₦airaland Forum

Some Nigerians have projected rise in inflation and borrowing rates as well as naira appreciation in the next 12 months. They gave the projection in the Central Bank of Nigeria (CBN) 2018 fourth quarter Consumer Expectations Survey (CES) report released on its Website.

The highlights of the Q4 2018 Consumer Expectations Survey (CES) are as follows:

The overall outlook of consumers was positive in the current quarter, as more consumers were optimistic in their outlook. Consumers also had a positive outlook for the next quarter and the next 12 months.
Majority of consumers nationwide believe that the next 12 months would not be an ideal time to purchase big-ticket items like motor vehicles and house & lot.
Most respondents expected that the naira will appreciate, the inflation rate will rise, and the borrowing rate will rise in the next 12 months
The major drivers of the expected upward movement in prices are rent, food & other household needs, telecommunication, electricity, debt payment and purchase of house.

The Consumer Expectations Survey (CES) for Q4 2018 was conducted during the period November 24 – December 7, 2018, covering a sample size of 1,770 households drawn from 207 Enumeration Areas (EAs) across the country, with a response rate of 99.2 per cent. Respondents’ distribution by educational attainment showed that 22.0 per cent had a university education, 22.9 per cent had higher non-university education, while 29.1 per cent had senior secondary school education. Respondents with junior secondary and primary school education accounted for 16.2 and 6.7 per cent, respectively, while those with no formal education accounted for the balance of 3.1 per cent.

Consumer Overall Confidence Index

The consumers’ overall confidence outlook improved in Q4 2018, as more consumers were optimistic in their outlook. The index at 9.7 points was 8.7 points higher than the index in the corresponding period of 2017. Respondents attributed this favourable outlook to improved family income, family financial situation and economic condition. The consumer outlooks for the next quarter and the next 12 months were positive at 33.2 and 28.4 points, respectively. This outlook could be attributed to the expected increase in net household income, the anticipated improvement in Nigeria’s economic conditions and expectations to save a bit and/or have plenty over savings in the next 12 months.

Outlook on Price Changes in the Next 12 Months

Most respondents expect prices of goods and services to rise in the next 12 months, with an index of 13.3 points. The major drivers are rent, food & other
household needs, telecommunication, electricity, debt payment and purchase of house.

Buying Outlook

The overall buying conditions index for consumers in the current quarter for big-ticket items stood at 46.1 points. This indicates that the majority of consumers believed that the current quarter was not the ideal time to purchase big-ticket items like consumer durables, motor vehicles and house & lot.

Overall buying intention index in the next twelve months stood at 50.3 index points, indicating that a good number of consumers intend to buy these items in the next 12 months. The buying intention indices for consumer durables, motor vehicles and house & lot were below 50 points, indicating that respondents have no plans to make these purchases in the next twelve months. However, the index for consumer durables stood close to 50, indicating that a few respondents are contemplating purchasing furniture, gas cookers and electronics in the next twelve months.

Borrowing and Exchange Rates Outlook for the next 12 Months

With indices of 5.0 and 6.6 points, consumers expect the borrowing rate to rise while the naira is expected to appreciate in the next 12 months.

Unemployment Outlook for the next 12 Months

The unemployment index for the next 12 months remained positive at 29.3 points in Q4 2018, indicating that majority of the consumers expect the unemployment rate to rise in the next one year.

TECHNICAL NOTES

The Overall consumer confidence index is computed as the average of the three indices, namely: Economic Condition, Family Financial Situation and Family Income.

Economic Condition refers to the perception of the respondent regarding the general economic condition of the country.
Family Financial Situation refers to the level of savings, investments, other assets including cash at hand and outstanding debts.
Family Income includes primary income and receipts from other sources received by all family members as participants in any economic activity or as recipients of transfers, pensions, grants, and the like.

The confidence index or diffusion index is computed as the percentage share of respondents that answered in the affirmative less the percentage share of respondents that answered negatively in a given indicator.

A positive CI indicates that respondents with a favourable view outnumber those with an unfavourable view, except for unemployment, change in prices and interest rate for borrowing money, where a positive CI indicates the opposite.

Buying condition and buying intention indices refer to the assessment of consumers as to whether it is a good time, neither good nor bad, or bad time to buy assets (i.e. consumer durables, house and lot, and motor vehicles) during the quarter. An index above 50 means more respondents indicated that it is a good time to buy assets; below 50 means more respondents believe that it would not be an appropriate time to make those purchases, and 50 means the number of respondents on both sides is equal.

BCI = 0.5(100+DI), where DI = diffusion index

SOURCE: https://brandspurng.com/2019/01/01/expect-inflation-borrowing-rates-rise-in-next-12-months-cbn/

The National Bureau of Statistics (NBS) has disclosed that revenue generated from Value Added Tax (VAT), increased by 2.54 per cent in the third quarter, Q3’18 to N273.5 billion.

The NBS announced the figure in a sectoral distribution of value added tax report for third quarter, 2018 posted on its website.

Specifically, the NBS stated that the sectoral distribution of Value Added Tax (VAT) data for Q2 and Q3 2018 reflected that the sum of N273.50bn was generated as VAT in Q3 2018 as against N266.73bn generated in Q2 2018 and N269.79bn in Q1 2018 representing 2.54% Increase Quarter-on-Quarter and 9.16% increase Year-on-Year.

VAT is a tax on the amount by which the value of an article has been increased at each stage of its production or distribution.

The bureau also stated that other manufacturing generated the highest amount of VAT with N31.48bn generated and closely followed by Professional Services and Commercial and Trading both generating N25.57bn and N15.99bn respectively while Mining generated the least and closely followed by Pharmaceutical, Soaps & Toiletries and Textile and Automobiles & Assemblies with N52.70 mln, N177.34 mln and N265.35 mln generated respectively.

NBS said out of the total amount generated in Q3 2018, N128.62bn was generated as Non-Import VAT locally while N58.84bn was generated as Non-Import VAT for foreign. The balance of N86.04bn was generated as NCS-Import VAT.

Download The Sectoral Distribution Of Value Added Tax Report For Q3 2018

SOURCE: https://brandspurng.com/2019/01/01/nigeria-value-added-tax-rises-to-n273-5bn-in-q3-nbs/

The Boards of Directors of Access Bank and Diamond Bank yesterday announced a proposed merger of the two banks. Following weeks of speculation on the strategic investor, Diamond Bank was looking to bring on board, both banks have released official statements on the Nigerian Stock Exchange stating that Access Bank would acquire the entire issued share capital of Diamond Bank in a transaction that is expected to be completed in the first half of 2019.

Details so far…

According to the press releases, Diamond Bank shareholders will be receiving a consideration of ₦3.13/share on this transaction, which compares favourably with Diamond Bank’s closing price of ₦0.87/share on December 13, the date of the final bidding offer. Specifically, this consideration would comprise ₦1.00/share in cash and the balance of ₦2.13 will be in form of a share exchange allotted on the basis of 2 New Access Bank (resulting entity) ordinary shares for every 7 Diamond Bank shares held. On the share allotment basis, the value of the New Access Bank is estimated at ₦7.46/share – marginally above Access Bank’s share price of ₦7.45 as at Dec 13, date of the final bidding offer. We note that the completion of this transaction is still subject to shareholder and regulatory approvals after which
Diamond Bank would be absorbed into Access Bank and would cease to exist upon the merger becoming effective.



Given Diamond Bank’s shares outstanding of 23.16 billion units, ACCESS will be paying ₦23.16 billion as cash consideration on the deal – this comes to 5% of the company’s total shareholder’s fund as at 9M’18. Meanwhile, based on the share exchange ratio, an allotment of 6.62 billion New Access Bank shares will be issued, potentially raising total ordinary shares outstanding by 25% to 32.92 billion units.

Expected impact of the acquisition on both sides

While we await further details to adequately evaluate the impact of this transaction, a rough analysis of the details so far appears to be promising to investors on both sides. For Diamond Bank shareholders, the offered payout comes at a highly attractive price point of ₦3.13/share – which is 260% above Diamond Bank’s market price of ₦0.87/share (as at Dec 13) and a substantial premium when compared to the stock’s 90-Day (₦0.95) and 180-Day (₦1.05) VWAP. Also, this valuation stands at a 224% premium to Consensus Analysts’ Target Price of ₦1.40 for Diamond Bank shares. Notably, the stock was on full bid following this, gaining 947bps on the day of the announcement. Meanwhile, looking at Diamond Bank’s book value per share of ₦9.15 (as at 9M’18) the Tier II bank was valued at 0.34x its book value – 3-year average price/book value of 0.18x).

Away from pricing, the combination is expected to make the New Access Bank the largest commercial bank in Nigeria by deposits – ₦3.54 trillion in total vs ₦3.26 trillion of FBNH, current largest. The New Access Bank is also expected to have a gross loan book of ₦2.8 trillion, potentially the largest in the industry. That said, given Diamond Bank’s high NPL ratio of 12.6% (as at 9M’18), New Access Bank’s asset quality could take a hit with a possible nonperforming loan ratio for the resulting entity estimated at 7.0% (NPL ratio for Access Bank as at 9M’18 was 4.7%) – slightly above the regulatory benchmark of 5% – even as cost of risk also edges up.

While we await further details to build a financial model for the enlarged entity so as to determine if the business combination will be value accretive or dilutive in the near term, a 25% rise in shares outstanding outweighs the potential 12% increase in bottom line of the enlarged entity (using FY’19 Consensus Analysts’ figures) given Diamond Bank’s recovering earnings base. Nonetheless, in the medium to long-term, the larger scale and market share of the New Access is expected to be an advantage with the stronger liquidity position expected to support potential moderation in the cost of funds and possibly stronger net interest margins as well. The New Access is also well suited to benefit from Diamond Bank’s strong retail footprint, given the consistent and notable growth recorded across its retail banking channels and boasting of over 3.3 million customers on its mobile app as at 9M’18.

While this transaction may be a surprise, we note that it is well in line with Access Bank’s aggressive growth strategy to become the number one bank in Africa as outlined in its 2018-2022 Strategy presented to stakeholders in December 2017.

Though post-acquisition integration will be challenging, we highlight:

(i) Access Bank’s historical experiences from when it acquired Intercontinental Bank in 2012 and

(ii) the similarities in both banks operations, as both, utilize the Oracle Flexcube as their core banking solution.

That said, downside risks persist and the medium-long term gains from this transaction will accrue sufficiently on a well-executed integration process. Overall, we expect a positive reaction from market participants to the news as the market awaits more traction in approvals.


SOURCE: https://brandspurng.com/2018/12/18/diamond-bank-plc-access-bank-plc-a-combination-to-shake-up-the-banking-sector/

WPP is to ‘fundamentally reposition’ itself in an overhaul that will result in a ‘simpler’ structure, according to the company’s latest investor update.

The three-year restructuring plan, announced today, will incur cash costs of £300m as the company aims to achieve annual savings of £275m by the end of 2021.

At the centre of the new plans is a simplified structure focused on four areas: communications, experience, commerce and technology. The streamlining includes the merging of VML and Y&R, and Wunderman and J. Walter Thompson announced earlier in the year.

WPP will cut 3,500 jobs worldwide as part of the strategy, with plans to hire 1,000 staff, meaning the job losses would total 2,500. Eighty offices will close, with 100 to merge as a result of the plan.

The company will close its ‘unsustainable operations’ and dispose of underperforming businesses.

WPP said it had received ‘numerous’ unsolicited expressions of interest in Kantar, which the company wants to sell but retain a stake in. If a transaction is agreed, it is likely to be announced in the second quarter of 2019, according to WPP.

Mark Read, chief executive officer of WPP, said: “We are fundamentally repositioning WPP as a creative transformation company with a simpler offer that allows us to meet the present and future needs of clients.”

The restructure will allow for more investment in creativity, technology and talent, according to Read. The company said it would invest an incremental £15m a year for the next three years in creative leadership, with a focus on the United States.

Read described the approach as a “radical evolution” that would drive “sustainable, profitable growth” for shareholders.

The company has established an executive committee, comprised of corporate and company leaders, to implement the plans.

WPP’s medium-term ambition is to generate organic growth in line with its peers by the end of 2021.

SOURCE: https://brandspurng.com/2018/12/11/wpp-to-close-80-offices-and-merge-100-in-restructure/

iSON Xperiences, formerly iSON BPO, the leading Business Process Outsourcing firm, with a strong focus in sub-Saharan Africa with a presence in 14 countries was has been awarded ‘Best Work Place Practice” under the Sustainability, Enterprise and Responsibility Awards (SERAs) 2018. iSON Xperiences competed and defeated 55 companies in Africa to clinch the award. The prestigious award ceremony was held at the Muson Centre, Onikan, Lagos on Saturday, December 1st, 2018.

The award was in recognition of iSON Xperiences’ outstanding and innovative approaches in employee engagement and alignment such that they feel passionate about their jobs, are committed to the organization, and put discretionary effort into their work while ensuring that all its employees enjoy peace and prosperity through its strong management commitment and a participative approach to workplace safety and health; and by way driving sustainable development across the communities beyond the reach of its operation.



Commenting on the award, Founder & Chairman of iSON Group, Ramesh Awtaney said, “We are deeply honoured to receive this award. This year was highly competitive as we had to battle 55 other great companies across Africa to win the award. To be recognised by the SERAs is a fulfilling achievement for us. This award is about defining our role towards humanity while at the same time creating value for our employees, customers, shareholders, communities and the society at large. We are not resting on our oars as adding value to our stakeholders and the lives of Nigerians, especially in communities where we operate remains a focal point in iSON Xperiences’ CSR activities”.

At iSON Xperiences, we stay committed to ensuring that we place priority on not just being a profitable enterprise but also one that is genuinely concerned about the planet and its people and this award is a proof to how well we have come. This win is one that accentuates the passionate pursuit of our long-term vision of inclusive growth of all our stakeholders, especially our employees who have been committed to providing only the highest standard of services in line with international best practice to our customers”, Ramesh added.

The SERAs – CSR Awards is an annual project which aims to promote as well as raise awareness about the roles organizations plays with an emphasis on their responsibility towards stakeholders and the social development of Africa. This edition was themed ‘Poverty Eradication Through Sustainability: Turning Challenges into Opportunities’ and focussed on uncovering those organisations whom through their CSR and sustainability activities have committed themselves to the reduction of poverty and helping the continent to meet up with its aspirations in all areas of sustainable development goals.

This award follows successive recognitions of iSON Xperiences for its sustainability initiatives including, the “Best Company in Poverty Eradication” and “Best New Entrant in Corporate Social Responsibility” awards in 2017. The company was also shortlisted in the categories of; ‘Best Company in Promotion of Gender Equality and Women Empowerment’ as well as ‘The SERAs Innovation Prize’, and ‘Best Corporate Communications Team’ at the SERA Awards this year.

SOURCE:https://brandspurng.com/2018/12/11/2018-seras-award-ison-emerges-best-company-for-work-place-practices/

Costing about $225,000, the new plant is expected to be rapidly repaid and will also allow scalability for future expansions.

Symbol Mining Ltd has entered into a formal contract for the construction of a density separation processing plant at its high-grade zinc and lead Macy Project in Nigeria.

The contract includes procurement and commissioning and was concluded after encouraging metallurgical test work in the third quarter of this year.

Mining at Macy started in July and ore is currently being mined above the resource grade of 18.3% zinc.

Macy is part of the Imperial Project, a joint venture with Goidel Resources (40%), a group that has been operating in Nigeria for more than 20 years.

The majority of the plant has been constructed and mobilisation of key equipment will occur in December, with commissioning expected to be completed in the first quarter of 2019.

The 40-tonne-per-hour plant will complement Macy’s existing processing plant to capture additional tonnage from rejected lower-grade material (less than 10% zinc) and is expected to enhance the economics and flexibility of the project.

The favourable metallurgy leading to the decision comprised a low-grade zinc sample of 8.1% being tested and returning concentrate grades of 53.4% zinc and 3.5% lead, with 78% recovery of all contained metal.

The results indicated that Macy’s ore was highly amenable to gravity separation with high metal recovery, producing a high-grade zinc concentrate from coarse feed size.

This eliminates the requirement for a capital-intensive grinding and flotation circuit.



SOURCE: https://brandspurng.com/2018/12/08/symbol-mining-begins-construction-of-separation-plant-at-nigerian-zinc-project/

When it comes to global active smartphones, Samsung and Apple had a collective market share of more than 50% for years. That changed in September 2018, when the two tech giants made up 49.9% of the global smartphone market.

While the companies still have a duopoly, the Global Smartphone and Tablet Tracker show that their collective market shares dropped from 52.3% in September 2017 and 56.5% in September 2016. This is because Chinese brands Oppo, Huawei, Xiaomi, and Vivo are slowly but surely increasing their respective market shares. Chinese manufacturers accounted for more than 1.2 billion of the world’s active smartphones in September 2018. Earlier this year, the report correctly forecast that the number of Chinese smartphones would exceed 1 billion by the end of 2018.

Oppo Sets Its Gaze on Overseas Markets but Still Relies on China

In September 2018, the two most popular brands by active smartphones were Samsung and Apple, with market shares of 26.2% and 23.7%, respectively.Two years earlier, Samsung had a market share of 30.6%, while Apple had 25.9%, so the effect of the growing Chinese companies is more visible for Samsung.The #3 brand was Oppo, which had a market share of 10.4% in September 2018 — compared to 7.6% in September 2017.Oppo’s most important market is its home country, China, where 72.3% of active Oppo smartphones were located.However, India (11.2% of active Oppo phones) and Southeast Asian countries such as Indonesia (4.6%) are becoming increasingly important for the Chinese manufacturer, helping it increase its market share.

Huawei and Xiaomi Successfully Tap into the Non-Chinese Markets

Oppo’s reliance on its home market is in stark contrast with competitor Huawei, the #4 brand globally, with a market share of 8.7% in September 2018.Huawei is focusing more and more on countries such as Russia (3.8% of its active smartphones), Italy (3.1%), and Germany (2.9%).Impressively, less than half (42.4%) of Huawei’s active smartphones were located in China in September 2018.Xiaomi was the #5 brand, boasting a market share of 8.5% — an increase from the company’s 6.3% market share in September 2017.In Q3, Xiaomi was more reliant on India than ever before. A remarkable 33.2% of Xiaomi’s active smartphones were in India, compared to its 37.8% active in China.Vivo is the #6 brand, with a market share of 7.1% (up from 5.2% in September 2017).

Things Still Look Bright for Samsung and Apple

Although Samsung’s and Apple’s respective market shares are decreasing, the two companies are still performing well, increasing their total number of active smartphones on the market.Despite a relatively slow start, the latest Samsung flagship smartphones (Galaxy S9 and S9 Plus) fared better in Q3, when they were world’s fastest-growing models.Meanwhile, Apple’s smartphone installed base also increased between Q2 and Q3 this year.Two of Apple’s new flagships (iPhone XS and XS Max) were released at the end of the quarter, with the third (iPhone XR) launching in October. Q4 is due to increase Apple’s installed base even further.

SOURCE: https://brandspurng.com/2018/12/03/samsung-and-apple-no-longer-make-up-50-of-the-worlds-active-smartphones-as-chinese-brands-grow/

Foremost African financial institution, Guaranty Trust Bank Plc has won the award for “Bank of the Year Nigeria” for the second year in a row at The Banker’s Bank of the Year Awards, regarded as the industry standard for excellence within the global banking sector. Guaranty Trust Bank Sierra Leone Ltd, a subsidiary of Guaranty Trust Bank Plc, was also recognized as the “Bank of the Year Sierra Leone” at the event, which held on November 29, 2018, at the Sheraton Grand London Park Lane, London, United Kingdom.

The Banker, a publication of the Financial Times, is the world’s leading monthly journal of records for the banking Industry, with over 90 years expertise in publishing developments in the banking industry in Africa and on the global scale. The Magazine’s Bank of the Year Awards celebrates leading financial institutions within the global banking sector who are setting new industry standards and driving innovation in financial services and customer experience.

Receiving the award on behalf of the Bank, Segun Agbaje, Managing Director/CEO of GTBank said; “We are honoured to be recognized as the 2018 Bank of the Year in Nigeria and Sierra Leone. These awards serve as further motivation for us as we continue to go beyond traditional banking services by creating innovative digital services that are less about us as bank and more about our customers and how we empower them with everything that they need to better their lives.”

He further stated that “Our vision has always been to create an oasis in the financial services industry that leads, not only in earnings and returns on equity but also in maintaining world-class corporate governance standards and pushing the bounds in service delivery and customer experience. These awards reflect our sustained commitment towards this vision, which we will continue to pursue, driven by our passion for excellence and guided by our founding values of hard work, discipline and integrity.”

Alongside its record for consistent year-on-year growth, GTBank is widely regarded by industry watchers as a trailblazer in the banking industry due to its many innovations in digital and financial services. Recently, the Bank launched Habari, Nigeria’s largest platform for music, shopping and lifestyle content and the first mobile platform created by a financial institution in the country that focuses on enabling people’s needs and lifestyle rather than providing regular banking products.

SOURCE: https://brandspurng.com/2018/12/02/gtbank-maintains-leading-position-as-best-bank-in-nigeria-wins-bank-of-the-year-sierra-leone/

Oba of Lagos, HRM Oba Rilwan Akiolu and other dignitaries commissioned SPAR Nigeria’s new outlet at Adebola House, Opebi. The foremost chain of hypermarket store in Nigeria has consolidated on her business expansion drive in the country.

The new hypermarket store in Opebi is the largest outlet of SPAR in Lagos and it caters for the various needs and aspirations of Nigerians consumers’ goods and products such as Food and Grocery, Butchery &Bakery, Wine & Spirit, Fresh Farm Foods, Frozen Foods, Laptops, Mobile phones, electronics products and other household items.

According to Mr.  Haresh Keswani, the Managing Director of SPAR Nigeria, Opebi store is the 14th outlet in Nigeria, out of which 8 are in Lagos with Abuja and Port Harcourt having 2 each and one outlet in Enugu and Calabar respectively.

The new outlet was commissioned by Oba of Lagos, His Highness Oba Rilwan Akiolu in the presence of other well-meaning dignitaries such as, the chairman of Artee Industries Ltd, Asiwaju Solomon Onafowokan, OON, Chief Adegunwa Adebola, OFR, the owner of Adebola House, Mr. Gbolahan Toriola, Lagos State Chief  Vehicle Inspection Officer, Mr.  Haresh Keswani, Managing Director of SPAR Nigeria, Alhaji ‘Kunle Hamzat, former Head of Corporate Services, SPAR Nigeria, amongst many others.

Speaking at the launch of the new outlet, the Oba of Lagos, Oba Rilwan Akiolu said with the opening of the new store, SPAR Nigeria has further demonstrated its committed to the economic growth of Nigeria and making consumers’ goods and services available to the ever-increasing  residents of Lagos state in particular and in Nigeria in general.

Akiolu said “SPAR is promoting made in Nigerian goods and products which is strategic to the economic development of any country such as ours. They are helping to promote our local contents thereby helping the government in her economic development policy and through that, SPAR helps the government to solve various problems especially the problem of  high unemployment in Nigeria”

He spoke further “SPAR Nigeria remains one of the leading hypermarket stores in Nigeria and with this new outlet in Opebi, the residents of this area will now enjoy varieties of affordable consumer goods and products that SPAR offers to the general public. I will want to thank the company for opening this store here in this strategic location, Opebi”

The chairman of Artee Industries Ltd, Asiwaju Solomon Onafowokan, OON in his remarks said Opebi store remains the largest hypermarket store in Nigeria and it is strategic that it is located at Opebi in Lagos in other to respond to the yawning of the residents of the area.

“We are opening the largest hypermarket here in Opebi because of the cravings of our ever growing customers, especially from this community. The uniqueness of Opebi is that we have all our products here, electronics, food and grocery, wines, perfumes, frozen products just to mention a few. We have free parking space for our customers, most of our products are made in Nigeria, we equally ensure that Nigerians have access to quality products and also have goods and products for non-Nigerians to enjoy”

According to him, “We have ensured that all our food and grocery products are approved by the regulatory authorities in Nigeria and our prices are affordable. Right now we have an unbeatable promo going on due to Black Friday Sales that we are currently offering our dear customers with up to 70% off some of our products, this will last for 8 days and we encourage our customers to take advantage of this window”

The Deputy Managing Director of Artee Group, Mr. Prakesh Reswani while speaking said, Opebi outlet is not only the largest hypermarket store that the organization has put the store remains one of the most strategic in terms of its location. He said “this new store is very close to businesses, corporate organizations, residences, and common people and besides, the seat of power, Alausa Secretariat is not too far from here. We have varieties too at affordable prices; we guarantee our customers quality products and services that will give value for their money”

Speaking further, Prakesh added ”we know Nigerians want this type of store in such a strategic location like Opebi, we have many of this type of  hypermarket stores in South Africa, a country whose population is lesser than Nigeria. So, Nigeria should have more here about 3,000 of this, we will help to bring that to reality. Patronages have been great, people know us with affordability and quality, our competitive edge are our prices, varieties, credibility and guarantee for money spent” he said.

SPAR Nigeria has grown from a very humble beginning to become one of the fastest growing business conglomerates in Nigeria with a wide portfolio of brands such as Park n Shop, SPAR, Port Harcourt Mall, Calabar Mall, Enugu Mall, Artee Group caters to the various needs and aspirations of Nigerians consumers.

SOURCE: https://brandspurng.com/2018/11/25/oba-rilwan-akiolu-others-commission-spar-opebi-outlet/

The Federal Government has commenced the exportation of cassava chips to Europe, precisely Germany, through the Pacific Ring West Africa (PRWA) company.

The government, through the Executive Secretary, Nigerian Export Promotion Council (NEPC), Segun Awolowo, flagged-off the product in Abuja. Speaking to journalists, shortly after the sealing of the container to be exported at Idu Industrial layout, Awolowo said the cassava chips is “very nice and very tasty.”

According to him, “I am proud of this backward integration, we have our cassava now being very useful and this is also helping our farmers as it is providing jobs. So we are not just exporting raw timbers cassava anymore, we are actually doing something with the cassava.” He commended the initiative, adding that, “you can see the packaging, standards are met, the factory is clean and everything is being done precisely. I am so happy to flag off this first container going to Germany.” The NEPC boss said: “I hope we are able to scale up with the company and export more,” adding that the council has been encouraging small and medium enterprises to boost their productivity for foreign markets. “We work with small and medium scale industry, scale them up for export, advice and also get a market for them out there” he stated.

Also speaking, the Chief Executive Officer, PRWA, Thomas Hirsch, revealed that the export container marked the first time that 100 per cent Nigerian grown, processed and packaged cassava chips have been exported from Nigeria to Europe. He stressed that the move has, “counter the trend of exporting raw materials with little value added and importing branded snacks.” Hirsch observed that “Value-added products like cassavanovas will contribute to Nigeria’s economy, job creation, and this entrance into European markets represents a transformative moment in global perceptive of the quality, taste and international appeal of Nigeria’s products.”

“PRWA has conducted consumer test around the world, with British, American, European and Asian consumers agreeing that they want to see Cassavanos in every shop across the globe,” he said. Similarly, the Director, PRWA, Rabiu Shehu, “It’s not only foreigners who love the taste and distinctive African packaging though. Nigerians love the irresistible taste too.” He revealed that “a lot of people tell they can’t believe that these chips are made from cassava.

They fall in love with the crunch, the taste and enjoy not having the greasiness that you find in some other snacks. Cassava is rich in fibre and protein, so it really is the perfect snacks for Africans and everyone else.” On her part, the Deputy Ambassador for Germany in Nigeria, Regine Hess said, “I think the product does not have quality issues, it has met all the standard, the German authority has confirmed that.”

She further explained that the chips taste very nice, adding that, “though of course, the consumers in Germany will decide whether they like it but the way it looks and as I see it, is gonna be a success in Germany.”

SOURCE: https://brandspurng.com/2018/11/24/fg-commences-refined-cassava-chips-exports/

Turkish Airlines announces its passenger and cargo traffic results for October, with the airline reaching 83.4% load factor. On top of the strong base effect of the last year, the growth in the number of passengers, revenue per kilometre and load factor, is an important indicator of the continued growing interest in Turkey and Turkish Airlines in the last quarter of the year as well.

According to the October 2018 Traffic Results; The passenger growth trend continued in October, thus a total number of passengers carried went up by 5% reaching 6.5 million passengers, and Load Factor went up to 83.4%. In October 2018, Total Load Factor improved by 2 points, while international Load Factor increased by 3 points to 83.2%, and domestic Load Factor reached 85.1%.

International-to-international transfer passengers (transit passengers) also went up by approximately 7%, while the number of international passengers excluding international-to-international transfer passengers (transit passengers) went up by 8%.

In October, cargo/mail volume continued the double-digit growth trend and increased by 24%, compared to the same period of 2017. Main contributors to the growth in cargo/mail volume, are Domestic Lines with 42% increase, Africa with 35% increase, N. America with 30% increase, and Europe with 24% increase. Africa, N. America, Europe and Far East also showed load factor growth of 7 points, 4 points, 3 points, and 3 points respectively.

According to the January-October 2018 Traffic Results; there was also an increase in demand and total number of passengers was 10% and 11%, respectively, over the same period of last year. Total number of passengers exceeded 64 million. Total Load Factor improved by 3 points up to 82.2%, while international Load Factor increased by 3 points reaching 82% and domestic Load Factor went up by 2 points reaching 86%.

Excluding international-to-international transfer passengers (transit passengers), the number of international passengers went up significantly by 13%.Cargo/mail carried during the ten months increased by 25% and exceeded 1 million tons.

SOURCE: https://brandspurng.com/2018/11/21/turkish-airlines-reached-83-4-load-factor-in-october/

The Equity Market closed lower on Wednesday, shedding 0.78% to reverse Monday’s gain. Market breadth closed negative, recording 10 gainers and 22 losers.

In summary, the All Share Index (ASI) was down by 252.45 absolute points, representing a decrease of 0.78%, closing at 31,969.79 points. Similarly, Market Capitalization decreased by N92.17 billion representing a dip of 0.78%, closing at N11.89 trillion.

MOBIL emerged the top gainer while UNITY BANK emerged the top loser.

The downturn was impacted by losses recorded in medium and large capitalized stocks, amongst which are; WAPCO (-6.25%), CADBURY (-3.66%), ETI (-3.13%), GUARANTY (-2.98%), HONYFLOUR (-2.88%), DANGCEM (-1.72%)  CCNN (-1.36), DANGSUGAR (-0.77%), FBNH (-0.66%), ACCESS (-0.65) and ZENITHBANK (-0.41%).

FOREIGN EXCHANGE

The Naira at the inter-bank rate remains unchanged to close at N306.75  against Monday’s closing price.

The Investors and Exporters (I&E) FX window opened at N363.80, traded high at N364.75 and eventually closed at N364.26, representing a 0.16% depreciation against Monday’s closing price. A total of $129.06 million was transacted through the I&E window today.

MONEY MARKET

Overnight (O/N) rate closed at 10.67%, representing a 0.17% depreciation against Monday’s closing position, while Open Buy-Back (OBB) rate also closed  at 9.67%

SOURCE: https://brandspurng.com/2018/11/21/selloff-in-banking-and-industrial-stocks-leads-equity-index-to-0-78-loss/

Oil prices fell in early trading on Tuesday on persistent fears of oversupply. OPEC+ could cut output in two weeks’ time, but for now, volatility is here to stay. “The name of the game in the oil market is volatility,” IEA executive director Fatih Birol said at a conference in Oslo. “And with the increasing pressure of geopolitics on oil markets that we are seeing, we believe that we are entering an unprecedented period of uncertainty.”

Middle East crucial to long-term conventional growth. Major oil-producing countries in the Middle East will add 2.7 mb/d of capacity through 2025, according to Rystad Energy. Iraq will add the most at 1.5 mb/d, and an additional 1.2 mb/d will come from the UAE, Iran, and the Neutral Zone between Saudi Arabia and Kuwait. Global output from conventional fields outside the Middle East peaked in 2010, Rystad says, and will fall by another 2.3 mb/d by 2025.

Hedge funds eliminate bullish bets. The bull market has now fully unwound after hedge funds and other money managers have sold off all the bullish positions they had accumulated since the second half of 2017, according to Reuters. The last seven weeks has seen the largest liquidation of long positions since 2013. Long positions are now at their lowest level since January 2016 – a period of time that coincided with the very bottom of the oil market cycle. Fund managers now have a roughly neutral position towards the market.

Japan and South Korea could resume importing from Iran. Reuters reports that Japan and South Korea may begin importing oil from Iran again in January, having obtained waivers from the U.S. government. The two countries had virtually eliminated imports from Iran in recent months, but now feel that they have some space for buying oil once again. The waivers last until May.

Oil majors focus on shale, but questions remain. The world’s largest companies continue to step up their bets on short cycle shale. BP (NYSE: BP) purchased shale assets from BHP Billiton (NYSE: BBL) earlier this year for $10 billion, while Royal DutchShell (NYSE: RDS.A), Chevron (NYSE: CVX), ConocoPhillips (NYSE: COP) and ExxonMobil (NYSE: XOM) have all previously announced aggressive plans to scale up production in the U.S. shale. But some of them have encountered problems, including write-downs in recent years. Medium-sized shale companies question whether or not the oil majors are equipped to perform well in short-cycle shale projects, a problem that S&P Global Platts explored.

Energy companies lost $1 trillion in oil price slide. The global oil and gas sector has lost $1 trillion in value over a 40-day period since October after crude prices fell by about $20 per barrel. U.S.-listed companies in the S&P 500 shed $240 billion. ExxonMobil (NYSE: XOM), for instance, lost $35 billion in value. Some analysts are warning that OPEC+ will need to cut output to balance the market. “If they don’t cut, I guarantee you it’s going to be 2014 all over again,” Mike Bradley, managing director at the energy investment firm Tudor, Pickering, Holt & Co., told the Houston Chronicle.

Aramco abandons bond sale. Saudi Aramco abandoned plans to launch the world’s largest corporate bond sale, the proceeds for which would have funded a $70 billion stake in SABIC, the Saudi petrochemical firm. Previously, Aramco had considered a $40 billion bond sale for the acquisition but has rejected the idea because of the financial disclosures that would be required for the sale, while officials are also worried about another market downturn that would affect interested in the debt sale.

UK shale gas may not be economic. Cuadrilla Resources has begun drilling for shale gas in the UK after years of regulatory delays but has struggled with stoppages after seismic activity. The FT warns that Cuadrilla has another problem: Producing shale gas in the UK may not ever be economic because of ample supplies on the continent and a growing source of supply in the form of LNG from Qatar, Norway and the UK. Beyond that, renewables are steadily falling in cost, down 50 percent since 2013.

Natural gas volatility bankrupts trader. Commodity-trading firm OptionSellers.com has fallen apart because of the violent swings in oil and natural gas prices. The firm apparently suffered a “catastrophic loss” by wrong-way bets on prices. Oil fell by 7 percent on November 13 and natural gas spiked by 18 percent on November 14. Individual investors, which apparently had to have made a minimum investment of $250,000, are set to lose their money.

Cimarex Energy to buy Resolute Energy for $1 billion. Cimarex Energy (NYSE: XEC) is set to buy Resolute Energy (NYSE: REN) for $1 billion, combining two Permian drillers. The deal is illustrative of a wave of a consolidation underway in the Permian.

Petrobras rules out privatization. The new head of Brazil’s Petrobras ruled out a privatization effort, although he supports ongoing asset sales to help trim the company’s debt.

Protests in France over diesel taxes. The French government has hiked taxes on diesel in order to bring them up to parity with gasoline, which has been taxed at higher rate for years. However, diesel prices have been climbing around the world, in part because of the pending IMO regulations set to begin in 2020, which are putting a premium on diesel. The taxes are sparking outrage in France.

Alberta considers refinery as WCS plunges. Prices for Western Canada Select have dropped as low as $14 per barrel, as pipelines carrying oil from Alberta are full. Alberta’s Premier suggested that they could build oil refineries in the province to help alleviate the glut. Some oil companies have already curtailed output because of plunging prices, and some executives have proposed the province issue mandatory production curbs.

EVs to dominate the battery market. By 2030, eight out of ten batteries sold worldwide will be used for electric vehicles, according to Bloomberg New Energy Finance. By 2040, about 55 percent of all vehicles sold will be EVs, BNEF estimates.

SOURCE: https://brandspurng.com/2018/11/20/oil-companies-lose-1-trillion-as-prices-crash-oilprice-report/

ESET, the leader in Cybersecurity research has announced the launch of a new mobile security product specially designed for Airtel Nigeria subscribers.



According to ESET, the new value offering will provide smartphone users with world-class features for the prevention and management of cyber risks associated with Android mobile devices.

The ESET Mobile Security product already exists globally on Google Play Store with over ten (10) million downloads and offers fast and precise detection of known and unknown mobile threats with the complement of advanced features such as Anti-Theft, Security Audit, App Lock, SMS and Call Filter and Password Protection, amongst others.

Speaking on the launch of the ESET Mobile Security product, the Country Manager, ESET, Olufemi Ake, said, “This is a first of its kind in Nigeria. We understand the need of average smart mobile device users in Nigeria especially these days where sensitive information is stolen to commit fraudulent activities for personal and commercial gains; hence, the introduction of the first telecom-focused security product optimized for Android and bringing both unmatched performances coupled with proactive protection.”

Dinesh Balsingh, Chief Commercial Officer, Airtel Nigeria, noted that Airtel is committed to making lives better for telecoms consumers and will continuously explore exciting partnership opportunities that will ensure customers’ data/information are safe and secured.

“Our partnership with ESET affirms our strong commitment to our customers as we put them first in everything we do. With the innovative offering, consumers are safer and more assured as they connect and interact with friends, family members, loved ones and business associates,” he said.

Airtel subscribers who wish to benefit from this new offering can subscribe via the Google Play store at a subsidized and flexible cost of ₦150 monthly.

The new ESET mobile Security for Airtel also welcomes the brand-new premium features such as Anti-Phishing, which protects against malicious websites attempting to acquire sensitive information – usernames, passwords, banking information or credit card details.

It also features Anti-Theft, which locks a device upon detection of suspicious behaviour or when unauthorized SIM is inserted. It also has the Remote Lock feature, allowing a device owner to lock his/her phone remotely, thereby preventing unauthorized access to all stored information, including photos and emails.

The ESET Mobile Security also has the SMS & Call Filter feature, which enables smartphone owners to solely receive the calls and messages that they want and also empower them to define the sender and the time to receive SMS or calls with time-based call management.

SOURCE: https://brandspurng.com/airtel-eset-unveil-mobile-security-offering-for-smartphone-users/

Nestlé is ranked highest in the first-ever U.S.-focused Access to Nutrition Index (ATNI), which evaluates the policies, practices and product portfolios of ten food and beverage companies. This follows the release of the global index earlier this year, in which Nestlé also placed first.



Nestlé’s performance in the global and U.S. indices confirms its leadership and its contribution to tackling the pressing challenges of obesity and undernutrition globally and in the U.S.

The index highlights Nestlé’s continuous improvement of its diverse product portfolio through reformulating its foods, acquiring brands that delight consumers and reflect their evolving approach to wellness, and delivering and promoting healthy hydration. It also notes that Nestlé has an industry-leading Parent Support Policy that provides generous paid parental leave and supports breastfeeding mothers at work.

“We are proud that ATNI recognized our steady progress to meet our nutrition commitments, to transparently communicate with consumers, and to support the wellness of our employees,” said Wendy Johnson, PhD, MPH, RD, Vice President of Nutrition Health and Wellness for Nestlé. “As a business, our growth strategy is driven by a deep focus on how consumers are evolving, which makes our focus on nutrition and wellness ever more relevant. We will conduct a full review of ATNI’s assessment of our U.S. practices to determine areas where we can further evolve and strengthen our approach.”

Nestlé is working to meet consumers’ needs across a diverse product portfolio – for every part of the day and every stage of life. Its work to improve the profile of its products, promote healthy hydration and healthy lifestyles, and conduct research is helping the company pave a path toward improved health.

Nestlé demonstrates its commitment to nutrition and health through initiatives like Nestlé for Healthier Kids, with a global goal of helping 50 million children worldwide live healthier lives by 2030. In the U.S., Nestlé supports this initiative by helping to provide nutrition education for parents of young children through its “Start Healthy, Stay Healthy” program, which focuses on the first 1,000 days.

More information on Nestlé’s commitments is available at nestleusa.com/csv

Nestlé in the U.S.
Nestlé in the United States is committed to being a trusted leader in nutrition, health and wellness. Our 48,000 employees in the United States are committed to enhancing the quality of life, contributing to a healthier future for individuals and families, our communities, and the planet. Nestlé in the U.S. offers a wide and varied portfolio of food and beverage products for people and their pets throughout their lives. Nestlé in the U.S. consists of eight main businesses: Nestlé USA, Nestlé Waters North America, Nestlé Nutrition, Nestlé Professional, Nespresso, Nestlé Health Science, Nestlé Skin Health and Nestlé Purina PetCare Company. The United States is Nestlé S.A.’s largest market with combined product sales in the United States totalling more than $27 billion in 2017.

SOURCE: https://brandspurng.com/nestle-achieves-top-spot-in-first-u-s-access-to-nutrition-index/

Aliko Dangote, Africa’s richest man and owner of Dangote cement in Nigeria, has revealed to be among bidders for Kenya’s struggling ARM; a cement maker company currently under the administration of accounting firm Price water house Coopers (PwC).

The Nigerian business man, without naming the acquisition target; which in his opinion fits the ARM company, said he is in talks over buying it. “There is a company which has operations in Tanzania, Kenya and Rwanda which we are in talks with to see if we can take it over,” he adds.

ARM Cement

ARM portfolio in Kenya includes a clinker and cement grinding plant in Kaloleni and a cement grinding plant at Athi River. The company also manufactures imports and sells cement in Rwanda through its wholly owned subsidiary, Kigali Cement Company. In Tanzania, ARM runs limestone, clinker and cement plants through its subsidiaries, Maweni Limestone Limited and ARM Tanzania.

The company has been facing a number of challenges due to severe electricity rationing, inadequate supply of coal and stiff completion in the market.This has resulted to a negative equity of US $23m meaning that current shareholders will suffer a major dilution if a takeover deal is concluded.

On their side, the PwC said the process of selling ARM or part of its assets was being handled by South African banking giant Absa, which was appointed as the transaction adviser.

“Various parties have been in contact with the administrators expressing interest in the company’s businesses and assets in both Kenya and Tanzania,” the administrators said in a report to ARM’s creditors.

More bids are set to be received until December 3, after which shortlisted firms will be allowed to start their due diligence, including interviewing management.

Dangote Cement

Dangote Cement, which has about a 45% market share in sub-Sahara Africa, has long held interest in venturing into Kenya – with plans underway to build two cement factories by 2021.

Dangote admitted that Kenya is on its priorities and said there are plans to build two plants of 1.5 million tones annually. If the deal sails through, Dangote will take over the manufacturing premises, well-established distribution networks, and mining licenses.

SOURCE: https://brandspurng.com/dangote-bids-for-kenyas-arm-cement/

In a move aimed at offering Nigerian and Chinese clients a business-to-business networking and personal advisory service, and helping them to access and unlock the many opportunities in Nigeria-China trade, Stanbic IBTC Bank PLC, a member of Stanbic IBTC Holdings PLC, on Tuesday, 13th of November 2018 commissioned an Africa-China Banking Centre (ACBC) in Lagos.

The launch of Africa – China Banking Centre was performed by the Industrial and Commercial Bank of China (ICBC) Africa CEO, Mr. Lubin Wang; Commercial Consul, Chinese Embassy in Lagos, Liu Jun-Sheng; and top management executives of Stanbic IBTC. The opening of the Centre is another significant step towards improving ease of doing business between Nigeria and China, coming after the signing of the bilateral currency swap agreement between the two countries earlier in the year.

According to Chief Executive of Stanbic IBTC Bank PLC, Dr. Demola Sogunle, the launch of the Centre represents a critical opportunity to leverage the full potential of Africa and China’s rapidly evolving trade partnership. He further explained that “as an African bank with global reach, Stanbic IBTC is uniquely placed to unlock African opportunities by accessing Chinese capabilities”.

“Nigeria is a market with great potential for now and the future; ICBC has built a bridge between the two markets to create possibilities. This is the beginning for us to produce more specialized financial products and services for our Chinese clients and it is our aim to be the go-to Bank for Chinese businesses in Nigeria and Nigerian businesses trading with China,” said Sogunle.

The strategic institutional relationship involving the Industrial and Commercial Bank of China (ICBC), Standard Bank and Stanbic IBTC will help to drive trade between Africa and China with Stanbic IBTC listed as one of the settlement banks to manage the currency deal announced by the government. ICBC, the world’s biggest bank, holds 20 per cent stake in Standard Bank, while Standard Bank has 64 per cent stake in Stanbic IBTC. The relationship presents a huge leverage in Africa-China trade ties and has resulted in various initiatives across Africa, ranging from Renminbi trading to Africa-China business centres, and landmark deals, which collectively constitute Standard Bank’s Africa-China trading corridor.

Speaking on the development, Executive Director, Personal and Business Banking, Wole Adeniyi, noted that “the rate of development in Nigeria and Africa at large depends on the ability to identify opportunities, as well as build and maintain strategic relationships that increase the ease of doing business in Nigeria; we must aim to add value beyond just banking and look to impact partnerships that would wholly improve trade and the economy by extension, this is our responsibility,” he added.

It will be recalled that in August 2018, Stanbic IBTC Bank PLC hosted the Chinese community at an Africa-China Connection event to showcase its value proposition and enlighten the guests on the currency swap agreement between Nigeria and China, as well as how the agreement would boost trade between both countries.

The Africa China Banking Centre (ACBC) will look to provide a long-awaited platform to link Nigerian and Chinese clients with China’s digital banking ecosystem through Stanbic IBTC’s Africa-China Banking value proposition. Staffed by bankers with Chinese language and cultural capability, ACBC will be a virtual finance hub that offers seamless consultation and advisory services via telephone, online or email platforms to both Nigerian and Chinese banking and investment clients. It will also assist clients with day-to-day banking needs, such as card facilities and transactions, internet and self-service banking, cross-border payments, and foreign currency services and support.

Stanbic IBTC Bank PLC is a subsidiary of Stanbic IBTC Holdings PLC, a member of Standard Bank Group, a full-service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. Standard Bank Group is the largest African financial institution by assets and earnings. It is rooted in Africa with strategic representation in 20 countries on the African continent. Standard Bank has been in operation for over 154 years and is focused on building first-class, on-the-ground financial services organizations in chosen countries in Africa and connecting other selected emerging markets to Africa and to each other, applying sector expertise, particularly in natural resources, power and infrastructure.

SOURCE: https://brandspurng.com/stanbic-ibtc-commissions-africa-china-banking-centre-photos/

Samsung Electronics West Africa has launched its newest and smartest television set, The Samsung QLED TV 2018 into the Nigerian market. According to the company, the QLED TV 2018 features impeccable picture quality, inspiring style, and ingenious ways for users to find content; removing anything that distracts, detracts, or delays from the experience.

The media launch which took place at The George Hotel, Ikoyi, Lagos saw the brand showcase amazing, fresh and innovative improvements on the previous model, the QLED 2017. These include; the One Connection –a new ‘Invisible Connection’, or a single super-thin cable that will be hard to spot. The main cable and nest of HDMI cables will go into the standard, separate connection box and then a single, barely noticeable cable connect them to the TV, leaving the TV area clutter free and tidy. This is the first time such a thin cable has handled both data and power duties.

Speaking at the event, Olumide Olakotan, Key Account Manager, Samsung Electronics West Africa said that the company had put in a lot of thought into creating a device that would not only serve as an entertainment tool but also add to the glamour and panache that Samsung products bring to the home. “At Samsung, we are focused on leaving a legacy of perfection for our consumers and that is why all our products are carefully crafted to meet the very specific needs of our growing dynamic and stylish customers,” he said.

Another novel addition to the QLED TV 2018 is the ambient mode feature which is also a first in the QLED series, providing useful information throughout the day – even when consumers aren’t actively watching the TV. Most interesting about this feature is the fact that the QLED can double as a piece of art in the living room or blend into the wall. “The QLED when wall-mounted and on Ambient Mode can mimic the pattern on the wall behind the TV to create an astonishing visual effect in which the TV blends seamlessly into the wall. QLED TVs can hide in plain sight. If you are not watching TV, you won’t see a TV,” Mr Olakotan added.

Users can now experience the truly connected life through the SmartThings app which connects the TV to a broad range of smart devices and appliances, from the fridge to your smartphone, etc. With the One Remote feature, users can say goodbye to juggling remotes to control the different connected devices as it automatically detects, identifies and controls connected devices and content. Users never have to take their eyes off the TV to operate any internet connected device in their homes – hence the slogan, See Nothing Else.

“The QLED 2018 is voice-operated and can be easily synched with any device in the home powered by internet connectivity. With this feature, users can dim the light, turn off the washing machine and regulate the AC all from the comfort of their couch,” Mr. Olakotan concluded.

Don’t feel like mounting your QLED 2018 on the wall? That’s okay. Samsung Electronics anticipated that and created a Gravity and Studio stand specially designed to aesthetically enhance any room.

With the QLED 2018, Samsung Electronics offers a next-generation experience giving consumers the best possible picture quality, infinite design and the closest human eye view any device has to offer. The TV comes in 55, 65 and 75 inches with a curved screen option and is now available at Samsung outlets throughout West Africa.

SOURCE : https://brandspurng.com/samsung-launches-qled-tv-2018-edition-into-nigerian-market/

Installed capacity hits 8million MTPA; Partners SON & ITF to train blockmakers across Nigeria

Less than 6 months after commissioning its 1.5million mtpa Kalambaina Cement Plant in Sokoto state, BUA Cement has announced that it has completed construction of its newest Cement Factory – The 3million MTPA Obu II Cement plant, Okpella in Edo State, Nigeria. This will bring the total capacity of BUA Obu cement operations to 6million tonnes and move the entire Group’s installed capacity to 8million MTPA. A date for commissioning is to be announced soon according to the statement from BUA Group.

Speaking at a business forum recently, Abdul Samad Rabiu, Founder & Executive Chairman of BUA Group – owners of BUA Cement, said that the completion of BUA’s Obu Cement 2nd line puts BUA Cement in prime position to be Nigeria’s second largest cement producers by volume in a short while. According to Abdul Samad Rabiu, “Through a strategic combination of BUA Cement’s newer, more energy efficient plants and the proximity of our factory locations to key regional markets across Nigeria, BUA Cement has in no time become the industry leader in capacity utilization as well as maintaining a strong presence and brand leadership position in regional markets where it operates.

“The nature of the formulation of BUA Cement’s products and the product strength has seen it dubbed, “King of Strength” by blockmakers as well as others in the construction industry in Nigeria”, he added. In addition, BUA Cement has also entered into a partnership with the Standards Organisation of Nigeria and Industrial Training Fund to train thousands of blockmakers across Nigeria on the proper mix and techniques for blockmaking to reduce the rates of building collapse in Nigeria.

The completion of the new 3million mtpa BUA Obu II Cement Plant will see BUA’s installed capacity to rise to 8million metric tons by the time it fully becomes operational in December 2018. The plant has the capacity to run on multi-fuels – gas and heavy oils and will give BUA Cement a stronger foothold in the South-South and South East markets in Nigeria where it has become the preferred brand of cement. By virtue of its location in Okpella, Edo State, BUA Obu Cement plants are 5hours away from all the major markets across Nigeria.

BUA Group announced last year that it built a 50km pipeline to carry gas to fire its gas turbines at its Obu Cement Plant.

SOURCE: https://brandspurng.com/bua-cement-completes-okpella-plant-as-total-capacity-hits-8-million-mta/

After being free to use for years, details are starting to come out about just how Facebook will monetize WhatsApp, the popular mobile messaging app it purchased for $19 billion in 2014.

WhatsApp vice president Chris Daniels revealed that the company is going to start putting ads in the “Status” feature of the app.

“We are going to be putting ads in ‘Status’. That is going to be primary monetisation mode for the company as well as an opportunity for businesses to reach people on WhatsApp”, Daniels said.

‘Status’ is WhatsApp’s version of Snapchat, Facebook or Instagram Stories, consisting of quick posts and videos that disappear after 24 hours. Snapchat already allows for ads to play between its stories while Instagram allows companies to sponsor stories with those posts featuring a line of text saying they are part of a “paid partnership” with the sponsor.

Facebook revealed in January that WhatsApp had 1.5 billion monthly users. The service had been free for everyone since 2016 when it dropped its $1 annual fee for users after their first year of using the service.

SOURCE: https://brandspurng.com/whatsapp-to-start-placing-ads-in-stories/

As it may be, not too much. The vacancies left behind by these two international banks, which total approximately 200sqm, are a drop in the ocean relative to Lagos’ excess supply of new unoccupied office space.
UBS Nigeria, who closed the rep office for their wealth management business during Q3:2018 (opened mid-2014), occupied approximately 141sqm of space in 1 Murtala Mohammed Drive in Ikoyi alongside tenants including McKinsey and Co., Aluko and Oyebode and Mastercard before their relocation. HSBC, on the other hand, occupied, a relatively small serviced office suite managed by Regus on the 7th floor of Mulliner Towers, also in Ikoyi.
For some context, within Ikoyi alone, Lakepoint Tower (c. 14,000sqm), Temple Tower, (15,000sqm), Desiderata (c. 5,000sqm) and Kingsway Tower (13,000sqm+) are among properties delivered in the past 24 months that are yet to secure any significant take-up. The exits from these banks are a blow to market sentiment that also reduces the option pool for landlords in search of new tenants, as leasing activity within Lagos is largely driven by relocations and growth from service office providers.
How are you thinking about these exits and the implication for the office market in Lagos?
Our Research team would love to hear from you!
ESTATE INTEL


SOURCE: https://brandspurng.com/what-does-the-ubs-and-hsbc-exit-mean-for-the-office-market/

a corporate university of the leading independent pan-African banking group in collaboration with Ecobank Foundation, has launched an innovative development programme aimed at improving Africa’s health systems through rigorous financial management, effective leadership development and sound implementation capabilities.



The programme was co-designed by Ecobank Academy and The Global Fund with support from leading organisations in financial management, leadership and execution. The Honorable Minister of Health of Togo, Moustafa Mijiyawa; Head of Grant Management Division, Mark Eddington for The Global Fund; and Amin Manekia, Ecobank’s Group Executive for Corporate & Investment Banking, inaugurated the programme.

Speaking at the opening on behalf of Ecobank’s Group CEO, Mr Manekia said: “Ecobank from its inception, has embraced a commitment to enhance economic development across Africa. Ecobank has not only become a world-class pan-African institution, it is also a torchbearer for a new Africa. The bank has become part of the mainstream banking culture in 36 African countries and is fully supportive of organisations that work continuously to improve the socio-economic transformation of our communities alongside governments and the private sector.”

The curriculum seeks to expand the skills of grant implementers and includes modules on leadership, strategy, knowledge management and sharing of best practices. At the heart of this training is the desire to help to implement partners play their part in driving long-lasting impact in the communities they serve. They are not only accountable for the grants they are implementing, they are also at the forefront of the mission to end HIV/AIDS, malaria and tuberculosis as epidemics and build resilient and strong health systems. Ecobank’s vision is to ensure that access to knowledge will not limit an organisation’s ability to deliver on its mission.

On behalf of their teams, Simon Rey, Ecobank Group Head for Ecobank Academy, Talent and Organisational Development and Carl Manlan, Chief Operating Officer for Ecobank Foundation jointly commented: “We fundamentally believe that it is in all our interest to build a knowledgeable pool of practitioners that can become leaders in their fields. This training is organised because we believe that an ecosystem of finance managers in the development sector who are well trained and equipped to save lives will stretch every CFA Franc, Dollar or Euro that are disbursed for the purpose.”

Creating the infrastructure to transform finance managers into leaders of change is the way forward. Improving access to knowledge and learning opportunities will propel implementing partners to manage funds for even greater results for communities.

SOURCE: https://brandspurng.com/ecobank-academy-works-to-enhance-africas-health-systems-through-financial-and-leadership-training/

Globacom’s 4G LTE service covers more locations across the country, with its footprint extending to all the 36 states of the country and over 200 tertiary institutions.

This reconfirms Globacom’s status as the network with the widest LTE coverage in the country as no other operator has such an extensive coverage of the service.

The national operator had in October 2016, become the first network in Nigeria to roll out the 4G LTE service. It also became the first to launch a nationwide 4G LTE network, offering instant efficient broadband internet to millions of Nigerians at speeds that are several times faster than the 3G network.

The 700MHz band gives Glo 4G better coverage and penetration, Globacom explained. “The radio propagation property of the 700MHz band enables Globacom 4G signal to travel the farthest, giving the largest coverage for any site. In effect, any city where Glo LTE is present, it covers the widest area than any other network,” said the company.

“It also gives a better indoor penetration than other networks which are not on the band. Indeed, it offers seamless 4G coverage within the major cities without the requirement of handing over to 3G or 2G while using data, whether the subscriber is indoor or outdoor. This ensures a better user experience for 4G subscribers on the Glo network”, it said.

A major advantage of the band is that it comes with a dedicated spectrum bandwidth of 10MHz which gives users the fastest speed among all 4G operators required to download and view movies and videos as well as listen to songs without any delay. It all comes in crystal clear quality,” said Globacom.

Glo 4G LTE is backed by the company’s international submarine cable, Glo 1, which has provided the much-needed internet bandwidth for West Africa sub-region.

To enjoy the superior Glo 4G LTE services and most competitive pricing that gives the subscriber the best value data plans, it is advised that subscribers should visit any Gloworld outlet near them to purchase a 4G devices and SIM, the statement concluded.

The statement added that existing customers with the 4G-enabled smartphone could upgrade their SIMs free of charge at any Gloworld outlets, while customers without a 4G-enabled smartphone can purchase one from the same Gloworld outlets.

The statement further said that Globacom’s focus on higher institutions is to empower students and the academic community with the fastest and affordable data services which are needed to facilitate their academic curriculum.

SOURCE: https://brandspurng.com/glo-4g-lte-no-1-in-national-coverage-36-states-208-schools-covered/

The commission of the Economic Community of West African States (ECOWAS) just launched a regional contest for a name and icon for the future single currency within the community.

Open to “citizens of all the member states of the organization, regardless of their place of residence, and to moral entities legally established in a member state“, this contest will end on November 20, 2018.

The best three names and icons will be rewarded with checks from $5,000 to $10,000. According to the organization, a special interest should be paid by participants to key values in the community, Vision 2020 particularly.

This call for submissions falls within the framework of the implementation of the ECOWAS Monetary Cooperation programme which plans for the creation of a common currency for the 350 million residents of the community in 2020.

It also follows instructions given during the 53rd session of the conference of heads of state and government held in Lome last July.

Information related to the contest, notably to the entry requirements and selection criteria are available here.

SOURCE : https://brandspurng.com/ecowas-launches-regional-contest-for-new-currencys-name-and-icon/

The National Pension Commission (PenCom) recently released guidelines (the Guidelines) to provide clarity on voluntary contributions (VCs) under the Contributory Pension Scheme (CPS). The Guidelines are coming on the heels of PenCom’s circular of 16 November 2017 to all Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) on “Withdrawals from voluntary contributions”.

One of the key objectives of the Guidelines is to establish a uniform set of rules for the operation of VCs as well as define eligibility criteria for participation. The Guidelines apply to all voluntary contributions and shall also apply retrospectively. Key highlights of the Guidelines are provided below:

Eligibility

According to the Guidelines, the following persons shall be eligible to make VCs:

Any employee in an organization with three or more employeesAny worker or retiree in an organization that operates a Closed Pension Fund Administration and employed prior to June 2014, and employees/retirees in an organization with Approved Existing SchemeAny person who retired or disengaged, or whose employment was terminated and is currently receiving the pension under the CPS, but secures another employment on contract basisAny retiree under the defunct Defined Benefit Scheme, who secures another contract employmentJudicial officers, members of the Armed Forces and the Intelligence and the Secret Services of NigeriaPersons appointed by the President, State Government and elected officers to hold office for a stipulated tenure and who are not careering civil servantsAny foreigner residing and working in the formal sector in Nigeria.

General rules

Eligible contributors who wish to make VCs are required to notify their employers in writing, of intentions to make VCs and the amount to be deducted from their emoluments. In addition, VCs are to be made from an employee’s legitimate income and shall be restricted to one-third of the employee’s monthly salary as stipulated in the Labour Act, 1990.

The amounts so deducted as VCs are required to be remitted through an employer into a duly registered retirement savings account (RSA). VCs shall only be made once a month and all VCs are required to be made in Naira. PFCs are to report VC in excess of five million naira (₦5,000,000) in line with the Money Laundering Act (MLA) 2011 and the Nigerian Drug Law Enforcement Agency (NDLEA) requirement.

The penalty for failure to deduct or remit VCs within the stipulated timeline remains at a minimum of 2% of the total unremitted contribution for each month or part of each month the default continues.

Active or mandatory contributors shall have 50% of their VCs available for withdrawal, provided the VCs are retained in the RSA for a minimum of 2 years before access. This implies that such contributors are entitled to withdraw 50% of their VCs once every two years from the date of last withdrawal. The balance of 50% shall be fixed and will only become available for withdrawal, on the date of retirement of contributors. In order to ensure accuracy and fairness, the PFA shall be required to ascertain and verify the portion of contributions that qualify for withdrawal based on the 2-year rule, before withdrawal by an applicant. For the purpose of determining the portion of contributions that qualify for withdrawal, the first date of pension contributions into the RSA shall be the date for counting period for the two years’ maturity.

Exemption

The 2-year rule for retention in RSA before access shall not apply to persons mentioned in (3) to (7) under eligibility above. Such persons shall have their VCs retained in their RSAs and shall only have access to their contributions at the expiration or termination of their contracts.

Tax implications

Income accruing on VCs are taxable, where the withdrawal is made before the end of five (5) years from the date the VC was made. This is in line with Section 10(4) of the Pension Reform Act 2014For persons mentioned in (3) to (7) under eligibility above, tax deductions in respect of VCs are based on both principal amount and income earned, where withdrawals are made in less than 5 years from the date of the contributionPFCs are required to remit all tax deducted to the relevant tax authorities within 21 days following the end of the month of deduction. PFCs are also required to render returns of such remittances to PenCom twice yearly.

It is hoped that upon full implementation of the Guidelines, Nigeria will have a pension system that is sustainable and has the capacity to achieve the ultimate goal of providing a stable, predictable and adequate source of retirement income for each employee in Nigeria. With the clarity provided, it is hoped that the objective of ensuring VC withdrawals are not abused, will be achieved. Further, it is expected that Joint Tax Board will release similar circular validating the position of PenCom especially as it relates to categories of persons covered in (3) to (7) under eligibility.

Please click here to download the Guidelines.

SOURCE: https://brandspurng.com/pencom-releases-guidelines-on-voluntary-contribution-under-the-contributory-pension-scheme/

Daikin the world’s leading manufacturer of heating, cooling and refrigerant products, announced the launch of the world’s first R-32 Inverter Split Wall Mounted unit, specially designed for the African market conditions, testifying to Daikin’s commitment to develop environmentally friendly products by using an alternative refrigerant to R-22 with zero ozone depletion potential and lower global warming potential than R-410A.

The African countries, as they ratified the Montréal Protocol, must phase down ozone depletion materials to nearly zero by 2030, including the R-22 refrigerant used for A/C equipment.

Although a limited amount (2.5%) of ozone-depleting refrigerants will remain available between 2030 and 2040 for services already installed A/C and refrigeration equipment, it will not be sufficient to replenish the needs of old equipment, unless conversion to alternative refrigerants in new equipment is implemented soon. The Montreal Protocol also includes drastic reduction steps between 2015 and 2030 for all HCFCs. Considering the lifetime of the equipment, Daikin believes it is crucial to start using non-ozone depleting refrigerant on new A/C as soon as possible.
Sana Hamdani, DX Product Manager, Daikin MEA, said: “Daikin split ranges will be using low GWP and zero ODP refrigerant R-32, in combination with the unique Daikin Swing compressor, to offer the highest real-life energy efficiency and to minimize the impact to the environment. Casing design and other specifications have been improved, such as the voltage range and sound level, etc., to enhance the customer experience and offer the most powerful, efficient and reliable cooling.”

The new range GTKL-TV1 series offers powerful and efficient cooling performances with the best built-in voltage protection. It can withstand the widest voltage range from 160-265V for an AVS free operation. Anti-corrosion protection is offered as standard and the robustness of this unit has been designed for Africa.

“Designed to meet the constraining requirements of the African market, the newly developed Daikin air conditioner will exceed the end-user expectations by offering a year-round powerful and efficient cooling without compromising on the design, comfort or reliability. Leading by example, Daikin has decided to launch this new series using the best available technology to minimize the impact on the environment,” said Robert Kagabo, Department Manager- Africa Sales; Daikin MEA.

“Daikin’s inverter technology is highly suitable for the climate across the Middle East and Africa which sees variable temperatures across the year, and even across the day. The smart inverter technology is manufactured to provide users with continuous adjustment of the unit’s capacity through variable speed as needed without stopping its operation, whereas traditional systems regulate temperature by switching the compressor on and off, which results in temperature fluctuations. Daikin success is in large part due to the great understanding and relationship we have with our dealers, especially in Africa. It was imperative for us to go into these new markets with our partners as the local knowledge they have about the region, the target demography and their respective requirements, are instrumental to us to develop and maintain high-quality products and services suitable for the region,” explained Abbas Mohamed Miraj, Regional Director – Africa & Near East Sales at Daikin MEA.

Mr. Suraj Rupani, Promoter for Panaserv Nigeria Limited, the authorized distributor of Daikin in Nigeria, emphasized that the new technology incorporated into the GTKL-TV1 series air conditioners boasts the reliability and unparalleled quality than the Nigerian consumer has come to expect from Daikin products and incorporates functionality that is beneficial given the unique requirements of Nigeria. “The Nigerian consumer is highly sophisticated when it comes to new technology, and inverter technology combined with a more environmentally friendly refrigerant will bring more effective cooling and lower running costs. The brand speaks to the quality of the product, and the new series of air conditioners is a huge win for Nigerian consumers,” he added.

The launch event took place in Lagos, with the presence of our media partners, Panaserv and Daikin Management, key customers and dealers across Nigeria.

SOURCE : https://brandspurng.com/daikin-unveils-africas-first-inverter-air-conditioning-system-with-green-refrigerant/

The World Bank Group (World Bank) on Wednesday, 31 October 2018, published it’s 2019 Doing Business Report (the Report). This latest report sees Nigeria ranking 146 out of 190 countries on the ease of doing business index, a drop by one place from 2018 ranking of 145.



Based on the Report, Nigeria improved in five indicators, with the greatest overall positive movement being on ease of paying taxes. Nigeria moved from 171 to 157, indicating that it is now easier to pay taxes in Nigeria than in at least 33 other countries/territories in the world. The improved ranking in paying taxes may be attributable to the tax authorities’ efforts at simplifying the process of filing tax returns and paying taxes by leveraging technology.



The ease of starting a business improved by 10 positions, with Nigeria now ranked 120th globally and 22nd in Sub-Saharan Africa, an improvement on its 35th position in the 2018 Doing Business Report. According to the 2019 Report, this leap is attributable to the introduction of simplified preregistration and registration procedures, as well as the introduction of an online platform to pay stamp duties.

Nigeria also recorded positive movements in ease of getting electricity, ease of trading across borders and ease of enforcing contracts. This indicates that some of the reforms being introduced by the Federal Government of Nigeria are beginning to have positive effects.

While the above positive movements are encouraging, it should be noted that Nigeria recorded downward movements in some areas, such as dealing with construction permits, registering property, getting credit, protecting minority investors and resolving insolvency.

The fact that the overall doing business ranking for Nigeria is better than the ease of paying taxes is a pointer to the effort still required to further simplify the tax system, in line with Nigeria’s National Tax Policy. Nigeria’s position as the 22nd country (21st in 2018) out of 48 Sub-Saharan African countries covered in the Report should continue to create the hunger and passion at making fundamental improvements to the country’s tax system.

While it is certain that Nigeria’s economy stands to benefit from an improved ranking on the ease of doing business index, all hands must be on deck to ensure that the initiatives that brought about positive movements in some of the indices are sustained, and efforts must be intensified towards ensuring that the unfavourable indices recorded are improved upon.

Please click here to download the full report.

SOURCE: https://brandspurng.com/world-bank-doing-business-report-2019-nigeria-records-mixed-fortunes/

It’s no doubt Stephanie Coker-Aderinokun is an ‘A+’ fashionista. The highly talented damsel sure brings her ‘A’ game in defying the odds to make daring fashion statements, whether it is a red carpet ensemble or a casual appearance. She’s since won our hearts with her role as ‘Feke’ in Tinsel and her co-hosting act with IK Osakioduwa, on ‘The Voice’.

With her amazing profile, Stephanie isn’t backing down – she is ‘levelling it up’ as a budding businesswoman with an extra passion for philanthropy. After her feature on Accelerate TV’s ‘The Cover’, she lets us in on some secrets she’d rather keep in her closet.

See if he’ll rather; feature in  Game of Thrones or Tinsel be Invisible or Fly  be a Rich Criminal or Poor Actress


https://www.youtube.com/watch?v=dPV7qcWRxdQ?list=PLUqsFygfaTt7h3H3O25A20CWBO7Ev7aqX

SOURCE: https://brandspurng.com/9-secrets-stephanie-coker-keeps-in-her-closet/

The Africa Trade Forum 2018, hosted by Nigeria’s Ministry of Industry, Trade and Investment, and co-organised by the United Nations Economic Commission for Africa (ECA), The Rockefeller Foundation, and the African Union Commission (AUC), is set to take place on 2-3 November 2018 in Lagos.

The Forum will bring together stakeholders from across the continent, from political and governance spheres, the private sector and entrepreneurs, philanthropies, academia, researchers, and development partners, to discuss the process for realizing the African Continental Free Trade Area (AfCFTA).

The AfCFTA was signed in March 2018 by 44 African countries and, if ratified, will become one of the world’s largest trading blocs. It is also the biggest trade agreement signed since the World Trade Organisation (WTO) was established, bringing together 1.3 billion people with a combined gross domestic product (GDP) of more than $2 trillion in a single market. The agreement aims to provide improved competition and lower business costs.

The Forum’s purpose is to look into the challenges and opportunities of the AfCFTA in individual African states, and to better understand how AfCFTA can drive economic development and prosperity on the continent for all of Africa’s citizens.

“The idea of an integrated African market to industrialize Africa, spur growth, enhance the welfare and create jobs has been around for a long time. However, with the actual emergence of the AfCFTA in 2018, the decision was taken by the Government to mobilize stakeholders in the Nigerian economy to understand its details, interpret its opportunities and reorganize our economic system for coherence and coordination, if the opportunities of the AfCFTA are to be realized and maximized. This Forum is a unique opportunity to proactively engage with a wide range of stakeholders to ensure that AfCFTA works for Nigeria,” says Dr Okechukwu Enelamah, Nigeria’s Minister of Industry, Trade and Investment.

The AfCFTA offers a long-awaited platform for Africa to ramp up its industrialization through various channels such as eliminating tariffs on intra-African trade, which will result in more competitive services that reduce business costs, improve business efficiency, and enhance value to consumers.

Economic Commission for Africa (ECA) Executive Secretary Vera Songwe says in an age of trade wars, Africa is sending a strong message that trade deals and reforms can be approached through consensus-building and cooperation, leaving no one behind.

“In order to ensure the African Continental Free Trade Area has a game-changing impact on African economies, we must now develop clear strategies for product diversification and inclusive implementation. The speed at which countries have signed and are now ratifying the AfCFTA agreement underscores the momentum behind this African flagship initiative,” the ECA Chief said.

According to ECA studies, Africa is less industrialized today than it was three decades ago. The continent’s manufacturing share of output and exports has steadily declined, and Africa’s exports remain largely concentrated in primary commodities and raw materials. Through AfCFTA, industrialization will help create employment for Africa’s growing youth population, thereby improving livelihoods, access to education and health.

The agreement is also expected to lead to booming multi-sectoral growth in areas including agriculture, where the AfCFTA will provide opportunities to drive agri-business and provide access to new regional markets for farmers and regional agro-value chains. With regard to access to electricity, about 600 million Africans still lack access to electricity. If current trends continue, it could take up to the year 2080 until Africa achieves full electrification. The AfCFTA would help build momentum on establishing an integrated set of platforms and partnerships to drive regional power systems, accelerate energy access for productive use, and bring down the costs of Africa’s power generation.

“We are delighted to support ECA and AUC to set the table and steer the conversation on the AfCFTA with Africa’s leaders. This Forum is an opportunity to work together to address challenges, discuss solutions, and increase awareness about the agreement’s ability to be a transformative tool that improves the lives of millions of Africans, especially the most vulnerable,” said Mamadou Biteye, Managing Director, Africa, for The Rockefeller Foundation.

The trade forum will provide a platform to discuss Africa’s participation and ownership of the AfCFTA objectives and examine how intra-regional trade can enable prosperity in Africa. The Forum will bring together stakeholders to determine how nations can move from a signed AfCFTA to real action and implementation.

“The AfCFTA is critical for Africa’s economic competitiveness and development. Once the African Continental Free Trade Area starts to fully function, African enterprises will be exposed to large economies of scale and scope. With expanded production and competitiveness, as well as increased investment, our enterprises will be able to increase Africa’s share of global trade, creating opportunities for economic development as well as the prosperity of African countries,” said the Africa Union Commission.



SOURCE: https://brandspurng.com/nigeria-to-host-africa-trade-forum-2018/

Clickatell promotes Financial Inclusion in Nigeria by enabling FirstBank to launch Chat Banking on WhatsApp, unlocking the opportunity for millions of new consumers to experience an improved way to initiate day-to-day secure banking activities and digital product purchases from within the chat application.

First Bank of Nigeria, in partnership with Clickatell’s Transact division, has commercially launched their Chat Banking channel on WhatsApp. This capability enables FirstBank’s customers to manage their banking needs within their WhatsApp chat with the same efficiency as USSD. Customers can add First Bank’s published WhatsApp phone number or a direct link access the First Bank’s “Verified” profile to begin a secure Chat Banking session.

Clickatell Transact’s bank-grade platform allows for banks around the world to develop and seamlessly deliver their unique customer experiences consistently across multiple channels. Clickatell Transact’s solutions allow banks to self-manage and instantly deploy changes to their offerings without the need for intensive professional services lowering turnaround times from weeks to minutes, reducing launch friction, development cycles and associated overheads. This launch with First Bank of Nigeria marks the third large-scale deployment by Clickatell in the African market in the past month.


Clickatell has pioneered the Chat Banking innovation through WhatsApp with a high emphasis on security to make WhatsApp a risk-free and convenient business engagement channel for customers. Multiple layers of encryption and authentication ensure a safe, and hassle-free transactional experience.

First Bank of Nigeria will offer its’ customers a full suite of banking options that can be initiated through WhatsApp, including balance checks, transfers, payments in addition to a vast bouquet of digital products and services that can be purchased instantly. WhatsApp unlocks an opportunity for brands to offer their customers a more personal, intuitive and efficient way to engage with them on chat.

“Customers’ expectations are constantly changing and it’s our duty as a customer-focused bank to ensure that our customers are provided with the means to initiate or carry out banking services through any channel they desire,” said Mr Chuma Ezirim, Group Head, E-Business, First Bank of Nigeria Limited. “We are constantly seeking new ways and opportunities to meet customers at their preferred touch points and we understand our customers are actively engaged on WhatsApp.”

Clickatell’s Transact Division is committed to providing solutions to social and economic problems, through FinTech innovation. Clickatell’s goal is to provide consumers with efficiency, a pinnacle of customer experience and better value. In countries like Nigeria, where cash is currently the preferred method of transacting, Clickatell’s solutions resolve critical issues around ease of access, safety, security and consistent availability of essential products and services.

“We are very excited to be working with the team from First Bank of Nigeria who, in record time, implemented a complex user experience, soft launched and managed to improve on the already exceptional services that First Bank offers its customers. As a technology provider, Clickatell drives to delight both clients and their end-users through low code deployments and innovative upgrades. This rapid time to market and iteration capability of our offerings helps acquire new customers for our clients” – Jeppe Dorff, Managing Director of Clickatell’s Transact Division.

By providing consumers with what they want, when they want it and integrating solutions where they engage and transact, Clickatell innovation like Chat Banking on WhatsApp paves the way forward for consumers to gain confidence and trust in digital transactions. Millions of consumers are getting onboard with each new launch of Clickatell powered chat banking across the world, especially in Africa. Clickatell is diligently pursuing its goal of reaching all of Nigeria’s banked consumers. With its’ success in Nigeria, Clickatell has taken a definitive step in the right direction for greater financial inclusion, both in Africa and around the globe.

SOURCE : https://brandspurng.com/first-bank-of-nigeria-and-clickatell-drive-financial-inclusion-in-nigeria-using-whatsapp/