₦airaland Forum

SunTrust Bank and the Islamic Corporation for the Development of the Private Sector (ICD) have signed a Memorandum of Understanding (MoU) on a 10 million dollars credit facility.

The credit facility is to support non-interest banking in the country.

The Managing Director of SunTrust Bank, Mr. Muhammad Jubrin, said that the facility would provide finance to people who do not need to take funding on an interest basis.

The  MoU signing was at the ongoing third edition of the Africa Islamic Finance Forum organized by the Federal Ministry of Finance in collaboration with the ICD in Lagos.

Jubrin said the bank’s additional line of finance would also support Micro Small and Medium Enterprises (MSMEs) for the development of the private sector.

He said it would also help to boost individual businesses, particularly among farmers who do not have access to finance.

According to him, the two reasons informed the decision to meet with the ICD to get the financing.
He said that the non-interest banking, based on interest-sharing, considers that the institution had more stakes and more interest in the business to ensure that the businesses succeed.

“Ordinarily, in other lines of finance where you have interest, more often this interest continues to accrue, and that of the terms and conditions.

“Also, tenure and other factors make it difficult for customers to meet the obligation.

“We believe that an institution that provides non-interest banking tango along with the individual as a partner that provides funding for those who do not have access to finance.

SOURCE: https://brandspurng.com/suntrust-bank-signs-mou-on-10m-facility-with-icd-to-support-non-interest-banking/

ok

Hmmmm! ok o

Interesting

Nick Imudia, a Finland-based Nigerian and former Vice President of Nokia has been appointed Chief Executive Officer (CEO) by the board of Konga, Nigeria’s leading e-commerce giant. Imudia replaces former CEO, Shola Adekoya, who resumes at the Zinox Group headquarters in Lagos, Nigeria as Head of Future Business.

Imudia assumes office on April 3rd, 2018 with a clear mandate to deliver Konga as number one e-Commerce company in Africa.

Imudia recently left TCL/Alcatel where he was the Regional Director, responsible for Nigeria and Central Africa Operations. Before joining TCL/Alcatel, Imudia was Managing Director, Nokia West, and Central Africa, a thriving concern which remains a world leader in Mobility, driving the transformation and growth of the converging Internet and Communications industry.

For almost 17 years, the widely-traveled Imudia worked in Nokia, managing operations in Asia, Europe and the Americas in the areas of sales, marketing, capability development, management systems, operational excellence, IT and process management.

His core experience across several management functions including online commerce, among others will come in handy in steering the Konga brand to greater heights.

Imudia holds a Bachelor of Engineering in Industrial Management from Mikkeli Institute of Technology, Finland; a Master of Engineering in Oil and Gas Technology Management from Aalborg University, Denmark and an MBA in International Business Management, Haaga-Helia Business School, Finland.

SOURCE: https://brandspurng.com/konga-appoints-ex-nokia-vp-as-ceo/

institutions have continued to successfully tap the Nigerian debt capital markets (DCM) to access stable long-term finance to fund key activities that ultimately translate to the development of the economy at large. Coming shortly on the heels of the recent listing of the Viathan Funding PLC Power Bond, FMDQ OTC Securities Exchange (FMDQ or the OTC Exchange) admitted on its platform, the first ever microfinance bank bond in Nigeria – the LAPO MFB SPV PLC Series 1 ₦3.15bn 17.75% 5-year Fixed Rate Senior Unsecured Bond (the LAPO MFB SPV Bond) under a ₦20.00bn Bond Issuance Programme.

To commemorate the listing of the bond, a ceremony was held at the FMDQ offices on Tuesday, March 27, 2018, where the OTC Exchange played host to the issuer, represented by Dr. Godwin Ehigiamusoe, Managing Director, LAPO Microfinance Bank Limited (LAPO Microfinance), alongside other senior executives from LAPO Microfinance; the co-sponsors to the issue on FMDQ, United Capital PLC, represented by Mr. Jude Chiemeka, Managing Director, United Capital Securities Limited and Mr. Tolu Osinibi, Executive Director, FCMB Capital Securities Limited and other parties to the issue.

Welcoming the guests to the Ceremony, Ms. Jumoke Olaniyan, Associate Vice President, Market Architecture Division, FMDQ, applauded the issuer for having successfully raised ₦3.15bn from the domestic capital markets, and for indubitably setting the pace for other microfinance banks planning to raise capital in the Nigerian DCM. She further commended the issuer for joining the league of corporate entities whose debt profiles have been raised via the value-packed listings and quotations service offered by FMDQ. She reiterated the OTC Exchange’s commitment to continually align its strategies and innovation to serve and provide the much-needed support to the players in the DCM.

Speaking during his special address, Dr. Godwin Ehigiamusoe, highlighted that, the demand for capital from micro, small and medium businesses is high, and as a pro-poor financial institution, LAPO Microfinance is committed to the social and economic empowerment of low-income households through provision of access to responsive financial services on a sustainable basis. With excellent corporate governance, experienced management committed staff and extensive footprints across Nigeria, LAPO Microfinance is poised to deliver its core mandate of enhancing financial inclusion by continuously tapping the Nigerian DCM to raise capital to improve lives of the underprivileged.

Delivering the Registration Member (Listings) remarks, Mr. Jude Chiemeka, highlighted, “we are delighted to have acted as financial adviser and issuing house in the successful execution of the LAPO MFB SPV Series 1 bond issue, which is the first of its kind in the microfinance industry. Coming from a successful 2017, United Capital remains committed to making significant contributions to the OTC Exchange and to the success of our esteemed clients through our expertise in capital raising. We believe listing this instrument on the exchange will pave the way for other microfinance banks and allow them to explore other funding sources available thereby establishing a robust domestic capital market.”

Similarly, FCMB Capital Markets Limited, represented by Mr. Tolu Osinibi, during his remarks stated, “we appreciate having been given the opportunity by the issuer to play a leading role on this landmark transaction, where FCMB Capital Markets Limited acted as lead issuing house on the first ever bond issuance by a microfinance institution in Nigeria’s capital markets. The success of this transaction speaks to LAPO’s institutional strength and an affirmation of this strength by investors in the bond. Following this success, we expect to see LAPO become a repeat issuer, and anticipate that this landmark transaction will open-up the capital markets to other microfinance institutions that meet the criteria.

In a statement given by the Chairman of the Board of Directors of African Local Currency Bond (ALCB) Fund, one of the key investors in the bond, Mr. Karl Von Klitzing commented that ALCB Fund was delighted to have anchored the first bond issued by a microfinance bank in Nigeria. Mr. Klitzing stated, “LAPO provides financial services to underserved Nigerians, predominantly, women, for microenterprise, farming, and housing. With two investment grade ratings (national scale), the company has demonstrated bankability in the Nigerian capital markets. ALCB Fund has been involved since inception, providing technical assistance for ratings, accounting, and legal services. We look forward to furthering successful bond issuances of LAPO MFB SPV Bond under its N20.00bn issuance programme in 2018- 2020.”

As an OTC Exchange positioned to bring revolutionary changes in the Nigerian DCM, FMDQ, with the collective efforts of its varied stakeholders shall continue to deliver on its value-adding initiatives, ranging from development of its Listings & Quotations franchise to product & market development, transparency & information, governance & regulation and education. The listing of the bonds on FMDQ’s platform validates the OTC Exchange’s conscious drive to support the goals of corporate businesses and to deepen the Nigerian DCM by steadfastly availing its efficient platform for the registration, listing, and quotation of debt securities. FMDQ is indeed proud to be associated with institutions doing what they can support the sustainable development goals of the nation, whilst playing its part in said development.

SOURCE: https://brandspurng.com/fmdq-admits-the-n3-15-billion-lapo-mfb-spv-plc-bond/

cool

i love d image

Good one

interesting

Telegram just announced that it has crossed 200,000,000 or 200 million monthly active users and is also rolling out a new update to Android and iOS bringing new features like sticker search, Multi-Shot sending, connected websites, and more.

Within the last 30 days, Telegram was used by 200,000,000 people. This is an insane number by any standards. If Telegram were a country, it would have been the sixth largest country in the world.

We owe reaching this milestone to you alone – our users. We have never promoted Telegram with ads, so all these 200 million people are on Telegram because you invited them to join.

This is why you – our users – have been and will always be our only priority. Unlike other popular apps, Telegram doesn’t have shareholders or advertisers to report to. We don’t do deals with marketers, data miners or government agencies. Since the day we launched in August 2013 we haven’t disclosed a single byte of our users’ private data to third parties.

We operate this way because we don’t regard Telegram as an organization or an app. For us, Telegram is an idea; it is the idea that everyone on this planet has a right to be free.

Above all, we at Telegram believe in people. We believe that humans are inherently intelligent and benevolent beings that deserve to be trusted; trusted with freedom to share their thoughts, freedom to communicate privately, freedom to create tools. This philosophy defines everything we do.

This was the reason why Telegram became the first messaging app to roll out end-to-end encryption to tens of millions of users in 2013. This was also the reason why Telegram became the first mainstream messaging app to fully open source its client code, and why Telegram became the first popular messenger to provide 100% open APIs for the third-party app and bot developers.

Over the years, our unconditional trust in people allowed us to do things other apps were hesitant to implement; things such as support for insanely large group chats, unlimited broadcast channels, and a free user-generated sticker platform. In all these cases, our belief in people yielded extraordinary results, and users put these tools to great use.

What inspires us most is that judging by the rapid growth of Telegram’s popularity, this belief might be mutual. While we unconditionally believe in people, it turns out 200,000,000 humans also believe in us.

Thank you for this – we will always have your back.



SOURCE: https://brandspurng.com/telegram-now-has-200000000-monthly-active-users/

.As WorldFish Moves To Develop Aquaculture, Fisheries Industry.



The Federal Government has certified some companies to begin export of fishery products to the international market following accelerated growth of the subsector.

This was disclosed by the Minister of State for Agriculture and Rural Development, Sen Heineken Lokpobiri, Tuesday, in his keynote address delivered at the ‘2 Day Stakeholders Workshop on the WorldFish Nigeria Research Programme’ ongoing in Abuja. He said it was a welcomed development in the aquaculture and fishery industry, which international donors, government officials, regional directors and national research organizations meet to deliberate on steps towards the establishment of WorldFish Nigeria Research Programme.

He also expressed optimism that the programme will bring about positive results in developing the country’s indigenous culturable fish species. He said: “Nigeria, as you know,is a large fish consuming nation and a net importer of fish and fisheries products. The Federal Ministry of Agriculture and Rural Development have directed all fish importers to go into backward integration through commercial aquaculture (pond and cage culture). “Some of the companies which have compiled have been duly certified and can now export their fish and fishery products including shrimps to the international market. In addition, Letters of Assurance are given to investors that intend to go into deep sea fisheries exploitation for tuna and other highly valued fish for export.”

Meanwhile, the Minister promised that support needed by the WorldFish Nigeria Research Programme due to the significance of the programme and its benefits to Nigerians. However, he expressed worry following the huge fish supply deficit of 2.1 million metric tonnes. “Currently, annually our national demand is in excess of 3.2 million metric tonnes while the production is about 1.1 million metric tonnes from all sources resulting in a demand-supply gap of about 2.1 million metric tonnes. “The vision of the present administration is to grow Nigeria’s aquaculture subsector including fisheries and aquaculture to achieve a hunger-free nation through aquaculture that drives income, growth, accelerate achievement of food and nutrition security, generate employment and create wealth for millions of practitioners in the industry”, he said.

In his earlier remarks, Director, International Partnership, WorldFish, David Shearer, said the organization gives priority to delivering aquaculture and fisheries solution. “WorldFish is a global organization with head office in Malaysia. The vision is to be a partnership of choice; delivering aquaculture and fisheries solution, delivering focus outcome. The nutrition delivering agenda is important in Africa.

We do ensure fish on the table and also for policy investment direction. “Fish is significantly recognized globally. 800 million people depend on fisheries and aquaculture for their livelihood. It got a positive contribution it can make in terms of nutrition and food security.

Fish is a very important part of nutritional security from micronutrient point of food”, he stated. Also speaking was the Country Director, Egypt, and Nigeria, WorldFish, Dr. Harrison Karisa, said the programme will bring the expected change in the aquaculture and fisheries industry in Nigeria. “The workshop is expected to develop a roadmap for the establishment of the WorldFish Nigeria Country research programme and set up the research agenda for the intervening period. The workshop will review the ongoing activities and align them with the broader WorldFish strategy and Fish CRP.

“The development of the research programme in Nigeria by WorldFish is geared towards fostering strong partnerships and developing an appropriate level of engagement through the establishment of offices, having appropriate staff presence, and determination of an appropriate research agenda. “Africa lacks behind the world in fish consumption, consuming about 10kg per person per year. Africa will need to double its fish production from both fisheries and aquaculture by 2030 to cater for present consumption levels”, he said.

SOURCE: https://brandspurng.com/fg-certifies-companies-to-export-fishery-products/

Egypt, Algeria, Botswana and Cote d’Ivoire amongst top five investment destinations…

Quantum Global Research Lab releases new 2018 Africa Investment Index
Top five investment destinations attracted a combined net FDI of $12.8 bn in 2016
Egypt, Algeria, Botswana and Cote d’Ivoire amongst top five investment destinations
Morocco is the most attractive economy for investments flowing into the African continent, according to the latest Africa Investment Index 2018 (AII) by Quantum Global’s independent research arm, Quantum Global Research Lab.

Nigeria improved its ranking position from 19th position in 2016 to number 14. This is largely due to its recent economic recovery arising from higher oil prices. Nigeria’s external debt is small while external reserve covers more than three months of imports.

According to the AII, Morocco ranks first on the Index based on its increasing solid economic growth, strategic geographic positioning, increased foreign direct investment, external debt levels, social capital factors and overall favorable business environment.



Prof. Mthuli Ncube, Managing Director, Quantum Global Research Lab commented:

“In spite of the improvements to oil production and prices, African economies are turning their attention towards diversification to stimulate industrial development, and to attract investments in non-oil strategic sectors. Morocco has been consistent in attracting an inward flow of foreign capital, specifically in banking, tourism and energy sectors and through the development of the industry.”

Top 10 and Bottom 10 countries

Rank Top 10 (best to worst)
1 Morocco
2 Egypt
3 Algeria
4 Botswana
5 Cote d’Ivoire
6 South Africa
7 Ethiopia
8 Zambia
9 Kenya
10 Senegal


Bottom 10 (worst to best)
1 Central African Republic
2 Liberia
3 Somalia
4 Eritrea
5 Equatorial Guinea
6 Gambia
7 Sierra Leone
8 Guinea
9 Sao Tome and Principe
10 Zimbabwe


According to recent data by the Moroccan Exchange Control, Morocco attracted nearly $2.57 bn of foreign direct investment (FDI) in 2017, up from 12 percent compared to 2016. The country is being recognized as one of the best-emerging markets for overseas investment. International investors are looking at wide range of sectors for investments including in areas such as energy, infrastructure, tourism, and ICT amongst others.

According to AII, the top five African investment destinations attracted an overall FDI of $12.8 bn in 2016. Cote d’Ivoire ranks 5th while being the fastest growing economy in Africa and scores relatively well in liquidity and risk factors such as real interest rate, exchange rate risk and current account ratio. The improved risk profile, combined with strong liquidity, business environment, demographics and the social capital record has rendered Algeria arise to the 3rd position in the second edition. Botswana, previously ranked as Africa’s top investment destination in the first edition, ranks 4th scoring well in risk factors as well as the business environment.

Prof. Ncube further commented: “Continued FDI inflows will continue to drive the much-needed capital to develop Africa’s primary sectors to meet the demands of the continent’s rapidly growing middle-class, and into manufacturing sectors to create more jobs, enhance economic growth and support structural transformation.”

In terms of improvements in the ranking over the last 3 years, countries such as Swaziland, Angola, Rwanda, Chad, Comoros, Seychelles, South Sudan and Sierra Leone-registered strong upward movements as shown in AII three-year rolling rankings.

For more information, visit www.QuantumGlobalGroup.com.

Union Bank recently organized an empowerment programme for some women entrepreneurs in Lagos as part of initiatives under its Small and Medium Enterprises (SME) business advisory programme.

The seminar tagged ‘Breaking Barriers – Women in Business’ was programmed to provide Union Bank’s female SME customers with practical guides on how to surmount typical challenges faced by small businesses in Nigeria with a particular focus on business law, accounting, and online marketing.

It is on record that the management of Union Bank frequently organize the seminar as part of its business advisory service and this recently held edition was meant for female entrepreneurs to celebrate the International Women’s Day (IWD).

In the words of Union Bank’s Head of Retail Segments, Paul Aseme, he said “We recognize that Nigerian SMEs face many challenges– especially during the start-up stage of the business. We are therefore organizing these seminars, bringing in accomplished entrepreneurs and professionals to share expert advice that will help these female business owners establish a good foundation for their businesses, widen their exposure and expand their business connections.

SOURCE: https://brandspurng.com/union-bank-holds-empowerment-programme-for-women-entrepreneurs/

Ok

The Nigerian States and Federal data as at 31st December 2017 reflected that the country foreign and domestic debts stood at $18.9bn and N3.35trn respectively, the National Bureau of Statistics said on Monday.

The NBS gave further disaggregation of Nigeria foreign debt showed that $10.24bn of the debt was multilateral; $274.98m was bilateral (AFD) and $2.09bn from the Exim Bank of China credited to the Federal Government of Nigeria (FGN) while $6.30bn was commercial.

According to the NBS,  the total FGN debt accounted for 78.23% of Nigeria total foreign debt while all States and the Federal Capital Territory (FCT) accounted for the remaining 21.77%.

Investigations by Brand Spur showed that Lagos State has the highest foreign debt profile among the thirty-six states and the FCT accounting for 35.61% while Kaduna (5.79%), Edo (5.64%), Cross River (4.08%) and Enugu (3.23%) followed closely.

Similarly, total state domestic debt was N3.35 trillion with Lagos state accounting for 10.85 % of the total domestic debt stock while Sokoto has the least debt in this category with a contribution 0.78% to the total domestic debt stock.

States and the FCT Domestic Debt is the actual Amount Outstanding against 32 States & the FCT as at end-December, 2017. 3 States (Akwa-Ibom, Katsina and Lagos State) were as at September 2017. Borno State was as at June 2017.

SOURCE: https://brandspurng.com/2017-debt-stock-lagos-state-has-the-highest-domestic-and-foreign-debts-nbs/

Sergey Mavrodi, the founder of MMM, a Russian company that ran one of the world’s largest Ponzi scheme, is dead.

According to a report by Moskovsky Komsomolets, the founder of the MMM series of financial pyramid schemes, Mavrodi, died in Moscow at the age of 62.

Mavrodi was taken to a city hospital from a bus stop overnight Monday, March 26, after he felt weakness and pain in the chest area.

“The emergency team has failed to save his life. He died this morning,” the report said.

Sergei Mavrodi created the company “MMM” in 1992. It quickly gained popularity and became the largest financial pyramid in the history of Russia.

The income of the members who joined it was paid out of the contributions of new arrivals, and when the flow of customers ceased to grow, non-payments began.

According to various estimates, the number of victims of MMM has reached 10-15 million people.

In 1994, Mavrodi became a member of the Russian parliament. Then he announced that he was giving up his privileges: salaries and cars. Mavrodi stressed that he became a deputy only for the sake of immunity.

Two years later, before the presidential elections in 1996, he was stripped of his mandate.

In 2007, Mavrodi was sentenced to 4.5 years in prison for defrauding 10,000 investors out of 110 million rubles ($4.3 million). All this time, he left during the preliminary detention while the investigation was conducted.

Sergey Mavrodi, the founder of MMM, a Russian company that ran one of the world’s largest Ponzi scheme, is dead.

According to a report by Moskovsky Komsomolets, the founder of the MMM series of financial pyramid schemes, Mavrodi, died in Moscow at the age of 62.

Mavrodi was taken to a city hospital from a bus stop overnight Monday, March 26, after he felt weakness and pain in the chest area.

“The emergency team has failed to save his life. He died this morning,” the report said.

Sergei Mavrodi created the company “MMM” in 1992. It quickly gained popularity and became the largest financial pyramid in the history of Russia.

The income of the members who joined it was paid out of the contributions of new arrivals, and when the flow of customers ceased to grow, non-payments began.

According to various estimates, the number of victims of MMM has reached 10-15 million people.

In 1994, Mavrodi became a member of the Russian parliament. Then he announced that he was giving up his privileges: salaries and cars. Mavrodi stressed that he became a deputy only for the sake of immunity.

Two years later, before the presidential elections in 1996, he was stripped of his mandate.

In 2007, Mavrodi was sentenced to 4.5 years in prison for defrauding 10,000 investors out of 110 million rubles ($4.3 million). All this time, he left during the preliminary detention while the investigation was conducted.

Mavrodi claimed he is not the beneficiary of the donations and he is not used to the flamboyant lifestyle.

His true charges of which he was later convicted of is tax fraud though he claimed that MMM scheme is not a business, but a mutual donation programme of which there is no law against such.

SOURCE : https://brandspurng.com/mmm-founder-mavrodi-reportedly-dies-of-heart-attack-at-62/

interesting

Good one, Ogun state is the next big thing in the S.W zone.

Jumia, the pan African online retailer present in 14 countries, maybe put up for sale. The company’s owner, Rocket Internet, is reportedly seeking an IPO for the business with a listing of shares to the value of €200m ($246m).

Rocket Internet is reportedly seeking to release cash by exploring a stock market listing for Jumia, the online retailer it helped establish in 2012. Jumia has operations in 14 African countries, and currently has 500,000 merchants using the platform, and more than 5m SKUs. It also operates a hotel booking platform and an online food delivery service connecting consumers with local restaurants.

In the first nine months of 2017, Jumia saw its losses widen to €80.7m ($99.1m), while revenues were just €57.3m ($70.4m). To put this in context, Amazon launched in 1994, and first delivered a profit in Q4 2001, seven years later. It wouldn’t deliver a full year profit until 2004. Until 2016 it was still considered unusual that Amazon delivered four consecutive quarters of profit. Jumia’s group revenues mask the importance of one market: Lagos, Jumia’s first market and by far its single largest driver of revenues. The Nigerian market generally has seen sluggish growth since 2014, although it is picking up now, and slower growth in demand has been compounded by fragile market conditions in Algeria, South Africa, Kenya among others.

Emerging markets, but profitability will be a long time coming

Since 2014, Jumia has opened up a substantial number of new markets. In these market internet penetration is typically low, online payment usage by consumers is infrequent and rare, the logistics infrastructure is undeveloped and consumer spending is unpredictable and fragile. Many of its consumers are making a transition from purchasing in traditional channels to the internet. On that front, Jumia also faces a challenge from Facebook, which serves as a platform for informal trade.

Jumia is playing a long-term strategy of developing a large number of markets and attempting to take them to scale and profitability. It will continue to burn cash for at least a decade as it is effectively creating the internet retail landscape and infrastructure in its emerging markets. Unlike Amazon, which could attack the soft targets of established bookstores, record store and general merchandisers, Jumia is having to work much harder to drive topline business growth. Aside practical issues of limited consumer spend and low internet penetration, many consumers don’t trust online platforms.

As such, Jumia’s branch into takeaway food delivery actually operates as an effective marketing tool as well as a driver of growth. Target consumers are younger, wealthier and tech-savvy. Crucially the product is high demand (when consumers are hungry, they want to feed) but low-ish engagement and complexity (if there is an issue with the food it is a problem, but not nearly as much of a problem as a defective good that needs returning). A good way to break the barrier of trust.

Where next for Jumia?

The underlying question for investors is whether they trust Jumia’s long-term bet on dominating not just internet retail but modern general merchandise retailing in its 14 country markets. In early 2016, Jumia’s parent Africa Internet Group raised €225m ($276m) from investors, just weeks after French insurance company Axa purchased an 8% stake for €75m.

IPO investors will be purchasing less than 25% of Jumia’s shares, and have a limited say in the direction of the business. We believe that Jumia has opened up too many new markets although we note that it has a strong track record of execution. In particular, we question whether Jumia’s exposure in North African markets such as Algeria, Morocco, and Tunisia fits its wider focus on Sub-Saharan Africa. We also believe that Jumia may find trading in Uganda and Tanzania – both of which have been challenging markets for foreign supermarkets – too slow in the mid-term.

The IPO will further stress test Jumia’s market expansion programme. Does it matter if Jumia withdraws from or pauses in 4-5 of its expansion markets? Probably not, in reality. No other internet retailer is going to leap in and dominate trading, and bricks and mortar supermarkets are barely expanding.

It may end up being an acceptable compromise to allow investors to focus on developing core markets like Nigeria, Ghana, Egypt, Côte d’Ivoire and Kenya. We note, for example, that in 2016 Jumia’s CEO singled out the Democratic Republic of Congo for expansion, and to date, the company has not yet commenced operations. As strategic choices go, tactical pauses in smaller markets is a small price to pay.

SOURCE: https://brandspurng.com/jumias-major-investor-rocket-internet-seeks-exit-via-ipo/

Nigeria’s foremost auto auctioning and car buying service, Cars45 has extended the used cars and car trade-in partnership with Kia Motors to Federal Capital Territory, Abuja.This means that used-Kia owners can now drive into Kia Motors Nigeria office at Utako Abuja to trade it in for a new Kia, fairly used Kia car or other cars owned by Cars45.

This partnership also allows individuals who do not previously own Kia cars to purchase certified used Kia cars or brand-new Kia cars at the designated Kia and Cars45 centres. This is intended to provide Nigerians with the much-needed credible environment to trade-in their cars with ease while ensuring that they get the best value for their money.

Speaking on the initiative, The CEO, Cars45, Etop Ikpe, said:

“Cars45 is beyond providing a platform for an easy car sale. We ultimately aim at innovatively meeting our customers’ expectations and even exceed it. With the upward growth in the used car market, we have received a lot of requests from Kia owners for an opportunity to swap their old Kia for new ones. This created the need to bridge the gap for these customers.”

“This step further establishes Cars45´s commitment to Nigerians by ensuring that there are cars for the average Nigerian whenever he or she wants one.”

Also speaking, Customer/Sales Marketing Manager, Cars45, Carol Ofem said:

“Based on the data and feedback that we have gotten from our customers and potential customers, we have seen that there is a growing market and demand for brand new Kia cars, as well as used Kia cars.”

“This partnership is therefore intended to meet that growing demand as it allows existing car owners to trade-in their cars for an upgrade.“This process is easy and convenient for the Nigerian car owner. We are confident this partnership will further increase customer experience and love for both the Cars45 and the Kia brand.”

SOURCE: https://brandspurng.com/cars45-and-kia-extend-partnership-to-abuja/

Interesting

ok

Guaranty Trust Bank, along with Shell Western Supply and Trading, a subsidiary of the giant Royal Dutch Shell, approved a $270 million loan for AMNI, a Nigerian-based small independent producer.  The agreement’s financial terms have not been disclosed.

“We do not usually issue press statements for facilities and loans,” Guaranty Trust Bank’s head of communication told media asking for more information.  However, the agreement will give Shell Western Supply and Trading full access to the 16,000 barrels of oil produced daily by AMNI.

Let’s note that apart from the government, Guaranty Trust Bank also grants loans to the country’s oil and gas sector. According to the bank’s financial statement, by December 31, 2017, the outstanding loans granted to this sector was 535.2 billion naira (about $1.5 billion), an amount almost equal to its off-balance sheet commitments. In general, 2017 has been a good year for Guaranty Trust Bank as its net profit increased by 29% to 170.4 million naira, despite a significant surge in operating costs (200 billion naira). This performance was backed by the improvement in net interest income, thanks to a significant drop in the bad debts.

SOURCE: https://brandspurng.com/guaranty-trust-bank-grants-270-million-to-amni/

Teleology Holdings has agreed to buy 9mobile, Nigeria’s fourth largest telecoms provider, the investment firm said on Thursday.

9mobile, formerly Etisalat Nigeria, took out a $1.2 billion syndicated loan from 13 local banks in 2013 but failed to make repayments last year. Under the stewardship of its lenders, it has changed its board, management and name and is now up for sale.

Teleology said it had made a $50 million deposit to meet conditions for the acquisition and had partnered with East Africa’s largest telecoms operator Safaricom to transform debt-laden 9mobile.

Teleology was set up by 12 telecoms industry veterans led by ex-MTN Nigeria executive Adrian Wood.

Barclays Africa picked Teleology as the preferred bidder for debt-laden 9mobile last month and asked the company to pay a non-refundable deposit of $50 million by March. Teleology said it transferred the deposit to the trustee holding 9mobile shares on behalf of the lenders.

Teleology said it had been in meetings in the last few days with executives of the organisation, lenders, regulators and Barclays Africa, on the acquisition.

The acquisition comes at a time of increased competition in Nigeria’s telecoms sector, Teleology said, adding that it plans to double 9mobile’s network and drive rural internet coverage.

Since the debt issue, 9mobile has lost subscribers. In October it had 17.1 million users, a 12.2 percent market share, which was down from 20 million subscribers, or 14 percent share earlier in 2017, the telecoms regulator said.

Reuters – (Reporting by Chijioke Ohuocha; editing by Jason Neely and Pritha Sarkar)

SOURCE : https://brandspurng.com/teleology-holdings-has-agreed-to-buy-9mobile-nigerias-4th-largest-telecoms-provider/

owkay

Smartphone penetration is set to receive a big boost in Nigeria as Matrix, a foremost telecoms company, is on the verge of offering access to a suite of high-end smartphones for millions of Nigerians.

These devices, neatly packaged and accessible nationwide, will be available for purchase online from Monday, March 26th, 2018.

Among the first set of devices set to be rolled out by the brand are a range of Apple devices including iPhone 7+, iPhone 7, iPhone 6s+, iPhone 6s, iPhone 6+ and iPhone 6, among others. Already, a number of interested Nigerians have embraced the pre-order campaign which affords them a chance to enjoy a number of freebies including free Apple ear-pods, wall chargers, data cables and phone cases, among others. The pre-order page is live on the Matrix website on preorder.matrixpreowned.com

“At Matrix, we are eager to offer Nigerians more options with a range of genuine, affordable and pre-owned smartphones. These devices are good as new and are guaranteed to lower the entry point for millions of Nigerians who would have found it difficult to put up the considerable sums required to buy the brand-new models. Our motivation is to see more Nigerians make the transition from feature phones to smartphones without necessarily burning a huge hole in their finances,” said Dimeji Matesun, Chief Executive Officer, Matrix Certified Pre-Owned.

We are starting out with a range of iPhones including iPhone 7+, iPhone 7, iPhone 6s+, iPhone 6s, iPhone 6+, but other smartphone brands will be added with time. For the pre-order campaign which is currently on-going, interested persons who pre-order also get to enjoy a number of freebies such as Apple ear-pods, wall chargers, data cables and phone cases, among others,” he said.

Further boosting the appeal of the Matrix pre-owned devices is the one-year warranty with full technical and customer service support which accompanies the devices. The warranty period can also be extended at a cost, based on the customer’s preferences. Among the partner stores where the devices can be purchased are MTN, Yudala, 9mobile, Harmony Real Plus Ltd., XRight, and DAX, among others.


SOURCE: https://brandspurng.com/more-options-for-nigerians-as-matrix-set-to-launch-pre-owned-devices/

As part of its consumer engagement and brand building efforts, Chi Limited, through its range of innovative, high quality, refreshing Chivita Juices recently co-sponsored this year’s edition of World Speech day Lagos. In partnership with organizers of the World Speech Day Lagos, Chivita Juices was the exclusive beverage partner to provide unrivaled refreshment to participants as they unleashed their potentials through the power of speech.

Perfect for refreshment and focused on delighting as well as satisfying consumers, Chivita Juices like Chivita 100%, Chivita Active, Chi Exotic, Happy Hour by Chivita and Chi Ice Tea are the number one choice for consumers because they aren’t just great tasting drinks, but a daily source of refreshment, nourishment and rejuvenation for health-conscious consumers who desire utmost satisfaction from their beverages.

From basking in the very essence of nature in Chivita 100% fruit juice, to indulging in the pleasurable taste of Chi Exotic Nectar, enjoying the refreshing goodness of nature of Chi Ice Tea, experiencing delight in the fruity burst of natural refreshment in Happy Hour by Chivita and discovering an active, healthy, energetic lifestyle in Chivita Active, participants at this year’s edition of World Speech Day Lagos expressed satisfaction at the refreshing and delicious beverages from the range of Chivita Juices that brought a lot of excitement to the event.

With 35 speakers delivering persuasive speeches that addressed local and global challenges, whilst proffering innovative solutions, this year’s World Speech Day Lagos was about tapping into the truly original and inspirational and then making those voices heard.

Speaking at the event, Licensee of World Speech Day Lagos, Florence Atunwa Olumodimu, thanked the management of Chi Limited for partnering as the exclusive drinks partner to refresh participants at the World Speech day Lagos.

“It is heartwarming to see the company like Chi Limited which is driven by the power of innovation, identify with us and offer quality refreshment to participants at the World Speech Day Lagos event. Through this, Chi Limited inspires excellence by celebrating the simple power of a speech to encourage new ideas and change lives” she stated.

According to Chi Limited’s Managing Director, Deepanjan Roy, by leveraging innovation and excellence, Chivita Juices have maintained market leadership in their respective categories and is proud to partner with the World Speech day Lagos as the exclusive beverage partner.

Driven by a passion and commitment to excellence, CHI Limited is one of the most admired companies in the domain of Food & Beverages in Nigeria. While it prides itself on offering products that are themselves benchmarks in their respective categories of Juice, Dairy-based Beverages & Snacks, each CHI offering is admired for its highest quality, nutrition & health standards.

Today, CHI Limited is the undisputed market leader in juices, fruit drinks, yogurts and value-added dairy beverages in Nigeria. The company attained this status by consistently delivering innovative products that have become household names in Nigeria.

In the fruit juice category, mega-brands like CHIVITA 100%, CHIVITA Active, CHI Exotic, Happy Hour by CHIVITA, CHI Ice Tea and Capri-Sonne occupy leading positions in their respective segments. CHI Limited also takes great pride in its range of dairy products, such as Hollandia Yoghurt, Hollandia Evaporated Milk, Hollandia UHT Milk, Hollandia ChocoMalt to name a few and its range of snack foods like CHI Superbite Premium Beef Sausage Roll, Beefie Beef Roll, Beefie Meat Pie and CHI Classic Cake.



SOURCE: https://brandspurng.com/chivita-juices-co-sponsor-world-speech-day-lagos-as-exclusive-beverage-partner/

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