₦airaland Forum

Chairman, Zinox Group, Leo Stan Ekeh has declared a three-year interest free loan of N1b to petty traders and small and medium businesses in Imo State. Ekeh, a native of Imo State, disclosed the intervention is to reduce hardship, stimulate business activities and give hope to the majority of the people in the state.

Further, Ekeh launched an educational support project for indigent but intelligent students of the state to enable them to acquire proper university education. For this, Ekeh set up a non-interest revolving loan scheme of N500 million.

He made this disclosure at the flag-off/groundbreaking of the construction/rehabilitation of rural roads by the Imo State Government. The event, which held on Tuesday, August 27th at Ubomiri, Mbaitoli Local Government, had in attendance, the Imo State Governor, Emeka Ihedioha. Also in attendance were traditional rulers and partner agencies from the World Bank and French Development Agency (AFD).

Indigent students will benefit from the revolving loan scheme to further and complete their education. Graduates from the scheme will also be exposed to employment opportunities.

Subsequently, the graduate-beneficiaries will be expected to refund the loan once they are gainfully employed at zero interest. This will ensure the sustenance of the scheme and allow others to benefit from it.

First Class graduates will be exempted from repayment of the loans as a reward for their sterling performance. Conversely, students whose grades drop to third class will be ejected from the scheme.

Ekeh believes that in the next 10 years, the interventions and the government’s commitment in these respects will reposition Imo state as the envy of all. Additionally, the serial digital entrepreneur revealed that Imo State is being used as a model. He disclosed that if it works, the efforts will be replicated in more states in Nigeria.

The Zinox boss equally donated 20 laptops and a set of printers to the Imo State Government.

“I am very sure other well-meaning Nigerians will borrow the same strategies to replicate in their communities. This is not the age of free money and bad wastages. The 21st century is the age of privileges and opportunities.

“Nigerians must imbibe the culture of earning a living and paying back so that others can benefit. Cash is not inexhaustible. What I have done is use myself as personal collateral in addition to putting up some of my assets to try and bail out a percentage of my people.

“Indeed, if it works, the multiplier effects shall be far-reaching. If they fail me, it is a disaster but that is life. I have done the same in the ICT sector in the last 15 years with over N10b and it is still working. Most successful people in the world did not receive cash from their families so how did they become globally successful?”

Ekeh, a global advisor to Microsoft, revealed that he has not slept in his mansion in Owerri in the past six years.

“Each time I visit home, I often leave depressed. This is because of the state of things and the money I have to spend to help out those in dire conditions. With these interventions, I am confident that things will take a positive turn soon,” he affirmed.

In his speech at the event, Gov. Ihedioha expressed appreciation to Ekeh for the humanitarian and noble gesture, even as he expressed pride in the Zinox Boss.

“Imo State is proud to have a son like Leo Stan Ekeh. I am aware he put up some of his assets in order to raise the funds for the projects he has announced today. May God continually bless him for all that he does for humanity.  I am hopeful that other well-meaning Imo indigenes will join us to rebuild the state.”

Speaking at the event, Chief Victor Emeto heaped encomiums on the Zinox boss.

“Leo Stan Ekeh is the next to God not just in Imo State and our town Ubomiri in particular. He carries all our responsibilities from school and church building and maintenance to raising nursery schools in every church.

“He has an annual budget for every church in the community and does not limit it to Catholics only. Same with the education of our children and electricity. What is more disarming is his humility and quietness with which he does these things.

“In fact, he picks every phone call from anybody from this town, no matter how small. Any time he is home, he sits on the floor with us to discuss our problems.”

Also lending his voice was the oldest man in the Ubomiri community, Nze Moses Duru.

“Chief Leo Stan Ekeh is God-sent to Imo State. We are aware he supports other states in Nigeria. That is why we continue to pray for him and he does things without making a noise.”

Nze Duru ended by disclosing that Ekeh was equally responsible for facilitating the electricity in the village.

SOURCE:https://brandspurng.com/2019/08/28/ekeh-zinox-boss-intervenes-with-n1-billion-in-imo-state/

This is not the best of times to be identified as a Nigerian, especially if you are a Nigerian in the diaspora. It is indeed the worst of times to be Nigerian because of the kind of daredevilry that our compatriots have demonstrated in recent times, in criminal pursuits of such scale, texture, volume, and depth, not at intervals but at an alarming pace and regularity, not just in one country or continent, but from continent to continent, country to country, giving such impression that perhaps apart from the traditional Cosa Nostra, the Italian Mafia, or the Russian Mafia, or the Colombian Mafia, Nigerians probably run some of the most notorious underground crime networks in the world today. In the last few weeks alone, there have been so many reports of Nigerians being involved in one crime or the other and apprehended for the same reason, and these are reported cases from Singapore, Malaysia, Ethiopia, Indonesia, the United Kingdom, Brazil, and the United States. There may well be many other cases that are yet unreported or that may never be reported. Nigeria is thoroughly embarrassed. The Nigerian brand is damaged. Our national identity takes a bashing, even if the crimes are committed by a minority. “What a country?”, you may ask? The sharp increase in the frequency and scale of these international crimes involving Nigerians is something worthy of closer interrogation. What is wrong with our people?

The Nigeria Drug Law Enforcement Agency (NDLEA) reports that in 2018, 73 Nigerians were sentenced to death in Malaysia for drug-related offences. When the figures for 2019 are collated, that number is likely to be higher. In Sao Paulo, Brazil, there are 144 Nigerians serving various jail terms for drug crimes; and according to the NDLEA, all 144 convicts are from one Nigerian village – “Nnewi in Anambra State”. In Thailand, 650 Nigerians (650!) are in prison for drug trafficking. In Saudi Arabia, there are, according to reports, 23 Nigerians currently on the death row, again for drug-related offences. Saudi Arabia is a religious and spiritual destination for many Nigerians. It is shocking that some of those Nigerians who go to that country for pilgrimage also carry on them narcotic and psychotropic substances. Saudi Arabia has a very strict death penalty law. Not a few Nigerians have been executed in the Kingdom for drug-related offences.

Many Nigerians live and work in the United Kingdom. Perhaps for reasons of historical affinity, Nigerians troop to the United Kingdom in search of a home away from home. But our compatriots are also gradually becoming far too notorious in that country. In March 2019, six Nigerians were members of a 10-man gang of fraudsters who were found guilty of online fraud, hacking software, in a total of 228 diversion frauds over a period of four years. They were convicted and sentenced. The gang was led by one Bonaventure Chukwuka. They robbed their 69 victims of a total of 10.1 million pounds. In May, a 28-year old Nigerian, Gloria Makanjuola, described in the UK media as a “Nigerian serial robber” was also convicted. Her specialization: theft of bank cards which she used to make contactless payments. There is also the report on three siblings (the Nakpodias) who in August 2019, were jailed in the UK for a total of 16 years for helping “the syndicate” to launder about one million pounds through the UK banking system. The trio and their patron also face criminal charges in Greece for advance fee fraud.

In the last decade alone, more than 10 Nigerians have been executed in Indonesia for drug-related crimes, four of them by firing squad in 2015, despite pleas for leniency by Nigeria, the United Nations and Amnesty International. About 153 others are still on the death row in Indonesia. Across Asia, it is reported that about 16, 500 Nigerians are in prison, and in South East Asia alone, up to 600 Nigerians are on the death row.

But perhaps the most shocking report of criminal conduct by Nigerians would be two major cases reported by the Federal Bureau of Investigation (FBI) in the United States. The first case involves Obinwanne Okeke, 31, also known as “Invictus Obi” who has been arrested by the FBI over an alleged $12 million fraud. Okeke’s case is interesting in that he seems to fit perfectly into the typical profile of those Nigerians refer to as “Yahoo Boys”. These are young men who live largely, and conspicuously, and who may on the surface run what looks like legitimate businesses as cover for the wire and internet fraud that is their main occupation. Obiwanne Okeke, especially, just 28, when he launched out, cultivated the image of a role model for young persons in Africa. In 2016, in recognition of his investments in real estate, oil and gas and the construction industry in Nigeria, South Africa and Zambia, he was listed by Forbes Magazine among Forbes 100 Most Influential Young Africans. He was also nominated for the All African Business Leaders Award. In 2017, Okeke was recognized as a panellist at the Wharton Africa Business Forum. In 2018, he gave a TEDx talk in Lagos. Okeke was also later featured on BBC’s “Focus on Africa”. The BBC described him as “an inspiring entrepreneur”. Forbes must be ruing its error of judgment. The BBC must be wondering what is still inspiring about the guy. It is up to Obiwanne Okeke to defend himself.

The second topical case is the indictment again by a US Federal Grand Jury of 77 Nigerians on August 22, 2019, for their involvement in massive conspiracy to steal millions of dollars through Business E-mail Compromise (BEC) scams, romance scams and other fraudulent schemes. The FBI has already arrested many of these persons while the remaining suspects are believed to be at large, in Nigeria and elsewhere. This is said to be one of the largest scam busts in the history of the United States, involving victims from about 11 countries. In the past, Nigerians talked about 419 (Section 419 of the Nigerian criminal code dealing with fraudulent advance payments and obtaining by pretence), but the scammers soon raised their game and began to engage in online scams, (the yahoo boys as Nigerians call them), then, of course, there was the growth of romance scams, and now, the proliferation of hackers and business account compromise scammers. Nigerians scammers are determined; some of their antics are unbelievable. One Amos Paul Gabriel, a 48-year old Nigerian was jailed for money laundering in Singapore. He went to jail but he remained a criminal even in prison. He has now been convicted and jailed again for defrauding a fellow inmate of $37, 800. He remained active even in prison! Obviously, imprisonment was not enough deterrence for him.

In all of these cases, Nigeria’s name gets dragged in the mud. The collateral damage is colossal. It explains why for example, in South Africa, Nigerians are looked down upon and treated with utter contempt by persons who were beneficiaries of Nigeria’s generosity and solidarity during the fight against apartheid. South Africans accuse Nigerians and other Africans of coming to spoil their country and steal their women and businesses. In Ghana, next door, Nigerians are not popular either. When stories are told of how a group of Nigerians once robbed a bank in Dubai, and all these other stories of internet scam come up, security agencies, diplomatic missions around the world and other persons are likely to latch on to a stereotype about the Nigerian brand and identity, even if unfairly. Days after the arrests by the FBI hit the airwaves, the US Embassy in Nigeria cancelled all appointments for a visa by Nigerians and by that effect also abolished its “DropBox” policy for visa applications. There has been no public uproar among Nigerians. What can we say?

The Nigerian Government through its agencies has made it clear that it frowns upon any form of a misdemeanour or criminal conduct by Nigerians either at home or in the diaspora. It affirms its readiness to co-operate with international security agencies to track down any Nigerian, complicit in international criminal allegations. The Nigerian President, we are told, may also sign an Executive Order to address the issue of online fraud. But while the government may have been hitting the right notes on this matter, the emergent public conversation has been dominated by ethnic and religious name-calling, further reflecting Nigeria’s fault lines and moral turpitude.

The arguments that have been put forward in this heavily conflicted public conversation are as follows: (i) that it is not fair to tar all Nigerians with the same brush because the Nigerians indicted, convicted and punished abroad represent only a very small fraction of Nigeria’s 200 million-plus population; (ii) some other Nigerians insist that it is mostly Igbos, that is Nigerians of South-Eastern extraction, that are usually guilty of international crimes. They insist that all the 77 Nigerians indicted in the recent FBI case in the US are Igbos, and most of the drug cartels are led by Igbos; (iii) Igbos retort that crime has no religious or ethnic face. There are criminals in every community, and in every religion and so it would be unfair to put the blame on Igbos, and that in any case, the FBI failed to observe Federal Character which is a constitutional requirement for everything Nigerian! (iv) Nigerian Muslims have pointed out that most of the arrested and/or identified suspects in the US are Christians and Southerners, but they are also immediately told that Nigerians on death row in Saudi Arabia are basically Muslims and they are not Igbos, but Northerners, Yoruba and other ethnic groups; (v) some other commentators argue that Nigerian drug dealers and internet fraudsters get caught because they are petty fraudsters who can be easily caught. They argue that the biggest criminals in the world are not in Africa, but in Europe and the US, and that the FBI and similar organizations should focus more on the big scammers instead of trying to harass small-time fraudsters; (vi) there are other Nigerians who try to strike a moral tone and advise that crime does not pay, all that glitters is not gold and that every criminal should expect to be caught someday.

Read: Nigerian Hackers Steal $3billion Worldwide - FBI
Nigerians always find it difficult to form a consensus on anything. Football used to be a unifying force but with many Nigerians now addicted to European football leagues, teams and players, even football has become a source of division. Certain points need to be made. Nigerians behave like aliens in their own country. When they travel abroad, they are worse. Since the civil war, 1967-1970, there has been an abiding sense of alienation between the state and the people and the gradual erosion of a sense of what it means to be Nigerian. The country’s value system and ethical codes have failed. The leaders, military and civilian, have not set good examples, the institutions function at habitually sub-optimal levels, the civilian rule has not led to the expected rise in standards and values. Under the military, theft and impunity became the order of the day, under civilian rulers in the last 20 years, the threat of impunity has doubled, the collapse of morality has tripled.

Nigeria is one country where gain without work is acceptable as long as everything glitters. It is one country where a man or lady, who had no job in January can suddenly become a multi-billionaire in dollars in August and nobody will ask questions. He or she doesn’t even have to pay tax or declare the source of income. He will get the best women, the best cars, the largest circle of friends, chieftaincy titles, national honour, and a government appointment. He will dine with the high and mighty, childhood friends in high places whose election campaigns he would have funded anyway, and in addition, he will enjoy massive police and military protection. The media will celebrate him or her. If the police try to arrest him, the military will set him free! To play big in this kind of a-normative environment, where the state itself is a criminal enterprise, where credibility is on the decline, many Nigerians resort to criminality on a bigger scale, locally and internationally. When they get caught abroad, in places where the systems work, even if they are convicted or executed, they may still be treated as heroes by their relatives and kinsmen back home in Nigeria who will simply argue that they were just unlucky to have been caught. Nigerians are likely to blame a Pastor or shamanist for failing in his or her spiritual duty to the convict. One drug trafficker who was executed abroad was given a lavish burial in his community in 2016, in a golden casket and hailed as a saviour!

Nigerian leaders need to provide good leadership and lead by example. Institutions in Nigeria have to be strengthened. Religious leaders, who wield so much influence over the Nigerian public mind, must stop acting like rogues and teach the truth. Nigeria needs a Ministry for Ethical Re-orientation! Unemployment drives young Nigerians to the Devil’s workshop. We must do something about that. In April/May, Zainab Habib Aliyu, 22, and one Ibrahim Abubakar were saved from being charged in Saudi Arabia in a drug-related matter after the Nigerian Government intervened. In Singapore, another Nigerian, Adili Chibuike Ejike, 39, barely escaped the death row because the court acquitted him. It is not every Nigerian criminal suspect abroad that will be so lucky. The rest will be punished, they will tarnish Nigeria’s image and they will inconvenience the rest of us.

SOURCE:https://brandspurng.com/2019/08/27/fbi-nigerian-fraudsters-and-other-stories-reuben-abati/

Pioneer brewing company, Nigerian Breweries Plc and the Nigeria Olympic Committee (NOC) had restated their continued cooperation in the run-up to the Tokyo 2020 Olympic Games.

The agreement, which kicked off in 2018 will have two of Nigerian Breweries Plc’s biggest brands, Star Lager Beer and Amstel Malta headlining the partnership as official alcoholic and malt beverages of Team Nigeria.

With Tokyo 2020 taking place next July, Amstel Malta and Star will play an important role in supporting Team Nigeria on their journey to and through the games. Both brands will not only support the team but will also provide premium enjoyment for fans with engaging campaigns leading up to Tokyo 2020.

Speaking on this strategic partnership, Marketing Director, Nigerian Breweries Plc, Emmanuel Oriakhi, said: “Nigerian Breweries Plc. is passionate about sports in Nigeria and we know our consumers love to celebrate great moments in sports. We are thrilled to be able to bring people together to enjoy and celebrate Team Nigeria on their journey to Tokyo 2020 where we believe our talented athletes will do their best and shine.”

In his response, the Secretary-General, NOC, Olabanji Oladapo said: “We are happy to have Nigerian Breweries Plc as our partner. Amstel Malta and Star are brands we are excited to work with not only because of what the Nigeria Olympic Committee stands to gain but also because of what is in it for the fans and supporters of Team Nigeria.”

SOURCE:https://brandspurng.com/2019/08/27/nigerian-breweries-nigerian-olympic-committee-collaborate-for-tokyo-2020/

Paga, Nigeria’s mobile payment business had declared that it has crossed N1.5 trillion in transactions since its launch in August 2012.

This showed a continuous pattern of steady growth. Since 2012 to date, the company has processed 87 million transactions, valued at N1.5 trillion or $5.4 billion using monthly nominal exchange rates.

“Reaching one trillion in transaction value is a major milestone for Paga. We are proud of our success in digitising cash and making it easier for people to pay and get paid. We are working round the clock to continue to bring innovative solutions to the mobile payments industry as we expand our range of services,” said Tayo Oviosu, Founder and CEO of Paga.

With over 13 million users across all 36 states of Nigeria, Paga is an omnichannel payments platform offering users a safe and convenient way to send and receive money and pay their bills. Paga celebrated the 10th anniversary of its founding in April 2019 and at that time announced its plans to expand its services into new global markets.

This milestone represents a major boost for Nigeria’s ambition with regards to financial inclusion. In 2010, Nigeria made a commitment to reduce the adult financial exclusion rate in the country from 46.3 per cent to 20 per cent by 2020, and the National Financial Inclusion Strategy was launched on October 23, 2012, in order to attain the target.

The 2012 NFIS defined financial inclusion as “when adults in Nigeria have access to a broad range of formal financial services that are affordable and meet their needs” and set out the target for overall financial inclusion at 80 per cent, with a long list of more detailed targets, recommendations and an implementation plan to achieve the goals by 2020.

To attain the financial inclusion target by 2020, there must be 62 agents for every 100,000 Nigerian adults, according to the CBN.

“Currently, there are only 28.2 agents per 100,000 Nigerian adults. Issues around the profitability of agent networks, agent fee structure and other environmental issues have contributed to this gap. A deliberate effort needs to be undertaken by stakeholders to address policy-related bottlenecks and rapidly deploy agents,” the apex bank said.

Mobile money operators such as Paga have helped increase the number of agents in the country despite the challenges.

SOURCE:https://brandspurng.com/2019/08/27/paga-reaches-n1-5-trillion-transaction-value/

Ekiti state governor Dr Kayode Fayemi has stated that the state would continue the hosting of Ekiti State Festival of Arts and Culture, EKIFEST, in December 2019.

He also affirmed the determination of the state to introduce and establish Arts and Craft Village in Ado Ekiti with cluster outlets in some communities across the state.

Ekiti State Festival of Arts and Culture ( EKIFEST) is an annual event initiated in 2012 by the Fayemi led administration to showcase Ekiti cultural heritage, discover talents and use arts and culture for economic development

The one-week event will also create an avenue for thousands of tourists from local and international communities to explore the tourism potentialities of the state

Speaking at the opening ceremony of Ekiti state Council for Arts and Culture Stakeholders’ Forum on Monday, the governor who was represented by Head of Service Hon Deji Ajayi said “We are going to organise Ekiti State Festival of Arts and Culture in December this year to enhance our capacities in crafts, dancing, weaving and other vocational areas of arts.

” We should not forget to teach our children those values that will make Ekiti to remember their heritage and sustain our culture as a people”

The chairperson of the event, Erelu Bisi Fayemi in her remark noted that activities in the culture and Arts sector nosedived in the last four years when her husband, Dr Kayode Fayemi went on sabbatical

“The Arts and culture industry is one of the areas through which we believe we identify and develop talents and create opportunities for our teeming youths in the creative industry ”

While pledging her continuous support for the creative industry in the state, Erelu Fayemi urged the stakeholders in the sector to collaborate with the government particularly the Council for Arts and Culture in the state for the development of the sector

The Director-General of the Ekiti State Council for Arts and Culture, Mr Wale Ojo Lanre, assured that the government was committed to the promotion of all cultural festivals in the state to empower the people for economic gains.

” We are also going to partner Nigeria Tourism Development Corporation (NTDC), National Council for Arts and Culture and other national and international bodies to promote our arts and culture in Ekiti. Some of them will be enlisted as national festivals.

“We are also going to engage creative arts entrepreneurs and accomplished artistes of Ekiti origin to mentor our budding stars.”

” All these are what Governor Kayode Fayemi is ready to do to promote our arts and culture industry and make it a force that can generate revenue for individuals and the state”, he said.

Guest speakers including Professor Ishola Olomola, Professor Rasaki Bakare, and Dr Mike Adeoye in their presentations harped on the need for consistency, sustainability and working with passion.

Prof Bakare also called for collaborative efforts among various associations of professionals to pursue a common goal and economic benefit ” You must be humbled to work with those who are not as high as you re and be humble to work with those who are higher than you so as to create a market and formidable structure that would enhance empowerment and economic development”

SOURCE:https://brandspurng.com/2019/08/27/ekiti-cultural-festival-ekifest-holds-december/

Sectoral distribution of Value Added Tax (VAT) data for Q2 2019 reflected that the sum of N311.94bn was generated as VAT in Q2 2019 as against N289.04bn generated in Q1 2019 and N269.79bn generated in Q2 2018 representing 7.92% increase QoQ and 16.95% increase YoY. 

Other manufacturing generated the highest amount of VAT with N34.43bn generated and closely followed by Professional Services generating N29.58bn, Commercial and Trading generating N16.27bn while Mining generated the least and closely followed by Pharmaceutical, Soaps & Toiletries and Textile and Garment Industry with N50.60mln, N250.09mln and N316.91mln generated respectively.

Out of the total amount generated in Q2 2019, N151.56bn was generated as Non-Import VAT locally while N94.90bn was generated as Non-Import VAT for foreign. The balance of N65.48bn was generated as NCS-Import VAT.

SOURCE:https://brandspurng.com/2019/08/26/nigeria-grossed-n311-94-billion-from-value-added-tax-q219-nbs-report/

Mouka, Nigeria’s leading foam and bedding products manufacturer has emerged Africa’s Leading World Class Premium Bedding/ Mattress/ Pillows Product Company of the Year at the 2019 edition of the African Brand Leadership Merit Awards.

Mouka was declared Africa’s Leading World Class Premium Bedding/Mattress/ Pillows Product Company of the Year after a technical committee research report showed that Mouka was outstanding in the Premium Bedding/Mattress/ Pillows Product category.

The award was presented to Mouka on Friday, August 23, 2019, in Lagos. It was received by Femi Fapohunda, a director at Mouka Limited and Jide Odelola, Mouka’s senior brand and innovation manager.

Reacting to the gesture, the Chief Executive Officer of the foam and mattress company, Raymond Murphy, said Mouka is a brand synonymous with unparalleled quality adding that the award confirms the brand’s dedication and commitment to providing consumers with the best quality products.

“I think this is in recognition of all of the hard work that our marketing team has done over the last few years to develop the Mouka brand into such strong leadership and very visible position. And quality underpins everything we do within the company. In our manufacturing facilities, our Research and Development facilities, our Quality Control departments, there’s one word that comes through; and that is passion.

“And we are absolutely passionate about everything we do to make sure that as products leave the Mouka factories around the country, that we’re guaranteed that every single product is of first-class quality,” Mouka’s chief executive said.

For his part, Fapohunda said: “ Mouka is a heritage brand, quality is our heritage, and we’re showing it to the world.”

The African Brand Leadership Merit Awards constitute an initiative of the African Brand Congress (ABC).

According to a statement by the Congress, the African Brand Congress is an annual fiesta of best brains behind most successful and sought after African brands.

“The Congress is designed to educate, engage and inspire Brand managers and professional in the pursuit of best practice in brand building and value creation. It is an appropriate platform for all Brand owner and industry players to discuss how Brands in Africa can increase their Global Competitiveness. It meant to share knowledge, ideas and challenges by industry icons”, the statement reads.

This award reaffirms Mouka’s dominance in Nigeria’s foam and bedding industry.

SOURCE:https://brandspurng.com/2019/08/26/mouka-bags-african-brand-leadership-merit-award/

Africa Finance Corporation (AFC) has proclaimed the endorsement of a $230 million loan facility for 9mobile to assist it to achieve its long-term extension plans.

The new Board and Management of Emerging Markets Telecommunication Services Limited (EMTS), trading as 9mobile, in a report yesterday, confirmed by its Executive Director, Regulatory and Corporate Affairs, Abdulrahman Ado, announced the endorsement was part of its efforts to secure loan facility from the AFC to allow it to reposition the organisation, adding that such efforts have started yielding positive results.

AFC is a pan-African multilateral development financial institution established to bridge Africa’s infrastructure investment gap through the provision of debt and equity finance, project development, technical and financial advisory services.

Convinced by the initiatives so far taken by the Alhaji Nasiru Ado Bayero-led Board and management headed by Acting Managing Director, Stephane Beuvelet, to return 9mobile to the path of growth and profitability through cost efficiency, innovative product development and network efficiency, the telecoms company said the loan facility would offer it a strong financial base to reposition it for future growth and expansion.

In a letter addressed to both Bayero and Beuvelet, the financial institution said: “Africa Finance Corporation is pleased to inform Emerging Markets Telecommunication Services that it has received full Board approval to support the turnaround strategy of EMTS through a $230 million super senior debt investment.”

The facility divided into two tranches would, among others, be used to repay historic vendor obligations, finance costs and an interest reserve account and payment towards quick win Capex initiatives.

Commenting on the approval, Bayero expressed happiness that EMTS’ effort to recover previously ceded ground through an innovative growth plan is being supported by a prestigious pan-African financial institution like the AFC.

“We can only express gratitude to the AFC for approving this loan facility that would not only help our business sustainability but also grow it to serve our teeming and loyal customers in Nigeria better. We have completely reviewed our operational, regulatory, financial and technical architecture to ensure we deliver quality services and this facility would go a long way in giving best in class services to Nigerians,” he said.

Bayero assured of the company’s resolve to continue its aggressive enhancement of network capacity and innovative features to guarantee optimum value to customers. He added that “our turnaround efforts are well and truly underway. We had promised when we took over that we would justify the confidence in our brand by making significant investments that will improve the value Nigerians get for using 9mobile. This is part of fulfilling our promise.”

Also commenting on the transaction, 9mobile’s Chief Financial Officer, Phillips Oki, said: “The success of this transaction, by way of the approval of the Board of Africa Finance Corporation, is a sound affirmation of our belief that the fundamentals of the 9mobile business are indeed strong. It is also an attestation to the fact that the operational restructuring and financial reengineering we have done since we assumed ownership have launched 9mobile on the path of growth and profitability. With this facility, our subscribers, staff and vendors should get ready to switch on to better days with 9mobile. We will reclaim every lost ground in the market in the coming months.”

The new Board led by Bayero took over 9mobile in November 2018 following a successful acquisition by Teleology Nigeria Limited.

Other members of the Board include non-executive directors: Asega Aliga, Mohammed Edewor, and Winston Ndubueze Udeh.

Others are Executive Director, Abdulrahman Ado and Acting Managing Director, Stephane Beuvelet.

Also commenting on the transaction, 9mobile’s Chief Financial Officer, Phillips Oki, said: “The success of this transaction, by way of the approval of the Board of Africa Finance Corporation, is a sound affirmation of our belief that the fundamentals of the 9mobile business are indeed strong. It is also an attestation to the fact that the operational restructuring and financial reengineering we have done since we assumed ownership have launched 9mobile on the path of growth and profitability. With this facility, our subscribers, staff and vendors should get ready to switch on to better days with 9mobile. We will reclaim every lost ground in the market in the coming months.”

The new Board led by Bayero took over 9mobile in November 2018 following a successful acquisition by Teleology Nigeria Limited.

Other members of the Board include non-executive directors: Asega Aliga, Mohammed Edewor, and Winston Ndubueze Udeh.

Others are Executive Director, Abdulrahman Ado and Acting Managing Director, Stephane Beuvelet.

SOURCE:https://brandspurng.com/2019/08/26/9mobile-seeks-230-million-loan-facility-to-boost-development-plan/

Nigeria has formally demanded a loan from China Exim Bank to develop the 3,050 megawatts (MW) Mambilla hydropower generation plant, whose plan was invoiced to swill $5.8 billion.

It was aggregated from the officials of the Ministry of Power during a presentation to the new Minister of Power, Mr Saleh Mamman, and the Minister of State, Mr Goddy Jedy-Agba, that the Ministry of Finance had applied to China for the loan.

Under the contract financing arrangements, EXIM is to provide $4.93 billion in the loan, representing 85 per cent of the capital funding, for the project while Nigeria will provide the balance of $870 million or 15 per cent of the cost outlay.

The Federal Executive Council (FEC) had on August 30, 2017, approved the award of contract for the project to China Gezhouba Corporation, Sinohydro Corporation Limited and CGOC Group Limited.

In November 2017, the then Minister of Works, Housing and Power, Mr Babatunde Fashola (SAN), signed the contract.

During a state visit to China on September 7, 2018, President Muhammadu Buhari was told by the President of CGCC, the construction company, Prof. Lyu Ze Xiang, that “our target is to commence the project early next year (2019).”

However, it was gathered that the project would not have started as scheduled unless the federal government made a formal request for a loan to build the $5.8 billion project.

“Under the terms of the contract, China Export-Import (EXIM) Bank will provide 85 per cent of the cost, while the federal government is to bear 15 per cent. The 85 per cent to be provided by EXIM is the loan being requested by the federal government. It is a formal request but it does not mean that EXIM bank will hand over the cash to the federal government. The money will be paid directly to the Chinese contractors on behalf of the federal government. But Nigeria has to make a formal request for the loan. Nigeria will also pay her 15 per cent counterpart funding,” a top official of the ministry of power reported at the weekend.

It was gathered that during the presentation to Mamman and Jedy-Agba, said a team from the China-Exim Bank was recently in Nigeria to appraise the country’s readiness to commence construction of the power plant.

The officials told the new ministers that the Nigerian Sovereign Investment Authority (NSIA) was ready to pay off Nigeria’s counterpart funding in the project through the Presidential Infrastructure Development Fund (PIDF).

NSIA had said it was appointed as the programme manager of the PIDF, adding it received $650 million from the National Economic Council (NEC).

NSIA added that the funds have already been disbursed for construction works on Lagos-Ibadan Expressway, Second Niger Bridge, and Abuja-Kaduna-Zaria-Kano Road.

It said that till date, it had disbursed N77.6 billion under the PIDF programme with Mambilla hydropower and East-West Road being the other projects undertaken under PIDF.

The construction of the hydropower project would take approximately six years because of the extensive nature of the scope of work, which includes the construction of four dams, one of which is expected to be 150 metres high, another two to be constructed will be 70 metres high while the smallest dam will be 50 metres in height.

The project was initially enmeshed in a legal crisis following an allegation by the local content partner, Sunrise Power and Transmission Company Limited, that some forces within the government circles wanted to sideline it.

But the Director of Legal Services in the ministry, Mrs Adetutu Soetan, had said the federal government was hoping to vacate a $2.3 billion suit filed against the government by Sunrise Power and Transmission Company Limited (SPTCL).

Soetan said the government had through its legal representatives which include the African Law Firm, the ministry of justice and lawyers from the ministry, made its position on the case known to a London tribunal.

SOURCE:https://brandspurng.com/2019/08/26/nigeria-to-request-5-8-billion-china-exim-bank-for-mambilla-hydropower-generation-plant/

It will go down in records that MTN Nigeria Communications used two days as the largest company by market capitalization on the Nigerian Stock Exchange (NSE).

At the close of trading on Thursday, MTN’s market capitalization was N2.80 trillion while Dangote Cement’s market capitalization was N2.84 trillion.

Shares belonging to both companies were among the top gainers on the bourse.

MTN’s shares gained N2 to close at N138 while Dangote shares recorded an increase of N1 to close at N167 per share.

In May when MTN Nigeria listed on the NSE, the company’s market capitalisation was N1.3 trillion leaving N782 billion margin between Dangote Cement, which has been the largest company on the market for years.

MINISTERIAL INAUGURATION IS A GOOD OMEN FOR MARKETS

For the first time in August, the stock exchange closed in the green for two consecutive days.

At the close of trading on Thursday, the market recorded 1.1% to close at N13.44 trillion as against the N13.30 recorded on Wednesday.

This represents a gain of N135 billion.

The gain can be attributed to the inauguration of ministers by President Muhammadu Buhari on Wednesday.

The market has been on a bearish note since the beginning of the year partly because of the general elections that held in February and March.

Market capitalisation stood at N11.58 trillion at the beginning of the year and reached its lowest point on May 15 when it dipped to N10.62 trillion.

SOURCE:https://brandspurng.com/2019/08/23/dangote-cement-supplant-mtn-as-largest-traded-company-on-stock-exchange/

Shoprite is feeling the pinch of troubled economies in key markets

Retail group Shoprite that operates in 15 countries in Africa, this week released its results for the financial year ended 30 June 2019.

While sales were up 3.6% to R150.4-billion, and the group opened 126 new stores over the period, trading profits sank 14.3% to R6.9bn from the previous year, and diluted headline earnings per share dropped 19.6% to 779.9c.

Shoprite’s selling price inflation was 1.2% in South Africa, its major market with 74.9% of overall sales. This put a dampener on its South African trading margin, which sat at 5.5% for H2.

The second half of the group’s financial year, however, showed a significant improvement, with Q4 sales in up 9.4%, indicating a mild recovery in its primary market.

Problems in the non-South African business

Shoprite CEO Pieter Engelbrecht in presenting the results said Shoprite’s non-South African business was struck heavily by “on-going forex shortages, currency devaluations and the aftermath of rampant inflation”, particularly in Angola. The non-South Africa businesses recorded a trading loss of R265m, with “no foreseen respite in short-term trading conditions in the region”.

While Engelbrecht said the during his presentation the group was committed to customers in the 14 non-South Africa countries in which it operates, speaking to analysts later he added a “but not at any cost” proviso.

This was a noteworthy change says equity analyst Damon Buss of Electus Fund Managers.

“Management mentioned that Shoprite had exited countries before, and the fact that they even mentioned it means they’ve had those discussions,” he said. “While they have never provided the actual split, their four biggest markets – Angola, Nigeria, Zambia and Mozambique – account for 70% of the non-South Africa business, and Angola alone about 40%, so there’s a long tail from the other ten countries.“The problem is that their two largest non-SA countries are oil-dependent and under immense pressure. The recent MTN results showed that the Nigerian consumer appears to be going backwards, not improving. Shoprite almost cannot exit its two most problematic territories with the biggest challenges.”

Tough trading environment

Buss says Shoprite’s results were more disappointing than what management had flagged in a July trading update. “However, the hyper-inflation adjustment won’t repeat next year. The dividend is down by a third implies that real earnings in the business were down that much. That’s really weak for the largest and supposedly strongest food retailer in South Africa, and shows just how tough the trading environment is.”

He added he was surprised Shoprite’s management had changed tack regarding what it used to consider strategic assets, such as its logistics operation.

“It speaks to the pressure the group is under, especially with dollar-linked costs, that their argument is now that they’re happy to lease these assets as they try to free up cash from any source they can to fund growth and the dividend.”

Shoprite entered Kenya late in 2018 in an attempt to gain a foothold in territory left up for grabs through the demise of Nakumatt and Uchumi Supermarkets.

Buss thinks the “Africa Rising” narrative and demographic dividend timeline, however, is being pushed out again as African economies continue to struggle with diverse issues. “Any normality, when it returns, especially from a currency perspective, will benefit Shoprite,” he said.

Pushing into new market segments

In the meantime, the group hopes its push into the upper-market segments of South Africa – territory currently dominated by Woolworths with its offerings targeted at affluent customers – will tide it over.

Shoprite has revamped 21 Checkers stores into FreshX formats, with 59 still to come according to the group’s plan.

“Checkers has previously never targeted this market, and Pick n Pay has done a relatively poor job of servicing affluent consumers,” said Buss. “But consistency, good locations, and supply chain, which will diverge from its traditional dry-goods business model based on volume and price, will be important. Checkers will also need time to get anywhere near the innovation levels at Woolworths.”

Byron Lotter from the asset management firm Vestac said it made sense for Shoprite to stay where it is in terms of footprint for now.

“In the places, they operate throughout Africa, there is a lack of real competition, which means when things go well economically, Shoprite does incredibly well. And they’ve been willing to take that risk. But all eyes are on the South African economy as they try to manage volatility in other territories.”

Lotter said investors should bear in mind that excursions into developed markets by South African multinationals had ended badly too.

Bottom Line: “It’s not just Angola that’s risky. Shoprite is a well-run business-operating environment. When the cycle changes, they’ll be poised to benefit.”

SOURCE:https://brandspurng.com/2019/08/23/shoprite-slumps-as-consumers-struggle-in-angola-and-nigeria/

The Nigerian Stock Exchange (“NSE” or “The Exchange”) is pleased to announce the listing of the Greenwich Alpha ETF (“Greenwich Alpha”) by Greenwich Asset Management Limited, on its Daily Official List.  The Greenwich Alpha ETF units were listed at N100 each following an Initial Public Offer (IPO) on Monday, August 19, 2019.

Greenwich Alpha is an open-ended ETF that tracks the NSE 30 Index; an index which constitutes 30 of the most liquid and capitalized stocks trading on the Exchange. It is designed for investors to access the constituent companies of the NSE 30 index, thereby getting the performance of the index.

Speaking at the listing, the Managing Director, Greenwich Asset Management Limited, Mr Dayo Obisan, said, “The Greenwich Alpha ETF Fund is designed for and offered to investors seeking exposure to the Nigerian equities market, particularly to the constituents of the NSE-30 index. It offers the full benefits of diversification through a single transaction thereby reducing associated transaction cost and helping investors spread their risk. We will continue to encourage retail and institutional investment in this Fund based on its potentials”.

​​

On his part, Mr Jude Chiemeka, Head, Trading Business Division, NSE said, “We are delighted to welcome Greenwich Asset Management Limited to our growing list of ETF providers. Globally, ETFs continue to make an impact as effective tools for accessing the market, diversifying investments, and serving as an alternative investment solution for intermediaries to recommend to their clients. As the leading stock exchange for listing and trading ETFs in West Africa, we will continue to lead innovation in the market as well as support the issuance of products and investment vehicles that meet the objectives of investors. We operate an efficient, orderly and transparent market based on cutting edge technology, to support product development efforts for the benefit of all investors. We remain resolute in our commitment to partnering with all market stakeholders, to continue to build and develop the Nigerian capital market while offering a wide range of investment vehicles for all investors”.

SOURCE:https://brandspurng.com/2019/08/19/greenwich-trust-lists-greenwich-alpha-etf-on-nse/

In an attempt to develop young entrepreneurs in the school, the Vice-Chancellor of the University of Lagos (UNILAG), Prof. Oluwatoyin Ogundipe, had proclaimed that the institution will be setting rewards of between N1 million and N2 million to encourage students.

Addressing at the 3rd Biennial Conference on TOKI (Transition from Observation to Knowledge to Intelligence) held in Lagos, Ogundipe said the grant is with the support of the Bank of Industry. He said: “Students of the institution are full of brilliant ideas and there is a need to tap into these ideas to bring it to life.

“There is a need to develop their skills which will lead to innovation and then to entrepreneurship; and when it comes to entrepreneurship, we will help them register these companies,’’ he said.

The vice-chancellor said that presently the authorities had sent information to students in every field to bring out their brilliant ideas that could be commercialised and had up to 5,000 students.

Ogundipe said that the main objective of the grant was to ensure that students are not pushed out into the world where unemployment exists.

The vice-chancellor said that the university had started running programmes on the campus to help students to have the needed skills to be able to compete favourably with their counterparts.

“We also encourage the students to always visit the entrepreneurship centre as they will attend to their needs,’’ he said.

TOKI is the Biennial forum for the presentation of new research results and for the demonstration of new systems and techniques in knowledge management, Competitive Intelligence, Big Data, Semantic Web, IoT, Resource Management, Web Mining, Natural Language Processing, Interoperable and Adaptive Information Systems and Data Science.

SOURCE:https://brandspurng.com/2019/08/19/unilag-benefits-boi-aid-to-render-entrepreneurship-grants-for-students/

This service has since inception been incorporated into the OPay app where ride orders can be made. Users are expected to update their app to access the service. Currently, OBuses operate along the CMS-Ikeja routes.

“OBus is like normal buses but it is more comfortable and supports cashless payments,” an OPay staff told Techpoint during an online chat.

OBus trip fare payments are made using an OBus Card. It is a QR-enabled card that comes in different denominations — as low as ₦200 ($0.55) and as high as ₦2000 ($5.51). Cards are purchased from OPay agents at different designated bus stops.

To make a payment, cards are placed over a sensor reader inside the bus. The sensor then reads the ticket barcode which was generated through the mobile app and withdrawal will be made immediately.

An OBus Card can be used for multiple trips until the credit is exhausted. Alternatively, payments can also be made through the OPay wallet, as with other OPay services.

Regarding concerns about his company’s speed of product and services expansion, the OPay staff explains it away as a way of testing new waters.

“I admit that OPay is moving very fast. However, I believe we will learn from experience, just like Gokada is having its share of challenges already.”

There is no telling what surprises OPay is set to spring up in the coming months. Perhaps, this is a means of proving to investors how effectively the recent $50 million funding is being utilised.

SOURCE:https://brandspurng.com/2019/08/19/opay-launches-obus-public-bus-hailing-for-lagos/

They might not be able to blow their trumpet-like other banks in the country but Suntrust Bank Nigeria, will look back at its 3years of its existence in the Nigerian banking industry and be proud of their vast growth.

Suntrust Bank Nigeria is currently celebrating its 3rd anniversary, and all thanks will go to God and their customers for trusting in them within the short time they came into the Nigerian commercial banking system.

SunTrust Bank, inspired by the future, is a privately held Commercial Bank licensed by the Central Bank of Nigeria under the BOFIA. The bank is poised to create value for its customers by leveraging on its competencies and with a team of highly motivated staff, they work tirelessly to develop & provide a broad range of unique financial services and products to consumers, small business, corporations, governments and institutions with that will positively impact their business.

According to the bank’s vision, “We strive to create the best outcomes for our clients and customers with financial ingenuity that leads to solutions that are simple, creative and responsible. The Bank focuses its lending activities on SME Finance, Retail/Consumer Banking, medium to large Corporate Finance and explores other specialized Development/infrastructure financing activities.”

Appreciating their customers, the management said, “We thank all our customers for being a part of this great journey as we continue to strive to greatness.”

SOURCE:https://brandspurng.com/2019/08/19/suntrust-bank-nigeria-celebrates-3rd-year-anniversary/

E-commerce company, Jumia is currently enmeshed in a case of internal fraud involving its affiliate marketing programme, otherwise known as J-Force.

The alleged fraud, purportedly running into billions of naira, is also said to have attracted the attention of the Economic and Financial Crimes Commission (EFCC). Confidential sources reveal that some staff of Jumia may have been picked up for questioning by the anti-graft agency. This was after some of the agents involved began to petition the Commission.

Jumia’s affiliate marketing programme purportedly offers individuals a chance to earn money through commissions on sales of the company’s products. Furthermore, the Jumia website confirms the existence of the scheme. It states: “Get on the JForce train today and earn money through commissions by selling items supplied by Jumia. You can also make money as you recruit new sales consultants. This is an opportunity to be your own boss and take orders from no one else but yourself as you have complete control over your activities.”

However, trouble started when Jumia began to place an embargo on the accounts of some of its agents. Investigations reveal that the company had detected some form of insider fraud and collusion between the marketers and merchants. A source disclosed that agents on Jumia’s Affiliate Programme usually enjoy juicy commissions, often higher than Jumia’s margins on products. As a result, some of them began colluding with merchants to place fictitious product orders, running into millions in order to brow-beat the company and earn heavy commissions.

The ugly development led to Jumia slowing down its affiliate marketing programme in recent months. Following the suspension of a number of accounts, agents are now accusing Jumia of ripping them off their entitlements.

Efforts to seek clarification from Jumia via email have remained unsuccessful.

One of the agents, who spoke on condition of anonymity, disclosed that some agents earn up to N40m monthly in commissions. The agent added that other marketers may have earned much more, even he decried the actions of the company.

“This suspension of accounts has been going on for a while but I never knew it could happen to me. Usually, as an agent, you can log into the Jumia Affiliates Dashboard to check the status of your commissions. However, I noticed that all my commissions had been frozen.

“From my enquiries, I discovered that I was not the only one affected. Jumia has been doing the same thing to other hard-working Nigerians who put in their effort to work for them. I tried contacting their Customer Service and all I was being told does not make sense to me. They promised to investigate and later told me that all the orders I placed were JForce orders. This is a clear case of fraud.”

Another agent disclosed that the action of the company was a calculated action to deny marketers of the huge commissions they had generated.

Their claim that all the orders placed were JForce orders which most of us don’t know what JForce is all about is in itself fraudulent on their part. Apparently, Jumia has seen that affiliate marketers are making so much money from the programme. Maybe they can’t afford to pay it and then they are looking for an excuse. Everyone needs to join hands with us and say enough is enough.”

Jumia had previously admitted seller fraud and fraudulent transactions with legitimate consumers on its platform. In a prospectus filed with the United States Securities and Exchange Commission (SEC) before its NYSE IPO, Jumia disclosed that sellers are also engaging in fictitious or “phantom” transactions with themselves or collaborators in order to artificially inflate their own ratings on its platform, build their reputation and search results rankings.

Moreover, the company seems helpless in controlling this menace.

Jumia revealed that although it had implemented various measures to detect and reduce the occurrence of fraudulent activities on its platform, there can be no assurance that such measures will be effective in combating fraudulent transactions or improving overall satisfaction among sellers, consumers and other participants.

In addition, the company reported that thugs broke into its warehouses in Kenya in late 2018, and stole merchandise with a value of approximately €500,000.

The foregoing calls into sharp relief the claims by Citron, an intelligence equity research company, that Jumia’s IPO was based on falsehood and ‘worthless’.

In the preamble to the report, Citron said:

“In 18 years of publishing, Citron has never seen such an obvious fraud as Jumia. As the media in the US is naively anointing Jumia the “Amazon of Africa”, the media in its home country of Nigeria has a plethora of articles discussing the widespread fraud in this Nigerian company. Not even that elusive Nigerian prince can cover this one up.

Jumia is the worst abuse of the IPO system since the Chinese RTO fraud boom almost a decade ago. Worse than being “the most expensive” US-listed e-commerce company, Jumia reported financials to show us a stagnant business that has burned through $1 billion and has moved the sucker’s game to the US Markets.”

SOURCE:https://brandspurng.com/2019/08/19/jumia-in-trouble-over-fraud-in-affiliate-scheme-jforce/

The Nigerian National Petroleum Corporation (NNPC) recently published names of shortlisted local and international trading and downstream oil firms for the highly sought-after arrangements to exchange crude oil for imported fuel.

NNPC’s crude swap deals, known as Direct Sale-Direct Purchase Agreements (DSDP), were previously referred to as offshore crude oil processing agreements (OPAs) and crude-for-products exchange arrangements.

The corporation said in a statement yesterday by its Group General Manager, Public Affairs, Mr Ndu Ughamadu, that the 2019/2020 DSDP programme would be executed with utmost transparency and accountability.

A total of 15 groupings, with at least 34 companies in total, were successful.
According to NNPC, the shortlisted companies comprised, BP Oil International Limited/AYM Shafa Limited; Vitol SA/Calson-Hyson; TOTSA, Total Oil Trading SA/Total Nigeria Plc; Gunvor International BV/AY Maikifi Oil and Gas Limited; Trafigura PTE Limited/AA Rano Nigeria Limited; and CEPSA SA/Oando Plc.

The other shortlisted firms are Mocoh SA/Mocoh Nigeria Limited; Litasco SA/Brittania-U Nigeria Limited/Freepoint Commodities; MRS Oil and Gas Company Limited; Sahara Energy Resource Limited, Bono Energy Limited/Eterna Plc/ Arkleen Oil and Gas Limited/Amazon Energy Resource; Matrix Energy Limited/Petratlantic Energy Limited/UTM Offshore Limited/Levene Energy Development Limited; Mercuria Energy Trading SA/ Barbados Oil and Gas Services Limited/Rainoil Limited/Petrogas Energy; Asian Oil and Gas PTE Limited/Eyrie Energy Limited/Masters Energy and Gas Limited/Casiva Limited; and NNPC’s subsidiary trading arm, Duke Oil Company Incorporated.

Under the deals, the NNPC supplies crude oil to selected local and international oil traders and refineries in exchange for petrol and diesel.

Although NNPC did not disclose the volume of crude oil for the programme, the corporation usually puts out as much as the 445,000 barrels per day (bd) oil allocated to its refineries in Kaduna, Warri and Port Harcourt daily to be handled under the deal.

It, however, noted that the contract would last from October 1, 2019, to September 30, 2020, adding that the beneficiary companies were reputable and experienced to undertake it.

“In line with its avowed commitment to transparency and accountability in all its activities as committed by the new Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, the national oil company has announced winners of its 2019/2020 Direct Sale of Crude Oil and Direct Purchase of Petroleum Products (DSDP) arrangement,” said the statement.

It added that from the completion of the 2019/2020 DSDP tender, “15 consortia/companies made up of reputable and experienced international companies and Nigerian downstream companies emerged successful to undertake the 2019/2020 DSDP arrangement.”
NNPC stated that the tender process comprised technical and commercial bid submission respectively, evaluation and shortlisting, then commercial negotiations with prequalified companies and engagement of the successful consortia/companies.

“Under the DSDP arrangement, the underlisted fifteen (15) consortia/companies shall over the contract period, off-take crude oil and in return, deliver corresponding petroleum products of equivalent value to NNPC, subject to the terms of the agreement,” it added.
The corporation said Kyari had promised to open NNPC books to public scrutiny, adding that as a publicly owned company, Nigerians deserve to know about its operations.

NNPC had in May 2017 signed the deals with local and international traders to exchange about 330,000 barrels per day (BPD) of crude oil for imported petrol and diesel as part of measures to sustain the supply of petroleum products nationwide.

However, the deals, which expired by the end of July 2018, were extended until the end of 2018.

The state-run oil firm later extended the $6 billion oil swap deals by another six months to June 2019.

SOURCE:https://brandspurng.com/2019/08/19/nnpc-oil-swap-contracts-delegated-to-oando-14-other-consortia/

In line with its commitment to creating innovative financial solutions, Polaris Bank has launched a quick credit solution called “Polaris Salary Advance”.

Polaris Salary Advance is a customer-led the product that enables employees to get up to 50% of their net monthly salary to meet basic needs before their next payday. The product is designed to provide short term financing to its customers via convenient and accessible digital channels such as the mobile phone.

Explaining the key features that set the new solution apart from competition, the Bank’s Group Head, Products & Markets Development, Adebimpe Ihekuna disclosed that the product is designed to provide leverage for consumers to meet pressing financial needs such as paying their child/ward school fees, emergencies requiring funding, bill payments, amongst other needs.

“Beyond the financial empowerment that Polaris Salary Advance offers to our customers, access to such soft loans improve consumer lifestyle and help them to be in charge of their resources rather than banking on uncertain sources”

Continuing, Adebimpe noted, ‘The social impact of the Polaris Salary Advance solution cannot be over-emphasized given its ability to meet customers’ needs on the go”.

How to access the funds

On the process of accessing the funds, she explained that it has been affirmed to be the fastest in the industry as one can easily access the salary advance solution and get his/her account credited in a minute, with no documentation required. Customers can access up to 50% of their net monthly salary capped at N500,000 for a 30-day tenor or next salary date by dialling *833*12#. The service is available 24/7 on all telecommunication networks.

Commenting on the new development, the Bank’s Managing Director/CEO, Tokunbo Abiru noted: “our commitment to the road not travelled, has led to the development of several product innovations beginning with the salary advance initiative. Over the next few weeks, we will be unveiling other tailor-made products targeted at making life more meaningful and convenient for our customers and the general banking public.

“Our product development strategy derives from customer feedback on the needs and aspirations of the new age. As an enterprise, we are focused on partnering with our customers into the future which is largely digitally enabled.”

Our product development strategy derives from customer feedback on the needs and aspirations of the new age. As an enterprise, we are focused on partnering with our customers into the future which is largely digitally enabled.”

Polaris Bank is a customer-centric bank positioned to deliver industry-defining products, services and platforms across all the key market segments.

SOURCE:https://brandspurng.com/2019/08/17/polaris-launches-collateral-free-salary-advance-solution-to-customers/

Two lucky Nigerians, including a 64-year-old bricklayer, Mr. Iyowun Ezekiel and 20-year-old artisan, Godwin Godday, have emerged the latest winners of Star prize GAC Saloon cars in the ongoing Dangote Cement ‘Bag of Goodies’ national consumer promo. 

Elated Ezekiel, who is based in Ijebu-ode, Ogun state and has been a bricklayer for over 40 years, found his prize-winning scratch card in one of the Dangote cement promo bags he bought from a distributor in Ijebu-Mushin. On the other hand, Godday, who is the youngest winner of the Star prize so far, found his winning scratch card in Ikorodu, Lagos. 

Both star prize winners were given the keys to their brand new cars by top Dangote Cement officials at different handing-over ceremonies in Ijebu-ode and Ikorodu, alongside 10 other lucky promo winners, who carted home various prizes including a tricycle, a motorcycle, 8 refrigerators and two television sets; to the admiration of other Dangote Cement consumers, distributors and the general public.

While Mr. Akintaye Oluwagbemiga won a tricycle, Mr. Kamilu Audu won a motorcycle. Interestingly, Mr. Solomon Dayo won three out of the seven refrigerators presented at the Ikorodu event, while Messrs. Ohemu Friday, Innocent Agbo-James, Ransome Watels and Kehinde Adeagbo went home with one refrigerator each. There was also the presentation of television sets to Mr. Dare Olajide and Mr. Oluwadare Gbenga. Likewise, Mr. Imam Adebisi Abdulhakeem, who won a refrigerator, collected his prize at the Ijebu-ode venue. 

Handing over the car keys to Ezekiel in Ijebu-ode, National Sales Director, Dangote Cement Plc, Mr. Adeyemi Fajobi told those gathered at the Local Government office venue that the cement promo is real and that there are many more choice prizes to be won. 

According to him, all a consumer has to do is to buy the Dangote Cement products and open the bag, adding that whatever is stated on the scratch card is automatically won by the buyer, when taken to any approved depot for the redemption of the prizes. 

The National Sales Director added, “Only Dangote can do this. This is a promise fulfilled. Some people were sceptical when this promo began but today, this is proof of our sincerity”. 

Also, Regional Director, Lagos/Ogun, Dangote Cement Plc, Mr. Tunde Mabogunje, while handing over the various prizes in Ikorodu, said excited consumers have been coming forward to collect their prizes in the ongoing promo. 

According to him, scores of people have come to redeem their winning scratch cards for recharge cards worth Thousands of Naira, pointing out that the promo is a deliberate effort at rewarding the consumers. He also said the company is happy that the consumers are winning.

Head, Route to Market, Dangote Cement Plc, Olukayode Akin-Bamidele said the promo was put up by the President of the Dangote Group, Aliko Dangote to reward consumers’ patronage.

Ezekiel, who is a display of euphoria danced to the podium to claim his Star Prize of a GAC saloon car in Ijebu-ode, Ogun State, added a dash to his win by sending a typed letter of appreciation to the Chairman of Dangote Cement Plc, Aliko Dangote. 

The lucky star prize winner, who said he has been a bricklayer for over 40 years, expressed profound gratitude to Aliko Dangote and the Dangote Cement company for the ongoing promo, which has so far empowered thousands of Nigerians as winners of various prizes. 

While celebrating his win with his son, Tayo Ezekiel (also a bricklayer) and members of his outfit, who donned “Thank you Dangote” t-shirts, Ezekiel disclosed that he had not won anything before until now, and enthused that the Dangote Cement ‘Bag of Goodies’ promo is a reality which has greatly helped Nigeria.

Speaking on how he emerged the star prize winner, Godday, who couldn’t take his education beyond Primary School due to lack of funds, said he was always watching out for winning cards in any cement bag he opened as a concrete mixer at a building site. He commended Dangote Cement for putting up the promo to alleviate poverty in the country.

The Dangote Cement ‘Bag of Goodies’ promo, which began nationwide in July and is to run till September end, has so far yielded numerous winners of prizes in various categories.

Among other unique gifts, a total of 43 brand new cars, cash prizes of N200 million, 24 tricycles, 500 refrigerators, 24 motorcycles, 400 television sets, generators, Goodies packs, are available for winners in a promo, which has generated so much excitement among Nigeria, with over 21 million lucky winners targeted.

SOURCE:https://brandspurng.com/2019/08/17/dangote-promo-64-year-old-bricklayer-and-20-year-old-artisan-win-star-prize-photos/

The mall dubbed ‘Amsalco Galaxy Mall’ is being constructed at the Murtala Muhammed Square in the heart of Kaduna city, through a public-private partnership between the Kaduna State Government, Amsalco, a private firm and the United Bank for Africa.

The project which is part of the state Urban Renewal programme is targeted at providing modern infrastructure in the state capital to boost economic development. “The dream of a Galaxy Mall was once aborted, but we have revived it with a new investment structure and partners. Let every one, therefore, do their duty so that it can become a viable and living reality,” said the Governor of Kaduna State, Nasir El-Rufai.

It will sit on a four hectares piece of land and will have 7,491 square metres of lettable space. It will have space for one major anchor tenant, three cinemas, six restaurants, 48-line shops and over 360 car parking bays. The mall will be constructed by CCECC Nigeria Limited, which is also partnering the government’s Urban Renewal Programme, which includes the dualization of WAFF Road, the main access road to the mall.

The Governor hopes that the development will be delivered within the envisaged 18 months. “A decent mall within a city is a quality of life issue, giving people more options for shopping and relaxation. A mall also expands economic opportunities for farmers, suppliers, sellers and the workers.

SOURCE:https://brandspurng.com/2019/08/16/us-10-7m-amsalco-shopping-mall-breaks-ground-in-kaduna/

Enyo Retail and Supply, a leader in the downstream oil and gas sector has announced its partnership with the Nigerian Bottling Company (NBC), leaders in the non-alcoholic beverage industry, to jointly improve customer experience through the provision of NBC chillers at selected Enyo service stations nationwide.

The partnership aligns with Enyo Retail’s vision of making its retail outlets one-stop centres where customers can do more than fuelling their cars. With the provision of the NBC chillers, Enyo customers can now enjoy drinks such as Coca-Cola, Fanta, Sprite, Schweppes, Five Alive, Limca and Eva table water.

Commenting on the partnership, Olabanjo Alimi, Corporate Development Lead, Enyo Retail and Supply said, “We are excited to partner with NBC. As a growing innovative fuel retailing company, we are committed to developing creative ways of driving customer experience at each of our outlets. We understand that our customers are diverse, and they are constantly seeking ways to recharge and re-energize through the bustle of day to day living; that is why our partnership with the NBC is significant as it enables us to better serve customers with refreshing drinks every time they stop by at our stations.”

Also commenting, Abdul Basit Qureshi, National Key Accounts Director, Nigeria Bottling Company stated, “Today heralds a new partnership between NBC and Enyo and is another milestone in our efforts to delight our esteemed customers. Our business and growth in Nigeria is strengthened by strategic partnerships with distributors, retailers and our consumers. This investment is poised to enable customers to have more access to NBC and our refreshing brands.”

The partnership earmarks Enyo’s non-fuel revenue initiative, created to further generate revenue from non-petroleum products. The other non-fuel Revenue offerings at Enyo service stations include Enyo’s VEHICON – premium vehicle concierge which provides top of the line car maintenance services and REELAX – a destination collection of convenience offerings and convenience stores.

Since its opening in 2017, Enyo has spearheaded initiatives that aim to revolutionize the downstream oil industry and serve as the premier for marketing petroleum products which includes its MechTech Academy, the launch of STEMCafe, Cars45 outlets and now NBC products in its stations.

SOURCE:https://brandspurng.com/2019/08/15/enyo-retail-and-supply-partners-nbc-to-bolster-customer-experience-at-its-service-stations/

Nigerian freight logistics startup Kobo360 has raised a $20 million Series A round led by Goldman Sachs and $10 million in working capital financing from Nigerian commercial banks.

The company — with an Uber-like app that connects truckers and companies to deliver services — will use the funds to upgrade its platform and expand to 10 new countries beyond current operating markets of Nigeria, Togo, Ghana and Kenya.

Since its launch in Lagos in 2017, Kobo360 has continued to grow its product offerings, VC backing and customer base. The startup claims a fleet of more than 10,000 drivers and trucks operating on its app. Top clients include Honeywell, Olam, Unilever, Dangote and DHL.

In addition to customer focus, founders Ife Oyedele II and Obi Ozor have prioritized serving the startup’s drivers. They offer the company’s app in languages common to drivers, such as Hausa and Pidgin.

Kobo360 also launched its own driver working capital finance program, KoPay, KoboSafe insurance product and KoboCare: a suite of driver services from HMO packages to family tuition assistance.

The startup is part of a growing e-logistics and transport space in Africa linking on-demand apps to mobile-based connectivity to move people and goods around the continent more effectively.

In the ride-hail space, global players such as Uber and Bolt are competing with each other and homegrown startups to digitize and capture revenues in the continent’s auto and motorcycle taxi markets.

In e-logistics freight delivery, two startups — Kobo360 and Lori Systems — have continued to compete for tit for tat on investment, scale and expansion.

Kobo360 moved into Lori Systems’ HQ country Kenya this year. Lori Systems expanded into Nigeria in September of 2018.

Commercial research firm MarketLine estimated the value of Nigeria’s transportation sector in 2016 at $6 billion, with 99.4% comprising road freight.

Kobo360’s CEO Obi Ozor told TechCrunch the startup would make final decisions on the 10 new countries by first quarter 2020.

As a cross-border freight service, the company looks to benefit from Africa’s Continental Free Trade Area (AFCFTA), signed this year by all the continent’s 54 countries to reduce barriers and friction on Pan-African commercial activity.

In addition to lower costs for Kobo360’s country to country freight movement, the startup expects to have a voice in AFCTA’s final implementation.

“We’re going to do some policy work through the IFC so we can help shape AFCTA. The key to the deal is really logistics, so if the logistics component doesn’t work out the deal isn’t going to work,” Ozor said.

Kobo360 will use part of its $30 million funding to build out its Global Logistics Operating System —  GLOS for short — a blockchain-enabled platform that will help the company transition to more supply-chain services.

By Digest Africa’s latest ranking, Kobo360’s $20 million Series A is the 5th largest investment in an African startup this year, after Egyptian ride-hail company Svwl’s $42 million raise in June. Kobo360’s existing investors IFC, TLCom Capital and Y Combinator joined the round.

Goldman Sachs confirmed to TechCrunch its lead on the Series A. Over the last several years the U.S. based finance firm’s Africa investments have included backing for e-commerce unicorn Jumia (which recently listed on the NYSE) and leading a $52 million investment in South African fintech startup Jumo in 2018.

Goldman Sachs’ Jules Frebault named Kobo360’s ability to scale quickly over a short period of time and use of tech to improve reliability and efficiency in Africa’s logistics ecosystem as a reason for leading the Series A.

“It’s also a business model that’s replicable across multiple geographies on the continent,” he told TechCrunch on a call.

Kobo360 has a mind toward international expansion but expects to remain focused on Nigeria and Africa for now. “We’re definitely thinking global, we just want to make sure we close out our home market first, then we’ll start looking outside,” Ozor said.

SOURCE:https://brandspurng.com/2019/08/15/e-logistics-firm-kobo360-raises-30-million/

A new competitor enters the crowded African money transfer market.

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Xoom, the money transfer company bought in 2015 for $890m by the American leader in online payments, Paypal, now serves 33 African countries from about 30 European markets.

Through partnerships with Ria Money Transfer and African banks, Xoom allows people to send money online to 150,000 withdrawal points in Africa or to transfer funds directly to bank accounts—for now, the latter is only available in Egypt, Morocco, Nigeria, Nigeria, Rwanda, South Africa and Uganda.Recipients can retrieve cash almost instantly; it can be delivered directly to their door or their phone in the form of mobile credit (this is only available 11 countries).

“We offer a safer service and a more affordable price,” says Julian King, vice- president of Xoom.

The transfer company states it costs €1.49 (or 0.3%) to send €500 from France to Morocco. TransferWise and MoneyGram charge €9 and €3.99 respectively for the same amount.

However, neither the option for bill payment nor cash delivery is available in African countries, although these services are marketed by Xoom.

A market that is competitive and dynamic

Rather than revolutionising the sector, Paypal’s subsidiary appears to be another competitive player in an already competitive and dynamic market.

One of Xoom’s biggest competitors and predecessors is the British company WorldRemit, created in 2010 and which is expanding services and partnerships in Africa. Since September 2018, it has allowed inter-African transfers to companies.In June, the company expanded its services to include wage payments in Ghana, Kenya and South Africa. In mid-July, it joined forces with Cash Plus in Morocco, where it now has 2,000 withdrawal points.

Telecoms operators, such as Orange and Safaricom, are also venturing into the inter-African transfer segment, with offers sometimes better adapted to local needs. Safaricom’s Text and Treatment solution allow, for example, to pay for emergency transport for patients in Tanzania and Lesotho.

Missing a strategy on inter-African transfers

Surprisingly, Xoom and PayPal do not seem to have a specific continental strategy.

Paypal’s headquarters in California refused to provide precise figures on its African presence and activity.

When asked about the possibility of transferring foreign currency between countries on the continent in the medium term, King remains evasive: “We will look closely at how we can bring value outside North America and Europe. We hope to be able to offer something within the inter-African markets.”

Bottom line: This is astonishing caution, given that 80% of African migration takes place on the continent and that the sub-Saharan region alone represents an estimated market of $46bn dollars for the sector.


SOURCE:https://brandspurng.com/2019/08/14/paypal-enters-the-african-market-with-xoom/

Okomu Oil Palm Company PLC hereby notifies The Nigerian Stock Exchange and investing Public that it has intensified steps to improve collaborative arrangement with Edo State Government in the Agricultural industry through a partnership with the local communities and indigenous farmers to boost job creation and enhance modern agricultural techniques for an increase in production.

In line with the spirit of the Edo State Investment Promotion Office (ESIPO), the Company is determined to work with all relevant bodies in the training and support of aspiring youths in a positive and productive direction.

The Company’s involvement in the development of Roundtable on Sustainable Palm Oil (RSPO) is geared towards establishing a sustainable oil palm growth and practice.

SOURCE:https://brandspurng.com/2019/08/14/okomu-oil-plans-to-cultivate-5000-hectares-oil-palm-in-edo-state/

Okomu Oil Palm Company Plc has been identified as an important landscape for African Grey parrots in Nigeria this is after series of surveys to determine seasonal patterns of behaviour and habitat usage of the parrot.

An overnight roosting location was identified in the nursery of Okomu Oil Palm Plc.
Another a roosting location close to the Araukwa Stream within the Okomu National Park was identified among the over twenty forest sites across the southern part of Nigeria.

A survey conducted in march 2019 by Ifeanyi Ezenwa and Ugochukwu Abazu both from of the Department of Zoology and Environmental Biology of the University of Nigeria Nsukka, shows that within the Okomu Oil Palm plantation, the parrots were found leaving the site very early in the morning (possibly due to disturbance by people collecting tail feathers from beneath the roost before daybreak with the use of flashlights). The Grey parrots were observed to start arriving at the roost at approximately 17.00h in groups of 1 or 2 with the majority arriving between 19h20 and 20h20.

Groups often stopped at some distance from the roost site before aggregating together and arriving at the roost tree in groups of 50 or more. The roost was estimated to be used by between 400 and 450 Gray parrots, considerably more than the number counted during the previous visit in April 2018 (estimated around 100-150) suggesting that the numbers roosting may be variable depending on the season.

In 2017 African Grey parrots were recognized as Globally Endangered species by the International Union for the Conservation of Nature (IUCN) due to rapid population declines driven by the capture of the bird for the pet trade and deforestation. In 2018 an initiative was launched to understand the status of African Grey parrots in Nigeria, determine threats and identify critical actions for the protection of wild populations.

SOURCE:https://brandspurng.com/2019/08/14/okomu-plantation-hosts-the-endangered-africa-grey-parrot/

The six-year electricity deal signed by the Federal Government and Germany-based Siemens AG in July will cost more than N1.15tn to execute, according to Punch Newspaper.

The three-phase Nigerian electrification project which aims to achieve 25,000 megawatts of electricity in the country by 2025 will require more than N1.15tn to execute, according to the Technical and Commercial Proposal seen by our correspondent.

On July 22, 2019, the Federal Government and Siemens signed a Letter of Agreement on the Nigeria Electrification Roadmap which resulted from the meeting between President Muhammadu Buhari and the German Chancellor, Angela Merkel, on August 31, 2018, in Abuja.

President Buhari said at the signing ceremony that it was evident that more work needed to be done to upgrade the transmission and distribution system, adding that the government was initially reluctant to intervene as the distribution sector had already been privatised.

According to the Technical and Commercial Proposal dated May 7, 2019, phase 1 of the project seeks to increase the power delivered by additional 2,000MW, significantly reduce Aggregate Technical, Commercial and Collection losses and achieve improved grid stability and reliability.

The document revealed that the scope of work for the first phase would entail transmission assets upgrade, distribution assets upgrade, grid automation, national metering infrastructure, power system simulation and general technical training.

The budgetary price for the transmission assets upgrade, which includes 11 containerised substations and 10 mobile substations, was put at €330m (about N113.42bn).

The cost of the distribution assets upgrade was estimated at €250m (N85.92bn). The upgrade would include products and systems for 14 stations and upgrade of 26 substations.

According to the document, the power system simulation would entail new software licences for the Transmission Company of Nigeria (€192,000); software M&S for TCN (€182,000); training and technical services support for TCN (€1.35m); new software licences for 11 distribution companies (€1.41m); software M&S for Discos (€848,000) and training and technical services support for Discos (€1.81m).

The cost of system development studies for 25,000MW transmission, sub-transmission and distribution grid capacity was put at €1m.

The budgetary prices for the grid automation, national metering infrastructure and the general technical training were not stated.

“The quantity and prices are all ex-work factory and are subject to change after detailed project scoping and design. Budget prices contained here to exclude the following: i. Taxes, duties and other logistics cost ii. Project management costs iii. Costs of rights of way, Environmental and Social Impact Assessment, Environmental Impact Assessment, and other required licences or permits,” the document said.

According to the proposal, the objective of the second phase is to increase the grid capacity from 7,000MW (expected to be realised from phase 1) to 11,000MW.

To achieve this, Siemens and other participants will focus on transmission and distribution assets upgrade including North East Transmission Infrastructure Projects 2; supervisory control and data acquisition for Discos; 40MW embedded power project in Abuja, and gas processing projects to ensure fuel availability

“Siemens proposes a gas processing facility for 300 million standard cubic feet per day from existing flare gas assets for the generation of about 1,200MW of electricity within 36-48 months,” the document said.

It said the budgetary price estimates for the distribution SCADA for the 11 Discos and gas processing to power projects would be submitted later.

The 40MW embedded power project was estimated to cost $770 – $815 per kilowatt, depending on the scope of supply and location, among others, amounting to about $31.68m (N9.72bn).

The proposal also disclosed that the third phase of the Nigeria Electrification Roadmap would focus on additional transmission and distribution assets upgrade and large-scale power project in order to increase the grid capacity from 11,000MW to 25,000MW.

On new power generation to support central and northern regions, the document said, “The Nigerian National Petroleum Corporation is already in the process of developing the Ajaokuta-Kaduna-Kano Pipeline Project and the establishment of power plants in Abuja, Kaduna, and Kano states.

“Siemens is happy to support the power plant projects, particularly to speed up this process to build new power capacity in the northern region and Lagos area of Nigeria.”

According to the document, the potential projects are 1,350MW in Abuja; 1,350MW, Kaduna; 1,350MW in Kano, and 450MW in Lagos (Agura).

The budgetary cost of the Abuja, Kaduna and Kano projects was put at an average of €700/kW, while that of Lagos was €600/kW, amounting to about €3.11bn ( N1.07tn).

“These above prices are subject to changes based on additional information on the specific projects, location, financing and contractual terms and conditions,” the document said.

It said that additional projects such as Independent Power Producer projects would be required to close the capacity gap to 25,000MW.

“These projects could be, for example, in the Lagos region or any other location where demand for additional power is especially high,” it added.

The President and Chief Executive Officer, Siemens, Mr Joe Kaeser, who visited Nigeria last month for the signing of the deal, had said the contractual and financial agreement would be discussed in the next few weeks to enable the project started quickly.

The Director-General, Lagos Chamber of Commerce and Industry, Mr Muda Yusuf, in a recent interview with our correspondent, described the liquidity challenge in the sector as a major issue in the power sector.

“For me, the project is not ambitious enough, given the acute power problem that we have in Nigeria. I think we should be more ambitious when we are talking about our aspirations as far as the power sector is concerned. But more importantly, we need to fix the fundamental issues before what is being discussed can crystallise,” he said.

Yusuf cited the issues of tariff, technical and financial capacity of Discos and unpaid debts in the entire value chain of the sector.

The Nigeria Electrification Roadmap is similar to the Egypt megaproject and the Iraq electrification project recently awarded to Siemens.

In July 2018, Siemens announced the completion of the Egypt Megaproject in record time, adding 14,400MW of power generation capacity in 27.5 months to Egypt’s national grid.

On April 30, 2019, Iraq and Siemens signed a framework agreement to upgrade the electricity grid of the country.

SOURCE:https://brandspurng.com/2019/08/13/nigeria-siemens-electricity-deal-to-gulp-over-n1-15-trillion-across-4-states/

The Shanghai port has topped UNCTAD’s 2019 ranking of the world’s best-connected ports, released on 7 August.

The Chinese port garnered a connectivity score of 134 points, followed by the ports of Singapore (124.63 points), Pusan (114.45 points) in Korea and Ningbo (114.35 points), also in China. The index is set at 100 for the best-connected port in 2006, which was Hong Kong, China.

Besides the Asian ports, the other ports on the top 10 list are those of Antwerp (94 points) in Belgium and Rotterdam (93 points) in the Netherlands. None of the ports in the top 20 list is from Africa, Latin America, North America or Australasia.

“A container port’s performance is a critical factor that can determine transport costs and, by extension, trade competitiveness,” said UNCTAD’s director of technology and logistics, Shamika N. Sirimanne.

Efficient and well-connected container ports enabled by frequent and direct shipping services are key to minimizing trade costs and fostering sustainable development, Ms. Sirimanne said.

UNCTAD’s port Liner Shipping Connectivity Index (port LSCI) dataset enables businesses and governments to determine maritime transport trends and their ports’ positions compared to others.

More than 900 ports covered

The port LSCI, which now provides data on more than 900 ports dating back to 2006, is generated using the same methodology as that for the recently released country-level LSCI produced by UNCTAD in collaboration with MDSTransmodal.

The 2019 port LSCI shows that the expanded Panama Canal has led to shifts in patterns of services.

The data also indicates that the LSCI of New York/New Jersey and Savannah on the east coast of North America grew by more than 20% since 2016, while the leading ports on the west coast saw their LSCI stagnate.

The data further reveals that investments by shipping lines can attract additional services. Piraeus (Greece), operated by COSCO from China, for example, has become the best-connected port in the Mediterranean in 2019.

In Africa, both geography and port reforms emerged as critical factors. The best-connected countries in Africa are those at its corners – Morocco, Egypt and South Africa.

Western Africa has relatively low connectivity because it doesn’t lie at the crossroads of major north-south or east-west shipping routes.

Mombasa (Kenya) and Dar es Salaam (Tanzania) connect Burundi, Rwanda and Uganda to overseas markets through dedicated corridors, but they remain highly congested.

Low connectivity makes merchandise trade costly and uncompetitive. Many small islands developing states (SIDS) face a vicious cycle where low trade volumes discourage investments in better maritime transport connectivity.

The Pacific Islands are among those with the lowest shipping connectivity. For example, Port Vila (Vanuatu) receives about one container ship every three days, the data shows.

In Kiribati, there is only one operator offering regular liner shipping services, with one ship arriving about every 10 days.

Port calls and port turnaround times

Besides the new datasets measuring liner shipping connectivity, UNCTAD also released new data on port calls and turnaround time in the global container ports, in collaboration with MarineTraffic.

The data shows that containerships have the lowest turnaround times. In 2018, a ship spent a median time of 23.5 hours in ports.

Dry bulk carriers typically spent just over two days during a port call, while container ships spent the least amount of time – less than a day.

“A shorter time in port is a positive indicator that could partly signal the level of port efficiency and trade competitiveness,” said UNCTAD’s chief of transport, Frida Youssef.

The economies with the fastest turnaround times are the advanced ones with large volumes or small ones that handle low cargo volumes at each port call, Ms. Youssef said.

According to the data, the bottom 10 countries are all developing countries or least developed countries.

However, a longer time spent in port does not necessarily mean that the port is less efficient, as owners of ships may choose to have them stay longer in a port to purchase goods or services.

According to Ms. Youssef, countries with more port calls have lower turnaround times. “A port with a faster turnaround can accommodate a larger number of port calls with the same number of berths,” she said.

Such a port is also more attractive to shippers and carriers, Ms. Youssef said, so the number of port calls will be higher compared to a competing port that has a lower turnaround time.

These latest datasets complement other maritime statistics and indicators provided by UNCTAD to measure the achievement of the Sustainable Development Goals.

SOURCE:https://brandspurng.com/2019/08/11/shanghai-tops-ranking-of-worlds-best-connected-ports/

MTN has engaged the services of the KPMG to handle the demand for the payment of tax on the N330bn ($1.1bn) fine is paid to the government, the investigation has shown.

The company had confirmed having a technical disagreement with the Federal Internal Revenue Service regarding tax deductions from the fine.

Sources close to the company confirmed that the telco had to hire the KPMG because it needed a professional firm conversant with Nigerian tax matters to handle the dispute with the competence required.

The Nigerian tax tribunal is looking into the disagreement between the telco and the FIRS on whether the fine paid by the company to the government should be subjected to tax.

It was gathered that the tax in dispute was being held in an escrow account pending the ruling of the tribunal.

It was also learnt that the tribunal had been on the case for about one year.

MTN, which is Nigeria’ largest network operator, was fined N1.04tn by the Nigerian Communications Commission for not meeting the deadline for deactivation of more than five million unregistered SIM cards in 2015.

It, however, negotiated a reduced fine on condition that it would list on Nigerian Stock Exchange.

After four years, the telco completed the payment of the fine in line with a structured payment plan on May 31 and also listed on the country’s bourse on May 16 in fulfilment of the agreement.

The network operator had said it took the disagreement on tax payment to a tribunal set up by FIRS Chairman, Babatunde Fowler, and a former Minister of Finance.

The telco in a statement issued last week said, “MTN remains fully compliant with Nigerian tax laws and will abide by the findings of the tribunal. The company is committed to meeting its fiscal responsibilities and contributing to the social and economic development of Nigeria.”

The company added that it would abide by the ruling of the tribunal whose decision is being awaited by the concerned parties.

SOURCE:https://brandspurng.com/2019/08/08/tax-dispute-mtn-nigeria-engages-kpmg-to-tackle-firs/

Max 102.3 FM, a member of the TVC Communications Group, has won the “Innovative Young Radio Station of the Year” award at the annual Marketing Edge Brands and Advertising Excellence Awards.

The event, organized by Marketing Edge magazine, a foremost brand and marketing publication, celebrates the best innovative minds and corporate in the integrated marketing communications industry (IMC) in Nigeria.

This year’s edition had the theme: “Storytelling in Contemporary Brand Building: Convergence of Creativity and Technology”.”

Publisher/Chief Executive Officer, Marketing Edge magazine, John Ajayi, described the awards as a significant event in the marketing industry as it is dedicated to the recognition of excellence and creativity.

“Our resolve to recognize and reward our deserving awardees, peers and gladiators, some of the personalities and institutions that have contributed very tremendously to the nation, is as a result of and in sync with our raison d’être, which is ‘promoting the brand idea,” Ajayi said.

In clinching the accolade, Max 102.3 FM was cited for the innovation, dynamism and professionalism with which the station conducts its business.

Speaking on the achievement, TVC Communications Chief Executive Officer, Mr. Andrew Hanlon, said; “We are delighted and proud that Max FM won the “Innovative Young Radio Station of the Year” award at the Marketing Edge Brands and Advertising Excellence Awards. It is a well- deserved recognition of the effort and progress we are making in delivering the best hit music, highest quality sound with our most talented On-Air Personalities.”

He added that the recognition bestowed on Max FM will “further spur our drive towards becoming the reference point in radio broadcasting in Nigeria as we continue to build TVC Communications into a foremost media house defined by quality, reliability and excellence. Our young and dynamic team is enthusiastic to continuously provide consistent information, entertainment and music to our listeners.”

MAX 102.3 FM was launched in Lagos in October 2017 as the Hit Music for Lagos. It replaced Radio Continental which was ranked 15th in the market with an 8% adult share. AMPS radio listenership research for April 2018 ranks MAX 102.3 FM fourth overall in the Lagos market but first in the music radio category. MAX 90.9 FM Abuja was launched in the Federal Capital Territory (FCT) in September 2019.

TVC Communications is a leading, independently owned and operated media organization established in 2007, with its headquarters in Lagos, Nigeria. Our TV and radio stations include TVC News (24hour Nigerian news channel), TVC (Pure Entertainment channel) Max FM Lagos, Max FM Abuja and Adaba FM.

SOURCE:https://brandspurng.com/2019/08/08/max-102-3-fm-wins-innovative-young-radio-station-of-the-year-award/

Lagos, Nigeria – Monday, August 6, 2019: In an effort to serve customers more efficiently and deepen its digital drive, leading consumer finance firm, Zedvance, has launched a dedicated mobile lending app – MoneyPal.

Announcing the introduction of the channel, Chief Operating Officer, Zedvance Limited, said, Mr. Jerry Osagie said, “Our investment in digitalizing our business has allowed us to anticipate and meet our customer needs in increasingly efficient ways. This has also allowed us to disburse loans to customers round-the-clock in a few minutes, ensuring that we are always there for our customers.”

The recently launched channel is part of Zedvance’s #Madeforyou campaign designed to emphasise the company’s readiness to cater to customers’ instant loan needs. Besides the app-based platform, Zedvance also services its numerous customers through its website (www.zedvance.com), phone calls to its Contact Center on 07001001000, Zee, a Whatsapp chatbot; and a number of sales agents.

According to Osagie, “With the MoneyPal app, subscribers can request for Zedvance Nano loans -typically low-ticket loans which are payable within a short time; or salary-based loans -of up to N5million and at tenures of up to 24months at amazing interest rates.”

In business since 2015, Zedvance has traditionally provided loans to only salary earners in the public and private sectors. With the launch of the MoneyPal app however, the company will now be able to cater to the lending needs of non-salary earners as it seeks to deepen its financial inclusion strategy across the country.

“Our aim is to be a true partner for success – enhancing the lifestyle of every Nigerian by providing access to credit through different offline and online channels, hence the launch of the #MadeForYou Campaign. Each of our application channels was specially made for our customers’ convenience”, concluded Osagie.

The app is now available for download on the Google Play Store for Android devices and will soon be launched on the Apple Store for iOS users.

Zedvance Limited is a consumer finance company committed to providing consumer credit to Nigerians in the most efficient and convenient manner while ensuring best practices. The company is a subsidiary of new-age financial solutions powerhouse, Zedcrest Capital Ltd.

SOURCE:https://brandspurng.com/2019/08/07/zedvance-to-provide-loans-to-non-salary-earners/