In order to contribute its quota to the promotion of made in Nigeria products, Balkeem Nigeria Limited, foremost manufacturers of Ijebulawa, a refined and well packaged garri product in the country has introduced another hygienically packaged garri into the market.

Igbokwenu, a brand of yellow garri, is specifically packaged for the consumers especially those from the South-East and South-South regions.



Igbokwenu is a combination of white garri blessed with palm oil. It is a bit more nutritious than the white garri with antioxidants that help to reduce the effects of any negative health issues that may arise from cyanide or any harmful substances.

According to the manufacturer, Balkeem Nigeria Limited, Igbokwenu is introduced into the Nigerian market to offer consumers something different from what they buy from the open market.

‘’Our company is conscious about the health of the Nigerian consumers, and we realised that there are several yellow garrri in the market which their origin are not known. It is our belief that Igbokwenu will fill this gap and help consumers to make a better choice.

‘’The commodity is prepared under a very hygienic environment which guarantees consumer’s health safety.

‘’The product can be soaked in cold water, used as snack, cereal, or light meal. It can be mixed with sugar or honey and sometimes roasted peanuts or groundnut or evaporated milk can be added.’’

The company added that, ‘’Igbokwenu is available in major shopping malls which include Shoprite, Spa, Games, Justrite, Globus, Super Saver, De-Prince and other supermarkets across Nigeria.’’

The product is certified by National Agency for Food and Drug Administrative and Control (NAFDAC) and it comes in 2kg size only for now.

It would be recalled that Balkeem Nigeria Limited launched its white garri (Ijebulawa) into the Nigerian market in 2012. The product is properly made from filtered cassava products prepared under a very hygienic environment without any preservative.

It is the first locally waterproofed package and cartooned garri in Nigeria and is widely accepted in the Nigerian market as at today.

Balkeem Nigeria Limited is a supporter and promoter of made-in-Nigeria products and understands the need to tap into the numerous natural resources that are available in Nigeria thereby making efforts to rebrand the nation’s local contents.

SOURCE: https://brandspurng.com/igbokwenus-hygienically-packaged-yellow-garri-now-in-shoprite-spa-and-other-shops-picture/

Kantar TNS, a consumer and marketing strategy company recently held a summit on Fintech in Nigeria with the theme: Payments of tomorrow and the changing consumer. The summit focused on the challenges and opportunities digitalization presents in the Fintech Industry and helps identify how to win in today’s market place. After the summit which attracted players in the Fintech industries, Aggrey Maposa, the CEO of Kantar Nigeria told BusinessDay in this interview that strategy and consumer insight matter in a world where digital technology has created seemingly endless new financial payment possibilities.


Related image

Aggrey Maposa, CEO of Kantar Nigeria

What are you taking away from this forum on Fintech?

There is a lot of hope and positivism around the development of Fintech and payment system in Nigeria. Different stakeholders in Fintech have expressed themselves today and the message is very clear that Fintech is here to stay. It is not just talk but it is here to stay because there is a real need for change. The task for many people and those offering the service is to understand the consumers’ need that would make the industry sustainable. The regulatory sector plays a very much part in helping us build the industry and make it grow.

Why do you think the topic is apt this time?

It is very important because the world around us is changing. In 2009, we began to look at how digital is affecting the economies and consumers. The economy has changed, the world has changed. We now live in global, digital economy and because of that, one of the key things that makes money gets to businesses is through payment. There is no way that payment can be left out of the whole changing environment. It is critical that in line with all the changes we are seeing that payments are involved. It is also essential not only for companies to change, but that Fintech companies generate substantial profits like Remita. It is not about following because the world is changing but it is about business opportunities that pay well, that is sustainable. For instance, MPESA is now a part of SafriCom in Kenya. Companies that did not transform themselves enough against MPESA are struggling. Businesses are transforming and if companies don’t do it now as there is a time window, the opportunity is gone and somebody else will utilise it.

You are into research and marketing strategy but you are organising a forum on Fintech, what is the correlation?

We are a consulting company and we help our clients grow, solve their problem and their challenge is our challenge. When we see that there is a real need, it is important for us to bring our clients of like minds together so that we can discuss strategies for growth. The event is part of Kantar renewed strategy to get closer to solving our clients’ problems.

Fintech in Nigeria has come to stay, but what is your assessment of the industry in Nigeria today?

It is vibrant and what is very exciting about the Fintech industry is that though it is coming later, and considering that Nigeria is an economic leading nation in Africa, we would have thought that the Fintech market would have grown further than the present stage. We are coming a bit late but the nation is doing so well compared to other nations. In the last 3-4 years the industry has grown by over 90 percent. It is said that there is over 400 Fintech organisations working with Africa Fintech organisation. These are all entrepreneurs and different groups providing solutions.

What is driving this growth in the Fintech industry?

The growth is driven by the real need. There is a need and there is an opportunity. When GSM entered Nigeria, Nigerians where happy that they can phone each other and most people did not realise what was happening. What happened was a whole change and creation of a new platform for business. The whole GSM and network industry created a huge opportunity that is allowing businesses to follow through. The network, digital and the need from the consumers are there looking for solutions. The banks now realise that it is not how many bank branches, as many people are not using those branches as before. There is real need and huge opportunity in the economy.

Are you saying that Fintech has impacted hugely on the economy, assist to solve clients’ challenges and provide job opportunities?

It is already doing so. Imagine the 400 Fintech firms working with Africa Fintech Organisation and many of them are at infancy. And each of them has its own niche of providing solution to a particular sector. This is the new economy. Before now we had an economy that is based on crude oil, manufacturing and others, but the new economy is digital. Look at top 10 companies in the world, they are the Apples, Googles, Facebook and others. In fact this is the new economy and Kantar wants to be seen to promote it. Therefore the point on regulation has to be looked into. Another point is collaboration and we need to be looking at how ministries and institutions within government can collaborate with each other. It is clear that Fintech needs a lot of support from technology departments of government but it also needs the guidance, advice and monitoring from authorities like the CBN. There is need to have the government and public departments working together to see that they can support this new platform for business development.

Are there examples of countries that employed Fintech to drive their economy?

Fintech manifests in different forms and that is why speakers at the forum said that they do not see Nigeria being a follower in Fintech market. They see Nigerian being a leader because it is leading its own form of Fintech which is different from countries like S/Africa. Though South Africa is doing so well in Fintech with its peculiar needs and penetration of banks to customers. You can send money to someone and he would collect it through ATM. Kenya is a classic example where their GDP goes through MPESA, the mobile platform. Fintech manifests in different forms. There are certain things that have given consumers trust and security like BVN, banks are coming up with USSD platforms which they use to pay. Nigeria is now growing from a combination of these models. But there are some models, where Nigeria is yet to get to which have been done so well in other markets. For instance, Econet which has worked very well in Zimbabwe where the number of people who are insured through the mobile platform are higher than the number of people insured in Nigeria. Under Fintech, people can borrow money like in Kenya without going to the bank because the whole system can read all your transactions as the system knows how money comes in and how it goes out. So when you ask for loan, they know that you are trustworthy and then they can lend you money easily.

What is your take on Fintech and Cyber Security?

Cyber security remains a challenge but not only to Nigeria but globally. But there are a lot of security strategies beyond what the consumers know. We need to educate people on how secure the platforms are. Secondly, there is the need for the technology companies and Fintech companies to have a very strong back end. You need to have the check and balances that if there is too much activity in your account from different angles and all happening close to each other, there should be intelligence system that should monitor and block the account and confirm to the account owner whether he/she the one making the transactions. It is only when the customer gives go-ahead that transactions can continue.


SOURCE: https://brandspurng.com/nigerias-fintech-industry-has-grown-by-over-90-in-4-years-kantar-ceo/

IN its released audited financial results for the half year ended June 30, 2017 to the Nigerian and London Stock Exchanges on Tuesday, Guaranty Trust Bank has reported 18 per cent increase in its Profit before Tax.


A review of the half year performance indicated that the bank’s Profit before tax stood at N101.1 billion, representing a growth of 18 per cent over N85.69 billion recorded in the corresponding period of June 2016
Further analyses of the company’s result indicated that Gross earnings for the period grew by two per vent to N214.1 billion from N209.9 billion reported in the June 2016; driven primarily by growth in investment securities income as well as income from risk assets.

The Bank’s loan book dipped by six per cent from N1.590 trillion recorded as at December 2016 to N1.491 trillion in June 2017 and customer deposits decreased by one per cent to N1.966 trillion from N1.986 trillion in December 2016.

Commenting on the financial results, Mr Segun Agbaje, the Managing Director/CEO of Guaranty Trust Bank Plc, said that “Our strong performance in the first half of 2017 reflects the strength of our businesses, the quality of our past decisions and the success of our efforts towards becoming a digital-first customer-centric Bank that offers simple and easily accessible products and services.”

He further stated that “Despite the challenging environment of slow economic growth, we focused our resources on strengthening relationships with our customers, creating business platforms that seek to add value across all customer segments, whilst consolidating our leading position in all the economies in which we operate”.

The Bank has continued to report the best financial ratios for a Financial Institution in the industry with a return on equity (ROE) of 38.8 per cent and a cost to income ratio of 40.2 per cent evidencing the efficient management of the banks’ assets.


SOURCE: https://brandspurng.com/gtbank-reports-18-increase-in-pbt-at-n101-1bn/

Nice

They can focus better and meet standards.

Not surprised and congrats to them.

Ok

THE Federal Government on Monday stated that electricity distribution companies do not have the monopoly of metering.
It said although the DisCos have the obligation to meter all its consumers, the law does not vest a monopoly of meter supply on them.


Minister of Power, Works and Housing, Babatunde Fashola, stated this at the 18th monthly power sector operators meeting in Kano State.

According to him, meter supply is an open but regulated business adding that intending meter service providers are to apply for licence from the Nigerian Electricity Regulatory Commission (NERC) to undertake it.

He further disclosed that the government will optimize the Electricity Power Sector Reforms Act EPSRA developing power sector regulation to democratise access to meters.

He said this will be kick-started with N39 billion loan to meter providers.

On situations where consumers on their free will offer to pay for meters, he stated that this does not contravene the electricity power reforms Act.

However, he maintained that the government would monitor and regulate to ensure that DisCos do not abdicate in their obligations of metering.

His words:”Government has in the past attempted to intervene in metering supply through CAPMII which ultimately I decided that we should whine down because of the distrust it has caused between consumers and DisCos and government was caught in the middle.

“Some DisCos have come back to say that their customers still want to pay for meters and that they can reach agreement with them on how to pay for it. Government will not come in the way of such agreement, it is in consistent with the power reforms act, it does not violate the Act.

“DisCos have the obligation to meter customers, because they are the ones who charge for the electricity which must be measured so if you must collect money from anybody you must provide a measuring device.

“If the customers and DisCos reach agreements within themselves where the customers assume the responsibility of the DisCo so be it. However, government may monitor and regulate to ensure that DisCos do not use this as an excuse to abdicate their responsibilities to provide meters.

“While it is true that DisCos have the obligation to meter customers, the law does not vest a monopoly of meter supply to the DisCos anybody who qualifies under the safety regulations by NEMSA and under the licenses issued by NERC can supply meters to customers under conditions stipulated by NERC.”

He added that:”Meter supply is an open but regulated business, you need a licence from NERC to undertake it, you need to apply, you need to comply with NERC’s guidelines to produce, import or install meters, it is not a monopoly of DisCos alone. NERC will issue regulations for meter service providers.”

SOURCE: https://brandspurng.com/fg-strips-discos-off-monopoly-of-metering/

Japan’s largest selling smartphone mobile brand, Freetel, has announced its partnership with TD Mobile, a mobile devices distributor in the sub-Saharan Africa which has established its presence in the Nigerian mobile market.


Freetel said that the partnership was ahead of its planned introduction of four models of its Android smartphones into the Nigerian market.

The company said that its smartphones, which are certified by Google GMS, were designed in Tokyo and Japanese engineers with over 40 years industry experience supervised the manufacturing.

“The GMS certification is the confirmation that a specific device meets Google’s performance requirements and properly runs the Google apps,” the Vice-President, International Sales, Freetel, Eugene Yoshioka, said.

He said, “Nigeria is the market for Freetel and we are looking forward to reach out to Nigerian consumers with our latest smartphones. We plan to invest in the country with a full-fledged subsidiary to support sales, marketing and after-sales support. We are glad that we are partnering the most powerful and trusted partner in the region-TD Africa.”

Industry players said that as a subsidiary of the Information and Communications Technology distribution powerhouse, Technology Distribution Limited (TD Africa) would add the Freetel brand to its growing list of international brands.

“Considering its wide reach, distribution network, massive retailer base and unmatched presence in major Nigerian cities and other West Africa capitals, the partnership will see the company deploy its latest capacity in taking the line-up of products from the Freetel stable to every action in the metropolis as well as every nook and cranny in the hinterlands,” Yoshioka added.

The Managing Director, TD Mobile, Mrs. Gozy Ijogun, said, “As a key driver of the technology revolution in Africa, TD Mobile has always strived to bring the latest and best of technology products to Nigeria and the West Africa region by extension.

“In line with this, Freetel and TD Mobile have entered into an exclusive partnership to bring Japanese smartphones to Nigeria. We believe we can capture a major market share with the help of our extensive distribution reach and strategic partnership with operators, dealers and retailers.”


SOURCE : https://brandspurng.com/japans-largest-smartphone-company-enters-nigerian-market/

like seriously?

OP, Good one.

Solar and Sun

allright

Ok

Barclays Bank has asked expatriates, including Nigerians, with less than £100,000 deposit to close their accounts.

In a letter dated June 12, 2017, the bank informed the customers that would be affected by the policy of its decision to raise the minimum client balance requirement for international banking service.

“The new minimum level will now be £100,000. Top up your savings and investments to £100,000 or more before 1 August 2017, to continue with the service, or close your account and transfer your monies to another provider without charge,” the letter read.

“We understand that you may be disappointed by this and we will aim to offer you as much assistance as possible during this transition period.”

As far back as 2013, the bank announced that it would focus on 70 countries globally and customers in those that are not considered as core as others. In recent times, high-security measures have made it more difficult for foreigners to open accounts with high street banks in the UK.

Revelations made in the Panama Papers leak, which showed how Panamanian law firm, Mossack Fonseca, helped clients evade tax through the use of offshore accounts and various cases of money laundering have also contributed to this.

The London-based bank had posted a net loss in the second quarter of 2017 and reduced its stake in Barclays Africa Group to 15 per cent from 51 per cent through a share sale, which allowed the firm to free up capital.

The bank did not disclose how many people will be affected by the new regulation.

SOURCE: https://brandspurng.com/barclays-bank-ask-nigerians-others-with-less-than-e100000-in-their-accounts-to-close-it/

In a quest to rebrand the transportation system in Lagos state, the State Government has revealed its plan to stop the use of “Danfo” and “Molue” buses in the state.

The Lagos State Governor, Akinwunmi Ambode said this when students of the Harvard Kennedy School of Government, United States of America, paid him a courtesy visit at the Lagos House in Ikeja:

Right now, we are cleaning out all the yellow buses you see in the state. As we proceed in the next six months and a span of three years, we are introducing 5,000 new buses of European standard to actually clean up the city, because, if you want to grow the economy of Lagos, transportation is key and then it’s a major infrastructure for tourism itself.

Recently the Lagos State Government unveiled new modern high capacity buses which are expected to be more durable and cheap. According to the Lagos State Commissioner for Transportation, Dr. Dayo Mobereola, the buses will have 30 seats unlike the regular 14/18 seats. He also said that the buses will be air-conditioned, comfortable with a support for maintenance and backed by appropriate workshop which will create jobs. He also revealed the plans of the LASG to introduce commuter protection number plates and body tags on buses to show routes and enforce colour uniformity on all public transport systems in Lagos.

Dr. Dayo Mobereola, also added that the project is supported by the National Union of Road Transport Workers and advised “Danfo” and “Molue” bus owners to join the project or deal with its consequences. He further expressed his strong belief that Lagosians would rather queue up to board buses at cheaper rate than what “Danfo” would offer and thus be economically displaced.

Although this improvement is a good one, it is still uncertain as to what the State Government intends to do with the existing “Danfo” and “Molue” buses rampant in the state and the likely high rate of unemployment it will result in.

You may recall that early this year, Ambode had insisted that plans were afoot to remove the Danfo from Lagos roads for a more efficient, well-structured and world class mass transportation system that would facilitate ease of movement within the city.

SOURCE: https://brandspurng.com/checkout-ambodes-new-danfo-bus/

Apart from the feautures, its also giving access to pple whose budget for acquiring a phone lies below 15k.

Good one.

Closed economy for 10 yrs and now here they are.

Message will only be understood by the ones its meant to enlighten.

.

The Nigerian Stock Exchange released the list of top ten Brokers performance for the week (07/08/2017 – 11/08/2017).


Top 10 Brokers by Volume:


1 SISB STANBIC IBTC STOCKBROKERS LIMITED

2 CSL CSL STOCKBROKERS LIMITED

3 RSNL RENCAP SECURITIES (NIG) LIMITED

4 FBN SECURITIES LIMITED

5 TBCM TRUSTBANC CAPITAL MANAGEMENT

6 MCSE MORGAN CAPITAL SECURITIES LIMITED

7 CSSL CARDINALSTONE SECURITIES LIMITED

8 XPRS EXPRESS PORTFOLIO SERVICES LIMITED

9 READ READINGS INVESTMENTS LIMITED

10 CHDS CHAPEL HILL DENHAM SECURITIES LTD

Top 10 Total Volume 1,744,986,972

NOTE: The top 10 Stockbrokers are responsible for 57.36% of the total volume between 07/08/2017 and 11/08/2017

For Market breakdown statistics, kindly visit:
https://brandspurng.com/broker-performance-report-top-ten-stockbrokers-for-the-week-07082017-11082017/

Things that happen when a house is about to collapse


There are quite a number of reasons why a building collapse could happen. It could be as a result of an act of terrorism, a structural failure or natural disasters like an earthquake, hurricane, flooding, landslide, tornado or a mudslide.

Nigeria has suffered its share of building collapse in the past with several cases of buildings collapsing and killing scores of people. On December 10, 2016, Nigeria was hit by a tragedy when a church collapsed in Uyo, the capital of Akwa Ibom; killing over 200 people.

Collapsed church roof in Uyo 2
Collapsed church roof in Uyo | Image source: Nairaland
The Akwa Ibom State Governor, Udom Emmanuel was among the lucky survivors of this tragic incident when the church building collapsed right in the middle of a Saturday service.

On September 22, 2015, a building collapsed in the Lekki axis of Lagos State. In May 2016, a four-storey shopping complex collapsed in Ogun State, which left many dead

In October 2015, a three-storey building collapsed in Lagos. Sadly, there has been an increase in the number of collapsed buildings in Nigeria in the last 10 years.

According to the General Manager, Lagos State Building Control Agency, Sola Adeigbe, a total of 1,104 buildings were sealed from Between June and October 2016 across Lagos State as a result of defective or illegal construction.

Building Collapse in Nigeria - 7 Early Warning Signs (3)

The fact remains that buildings do not just collapse. There are always warning signs. In many cases, the building control agency of several states in Nigeria carry out a non-destructive integrity test.

This test according to real estate professionals is to ascertain the structural stability of the building. This helps the state know if such buildings can be renovated or re-engineered.

In cases where building are detected to have a defect, building owners are asked to take the test before further actions are taken by the state.

As part of our commitment to ensuring the safety of homeowners as well as those who live or work in properties in Nigeria, we have compiled a list of 7 warning signs that should not be taken for granted.

The moment you notice any of the warning signs we will discuss in this article, immediately evacuate the building and make it a point of duty to notify your nearest Local Council Development Area (LCDA)

Building Collapse in Nigeria - 7 Early Warning Signs (5)

1. Major cracks in the wall

Thermal movement remains one of the most potent causes of cracks to appear in the walls of buildings. If overlooked, this could eventually lead to the collapse of the building.

A crack in the wall of a building is a natural sign that the structure is unable to accommodate the movement or load to which it is subjected. When cracks appear in the walls of a building, it is either a structural crack or a non-structural crack.

While structural cracks appear as a result of incorrect design, faulty construction or overloading, non-structural cracks appear due to internally induced stress on the materials used in constructing a building.

Gaps and space between floors - Private Property

2. Gaps between floors

When there are gaps between the walls and floors of a building, you must understand that this is a structural defect that could end very badly.

In 1995, a building with gaps between the floors and its walls eventually collapsed and killed three people.

Uneven spaces and sloping floors are not to be taken lightly. For instance, take a look at the house from the street. Is the front entrance straight? For contemporary homes, sloping floors are a really bad sign.



Deteriorating structure 1 - Private Property

3. Deteriorating support structure

Deterioration can result due to different reasons including;

Substandard materials used: As building components fail, they can directly impact on the exterior walls. The collapse of interior floors can push against masonry exterior walls and and this eventually paves the way for the collapse of buildings.

Tears and fissures in foundation structures: This can also happen when fissures appear in welds of steel during construction or over time. A building is likely to undergo progressive collapse when a primary structural element fails, resulting in the failure of adjoining structural elements, which in turn, causes further structural failure culminating in a building collapse.

Deformed siding: Siding is what protects your building from the moisture and the elements. It can be found on the inside and outside the walls of the buildings that are well constructed. When not kept in good condition, it can deteriorate and result in weakening of foundational structures; something that often leads to building collapse.

Building Collapse in Nigeria - 7 Early Warning Signs (2)

4. Creaking and popping sounds

When the house you live in begins to make creaking and popping sounds, you should be very worried. In September 2016, a resident heard creaking sounds on the 7th floor of a building, which eventually collapsed.

When a house creaks, what is happening is that the metal parts contract much more than the wood does. As a result, the nails, pipes and air ducts rub against the wood.

Also, the wood rubs and grinds against other wooden parts of the structure, which creates the creaking sounds.

If you ever find yourself hearing weird sounds and cracks especially during strong winds, it’s a sign you should pay attention to.

Building Collapse in Nigeria - 7 Early Warning Signs (4)

5. Mould and water stains on walls and collapsing ceilings

There is usually one way mould and rot are caused – Water got to a part of the house that should not be wet. Professionals prefer to call this ‘moisture penetration.’

When there is an excess of moisture that can’t escape within the structure of a house, it is called a damp.

The natural tendency of moisture is to spread out from wet parts of a house to the dry areas. The moisture would also move downwards with the under the influence of gravity. Your house construction should allow for this.

If this does not happen, it could result in clay lump walls collapsing.

Moving house image in Nigeria - Private Property
A moving house | Source: Nairobiwire

A moving house

A moving house | Source: Nairobiwire
6. Moving house

One of the most dangerous warnings of an impending collapse is when the house is moving. The movement here does not refer to the way a human would move. Rather, this means that over a period of time, certain parts of the house have shifted from their original position as a result of foundation problems. Technically, when the foundation of the building shifts, it sets into motion, a disturbing number of serious events throughout the house, which forces the house to move.

Final thoughts

A building does not suddenly collapse in one night without any warning sign. The signs are usually there to be seen. One of the biggest problems with these signs is that if neglected, they make the collapse of the building inevitable. In essence, early warning signs should not be handled with levity.

Do you have any questions or worries around building collapse you would like to share with us? Reach out to us in the comment section below.

https://brandspurng.com/building-collapse-in-nigeria-6-early-warning-signs/

If you lived in the era of post office boxes, that small box you rented at the general post office near you, chances are you may not have bothered either visiting it or even renewing your subscription in the last 10 years at least. In case you are one of the millennials that did not use post offices nor even know how it works, the experience will soon return, albeit in a different way.


Post offices solved great problems. As a young boy, growing up, there was only one post office in my town. My village also had only one post office box, then rented by the Catholic Church in the community. This box served both the primary school, the church and the rest of us who lived in the village and each Sunday, after Mass, the Catechist would take about 30 minutes reading out names on the address envelopes of all the letters to all the people in the community.

If you were not in church that day or someone who knows you was not in church, chances are you’d miss that urgent letter.

Public sector in Nigeria has been a failure and so went with the Nigerian Postal Services (NIPOST). E-mail arrived, courier companies multiplied, the Internet of Things made exchange of documents fast and almost instant and the post office consequently died of its inefficiency.

So Nigerians moved on. Until ecommerce evolved and those online purchases that required home delivery began to face challenges.

Compounding this is the inefficient addressing system in Nigeria. Streets are poorly mapped. Numberings are not properly captured. A good many other areas are not planned. Delivering material to homes and offices therefore has been facing debilitating problems.

But elsewhere in the world, technology has been developing solutions to challenges such as this. Mapped or not mapped, the world of technology has created a solution that ensures that your post office will come home to you.

This is the world of “what3words.”

Remote location mapped and capturedRemote location mapped and captured

Does the name sound like something associated with parcels and mail deliveries? I am not sure. But that is what has slowly been revolutionising the mail deliveries ecosystem. And it is same NIPOST that couldn’t deliver your letters during the years (long forgotten) when post offices were working that is is still behind this coming evolution.

what3words is not a Nigerian project. Matter of fact this technology has been introduced only in two other African countries before now. Nigeria is therefore the third.

what3words is the platform that has mapped the entire world and divided it up into little square metres of space to ensure that all areas of the world are captured. It has been designed, by layering the application on satellite images, Google maps, Esri, OpenStreetMap, Mapbox or Yandex and all other maps existing in the digital world. This means that wherever you are in the world, and in this case, Nigeria, what3words will ensure that your mail arrives your registered address with ease.

According to Anne-Claire Blet, Partnerships Director, what3words; “Around the world, 75% of the countries have insufficient, complicated or even no addressing systems at all. That means that 4 billion people don’t have an address for their homes or businesses. It means they can’t receive mail or parcels to their door, and they can’t shop online, which in turn affects the country’s economy. People without an address also find it difficult to register their land, access government services. Emergency services also struggle to find their homes in an emergency, which puts lives at risk.”

what3words is the solution, she continues. Anne-claire says what3words is a global addressing system that has divided the whole world into a grid of 3metres x 3metres squares and assigned each one a unique 3 word address (hence the name, what3words) made up of 3 dictionary words. It gives everyone and everywhere an address that is precise and easy to use.

“We divided the world in 3m x 3m squares, 57 trillion in total, as 3m x 3m provides sufficient accuracy to locate a specific front door, a parking space or a telephone pylon, for example. Our expert language team then created a huge list of words, 25,000 words to cover every land mass in the world. A (very complex) mathematical algorithm then used this word list to assign a 3 word address to every square. The algorithm made sure that similar addresses were shuffled a long way apart, so prevent mistakes,” she explained

The Post Office of a new purposeThe Post Office of a new purpose

The good thing about this system is that it covers every inch of space, whether you live in Koma, Gwoza, Bomadi or Saki. What3words covers every 3m x 3m square in Nigeria so, urban or rural is not a problem. All one needs to is download the free what3words app, or use the online map to discover the 3 word address of the place you want to send to. You then add this to the label, underneath any other address information you have. Once posted, your parcel will be sorted and sent to the relevant post office using the 3 word address on the label. From there, it will be delivered to the recipient’s door. Even if that recipient has no house number or address, the postal worker will be able the exact 3m x 3m square of the front door.

It may be the existing ubiquity of Post Offices in Nigeria that made the government agency easy partners with this global company. It may also be that NIPOST, under current management has begun to innovate.

Opting in is almost free as has no pre-entry financial subscription requirement or registration needed. Anyone with a smartphone can download the what3words app for Apple or Android and use it to find their 3 word address. They can also use the what3words online map if they don’t have a smartphone. One person can discover the 3 word addresses for their family and friends, and easily share them through email or social media, direct from the app. Or they can give the 3 words over the phone. From the what3words app you can also use navigation apps to find your way to a 3 word address.

Anne-Claire Blet, Partnerships Director, what3wordsAnne-Claire Blet, Partnerships Director, what3words

With the poor addressing system in Nigeria in this age of growing ecommerce, Anne-Claire believes the new addressing system will benefit Nigeria massively.

It’s the ecommerce age. This much, everyone knows. With a value of over USD12 billion, the ecommerce business has yet to reach its full potential, even while it continues to face the problem of efficient addressing system that will facilitate delivery. Giving everyone an address will therefore enable people to finally receive the goods they bought online at home or at the 3 word address of their choice. This means that all the stakeholders involved in e-commerce will benefit from an improved addressing system and with it, improve customer satisfaction. NIPOST, the partners, will also grow its business by delivering end to end in new areas.

In the words of Anne: “E-commerce is growing rapidly and as more and more people get access to internet, smartphones and online payment systems, they want to shop online. More and more parcels need to be delivered, and 3 word addresses allow for much more accurate and efficient delivery. NIPOST recognises the need to provide for this e-commerce boom, and are aware how it will benefit Nigeria. With what3words, everyone in Nigeria can have access to delivery services.”

If what3words is free, how then do the owners of the system make money? Anne-Claire insists the what3words app and map site are free for everyone to use but added that the company has developed other tools and products, including an API and SDK, which allow businesses to build what3words into their existing online platforms and systems. “These products are sold to high volume users such as companies and government agencies who will be able to improve their operations and efficiency using our system,” she stated.

SOURCE: https://brandspurng.com/what3words-your-post-office-box-will-soon-be-brought-home-to-you-by-nipost/

FBN Merchant Bank will team up with the global research and consultancy firm, Oxford Business Group, to produce the financial chapter of The Report: Nigeria 2017, highlighting the pivotal part Nigeria’s banks are playing in the country’s broader diversification efforts by boosting lending to the private sector.


The Report will chart the strong performance that the nation’s financial sector continues to deliver at home despite the challenging economic climate, while also considering its role as a regional gateway.

In addition, OBG’s publication will analyse the impact that a tight monetary policy, implemented against a backdrop of lower hydrocarbons revenues and currency volatility, has had on Nigeria’s lenders.

This partnership comes under the three-year memorandum of understanding between FBN Merchant Bank and Oxford Business Group, which is now in its second year.

The Report will be a vital guide to the many facets of the country, including its macroeconomics, infrastructure, banking and other sectoral developments.

Lolade Sasore, the Head of Marketing and Corporate Communications at FBN Merchant Bank, said she expects the bank’s partnership with OBG to explore the effect that the current economy and tight fiscal policy has had on both Nigeria’s lenders and borrowers.

Sasore said: “We are quite pleased to be working with OBG once again, and we believe the contributions from our experts and Research team will enrich the publication. This year, our coverage will include sector analyses, and will examine the steps that financial institutions have taken to accommodate a difficult year while considering what the coming months are expected to bring.”

Diana Rus, OBG’s country director, agreed that Nigeria’s dependence on the energy sector, alongside the decision to devalue the naira, had made 2016 a tumultuous year, but said new opportunities in emerging areas of the economy, such as insurance, ICT, agriculture and industry, offered plenty of scope for growth.

“The signs are that Nigeria’s economy is improving, albeit slowly, through a combination of loans and rising global oil prices,” Rus said. “The financial sector will remain central to national efforts to broaden the country’s economic base and reduce its reliance on hydrocarbons for revenues. I’m delighted that we have FBN Merchant Bank on board to support our analysis at such a critical point in this important market’s economic development.”

The publication will also contain contributions from leading representatives, including President Muhammadu Buhari; Dr. Emmanuel Kachikwu, Minister of State for Petroleum Resources; Dr. Audu Ogbeh, Minister of Agriculture; Babatunde Fashola, Minister of Power, Works and Housing; Christine Lagarde, Managing Director of International Monetary Fund; and Kayode Akinkugbe, MD/CEO FBN Merchant Bank, among others.

SOURCE: https://brandspurng.com/fbn-merchant-bank-teams-up-with-oxford-group-to-publish-2017-report-on-nigeria/

Globacom has declared Friday, 11th August 2017, as the first Free Data Day on its network.


This is keeping with the company’s promise of the Free Data Day package which was launched recently, a statement from the telco said yesterday.

The company said that eligible subscribers will get 200 MB free data to enjoy a free day of FREE browsing, chatting, streaming, downloading, uploading and lots more.

Glo subscriber should use 100MB plus N150 on voice calls OR N250 on voice calls between Friday, 4th and Thursday 10th August to qualify for the data largesse.

At the launch of the product, Globacom explained that it is open to all prepaid subscribers, adding that Free Data Day gives Glo customers free data for one whole day when they meet the voice and/or data usage threshold within seven days.

“We appreciate the essence of the internet in the contemporary world. We are through this product empowering our customers in an unprecedented way in their business, social and educational pursuits”, Glo stated.


SOURCE: https://brandspurng.com/glo-declares-friday-free-data-day/

E-commerce has become a global multi-million-dollar industry, with worldwide sales projected to hit an all-time high of $4 trillion in three years. Although accurate statistics on the volume of e-commerce transactions on the continent is hard to come by, research by McKinsey indicates that e‑commerce will open up a new shopping experience for Africa’s growing middle class.


According to McKinsey, e-commerce could account for 10 per cent of retail sales in the continent’s largest economies by 2025, translating into about $75 billion in annual revenue.

With more Nigerians embracing the e-commerce fare amid a growing awareness for globally celebrated shopping festivals such as Black Friday and Cyber Monday, among others, the country could be on the verge of reaping big benefits from the sub-sector.

In this piece, the Research and Development Unit of Yudala, Nigeria’s fastest growing e-commerce outfit, takes a look at the factors fueling the growing attraction of e-commerce in Nigeria.

1.Growth in smartphone adoption:

E-commerce is an industry that thrives on the smartphone culture. Nigeria remains one of the most attractive markets on the continent for smartphones and other tech gadgets – a factor that has seen the growing influx of a number of smartphone brands all competing for a share of the juicy market. As a result, smartphone adoption is on the rise in Nigeria. This has gone a long way in boosting e-commerce in Nigeria, with the mobile devices category remaining one of the fastest moving among shoppers on the Yudala platform. Global digital giant Google recently announced the imminent launch of a smartphone made by Japanese brand, Freetel during its Google for Nigeria engagement with an attractive price point of N13,000. With more quality yet price-sensitive manufacturers coming on-board, the smartphone adoption trend is expected to rise further in Nigeria.

2.Rise in mobile internet penetration:

Closely related to the above is the rise in mobile internet penetration in Nigeria. Current data made available by the Nigerian Communications Commission (NCC) shows that the number of internet users in Nigeria has increased to 91.6 million in June 2017. According to the statistics released, internet users increased to 91,598,757 in June 2017 as against 91,565,010 users recorded in May 2017, showing an increase of 33,747. With more data-efficient browsers such as Opera Mini coming into play and mobile apps also presenting a convenient means of accessing the offerings of competing e-commerce brands, the appeal of e-commerce is well and truly on the rise.

3.Proliferation of e-commerce sites:

From the heady days of 2012 when only a couple of players held sway, the e-commerce bug has spread like wild-fire. New entrants have taken to the fray, expanding the scope of offerings and the conduct of e-commerce in the country. Some of them have challenged existing structures by providing more convenient options for the consumer to shop. Yudala’s fusion of an online platform with physical (brick-and-mortar) stores located nationwide comes to mind here. The first-ever drone delivery also achieved by Yudala during its debut Black Friday sales in November 2015 also captured the imagination, further raising the bar and setting new standards in the sub-sector. Others such as Payporte have made a huge splash through events sponsorship with the bank-rolling of the reality show, Big Brother Nigeria. These days, the average Nigerian has a plethora of e-commerce companies to choose from, a factor that has contributed in no small measure to the popularity of the industry.

4.Ease and convenience in shopping:

For most busy Nigerians caught up in the daily hustle of making ends meet in cosmopolitan cities such as Lagos, Abuja, Port Harcourt, etc., the convenience and ease that e-commerce lends is a blessing. The days when the only option one has is to physically visit the market to get much-needed items seem to be over. Today, you can sit in the comfort of your home or office, check out an item online, place an order and have the item(s) delivered within a couple of days without hassles. This extra convenience works perfectly not only for busy business executives but also for expectant/nursing mothers and other categories of shoppers unable to find the time nor unsure of the right open-air markets to visit for needed items.

5.More options:

Closely related to the point above is the variety of options e-commerce has provided for the average shopper to meet his/her shopping requirements. For many Nigerians, seeing and being able to touch an item beats just being able to see it on the screen of a mobile phone or laptop. Many still want to see, touch, feel and/or experience a product before they part with their money. With platforms such as Yudala fusing an online platform with offline/physical retail stores, the consumer has more options to embrace e-commerce, albeit from a traditional shopping stand-point. The consumer can order online and pick up the item or self-fulfil at the nearest store or better still, walk in to the store and purchase a product outright. Indeed, recent statistics show that a significant number of purchases made at Yudala’s physical stores originate from shoppers who had previously checked out the products online. These options have contributed to a large extent in improving the appeal of e-commerce for hitherto-unconverted folk in Nigeria.

SOURCE: https://brandspurng.com/five-factors-fuelling-the-rise-of-e-commerce-in-nigeria/

U see..
I dor example never knew pressure guage are written on the car.

U see..
I dor example never knew pressure guage are written on the car.

Number Trends.

Union Bank Nigeria PLC has announced that it has the financial stamina to absolve’s 9mobile’s debt in its portfolio.


Union Bank, a local lender with over 30% stake owned by Bob Diamond’s Atlas Mara is owed about NGN3.9 billion which is approximately USD10.69 million using real-time exchange rate by 9mobile, formerly called Etisalat Nigeria.

The bank said it is looking at raising local capital to the tune of NGN50 billion through a local rights issue. Atlas Mara has not made any statement whether it will participate in the proposed issue.

Other banks owed in the deal are GTBank with USD138 million and Access Bank with USD31 million are the most exposed to the company’s loan portfolio that has disrupted its ownership structure.

Other lenders who are owned in the debt arrangement are Zenith Bank, First Bank, UBA, Fidelity Bank, Ecobank, FCMB, Stanbic IBTC Bank and Union Bank. There were concerns as to whether affected lenders will make provisions for impairments in their books as a result of the non-performing loan. This was said to be the main reason, the Central Bank of Nigeria got involved in the matter to ensure 9mobile’s default does not end to be a systemic risk to the financial markets.

First Bank, a subsidiary of FBN Holdings PLC said through its chief executive that the bank will wait for 9mobile to get new investors.

In an analyst conference call monitored by Thomson Reuters, Adesola Adeduntan said:

“On the part of lenders, we are trying to reposition the company till we find new investors. With the level of cash flow we believe there will be no need for impairment.”

It would be recalled that Etisalat Nigeria entered troubled waters after it was unable to meet up with the repayment of its USD1.2 billion debt it owed a consortium of 13 local banks and other international lenders. Mubadala Development Company PSJC, a 45% shareholder and Etisalat.

SOURCE: https://brandspurng.com/union-bank-says-it-has-stamina-to-withstand-9mobiles-debt/

THE Central Bank of Nigeria (CBN) has assured that Financial Technology (FinTech) companies will not take over the roles played by commercial banks in delivering services to customers. Central Bank of Nigeria Speaking at the Bi-Monthly Forum of the Financial Correspondents Association of Nigeria (FICAN) in Lagos, weekend, CBN Director, Banking and Payments System Department, Dipo Fatokun, said the demand for the services of FinTechs will continue to rise, even as they need commercial banks to enable them operate effectively. He noted that the increasing roles of FinTech companies in the payment system will allow banks to focus more on their traditional roles of financial intermediation, adding, however, that banks in developed world are now focusing on their core functions and leaving other roles to service providers. “FinTechs have always been in existence, it is just that more prominence is being given to their roles. In some jurisdictions, FinTechs are being allowed, or plans are under way to allow them connect to the central bank which, previously, was the exclusive preserve of the commercial banks,” he said. He added, “The fear has always be there that FinTechs will take over the roles of the banks and that a time will come when there will be no bank. Fintechs are not licenced as financial institutions, they cannot take deposits, they can make payments out of bank accounts. They can only facilitate payments or make it easier but the banks will still continue to play a very big role.

SOURCE: https://brandspurng.com/fintechs-wont-usurp-banks-traditional-roles/