Customer at heart

ok

The Muhammadu Indimi Foundation, a humanitarian organisation founded by Alhaji (Dr) Muhammadu Indimi OFR, the Executive Chairman of Oriental Energy Resources Limited, has announced the construction of a N600m solar-powered village consisting of 100 units of 3-room houses for persons displaced by the Boko Haram insurgency in Borno State.

To flag off the project, more than 100 dignitaries in Borno State gathered at the Government House in Maiduguri on 12 October 2017, with His Excellency, Hon. Kashim Shettima, the Executive Governor of Borno State, as special guest of honour. Also in attendance were the Shehu of Dikwa HRH Alh. Muhammed Ibn Mustafa II Al-Amin El-Kanemi and Emir of Bama HRH Alh. Kyari Ibn Umar Al-Amin El-Kanemi. Other dignitaries included elders, the state House of Assembly members, special advisers, commissioners, service chiefs, senior special assistants and top-ranking politicians. Situated in Bama, one of the worst hit communities in the state capital, the Muhammadu Indimi Village will provide 100 houses for 100 families.

Each 3-room house has a toilet, bathroom and kitchen. The village also features 5 blocks of classrooms, a fully-equipped health centre, an open-shed market to revive lucrative trade among the inhabitants, sport facilities for the children and an incinerator. The Muhammadu Indimi Foundation recognises the transformative power that this initiative could have on the people of Borno state. Alhaji (Dr) Indimi said, “Following the trauma the people have been through, we will spare no resource to restore hope, healing, and lay a lasting foundation for growth.

It is a well-known fact that our greatest strength as a country lies in our people and our resilience in the face of numerous day-to-day challenges. Through our modest activities and initiatives, we hope to contribute to the alleviation of poverty in our communities and unlock Northern Nigeria’s potential. The Muhammadu Indimi Village Bama is one of the many steps we have taken in contributing to building better lives for our people.” Dr. Indimi also revealed that the Foundation plans to replicate the 100-unit village in Ngala local government area of Borno state, another community where thousands of families had fled their homes and lost their means of livelihood.

“None of these resettlement solutions would be possible today, without the unflinching support of His Excellency, Hon. Kashim Shettima. The Borno state government donated the land for the housing projects in Bama and Ngala. We really appreciate the tremendous support and cooperation that we have received from the government and good people of Borno State,” Indimi said. Speaking at the Flag Off Ceremony, the Borno state governor, Hon. Kashim Shettima said, “Alh. (Dr) Indimi OFR is undoubtedly an inspiring model of impeccable business integrity and unbounded humanitarian activities. He has continued to identify with our values, challenges and predicament.

His decision to embark on a multimillionaire project of 100 units of housing for the victims in Bama is a specific case in point. The fundamental reasons Alh. (Dr) Indimi is selectively choosing both towns have to do with Bama being the worst affected LGA in Borno and he cut his business teeth in Ngala. We want to thank Alh. (Dr) Indimi for his generosity of spirit and for fiercely identifying with his people. I wish to unequivocally commend this magnanimous undertaking and commitment of the Muhammadu Indimi Foundation.

We deeply appreciate the humanitarian gesture of the chairman, in the resettlement of IDPs in Borno state. Alh. (Dr) Indimi is a renowned and worthy son of Borno, indeed one of the greatest.” The Muhammadu Indimi Village, commenced in July 2017 with locally sourced manpower. A total of 157 Borno indigenes have been actively involved in the construction. The project is being managed by Cadis Construction, an indigenous construction and real estate development company delivering specialized engineering solutions and consultancy services.

The Muhammadu Indimi Village is due for completion in December. The focus of the Foundation is purposeful and proactive investments in education, food, shelter, crisis relief, rehabilitation and empowerment. Since inception, thousands of internally displaced persons (IDPs) and families have benefitted from these initiatives.

SOURCE: https://brandspurng.com/muhammadu-indimi-foundation-builds-n600m-housing-estate-for-idps/

Nice

wamiikechukwu:
why wont it be when my 7 neighbors have 5 children each

lol

wamiikechukwu:
why wont it be when my 7 neighbors have 5 children each

lol

Ok

More....

In the global markets, Brent slipped to $56.34pb due to concerns that rising U.S production will offset OPEC’s efforts at maintaining market stability.

Nigeria is the world’s 5th largest palm oil producer accounting for only 2% of production. With 990,000 tonnes, aggregate supply is far below demand of 1.56million tonnes.

Oil palm producers and processors are making super normal profits and their share prices are sky rocketing. Domestic price of palm oil has declined by 25% in 12 months to N12,000 (25 ltr).

The retail price of cement is up 8% to N2,700. This is not unusual because at this time of the year, the demand for cement surges due to increased real estate activity. In addition, the FGN’s increased capex of N2.2trn in 2017 means more civil works and construction.

In the global markets, Brent oil gained marginally to $56.75 due to OPEC’s bullish stance on tighter market rebalancing in 2018.

Attached is a synopsis of the commodity markets for the week

Burning Economic Issues

Oil price down 1.07% to $56.34pb· Cement price jumps 8% to N2700

· IMF warns against excessive foreign borrowing

· Naira flat at N363/$ and N475/£

· Diesel retail price rises to N200/ltr

Economic News
The Good

OPEC’s determined to curb excess supplies

The Bad

High diesel price will stoke inflationCement price up to N2,700 per bag

Power Generation analysis & Impact


October 8th: Average power output sent was 3486MWh/hour (up 312MWh/h)

Gas constraint was 302.4MW; frequency management constraint due to loss of DisCo feeders was 2169.6MW·  Estimated loss: N1.187bn (annualised at N433.25bn /$1.21bn)

·  DisCos’ inability to pick load is the largest constraint to improved service delivery

Domestic Commodity Prices Movement





Stock Market
·        NSE ASI 0.22% to 36,732.24pts

·        Consumer goods sub index 0.61% to 933.24pts



Oil Prices
·        Brent crude 1.07% to $56.34pb

·        EIA reported a 2.8mb drawdown in U.S. crude Inventories

·        Refineries in Texas recover from hurricane-related shutdowns

·        De facto OPEC leader – Saudi Arabia determined to reduce monthly crude exports

·        On expectations that market rebalancing is underway

Oil Markets Today




Outlook – Oil Prices
·        Oil prices expected to maintain upward trend

·        Supply & demand gap is expected to narrow further in coming months

·        Amid a surge in global demand growth

·     OPEC’s Secretary-General seeks U.S. shale producers cooperation to help cut excess global supplies

Outlook – Agric Prices

Grains 

Markets await the release of the USDA crop report·        Prices expected to trade lower on forecasts of rising inventories and weak demand

Soft
Sugar

Demand from bulk consumers will drive price movement

Cocoa

Prices will trade slightly higher due to lower than expected cocoa deliveries in Ivory Coast

SOURCE: https://brandspurng.com/domestic-price-of-palm-oil-declined-by-25-in-12-months-to-n12000-25-liters/

Honestly..

Insightful

What an experience.

Investigates 10 others’ use of N213bn facility

For allegedly giving out a loan worth N6 billion from the N11.367 billion it received from the Nigeria Electricity Market Stabilisation Fund (NEMSF) granted by the Central Bank of Nigeria (CBN) to its core investor group, the Nigerian Electricity Regulatory Commission (NERC) has levied a fine of N50 million on the Ibadan electricity distribution company (Disco), Thisdaylive reports.

The NERC has also launched a full investigation on the remaining 10 Discos in Nigeria’s privatised electricity market to determine how they applied the NEMSF in their operations in addition to pursuing the full recovery of the misused funds from Ibadan Disco including the accrued interest at Nigerian Inter-bank Offered Rate (NIBOR) + 10 per cent.

A statement from NERC Head of Public Affairs, Dr. Usman Abba Arabi, yesterday in Abuja, disclosed that the decision of the commission to fine Ibadan Disco was a fallout of an open book review it did on the Disco’s financial records.

NERC’s financial penalty on Ibadan Disco also came on a day a former Minister of National Planning, Dr. Shamsuddeen Usman, disclosed how politicians and officials in the last government of President Goodluck Jonathan jostled for shares in the power generation and distribution companies that were privatised by the government in 2013.

Usman’s claims in his remarks at the October 26 lecture of the Nigerian Society of Engineers (NSE) indicated that government officials who ordinarily should have been neutral in the privatisation exercise were however guilty of foul plays and used their positions to leverage their interests in the exercise albeit secretly.

But in its statement, NERC said the board of Ibadan Disco approved a loan of N6 billion to its core investor – Integrated Energy Distribution and Marketing Limited (IEDMG) – from the CBN facility instead of using the facility to improve its distribution network.

It stated: “Following the outcome of an open book review conducted on the financial records of Ibadan Electricity Distribution Company plc (IEDC), the Nigerian Electricity Regulatory Commission found the company wanting on two grounds of inappropriate financial transactions and was subsequently fined a sum of N50 million.”
“The fine was (on) account of its failure to secure a refund of an interest-free loan the board of IEDC granted to its core investor group. The commission had, vide its Order 173, directed IEDC to recover the sum of N5.7 billion being the balance of the inappropriate loan of N6 billion granted by the utility to IEDMG, the core investor in Ibadan Electricity Distribution Company Plc.

“The loan was sourced from a total sum of N11.367 billion disbursed to IEDC under the Nigeria Electricity Market Stabilisation Fund granted by the CBN towards the improvement of infrastructure in the company including metering.
“The commission has reaffirmed that it will pursue the full recovery of the misused funds from IEDC including the accrued interest at NIBOR + 10 per cent,” the statement stated, adding that the repayment of the loan to CBN by the 11 Discos has continued to be made as a first charge on the revenues of the companies, and that it was reviewing the utilisation of the NEMSF in all other Discos.

Meanwhile, Usman stated at the NSE lecture which was delivered by its former President, Mustafa Shehu, that most of the transaction principles often included and followed in the privatisation of government’s assets were sidestepped during the sale of the power assets to private investors.

He said the outcome of the power privatisation was heavily influenced by political considerations against economic or technical capacities of the eventual preferred bidders, and thus linked parts of the current challenges of the sector to his claims.

“I was part of the power privatisation, and I am not going to extricate myself, it is a collective responsibility and I am not comfortable with the speed at which we rushed that exercise.

“I was the first Director General of Technical Committee of Privatisation and Commercialisation (TCPC) which is the agency that started privatisation in this country in 1988. We had our office in Lagos, and we did the first privatisation in this country. As at that time, we had the code of conduct that ensured that no member of the management or the board actually could buy any of the assets that we were selling.

“The electricity privatisation unfortunately was not handled that way. If you look at all these Discos and Gencos, unfortunately, some of us saw it that time but there wasn’t much we could do because of the rush and political thing it had become, there is in each and every one of them at least one or two ‘big masquerades.’

“That is not how to do privatisation; you don’t sell because of some people who are in the government, you sell because they have demonstrated the expertise, and a lot of people rushed into it because they think electricity is like telecoms without even understanding the industry,” Shamsuddeen explained.

SOURCE: https://brandspurng.com/nerc-fines-ibadan-disco-n50m-for-misuse-of-cbn-loan/

First Bank of Nigeria Limited is the first financial institution in Nigeria and West-Africa to hit 10 million issued cards to customers across the country. This makes FirstBank the second bank in Africa to achieve this the 10 million cards feat.

The accomplishment is reminiscent of a similar milestone achieved two years ago when the Bank in December, 2015 and May 2016, was named the first financial institution in the Nigeria to achieve sustained alternative channels transaction volumes of 100 million transactions in December 2015 and May 2016. FirstBank has sustained its edge in payment card issuance with its Instant issuance/Instant activation technology, which was pioneered about 7 years ago. This has also informed the Bank’s consistency in maintaining the highest active Card ratio in the industry.

According to the Managing Director/Chief Executive Officer, First Bank of Nigeria Limited, Adesola Adeduntan “delivering this feat is a testament to the Bank’s brand promise to put our customers first and continuously improve our business to serve them better”. We can attest that our customers have become more technology savvy and we will continue to encourage this attitude with our commitment to world class service delivery as we work to ensure optimal performance and availability of all our alternative channels, to meet and exceed the expectations of our customers. The bank currently processes over 78% of its customer transactions through self-service channels.

Meanwhile, FBN Holdings Plc has announced the appointment of Oluseye Kosoko as Company Secretary, subject to regulatory approval.

In the same vein, Tijjani Borodo, the outgoing Company Secretary will still be around for the next few months to navigate a seamless transition for the substantive Company Secretary.

According to a statement, Tijjani will be retiring after three decades of “combined services to both First Bank of Nigeria Limited and subsequently FBN Holdings Plc, providing exceptional company secretariat and legal support to the Group.”

Prior to Seye Kosoko’s appointment, he had served as Head of Legal and the Company Secretary, Standard Chartered Bank Nigeria Ltd; Managing Solicitor, Henley, Crankshaw Solicitors; Chief Legal Officer/Company Secretary, Econet Wireless Nigeria Limited (Now Airtel Networks); Citibank Nigeria, where he rose to the position of General Counsel/Company Secretary/ and pioneer Country Compliance Head, with oversight for Corporate Affairs. He worked as Tax Consultant at Price Waterhouse and was also one of the pioneer lecturers at the Faculty of Law, Lagos State University. He is a graduate of the University of Ife in 1984 and was called to the Nigerian Bar in 1985. He obtained his LL.M in 1987, from the University of Lagos.

According to the Group Managing Director of FBN Holdings Plc, UK Eke, Seye brings to bear on the Executive Management and Board of FBNHoldings UK over 25 years’ extensive experience in legal framework, company secretarial duties, and governance advisory.  He also stated that Tijjani will be missed as his exemplary dedication to the Group will remain one of the bright spots in the history of FBNHoldings. “We welcome Seye on board while we wish Tijjani many fruitful years ahead.”

Mr. Kosoko’s appointment is consistent with FBNHoldings corporate governance and succession plan that ensures that there is balance of knowledge and experience at the highest decision making levels of the Group.

SOURCE: https://brandspurng.com/another-first-as-firstbanks-payment-card-hits-10-million-in-nigeria/

dingbang:
gtb customer spotted... Did the writer include the name of the bank? Its not all banks that require last four digits of ATM card to set up ussd.

If what you say is true, these banks should be dropped, Not safe security-wise.

Hmm, interesting...

am quite sure the only way we source this is through debt.

Good one.

The man below has got something different to say.

Good one.
The msn below has got something different to say.

West Africa’s premier Data Center solutions provider, MDXI (a MainOne company) has launched an advertising campaign aimed at reinforcing the company’s position as the data center provider of choice for Enterprises in the region. Tagged “Take a Break”, the campaign will increase awareness of the MDXI brand as the most interconnected and reliable West African datacenter company and urges C-level executives across the region to take a break from the rigors of managing in-house IT and outsource their Information Technology infrastructure needs to MDXI.

Thecampaign, which began in October in Nigeria and Ghana includes a redesign of the MDXI website and press adverts in numerous national publications, building on the company’s expansion efforts across Nigeria and West Africa. The campaign is expected to spotlight the company’s data center initiatives not only in Nigeria, but across West Africa including its Accra facility, a new Data Center in Sagamu, Ogun State Nigeria as well as planned development in Abidjan, Cote D’Ivoire.

“Unknown to local Enterprises that outsource their data center needs off-shore, MDXI is home to numerous large multinationals that West Africans interact with daily online as we have raised the bar to provide world-class ICT and Data Center solutions, at par with similar facilities in Europe, Asia and America. Our Data Centers have undergone rigorous compliance audits to ensure we are able to provide same level of service locally that our international customers are used to” says MDXI General Manager, Gbenga Adegbiji.

MainOne’s MDXI has put Nigeria on the global map, with its premier Tier III Lekki Data Center, the only data center in West Africa that is authorized to process and store payment card information with its PCI DSS certification. MDXI is also certified as ISO 27001, 9001 compliant and is the only SAP certified provider of hosting services in the region. The company has contributed significantly to deepening Nigeria’s digital economy with its highly available, carrier-neutral ICT infrastructure, enabling network operators and content providers exchange traffic within its data center. As West Africa’s most connected data center and home of the Internet Exchange Point of Nigeria (IXPN), MDXI has impacted internet traffic in-country, by localizing traffic, reducing transmission costs and improving user experiences.

SOURCE: https://brandspurng.com/mdxi-targets-enterprise-customers-with-new-take-a-break-campaign/

FOR the second successive year, Nigeria has won the Ideas for Action initiative, a youth competition on financing for development, which is yearly organised by the World Bank Group in collaboration with the Zicklin Center for Business Ethics Research.

Nigeria’s winning proposal, “Kitovu”, came out tops from among 743 proposals from 118 countries, while Uganda’s proposal of “Gifted Hands” and India’s proposal of “Agratam” were adjudged first and second runner ups in this year’s competition.

The World Bank’s Senior Vice President (The 2030 Development Agenda), Mahmoud Mohieldin, announced the results of the 2017 Ideas for Action initiative on Tuesday in Washington, during the annual meetings of World Bank and the International Monetary Fund.

Mohieldin disclosed that the winners were selected through a vigorous three-stage selection process evaluating the creativity, significance, feasibility, and clarity of the proposals.

“The 2017 Ideas for Action competition encourages young people from around the world to develop and share their ideas for innovative approaches, through the smart use of technology, as well as financing solutions, to solve development challenges.

Nigeria’s winning proposal, Kitovu, is an innovative platform and system that matches fertilizer type and quantity, improved quality seeds, and other inputs to the right soil.

The proposal envisions a web- and mobile-based decentralised fertilizer and seedling warehousing system that matches the right inputs to different farm locations owned by small-holder farmers in distant locations so as to lower the cost of cultivation while ensuring increased yields.

Mr Nwachinemere Emeka Obewe, who initiated the winning proposal, explained that the platform sought to create market access for smallholder farmers in distant locations by using a mix of web, mobile and SMS platforms to link farmers to processors, produce buyers, transporters, and other ecosystem stakeholders to tackle post-harvest losses and enable produce traceability while increasing farmer income.

SOURCE: https://brandspurng.com/nigeria-wins-world-banks-youth-development-initiative/

When did it stop bearing Nokia Lumia?

2nd behind Telecomms industry.

When it comes to wearing a seatbelt in Nigeria 40% of Nigerian road users don’t find it useful or they underestimate its usefulness while the 50% that wears it don’t wear it religiously or they only wear it to take a selfie. The remaining 10% that uses the seatbelt do so in order not to be fined by the law according to a survey conducted by a team of experts.

According to National Bureau of Statistics, Nigeria recorded 11, 363 road accidents in 2016, the report stated that 4,696 of the 5,053 Nigerians that got killed, representing 93 percent of the figure were adults, while the remaining 357 Nigerians, representing seven percent of the figure are children.  About 50% of these people could be saved if they wore seatbelts. Driver safety is very important. When you are behind the wheel, your actions will affect you, the people you carry in the car and anyone else who happens to be on the road near you.

One way to promote safety is to always wear your seatbelt when the car is in motion even when you are driving within your Estate because studies have shown that 75% of car accidents and injuries occur within 25 miles of the home. Also, more than half of all injury-producing motor accidents involve low speed under 40mph.

Perhaps, you don’t like wearing a seatbelt or don’t find the task to be very important, our list of reasons to wear a seatbelt may just change your mind.

Seatbelt Saves Lives: The function of the front seatbelts is to stop the forward momentum of the driver and front passenger in the event of an accident. It is the best defense against road hazards, aggressive drivers, distracted drivers etc. The front and back of a car are designed to crumple to absorb the violent shock of impact, and the front seatbelts would restrain the front occupants and hold them back with the car. Without the front seatbelts, forward momentum would smash the head and body into the steering wheel, dashboard or windshield.It works together with Airbags: We are in the day and age when front airbags are standard accessories, unquestioning belief in the life-saving property of airbags often devalues the importance of seatbelts. The reality is airbags are designed to work in conjunction with seatbelts, not independently or in place of seatbelts. Without putting up a seatbelt, an airbag might not expand fast enough to cushion the forward momentum of the occupant and in certain cases plowing unrestrained into an airbag has been known to cause death by suffocation.It is the Law: Wearing a seatbelt is the law in any country both developing countries. If you are caught not wearing a seatbelt you could face expensive fines and consequences.Safety of our Children: Children in a car are more vulnerable to getting flung in the event of an accident. Seatbelts work on top of various child restraint systems each tailored to the height of the child to significantly reduce the fatality rate of children in car accidents. Of every 100 children who die in motor vehicle accidents at least, 80 would survive if they were properly secured in an approved child safety seat or safety belt.Maximum protection for pregnant women: Wearing a seatbelt is critical to the protection of both mother and child. It is perfectly safe for even heavily pregnant women. It may be slightly uncomfortable for an expectant mother but wearing a seatbelt will not harm the baby at all and it reduces the fatality risk of the mother without whom the fetus’s chances of survival are grim.

In conclusion, people have a general notion that the back seatbelt is not useful like that of the front, this is not true. It is as important as the front seatbelts. According to the World Health Organization (WHO) wearing a front seatbelt can reduce the risk of fatal injury by 50% while wearing a back seatbelt can reduce the risk by a whopping 75%.

Make wearing your seatbelt a habit. The next time you get in a car remember to buckle up, no one plans to get into an accident but if someone whose wife/girlfriend/Boss/Pastor annoyed heavily runs into your car, a seatbelt can save your life only if you are wearing it.

 

SOURCE: https://brandspurng.com/5-reasons-why-you-should-always-wear-a-seatbelt/

Targeted is the most tedious with the highest conversion if it works out well.

Ok

Says trade slumped 54% in 2015   Slowdown hinged on China’s shift from investment, export to domestic consumption     Delayed adjustment to commodity price decline constrains growth in Nigerian economy, others

Ahead of its 2017 annual meetings, which begins tomorrow, the International Monetary Fund has said trade between in the sub-Saharan Africa (Nigeria and others) and China rose more than 40-fold in 20 years as China’s share of African exports jumped from 1.6 per cent in 1995 to 16.5 per cent in 2015 and imports significantly increased from 2.5 per cent to 23.2 per cent over the same period.

However, trade slowed in 2015, when the value of African exports to China stood at $48 billion, having fallen from $105 billion in 2014, representing a slump of 54.29 per cent.

IMF, which disclosed this in its newly-released Annual Report 2017, noted that China’s rapid growth had boosted its demand for raw materials, many of which came from Africa, which led to the massive growth in the 20-year period.

The fund, however, pointed out that, currently, China’s growth was slowing with the drivers of its growth shifting from investment and exports to domestic consumption, a process referred to as “rebalancing.” 

According to the Bretton Woods institution, “A recent analysis prepared by the IMF shows that this shift had a particularly big impact on commodity exporters, many of which are in Africa: in 2015, the value of African exports to China fell to $48 billion from $105 billion in 2014, putting pressure on exchange rates and foreign exchange reserves. Sharply lower government revenue in commodity-intensive countries has forced them to cut public spending, including on badly needed infrastructure and social services. The short-term pain is acute.”

Stating that, “not all the news is bad, though,” the IMF noted that, “ Looking for more opportunities abroad, Chinese enterprises and financial institutions have expanded their direct investment and lending in Africa, notably in non-resource-intensive countries, which continue to enjoy high growth.”

“Over the medium term, this investment offers opportunities to sub-Saharan Africa to become part of global value chains, boosting much-needed structural transformation on the continent,” the fund reasoned.

“Every cloud has a silver lining,” said coauthor of the IMF analysis, Roger Nord. “While falling commodity prices hurt Africa in the short term, China’s shift to more consumption is an opportunity for Africa to accelerate its much-needed structural transformation.”

IMF explained that its activities in FY2017 focused on pressing global issues: trade, its impact on growth and employment; productivity, whose slowing has affected incomes; inclusive growth policies, to address inequality worldwide; gender equality, for the global economy to reach its potential; and debt management, to help some member countries adjust to lower revenues.

IMF attributed the constrained growth in sub-Saharan Africa to delayed adjustment to commodity price decline.  “In 2011 and more acutely since mid-2014, the decline in commodity prices has put severe strains on the 23 sub-Saharan African economies that rely significantly on commodities for their exports. In these countries, the ensuing decline in export proceeds and budgetary revenues has led to a rapid deterioration in the external and fiscal balances, particularly in oil exporters,” it stated.

As a result, it added, “pressures on exchange rates emerged, international reserves declined, and both public debt and arrears increased. Growth in resource-intensive countries has slowed markedly since 2014, compared with the previous period of buoyant growth.” 

According to the Bretton Woods institution, this picture contrasted sharply with the rest of the countries in the region, which had continued to enjoy strong momentum, as they also enjoyed tailwinds from a lower energy import bill. “Growth for sub-Saharan Africa as a whole reached just 1.4 percent in 2016—its worst performance in more than two decades.”

“The authorities in the sub-Saharan African countries most affected have started to adjust policies, but the adjustments have been slow and insufficient, creating uncertainty, holding back investment, and running the risk of generating even deeper difficulties in the future,” said African Department Division Chief, Céline Allard, who oversaw preparation of the April 2017 Regional Economic Outlook: Sub-Saharan Africa—Restarting the Growth Engine.

Pointing out that, as commodity prices are expected to remain low, IMF suggested that, “the hardest-hit countries urgently need to adjust if they want to restore macroeconomic stability and revive growth.”

“They need to combine fiscal consolidation with exchange rate flexibility where feasible. And this rebalancing will be durable only if these countries at the same time boost domestic revenue mobilisation, foster diversification, and address long-standing weaknesses in the business climate to attract investment in new sectors.”

 

SOURCE: https://brandspurng.com/imf-trade-between-sub-saharan-africa-china-jumps-40-fold-in-20yrs/

ksbusari:
what is there own definition of rural areas? before wahala starts

Abi o, another segregation issue looming.

More than four million out of about seven million registered consumers in the 11 distribution networks in the Nigeria’s electricity market do not have meters installed at their consumption points, partly because the Discos have not invested enough to bridge the gap. Notwithstanding the challenges, the Nigerian Electricity Regulatory Commission recently said it was considering three new approaches to achieve total metering for the market, Chineme Okafor writes.

The Nigerian Electricity Regulatory Commission (NERC) has indicated that it was considering three innovative options to improve the metering obligations of electricity distributions companies (Discos) to their customers, and also completely eliminate the regime of estimated billing of consumers by Discos.

According to a document the commission posted on its website, and which was obtained by THISDAY, the three options under consideration are Meter Service Providers (MSP) scheme, modified Credited Advance Payment for Metering Implementation (CAPMI), and franchising in rural and urban settlements.

As at August 2017, NERC records stated that the total number of customers registered by the 11 Discos as eligible electricity users within their respective networks was 7,476,856, while those metered were 3,451,611, thus leaving a metering gap of 4,025,611 and a collective metering percentage of 46.16.

Also within the records, four Discos – Abuja, Ikeja, Eko, and Benin were tops in their meter deployment efforts with their 52.17 per cent, 55.95 per cent, 60.73 per cent, and 69.49 per cent respective deployments, while the likes of Enugu, Kaduna, Kano, and Yola trailed behind with their meagre 27.72 per cent, 37.24 per cent, 34.43 per cent, and 23.61 per cent deployment levels. Ibadan, Jos, and Port Harcourt Discos, however maintained average meter deployment percentage of 41.35 per cent, 48.72 per cent, and 48.54 per cent respectively.

Because the electricity sector privatisation, which was concluded in 2013, predicated the share purchase agreements of the Discos upon various agreed Average Technical Commercial and Collection (ATC&C) loss reduction levels for the Discos, a 100 per cent metering plan within a timeframe was thus expected of the Discos to ensure comprehensive coverage of consumers.

Also, the comprehensive roll-out of metering facilities was expected to guarantee and protect the Discos’ revenue, minimise losses to them in technical and commercial levels, as well as protect customers from unfair and estimated billing, which has been massively abused by the Discos despite an existing regulatory methodology enacted by the NERC. 

Previous Attempts 

But while the metering gap existed even before privatisation, there had been previous efforts before and after privatisation – majorly by NERC, to cut down on the number of Nigerian electricity consumers without meters.

The domineering objective being to eventually end estimated billing and adopt 100 per cent metering as the basis for billing all electricity customers in Nigeria, the sector inherited a meter maintenance fee or charges that were then levied on consumers by defunct Power Holding Company of Nigeria (PHCN) for meter deployment and maintenance.

These charges were eventually cancelled as a component of electricity bills or tariff to consumers by the NERC after it ruled that they didn’t in any way advance the deployment of meters by the Discos, and so had no reasons to be continued.

The regulator further pushed the Discos to respect their metering obligations to their customers as contained in their share purchase agreements, and even introduced a respite it called the Credited Advance Payment for Metering Implementation (CAPMI) in which consumers were free to advance payments to their Discos to procure and install meters to them and get rebate in the form of electricity units over a period necessary to offset their individual investments in the meters.

Eventually, the CAPMI scheme turned inadequate to close the metering gap after it was discovered by NERC that the Discos also abused it and were diverting consumers’ payments to them for meters to other ventures and not living up to their obligations. The regulator subsequently closed down the scheme and asked the Discos to clear existing orders from consumers in the CAPMI scheme, while continuing their investments in metering. 

New Approaches

But following the slow pace of investments in metering by the Discos, NERC then announced its consideration of three new options that could be adopted to close up the metering gap.

Under the MSP scheme, which looked more like the introduction of a new value chain – metering, in the market, NERC explained that MSPs could be financial institutions, venture financiers or even Original Equipment Manufacturers (OEMs) and meter manufacturers with the capacity to provide comprehensive meter services to electricity customers.

It said the MSPs would own the metering infrastructure on a lease basis including replacement of faulty and obsolete meters, but will also enter into medium to long term meter service agreements with Discos, which would then integrate in their vending systems provisions that allow the MSPs to get deductions from customers’ vending.

Likewise, it explained that guarantees for this financing option could come from the World Bank or a N39 billion metering loan the federal government recently disclosed that it would provide for the sector.

In terms of obligations within the MSPs, NERC stated that Discos would provide details of customer base for the scheme to provide financing, the MSPs would provide financing for procurement, installation and maintenance of metering infrastructure, while NERC will approve all metering agreements between Discos and MSPs.

Also, MSPs would be expected to supply meters to Discos based on supply and installation contract, Discos will then own and maintain the meters. They will also retain billing and collection activities while collection accounts will be backed up by irrevocable payment orders.

The ultimate goal, however, would be to provide meters to consumers but with the financial burden of such venture taken off the shoulders of the Discos.

In terms of the benefits of the MSPs option, NERC said: “A large number of customers will be metered quickly in NESI, issues of electricity theft and meter bypass will be eliminated due to enhanced vigilance by MSPs, increased revenue protection for Discos due to focus on billing and collection, guaranteed repayment arrangement will encourage financiers to support MSPs.”

It, however, stated that there were other considerations such as Discos’ reluctance to cede control over the meter as part of their assets and financiers possible request for more stringent guarantees and conditions for participation in the scheme, which could stand in the way of this option.

The other option, according to NERC, would be a modification of the CAPMI mechanism, which it jettisoned before because of Discos’ repeated failure to comprehensively respect the terms of their engagement with customers in the CAPMI.

The commission explained that the scheme would be modified to have shrewd transparency in monitoring payment made by customers as well as input measures to guard against delays in meter installation and making of refunds to consumers for the investments.

On franchising as another potential option, the regulator noted that Discos would be allowed to enter franchise agreements with agents, who will retail electricity at an agreed discount to consumers but in line with NERC’s regulations, codes and metering requirements.

Electricity sold within this arrangement is, however, expected to be bulk metered by Discos at designated energy injection points, while agents check meters for internal energy accounting.

It also said the option had benefits that included faster meter roll-out, cost-efficiency, and ease of revenue collection in designated locations, as well as being less prone to the incidence of theft.

While these new metering options are largely expected to help the Discos achieve comprehensive metering of consumers under their networks, safeguard their revenues and energy, as well as end the abused practice of estimated billing, NERC, however, stated that they would not be adopted for implementation outside of existing metering strategies adopted and being implemented by the Discos, indicating that these three would serve to amplify the efforts of Discos in closing their metering gaps as well as provide assurance to consumers that an end to estimated billing could be near in sight.

On the other side, the new approach would equally open up a new market for new players in the meter supply chain, in addition to strengthening local meter suppliers, which had frequently complained of poor patronage from the Discos.

As was stated by the Minister of Power, Works and Housing, Babatunde Fashola, at a recent policy dialogue on the power sector organised by the Lagos Chamber of Commerce and Industry (LCCI): “It would enable other businesses that are not distribution companies to supply meters. The core business of the Discos is not meter supply, their core business is distributing power but it needs meters to do so. Those who specialise in manufacturing, supplying and installation of meter would now go into that business subject to license by NERC.”

SOURCE: https://brandspurng.com/nercs-new-metering-options-lifebuoy-to-discos-consumers/

Cement business is one of the best and easiest building material business anyone can start and make good money. 

With the huge population in Nigeria and Africa at large, coupled with the present housing problems facing the nation; this means that there is a present and future demand for cement; as the government and private real estate investors try to meet the housing needs.

Dangote Cement is currently the dominant and leading cement company in Nigeria. Thanks to the business acumen of  its founder “Aliko Dangote”, a formidable management team and a strong distribution network. It is high time you align yourself with the rapidly growing company that is backed by a strong management.

In an effort to ensure distribution of cement pan Nigeria, the company is currently seeking credible distributors nationwide. BrandSpur Nigeria have complied what are required for the registration process as well the facilities needed by potential distributors.

The Company assures:

48 hours registration period guaranteedNo Application/Registration deposit required

Subject to: Minimum purchase of one trailer i.e 600 bags monthly on cash & carry basis

Download the Distributor Application Form here

Registration Requirements

Please ensure that you have the soft copy of the following documents before you begin Application:

Certificate of Company Registration from the Corporate Affairs CommissionApplication letter to become a distributorScanned copy of the Bank reference letterPassport photograph of the company’s proprietor/MDPassport photograph of the company’s representative

Individuals/Corporate/Institutional Buyers

Individuals/Companies seeking to buy cement in bulk/50kg bags for projects should feel free to walk into their depots or offices nationwide. For more information, please call the Area Sales Manager in charge of the depot closest to you from the depot location list.

Completed forms/applications can also be sent by email to cementdistributor@dangote.com

or
The Group Head,
Corporate Communications
Dangote Cement Plc
3rd Floor, Union Marble House,
1 Alfred Rewane Road, Falomo,
Ikoyi, Lagos.

5 Facilities you Need to Put in Place to Get Started as a Distributor for Dangote Cement

1. You Need to Write a Business Plan for your Cement Company

A business plans gives you direction and open your eyes to the wealth of resources you have at your disposal. Who are your target prospects? How much would it take you to start a cement business and haul products to your selling point? What things can you add to make your product more superior than your competitors? These are question you must answer in your business plan.

2. Study the Competition

Who’s your competition? What are they doing that you can do better? You need to study and understand their strengths and weaknesses. This is your advantage!

3. You Need a Warehouse

You will need a ware house to accommodate at least, a minimum of 500 –  1,000 cement bags. You can also talk to the town leaders in your vicinity, about allocating a space for you to store your cements. It is advisable to rent a ware-house to prevent unexpected occurrences

4. You Need to Arrange for a Vehicle

If you can afford to buy a supply vehicle (possibly a van or mini truck), then get one. It will help you sell faster, and make work more convenient for you. A haulage truck will also be needed to haul your cement products from the factory at Obajana, Kogi state or Benue state. However, you don’t need to own the truck, a pay per delivery contract will do.

5. Learn from the Gurus and not the “GOOROS”

Do you know why there are so many struggling businesses in Africa today?  It’s because they have been listening to the “GOOROS.” To succeed in this business, you need to speak with someone already in the GAME. Learn from someone with a cement business outside your community.

Many established business owners are happy to give advice to serious entrepreneurs. They love industrious young people, and are ready to go the extra-mile in helping them Don’t be scared. The worst answer you will ever get is a “NO.” Rejection is part of the game.

In conclusion, I want to restate that there is so much money to be made as a cement distributor. Even right here in NIGERIA, you can still function as a cement distributor while still working your day job. Isn’t this amazing? You can make a realistic profit of N300,000 monthly by distributing cement. All you need is ACTION, hard work, and determination!

However, you must bear in mind that no business is hassle-free, so expect some challenges while venturing into this business. It is your ability to deal with these challenges effectively that will make you a successful cement  distributor.

Finally, I want you to also know that there are other great cement companies out there like LAFARGE WAPCO, IBETO, BUA, CCNN, etc.

So feel free to contact them and become their distributor.

I wish you the best.

SOURCE: https://brandspurng.com/how-to-become-a-dangote-cement-distributor-free-registration-facilities-required/

United Capital Plc, a leading Pan-African investment banking group on Friday unveiled its results for the nine months ended September 30, 2017.

Details of the results show gross earnings of N6.2 billion, up 10 per cent, from N5.689 billion in the corresponding period of 2016. Investment income  improved  by 59 per cent from N688 million to N1.099 billion, while profit after tax (PAT) increased to N3.274 billion, as against N3.170 billion in 2016.

United Capital’s shareholders’ fund grew by  seven  year-to-date to N15.2 billion, a reflection of the group’s resilience and capacity to create value for its investors irrespective of the cycle over the long term, while total assets stood at N160 billion.  Additionally, United Capital’s strong balance sheet capacity reflects a strong franchise and ability to remain a trusted partner to clients in pursuit of their financial goals.

Commenting on the results, the Group Chief Executive Officer, Oluwatoyin Sanni said: “The 10 per cent growth in gross earnings reflects the positive trajectory of the group, driven by the loyal support of our esteemed customers and our results-oriented workforce. In spite of the challenging macroeconomic and business environment, we leverage innovation and tenacity to gain market share across our diversified business lines.”

She added that the company broadened its African footprint, launched new offerings to meet the evolving needs of  its clientele, and enhanced its  online trading platform (InvestNow 2.0), which is built on new technologies.

“As a recognition of our strong balance sheet, business capacity and sound governance, Agusto & Co, the foremost rating agency in Nigeria assigned United Capital an ‘A-‘ rating with a stable outlook on our Group – a top notch upgrade from ‘BBB+’ and the highest rating of an investment bank in Nigeria.

As we close out the year, our team is dedicated to sustaining this strong performance, as we remain resolute in delivering superior returns to our shareholders over the long term. We understand the importance of being nimble and innovative at all times. Our team remains optimistic and focused as we identify new opportunities across our diversified portfolio,” Sanni said.

The GCEO added that the impressive performance is an attestation of United Capital’s commitment to delivering bespoke investment banking solutions to clients across various segments of the Nigerian market and broader African continent.

SOURCE: https://brandspurng.com/q3-2017-united-capital-posts-n6-2bn-earnings-n3-3bn-profit/

From what is said above, me thinks its a useful financial app to have

Talking about getting ready to storm the market.

we understand the normal hiccups before lift off.

TSTv, we will wait.