₦airaland Forum

The number of brands in Nigeria’s Juice and beverage market has increased by one, following the introduction of Mom’s Aloe drink, a health-based and nutritious juice drink, into the budding industry.

Although the industry is said to be awash with various juice and beverage brands in the country, promoters of Mom’s Aloe drink said the product is coming not only to satisfy the taste bud of Nigerians but also to provide health and nutritiona

Mom’s Aloe drink is a healthy non-alcoholic beverage prepared mainly from Aloe vera, which has great benefits to human health.  It is made with real peeled pulp and has various flavours such as original, mango, pineapple and pomegranate fresh tasting. The drink comes in a natural feel taste, pleasant aroma and ice-feel bottle which can be taken as a standalone or as a mixer.

According to KJL, Marketers and Distributors of Mom’s Aloe juice drink in Nigeria, the product is manufactured by World Food Service co., Ltd in South Korea, Asia, home to medicinal products.

Mr. Austin Obika, Chief Executive of KJL said, Mom’s Aloe does not contain preservatives which makes it unique from other juice drinks.

Obika said the product which is being sold in some selected stores and outlets in Nigeria has been in the country for about a year selling and gathering feedback from the Nigerian customers.

The feedbacks, the Imo State-born said made manufacturers of the product modify the taste to suit Nigerian juice lovers to what it presently is.

According to him, Mom’s Aloe drink already has a huge market in Asia, America and Europe and is now ready to take on a larger space in the juice and beverage industry.

In his word: “We are concern about the wellbeing of Nigerians considering that a lot of the juice we have in the country are filled with sugar in addition to the facts that Nigerians are becoming more health-conscious hence, with Mom’s Aloe the sugar content is minimal and its made from natural fruits and we expect that it will get acceptance within the juice and beverage market in the country.

Continuing Obika said: We are hoping that the product will be widely accepted in Nigeria and in the process create employment for the teeming unemployed youths and expect to convince our overseas partners to establish a local factory in Nigeria to help create more jobs and help in technology transfer.

Obika observed that Mom’s Aloe is a natural juice drink made from Aloe vera a wonder product associated with numerous health benefits.

“People who are familiar with Aloe vera knows its health benefits which include; aiding of the immune system, reduces inflammation, manages cholesterol and rich in Vitamins and Minerals.

“We know that the competition in the juice industry is strong, with many products competing for the attention of the consumers however, we believe there are plenty of rooms for Mom’s Aloe drink in the country with many benefits because its key element is Aloe Vera and we expect that many Nigerians will buy into it,” he pointed.

Mom’s Aloe juice drink comes in two packs, 500ml and 1.5L and is registered with NAFDAC with registration Number D1-3969

SOURCE:https://brandspurng.com/2019/09/17/moms-aloe-enters-nigerias-juice-and-beverage-market/

FINRA today announced it has censured and fined J.P. Morgan Securities LLC (JPMS) $1.1 million for failing to timely disclose 89 internal reviews or allegations of misconduct by its registered representatives and associated persons spanning a six-year period. FINRA also required an undertaking by the firm to certify within 60 days that it has taken appropriate corrective measures.

Broker-dealers are required to file with FINRA a Uniform Termination Notice for Securities Industry Registration (Form U5) within 30 days of terminating a registered representative’s association and to file an amendment with FINRA within 30 days of learning that anything previously disclosed on the Form U5 is inaccurate or incomplete. Firms must disclose, among other information, allegations involving fraud, wrongful taking of property, or violations of investment-related statutes, regulations, rules or industry standards of conduct. FINRA uses this information to help identify and investigate potential misconduct, and sanction individuals as appropriate. State securities regulators and other regulators use the information to make informed regulatory and licensing decisions. Member firms use this information to make informed hiring decisions, and investors use this information—displayed through FINRA’s BrokerCheck—when considering whether to do business with a registered or formerly registered person.

FINRA found that from January 2012 to April 2018, JPMS failed to disclose, or timely disclose, 89 internal reviews or allegations of misconduct by its registered representatives and associated persons, including misappropriation of customer and company funds, borrowing from customers, forgery or falsification or alteration of documents, unauthorized trading, making unsuitable recommendations, structuring and other suspicious activity. When JPMS eventually filed the required information with FINRA, it was, on average, more than two years late. This prevented or delayed FINRA, other regulators, member firms, and the public from learning about the allegations. JPMS’ delays prevented FINRA from pursuing potential disciplinary action against 30 former JPMS representatives over whom FINRA’s jurisdiction expired before JPMS disclosed the allegations. These failures resulted primarily from the firm’s failure to establish and maintain reasonably designed written supervisory procedures and supervisory systems to identify all instances when Form U5 disclosures were necessary.

Susan Schroeder, Executive Vice President of FINRA’s Department of Enforcement, said, “FINRA member firms have a responsibility to their fellow member firms, to FINRA and other regulators, and to the investing public to disclose allegations of serious misconduct by their registered representatives. Firms must live up to their responsibility as a gatekeeper and disclose allegations in a timely, accurate and complete manner. This disclosure responsibility is essential to providing transparency and maintaining the integrity of our industry.”

In settling this matter, JPMS neither admitted nor denied the charges, but consented to the entry of FINRA’s findings.

SOURCE:https://brandspurng.com/2019/09/17/finra-fines-j-p-morgan-securities-llc-1-1m-for-failing-to-timely-disclose-89-allegations-of-misconduct-over-a-6-year-period/

President Muhammadu Buhari has constituted an Economic Advisory Council (EAC) that included former governor of the Central Bank, Professor Chukwuma Soludo and Mr. Bismarck Rewane.

According to a statement by the President’s media adviser, Femi Adesina, the EAC has Professor Doyin Salami as chairman.

Other members are Dr. Mohammed Sagagi, Vice-Chairman, Prof. Ode Ojowu, Dr. Shehu Yahaya and Dr. Iyabo Masha.

Dr. Mohammed Adaya Salisu, an SSA to the President on development policy will serve as secretary.

The advisory council will replace the Economic Management Team (EMT) and will report directly to the President.

According to Adesina, the Economic Advisory Council (EAC) will advise the President on economic policy matters, including fiscal analysis, economic growth and a range of internal and global economic issues working with the relevant cabinet members and heads of monetary and fiscal agencies.

The EAC will have monthly technical sessions as well as scheduled quarterly meetings with the President. The Chairman may, however, request for unscheduled meetings if the need arises.

SOURCE:https://brandspurng.com/2019/09/17/buhari-names-salami-soludo-rewane-as-members-of-eac/

South Korea’s Daewoo Engineering & Construction Co (Daewoo E&C) in consortium with Italy’s Saipem and Japan’s Chiyoda had received a $4.3 billion liquefied natural gas plant project in Nigeria.

The consortium approved a letter of intent with Nigeria LNG Ltd for engineering, procurement and construction of the Train 7 facility at Nigeria LNG’s liquefied natural gas plant on Bonny Island, Nigeria last Wednesday, according to industry sources.

Daewoo E&C’s share in the project is estimated at $1 billion. It will take part in the EPC project as well as carry out the front-end engineering design (FEED) work.

An LNG train is a liquefied natural gas plant`s liquefaction and purification facility. The Train 7 project is to expand the existing Nigeria LNG’s existing LNG facility to ramp up its annual production capacity from its current level of 8 million tons.

Daewoo E&C previously was the subcontractor of building five of Nigeria LNG’s six LNG trains. Daewoo E&C has worked aggressively to expand its global presence this year.

Last month, it won a $70.35 million order to build a road in the southern Basra in Iraq. The road is part of the Iraqi government’s project to build a container terminal in Al Faw New Port.

The company also has submitted a bid to win two projects worth $1.4 billion in Mozambique, with results scheduled to be released by the end of this year.

In the first half of this year, the Korean builder bagged new orders worth 6.4 trillion won ($5.3 billion) in total.

SOURCE:https://brandspurng.com/2019/09/17/koreas-daewoo-ec-in-consortium-awarded-4-3-billion-lng-project-in-nigeria/

The internet has made life very easy for everyone. You can Google anything to get quick information and much more other awesome benefits. However, for every good thing, there is always a negative side. The negative in the case is that there are increased cases of scams. Hence, before you are scammed, it is advisable that you know how to identify online scams and fraud. Here are some tips to help you identify an online scam.

You are promised quick music

If it were easy to make a huge income using this system, then they’d be using this system to make a huge income instead of selling promises to you via email or some shady-looking website. In the real world, it takes a lot of smarts and hard work to accumulate significant wealth or a significant income, and even if you have an epic work ethic or intelligence, it’s still going to take years and years to build that wealth.

Difficult to figure out how the person making the offer benefits

If it’s not obvious how the other person involved in this offer makes money, then you need to stay far away from it. Most honest transactions are completely clear in how the other person is going to make money from the arrangement. Perhaps the individual is the seller and you’re the buyer. When situations come up where that arrangement isn’t clear, be extremely wary.

You are being pressured

If a product is worthwhile, it doesn’t need pressure tactics to entice you. If someone is pressuring you, such as by stating the offer only lasts for a little while or that you’re somehow foolish for not taking advantage of this, they’re selling you a bad bill of goods. Don’t waste your money or time on products that can’t be presented to you solely on their own merits. If someone has to introduce pressure tactics that make you feel rushed or make you feel bad about yourself, walk away.

An upfront payment is required

If a site won’t give you a clear overview of what exactly it’s trying to sell you with some real examples of what you’ll be getting in exchange for your payment, you are advised not to pay any money. Any reputable product can be sold on its own merits, not on the claims of what that product is without showing you what’s behind the smoke and mirrors.

Popups appear asking you to download a video

A rule of thumb for avoiding online scams is not downloading software to your computer from anywhere that isn’t completely reputable. If it’s not the official website of a software vendor, a software store associated with your model of computer or phone, or a very very trusted third-party vendor don’t download the software.

SOURCE:https://brandspurng.com/2019/09/14/5-tips-for-identifying-online-scams/

More pictures...

Few motor cars fuel the sense of adventure quite like the Defender. Since its inception in 1948 as the Series 1 Land Rover, this straight-lined angular vehicle, with its almost childlike graphic composition, has ruled the off-road world. The vehicle maintained the clear vernacular of the Series when it was reintroduced as the Defender in the 1980s. Today Jaguar Land Rover presents the much-anticipated evolution of this car. The 21st-century Defender retains a strong sense of its past while harnessing today’s technological advancements.

The biggest challenge, says Land Rover design director Gerry McGovern, was for the car to be relevant to this world – “it needed to be design literate and capable,” he tells me at a preview before today’s reveal at the Frankfurt Motor Show. The answer was to optimize the proportions but keep it simple – not add too many embellishes. There is, therefore, deliberate emphasis on creating robust proportions with the height, the interplay of lines, the sense of verticality. The lights are simple geometric forms at the front and rear; the wheel arches are squared off. Inside follows a similar rational theme, a rugged modular architecture embracing the spirit of adventure for a car that truly is a fine evolution of the Defender.

The Defender needs to be identified by its silhouette alone, which requires an emphasis on maintaining very clear proportions. Everything has to have a purpose: the high sills, short overhangs and externally mounted rear wheel supports the car’s off-road capability. McGovern explains: “The clean body side contrasts dramatically against the sheer verticality of its front and particularly its rear to create a reassuringly purposeful stance. The overall impression is of an elemental design, yet this clean reductive approach is underpinned by the sophisticated surfacing of the highest quality.”

The Defender comes in two shapes: the smaller 90 and larger 110 with prices ranging from around £40,000 to £45,000 ($50,000 and $56,000). The cars can be ordered in S, SE, HSE packages and a unique First Edition is available throughout the first production year. There is also a pinnacle Defender X on offer with four accessory packs: Explorer, Adventure, Country and Urban. There is a choice of 12 wheel designs to include 18-inch white-painted pressed steel rims and 22-inch Luna alloys.

There are some thoughtful design elements with the new Defender. This is the first Land Rover available with a factory-fitted satin protective film which can be easily removed making it quicker to repair damages than standard paint finishes, essential for a car that is encouraged to go off-road and get muddy. The PU-based wrap is solvent-free and contains no volatile organic compounds. It is also durable and developed to withstand extreme conditions.

SOURCE:https://brandspurng.com/2019/09/16/introducing-the-all-new-land-rover-defender-photos/

Mondelez International, world’s leading chocolate company, through its Cocoa Life Sustainability Programme plans to increase its 40% cocoa sourcing from Ghana to 100% by 2025, reports Ghanaian Times.

The head of Cocoa Life Program in Ghana, Yaa Peprah Amekudzi said, “Mondelez International commits to secure 100 per cent cocoa volume for all chocolate brands through its Cocoa Sustainable Programme by 2025, we accept the challenge here in Ghana.”

To ensure the farmers produce cocoa of global standards, the chocolate maker commits to support the farmers by strategically enhancing their performance using modern and mechanised farming methods so they could produce in large scale to meet the demand of the global world.

“Cocoa Life has been supporting farmers in the country to ensure they enhance productivity by shifting from manual farming to a modernised or mechanised farming,” she stressed.

In this regard, Cocoa Life presented the first batch of 100 motorised trimmers worth US$1,000 to 50 farming groups to enhance their productivity.

In addition, 29,116 registered farmers in 334 cocoa communities received about 18 million Ghana cedis (US$3.28m) for the 2018/2019 crop year as sustainability premium to implement their development plans.

The premiums have helped farmers to develop their communities by building infrastructure including schools, clinics, accommodation for teachers and nurses, community recreational scholarships, factories and water wells.

“We would monitor and ensure that the money is used for its intended purpose as we need farmers to drive their own development and own every action that they take so that at the end of the day, quality cocoa bean would be produced in Ghana,” she stressed.

Through this, the company claims that cases of child labour have reduced as various amenities especially schools have been built within the farming communities and vehicles provided to convey the children to the schools.

Cocoa Life is a sustainable programme which assists cocoa-growing communities to strengthen their capacities by determining and achieving their own long-term goals geared towards driving economic development and prosperity.

According to Mondelez, 43% of its chocolate including Milka, Cadbury Dairy Milk, and Côte d’Or brands already carry the Cocoa Life logo, meaning they are made from cocoa that is sustainably sourced.

SOURCE:https://brandspurng.com/2019/09/16/mondelez-international-commits-to-sourcing-100-of-cocoa-from-ghana/

Dealing Members are hereby notified that NPF Microfinance Bank Plc (the Bank) has through its Stockbroker, Regency Asset Management Limited, submitted an application to The Nigerian Stock Exchange for the approval and listing of a Rights Issue of Two Billion, Two Hundred and Eighty Six Million, Six Hundred and Fifty Seven Thousand, Seven Hundred and Sixty Six (2,286,657,766) ordinary shares of Fifty Kobo (N0.50) each at One Naira, Fifty Kobo (N1.50) per share, on the basis of one (1) new ordinary share for every one (1) ordinary share held.

The Qualification Date for the Rights Issue is today Thursday, 12 September 2019.

SOURCE:https://brandspurng.com/2019/09/12/npf-microfinance-bank-plc-submitted-an-application-for-approval-and-listing-of-rights-issue/

Preamble

The Central Bank of Nigeria (CBN) the Bank in the exercise of its powers under the CBN Act, 2007, hereby issues the Regulation on Electronic Payments and Collections for Public and Private Sectors in Nigeria (the Regulation).

The Regulation is a revision of the Guidelines on Electronic Payment of Salaries, Pensions, Suppliers and Taxes in Nigeria (2014), and is intended to guide the end-to-end electronic payment of salaries, pensions and other remittances, suppliers and revenue collections in Nigeria.

Objective

The objective of the Regulation is to fully align with the core objectives of the National Payments System Vision 2020 (PSV2020) to ensure the availability of safe, effective and efficient mechanisms for conveniently making and receiving all types of payments from any location and at any time, through multiple electronic channels. This will reduce the time and costs of transactions, minimise leakages in revenue receipts and at the same time provide reliable audit trails, thereby ensuring that the Nigerian Payments System aligns with international best practices.

This Regulation is therefore set out to provide all stakeholders with the operational procedures that guide end-to-end electronic payment for the Public and Private Sector.

Scope

This Regulation applies to all CBN regulated entities operating in Nigeria and mandates adoption, implementation and compliance with the directives on end-to-end electronic payments of all forms of salaries, pensions & other remittances, suppliers, revenue collections including but not limited to taxes, levies, penalties, recoveries, assessments, and the disbursement of funds for social programs payments bills, honorarium, scholarships, allowances, etc. herein referred to collectively as ‘payments and collections’

Roles and Responsibilities

4.1. The CBN Shall –

a)promote the adoption of end-to-end electronic payment by all Stakeholders;b)license end-to-end electronic payment solution, systems and service providers, regulate and supervise their operations;c)create and maintain a platform for constant interaction and engagement of all electronic payment industry stakeholders;d)ensure all statutory payments, remittances and collections of all revenues are undertaken only on a CBN approved end-to-end electronic payment platform;e)ensure constant review and update of this Regulation to reflect new developments that can support the long-term success of the initiative;f)adjudicate in the cases of disputes;g)maintain a Help Desk to provide enlightenment, receive complaints and monitor resolution of the reported cases and publish customer service/contact details via multiple platforms;h)collaborate with other statutory and regulatory agencies whose cooperation is required for the effective implementation of this Regulation.

4.2. CBN Regulated Stakeholders

The CBN regulated stakeholders refer to all financial institutions, Payments Service Providers and other entities licensed and regulated by the CBN which includes, but not limited to the following:

4.2.1. Deposit Money Banks (DMBs), Other Financial Institutions (OFIs) and Mobile Money Operators (MMOs)

DMBs, OFIs and MMOs shall –

a)promote the adoption of end-to-end electronic payments by all stakeholders covered by this Regulation;b)provide payers and beneficiaries with appropriate accounts with DMBs, OFIs or any other approved channel for receiving payments such as mobile money/electronic wallet, subject to the CBN’s approved KYC limits;c)process electronic payment instructions in accordance with subsisting payments system and clearing system rules;d)  publish customer service/ contact centres details via multiple media channels and maintain customer service contact centres, to promptly attend to all electronic payment enquiries and challenges within stipulated timelines; and report of customer complaints, indicating resolution status;e)make available any or combination of the following data sets, as may be applicable, along with the mandatory returns to the CBN, on a monthly basis or as may be otherwise specified:Number of salary/pension/tax paying client organisations;Salaries/pension/tax payment transactions count;

iii. Salaries/pension/suppliers/tax payment transactions value per payment method given below;

o   End-to-end;

o   Bank Assist;

o   Cheques;

o   Manual;

f)in the event of duplicated/excess payments, establish a recovery process engaging both Payers and Beneficiaries in line with subsisting CBN Regulation.

4.2.2. Payment Solution Service Providers (PSSPs)

A PSSP shall –

a)obtain a license from the CBN to operate as a PSSP;b)offer CBN approved end-to-end electronic payment solutions, systems and services to all stakeholders;c)publish customer service/contact details via multiple media and maintain customer service contact centres to promptly attend to all electronic payment enquiries and complaints;d)make available any or combination of the following data sets, as may be applicable, along with the mandatory returns to the CBN, on a monthly basis or as may be otherwise specified:Number of salary/pension/tax paying client organisations;Salaries/pension/tax payment transactions count;

iii.Salaries/pension/suppliers/tax payment transactions value per payment method given below;

o   End-to-end

o   Bank Assist

o   Cheques

o   Manual

e) comply with transaction completion and unapplied funds return timelines as stipulated by the CBN.Infractions and Sanctions

5.1. Any DMB, OFI or MMO that fails to discharge the responsibilities under Section 4.2.1 as detailed in ‘Schedule 1’ of this Regulation shall be penalised as provided in the Schedule.

5.2. Any PSSP that fails to discharge the responsibilities under Section 4.2.2 as detailed in ‘Schedule 2’ of this Regulation shall be penalised as provided in the Schedule.

Part 2

Operational Standards for Other Stakeholders 

This section refers to all other stakeholders which are not regulated by the CBN. They include, but are not limited to the following:

6.1 Payers

Payers shall –

a)adopt end-to-end electronic payment of salaries for employee staff strength of 20 and above;b)maintain an appropriate account with DMBs or OFIs;c)adopt a CBN approved end-to-end electronic payment platform and use for all forms of payment and collections;d)provide basic infrastructure for making and receiving electronic payments;e)ensure employees are given basic training to use the adopted platform;
f) use only validated account details to ensure payments are made to intended beneficiaries;f)remit taxes and other statutory payments along with associated electronic schedules on a CBN approved end-to-end e-payment platform;g)  remit contributory pension funds into the bank accounts of Pension Fund Administrators maintained with Pension Fund Custodians, with associated electronic schedules, only on a CBN approved platform;h)bear the cost of electronic payments and electronic schedules transmission while ensuring beneficiaries receive actual amounts due to them. Where another arrangement exists, it must be mutually agreed between the payer and beneficiary;i)provide evidence of payment to beneficiaries;j)indicate adherence with this Regulation in annual reports; l) report all unresolved e-payment challenges to the CBN

6.2 Beneficiaries

In this Regulation, Beneficiaries shall include the following:

6.2.1 Employees and Pensioners

All Employees and Pensioners shall (as applicable) –

a)maintain appropriate bank accounts with Deposit Money Banks, Other Financial Institutions or any other approved channel for receiving payments such as mobile money/electronic wallet, subject to the CBN’s approved KYC limits;b)provide a valid account and contact details to the Payer;c)report cases of non-payment, delayed payment or wrong payment of salaries/contributory pension remittances carried out on a CBN approved e-payment platform, to the Payer;d)register and maintain a Retirement Savings Account (RSA) with a licensed Pension Fund Administrator (PFA);e)report known cases of use of Payment Platforms not approved by the CBN to the Consumer Protection Department; cpd@cbn.gov.ngf)report cases of non-compliance with e-payments by payers, as contained in this Regulation, to the CBN;g)report all wrongfully received funds or excess payments to his financial institution customer service desk and make same available for refund to the payer;h)in the event of duplicated/excess payment not noticed but withdrawn by the beneficiary, the beneficiary shall make funds available for refund to the payer. Non- compliance shall result in the placement of the beneficiary on the BVN Watch-list.

6.2.2. Suppliers

All suppliers shall –

a)maintain an appropriate bank account with DMBs, OFIs or any other channel for receiving payments, such as mobile money/electronic wallet, approved by the CBN;b)provide correct account and contact details to the payers;c)obtain and provide details of Tax Identification Number (TIN) to the payers;d)report cases of non-payment, delayed payment or wrong payment carried out on the CBN approved e-payment platform to the payers;e)report all wrongfully received funds or excess payments to his financial institution customer service desk and make same available for refund to the payer; andf)in the event of duplicated/excess payment not noticed but withdrawn by the beneficiary, the beneficiary shall make funds available for refund to the payer in line with the Regulation on Instant (Inter-Bank) Electronic Funds Transfer Services in Nigeria, non-compliance shall result in the placement of the beneficiary on the BVN watch-list.

6.2.3. Taxes, Levies, Dues (& other revenue) Collecting Organizations

All Taxes, statutory levies, receipts, assessments, penalties and dues collecting organisations shall:

a)maintain appropriate collection accounts with the CBN or DMB/OFIs;b)publicly make available details of electronic payments processes for collections;c)provide clear details of the nature and amount of taxes, statutory levies and dues expected from payers;d)adopt a CBN approved electronic collection solution [List of approved PSSPs] for the collection of all forms of taxes, duties, levies, other collections and the associated electronic schedules of such payments;e)provide basic infrastructure for confirming receipt of electronic payments and associated electronic schedules;f)ensure employees are given basic training to use adopted CBN approved e-payment and collection platform;g)ensure a seamless interface between in-house systems and adopted CBN approved e-payment and collection platform, to ensure records of all collected payments are automatically reflected against tax payers’ records on in-house systems;h)provide evidence of payment to payers at the point of payment;i)publish customer service contact details and maintain contact centres to attend to electronic payment enquiries and challenges; andj)publish a dispute resolution/refund process.

6.2.4. Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs)

All PFAs and PFCs shall:

a)maintain appropriate accounts with CBN approved Financial Institutions to facilitate the provisions of ‘Part XI’ of the PENCOM Act;b)provide details of the accounts to Pension Remitting Organisations;c)adopt a CBN approved platform [List of approved PSSPs] for the receipt of all contributory pension fund remittances and associated electronic schedules;d)provide basic infrastructure for confirming receipt of electronic payments and associated electronic schedules;e)ensure a seamless interface between in-house systems and adopted CBN approved e-payment platform to ensure pension remittances are automatically reflected against contributors’ records on in-house systems; andf)provide evidence of receipt of pension remittances to organisations at the point of payment.Miscellaneous

7.1 Dispute Resolution

Any dispute, controversy or claim arising out of or relating to this Regulation or the breach, termination or invalidity thereof shall be settled in accordance with the CBN’s dispute resolution mechanism and if unresolved may be referred for arbitration in accordance with the rules for arbitration of the Regional Centre for International Commercial Arbitration, Lagos, Nigeria.

7.2 Compliance

Further to the implementation of the Guideline on end-to-end electronic payment of salaries, pensions, suppliers and taxes by all public and private sector organisations as directed in the CBN Guidelines referenced [CBN/BPS/PSV/GEN/014/05], DMBs are to dishonour payment instructions for all forms of salaries, pensions, suppliers and taxes not transmitted on a CBN approved straight-through electronic payment and collection platform issued by organisations with more than 20 employees.

This means payment instructions and associated schedules are no longer to be transmitted to DMBs through unsecured channels, such as paper-based mandates, flash drives, compact discs (CDs), email attachments, etc. by qualifying public and private sector organisations.

Definition of Terms

In this Regulation, the terms below shall have the following meaning:

ACH – Automated Clearing House System.

ATM  – Automated Teller Machine.

Deadline

CBN – Central Bank of Nigeria.

Bank Assist – payments made by public & private organisations by providing payment schedules in an electronic format to the paying bank to upload and process payments to employees or other beneficiaries on their behalf.

Beneficiaries – recipients of funds paid using a CBN approved platform.

BVN watch-list – a database of bank customers identified by their BVNs, who have been involved in confirmed fraudulent activities.

Cheques – payments made by public & private organisations by issuing their account cheques to employees or other beneficiaries.

DMB – Deposit Money Bank.

End-to-end – payments made by public & private organisations using an electronic platform that transmits instructions to debit payer account and credit a beneficiary account or electronic wallet without manual intervention.

End-to-End Electronic Payment – the seamless electronic processing of all forms of salaries, pensions and other remittances, suppliers and revenue collections on a CBN approved electronic platform which transmits the instruction to debit a payer account and credit a beneficiary account or any other electronic channels without depending on any third party, manual or semi-manual means.

KYC – Know Your Customer

Manual – payments made by public & private organisations by providing written instructions & schedules to the paying bank to process payments on behalf of the payer.

MMO – Mobile Money Operator

OFI – Other Financial Institution(s)

Payer – the party instructing the payment of funds using a CBN approved payment platform.

PSSP – organisations licensed by the CBN to provide technical or technology infrastructure, software solutions or services for facilitating end-to-end electronic payment to financial institutions or their customers.

PENCOM – National Pension Commission

PFA – Pension Fund Administrator

PFC – Pension Fund Custodian

Private Sector – Organisations/Business entities not managed or operated by government

Public Sector – Ministries, Departments and Agencies of Government at Federal, State and Local Government levels

RTGS – Real Time Gross Settlement System

Suppliers – include contractors or vendors whether organisations or individuals offering goods or services in exchange for payment

Stakeholders – all participants in an end to end electronic payment including public and private sector organisations, employees, pensioners, suppliers and taxpayers.

CBN Regulated stakeholders – participants licensed by the CBN to provide payment services.

TIN – Tax Identification Number.

Commencement

This Regulation shall take effect from the date of its issuance by the CBN.


SOURCE:https://brandspurng.com/2019/09/11/cbn-releases-regulation-for-electronic-payments-collections-for-public-and-private-sectors/

The Minister of Health, Dr Osagie Ehanire, had declared that a total of N13.775 billion was issued for the take-off of the first phase of an expense under the Basic Health Care Provision Fund (BHCPF), out of which N6.5 billion were granted to 15 states and the Federal Capital Territory (FCT).

Edo, Katsina, Yobe, Delta, Adamawa, Bauchi, Anambra, Kaduna, Imo, Bauchi, Bayelsa, Ebonyi and Plateau states happened amidst the ones that got the first tranche of the healthcare fund.

Speaking at the official disbursement of the first tranche Tuesday, Ehanire said the 15 states and the FCT, that were already benefitting from the disbursement were those that had met the eligibility criteria set as at February 2019, adding that other states which have now met the eligibility criteria will be accommodated.

He said the BHCPF was to be administered through three gateways, namely, the NHIS, NPHCDA and the Federal Ministry of Health; adding that in the NHIS gateway, the National Health Insurance Scheme through the State Health Insurance Schemes will purchase a Basic Minimum Package of Healthcare Services for all participating Nigerians.

Enahire said: “Today, it is with deep pleasure and high expectations that I am here before you all to officially launch the first phase of disbursement of funds to benefitting states through the NHIS Gateway. For this initial phase of disbursement, a total of N13.775 billion has been released, of which the National Health Insurance Scheme will be disbursing N6.5 billion to fifteen states plus the FCT which had met the eligibility criteria as at February 2019.”

The minister commended the Executive Secretary of NHIS, Prof. Mohammed Sambo, and the management of NHIS, for initiating the necessary reforms for repositioning the scheme and ensuring accountability and transparency in the BHCPF disbursement process.

He said that it was the expectation of the federal government that the money will be judiciously utilized by the benefiting states which will, in turn, reduce the hardship experienced by many Nigerians.

Prof. Sambo pledged that NHIS will continue with the ongoing reforms aimed at achieving value reorientation, transparency, accountability and accelerating the attainment of universal health coverage.


SOURCE:https://brandspurng.com/2019/09/11/fg-issued-n13-7-billion-for-expenditure-on-basic-healthcare/

Global premier mobile phone brand TECNO Mobile lately launched new smartphones CAMON 12 Air with an upgraded camera to unlock a new image era. As one of the most remarkable camera devices, TECNO CAMON 12 Air is coming with the initiative Dot-in Display and 16MP+2MP+5MP AI Max Triple Camera for its outstanding shooting performances.

TECNO CAMON 12 Air is the first smartphone with revolutionary Dot-in Display at an affordable sweet price, while the only other Dot-in Display product in Africa market is Samsung S10, which is available at the much higher price level. With the remarkable 6.55 inch and 90% perfect edge-to-edge ratio for excellent low light photography, the user would have unimaginably expansive viewing experience. The striking choice brings brand new enjoyment.

This time, CAMON 12 Air takes the first and unprecedented step. And in the near future, TECNO will launch Dot-in Display product with the front camera, to bring any angle nice photography experience with an extreme full view screen.

TECNO CAMON 12 Air is the upgraded camera smartphone from CAMON series and is created for any angle photography. Ultra Clear Shot / 120° Super Wide Angle / 2cm Extreme Macro Photography / Remarkable Bokeh Effect, offer the consumers chance to seize wonderful moments from different angles to discover more beauty of the world and to see the world much clearer, closer, brighter and wider.

It comes true that by utilizing TECNO CAMON 12 Air 120° Super Wide Angle or 2cm Extreme Macro Photography, the consumers will be able to take blockbusters by a phone. And with TECNO CAMON 12 Air, anybody can be a professional photographer.

Unlock A New Era of Camera

16MP main lens focuses on AI scene detection and AI HDR, covering various common shooting scenarios and offering corresponding AI optimization, the user could take more natural and exquisite photos via it.

Within normal scenarios, CAMON 12 Air offers ultra clear shot by its superior AI Max Triple Rear Camera. The photos taken by CAMON 12 Air would be unimaginably clear and impressive.

The secondary lens brings 120° super-wide-angle shots and 2cm extreme macro photography experience. The user will be able to see the world from a broader perspective but also capture more detailed beauty around.

Aurora Gradient Design, Pastel and Vibrant

From the inspiration of Aurora, we capture the beautiful colour of its halo and put it on the back cover of CAMON 12 Air. Combine the feeling of pastel and vibrant through its gradient design and macroscopic carving texture, CAMON 12 Air would definitely stand out from the crowds.

32GB ROM + 3GB RAM, Smooth and Fluent Experience

No need for regular clean-up to get more space, 32GB ROM offers you the possibility to save more wonderful memories and important files. 3GB RAM means faster and more stable running speed. Chatting with friends, listening to music, surfing the social media, playing games all at the same time, CAMON 12 Air can still offer the user smooth and fluent user experience.

4000mAh Battery, Stay On For A Longer Time

Equipped with 4000mAh long-lasting battery, less worry of frequent finding place to get charging when battery status turns red. The user would have longer time enjoy working or entertaining through CAMON 12 Air. With powerful battery performance, the user can stay connected and touch more fun for a longer period.

Funny Interaction – AR Sticker

The AR sticker covers 220+ facial features and supports identification across 120°. Light beautification and localization features are also considered. The special customized version of Manchester City Football Club is surprisingly built as amazing gift.

Newly Upgraded System, Smart Life Around You

Enjoy smart life with CAMON 12 Air newly upgraded operating system and user interface. More amazing and refreshing changes would definitely optimize your user experience and worth your exploration. The smart panel, Smart photo clean-up and other functions also have essential updates. Coming with brand new updating system, we aim to lighten the possibility of smart life through the CAMON 12 Air.

SOURCE:https://brandspurng.com/2019/09/10/big-news-tecno-unveils-the-first-youth-smartphone-with-revolutionary-dot-in-display-at-one-tenth-price-of-s10/

Debit card fraud is increasing on a daily basis because it is one of the easiest ways to get your hands on cash and at the same pay for online transactions.

The National Bureau of Statistics (NBS) said Automated Teller Machine from selected banks across the country recorded transactions valued at N39.15 trillion in the fourth quarter of 2018.

It said that the N39.15 trillion was derived from 616,528,697 transactions recorded as data on “Electronic Payment Channels in the Nigeria Banking Sector” during the period.

Regardless of this seamlessness and due to increased dependence on debit cards, you have to be circumspect as there are online and offline thieves desperately wanting to steal your information.

They will have unauthorised access to your account if you are careless and you will lose your hard-earned money.

With this understanding, here are ways to protect your debit card from fraud.

Be careful when you use your debit card online

Many pay for their online transactions with their debit cards. However, before you punch in the numbers on your card and make a payment, ensure that the website is safe and secure. If you suspect anything, simply do not use your card. If what you are buying is important, contact the customer service team of the platform you are buying from.

Use ATM at a bank’s premises

Today, you will find ATMs at different locations that are not at the bank’s premises. For whatever reason, you should not use such an ATM. It is advisable to visit the one at the bank. In case of anything, you can easily walk into the banking hall to resolve any issues or lay a complaint.

Protect Your PIN

The way you handle your Personal Identity Number (PIN) can go a long way in determining the degree of your account security. Whenever you perform a transaction, guard your debit card PIN jealously as exposure can be fatal. Be warned.

Check your card activities regularly

No matter how thorough and protective you are with your debit card and your PIN, you should always check your account activities. There is a tendency for you not to check because nothing has happened to your card. Be proactive and always check your account activities.

Report suspicious activities to your bank

If you notice any suspicious activities with your account or card, do not hesitate to report to your bank as soon as possible. You can reach your bank by calling them, sending them a direct message on social media and chatting them live on their website.

SOURCE:https://brandspurng.com/2019/09/09/steps-on-how-to-protect-your-debit-card-from-fraud/

you remember where you were when you first heard Tiwa Savage’s ‘Kele Kele Love’ in 2010, yes, 2010, and if my weak math skills are anything to go by, that means Tiwa has been in the game for almost 10 years.

Not only has she been in the game for almost 10 years, but she has also pretty much-obliterated competition from all the other female singers in the game. Here’s a little fact check for all you non-believers

2010 – Kele Kele Love

2011 – Love Me (3x)

2012  – Oyi Remix – Flavour N’abania featuring Tiwa Savage

2013  – Without My Heart

2014  – Dorobucci, Girlie O (Remix) Patoranking featuring Tiwa Savage

2015  – Standing Ovation (featuring Olamide)


2017   – Get It Now, All Over, Malo

2018 – Diet, Lova Lova

2019 – Shotan, 49 – 99

2020 – I’m pretty sure if you come back to this list next year, you’ll be able to insert something

After making it to the final 24 of The X factor UK and bagging songwriting credits on a couple of albums, Tiwa decided to come back to Nigeria to pursue her music career and she got signed to Don Jazzy’s Mavin Records and it has been nothing short of a career progression.  With 2 studio albums, 1 compilation album, 1 EP and a host of countless features, Tiwa Savage’s reign have not waned.

As a matter of fact, she has gone from Mavin Records to a Roc Nation Management to being a Motown Artist. If the international music scene was sleeping on her, they are about to wake up. Her first international record 49-99 has been released with and she’s finally getting all the international recognition she deserves as the first lady of afrobeat. From an interview on Beats 1 with Ebro Darden to a giant billboard in Times Square, the Queen has finally found her throne.

SOURCE:https://brandspurng.com/2019/09/10/still-the-queen-the-rise-and-rise-of-tiwa-savage/

In memory of late Mr Olalekan Ogunsola of TOS Funerals, the Olalekan Ogunshola Memorial Foundation, on behalf of the family has donated 40 automatic hospital beds and 100 bedsheets to the Lagos State University Teaching Hospital (LASUTH).

The Chief Medical Director of LASUTH, Prof. Adetokunbo Fabamwo duly appreciated the Ogunsola family and describes the effort as a giant leap in helping the hospital achieve its goals. He said, “The relationship between LASUTH and TOS funerals led by Mrs Ogunsola, has been long-standing; the introduction of ultra-modern morgue services, the knack for success and the courage of the family has helped the hospital to grow.”

In her response, Mrs Taiwo Ogunsola, owner of TOS Funerals, made note that the urge to give back stems from her gratitude to God and to the hospital for giving them an environment to thrive and use their expertise to serve.


While promising to do more CSR in the future, she noted that this phase of the donation will be extended to the Gbagada General Hospital and Mainland Hospital where 100 bedsheets (each) would be delivered “We want to make our presence known and we also want to give back to it”, she stated.

The representative of the Commissioner for Health, Dr Emmanuela Zamba, gave accolades to TOS Funerals, “when it comes to Private-Public Partnerships (PPP), TOS Funerals is the success story of the Lagos State Government, it was the first PPP we had in Lagos State and that relationship is still thriving. I salute Mrs Taiwo Ogunsola’s spirit of entrepreneurship and CSR. It is truly worthy of commendation.”

In her closing remark, the Director of Hospital Administration, Mrs Olatokunbo Adio thanked Mrs Ogunsola for her generous donation to better the life of the hospital’s patients and the community at large.

Mrs Adio also thanked the representative of the Honourable Commissioner for Health and the Permanent Secretary Lagos State Ministry of Health, Dr Emmanuella Zamba for gracing the occasion.

SOURCE:https://brandspurng.com/2019/09/09/ogunsola-foundation-gives-back-to-lasuth/

British Airways pilots had commenced a two-day strike in continuous debate over pay and conditions.

Tens of thousands of passengers have been told not to go to airports, and BA says most have made alternative arrangements.

Both BA and the pilots’ union Balpa has indicated that they are willing to start new talks.

Nonetheless, the vast majority of BA flights taking off from the UK on Monday and Tuesday have been cancelled.

There was also a knock-on effect to flights on Sunday, because planes and pilots needed to be in position for prior and subsequent journeys.

Dozens of flights were cancelled and further unforeseen cancellations could happen on Wednesday.

In its most recent disclosure, BA stated: “We remain ready and willing to return to talks with Balpa.”

Meanwhile, Balpa’s general secretary, Brian Strutton, said: “It is time to get back to the negotiating table and put together a serious offer that will end this dispute.”

It is the first time BA pilots have walked out and the action could cost the airline up to £40m a day.

Some 4,000 pilots will strike and almost all of the 1,600 flights that were due to fly will be grounded.

SOURCE:https://brandspurng.com/2019/09/09/british-airways-pilots-commences-2-days-strike-over-pay/

Nigeria’s leading automotive trading platform, Cars45 has announced the signing of an agreement to support the nation’s number one premium car television show, Cars and Stars. The partnership seeks to promote the appreciation and culture of car review shows in Nigeria and empower viewers with the knowledge of all things automotive.

Cars and Stars which is currently in its second season provides viewers with an informative and entertaining experience via reviews focused on the new and used car industries, exciting celebrity interviews, as well as local and international auto industry news updates.

Vice President, Consumer-to-Business services, Cars45, Mayokun Fadeyibi described the partnership as a commitment from Car45 to continue to deepen value creation and reinforce its position as a market-maker within Nigeria’s automotive industry.

“At Cars45, we believe in empowering consumers with knowledge that enables them to make an informed buying decision when making automotive purchases. Cars and Stars provide us with a pulpit to extend this value and give Nigeria’s automotive industry the well-needed boost in a fun, relaxed and entertaining way,” Fadeyibi said.

Vice President, Consumer-to-Business Services, Cars45, Mayokun Fadeyibi and Executive Producer, Cars and Stars, Taiwo Onalaja signed the partnership agreement on behalf of their respective organizations.

It will be recalled that only a few months ago, Cars45 powered the launch of #FaajiFriday by actor-comedian, EmmaOhMyGod and recently released two mouth-watering television commercials which have been aired on BigBrotherNaija reality show.

Known for bringing transparency to Nigeria’s marketplace for used vehicles, Cars45 has become synonymous with creating delightful consumer experiences by offering people a fast and convenient way to buy, sell or swap their cars.

SOURCE:https://brandspurng.com/2019/09/07/cars45-boosts-reality-tv-show-partners-cars-and-stars/

Going by the capital importation report released on Thursday by the National Bureau of Statistics (NBS), the value of capital inflow into the Nigeria economy stood at $5.82 billion in the second quarter of this year.

The total value of capital importation into Nigeria stood at $5,820.21m in the second quarter of 2019. This represents a decrease of -31.41% compared to Q1 2019 and +5.56% increase compared to the second quarter of 2018.

The largest amount of capital importation by type was received through portfolio investment, which accounted for 73.76% ($4,292.89m) of total capital importation, followed by Other Investment, which accounted for 22.41% ($1,304.43m) of total capital imported and Foreign Direct Investment (FDI), which accounted for 3.83% ($222.89m) of total capital imported in Q2 2019.

By sector, Capital importation by banking dominated in Q2 2019 reaching $1,892.50m of the total capital importation in Q2 2019.

The United Kingdom emerged as the top source of capital investment in Nigeria in Q2 2019 with $3,134.47m. This accounted for 53.85% of the total capital inflow in Q2 2019.

By Destination of Investment, Lagos state emerged as the top destination of capital investment in Nigeria in Q2 2019 with $4,137.66m. This accounted for 71.09% of the total capital inflow in Q2 2019.

By Bank, Stanbic IBTC Bank Plc emerged at the top of capital investment in Nigeria in Q2 2019 with $1,765.64 million. This accounted for 30.34% of the total capital inflow in Q2 2019.

SOURCE:https://brandspurng.com/2019/09/06/nigeria-capital-importation-drops-by-31-41-in-q2-2019-nbs/

Lagos State moved steps further to solving its housing deficit with the inauguration, on Wednesday, of a newly-built Housing Estate by Governor Babajide Sanwo-Olu.

Sanwo-Olu led members of the State Executive Council to Igando, a densely populated suburb in Alimosho area of Lagos, to open the 492-flat housing project named after an elder statesman and the first civilian Governor of Lagos, Alhaji Lateef Jakande.

The project started in 2012 under the Home Ownership Scheme of the administration of ex-Governor Babatunde Fashola but was abandoned for four years. Sanwo-Olu, upon assumption office, prioritises the completion of the housing scheme to recover the state’s resources committed to the project.

At the event, which marked the commemoration of the Governor’s 100 days in office, Sanwo-Olu said his government’s move to complete the project was a testimony to his campaign pledge to complete and deliver all critical projects inherited from the last administration.

He said: “Today, history is being made as we commission a housing estate named after an icon, a role model and the first Executive Governor of Lagos State, Alhaji Lateef Jakande. Among his many sterling achievements, Alhaji Jakande’s indelible legacy in the provision of mass housing in Lagos still remains our guiding light.

“It is instructive to note that the completion and the official commissioning of Lateef Kayode Jakande Garden Estate in Igando today is a testimony to our resolve to deliver on the pledge to complete all critical projects inherited from the last administration.

“I am excited today because, within 100 days, this is the third time I am coming to this facility to ensure it is delivered and put into use. With the completion of the Estate, we have prevented government’s resources from being wasted.”

The Governor observed that the deficit faced by the state in housing was real, stressing that there was a compelling need for his administration to adopt a housing model that would harness limited space for delivery of safe home for the population.

He said: “One of the key strategies we will embrace is a global housing policy in which people can become homeowners through an inclusive and convenient financing system based on their incomes. This policy, along with the outright purchase of houses built by the government, will support a sustainable system in which homes are consistently made available to a larger number of our people.”

For the State to turn around its deficit and attain 21st Century economy, the Governor said there was a need to explore innovation and partnership with private investors to bridge the housing deficit. He urged the beneficiaries of the scheme to protect the facility and maintain its environmental aesthetics.

In his speech, Commissioner for Housing, Hon. Moruf Akinderu-Fatai, said the Government would deliver additional 1,250 home in different parts of the state within the next six months.

He said: “Today’s inauguration of Jakande Garden Estate is the beginning of other housing projects coming. With sense of determination and unequivocal commitment to serve the public cause, we will like to assure Lagosians that, in the next six months, we shall work hard through proper planning and judicious execution to conclude the ongoing housing schemes in Igbogbo, Sangotedo, Iponri, Gbagada and Omole. This will add a total of 1250 homes to the existing figure.”

With the stride, Akinderu-Fatai said the Sanwo-Olu administration was poised to deliver livable accommodation with modern infrastructure in line with smart city programme of the State. He reiterated that Lagos Government would continue to promote urban harmony and set new standards for property development.

The event was attended by ex-Gov. Jakande, his wife and emissaries of Oba of Lagos . Also, leaders of All Progressives Congress (APC) led by Governor’s Advisory Council Members, Prince Tajudeen Olusi, and Alhaji Mutiu Are, graced the occasion.

SOURCE:https://brandspurng.com/2019/09/05/sanwo-olu-completes-commissions-492-flat-housing-estate-in-igando-photos/

The barely 4 months’ old African music streaming app Playfre just crossed the milestone of 1,000,000 streams with over 5,000 registered users.
“Streaming of songs on Playfre is not only limited to registered users at the moment. We are looking to restrict music streaming to only registered users in a bid to increase to a number of registered users on Playfre in the near future” says Chika Nwaogu, CEO of Playfre Africa.

With a catalogue of over 50 million songs and 2 million artists, Playfre is currently the largest African music streaming service in terms of catalogue size. Playfre has grown steadily in the past few months since launch; averaging around 250 streams per registered users.

Playfre is the first African music streaming service to join the International Digital Media and Arts Association (iDMAa); an association dedicated to serving educators, practitioners, scholars, and organizations with interests in digital media.

“We have been speaking with prospective investors lately and Playfre will soon go beyond being bootstrapped to become venture-backed,” says Chika Nwaogu

“Playfre wants to be more than just a music streaming service but also a platform that helps African artists monetize their creatives easily and free too. We have distributed over 100 contents since the launch of SongRoute by Playfre. We hope someday to also help African acts get their content on both local music streaming services in Africa and the rest of the world” says Tosin Emmanuel, the newly appointed COO of Playfre’s SongRoute.

With operations in both Kenya and Nigeria, Playfre is an African music streaming platform that was launched on 1 May 2019. The platform offers users across Africa access to over 50 million songs for free. To date, Playfre has amassed over 5,000 registered users and over 1,000,000 streams.

SOURCE:https://brandspurng.com/2019/09/04/african-music-streaming-app-playfre-hits-a-milestone-of-1000000-streams/

MTN Nigeria Communications Plc (MTN) confirms that over the last day our facilities, customers and some of our stakeholders have been the subject of attacks in retaliation for the ongoing xenophobia situation in South Africa. We have confirmed reports of attacks in Lagos, Ibadan and Uyo.

While we remain committed to providing uninterrupted services, the safety and security of our customers, staff and partners is our primary concern. All MTN stores and service centres will, therefore, be closed as a precaution until further notice.

MTN condemns any acts of violence, prejudice and xenophobia and remains absolutely committed to ensuring a peaceful, harmonious and respectful relationship with all communities in Nigeria and across Africa.

We are engaging all relevant authorities in this regard and urge them to act swiftly to reduce tensions both in South Africa and Nigeria. We will provide further updates as and when possible.

SOURCE:https://brandspurng.com/2019/09/04/mtn-nigeria-shut-down-stores-service-centers-as-a-precaution-to-the-ongoing-xenophobia-attacks/

Breast Cancer Association of Nigeria (BRECAN) Imo State Chapter had interlaced over 1,500 current Corp members at NYSC Orientation Camp in Nkwerre Local Government Area of Imo State.

BRECAN is a leading not-for-profit and non-governmental organisation galvanising action against breast cancer in Nigeria. Founded in 1997 by the Wife of Ondo State Governor, Arabinrin Betty Anyanwu-Akeredolu, a breast cancer survivor herself, BRECAN is increasingly improving the lives of many touched by breast cancer who would have succumbed to the disease due to ignorance and lack of support.

SOURCE:https://brandspurng.com/2019/09/04/brecan-imo-state-chapter-engages-over-1500-fresh-corp-members/

MTN Nigeria has opened registration for the 2019 mPulse Kiddies Hackathon to further its commitment to bridging the skills gap, providing world-class learning opportunities for Nigerian children, and contributing to the growth of the country’s education sector.

With the theme, “Design the Future of Technology,” this initiative aims to promote the grooming of Nigeria’s Next Generation of Innovators and Inventors. The Hackathon is open to digital-savvy children from ages of 9 to 14 who are resident in Lagos.

Speaking on the announcement, the Chief Transformation Officer, MTN Nigeria, Bayo Adekanmbi said, “At MTN, we see the kids as the future in its true terms. Building the future brick by brick, through technology is a vital process of preparing the young generation for the challenges of tomorrow.

The country stand s to gain a lot from a generation well equipped to provide the technological innovations required to propel the nation to greatness in the future. That’s why we are commissioning the mPulse Kiddies Hackathon.”

Participants will be provided with tools to work with, gain access to the Hackathon’s portal and receive mentoring from some of the leading lights in Nigeria’s technology and startup scene on how to apply tech knowledge to tackling real-life problems.

The top 15 projects will be selected and invited to the grand finale on September 6, 2019 at MTN Plaza, Ikoyi, Lagos. The top five winners will pitch their ideas and the three best ideas rewarded with prizes as winners.

To participate, eligible kids can register on the Hackathon portal (/mpulsehackathon).

SOURCE:https://brandspurng.com/2019/09/03/mtn-nigeria-announces-entries-for-the-2019-mpulse-kiddies-hackathon/

MTN Nigeria communication Plc Tuesday condemned the xenophobic attack on foreigners in South Africa.

The Chief Executive Officer of MTN Nigeria, Ferdi Moolman condemned xenophobic attacks against African migrants including Nigerians in South Africa.

“As MTN we strongly condemn prejudice and xenophobia and we reiterate our unequivocal condemnation of any and all violence. As a leading pan-African telecommunications company with operations in 21 countries, MTN believes in the potential of an Africa whose nations pursue deeper trade, integration and cooperation. We actively encourage the dialogue necessary to maintain peace and sustain strong relationships and urge all our customers and stakeholders to support and defend the principles of human rights, diversity and inclusion and an integrated collaborative Africa”, Moolman said in a statement.

The statement reads further,

“We seek to connect people, bring people together and provide a platform for everyone’s voice to be heard.”

“We are against all forms of bigotry and discrimination; they should have no place in society.”

“Everyone has the right to a world where their rights and freedoms are respected – the right to live and earn a living, freely, safely and protected by the law.”

SOURCE:https://brandspurng.com/2019/09/03/mtn-nigeria-condemns-xenophobia-attacks-on-nigerians-amidst-calls-for-boycott/

Africa’s leading financial institution, United Bank for Africa Plc has announced its audited half-year financial results for the period ended June 2019, showing impressive growth across key performance indices as well as a significant contribution from its African subsidiaries.

In spite of the increasingly unpredictable environment witnessed in some of its countries of operations, the pan African financial institution delivered double-digit growth in its profit before tax as it rose by 21 per cent to N70.3bn for the half-year to June 2019, up from N58.1bn recorded in the similar period of 2018, just as the Profit after Tax also improved to N56.7 billion, a 29.6 per cent growth compared to N43.8 billion achieved in the corresponding period of 2018. The profit for the first half of the year translated to an annualised return on average equity of 21.7 per cent.

According to its results filed with the Nigerian Stock Exchange, UBA recorded a 14 per cent year-on-year rise in top-line, with gross earnings of N293.7 billion, compared to N257.9 billion recorded in the corresponding period of 2018. Analysts say that this result emphasises the capacity of the Group to deliver strong performance through economic cycles in spite of the overall challenging business environment.

As at 30 June 2019, the Bank’s Total Assets grew by 4.8% crossing the N5 trillion mark to N5.10 trillion. Customer Deposits also rose by 4.8 per cent to N3.51 trillion, compared to N3.35 trillion as at December 2018. This growth trajectory underscores UBA’s market share gain, as it increasingly wins customers through its revitalized customer service culture coupled with innovative digital banking offerings. The bank’s Shareholders’ Funds remained strong at N542.5 billion, reflecting its strong capacity for internal capital generation.

In line with its culture of paying both interim and final cash dividend, the Board of Directors of UBA Plc declared an interim dividend of N0.20 per share for every ordinary share of N0.50 each held by its shareholders.

Commenting on the results, the Group Managing Director/CEO, United Bank for Africa Plc (UBA), Mr. Kennedy Uzoka said: “I am pleased with the half performance of the Group, having delivered 14% growth in gross earnings and 21% growth in profit before tax. Despite the subdued yield environment in some of our large markets, we achieved a 9% growth in interest income and defended the net interest margin. We also achieved a 39% growth in our electronic banking revenues, as we broaden and deepened our digital banking play across Africa. Revenues from our remittance and funds transfer businesses grew 69% and 53% respectively. All these factors attest to the efficacy of our strategies and the resilience of our business model.”

He further stated “I am very optimistic that the ongoing Group-wide transformation program, will in the quarters ahead, enable the Bank to deliver substantial operational efficiencies and best-in-class customer service, which will ultimately boost earnings. We sustained our asset quality with the NPL ratio down to 5.62%, from 6.45% as at 2018FY. We will continue to adopt best practice standards to grow and manage the portfolio in the quarters ahead.”

Also speaking on UBA’s results, the Group CFO, Ugo Nwaghodoh said; “We had a strong start in the year given the prevailing macroeconomic environment across our various markets. There is better diversification in profit contribution as our banking subsidiaries across Africa contributed 38% of the profit before tax, whilst our recently repositioned UK business contributed 4%. We expect this dispersion to continue, as the subsidiaries consolidate on their share of the various markets.”

“I am particularly delighted that the key ratios are trending in the right direction. The net interest margin is trending upwards and will continue to improve as we responsibly grow the risk asset portfolio and realign the funding mix to lower our cost of funds. The cost-to-income ratio trended down to 60% with our focus on balance sheet and operational efficiencies which should enable us to deliver our medium-term CIR target. Capital adequacy ratio increased to 28% from 23.6% in December 2018, providing a very strong buffer for asset growth,” he stated.

United Bank for Africa, Africa’s global bank, was founded 70 years ago in Nigeria and today, operates in 20 African countries and in the United Kingdom, the USA and with presence in France. UBA serves over 17 million customers across the globe with more than 1000 branches and touchpoints. In 2018, the bank received the award of Africa’s Best Digital Bank by the Banker’s magazine.

SOURCE:https://brandspurng.com/2019/09/03/uba-delivers-21-growth-in-profit-21-7-return-on-average-equity-declares-n0-20-interim-dividend/

Over the last three years, the Entertainment Sector has evolved into a more important segment of the Nigerian economy, on the back of the growing number of blockbuster movies coupled with the export of Nigerian music. The Nigerian Entertainment Industry is a significant part of the Arts, Entertainment and Recreation Sector, contributing ₦156.5 billion to Nigeria’s GDP in 2018. The Sector has gained international recognition with Nigerian film and music being demanded abroad, on account of the growing population of Nigerians in the diaspora.

The Industry is considered a good platform to promote the brands of large organisations. These promotions have in turn increased the popularity and financial worth of brand ambassadors through endorsements, thereby, growing the industry in general. The film and music industry is a veritable source of employment and means of livelihood to a larger population.

The sale of CDs/DVDs has typically been the major mode of film and music distribution in Nigeria as well as the major source of revenue to the industry as a whole. However, in recent times, distribution has moved beyond the regular physical method and has gone digital to a much larger extent. Films and music content are now being streamed online and can be downloaded for offline views. The Nigerian film market has a significant number of online streaming platforms. IROKO TV, Nigeria’s leading streaming platform for Nigerian and Ghanaian contents has made film streaming more convenient from any mobile device. With many Nigerians having busy schedules and having limited time to go out to the cinemas, online TVs have become handy. Viewers have unlimited access to Nigerian films with as low as ₦3,000 annual subscription fee. Other online streaming platforms such as Ebony Life TV, SceneOne TV, and FilmhouseTV, also provide avenues for online streaming of Nigerian film content.

Our distribution has gone global. Netflix, an American media-services provider is gradually becoming the target of many Nigerian filmmakers with over 30 million subscribers globally. Although airing of Nigerian films on Netflix started in 2015, Genevieve’s “Lion Heart” was the first Nigerian film to be acquired by the platform, with “Mokalik” by Kunle Afolayan being the second in 2019. Other than acquiring Nigerian-made films, the platform also airs Nollywood films for the viewing pleasure of its subscribers. This has expanded the industry’s audience internationally as Netflix has a wide range of subscribers from different parts of the world. Going forward, we expect more Nollywood film acquisition by Netflix as well as more films being showcased on the platform.

The Nigerian Music Industry has also embraced digital distribution of content, with various music digital distributors such as Boomplay, Apple Music, Habari by GTBank, where music audios can be streamed and downloaded on the scene. Nigerian musicians also see these platforms as avenues to generate income. YouTube has also contributed to the revenue generation of the Industry as the number of views on a musical video, translates to money. Musicians such as Ayodele Balogun, popularly known as WizKid and David Adeleke (Davido) with 768 million and 134 million views respectively on their YouTube channels1, will smile to the bank with revenue generated from these platforms. Nigerian music has also expanded its distribution network, with songs being featured on foreign online streaming platforms such as Apple Store, Spotify (limited by location). This has positively impacted the foreign exchange earnings of Nigerian musicians through royalties, which are typically earned in foreign currency. Despite the positive trends recorded in the Industry, specifically in the digital space, we note that piracy has moved from the streets and has gone digital as well. With the high rate of internet penetration, pirates have advanced to pirating online. This has broadened the piracy market, causing legitimate online marketers to lose some of their viewers to these pirates, ultimately reducing the industry’s revenue. YouTube is one of the major channels used by pirates in Nigeria to market visual and audio entertainment. Although digital pirates are on the rise, original content owners in conjunction with YouTube can take down pirated contents. We, however, see piracy both physically and digitally continuing in the near term with an adverse impact on the Industry’s growth.

SOURCE:https://brandspurng.com/2019/09/03/nollywood-nigerian-music-redefining-the-industry-through-digital-distribution-agusto-co-report/

Africa’s foremost financial organisation, the United Bank for Africa Plc had declared its audited half-year financial returns for the period ended June 2019, noting impressive increase across key performance indices as well as a vital contribution from its African subsidiaries.

In contempt of the increasingly random environment witnessed in some of its countries of operations, the pan-African financial institution delivered double-digit growth in its profit before tax as it rose by 21 per cent to N70.3 billion for the half-year to June 2019, up from the N58.1 billion recorded in the similar period of 2018, just as its profit after tax also improved to N56.7 billion, a 29.6 per cent growth compared to N43.8 billion achieved in the corresponding period of 2018.

The profit for the first half of the year translated to an annualised return on average equity of 21.7 per cent.

According to its results filed with the Nigerian Stock Exchange, UBA recorded a 14 per cent year-on-year rise in top-line, with gross earnings of N293.7 billion, compared to N257.9 billion recorded in the corresponding period of 2018.

Analysts said the performance emphasised the capacity of the Group to deliver strong performance through economic cycles in spite of the overall challenging business environment.

As of 30 June 2019, the bank’s total assets grew by 4.8 per cent, crossing the N5 trillion mark to N5.10 trillion. Its customer deposits also rose by 4.8 per cent to N3.51 trillion, compared to N3.35 trillion as at December 2018. This growth trajectory underscored UBA’s market share gain, as it increasingly wins customers through its revitalised customer service culture coupled with innovative digital banking offerings.

The bank’s shareholders’ funds remained strong at N542.5 billion, reflecting its strong capacity for internal capital generation.

In line with its culture of paying both interim and final cash dividend, the Board of Directors of UBA declared an interim dividend of N0.20 per share for every ordinary share of N0.50 each held by its shareholders.

Commenting on the results, the Group Managing Director/CEO, UBA, Mr Kennedy Uzoka said: “I am pleased with the half-year performance of the Group, having delivered 14 per cent growth in gross earnings and 21 per cent growth in profit before tax. Despite the subdued yield environment in some of our large markets, we achieved a nine per cent growth in interest income and defended the net interest margin.

“We also achieved a 39 per cent growth in our electronic banking revenues, as we broaden and deepened our digital banking play across Africa. Revenues from our remittance and funds transfer businesses grew 69 per cent and 53 per cent respectively. All these factors attest to the efficacy of our strategies and the resilience of our business model.”

He further stated, “I am very optimistic that the ongoing Group-wide transformation programme, will in the quarters ahead, enable the bank to deliver substantial operational efficiencies and best-in-class customer service, which will ultimately boost earnings.

“We sustained our asset quality with the NPL ratio down to 5.62 per cent, from 6.45 per cent as at 2018 full year. We will continue to adopt best practice standards to grow and manage the portfolio in the quarters ahead.”

Also speaking on UBA’s results, the Group CFO, Mr Ugo Nwaghodoh, stated: “We had a strong start in the year given the prevailing macroeconomic environment across our various markets.

“There is better diversification in profit contribution as our banking subsidiaries across Africa contributed 38 per cent of the profit before tax, whilst our recently repositioned UK business contributed four per cent.  We expect this dispersion to continue, as the subsidiaries consolidate on their share of the various markets.

“I am particularly delighted that the key ratios are trending in the right direction. The net interest margin is trending upwards and will continue to improve as we responsibly grow the risk asset portfolio and realign the funding mix to lower our cost of funds.

“The cost-to-income (CIR) ratio trended down to 60 per cent with our focus on balance sheet and operational efficiencies which should enable us to deliver our medium-term CIR target. Capital adequacy ratio increased to 28 per cent, from 23.6 per cent in December 2018, providing a very strong buffer for asset growth.”

UBA, Africa’s global bank, was founded 70 years ago in Nigeria and today, operates in 20 African countries and in the United Kingdom, the USA and with presence in France. UBA serves over 17 million customers across the globe with more than 1,000 branches and touchpoints.

SOURCE:https://brandspurng.com/2019/09/02/uba-recorded-21-increase-in-profit-declares-interim-dividend/

The federal government will today shut down a part of the Lagos-Ibadan expressway partly for reconstruction work to be done.

The road would be shut-down partly for four months to allow the contractor, Julius Berger Plc, begin reconstruction work on a part of the major carriageway

The ever-busy expressway has suffered serious neglect over the years as little efforts were made to update the facility to meet the demands of the vehicles going in and out of Lagos on a daily basis.

The closure of the Lagos section of the road, which was initially scheduled for August 3, 2019, was put off because it had clashed with Eid-el Kabir and the annual convention of the Redeemed Christian Church of God (RCCG).

The federal controller of works, Lagos State, Adedamola Kuti, told Channels TV last night that the partial closure would last for four months.

He added that there were alternative routes to ensure that motorists and other road users do not suffer during the period of the partial closure.

“Work will start today, September 2, all through December 15. We are working on both bounds – out-bound Lagos and in-bound Lagos,” he explained.

He had said the initial postponement was meant to show sensitivity to Nigerians and to make provision for effective traffic management.

SOURCE:https://brandspurng.com/2019/09/02/lagos-ibadan-expressway-partial-closure-commences-today-for-rehabilitation/

Guinness Nigeria Plc, a leading beverage and alcohol Company in Nigeria and a subsidiary of Diageo Plc, has announced its Q4 2019 results for the period ended June 30, 2019.

The company, in its financial statement for the year ended June 30, 2019, which was made available to the Nigerian Stock Exchange on Thursday, the revenue declined by 8.03% to N131.49bn from N142.98bn in the previous quarter. Also, Profit Before Tax declined by 28.5% to N7.10bn while Profit After Tax declined by 18.4% to N5.48Bn.

According to the report, Net Assets grew by 1.7% to N89.06bn from N87.59bn as of June 30, 2018, Net finance charge significantly reduced by 46% while operating profit declined by N4.4bn.

Guinness Nigeria Plc declared a dividend of N1.52 per ordinary share of 50 kobo each for the 2018 financial year, which translates to N3.32bn.

The Managing Director, Guinness Nigeria, Mr Baker Magunda, while commenting on the result, stated that the company would continue to work on all operating indices while expecting that the micro and macroeconomic parameters improve.

Magunda said, “Revenue for the year declined by eight per cent, compared to the same period last year on the backdrop of an extremely challenging macroeconomic and competitive environment.

GNPlc is declining in Bottle, but gains are observed in Can format consistent with the
market. GNPlc is declining in Bottle and Can format but growing in PET, albeit slower than the Total Malt Category.

“The cost of the increase in excise duty at a time of stagnant consumer disposable income had to be absorbed by industry players. Despite the tough competitive landscape, we continue to see good growth performance from Guinness, spirits and the malt drinks.”

F20 OUTLOOK AND PRIORITIES

The company stated its outlook and priorities going forward as thus;

Our focus remains on delivering our TBA strategy

We expect a continued challenging macroeconomic, regulatory and competitive environment…

– GDP growth expected to lag population
– Inflation expected to remain double-digit
– Regulatory risks exist especially around taxes
– Potential forex risks especially relating to government rate
– Consumers’ disposable income still pressured

In this environment, our focus is to deliver our TBA strategy – Driving Margin growth…

– Continued focus on segments where we have a right to win: Brand Guinness, Malta, RTDs
– Driving spirits expansion ahead of beer
– Exciting innovations across categories to build the business for the future
– Aggressively driving Productivity to fund investment in our focus brands
– Deliver growth in operating cash
– Capable and engaged Talent pool

SOURCE:https://brandspurng.com/2019/08/30/guinness-nigeria-declares-n5-48bn-pat-in-q4-2019-results-proposes-n3-32bn-dividend-for-2018/

Andrienne Barnes, a Literacy and Pedagogy specialist from Florida State University, in the US, has claimed that 72% of children at early grade primary school level in northern Nigeria public schools cannot read a single word while only 1.2% of them are able to read and answer comprehension questions.

Barnes, a part of a USAID supported survey on early grade reading in some states in the Northern part of the country said this at NCRRD’s National conference on children’s books and the teaching of early grade reading in Nigeria. The challenge, according to Barnes, is as a result of the shortfall in reading proficiency among the early grade pupils in the country to paucity of high-quality teaching and learning materials with well trained and motivated teachers in public schools.

However, Barnes noted the ongoing positive education reforms across Nigeria, but the change is too slow and “typically entails two steps forward and one, sometimes two steps backwards. The expert urged stakeholders to have a deliberate and objective evaluation of the system and transformation focused on long-term educational outcomes which would surely lead to the revival of the reading culture and improvement on early grade reading among its teeming population.

Literacy in English continues to suffer huge paucity in Northern Nigeria. This survey is only one in a series of studies reiterating this fact. Some may argue that literacy should factor in literacy in Arabic or the ajami script.

However, considering that the language of commerce and official communications in Nigeria is English and that English remains the dominant language internationally, we must assess literacy within parameters relevant to Nigeria’ progress. Barnes’ analysis reiterates previous analyses on the state of education in Northern Nigeria, which contributes the majority of the out-of-school children across the country. Basic education falls within the purview of the local and state governments.

Despite the establishment of the Universal Basic Education scheme in 1999 intended to provide matching funds from 2% of the FG’s Consolidated Revenue Fund to states for investment in basic education, the availability and quality of primary and secondary education in the North, in particular, has remained very poor, and this gap is squarely on leaders at this level in the North.

This is largely due to a lack of political will on the part of the governments to properly fund basic education and to spend on the right priorities. The poor statistics on education are a direct factor in the economic fortunes and level of security in the region and country.

SOURCE:https://brandspurng.com/2019/08/30/who-is-a-literate-nigerian/

Bolt (formerly Taxify), a leading taxi-hailing brand has begun operations in Port Harcourt. The expansion brings Bolt’s cities in Nigeria to a total of eight: the service is already well established in Lagos, Abuja, Ibadan, Owerri, Benin City, Calabar and Uyo.

Speaking at the launch recently, Uche Okafor, Bolt’s regional manager for West Africa, said: “After successful launches in seven Nigerian cities, expanding to the cosmopolitan city of Port Harcourt is a natural next step for Bolt as it further reinforces our vision to make urban travel easier, quicker and more reliable. We are also looking forward to introducing flexible employment opportunities to thousands of drivers and vehicle owners in the city.

“Bolt places a high priority on safety, both for the drivers that use the platform to connect with customers, and for the customers that use the platform to hail rides. In keeping with this, we have ensured that our drivers undergo background checks by the State Intelligence Bureau arm of the Nigerian Police. We have also integrated an SOS button into our drivers app that automatically notifies the Police Control Room of the Rivers State Police Command whenever it is activated.

The service is easy to use, as passengers are required to simply download the Bolt app from the iOS or Android app stores and set up a user profile. When they’re ready to ride, users open the app, set their location and their intended destination. The app will then give a cost estimate for the trip. Once passengers request the ride, the app alerts drivers nearby who accept the ride.

Once a driver has accepted the ride, passengers will be able to see their driver’s name, photo, car make and model, and registration, as well as be able to track the driver making his or her way towards them in real-time – all of which makes it easy to be sure that they get safely into the correct vehicle with the correct driver. Passengers can also share their trip details using the “share your ETA” function on the app, as an extra layer of security.

When the ride is complete, payment is made with cash, or via the debit card details, the rider entered into the app. Passengers and drivers can rate each other out of five stars and leave feedback using the Bolt app.

Before Bolt launched in Port Harcourt, customers wanting to hail a driver had to stand on the road, call a taxi and negotiate to price with them. Passengers would not be able to share their travel details with friends and loved ones or contact the driver in case of forgotten items in vehicles.

“To celebrate Bolt’s launch in Port Harcourt, Bolt will be offering a 20 per cent discount on all fares for the launch period and passengers can enjoy a free first ride up to N2000 with the promo code BOLTPH when they apply the promo code. Popular trips in and around Port Harcourt such as Pleasure Park to the Mall will cost between NGN1,000 – NGN1150 while Peter Odili road, Transamadi to New GRA will cost between NGN1,200 – NGN1,300,” the company revealed in a statement.

Bolt says it has already signed drivers up to the platform in Port Harcourt, who all receive 85 per cent of all fares paid by passengers. Also, drivers using the platform are their own boss, as they can choose how many hours they drive, there are no monthly dues, and they can work in whichever areas they want to.

Drivers’ cars must be a 2003 vehicle model or newer. The car has to be four-door (Toyota Corolla, Hyundai Accent, Kia Rio, etc) and must have passed a safety inspection. This means that everyone hailing a ride through Bolt can be confident that they will get to their destination safely and comfortably.

On how drivers in Port Harcourt can join Bolt, the company has stated that a driver will need a valid Nigerian driver’s license, an Android or iOS smartphone with GPS, and undergo an on boarding/training program.

SOURCE:https://brandspurng.com/2019/08/30/bolt-launches-in-port-harcourt/

Coca-Cola Beverages Africa (CCBA) has acquired 60 per cent shareholding in the soft drinks business of Eswatini Beverages.

The non-alcoholic ready-to-drink business in Eswatini, in which the remaining 40 per cent is owned by Sovereign wealth fund Tibiyo Taka Ngwane, will be known as Eswatini Coca-Cola Beverages (ECCB) and will operate as a subsidiary of CCBA.

ECCB country manager Sanele Khumalo said every effort would be made to minimise disruption to customers.

ECCB has appointed Logico Unlimited as the official distributor of all Coca-Cola products in Eswatini.

Logico Unlimited will be responsible for the collection of monies owed, while ECCB will be responsible for the negotiations of trading terms and relationships with customers.

“Eswatini customers will benefit from being part of a consolidated, successful Coca-Cola ecosystem that spans the continent, creating new opportunities for everyone across the value chain,” Khumalo said in a statement.

“Access to shared best practices will enhance efficiencies and a better distribution capability will provide pervasive availability of cold beverages to end-customers. We will also be able to respond to consumer demand more quickly.”

“Expanding our African footprint brings huge benefits to local consumers and businesses. By leveraging scale, we can do more for our customers and also drive our sustainability goals. The creation of ECCB is another milestone in that strategy,” Khumalo added.

The deal was signed on 5 October 2018, and all the necessary regulatory approvals have been obtained.

CCBA was formed in 2016 through the combination of the African non-alcoholic ready-to-drink bottling interests of SABMiller, The Coca-Cola Company and Gutsche Family Investments.

AB InBev later acquired SABMiller and reached an agreement to transfer AB InBev’s 54.5% equity stake in CCBA to Coca-Cola.

Earlier this year, The Coca-Cola Company said that it will retain its majority stake in CCBA for the foreseeable future, despite previously announcing its intention to franchise the African bottler.

CCBA has since then continued to consolidate its soft beverage bottling operations in Africa.

In December last year, CCBA acquired its Coca-Cola bottling business from Zambia Breweries, a subsidiary of Anheuser-Busch InBev.

In June, CCBA entered into an agreement to acquire stakes in two Kenyan Coca-Cola franchise bottlers from a public investment company, Centum Investments in a US$192.5 million valuation.

Coca-Cola Beverages Africa is the 8th largest Coca-Cola bottling partner in the world by revenue and the largest on the continent. It accounts for 40 per cent of all Coca-Cola products sold in Africa by volume.

The company’s African footprint now encompasses South Africa, Ghana, Ethiopia, Uganda, Kenya, Tanzania, Namibia, Mozambique, Comoros, Mayotte, Zambia, Botswana and Eswatini. It employs more than 16,000 people directly, almost half of them in South Africa.

SOURCE:https://brandspurng.com/2019/08/29/coca-cola-beverages-africa-acquires-majority-stake-in-eswatini-beverages/