commerce company in Africa.



The survey carried out by DigiPundits, a pan-Africa digital research and marketing firm returned the same verdict on Konga as previous independent surveys, all of which placed Konga top of the pack in the areas of pocket-friendly pricing, operational efficiency, and the courage to take responsibility whenever a hitch occurs.



When asked which of the e-commerce companies in Africa they would wish to work with, most of the respondents, mainly youths, said they preferred Konga as a potential workplace of choice.



Respondents described Konga as highly responsive, ambitious and bullish in its deployment of technology to scale-up operations. They also ranked Konga high as a responsible corporate citizen. Respondents recalled that during the Covid-19 lockdown when they had to rely more on e-shopping, Konga stood out not only in making sure that prices of goods were heavily discounted with free, real-time delivery, but also in going a step further to supply thousands of families nationwide with essential food items, free of charge.



In addition, Konga was adjudged the most emotionally intelligent e-commerce company. Its partnership with a number of big brands ensured that consumers got their household needs with free toppings delivered to them hassles-free during the lockdown. Indeed, Konga’s strategic partnerships with manufacturers of sundry consumer goods has made it a one-stop shop for diverse brands of fast-moving consumer goods (FMCGs) which has triggered a spike in traffic to Konga’s online platform and physical stores.



The e-commerce giant’s unique composite – online-offline model – was also cited as a unique differentiator over competition. The existence of Konga brick-and-mortar stores nearer to the people across the country has made it easier for the e-commerce company to deliver goods and respond to emergencies ahead of others, the survey noted.

Respondents to the survey questions also cited ease of payment on Konga platform as one of the reasons they are loyal to the brand. Konga launched KongaPay in 2015 in partnership with Nigerian commercial banks to ease the bottlenecks and check insecurity associated with online payments. KongaPay, a secure and easy-to-use payment app for Konga customers and other users, stood out above the rest as it comes bundled with internal security and full compliance with extant KYC regulations that gives online payers peace of mind.



This innovation has, over the years, protected online shoppers on Konga platform against cyber crooks when they share sensitive information such as their bank or credit card details, contact information and address while processing transactions. KongaPay mirrors the Amazon payment platform with its convenient payment features. The CBN-licensed mobile money wallet has equally been fully integrated with many banks in Nigeria which makes payment for transactions seamless and safe.



Konga was founded in July 2012 with just 20 staff. But it has grown to an e-commerce giant in Africa with over 800 staff. It has received rave reviews as the most customer-friendly e-commerce company which unlike much of the competition, has a pedigree for vending original products because of its strong liaisons with global Original Equipment Manufacturers (OEMs).



Respondents to the survey disclosed that Konga has built a reputation for stocking only genuine products, thereby taking a stand against selling fake or substandard products. It practices What You See Is What You Get (WYSIWYG) which keeps it several steps ahead of the competition. Many respondents complained that often, some e-commerce companies advertise a product of superior quality but deliver the very opposite of what was advertised: a product of very poor quality.



Konga was acquired by the Zinox Group, a leading tech powerhouse, in early 2018 in what was regarded as the biggest corporate coup in Africa’s ICT ecosystem. Nobody saw it coming but that ambitious acquisition of Konga by Zinox Group and its subsequent merger with Yudala, another market maverick under the Group, has completely reset Nigeria, nay Africa, e-commerce market.



Nigeria, South Africa, Kenya, Morocco and Egypt were rated the top five e-commerce markets in Africa in the report.

SOURCE:https://brandspurng.com/2023/04/13/konga-named-most-innovative-e-commerce-brand-in-africa/

A one-time winner of the popular reality TV show, Big Brother Africa, Tayo Faniran says Gangs of Lagos was a second chance for him.

Speaking during an interview with Busola at the Gang of Lagos movie Premiere, Tayo aka Nino said “Gangs of Lagos is my second chance, and thanks you (fans), Jade Osiberu (director and producer) for bringing something huge to me”

“you know it’s not easy to have it one time and it slips off your hands”.

Gangs of Lagos was released to the public on April 7, on Amazon Prime streaming platform and it’s the first on the Africa Originals section. The movie is centered around three characters; Ify, Gift and Obalola, and has a rich cast led by Tobi Bakre.

Others include Adesua Etomi-Wellington, Bimbo Ademoye, Chike, Chioma Akpota, Damilola Odunsi, Ola Rotimi, Funke Williams, Zlatan, Pasuma and former Big Brother Africa runner-up , Tayo Faniran.

The brain behind Gangs of Lagos, Jade Osiberu said that the movie was conceived ten years ago while shooting ‘Gidi Up’ on top of the roof of a building at Isale Eko. Jade noted that the story was inspired by society and the people on the streets who carry dreams and aspirations desiring to be fulfilled amidst their backgrounds and negative situations.

SOURCE:https://brandspurng.com/2023/04/10/gangsoflagos-was-my-second-chance-tayo-faniran/

Telecom giant, Vodafone Ghana has disclosed plans for expanding its national roaming services in partnership with MTN which would give customers improved connectivity across the country.

This initiative, which was first initiated when the pilot program began last year covering the Volta Region, has now been extended to cover the entire nation.

The agreement between the two telecom giants is part of the Ghanaian government’s plans to enhance the country’s access to digital transformation while accelerating the implementation of full national roaming regulations among all telecom operators in the country. Glo, the country’s smallest mobile network operator by subscriptions, recently entered a nationwide roaming agreement with the competitor AirtelTigo in April 2022, which would help provide better coverage and a faster mobile broadband experience for their customers.
Vodafone Ghana CEO, Patricia Obo-Nai, commenting on the new expansion agreement said “National roaming offers customers a greater choice of network providers. In 2022, we successfully collaborated with the government, the regulator, and MTN Ghana to pilot the national roaming service in the Volta Region. We are excited that this partnership has extended to other regions.”

SOURCE:https://brandspurng.com/2023/04/05/vodafone-mtn-announce-partnership-on-roaming-expansion-plans/

Identifying a pressing need in a brand’s ecosystem and doing something pragmatic to fix it is the hallmark of a company desirous of being relevant and getting ahead of its competitors.

For many years, consumers have had to patronize imported, loose rice sold in open basins in neighbourhood stores and open markets. Primarily, concerns stemmed from the ease with which loose or unpackaged rice was subjected to contamination and age concealment that posed a risk to consumer health and safety.

Many people bought, and are still buying such rice, not minding the high risk of contamination and poor handling, simply because they erroneously attribute the purchase of packaged rice to those with affluence.

At the forefront of driving the narrative for consumers to embrace packaged rice for its numerous advantages is Big Bull Rice. The uniqueness of Big Bull Rice not only comes from its uncompromising quality production standards, but through it’s different pack sizes that meet the needs of everyone’s pocket.

Big Bull Rice’s range of available pack sizes ensures that consumers get good quality, nutritious and hygienic rice for their varying needs and convenience. Gone are the days when the only option for small portions of rice were offered in loose form and sold, using old rusty tins.

For the best-packaged rice brand in the market, look no further than Big Bull Rice.

Big Bull Rice is produced in an advanced, automated rice milling factory of WACOT Rice Limited in Argungu, Kebbi State that ensures that manual handling is eliminated to the barest minimum. And, as a result of this, consumers only get rice produced in the best hygienic conditions.

Big Bull Rice provides the best cooking experience because it has less broken pieces and discards. Also, with reduced exposure to contamination at the point of sale, coupled with state-of-the-art production processes, it does not carry the baggage of discolouration associated with loose or unpackaged rice.

The cutting-edge technology used by WACOT Rice Limited ensures that the product has less moisture hence its water absorption and swelling index is high, giving consumers a pleasant cooking experience with volume and value.

With Big Bull Rice, you are assured of good quality, safety, convenience and a great taste of homegrown ingenuity with unique packaging that cuts across every category.

Only recently, the brand introduced the N100 pack size to cater to a wider spectrum of consumers who desire healthy, affordably packaged rice tailored precisely to meet their specific lifestyles and needs.

Mrs. Florence Edebiri, a housewife and mother whose age-long perception that home-made, packaged rice was a poor imitation of its imported alternative has since found out that Big Bull Rice offers her a better cooking experience that she could have ever imagined.

These days, she takes great pleasure in cooking and serving bowls of prepared Big Bull Rice to the delight of her family.

Moochikal Damodaran Ramesh, CEO of TGI Group’s Agribusiness, in assessing the progress the company has made in making Big Bull Rice a favourite in many Nigerian homes, says that the quality of the brand originated from the attention paid to it from its planting, harvesting, processing, storage and packaging stages.

He is also pleased to mention that WACOT Rice Limited, Kebbi State, with an impressive track record of partnering with local farmers in order to get better yields, has gone a long way to enhance the profile and acceptability of Big Bull Rice, just as it has with the quality of life of the farmers.

“The quality of Big Bull Rice is a function of the modern process we use. The process from the farm, to production, to storage defines the quality output,” he says.

“Big Bull Rice has less broken pieces and discards. This quality attribute drives the numerous set of consumers we have who are repeat loyalists,” he adds.

“The standards we have created has lifted Big Bull Rice to the level where it is now being compared with imported, not local brands. It is perceived as local goodness when compared with foreign brands.

“And our ultimate goal is to see the Big Bull Rice being the foremost brand of choice for our teeming consumers not only because it offers a different value in terms of quality, hygiene, convenience and affordability, but because it is readily available anywhere they live in Nigeria,” he concludes.

His view aligns with those of his fellow executive who believes that high-grade quality has defined the Big Bull Rice as a brand of choice for most Nigerians.

“The need to give our consumers a rice brand that set the standards in quality, safety, hygiene, convenience and affordability was the inspiration behind our concept of the packaged Big Bull Rice,” Probal Bhattacharya, Chief Marketing Officer, TGI Group informs.

“We are pleased with the growing positive consumer perception of safety, health, and convenience of Big Bull Rice. This cuts across various socio-economic classes and regions as more consumers embrace the concept of packaged rice that Big Bull offers over loose unpackaged rice.

“With the recent launch of Big Bull Rice N100 pack size, consumers now have one more reason to eat healthy at a convenient price. The N100 Big Bull Rice pack makes quality packaged rice affordable and more accessible ” he adds.

With the plethora of benefits consumers enjoy from Big Bull Rice, it is clear it has the ability to win in a market which was traditionally flooded with various kinds of imported brands.

The company says so. The consumers say so.

Big Bull Rice is Nigeria’s foremost parboiled rice. Big Bull is premium milled, stone free, with an excellent swelling index that retains the natural taste and texture of goodness from the Nigerian soil. An absolute cooking delight with the best texture, uniform size and shape, each grain is highly nutritious, rich in vitamin B, iron, dietary fibres and protein with low glycemic index for healthy consumption. Big Bull is the ideal choice for a great-tasting rice dish, be it jollof rice, fried rice, white rice, coconut rice and many more. Available in various consumer-friendly pack sizes nationwide.

Tropical General Investments TGI Group is an international investment and holding company with diversified interests and investments across Africa the Middle East Asia and other emerging markets. TGI’s investments focus on driving inclusivity and value addition using locally sourced raw materials state-of-the-art manufacturing facilities and a highly skilled workforce to produce world-class products that are consumed both locally and exported to global markets. Across markets, TGI Group owns over a hundred leading brands in fast-moving consumer goods, agricultural inputs, industrial chemicals, home care products and pharmaceuticals.

SOURCE:https://brandspurng.com/2023/04/03/how-big-bull-is-changing-narrative-in-nigerias-packaged-rice-industry/

The national secretariat of National Association of University Students(NAUS) has condemned the proposed uses this medium to kick against the proposed increment increment in tuition fees at the Federal University of Technology (FUTA), Akure.

Speaking to newsmen on Monday, comrade Alade Abayomi Oldman
NAUS-Deputy Senate President said, ” It has been a rife rumor the past few weeks that an increment in the school fees in all federal Institutions of the federation has been proposed which the Management of FUTA is now leveraging on to validate the devilish rumor.

“The proposed increment, as it was reported to us by some of the Excos of the Student Union of the University who had meeting with the University Management, is supposedly premised on the current state of the economy of the country. However, for better welfarism of our world-class students, the NAUS leaders has kicked against the proposed hike of the school fee.

“We call on The University Managements and Federal Government and all bodies involved to please look into this wrong as it is known to us all that over 200% increments in school fees of any University or Institution in this country with the present economy is uncalled for, preposterous and evil. NAUS, as represented by Comrade Alade Abayomi Oldman in the University has been empowered by the entirety of University students across Nigeria to fight any increment whatsoever in FUTA fees and ensure the welfarism of Nigerian students are protected and ensured”.

The body further called for an halt to any plan to increase tuition in FUTA as failure to do so will be an invite to all Nigerian University students to shutdown all Federal and State roads around FUTA and nationwide by NAUS as soon as the announcements is made official.

Adviced students to abide by the law and keep calm as the issue is been looked into.

SOURCE:https://brandspurng.com/2023/04/03/naus-condemns-increment-in-futa-school-fees/

The National Association of Nigerian Students (NANS). has called on the incoming Government to work with Professor Umar Dambatta, which they describe as an outstanding leader in the Nigerian apex Telecommunications regulator.

Speaking at a Press Conference in Kaduna the National Secretary of the Student’s apex body Comrade Usman Baba Kankia, said “We have gathered to exray the stewardship of the Executive Vice Chairman of the NCC, acknowledge his achievements and pass a vote of confidence on him for his outstanding leadership in leading the Nigerian apex telecommunications regulator.

“We commend Professor. Dambatta for the role the NCC played in the successful conduct of the 2023 general elections by ensuring the success of transmission of results and defending the INEC server from hackers and intruders during the collation process.

It is worthy of note that under Professor. Danbatta’s leadership, the NCC has achieved remarkable milestones that have positively impacted the telecom industry and the economy at large.

We are moved by the unprecedented transformation he has brought to the NCC, some of his include:

The successful auction of 3.5 gigahertz (GHz) spectrum broadband for the deployment of the 5G network in Nigeria to boost internet speed and connectivity across the country.

Regulatory strides that have continually created a level playing field for investors, this has helped to reflate telecom-induced growth of the economy in the post-pandemic era

“Professor.Dambatta has also repositioned ICT to contribute 17% to the Gross Domestic Product (GDP) with a target of 20% in the future helping to bridge government revenue deficit

He further explained “Under Professor. Dambatta,the NCC has ensured continuous SIM registration audit to provide security and curtail incidences of banditry, kidnapping, and armed robbery thereby improving on the security situation of the country.

Comrade Usman Kankia maintained that “Creation of Emergency Communications Centres (ECCs) in more states of the federation and execution of the counterpart funding agreements with the licensed Infrastructure companies (InfraCos) to facilitate the digital transformation of the economy.

“Statistics from the commission shows that when Mr Dambatta came on board, 217 access gap clusters were identified in the country,with 40 million Nigerians excluded from access to telecoms services.Five years after, however, the access gaps have reduced to 114 clusters with an additional 15 million Nigerians now connected.

He also oversaw the successful licensing of six Infrastructure Companies (InfraCos) to deploy fibre infrastructure across the six-geo political zones that will also help to galvanize increased connectivity and improve broadband penetration.

“This single move have brought about a reduction in the cost of data from N1000, per gigabyte of data to around N390 with a broadband penetration target of 70 per cent to cover 90 per cent as contained in the new Nigerian National Broadband Plan (2020-2025).

The Students apex body National Secretary further explained”On capital importation, as at 2015, Foreign Direct Investment (FDI) in the telecom sector stood at $1 billion but declined to $212 million by 2018. However, through improved regulatory framework, the FDI in the sector has picked up again, reaching $930 million according to figures of the Central Bank of Nigeria (CBN).

“We, therefore on behalf of Nigerian students urge the incoming administration at Federal level to continue to work with the NCC Executive Vice Chairman,Professor.Umar Dambatta,to deliver good governance to the people of Nigeria.

“We are confident that his leadership acumen and experience will continue to take the telecom industry and the economy to greater heights.

SOURCE:https://brandspurng.com/2023/03/31/nans-commend-prof-dambatta-for-his-outstanding-leadership/

Nigeria’s apex bank CBN recently announced its new monetary policy that includes a benchmark interest rate of 50 basis points to 18%. This has sparked anxiety amongst experts in the real estate and property development industry who believe the new interest rate introduced by the CBN would have a negative impact on property prices and the entire construction value chain.

Mr. Godwin Emefiele, CBN’s Governor had disclosed that the slight increase in the interest rate was to curb the effect of inflation and provide an economic solution to Nigeria’s rising economic crisis.

Nigeria’s inflation which has now risen to 21.91% in February from 21.82% from the previous month according to the figures released by NBC, while the monetary policy rate has been on the rise since April 2022 which was at 11.50% has impacted the lending and inflation rate in Nigeria, thereby increasing the cost of goods and services.

According to experts, which have also expressed worry about the automatic increase in the bank-lending rate which they consider to be very high, have also forecasted that the interest rate from commercial banks might exceed 30% in the months to come.

The real estate sector which is largely underfunded and keeps experiencing challenges when trying to access funds which are usually hindered by bottlenecks in the financial system. Real estate experts believe it would be unwise to expect huge returns from a largely underfunded sector.

This has caused developers in the past to resort to options such as rigorous off-plan sales, but this has never ensured enough cash at hand for business, instead of going through the risk of high borrowing with a high-interest rate, which has resulted in high prices for real estate products.

Although, experts are saying high-interest rate could in some way control inflation to an extent, but can exacerbate supply chain issues in turn pushing up prices in building materials and making construction projects expensive.

CEO of Eximia Realty Company Limited, Hakeem Ogunniran while talking to The Guardian said the development can cause more problems in the industry for developers and those who want to build homes.

He added that the current challenges are the high cost of funding and that long-term construction finance is not available. He also noted that if the finances are available, the tenure is short.

Ogunniran explaining the effect of the increase in interest rate said that banks would also mark up their rate from the existing 28% which to him would largely affect construction financing and the entire real estate value chain.

The former CEO of UPDC Plc also expressed his concerns over funding for real estate projects adding that a holistic approach must be made by the government. He requested that the government create a special window such as long-term bonds and financial instruments and also make use of pension funds.

Ogunniran also expressed his opinion about the low absorption capacity in the mortgage sector, adding that there was a need to pay attention to mortgages as primary mortgage institutions are now functioning as commercial banks and this is making it difficult to access mortgages with the current high rates of mortgages and tenure.

President of, Real Estate Developers Association of Nigeria (REDAN), Dr. Aliyu Wamakko, mentioned that the CBN’s new lending rate would cause commercial banks to bump up their interest rate to 32%, noting that this increase would affect members of the association who specialize in developing affordable housing in the country.

He said “Without the affordable fund, there is no affordable housing. The low-income earners have no room to get a house with the high cost of funds. It will reduce the production of housing and increase costs. Only a low-interest rate can create affordable housing and massive employment opportunities for Nigerians.”

He also added that the incoming President must understand that affordable housing requires affordable finance, and it is important to create an opportunity to access such finance. Wamakko also stated the need for synergy among agencies in the real estate sector to encourage mortgage culture.

There should be a special intervention fund for housing and an enabling environment for the private sector to thrive. The outgoing government was not able to produce the one million housing they promised. The government was not even able to complete the 3, 700 houses and that is why we felt the government had no business in the development of houses.

Basically, all over the world, housing is driven by the private sector. With an enabling environment, the private sector will strive and create opportunities for the government in terms of housing provision.

“There should be a reduction in the cost of interest rate, a review of the Land Use Act to reflect the present realities. Land acquisition is a herculean task and when governments across all levels budget for housing, it should be channeled through the private sector with single-digit interest to produce affordable housing.”

SOURCE:https://brandspurng.com/2023/03/29/real-estate-developers-express-worry-over-cbns-new-interest-rate/