₦airaland Forum

MoneyGram International, Inc, a global leader in cross-border P2P payments and money transfers, today announced a partnership with Uber to provide drivers and delivery couriers a discount on digital money transfers sent to family and friends in over 200 countries and territories.

“We’re thrilled to launch this partnership with Uber to serve everyone earning on the Uber platform – many of whom frequently send money back home to friends and family,” said Alex Holmes, MoneyGram Chairman and CEO. “Our companies have significant overlap in the populations we serve, and drivers know and love the MoneyGram brand. In fact, this partnership is a direct result of customer feedback, and we’re proud to provide drivers with affordable access to our global platform during this challenging season brought about by the COVID-19 pandemic.”

Anyone who earns on Uber’s platform, including the Driver app, Uber Eats, Uber Freight and Uber Works, is eligible for this discount. This promotional partnership has initially launched in the United States, Canada, Australia, and the United Kingdom.

“The spread of COVID-19 has been hard for everyone, and it has been particularly challenging for people who drive and deliver with companies like ours. To help those who are supporting loved ones abroad during these uncertain times, we’re excited to partner with MoneyGram,” said an Uber spokesperson.

“As strong demand for our digital capabilities continues to grow, we look forward to providing discounts on all money transfers made through our mobile app and website to everyone earning on the Uber platform,” said Kamila Chytil, MoneyGram Chief Operating Officer and leader of the company’s digital efforts.

Promotional terms and conditions can be found on the MoneyGram website.

SOURCE:https://brandspurng.com/2020/05/27/moneygram-and-uber-launch-partnership-to-support-drivers-during-global-pandemic/

Taraba State Governor, Arc. Darius Dickson Ishaku, and USAID effective water supply and sanitation services E-WASH has signed a Memorandum of Understanding (MoU) to improve the management and delivery of Water and Sanitation to the people of the state.

The new MoU was signed during a teleconference meeting between the two partners held recently.

Gov. Ishaku who was highly elated after the meeting said his administration was working hard to ensure that reliable water and sanitation services reach 90 percent of the state before the end of his second tenure.

The programme is to help the people of the state live healthier lives through reliable access to clean water.

The MOU signed by the two partners underlines the commitments on their part to jointly develop a professionally managed, commercially oriented and accountable state water board.

In a statement released in Jalingo by Mr Bala Dan-Abu the Governor said the MoU will be achieved by improving the water board’s financial viability and strengthening policy, institutional and regulatory frameworks for better WASH service delivery.

The USAID is promoting a 60.4 million Dollar “Effective Water, Sanitation and Hygiene (E-WASH) services in five states including Taraba.

Governor Ishaku described the MoU as a remarkable milestone.

“We believe we have the potential to provide not only the best water service delivery in the country but in all Africa.

“In the next four years, USAID’s E-Wash will spur the mobilization of an additional 50 million dollars from public and private sources.

“It will also provide access to piped clean water to, at least, 500,000 households.”



The statement also quoted Mr Stephen M. Haykin, USAID Mission Director during the teleconference as saying COVID-19 pandemic has added greater emphasis to the importance of water sanitation and hygiene.

“The collaboration marked by this agreement will help Taraba chart a part towards a better performing water board and will raise the quality of services for the health of their customers,” Haykin was quoted as saying.

Our correspondent reports that Taraba is the first among the benefiting states to key into the plan of action since the Federal Government’s declaration of clean water as a national emergency.

Governor Ishaku is also the first governor to conduct the visual meeting with USAID E-WASH programme on water supply in Nigeria.

SOURCE:https://brandspurng.com/2020/05/25/gov-ishaku-usaid-sign-new-mou-to-improve-water-supply-in-taraba/

Hey Guys! Am back again as promised. We are going to be looking at Defensive Midfielders who spent their career in a Football Club with Laurels. Being a Defensive-Midfielder requires a lot of skill and responsibility as its regarded as the propeller of a Team. Let’s just say they do the dirty job. Only Good Coaches can identify and select the right player for this position. It’s like an undercover mission where the success is only loud to the Team in general, if you understand what I mean.

After rigorously searching and sampling, Only Two Players made my list.

Sergio Busquets

This Spanish born has been playing for Barcelona since 2005 from the Youth Team and progressed to the Senior Team in the year 2007. One of the finest of the modern era. A hard-working player, he excels at intercepting loose balls and breaking down opposition plays due to his positional sense, defensive attributes, tackling, tactical intelligence, and ability to read the game, despite his lack of pace. As regards Club Achievements, Its obvious he has won Cups and Competitions Barcelona has in their Trophy Cabinet since 2007 including the treble. He reached the Spain national team less than one year after making his senior club debut. Busquets helped Spain win the 2010 World Cup and the Euro 2012 tournaments. He also represented the nation at two other World Cups and Euro 2016.

Paul Scholes

Don’t judge a book by its cover. At first glance, No one would have expected Scholes to perform well at this role which of course comes with huge responsibility unless of course, you have an exceptional Coach like Fergie to give him a chance.

Scholes made his full debut for Manchester United in the 1994–95 season. He went on to make 718 appearances for United, the third-highest number of appearances by any player for the club. Scholes announced his retirement from playing in May 2011 and was appointed as a coach at Manchester United.  Scholes has been criticized for his disciplinary record, amassing the fifth-most yellow cards in Premier League history with 97, and also received four red cards. Despite this, The truly great English midfield player of the generation. Didn’t just play the game, he thought about the game. You could see every pass, every decision, was based on his intelligence and understanding. However, he returned to playing in January 2012 and went on to play one more season for the club before retiring again in May 2013. With United, Scholes won 25 trophies including 11 Premier League titles (more than any other English player) and two UEFA Champions League titles.

Thanks for reading. You can send your comment through the comments section below. Remember to always like and share.

SOURCE:https://brandspurng.com/2020/05/25/notable-defensive-midfielders-who-spent-their-career-in-one-football-club/

The accelerated shift to digital commerce in recent months has brought along with it a dramatic spike in online fraud. In the first quarter, over a quarter of all transactions around the globe were fraud attempts. 

Striking the right balance between accepting transactions – to grow your business and support your customers – and managing fraud risk is tricky. Small businesses worldwide now find themselves quickly having to adapt to support customers online – and a key part of the transformation is enabling the right e-commerce tools while maintaining a safe, secure experience. Savvy fraudsters are aware that some small businesses are inclined to relax fraud strategies as sales and fraud review teams may be under capacity. The weeks ahead will be critical as fraudsters attempt to exploit this window of opportunity, and small businesses should create a comprehensive fraud strategy now.

As you plan and execute your own strategies, below are a few tips on managing fraud:

Be Proactive About Dual Authentication: There has been a surge of multiple new accounts tied to the same underlying user profile opening at the same time. This creates an opportunity for origination fraud where an account looks legitimate after it remains dormant for some time. Once the account becomes legitimate in a merchant’s system, it then turns into the source of fraud. Ask customers to share a secondary email or mobile phone to help confirm account creation and purchases. In addition, consider reviewing the purchase history on the account.Defend Against Card Testing: For fraudsters, card testing can be an effective method to verify stolen card credentials are valid – and small and medium businesses are often the target of card testing attacks. Sophisticated fraudsters now use computer-generated scripts to test thousands upon thousands of credentials at a time. Ensure your checkout and card addition pages (or any other pages where cards are validated) include technologies to detect and prevent automated scripts from submitting transactions. Some of these preventative technologies include firewalls for basic botnet detection and CAPTCHAs, a visual challenge designed to distinguish humans from automated scripts.Monitor for Account Takeovers: Fraudsters will target card-on-file models and take over both newly created and dormant accounts on file to use for fraudulent orders. A few traits to look for including multiple recent shipping address changes or a rise in older, dormant accounts placing orders.Check Shipping Details: Fraudsters have started to manipulate their shipping address on the checkout page or ship goods to unoccupied houses or new buildings allowing them to pick up packages that have been left outside. Be aware of details in the 2nd or 3rd lines of the shipping addresses that might be used to reroute packages, bypassing your risk strategies or velocity rules that only look at the first line of the address.Enable Contactless Deliveries: Most delivery partners now support contactless deliveries to protect both their couriers and their customers, which can lead to ‘goods not received’ disputes. If you deliver your own goods, take a photo for proof of delivery to help defend against goods not received claims.

Visa’s CyberSource and Authorize. Net solutions offer a number of tools to help small businesses pivot and thrive digitally during this time and beyond, recognizing the changing ways consumers are spending online. To help with the challenging task of digital transformation, Authorize. Net is waiving its gateway monthly fee for new merchants who sign up on the Authorize. Net website until August 1, 2020, which includes access to several digital payment and fraud tools.

CyberSource and Authorize.Net are hosting a video series “Fraud Trends under:10”—helping payment protectors and fraud fixers get their fraud fix in under 10 minutes. Each week two episodes will debut on LinkedIn —starting Tuesday, May 19 at 10:00 am PST with Episode 1 and Thursday, May 21 at 10:00 am PST with Episode 2. Episodes 3 & 4 will air on Tuesday, May 26 and Thursday, May 28 at 10:00 am PST.

It has never been more critical to make sure your business is operating safely and securely.


SOURCE:https://brandspurng.com/2020/05/23/five-tips-for-managing-fraud-in-an-online-world/

The National Bureau of Statistics Published Internally Generated Revenue (IGR) at State level for Fourth Quarter and Full Year 2019.

The NBS, in a report posted on its website, said the 36 states and FCT IGR figure hits N1.33trn in 2019 compared to N1.17trn recorded in 2018. This indicates a positive growth of 20.92% year on year.

The NBS stated that the Q4 2019 states and FCT IGR figure hit N346.20bn compared to N294.11bn recorded in Q3 2019. This indicates a positive growth of 17.71% quarter on quarter.

The NBS stated that the IGR was generated from five main revenue sources: Pay-As-You-Earn, direct assessment, road taxes, Ministries, Departments and Agencies, and other revenue.

The IGR made by the states excludes the monthly allocation that they received from the Federation Accounts Allocation Committee.

Further analysis of the revenue by Brand Spur showed that Lagos State has the highest Internally Generated Revenue with N398.73bn recorded, closely followed by Rivers with N140.40bn while Taraba State recorded the least Internally Generated revenue.

Top ten states with highest IGR in 2019: The top 10 states in Nigeria in term of 2019 IGR accounted for 69.62 per cent of total IGR. The breakdown shows that the top 10 states accumulated a total of N928.9bn IGR in 2019.


SOURCE:https://brandspurng.com/2020/05/22/states-igr-hits-n1-33trn-in-2019-as-lagos-maintains-first-spot/

The outbreak of Currencies in Africa is expected to halt global growth which has maintained a positive trend over the last 10 years. According to the IMF, the impact of the world-wide lockdown is estimated to result in 3.0% decline in global GDP as the strength of even the most stable economies around the world is put to the test.

Unsurprisingly, risk-off sentiment by investors in emerging markets and across African countries in particular as well as the historic downturn in commodity prices, is having a telling impact on currency rates.

Amid huge capital flow reversal driven by risk-off sentiment, currency rates of African countries under our coverage shows that the S/African rand is the worst hit, down 20.6% YTD. This is followed by the Angolan Kwanza which has depreciated by 16.1%YTD. Mauritius Rupee (-8.8% YTD), Nigerian Naira (-6.6%) and Kenyan Shilling (-5.3%YTD) followed in that order. Others include the Tunisian Dinar (-3.8% YTD), Morocco’s Dirham (-2.7% YTD) and the West African Monetary Union’s CFA franc (-2.3% YTD).

Notably, the Egyptian Pound, up 1.3% YTD, remains the best performer across the region.

While an adjustment of the Nigerian naira from N360/$ to N385/$ broadly reflects the 6.6% weakness observed in the official market, it must be noted that currency depreciation at the unofficial market is much deeper, currently at N445/$ amid liquidity challenges in the official market.

Looking ahead, the outlook for the local currencies across Africa is expected to remain relatively weak on the back of faltering global demand, weaker commodity prices and slower global trade.

SOURCE:https://brandspurng.com/2020/05/22/currencies-in-africa-s-african-rand-leads-laggards/

Mazda Motor Corporation has announced the release of its virtual race car, “Mazda RX-Vision GT3 Concept.” Jointly developed with Polyphony Digital Inc., the vehicle will be available for download in Gran Turismo Sport on May 22, 2020 [1]. The RX-Vision GT3 Concept is our newest virtual race car in Sony Interactive Entertainment’s PlayStation® 4 driving simulation title, Gran Turismo Sport, and we hope that all players will enjoy taking it for a spin.

Mazda is aiming to gain more Mazda fans by conveying the joy of driving a car to the wide range of people who love Digital Motorsport,[2] which has been gaining popularity in recent years. Moreover, due to current coronavirus circumstances, car enthusiasts all over the world can connect online and enjoy the same virtual experience regardless of country, region, language or generation. Through our support of Digital Motorsports, we hope to contribute to the expansion of car culture and complement new lifestyles.

Players who use Mazda vehicles, such as RX-Vision GT3 Concept, in Gran Turismo Sport will automatically be granted seed rights to participate in the FIA Certified Gran Turismo Championship (world tours) to be held in various locations around the world in the 2020 season.

In the United States, the Ricmotech iRacing Global Mazda MX-5 Cup began on May 5 with race staged each Tuesday evening through June 2. The virtual races include MX-5 Cup drivers from recent seasons as well as guest drivers from Mazda’s IMSA WeatherTech DPi program. More about this online series can be found at http://www.mx-5cup.com.

SOURCE:https://brandspurng.com/2020/05/22/mazda-debuts-virtual-race-car-rx-vision-gt3-concept/

Investors in the Nigerian equity market sustained positive sentiment to three consecutive trading days, as the market performance indicators (All-Share Index and Market Capitalization) grew by 1.25%. The rally was driven by gains in all of the five major sectors, led by the Industrial sectors. Consequently, the market breadth closed positively, recording 29 gainers as against 9 losers.

In summary, the All-Share Index (ASI) increased by 306.16 absolute points, representing a growth of 1.25% to close at 24,758.39 points. Similarly, the overall Market Capitalization size gained N159.55 million, representing an increase of 1.25% to close at N12.90 trillion.

SUNUASSUR emerged as the top gainer while ARBICO emerged as the top loser.

The uptrend was impacted by gains recorded in large and medium capitalized stocks, amongst which are; MOBIL (+9.95%), BUACEMENT (+9.88%), UNILEVER (+9.30%), UACN (+4.83%), ETERNA (+4.30%), FBNH (+3.88%), ZENITHBANK (+3.03%), ACCESS (+2.29%), HONYFLOUR (+3.00%), UBA (+0.75%), and GUARANTY (+0.63%).

FOREIGN EXCHANGE

The Naira at the official window on Thursday closed unchanged at 361.00/$1, against yesterday’s position.

The Investors and Exporters (I&E) FX window opened at N387.25, traded high at N389.75 and eventually closed at N386.50, representing a 0.02% decline as against yesterday’s closing position. A total of $85.61 million was transacted through the I&E window today.

MONEY MARKET

Overnight(O/N) rate closed at 2.00%, representing a 0.17% depreciation against yesterday’s closing position, while Open Buy-Back (OBB) rate closed at 1.42%, representing a 0.25% depreciation against yesterday’s position.

SOURCE:https://brandspurng.com/2020/05/21/investors-sustains-positive-sentiment-with-n160-billion-gain/

CNN Worldwide has appointed Rani Raad as President, CNN Commercial, in a new global position to broaden the company’s new business streams and increase the value that CNN provides to commercial partners around the world.

By centralizing the management and strategy of its commercial activity in one operation, CNN is creating a more integrated, agile and global approach to the way it assesses market needs, develops solutions and works with partners.

To achieve this and ensure that CNN is best positioned to continue its commercial success into the decade, Raad will work closely with WarnerMedia Sales and International on its CNN advertising and distribution activity, lead the international business through CNN International Commercial, optimize CNN Worldwide’s directly controlled revenue operations and maximize the commercial potential of development of new products.

Effective immediately, Raad reports directly to Jeff Zucker, Chairman, WarnerMedia News and Sports & President, CNN Worldwide.

“There has never been a more important time to be strategic and purposeful about revenue generation across the platforms of CNN Worldwide,” said Zucker. “By aligning Rani and his team more closely with the rest of the CNN organization, there is no doubt it will make a big difference in our ability to find new ways of doing business and enhanced opportunities for our clients around the world.”

Raad, a CNN veteran of 22 years, started his career at the company in New York before holding a number of senior international roles with CNN and WarnerMedia. In 2013, Raad combined all business operations of CNN’s properties outside of the United States within the division CNN International Commercial (CNNIC), including advertising, sponsorship, Content Sales & Licensing, Out of Home, marketing and Audiences & Data. Since then, as President of CNNIC Raad has developed the business by introducing a cross-platform and data-led strategy with increased digital capabilities, tailored for a wide range of client and market needs across over 200 countries and territories.

Raad said, “I don’t think I have ever seen a time when CNN has been so influential, both in the US and internationally. An era of structural change in the media market, the increased demand for verified news and the economic impact of Covid-19 is fundamentally changing the way we need to work with our business partners. With our premium brand, sophisticated solutions and worldwide reach, it’s now more important than ever before that our business partners, wherever they are, have greater and faster access to CNN’s full suite of global capabilities.”

SOURCE:https://brandspurng.com/2020/05/21/cnn-worldwide-unifies-global-commercial-strategy-under-rani-raad/

Zenith General Insurance’s Profit Before Tax Rises By 16% To N3.67bn
Zenith General Insurance Limited has released its full-year financial statements for the year ended 31 December 2019. A review of the results showed positive improvements on a year-on-year basis with profit before tax rising by 16% from N3.16bn to N3.67bn while profit after tax rose by 10% up from N2.79bn to N3.06bn. The company also maintained a robust balance sheet closing the year with total assets of N40.1bn and a shareholders’ fund of N25.9bn.

Gross premium grew by 17% year-on-year from N13.7bn to N16.1bn, while there was a 46% growth in underwriting profit from N2.77bn to N4.06bn. The company made substantial gains from reduced claim expenses and healthy growth in gross written premiums.

Investment income showed an increase of 2% year on year, up from N3.55bn in 2018 to N3.63bn in 2019 despite lower yields on most investment classes in 2019.

Commenting on the financial results, the Managing Director/CEO, Mr. Kehinde Borisade said “we are re-affirming our mission statement that Zenith General Insurance Ltd exists to ensure peace of mind and also create value to people in a world of uncertainties. This is evident in our strong financial performance showing improvement across the board through increased premium income, underwriting profits and investment income despite the economic headwinds witnessed in various sectors of the economy. We also ensured prompt settlement of claims with total claims payment of N3.8bn for the year and an average settlement turnaround time of three days.”

He added that “our company has continued to maintain a very strong and healthy financial position with a growth of 6% year-on-year on total assets, and a 4% increase in shareholders’ funds. We also continue to strive to be the best in the insurance industry; maintaining the strongest solvency position and closing the year with a solvency ratio of 726%”.

Zenith Insurance is one of Nigeria’s leading insurance institutions. The company is one of the first Insurance companies to have met the recapitalisation requirements of the National Insurance Commission (NAICOM) by recapitalising its share capital from N3bn to N10bn.

SOURCE:https://brandspurng.com/2020/05/20/zenith-general-insurances-profit-before-tax-rises-by-16-to-n3-67bn/

The Nigerian Stock Exchange (“NSE” or “The Exchange”) is pleased to announce that the Federal High Court, Lagos has now granted an order sanctioning the Scheme of Arrangement for the demutualisation of NSE.
Commenting on this development, the Chief Executive Officer of NSE, Oscar N. Onyema, said: “The NSE demutualisation process is moving ahead in line with the expected sequence of events, following the conclusion of its Extraordinary General Meeting and Court Ordered Meeting (COM) in March 2020. Understandably, in current circumstances, some of the legal and regulatory steps required have taken a little longer than originally expected, but today we have received court sanction for the results of the EGM, in particular, the Scheme of Arrangement and we are looking to secure the reregistration of the Exchange as well as the approval of the Securities and Exchange Commission within the coming months.”
Members of the NSE had approved the demutualisation scheme of The Exchange at an EGM in March 2017. This was followed by the signing of the Demutualisation of The Nigerian Stock Exchange Bill into law in August 2018. In December 2019, the Securities and Exchange Commission of Nigeria in a No Objection letter, gave its consent to the NSE to hold the COM and EGM that would facilitate its conversion from a not-for-profit entity limited by guarantee into a profit-making, public limited liability company owned by shareholders.

SOURCE:https://brandspurng.com/2020/05/18/nse-demutualisation-receives-boost-as-court-sanctions-scheme-of-arrangement/#

LASUTH Cardiologists have encouraged Lagosians to constantly check their Blood Pressure despite the COVID-19 pandemic. This advice is in commemoration of the 2020 World Hypertension Day tagged ‘Know Your Numbers’. This annual event is aimed at educating the public and increasing awareness of hypertension and its effects when it is not quickly diagnosed.

According to World Health Organization (WHO), Hypertension, commonly known as high blood pressure, has been termed “a silent killer” and a “global public health issue” because of most affected individual show no symptoms. It is also said that hypertension is the “most important preventable cause of heart disease and stroke worldwide”.

Speaking about this day, Dr Folasade Adeola Daniel, a Consultant Physician and Cardiologist at the Lagos State University Teaching Hospital (LASUTH); and a Senior Lecturer with the Lagos State University College of Medicine (LASUCOM), laid emphasis on the importance of this year’s theme.

Dr Daniel said the importance of knowing one’s systolic (the top number or highest blood pressure when the heart is squeezing and pushing the blood around the body) and diastolic (the bottom number or lowest blood pressure between heartbeats) blood pressure is to help everyone become aware of their health status if they are hypertensive or not. “If you know your blood pressure then you could tell when it is abnormal: higher or lower and then appropriate medical attention could be quickly sought.

She further said that the awareness of this can help people modify their lifestyle to correct the elevated blood pressure if that be the case; “people would know if his or her blood pressure is at the target for those who need to be on treatment for hypertension”. She emphasized that “It’s also better one knows his or her actual blood pressure reading whenever it’s done rather than accept a normal verdict from whoever is doing it.”

Though the COVID-19 Pandemic has hampered several activities that have been put in place to celebrate the day both locally and internationally, Dr Daniel pointed out that the May Measurement Month will still be encouraged to happen albeit on a smaller scale.

Also, Dr Adeola Ajibare, a consultant physician and Cardiologist at LASUTH and Lecturer at LASUCOM, said the World Hypertension League (WHL) has encouraged people to get involved in May Measurement Month (MMM); which implies that the whole month of May has been dedicated to the measurement of the blood pressure of the populace. He pointed out that LASUTH “has been observing the MMM initiative from its inception, 3 years ago. “We organize screenings for people in the neighbouring communities like the computer village and Police College.”

Despite the social distancing restrictions that have led to a drastic reduction in the contact we should have with patients. However, the home blood pressure monitor is recognised as a tool in the diagnosis and monitoring of elevated blood pressure.

“We are still able to offer consultations through telephone and other social media platforms; we will still continue to motivate the populace to check, know and control their numbers whenever we find ourselves either in the media or through our website, Dr Ajibare said on an optimistic note.

To stay healthy, WHO recommends a healthy diet, no alcohol, physical activity, no tobacco and stress management as steps to minimize the odds of developing high blood pressure and its adverse consequences.

SOURCE:https://brandspurng.com/2020/05/18/world-hypertension-day-lasuth-cardiologists-encourages-the-public-to-check-bp-despite-covid-19/

The total revenue from Value Added Tax (VAT) for Q1 2020, increased to ₦338.94billion – a 10% increase from Q4 2019 and a 16% increase from Q1 2019 due to the 50% VAT increase.

Commercial services (₦38 billion), other manufacturing (₦37 billion) and Trade (₦17 billion) recorded the highest remittances – accounting for 54% of the total.

It revealed that professional Services generated the highest amount of VAT with N38.30bn generated and closely followed by Other Manufacturing generating N37.37bn, Commercial and Trading generating N17.19bn while Mining generated the least and closely followed by Textile and Garment Industry and Local Government Councils with N61.83m, N306.05m and N319.04m generated respectively.

Federal ministries and parastatals (-33%), state ministries (-16%) and local government councils (46%) all recorded declines in their VAT remittances.

Out of the total amount generated in Q1 2020, N172.67bn was generated as Non-Import VAT locally while N93.67bn was generated as Non-Import VAT for foreign. The balance of N72.59bn was generated as NCS-Import VAT.

SOURCE:https://brandspurng.com/2020/05/18/nigeria-vat-revenue-increased-by-15-6-in-a-year/

The Board of Directors of the African Development Bank has approved a $13.7 million grant to finance the COVID-19 response in Zimbabwe. The funds will provide an immediate lifeline for targeted frontline responders and health personnel and boost the country’s Global Health Security Index in the wake of the novel coronavirus pandemic.

Approval for the grant was made on May 13, after a request from the Zimbabwe Government. The funds, from the African Development Fund (ADF) 14 Transition Support Facility, will go to Zimbabwe’s COVID-19 Response Project (CRP), which aims to mitigate the impact of the COVID-19 pandemic on a country which is facing many economic and social challenges.

The CRP will focus on 15 high-density urban suburbs in Harare the capital, satellite townships and targeted health facilities in other areas of the country.

Activities under the project include boosting capacity in COVID-19 prevention and management protocols for healthcare personnel and populations in targeted regions and increasing access to COVID-19 hand washing facilities in Harare, satellite townships and other affected regions.

The project will also supply COVID-19 medical equipment and laboratory test kits, personal protective equipment (PPEs); set up handwashing facilities through rehabilitation/construction of boreholes; and training of healthcare personnel and laboratory technicians at the community level on COVID-19 prevention and case management protocols.

The project which will be implemented by the World Health Organization, with the country’s Ministry of Health and Child Care acting as executing agency, is expected to directly benefit over 680,000 people. It will leverage on planned activities to contribute to strengthening the resilience of the health system while protecting the livelihoods of the vulnerable population in Zimbabwe beyond the end of the pandemic.

Zimbabwe is currently facing additional vulnerability challenges caused by the COVID-19 pandemic. The nation like many other across the globe, has responded with a raft of measures aimed at containing the spread of the virus, including restricting the movement of people and ordering social distancing in public places like shopping malls and public transport. The country’s current national lockdown includes school closures, restricted movement of people, restricted business operating times and the closure of pubs, restaurants and churches. Public gatherings have been limited to 50 people.

SOURCE:https://brandspurng.com/2020/05/15/afdb-approves-13-7-million-to-strengthen-health-system-boost-anti-covid-19-efforts/

The Nigerian Government has generated the sum of N338.94 billion from Value Added Tax (VAT) in the first quarter of 2020.

The National Bureau of Statistics (NBS) disclosed this in a report titled ‘Sectoral Distribution Of Value Added Tax (Q1 2020)’ published on Thursday.

According to the NBS, the sectoral distribution of Value Added Tax (VAT) data for Q1 2020 reflected that the sum of N338.94bn was generated as VAT in Q1 2020 as against N308.48bn generated in Q4 2019 and N293.04bn generated in Q1 2019 representing 9.87% increase Quarter-on-Quarter and 15.66% increase Year-on-Year.

It revealed that professional Services generated the highest amount of VAT with N38.30bn generated and closely followed by Other Manufacturing generating N37.37bn, Commercial and Trading generating N17.19bn while Mining generated the least and closely followed by Textile and Garment Industry and Local Government Councils with N61.83m, N306.05m and N319.04m generated respectively.

Out of the total amount generated in Q1 2020, N172.67bn was generated as Non-Import VAT locally while N93.67bn was generated as Non-Import VAT for foreign. The balance of N72.59bn was generated as NCS-Import VAT.

SOURCE:https://brandspurng.com/2020/05/14/nigeria-earned-n338-94bn-from-value-added-tax-in-q1-2020-nbs/

The performance of the equities market improved slightly in yesterday’s trading session, as the NSE-ASI grew by 6bps to close at 23,709.44pts. In turn, the YTD loss improved to -11.7%. Also, investors gained about N7.0bn in value, as market capitalization closed at N12.4tn. In terms of activity, the value traded declined by 8.1% to N1.5bn, while the volumes traded increased by 2.2% to 159.2mn units.

All the sectors under our coverage recorded gains. Notably, the Oil and Gas sector (+2.7%) topped the list, with MOBIL (+9.9%) and TOTAL (+6.75%) gaining. The Insurance sector (+1.9%) followed suit, due to increases in MANSARD (+8.0%) and WAPIC (+7.1%). The Banking sector (0.6%) also moved up, due to STANBIC (+2.6%), GUARANTY (+2.1%) and FBNH (+1.1%). I n the Consumer goods (+0.4%) and Industrial goods sectors (+0.1%), UNILEVER (+10.0%) and CUTIX (+2.3%) drove the gains, respectively. In addition, we saw buying interests in healthcare stocks, such as MAYBAKER (+9.7%) and GLAXOSMITH (+2.7%).
Elsewhere, investors sentiment improved as market breadth was 2.9x vs 0.8x in the previous day. Notably, 20 stocks gained while 7 stocks declined. In today’s session, we expect market sentiment to be mixed, as investors simultaneously take profit and take advantage of opportunities in attractive stocks.

SOURCE:https://brandspurng.com/2020/05/14/equity-market-stocks-rebound-by-0-06/

One of the 80 Almajiris deported by Nasarawa State government to Taraba state last week has tested positive to COVID-19.

This is even as the State task-force committee on COVID-19 has said six patients who have tested negative twice have been discharged from the isolation centres in Jalingo, the state capital.

Commissioner for Information and Re-Orientation, Barr. Danjuma disclosed this while briefing journalists in Jalingo.

Adamu said the state initially rejected the Almajiri’s sent to the state by the Nasarawa state government but decided to receive the Amajiris and quarantined them.

“WE TOOK SAMPLES OF ALL THE 80 ALMAJIRIS AND SENT TO ABUJA FOR TESTING AND ONE OF THE SAMPLES TESTED POSITIVE, WHILE THE RESULT OF THE REMAINING IS STILL BEING AWAITED.

“WE HAVE ANOTHER POSITIVE CASE FROM WUKARI LOCAL GOVERNMENT AND EFFORTS ARE BEING MADE TO BRING THE PATIENT TO JALINGO.

“THE GOOD NEWS HOWEVER IS THAT SIX OF THE PATIENTS BEING TREATED IN OUR ISOLATION CENTRE HAVE TESTED NEGATIVE TWICE AND HAVE BEEN DISCHARGED,” HE SAID.

SOURCE:https://brandspurng.com/2020/05/13/taraba-state-one-almajiri-deported-from-nasarawa-tests-positive-to-covid-19-commissioner/

Xiaomi has unveiled its latest ‘flagship killer’ under the Poco brand. POCO, the beloved smartphone product brand launched its latest device: POCO F2 Pro. Tailored to tech enthusiasts, the device prioritizes performance over frills – without the traditional flagship price tag.

With the Snapdragon™ 865 Mobile Platform under the hood, POCO F2 Pro offers sustained peak performance, extremely fast processing speeds, and a true full-screen viewing experience that’ll have techies waving goodbye to their current daily driver.

Powerfully cool with Qualcomm® Snapdragon™ 865 and LiquidCool Technology 2.0
POCO F2 Pro takes the mobile experience to the next level with Qualcomm® Snapdragon™ 865: the most powerful 5G processor on the market. Paired with a Kryo™ 585 octa-core chip processor and Adreno™ 650 GPU, both offer 25% improved performance over their predecessor, delivering the ultimate performance with constantly connected users in mind.
With LiquidCool Technology 2.0, POCO F2 Pro sports the largest vapor chamber available on the market, along with multiple stacks of graphite and graphene. This solution keeps the device cool, especially the SoC and the surface of the phone, and sustains peak performance even under heavy activity loads.

Sophistication meets vibrancy with a sleek design and 6.67” AMOLED ultimate Full Screen Display

POCO F2 Pro touts a variety of favorite features, including an optical in-screen fingerprint sensor and Corning®️ Gorilla®️ Glass 5 on the front and back for sturdy protection. The device is offered in radiant colors and styles to suit every personality, including grey, purple, blue, and white – sporting an anti-glare matte finish in the purple and grey variants.

With a contrast ratio of 5000000:1 and a brightness of 500 nits (typ) / 800 nits (HBM), the device brings display quality to the forefront. No matter the time of day, users can count on a comfortable viewing experience through POCO F2 Pro’s bright 6.67” AMOLED ultimate Full Screen Display, featuring a 360° triple ambient light sensor to deliver accurate ambient light detection and smooth brightness adjustment.
Photography reigns supreme with 64MP quad rear camera and 20MP pop-up camera
Touting an impressive 64MP rear quad camera set up, POCO F2 Pro’s Sony IMX686 sensor captures clear, detailed images, while its 13MP 123° ultra-wide-angle lens lets users take effortlessly gorgeous landscapes and large group photos. A 5MP macro and 2MP depth sensor round out the rear camera for detailed close-ups with unparalleled bokeh, allowing for beautiful images every time.

With ultra-high definition video recording at 8K (24fps) and 4K (60fps), POCO F2 Pro turns any user into a cinematographer. The Pro mode for both photo and video offers more control over focus and exposure, so users can capture higher quality images without the use of a DSLR or other professional cameras.

On the front, POCO F2 Pro sports a massive 20MP pop-up camera with a multicolor notification light, helping minimize front screen bezels without compromising camera quality. The selfie camera also sports 120fps slow-motion video recording capability to turn even basic videos into cinematic masterpieces.

Accelerated performance shines with high-capacity 4,700mAh (typ) battery and swift 9.6Gbps connectivity speeds

Enabling a reliable extended user experience, POCO F2 Pro packs a mighty punch with its massive 4,700mAh battery, surpassing the average user’s power needs even during heavy usage. The device also sports a swift 30W fast charge, which can fuel the device to 64% in just 30 minutes and 100% in 63 minutes2. In addition to superb charging speed, POCO F2 Pro also comes with a 33W in-box charger which provides a convenient power-up experience for users constantly on the go.

With the support of WiFi 6, POCO F2 Pro provides a hyper-fast connectivity experience with speeds of 9.6Gbps, nearly three times as fast as WiFi 5. Additionally, the device integrates a multi-link connection allowing for stable and peak network connections at all times across 2.4G Wi-Fi, 5G Wi-Fi, and mobile data.

SOURCE:https://brandspurng.com/2020/05/13/xiaomi-unveils-new-flagship-killer-poco-f2-pro-photos/

Oil prices rose strongly on Tuesday, following promised cuts from Saudi Arabia, the UAE, and Kuwait. Ongoing supply curtailments around the world are boosting sentiment, raising hopes that the storage crisis could potentially be averted.

Saudi Arabia to cut an additional 1 mb/d. Saudi Arabia said it would cut by another 1 mb/d on Monday, lowering production to about 7.5 mb/d in June. The cuts are made “in an effort to support the stability of global oil markets,” the Kingdoms said. But the additional Saudi cuts could simply create more room for U.S. shale to rebound. “A depressing thought for OPEC+ must be that side-lined production in the magnitude of 3.5-4.5m bl/day in the US and Canada will be the first to reap the rewards of the production cuts by OPEC+,” SEB said in a statement.

Oklahoma punts on oil production cuts. Just a week after Texas killed the idea of mandatory production cuts, regulators in Oklahoma decided against taking similar action on Monday.

Chesapeake Energy posts $8.3 billion loss. Chesapeake Energy (NYSE: CHK) posted an $8.3 billion loss in the first quarter, including an $8.5 billion write-down on its assets in Texas, Wyoming, and Louisiana. The company is on the brink of bankruptcy.

Canadian oil faces an existential crisis. Canada has already shut in 644,000 bpd of production and debt is mounting, even for some of the country’s larger producers. “The balance sheets of some very good companies are not as strong as they should be,” Tim McMillan, president of the Canadian Association of Petroleum Producers, told Reuters.

Petroleum engineer graduates losing industry offers. With hiring down, some job and internship offers are being rescinded, putting newly graduated petroleum engineers in a bind. The human capital losses to the oil and gas industry could be significant, and fewer and fewer young people will move into the business.

Continental cuts output by 70 per cent. Continental Resources (NYSE: CLR) says it shut down 70 per cent of its production. Another producer, Callon Petroleum (NYSE: CPE), also announced on Monday it had further reduced activity, including the suspension of all completion activity in April and moving to one active drilling rig by mid-May.

BP sees possible peak demand. BP (NYSE: BP) boss Bernard Looney said that the global pandemic was only “adding to the challenges of oil in the years ahead,” potentially leading to peak demand. “It’s not going to make oil more in demand. It’s gotten more likely [oil will] be less in demand,” Looney said in an FT interview. “Could it be peak oil? Possibly. Possibly. I would not write that off,” he added.

Refiners produce diesel glut. Facing a tidal wave of gasoline, refiners switched over to producing relatively more diesel, where margins were better. Now, there is a glut of diesel too.

Montana judge upholds decision cancelling Keystone XL permit. A federal judge in Montana upheld a recent ruling that cancelled an environmental permit for the Keystone XL pipeline. More importantly, the decision also cancelled the Nationwide Permit 12 program, a fast-track permitting process for thousands of energy projects across the United States.

Aramco profits plunge; still the most profitable company. Saudi Aramco’s (TADAWUL: 2222) said its first-quarter profits declined 25 per cent to $16.7 billion, and the company said it would also cut spending to between $25 and $30 billion, down from $32.8 billion previously. Aramco retained the claim of the world’s most profitable company. However, the second quarter will be much worse, as Aramco’s average sale price for its oil was $50 per barrel in the first quarter. Meanwhile, the Saudi government imposed a series of austerity measures, including a tripling of the VAT and cuts to benefits for government workers.

IHS Markit: Oil demand will bounce back. IHS Markit says the road to recovery for oil demand will be rocky but could bounce back by the end of 2021, potentially leading to a supply shortage.

scare people and spook people and weigh on the economy.”

Gasoline demand rebounding. With fears over the coronavirus hitting public transit, car use could see a comeback, and with it, gasoline demand. People are using more their cars because they are afraid to use public transportation,” Patrick Pouyanne, the chief executive of French oil giant Total (NYSE: TOT), said. UK road traffic is back up, the FT reports.

V-shaped recovery is not likely. “A couple of months ago I was optimistic, I was hopeful, that maybe we would have a ‘V’-shaped recovery – shut things down, clamp down on the virus, and then have a quick recovery,” Minneapolis Federal Reserve Bank President Neel Kashkari said in an interview on the PBS Newshour. But with a vaccine potentially a year or two away, “we are in for unfortunately a slow, long recovery” from “devastating” job losses, Kashkari said.

JPMorgan income down 70 per cent on bad energy loans. “Net income was down 69 percent, predominantly driven by an increase in the provision for credit losses across the Firm reflecting deterioration in the macroeconomic environment as a result of the impact of the COVID-19 pandemic and continued pressure on oil prices,” JPMorgan Chase said last week.

SOURCE:https://brandspurng.com/2020/05/12/bullish-sentiment-is-creeping-back-into-oil-markets-report/

Based on our market survey, the year-on-year headline inflation is estimated to spike by 0.69% to 12.95% in April. If our projections are accurate, it will be the 8th consecutive monthly increase and the highest level in the last 2 years. Beyond the rising inflation trend, the slope of the curve is becoming steeper, after easing for 3 consecutive months. Our survey also points to a sharp increase in the month-on-month inflation (a more accurate measure of prices) to 1.56% (annualized at 20.38%) from 0.84% (annualized at 10.53%) in March. Policymakers will face tough choices between lowering the MPR to cushion the effect of the COVID-19 induced deterioration on macroeconomic conditions or increasing the MPR to stem rising inflationary pressures and reduce external imbalances.

IMF emergency support fund ($3.4bn) to support external reserves

However, the International Monetary Fund (IMF) has approved a $3.4bn emergency support for Nigeria. This is in a bid to support the Federal Government’s effort in mitigating the severe economic impact of COVID-19 pandemic and the crash in oil prices. The FG also anticipates a $3.5bn support loan from the World Bank and the African Development Bank. This is expected to boost the gross external reserves which have lost approximately $14.33bn in the last 2 years. It will also provide some relief and support for the CBN in ensuring exchange rate stability.

Rising inflation is driven by the combined effect of COVID-19, lockdown measures and planting season

The sharp increase in headline inflation can be largely attributed to both seasonal and structural shocks. The COVID-19 pandemic has triggered both demand and supply shocks. The on-going lockdown, business closure and movement restrictions have disrupted the commodity supply chain, creating shortages. Consumers spending pattern have also shifted towards essentials like food and data. This was compounded by the planting season and currency devaluation. The second quarter of the year is typically the planting season, which is characterized by reduced agric output

Higher logistics costs in spite of a fall in PMS price

Analysts had anticipated a sharp drop in the cost of logistics due to the 14.85% reduction in the retail price of PMS to N123.5 per litre. However, the scarcity of commercial transportation due to the restriction of movements has pushed up transportation costs by over 50%. The spillover effect was a spike in commodity prices. Core inflation is projected to increase by 0.17% to 9.9%.

Supply shortages due to the planting season and COVID-19 containment measures

The current lockdown and movement restrictions coincide with the planting season, which typically commences in the second quarter of the year. The resulting decline in commodity supplies has filtered through to a sharp increase in commodity prices. Food inflation is expected to soar by 0.22% to 15.20% in April.

Exchange rate induced imported inflation

In response to the crash in oil prices, the currency was adjusted to N360/$ and N380/$ at the official and I&E windows respectively. The exchange rate for import duty payment was also increased to N361/$ from N326/$. The immediate impact of this was a jump in the price of imported commodities. Imported inflation is estimated to rise to 16.3% from 16.2% in March.

Peer Comparison – Mixed movement in Inflation – 3 Reds, 3 Greens, 1 Amber

in March; three also posted declines while one was flat. The increase in Angola’s inflation rate was largely due to the devaluation of the Kwanza and the Covid-19 impact. Most of the SSA countries under our review are tilting more towards an accommodative monetary policy stance. This is to cushion the effect of the COVID-19 pandemic on their respective economies. However, the spike in inflation coupled with the oil price crash and its resulting impact on external buffers have restrained some countries from embracing an accommodative monetary policy stance. Time will tell if ensuring price and exchange rate stability will overshadow the need to support the hampered domestic economy.

Concluding Thoughts

Inflationary pressures to heighten but aggregate demand will shrink

Inflationary pressures are expected to persist in the coming months due to the combined effects of the planting season, lockdown measures, border closure and exchange rate adjustments. Meanwhile, there will be a reduction in aggregate demand and a shift in consumption pattern towards essentials as consumers respond to reduced disposable income. This is because recessions are typically accompanied by salary cuts and huge staff layoffs.

N850bn domestic borrowing likely to have a neutral effect on private investments

The Senate has approved the conversion of the N850bn external loan to domestic borrowing. This is due to the negative impact of COVID-19 virus on the global economy and financial markets as well as the crash in oil prices. Typically, increased government borrowing from the domestic economy usually crowds out private investment. This is because the yield on government securities usually increases to attract investors. However, the LDR directives by the CBN could help cushion the crowding-out effect on the private sector as banks are mandated to meet the threshold.

SOURCE:https://brandspurng.com/2020/05/12/nigerias-inflation-rate-to-hit-14-in-april-analysts/

CPO volume growth drives accelerated Revenue growth

In its recently released Q1 2020 financials, Okomu oil reported a 65.5% y/y increase Revenue to N7.0bn in Q1 2020 from N4.2bn in Q1 2019. The recovery in Revenue was remarkable and beat our forecast as annualised Q1 2020 Revenue of N27.9bn prints above our FY forecast of N26.5bn by 5.3%. We note the remarkable recovery in Revenue was driven by increased local sales (+81.6% y/y to N6.4bn) while export sales continue to remain pressured (-12.5% to N0.6bn). The surge in local exports remains driven by the closure of the land borders which has prevented the importation of illegal olein used in crude palm oil (CPO) production. Export sales to international markets remain pressured with largest importer of CPO, India, implementing import tariffs on CPO imports into the country. CPO prices have also been trending higher with PKO price climbing 16.4% y/y to US$820.58/MT in Q1 2020.

Margins expand on the lower cost of sales

The company’s cost of sales dipped significantly, declining 69.9% y/y to N0.3bn in Q1 2020 from N0.8bn in Q1 2019. The decline in cost of sales was broad-based with the cost of sales on Oil Palm (down 67.0% y/y) and Rubber (down 84.1% y/y) declining. Against this backdrop, Gross Profit jumped 99.1% to N6.7bn in Q1 2020 from N3.4bn in Q1 2019. In the same vein, gross margin expanded by 16.3ppts to 96.4% in Q1 2020.

Operating performance strengthens despite the spike in Opex

In Q1 2020, Okomu oil recorded a significant spike in Net Operating Expenses which climbed 71.0% y/y to N3.5bn from N2.1bn in Q1 2019. The company’s quarterly financials don’t provide a breakdown of the Net Operating Expenses, however, we note higher volumes sold within the quarter would have impacted Material costs and Technical fees. Des[ite the spike in Opex, faster growth in Gross Profit ensured Operating profit accelerated 142.6% y/y to N3.2bn in Q1 2020 from N1.3bn in Q1 2019.

Finance cost jumps on higher leverage

Net finance cost jumped by 251.8% y/y to N0.2bn in Q1 2020 from N0.05bn in Q1 2019. This was primarily driven by a spike in Finance cost (up 153.7%). The growth in Finance cost was down to higher Loans and Borrowings were taken by the company to support its Capital expenditure spend. Nevertheless, Pre-Tax profits climbed 137.9% y/y to N3.0bn in Q1 2020 from N1.3bn in Q1 2019. The company has seen its Tax holiday expire and as a result, recorded a tax expense of N1.0bn rather than a tax credit of N0.3bn in Q1 2019. While this impacted on Net margin (down 7.4ppts to 29.0%), Net profit grew 31.8% y/y to N2.0bn in Q1 2020 from N1.5bn in Q1 2019.

Outlook: Outlook remains promising on volume and price growth

Volume & Price growth to sustain accelerated revenue

We remain very positive on Okomu oil going forward reflected in our 40.7% y/y forecast for Revenue growth. Our optimism ]on the company’s revenue growth is premised on strong growth in volumes and price. We forecast a 29.7% y/y growth in CPO volumes sold to 59,928MT while we forecast prices would remain sturdy with a 15.0% growth. However, we expect Rubber volumes to remain weak as we forecast a 6.3% y/y decline to 8,641MT while prices are forecasted to remain fairly stable.

EPS forecasted to print at N8.45/s

We note the company now operates higher financial leverage but remains insignificant and thus, we do not expect higher Finance cost to impact on the company’s Net Income. However, with the company’s tax holiday over, we expect Okomu oil will record higher tax expense in 2020. In addition, we note further devaluation of the naira would impact on the company’s costs. Nevertheless, we do not expect the pressures to outweigh the company’s revenue growth. Against this backdrop, we forecast a 59.7% y/y increase in Net Income to N8.1bn while we forecast EPS will print at N8.45/s in 2020.

BUY recommendation with a target price of N89.41/s

We have a target price of N89.41/s on Okomu oil which represents a 62.4% upside on Friday’s closing price of N55.05/s. We place a BUY recommendation on the stock. Our recommendation hinges on the company’s above-average fundamentals across Revenue growth, Net Income growth, Return on Equity and Low financial leverage. Our EPS forecast implies Okomu oil trades at an implied forward PE multiple of 6.5x which is a steep 174.0% discount to our peer average of 17.8x. Furthermore, the stock has a negative 1-Year return of 18.2%, with EPS forecasted to grow at 59.7%, we see the stock as deeply discounted with a decent upside.

SOURCE:https://brandspurng.com/2020/05/12/okomu-oils-revenue-and-profit-surge-on-domestic-sales-recovery-in-q1-2020/

The 2019 consumption expenditure report published by the National Bureau of Statistics (NBS), revealed that non-food consumption makes up 43% of total spending. Transportation, health and education were the leading categories – each making up 6% of total expenditure.

Nigerians’ spending on food rose to N22.78 trillion in 2019, up from the N12.77 trillion recorded in 2010 when the survey was last conducted.

The states with the highest consumption levels were Lagos, Oyo and Delta. In Lagos, non-food expenditure was the highest at 62%, compared with 48% in 2010.

Transportation (10.5%), rent (8%) and telecoms (7.5%) made up the highest non-food consumption components in the megacity.

Households spent N2.59tn on transport; N2.46tn on health; N2.43tn on education; N2.22tn on services including telecoms and N2.12tn on rent.

Clothing, household goods, entertainment and water gulped N1.82tn, N1.14tn, N428.22bn and N192.60bn respectively, the report showed.

It said the total household expenditure on food and non-food for 2019 was N40.21tn, compared to N21.62tn in 2009/2010.

“Of this total, 56.65 per cent (60.2 per cent in 2009/10) of total household expenditure in 2019 was spent on food with the balance of about 43.35 per cent (39.8 per cent in 2009/10) spent on non-food items,” the bureau said.

According to the NBS, foods consumed outside the home, followed by transportation costs and starchy roots, tubers and plantains were responsible for the largest proportion of household expenditure, representing a combined 24.16 per cent of total household expenditure in 2019.

It said various foods consumed outside the home, starchy roots, tubers and plantains, rice, vegetables, fish and seafood, grains and flours were the top food items households spent on in 2019.

They accounted for a combined 59.19 per cent of food expenditure and 33.53 per cent of total household expenditure on food and 24.8 per cent of total household expenditure, according to the NBS.

It said expenditure on non-food items was mostly on transport, health, education and services (which includes information technology and communication equipment, insurance and financial services), rent and fuel and light, which accounted for 79.40 per cent of the non-food expenditure.

Analysis of the report showed that food consumed outside homes, transport fares, starchy roots, tubers and plantains were responsible for the largest proportion of household expenditures, representing a combined 24.16 per cent of total household expenditure in 2019.

The state-by-state analysis showed that Lagos accounted for the largest share of the consumption expenditure at N5.07 trillion.

SOURCE:https://brandspurng.com/2020/05/11/nigerians-spent-over-%e2%82%a622-7-trillion-on-food-in-2019-nbs/

Dr. Kingsley Obiora has taken over as the Chairman of the Board of Directors of the Nigerian Export-Import Bank (NEXIM). Obiora replaces Dr. Joseph Nnanna, who retired from NEXIM Board in February 2020.

With this appointment, Dr. Obiora will provide leadership to a multidisciplinary team of professionals that constitute the Board of NEXIM, towards ensuring that the Bank achieves its mandate of promoting economic diversification and development of the Nigerian non-oil export sector.

Obiora will bring to bear his wealth of experience as a seasoned economist and technocrat, having joined the International Monetary Fund (IMF) through the globally-competitive “Economist Program” in 2007 and worked in both the European Department as well as the Strategy, Policy and Review Department of the Fund.

Dr. Obiora served as Special Assistant to President Jonathan’s Chief Economic Adviser from October 2011 to May 2014 and was also the Special Adviser on Economic Matters to the Governor of the Central Bank of Nigeria (CBN) from June 2014 to July 2018.

Dr. Obiora is currently the Deputy Governor (Economic Policy), of the Central Bank of Nigeria, a position he occupied in March 2020, having been appointed by the President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria,

A graduate of Economics from the University of Benin, Nigeria, Obiora also holds Masters and Doctorate degrees in Economics from the University of Ibadan, Nigeria.

The Managing Director/Chief Executive of NEXIM Bank, Abba Bello, welcomes him on behalf of the Board and the entire Management of the Bank and wishes him a successful tenure in office.

SOURCE:https://brandspurng.com/2020/05/09/nexim-gets-a-new-chairman/

The Best Workplaces list is based on the results of an employee survey conducted by Quantum Workplace on topics such as trust, management effectiveness, perks, and confidence in the future at more than 3,000 American companies. Inc. gathered the data from this wide-ranging survey and used a composite score of the survey results to rank all of the employers.

At Zoom, we believe strong company culture is critical to employee happiness and success. We’re thrilled to be recognized as a top workplace alongside 395 other industry-leading companies who are prioritizing the most human elements of work to create a vibrant workplace culture and deeper employee engagement.

The strongest survey scores came from companies that offer employees comprehensive benefits that allow them to flourish both at work and at homes, such as employee recognition programs, generous vacation policies, and health insurance.

Zoom was previously recognized as one of Glassdoor’s best places to work in 2019 and also made Glassdoor’s 2018 Employees’ Choice Awards, which honours the best places to work as rated by employees.

From Zoom’s start in 2011, CEO Eric S. Yuan has worked to deliver happiness to customers and also employees, providing the infrastructure, support, and benefits they need to reach their full potential at work and at home.

With workplace benefits like competitive pay, unlimited time off, fitness reimbursement, free meals, and a persistent dedication to employee happiness, Zoom has created a workplace culture that simultaneously fosters productivity and fun.

“I joined Zoom last year because the outside expression of our culture matched exactly how Zoom felt on the inside,” said Lynne Oldham, Chief People Officer at Zoom. “Zoom’s culture represents the coming to life of our value of caring and strengthens every day because of our diverse group of employees. Our strong culture helps us not only recruit and retain wonderful people but it helps us weather anything together.”

“Building a great corporate culture comes only from strong leadership,” says Inc. magazine editor-in-chief Scott Omelianuk. “The companies on Inc.’s Best Workplaces list are setting an example that the whole country can learn from, especially now, when the company culture is more important to the workforce than ever.”

SOURCE:https://brandspurng.com/2020/05/09/zoom-named-one-of-inc-magazines-best-workplaces-for-2020/

The Federal Government has waived the licence fees of terrestrial broadcast stations for two months, as part of its measures to help the industry during the pandemic. Terrestrial stations affected include Galaxy, AIT, TVC, MITV, Silverbird TV, NTA, which are all free-to-air channels for consumers. Licence fees cost as much as ₦3 million a year to broadcast.

The Minister, who stated this at a meeting with the Broadcasting Organisations of Nigeria (BON) in Abuja on Wednesday, also announced the setting up of a committee of Creative Industry stakeholders to look into and advise the Federal Government on the best way to mitigate the effect of the pandemic on the industry.

“Before I announce the terms of reference of the committee, let me say that in the interim, I want to announce that I have approved the request by the National Broadcasting Commission (NBC) to grant a two-month licence-fee waiver for terrestrial broadcast stations in Nigeria.

“I make bold to say that while BON members have been hit hard by the current pandemic, they are not alone. In fact, the entire Creative Industry, which also covers the Broadcast Industry, has been affected by the pandemic that has inflicted extensive damage on the economy of nations across the world,” he said.

Alhaji Mohammed stressed the need for a collective and government-supported approach in dealing with the immediate, short and long term palliatives and initiatives for the industry, in order to mitigate the effect of the pandemic on the Industry.

“We have therefore decided that instead of addressing this problem piecemeal, we should do so holistically for a more positive outcome,” he said, noting that the Creative Industry is a very critical sector of the nation’s economy and a major plank of the economic diversification policy of this Administration, in addition to creating the highest number of jobs after Agriculture.

The Minister said the terms of reference of the committee include to assess the expected impact of the pandemic on the industry in general and advise the Government on how to mitigate job and revenue losses in the sector as well as to create succour for the industry small businesses.

The committee is also to suggest the type of taxation and financing that is best for the industry at this time to encourage growth and also advise the Government on any other measure or measures that can be undertaken to support the industry.

The committee has Ali Baba, a renowned Comedian, as Chairman while Anita Eboigbe of the News Agency of Nigeria will serve as Secretary.

Other members of the Committee include Bolanle Austen Peters, Charles Novia, Segun Arinze, Ali Jita, Baba Agba, Kene Okwuosa, Efe Omoregbe, Prince Daniel Aboki, Chioma Ude, Olumade Adesemowo, Dare Art Alade and Hajia Sa’a Ibrahim.

Representatives of the Fashion, Publishing, Photography as well as Hospitality and Travel sectors are also to be included in the committee, which has four weeks to submit its report.

In her remarks, the Chairperson of BON, Hajia Sa’a Ibrahim, who was represented by Sir Godfrey Ohuabunwa, called for urgent mitigating measures for broadcast stations in the country which, she said, have all suffered huge revenue losses due to the pandemic.

She disclosed that privately-owned broadcast stations have contributed over N2 billion worth of airtime, free of charge, for public sensitization and awareness campaign for the containment of the disease in Nigeria as part of their Corporate Social Responsibility.

SOURCE:https://brandspurng.com/2020/05/08/two-month-licence-fee-waived-for-terrestrial-broadcast-stations-in-nigeria/

The Republic of Ireland has become the African Development Bank Group’s 81st shareholder, following a declaration issued by the institution’s President, Akinwumi Adesina, on 24 April 2020.

Ireland’s application to join the African Development Bank Group was approved during the Annual meetings of the Board of Governors of the Bank Group held in Malabo, Equatorial Guinea, in June 2019.

In February 2020, the nation deposited the Instrument of Ratification of the Agreement Establishing the African Development Fund with the Secretary-General of the Bank Group during a delegation visit to the Bank’s headquarters, moving one step closer to concluding the membership process.

“Ireland’s joining the African Development Bank is a mark of great confidence in the Bank. I am delighted to welcome Ireland as the 81st member of the African Development Bank. Ireland’s membership and shareholder support will further boost the African Development Bank’s mission to accelerate Africa’s economic development,” African Development Bank’s President Akinwumi Adesina declared.

Commenting on the membership, Irish Minister for Finance and the Minister for Public Expenditure and Reform Paschal Donohoe stated: “The African Development Bank and its sister the African Development Fund play an important role in fostering sustainable and inclusive social and economic growth and prosperity, helping the African continent to realize its potential to be the continent of promise and opportunity. I see our membership of the Bank and Fund as an investment in this potential. Ireland’s partnership with these important regional multilateral institutions will both advance our shared development priorities and will open future opportunities for Irish businesses in the region.”

Ireland’s Strategy for Africa 2025 includes a commitment to collaborate with the critical financial institution on the continent, as well as to explore new partnerships to support policy development and program implementation; and deepen engagement in blended finance mechanisms for job creation.

Simon Coveney, Minister for Foreign Affairs and Trade said there was strong alignment between the priorities of Ireland’s international development policy, A Better World, and the African Development Bank’s overarching High 5s strategy. “This marks an important deepening of Ireland’s long-standing partnership with Africa. I know that membership of the Bank will further strengthen the role Ireland plays in sustainable and inclusive development on the continent. Ireland’s membership also comes as the African Development Bank provides crucial support to countries’ COVID-19 response,” he said.

“Ireland’s African Development Bank membership is also an important expression of our commitment to, and investment in, the multilateral system and of our contribution to peace, security and sustainable development in Africa. This partnership will help us reach the furthest behind first,” Coveney added.

Membership of the Bank Group is subject to the signing of the Agreements establishing the Fund and Bank, a deposit of the instruments of acceptance/approval of the Fund and the Bank Agreements, and the payment of the initial subscriptions to the Fund and capital stock of the Bank.

Ireland fulfilled those requirements, having made payments for its initial subscriptions and also depositing its instrument of ratification of the Bank Agreement with the United Nations, the statutorily appointed depositary and its initial deposit of the instrument of acceptance of the Fund Agreement with the Secretary-General of the Bank Group.

Established in 1964, the African Development Bank Group authorized capital is subscribed by 81 member countries, made up of 54 African countries (regional members) and 27 non-African countries (non-regional members).

SOURCE:https://brandspurng.com/2020/05/06/republic-of-ireland-becomes-african-development-bank-group-81st-shareholder/

International Breweries Plc hereby informs The Nigerian Stock Exchange and the investing public that the Board of Directors has received the resignation of Otunba Michael Daramola as an Executive Director of the Company.

Otunba Michael Daramola had served in various capacities within the Company and has contributed immensely to the Company’s growth for about 15 years. His resignation which is effective 31 March 2020 has come on the heels of attaining the requirement for retirement from the Company.

SOURCE:https://brandspurng.com/2020/05/06/international-breweries-plc-announces-the-resignation-of-otunba-michael-daramola-as-an-executive-director/

So Energy Ghana Limited, an oil marketing company and a subsidiary of the Sahara Group has presented 20 units of oxygen-filled cylinders to the Tema General Hospital as its contribution towards the fight against the Covid-19 pandemic in the Tema Metropolis.

The company will also refill the cylinders at no cost to the hospital for the next 3 months to ensure a sustained supply of oxygen over the period.

So Energy’s presentation to the hospital is based on the fact that the Tema Metropolis has been identified amongst others as a Covid 19 hotspot within the Greater Accra Region and the Tema General Hospital, being the major health facility in the metropolis, will need support to manage and treat Covid –19 cases effectively.

Mrs Yvette Selormey, Managing Director of So Energy and Downstream Ghana, Tosin Etomi, the country manager and the various managers of the company presented the oxygen units to the hospital on behalf of the company and were received by Rev. Francis Ackah, the Health Administrator of the hospital.

Presenting the cylinders, Mrs Selormey indicated that Corporate Social Responsibility is at the heart of the company’s business objectives as an oil marketing company and that unwavering commitment to promote good corporate culture and render the required support to its host communities was of utmost importance.

“We also considered the critical and sensitive role that the hospital was playing, as a frontline health institution in the Tema Metropolis in the fight to manage and control the pandemic”, she said.

Mrs. Selormey commended the Administration and staff of the hospital for their dedication to duty particularly during the era of the Covid 19 pandemic by providing lifesaving care and treatment often at great risk to themselves and their nuclear families.

She appealed to society to abide by the directives outlined by the government and health professionals to help control the spread of the pandemic for a quick return to the social and economic wellbeing of the citizenry.

Receiving the oxygen units, Rev. Ackah thanked So Energy and the Sahara Group for the donation which he said will go a long way to support the hospital’s effort to effectively treat Covid 19 patients particularly and more generally all other conditions which may require some form of Liquid Oxygen Therapy.

So Energy Ghana Limited is an oil marketing company (a subsidiary of the Sahara Group). The company started operating in Ghana in 2005 and has since been promoting roadway hospitality by providing differentiated fuel stations and offering high levels of service.

SOURCE:https://brandspurng.com/2020/05/05/covid-19-so-energy-donates-to-tema-general-hospital-photos/