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 Phones › Telcos Demand A 40% Increase In Voice, SMS, And Data Tariffs; NCC, Expert Respon by postbox(op): 5:21pm On May 06, 2022 |
There are clear indicators that the country’s telecommunications operators, or telcos, plan to raise voice and data rates by up to 40%. According to reliable sources from the operators who confirmed the plans to Vanguard, it was due to the high cost of diesel to operate their businesses, as well as constant harassments and frivolous taxes and levies imposed on them by various agencies from the three tiers of government. The telcos who spoke to reporters about the issue said it is being handled by their umbrella organization, the Association of Licensed Telecoms Operators of Nigeria, ALTON. Voice calls, short message services, SMS, and data services will be affected if the proposal is approved. It means that the telcos want to raise the current average 11k per second, N8.95 per minute cost of voice calls to N12.53, while short message services will rise from N4.00 to N5. 61. SOURCE:https://brandspurng.com/2022/05/06/telcos-demand-a-40-increase-in-voice-sms-and-data-tariffs-ncc-expert-responds/
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| Phones › ALAT By Wema Becomes Nigeria’s Number One Finance App by postbox(op): 7:06pm On May 04, 2022 |
Following a record-breaking attempt to sign up one million customers in one day on May 2, ALAT By Wema is now the number one ranked finance app in Nigeria. As part of its fifth-anniversary celebrations, the digital banking platform powered by Wema Bank, held widespread offline and online activations to onboard new customers, while rewarding existing customers. The impact of the customer acquisition drive saw ALAT move up three places to become number one among the top finance apps in Nigeria on iOS Appstore and Google Play. ALAT also closed the day (May 2) as the number one on the Free App Chart, and number 45 Finance App on the World Top App Chart. While much of ALAT By Wema’s new ranking links to marketing activities on May 2, the functionality of the platform is a key reason Nigerians have adopted it. Since its launch in 2017, the bank has helped Nigerians has supported lifestyles with refreshing digital banking offers. It has helped Nigerians build a healthy saving culture through flexible automated saving features. In line with this, the platform recently rolled out a Spend and Save feature to help Nigerians save more money while making transactions. ALAT also offers collateral free loans, scheduled bill payments, a free debit card and virtual naira card. Customers can also make bulk payments, open a domiciliary account without visiting the bank and make investments with high-yield interests. The platform also a corporate banking app, ALAT for Business, which supports Nigerian businesses in making bulk payments and carrying out other business transactions. “We have always been number one,” Segun Adeniyi, the Chief Digital Officer of Wema Bank states. “When you look at our track record, we are Africa’s first fully digital bank, we kick started branchless banking in Nigeria, which included the delivery of free debit cards, and have been pioneer enablers of the fintech industry in Nigeria.” Mr Adeniyi explained that the bank intends to build on this ‘tradition of firsts’ and continue to empower lives through innovation while providing seamless digital banking services to Nigerians both home and abroad. SOURCE:https://brandspurng.com/2022/05/04/alat-by-wema-becomes-nigerias-number-one-finance-app/ 1 Like
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| Business › Shell Signs $1.55 Billion Deal To Acquire India’s Sprng Energy Group by postbox(op): 6:54pm On May 04, 2022 |
Shell Overseas Investment B.V., a wholly owned subsidiary of Shell plc (Shell), has signed an agreement with Actis Solenergi Limited (Actis) to acquire 100 per cent of Solenergi Power Private Limited for $1.55 billion and with it, the Sprng Energy group of companies. Solenergi Power Private Limited is incorporated in Mauritius and is the direct shareholder of the Sprng Energy group of companies in India. Sprng Energy, headquartered in Pune, Maharashtra, will retain its existing brand and operate as a wholly owne subsidiary of shell within Shell’s Renewables and Energy Solutions Intergrated Power Business. The transaction is subject to regulatory clearance and is expected to close later this year. “This deal positions Shell as one of the first movers in building a truly integrated energy transition business in India,” said Wael Sawan, Shell’s Integrated Gas, Renewables and Energy Solutions Director in a press release on Friday. “I believe it will enable Shell to become a leader across the power value chain in a rapidly growing market where electrification on a massive scale and strong demand for renewables are driving the energy transition.” “Sprng Energy generates cash, has an excellent team, strong and proven development track record and a healthy growth pipeline. Sprng Energy’s strengths can combine with Shell India’s thriving customer-facing gas and downstream businesses to create even more opportunities for growth,” Sawan said. According to the release, the solar and wind assets Shell acquires through the deal will triple Shell’s present renewable capacity in operation and help deliver its ‘Powering Progress’ strategy. An important part of the strategy is to develop a best-in-class integrated power business, which will help Shell to reach its target of becoming a profitable net-zero emissions energy business by 2050, the release said. SOURCE:https://brandspurng.com/2022/05/03/shell-signs-1-55-billion-deal-to-acquire-indias-sprng-energy-group/
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| Business › FMN Receives Approval For Majority Stake In Honeywell Flour Mills by postbox(op): 8:07am On May 03, 2022 |
FLOUR Mills of Nigeria Plc (FMN) has obtained all necessary regulatory approvals to acquire a 71.69 percent stake in Honeywell Flour Mills Plc, a former Honeywell Group portfolio company. The company also received approval for First Bank of Nigeria Limited’s 5.06 percent stake in Honeywell Flour Mills Plc. According to a report made available to journalists, the acquisition has been approved by all relevant regulators, including the Federal Competition and Consumer Protection Commission (FCCPC), the Nigerian Exchange Limited (NGX), and the Securities and Exchange Commission of Nigeria (SEC). On November 22, 2021, they announced their agreement to the transaction, which would bring together two businesses with shared goals to create a more resilient national champion in the Nigerian foods industry. The acquisition allows the FMN to expand its reach throughout Nigeria, increase manufacturing capacity, and create synergies to deliver better products to consumers. Honeywell Group sold a 71.69 percent stake in Honeywell Flour Mills Plc to Flour Mills of Nigeria for a total enterprise value of $80 billion. Given FMN’s parallel negotiation for both stakes, which resulted in the agreements being executed, the transaction was completed at the final equity price per share of N4.20. Mr Boye Olusanya, Group Managing Director of FMN, stated, “We are delighted that approvals have been received, and we are all set to begin execution of this landmark transaction that will positively impact Nigeria’s food security architecture and overall competitiveness.” We congratulate and thank all regulatory and approving bodies – FCCPC, SEC, and NGX – for their support of this historic vision.” “Our combined brands and businesses will mean an expansive scale of food production for both Nigeria and Africa,” he added. Flour Mills of Nigeria and Honeywell Flour Mills will be able to achieve rapid growth while maintaining high-quality products serving the Nigerian market. “The acquisition will also serve as a catalyst for an even stronger stream of innovation focused on local content offerings, allowing our customers across the country to benefit from improved access to a broader product range and a robust pan-Nigerian distribution network.” Despite massive government and international investment in the water sector, water scarcity has become a perennial nightmare for residents of Abeokuta, the Ogun State capital. This report examines residents’ lives and experiences in obtaining clean, potable, and affordable water in the midst of the state’s COVID-19 outbreak… The Nigerian Railway Corporation recently inaugurated the Lagos-Ibadan railway for full paid operation after a year of free testing. Our reporter boarded the train from Ibadan to Lagos and recounts his experience in this report… SOURCE:https://brandspurng.com/2022/05/02/fmn-receives-approval-for-majority-stake-in-honeywell-flour-mills/
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| Business › Guinness Nigeria Opens New £6.2 Million Ultra-modern Lagos Headquarters by postbox(op): 7:58am On May 03, 2022 |
Guinness Nigerian Plc, the Nigerian subsidiary of the British multinational beverage and alcoholic firm, formally opened its new £6.2 million ultra-modern headquarters in Ogba, Lagos, on Thursday. This comes several weeks after the company denied reports that it intends to leave Nigeria or relocate its operations to Ghana. The Chairman of Guinness Nigeria, Dr Omobola Johnson, said in her speech that the ceremony also served as a celebration of the 72nd anniversary of Guinness Nigeria’s consistent business in the country. Among other things, the Guinness Nigeria complex is said to have a bar, a game room, a gymnasium, and modern office facilities. Johnson stated that the world-class structure demonstrated the Guinness brand’s confidence in continuing to do business in Nigeria, putting to rest rumors that the company was leaving the country. “It is a testament that Guinness is here to stay and committed to doing business in Nigeria,” she said. Johnson stated that the modern edifice demonstrates the culture Guinness represents as well as the company’s future goals. She went on to say, “It is about working well, living well, and also playing well.” Mojisola Adeyeye, Director-General of the National Agency for Food and Drug Administration and Control (NAFDAC), thanked Guinness Nigeria for its contribution to the food and beverage industry. Adeyeye, who was represented by Mrs Eva Edwards, Director, Food, Safety and Applied Nutrition, NAFDAC, stated that the regulatory agency would continue to assist Guinness in ensuring the success of its operations in Nigeria. In addition, Mr Mark Sandys, Global Head of Beer, Baileys and Smirnoff, Diageo Group, stated that Nigeria holds a special place in Guinness history as the second location where the beer was brewed after Ireland, and that the new headquarters was a clear indication of the company’s confidence in Guinness Nigeria based on its performance in the country. SOURCE:https://brandspurng.com/2022/05/01/guinness-nigeria-opens-new-6-2-million-ultra-modern-lagos-headquarters/
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| Politics › Grooming Centre Launches Inspiring Photobook On 30 Tenacious Women by postbox(op): 3:19pm On Apr 30, 2022 |
Grooming Centre, a non-governmental organization (NGO) that focuses on enabling financial inclusion among market women and artisans, on Thursday, 28 April 2022, launched a photobook on 30 Nigerian women entitled: The stories of impact: Real Women, Real Lives, Real Growth. The launch of the photobook, which highlights and celebrates the resilience, grit, and courage of 30 women and their life-changing journey with Grooming Centre, was held at the Grooming Centre Multi-purpose Hall in Ejigbo, Lagos. Speaking at the event, Dr Akindele Akinsoye, the CEO of Platform Capital, co-sponsors of the event eulogised women for whom he said the future belonged. “The work that Grooming Centre is doing is very important because by helping women build sustainable enterprises, tooling them, scaling them, skilling them, they are preparing them to build bigger businesses in the future, being that the micro segment is the conveyor belt of big corporations,” he said. The highlight of the event was a review of the book by Yale University Fellow and Founder of the School Politics, Policy, and Governance (SPPG), Dr. Oby Ezekwesili. Dr Ezekwesili joined virtually, was unable to attend physically as the day was her birthday and her family insisted that she spent it at Abuja. She lauded the phenomenal work that the organisation was doing, describing it as incredible. Praising the quality of production of the book, Ezekwesili did a methodical review of the book, telling each story with a passion and that brings to life the experiences of the women in the book, with one of the stories relating to her as a young woman when her father passed on. Describing the book as one that tells the story of development done at micro level with real impact, she said it made the title – Stories of Impact: Real Women, Real Lives, Real Growth – proper. “It is a book that should claim a stand on the shelf of development books,” she said. She pointed out some development issues that the book highlights including the fact that 60 percent of businesses by women do not have access to finance, a situation which hampers growth from the current case of two percent of growth annually. She called for measurement and evaluation of the input of women, calling on the relevant policy makers to get copies of the book promising to send them to t people who should read, with an interest to publicise the good works of Grooming Centre and the wonderful stories of success. An interesting segment of the event was a fireside chat on sustainable efforts for social impact – The Grooming impact, where the Chief Executive Officer, Grooming Centre, Dr. Godwin Nwabunka and Member, Grooming Centre, Governing Council, Ms. ler Jonathan-Ichaver fielded questions bordering the genesis of Grooming Centre and other related issues. Anchoring a pledge drive for internally displaced people IDPs in the country, a representative of Grooming Centre’s partner, the United Nations High Commissioner for Refugees (UNHCR) representative and former Sierra Leonian refugee, himself, Tibo Rogers, while calling for donations to the agency, recounted his own experience as a refugee in Ghana, and spoke about the difficult life of refugees. Goodwill review messages were also done on the book by a few distinguished personalities including former Presidential Candidate for Kowa Party, Professor Remi Sonaiya, who lauded the sterling efforts of Grooming Centre. Former Vice Chancellor of the University of Uyo, Dr Essien, introduced a lot of humour in his brief review of the book that sent the entire hall reeling with laughter, but all the while pointing out the fine points in the book, while inspiring the audience. The presentation of the book was the semi climax of the event, done with the women whose stories were told right on the podium. Grooming Centre is an NGO founded in 2006 to address the perennial challenge of access to credit at the base of the pyramid. Since its inception, the Centre has provided 12 million credits and currently empowers 720,000 client members by providing financial and non-financial services through a network of 605 branches in 26 states and the Federal Capital Territory. SOURCE:https://brandspurng.com/2022/04/30/grooming-centre-launches-inspiring-photobook-on-30-tenacious-women-2/
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| Business › Accugas Increases Gas Supply To 391MW FIPL Power Plants by postbox(op): 4:56pm On Apr 27, 2022 |
Accugas Limited, the Nigerian subsidiary of Savannah Energy Plc, has signed an addendum to its existing Interruptible Gas Sales Agreement (IGSA) with First Independent Power Limited (FIPL), a subsidiary of Sahara Power Group. The agreement calls for the company to increase its gas supply to FIPL to 65 million standard cubic feet per day (mmscf/pd). Savannah stated that the initial sales agreement, which was 35mmscf, was signed on January 28, 2020 and was being supplied to FIPL’s Afam Power plant in Rivers State. Savannah stated in a statement that under the terms of the addendum, FIPL will be able to increase the amount of gas purchased from Accugas to up to 65 mmscfpd in order to supply the Trans Amadi and Eleme Power plants as well. The total generation capacity of FIPL’s power plants is 391MW, with the Trans Amadi and Eleme plants having generation capacities of 136MW and 75MW, respectively. In a statement, Savannah Energy’s Chief Executive Officer, Andrew Knott, was quoted as saying: “Accugas has recorded growth in total revenues from gas sales for each of the last five years, with a realised Compound Annual Growth Rate (CAGR) of 15%.” New contracts, such as this announcement, provide the foundation for us to continue our growth in the future, and we look forward to continuing to collaborate with the Sahara Group on this and possibly other projects in the future.” Mr. Kola Adesina, Group Managing Director, Sahara Power Group, added, “At Sahara, we believe that we have a working partnership with Savannah, and we are delighted to see that our beliefs are becoming a reality.” “Through this Addendum, we intend to secure a reliable supply of gas to FIPL power plants, thereby improving the health of the Nigerian Electricity Supply Industry (NESI) and, as always, bringing energy to life for the everyday person whose interests we intentionally serve.” SOURCE:https://brandspurng.com/2022/04/27/accugas-increases-gas-supply-to-391mw-fipl-power-plants/
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| Politics › Ogun Signs $400 Million MoU On Olokola FTZ And Agro Processing Zone by postbox(op): 7:29pm On Apr 20, 2022 |
The government of Ogun State has signed a $400 million Memorandum of Understanding (MoU) with a foreign firm, Arise Integrated Industrial Platform, to develop the Olokola Free Trade Zone and Remo Agro Processing Zone.SOURCE:https://brandspurng.com/2022/04/19/ogun-signs-400-million-mou-on-olokola-ftz-and-agro-processing-zone/ 7 Likes
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| Health › Can HHC Help With Blocked Intestine? by postbox(op): 6:31pm On Apr 20, 2022 |
CBD has shown considerable promise in recent studies as a possible therapy for IBS. According to specific research, CBD may even help the brain and body work properly. This article examines existing IBS therapies and concentrates on academic studies on CBD’s use to treat Irritable Bowel Syndrome and other gut-related disorders. We will also look at What is HHC and how do HHC products help. What Is Irritable Bowel Syndrome (IBS), And How Does It Affect You? Irritable bowel syndrome causes stomach discomfort, slowed gastrointestinal motility, and digestive distress. Even though the medical community has yet to pinpoint the exact cause of IBS symptoms, recent research suggests two possible reasons. A simple lifestyle or dietary modification may benefit you depending on your IBS symptoms. If your symptoms are severe, you may attempt prescription or over-the-counter drugs for IBS therapy. Some of these drugs have unpleasant side effects, including nausea or pain, and their long-term use has yet to be proven. It is crucial to remember that although pharmacological prescriptions help some individuals, they do not help everyone. Before utilizing any pharmaceutical medications, we recommend that you see your primary care physician rule out all possible reasons for your stomach difficulties. Most physicians advocate dietary adjustments such as an elimination diet, lifestyle changes, probiotics, and fiber supplements as a first try. These adjustments may help with IBS symptoms, but they may not be enough to treat the underlying problem. You may also use an over-the-counter test kit to check for hazardous bacteria or parasites in your intestines. In the age of industrial farming, this is not unusual. Potential novel therapies for IBS include cannabidiol (CBD) and cannabigerol (CBG). CBD and CBG are gaining traction as effective therapies for IBS symptoms such as pain, inflammation, reduced GI motility, and general discomfort. Irritable Bowel Syndrome research is beginning to establish a link between CBD and CBG and their anti-inflammatory effects. While further study is required, early studies indicate that CBD and other phytocannabinoids may be able to treat IBS symptoms over time, most likely in conjunction with other botanicals found to help rebuild the gut lining. Furthermore, the current study reveals that CBD and THC may positively impact the gut microbiota over time. This factor may have long-term benefits for IBS symptoms, and the ECS may be a future path to a cure for IBS and other gut illnesses. Ibs Research With Cannabis Here’s a rundown of current research on CBD’s effects as a therapy for Irritable Bowel Syndrome. The first three studies will look at how CBD and cannabinoids affect IBS symptoms and inflammation, while studies four through seven will look at how CBD and cannabinoids affect the microbiota: Not All CBD Is Equal: CBD Types Full Spectrum, Broad Spectrum, and CBD Isolate are the three primary forms of cannabidiol (CBD). We take it a step further at Potter, selecting precise terpene combinations that deliver advantages, including relaxation, pain and inflammation alleviation, and sleep enhancement. Here’s a quick rundown of the many CBD types: Full-Spectrum CBD: Full-spectrum CBD originates from the whole plant. It has a good mix of cannabinoids, terpenes, and a trace amount of THC (0.3 percent). Compared to CBD isolation, full-spectrum CBD products are more effective per mg in many trials. CBD with a broad spectrum of effects: With one difference, broad-spectrum CBD products are comparable to full-spectrum CBD products. They have no THC in them. Although the elimination of THC may diminish the number of terpenes that remain in the finished consumer goods, broad-spectrum products still include beneficial terpenes that contribute to the entourage effect. Studies have also demonstrated that even a modest quantity of THC (0.3 percent) combined with cannabinoids like CBD has a more substantial impact than when THC is not present. An isolate of CBD: Isolate products offer the purest version of CBD since it contains no additional cannabinoids, terpenes, flavonoids, or leftover plant debris. There is no detectable THC in the isolate, generally obtained straight from the hemp plant. CBD’s Side Effects And Contraindications It has the potential to interact with blood thinners, increase the adverse effects of NSAIDs, and diminish the effects of other drugs. Negative symptoms such as dry mouth, decreased appetite, mild tiredness, and diarrhea can occur at large dosages. Before using it, consult a doctor if you are on any drugs. Are CBD And CBG Harmless? Because the number of CBD, hemp and other cannabis products is increasing, getting CBD oil from a reputable source is essential. To get the most benefit and safety, seek high-quality, third-party lab-tested CBD products. This factor assures that they are checked for quality, purity, and strength by a third party. In recent trials, CBD doses of up to 1500mg are well suited in humans. Compared to standard medications, side effects are usually minor and include appetite suppression, diarrhea, and weariness. You Can Also Try – Dietary Changes Nutrition is an essential aspect of any health plan, and a well-balanced diet may help your symptoms in various ways. Try the following options, depending on your degree of severity. Lean meats and omega-3-rich seafood like wild-caught salmon, anchovies, and sardines should make up most of your diet. Include eggs, fermented dairy, and Low FODMAP fruits and vegetables in your everyday diet. Mild symptoms: avoid artificial sweets and processed meals. Moderate symptoms: follow the Low FODMAP recommendations or attempt an elimination diet to exclude items that cause high sensitivity, such as gluten or lactose. Food allergies and sensitivities might cause specific IBS symptoms. If you have severe symptoms, adhere to the BRAT diet, which consists of bananas, rice, applesauce, and toast. If you can digest it, try adding a vegetable or bone broth. After five days, gradually introduce a new low-fodmap food into your diet, one day at a time. Stick to a low fodmap diet for at least 1-2 months. Changing Your Way Of Life A routine and healthy habits are the cornerstones of a successful health plan. For stress relief and overall well-being, try the following activities: Exercise helps clear toxins from the digestive system, which may build-up due to IBS symptoms. It is also a terrific technique to increase endorphin levels, which may help with pain alleviation and stress reduction. Meditation or yoga can alleviate tension and anxiety and benefit certain IBS patients. HHC Products HHC products are similar to CBD and THC products. However, they may be more potent. These products are highly effective. However, it is challenging to find extensive scientific research on these products since they are new to the cannabis market. If you want a more rich experience, HHC products are the way to go. These products offer high conversations of THC that will help you experience many benefits. Conclusion Blocked intestines can cause many issues in daily life. If you face such problems, please address them as soon as possible. Most people prefer trying natural remedies like CBD and HHC before taking medication. SOURCE:https://brandspurng.com/2022/04/20/can-hhc-help-with-blocked-intestine/
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| Politics › Zulum, Sanwo-olu, Emmanuel, Emerge ‘The Industry Governors Of The Year’ by postbox(op): 6:52pm On Apr 19, 2022 |
The Industry Newspapers, organisers of The Industry Summit/Awards, formerly The Industry Evening Summit, has announced Governor of Borno State, Prof, Babagana Zulum, Governor of Lagos State, Mr. Babajide Sanwo-Olu and Governor of Akwa Ibom State, Mr. Udom Emmanuel as The Industry Governor of the Year- Overall, Job Creation and Infrastructure respectively. The Industry Awards team of assessors led by the Leadership Newspaper, South West General Manager, Mr. Chima Akwaja also named the Central Bank of Nigeria Governor, Mr. Godwin Emefiele, Chairman, Troyka Holdings- Dr. Biodun Shobanjo, Chief Executive Officer of Fidelity Bank Plc- Mrs. Nneka Onyeali-Ikpe, as Regulatory Officer of the Year, Doyen of Advertising in Africa, Banker of the Year respectively. According to the Mr. Akwaja, the decision was reached after the team of assessors of The Industry Summit/Awards had painstakingly reviewed the impact of governance by these Governors in Nigeria on their states and adjudged finally settled on these three governors. The award will be conferred on all the recipients, during this year’s edition of The Industry Summit/Awards. This year’s event which is in its third edition, with the theme: “Financial inclusion, digital payment and the challenges of banking the unbanked” is scheduled to be held at the Banquet Hall of Sheraton Hotel & Tower, Ikeja, Lagos, Nigeria on 26th of April, 2022 starting with the Summit by 10am and Dinner/Awards ceremony by 6pm. In a statement made available to newsmen recently in Lagos, the convener of the Summit, and the Editor-in-chief of The Industry Newspapers, Mr. Goddie Ofose revealed that, “the event is envisioned to bring together leaders of thoughts in Nigerian business landscape in order to rev up conversations that would deepen financial inclusion and proffer solution to the challenges of banking the unbanked. According to him, Nigerians who have access to financial services are reported as having a lack of basic resources and the financial knowledge necessary to carry out transactions, stressing that, lack of education around financial services has likely contributed to low financial inclusion. He pointed out that, “in a quest to extend financial services to the unbanked, particularly those in remote and rural regions, it is critical that we engender conversation about the viability of agents. Agents are retail storefront operators representing financial services providers with the delivery of financial services.” “According to EFinA’s 2018 Access to Finance Survey, financial exclusion is highest in rural areas. This is because the traditional model of delivering financial services — the bank branch — is not sustainable in these areas.” He noted. He also stated that, the Keynote Speaker for this year’s event is the Governor of Central Bank of Nigeria (CBN), Dr. Godwin Emefiele, while CEO Financial Institution Training Centre (FITC), Mrs. Chizor Malize will deliver a lead paper. The year panel is consisted of Chioma Afe, Group Head, Retail Marketing & Analytic, Access Bank Plc, Cherry Eromosele, Group Chief Marketing & Corporate Communications Officer, Interswitch Nigeria, Chuma Ezirim, Group Executive, e-Business & Retail Products, FirstBank, Mr. Kenny Joda, CEO, FibreOne, Mrs. Bola Atta, Group Director for Communication, UBA Plc, David Okeme, Divisional Head Payment Solutions & Vertical Market Systemspecs, Olugbenga Agboola, CEO Flutterwave, Mr. Oti Ukubeyinje, Senior Vice President, Products and Product Marketing, Terragon Babs Ogundeyi, CEO Kuda Microfinance Bank. The Moderator for the session is Alhaji Mojeed Jamiu, Seasoned financial journalist/publisher of Upshot Reports. Also, the Awards ceremony will witness conferment of awards on six first ladies from each geopolitical zone with best PET projects, among others. SOURCE:https://brandspurng.com/2022/04/19/zulum-sanwo-olu-emmanuel-emerge-the-industry-governors-of-the-year/
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| Business › With The eNaira Ranking First In The World, App Downloads Have Reached 756,000 by postbox(op): 10:24am On Apr 18, 2022 |
The eNaira, Africa’s first digital currency, has been ranked No. 1 in global retail CBDC, and app downloads have increased to 756,000 from 700,000 in December 2021. The ranking was revealed by PwC in its 2022 CBDC Global Index and Stablecoin Overview. As of December 2021, the eNaira had 700,000 downloads, and over 35,000 transactions had taken place on the platform. Yesterday, Mariam Olusanya, Managing Director of Guaranty Trust Bank, revealed during a virtual press conference following the Bankers Committee meeting that e-naira wallet downloads had increased to 756,000 in six months. The eNaira increased by 56,000 in the first quarter of 2021. Nigeria ranked first in terms of retail CBDC projects, ahead of nine other countries that are currently undertaking similar initiatives. The Bahamas and Mainland China are in second and third place, respectively. Jamaica, the Eastern Caribbean, Ukraine, Uruguay, Thailand, Sweden, and the Republic of Korea followed. According to the report, Nigeria’s eNaira has a retail index value of 95, and the country is ranked first in Africa. The index is based on research from the BIS, the World Bank, and PwC. Nigeria did not receive a ranking in the Wholesale CBDC Project. While eNaira struggles to complete N188 million transactions in three months, China’s e-CNY outperforms it by completing 2 million yuan (approximately $315,761 or N131.35 million) in a single day. In its pilot at the Beijing Winter Olympics, China’s Central Bank Digital Currency (CBDC), the e-CNY, is being used to make $315,761 or more in payments per day. P2P transactions in Africa’s first digital currency, eNaira, account for less than 10% of total eNaira transactions, while Person to Bank and Bank to Person transactions account for 90% of total eNaira transactions. SOURCE:https://brandspurng.com/2022/04/18/with-the-enaira-ranking-first-in-the-world-app-downloads-have-reached-756000/
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| Autos › Hyundai Motor Issues First Community-based NFT by postbox(op): 10:15am On Apr 18, 2022 |
Hyundai Motor Company today announced that it is entering the online community-based Non-Fungible Token (NFT) market in collaboration with the ‘Meta Kongz’ NFT brand. Hyundai Motor is the first automaker to enter the NFT market with its own NFT community, including the Hyundai NFT official website and channels on Discord and Twitter. The Hyundai NFT community will provide its users with the Hyundai brand experience in the metaverse by sharing NFTs depicting its mobility solutions. The Hyundai NFT Discord and Twitter channels opened on April 15, and the official NFT website is scheduled to open soon in May. By providing dedicated channels for the Hyundai NFT community, the company will continuously manage the asset value of its NFTs. The online platforms will provide an open 24/7 communications channel between the company and community members, with real-time updates on the asset value of its NFTs. Today, the company released a short film introducing the Hyundai NFT universe concept ‘Metamobility universe,’ which reflects the ‘Metamobility’ concept revealed at CES 2022. In the film, the ‘Meta Kongz’ gorilla character drives in both a classic PONY and modernly reinterpreted heritage series PONY from Earth to the Moon, visualizing how mobility solutions can transcend time and space. The film at the end also teases a shooting star-shaped NFT that will be released in May. Hyundai Motor will also issue 30 limited editions ‘Hyundai x Meta Kongz’ NFTs on April 20 to commemorate the release of the film. Hyundai NFT projects will be continued throughout the year to keep expanding the Hyundai NFT universe. Profits from the sale of Hyundai NFTs will be used for the project’s management and community members. SOURCE:https://brandspurng.com/2022/04/18/hyundai-motor-issues-first-community-based-nft/
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| Business › E-payments Increase By 45 Percent, With N55 Trillion Transferred In Two Months by postbox(op): 4:59am On Apr 16, 2022 |
ABOUT N54.98tn was processed through Nigeria’s electronic channels in the first two months of 2022, according to data from the Nigeria Inter-Bank Settlement System portal. This is a 45.49 per cent increase from the corresponding period of 2021 when N37.79tn was processed through the nation’s electronic channels. The NIBSS tracks payment volumes and value through the Nigeria Instant Payment System and Point of Sales terminals. In the first two months of 2022, N53.83tn was transferred through the NIP system while N1.15tn was processed through PoS terminals. In the corresponding period of 2021, N36.83tn was processed through the NIP system, while N958.19bn was processed through PoS terminals. According to the data on the NIBSS portal, individuals used electronic channels 86.57 per cent more in the first two months of 2022 than they did in the corresponding period of 2021.percent Individuals used electronic channels 86.57 percent more in the first two months of 2022 than they did in the same period in 2021, according to data on the NIBSS portal. Electronic channels were used 882.99 million times in the first two months. They were used 473.27 million times in the corresponding period of 2021. The data also revealed that agent banking was on the rise. Of the 986,252 registered PoS in the nation, an all-time high of 955,234 was deployed in January 2022. This is 100.89 per cent from the 475,494 that was recorded in January 2021. According to the NIBSS, electronic payment adoption has been on a rise since the wake of the COVID-19 pandemic. The NIBSS revealed in a report titled ‘Instant Payments – 2020 Annual Statistics’ that mobile is driving electronic payments in the country. In 2020, mobile devices accounted for 43% of total transactions, while USSD accounted for 35% of total transactions, indicating that 78% of total transfer transactions were carried out via mobile devices. According to the GSM Association, the global trade association for telecommunications companies, mobile money transactions will exceed $1 trillion by 2021. It went on to say that Nigeria and other Sub-Saharan African countries contributed N697.7 billion to total mobile money value in 2021. “Mobile money customers are also more active users,” it said. Between 2012 and 2021, the proportion of accounts active on a 90-day basis increased from 26% to 38%, while the proportion of monthly (30-day) active accounts increased from 20% to 26%.” According to the association, the number of active agents has increased more than tenfold, from 534,000 in 2012 to 5.6 million in 2021. According to the GSMA, “between 2012 and 2021, the number of active agents increased more than tenfold, from 534,000 to 5.6 million, providing access to financial services to the most underserved customers.” “Despite closures and movement restrictions during the COVID-19 pandemic, the value cashed in and digitised via mobile money agent networks increased by 18% in 2021, reaching a total of $261 billion, or more than $715 million per day.” Even the most established agent networks experienced strong growth, with the 25 largest networks increasing by more than 25% on average between 2020 and 2021.” SOURCE:https://brandspurng.com/2022/04/15/e-payments-increase-by-45-percent-with-n55-trillion-transferred-in-two-months/
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| Politics › How Nigeria Can Lower Debt Service-To-Revenue – DMO by postbox(op): 4:36am On Apr 16, 2022 |
The Debt Management Office has said that Nigeria can lower its debt service-to-revenue ratio if it generates higher revenue like Ghana, Kenya, and Angola.SOURCE:https://brandspurng.com/2022/04/15/how-nigeria-can-lower-debt-service-to-revenue-dmo/ 1 Like
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| Business › Standard Chartered Officially Launches Us$40m New Head Office Building by postbox(op): 6:57pm On Apr 13, 2022 |
Standard Chartered Bank has officially launched its US$40m new head office building. President of the Republic of Zambia, Mr Hakainde Hichilema officiated at the event and unveiled the plaque of this iconic, energy-efficient building located in the new business district of Lusaka, Zambia. Speaking during the event, Sunil Kaushal, Regional CEO Africa and Middle East region for Standard Chartered Bank, re-affirmed the Bank’s continued commitment to Zambia as a key market and thanked the Zambian government for their partnership in key sectors of the economy. He reassured the government that, “Standard Chartered remains firmly committed to Zambia – a commitment which is clearly demonstrated through our investment in a new head office building, as well as further investments into digital banking capabilities and key infrastructure projects. We also continue to invest in community initiatives such as Women in Tech, our flagship Futuremakers programme, which aims to lift participation of women by enabling them to grow their businesses through technology.” Mr Herman Kasekende, CEO of Standard Chartered Bank Zambia, said during the event, “Standard Chartered Bank has a long history in Zambia dating back to 1906 when the first branch opened in Kalomo. We remain firmly committed to Zambia and the time came for us to consider a new location for our brand. It was also the right time for us to re-affirm our long-term commitment to Zambia and that is why we chose this new location in the emerging business district of Lusaka.” He added, “That is why in my recent interactions with the key ministries, I have spoken about this new building with passion and pride.” The President of the Republic of Zambia, Mr. Hakainde Hichilema, said that the new head office was an immovable asset that becomes an integral part of the national balance sheet, and underscores Standard Chartered Bank’s endurance, commitment and desire to building a better Zambia. Standard Chartered was the first bank to open in Zambia in 1906. 115 years on, the Bank shared its pride in being a pioneer in banking through various innovations. These include the first-ever – and only – end-to-end digital bank in Zambia where clients can open an account through the SC Mobile Banking App, without the need to physically visit a branch. The Bank is also proud of its new head office building, as it is the first-ever EDGE certified building in Zambia.” Chairman of Standard Chartered Bank Zambia, Dr Caleb Fundanga, thanked the Head of State for officiating at the launch of the new building – calling it an ‘architectural marvel.’ He also re-affirmed the Bank’s commitment to being ‘Here for good.’ SOURCE:https://brandspurng.com/2022/04/13/standard-chartered-officially-launches-us40m-new-head-office-building/
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| Business › Suntory Nigeria Is Acquired By AFDL For $14 Million by postbox(op): 6:49pm On Apr 13, 2022 |
Suntory Beverage & Food Limited (SBF), the company behind Ribena and Lucozade, has agreed to sell its Nigerian subsidiary, Suntory Beverage & Food Nigeria (SBFN), to Africa FMCG Distribution Ltd (AFDL), for $14 million. The transaction is subject to merger clearance from relevant regulatory authorities in Nigeria before it can be completed. The $14 million sale transaction (|$7 million each for the transfer of share and loan) is expected to be completed in the second quarter of 2022. SBF has owned Ribena and Lucozade since 2013, and the iconic brands are beloved by consumers all over the world, including Nigeria. SBF, a pioneer in research and development, aims to deliver high-quality, value-added products that continue to appeal to consumers worldwide. The parent company of AFDL, Chanrai Summit Group, is a multi-faceted company that distributes products that have a daily impact on the lives of African consumers. They manage a robust supply chain management infrastructure for the world’s best multi-nationals by importing, manufacturing, and distributing branded food, fast moving consumer goods, and appliances. “As part of our regular strategic portfolio review and considering the broad options in Nigeria to accelerate the growth of our brands, we have decided that it is best to launch a new operating model in Nigeria, leveraging the extensive distribution network and expertise in the local market that AFDL possesses,” said Kazuhiro Saito, CEO of SBF. Anjan Patole, Managing Director of SBFN, stated that the company was pleased with the outcome of the transaction. “The sale of our beverage operations in Nigeria represents a fantastic opportunity to leverage Chanrai’s Group expertise to expand our business and people’s talents beyond our current capacity.” “Their extensive global systems, agility to changing market needs, and focus on African consumers are all qualities that align with our business here,” he said. Sherring Thekekkara, CEO of AFDL, added that this investment will greatly benefit from the strengths of both parent companies. Leveraging experience, streamlining the supply chain, improving manufacturing, consistent innovation, and improving the seamless route to market, among other things, will ensure that the Nigerian consumer continues to benefit. SOURCE:https://brandspurng.com/2022/04/13/suntory-nigeria-is-acquired-by-afdl-for-14-million/
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| Business › CBN Has Granted Approval For MTN To Begin Banking Operations As Momo PSB by postbox(op): 6:41pm On Apr 13, 2022 |
This was revealed in a press release signed by Uro Ukpanah, the Company Secretary, titled “THE CENTRAL BANK OF NIGERIA GRANTS FINAL APPROVAL FOR MOMO PAYMENT SERVICE BANK LIMITED TO COMMENCE OPERATIONS.” MTN Nigeria and Airtel Africa, Nigeria’s leading telecommunications companies, received “Approval in Principle” (AIP) from the Central Bank of Nigeria to operate as Payment Service Banks in November 2021. “MTN Nigeria Communications PIc (MN Nigeria) announces the receipt of a letter dated 8 April 2022 from the CBN addressed to Momo PSB conveying final approval to commence operations,” MTN said in a statement. MTN did not specify a start date for operations, but stated that “the date of commencement will be communicated to the CBN in accordance with its requirements.” “MTN Nigeria affirms its commitment to the CBN and the Federal Republic of Nigeria’s financial inclusion agenda, and we are excited at this opportunity to support its realization,” it added. The primary goal of issuing PSB licenses, according to the apex bank guidelines, is to increase financial inclusion, particularly in rural areas, and to facilitate transactions. “To improve financial inclusion in rural areas by expanding access to deposit products and payment/remittance services to small businesses, low-income households, and other entities through high-volume, low-value transactions in a secure technology-driven environment,” the CBN stated. PSBs are expected to operate in rural areas and in areas where Nigerians lack bank accounts. They are also required to have at least 50% of physical access points (also known as kiosks) in rural areas. ATMs may be operated by PSBs in some of their locations. Customers can withdraw cash as a result of this. The main difference between a conventional commercial bank and a PSB is that both are allowed to accept client deposits and invest a portion of those deposits in short-term CBN or FG products. The main distinction is that, whereas deposit money banks (e.g., commercial banks) can make loans and advances, PSBs cannot. PSBs can also transfer some of their excess cash to any deposit money bank. SOURCE:https://brandspurng.com/2022/04/13/cbn-has-granted-approval-for-mtn-to-begin-banking-operations-as-momo-psb/
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| Celebrities › Davido, Okocha Beat Seedorf In The Heineken Novelty Face-off by postbox(op): 5:41am On Apr 13, 2022 |
4-time Champions League winner and iconic Dutch footballer, Clarence Seedorf, Afrobeats superstar Davido and former Super Eagles captain Jay Jay Okocha all featured in the Heineken Face-off, a novelty match that held at Landmark Beach as part of the UEFA Champions League Tour presented by Heineken. The game which lasted about an hour saw Team Heineken take on Team Nigeria in an encounter that showcased some classy football skills from both sides. Team Heineken was captained by UCL Ambassador Clarence Seedorf and featured NB Plc Supply Chain Director, Martin Kochl and Finance Director, Rob Kleinjan. Afrobeats Superstar Davido led the line for Team Nigeria which had ex-Nigerian internationals, Jay Jay Okocha, Daniel Amokachi and Pastor Taribo West, NB Plc Marketing Director, Emmanuel Oriakhi, Rapper MI and Afro R&B singer Darey. The game which was filled with fun moments saw the over 500 watching fans treated to an entertaining display with Okocha finding the net with almost every shot he took and Clarence Seedorf showing why he is called the Professor after hitting the woodwork twice and finding the back of the twice. Seedorf who is en route to Abuja will embark on a city bus tour across Nigeria’s capital city, meet with fans and also watch the Liverpool vs Benfica match at the Transcorp Hilton. Davido, Okocha beat Seedorf In The Heineken Novelty Face-Off - Brand Spur Abuja football lovers will get a chance to meet and engage with global legend and the trophy just like the fans in Lagos did. The UEFA Champions League Trophy Tour Presented by Heineken® is a chance for football fans around the world to get closer to the iconic UEFA Champions League Trophy. It was developed to enable fans globally to have the chance to get closer to the UEFA Champions League competition and the trophy itself. The 2021/22 Heineken®’s UEFA Champions League campaign titled, “Cheers to All Fans”, highlights that football belongs to all passionate fans and challenges the stereotype that football belongs to men. See more images from the match. SOURCE:https://brandspurng.com/2022/04/13/davido-okocha-beat-seedorf-in-the-heineken-novelty-face-off/
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| TV/Movies › $43bn Discovery And Warnermedia Merger Completed by postbox(op): 6:36pm On Apr 12, 2022 |
Less than a year after Discovery and WarnerMedia announced their plans to merge, Warner Bros. Discovery (WBD) has officially arrived. “The companies crossed the finish line Friday afternoon and completed their $43bn merger, combining the media assets of WarnerMedia and Discovery to create a new, streaming-centric media company that will once again reshape the media landscape,” states adweek.com. WarnerMedia owns HBO, HBO Max, CNN, Warner Bros., DC Films, New Line Cinema, TBS, TNT, TruTV, Cartoon Network/Adult Swim, Turner Sports and Rooster Teeth, among other brands, and is part owner of the CW Network along with Paramount. Discovery is the parent of Discovery Plus, Discovery Channel, HGTV, Food Network, TLC, Investigation Discovery, Travel Channel, Turbo/Velocity, Animal Planet, Science Channel and OWN (Oprah Winfrey Network). According to variety.com “The close of the transaction births new company Warner Bros. Discovery, which will begin trading on the Nasdaq Monday under the new ticker symbol “WBD.” Single entertainment streaming service As it stands, states dotesports.com, WBD executives have confirmed previously discussed plans to combine HBO Max and Discovery+ into a single entertainment streaming service, headed by former Discovery Streaming president and CEO, JB Perrette. Discovery president and CEO, David Zaslav, will continue to head the company as a whole. “Today’s announcement marks an exciting milestone not just for Warner Bros. Discovery but for our shareholders, our distributors, our advertisers, our creative partners and, most importantly, consumers globally,” said Zaslav in a statement. “With our collective assets and diversified business model, Warner Bros. Discovery offers the most differentiated and complete portfolio of content across film, television and streaming. “We are confident that we can bring more choice to consumers around the globe while fostering creativity and creating value for shareholders. I can’t wait for both teams to come together to make Warner Bros. Discovery the best place for impactful storytelling,” added Zaslav. AT&T CEO, John Stankey, said in a statement, “In WarnerMedia, Discovery inherits a talented and innovative team and a dynamic growing and global company that is well positioned to lead the transformation that’s taking place across media and entertainment, direct-to-consumer distribution and technology. “The combination of the two companies will strengthen WarnerMedia’s established and leading position in media and streaming. And our shareholders will now have a significant stake in Warner Bros. Discovery and its future successes. We look forward to seeing what the WBD team accomplishes with these industry-leading assets.” Jon Steinlauf has been named chief US advertising sales officer for the combined company reports adweek.com. 1.7 billion shares of WBD Warner Bros. Discovery’s Friday release announcing the closed transaction, said: “AT&T received $40.4bn in cash and WarnerMedia’s retention of certain debt. Additionally, shareholders of AT&T received 0.241917 shares of WBD for each share of AT&T common stock they held at close. As a result, AT&T shareholders received 1.7 billion shares of WBD, representing 71% of WBD shares on a fully diluted basis.” AT&T had put in the disclaimer “$43bn (subject to adjustments)” in prior announcements. According to WBD: “Discovery’s existing shareholders own the remainder of the new company. In addition to their new shares of WBD common stock, AT&T shareholders continue to hold the same number of shares of AT&T common stock they held immediately prior to close.” SOURCE:https://brandspurng.com/2022/04/12/116583/
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| Investment › Presco Issues A Series 1 Bond Worth N34.5 Billion by postbox(op): 10:13pm On Apr 11, 2022 |
Presco Plc, the market leader in the supply of specialty fats and oils, has announced the successful issuance of N34.5 billion Series 1 seven-year Fixed Rate Bonds under its N50 billion Bond Issuance Programme. Mr Felix Nwabuko, Managing Director of Presco Plc, praised the institutional investor community for its support of the transaction during a signing ceremony held on Tuesday at the Company’s Obaretin Estate in Benin, Edo State. The bond issue, according to the company, was 247 percent subscribed and priced at a coupon rate of 12.85 percent. This is Presco’s first bond issuance in Nigeria’s debt capital markets, and the Bond Issue drew interest from a diverse group of investors, including pension funds, asset managers, insurance companies, banks, and high-net-worth individuals. Presco aimed to raise N30 billion, but the order book closed at N74 billion, so the company decided to issue an additional 15% to investors, raising a total of N34.5 billion. Stanbic IBTC Capital Limited served as the Bond Issue’s Lead Issuing House, while CardinalStone Partners Limited and Quantum Zenith Capital and Investments Limited served as Joint Issuing Houses. “Stanbic IBTC Capital, CardinalStone Partners, and Quantum Zenith Capital are delighted to have advised Presco on its debut issuance in the Nigerian debt capital markets,” Funso Akere, Chief Executive of Stanbic IBTC Capital, said. “We thank the institutional investor community for its support of the Issue, as its success should encourage other companies in similar situations to access domestic debt capital markets.” “We also thank Presco’s Board and management for allowing the Issuing Houses to guide the process.” Quantum Zenith Capital’s Managing Director/Chief Chief Executive Officer, Kennedy Ichibor, and Cardinal Stone’s Michael Nzewi praised Presco Plc for creating a conducive environment for the transaction and for keeping the company on the path of growth over the years. In the meantime, the Bonds will be listed on the Nigerian Exchange Limited and the FMDQ Securities Exchange. SOURCE:https://brandspurng.com/2022/04/10/presco-issues-a-series-1-bond-worth-n34-5-billion/
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| Business › VFD Group Launches New Website by postbox(op): 3:58am On Apr 09, 2022 |
VFD Group, sector agnostic proprietary investment company has announced the launch of its newly designed website – www.vfdgroup.com. The new website is upgraded with information aimed at reinforcing its drive to build a diverse business ecosystem. The website is configured with a modern interface design and improved user experience that enables first time visitors get all the information at first glance, with quick links to pages that describe the portfolios within the Group’s ecosystem. The new website adopts a fresh, magazine-style look and feel for easy navigation to promote the access to the company’s investment ethos, prospective investors looking to obtain, share information about VFD as well as blog stories for investors, or the curious mind. This upgrade is also expected to guide members of the investment community to make well-informed decisions about business and investment needs. Speaking on the new website, VFD Group’s GMD, Nonso Okpala said, “as one of the key touch points to existing and potential investors, the Group’s website remains a path to our business operations, supporting our unique value propositions and investment portfolios. As such, we are committed to continuously improving the overall user experience through quality content, news mentions, and easy navigation’’. He further noted that “the Group’s website will be updated on a regular basis with exciting content that will continue to reinforce the Group’s commitment to building and promoting a diverse ecosystem.” In conclusion, Okpala remarked that ‘’the website will also serve as an information hub that will keep investors and the public abreast of various investment commitments, offerings, and updates on how to be smart investors thereby helping them to improve their economic wellbeing’’. He encouraged everyone to explore the website and follow the Group’s social media pages for updates. SOURCE:https://brandspurng.com/2022/04/08/vfd-group-launches-new-website/
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| Business › BoI Targets $10bn Foreign Investment by postbox(op): 3:48am On Apr 09, 2022 |
The Bank of Industry has stated that it intends to raise $10 billion from foreign investors in order to improve the country’s real sector. According to the bank, it has raised approximately $4 billion in the last four years from more than 100 international banks/investors from more than 20 countries. The funds raised, according to BOI Managing Director Olukayode Pitan, will be used to improve the bank’s capacity to support the nation’s real sector. He was quoted in a statement as saying this while speaking at the inauguration of the bank’s second tower in Abuja. Pitan also stated that the President, Major General Muhammadu Buhari (retd. ), played a critical role in completing the funding transactions. Some of the transactions, according to him, include a $750 million syndicated medium-term loan in 2018, which was fully paid; a €1 billion syndicated loan in March 2020; a $1 billion syndicated loan in December 2020; and a €750 million senior Eurobond in February 2022. He went on to say that the bank’s innovative and technology-driven platform had played a critical role in the success of various Federal Government social intervention programs. He stated that the BoI’s assets increased from N683 billion in 2016 to N1.7 trillion in 2021. During his opening remarks, BOI Chairman of the Board of Directors, Aliyu Dikko, stated that the bank had supported over 3.2 million Micro, Small, and Medium-scale Enterprises and created over 7.1 million direct and indirect jobs. “For decades, the Bank of Industry has delivered on its mandate of transforming Nigeria’s industrial sector by providing affordable and long-term financing across key segments and sectors of the economy,” he said. “In the last five years alone, the bank has supported over 3.2 million Micro, Small, and Medium-sized Enterprises and created over 7.1 million direct and indirect jobs in collaboration with our strategic partners.” “The bank’s total assets have increased from N683 billion in 2016 to N1.7 trillion in 2021.” SOURCE:https://brandspurng.com/2022/04/07/boi-targets-10bn-foreign-investment/
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| Business › Imalipay Gets $3million In Funding To Provide Financial Services by postbox(op): 3:37am On Apr 09, 2022 |
In Africa, the gig economy is rapidly expanding. Despite this expansion, the status of workers who are viewed as contractors rather than employees has not changed. Being a contractor is disadvantageous because many of them, particularly in the two-wheeler space, lack access to certain financial services. Some gig platforms have attempted to integrate financial services into their systems, but their success has been limited. In the meantime, other fintechs are offering a broader range of financial services to these gig workers (who, according to the Mastercard Foundation, are expected to reach over 80 million by 2030). ImaliPay is one such example. Tatenda Furusa and Oluwasanmi Akinmusire launched it in late 2020 after Furusa noticed the difficulties ride-hailing drivers faced when accessing working capital or in emergencies such as running out of fuel in Nairobi. When asked how the company got started, CEO Furusa told TechCrunch on a call, “A couple of things connected to this point.” “Once, a Bolt driver ran out of fuel in Nairobi as I was leaving the airport and I couldn’t top off right away.” “It got me thinking about what other pains these gig workers might be going through,” he said. “We investigated the gig economy and discovered that it was underserved by some financial services.” The company, which bills itself as a one-stop shop for financial services, has closed a $3 million seed round in debt and equity. The fintech raised $800,000 in pre-seed funding. ImaliPay’s pilot was inspired by Furusa’s experience: a buy now, pay later (BNPL) fuel product, but for two-wheeler gig platforms, as the company collaborated with a few fuel stations in Ibadan, Nigeria, to provide this service to SafeBoda riders. The startup then built a partner ecosystem in which some partners give it access to new users while others support its ecosystem and marketplace. “We built other services around spare parts, smartphones, power banks, savings and investments, and insurance that came with those products,” Furusa explained. “We intertwine these products, like accident covers and income protection loss insurance, so gig workers can qualify for each product based on their transactional behavior.” The former is primarily the responsibility of gig platforms. In this category, it has 15 partners, including Bolt, Glovo, SWVL, Amitruck, Safeboda, Gokada, and Max.ng. However, vendors who sell fuel, spare parts, mobile phones, and other items that gig workers require make up the latter. The same is true for platforms with which ImaliPay has collaborated to provide additional financial services such as insurance (health and income protection loss) and savings in Kenya and South Africa, in collaboration with various gig platforms. They number around 35 in total, and some of them are Lami, Cowrywise, Ola Energy, Total Energies, HiFi Corporation, and Britam. It provides these financial services to the network’s gig workers by connecting its APIs to partner companies or directly through an independent app. ImaliPay’s user base has grown 60 times in 15 months. These “tens of thousands” of gig workers, according to the company, use its services through 4,500 vendor points. ImaliPay’s platform has handled over 200,000 transactions. Transaction and referral fees generate revenue for the pan-African embedded finance provider. Before starting ImaliPay, COO Akinmusire and Furusa met while working at Cellulant. They received funding from Google Black Founders Fund in October of last year before closing this seed round, which included Leonnis Investments. Following investors in the round included Ten 13, Uncovered Fund, MyAsia VC, Jedar Capital, Logos Ventures, Plug N Play Ventures, Untapped Global, Latam Ventures, Cliff Angels, Chandaria Capital, and Changecom. Angel investors such as Keisuke Honda of KSK Angels, as well as others from Serbia, Kenya, and Norway, took part. According to the founders, the investment will be used to grow the company’s 50-person team, improve its technology, and expand into new markets such as Ghana and Egypt. SOURCE:https://brandspurng.com/2022/04/07/imalipay-gets-3million-in-funding-to-provide-financial-services/
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| Business › Massive Returns For Zenith Bank Shareholders As Bank Pays Dividend Of N97.33 Bn by postbox(op): 6:11pm On Apr 07, 2022 |
Shareholders of Zenith Bank Plc, at the 31st Annual General Meeting (AGM) of the bank held on Wednesday, April 6, 2022, at the Civic Centre, Victoria Island, Lagos, unanimously approved the proposed final dividend, expressing delight at the final dividend payment of NGN2.80 per share which brings the total dividend for the 2021 financial year to NGN3.10 per share with a total value of NGN97.33 billion. In his statement, the Founder and Chairman of Zenith Bank Plc, Mr Jim Ovia, CON, thanked the shareholders for their unflinching loyalty, which has enabled the bank to rise to the pinnacle of the nation’s financial services industry, and assured them of the bank’s commitment to consistently deliver superior value to them. Speaking on the bank’s performance, the Group Managing Director/Chief Executive, Mr Ebenezer Onyeagwu, said: “if you look at the bank’s history over the years, Zenith Bank has always grown, and even within the pandemic, we have maintained a reasonable positive growth trajectory. Growth is coming from the fact that we are deploying our digital capability to grow more businesses, simplify our service processes, make our processes more efficient, and deal with customers’ complaints. Apart from developing new products, we are discovering new business verticals, especially within the retail segment, which have significant revenue.” He added that: “meeting the expectation of shareholders means we have to work harder. The team is dodged, hardworking, resilient, and above all, we have a very supportive board that comes with superior guidance”. Commenting on the dividend payout, the Chairman Emeritus of the Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, expressed the delight of shareholders over the consistent payment of dividends by Zenith Bank, noting that the bank’s shares remain the toast of investors because the bank has never failed to pay dividends to shareholders. Also speaking on behalf of shareholders, the President of the Association of the Rights of Nigerian Shareholders (AARNS), Dr Faruk Umar, said: “The bank is doing very well. All the ratios and indices have gone up. And more importantly, while we were in the meeting, I got my alert of the credit of my dividend. This is very commendable. The leadership of the bank has been very effective; we thank Jim Ovia for the leadership he has been giving, he has increased the dividend in spite of the economic hardship in the country, and I believe the GMD is doing very well. I commend the management and staff of the bank, including the board, and I am very confident that this year would also be very good for the bank.” Dr Faruk Umar also commended the Group Managing Director for the numerous awards the bank received in 2021, especially the sustainability awards. In spite of a challenging macroeconomic environment aggravated by the COVID-19 pandemic, the Zenith Bank Group achieved year-on-year (YoY) growth in gross earnings of 10% from NGN696.5 billion reported in the previous year to N765.6billion. This was on the back of a 23% YoY growth in non-interest income from N251.7billion to N309billion and a 2% YoY growth in interest income from N420.8billion to NGN427.6billion. Profit before tax also grew by 10%, from NGN255.9 billion to NGN280.4 billion in the current year. The increase was due to growth in the top-line and very strong management of the treasury portfolio that increased efficiency, resulting in a drop in interest expense by 12% from NGN121.1 billion in 2020 to NGN106.8 billion in the current year. This further led to a 7% increase in net interest income of NGN320.8 billion in 2021 from NGN299.7 billion in 2020. Customer deposits increased by 21%, growing from NGN5.34 trillion in the previous year to NGN6.47 trillion in the current year. The growth in customer deposits came from both corporate and retail customers. Retail deposits grew by NGN146 billion from NGN1.72 trillion in 2020 to NGN1.87 trillion in 2021. The Group’s continuous drive for retail deposits combined with the strategic rebalancing of its funding base helped to reduce the cost of funding from 2.1% to 1.5% in the current year. Although operating expenses grew by 13% YoY, growth remains below the inflation rate, and the Group improved its Earnings per Share (EPS) which grew by 6% from NGN7.34 to NGN7.78. Total assets increased by 11%, growing from NGN8.48 trillion in 2020 to NGN9.45 trillion in 2021, mainly driven by growth in customer deposits. With the steady recovery in economic activities, the Group prudently grew its gross loans by 20%, from NGN2.9 trillion in 2020 to NGN3.5 trillion in 2021, with moderated NPL ratio from 4.29% to 4.19% YoY. The Group recorded impressive liquidity and capital adequacy ratios of 71.6% and 21.0%, which remained above regulatory thresholds of 30% and 15%, respectively. In recognition of its track record of excellent performance, Zenith Bank was voted as Best Commercial Bank in Nigeria in the World Finance Banking Awards 2021, Best Bank in Nigeria in the Global Finance World’s Best Banks Awards 2020 and 2021, Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020, and Best in Corporate Governance ‘Financial Services’ Africa 2020 and 2021 by the Ethical Boardroom. Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021, Number One Bank in Nigeria by Tier-1 Capital in the “2021 Top 1000 World Banks” Ranking by The Banker Magazine and the Retail Bank of the year at the BusinessDay Banks and Other Financial Institutions (BOFI) Awards 2020 and 2021. Similarly, Zenith Bank was honoured as Bank of the Decade (People’s Choice) at the ThisDay Awards 2020 and emerged winner in four categories at the Sustainability, Enterprise, and Responsibility (SERAS) Awards 2021, carting home the awards for “Best Company in Reporting and Transparency”, “Best Company in Infrastructure Development”, “Best Company in Gender Equality and Women Empowerment”, and the coveted “Most Responsible Organisation in Africa. SOURCE:https://brandspurng.com/2022/04/07/massive-returns-for-zenith-bank-shareholders-as-bank-pays-dividend-of-n97-33-billion/
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| Celebrities › Nomfundo Moh Named Latest Spotify EQUAL Africa Artist by postbox(op): 5:54pm On Apr 06, 2022 |
Global streaming giant Spotify today announced that Nomfundo Moh has been selected to join the EQUAL Africa programme aimed at spotlighting Africa’s female artists. This accolade comes off the back of Nomfundo’s debut Afropop album, Amagama, released in January this year. She joins DBN Gogo as the second South African artist chosen to be part of the platform’s flagship programme that amplifies the voices of talented African women. The 21-year-old rising star draws inspiration from the likes of Ami Faku, Amanda Black and Mthunzi – all gifted artists who have successfully injected their own creative perspectives into African music. Nomfundo’s career journey began when she joined her church choir and subsequently started recording covers of her favourite songs. Her first single, Lilizela, was released in 2020 and was produced by award-winning producer Naxion-cross. “Being part of Spotify’s EQUAL programme actually shows me that my talent, as a woman, is recognised and that there are people who are willing to help me. People who see my vision and ambition and people who want to put me on greater heights,” says Nomfundo, adding that women should grab opportunities and use their superpowers. Spotify welcomes Nomfundo, who joins the EQUAL programme’s list of talented African women making waves in music, as part of its bid to foster gender equality and provide a platform to celebrate influential female artists in African music. “We are proud to welcome a talent such as Nomfundo to the EQUAL programme,” says Spotify’s head of music for sub-Saharan Africa, Phiona Okumu. “Our commitment to finding and amplifying the voices of female African creators on the African continent has led us to find exceptional voices like Nomfundo, and the amazing talents before her, such as Ayra Starr, Amaarae and DBN Gogo. It is our hope that other young women creators see this as proof that their talents can and will be recognised and supported,” she concludes. Tracks from Nomfundo’s Amagama album are featured on the EQUAL Africa and EQUAL Global playlists SOURCE:https://brandspurng.com/2022/04/06/nomfundo-moh-named-latest-spotify-equal-africa-artist/
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| Business › Wema Bank Selects Union Systems For International Trade Finance Automation by postbox(op): 7:52pm On Apr 05, 2022 |
Union Systems Limited, Africa’s leading trade finance company, partners with Wema Bank Plc to automate its trade finance operations. The bank selected Union Systems’ Kachasi trade finance software over all other international trade finance software solutions due to its ability to address both the traditional international trade finance processes and the peculiar Nigerian trade finance operations. The selection of Kachasi demonstrates Union Systems’ leadership, experience, and excellence in the provision of trade finance software solutions. Wema Bank, the pioneer of Africa’s first fully digital bank, is no stranger to being at the forefront of introducing innovative digital solutions to its customers. Through this collaboration, the bank will join the league of banks around the world that are using technology to change the way trade financing works. This trade finance automation project will significantly reduce trade finance processing turnaround time, improve operational efficiency, and unlock new revenue streams for the bank. It will also improve the bank’s ability to respond quickly to regulatory policies and updates. Kachasi is the first indigenous trade finance software application built to automate the entire lifecycle of international and domestic trade finance operations. Union Systems brings to this partnership over 20 years of successful development and implementation of trade finance solutions across Africa. This is a significant milestone for the company and proves its expertise in the design and development of trade finance software products. SOURCE:https://brandspurng.com/2022/04/05/wema-bank-selects-union-systems-for-international-trade-finance-automation/
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| Foreign Affairs › World Bank Projects Developing East Asia Pacific To Grow 5% by postbox(op): 7:42pm On Apr 05, 2022 |
The developing East Asia and Pacific countries is projected to grow by five per cent in 2022 amid resurgence of COVID-19 pandemic, tighter financial conditions and the Russia-Ukraine war. The World Bank disclosed this in a new release for East Asia and Pacific Economic Update. “Shocks emanating from the war in Ukraine and the sanctions on Russia are disrupting the supply of commodities, increasing financial stress and dampening global growth. “Just as the economies of East Asia and the Pacific were recovering from the pandemic-induced shock, the war in Ukraine is weighing on growth momentum,” Manuela Ferro, World Bank Vice President for East Asia and Pacific said. “The region’s largely strong fundamentals and sound policies should help it weather these storms.” Surging U.S. inflation could provoke faster-than-anticipated financial tightening, perhaps timely in the United States but “too early” in many East Asia and Pacific countries where recovery is “incomplete,” according to the report. The risk of capital outflows, which could put pressure on some countries’ currencies, could induce “premature” financial tightening. The World Bank said overall economic growth in developing East Asia and Pacific countries is projected to grow to five per cent in 2022. It added that if global conditions worsened and national policy responses were weak, growth in the region could slow to four per cent. SOURCE:https://brandspurng.com/2022/04/05/world-bank-projects-developing-east-asia-pacific-to-grow-5/
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| Car Talk › Hyundai Nigeria Launches New Santa Fe, Elantra by postbox(op): 2:24pm On Apr 02, 2022 |
Hyundai Nigeria Limited has launched a new Santa Fe Sport Utility Vehicle and Elantra saloon into Nigeria’s market. The company said compared with the models they replaced, the two vehicles came with improved styling, comfort, equipment, and segment-leading safety features. Addressing newsmen at a media launch at the Hyundai showroom, Victoria Island, Lagos, the company’s Head of Sales and Marketing, Mr. Gaurav Vashisht, described the new Santa Fe as a product of continuous research into making Hyundai vehicles safer and more comfortable for customers. Vashisht said, “Hyundai Santa Fe has made a brilliant start to the new year, gaining wide recognition by top tier global automotive awards, winning top titles in Kelley Blue Book Best Buy Award, Large SUV of the Year at 2022 What Car? Award, and United States News 2022 Best Car for the Money, affirming the Santa Fe as an innovative choice among large SUVs in combining family convenience with an adventurous unrivaled presence on the road.” Also, he said the all-new, seventh-generation, Hyundai Elantra, had undergone significant changes, delivering the most progressive in-vehicle experience in its class. He said “Longer, wider, and more aggressive than the sixth-generation model, the 2022 Elantra boasts a wide range of advanced technologies and features. It marks another step forward for the Elantra brand, which first hit the roads 30 years ago (1990). “Bringing the Elantra to life is the premium finishing to both the exterior and interior, reflected through Hyundai’s ‘Sensuous Sportiness’ design identity. The Elantra is also equipped with an elaborative design chassis, allowing the driver to experience the sporty feel of the design.” SOURCE:https://brandspurng.com/2022/04/02/hyundai-nigeria-launches-new-santa-fe-elantra/ 1 Like
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| Phones › Samsung Teams Up With ifixit To Help You Repair Galaxy Phones At Home by postbox(op): 2:17pm On Apr 02, 2022 |
A new self-repair program from Samsung will give customers everything they need to repair Galaxy devices. In a partnership with iFixit, the phonemaker will sell official parts and help distribute repair guides for its popular products, starting with the Galaxy S20, Galaxy S21, and Galaxy Tab S7 Plus. The self-repair program launches sometime “this summer.” According to iFixit, early customers will have the opportunity to buy official “display assemblies (with integrated batteries), back glass, and charge ports” for their Galaxy devices, though other components will go on sale at a later date. To start, Galaxy device owners will be able to replace display assemblies, back glass, and charging ports — and return used parts to Samsung for responsible recycling. In the future, Samsung plans to expand self-repair to more devices and repairs from our extensive product portfolio. Customers can send used parts to Samsung for recycling. Presumably, the company will offer free shipping for recyclable parts, though the company hasn’t clarified its plan just yet. If this collaboration sounds familiar, that’s because iFixit has teamed up with a ton of tech companies over the last year. It currently sells official parts for Microsoft Surface devices, the Steam Deck, and even Motorola phones. (Additionally, Apple announced its own repair program last year, though it’s not associated with iFixit.) As always, we’re happy to see a major tech manufacturer embrace the DIY repair scene. Providing official parts and repair guides will make it easier for customers to fix their phone at home, rather than spending hundreds at a repair shop or throwing their broken phone in the trash. We just hope that Samsung’s engineers make repairability a priority. Even with all the necessary parts, repairing Samsung phones is a difficult task—iFixit rated the Galaxy S22 a 3/10 on the repairability scale. Clearly, Samsung needs to do more than sell replacement parts. It needs to make its phone more repairable from the start. SOURCE:https://brandspurng.com/2022/04/02/samsung-teams-up-with-ifixit-to-repair-galaxy-phones/ 1 Like
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| Politics › Nigeria To Build $1.3 Billion Zungeru Hydropower Plant by postbox(op): 8:48pm On Mar 31, 2022 |
The Hon. Minister of State for Power, Goddy Jeddy Agba, has stated that upon completion of the Zungeru Hydropower project, over 300 highly skilled professionals will be employed.https://brandspurng.com/2022/03/31/nigeria-to-build-1-3b-zungeru-hydropower-plant/ 1 Like
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