₦airaland Forum

Beta Glass’ furnace capacity upgrade at its Agbara, Ogun, Nigeria plant is on schedule to be completed in June 2020.

The $30 million investment will include a new furnace from German engineering group Horn and an extra line from Italy’s Bottero group.

It will increase the plant’s capacity by an extra 35,000 tonnes and pioneer the use of the Narrow Neck Press and Blow (NNPB) technology in West Africa.

This will enable Beta Glass to bring lightweight, non-returnable glass bottles to the Nigerian market for the first time.

Beta Glass operates two plants in Nigeria ­- the other is its Delta plant in Delta state ­- and has an output of 1.5 million bottles a day. Its products include beer, spirits, soft drinks, pharmaceutical and cosmetics glass jars and bottles, which range in size from 28ml to 1.5 litres.

The new furnace will bring total capacity to 750 tonnes per day and have four production lines. It will bring the total number of lines at the plant to eight.

The furnace has a planned life of 12 years and will replace an existing furnace, which will end its life next year.

The project also includes the latest inspection equipment which will further increase operational efficiency.

Darren Bennett-Voci, Managing Director at Beta Glass, said: “We are delighted by the progress we have made so far on the expansion project.

“Our investment in this facility reaffirms our deep faith in Nigeria and the high growth potential of West Africa.

“The furnace will enhance our ability to meet the growing demand for glass bottles and jars in Nigeria and across West Africa. It will create a number of jobs, both direct and indirect.”

Beta Glass Chairman, Otunba Abimbola Ogunbanjo said: “The new furnace will enable us to leverage the latest technology and our technical expertise to make world-class glass packaging products in Nigeria.

“It will promote sustainability and improve our environmental footprint.”

SOURCE:https://brandspurng.com/2019/10/06/beta-glasss-30-million-nigerian-capacity-expansion-investment-on-track/

The market share of the top five smartphone brands in Nigeria reached a record 84% during Q2 2019, according to the latest findings from Counterpoint’s Market Pulse service. Transsion Group’s brand Tecno led the market, while others in the top five included Samsung, itel, Infinix, and Huawei.

Commenting on the findings, Anshika Jain, Research Analyst at Counterpoint Research, said, “The top five smartphone brands’ market share reached the highest-ever level during Q2 2019 in Nigeria. The market continues to be dominated by Tecno, Infinix, itel, and Samsung. Tecno’s market share of 33% during Q2 2019 was the highest ever. The brand continued to refresh its product portfolio and ran various promotions and campaigns during the quarter.”

The performance of Transsion Group brands also helped the combine market share of Chinese brands reach a record high of 67% during Q2 2019. Apart from Transsion’s performance, the entry of new players in the Nigerian smartphone market helped the overall performance of Chinese brands.

Overall, smartphone sales in Nigeria during Q2 2019 declined in double digits year-on-year (YoY) as there were no notable festivals to drive sales volumes. Smartphone brands launched various individual promos, especially with cell phone networks to attract customers.

Looking at the overall market, Tarun Pathak, Associate Director at Counterpoint Research, said,

“The US$50-US$99 price band was the largest segment in terms of volume capturing 46% share in Q2 2019, highlighting that Nigeria remains a very price-sensitive market due to low income and purchasing power. Going forward, we estimate this segment to capture more than half of the total smartphone market in H2 2019, with an increase in smartphone adoption rate.”

Market Summary:

Samsung captured the second spot in the Nigerian smartphone market in terms of market share (23%) and first position in terms of value share (41%), driven by its S10 series.
itel’s share remained flat Multiple launches and marketing activities like sponsorship of various shows and musical concerts drove Infinix’s YoY growth of over 50%.
Nokia was the fastest growing brand with 61% growth. The growth came from sales of Nokia 2.1, 3.1 Plus, and Nokia 6.1 Plus.
US$50-US$99 segment was the largest in terms of volume (46%), indicating that the Nigerian market remains price sensitive. Tecno and Infinix dominate this segment.
Samsung led the premium (over US$400) segment with its newly launched S10 series.
Top 10 smartphones contribute to 30% of the total volume and 42% of the total value of the smartphone market. Samsung Galaxy A2 Core was the best-selling device in this period.

SOURCE:https://brandspurng.com/2019/10/03/top-five-smartphone-brands-in-nigeria-capture-a-record-84-share-in-q2-2019/

Nestlé today announced the closing of the sale of Nestlé Skin Health to a consortium led by EQT and a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA) for a value of CHF 10.2 billion.

This follows the completion of customary regulatory approvals and closing conditions.

SOURCE:https://brandspurng.com/2019/10/03/nestle-closes-the-sale-of-nestle-skin-health/

The Nigerian Senate has rejected the Federal Executive Committee (FEC) proposed Value Added Tax (VAT) increase – from 5% to 7.5% – scheduled to take effect by January 2020.

The decision was revealed by Senator Ali Ndume, Chairman of the Senate Committee on Army, after the senate’s plenary session on Wednesday.

Recall that last month, the Minister of Finance, Budgeting and Planning, Mrs Zainab Ahmed announced an increase in Value Added Tax (VAT) on goods, from 5 per cent to 7.2 per cent.

Upon its approval by federal lawmakers, the new VAT was scheduled to take effect in 2020. However, Ndume explained that the increase has been rejected because of its potential effects. He noted that it would ultimately discomfort the greater percentage of Nigerians as the prices of goods and services are bound to hit the roof.

Meanwhile, the Senator has proposed a 9% tax on Communication Services like Data and SMS service.

According to Ndume, the service tax would be levied on Telecommunication Services Providers and Internet Service.

“A 9% communication service tax shall be levied on such Electronic Communication Services like Voice Calls; SMS; MMS; Data usage both from Telecommunication Services Providers and Internet Service as well as Pay per View TV Stations.” Senator Ali Ndume, Chairman of the Senate Committee on Army

The 9% service tax bill was introduced by Ndume at the plenary session on Wednesday and will now go for a second reading before being referred to the appropriate committee for further legislative action.

The bill reads in part:

“The tax shall be levied on Electronic Communication Services supplied by Service Providers. For the purpose of this clause, the supply of any form of recharges shall be considered as a charge for usage of Electronic Communication Service.” Extract from Bill for an Act to establish the Communication Service Tax

The Minister of Finance earlier clarified after the FEC meeting that increasing VAT was important because it would equip the State Governments with financial aid to pay the minimum wage. According to Ahmed, the FG would only retain 15% of the VAT, while 85% would go to the states and local governments.

However, Ndume believes that increasing the Communication Service Tax is a better way of distributing wealth and lessening the burden on low-income earners.

SOURCE:https://brandspurng.com/2019/10/03/senate-rejects-vat-increase-proposes-9-tax-on-sms-data-usage-others/

The Ogun State Governor, Prince (Dr.) Dapo Abiodun, represented by Mrs Ibiyemi Adesoye commissioned the newly built carton producing factory while inaugurating factory he stated: “We are indeed very pleased to have you plant your factory in Ogun State; it shows we are doing certain things right, which has attracted you to our state”. He assured investors all the necessary support they require for smooth operation in the state will be given.

Jaro Industries factory which was opened over the weekend for business in Ogun State is sitting on a 28 Acre of land in OPIC’s the New Makun Industrial City of Ogun State along Lagos-Ibadan Express road.

Managing Director of Deekay Group, Mr Kavine Vaswani said: the company will be employing about 250 direct staff and 350 indirect staff. He said the employment level will likely increase to about 800 when the efficiency rate of the company builds up.

Kavine stated “the completion of this project is to further demonstrate the Group’s commitment and belief in the Nigerian economy. I must say, there is a lot of potential for economic growth in Ogun State and that is why we have decided to take this bold initiative by citing the factory in this state, with the help of special partners”

Also speaking, Director-General of Manufacturers Association of Nigeria, MAN, Segun Ajayi-Kadir said all nations that want to sustain their economy must pay attention to manufacturing as it is the only sustainable way to banish poverty.

While commending Deekay for building the factory in just 9 months, which will contribute to the creation of jobs, Ajayi-Kadir said the factory will also increase the manufacturing sector’s contribution to GDP.

He called on the government to partner with the private sector to grow the economy as the government is not good in business, stating that the responsibility of government is to provide the right environment for business.

The MAN director also told the government to rescind its decision on the recent increase on VAT. He described VAT as a tax that punishes the poor. He criticized the decision for the VAT increase that it was designed to empower the states to pay the minimum wage. “You cannot give something with a right hand and take it with the left hand and that is what the increase in VAT means”, he said.

SOURCE:https://brandspurng.com/2019/10/03/deekay-group-launch-factory-in-ogun-state/

The Lagos State Ferry agency yesterday expressed its readiness in decongesting the Lagos roads.

LagFerry is an Agency for Lagos State Government saddled with the responsibility of Public Transportation by water.

According to the statement shared on its social media page, the agency stated that, “We can’t wait to decongest the traffic on Lagos roads”



SOURCE:https://brandspurng.com/2019/10/02/photo-news-we-cant-wait-to-decongest-the-traffic-on-lagos-roads-lagferry/

The Oyo State Government has called on the people of the State to ensure that they have updated land documents so as not to have their lands revoked or property demolished.

The Commissioner for Lands, Housing and Urban Development, Barr. Abiodun  Abdu-Raheem while on duty tour to various sites owned by the  State Government in Ibadan said the present administration is interested in the issue of Lands across the State for proper documentation and accessibility.

‘This is the right time for good people of Oyo State to know that things should be done in the proper manner. Anyone that does not have an up to date documents should do so because the Ministry would be paying an unscheduled visit to various sites to check if the sites have genuine approval.

If there is any infraction whatsoever  from anyone on the sites visited, the person would face the full wrath of the law as the present administration is not out to wit hunt anybody but to enforce law and order and to ensure that proper approval is given before construction on sites is being carried out,” he explained.

The Commissioner who was accompanied by the Permanent Secretary and some Directors of the Ministry served a stop-work notice to the contractors handling the construction of some houses at Mami Market Agodi, GRA and a Water Corporation Building at Jericho asked the contractors to report at the Ministry with necessary documents for the construction of the site.

The team also visited the industrial park as well as free trade zone along Lagos Ibadan Expressway to assess the lands in the area.

Meanwhile, Barr.  Abiodun Abdu-Raheem who took the opportunity to pay a courtesy visit to the Vice-Chancellor of Technical University, Ibadan assured the Institution of Government readiness to assist in the provision of adequate space of Land as the present administration is interested in the development of the education sector.

The Vice-Chancellor of Technical University Ibadan, Professor Ayobami Salami appreciated the Seyi Makinde led administration for its support while calling for adequate security stressing that the University is facing security challenges because of the porosity of the villages surrounding the Institution.

Earlier, a group of people from Temidire, Bako area of Odo Ona in Ibadan protested at the Ministry to express their grievances over encroachment of the area by some hoodlums making life unbearable for people of the area.

The Commissioner for Lands, Housing and Urban Development, Barr. Abiodun Abdu-Raheem assured the people of immediate action as the government will not condone disturbance of people on their land.



SOURCE:https://brandspurng.com/2019/10/01/oyo-to-revoke-lands-without-proper-documentation/

In succession of his administration’s vow to create a conducive atmosphere for the workforce, Ondo State Governor, Arakunrin Oluwarotimi Akeredolu, SAN, had obtained sixteen brand new 2019 model Toyota Land Cruiser Prado SUVs for the use of Judges and the Chief Judge of the state.

The vehicles were received by the Chief Judge of the state, Hon. Justice Oluwatoyin Akeredolu, on behalf of the judges at the Government House, Alagbaka, Akure on Wednesday.

The Chief Judge, who appreciated the Governor for the gesture, said Judges in the state, including herself, have been using ten-year-old rickety vehicles before the Governor’s intervention.

She said she and her colleagues have various experiences of disappointments arising from the use of rickety old vehicles which they have hitherto been riding.

She said: “My colleagues and I have been riding ten-year-old vehicles hitherto. We have had various experiences of disappointments in the use of our vehicles.

“I recall once I was on the way to Abuja, my vehicle broke down around Obajana. And you know the security situation in that axis. Before long, the boys were gathering. Fortunately for me, I had the pilot vehicle with me. I had to enter the pilot vehicle to get away from that environment

“If you bring my colleagues here, they will tell you the various experiences they have had with their vehicles. I want to thank God for Mr Governor

“I want to appreciate this good gesture. We don’t have feelings of entitlement. Though the regulation says give judges new vehicles every four years. By this regulation, it’s an entitlement. But at the same time, we want to appreciate Mr Governor for not taking us for granted.”

Judges, the commissioner for information and Orientation, Hon. Donald Ojogo said the procurement of the vehicles further demonstrated the respect Governor Akeredolu has for the sacred institution.

While noting that the Governor holds the Judiciary in very high esteem, Ojogo stressed that Governor Akeredolu believes that no effort will be too much to be invested as far as the welfare of the Judiciary is concerned.

He said: “My Lords, I don’t need to inform you further that Mr Governor holds the Judiciary in very high esteem. He believes that no effort will be too much to be invested as far as the welfare of our sacred institution is concerned

“And our judges, he believes strongly that you deserve not just a conducive environment but that you must be secured in whatever form. It’s on this note that Mr Governor decides, that as part of the efforts towards enhancing a cordial relationship between the executive and the Judiciary, that these Vehicles should be procured. “

SOURCE:https://brandspurng.com/2019/09/30/after-ten-years-of-neglect-governor-akeredolu-acquires-prado-suvs-for-judges-in-ondo/

The Oyo state government says churches and mosques with revenue-generating ventures and businesses will not be exempted from paying taxes and applicable levies.

John Adeleke, executive chairman of the Oyo state internal revenue service, made this known while addressing journalists on Sunday in Ibadan.

The taxman said the government is working to capture other areas that had not been explored to generate more revenue instead of increasing taxes on business enterprises to boost internally generated revenue (IGR).

On the government’s decision to exempt churches and mosques from paying taxes, Adeleke clarified that those with revenue-earning ventures and other businesses would pay taxes, levies and other fees as applicable.

“A culture of an efficient and leak-proof collection in all areas of revenue would be put in place,” NAN quoted him to have said.

“Instead of tax increment, we are emphasising the efficient collection of existing revenue and we are bringing our informal sector into the tax net.

“The good performance of Gov. Makinde has also changed the attitude of the stakeholders toward tax payment as most of them are responding without any reminder.

“However, the economy is a big challenge for many companies as this has an implication on Pay As You Earn (PAYE) remittances.”

The chairman further explained that some taxpayers that were reluctant to respond are being served reminders after which thorough enforcement would follow.

“However, the economy is a big challenge for many companies as this has an implication on Pay As You Earn (PAYE) remittances.”

The chairman further explained that some taxpayers that were reluctant to respond are being served reminders after which thorough enforcement would follow.

He. however, assured the people that any step to be taken to enforce the tax drive would be legal.

SOURCE:https://brandspurng.com/2019/09/30/oyo-state-churches-mosques-with-revenue-earning-businesses-will-pay-tax/

The Contributory Pension Scheme is an excellent scheme that ensures you and your employer contribute towards your retirement. The contributory idea is perfect where the employer deducts your pension contributions at source, add the employer’s contribution, and remits as at when due to your Pension Fund Administrator (PFA).

The Pension Reform Act 2014, makes it mandatory for every employer in the formal sector to remit employees’ pension contributions to their Pension Fund Administrator within 7 working days after payment of salaries.

A non-compliant employer that fails to remit employees pension contributions as stipulated by the PRA 2014 has committed an offence and is liable to a fine or imprisonment or both.

If your employer fails to remit your pension contributions to your PFA as at when due and or they don’t have group life insurance for their employees, it will greatly affect your chances of being able to access your pension when you retire. Concerned Retirement Savings Account holders are to report such employers to the National Pension Commission.

From our experience, we advise you write to the Commission, drop the physical letter at any of their offices closet to you, ensure you collect the acknowledged copy and use that to follow up with the Commission to ensure your issue is resolved. See PenCom addresses here.

SOURCE:https://brandspurng.com/2019/09/30/what-to-do-if-your-employer-does-not-remit-your-pension-contributions-into-your-retirement-savings-account/

Oraimo, a leading premium smart accessories company in Nigeria, has unveiled a legendary musical giant, Innocent Idibia popularly known as 2Face as its first and official brand ambassador amidst pomp and glitz.

The unveiling, which took place at The Providence by Mantis in Ikeja GRA, Lagos yesterday Friday, 27 September 2019, sought to raise the company’s brand imagery and drive uptake of its products through the creation of a thematic campaign tagged “Be the King”.

The company whose key products range include power bank, headset, necklace, fit bands, USB cords, phone chargers, car chargers and others, also used the opportunity to launch a new necklace- King of Gbedu into the market.

The king of Gbedu, which was presented to the new brand ambassador, has over 310 hours battery life with 2face signature on it.

According to a  statement made available to the media, Oraimo has signed up one of Nigeria’s musical giant 2face as part of its strategic approach to posturing the brand as premium, locally authentic and relevant to a young upwardly mobile audience.

Speaking on the company’s need to announce the 2face/Oraimo relationship, the, West Africa Zone 1 Manager, Ilesanmi Oladunni said, ”We have always wanted to do something different, something that can change people’s lives so that they can explore the wonderful world,” adding that “to change the world, we decided to start with smart accessories, enabling our customers to keep exploring,” he said.

On how the campaign theme aligns with the company’s customer aspiration, Oladunni said, “The theme speaks directly to the consumer who is thriving for self-fulfilment. Consumer aspiration for self-actualization and growth requires the right tools and support for it to be attained,” he said.

“When you desire to rule the world, Oraimo’s power bank with high capacity and fast charging time gives you continuous confidence. When you desire communication and listening, Oraimo produces top-quality earphones with premium sound and bass. Oraimo wants to be part of the journey of every Nigerian from earphone to power bank, battery, charger, speaker, memory card, smartwatch, and Bluetooth devices,” the West Africa Zone 1 Manager guaranteed.

While expressing delight over the signing of 2face as the brand ambassador, the General Manager of Transsion Holdings, Chidi Okonkwo said, ‘Today marks a significant milestone for two iconic brands that share similar traits of reliance, consistency, and quality. We at Oraimo have come a long way in providing our customers with best-in-class, quality products that guarantee satisfactory user-experience.”

He said, “We believe as a brand that personal progress in our world demands that every human continues to be a better version of themselves- learning, improving, taking calculated risks, and exploring. These traits are very much ingrained in the DNA of the two brands for which we have gathered here.”

Okonkwo stated that the presentation of the legend and icon, a global brand and household name in Africa as the newest member of the Oraimo family is a partnership that holds huge prospect to the business and its customers.

“We are thrilled about the prospects which this partnership presents for both parties. Our loyal customers can be assured of the best possible offering a partnership of this degree provides, both in product design, lifestyle and user experience.”

Speaking after his presentation as the company’s brand ambassador and launched of the new necklace tagged King of Gbedu, 2face thanked Oraimo for picking him to represent the brand. “I feel very honoured to be picked as the brand ambassador of the premium brand. I will do everything possible to promote its range of products.”

Oraimo is a smart premium, mobile accessories brand, and an important part of the Transsion family. Its products are smartly designed to improve efficiency in communications, productivity and ease of use.

SOURCE:https://brandspurng.com/2019/09/30/2face-becomes-oraimo-brand-ambassador-new-310-hrs-battery-life-hands-free-necklace-unveiled/

The National Broadcasting Commission (NBC) has sanctioned 45 broadcasting stations which allegedly breached its code in the second quarter of 2019, including stations fined for misleading adverts. NBC Director General, Mallam Ishaq Kawu, made this known while addressing a news conference recently in Abuja. According to the NBC boss, the use of unsubstantiated and misleading claims by advertisers, especially trado-medic advertisers, also dropped significantly from the last quarter. Meanwhile, a total of 30 stations were fined for infractions related to same. 

He said the contraventions included breaches of the rules on hate speech, abusive and inflammatory broadcast. Kawu stressed that the Commission’s Second Quarter Monitoring of Broadcast Stations Profile was from April to June 2019.

“Coming shortly after the national and state elections in the first quarter of the year, the report indicates that there is a drop in breaches related to hateful, abusive and inflammatory broadcast, which peaked during the elections. “Thus as many as 45 stations were fined; the second quarter indicates that the trend has continued among certain stations, especially in political programmes. “Therefore 20 stations were fined in the 2nd Quarter, for breaching provisions of the Nigeria Broadcasting Code on hate speech.

“Other breaches were in the area of obscene and vulgar lyrics- a total of 10 stations were fined for infractions related to use of vulgar lyrics and obscene content.

“It is worth mentioning that the program Big Brother Naija was cautioned against unwholesome content on its broadcast,” Kawu said. He added that ten broadcast stations were fined for breaches related to station announcers turning themselves to advertisers, hypers and promoters of product.

SOURCE:https://brandspurng.com/2019/09/28/nbc-fines-45-stations-for-violating-broadcast-code-in-q2/

CardinalStone Emerging risks provoke another devaluation enquiry The naira has witnessed relative stability, moving within a narrow band of N359-N370/$ since mid-2017. This period of naira stability was preceded by the introduction of the Investors and Exporters FX window in April 2017 and supported by a notable recovery in the global oil price (2017 Brent price: +16.0% YoY to $54.77/barrel), following the collapse of the latter in 2016. In view of the decline in reserves over the last two months ($2.2 billion) and the emergence of pertinent risks, such as the $9.6 billion judgement granted against Nigeria in favour of Process and Industrial Developments Limited (P&ID), we revisit the case for an adjustment to the current currency regime in this report. Specifically, we discuss the likelihood of devaluation in the near term, partly by juxtaposing current realities with conditions prevalent in 2016, when the Central Bank of Nigeria (CBN) was compelled to devalue the currency after months of applying ad hoc administrative measures. Will the CBN need to devalue soon? CBN’s ability to sustain its currency defence is a function of the strength of the nation’s FX reserves. The reserve level, in turn, is influenced by factors such as crude oil revenue, foreign capital flows, current account flows, changes in dollar-denominated obligations, and other foreign currency-denominated arrangements. Nigeria’s external reserves is currently at c. $42.3 billion, which, by our estimate, translates to a worst-case scenario position of c. $15.0 billion (equivalent to 3.5x import cover) after adjusting for the riskier portions of the reserve, as well as the FGN and federation portions. For clarity, our worst-case (adjusted)scenario level of foreign reserves strips out the portion of the reserves subject to claims by third parties and, as such, already accounts for the possible impact of capital flights—a typical trigger for currency repricing. However, we note that an increased supply of the local currency, precipitated by capital flights, could, nonetheless lead to heighten pressure on the naira and force a stronger draw-down on the relatively “less-vulnerable” portion of reserves to defend the currency. While the CBN would prefer a much higher adjusted reserve level, we highlight that our estimate for the current period, at $15 billion, is c. $2.8 billion higher than the corresponding adjusted levelin 2016, when the CBNsuccumbed to currency pressures. This exercise suggests that the CBN is likely to face increasing pressure to devalue the currency in the coming months if the current rate of reserve depletion ($1.1 billion per month) persists. However, our base case and the more likely scenario is that the CBN will focus on what is currently available to defend the currency ($34.9 billion) and bet that its efforts to keep Nigeria’s carry trade opportunity attractive will motivate foreign portfolio investors to roll-over their positions. This position is largely consistent with the CBN Governor’s recent declaration that the Monetary Policy Committee would only reduce rates when inflation hits single digit— a development that is largely doubtful in the near term in view of imminent increases in electricity tariff and minimum wage, as well as the ongoing stiffer border enforcement. On this wise, the risks of significant capital flight and devaluation are likely to be muted in the near term.

In addition to the above exercise, we look at relative changes to the medium-to-long term determinants of our adjusted reserves, including crude oil revenue and current & financial accounts movements. Leading up to the last devaluation in 2016, crude oil revenue was on the downtrend as oil price plummeted below $28/barrel levels (and averaged $40.9 in H1’16). Similarly, oil production plunged to a decade low of 1.5mbpd. We hold the view that the decline in oil price and production in 2016 occasioned foreign capital flight, which was heightened by CBN’s slow policy adjustments and recourse to dollar rationing. By contrast, crude oil prices have so far averaged $64.8/barrel in 2019, while mean oil production (c.2.0mbpd) is c. 25.0% higher than the levels seen in the build-up to 2016 devaluation. That said, Nigeria’s services-induced surge in current account deficit to $5.6 billion in H1’19 (H1’16: $576 million) has done the NGNno good from a medium-to-long-term fundamental standpoint. This case becomes more worrying when viewed against the backdrop of the negative balance in financial accounts in H1’19. To our minds, weaknesses in Balance of Payments (BoP) could pressure the CBN to “bite the bullet” on the currency management front at some point in the future. However, with CBN’s portion of reserves still relatively comfortable at c.$34.9 billion (vs. $17.3 billion in 2016), and amid its resolute inclination to hold the peg, it is more likely to consider this “future” a more distant one.

$9.6 billion judgment debt could lead to a material repricing of naira yields The recent judgement debt of $9.6 billion awarded to P&ID, however, swiftly takes the FGN from a position of comfort to one of unease. The judgement debt, if fully enforced, could lead to a decline in CBN’s portion of reserves to $25.3 billion (46.0% higher than the 2016 levels). Assuming this worst-case scenario, the ‘adjusted reserve’ level, however, could plummet to $6.5 billion (50% lower than the devaluation level in 2016). This could potentially trigger foreign capital flight and intensify levels of CBN intervention, hence, deteriorating the foreign reserves position and leading to an upward repricing of naira. In a more likely scenario of an out of court settlement to the speculative range of $1-3 billion. We expect the CBN to withstand the negative shock and avoid a devaluation as the reserves level remains above that of 2016, and crude oil revenue remains supportive. How much longer can the CBN defend the currency? In view of Nigeria’s weak current account position, and the sustainability implications of the currency defence, we believe the CBN will have to weigh the monetary and opportunity costs of defending the currency at some point. We see the main costs of defending the currency as the following; the cost of issuing CBN treasuries at attractive yields, the direct cost of interventions in secondary markets, and the opportunity cost of defending the currency. To defend the currency following the devaluation in mid2016, the CBN increased its issuances of OMO bills from N4.2 trillion in 2016 to N7.7 trillion in 2017 and N17.0 trillion in 2018. Between 2017-2019, the CBN issued N35.8 trillion at an average stop rate of 15.1%, which translates to an associated interest expense of c. N5.4 trillion in the period. Our interest expense estimate is corroborated by total interest expense of N4.2 trillion reported in CBN’s financial statements of 2017 and 2018 combined (2017: N1.3 trillion; 2018: N2.9 trillion). In addition, the CBN also raised the frequency of OMO auctions and its issuance of long-dated securities (300 days and above), thus directly competing with FGN bond issuances and raising the cost of debt of the FGN. Clearly, there is a significant cost involved in defending the currency and the costs can manifest in monetary and opportunity cost terms. For context, the interest expense incurred by the CBN in 2018 alone is over 6x the average interest expense recorded in the 4 years leading to 2017. CBN’s 2018 interest expense is also c.75.0% of Federal Government’s actual retained revenue and 1.6x the amount spent on capital expenditure in the same year.

Against the backdrop of weak GDP growth and poor FGN revenue mobilization, the CBN may begin to ponder the opportunity cost of its currency defence on long term growth objectives of the country and the sustainability of these interventions. Evidently, in order to avoid reserve depletion, the CBN is likely to incentivize foreign portfolio managers to roll over existing investments with higher rates at the detriment of the real sector. Furthermore, interest rates are likely to increase even further in coming years, when developed economies reach an inflexion point in their economic cycles and begin to experience robust growth, leading to a normalization of interest rates. Lastly, the sustenance of this regime will not only leave the foreign reserves more vulnerable to foreign capital flight but also imply that a devaluation at a later date would be of a higher magnitude is given consensus expectations of double-digit inflation in the next two years.

Thus, while the CBN is not under immense pressure to devalue in the next 6 months given the current level of its foreign reserves, the risks in favour of naira repricing are now materially higher. The recent constitution of a pro-market economic advisory council by President Buhari may also leave the devaluation discourse on the table in the near-to-medium term.

SOURCE:https://brandspurng.com/2019/09/28/how-imminent-is-a-naira-devaluation/

Welcome to the month of September! If you’re a parent with children in school, early September isn’t usually a very exciting time, and for good reason. Junior’s school will soon send (or has already sent) a ‘love note’, politely reminding you that it’s time to pay for his tuition. Paying school fees as it comes, without a long-term plan in place will cause remarkable financial stress for the family, especially when there’s not a large savings account to draw from. If you have many children in school at the same time, the family’s savings may not even be enough to cover the considerable costs. The solution? A long-term plan. Planning for your children’s education should actually begin as soon as you decide to have children. This may sound ridiculous but putting a child through good schools from nursery school to a university degree is actually quite expensive (according to the NCES between the 2006-7 academic year and the 2016-7 year, undergraduate tuition at public institutions rose by 31% ). You would be wise to start thinking about it as early as possible.

So how do you go about this? Putting money away for your children’s education can seem like a daunting task, but thanks to the power of compound interest, putting even small sums of money from now can compound and grow over time. The importance of having money saved away for your children cannot be over-emphasized. Not only will it save you the stress of having to look for school fees money within a tight timeframe, you will also not have to go physically to pay the school fees or have it transferred from your account. What’s more? There are saving devices that make sure your children’s fees are handled as long as the provision is made, whether you are there or not. One such example of this is the United Capital Heritage Trust.

The Heritage Trust is an investment in the future of your children by either depositing a lump sum or regular contributions. This money is designated to a beneficiary (your child or children). It is invested professionally to ensure that it brings in a return over time. The Trust caters to your child’s education, health, travel and other welfare needs that he/she may have, providing a comprehensive, reliable Trust fund for their current and future upkeep.

Planning for your child’s education ahead of time is a great way to ensure that education funding will not be a recurring problem. It also gives you the financial breathing space to be able to focus on other projects and get more things done. Regardless of your financial status, planning will always be more advantageous than not. Planning perhaps is the one way you can avoid the daunting pressure of school fees week.

SOURCE:https://brandspurng.com/2019/09/28/school-fees-week-how-to-avoid-the-pressure/

In a bid to boost technology, research and development (R&) in tertiary institutions in Nigeria, Flour Mills Nigeria (FMN) Plcdonated a bus, office furniture and laboratory equipment worth over N60 million to the School of Technology, Yaba College of Technology to empower learning and technology-driven skills acquisition. This is in line with FMN’s core belief that technology and education are vital to the future of Nigeria.


SOURCE:https://brandspurng.com/2019/09/27/photo-news-flour-mills-of-nigeria-donates-brand-new-bus-laboratory-equipment-furniture-worth-n60m-to-yabatech/

At the ongoing United Nations General Assembly, the President of Nigeria, Muhammed Buhari, announced the adoption of the domestically integrated Sustainable Development Goals (iSDGs) simulation model, in formulating Nigeria’s next national development plan.

This is as the administration is in the process of developing a successor plan to the Nigeria Vision 20:2020 and the Economic Recovery and Growth Plan (ERGP), that would terminate in Dec-2020. Notably, the domestication of the iSDG model seeks to integrate the peculiarity of the Nigerian economy into achieving the goals of the SGSs by testing the impact of policy actions on key socio-economic variables.

At the beginning of the domestication process in 2017, the model was anchored at Nigeria’s Budget Office, now merged into the Ministry of Finance, Budget, and National Planning. While the adoption of the iSDG into national development planning will help to drive inclusive growth and provide reasonable policy cohesion, a couple of issues cast doubt on its success.

First is the risk of not effectively seeing it through. Second, the framework relies on macroeconomic and development statistics which are broadly unreliable in Nigeria. Lastly, the difficulty of attaining certain goals in the SDGs even if all resources were allotted to it, as observed during the simulation according to the Minister of Finance, is another concern.

SOURCE:https://brandspurng.com/2019/09/27/nigeria-to-launch-isdg-model-a-step-in-the-right-direction/

The new BMW 3 Series range has once again raised the bar for sports performance in the premium mid-size segment with its superior powertrain and chassis technology. The latest-generation BMW 3 Series Sedan and BMW 3 Series Touring models are also built to excite with their new and extremely precise – yet still recognisably BMW – styling and their cutting-edge innovations in the areas of control/operation, driver assistance systems and connectivity. Indeed, their attractive design and advanced connectivity technology helped the sporty Sedan and dynamic, elegant Touring to secure a brace of wins in readers’ surveys recently conducted by the motoring magazines auto, motor und sport and Moove. The BMW 3 Series was judged to be the best new car design of the year, earning it the Autonis 2019 award. It also led the way in the Car Connectivity Award’s blue-riband discipline, claiming the title of the best-connected car in the Connected Cars category. 

BMW picked up three more accolades in this year’s edition of the Car Connectivity Award. In a poll of the magazines’ readers, the BMW Live Cockpit Professional, the Driving Assistant Professional package and the Bowers & Wilkins Diamond Surround Sound System each took top spot in their respective categories. The winning systems already enhance driving pleasure, safety and comfort in several of the brand’s model ranges. The prizes were presented yesterday at an awards ceremony in Stuttgart. 

Captivating design, progressive connectivity: a double success for the new BMW 3 Series. The design of the new BMW 3 Series is a modern take on the sporting elegance for which BMW is renowned, and winning the Autonis 2019 delivers striking evidence of how much it appeals to popular taste; with 32.3 per cent of the votes, the new BMW 3 Series was the clear winner in its class. This was the 14th time a readers’ vote had decided the Autonis winners. More than 13,700 readers of auto, motor und sport took part in the latest poll and were asked to choose their favourites from 100 new models spanning ten vehicle classes.

The Car Connectivity Award is also put to a public vote, with over 12,000 readers of auto, motor und sport and Moove participating in its sixth edition. Standout systems and technologies from BMW in the areas of connectivity, navigation, driver assistance and audio attracted the most votes in four of the eleven categories. The new BMW 3 Series was victorious in the Connected Cars category, taking 35.7 per cent of the votes. The new BMW 3 Series Sedan was the brand’s first new model to be offered with the BMW Intelligent Personal Assistant as an option. And the new BMW 3 Series range also offers an exceptional array of online-based functions for increasing comfort and convenience, safety and driving pleasure – from Real-Time Traffic Information, On-Street Parking Information, hazard warning, BMW Online services, Remote Services and the BMW Digital Key to the seamless interaction between the car and the driver’s digital devices via BMW Connected.

BMW also collects awards in the Navigation, Safety and Sound categories. The BMW Intelligent Personal Assistant is part of the BMW Live Cockpit Professional system, which was judged to be the best new product in the “Navigation systems” category with 33.5 per cent of the votes. As well as connected navigation and the BMW Intelligent Personal Assistant, this equipment feature also includes the new BMW Operating System 7.0 – which comprises a fully digital screen grouping made up of the instrument cluster and Control Display, plus customisable graphics. It also enables multimodal operation via the touchscreen display, iDrive Controller, steering wheel buttons or voice and gesture control.

In the “Safety assistance systems” category, the Driving Assistant Professional package was crowned the readers’ favourite with 29.6 per cent of the votes. Its range of functions includes Active Cruise Control with Stop & Go function, the Steering and lane control assistant, the Lane Keeping Assistant with active side collision protection, the Evasion Assistant, Cross-Traffic Alert, road priority warning, wrong-way warning and the reversing assistant. The latest version of the Driving Assistant Professional now also features real-time 3D visualisation of the surrounding area using graphics in the instrument cluster, plus – depending on the model – the Lane Change Assistant. It, therefore, represents the state of the art in driving assistance systems and helps the BMW Group to pave the way for automated driving. In the “Sound systems” category, the Bowers & Wilkins Diamond Surround Sound System – available for the BMW 5 Series, BMW 6 Series, BMW 7 Series, BMW 8 Series, BMW X5, BMW X6 and BMW X7 – accounted for every second vote cast. Boasting a fully active ten-channel amplifier, dynamic equalizing, as many as 20 partly illuminated speakers and up to 1,508 watts of music power (depending on the model specified), the system delivers a beautifully precise and multifaceted acoustic experience whose pristine quality can be enjoyed from all seats in equal measure.

SOURCE:https://brandspurng.com/2019/09/27/the-new-bmw-3-series-blazes-a-trail-for-design-and-connectivity-photos/

LaLiga Business School and its partner institution Lagos Business School are jointly hosting the second phase of their Sports Business Management Programme (SBMP) themed “LaLiga Week”. The six-day experience is set to hold from November 11-16, 2019.

LaLiga week is an initiative curated for Sports enthusiasts who wish to begin their career in the sports industry and professionals who aspire to accelerate their career. The programme taking place in Madrid will include classroom sessions at LaLiga Business School, study tours to major sports facilities and Madrid based LaLiga clubs, the Olympic park, the Tennis Federation facilities among other activities.

Speaking on the importance of the programme, the LaLiga delegate in Nigeria, Guillermo Perez Castello said, “LaLiga Week was designed to spread the LaLiga expertise across key markets such as Nigeria. We hope participants are fully immersed in the experience and use this avenue to cultivate the key skills needed to thrive in the dynamic world and business of sports

Also commenting on the initiative, Academic Director, Lagos Business School, Henry Onukwuba said, “We hope this programme, which is the first of its kind positively impacts the participants and inspires more people to promote and develop the capacity of the Nigerian’s sports sector to fulfil its true potential.”

The Sports Business Management Programme (SBMP) is the product of a collaboration between Lagos Business School and Spanish league, LaLiga to promote capacity development in Nigeria’s sports sector through research and training in sports business management and administration. The organisations signed a Memorandum of Understanding in October 2018 to kick off the first edition of the programme.

This initiative reiterates both institutions’ commitment to enhancing the sustainable development and growth of the sports business management sector in Nigeria through the exchange of intelligence and strategies.

SOURCE:https://brandspurng.com/2019/09/26/laliga-partners-lagos-business-school-to-host-sports-business-programme-in-madrid/

The executive vice-chairman of the Nigerian Communications Commission (NCC), Prof Umar Garba Danbatta, has disclosed that the country was reserving 26, 38 and 42 GigaHertz (GHz) spectrum frequencies for fifth-generation (5G) mobile broadband licencing.

The telecom regulator who stated this in a paper titled: ‘5G: The State of Play,’ presented at the recently – concluded International Telecommunication Union (ITU) Telecom World in Budapest, Hungary, said these frequencies exist and would be licensed them for any other application.

Danbatta said, “We are waiting in anticipation for the standardisation process to be completed at the World Radio Communication (WRC) in Egypt and then we can see how we can go forward with licensing process in the three frequencies I mentioned.

“The other important step that African countries are taking is to address new forms of social anxiety occasioned by this emerging technology, 5G. There’s also the regulatory anxiety. And therefore to do that, because of the practice we had in the past every service we deploy is normally preceded by proof of concept trial. And the 5G is not an exception. Definitely, there’s going to be the trial as preparations are underway for this important trial to take place.

“The whole idea behind the trial is to be able to see what are the challenges. Security challenges, levels of radiation power density, whether this is within the acceptable limits provided for the international non-ionisation radio regulatory agencies as well as to ensure whatever factors that we need to come to terms with preparatory to commercial deployment of services are identified in readiness for the commercial roll-out of services using 5G.

“This is ongoing in Nigeria. The steps we are taking during the trials will involve the security agencies, who have a say on the security dimension of this new technology when it’s eventually rolled out. So, we want to ensure they are fully involved at this trial state for the purpose of advising on the elements of the security concerns we should accommodate in the regulatory frameworks that will guide the deployment of this service if it eventually becomes commercialized,” he said.

The NCC boss also added that African countries were exchanging information and experiences on what they were seeing, the promise of the 5G rollout in the area of enhanced broadband mobile services in our individual countries as well as addressing the anxiety of the citizens by giving them information that will make them receptive to this branch of important technology that is emerging that’s virtually here.

“Whether all African countries will be ready by 2020 for the roll-out of commercial 5G services is something I cannot answer immediately, but I know our state of readiness is such that spectrum is being reserved in many countries, there are trials going on in many African countries, and Nigeria is getting ready to do this trial.

“Without pervasive infrastructure, the dream of the rollout of 5G services will remain what it is, just a dream. On this, we need to share experiences. In Nigeria, we have divided the country into seven zones, and each zone has been assigned an infrastructure company to deploy broadband infrastructure.”


SOURCE:https://brandspurng.com/2019/09/26/ncc-stores-26-38-42-ghz-frequencies-for-5g-licencing/

The Federation Account Allocation Committee (FAAC) disbursed the sum of N769.53bn to the three tiers of government in August 2019 from the revenue generated in July 2019. 

The amount disbursed comprised of N607.37bn from the Statutory Account, N94.16bn from Valued Added Tax (VAT) and N999.99m exchange gain differences.

Federal Government received a total of N299.80bn from the N769.53bn. States received a total of N190.38bn and Local governments received N143.57bn. The sum of N51.63bn was shared among the oil-producing states as 13% derivation fund.

Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N5.70bn, N11.14bn and N5.02bn respectively as cost of revenue collections.

Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N241.81bn was disbursed to the FGN consolidated revenue account; N5.43bn shared as share of derivation and ecology; N2.72bn as stabilization fund; N9.13bn for the development of natural resources; and N6.30bn to the Federal Capital Territory (FCT) Abuja.

SOURCE:https://brandspurng.com/2019/09/25/faac-allocates-n720-880bn-among-fg-states-lgs-for-august/

The UAE’s largest ground-mounted private solar plant has commenced producing renewable energy at Nestlé Middle East’s Al Maha factory in Dubai.

The site at Al Maha will house 20,000 photovoltaic (PV) panels, generating 7.2GWh of electricity per year. That will supply 85% of the Al Maha factory’s annual electricity consumption and eliminate 4.5 million kilograms of CO2 per year.

In total, nearly 28,000 PV panels are being installed at the three manufacturing sites of Nestlé in Dubai. The systems will generate a total of 10GWh of electricity per year. This will eliminate at least six million kilograms of CO2 emissions annually, the equivalent of annual emissions from 1,500 passenger cars or the energy consumption of 800 homes.

Last week, Nestlé announced its ambition to achieve zero net greenhouse gas emissions by 2050. This embraces the most ambitious aim of the Paris Agreement, to limit global temperature rise to 1.5°C. One of the key targets is to use 100% renewable electricity in all Nestlé factories, warehouses, logistics and offices.

SOURCE:https://brandspurng.com/2019/09/25/nestle-commences-massive-solar-energy-plant-for-dubai-factory/

Hilton today announced at the African Hotel Investment Forum (AHIF) the signing of Hampton by Hilton Sandton Grayston, a deal which marks the first for the brand in Africa and a milestone of 100 hotels trading or under development on the African continent for Hilton in its centenary year. A franchise agreement was signed with Afrirent Pty through its Indalo Hotels & Leisure subsidiary, a level one Black Economic Empowerment (BEE) third party operating company. Indalo will be the operator of the 158 guest room Hampton by Hilton hotel in Sandton, the financial capital of South Africa. This mid-market property will join Hilton’s flagship upscale Hilton Sandton, offering an additional choice for travellers to the district commonly known as ‘Africa’s richest Square Mile’. Construction is scheduled to begin at the site on Grayston Drive in early 2020 with first guests set to be welcomed by mid-2021. Hampton by Hilton serves value-conscious and quality-driven travellers at more than 2,500 properties across the world. It offers high-quality accommodation and amenities, such as complimentary WiFi, free hot breakfast, and thoughtful service defined as Hamptonality, with guest happiness being the number one priority.

Hilton has enjoyed a rapid period of expansion in the focused service segment through the Hilton Garden Inn brand which has operational hotels in six African markets and a further ten under development. Hampton by Hilton is expected to complement this growth and provide owners and customers with greater choice. Patrick Fitzgibbon, Senior Vice President, Development, Europe, Middle East & Africa, Hilton said: “With this being our 100th year, reaching the milestone of 100 hotels allows us to reflect on our rich legacy of pioneering tourism on the African continent but also to look to the future. We continue to step up the pace of our growth, especially in the mid-market segment which presents a tremendous opportunity as evidenced by the rapid expansion of Hilton Garden Inn on the continent since its debut in 2016.”

2019 has seen Hilton open four properties in Africa, entering three new markets whilst also further strengthening its multi-brand pipeline. Highlight include:Bringing its lifestyle Canopy by Hilton brand to Africa, through the signing of Canopy by Hilton Cape Town Longkloof.Confirming the signing of two landmark flagship Hilton Hotels & Resorts properties in Uganda and DR Congo Hilton Kampala and Hilton Kinshasa.Accelerating its growth in the focused service segment, opening Hilton Garden Inn hotels in three new countries:

 Hilton Garden Inn Gaborone, Botswana o   Hilton Garden Inn Kampala, Uganda o   Hilton Garden Inn Mbabane, EswatiniContinuing to establish its footprint in Morocco with the opening of Hilton Tanger Al Houara Golf Resort & Spa with the Hilton Taghazout Bay due to open in 2020

SOURCE:https://brandspurng.com/2019/09/24/hilton-reaches-100-hotel-milestone-in-africa/

The cumulative value of transactions through various electronic payment (e-payment) channels in the country have raised sharply by 103 per cent to a total of N231.247 trillion as at June 2019, matched with the N138.672 trillion reported in the whole of 2018.

Also, the volume of transactions jumped by 42 per cent in the period under review, from a total of 2,163,779,156 recorded in 2018, to 3,068,922,121 in the first six months of 2019.

The figures were contained in the latest industry e-payment data for the half-year 2019 obtained from the Central Bank of Nigeria (CBN).

A breakdown of the figures showed that the total value of interbank e-payment transactions in the period under review was N203 trillion and total volume at 1,756,300,720.57.

The data also showed that while the combined value of Automated Clearing House System/NAPS/PMS stood at N2.271 trillion and volume at 3,416,537 in the period under review, ATM transactions stood at N11.596 trillion in the first six months of 2019, with the total volume of 424,619,677.

Also, just as the value of point of sales (Pos) transactions recorded in the period under review was N1.384 trillion, the volume was 187,695,159, while internet (web) transactions’ value stood at N233.903 billion with total volume at 47,976,900.

Similarly, the industry recorded the total value of mobile money transactions of N1.966 trillion; with volume at 104,773,933 and Nigerian Instant Payment (NIP) value of N49 trillion, with total volume at 504,160,651.

E-bills/PAY transactions amounted to N281 billion, with volume at 616,651; Remitta which also recorded the total value of N9.839 trillion and volume at 21,614,846; M-cash with a total value of N381 billion and volume at 119,197; and Central Pay with total value at N2.835 trillion and volume at 398,520.

However, the value of cheque transactions within the same period was N2.271 trillion with a total volume of 3,416,537.

The CBN has been aggressive in its drive to discourage cash transactions with its Governor, Mr Godwin Emefiele, saying last Friday that the banking sector regulator would continue to implement the cashless policy in line with its mandate to ensure an efficient payment system.

According to Emefiele, contrary to claims in some quarters that many Nigerians would suffer the negative impact of the policy, only about five to 10 per cent of bank customers would be affected.

The CBN in a circular last week had announced that from September 18 it would impose three per cent processing fees on withdrawals and two per cent processing fees on lodgments of amounts above N500, 000 for individual accounts.

For corporate accounts, banks would charge five per cent processing fees on withdrawals and three per cent processing fee on lodgments of amounts above N3 million.

But Emefiele said if the Nigerian economy was to compete effectively with those of developed countries, there was a need to enthrone a payment system that encouraged the use of non-cash channels.

He said before the cashless policy was first inaugurated before he assumed office, many stakeholder engagements were done to sensitise Nigerians.

According to him, the policy was suspended to allow more payment channels to be developed by banks.

“Since the policy was first launched, currency management costs have continued to increase year-on-year at an average annual growth rate of 33 per cent.

“Notwithstanding, electronic transactions have increased within the economy. We have provided alternative channels and people have embraced it,” he appended.

Meanwhile, the September 2019 Business Expectations Survey Report posted on the central bank’s website at the weekend, showed that at 26.7 index points, respondents expressed optimism on the overall confidence index (CI) on the macroeconomy in September 2019.

The business outlook for the period showed greater confidence in the macroeconomy with 59.0 index points.

It stated that the optimism on the macroeconomy in the current month was driven by the opinion of respondents from services (14.2 points), industrial (9.7 points), wholesale/retail trade (2.1 points) and construction (0.6 points) sectors.

Further analysis showed that the positive business outlook in September was driven by businesses that are neither import nor export-oriented (21.0 points), both import- and export-oriented (4.3 points), import-oriented (2.9 points), and those that are export-related (0.3 points).

It also identified insufficient power supply (65.7 points), high interest rate (56.8 points), unfavourable economic climate (55 points), financial problems (53.9 points), unclear economic laws (52 points), unfavourable political climate (48.9 points), insufficient demand (48.8 points), access to credit (44.4 points) and competition (44.2 points), respectively, as major factors constraining business activity in the current month.

Respondent firms expect the naira to appreciate in the current month, next month and next 12 months, as their confidence indices stood at 21.7, 36.0 and 46.9 index points, respectively.

SOURCE:https://brandspurng.com/2019/09/23/electronic-payment-transactions-rise-to-n231-trillion/

LAGOS, Nigeria, September 23, 2019,/ — Aliko Dangote Foundation (ADF) has reiterated its readiness to empower additional 106,000 women across four states in Northern Nigeria, with a sum of N1.1 billion before the end of 2019. This initiative is in continuation of its micro-grant programme aimed at poverty amelioration through economic empowerment of women.

The Aliko Dangote Foundation has already commenced the identification of eligible beneficiaries, towards the implementation of the programme across these states and will be actively targeting and empowering 23,000 women in Sokoto, 34,000 women in Katsina, 21,000 women in Kebbi and 28,000 women in Zamfara. 

The Dangote Micro-Grant scheme which was launched in 2011 in Kano State is a N10 Billion project, targeting indigenous and vulnerable women nationwide and is being systematically rolled out nationwide to cover 774 Local Government Areas in the country.

So far, 334,500 women and youths have benefitted from the programme across Kano, Jigawa, Kogi, Adamawa, Borno, Yobe, Lagos, Nasarawa and Niger States. The scheme provides recipients with a one-time, un-conditional N10,000.00 cash grant to meet immediate household consumption and economic needs. As far as possible, participants also receive training tailored to bolster their income-generating activities which are critical for the welfare of millions of Nigerians. Beneficiaries of this programme are evenly selected from the target communities with primary consideration for vulnerable women, food distressed household with infant or children under-five-year-old, disabled, divorcee, a widow with multiple dependents, extremely poor residents in these communities.

It would be recalled that the Programme is implemented in partnership with the States Government to complement their economic empowerment and poverty reduction drive across the country.  The Executive Governor of a benefitting state set up a committee to oversee the implementation of the programme alongside Aliko Dangote Foundation in the state.

From 2016, the Foundation automated the beneficiary enrolment and payment processes. Also, in addition to the cash grants, beneficiaries were also given mobile phones and SIM cards by the Foundation. In the last two states, the scheme was implemented, the Foundation partnered with a leading commercial bank to open bank accounts and provide ATM card for each beneficiary.

SOURCE:https://brandspurng.com/2019/09/23/dangote-empowers-106000-women-with-n1-1-billion-in-4-states/

For many Nigerians, high-quality higher education is a luxury. There are many private universities who are known not only for their top-notch teaching staff and achievements but also for the incredibly high tuition costs. Here are the top 10 most expensive universities in Nigeria.

10. Lead City University, Ibadan

Lead City University is located in the south-western part of Nigeria and is one of the best known local education institutions. The history of Lead City University dates back to 2005, and in less than 15 since it was launched, the University evolved a lot. Right now it charges ₦625,000 intuition. 

9. Babcock University, Ogun State

Babcock University is part of the Seventh-day Adventist educational system, which means the high education costs are not the only reason why it may not be your cup of tea. The University has been operating since 1999 and currently has the tuition fee of ₦780,000. 

8. Bowen University, Ogun State

Another representative of Ogun State, Bowen University is known as the First Baptist University in Africa. Bowen University was opened in 2002 and has thousands of former and current students. Bowen University is a very well-equipped institution and charges ₦950,000 intuition.

7. Covenant University, Ogun State

Ogun State appears to be one of the leaders of the prestigious education industry in Nigeria. Covenant University is closely associated with the Living Faith Church worldwide and is part of numerous associations. Covenant University always scores high positions in university ratings of Nigeria and has the tuition fee of ₦1.2 million. 

6. Benson Idahosa University, Benin City

The Benson Idahosa University is a Christian institution that was launched in 1993. One of its standout features is the membership in the United States National Academy of Inventors, which no other African university has managed to achieve. You need to pay ₦1.5 million in tuition to study there.

5. Afe Babalola University, Ado-Ekiti

The Afe Babalola University is one of the youngest Nigerian universities, being launched only in 2009. In addition to six popular education programmes, this University is also known for its modern and good-looking campus. A tuition fee of ₦1.8 million is required to study there. 

4. American University Of Nigeria, Adamawa State

The name of the American University already attracts a lot of students looking for high education standards, but the fact that it’s the only American-style university in Sub-Saharan Africa is an even bigger reason to want to study there. Founded by Atiku Abubakar in 2004, the American University charges its students ₦2 million intuition.

3. Pan-Atlantic University, Lagos

One of the few Lagos institutions on this list, the Pan-Atlantic University was founded in 1991 as the Lagos Business School. Since then, the University has evolved into one of the most coveted private schools in Lagos, but the tuition fee of ₦2.5 million can be hardly called affordable. 

2. Baze University, Abuja

For Abuja locals and students from other states, Baze University is one of the dream schools with an international staff, outstanding campus, and high teaching standards. For a tuition fee of ₦3.1 million, you can also experience the joys of studying in Baze University. 

1. Nile University, Abuja

The full name of Nile University is Nigerian Turkish Nile University, which should already give you some idea on what this school is all about. Launched in 1998, this University showed tremendous growth. It is now the most expensive University in Nigeria with a tuition fee of ₦5.7 million. 

SOURCE:https://brandspurng.com/2019/09/21/top-10-most-expensive-universities-in-nigeria/

Taxaide Technologies Ltd. (Taxtech), Nigeria’s foremost Data Protection Compliance Organisation (DPCO) and Anaje Olumide Oke Akinkugbe (AO2 Law) hosted an interactive session with the central mandate of assisting organisations; public and private, comply with the strict regimen of the newly revised Nigeria Data Protection Regulation 2019 (NDPR).

The event was organised in conjunction with The National Information Technology Development Agency (NITDA) and was themed What does the NDPR portend for Organisations, Compliance and Cost Wise?

The Keynote speech was delivered by Mr Olufemi Daniel, NDPR Desk Officer, NITDA, who stated in his speech that there was no better time for stakeholders to get a deeper understanding of the Data Protection Regulation and best practices.

He hinted that there NDPR Regulation as it stands is not as strict as the General Data Protection Regulation (GDPR) adopted in Europe and they understand it is a relatively new regulation in Nigeria.

Mr Daniel also stressed that NITDA’s primary concern is compliance with the regulations. Discussions were also ongoing concerning the overlapping functions of different data regulatory bodies in the country such as the Nigerian Communications Commission (NCC) among others according to Mr Daniel who noted that the NITDA was working with other regulators to develop synergy.

Managing Partner, AO2 Law, Mr Chinedu Anaje addressed the need for organisations to seek redress if they are wrongfully fined by the regulators. ̈ The NITDA gives organisations an opportunity to redress in a court of law, there are numerous cases of that nature in Europe and North America. We expect there will be an increase in data breach cases in the future ̈

Panel discussions were focused on key regulations such as the application of data, data processing principles, consent, privacy policy, data security, third-party contracts, data subject rights, data transfer, transparency, penalties and more. The highlight of the discussion with the main highlight being the Taxtech interactive session where discussions were about the NDPR which was issued by NITDA in January this year.

Other speakers during the sessions include: Professor Abiola Sanni, Chairman, Board of Directors, Taxtech, Mr. Bidemi Olumide, CEO, Taxtech, Mr. Oyeyemi Oke, Non-Executive Director Taxtech, Mr. Edward Popoola, CTO, Cowrywise, Ms. Gbeminiyi Shoda, Company Secretary VFD Group, Ms. Nkem Isiozor, Legal Manager, Intellectual Property & Technology, The Nigerian Stock Exchange and a host of other distinguished guests.


SOURCE:https://brandspurng.com/2019/09/20/taxtech-ao2-law-hold-first-data-protection-compliance-interactive-session-in-nigeria/

Lagos – 19th September 2019: SEPLAT Petroleum Development Company Plc (“SEPLAT” or the “Company”), a leading Nigerian indigenous oil and gas company dual-listed on the Nigerian Stock Exchange and London Stock Exchange, hereby notify The Exchange and the investing public that due to expected business growth and in order to strengthen its operational effectiveness, the Company has relocated all its offices in Lagos to one location.

In view of the above, the new head office address and mailing address of the Company has changed from:

SEPLAT Petroleum Development Company Plc.
25a Lugard Avenue,
Ikoyi, Lagos.

To the new address as follows:

SEPLAT Petroleum Development Company Plc.
16a Temple Road (Olu Holloway),
Ikoyi, Lagos.

The general public is hereby advised accordingly

SOURCE:https://brandspurng.com/2019/09/20/seplat-announces-change-of-registered-office-address-relocates-all-its-offices-to-one-location/

Nigeria is one of many countries that is being inundated with sports betting. The Nigerian sports betting (online and offline) and gaming industry has grown geometrically in the past few years. This remarkable growth can be attributed to the country’s population and increased access to the internet via enabled internet devices such as mobile phones, tablets, laptop, desktops etc.

According to statistics, about 60 million Nigerians between the ages of 18 and 40 are involved in active sports betting. On average, these punters spend roughly ₦3,000 Naira every day on bets. For instance, a data report from Klynveld Peat Marwick Goerdeler (KPMG) in 2016 revealed that a leading sports betting company in Nigeria makes an average monthly turnover of $10 million dollars. Sport betting shops can now be spotted in almost every street in Lagos and new ones are popping up daily. Gambling in Nigeria is regulated by the National Lottery Regulatory Commission (NLRC) and it is worthy to note that all forms of gambling are restricted from all residents of Nigeria below 18 years.

Given this background and the commencement of the 2019/2020 football season especially in Europe, NOIPolls presents findings from its past poll on gambling. The poll, which was conducted in the week commencing July 17th, 2017, assessed the opinions of Nigerians regarding the prevalence, knowledge and possible reasons some Nigerians engage in gambling. The finding revealed that most Nigerians believe that gambling is becoming very popular in the country, particularly amongst the country’s bulging youth population and sports fans.

A significant proportion of Nigerians polled (77 percent) attested to the high prevalence of betting and gambling in their locality; particularly amongst respondents in the South-West (92 percent) and South-South (91 percent) geo-political zones which recorded the highest prevalence. Similarly, gambling has become a growing trend amongst young Nigerians aged between 18 – 35 years, who accounted for the highest proportion of Nigerians who engage in the practice. According to a report by News Agency of Nigeria (NAN), about 60 million Nigerians between the ages 18 and 40 years spend up to N1.8 billion Naira on sports betting daily with an average investment of N3,000 Naira per day.

Furthermore, in terms of active participation, 36 percent of those polled admitted that they personally engage or have family members who engage in betting; with more than half of this group of respondents (53 percent) engaged in daily betting. On the other hand, 60 percent of this same group reported that they win a bet ‘few times a month’, while 8 percent revealed that they have ‘never won a bet’. In addition, the poll highlighted that people prefer betting platforms that offer timely redemption of winnings, favourable odds on games, reputation for prompt payment and are easy to use. Finally, respondents identified reasons why Nigerians engage in betting and gambling to include: ‘quest for quick money’ (30 percent), ‘high rate of unemployment’ (21 percent) and ‘greed’ (15 percent) amongst other reasons.

Analysis across geopolitical zones shows that the South-West zone recorded the highest prevalence (92 percent) while the North-East zone had the lowest prevalence (58 percent). Betting has become a growing trend among youths in the country as the findings also revealed that those aged 18 – 35 years accounted for the highest proportion of Nigerians who engage in it.

The chart below showed that a large majority (77 percent) stated that gambling is prevalent in Nigeria. Residents from the South-West zone (92 percent) had the highest prevalence, while the North-west zone (57 percent) recorded the lowest prevalence. Interestingly, analysis by age-groups shows that those aged between 18 – 35 years recorded the highest percentage (79 percent) of respondents who stated that betting in Nigeria is prevalent.

The poll also sought to measure the proportion of Nigerians who are involved in betting; and analysis revealed that nearly 4 in 10 Nigerians (36 Percent) actually engage in some form of betting and those aged between 18 – 35 years accounted for the largest proportion (41 percent) of Nigerians in this category. This finding is in line with the report from News Agency of Nigeria (NAN) which stated that Nigerians aged (18-40) years are most likely involved in betting. On the contrary, a larger proportion of the respondents disclosed that they do not engage in or have a family member who engages in betting. It is worthy to note that some of these respondents may outrightly refuse to disclose their participation due to societal stigmatization.

The survey sought to determine the frequency of Nigerians who actually engage in betting and analysis revealed that more than half of the respondents (53 Percent) disclosed that they bet or stake games on ‘daily’ basis.  While 39 percent engage in it ‘a few times a month’, a meagre one percent say they rarely engage in it.

In the same vein, a further probe established that majority (60 percent) of the respondents disclosed that they only win ‘a few times a month’, this is followed by 29 percent who win ‘a few times in a week’. While 8 percent claimed that they have ‘never’ won any bet, 3 percent indicated that they win ‘daily’.

In order to ascertain the factors that influence the choice of betting platforms adopted by the betting population, findings reveal that 26 percent mentioned ‘timely payment’ as the main factor that influences their choice. This was closely followed by respondents who believe it is the ‘odds/stake placed on a game’ (24 percent). Other determinants mentioned include ‘reputation for payment’ (21 percent), ‘ease of use’ (15 percent) among others.

Finally, analysis of results revealed ‘quest for quick money’ (30 percent), ‘Unemployment’ (21 percent) and ‘greed’ (15 percent) topped the list of reasons why Nigerians engage in betting. Other reasons include; ‘to cushion the effect of economic hardship’ (12 percent), ‘poverty’ (10 percent), ‘just for fun’ (5 percent), ‘passion for sports’ (5 percent) and ‘peer group influence’ (2 Percent).

In conclusion, this poll findings have revealed the rising trend of gambling in Nigeria, especially among the country’s bulging youth population. Sadly, according to the respondents, this trend is driven by the quest for quick money, unemployment, greed and economic hardship amongst others.

However, our concern is that while gambling may serve as an avenue to pool surplus funds from the economy for savings and investment purposes, the side effects of this practice on the population, especially youths may have a negative multiplier effect on the country. Gambling has been found to be quite addictive and can stimulate further social vices if not properly managed. It has ruined homes, marriages and rendered people bankrupt; hence there’s need for proper sensitization on the negative effects of gambling. Finally, it is important for regulatory bodies such as the National Lottery Commission to step up its regulatory efforts to ensure that the practice is not abused and exposed to young people, especially teenagers.

SOURCE:https://brandspurng.com/2019/09/19/about-40-of-nigerians-engage-in-gambling-in-the-country/

Depressed by the expanding rate of oil theft and vandalization of its assets, Shell Petroleum Development Company of Nigeria Limited (SPDC) has installed state-of-the-art high definition cameras on specialized helicopters for detection and response to crude oil spills from its facilities.

The cameras would also help in tracking vandalism of SPDC joint venture assets.

SPDC’s General Manager, Igo Weli, disclosed this recently, at a media workshop for journalists in Warri, Delta State.

“The cameras are attached to specialized helicopters which carry out daily overflight over our facilities. This measure has improved the surveillance of our Joint Venture assets”, he said.

In addition, Weli said SPDC had implemented anti-theft protection mechanisms on key infrastructures, such as wellheads and manifolds to stem constant attacks from vandals and thereby prevent and minimize sabotage-related spills.

According to him, the daily loss of over 11,000 barrels of oil per day in 2018 and the threat to the integrity of the joint venture assets necessitated the multi-pronged approach to protecting what he called ‘critical national assets.’

“We collaborate with community leaders, traditional rulers, civil societies and state governments in the Niger Delta to implement several initiatives and partnerships to raise awareness on the negative impact of crude oil theft and illegal oil refining.

“Such public enlightenment programmes on the negative impacts on people and the environment help to build greater trust in spill response and clean-up processes” he added.

Weli, noted that SPDC would sustain its air and ground surveillance to complement the efforts of security forces in checking crude theft, pipeline vandalism and illegal refining adding “But for the efforts of Operation Delta Safe in protecting critical oil and gas assets, the situation would have gone beyond control.”

He, however, urged Operation Delta Safe, a special oil and gas asset protection force, and other government security forces to intensify their activities around oil and gas facilities.

In its June 2019 monthly report, Nigeria National Petroleum Corporation (NNPC) which controls Nigeria’s 55 per cent interest in the SPDC JV had also reported a 77 per cent rise in oil pipeline vandalism and that 106 pipeline breaches were recorded in June, up from 60 in May.

Also speaking at the workshop, SPDC’s General Manager, Safety and Environment, Chidube Nnene-Anochie, disclosed that the majority of spill incidents on SPDC pipelines were as a result of sabotage.

“We are burdened by the continuous increase in cases of sabotage and theft. Oil spills, due to theft and sabotage of facilities as well as illegal refining, cause the most environmental damage from oil and gas operations in the Niger Delta”, he said.

According to Nnene-Anochie, SPDC removed more than 1,160 illegal theft points from its pipelines between 2012 and end of 2018, adding that the attendant spills from the theft points were sometimes made worse by challenges of access to the incident sites to investigate and stop leaks, adding, “We track the progress of our spill response from when we learn about the leak to when clean-up is completed and certified by regulators.”

Nnene-Anochie, who represented by SPDC’s Compliance Monitoring Lead, Temitope Ajibade, maintained that no spill was acceptable to the company stressing that, “A key priority for Shell companies in Nigeria remains to achieve the goal of no spills from our operations. No-spill is acceptable, and we work hard to prevent them. “However, SPDC cleans and remediates areas impacted by spills from its facilities irrespective of the cause.”


SOURCE:https://brandspurng.com/2019/09/19/shell-petroleum-commences-aerial-surveillance-to-reduce-pipeline-vandalism/

Ekiti State Governor, Dr Kayode Fayemi, on Tuesday declared that the World Bank would shortly begin on some legacy projects across the state worth about 500 million dollars.

The Governor stated this in Ado Ekiti, the state capital while presenting cheques worth N180 million to 19 benefiting communities under the state’s self-help community development programme.

Tuesday’s presentation came barely six months after the state government doled out about N216 million to some communities for various self-help projects.

Governor Fayemi, at the presentation ceremony held at the Government House grounds, said his administration is determined to improve technical education by ensuring that all the technical colleges in the state are upgraded in its drive to improve skills development and education of the citizens.

The Governor said “I’m also pleased to inform you that no fewer than five World Bank projects would be starting in the state across many of the local governments within the next few months and all of these would cost about $500 million.

He assures that his administration would continue to bring remarkable improvement to the living condition of the people through value restoration adding that the grassroots would continue to benefit from this agenda.

Dr Fayemi said he would continue to collaborate with development partners to ensure that the people at the grassroots are not left out in the scheme of things.

“Today’s ceremony is one of the multiplier effects of the Ekiti State value restoration agenda of this administration, and we are poised to make a similar meaningful impact in every stratum of our society. As a government that wants both urban and rural developments, we paid our own counterpart fund to activate this World Bank project geared towards improving the living condition of people at the grassroots.

“When you entrusted the management of Ekiti State’s commonwealth in our care, we promised and assured you all that your welfare and well-being will be of paramount interest to us. We are here today to strengthen the bond and deliver one of our promises.” He said

While congratulating the benefitting communities, the governor enlightened them on the need to ensure judicious use of the money by following the World Bank standard. He advised all stakeholders in the project to carefully monitor the projects by ensuring its completion.

Dr Fayemi also explained that “I admonish you to make sure you use the money for the completion of the projects for the benefit of your people and follow the laid down rules and regulations of the World Bank so that other communities can benefit. The government will not hesitate to sanction any individual, group or community found wanting in the implementation of the selected and approved projects.

He, however, commended EKCSDA for its efforts towards actualizing the desired goals of rural development and advised them to work assiduously to ensure the best for the State.

Earlier, the chairman of the agency, Dr Yemi Alatise commended governor Fayemi for facilitating the World Bank’s support for developing the rural areas of the state through the various projects approved by World Bank. He further appreciated the cordial relationship between the governor and donor agencies which according to him has attracted a lot of developmental programme to the state.

Alatise said the agency scrutinized the various projects to ensure that they would boost the economy of the benefiting communities.

Responding on behalf of the 19 benefiting communities, Chief Gbenga Agbona from Ilawe Ekiti community appreciated the Governor for the gesture and promised that the communities would make judicious use of the fund.

SOURCE:https://brandspurng.com/2019/09/19/ekiti-to-get-500-million-world-bank-project-as-fayemi-allocates-n18-million-to-19-communities/

No doubt, startups can be very exciting, but the challenge of raising capital for it to get some footing can be discouraging as building a real business requires capital. But for most startups, what they have is only an idea they feel is marketable. For some, they have designed a business model already and just cannot stop dreaming about this idea of theirs and how it will blossom into something big. Another thing is, not all businesses are a great fit for angel investors or venture capital funding. Sometimes your startup is really good, but getting to convince investors is another hurdle, because like it or not, looking for investors is an investment in itself, and your first thought afterwards is to get some money to build your idea into reality, and what is on your mind is… Crowdfunding!?

Okay… That works, but it is not always smooth. It may happen that you actually got funds, but only a fraction of it. This is not to say there are way better options; rather, it is to offer other alternatives to go alongside your crowdfunding, or to just ignore it totally and face the ones we will be listing, for there are a couple of ways of actually getting funds for your small business that you may never have considered, or even heard of, like…:

  NETWORKING

Networking should really be the first option people with a startup should consider before any other, and the reasons are these: it will allow you to put out your business in a less formal and a very organic fashion. Going out and meeting people within the local startup and community of investors can be a great way of stumbling into someone who will pick interest in your idea or what you have already set up but are lacking funds to grow. Gatherings like these are good for promoting your business. An example is the Startup Grind – a global community of entrepreneurs, designed to educate, inspire, and connect with one another. Superficially, it may seem quite off, but at the end of the day, you are selling your business without losing a dime. Another thing is, if they seem to be interested in your startup, they will keep the conversation going. It is now left for you to market yourself the best way you can. While this is an art in itself, when done right, investors will be more likely to consider your business.

The best way to go about this is not to meet them and start talking about your business and begging them to invest in it; you should consider playing with their psyche instead, like first asking them for some advice. This way, you are able to build a relationship with them which will grow into a more willingness to invest in your startup. Asking for advice gives them a chance to point out some visible flaws in your business and also shows that you value their thoughts.

You just cannot do without networking, because in the long run, you will be doing it without even knowing. Flopping here is not the end, there are still other options.

  PRIVATE FOUNDATIONS/CONTESTS

There are a few contests out there where winners get funds for their businesses. These contests allow entrants to submit a business plan and the best plan(s) submitted to get to win some prizes, which among other things include funding their startup. Also, most private foundations do not fund startups that are profit-oriented; some do offer a grant if a startup is targeted to empower women and youths. If your startup is one which engages in social activism, your chance of getting funded by these foundations will be greater. A leading private foundation offering grants yearly to startups and entrepreneurs is the Tony Elumelu Foundation which was founded in 2010 by an entrepreneur, investor and philanthropist called Tony Elumelu. This organization is very passionate about Africa’s economic development. So far, over 7000 entrepreneurs and businesses have been empowered through their grants.

  THE GOVERNMENT

You are probably asking yourself why the government is listed. It is because governments at various levels put in capital into growing businesses. No doubt, if the system was transparent, more people would see this as a viable option. Nevertheless, we do not have to count it out. Truth is, it is pretty hard for a startup to secure funds through the government, and it is still as tougher for establishments which have stood the test of time.

Before picking this option, it is important you ask yourself if the startup is one that will create jobs and grow the economy, and if it is very clear it will, the government will be more likely to consider it.

CHAMBERS OF COMMERCE

Members of Chambers of Commerce get to enjoy loans given to them at a very low-interest rate. You can take advantage of it to grow your startup. These chambers are made up of business owners, and to benefit from these grants, one must be an active member. In Lagos, there is the Lagos Chamber of Commerce and Industry which has been promoting and protecting the interests of members and the business community at large. They have also created and facilitated commercial and industrial opportunities in Lagos State. Becoming a member is quite tasking and demanding as requirements are a provision of Certificate of Incorporation, a valid office address, and financers among other things.

  ONLINE LOAN SERVICES

As much as there are many platforms to get loans from, none is as transparent and fully secured with friendly rates as Fundall – a platform of investors for investors. In fact, and with the exception of Fundall and a few others, online loan platforms are centred on personal grants than for business development. And even when they support Micro-Businesses, the procedure is not as smooth as they put out.

In the digital world, we have lots of opportunities right in our palms. Startups that have founders that are young and smart will be the biggest winners, as access to loans to fund their businesses and goals will be available for them all day, all week and all year round.

On Fundall, there is a specific loan for startups (Small and Medium Enterprises to be precise), but it is important you know about the other options like ‘AgileCash’ and ‘Payday Loan’ as well. AgileCash lets you borrow money (up to ₦30,000) within a few minutes, and without collateral. Payday Loan is, particularly for salary earners. They can access loans to the tune of ₦2,000,000, still without collateral, and at a very low-interest rate.

Our concern, however, is on loans for startups, and that is covered by ‘SME Loans’. Fundall allows Small and Medium Enterprises access to loans to as high as ₦2,000,000 – an opportunity for them to kickoff, sustain and grow their business while still generating more income. If your target as a startup is simply to get financial support to achieve your business goals, then Fundall will be your best bet.

In the meantime, you have to thoroughly investigate these five alternative sources of business capital. Each has its own unique challenges, but succeeding will be well worth the effort.

By the way, for most investors (it will do you well to get this right before going on an exploit for the above options) it is better if you approach them with your results before they consider your startup. Getting to show results first can be quite difficult, because as a growing business, you first need money to get customers, and it is through your customers that you get money. Therefore, it is worth every effort to first acquire customers or users before you approach an investor, instead of seeking funds first before getting customers. This is very important as it is far easier getting investments on good terms (particularly from non-institutional investors) if your startup has some traction and customer base first. Most investors like to see some proof that your idea or business has potential, and the best proof is having customers that are real and also paying. Because actually demonstrating that people like and are even patronizing your business is going to be one of your biggest assets when it comes to attracting investors.

SOURCE:https://brandspurng.com/2019/09/17/how-to-get-funds-for-your-small-business/