Ok

Wehdone Sir.

Ok

This is serious

Good one.

A new order is in town, by the federal government to seize all accounts corporate and individual without Bank Verification Numbers (BVN) and lots of Nigerians are not happy.

Below are the 5 things you should know about the new CBN/BVN policy:

46 million banks accounts could be affected

Data obtained by BusinessDay from Nigeria Inter-Bank Settlement System Limited (NIBSS) shows that a total of 46 million bank accounts are yet to be linked to BVN as at February 2017, the latest period for which data is available. Total bank accounts in the banking system were 97.57 million as at February 2017 while total accounts linked with BVN stood at 51.72 million, leaving a total of 46 million accounts yet to be linked with BVN – introduced in February 2014 to ensure that all bank accounts have the biometric identification of their owners.

Owners of Accounts without BVN have only 14 days (2 weeks) to show why the money should not be seized

The banks have been given an ultimatum of 14 days to advertise accounts without BVN in a national newspaper. During this time, the owners of such accounts are expected to show cause why the money should not be forfeited.

The CBN/BVN policy could be extended to Microfinance banks

The federal government has asked the Central Bank of Nigeria to extend the requirement for the Bank Verification Number (BVN) to account holders in microfinance banks. Kemi Adeosun, Nigeria’s minister of Finance said this in a letter to the CBN governor, Godwin Emefiele. 

Assets such as Treasury bills, fixed deposits among others must be linked to a BVN account

Banks to disclose any investments made with funds from accounts without BVN to the government in any product, including fixed/term deposits and their liquidation and interest incurred, bank acceptances, commercial papers and any other relevant information related to the transaction made on the account.” 

Over 15 million Nigerians living abroad will be hit hardest

No fewer than 15 million Nigerians living outside the country, especially in the US, who are yet to register for their BVN are also going to be hit hard by the CBN directive.

In 2015, according to a recent Pew Research Center report, diaspora remittance from United States to Nigeria totalled $5.7 billion.

 

SOURCE: https://brandspurng.com/5-things-to-know-about-fg-bvn-order/

Nigeria’s most customer-friendly telecommunications company, 9mobile, held the 18th edition of its quarterly Small and Medium-scale Enterprise networking and empowerment forum, 9mobile Market Access, in Lagos on Thursday with the theme: ‘Access to Sustainable Market for SMEs: Challenges & Opportunities’, empowering scores of entrepreneurs.

9mobile Market Access, which is organized by the telco in partnership with the Enterprise Development Centre of the Pan Atlantic University, provides a platform for SME owners to interact with large corporations with the objective of sharing knowledge and strategies that can enable the growth of start-ups and small businesses.

Speaking at the event, Plato Syrimis, Director, Enterprise Segment, 9mobile said, “At 9mobile Market Access, we help to create the connection that enables you to hit the ground running with the brilliant ideas and insights that are shared. 9mobile recognises the impact of SMEs towards enabling the growth of any economy and this is why we have remained consistent in offering our assistance and support to Small and Medium-sized Enterprises through our innovative platforms and services.

“Our commitment and consistency have earned us a reputation as “Nigeria’s Most SME-friendly Company” and Market Access is just one of the many platforms through which we empower SMEs.”

Syrimis added: “Our more business proposition is focused on supporting the growth of the Nigerian economy by developing SMEs and providing innovative solutions designed to enhance their businesses. In addition, the SME Arena is an online community that is now very active with daily posts, comments and interactions with content provided by in-house contributors, merchants, and other community members. In 2016, we had 1,462 merchants on the SME Arena and this number has grown to 3,490 merchants within a short time frame.”

The keynote speaker at the forum, Eke Obiji, Executive Director, Nigerian Association of SMEs, highlighted some of the opportunities available to the Nigerian SME market and the challenges that hinder the growth of the sector.

Obiji said, “Globally, SMEs are seen as engine rooms to economic growth and Nigeria is no exception. In as much as we face severe challenges such as lack of strong patent laws to protect innovation; high-cost of doing business in Nigeria; over-regulation; and so many others, the Nigerian market also offers great opportunities such as our huge population. A country like China is utilising the benefits of their population and Nigeria should learn from this. 9mobile Market Access is laudable and I want to commend 9mobile and Enterprise Development Centre of the Pan Atlantic University for organising and sponsoring the forum.”

Earlier in the year, 9mobile Market Access, which has been at the forefront of empowering and supporting SMEs, was held in Enugu and Abuja, and has impacted over 7, 200 entrepreneurs, in total, across cities in Nigeria.

9mobile provides innovative enterprise solutions and platforms such as Millionaire Hunt which gives qualifying participants grants for business expansion, KwikCash which gives access to loans, 9mobile Prize for Innovation which supports innovative ideas and products that use technology to address societal challenges and 9mobile Prize for Literature, a platform that supports the writing and publishing industry, amongst others.

SOURCE: https://brandspurng.com/9mobile-empowers-smes-at-market-access-forum/

Guy Code, a new TV show that targets male viewers, is airing on MTV Base (DStv Channel 322). The show focuses on popularising rules that should guide the conduct of young male adults.

Guy Code is broadcast by MTV Base (DStv channel 322) Sundays at 10pm and repeated on the same channel Thursdays at 10pm. It is repeated on STV Thursday at 10:30pm and on AIT Saturdays, at 10pm.



It is sponsored by Gulder, a premium brand from Nigerian Breweries Plc.

Already the weekly series has triggered online conversations on guys’ tendencies towards friends and the female folk. Viewers can also hook up to #TheUltimateGuyKnows to share their thoughts on different subjects treated. 

Produced by Viacom International Media Networks, the series explores different thematic areas with a view to prescribing the acceptable codes and etiquettes guys should abide by.

The television series is also giving male participants an opportunity to win an all-expense paid dream-come-true proposal brought to life by Gulder. Tagged Ultimate Proposal, the winner will have the opportunity of celebrating a marriage proposal of his dream on the sponsorship of Gulder.

To take part in the competition, participants should upload videos that capture their dream proposals. Follow #TheUltimateExperince for additional information on the competition.

Guy Code premiered on MTV Base on October 1. Its first episode was a meeting point of wit, intelligence and youthfulness as celebrities such as Ehiz, Praiz, Ik, Emma Nyra and Chigurl engaged viewers on touchy questions in first move, lying, ‘crazy’ girlfriends and sugar mummy.

The second and third editions followed with a focus on snooping, sliding into the DM, catfishing, wedding etiquettes, what men want, marriage proposal and other similar topics.

In a humorous but educating approach, the hosts discussed the code in each of the themes, specifying the ‘no-go’ areas while presenting how the ultimate guy plays the games.

The show will run in the next three months during which viewers will be taken through an ultimate experience that will immerse them into popular culture. It will sustain the stylish delivery with which it started.

Witty-talking points on Guy Code have been trending on digital media. Views are pushed via #TheUltimateGuyKnows and #mtvbasegulderguycode in a fashion that, indeed, ‘invades’ and brings to the fore the inner circle of guys.

SOURCE: https://brandspurng.com/new-tv-show-for-guys-excites-viewers/

The Nigerian Bottling Company, Coca-Cola HBC bottler in Nigeria has had its wastewater treatment license revoked by the Lagos state government, reports PageoneNg


The Lagos State Water Regulatory Commission, Ahmed Abdullahi said NBC alongside the Nigerian Stock Exchange, Marina;WEMA Bank Plc, Ikoyi; and Ocean Parade Tower, Banana Island all failed to meet the expected standard in wastewater management, adding that it would ensure full compliance with the laws on the regulation of the state’s water sector.

“The revocation is necessary because these companies discharged untreated wastewater into the drains and water bodies indiscriminately. It cannot continue; it must be brought under control.

“Also, indiscriminate digging of boreholes without relevant licences will not be tolerated any longer.”

NBC and other affected organisations were accused of discharging wastewater indiscriminately were damaging the environment, adding that several correspondences and meetings earlier held with all parties concerned for over a year failed to bring the situation under control.

Lagos is Nigeria’s commercial capital and most populous city with over 25 million people. NBC’s plants are located at two major hubs in the city.

Neither the NBC, NSE nor other parties involved have formally reacted to the allegations.

SOURCE: https://brandspurng.com/lagos-revokes-wastewater-treatment-license-of-cocacola-hbc-bottler/

The scramble to acquire 9mobile, Nigeria’s fourth largest network operator, promises to be very competitive, as 16 firms have submitted expressions of interest (EoIs) to Barclays to bid for 9mobile, THISDAY has learnt.


Companies that have expressed interest in 9mobile, which until recently was Etisalat Nigeria Limited, until a debt default forced its former owner to relinquish its stake in the firm and exit Nigeria, include Africa’s biggest telecoms operator, MTN; India’s Bharti Airtel, operating as Airtel in Nigeria; and ntel, which in 2015 acquired the assets of the defunct NITEL and MTel through the federal government’s privatisation programme.

Also in the race are Bua Group, the privately held conglomerate promoted by Alhaji Abdulsamad Rabiu; Morning Side Capital Partners, promoted by the former Managing Director of Diamond Bank Plc, Mr. Alex Otti; and Africell, a subsidiary of the Lebanon-based Lintel Group of Companies, with cellular communications operations in the Democratic Republic of Congo (DRC), The Gambia, Sierra Leone and Uganda.

Other firms that submitted EoIs are Obot Etiebet & Co, belonging to a former petroleum minister, Mr. Don Etiebet; Blackstone Private Equity; Tel-ology Holdings Limited, a special purpose vehicle led by a former chief executive of MTN Nigeria, Mr. Adian Wood, and Ericsson; De-elim Services Limited; Veittel, a firm owned by the investment arm of the Vietnamese military which has telecoms assets in Africa; AB-Bro Limited, a Nigerian venture company; Hamilton and George International Limited; and two other firms.

Industry sources confirmed to THISDAY that the 16 companies had complied with the deadline for the submission of EoIs at Barclays’ office in Ikoyi, Lagos, and are preparing to access the data room to conduct their due diligence on 9mobile, preparatory for the bid submission stage.

Etisalat Nigeria had taken out a $1.2 billion syndicated loan from a group of 13 banks but struggled to make repayments this year due to a currency crisis and recession in Nigeria.

The Central Bank of Nigeria (CBN) was forced to intervene to save the company from collapse and prevent creditors from putting it into receivership, leading to a change in its board and management, as well as the new name 9mobile.

The crisis forced the telecoms company’s one-time parent Etisalat to terminate its management agreement with its Nigerian business and surrender its 45 per cent stake to a trustee following the central bank intervention.

9mobile CEO Boye Olusanya has said he is focused on getting the telecoms company back on track to make a profit, while working on the paperwork to eventually raise new capital, adding the company was open to new investors.

The 13 banks have put a freeze on collecting the principal and interest payments on the syndicated loan pending new investors, in order to help the company survive, the sources told Reuters.

They have also held back on taking provisions for the syndicated loan and agreed to extend it after the regulatory intervention in July.

The sources said the central bank had asked the lenders to take a five percent provision on the loan as part of their third quarter results due this month. Some lenders, such as Zenith Bank, UBA, and Access Bank have already made 30 per cent provisions to cover direct lending to 9mobile outside the syndicated loan.

9mobile has over 20 million subscribers with a 14 per cent share of the Nigerian market.

South Africa’s MTN is the market leader with 47 per cent, Globacom has 20 per cent while Airtel has 19 per cent.

The Nigerian lenders with exposure to the telecoms firm had given Barclays the mandate to handle the sale of 9mobile, after Citigroup and Standard Bank, previously in the running for the role, were dropped.

According to Reuters, the lenders decided against Citigroup and Standard Bank due to their previous ties to 9mobile.

Standard Bank’s Nigerian subsidiary, Stanbic IBTC Bank is among the group of lenders to 9mobile while Citi has advised the telecoms company in the past, said banking sources.

SOURCE: https://brandspurng.com/mtn-airtel-ntel-13-other-firms-scramble-for-9mobile/

Sterling Bank Plc, your one-customer bank, has won the Best Bank in Support of Agriculture Award at the Business Day Banking Awards 2017 held at the weekend in Lagos. 

The award is in recognition of Sterling Bank’s peerless support to the entire value chain in the agriculture sector of the economy.

The awards, organized by Nigeria’s leading business newspaper, BusinessDay Nigeria, is regarded as the banking industry’s benchmark for outstanding performance. It was inaugurated in 2012 to recognise Nigerian banks that diligently managed their resources to attain a healthy balance between risk, safety and profitability.

Speaking on the award, Mr. Kayode Lawal, Executive Director, Corporate and Investment Banking, Sterling Bank said “The bank’s commitment to the agriculture value chain aligns with the Federal Government’s current policy focus of diversifying the economy and re-positioning the agriculture sector to play a lead role in economic development.

“We are quite proud of our intervention in the agriculture value chain which is creating food security, stimulating job creation, while also enhancing the income of farmers in Bauchi, Abuja, Imo, Kebbi and Ogun, among other agrarian states in the country.”

On her part, Mrs. Bukola Awosanya, Group Head, Agric and Export, Sterling Bank, said “We are excited to be at the forefront of improving access to finance among farmers and uplifting agriculture from subsistence to commercial levels through the transformation of its value chain. Improved access to finance is boosting local food production, improving nutrition, fostering rural development and generating foreign exchange for the country.

She added that the bank, which also won the Agric Bank of the Year Award at the Nigeria Agriculture Awards (NAA) recently, supports the entire value chain in the agricultural sector from the farmers who are into production to input dealers, processors and transporters, among others.

Previously, the bank has consistently won awards that are related to the agriculture sector of the economy. For instance, Sterling Bank was recently named the Agric Bank of the Year (2017) at an event organized by the Nigeria Agriculture Awards Committee 2016/2017. The bank also won the Best Agric Finance Bank of the Year 2016 organised by the Zamfara branch of the CBN and Best Performing Bank under the Commercial Agricultural Credit Scheme (CACS).

Sterling Bank was also named the Agric Bank of the year 2014 at an award organised by Agra Innovate. In line with its commitment to the development of the agriculture sector, Sterling Bank has the enviable record of being the first commercial bank to lend under the Nigeria Incentive-based Risk Sharing System for Agricultural Lending (NIRSAL) scheme.

The bank has also pioneered lending under the Growth Enhancement Support Scheme (GESS) and was part of the team that drafted the guidelines for the Agricultural Sector Sustainable Banking Principle for the Bankers Committee.

In addition, Sterling Bank has developed strategic partnerships with the World Bank, USAID, UK-DFID and other development finance institutions. Sterling Bank is also the pioneering bank to lend under the mechanization drive of Forum for Agriculture Risk Management in Development (FARMD).

Sterling Bank has successfully financed five states of Bauchi, Osun, Kwara, Ogun and Ondo states under Commercial Agricultural Credit Scheme (CACs) and the largest soya bean milling plant in Africa, Karma Milk, as well as one of the largest rice mills in Kebbi State, Labana Rice Mill.

It is also the first commercial bank to participate in CBN’s Anchor Borrowers Programme for small holder farmers in Kebbi, Sokoto, Zamfara, Kaduna and Oyo states and partnered with development financial institutions such as DFID-PropCom and DFID-MADE.

Sterling Bank is currently in partnership with NIRSAL to finance about 22, 000 rice farmers under the Anchor Borrowers Programme in Kebbi State

SOURCE: https://brandspurng.com/sterling-bank-emerges-best-bank-in-support-of-agriculture/

Unilever Nigeria s has relaunched its rebranded Pears baby range of products into the Nigerian market, so as to bring more value to mothers and babies in the country. The manufacturer of pears baby merchandise explained that the rebranded products were aimed at sharing the unique benefits of Pears baby range care products of pure, mild and gentle on baby’s skin.

Speaking at the event held at Amuwo-Odofin Maternal and Child Centre, Festac, Lagos, Category Manager Skin Care; Unilever Nigeria, Adetoun Adegbite, explained that rebranding the products is to celebrate Pears’ heritage as a caring and trusted baby care brand, which brought quality products into Nigerian households since 1971. According to her, Pears baby range made from carefully selected ingredients suitable for baby’s tender skin has gone through series of evolutions since 1971 when it was first introduced into the Nigerian market.

“For more than 40 years, Pears has served Nigerian babies and mothers with baby care products ranging from Pears Baby Lotion, Pears Baby Oil, Pears Baby Powder to Pears Baby Jelly and Pears Moisturizing Cream made from carefully selected pure ingredients”, she added. She further noted that Unilever made pears with the finest and purest form of ingredient that prevent babies from having rashes which contains olive oil, and thus moisturizes the skin.

“Olive oil is refined oil for ages now between 1953. So, Pears is a product that shouldn’t be compared to other product. It’s a product that should be classified on its own”, explained. Explaining some of the reasons for the rebranding, Adetoun said that mothers and users of pears often complain about the bottle, that it often licked out the content, but solved with the new firm cap which has been enhanced through the new package.

“Also, the container has been changed to another form which comes in different shapes and easy to handle”, she said. Although, Unilever as a company is a diversified company, and has over 400 brands, but only concentrated on 13, among which pears is one of them. In the same vein, Chairman, National Association of Nigerian Nurses and Midwives, Lagos Chapter, Com. Olurotimi Awojide, pointed out that the relaunch of the products is a major step in the right direction.

Chief Executive Officer, Unilever Nigeria, Yaw Nsarkoh stated that Pears baby range will keep up the momentum of serving Nigerian households with the right kind of baby care products. The rebrand had in attendance, expectant and nursing mothers as the firm donated cases of the products to Amuwo-Odofin Maternal and Child Centre, Lagos.

SOURCE: https://brandspurng.com/pears-baby-brands-re-enter-market/

Revenue grew by 47.7% compared to Q3 2016 due to a hike in cement price late in 2016. This created more impact to revenue in the current result. 

The firm experienced a dip in its Finance cost as a result of a reduction in debt profile.

Key Highlights: 

Revenue grew by 47.7% compared to Q3 2016 due to a hike in cement price late in 2016. This created more impact to revenue in the current result.The firm experienced a dip in its Finance cost as a result of a reduction in debt profile.In addition, the firms Q3 2017 net income which came in at ₦2.0 billion has already surpassed the Full year net income achieved in 2016. This may result to an increase in dividend that will be paid in FY 2017.The firm engaged a cost optimization strategy which resulted in a reduction in the operating expense ratio which contributed to the stellar performance on the bottom line.

Kindly click on this  link  to see full details on the Corporate Brief of the firm.

SOURCE: https://brandspurng.com/corporate-brief-ccnn-sokoto-cement-plc-revenue-grew-by-47-7-compared-to-q3-2016/

Space Taken

Hmmmm.

Automobiles

Agricultural sector

Sectoral distribution of Value Added Tax (VAT) data for Q2 2017 reflected that the sum of N246.30bn was generated as VAT in Q2 2017 as against N204.77bn generated in Q1 2017 and N187.03bn in Q2 2016 representing 20.28% Increase Quarter-on-Quarter and 31.69% increase Year-on-Year.


Other manufacturing generated the highest amount of VAT with N33.69bn generated and closely followed by Professional Services and Oil Producing both generating N21.64bn and N14.94bn respectively while Mining generated the least and closely followed by Local Government Councils and Pharmaceutical, Soaps & Toiletries with N34.19 mln, N154.72 mln and N194.26 mln generated.

Out of the total amounted generated in Q2 2017, N137.79bn was generated as Non-Import VAT locally while N59.83bn was generated as Non-Import VAT for foreign. The balance of N48.68bn was generated as NCS-Import VAT.

CLICK HERE TO DOWNLOAD THE ENTIRE REPORT (PDF)

https://brandspurng.com/n246-30bn-generated-as-vat-in-q2-2017-nbs/

Zimbabwean President, Robert Mugabe, has created a ministry to punish “rats” who make use of the cyberspace to attack his government.


Appointed as Head of this new Cyber Security, Threat Detection, and Mitigation Ministry is Patrick Chinamasa who is a former Finance minister.

Zimbabweans have joked about the development, claiming Chinamasa’s appointment makes him the “Minister of WhatsApp and Facebook”.

However, Chinamasa’s first job, it seems, is to get rid of, or regulate the use of Whatsapp and Facebook, raising serious concerns over freedom of expression, access to information and a clampdown on social media messaging.

Zimbabwe actually did, in fact, issue new rules on using WhatsApp, in the country. The rules order groups to be registered and for the administrator of the group to have government level clearance.

It can be argued that Mugabe issued these new rules in order to tone down the rate of inflation in the country via rumors but one can’t but wonder if it isn’t to maintain Mugabe’s 37-year reign, so he could clinch another victory in 2018 presidential elections.



SOURCE: https://brandspurng.com/mugabe-appoints-minister-for-whatsapp-and-facebook-in-zimbabwe/

i agree...

EURO Global Foods and Distilleries has picked CentrespreadGrey to manage its marketing communications account in the country. Euro Global Foods and Distilleries Limited is a member of the Sona Group of Companies and a leading diversified conglomerate in the business of producing, packaging and marketing various categories of distilled liquor, wines, soft drinks as well as various blends of RTDs.

Its range of products include Sabrina Dry Gin, Amphora wine, Seaking, Power Bitters, Brave Heart, Czar and Savana drinks of different flavours. Speaking on the new account, Chief Operations Officer, CentrespreadGrey, Mrs. Tola Obi, said the reputation of the agency and its affiliation to the Grey Group contributed to the company winning the account. In a related development, the Agency has also landed the Western Lotto account through referrals based on its proven communication expertise in the Nigerian Gaming Industry.

The scope of assignment in this new addition to theCentrespreadGrey portfolio includes concepts and executions of creative, as well as handling a part of the brand’s PR. “The international reputation of the Grey brand, as well as the proven capacity of Centrespread in the Nigerian FMCG market played a role in winning the account. The CentrespreadGrey approach is a combination of international best practices, with a resourceful knowledge of the Nigerian market spanning over 35 years,” she said.

She added that “CentrespreadGrey is a marketing communications partner on the Sabrina brand,” a statement said. The scope of assignment on the account covers creative, production and strategy, among others.

SOURCE: https://brandspurng.com/euro-global-account-goes-to-centrespreadgrey/

Provider of technology that connects drivers with passengers, Uber, said 1.8 million active riders are now using its app in Nigeria and other African countries since its operation commenced in the continent in 2013.

Uber General Manager for Sub-Saharan Africa, Alon Lits, who disclosed this said it was clear that Uber has achieved a lot in a short time while the sub-Saharan Africa (SSA) has also benefitted from Uber’s arrival.

He said with Uber, citizens have a new, reliable way to get around, entrepreneurs have found a new way to earn an income and cities have also benefitted – with possibly less cars on the road and therefore less carbon emissions.
According to him, in a region of high unemployment and stagnating economic prospects, Uber’s business partnership approach provides an accessible means for entrepreneurs to not only supplement their own income, but also to become small business owners, thereby helping to improve the lives and futures of individuals, families and communities.

Lits said the steadily-growing number of Uber driver-partners in countries across the region is testament to the appeal of the model, because it creates real opportunities for local entrepreneurs. And as demand for rides also grows, so does the demand for driver-partners.

“Currently, we have more than 29 000 driver-partners taking advantage of Uber’s earning opportunities. Drivers love being as flexible as they like; earning what they want, when they want, whether it’s a full-time entrepreneur or someone looking to supplement their income,” he said.
“Ongoing commitment to our driver-partners is a key priority; ensuring they receive the latest in technological innovations means they can be at the top of their game.”
Uber continues to open support hubs across the continent to ensure driver-partners are well-equipped.

“Apart from existing hubs across the continent, three more of these state-of-the-art Greenlight Hubs were opened in Dar Es Salaam, Nairobi, Kampala, Kumasi and Lagos this year and, in addition to offering driver-partners technical and app support, Uber also offers information sessions and workshops to driver-partners,” he said.
He explained that the 1.8 million active riders using the app since Uber’s launch on the continent is testament to the new mode of transport that riders are embracing, which is not hard to believe when with Uber, riders have access to safety features such as driver and vehicle identification, in-app help, global positioning system (GPS) and feedback post each trip.

SOURCE:https://brandspurng.com/uber-hits-1-8-million-riders-in-nigeria-others/

Quite a decent number of people can confidently say that they have at least two bank accounts linked to their BVN. One opened because your company required it. Check. One opened for the kid’s college funds. Check Check. Another opened for side business.

Check Check Check. Yet another opened when the ‘bank marketers’ made you open one to hit their targets.

Check Check Check Check Cheeeeck!

So, you have all these bank accounts and you are wondering if they will just make you spend more? Will t trick your brain into thinking that because you have money in different places, you can keep on spending? The simple answer to this question is ‘Not unless you don’t manage them well.’

Here’s why your several bank accounts can be utilized to control your spending and how you can manage them.

What Having Multiple Accounts Can Do For You

Having multiple bank accounts is somewhat similar to the Envelope Budgeting System. How does the envelope budgeting system work?

Divide percentages of your income into separate spending categories (e.g. savings, groceries, utilities, entertainment)
Keep a labelled envelope for each category and put the budgeted amount inside.
Manage it by spending only cash until the budget period runs out
Save what might be left

It is a simple yet incredibly effective way to manage your money and monitor your spending behaviour. This is equally possible with multiple bank accounts.

They can help you:

Track your Expenses

Keeping one single account for your income, expenses and savings is not an advisable way to manage your money. You can’t properly keep track of what’s happening to your money. However, with different accounts for specific purposes, you can know your income and expenses.

Maintain your Budget

This is very useful especially if you are new to budgeting or have challenges sticking to your budget. Keeping budgeted amounts in separate accounts creates room for financial discipline. You know that once the money in this account depletes, you’ll have to wait until the next pay check.

Control your Spending Habit

The good thing about this is, you cannot possibly overspend. It is however important to set a rule for yourself that once your spending account runs out, you won’t go borrowing from another account.

Save Towards Multiple Goals

You may have several financial goals: short term, long term or the more specific target goals. Keeping an account for your different saving goals and watching as they grow closer to their target can be very fulfilling.

How do you manage your accounts?

**Create a budget **

It all starts with a budget. If you don’t have one yet or you are new to budgeting.

Delegate the accounts

Decide on the category each account will be used for. For example, this savings account will be used for long-term savings only, etc..

**Track them and keep it simple **

There are several money management apps and spreadsheets that you can use to track your different accounts. If you are the more traditional type, use a financial journal instead.

Don’t
open more accounts than you can manage at a time

Start with a controlled number of accounts. You can start with three accounts: Income/ Savings (where money flows in from), Bills/Expenditure (Daily necessities). As you get used to it, you can add more accounts, but always stick to what works best for you.

Don’t keep a debit card for all your accounts

This is a no-no. Keep debit cards for just the accounts delegated to expenditure and especially do not keep one for your savings account(s). If you already have one for it, go hide it.

Modify as you see fit

You can’t always get it right the first time. There will be a lot of trial and error, so be ready to make adjustments to your system, as you go.

In the end, your personal finance is personal to you.

SOURCE: https://brandspurng.com/does-having-multple-banks-accounts-make-you-spend-more-money/

intetesting

Cool

The Securities and Exchange Commission (SEC) has directed The Nigerian Stock Exchange (NSE) to suspend trading in the shares of Oando Plc as follows:

1. Effective for forty-eight (48) hours from today, 18 October 2017 to 20 October 2017, The Exchange should implement a full suspension in the trading of the shares of Oando Plc; and

2. Effective from 20 October 2017 and until further directive, The Exchange should implement a technical suspension in the shares of Oando Plc.

A full suspension is the halt of trading activities in a listed security for a period. A technical suspension is the interruption of price movement in a listed security for a period so that any dealings in the securities which occur during the period of the suspension will not result in any change in price, which change may have occurred had the suspension not been implemented.

In the 48 hour period commencing today, there will be no trading in the shares of Oando Plc. Thereafter, effective 20 October 2017, investors will be able to trade in Oando Plc’s shares but such trading will not result in any movement in the price of the shares.

SOURCE: https://brandspurng.com/notification-of-suspension-of-trading-in-the-shares-of-oando-plc/

Ericsson unveils the eighth edition of its annual ConsumerLab TV and Media report, which details the massive growth in TV and video viewing and the ongoing shift in the way consumers watch content.

Ericsson ConsumerLab study finds that linear and video on demand (VOD) viewing will be almost equal in just three years50 percent of all viewing will be done on a mobile screen, with half of this done on the smartphone aloneBy 2020, one in three consumers will be Virtual Reality (VR) users

Supported by eight years of extensive media insights, Ericsson ConsumerLab predicts that the growth of on-demand viewing will continue to soar through to 2020, making up almost half of total viewing. 50 percent of all TV and video viewing will take place on a mobile screen (tablets, smartphones and laptops), an increase of 85 percent since 2010, with the smartphone alone accounting for almost one quarter (an increase of nearly 160 percent since 2010). Additionally, VR will be on the road to becoming mainstream, with 1 in 3 consumers becoming VR users by 2020.

Anders Erlandsson, Senior Advisor, Ericsson ConsumerLab, says: “We can see that consumers are not only watching more video but also changing how and when they do so. This is also shown through the continued growth of mobile viewing, which has been a booming trend since 2010. This year also marks the first time that we have explored the level of consumer interest in VR in conjunction with media consumption, and the findings have been fascinating. VR has the potential to bring together people from all over the world and create deeper, more personalized, and more complementary media experiences. As consumer expectations for on-demand, mobile and immersive viewing continues to increase, the TV and media industry must focus on delivering highly personalized services in the very best possible quality available.”

TV and video viewing is on the rise; but how, when and where we watch content is changing

Time spent watching TV and video content has reached an all-time high of 30 hours a week, including active viewing of scheduled linear TV, live and on-demand internet services, downloaded and recorded content, as well as DVD and Blu-ray. However, close to 60 percent of viewers now prefer on-demand viewing over scheduled linear TV viewing, an increase of around 50 percent since 2010. The average number of used on-demand services has increased from 1.6 in 2012 to 3.8 services in 2017 per person; 2 in 5 consumers already pay for on-demand TV and video services today and nearly a third (32 percent) say they will increase their on-demand spending in the next 6-12 months. Portability is also becoming increasingly important factor, with more than a third of consumers wanting access to content when abroad.

Smartphone viewing also continues to gain ground; approximately 70 percent of consumers now watch videos on a smartphone – double the amount from 2012 – making up a fifth of total TV and video viewing.

16-19-year-olds watch the most content each week (33 hours), an increase of almost 10 hours a week since 2010. However, more than half of this demographic spend their time watching content on-demand, with more than 60 percent of their TV and video viewing hours spent on a mobile device screen.

Content discovery challenges persist

The findings also show that while consumers have more access to TV and video services than ever before, the average time spent on searching for content has increased to almost one hour per day, an increase of 13 percent since last year. In fact, 1 in 8 consumers believe that they will get lost in the vast amount of available content in the future.

With the user experience becoming ever more fragmented, 6 in 10 consumers now rank content discovery as “very important” when subscribing to a new service, while 70 percent want ‘universal search for all TV and video’.

Experiences matter

The social and immersive quality of VR technology is helping to add a new and valuable dimension to the viewing experience. With a third of consumers projected to be VR users by 2020, the technology is expected to play an essential role in the future of TV and video.

However, if consumer interest in VR is to increase, several things will need to change. Close to 55 percent of consumers planning to get VR devices would prefer it if the headsets were cheaper, and almost half think there should be more immersive content available. A third would be more interested in VR if they could get a VR bundle from their TV and video provider.

Consumers also value high quality viewing experiences as well as immersive experiences. Close to a quarter of the surveyed consumers say they already have access to a 4K UHD TV screen and another third plan to get one.

SOURCE: https://brandspurng.com/by-2020-half-of-tv-viewing-will-be-on-mobile-ericsson/

United Bank for Africa (UBA) Plc on Monday reported gross earnings of N333.9 billion and profit before tax (PBT) of N78.3 billion for the nine months ended September 30, 2017. The gross earnings showed a growth of 26 per cent above the N265.5 billion posted in the corresponding period of 2016, while the PBT indicated a rise of 33 per cent compared with N58.8 billion in 2016, ThisDay Live reports.

According to the bank, this inspiring result was driven by the strong performance of its recurring core revenue lines, thus reflecting the increasing success of the bank’s enhanced customer engagement.

UBA grew its net interest income to N152.3 billion, up from N112.3 billion. Although credit impairment charges jumped from N9.1 billion to N12.9 billion, its profit after tax (PAT) improved by 23 per cent to N60.9 billion above the N49.5 billion posted in 2016.

While the group closed the third quarter with total assets of N3.77 trillion, a year-to-date (YTD) growth of 7.6 per cent, it prudently grew net loans to N1.6 trillion, a 6.0 per cent YTD growth in the loan book.

Commenting on the results, the Group Managing Director/CEO, UBA, Kennedy Uzoka, said: “These extremely positive third quarter results are an attestation of our ability to sustainably grow earnings and market share, notwithstanding the challenging operating environment. They are a tribute to our enhanced customer engagement and focus on continuous improvement in service quality.”

According to him, the bank’s nine-month top-line grew by 26.3 per cent , to an unprecedented N334 billion, driven particularly by the strong performance of its recurring core revenue lines.

“Our investment in digital channels is being rewarded, as our market share of digital banking continues to grow and we have also seen strong momentum in the trade and remittance businesses, where we have doubled the monthly run-rate in fee income, a testament to an increasingly optimistic business and currency environment,” he said.

Also speaking on results, the Group Chief Financial Officer, Ugo Nwaghodoh said the group recorded strong growth across its diversified business segments and geographies.

He said: “Our Africa operations (ex-Nigeria) again grew strongly in the period, contributing a third of top-line and approximately 40 per cent of earnings. As we consistently gain market share in digital banking, remittance and trade flows, we are sustainably growing the non-funded income line, which currently represents 28 per cent of our earnings.”

He explained that whilst high domestic inflation, notably in Nigeria and Ghana, raised external cost pressures, alongside the lag impact of Naira devaluation, the bank remains focused on cost efficiency initiatives.

SOURCE: https://brandspurng.com/ubas-nine-months-profit-grows-by-33-to-n78-billion/

The black model who appeared in a Dove advert which triggered accusations of racism insisted Wednesday that she was not a victim and that the commercial had been misinterpreted.

However, Lola Ogunyemi said viewers were “justified in their initial outrage” over the body wash advert she starred in, which she said had made her “the unwitting poster child for racist advertising”.

The three-second video clip, which appeared on Facebook in the United States, showed Ogunyemi removing her top, revealing a white woman underneath. This woman then took off her t-shirt as well, revealing an Asian woman.

The Dove personal care brand, owned by Dutch food and consumer products giant Unilever, apologised after a deluge of social media users deemed the advert racist.

Ogunyemi said the full 30-second television commercial, featuring seven models answering the question “If your skin were a wash label, what would it say?”, “does a much better job of making the campaign’s message loud and clear”.

“All of the women in the shoot understood the concept and overarching objective — to use our differences to highlight the fact that all skin deserves gentleness,” Ogunyemi wrote in the British newspaper The Guardian.

“I remember all of us being excited at the idea of wearing nude T-shirts and turning into one another.”

A Nigerian born in London and raised in the southern US city of Atlanta, Ogunyemi said she jumped at the chance to take part.

“Having the opportunity to represent my dark-skinned sisters in a global beauty brand felt like the perfect way for me to remind the world that we are here, we are beautiful, and more importantly, we are valued,” she wrote.

Then she found she had become “the unwitting poster child for racist advertising”.

“If you Google ‘racist ad’ right now, a picture of my face is the first result.”

She said advertisers needed to look beyond the surface and consider the impact their images might have on marginalised groups of women.

“I can see how the snapshots that are circulating the web have been misinterpreted,” Ogunyemi wrote.

“I feel the public was justified in their initial outrage. Having said that, I can also see that a lot has been left out.”

While she agreed with Dove’s unequivocal apology, she said it could also have defended its creative vision and its choice to include her as the face of the campaign.

“I am not just some silent victim of a mistaken beauty campaign. I am strong, I am beautiful, and I will not be erased,” she wrote.

Dove said the three-second clip “missed the mark in representing women of colour thoughtfully” and deeply regretted any offence caused.


https://www.youtube.com/watch?v=UxV_A-5VKRc

SOURCE: https://brandspurng.com/nigerian-born-model-lola-ogunyemi-used-in-racist-dove-video-says-ad-misinterpreted/

The Director-General, Standards Organisation of Nigeria (SON), Mr. Osita Aboloma, has said 60 days will, henceforth, be the deadline for product registration, adding that it aligns with the government policy on ease of doing business.


Speaking during a sensitisation forum between SON and Alaba Electrical Dealers Association of Nigeria (EDAN) in Lagos, at the weekend, he said the standards agency had come out with simplified processes to encourage more businessmen to register their products.

He discouraged them from copying other people’s brands, adding that it was an economic crime to counterfeit genuine products. While urging the traders to desist from cloning successful products and importing counterfeited products into the country, Aboloma promised that SON will automate the process of product registration and reduce human interference.

According to him when the agency destroyed substandard goods, it indirectly affects the economy because it is billions of naira that was destroyed. He warned that any importer that is apprehended will face the full wrath of the law as the Attorney-General’s office is partnering with SON to ensure that such people are prosecuted to serve as example to would-be offenders.

Meanwhile, EDAN has stepped up its game by coming under the Standard Organisation Mandatory Conformity Assessment Programme (MANCAP) for locally manufactured cables and wires and SON Mandatory Assessment Programmes (SONCAP) for imported cables.

A patron of the market, Mr. Okolo Benjamin, said the allegation of the presence of fake and substandard electrical goods in the market was exaggerated.

He appealed to SON to continuously engage the traders on the negative effects of fake and sub-standard goods rather than vilification.

Earlier, EDAN Chairman, Mr. Fabian Ezereadi Ezeorjika, commended the collaborative effort between the association and SON and said before now, many of his members were driven by profit rather than the safety of lives, property and nationalism and imported life threatening products into the country.

He lamented that many EDAN members who refused to do the right things lost millions of naira to either confiscation or outright destruction by SON.

He urged his members to key into the standardisation policy of the Federal Government.

He said to check the infiltration of cloned electrical materials into the market, the association introduced SON market desk while encouraging their members to ensure that all products are properly registered.

“We constituted an ad hoc committee named standard and anti-adulteration committees, vested with the statutory responsibilities of standardising and regulating quality of imported products,’’ he added.


SOURCE: https://brandspurng.com/son-reduces-product-registration-time-to-60-days/

Tesla has recently fired hundreds of workers including engineers, managers and factory workers, even as the company struggles to expand its manufacturing and product line. This comes as part of a company-wide annual review, Tesla fired around 400 employees — including supervisors, team leaders, and common associates — according to a former employee who spoke with Reuters in an interview after Mercury News broke the story.



The dismissals come at a crucial point for the company, which is pushing to increase vehicle production five-fold and reach a broader market with its new Model 3 sedan. The electric vehicle maker missed targets for producing the lower-cost sedan, manufacturing only 260 last quarter despite a wait list of more than 450,000 customers.

 

However, former and current employees who discussed with news organisation said little or no warning preceded the dismissals. The workers interviewed include trained engineers working on vehicle design and production, a supervisor and factory employees.

Workers estimated between 400 and 700 employees have been fired. Tesla refused to say how many employees were let go, although the company expects employee turnover to be similar to last year’s attrition.

The spokesman said most of the dismissals were administrative and sales positions, and outside of manufacturing. Tesla employs about 10,000 workers at its Fremont factory.

Workers spoke on the condition of anonymity because they feared reprisals from the company. Employees said the firings have lowered morale through many departments. Several said Model X, Model S and former SolarCity operations seemed to be targeted.

CEO Elon Musk said factory output will increase production to a half-million electric vehicles in 2018. The company expects to deliver about 100,000 vehicles this year.

Musk has told investors the company is focused on Model 3 production and expects to eventually build 10,000 cars a week. The manufacturing will become highly automated, but Musk told investors during the early ramp up he expected high overtime costs.

SOURCE: https://brandspurng.com/tesla-sacks-hundreds-of-employees/

Loots recovered should fund this easily.