₦airaland Forum

Nigerian Breweries Plc has extended the entry deadline for the 2018 Golden Pen Awards to Friday, July 20, 2018. Mr. Kufre Ekanem, Corporate Affairs Adviser, Nigerian Breweries Plc, said that the company considered it right to have an extension following numerous calls from media stakeholders for additional time to file their entries.

“As the target group for this initiative, we consider feedback from the media as critical to the success of our plans. The extension is to pave way for more editorial content and maximum participation in this year’s edition,” Ekanem stated. He, therefore, urged journalists to take advantage of the extension to fully participate in the awards aimed at promoting professionalism and ethics in journalism.



READ: NIGERIAN BREWERIES REAFFIRMS COMMITMENT TO MEDIA EXCELLENCE AS 10TH NB GOLDEN PEN AWARDS OPEN

To participate in the 10th edition of the Golden Pen Awards, a minimum of three entries published in 2017 is allowed per journalist in the areas of Agriculture, Local Sourcing and Industrial Development. Entries are to be sent to TPT International via goldenpenaward@tptinternational.com or the corporate office address of the agency at PR Place, 6/8a Bola Ogunsanya Crescent, Magodo GRA, Shangisha, Lagos.

For this year’s award, the Nigerian Breweries Golden Pen Reporter of the Year will get a cash prize of N2 million plus a gift item; the first runner-up will receive N1 million while the second runner-up will go home with N750, 000. In the Photo journalist category, the overall winner will receive N1 million plus a gift item, while the first and second runners-up will be rewarded with N750, 000 and N500, 000 respectively.  The winner of the Nigerian Breweries Golden Pen Report of the Year will receive N1 million and a gift item. All winners will also receive a special statuette.

Ekanem noted that the Golden Pen Awards has improved the quality of journalism in the country, going by the quality of entries received every year as adjudged by the independent panel of judges and stakeholders in the Nigerian media.

“As a company committed to Winning with Nigeria, we believe that the focus on Agriculture, Local Sourcing and Industrial Development is crucial in order to make our country achieve her full potential as a self–reliant and developed country with a diversified economic base,” Ekanem affirmed.

SOURCE: https://brandspurng.com/nigerian-breweries-extends-entry-deadline-for-2018-golden-pen-awards/

The Central Bank of Nigeria (CBN) has released an amended regulatory framework for Bank Verification Number (BVN) operations and watch-lists for Nigerian financial system, saying a valid court order is a requirement to have access to a customer’s BVN.

The central bank disclosed this in a circular posted on its website yesterday, that was addressed to all banks, switches, mobile money operators, payment solution providers, microfinance banks and others. It stressed that any requests for BVN information must be accompanied with a court order.

The circular signed by the Director, Banking and Payments system department, Mr Dipo Fatokun titled‘Amendment to the Regulatory Framework for BVN Operations and Watch-list for the Nigerian Banking Industry,’ takes immediate effect.

On the amendment, it stated that “Section 1.6 of the Framework, Eligibility for Access to the BVN which states that, ‘The following entities may have access to BVN information, subject to the approval of the CBN,’ is hereby amended to read thus, ‘the following entities may have access to BVN information, after providing a valid Court Order, subject to the approval of the CBN’.

“Consequently, the CBN by this circular hereby informs all stakeholders that the provision of a valid court order is one of the pre-requisites for the release of BVN information to applicants.”


SOURCE : https://brandspurng.com/disclosure-of-customer-bvn-subject-to-court-order-cbn-tells-banks/

AXA Mansard Insurance Plc, a member of the AXA Group and global leader in insurance and asset management, has emerged as the Insurance Company of the year. The announcement was made at the 6th edition of the Marketing Edge Brand and Advertising Excellence Awards which took place in Lagos last weekend. The award presented to AXA Mansard Insurance Plc was in recognition of its excellent service delivery and immense contribution to the Nigerian insurance sector as well as the country at large.

Marketing Edge Brand and Advertising Excellence Awards is an annual event that recognizes and celebrates outstanding personalities and brands for their contributions in their various industries. The award, in the last six years, has become the benchmark for recognizing and celebrating talents and milestones in the integrated marketing communication industry in Nigeria.

Read: AXA Mansard Health Named HMO of the Year

Speaking on the recognition, the Brand Strategy and Communications Manager, AXA Mansard Insurance Plc, Mr. Emeka Muonaka, said, “We are truly thrilled to be recognized as the Outstanding Insurance Company of the Year. This award is recognition of our unwavering commitment to providing effective service to our customers and we promise to never relent on making meaningful contributions to the growth and evolution of the Nigerian insurance industry.”

Recently, the organization launched the MyAXA Mobile App, an application designed to bring real value to the life experiences of its users by providing a more convenient way to purchase and manage their AXA Mansard product plans. The app is available for free download on the App Store for IOS users and Play Store for Android users respectively. The app is secure, all payment information is strictly confidential and global security standards have been employed to protect users’ information.


SOURCE: https://brandspurng.com/axa-mansard-insurance-named-insurance-company-of-the-year/

A Chinese firm, Shenzhen Kang Ming Sheng Technology Industry Incorporation, yesterday, said it is planning to invest in the building of a renewable and clean energy manufacturing plant in Nigeria to help address the epileptic power situation in the country.

Recently, Marketing Manager, Kamisafe Nigeria, Mbam Goodluck at the Conference and Annual General Meeting of the Nigerian Optometry Association in Abuja, said inauguratingKamisafe innovative safe reading lamp which is a medium to the long-term plan, would support its products deployment in Nigeria and other countries in Africa.

He said, “We are perfecting plans to site a manufacturing plant in Nigeria to produce solar-powered equipment for households, offices, schools, hospitals, communities, etc. The plant will be used for the production of solar-powered street lights, indoor renewable lamps, rechargeable energy-saving lamps, multi-functional mobile power supply, fans and many more.

“This move will further enhance clean energy access to power users across the country, for we know that the world is gradually tilting towards the use of environmentally friendly energy, as most people now talk about clean energy. So, it is important to note that one major way you can get clean energy is through the use of solar to power your gadgets.”

He said Kamisafe’s investment in Nigeria would help increase the power of technology, innovation, and research in the country on an annual basis, introduce hi-tech creative talents, realize mechanization of production lines, take user experience as a guide and strengthen the firm’s service system.
Specifically, we are in the process of entering into various agreements with different individuals and organizations, to set up solar street lights in some parts of the country, especially in Lagos, Onitsha, Kano among others.

Also speaking, Product Development Director, Kamisafe, Mr. Collins Nnaji, said the company had been in Nigeria for about 15 years and had made significant investments in Nigeria over those periods.
He added that the company presently have depots, distributors and sub-distributors all across the country and had been selling clean, safe and renewable energy products over the years.
Commenting on the Kamisafe safe reading lamp, Nnaji said the product does not have a bad effect on the eyes, because it is coated with LED bulbs, unlike some other torches in the market.

An Optometrist with Unimind Eye Care, Benin City, Edo State, Mr. Esegine Ogheneovo, said the Kamisafe safe reading lamp is great for the eyes, can be rotated up to 360 degrees, while the Lumen is quite high and very mild for the eyes.

“It is unattractive to insect, meaning some particularly frequency range is being emitted that is not allowing the insect to draw closer. Hence, it is a very good product. This would help me in my engagement with my patients.”

He said, “I also observed that the rate at which it is emitting its ultra-violet rays is quite mild compared to a lot of others.


SOURCE: https://brandspurng.com/chinese-firm-plans-solar-equipment-plant-in-nigeria/

beeet whyyy?

ok

Lagos Business School (LBS) has been ranked among the top 50 business schools on The Economist magazine’s 2018 EMBA ranking. The LBS Executive MBA programme ranks as 48th best in the world out of 65 schools featured on the list published today.



The Economist’s EMBA ranking is a bi-annual list of the best providers of the Executive MBA programme across the world, and they are categorised based on two broad measures: personal development/educational experience and career development.

Being the only business school in Africa to feature in this year’s ranking, LBS was judged by the quality of its EMBA participants, their work experience, the number of industry sectors from which they applied, their career progression, the quality of faculty, percentage of faculty with a PhD, among other criteria.

Read: Lagos Business School receives Bloomberg Terminals from FBN Quest

For the category judged on percentage increase on pre-EMBA salary on graduation, Lagos Business School interestingly occupies the 3rd position in the world. LBS EMBA graduates record a considerable increase in remuneration upon graduation from the programme

Lagos Business School MBA Director, Dr Uchenna Uzo, described the achievement as proof that the School has not deviated from its mission to provide high potential professionals with world-class management education.

Uzo added, “Our work here at LBS is being recognised across the globe, and we are committed to doing even more to transform business education and management practice in Africa and beyond by producing quality graduates who will change the status quo”.

Other top institutions featured on the list are Yale School of Management, IE Business School and Arizona State University with whom Lagos Business School has just entered into a partnership for the International Accelerated Degree Programme (IADP).

This latest achievement follows Lagos Business School’s recent feature on the Financial Times 2018 ranking of top business schools for the 12th consecutive year and its full-time MBA programme’s appearance on CEO Magazine’s Global MBA rankings as a Tier One programme.

SOURCE: https://brandspurng.com/lagos-business-school-ranked-top-50-in-the-economist-2018-executive-mba-ranking/

NPF Microfinance Bank Plc has grown its Profit After Tax, (PAT) by 14 per cent from N554.9 million in 2016 to N631.89 million in its financial year ended December 31, 2017.

Besides, the bank intends to notify the capital market of its plan to do a public offer following due diligence on the financial landscape and bearing in mind the long tenor nature of capital market investment, while disclosing plans to navigate the effect of the challenging economy.

Read: UPDATED: LIST OF APPROVED MICRO-FINANCE BANKS IN NIGERIA


Speaking at the 24th yearly general meeting held in Kano, the Managing Director/Chief Executive Officer of NPF MfB, Akin Lawal, said that in spite of the recession that prevailed in the greater part of 2017, coupled with other unstable macroeconomic indices, the bank’s turnover improved by 25 per cent from N2.925 billion to N3.655 billion in the year under review.


The bank’s operating expense increased by 32 per cent from N1.898 billion in 2016 to N2.516 billion in 2017 due to increased inflationary costs, increased number of staff and branches and rising cost of asset maintenance due to usage.

Lawal, said that the bank’s profit before tax marginally increased from N803.4 million in 2016 to N819.8 million in 2017 as a result of the full cost of the 10 branches opened in 2016, adding that the management has put plans in place to curtail the rising costs and to optimise services.

The bank however, expended N187.9 billion on tax, a reduction of 24.39 per cent and N248.5 million.

Key extracts from the audited report showed that assets improved from N12.36 billion in 2016 to N15.95 billion in 2017, representing a 29.04 per cent, while shareholders fund increased from N4.463 billion in 2016 to N4.752 billion in 2017.

Presently, a unit of the bank’s share attracted earnings of 28 kobo in 2017, against 24 kobo in 2016, out of this, the board proposed an increased dividend of 17 kobo in the year when compared to 15 kobo it has paid in three successive years.

He said: “As we entered 2017 in the midst of worst depression in the last 24 years of existence, rising inflationary trend and worsening exchange rate exacerbated with oil price crisis, vandalisation of our economic mainstay- oil pipelines and loads of reported ethnic clashes across the federation, but our bank’s management ensured that the three-year strategic plan in operation was carefully reviewed to reflect economic realities and to ensure economic fundamentals of the bank.

“This we did with good dexterity, tenacity of purpose and adequate cost management policies which at the end have put smiles on all our faces today.

With the technical exit of the country from depression in the second quarter of 2017, the economic fundamentals of the bank steadily continue in a positive trend,” he said.

The Chairman, NPF MfB, Rtd DIG, Azubuko Udah, said that non-performing loan ratio reduced to 2.7 per cent in December 2017, from 3.2 per cent in December 2016, which is below the regulatory threshold of five per cent and the internal benchmark of three per cent.

SOURCE: https://brandspurng.com/npf-microfinance-bank-grows-pat-by-14-plans-public-offering/

Nigeria imported fish worth $71 million, $56 million and $43 million from Iceland, Russia and Norway respectively in 2017.

This development was due to the lack of investment to encourage large-scale commercial fishing, which should bridge the current 2.1 million metric tons (MMT) supply gap.

This implied that the total amount spent on fish importation during the period was $170 million (N61.2 billion).

Aquaculture remains an integral part of Nigeria’s agriculture sector, with annual fish demand estimated at 3.3 million metric tons (MMT).

Industry sources suggested that Nigeria’s per capita fish consumption is 11kg, significantly lower than the global average of 21kg.

According to the Fisheries Resources Department in the Nigeria Institute for Oceanography and Marine Research in Lagos, at least 70 per cent of local fish production was by small-scale fishermen on a subsistence level.

Statistics released by the World Trade Organisation (WTO) showed that the Netherlands exported $174 million worth of fish to Nigeria in 2017.

Numbers released by the National Bureau of Statistics (NBS) revealed that fisheries grew by 4.2 per cent in the first quarter of this year and accounted for 3.1 per cent of total agricultural gross domestic products (GDP).

The segment has managed to maintain growth for two consecutive quarters.

To boost local production and regulate fish imports, the Federal Government of Nigeria (FGN) provides quotas for fish importation to fish farmers engaged in backward integration, rather than granting waivers. Fish importers without quotas are subject to a fine of $250,000.

The FGN has announced its intention to partially commercialise the River Basin Development Authorities (RBDA) by next year. Transaction advisors for this process have been approved.

Analysts at FBN Quest believe this move could boost the segment through fish rearing in dams.
Following the recent hosting of the 10th annual conference of the Fisheries Committee for West and Central Gulf Guinea, FCWC, by Nigeria, the federal government had disclosed intensifying effort to reduce annual fish import bill.

The Minister of State for Agriculture and Rural Development, Heineken Lokpobiri who stated this in Abuja, said the government did not give waivers on fish importation, rather allocated quota to fish importers through the seaport in order to regulate the importation of the commodity.

Lokpobiri said: “To reduce the annual fish import bill, we give quota and we are not giving any waivers and would not give anybody waivers.

“Anybody who imports fish without a quota or obtaining a license is guilty of the crime and where he is found guilty will pay a fine of $250, 000.

“Fish imported with our quota comes through the seaport and subjected to good quality control, and while you are importing you do your backward integration thereby adding more value to local fish production.

“We still have a deficit of 2.1 million metric tonnes of our national demand for fish which is 3.2 million metric tonnes, and to make Nigerians understand 10, 000 tonnes is 334, 000 containers, and you can imagine how many containers it will be if we have a deficit of 2.1m mt.

“If these vessels approved by President Muhammadu Buhari are acquired it will make our coastline safer because illegal fishing activities and security threat will be reduced on the country’s coastline and territorial waters. this will also boost our fish production.”

However, addressing the challenging on of smuggling of frozen fish and poultry products along the Nigeria-Benin Republic border he said: “We are having issues with the Benin Republic where most of those frozen fish and poultry products that they use formalin to preserve are smuggled.”

SOURCE: https://brandspurng.com/nigeria-imported-fish-worth-170-million-from-iceland-russia-norway-in-2017/

One of the leading financial institutions in Africa, Guaranty Trust Bank (GTBank) Plc, has announced the upward review of spending limit on its Naira dominated MasterCard card.

The bank, in a notice sent to its customers on Friday, July 6, 2018, disclosed that it has raised the monthly spending limit on its GTBank Naira MasterCard card to $3000 from $1000.

In the e-mailed notice, which was obtained by Business Post, the lender emphasised that the upward review was only for “international online and POS transactions.”

However, GTBank noted in the statement that the “international ATM cash withdrawal is still restricted.”

The GTBank Naira MasterCard card is a Naira denominated debit card issued in partnership with MasterCard Worldwide. It is denominated in Naira, but can also be used to settle purchases via POS terminals and online in other major currencies.

It is accepted in Nigeria and abroad. The GTBank Naira MasterCard card is linked online, real-time to holder’s current or savings account; all transactions are done using this card are reflected on the account instantly.

SOURCE : https://brandspurng.com/gtbank-raises-spending-limit-on-naira-mastercard-for-intl-transactions-to-3000/

With N30 billion worth of investment already down, Rite Foods Limited has tripled production capacity to capture a large share of the sausage rolls and Carbonated Soft Drinks segments.

The production of its soft drink in different variants of Cola, orange, bitter lemon, apple, soda water and two exclusive variants is further widening competition in the CSD segment dominated by Coca-Cola, Pepsi and La Casera.

BusinessDay visited the Ososa, Ijebu factory of the food and beverage company in Ogun State. Findings revealed that the company’s production volume for soft drinks has moved up by 300 per cent to meet up with growing product demands.

Read: RITE FOODS RECEIVES ISO 9001 CERTIFICATION TO EXPAND INTO WEST AFRICA (PICTURES)

The company upped daily production of its soft drinks to 120,000 packs from 30,000 in 2017, and currently produces 9,000 cartons of sausage rolls daily from 5,000 cartons, a year before.  “We started with one production line in 2016. Now, we have four lines, and by November 2018, we’ll add two more lines, “Seleem Adegunwa, managing director, Rite Foods told BusinessDay.

The carbonated soft drinks (CSD) segment in the country has continued to grow despite consumers reduced purchasing power. Research into the CSD market shows that there are over 18 carbonated drinks competing aggressively for market share in the country.

Coca-Cola and Pepsi, the two big players in the CSD market hold the largest market share of 50 per cent and 40 per cent respectively, leaving 10 per cent share for smaller players. Coca-Cola has a global brand value of about $79.4billion, and Pepsi about $19.6billion.

In a bid to increase market penetration, manufacturers of soft drinks have adopted different strategies to expand the reach of their products and gain new consumers. This has further deepened the battle among manufacturers for larger chunks of the soft drinks market. To attract more patronage and create loyalty, Rite Foods offers consumers more quantity product for less amount and less than two years in the market, its Bigi drinks are challenging similar variants of dominant brands.

Bigi Cola’s 60cl drink retailed at N100 is competing with the 60cl Coca-Cola sold for N150 and 50cl Pepsi which sells for N100. Bigi Orange is also challenging Fanta and Mirinda drinks.

In October 2015, Big Cola, a soft drink produced by AJE Group, a privatively-owned multinational beverage company with headquarters in Lima, Peru, gained entrance into the Nigerian market, offering consumers more quantity and selling 65cl at N100 against competitor’s (Coca-cola and Pepsi) 50cl for N100.

Two months later, Pepsi, one of the dominant brands responded to the competition with the launch of its new 60cl ‘Long Throat’ bottle retailed at the same price as its former 50cl bottle.

In a bid to stay ahead of the competition in the soft drinks market and also drive more sales for its products,  Coca-Cola Nigeria Limited upped it’s ante in February 2016, with the release of a 60cl PET bottle as a direct challenge to both Big Cola and Seven-bottling company’s ‘longthroat’ PET bottle drinks.

In October 2016, most beverage companies reduced the number of their soft drinks by 17 per cent on the back of soaring inflation. Coca-Cola Nigeria Limited and 7up Bottling Company cut the sizes of all their PET bottle drinks to 50cl from 60cl for the same price of N100.

Coca-Cola Nigeria increased quantity again in 2017 to 60cl and sold drinks for N150. The brand also introduced a 35cl PET bottle which is sold for N100.

In the same year, Rite Foods increased the number of their drinks to 60cl from 50cl and it’s retailed for the same price of N100.

Currently, the battle line is drawn between Bigi Apple, a variant of Bigi drinks and La Casera, produced by The La Casera company, with the former gradually pushing the latter out of the market.

As a direct response to 60cl Bigi Apple drink which had warmed its way into the hearts of consumers, makers of La Casera drink increased content by 20percent to 60cl from 50cl at the same price of N100. But the drink is sold between N100 and N150 at different stores nationwide.

However, a huge challenge for Bigi Apple and other Bigi drinks is that of visibility as the product is not properly circulated outside the South-Western States.

As the competition in the CSD market gets stiffer, it remains to be seen what innovation moves other soft drinks brands will make to increase patronage and grow their market share.

SOURCE: https://brandspurng.com/rite-foods-competes-for-market-share-after-n30bn-investment/

A crowd of enthusiastic passengers, government officials and aviation regulators on Thursday poured out to celebrate Air Peace’s first all-female crew comprising Capt. Sinmisola Ajibola, Senior First Officer Quincy Owen, SEP Instructor Rosemary Uagbor, Cabin Executive Chidimma Chimezie and Cabin Executive Opakirite George in Lagos, Abuja and Owerri.

The all-female flight, which took off from the Murtala Muhammed Airport, Lagos, was operated days after Air Peace produced its first female Captain, Sinmisola Ajibola. The flights, the airline said, were in honour of Sinmisola, to promote gender equality in the nation’s aviation industry and project Nigerian women as capable of standing tall among both their male and female counterparts across the world.

The Boeing 737-300 aircraft with Captain Simisola in command and co-piloted by Senior First Officer Quincy landed at the Nnamdi Azikiwe International Airport, Abuja at 3.29 p.m. to a spectacular water salute performed by men of the Fire Service Department of the Federal Airports Authority of Nigeria and a rousing welcome by passengers,government officials, aviation regulators and other well-wishers.

From Abuja, the aircraft flew into the Sam Mbakwe Cargo Airport, Owerri and touched down at 6.00 p.m., receiving another plume of water salute and warm welcome from passengers, airport workers and well-wishers.

Other females involved in the operations were B1 Engineer, Justina Etim, who signed out the aircraft in Lagos and dispatchers Chisom Onyeakposi and Olubukola Olajiga. Ladi Amadu and Loretta Ekeh dispatched the flight in Abuja and Owerri respectively.

Speaking at a brief welcome ceremony for the flight crew in Abuja, Chairman/Chief Executive Officer of Air Peace, Mr. Allen Onyema said over 20 key positions in the airline, including those of the vice chairman, chief operating officer and chief of finance and administration, were occupied by women he insisted had demonstrated excellent capacity to deliver on their tasks.

The airline, he said, had employed about 2,000 workers since it commenced operations almost four years ago. About 1,500 of the employees, he confirmed, were women.

“Air Peace is an airline run by women. We are very proud of giving women opportunities to excel because we believe that there is nothing that men can do women cannot do. We want to encourage our female children that they should aspire to be whatever they want to be by emulating what our female flight and cabin crew members have done today,’’ Onyema said.

He commended the President Muhammadu Buhari-led administration for its support for domestic airlines. He hailed the president for the recent removal of Value Added Tax on transportation and waivers granted on the importation of aircraft spares.

For his part, Minister of State for Aviation, Sen. Hadi Sirika, praised Air Peace for joining the league of airlines that had operated flights with only women in charge of the cockpit, cabin, engineering and dispatch.

The minister, who was represented by the Director, Safety and Technical Policy, Ministry of Transportation, Capt. Talba Alkali said the feat had shown the airline was gender friendly.

He confirmed that Air Peace’s all-female flight was the first time a Nigerian airline was deploying a high capacity aircraft like the Boeing 737 with only Nigerians in charge.

“Air Peace has made a tremendous impact on the industry and we as regulators and the ministry will continue to create an enabling environment for the airline and other domestic airlines to thrive. Today’s event is yet another testament of the safety of our airspace and we will continue to work with the airlines to make it safer,”Sirika assured.

The airline also won plaudits from the Director General of the Nigerian Civil Aviation Authority, Capt. Muhtar Usman and Managing Director of the Federal Airports Authority of Nigeria, Mr Saleh Dunoma.

Usman and Dunoma, who were represented by Mr Abiodun Adeyemi and Manager of the Nnamdi Azikiwe International Airport, Abuja, Mahmud Sani respectively, said they were proud of the great milestones the carrier had recorded since it started scheduled flight operations.

Speaking on behalf of the crew, Captain Sinmisola thanked Air Peace for giving them the opportunity to conduct the historic flight, adding that Nigerians should get used to having women in the cockpit.

“There are times we are boarding and the men will see me in the cockpit and they will behave like: ‘Is it a female flying us? Are we safe? And we laugh about it because it is 2018. We expect people to be conversant with having females in their cockpits. But I guess we will give them a little more time to understand that what the men can do, we equally can do,” she said.

The US-trained pilot, who won the applause of passengers after each of the four landings she skillfully did, urged Nigerian girls to embrace their dreams without the fear of intimidation by their male counterparts.

SOURCE :https://brandspurng.com/air-peace-all-female-flight-gets-rousing-ovation-in-lagos-abuja-owerri-pictures/

interesting

A leading FMCG (Fast-moving Consumer goods) in the Nigerian market, Procter & Gamble (P&G), has provided a reason for deciding to shut down its Agbara plant.

The firm said the decision is to restructure its Nigerian operation.

The company in a statement sent to Brand Spur Nigeria Thursday morning said it will also strengthen its manufacturing operation plant in Ibadan, Oyo State.

PREMIUM TIMES exclusively reported on Wednesday that the company has perfected plans to shut down its Agbara plant, located inside Agbara Industrial Estate, Ogun State.

In a statement signed by Lola Adenuga of the company’s Communications Unit, and made available to Brand Spur Nigeria, P&G said it will scale up its contract operations and invest in local talents.

“P&G is restructuring its Nigeria manufacturing operations to deliver a more effective business operation for now and sustainably for the future,” the statement read in part.

“This will entail an exit from production in its Agbara plant. We will strengthen our manufacturing operations in the Ibadan plant, scale up our contract manufacturing operations as well as continue to invest in our local talents.

“P&G is a foremost global consumer goods company providing world-class products sold in over 180 countries worldwide. This is purely a business decision for a sustainable and innovative business operation in Nigeria.”

The statement said P&G is a model investor in Nigeria, investing in technology transfer in partnership with local suppliers, agencies, contract manufacturers and the government to deliver key development objectives of inclusive growth.

“We have been operating with world class standards in Nigeria for over 25years,” the company said. “We believe in Nigeria’s potential and are here to stay for the long haul as a key player and part of Nigeria’s growth story.”

The company expanded its footprint in Nigeria in June 2017 with the commissioning of a state of the art production line in Agbara, which reportedly cost the firm about $300 million to complete.

The shutdown of the plant is coming as Africa’s largest economy struggles to consolidate its recovery plans about a year after it slipped out of recession.

About 272 manufacturing plants were shut down across the country in 2016, largely during the recession period, according to the Manufacturers Association of Nigeria.



SOURCE : https://brandspurng.com/official-statement-pg-denies-closing-its-agbara-plant-over-stiff-competition/

Any private companies, Schools, Registered Business Venture with at least 3 Employees can key into Pension Scheme.
If you are in interested in this scheme, Need more enlightment? Kindly mail me on abbasy@oakpensions.com or call 09073267220

Thank you.

The National Pension Commission (PenCom) on  July 1 started the implementation of Multi-Fund investment structure, a new investment regulation that allows pension contributors to make choices on how they want their pension fund invested based on their risk appetite.

The new initiative, according to PenCom would help improve returns on pension funds.

Sadly, the contributors, also known as Retirement Savings Account (RSAs) holders under the Contributory Pension Scheme (CPS), are not aware of the new development.

Findings by Brand Spur Nigeria showed that there is low awareness and inadequate communication to the contributors, especially on the part of Pension Fund Administrators (PFAs).

The Multi-Fund structure is a framework that aims to align the age and risk profile of RSA holders by dividing the RSA Fund into three fund types and retaining the Retiree fund.

The various fund types are:

FUND I: Contributors must write formally to opt for this fund

FUND II: This is the default fund for active contributors aged 49years and below

FUND III: This is the default fund for active contributors aged 50years and above

FUND IV: This is the retiree fund

Features of the various Funds

Features of the various Funds

The four funds differ according to their overall exposure to variable income instruments as follows:

FUND TYPEMAXIMUM EXPOSUREMINIMUM EXPOSUREMembership

FUND 1 75%20%Strictly based on request but not accessible to Retiree and active contributors of 50 years 

FUND 11 55%10%Default for active contributors of 49 years and below


FUND 111 20%5%Default for active contributors of 50 years and above

FUND IV10%0%Strictly for Retirees

What are Variable Income Instruments?

Variable income instruments are investments that generate returns that cannot be pre-determined from the date the investments were made. The prices of these investments fluctuate daily. Instruments in this category include Ordinary shares, Collective Investment Schemes (CIS) such as Mutual Funds, Private Equity Funds, Infrastructure funds, Real Estate Investment Trust.

What has age and risk profile got to do with how my pension funds are invested?

In investing money, everyone has a limit to the amount of risk that they can take and the amount of uncertainty they can handle. This is known as risk tolerance. Typically, younger people tend to have more capacity for risk because they still have time to recover from loses (if any). Once a person is nearing retirement, it is advisable that they limit the number of risks they take and reduce exposure to uncertainty as they would start drawing down on their pensions within a short period. Consequently, the allowable exposures to variable income instruments have been designed such that Fund I has the highest allowable limit, followed by Fund II, III and IV respectively. This reduces the risk and uncertainty of contributors in line with their ages.

Can I decide which Fund type to be assigned to?

All active members that are 49 years and below will be placed in Fund II and active contributors above 50 years would be placed in Fund III. However,   subsequently, active contributors can apply to switch between funds. An active contributor can switch from Fund II to Fund I while an active contributor in Fund III can switch to Fund II. All retirees and active contributors above 50years cannot switch to Fund I.

What are the requirements for switching from one fund type to another?

To switch from one fund to another, the contributor must submit a formal request to his PFA

What additional information do I need to know on the switch?

An active contributor may switch from one Fund type to another Fund type within a PFA a maximum of two times in a calendar year (subject to a formal application). While the 1 st request is free, the 2nd request to switch between Funds within a 12 month period by the active Contributor shall attract a fee of N1,000.00

Are there any benefits to this multi-fund structure?

Yes, there are. The new structure allows RSA holders more control over how their pension funds are invested based on their risk tolerance. For instance, an RSA holder in Fund III owing to the default classification based on age may have more tolerance for risks and uncertainty and could opt to be assigned to Fund II.

What impact does Multi-Fund structure have on my future pension assets at the point of retirement?

The multi-fund structure provides more alignment between your retirement goals, risk appetite, and age. Consequently, there will be a better chance for your pension assets to meet your expectations when you retire.

What are the impacts on my pension balance when my PFA moves into the multi-fund structure?

The balance in your RSA will not change due to the movement to the multi-fund structure because your entire balance will be moved, hence at inception, your balance remains intact. However subsequent growth in your balance will depend on your contributions, voluntary contributions as well as the returns generated by your PFA.

Will I have access to information about the funds?

The fund prices on all funds will be published daily on the websites of the PFAs and the annual financial reports of the RSA Funds of all PFAs are published in at least 2 national dailies.

What are the multi-fund options for Approved Existing Schemes?

Approved Existing schemes are governed by the Board of Trustees (BOT) who have the right to structure the portfolio in the best interest of beneficiaries subject to PENCOM approval. Consequently, the Board of Trustees of contributory Already Existing Scheme (AES)can amend their agreements and restructure them along the lines of the Multi-Fund structure if they choose to.

Do I need to seek an advice from an external financial advisor or my PFA before taking a decision to switch?

Whilst you are at liberty to seek advice from external financial advisers, we would make information available on the fund performance and indices to enable you to make an informed decision

If my date of birth is wrongly captured, which Fund Type will my PFA profile me?

You will be profiled based on the age we have for you on our records. Please check your records and notify us if you observed that your date of birth is wrong on our records.

Will I be able to move back to the preferred fund free of charge after my date of birth correction (especially when my date of birth was wrongly captured by my PFA)?

Yes, you will be able to move free of charge given that a contributor has the option to move for free once within 12 months.

Is it possible for a client below 50 years to move to fund III?

No, Fund III is strictly for active contributors of 50 years and above.

Can I split my voluntary contribution in a separate Fund Type while my mandatory goes into another Fund Type?

Every RSA holder is entitled to only one RSA PIN for all types of contributions. Consequently, your voluntary contribution will be in the same Fund as your mandatory contribution.

SOURCE: https://brandspurng.com/pension-multi-fund-frequently-asked-questions/

Rite Foods Limited, producers of Bigi soft drinks, Bigi premium drinking water, Bigi and Rite Sausages acquired ISO 9001:2015 Certificate issued by the Standard Organization of Nigeria – SON on Wednesday at the Rite Foods world-class factory in Ososa, Ogun State.

Mojisola Kehinde, Director Laboratory Services of SON who represented Osita Aboloma, the Director-General SON, while reading the DG’s speech said that the Certificate acquired by Rite Foods Limited is in conformity to the requirements of ISO 9001:2015 Quality Management System standard. Adding that this milestone achievement by the Company in the pursuit of production of quality consumable products is worthy of emulation by all Food and Beverage producing industries in Nigeria.

Read also: RITE FOODS HOLDS MAIDEN BEVERAGE AWARD FOR DISTRIBUTORS, TRADE PARTNERS(PICTURES)

The DG stated that “ISO 9001:2015 Quality Management System approach provides robust, globally recognized and acceptable solutions to address the challenges associated with consistently meeting requirements and addressing future needs and expectation of customers in an increasingly dynamic food and beverage production environment”.



He also challenged the company to ensure that the system remains effective and up to date so as to reap the benefits of ISO approach to quality management.

In his response, Seleem Adegunwa, the Managing Director of Rite Foods Limited said the journey the company embarked upon was not an easy one as it requires persistent hard work to achieve remarkable results.

He stressed that the process of achieving the Certificate was not just for the sole purpose of getting issuance but is as a result of the culture the company has chosen to imbibe in its everyday operations of the organisation, an inherited culture from her parent company, Ess-Ay Holdings led by Dr. Adebola Adegunwa, a visionary Chairman which has helped pave the path towards achieving excellence.

“We believe at Rite Foods that ordinary people are capable of achieving extraordinary things; ISO Quality Management Standards has enabled us to plan for future growth and aim at satisfying customer expectations”, he said.

Adegunwa further explained that to assure stakeholders of the company’s commitment to quality during food & beverage production & packaging; Rite Foods decided to embark on this journey of excellence. This route was identified by ISO as the certification of her Quality Management System to the requirements of ISO 9001:2015.

SOURCE: https://brandspurng.com/rite-foods-receives-iso-9001-certification-to-expand-into-west-africa-pictures/

The jump of 64 percent in financing cost affected the profitability of Honeywell Flour Mills Plc(HFMP) for the year ended March 31, 2018. Although the company recorded a growth of 34 percent in revenue, it ended the year with a marginal growth of 2.8 percent in profit after tax. However, the board of directors recommended a dividend of N476 million, which translates to six kobo per share.

An analysis of the audited results of HFMP showed that it recorded a revenue of N71.476 billion in 2018, up by 34 percent from N53.228 billion in 2017. In line with the high cost of doing business in the country, cost of sales increased from N40.5 billion to N55.422 billion. Gross profit stood at N16.052 billion, up from N12.713 billion the previous year.

Other income fell from N1.212 billion to N202 million. The company tried and reduced administrative expenses from N2.243 billion to N2.059 billion. However, finance cost jumped by 64 percent from N2.792 billion to N4.605 billion.

Consequently, profit before tax stood at N5.469 billion, compared with N4.872 billion, while it ended with a profit after tax of N4.427 billion as against N4.305 billion. The board has recommended a dividend of N476 million, which is six kobo per share and the same paid last year.

Addressing shareholders last year, the Chairman of HFMP, Oba Otudeko, said the improved performance for the 2017 year stemmed from the relentless focus on lower cost sourcing for raw materials and foreign exchange and increased efficiency in manufacturing.

“Our results show continued growth and a substantial step-up in profitability despite the volatile economic environment. It was achieved largely through improved efficiency. Our manufacturing function drove further efficiencies through continuous improvement projects that enhanced engineering and plant maintenance processes and ensured higher levels of production efficiency,” Otudeko said.

He assured shareholders of the board and management’s dedication, diligence and commitment to the company’s mission, which is to produce consistently good quality flour and other wheat-based products for the complete satisfaction of its highly valued customers and consumers.

Also speaking, Managing Director of the company, Mr. Lanre Jaiyeola, noted that the company was making significant changes to its business in order to lay a better platform for the years ahead.

“In FY2018 and on the heels of an improving economic environment, we expect to record further improvements in performance, reigniting our growth agenda and extracting increased efficiency and cost reduction through a recently launched company-wide transformation and continuous improvement programme,.” Jaiyeola said.


SOURCE: https://brandspurng.com/honeywell-flour-posts-marginal-profit-growth-on-high-financing-cost/

Largest ever Commercial Paper issuance by a Nigerian company…

Dangote Cement PLC (DANGCEM-NL) (DangoteCement.com), Africa’s largest cement producer, announces the issuance of 50 billion Series 1 and 2 Notes under its 150 billion Commercial Paper Programme, announced on 27th June 2018.



The Series 1 and 2 Notes will be listed on Nigeria’s FMDQ OTC Securities Exchange on 19th July 2018. Funds raised in the Commercial Paper (CP) Programme will be used for capital expenditure, working capital, and general corporate purposes.

This landmark transaction is the largest-ever Commercial Paper issuance by a corporate issuer in Nigeria

Joe Makoju, Group Chief Executive Officer, said:

“This landmark transaction is the largest-ever Commercial Paper issuance by a corporate issuer in Nigeria. It allows us to broaden our sources of funding and combine established bank lines of credit with access to capital market funding, which will lower our overall cost of borrowing.

The success of this programme reflects the high quality of our business and its strong cash generation, made possible by our market-leading positions in Nigeria and across Sub-Saharan Africa, where demand for cement is growing rapidly.”

Dangote Cement was advised by Stanbic IBTC Capital Limited as Sole Arranger and Dealer, Stanbic IBTC Bank PLC as Issuing Calculation and Paying Agent, Banwo & Ighodalo as Legal Counsel and Deloitte as Auditors to the Issuer.

SOURCE: https://brandspurng.com/dangote-cement-plc-announces-issuance-of-%e2%82%a650-billion-series-1-2-notes-under-%e2%82%a6-150-billion-commercial-paper-programme/

This is the result...........

Hmmmmm,

GE, the world’s Digital Industrial Company has just concluded a skill development partnership programme involving its GE Lagos Garage and the Ondo State Information Technology Agency to develop the skills of entrepreneurs in the state in advanced manufacturing and business development.

The intensive one-week training program was aimed at empowering 25 entrepreneurs drawn from across the state with valuable skills in advanced manufacturing. The programme, facilitated by GE Garage engineers and instructors, took place at the Ondo State Information Technology Agency, Governor’s Office, Alagbaka, Akure.

During the training, the entrepreneurs were exposed to cutting-edge technology, experiencing GE’s Digital Industrial leadership in shaping modern day manufacturing. They also learned how such readily available technology can help them grow their businesses to scale.

Participants were trained at a temporary scaled version of GE Garage at the venue comprising select equipment like 3D printers, CNC mills, laser cutters amongst others.  The course curriculum consisted of technical courses such as 3-D printing, CAD designing, rapid prototype development, basic subtractive manufacturing using CNC mills as well as business development courses such as the essentials of Product Branding and Marketing.

Speaking on the training, the Director, Communications & Public Affairs, GE Africa, Patricia Obozuwa, said the initiative was in continuation of GE’s commitment to empowering young Nigerians through technology.

She said, “We are happy to have held this training in Ondo because GE is committed to supporting skills development in Nigeria and across Africa.  You will recall that we had a similar training for secondary school students in Lagos last year in collaboration with the Lagos State Vocational & Educational Board (LASTVEB). We do this because we see ourselves as partners in building a sustainable future for Nigeria and we believe that partnerships such as this are necessary if we are to overcome the country’s and Africa’s economic challenges.”

Speaking in the same vein, the Senior Special Assistant to the Ondo State Governor on ICT and Chair, State Information Technology Agency, ‘Olumbe Akinkugbe, thanked GE for partnering the state to upgrade the skills of the 25 entrepreneurs whilst also expressing hope for further collaborations.

“It has been a very fruitful week courtesy GE and we are happy they partnered with us to empower our youth in Ondo. We look forward to more areas of potential collaboration in the near future with GE and other like-minded organizations, as we continue to promote and sustain entrepreneurship and employment through effective use of wealth creation strategies and resources,” he said.

SOURCE: https://brandspurng.com/ge-partners-ondo-govt-to-train-local-entrepreneurs-on-advanced-manufacturing/

The equity market closed negative today as Dangote Cement, Zenith Bank and 28 other dragged the market to shed 0.90%. Market breadth closed negative, recording 13 gainers against 30 losers.



In summary, the All Share Index (ASI) decreased by 341.80 absolute points, representing a dip of 0.90% to close at 37,605.12 points. Similarly, the market capitalization was down by N123.81 billion, representing a dip of 0.90% to close at N13.22 trillion.

The downturn was impacted by losses recorded in medium and large capitalized stocks, amongst which are; FIDELITY (-5.91%), CADBURY (-5.38%), HONEYFLOUR (-5.31%), MOBIL (-4.95%), NESTLE (-4.13%), WAPCO (-3.66%), DANGSUGAR (-2.63%), ZENITH (-2.44%), OANDO (-2.27%), FO (-2.19%), UBA (-1.52%), GUARANTY (-1.00%), DANGFLOUR (-0.99) and DANGCEM (-0.58%).


FOREIGN EXCHANGE

The Naira at the inter-bank closed at N305.70, representing a 0.02% appreciation against yesterday’s closing price.

The Investors and Exporters (I&E) FX window opened at N361.40, traded high at N363.00 and eventually closed at N361.28, representing a 0.03% appreciation against yesterday’s closing price. A total of $198.30 million was transacted through the I&E window today.

We expect the FX Market to trade within existing range in the next session.

MONEY MARKET

O/N rate closed at 20.08%, representing a 12.42% depreciation against yesterday’s closing position, while OBB rate closed at 19.33% representing a 10.67% depreciation against yesterday’s closing position.

We expect the Money Market to trade within existing range in the next session.

SOURCE: https://brandspurng.com/equity-market-summary-dangote-cement-zenith-bank-28-others-drag-market-to-0-90-loss/

Ok

Africa will catch up.

Spot on.

interesting

good

Five Nigerian banks which included Zenith Plc, Guaranty Trust Bank Plc (GTBank), FirstBank Nigeria Limited, Access Bank Plc and the United Bank for Africa Plc, were ranked among The Banker Magazine’s 2018 1000 Global Banks, in a report released last night.

According to the ranking, Zenith Bank was placed first in Nigeria and 402nd bank in the world, showing that the financial institution moved 28 places up, compared with the 430th position it was placed last year.

In Nigeria, Zenith Bank was closely followed by GTBank as the second largest bank in Nigeria and 576th in the world.

Also, FirstBank was ranked the third in Nigeria and 592nd in the world.
Access Bank occupied the fourth position and was the ranked 630th bank in the world, while UBA was placed fifth in Nigeria and 856th in the global ranking.

According to The Banker, Africa’s economic fortunes improved over the 2017 review period following a difficult couple of years in which lower commodity prices hit the performance of the continent’s largest markets.

“This slowly improving economic climate was reflected by the growth trajectory of Africa’s banks which have, across the board, posted relatively strong numbers in the 2018 Top 1000 World Banks ranking,” it stated.

Among the top 10 African banks by Tier 1 capital, South Africa’s Standard Bank once again scooped the top spot with $10 billion. This, it stated, was a significant jump from the $8.6 billion in Tier 1 capital the bank recorded in the 2017 ranking. Accordingly, its position in the global table has climbed from 149th to 145th.

Other South African lenders also performed well. FirstRand maintained the second position in the Africa table while growing its Tier 1 capital position, while Nedbank also posted an increase to its Tier 1 capital despite surrendering the third spot in the table to the ABSA Group.

Also, Ecobank Transnational Incorporated (ETI), at 337th position, was ranked third in the world.

“Exactly 10 years after the suspension of three US mortgage-focused funds signaled the start of the global financial crisis, the banking industry appears to be finding its feet. The banks in The Banker’s Top World Banks ranking for 2018 recorded double-digit growth in both capital and pre-tax profits, a feat not seen since 2010 when it was working from a much lower base.

“Together, the world’s largest 1000 banks hold nearly 12 percent more Tier 1 capital in the 2018 ranking than they did in the 2017 version, marking the biggest annual increase since 2009.

“An even more reassuring sign of the industry’s resilience is that capital is growing at a faster pace than assets. This is revealed by the global capital-to-asset ratio, a variant of Basel’s three percent leverage ratio, but which excludes off-balance-sheet items, rising 16 basis points (bps), compared with a more modest six bps one year ago,” it added

SOURCE: https://brandspurng.com/zenith-gtbank-fbn-access-uba-among-top-1000-global-banks/

The popular Lafia Hotel in the Apata area of Ibadan, Oyo State has been shut down by the management ofOdu’a Investment Company Limited, which owes the hospitality facility.

Lafia Hotel was closed on Friday as a result of consistent losses recorded by the company over the years.

It was learned that the hotel has been running at loss with the management of Odu’a Investment coming to its rescue most times.

According to a statement issued at the weekend by Odu’a Investment, with its closure, the management can now think of ways to reposition the hotel and make it a profitable venture in the future.

Head of Corporate Affairs at Odu’a Investment Company, Mr Victor Ayetoro, explained in the statement that, “The action taken on Friday, June 29, 2018, became imperative following the directive of the Odu’a Board and shareholders to put a stop to the recurring losses being incurred by the hotels in the group over time and to salvage the legacy of the heritage bequeathed by our forebears.

“The hotels have been struggling with the inability to meet up with their financial obligations, which include, among others, the backlog of workers’ salaries, huge debts to creditors, non-remittance of statutory commitments such as VAT (Value Added Tax) and WHT (Withholding Tax) and utility bills.

“Odu’a Investment, the sole owner of the hotels, had on many occasions came to the rescue of the hotels by releasing funds for renovation purposes and settling some of the outstanding hotel debts and statutory obligations, which had been the experience in the past without any significant improvements in the fortunes of the hotels.”

Business Post gathered that apart from Lafia Hotel, Odu’a Investment also controls Premier Hotel in Ibadan and Airport Hotel in Lagos.

SOURCE: https://brandspurng.com/odua-investment-shuts-down-lafia-hotel-in-ibadan/

The Nigeria Immigration Service has temporarily suspended the biometrics enrolment process and associated $90 charge for Visa on Arrival (VoA). The suspension only applies to the recently introduced biometrics enrolment aspect of the VoA policy. This was necessary following a report on Monday, 11 June 2018 that foreigners utilizing the VoA facility at the airport were being requested to make an additional payment of $90 for biometrics enrolment upon arrival as well as a $20 transaction charge. These additional payments are different from the applicable visa fees already paid online.

The suspension became necessary as the requisite implementation parameters for the biometrics enrolment, which include sensitizing the public and intended travelers as well as providing a justification for the process, were clearly not in place. The suspension took immediate effect as foreigners arriving subsequently were issued visas on arrival without biometrics enrolment or additional charges.

This is a laudable development in view of the efforts being made by the Federal Government to improve the ease of doing business in Nigeria. The visa issuance process, as well as any biometrics enrolment, should be very seamless and hassle-free for foreigners. Such initiative needs to be properly communicated to the general public and the appropriate structures put in place before it is being rolled out. There is no indication when the suspension of the biometrics enrolment would be lifted.

However, the steps for obtaining VoA have reverted to the standard process as specified below:

Apply and obtain VoA approval from the Comptroller General of Nigeria Immigration ServiceComplete the online application and make payment for the applicable visa fees onlineObtain entry visa upon arrival at the airport

We would continue to monitor this space and keep you informed of further developments.

 

The post-Nigeria Immigration Service suspends biometrics enrolment and associated charges for Visa on Arrival appeared first on Deloitte Nigeria Blog.

SOURCE: https://brandspurng.com/nigeria-immigration-service-suspends-biometrics-enrolment-associated-charges-for-visa-on-arrival/

Payant, a fintech startup that provides online payment solutions, recently announced over ₦1 billion in transactions in less than 2 years of operation.

According to a blog post, Payant’s first transaction was worth ₦500 on the 1st of January, 2017. The platform now boasts around 1,500 users. Lowest and highest single payments processed are ₦1 and ₦400,000 respectively.

Read: WHAT IS FINTECH?

The company is the brainchild of Aminu Bakori and Kabir Shittu and was launched in Kaduna in January 2017 as an African payments tool but has grown in bounds.

Payant was initially billed as just an invoicing and payments solution that allowed users send and receive money directly into their bank accounts, but with time more features were added including Dot, a mobile banking solution, Payant Checkout App and Payant Chatbot for banking transactions on social media.

Read: EFINA HIGHLIGHTS SIGNIFICANT FINTECH OPPORTUNITIES IN NIGERIA (PICTURES)

According to cofounder Kabir Shittu;

“In this period, we have been able to incorporate more payments and invoicing channels. Asides paying with debit cards, users can now add their bank accounts and also pay with USSD. And there is also a portal for school fees collection that has exceeded ₦1.5 million in monthly transactions.”

Kabir says customer acquisition has been one of Payant’s biggest challenges.

“The fact that we are physically located in the Northern part of Nigeria is a cause of potential skepticism in clients. But regardless of this, over 60% of our clients are from Lagos and the South West,” he says. He also cited lack of funding for team expansion as another major issue Payant currently faces.

In 2018, Payant wants to build out its system and improve quality of services offered. On future projections, Kabir Shittu says with its new Dot digital banking platform combined, Payant expects to do more than ₦5 billion in transactions by the end of the year and they are on track.

SOURCE: https://brandspurng.com/kaduna-based-fintech-startup-payant-crosses-%e2%82%a61-billion-transactional-milestone/