₦airaland Forum

Jaiz Bank Plc has deployed the newly introduced Quick Response Code (NQR) to Fraser Suites in Abuja as part of the Bank’s efforts to drive contactless payment solutions in the country.
Managing Director/CEO of Jaiz Bank Mr. Hassan Usman presented the platform to the Managing Director of Fraser Suites, M.G Nasreddin, yesterday.

During the presentation, Usman said the indigenous Payment Platform provides a reliable and enhanced payment experience that would lower transaction costs for customers.

The MD assured the Fraser boss that the NQR Code would ensure quick and convenient means of payments for goods and services.

On his part, Nasreddin appreciated Jaiz Bank for the deployment of the NQR, saying the platform would assist in easing payment for customers.

The NQR service is designed for merchants/individuals to receive or make payments for goods and services. The Platform is integrated with the Bank’s existing mobile banking application to support retail payment and cardless ATM withdrawal.

The payment system will only require customers to log into the app, scan the NQR code, authenticate the transaction with a PIN and merchants are instantly credited with the value. It enhances the scanning to pay mode, fast-track the process for receiving money in real-time, and facilitates quick payments.

SOURCE:https://brandspurng.com/2021/04/19/jaiz-bank-deploys-nqr-code-to-fraser-suites/

Renowned for designing revolutionary timepieces, the OMEGA brand is once again setting the pace with the launch of its newest collection of timepieces for the year. The launch, which was held virtually on the 23rd of March 2021, was an opportunity for the brand to showcase the latest advancement of its timepiece series and designs.
The high point of the event was the unveiling of the brand’s new SEAMASTER 300 series, offered in Bronze Gold as well as stainless steel. The exclusive Bronze Gold was specifically developed to produce a pleasing aesthetic and hue, while also offering a bronze alloy that could be worn with direct contact on the skin due to its distinctive composition. The watch represents the very first OMEGA to be created in this patent-pending alloy.

The classic stainless steel is designed with thinner bezels crafted from an oxalic anodized treated aluminium for increased hardness. The bracelet is also in stainless steel and now comes with improved fit and finishing. For the leather strap design, a new buckle has been included.

Also introduced were the newly enhanced CONSTELLATION SMALL SECONDS pieces, DE VILLE TRÉSOR POWER RESERVE, SEAMASTER AQUA TERRA, SEAMASTER DIVER 300M BLACK BLACK and SPEEDMASTER MOONWATCH VELCRO® STRAPS.

Each new collection follows the spirit of its original models with unique features, enhanced outfits and upgraded designs tailored to suit its exclusive audience.

In his remarks, Raynald Aeschlimann, President and CEO, OMEGA, expressed his pleasure presenting the newest OMEGA timepieces which have been specially upgraded and created exclusively for its customers.

He stated that,
“Recently, the time has never felt more important. We’ve all learned to cherish and appreciate the hours we have and really make each one count. That’s why the values of quality, authenticity and craftsmanship really matter. Increasingly, people are embracing the idea of well-made products that not only feel meaningful but also have a genuine human touch and this is exactly what an OMEGA watch offers.”

“We are continuing to tell the story of our rich heritage, yet updated through the lens of modern innovation and pioneering technology. Our watchmakers are truly pushing the standards of excellence to give customers the most inspiring timepieces possible.”

Also speaking about the launch, Jennifer Obayuwana, Executive Director, Polo Luxury Group, stated that the watches are incredibly appealing – a finely defined masterpiece of art and craftsmanship.

“We are most excited about the launch of these magnificent timepieces by OMEGA. They have continued to affirm their prowess in crafting excellent masterpieces that are a spectacle.” She noted.

She further added that the new collection by OMEGA will soon be available in Polo Luxury stores in Nigeria. Polo Luxury Group is the leading luxury goods company in Nigeria and is the authorized retailer for brands such as Rolex, Cartier, Chopard, Piaget, Breguet, Omega, and Montblanc, among others.

SOURCE:https://brandspurng.com/2021/04/19/omega-launches-its-newest-timepieces-for-2021/

WACOT Limited, one of Africa’s leading food and agro-processing companies, has partnered with a global agritech company, Syngenta.
This would see Syngenta Crop Protection working closely with WACOT over the next five years to help improve the sustainability, quality, and safety of Nigeria’s agriculture with world-class science and innovative crop solutions.

Although Nigeria’s agriculture sector is the country’s highest employer of labour, accounting for 70 per cent, it has suffered low output resulting in poor returns for farmers and massive food import.

The partnership agreement with WACOT Limited, which operates in all 36 states in Nigeria and supports the production of crops including rice, maize, sorghum, soybean, cotton and vegetables, will therefore help further Nigeria’s drive towards attaining self-sufficiency in food.

Through this partnership with WACOT, Syngenta would collaborate with farmers and others to sustainably improve the most important factor in agriculture – yield. This will take the form of WACOT supporting the Nigerian farmer on cost-effective agronomic practices, advanced crop protection methods through the usage of yield enhancement products and biological compounds to consolidate the growth of the agriculture sector in the country.

Commenting on the partnership, CEO of the Agri division of TGI Group, the parent company of WACOT Limited, Ramesh Moochikal stated that it desired for Nigeria to attain self-sufficiency in crop production and would look to enter into strategic partnerships to achieve this goal.

Moochikal said: “We are most pleased with this partnership that would further help us achieve our dream for Nigeria – food security and self-sufficiency. Nigerian farmers are hardworking, and we know that if we can make them aware of better crop production practices and make results of our research and development efforts available to them, things will improve, and the agri sector as a whole would benefit.”

Also speaking, Syngenta Crop Protection West Africa Head, Franck Tokore said the company was proud of its relationship with WACOT and would continue supporting Nigerian farmers.

He said: “We are delighted to be renewing our partnership with WACOT. Through this partnership, we provide quality solutions to farmers in Nigeria and help support food security and livelihoods in Africa’s most populous country. By supporting farmers in Nigeria to sustainably increase their yields, we are also helping them be more competitive globally, hence reducing the need for imports. Nigeria has huge potential, which we strive to unlock sustainably through this partnership”.

Syngenta is one of the world’s leading agriculture companies, comprising Syngenta Crop Protection and Syngenta Seeds. It aspires to help safely feed the world while taking care of the planet. Its technologies enable millions of farmers around the world to make better use of limited agricultural resources responsibly.

Over the years, WACOT has consistently focused on contributing to food security in Nigeria. It has developed a strong portfolio of Agri inputs to fuel the country’s self-sufficiency in agriculture.

SOURCE:https://brandspurng.com/2021/04/18/syngenta-wacot-partner-to-boost-nigerias-food-security/

SHYFT Power Solutions, which builds IoT and software to optimize distributed energy resource performance and operational efficiency in emerging markets, has announced an additional $3.1M in funding to bring its total seed round to $3.8M.
The round was led by the SoftBank Vision Fund’s Emerge Program and Total Carbon Neutrality Ventures with participation from other investors including Lofty Inc, Samurai Ventures and Urban US Ventures.

Nearly 3.5 billion people lack access to reliable power. In many emerging markets, this has resulted in widespread dependence on backup power systems like petrol or diesel generators. SHYFT was founded by Stanford engineers to address the challenges in delivering and scaling clean, reliable, and affordable energy solutions in emerging markets that struggle with unreliable grids or energy access.

SHYFT’s initial focus is in Nigeria, a country set to be the 3rd most populous only to China and India, but were an unreliable grid has led to widespread dependence on generators, accounting for nearly 8x the capacity of the grid.

SHYFT is pioneering the digitization of the energy landscape in emerging markets like Nigeria. Its asset management solution delivers an integrated approach that uses algorithms to monitor, automate, and optimize how assets, as well as grid connections, are utilized individually and as an integrated system, aggregating a plurality of data streams while doing so.

By increasing visibility and control the system helps users to make informed decisions about which sources they use, how long they use a source, and when they switch sources. This enables operators to scale distributed systems in a cost-effective way, particularly in remote markets. It has resulted in operators improving RoI, reducing emissions, mitigating downtime, and reducing operational costs, in some cases by up to 57%.

“I was an engineering graduate student at Stanford at a time when solar was reaching grid parity and we were seeing advancement in distributed energy technologies. As a Nigerian-American with previous experience in infrastructure, I recognized that emerging markets have a unique opportunity to leapfrog over centralized grids and leverage advancements in clean, reliable and affordable alternatives to meet energy needs and at times work alongside centralized grids too”, said Co-Founder & CEO Ugwem Eneyo.

“I founded SHYFT to build the technology that can enable and accelerate this transition, and ensure that on the path to reliable energy access, the use of cleaner solutions can mitigate carbon emissions as well. We are fortunate to have investors supporting us where their sector and global experience will be invaluable”.

SoftBank Vision Fund’s Emerge Program was established in 2019 to provide select startups with access to the tools, networks, and support to take their business to the next level. Total Carbon Neutrality Ventures is focused on finding, funding, and fostering high-potential startups which will contribute to creating a low carbon future.

With the new round of funding, SHYFT plans to more than double its team in West Africa over the next year with a focus on developing AI capabilities to use its data and algorithms for system optimization. SHYFT will also look to build out corporate partnerships and expand to additional African markets facing similar energy resiliency and access challenges.

SHYFT’s customers and strategic partners include some of the largest and fastest-growing alternative energy companies in Nigeria, including Daystar Power Solutions and Aspire Power Solutions. After passing critical IEC safety testing for their controllers, the company began ramping up sales across Nigeria over the past year with their customers.

Today, they have over 2,000 kW of assets being managed by SHYFT technology and expect that to increase ten-fold by the end of 2021. Nearly every major bank in Nigeria has a branch using SHYFT technology, creating a path for SHYFT and its customers to deliver reliable power to the nearly 5,000 branches in the market.

Ademidun Edosomwan, Managing Director, Emerging Markets at Total Carbon Neutrality Ventures (TCNV), said:
“Energy is an essential need for all, yet it is estimated that more than 3.5 billion people globally lack access to affordable and reliable electricity. SHYFT’s technology will play a critical role in a global movement to democratize the way people manage their power sources.

They’ve developed data-driven software that enables homeowners and businesses in emerging markets to make smarter decisions on their energy use in order to cut costs and reduce emissions. We are delighted to support SHYFT’s momentum as Ugwem and the team continue to expand their impact and help build a better energy future for the world.”

SOURCE:https://brandspurng.com/2021/04/16/shyft-power-solutions-raises-an-additional-3-1m-seed-round/

The National Bureau of Statistics (NBS) Published Internally Generated Revenue (IGR) at the State level for Fourth Quarter and Full Year 2020. The 36 states and FCT IGR figure hits N1.31trn in 2020 compared to N1.33trn recorded in 2019. This indicates a negative growth of -1.93% year on year.
Similarly, the Q4 2020 states and FCT IGR figure hits N335.25bn compared to N338.57bn recorded in Q3 2020. This indicates a negative growth of -0.98% quarter on quarter.

Lagos State maintains the first spot
Lagos state has the highest Internally Generated Revenue with N418.99bn recorded, closely followed by Rivers with N117.19bn while Yobe State recorded the least Internally Generated revenue. Highest YOY % growth in Kebbi, Ebonyi & Lowest in Benue & Sokoto

Other states & the FCT
FCT IGR up 23.46% YOY
Osun IGR up 9.74% YOY
Taraba IGR up 24.21% YOY
Yobe IGR down -7.87% YOY
Zamfara IGR up 20.0% YOY
Oyo IGR up 42.23% YOY
Plateau IGR up 16.03% YOY
Rivers IGR down -16.53% YOY
Sokoto IGR down -37.93% YOY
Abia IGR down -2.66% YOY
Adamawa IGR down -14.17% YOY
Akwa Ibom IGR down -4.94% YOY
Anambra IGR up 6.22% YOY
Kebbi IGR up 87.02% YOY
Kogi IGR up 5.91% YOY
Kwara IGR down -36.03% YOY
Lagos IGR up 5.08% YOY
Nasarawa IGR up 14.90% YOY
Niger IGR down -17.55% YOY
Ogun IGR down -28.44% YOY
Ondo IGR down -17.55% YOY

States IGR data is computed by the National Bureau of Statistics and the Joint Tax Board from official records and submissions by the 36 State Boards of Internal Revenue.

These submissions are then validated and authenticated by the Joint Tax Board which is chaired by the Federal Inland Revenue Service and has the National Bureau of Statistics and the 36 State Boards of Internal Revenue as members.

SOURCE:https://brandspurng.com/2021/04/16/nigerias-total-igr-drops-by-1-93-to-%e2%82%a61-31trillion-in-2020-nbs/

Ericsson announces plans to create an Automation Hub in Nigeria to support operators for improved consumer experience.
Ericsson Automation Hub is an open innovation platform, inspired by lean startup methodology in which the Ericsson team works in close dialog with customers, users, and partners to showcase and reach the high potential that network automation allows in configuration, provisioning, assurance, and orchestration of network services.

This will enable service providers to gain the ability in their environments to govern, manage and orchestrate hybrid networks holistically and in real-time and as a result, offer an enhanced consuming experience.

Fields to be covered include but not limited to 5G and Internet of Things (IoT) use cases, Network Slicing and Orchestration, Hologram Calls, Complex Standalone, Business Support System (BSS) and Operations Support System (OSS), Cloud and Core product cases, Automated Acceptance Tests demonstration and enhancements as well as complex charging scenarios for 5G and 4G networks.

Lucky La Riccia, Vice President and Head of Digital Services at Ericsson Middle East and Africa at Ericsson says: “As Industry 4.0 accelerates in Africa, automation in operations is proven to boost customer experiences.

“Ericsson continues to support the telecom industry players in setting #AfricaInMotion, and with the Ericsson Automation Hub in Nigeria, we will focus on driving business outcomes for our partners in Africa as they aim to leverage on digital transformation to turn complexities to opportunities while offering a greater experience and value to consumers.”

SOURCE:https://brandspurng.com/2021/04/16/ericsson-launches-automation-hub-in-nigeria/

It is not so often nowadays that a building is simply demolished, particularly not one of this scale. We have the environmental impact to think about, as well as the cost of clearing the debris, yet the implosion of the Trump Plaza Hotel and Casino in Atlantic City just a couple of weeks ago was greeted with open arms by cheering crowds. How is it that such a grand and prestigious building should come to such an undignified end?

The building was designed by renowned architect Martin Stern Jr. known for many of the largest buildings in Las Vegas, as well as other record-breaking builds in other parts of the United States. The Trump Plaza Hotel and Casino was one of Stern Jr’s last designs, taking place in a heyday for wealthy American businessmen. The plaza was opened in 1984 and was originally magnificent, it contained more than 600 rooms, seven different restaurants, an enormous showroom, a health club, and, of course, an even larger casino. Though the build was originally partnered with Harrah’s, Trump would buy them out just a few short months after the opening for a staggering $70 million. He had decided to go it alone, but he might not have had he been able to see the future of this expensive building.

The casino was greeted in its first few years with enthusiasm by patrons. Particularly thanks to its numerous high roller rooms, where people could play for increased wagers. These rooms were unusual at the time, particularly in such numbers, but Trump had made his mind up, that this casino would cater predominantly to the rich and famous. Many famous and infamous parties were held there, for rock stars and actors alike, but few of them were very profitable. In its first year, the Trump Plaza Hotel and Casino made a profit of $144,000. Whilst to many this may seem like a healthy profit, when you take into account the enormous cost of building this monolith and buying out the partners, estimated at $210 million, it would have to run for ten lifetimes before it got close to returning on the investment. Not wanting to back down yet, Trump did what came naturally to him, he doubled down.

In a move that will not surprise any of the Anti Trump Party, the businessman had decided that it couldn’t possibly be his fault that the casino was failing, rather it must be the fault of his neighbours. Trump set about buying up all of the available surrounding buildings, including Penthouse Boardwalk Hotel and Casino, a former Holiday Inn tower, a couple of parking lots and the Atlantis Casino Hotel. Now that he owned a slice of the boardwalk he felt like his empire in Atlantic City could truly begin, but how wrong he was.

The 1990s saw a sharp downturn for the already modest profits of the Trump Plaza Hotel & Casino. Some put this down to the presence of the new casino that Trump had built just a mile away drawing trade away from the casino. Some put it down to the very beginning of the online casino sector, whatever the reason, extending the casino was not the action that Trump should’ve taken, but he did it anyway. By the end of this decade, not only would the Trump Plaza have been subjected to multiple forms of restructuring and pre-packaged bankruptcy, its sister building, Trump’s World Fair would also fail. During this decade several casinos in South Africa failed too, supporters of Trump’s business acumen argue that this was a particularly difficult market at the time. Nowadays, our casino business is stronger than ever though, both in the US and in South Africa, where Casinos.co.za list numerous land-based casinos as being leaders in their field. Whether it’s a location difference, a customer difference, bad luck, or bad judgement, Trump Plaza’s story did not finish its descent here.

The turn of the millennium sparked the end of Trump’s casino business. His four casinos in Atlantic City would all close, with the plaza holding on the longest until 2014 when it held the title of the worst-performing casino in the whole of Atlantic City, taking in as much money in almost a year, as The Borgata did every fortnight. By this point, Trump had already forgotten about the series of bankruptcies and was citing The Trump Plaza Hotel & Casino as an enduring example of his business acumen.

Seven long years later, the building would finally be demolished. Beyond repair, without interest from any buyers and becoming a danger to those who walked too close to it, 3000 sticks of dynamite would send it tumbling to the ground. In an effort to reclaim some of the money it had lost, tickets were sold for $10 each to a crowd of cheering onlookers. It seemed a fitting end to a presidential campaign, which some of the opposition believe had been as successful as the casino itself.

SOURCE:https://brandspurng.com/2021/04/15/how-the-trump-plaza-atlantic-city-came-to-be-demolished/

Sony Music Africa has partnered with a not-for-profit pan-African women empowerment platform, The Women of Music Business (WOMB), to launch a new ‘masterclass’ training programme, supporting women working in the African music industry and helping to build the next generation of senior female music executives in the continent.

Founded by multi-award-winning singer, songwriter and music producer, Berita Khumalo, WOMB will support up to 30 female artists, producers and managers with a minimum of two years’ experience in the music industry from across Africa. Run in partnership with the renowned WITS Business School based in Johannesburg, participants will benefit from expert training in financial management, philanthropy and social investment, developing the skills needed to build sustainable careers and businesses in the Africa music industry within the context of social entrepreneurship. Candidates will also benefit from networking and insights that strengthen their role as a future music industry leader in Africa.

“We’re delighted to be partnering with Sony Music Africa on a programme that will have a lasting impact on the African music industry,” said WOMB Founder, Berita Khumalo.

“Africa faces numerous economic, political and social challenges that require young people to approach the music business with a long-term view to better the continent. Knowledge on social entrepreneurship is particularly important in advancing women-led businesses in the music industry.

“So by better understanding investment and philanthropy, women participating in the programme will learn how to integrate music with a social contribution to creating a significant and lasting impact.”

“More than ever before, women music entrepreneurs are breaking barriers, steering their own narratives, building their own teams and finding success,” added Sean Watson, Managing Director, Sony Music Africa”.

SOURCE:https://brandspurng.com/2021/04/15/sony-music-africa-set-to-empower-upcoming-female-artistes/

Headline Inflation Rate Increases by 18.17% YoY In March 2021, 0.82% Higher Than February 2021 Rate
The consumer price index, (CPI) which measures the inflation rate increased by 18.17 percent (year-on-year) in March 2021. This is 0.82 percent points higher than the rate recorded in February 2021 (17.33 percent).

On a month-on-month basis, the Headline index increased by 1.56 percent in March 2021. This is 0.02 percentage points higher than the rate recorded in February 2021 (1.54 percent).

The percentage change in the average composite CPI for the twelve months period ending March 2021, over the average of the CPI for the previous twelve months period was 14.55 percent, representing a 0.50 percent point increase over 14.05 percent recorded in February 2021.

The urban inflation rate increased by 18.76 percent (year-on-year) in March 2021 from 17.92 percent recorded in February 2021, while the rural inflation rate increased by 17.60 percent in March 2021 from 16.77 percent in February 2021.

On a month-on-month basis, the urban index rose by 1.60 percent in March 2021, up by 0.02 compared to the rate recorded in February 2021, while the rural index also rose by 1.52 percent in March 2021, up by 0.02 compared to the rate that was recorded in February 2021 (1.50 percent).

The corresponding twelve-month year-on-year average percentage change for the urban index is 15.15 percent in March 2021. This is higher than 14.66 percent reported in February 2021, while the corresponding rural inflation rate in March 2021 is 13.99 percent compared to 13.48 percent recorded in February 2021.

Food Index
The composite food index rose by 22.95 percent in March 2021 compared to 21.79 percent in February 2021.

This rise in the food index was caused by increases in prices of Bread and cereals, Potatoes, yam and other tubers, Meat, Vegetable, Fish, Oils and fats and fruits.

On a month-on-month basis, the food sub-index increased by 1.90 percent in March 2021, up by 0.01 percent points from 1.89 percent recorded in February 2021.

The average annual rate of change of the Food sub-index for the twelve-month period ending March 2021 over the previous twelve-month average was 17.93 percent, 0.68 percent points from the average annual rate of change recorded in February 2021 (17.25) percent.

All Items Less Farm Produce
The “All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 12.67 percent in March 2021, up by 0.29 percent when compared with 12.38 percent recorded in February 2021.

On a month-on-month basis, the core sub-index increased by 1.06 percent in March 2021. This was down by 0.15 percent when compared with 1.21 percent recorded in February 2021.

The highest increases were recorded in prices of Passenger transport by air, Medical services, Miscellaneous services relating to the dwelling, Passenger transport by road, Hospital services, Passenger transport by road, Pharmaceutical products, Paramedical services, Vehicle spare parts, Dental services, Motor cars, Maintenance and repair of personal transport equipment, and Hairdressing salons and personal grooming establishment,

The average 12-month annual rate of change of the index was 10.01 percent for the twelve-month period ending March 2021; this is 0.76 percent points lower than the 10.77 percent recorded in February 2021.

State Profiles – All Items Inflation
In March 2021, all items inflation on year on year basis was highest in Kogi (24.51%), Bauchi (22.24%) and Sokoto (20.70%), while Imo (16.08%), Kwara (15.34%) and Cross River (14.45%) recorded the slowest rise in headline Year on Year inflation.

On month on month basis, however, March 2021 all items inflation was highest in Rivers (2.62%), Gombe (2.14%) and Niger (2.12%), while Zamfara (0.60%), Yobe (0.26%) and Kebbi (0.45%) recorded the slowest rise in headline month on month.

In analysing price movements under this section, note that the CPI is weighted by consumption expenditure patterns which differ across states. Accordingly, the weight assigned to a particular food or non-food item may differ from state to state making interstate comparisons of consumption basket inadvisable and potentially misleading.

Food Inflation
In March 2021, food inflation on a year on year basis was highest in Kogi (29.71%), Sokoto (27.02%) and Ebonyi (26.59%), while Abuja (20.10%), Kebbi (19.98%) and Bauchi (18.61%) recorded the slowest rise .in year on year inflation.

On month on month basis, however, March 2021 food inflation was highest in Rivers (3.52%), Niger (2.92%) and Gombe (2.85%), while Zamfara (0.51%) recording the slowest rise in a month on month food inflation with Yobe and Kebbi recording price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate).

SOURCE:https://brandspurng.com/2021/04/15/march-2021-inflation-rate-rises-to-18-17-as-food-inflation-jumps-to-22-95/

Google unveils a Doodle to posthumously mark the 74th birthday of Nigerian music legend and highlife maestro Oliver de Coque, one of Africa’s most prolific recording artists of all time.

The Doodle, created by Lagos-based graphic artist and illustrator Ohab TBJ, pays tribute to the guitarist who died in June 2008 at the age of 61, following a heart attack. The creative inspiration was drawn from De Coque’s love for the guitar, his energetic performance style, his unique music brand, and his love of tradition and culture.

“Oliver de Coque was a popular musician from the Igbo part of Nigeria. As a kid back in the 90s, I recall my late dad playing his songs. I will never forget watching my uncles and aunts dancing to his music; their happiness was contagious”, says Ohab TBJ.

Born on this day in 1947 in the small town of Ezinifite in southern Nigeria, De Coque (whose birth name was Oliver Sunday Akanite) first took up the guitar at a young age. As a teenager, he studied the traditional Igbo music of the region, alongside Congolese soukous. In 1970, at a performance by the popular Sunny Agaga and his Lucky Star Band, Akanite convinced Sunny to let him stand in as their guitarist – and was hired on the spot.

This provided a massive boost to his fledgeling music career. Also a skilled player of the Nigerian board game okwe, the guitar genius became known as Oliver de ka Okwe, which he later adapted to become his stage name, Oliver de Coque.

Known for combining the modern West African highlife genre with Congolese-influenced guitar style, and the energetic dance elements of Igbo music with which he grew up, De Coque crafted his own unique music style which he called Ogene.

From his first solo release in 1976, De Couque’s music grew in popularity at home and abroad, and he released album after album featuring his masterful guitar work and fresh take on Africa pop. His unforgettable songs, including Biri ka Mbiri, People’s Club of Nigeria and Elete Aghara (Tolerance), continue to resonate in the hearts of millions of music lovers in Nigeria and across the world.

In 1994, De Coque was awarded an honorary doctorate in music by the University of New Orleans, in recognition of his prodigious music achievements.

“I believe that Oliver de Coque paved the way for so many African artists of this generation, and that there’s still much more we have to learn about this highlife artist. History has not done enough to honour his memory, so I hope this Doodle will help highlight his incredible story,” Ohab TBJ concludes.

SOURCE:https://brandspurng.com/2021/04/14/google-doodles-posthumous-celebration-for-oliver-de-coques-74th-birthday/

Recently, BUA Cement Plc filed its audited FY-2020 results. Despite substantial cost pressures, the cement maker saw a 19.1% and 19.4% y/y increase in PBT and PAT, respectively, to N78.9bn and N72.3bn.

This was primarily driven by volume growth (+13.3% y/ y), which supported topline (+19.3% y/y), and lower Net financing expenses (-28.3% y/y) over the period. We review the FY earnings and adjust our expectations for FY-2021 below.

Revenue: Resilient Output Amid Harsh Operating Environment
In the period under review, BUACEMENT’s revenue surged (+19.3% y/ y) to N209.4bn in FY-2020, on the back of a 13.3% y/y growth in sales volumes to 5.1Mt. and a 5.3% increase in Revenue per tonne to N41,116/tonne. Sales within Nigeria made up 99.3% of Revenue (vs 97.1% in FY-2019) as exports fell by 71.8% amid the pandemic’s effect on regional trade.

The strong performance was aided by strategies to increase market presence and distribution capacities. Furthermore, a rebound in construction activity following the lifting of pandemic-related lockdowns in late Q2-2020 and a comparatively quiet rainy season in Q3-2020, bolstered volume growth, as observed with industry peers.

Notably, the cement maker maintained the highest level of capacity utilization (compared to peers) at 63.8% . However, we highlight that two (2) major customers accounted for 23.9% of Revenue from cement sales (vs 26.5% in 2019), with each contributing more than 10% of total revenue.

Profitability: Margins Give-In To Inflationary And FX Pressures
BUACEMENT saw faster growth in Cost of Sales (+22.4% y/y to N114.0bn), owing to higher energy costs (+18.6% y/y to N43.1bn), which remains a persistent concern, and Raw materials cost (+81.2% y/y to N21.3bn) amid inflationary pressures and increased production

The rise in energy costs was mostly reflective of the impact of Naira devaluation on gas supply contracts, an industry-wide issue . This pressured Gross Margin 138bps lower y/y to 45.6%. Similarly, Operating expenses grew 21.2% y/y to N13.5bn as EBIT margin shrank by 153bps

However, Net finance cost declined by 42.7% y/y to N3.0bn due to an increase in Finance income (+447.5% y/y to N859.6mn), and a decrease in Finance cost (-28.3% y/y to N3.8bn) despite a significant increase in debt. Recall that the group registered a N200.0bn Bond program in 2020. Notably, the bulk of the first tranche (N115.0bn) of the bond issuance was used to refinance existing debt at a much lower funding cost, leveraging the low yield environment in 2020.

Summarily, PBT and PAT increased by 19.1% and 19.4% y/y, respectively, to N78.9bn and N72.3bn. Thus, BUACEMENT’s Net profit margin for the year settled at 34.5%, (vs DANGCEM’s 36.1% and WAPCO’s 15.7%), Return on equity at 19.2% (vs DANGCEM’s 31.0% and WAPCO’s 14.9%) and Return on assets at 9.4% (vs DANGCEM’s 13.7% and WAPCO’s 6.1%).

Net Debt Climbs To N269.3bn, 71.6% Of Equity
As noted above, BUACEMENT took to the debt markets in the year under review, taking advantage of the lower interest rate climate in a bid to finance its working capital needs, expansion plans, and refinance related-party debt. The Company issued a N115.0bn local bond in Dec-2020, with a 7-year tenor and a coupon rate of 7.5%. Net financial debt for the full year totaled N269.3bn, representing 71.6% of equity (vs 5.9% in FY-2019). Consequently, the Leverage Ratio climbed to 2.0x.

Our Dupont Analysis of BUACEMENT’s Return on Equity (ROE) indicates that the increased leverage made for a higher ROE (19.2% vs 16.7% in FY-2019) amid a marginal 1bps expansion in Net Margin (34.5%) and lower Asset Turnover (0.27x vs 0.37x in FY-2019). Relatedly, proceeds from the bond issuance reflected in BUACEMENT’s cash position (+694.4% to N123.8bn).

Outlook And Valuation
Overstretched valuation undermines growth potential For 2021E, we expect BUACEMENT to pick up from its strong FY-2020 debut, with volumes driving revenue, supported later in the year by its 3Mt plant in Sokoto, which is expected to be operational this year.

On costs, we struggle to see improvement in cost efficiency for the full year, given persistent inflation and BUACEMENT’s long-term gas contracts, which are highly susceptible to FX risk. The cement maker is also likely to maintain its marketing efforts to drive volumes, pressuring OPEX. Furthermore, we anticipate additional debt financing, beginning with the second tranche of its N200.0bn bond program, for the funding of its additional 9Mt capacity tabled for completion in 2023, and higher tax charges, due to pioneer status expiry on its OBU lines.

Accordingly, we expect higher financing costs and tax charges. Consequently, we expect a 15.5% increase in Revenue to N241.9bn, driven by a 10.1% volume growth to 5.6Mt. and a slight moderation in EBITDA margin to 46.0%. In all, we forecast a 8.9% y/y and 6.9% y/y growth in PBT and PAT, respectively to N85.9bn and N77.3bn. Additionally, we expect a BUA to maintain its dividend payout strategy and forecast a N2.2/s dividend for the fiscal year.

We acknowledge the cement maker’s growth potential by virtue of its expansion strategy, volume growth, headroom for price increases and healthy margins. However, we consider the ticker highly overvalued at current price. BUACEMENT trades at an EV/ EBITDA ratio of 26.1x (vs DANGCEM 8.5x and WAPCO’s 4.4x) and PE ratio of 34.9x, a massive premium over the domestic peer average (12.1x ex. BUACEMENT). Following our forecast updates and adjustments for the higher rate environment, we set a target price of N42.2/s and reiterate a SELL recommendation due to the 41.9% downside on the stock.

SOURCE:https://brandspurng.com/2021/04/14/bua-cement-overstretched-valuation-eclipses-growth-potential/

As part of the efforts to promote a safe and sound financial system in Nigeria, the CBN introduced the CRMS to improve credit risk management in commercial, merchant and non-interest banks as well as to prevent predatory borrowers from undermining the banking system.

With the successful implementation of the CRMS in deposit money banks, it has become expedient to commence the enrollment of Other Financial Institutions (OFIs) on the CRMS Platform.

Accordingly, all DFls, MFBs, PMBs and FCs are required to report ALL credit facilities (principal and interest) to the CRMS and to update same on monthly basis. OF Is shall note that Bank Verification Numbers (BVN) and Tax Identification Numbers (TIN) are the only basis for regulatory renditions.

To ensure full compliance, OFls are reminded to conclude the tagging of ALL live credit files for ALL individual and non-individual borrowers with BVN and TIN respectively by May 14, 20271.

Furthermore, the concerned OF Is are advised to acquaint themselves with the Regulatory Guidelines for the Operations of the Redesigned CRMS for Commercial, Merchant and Non-Interest Banks in Nigeria (February 2017) and the additional regulatory guidelines of September 2017.

SOURCE:https://brandspurng.com/2021/04/13/cbn-to-commence-enrolment-of-all-dfis-mfbs-pmbs-and-fcs-on-the-crms-platform/

Investor sentiment was less negative today as the market breadth advanced from 0.75x to 0.83x. 15 stocks gained at price, led by JAPAUL GOLD (8.70%) and NAHCO (7.39%), while 18 stocks declined, led by GUINNESS (-9..91%) and TRIPPLEG (-9.72%).
Brent Crude prices climbed after OPEC forecasted an increase in this year’s demand recovery, predicting the market will be able to absorb the extra supply from the planned relaxation of oil production cuts over the next few months.

The S&P 500 hit a record high on Tuesday and the Nasdaq jumped as investors flocked to technology-related stocks after the United States’ pause in the rollout of Johnson & Johnson’s COVID-19 vaccine sparked fears of a delay in a broader economic rebound.

Market Snapshot
JAPAUL GOLD Leads Market Gainers with 8.70% Gain
US Stocks S&P 500, NASDAQ up as tech stocks rise after J&J vaccine paus
Brent Crude Price Rises Following OPEC’s Boosted Forecast
NAFEX Appreciates to ₦409.38/1$

SOURCE:https://brandspurng.com/2021/04/13/japaulgold-leads-market-gainers-with-8-70-gain/

Enyo Retail and Supply Limited has officially unveiled a new retail station to provide more access to customers for fuel purchase.

The new station located in Badore is the company’s 40th retail station in Lagos and the 95th in the country. The automated facility has an in-built Enyo Vehicon with well-trained Engineers and Technicians to fix customers’ cars to the highest possible standards. It also sells fiber-made gas cylinders for home cooking and other domestic uses.

‘‘At Enyo, we understand the importance of being responsive to the need of our customers and the unveiling of our new outlet is proof of that. Being consistent is key to what we stand for and we continue to show this through our selfless customer service.

“We also ensure that with every new outlet, our facilities meet up to standard in providing the effective service that we are known for. We appreciate our partners for their support and the residents of Badore for making this a success’’ said Abayomi Awobokun, CEO, Enyo Retail and Supply Limited.

Established in 2017, Enyo is one of the top players in the downstream Energy sector. With more than 90 retail outlets across 19 states in Nigeria, the company continues to stand at the forefront of good customer service in fuels retailing and renewable energy products in Africa. Enyo has also commenced the use of solar power in its operations to contribute to sustainable power through clean energy.

SOURCE:https://brandspurng.com/2021/04/12/enyo-retail-and-supply-unveils-new-fuel-retail-station/

In the past year, the HP Anti-Counterfeiting and Fraud (ACF) team confiscated over 4.5 million fraudulent print products, parts, and components – including large numbers of ink and toner cartridges – in raids across Europe, Middle East and Africa (EMEA), Asia-Pacific and the Americas.

The seizures took place between November 2019 and October 2020, during a year where COVID-19 created extraordinary challenges in the battle against fake print supplies around the world.

Between government shutdowns, labour shortages, and changes in custom control priorities, criminal networks have adjusted their strategies to take advantage of the evolving landscape. E-commerce has become intensely exploited as consumers and businesses turn to online shopping. HP’s ACF team had to quickly adapt to find new ways to protect its customers from these illicit e-traders – leading to 224,000 de-listings of counterfeit cartridges from online marketplaces.

Throughout 2020, the HP ACF team worked closely with its customers and channel partners to carry out over 1,700 Customer Delivery Inspections (CDIs) and Channel Partner Protection Audits (CPPAs) across all regions. Conducted in a COVID-19 safe and secure way, these ensured customers continue to receive authentic HP print supply products. The team continued to train and educate partners on anti-counterfeiting through online events reaching more than 6,700 stakeholders, partners and customers from around the world.

“The online marketplace was already becoming increasingly more important, however, with restrictions on physical retail locations due to the pandemic, more people are turning to buying and selling online – including bad actors who can hide behind the veil of secrecy that the Internet provides.” said Glenn Jones, Head of HP’s Global Anti-Counterfeiting Programme. “Now more than ever, technology plays an important role in identifying and stopping counterfeiters. From continued investments in online monitoring tools, the utilisation of big data in discovering fakes, and improvements in our track and trace technology, HP continues to innovate new ways to protect our customers.”

Additional 2020 successes by HP’s Anti-Counterfeiting and Fraud team in EMEA include:

Seizing 1 million illegitimate print supplies and delisting over 135,000 online offers in the region
Stopping the potential sale of 54,000 counterfeit toner and ink cartridges in Nigeria – the largest seizure in EMEA in 2020
Issuing over 500 ACF guidance kits to help HP staff, partners and customers combat fakes
Evolving track and trace technologies to fight against sales of illicit print supplies. Toner cartridges continue to be the highest counterfeit item, accounting for over 75% of the seizure value in FY20
“As pandemic restrictions are lifted and employees return to the office, IT decision-makers must remain vigilant and wary of cheap office products flooding the market that could be fakes,” added Jones. “There must be a shared responsibility between brands, service providers and e-commerce platforms to ensure that the products being sold are legitimate. By working closely with our channel partners and distributors, we can reduce the instances of counterfeit products reaching the customer.”

Counterfeiting is a crime. For users, such illegal imitations can cause a multitude of problems that can result in performance and reliability issues. Should a printer break because of using counterfeit printer ink or toner, the manufacturer’s warranty may become invalid.

In contrast, original HP products are designed to meet HP’s strict quality and reliability standards, based on a long history of innovation, research and testing. Original HP LaserJet and HP inkjet cartridges, unlike counterfeits, benefit from outstanding performance and consistent results.

SOURCE:https://brandspurng.com/2021/04/12/hp-seize-over-4-5-million-counterfeit-print-products-and-components-globally-in-2020/

The National Bureau of Statistics (NBS) has revealed Nigeria’s major trading export and import partners for the fourth quarter of 2020.
According to the recent data from the bureau, which provides the breakdown of the biggest sources of Nigeria’s total imports and destinations of export shows that India has the highest percentage share in export trade for the fourth quarter in 2020, while Nigeria’s biggest imported goods came from the Netherlands.

Below is a list showcasing 5 of Nigeria’s top trading partners (Merchandise Trade By Top Five Partners And By Major Commodities (N’million) Q4, 2020)
Top 10 destinations for Nigeria’s export
1 . INDIA
Total exports to India in Q4 was valued at N547.02 billion or 17.12% of total export. The largest export commodity to India was Petroleum oils and oils obtained from bituminous minerals, crude valued at N516.82 billion, followed by Natural gas liquefied and Leather further prepared after tanning/crusting,incl. parchment-dressed leather of sheep/lam valued at N26.66billion and (N2.13billion) respectively.

2. SPAIN
The value of total exports to Spain stood at N313.38billion or 9.81% of total export. The dominant export product was Petroleum oils and oils obtained from bituminous minerals, crude valued at N243.02billion accounting for 77.54% of total export.

This was followed by Natural liquefied gas worth N63.81 billion and Leather further prepared after tanning/crusting without wool on goats or kids valued at N3.02 billion.

3. THE NETHERLANDS
Nigeria’s export trade with the Netherlands in Q4 2020 was valued at N194.50 billion or 6.09% of total exports. Major export products were: Petroleum oils and oils obtained from bituminous minerals, crude valued at N190.74 billion, followed by Superior quality raw cocoa beans, and Good Fermented Nigerian Cocoa Beans valued at N1.93 billion and N1.38 billion respectively.

4. THE UNITED STATES
In Q4 2020, Nigeria’s export trade with the United States was valued at N170.36 billion accounting for 5.33% of total exports. The major commodities exported during the period were Petroleum oils and oils obtained from bituminous minerals, crude; Other petroleum gases etc in a gaseous state and Natural gas, liquefied, valued at N142.60 billion, N22.92 billion and N2.58 billion respectively.

5. CHINA
Exports to China were valued at N156.78billion or 4.91% of total exports during the period. This was largely dominated by Crude (N57.5billion), Natural Gas liquefied (N45.83billion) and Sesamum seeds, whether or not broken (N18.13billion). On the other hand, the value of imports from China stood at N1,675.55 billion representing 28.28% of total imports.

Top 10 sources of Nigeria’s import
1 . INDIA
On the other hand, the value of import trade from India was valued at N506.00 billion, accounting for 8.54% of total imports. The import trade was dominated by imported motorcycles and cycles, imported CKD by established manufacturers >50cc<=250cc, valued at N87.95 billion, followed by Gas Oil (N55.97 billion) and Other Antibiotics (N40.30billion).

2. THE UNITED STATES
On the import side, the value of imports amounted to N448.64billion, with the main commodities imported being Used Vehicles, with diesel or semidiesel engine, of cylinder capacity >2500cc, amounting to N155.13billion. Other products imported were Other Durum wheat (Not in seeds) (N54.61 billion) and Used Vehicles, with diesel or semidiesel engine, of cylinder capacity >1500=<2500c (N 35.12 billion).

3. THE NETHERLANDS
However, the value of imports stood at N424.49, with the main commodities imported being Motor Spirit ordinary, which amounted to N165.50 billion, Other Antibiotics (N108.78billion) and Gas oils (N47.12 billion).

4. SPAIN
However, the value of imports during the quarter stood at N84.90billion. Motor Spirit ordinary billion ranked at the top of imports, valued at N29.05billion, followed by Mixed alkylbenzenes & mixed alkyl naphthalenes, valued at N15.74billion and Gypsum; anhydrite whether or not coloured, with/without small quantities of accelerators, worth N5.61billion.

5. CHINA
The largest import commodity from China was Machines 4 the reception, conversion & transmission or regeneration of voice, images or…; Bending, folding… machines (incl. presses), numerically controlled; and Air conditioning machine, Window/wall types, self-contained/split system, presented CKD valued at N53.13 billion, N41.08billion and N35.14 billion respectively.

SOURCE:https://brandspurng.com/2021/04/12/top-trading-partners-for-nigerias-exports-and-imports-in-q4-2020/

The National Bureau of Statistics (NBS) says Nigeria’s commodity group import index rose by 0.13 in Q4 2020. The NBS disclosed this in its quarterly Commodity Price Indices and Terms of Trade (Q3 2020) published on its website. According to the report, the rise in commodity importation was driven by Base metals and articles of base metals, Boilers, machinery and appliances; parts thereof and Products of the chemical and allied industries.
The All-commodity group export index decreased by 0.25% due to declines in the prices of wood and articles of wood, wood charcoal and articles, Vehicles, aircraft and parts, Base metals and articles of base metals.

The All products terms of trade (TOT) index, on average, decreased by 0.39% as a result of declines in the prices of base metals and articles of base metals, wood and articles of wood, wood charcoal, products of the chemical and allied industries.
The all-region export index decreased by 0.25% due to declines in export prices to all All-regions except Asia
The All-region group import index rose 0.13% due to increases in import prices across All-regions except Africa and Europe
The All-region terms of trade on average declined by -0.39% due to unfavourable terms of trade across all regions.
The major export and import market of Nigeria in Q42020 were India, Spain, the Netherlands, the United States and China.
The major export to these countries were crude petroleum and natural gas.
The major imports from these countries were Motor spirits, Used vehicles, motor cycles and antibiotics.

Terms of Trade
The terms of trade (TOT) represent the ratio between a country’s export prices and its import prices. The ratio is calculated by dividing the price of the exports by the price of the imports, usually in percentage terms.

An increase in the terms of trade between two periods (or when TOT is greater than 100%) means that the value of exports is increasing relative to the value of imports, and the country can afford more imports for the same value of exports.

For example, an increase in the price of oil between two periods (with oil production remaining the same) is likely to increase or improve the terms of trade for Nigeria and vice versa. The TOT is recorded as an index and can be used as an indicator of an economy’s health.

Commodity Price Index October To December 2020
All-commodity group import index
The All-commodity group import index increased by 0.13% between October and December 2020. This was driven mainly by an increase in the prices of Base metals and articles of base metals (1.0%), Boilers, machinery and appliances; parts thereof (1.03%), and Products of the chemical and allied industries (0.75%).

However, the index was negatively affected by animal and vegetable fats and oils and other cleavage prods. (-1.06%), Prepared foodstuffs; beverages, spirits and vinegar; tobacco (-0.66%) and Plastic, rubber and articles thereof (-0.37%).

Between October and November 2020, the All-commodity group import price index decreased by 0.23%. The index was driven by decreases in the import prices of Boilers, Machinery and Appliances (-1.77%), Prepared foodstuffs, Beverages, Spirits and Vinegar (-1.35%) and Animal and Vegetable fats and Oils (-1.20%).

It was offset by an increase in the prices of Products of the chemical and allied industries (1.48%), Wood and articles of wood, wood charcoal and articles (1.18%) and Mineral products (0.49%).

Between November and December 2020, the All-commodity group import index grew by 0.36%, driven by an increase in import prices of Boilers, Machinery and Appliances (2.80%) as well as Base metals and Articles (1.91%). It was negatively affected by fall in prices for products of the chemical and Allied industries (-0.73%), mineral products (-0.71%) and Wood and Articles of wood, wood charcoal and Articles (-0.58%).

All-commodity group export index
The All-commodity group export index decreased by 0.25% between October and December 2020. This was due to decreases in the prices of wood and articles of wood, wood charcoal and Articles (-0.49%), Vehicles, Aircraft and Parts (-0.44%), Base Metals and Articles of Base Metals (-0.41). This was partly mitigated by a increase in the prices of boilers, Machinery and Appliances (0.66%).

Between October and November 2020, the All-commodity export price index fell by 0.49%. This was a result of decreases in the prices of wood and articles of wood, wood charcoal and articles (-0.98%), Vehicles, aircraft and parts (-0.88%) and Base metals and Articles of Base Metals (-0.83%). This was offset by the prices of prepared foodstuffs, beverages, spirits and vinegar (1.60%), Boilers, Machinery and Appliances (1.31%).

Between November and December 2020, the All-commodity group export index rose by 0.23%. This was driven by increases in the prices of wood and articles of wood, wood charcoal and Articles (0.50%), Vehicles, Aircraft and parts (0.44%). However, the index was negatively affected by declines in the prices of Boilers, Machinery and Appliances (-0.65%), prepared foodstuffs, beverages, spirits and Vinegar (-1.88%) and Others.

Terms of trade by commodity (2018 Jan=100)
The All-commodity terms of trade for October, November and December 2020 stood at 100.43, 100.17 and 100.04.

The All-commodity group terms of trade fell 0.26% in November, 0.13% in December and on average by 0.39% between October and December 2020. The decline in terms of trade between October and December was driven by Base metals and articles of base metals (-1.42%), wood and articles of wood, wood charcoal (-1.05%), Products of the Chemical and Allied Industries (-0.93%). The decline was, however, mitigated by increases in the prices of Animal and Vegetable fats and oils and other cleavage products (0.90%), Prepared foodstuffs, beverages, spirits and vinegar (0.44%), as well as Plastic, Rubber and Articles thereof (0.16%).

Between October and November 2020, the All-commodity terms of trade decreased by 0.26%. The products responsible for the decrease were wood and articles of wood, wood Charcoal and articles (-2.14%), products of the Chemical and Allied Industries (-1.89%) and mineral products (-1.0%). This was offset by Boilers, Machinery and Chemical Appliances (3.14%), Prepared foodstuffs, beverages, spirits and vinegar (2.99%).

Between November and December 2020 the All-commodity terms of trade fell by 0.13%. This was as a result of declines in the prices of Boilers, Machinery and Chemical Appliances (-3.36%), Prepared foodstuffs, Beverages (-2.55%) and Base metals and Articles (-1.46%). The decline was offset by increases in the process of wood and articles of wood, wood charcoal and articles (1.09%) and Mineral products (0.97%).

All-region Group export index
The all-region export index decreased by 0.25% between October and December 2020 due to declines in export prices to All-regions except for Asia (Africa -1.18%, Europe -0.27%, America -0.19 % and Oceania-0.17%).

During the quarter, exports to Asia recorded an increase of 0.16%. The month –on-month changes show a decrease of 0.49% in November and a slight increase of 0.23% in December.

The monthly percentage change between October and November 2020 was due to decreases in the prices of exports to all All-regions except Asia (which increased by 0.33%).

The monthly change between November and December 2020 stood at 0.23%. This was a result of higher export prices to All-regions with the exception of Asia (-0.17%).

All-region Group import index
The All-region group import index rose 0.13% between October and December 2020 due to increases in import prices across all All-regions except for Africa and Europe (Oceania 0.75%, Asia 0.59% and America 0.53%). Africa and Europe recorded price declines of 0.22% and 0.24% respectively.

The monthly percentage change showed a decrease of 0.23% in November but an increase of 0.36% in December.

Between October and November 2020, the All-region import index declined by 0.23% due to decreases in the import prices from Asia (-1.25%) and Africa (-0.44%). This was offset by higher import prices from Oceania (1.47%), America (1.04%) and Europe (0.21%).

Between November and December 2020, the All-region group import index recorded an increase of 0.36%. This was driven by Asia (1.84%) and Africa (0.22%) but offset by Oceania (-0.73%), America (-0.52%) and Europe (-0.45%).

Terms of Trade by Country Regions [2018 Jan=100]
The All-region group terms of trade index stood at 100.43 in October, 100.17 in November and 100.04 in December.

The terms of trade by region declined by 0.26% in November and 0.13% in December. The All-region terms of trade on average declined by -0.39% due to unfavourable terms of trade across all regions.

Merchandise Trade By Top Five Partners And By Major Commodities (N’million) Q4, 2020
INDIA
Total exports to India in Q4 was valued at N547.02 billion or 17.12% of total export. The largest export commodity to India was Petroleum oils and oils obtained from bituminous minerals, crude valued at N516.82 billion, followed by Natural gas liquefied and Leather further prepared after tanning/crusting,incl. parchment-dressed leather of sheep/lam valued at N26.66billion and (N2.13billion) respectively.

On the other hand, the value of import trade from India was valued at N506.00 billion, accounting for 8.54% of total imports. The import trade was dominated by imported motorcycles and cycles, imported CKD by established manufacturers >50cc<=250cc, valued at N87.95 billion, followed by Gas Oil (N55.97 billion) and Other Antibiotics (N40.30billion).

SPAIN
The value of total exports to Spain stood at N313.38billion or 9.81% of total export. The dominant export product was Petroleum oils and oils obtained from bituminous minerals, crude valued at N243.02billion accounting for 77.54% of total export.

This was followed by Natural liquefied gas worth N63.81 billion and Leather further prepared after tanning/crusting without wool on goats or kids valued at N3.02 billion. However, the value of imports during the quarter stood at N84.90billion.

Motor Spirit ordinary billion ranked at the top of imports, valued at N29.05billion, followed by Mixed alkylbenzenes & mixed alkyl naphthalenes, valued at N15.74billion and Gypsum; anhydrite whether or not coloured, with/without small quantities of accelerators, worth N5.61billion.

THE NETHERLANDS
Nigeria’s export trade with the Netherlands in Q4 2020 was valued at N194.50 billion or 6.09% of total exports. Major export products were: Petroleum oils and oils obtained from bituminous minerals, crude valued at N190.74 billion, followed by Superior quality raw cocoa beans, and Good Fermented Nigerian Cocoa Beans valued at N1.93 billion and N1.38 billion respectively.

However, the value of imports stood at N424.49, with the main commodities imported being Motor Spirit ordinary, which amounted to N165.50 billion, Other Antibiotics (N108.78billion) and Gas oils (N47.12 billion).

THE UNITED STATES
In Q4 2020, Nigeria’s export trade with the United States was valued at N170.36 billion accounting for 5.33% of total exports. The major commodities exported during the period were Petroleum oils and oils obtained from bituminous minerals, crude; Other petroleum gases etc in a gaseous state and Natural gas, liquefied, valued at N142.60 billion, N22.92 billion and N2.58 billion respectively.

On the import side, the value of imports amounted to N448.64billion, with the main commodities imported being Used Vehicles, with diesel or semidiesel engine, of cylinder capacity >2500cc, amounting to N155.13billion. Other products imported were Other Durum wheat (Not in seeds) (N54.61 billion) and Used Vehicles, with diesel or semidiesel engine, of cylinder capacity >1500=<2500c (N 35.12 billion).

CHINA
Exports to China were valued at N156.78billion or 4.91% of total exports during the period. This was largely dominated by Crude (N57.5billion), Natural Gas liquefied (N45.83billion) and Sesamum seeds, whether or not broken (N18.13billion). On the other hand, the value of imports from China stood at N1,675.55 billion representing 28.28% of total imports.

The largest import commodity from China was Machines 4 the reception, conversion & transmission or regeneration of voice, images or…; Bending, folding… machines (incl. presses), numerically controlled; and Air conditioning machine, Window/wall types, self-contained/split system, presented CKD valued at N53.13 billion, N41.08billion and N35.14 billion respectively.

SOURCE:https://brandspurng.com/2021/04/12/nigerias-commodity-imports-index-up-by-0-13-in-q4-2020-nbs/

In order to establish the Lagos State Government’s vision to develop domestic tourism and discover potential sites across the State, top officials of the Ministry of Tourism, Arts and Culture recently embarked on a two-day tour across the Epe and Badagry waterways corridors and identified new tourism locations.

The Commissioner for Tourism, Arts and Culture, Mrs. Uzamat Akinbile-Yussuf, who led the officials of the Ministry on the tour, explained that the trip was necessitated by the need to explore the waterways and make them viable and sellable assets to tourists visiting the State.

She said that while the Ministry was keen on discovering new potentials, the State Government was also determined to rebuild tourism infrastructure in the two communities in order to attract more visitors to the Slave Trade relics and other historical spots in the coastal city.

Akinbile-Yussuf averred that the present administration under Governor Babajide Sanwo-Olu sees tourism as a veritable tool to enhance the economy of riverine communities in the State and also bring about needed development to them, stressing that the new tourism locations discovered in Olomo-metta and Ilase riverine communities would be nurtured and developed by the State Government.

While assuring residents of the coastal city that all abandoned tourism projects would soon be re-validated and assigned to different contractors for completion, she described the tour as an eye-opener for the Ministry, adding that the officials were able to discover new tourism potentials around the two coastal communities.

“For instance, we are looking at having a befitting jetty at Gberefu in Badagry, we have visited the place now to assess what was on the ground. The Lagos Theatres are in the two communities, Badagry and Epe, so the next step we are taking now is how to ensure we make them tourism products”, the Commissioner said.

She added that the State government would improve the infrastructure at Gberefu and ensure that the Jetty is of international standards, promising to equip the slave market at Vlekete and Heritage Museum as well.

During her visit to Epe Resort, the Commissioner said that the government will continue to provide a good atmosphere for tourism establishments to thrive, assuring that the tourism assets in the two communities would be connected to create a fun experience for tourists who visit Lagos.

While receiving the Commissioner in Badagry, the Supervisor for Tourism and Environment, Badagry Local Government, Mr. Samson Apata said the visit by the officials from the State Ministry of Tourism, Arts and Culture was a welcome development.

Apata disclosed that Lagos recently won some awards at the just concluded Abuja-Jabamah 2021 tourism event and commended the State Government for boosting the tourism sector, particularly in Badagry.

Other officials of the Ministry on the tour included the Permanent Secretary, Princess Adenike Adedoyin-Ajayi and the Director of Hotel and Tourism Establishments Licensing, Mr. Jobi Ibraheem among others.

SOURCE:https://brandspurng.com/2021/04/10/tourism-development-lasg-identifies-new-sites-along-epe-badagry-waterways-photos/

Minister of Industry, Trade and Investment, Otunba Niyi Adebayo, has commended WACOT Ltd, a member company of the TGI Group, over the recent certification by the international certification organisation, ECOCERT, to export organic sesame globally.
Adebayo was excited as he received the ECOCERT certification presented to him in his office in Abuja, yesterday, by the National Sesame Seed Association of Nigeria (NSSAN), the management of WACOT, Nigeria Export Promotion Council (NEPC), and other stakeholders in sesame production.

The minister assured the delegation of government’s support, adding that President Muhammadu Buhari’s administration would not relent in creating an enabling environment for innovative agro-allied companies like WACOT.
“This government is all about encouraging and supporting indigenous companies, especially those in the agro-allied sector, to be successful within and outside the country. President Buhari’s administration is serious about weaning our economy off oil, and agriculture is a major priority. It is in this light that I commend your resourcefulness and diligence for getting the certification”, Adebayo said.

While presenting the document earlier, TGI Group Director (Corporate Affairs), who is also the Deputy National President of NSSAN, Sadiq Kassim, affirmed the commitment of stakeholders to position Nigeria on the global map of organic sesame production.

Kassim explained that due to the growing demand and adoption of organic food products like sesame globally, as well as its associated health benefits and eco-friendly characteristics, WACOT sought certification for Nigeria, one of Africa’s leading producers, to help farmers and the nation’s economy.

France-based ECOCERT, which conducts inspections in over 80 countries, issued the certification to WACOT, a company with sizeable investments in value chains of various crops across Nigeria, earlier in the year.

With the approval, WACOT, whose investments cover agri-inputs, farming, supply chain and logistics, manufacturing, and branding, is boosting Nigeria’s foreign exchange income through sesame export.

SOURCE:https://brandspurng.com/2021/04/08/fg-hails-wacots-certifications-to-export-organic-sesame-globally/

Amaju Melvin Pinnick was treated to a night of celebration as he assumed his FIFA Executive Council role. The event, which took place on Thursday, April 1, 2021, at Live Lounge, Lagos, saw friends and family convene to celebrate his important contributions to football in Nigeria and Africa.
According to Emmanuel Oriakhi, Marketing Director, Nigerian Breweries, the event was held “in honour of Pinnick’s milestones and achievements over the years as well as the strong leadership he has maintained throughout his career despite mounting challenges.”

The event, supported by Nigerian Breweries’ foremost brand, “33” Export, was star-studded with notable names Seyi Akinwumi, Benedict Peters, Ayo Animashaun, Jordi Borrut Bel, Bovi, Noble Igwe, Colin Udoh, and many more.

SOURCE:https://brandspurng.com/2021/04/09/friends-and-family-toast-to-amaju-pinnicks-career-as-he-moves-on-to-fifa-council-position-photos/

MTN Nigeria Communications Plc (MTN Nigeria) has issued a statement to clarify the news in the media regarding the dispute with banks and our customers’ inability to purchase airtime using banking channels.
In a statement made available to Brand Spur Nigeria, the telecoms giant stated that,

“The sale of airtime through our banking channel partners was temporarily suspended by the banks on April 2, 2021, due to a dispute over the reduction in the cost of sales associated with the channel. However, services were restored on Sunday, April 4, 2021, with customers able to access all services following the intervention by our regulators.”

“The impact of the disruption was minimal on our operations as we were able to successfully activate alternative channels to enable our customers to purchase airtime and stay connected. We regard the banks and other Financial institutions as valued stakeholders in our business channels and we will continue to work towards a mutually beneficial business relationship.”

“MTN Nigeria‘s intention has always been geared towards business optimization to the benefit of our customers, shareholders and indeed the country. As a result, the good of our customers influences every decision we make. We will continue to live our values that ‘everyone deserves the benefits of ad modern connected life.”

SOURCE:https://brandspurng.com/2021/04/08/mtn-nigeria-clarifies-dispute-over-the-reduction-in-airtime-sales-commission-using-banking-channels/

English clubs, Manchester United and Arsenal return to European action are among four unmissable quarter-final first-leg clashes exclusively live on StarTimes.

Since 1972, all permanent Manchester United managers have won at least one trophy in their stint with the Red Devils.

Ole Gunnar Solskjær is fast running out of options if he wants to ensure a continuation of this run in his third season in charge of the club.

Having taken over from Jose Mourinho (who won the Europa League, the League Cup and the Community Shield in his two and a half years in charge) in December 2018, the Norwegian’s best chance – and probably the only chance – for success this season is the Europa League.

On Thursday United are away to Spanish club Granada in the first leg of the quarter-final of the prestigious competition.

Granada, who entered the tournament in the 3rd qualifying round and have already played 13 Europa League matches, are enjoying their first-ever foray into European football.

If Solskjær is under pressure to do well, there is even more pressure on Arsenal manager Mikel Arteta. The Gunners slumped to a 3-0 home defeat against Liverpool on the weekend and are 10th in the league and seem unlikely to qualify for Europe next season. Unless, of course, they win the Europa League.

Arsenal enjoy home advantage in the Emirates Stadium against Slavia Prague on Thursday and will be looking to ensure they travel to the Czech Republic with a lead a week later.

One of the reasons why Arsenal’s season has never quite reached the heights their fans expect is that star striker Pierre-Emerick Aubameyang has not been as lethal upfront as he used to be.

Having scored over 30 goals in all competitions last season, the Gabonese international currently stands on just 14.

Football fans will be able to watch all the best action from the exciting competition live and exclusively on StarTimes Basic Bouquet for N1700 monthly or Smart Bouquet for N2200 monthly.

SOURCE:https://brandspurng.com/2021/04/08/pressure-mounts-on-arsenal-man-u-for-trophy-as-europa-league-reaches-q-final-stage/

Vice-President Yemi Osinbajo decorated the new acting Inspector-General of Police (IGP), Usman Alkali Baba.

Brand Spur Nigeria understands that Usman Alkali Baba has replaced IGP Muhammad Adamu whose tenure expired on February 1, 2021, but got extended by three months by President Buhari. to become Nigeria’s 21st Inspector General Police.

IGP Alkali Baba’s appointment was announced on Tuesday, April 6, 2021, by the Minister of Police Affairs, Maigari Dingyadi to newsmen at the Presidential Villa in Abuja.

Until his appointment, Alkali Baba was a Deputy Inspector-General (DIG) of Police and will be in the acting capacity pending the time the Senate will confirm him.

Present at the decoration ceremony taking place at Vice President Conference Hall are: the Secretary to the Government of the Federation (SGF), Boss Mustapha, former IGP, Mohammed Adamu, Minister of Police Affairs, Alhaji Maigari Dingyadi, Senior Special Assistant to the President on Media and Publicity, Mallam Garba Shehu, and his colleague in the office of the Vice President, Mr Laolu Akande.

Also present is the Permanent Secretary, State House, Tijjani Umar and the Permanent Secretary, Ministry of Police Affairs, Mr Temitope Fashedemi.

Osinbajo Task IGP Alkali Baba To Restore Dignity Of The Police Force

Yemi Osinbajo also tasked the IGP Usman Alkali Baba, to restore confidence and the dignity of the Nigeria Police Force (NPF).

“The organization you are leading is one that is itself facing several challenges, your officers work in extremely difficult conditions and some face the threat of superior power by terrorists and hostile non-state actors while in the line of duty.

“There is no question at all that there is a lot to be done.

”Under your leadership, the Police must now rebuild some bridges of trust and regain the confidence of the citizens.

”This is an ongoing challenge and task that the Police Force and all the senior members of the Police must take on as a responsibility.

”They must continue to rebuild their trust with the Nigerian public.”

What You Must Know About IGP Alkali Baba
The Acting IGP was born on 1st March 1963 in Gaidam, Yobe State. He enlisted in the Nigeria Police on 15th March, 1988.

Alkali Baba was until his appointment a Deputy Inspector-General of Police, Force Criminal Investigation Department, Force Headquarters.

IGP Alkali Baba holds a Teacher’s Grade II Certificate (TC II) from Teachers College, Potiskum, Yobe State in 1980.

The Police IG obtained a BA (ED) Political Science from Bayero University, Kano in 1985. He has a Masters Degree in Public Administration (MPA) obtained from the University of Maiduguri, Borno State in 1997.

In his curriculum vitae, he said that his policing vision is, “To enhance police primacy in Nigeria through the provision of a motivational and credible leadership driven by professional knowledge, ethics, emotional intelligence tools, and strategic planning and operational models that are directed at stabilizing internal security and modernizing police operations, facilities and standards within the framework of citizens, consent, trust, and rule of law.”

SOURCE:https://brandspurng.com/2021/04/07/vp-osinbajo-decorates-new-police-ig-usman-alkali-baba/

Cititrust Financial Services Plc, a leading pan-African investment group with 10 subsidiaries is planning to list by way of introduction to the Nigeria Stock Exchange (NSE) by the end of Q2, 2021.

Mr. Ikechukwu Peter, the Country Chief Executive, Cititrust Financial Services Plc in Nigeria disclosed this at a recent parley with financial correspondents.

This would help deepen activities in the group as it repositions its subsidiaries to sustain value, profitability, and dynamism in the various segments of the financial and capital market.

He said since 2006 Cititrust has evolved from a largely unstructured financial group to a strategic entity with key subsidiaries creating value in the African and Nigerian market.

Through microfinance banking the group has been able to carry out effective service delivery by penetrating the unstructured informal market, empowering small businesses, and adopting a minimal risk approach.

He said the Cititrust group MSME banking transactions were below 3% and were within the regulatory threshold of 5%, with effective monitoring applied to loan disbursements.

According to him the group which started as a lending company broadened its scope to address its customers’ needs with services in the following areas; microfinance, financial intermediation, HMO, mortgage banking, investment banking, lending services, stockbroking, and asset management.

He stressed that the goal of the group is to serve as a one-stop financial and investment hub in the region, providing innovative and dynamic services across the market.

Speaking further on the activities of the Group, he said it had a 60% stake in Omoluabi Mortgage Bank (Now Livingtrust Bank) with the plan to migrate from regional to national banking level.

With COVID 19 reinforcing the need to leverage digital technology, he said the Group is already working out modalities to set in motion its fintech platform between April and December 2021.

He also informed the financial correspondents that Cititrust plans to launch its online platform by April 2021 to bring efficiency and innovation to the market.

In terms of its finances, he said Cititrust as a Group had N36bn in its balance sheet and continued to drive its operations in a manner that achieved profitability.

Other plans of the Group highlighted include;

Positioning its subsidiaries to be among the top 5 in the country by mid-2022
Secure the license for Merchant bank by 2024
Transforming from a Mortgage bank to a Commercial bank status by 2023
For businesses that were affected by the COVID 19 pandemic, he advised them to reposition themselves strategically in value-driven leveraged partnerships.

Looking at the Nigerian economy he called for increased Public-Private partnerships and an enabling business environment to attract investments that could create jobs and improve productivity. He also called on the government to invest in infrastructure that covered areas like power, good road networks, rail, and even broadband technology.

Cititrust Holdings Plc has operations in South Africa, Ghana, Botswana, Kenya, Liberia, and even Sierra Leone amongst other African countries.


SOURCE:https://brandspurng.com/2021/04/07/cititrust-financial-services-plc-plans-listing-on-the-nse-by-q2-2021/

Pursuant to the Debt Management Office (Establishment) Act 2003 and the Local Loans (Registered Stock and Securities) Act, CAP. L17, LFN 2004 Debt Management Office on behalf of the Federal Government of Nigeria Offers for Subscription and is authorized to receive applications for the Federal Government of Nigeria Savings Bond at the following interest rates:

2-Year FGN Savings Bond due April 14, 2023: 5.522% per annum

3-Year FGN Savings Bond due April 14, 2024: 6.522% per annum

Opening Date: April 6, 2021

Closing Date: April 9, 2021

Settlement Date: April 14, 2021

Coupon Payment Dates: July 14, October 14, January 14, April 14

Summary Of The Offer
Issuer

Federal Government of Nigeria (“FGN”)

Units of Sale

N1,000 per unit subject to a minimum Subscription of N5,000 and in multiples of N1,000 thereafter, subject to a maximum subscription of N50,000,000.

Interest Payment

Payable Quarterly

Redemption

Bullet repayment on the maturity date

Status

Qualifies as securities in which trustees can invest under the Trustee Investment Act.
Qualifies as Government securities within the meaning of Company Income Tax Act (“CITA”) and Personal Income Tax Act (“PITA”) for Tax Exemption for Pension Funds, amongst other investors.
Listed on The Nigerian Stock Exchange.
Qualifies as a liquid asset for liquidity ratio calculation for banks.
Security

Backed by the full faith and credit of the Federal Government of Nigeria and charged upon the general assets of Nigeria.

Interested investors should contact the stockbroking firms appointed as distribution agents by the debt management office.


SOURCE:https://brandspurng.com/2021/04/06/april-2021-fgn-savings-bonds-offer-for-subscription/

Rapid vaccine rollout in the United States and passage of its $1.9 trillion fiscal stimulus package have boosted its expected economic recovery. In anticipation, longer-term US interest rates have risen rapidly, with the rate on 10-year Treasury securities going from under 1 percent at the start of the year to over 1.75 percent in mid-March.

A similar surge has occurred in the United Kingdom. In January and February, interest rates also rose somewhat in the euro area and Japan before central banks there stepped in with easier monetary policy.

Emerging and developing economies are viewing rising interest rates with trepidation. Most of them are facing a slower economic recovery than advanced economies because of longer waits for vaccines and limited space for their own fiscal stimulus. Now, capital inflows to emerging markets have shown signs of drying up.

The fear is of a repeat of the “taper tantrum” episode of 2013 when indications of an earlier-than-expected tapering of US bond purchases caused a rush of capital outflows from emerging markets.

Cause and effect

When the reason is good news about US jobs or COVID-19 vaccines, most emerging markets tend to experience stronger portfolio inflows and lower spreads on US dollar-denominated debt. Good economic news in advanced economies could lead to export growth for emerging markets, and the pick-up in economic activity tends naturally to lift their domestic interest rates. The overall impact is benign for the average emerging market. However, countries that export less to the United States yet rely more on external borrowing could feel financial market stress.

When news about higher US inflation drives US interest rates up, this also tends to be benign for emerging markets. Their interest rates, exchange rates and capital flows tend to be unaffected, probably because past inflation surprises have reflected a mix of good economic news, like a higher willingness to spend, and bad news, like higher costs of producing.

When, however, a rise in advanced economy interest rates is driven by expectations of more hawkish central bank actions, it can harm emerging market economies. Our study captures these “monetary policy surprises” as increases in interest rates on days of regular Federal Open Market Committee or European Central Bank Governing Council announcements.

We find that each percentage point rise in US interest rates due to a “monetary policy surprise” tends immediately to lift long-term interest rates by a third of a percentage point in the average emerging market, or two-thirds of a percentage point in one with a lower, speculative-grade credit rating.

All else equal, portfolio capital immediately flows out of emerging markets and their currencies depreciate against the US dollar. A key difference relative to interest rate increases driven by good economic news is that the “term-premium”—compensation for the risks of holding longer-maturity debt—goes up in the US with hawkish monetary policy surprises, and with it, spreads on dollar-denominated emerging market debt.

The Good News

In reality, a mix of these reasons is driving up US interest rates. So far, “good news” on economic prospects has been the main factor. Expectations of economic activity in some emerging markets picked up between January and March, which may partly be lifting their interest rates and may help explain the surge in capital flows in January.

The subsequent rise in US interest rates has generally been orderly, with markets functioning well. Even as long-term US interest rates have risen, short-term US interest rates have remained near zero. Stock prices remain high, and interest rates on corporate bonds and dollar-denominated emerging market bonds have not diverged from those on US Treasury securities.

Furthermore, market expectations for inflation seem contained near the Federal Reserve’s long-term target of 2 percent a year, and if they stay there, it could help stem the rise in US interest rates. Part of the surge in US interest rates came from the normalization of investor expectations of US inflation.

Tread Lightly
However, other factors seem to be at play, too. Much of the increase in US interest rates is due to a rising term premium, which could reflect rising investor uncertainty about inflation and the pace of future debt issuance and central bank bond purchases. The capital outflows from emerging markets that occurred in February and early March turned to inflows in the third week of March, but have since been volatile. It is also unclear whether the large quantities of Treasury securities that the United States is expected to issue this year could crowd out borrowing by some emerging markets.

The situation is therefore fragile. Advanced economy interest rates are still low and could rise further. Investor sentiment regarding emerging market economies could deteriorate. To avoid triggering this, advanced economy central banks can help with clear, transparent communications about future monetary policy under different scenarios. The Federal Reserve’s guidance about its preconditions for a rise in policy rates is a good example. As the recovery continues, further guidance on possible future scenarios would be useful, given that the Federal Reserve’s new monetary policy framework is untested and market participants are uncertain about the pace of future asset purchases.

Emerging markets will only be able to continue providing policy support if domestic inflation is expected to be stable. For example, central banks in Turkey, Russia and Brazil raised interest rates in March to control inflation, while those in Mexico, the Philippines and Thailand kept interest rates on hold.

Ideally, emerging and developing economies should seek to offset some of the higher global interest rates with more accommodative monetary policy at home. For this, they need some autonomy from global financial conditions. The good news is that many central banks in emerging markets were able to ease monetary policy during the pandemic, even in the face of capital flight. Our analysis indicates that economies with more transparent central banks, more rules-based fiscal decision-making and higher credit ratings were able to cut their policy rates by more during the crisis.

Given still-high risk tolerance in global financial markets, and the possibility of further market differentiation in future, now is a good time for emerging market economies to lengthen debt maturities, limit currency mismatches on balance sheets, and more generally take steps to boost financial resilience.

It is also the time to strengthen the global financial safety net—the system of arrangements like swap lines and multilateral lenders that can provide foreign currency to countries in need. The international community needs be ready to help countries in extreme scenarios. The IMF’s precautionary financial facilities can further boost member countries’ buffers against financial volatility, and a new allocation of IMF special drawing rights would also help.

This blog draws on research by Ananta Dua, Philipp Engler, Chanpheng Fizzarotti and Galen Sher, led by Roberto Piazza and supervised by Oya Celasun.

SOURCE:https://brandspurng.com/2021/04/05/how-rising-interest-rates-could-affect-emerging-markets/

As part of its commitment to environmental protection, Rite Foods Limited, a world-class proudly Nigerian Foods and Beverages Company, has sponsored the cleanup of the Alpha beach, in Lekki, Lagos, where 1,640kg and 127.2kg of solid and recyclable waste respectively, were cleared, as part of efforts at preserving the environment and in support of the Lagos State Government cleaner-Lagos initiative.

The clean-up exercise which was in collaboration with the Sterling One Foundation and Giving Beach Clean-up took place on March 27, 2021.

Staff members of Rites Foods Limited were joined by 116 volunteers and locals in the community to pick up and remove plastics, solid waste and other unwanted materials from the beach.

The solid waste recovered totalled 1,640kg, while polyethylene terephthalate (PET) recyclables weighed 119 kg, carton 3.0kg, nylon1.0kg, and returnable glass bottle 4.2kg.

The cleanup was part of the company’s contribution to a cleaner environment and the preservation of one of Lagos beaches known as Alpha beach, which serves as a tourist location in Lagos State, where fun seekers go to for relaxation, picnics, parties and other forms of social engagements.

Speaking on the exercise, the Managing Director of Rite Foods Limited, Mr Seleem Adegunwa, affirmed that the company is committed to a cleaner and healthier environment and will continue to contribute to environmental preservation to make the society habitable, especially in our communities and public spaces.

He stated that the project is to ensure that the solid and packaging wastes do not end up in the ocean from the beach, thereby constituting hazards to aquatic lives and for people that make use of the ocean for other activities.

According to him, recyclable waste can be turned into other useful products and helps create more jobs and also keep the environment clean.

“Food and beverage packaging waste like the PET bottles end up in the wrong places, in our beaches, oceans, and waterways or litter the communities where we work and live. We have a responsibility to protect the environment hence we have gathered today to clear all sorts of waste from the beach,” he stated.

The Rite Foods boss, therefore, enjoined Nigerians to dispose and separate their waste properly, in order to keep Lagos healthier for habitation.

“Keeping the environment clean should be the concern of all its citizens, and this will rid the society of certain diseases associated with the dirty environment,” Adegunwa added.

The company’s effort was commended by Sterling One Foundation, the Giving Beach Cleanup team and Alpha beach community patrons.

Established in 2007, Rite Foods Limited set the pace with the commencement of the production of the high quality family preferred Bigi soft drinks, Fearless Energy Drink and today’s market-leading brand of Rite Sausages.

The Rite Foods products line currently includes theBigi Cola, Bigi Cherry Cola, Bigi Ginger Ale, Bigi Orange, Bigi Apple, Bigi Bitter Lemon, Bigi Soda Water, Bigi Lemon & Lime, Bigi Tropical, Bigi Chapman, Bigi Ginger Lemon, Bigi Tamarind, Fearless Redberry Energy Drink, Fearless Classic Energy Drink, Rite Spicy, Bigi Beef Sausage roll, and Rite Sausage roll.

The Bigi Premium Table Water is produced with global best practices in purification for hydration, freshness, and healthy living.

Rite Foods’ disruptive innovation introduced into the energy drinks segment, the first polyethylene terephthalate (PET) packaged energy drinks, comprising the Fearless Red Berry and the Fearless Classic.

Rite Foods is perhaps the fastest-growing Foods and Beverages Company in West Africa, with the ambition of becoming Africa’s number one foods and beverages conglomerate by the year 2030.

SOURCE:https://brandspurng.com/2021/04/05/rite-foods-supports-environmental-initiative-rid-lagos-of-1767-2kg-of-waste/

South Korea’s LG Electronics manufacturer is closing its loss-making mobile phone business.

The board of directors approved the move on Monday, LG Electronics said in a statement released in Seoul.

Brand Spur Nigeria learnt that Its decision to pull out will leave its 10 percent share in North America, where it is the No. 3 brand, to be gobbled up by smartphone titans Apple and Samsung Electronics.

The shutdown of LG’s mobile phone sector is expected to be completed by the end of July.

“LG’s strategic decision to exit the incredibly competitive mobile phone sector will enable the company to focus resources in growth areas such as electric vehicle components, connected devices, smart homes, robotics and artificial intelligence.

“It will also focus on business-to-business solutions as well as platforms and services,’’ the statement added.

LG wants to “continue to leverage its mobile expertise and develop mobility-related technologies such as 6G to help further strengthen competitiveness in other business areas’’.

Core technologies developed during the two decades of LG’s mobile business operations are to be retained and applied to existing and future products, the company said.

LG’s withdrawal from the smartphone business had been on the horizon for some time.

In South Korea, the division’s employees will be moved to other LG Electronics businesses and affiliates while elsewhere decisions on employment will be made at the local level.

LG will provide service support and software updates for customers of existing mobile products for a period of time which will vary by region, it added.

SOURCE:https://brandspurng.com/2021/04/05/lg-to-shut-down-mobile-phone-business-in-july-2021/

LeBron James Highest Paid NBA Player Overall In 2021 – $94.4M, Stephen Curry Highest Playing Salary – $34.4M
The National Basketball Association (NBA) is one of the most valuable sports leagues in the world. The biggest names that currently play in the league earn millions of dollars through their playing contracts which have risen dramatically in the last 30 years.

The marketability of the top players also attracts global brands who are keen to sign them on lucrative endorsement deals. According to data presented by Safe Betting Sites, LeBron James is the highest-paid NBA player in 2021 with expected earnings of $95.4M in 2021 – $65M from endorsements alone.

LeBron Highest-Paid For 7th Straight Year – $95.4M; $64M From Off-Court Activities
LeBron James is projected to earn $95.4M in 2021, falling just short of joining an exclusive club of athletes to have earned $100M in a single year. James is widely regarded as the current “face of the NBA”, making LeBron one of the most marketable stars in all of the sports. It is estimated that the Laker superstar will earn $64M from endorsement, memorabilia and media deals, well above his projected playing salary of $31.4M.

James’s earnings for 2021 will be the highest single-year earnings for an NBA player in history and the highest of all-time in American team sports. LeBron is also projected to reach $1B in career earnings, $700M of which is estimated to have come from off-court activities. He joins Tiger Woods, Floyd Mayweather, Cristiano Ronaldo and Lionel Messi as the only athletes to have earned $1B while still active as an athlete.

Since Forbes made the above projections, news broke out that James had officially become a part-owner of the Fenway Sports Group, owners of historic teams Boston Red Sox and Liverpool FC. In the summer of 2021, Space Jam 2 is set to hit the Box Office with James as its star and executive producer. It is believed he could earn more than $10M depending on the film’s success.

Stephen Curry Has Highest Playing Salary For Fourth Straight Season – $34.4M
The Golden State Warriors’ Stephen Curry is the second highest-earning NBA player overall but owns the largest playing salary in the league for the fourth season in a row. The 32-year old Curry is expected to earn $34.4M from his playing contract this season. Off the court, Curry is also one of the NBA’s most bankable stars, reportedly set to earn $40M in endorsements, memorabilia, and media.

Stephen Curry is arguably the best shooter to ever play in the NBA and is largely credited with changing how modern NBA games are played. Under Armour saw Curry as the perfect embodiment of their own brand story, an innovative newcomer seeking to disrupt the dominance of Nike and Adidas. It was the perfect combination for a fruitful business relationship.

After signing the former Davidson star to footwear sponsorship contract in 2013, Curry is now undoubtedly Under Armour’s biggest Endorser. In December 2020, Under Armour doubled down on its investment and launched the Curry Brand. The Curry brand is seen as a similar model to what Nike did what Michael Jordan and the Jordan Brand. Steph is projected to earn up to $0M a year from the new brand which is expected to grow based on the brand’s success.

SOURCE:https://brandspurng.com/2021/04/02/lebron-james-highest-paid-nba-player-overall-in-2021-94-4m-stephen-curry-highest-playing-salary-34-4m/

In its commitment to address the issues affecting girls confidence and empowerment, leading consumer goods company, Procter & Gamble (P&G) Nigeria partnered with the Women at Risk International Foundation (WARIF) to facilitate the educational programs (WARIF Educational School Program – WESP) around Gender-Based Violence, helping girls build their confidence while supporting the organization with the acquisition of personal protective equipment (PPE) for WARIF’s frontline healthcare, which supports its “protect our heroes” interventions while promoting both its Education and Gender Equality Citizenship Pillars.

The partnership is driven by P&G Employees through P&G Employee Covid-19 Support Fund where employees made voluntary contributions to sponsor identified NGO (WARIF) as part of giving back to the community. P&G as an organisation matched 100% of total Employee contributions to reiterate its corporate commitment to Education and Gender Equality Citizenship Pillars. The mandated lockdown in 2020 and stay-at-home directive due to the COVID – 19 pandemic resulted in increased number of cases of Violence Against Women and Girls (VAWG) as well as child abuse cases reported to WARIF as more women and children were in quarantine with their abusers.

The WESP Initiative, which started on March 10 at Oregun High School, was a four-week program themed “Identifying the Signs and Preventing School-Related Gender-Based Violence.” The program included P&G’s “Always Menstrual Hygiene Session.”

Commenting on the initiative, the P&G Senior Director for Africa, Global Government Relations & Public Policy, Mrs. Temitope Iluyemi, reiterated P&G’s dedication to gender-based issues. She said: “At P&G, we are always inspired by initiatives like this. Beyond this, we have a target to educate more than 50,000 adolescent girls on puberty and menstrual hygiene over the next three years in Nigeria through our Always Keeping Girls in School (AKGIS) program which will also provide a year supply of sanitary pads so that they can commit to their education and their future.”

“These trainings and sensitisation will play a pivotal role in creating the necessary education and awareness in girls on social issues that impact their confidence around puberty. That is why P&G is happy to partner with WARIF to evoke a change in the prevailing mindset of the community and a create a greater awareness about the issue of violence against women and resources available to affected girls”. Temitope revealed.

Commenting on the program, Founder of WARIF, Dr Kemi DaSilva Ibru stated that “With the increasing number of cases of rape and sexual violence in our communities during the COVID-19 pandemic, it has become more critical now to engage the most vulnerable age group in our society – young girls between the ages of 12 and 18. Creating awareness by educating them and providing the necessary essential services to address the issue.

We are thankful to the P&G Team for their support and partnership with the WARIF Educational School Program; WESP an initiative specifically designed to empower and equip young adolescent schoolgirls with a tool kit in successfully tackling gender-based violence. We remain committed in ensuring that all girls can live in a society free from rape and sexual violence”

P&G also enabled the procurement of PPEs for the WARIF frontline Healthcare staff to facilitate their sustained engagement with the increasing number of affected persons. The WARIF Rape Crisis Centre has so far treated 2204 beneficiaries who have benefited from medical treatment, forensic testing, psychosocial therapy, and social welfare programs. Survivors from various parts of Lagos State were given care protocols (internationally accepted protocols).

Over the years through proactive leadership and collaboration, P&G has tailored efforts to grow the reach and impact of positive action for communities, equality, and the environment in Nigeria.

SOURCE:https://brandspurng.com/2021/04/03/pg-warif-support-puberty-education-in-schools/

If you are a football fan in Jos, Enugu, Makurdi, Onitsha or Abeokuta, April 3, 2021, is going to mark the beginning of something exciting for you. Why? It is the day Star Live Arena returns to your city!

If you aren’t so familiar with the Star Live Arena, here’s the first thing you need to know. It is a cool spot where football fans from different walks of life come to enjoy the game they love in a brilliant atmosphere. Of course, with a cold bottle of Star Lager and quality banter. But that’s not all, here are five more things you can expect when you visit a new Star Live Arena.

A Thrilling Match Experience: You have to admit that watching your team play alone is boring. Football is best enjoyed with the company and at the Star Live Arena, you get a lot of that company in a stadium-like environment. You get a big screen that lets you see the players clearly and great sound, almost like you are at a live game.

Ice-Cold Refreshment: What is a football game without a cold bottle of Star Lager? A training. Yes, you know it’s true. Watching a football game at the Star Live Arena is a golden opportunity to relax and enjoy very cold bottles of Nigeria’s No.1 beer, Star Lager with your buddies. And when your team wins, it’s an even better opportunity to quickly celebrate with another round!

New Friends: We know how easily Nigerians bond over football and that’s why we are sure you’d find new friends every time you watch a game at a Star Live Arena. Whether it’s the guy with the quality banter that’s got everyone laughing or the guy who supports the same team as you do, you’ll be in great company and enjoy nice conversations.

Branded Gift Items: Star Lager is a huge supporter of football in Nigeria and the brand often finds ways to celebrate priceless moments with football fans. So you can be sure to get a branded item or two to celebrate wins from your favourite team. There will also be some pre-match games where viewers can win prizes at the arenas.

Banter, Quality Banter: Maybe we already mentioned this, but we had to say it again, because it is the best thing about the Star Live Arena viewing experience. If you love the extra commentary from football fans like you and the cheesy remarks about your team’s playing style from the opponent, then the Star Live Arena is the perfect place to be.

The Star Live Arenas open next week across five different cities and promises to bring a lot of excitement to football fans especially after a long break from such fun gatherings.

SOURCE:https://brandspurng.com/2021/04/02/five-things-to-expect-as-star-live-arena-returns/