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 Politics / Auwalu Sarki: Indigenous Firms Contribute 33% To Nigeria’s Crude Oil Reserves by Cromartie: 6:32am On Jun 15, 2021 |
The Department of Petroleum Resources (DPR) has said that indigenous oil and gas companies are now contributing as much as 33% to the country’s crude oil reserves and about 30% to its gas reserves. SOURCE: https://brandnewsday.com/2021/06/14/indigenous-firms-oil-reserves-dpr/ 1 Like
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| Sports / Combined Revenues Of World’s Top Five Football Clubs Still $330M Below Pre-covid by Cromartie: 4:42pm On May 17, 2021 |
Over the last two decades, football became a massive cash-generating industry bringing millions of dollars of profit across Europe. However, the COVID-19 crisis produced a costly financial hit to European football leagues, causing their clubs’ revenues to plunge deep below 2019 levels. According to data presented by Safe Betting Sites, the combined revenues of FC Barcelona, Real Madrid, FC Bayern Munich, Manchester United, and Liverpool FC, as Europe’s five biggest football clubs, hit over $3.5bn in 2021, $330 million less than before the pandemic struck. Real Madrid’s Revenues Plunged By $104M In Two Years, Three Times Bigger Loss Than FC Barcelona Considerable drops in broadcast and matchday profits triggered by lockdowns caused football clubs’ revenues to fall significantly amid the COVID-19 pandemic. The Forbes data revealed that FC Barcelona ranked as the leader among the European football clubs, with $792 million in revenue in 2021, compared to $824 million two years ago. Despite that, the team value of the Spanish club increased by $800 million, rising from $4bn in 2019 to $4.8bn in 2021. As the second-leading football club by revenue Real Madrid witnessed a much bigger financial loss in this period. In 2019, one of the most prestigious football clubs worldwide generated $896 million in revenue. Over the last two years, this figure plunged by $104 million to $792 million in 2021, a three times bigger loss than its largest competitor FC Barcelona. The Forbes data revealed that Real Madrid also managed to increase its team value despite the financial losses caused by the pandemic, with the figure rising from $4.2bn to $4.8bn in two years. Manchester United Lost $151M In Revenue Amid COVID-19, The Biggest Loss Among The Top Five Clubs As the third-largest football club by revenue, FC Bayern Munich also witnessed impressive revenue growth in recent years. Statistics show German club’s revenues more than doubled in a decade, jumping to over $751 million in 2019. However, the COVID-19 pandemic brought a costly hit to the club’s finances, with revenues falling to $703 million in 2021, a $48 million drop in two years. Statistics show that the leading Premier League club, Manchester United, suffered the largest revenue cut among the top five European football clubs in this period. In 2021, the club’s revenues hit $643 million, $152 million less than in 2019. As the fifth-largest football club on this list, Liverpool FC is the only club whose revenues increased in two years, rising from $613 million in 2019 to $619 million in 2021. SOURCE: https://brandnewsday.com/2021/05/17/combined-revenues-of-worlds-top-five-football-clubs-still-330m-below-pre-covid-19-levels/
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| Politics / CBN Sacks Fbn's Board Members, Returns Adesola Adeduntan As MD by Cromartie: 7:27pm On Apr 29, 2021 |
The Central Bank of Nigeria (CBN) has reinstated Adesola Adeduntan as MD/CEO of First Bank Nigeria (FBN). The Apex Bank also sacked all directors and named new board members for both FBN and FBN Holdings. Affected board members include Oba Otudeko and Ibukun Awosika. SOURCE: https://brandnewsday.com/2021/04/29/cbn-sacks-fbns-board-members-returns-adesola-adeduntan-as-md/
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| Business / CBN, First Bank On Collision Course Over Removal Of MD/CEO by Cromartie: 9:39am On Apr 29, 2021 |
The Central Bank of Nigeria has issued the Board of First Bank Ltd, one of Nigeria’s oldest banks a query for the removal of its CEO. On Wednesday the Board of Directors of First Bank of Nigeria Limited revealed it had appointed Gbenga Shobo as its Managing Director/Chief Executive Officer (CEO). The appointment was disclosed in a statement made by the bank’s Chairman, Ibukun Awosika. However, in an apparent leak, a letter from the central bank to First Bank revealed a query from the former to the latter expressing concern that the appointment of Shobo was done without the approval of the apex bank. “The attention of the Central Bank of Nigeria (CBN) has been drawn to media reports that the Board of Directors has approved the removal of the current Managing Director of the bank, Dr. Sola Adeduntan, and appointed a successor to replace him. The CBN notes with concern that the action was taken without due consultation with the regulatory authorities, especially given the systemic importance of First Bank Ltd.” The CBN also claimed that the tenure of Mr. Adedutan was yet to expire (bank MD’s have a maximum 10 years) and that they were also not aware of any misconduct of the former MD and as such there was no justification for his removal. “Given that the tenure of Dr. Adeduntan is yet to expire and the CBN was not made aware of any report from the Board indicting the Managing Director of any wrong-doing or misconduct, there appears to be no apparent justification for the precipitate removal.” However, sources within the bank informed Brand Spur that First Bank has a maximum of 6 years tenure for its MDs in line with its succession plans. They also claimed the CBN is meddling in its internal affairs as the removal of the MD is in line with its succession plans and also does not exceed CBNs maximum of 10 years. “First Bank followed its corporate governance framework in its change of leadership and appointment of new executive directors. No Managing Director in the 127 years history of FirstBank has ever attempted a tenure extension. Why now?” Another source who did not want to be mentioned as they were not authorized to do so lamented that “Adeduntan’s term formally ends in June this year after 2 terms of 3 years each. Leaving early is in line with the bank’s succession planning. When he was appointed 6 years ago and a DMD role was created, the erstwhile FirstBank Managing Director knew the DMD would succeed him and this is what has happened. This is corporate governance at its best.” However, the apex bank in the leaked letter also suggested that it had provided First Bank with “regulatory forbearance” which can be interpreted as a bailout subliminally indicating that it has a say in the operations of the bank. “We are particularly concerned because the action is coming at a time the CBN has provided various regulatory forbearances and liquidity support to reposition the bank which has enhanced its asset quality, capital adequacy and liquidity ratios amongst other prudential indicators. It is also curious to observe that the sudden removal of the MD/CEO was done about eight months to the expiry of his second tenure which is due on December 31, 2021. The removal of a sitting MD/CEO of a systemically important bank that has been under regulatory forbearance for 5 to 6 years without prior consultation and justifiable basis has dire implications for the bank and also portends significant risks to the stability of the financial system.” Sources within the bank also allude without proof that the involvement of the central bank in this matter may also be due to First Bank’s support of Flutterwave which may have angered CBN. “Is this payback for FirstBank for supporting and enabling Flutterwave and other tech companies? FirstBank MD-Designate, Gbenga Shobo created a revolution by partnering with Flutterwave and other tech companies. Is this payback? The CBN Governor must be called to order. This is not a banana economy. We need to preserve the FirstBank heritage with its seamless succession planning.” It is unclear how this matter will end but stemming from experience, we will not be surprised if this matter ends in court in a few days. The Central Bank has often controversially delved into board-related issues such as appointments and even firing of all or some Board members for what it perceives as severe infractions. And as expected, it ended its query to the bank with a threat to the board if the decision to remove Adeduntan is not reversed. “In light of the foregoing, you are required to explain why disciplinary action should not be taken against the Board for hastily removing the MD/CEO and failing to give prior notice to the CBN before announcing the management change in the media.” SOURCE: https://brandnewsday.com/2021/04/29/cbn-first-bank-on-collision-course-over-removal-of-md-ceo/
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| Business / FCMB Customer Dies ‘due To Bank’s Unfriendly Treatment’ (Video & Picture) by Cromartie: 12:51pm On Apr 27, 2021 |
A man said to operate an account with First City Monument Bank (FCMB) in Education bus-stop, Port Harcourt, Rivers State dies after the bank refused to honour a cheque from him by his relative. Brand Spur Nigeria learnt that the incident occurred on Monday. An eyewitness blamed the death of the man (middle-aged) on “frustration, and unfriendly treatment” by FCMB’s customer service attendants. https://www.youtube.com/watch?v=G-eXfGWpJUo According to BBC Pidgin, the eyewitness, named Kelvin Pepple said: “The man who had been long sick has been trying to collect money since Friday last week, but “dem no gree pay am”. Pepple added that: “The bank told a son of the now-deceased man who followed him to the bank to bring affidavit from the court before they will pay him. “The man died inside the taxi as the family was exerting means to get the affidavit.” The Police arrived at the bank to try to put the situation under control, as the crowd continue to gather outside the bank premises. As of the time of filing this report, the management of FCMB is yet to respond with its own version of the story. Paternity Scandal: Adam Nuru Remains MD, FCMB Meanwhile, Brand Spur Nigeria reports that four months after Adam Nuru's unethical conduct with a female staff of the bank, Moyo Thomas, Nuru still remains the Managing Director of First City Monument Bank (FCMB), on the bank’s website. Nuru Remains MD of FCMB Nuru was in December 2020 enmeshed in a marriage scandal with Moyo Thomas, one of the bank’s former female staff members. Tunde Thomas, the husband of the woman in contention, had died on December 16 reportedly from depression and cardiac arrest. Thomas reportedly died of depression after he realized that his two children were allegedly fathered by the bank MD. However, the bank in a statement on January 1, 2021, said it was aware of the allegations making the rounds against Nuru. FCMB Group Head, Corporate Affairs, Diran Olojo, said the bank's board of directors had already commenced a review into the matter, adding that its findings would be disclosed in due course. “We are aware of several stories circulating across several media platforms about our bank’s Managing Director, Adam Nuru; a former employee, Moyo Thomas, and her deceased husband, Mr. Tunde Thomas,” the statement said. “While this is a personal matter, the tragedy of the death of Mr. Tunde Thomas and the allegations of unethical conduct require the bank’s board to conduct a review of what transpired, any violations of our code of ethics, and the adequacy of this code of ethics. "This is already underway. During the period of the review, the managing director has volunteered to proceed on leave. This will guarantee the sanctity of the review process.” And indeed, on Wednesday, January 6, FCMB issued a press release stating that Mrs. Yemisi Edun would be acting as the Managing Director of the bank in the interim period while Mr Adam Nuru was on leave. The bank stated that it was in line with normal corporate practices. “In line with normal corporate practice, Mrs. Yemisi Edun is Acting as the Managing Director of FCMB in the interim period while Mr Adam Nuru is on leave,” the statement read. However, some friends of the late Tunde Thomas suspected that the embattled Managing Director might have been quietly returned to office. A check on FCMB website (https://www.fcmb.com/mr-adam-nuru-managing-director) on Tuesday, April 27 showed that Nuhu was listed as the Managing Director of the bank while Edun was listed as the Executive Director, Finance. SOURCE: https://brandspurng.com/2021/04/27/photo-fcmb-customer-dies-due-to-banks-unfriendly-treatment/
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| Politics / Nigeria To Conduct Census In Q1 2022 As NPC Demarcates 629 LGAs For Headcount by Cromartie: 9:04am On Apr 24, 2021 |
In the just concluded week, the Federal Commissioner and Chairman of the Public Affairs Committee of the National Population Commission (NPC), Mr. Abdulmalik Durunguwa, reportedly said that the Commission awaits President Muhammadu Buhari’s approval to conduct an accurate and reliable national census by the first quarter of 2022. He noted that plans are underway to commence work as the President had recently approved N10 billion intervention fund which enabled the Commission to carry out Enumeration Area Demarcation (EAD) of 629 Local Government Areas – EAD precedes the conduct of the national census and it is expected to be completed by July 2021. The enumeration of the local government areas would help the Commission determine the number of enumerators to be deployed during the national census. Notably, the Commission promised to deploy technological innovations, which include customized software that would fast-track demarcation of areas, and high imagery resolution satellite technology. In another development, the State Governors finally pledged to implement the financial autonomy granted to state Judiciaries and legislatures by the 1999 constitution, as amended, after the Judicial workers embarked on several weeks of indefinite strike action to press on their demand. The state governors have unnecessarily dragged the financial independence of the other arms of government for so long, despite the signing of Executive Order 10 (that enforces the constitutional provisions for financial autonomy for the state, judiciaries) by the Federal Government, as the financial dependency of the Judiciaries and legislatures gave the state governors controlling power over the other tiers of government. We feel that the conduct of the national census has been long overdue given the importance of accurate data to making strategic and economic plans in a country – the last national census in Nigeria was conducted in 2006. The World Bank estimated Nigeria’s population to be 200,963,599 people in 2019, increasing from 195,874,740 people in 2018. These figures which were based on mere estimates can only propel minimal development. Hence, with the eventual conduct of the national census the country may be on the right track to reviewing its national population policy as it affects birth rate, access to health, affordable housing and other social-economic needs that would allow Nigerians to function effectively. SOURCE: https://brandnewsday.com/2021/04/24/nigeria-to-conduct-census-in-q122-as-npc-demarcates-629-lgas-for-headcount/
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| Politics / Re: Balyesa, Delta Beat Lagos To Become Top Investment Spots For Q1 2021 – NIPC by Cromartie: 7:30pm On Apr 22, 2021 |
Elvictor: I simply don't understand how you people are hell-bent on burning this nation. |
| Politics / Balyesa, Delta Beat Lagos To Become Top Investment Spots For Q1 2021 – NIPC by Cromartie: 3:54pm On Apr 22, 2021 |
Nigerian Investment Promotion Commission (NIPC) reports that US$8.41 billion was tracked as investment announcements for Q1 2021, about 75% more than the value in the corresponding period in 2020 (US$4.81 billion). This follows the gradual return of investors’ confidence globally after the COVID-induced decline. The Commission continues the release of the NIPC Intelligence Newsletter 6 days a week and tracked a total of 15 projects across 8 states in the period under review. Bayelsa State received the largest share of the announcements with US$3.6 billion in mining and quarrying. Delta State recorded US$2.94 billion worth of announcements in seaport construction and power transmission, Akwa Ibom State had US$1.4 billion announced in mining and quarrying, and Lagos State with announcements totalling US$0.26 billion in finance, insurance, and manufacturing. The report showed that the leading 4 destinations this quarter accounted for 97% of the total investments announced as against 56% in the corresponding period last year. The top sectors were manufacturing (60%), and construction (34%). Domestic investors were the most active during the period accounting for 35% of the announcements. This was followed by announcements from Morocco (17%), the United Kingdom (3%) and the USA (1%). By sector, manufacturing received the largest investment accounting for 60 percent ($5.08 billion; followed by construction ($2.90 billion); electricity ($0.26 billion); and agriculture ($0.11 billion). The federal government was the highest major source of investments in Q1, which accounted for 35 percent ($2.95 billion). Other sources of investments in Nigeria were Morocco ($1.40 billion); United Kingdom ($0.24 billion), and United States ($0.08 billion). In terms of volume, NIPC said Nigeria received 15 projects across eight states compared to Q1 2020 with 19 projects across 14 states including the Federal Capital Territory (FCT). The commission, however, said that its report may not contain exhaustive information on all investment announcements in Nigeria during the period under review as it is based only on the 340 news articles cited in NIPC’s newsletters from January to March 2021. NIPC’s Intelligence Newsletter publishes Nigerian investment-related news culled, from various sources. This report is based only on the 340 news articles cited in NIPC’s Newsletters from January to March 2021; it may not contain exhaustive information on all investment announcements in Nigeria during the period. Nevertheless, the Report gives a sense of investors’ interest in the Nigerian economy. NIPC did not independently verify the authenticity of the investment announcements but is working on tracking the announcements as they progress to actual investments. SOURCE: https://brandspurng.com/2021/04/22/balyesa-delta-beat-lagos-to-become-top-investment-spots-for-q1-2021-nipc/
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| Phones / Audiomack Partners With MTN To Bring Music Streaming AT ZERO DATA COST by Cromartie: 3:38pm On Apr 22, 2021 |
The partnership will see MTN subscribers gain free access to Audiomack’s streaming service via their mobile devices on weekly and monthly subscriptions April 22, 2021 - Audiomack has partnered with MTN Nigeria to unveil the Audiomack+MTN Data Bundle program, which offers MTN subscribers tailored data bundles for streaming unlimited music and accessing content on Audiomack free of data charges. The partnership will see MTN subscribers gain free access to Audiomack’s streaming service via their mobile devices on weekly and monthly subscriptions. The weekly plan offers 1.2GB + Free Audiomack at N270 while the monthly plan offers 2.5GB + Free Audiomack at N550. Commenting on the partnership, Dave Macli, CEO and Co-Founder of Audiomack Africa said, “At Audiomack, we recognise the importance of access to quality music, and this coupled with Nigeria’s vibrant music industry has influenced this partnership. This relationship not only allows us to create shared value for MTN subscribers by delivering the best musical experiences but also enables us to further connect with the Nigerian music fans.” Charlotte Bwana, Head of Business Development and Media Partnerships for Audiomack Africa described the partnership as a reinforcement of Audiomack’s commitment towards democratising music streaming, a mission from which MTN subscribers will greatly benefit from. “High data costs are one of the barriers to music streaming and we are glad to be partnering with Africa’s leading telecommunications company to provide the Audiomack+ Data Bundle. We are truly excited to offer the best and hottest new musical tracks—a mix of real-time trending, top charts, and expertly-curated playlists to MTN subscribers.” Also speaking, Srinivas Rao, Chief Digital Officer, MTN Nigeria said, “Collaboration is not just rhetoric for us; it is the guiding philosophy behind everything we do. We are good together. We recognize the growing need of our customers to have more options to access entertainment and have partnered with Audiomack to offer them an uninterrupted stream of the best, newest and most diverse music selections.” With millions of monthly active users in Nigeria, Audiomack continues to demonstrate its commitment to moving music forward across the region by providing accessibility for all. SOURCE: https://brandnewsday.com/2021/04/22/audiomack-partners-with-mtn-to-bring-music-streaming-to-over-76-million-subscribers-at-zero-data-cost/
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| Business / GTBank Records 9% Decline in Profit After Tax to ₦45.5Bn in Q1 2020 by Cromartie: 9:58pm On Apr 21, 2021 |
Guaranty Trust Bank (GTBank) Plc has released its unaudited Financial Results for the period ended March 31, 2021, to the Nigerian and London Stock Exchanges. https://brandnewsday.com/2021/04/21/gtbank-reports-profit-before-tax-of-n53-7bn-in-q1-proposes-n31-25k-dividend/ 1 Share
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| Sports / After 18 Years Of Partnership, Kobe Bryant’s Estate Terminates Deal With Nike by Cromartie: 12:20pm On Apr 21, 2021 |
Nike’s 18-year relationship with the basketball legend, which was accompanied by years of iconic advertising has come to an end after his estate and the company failed to reach terms for an extension, according to a report by ESPN. Vanessa Bryant and the Kobe Bryant estate elected not to renew the partnership, she confirmed to ESPN in a statement Monday night. According to a source, Bryant and the estate had grown frustrated with Nike limiting the availability of Kobe products during his retirement and after his January 2020 death in a helicopter crash. There was also frustration with the lack of availability of Kobe footwear in kids' sizes, according to sources. Nike in a statement said: “Kobe Bryant was an important part of Nike’s deep connection to consumers. He pushed us and made everyone around him better. Though our contractual relationship has ended, he remains a deeply loved member of the Nike family.” Bryant and Nike created some of the most high-profile advertising in the sports world since the deal began in 2003, including many from Wieden+Kennedy Portland. Often, the ads embraced Bryant’s “Black Mamba” nickname, including a six-minute film in 2011 directed by action director Robert Rodriguez with cameos from Bruce Willis, Danny Trejo and Kanye West. When Bryant retired in 2016, Nike’s tributes included an ad showing the Lakers legend as a conductor turning his haters’ spite into a delightful symphony. Bryant died in 2020 in a helicopter crash alongside his daughter, Gigi. Vanessa Bryant also confirmed to ESPN that the Kobe Bryant estate owns the rights to both the "Mamba" logo and his signature. The "Sheath" logo often featured on the tongue of Nike's Kobe sneakers is mutually owned by both sides, according to a source. "Kobe Bryant was an important part of Nike's deep connection to consumers," Nike told ESPN in a statement. "He pushed us and made everyone around him better. Though our contractual relationship has ended, he remains a deeply loved member of the Nike family." SOURCE: https://brandnewsday.com/2021/04/21/after-18-years-of-partnership-kobe-bryants-estate-terminates-deal-with-nike/
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| Food / Preparing A Pot Of Jollof Rice Is More Expensive In Abuja Than Elsewhere - SBM by Cromartie: 8:48pm On Apr 15, 2021 |
The average cost of preparing a pot of jollof rice in Nigeria increased by 7.8% between March 2020 and March 2021. An analysis shows that the most expensive place to cook Jollof rice in Nigeria is Wuse, Abuja. This is according to the SBM Jollof index Q1 2021 report, published by SB Morgen. The Jollof index is a composite index that tracks the prices of the main ingredients used to prepare a pot of one of Nigeria’s primary delicacies – Jollof rice, for a family of six. This meal was selected because it has the near unrivalled distinction of being a delicacy in every part of the country. In Abuja, food production is mainly undertaken by its neighbouring states Benue, Kaduna, Kogi and Niger, all of which have seen several attacks in the past few years, showing a decline in that dimension. The report revealed that the cost of making a pot of jollof rice is highest in Wuse, Abuja. Although food distribution has not been affected and unemployment rates are over 40%, but being the administrative headquarters of the government and most international NGOs, outreaches and food distribution are common. “In all the states surveyed, out of a score of 50, the combined score ranged from 18-27 which shows a general decline in entitlements across the states and similar levels of severity. While Bauchi has a higher chance of getting food insecure, the other states are slightly above the borderline, showing a medium decline in their entitlement (ability to get food). The average cost of making a pot of jollof rice in Nigeria rose by 7.8% between March 2020 and March 2021. This is contained in the SBM Jollof index report for Q1 2021, published by SB Morgen. According to the report, the increase was caused by the prolonged border closure, increased energy tariffs, exchange rate volatility, coronavirus pandemic, and the restrictions of forex for the importation of items, largely due to falling oil prices. Key Highlights of the Jollof Index - Specifically, the average cost of making a pot of jollof rice in Nigeria increased from N7,167 recorded in Q4 2020 to N7400 in the first quarter of 2021. representing a 3.24% quarter-on-quarter increase. - The cost of making a pot of rice is most costly in Wuse and least costly at Awka. The report, however, suggests that the disparity could be a result of operational costs rather than the actual cost of commodities. - While it is possible for people in Awka to substitute buying some of the commodities with products from their subsistence agriculture, the same is not possible in Wuse, largely because of its very urban nature. - The high exchange rate of N410/$1 to N475/$1 in the parallel market also adversely affected the price of jollof rice in the country as tomato puree, rice, turkey, and seasoning are affected by the exchange rates. - Also, flooding destroyed several hectares of rice farms across the country. The report stated that up to 500,000 hectares of rice farms were destroyed in Kebbi State alone. - The price of turkey has increased as a result of increased electricity tariffs which has forced increases in cold room costs. According to the SBM Jollof report, “Our interviews with traders shows that transportation costs have not reduced since they were increased during the introduction of the COVID-19 protocols. One of the traders stated that she pays almost twice her former transportation cost prior to COVID-19, and the prices have not gone down even after drivers began to carry more passengers than permitted by the social distancing protocol.” According to the report, in all the markets surveyed, the cost of making a pot of jollof rice increased in Awka, Calabar Municipal Market, Mbakpa, Onitsha, Port Harcourt and Trade Fair, while Balogun, Bauchi, Bodija, Dugbe, Kano, Nyanya and Wuse experienced a slight decrease. The South-South and South-East states experienced an increase in the cost of making Jollof rice, Northern states experienced a price reduction. The price decrease was attributed to the harvest period which usually forces prices of some commodities like onions and tomatoes down. It however suggested that this decrease may have failed to happen in the Southern part of the country because of the cost of transporting the goods down south and because of the price surge introduced by the food blockade. SOURCE: https://brandnewsday.com/2021/04/15/preparing-a-pot-of-jollof-rice-is-more-expensive-in-abuja-than-elsewhere-in-nigeria-sbm/
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| Health / COVAX Reaches Over 100 Economies, 42 Days After 1st International Delivery by Cromartie: 2:00pm On Apr 08, 2021 |
8 April 2021 – More than one hundred economies have received life-saving COVID-19 vaccines from COVAX the global mechanism for equitable access to COVID-19 vaccines. The milestone comes 42 days after the first COVAX doses were shipped and delivered internationally, to Ghana on February 24th. COVAX has now delivered more than 38 million doses across six continents, supplied by three manufacturers, AstraZeneca, Pfizer-BioNTech and the Serum Institute of India (SII). Of the over 100 economies reached, 61 are among the 92 lower-income economies receiving vaccines funded through the Gavi COVAX Advance Market Commitment (AMC). Despite reduced supply availability in March and April – the result of vaccine manufacturers scaling and optimising their production processes in the early phase of the rollout, as well as increased demand for COVID-19 vaccines in India – COVAX expects to deliver doses to all participating economies that have requested vaccines in the first half of the year. “In under four months since the very first mass vaccination outside a clinical setting anywhere in the world, it is tremendously gratifying that the roll-out of COVAX doses has already reached one hundred countries,” said Dr Seth Berkley, CEO of Gavi, the Vaccine Alliance. “COVAX may be on track to deliver to all participating economies in the first half of the year yet we still face a daunting challenge as we seek to end the acute stage of the pandemic: we will only be safe when everybody is safe and our efforts to rapidly accelerate the volume of doses depend on the continued support of governments and vaccine manufacturers. As we continue with the largest and most rapid global vaccine rollout in history, this is no time for complacency.” World Health Organization (WHO) Director-General Tedros Adhanom Ghebreyesus attends a daily press briefing on COVID-19 at the WHO headquaters on March 6, 2020 in Geneva. (Photo by FABRICE COFFRINI / AFP) (Photo by FABRICE COFFRINI/AFP via Getty Images) “COVAX has given the world the best way to ensure the fastest, most equitable rollout of safe and effective vaccines to all at-risk people in every country on the planet,” said Dr Tedros Adhanom Ghebreyesus, WHO Director-General. “If we are going to realize this great opportunity, countries, producers and the international system must come together to prioritize vaccine supply through COVAX. Our collective future, literally, depends on it.” "This is a significant milestone in the fight against COVID-19. Faced with the rapid spread of COVID-19 variants, global access to vaccines is fundamentally important to reduce the prevalence of the disease, slow down viral mutation, and hasten the end of the pandemic,” said Dr Richard Hatchett, CEO of the Coalition for Epidemic Preparedness Innovations (CEPI). “The extraordinary scientific achievements of the last year must now be matched by an unprecedented effort to protect the most vulnerable, so the global community must remain firmly focused on reducing the equity gap in COVID-19 vaccine distribution." “In just a month and a half, the ambition of granting countries access to COVID vaccines is becoming a reality, thanks to the outstanding work of our partners in the COVAX Facility,” said Henrietta Fore, UNICEF Executive Director. “However, this is no time to celebrate; it is time to accelerate. With variants emerging all over the world, we need to speed up global rollout. To do this, we need governments, along with other partners, to take necessary steps to increase supply, including by simplifying barriers to intellectual property rights, eliminating direct and indirect measures that restrict exports of COVID-19 vaccines, and donating excess vaccine doses as quickly as possible.” According to its latest supply forecast, COVAX expects to deliver at least 2 billion doses of vaccines in 2021. In order to reach this goal, the COVAX Facility will continue to diversify its portfolio further, and will announce new agreements with vaccine manufacturers in due course. Furthermore, in March it was announced that the United States government will host the launch event for the 2021 Gavi COVAX AMC Invest Opportunity to catalyse further commitment and support for accelerated access to vaccines for AMC-supported economies. An additional US$2 billion is required in 2021 to finance and secure up to a total of 1.8 billion donor-funded doses of vaccines. COVAX is also working to secure additional sourcing of vaccines in the form of dose-sharing from higher income countries. SOURCE: https://brandnewsday.com/2021/04/08/covax-reaches-over-100-economies-42-days-after-1st-international-delivery/
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| Business / Registered Address: International Breweries Plc Moves To Banana Island by Cromartie: 5:36pm On Apr 06, 2021 |
International Breweries Plc hereby notifies The Nigerian Stock Exchange “NSE” and the investing public that the Company’s Registered Address has changed from 22/36 Glover Road, Ikoyi-Lagos to Plot 5A, Abuja Street, Banana Island, Ikoyi-Lagos. This change has been effected in the statutory form and this notice is given in line with the prescribed rules of the NSE. Meanwhile, International Breweries Plc. managed to sustain its upward revenue trajectory, after a shaky start to the 2020 financial year. The brewer reported a 3.35% YoY growth in revenue to NGN136.79bn, overcoming a challenging first half (during which revenue was down 11.68% YoY due to social restrictions and absence of on-trade sales). A gradual reopening of on-trade channels and festivity-driven demand fueled the rebound in third and fourth-quarter sales (up 22.79% and 16.90%YoY respectively), resulting in cumulative year-on-year growth. NGN4.70bn in cost savings on material consumed and allocated overhead (compared to last year) was the major driver of the 323bps contraction in cost to sales. Cost to sales fell to 77.72% (from 80.95% in 2019FY), which implies an increase in gross margin to 22.28% (from 19.05% in the prior year). International Breweries’ operating expenses also provided support like marketing and distribution expenses declined by 20.47% YoY, pushing OPEX down to NGN40.57bn. Nevertheless, a combination of net FX losses (NGN14.21bn), write-off on PPE disposal (totalling NGN4.35bn), and impairment on financial assets (NGN1.45bn) tipped the brewer into an operating loss position. Earnings were hurt by a surge in unrealised net foreign exchange loss from N2.408 billion to N14.209 billion, and a rise in write off/loss on disposal of a PPE from N11.708 million to N4.352 billion. However, AB InBev-backed International Breweries saw a more than 19 times rise in its shareholders’ fund from N7.463 billion to N151.734 billion, buoyed by proceeds from its right issue of 18.266 billion ordinary shares. Total assets also scaled up from N365.147 billion to N372.646 billion. SOURCE: https://brandnewsday.com/2021/04/06/registered-address-international-breweries-plc-moves-to-banana-island/
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| Phones / Xiaomi Signs Jay-jay Okocha As Brand Ambassador (photos) by Cromartie: 1:55pm On Apr 05, 2021 |
The world’s third-largest smartphone brand, Xiaomi has revealed its new corporate brand face that signifies bold transformation in Nigeria mobile device industry and all-new repurpose. The ambassadorial signing represents Xiaomi ambitions to establish a leadership position in the future mobile industry by revamping nearly all facets of its business in Nigeria and beyond Africa. The former Eagles midfielder, Austin Jay-Jay Okocha, during the week, was endorsed as the brand ambassador of Xiaomi by the manufacturer of mobile devices ranges across all social-economic classes. The firm, which expressed confidence in the deal with the former Super Eagles captain, stated that Okocha was a great fit for the modern products it has a lineup, especially the yet to be launched “Redmi Note 10”. Okocha, who expressed his delight at the endorsement, said: “I am honoured to be associated with the world’s top 3 mobile devices in Nigeria, Xiaomi. If Xiaomi isn’t a great company and serves as an engine room for creating values, all these wouldn’t be happening. Am happy to be part of the brand I hope the business will boom during the endorsement tenure that the company will want to do more. I believe in a long-term relationship.” Speaking on the occasion, the Marketing Director Xiaomi Nigeria, Mr. Somoye Habeeb said, “The company couldn’t think of a bigger name than the former international midfielder. We launched Xiaomi-Nigeria two years ago with Redmi Note 7; thereafter we launched Redmi Note 8 in October 2019 same year. In 2020, we launched the Redmi Note 9series and today the company planned to challenge the boundaries of the Nigerian mobile industry with Redmi Note 10 series. No other person that represents 10 in Nigeria better than Jay-Jay Okocha, 10 with good stories and memories, so Jay-Jay is the best person that can represent Redmi Note 10 in Nigeria and beyond.” Speaking further, Somoye said, “We are delighted to partner with a legend like Jay-Jay Okocha in Nigeria, which is also our biggest international market. Who is better than Jay-Jay Okocha to take the values of our Redmi Note 10 to every household in Nigeria?” “Our focus has always been to bring superior products with great performance to all Nigerians as pronounced in our slogan ‘innovation for everyone. We will be launching the most superior Redmi Note series in Nigeria soonest.” Meanwhile, the new Redmi Note 10 series has been fixed for launch on April 6, 2021. This product will challenge the boundaries of clarity, the boundaries of sensation and boundaries of speed to mention a few. Xiaomi Corporation was founded in April 2010 and listed on the Main Board of the Hong Kong Stock Exchange on July 9, 2018 (1810.HK). Xiaomi is an internet company with smartphones and smart hardware connected by an Internet of Things (IoT) platform at its core. With the vision of being friends with its users and being the “coolest company” in the hearts of its users, Xiaomi is committed to continuous innovation, with an unwavering focus on quality and efficiency. The company relentlessly builds amazing products with honest prices to let everyone in the world enjoy a better life through innovative technologies. Xiaomi is currently the world’s fourth-largest smartphone brand and has established the world’s largest consumer IoT platform, with more than 196 million smart devices connected to this platform, excluding smartphones and laptops. Currently, Xiaomi products are present in more than 80 countries and regions around the world and have a leading foothold in many of them. In July 2019, Xiaomi for the first time made the Fortune Global 500 list, ranking 468th among all, and 7th in the Internet Services and Retailing category. SOURCE: https://brandnewsday.com/2021/04/05/xiaomi-signs-jay-jay-okocha-as-brand-ambassador-photos/
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| Celebrities / Burna Boy And Wizkid Are The Most Streamed Artists On Spotify In Nigeria by Cromartie: 7:01pm On Mar 31, 2021 |
March 31, 2021: On February 23rd, more than 70 million songs, 2.2 million podcast titles, and over 4 billion playlists became officially available to Spotify listeners in Nigeria for free. Spotify launched with a tailored music experience for Africa with more than 100 expertly curated playlists across some of the most popular genres in the continent. But what got the fans listening? The first 30 days demonstrated how much Nigerian listeners love their home-grown artists. Four out of the top five most-streamed artists are from Nigeria. Topping the list are the country’s beloved superstars: WizKid, Burna Boy, DaVido, and Rema. Local hits are also resonating the most with Nigerian listeners. The most-streamed track in Nigeria over the past month is “Bounce” by Rema, followed by Wizkid and Burna Boy’s “Ginger” and DaVido and Teni’s “FOR YOU”. With a strong appetite for local sounds, it comes as no surprise that Hot Hits Naija is one of the top-streamed playlists among users. Spotify’s Africa to the world playlist African Heat comes in second reflecting listeners’ keenness to discover music from all over the continent. Podcast listening may be a relatively new trend in Nigeria, but it is fast gaining momentum among Nigerians. In the last month, the most popular podcast on Spotify is “I Said What I Said,” with “Kwality Kontent” coming in second. “TED Talks Daily” came in third, followed by “Articulate One” and “The Daily Show With Trevor Noah: Ears Edition” in fourth and fifth position respectively. Residents of Lagos, Suleja, Abuja, Port Harcourt and Benin City account for the most Spotify streams in Nigeria. So how did the first month of Spotify in Nigeria sound? Top-streamed artists: - WizKid - Burna Boy - DaVido - Drake - Rema Top-streamed songs: - Rema - Bounce - WizKid feat. Burna Boy - Ginger - DaVido, Teni - FOR YOU - Olamide, Omah Lay - Infinity - DaVido, Focalistic, Virgo Deep - Ke Star - Remix Most popular playlists: - Hot Hits Naija - African Heat - Today's Top Hits - RapCaviar - Gbedu Top podcasts: - I Said What I Said - Kwality Kontent - TED Talks Daily - Articulate One - The Daily Show With Trevor Noah: Ears Edition Cities with most streams on Spotify: - Lagos - Suleja - Abuja - Port Harcourt - Benin City Data based on Spotify user consumption between February 23 and March 22, 2021. SOURCE: https://brandnewsday.com/2021/03/31/burna-boy-and-wizkid-are-the-most-streamed-artists-on-spotify-in-nigeria/
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| Politics / Ogun Distributes Monitoring Vehicles To Improve Town Planning Activities by Cromartie: 10:38am On Mar 30, 2021 |
In line with its agenda of ensuring proper Town Planning and Urban renewal, the Ogun State Government through its Ministry of Physical Planning and Urban Development has distributed twenty-six mini vehicles to complement monitoring activities at its 22 Zonal Town Planning Offices across the State. Commissioner for Physical Planning and Urban Development, TPL. Olatunji Odunlami during the launching organised by the State Planning and Development Permit Authority, at the Arcade ground, Oke-Mosan, Abeokuta said monitoring of physical development of the state is of paramount importance to the present administration, noting that in the past, monitoring of activities was a challenge to some of the zonal offices as a result of lack of operational vehicles to aid their movement. He added that the launching of the new vehicles was a deliberate plan to make a difference in the physical development of the state. Earlier in his opening remarks, the Acting General Manager, Planning and Development Permit Authority, Tpl. Kolawole Ogun appreciated the state governor for his show of love towards the Town Planning profession, advising the zonal town planning officers to jealously guide and make good use of the vehicles, urging them to take the profession to a higher level for the environment to be a better place. SOURCE: https://brandnewsday.com/2021/03/30/ogun-distributes-monitoring-vehicles-to-improve-town-planning-activities/
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| Politics / #endsars: Lagos Judicial Panel Awards ₦16.25 Million To 4 Petitioners (photos) by Cromartie: 5:40pm On Mar 29, 2021 |
The Lagos State Judicial Panel of Inquiry and Restitution for Victims of police-related abuses has awarded more compensation to the tune of ₦16.25 million to victims of police brutality in the State. Delivering the panel’s ruling in six petitions on Saturday, the Chairman, (Rtd) Justice Doris Okuwobi, said that monetary compensation was awarded to four petitioners in different sums, while the remaining two were not compensated. She said in Felicia Opara’s petition against the Nigerian Police Force, the petitioner had narrated to the panel how she was arrested and beaten by several officers for filming the violence that occurred during the #EndSARS protest at Surulere on October 12, 2020. Mrs. Okuwobi said findings by the panel revealed the inability of appropriate authorities to bring perpetrators of the torture and abuses against the petitioner to book, noting that “The Police are aware of the fundamental rights of people guaranteed in the Constitution. The culture of impunity and violence as observed in some officers of the Police Force has given them the wrong mentality that brutality and excessive force are fundamental to achieving success in policing in Nigeria”. The Panel, according to the Retired Judge, therefore, recommended an apology letter to the petitioner by the Nigerian Police Force, training of officers on Human Right laws and enforcement, necessary disciplinary action against erring officers and awarded ₦750,000 to the petitioner as compensation. On the second petition relating to the death of one Olusegun Openiyi who was killed by police officers in 2017, the Chairman stated that the totality of the evidence given by the petitioner showed that the petitioner’s facts were not challenged and controverted by the respondent, hence, they were credible and strong enough for a ₦10 million as compensation to the family of the deceased. “Medical evidence confirmed that death was caused by gunshot, the accused police officer, Jide Akintola’s investigation was not properly conducted”, she added. Aside from the monetary compensation, the Panel also recommended scholarship for one biological child of the victim and the prosecution of the named officer, Jide Akintola. Similarly, the Panel also awarded N5 million compensation to another petitioner, Blessing Omorogie, who suffered a deformity on her face as a result of gunshot injuries. The retired judge added that the petitioner’s right to life under section 33 of the constitution was threatened but she had no power or means to pursue the enforcement of her fundamental right. She said, “The grievous harm done to the petitioner is unlawful. She was inflicted with a grave injury and requires plastic surgery. ₦5 million is hereby awarded to the petitioner,” the retired Judge ruled. Another petitioner, Mr. Tella Adesanya, also received compensation of ₦500,000 for his unlawful detention in the police custody without being charged to court as well as for the trauma he suffered. Mr. Adesanya, a staff of the Nigerian Agricultural Quarantine Service, under the Federal Ministry of Agriculture, had earlier narrated to the panel that he was arrested at a checkpoint along LASU-Iba road, for allegedly knocking someone down with his car. “The petition is uncontested on facts before the panel that the petitioner was arrested, detained for three days and not taken to any court”, the Judge said. While noting that the Panel found out that bribe was given to the Police Officer before he was released and the petitioner’s car is still in custody of the police to date, the Chairman said ₦500,000 was awarded to the petitioner for his unlawful detention and trauma suffered, adding that his car should also be released immediately. Meanwhile, the petition of an alleged killing of a physically challenged man, Francis Idum, by Police Officers at Ajisegiri Street, Ilupeju, received no compensation. Relatives of the deceased had earlier told the Panel how Mr. Idum was killed by a bullet, allegedly shot by Police Officers when they came to arrest some cultists at Ilupeju on July 15, 2019. Delivering ruling on the matter, the Chairman said the Panel found out that the deceased was killed by an unidentified person taking into evidence the testimony of the respondent, stressing that the petitioner did not establish his case by showing that it was a weapon handled by the Police that killed the deceased. According to her, “After the deceased had been shot, his corpse was taken away by Police Officers led by the Area Commander, Area F Command, with the shell of a bullet with serial number BS99m and a pistol recovered beside the body of the deceased”. The retired judge said despite several petitions written to the police on the incident, findings indicated that the police could not execute the operation they went for on July 15, 2019 at Ajisegiri Street due to overwhelming crowd and volatile situations on ground. She said, “No direct evidence was given as to the exact person who shot the deceased, none of the petitioner’s witnesses that testified in respect of the case were eyewitnesses of the incident as they were not at the scene when he was shot”. “The petitioner could not establish that the bullet whose shell was found near the deceased was from the weapon used by the police. The evidence of the Police witnesses and the movement of arms register remain uncontroverted as the Police only signed out AK 47 as operational weapons for that day”, she added. The Chairman, therefore, ruled that the petitioner could not establish his case and the Panel is unable to award any compensation. Also, in the case of Oladoyin Ademola, a petitioner who testified that the multiple slaps he received from Police Officers at Dopemu Checkpoint resulted in cataract, the Chairman said “The petitioner did not connect the cataract he suffered to the act of the Police. The Panel cannot hold the Police responsible for the cataract he suffered, hence, we are unable to award any compensation in his case”. Recall that the Panel had earlier awarded a total sum of ₦27.5 million as compensation to two petitioners on 19th February and 12th March, 2021, therefore, with another ₦16.25 million awarded, the total compensation paid so far is ₦43.75 million. SOURCE: https://brandnewsday.com/2021/03/29/endsars-lagos-judicial-panel-awards-%e2%82%a616-25-million-to-four-petitioners/
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| Politics / Re: 38.6% Of Nigeria's Total Public Debt Was External In Q4 2020 - NBS by Cromartie: 9:55am On Mar 29, 2021 |
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| Politics / 38.6% Of Nigeria's Total Public Debt Was External In Q4 2020 - NBS by Cromartie: 9:06am On Mar 29, 2021 |
Nigerian States and Federal Debt Stock data as of 31st December 2020 reflected that the country's total public debt portfolio stood at N32.92trn. According to the report released by the National Bureau of Statistics (NBS) and made available to Brand News Day, Nigeria's total public debt portfolio showed that N12.71trn or 38.60% of the debt was external while N20.21trn or 61.40% of the debt was domestic. Further disaggregation of Nigeria's foreign debt showed that $17.93bn of the debt was multilateral; $4.06bm was bilateral from the AFD, Exim Bank of China, JICA, India, and KFW while $11.17bn was commercial which are Eurobonds and Diaspora Bonds and $186.70 as Promissory notes. The total States and FCT domestic debt was put at N4.19trn with Lagos state accounting for 12.15% of the debt stock while Jigawa State has the least debt stock in this category with a contribution of 0.74%. SOURCE: https://brandnewsday.com/2021/03/29/38-6-of-nigerias-total-public-debt-was-external-in-q4-2020-nbs/
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| Politics / Easter: FRSC Deploys 25,224 Personnel, 580 Patrol Vehicles & 92 Ambulances by Cromartie: 9:06pm On Mar 28, 2021 |
Towards ensuring a safe and smooth 2021 Easter celebrations, the Federal Road Safety Corps ( FRSC) National Headquarters has deployed a total of 25, 224 personnel to cover the various highways across the country with monitors deployed to ensure compliance to the operational guidelines of the special patrol scheduled to commence from 31 March and terminate on 7 April, 2021. This was contained in a press release signed by the Corps Public Education Officer, Assistant Corps Marshal Bisi Kazeem over the weekend. https://brandnewsday.com/2021/03/28/easter-frsc-deploys-25224-personnel-580-patrol-vehicles-92-ambulances-other-logistics/ 1 Like
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| Business / Access Bank Receives Approvals In respect Of Its Proposed Acquisition Of Grobank by Cromartie: 11:37am On Mar 26, 2021 |
Access Bank Announces Receipt Of Regulatory Approvals In Respect Of Its Proposed Acquisition Of Grobank Limited Lagos, Nigeria March 26, 2021 - Sequel to its earlier announcement on September 29, 2020, Access Bank Plc announces today that it has received the approvals of the South African and Nigerian regulatory authorities to its proposed acquisition of the South African-based Grobank Limited (Grobank). These approvals constitute a significant milestone in the transaction which is expected to be completed in the second quarter of 2021 subject to completion of other conditions precedent. Speaking on the development, Mr. Herbert Wigwe, the GMD/CEO of Access Bank, said: Access Bank Announces Receipt Of Regulatory Approvals In Respect Of Its Proposed Acquisition Of Grobank Limited "Today's announcement represents significant progress in delivering on our strategic intent of becoming Africa's Gateway to the World in pursuit of our vision to be the World's Most Respected African Bank. Our presence in South Africa will no doubt accelerate the attainment of our goal of delivering our More than Banking promise to 100 million unique customers across the continent. It will also build on our existing foundation and deliver enhanced value to our shareholders, employees and other stakeholders." SOURCE: https://brandspurng.com/2021/03/26/access-bank-announces-receipt-of-regulatory-approvals-in-respect-of-its-proposed-acquisition-of-grobank-limited/
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| Celebrities / Nigerian Idol & The Voice Nigeria To Premiere On Dstv & Gotv by Cromartie: 11:57am On Mar 25, 2021 |
This weekend, we get to see the Judges on the Nigerian Idol in action. If you’ve been on social media these past two weeks, chances are you’ve seen one or two audition clips from the show that have either made you laugh out loud or go, “wow!”. And going by what we’ve seen so far, we already know we’re in for a very entertaining ride when the main show starts Sunday, March 28, 2021. Popstar, Seyi Shay; music entrepreneur, Obi Asika and internationally acclaimed DJ, DJ Sose will be bringing their collective expertise and knowledge of music and the music industry to guide the contestants on the sixth season of the Nigerian Idol. They will also be sifting through 3600 entries to see who will make it to the final 11 and battle to become the next Nigerian singing sensation. Award-winning TV Host, IK Osakioduwa also joins the franchise as the host of the show. Nigerian Idol is, however, not the only platform serving music content this weekend. The Voice Nigeria is also back, and you get to follow contestants from the blind auditions until the live performances as a host of Nigeria’s finest, Darey, Falz, Yemi Alade and Waje, decide on who has ‘The Voice’. Weekend nights for the next couple of months will be exciting. MultiChoice is keeping true to its promise of delivering world-class entertainment! So, get your chairs and score sheets ready as you prepare to predict Nigeria’s next superstars and follow their journey. The Voice Nigeria will premiere Saturday, March 27 on AM Showcase (DStv 151), AM Urban (DStv 153), and AM Family (DStv 154, GOtv 2) at 8 pm while Nigerian Idol main show starts Sunday, March 28 also on AM Showcase (DStv 151), AM Urban (DStv 153), and AM Family (DStv 154, GOtv 2) at 7 pm. SOURCE: https://brandnewsday.com/2021/03/25/nigerian-idol-the-voice-nigeria-to-premiere-on-dstv-gotv/
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| Sports / 5 Highest Paid Players Lost $173M In Market Value, Messi Top With A $66M Drop by Cromartie: 10:29am On Mar 25, 2021 |
World’s Five Highest Paid Football Players Lost $173M In Market Value, Messi Tops With A $66M Drop The COVID-19 pandemic has had an enormous impact on the entire football eco-system, causing considerable drops in clubs’ revenues and their players’ market value. According to data presented by Safe Betting Sites, the combined market value of Lionel Messi, Cristiano Ronaldo, Neymar, Kylian Mbappe, and Mohamed Salah, as the world’s five highest-paid football players, plunged by $173 million in the last year. Messi Lost $66M In Market Value, More Than Neymar And Cristiano Ronaldo Combined The Barcelona superstar Lionel Messi backs up his talent with the highest earnings. The famous right-winger, who is considered by many to be the greatest player on the planet, tops Forbes’ list of the highest-paid football players. Messi makes an annual salary of $126 million at the Nou Camp, although his contract expires at the end of the 2020/21 campaign. However, the world’s highest-paid football player also witnessed the biggest drop in market value in 2020. The TransferMarkt data show his valuation plunged from $154 million in December 2019 to $88 million in January 2021. Statistics also indicate Messi’s market value has constantly been falling since May 2018, when it peaked at €180 million. The Portuguese superstar and the most popular athlete on the planet, Cristiano Ronaldo, is the second-highest-paid football player globally. His Juventus contract brings him an annual salary of $117 million, $9 million less than Messi. However, the Juventus forward also witnessed a substantial market value drop last year, with the figure going down from $82.5 million in December 2019 to $66 million in December 2020. Neymar set a world-record with his $263 million transfer to PSG from Barcelona in 2017. With an annual salary of $96 million, the Brazilian footballer ranked third on the Forbes list. However, the TransferMarkt data show his market value plunged by $35.2 million in 2020, the second-largest drop among the top five players. In December 2019, the 21-year-old was valued at $176 million. This figure slumped to $140.8 million in October last year. Kylian Mbappe And Mohamed Salah Lost $55M In Combined Market Value The next generation leader, Kylian Mbappe confirmed his place among the best players on the planet by scoring four times as France won the 2018 World Cup. His $215 million worth transfer from Monaco to Paris Saint Germain in 2018, which made him the sports’ highest-paid teenager, remains the second most expensive in history. The 22-year-old, who ranked fourth on the Forbes list, makes $42 million per season. However, his market value dropped by $22 million last year. As the fifth football player on this list, Mohamed Salah made $37 million last season after leading Liverpool to its first Premier League title in 30 years. Although the Egyptian footballer has the highest win rate of any league player to have appeared in more than 100 matches, his market value also dropped significantly last year. In December 2019, Salah was valued at $165 million. In the next ten months, this figure fell to $132 million. SOURCE: https://brandnewsday.com/2021/03/25/worlds-five-highest-paid-football-players-lost-173m-in-market-value-messi-tops-with-a-66m-drop/
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| Business / Dangote Cement Revenue Breaks ₦1tn Amid 15% Increase In Cost Of Sales by Cromartie: 5:19pm On Mar 24, 2021 |
Dangote Cement PLC FY-2020 shows a 15.98% growth in revenue from ₦891.97bn to ₦1.03tn. The remarkable growth in revenue during an economically turbulent year may be attributed to the export concession that was granted to Dangote Cement while the borders were closed to trade. Cost of Sales also increased by 15.26%, however, the Net Finance Cost was substantially reduced by 72.83%. Dangote Cement’s Gross Profit and Operating Profit grew by 16.52% (₦596.23bn) and 28.96% (386.73bn) respectively, compared to the ₦511.68bn and ₦299.89bn recorded in 2019. Finance Income Growth Facilitates a Growth in Profit The Profit before Tax grew by 49.04%, from ₦250.47bn to ₦373.31bn. Despite a 94.65% increase in Taxation, Profit After Tax advanced by 37.68% from ₦200.52bn to ₦276.07bn in the current period. This was supported by a 292% increase in finance income, resulting from a low yield environment that increased income from their financial assets. SOURCE: https://brandnewsday.com/2021/03/24/dangote-cement-revenue-breaks-%e2%82%a61tn-amid-15-increase-in-cost-of-sales/
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| Business / NBC To Vigorously Contest Case Against Rite Foods by Cromartie: 1:00pm On Mar 24, 2021 |
March 23: The Nigerian Bottling Company (NBC) has issued a short statement in response to allegations of copyright infringement against it by Rite Foods Limited. In the statement issued, NBC stated, “We note recent media coverage relating to the legal case between Rite Foods Limited and Nigerian Bottling Company Limited ‘’NBC’’, regarding the Predator Energy drink. Given that the case is now going through the due legal process, we are limited in what we can say publicly. However, in the interest of clarity and accuracy, both NBC and Predator Energy would like to make two things 100% clear: firstly, we are well within our rights to continue to sell the Predator products and secondly, neither NBC nor its Managing Director, is in breach of any court order. Naturally, we will contest the case vigorously and after due consideration of the merits of the case we are confident that the Court will confirm our rights-based mainly on the facts that the bottles and logos are not confusingly similar and Predator Energy’s established use of the Predator brand and logo in many other markets around the world.” SOURCE: https://brandnewsday.com/2021/03/24/nbc-to-vigorously-contest-case-against-rite-foods/
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| Business / Zenith Bank Named Best Bank In Nigeria For The 2nd Successive Year by Cromartie: 9:29am On Mar 24, 2021 |
Zenith Bank Named Best Bank in Nigeria For The 2nd Successive Year In The Global Finance Best Banks Awards 2021 Zenith Bank Plc has been named as the Best Bank in Nigeria for the second successive year in the Global Finance Magazine’s Best Banks Awards 2021. The bank was among other banks from 35 countries in Africa recognised as the prestigious US magazine, Global Finance announced its 28th Annual Best Bank Awards Winners in Africa. The editors of Global Finance made all selections after extensive consultations with corporate financial executives, bankers and banking consultants, and analysts worldwide. Global Finance considered factors that ranged from the quantitative objective to the informed subjective in selecting these top banks. Objective criteria considered included: growth in assets, profitability, geographic reach, strategic relationships, new business development and innovation in products. Subjective criteria included the opinions of equity analysts, credit rating analysts, banking consultants and others involved in the industry. Global Finance’s “Best Banks Awards” are recognised amongst the world’s most influential banking/finance and corporate professionals as the most coveted and credible awards in the banking industry, with winners chosen in 150 countries and territories across Africa, AsiaPacific, the Caribbean, Central America, Central & Eastern Europe, Latin America, the Middle East, North America and Western Europe. Founded in 1987, Global Finance regularly selects the top performers among banks and other financial services providers, and the awards have become a trusted standard of excellence for the global financial community. According to Joseph D. Giarraputo, publisher and editorial director of Global Finance, “this year’s evaluations are more important and valuable than at any point in their 28-year history, given the unprecedented economic conditions wrought by the global pandemic.” In his words, “Banks are playing a key role in economic recovery around the world, and as such, our Best Bank awards highlight the leaders in restoring growth and mapping a way forward.” Commenting on the recognition, the Group Managing Director/Chief Executive of Zenith Bank, Mr, Ebenezer Onyeagwu said: “This award is a strong indication of our resilience despite a very excruciating macroeconomic environment exacerbated by the COVID 19 pandemic”. He added that the award was made possible by the joint contributions of the bank’s key stakeholders – the Group Chairman, Jim Ovia, for his pioneering and foundational role in building the structures and laying the foundation for an enduring and very successful institution, the Board for the deep insights and outstanding leadership they provide, the staff for their commitment, doggedness, creativity and very outstanding talents as well as the Bank’s teeming customers for their continued support and loyalty. Zenith Bank has remained a clear leader in the Nigerian financial services industry, distinguishing itself through unique customer experience and sound financial indices. The bank is also the pioneer in the digital space with several firsts in deploying innovative products and solutions that ensure convenience, speed and safety of transactions. As a testament to its resilience and market leadership, Zenith Bank recently announced an impressive result for the year ended December 31, 2020, with gross earnings rising by 5% to N696.5 billion and profit before tax (PBT) growing 5% to N255.9 billion. Consistent with this superlative performance and in recognition of its track record of exceptional performance, Zenith Bank was voted as Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020, Best Bank in Nigeria in the Global Finance World’s Best Banks Awards 2020 and Best Corporate Governance’ Financial Services’ Africa 2020 by the Ethical Boardroom. Also, the bank emerged as the Most Valuable Banking Brand in Nigeria, for the fourth consecutive year, in the Banker Magazine “Top 500 Banking Brands 2021” and Number One Bank in Nigeria by Tier-1 Capital in the “2020 Top 1000 World Banks” Ranking published by The Banker Magazine. Similarly, the bank was recognised as Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Retail Bank of the year at the 2020 BusinessDay Banks and Other Financial Institutions (BOFI) Awards, and Best Company in Promotion of Good Health and Well-Being as well as Best Company in Promotion of Gender Equality and Women Empowerment at the Sustainability, Enterprise and Responsibility (SERAS) Awards 2020. SOURCE: https://brandnewsday.com/2021/03/24/zenith-bank-named-best-bank-in-nigeria-for-the-2nd-successive-year-in-the-global-finance-best-banks-awards-2021/
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| Business / Dangote Cement Generated ₦276.1B PAT; Proposed Dividend Of ₦16 Per Share by Cromartie: 10:04pm On Mar 23, 2021 |
Performance sustained by strong demand coupled with cost-saving measures 23rd March 2021: Dangote Cement PLC, Africa’s largest cement producer, announces audited results for the financial year ended 31st December 2020. Financial Highlights - Group revenue increased by 16% to ₦1,034 billion (2019: ₦891.7 billion). - Group EBITDA up 20.9% to ₦478.1; 46.2% margin - Record high Pan-Africa EBITDA of ₦71.3B, up 49.0%; 22.4% margin - Earnings per share up 36.9% to ₦16.14 - Proposed dividend maintained at ₦16.00 per share - Net debt of ₦337.3B; net debt/EBITDA of 0.71x - Group net profit increased by 38% to ₦276.1 billion (2019: ₦200.5 billion). - Group earnings per share increased by 37% to ₦16.14 (2019: ₦11.79). - Company revenue increased by 18% to ₦720 billion (2019: ₦610.3 billion) - Company net profit increased by 35% to ₦352.6 billion (2019: ₦261.4 billion). - Company earnings per share increased by 35% to N20.69 (2019: ₦15.34). Operating Highlights - Group sales volumes up by 8.6% to 25.7 million tonnes - Total Nigerian volumes up 12.9% to 15.9Mt; domestic volumes up 14.3% at 15.6Mt - Pan-African volumes up 4.4% at 10.0 million tonnes - Clinker shipment from Nigeria via the Apapa Export Terminal - Commissioned Onne Export Terminal in Port Harcourt - The commissioned gas power plant in Tanzania Share buyback - Completed a successful share buyback programme; repurchased 0.24% of shares outstanding Michel Puchercos, Group Chief Executive Officer, said: “Despite the impact of the COVID-19 pandemic, 2020 was a record year for Dangote Cement across the board. Several firsts made 2020 a productive year such as our maiden clinker shipment, maiden bond issuance and successful buyback programme. We increased our capacity by 3Mt in Nigeria, commissioned our two export terminals and commissioned our gas power plant in Tanzania. All this was achieved whilst we focused on protecting our people, customers, and communities from the impact of the pandemic. Dangote Cement recorded strong top-line growth supported by strong cement demand. Profitability was further bolstered by our disciplined cost control measures in what we believed to have been a highly inflationary and volatile year. These measures resulted in a 37.7% increase in profit after tax to ₦276.1B. I am delighted to report that Dangote Cement experienced its strongest year in terms of EBITDA and strongest year in terms of volumes. Despite a challenging environment, Group volumes for the year were up 8.6% and Group EBITDA was up 20.9%, at a 46.2% margin. Looking ahead, we have strengthened our alternative fuel initiative which focuses on leveraging the circular economy business model and reducing exposure of our cost base to foreign currency fluctuations. We continue to embed Dangote Cement’s 7 sustainability pillars into every aspect of our operation and culture. We remain committed to keeping our staff and communities safe by being fully compliant with health and safety measures in all our territories of operation. We are focused on adapting to the rapidly evolving markets in which we operate.” Dangote Cement is Africa’s leading cement producer with 48.6Mta capacity across Africa. A fully integrated quarry-to-customer producer, we have a production capacity of 32.25Mta in our home market, Nigeria. Our Obajana plant in Kogi State, Nigeria, is the largest in Africa with 16.25Mta of capacity across five lines; our Ibese plant in Ogun State has four cement lines with a combined installed capacity of 12Mta and our Gboko plant in Benue state has 4Mta. SOURCE: https://brandnewsday.com/2021/03/23/dangote-cement-generated-%e2%82%a6276-1b-pat-proposed-dividend-of-%e2%82%a616-per-share/
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| Business / Dangote Cement To Pay Over ₦97 Billion In Corporate Tax For 2020 Financial Year by Cromartie: 9:33pm On Mar 23, 2021 |
Africa's largest cement producer, Dangote Cement Plc has remained a major contributor to the economy with a tax charge of N97 billion for the financial year ended 31st December 2020, even as it proposed a dividend of N16 per share.https://brandnewsday.com/2021/03/23/dangote-cement-to-pay-over-n97bn-in-corporate-tax-for-financial-year-2020/ 2 Likes
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