₦airaland Forum

The Lagos State Government has promised to provide the Basic Education Quality Assurance, BEQA monitoring team of the State Universal Basic Education Board, SUBEB with the necessary support that would further make quality education accessible to every child.

The Executive Chairman of Lagos State Universal Basic Education Board, (LASUBEB) stated this on Monday, at the headquarters of the Board in Maryland, while handing over two new buses and some office tools including laptops, photocopying machines among others to the Basic Education Quality Assurance Department under the Y2018 UBEC continuous quality assurance programme.

The gesture, according to him, was in line with the determination and focus of the government towards ensuring that Lagos State school pupils receive the best in terms of quality education.

Alawiye-King advised the BEQA team to make good use of the tools, adding that the pieces of equipment were provided to make their duties of monitoring the activities of primary schools easier while also enhancing the delivery of quality education in the State.

A Permanent Board member of LASUBEB in charge of the BEQA programme, Mr Dayo Israel acknowledged the roles played by the State Government and all other relevant agencies in making Basic Education Quality Assurance a priority in the State.

He stated that though the activities of the BEQA office had been severely affected by mobility in the past, the officers had remained unwavering in the delivery of their mandates in spite of the challenge.

He said, “part of the challenges of the BEQA team was mobility, the team has never relented in ensuring that teachers are well assessed, monitored and evaluated, thereby making learning and development available to children”.

He, however, expressed the hope that with the added work tools and utility vehicles, the pace of delivery and rate of performance of the BEQA officers would improve tremendously, stressing that noticeable improvement will be observed in the education sector.

The Universal Basic Education Commission Coordinator for Lagos State, Alhaji Alabi Baba Asaju said that the gesture was from the Federal government to all SUBEBs across the country, having observed that schools were not being monitored effectively in some states of the federation.

Speaking on how the gesture would improve the standard of education, he said: “it will improve learning because any activity being carried out by teachers and pupils if not properly supervised, may never bring about the expected output hundred per cent.”

Asaju, however, commended the BEQA department in the State for finding alternative means of performing their monitoring roles with the support of the leadership of LASUBEB which, he said, made the State to sustain its Centre of Excellence tag not only in nomenclature but even in the education sector.

SOURCE:https://brandspurng.com/2020/03/06/lasubeb-gets-buses-to-monitor-primary-school-activities-photos/

Zenith Bank Plc, Nigeria’s leading financial institution, has again emerged as the Most Valuable Banking Brand in Nigeria in the recently released Banker Magazine Top 500 Banking Brands 2020.
For the third consecutive year, Zenith Bank has been ranked as the number one banking brand in Nigeria with a brand value of $287 million and market capitalisation of $1.62 billion, ranking 392 in the 2020 global ranking of banks.
The ranking was published in the February 2020 edition of The Banker magazine of the Financial Times Group in conjunction with London-based Brand Finance.
According to the publication, brand value is the licensing rate that a third-party would need to pay to use the bank’s brand. All brand values in the report are for the year ending December 31, 2019.
Zenith Bank has clearly distinguished itself in the Nigerian financial services industry through superior service quality, unique customer experience and sound financial indices. The bank, with a knack for setting the pace and raising benchmarks, is a clear leader in the digital space with several firsts in the deployment of innovative products, solutions and an assortment of alternative channels that ensure convenience, speed and safety of transactions.
In an apparent show of its resilience and market leadership, Zenith Bank recently announced an impressive result for the year ended December 31, 2019, with profit after tax (PAT) of N208.8 billion, achieving the feat as the first Nigerian Bank to cross the N200 billion mark.
Consistent with this excellent performance and in recognition of its track record of exceptional performance, Zenith Bank was voted as the Best Commercial Bank in Nigeria 2019 by the World Finance and the Best Digital Bank in Nigeria 2019 by Agusto & Co. The bank was also recognised as Bank of the Year and Best Bank in Retail Banking at the 2019 BusinessDay Banks and Other Financial Institutions (BOFI) Awards. Most recently, the bank emerged as the Bank of the Decade (People’s Choice) at the Thisday Awards 2020.

SOURCE:https://brandspurng.com/2020/03/06/zenith-bank-plc-retain-position-as-nigerians-most-valuable-banking-brand/

Members of The Nigerian Stock Exchange have passed requisite resolutions for the demutualisation of The Exchange at a Court-Ordered Meeting (COM) and an Extraordinary General Meeting (EGM). The meetings held on Tuesday, March 3, 2020, at The Grand Banquet Hall, Civic Centre, Ozumba Mbadiwe​, Victoria Island, Lagos.
At the COM, members voted and assented to:
The re-registration of the Exchange as Nigerian Exchange Group Plc;
The transfer of its securities exchange licence and other assets required to carry out the securities function to Nigerian Exchange Limited,
The establishment of a separate subsidiary company to be charged with the regulatory functions of The Exchange post-demutualization to be called NGX Regulation Limited
The total share capital being N1,250,000,000 (One Billion Two Hundred and Fifty Million Naira) comprising 2,500,000,000 (Two Billion and Five Hundred Million) ordinary shares of 50 kobo each to be registered with the Corporate Affairs Commission (CAC)
The allotment of 1,964,115,918 (One Billion, Nine Hundred and Sixty-Four Million, One Hundred and Fifteen Thousand, Nine Hundred and Eighteen) ordinary shares to Dealing Members and Ordinary Members on the basis of a ratio of 78:22, respectively
The provision of Claims Review Shares totalling 40,083,999 (Forty Million, Eighty-Three Thousand, Nine Hundred and Ninety-Nine) ordinary shares, representing 2% of the Issued Shares of Nigerian Exchange Group, will be set aside for allotment to parties who are adjudged as being entitled to shares in the demutualised Exchange​
The transfer of the assets of NSE Consult Limited, NSE Nominees Limited and Coral Properties Limited – existing subsidiaries of The NSE – to the Nigerian Exchange Group Plc.

Following the COM, members reconvened for the EGM to determine the Board of Directors of the demutualised Exchange, and explore the implementation of an Employee Share Ownership Plan (ESOP). During the business of the day, the following Directors were nominated and appointed:
Otunba Abimbola Ogunbanjo – Chairman and Non-Executive Director
Mr Oscar N. Onyema, OON – Chief Executive Officer and Managing Director
Dr Umaru Kwairanga – Member and Non-Executive Director
Mrs Fatimah Bintah Bello-Ismail – Member and Non-Executive Director
Mr Oluwole Adeosun – Member and Non-Executive Director
Mr Chidi Agbapu – Member and Non-Executive Director
Mr Patrick Ajayi – Member and Non-Executive Director
Dr Okechukwu Crescent Itanyi – Member and Independent Non-Executive Director
Mrs Nimi Akinkugbe – Member and Independent Non-Executive Director
Prof. Enase Okonedo – Member and Independent Non-Executive Director
Mr Ikpobe Apollos Oghooritsewarami – Member and Independent Non-Executive Director
Mrs Ojinika Nkechinyelu Olaghere – Member and Inde

​Speaking at the EGM, President of the National Council, NSE, Otunba Abimbola Ogunbanjo, said, “I feel elated that 19 years after initiating the process to demutualize and on the 60th anniversary of the Exchange, we are close to achieving the goal. The successful demutualization of the Exchange was one of my main objectives when I assumed the Presidency of the Exchange and I am particularly happy it has been achieved during the lifetime of one of its founding fathers, Pa Akintola Williams. In telling the story of how we have achieved this milestone, we recognize the efforts of several actors involved in this project – including the management and staff of The Exchange, our members, professional advisers, the Federal Government of Nigeria, the Securities and Exchange Commission (SEC) and other capital market stakeholders – without whom it could not have become a reality.”
Commenting on the successful outcomes at the meetings, Chief Executive Officer, NSE, Mr Oscar N. Onyema, OON said, “Today’s meetings move the demutualization process significantly forward and the positive outcomes affirm the great interest from members to support the pivotal restructuring of the exchange to become globally competitive. In furtherance of our plans, we will move to file the necessary resolutions from the COM and all other required documents at the CAC and SEC, obtain the Court Order sanctioning of the Scheme, complete all necessary registrations and seek the final approval from the SEC to ultimately demutualise.”
Members of the NSE had approved the demutualisation scheme of The Exchange at an Extraordinary General Meeting (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 (SEC) 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/2020/03/05/nse-members-assent-to-demutualisation-resolutions-at-com-and-egm/

WhatsApp is the immensely popular messaging app owned by Facebook and an app that’s long been in need of a dark theme. After rumours and beta testing, it’s finally here.

With a blog post and announcement video, WhatsApp has officially unveiled its darker theme. This was previously only an option for registered beta users on Android phones, but soon any user on iOS or Android will be able to try out the new theme.

According to WhatsApp, the update to the app that will include Dark Mode will be going live “in the coming days” to both Android phones and iPhones, after years of users begging for it to be implemented.

In its blog post, WhatsApp explains how it made its design decisions, saying it believes the app remains easily readable and comprehensible with the new colour scheme.

How to turn on WhatsApp dark mode
If you want to enable WhatsApp dark mode, then it’s as simple as enabling the dark mode setting in your phone’s main options menu, if you are running either Android 10 or iOS 13.

If you’re on an older version of Android, you can still use the theme but you have to go through the app settings into the “Chats” menu. You then tap “Theme” and select “Dark”. Unfortunately, older versions of iOS don’t have a WhatsApp dark mode option.

SOURCE:https://brandspurng.com/2020/03/04/whatsapp-dark-mode-now-available-for-ios-and-android/

Access Bank Plc has been named as one of the top 500 global banking brands, according to leading business valuation and strategy consultancy, Brand Finance.

The bank has demonstrated growth since it was last ranked as the fifth most valuable Nigerian bank in the 2017 Banking 500 report.

According to the magazine, the bank now ranks second with a valuation of $242 million.

The bank’s valuation comes on the back of its successful merger with Diamond Bank in April 2019, and its recent expansion into the East African market.

The nine-month post-merger financial results posted by the bank had shown gross earnings of N513 billion, an increase of 37 per cent above the N375.2 billion recorded within the same time frame in 2018.

Further analysis of the results showed the bank’s asset base remained strong and diversified, growing by 33 per cent to N6.6 trillion as at September 2019, up from N4.95 trillion as of December 31, 2018.

Speaking about the growth trajectory, the Group Managing Director, Access Bank Plc, said: “In the last twelve months, Access Bank has grown into a powerhouse in the Nigerian and indeed, African banking industry. We are happy with all the successes recorded so far, and we hope to reach and surpass other targets we have set for ourselves.

“Access Bank will continue on its journey to becoming Africa’s gateway to the world, through strategic expansion into new and emerging markets within and outside Africa and providing a best-in-class customer experience.”

He urged investors and other stakeholders to keep their faith in the bank, reassuring that the financial institution would stay true to its values of ethical and sustainable banking practices.

“Access Bank will continue to innovate and remain profitable while offering value to all investors and stakeholders. As we strive to expand our business operations, we will remain true to our core values of sustainable banking and adherence to global best practices,” Wigwe concluded.

SOURCE:https://brandspurng.com/2020/03/04/access-bank-plc-valuation-hits-242million-ranks-second-in-top-500-global-banking-brands/

The Aliko Dangote Foundation has earmarked N124million that will support facilities to help prevent, assess and respond to health events at Point of Entry to ensure National Health Security

LAGOS, Nigeria, March 3, 2020,/ — The Aliko Dangote Foundation (ADF) yesterday pledged a whooping sum of N200million to support the current effort of the Nigerian government towards curbing the spread of Corona Virus or Covid-19 in the country.

ADF’s intervention is considered the largest single donation by a corporate organization in the country to contain the spread of coronavirus since Nigeria recorded its first index case last month in Lagos, Nigeria.

The Managing Director and Chief Executive Officer of the Aliko Dangote Foundation Ms. Zouera Youssoufou, represented by the Health and Nutrition Programme Officer Maryam Shehu-Buhari, at a donor coordinating meeting in Abuja on Tuesday, March 3, 2020, said the donation was part of the Foundation’s cardinal objective of partnering with governments at all levels against the dreaded disease in Nigeria and the rest of Africa.

The Foundation is also the only Nigerian donor that attended the meeting and made a monetary pledge.

To this extent, she said the Aliko Dangote Foundation has earmarked N124million that will support facilities to help prevent, assess and respond to health events at Point of Entry to ensure National Health Security.

Ms Youssoufou also highlighted other areas of intervention to include surveillance and epidemiology, where facilities worth N36million will be provided by the Foundation to support the government’s effort.

According to her, the ADF will also donate N48million for case management training of health workers.

Speaking at the meeting facilitated by World Bank, the Country Director represented by the Operations Manager Ms. Kathleen Whimp identified four thematic areas to tackling the spread of COVID 19. These are Regular communication with the public, contact tracing, training of volunteers and international co-operations.

Speaking also, the Director, Health Emergency Preparedness and Response of the Nigeria Centre for Disease Control (NCDC) Dr. John Oladejo said some of the challenges, going forwarded include lack of enough isolation centres, contact tracing, training of volunteers, international cooperation, fake news and panic, among others.

Mr. Noel Chisaka of the Regional Disease Surveillance System Enhancement Project commended the Aliko Dangote Foundation for the contribution and encouraged others to join in the fight against Covid-19.

Other donors invited to the meeting include WHO, UNICEF, BMGF, RTSL, EU, USAID, US CDC, DFID, Public Health England, GIZ, JICA, Africa CDC, WAHO, PHI, MTN, Red Cross, IFRC and AFENET.

According to reports, there are a total of 90,936 confirmed cases worldwide – although more than half of those (47,995) have already recovered. The biggest numbers are still by far in mainland China (80,151), followed by South Korea (4,812), Italy (2,036) and Iran (1,501). Japan has 274 confirmed cases, France 191, Germany 165, Spain 120, Singapore 108, US 106, and Hong Kong 100. There are also cases in South America, Africa and Australia.

The total death toll stands at 3,117 with 2,936 of those coming from China. The countries with the next highest numbers are Iran (66), Italy (52) and South Korea (29).There have also been deaths in Japan, the US, France, Australia, the Philippines, Taiwan and Thailand.

It would be recalled that the Aliko Dangote foundation also committed N1billion in the fight against the dreaded Ebola Virus Disease (EVD) in Africa, helping to build resilience and strengthen Nigeria’s health system in a manner expected to endure beyond the Ebola crisis period.

The foundation’s support during the Ebola crisis ensured the establishment of the National Ebola Emergency Operations Centre (EEOC) in Yaba, Lagos; provision of 12 units of thermal cameras across Nigeria’s International Airports with training for 160 staff/personnel of the Federal Ministry of Health, Port Health Services Department, on the use of the thermal cameras; provision of W.H.O-certified Personal Protective Equipment, PPEs and comprehensive logistics support for the returnee volunteers on Ebola intervention across countries ravaged by Ebola.

President Muhammadu Buhari had then commended Mr. Aliko Dangote for what he described as “remarkable sacrifices in eradicating Ebola virus disease and polio in Nigeria.”

SOURCE:https://brandspurng.com/2020/03/03/dangote-donate-n200m-to-fight-coronavirus-in-nigeria/

The National Bureau of Statistics published the Q4’19 and FY’19 GDP report earlier today. According to the report, GDP growth in Q4’19 surprised positively, as it grew by 2.55% (consensus estimate: 2.40%). The 2.55% GDP growth stood as the highest growth recorded since Q3’15.

The major story about the higher-than-expected GDP growth was driven by strong growth in the financial sector output. The financial sector output grew by 20% year-on-year in Q4’19. We attribute the growth to the increased business activities in the form of increased loan growth. Notably, we see the development as a manifestation of the ongoing efforts of the Central Bank of Nigeria to drive private sector lending. In our view, we believe that the policies aimed to boost credit in the economy had a positive impact on the financial sector output.

The other GDP growth drivers in Q4’19 were the telecommunications and information services sector (+10.26%), crop production sector (+2.52%), crude petroleum and natural gas (+6.36%), and food & beverages sector (+2.17%). The telecommunications and information services sector remains the sector with the highest contribution to overall GDP in Q4’19.

GDP Growth Crosses The 2% Mark In FY’19

On an annual basis, the Nigerian economy expanded for the 3rd consecutive year to 2.27%, driven by output growth in the telecommunications & information services (+11.41% which contributes 10% to total GDP), crop production (+2.51% which contributes 23% to total GDP), crude petroleum and natural gas (+4.59% which contributes 9% to total GDP), food, beverages & tobacco (+2.17% which contributes 4% to total GDP), financial institutions (+2.40% which contributes 2.88% to total GDP), and road transport (+11.24% which contributes 1% to total GDP).

However, on the flip side, major drags to the GDP were the trade sector and the real estate sector. The trade sector declined by 0.38% in FY’19. The decline in the trade sector output is attributed to the sustained border closure in the economy. On the other hand, we attribute the decline in the real estate sector to weak macroeconomic fundamentals. Some of the bottlenecks in the real estate sector include high vacancy rate resulting from weak disposable income and consumer purchasing power, amid high unemployment.

Increased Production Capacity Drives Oil GDP

Despite a contraction of 1.46% in Q1’19, Oil GDP grew by 4.59% in FY’19 from 0.97% in FY’18. We attribute the growth to increased production capacity during the period. In FY’19, the average daily production of crude oil stood at 2.00mn barrels per day from a daily average of 1.92mn barrels per day in FY’18. In our view, we think that the increase in the daily production of crude oil is related to the Total floating, production, storage and offloading unit used to develop the Egina field, thus resulting in higher production during in FY’19.

The non-oil sector grew by 2.06% in FY’19, from 2.00% in FY’18. But for a relatively stronger Q1’19 non-oil GDP output, there was a decreasing trend in the non-oil output growth rate. Hence, we believe that much of the GDP growth in FY’19 resulted from a rebound in oil revenue. The declining trend in non-oil output growth rate suggests that there are bottlenecks to the real sectors of the economy. Notably, the manufacturing sector output growth rate slowed to 0.77% in FY’19 from 2.09% in FY’18. We attribute the slowdown in the manufacturing sector growth to weak fiscal policies, relatively harsh operating environment, poor power supply, and infrastructural challenges; all of which possibly had an impact on output growth in the manufacturing sector.

The construction sector also recorded a slowdown in output growth from 2.33% in FY’18 to 1.81% in FY’19. Resulting from the border closure policy, the trade sector declined by 0.38% in FY’19 from a negative growth of 0.63% in FY’18. The transportation and storage sector also recorded a slowdown in output growth from 13.91% in FY’18 to 10.73% in FY’19.

However, output growth in the information and telecommunications sector (+11.08% in FY’19 from +9.65% in FY’18) supported the non-oil sector output growth. In addition, the financial institution’s sector grew by 2.40% in FY’19 from 1.41% in FY’18.

Our Opinion

The actual GDP performance beat our estimate slightly, Our FY’19 GDP forecast of 2.24% was 3 basis points lower than the 2.27% actual GDP growth reported. Although the Nigerian GDP grew by its highest figure since Q3’15, we yet note that the economic growth is below the estimated population growth of c.2.60%. The implication of a GDP growth below the population growth rate is a lower GDP per capita and a lower standard of living.

In FY’20, we forecast a GDP growth of 2.40%. The drivers of our GDP forecast include:
i. Early passage and improved implementation of the 2020 budget
ii. Stable crude oil production
iii. Relatively stable crude oil prices compared to the 2020 budget benchmark
iv. Stable exchange rate
v. A possible effect of increased private sector lending.

The risks to our forecast are:
i. Lower-than-expected revenue generation by the Federal Government
ii. Unfavourable crude oil prices in the global market.

SOURCE:https://brandspurng.com/2020/03/03/gdp-growth-rises-to-2-27-cbn-heterodox-policies-spur-economic-output-in-q419/

Cormart Nigeria Ltd, a leading chemical and raw material company have partnered with Barry Callebaut, one of the world’s largest cocoa processors and chocolate manufacturers to support pastry bakers.

The two companies are partnering to provide baking and decoration solutions such as high-quality chocolates as well as a comprehensive training and capacity building programme taking the pastry and bakery, the HORECA and home-cooking industry in Nigeria, to a new level.

Cormart’s General Manager, Dr. Johannes Flosbach, expressed his delight about the new partnership saying, “It is with great pride that we formalise this agreement with our partner, Barry Callebaut. Working hand-in-hand, we will strengthen our joint commitment to ensure that top-notch chocolate and knowledge will be provided for Nigerian bakers.”

Business Unit Head, Cormart’s Food & Nutrition Department, Felicia Onabanjo, commenting on the quality of Callebaut’s chocolate stated that “The products are used by many professionals for their workability and typical taste, which have remained constant over the decades. This new partnership will help bridge the gap between a premium chocolate brand and our local manufacturers in Nigeria.”

Barry Callebaut’s Managing Director in Nigeria, Adriaan Verbeke, commented on Callebaut’s business interest in the country.

“Barry Callebaut has now set up a permanent base in Nigeria. We currently source cocoa beans and sell chocolate. We will continue to develop our activities in this promising country and hope to be able to develop the cocoa and chocolate industry to new levels,” he said.

Amaka Nwajei, Cormart’s Product Manager for Barry Callebaut, also expressed her pleasure about the partnership highlighting, “I am very positive about the new partnership. Barry Callebaut is very supportive and they provide product application support and training. This is an excellent step to enable us to assist our customers accordingly.”

Recently, Barry Callebaut, through its global decoration brand Mona Lisa, opened a chocolate 3D-printing studio that will offer personalized 3D printed chocolate at scale.

Barry Calleaut says that the Mona Lisa 3D Studio is equipped with innovative precision technology capable of printing thousands of pieces at a time while retaining a bespoke hand-made appearance.

The studio allows chefs and customers to personalize a chocolate decoration with their own unique design, shape and size preferences before a team of designers transform the product into a digital 3D prototype with samples.

The chocolatier explains that once the prototype is approved, the final product can be quickly reproduced at scale adding that the creations can be used for desserts, confectionery, hot drinks and pastries.

The company plans to initially introduce the service to chefs and hotels, coffee chains and restaurant establishments in specific European countries.

SOURCE:https://brandspurng.com/2020/03/02/barry-callebaut-cormart-nigeria-partner-to-support-the-baking-industry/

It’s about to be a very exciting month of March as Domino’s Pizza just opened its 50th store in the heart of Ikeja Nigeria! To continually provide access and serve customers better, lovers of Domino’s can now grab a box of pizza at Jara Mall, Simbiat Abiola Way, Ikeja.

The new Domino’s 50th store also adds as the organisation’s 106th store for all its 3 brands including Coldstone Creamery and Pinkberry Gourmet Frozen Yoghurt, since it started operations in Nigeria in 2012.

Commenting on the opening, Patrick McMichael, CEO of Eat’N’Go Limited said, “the company has a 2020 vision to greatly expand its presence within the Nigerian market.”

“The launch of the new Ikeja outlet would ensure that all our customers continue to have great access to our products and also in line with our 25minutes delivery guarantee within the Ikeja axis. With our expansion strategy, our goal is to ensure that our customers are able to reach us everywhere while maintaining our high-quality products and service delivery” he added.

As part of its mission to keep providing delicious and satisfactory pizza goodness, Eat’N’Go has expanded operations to continually show dedication to bringing the best global food brands across Nigeria and beyond.

SOURCE:https://brandspurng.com/2020/03/02/dominos-pizza-hits-50-outlets-in-nigeria/

Honourable Minister of State for Petroleum Resources, H.E. Chief Timipre Marlin Sylva headlined the Mega Launch of the various range of NNPC Retail Limited’s Lubricants which held at the International Conference Centre, Abuja, Nigeria.

In his value statement, Chief Sylva affirmed that the new direction for the product owner, NNPC Retail Limited, signals the beginning of great things expected from the Nigerian National Petroleum Corporation (NNPC) for the benefit of all Nigerians and other stakeholders. He expressed his optimism that the high-performance Nitro and Rhino range of NNPC Lubricants will fulfill the market penetration aspiration(s) and will indeed be a trusted brand for consumers.

The Group Managing Director of NNPC, Mallam Mele Kyari expressed his delight at the tenacity of the NNPC Retail Limited and applauded the leadership shown by the Managing Director, Sir Billy Okoye. The latter assured that more product lines will be developed to give Nigerians the deserved best.

The unveiling of the range of NNPC Lubricants was done in November 2019 and after a series of successful field tests, the launched products are now set to hit the marketplace, nationwide.

SOURCE:https://brandspurng.com/2020/03/02/nnpc-launch-nitro-and-rhino-lubricants/

MTN Ghana (Scancom PLC or MTNGH or the Company) delivered a strong performance for the year in a competitive industry, maintaining market leadership with 55.21% market share. Service revenue increased by 22.8% year-on-year (YoY), underpinned by growth in revenue from voice, data and Mobile Money (MoMo).

Double-digit growth in voice revenue (up 19.4% YoY) was driven by an increase in the number of active subscribers* (+11.2%), the benefits of various customer value management (CVM) initiatives and pro-consumer activity, as well as continued improvements to our network. As new lines of revenue continued to grow much faster than the traditional business, voice revenue’s contribution to service revenue decreased from 46.3% to 45.0%.

Solid data revenue growth (up 32.5% YoY) was attributable to growth in active data users# (+26.6%), growth in the number of smartphones (+18.5%) on the network and an increase in data usage (up 85.9% to 256,301 Terabyte). Data revenue’s contribution to service revenue expanded from 26.3% to 28.4%.

SOURCE:https://brandspurng.com/2020/02/29/mtn-ghana-delivers-double-digit-growth-for-the-year-2019/

Nigeria’s government has licensed two gold refineries to produce the metal for export and for the central bank to hold in its reserves, the mines minister has revealed.

Minister of Mines and Steel Development Olamilekan Adegbite told reporters in the capital, Abuja, that licences had been issued and the central bank would be the main off-taker, holding some of the gold in its reserves.

“We have licensed two refineries in Nigeria. They will refine gold and of course produce bullion that the CBN [Central Bank of Nigeria] can buy at international prices,” he said.

He said one of the refineries was in Abuja, which is in the centre of the country, and the other is in the southwestern state of Ogun. Adegbite did not provide any further details.


The announcement is part of a pattern in Africa where until 2012 there were only a handful of gold refineries, but as many as 26 are now either operating or under construction across 14 countries to process metal produced by informal diggers, according to a Reuters survey of public reports.

Nigeria has largely untapped deposits of 44 minerals including gold, iron ore, coal, tin and zinc, in more than 500 locations. But most of the mining is artisanal and the absence of gold refineries means value typically has not been added in the supply chain.

SOURCE:https://brandspurng.com/2020/02/28/nigerias-government-licenses-two-gold-refineries/

Tantalizers Plc has released its financial statements for the year ended December 31, 2019. The firm, which is One of leading Quick Service Restaurant Chain (QSR) in Nigeria, recorded that its net profit reduced by 74.3% to N22.2 million from N86.3 million achieved in the 2018 financial year.

Also, the profit before tax went down in FY 2019 to N33.4 million from N96.0 million. Last year, the company paid N11.3 million as tax to the appropriate authorities, higher than N9.8 million paid two years ago, while the earnings per share reduced to one kobo from 3 kobo.

According to the results made available to Brand Spur Nigeria, revenue dropped to N2.8 billion from N3.5 billion. This comprises mainly N1.16 billion from company-owned outlet sales and N1.66 billion generated from franchisees owned outlet sales.

In addition, the cost of sales reduced to N729.7 million from N895.7 million, while the gross profit went down to N534.9 million from N629.4 million, with other income going down to N268.3 million from N421.4 million.

Funds raised from other income included N109.9 million from rent versus N99.7 million in 2018, N17.8 million from advertisement (versus N17.0 million 2018), N111.1 million from the franchise (N162.7 million) and N29.6 million from profit on disposal of property, plant, and equipment (versus N106.2 million in 2018).

Tantalizers recorded N20.8 million as distribution costs against N38.4 million in 2018, administrative expenses reduced to N940.9 million from N1.1 billion, while operating profit dropped to N127.1 million from N262.9 million.

The finance income was N776,712 in the period under review, the finance cost reduced to N94.4 million from N166.9 million. The decrease in the finance costs for the 2019 fiscal year was mainly due to the lower interest on term loans (N88.2 million versus N159.5 million in 2018). Other bank charges also contributed to it as it went down to N6.2 million from N7.4 million.

SOURCE:https://brandspurng.com/2020/02/27/tantalizers-in-2019-profit-after-tax-drops-74-3-to-n22-2m/

After establishing its presence across four locations in Nigeria and barely a month after the Lagos Okada ban, Max.ng, the pioneering bike hailing company in Nigeria, launched its services in Ibadan, the capital city of Oyo State, making it the second bike-hailing company to operate in Ibadan. The bike hailing industry made its entrance to Ibadan in 2019 through OPAY and has since been embraced and adopted by citizens.

Max.ng started in Lagos as a delivery company in 2015 and expanded its operations to include on-demand motorcycle-hailing services in the year 2017. It started with just 10 bikes and expanded to over 2000 bikes in two years but recently ended its hailing operations in Lagos due to the Okada ban. Prior to its launch on Monday, February 24, 2020, the company had started background operations in Ibadan since October 2019, these include market research and training of riders.

At its first appearance in Ibadan, Max.ng launched two basic services which are hailing and delivery services. With its entrance, 30 riders were provided with motorcycles with 110cc engines, smartphones, accident insurance, two helmets, branded clothing, and first aid equipment. About 70 riders are getting set to join the first set of riders within the first week of their debut. It is evident that Max.ng, having its up-to-date total funding as $8.5 million, is not joking a jot about its expansion intent.

Max.ng’s entrance to Ibadan wasn’t as difficult as OPay’s when it came to Ibadan owing to a similar mode of operation. OPay had laid precedent for Max.ng. Unlike OPay that is strictly on-demand, Max.ng offers individuals the option of street hailing. The introduction of street hailing as part of its services might be a plus for them in a city like Ibadan, giving them a large client base. Street hailing affords an individual who does not have the Max.ng app to still get a ride by flagging down a Max.ng rider referred to like Champions. The individual makes use of the rider’s app to track the trip and get the estimated fees.

With the inclusion of street hailing service, the company has automatically extended its client base to include people who are not tech-savvy, people who don’t have smartphones and people who are reluctant to download the app on their phone. It is apt to say there are many who fall under these categories in Ibadan. This service would not only be a threat to the existing bike-hailing operator but also to local independent bike riders.

The arrival of Max.ng to Ibadan may force OPay to intensify its marketing activities, modify its mode of operation and services or introduce a growth-enabler service in addition to its existing services. The emergence of the new entrant in a market is a call for innovation and deployment of marketing strategies. It is possible that many in Ibadan are watching to see how things will play out between these two bike hailing companies a few months from now.

Written by: Fehintola Onifade

SOURCE:https://brandspurng.com/2020/02/27/emergence-of-max-ng-in-ibadan-origins-implications-projections/

Dangote Fertiliser Limited has begun the countdown to the inauguration of its $2 billion Granulated Urea Fertiliser complex located in the Dangote Free Zone.

With a capacity of 3 million tonnes per annum, the plant has been classified as the biggest project in the entire fertiliser industry history in the World. Saipem of Italy is the Engineering, Procurement and Supervision (EP) Contractor for the project, while Tata Consulting Engineers, India, is the Project Management Consultants (PMC) for the project.

At this time, several critical sections of the plant are going through various stages of pre-commissioning and test-run. Virtually all the section of the plant such as Central Control Room, Ammonia and Urea Bulk Storage, Cooling Tower, Power Generator Plant, Granulation Plant, have all been completed and are going through pre-testing.

Already, Dangote Feritiser has started receiving gas supply from the Nigerian Gas Company and Chevron Nigeria Limited under the Gas Sale and Purchase was Agreement to supply 70 million standard cubic feet per day (Scf/d) of natural gas to Dangote Fertiliser Limited.

The project, which will create thousands of direct and indirect jobs in construction and related fields, will provide a major boost to the agricultural sector by significantly reducing the importation of fertiliser in Nigeria and ultimately removing the need for imports when the plant is in full production.

Group Executive Director, Strategy, Portfolio Development & Capital Projects, Dangote Industries Limited, Devakumar Edwin said Nigeria will be able to save $0.5billion from import substitution and provide $0.4 billion from exports of products from the fertiliser plant. “Thus, the supply of fertiliser from the plant will be enough for the Nigerian market and neighbouring countries,” he said.

Edwin said: “I am happy that by the time our plant is fully commissioned, the country will become self-sufficient in fertiliser production and even have the capacity to export the products to other African countries. Right now, farmers are forced to utilise whatever fertiliser that is available as they have no choice, but we need to know that the fertiliser that will work in one State may not be suitable in another State, as they may not have the same soil type and composition. The same fertiliser you use for sorghum may not be the fertiliser you will use for sugar cane.”

He stated that the Dangote fertiliser project, which is estimated to gulp $2billion is the largest granulated Urea fertiliser complex to emerge in the entire fertiliser industry history in the world, with its three million tonnes per annum capacity.

He pointed out that the fertiliser complex, which is sited on 500 hectares of land has the capacity to expand as it is only occupying a small fraction of the allotted portion.

Edwin added: “The management of the complex are confident that the fertiliser business will deliver reasonable profit to the company and its shareholders as it is projected that population growth and the need for food production will jack up the consumption of Urea fertiliser beginning from 2020 when production of the production would have commenced in earnest.

“The current consumption of Urea estimated at a dismal 700,000 tonnes per annum by Nigerian farmers is said to be due to very poor usage and is believed to be the cause of poor product yield, which threatens food security in the country.

“By 2020, the Nigerian population is projected to increase to about 207 million which would lead to increased food production. Estimates points out that around five million tonnes of fertilisers are required per year in Nigeria in the next five to seven years bifurcated into 3.5 million tonnes of Urea and 1.5 million tonnes of NPK while current production levels in Nigeria are at 1.6 million tonnes by 2019.”

SOURCE:https://brandspurng.com/2020/02/27/dangote-fertiliser-commences-pre-testing-of-2bn-plant-ahead-of-inauguration/

On paper, Nigerians are supposed to speak British English due to their past as a British colony. However, most Nigerians speak a unique combination of British English and Nigerian English. It is filled with words and phrases that sound familiar but are not always correct. Here are the wrong and right ways to say what you want in Nigeria!

1. Gist
Many Nigerians use the word “gist” instead of gossip. Some even turn it into a verb, saying “She gisted me about her friend”, meaning that she shared some gossip. And while the word “gist” exists in English, it means the theme of a speech or other literary work and is never used as a verb.

2. Disvirgin
The word “disvirgin” is exclusive to Nigeria. In most cases, it is used in relation to a woman losing her virginity. It can also mean someone doing something for the first time. However, that word does not exist in the English language and its correct equivalent is “deflower”.

3. Running Nose
When you meet someone who has a cold, you can often hear them say “I have a running nose”. At first, this phrase seems totally logical, since there is indeed water running from your nose when you’re sick. Still, in proper English, you will have to say “I have a runny nose” instead.

4. Mediocre
If you talk to other Nigerians every day, there is a good chance you often hear the word “mediocre” being used as a noun – for example, “My class is full of mediocres”. However, while this word exists in English, it is only used as an adjective meaning something very average in quality or ability, not as a noun.

6. Upturn
When driving with a fellow Nigerian, you can often hear him say he will make an upturn right now, meaning that he will make an overturn or reverse his car. The word “upturn” exists in English but has a different meaning: as a noun, it means an improvement in business or personal life, and as a verb, it refers to something being turned upside down.

7. Talkless
Talkless is one of those words and phrases that are nearly exclusive to Nigeria. Instead of meaning something that is silent, “talkless” in Nigeria is used in the same context as “let alone”. For example, “I didn’t have breakfast, let alone dinner” usually sounds in Nigerian English as “I didn’t have breakfast, talkless of dinner”.

8. Plumpy
When a Nigerian sees a chubby baby or someone who can be classified as overweight, he will likely refer to them as “plumpy”. However, that word does not exist in English and is actually a combination of “plump” and “chubby”, which both mean nearly the same thing.

9. Opportune
You will easily find the word “opportune” in the English dictionary, but probably in a very different context. Nigerians widely use “opportune” as a verb and even add an -ed ending to it to use it in the past tense – for example, “I was opportuned to get a new job”. The truth is that the only correct use of “opportune” is as an adjective, not a verb.

10. Yearly Anniversary
We all know the meaning of the word “anniversary”, which is why it can be so surprising to hear someone say “yearly anniversary” for the first time. This phrase creates a redundancy since the word “anniversary” already refers to something that takes place every year, which makes adding “yearly” to it completely unnecessary.

SOURCE:https://brandspurng.com/2020/02/27/wrong-words-and-phrases-commonly-used-by-nigerians-these-are-the-right-things-to-say/

Lagos State Governor, Mr Babajide Sanwo-Olu, has offered a fresh impetus on how true federalism can solve the current security challenges bedevilling Nigeria and put the country on the path of accelerated development.

Sanwo-Olu said decentralisation of some exclusive functions of the Federal Government, including the provision of security, would provide an instant answer to the current agitations threatening the unity of the country. The Governor said the emergence of “beggar-states” as the major constituents of Nigeria’s federation would not take the country to the future it desires in a world that is developing rapidly.

He said the flawed federalist ideals enshrined in the 1999 Constitution had continuously limited the power of the states to pursue individual development at their own pace, stressing that Nigeria must holistically address the “fundamental question” of federalism if the political class was serious about lifting the country out of the current quagmire.

Sanwo-Olu spoke on Tuesday while delivering a paper at the Freedom Online third annual lecture with the theme: “Nigeria: Foundation, Fundamentals and Future”. The Governor, represented by his deputy, Dr Obafemi Hamzat, was the guest speaker at the event held at Sheraton Hotels in Ikeja.

Lagos Governor recalled that Nigeria was administered efficiently during the period of the regional arrangement, pointing out that the feat was achieved because each region assumed autonomy on its resources and developed at its own paces without relying on handouts from the centre.

He said: “One of the legacies of military rule was the abolition of powerful and largely financially independent regional governments and replacement with weaker entities known as States. These States were, of course, beholden to a very powerful central government that doled out resources to them and used every opportunity to make it clear that the states were appendages of the centre.

“At the time, the regions worked hard, earned their revenues from exports, from taxes, and so on, and kept a large chunk of what they earned. None of them came to Lagos – the then Federal Capital – with caps in hands for what we now refer to as ‘Federal Allocation’. Every region survived mainly on its internally generated revenue. There was also a healthy competition among the regions.”

The Governor stressed that provision of security must be “highly” decentralised, adding that States must play a significant role in providing internal security, while the Federal Government must face the issue of defence, foreign policy, border controls, currency, and customs among others.

Sanwo-Olu also called for a review of the terms of fiscal federalism between the centre and state governments, saying that the Federal Government must consciously devolve more responsibilities and resources to states and local governments as those entities are the closest to the people.

He said: “Today, the revenue sharing formula is 52.6 per cent for the Federal Government, 26.7 per cent to the States and 20.6 per cent to local governments. The Federal Government takes the lion share, out-muscling the State and Local Governments, which are the closest tiers to the populace. State and local governments ordinarily should be drivers of development. As it is today, it is common knowledge that most states depend on a monthly allowance from Abuja to survive.

“States should be free to control the drilling of oil and mining of solid minerals and pay the required taxes and royalties to the Federation Account. The many States really have no business being poor or suffering a cash-crunch given their huge mineral deposits. There is also no reason why States cannot generate and distribute electricity and license the same, within their geographical limits. This can be done in a way in which necessary returns will be made to the Federal Government.”

In spite of challenges facing the nation, Sanwo-Olu said no one should lose hope of a better future, observing that the ongoing revolution in the agricultural sector and investment in infrastructure by the President Muhammadu Buhari administration had started to gradually change the outlook of the national economy. The Governor said ongoing reforms in agriculture must continue to sustain non-oil revenue and reduce dependency on a single commodity economy.

He said: “What is clear to me is that to achieve these reforms that we require, many of our laws need to change. We need to re-write and update obsolete laws to bring them in line with the realities of today.

“We must believe in what we produce, and encourage everyone who seeks to make a difference in this regard. We must also consume what we produce. One advantage we have is our population; we have a local market that is sufficient to sustain as much local produce as we can achieve. Many other countries are too small to enjoy this kind of privilege.”

Sanwo-Olu also called for increased investment in technology and innovation, which he described as the magic wand Nigeria could employ to be on the same page with global development.

The convener and publisher of Freedom Online, Mr Gabriel Akinadewo, observed that the nation’s security challenges required the collective sacrifice of all citizens, stressing that the blame game among the ruling elite would not bring about a solution to the problem.

He noted that the Nigeria Police Force was efficiently run until the collapse of the second republic when the degradation of the police force began.

He said: “We cannot continue to use the central method to tackle challenges. We need a national conversation on the current situation as the political class is challenged. Nigeria cannot afford to lag behind while the world moves at speed in development.”

SOURCE:https://brandspurng.com/2020/02/26/nigerias-salvation-lies-in-decentralisation-of-federal-powers-sanwo-olu/

Bouncing back from the rough 2019, 9mobile has announced its plan invest $220 million in the expansion of its 4G LTE to more Nigerian cities as part of efforts to deepen broadband penetration in the country.

Recall that, 9mobile recently secured a $230million loan facility from the Africa Finance Corporation (AFC) to help reposition and attain its long term goals.

The Acting Managing Director, Stephane Beuvelet, explained that the investment had added the number of cities and towns in Nigeria that now enjoy quality service with the mass deployment of 4G technology to 16.

Mr Beuvelet stated this at the company press conference in Lagos on Thursday that it had added 10 new cities and towns across Nigeria to its 4G network and upgraded LTE services in existing six cities.

Currently, the telecom says it has added 10 new cities and towns to its 4G network and upgraded LTE services in the existing six cities. Beuvelet also revealed that the company plans to cover the entire country within the next five years.

He disclosed that the 4G LTE expansion drive will be implemented in Aba, Abuja, Nasarawa, Calabar, Enugu, Kaduna, Kano, Lagos, Niger, Onitsha, Owerri, Port Harcourt, Sokoto, Uyo, Aba and Ogun adding that the company planned to cover the entire country in the next five years.

Beuvelet identified the unique benefits available to customers with the 9mobile 4G LTE, including a low latency rate for high-speed connectivity and planned redundancy to minimise downtime impact.

He further assured of sustained investments into the network’s general infrastructure base to guarantee best-in-class experience for its customers.

9mobile has continuously suffered as its subscribers based keeps dropping, reducing its market share to 7.40% in December 2019, leaving its subscribers base at 13,641,995.

The company has also failed to attract new subscribers in the month under review, maintaining its steady decline. In November alone, 210,374 internet subscribers dumped the GSM company, a rise from 122,711 internet subscribers in October and 156,065 recorded in September.

Interestingly, in December 2019, according to Nigeria Communications Commission Statistics, the telco recorded 8,613 inward porting activities as against 5,758 recorded in November 2019.

SOURCE:https://brandspurng.com/2020/02/25/9mobile-to-invest-220-million-usd-in-4g-expansion-in-nigeria/

Nokia has been recognized as one of the 2020 World’s Most Ethical Companies by Ethisphere, a global leader in defining and advancing the standards of ethical business practices.

This recognition reflects the work undertaken at Nokia to reinforce ethical behaviour at all levels of the business, and promote high standards of corporate governance.

“It is a great honour to be recognized once again as one of the World’s Most Ethical Companies. Our reputation is built on more than 150 years of trustworthiness and ethical business practices. This award is due to the hard work and commitment of the entire Nokia team, who ensure we put our values of trust, integrity, and social and environmental responsibility into everything we do,” said Rajeev Suri, President and CEO, Nokia.

Nokia has been recognized four times overall, with three consecutive wins since 2018. It is one of only three honorees in the telecommunications industry and the only company in Finland to be included in 2020. In total, 132 honorees were recognized, spanning 21 countries and 51 industries.

“Nokia is one of just three telecom companies to make the list, highlighting how much the company is doing to enhance ethical business practices in the sector”, said Ethisphere’s Chief Executive Officer, Timothy Erblich. “Congratulations to everyone at Nokia for earning this recognition.”

Nokia is committed to being an industry leader on governance, corporate responsibility and compliance. Key elements of its compliance program include a focus on early identification and proactive mitigation of regulatory and corruption risks associated with products, services, and go-to-market strategy; continual assessments and enhancements of programs and processes to reduce inefficiencies and strengthen compliance oversight, and multiple avenues open to employees to voice and report concerns in an open-reporting environment with a strict non-retaliation policy.

SOURCE:https://brandspurng.com/2020/02/25/nokia-named-as-one-of-the-worlds-most-ethical-companies-by-ethisphere/

The BMW Group will unveil its first pure-electric Gran Coupe on 3 March 2020 at the Geneva Motor Show. The BMW Concept i4 heralds a new era in Sheer Driving Pleasure; it provides a whole new take on the dynamic excellence for which BMW is renowned and blends a modern, elegantly sporty design with the spaciousness and practicality of a four-door Gran Coupe – all while generating zero local emissions.

“The BMW Concept i4 brings electrification to the core of the BMW brand,” says Adrian van Hooydonk, Senior Vice President BMW Group Design. “The design is dynamic, clean and elegant. In short: a perfect BMW that happens to be zero-emission.”

SOURCE:https://brandspurng.com/2020/02/25/the-bmw-concept-i4-a-first-look/

There were four of us. Around the table. You know who you are.

Friends. Colleagues. Partners. Not all of us working for the same firm but working together and knowing that we will be friends past this moment as we were up to this moment.

Even if one is leaving.

That’s why we are here. Leaving drinks. Happy for you. Sad for us. No really. That simple.

And bittersweet is how leaving drinks are meant to be.

So here we are. The night is coming to an end. Most folks have left. Four of us around the table.

We are getting a little emotional.

We say I will miss you. And you know I love you, dude. And I am so excited for you.

What we don’t talk about is why the departure. Because hey. We all leave towards the good stuff. But some times we leave in motion both towards and away from. An opportunity only considered because the present didn’t hold enough love, promise, trust or wonder.

We leave bad bosses. We leave organisations that let us down. We leave teams whose priorities don’t feel right.

After a time of fighting it, the right opportunity will come and we will be open to it. It is right because you are open to it. And it may be amazing. But it doesn’t change the fact that you are moving towards it and moving away from something at the same time.

That night was no exception. We knew it. We didn’t talk about it.

Until, into the silence, into the thing we were so actively not discussing, one of us said: what is politics anyway. Sip. Leda, you should write about it. Sip.

So here we are.

What is politics anyway?

The personal is the political

In a layer even deeper than my banker-ness, I am a political scientist.

And I will tell you that to people who study politics, politics is everything.

Human interactions that go beyond emotion or kinship, that rely on repeatability, rules and conventions, dependency and coexistence generate their own politics and politics is about communities organise themselves. The rest is incidental.

Seeking to understand the place of each individual in a matrix, formal or informal, is politics.

You call it stakeholder mapping. I call it working out what makes humans tick.

You call it stakeholder management. I call it building relationships that make sense to people who matter to you, and you to them, so that you can be part of ongoing interaction with continuity and honestly.

It matters.

Some people do it with no panache.

Some people cannot do it with the best will in the world.

Most of us manage at least some of this some of the time. We see the value, we see the purpose, we need it ourselves, and we do not see it as either sinister or redundant. Just as part and parcel of work. Life. Community.

These people are here. You share their days with them. They share yours. They impact your effectiveness. They affect your work. They can derail your day.

Get to know them. Make this easier on everybody.

Is that “politics”?

Sure.

But it’s not the type we mean when we whisper “politics” to each other.

That’s the other kind.

What is politics anyway?

Let’s keep this simple. I like simple.

Office politics is not a term you ever use to describe work you consider essential. Useful. Constructive. And it is never used to encapsulate anyone you… what’s the word I am looking for here… like.

So politics is office short-hand for people we don’t trust doing exactly the sort of things that make us not trust them.

Lie, backstab colleagues. Make short-sighted choices when they know better. Protect themselves at the expense of their team. Throw people under the bus out of selfishness or fear.

And why politics?

Because time and again we have seen those guys and gals crowned. If not emperor then at least prom queen. We have watched them do wrong. And come up trumps. Hence politics. The greasy pole with power at the far end.

Is that what politics is anyway? Yes. And no.

A decade ago, a colleague took credit for my work in a meeting. She kept a straight face. She took the praise. I was incandescent. People on the call and in the room knew it wasn’t her work. But when the big boss mistakenly praised her to high heaven she took the praise and everyone stayed shtum. So much so that I knew that to say anything would make me sound petty and childish.

I turned on my boss like a torpedo the minute the call was over. WHAT THE ACTUAL. Why did you let that happen?

Because we couldn’t turn it around and not sound petty. Because she will fall flat on her face when she needs to follow up on this work and can’t because she has no idea how it came about (truth). Because you will have another million good ideas and she won’t go much farther than this (truth, she’s still in the same role. I am seven lifetimes away). Because this moment is nothing to you and a lot to her. Because this is life some times.

That last bit I am not down with. The rest turned out to be true. Was that politics? I guess it was. But there is more to it and we all know it.

Political animals

When we talk about politics, and shake our heads, over a nightcap at a cherished colleague’s leaving drinks, we are not talking about anything other than taking the temperature of our organisation when it comes to its values and integrity and on some level finding it wanting.

We are all political animals.

The Polis is just an organised grouping of humans co-existing. City or office, the principle remains. Politics is about coordinating how we live together. How we work together. How we thrive together. Through good days and bad.

And if you go down the Aristotelean path, we all need it. Only gods and beasts live alone. The rest of us need each other and in need each other we need the Polis, the community of organised coexistence.

So, my dear friend. What is politics anyway?

It is us living together. Us coordinating what coexistence needs to achieve. What it needs to exclude. What the rules are. What our values are. What our boundaries are. What our collective identity, purpose and tenor are. That is what is politics. And that is what we are safeguarding when we lament office politics. The people who break the rules, who breach the covenant.

What is politics? Our way of living together and achieving together. Yes. Also in the office. But when you sit, late at night, with people you have come to love because of who they are in your little polis, the community that is the workplace and your partnership of joint endeavour, your community, your politics done right, your tribe, when you sit with them late at night with a drink at your elbow and a loved member of your community, your polis, your team leaving… at that moment politics is not what brought you here in terms of the camaraderie and the shared moments that mean this person is a friend for life. At that moment, politics is what brought you to this moment of the breach after the community emerged. Not the thing that builds your community but the thing that tore it asunder. Politics is where we let each other down, lost a battle, lost a war, lost a team member. Politics is our way of saying we are poorer now. Because you are going. And you are going because of choices made inside the community we are all part of. And although we are not the ones who did it, here we are, all suffering because of it.

Politics. Bloody politics.

But I raise my glass, my friends.

To my tribe. My polis. My people.

The community of folks I love deeply and trust deeply because we have worked side by side and I have seen their mettle. I have seen them make hard choices. I have seen them make the right choices. Again and again and again.

And although that is not politics, not really, not the way we mean it. It also is.

Without the struggle and strife or trying to bring people together, build communities and do right by each other, we wouldn’t be here. The politics of that are unspoken. But they bring us to each other’s side again and again and again.

For some, politics is about winning the battle. For others, it’s winning the war. For me, it is building communities of purpose.

I know whose side I am on. And I know who is on mine.

So I raise my glass, wish my friends good luck wherever they go and know that we have each other’s back, whatever happens because we know what each other is made of. We know what our community is. And we know the community is stretchy, and our covenant holds, wherever we are.

And that is not anything.

And that is also politics. The kind that doesn’t need speaking about. The kind that gives hope. The best kind.

By Leda Glyptis


SOURCE:https://brandspurng.com/2020/02/24/what-is-office-politics-anyway/

Nigeria’s gross domestic product grew by 2.27% in 2019, data released by the National Bureau of Statistics (NBS) has shown. The International Monetary Fund (IMF) had projected that the nation’s economy would grow by 2.1% in 2019.

This was revealed in the latest report released by the National Bureau of Statistics (NBS) and obtained by Brand Spur Nigeria on Monday.

Nigeria’s Gross Domestic Product (GDP) grew by 2.55%(year-on-year) in real terms in the fourth quarter of 2019. Compared to the fourth quarter of 2018 which recorded a growth rate of 2.38%, this represents an increase of 0.17% points and an increase of 0.27% points when compared with the third quarter of 2019. The strong fourth quarter 2019 growth rate also represented the highest quarterly growth performance since the 2016 recession (see Figure 1). Overall, this resulted in an annual 2019 real growth rate of 2.27%, compared to 1.91% in 2018. Quarter on quarter, real GDP growth was 5.59%.

In Q4 2019, aggregate GDP stood at N39,577,340.04 million in nominal terms. This was higher than the fourth quarter of 2018 which recorded an aggregate of N35,230,607.63 million, representing year on year nominal growth rate of 12.34%. This rate was -0.31% points lower relative to the rate recorded in the fourth quarter of 2018 and -0.96% points lower than the rate recorded in the preceding quarter. For better clarity, the Nigerian economy has been classified broadly into the oil and non-oil sectors.

The Oil Sector

During the fourth quarter of 2019, average daily oil production of 2.00 million barrels per day (mbpd) was recorded, indicating a rise of 0.09mbpd over the daily average production of 1.91 mbpd recorded in the same quarter of 2018. However, it was -0.04mbpd lower than the production volume of 2.04mbpd recorded in the third quarter of 2019. Nevertheless, it is notable that oil production remained consistently at or above 2.0mbpd all through 2019.

The real growth of the oil sector was 6.36% (year-on-year) in Q4 2019 indicating an increase of 7.98% points relative to the rate recorded in the corresponding quarter of 2018. Growth decreased by -0.13% points when compared to Q3 2019 which was 6.49%. Quarter-on-Quarter, the oil sector recorded a growth rate of -20.87% in Q4 2019. On an annual basis, oil recorded 4.59% growth in 2019, higher compared to 0.97% recorded in 2018. The Oil sector contributed 7.32% to total real GDP in Q4 2019, up from figures recorded in the corresponding period of 2018 but down compared to the preceding quarter, where it contributed 7.06% and 9.77% respectively. Oil contributed 8.78% to real GDP in 2019.

The Non-Oil Sector

The non-oil sector grew by 2.26% in real terms during the reference quarter (Q4 2019). This was lower by -0.44% points compared to the rate recorded in the same quarter of 2018 but 0.42% point higher than the third quarter of 2019. This sector was driven, during the fourth quarter of 2019, mainly by Information and Communication (Telecommunications), Agriculture (Crop Production), Financial and Insurance Services (Financial Institutions), and Manufacturing. In real terms, the Non-Oil sector contributed 92.68% to the nation’s GDP in the fourth quarter of 2019, lower from shares recorded in the fourth quarter of 2018 (92.94%) but higher than the third quarter of 2019 (90.23%). The annual contribution of the non-Oil sector stood at 91.22% in 2019.

SOURCE:https://brandspurng.com/2020/02/24/nigerias-economy-surpasses-imfs-projection-grows-by-2-27-records-highest-gdp-growth-since-2016-recession/

The United Bank for Africa (UBA) has launched ‘Click Credit’, a loan product designed to address the urgent needs of customers who have salary accounts with the bank.

According to a statement released by the bank, customers can apply for loans up to N5 million and pay back over a 12-month period at an interest rate of 1.58% per month.

The bank said salary earners who earn at least N25,000 and are aged between 18 and 59 are eligible for the loan without the need for collateral or paperwork at no extra fees.

Commenting on the product, Jude Anele, UBA’s group of retail banking, said some customers have begun to enjoy the service after eligibility was confirmed in less than a minute.

As Africa’s most innovative and technology-driven financial institution with an array of novel products and services tailored to the needs of its millions of customers, we have launched Click Credit, which is straightforward and more affordable than many other loan products in the market. It’s a unique feature is that it meets a critical credit need for our customers,” he said.

Anele explained that the product has been rolled out in Nigeria before subsequent release in other countries where UBA operates.

On her part, Dupe Olusola, UBA’s group head of marketing, said the bank is committed to empowering its customers to fund their urgent needs.

SOURCE:https://brandspurng.com/2020/02/24/uba-launches-quick-loan-product-for-salary-earners/

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His Excellency, the Executive Governor of Taraba state, Arc. Darius Dickson Ishaku, ably represented by his Excellency, the Deputy Governor of Taraba state Engr. Haruna Manu officially flagged-off the issuance of employment letters to those employed by the Taraba state civil service commission as a result of his Excellency’s gracious approval.

Governor Ishaku deemed the employment exercise as not only timely but imperative in view of his magnanimity to direct for the recruitment of over 300 young officers into the civil service to fill in the existing vacancies in some selected MDAs that require attention for effective service delivery to the state.

In attendance was the Honorable commissioner of Taraba state Civil Service Commission, Hon. John Mamman; the Head of Civil Service, Mrs Suzana J.M; Members of the Taraba state House of Assembly, Honorable Commissioners, Permanent Secretaries and other top government officials.

The program took place today at the Jolly Nyame Stadium Hall.

SOURCE:https://brandspurng.com/2020/02/21/taraba-government-issues-employment-letters-to-over-300-youths-photos/

The off-grid solar industry has grown into a $1.75 billion annual market, providing lighting and other energy services to 420 million users and remains on a solid growth curve, a new World Bank Group and GOGLA report shows.

The 2020 Off-Grid Solar Market Trends report finds that the industry has made tremendous strides in the past decade. Since 2017, revenues from the off-grid solar industry continue to rapidly grow, increasing by 30 percent annually. To date, more than 180 million off-grid solar units have been sold worldwide and the sector saw $1.5 billion in investments since 2012.

With 840 million people still lacking access to electricity, the growth of the off-grid solar industry is critical to meeting the Sustainable Development Goal (SDG7) for universal access to affordable, reliable, sustainable and modern energy by 2030.

“The off-grid solar industry is instrumental for achieving universal electricity access,” said Riccardo Puliti, Global Director, Energy and Extractive Industries and Regional Director, Infrastructure, Africa, at the World Bank. “We are scaling up our support to client countries by helping them leverage this potential through innovative and financially sustainable solutions,” he added.

According to the report, the sector would need an additional boost of up to $11 billion in financing. More specifically, the sector would need to grow at an accelerated rate of 13 percent, with up to $7.7 billion in external investment to companies and up to $3.4 billion of public funding to bridge the affordability gap.

“Only by crowding in commercial finance at scale can we reach the target of achieving universal access by 2030,” said Paulo de Bolle, Senior Director, Global Financial Institutions Group for IFC. “We are eager to work with our local bank partners in the more mature off-grid markets where commercial debt can drive the next stage of market growth.”

Trends demonstrate that companies are moving into new geographies and underserved markets as established markets become more saturated. These companies are also shifting towards larger, higher-margin solar home system sales in response to growing consumer demand for appliances and back-up systems.

“This report is another confirmation of the significant impact off-grid solar has already achieved, and the massive opportunity that remains going forward,” said Koen Peters, Executive Director of GOGLA. “The Market Trends Report shares details on where we stand, and where we should be heading next.”

The report summary of the biennial flagship report, which is published by the World Bank Group’s Lighting Global Program and the Global Off-Grid Lighting Association (GOGLA), in Nairobi at the Global Off-Grid Solar Forum and Expo where President Uhuru Kenyatta welcomed more than 1200 participants today. The full report will be available in March 2020.

About the Market Trends Report

The report summary of the biennial flagship report, which is published by the World Bank Group’s Lighting Global Program in cooperation with GOGLA and support from the Energy Sector Management Assistant Program (ESMAP).

About Lighting Global

Lighting Global is the World Bank Group’s initiative to rapidly increase access to off-grid solar energy for the 840 million people living without electricity worldwide. Lighting Global – managed by IFC and the World Bank – works with manufacturers, distributors, governments, and other development partners to build and grow the modern off-grid solar energy market. Our programs are funded with support from ESMAP, The Public-Private Infrastructure Advisory Facility (PPIAF), The Netherlands’ Ministry of Foreign Affairs, The Italian Ministry for the Environment, Land, and Sea (IMELS), and the IKEA Foundation.

SOURCE:https://brandspurng.com/2020/02/20/the-off-grid-solar-industry-has-grown-to-a-1-75-billion-annual-market-serving-420-million-users-report/

The Nigerian Stock Exchange (NSE) is pleased to announce that it has published the maiden edition of StockTown, a comic book aimed at promoting financial literacy in Nigeria. Available in both print and digital formats, readers can download the book via http://www.nse-stocktown.com.

StockTown makes use of an illustrated character’s story to educate readers of all ages about the importance of savings and investment. In its first issue, readers are introduced to Mora Johnson and her middle-class family who are experiencing financial hardship that pushes Mora to want to learn more about investment and financial independence.
Commenting on the comic book, Oscar N. Onyema, OON, Chief Executive Officer, NSE said,“StockTown is a product of a passionate idea long held by the Exchange to empower individuals across all levels to make good financial decisions and better their lives now and in the future. In a drastically evolving financial landscape, The Exchange continues to find new ways to communicate the ideas of saving and investment using products available on its platform. We hope this comic, which demonstrates the idea of buy and sell securities in simple terms, can crowd-in the financially excluded, millennials and all lovers of comics.”
The launch of StockTown builds on the Exchange’s strong commitment to promoting financial literacy in Nigeria. Annually, the Exchange implements initiatives targeted at children and youths, aimed at building a financially savvy generation. The Exchange commemorates Global Money Week by hosting a workshop for youths at its offices and conducting outreach programs in cities where it operates. In 2019, it reached over 60,000 youths during the weeklong program.
Consistently, the Exchange hosts secondary schools, undergraduates and young upwardly mobile professionals to X-Tours, a financial literacy workshop that culminates in a tour of the trading floor and meeting with Stockbrokers. Through these channels, NSE is making significant contributions to reducing the level of financial exclusion in Nigeria to 20% in line with its mandate as a member of the National Finance Inclusion Steering Committee led by the Central Bank of Nigeria. The NSE is also a member of the Financial Literacy Technical Committee of the Securities and Exchange Commission.

SOURCE:https://brandspurng.com/2020/02/20/nse-launches-comic-book-to-boost-financial-literacy%e2%80%8b/

Lewis Hamilton and Lionel Messi were declared joint winners of the 2020 Laureus World Sportsman of the Year Award at the Laureus World Sports Awards in Berlin last night. The Mercedes-AMG Petronas F1 Team was one of six nominees for the World Team of the Year.

For the first time in the 20-year history of the Laureus World Sports Awards, the prestigious Laureus Sportsman of the Year Award was given to two sporting greats – Mercedes-AMG Petronas F1 driver Lewis Hamilton and footballer Lionel Messi. Both athletes received the same number of votes from the jury and thus both of them were awarded the prestigious trophy.

The award was given out for their achievements in 2019, a year in which Lewis won his sixth Formula One Drivers’ World Championship and Lionel was awarded the Best FIFA Men’s Player. Both athletes played an important role in the success of their respective teams as well, with the Mercedes-AMG Petronas F1 Team claiming its sixth consecutive Constructors’ World Championship in 2019 and the FC Barcelona winning the Spanish league title and making it to the semi-finals of the Champions League.

Lewis and Lionel were nominated alongside runner Eliud Kipchoge, the first athlete to ever complete a marathon in under two hours, six-time Moto GP Champion Marc Marquez, golfer Tiger Woods, who won his 82nd PGA Tour last year, and tennis player Rafael Nadal, who won his 19th Grand Slam in 2019.

“Wow, this is such an incredible honor,” said Lewis upon receiving the award. “I grew up in a sport that has really given my life meaning and I’m so grateful for what it’s provided me. But I’ve also grown up in a sport that has very little to no diversity. That’s an issue that we’re continuously facing, and I think it’s all of our responsibility to use our platform for that, to keep pushing for gender equality, for inclusivity and making sure that we are engaging and trying to represent where the world is today.

“I want to say a big, big thank you to Mercedes-Benz who has always been such a huge supporter. They signed me when I was 13 and I’m so grateful for them for giving a young thirteen-year-old the opportunity to live his dream. I also want to acknowledge Laureus for all the incredible work they do around the world and for changing people’s lives and forgiving people hope – please continue to do so. Thank you very much!”

Mercedes-AMG Petronas F1 Team nominated as World Team of the Year

The Mercedes-AMG Petronas F1 Team was one of six teams nominated for the World Team of the Year Award. It was the sixth nomination for the Mercedes works team; in 2018, the team won the award.

The Mercedes-AMG Petronas F1 Team was nominated alongside five legendary teams – Liverpool FC, Toronto Raptors, the US Women’s Football Team, the Spanish Men’s Basketball Team, and the South African Rugby Union Team, which claimed the award for the best team last night.

The Laureus World Sports Awards are an annual awards show hosted by the Laureus Sport for Good Foundation. Last night, a total of eleven awards were handed out in different categories. The nominees for Sportsman, Sportswoman, Team, Breakthrough, and Comeback of the Year are selected by sports journalists and broadcasters; for the 2020 awards over 1,000 votes were cast by sports journalists from 93 countries. The winners of the Laureus World Sports Awards are then chosen by the Laureus Academy Members – a group of 68 sporting legends from around the world. A list of the 68 Academy Members can be found here.

The Laureus Sport for Good Foundation is a charity that uses sport to help children and young people overcome violence, discrimination, and disadvantage in their lives. The work of Laureus Sport for Good focuses on six key social issues identified by the UN that are affecting young people across the world: health and wellbeing, education, women and girls, employability, inclusive society, and peaceful society.

This year, the Laureus Sport for Good Foundation celebrates its 20th birthday. It was founded in early 2000 by Daimler AG and Richemont. Over the last 20 years, Laureus Sport for Good has raised more than €150m. Together with its partners, Laureus Sport for Good has reached almost 6m children and young people since 2000. The initiative is one of the largest development-through-sport organizations in the world and currently supports around 200 sports projects in 40 countries. Mercedes-Benz is one of three Global Partners of the foundation.

SOURCE:https://brandspurng.com/2020/02/19/lewis-hamilton-named-laureus-sportsman-of-the-year/

A former employee of Unity Bank Plc, Mr Moses Mina, has floored his former employers at the National Industrial Court sitting in Port Harcourt, Rivers State.

Justice Polycarp Hamman of the Port Harcourt Judicial division of the industrial court declared in his ruling that the summary dismissal of the claimant from service of the Unity Bank was wrongful and not in line with the terms of his employment.

The judge, which awarded the sum of 200,000 in favor of Mr Mina, further held that having not embedded the collective agreement into the terms of the contract, the same was not binding on the parties and the bank was wrong to have relied on the same to summarily dismiss him from service.

From facts, the claimant informed the court that he was given a letter of suspension from duty on June 12, 2009, and while serving the suspension, he received the letter of summary dismissal dated September 8, 2009.

He further claimed that these disciplinary actions were on the bases of allegation against him and the FT Officer due to the ‘exception on a foreign exchange’.

According to him, himself and the FT Officer appeared before a panel and were informed that the panel was only interested in the alleged threat to the IC Officer, which was not stated in the letter of suspension and no evidence of the said telephone conversation was given.

The claimant argued that the Collective Agreement referred to in the letter of summary dismissal was not contained in the handbook and therefore, not part of the terms of his employment, urging the court to grant reliefs sought.

However, the defendant submitted that all disciplinary and fair opportunities were given to the claimant before his suspension and subsequent dismissal from service.

It also argued that the dismissal was in accordance with the Employee’s Handbook and the Collective Agreement and all the procedural requirements were adhered to before his dismissal from service.

It further stated that the suit, which was filed on September 3, 2015, was not commenced within the period of limitation law of Rivers State, praying that the court should decline jurisdiction and to dismiss the instant suit in its entirety for want of proof.

In reply, counsel to the claimant argued that the cause of action arose in Benin City, Edo State, and not Rivers State and that the Limitation Law of Rivers State does not apply to the instant suit, urging the court to dismiss the bank’s submission.

Delivering his judgment, the trial judge held that the cause of action occurred in Benin City, Edo State and that the Rivers State Limitation Law does not apply in the circumstances of the case and the Limitation Law of Edo State, which provides for six years within which to commence an action and that the matter was filed within the limitation period.

“The position of the law regarding the enforceability of collective agreements have been numerously stated in a legion of cases in this country, and it is the law that for such an agreement to binding an employee, it must be incorporated either expressly or impliedly into the employee’s contract of employment.

“I have gone through the letter of appointment issued to the claimant by Unity Bank Plc (the offer of appointment issued to the claimant by Bank of the North Limited and the Employee Handbook) and found out that none of these exhibits made reference either expressly or impliedly to the provisions of any collective agreement as forming part of the terms of the claimant’s contract with the defendant.

“I, therefore, hold that having not embedded the collective agreement into the terms of the claimant’s contract, same was not binding on the parties and the defendant was wrong to have relied on the same to summarily dismiss the claimant from service. I so find and hold,” Justice Hamman ruled.

SOURCE:https://brandspurng.com/2020/02/18/unity-bank-plc-loses-court-case-against-former-employee/

The Federal Government has commenced the setting up of Special Agro-Industrial Processing Zones (SAPZs) as a major strategy in the economic diversification program of the current administration and repositioning for sustainable economic growth and development.

This was revealed today Monday, 17th February 2020 by the Minister of Agriculture and Rural Development, Alhaji Muhammad Sabo Nanono as he declared open, the Inception Workshop in Abuja, marking the take-off of the project in the 6 (six) geopolitical zones of the country.

Nanono stated that the SAPZs aims at helping to develop competitive processing capacity through the promotion of private sector investment, enabled by investment in public goods, policy interventions and the provision of desirable support services and skills development.

The Minister noted that the SAPZs will boost value addition to agriculture, improve competitiveness and in effect, reduce food imports, assure food sufficiency, create jobs for teeming Nigerian youths and in turn grow the nation’s economy by generating revenue.

Nanono said that the plan is to develop the SAPZs within a period of three (3) years across the country in areas where core economic value can be unleashed for the benefit of the rural population. The Minister noted that agricultural mechanization will be the main vehicle for strategically implementing the SAPZ program on an intense scale.

The SAPZs which are to be built around Brownfields – areas with developed and existing infrastructure such as rails, roads, power and irrigation systems, is being developed with the support and collaboration of the African Development Bank (AFDB) and financiers like International Finance Corporation (IFC) and African Export-Import Bank (AFREXIMBANK).

The core implementing Agencies including the Nigeria Agricultural Insurance Corporation, the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), the Bank of Industry, and Bank of Agriculture among others broke into 4 cluster groups to appraise critical commodities in the value chain and proffer the way forward.

To ensure the immediate take-off of the project, the Minister will on a later date inaugurate a SAPZ technical team that will drive the process.

The Ministers of Federal Capital Territory, Water Resources, Finance, Budget & National Planning and Industry, Trade & Investment and other relevant stakeholders were duly represented at the occasion.

SOURCE:https://brandspurng.com/2020/02/18/fg-sets-up-sapzs-targets-food-sufficiency-employment-and-revenue-generation/

The Lagos State Government has warned Developers and Investors in the built environment to desist from developing Estates without obtaining layout approvals from the State Government through the Ministry of Physical Planning and Urban Development.

A release issued by the Ministry said the warning is in furtherance of the Lagos State Government’s quest for a functional, orderly, well organized and resilient smart city as well as a manifestation of its determination to curb unauthorized developments and deviations from approved plans leading to environmental degradation.

It urged developers and owners of Estates to comply with the directive which was made in accordance with relevant provisions of the Lagos State Government Notice No. 6 of 1983 on Guidelines for Approval of Layouts, adding that Estates that failed to comply would be sealed up.

According to the release, “The Ministry of Physical Planning and Urban Development, which is empowered by law to process and grant layout plan approvals and regulate the development of public and private Estates in Lagos State, published a list of 105 non-complying Estates. These Estates are, however, urged to submit necessary documents to the Ministry, through the Office of the Permanent Secretary, within 21 days, for the processing of their layout approvals”.

“Consequently, members of the public are enjoined to always request for layout plan approvals granted by the Ministry before entering into any transaction with developers, as developments within Estates without evidence of layout plan approval would be deemed illegal and necessary sanctions would be applied in accordance with the law”, it added.

The release also implored Estate owners to desist from preventing officials of the Ministry of Physical Planning and Urban Development from performing their official duties., stressing that officials who are on routine monitoring and enforcement duties should be accorded the necessary support, including access to carry out their assignments aimed at achieving livable, orderly and sustainable physical environment.

SOURCE:https://brandspurng.com/2020/02/18/lasg-warns-against-developing-estates-without-layout-approvals/