₦airaland Forum

In its latest meeting, the Monetary Policy Committee (MPC) announced an increase in cash reserve ratio (CRR) from 22.5% to 27.5%, the first rise since March 2016. Of all the considerations given for the surprise adjustment, the need to combat liquidity-driven inflation was notable. The impact of the CRR increase is likely to be diametrically opposed to that of the loan-to-deposit ratio (LDR) measure already at play, in our view. Specifically, while the LDR measure is configured to induce bank lending, the CRR increase could curtail banks’ ability to achieve that objective with more funds likely to be sterilized.

We see the following as broad implications of the policy move:

Banks’ effective CRR may increase. Despite the regulatory requirement of 22.5%, effective CRR have ranged between 27.0% and 35.0% in the sector, according to our recent correspondence with coverage names. CBN’s data also suggests an average effective CRR of 29.4% for deposit and non-interest banks as at September 2019. It is unclear if banks’ excess CRR would be applied to their credit upon assessment of compliance to the new regulatory CRR of 27.5%. Our base-case scenario is that the CBN would enforce the additional 500bps CRR on banks irrespective of their effective positions. This assumption appears to be consistent with historical precedent that saw a 250bps increase in regulatory CRR to 22.5% in March 2016 cascade to a surge in effective CRR to 26.0% in March 2016 (vs. 23.7% previously). In contrast, we note that if banks’ excess CRR is applied to their credit in the evaluation of compliance to the new CRR of 27.5%, the MPC decision is likely to have an insignificant impact on our coverage names.
We expect the broad-based application of the measure. In our view, the 500 bps additional CRR is likely to be applied on already existing deposits, not on new funds alone. Although some banks have said they await clarity from the CBN in this regard, historical precedent suggests a retrospective application is on the cards. This could imply that an additional N817.5 billion of funds could be sterilized in the banking sector causing the effective CRR to increase to 34.4%.
Banks’ liquidity could tighten, leading to a scramble for funds and a negative consequence for funding cost. Higher CRR and LDR requirements suggest that banks could potentially have limited funds for other play, including investments in treasuries. In our view, this could lead to a scramble for funds especially in consideration of a likely slowdown in OMO maturities in coming quarters, and possibly slow down the previously expected moderation in funding costs for FY’20.
We see downside risks to banks’ earnings, but mild implications for valuations. Theoretically, an increase in CRR invariably results in higher lending rates, given the resulting liquidity constraint for lending purposes. However, we do not see the MPC’s decision as a signal that the CBN is letting up on its LDR demands to banks. Hence, taking into cognizance the likely constraint on investments in government securities, we are slightly worried about prospects for earnings growth across our coverage. Specifically, while we see slightly higher than previously expected cost of funds for FY’20, we retain our view that asset yields could remain depressed in the current year—although fixed income yields could trend higher, banks abiltiy to deploy funds to fixed income securities may be constrained by the CBN’s measures. Notwithstanding, we expect the impact to be less severe for UBA and ETI have given their hugely diversified regional operations. We also expect banks with huge FCY deposits to be less impacted than their peers given the exclusion of FCY deposits from CRR assessment.

All in, we see the likelihood of a 4.3% reduction on average for our coverage earnings projections. However, we expect the impact to be minimal on our target prices—which could potentially fall by 0.8% on average—and hence, retain our recommendations.

SOURCE:https://brandspurng.com/2020/01/27/banks-may-wobble-on-mpcs-crr-move/

The Central Bank of Nigeria (CBN) hosted different stakeholders in the cassava value chain in Nigeria as it works on developing the sector in the country. Stakeholders included a team from IITA comprising IITA-Abuja Head of Station Tarawali Gbassey, ATASP-1 Cassava Commodity Specialist Richardson Okechukwu, and Akinyemi Ibikunle of the IITA GoSeed team. The meeting, which included the signing of a Memorandum of Understanding (MoU) by the different parties, took place at the CBN Head Office in Abuja on 21 November.

Governor Godwin Emefiele of the CBN attended the event along with delegates from cassava producing states such as Governor of Ekiti State Dr Kayode Fayemi and Governor Oluwarotimi Odunayo Akeredolu, SAN of Ondo State. Other participants were the Deputy Governors of Ogun State, Chief Mrs Yetunde Onanuga and Oyo State, Engr Rauf Olaniyan.

The CBN facilitated the signing of the MOU between the Nigeria Cassava Growers’ Association (NCGA), Cassava Stem Producers, and Large-scale Cassava Processors to guarantee steady off-take and processing of cassava in Nigeria. The CBN will be collaborating with IITA to provide quality cassava stems of improved varieties to cassava farmers and to conduct training for Agricultural Development Programs (ADPs) in the 36 states of Nigeria.

In remarks made during the event, Emefiele said, “We included cassava in the FX exclusion list to salvage the industry, encourage farmers to go back to their farms to boost job creation, and increase output and improve the capacity utilization of our processing companies.” He pledged to support the NCGA at the production level under the Anchor Borrowers’ Programme (ABP) as he expects this to increase farmers’ productivity and income.

Processors across Nigeria that are leveraging cassava for production attended the event during which the CBN expressed their interest in cassava processing and promised to support Large-scale Cassava Processors under the Commercial Agriculture Credit Scheme (CACS) and Differentiated Cash Reserves Requirement (DCRR) programs. The CBN Governor stated that CBN and other stakeholders, including IITA, are to participate in the development of the framework for modern production and processing of cassava by tackling challenges in the cassava value chain.

Governments of the cassava-producing states in Nigeria and other stakeholders were encouraged by Emefiele to work together to resuscitate Nigeria’s cassava sector. He reiterated the need for all stakeholders to cooperate in creating 10 million jobs through agriculture to ease the unemployment rate in Nigeria.

SOURCE:https://brandspurng.com/2020/01/27/central-bank-of-nigeria-to-collaborate-with-iita-goseed-on-cassava-production/

Beverages: Alcoholic & Non-AlcoholicBusiness & EconomyNews
Updated: January 27, 2020
AR Packaging Completes Its Acquisition of Nampak Cartons Nigeria
AR Packaging Completes Its Acquisition of Nampak Cartons Nigeria
By
Brand Spur
January 27, 2020
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Following customary closing conditions and local regulatory approvals, AR Packaging announces the completion of the acquisition of rlc packaging group, including indirectly a significant share in BSC Drukarnia Opakowań S.A., and Nampak Cartons Nigeria Limited.

Through these acquisitions, AR Packaging continues its successful growth development in line with the strategic plan to expand in selected segments and geographies. AR Packaging elevates to a leading market position also in the healthcare, pharma and beauty segment. The acquisition of the Nigerian operation is an important first step to establish a footprint in the African market and the Group now has the capability to serve its multinational customers from three continents.

AR Packaging is also pleased to have acquired 24.1% of the shares indirectly owned by the management of BSC Drukarnia Opakowań. Thereby the Group now owns 60.8% of this Polish company. The experienced management of BSC will remain in current positions as a valued assurance of continued successful development of the company.

“We are very pleased to having received full clearance on the acquisitions and warmly welcome the new companies in our group. This is a very important step in the development of AR Packaging which will now encompass 28 plants in thirteen countries with 5,500 highly experienced employees”, says Harald Schulz, President and CEO of AR Packaging. “The customers of rlc packaging, BSC and Nampak will benefit from our Group’s unique product portfolio including multi-substrate packaging for a wide range of applications”.

All acquired entities will be operating under the name AR Packaging and the integration is in full progress together with the highly experienced local management teams.

SOURCE:https://brandspurng.com/2020/01/27/ar-packaging-completes-its-acquisition-of-nampak-cartons-nigeria/

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Lagos State Public Works Corporation (LSPWC) begins rehabilitation work on LASU-Iba road intersection with Lagos Badagry Expressway.

This rehabilitation work is expected to end Wednesday 29th January 2020 hence, all access from Lagos Badagry Expressway into LASU IBA road is closed.

SOURCE:https://brandspurng.com/2020/01/25/lspwc-begins-rehabilitation-work-on-lasu-iba-road-intersection-with-lagos-badagry-expressway-photos/

Spur Group, an information technology company from China, has said that it will establish a computer hard and soft wares manufacturing plant in Nigeria.

The company stated this when its delegation visited Grace Ekpiwhre, minister of Science and Technology to fine-tune modalities for its take-off.

Mr Yang Ming, general manager of the firm, said they decided to invest in Nigeria because of the cordial investment climate and similarities of developmental challenges.

He said his firm is one of the three top IT firms spreading e-government and IT enterprises in China.

He disclosed that the company is already in South Africa adding “we produce cheaper and affordable computers.”

The company’s visit was facilitated by the Federal Ministry of Science and Technology and the Nigeria Investment Promotion Commission (NIPC)

Responding, Ekpiwhre, advised the investors to consider safety measures and sustenance of sensitive computer equipment in its Research and Development scheme.

She said that only tropicalised computers are needed in the country and that there was vast a market for information and telecommunication technology in Nigeria.

Ekpiwhre urged investors to consider the Nigerian environment by producing solar-powered computer systems for the country.

She explained that this was the only way the present low IT penetration in the country could be overcome.

Ekpiwhre said the firm’s vision tallied with the Ministry’s policy of penetrating rural areas with ICT is in line with the e-government policy of the federal government.

She urged the firm to hasten its presentation of concrete manufacturing proposals to the government.

The Minister assured them of government’s tax-free incentives and land to encourage foreign investment in the country.

SOURCE:https://brandspurng.com/2020/01/24/chinese-firm-plans-computer-plant-in-nigeria/

Not long ago, electric lighting was considered a luxury. For that matter, so were mobile phones. But, notions of luxury often change with technological advancements and cultural shifts. With the start of the new decade, Lexus is sharing key findings from its most recent research on the future of luxury; specifically, what will the luxury “must-have” requirements be 10 years into the future?

As a leading luxury brand, Lexus has always been curious about what those notions are and has consistently sought to anticipate luxury consumers’ expectations. “From the very beginning, our greatest curiosity hasn’t machined, it’s been people,” said Lisa Materazzo, vice president of Lexus marketing. “What moves them? What makes them tick? It’s the inspiration for everything we do. From the products we craft to the dealership experience, it’s what makes us uniquely Lexus.”

As part of ongoing efforts to exceed expectations, Lexus commissioned a study of more than 3,200 Americans from Gen Z to Baby Boomers. According to the study, exceptional experiences and quality top the list of demands. But new must haves has also entered into Americans’ future luxury expectations, including time for the occasional “digital detox,” a desire to be unique and an increased focus on wellness.

Amazing Experiences, Exceptional Quality
Simply put, luxury has always been about exceptional quality and, more recently, experiences over possessions. They are the single most inherent features of luxury and are the top “must-haves” for luxury brands, according to the study findings.

Most Americans (56%), feel that luxury is better described as a lifestyle of experiences than a collection of belongings. This trend is projected to continue, as the majority of Americans (73%) believe that identifying luxury with experiences over belongings will be just as, if not more, important in the next decade. [1]*

Indeed, looking to the future, successful luxury brands will differentiate themselves with quality experiences and service, not just quality products. A full 86 percent of Americans expect luxury brands to provide exceptional experiences — from being highly responsive to customers’ needs, providing expert support, and focusing on the details; to the personal touch, such as knowing the customer’s name and preferences and even attention to the sensory, such as scent, lighting and mood.

The New Luxury: Digital Detox
Americans love their digital devices and will continue to demand and value technological advances that allow them to connect more seamlessly. That said, the dependency on these devices also has many feeling the pressure to be “plugged in” at all times. This might be why, in the next decade, almost three times as many people will associate luxury with the opportunity for the occasional “digital detox” — time to voluntary refrain from social media, news, email and the internet from time-to-time.

To Know Me is to Love Me: Personalization
Americans want personalization to be built into the purchase process. Thinking ahead to the future, almost all (93%) expect to see just as much, if not more, features from luxury brands allowing them to make special requests. In fact, more than half (51%) are hoping to see additional tools and innovation supporting ways to customize their online luxury orders.

Having an Impact: Environment and Sustainability
Most Americans expect luxury brands to have environmentally friendly manufacturing processes (81%). More than seven in 10 also believe luxury brands should act as leaders on issues surrounding sustainability (71%).

And, they are open to innovative materials to help satisfy their demand for more sustainable manufacturing practices. In fact, nearly half (48%) look to see more original materials like faux leather and lab-grown diamonds in the future.

Scrutiny on how luxury brands embody “green” behaviour is expected to intensify. Looking into the future, this expectation as a luxury requirement increases by 8 percentage points, with a nearly a third (30%) saying it will be essential.

Some product categories are also held to a higher standard than others. Americans are more likely to say being environmentally friendly is more of a “must-have” for luxury brands in categories such as beauty/cosmetics, food and beverage, and automotive.

An Empowered Way of Living: Personal Enjoyment
The concept of luxury goes beyond what is tangible, with many Americans considering the freedom to enjoy oneself and focus on what’s important to be a luxury.

Those numbers are expected to increase in the next 10 years, with 51 percent saying time to enjoy oneself and 50 percent saying the freedom to focus on health and wellness will become even more of a luxury.

Looking Further: The Year 2050
Thirty years from now, Americans predict mind-reading technology, space travel and flying cars will be luxury symbols. Indeed, advanced technology leads the list in terms of what luxury is expected to look like in the year 2050. Top on the list are:

Devices for mind-reading
Space vacations
Flying cars
Dream recording technology
Brain implant devices to aid memory
Meanwhile, items that are expected to be mainstream, affordable and accessible to most people by 2050 include:

Organic, non-GMO food
Clean air
The ability to occasionally disable personal digital devices so one can truly “unplug”
Medicine that is custom-made for patients based on their genetic information
* Information designated with an asterisk (*) is pulled from an additional study commissioned by Lexus, fielded on November 4th, 2019 among 1,003 Americans aged 18+

SOURCE:https://brandspurng.com/2020/01/24/lexus-releases-future-of-luxury-report-for-the-new-decade/

Vice President Yemi Osinbajo, SAN, met today with South West Governors, the Attorney General of the Federation and the Inspector General of Police.

The meeting was at the instance of the Governors who had asked to see President Muhammadu Buhari over the controversy surrounding the Amotekun Initiative. However, due to the President’s foreign engagement, he asked the Vice President to host the meeting.

The meeting was very fruitful and unanimous resolutions were made on the way forward.

Having regard to the need for all hands to be on deck in addressing the security concerns across the country, it was agreed that the structure of Amotekun should also align with the Community Policing strategy of the Federal Government.

It was also agreed that necessary legal instruments will be put in place by each of the States to give legal backing to the initiative and address all issues concerning the regulation of the security structure.

SOURCE:https://brandspurng.com/2020/01/24/fg-south-west-governors-agree-on-amotekun/

Lagos State Health Service Commission has commenced mass recruitment of health sector workers to address the deficit in manpower requirements in public health institutions across the State.

The Commission’s Permanent Secretary, Dr. Ademuyiwa Eniayewun made the disclosure while speaking on the steps being taken by the government to fulfil its promises to residents in order to ensure prompt, qualitative and accessible health service delivery to citizens.

According to him, Governor Babajide Sanwo-Olu has approved the recruitment of a large number of health workers and directed that replacement of personnel who exit the civil service must also be done promptly to cushion the effects of brain drain in the sector.

The Permanent Secretary stated further that the recruitment process will not only take immediate effect but shall continue in phases for the next few months in order to bridge the manpower gap in the system.

“The quantum of staff to be recruited as we speak is phenomenal. This move is a clear indication of the commitment of the Governor to ensure prompt and quality service delivery in all hospitals at all times”, he said.

Ademuyiwa enjoined interested applicants to download the application forms via www.lagosstate.gov.ng to apply for various positions in the Lagos State Public Health Sector and submit the completed documents to the Lagos State Health Service Commission at No. 1, Ganiu Smith Street, Lagos Island.

SOURCE:https://brandspurng.com/2020/01/24/lagos-embarks-on-massive-recruitment-for-health-sector/

African Infrastructure Investment Managers (AIIM) has acquired minority interests in gas assets in Nigeria majority-owned by Savannah Petroleum Plc. This comprises a 20% stake in Seven Uquo Gas Limited, the entity that holds a 40% participating interest and a 100% gas economic interest in the Uquo gas field located in South-East Nigeria and a further 20% stake in Accugas, the integrated processing and distribution infrastructure for Uquo gas. AIIM purchased the interests of Savannah Petroleum Plc, which owns the remaining 80% of each company.

AIIM, one of Africa’s largest and most experienced infrastructure-focused private equity fund managers and a member of Old Mutual Alternative Investments (OMAI), invested USD54 million of equity into the transaction through its flagship pan-African infrastructure fund, AIIF3.

Accugas has a 200 mmscf/d gas processing capacity plant and a pipeline network of over 250km. The investments will enable the company to continue to support critical power plants that generate more than 10% of Nigeria’s on-grid power supply as well as other leading industrial off-takers.

AIIM’s West African Director Olusola Lawson, said: “This deal firmly supports AIIF3’s investment strategy, which targets significant influence investments across the power, transport and midstream energy sectors – three focus verticals across sub-Saharan Africa where AIIM sees the greatest disconnect between the demand for critical infrastructure and available capital for these projects. In Nigeria, estimated peak energy demand is estimated to be over 20,000MW, but this is only met with less than 5000 MW of peak supply. This highlights the power demand gap on the national grid, which is partially due to the unavailability of gas to some of the existing generation plants. AIIM’s investments will help to bridge this gap, creating positive impact outcomes for businesses, communities and individuals on the ground.”

Andrew Knott, CEO of Savannah Petroleum, said: “We are very pleased to be working with AIIM, as they have an impressive track record in the African power sector. The gas to the power sector in West Africa is primed for considerable growth over the coming years, so we believe that both Accugas and Uquo offer investors exposure to a fast-growing economy in need of additional power supplies. Both AIIM and Savannah are fully aligned and remain focused on delivering sizeable growth and cash flows at these high margin assets.”

AIIM is pleased with the deployment of AIIF3 to date, with two-thirds of the fund already committed to a diversified portfolio of assets across the thermal power, renewable energy, ports & logistics and airports sectors. This portfolio of assets provides the fund with exposure to operations across 13 African countries. AIIM has concluded nine other investments through the AIIF3 portfolio, including Starsight Power Utility, a leading off-grid energy company in Nigeria, Albatros Energy, a thermal power IPP in Mali, DSM Corridor Group, a bulk handling facility in Tanzania, and BBOXX a next-generation utility platform company.

SOURCE:https://brandspurng.com/2020/01/22/aiim-invests-in-nigerian-gas-assets-accugas-and-seven-uquo-gas-limited/

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The highly popular Mahindra Pik Up range has a new flagship and it’s automatic! The Mahindra Pik Up S11 will be available in a couple of months, after completing a year of arduous testing in South African conditions, including extended durability testing at the tough Gerotek test track outside Pretoria.

“South Africa is the first country in the world to officially launch the all-new Pik Up Automatic, which is only fitting since it was the testbed for this model. There has been an overwhelming demand for automatic transmission in our bakkie range, and we believe we have the perfect answer with the S11 and S11 Karoo AT,” says Rajesh Gupta, CEO of Mahindra South Africa.

Smooth-shifting six-speed flagship

The all-new six-speed automatic transmission fitted to the Pik Up is a next-generation transmission used for the first time on this model. It features a sequential self-shifting option and is mated, in 4×4 models, to a new Hill Descent Control (HDC) system that utilises engine and vehicle braking for slow descents on tough, off-road terrain and that can be controlled with the in-built cruise control system.

The transmission has been designed to offer near-imperceptible shifts and to best utilise the 320 Nm of torque delivered by Mahindra’s mHawk turbodiesel engine, while the engine mapping has been fine-tuned to work perfectly with the standard cruise control system, for effortless long-distance cruising.

At first, the new automatic gearbox will only be available in the double cab Pik Up body style. It will be launched with a new, luxury S11 specification level that includes all the luxuries of the S10 and more.

“Our market research shows that customers often prefer an automatic transmission in the double cab lifestyle segment of the bakkie market. We have therefore combined the new automatic transmission with a very high level of luxury equipment so that the customer’s every need is taken care of,” says Rajesh.

S11 – eye-catching design

The new automatic transmission is not the only change to the Pik Up flagship. The new S11 specification level boasts a new grille and bumper, upgraded headlamps and other subtle luxury changes to the design to make sure that it immediately stands out as the top-of-the-range model.

The main design change is the bold and stylish new grille, which replaces the narrower chrome inlays of the S10 model with wider chromed vents that are reminiscent of the range-topping Mahindra Scorpio S11 models.

The grille is flanked by new headlamps, with chrome inserts housed in and behind clear screens. New, chromed fog lamp surrounds in the wide, lower air intake round off the front design changes.

In addition to the new front design, the S11 Automatic Pik Up has colour-coded side mirrors with integrated indicators. At the rear of the new model, there are S11 and Automatic decals as well as the addition of a new reverse camera that has to date not been available on any Pik Up model.

Luxury abounds

To further boost the premium appeal of the all-new S11 Automatic Pik Up, Mahindra has added a host of new luxury features as standard on all models.

Taking centre stage is a brand-new 7″ touch screen infotainment system with a capacitive interface. This new system offers Bluetooth connectivity, a multitude of entertainment and vehicle information screens and full turn-by-turn navigation as standard. The infotainment screen also displays the image of the in-built reverse camera in full colour.

All S11 models will further offer an automatic climate control system in place of the standard manual air-conditioning system, and all models have an adjustable multi-function steering wheel that controls the infotainment, phone and cruise-control systems.

As the most luxurious model in the range, the S11 carries over all the luxury and safety features of the manual S10 models. This includes two airbags, 12V power points for the front and rear occupants, traction control, electric windows with an automatic up/down mode on the front windows and automatically locking doors.

Trusted mHawk power

All S11 models will be fitted with Mahindra’s much-loved mHawk turbodiesel engine of 2.2 litres.

This four-cylinder engine has common rail injection and turbocharging to deliver 103 kW at 3 750 r/min and 320 Nm at a flat band between 1 500 r/min and 2 800 r/min.

The mHawk turbodiesel was designed with a high 16.5:1 compression ratio to offer exceptional performance, while only using 7.9 litres of fuel every 100 km in a combined testing cycle.

The King of Pik Up models – S11 Karoo AT

Mahindra first launched the Karoo Special Edition late in 2018 to celebrate the successful opening of its local assembly facility in Durban, KwaZulu-Natal.

Since its launch, the Karoo has proven to be extremely popular – in both S6 and S10 specification levels – and it has prompted Mahindra to design a special S11 Karoo model with a refreshed design theme and even more equipment as standard. This model will offer all the luxury equipment of the S11 range and add additional styling features and specifications for a truly stand-out special edition model.

Viewed from outside, the all-new S11 Karoo Automatic will feature a unique decal design on the side panels and nudge and styling bars. This model also has a custom-designed and lockable roller deck system for the load box as standard, while all S11 Karoo models will have a rubberised load bay.

Rounding off the new design are special custom-designed off-road-ready alloy wheels that feature a blacked-out design with chrome detailing.

At the same time, Mahindra has made subtle changes to other Karoo models.

On the S6 Karoo, Mahindra has upgraded the decal package to align it more closely with the new design on the S11 Karoo. It has also created new designs for the roll bar, featuring a steel-stamped Karoo decal.

The S10 Karoo will also get updated decals and branding on the steel roll bar, but it will further treat owners with a new tonneau cover and upgraded stylish alloy, all included in the standard selling price.

Built on the Pik Up DNA

While the Pik Up S11 Automatic and S11 Automatic Karoo are the most luxurious models in the range, they share the same tough and durable DNA of their siblings.

All Pik Up double cab models feature a standard ground clearance of 210 mm, an approach angle of 34 degrees and a departure angle of 15 degrees. The high standard ground clearance and narrow-fitting side rails mean that the Pik Up has a very impressive break-over angle of 18 degrees.

Among the many benefits of owning a Pik Up are its heavy-duty cushion suspension system, which allows the 4×2 double cab models to load up to 1 095 kg, while 4×4 models can easily transport up to 995 kg. As on other models, the S11 also offers a double-walled load bay for extra durability.

The Mahindra Pik Up double cab range is certified to tow a braked trailer of up to 2 500 kg, and all double cab models are fitted with Mahindra’s mechanical differential lock (MLD), which is developed in partnership with Eaton and which offers complete lock-up between the rear wheels when there is a loss of traction, such as in challenging off-road conditions.

Lastly, the Pik Up has a comprehensive range of accessories, including approach and recovery bumpers and rock sliders that can be fitted under warranty by any Mahindra dealership or at Mahindra’s newly inaugurated Special Fitment Centre in Gauteng.

SOURCE:https://brandspurng.com/2020/01/22/the-all-new-mahindra-pik-up-s11-automatic/

GHANAIAN President Nana Akufo-Addo has pleaded with President Muhammadu Buhari to expedite the process of reopening the closed borders because of its effect on the economy of Ghana. President Akufo-Addo made the plea to Buhari during a bilateral discussion they had on the sidelines of the ongoing UK-Africa Investment Summit 2020 in London.

President Akufo-Addo, while showing an understanding of the need for Nigeria to protect her citizens, pleaded for “an expedited process, because the Nigerian market is significant for certain categories of business people in Ghana.” But the Nigerian President, Buhari said that the partial closure of the borders was to stop the proliferation of arms, ammunition and hard drugs.

In a statement by the Special Adviser to the President on Media and Publicity, Chief Femi Adesina, President Buhari said he could not keep his eyes open and watch youths being destroyed through cheap hard drugs, and compromised security caused by the unbridled influx of small arms.

According to him, “When most of the vehicles carrying rice and other food products through our land borders are intercepted, you find cheap hard drugs, and small arms, under the food products. This has terrible consequences for any country.”

Buhari He said it was regrettable that the partial border closure was having “negative economic impact on our neighbours,” but added that “we cannot leave our country, particularly the youths, endangered.”

The President said the Sahel region was awash with small arms, which accounts for severe security challenges in Mali, Chad, Burkina Faso, Niger and Nigeria. “We are in fact the biggest victims,” he lamented.

On time frame for reopening the borders, President Buhari said it would not happen till the final report of a committee set up on the matter was submitted and considered.

He said, “We will get things sorted out. Our farmers, especially those who grow rice, now have a market and are happy, and we are also concerned about hard drugs and weapons. “Once the committee comes up with its recommendations, we will sit and consider them.”

SOURCE:https://brandspurng.com/2020/01/21/ghanaian-president-begs-buhari-to-open-border/

If you are like the average Nigerian youth who is just starting out and needs an account that allows you to start from scratch and grow your savings while giving you access to your money 24/7, then the Stanbic IBTC Blue Edge Savings Account is perfect for you.

The BluEdge Savings Account is a product that allows you to open an account with zero balance, so you don’t need any money to open the account. You can always fund the account at any time to grow your savings. With the Blue Edge Account the minimum account balance is also zero naira, this means that you will not be charged for having zero balance on the account.

The BluEdge Savings Account gives students and young Nigerians currently enrolled in the National Youth Service Corps (NYSC) the edge that they need to experience financial confidence and freedom. It takes away the pressure of starting an account with huge funds as it enables them to start with zero naira while earning interest on the savings every month.

The BluEdge Savings Account can be operated with ease and accessed with a Verve card on Internet Banking, Mobile Banking, ATM, and via USSD. Account owners can also withdraw cash from the nearest Stanbic IBTC Bank branch. The requirements for opening a BluEdge Savings Account are a BluEdge Savings Account form, passport photograph, BVN and student ID card.

According to Wole Adeniyi, Deputy Chief Executive, Stanbic IBTC Bank Plc: “The BluEdge Savings Account is a great opportunity for young people to maintain a savings account conveniently. It proffers solutions to the hassle of savings among youths, and the various benefits are deliberately aimed at encouraging and promoting a savings culture. It can also serve as an avenue for them to pursue their dreams.”

SOURCE:https://brandspurng.com/2020/01/20/stanbic-ibtc-zero-balance-account-gives-savers-an-edge/

The V-Class is the Mercedes among MPVs. Since its introduction, the Mercedes-Benz V-Class has gone on to revolutionize the multi-purpose vehicle (MPV) segment with its high-class appeal, comfort, efficient driving pleasure and safety; it caters to a growing customer group who are in need of a generous amount of space but never wanted to drive an MPV because style, a sense of well-being and ride comfort have been lacking. Weststar Associates Limited, Authorized General Distributor of Mercedes-Benz in Nigeria is offering the all-new facelift V-Class especially for the comfort of all travels.

The V-Class easily makes for a saloon for up to 8 people. The philosophy around the design is a combination of functionality, comfort, and style in a way no other vehicle in this segment can offer. The exterior is striking with an emotional and dynamic appearance, while the interior comes in a modern style and with the high-class appeal, putting great emphasis on comfort. Other highlights in the V-Class include Mercedes-Benz intelligent drive, highly efficient engines and more personalized driving systems.

The exterior of the V-Class has a broader appearance and an even stronger visual presence thanks to its new front end. This comes courtesy of a new bumper design with striking cooling air inlets and a new diamond structure in the radiator grille. The Mercedes star is positioned centrally in the radiator grille and framed by two slats in silver. The V-Class is the first vehicle in the segment which provides all light functions in LED technology as an optional feature. The all-LED headlamps with Intelligent Light System make for a visual highlight as it also enhances safety. The LED headlamps come with 34 LEDs in each headlamp that give the vehicle an unmistakable appearance, and compared with conventional systems, offer a much-improved vision in the dark.

There are four new light-alloy wheel designs which present an even more striking appearance; they include 5-twin-spoke 17-inch, 18-inch and 19-inch light-alloy wheels. Another highlight of the exterior is the separately opening rear windscreen and second loading level, which is attached to the upper level of the tailgate. It can be opened and closed independently of the tailgate, which makes loading and unloading easier in two respects – on the one hand, it allows a second loading level; while also particularly in tight parking spaces there is no need to open the large tailgate.

The interior redefines the meaning of spaciousness in an MPV. Following the trend of modernity and clarity, the V-Class presents itself with new air vents in a sportier turbine look as well as new dials in the instrument cluster. The new upholstery and equipment colour Tartufo Nappa leather make a modern and elegant statement with a total of six different upholsteries in light and dark colours to choose from. Modern and elegant can also be used to describe the new trim element in twin-stripe look which is used on the instrument panel and side panelling. The trim elements in the piano lacquer, ebony wood, carbon fibre and brushed aluminium looks remain. The seating in the rear allows numerous configurations to meet any requirements. As standard, the MPV is equipped with four individual luxury seats with armrests in two seat rows. Thanks to improved technology and operating logic, they can be folded forward intuitively to afford fast and easy access to the rear. An optional folding table can be installed between the individual seats in the first row.

Other highlights include the free-standing central display, the multifunction steering wheel with 12 function keys and DIRECT SELECT selector lever (plus steering-wheel shift paddles with automatic transmission) as well as the innovative touchpad, which allows all telematics functions with gestures or by entering letters and characters like on a smartphone. The touchpad is available in conjunction with Audio 20 CD or COMAND Online. The latest generation of COMAND Online combines all audio, telephone and navigation functions.

With agile performance and high efficiency, the V-Class engine with 7G-TRONIC PLUS automatic transmission impresses with its superior handling characteristics and low fuel consumption. For the Nigerian market, the V-Class comes in a vertical in-line 4-cylinder petrol engine with 211hp with an output of 155kW and a peak torque of 350nm – delivering plenty of driving enjoyment, thanks to the new innovations in the engine.

A total of eleven innovative driver assistance systems ensure a high level of driving comfort and an exemplary level of safety. They are based on modern radar, camera and ultrasound sensors, which were introduced in the E-Class and S-Class under the name “Mercedes-Benz Intelligent Drive”. The standard equipment includes Crosswind Assist, which stabilizes the V-Class in strong gusts of crosswind, and ATTENTION ASSIST, which can warn of inattention and fatigue. Also available is Active Park Assist, which makes parking the new MPV as easy and convenient as parking a compact car.

Speaking on the arrival of the new V-Class, Mr. Mirko Plath, CEO, Weststar Associates Limited commented; “The Mercedes-Benz V-Class has definitely become a star in the MPV segment with luxury and comfort playing a key part. More Nigerians have chosen the V-Class over its competitors and with a handful of innovation in the facelift, we expect even more orders for the V-Class in 2020.”

Whether you’re off on a business trip or travelling with the whole family, the V-Class provides optimum flexibility when it comes to comfort levels of the interior and it cuts an elegant figure at the same time. The emphasis on comfort and style doesn’t just give you a luxury Mercedes as an MPV, but also a functional vehicle that looks to accommodate more. As we gear up for business in the new year, the V-Class is the ideal vehicle for those looking for luxury and comfort.

SOURCE:https://brandspurng.com/2020/01/20/make-your-move-with-the-new-mercedes-benz-v-class-photos/

Key Standards for Secure Mobile Commerce to Increase Revenues by 140% over Next 5 Years
Hampshire, UK – 20th January 2020: A new report from Juniper Research found that annual revenues from tokenised mobile payments, where account details are replaced with data useless to fraudsters, will exceed $40 billion by 2024, growing from an estimated $17 billion in 2019. Of this, over $30 billion will be through remote eCommerce, rather than contactless payments at the point of sale.
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For more insights, download our free whitepaper, The Impact of Regulation on Securing Mobile Payments.

Standards to Drive up Remote Tokenisation

The new research, Mobile Payment Data Security: Tokenisation, Encryption & Regulation 2020-2024, found that the ability to use standard tokens and multifactor authentication protocols through Secure Remote Commerce will increase the use of such security measures in browser-based commerce, whereas previously it was mostly limited to native apps. The report notes that this will be aided by 3D Secure 2.0 standards, which become mandatory for most payment networks worldwide. As a result Juniper Research believes virtually all remote payments will be tokenised by 2024, along with all Near Field Communication-based payments.

The only places that will be exempt from this is emerging economies where local players do not necessarily adhere to EMVCo specifications.

Secure Future in the Cloud and on Devices

The report shows over 33% of tokens used for mobile payments will be persistent by 2024, thanks to universal card-on-file tokenisation systems that allow merchants to securely store payment credentials, as well as some smartphone vendors providing persistent NFC tokens.

Juniper Research expects the use of persistent tokens to decline for contactless payments as solutions leveraging single-use tokens gain market share. However, the report also shows the wider merchant ecosystem for remote payments will keep persistent tokens in common usage over the next 5 years.

“Mobile payment involves a wide ecosystem of platforms, networks and devices,” remarked research author James Moar. “Many of these devices will not have sufficient hardware capacity to have strong on-device security, meaning cloud-based tokens will be necessary to ensure adequate security.”

Juniper Research provides research and analytical services to the global hi-tech communications sector; providing consultancy, analyst reports and industry commentary.

SOURCE:https://brandspurng.com/2020/01/20/tokenisation-to-generate-over-40-billion-in-revenues-globally-by-2024-as-remote-tokenisation-scales-up/

Flour Mills of Nigeria Plc (referred to as “Flour Mills “or “FMN”), Nigeria’s leading integrated food business and agro-allied Group, owners of the iconic brand – ‘Golden Penny,’ today announced that following approval by its Board of Directors, it intends to issue up to N20,000,000,000(Twenty Billion Naira only) in medium-term bonds subject to appropriate pricing.

The bonds, which are expected to be Senior Unsecured Fixed Rate Bonds with tenors of 3 and 5 years respectively, are part of its previously-approved N70, 000,000,000 (Seventy Billion Naira only) Bond Issue Programme. The process of obtaining requisite approvals from the Securities and Exchange Commission (SEC) for issuance of the bonds has begun.

The management of FMN has disclosed that the proceeds from the bonds will be used to refinance existing short-term debt and increase further the efficiency of its balance sheet, with the ultimate objective of maximizing the wealth of its shareholders.

SOURCE:https://brandspurng.com/2020/01/20/flour-mills-nigeria-plc-intends-to-issue-up-to-n20billion-in-medium-term-bonds/

The Lagos Waste Management Authority (LAWMA) will soon begin a campaign tagged: #HallofFame and #WallofShame, to recognize efforts of individuals whose activities promote environmental cleanliness in the state, while naming and shaming residents who indulge in reckless waste disposal.

LAWMA disclosed this following the arrest and sentencing to community service by a mobile court of some persons caught disposing of waste in unauthorized locations in the state.

The statement reminded residents of Governor Sanwo-Olu’s executive order on zero tolerance to traffic and environmental infractions, stressing that ignorance of the law should never be an excuse to engage in acts capable of causing harm to the environment and the people.

It said that days of condoning littering and indiscriminate waste disposal in the metropolis were over; adding that apart from carrying out community service, environmental offenders would be named and shamed, using the agency’s social media handles and other public communication channels.

The Authority further said that it had embarked on various media advocacy programmes and community sensitization campaigns across the state to educate residents on the need to imbibe the culture of effective waste management in their localities.

It further appealed to parents to properly guide their children and wards against harmful environmental practices, warning that anyone caught dumping waste indiscriminately under the cover of darkness would be made to face the full wrath of the law, as the Authority’s waste policing is effective 24/7 and would not spare any defaulters.

Residents were enjoined to embrace recycling and the waste-to-wealth initiatives of the state government, which would not only make the environment cleaner and safer but also provide a viable means of income.

It also advised Lagosians to promptly contact the Authority using the toll-free line 07080601020, for complaints and relevant information.

SOURCE:https://brandspurng.com/2020/01/19/lawma-to-create-hall-of-shame-for-environmental-offenders/

Nigerian lender, Access Bank Plc, has announced receiving approvals from regulatory authorities in Kenya for the acquisition of Transnational Bank (TNB) Plc.

TNB is a medium-sized commercial bank based in Kenya with great focus on the agricultural sector and significant retail footprints.

In October 2019, the board of Access Bank, via a notice to the Nigerian Stock Exchange (NSE), had said it has obtained a ‘no objection’ of the Central Bank of Nigeria (CBN) to a majority equity stake in TNB.

On Friday, January 17, 2020, the tier-one financial institution, in a disclosure, said it has “now secured the final approvals of all relevant regulatory authorities in Kenya in respect of the acquisition.”

According to the lender, the deal will help in providing cutting edge financial solutions to its clients by leveraging its presence in key payment corridors, strong partnerships in non-presence countries, robust technology platform as well as world-class risk management.

Access Bank said the acquisition of TNB was in line with its strategic objective of becoming Africa’s gateway to the world and ties into its strategy to establish footprints in key African markets, noting that the new development will further complement the bank’s franchise in Rwanda, Congo DRC and Zambia.

“This acquisition aligns with our strategy to become Africa’s gateway to the world and we are excited about the potentials that reside in the East African market,” Group Managing Director of Access Bank, Mr Herbert Wigwe, commented.

“We will leverage our presence in key payment corridors, strong partnerships in non-presence countries, robust technology platform as well as world-class risk management to provide cutting edge financial solutions to our clients,” he said further.

He also said, “We will build on TNB’s existing expertise in agricultural financing and deploy our resources to optimise other business segments. We are committed to supporting the growth and development of our host community in line with our sustainability ethos and are certain that this acquisition will deliver great value to our shareholders.”

Concluding, he expressed optimism that, “Following the receipt of regulatory approvals, we are very confident that the transaction will be completed shortly.”

SOURCE:https://brandspurng.com/2020/01/18/access-bank-acquires-kenyas-transnational-bank/

It has been over six years since the latest Sony gaming console, the PlayStation 4, came out. So it’s completely understandable that the fans of the device are anxious for a new release. Last week, Sony officially confirmed that the PlayStation 5 is on its way.

Here is everything you need to know.

1. Sony PS5 Specs
The most interesting aspect of the upcoming console is, of course, its specification. After the triumph of the PlayStation 4, fans are not expecting anything less impressive. Here are the rumoured specs of the Sony PlayStation 5:

The official design of the device has not been unveiled yet, but a few leaks suggest the PS5 will look completely different from its predecessors. The console is expected to have a V-shaped cavity on top and numerous ventilation spots.
The PlayStation 5 will also come with a new controller. With the revised shape, built-in microphone and audio, and haptic feedback support, the player will feel even more immersed in the game than with previous versions of PlayStation.
The PS5 will be powered by a custom 8-cored AMD chipset, which will unleash even more visual finesse for your gaming experience. The chipset will also make the ray tracing technology possible, which will make your gaming session look like a scene from a Hollywood blockbuster.
The console will be equipped with a brand new generation of SSD storage, which will allow even the heaviest games load faster than ever before.
The PlayStation 5 will double as a Blu-Ray player and will support not only 4K video, but also 8K video, TV, and games.
The 3D audio technology is included in the PS5 to further the immersion process. The quality of audio will be particularly noticeable to players who prefer to game wearing their headphones.
The two key software features of the new PlayStation are PlayStation Now, the cloud gaming technology, and Remote Play, which was already available with the PS4 and allows you to stream a PS game to any compatible device.
Backward compatibility was among the most pressing issues for the fans of PlayStation for years, and Sony itself confirmed that the PS5 will have backward compatibility. It means that you will be able to play any PS4 game on your new PS5. Moreover, some leaks suggested that the PlayStation 5 will be able to run PS3, PS2, and even original PlayStation games.
Virtual reality will be a big part of the PlayStation 5 experience. While fans should not expect a new VR set to come out at the same time as the PS5, the team at Sony understands its importance and plans to unveil a brand new wireless VR headset sometime after the launch of the PS5.
2. Sony PS5 Release Date And Price
Normally, fans have to guess the release date for new devices based on leaks, but this time, Sony announced that the new console will be released in time for the 2020 holidays, which places the release date between October and early December of 2020. One leak suggested that the PS5 will be released on November 20, but this has not been confirmed yet.

As for the price, nothing has been announced officially. However, based on the technology used in the PlayStation 5 and Sony’s previous release prices, some tech magazines and experts estimate the price of the PS5 to be around $500, or ₦180,000.

SOURCE:https://brandspurng.com/2020/01/18/all-you-need-to-know-about-the-new-playstation-5/

Advises Business Owners to Comply With Operational Standards

The Lagos State Government has reiterated the need for Lagosians in the informal business sector of the economy, especially those in urban areas, to comply with operational standards, rules and regulations of the government.

The Acting General Manager, Lagos State Planning and Environmental Monitoring Authority, LASPEMA, Engr. Kazeem Olanrewaju disclosed this during a stakeholders’ meeting at the Secretariat Alausa, Ikeja recently.

He revealed that it has become expedient for the informal business sector operating in urban spaces to align with the State Government’s drive to improve its urban aesthetics for sustainable environmental development.

Olanrewaju maintained that the informal business sector such as car wash, metal scrap dealers, block industry, auto sales dealers, suya spot, cement traders, iron rod depots, food vendors, newspaper vendors and vulcanizers among others, cannot operate in urban spaces without getting the proper permit from the appropriate authority.

According to him, “The essence of regulation is to ensure that they comply with all the operational standards in line with the need for a sustainable aesthetic environment in the state”.

While imploring Lagosians to key into the T.H.E.M.E.S Agenda of the present administration to achieve those development strides and growth, Olanrewaju said the State government is doing this in order to ensure that proper planning guidelines and regulations are put in place so as not to abuse the beauty of the urban spaces.

The Acting General Manager, however, promised that LASPEMA would carry out an awareness campaign periodically to inform and educate the public on operational standards, rules and regulations as stipulated by the State government.

SOURCE:https://brandspurng.com/2020/01/17/lasg-to-monitor-regulate-activities-of-informal-businesses/

Inflation figures for December 2019 released by the National Bureau of Statistics (NBS). Headline inflation advanced by 14 bps to 11.98% as the effects of border closures continue to weigh on food prices.
Food inflation rose by 19 bps to print 14.67% YoY (November 2019: 14.48% YoY)
Core inflation advanced by 34 bps to 9.33 % YoY (November 2019: 8.99% YoY)
Urban inflation rose by 15 bps to 12.62% YoY. Similarly, Rural inflation climbed by 11 bps 11.41% YoY
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Increases were recorded in all COICOP divisions that yielded the Headline index.

On a month-on-month basis, the Headline index increased by 0.85 percent in December 2019, this is 0.17 percent rate lower than the rate recorded in November 2019 (1.02) percent.

The percentage change in the average composite CPI for the twelve months period ending December 2019 over the average of the CPI for the previous twelve months period was 11.40 percent, showing 0.05 percent point from 11.35 percent recorded in November 2019.

The urban inflation rate increased by 12.62 percent (year-on-year) in December 2019 from 12.47 percent recorded in November 2019, while the rural inflation rate increased by 11.41 percent in December 2019 from 11.30 percent in November 2019.

On a month-on-month basis, the urban index rose by 0.90 percent in December 2019, down by 0.17 from 1.07 percent recorded in November 2019, while the rural index also rose by 0.82 percent in December 2019, down by 0.16 from the rate recorded in November 2019 (0.98) percent.

The corresponding twelve-month year-on-year average percentage change for the urban index is 11.83 percent in December 2019. This is higher than 11.75 percent reported in November 2019, while the corresponding rural inflation rate in December 2019 is 11.00 percent compared to 10.98 percent recorded in November 2019.

Food Index

The composite food index rose by 14.67 percent in December 2019 compared to 14.48 percent in November 2019.

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

On a month-on-month basis, the food sub-index increased by 0.97 percent in December 2019, down by 0.28 percent points from 1.25 percent recorded in November 2019.

The average annual rate of change of the Food sub-index for the twelve-month period ending December 2019 over the previous twelve-month average was 13.74 percent, 0.09 percent points from the average annual rate of change recorded in November 2019 (13.65) percent.

All Items Less Farm Produce

The “All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 9.33 percent in December 2019, up by 0.34 percent when compared with 8.99 percent recorded in November 2019.

On a month-on-month basis, the core sub-index increased by 0.81 percent in December 2019. This was up by 0.02 percent when compared with 0.79 percent recorded in November 2019.

The highest increases were recorded in prices of Hospital services, Hairdressing salons and personal grooming establishment, Garments, Repair and hire of footwear, Vehicle spare parts, Passenger transport by air, Shoes and other footwear, Appliances, articles and products for personal care, Clothing materials, other articles of clothing and clothing accessories and Cleaning, Repair and hire of clothing,

The average 12-month annual rate of change of the index was 9.15 percent for the twelve-month period ending December 2019; this is 0.04 percent points lower than 9.19 percent recorded in November 2019.

State Profiles

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

All Items Inflation

In December 2019, all items inflation on year on year basis was highest in Bauchi (15.14%), Kebbi (14.43%) and Plateau (14.34%), while Katsina (10.68%), Kwara (9.93%) and Abuja (9.77%) recorded the slowest rise in headline Year on Year inflation.

On month on month basis, however, December 2019 all items inflation was highest in Kogi (2.42%), Bauchi (1.98%) and Kaduna (1.81%), while Kwara (0.19%) and Delta (0.08%) recorded the slowest rise on month on month inflation with Edo recording price deflation or negative inflation (general decrease in the general price level or negative inflation rate).

Food Inflation

In December 2019, food inflation on a year on year basis was highest in Sokoto (17.75%), Ogun (17.37%) and Plateau (16.75%), while Bayelsa (13.26%), Delta(12.72%) and Bauchi (12.19%) recorded the slowest rise.

On month on month basis, however, December 2019 food inflation was highest in Kogi (2.82%), Kaduna (2.63%) and Abia(2.21%), while Delta, Edo, Imo and Kwara recorded price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate).

SOURCE:https://brandspurng.com/2020/01/17/headline-inflation-climbs-in-december-on-prolonged-border-closure/

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The Chairman of Heirs Holdings, Mr. Tony Elumelu, has donated a multi-purpose information technology centre to his Alma mater, Ambrose Ali University (AAU).

Through the UBA Foundation, the corporate social responsibility (CSR) arm of UBA, Elumelu championed the construction of the state-of-the-art multi-purpose information technology building, which would benefit the students of AAU in Ekpoma, Edo State.

A statement yesterday by the foundation explained that the hall, to be named The Tony O. Elumelu Multipurpose Hall, was furnished with computers, desks and chairs, measures 839 square meters and has adjoining offices and conveniences.

The multipurpose hall was formally handed over to the institution, at a ceremony attended by members of the university’s governing council and staff, led by the Vice-Chancellor, Prof. Ignatius Onimawo.

Speaking about his motivation, Elumelu said: “Education is crucial to Nigeria’s human capital – whether our young people join our national institutions, the private sector or, as I did, take the entrepreneurial path, no one can afford to be cut off from the digital world.

“It has been a personal mission to ensure that the hall was delivered to specification, for the benefit of the students at the AAU.

“Success brings with it the duty to give back, and I am just grateful that I am now in a position to meaningfully help the next generation.”

Speaking at the ceremony, UBA’s Directorate Head, South Bank, Mr. Chris Ofikulu, who represented the UBA Group Chairman, highlighted the contribution of UBA, through its foundation, to education and development across Africa.

As a pan-African bank, operating in 20 countries across our continent, UBA is committed to being a socially responsible institution, and a role model for businesses in Africa.

“The UBA Foundation actively promotes the socio-economic improvement of the communities in which UBA operates, with a particular emphasis on development in the areas of “Education, Environment, and Economic Empowerment”.

“We believe in intervening and building capacity within communities, facilitating projects that will act as catalysts for social and economic development,” he added.

Ofikulu explained further that, “Tony Elumelu is a product of this great university and is conscious of the need to give back and there is no substitute for world-class educational infrastructure, and this is what has informed the construction of these facilities, that will help equip the future leaders of our great nation Nigeria.”

Commenting on the donation, Onimawo, who expressed gratitude towards the gesture by the UBA Group Chairman, noted that one of the most pressing needs of the university in 2020 had been met, and thanked UBA and Elumelu.

He challenged students to make proper use of the facilities provided by UBA and to ensure that they emerge great leaders and mentors like Elumelu, whose commitment to catalysing entrepreneurial growth across Africa, through the Tony Elumelu Foundation, and institutionalising African philanthropy, had created a strong positive role model.

“We at Ambrose Ali University are so proud of our son, Tony Elumelu and every time we see him doing good across Africa, we feel joy and accomplishment,” said Onimawo.

SOURCE:https://brandspurng.com/2020/01/17/elumelu-donates-technology-centre-to-ambrose-ali-university/

The Lagos State Government has provided first aid kits to operatives of the Lagos State Neighbourhood Safety Corps (LNSC) to enable the prompt provision of initial first-aid treatment to victims of road and other unforeseen accidents in the State.

Speaking during the handing over ceremony of the kits at the Safety Arena, Oshodi, the Commissioner for Special Duties and Inter-governmental Relations, Dr. Adewale Ahmed said the presentation of first aid kits was borne out of the government’s desire to encourage the use of first-aid treatment at the local level through the provision of the materials in all LNSC Cars, Jeeps, Motorbikes and Bicycles operating across the State.

Ahmed, who was represented at the event by the Permanent Secretary in the Ministry, Dr. Yusuf Jimoh explained that since the agency is strategically positioned to meet the needs of the various communities in the event of emergencies, it would require the necessary equipment and skills to ensure the safety of lives and property of residents.

“To carry out these functions effectively, the 2,554 cars, Jeeps, Motorbikes, and bicycles earlier procured by the government for the Agency would require the supply of first aid boxes and the training of the corps members on first-aid treatment”, he added.

Reiterating government’s resolve to the protection of lives and property in the State, the Commissioner stated that Governor Babajide Sanwo-Olu had earlier approved the distribution of 1,285 first aid boxes and bags for all LNSC operational vehicles and motorbikes.

According to him, “The first-aid kits contain materials and non-prescription medicines that are administrative and useful in saving the lives of victims of fire disasters and road accidents among others”.

On the training of the LNSC officers responsible for manning the vehicles, Ahmed disclosed that they will be handled by BHS certified professionals from the State’s health facilities and will be trained at the Auditorium of the Safety Arena complex.

While enjoining all officers to avail themselves the opportunity of the training, he implored the trainees to reciprocate government’s gesture by dedicating themselves to the protection of lives and property in all communities across the State.

On his own part, the Chairman of the Lagos State Neighbourhood Corps, Mr. Israel Ajao (DIG) encouraged the Officers to be law-abiding and do all that is in their power to protect and secure residents of Lagos State.

SOURCE:https://brandspurng.com/2020/01/15/lasg-equips-lnsc-vehicles-with-first-aid-kits/

Heineken is lining up a new campaign around its James Bond partnership that shows the British spy drinking the alcohol-free variant of its namesake beer brand.

In the new ad, James Bond drinks a Heineken 0.0

The Dutch brewer started a marketing partnership with the Bond movie franchise in 1997, in a move that eventually led to the character, played by Daniel Craig, drinking a Heineken lager in the 2012 film Skyfall. A new ad, which was put up on some regional Heineken YouTube accounts yesterday but has since been removed, continues Bond’s affinity for Heineken.

The clip shows Craig, dressed in a tuxedo, calling for a Heineken 0.0 instead of Bond’s usual vodka martini. “I’m working,” the character says to the barman.

The ad ends with the tagline: “Now you can while working”. It can be viewed here on The Times website. Heineken did not respond to a request for further details on the 20-second spot or why it was removed.

Heineken 0.0 has helped drive growth for the Heineken brand in the past year. It is now available in more than 40 countries including India and the US.

https://i.ytimg.com/vi/VouABSNC1JA/hqdefault.jpg

SOURCE:https://brandspurng.com/2020/01/15/heineken-brings-in-james-bond-to-promote-heineken-0-0/

Abuja, Nigeria. January, 14th 2020 – The new power poll released by NOIPolls for the fourth quarter (Q4) of 2019 has revealed that power supply to Nigerian households experienced a marginal increase to stand at 37 percent in Q4 from 36 percent obtained in Q3, 2019. A quarterly trend analysis of power supply in 2019 shows that the highest improvement in power supply was in Q1 and Q4, 2019 while the lowest supply occurred in Q2, 2019 as expressed by Nigerians interviewed. Also, a monthly trend analysis of power supply in 2019 revealed that the month of January 2019 had the highest power supply while the lowest power supply was experienced in April 2019 as indicated by 46 percent and 28 percent of Nigerians respectively. It is also worthy to note that the current transmission capacity and network operational capacities are 7,000 Mega Watts (MW) and 5,500 MW respectively, however, the peak generation ever attained in Nigeria in 2019 is 5,222.3 MW.

Further findings revealed that the highest average cumulative hours of power supply were recorded in the month of January 2019 which stood at 10.2 hours per day whereas, the month of April experienced the lowest in terms of average cumulative hours of power supply (9.0 hours per day) in 2019. This cumulative hourly average recorded in January 2019 is inadequate when compared to an ideal 24 hours of power supply which is required for the overall progress and development of the country and its citizenry.

Therefore, to drastically improve on the status quo on the electricity sector, experts in this sector needs to identify more efficient means of electricity generation. For instance, the use of embedded generation will help eliminate the long-distance the power travel to get to the end-user and will ultimately improve the supply of electricity. It is therefore advised that Government and stakeholders in the power sector synergize to provide adequate power supply. This is important because the decline in power supply will continue to hampered economic activities, especially of businesses whose operation depends majorly on power supply. These are some of the key findings from the power poll conducted by NOIPolls in Q4, 2019.

Quarterly Trend on Power Supply

Quarterly analysis indicated that a larger proportion of Nigerians in Q1 and Q4, 2019 (37 percent each) reported that they experienced better power supply to their respective households than in Q2, 2019 (31 percent).

Quarterly Average Daily Cumulative Power Supply to Nigerian Households

Furthermore, on a quarter-on-quarter basis, the average hours of cumulative power supply to Nigerian households in Q1 and Q3, 2019 were 9.6 hours each respectively, this was the highest recorded hours when compared to the 9.2 hours obtained in Q2, 2019.

Monthly Trend on Power Supply

Monthly analysis of power supply to Nigerian households from September to December 2019 revealed a steady increase as depicted in the chart below. The poll findings also showed that Nigerians experienced more power supply to their households in January (46 percent) and December (40 percent) 2019 than any other month in review.

Monthly Daily Cumulative Hours of Power Supply to Nigerian Households

Subsequently, analysis of the poll result revealed that the month of January 2019 recorded the highest(10.2) daily cumulative hours of power supply to Nigerian households while the lowest (9 hours) was the month of April 2019.

Yearly Trend on Power Supply

A four years trend analysis revealed that Nigerians experienced worse power supply in 2019 (35 percent) when compared 20018, 2017 and 2016 respectively.

Yearly Cumulative Hours of Power Supply Daily

Yearly cumulative power supply revealed that 2017 (9.7 hours) has the highest average cumulative hourly power supply in the last four years when compared to 2019 and 2018. However, the lowest in the last four years was recorded in 2016 with an average of 8.6 hours per day.

SOURCE:https://brandspurng.com/2020/01/14/q4-2019-power-supply-to-nigerian-households-still-inadequate-report/

Nigerian mobile network operators activated a total of 10 million lines between January and November 2019, according to the Nigerian Communications Commission (NCC), reports Communications Week. The new lines brought the number of active subscriptions at MTN, Airtel, Globacom and 9mobile to 182.4 million, from 172.4 million recorded at the end of 2018.

Analysis of the data shows that Globacom gained the largest number of new subscriptions during the period. According to NCC, Glo added 5.8 million subscriptions in the period, pushing its active subscriber base to 51.1 million. Airtel recorded 5.4 million new subscriptions, reaching 49.6 million. MTN remained the largest network by subscriber base with 67.3 million subscriptions after activating 215,849 new lines within the period.

9mobile suffered a 1.7 million decrease in subscriptions, which brought its customer base to 14.1 million from 15.9 million at the end of 2018. The 182.4 million active subscriptions would mean that almost every Nigerian now has a mobile line. Based on this, the NCC put Nigeria’s teledensity at 95.71 percent.

SOURCE:https://brandspurng.com/2020/01/14/nigerian-mobile-operators-add-10-million-lines-in-first-11-months-globacom-gains-most/

Lagos Gov: ‘Second Phase Of The Project To Start Immediately’

…Corridor To Open With 200 Buses

Lagos State Governor, Mr Babajide Sanwo-Olu, has beamed a special focus on the ongoing construction BRT corridor from Oshodi to Abule Egba. The 13.68 kilometre-long route will be completed in May, this year, Sanwo-Olu disclosed while inspecting the project on Sunday.

Oshodi-Abule Egba BRT Corridor ready in May - Sanwo-Olu
Construction work has resumed on the project, which was started under the last administration. The project is being handled and supervised by the Lagos Metropolitan Area Transport Authority (LAMATA).

Oshodi-Abule Egba BRT Corridor ready in May - Sanwo-Olu
Upon completion, Sanwo-Olu said the project was expected to bring relief to residents, as it is expected to ease transportation challenges along the route.

The Governor said over 200 mass transit buses would be deployed to the corridor for immediate operations, pointing out that additional buses would be delivered based on an assessment of traffic situation and utilisation.

Oshodi-Abule Egba BRT Corridor ready in May - Sanwo-Olu
He said: “This BRT corridor was conceived with the intention to address congestion and transportation challenges along the Oshodi-Abule Egba corridor. We are fully back on this project and we are pushing the contractor to step up the pace of work on it. Once it starts operation, this will significantly bring relief and reduce traffic congestion and transportation problems along this route.

“We are hoping that by the end of May, we should complete the entire Phase 1 of the BRT infrastructure along this route. The work has been pushed up and the there entire project is about 75 per cent to completion. The rest of the construction activities to be done include completion of bus shelters, rigid pavements and terminals.”

Sanwo-Olu said the Government had started to address some impediments slowing down the construction work on the path, which, he said, included blocked drainage network along the route. The Governor said desilting of the identified drain channels at Katangowa market would be done to pave the way for completion work on the BRT lane.

The ongoing Phase 1 of the project will have 14 bus stations between Abule Egba and Oshodi. Five of the stations are bilateral, facing both sides of Expressway; nine medium stations. Also, streetlight facilities will be installed on the route in addition to pedestrian bridges being built along the path.

Oshodi-Abule Egba BRT Corridor ready in May - Sanwo-Olu
The Governor also said the Government would be acquiring land to build mega bus depots for the BRT vehicles to be deployed to the area.

After the completion of the first phase, Sanwo-Olu disclosed that work would commence on Phase II of the project, which will stretch from Abule Egba to Sango, later this year.

“The extension of the BRT corridor to Ogun State border is part of the solutions we are bringing to address traffic congestion along Lagos-Abeokuta Expressway and reduce it to the barest minimum. This will create a robust transportation model for our residents living in border towns.”

The Governor warned against indiscriminate dumping of refuse on the BRT corridor, stressing that the Government would not condone one-way driving along the route.

SOURCE:https://brandspurng.com/2020/01/13/oshodi-abule-egba-brt-corridor-ready-in-may-sanwo-olu/

Singapore has lost its top spot in an index which ranks passport power and global mobility.

The Republic now sits in second place, offering its passport holders visa-free or visa-on-arrival access to 190 destinations, according to the latest Henley Passport Index released on Tuesday night.

The index is compiled by Henley & Partners, a London-headquartered citizenship and residence advisory firm, based on exclusive data from the International Air Transport Association.

Japan remains the world’s most powerful passport for the third consecutive year, with a score of 191. The East Asian nation, which previously tied with Singapore for the No 1 spot, pulled ahead of the Republic because it retained access to the South American country of Suriname, which Singapore did not.

Previously, citizens of several countries including Singapore could apply for a tourist card on arrival in Suriname, but this policy was terminated on Oct 15, 2019, which meant Singapore passport holders must now apply for the tourist card online prior to their visits, Henley & Partners said on Jan 10. However, Japan was not affected by this ruling as it already had visa exemptions in place with Suriname, allowing Japanese passport holders to enter the country without a tourist card.

Coming in third on the index are Germany and South Korea, with the latter slipping another spot in the ranking. Both countries’ passport holders can access a total of 189 destinations without a prior visa.

Meanwhile, the US and the UK continued their downward trajectory on the index, falling to a shared eighth place – a significant decline from 2015 when they were both the world’s most powerful passports, Henley & Partners said in its press statement on Tuesday.

Also in the top 10 are Finland and Italy both ranking fourth with a score of 188, while Denmark, Luxembourg and Spain together hold the fifth position with a score of 187.

Still at the bottom of the index is Afghanistan, with its citizens only able to visit 26 destinations without a prior visa.

Dominic Volek, head of South-east Asia and managing partner at Henley & Partners, said: “The benefits of open-door policies and mutually beneficial trade agreements can no longer be denied.”

“Based on our ongoing research, countries that embrace this new reality of global mobility are thriving, with their citizens enjoying ever-increasing passport power and travel freedom, as well as the array of benefits that come with it,” Mr Volek added.

The latest results of the Henley Passport Index also indicate a growing divide in travel freedom, with Japanese passport holders able to access 165 more destinations around the world than Afghan nationals, Henley & Partners noted.

“This extraordinary global mobility gap is the starkest it has been since the index’s inception in 2006,” the firm added.

Amendment note: An earlier version of this article incorrectly stated that Singapore did not obtain access to Saudi Arabia. The country that Singapore lost access to was actually Suriname, and Singapore does have visa-on-arrival access to Saudi Arabia. The article has been amended to reflect this.

SOURCE:https://brandspurng.com/2020/01/13/singapore-passport-no-longer-most-powerful-in-the-world/