₦airaland Forum

Overview

The provisional Balance of Payments (BOP) estimates for Q4 2018 showed a significant improvement in the BOP outcome as the overall balance of payments recorded a surplus of US$2.80 million compared to a huge deficit of US$4,542.08 million and a surplus of US$6,180.40 million recorded in the preceding quarter and corresponding period of 2017, respectively. The current account balance (CAB) improved from a deficit of US$1,544.41 million in Q3 2018 to a surplus of US$1,104.57 million in Q4 2018. The financial account balance indicated a net acquisition of financial assets of US$2,327.91 million in the review period as against net incurrence of financial liabilities of US$4,615.17 million recorded in the preceding period.

Current Account Balance

The current account indicated a positive outcome during the review period, recording a surplus of US$1,104.57 million as against a deficit of US$1,544.41 million and a surplus of US$3,657.18 million in the previous quarter and the corresponding period of 2017, respectively. This development was largely attributable to the decrease in imports and payments on income (net). (Table 1, chart 1)


Goods Account

The surplus in the Goods Account increased significantly to US$6,793.60 million in Q4 2018 from surpluses of US$3,759.88 million in the preceding quarter and US$5,472.74 million recorded in the corresponding period of 2017 (Table 1, chart 2). Export earnings rose by 2.8 per cent to US$16,655.49 million in Q4 2018 when compared with Q3 2018. It also indicated an increase of about 27.6 per cent when compared to the corresponding Period of 2017. Earnings from crude oil and gas, which accounted for 93.8 per cent of total export earnings during the review period, increased by 2.1 per cent to US$15,620.90 million in Q4 2018 when compared with the preceding quarter.

Earnings from non-oil and electricity exports increased by 15.0 per cent to US$1034.59 million in Q4 2018 when compared with the preceding quarter.

Available data showed that payments for import of goods (fob) to the economy in the review period decreased significantly by 20.7 per cent to US$9,861.89 million below the level recorded in the preceding quarter. This was largely as a result of 19.9 per cent decrease in the imports of non-oil products.

Services, Income and Current Transfers

Net out-payments for services during the review period increased by 16.5 per cent to a deficit of US$8,287.57 million when compared with the level recorded in Q3 2018. When compared with the corresponding period of 2017, it indicated a much higher increase of about 76.9 per cent. However, the deficit in the income account (net) decreased by 10.8 per cent to US$3,713.84 million in the review period from a deficit of US$4,161.76 million recorded in the preceding quarter. When compared with the level in the corresponding period of 2017 it indicated an increase of about 24.5 per cent. The surplus in the current transfers (net) increased by 5.7 per cent to US$6,312.39 million in Q4 2018 when compared with the preceding quarter. However, the level of the surplus was 7.8 per cent higher than the level recorded in the corresponding period of 2017,

Financial Account

Provisional Q4 2018 BOP estimates for the Financial Account showed a overturn from net incurrence of financial liabilities of US$4,615.17 million recorded in Q3 2018 to net acquisition of financial assets of US$2327.91 million in the review period. This is also significantly lower than the net acquisition of financial assets of US$3,528.62 million recorded in the corresponding period of 2017 (Table 1, Chart 1).

Direct, Portfolio and Other Investments

Direct Investments inflow decreased by 28.3 per cent to US$314.44 million when compared with the preceding quarter of 2018. It, however, indicated a decline of 67.2 per cent when compared to the corresponding period of 2017. Portfolio Investments inflow to the economy decreased significantly to US$1,382.40 million in Q4 2018 from US$1,790.83 million and US$3,787.16 million in the preceding quarter and the corresponding period of 2017, respectively. However, other investment liabilities increased to US$1,421.26 million when compared with a reversal of US$3,070.76 million recorded in the preceding quarter. 

External Reserves

The stock of external reserves as at end-December 2018 stood at US$42,594.84million, indicating a depletion of 0.03 per cent when compared with the level in the preceding quarter. However, when compared with the corresponding period of 2017, it indicated an accretion of 8.2 per cent. The level of external reserves could finance approximately 13.0 months of imports, compared with 10.3 and 15.6 months of imports cover recorded in the preceding quarter and the corresponding period of 2017, respectively. These were, however, above the WAMZ and global benchmarks of 6 and 3 months, respectively.


SOURCE: https://brandspurng.com/2019/03/13/oil-sector-accounts-for-93-8-of-export-revenue-in-q4-2018-cbn/

The UK’s Civil Aviation Authority has banned the Boeing 737 MAX from operating in or over UK airspace “as a precautionary measure”.

The decision comes after an Ethiopian Airlines Boeing Max 8 crashed on Sunday, killing 157 people on board, the second fatal accident involving that model in less than five months

The UK joins Malaysia, Singapore, China and Australia, in banning the aircraft.

The CAA said the directive would remain in place until further notice.

Tui Airways and Norwegian both operate the Boeing Max 8 in the UK as part of their fleets.

“The UK Civil Aviation Authority has been closely monitoring the situation, however, as we do not currently have sufficient information from the flight data recorder we have, as a precautionary measure, issued instructions to stop any commercial passenger flights from any operator arriving, departing or overflying UK airspace,” a CAA statement said.

A Tui statement confirmed their 737 Max 8 aircraft were grounded following the CAA’s decision.

“Any customers due to fly home today on a 737 MAX 8 from their holiday will be flown back on another aircraft.

“Customers due to travel in the coming days will also travel on holiday as planned on other aircraft,” Tui said in a statement.

Which other countries are affected?

Singapore’s Changi Airport is the world’s sixth busiest and a major hub connecting Asia to Europe and the US.

But only a handful of airlines operate Max aircraft in and out of the country.

No Australian airlines operate the Boeing 737 Max, and only two foreign airlines – SilkAir and Fiji Airways – fly the model into the country.

Shane Carmody, who is in charge of aviation safety at Australia’s Civil Aviation Safety Authority, said the suspension would remain in place while the organisation awaited “for more information to review the safety risks”.

Several airlines and regulators around the world have already grounded the Max 8 model following the crash.

South Korea has asked Eastar Jet, the only airline in the country to own Max 8s, to ground its planes from Wednesday, while Malaysia has banned the jets from its airspace, according to the AFP news agency.

Singapore’s aviation authority said the affected airlines include SilkAir, which operates six Boeing 737 Max 8 aircraft, as well as China Southern Airlines, Garuda Indonesia, Shandong Airlines and Thai Lion Air.

In the US, the country’s Federal Aviation Administration (FAA) told airlines on Monday it believes Boeing’s 737 Max 8 model to be airworthy, despite the two fatal crashes.

Southwest, which has the largest fleet of 737s in the US, said it was offering customers booked on flights using the jet the chance to change their reservation, but would not be offering refunds.

Rival American Airlines said its “standard policies for changes still apply”.

What is a Boeing 737 Max aircraft?

The Boeing 737 Max fleet of aircraft is the latest in the company’s successful 737 line. The group includes Max 7, 8, 9 and 10 models.

By the end of January, Boeing had delivered 350 of the Max 8 model out of 5,011 orders. A small number of Max 9s are also operating.

The Max 7 and 10 models, not yet delivered, are due for roll-out in the next few years.

The Max 8 that crashed on Sunday was one of 30 ordered as part of Ethiopian Airlines’ expansion. It underwent a “rigorous first check maintenance” on 4 February, the airline said.

Following last October’s Lion Air crash in Indonesia, investigators said the pilots had appeared to struggle with an automated system designed to keep the plane from stalling, a new feature of the jet.

It is not yet clear whether the anti-stall system was the cause of Sunday’s crash. Aviation experts say other technical issues or human error cannot be discounted.

Eyewitnesses say they saw a trail of smoke, sparks and debris as the plane nose-dived.

What have US authorities said?

US aviation officials have said the 737 Max 8 is airworthy and that it is too early to reach any conclusions or take any action.

Boeing has confirmed that for the past few months it has been developing a “flight control software enhancement” for the aircraft.

Paul Hudson, the president of FlyersRights.org and a member of the FAA Aviation Rulemaking Advisory Committee, nonetheless called for the plane to be grounded.

“The FAA’s ‘wait and see’ attitude risks lives as well as the safety reputation of the US aviation industry,” Mr Hudson said in a statement on Monday.

SOURCE: https://brandspurng.com/2019/03/12/uk-singapore-australia-others-ban-use-of-boeing-737-max/

The UK has risen one place, to third, in a global ranking of most promising countries in the world for technology breakthroughs that have a global impact.

KPMG’s 2019 Technology Innovation Hubs report sees the UK trailing slightly behind the US and China, in a ranking of countries expected to produce the most disruptive technologies.  The UK and Japan were almost tied in last year’s survey with the UK coming in 4th place. This year, however, the UK moved ahead to secure the bronze place, whilst Japan was ranked fourth, Singapore was ranked fifth and India dropped from third place to sixth.

The global survey of 740 business tech executives globally from companies, venture capital firms, and angel investors that focus on technology, also found that nearly 60 per cent believe that it is likely or very likely that the technology innovation centre of the world will move from Silicon Valley by 2023.

Separately, the tech industry leaders surveyed tabbed New York as the global city most seen as becoming a leading technology innovation hub outside of Silicon Valley over the next four years whilst London maintained the same position as the 2018 report – coming in the third spot which it shared with Tokyo.

Ian West, UK head of TMT at KPMG: “It is great that the UK’s technology sector is appreciated as the most promising market for technology breakthroughs in Europe, and that London is seen as a major hub for big data, fintech and a variety of digital technologies. Despite the uncertainties presented by political hesitations and other economic factors, the UK and London have not lost its shine when it comes to its technology pedigree.”

Here are the top 15 cities seen as technology innovation hubs outside of Silicon Valley:

1. New York

2. Beijing

3. London and Tokyo

5. Shanghai and Taipei

7. Singapore

8. Seoul

9. Boston and Austin

11. Berlin

12. Hong Kong (SAR)

13. Washington D.C.

14. Paris

15. Tel Aviv

More than $7.7 billion was invested in UK start-ups over the course of 2018 according to research by KPMG. This was more than 1.5 times the level invested in fast-growth businesses in Germany, and 2.6 times the levels of investment seen by the start-up ecosystem in France.

“Technology underpins the competiveness and development of almost every sector. It is a key battleground for most economies and the UK must ensure it is a leader in this field.  The UK’s investment in autonomous vehicle technology, artificial intelligence and robotics is therefore hugely encouraging and will make a real difference to the UK being seen as a tech destination of choice for scientists, entrepreneurs, investors and tech companies,” concluded West.

SOURCE: https://brandspurng.com/2019/03/12/uk-ranked-third-in-global-list-for-innovation-disruption-and-technology/

* Mercedes-Benz sold 152,690 vehicles worldwide in February (-6.7%).
* In Germany, the best February unit sales of the past ten years were achieved with 23,119 Mercedes-Benz cars sold (+7.3%).
* The new B-Class was launched in Europe on February 16 and posted a sales increase of more than 16% last month in this region.
* In the first two months of the year, Mercedes-Benz sold 333,229 units (-6.7%).
* “We assume that the ongoing model changes will result in significant sales impetus in the coming months. At Mercedes-Benz, we continue to see
strong demand worldwide for our current and new models,” stated Britta Seeger, Member of the Board of Management of Daimler AG responsible
for Mercedes-Benz Cars Marketing and Sales.

Stuttgart – In the first two months of this year, Mercedes-Benz delivered 333,229 cars worldwide (-6.7%). In February, 152,690 vehicles with the three-pointed star were sold worldwide (-6.7%). The model changes in the highest-volume segments SUVs and compact cars had an impact on sales in all regions also last month. The worldwide decrease in unit sales compared with the same month of last year is largely due to the discontinuation of the predecessor models of the CLA and the GLE. Meanwhile, the new B-Class had a positive effect on sales in Europe. B-Class deliveries increased more than 16% in Europe in the month of market launch and in Germany even more than 40%. Since the beginning of the year, Mercedes-Benz has maintained its market leadership in the premium segment in markets including Germany, the United Kingdom, Italy, France, Switzerland, Portugal, Poland, Denmark, South Korea, Australia, the United States, Canada and South Africa.

“We are delighted that the new B-Class has had such a positive impact on Mercedes-Benz unit sales so soon after the market launch in Europe. At the Geneva International Motor Show, we presented the latest generation of our top-selling SUV, the GLC, which will ensure further enthusiasm among our customers this year,” stated Britta Seeger, Member of the Board of Management of Daimler AG responsible for Mercedes-Benz Cars Marketing and Sales. “We assume that the ongoing model changes will result in significant sales impetus in the coming months. At Mercedes-Benz, we continue to see strong demand worldwide for our current and new models.”

Mercedes-Benz unit sales by region and market

In Europe, Mercedes-Benz sold a total of 63,560 vehicles in February (-0.1%). The model change of the GLE and the discontinuation of the previous model had an impact on sales in various European markets. In Germany, the core market, 23,119 cars with the three-pointed star were delivered, representing an increase of 7.3%. This was the best February in the past ten years for unit sales in Germany. In the domestic market of Mercedes-Benz, the sales growth was driven in particular by the new A-Class, the new B-Class, and the new C-Class Saloon and Estate. In February, Mercedes-Benz was also able to increase its total unit sales in markets including France, Belgium, Russia, the Netherlands and Poland.

In the Asia-Pacific region, 59,253 cars were delivered to customers by Mercedes-Benz in February (-9.8%). In China, where sales are traditionally weaker in the month of the Chinese new year, 40,733 customers decided in favour of a car with the star (-5.4%). Sales in January and February totalled 112,430 units, more than ever before in the first two months of a year in China (+0.9%).

In the NAFTA region, Mercedes-Benz posted total unit sales of 25,757 cars delivered last month (-14.0%). In the core market, the United States, a total of 21,660 customers were delighted to receive their new automobile with the star (-12.5%). The model changes also had an impact in the USA, with a double-digit drop in unit sales of the GLE for example. Sales of the new C-Class Saloon increased at a double-digit rate in the USA in February.

Mercedes-Benz unit sales by model

Sales of Mercedes- Benz compact cars in the first two months of 2019 were slightly above the prior-year level: More than 81,700 customers were delighted to receive their new A- or B-Class, CLA, CLA Shooting Brake or GLA in January and February (-4.6%). Meanwhile, the model change for compact cars continues. The new A-Class recorded sales growth worldwide for the sixth month in succession (+20.8%). Following the market launch of the new B-Class in Europe on February 16, the new model achieved double-digit growth in deliveries in Europe, especially in Germany, the United Kingdom, France and Spain.

Sales of the new C-Class Saloon and Estate models have reached a new high with approximately 66,500 cars delivered in the first two months of this year (+4.9%). Sales of the new C-Class Estate in particular increased worldwide in February (+15.8%). Last month, every fifth vehicle sold worldwide by Mercedes-Benz was a C-Class Saloon or Estate.

Read: Market launch of Mercedes-Benz GLC F-Cell fuel cell plug-in hybrid (Pictures)
Of the Mercedes-Benz dream cars, approximately 11,000 Coupés, Cabriolets and Roadsters were delivered to customers worldwide in February (-3.0%), including the popular CLS Coupé. In the first two months of the year, every fourth dream car with the star sold worldwide was a CLS Coupé.

smart

In February, 7,854 cars of the smart brand were sold (-6.1%). Sales in Germany of the two- and four-door urban microcars reached a new record with an increase of more than 11% in the first two months of the year. The smart models were popular also in France, Portugal and Switzerland in February, with double-digit sales growth in each of those markets.

SOURCE: https://brandspurng.com/2019/03/11/mercedes-benz-sells-more-than-150000-cars-in-february/

The idea of saving money may sound great, but doing it is downright hard. We all have different obligations, incomes, and habits and by default, we tend to focus on the present.
Most people save whatever is left over after all their expenses and spending for the month. If you are having difficulty saving, don’t be sad because there are some simple rules that can help you save better.
How much do you earn? How much do you spend? How much do you save? If you can get these three questions right, you’ll be well on your way to financial security and stability.

The secret to wealth building is unchanging according to many financial analysts, and below are 3 simple rules:

Pay yourself first – The classic rule of paying yourself first recommends that you save at least 10% of all income earned. If you want to attain financial independence, save 10% or more now. It’s never too late to start. At Union Bank, we have Target Savings Products like UnionKorrect to help you save monthly at good rates. You also stand a chance to win cash rewards in quarterly draws.
Control your expenses – This simply means live within your means. Don’t live an extravagant lifestyle, be frugal. Differentiate between spending on assets and liability. This can be achieved by having a budget. List all your expenses, plan and reduce the unnecessary ones.
Make your savings work for you – This is very important. You must invest your savings wisely. Ensure you have knowledge about what to invest in and consider all the risks involved. You must guide your investment from loss. Do not be greedy. Ponzi schemes should never be an option. You can invest in money markets, fixed income securities, equities, mutual funds or real estate.
Finally, every small effort adds to a big amount when it is about money saving. You can create your own savings guide to chase your dream with minimal effort. This can help you to save money without any crunch on expenditures.

SOURCE: https://brandspurng.com/2019/03/10/how-to-save-money-3-simple-rules/

The world’s largest food and beverage company believes that a gender-balanced workforce makes business sense as it helps to boost innovation and performance, which as a result, better serves the needs of its consumers.

Nestlé’s Global CEO Mark Schneider announced the company’s acceleration plan to make gender balance a priority, based on three pillars: bold leadership, an empowering culture and a set of enabling practices.  

In the Central and West Africa Region (CWAR), Nestlé aims to bring the Gender Balance Acceleration Plan to life through its multi-pronged initiatives, such as trainings to raise awareness on gender biases, career development and mentoring programmes for women, gender-sensitive succession planning, offering breastfeeding rooms and nurseries at work, as well as the implementation of its Maternity Protection Policy.

Driving innovation

At Nestlé CWAR, increasing the number of women in the workforce and boosting gender balance is helping to drive innovation.

Bunmi Etty-Mfon, Total Performance Management Manager for Technical at Nestlé CWAR, who has led factory efficiency for over eight years to deliver safe, quality products in Nigeria, Ghana, Senegal, Cameroon and Côte d’Ivoire, has encouraged and experienced this herself.

“When there’s a good mixture of men and women, team-building activities tend to be more balanced, helping to develop greater empathy among individuals and teams. Diversity stimulates greater effort from everyone, leading to improved decision-making.

“Also, as the majority of consumers in our region are women, it gives us great perspective to lead in innovation,” she said.

Rahamatou Palm, Category Manager for our Nescafé business in Burkina Faso, Mali, Niger, Togo and Benin – and a member of the Cluster Management Committee of which half are women – agrees that diversity is key for the company’s growth.

“Gender balance is important to complement the thinking between men and women, leading to more productive debates and innovative decisions. It also fights against discrimination to ensure a better, and more dynamic workplace,” she emphasised.

Improving the company’s performance

Nestlé CWAR is also actively enhancing the company’s performance by increasing the number of women in departments that traditionally hire men.

To close the current gender gap, the Technical and Supply Chain Management departments are looking to recruit a majority of women as graduate trainees, and include at least one female candidate in the final interview stage. Efforts are also being made to increase the number of women working in factories across the region.

Ibukun Ipinmoye, Factory Manager of the Flowergate Factory, which includes the first 100% female production line in Nestlé Nigeria, has noted an increase in productivity.

“We soon realised that the female production lines are very productive thanks to their highly committed and collaborative spirit and their careful handling of the equipment. Gender diversity has helped to boost productivity,” he said.

“As a result, we plan to introduce female operators to more complex lines to utilise their multitasking skills, and aim to hire female management trainees to 80%.”

Gbenga Oladunjoye, Factory Manager for Nestlé Ghana, has also seen improved performance in his team.

“My team is more productive, with readily available good talent and a wide diversity of ideas. Women have helped to ignite creativity, offered various perspectives and improved our business,” he said.

Gbenga, who oversees the Tema facility and is part of the Country Management team, added: “They mostly make the decisions to buy products for their families so having women at Nestlé makes business sense.”

Overcoming biases

However, creating gender balance on the factory floors or in offices does not come without some obstacles. Pressure to conform to gender stereotypes, resistance from men, adapting work patterns to family life and maternity commitments, and the shortage of females in certain fields like engineering, are just some of the gender balance challenges that working women face.

Julia Atta, Production Manager for Milks in Nestlé Ghana, was appointed as the first female production manager for Nestlé CWAR last year – marking a milestone for the company in the region.

She explained that she went into this ‘non-traditional’ line of work for women to change mindsets and make an impact. But this came with its challenges.

“For any women in a male-dominated environment, even a genuine reason can become a woman’s excuse. For example, I felt I had to turn down an opportunity to go into production because I got pregnant, even though factory management made me an offer. At the time, I was unsure it was the right decision to join, as production was not seen as an ideal environment for my ‘condition’,” Julia said.

“Thanks to the support of management, I had another opportunity to take up a role outside of the country for five months. However, others made me feel like I had made the wrong decision to leave my young child behind – but I was determined to make it work.”

Today, Julia heads the milk production and technical team, leading the production, quality, safety, cost and delivery of 130 tonnes of evaporated milk a day, while also developing her team of junior and senior employees.

Women leaders inspiring other women

Creating a solid pipeline of female talent across all levels enables more women to climb up the career ladder to top positions, which has a ripple effect of encouraging other women to achieve their goals.

“Being a career woman is never a burden or added responsibility, but a platform to inspire and motivate the people you are lucky enough to impact,” Julia continued.

“When a woman is appointed in a leadership role, some people believe this is because of a gender balance strategy and not based on merit. It must be based on non-discrimination, equal opportunities, competence and providing the right support for both men and women in the workplace. This is how we will be genuinely able to highlight and remove the roadblocks to career advancement at work,” she added.

Gbenga Oladunjoye, Factory Manager at the Tema facility in Nestlé Ghana, emphasised that women at Nestlé inspire other women to follow suit, and said: “They enhance inclusiveness, advance opportunities and give hope to women worldwide that they can achieve the same too.”

Building a strong pipeline of talent is key to gender balance

Embracing diversity and increasing the number of women in leadership roles and in the workforce all make business sense at Nestlé CWAR – and for the company worldwide. This is part of its commitment to enhance gender balance in its workforce and empower women across the entire value chain.

But this just doesn’t stop here. To help achieve this across the board, organisations need to build a solid and balanced pipeline of talent and invest in women’s education and training to create and instil diversity at all levels, and in all functions.

“We recognise that gender balance, women’s rights, education for women and women’s empowerment are critical to Creating Shared Value – our approach to how we do business in creating value for both our shareholders and for society,” said Rémy Ejel, Market Head for Nestlé CWA Ltd.

“It is also key to contributing to Sustainable Development Goal 5: Achieve gender equality and empower all women and girls – and we encourage other companies to also make gender balance a priority,” Mr Ejel concluded.

SOURCE: https://brandspurng.com/2019/03/09/nestle-more-women-in-the-workplace-make-business-sense/

Foremost consumer finance company, Zedvance Ltd has advanced its commitment to gender equality through an advocacy campaign in commemoration of the 2019 International Women’s Day. The company, on Friday, March 8, 2019, organized a mentorship session for female staff anchored on the theme of this year’s International Women’s Day event, “Balance for Better”.

The event which took place at the company’s Marina office was facilitated by renowned Marketing Communications expert Mrs Oluwayemisi Mafe.

Speaking at the event, Managing Director and Chief Executive Officer of Zedvance Limited,

Mr. Adedayo Amzat, CFA, emphasized that gender balance is more than a moral imperative or a “women’s issue.”

According to Amzat, “Gender balance is at the core of what Zedvance stands for. All our employees have access to the same opportunities in career development, leadership and capacity building. By tapping into the full potential of men and women, Zedvance is stronger, more innovative, and better at serving its consumers nationwide.”

“Inclusion and diversity are fundamental to our culture and core values, fostering an innovative and collaborative work environment. Having a diverse workforce of people with different talents, perspectives, abilities and experiences enable Zedvance to serve customers better”, he added.

The guest speaker, Mrs. Mafe charged women to think equal, build smart and innovate for a change. She shared her wealth of knowledge garnered from years in the corporate world.

“Don’t get too busy that you do not even have time to think about the things that you are so busy about. Don’t get too busy that you are bogged down with projects that need to get done and meetings that need to be attended and you have no time to think. Take a walk and deeply reflect on the way you are working and living to gain some real clarity into where you want to be professionally and personally.

“Create time for some serious reflection, introspection and self-examination so that you will keep learning from all you are doing. Thinkers are winners. You can’t afford to stop thinking. Think about how your great idea can be well executed, transform your team, and your industry. Think about all that you have been reading about. Don’t stop thinking!”, admonished Mrs. Mafe

Gender parity is fundamental to whether and how economies and societies thrive. Ensuring the full development and appropriate deployment of half of the world’s total talent pool has a vast bearing on the growth, competitiveness and future-readiness of economies and businesses worldwide.

International Women’s Day (March is a global day celebrating the social, economic, cultural and political achievements of women. The day also marks a call to action for accelerating gender parity.

The event had attendance of over 100 female staff and is part of Zedvance Ltd’s Sustainability initiatives.

SOURCE: https://brandspurng.com/2019/03/09/zedvance-advocates-for-gender-equality-celebrates-female-employees/

Nestle Nigeria Plc, on Wednesday, reported a 28% increase in profit for the full year 2018. The food and beverage giant said that profit rose to N43bn from N33.7bn in the previous year, benefiting from a 90% reduction in net finance cost to N900m. In the same period in 2017, finance cost was N8.9bn.

Revenue in the period grew 9% to N266bn from N244bn helping boost operating profit 9%.

Speaking on the results, Mr Mauricio Alarcon, Managing Director/CEO, Nestle Nigeria Plc, said, “We are pleased with our 2018 results considering the increasingly competitive business environment. The growth was driven by the continued loyalty of our consumers as we focused on consistently delivering high quality, tasty and nutritious food products adapted to their preferences. The discipline and dedication of our people also supported this business outcome.

“The company continued to invest in innovation to keep delighting consumers with its iconic brands. The multi-cereal Nestlé Golden Morn Puffs fortified with iron was introduced during the year,” said Mr Alarcon.

Looking to 2019, the MD said, “We look forward to next year with cautious optimism in view of the challenging business environment. We will focus on leveraging our capabilities to deliver value to our consumers and our shareholders as we contribute to the growth of the local economy and to improving livelihoods within our communities.”

SOURCE: https://brandspurng.com/2019/03/08/nestle-nigeria-grows-profit-by-28-in-2018/

The Pharmaceuticals Export Promotion Council of India, Pharmexcil, and Indian High Commission, Indian Pharmaceutical Manufacturers Association in Nigeria, Association of Pharmaceuticals Importers in Nigeria and the Pharmaceutical Society of Nigeria, PSN, holds the 3rd International Exhibition for Pharma & Healthcare (iPHEX Africa) in Nigeria.

The event billed to hold March 14  through 15, 2019 at Federal Palace Hotel, Lagos is expected to feature about 60 Indian pharma companies.  Visitors to the exhibition will be able to explore pharmaceutical formulations, APIs, pellets, nutraceuticals, veterinary drugs, medical devices, and other healthcare products. About 1,500 to 2,000 local pharma companies, pharmacists, doctors, regulators, investors, and policymakers are expected to attend and interact with exhibitors and themselves.

Speaking on the forthcoming exhibition,  the Director-General, Pharmexcil, Mr. Udaya Bhaskar said: “We are happy with the level of cooperation from Nigerian government and relevant agencies since the maiden edition of this exhibition, it has not only improved the relationship between both countries but also enable a lot of pharmaceutical and other healthcare companies to grow to have direct access to top and government recognized pharma companies from India.”, Pharmexcil.

The import of drugs and pharmaceuticals from India play an important role in the drug distribution chain in Nigeria. The presence and interaction with the iPHEX Africa member companies during the event would help exporters to better understand the requirements of NAFDAC and the Nigeria pharma industry and ecosystem.

Pharmexcil is a Government of India set up Council under the aegis of Ministry of Commerce & Industry, for the promotion of Pharmaceutical trade in the international markets.   Trident Exhibitions Pvt Ltd, India in collaboration with Global Health Project and Resources, Lagos are the managers of the event.


SOURCE: https://brandspurng.com/2019/03/08/iphex-africa-2019-top-india-pharmaceutical-companies-for-exhibition-in-lagos/

In furtherance of the drive to curb the increasing rate of substance abuse in Nigeria, MTN Nigeria, under the Anti Substance Abuse Programme (ASAP) led a multi-sectoral roundtable on the substance abuse ecosystem in Nigeria and the need for intensified collaborative action.

The forum, which held at the Civic Centre, Victoria Island, Lagos, on Thursday, February 28, 2019, was part of the Lagos state activations of the ASAP aimed at reducing the incidence of substance abuse among youth in Nigeria. The event had in attendance notable dignitaries such as Dr. Jide Idris, Commissioner for Health, Lagos State; Mr. Agboola Dabiri, Commissioner for Youth & Social Development, Lagos State; Prince Julius Adelusi-Adeluyi, Chairman, MTN Foundation and Mr. Dennis Okoro, Director MTN Foundation. Also in attendance were ASAP partners including United Nations Office on Drugs and Crime (UNODC), National Drug Law Enforcement Agency (NDLEA); Nigeria Police Force, Association of Community Pharmacists of Nigeria (ACPN); Christ Against Drug Abuse Ministry (CADAM); Federation of Muslim Women’s Associations in Nigeria (FOMWAN), and Global Initiative On Substance Abuse (GISA) among others.

Speaking at the forum, Prince Julius Adelusi-Adeluyi, Chairman, MTN Foundation, explained: “The purpose of this campaign is to stimulate discourse among thought leaders, policy makers and leaders from different walks of life, to bring us much closer towards our goal of freeing our future leaders from the evil attraction of drugs and possible addiction to opioids.”

Dr. Jide Idris, Commissioner for Health, Lagos State, while speaking at the event, opined that education on substance abuse was essential, “We all can take time to educate ourselves and others about the harmful nature of these substances. Education on the impact that these drugs and substances of abuse have on the individual and the society as a whole should be taught and understood.”

Mr. Agboola Dabiri, Commissioner for Youth & Social Development, Lagos State, in his remark reminded the youth of their strategic place in nation building: “You are the future of Nigeria; you have a lot to give. When we speak of the next level, you are the next level.” Speaking further on substance abuse and the ASAP initiative, he said, “The issue of drug abuse is no longer on the roads; it is now within our homes. I thank MTN for this opportunity and I commend them for a job well done.”

The State activations, which started with various activities in primary and secondary schools, motor parks, and markets, will continue with an advocacy walk that will culminate in counselling sessions for all interested persons. Replication of all the activities under the ASAP initiative will be in five other states — Imo, Rivers, Kano, Bauchi, and Abuja — in the coming months. The overall objective is to take the ASAP initiative to the streets of Nigeria and meet the youth in their comfort zones.

MTN Nigeria continues to fulfil its CSR objective of improving the quality of life with various projects such as the What Can We Do Together Campaign, ICT and Business Skills training, upgrading of Sickle Cell and DNA laboratories and consistent support for arts and culture in Nigeria.

SOURCE: https://brandspurng.com/2019/03/07/mtn-continues-to-spearhead-intervention-to-combat-deadly-scourge-of-substance-abuse/

Some of the most renowned indigenous and international polo teams are set to convene in Lagos, Nigeria to compete for highly coveted trophies in the 2019 Lagos Int’l Polo Tournament. Sponsored by leading African Financial Institution, Guaranty Trust Bank Plc. This year’s competition will begin on March 13, 2019, and will see both Nigerian and foreign teams compete in five main cups, namely; the Silver Cup, Open Cup, Oba of Lagos Cup, Low Cup and Majekodunmi Cup.

Over the years, GTBank has been at the forefront of supporting Polo; widely revered as the Sport of Kings, and promoting the Lagos International Polo Tournament, which has hosted reputable personalities such as His Royal Highness the Prince of Wales. Played on the grounds of the Lagos Polo Club, Ikoyi, the premier polo club in the country, the tournament has featured polo greats like Alphonso Pieres, Gonzalo Pieres, and Alan Kent, and promises to provide top class action and entertainment for all polo lovers.

Some of the players expected to light up this year’s tournament include Tomas Fernandez Llorente, a seven-goaler from Argentina; South Africa’s Tom De Bryune +6; and Diego White a +6 handicap player from Argentina. Other professionals expected include Chris Mckenzie +6, Pedro Soria, Leroux Hendrix, and Martin Waiganjo. Polo enthusiasts will also be treated to a variety of activities ranging from thrilling performances by music stars to an exquisite experience at the exclusive GTBank Lounge where guests will be treated to epicurean cuisine and vintage wine.

Commenting on GTBank’s sponsorship of the 2019 NPA Lagos International Polo Tournament, Segun Agbaje, Managing Director of Guaranty Trust Bank plc, said; “We love the game of polo, the passion and the symbiosis between the players and their horses, but most importantly, we hold a strong affinity to the sport of kings because it reflects quality, competitiveness, and fair play; some of the values that have made GTBank a Proudly African and Truly International Financial Institution.” He further stated that;“Our sponsorship of the 2019 NPA Lagos International Polo Tournament, which has grown over the years to become one of the most anticipated social and sporting events of the year, demonstrates our strong belief in the role of sports in developing and uniting our society.”

Guaranty Trust Bank plc is one of the few Nigerian financial institutions that have maintained a defined Corporate Social Responsibility (CSR) strategy, most especially in sports education. The GTBank Masters Cup, as well as the Principals Cup tournaments in Lagos and Ogun states, are some of the projects the bank has taken up in this regard.


SOURCE: https://brandspurng.com/2019/03/07/gtbank-sponsors-2019-lagos-international-polo-tournament/

Nigerians are known for their doggedness, strive, and never say die spirit across all facet of life. For this reason, some are making the difference in the global scene, becoming unstoppable, unbeatable and champions in their fields.

The unrelenting spirit is inspiring Nigerian brands to expand their frontiers into other markets and ultimately aim to capture the world. Interestingly, the telecommunications giant, Globacom is already going global and its new communication direction. Also, its new global brand ambassador endorsement is taking the brand to a new height.

Reinforcing the spirit of dedication and success of Nigerians, Globacom unveiled to the world in Lagos, Nigeria recently, Nigerian-born heavyweight world boxing champion, Anthony Joshua (nicknamed ‘AJ’) as its global brand Ambassador.

Excitingly, Television Commercial (TVC) that featured the new brand ambassador since its launch has gone viral. This is because the advert resonated with Nigerians both at home and aboard.

New Communication Direction

Before a detailed look at the TVC, Bisi Koleoso, Deputy Chief Operating Officer, Technical, Globacom Limited, said the company’s new communication direction will help drive the future and ultimately help its subscribers to dream big, rule their world and glow in pride.

He stated that this will be possible due to the company’s superior network that offers high-quality voice and data, and it’s continuous strive to provide the best value for money especially in terms of voice and data offerings for its subscribers.

“It is a new dawn in communication. You will recall that since we started operation in the year 2003, we have been supporting the music, comedy and movie industries in Nigeria, and other African countries. Many of the musicians, comedians, actors and actresses have at one time or the other been chosen as Glo ambassadors, thus projecting the continent a refreshing light through thought-provoking and inspiring African movies and music.

“Today, I am pleased to inform you that we have taken this launch higher with the unveiling of Anthony Joshua, a global icon and all the student champion many times over.

Similarly, speaking on the new campaign, Sanjib Roy, Group Chief Technical Officer, Globacom, said that Glo is keen in driving the future while imploring Nigerians and all its subscribers across the West African sub-region to join in driving the future with the company.

Similarly, speaking on the new campaign, Sanjib Roy, Group Chief Technical Officer, Globacom, said that Glo is keen in driving the future while imploring Nigerians and all its subscribers across the West African sub-region to join in driving the future with the company.

Connecting With The Nigerian Root With New TVC

The advert entitled, “It’s in our blood” resonates with Nigerians, showcasing the tenacity and fighting spirit that the people are known for all over the world with the ‘son of the soil’ Joshua portraying the message.

Glo is known for promoting local content and the endorsement of the brand by AJ as he is fondly called further reinforces the company’s commitment to promoting what is Nigeria and Nigerian.

AJ is loved by Nigerians and in the ad, the boxing icon endorsed Globacom as a brand that personifies the values he holds dear, such as tenacity, unequalled reach and speed.

He explained that to be a world champion it takes tenacity, pains, training, handwork and determination to win. He added that the spirit is in Nigerians “because we don’t stay down, we get up and fight.”

He, therefore, endorsed Globacom network as a true and reliable partner that has the same reach and speed with him and aligns with his goals and aspirations “I believe in Glo,” he said.

He further stated, “We have the same tenacity and Nigerian fighting spirit that makes us game changers, you have to dig deep to be a world champion and we Nigerians we know all about that.”

The TVC also showed Joshua knocking down his opponents with an uppercut and powerful punches while he ends the TVC by saying “Glo I hail ooh” with a “Wakanda” salute.

In essence, Glo has not only sold itself to consumers and the world, but it has also equally inspired more Nigerians to work hard, dream big, strategize, restrategize, be outstanding, never give up, and win in their chosen careers.

Aside from that many amateur boxers will be inspired and would aspire to be like Joshua someday. In addition, the advert also inspires many young people to work tirelessly to be a world champion in any field they operate.

Meanwhile, consumers online and offline have applauded the advert as something great. Bisi Ogunwole said, “I watched the advert during Manchester City VS Arsenal. The advert makes sense” while Emeka Ugochukwu stated “Well done! Will always respect Glo because they saved Nigerians from price gouging when GSM first arrived.”

Similarly, Aderemi Buraimoh said, “Whaooo something to be proud of being a Nigerian, AJ God bless you for being a good ambassador, others emulate.” And Toyin Adejumo stated “I like the way Glo promotes local content. Proud to be a Nigerian.” while John Brown said “This is good, let’s promote our own. Indeed charity begins at home, it will continue to get better and better, na God get power ohhh.”

Joshua holds four major world championship belts, namely International Boxing Federation (IBF) title, World Boxing Association (WBA) title, World Boxing Organisation (WBO) title, and International Boxing Organisation (IBO) title which he won between 2016 and 2018.

Joshua with the full name ‘Anthony Oluwafemi Olaseni Joshua’ was born on 15 October 1989 in Watford, Hertfordshire, and he is the son of Yeta and Robert Joshua. His mother is a Nigerian, while his father is British with Irish and Nigerian ancestry. Joshua’s specific Nigerian background can be traced back to the Yoruba people. He made his professional boxing debuts in 2013.

He spent some of his early years in Nigeria as a boarding school student at Mayflower School, Ikenne, Ogun State before returning to the UK to continue his education.

Glo’s New Offerings

At the unveiling of the Glo’s global ambassador, new products were also showcased and they include Glo Drive, Glo Health, Glo Entertainment Portal, Glo Mobile Money, Glo Call Connect Service, World Connect and Glo Titi, the Artificial Intelligence platform.

Koleoso said as the innovation leader in Nigeria’s telecom space, Globacom is committed to ensuring that Nigerians are not left behind in the march to a digitalised world. “We have invested massively in new technologies to introduce these products which we believe will redefine business, social and personal pursuits,” he disclosed.

SOURCE: https://brandspurng.com/2019/03/06/globacom-rekindling-the-can-do-spirit-of-nigerians-in-new-global-ad/

Coca-Cola, at the weekend formally unveiled a new and exciting partnership with the English Premier League, the world’s number one football league.

Under the three-and-half-year deal, Coca-Cola joins the likes of EA Sports, Barclays, Cadbury, Carling, Nike and TagHeuer as the seventh official partner of the EPL.
With this partnership, Coca-Cola expands its already extensive sponsorship of football, has been the title sponsor of the English Football League from 2004 to 2009 and supported the beautiful game through diverse global, regional and local activities over the years.
Coca-Cola is the ongoing headline sponsor of the U-15 tournament for African teams, Copa Coca-Cola and supports the Super Eagles, Super Falcons; and other national football teams locally.
Coca-Cola will additionally use this platform to select fans for special treats by taking them to live action matches in the United Kingdom.
Speaking on the partnership, Gbolahan Sanni, Franchise Marketing Manager, Coca-Cola Nigeria, said: “The Nigerian’s passion for football is unrivalled. Our nation produces possibly the most passionate football lovers on earth.
“At Coca-Cola, we are proud of the opportunity to expand our footprints at the heart of the football world and look forward to working with the EPL in continuing to share the passion and excitement of football with Nigerian football fans.
“We invite all lovers of the beautiful game to watch out for the uplifting experiences we offer at our viewing centres as well as opportunities to join the list of those who will be travelling to the U.K. to see a live EPL match in the company of English football legends.”

SOURCE: https://brandspurng.com/2019/03/07/coca-cola-revitalizes-football-with-premier-league-partnership/

SPAR WINS 2019 BEST RETAIL AND SUPERSTORE BRAND

SPAR, leading chain of hypermarket stores, has been announced as the winner of the Best Retail and Superstore Brand 2019 award. This announcement was made at the 3rd edition of the West Africa Brands Excellence Awards that took place in Lagos on Thursday, 28th February 2019. The award presented to SPAR was in recognition of its excellent service to Nigerian consumers and the great value addition the brand has brought to West African sub-region.

The annual award which is organized by the Institute of Brand Management of Nigeria (IBMN) is aimed at identifying, recognizing, and rewarding companies that are renowned for introducing best branding management practices across West African.

The Registrar/ Chief Executive of IBMN, Desmond Esorougwe, described the selection of SPAR as the outcome of a study which placed the brand ahead in the retail industry in Nigeria. According to him, “SPAR Nigeria is renowned for its positive impacts on the lives of consumers, its philanthropic gestures and the provision of innovative products and services.”

In his delightful response to the award, Marketing Head, SPAR Nigeria, John Goldsmith said “SPAR

is glad to receive Best Retail and Superstore Brand 2019 award. SPAR is grateful to the Institute of Brand Management of Nigeria, the organizers of the Awards for putting together a noble platform for Brands to be recognized across the West African sub-region. We are excited by this award and we see it as an incentive to continually improve the brand by giving the utmost satisfaction to our customers across Nigeria.”



According to him, “This is an honor, especially to the members of staff, who are relentlessly building the brand in Nigeria. We promise to continually provide topnotch products and service for Nigerians and we will equally support the economy of Nigeria by employing her teeming youthful population.”

The philosophy of the award-winning retail brand is ‘My Nigeria, My SPAR’, a reflection of its total belief in Nigeria and they have aligned their business practices to the larger objective of being a premier catalyst in Nigeria’s growth story. The brand has ushered positive socio-economic changes in communities to help the Nigeria dream fly high. ”

Other awards that has been won by SPAR Nigeria include the 2018 Outstanding Retail brand of the Year Awards by Marketing Edge Brands and Advertising Excellence Awards, African Quality Achievement Awards and the Brand of the Year 2016-2017, Supermarket Nigeria by World Branding Awards, London.

SOURCE: https://brandspurng.com/2019/03/07/2019-spar-wins-best-retail-and-superstore-brand/

Iconic 24-hour music channel, MTV Base, celebrated its 14th year anniversary on Sunday, March 3 with an unforgettable edition of the Mainland Block Party. Country Manager VIMN Africa, Bada Akintunde Johnson and Senior Channel Manager, MTV Base, Solafunmi Oyeneye were both presents at the well-attended party. From exciting performances to an all in all festive A-list filled ambience, MTV Base truly pulled out all stops for their big birthday celebration.

The Mainland Block Party, which took place at Secret Garden, 6 Lateef Jakande Road, Agindigbi, Ikeja, Lagos, had over 1500 people in attendance with A-list celebrities coming through to felicitate and honour Africa’s foremost music content and lifestyle brand, MTV base. Falz, Niniola, Zlatan, Skiibii, Ycee, DJ Spinall, DJ Neptune, Reekado Banks, Dada Boy Ehiz, Sammy Walsh, Folu Storms, Bizzle Osikoya, Tosin Ajibade (Olorisupergal), Sensei Uche, Kemi Smallz, Mr. Real, CDQ, Jaywon, Iyanya, Okiki DFT, Blaqbonez, Oluwakaponeski, Lyta, Somto Cody Akanegbu, SamPhrank (Mayorkun’s manager), Shakar El, Awazi as well as Osagie John-Osarenz were present to celebrate with MTV Base.
When asked about why it is important to create such an experience for MTV Base fans, Solafunmi Oyeneye, Senior Channel Manager of MTV Base, said: “At MTV Base, we like to go big or go home. We knew that including our audience in this year’s anniversary celebration was something we had to do so it was imperative to ensure that they came to a party that they would give them the complete MTV Base experience that they have come to know and love.”
Hosted by MTV Base VJ, Nenny B and actor, Bolly Lomo, guests at the MTV Base party were thrilled not only by their electrifying hosts but by musical performances by a number of musical acts such as Zlatan, Chinko Ekun, Skiibii and Ycee. Country Manager, VIMN Africa, Bada Akintunde – Johnson, spoke on why it was important for MTV Base to have fans of the channel present at the celebration:
“There’s no denying the fact that MTV Base would not be here today without the support and faith shown to us by our amazing viewers. This is why opening the anniversary celebration to the public was a no brainer. Our viewers are a part of our family and no anniversary celebration would be complete without them.
For the MTV Base fans who were not able to attend the night of fun, highlights from the event will be broadcast on MTV Base Channel 322 (DSTV) and Channel 72 (GOTV).

SOURCE: https://brandspurng.com/2019/03/06/mtv-base-takes-over-mainland-block-party-for-anniversary-celebration/

A middle-aged security man, Mr. Okom and his wife, Mrs. Blessing Okom, have expressed gratitude to employees of leading telecommunications services provider, Airtel Nigeria, for donating the sum of one million naira to save their eight year old son who was battling with complications from a botched appendectomy procedure.

The condition of the lad, Goodluck Okom, caught the attention of Airtel employees after the family had actively sought the help of Nigerians through social platforms.

Moved by Goodluck Okom’s situation, Airtel employees under the company’s Employee Volunteer (EVS) scheme came to his aid after visiting his family home in Ogijo area of Ikorodu, Lagos.

The Airtel Employee Volunteer Scheme is a special purpose vehicle created for employees to offer their time, personal resources/money and skills to support relevant and credible charity causes.

The Airtel EVS has created huge impact as employees have raised substantial funds, provided relief to many families, with a trickledown effect of touching the lives of thousands of people.

Commending Airtel employees for the gesture, Mrs. Okom, unemployed, said, “I want to thank Airtel for saving my son’s life. I also want to thank the workers of Airtel for all they have done. God bless you all for us”.

“Prior to Airtel’s contact with Goodluck, his condition had left him incredibly emaciated, which stopped him from walking and he was mostly bedridden,” said the father who works as a security guard in Ikorodu, Lagos.

Following Airtel’s intervention, another surgery was carried out by a team of qualified surgeons at a children’s hospital in Surulere, Lagos, where Goodluck recovered and was later discharged.

Today, Goodluck is healthy, hearty and full of life and he is able to share a smile and engage in regular activities like his peers.

Airtel is intensely interested and committed to supporting laudable causes through its Corporate Social Investment initiatives in Nigeria. Leveraging on its award-winning Touching Lives programme, Adopt-a-School initiative and Employee Volunteer Scheme, it has invested to assist many communities as well as uplift thousands of underprivileged people across the country.

SOURCE: https://brandspurng.com/2019/03/05/security-guard-wife-commend-airtel-employees-for-saving-sons-life/

Nigeria Immigration Service (NIS) has postponed the issuance of the new 10-year enhanced e-passport till April 29, to enable it to finalise the integration of the National Identity Number with the new passport.

Mr Muhammad Babandede, comptroller-general, NIS, disclosed this in a statement signed by Mr Sunday James, service public relations officer on Monday in Abuja.

The NIS had on January 21, announced that it will begin issuance of the document on March 4. According to the statement, consequent upon this, the price of the current passport still remains the same.

“Applicants are encouraged to visit our website www.immigration.gov.ng for further information on fees payable and application process.”

The new e-passport was officially launched by President Muhammadu Buhari on January 16 and the cost of the 32-page five-year standard passport stood at N25, 000, 64-page five-year standard passport, N 35,000, while the 64-page 10-year standard passport cost N70,000 and the 32-page five-year official passport is N15,000.

The new passport has enormous advantages which include ten-year validity, self-tracking application and express centres for urgent application.

Other advantages include weather friendliness, compliance with latest ICAO standard, poly-carbonate technology that reduces incidence of damage as well as saving Nigerians in Diaspora time in hitherto frequent visits to Nigerian Embassies for the document.


SOURCE: https://brandspurng.com/2019/03/05/nis-suspends-issuance-of-10-year-e-passport-to-integrate-nin/

Social media is based on conversation. It works because people join in discussions – about other people and brands – that they are interested in. They want to learn more regarding what is being talked about as the conversation appeals to emotion in them.
Copywriting greats, who have developed digital copywriting and content marketing courses, say that the most successful copy out there appeals to emotion in the reader. For example, if someone reads a piece put out by a company that sells retirement annuities, which makes them afraid that they have not saved enough for their retirement, they will be more likely to investigate the retirement annuity policies that the company has to offer.

The same principle applies to social media. Conversations which appeal to people’s emotions are more likely to get them to engage with you, your company and/or your brand. There are a number of metrics that you can use to measure how engaged people are with your brand on social media as well as what messaging engages them most. These are the metrics you should be measuring in 2019.

Comments

Comments are self-explanatory. These are where a social media user takes the time to comment, with their own viewpoints, on your social media post. “These are important to measure,” says Lisa Schneider: managing director of the Digital School of Marketing, “as this is a true reflection of how engaged people are with your content because they’ve taken the time to digest what you’ve said and have put thought into a response to you.”

To calculate your company’s engagement levels, pick a metric that is important to your business and that you will gauge your social media success by. For example, if the goal of your social media strategy is to get clicks to your website, tally up the number of clicks that a particular social media campaign generates. Divide the result by the reach and you will arrive at the engagement score.

Mentions

Similar to comments, mentions are where people will draw someone into a conversation on social media. These are significant to measure because they show you who exactly is worrying about your brand’s opinion and what the demographics of these people are. This is valuable target market research for you as you will be able to use the data you gather from this activity and will be able to target these audiences in other campaigns.

Shares

Lastly, it’s vital to measure shares as this shows how far your content has reached or spread. This is important as it will show you how large your potential audience is.

An accredited social media course will teach you a lot more about how to measure social media engagement for your business. The Digital School of Marketing is an online provider of accredited social media and digital marketing education. To find out more, visit our website on www.digitalschoolofmarketing.co.za. call us on 0861 428 710 or e-mail: info@digitalschoolofmarketing.co.za. Join the conversations :

SOURCE: https://brandspurng.com/2019/03/04/what-are-the-key-social-engagement-metrics-your-company-should-focus-on-in-2019/

1.    The attention of the Nigerian Electricity Regulatory Commission (“NERC” or the “Commission”) has been drawn to the allegations of fraudulent payments to the Olorunsogo and Omotosho power plants by the Nigeria Bulk Electricity Trading Plc. (“NBET”) as widely reported in the press and other news media.

2.    The attention of the Commission has also been drawn to disagreements between NBET’s Managing Director, Dr. Marilyn Amobi, and 2 employees of the organization – Mallam Waziri Bintube (General Manager/Chief Financial Officer) and Mallam Abdullahi Sambo (Deputy General/Head Internal Audit) – that arose shortly after Dr. Amobi’s resumption of office in August 2016.

3.    The Commission considered the initial issues in contention between Dr. Amobi and the two employees to be an internal governance matter between employer and employee that fell within the scope of NBET’s Board to address and a letter conveying the Commission’s position on the matter was sent to the government.

4.    The matter has since escalated from being a purely internal governance issue when the two employees wrote a letter dated 28 September 2018 to the Honourable Minister of Finance with a whistleblowing report requesting for urgent intervention to stem fraud in NBET.  This letter was also copied to the Secretary to the Government of the Federation, Honourable Minister of Power, Works & Housing, Economic and Financial Crimes Commission (“EFCC”), Independent Corrupt Practices and Other Related Offences (“ICPC”), Dr. Amobi and NERC.

5.    The whistleblowing report highlighted 15 allegations of corrupt activities against the person of the Managing Director, Dr. M Amobi which may be categorized as “Market & Regulatory”, “Procurement” and “Internal Governance”. The report contained 14 allegations of internal governance/procurement issues and introduced a new allegation of corruption in electricity market settlement activities as follows –

“Monthly over-invoicing of about N2billion to Olorunsogo and Omotosho generating plants contrary to NERC’s Order that where there is no active gas supply agreement (GSA) and gas transportation (GTA), capacity and energy number must be equal.  Accumulated over-invoicing as at December 2017 was in excess of N30billion.  Meanwhile, other thermal plants were being treated in line with the NERC Order.  NBET’s heads of Legal and Power Procurement who ought to have defended the company colluded with Dr.Amobi to perpetuate the over-invoicing regime”

6.    The Commission initiated the conduct of an investigation of the alleged N2Billion overpayment by NBET to Oloronsogo and Omotosho power plants pursuant to the powers of the regulator to approve Power Purchase Agreements NBET executes with generation companies and the imperative to maintain the integrity of the electricity market. The Commission’s overriding objective, is, therefore, to provide clarity to investors, lenders and other stakeholders on whether the management of NBET engages in fraudulent or inappropriate practices in the discharge of its statutory responsibility to the Nigerian electricity supply industry.

7.    The independent investigation conducted by the Commission focused on the allegation of corruption relating to the purported over-invoicing of about N2Billion in the monthly market settlement payments due to the aforesaid 2 power plants on 18th and 19th February 2019. The Board of NBET has been requested to refer other allegations to relevant agencies for review.
8.    The Nigerian Electricity Supply Industry (“NESI”) is a very technical industry that is dependent on back-to-back intra-industry agreements between the various tiers of the value chain and back-to-back inter-industry agreements that exist between the upstream tier of thermal generators and gas suppliers.

9.    NBET entered into Power Purchase Agreements (PPAs) with Olorunsogo Power Plc and Omotosho Power Plc with effective dates of 24 December 2013 and 20 August 2014 respectively.  These PPAs govern the purchase of power from the 2 power plants and were approved by the Commission.

10.    In conducting the investigation, the Commission interviewed top management of NBET who are involved with the management of PPAs, as well as the petitioners, Mallam Waziri Bintube and Mallam Abdullahi Sambo over a period of two days.

11.    The findings of the Commission’s investigation are as follows –

a.    All payments made by NBET to the 2 power plants were in accordance with the terms of the PPAs.

b.    NBET and the 2 power plants executed appropriate waivers in accordance with the terms of the PPAs to address Condition Precedents.

c.    Payments made by NBET to the 2 power plants were done in compliance with the NERC TEM Order pursuant to the provision that sanctity of existing agreements be maintained.

d.    Payments to the 2 power plants, in compliance with the terms of the PPAs, were effected by Mr. Rumundaka Wonodi during his tenure as the Managing Director of NBET, Mallam Waziri Bintube during his tenure as Acting Managing Director of NBET and continued by Dr. Amobi upon her assumption on duty as Managing Director of NBET.

e.    It is noteworthy that Mallam Waziri Bintube provided legal justification for the payments to these 2 power plants vide an email dated 17 August 2016 to the Permanent Secretary (Power) of the Ministry of Power, Works & Housing wherein he stated that “for Olorunsogo and Omotosho PPAs, their capacity payments are based on the minimum capacity of 161.8MW in the first 2 contract years and 186.3MW from the third contract year onward.  The minimum capacity was arrived at using their gas quantities and the government assured them of guaranteed gas supply during the privatization.  It is important to note that NERC approved the minimum capacity and the PPA for Olorunsogo and Omotosho. So, at the moment, these IPPs get paid their minimum capacity if they are constrained by both gas supply and transmission”.

f.    Mallam Waziri Bintube and Mallam Abdullahi Sambo were unable to substantiate any claims of over invoicing to the tune of N2Billion each month by NBET in the payments to these 2 power plants; and they refused to admit that raising false allegations which they could not substantiate of over payment of N2Billion each month by NBET to the two Power plants,  constituted a crime during their interviews; and could also not provide further evidence to substantiate any form of inappropriate payments being made to these two power plants as they had alleged.

12.    These unfounded allegations by Mallam Waziri Bintube and Mallam Abdullahi Sambo have brought NESI into disrepute and weakened investor confidence in a sector where different agencies of government have been working collaboratively to address sector issues for the overall public good and in the interest of Nigeria.

13.    All stakeholders should ensure that they rely on the evidence-based investigation before reporting on this matter and apply a keen sense of diligence to the treatment of the issue of allegations of corruption that Mallam Bintube and Mallam Abdullahi raised in order to ensure that the public gets a fair and balanced reporting.

14.    The Commission has given Mallam Waziri Bintube and Mallam Abdullahi Sambo the opportunity to provide written submissions of their oral presentation to substantiate their claims.

15.    The Commission hereby confirms that capacity payments to the Olorunsogo and Omotosho power plants by NBET are in line with the Power Purchase Agreement executed between the contracting parties and the provisions of the Supplementary TEM Order by the Commission. The public is therefore advised to discountenance the allegations of inappropriate payments to the Omotosho and Olorunsogo power plants through the reported over-invoicing of N2Billion in the payment of monthly capacity charges by NBET.


SOURCE: https://brandspurng.com/2019/03/02/nerc-absolves-nbet-md-of-fraud-says-no-proof-of-n2bn-over-invoicing/

Key Highlights

Total trade declined by 5.1% in Q4 2018 compared to Q3 2018 but rose by 42.9% relative to the corresponding quarter in 2017.

Imports

The value of total imports fell 14.99% in Q4 2018 compared to Q3 2018 but rose 69.6% over the corresponding quarter of 2017.Imported Agricultural products were valued at N5.0 billion, or 2.23% less than in Q3 2018, and N8.7 billion or 3.8% lower than Q4, 2017.The value of Raw material imports grew 9.5% more than the value recorded in Q3, 2018 and 10.8%  more than the value recorded in Q4 2017.The value of Solid minerals imports was 5.26% lower than the value of imports in Q3, 2018 but 15.25% higher than the value recorded in Q4 2017.The value of Energy goods imports was N40million, or 456.76%  higher than in Q3,2018  due to the increased importation of non-coniferous energy goods ( ie fuelwood in logs)  during the quarter under review. Compared with the corresponding quarter of 2017, it represented a decrease of 70.8%.The value of imported Manufactured goods decreased by 23.5% against the value recorded in Q3, 2018 but rose by 82.2% against its value in Q4, 2017.The value of Other oil products imported was N832.2 billion, or 28.6% lower than in Q3, 2018 but 118.98% higher than the corresponding quarter of 2017.



Exports

The value of total exports in Q4, 2018 increased by 3.52% against the level recorded in Q3, 2018 and 28.46% higher than its value in Q4, 2017.The value of Agricultural exports rose by 115.1% in Q4 2018 compared to Q3,2018, and 696.8% compared to Q4 2017.The value of Raw material goods exports in Q4,2018 was 26.7% higher than the value in Q3 and 7.7% higher than the value recorded in Q4 2017.The value of Solid minerals exports decreased by 20.6% against Q3 2018 and 67.7% against the corresponding quarter in 2017.The exports of Energy goods increased in value by 6.1% in Q4 2018 compared to Q3 2018 and by 12.7% when compared with Q4 2017.The value of Manufactured goods exports rose by 14.97% in Q4 2018 when compared with the value recorded in Q3 2018 but decreased by 36.6% against the corresponding quarter in 2017.The value of Crude oil exports in Q4 2018 was 1.98% higher than in Q3 2018 and 29.95% higher than in Q4 2017.The value of Other oil products exports increased by 3.5% in Q4 2018 when compared with Q3 2018, and 15.99% compared to Q4 2017.

Nigeria’s major export trading partners and their percentage shares in Q4 2018 export trade:

India                           15.5%Spain                          11.3%France                        9.9%South Africa              6.8%Netherlands              6.5%

Nigeria’s major import trading partners and their percentage shares in Q4 2018 import trade:

China                         25.1%United States           10.4%Netherlands              9.1%India                           6.5%Belgium                     5.5%

Major traded agricultural products in Q4 2018:

Sesamum seedsGood fermented Nigerian Cocoa beansSuperior quality raw cocoa beansCashew nuts in ShellOther quality raw cocoa beans

Overview

During the fourth quarter of 2018, Nigeria’s total merchandise trade stood at N8,606.0billion. Compared to its value of N9,066.9billion recorded in the third quarter, total trade in Q4 2018  was lower by N460.96billion or 5.1%. The total export component of this trade was recorded at N5,023.7 billion, representing an increase of 3.5% over Q3, 2018 and 28.5% over Q4, 2017. The import component stood at N3,582.3 in Q4,2018 showing a drop of N631.6billion or 15.0% compared to Q3,2018, but an increase of 69.6% when compared with the corresponding quarter in 2017. The increase in export value and a decrease in import value (relative to Q3 2018) resulted in a favourable trade balance of N1441.0 billion, or 125.5% over the preceding quarter. By year-end 2018, the country recorded a total trade value of N32.264.7billion, representing 39.3% increase over the corresponding period in 2017. The volume of total merchandise trade in 2018 was the highest recorded since 2014, nearly double pre-recession levels.

Crude oil export has been the mainstay of the economy, and at N4,228.9 billion, accounted for the largest share of total exports (84.2%)  in the fourth quarter of 2018. Non-oil products accounted for 4.6% of total exports while other oil products accounted for 11.2% of total exports in the quarter under review.

Imports Classified by Standard International Trade Classification and country of Origin

Nigeria’s imports were valued at N3,582.3billion in Q4, 2018 of which machinery and transport equipment accounted for N1,484.2 billion, or 41.4% of total imports during the quarter. Mineral fuel worth N830.2 billion, or 23.2% of total imports was also recorded while the importation of chemical and related products accounted for N398.1 billion or 11.1% of the total imports during the quarter. Other major categories of imports were food and live animals, as well as manufactured goods which accounted for N349.2billion (9.7%) and N285.9billion (7.98%)of total imports during the quarter respectively.

The major import origins for Nigeria during the quarter were Asia, Europe and America each of which contributed N1,538.3 billion or 42.9%, N1,395.4billion or 39.0% and N510.7billion or 14.3% of the total imports respectively. Imports from Africa totalled N114.3billion or 3.2% while imports from the ECOWAS region accounted for N23.2 billion, or 20% of the total imports from African Countries.

Nigeria’s imports by country of origin show imported goods were predominantly from China, valued at N900.0 billion or 25.1% of the value of total imports. Other import origins were the United States, The Netherlands, India and Belgium which respectively accounted for N373.3 billion or 10.4%, N327.4billion or 9.1%, N230.96 billion or 6.5% and N197.0 billion or 5.57%.  The value of total imports from the top originating country was equivalent to the sum of total imports from the following three countries.

Exports Classified by Standard International Trade Classification and Country of Destination

The structure of Nigeria’s export trade, valued at N5,023.7 billion in Q4 2018, was dominated by crude oil exports, which contributed N4,228.9 billion or 84.2% to the value of total exports in Q4, 2018.

By section, Nigeria exported mainly mineral products which accounted for N4,809.2 billion or 95.7% of the total value of exports.  This was followed by prepared foodstuff, beverages, Spirits and Vinegar which accounted for N59.9billion or 1.2% of total exports.

In the fourth quarter of 2018, Nigeria exported mostly to Europe, Asia and America, each of which accounted for N2,167.9 billion or 43.2%, N1,428.1billion or 28.4% and N702.5 or 13.98% respectively.  Furthermore, Nigeria exported goods worth N708.7 billion or 14.1% to other parts of Africa, of which goods valued at N338.5billion, or 48%, was exported to the ECOWAS region.

Export trade by country of destination showed that Nigeria exported goods mainly to India, Spain, France, South Africa and the Netherlands; at values of N780.1 billion or 15.5%,  N569.4 billion or 11.33%,  N496.1billion or 9.9%,  N340.1 billion or 6.8% and N328.7billion or 6.5% respectively.  These five countries accounted for 50% of the total exports in Q4, 2018.

Trade Classified by Sectors Q4, 2018

Agricultural Goods Sector

The trade in agricultural goods in Q4, 2018 was valued at N316.5billion representing 3.7% of the total trade.  The Export component of this trade was valued at N97.7billion in Q4, an increase of 115.10% compared to N45.4billion recorded in the preceding quarter. Further analysis by economic regions showed that Nigeria’s agricultural exports had destinations in Asia and Europe with values recorded at N51.4billion and N41.1billion respectively. During the period under review, agricultural products were dominated by Sesamum seeds (whether or not broken), good fermented Nigerian cocoa beans, superior quality raw cocoa beans, and Cashew nuts (in shell) with values worth N33.9billion, N24.5billion, N9.6 billion and N5.8 billion respectively.

The direction of these transactions shows that Sesamum seeds were exported mainly to China and Japan in values worth N13.7billion and N5.9 billion. Good fermented Nigerian cocoa beans were exported to the Netherlands and Germany in values worth N15.3 billion and N3.8 billion. Superior quality raw cocoa beans were mainly exported to the Netherlands and Indonesia in values worth N7.1billion and N2.1 billion, whileCashew nuts (in shell) went to Vietnam and India at values of N3.7billion and N1.99 billion respectively.

On the import transactions side, agricultural goods recorded N218.8billion or 6.11% of the total imports during the period under review.  The most prominent item wasDurum wheat (not in seeds) imported mainly from Russia and Canada at values of N35.7 billion and N14.7billion.   Other imports were Durum wheat (in seed) also imported from Russia, Canada and the United States at values of N20.6billion, N13.3billion and N8.3billion respectively, as well as Crude palm oil imported from Malaysia (N10.01billion), Colombia (N1.45billion) and the United States (N727billion).

Solid Minerals Sector

Trade in solid minerals stood at N25.3billion in Q4, 2018 representing 0.29% of total trade.  The export component of solid minerals trade stood at N7.7billion while imports totaled N17.6 billion.  During the quarter, solid mineral exports declined by 20.6% against the level recorded in Q3 2018 while imports declined by 5.3%.  The major solid minerals export during the quarter was Cement (excluding White cement) which was exported to Niger and Togo in values worth N1.6 billion and N1.0 billion respectively. The other major solid minerals export was Lead ores and concentrates worth N0.9 billion exported to China.

Analysis of solid mineral imports showed that Nigeria imported Crude salt worth N2.3billion and N2.2billion from Namibia and Brazil respectively. Also, Plasters of calcined gypsum or calcuim sulphate (whether or not coloured) was imported mainly from Turkey at a value of N2.1billion while Gypsum (anhydrite whether or not coloured) was imported mainly from Spain at a value of N1.3billion.

Other Solid minerals like Granite (cut into a square or rectangular shape) worth N1.6 billion were imported from China, while Other coal (whether or not pulverized but not agglomerated)  worth  N1.1billion was imported from South Africa  during the quarter.

Manufactured Goods Sector

Trade in manufactured goods stood at N2,279.7 billion, or 26.5% of total trade in Q4 2018. The export component was valued at N75.6 billion while imported manufactured goods stood at N2,204.1billion. During the quarter, imported manufactured goods decreased by 23.5% over the level recorded in Q3, 2018 while export of manufactured products was 14.97% higher. Among manufactured goods, Vessels and other floating structures for breaking up were exported to Namibia and Cameroun at values worth N9.98billion and N6.0 billion respectively.  Aluminum alloys (unwrought) were exported to Japan and India at values of N4.1billion and N1.0billion respectively whileDredgers worth N6.5billion was exported to the Netherlands. Cigarettes containing tobacco worth N1.6 billion was exported to Niger Republic while Other machines and mechanical appliances having individual functions, was exported to the United Arab Emirates at a value of N4.98billion.

In terms of imports, Nigeria imported Used Vehicles, with diesel or semi diesel engine, of cylinder capacity >2500cc mainly from the United States and Italy which were worth N105.5 billion and N7.0billion respectively. Furthermore, Motorcycles and cycles, were imported mainly from India and China at values of N66.5billion and N19.9 billion respectively. Machines for the reception, conversion & transmission or regeneration of voice were imported from China and Sweden at values worth N35.6billion and N6.4billion. Other parts of gas turbines (excluding of turbo-jets and turbo propellers) were imported mainly from the Netherlands at a value of N28.5billion while Machines for cleaning/sorting/grading seed, grain or dried vegetables worth N14.2billion were imported from China.

Raw Material Goods Sector

The value of total trade in raw materials stood at N350.3billion, or 4.1% of total trade in Q4, 2018. During the quarter, raw materials export was valued at N40.7billion or 0.8% while imports accounted for N309.6 billion or 8.6% of the total import trade.

Raw materials exported during the quarter included Urea to Brazil worth N22.3billion and Leather (further prepared after tanning) worth N2.4 and N2.1billion exported to Italy and Spain respectively. Among others, prepared binders for foundry moulds, valued at N1.6billion, were exported to Belgium.

In terms of imports, Cane sugar, meant for sugar refinery worth N52.0billion was imported from Brazil, while Preparations for infant use, put up for retail sale were imported mainly from China and United Kingdom at values of N10.0billion and N7.96billion respectively. Mixtures of odoriferous substances of a kind used in the food or drink industry, worth N13.3billion and N3.6billion were also imported from Ireland and Swaziland respectively.

Trade Intensity in Q4 2018

Export Intensity Index with Five Major Trading Partners

During the quarter, Nigeria’s export intensity index for India, Spain, France, South Africa and the Netherlands was greater than 1 in all the months during the quarter, except for the Netherlands where there was a downturn in November and December. Nigeria registered export intensities of 3.4, 2.2 and 3.3 in its trade with India in October, November and December respectively. Similarly, export intensity index of 5.0, 1.4 and 2.9 were recorded for Spain during the period under review. Also, export intensity index of 2.3, 1.0 and 1.5 were registered for France while export trade with South Africa registered intensity index of 7.8, 4.7 and 10.6 respectively. The Netherlands equally recorded the high export intensity of 1.7 in October but a downturn of 0.9 and 0.4 was recorded in November and December.

Import Intensity Index with five Major Trading Partners

During the quarter under review, Nigeria’s import trade with China recorded an intensity index of 1.4, 0.6 and 1.6 in October, November and December respectively. Although the United States has remained a major trading partner of Nigeria, the import intensity arising from this trade has remained very low, and this is shown in its muted import intensities of 0.9, 0.5 and 0.6. This can be attributed to the product mix imported from the United States during the period under review. Nigeria’s import trade with the Netherlands was intense in the months of October and November with an index of 2.6 and 1.1. Import trade with India also showed high intensity index in Oct (2.6), November (1.3) and December (2.5). Nigeria recorded high import intensity with Belgium in October (2.7) but this declined in November and December recording 0.7 and 0.5 respectively.

Trade by Mode of Transport

In Q4, 2018, Nigeria’s major mode of transporting exports was the maritime mode, accounting for N4,989.6billion or 99.3% of total export. Goods exported by road accounted for N12.5 billion or 0.25%; Air accounted for N11.1 billion or 0.22%, while other modes of transport accounted for N10.4 billion or 0.21%.

With respect to imports, the maritime mode also dominated transportation modes accounting for N3,295.1billion or 91.98% of total imports.  During the quarter, air transport accounted for N268.3billion, or 7.5% while road transport accounted for N18.9 billion, or 0.5% of total imports.

Trade by Custom Ports and Post

The leading port of export operation during the quarter was Apapa port which accounted for N4,861.9 billion or 96.8 % of the total export transaction. This was followed by Port Harcourt (3) through which goods worth N67.4billion were exported to partner countries. Goods worth N57.9billion exited the country through Tin Can Island.

In terms of imports, Apapa Port also maintained its dominant lead as a major port of operation with transactions valued at N1,696.9 billion or 47.4%.  The next major port for imports was Tin Can Island which accounted for N753.8billion or 21.0%, while Port Harcourt (3) followed with transactions worth N276.5 billion or 7.7% of total imports during the quarter.

Download Q4 2018 Foreign Trade Statistics Report

SOURCE: https://brandspurng.com/2019/03/02/nigerias-total-trade-declined-by-5-1-in-q4-2018-rose-by-42-9-year-on-year/

Although an opposition victory would have been greeted by a probable knee-jerk excitement, which would have buoyed sentiment in the interim, the reelection of President Buhari portends a stable outlook for the economy and the financial market over the next 3 years. Specifically, GDP growth should sustain a gradual uptick, rising from 2.0% to 3.5% over his tenor.

The inflation rate is likely to ease to a high single digit, and interest rate should revert to its long term 12%. Finally, foreign exchange will stay relatively stable but may weaken over the period, considering its historical ‘step’ trajectory.

Consequently, we foresee increased foreign capital inflow, with Portfolio Funds (FPIs) taking a major share relative to Foreign Direct Investments (FDIs). This will support FX liquidity, with the Investors and Exporters window expected to continue to play a key role in ensuring currency market stability. Nevertheless, the multiple exchange rate environment may limit the inflow of FDIs, amid other concerns on regulations, fiscal/debt sustainability,
and challenges in the operating environment.
Accordingly, we expect the yield on government instruments to moderate sharply in the short to medium term while sentiment for equities would improve as investors revert to fundamental drivers of stock market performance rather than political uncertainties.

SOURCE: https://brandspurng.com/2019/03/01/the-markets-and-capital-flows-in-buharis-2nd-term/

As the countdown to the eagerly anticipated fourth season of Big Brother Naija heats up, MultiChoice Nigeria will be treating fans of the popular reality TV show to an exclusive reunion show and special pop-up channel on DStv and GOtv starting in March.

The BBNaija pop-up channel will open on Friday, 1 March at 10 am and will run till Sunday, 31 March at midnight on DStv channel 198 and GOtv channel 29 and feature highlights from the previous two seasons — See Gobbeand Double Wahala. The excitement goes a notch higher with a special reunion show which will air from Monday, 18 March to Sunday, 31 Marchand features the stars of the BBNaija Double Wahala season. The BBNaija pop-up channel is available to active customers on DStv Premium, Compact Plus, Compact, Family, Access and GOtv Max and Plus.

This has been the most anticipated BBNaija season yet since the announcement of its return for a fourth season in January. Auditions for the show recorded a massive turnout in eight locations across the country followed by an innovative online audition process which closed on the 27th of March. The pop-up channel will take fans and viewers alike on a trip down memory lane while whetting their appetites on the start of the new season.

To find out more about the BBNaija pop-up channel and other stories, visit https://africamagic.dstv.com/show/big-brother-nigeria You can also follow the Big Brother Naija social media fan pages for news and updates using the hashtag #BBNaija on Twitter @bbnaija, Instagram @bigbronaija and Facebook www.facebook.com/bigbrothernaija as well as on all social media pages of DStv, GOtv and Africa Magic.

Big Brother Naija is sponsored by Bet9ja

SOURCE: https://brandspurng.com/2019/02/28/multichoice-launches-special-bbnaija-pop-up-channel-on-dstv-and-gotv/

Dangote Cement Plc., Nigeria’s biggest cement producer with Pan-African operations in ten countries (South Africa, Senegal, Zambia, Ethiopia, Tanzania, Congo, Cameroon, Ghana, Sierra Leone & Cote d’Ivoire) released its FY 2018 results for the period ended December 31st, 2018 to the market on February 27th, 2019.

The Firm saw an 11.87% increase in its revenue from ₦805.58bn in FY 2017 to ₦901.21 bn in FY 2018. This was majorly driven by a 7.39% growth in cement sales volume from 21.92 million tonnes to 23.54 million tonnes within the corresponding period. A 7.42% growth in Cement production volume (amounting to 22.80 million tonnes in FY 2018) accounted for 96.87% of the cement sales volume. Sales in Nigeria accounted for 68.61% of its revenue with the rest gotten from the Pan-African countries.

Despite the rise in Cost of sales (9.12%), Selling & Distribution expenses (24.57%) and General & Administrative expenses (15.69%) Profit after tax (PAT) surged by 91.10% ( ₦390.34 bn in FY 2018 compared to ₦204.25 bn in FY 2017). The major reason for the surge in profit was the 204.25% decline in tax which occurred due to the reversal of tax paid in previous years as the firm’s approval for tax exemptions under the Pioneer Status Initiative was given in December 2018.

The firms Return on asset (ROA) and Return on Equity (ROE) both improved to 19.99% and 39.56% from 18.26% and 26.14% the previous corresponding period respectively.

Earnings per Share (EPS) almost doubled, rising by 95.97% to print at ₦22.83 in the year under review as against ₦11.65 the previous year. A dividend of ₦16.00 for FY 2018 has been declared to be paid on June 18th, 2019. Qualification date is June 3rd, 2019.

SOURCE: https://brandspurng.com/2019/02/28/dangote-cement-posts-n390-3-billion-full-year-profit-despite-rise-in-cost-of-sales/

Tobacco plants can be used to produce an anti-inflammatory protein that can have powerful therapeutic potential for treating conditions like Type-2 diabetes, stroke, dementia and arthritis, more effectively and at an affordable price, researchers say.

A team from the University of Western Ontario and Lawson Health Research Institute in Canada used tobacco plants to produce large quantities of a human protein called Interleukin 37, or IL-37 — naturally produced in the human kidney in very small quantities.

“This protein is a master regulator of inflammation in the body, and has been shown in pre-clinical models to be effective in treating a whole host of inflammatory and autoimmune diseases,” said Tony Jevnikar, Professor at Western.

“The human kidney produces IL-37, but not nearly enough to get us out of an inflammation injury.”

While IL-37 has shown promise in animal models, it uses clinically has been limited because of the inability to produce it in large quantities at a price that is feasible clinically. Currently, it can be made in very small amounts using the bacteria E. coli, but at a very high cost.

That’s where the tobacco plants come in and pave the way to provide treatments that are effective and affordable, according to the study published in the journal Plant Cell Reports.

“The plants offer the potential to produce pharmaceuticals in a way that is much more affordable than current methods,” said Shengwu Ma, a scientist at Lawson.

“Tobacco is high-yield, and we can temporarily transform the plant so that we can begin making the protein of interest within two weeks.”

The team is now investigating the effect that IL-37 has for preventing organ injury during transplantation. When an organ is removed for transplantation and then transferred to a recipient, inflammation occurs when the blood flow is restored to the organ.

SOURCE: https://brandspurng.com/2019/02/28/tobacco-plant-may-aid-in-treating-diabetes-arthritis/

Lower year-on-year performance against a strong base in 2017:

Q4 2018: Profit After Tax and Minority Interests (PATMI) down 71.6% to S$75.3 million due to a large exceptional gain of S$155.4 million recorded in Q4 2017; Operational PATMI down 34.4% to S$72.0 million
2018: PATMI down 40.1% to S$347.8 million due to the large exceptional gain of S$149.2 million in 2017; Operational PATMI down 19.7% to S$346.6 million
Strong, positive free cash flow in 2018 higher than the prior year:

Free Cash Flow to Firm: S$1.53 billion; Free Cash Flow to Equity: S$1.1 billion
Improved net gearing of 1.32x versus 1.46x in 2017
Board recommends a final dividend of 4.0 cents per share, maintains the total dividend at 7.5 cents per share for 2018 (2017: 7.5 cents)


Co-Founder & Group CEO Sunny Verghese said: “Compared with a strong performance in the previous year, our 2018 performance has been below our expectations amid tougher than anticipated market conditions, particularly in the second half of the year”.

“Looking ahead, we are focused on executing on our Strategic Plan for 2019-2024 by investing in high-growth businesses in our portfolio where we have clear winnability. This will help us capitalise on key consumer trends, enabling us to achieve sustainable and profitable growth.”

Executive Director and Group COO, A. Shekhar said: “We have grown our volumes and revenues, whilst managing our balance sheet very prudently. Our continued working capital optimisation initiatives, disciplined and targeted capital expenditure, while executing on planned divestments, have enabled us to deliver
significant free cash flow to equity of S$1.1 billion and reduce gearing to 1.32 times.”




EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortisation) was up 5.7% at S$330.7 million (Q4 2017: S$312.8 million) on improved performance from Cocoa, Packaged Foods and Wood Products.
PATMI (Profit After Tax and Minority Interest) declined 71.6% YoY to S$75.3 million (Q4 2017: S$265.1 million) due to a large exceptional gain of S$155.4 million recorded in Q4 2017.
Operational PATMI, which excludes exceptional items, was lower by 34.4% year-on-year (YoY) to S$72.0 million (Q4 2017: S$109.7 million) as improved performance from Cocoa, Packaged Foods and Wood Products was offset by lower contribution from Peanuts, Coffee, Rice and Dairy businesses.
2018

EBITDA was lower by 6.9% at S$1.2 billion (2017: S$1.3 billion) as improved performance from Cocoa, Packaged Foods and Wood Products were offset by lower contribution from Peanuts, Coffee, Rice and Dairy businesses.
PATMI decreased 40.1% YoY to S$347.8 million (2017: S$580.7 million) due to the large exceptional gain of S$149.2 million recorded in 2017.
As a result of the above, Operational PATMI declined 19.7% to S$346.6 million (2017: S$431.5 million).
Cash flow and gearing

Strong, positive Free Cash Flow to Firm (FCFF) of S$1.53 billion for 2018 (2017: S$1.48 billion) and Free Cash Flow to Equity of S$1.1 billion (2017: S$1.0 billion) on working capital improvement and reduced net capital expenditure.
Net gearing as at December 31, 2018, was lower at 1.32 times compared with 1.46 times a year ago due to lower net debt.
Read: US Ban On Kaspersky Emboldens Campaign For Local Software In Nigeria
2018 SEGMENTAL PERFORMANCE

Edible Nuts and Spices

Revenue reduced 4.0% to S$4.3 billion, mainly due to lower prices across multiple products in the segment.
EBITDA fell 22.5% to S$339.9 million against a particularly strong 2017, primarily on lower contribution from the peanut business.
Confectionery and Beverage Ingredients

Revenue decreased 12.4% to S$7.1 billion primarily on account of historically low coffee prices.
EBITDA rose 35.5% to S$444.0 million as the Cocoa business performed exceptionally well in both supply chain and processing operations, offsetting the weaker results from Coffee
Food Staples and Packaged Foods

Revenue rose 48.5% to S$14.5 billion mainly on higher trading volumes in Grains.
EBITDA was lower by 19.7% to S$288.8 million, compared with a strong 2017 performance as Packaged Foods’ improved performance was offset by reduced
contribution from the Dairy, Rice, Edible Oils and Animal Feed businesses.
Industrial Raw Materials, Infrastructure and Logistics

Revenue was up 16.9% to S$4.5 billion on higher volumes from all businesses.
EBITDA fell 10.7% to S$176.2 million on a lower contribution from GSEZ, offsetting growth from Wood Products and Rubber.
Commodity Financial Services

The segment reported an EBITDA loss of S$13.1 million in 2018 compared with EBITDA of S$4.8 million in 2017. This was largely due to losses from the Fundamental Fund business, which was closed in Q4 2018.
Read: Why do we service fuel injectors and replace fuel pumps in Nigeria?
OUTLOOK

While political and economic uncertainties are expected to continue, Olam believes its diversified and well-balanced portfolio provides a resilient platform to navigate the challenges in both the global economy and commodity markets. Olam will execute on the four strategic pathways for growth as set out in the 2019-2024
Strategic Plan. It will strengthen, streamline and focus its business portfolio, drive margin improvement by enhancing cost and capital efficiency, generate additional revenue streams by offering differentiated products and services, and explore partnerships and investments in select new engines for growth.

SOURCE: https://brandspurng.com/2019/02/28/olam-international-reports-2018-patmi-of-s347-8-million/

The National President of Cassava Growers Association, Pastor Segun Adewumi who gave the commendation said the move will encourage cassava farmers in the state.

“We are told that Wewood, a Chinese company has just established an ethanol plant in the state which will use 300metric tonnes of cassava per day. That is a welcome development as farmers will have market for their produce.

“And If the state government can replicate it in the two other senatorial districts, it will empower the farmers because the main issue with cassava is market.

“Ethanol happens to be the most marketable item in the world right now because the world is moving away from using fossil fuel as it contributes to global warming”, he said.

While saying the soil of the state is suitable for cassava cultivation, Adewumi said Ondo state is a major cassava producer in the country.

He said cassava is one of the most important crops in the world noted that what Nigeria use #3trillion to import to the country annually can be derived from the crop.

Other challenges confronting cassava farmers in the country according to Adewumi are land clearing and lack of equipment which is why farmers can not go into large scale production.

Read: EQUITY & MONEY MARKET SUMMARY: Equity Market sheds 0.96%, reversing yesterdays gains.
“Land clearing is a problem not only in Ondo state but in the Southern part of the country generally. In the north they don’t have this problem because their land is automatically cleared.

“The normal way to do commercial farming is when you clear a large expanse of land, demarcate into plots and apportion to farmers. If we have our land cleared, may be 5000hectares or 10,000 hectares, then you can bring specialized equipment like planter to plant for everybody and that will collapse the cost of production.

“But if what you have is 10hectares and it plants it in a day, what will it be doing in the next one year.

“What we have been doing even in anchor borrowers programme is subsistence farming and that cannot take us anywhere in Nigeria. The cost of our production is about two or three times that of the international market, so we can not penetrate the international market”, he stressed.

According to him, cassava is not being exported as being noised by some people because of high cost of production.

While saying Nigeria is still backward in mechanised farming, Adewumi said other African countries have gone far.

” You scarcely find any other African countries where tractor is not surplus. But in some states in Nigeria, you hardly find ten serviceable tractors. I don’t think there is a country in the world where they still till the ground except Nigeria,” he lamented.

Read: The Week Ahead - It Is Not Yet Party Time...
He congratulated Ondo State government for the feat and called for assistance for farmers to encourage large scale production.

SOURCE: https://brandspurng.com/2019/02/27/ondos-ethanol-plant-ll-boost-cassava-production-adewumi/

The National Agency for Food and Drug Administration and Control (NAFDAC) says it will no longer approve new registration for alcohol packaged in sachets.

The Director-General, Prof. Mojisola Adeyeye, made this known recently in Ibadan at an interactive session with stakeholders in food and drugs manufacturing.
The NAFDAC boss said that alcohol packaged in sachets had greatly contributed to increasing drug and alcohol abuse in society. Adeyeye said that the agency would also phase out the use of pet bottles used in the packaging of alcohol to address the increasing spate of abuse in the country.

She said: “The agency remains undaunted in its efforts to reduce the incidence of substandard and falsified products as well as the smuggling and abuse of various products”.

Adeyeye also said that in order to encourage local manufacture of herbal medicines, the agency was collaborating with traditional herbalists and researchers.
“The agency is keen on having herbal medicines widely accepted as safe, hence we will continue to test them for clinical efficacy before giving full registration status.

“We are also on a mission to turn herbal medicines into products that can be commercialised through collaboration between traditional herbalists and academic researchers.

“In encouraging local manufacturing of medicines that are usually imported, the agency will enforce a five- year importation permit given to manufacturers with a mandate that they produce five years plan geared towards local manufacturing upon renewal.


“In addition, the agency will also give five-year exclusive rights to companies to market their products without competition if they develop food and drugs that show demonstrable research and development innovation. “This development will be effective before the end of the first quarter of the year,” she said.

SOURCE: https://brandspurng.com/2019/02/27/nafdac-to-ban-alcohol-packaged-in-sachets-pet-bottles/

Cool....
Nice pics OP.

Nigeria Inter-Bank Settlement System Plc (NIBSS) records have shown that about 36.8 million bank accounts have been linked to the Bank Verification Number (BVN) as of February 17 this year.

This represents 51 per cent of the total number of active bank accounts, the Nigerian Interbank Settlement Scheme’s records have shown.

The number of active bank accounts, according to the NIBSS data, is 71.79 million. BVN is a unique number for customers of banks in Nigeria, which contains biometric details of customers including the fingerprint of all ten fingers and facial image.

The Central Bank of Nigeria through the Bankers’ Committee and in collaboration with all banks in Nigeria launched a centralised biometric identification system for the banking industry in 2014.

The biometric identification was introduced to address identity theft, reduce exposure to fraud and enhance the banking industry’s chances of being able to fish out blacklisted customers, among others.

SOURCE: https://brandspurng.com/2019/02/27/bank-customers-accounts-linked-with-bvn-hit-36-8m/

Lexus is giving buyers of 2019 IS 300 F SPORT a new way to express their style with the introduction of the Black Line Special Edition. Limited to 900 units for 2019, the new IS 300 Black Line brings together unique features and subtle styling changes that add a custom touch to this dynamic sports sedan.

Available on both the rear-wheel drive and all-wheel drive IS 300 F SPORT models, the Black Line Special Edition has several exterior features that set it apart from the standard IS 300. Most notable are the 18-inch, split-spoke wheels with a “black vapour chrome” finish, a technology shared with the wheels on the flagship LS sedan. To complement the darker wheels, the Black Line Special Edition also comes equipped with black side mirrors regardless of body colour. There are three exterior colour options to choose from Ultra White, Obsidian and Atomic Silver.

To give the interior the mark of a true Special Edition, all Black Line models come with black Nuluxe seats with red accents on the side bolsters and seat cushions. There are additional red accent panels on each side of the centre stack along with contrasting red stitching on the seats, centre console and armrests. Also included is a heated, black wood-trimmed steering wheel that features distinctive shades of black that were created by a Japanese calligraphy shop dedicated to perfecting ink for more than 200 years. All Black Line models come equipped with Navigation and triple beam LED headlamps.

Rear-wheel drive versions of the IS 300 Black Line Special Edition are powered by a 2.0-litre, turbocharged, four-cylinder engine that sends up to 241-horsepower through an eight-speed automatic transmission. The all-wheel-drive version of the Black Line Special Edition uses a 3.5-litre V6 with 260-hp and a six-speed automatic transmission.

Production of 2019 IS 300 Black Line Special Edition started in early February, so dealers will have examples in showrooms starting in March.

SOURCE: https://brandspurng.com/2019/02/26/2019-lexus-is-300-f-sport-black-line-special-edition-photos/