₦airaland Forum

Telecommunications firm, 9mobile has introduced a Vehicle Tracking (VT) solution that will help individuals and companies manage the activities of their vehicle or fleet, reduce maintenance cost and optimize fuel consumption.

With the rising cost of maintenance and the growing concern for vehicle and passenger safety, the VT Solution is a high-quality Swedish device powered with 9mobile SIM card and high-speed data, that allows users remotely track their vehicles on their mobile phones and website; ensuring they are in full control of their vehicles and fleet.

Additional features of the affordable device include geo-fencing which allows the user set up triggers when a vehicle/fleet enters or exits defined boundaries. Other features include eco-driving which support fuel optimization, spare parts replacement, reporting management and instant vehicle demobilization which is available on request

The device is available at selected 9mobile stores in Lagos, Abuja and Port Harcourt, the VT Fleet Solution has a user-friendly monitoring portal, longer battery life, and longer location history.

Speaking on the solution, Director, Enterprise Segment, 9mobile, Plato Syrimis, disclosed that with the high-quality device, the minds of vehicle owners – individuals and corporate organizations – will be at rest as they will be able to focus their attention on other rewarding engagements.He said, “the VT Fleet Solution is an affordable product that individuals, corporate organizations, and our strategic partners will find very useful as it provides real-time vehicle surveillance and reporting, makes retrieval easy in case of theft, ensures efficiency in fuel usage and driver management.

It also allows you to track your vehicle location and activities from the comfort of your phone, tablet or computer. In addition, the solution also notifies users when their vehicle spare parts are due for replacement, thereby saving cost on expensive maintenance and vehicle break-down. It’s all part of 9mobile’s commitment to our millions of subscribers and their continued well-being.”

Syrimis added that the installation of the VT Solution is free at selected 9mobile stores. 9mobile through its array of innovative products, services and solutions has been at the forefront of providing platforms that empower and support its customers to achieve more via technology. Since its entry into the Nigerian market over nine years ago, the telco has consistently launched innovative solutions that support individuals, businesses and communities.

SOURCE : https://brandspurng.com/9mobile-launches-vehicle-tracking-solution/

Pension assets in Nigeria grew consistently between 2013 and Q1 2018 but, at 6%, its ratio to the Gross Domestic Products (GDP) remains one of the lowest amongst certain selected countries. In a similar development, the proportion of the pension assets that was allocated to infrastructure funds increased from 0.03% in 2015 to 0.1% in Q1 2018. Despite the increase, the allocation is lower than the limit of 10% to that asset category.


The high unemployment rate in the country at 18.8% as at Q3 2017 and low pension payment compliance level (particularly from the state government and informal sector) have limited the growth rate of the pension assets. Inadequate infrastructure funds are mainly responsible for the low allocation of the pension fund to the infrastructure funds. We see opportunities for the development of acceptable infrastructure funds in the market that pension assets can invest in.

Further analysis of the asset classes that PFAs held as at March 2018 shows that Federal Government of Nigeria (FGN) Securities accounted for 70.37% of total pension assets. This is followed by ordinary shares and money market instruments at 9.25% and 8.20% respectively.

Looking at the pension fund investment guidelines under the new multi-fund structure which the National Pension Commission (PenCom) will begin implementing on 1 July 2018, more funds may be assigned to the equity investment. The allocation limits for equity investment (ordinary shares) under the Fund I, Fund II and Fund III structures, which are 30%, 25%, and 10% respectively, are all higher than the current allocation of 9.25% in ordinary shares. The expected additional fund
allocation to the equity market may change the current downward trend in the equity market as the market receives more liquidity. Stocks that have strong fundamentals and that pay interim dividend may attract the expected investment from the PFAs.

The implementation of the Micro Pension Plan (MPP) should boost the growth of the pension assets in Nigeria. MPP is an initiative of the PenCom to provide pension services to the self-employed and individuals operating in the informal sector of the Nigerian economy. Also, as the Nigerian economy continues to recover and grow, creating and restoring lost jobs, contributions to the pension funds should increase.

 

SOURCE : https://brandspurng.com/weekly-insights-pension-assets-grow-but-pension-penetration-is-low/

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Ecobank Nigeria, a member of the leading Pan African Banking Group, Ecobank Transnational Incorporated is showcasing a bouquet of Digital Products at the Digital Pay Expo 2018 that opened today in Lagos.



Ecobank products on display at the event include the Ecobank Mobile App which enables customers instantly open Ecobank Xpress Account; this account type does not attract any account fees, paperwork or minimum balance requirements.

Digital Pay Expo is an event which brings together stakeholders in digital financial services to discuss key issues affecting the payments industry.

Executive Director, Consumer Banking, Carol Oyedeji, while announcing Ecobank’s participation at the Expo said Ecobank is a frontline financial institution offering world-class digital products that has further pushed the frontiers of financial inclusion across the continent.

Oyedeji explained that Digital Pay Expo 2018 is another opportunity for Ecobank to showcase its leadership position in digital payments and financial inclusion with innovative financial services for the vast majority of Nigerians.

According to her, the Ecobank Mobile App which has won several international awards does not only remove barriers to financial inclusion but also provides convenience on cardless withdrawals, transfers and bill payments. The Ecobank MobileApp has attracted over 5 million new customers in the past 6 months”

Also on display, is the new EcobankPay, the newly launched unified payment solution using QR to accept MasterPass, mVisa and mCash payments at merchant’s locations.


SOURCE: https://brandspurng.com/ecobank-takes-mobile-banking-campaign-to-pay-expo-2018/

India’s Engineering, procurement and construction, EPC firm Sterling and Wilson in India, is set to construct both the largest battery storage project and single battery installation in the whole continent in a bid to boost education sector in Africa.



Sterling and Wilson confirmed and said the project would be a first of its kind powering behind-the-meter clients in the educational sector in Western Africa with 30MWh of battery energy storage spread across three sites, including a single battery installation of 17MWh.

“Lack of power supply is a primary barrier to impacting effective learning and development of any nation. We are extremely glad to have bagged our landmark first project in the, which will not only consist of the largest battery installation in Africa but will also prove to be a shelter in installation empowering future generations,” Deepak Thakur, CEO, hybrid and energy storage, Sterling and Wilson, said.

“We are confident in meeting the sternest quality, safety and financial needs of our client given our combined global expertise of having delivered over 7GW of solar, diesel and gas-based power plants on a turnkey basis to date, “Said Deepak.

Responsibilities

The company which has won its first large-scale hybrid and energy storage turnkey EPC contract will be responsible for the formal entry into the hybrid and energy storage space including design, EPC, and O&M of a captive hybrid microgrid powered by solar, diesel and battery storage.

The microgrid backed with batteries will be able to provide one-day power autonomy to the educational institutions, helping them to run efficiently and to spend more on school programs.

However, the company declined to comment on which specific country the African project will be located.

Having recently announced its major foray in hybrid energy storage solutions, Sterling and Wilson’s is also actively pursuing further such opportunities across other continents like Europe, the Middle-East, Asia, and Australia as well as the US.

SOURCE: https://brandspurng.com/india-to-construct-largest-battery-energy-storage-in-africa/

At its annual developer conference WWDC, Apple unveiled new software updates that would let older iPhones run faster, help parents limit their children’s screen time and make its Siri voice assistant work more like a rival feature from Amazon.

Taken together, the moves announced at WWDC 2018 in San Jose amounted to focusing on keeping its base of 1.3 billion users satisfied with their devices and catching up with some competitors.

Apple faced a backlash late last year when it emerged that the company slowed down some older iPhones with flagging batteries. The latest version of Apple’s operating system for the iPhone and iPad, iOS 12, will make older devices, such as the iPhone 6, work better.

Software chief Craig Federighi said iOS 12 could carry out simple tasks, such as opening apps, up to twice as fast as its predecessor, iOS 11. The new system will work on a range of products that date back to 2013.

The company also will allow broader use of in-app voice controls, which it had limited to a handful of apps, such as PayPal and Uber. Amazon, by contrast, was much more open to controlling apps with its Alexa assistant.

Apple also rolled out group video chat sessions with up to 32 users, putting it in direct competition with companies such as Cisco Systems and Microsoft’s Skype.

In response to criticism that Apple contributed to computer overuse by children, iPhone and iPad users will now be able to limit the time children spend in apps, as well as which apps they can use.

“Some apps demand more of our attention than we might realize,” Federighi said. The parent control system sits atop a broader system that adults, too, can use to monitor and limit their screen time.

Carolina Milanesi, an analyst at Creative Strategies, said the flexibility of Apple’s system set it apart from others designed only for parental monitoring, offering the ability for teens and adults to impose their own limits.

“It’s a clear admission from Apple: ‘Our installed base is so big, and no two users are the same, so we’re not going to tell you what works for you,'” she said.

New features help protect users’ anonymity online. The company said its Safari web browser for both Macs and iPhones will keep users from being tracked without their permission by websites that use “like” or “share” buttons from social media companies.

Apple unveiled new steps to make it hard for advertisers to distinguish among users, building on its effort, begun last year, to prevent such tracking.

Apple also rolled out new tools for augmented reality, saying users would be able to share worlds in games, for instance. LEGO, the maker of interlocking toy blocks, showed off an app in which two players using iPads could put out a virtual fire blazing on a physical house made of LEGOs.

Federighi said Apple had been working on a “multi-year” effort to make it easier to move iPhone and iPad apps onto Mac computers, a significant change because Apple’s iOS is often a top destination for developers, who frequently choose Android phones as the second platform. He said the tools will come out next year.


SOURCE : https://brandspurng.com/apples-new-ios-12-puts-focus-on-speed-ar-data-privacy-and-controlling-screen-time/

Developments in The Nigerian stock market (NSE)

I. YTD plunges to -0.35% in the month of May as NSEASI enters the Negative territory

The NSE All-Share Index which is a measure of the performance of the Nigerian Stock market in the month of May, declined by a whopping 7.67% causing the Year-to-date performance to decline to -0.36% closing in the negative territory. The Nigerian bourse witnessed 17 downtrends in this period amounting to a loss of ₦1.2 trillion due to massive sell-off by foreign investors and eventually, domestic investors.

The sell-off was triggered by political uncertainty as preparations for the elections in 2019 had begun. Also, the effect of Strong Dollar (Dollar appreciation in Foreign Exchange market) also contributed to the mass selloff by foreign investors.

II. Nigerian Stock Exchange holds e-IPO training

The Nigerian Stock Exchange held a training on the use of e-IPO. The e-IPOs facilitate online offerings of a private company’s stock to the public. The eIPOs
provide an efficient, easy and hassle-free mechanism for making applications for subscription of stocks of companies offered for sale. As an investor, you get to track your order status and also modify your bids online. The e-IPOs also have the potential to expand the outreach of IPOs through a web-based portal that’s available 24 hours a day, 7 days a week. It also allows instant handling of public offerings via an automated system. A driver for this development is the MTN IPO which is expected to be conducted through an e-IPO like it was in Ghana.

Developments in The FMDQ (Debt and Money market)

I. Nigeria, China seal the currency-swap deal

After two years of painstaking negotiations to provide local currency liquidity for both Nigerian and Chinese businessmen by both banks, Nigeria and China Central bank governors concluded and signed off on a of $2.5 billion (RMB 16 billion) currency swap deal. The deal, which is purely an exchange of currencies, will make it easier for Chinese manufacturers seeking to buy raw materials from Nigeria to obtain enough Naira from banks in China to pay for their imports from
Nigeria.

The transaction was aimed to provide adequate local currency liquidity to both country industrialists and other businesses so as to reduce difficulties and demand encountered in search of third currencies such as the US dollar by Nigerian importers to import goods from China, improving CBN’s management of the country’s FX reserves. So far, unfortunately, the currency swap has not yielded this desired effect on the dollar as hoped as the dollar has recently begun to strengthen.
Limitations of the currency swap deal include that it will not be covered on 41 banned items by CBN from Nigeria FX Market on June 23, 2015. The aim is to encourage local production of these items, conserve foreign reserves, resuscitate domestic industries and improve employment.

II. CBN Increases frequency of weekly FX sales

The Central Bank of Nigeria on Monday, May 29th, 2018 announced the increase in the sale of foreign exchange to licensed Bureau de Change operators. The frequency of sales to licensed BDCs was increased to three times weekly, with consequent purchase of forex by the BDCs set on Mondays, Wednesdays and Fridays.
The increase in sales is part of efforts to enhance the accessibility of forex to the BDC segment of the market, ensure supply of forex into the FX market due to the growing billion demand of dollars (up to $1 billion) in the Investors and Exporters FX window all to curb the strengthening of the dollar.

III. T-Bill rates and Bond rates continue to nosedive in May 2018

Treasury bills rate for the month of May continued their descent from the previous month with 91 days being offered at a low rate of 10.00% and 364 days being offered for a rate as low as 11.10%. The same was the case for the FGN Savings bond. The two years Savings Bond Subscription was offered at 9.48%
declining from 10.75% offered the previous month and the three years Savings Bond Subscription was offered at 10.48% declining from 11.75% offered the previous month. The declining rates show that the Federal government is not really desperate for money. It is also a strategy to reduce their domestic borrowing costs.

MAJOR TRANSACTIONS IN MONTH OF MAY

I. Significant share acquisition by Stanbic Africa Holdings Limited (a wholly owned subsidiary of Standard Bank Group Limited) and parent company of Stanbic IBTC Holdings PLC.Stanbic Africa Holdings Limited (a wholly owned subsidiary of Standard Bank Group Limited) and parent company of Stanbic IBTC Holdings PLC (“Stanbic IBTC”), recently acquired an additional 1,141,191,943 ordinary shares in Stanbic IBTC Holdings PLC in an “Off-Market” transaction. With this acquisition, the total percentage shareholding of Stanbic Africa Holdings Limited in Stanbic IBTC has increased by 11.35% from 53.09% to 64.44%post this transaction.

II. Prestige Assurance Plc: Placing of Full Suspension on its Ordinary Shares from Trading on the Floor of The Exchange:

The ordinary shares of Prestige Assurance Plc (‘’the Company’’) was suspended from trading on The Floor of The Exchange effective Wednesday, 23 May 2018 to Wednesday, 6 June 2018. This exercise is to enable its Registrar complete the Share Capital Reconstruction exercise.

CAPITAL GAINS IN EACH SECTOR IN MAY 2018.

NSE sectorial performance for MAY 2018 (%)NSEBNK – NSE Banking Index-10.31NSECNSMRGDS – NSE Consumer Goods Index-11.61NSEOILGAS – NSE Oil/Gas Index-6.41NSEINS – NSE Insurance Index-2.04NSEINDUSTR – NSE Industrial Index-8.61ASI – NSE All-Share Index-7.67

CORPORATE ACTIONS PAID IN MAY 2018

Security NameDividend paidPayment dateNestle Nigeria Plc₦27.5023rd May 2018NASCON Allied Industries Plc₦1.508th May 2018GlaxoSmithKline Consumer Nig. Plc(Special Dividend) ₦7.10, (Normal

Dividend): ₦0.40

25th May 2018AXA-Mansard Insurance Plc₦0.0610th May 2018Pharma-Deko Plc₦0.0523rd May 2018Law Union & Rock Insurance Plc₦0.045th May 2018Lafarge Africa Plc(Dividend from Pioneer

Profit) ₦1.50

16th May 2018Transnational Corporation of Nig Plc₦0.022nd May 2018

 

AIICO Insurance Plc₦0.0525th May 2018Unilever Nig. Plc₦0.5011th May 2018Regency Alliance Insurance Plc₦0.0325th May 2018Sterling Bank Plc₦0.0217th May 2018Caverton Offshore Support Group Plc₦0.158th May 2018Consolidated Hallmark Insurance Plc₦0.0222nd May 2018FBN Holdings Plc₦0.2516th May 2018Infinity Trust Mortgage Bank Plc₦0.0230th May 2018Vetiva S & P Nig. Sovereign Bond ETF₦12.504th May 2018Fidelity Bank Plc₦0.1125th May 2018Vetiva Griffin 30 ETF₦0.254th May 2018

Bond

A total of 8,905,003 units of 13.53% FGN MAR 2025 Bond was admitted on the Daily Official List of The Exchange on the 3rdof May 2018. The 8,905,003 units were offered at ₦1,000 per unit with the total amount of ₦8,905,003,000 realized.

A total volume of 38,289,277 units of 12.75% FGN APR 2023 Bond was admitted on the  Daily Official  List of The Exchange on Tuesday, 8 May 2018. The 38,289,277 units were offered at ₦1000 per unit with the total amount of ₦38,289,277,000 realized.

An additional volume of 63,960,722 and 37,750,001 units were added to13.98% FGN Feb 2028 and 13.53% FGN MAR 2025 respectively on the 22nd of May, 2018.

SOURCE: https://brandspurng.com/developments-in-the-nigerian-capital-market-in-the-month-of-may/

The good news for investors and entrepreneurs is that investment in egg processing plants, which can process egg powder, could earn a revenue of up to $1billion per annum. Currently, less than 5% of the country’s egg powder demand is met by local production.

Nigeria is the largest producer of eggs in Africa, with 10.3 billion eggs produced annually, data from the Poultry Association of Nigeria (PAN) shows. But the poultry farmers in the country are yet to fully take advantage of the large production capacity by processing eggs into powdery forms.

Nigerian poultry farmers usually experience a glut between February and May every year, largely because people tend to consume fewer eggs during this period of the year and there is a short shelf life for eggs. This situation results in wastage of eggs, as eggs are mostly consumed during the rainy season. But if we are able to process excess eggs into powder especially for use in the food and beverage industry like other advanced countries do, then we would save the country $1billion used to import egg powder every year,” according to the report from Nigeria’s Poultry Association.

Read also: https://brandspurng.com/largest-egg-powder-plant-in-africa-to-be-inaugurated-in-ondo/

“In Nigeria, there is low usage of eggs because the food and beverages industry in the country uses egg powder that is not being produced in the country but imported,” Francis Toromade, former group head, policy and strategy at Amo Group Farms, told journalists recently. This increases the pressure on the country’s foreign exchange reserves, money that could have been saved if the country processed its fresh eggs into powder.

The good news, however, is that investment in egg processing plants could remedy the situation and earn investors up to $1billion per annum. Currently, there is only one company in the country that processes fresh eggs into powder and it is located in Ogun State. The company can barely meet 5% of the market, which means there is a huge opportunity in that line of business. In terms of numbers, Nigeria’s egg powder industry is worth $1 billion dollars (N350bn) currently, with less than five percent produced locally.

This implies that about $950million worth of egg powder is imported into the country. On a monthly basis, an average of $79.2 million worth of egg powder is imported into the country. The actual volume could not be ascertained as the country does not have any data for the industry.

Egg powder is in huge demand for various uses which include: preparation of foods such as ice-cream, bread, cakes, biscuits, noodles, and doughnuts. It can likewise be rehydrated to make dishes such as scrambled eggs and omelets. The egg powder can also be used for oil-based emulsions.

“Nigeria has been losing a lot of money due to its inability to process eggs into powder. It has really been a tough year for poultry farmers, yet they still have to struggle with the annual egg glut,” said Kabiru Ibrahim, former president, Poultry Association of Nigeria (PAN), in a telephone conversation with journalists. “We need to start processing eggs into powder to help address the issue of egg glut in the country and also increase the shelf life of our eggs,” Ibrahim said.

Raw eggs have a shelf life of about four weeks, while powdered eggs can last up to a year. The yoke, the whole eggs, and the albumen can be processed into powder. The longer shelf life of egg powder means output could be preserved rather than wasted.

Eggs contain protein and are consumed in homes across the country, especially by the middle and upper class. Eggs likewise serve as a cheap source of protein for young Nigerians between the ages of five and 40, which constitute over 60 percent of the country’s over 170 million population.

According to industry sources, the spray drying technology is used to convert milk into powder to extract the moisture content from the eggs, turning them into powder. A ton of egg powder can be produced with 3,500 to 4,000 crates of egg daily.

The business is viable and suitable because eggs in powder form are more durable, stable, portable and applicable for multiple usages in various food and beverages industries, military establishments and in the production of fast foods, instant baby formula, beverage and health products; athletes’ and bodybuilding foods, several value-added products, including mayonnaise



SOURCE: https://brandspurng.com/egg-powder-can-generate-1billion-annually-for-nigerian-poultry-farmers/

In the last week, three brands have stolen my content. Yes, it’s 2018 and content is something that can be stolen. My photographs were blithely taken from the internet and used to commercially promote products. They didn’t ask my permission or credit me – even though my logo was clearly visible. What’s worse is that one of the brands has done this to me before.

Brands have come to rely heavily on influencers in a way that gives them very little margin to piss them off. Celebrities used to be “the right call” when it came to brand ambassadors and representatives, but now it’s the people on the ground. And do you know what people on the ground like to do? Talk. If your brand pisses them off, they’re likely telling everyone.

Double-check before publishing

It gets complicated when a brand curates content on behalf of their client (owner of the product) and in the scenario, it’s the responsibility of both to protect the influencer. I can’t stress the importance of the double-check before you publish content. As a content creator and an online influencer, this is even more insulting. And illegal.

If I walked into a shop, picked something up and casually walked out with it, I’d likely be arrested. If I trawl the internet, save a picture and casually claim it as my own, I’d likely get away with it. That’s the mindset of a lot of brands anyway and it has to change. The internet is a huge, unmanageable thing and it’s only getting bigger. All the more reason to play nicely.

If brands don’t protect their influencers, legally and ethically, influencers won’t protect the brand. If your influencers don’t even trust you, you can’t expect anyone else to have faith in your brand.

Brands owe it to influencers for a number of reasons:

They are creating native/generic/promotional content for the brand – saving time, money, effort, resources.They genuinely love the brand – betrayal has no place in any relationship.Brands have an obligation to behave within a legal set of parameters as a business – theft doesn’t fit in there.Influencers have online power and as much as it can be used to promote your brand, it can just as easily be used to slate you publicly.They spend money and time curating and creating that content, and to abuse that and take advantage of it is a slap in the face.

Now, I specifically haven’t named and shamed here because I don’t think it’s necessary. There are enough people who’ve experienced this not to make an example. A few quick notes to brands and influencers:

Brands

Just don’t do it.If you do it and get caught, make sure you have a plan.Do not apologize to influencers with the product. Pay them if they request it because you have already used their content.Protect yourself with basic contracts for your influencers.Don’t brush it off or try to hide it – the internet is forever and so are screenshots.

Influencers

Keep an eye on your content – occasionally do random searches and see if your content comes up.Don’t immediately slate the brand online; make contact directly first whether through their marketing department or asking for their legal office.Make sure your own “terms” are stated on your profiles and websites – this way there is no grey area.Don’t let yourself be manipulated and don’t back down.Learn from this.

I guess this is a plea: please stop stealing my content. Stop stealing anyone’s content. Ask permission, build stronger relationships and respect the people that support you.

Written by: SHAE LEIGH, Communications Champion/Digital Content Specialist at Red & Yellow Creative School of Business.

This article appeared first in bizcommunity.com

SOURCE: https://brandspurng.com/why-brands-must-legally-protect-their-influencers/

The May 2018 PMI survey was conducted by the Statistics Department of the Central Bank of Nigeria during the period May 11 – 22, 2018. The respondents were purchasing and supply executives of manufacturing and non-manufacturing organizations in 31 locations in Nigeria (Fig. 1). The Bank makes no representation regarding the individual companies, other than the information they have provided. The data contained herein further provide input for policy decisions.

Data and Method of Presentation

The Manufacturing and Non-Manufacturing PMI Report on businesses is based on survey responses, indicating the changes in the level of business activities in the current month compared with the preceding month. For each of the indicators measured, this report shows the diffusion index of the responses. The diffusion index is computed as the percentage of responses with positive change plus half of the percentage of those reporting no change, except for supplier delivery time, which is computed as the percentage of responses with negative change plus half of the percentage of those reporting no change.

The composite PMI for the manufacturing sector is computed as the weighted average of five diffusion indices, namely: production level, level of new orders, suppliers’ delivery time, employment level and raw materials inventory/work in progress, with assigned weights of 25%, 30%, 15%, 10% and 20%, respectively. The composite PMI for the non-manufacturing sector is computed from four diffusion indices, namely: business activity, level of new orders, employment level and raw materials inventory, with equal weights of 25% each.

A composite PMI above 50 points indicates that the manufacturing/non-manufacturing economy is generally expanding, 50 points indicates no change and below 50 points indicates that it is generally contracting. The subsectors reporting growth are listed in the order of highest to lowest growth, while those reporting contractions are listed in the order of the highest to the lowest contraction.

The Manufacturing PMI in the month of May stood at 56.5 index points, indicating expansion in the manufacturing sector for the fourteenth consecutive month. (Fig. 3 and Table 1). The index, however, grew at a slower rate when compared to the index in the previous month. Of the 14 subsectors surveyed, 10 reported growth in the review month in the following order: petroleum & coal products; paper products; plastics & rubber products; electrical equipment; food, beverage & tobacco products; cement; chemical & pharmaceutical products; primary metal; printing & related support activities; and textile, apparel, leather & footwear. The transportation equipment; fabricated metal products; nonmetallic mineral products; and furniture & related products subsectors declined in the review month.

Production Level

At 58.8 points, the production level index for the manufacturing sector grew for the fifteenth consecutive month in May 2018. The index indicated a faster growth in the current month when compared to its level in the preceding month. Nine (9) of the fourteen (14) manufacturing subsectors recorded increase in production level, two (2) remained unchanged, while the remaining three (3) recorded declines in production level during the review month (Fig. 4 and Table 2).

New Orders

At 54.9 points, the new orders index grew for the fourteenth consecutive month, indicating an increase in new orders in May 2018. Seven (7) subsectors reported growth, two (2) remained unchanged while five (5) contracted in the review month (Fig. 5 and Table 3).


SOURCE: https://brandspurng.com/manufacturing-pmi-stands-at-56-5-in-may-2018-from-56-9-in-april-2018/

Nestle SA, the Swiss transnational food and drink company, has announced plans to close the headquarters of its Equatorial Africa unit in Nairobi, Kenya by the end of July as part of its strategy to restructure its business in Sub-Saharan Africa.

Nestle said the Nairobi office, which employs over 100 people has been weighed down by high operation costs over the past decade gave the size of the business, reported Bloomberg.

The re-organization at the global food producer may see layoffs in Kenya as it plans to redistribute the responsibilities between the head offices of the two other regions on the continent in Accra and Johannesburg.

The company said it will expand the Southern African Region (ZAR) to include the Horn of Africa, Southern, Eastern and Island clusters of EAR to form an enlarged region to be headquartered in Johannesburg.

The new region will be renamed the Eastern and Southern African Region (ESAR).

“Our team in EAR has done a tremendous job, but after trying for nearly ten years we can no longer sustain the cost of the regional head office with the size of the business there.

“So, we plan to close the office at the end of July, redistributing the responsibilities between the head offices of the two other regions on the continent in Accra and Johannesburg,” said Nestle in a statement.

Despite of the changes in the continent, Nestle said the positions of those who work in the country/cluster offices across EAR are not affected by this closure of the regional head office.

In addition, the changes will not affect customers, trade, and wholesale partners, and suppliers said the company.

In 2015, the company’s move to retrench 46 employees was stopped by court claiming the firm discriminated against them.

The retrenchment of workers by the consumer goods manufacturer was embarked on after the announcement was by then chief executive Paul Bulcke in 2014 in a strive to improve margins through cost-cutting and investment in innovation.

This comes after a similar move in the home market, Switzerland where Nestle revealed plans to 500 computer-service jobs as Chief Executive Officer Mark Schneider aims to boost profitability.

With the re-organization, the Central West Africa Region (CWAR) will become a key market for the Nestle Group, effective August 1 2018.

Angola and the Democratic Republic of Congo, currently part of the Equatorial Africa Region (EAR), will also join Central West Africa Region.

The company said it intends to accelerate its digital transformation and to respond more quickly to fast-paced technological changes.


SOURCE: https://brandspurng.com/nestle-to-close-nairobi-office-as-it-restructures-business-in-sub-saharan-africa/

The pic should be enough

Heritage Bank Plc has once again proven to be Nigeria’s most innovative banking service provider, as Institute for Tourism Professionals, organizers of the National Tourism Transport Summit and Expo 2018 (NTTS), crowned Heritage Bank the best “Financial Institution, for Outstanding Support for Tourism.”

The award, according to the organizers, was in recognition of the contribution of the bank to the growth and development of the tourism industry over the years.

Read also: HERITAGE BANK LAUNCHES ITS OWN DIGITAL BANK, OCTOPUS.

Receiving the award on behalf of the bank at the Gala night in Abuja, the MD/CEO, Ifie Sekibo, who was represented by George Oko-Oboh, Regional Executive, Abuja & North, said it was a well-deserved honour for the bank, because over the years the bank had believed in tourism and had tried as much as possible to increase its support to the sector.

He disclosed that the bank is partnering with stakeholders and plans to increase its investment in the sector in the years ahead.

Sekibo said, “It is a well-deserved award for the bank because over the years the bank has believed in tourism and we always keep trying as much as possible to support the tourism sector.  Over the years we think it is something we have done with a quite a number of stakeholders and we have done that quite well.

“In the coming years, we should expect more of the better handshake. We intend to do more; because looking at what they are trying to achieve here now, we have seen that they are trying to take in much into the other sectors. We think we would still be there for them.

Read also: HERITAGE BANK, GAC MOTORS PARTNER ON VEHICLE FINANCE SCHEME

“The sector is quite lucrative, but for us, what we are doing basically is like the partnership. That is what we have done with them over the years.  We have done quite a few investments in the sector.”

Also speaking on the award, a member of the Local Organising Committee of the NTTS, Mr. Kayode Adesola, said several banks were selected for the honour, but Heritage Bank emerged the winner because of its unique approach and support for operators in the industry.

He said, “It is not as if the banks have given money to operators, but there have been some banks that have been of help to some of the players in the industry; like the travel agents, tour operators and others.

“In giving out this particular award, we consider the fact that banks such as Heritage Bank and a few others had been helping to facilitate smooth engagements in the industry. For instance, some the banks serve as guarantors; they give us bank guarantee to be able to cope with the requirement outside there to operate as travel professionals.

“There are several banks involved in these, but after some vetting by the committee in charge, they decided to give the award to the bank the cap fits, which is Heritage Bank in this instance.”

Adesola, who is also the Vice President of the National Association of Nigeria Travel Agents (NANTA) Abuja Zone, stated that over the years, the tourism business in Nigeria had suffered many challenges and neglect, especially from government, mostly in the area of poor funding and poor infrastructure.

However, he said the present administration, spurred by the support of financial institutions, had increased its collaboration with private sector players in the tourism industry

He said, “Now, the government thought of partnering with us in order to synergise together and move the tourism potentials of this country to the next level.  That is one of the reasons why we decided to put together the transport and tourism sector together because we came to realize now that the two have to work hand in hand.”

He further called for increased support from financial institutions and governments at all levels, especially in creating enabling environment for operators to thrive.

“If the government can just leave the private sector to run tourism and support us then I think the tourism sector in Nigeria would contribute more to the economy of this country,” he noted.

SOURCE: https://brandspurng.com/heritage-bank-named-most-supportive-financial-institution-in-tourism/

Earlier, NBS published the Nigerian Pension Assets and Membership report for Q1-18. Total Pension Assets rose 5.7% q/q to N7.9tn while contributors within the age bracket of 18 to 49 years remained at 74.5% while those older account for 26.5%.


By the provision of the Multi-Fund Structure (MFS) framework (comprising of 4 Fund types, differing by age and risk profile) for PFAs, set to take off by July 1st, 2018, our analysis showed that 11.4% and 1.2% RSA funds, qualified to be classified into Fund I-III and Fund IV, are currently invested in variable income instruments (Equities, Mutual Funds, REITS, and Private Equity Funds) respectively. Based on MFS, PFAs will have a minimum exposure of 10% for Fund II (default for age 18-49) and 5% for Fund III (default for age 50+ except retirees) to variable income assets. If this minimum is strictly followed and assuming no request is made for Fund I (strictly by request), our analysis indicates that PFAs current exposure to Fund II and III is already in line with the minimum requirement.

Accordingly, it is unlikely that the implementation of the MFS framework will have an immediate impact on the equities market, especially with the 6 months transition period provided for PFAs, to restructure their portfolios in accordance to the framework.

SOURCE: https://brandspurng.com/daily-insight-multi-fund-structure-for-pfas-a-near-term-trigger-for-equities/

Brand wars rages on.

cool

A willingness to embrace technology and innovate has seen three brands from the modern era enter the global BrandZ ranking for the first time.

Adidas, Instagram, and Uber are now three of the world’s top 100 brands in terms of value, according to Kantar Millward Brown’s latest BrandZ report, with technology and partnerships playing a crucial role in their growth.

After stealing the crown as 2017’s fastest riser, Adidas finally makes it into the ranking at number 100, has increased its value by 50% year-on-year to $12.5bn.

Integral to this growth has been a renewed focus on the US, where Adidas says it has put a lot more effort into being more “consumer-centric”.

Read Also: https://brandspurng.com/toyota-still-no-1-mercedes-passes-bmw-for-no-2-in-ranking-of-most-valuable-car-brands/

“We’re trying to become smarter about where our customers are, what they care about, and how we get the right message in front of them at the right time,” explains Adidas Originals’ global director of digital and retail marketing, Swave Szymczyk.

“Digital is an enabler for us and we will use technology as an enabler for that but won’t use technology for technology’s sake. It should be there to help and be the full experience.”

Adidas also opened a new automated ‘Speedfactory’ in Atlanta earlier this year, which will allow it to be much faster to market with new lines, offer quicker delivery and ultimately make it more relevant to consumers.

Every product or service we bring to Instagram is born out of feedback we get from our community.

Gord Ray, Instagram

“Adidas has been coming up on the outside rails for a couple of years now because of innovation and adapting designs to suit more than the traditional European market,” explains Kantar Millward Brown’s BrandZ global strategy director, Peter Walshe.

“Its success in the US is noteworthy as it has transformed itself from a more niche ‘soccer’ brand to the wider sports and fashion scene. 3D printing of products in selected stores and selling over a million pairs of shoes made from ocean waste speak loudly of a modern, responsible brand.”

Meanwhile, Instagram jumps into the top 100 for the first time at number 91, with a brand value of $14.5bn. It might not be at quite the same level as parent company Facebook at number six, but Instagram is, of course, a much younger brand and has plenty of time to catch up – especially in the wake of the Cambridge Analytica scandal, which could have a significant impact on Facebook’s brand value next year.

Walshe says Instagram’s younger, the affluent audience is very attractive for brands to market themselves, with luxury advertisers having particular success.

“Instagram’s growing set of users is on an upward trend, partly because they love using the site which offers a great experience from their point of view,” he explains. “The brand has key success characteristics of being different (which is a strong signal for future growth) and excellent experience that confirms the positive different image.”

Instagram’s product marketing manager, Gord Ray, says listening to its users has helped to build a platform that “enhances people’s lives”.

“Every product or service we bring to Instagram is born out of feedback we get from our community – whether that’s Stories and stickers or the follow hashtag feature,” Ray says.

“Whatever people want to discover or share on Instagram, we want to make sure everyone has a positive experience on the platform.”

Uber features even higher in the rankings at number 81 with a brand value of $16bn. Despite a rocky 12 months, which garnered a lot of negative press, Walshe says the US car-sharing business is continuing to challenge incumbent taxi companies across the globe with its perceived easy-to-use, no-hassle service, and transparent billing.

“It is thought to make customers’ lives easier, which is a powerful engine of brand growth,” he adds.

So what might 2019’s new newcomers look like?

“Ease of access to the brand or service, improvement of the brand experience that makes consumers’ lives easier, and creation and maintenance of being seen as leading the way and being different will be the guiding forces,” Walshe says.

“Innovation that is simply new without perceived relevance will not succeed. So we will see more challengers emerging that pick off aspects of convenience, ease-of-use and a unique experience in categories that have leading brands that refuse to think of their consumers’ needs and innovate accordingly.”

Walshe says we will also see more “borderless” brands driven by the power of the online experience and reach.



SOURCE: https://brandspurng.com/adidas-instagram-and-uber-enter-the-brandz-top-100-for-the-first-time/

In the 21st century, digital is the rule, not the exception. Gaming, self-driving vehicles, and the Internet of Things – all of which were once novelties – are all becoming more mainstream. On that note, intuitive, easy-to-use interfaces are expected, regardless of the platform or industry.

But how does that translate when it comes to human resources? Organizations are realizing that they need to apply technology to people management. Companies need to be more modern, and they are examining how they can better blend software, employee experience, and organizational strategy.

But when companies are large and span many countries, adopting new technologies can be complicated. In the long run, though, adopting better technologies can ultimately help the company be more efficient and better manage data.

Consider this case: A multinational organization with about 130,000 employees and multiple lines of the business decision to implement a new A Human Resource Information System (HRIS) across the more than 100 countries where they operated. A key driver in this decision was the ability to have an enterprise-wide view of talent.

Given how large the company was, these 130,000 employees had 50,000 distinct job titles. Any data analytics would be meaningless without a cleanup. Therefore, the organization redesigned its job architecture and job library with an eye toward the new framework.

The company built a job library of about 800 jobs for its new HRIS. The new job library has become integral to the organization, making implementation of the HRIS easier, and helping the organization achieve its talent goals.

Today, the library is being used as the underpinning structure for a career architecture that will add value for employees seeking to build their skill portfolio within the company.  This will help employees navigate their careers.

No companies are exactly the same, obviously, and their reasons for changing their HR practices or technologies will vary. In most cases, there are several catalysts for this change.

Mercer research has found that the predominant driver for change of HRIS system was the desire for a single system of record for all data globally. Often companies add new applications that are not integrated or have multiple HRIS systems in place — a common occurrence after corporate mergers or acquisitions.

Disparate systems across an organization can create data islands, which can lead to employee information existing in different places. This can make accurate reporting and analysis elusive.

Aging applications was another driver. On-premise or legacy systems, often heavily customized, can no longer meet today’s needs. With high maintenance costs, and often few updated features, these systems are prime targets for replacement. At a time when an improved user experience is viewed as critical, the unintuitive interfaces in these older systems further speeded their replacement.

Whatever the primary driver for deploying a new HRIS, clarity of purpose is a requirement. Technology in and of itself is never the answer, but it can be a catalyst for change.

SOURCE: https://brandspurng.com/using-technology-to-transform-human-resources/

Participants on the Modular Executive MBA programme (MEMBA 5) at Lagos Business School (LBS) received Group Managing Director/CEO of Diamond Bank Plc, Uzoma Dozie as he facilitated their last weekend session.

The session was organized as part of LBS’ teaching strategy that allows established CEOs share their experience on the peculiarities of doing business, with participants. Dozie enlightened the MEMBA 5 participants on digital transformation as it relates to banking and offered more than a few insights into the use of digital technology in aiding financial inclusion.

Here are five lessons we picked from his presentation:

Nigeria is able to position itself as the biggest Fintech hub in Africa, as there are currently over 60 Fintech companies in the country. This growth in Fintech penetration is attributed to a surge in e-commerce and smartphone users. According to statistics, the average monthly transaction value of mobile money operations has reached $142.8 million in 2016 from $5 million in 2011.To get people financially included, they first need to be socially included. This can be achieved by providing other services that meet their more urgent needs e.g medical services, education; and then later introducing financial inclusion. The first step is to conduct research that will help identify the audience and their needs.The real value of technology is not so much in its disruptive tendencies but in its potential to empower people.Blockchain, as a disruptive technology, will help achieve financial inclusion by impacting payment processing, as it will reduce the need for intermediaries and force banks to examine their role in the payments ecosystem.Business owners and managers who want to introduce digital technology into their operations must first determine their purpose. Enhanced customer experience, cost reduction, risk of processing, reduction of operational risks, increased reach are some of the reasons companies can infuse digital technology.


SOURCE: https://brandspurng.com/5-nuggets-on-digital-technology-and-financial-inclusion-by-diamond-bank-ceo-uzoma-dozie/

interesting

Good one Dangote.

interesting

Global sportswear brand, Nike has emerged the overall #1 brand in Africa spontaneously recalled by consumers in Africa. In the Top 100 best brands in Africa on their 6th annual Brand Africa 100: Africa’s Best Brands, the US-company topped Samsung, Adidas, Coka-Cola, and Apple in the top 5 position.

The highest gains are dominated by apparel and lifestyle sports brands Ralph Lauren (+48), Versace (+41) and a resurgent Reebok (+43). The sports category, led by Nike (#1), remains a strong performer, due to strategic repositioning or expansion in their positioning towards lifestyle and high profile endorsements and partnerships which have freshened and broadened the brands’ appeal, particularly to youthful and young consumers.

The biggest faller was Ford, dropping 78% from 50 to 89, possibly due to their much-publicized safety issues and recall of the Kuga and Focus brands. Sprite also lost some fizz, dropping 38 spots and Etisalat dropped 31 positions.

Read also: NIKE INTRODUCES ‘PRO HIJAB’ FOR MUSLIM FEMALE ATHLETES

In a country-by-country analysis, non-African brands are #1 in 17/23 countries, led by Samsung (8/23), Nike (6/23), Coke (2/23), Gucci (1/23). African brands are #1 in 6/23 countries, led by MTN (2/23), Econet (1/23), Trade Kings (1/23) and Azam (1/23).

Because of their transformational impact in Africa, Brand Africa also includes a focused prompted media and financial services sub-survey.

In the media sub-survey, DStv (incorporating GoTV, Multichoice, and Supersport) is the lone pan-African media brand within the Top 10 media list. The media list is led by BBC, which has an extensive history and coverage of Africa through its BBC Worldservice radio and specific African programming. The media list is dominated by America (40%), Europe (30%) and Asia (20%). A deeper analysis of the media category shows high levels of fragmentation, with many local and regional players – thus in general only global players with extensive African reach and resources dominate the top of the list.

“The JSE is a platform of African and global companies alike to raise capital and grow their businesses and brands. It is our continuous aim that as an exchange we continue to provide a platform for growth with innovative products to meet the needs of our clients and grow the African continent from strength to strength,” says Zeona Jacobs, Director Marketing, and Corporate Affairs at the JSE.

SOURCE: https://brandspurng.com/nike-is-the-most-admired-brand-in-africa/

Stakeholders in the education sector have emphasized the importance of teachers and proffered solutions on how to attract the best to the teaching profession in order to enhance the nation’s growth and development.

The stakeholders made their position known at the flag-off of the 2018 Maltina Teacher-of-the-Year in Lagos on Friday. The Maltina Teacher of the Year, an initiative of Nigerian Breweries Plc-Felix Ohiwerei Education Trust Fund, was established in 2015 to identify, showcase and reward outstanding teachers in Nigeria.

a paper to formally commence this year’s edition, the Head of Department of Educational Foundations at the University of Lagos, Professor Ngozi Osarenren explained that teachers are invaluable drivers of societal norms and the teaching profession must be respected to attract the best and the brightest.

Osarenren, a former Commissioner for Education in Edo State, noted that if Nigeria must be saved from the menace of unqualified and incompetent teachers, the nation must find career oriented teachers who want to do the job for their passion and not because it is the last option available.

She listed other factors that could attract the best hands to the profession to include professionalisation of teaching, reasonable and guaranteed salary, job security and competitive entry requirements for would-be teachers.

On his part, the Managing Director of Nigerian Breweries Plc, Mr.Jordi Borrut Bel explained that in 2015, the Nigerian Breweries Plc-Felix Ohiwerei Education Trust Fund expanded its intervention in education in Nigeria to teachers through the Maltina Teacher of the Year initiative.

According to Borrut Bel, who was represented by the Company’s Corporate Affairs Adviser, Mr. Kufre Ekanem, said the initiative was hinged on the realisation that teachers seldom get the recognition they deserve in spite of the pivotal role they play in determining the quality of education. He disclosed that so far, the Maltina Teacher of the Year initiative has produced 69 state champions and three overall winners.

He further disclosed that entries for the 2018 Maltina Teacher of the Year opened on Friday, May 25, 2018, and will close on July 2nd, 2018. Interested teachers are advised to download application forms from the Maltina website – www.maltina-nigeria.com.Applications forms should be completed and uploaded to the website or sent by email to maltinateacheroftheyear@heineken.com or post to P.M.B. 12632, Marina, Lagos.

According to Borrut Bel, the 2018 Maltina Teacher of the Year will get N1 million, a trophy and another N1 million every year for the next five years, and a block of classrooms built at the school where he or she teaches.

The first runner-up will receive N1 million and a trophy, while the second runner-up will have N750, 000 and a trophy. In addition, each state champion, including the winner and the first and the second runners-up will get N500, 000.

Also at the flag-off, the 2017 Maltina Teacher of the Year, Mr. Felix Udochukwu Ariguzo urged the government and other corporate organizations to emulate the example of Nigerian Breweries and motivate teachers so as to improve the standard of education in the country.

Other dignitaries at the flag-off included Barrister Okechkwu Okoroafor, Assistant General Secretary, Nigerian Union of Teachers, Dr. Saadatu Saidu, Permanent Secretary, Kano State Ministry of Education, Science, Technology and Innovation, Biola Baiyewu, Director of Establishment in the Lagos State Ministry of Education, who represented the Permanent Secretary, Mr. Nwankwo Linus, Permanent Secretary, Anambra State Ministry of Education among others.

The Maltina Teacher of the Year initiative, has since inception, produced three grand winners: Rose Nkemdilim Obi, Anambra (2015), Imoh Essien, Akwa Ibom (2016) and Felix, Ariguzo, Delta State (2017).

SOURCE : https://brandspurng.com/stakeholders-canvass-ways-to-make-teaching-attractive-as-2018-maltina-teacher-of-the-year-opens/

The Lagos State Government is now set for the commencement of the Embedded Power Supply Project by July 2018. It is targeted towards generating 3,000MW electricity for the State within the next three to five years.

 According to the Commissioner for Energy, Mr. Olawale Oluwo, the project when it takes off will start the journey to deregulate Nigeria’s power sector from Lagos State and ultimately achieve energy security for the State.

“Our Power Reform Programme which is the Embedded Power Project all things been equal will take off in July 2018. The House passed the law in January and the Governor the bill into law in February. The implementation committee is already working and a lot of work has been going on the field and everywhere. We would do our Expression of Interest sometime in June and that process will kick-start this project,” said the commissioner.

The 13 locations for the pilot phase of the Embedded Power Project are currently awaiting approval of the State Executive Council and would be released soon.

Furthermore,  according to Oluwo, the power and gas sectors reforms are key interventions of the Governor Ambode led the administration to correct the structural challenges in the power sector and gradually position the State for 24-hour power supply.

He said that apart from the reforms in the power sector, the State Government had begun implementation of other sectoral reforms including the downstream petroleum sector, the gas sector as well as the solid minerals sector and regulatory reforms.

“The essence of all this is that we want to give Lagos, energy security and to achieve this, you must have the security of electricity, gas and petroleum products,” he said.

Implementation of reforms

The Commissioner said that the reforms will be fully implemented in the next three to five years and the State’s reliance on gas from the Niger Delta region would be less critical to the State’s economy.

Plans are already in the pipeline to increase gas supply to Lagos from the present 500 million standard cubic feet (SCF) per day to approximately 1.25billion SCF per day in three to five years, adding that the State would soon sign long-term off-take contracts for gas found in any oil field in Lagos to power the Lagos economy.

SOURCE: https://brandspurng.com/lagos-to-begin-embedded-power-project-in-july-2018/

good one

good one

ok

The NBS, which released its Pension Asset and RSA Membership Data Q4 2017  on Wednesday, February 2017, disclosed that 7,975,976 workers are registered under the pension scheme compared to 7,823,911 registered workers in Q4 2017 while the Pension Fund Asset under Management as at Q1 2018 stood at N7,943mln as against N7,515mln in Q4 2017. 

The pension fund assets were invested in various asset classes by approved existing scheme (AES), closed pension fund administrators, retirement savings account (RSA) active fund as well as RSA retiree fund.

A breakdown of the total pension assets revealed that FGN Bonds has the highest weight percentage of 48.61% of the total pension fund assets and closely followed by treasury bills with 20.89% weight and domestic ordinary Shares with 9.25% weight while agency bonds have the least with 0.07% weight.

A further breakdown showed that the participants within the age distribution 30-39yrs have the highest percentage composition closely followed by participants within the age bracket of 40-49yrs and 50-59yrs while participants above 65years have the least percentage composition.

SOURCE: https://brandspurng.com/q1-2018-7-98m-workers-are-registered-under-the-pension-scheme-nbs/

First Bank of Nigeria Limited in partnership with Visa International recently unveiled two lucky winners, Mrs. Hadizat Bello and Mr. Ado Ibrahim Idris, in the just concluded FirstBank Visa Gold card issuance and usage promo.

The promo draw which took place at First Bank’s Head office in Marina, Lagos State depicted that the winners along with their partners would be going on a 5-day all-expense paid trip to Russia to watch the 2018 FIFA World Cup.

The winners thanked the Bank immensely for the opportunity given to experience  2018 World cup matches live in Russia.

Responding, the Group Head, E-Business Group, Mr. Chuma Ezirim,  commended the winners for trusting and using the FirstBank Visa Gold Card for their transactions.
“FirstBank is committed to ensuring ease, convenience and security in banking transactions for all its customers and our Visa Gold Card is accepted globally and gives our customers global privileges and benefits, discounts and rewards at choice hospitality centers worldwide, among other extensive benefits”, he stated.

 Mr. Ezirim implored the winners to have a swell time in Russia and continue to transact with their FirstBank Visa Gold Cards
The FirstBank Visa Gold card is an international premium credit card, issued in partnership with Visa International and is accepted for payment at over 29 million partner locations and enabled for cash withdrawals at over 1.8 million ATMs in over 200 countries and territories worldwide, wherever the Visa logo is displayed.

Interestingly, the card can be made available in 24 hours with instant PIN selection.

SOURCE: https://brandspurng.com/first-bank-unveils-winners-in-visa-gold-card-world-cup-promo-2018/