₦airaland Forum

London and Lagos, 5 August 2020: Airtel Networks Kenya Limited, an Airtel Africa PLC subsidiary, and Telkom Kenya Limited amongst other parties, had entered into an Agreement dated 8th February 2019 to combine their businesses in Kenya, so as to create an integrated telecommunications platform with mobile, enterprise, and wholesale divisions.

The completion of the Transaction was subject to the satisfaction of various conditions precedent, including regulatory approvals.

Despite Airtel Africa plc and Telkom respective endeavours to reach a successful closure, the Transaction has gone through a very lengthy process which has led the parties to reconsider their stance.

Accordingly, Airtel Africa plc and Telkom have decided to no longer pursue completion of the Transaction.

Raghunath Mandava, Airtel Africa CEO and MD said:

“Kenya is a large and growing market and we remain committed to building a growing profitable business. We currently serve more than 14 million Kenyan customers, a number that is growing month on month, and in the last quarter, our revenue numbers were up double-digit in constant currency in Kenya”.

“Our strategy to focus on winning more customers, invest in a best in class voice and data network and progressively expand our mobile money business, will continue to build on these results in order to deliver against the opportunities the Kenyan market has to offer”.

Airtel Africa is a leading provider of telecommunications and mobile money services, with a
presence in 14 countries in Africa, primarily in East Africa and Central and West Africa.

SOURCE:https://brandspurng.com/2020/08/05/airtel-africa-and-telkom-kenya-terminate-merger-plan/

Lafarge Africa Plc reported a relatively strong Q2’20 performance. Although revenue declined by 5% year-on-year in Q2’20 to N56.85bn from N59.87bn in Q2’19, net income surged by 60% YoY from N9.54bn in Q2’19 to N15.26bn in Q2’20.
The decline in revenue was due to lower volume sold in Q2’20 as a result of the coronavirus pandemic which grounded economic activities.

Meanwhile, cost of sales declined by 14% YoY from N38.00bn in Q2’19 to N32.76bn in Q2’20. The decline in cost of sales was driven by the Company’s cost optimisation strategies. The management emphasised an overhaul and restructuring of costs were done during the period.

We also believe that the investments in fixed assets made by the Company in previous years are beginning to yield a positive result for the Company. Consequent to the 14% YoY decline in cost of sales, gross profit grew by 10% YoY from N21.87bn in Q2’19 to N24.08bn in Q2’20.

A significant decline in operating expenses resulted in a 30% YoY increase in operating profit from N16.33bn in Q2’19 to N21.17bn in Q2’20. Specifically, operating expenses reduced by 41% YoY from N6.85bn in Q2’19 to N4.01bn in Q2’20.

The lower operating expenses incurred during the period was driven by a 46% decline in administrative expenses, particularly office and general expenses. In our view, we think that the lockdown directive and ‘work-from-home’ policy resulted in cost-saving for the Group. Also, selling and marketing expenses declined by 12% YoY.

The positive impact of the successful deleveraging efforts of the Company continued to reflect in earnings, as finance cost declined by 69% YoY from N6.21bn in Q2’19 to N1.95bn in Q2’20.

We note that finance cost also declined by 69% YoY in Q1’20. As a result of the lower finance cost incurred in Q1’20, profit before tax spiked by 78% YoY from N10.87bn in Q2’19 to N19.38bn in Q2’20. However, the bottom-line growth was moderated, due to a higher effective tax rate (21% in Q2’20 vs 12% in Q2’19). Profit after tax grew by 60% YoY from N9.54bn in Q2’19 to N15.26bn in Q2’20.

We revise our earnings expectations for FY’20E, owing to the positive surprise in Q2’20. We, however, note that the higher-than-expected Q2’20 results released by the Company were majorly due to lower-than-expected operating expenses.

Based on our assessment, the significant decline in operating expenses is linked to the ‘work-from-home’ policy induced by the COVID-19 pandemic. In the short term, we expect the Company to keep incurring lower operating expenses.

However, as the economy gradually recovers, and in the mid-term, we maintain that operating expenses will be at normalised levels. Therefore, we upgrade our EPS forecast from N1.87 to N2.27, reflecting our expectation of higher profit on the back of continued cost optimisation.

In addition, we revised our cost of equity used to discount our projected free cash flows and dividend. We made the downward revision of our cost of equity estimate to reflect a lower risk-free rate from 11% in our last earnings report to 8% as of the writing of this report.

Overall, we arrived at a fair value of N12.78. Based on our fair value estimate, the expected total return (price return and dividend yield) on the stock is 20%. Hence, we upgrade our recommendation to BUY.

SOURCE:https://brandspurng.com/2020/08/04/lafarge-africa-cost-optimisation-drive-strong-bottomline-growth/

Mercedes-Benz is presenting the new generation of Mercedes me Apps and its own, standardised developer platform. This sees the Mercedes me App, which links the vehicle with the smartphone and was unveiled in 2015, turning into a digital ecosystem.
On this joint basis, new services can be developed flexibly and individually in future. The offer initially encompasses three apps: Mercedes me, Mercedes me Store and Mercedes me Service.

The three apps are available to download with immediate effect in the App Store and in the Google Play Store and will be available in over 40 Mercedes me markets by the end of the year.

They were developed in close, international cooperation with partners and customers. The perspective of the users was decisive during development: the new Mercedes-Benz Apps combine improved base functionalities with even more attractive customer experience. They facilitate, for example, shorter update cycles. Operation is even easier and more intuitive at the same time.

Britta Seeger, Member of the Board of Management of Daimler AG and Mercedes-Benz AG, responsible for Sales: “The new generation of Mercedes me Apps makes it even easier for our customers to contact Mercedes-Benz around the clock. They can book a service appointment at their preferred dealership or send their next travel destination directly to their car by the app, for example.

We are always focussed on making life easier for our customers. We are continually broadening our range of digital services to this end. The new Mercedes me App generation provides even simpler and intuitive access to our products and new services, such as a function for conveniently opening or closing windows or the panoramic roof by the app.”

Intelligently networked: the new Mercedes me Apps

All Mercedes me Apps will be closely linked with one another in future. This means that only a single log-in using the Mercedes me ID is now necessary, enabling users to switch intuitively and quickly between the apps. Specific functions are allocated to every single app. They are adapted to customer requirements visually and in terms of content.

The Mercedes me App links the smartphone with the owner’s vehicle. This enables key status information – such as mileage, range or tyre pressure – to be displayed very conveniently. Digital command functions additionally enable the stationary heater, the soft top or the side windows to be operated by the app, and a brand new feature serves to flash up the headlamps so that the vehicle can be located in a dark car park, for example.

The Mercedes me Store App offers convenient access to the digital products from Mercedes-Benz. It provides a quick overview of the term of each of the Mercedes I connect services and on-demand features used. These can be extended via smartphone at any time, as required.

The Mercedes me Service App provides a reminder in good time of service appointments such as service or maintenance work. It displays active warning lamps and recommends appropriate measures, such as checking the tyre pressure at the next filling station.

The app allows appointments with the workshop to be booked directly via smartphone. The app also offers practical how-to videos with interesting information on the ideal use of the vehicle.


The new generation of Mercedes me Apps was developed in an international internal Daimler community, above all together with the USA and China and trialled in close cooperation with customers.

Following initial internal tests, at the beginning of 2020 Mercedes-Benz first began a pilot project in France, Spain and the UK and as of the beginning of June in Ireland and Hungary.

The new apps are now available in the Apple and Google App Stores in 35 markets, which now also include Germany; additional Mercedes-Benz markets, incl. China and the USA are to be phased in in due course.


A common basis: the Mercedes-Benz Mobile SDK

The actual ground-breaking innovation runs in the background with the new Mercedes me Apps, as these are based for the first time on a common, standardised development platform. In 2019 Mercedes-Benz was the first vehicle manufacturer to grant software developers from all over the world access to the Software Development Kit (for short: SDK).

The SDK functions as a type of programming construction kit: it makes available interfaces to the vehicle on which the new apps can build. As part of this, the security of the data is guaranteed at every point in time.

Here Mercedes-Benz has clear guidelines on which data are made available to programmers. The fundamental principle is this: all Mercedes-Benz vehicles have extensive safety and anti-theft systems.

Secure access to systems, data security, data privacy and anti-theft protection are key elements of our research and development activities.

Best Customer Experience 4.0: customer requirements in the digital age
The Mercedes me Apps are a key component of the sales initiative “Best Customer Experience 4.0” in the Mercedes-Benz Cars business division. “Best Customer Experience 4.0” is the brand’s way of focusing its sales on the changing requirements of customers in the digital age.

The aim is to offer customers a seamless and convenient experience whenever they want to contact Mercedes-Benz – irrespective of the time and place or the channel they are using.

That is why Mercedes-Benz is seamlessly blending physical retail with digital channels and is redesigning it with the innovative store and location concepts. At the same time, the company is expecting to achieve a quarter of the global passenger car sales via online channels by the year 2025 together with its sales partners.

The foundation stone for further sales development according to current customer requirements was laid back in 2013 with “Best Customer Experience”, in order to make it even easier for new and existing customers to access the products and services of Mercedes-Benz.

SOURCE:https://brandspurng.com/2020/08/05/from-the-app-to-the-digital-ecosystem-the-new-generation-of-mercedes-me-apps-launches/

The Nigerian equity market today (Tuesday) closed on a positive note, with a growth of 0.31%, extending the previous positive momentum to three consecutive trading days, following value appreciation on some bellwether stocks like MTNN, GUARANTY, ZENITHBANK, and 16 others.
Consequently, the market breadth closed on a positive note, recording 23 gainers as against 10 losers.

In summary, the All-Share Index (ASI) increased by 75.82 absolute points, representing a growth of 0.31% to close at 24,841.94 points. Similarly, the overall Market Capitalization size gained N39.55 billion, representing an increase of 0.31% to close at N12.96 trillion

MANSARD emerged as the top gainers while CAP emerged as the top loser.

The upturn was impacted by gains recorded in large and medium capitalized stocks, amongst which are; FLOURMILL (+4.00%), ZENITH BANK (+3.67%), SEPLAT (+3.48%), NB (+3.23%), ETI (+2.44%), GUARANTY (+1.31%) and MTNN (+0.08%).

FOREIGN EXCHANGE
The Naira at the official window on Tuesday closed at 381.00/$1, unchanged against the previous day’s position.

The Investors and Exporters (I&E) FX window opened at N388.46, traded high at N390.00, and eventually closed at N389.00, representing a 0.26% depreciation against the previous day’s closing position. A total of $17.23 million was transacted through the I&E window today.

MONEY MARKET
Overnight(O/N) rate closed at 10.08%, representing a 4.25% depreciation against the previous day’s closing position, while Open Buy-Back (OBB) rate closed at 9.00%, representing an 4.33% depreciation against the previous day’s position.

NASD OTC MARKET
The NASD OTC market today (Tuesday) closed on a positive note as the Unlisted Securities Index (USI) closed at 705.48, representing a 0.88% appreciation against the previous day’s closing position. Similarly, Market Capitalization gained N4.53 billion to close at N518.22 billion, representing a 0.88% appreciation against the previous day’s closing position. Consequently, the aggregate volume and value decreased by 85.94% and 57.61% respectively, as investors traded a total of 109,694 shares, worth N4.14 million in 9 deal.

SOURCE:https://brandspurng.com/2020/08/04/mtnn-19-others-led-equity-market-to-sustain-growth-gains-n35-99bn/

Ardova Plc, formerly known as Forte Oil, has reported a 75.8% YoY decline in profit after tax to N514.9 million in its Q2’20 unaudited results released through the Nigerian Stock Exchange on Friday.
The company gross profit expanded slightly from N2.519 billion in Q2, 2019 to N2.559 billion in Q2 2020. Revenue grew by 22.3% to N52bn from N43bn in the previous quarter.

Profit before tax declined by 81.5% to N580m. Profit after tax declined by 85% to N497m.
Net Assets grew by 3.1% to N16.7bn from N16.2bn.

The firm reported an operating profit of N787.407 million, up from N246.495 million decline reported in the corresponding period of 2019. While finance income depreciated from N4.254 billion in the Q2 of 2019 to N42.616 million.

Profit before income tax dipped from N3.198 billion reported in the same period of 2019 to N591.087 million.

Profit after tax plunged from N2.126 billion achieved in the corresponding period of 2019 to N514.923 million. Earnings per share declined from N1.63 to 39 kobo in the second quarter ended June 30, 2020.

The global pandemic that disrupted crude oil market eroded profits of oil companies and weighed on their entire operations, especially during the April-June quarter when oil prices dipped to their lowest on record.

Ardova was one of the numerous oil companies affected by the disruption in global commerce and economic activities.

The company’s total asset contracted from N47.089 billion to N45.341 billion in Q2 2020. While total liabilities declined from N30.856 billion in Q2 2019 to N28.165 billion in Q2 2020.

However, total equity expanded to N17.176 billion, up from N16.163 billion in the second quarter of 2019.

SOURCE:https://brandspurng.com/2020/08/04/ardova-plc-reports-85-decline-in-pat-to-n497m-in-its-q1-2020-result/

Just as it is turning around the fortunes of its teeming consumers by making them millionaires through its on-going spell and win promo, Dangote Cement Plc has also presented 82 brand new trucks to its distributors to further assist them to ease their product distribution logistics.
The move was also to help the distributors, who are responsible for the availability of the cement products nationwide, to service their customers efficiently and more profitably and in turn take their businesses to the next level.

This is coming on the heels of similar presentation of motorised three-wheelers to some distributors and retailers across the nation.

The truck presentation, which was held at the Enugu assembly plant of the SHACMAN truck, was preceded by special training session held for the drivers of the trucks, with the supervisors and managers of the distributors’ companies in attendance.

The training organised by Dangote Cement Plc in collaboration with Transit Support Services Limited (TSSL), the producers of SHACMAN trucks in Nigeria, was part of a purchase agreement designed to ensure the drivers get acquainted with the new trucks to minimise breakdowns and road accidents.

According to the organisers, the training which focused more on the drivers touched on the special skills needed to drive such trucks, road signs and comportment of the drivers as well as the general driving rules will help them to be more aware of their trucks and help to reduce carnages on Nigerian roads.

The training also emphasised proper handling and maintenance of the vehicles so as to enjoy their ruggedness and durability as they were purposely built for Nigerian roads.

Funmi Sanni, Dangote Cement marketing director, explained that the trucks were presented under Truck Empowerment Scheme (TES) designed to help the distributors in the area of logistic operations for prompt product collection and delivery to other retailers.

She stated that under the scheme, the distributors will pay for the trucks on a 50-month instalment basis. By so doing, the distributors can easily have access to truck on very simple and easy terms, an opportunity they could not have otherwise been availed of by the commercial banks.

Sanni pointed out that the presentation of the trucks was meant to enhance the operations of the distributors who have proven loyal to the Dangote Cement products over the years and guarantee more profitability at the end of the day.

According to her, Dangote Cement has a culture of catering for all its stakeholders along the value chain, noting that even the retailers were not left out of the scheme as there are arrangements for them to procure three-wheeler motorised vehicle to help them in their own delivery operations too.

She stated that the management of the cement company would stop at nothing to economically empower its customers at all levels, which is why the company is presently making its consumers millionaires in the on-going Bag of Goodies Season 2 themed ‘Spell Dangote and win a million Naira’.

It would be recalled that no fewer than 10 persons have so far emerged millionaires in the national consumer promo.

The first four winners were last week presented with their symbolic cheques followed by payment alert of N1 million each in Lagos and Ibadan. The company said 1,000 millionaires would emerge at the end of the promo.

Speaking at the presentation event, one of the leading Dangote Cement distributors, Gilbert Igweka, who could not hold back his excitement, appreciated Dangote Group and congratulated other distributors who were present at the event.

“I want to thank Dangote Group for supporting our business with these trucks at a time like this that businesses are shutting down due to the Covid-19 pandemic. These trucks will help us service our customers better and meet more demands,” Igweka said.

“Also I thank SHACMAN Nigeria and TSS for the training and enlightenment which will help us take proper care of our trucks in terms of maintenance and safety on the roads as well as helping our business thrive the more. As a consistent user of the SHACMAN truck brand, I will say Dangote made a good choice,” he said.

Dangote Group is the biggest customer of SHACMAN brand in Nigeria since the entrance of SHACMAN vehicles into the Nigeria market through Transit Support Services Limited as SHACMAN Nigeria five years ago.

Dangote Group has bought over 1,500 units of the brand. The group has also placed an order for about 350 units of SHACMAN heavy-duty trucks assembled by TSS at the ANAMMCO plant which were delivered to the Dangote Oil Refinery at Ibeju-Lekki in Lagos.

Transit Support Services Limited brought SHACMAN to Nigeria through a network of dealers, equipped with comprehensive services supported by SHACMAN Group. The TSS Enugu plant also offers genuine spare parts to support Shacman truck owners.

SOURCE:https://brandspurng.com/2020/08/04/dangote-cement-presents-82-new-trucks-to-distributors/

Further to the announcement made on November 18, 2019, Seplat Petroleum Development Company Plc confirms that Mr. Austin Avuru has retired as the CEO of the Company. Mr. Avuru will remain on the Board as a Non-Executive Director.

In the interest of full transparency and corporate governance best practice, the Company provides below disclosure in accordance with section 430(2B) of the UK Companies Act 2006.

It should be noted that as a Nigerian incorporated company, the Company is not legally required to follow this legislation but wishes to do so to demonstrate good governance.

The Remuneration Committee of the Company has confirmed that Mr. Avuru will be considered a Good Leaver on his retirement, and the following arrangements will apply in respect of his remuneration:

1. Mr. Avuru will receive a lump sum payment in lieu of notice equal to his salary, benefits, and pension allowance until November 18, 2020. In line with Nigerian market practice, certain benefits around security and travel continue to operate for an appropriate period thereafter.

2. In respect of the 2020 financial year, he will receive a pro-rata bonus to reflect his time as CEO during the financial year, subject to achievement of performance conditions at the end of the year. Any bonus will be awarded in cash and will be paid on the normal payment date.

3. Awards made to Mr. Avuru in the form of deferred shares under the annual bonus in 2019 and 2020 will vest at the normal vesting dates.

4. Awards made to Mr. Avuru under the LTIPs granted in 2018, 2019, and 2020 will vest at the normal vesting dates, subject to achievement of the relevant performance conditions. These awards will not be pro-rated for time.

5. Mr. Avuru will be subject to the post-employment shareholding requirement for two years in line with the Directors’ Remuneration Policy.

6. The Remuneration Committee approved a loss of office payment to Mr. Avuru equal to 12 months’ salary in line with Nigerian market practice. This payment reflected the excellent leadership shown by Mr. Avuru in growing Seplat both organically and inorganically to be a listed E&P company on both the Nigerian and London international stock markets and recognized as a major player in the Nigerian and wider African hydrocarbon industry.

The above arrangements are in accordance with the provisions of the Directors’ Remuneration Policy approved by shareholders of the Company at its 2018 AGM. Full details of payments under these arrangements will be provided in the Company’s Directors Remuneration Report for 2020 and subsequent years.

SOURCE:https://brandspurng.com/2020/08/03/seplat-announces-the-retirement-of-its-chief-executive-officer-austin-avuru/

The board of directors of Custodian Investment PLC is pleased to announce that a binding agreement has been signed with UAC of Nigeria PLC for Custodian to purchase a 51% equity interest in UACN Property Development Company PLC from UAC.

This agreement marks the beginning of a partnership between Custodian and UAC that will achieve both companies’ respective objectives in the real estate industry. It also marks a significant milestone aligned with UAC’s strategy to focus on its core businesses.

DEAL HIGHLIGHTS

Sale of 9,465,584,668 UPDC ordinary shares (“Sole Shores”) held by UAC, representing 51% of UPDC’s issued share capital, to Custodian.

Sale Shares will be sold in two tranches:

– The initial sale of 946,558 467 shares, representing 5.10% of the issued share capital of UPDC, on the execution of binding transaction agreements.

– Subsequent sale of 8,519,026,201 shares, representing 45.90% of the issued share capital of UPDC upon receipt of requisite approvals.

Completion of the sale is subject to regulatory approvals from The Nigerian Stock Exchange and the Federal Competition and Consumer Protection Commission.

Commenting on the partnership, Wole Oshin, Group Managing Director of Custodian Investment PLC, said:

“We at Custodian are excited about the possibilities arising from this partnership with UAC which provides multiple levers for value creation. The rationale for the transaction is that Custodian and UAC share the view that their ambitions for capturing the opportunity in the real estate industry will De Detter achieved working in partnership.

UPDC is one of Nigeria 5 leading real estate development companies, having completed several landmark residential and commercial developments over the past twenty years.

This Transaction will provide Custodian with a platform to capture arising real estate opportunities. It also immediately provides recurring cash flow visibility and attractive yields as a result of its direct exposure to Nigeria’s leading real estate investment trust (“UPDC REIT”) with a track record of profitability and annual dividend distribution which offers a good complement for our product portfolio.

We are confident that the recent recapitalisation of UPDC, a significant reduction in finance costs, and recently reconstituted leadership have repositioned the company to operate sustainably and capture growth opportunities aimed at increasing stakeholder value going

Folosope Aiyesimoju, Group Managing Director of UAC, said:

“The Transaction is a significant step in achieving our objectives for UPDC.

In 2018, the Board and management of UAC embarked on a strategic review to evaluate the performance of the company and its subsidiaries. The objective was to achieve sustainable positive financial performance from our existing operations and enable management focus on businesses that align with our strategy.

In reviewing UPDC, the Board weighed the long-term opportunities in the Nigerian real estate sector against the fundamental differences between the cash flow profile and capital needs of UPDC and those of the other entities in UAC’s portfolio.

Following its review, the Board concluded that it would be in the best interest of UAC to exit its interest in the real estate sector, allowing UPDC to operate as a standalone legal entity, free to source appropriately structured capital and to unlock value for its shareholders.

In September 2019, the Boards of Directors of UAC and UPDC jointly announced three
significant strategic initiatives aimed at strengthening UPDC and positioning the company
to operate as a standalone entity.

This included a rights issue to recapitalise the business, plans for UAC to transfer UAC’s equity interest in UPDC pro-rata to UAC’s shareholders (“UPDC Unbundling”), and plans for UPDC to unbundle the UPDC REIT to its shareholders (“UPDC REIT Unbundling”).

The ₦16 billion UPDC rights issue was successfully completed in April 2020, proceeds of which were used to reduce borrowing costs and significantly improve UPDC’s capital position.

In the process of progressing the unbundling initiatives, UAC received a credible offer from
Custodian. The terms of the offer compelled the Board to re-evaluate the planned approach to de-consolidate UPDC and influenced the Board’s decision to proceed with the sale of a portion of UAC’s interest in UPDC to Custodian, effectively putting an end to the UPDC Unbundling.

We are delighted about the positive impact that a strong anchor shareholder like Custodian will have on UPDC and are focused on ensuring a smooth transition.”

Custodian’s expected benefits

1. Custodian Investment PLC is a leading investment company providing a wide range of financial products and services through its subsidiaries in Nigeria. The company offers Pension, Life, General Insurance and Trusteeship products across the financial services sector with potential for significant scale.

We view the Real Estate sector, in spite of its recent challenges, as a complementary sector to our product offering.

Although UPDC has faced certain challenges in recent times, an investment in the company is expected to provide the following opportunities:

a. Attractive valuations relative to replacement cost and market values: UPDC and UPDC REIT trade at attractive valuations relative to the market values of their underlying assets.

Recurring cash flows visibility: The UPDC REIT is highly cashed generative with recurring income streams. It has distributed an average of t•t1.4 billion p.a. over the last five years. Rental income from UPDC REIT is underpinned by leases with first-tier tenants. This presents a good match for our business.

c. UPDC has N10 billion of assets for sale which the management team will focus on realising to provide shareholders with liquidity.

d. Leveraging more than two decades of UPDC’s strong track record as a developer to drive its core property development business.

e. A profitable and scalable facilities management business.

2. The recent rights issue to recapitalise the company has stabilised UPDC thus creating a foundation for growth.

3. UAC’s continued ownership of a minority interest in UPDC will facilitate a smooth transition.

UAC’s expected benefits

Deconsolidation of a business (i.e UPDC) that has a different cash flow profile and capital needs from the rest of UAC’s portfolio. Upon completion of the sale. UPDC will cease to be a subsidiary of UAC and will operate as a standalone entity, separate from UAC.

2. Increased management focuses on businesses in sectors that align with UAC’s core strategy.

3. Having Custodian as a strong anchor shareholder in UPDC strengthens UPDC strategically.

Shareholders are advised to exercise caution when dealing in the securities of Custodian, UAC, and UPDC until requisite approvals are obtained. Further updates will be communicated accordingly.

SOURCE:https://brandspurng.com/2020/08/03/custodian-investment-signs-binding-agreement-with-uac-to-purchase-51-of-updc/

Global culinary products manufacturer GBfoods has inaugurated its N5.5 billion (US$14.3m) state of the art production factory for its leading mayonnaise brand, Bama Mayonnaise in Ogun State, Nigeria.

The Bama mayonnaise recipe was developed in the United States of America over 80 years ago and has continued to expand across the globe.

The factory, according to Premium Times reports, will be the largest in Sub Saharan Africa and will support the manufacturing of the Original recipe Bama mayonnaise for Nigeria and the rest of Africa.

This investment is an added assurance of GBfoods’ commitment to continually contribute to Nigeria’s economic and social development through the localization of its products.

The factory draws from a blend of GBfoods rich global practices and regional experiences to support consumers growing needs, whilst highlighting the opportunity for their communities to be a part of the long-standing heritage.

This will, in turn, make Nigeria a key export hub for Africa and will further lead to the creation of jobs and the development of human capital in the country.

The CEO of GBfoods Africa said, “Our priority when building this international standard production facility in Nigeria was to make sure we were able to meet the demands of our customers, not only in Nigeria but also in other African countries”.

The factory has already successfully rolled out its first batch of products to the Nigerian market with new packaging design.

The new package features a quality stamp to reiterate the product’s category-leading position, and to emphasize its superior quality and taste to consumers.

With the quality stamp, customers are now able to identify and purchase original Bama products.

The new design stays true to the corporate colours, brand characters, and label art that is synonymous with Bama Mayonnaise while making the shelf presence and overall impact much stronger.

Speaking on the commissioning of the factory, Mr. Vincent Egbe, the Managing Director, GBfoods Africa, Nigeria Business Unit said, “Our growth and expansion plans for Nigeria are long-term and this investment is a testament to the industrial and infrastructural advancement that GBfoods is bringing not only to Nigeria but to Africa as a whole, we aim to make Nigeria an archetype in food security and also to become the food basket of Africa”.

“Over the last couple of years, one of the things that we have ensured is to establish Bama as the gold standard of Mayonnaise, not just in Nigeria but across Africa.

“Our quality commitment to our product means that our customers and our consumers know that they are getting the very best mayonnaise product developed in the USA, designed and produced in Nigeria”, Mr. Egbe added.

The launch comes months after GB Foods inaugurated a N20 billion (US$51.9m) Tomato processing factory in Kebbi state, aimed to help the country achieve self-sufficiency in the production of tomatoes and its related products.

The US$51.9m factory was established in partnership with the Central Bank of Nigeria (CBN), Kebbi State Government and the Emirate of Yauri.

GBfoods has a wide range of quality well-established brands in Nigeria such as Gino, Bama and Jago, under which they manufacture a wide range of quality products that make the daily lives of many African families easier.

Products under their brands include Gino Tomatoes Mix; Gino Pepper Onion, Gino Thyme; Gino Curry; Gino Chicken and Beef Cubes; Bama Mayonnaise as well as Jago Mayonnaise. GBfoods investments aim to satisfy local culinary habits and preferences whilst offering the healthiest and best ingredients for Nigerian cuisine.

In summary core to the Bama brand is the improved taste it brings to meals, the act of spreading love and bonding it brings to mealtimes and the rich heritage and history it upholds, thus bringing premium quality mayonnaise to Nigerian and African home.

SOURCE:https://brandspurng.com/2020/08/03/gbfoods-commissions-%e2%82%a65-5b-mayonnaise-processing-factory-in-ogun-state/

In a bid to upskill and empower women through recovery from the effects of the coronavirus pandemic in Nigeria, The Coca-Cola Company through its philanthropic arm, The Coca-Cola Foundation, has partnered with Nigeria-based NGO, Karis and Eleos Hand of Hope Foundation, to help equip 5000 women with relevant vocational skills and business training.

The grant, awarded by The Coca-Cola Foundation, represents efforts to continually make a difference in the lives of women who remain pillars of the society; by providing business-focused training through its local implementing partner, Karis and Eleos Hand of Hope Foundation, with the purpose of enhancing business acumen and scaling up micro-enterprises to guarantee sustenance for themselves and their families.

The capacity building program tagged “Catalyst for Change” will be implemented by Karis and Eleos Hand of Hope Foundation across five communities in Lagos state and will directly impact the lives of 5000 women across Iwaya, Oworonshoki, Sangotedo, Magboro and Ogijo communities with 1000 of these women receiving funding and support to set up their small-scale enterprises.

Business training modules to be delivered by experienced facilitators will focus on personal & product branding, business foundations and basic accounting while artisanry pieces of training will cover courses in wig making, make-up, fashion and designing, household essentials, shoemaking, amongst others, over the course of a five-month period with the program kicking off this August.

Other partners providing support to the program include The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).

Speaking on this program, Bukola Bamiduro, Founder of Karis and Eleos Hand of Hope Foundation, expressed her gratitude for the grant saying, “Poverty is the greatest threat to our existence as it fuels crime, despair and vices. The impact of COVID-19 has further escalated poverty in Nigeria and so we are delighted with this partnership and the execution of the program as these women will become catalysts in their communities, pulling their families out of poverty”.

Also commenting on the program, the Public Affairs, Communications and Sustainability Manager, Coca-Cola Nigeria Limited, Nwamaka Onyemelukwe remarked, “This is yet another way through which our Company is passionately contributing to the recovery of our economy following this devastating pandemic.

Our desire is to continue to economically uplift as many women as possible in Nigeria as we recognise their critical roles in society. We are confident that this new partnership will go a long way in supporting women and providing them with a means of livelihood through the recovery phase”.

Representing the First lady of Lagos State, Her Excellency Ibijoke Sanwo-Olu, Wife of the Attorney-General of Lagos State, Mrs. Olabisi Onigbanjo, said, “It is particularly reassuring that this empowerment initiative is coming at a time the country is contending with the severe effects of the COVID-19 pandemic.

Through this initiative, 5,000 women across five communities will be empowered with business and life skills needed to escape from extreme poverty. When you empower women, you empower the whole family and by extension the nation.”

Karis and Eleos Hand of Hope Foundation is a non-profit established in 2017, with a vision to empower women and girls across the rural demographic. The award of this grant will help in achieving the shared objective of The Coca-Cola Foundation to grow a sustainable pipeline of female talent and empower women, ultimately creating a sustainable society.

Through its ambitious goal of empowering 5 million women across the world by 2020 under its 5by20 initiative, The Coca-Cola Company has so far empowered 4.6 million women with over 420,000 Nigerian women directly impacted.

The Company through its philanthropic arm, The Coca-Cola Foundation, has contributed more than $1 billion over the past 36 years to help protect the environment, promote recycling, empower women and enhance communities around the world.

SOURCE:https://brandspurng.com/2020/08/03/covid-19-coca-cola-empowers-5000-women-for-economic-recovery/

While many countries slowly ease the lockdown measures that were implemented because of the Coronavirus pandemic, the interest to domestic and international travel starts to increase. Kaspersky throws light on some travel patterns of parents and their children on the go.

According to the “Responsible Digital Parenting” survey, 89% of the parents in Nigeria use their gadgets to entertain their child when they travel. Furthermore, 33% of the respondents try to calm down their children with the help of devices and 22% aim to gain some spare time for themselves. As a result, there is a chance that children are often left one-on-one with gadgets.

What is more, 56% of Nigerian children have their own smartphone or tablet, according to the survey. Among such a big number, the majority of children were 2-6 years old when they first got their own device.

Nevertheless, 31% of Nigerian parents have not discussed safety rules on the Internet with their child. It means that the children are not always aware of how to behave themselves safe online.

“Most parents give their children gadgets in order to entertain them, spare some time for themselves or calm down their kids. However, they shouldn’t use digital devices uncontrolled.

It has been estimated by Kaspersky that 19% of Nigerian parents would like to monitor their child’s digital life better. This can be done by limiting screen time and holding conversations; however, a security solution is needed as well,” states Andrey Sidenko, Head of Child Safety at Kaspersky Network.

In order to teach children to use their gadgets in a beneficial way, to safeguard them from inappropriate content, take the following advice:

Explain to your child the ethics of the Internet (not to write anything offending or insulting, not to post embarrassing, indecent photos, etc.) and safety rules on the Internet (not to respond to strangers, not to publish too much private information etc.).

Communicate with your child. Discover his or her interests and suggest suitable materials and video bloggers. Ensure them that you are a modern parent who understands them and to whom they can always come for a piece of advice.

SOURCE:https://brandspurng.com/2020/07/28/89-of-nigerian-parents-use-their-gadgets-to-entertain-their-child-when-they-travel-kaspersky/

The Lagos State Water Regulatory Commission (LSWRC), on Monday, sealed the Banana Island Property Owners Resident Association (BIPORAL) Water Treatment Plant for failing to meet the required safety and quality standards.

The regulatory compliance seal order on the BIPORAL water plant supplying water to residents of Banana Island in Ikoyi was a sequel to the tests earlier conducted by the LSWRC, which revealed that the water quality of the plant was unsafe for consumption and required improved treatment.

Addressing newsmen at the site of the plant during quality control enforcement, LSWRC Executive Secretary, Mrs Funke Adepoju said the decision was taken to protect residents from consumption of unhygienic water which is harmful to health.

She said the plant will remain shut until necessary improvements are carried out by the service provider in line with the drinking water quality control of the State Government and the plant recertified safe to resume operation.

In her words: “It is important to note that drinking water must be safe and wholesome, free from pathogenic agents or harmful chemical substances and comply with prescribed standards of the World Health Organisation (WHO) and the Lagos State Drinking Water guidelines. We have tested their water and wastewater and results show that it falls short of the prescribed limit”.

“The Service provider is obligated to deliver water that meets quality specified by the regulator as well as ensure the functionality of the water and wastewater treatment plants. This is basically to protect the consumers which are what is paramount to us as a government. For now, the plant will not operate until the necessary treatment is carried out”, Adepoju said.

While maintaining that the Lagos State government is very much interested in the quality of the water consumed by residents, Adepoju declared that no unwholesome practice that will endanger the people’s health would be allowed, stressing that the power of the Commission to regulate the activities of the water sector by monitoring water quality is being exercised because so much caution has been thrown to the wind in water production and profit is placed above safety.

“It is important to remind us all that waterborne diseases are deadly. You have cholera, typhoid and dysentery among others. So, if these diseases are deadly, it then behoves on us as a government to ensure that we protect the consumers who in this case are residents and citizens of the State in line with the Health and Environment Pillars of the T.H.E.M.E.S agenda of the Babjide Sanwo-Olu administration”, she averred.

The Executive Secretary added that all water producers and private service providers in residential estates as well as those engaged in the processing, packaging, distribution, sale and supply of water in Lagos, are all obligated by the Lagos State Environmental Management and Protection Law, 2017, to deliver water that meets quality specified by the regulator.

SOURCE:https://brandspurng.com/2020/07/28/lagos-seals-banana-island-water-treatment-plant-for-failing-quality-standard-tests/

More pictures...

Hyundai Motor Group announced today new technologies to improve the quality of air in vehicles and create a more pleasant indoor environment for customers.

Recognizing the growing concern about air quality, the Group unveiled three new air-conditioning technologies – ‘After-Blow’, ‘Multi-Air Mode’, and ‘Fine Dust Indicator’. The technologies will be introduced initially on select models in Korea and expand to upcoming Hyundai, Kia and Genesis vehicles worldwide in the future.

After-Blow Technology

‘After-Blow’ dries the condensate on the evaporator and suppresses mould growth in the air-conditioning system, which can cause an odour during hot weather.

After the engine is turned off and the condensate on the evaporator drains naturally for about 30 minutes, ‘After-Blow’ activates for 10 minutes to dry the evaporator and any condensate leftover in the air passage.

The air-conditioning system automatically allows influx of outside air during this time to prevent humidity from building up.

The technology uses an intelligent battery sensor (IBS) to monitor the battery and stops functioning when the battery is low, allaying any concerns about battery discharge.

It also de-activates when the air conditioning system is not in use for a certain period of time, or when the outside temperature is low.

Multi-Air Mode Technology

‘Multi-Air Mode’ uses multiple vents for air conditioning and heating to create a more pleasant indoor environment with the gentle wind.

When this mode is activated, the air is dispersed to the newly added multi-air slots in the driver and passenger seats in addition to the normal air vents.

The overall wind volume remains the same, but the dispersion of wind reduces direct air contact and softens the air.

This mode can be switched on and off based on the preference of the driver.

Fine Dust Indicator Technology

‘Fine Dust Indicator’ measures the air inside the vehicle in real-time and delivers digitized information, allowing the driver to better manage the air quality.

The indicator displays the concentration and pollution level of ultrafine particles (PM 2.5) inside the vehicle using integer numbers and colours for better visibility to the user: blue for 0 to 15 μg/m3, green for 16 to 35 μg/m3, orange for 36 to 75 μg/m3, and red for 76 μg/m3 or higher.

If the level of ultrafine particles exceeds 36 μg /m3 while the function is active, the air-cleaning mode will run to purify the air in the vehicle.

The air-cleaning system automatically sets the air volume between 3 and 8 and switches to the air-recirculation mode and activates the air conditioning system to reduce indoor humidity.

If the air does not improve in air-cleaning mode, it can also serve as a reminder to the driver to replace air-conditioner filters or to clean contaminated seats and mats.

SOURCE:https://brandspurng.com/2020/07/28/hyundai-motor-group-develops-air-conditioning-technologies-to-maintain-clean-air-in-vehicles/

Eterna Plc notifies the Nigerian Stock Exchange and the general public of the impending retirement of Mr. Mahmud Tukur as Managing Director/Chief Executive Officer of Eterna Plc with effect from 31st August 2020, having successfully completed a maximum tenure of 10 years.

In line with the succession policy of the Company, the Board has approved the appointment of Mr. Nnamdi Obiagwu the current Chief Operating Officer as Managing Director/ CEO designate, effective 1st September 2020.

Mahmud B. Tukur joined the Board as a Non-Executive Director on the 3rd of September 2004 and was appointed Managing Director/ CEO on the 1st of June 2010. He has been the driving force in the transformation of the Company over the last ten years.

Under his leadership, the Company experienced year on year increase in its annual turnover from N9 billion at the end of 2009 to N229 billion as at 31st December 2019. The Company’s net assets grew from N3.9 billion in 2009 to N12.4 billion as at 31st December 2019 from internally generated cash flows.

The Board declared and paid dividends for the first time in the Company’s history during his tenure, a feat which was sustained in subsequent years.

Mahmud B. Tukur

Over the past decade, the Company’s fortunes have been completely transformed, with the expansion of its retail stations from 10 to 60 retail outlets, including mega stations strategically located in major cities nationwide.

The lubricants business has also witnessed strong growth from its expanded relationship with Castrol across the lubricants value chain.

The Company’s continuous investment in its state-of-the-art lubricant blending plant located at Sagamu, Ogun State is a key pillar in the deployment of its lubricants strategy and was pivotal in the Company’s recent selection by NNPC Retail as its lubricant manufacturing partner following a competitive bidding process.

The Company’s business activities were further diversified into international trading of Crude Oil, Condensate, LPG and Crude for product swap contracts, this has led to very strong relationships with major global trading companies and refiners.

Mr. Tukur conceptualised and oversaw project LEAP, which commenced with Business Process Re-engineering and led to the automation of key processes and the successful deployment of an ERP.

The development of a long-term strategic blueprint, a robust Performance Management System, Enterprise Risk Management Framework (ERM) and a Corporate Governance Framework bespoke for the Company were all undertaken as part of corporate transformation initiatives under project LEAP.

The Company will miss his passion and exemplary leadership and wishes him the very best in his future endeavours.

Nnamdi Obiagwu is a graduate of Mechanical Engineering from the Federal University of Technology Owerri. He has worked across several countries and industries during the course of his career whilst also attending numerous local and international training including; INSEAD Kenan-Flagler Business School, Enterprise Leadership Program, Achieve Global Professional Selling Skills and Acclivus Professional Negotiation to mention a few.

His work experience is a testament to his versatility, love of challenges and success in a wide range of business segments that span Telecoms, Lubricant Sales, Business Development, Financial & Business Data Analysis & Reporting, Distributor Network Development, Fuels Territory Management, Fuels Supply Chain Management, Oil & Gas Consulting, Financial Advisory, Co-operative Administration & Management and Marine Vessel Management.

He commenced his career at Digital Computer Communication (a Computer Warehouse company) as a network engineer responsible for feasibility assessments, planning, and implementation of computer networks linking sites nationally. Where he found a flair for IT and developed an understanding of its importance and role in modern business.

In 2001, he moved to Mobil Oil Nigeria Plc (an ExxonMobil subsidiary) as a Lubrication Sales Engineer responsible for lube sales across various channels. Driven by performance and innate ability, he rose through the ranks to Special Sales Projects and Business Development.

This involved the development and implementation of key sales & marketing strategies along with relevant analysis.

To harness and further develop his competencies, he was deployed to the ExxonMobil Africa Mid- East Head office in Brussels, Belgium as an expatriate in 2004.

His assignment involved financial and business data collection, analysis, and presentation to both lube and fuels top management. An experience that availed him the opportunity to understand the inner workings of Multi-national Corporations and expectations as a top executive.

On his return to Nigeria, he was responsible for technical sales of specialized lubricants and lubrication solutions to help customers optimize lube and plant performance across Nigeria and worked to bring the young distributorship model and network to maturity.

In 2009, he was immersed in the side of the fuel of the business as a Territory Manager, responsible for all fuel-related activity in Eastern Nigeria for almost 40 sites. His duties ranged from enforcement of retailing standards to resolution of ligation and legal issues.

Shortly after, he became the Fuels Supply Manager responsible for the National fuels supply chain operations from importation and local sourcing to ensuring product availability to over 250 sites and corporate customers.

He subsequently became the Fleet/Logistics Manager responsible for transportation and all logistics to move fuel on a national scale and in the management of all related relationships (unions, transporters, agencies, etc.).

In 2014, he left Mobil and established COMACO Advisory Ltd, a company that provides corporate advisory services to Oil & Gas, Marine, Financial, Cooperatives and other sectors of the economy and in addition took on the role as an Executive Director, Supervising- Marine for the HARPS group of companies to coordinate the activities of the Nigerian and Singaporean offices.

Mr. Obiagwu joined Eterna Plc in July 2017 as General Manager, Head Lubricants responsible for all lubricant’s activities and was appointed to the Board of Eterna Plc in January 2020 as Executive Director/Chief Operating Officer.

He has served on the Boards of several private companies, has the requisite experience and the professional but calm personality that would allow steer Eterna despite the prevailing challenges currently facing the industry.

Exit of Mr. Ibrahim Boyi from the Board

The Board of Directors has also considered and has accepted the resignation of Mr. Ibrahim Boyi – a Non-Executive Director from the Board.

Mr. Boyi has been called to a higher national assignment as an Executive Commissioner at the Securities and Exchange Commission.

Mr. Boyi joined the Board as Managing Director/CEO in 2005 and served for five meritorious years before leaving his position as CEO to become a Non-Executive Director in the Company in 2010.

Ibrahim Boyi

Mr. Boyi has been an invaluable member of the Board. He served as a member of the Governance, Nomination and Remuneration Committee and chaired the Strategy, Finance & Investment Committee.

His industry experience and invaluable contributions will be missed.

SOURCE:https://brandspurng.com/2020/07/27/eterna-plc-appoints-new-ceo-as-mahmud-tukur-takes-a-bow/

Abuja-Kaduna rail services will resume on July 29 with an increased fare. Prices have doubled to ₦3,000 for the economy class, ₦5,000 (business) and ₦6,000 (VIP). Trains will operate at 50% capacity to observe distancing.
The disclosure was made by the Minister of Transportation, Rotimi Amaechi, during an inspection tour and test run of the 10 newly acquired coaches and 2 locomotives deployed on the Abuja to Kaduna rail corridor.

Nigeria’s transport minister said the increase was necessary to cover the running cost of operations which is ₦120 million per month.

According to the Transport Minister, “In a month (pre-COVID-19), we get about N120 million, and if we run like this (half capacity), we will realize N60 million. It means that we need another N60 million to complete the running cost.” 

‘’It is, therefore for the above reason that the rates have been increased as follows: First class, N6,000, Business Class, N5,000 and Economy, N3,000 to enable Nigeria Railway Corporation (NRC) meet up at least with the running cost.’’ 
Amaechi also revealed that President Muhammadu Buhari has approved an increase in train fares due to the fact that the train will now be conveying half its capacity in order to maintain social distancing.



SOURCE:https://brandspurng.com/2020/07/27/fg-increases-abuja-kaduna-train-fares-by-100/

On April 27, 2020, the Executive Board of the International Monetary Fund (IMF) completed its annual review of the Fund’s income position for the financial year ending April 30, 2020 (FY 2020) and set the margin for the lending rate for IMF credit for FY 2021 and FY 2022.
FY 2020 Income Position
Net operational income, of about SDR 1.4 billion (US$1.9 billion), mainly comprising income from lending and investments, remained strong for FY 2020, broadly in line with the April 2019 estimate. Robust income from lending reflects the ongoing elevated use of Fund credit.

*Net operational income, mainly comprising income from lending and investments, remained strong for FY 2020 and is expected to remain so in FY 2021–2022.

*Robust income from lending reflects the ongoing elevated use of Fund credit that is expected to remain high, reflecting the Fund’s support to members to help address the COVID-19 pandemic.

*An unrealized pension-related accounting adjustment that is projected in FY 2020 offsets net operating income and the resulting loss will be absorbed through the Fund’s reserves, which remain sizeable.

*The Executive Board agreed to maintain the margin for the rate of charge on IMF lending unchanged at 100 basis points for financial years FY 2021 and FY 2022.

An unrealized pension-related adjustment in FY 2020, stemming mainly from the actuarial remeasurement of staff retirement plan assets and liabilities, as required by the accounting standard IAS 19, is expected to offset the Fund’s net operational income, substantially contributing to a net loss of about SDR 1.1 billion (US$1.6 billion) for the year.

The net loss will reduce the IMF’s precautionary balances, which are projected to amount to SDR 16.5 billion (US$22.6 billion) at end‑FY 2020.

The Executive Board also adopted other decisions that have a bearing on the Fund’s finances. These included decisions to transfer income from the Fixed-Income Subaccount of the Fund’s Investment Account (IA) to the General Resources Account (GRA) and to reimburse costs to the GRA.

Projections of the Fund’s income are currently subject to larger than normal uncertainties related to the impact of the COVID-19 pandemic on key assumptions.

Uncertainties associated with the discount rate used to measure the Fund’s retirement plan obligations and asset returns can have a large impact on the actual outcome, given the heightened volatility in financial markets in the wake of the pandemic.

The FY 2020 annual financial statements will update for the impact of changes in key assumptions made at the time of the April projections.

The IMF’s basic lending rate for member countries’ use of IMF credit is the SDR interest rate plus a fixed margin. The Board sets the margin for a period of two financial years, in line with the principle that the margin should be stable and predictable.

In April 2020 the Executive Board agreed to maintain the margin for the rate of charge unchanged at 100 basis points for financial years FY 2021 and FY 2022.

As noted above, operational income for FY 2021 and FY 2022 is expected to remain strong, with projections pointing to annual net income of SDR 1.4 billion (US$1.9 billion) and SDR 1.7 billion (US$2.4 billion), respectively.

However, these projections are subject to a high degree of uncertainty related to the scale of new lending associated with the COVID-19 economic fallout, as well as the timing and amounts of disbursements under approved arrangements included in the projections.

Additional key uncertainties relate to actuarial assumptions such as the discount rate and the performance of the Fund’s investment and retirement plan asset portfolios in the wake of the pandemic.

Continued positive projected net income will allow the IMF to continue to accumulate precautionary balances.

SOURCE:https://brandspurng.com/2020/07/27/imf-records-1-9-billion-in-operating-income/

Khaled El Dokani, CEO of Lafarge Africa stated:
“Q2 results remained resilient with net sales of -5.1% and recurring EBIT +29.7%, compared to the prior-year period, despite the impact of the COVID-19 pandemic. The implementation of our “HEALTH, COST and CASH (HCC)” initiatives have delivered a considerable improvement in our performance.”

OUTLOOK
Despite the impact of COVID-19 pandemic in H1 2020, medium to long-term outlook remains positive.
With the gradual easing of the lockdown by the Federal Government, we will continue to focus on the business resilience to maintain a healthy balance sheet, while prioritising the health and wellbeing of our people, communities and other stakeholders.
Lafarge Africa Plc, a leading Sub-Saharan Africa building materials company is a subsidiary of LafargeHolcim, a world leader in building materials. Listed on the Nigerian Stock Exchange, Lafarge Africa is actively participating in the urbanisation and economic growth of Nigeria, the largest economy in Africa.

Lafarge Africa has the widest footprint in Nigeria with cement operations in the South West (Ewekoro and Sagamu in Ogun State), North East (Ashaka, in Gombe State), South East (Mfamosing, Cross Rivers State) with Ready-Mix operations in Lagos, Abuja and Port Harcourt. Lafarge Africa has a current installed cement production capacity of 10.5Mtpa.

SOURCE:https://brandspurng.com/2020/07/26/lafarge-africa-improvement-in-net-profit-despite-covid-19-impact/

Stanbic IBTC Holdings PLC wishes to announce that it has commenced the process of seeking regulatory approvals to establish a wholly-owned Life Insurance subsidiary to be known and referred to as Stanbic IBTC Insurance Limited.

The commencement of operations for this proposed subsidiary is subject to receiving all required regulatory approvals, including licensing by the National Insurance Commission.

Accordingly, Stanbic IBTC will update the market upon completion of the regulatory approval process as well as licensing of the new subsidiary.

SOURCE:https://brandspurng.com/2020/07/24/stanbic-ibtc-in-the-process-of-establishing-a-wholly-owned-life-insurance-subsidiary/

Medview Airline Plc wishes to inform its shareholders, The Nigerian Stock Exchange and other stakeholders that the Board of the company at its meeting held on Thursday, 23rd July 2020, arrived at the following resolutions:

Approval for the sale of two aircraft viz;

8737-4AO 5NMAA in Estonia and 8737-4OO 5NMAB in Lagos

The sale proceeds will enable the company to liquidate part of its indebtedness and inject part of the funds into its operations so as to jump-start it again after the COVID-19 pandemic total lockdown.

Approval of the return of the leased aircraft engine to Aeolus, the lessor, so as to obviate the payment of additional rent; Engine number CFM5G3C1 ESN 857871

Medview Airline Plc also accepted the resignation of two directors, namely:

*Mr. Ayodeji AriyoGbeleyi

*Alhaji Olabode Kacheef Oyedele

SOURCE:https://brandspurng.com/2020/07/24/medview-airline-plc-to-sell-2-aircraft-in-its-fleet/

The Lagos State Waterways Authority (LASWA), has released alternative waterways routes for the commuting public due to the planned partial closure of the Third Mainland Bridge from Friday, July 24, 2020.

A statement issued on Thursday by the General Manager, LASWA, Mr. Oluwadamilola Emmanuel, noted that the Agency has mapped out alternative routes through the waterways across the Lagos metropolis.

He listed the waterways routes that will be available at peak periods (6:30-9 a.m and 4:30-6 p.m) to include Ikorodu Terminal – Ebute-Ero, Addax Jetty (Sandfill), Five Cowries Terminal (Falomo); Ilaje Terminal – Ebute Ero – Five Cowries Terminal (Falomo), Addax Jetty (Sandfill) and Ilaje Terminal – Badore, Oke Ira Nla.

Others, according to him, are Badore (Ajah) – Ijede (Ikorodu); CMS Marina – Apapa (Flour Mills, Liverpool); Ajah (Badore, Oke Ira Nla) – Addax Jetty (Sandfill) and Five Cowries Terminal (Falomo) among others.

While imploring Lagosians to take advantage of the opportunity provided by the LASWA with the creation of alternative routes for commuters, he assured all passengers of their safety, stressing that the modern passengers’ boats are built and equipped with new technology and monitored in real-time to ensure passenger safety at all times.

SOURCE:https://brandspurng.com/2020/07/24/laswa-releases-alternative-routes-ahead-of-partial-bridge-closure/

The Nigerian Communications Commissions (NCC) is committed to the creation of an enabling environment for competition among operators in the industry to ensure the provision of qualitative and efficient telecoms services as stipulated in Nigerian Communications Act (NCA), 2003.
In order to further ensure transparency and accountability in regard to effective regulation and prevention of anti-competitive behaviour, the NCC has commenced the implementation of the Accounting Separation Framework (ASF) in the Nigerian telecoms industry effective from July 15, 2020.

The policy document, “Determination on the Implementation of an Accounting Separation Framework for the Nigerian Telecoms Industry”, which was developed via a consultative process in 2015, has undergone a comprehensive review by the regulator in collaboration with telecoms licensees and other critical industry stakeholders.

With the commencement of the implementation of the framework, telecoms licensees are, henceforth, obligated to submit their Regulatory Financial Statement (RFS) to the Commission in line with the new ASF, within seven months after the end of the licensees’ financial year.

The Commission, however, stated that submission of RFS in line with the new framework is currently limited to and mandatory for only six telecom licensees, adding that this will subsist for an initial period of two years after which the regulator may review the list to include other operators.

The affected firms are MTN, Airtel, 9Mobille, Globacom, IHS Nigeria and MainOne. As publicly listed companies, MTN and Airtel already submit their financial statements to the Nigerian Stock Exchange (NSE). After two years, NCC will consider mandating more companies to submit their financial statements.

Prof. Umar Danbatta, the Executive Vice Chairman of the NCC expressed optimism about the framework noting that “the new ASF will promote an industry environment that fosters open and transparent financial reporting while ensuring that charges for telecom services are cost-based and non-discriminatory.”

Adducing reasons for limiting compliance to six operators, for now, the Executive Vice Chairman (EVC) of NCC, Prof. Umar Garba Danbatta, said the decision was taken to ensure the necessary structure is in place for reviewing and analysing the accounts before applying the new framework to all licensees in the industry.

Danbatta, however, stated that any other licensee willing to prepare its financial statements in line with the new framework is allowed to voluntarily do so, just as he said the Commission may exercise its discretion to demand that a licensee prepare and submit separated account where it is determined that the activities of such a service provider are deemed critical to the overall well-being of the Nigerian telecoms industry.

Therefore, for full and effective implementation of the Framework, every operator under the ambit of accounting separation is required to prepare an Operator-specific Accounting Separation Manual (OASM) containing policies, principles, methodologies and procedures for accounting and cost allocation, which must be submitted to the Commission on or before October 30, 2020, for regulatory approval.

Licensees shall also be required to prepare their financial and non-financial reports in line with the Guidelines for the ASF while reports shall be furnished by the licensees for every accounting year beginning from the 2020 financial year-end.

Also, as part of operators’ licensing conditions, the Commission requires licensees to prepare, in respect of each complete financial year or of such lesser periods as may be specified, separated accounting statements for all their activities.

According to Danbatta, the Commission considers the Accounting Separation Framework “as an effective, least evasive and less costly solution to implement to meet its regulatory objectives”, adding that the implementation of the Framework is also a key deliverable for the Commission in the new National Broadband Plan (NBP), 2020-2025.”

The EVC added that the Commission took into consideration the inputs from industry stakeholders and has provided capacity-building for operators and for the relevant staff of the Commission to ensure seamless implementation of the Framework.

Danbatta further reiterated the commitment of the Commission towards continually developing policies, initiatives and programmes aimed at boosting healthy competition among telecoms operators in the country to ensure that consumers continue to enjoy efficient and affordable telecom services.

SOURCE:https://brandspurng.com/2020/07/23/ncc-mandates-6-telcos-to-submit-financial-statements/

The Sterling Bank Plc on, Tuesday, disclosed insider dealings of 18,896,605 shares acquired by four of the company’s Executive Directors between July 13 and 16, 2020.

In a statement signed by the Company Secretary, Temitayo Adegoke, Sterling Bank released through the Nigerian Stock Exchange, the lender said four Executive Directors bought the shares through the Nigerian Stock Exchange platform-X-STREAM.

Details of the transactions

Mr. Yemi Odubiyi

An Executive Director of the company, bought 7,128,882 shares of Sterling Bank at N1.24 a unit on July 15, 2020.

Mr. Raheem Owodeyi

Another Executive Director purchased 2,121,258 shares of the company at N1.24 per unit on July 16, 2020.

Mr. Emmanuel Emefienim

The Executive Director bought Sterling Bank’s shares of 8,368,688 units and N1.25 per share on July 14, 2020.

Mr. Tunde Adeola

Mr. Tunde Adeola, Executive Director, purchased 1,277,777 shares at N1.25 per unit on July 13, 2020, through the Nigerian Stock Exchange platform- X-STREAM.

Earlier, Brand Spur reported Mr. Abubakar Suleiman, Managing Director of the Bank, insider dealing of 18,457,500 shares at N1.24 per share from the company on July 16, 2020.

SOURCE:https://brandspurng.com/2020/07/22/insider-dealings-sterling-bank-discloses-18896605-shares-purchased-by-4-directors/

Spotify, the world’s most popular audio streaming subscription service, and Universal Music Group (UMG), the world leader in music-based entertainment, today announced a new, multi-year global license agreement that further aligns the companies’ efforts to foster groundbreaking new features providing value for artists and great experiences for music fans.

With this new agreement, the companies advance their industry-leading partnership, reflecting a shared commitment to music’s continued growth, deeper music discovery experiences and collaboration on new, state-of-the-art marketing campaigns across Spotify’s platform.

Additionally, as music’s most innovative company and one of Spotify’s earliest supporters, UMG will deepen its leading role as an early adopter of future products and provide valuable feedback to Spotify’s development team.

Daniel Ek, Chairman & CEO of Spotify, said, “From their early experimentation with Marquee to testing new experiences like Canvas, Universal Music Group has been an important partner in helping to shape the development of our marketing tools.

With today’s announcement, we will expand on this level of early-stage innovation and further strengthen our partnership and shared vision for helping advance artists at all stages of their careers.

We’ve said all along, the goal of our Marketplace strategy is to harness Spotify’s ability to connect artists with fans on a scale that has never before existed and bring new opportunities to the industry. Together, we look forward to reinvesting in and building new tools and offerings for artists around the world.”

Sir Lucian Grainge, Chairman and CEO of Universal Music Group, said, “With this agreement, UMG and Spotify are more aligned than ever in our commitment to ensuring the entire music ecosystem thrives and reaches new audiences around the globe.

Given our commitment to innovation and early adoption of music technologies and Spotify’s leadership in the development of forward-thinking tools, our new partnership will provide our artists with new and powerful opportunities to connect with fans on Spotify’s growing platform.

Working together, our teams will expand and accelerate our collaborative efforts to deliver artist-focused initiatives, strategic marketing campaigns and new offerings to provide exciting new experiences for fans worldwide.”

SOURCE:https://brandspurng.com/2020/07/22/spotify-and-universal-music-group-announce-global-multi-year-license-agreement/

Standard Chartered Nigeria has announced the appointment of Olukorede Adenowo as Executive Director of Standard Chartered Bank Nigeria.

His appointment as Executive Director follows his recent appointment earlier in the year as Head of Corporate and Institutional Banking business in Nigeria where he is responsible for driving and implementing the Bank’s business strategy for its corporate clients.

Profile of Olukorede Adenowo

Prior to his appointment, Olukorede Adenowo (K.O) was the Chief Executive Officer for Standard Chartered Bank (SCB) The Gambia with the dual responsibility of managing the Bank’s business interest in Senegal.

He has been a Non-Executive Director of SCB Sierra Leone from 2014 and also currently serves as a Non-Executive Director on the Board of Standard Chartered Bank Gambia.
K.O has a total of 33 years of post-university experience in banking, finance and consulting.

He was a founding staff of Standard Chartered Bank in Nigeria and has held various senior positions in Standard Chartered Bank Group in the last 21 years.

He has served as Head of Origination and Client Corporates for Standard Chartered Bank, West Africa; Deputy Managing Director of Standard Chartered Bank Cameroon and a senior management executive in the Wholesale Bank in Standard Chartered Bank Nigeria.

In his penultimate role as Africa Co-Head Financial Institutions and Public Sector business for SCB, K.O provided strong leadership in building and managing key strategic FI relationships across West Africa.

He worked closely with several Banks and Governments across the region i.e. Cameroon, Gabon, Senegal, Ghana, and most recently Nigeria in advising them on accessing international capital markets and ultimately improving the bank’s visibility in Public Sector for business success and growth in an increasingly stringent regulatory environment.

He was appointed the first Regional Head of Global Corporates for Standard Chartered Africa where he led the Africa Multinational business.

Prior to joining Standard Chartered Bank, KO worked in Societe Generale Bank Nigeria and Deloitte Nigeria, where he qualified as a Chartered Accountant in 1990.

An Economist turned Chartered Accountant; he was appointed Fellow of the Institute of Chartered Institute Accountants of Nigeria in 2000.

He is an alumnus of INSEAD and Said Business School of Oxford University where he had management training in Leadership and holds an MBA from the Lagos Business School.

He is married to Olajumoke and both have two children.

SOURCE:https://brandspurng.com/2020/07/22/standard-chartered-appoints-olukorede-adenowo-as-executive-director-standard-chartered-bank-nigeria/

Dr Eugene Ohu, a faculty at Lagos Business School (LBS), has won a grant of $234,000 from Templeton World Charity Foundation, Inc (TWCF) to conduct two-year virtual reality research.

The research project titled “Teaching Children Empathy and Compassion through Virtual Reality Games” will explore the potentials of virtual reality (VR) for character development. The grant was awarded under TWCF’s Global Innovations for Character Development (GICD) initiative.

Dr Ohu runs a Human-Computer Interaction (HCI) Lab at Lagos Business School, where he explores the implications of the immersive, interactive and perspective-taking characteristics of technologies like computers, mobile devices and virtual reality (VR) for character development, learning, behaviour modification, wellbeing and productivity.

The TWCF funded two-year intervention and research project seek ways to grow the character traits of empathy and compassion in a diverse society like Nigeria, where there are multiple expressions of religious, cultural, social and economic identities.

Targeting an initial group of teenagers, who make up more than 60 percent of Nigeria’s population, the study hopes to explore the perspective-taking capabilities of VR to increase understanding for the identities of others different from ourselves.

Speaking on the research project, Dr Ohu said “It will be an immersive virtual reality (VR) experience where teenagers take the perspectives of ethnic groups different from theirs, to appreciate their identity and share in their sufferings. We also hope to train teachers at the study schools on the new VR teaching models, so as to incorporate them into the Civics and Social Studies curriculum of secondary schools”

Immersive VR is computer-generated environments where users experience a digital version of the real world where they can interact with objects and other people. It offers an opportunity to create a more personalised and engaging experience for learners.

Dr Ohu added, “Although VR is fun, my research collaborators and I have broader and more ambitious goals which should see the greater deployment of VR in teaching, learning and development at all stages of a person’s life. I particularly want to see it deployed as a complementary learning resource in training at the Lagos Business School”.

Virtual Reality is considered by many to be the biggest thing after the internet, and its use is predicted to increase in the coming years. It is therefore imperative that stakeholders in character development and education take steps to understand the benefits of VR, and beyond academics, to teaching cultural competencies in today’s interconnected, global society.

Other collaborators in the project include Judith Okonkwo, founder of Imisi3D, an Extended Reality creation lab in Yaba, Lagos, and Prof. Karen Schrier, a digital games expert at Marist College, USA.

SOURCE:https://brandspurng.com/2020/07/22/lbs-faculty-eugene-ohu-wins-234000-grant-for-virtual-reality-research/

Tony O. Elumelu Acquired 62.6m Shares from His Bank. United Bank for Africa Plc (UBA) on Monday disclosed insider dealing in accordance with the new Nigerian Stock Exchange (NSE) policy.
In a statement released on the Nigerian Stock Exchange website and signed by Company Secretary, Bili A. Odum, the lender said Tony O. Elumelu, the chairman of Heirs Holdings, the United Bank for Africa, Transcorp and founder of The Tony Elumelu Foundation, purchased 62,643,500 shares at N6.20 per share and another.

Aggregate information revealed the CEO bought 62,643,500 ordinary shares valued at N 388,389,700.00 on Monday, July 20, 2020, from the Nigerian Stock Exchange in Lagos.

SOURCE:https://brandspurng.com/2020/07/20/tony-elumelu-purchases-shares-of-62-6m-from-access-bank/

Heritage Bank plc, Nigeria’s most innovative banking service provider, has upgraded its HB ‘Padie’ mobile application to HB ‘Padie’ 2.0, which comes with new improved features for a convenient, quick, secure and affordable way for seamless 24/7 banking transaction.
The HB ‘Padie’ 2.0 app has been redesigned and relaunched with new improved multi-functional feature and game-changing innovation that leverages customers to ease accessibility to funds and improve the standard of living. This is poised to enable customers’ card management in connecting all bank accounts with their Debit Card details or account holder information.

The banking app which is squarely targeted at customers across board and embedded with improved security and self-service features allow the customers to open accounts from the comfort of their zones.

HB ‘Padie’ 2.0 combines digital transactions and community lifestyle payments that empower customers with the power to build their world and perform digital transactions how they want.

The platform possesses other numerous benefits, as one of these is an enabler for foreign exchange transfer with speed and convenience you need all in one.

The platform enables customers and small business account holders key into electronic payment system easily, efficient collections, bills payment, mobile virtual top-up, funds transfer, balance enquiry and many more.
Other added features include frequent transaction; dashboard flexibility and personalization, which involve profile management-the HB ‘Padie’ 2.0 can be customized by the user by adding any profile picture of choice, whilst the customers can retain and delete beneficiaries without having to repeatedly enter the recipients’ account details.

The HB ‘Padie’ 2.0 platform also allows customers to monitor their spending patterns, as it shows the inflow and outflow of funds on their account.

To further improve banking experience and make access to funds easier, Heritage Bank launched its USSD code *745#.

According to the bank, it does not require a smartphone or data and would induce an improved banking experience.

To register for the service, the bank said customers should dial, *745# account number* last 6 digits on the customer’s debit card# and follow the voice prompt.

To ensure seamless banking transactions, the bank explained that customers are constantly communicated to, to also adopt its available 24/7 alternate electronic channel.


SOURCE:https://brandspurng.com/2020/07/20/heritage-bank-upgrades-its-mobile-app-for-easy-access-to-banking-services/

Sequel to its earlier announcement on October 28, 2019, the Board of Access Bank PLC is pleased to inform the investing public and the Nigerian Stock Exchange of the Bank’s successful completion of the acquisition of Transnational Bank (Kenya) Plc.
This follows the receipt of full regulatory approvals and fulfilment of all conditions precedent to completion.

The Bank’s vision is to be the World’s Most Respected African Bank and our entry into the Kenyan market, a key gateway in East Africa, not only brings us closer to that vision but entities our customers tap into our extensive global network that translates into immense business opportunities, robust and efficient digital solutions, competitive products and unrivalled customer experience.

Commenting on the acquisition, M. Herbert Wigwe the Bank’s Group Managing DiredtorfChief Executive Officer said,
“We are excited to make an entry into the vibrant Kenyan market Wie pledge to put our customers at the forefront of everything we do Through the creation of a world-class payment system, we will build and support our wholesale and retail customers using our strong customer insights to deliver beyond their expectation
We are indeed grateful to the regulators tor the confidence imposed in us throughout this transaction and we acknowledge the support of our team of world-class advisors whose hard work made this deal possible.”

SOURCE:https://brandspurng.com/2020/07/20/access-bank-plc-completes-acqusition-of-transnational-bank-kenyal-plc/