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The WHO Strategic Advisory Group of Experts (SAGE) on Immunization has issued Interim recommendations for use of the Moderna mRNA-1273 vaccine against COVID-19 in people aged 18 years and older.
Here is what you need to know.
Who should be vaccinated first?
As with all COVID-19 vaccines, health workers at high risk of exposure and older people should be prioritized for vaccination.

As more vaccine becomes available, additional priority groups should be vaccinated, with attention to people disproportionately affected by COVID-19 or who face health inequities.

Who else can take the vaccine?
The vaccine is safe and effective in people with known medical conditions associated with increased risk of severe diseases, such as hypertension, diabetes, asthma, pulmonary, liver or kidney disease, as well as chronic infections that are stable and controlled.

Although further studies are required for immunocompromised persons, people in this category who are part of a group recommended for vaccination may be vaccinated after receiving information and counselling.

Persons living with HIV are at higher risk of severe COVID-19 disease. Known HIV-positive vaccine recipients should be provided with information and counselling.

Vaccination can be offered to people who have had COVID-19 in the past. But individuals may wish to defer their own COVID-19 vaccination for up to six months from the time of SARS-CoV-2 infection.

The vaccine can be offered to a breastfeeding woman who is part of a group recommended for vaccination (e.g. health workers); discontinuing breastfeeding after vaccination is currently not recommended.

Who should not take the vaccine?

While pregnancy puts women at a higher risk of severe COVID-19, the use of this vaccine in pregnant women is currently not recommended, unless they are at risk of high exposure (e.g. health workers).

Individuals with a history of a severe allergic reaction to any component of the vaccine should not take this or any other mRNA vaccine.

While vaccination is recommended for older persons due to the high risk of severe COVID-19 and death, very frail older persons with an anticipated life expectancy of fewer than 3 months should be individually assessed.

The vaccine should not be administered to persons younger than 18 years of age pending the results of further studies.

What’s the recommended dosage?

SAGE recommends the use of the Moderna mRNA-1273 vaccine at a schedule of two doses (100 µg, 0.5 ml each) 28 days apart. If necessary, the interval between the doses may be extended to 42 days.

Compliance with the full schedule is recommended and the same product should be used for both doses.

Is it safe?
While this vaccine has yet to be approved by WHO for an Emergency Use Listing, it has undergone review by the European Medical Agency (EMA) and consequently meets WHO’s criteria for SAGE consideration.

The EMA has thoroughly assessed the data on the quality, safety and efficacy of the Moderna COVID-19 vaccine and authorized its use across the European Union.

SAGE recommends that all vaccinees be observed for at least 15 minutes after vaccination. Those who experience an immediate severe allergic reaction to the first dose should not receive additional doses.

Longer-term safety assessment involves continued to follow up of clinical trial participants, as well as specific studies and continued surveillance of secondary effects or adverse events of those being vaccinated in the rollout.

The Global Advisory Committee on Vaccine Safety, a group of experts that provides an independent and authoritative guide to the WHO on the topic of safe vaccine use, receives and assesses reports of suspected safety events of potentially international impact.

How efficacious is the vaccine?
The Moderna vaccine has been shown to have an efficacy of approximately 92 per cent in protecting against COVID-19, starting 14 days after the first dose.

Does it work against new variants?
Based on the evidence so far, the new variants of SARS-CoV-2, including the B.1.1.7 and the 501Y.V2, do not alter the effectiveness of the Moderna mRNA vaccine. The monitoring, collection and analysis of data on new variants and their impact on the effectiveness of COVID-19 diagnostics, treatments and vaccines continue.

Does it prevent infection and transmission?
We do not know whether the vaccine will prevent infection and protect against onward transmission. Immunity persists for several months, but the full duration is not yet known. These important questions are being studied.

In the meantime, we must maintain public health measures that work: masking, physical distancing, handwashing, respiratory and cough hygiene, avoiding crowds, and ensuring good ventilation.

SOURCE:https://brandspurng.com/2021/01/29/what-you-need-to-know-about-the-moderna-covid-19-vaccine/

28 January 2021 – COVID-19 cases and deaths are surging in Africa as new, more contagious variants of the virus spread to additional countries.
Over 175 000 new COVID-19 cases and more than 6200 deaths were reported in Africa in the last week while infections rose by 50% on the continent between 29 December 2020 and 25 January 2021 when compared with the previous four weeks.



Health
Updated: January 28, 2021
New COVID-19 variants fuelling Africa’s second wave – WHO
New COVID-19 variants fuelling Africa’s second wave - WHO - Brand Spur
By
Bolaji Samuel
January 28, 2021

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28 January 2021 – COVID-19 cases and deaths are surging in Africa as new, more contagious variants of the virus spread to additional countries.
Over 175 000 new COVID-19 cases and more than 6200 deaths were reported in Africa in the last week while infections rose by 50% on the continent between 29 December 2020 and 25 January 2021 when compared with the previous four weeks.

Covid 19 in Mauritius
COVID-19: MAURITIUS
RNA samples extracted from throat swabs are tested at the Candos Virology Lab. Mauritius responded to the COVID-19 pandemic by imposing a countrywide lockdown, combined with WHO guidance to increase testing, contact tracing, surveillance and clinical care.
In the past week, there has been a small dip in cases in South Africa, but 22 countries continue to see their case numbers surge. Deaths rose two-fold in the same four-week period, with over 15 000 concentrated in 10 mainly southern and northern African nations.

The 501Y.V2 variant, first identified in South Africa, is predominant and powering record case numbers in South Africa and the sub-region. It has been found in Botswana, Ghana, Kenya, the French Indian Ocean region of Mayotte, Zambia and in 24 non-African nations.

“The variant which was first detected in South Africa has spread quickly beyond Africa and so what’s keeping me awake at night right now is that it’s very likely circulating in a number of African countries,” said Dr Matshidiso Moeti, the World Health Organization (WHO) Regional Director for Africa.

The variant that was initially detected in the United Kingdom has been found in The Gambia and Nigeria. Further research is needed to determine whether the new strain causes more severe illness.

WHO is working to track and tackle new variants by helping countries build and boost the complex genomic surveillance capacities needed to detect and respond to new variants, shipping samples to sequencing laboratories and providing supplies and technical guidance.

With the Africa Centres of Disease Control and Prevention, WHO helped set up a COVID-19 genomic sequencing laboratory network with laboratories in the Democratic Republic of the Congo, The Gambia, Ghana, Kenya, Nigeria, Senegal, South Africa and Uganda.

WHO calls on all countries to ship at least 20 samples to sequencing laboratories every month to help map the fast-evolving situation and best target responses at all levels.

“In addition to the new variants, COVID-19 fatigue, and the aftermath of year-end gatherings risk powering a perfect storm and driving up Africa’s second wave and overwhelming health facilities,” said Dr Moeti. “Africa is at a crossroads. We must stick to our guns and double down on the tactics we know work so well. That is mask-wearing, handwashing and safe social distancing. Countless lives depend on it.”

Facing a second wave of infections, African nations must ramp up testing, the isolation of contacts and the treatment of patients, as well as enhancing proven prevention measures.

“Our shared goal is to get ahead of the virus. Unfortunately, the journey will be longer, harder and far more costly in the absence of consistent, all-of-society commitments to blocking infection,” said Dr Moeti.

Dr Moeti spoke during a virtual press conference today facilitated by APO Group. She was joined by Professor Tulio de Oliveira, Director, KwaZulu-Natal Research and Innovation Sequencing Platform, the University of KwaZulu-Natal in South Africa, and Dr Amadou A Sall, Director of Institut Pasteur de Dakar in Senegal.

SOURCE:https://brandspurng.com/2021/01/28/new-covid-19-variants-fuelling-africas-second-wave-who/

January 27, 2021 – Atlas Mara Limited, the sub-Saharan African financial services group and Union Bank of Nigeria, today issued the following statement in response to media reports incorrectly stating that “Atlas Mara has received offers from local banks wishing to buy over Union Bank.”
In an official statement released by Union Bank of Nigeria, signed by Somuyiwa Sonubi, Company Secretary said the unsubstantiated report was based on mere rumours and speculations.

“Our attention has been drawn to an online publication by Premium Times dated 23rd January 2021, captioned “Union Bank’s Principal Owner considering the sale of 50% stake”. Please note that the unsubstantiated report is based on mere rumours and speculations.”

“The Nigerian Stock Exchange, other regulatory agencies and members of the public are hereby advised to disregard the publication in its entirety,” the lender said.

While it is the Atlas Mara’s practice to refrain from comment on market rumours or speculation, we believe it is important to note that Atlas Mara has not received any offers from any local Nigerian bank or other bank wishing to acquire the Company’s stake in Union Bank of Nigeria (UBN).

As previously announced to the market in 2019, the Board of the Company has been exploring a wide range of strategic options with the assistance of external advisers. That process is still underway and the Company’s strategic objectives have not changed.

SOURCE:https://brandspurng.com/2021/01/27/union-bank-dismisses-report-of-plans-by-principal-owner-to-sell-50-stake-as-rumours/

At the end of the two-day bi-monthly MPC meeting, all policy levers were maintained following a unanimous vote of all members of the committee.
Monetary Policy Rate (MPR) – 11.50%
The asymmetric corridor around the MPR – +100/-700bps,
Cash Reserve Ratio – 27.50%, and
Liquidity Ratio 30.0%.
Nigeria’s Monetary Policy Trend


SOURCE:https://brandspurng.com/2021/01/26/mpc-leaves-all-rates-unchanged-2/

Okomu Oil Palm Company PLC 2020 year-end financials show a significant 24.08% revenue growth when compared to the full year 2019 turnover. This was majorly driven by a 29.17% growth in local sales from N15.87bn to N20.50bn despite a 2.90% decline in export sales amid the closure of land borders.
Local Sales Boosted Revenue Amid Contraction in Export Sales
Local sales represented about 87% of the total with N20.50bn revenue generated locally compared to the N15.87bn in the preceding year. Notably, OKOMU generated N23.41bn total revenue against the N18.87bn in 2019. Similarly, Gross profit went up by 21.04% resulting from a 30.78% increase in the cost of sales. This represents a 5.4% upward movement in the cost margin from 31.20% to 32.88% in the current period.

Profit After Tax advanced by 46.28% to N7.39bn
Following an impressive topline performance, operating profit advanced by 15.64% to N8.53bn despite a 28.14% surge in operating expenses. Consequently, Profit Before Tax and Profit After Tax (PAT) increased by 12.35% and 46.28% respectively. Notably, OKOMU realized N7.39bn PAT compared to the N5.05bn generated in 2019. In summary, EPS advanced by 46.31% from N5.29 to N7.74.

SOURCE:https://brandspurng.com/2021/01/26/okomu-oil-palm-generated-n20-50bn-revenue-pat-up-by-46-28/

Nigeria’s leading tech-enabled automotive trading platform, Cars45 and last-mile delivery service provider, Gokada, have announced a partnership to provide Lagosians with more options to get their parcels delivered across the state at a cheaper price within the same day.
This is in furtherance of Cars45’s mantra which is to build the commercial infrastructure that allows for speedy and efficient exchange of value across the automotive value chain. This partnership was announced at a signing ceremony which took place at the Cars45 headquarters, Alausa, Lagos, on Thursday, January 21, 2021.

This new relationship will allow Cars45 to further improve its customer experience by enabling select retail outlets to serve as delivery or collections hubs for Gokada. Gokada customers will, in turn, be able to access and enjoy a rich bouquet of Cars45’s services at select retail outlets.

It should be noted that the current spread of COVID-19 virus in Nigeria and the rest of the world necessitates more purposeful and deliberate movement and delivery of products and services across the country.

According to Precious Adesina-Ola, National Head, Center Operations, Cars45,
“as a value-driven business, Cars45 has become synonymous with creating opportunities for stimulating economic development as well as delightful consumer experiences within the nation’s auto industry.

This partnership reinforces the premium we place on continuously providing value and convenience to our customers. Our retail touchpoints provide a range of excellent products and services that we believe Gokada customers will take advantage of when delivering their parcels.”

Cars45 is present in over 50 locations across 11 states in Nigeria in addition to its operations in Kenya and Ghana.

On the reason behind the partnership, “We want to be closer to our customers and make our deliveries faster and accessible. At Gokada, we think about the convenience of our customers first and are constantly experimenting with new ideas to ensure maximum satisfaction. We are proud to partner with Cars45 and welcome them to the Gokada family. We hope to expand to other Cars45 centres across Lagos soon”, said Sanya Chawla, Head of Special Projects, Gokada.

Furthermore, Oluwashola Adekoya, Group Head, Marketing and Communications, Cars45 noted that
“We are excited to work with one of Nigeria’s most efficient and trusted courier delivery solution providers to enhance last-mile services. Transparency, Customer Satisfaction, and Innovation are engrained in our DNA therefore, we believe strongly that consumers will get the best of both worlds under this initiative as it leverages Cars45’s network of conveniently located retail outlets.”

Cars45 has been at the forefront of transformation in the Nigerian automotive industry, through customer-led and industry-driven initiatives. It is over 6,000-member Autopreneur programme developed in 2019, is one of the factors contributing to increased car-ownership in Nigeria. Also, Cars45’s Franchise programme is assisting dealerships across Nigeria to generate more revenue.

SOURCE:https://brandspurng.com/2021/01/26/cars45-and-gokada-announce-alliance-to-drive-consumer-convenience/

On this week’s Inside Africa, CNN International showcases Nigeria’s entrepreneurial spirit, meeting four start-up stars who are improving the world from Africa’s largest tech hub.
Firstly, the programme meets Olatunbosun “Bosun” Tijani, the brains behind one of Africa’s biggest networks of tech talent. Tijani founded the Co-Creation (CC) Hub in 2010 as a meeting place for innovators in the heart of Lagos.

He speaks about his inspiration, “Science and technology can leapfrog development across Africa and there are so many smart people on this continent, we just need to build a platform that will enable them to create.”

Some of CC Hub’s successful partnerships include a healthcare logistics company that delivers lifesaving blood, a digital security platform promoting internet safety, and Google-sponsored ‘Pitch Drives’ that help introduce African start-ups to Asia.

Tijani discusses the Hub’s strategy, “I believe that Africa is going to be a lot stronger if we start to see the continent as one. How do we leverage the expertise and resources that you may find in a country like Kenya and lay eyes on the creativity and energy that you find in Nigeria?”

Tijani’s latest venture is the STEM café, an imaginative space dedicated solely to children. He tells CNN about the project, “I want to help build a generation of people in Africa with a strong belief in science, people that are comfortable in science, that can apply science to change things.

So, it’s a maker space for kids. It’s a space where we don’t use curriculums. It’s a nonlinear way of teaching so we actually don’t teach but we encourage kids to build.”

Featured next is Odun Eweniyi one of the founders of PiggyVest, a financial technology company that is teaching young people the value of their money, by helping them to save it.

Eweniyi explains the business, “PiggyVest is automated savings and investment platform that helps young Nigerians put aside little amounts of money daily, weekly or monthly towards their targets or their responsibilities and eventually gives them access to micro-investments to get competency returns.”

According to Eweniyi, PiggyVest now has more than two million registered users. Despite the coronavirus shutdown and the disruptions it has caused, Eweniyi says she remains committed to her original mission of helping people save small in order to achieve big results, “Whether we’re in a crisis or out of a crisis the mission remains the same, to get them to a place where they are financially free with the power to continue to manage their finances.”

The third techpreneur is Chika Madubuko, the co-founder and CEO of Greymate Care.

This healthcare start-up is a pioneer in providing on-demand care in Nigeria and Madubuko details the concept, “Before Greymate Care was launched, you would normally find someone who was a caregiver or an auxiliary nurse signing up with the hospital or an agency, but then they stayed for so long without jobs.

Madubuko’s company is one of many start-ups revolutionising the healthcare industry. She speaks about differentiating her product, “I knew we had to be very innovative, we have to make our processes different, we have to differentiate ourselves in the market.

We added a training curriculum, which was the best in Africa, training our caregivers to make sure that they can provide adequate care to our service users. Running background checks on our caregivers to make sure that service users feel safe letting them through their door.”

Finally, Inside Africa meets documentary filmmaker Joel “Kachi” Benson. As the founder and CEO of VR 360 Stories, Benson works as a virtual reality storyteller. He speaks about his first time using the technology, “I think it was February 2018 that I wore a headset for the first time. And my experience was a Coldplay concert.

It was like I was there. And I remembered what the guy was trying to tell me two years before about putting viewers in the midst of the action. All I could see was the IDP camps that I’ve been filming in northeast Nigeria, the places that I had been to, and that I felt I did not properly express with my 2D camera. You know, what a tool for storytelling.”

Benson’s 360-degree immersion into the lives of internally displaced people was a first for a Nigerian filmmaker and it influenced another project focusing on the families of the Chibok schoolgirls. He recalls the aims of the film, “With the Daughters of Chibok, what I wanted to do was to take people to Chibok and show them this reality that was almost unreal.

It’s so far away, so distance, we’re so detached from the story. I wanted to put people in that space. But I also wanted to amplify the voices of these women that I saw.”

Nigeria’s techpreneurs are innovators across multiple fields of industry and are putting in the hard work to build businesses that both help and inspire.

CNN’s portfolio of news and information services is available in seven different languages across all major TV, digital and mobile platforms reaching more than 475 million households around the globe.

CNN International is the number one international TV news channel according to all major media surveys across Europe, the Middle East and Africa, the Asia Pacific region and Latin America and has a US presence which includes CNNgo.

SOURCE:https://brandspurng.com/2021/01/25/cnns-inside-africa-meets-nigerias-techpreneurs/

The company runs various HR initiatives to continuously improve the working conditions of its teams.
Recognized in 48 countries the world’s leading express provider is one of the best employers represented on each continent
DHL Express is certified as “Global Top Employer” for the seventh consecutive year

DHL Express has again been recognized as one of the best employers worldwide. This year, the company was certified by the Top Employers Institute in 48 countries and on each continent of the globe, except Antarctica. The Institute particularly recognized DHL’s strong performance in the areas of Values, Business Strategy, and Ethics and Integrity.

“We are delighted to be certified in so many countries all over the globe”, says John Pearson, CEO DHL Express. “Thanks to our passionate and powerful people we are ensuring that global trade continues and that our customers remain in business while so many areas of life have come to standstill.

Our people are at the heart of our company and their safety has always been a top priority for us. Receiving this award is a great recognition of efforts in creating great conditions for our teams to develop and thrive within the world’s most international company.”

DHL Express annually invests a double-digit million Euro amount in its employees around the world. The company runs various HR initiatives to continuously improve the working conditions of its teams and equip its international workforce with the knowledge that they need to be motivated to deliver the best quality service for customers each day.

Due to the remarkable efforts of the DHL staff during the COVID-19 pandemic, the company paid each employee around the world a one-off bonus of 300 EUR.

“We take great pride in being truly committed to putting our people first and for that reason being recognized as a Global Top Employer for the seventh year in a row is an award we hold in great esteem,” says Regine Buettner, Executive Vice President HR Global at DHL Express.

Due to the remarkable efforts of the DHL staff during the COVID-19 pandemic, the company paid each employee around the world a one-off bonus of 300 EUR.

“We take great pride in being truly committed to putting our people first and for that reason being recognized as a Global Top Employer for the seventh year in a row is an award we hold in great esteem,” says Regine Buettner, Executive Vice President HR Global at DHL Express.

The last 12 months have been testing for everyone, including our employees – the majority of whom have been frontline workers during the pandemic. During times like these, it is more important than ever to stay committed to upholding only the highest workplace standards and we’re pleased to be recognised for that with this award”.

The Top Employers Institute program certifies organizations based on the participation and results of their HR Best Practices Survey. This survey covers 6 HR domains consisting of 20 topics such as People Strategy, Work Environment, Talent Acquisition, Learning, Well-being and Diversity & Inclusion and more.

SOURCE:https://brandspurng.com/2021/01/25/dhl-express-is-a-global-top-employer-2021/

In the just concluded week, the NSE ASI retraced into negative territory amid sell-offs witnessed on the mid and large-cap stocks. We saw investors book profit on tickers such as WAPCO, DANGCEM and ZENITH given their recent share price increases.
Hence, the benchmark index waned by 42bps week-on-week to close at 41,001.99 points.

Also, Performance across subsector indices closed southwards as all the indices tracked closed in red; the NSE Banking, NSE Insurance, NSE Consumer Goods, NSE Oil/Gas and the NSE Industrial indices moderated by 1.33%, 0.80%, 0.09%, 0.13% and 0.51% to 410.39 points, 241.80 points, 605.92 points, 274.18 points and 2,051.69 points respectively.

Meanwhile, market activity was mixed as total deals and volume of stocks traded rose by 8.30% and 5.22% respectively to 32,823 deals and 3.62 billion shares respectively. However, the value of stocks traded fell by 21.80% to N25.59 billion.

In the new week, we expect the local equities market to trade northwards as investors rebalance their portfolios in favour of shares of companies with good dividend payment history and which present relatively higher yields.

SOURCE:https://brandspurng.com/2021/01/24/nse-asi-moderates-by-0-42-amid-sell-offs/

President Joe Biden has been sworn into office, ushering in a new administration, new foreign policy and a new approach to US trade and investment in Africa.
Advocating for natural gas abroad
The African natural gas value chain represents a critical avenue for foreign investment and export opportunities, including the creation of onshore US manufacturing jobs.

The Total-operated Mozambique liquified natural gas (LNG) project, for example, secured its largest share of senior debt financing from the US Export-Import Bank, which aims to support the country’s exports for the development and construction of the LNG plant and create an estimated 16,700 American jobs over its five-year construction period.

In terms of US LNG exports, the relative proximity of certain sub-Saharan markets to North America renders the cost of transporting US LNG to the continent as 20-40% less than transporting it to North Asia.

The Total-operated Mozambique liquified natural gas (LNG) project, for example, secured its largest share of senior debt financing from the US Export-Import Bank, which aims to support the country’s exports for the development and construction of the LNG plant and create an estimated 16,700 American jobs over its five-year construction period.

In terms of US LNG exports, the relative proximity of certain sub-Saharan markets to North America renders the cost of transporting US LNG to the continent as 20-40% less than transporting it to North Asia.

As a result, the export market potential for US companies looking to sell excess LNG supply to Africa – as a result of the country’s recent major investments in new liquefaction capacity – is substantial, coupled with Africa’s own large-scale energy needs.

As part of the Democratic Party platform, Biden has targetted the elimination of billion-dollar oil and gas subsidies in the US and called on other developed countries to do the same.

While the proposition is unlikely to pass US Congress, it suggests that the Biden administration may follow the likes of Europe, in terms of restricting fossil fuel investment and signalling its commitment to climate change action.

To date, US oil majors (ExxonMobil, Chevron) have been less radical in their commitment to reducing carbon emissions and retooling investment strategies than their European counterparts (Total, Shell).

If the US can continue to lend support to gas development abroad – particularly in Africa, in which gas is positioned as a relatively clean-burning fossil fuel able to deliver energy to scale – then it can cement its role as a leading provider of finance, infrastructure and technology to Africa’s energy transition.

Facilitating a mutual energy transition
Biden has been expectedly liberal in his stance toward a US energy transition: in addition to once again committing the country to the Paris Agreement, he has pledged to transition the national economy to net-zero emissions by 2050, utilising the revenues retained from subsidy cuts to fund a $2trn climate action plan. That said, US support of renewables should not be limited to the domestic market, and if the country plans to increase its fund allocation toward stimulating green business, then Africa represents a worthwhile recipient. The energy sector is already considered an investment priority by the International Development Finance Corporation (DFC), attracting $10bn in commitments to date.

In sub-Saharan Africa, total investment in power project development available to US companies is estimated by Power Africa at $175m.

Meanwhile, universal electricity access by 2030 will require the construction of more than 210,000 mini-grids, mostly solar hybrids, connecting 490-million people at an investment cost of almost $22bn, according to the World Bank’s Energy Sector Management Assistance Programme.

US renewable-focused firms are well-equipped to meet African demand for renewable investment, offering an influx of technology, flexible capital and technical expertise, coupled with a free-market competition approach and reduced barriers to entry.

In addition to attracting external investment to reach continent-wide clean electrification goals, Africa is rich in minerals needed to fast-track the US along with its own energy transition.

The Democratic Republic of the Congo, for example, is estimated to contain one million tons of lithium resources and is a global leader in the production of cobalt, copper, tantalum and tin.

Such minerals are required to meet growing market demand for ‘green’ batteries that have the capacity to fuel US clean energy by powering carbon-free grids, electric vehicles and green technologies.

Countering Chinese influence
In terms of foreign policy, enhanced US presence in Africa represents a strategic counter to Chinese influence, in the midst of an ongoing trade war between the two economic superpowers.

The DFC offers a dynamic alternative to China’s Belt and Road Initiative, which has faced criticism due to its debt-heavy approach targeting government-to-government financing, along with its procurement to Chinese – and not African – firms and state-owned enterprises for the development of large-scale infrastructure projects.

Criticism aside, China has been able to successfully extend its influence across the Global South because of the financial backing it receives from its government. Public sector support serves to alleviate perceived risk by providing a governmental vote of confidence – which the DFC has sought to do through reinsurance models that boost underwriting capacities and guarantees on behalf of American exports and contractors.

Political risk insurance also seeks to protect US investments against the risk associated with currency exchange, expropriation, foreign government interference and breach of contract.

As it stands, bilateral trade between the US and Africa is – for lack of a better word – underwhelming, decreasing from $31.3bn in the first six months of 2019 to a paltry $12.7bn over the same period in 2020.

Last July, the US began negotiations with Kenya over a free trade agreement targetting duty-free access for Kenyan goods to the US market. If an agreement is reached – and it appears unlikely, given Biden’s proclivity for multilateralism and his anticipated prioritisation of the African Continental Free Trade Area – it could serve as a trading model for other sub-Saharan countries and to enhance commercial engagements.

In short, the pieces of the puzzle for US private sector-led growth in Africa are there; it is now up to the Biden administration to put them together.

SOURCE:https://brandspurng.com/2021/01/22/keeping-an-eye-on-bidens-plans-for-africa/

CSL Research – The Nigerian Insurance sector is critical to propelling income equality and reducing the poverty level of any society, but the industry’s performance has continued to drag amid many factors, such as; low underwriting capacity of players, lack of trust by consumers, poverty and the inadequacy of distribution infrastructure.
These factors have jointly contributed to the abysmal level of insurance penetration – the proportion of insurance business to the gross domestic product over the years.

The Nigerian Insurance sector remains largely underdeveloped with Insurance penetration still at c.0.5% to GDP. The sector which contracted by 18.67% y/y in the Q3 GDP report released by the National Bureau of Statistics (NBS) is set for a deep recession in 2020.

The Covid-19 pandemic effect has increased health, travel, and business disruption claims. These claims, coupled with underwriters’ inability to write risks in Q2 and the tapered household income should amplify the sector’s expected recession.

In a bid to rid the sector of these known drags, the National Insurance Commission (NAICOM), the primary regulator in the industry, launched its recapitalization exercise in May 2019. The plan’s proponents intend to improve the industry’s minimum paid-up capital in each business segment, thereby solving premium flight issues that have continued to plague the industry.

Following the lingering impact of coronavirus, the deadline was adjusted from June 2020 to December 2020 to implement Phase I of the project while the deadline for the second phase’s performance was moved to September 2021.

Some players have called for an extension of the regulator’s deadline given the impact of Covid-19 on their businesses. However, most of the industry’s bellwethers have entirely shored-up their minimum paid-up capital to the required level.

In our view, firms that are yet to meet the required capital threshold may likely lose out on the opportunities available on the supply side of the market. Furthermore, for the industry to thrive, the regulators may also need to deepen micro insurers’ activities in the Nigerian economy.

SOURCE:https://brandspurng.com/2021/01/22/the-nigerian-insurance-sector-repositioning-for-efficiency/

Lafarge Africa Plc has announced selling off its 35% equity stake in Continental Blue Investment Ghana Limited (CBI Ghana).
The cement manufacturer informed it’s stakeholders and the general public about its board’s decision to divest 35% stakeholding in Continental Blue Investment Ghana Limited (CBI Ghana). This was disclosed during the company’s emergency meeting held on Wednesday, 20th January 2021.

CONTINENTAL BLUE INVESTMENT GHANA LIMITED is located in Tema, Ghana and is part of the Cement & Concrete Product Manufacturing Industry.

According to a brief statement that was sent to the Nigerian Stock Exchange, Lafarge Africa explained that its 35% holdings in the subsidiary would be sold off.

The statement by Lafarge Africa reads,

“Pursuant to the emergency meeting of the Board of Lafarge Africa Plc (“Lafarge Africa” or “the Company”) held today, Wednesday, 20th January 2021, the Board resolved and hereby notifies the Nigerian Stock Exchange (“the NSE”) of its decision to divest its 35% shareholding in Continental Blue Investment Ghana Limited (“CBI Ghana”).”

SOURCE:https://brandspurng.com/2021/01/21/lafarge-africa-to-divest-its-stakes-from-continental-blue-investment-ghana-limited/

In line with the Ekiti State Government’s policy of encouraging private investments in the state, Governor, Dr. Kayode Fayemi, has inaugurated multi-billion naira Egbeja Snail Village, Okemesi Ekiti, on Tuesday, January 19, 2021.
The project, which is a private initiative of Farmkonnect Agribusiness Nigeria Limited, in partnership with Touchstone Snails Technology, Cyprus, is designed to be the largest snail farm in Nigeria and second-largest in Africa, with the capacity to produce a minimum of 2.6 million kg (2,600 metric tons) of snails per annum.

Founder of Farmkonnect Agribusiness, Azeez Oluwole Saheed, said he decided to set up the integrated snail farm in Okemesi Ekiti because of Ekiti State’s friendly investment environment made possible by the ease of doing business policy of the Dr. Kayode Fayemi administration.

He said over N5.2 billion had been committed to the integrated snail farm project with the capacity to employ over 2,000 skilled and unskilled personnel. He added that aside from snail meat that would be produced at the farm, slime extracted from the snails would be exported as it is in high demand in pharmaceutical and skin and hair care industries.

SOURCE:https://brandspurng.com/2021/01/20/gov-fayemi-inaugurates-egbeja-snail-village-in-okemesi-ekiti/

Owl Ventures leads round with TLcom Capital, Founder Collective and LocalGlobe to scale digital access to education to millions across Africa
Lagos, Nigeria. 19 January 2021: uLesson, the African learning technology platform, has closed a $7.5mn Series A round led by Owl Ventures, with inclusion from existing investors, TLcom Capital and Founder Collective and participation from new investor LocalGlobe.

Tory Patterson, Managing Director of Owl Ventures, joins the uLesson board, further strengthening the education startup’s push to deliver affordable, high-quality and accessible education across Africa using technology.

Having scaled quickly to 1mn app downloads since its launch in March 2020, the funding will be deployed to power uLesson’s expansion into Eastern & Southern Africa, as well as secure new talent and build its product development and production infrastructure.

Founded by serial entrepreneur, Sim Shagaya, uLesson curates personalised, curriculum-relevant content via mobile and PC devices for students in the K-7 to K-12 segment across the continent. Students can access the lessons via streaming and SD cards, where they can download and store the content, allowing them to study remotely, removing challenges around internet access limitations and costs.

uLesson’s content is originally tailored for Nigeria, Ghana, Sierra Leone, Liberia and Gambia within the K-12 segment and now includes IGCSE curriculum which is relevant for the other markets. The team has to-date produced over 5,000 richly animated video lessons, 30,000 quizzes and tests across senior and junior classes on its Android app that support each country’s curriculum.

Discussing Series A, uLesson Founder and CEO, Sim Shagaya says,
“Africa is not one place. Different needs, cultures and curricula mean that uLesson has to carefully and deliberately think about how to design products and distribution channels to serve such a vast market. Almost daily we receive emails from families across the continent asking us to make services available to them. And in 2021, we will.”

“The appreciation of the importance of education has always been there; the means of delivering digital, relevant education has previously been lacking. We are now witnessing an increased availability of data networks in Africa and with more affordable smartphones and the change in attitudes towards online learning accelerated by COVID-19, the foundations are now in place for an education revolution.

At uLesson, we know we have a critical role to play in this ‘new normal’ and this funding will be crucial in our drive to fill the major gaps in Africa’s education system through tech.”

Alongside uLesson’s expansion into Eastern & Southern Africa, the startup is set to launch a host of new products including a new pan-African primary school library, 1:1 tutoring sessions and Challenge – its new app feature that allows learners to challenge friends to a quiz. The platform has also set its sights on launching an iOS app in the near future.

Tory Patterson, Managing Director of Owl Ventures, the world’s largest education-focused VC firm and an investor in leading edtech players such as Byjus, MasterClass, Whitehat Jr and Quizlet, adds
“Owl Ventures is honoured to be partnering with uLesson for their Series A. The company has quickly grown into the premier platform supporting students in Africa and we are excited to support their global expansion, as they seek to empower students around the world.”

“As an investor, it’s rare to find a massive, under-served market being addressed by an entrepreneur whose skills are tailor-made for the opportunity,” says David Frankel, Managing Partner at Founder Collective and an investor in PillPack, Olo and Coupang.

“Sim Shagaya is assembling a world-class team to help realize his vision of a modernized education system for one of the highest potential places in the world today, and we’re thrilled to be a part of it.”

The raise follows uLesson’s initial $3.1mn seed round in November 2019, led by TLcom Capital with participation from the company’s Founder and CEO, Sim Shagaya. Ido Sum, Partner at TLcom Capital adds,
“Since we partnered with Sim in 2019, uLesson has shown exceptional growth and fully validated our belief in its huge potential. We welcome Owl Ventures and LocalGlobe, as combining their domain expertise from other markets with our local presence and expertise, we can together further support the company to become a world class EdTech platform.”

Suzanne Ashman, Partner at LocalGlobe, also states,
“We are thrilled to add uLesson to our emerging portfolio of Africa-based companies. We, like many investors and entrepreneurs, are excited by Africa’s future and the potential for a wave of category-defining tech companies to emerge in the region.

We were hugely impressed by the foundational DNA of uLesson’s team in Nigeria. The team has purpose-built the product to make the learning experience significantly more engaging and effective than a large classroom experience. We are delighted to be part of uLesson’s journey.”

SOURCE:https://brandspurng.com/2021/01/19/ulesson-secures-7-5mn-series-a-funding/

The Government of Ekiti State has disclosed plans to purchase drones (unmanned aerial vehicles) as part of measures to boost security surveillance, expose criminal hideouts, and combat security challenges in the State. The government is also set to complete many of its ongoing legacy projects this year through the 2021 appropriation.
Commissioner for Budget and Economic Planning, Mr. Femi Ajayi, disclosed these while providing a detailed analysis of the 2021 budget to journalists and critical stakeholders in Ado-Ekiti at the weekend.

Ajayi said the state government projected a sum of N550 million to purchase the drones as part of plans to tackle rising cases of armed robbery, banditry, and kidnapping in the state and ensure that the lives and properties of residents are safe.

Dr. Kayode Fayemi had on December 23, 2020, signed the 2021 Appropriation bill of N109 billion into law, days after it was passed by the State House of Assembly.

According to Ajayi, the 2021 budget size which was a 17 percent increase on the 2020 revised budget size of N91 billion has a recurrent expenditure of N58 billion and capital expenditure of N51.6 billion, a 53:47 recurrent to capital expenditure ratio.

Ajayi who was flanked by the Commissioner for Information and Values Orientation, Barr Akin Omole, Director General, Office of Transformation, Strategy and Delivery (OTSD), Prof Mobolaji Aluko; and Chief Press Secretary to the Governor, Mr. Yinka Oyebode, explained that the budget would be financed through earnings from Federation allocation, Internally Generated Revenue, Value Added Tax, funds from international donor agencies, grants from Federal Government, State Fiscal Transparency Accountability and Sustainability (SFTAS), State Covid-19 Action Recovery and Economic Stimulus (CARES) and sundry sources.

According to the statistics released by the Commissioner, infrastructure, and industrial development under capital expenditures got the highest allocation of N19.6 billion, which constitute 45 percent of the total capital expenditure. It was followed by governance and Social Investments with 22 percent and 20 percent respectively.

Ajayi also explained that the state government will continue to focus on the completion of critical capital projects in the state, adding about N18 billion was budgeted for personnel cost, which he said includes provision for the payment of consequential adjustments as agreed for the new minimum wage.

He said: “The Government is committed to instituting measures aimed at improving revenue generation in the State by harnessing huge revenue potentials and opportunities in the informal sector to enhance the economic growth of the State.

“To this end, the present administration has proposed the sum of One Hundred and Nine Billion, Six Hundred and Sixty Six Million, Three Hundred and Seventy-Six Thousand, Seven Hundred and Twenty-Two Naira, Sixty One kobo (N109,666,376,722.61) only indicating an increase of 17% over and above the sum of Ninety One Billion, One Hundred and Twenty Eight Million, Nine Hundred and Ninety-Six Thousand, Four Hundred and Eighty-Two Naira, One Kobo (N91,128,996,482.01) projected as Revenue from all sources in 2020 Revised Budget.

“The 2021 Revenue projection is expected from Federal Allocation, Internally Generated Revenue, Value Added Tax (VAT), Funds from International Donor Agencies (IDA), Grants from the Federal Government, State Fiscal Transparency Accountability and Sustainability (SFTAS), STATE COVID-19 Action Recovery and Economic Stimulus (CARES) and other relevant sources.”

Ajayi said that the budget was in line with the fiscal policy of having a purposeful and all-inclusive budget that would serve as a tool for the implementation of socio-economic policy and prudent management of available resources.

The Commissioner during the presentation which was also transmitted virtually said the budget was designed to deliver on Agriculture and Rural Development, Infrastructure and Industrial Development, Social Investments, Knowledge-Economy and Good Governance which are the five key pillars of the Kayode Fayemi administration’s development agenda which are geared towards improving the standard of living of the masses in the State.

SOURCE:https://brandspurng.com/2021/01/18/ekiti-state-to-acquire-drones-to-fight-insecurity-in-2021/

Justice Jane Inyang of the Federal High Court sitting in Yenagoa, Bayelsa State, has convicted and sentenced Felix David Diete to four years imprisonment, for stealing the sum of N 2, 000, 000, 00 (Two Million Naira only).
He was jailed on Monday, January 11, 2021, after four years of diligent prosecution by the Port Harcourt zonal office of The Economic and Financial Crimes Commission, EFCC.

Previously,
Recently, Justice Abiodun Akinyemi of the Ogun State High Court, Abeokuta, also convicted and sentenced Adejare Sonde, a former staff of First City Monument Bank, FCMB, Abeokuta branch, to four years in prison for stealing money belonging to the Microfinance Bank of the Federal University of Agriculture, Abeokuta.

The convict was arraigned in January 2017 on three-count charges bordering on stealing, contrary to Section 383 and punishable under 390 (6) (b) ( and 9 of Criminal code CAP C- 38 of the revised edition (Laws of the Federation of Nigeria) 2007 read along with Section 1(1)(d) of the Failed Bank(Recovery of Debts) and Financial Malpractices in Bank Act CAP B3 of the revised edition (Laws of the Federal Republic of Nigeria) 2007.

One of the three counts read:
“That you Felix Diete sometime in September 2016 at Port Harcourt within the judicial division of this Honorable Court being an employee of First City Monument Bank did fraudulently steal the sum of Two Million Naira (N 2, 000,000 00) only, the property of Ukenna Ngozi Godswill, a customer of First City Monument Bank and thereby committed an offence contrary to Section 383 and punishable under 390 (6) (b)( and 9 of Criminal Code CAP C- 38 of the revised edition (Laws of the Federation of Nigeria) 2007 read along with Section 1(1)(d) of the Failed Bank(Recovery of Debts) and Financial Malpractices in Bank Act CAP B3 of the revised edition (Laws of the Federal Republic of Nigeria) 2007.

The defendant pleaded not guilty to the charges.

His plea prompted the prosecuting counsel, Adebayo Soares to prepare a ground for trial which lasted four years, resulting in his conviction.

In his judgment on Monday, Justice Inyang said the prosecution proved its case beyond a reasonable doubt on count one and convicted and sentenced Diete to four years imprisonment on the count. The judge, however, discharged him on count 2 and 3 on the grounds that he denied ever seeing the other two customers who came and testified as pw2 and pw3.

Diete’s journey to the Correctional Centre started sometimes on September 2, 2016, when three customers of First Monument City Bank (F.C.M.B) complained that they gave the convict the sum of N6million to deposit into their accounts but only deposited N4million and made away with N2million.

SOURCE:https://brandspurng.com/2021/01/18/fcmb-staff-bags-4-years-imprisonment-for-₦2m-fraud/

The federal government disclosed on Saturday that it would establish six new modern correctional facilities in the six geo-political zones in the country.
Rauf Aregbesola, the Minister of Interior, made this known in Kano while inspecting the ongoing model maximum security custodial facility project at Janguza in Kumbotso Local Government Area of the state.

Aregbesola said the project was part of projects initiated by the federal government to reform the correctional service.

The minister said:
“We are actualising our commitment to reform the correctional service that we have in Nigeria. What we have here is a model of what we expect to have nationwide. Here, we have a 3,000 custodial facility, which we plan to replicate in each of the six geo-political zones in the country. It is designed for inmates awaiting trial, a petty, medium and maximum security facility,”.

Aregbesola, who expressed satisfaction with the project, commended President Buhari for his support to the correctional service reforms aimed at enhancing its operations.

In his remarks, the Controller-General, Nigeria Correctional Service (NCoS), Mr Ahmad Jafaru said that the project was designed with dormitories, school, hospital, skills acquisition centre and a mosque, among others. He said the project would be commissioned this year, adding that the ancient Kurmawa Maximum Prison had been upgraded into a rehabilitation centre.

SOURCE:https://brandspurng.com/2021/01/18/fg-to-establish-6-correctional-facilities-photos/

AfCFTA’s secretariat says adoption will be slow as many nations lack border facilities. In 2019, 14.4% of official African exports went to other African countries, a small proportion compared with the 52% in intra-Asian trade, according to Afreximbank.
Most African countries are not ready to implement the terms of the African Continental Free Trade Area when the new zone comes into effect on January 1, according to the head of the trade bloc’s secretariat.

Fifty-four African nations have committed to join AfCFTA but of the 33 countries to have ratified the agreement so far, many lack the customs procedures and infrastructure to facilitate tariff-free trade, said Wamkele Mene, secretary-general of the AfCFTA secretariat.

“It’s going to take us a very long time,” said Mr Mene, a South African trade expert elected by the African Union last February. “If you don’t have the roads if you don’t have the right equipment for customs authorities at the border to facilitate the fast and efficient transit of goods… if you don’t have the infrastructure, both hard and soft, it reduces the meaningfulness of this agreement.”

Mr Mene insisted that the free trade area, which covers a population of 1.2bn and countries with a combined output of $2.6tn, could still be transformative. “We want to move Africa away from this colonial economic model of perpetually being an exporter of primary commodities for processing elsewhere,” he said. “We want to stop approaching tariffs as a tool for revenue. We want tariffs to be a tool for industrial development.”

In 2019, 14.4% of official African exports went to other African countries, a small proportion compared with the 52% in intra-Asian trade and 73% between European nations in the same year, according to Afreximbank, a Cairo-based multilateral trade finance institution.

“We want to stop approaching tariffs as a tool for revenue. We want tariffs to be a tool for industrial development”- Wamkele Mene, secretary-general of the AfCFTA secretariat.

David Luke, who co-ordinates trade policy at the UN Economic Commission for Africa, said that goods traded within Africa were more processed than the raw materials exported from the continent to China, India, Europe and other major trading partners.

“Policymakers have understood that, although trade on the continent is limited, this is value-added trade,” he said. “This is where the jobs are coming from, as opposed to trading with the rest of the world, which is mostly commodities.”

Trade experts said the single market also offered investors potential economies of scale, enabling them, in theory, to manufacture goods in one country and export them tariff-free to the whole continent. Jeffrey Peprah, chief executive of Volkswagen, Ghana, said he hoped eventually to export cars assembled in Accra to other West African countries.

Mr Mene warned it might take years to bring countries’ laws into line with new requirements. Ethiopia, for example, prohibited foreign investment in its financial sector, a potential breach of AfCFTA rules, he said.

As a result, the secretariat could see a flurry of legal challenges from countries on behalf of their corporations, he said. “I’m not saying countries must rush to dispute settlement. All I’m saying is that, if they do, the jurisprudence will bring clarity to the body of trade law that we’ve developed in the form of this agreement.”

For the agreement to work, one western diplomat said the free trade zone must benefit producers in smaller, poorer countries as well as those in more industrialized parts of the continent.

Many countries saw the free trade area as a way of boosting their exports but few had embraced the corollary that they would need to import more, the diplomat said. Mr Mene said the secretariat was working with Afreximbank to establish a pan-African trading platform to allow smaller enterprises to trade effectively across borders and in different currencies.

“Often in trade agreements the big winners are the already industrialized countries and the big corporations who can access the new markets literally overnight,” he said.

If AfCFTA created too many losers and not enough winners, Mr Mene said, there could be a similar backlash against free trade as had occurred in the US and parts of Europe. Then Africans too would conclude, he said, “these trade agreements don’t work”.

SOURCE:https://brandspurng.com/2021/01/18/african-countries-not-ready-to-implement-free-trade-from-january/

January 18, 2021 – As part of its commitment to ensuring access to affordable broadband connectivity in Africa’s underserved populations, Tizeti, West Africa’s pioneer solar-based internet service provider is rolling out its 4G LTE network in Edo State, with monthly fixed broadband costs pegged at four thousand Naira ($.
With this move, millions of people in Edo State previously outside the broadband envelope can now take advantage of high-speed broadband internet from Tizeti.

Announcing the rollout of its new low-cost unlimited 4G services in Edo, the Chief Executive Officer of Tizeti, Kendall Ananyi, said that this 4G broadband internet will empower more Nigerians in Edo State, stimulate economic activities and provide unlimited access to affordable and reliable broadband services as well as complement the Edo State Government’s efforts in driving investment promotion and building a robust technology ecosystem in the state.

“Rolling out 4G LTE broadband internet in Edo at the cheapest fixed broadband prices in Nigeria, and possibly Africa is a strategic decision for us. We have been building brand-new, solar-powered, 4G-capable towers in Edo, starting with Benin City, which leverages Edo State’s expansive fibre-network built by some of our partners, MainOne and Facebook.

Edo State has a large population of vibrant, young people and a high number of higher institutions, which provides a foundation for a robust and thriving ecosystem to enable digital leadership.

And the Edo State Governor, Mr. Godwin Obaseki, is implementing reforms in investment promotion and determination to build a robust technology ecosystem in the state, with an agenda that prioritizes Information Communication Technology (ICT)-compliant pedagogy in primary schools, improves digital skills for students and graduates and revamps technical education to increase productivity.

This has created a perfect environment for us to roll out our low-cost broadband service, starting in Edo State, but with plans to expand across the country over the next few months”, Ananyi said.

Corroborating Ananyi, Tizeti’s Chief Operating Officer, Ifeanyi Okonkwo, states,
“The launch in Edo State is personal to us as founders of Tizeti because we are alumni of the University of Benin. At 4,000 Naira monthly costs with a one-off installation cost of 4,000 Naira, we believe the plan is affordable, especially to undergraduate students. This provides a huge opportunity for people in Edo to benefit from unlimited broadband internet for use in online learning, eCommerce and entertainment, especially interactive games, video consumption, and music”.

For many countries in Africa, there is still a huge digital divide. This boundary between connected and unconnected translates into clear consequences for employment, education, family and social life, and access to information.

According to the World Wide Web Foundation, ensuring fast internet in Africa will enable billions more to come online, and to take advantage of the life-changing socio-economic opportunities that access to the Internet provides.

Companies like Tizeti are playing a significant role in addressing the digital infrastructure deficits in Africa with innovative technology and capabilities, to improve development outcomes for millions of people.

Tizeti currently has 1.7 million unique users, with broadband services which include a new Skype-like personal and business enterprise communications service — WiFiCall.ng, and access to video streaming sites and services.

SOURCE:https://brandspurng.com/2021/01/18/tizeti-rolls-out-high-speed-4g-lte-in-edo-with-n4000-month-broadband-service/

The US Department of Defense has added more companies to its list of “Communist Chinese military companies” that can no longer receive investments from US citizens or organisations.
The latest list of nine companies includes Xiaomi. If the decision is not overturned, existing investors within the US would need to divest from the smartphone manufacturer.
Semiconductor Manufacturing International Corp (SMIC) was put on the tranche 4 version of the list, with Huawei, Inspur, China Mobile, China Unicom and China Telecom placed on earlier ones, among other companies. The US government names companies it says are national security risks, as they could have links to the Chinese government and Chinese military.

In a statement to Cnet, Xiaomi said it complies with all US laws and regulations, and that it’s not associated with the People’s Liberation Army.

“The company reiterates that it provides products and services for civilian and commercial use,” a Xiaomi spokesperson said. “The company confirms that it is not owned, controlled or affiliated with the Chinese military, and is not a ‘Communist Chinese Military Company'”.

Xiaomi told the Verge that it will review the potential consequences of the designation before taking action.

SOURCE:https://brandspurng.com/2021/01/15/us-places-xiaomi-on-list-of-banned-companies/

Nigeria Inflation soared to a 37-month high of 15.75% (Vetiva:15.91%) in December, driven more recently by festive demand alongside earlier multiple cost-push factors which stoked prices all through 2020-border closure, supply chain disruptions, FX and energy reforms.
These translated to an average inflation outcome of 13.25% (Vetiva: 13.22%) for the year, reflective of the business climate hostilities that characterized the year on account of the pandemic.

Structural factors raise inflationary pressures on the non-edible segment
Core inflation rose by 32bps to a 34-month high of 11.37% y/y (Nov’20: 11.05% y/y) no thanks to pre-existing pressures. Given the 31.5% y/y depreciation in the parallel exchange rate and 10.3% y/y higher fuel prices, all sub-divisions of the core segment experienced inflationary pressures.

Reflecting higher energy costs, the Housing, Water, Electricity, Gas and other fuels (HWGS) inflation spiked to a 39-month high of 9.08% (Nov’20: 8.72%). Meanwhile, other segments continued to reel from multiple inflations levers. Health and transport inflation lead other core segments, rising to multi-year highs of 14.06% and 11.76% respectively.

FX and energy pressures to steer inflation further

As we progress into the new year, we expect reform implementation to continually take a toll on consumer prices. Pre-existing headwinds and base effect will drive inflation further to 16.73% y/y in the current month, despite the reopening of the borders and suspension of electricity tariff review.

In 2021, erosion of purchasing power is imminent given implementation of reforms in the energy sector. In addition, the continuing divergence of the parallel market rate from the official peg alongside persistent current account deficit raises fears of further FX-related inflationary pressures. Thus, we expect inflation for the year to an average of 18.91% (2020: 13.25%).

SOURCE:https://brandspurng.com/2021/01/16/nigeria-inflation-cost-push-pressures-stoke-prices-all-year/

Freshly released report on pension fund assets by National Pension Commission (NPC) showed that the total value of pension assets for the first nine months of the year rose by 10.90% to N11.57 trillion in September 2020.
According to the report, most of the pension fund assets were invested in FGN bonds. Hence, the share of FGN bonds to total assets climbed to 57.41% (or N6.64 trillion) in the period under review, from a 54.70% (or N5.71 trillion) it printed in January 2020.

However, PFAs’ investments in T-bills declined sharply year to date (YTD) by 102.90% to N780.57 billion as at September 2020 from N1.58 trillion recorded in January 2020 as treasury bills yields plummeted to ridiculously below single-digit.

Given the reduction in the weight of FGN Securities to the total assets (it fell to 65.29% in Sept.

2020 from 70.96% in January 2020) as money flow to T-bills dropped, we saw Pension Fund Administrators (PFAs) investment preference drift towards Local Money Market Securities (LMMS) as total funds invested in this investment category rose by 70.34% to N2.01 trillion in September 2020 (lifting its share of the total assets to 17.37%), from N1.18 trillion in January 2020 (or 11.31% of total assets).

Also, investment in LMMS showed that more pension fund assets were invested in Banks (which include Open Market Operations and DMBs fixed deposits) than in commercial papers.

Total invested fund placed with banks as a percentage of total pension fund assets stood at 15.09% (or N1.75 trillion) in September 2020, rising from 10.13% (N1.06 trillion) in January 2020 while investment in commercial papers, onstituting 2.27% of investment in LMMS, increased to N0.26 trillion from N0.12 trillion.

Similarly, we saw Cash and Other Assets which constituted 1.29% (or N0.15 billion) of the total pension fund assets in September 2020 rise from 0.28% (or N29.29 billion) in January 2020.

However, funds invested in Real Estate Properties as a fraction of the total pension fund assets dropped to 1.29% (or N0.15 trillion) from 2.08% (or N0.22 trillion) in the period under review.

Investments in Sukuk and Green Bonds were relatively low as their respective shares of allocated pension assets stood at N107.57 billion and N13.05 billion in the month under review, rising from N84.80 billion and N15.07 billion respectively in January 2020.

Meanwhile, pension fund assets invested in the domestic equities market moderated to N0.59 trillion in September 2020 from N0.60 trillion in January 2020; thus, reducing the weight of total pension funds in local equities market to 5.06% from 5.71%.

Nonetheless, the equities market continued to receive some “patronage” from “RSA FUND II” as its total invested funds stood at N385.10 billion in September 2020, from N395.80 billion in January 2020.

Elsewhere, the West Texas Intermediate (WTI) crude price rose strongly by 5.39% w-o-w to USD53.57 a barrel gave the 1.91% w-o-w rise in US crude oil input to refineries to 14.65 mb/d as at January 8, 2021 (however, It declined y-o-y by 13.69% from 16.97 mb/d as at January 10, 2020).

Also, the U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) moderated by 0.66% w-o-w to 482.21 million barrels as at January 8, 2021 (albeit, inventories rose by 12.53% y-o-y from 482.21 million barrels as at January 10, 2020).

We note that the increased investment by PFAs in Bank Placements and FGN Bonds was essentially to take advantage of the relatively high yields in OMO and bonds markets.

Hence, we saw the demand pressure for T-bills spill over to the bonds market as CBN kept the focus on expansionary monetary policy aimed at stimulating economic growth. In 2021, we do not envisage dramatic upside in bond yield but a marginal lift from the current position, as the need for CBN to stabilize FX and rising inflation (it hits 15.75% in Dec) may have become pressing.

SOURCE:https://brandspurng.com/2021/01/16/pfas-increase-investments-in-fgn-bonds-by-n935-bn-to-n6-64-trn-in-9-months/

The Ogun State Government has said that the security of lives and property, particularly in remote areas, will now become a unified effort with the full operation of the South West Security Outfit, code-named ‘Amotekun’.
The Chief of Staff to the State Governor, Alhaji Shuaib Salisu disclosed this while featuring on a live television programme in Abeokuta, adding that the commencement of the outfit in the State was expected to fortify the existing security architecture, towards addressing the challenges headlong.

Alhaji Salisu maintained that the State Government would not fold its arms and allow criminals to have free rein, saying
“the days of criminals are numbered with the appointment of former Commissioner of Police, David Ajibola Akinremi, as the Commandant of the security outfit.”

Speaking further, the Chief of Staff said Government had procured 100 Patrol vehicles, 200 motorcycles and communication gadgets, to enhance its operations, adding that Amotekun would have formations in all the 20 Local Government Areas of the State.

He said part of strategies of the State Government to curb criminality was to devise means, noting that over 20,000 youths have been employed through Ogun Jobs Portal, while disclosing that companies in the State were also mandated to source for qualified applicants on it for recruitment.

The Chief of Staff added that many infrastructural projects inherited from past administrations would be completed by the end of Q1 2021, while the newly initiated projects would not be neglected, saying that the Owode-Ilaro, and Odo-Afa roads in Yewa axis; the Epe-Ijebu Ode, and Molusi College roads in Ijebu division; and the Sagamu Interchange-Siun-Abeokuta, and Lafenwa-Rounda roads are all receiving robust attention of the government.

SOURCE:https://brandspurng.com/2021/01/12/amotekun-takes-off-in-ogun-state/

2020 has been branded with an assortment of labels and titles, but from a media perspective, it was a truly transitional year for streaming video. With dramatic impacts to traditional staples like live sports, and an anxiety-inducing hyper news cycle alternating between COVID updates and political divisiveness, streaming video provided a much needed escape.
While the massive spikes in media usage that sparked streaming enablement into near ubiquity weren’t unexpected given countrywide lockdowns, the aftermath reflects a permanently altered media landscape, with video streaming accounting for a larger share of overall media consumption than in previous years.

Unsurprisingly, streaming platforms have become video wellsprings for content-hungry consumers, with well-advertised originals like Ozark, The Boys and The Mandalorian grabbing much of the spotlight.

TOP STREAMING CONTENT OF 2020 – ORIGINAL SERIES
Rank
Program Name

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SVOD Provider(s)

# of Episodes

Minutes Streamed (Nearest Million)

1 OZARK Netflix 30 30,462
2 LUCIFER Netflix 75 18,975
3 THE CROWN Netflix 40 16,275
4 TIGER KING Netflix 8 15,611
5 THE MANDALORIAN Disney+ 16 14,519
6 THE UMBRELLA ACADEMY Netflix 20 13,470
7 GREAT BRITISH BAKING SHOW Netflix 65 13,279
8 BOSS BABY: BACK IN BUSINESS Netflix 49 12,625
9 LONGMIRE Netflix 63 11,382
10 YOU Netflix 20 10,965

Source: Nielsen SVOD Content Ratings (Netflix, Amazon Prime, Disney+ and Hulu), Nielsen National TV Panel, U.S. Viewing through Television. U.S. Persons 2+, Total Minutes Viewed During 2020 (December 30, 2019 through December 27, 2020).

Read as: Ozark had nearly 30.5 billion minutes streamed.

TOP STREAMING CONTENT OF 2020 – ACQUIRED SERIES
Rank
Program Name

SVOD Provider(s)

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# of Episodes

Minutes Streamed (Nearest Million)

1 THE OFFICE Netflix 192 57,127
2 GREY’S ANATOMY Netflix 366 39,405
3 CRIMINAL MINDS Netflix 277 35,414
4 NCIS Netflix 353 28,134
5 SCHITT’S CREEK Netflix 70 23,785
6 SUPERNATURAL Netflix 318 20,336
7 SHAMELESS Netflix 122 18,218
8 NEW GIRL Netflix 146 14,545
9 THE BLACKLIST Netflix 152 14,480
10 VAMPIRE DIARIES Netflix 171 14,091
Source: Nielsen SVOD Content Ratings (Netflix, Amazon Prime, Disney+ and Hulu), Nielsen National TV Panel, U.S. Viewing through Television. U.S. Persons 2+, Total Minutes Viewed During 2020 (December 30, 2019 through December 27, 2020).
Read as: The Office had over 57 billion minutes streamed.
TOP STREAMING CONTENT OF 2020 – MOVIES
Rank

Program Name

SVOD Provider(s)

# of Episodes

Minutes Streamed (Nearest Million)

1 FROZEN II Disney+ 1 14,924
2 MOANA Disney+ 1 10,507
3 SECRET LIFE OF PETS 2 Netflix 1 9,123
4 ONWARD Disney+ 1 8,367
5 DR SEUSS’ THE GRINCH Netflix 1 6,180
6 HAMILTON Disney+ 1 6,132
7 SPENSER CONFIDENTIAL Netflix 1 5,374
8 ALADDIN (2019) Disney+ 1 5,172
9 TOY STORY 4 Disney+ 1 4,416
10 ZOOTOPIA Disney+ 1 4,400
Source: Nielsen SVOD Content Ratings (Netflix, Amazon Prime, Disney+ and Hulu), Nielsen National TV Panel, U.S. Viewing through Television. U.S. Persons 2+, Total Minutes Viewed During 2020 (December 30, 2019 through December 27, 2020).
Read as: Frozen II had nearly 15 billion minutes streamed.
And while consumers binged nearly 30.5 billion minutes of Ozark during 2020, they did so across a total of 28 episodes. Similarly, consumers watched more than 57 billion minutes of The Office, which ended its run on Netflix in December, but that viewing covered 192 episodes.

When looking at the types of content that was successful in 2020, it was original content that sparked cultural phenomenons and shepherded in new subscribers to both established and nascent platforms.

However, the most-viewed pieces of content on streaming platforms overall weren’t simply the original ones: They were the older shows that first found success on more traditional channels. While original content can generate buzz and draw in audiences, library content is what viewers find comfort in, watch casually and often return to. Simply put, they’re known quantities.

They’re the shows that viewers will turn to, as they already have established connections with audiences and provide easy viewing, especially when the hunt for new content to binge may be daunting.

Outside of episodic programming, the trends are much different, as eight of the top 10 movies (in terms of minutes watched) available on SVOD platforms in 2020 were kids’ titles. Unlike adults, children will watch and re-watch their favorite content time and time again (perhaps despite the sake of their parents’ possible sanity).

This helped land titles like Frozen II, Moana, Secret Life of Pets 2 and Onward into this year’s top 10 list, with each attracting viewership of between 8.3 billion and nearly 15 billion minutes each.

In addition to providing a stop-gap to the traditional theater experience during a year where many spent their time close to home, kids movies on streaming platforms likely helped many households cope with having children at home when they would traditionally be away at school.

Kids’ habits aside, streaming platforms offered a lifeline for movies that could no longer be released through a traditional means and in turn made films more easily accessible to a larger audience. After initially disrupting the television space, streaming services are enabling new options for the film industry as well.

SOURCE:https://brandspurng.com/2021/01/14/the-top-10-most-streamed-tv-and-movies-of-2020-are-here/

In furtherance of its mandates to, ensure the safety and stability of the Nigerian Financial System, promote the use and adoption of electronic payments and foster innovation in the payments system, the Central Bank of Nigeria hereby issues the Framework for Quick Response Code (QR Code) Payments in Nigeria.
Quick Response (QR) Codes are a kind of matrix barcode representing information presented as square grids, made up of black squares against a contrasting background, that can be scanned by the imaging device, processed and transmitted by appropriate technology.


These codes can be used to present, capture and transmit payments information across payments infrastructure. The technology further enables the mobile channel to facilitate payments and presents another veritable avenue for promoting electronic payments for micro and small enterprises.

Scope and Objectives
This framework provides regulatory guidance for the operation of QR Code payment services in Nigeria. It aims to ensure the adoption of appropriate QR code standards for safe and efficient payments services in Nigeria. The framework therefore stipulates:

Acceptable QR Code Standards for implementing QR Payments in Nigeria;
Interoperability of QR Payments in Nigeria;
iii. Roles and Responsibilities of Participants in QR Payments in Nigeria;

Risk management principles for QR code Payments in Nigeria
3.0 QR Code Specifications for Payments in Nigeria
Implementation of QR Code for payments in Nigeria shall be within the following specifications:

3.1 QR Code Payments in Nigeria shall be based on the EMV® QR Code Specification for Payment Systems;

3.2 The Bank may also approve the implementation of any other QR Code Standard, provided it meets the prescribed security requirements within the framework, demonstrates interoperability with other existing implementation in the industry and/or cost benefits to end-users (merchants and customers);

3.3 QR Code Payments implementation in Nigeria shall support account, wallet, card and token-based QR Code Operations;

3.4 Implementation of QR Code for payments in Nigeria shall be based on the Merchant-presented mode (where merchants present the QR Code for buyers to accept in order to conclude payment transactions) specification;

4.0 Participants in QR Code Payment in Nigeria
Participants in QR Code Payment in Nigeria include;

Merchants
Customers
iii. Issuers (Banks, MMOs and Other Financial Institutions)

Acquirers (Banks, MMOs and Other Financial Institutions)
Payments Service Providers
5.0 Responsibilities of Participants in QR Code Payments in Nigeria
Merchants shall
Use and display only approved QR Codes in Nigeria;
Comply with service agreements executed with the acquirer;
Cooperate with the order to investigate any reported fraudulent transaction;
Report suspicious use of QR Codes for payments to the acquirer;
Confirm with the rules and regulation of the acquirer;
Be guided by the extant CBN Guidelines on Electronic Payments Channels in Nigeria, Guide to charges by banks, other financial and non-bank financial institutions, and other applicable regulation as may be issued by the Bank.
Customers shall;
Use QR Code payments applications availed by the issuer and for the intended purpose without modifications, at merchant locations/websites/applications;
The consumer shall adhere to all minimum security guidelines as stipulated by the issuer;
Report inappropriate/unauthorised QR Code Payment transaction on their accounts/wallets.
iii. Issuers (Banks, MMOs and Other Financial Institutions) shall:
Provide QR Code Payment application to customers upon request and activation by the customer;
Execute service agreement with their customers;
Comply with Card Scheme Rules (where applicable);
Determine and agree on appropriate transaction limits with customers for QR Code Payments based on their customers’ risk profile assessment;
Ensure appropriate configurations on QR Code Payment application that use QR codes for payments in conformity and compliance with requirements of QR Code regulations;
Deploy necessary updates and patches on its QR Code Payment application and ensure the customer is unable to initiate a transaction through the older version of the application where the customer fails to apply the update within 14 days of the availability of the update or patch;
Without prejudice to(f) above, issuers may induce an automatic update of the customer’s application where applicable;
Provide adequate training, support and security guidelines to customers on the use of QR code for payments;
Ensure security of QR Code payment application for QR Code payments;
Resolve customers dispute in accordance with the CBN Consumer Protection Regulation.
Be guided by the extant CBN Guidelines on Electronic Payments Channels in Nigeria, Guide to charges by banks, other financial and nonbank financial institutions, and other applicable regulation as may be issued by the Bank.
Acquirers shall
Execute service agreement with merchants;
Determine and agree on appropriate transaction limits with merchants for accepting QR Code Payments based on its risk profile assessment of the merchant;
Ensure appropriate configurations and use of QR codes at Merchant location/website/applications in conformity and compliance with requirements of QR Scheme(s) and QR Code regulations;
Ensure that appropriate security protocols are applied.
Provide adequate training, support and security guidelines to merchants on the use of QR code for payments;
Ensure that hardware, software, protocols used for QR Code for payments are in conformity with the requirements of operations of QR Code payments regulations;
Give merchants value for QR Code transaction within T+1 or as may be agreed with the merchant;
Be guided by the extant CBN Guidelines on Electronic Payments Channels in Nigeria, Guide to charges by banks, other financial and nonbank financial institutions, and other applicable regulation as may be issued by the Bank.
Other Payments Service Providers (Switches & PSSPs) shall;
Support processing and settlement for all issuers and acquirers;
Facilitate interoperability of QR Code Payments for all issuers and acquirers;
Ensure full compliance with this Framework and other extant guidelines on electronic payments and transaction processing.

6.0 Interoperability
All issuers, acquirers, switches, processors and other participants in QR payments in Nigeria shall ensure full interoperability of QR Code Schemes in Nigeria.

7.0 Risk management and compliance
The following risk management principles shall guide the operations of QR Code Payments in Nigeria:

Issuers and acquirers shall clearly define risk management policy and guidelines for the operation of the QR Code Scheme. The risk management guidelines shall include the detailed stipulation of the responsibilities of all participants for managing risk;
QR Codes shall, at a minimum, be encrypted (AES) and/or signed;
QR Codes Payments applications, updates and patches shall be duly certified by the Payment Terminal Service Aggregator (PTSA);
Issuers and Acquirers shall agree to a minimum due to diligence guidance for merchant onboarding without prejudice to the KYC/AML requirements of the Bank;
Issuers and Acquirers shall ensure that only PTSA certified QR Code shall be utilised;
Issuers and Acquirers shall ensure behavioural monitoring and fraud management systems are implemented to prevent, detect and mitigate fraud and money laundering;
Issuers shall have the overall responsibilities for managing fraud risk and shall coordinate all participants towards managing fraud in its scheme;
Issuers shall provide quarterly risk management assessment report to the Director, Payments System Management Department. The risk management assessment report shall include among other fraud report, vulnerabilities assessment and risk-mitigating measures introduced.
8.0 Dispute Resolution
All consumer complaints shall be resolved in accordance with the CBN Consumer Protection Regulation.

9.0 Infringements and Sanctions
All parties shall comply with the provisions of this framework and other relevant guidelines issued by the CBN. The Bank shall apply appropriate sanctions to any party that fails to comply accordingly

SOURCE:https://brandspurng.com/2021/01/14/cbn-issues-framework-for-qr-code-payments-in-nigeria/

The global mergers and acquisitions (M&A) deal value amounted to $3.6 trillion in 2020. Compared to a similar period in 2019, that was a 5% decline. It was a rollercoaster year for deal work, with the first half being one of the worst and the second being the exact opposite.
According to the research data analyzed and published by Sijoiturahastot, global M&A deal value amounted to $1.2 trillion during the first half of the year. In comparison to previous year levels, it was 41% lower. It was also the slowest first half since H1 2013.

Compared to Q1 2020, there was a 25% decrease in M&A activity in Q2 2020. Q2 2020 was also the slowest quarter of deal making since Q1 2012.

In terms of the total number of deals closed, H1 2020 saw a 16% decline, marking a six-year low. However, a strong H2 2020 nearly wiped out the disaster that was H1. The second half of 2020 saw two consecutive quarters of deal value surpassing $1 trillion. In total, the value of the M&A deal activity in H2 2020 totaled $2.4 trillion.

Comparing H2 2020 to the first half of the year, that was an 88% uptick, marking the strongest consecutive half-year increase in history. The previous record was set in the second half of 1997 when there was a 46% increase. Furthermore, H2 2020 was the strongest second half in history in terms of deal value.

Deal Volume Plummets by 4% in 2020 Marking Four-Year Low
The total M&A deal activity total of $3.6 trillion in 2020 set a three-year low. The previous low, which was set in 2017, saw total the deal value reach $3.2 trillion.

In terms of the number of deals in 2020, there was a 4% decline, marking a four-year low. Noteworthy too is the fact that the number of deals worth $10 billion and above decreased by 21% YoY. On the other hand, the number of deals valued between $5 billion and $10 billion increased by 38% YoY, and their value shot up by 36% YoY.

In total, there were 78 mega deals (valued at $5 billion or higher) during H2 2020, the highest second half total in history. For the YTD period, the number of mega-deals reached 116, up from 97 in 2019.

There have only been three instances when the number of mega-deals has reached or surpassed the 2020 total. These were in 2018 (116 mega deals), 2015 (129) and 2007 (125).

During the month of October alone, there were 20 mega deals, the highest in 2020 and the second-highest in history.

US Deal Value Declines by 21% as Europe Shoots up by 34%
In the US, total deal value declined by 21% YoY from $2.2 trillion in 2019 to $1.4 trillion in 2020. That was its slowest year since 2017 when total deal making value reached $1.3 trillion.

EY points out that the US market had a decline of 80% in M&A activity at the height of the pandemic.

Activity picked up during the latter part of the year, resulting in an increase of 157% in H2 compared to H1 2020. During Q4 2020, there was an increase of 32% over Q3.

Europe had a 34% uptick, with total deal value reaching $988.6 billion up from $735 billion in 2019.

To a great extent, Europe’s performance was attributed to having six of the largest deals announced in 2020. These included the Unilever PLC’s dual-headed share unification deal valued at $107 billion.

The Asia Pacific saw a 15% increase, with a deal value amounting to $871.5 billion up from nearly $758 billion in the previous year. That marked the strongest YTD performance for deal-making in the region since 2018.

The technology was the leading sector in 2020, posting a 49% uptick to reach $679.2 billion. The sector accounted for a remarkable 19% of total M&A activity YTD.

Financials came in second with a total deal value at $489.6, down 6% YoY. Energy and Power were third, accounting for 12% of deal activity, despite posting a 13% YoY decline.

The industrial sector followed with deals worth $400.6 billion, a 10% decline YoY. It accounted for 11% of total M&A. In contrast, the consumer sector was among the most exposed, sinking 16% at $156 billion.

According to EY, the stronger than expected H2 rebound in global deal-making is set to continue into 2021.

Among the reasons it cites is the growing popularity of Special Purpose Acquisition Companies (SPACs). These, it says, could bring additional forms of capital to the market. Moreover, alternative deal models such as joint ventures and alliances could also fuel deal-making.

SOURCE:https://brandspurng.com/2021/01/14/global-ma-activity-soars-by-88-to-2-4-trillion-in-h2-2020-strongest-second-half-in-history/

Globeleq, a leading independent power generation company in Africa, has confirmed it will take a 74% majority equity stake in an existing Nigerian power business called CPGNL Limited (CPGNL), which will be rebranded as Globeleq Power Solutions Nigeria Limited.
The current owner of the business, the Clean Energy Group, will retain the remaining 26% shares. CPGNL has a portfolio of assets which serve commercial and industrial customers mostly in the southwest of Nigeria.

These include 12 operating plants with a total capacity of 58 MW, three plants in construction (9 MW total capacity), as well as approximately 100 MW of projects in development.

The local team’s depth of knowledge will complement the existing expertise at Globeleq and provides an immediate operational presence in the country.

Fabio Borba, Managing Director at Globeleq, who led the transaction, noted:

“This investment demonstrates our commitment to look beyond the conventional generation methods and provide cleaner, more reliable electricity solutions directly to industries in the country. This all helps to produce a flow of capital that supports jobs, improves lives and aids the transformation of the economy.”

Globeleq’s CEO, Mike Scholey added:
“Commercial and industrial manufacturers will have more sustainable options to connect their businesses. Our investment will drive growth and support the Government’s industrialization agenda. We look forward to welcoming the new team into the company and bringing together the best of our organizations.”

Dipi Khilnani, Chairman of Clean Energy Holdings added:
“We are very excited about Globeleq’s entry into the business. We are confident we will deliver competitive, environmentally positive solutions to the growing demand in Nigeria, particularly given Globeleq’s extensive experience and track record across the continent. As a business, we have always had a strong commitment to the development of Nigeria and this investment significantly strengthens our capability.”

Globeleq’s entry will provide additional investment to develop and grow the existing pipeline of projects, drive operational excellence and set up the business towards a low carbon future. Upcoming technical improvements to the existing operations and implementing new technology will focus on efficiency and reducing the carbon footprint by displacing diesel and introducing solar generation elements.

SOURCE:https://brandspurng.com/2021/01/12/globeleq-acquires-private-power-generation-company-in-nigeria/

The market closed on a positive note amid bargain hunting in large and mid-cap stocks. The benchmark All Share Index (ASI) advanced by 0.8 bps to 40,150.78 with market capitalization gaining N15.98bn to settle at N20.99tn. In summary, the Year to Date (YtD) performance closed at -0.30%.
Performance across different sectors was broadly bullish with 3 out of the 5 sectors under coverage closing in the green zone. Oil & gas, banking and consumer goods indices went up by 0.85%, 0.19% and 0.46% following buy sentiments in the shares of ARDOVA (+9.79%), ZENITH BANK (+0.78%) and GUINNESS (+2.78).

Conversely, insurance index waned by 72 bps on the back of selloffs in LINKASSURE (-10.00%) and MANSARD (-3.36%).

Investors’ sentiment improves as 28 stocks advanced while only 24 stocks declined to indicate a 1.17x market breadth. Activity level was however mixed as the volume of transactions advanced by 0.72% amid 31.75% decline in value.


The bond market traded on a mixed note as yield advanced on mid and long-dated instruments while those on short maturities inched lower.

Notably, the yield on the FGN-JAN-2022 and MAR-2024 declined by 0.01% and 0.02% to close at 2.48% and 4.40%. However, Yield on the FGN-MAR-2025 and FEB-2028 advanced to 5.50% and 6.93% respectively.

Market Snapshot
Nigerian Equities Market Closed Positive…ASI Up by 8bps
The bond market traded on a mixed note as yield advanced on longer maturities
U.S. Stocks Contract on Covid-19 pressure
Oil reverse uptrend as Rally Takes a Breath
Naira depreciated by 63bps against the USD at the parallel market to close at N475/$

SOURCE:https://brandspurng.com/2021/01/12/nigerian-equities-market-closed-positive-asi-up-by-8bps/

Coca-Cola Nigeria Limited is set to unveil stunning wall murals across the country to highlight the unity and tenacity of Nigerians during the yuletide season.
According to a statement from the company, the murals will be painted across key sites in Rivers, Enugu, and Oyo States from early December.

The murals will celebrate the uniqueness within each region, with a specific focus on the people, the culture and the rich heritage of the region, while weaving a consistent thread of togetherness and unity within our diversity.

The murals will be created by artists including the acclaimed Ayoola Gbolahan, whose work ”Blue Woman” is revered internationally; Kingsley Effiong, popularly known for graffiti art in Port Harcourt; and Perpetual Cyril, a budding artist in Enugu.

Speaking on the project, the Head of Public Affairs, Communications and Sustainability, Coca-Cola Nigeria, Nwamaka Onyemelukwe referred to the mural project as a brilliant initiative pointing out its celebratory, educative and unifying qualities.

She said,
“Now more than ever, people need to find a lot of common ground and wins they can celebrate together. These murals are an exact depiction of that; they are a reminder of Nigeria’s rich history and diverse cultures, as well as the many things that bind the Nigerian people together.”

Earlier this year, in the wake of the COVID-19 pandemic, The Coca-Cola Company launched a global campaign themed Open Like Never Before, encouraging people to open themselves up to the ‘new normal’, make the most of every moment and share those treasured moments with those around them. In the spirit of togetherness, positivity and inclusivity, the company is extending this message even further with this wall mural project.

The year 2020 may have been fraught with challenges the world over, but as a nation, Nigeria and Nigerians have stayed strong and are hopeful for a better future. Coca-Cola Nigeria charges consumers to celebrate this hope as a bright spot of 2020, and to hold on to it in 2021.

The Coca-Cola Company (NYSE: KO) is a total beverage company, offering over 500 brands in more than 200 countries and territories. In addition to the company’s Coca-Cola brand, our portfolio includes AdeS, Ayataka, Costa, Dasani, Del Valle, Fanta, Georgia, Gold Peak, Honest, innocent, Minute Maid, Powerade, Simply, SmartWater, Sprite, Vitaminwater and ZICO.

SOURCE:https://brandspurng.com/2021/01/08/coca-cola-to-unveil-wall-murals-across-the-country-in-celebration-of-nigerias-strength-and-resilience/

First City Monument Bank (FCMB) has named Yemisi Edun as the acting Managing Director/CEO following stepping aside of embattled Adam Nuhu.
She is taking over from the Mr Adam Nuhu, who stepped aside from the exalted position to allow for an investigation into the allegation of unethical behaviour by him.

He was accused of having a romantic affair with a former employee of the financial institution, Mrs Moyo Thomas. The alleged romance produced two children, according to reports.

The new chief executive of the bank is Yemisi Edun.
Yemisi Edun holds a Bachelor’s degree in Chemistry from the University of Ife, Ile-Ife and a Master’s degree in International Accounting and Finance from the University of Liverpool, United Kingdom.

She is a Fellow of the Institute of Chartered Accountants of Nigeria and a CFA® Charter holder. She is also an Associate Member of the Chartered Institute of Stockbrokers; an Associate Member of the Institute of Taxation of Nigeria; a Member of Information Systems Audit and Control, U.S.A; and a Certified Information Systems Auditor.

She began her career with Akintola Williams Deloitte (member firm of Deloitte Touché Tohmatsu) in 1987, with main focus in Corporate Finance activities. She was also involved in the audit of Banks and Other Financial Institutions.

She joined FCMB in the year 2000 as Divisional Head of Internal Audit and Control before assuming the role of Chief Financial Officer of the Bank and now as CEO.

SOURCE:https://brandspurng.com/2021/01/06/fcmb-appoints-yemisi-edun-acting-md-ceo/