₦airaland Forum

Recently, after rounds of consultations, the Nigerian government finally announced its intention to sign the Africa Continental Free Trade Area (AfCFTA) agreement at the upcoming African Union (AU) summit in Niamey. Although the decision might appear belated, it was largely expected, as major stakeholders within the country had favoured the deal with some few concerns.

The agreement which is aimed at boosting Intra-Africa trade had gained further grounds over H1-19 as it went into effect on May 30th, 2019. However, the operational phase of the deal is set to kick-off this weekend, with member countries committing to free movement of goods and services that has the potential to ignite economic integration and increase capital flows into African economies.

While the economic benefit of the deal is clear for Nigeria, infrastructural challenges are expected to pose a threat to the materialization of these benefits. We believe plans towards constructing an efficient transportation system and power generations need to be acted upon, to serve as automatic solutions to the ease of doing business challenges and a reduction in operating costs, which can drive up real sector growth. In all, we believe efficiency is key for Nigeria to produce value-added goods that can compete regionally with other African players.

United Capital Plc Research (UCR)

SOURCE:https://brandspurng.com/2019/07/04/nigeria-to-sign-afcfta-agreement-a-long-awaited-decision/

Ekiti State Governor, Dr Kayode Fayemi has stated the readiness of the state government to strengthen farmers’ cooperatives in the State so that they could go into cottage industries.

The governor who expressed this readiness when the leadership of the State chapter of the All Farmers Association of Nigeria (AFAN) visited him also said Certificates of Occupancy (C of O) are now being processed and made available within 45 days provided the applicants submit all required documents.

Dr Fayemi said this in response to the AFAN President’s request for speedy processing of Certificates of occupancy that the certificate would enable business owners, especially farmers who want to go into large scale farming, to assess credit facilities needed to float their business without stress.

The governor said his administration is in partnership with some agro-based companies especially the International Institute for Tropical Agriculture to raise some seedlings for the state’s agriculture sector and some tractor producing companies.

On the training of extension officers, the governor stated that the curriculum of the newly established College of Agriculture and Technology would be tailored to accommodate the training of extension officers so that the new trainees can replace retiring officers in the Public Service.

He also added that government would in a couple of years construct 700km of rural roads through the Rural Agriculture Mapping Programme (RAMP) so that it would be easier for farmers to transport their goods from their farms to the market.

Earlier, the State President of AFAN, Mr Alagbada Adeniran had implored the government to give AFAN 10 units of tractors with full implements to enable them to take agriculture from its peasantry practice to mechanized agro-business.

Adeniran urged the governor to address the challenge of shortage of agriculture extension officers; saying that their service is essential to the successful implementation of agricultural policies and programmes.

SOURCE:https://brandspurng.com/2019/07/03/cottage-industries-ekiti-government-to-strengthen-farmers-cooperatives/

As part of attempts to reach its financial inclusion target, the Central Bank of Nigeria (CBN) had anchored a goal of 64 new customers per branch every month for microfinance banks (MFBs) in the country.

In a report to all MFBs that was endorsed by the CBN Director, Other Financial Institutions Department, Mrs Tokunbo Martins, posted on the central bank’s website, each branch of MFBs in the country was required to gather 774 new accounts annually.

It stated that in a bid to mobilise stakeholders on the Revised National Financial Inclusion Strategy (NFIS 2.0) and accelerate progress towards the achievement of the target, the CBN had held a stakeholders‘ forum for all financial service providers in the six geopolitical zones in the first and second quarters of 20l9 which was attended by representatives of MFBs.

“The objective of the Forum was to expose stakeholders to the detailed provisions of the Revised Strategy (NFIS 2.0) and their expected roles/responsibilities in the financial inclusion agenda.

“One of the major resolutions reached athletic the event was the setting of a target for each branch of a microfinance bank to acquire 64 new customers per month. This translates to 774 new bank accounts (measured by new BVN registration) per branch per year.

“Given the urgency of this task, it is important to cascade the target to your branches for their information Ind implementation.”

The new accounts must be for individuals who did not previously have a bank account.
The letter added: “All MFBs are hereby requested to implement the above resolution and disseminate same to all their branches (where applicable) to ensure concerted efforts towards achieving the overarching target of 80 per cent financial inclusion by the year 2020.”

SOURCE:https://brandspurng.com/2019/07/03/cbn-establish-monthly-target-for-mfb-to-improve-financial-inclusion/

The directors of Flour Mills of Nigeria Plc has reassured trade partners of a proposal to increase the company’ production capacity in the next five years. The organisation also drafted an ambitious business plan for the next five years.

Group Managing Director of the company, Paul Gbededo, told stakeholders, including distributors at the 2019 Distributor’ Award that the 59-year-old company was targeting to double its business within this period from N600 billion income to over N1.2 trillion in 2024.


He declared that the strategy of the business expansion of the company which has over the years diversified into fast moving consumer goods was not only organic growth but acquisitions and partnerships.

The Managing Director, who revealed that the organisation now controls about 42 per cent of the flour business in Nigeria, stated that the business expansion was to ensure that the vision of feeding the nation and Africa is realized.

“Value and job creation is our focus and that will be in the downstream. It is not just good to acquire assets in the upstream but we need to focus on the downstream and create more value,” he stated.

To ensure continuous business growth, the manufacturing company rewarded its business partners for their contributions to the FMN business growth. The event which was attended by over 500 guests, culminated in the handing over of 17 trucks to the top performing dealers. Top five dealers were celebrated with the special award of 30-ton trucks and trailers which further expands their business model with primary distribution capability.

This year’s conference theme, “Breakthrough partnering for growth,” looked back at the rich and unique heritage the company shares with its partners and reinforced the continued commitment towards mutual profitability and growth.

“Our success story as the leading consumer business in Nigeria, will not be complete without our esteemed dealers and partners who form an integral part of how we are achieving our purpose of feeding the nation every day.’ As we continue to look towards the future, our aim is essentially to promote stronger ties with our partners, because we know that the sustainability and future growth of our business depend on it” Gbededo said.


In his comment, Managing Director, Foods division of the company, Devlin Hainsworth, said: “After nearly sixty years of doing business in Nigeria, we can say that there are very few companies in Nigeria today, who understand the business environment as we do. FMN has a culture of winning, that is backed with a robust portfolio of quality products many bearing the Golden Penny name, and sound consumer and market fundamentals that are necessary to drive sustainable future growth”

SOURCE:https://brandspurng.com/2019/07/03/flour-mills-plc-affirm-to-increase-its-revenue-to-n1-2-trillion-in-next-5-years/

President Muhammadu Buhari has designated Prof. Mohammed Sambo as current Executive Secretary for the National Health Insurance Scheme (NHIS) following the elimination of pensile Executive Secretary, Prof. Usman Yusuf.

The President has also softened the board of the scheme. The Permanent Secretary, Ministry of Health has however been directed to manage the Council pending the constitution of a new board.



Buhari also approved the appointment of Dr Chikwe Andrea Ihekweazu as Director –General (DG) of Nigeria Centre for Disease Control (NCDC).

A government statement Monday said President Muhammadu Buhari who approved the development sacked the board of the agency and also approved the appointment of Dr Chikwe Ihekweazu as Director–General of the Nigeria Centre for Disease Control.

“Following the recommendations of report by an independent fact-finding panel on the NHIS, President Muhammadu Buhari has approved the termination of appointment of the Executive Secretary, Prof. Usman Yusuf, who has been on administrative leave and has approved the appointment of Prof. Mohammed Sambo as the new executive secretary,” the statement read in part.

“Similarly, the President also approved the dissolution of the governing board of the NHIS and directed the Permanent Secretary, Federal Ministry of Health to exercise full powers of the council pending the constitution of a new board.

“President Buhari has also approved the appointment of Dr Chikwe Ihekweazu as Director–General of the Nigeria Centre for Disease Control.

“The appointment is in line with the provisions of Section 11(1)(3) of the Nigeria Centre for Disease Control (Establishment) Act, 2018,” the statement said.

SOURCE:https://brandspurng.com/2019/07/02/president-buhari-choose-new-directors-for-nhis-ncdc/

The Nigerian Stock Exchange (NSE) today, suspended eleven listed companies from trading their shares in the Bourse (Stock Exchange).

The NSE stated that the companies were suspended due to failure of filing relevant details of their accounts to the Exchange as stipulated by market regulations.

The Exchange stated: “Dealing Members are hereby notified that pursuant to Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) (“Default Filing Rules”), which provides that; “If an Issuer fails to file the relevant accounts by the expiration of the Cure Period, The Exchange will:
(a) Send to the Issuer a “Second Filing Deficiency Notification” within two (2) business days after the end of the Cure Period;
(b) Suspend trading in the Issuer’s securities, and
(c) Notify the Securities and Exchange Commission (SEC) and the Market within twenty-four (24) hours of the suspension”, the shares of the eleven (11) under listed companies have been suspended from trading via the facilities of The Exchange, effective today, Tuesday, 2 July 2019:

1. Conoil Plc
2. FTN Cocoa Processors Plc
3. Goldlink Insurance Plc
4. Guinea Insurance Plc
5. Lasaco Assurance Plc
6. Niger Insurance Plc
7. R.T. Briscoe (Nigeria) Plc
8. Resort Savings & Loans Plc
9. Royal Exchange Plc
10. Standard Alliance Insurance Plc
11. Universal Insurance Plc

“In accordance with the rules set forth above, the suspension of the above-listed companies will only be lifted upon the submission of the relevant accounts and provided The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange”.

SOURCE:https://brandspurng.com/2019/07/02/just-in-nse-suspends-11-companies-from-trading-shares-in-stock-exchange/

The Nigerian Aviation Handling Company Plc (NAHCO) declared it has started on a business transmutation plan required to result in a “quantum leap” in its earnings in the next five years.

The organisation stated digitalisation would perform an important role in reaching the target.

The Group Managing Director, Nacho Aviance, Mrs Olatokunbo Fagbemi, stated this during a media briefing in Lagos at the weekend.

According to her, the transformation agenda became necessary after a review of NAHCO’s business process by KPMG, last December.

She also assured shareholders of the company which is listed on the Nigerian Stock Exchange of returns on their investments.

She explained: “Three key things came out from the review process with KPMG – one was we are going to take a quantum leap and then in the next five years we are going to double our revenue by five times, which will be roughly four times what we have in 2018.”

Fagbemi, said as part of the transformation process, one of the decisions that were taken was that the company should operate a group structure.

This, she stressed was expected to drive efficiency in the company’s operations and enhance its revenue.

“We also have our plan to build our people and also on culture transformation. There is a perception both within and without that this is a government entity and that can affect the way things are done. So, one of the things we are doing is a complete transformation of our culture and building our culture on safety, quality and security – the key pillars of aviation – because everything about aviation is safety.

For us, digital transformation is about how we use the digital platforms and system, to enhance the business and how we will be more efficient. That is part of our five-year transformation plan.”

In addition, Fagbemi said the company is also working towards diversifying its operations so as it achieves its targets of higher revenue.

“One of the things we are looking at is that our business, if you take mainland cargo option, for example, we are a logistics company and one of the first things that happen when I came is that since logistics is not just about the air, it is also about land and sea, our focus now is how do we diversify our business to begin to look at the other mode of transportation. Aviation is just a part of the transport system,” she added.

Fagbemi, however, bemoaned the poor state of infrastructure in the sector, which according to her was a burden on the company, in terms of the high transaction cost.

SOURCE:https://brandspurng.com/2019/07/02/nahco-aim-at-digitalization-for-improved-revenue/

iSON Xperiences (formerly iSON BPO Limited, a leading Customer Experience management company, with a strong focus in Sub-Saharan Africa, has emerged the “BPO Company of the Year” at the 2019 Ghana Information Technology and Telecom Awards (GITTA). The award which was granted in recognition of iSON’s commitment to customer service, innovation and excellence in Ghana’s ICT & Telecom industry, took place on Friday, June 28, 2019, at the Movenpick Ambassador Hotel.

iSON Xperiences which began operations in Ghana in 2015 has been dedicated to ensuring that its clients are provided with excellent services throughout Ghana and beyond. The award which comes in less than five years since the company began operations in Ghana acknowledges the Company’s outstanding leadership, organizational performance, solution-based products and services, customer focus and innovation in Ghana’s ICT space.

Commenting on the awards, Global CEO, Mr. Pravin Kumar said, “We have made a huge impact since we started operations and we are still impacting businesses with our superior services. This award is a clear affirmation of our focus on creating a distinct customer experience-centric organization through the provision of optimum technology solutions. We are elated and extremely honoured to receive this award as it confirms that iSON is charting the right path while moving from Call Center services to an experience centre for the end-consumers. It is another testament to our commitment to best practice and compliance”.

Mr. Kumar further pledged to continue to nurture talent and invest in human capital development in order to continually offer the best services to Ghanaians.

He said, “I dedicate this award to iSON’s loyal clients, stakeholders and staff for their relentless contributions towards making iSON BPO the leading customer experience management provider in Africa. Adding value to our stakeholders and the lives of Ghanaians, especially in communities where we operate, remains a focal point for iSON Xperiences”.

The GITTA awards is an annual event in the Ghana ICT space and have been in existence for the past nine years, recognizing 54 different categories of related activities. The awards were instituted to reward telecom operators and ICT firms that have distinguished themselves in providing exceptional services to customers.

Over the years, iSON Group has been winning series of awards for its role in driving technology adoption in Africa and has taken the lead in driving digital inclusion and providing end-to-end solutions that facilitate the growth and diversity of technology within its markets. It’s Founder and Chairman, Mr. Ramesh Awtaney, has received several awards and commendations for his exemplary role in fostering a truly “Digital Africa”.

SOURCE:https://brandspurng.com/2019/07/01/2019-gitta-awards-ison-emerges-bpo-company-of-the-year/

The Nigerian insurance sector, in 2018, developed its cumulative premium from N363 billion in 2017, to N400 billion in 2018.

This described a 10 per cent rise in the volume of business written by the industry operators. But it was below the decade-old target of N1 trillion.

Revealing this at the 48th Annual General Meeting of the umbrella body of insurance underwriters, the Nigeria Insurers Association (NIA). Held in Lagos, President of the association, Mr Tope Smart, stated during the year under review, the insurance industry contended with a lot of negative circumstances. He highlighted these to include poor operating environment which the insurance sector like every other sector of the economy waded through in the year under review. In addition, he identified poor power outage, which according to him continued to be a major challenge to businesses in Nigeria,

He further noted that failure to abolish or amend the CITA 2007 remained a huge burden to the insurance companies.

Section 16 of the company income tax requires insurers to pay tax on every claims that is up to 25 per cent of their gross premium which they saw as double taxation.

Highlighting other negative factors that affected the insurers and the economy in general during the year, Smart, said “Growing herdsmen/farmers’ clashes across the country, insurgency and armed banditry in the north, rising cases of kidnapping, armed robbery and other violent crimes as well as communal clashes in some states all combined to negatively affect the bottom line of many insurance companies.”

He, however, said the association was working closely with the National Insurance Commission (NAICOM) to promote the business of insurance and increase its contribution to national Gross Domestic Product (GDP).

“Some of these initiatives include the insurance industry rebranding project, regulation on microinsurance, collaboration on financial inclusion, bancassurance guidelines and others which will impact positively on the business of insurance companies,” he explained.

The NIA chairman noted that the circular issued by NAICOM on the new capitalisation for insurance and reinsurance companies, was part of the regulator’s initiative towards promoting the insurance industry.

The regulator, had on May 20th, announced a new capital regime for the industry, saying that with effect from June 2020, insurance firms underwriting life business should increase their operating capital from the present level of N2 billion to N8 billion, those into General business are expected to increase theirs from N3 billion to N10 billion, composite firms would raise their capital base from N5 billion to N18 billion, while reinsurance firms would move from N10 billion to N20 billion.

Smart, however, noted that the association has started engaging NAICOM with a view to defining the components of the new capital level as well as the incentives and palliatives that members will enjoy to ensure that as many companies as possible scale through.

He urged the association members to contact the secretariat if they face challenges and also for updates, “on our part we will continue to update you as we make progress in our engagements with the commission.”

On the NIA towers project, the NIA chairman, who had promised to work with other council members for its actualisation, stated that substantial progress in bringing the dream to fruition had been made as he explained that the contractor and subcontractors have fully mobilised to site and that work was progressing according to plan presented by the contractor.

He commended the Chief Executive Officers of member companies for their support towards the vision through the payment of the NIA house levy. He also urged them not to relent as the association strives to deliver the project in July 2020.

Also speaking, NIA Director General/CEO, Mrs Yetunde Ilori, informed the members of successful implementation of a USSD code, which according to her would enable policyholders and law enforcement agencies to arrange for meetings where member companies can deliberate on the challenges and proffer solutions so as to ensure sustainable growth of the industry.

“The introduction of the code is a major achievement for the association as it eliminates challenges posed by poor internet connectivity in rural areas which had been a major issue in the development of hand-held devices for enforcement of NIID,” she stated.

SOURCE:https://brandspurng.com/2019/07/01/nigeria-insurance-division-grossed-n400-billion-cumulative-premium-in-2018/

Lagos, Nigeria – 28th June 2019 – Samsung Electronics announced today that its 2019 TV line is now available at selected stores. Powered by Samsung’s proprietary Quantum Processor, the 2019 QLED TV line-up features more screen size options, stunning picture quality enhancements, dazzling colours from every angle, exciting new design elements and intuitive smart TV upgrades. As part of this special launch, those who purchase a 2019 QLED TV between July and August 2019 will receive a Samsung UHD or FHD TV for free.

“Our 2019 QLED line is designed for users who want the best combination of picture quality, smart TV capabilities and design,” said Dudu Mokholo, Chief Marketing Officer at Samsung Central Africa. “This year’s line-up represents our largest screen size offering ever. It brings together innovative feature enhancements and exciting content and service partnerships to deliver a truly ground-breaking viewing experience and unprecedented value.”

The 2019 Q80 feature ‘Ultra Viewing Angle’ technology, which restructures the TV’s panels so the backlight passes through the panel with lights evenly onto the screen. Engineered to reduce glare and enhance colour, Ultra Viewing Angle provides a vibrant picture regardless of where you’re sitting. In addition, Q80, and Q900 models offer Direct Full Array technology that uses a panel featuring concentrated zones of precision-controlled LEDs. These LEDs adjust automatically to display deeper blacks and purer whites, delivering stunning images with pristine contrast.

Q900 Series 8K TVs incorporate Samsung’s proprietary Quantum Processor 8K, which up-scales lower resolution content. Depending on the content, it can allow for playback close to crystal clear 8K resolution. This year’s models also utilise the Quantum Processor 8K that optimises audio and video to the specific content on the screen. It can create an even more detailed sound experience by tailoring the audio settings to the specific layout of the room. Samsung’s new QLED 4K models also feature their own proprietary Quantum Processor 4K, which can use AI upscaling to deliver improved brightness, picture quality and sound optimised for each scene.

Samsung’s 2019 QLED range takes the user experience to the next level by offering iTunes Movies and TV Shows and Apple AirPlay 2 support. Support on 2018 Samsung Smart TVs will be made available via a firmware update. In an industry first, a new iTunes Movies and TV Shows app will debut on Samsung Smart TVs in more than 100 countries. AirPlay 2 support will be available soon on Samsung Smart TVs in 190 countries worldwide.

Using the new iTunes Movies and TV Shows app on Samsung Smart TVs, Samsung customers can access their existing iTunes library and browse the iTunes Store to buy or rent from a selection of hundreds of thousands of movies and TV episodes — including the largest selection of 4K HDR movies. iTunes Movies and TV Shows will work seamlessly with Samsung’s Smart TV Services, the new Voice Command and Search, to create a consistent experience across Samsung’s platform. With AirPlay 2 support, Samsung customers will be able to effortlessly play videos, photos, music, podcasts and more from Apple devices directly to Samsung Smart TVs, including QLED 4K and 8K TVs as well as other Samsung UHD and HD models.

2019 Samsung Smart TVs offer even more ways for users to discover and watch content. It features an improved AI algorithm that leverages a user’s subscription services, favourite content, and TV viewing habits to offer customised recommendations about what to watch. Users will be able to leverage the new Voice Command on 2019 QLED TVs and soon use Amazon Alexa and the Google Assistant to easily control their TVs and access their content through voice commands. They can quickly and easily navigate their content with Samsung’s OneRemote. And with the addition of Far-Field Voice Capability on the OneRemote, users can use voice commands to control their TV even if they are across the room from their remote.

Real Game Enhancer optimises the gaming experience through a unique set of gaming features. This year, Real Game Enhancer features AMD Radeon Freesync™ variable refresh rate technology, which helps prevent tearing and stuttering, as well as Game Motion Plus, which removes motion blur and judder. Real Game Enhancer combines these technical innovations with Auto Game Mode, which minimises input lag on compatible devices. It also includes AI-based audio and video enhancements that optimise the settings to delivering cinematic sound and smooth, lifelike visuals that can remain clear even during bright and dark scenes. Ambient Mode complements any living space by turning a blank screen into a decorative or informational display when the TV is not in active use. It can provide useful daily information, like the time, weather forecast, or that day’s headlines. It can also display artistic content like photos and works of art. This year, Ambient Mode offers users an even greater variety of artistic and decorative pieces for the home, through new decorative patterns, photos, and artwork and mattes, as well as new ways to display information on the TV.

Samsung’s QLED line-up offers 4K and 8K models in a range of sizes to suit the needs of every home and every lifestyle including:

QLED 8K
Q900: 98″, 82″, 75″, 65″
QLED 4K
Q80: 75″, 65″, 55″
Q60: 82″, 65″, 55″

SOURCE:https://brandspurng.com/2019/06/28/samsung-launches-its-largest-2019-qled-line-up-ever-featuring-4k-and-8k-tv-in-nigeria-photos/

The Benue State government recently guaranteed the management and staff of the Nigeria National Petroleum Corporation (NNPC) of the protection and sanctuary of its workers as they commence the research for hydrocarbon in the state and the larger Benue Trough.

Governor Samuel Ortom gave the pledge at the Government House, Makurdi, when the NNPC exploration crew led by its Executive Director, Integrated Data Services Limited (IDSL), Dorathy Umoetok, visited him.

Represented by his Deputy, Benson Abounu, Governor Ortom said the government would put in place the needed security measures to guarantee the safety and unhindered work of the team.

He expressed delight that Benue State constitutes 70 per cent of the area in the Benue Trough, believed to contain hydrocarbon; and called on the people of the state, particularly people of Makurdi, Guma, Ohimini, Gwer West, Apa, Agatu and Otukpo Local Government Areas, where the exploration work shall take place, to cooperate with the team.

He implored the communities to receive the team warmly and give them all assistance needed.

Governor Ortom, who particularly charged traditional rulers and council chairmen from the affected areas to help provide the needed peaceful atmosphere for the team to work, warned that the government would deal squarely with anyone or group of people in any community that constituted an obstacle to the work.

Earlier, the team leader, Dorothy Umoetok, explained that their visit, which was sequel to the visit to the state last year by the out-going NNPC Group Managing Director, Dr Maikanti Baru, was to seek the guarantee of the safety and security of the lives of the exploration team so that they could commence work.

SOURCE:https://brandspurng.com/2019/06/27/nnpc-begin-exploration-of-oil-field-in-benue-as-they-pledge-security-assurance/

The top mobile operator intends to create 50,000 plus base stations and provide 5G services in more than 50 cities across China.

China Mobile, the country’s biggest telecom operator announced that it will produce up to a 30 billion yuan (£3.4 billion) industry fund to encourage the advancement of fifth-generation ( 5G ) mobile technologies, media reports stated. The organisation has already set apart 7-10 billion yuan as a part of the first instalment.

Earlier this month, China’s Ministry of Industry and Information Technology (MIIT) issued commercial licenses to provide 5G services to China Mobile and three other service providers.

According to China Mobile Chairman Yang Jie, the company will also invest an additional 3 billion yuan into developing 5G supported ultra-high definition videos and games.

China Mobile plans to build 50,000 plus base stations and provide 5G services in more than 50 cities across China.

According to Wang Gang, head of the Beijing Municipal Bureau of Economy and Information Technology, Major telecommunication operators such as China Mobile, China Telecom, and China Unicom have already established about 4700 5G base stations in Beijing.

Earlier Beijing Science and Technology Innovation Investment Management, Beijing Yizhuang International Investment and Development and State-owned China Jianyin Investment set up a five billion yuan ($724 million) fund to develop and roll out 5G services across China.

According to Sui Zhenjiang, vice-mayor of Beijing, 5G has become the driving force to boost China’s innovative economy and initiate high-quality development.

China Mobile controls the vast majority of its domestic mobile services market with more than 50 per cent market share.

SOURCE:https://brandspurng.com/2019/06/26/to-propel-5g-expansion-china-mobile-sets-up-3-4-billion-industry-fund/

Cow manure can do a lot more than create wrinkly noses. It is poised to be pivotal in a biogas revolution and contribute to a fossil-free fuel future. Pioneering Arla farmers are starting to make the most of their cow’s manure by turning it into biogas, which is now powering an Arla milk truck in Sweden.

It’s not only the climate that profits from poop. The biogas can be a source of the income for Arla’s farmer-owners, and the biomass that remains after the cow manure is digested can be used as a fertilizer, which is more nutritious and odourless than the cow manure, creating a closed-loop system.

“The biogas initiative in Sweden demonstrates the potential of our farmer-owners in Arla’s transition to becoming carbon net zero in 2050. We have a huge opportunity to develop the market for biogas as the cow manure from the Arla farmers in Sweden alone corresponds to 54 million litres of diesel,” says Kristian Østerling Eriknauer, Vice President of Corporate Responsibility in Arla.

81 farmers in Sweden are already delivering manure to biogas plants, running both milk trucks and city buses.

More trials on fossil-free fuels across markets 

The biogas initiative in Sweden is one of several fossil-free fuel trials for transport running across the farmer-owned cooperative.

Over the next two years, as well as poop-powered vehicles, battery-powered electric trucks will be tested in Arla’s core markets.

“Technologies are developing fast and so is the political landscape, which is why we follow developments and test emerging technologies before investing in full-scale rollouts,” says Kristian.


SOURCE:https://brandspurng.com/2019/06/27/%e2%80%8bpowering-trucks-with-poop-arla-foods/

Lagos, Nigeria – 18th June 2019: Zedcrest Capital, a new-age financial solutions powerhouse has been recognised as the Best Proprietary Investments Firm in Nigeria by the international magazine, Global Business Outlook.

The UK-based publication made the announcement on its official website on Tuesday, June 17, 2019.

According to GBO, Zedcrest Capital bagged the accolade for its consistent contributions to the nation’s economy by providing relevant market insight, advisory and seamless investment services for local and international investors.

Commenting on the award, Mr Adedayo Amzat, CFA, Group Managing Director of Zedcrest Capital Group, said the recognition consolidates the company’s status as a leading proprietary investment firm in Nigeria.

“We are profoundly honoured and exceedingly humbled to have been recognized by a credible international publication like Global Business Outlook. Just two months ago, we have adjudged Proprietary Investment Company of the Year at the International Standard Leadership Summit & Excellence Awards organized by World Quality Alliance. These accolades, without any iota of doubt, validate our status as a leading proprietary investment firm in Nigeria,” Mr. Amzat said.

He also added that the company will continue to raise the bar by creating wealth for its clients through its services such as fixed income securities trading, asset management and proprietary investments.

Global Business Outlook Awards aimed to recognize and reward excellence in business in the public and private sectors all over the globe and were open to companies of all sizes based in any geographic location.

Global Business Outlook magazine provides comprehensive, detailed, factual and up-to-date coverage of Global Banking, Insurance, Brokerage, Islamic Finance, Hedge Funds, Brands, Energy, Hospitality, Real Estate Startups and emergent technologies such as Blockchain and Internet of Things — that are set to make a major impact on our lives, the way we interact and do business. The magazine follows key market trends and winning business strategies from around the globe.

SOURCE:https://brandspurng.com/2019/06/26/zedcrest-capital-wins-global-business-outlook-award/

The 2019 edition of Kickstart, an innovative youth entrepreneurship programme that empowers young people with the financial muscle and training to implement different entrepreneurial ventures, was today flagged off by International Breweries Plc, a proud member of the world’s largest brewer, ABInBev. The company also unveiled its new foundation, International Breweries Foundation.

Kickstart was introduced by International Breweries Plc in 2016 to empower young entrepreneurs with the wherewithal to kick-start their business ventures in recognition that the growth of Nigeria increasingly depends on the ability of its enterprising youth population to unlock their entrepreneurial potential.

Kickstart, which was previously only available to youths in the South East and South West, is now open to all youths across Nigeria. The expansion of coverage followed the newly established International Breweries Foundation which has consolidated the management of all corporate social investment (CSI) initiatives of the company.

This edition is focussing mainly on entrepreneurs in the critical areas of agriculture, recycling, manufacturing, healthcare, education, ICT, water stewardship, climate action and crafts among others The initiative underscores the company’s support for Nigeria’s attainment of the UN Sustainable Development Goals (SDGs), in particular Goal 8 on Decent Work and Economic Growth, and 5 other related goals.

Managing Director, International Breweries Plc, Mrs. Annabelle Degroot, espoused the power of transformational entrepreneurship and explained that Kickstart is funded by International Breweries Plc’s Hero and Trophy brands even as the company continues its support for responsible drinking. She also congratulated the members of the newly inaugurated Board of International Breweries Foundation.

The advisory board of International Breweries Foundation, chaired by Mr Peter Bamkole, a well-known expert in the development and support of small and medium enterprises (SMEs), will steer the affairs of the foundation.

“KickStart draws its name from the objective of the initiative, which is to empower young entrepreneurs with the basic essentials to kick-start or start-up their business ventures,” Mrs Degroot said. “Globally, the power of transformational entrepreneurship to impact growth has become increasingly compelling especially in developing economies like ours. Entrepreneurship helps to create new products and business models, even while availing entrepreneurs fulfilling and dignified livelihoods,” she added.

Also, the Legal & Corporate Affairs Director, IB Plc, Otunba Michael Daramola, expressed his happiness that the initiative has turned out more successful than initially envisaged. He stated that 184 youths had received grants totalling N271.129million so far from Kickstart and the number of beneficiaries rises to 680 when those that benefitted from the training opportunities are included. He added that 571 additional jobs had been created with 1,392 jobs projected by 2021.

“We have seen young Nigerians excel in interesting and diverse industries. From arts and crafts to circular packaging, from water stewardship to agriculture, our young Kickstart beneficiaries are blazing a trail in different facets of entrepreneurship in our country,” Daramola said. “ And it remains a privilege for us as an organization to be the driver of such an impactful initiative that enables our country to harness the power and energy of our young people and deploy them positively towards economically productive ventures,” he added.

To benefit from Kickstart, young people have to apply, stating the nature of their prospective entrepreneurial ventures. The applications are assessed and the most promising business cases are identified. Thereafter, the beneficiaries go through an intensive training programme. Upon completing the training programme, seed capital, up to N3M each, is made available to successful entrepreneurs while IB Plc continues to provide guidance and mentorship, helping these young entrepreneurs to establish a strong foothold in the world of business.

The registration portal for kickstart which is www.internationalbreweries.org will open on Monday, June 24, 2019, for all interested youth across the country.

PICTURE DETAILS: L-R: A previous beneficiary of Kickstart, Uchechukwu Ezeemo, Legal and Corporate Affairs Director, International Breweries Plc, Otunba Michael Daramola, Managing Director, Annabelle Degroot, Chairman, International Breweries Foundation, Peter Bamkole and Olumide Ogunbanjo another beneficiary at the kickoff of the 4th edition of Kickstart an entrepreneurial project for youths by International Breweries. www.brandspurng.com

SOURCE:https://brandspurng.com/2019/06/26/international-breweries-plcs-kickstart-initiative-goes-national/

Mrs Zainab Ahmed, A previous Minister of Finance, recently declared the federal government was conspiring to raise the rate of value-added tax (VAT) to 7.5 per cent from the present five per cent by 2020.

This is as the government attempts to shore up falling income, according to a report.

Addressing at the Bloomberg Emerging & Frontier Forum in London, the former minister, whose tenure completed with President Muhammadu Buhari’s first term on May 29, stated that her main absorption while in office was how to increase government’s revenue with only 55 per cent of marks being met.

Buhari, who was re-elected for a second four-year term, is yet to constitute a new cabinet.
She stated: “We have emerged a strategic income growth initiative, which we have started to execute.

“Our aim is to raise revenue to 65 per cent minimum in 2019 so that in the next three years we are capable to achieve 80-85 per cent of our income target.”

Nevertheless, earlier plans by the government to increase VAT had been vehemently opposed by Nigerians.

In April, following a public backlash, Executive Chairman, Federal Inland Revenue Service ((FIRS), Mr Babatunde Fowler, refuted reports it had proposed a 50 per cent increase in VAT when he appeared before the National Assembly to defend the agency’s 2019 budget.

But Fowler maintained that his position was misrepresented as he actually recommended an increase in the number of Nigerians and companies paying VAT and not the other way around.

A statement issued by his media department to debunk the claim stated: “Though he indicated that there should be an increase in the VAT rate by the end of the year, he never for once suggested a 50 per cent hike or any percentage increase at all.

“Rather, he promised improved collection in CIT, Petroleum Profits Tax, PPT and VAT in 2019 relative to the collection performance of the service in 2018.

“In 2018, FIRS collected the sum of N1.1 trillion in VAT; N1.42 trillion in Companies Income Tax (CIT); and N2.4 trillion in Petroleum Profits Tax (PPT).”

Also, Ebonyi State Governor, Chief David Umahi, had further opposed the proposed plan by the federal government to lift Value Added Tax (VAT) from five per cent to 35 per cent, stressing that it would put the country in difficult situations.

The governor had said that the plan, which was proposed by the federal government in order to pay workers’ salary with the implementation of the N30,000 minimum wage, was like digging a hole to fill a hole.

According to the National Bureau of Statistics (NBS), the federal government generated N1.10 trillion as VAT in 2018, representing a growth of 13.96 per cent (year-on-year) when compared to the N972.34 billion collected in 2017.


SOURCE:https://brandspurng.com/2019/06/26/fg-plotting-to-increase-vat-rate-to-7-5-percent-from-the-present-5-percent-by-2020-zainab-ahmed/

With 75 stores expected to be opened in Nigeria within the next 4 years, the Executive Director/CEO of Nigerian Export Promotion Council (NEPC) says the Council’s partnership with Africa’s retail giant, Shoprite will boost exports of Nigerian products in Africa and beyond.

Mr. Awolowo who disclosed this yesterday in Abuja while receiving in his office a delegation from Shoprite said he was optimistic that the NEPC working with Nigerian exporting companies would leverage on the Shoprite platform to increase the basket of exportable products from Nigeria into African markets.

He noted that partnership would help meet the Council’s quest to bring Made-in-Nigeria products to over 15 million Nigerians in Diaspora with a view to increasing the volume and value of the country’s non-oil exports.

According to the Awolowo “This development is commendable and would help our exporting companies improve the quality of their products as well as build strong brands for Nigerian goods in the international market”.  He also stated that a Memorandum of Understanding (MoU) will be considered and signed by both parties in the nearest future, to actualize the objectives of the trade partnership.

On the distribution of Nigerian goods in the international market, Mr. Carl Erickson General Manager of Shoprite Group, Nigeria, said that the Group is looking to expand outside of the African continent, as part of a strategic initiative to increase their operations and generally promote goods of African origin.

He pointed out that with the partnership initiative, Nigerians products would be in good stead to compete with other brands in the international market as Shoprite would provide a platform for promoting and marketing Made-in-Nigeria products beyond the shores of the country.

On logistical support, the Technical Consultant to Shoprite, Mr. Kabir Shagaya MD of Zippy Logistics, noted that there was the need to ensure seamless transportation of chosen products to be sold in Shoprite outlets across Africa, given the infrastructural challenges currently being witnessed in the sector.

Shoprite currently operates about 2, 689 outlets in 15 African countries including Nigeria and the Indian Ocean Islands. In Nigeria alone, Shoprite is presently employing over 6, 000 Nigerians in her 35 sales points across 15 States of the Federation.

SOURCE:https://brandspurng.com/2019/06/25/shoprite-to-boost-sales-of-nigerian-goods-abroad-says-nepc/

With 75 stores expected to be opened in Nigeria within the next 4 years, the Executive Director/CEO of Nigerian Export Promotion Council (NEPC) says the Council’s partnership with Africa’s retail giant, Shoprite will boost exports of Nigerian products in Africa and beyond.

Mr. Awolowo who disclosed this yesterday in Abuja while receiving in his office a delegation from Shoprite said he was optimistic that the NEPC working with Nigerian exporting companies would leverage on the Shoprite platform to increase the basket of exportable products from Nigeria into African markets.

He noted that partnership would help meet the Council’s quest to bring Made-in-Nigeria products to over 15 million Nigerians in Diaspora with a view to increasing the volume and value of the country’s non-oil exports.

According to the Awolowo “This development is commendable and would help our exporting companies improve the quality of their products as well as build strong brands for Nigerian goods in the international market”.  He also stated that a Memorandum of Understanding (MoU) will be considered and signed by both parties in the nearest future, to actualize the objectives of the trade partnership.

On the distribution of Nigerian goods in the international market, Mr. Carl Erickson General Manager of Shoprite Group, Nigeria, said that the Group is looking to expand outside of the African continent, as part of a strategic initiative to increase their operations and generally promote goods of African origin.

He pointed out that with the partnership initiative, Nigerians products would be in good stead to compete with other brands in the international market as Shoprite would provide a platform for promoting and marketing Made-in-Nigeria products beyond the shores of the country.

On logistical support, the Technical Consultant to Shoprite, Mr. Kabir Shagaya MD of Zippy Logistics, noted that there was the need to ensure seamless transportation of chosen products to be sold in Shoprite outlets across Africa, given the infrastructural challenges currently being witnessed in the sector.

Shoprite currently operates about 2, 689 outlets in 15 African countries including Nigeria and the Indian Ocean Islands. In Nigeria alone, Shoprite is presently employing over 6, 000 Nigerians in her 35 sales points across 15 States of the Federation.

SOURCE:https://brandspurng.com/2019/06/25/shoprite-to-boost-sales-of-nigerian-goods-abroad-says-nepc/

MTN Nigeria Communications Plc has launched 4G+ in Lagos, Abuja and Port Harcourt. The enhanced service is aimed at delivering a premium experience to more people across the country.

MTN 4G+ runs on 4G LTE Advanced Technology using a combination of the recently acquired 800MHz and 2600 MHz. The added spectrum and advanced technology extend the reach and capacity of MTN’s data network in Nigeria and enable speed of up to 200Mbps. This means you a 30-minute HD video could take as little as three minutes to download on 4G+, while the same video would take around eight minutes to download on standard 4G.

The service is immediately available and will deliver much higher broadband speeds, a more consistent connection and significant improvement in indoor coverage.


SOURCE:https://brandspurng.com/2019/06/25/mtn-nigeria-unveils-4g-in-lagos-abuja-and-port-harcourt/

Filed Notice of Appeal and Motion for Stay of Execution Against The Order.

The issuance of bench warrant against me by the Federal High Court, Ikoyi, Lagos, today, June 24th 2019 is an abuse of process taken too far by the Court and made without jurisdiction. The order itself is a nullity and does not have grounds on the law.

Firstly, there is no prima facie case against me. The charge was based on suspected or trumped-up action of Innoson Nigeria Ltd and Innoson Nigeria Ltd was a party originally to the charge but was discharged by the Court of Appeal.

Secondly, there was no notice of trial served on me pursuant to the Administration of Criminal Justice Act. The act provides that before the court should issue a bench warrant, there must be proof of service of the charge and the notice of trial on the person involved. But there is no notice of trial served on me and the question of whether I, Innocent Chukwuma has been served with the charge is still pending at the Supreme Court. More importantly, the charge is also an abuse because of an earlier similar suit in relation to the charge pending at different Federal High Courts.

Thirdly, The said CHARGE NO: FHC/L/565/2015 which is a trumped-up was filed by the Police in 2015 and was equally withdrawn by the same police through its notice of withdrawal dated 17th February 2016 duly filed at the Federal High Court Registry Lagos.

GTB characteristically got the then Director of Public Prosecution of the Federal Republic of Nigeria (names withheld) to claim to have taken over the Charge/case using the name of the Attorney General of the Federation. This is after the Police have withdrawn the case.

Interestingly, that DPP involvement in this matter and his complicities therein led to his removal as the Director of Public Prosecution of the Federal Republic of Nigeria.

The argument on whether the Office of the Attorney General is empowered to take over a case that the Police have originally withdrawn is still going on at the Supreme Court.

The public should be aware that this latest order is being orchestrated by Guaranty Trust Bank in order to force me to negotiate with the bank from a weaker position.

It will be recalled that in a decision of 27th February 2019 in Appeal No: SC.694/2014 between Guaranty Trust Bank PLC v Innoson Nig Ltd, the Supreme Court dismissed GTB’s appeal against the Court of Appeal’s judgment which ordered GTB to pay the judgment debt which with accrued interest

I, therefore, advise the bank for the benefit of its shareholders to quickly comply with the Supreme Court judgment and pay the over N9billion judgment debt. Failure to do so within the short period of grace that Innoson Nigeria Ltd granted to the bank will lead to the final execution of the Writ of Fifa against Guaranty Trust Bank.


Meanwhile, I have appealed against the Order of Bench Warrant to the Court of Appeal and have as well filled a Motion for Stay of Execution of the Order.

SOURCE:https://brandspurng.com/2019/06/25/the-issuance-of-bench-warrant-against-me-is-an-abuse-of-process-taken-too-far-innoson/

The National Hajj Commission of Nigeria, NAHCON, has invented a descending analysis of the charges for the 2019 Hajj operation.

 This was in a report approved by Head, Public Affairs, Fatima Sanda Usara,  which announced the descending analysis was the result of re-classification of land transportation routes to be used by Nigeria as well as modification of their rates on the portal of the Saudi Ministry of Hajj and Umrah. The commission said the review had led to a reduction of 620 Saudi Riyals equivalent to 165 US Dollars from what was contained in the 2019 Hajj fare earlier announced by various States, the FCT, and the Armed Forces.

They Nigerian pilgrims from all States of the Federation, the Federal Capital Territory (FCT), and the Armed Forces are now to pay N51,170.45 less than the fares earlier announced.

The commission, however, directed all States Pilgrims Welfare Boards, the FCT, and the Armed Forces to immediately announce the review and commence refunds to pilgrims that had paid over the old fare.

 The commission further said it had, therefore, extended the deadline for closure of pilgrims registration to 15th July 2019 due to demand from various quarters and in view of the latest development.

It enjoined all intending pilgrims for 2019 Hajj to conclude payments and all necessary registration procedures before the said date. Meanwhile, the National Hajj Commission of Nigeria (NAHCON) is scheduled to hold a stakeholder meeting to review and finalise all arrangements before the commencement of this year’s Hajj operations expected to start next month.

A statement signed by the acting secretary of the Commission Alhaji Ahmad Maigari, states that the meeting, fixed for Tuesday, is expected to be attended by the various committees set up by the Commission for the exercise, state pilgrims welfare boards and agencies, airlines contracted, and all relevant federal and state Ministries, parastatals and agencies involved in the execution of the annual religious exercise.

SOURCE:https://brandspurng.com/2019/06/23/national-hajj-commission-reduces-charges-for-2019-hajj-operation/

Ekiti State Executive Council at its sitting on Wednesday, approved the clearing of over 1,554 hectares of Agricultural Land across 5 Local Government Areas (Oye, Irepodun/Ifelodun, Emure, Ido-Osi and Ilejemeje) to open up the axis for Farming and fulfil its readiness to partner with multilateral donors in developing agriculture in the state.

The Fayemi-led administration is determined to nurture and grow the transformational agribusiness value chain, that will enhance food security, employment opportunities and empower women and youths. It has met with development partners and representatives of foreign governments, including China, India and Belarus to bring increased trade, new markets, and sustainable development to Ekiti State.

The policy direction of the Fayemi-led administration is to reduce poverty, improve living conditions of Ekiti people and mobilize resources for the state’s economic and social development. As part of efforts to realise this laudable vision of transformation in the agricultural sector, the State Government has entered into a partnership with the Federal Ministry of Agriculture and Rural Development (FMARD), and International Fund for Agriculture Development (IFAD) to participate in the implementation of FGN/IFAD Value Chain Development (VCDP).

The objective of the program is to enhance and improve the income and food security of poor rural households that are engaged in the production, processing and marketing of rice and Cassava on a sustainable basis.

There is also an agreement with the World Bank/FGN sponsored Agro-processing Productivity Enhancing and Livelihood Improvement Support Programme (APPEALS) with the overall objective of enhancing the transformational Agric Value Chain Development of Ekiti State, particularly in the areas of modernizing and upgrading the existing traditional and drudgery propelled agro-processing centres for maximum productivity.

With the plan to clear a significant land area, the government has shown its commitment to activate the agrarian potential of the state and create more jobs in the agricultural sector.

SOURCE:https://brandspurng.com/2019/06/23/ekiti-state-to-clear-1554-hectares-for-farming/

The Central Bank of Nigeria (CBN) has declared banks now have between June 3 and September 2, to collect and sort all disfigured notes in their territory for reprinting.

The central bank’s Director of Corporate Communications, Mr Isaac Okorafor, made the declaration while engaging with leaders of prepared labour in Lagos at the weekend.

“The CBN has given banks between the 3rd of June and September 2, to bring back all the distorted notes for us to reissue them,” he stated.

“And we are telling customers, including labour, that they should return all the notes to their bank. And that the banks will bring those notes to us for reissue.

“If any bank is refusing to take back the notes, they should call us and we will take action.”

In April, the bank had introduced a Clean Note Policy to put an end to the circulation of mutilated naira notes.

Meanwhile, at the engagement activity, which was part of CBN’s communication efforts to dialogue with key stakeholders in the economy, an Executive Member of the Nigeria Labour Congress, Issa Aremu, described CBN’s “creative intervention” in the Nigerian economy as “highly commendable.”

“CBN is working today because we have a competent hand,” he said. “Mr Emefiele is a man of vision, but he is also passionate about Nigeria, he is patriotic; we need to replicate that kind of public officer.

“Also, in terms of engagement, I haven’t seen the CBN engaging in any sort of controversy; he doesn’t go outside his mandate. What happens is robust engagement, such that both the executive and legislature agreed that he should go for another term. And the facts are all verifiable.

“They all talk about jobs that have been created; so you need similar kinds of personnel in the next cabinet of the Federal Republic of Nigeria.”

But Aremu noted that for the Nigerian economy to improve on its current growth levels, all hands must be on the deck.

“CBN is doing its own side of the bargain, but the other fiscal authorities must also complement the effort of the CBN,” he said.

For example, “CBN can’t do much to stop smuggling; so you have an improvement in rice production, but by the time the farmers reach the market, it has been overwhelmed by smuggled rice.

“The same thing with textiles. So Customs must also sit up. Energy is also important. We need an uninterrupted power supply. So we need the same activism that we are witnessing at the apex bank, at Customs, at the Ministry of Power. The Ministry of Trade and investment must sit up also; Ministry of Labour must sit up as well, because they are the ones to find out whether the funds are made available to investors in this sector are actually used for production and employment is being created.”

He added that “organised labour is committed to partnering with CBN to make sure that all these creative initiatives, in terms of development financing, are sustainable.”

The CBN Governor recently said the policies of the apex bank in the past five years had been focused on protecting the purchasing power of the poor and vulnerable persons in the country. According to Emefiele, the apex bank is very comfortable staying on the side of the weak, vulnerable, and poor masses and protecting their purchasing power.

He had argued the central bank’s development finance initiatives and foreign exchange intervention was targeted at supporting vulnerable persons in the society.

“The poor masses are the ones that bear the brunt of losing the purchasing power of the meagre salaries they receive, ever so infrequently.

“Indeed, given the current resistance to pay an increased minimum wage of N30,000, one wonders how the fixed income earner would survive the consequences of inflationary pressure arising from the pass-through from exchange rate depreciation being proposed by the naysayers,” he had said.

Emefiele said the task of building a stronger economy was far from complete; with the pace of Gross Domestic Product (GDP) growth still very fragile and badly lagging behind the population growth rate of 2.7 per cent. He reiterated the fact that the level of credit to the private sector by financial institutions was still very low.

According to the CBN Governor, domestic industries particularly high employment generating sectors like textile and garment sectors have continued to deal with rampant smuggling and dumping of materials through our borders.

“These challenges no doubt call for action by the monetary and fiscal policies through the implementation of policies; the spirit and letter of which must be respected by all,” he added.

SOURCE:https://brandspurng.com/2019/06/24/cbn-declared-september-as-deadline-to-banks-for-damaged-notes-reprint/

The shareholders of Julius Berger Plc has signed N2.00 dividend at the company’s Annual General Meeting (AGM) on Thursday in Abuja.

The chairman of Julius Berger, Mr Mutiu Sunmonu said that the company has seen reasons to demonstrate its commitment to the shareholders in the light of the monumental successes recorded and so declared a dividend of N20.00 per N0.50 share.

According to him, “The company remains uniquely positioned as Nigerian’s most reliable construction company, capable of unfailingly delivering higher quality and innovative solutions for even the most challenging of projects.

“The company will persist in implementing it’s long,- term diversification strategy regarding the client mix and business areas. Opportunities in new segments will vigorously be explored, with emphasis on prospects borne out of the Group core competencies and expertise”.

The chairman also affirmed that Julius Berger would continue to stand apart as it’s quality standard has been meticulously maintained, which informed the successful recertification of the company’s Quality Management System to meet the updated standard specifications of the International Organization for Standardization’s ISO  9001:2015.

He, however, pointed out some macroeconomic policies challenges that impacted negatively on the company operations and construction sector, ranges from unsubstantiated lateness in the yearly budget passage of the federal budget, ineffective implementation, inconsistent and unpredictable releases of schedules for capital expenditure, all which negatively impacted on the company’s Cash flow and profit.

Other similar policies the chairman outlined includes undue losses from induced utilization of bank’s overdrafts to leverage unavoidable gaps all which substantially mutilated the company profits.

Sunmonu, however, remained optimistic that the current company’s forecasts and possible external market influences inculcated in its 2019 performance planning will attract upward adjustment to leverage anticipated incremental growth rate.

The leading International Construction Company in Nigeria had declared N10.2 billion profit before tax and  N7 billion net profit during its 2018 operations in Nigeria compare to N4.7 billion in 2017.

According to the chairman, the Group profit before tax (PBT) of N10.2 billion in 2018 recorded an impressive 172.7 per cent increase over the N3.7 billion in 2017 financial year, just as the construction company alone also posted N6.6 billion at 472.4 per cent increase above N1.2 billion in 2017.

While the Group net profit of  N7 billion profit in 2018 far exceeded N4.8 billion in 2017 by 46.5 per cent, the giant construction company alone posted an impressive net profit of N4.8 billion above that of N400 million at over a thousand per cent increase in this financial year.

The Financial Statement, however, showed the Group’s tax liability of N4.2 billion and N1.2 billion for the 2018  and 2017 financial year respectively, while the construction giant alone incurred a tax obligation of N2.1billion and N1.2 billion for 2018 and 2017 financial year.

The highlights of the presentations of the 2018 Annual Financial Statement were the dividend declaration of N2.00 per N0.50 share, the appointment of Auditors and fixing their remuneration, the reappointment of 13 directors on board of the company and re-election of three members on the statutory audit committee, which includes, Engr. Heinz Stockhausen, Dr Ernest Nnaemeka Azudialu Obiejesi and Mt. George Marks respectively.


SOURCE:https://brandspurng.com/2019/06/22/julius-berger-shareholders-agreed-n2-00-dividend-at-the-annual-general-meeting/

The United Nations has criticised humanitarian services to humans of Northeast pressure, grieving that it is not reaching an international best standard.

The world body also probed what it described as a dearth of knowledge by some of the key stakeholders in the provision of humanitarian services in the troubled Northeast region.

Speaking at the Humanitarian Stakeholders Forum organised by the National Emergency Management Agency (NEMA) in Maiduguri on Thursday, the UN Humanitarian Coordinator in Nigeria, Mr Edward Kallon said services to the troubled Northeast region must be based on international best practices.

He said: “We need to have a better understanding of the gap in the services we are providing for the displaced persons in the camps; it seems we don’t have a better understanding of the gaps.

“We also need to provide services based on international best practices. We are not meeting the best standard; it requires we must work together to provide better services.”

Kallon added: “One thing that is very clear whatever we have done and what we are doing currently is way below international standard.”

He asked the meeting to as a matter of urgency brainstorm on how to relocate 89,000 IDPs, adding that more than 28 hectares of land were needed for this.

He said he was shocked to discover that 20,110 displaced persons were sleeping outside without shelters in Bama, Borno State.

Kallon said: “When I was in Bama, I was shocked with what I saw. Damboa shows another ugly face with over 10,000 without shelter.”

“Camps are over congested, we are under so much pressure to improve on what we are doing; we should not be too proud that we have done extremely well, there is still a lot that needs to be done. I call on NEMA and SEMA that we need to work with the international community to bridge the gap. I am seriously worried about the efficiency and effectiveness of what we are doing to address displacement in Northeast. We should do better and we must do better.”

The NEMA has also painted an ugly picture of handling of humanitarian services in the Northeast, lamenting that over 45,000 IDPs are sleeping in the open in Borno State.

The Director-General of NEMA, Alhaji Mustapha Maihajja, who was represented by Director of Planning and Strategy, Mr Kayode Fagbemi said that the recent challenges faced was as a result of the massive arrival of IDPs from some attacked areas in Borno.

According to him, the Northeast Zonal Coordinator said about 45,000 people were without shelter, and this was because of the new arrivals. He said the agency was there to address the challenges as well as to provide food and other items that will bring succour to the people.

He explained that the purpose of conveying the meeting was to tell discuss the challenges and gaps so as to proffer solutions to them.

He said: “We know that the humanitarian situation is getting worse in some areas and there are more critical needs in some areas.”

SOURCE:https://brandspurng.com/2019/06/22/united-nations-critised-nigeria-bad-in-provision-of-humanitarian-treat-to-victims/

Today we’re sharing plans for Calibra, a newly formed Facebook subsidiary whose goal is to provide financial services that will let people access and participate in the Libra network. The first product Calibra will introduce is a digital wallet for Libra, a new global currency powered by blockchain technology. The wallet will be available in Messenger, WhatsApp and as a standalone app — and we expect to launch in 2020.

If you have an internet connection today, you can access all kinds of useful services for little to no cost — whether you’re trying to keep in touch with family and friends, learn new things or even start a business. But when it comes to saving, sending and spending money, it’s not that simple.

For many people around the world, even basic financial services are still out of reach: almost half of the adults in the world don’t have an active bank account and those numbers are worse in developing countries and even worse for women. The cost of that exclusion is high — approximately 70% of small businesses in developing countries lack access to credit and $25 billion is lost by migrants every year through remittance fees.

This is the challenge we’re hoping to address with Calibra, a new digital wallet that you’ll be able to use to save, send and spend Libra.

From the beginning, Calibra will let you send Libra to almost anyone with a smartphone, as easily and instantly as you might send a text message and at low to no cost. And, in time, we hope to offer additional services for people and businesses, like paying bills with the push of a button, buying a cup of coffee with the scan of the code or riding your local public transit without needing to carry cash or a metro pass.

Here’s a sneak peek at what the experience of using Calibra will be like:

When it launches, Calibra will have strong protections in place to keep your money and your information safe. We’ll be using all the same verification and anti-fraud processes that banks and credit cards use, and we’ll have automated systems that will proactively monitor activity to detect and prevent fraudulent behaviour. We’ll also offer dedicated live support to help if you lose your phone or your password — and if someone fraudulently gains access to your account and you lose some Libra as a result, we’ll offer you a refund.

We’ll also take steps to protect your privacy. Aside from limited cases, Calibra will not share account information or financial data with Facebook or any third party without customer consent. This means Calibra customers’ account information and financial data will not be used to improve ad targeting on the Facebook family of products. The limited cases where this data may be shared reflect our need to keep people safe, comply with the law and provide basic functionality to the people who use Calibra. Calibra will use Facebook data to comply with the law, secure customers’ accounts, mitigate risk and prevent criminal activity. You can read more about our commitments to privacy and consumer protection here.

We’re still early in the process of developing Calibra. Along the way, we’ll be consulting with a wide range of experts to make sure we can deliver a product that is safe, private and easy to use for everyone. But we’re excited to share this early glimpse and we’ll share updates along the way. In the meantime, if you’d like to be among the first to know when Calibra is available, you can sign up here.

SOURCE: https://brandspurng.com/2019/06/19/facebook-unveils-libra-cryptocurrency/

The Commission of the Economic Community of West African States (ECOWAS) and Air Navigation Services Providers (ANSPs) took a coordination conference on 14th June 2019 in Abuja, Nigeria in line to develop air navigation in the country.

This joint effort between the ECOWAS Commission and ANSPs was convened for the purpose of outlining an efficient strategy for promoting a safe and coordinated air navigation system in the region in compliance with the Standards and Recommended Practices (SARPs) of the International Civil Aviation Organization (ICAO) as well as implementing the African and Indian Ocean Satellite Network (AFISNET) Re-engineering and Modernization Project in a timely manner in order to sustain the development of the Aviation Industry in West Africa.

In his welcome remarks, the ECOWAS Commission’s Commissioner for Infrastructure, Mr Pathe Gueye highlighted the key challenges of the air navigation sector in the region which includes lack of reliable and affordable links between the Member States, high tariff and operating costs and weakness in international competition. Hence he stressed the need for security and safety, adequate technical assistance and effective management of the sector to mitigate these challenges.

Also lamenting the challenges being encountered in the aviation sector within the region, the Vice President of the ECOWAS Commission, Madam Finda Koroma emphasized the need to change track by adopting an approach to improve viability, competitiveness and the safety and quality of the ECOWAS ANSPs.

Vice President furthermore pointed out that the successful development of air transport in West Africa will enable the Member States to fast track socio-economic development. “Indeed, aviation should be a catalyst of socio-economic development and integration in the ECOWAS region” she stated.

Addressing the ECOWAS Commission’s Management, the Director General of Agency for the Security of Aerial Navigation in Africa and Madagascar (ASECNA), Mr Mohamed Moussa expressed his optimism in the collaboration between the Commission and ANSPs to implement the Global Plan for Communication Navigation System/Air Traffic Control (CNS/ATM).

The provision of safe, reliable and accurate integrated air navigation services is essential to ensure the smooth take-off and landing controls of aircraft and is essential to the growth of air transportation in the ECOWAS region.

SOURCE: https://brandspurng.com/2019/06/18/ecowas-plan-to-develop-air-navigation-in-the-country/

Arrangements are in top gear to kick-start the exploration of the large deposit of Bitumen in Ondo State by an indigenous company, South West Bitumen, (SWB) which has secured a 25-Year renewable operational mining license across a land mass of about14,800 Hectares in the Southern part of the Sunshine State.

Speaking during a working visit to the Ondo State Governor, Oluwarotimi Akeredolu, SAN; the Managing Director of South West Bitumen Company, Engineer Akin Odumakinde, disclosed that construction of a befitting operational base for the company would be completed within the next three months.

Engineer Odumakinde who told the governor that the SWB was ready to commence mining operation of bitumen in the state very soon having taken delivery of needed equipment and paid the agreed compensation to the families of landowners whose landed properties were within the landmass acquired for the project.

He said on completion, several persons would be employed from the host communities across Odigbo, Irele and Okitipupa Local Government Areas.

He categorically stated that a Bitumen Research and Development Centre has been established at the Federal University of Technology in Akure and its affiliate to be at the state’s University of Science and Technology, Okitipupa.

At the inception of his administration, the governor had stated that the bitumen project was close to his heart adding that the product which the state has in large abundance would not only be harnessed but also bring about the desired change to the economic fortunes of the state.
While briefing the governor on the efforts carried out so far on the project, the Managing Director explained that the nation stands to benefit a lot from the project.

He stressed that Nigeria consumes more than 95% of bitumen processed in West Africa, noting that the state ranked 5th largest bitumen reserves in the world with the potential of producing asphalt products that can compete in the international market if explored.

Responding, Governor Oluwarotimi Akeredolu commended the company for its efforts towards ensuring the realisation of the untapped products and also resolving with host communities in a more civil manner which will be of great benefit to them and the state at large.

Arakunrin Akeredolu acknowledged the former Minister of Mines and Steel Development and now the Governor of Ekiti, Dr Kayode Fayemi, for his immeasurable interest at granting the license to the company.

He assured that the State Government would look speedily into the request to confer Deeds of Ownership of the acquired land for the project on the company through the issuance of Certificate of Ownership.

SOURCE:https://brandspurng.com/2019/06/18/bitumen-exploration-set-to-begin-in-ondo-state/

As Part of the 21 Days Of Yello Care Initiative.
The students’ faces said it all. As five white buses filled with people donning Yellow T-shirts with “21 Days Of Y’ello Care” boldly inscribed on it came down with a single objective; to renovate, set up & train students on a new e-library complex. The benefactor was the Lagos State Senior Civil Service Model College, Igbogbo, Ikorodu.

The staff of MTN, over 300 of them started their Corporate Social Investment in the school by coming together as a team and delegating tasks. First was to keep the place in order by cleaning of the allocated location for the e-library. This was followed by painting, tiling and setting up of the desks by the staff. Part of the donations from the initiative included 15 desktops, a laptop, routers and data for internet connectivity.

The official handover of the e-library was done by Mr Ude Enebili, General Manager IT, Infrastructure & Performance Management, MTN Nigeria, while Mr Ayorinde Jemilo, Senior Manager, VAS Messaging & Digital Operations MTN Nigeria took time out to show the students and stakeholders the use of e-library and its benefits.

The students in appreciation of the gesture by the telco brand staged a choreographed play in French as well as a cultural dance.

During her speech, the principal of the model school founded in 1993, Mrs B.A. Oyesanya said she was pleased with the initiative, as it will reposition the school as a technologically advanced institution ready to compete in an ever-changing society.

The Y’ello Care Initiative, which is in its 13th year, is an effort by MTN Nigeria to drive home the company’s commitment to showing the human side of MTN’ers (MTN Staff/Champion). For 21 days from the 1st of June, the telecommunication giants will continue giving back to their communities nationwide.

SOURCE:https://brandspurng.com/2019/06/18/mtn-donates-new-e-library-to-senior-model-college-igbogbo-ikorodu/

On Sunday, June 9, 2019, the Securities & Exchange Commission (SEC) via a press statement published on its website indicated that “Oando PLC was given sufficient opportunity of being heard and accorded several opportunities to rebut the issues revealed by the investigation.” The Commission goes on to say that these opportunities were via engagement with Deloitte & Touche in the course of its audit into the company’s business.

A hearing can only be said to be fair when all the parties to a dispute are given an opportunity to present their respective cases, and each side is entitled to know the details of the case/findings being made against it and is given an opportunity to reply thereto.

Oando was not accorded a fair hearing because we simply co-operated with the process and responded to questions posed by the auditors in the course of their fieldwork for findings in a report that the Company has still not seen.

Consequently, Oando disagrees with the statement “Oando PLC was given sufficient opportunity of being heard and accorded several opportunities to rebut the issues revealed by the investigation” based on the following facts:

Prior to the commencement of the forensic audit, the Company was not afforded the same opportunity to meet with the SEC as was afforded to the petitioners, despite repeated written requests to that effect. The first of these requests was on Thursday, August 24, 2017 from the Chairman, HRM Oba Michael Adedotun Gbadebo CFR who wrote to the then SEC Director-General as follows “We would like to request for a meeting with you, in your capacity as Director General of the SEC and regulator on matters involving the securities of our Company, to formally table our concerns to you and clarify any further questions that you may have in respect to the issues that we have raised in this and previous letters to the SEC.”
During the 18-month long forensic audit exercise, the Company was never given an opportunity to present its case based on the concerns or findings of the Forensic auditor to the SEC.
In the kick-off meeting with Deloitte on the 29th of March 2018, they assured the Company that we would be allowed to read their report on the forensic audit and give further clarification or comments on matters raised in their report. Minutes from the meeting which was shared with parties in attendance state “Deloitte concluded by repeating that the audit will be done fairly and from a factual perspective. There will be ‘no surprises’. Oando will be allowed to read their report on the Forensic Audit and give further clarification or comments on matters raised in the report.”
In the course of Deloitte’s forensic audit exercise, the Company had a second meeting with Deloitte on the 1st of November, 2018, and this was at the Company’s insistence. At the said meeting Deloitte promised that on the conclusion of its audit it would hold a closeout meeting with the Company, however, this meeting never took place.
With the exception of the aforementioned meetings, all other engagements with both the SEC and Deloitte were via letters and emails.
On Monday, February 11, 2019, at Oando’s request the Company’s management team met with the SEC for the purpose of getting approval for certain proposed transactions as part of our corporate strategy pending the release of the Forensic Audit. At the said meeting the Company was assured by the Acting Director General (DG), Mary Uduak that they would call us in to defend the findings from the forensic report before making a final conclusion. A promise that she has not honoured.

The Company also disagrees with the assertion by SEC in its press release that “The actions of the Commission were properly effected pursuant to the provisions of the Investments and Securities Act (ISA) 2007 and the SEC Rules and Regulations mad pursuant to the ISA 2007”.

Rule 599(1) of the SEC Rules and Regulations establishes the Administrative Proceedings Committee (“APC”) and states as follows:

“1) Pursuant to sections 310 of the Act, there is hereby established an administrative body to be known as Administrative Proceedings Committee (the Committee) for the purpose of hearing capital market operators and institutions in the market who are perceived to have violated or have actually violated or threatened to violate the provisions of the Act and the rules and regulations made thereunder and such operators or persons against whom complaints/allegations have been made to the Commission”

By virtue of this provision, it is evident that SEC circumvented its own rules and procedures when it failed to invite Oando to appear before the APC and hear its position. The Commission instead approached the media to publish the purported findings and punitive directives against the Company.

We are aware that the APC forum was rightly adopted by the SEC in the case of Mr Olubunmi Oladapo Oni vs. Administrative Proceeding Committee & Securities and Exchange Commission (2014) N.W.L.R. (part 1424) 334 “The Cadbury Case”, the case of Afolabi Gabriel Oluwaseyi & 9 others vs. BGL Securities Limited & 22 others as well as in the case of the investigation of a certain financial institution. In these aforementioned cases cited, the parties involved were afforded opportunities to be heard before the panel prescribed appropriate punishments.

For the avoidance of doubt, Schedule VIII of the SEC Rules stipulates as follows:

“The Administrative Proceedings Committee of the Commission is a body established pursuant to the Investments and Securities Act for the purpose of resolving disputes in the capital market and giving opportunity for fair hearing to capital market operators and other institutions in the market who are perceived to have violated or have actually violated or threatened to violate the provisions of the ISA and the Rules and Regulations made thereunder or such operators against whom investors have lodged a complaint.”

It would have therefore been in line with due process for the aforementioned Committee to have been rightly constituted by the SEC in accordance with the ISA, in order to afford Oando the opportunity to present its case.

We maintain that the SEC has not followed due process, failed to grant Oando a fair hearing, has acted in a way that is contrary to best practice and has not proven itself to be a fair and reasonable regulator acting in the best interest of the capital market and minority shareholders, in all its dealings on this matter.

SOURCE:https://brandspurng.com/2019/06/18/oando-plcs-response-to-secs-statement-regarding-fair-hearing-in-the-investigation-of-the-company/

The Federal Road Safety Corps has asked the Guild of Professional Bloggers of Nigeria to seek areas of cooperation with the agency towards curbing deaths on our roads.

The Corps Marshal of FRSC Dr Boboye Oyeyemi made this statement when the Executive Members of the Association led by it’s President Chris Kehinde Nwandu visited him at the corporate headquarters of the Commission on Monday.

The Corp marshal said the greatest challenge facing the commission is the high rate of overloading by vehicle owners, especially commercial vehicles.

On the issuance of driving licenses, he said except for Lagos due to some unforeseen bottlenecks, the issuance of licenses across the country now takes few days.

Same with vehicle plate numbers which the agencies produce and issues in conjunction with the various States government.

He called on members of the Bloggers Guild to help in dissimilating the messages of safe driving to Nigerians especially indiscipline culture among drivers.

Dr Boboye said the law is being put in place pending passage by the National Assembly to jack up the money paid as fines by motorists as a deterrent against bad driving culture.

Earlier in his speech, the President of the Guild Chris Kehinde Nwandu thanked the Corps Marshal for his sterling quality in leadership.

On a specific note, he mentioned the various measures put in place by the Corps Marshal towards boosting the morales of his staff, in the areas of welfare packages, promotions and building of befitting offices across the various State commands of the agency across the country.

He also called for collaborative efforts for the Guild to train Media and Public Relations officers of the FRSC in modern day online publication across it’s social media platforms.

The Corps Marshal said that the issue of training of its personnel on online media by the Guild would be given immediate attention and priority.

SOURCE: https://brandspurng.com/2019/06/18/frsc-corps-marshal-seeks-gpbns-partnership-towards-curbing-indiscipline-on-our-roads/

The nation’s crude oil depot drained by 481 million barrels to 36.972 billion barrels in 2018, according to a data released by the Organisation of Petroleum Exporting Countries.

OPEC, in its 2019 Annual Statistical Bulletin, declared Nigeria’s crude oil reserves were at 37.453 billion barrels in 2017 and 2016; 37.062 billion barrels in 2015 and 37.448 billion barrels in 2014.

According to the statement, the number of active oil rigs in the country rose to 32 last year from 13 in 2017 and nine in 2016.

Following the steep fall in global oil prices in 2014, the nation’s rig count dropped from 46 to 29, the OPEC data showed.

The rig count is largely a reflection of the level of exploration, development and production activities occurring in the oil and gas sector.

The slump in oil prices, which started in mid-June 2014, forced many companies operating in the Nigerian oil industry to slash their capital budgets and suspend some projects, resulting in a drop in the number of rigs.

The upturn in the rig count in 2018 was mostly triggered by the rally in global crude oil prices and the suspension of militant attacks on oil facilities in the Niger Delta.

The number of wells completed in the nation’s oil industry, which dropped from 141 in 2014 to 116 in 2015, increased to 81 last year from 76 in 2017 and 2016, according to OPEC.

Nigeria has the second largest proven reserves in Africa, with an estimated 37.5 billion barrels of crude oil deposits at the end of 2017, representing 2.2 per cent of the global total, according to the BP Statistical Review of World Energy 2018.

The Director, Emerald Energy Institute, University of Port Harcourt, Prof. Wumi Iledare, told our correspondent that most oil companies in the country “are mostly developing what they have.”

“They are not looking for new reserves; you can’t sustain the oil and gas industry unless you are investing in new reserves,” he added.

Decrying what he called “unnecessary uncertainty” occasioned by the delay in the passage of the Petroleum Industry Bill, Iledare said, “Investors will be wary and the competition is keen. Twenty years ago, only five countries were producing oil in Africa. Today, nearly every African country along the coast has oil; so there are other places investors can go to.”

SOURCE: https://brandspurng.com/2019/06/17/nigeria-crude-oil-storage-decreases-to-36-972-billion-barrels/