₦airaland Forum

The company, in a statement on Thursday, said that the driver hijacked the ambulance without permission.

It will be recalled that officials of the Nigeria Customs Service, Apapa Area Command, on Wednesday announced the arrest of two suspects caught with 10 cartons of stolen tramadol conveyed in an ambulance at Apapa ports.

Medbury, a reputable industrial health providerresponsible for emergency medical services to Apapa Warf had at all times stationed its ambulances within the terminal. The company had earlier discovered that the whereabouts of the driver and ambulance where unknown  and missing before the news broke.

The company stated that its ambulance was unlawfully hijacked by the perpetrators of the condemnable act.

The company also clarified that it has immediately suspended the driver and launched investigation into how the vehicle was used for the illegal activity.

The statement read in part, “The initial assumption was that the driver had stolen the ambulance, but we were later informed that the driver had been intercepted by Customs officers at the Port and Tramadol was discovered in the vehicle.”

“We will like to clarify that the driver was at the time of the incident not authorised to move the vehicle out of the premises and acted on his own accord.”

“We immediately provided a replacement, a fully equipped ambulance, as soon as we were notified of the incident and the driver involved has been suspended indefinitely, pending the report of the investigation.”

The statement added, “We are a law-abiding organisation and we will like to state that we are cooperating fully with the Nigerian Customs regarding this incident.”

The company commended moves by the Nigeria Customs to further investigate the matter stating

“While the terminal interfaces with Nigerian Customs and the issue of investigation is ongoing, we are on standby to offer assistance within our capacity and knowledge on the issue as well as receive any useful information from the terminal on its perspective on the issue.”

“The ambulance is a life-saving vehicle and was unlawfully hijacked and used to perpetuate this crime against the purpose for which it was purchased and assigned by our organisation,” it added. 

SOURCE:https://brandspurng.com/2019/07/18/company-denies-involvement-in-ambulance-usage-for-conveying-illegal-tramadol/

Manufacturers and providers of goods and services under the umbrella of Nigeria Employers’ Consultative Association (NECA) Wednesday declared their resistance to the plans by the federal government to increase taxation, including the value-added tax (VAT).

NECA also called on the federal government to address the nation’s infrastructure deficit before the take-off of the African Continental Free Trade Area (AfCFTA).

It lauded the signing of the agreement by President Muhammadu Buhari, saying the trade pact could enhance capital inflows into the country.

It also warned that AfCFTA could harm the country’s economy in view of what it described as the variables of Nigerian businesses and industry.

Speaking after leading a delegation of NECA to a meeting with President Buhari in the State House, Abuja, NECA’s Director-General, Timothy Olawale, said members of the delegation told Buhari that increasing tax this period would increase the burden of companies which were already paying more than they could bear.

Besides, he said increasing VAT now would further impoverish the poor.

A former Minister of Finance, Mrs Zainab Ahmed, had said in June that the federal government was planning to increase VAT to 7.5 per cent from the current five per cent by 2020.

She said the increment would help the federal government to shore up falling revenue.

But Olawale said the delegation told the president that instead of increasing any tax rate, efforts should rather be geared towards broadening the scope of tax collection by going after 65 per cent of the citizenry who do not pay tax.

He said if at all VAT would be increased, the increase should be targeted at luxury goods and opulent people and not the masses.

“Basically, what we told the president is what we have repeated over and over again in the public domain, that rather than any increase in taxation because as it is, organised businesses are already being overburdened with all sorts of taxes and levies; as a matter of fact, we have calculated 105 different taxes and levies we are paying as we speak, which is cumbersome and burdensome.

“So, we had advised that rather than resort to any form of an increase in taxation, what government should be looking at is putting a mechanism in place to widen the tax net in such a way that almost 65 per cent of non-compliant taxpayers are captured in the tax net. That way, more revenue will accrue into the coffers of the government. We specifically also voiced our concern with the suggestion and proposal out there that value-added tax should be increased.

“We have advised the government that if it comes to be, it will reduce the purchasing power of Nigerian workers as well as the poor masses that the president, as we know, is working hard to improve their lot. We are saying that if the government must as a matter of an avoidable necessity increase VAT, it should target luxury goods as well as the extra affluence in the society, not the poor masses of consumer goods and services that are for the benefit of the masses,” he said.

On AfCFTA, Olawale said whereas the agreement was laudable and could enhance capital inflows into the country, it could also harm the country’s economy in view of what he described as the variables of Nigerian businesses and industry.

He listed such variables to include poor infrastructure deficit, which does not make Nigerian goods and services competitive.

According to him, to save the country’s businesses from chaos, the government must address the lingering challenges, otherwise, companies that are already struggling will eventually fold up when the implementation begins.

“We don’t want a situation where our businesses are not competitive due to the disadvantaged environment in which they operate. Of course, we are all familiar with the disadvantaged environment with regards to the issue of agriculture among which is power and the issue of the road network, that is the transportation of goods and services and accessibility to the different business environment.

“What we are saying is that if all these issues are not addressed properly, to make our businesses competitive, definitely we are going to be at the receiving end, to the extent that our nation will become a dumping ground. And even some of the factories that are even struggling presently may end up folding up. Of course, we know the history of the textile sector and that can be replicated in any sector and we don’t want us to get to that extent.
“That is why we are saying the government should put a mechanism in place to address these issues so that we can be competitive and so that we can take our rightful place and maximise the benefits of the Africa Continental Free Trade Area (AfCFTA) agreement,” Olawale added.

On the level of compliance of NECA with the new Minimum Wage Act, which jacked up minimum wage in the country from N18,000 to N30,000, Olawale said already 70 per cent of members of NECA were paying above N30,000 before the law was made and there was nothing to worry about on compliance with the law.

Responding, Buhari told the NECA delegation that the federal government’s policies would be designed to support exportation more than importation, assuring them that the implementation of AfCFTA would be devoid of crisis.

Buhari also told the group that he agreed with members of the delegation that there are challenges that need to be fixed, pledging that such challenges will be addressed with a view to putting in place the mechanism for the success of Nigeria’s businesses.

He urged the delegation to be patient and show understanding and simultaneously engage the federal government by giving it what he described as “constructive and honest feedback.”

SOURCE:https://brandspurng.com/2019/07/18/manufacturers-stand-against-fg-proposal-in-increase-of-taxation-and-vat/

The Nigerian Communications Commission (NCC) had credited the sum of N51.3 billion to the Federal Government’s Consolidated Revenue Fund (CRF) in the first quarter (Q1) of this year.

It reaffirms its responsibility to fight crimes in the country and assure seamless internet usage.

The transmittal, according to the Executive Vice Chairman (EVC/CEO), NCC, Prof. Umar Garba Danbatta, is in agreement with the Fiscal Responsibility Act of 2007 (FRA 2007).

Prof Dambatta who discoursed to reporters in Kano on the sidelines of the 2019 Annual Dinner and Awards Night Nigerian Society of Engineers (NSE), Kabuga Branch at which he and the wife of Kano State Governor, Dr Hafsat Ganduje were recognised, said: “The Federal Government is putting in place all necessary measures to contain cybercrime, especially in our banking sector and other areas in the country.”

According to the regulator, the payment of N51.3 billion represents “Payment on Account” in respect of operating surplus of N44 billion and N7.3 billion spectrum assignment fee collected, both of which are due to the Federal Government as at April 30, 2019.

According to the FRA 2007, such payments are to be made every year after preparation of Audited Accounts.

Specifically, Section 22, Sub-section 1 of the Act states that “Notwithstanding the provisions of any written law governing the Corporation, each Corporation shall establish a general reserve fund and shall allocate thereto at the end of each financial year, one-fifth of its operating surplus for the year.”

Section 22, Sub-section 2 of the Act states further that, “The balance of the operating surplus shall be paid into the Consolidated Revenue Fund (CRF) of the Federal Government not later than one month following the statutory deadline for publishing each Corporation’s Account.”

Aside from remitting the operating surplus, Section 17, Sub-section 3 of the Nigerian Communication Act (NCA, 2003) also stipulates that spectrum assignment fees generated shall be remitted 100 per cent to the Federal Government.

The Section states: “The Commission shall pay all monies accruing from the sales of Spectrum under Part 1 of Chapter VIII into the Consolidated Revenue Fund (CRF).”

Commenting further, the EVC, Prof. Danbatta, said the Commission had taken the initiative to be making payments on account as it generates revenue.

Danbatta said through effective regulatory oversight by the Commission, the telecoms sector has witnessed phenomenal growth since 2001, making it an enabler of economic growth and development.

“To date, the telecoms industry has positively impacted all the sectors of the economy including banking, healthcare, commerce, transportation, agriculture, education and so on, with increased quarter-on-quarter contribution to the country’s Gross Domestic Product (GDP),” Prof. Danbatta added.

For instance, the latest data released by the National Bureau of Statistics (NBS) showed that the telecoms industry contributed 10.11 per cent to Nigeria’s GDP in the first quarter of 2019.

This represents a 0.92 per cent increase from the first quarter of the last year. This year’s first quarter contribution is also 0.26 per cent more than the figure (9.85 per cent) recorded in the last quarter of 2018.

“From 2001 till date, telecoms investment has increased tremendously from $500 million to over $70 billion, just as the Commission intensifies measures aimed to further facilitate investment growth in telecoms infrastructure to drive the economy, especially through the licensed Infrastructure Companies (InfraCos).

We are also working with necessary stakeholders across all levels of government to address identified impediments to investment drive in the sector,” Prof Danbatta said.

While providing the latest data on the industry to underscore the impressive growth already recorded in the industry, the CEO said: “In the 21st Century, access to pervasive broadband is a game-changer for any economy.

“The Commission has since placed greater emphasis on broadband development as the next frontier for economic growth by driving efficiency and innovations in Nigeria.

Consequently, through the painstaking implementation of our 8-Point Agenda with the need to facilitate broadband development topping the agenda, we have been able to increase broadband penetration to 33.13 per cent as at end of May 2019.”

Accordingly, Prof Danbatta stated that as of May this year, there were over 173.6 million active mobile lines across mobile networks, corresponding to a teledensity of 90.98 per cent. Internet subscriptions during the month stood at 122.6 million up from 119 million in April.

The CEO noted that while the industry has provided and continues to provide direct and indirect jobs for millions of Nigerians, the Commission, through effective regulatory approach, is embarking on more initiatives to boost access to telecoms services in rural, unserved and underserved areas across.


SOURCE:https://brandspurng.com/2019/07/17/ncc-remits-n51-3-billion-to-federal-government-consolidated-revenue-fund-in-q1-19/

Emotional, dynamic, individual: Mercedes-AMG presents the CLA 45 4MATIC+ Shooting Brake and the CLA 45 S 4MATIC+ Shooting Brake (combined fuel consumption 8.4-8.2 l/100 km; combined CO2 emissions 191-188 g/km) [1] – two powerful new compact cars that complement sporty athleticism with wide-ranging functionality. The 2.0-litre four-cylinder turbo engine is more powerful than ever, with an output of 285 kW (387 hp) or 310 kW (421 hp). The combination of extremely sporty performance (acceleration 0-100 km/h in 4.1/4.0 seconds) and the variable interior with increased luggage capacity is aimed at a young target group who lead an active and varied life at work and in their leisure time.

Mercedes-AMG is broadening its model portfolio apace: “The new CLA 45 Shooting Brake is already the third model of our completely new Performance compact cars portfolio and demonstrates that we have a range tailored to all types of individual wishes. The driving dynamics and the sporty product experience are on a level which was previously unimaginable in the compact class. Our Shooting Brake additionally offers a pronounced degree of practical utility value, which its expressive design idiom brings across with plenty of lifestyle appeal,” says Tobias Moers, CEO of Mercedes-AMG GmbH.

One new feature which makes a substantial contribution to the incomparable driving experience is the active, fully variable AMG Performance 4MATIC+ all-wheel drive: for the first time, this system offers selective power distribution to the wheels on the rear axle via AMG TORQUE CONTROL. This means that the power is distributed to the left and right rear wheels highly flexibly and at different ratios, according to the given driving situation – resulting in optimum traction, whatever the road surface conditions and whatever course the route takes. In addition, spectacular Drift mode (standard on the S-Model, included in the optional AMG DYNAMIC PLUS package for the base model) provides for even greater driving enjoyment. This is made possible by a newly developed rear axle differential, which for the first time incorporates two multi-plate clutches. These open and close at lightning speed to control the torque flow for each rear wheel individually.

SOURCE:https://brandspurng.com/2019/07/17/the-new-mercedes-amg-cla-45-4matic-shooting-brake-a-model-athlete-for-all-eventualities-photos/

Protea Hotel Fire & Ice! by Marriott Durban uMhlanga Ridge officially opened this month, making it the first Fire & Ice! by Marriott hotel in KwaZulu-Natal and the fourth in South Africa. A highly anticipated addition to the brand’s fast-growing portfolio, it joins Fire & Ice! by Marriott hotels in Melrose Arch (Johannesburg), Cape Town and Menlyn (Pretoria).

A short drive from King Shaka International Airport, Protea Hotel Fire & Ice! by Marriott Durban, uMhlanga Ridge is nestled along the picturesque KwaZulu-Natal coastline in the sought-after seaside town of uMhlanga, just north of Durban. In close proximity to the breathtakingly beautiful uMhlanga Rocks Beach, the Gateway Theatre Mall and the Moses Mabhida Stadium, it provides easy access to the region’s resplendent natural beauty, rich cultural heritage as well as its burgeoning energy and vibe.

Featuring the hallmarks of the Fire & Ice! by Marriott brands such as comedy and DJ nights, bold décor, and associates who go the extra mile, it is set to transform the hotel scene in uMhlanga and emerge as the new coolest hotspot. A Durban-inspired menu, a retro VW combi, DJ booth, and design elements linked to a beach and surf theme, lend the hotel its own unique flavour and twist.

“Durban is a dynamic, cosmopolitan city with a need for a hotel brand that matches its spirit. We are thrilled to introduce Fire & Ice! by Marriott brand with its trendsetting aesthetic fused with local influence to the thriving town of uMhlanga. Protea Hotel Fire & Ice! by Marriott Durban, uMhlanga Ridge will provide the quirky, modern vibe that guests and locals in this area are looking for. The property reflects our agility and adaptability to identify and transform property to suit an evolving destination,” said Volker Heiden, Area Vice-President for Marriott International.

Previously a Protea Hotel by Marriott, Protea Hotel Fire & Ice! by Marriott Durban, uMhlanga Ridge has been rebranded after a complete transformation

“This entailed heavy-duty renovations, an aesthetic metamorphosis, and a complete change in operations. Fire & Ice! by Marriott hotels dare to be different − they are progressive and fun, and while each hotel is individual in its personality, it is this edge that unites them under the brand. We had to balance that in creating this beautifully sassy hotel,” said the designer of Protea Hotel Fire & Ice! by Marriott Durban uMhlanga Ridge, Peter de Klerk.

Guests are welcomed into a refreshed lobby that brings to life the vibe of the Fire & Ice! by Marriott brand, with mixed seating, a DJ booth and a TV wall. The new reception area features three pods and a dedicated guest relations desk. The outdoor deck features a retractable awning, three exterior pods for relaxing and dining, and a swimming pool. The VW combi completes the Fire & Ice! by Marriott atmosphere.

205 completely renovated chic and stylish guest rooms offer both comfort and thoughtful amenities including complimentary Wi-Fi. Guests can enjoy a sumptuous buffet breakfast at the Breakfast Room on the first floor and choose indoor seating, one of the two private dining rooms or the outdoor deck. Whether you’re swinging by for a crafted cocktail or looking for an indulgent delicious meal, the stylish restaurant, which features sophisticated neutral décor and delicious global cuisine prepared in an open kitchen offers the ideal venue with both indoor and a scenic outdoor patio seating option. The new menu reflects a strong African focus rooted in KwaZulu-Natal’s culinary specialities. Guests can expect a fresh take on the likes of bunny chow and curry, with a Fire & Ice! twist and elegance as well the brand’s signature (egg-ceptional) Fire & Ice! By Marriott breakfast options.

No Fire & Ice! by Marriott hotel would be complete without a strong link to music. Protea Hotel Fire & Ice! by Marriott Durban uMhlanga Ridge will host Friday DJ nights, featuring top local and national DJs. The hotel will also share the brand’s renowned sense of humour, with regular comedy nights playing host to South Africa’s top comedians.

“We have put considerable thought into making this property utterly unique, while still retaining the high standard of guest experience and professional and efficient service for which Fire & Ice! by Marriott hotels are known. This hotel will do more than just provide a room or a place to eat. We’re a lifestyle hotel that curates experiences and we look forward to welcoming guests and visitors and showcase this new-age take on hospitality,” said Thuthukile Moloto, General Manager of Protea Hotel Fire & Ice! by Marriott Durban uMhlanga Ridge.

SOURCE:https://brandspurng.com/2019/07/17/protea-hotel-fire-ice-by-marriott-opens-in-durban-photos/

Truecaller recently declared the global launch of its Truecaller SDK solution exclusively for the mobile web platform. With this, Truecaller SDK now accepts all the key mobile platforms across Android, iOS.

React and now mobile web including Progressive Web App support. Developers can access the mWeb SDK from Truecaller’s global developer portal.

Across emerging markets like India and Africa, mobile web based experiences on smart phones are proving to be the first point of discovery for users trying to access products and services online. One of the key challenges in these markets has been to on-board users using email or other modes and getting verified using the inefficient OTP process.

This SDK solution on the mobile web is intended to simplify this process for developers through its OTP-less and free to use phone number based verification solution, allowing their users to seamlessly and securely access services using their Truecaller credentials.

This ensures there are reduced barriers along with fewer user drop offs and resulting in increased growth in verified users that contributes to minimized business risks for the developer.

Commenting on the launch, Priyam Bose, Global Head, Developer Platform & Relations, Truecaller, said: “Our vision has always been to enable the developer community by providing them with solutions that help them to build user-focused, trust-based and growth-oriented products.

User onboarding and verification continue to be one of the critical use cases for developers as it is crucial in creating the first impression for their users in terms of building a seamless and secure product experience.

On an average, developers in growth markets are starting to see anywhere between 40%-60% of their users now coming from mobile web, giving us more reasons to launch our Truecaller SDK solution for mobile Web interfaces.”

 This launch extends Truecaller’s philosophy of building and solving problems at scale for users and developers globally, with value-driven functionalities. Truecaller SDK service for the mobile web platform can be used to fulfil use cases such as mobile number based signup, login, checkout, verification, and more such touch-points across the user journey.

Early access developer partners for this service also shared their experiences.

 Mukund Laddha, Product Manager, OYO, said:  “At OYO, we have been expanding globally at a rapid pace. Improving user experience during authentication has been a key area of focus. This integration with Truecaller presented us with an opportunity to present users with a reliable alternate login method with a large presence across countries. This has made user on-boarding on the web more fluid and frictionless.”

 Zairus Master, the CEO, Shine.com, said: “At Shine.com, our constant endeavour is to improve our end-user experience by adopting best-in-class technologies.

As an early access partner, the integration with Truecaller’s verification solution for mobile web platform will help candidates simplify their registration process on Shine.com and facilitate a constantly active and verified set of candidates on the platform, complete with their updated contact details.

We believe that this product integration will give Shine.com a competitive edge over other job portals which solely rely on traditional, OTP-based verification.”

 According to Udit Tyagi, Product Head, Times Internet Limited – Indian Languages News Business: “In the ever-evolving world of PWA’s the gap between app and web is slowly fading away and users expect uniformity and seamlessness in terms of experience and onboarding irrespective of the platform.

By leveraging Truecaller SDK for mobile web, we have been able to improve the on-boarding experience of users in our canvas of mobile web apps. In our case, onboarding conversions via Truecaller are 41% higher compared to standard onboarding processes.”

SOURCE:https://brandspurng.com/2019/07/16/truecaller-introduce-user-verification-solution-for-the-mobile-web/

Freshly released June inflation report showed that the headline inflation rate reversed its uptrend, to 11.22% year-on-year (from 11.40% in May 2019). The recent decline in the annual inflation was chiefly driven by the decrease in annual food inflation rate as it slowed to 13.56% in June 2019 from 13.79% in June 2018.

Similarly, monthly food inflation slowed m-o-m to 1.36% in the month of June from 1.41% in the month of May despite the worsened insecurity challenges in the country in recent months as well as the decline in food stockpiles which is usually the case during the planting season.

Nevertheless, Kogi (+ 9.81%), Bayelsa (+ 9.97%) and Abia (+ 10.84%) recorded the slowest rise in food inflation; however, Kaduna (+ 17.50%), Kebbi (+ 16.96%) and Ondo (+ 16.44%) recorded the fastest increase in food prices. Also, annual core inflation eased further into a single digit, 8.84%, in June 2019 from 9.03% in June 2018 on the back of slower transport (-0.35%) and energy (-0.12%) costs.

However, we saw the core inflation rate rise on a monthly basis to 0.85% (from 0.75% in May). This was partly caused by the m-o-m increase in the costs of clothing & footwear (1.64%).

Similarly, m-o-m change in price level for imported food increased by 1.34% as Naira depreciated against the USD in most FX market segments, especially at the interbank the window where the foreign exchange rate rose (i.e Naira depreciated) m-o-m by 0.10% to N357.10/USD in June 2019.

Outlook:

“We expect the inflation rate to rise in the coming months amid Central Bank of Nigeria’s recent policies to stimulate economic growth and possible aggressive implementation of minimum wage”.



Cowry Asset Research

SOURCE:https://brandspurng.com/2019/07/16/june-2019-annual-inflation-rate-drops-to-11-22-as-food-inflation-eases-in-kogi-bayelsa-and-abia-states/

The National Bureau of Statistics (NBS), said the average price per litre paid by consumers for National Household Kerosene increased to N316.43 in June 2019 from N315.91 in May 2019.

The NBS disclosed this in its National Household Kerosene Price Watch for June released in Abuja on Tuesday.

The bureau said the price of Kerosene increased by 0.17% month-on-month and 13.14% year-on-year.

It named states with the highest average price per litre of kerosene to include Anambra (N381.25), Abia, Bayelsa, Akwa Ibom (N356.67), and Enugu (N352.78).

It said the states with the lowest average price per litre of kerosene were Kwara (N254.17), Abuja (N250.00) and Benue (N249.83).

Similarly, the average price per gallon paid by consumers for National Household Kerosene increased by 0.49% month-on-month and 21.13% year-on-year to N1,216.53 in June 2019 from N1,210.56 in May 2019.

States with the highest average price per gallon of kerosene were Gombe (N1,456.92), Taraba (N1,355.42) & Adamawa (N1,355.00).

States with the lowest average price per gallon of kerosene were Abuja (N1,037.50) Akwa Ibom (N1,024.44) and Bayelsa (N995.45).

SOURCE:https://brandspurng.com/2019/07/16/nigerians-paid-more-for-kerosene-in-june-2019/

The board of LASACO Assurance Plc has posted the financial status of the company for the year ended December 31, 2018.

During the year, the insurer recorded an improvement from what was achieved in the previous year.



The profit before tax grew by 12 percent to N958.2 million from N854.3 million, while the profit after tax appreciated by 11 percent to N736.3 million from N661.9 million.

In the results released by the company, the gross premium written rose by 35 percent to N9 billion from N6.7 billion, while the net underwriting income jumped by 31 percent to N5.2 billion from N4 billion.

However, the investment income went down by 14 percent to N753.7 million from N874.7 million, while the other income dropped by 67 percent to N190.5 million from N576.4 million.

During the year under consideration, the net claims paid by LASACO Assurance reduced by 8 percent to N1.8 billion from N2 billion.

The board said the fees and commission income as at FY 2018 was N605.9 million in contrast to N318.4 million, while the reinsurance expenses increased to N3.4 billion from N3 billion, with the underwriting expenses at N1.5 billion in FY 2018 against N898.4 million in FY 2017 and total underwriting expenses at N3.2 billion in the period under review compared with N2.7 billion in the corresponding year.

An analysis of the firm’s balance sheet showed that the total assets depleted by 8 percent to N17.1 billion, while the total liabilities reduced to N8.6 billion from N10.4 billion, with the shareholders’ funds increasing by 4 percent to N8.5 billion from N8.2 billion and the earnings per share (EPS) rising to 13 kobo to 12 kobo.

Following the performance of the insurer, the board of LASACO Assurance is proposing the payment of a dividend of 5 kobo per share to shareholders for the year ended December 31, 2018.

At the end of December 2018, the company had approximately N10.2 billion invested in fixed income and N967million in equity instruments, according to the board in the financial statements.

SOURCE:https://brandspurng.com/2019/07/15/lasaco-assurance-plc-grows-profit-by-11-to-n736-3-million/

In fulfilment of its resolve to diversify the economy, create jobs and engender inclusive economic growth in the country, the Central Bank of Nigeria (CBN) has launched an intervention programme aimed at reviving the comatose poultry sub-sector in the country.

Announcing the latest efforts of the Bank on Monday, July 8, 2019, at an event in the Head office, the Governor, Mr. Godwin Emefiele, said the Bank had selected various institutions across the country that would form the pilot team to be used in running the University-based Poultry Revival Programme.

The programme, according to Emefiele, who was represented by his Deputy in charge of the Economic Policy, Dr. Joseph Nnanna, will produce chicken meat and eggs in order to reduce importation and close the existing demand and supply gap

He added that it would also raise a new crop of entrepreneurs in the agricultural sector in modern poultry production; provide the infrastructure that would support the sustainable production of poultry; and reduce pressure for foreign exchange demand through import substitution by local poultry production.

The Governor also disclosed that the Bank had obtained information on the capacity of the institutions selected in terms of their poultry pens, hatcheries, feed mills, size of crop farms and number of tractors for grains production. The Bank also got details of their commercial viability, bankable business plan, including processing facility, as well as all information relevant in enriching their participation in the programme

Emefiele further disclosed that the CBN relied on the University based poultry production model because they had existing infrastructure, experience and human assets to enable production at reduced cost and in a competitive manner

He promised that the Bank would commit considerable human, material, and financial resources in monitoring both the disbursement and utilization of the funds to be released to the institutions, adding that the participating institutions would be required to submit periodic returns on disbursements as well as an analysis of the impact of the fund they receive. The CBN, according to him, would also undertake regular on and off-site checks to ascertain the veracity of the reports received.

Speaking on behalf of the poultry farmers in the country, Mr. Ezekiel Ibrahim, who is also the chairman, Poultry Association of Nigeria (PAN), said that poultry farming presented the best in terms of return on investment, adding that the country would not have been talking of job creation if poultry had been given the right attention it deserved.

He noted that the sector had faced the challenges of smuggling and lopsided siting of hatcheries, which he said was making it difficult for the movement of day-old chicks across the country.

Several academics from various universities and agricultural research institutes in the country and other professionals in poultry and related fields attended the one-day meeting in Abuja.

SOURCE:https://brandspurng.com/2019/07/15/cbn-unveils-university-based-poultry-revival-program/

Ogun State Governor, Prince Dapo Abiodun, has said that very soon the State would be exporting milk to China once the current arrangement between the Irish Dairy Milk and the State Government becomes operational.

Abiodun made this known when the management of Irish Dairy Milk paid him a courtesy visit on Wednesday in Abeokuta.

He added that plans are on by his administration to have a world-class ranch that would be created through the Public-Private Partnership.

Irish Dairy Milk came to explore and discuss how best they could set up their manufacturing plant in the state.

The Governor expressed gladness on the opportunity the agricultural sector brings to the State, adding that agriculture, being one of the biggest pillars of his administration, could help boost the Internally Generated Revenue and also helps reduce the rate of unemployment in the State.

He said that his administration would establish an investment promotion agency to drive the public-private partnership agenda, saying that attention was also being paid to livestock, adding that the proximity of Ogun state to other states could help to make it the food basket of the nation.

We are very excited by the opportunity that the agricultural sector presents, the agricultural sector is one of our biggest pillars, because not only do we believe that through agriculture we can employ our youths, we can guarantee food security, we can also generate revenue.

“At this point in time in this country, there is a lot of discussion on cattle rearing, cattle ranching, for us in Ogun state. Besides the fact that we are looking at agriculture as a sector, we are looking at livestock as well, we believe that our proximity to other states gives us the advantage of being able to feed them, so we are actually looking at how to set up our own ranches to be owned by the Public-Private Partnership (PPP),” he said.

Nothing will delight us in this state than to have our ranches, because even the cattle market that Lagos depends on is right here in our state and we have been discussing in the last one week on how to ensure that we actually have a proper ranch, properly organized ranch and an abattoir that will be world class,” he said.

The governor while appreciating the gesture of the company to set up their manufacturing plant in the state, assured them that the state was ready and prepared to join hands with them, adding that his administration would be more than happy to give them whatever support that would be required.

In his remarks, the Chief Executive Officer, Irish Dairy Milk, Global, Samir Boudjada who noted that they choose the state because of its proximity to Lagos state, added that the state is strategically relevant and has passed all tests.

This is the ultimate state for us, the feedback is really positive and we are looking forward to being part of this private partnership and creating jobs in Nigeria.

”This is the gateway state close to Lagos and you know when you are sighting a factory, you need certain parameters, we need a seaport that we can export out our goods, so, Ogun state is strategically relevant to the business of this nature and we did not mistake, Ogun State has passed all the tests”, he added.

SOURCE:https://brandspurng.com/2019/07/15/ogun-state-partners-irish-dairy-firm-to-build-world-class-cattle-ranch/

Stanbic IBTC Bank Plc a subsidiary of Stanbic IBTC Holding Plc has announced that the Bank has paid the sum of N2.5 billion to Longterm Global Capital Limited based on the judgement of the Supreme Court.

In a press release by Stanbic IBTC Holding Plc, made available to the NSE signed by the Company Secretary Chidi Okezie today 12 July 2019. The bank announced that it is aware that the Supreme Court has dismissed its application for a review an Appeal Court judgement on a case between Stanbic IBTC Bank PLC VS Longterm Global Capital and Mr Patrick Akinkuotu.

his judgment upheld the Court of Appeal’s decision that dismissed the Bank’s appeal with respect to the Federal High Court’s 2010 judgment in Suit No. FHC L/CS/1491/2009: Longterm Global Capital Limited & Mr. Patrick Akinkuotu vs Stanbic IBTC Bank PLC, on a technicality that did not address the merits of such appeal.

As this litigation, which has spanned a period of approximately 10 years, has now been brought to an end by the Supreme Court’s decision on the Bank’s application, Stanbic IBTC Bank has discharged its liability under the judgment by paying the judgment sum of N2.5 billion to the judgment creditors.

The bank further mentioned that the payment of the judgement sum will have no impact whatsoever on the banks liquidity position and profitability as the judgement sum paid to the customer has been fully provisioned for since 2013.

We would like to assure all our esteemed stakeholders that, as required by IFRS, our Banking subsidiary had made a full provision for this judgment since 2013. Accordingly, the payment of the judgment sum has no impact on our Banking subsidiary’s current liquidity position and profitability.

SOURCE:https://brandspurng.com/2019/07/13/stanbic-ibtc-pays-n2-5-billion-in-judgement-debt-to-a-customer/

The attention of the Comptroller General of Immigration Service, Muhammad Babandede MFR has been drawn to some reports that the pages of the new enhanced e-Passport are adorned with the symbols/cultural artefacts of a particular ethnic group. This is to the contrary.

Many countries including Nigeria often use their vital public structures & documents to display their cultural heritage.

The pages of the new enhanced e-Passport are beautifully adorned with the cultural symbols/artefacts of the various ethnic groups in the country.

Nigerians who have been issued with this very Passport are advised to check through the pages to verify our position on the matter.

However, suffice that we display some pages of the document here.

SOURCE:https://brandspurng.com/2019/07/12/herdsmen-nigeria-immigration-service-reacts-to-reports-of-the-new-enhanced-e-passport/

For any organisation, the overall success of any project is largely dependent on the availability of resources, especially funding. While most companies are able to put in the time, productivity, and human resources to deliver top-notch products and services, these efforts can be sabotaged by insufficient capital. It is important for medium-to-large enterprises to be abreast of available and accessible funding options, in order to competitively price both planned and unforeseen debt raise.

The use of Commercial Papers (CP’s) as a viable source of funding working capital projects, is on the increase, especially amongst corporate organisations. FBNQuest has also played a critical role in onboarding real sector issuers. Before the re-emergence of the CP market, organisations naturally leaned towards traditional bank debt (overdrafts and short term loans) to finance working capital and capital expenditures, largely due to the obscurity around accessing the alternative money and capital markets instruments. However, an interesting point to note is that if your organisation can access a bank loan, then it can access Commercial Papers. Commercial Papers make a much better alternative as they offer a lower interest rate.

Institutions like FBNQuest hand-hold clients and simplify the process of CP issuance.

According to the merchant bank, below are quick tips to accessing a Commercial Paper:

Consult expert financial advisors to guide you through the processEnsure best practices in corporate governance are in placeProvide your organisation’s audited financial statements

The process of CP issuance can be straightforward and seamless when guided by an experienced adviser. For investors, FBNQuest also supports the process of application, allotment, settlement and redemption at maturity.

SOURCE:https://brandspurng.com/2019/07/11/if-you-can-access-a-bank-loan-then-you-can-access-commercial-papers/

Ondo State Government had declared its readiness to commence ware -housing project of lands for agricultural purposes through a Land Bank Scheme.
This was contained in a press statement signed by the Head of Information unit of the state Ministry of Agriculture, Mr Bolu Ajijo which was made available to The Hope yesterday.
The statement read that the scheme will encourage communities and individual land owners to release their land in trust to the State on lease arrangement in order to make lands easily accessible and available to genuine and serious investors willing to take advantage of the vast agricultural opportunities in the state.
It said Governor Akeredolu made the disclosure during the inauguration of the National Executive of Cocoa Farmers Association of Nigeria (CFAN), at the weekend in Akure.
The Governor, who was represented by the Commissioner for Agriculture, Asiwaju, Adegboyega Adefarati, said the scheme was put in place to address perennial shortage of cultivable lands for agricultural purposes and to encourage more people to go into farming.
While reiterating the commitment of his administration to improve the livelihood of farmers, he said government has commenced the process of awarding more than 60km of feeders roads, linking the various farm land camps and villages to enable farmers move their produces to the markets without any hitch.
He urged farmers to key into the Central Bank of Nigeria (CBN) 200bn lifeline to all tree crops farmers in Nigeria giving at a single digit interest rate which he said will commence soon.
Earlier in his acceptance speech, the National President of CFAN, Comrade Adeola Adegoke appreciated the founding fathers of the association for their examplary leadership.
While commending Ondo State government for the free distribution of improved cocoa seedlings, Adegoke promised to embark on registration of cocoa farmers across the State, improve agro inputs supply and work towards improving the quality of cocoa produced in the state.

SOURCE:https://brandspurng.com/2019/07/11/odsg-begins-banks-scheme-for-agric/

As part of its efforts to combat the perennial flooding problems ravaging various parts of Ondo State, the State Government, under the administration of Arakunrin Oluwarotimi Akeredolu, SAN, has acquired the brand new latest model of Amphibious Excavator (CAT 320D2).
Governor Akeredolu said the Amphibious Excavator is required in the state for dredging and clearing of waterways, as well as for temporary channelisation in the state.

Speaking during the commissioning of the Amphibious Excavator on Tuesday, Arakunrin Akeredolu said due to its geographical location, the state is prone to flooding, especially during the rainy season.

The Governor explained that flooding often leads to loss of lives and properties and also stalls movement during the rainy season, with high incidence in Akure, Owo, Ondo, Ikare, Ore, Igbokoda, Okitipupa and other urban centres, all with dire implications on the socio-economic activities of the people.

He said: ” It’s anticipated that this will no longer be a problem as the Amphibious Excavator (Swamp buggy) would be used to combat perennial flooding problems ravaging various parts of the state.”

The Governor said it became imperative to procure the Amphibious Excavator following the need to replace the old and faulty one acquired in 2015, which was no longer in good working condition to tackle the challenges encountered across the State.

According to Arakunrin Akeredolu, it is also necessary for the state to get prepared, in view of the Nigerian Metrological Agency (NiMet) forecast of intensive rains across the state this year.

He described the gesture as a testament of his administration’s commitment to the well-being and safety of the good people of the state while urging the ministry in-charge to see to its good use and maintenance.

SOURCE:https://brandspurng.com/2019/07/11/gov-akeredolu-purchase-new-amphibious-excavator-to-tackle-flooding-in-ondo/

The Ogun Command, Nigeria Customs Service, has caught 29, 905 bags of smuggled foreign rice and 197 smuggled vehicles commonly known as ‘Tokunbo’ in the month of January to June 2019.

It announced the captures were made at the Idiroko border and the adjoining communities.

The Controller of the Ogun State Area Command, Mr Michael Agbara, disclosed this on Tuesday at its Idiroko border office while briefing journalists about the activities of the command.

While talking about the seizure of the foreign bags of rice, he said this was the first time the command would make the highest number of such monthly seizure since he took over the mantle of leadership in the command.

Agbara said that while in the area of anti-smuggling during the period under review, the Command made 549 seizures comprising of 197 units of vehicles, 29, 905 (50 kg each) and 15 (25 kg each) of bags of foreign rice, 1, 466 kegs of vegetable oil (25liters each), 17 units  of motorcycles, 9, 407 new and 1,042 pairs used , 3 jumbo, 69 sacks and 1 small sack of footwears.

“427 cartons of Frozen  poultry products, 25 bales, 29 sacks of secondhand clothing, 12 sacks of Ankara rapper, 4 sacks of yards materials and 5 wraps of lining materials, 51 Pcs of used handbags, 583 Pcs of used tyres, 1,181 kegs of PMS (Petrol) of 25 litres each, 3 bags of sugar (50 kg each), 143 book size, 21 coconut size and 11 sacks of Cannabis Sativa, 897 pcs of used tyres, 18 sacks of waterproof, 1 sack of snuff powder, 110 sacks of soap chemicals, 3 sacks of Alligator pepper, 40 x 142, 60 x 200 & 40 x 41 android cartons of Itel Phone, and 1 set of Television”

Comptroller Agbara, “The seizure of over 29, 905 bags of rice in the first half year of 2019 is indeed a landmark among numerous successes recorded as compared to 15, 976 bags of rice seized during the corresponding period of the year 2018.

“The aforementioned was achieved due to strategic enforcement measures put in place in line with the Federal Government Policy targeted at boosting Agricultural Development within the country.

“Also, within the period of 1st to 30th June 2019, the Command generated total revenue of N1, 196, 146, 835.60. While in the area of anti-smuggling the command made a total of 83 seizures with the DPV of N310, 555, 588.00. The items seized include: 30 units of vehicles, 7,095 bags of foreign rice (50 kg each), 258 kegs of vegetable oil (25liters each), 10 units  of motorcycles, 7, 572  pairs of new, used and rubber footwears, 3 bales of secondhand clothing, 28 Pcs of used handbags, 392 cartons of frozen poultry products, 200 kegs of PMS (Petrol) of 25 litres each, 3 sacks of Cannabis Sativa, 40 x 142, 60 x 200 & 40 x 41 android cartons of Itel Phone, and 1 set of Television.

“However, the above activities were entangled with a series of clashes between Officers of the Command and some daredevil smugglers/accomplices leading to loss of lives and properties. The Command will continue to dialogue, engage, sensitize and educate the public on social, security, health and economic implication of smuggling, while on the other hand, the statutory functions of enforcing compliance with strict adherence to the law will be rigorously sustained.

“Finally, I wish to commend the sister agencies, opinion leaders, head of traditional institutions, eminent personalities, the fourth realm of the estate (the Media) and other law-abiding members of the public on the esteem cooperation and support we are receiving in properly implementing Federal Government Policies”, he stated.

SOURCE:https://brandspurng.com/2019/07/10/ogun-customs-caught-29-905-bags-of-foreign-rice-tokunbo-cars-in-6-months/

Ace comedian, Dr Helen Paul and Miyonse Amosu, former Big Brother Naija contestant on Monday educate over 200 women in Ogbaru, Anambra on the usage of Ajinomoto umami seasoning.

Paul, who is a brand ambassador and Amosu, also an influencer chef took time to educate the consumers on how to use the seasoning at a Neighbourhood Cookout at Ogbaru.

The duo treated the women to a delightful taste of local bitter leaf soup, using the Ajinomoto seasoning.

The ace comedian, who thrilled the women to an entertaining event, also gave out free cash, souvenirs and seasonings as gifts to spice up the occasion.

In her remarks, Mr Niki Junichi, the Managing Director of West African Seasoning Company Limited (WASCO) which produces seasoning, said the cookout was aimed at sensitizing consumers on the use of the seasoning.

Junachi said, “We conducted research that suggests there were negative opinions about the Monosodium Glutamate flavouring – Ajinomoto seasoning.

“Women make most decisions in terms of what to buy in the markets especially as it concerns food, so, we feel it is important to educate them that the brand is safe for consumption.

Our objective is to sensitise them and also change the perception of the people of the South East about our product.

“The campaign will continue until people change their mindset and realise that there is no harm in using the brand,’’ he said.

Speaking on the health benefits of Ajinomoto umami seasoning, a nutritionist, Dr Helen Unaeze explained that a lot could be derived from the use of the product.

First of all, it adds flavour and heighten the natural flavour of food; it also helps in protein and energy synthesis and helps to reduce salt and fat in the diet.

“It is pure, produced and packaged from sugarcane under hygienic condition, I urge women to ignore the negative reports said about the product,’’ she said.

Mrs Francisca Ikediashi, the Corporate Communications Officer told newsmen in an interview that the campaign started in the South-West region where they also visited the Ooni of Ife and engaged the people.

Ikediashi said the campaign train would move to the North where it hopes to further persuade and sensitise the people on the right information about the product.

Here in Onitsha, we visited the Obi of Onitsha, Igwe Alfred Achebe.

“We also invited the women because they are key in helping to disseminate the message and because they take most decisions when it concerns what is used to prepare meals,” Ikediashi said.

Speaking on their experiences, two consumers who are petty traders, Mrs Eucharia Ede and Mrs Nkechi Uguta extolled the benefits of using Ajinomoto.

“I am excited about the campaign, especially as I have heard the truth about the product which is that it is good for our health and not dangerous as was speculated in the past,” Uguta said.

SOURCE:https://brandspurng.com/2019/07/11/ace-comedian-helen-paul-bbn-contestant-sensitize-women-on-ajinomoto-seasoning-photos/

Following the historic MTN Nigeria listing in May 2019, the Nigerian Stock Exchange (NSE) welcomes yet another giant corporate on its main board. Airtel Africa (AIRTELAFRI) registered a total 3.8 billion units of its share on the NSE at N363, adding N1.4tn to the equity market capitalization, making AIRTELAFRI a 3rd most capitalized entity on the Nigerian bourse.

Together with MTNN (N2.6tn, telcos now account for 28.7% of the total market capitalization). Notably, 100,110 units of the newly listed shares, worth N40.0mn, was traded, as the ticker surged 10.0% by the close of trade.

Accordingly, the NSEASI added +0.1% to close at 29,318.0pts while YTD return moderated to -6.7%. Total market capitalization jumped to N14.3tn.

Performance across sectors stayed broadly bearish save for the Telecom sector as the upsurge in the price of AIRTELAFRI (+10.0%) more than offset the decline in MTN Nigeria (-0.3%). The Banking (-2.2%) sector led the laggards, due to declines in Guaranty Trust Bank (-3.0%), ETI (-8.7%), and FBNH (-3.2%).

The Oil & Gas (- 0.7%), Industrial (-0.5%), Insurance (-0.5%), and the Consumer Goods (-0.4%) sector indices all trended southwards. Market breadth was underwhelming, closing at 0.4x as only 8 stocks advanced while 20 declined.

In the immediate term, the arrival of Airtel Africa, earnings publication and interim dividend announcements should spurbuying interest.

United Capital Plc Research (UCR)

SOURCE:https://brandspurng.com/2019/07/10/airtel-africa-jumps-10-0-on-arrival/

*Nokia launches the Nokia WiFi Beacon 1 to complement the premium Beacon 3
*New WiFi Beacon 1 gives easy to use, fast and ultra-reliable WiFi at an affordable price
*The new pre-pairing feature makes Nokia WiFi set-up quick and simple for consumers and installers
*New Intelligent Channel Selection feature provides for uninterrupted WiFi experience.

Nokia recently declared it is adding a new beacon and several new features to its whole-home WiFi portfolio. The new Beacon 1 complements Nokia’s premium Beacon 3 solution, while new Intelligent Channel Selection, pre-pairing and bridging features help to simplify network setup and enhance the overall WiFi experience.

Despite more than 9 billion WiFi-enabled devices in use1, many homes suffer from poor WiFi. This can be attributed to the number of connected devices on the WiFi network, the number of high bandwidth activities — such as video streaming — taking place, or interference sources such as a neighbour’s WiFi or appliances like microwaves and Bluetooth devices. In addition, coverage is often inadequate due to dead zones that can occur from indoor walls. Solving these issues can be difficult, often requiring several Wi-Fi extenders or repeaters that can degrade WiFi performance and cause frustration.

Nokia’s whole-home WiFi solution is designed to overcome these challenges and improve the user experience while significantly reducing the time and complexity required to install and manage WiFi. Nokia is expanding its portfolio of WiFi products with the introduction of Beacon 1. The Beacon 1 is an entry-level, whole-home mesh WiFi system for consumers looking for the best performance at the best price. Like Nokia’s premium Beacon 3 solution, the Beacon 1 includes Intelligent Channel Selection which automatically identifies the best possible WiFi channel for each device to ensure an uninterrupted WiFi experience. It also includes Nokia’s industry-leading mesh capabilities to create a WiFi network with zero dead spots. The Nokia WiFi Beacon 1 is an AC1200 system which covers approximately 1500 square feet (140 sq. m) per Beacon.

In addition, Nokia is introducing several new features across its WiFi portfolio, all of which are included with the Beacon 1. These include:

Pre-pairing –a software enhancement from Nokia that pre-configures beacons sold in 2-pack and 3-pack configurations, eliminating the need to install each individually. Consumers simply install the first Nokia beacon and the other beacons automatically recognize each other and self-install.
Intelligent Channel Selection — The beacons detect both Wi-Fi and non-WiFi interference and use Intelligent Channel Selection to always choose the best WiFi channel and band. So, if there is any interference from your neighbour’s WiFi, your microwave oven or a Bluetooth speaker, the beacons know how to avoid it, and will always give you peak performance.
Nokia WiFi Mesh technology — based on the industry-leading Unium capabilities acquired in 2018, Nokia beacons deliver field-proven, carrier-grade mesh technology that allows all beacons to work together to give every device the best connection possible. Nokia WiFi Mesh automatically and seamlessly combines Ethernet, 5 GHz Wi-Fi and 2.4 GHz Wi-Fi to connect beacons. When needed, it automatically reroutes traffic to another beacon.
Nokia WiFi Mobile Application — Delivering an intuitive, simple interface that provides a visual representation of your WiFi, including a heat map to easily locate and manage dead zones. Customers can also quickly access device lists and management capabilities or activate a guest network. The application also gives users access to a wide array of network care and troubleshooting capabilities.
Bridge mode function allows users to quickly connect a beacon to an existing gateway with routing functionality. While in bridge mode, the existing residential gateway will perform the basic routing function, while the beacons provide WiFi to ensure optimal performance throughout the home.
Stephen Wilson, principal analyst at Analysys Mason said: “With a growing number of bandwidth-intensive activities and connected devices in the home, operators and consumers alike are increasingly seeking WiFi solutions that can manage the evolving household needs, are simple to set up and can deliver a fast, reliable Wi-Fi experience. Nokia’s WiFi Beacons are one example of a solution that effectively meets these needs. The solution delivers a high quality, whole home mesh Wi-Fi system that can significantly improve the in-home Wi-Fi experience at an affordable price.”

Sandra Motley, President of Nokia’s Fixed Networks business group, said: “Having a high-speed, uninterrupted WiFi experience in the home is becoming essential for both operators and consumers alike. Operators want to eliminate the 30-50 per cent of customer calls they receive due to poor WiFi performance while consumers want a solution that is easy to install, dependable and can deliver on the speeds they are paying for. Nokia’s enhanced in-home Wi-Fi portfolio addresses all of these requirements, providing a fast, ultra-reliable mesh WiFi solution that is unmatched in the industry today.”

The new Nokia WiFi Beacon 1 and existing Beacon 3 whole-home WiFi systems are available for purchase on Amazon.com. The Beacon 1 retails for $129.99 and is available in single or three-pack configurations. The Beacon 3 is available in single, two-pack and three-pack configurations.

SOURCE:https://brandspurng.com/2019/07/10/nokia-includes-new-products-and-features-to-whole-home-wifi-portfolio-to-improve-consumer-experience/

Good one. Na pesin pikin freshhhh like this?

Instagram will offer new highlights directed at restricting online bullying, the Facebook-owned platform declared Monday, as social media titans face extended scrutiny over the harassment suffered by many users.

There have been growing calls around the world for greater oversight of platforms like Facebook and Twitter, amid widespread criticism over bullying, as well as the spread of hate speech and fake news.


Instagram, which has more than a billion users worldwide, is a platform focused on images, allowing users to post photos and videos, which can then be commented on by other users.

The company said it has used artificial intelligence to monitor bullying and harmful content for years, and will now use the technology to detect when a user is about to post something offensive and issue a warning.

“This intervention gives people a chance to reflect and undo their comment,” Adam Mosseri, the head of Instagram, said in a statement.

“From early tests of the feature, we have found that it encourages some people to undo their comment and share something less hurtful once they have had a chance to reflect.”

The other new feature — “Restrict” — is aimed at limiting abusive comments on a user’s feed.

“We’ve heard from young people in our community that they’re reluctant to block, unfollow, or report their bully because it could escalate the situation, especially if they interact with their bully in real life,” Mosseri said.

Now they will be able to make posts from an offending person visible only to that person.

“Restricted people won’t be able to see when you’re active on Instagram or when you’ve read their direct messages,” Mosseri added.

Instagram’s move is the latest in a series of steps taken by social networks to protect users, especially from younger segments of society.

According to a survey published by the Pew Research Center last year, 72% of U.S. teenagers said they used Instagram.

Bullying is just one of the many fronts on which social media titans have faced scrutiny in recent years.

There have been growing calls for regulation of such platforms over the spread of hate speech and fake news — including allegations of states using social media to try and influence elections in rival countries — as well as more oversight of how they collect and use customer data.

Firms like Facebook, in response, have rolled out policy changes and features aimed at increasing transparency and safety.

SOURCE:https://brandspurng.com/2019/07/09/instagram-introduces-new-anti-bullying-feature-to-restrict-trolls/

Here we go again...

We are watching

British Airways could suffer a punishment of £183.39 million (€204.6 million) — 1.5% of British Airways’ earnings in 2017 — after a security violation of customer data.

The UK Information Commissioner’s Office (ICO) declared that it plans to fine the airline for violation of the General Data Protection Regulation (GDPR), an EU law executed in 2018 to guard user data

The notice of intent to fine comes after an investigation into a 2018 incident that the UK’s independent information rights authority says compromised roughly 500,000 customers.

The customers were directed from the British Airways site to a fraudulent website where user data was harvested, according to the ICO. The independent authority said that payment, travel booking, name and address information were compromised in part because of poor security practices.

“People’s personal data is just that – personal. When an organisation fails to protect it from loss, damage or theft it is more than an inconvenience,” said Information Commissioner Elizabeth Denham in a statement.

British Airways has 28 days to provide representations to the ICO to appeal. The UK’s information commissioner will also consider views from EU data protection authorities.

The airline plans to make representations to the ICO and potentially appeal the decision of the ICO. They can appeal to the UK Information Rights Tribunal.

“We are surprised and disappointed in this initial finding from the ICO. British Airways responded quickly to a criminal act to steal customers’ data. We have found no evidence of fraud/fraudulent activity on accounts linked to the theft,” British Airways chairman Alex Cruz said.

We apologise to our customers for any inconvenience this event caused,” he continued in a statement.

Which other organisations have been fined for a data breach?

The ICO previously fined Facebook £500,000 (€557,535) over the Cambridge Analytica scandal that affected as many as 87 million users worldwide. At the time, this was the maximum allowed penalty, which the commissioner did not consider sufficient.

Within the past three months, the ICO has fined a payment protection insurance company £120,000 (€133,843) for sending over 3 million spam texts and fined a pregnancy and parenting club £400,000 (€446,094) for sharing personal information of more than 14 million people.

The GDPR and new UK data protection act entered into effect in May 2018. The GDPR allows maximum fines of up to €20 million or 4% of global turnover.

SOURCE:https://brandspurng.com/2019/07/08/british-airways-suffers-183-million-fine-over-data-violation/

An average of 800 hours will be spent using mobile internet this year – that’s equivalent to 33 days without sleep or pause, according to Zenith’s Media Consumption Forecasts. By 2021 the total will rise to 930 hours or 39 full days.

This is the fifth edition of the Media Consumption Forecasts, which surveys changing patterns of media consumption since 2011, and forecasts how the number of time people allocates to different media will change between 2019 and 2021. Across the 57 countries that were surveyed, people will spend a collective 3.8 trillion hours using the mobile internet this year, rising to 4.5 trillion hours in 2021.

Since the first edition was published in 2015, the average amount of time people around the world spend accessing the mobile internet has risen from 80 to 130 minutes a day, at an average rate of 13% a year, spurred on by the availability of affordable smartphones, faster connections, better screens and app innovation.

Growth is slowing, though, now that most people in the developed world who want a mobile device have one, and ownership is becoming common in developing markets. We forecast an average of 8% annual growth in time spent on mobile internet devices between 2018 and 2021. We expect mobile internet use to account for 31% of global media consumption in 2021, up from 27% this year.
Television remains the biggest medium globally, attracting 167 minutes of viewing each day in 2019. Television viewing is predicted to fall slowly to 165 minutes a day in 2021. Television will remain the world’s favourite medium throughout our forecasts, accounting for 33% of all media consumption in 2021, down from 35% in 2019.

Mobile internet has eaten into the amount of time people spend with some – but not all – rival media. Between 2014 and 2019, the average amount of time spent reading newspapers has fallen from 17 minutes a day to 11, while time spent reading magazines has fallen from 8 to 4, and time spent watching television has fallen from 171 to 167. Desktop internet use has also fallen, from 47 minutes a day to 40.

However, consumers’ appetite for radio and cinema has remained robust, with radio listening rising from 53 minutes to 55, and time spent at the cinema rising from 1.8 minutes to 3.0 minutes a day on average, driven by a boom in cinema attendance in China.

Note that in this report, time spent with newspapers and magazines only includes time with the printed editions of these publications, while time spent with television and radio only includes time with traditionally broadcast channels and stations. Time spent with online platforms owned by publishers or broadcasters is counted as internet consumption.

Total media consumption rises to eight hours a day
The mobile internet has expanded the amount of time people spend consuming media: consumers will spend an average of 479 minutes a day with media this year, up from 420 minutes in 2013. By 2021 we expect the average consumer to spend 495 minutes a day consuming media.

“Mobile internet technology has expanded both the amount of time people spend with media and what counts as media,” said Jonathan Barnard, head of forecasting at Zenith. “Media now means comparing prices on the high street, sharing jokes with friends and booking your next holiday, opening up new opportunities for brands to connect with consumers.”

“To take advantage of this abundance of media, brands need to communicate with consumers in the environments that best matches their values, and at the times when consumers are ready to move along the path to purchase,” said Matt James, Zenith’s global brand president. “This requires investing in talent and technology to unlock the value of data and create personal brand experiences.”

SOURCE:https://brandspurng.com/2019/07/09/report-shows-average-of-800-hours-spent-using-mobile-internet-this-year/

The Stock Exchange of Mauritius (SEM) has declared the incorporation of the African Export-Import Bank (Afreximbank) in the SEM-10 index.

A statement posted on the SEM website listed Afreximbank among the SEM-10 Constituents for the third quarter commencing 3 July 2019. Other companies on the list are MCB Group Limited; IBL Ltd; SBM Holdings Ltd; Grit Real Estate Income Group Limited; ENL Limited (Ordinary A Shares); CIEL Limited; New Mauritius Hotels Limited; Rogers & Company Limited; and Lux Island Resorts Ltd. The index tracks the performance of the 10 largest stocks on the SEM in terms of market capitalisation and the 10 most liquid stocks in terms of average value traded and trading frequency during the preceding three months.

Being part of the SEM-10 index was expected to enhance Afreximbank’s visibility with local and international investors and, potentially, encourage institutional investors that track the index to include the Bank’s Depositary Receipts in their investment portfolios. Ninety per cent of foreign investors’ transactions on SEM-listed stocks is targeted towards companies that are included in the SEM-10 index. Moreover, some of the larger companies in the index are tracked closely by global data vendors like Bloomberg, Factset and Refinitiv, as well as by global Index providers, such as S&P, Dow Jones, MSCI and FTSE. The SEM-10 Index is subject to quarterly reviews and to remain in the index, companies need to ensure regular trading of their securities.

Afreximbank currently ranks as the SEM’s third best-performing stock on a year-to-date basis in 2019, with a performance of 26.5 per cent.

SOURCE:https://brandspurng.com/2019/07/08/sem-declares-the-inclusion-of-afreximbank-in-the-sem-10-index/

This week marks the launch of Banwo and Ighodalo’s new Head Office in Ikoyi and we’ve decided to take a look at how different law firms in Lagos are adding to the total supply of office space in the city. While many law firms in Lagos such as Detail Commercial Solicitors build their own head offices, only a handful do so in a scale that allows them to lease space back on to the market.

In the past 13 years, through direct and indirect means, 3 major law firms have developed offices with the intention of owner occupancy as well as rental income. Though only emerging, the additions these 3 law firms bring onto the market currently account for 15% of the total stock of Grade A and B space in Ikoyi. See below for a snapshot of the 3 buildings.

Olaniwun Ajayi and Co. (via Konyinsola Ajayi) own The Adunola, a 12-floor waterfront office property in Banana Island, which is currently the Head Office to Airtel Nigeria. The property was designed by Pieach and completed in 2006. The average asking rent for vacant space in the property is currently $450 per sqm per annum.

Aluko and Oyebode (via a Habour Point Limited related co.) also own 1 MM Drive, an office property located on Murtala Mohammed Drive, otherwise known as Bank Road in Ikoyi. The property is currently home to McKinsey and Company and was previously home to UBS Nigeria and Mastercard. Asking rents in the property range between $500 and $600 per sqm per annum. It was completed in 2010.

Finally, Banwo and Ighodalo have just moved into their brand new 5 floor HQ on Awolowo Road in Ikoyi, not far from their current head office. Banwo and Ighodalo intend on occupying 4 floors and leasing out the final floor at an asking rent between ₦80,000 and ₦100,000 sqm per annum ($222 – $277). It was designed and built by SAS Space Design.

In lieu of owning their head offices, other notable law firms such as Templars and Udo Udoma & Belo-Osagie currently lease office space in the Octagon in Victoria Island and St. Nicholas House in Lagos Island respectively.

See how the Big 4 Accounting Firms drove leasing activity in Lagos in 2016.

SOURCE:https://brandspurng.com/2019/07/08/lagos-biggest-lawyers-are-becoming-your-landlords/

While some Nigerians continue to chastise the Nigerian movie industry known as Nollywood, over the kind of similar scripts they continue to churn out, few still have hopes in that there are some producers who understand their onions when it comes to preparing a good movie script.

Nollywood actress, Goodness Usman, is seriously ensuring that she uses her entertainment prowess to ensure that she helps make a change in the Yoruba movie industry both in production and in scripting as she recently held a private screening of her latest movie, ‘Latana’.

At the private screening, she explained, “A lot of students, while in schools, learn fashion designing but because they want to make quick money, they don’t want to use those skills. I’m trying to tell the youths out there to stop looking for quick money”.

“They should make do with what they have now and keep making progress daily, which will lead to growth. Stop looking for sudden wealth. It is not going to work”.

Latana’, is a movie that talks about marriage and the challenges that comes with it, filled with deceits and exposing those we call friends that come into our homes and turning things the other way around.

The filmmaker explained that ‘Latana’ is a movie everyone in the society could relate with because of the messages it contains and would be available for view online soon.

The Director of the movie, Muhydeen Sasiliu Ayinde, said, “I’m a director that loves to explore something new. Seeing a new writer is what I have always been looking forward to because we need ideas in Nollywood. We need to explore other angles and delve into other areas we have not treated. We cannot be giving people the same storyline to change the old ways.”

‘Latana’ is directed by Muhydeen Sasiliu Ayinde, and stars the likes of Gabriel Afolayan, Femi Olasebikan, Jumoke Odetola, Eniola Afeez, Dele Michael, Taiwo Ibikunle and others.


https://www.youtube.com/watch?v=jRVJNPcLLCA

SOURCE:https://brandspurng.com/2019/07/06/nollywood-actress-goodness-usman-exposes-fake-friends-tearing-marriages-in-latana/

The National Agency for Food and Drug Administration and Control (NAFDAC) has directed Nigerian Bottling Company Limited to recall Eva Premium Table Water 75cl as a precautionary step pending investigation by the Agency. The company voluntarily reported to NAFDAC on June 20, 2019, a change in colour of the product from colourless to light green and the presence of particles in two lots.

The affected Eva Table Water 75cl was produced between 22nd and 23rd May 2019 at Nigerian Bottling Company Limited, Asejire, Ibadan, Oyo State.


Eva Premium Table Water 75cl produced by Nigerian Bottling Company is registered by NAFDAC. The NAFDAC Registration Number is 01-0492.

The production of Eva Premium Table Water 75cl at Nigerian Bottling Company Limited, Asejire, Ibadan, Oyo State has been suspended pending the outcome of an investigation being conducted by the Agency.

NAFDAC implores distributors, wholesalers and retailers to immediately stop the distribution and sale of the affected Eva Premium Table Water 75cl. They should return the stock of the affected product in their possession to Nigerian Bottling Company Limited, Asejire, Ibadan, Oyo State.

Consumers are advised to report adverse events related to use of this product to the nearest NAFDAC office, NAFDAC PRASCOR (20543 TOLL-FREE from all networks) or via pharmacovigilance@nafdac.gov.ng

SOURCE:https://brandspurng.com/2019/07/06/nafdac-orders-the-recall-of-eva-table-water-75cl/

Fidelity Bank Plc had declared intentions to combine Small and Medium Enterprises (SMEs), to affordable and long course funds favour of its SME Connect Fair, registered to hold in three commercial nerve states – Lagos, Kano, and Rivers.

Certainly, the bank stated the move became necessary considering the fact that funding SMEs through commercial sources is very valuable and uncompetitive for SMEs.

The Managing Director, Fidelity Bank, Nnamdi Okonkwo, represented by the Executive Director, Lagos and South West, Nneka Onyeali-Ikpe, at a news conference to herald the SME Funding Connect, scheduled to hold on the 7th of August, kick-starting from Lagos, said SMEs are the engine for an economy that is growing.

He said statistics from the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), revealed that about 40 million SMEs are registered, contributing 80 per cent of the workforce in Nigeria.

This shows that it is a sector we cannot ignore. We also know that funding is still one of the major challenges for SME growth. There are other bottlenecks such as poor infrastructural facilities, and multiple taxes. We are trying to solve the ones we have the capacity because SMEs are our strategic partners,” he said.

Meanwhile, the Divisional Head, Managed SMEs, Fidelity Bank, Osaigbovo Omorogbe, said the lender has disbursed about N2.3 billion under the Central Bank of Nigeria’s (CBN’s) N220 billion Micro Small and Medium Enterprises (MSME) Fund, and another N9 billion from the N28 billion line of credit it is managing on behalf of the Development Bank of Nigeria (DBN).

We have another N9 billion in the pipeline to be disbursed soon,” he added.

Omorogbe further noted that “We have been funding the subsector, but through commercial funding, which is very expensive. This is why we are bringing this fair together to give SMEs access to venture capitals, and angel investors where they can get access to longer and stable funds. We are trying to solve their funding needs. The fair is going to bring in venture capital firms, private equity firms both within and outside the country.

“The event will kick start from Lagos and the train will move to Abuja, Port Harcourt and Kano. We anticipate that at the end of the fair, SMEs would have gotten access to funding from both local and foreign funders,” he added.

He said there are many issues around funding, but said the problem is not so much of the funds not being available, but whether if the SMEs have positioned their businesses to become attractive to people who are ready to fund the sector.

“In fact, we have captioned this fair as a meeting of funders and founders. Founders being the business promoters and funders who would be supporting SMEs” he stated.

SOURCE:https://brandspurng.com/2019/07/05/fidelity-bank-declares-intentions-to-combine-smes-to-affordable-long-term-funding/

An ILO assessment gives the first global estimates of the distribution of labour income and shows that pay inequality remains pervasive in the world of work. The findings are drawn from a new database which includes national, regional and global data.

Ten per cent of workers receive 48.9 per cent of total global pay, while the lowest-paid 50 per cent of workers receive just 6.4 per cent, a new ILO dataset reveals.

What’s more, the lowest 20 per cent of income earners – around 650 million workers – earn less than 1 per cent of global labour income, a figure that has hardly changed in 13 years.

The new dataset shows that overall global labour income inequality has fallen since 2004. However, this is not due to reductions in inequality within countries – at the national level, pay inequality is actually increasing. Rather, it is because of increasing prosperity in large emerging economies, namely China and India. Overall, the findings say, income inequality remains pervasive in the world of work.

The Labour Income Share and Distribution dataset, developed by the ILO Department of Statistics, contains data from 189 countries and is drawn from the world’s largest collection of harmonized labour force survey data. It offers two new indicators for major trends in the world of work, at national, regional and global levels. One provides the first internationally comparable figures of the share of GDP that goes to workers – rather than capital – through wages and earnings. The second looks at how labour income is distributed.

The Key Findings show that, globally, the share of national income going to workers is falling, from 53.7 per cent in 2004 to 51.4 per cent in 2017.

Looking at the average pay distribution across countries, it finds that the share going to the middle class (the middle 60 per cent of workers) declined between 2004 and 2017, from 44.8 per cent to 43 per cent. At the same time, the share earned by the top 20 per cent of earners increased, from 51.3 per cent to 53.5 per cent. Countries, where these top earners saw their share of national pay rise by at least one percentage point, include Germany, Indonesia, Italy, Pakistan, the United Kingdom and the United States.

“The data show that in relative terms, increases in the top labour incomes are associated with losses for everyone else, with both the middle class and lower-income workers seeing their share of income decline,” said Steven Kapsos, Head of the ILO’s Data Production and Analysis Unit. “However, when the labour income shares of the middle or lower-income workers increase, the gains tend to be widespread, favouring everyone except the top earners.”

Poorer countries tend to have much higher levels of pay inequality, something that exacerbates the hardships of vulnerable populations. In Sub-Saharan Africa, the bottom 50 per cent of workers earn only 3.3 per cent of labour income, compared to the European Union, where the same group receives 22.9 per cent of the total income paid to workers.

Roger Gomis, Economist in the ILO Department of Statistics, said: “The majority of the global workforce endures strikingly low pay and for many having a job does not mean having enough to live on. The average pay of the bottom half of the world’s workers is just 198 dollars per month and the poorest 10 per cent would need to work more than three centuries to earn the same as the richest 10 per cent does in one year.”

The release of the new dataset follows a recommendation in the report of the ILO Global Commission on the Future of Work, which highlighted the need for new indicators to more accurately track progress on well-being, environmental sustainability, equality and a human-centred development agenda. The new dataset will also be used to monitor progress towards the United Nations’ Sustainable Development Goals (SDGs).

SOURCE:https://brandspurng.com/2019/07/04/just-10-of-workers-receive-nearly-half-of-global-pay/

If the projections from the United Nations and World Poverty Clock are correct, Nigeria will be the 3 most populous country by 2050, from the 7th position in 2018. That means Nigeria’s population is projected to increase from 196million to 411million, adding 215million in 32 years. That may be good news as most countries will like to do business with Nigeria to enjoy part of the large market that would be created by then. However, this huge population size may be a ticking time bomb if not well planned for.

Perhaps the expected growth in Nigeria’s population would not bother the policymakers and economic managers if the Nigerian economy was reset in a turbocharged engine that will make it run or expand by about 7% annually. By 2050, the size of the Nigerian economy measured by the real Gross Domestic Product (GDP) could increase to N608trillion from N69trillion as at end of 2018 meaning that the economy would have multiplied by 8.72 times within the period. This would be far higher than the expected 2.10 times increase in the population and interestingly the GDP per head would have increased by 4.16times. The reset buttons that can accelerate the engine from the current speed are steady and reliable power supply, good roads, improved security, law and order, social investment in education and healthcare delivery. Once these buttons are pressed, they will open the way for private investment that can create job opportunities and increase opportunities both for government and the citizens. At that level, Nigeria will have a large market with strong purchasing power.

Accelerating the speed of the economy by pressing the buttons mentioned above seems to be the best option. A strategy to limit the number of children per family is being debated as a nation. This would be good if it could make a difference. But it appears that the current culture and religious inclination in Nigeria favour relatively large families. In addition, it has been pointed out that darkness as a result of no electricity and low level of education
are important factors that promote fertility. If young girls are encouraged to enrol in school and continue with quality education up until university level and beyond, and there are quality jobs waiting for them after graduation, the incidence of teenagers having children will reduce dramatically. Another argument is that even if Nigeria limits the fertility rate and manages to control the population growth rate, as long as the economy is not growing fast enough, poverty in the land will continue.

At 411 million population in 2050, Nigeria’s population would have overtaken the population of Pakistan, Brazil, Indonesia and the United States, who currently have higher populations than Nigeria. Nigeria will only be behind China and India which are predicted to be 2nd and 1st most populous countries respectively at that time. Not only this, it is expected that 72% of Nigeria’s population at that time will be living in urban areas, higher than 52% at the moment. Just imagine 296million people trying to speed across Lagos, Abuja, Kano and Port Harcourt without any substantial increase in the current job opportunities and the infrastructure in those cities. Poverty level will definitely increase. This will not be in the interest of any stakeholder in the project Nigeria. Therefore, the country needs to press the urgent button to defuse the time bomb of growth in population.

FSDH Research notes that there is strength in large numbers. China, Brazil, Indonesia and the United States have taken advantage of their large population to grow their economy. They have increased investment, technological prowess, employment, and standard of living. The GDP per head in these countries is higher than that of Nigeria, further reiterating our position that there is strength in numbers. Our calculation shows that India was able to lift about 47million persons out of poverty between 2016 and 2019. The World Poverty Clock estimates that the poverty rate in India is 3% while that of Nigeria is 48%. According to the World Bank, the average life expectancy in Nigeria is 53.88years while it is 68.8years in India and 76.41years in China.

Development of the rural economy with the goal to increase economic activity in rural communities will help to reduce rural-urban migration. The government can encourage investment into rural areas by leveraging on agriculture and other natural resources that are endowed in each area. In addition, infrastructural facilities such as roads, telecommunication, water, and electricity should be provided in order to attract investors. We see Nigeria as a world power by 2050, leveraging the population size to gather large economic power.

SOURCE:https://brandspurng.com/2019/07/04/nigerias-population-from-196million-to-411million/