₦airaland Forum

Energy Farm

good one

interesting

Q4’17 revenue prints below estimate, down 7% q/qFY’17 top and bottom line up 34% and 326% y/y respectivelyFinal DPS of ₦27.50 declared (Total: ₦42.50, Vetiva: ₦35.00)FY’18 outlook strong – hinged on revenue growth, lower interest expense

Fourth quarter berths with surprises…

Nestle Nigeria Plc released its FY’17 financial results showing a 34% y/y growth in revenue to ₦244 billion, lagging Vetiva’s estimate of ₦249 billion. The deviation from our expectation was driven by a surprising underperformance in Q4’17 where the top line came in 7% lower q/q vs. a 5-year Q4 average growth rate of 10% q/q. Historically the strongest quarter of the year, Q4 recorded the weakest contribution to revenue in 2017 at 24% vs 5-year average of 28%. Operating profit margin also deteriorated in the quarter, coming in 450bps lower q/q at 21% (Vetiva: 24%) with further pressure coming from selling and distribution expenses. Consequently, operating profit declined 23% q/q and 18% below our estimate. The bottom line for the quarter was however supported by a sizable moderation in net interest expense – Q4’17: ₦0.2 billion vs. Vetiva’s estimate: ₦2.9 billion and Q3’17: ₦2.7 billion (excluding FX losses). We note that with improving operating cash flow, NESTLE consistently paid down its outstanding debt obligations through the year – with total loans & borrowings down 59% y/y. Given this, and a tax rate of 13% in the quarter (Vetiva: 35%), Q4’17 profit after-tax printed 34% above our estimate and 67% higher q/q at ₦11 billion.


but FY’17 results come in decent, modest PAT outperformance

Earnings for the full year printed 9% above our estimate at ₦34 billion and much higher than the dismal ₦8 billion recorded in FY’16. Revenue grew 34% y/y for the period, driven by a mix of stronger pricing as well as the mild recovery in volume rollout. Meanwhile, whilst gross margin remained flat at 41%, EBIT margin was supported by a 106bps improvement in operating expenses (as a % of sales). Further supported by a 47% y/y decline in net interest expense, FY’17 PBT came in exactly in line with Vetiva estimate and 117% higher y/y at ₦47 billion. The Board of Directors has recommended a final dividend of ₦27.50, bringing total dividend for FY’17 to ₦42.50 (Vetiva: ₦35.17, FY’16: ₦10.00) – translating to a 100% dividend payout and 3% dividend yield.

FY’18 earnings path remains reassuring, TP revised higher

Whilst the unexpected pullback in Q4’17 revenue leaves us more cautious, we believe further recovery in general demand levels, NESTLE’s strong positioning in the food & beverage segments and volume ramp-up in its recently commissioned 8,000 tonnes/annum Milo Ready-To-Drink beverage production plant will drive an 11% y/y top line growth for FY’18. We also estimate a 56% y/y decline in FY’18 net interest expense (FY’18: ₦4 billion, FY’17: ₦9 billion) – driven by a lower debt balance, expected moderation in interest rates and continued moderation in FX losses. With this, we forecast ₦41 billion profit after tax for FY’18 – implying 22% y/y growth. Our 12-Month Target Price is revised higher to ₦1,140.79 (Previous: ₦925.63) and we maintain our SELL rating. We note that the stock trades at a premium to peers, both on a current (NESTLE P/E: 33.25x, Bloomberg EMEA Peers: 20.23x) and forward (NESTLE P/E: 27.34x, Bloomberg EMEA Peers: 16.59x)
basis.

SOURCE: https://brandspurng.com/nestle-nigeria-plc-mixed-performance-in-q4-but-outlook-still-intact/

I saw a sign in front of a business centre one day that read, “Dissatisfied with our service? Please let us know. Satisfied with our service? Kindly tell others”.

That got me thinking.

Different customers have different ways of reacting when they are unsatisfied with your business. Some will walk away without saying a word, and will never return. Some, on the other hand, will tell you what’s wrong but will do so nicely.

However, there are equally the irate customers. They are unsatisfied with a product or service too. However, they won’t mind creating a scene so far as they vent their anger. Most times, their concerns are genuine. But even when they are not, they still need an outlet for their anger.

They will disrupt things for you and probably scare your customers.
They like drawing attention and could even inflict physical damage to you, your staff or your customers.

I have had my share of these types of customers. From my experience, these secrets are time proven to help you deal with them and turn them into your most loyal customers.

1. Let Your Attitude Be Positive

I know you must have been having a hectic day. The last thing you need now is someone shouting at you and threatening you with fire and brimstone. However, irrespective of how you feel, remember that the customer is the king. They are the reason you have a business in the first place. So please, smile.

Yes, smile and look at him/her with an attitude that says something like, “I want to help you. Don’t worry, together we will find a solution to your problem.” Say it if you can. If you can’t however, let the customer hear it through your attitude. It will make them want to open up and seek solutions.

2. Listen Empathetically

Don’t try to jump to conclusions. Even if you know what the problem is, pretend you don’t. Most times, all an irate customer wants is someone to talk to.

Be that person for that moment. Listen to their concerns. Be their friend. Put yourself in their shoes, and show some understanding.
And when they are done talking, validate their feelings. Say something like this, “Thank you for sharing your concerns. I understand how you feel. I would feel the same way if I were in your shoes”.

That will definitely take the fight out of the dog.

3. Take Responsibility

Don’t try to make excuses for yourself or your business. Remember that the purpose of this customer many times is just to prove that you are wrong. Help him achieve it quickly so you guys can move on to something else.

If the service rendered was bad, accept full responsibility for it and apologize. Don’t try to blame the weather, the government or his dumbness. No, it is your fault and yours alone.

Remember that apologizing doesn’t exactly mean “I am wrong, you are right”, it could just mean, “I am sorry you feel that way”.
That way, everybody wins.

4. Communicate Your Action Plan Effectively

Now that you have heard the concerns and you have handled the situation, you must have to quickly communicate an action plan.
But don’t just say, “Okay Mr Ken, we will look into it”. That won’t work.

Let him know what you plan to do to help him solve his problem. But be careful not to promise what you cannot do. If you have to, refer him to the appropriate person that can solve his problem.

5. Take Action Promptly

My card once got stuck in an automated telling machine one day. I went inside the bank and complained to the Operations Manager. He fed me the classic line, “We will do something about it. Just check back tomorrow”. Then he continued typing on his computer. Did that satisfy me? Absolutely not!

I went from one staff to the other until I found someone who actually took some practical steps to get back my card. Though I still had to return the next day, I left satisfied. In the same vein, don’t just promise. Start doing something about your customer’s problem right there in his presence. That will satisfy him enough to trust that you will deliver what you promised.

That’s the keyword: Trust. A trusting customer is a loyal customer.

6. Ask for the Business

Lastly, don’t just assume that everything is fine with your business relationship. Ask for the business again. It could be something as simple as, “Thanks for taking time to share your dissatisfaction, Mr Ken. We look forward to your continued patronage”. This will make the customer know that his business is valued and is not just one of the statistics given during a report.

There is no more effective way of advertising than from the words of a satisfied customer. And there is equally no better way of driving away customers than from the words of an unsatisfied customer. In essence, customers are the life of any business. A satisfied customer will become a loyal one. And loyal customers ensure that the business lives on.

 

This article was originally published on Dumb Little Man by Toby Nwazor

SOURCE: https://brandspurng.com/6-secrets-to-turn-an-angry-customer-into-a-loyal-one/

In a bid to curb the corruption that has characterized the inspection of export trade in Nigeria, the Federal Government through the Central Bank of Nigeria, CBN, has appointed three Pre-Shipment Inspection Agencies (PIAs) for non-oil export with a view to further enhance the nation’s export trade.

In a memo issued, Wednesday, by Trade and Exchange Department of CBN, and signed by Acting Director, Mrs O .L Ahuchogu, the three inspection agents were engaged on temporary basis pending when news PIAs will be appointed.

The PIAs are Messrs Cobalt International Services Limited, Carmine Assayer Limited and Neroli Technologies Limited.

According to the circular (TED/FEM/FPC/GEN.01/002), the PIAs were assigned to cover different regions of the country.

Cobalt was assigned to cover the South Western part to handle the land borders in Idiroko, Imeko, IIlara Ijoun, Ohumba, IIlashe, Ijoffin and Seme. It will also handle Tin-Can Apapa Port and Kiri-Kiri Lighter Terminal, KLT.

For the North West, Carmine Assayer Limited will handle the land borders in Iilela Kangiwa, Kamba, DoleKainua, SabonBirni and Maigatari. It will also oversee trading activities in TuloTulo’a, Machina, Mallam Fatori, Doro Baga Wulgo, Gamboru, Sigael, Jilbe, Banki, Kirawa as well as the International Airport Kaduna, Aminu Kano International Airport, Kano and Nnamdi Azikiwe International Airport, Abuja.

Messrs Neroli Technologies is to maintain its former areas of operations which include the entire South South and South East.

Part of the circular reads: “This is to inform all authorized dealers, the Nigeria Customs Service, Terminal Operators and the General Public that the Honourable Minister Finance has approved the appointment of PIAs on a temporary basis.”

Reacting to the development, a seasoned Customs broker, Mr Lucky Amiwero, faulted the issuance of the circular by CBN saying that the apex bank does not have the right to issue such circular. “CBN has no such right, CBN is for monetary policies and not for fiscal policies. The PIAs will take over the job of Customs if they are allowed to carry out inspection of export trade,” he said.

SOURCE: https://brandspurng.com/fg-appoints-3-pre-shipment-agencies-for-non-oil-export/

Every vehicle has a steering system which gives the driver control over the direction in which they are driving. If you don’t have a functional steering system, then it will create all kinds of problems for you. More importantly, it will make your vehicle unsafe for yourself and the other people on the road around you. Just imagine having to make a turn or trying to change lanes and then having the steering wheel lock up or move slowly. This will likely cause an accident to the point where someone could be injured or killed.

The most common problem with the steering wheel is that it can become difficult to turn. Since most people turn while driving at low speeds, this is when the hard to turn problem will be noticeable. It is a clear indication that your power steering system is having a problem somewhere. There are many components which make up the power steering system. Aside from the serpentine belt and the pump, the system contains hydraulic power steering fluid which works against the piston so that you can easily turn the wheel without much resistance. If there were to be an issue with any one of these areas of the system, then you wouldn’t get the assistance of the power steering to make turning the wheel easier.

Top 5 Common Causes
It is important to understand the main causes of a hard to turn steering wheel. Below are the top 5 causes which you can investigate as soon as you notice that your steering wheel is getting more difficult to turn.

1) Bad Steering Rack – The steering rack is made up of the pinion and rack. A series of U-joints and shafts keep the steering rack attached to the steering wheel. The steering rack will eventually become worn out and damaged from simply using your vehicle. You will know when this happens if your steering wheel is only stiff after you’ve started your vehicle. As the engine stays on longer, the steering rack will get hotter which causes the lubricant to settle in more. Therefore, the steering wheel may become less stiff as the car continues to run. But still, get the rack replaced before the problem escalates.

2) Broken Serpentine Belt – One of the most common causes of steering wheel stiffness is when the serpentine belt is damaged or cracked. This belt is constantly being used when you drive the vehicle so over time, it gets worn down pretty quickly. Then it will become loose which is when the stiffness in the steering wheel will begin. If you don’t replace the belt soon, it will break altogether and then you won’t be able to move the steering wheel at all. It is better to replace the belt before this happens.

3) Leaky Fluid – Perhaps the top cause of a stiff steering wheel is when you don’t have enough power steering fluid in the system. Usually, this occurs if the fluid is leaking from the pressurized hose area. Sometimes the hose will get cracked or simply become loose, causing the fluid to leak out. Since this fluid is needed to pressurize the system and lubricate the pump, you will have a stiff steering wheel if there isn’t enough fluid to perform these tasks in the system.

4) Pump Failure – The pump of the power steering system is what produces the amount of pressure needed to allow you to smoothly turn the steering wheel. If this pump were to stop working, then it will become more difficult to turn the steering wheel. Normally, in these situations, the pump won’t prevent the steering wheel from moving completely. You will still be able to turn it, but it will require a lot more force on your end.

5) Thick Fluid – The power steering fluid can become thicker over time. If you don’t change your fluid regularly, then it will become too thick to lubricate the system. This will cause more stiffness in the steering as you try to turn at low speeds. Therefore, you need to drain this old fluid out and replace it with entirely new fluid.


SOURCE: https://brandspurng.com/5-causes-of-steering-wheel-hard-to-turn/

interesting

�

Thanks OP

intresting

Yesterday marked the last day of #SMWLagos 2018 and we celebrated the African female movers and shakers who are breaking barriers in technology across Africa.

The Kinky Apothecary hosted Female African Powerhouses: Leveraging Social Media To Build Globally Recognised Brands, which featured African female tech leaders who talked about their obstacles and how they continue to leverage social media to build global brands.

Omolara Ajele Awoyemi, Country Manager at Jumia Pay also shared insights on tech career paths with attendees in her talk The Future is Female … Building a Career in Tech on Our Own Terms.

Can mothers actively participate in the business of innovation? If yes, how? That was the focus of the session How Mothers (& Every Woman) Can Leverage Community To Disrupt Any Industry. It shed light on the challenges of the 21st-century businesswoman and how to succeed in spite of it all … especially in fast-paced digital industries.

CNN also brought together rape survivors and activists on its panel The CNN Debate: How Can Social Media Be Used To Drive The African #MeToo Conversation? Although there is still a gap in the persecution of rapists and sexual abusers, social media movements like #MeToo and #NoMore can foster support and progress for victims as well as prosecution of the offenders.

The first ever #LaunchedInAfrica pitch day was also held and it featured African-led early-stage startups showcasing products and services that are disrupting industries across the continent. Congratulations to Aidahbot, a chatbot-building company that enables for small and medium businesses to automate sales, handle inquiries, and receive payment on Messenger, for winning the maiden pitch competition!

#SMWLagos 2018 ended spectacularly at SMW Grand Closing Party Prequel: #HangoutWithFidelity sponsored by Fidelity Bank. We look forward to #SMWLagos 2019 and can’t wait to see you again!



SOURCE: https://brandspurng.com/highlights-from-smwlagos-2018-african-women-in-tech-day-photos/

Akwa Ibom State Government has announced plans to inaugurate ten hectares of farmland for hybrid tomatoes by May this year to meet up with at least fifty percent demand for domestic markets.

Governor Udom Emmanuel announced this on Friday, while on inspection of the Green House Plantation on Ibom International Airport road.

The Governor stated that although the State Government was aiming at having One hundred percent for domestic markets, there are some that are purely for exports.

Governor Emmanuel described as a major revolution, the farming that was being carried out there, noting that the cucumber produced in the farm was the best in the world due to its content.

He said Government was taking steps to ensure that the items are exported.

The Governor who said that the State Government was running the administration based on its vision and blueprint, stressed that any Government that cannot feed its own citizens is not working, irrespective of the infrastructure it provides.

According to Governor Emmanuel, Akwa Ibom was taking a total approach towards the welfare of its people by thinking right from what the people eat, wear and to the building of individual capacity to the expected level.

The Governor who made a stopover at the State Airport Power Substation Project announced that the essence of the project was to stop the daily use of generating sets to power the airport and avoid wastage.

He said part of the over One hundred megawatts of electricity generated by the Ibom Power Plant is to be drawn to the substation at the airport.

Governor Emmanuel explained that the power project was to effectively boost power supply to the MRO, the terminal building, cargo operations and other airport facilities when they become fully operational.

Speaking further on the developments at the airport, the Commissioner for Housing and Special Duties, Mr Akan Okon, explained that the second runway which is 3.6km will, on completion, have the capacity to carry a 747 Cargo Aircraft.

The Commissioner stated that so far, 3.5 out of the 3.6km in the 60 metres wide runway has been completed.

He said Akwa Ibom Government has made significant progress on the Airport and expressed optimism that the Federal Government would work with the State with a view to completing the MRO facility which was originally designed to be a National Maintenance Aviation Centre.

The Group Managing Director of ALCON, the Contracting Company at the Airport, Engr. K. C. Akuma, explained the workings of the Power Distribution Centre in the Airport noting that the current consumption was 2 megawatts.

He said the MRO, International Terminal building phase 2 and others expected to come on stream subsequently will consume about 7.5 megawatts still leaving enough gap for whatever facility the State Government may intend to bring on board in the future.

The Secretary to the State Government, Dr Emmanuel Ekuwem, Commissioners and other top government functionaries joined the Governor during the Inspection tour.

SOURCE: https://brandspurng.com/aksg-plans-10-hectares-tomato-plantation-explains-airport-power-project-photos/

As part of its efforts to protect the environment, help in cutting down on power consumption and saving teeming Nigerian consumers some money on electricity bills, the leading electrical appliances retailer, Coolworld Retail Store has introduced a new range of Haier Thermocool refrigerators, freezers and air conditioners into the Nigeria market.



The company states that their new Haier Thermocool ranges of Energy Saving refrigerators and freezers have the ability to save up to forty percent on energy consumption while the Energy Saving Inverter DC technology Air Conditioner, aptly named GENPAL, can save up to sixty percent on energy consumption.

According to the company, all the products were birthed out of the desire to give consumers the best comfort experience on home appliance usage at a reduced energy charge.



Speaking at the launch event in CoolWorld Retail Store in Lagos, the Marketing Director of HPZ Ltd., Mrs Bukola Bandele disclosed that whether the consumer is a trendy young corporate executive or a busy working mother, the desire to minimize electricity bills and save money as well as sustain a comfortable lifestyle remain constant. “This is why we decided to take ownership of this energy saving conversation by championing the provision of quality energy-saving home appliances on all models of our Fridges and Freezers and the new GENPAL; to give everyone greater peace of mind, irrespective of the size purchased,” she explained.



According to her, as the No.1 Electrical Appliance business in Nigeria with Haier Group partner who is No.1 Worldwide for the Sixth Consecutive Years, investment in the project is a true demonstration of Haier Thermocool steering the market in the right direction by delivering right benefits first to the Consumers, the Community where the business operates & the Country at large.

Bukola Bandele added that the new products are made with improved globally-accepted and environmentally friendly refrigerants. “It has no destructive effect to the ozone sphere; thereby preserving the environment for the future generations. She mentioned that at least 40% of global refrigeration now employs environmentally friendly refrigerants and as such, ‘we are delighted to be the leading organization to employ this technology that reduces our carbon footprint by 97%” she stressed.

Mrs Bandele reiterated that consumers will have full benefit and experience on all the models & sizes of the New Energy Saving Refrigerators, Freezers and Air-Conditioners which come with significant cost savings on electricity consumption, are environmentally friendly, have faster cooling system and can withstand low voltage supply. She mentioned that the products are now available at CoolWorld Retail stores and other Thermocool showrooms across the country.

She promised that consumers will continue to witness a plethora of innovative and forward-thinking products from the stables of Haier Thermocool as they consistently churn out products with top-notch technology and multiple capabilities that will keep their brands permanently in the minds of consumers. “For over 45 years, we have consistently championed consumers’ comforts by walking miles in their shoes to understand their pain points and by using technology to transform the way consumers live, work and play” Bandele explained.

Activities lined for the post-launch phase include a full 360-degree communication campaign, supported by in-store experience at the CoolWorld Retail Stores & Thermocool Showrooms nationwide, making it possible for consumers to access the new energy-saving appliances and start saving money nationwide.

SOURCE: https://brandspurng.com/coolworld-unveils-the-new-haier-thermocool-energy-saving-electrical-appliances-into-the-nigerian-market-photos/

Wazobia FM, Ray Power FM and Cool FM are the three radio stations with the largest audience share in Nigeria according to the latest radio and television ranking by GeoPoll for Q4 2017.

Radio listeners in Nigeria tend to spend most of their time listening to Ray Power FM, Wazobia FM and Cool FM throughout the day. There is a stiff competition amongst the other radio stations throughout the day.



According to the survey, 11% of television viewers prefer Channels TV to any other television station in Nigeria, followed by AIT, Zee World and CNN with a share of 8% each while 8% % of Nigerians prefer listening to Wazobia FM, Ray Power FM and Cool FM respectively.

The survey also puts Nigeria Info FM at 4th with a share of 4%. People listening to other stations outside the top 10, which broadcast across the country at a regional level, account for the remaining 54% share.



The GeoPoll Media Measurement service has been examining ratings and audience share for the top stations (Radio & Television) in Ghana, Kenya, Uganda, Tanzania, Rwanda, Democratic Republic of Congo, Mozambique and Nigeria to provide media insights into markets where data is scarce.

GeoPoll has used its daily data which is collected through its Media Measurement Service to analyze the top TV stations in Nigeria for Q4, 2017. They have analyzed both ratings and share of the stations at the national level.



Channels TV is the leading TV station in Q4, 2017 in Nigeria with its most being spotted at 9.30PM with an average of 3.2. Zee World attains the 2nd position in ratings apart from at 8.30PM where AIT overtakes it by an average of 0.1.



GeoPoll also examined average share across the entire day during Q4, 2017.

Channels TV takes the lead in audience share with 11% followed by AIT, Zee World and CNN with a share of 8% each.

NTA is asked at the regional level for each state, and the ratings for each individual NTA station combine to account for a large % of the ‘Other’ stations outside of the top 10.

Source : https://brandspurng.com/radio-tv-audience-ratings-wazobia-fm-ray-power-fm-cool-fm-are-the-top-3-radio-stations-in-q4-2017/

Interesting

Interesting

Interesting

The Delta State government has approved the construction of 10,000 housing units for civil servants by Greenfield Assets Limited in Illah, Oshimili North Council of the state.This was made public by the state Commissioner for Information, MrPatrick Ukah, after the State Executive Council meeting held inside the EXCO chambers in Government House, Asaba, on Tuesday.

He said that the approval is to alleviate the housing challenges facing civil servants in the state, especially Asaba, the state capital, with a view to making them more comfortable to meet the demands of their offices.

Also approved is the Phase 1 of the completion of the Udu Harbour Market, as well as the construction of concrete drains and discharge channel from Refinery Road through Aribogha Street, Jesus is Lord Street to the natural waterway by Regal Clinic, Jakpa Road, Effurun, in anticipation of the raining season.

In its avowed determination to connect all communities to major cities in the state, Ukah said that the government approved the continuation of the construction of Ibusa/Achalla/Asaba Road (Phase 1: 4.125 km) in Oshimili North Local Government Area, in addition to the construction of Ogulagha/Youbebe/Biniebiama Road (1,500 metres) in Burutu Local Government Area and the rehabilitation of Orogun-Emevor Road and Erhieta Road (4.6 kilometres).

Also approved is the completion of the New General Hospital Road with a spur to Joy Ariguzor Street, off Okpanam Road, in the state capital territory, the construction of Arhagba—Orogun Road (11.294 kilometres) in Ughelli North Council and the construction of Upper Ojekpolor Street, (1,150 metres) in Ika North East Council.


SOURCE: https://brandspurng.com/delta-government-approves-10000-housing-units-for-civil-servants/

Wandel International Nigeria Limited, a member of the Simba Group and makers of alternate energy power solutions which include inverters and solar powered systems recently launched its Inverlast range of inverter batteries into the country at a dealer’s conference held in Abuja.

Luminous Inverlast batteries are long-lasting batteries developed especially for inverter usage. They use a tubular battery design which reduces internal corrosion and extends the life of the battery. The batteries also charge much faster compared to existing ones available in the market due to the way the tubes are structured, which positively impacts the way they store energy.

Speaking at the conference, a representative of Simba Group, Mr Rajneesh Gupta stated that these batteries have already taken over the Indian inverter battery market, and the company is ready to launch these batteries in Nigeria. He added, “At Simba, we have always been at the forefront of innovation and that is what has driven our success. We have invested in the infrastructure required to launch these batteries in Nigeria so that our customers are able to derive the specific technological benefits, and enjoy always-on power for longer.”

Also speaking at the conference, a senior official of Luminous India, Mr. Soamy Dixit explained that Luminous is by far the biggest player in the inverter segment in India, and the company’s brand of Tubular batteries dominates the market due to its advanced technologically and remains extremely affordable because of Luminous’ in-house R&.

“We manufacture our inverters in India, the biggest inverter market in the world where nearly the entire market uses Tubular batteries now. This is because these batteries are designed specifically for inverter applications and the technology used allows it to last longer than the VRLA batteries which are still used in the Nigerian market” he said.

Responding on behalf of the dealers, Mr. Hibbolitus Nzebube of Shobaz Electricals noted that the performance of the batteries in the market and testimony from many households have shown that Nigerians are really pleased with the quality of service.

”I can say that my customers have been testifying to the performance of the products. I have not had any complaint from customers and it has been good testimonies all the way,” he disclosed.

SOURCE: https://brandspurng.com/luminous-introduces-long-lasting-inverlast-batteries-for-inverters/

The Nigerian government is planning to construct 3,500 housing units this year; this is after the Federal government made provisions for the delivery of the housing units in the 2018 budget estimates.

Confirming the reports was Minister of Power, Works and Housing, Mr Babatunde Raji Fashola, during the opening of the 3rd national Real Estate Summit in Abuja recently. He disclosed that the construction of over 2,700 housing units which began in 2017, would be delivered soon.

The housing units

“Construction of 3,500 housing units which has been included in the 2018 Budget estimates will start this year, however, over 2,700 housing units whose construction started in 2017 will be complete soon,” said Mr Fashola.

He further pointed out that the government was committed to housing which will, in turn, reduce the housing congestion experienced in the country. Represented by his Special Adviser on Housing and Urban Development, Biodun Oki, Fashola, noted that the project was currently going on in 34 states of the federation.

Additionally, the President, Nigerian Institute of Building (NIOB), Kenneth Nduka, advocated for construction of more affordable houses for Nigerians. He rooted for the involvement of professionals in the processes of housing delivery at conception, design and completion stages.

Mr. Nduka also called for the domestication of the National Building Code in all the 36 states of the federation, saying that when domesticated the issue of incessant collapse of buildings will be tackled.

SOURCE : https://brandspurng.com/nigeria-set-to-construct-3500-housing-units-in-2018/

New automotive accolades from CNET and MotorWeekStinger wins plaudits for design, engineering and performanceShortlisted for North American and European Car of the Year awardsKia Stinger on sale now globally

The Kia Stinger has been honoured with a series of prestigious awards by European and North American media. The growing number of accolades for the new fastback sports sedan make the Stinger one of the most celebrated new Kia vehicles ever – just a few months after going on sale.

Since the start of the year, the Stinger has been awarded the Roadshow by CNET 2018 ‘Shift Award Vehicle of the Year’, and ‘Best of the Year’ in the MotorWeek 2018 Drivers’ Choice awards – the top honouring the 14-category awards program. The car has also been shortlisted in both the North American and European Car of the Year award programs, with the winner of the latter crowned at the forthcoming Geneva International Motor Show in March. The Stinger is one of seven candidates being considered by the 60 European automotive journalists on the jury.



Bryan Cho, Chief Marketing Officer of Kia Motors Corporation, commented: “We are proud of what we have achieved with the Stinger, and multiple accolades highlight how this pioneering vehicle has true global appeal. It provides something different and exciting to customers, in terms of its design, character and performance, and it is gratifying to see the efforts of our engineers and designers recognised by media across the world.”

The Stinger has been widely praised by motoring media for its fun-to-drive handling characteristics, high refinement, and exceptional grand touring capabilities. It has been named ‘Car of the Year’ in Slovakia, ‘Performance Car of the Year’ in the UK, and awarded the ‘Trophée Argus 2018’, voted for by leading French media. The Stinger has also been shortlisted for the Czech ‘Car of the Year’ award.



Its sleek Gran Turismo looks have resulted in a 2018 ‘iF design award’, one of the most prestigious pan-industrial design awards, while its 3.3-litre twin-turbo V6 gasoline engine – delivering effortless pace and performance – has been named on the Ward’s ’10 Best Engines’ list for 2018.

The Kia Stinger was designed in Europe by Peter Schreyer, Kia’s Chief Design Officer and President, and Gregory Guillaume, Senior Chief Designer for Kia Motors Europe. The car’s chassis and drivetrain were honed at the Nürburgring Nordschleife and on roads around the world. Specified with the high-performance 3.3-liter twin-turbocharged V6 gasoline engine*, the Stinger is the most powerful and fastest-accelerating production Kia ever. All engines are paired with an eight-speed automatic transmission and are available with a choice of all-wheel or rear-wheel drive. The Stinger is on sale now globally.

SOURCE: https://brandspurng.com/new-kia-stinger-claims-more-prestigious-industry-awards-photos/

49% report their company suffering fraud in last two years, up from 36% in 2016The majority of external perpetrators (responsible for 40% of fraud) are “frenemies” of the organisation – agents, shared service providers, vendors and customers41% have spent at least twice as much as they lost to cybercrime, on investigations and other interventions64% estimate losses linked to most disruptive frauds at up to $US1m; 16% say between $US1m and $US50mCybercrime is predicted to be the most disruptive fraud for organisations in the next 24 months

A much wider awareness and understanding of the range, threat and cost of fraud in business has driven reported economic crime to its highest level recorded in PwC’s bi-annual survey of business crime.

The Global Economic Crime and Fraud Survey examines over 7200 respondents from 123 countries including Nigeria.

Overall, 49% of respondents’ globally, said their companies had suffered fraud in the last two years, up from 36% in 2016. Regionally Africa (62% up from 57%), North America (54% up from 37%) and Latin America (53% up from 28%) reported the highest levels of economic crime.

The findings from Nigeria follow a similar pattern with more than half of respondents (57%) reporting that their organisations have been victims of economic crime in Nigeria within the last 2 years up from 26% in 2016.

Globally, Asset misappropriation (45%) continues to lead in economic crime experienced by organisations in the last 24 months, cybercrime (31%), consumer fraud (29%) and business misconduct (28%) are close behind.

Nigeria presents a slightly different picture with respondents indicating that Procurement fraud (38%) is the most prevalent economic crime in Nigeria in the last 24 months. This is followed by Bribery and Corruption (33%), Accounting fraud (32%) and Business misconduct at 31%.

This year’s survey revealed a significant increase (+6% to 52%) in the share of economic crime committed by internal actors. There was also a jump in the percentage of those crimes attributed to senior management (from 16% in 2016 to 24% in 2018). However, there are regional variations. In Australia (64%), the UK (55%), Canada (58%); Argentina (44%) and the US (48%), most reported crime was committed by external actors.

The results underline the greater awareness and understanding of the types of fraud, perpetrators, the role of technology, and fraud’s potential impacts and costs for a business, comments Cyril Azobu, PwC Nigeria’s Consulting Leader:

“We can’t equate higher levels of reported crime with higher levels of actual crime. What the survey is showing us is that there is far more understanding of what fraud is and where it is taking place. It’s particularly true of cybercrime, where there’s a much greater understanding of the issues, investigations, analysis, and greater investment in controls and prevention.

“However, despite the progress in understanding and reporting, the fact that just over half (51%) of respondents say they have not, or don’t know if they have experienced fraud in the past two years, suggests blind spots still exist in many organisations.”

Other key findings include:

18 countries reported cybercrime to be more disruptive than the global average (15%), including Ireland (39%), Belgium (38%), South Korea (31%), Canada (29%), the UK (25%), and the US (22%) all reporting higher than the global average.

Employee morale, business relations, damage to reputation and brand strength are the top three impacts reported.

Reports of disruption from consumer credit card and financial fraud were higher than the global average (29%) amongst regions including Africa (36%); Eastern Europe (36%); and North America (32%).

Cybercrime is likely to be the most disruptive economic crime in the next two years, with respondents saying it is twice as likely as any other fraud to be identified to potentially impact organisations. It’s also reflected by a rise in the number of people reporting having a cyber prevention and detection plan in place and fully operational (59%, up from 37% in 2016).

Cost of fraud and prevention

As awareness, and the profile of fraud and economic crime has risen, so too have investments to combat it, linked also to the direct financial losses reported in the past two years. In the coming two years, 51% will maintain investment levels, and 44% will increase them.

Nearly two thirds (64%) of respondents said losses from the most disruptive frauds they experienced could reach up to $US1 million; 16% said between $US1 million and $US50 million.
42% (+3%) of respondents indicated their companies increased their financial commitment to combating economic crime over the past two years.

Abiodun Adegboye, Associate Director, Forensic Services, PwC Nigeria comments;

“The funds allocated to crime detection and prevention are increasing, and that has a multiplier effect in terms of understanding and detection of fraud. Put simply, the impact of fraud is no longer an acceptable cost of business.”

68% of external perpetrators (responsible for 40% of fraud) are “frenemies” of the organisation – people the organisation works with, including agents, shared service providers, vendors and customers.

“Fraudsters are more strategic in their goals, and more sophisticated in their methods,” continues Adegboye. “It’s a big business in its own right. It is an enterprise that is tech-enabled, innovative, opportunistic and pervasive – like the biggest competitor you didn’t know you had.”

Respondents to the survey admitted secondary costs such as investigations and interventions can increase overall costs. 17% of respondents said they had spent the same amount again as they had lost on investigations and/or interventions of their most disruptive fraud and 41% said they spent at least twice as much as they lost to cybercrime on investigations and other interventions.

Fighting fraud

With the public’s tolerance for corporate and personal misbehaviour declining, in addition to beefing up their internal controls, many respondents reported addressing fraud prevention through corporate culture initiatives (via internal or external tip-offs or hotlines) through which 27% of frauds were detected.

Respondents also reporting using technologies like artificial intelligence (AI) and advanced analytics as part of their efforts to combat and monitor fraud. The survey shows that companies in emerging markets are currently investing in advanced technologies at a faster rate than their counterparts developed nations: 27% of organisations in developing markets currently use or plan to implement AI to combat fraud, versus 22% in developed markets.

Despite higher levels of understanding and reporting of fraud, blind spots still prevail. 46% of respondents globally said their organisation has still not conducted any kind of risk assessment for fraud or economic crime. Additionally, the percentage of respondents who indicated they have a formal business ethics and compliance programme has dropped from 82% to 77%.

“Fraud is the product of a complex mix of conditions and motivations, only some of which can be tackled by machines,” comments Cyril Azobu.

“While technology has a strong role to play in monitoring and detection when it comes to blocking that ‘last mile’ to fraud, the returns from people initiatives are likely to far exceed those from investing in another piece of technology.”

“It’s particularly relevant when you consider a sizable percentage of the ‘external’ perpetrators is made up of third-parties with whom companies have regular relationships: agents, vendors, shared service providers, customers and more. Everyone in the business must be vigilant about who it allows in to access its systems and processes.”


SOURCE: https://brandspurng.com/reported-global-economic-crime-hits-record-levels-cybercrime-rising/

LG Electronics has launched Multi V 5 commercial air conditioner into the Nigerian market.

The Multi V 5 solution is designed to offer exceptional performance even in extreme climate conditions with its streamlined functionality optimizing energy efficiency and maximizing user comfort at all time. It is equipped with an innovative Dual Sensing Control that monitors temperature and humidity level to efficiently manage cooling and heating.

The commercial air conditioner was unveiled recently at the Eko Hotel & Suites Lagos.

Speaking at the unveiling ceremony, General Manager, Air conditioning and Energy Solution Division, LG Electronics West Africa Operations, Cholyong Park said: “As a company with a great focus on producing energy-saving and efficient products, we are happy to introduce the Multi V 5 into the Nigerian market. With this product in the market, we are in a better position to work with our dealers and business partners to make LG the No. 1 provider of smart and efficient HVAC solutions.

“Equipped with LG’s exclusive Ocean Black Fin, the MULTI V 5 is protected from corrosive substances such as salt, sand and other elements brought in by sea winds as well as industrial pollution. The black coating of the Ocean Black Fin heat exchanger keeps water from accumulating in order to minimize moisture build up. The durability enhancement prolongs the product’s lifespan and lowers maintenance costs, paving the way for improved performance.

“Efficient systems like the Smart Load Control make it possible to effectively regulate outdoor unit discharge refrigerant temperature, increasing energy efficiency anywhere from 15 to 31 percent depending on humidity conditions. This is ideal especially for tropical environment as the Smart Load Control function’s comprehensive understanding of its surroundings helps optimise energy efficiency while maximizing indoor comfort levels.

“Typical VRFs normally fluctuate considerably in order to maintain a set indoor temperature, making them highly inefficient. The introduction of the new technology is coming at a time LG is looking at the direction of laying more emphasis on its business to business in Nigeria, where the demand for energy-saving technology is increasing on a daily basis.

“The unveiling of the Multi V 5 which is LG’s newest Heating Ventilation and Air Conditioning (HVAC) solution is evidence of the electronic giant’s drive to always be ahead of the competition and lead in innovation by ensuring consumers’ satisfaction and comfort is a key concern when manufacturing products. Expectedly, this cutting-edge technology would gain significant market share in Nigeria and indeed, Sub-Sahara Africa.

“Interestingly, the Multi V 5 solution is designed to offer exceptional performance even in extreme climate conditions with its streamlined functionality optimising energy efficiency and maximizing user comfort at all time. It is equipped with an innovative Dual Sensing Control that monitors temperature and humidity level to efficiently manage cooling and heating. The Multi V 5 is no doubt a powerful climate control solution that can excel in tough climates,” Park said.


SOURCE: https://brandspurng.com/lg-electronics-launches-multi-v-5-commercial-air-conditioner-into-nigerian-market/

Interesting

Nigeria’s gross domestic product grew 1.92 percent in the last quarter of 2017 compared with a 1.73 percent contraction in the same period the previous year, the National Bureau of Statistics said on Tuesday.

Nigeria’s economy returned to growth in the second quarter of 2017 but the recovery has been fragile since it is largely due to higher oil prices. The International Monetary Fund (IMF) said in December that the economy remains vulnerable.

This growth is compared to a contraction of –1.73% recorded in Q4 2016 and a growth of 1.40% recorded in Q 2017. 

Quarter on quarter, real GDP growth was 4.29%. 

The year 2017 recorded a real annual growth rate of 0.83% higher by 2.42% than –1.58% recorded in 2016.

In the quarter under review, aggregate GDP stood at N31,209,137.74million in nominal terms higher when compared to N29,169,058.99 million in Q4 2016, resulting in a Nominal GDP growth of 6.99%. This growth is lower relative to growth recorded in Q4 2016 at 12.49%. Nominally, 2017 recorded an annual growth rate of 12.05% higher by 4.25% compared to 2016 annual growth of 7.80%. The broad classification into the oil and non-oil sectors will give a clearer depiction of the Nigerian economy. 

The Oil Sector

In the period under review, Oil production averaged at 1.91million barrels per day (mbpd), -0.12million barrels lower than the daily average production recorded in the third quarter of 2017. Oil production during the quarter was higher by 0.15million barrels per day relative to the corresponding quarter in 2016, which recorded an output of 1.76mbpd.

The Non-Oil Sector
The non-oil sector grew by 1.45% in real terms during the reference quarter.  This is higher by 1.78% point compared to the rate recorded same quarter, 2016 and 2.21% point higher than in the third quarter of 2017. The non-oil sector recorded an annual growth of 0.47% compared to –0.22 in 2016. This sector was driven this quarter mainly by Agriculture (Crop), Trade and Transportation and storage. In real terms, the Non-Oil sector contributed 92.83% to the nation’s GDP, lower from share recorded in the fourth quarter of 2016 (93.25%) but higher than in the third quarter of 2017 (89.96%). Annual contribution was 91.32% and 91.65% in 2016. 

SOURCE: https://brandspurng.com/nigerias-economy-grew-1-92-in-q4-2017-0-83-for-full-year-2017/

The Federal Executive Council, (FEC) in Nigeria has approved US $6.7bn for the construction of Ibadan-Kaduna rail project. The Minister of Transportation, Rotimi Amaechi, presented the project memo to FEC for approval.

While addressing State House correspondents after a meeting held inside the council chamber of the presidential villa, the Minister said that the rail project will cost US $6.7bn, with a completion period of three years.

According to, FCT minister, Mohammed Bello, FEC gave two approvals to the Federal Capital Territory. The first, he said, is the award of supply of chemicals to FCT water companies at the cost of US $767,021 and the reconstruction of Bill Clinton Drive, Airport road, which has started showing sign of failure after 20 years of service; at the cost of US $5.3m with seven months completion period.

”The Council approved the award of a new contract from Ibadan to Kaduna. Earlier, the council had awarded from Kaduna to Kano‎; now the entire Ibadan to Kano as a stretch has been awarded. What was awarded today was Ibadan to Kaduna at the cost of US $6.7bn. This is an old contract that was awarded in 2006,” said Minister Amaechi

“The only difference now is that we had to award the spur that is going to Ado-Ekiti. There is a new contract from Oshogbo to Ado-Ekiti that has brought the entire contract to US $6.7bn from Ibadan to Kaduna and it was awarded to a Chinese company,’’ he added.

SOURCE: https://brandspurng.com/nigeria-approves-us-6-7bn-for-ibadan-kaduna-rail-pproject/

E don happen again.

Serial digital entrepreneur and Chairman of Zinox Group, Leo Stan Ekeh, has charged the Federal Government to seriously consider extending exceptional tax concessions to the technology sector as a means of encouraging the huge undoubted youthful potential in the sector to create a new economy.

According to Ekeh, the tech sector that is driving leading economies in the world is struggling seriously in Nigeria. And in spite of the great and sincere efforts of the present administration, the Nigerian economy is also fatigued as a result of its predominantly analogue nature. In his opinion, millions of Nigerian youths nurse big dreams and have the capacity to thrive in a new and futuristic economy that is technology-driven, but urgently need government support in terms of structured capital and tax concession during their incubation period.

Ekeh affirmed that these young men and women have globally certified education and need the right environment to exhibit their capacity, noting that if the country cannot provide it, the situation will create unfortunate ones who would resort to scientific robbery, kidnapping and many other vices. He also warned that the nation may not experience all-inclusive peace until we provide for these brilliant kids.

The Zinox Chairman made this call at the Silverbird Man of the Year Awards held at the prestigious Eko Hotel & Suites, Victoria Island, Lagos on Friday, February 23rd, 2018.

In attendance at the event was a host of dignitaries from the public and private sectors including former Vice President, Atiku Abubakar; Deputy Senate President, Ike Ekweremadu, several serving Governors including Ekiti State Governor, Ayo Fayose; Rivers’ State Governor, Nyesom Wike; Governor of Kebbi state, Abubakar Bagudu and the Bayelsa State Governor, Seriake Dickson. Also present was the CBN Governor, Godwin Emefiele, Senators Dino Melaye and Ademola Adeleke as well as Hon. Femi Gbajabiamila. Others include Chief Abba Folawiyo, Senator Daisy Danjuma, Lady Maiden Ibru and Stella Chinyelu Okoli, among others.

Ekeh, who received the Extraordinary Business Achievement Award at the event, disclosed that globally, technology has become the driving force behind the fortunes of many nations. According to him, the 10 richest men in the world and the biggest companies in the world today can all be found in the technology sector – a reality that shows how technology remains the only profession that can help Nigeria bridge the gap between it and other advanced countries in the world.

“Technology is the only profession in the world today that can make the son of the poorest man the richest man in the world. Though still struggling, I am a practical testimony of the possibilities in the sector, having led several technology teams that deployed in Iraq, Libya, Guinea Bissau, etc. However, I am still Nigeria-based. It is not just its lifestyle nature but technology is the only profession in the world today in which you can experience miracle wealth. Our kids have read, seen and worked in tech companies or tech-driven companies in the world that became multi-billion dollar companies within five years and they are smarter than many of these foreign entrepreneurs but their only sin is that they are Nigerians and living in Nigeria.

“I have experienced this frustration for over 30 years and it is too late for me to complain. These kids are 21st Century youths and the majority of them are not interested in agriculture and will never be forced to adopt it because of its unstructured nature. Youths today are faith-driven and can anticipate the future better than their parents and leaders.  My research shows that over 85%  of them would rather prefer to make money only from tech-driven platforms which certifies them as global citizens or do nothing.”

Continuing, Ekeh disclosed that, “If the Federal Government of Nigeria can invest 20% of what she has invested in the Agricultural sector in the Tech sector, over 75% of present unemployed youths would become employed or self-employed in a profession that has a future. I am not against investment in the Agricultural sector, but it is a sector of extreme passion today due to its present analogue nature.  Our leaders should ask their children who trained in quality institutions if any of them would want to do farming, for example. I’m sure the answer you will get is 100% NO. So, who do you expect his child to go into farming? Farming is good, but it is a profession of passion. You can’t force a young man or woman to farm,” he declared.

While commending the government and its agencies, especially the Federal Inland Revenue Service (FIRS) for improving the tax revenue base of the country, Ekeh pleaded with the Federal Government to encourage a new and prosperous economy by allowing entrepreneurs in the ICT sector a decent tax-free period of at least ten years – an incentive that will see Nigeria prosper immensely in the technology front.

“If this is granted, this country will experience, within the next five years, an army of tech billionaires whose one-year tax payments shall significantly be more than our present ten years’ collections. We must see the bigger picture and prepare for tomorrow instead of frustrating people at incubation period. IT companies in today’s Nigeria are the poorest corporates and slowly disappearing – a situation which I find very unfortunate. Tech kids are restless and need time to develop, experiment and deliver products into the market successfully. Most times you succeed with one out of the thirty you invested money and time in.  It takes time to stabilize in a country that is not digitally-driven. I am in a better position to tell this story because I have been in the same sector for over 30 years. The sector is full of hype because it is a youth-dominated profession and when the FIRS personnel read, they come to the conclusion that you are a multi-billionaire and then go after your company.

“I plead with the Federal Government to grant tax concessions to the technology sector. Tech guys have the potential to create sustainable wealth and transform this country for good. I challenge the people in government, including the few present here such as the Deputy Senate President, distinguished senators and several Governors.”

Ekeh, who heaped praises on the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele and his team for protecting the economy from failure during the recent economic recession, also called on him to intervene in the IT sector more than he has done in the Agricultural sector by extending support to millions of young Nigerians yearning for an opportunity to transform the fortunes of the country.

“I advise him to have a simple conversation with his kids during breakfast and see where their faith for decent future belongs.”

He rounded off by encouraging the younger generation to remain focused in a brighter future.

“Having done this for the past 35 years as a disruptive digital entrepreneur in Africa, I can only encourage the younger ones here. When I look at the global figures and the stock market, the biggest enterprises in the world are tech companies. It tells me there is a future for you, so do not be discouraged,” he concluded.

Arguably Africa’s biggest technology entrepreneur, Ekeh has built the Zinox Group into a foremost integrated ICT conglomerate with a 360-degree spectrum orientation and advanced competencies in manufacturing, software development, distribution, core and enterprise ICT solutions, retail and after-sales support, among others. His recent acquisition of e-commerce giants, Konga – a development that is widely expected to raise the profile of e-commerce in the country – has further gone a long way to show the far-reaching ambitions of Ekeh who launched BuyRight Africa, Nigeria’s first e-commerce company about 10 years ago.



SOURCE: https://brandspurng.com/ekeh-to-fg-grant-exceptional-tax-concessions-to-save-tech-sector/

Fela Durotoye is a NATION BUILDER & the Chief Executive Officer of the GEMSTONE GROUP, a Leadership Development Institution aimed at raising leaders of excellence and exemplary values who would be committed to building Nigeria into a most desirable nation to live in by Wednesday the 31st of December 2025.

 

Fela Durotoye is considered one of Nigeria’s leading strategists and business consultants with expertise in Culture Transformation, Service Leadership, Workforce Activation & Facilitating Strategic Retreats.

 

The list of corporate clients in the private sector that have been assisted by Fela DUROTOYE in their quest for phenomenal service leadership culture and corporate transformation management spread across different spheres of the economy.

 

His clients in the Banking & Finance sectors include Access Bank, GTBank, First Bank, Zenith Bank, First City Monument Bank, Diamond Bank, Fidelity Bank, United Bank for Africa, Skye Bank, Stanbic IBTC Bank and Standard Chartered Bank, ARM Pensions, Vetiva Asset & Management Ltd and Cordros Capital.

 

His clients in the Oil & Gas sector include Shell Petroleum Development Corporation, Oando, Total, Addaxx Petroleum, Masters Energy, Bell Oil & Gas and the Nigerian Liquefied Natural Gas Company.

 

In the telecommunications sector, his clients include Airtel, MTN, Etisalat and Multichoice Nigeria.

 

In the Manufacturing & FMCG space, his clients include Peugeot Automobiles, Printserve, Lafarge, Procter & Gamble, Unilever, Nestle, Sanofi Aventis and Pfizer.

 

In the multilateral and public sectors, the client list also includes Eko Electricity Development Company (EKEDC), Benin Electricity Development Company (BEDC), African Finance Corporation, The European Union (EU Nigeria office), The Economic Community of West African States(ECOWAS) as well as the state governments of Lagos, Oyo, Kwara, Abia, Anambra, Bayelsa, Rivers, Ondo and Ekiti.

 

Fela currently mentors over 15,000 leaders in business, enterprise, education, religion and the professional services sectors on the platform of The Fela Durotoye Leadership Network.

 

Fela holds a Bachelors degree (B.Sc.) in Computer Science & Economics along with a Masters degree in Business Administration (MBA) from the prestigious Obafemi Awolowo University, Ile-Ife where he wrote his MBA thesis on The Management of Change in Complex Organisations.

 

He is also an Alumnus of Kennedy School of Government Executive Education program of the prestigious Harvard University, Boston (Massachusetts). He has completed the High Impact Leadership for a Better Society program at the prestigious Yale University, New Haven (Connecticut). Fela also attended the Future Candidate program at The Leadership Institute, Arlington (Virginia) all in the United States of America in addition to being a certified leadership coach of the John Maxwell Team.

 

In 2015, Fela completed the Executive Seminar program on Strategy, Innovation & Governance with specific focus on Sustainability for NGOs and Corporate Organizations at the prestigious Lagos Business School (LBS).

 

Fela, in his firm belief that effective law enforcement will play a vital role in our social stability and national development, signed up for and completed the Supernumerary Police training program at the Nigerian Police Training School, Ikeja and received the Distinguished Student Award at his graduation and passing out parade.

 

Fela Durotoye is a guest lecturer on ETHICAL LEADERSHIP at the prestigious STANFORD UNIVERSITY| Seed Program to CEO’s of businesses with operations across the African continent.

 

He presently sits on the board of several companies across the spectrum of Nigerian’s economic space such as O NAPHTALI (leading scratch card print company in Nigeria) and BUBEZ FOOD COMPANY.

 

He is currently the chairman of the boards of Directors of some of Nigeria’s leading companies HOMEBASE MORTGAGE BANK LIMITED, I-ASPIRE MEDIA and ORBRA ICT.

 

Fela is on the advisory board of Nigeria Canada Forum (NCF) based in Regina Canada.

 

Fela Durotoye has been at the forefront of the movement to build a New Nigeria for over a decade. He is renowned for history making on the national or global stage. Over the past decade, he has built a track record of National Transformation projects, many of which are so bold and audacious; near impossible tasks.

 

Notable among the too many to mention transformation projects which Fela has championed is the largest urban renewal project in Nigeria’s history known as MUSHIN MAKEOVER where Fela mobilized over 2,000 volunteers to paint 296 houses across 7 streets of the Mushin suburb of Lagos, AT NO CHARGE to the owners and resident of the buildings.

 

In the course of the Mushin Makeover project, over 100 unemployed youths were trained by Berger Paints PLC in ‘The Art & Technique of Painting’. Today, they have become vibrant painters and are able to earn a living as a result of the Mushin Makeover project.

 

On the 24th of November 2012, FD organized the epoch-making GEMSTONE GLOBAL READING FESTIVAL where over 12,000 students spread across 18 state capitals in Nigeria as well as in 9 countries across Africa, Europe and the USA all read out aloud in their various locations selected sections of Fela’s book 17 SECRETS OF HIGH FLYING STUDENTS (17 SECRETS) at the exact same moment in time at the same time across several time zones.

 

This was the first-ever simultaneous global reading of a book in 17 cities in Nigeria and 17 countries across the world at the same moment in time (via live streaming). The reading was done simultaneously, taking into account, the different time zones of each reading centre.

 

During this project, Fela Durotoye donated 17,000 copies of the 17 SECRETS to students from Public schools, many of whom could not afford it all across the nation. Twith the aim of enhancing the reading culture

 

Also in  November 2012, Fela broke the world record for “autographing the largest number of books by one author” when he autographed non-stop 10,000 copies of his book in one-seating over a period of 8 hours and 43 minutes.

 

In 2014, the Deliver The Future Project was founded and embarked on a leadership and personal transformation tour to tertiary institutions such as University of Ibadan, Ahmadu Bello University Zaria, Benson Idahosa University etc

 

The aim is to leave its trail in academic excellence by encouraging the academic and non-academic staff of schools to improve the standard of communication and process of knowledge transfer to create a more conducive learning environment.

 

The GEMSTONE Network actively engages transformational leaders at all levels of the society; through the GEMSTONE Leadership Clubs in over 300 primary and secondary schools as well as GEMSTONE Leaders ConnectNetwork on more than 70 campuses in tertiary institutions across Nigeria. The GEMSTONE Leadership Corpnetwork activates recent graduates on the National Youth Service Corp program to engage is community transformation projects across 30 states of the nation.

 

Perhaps Fela’s most significant contribution to Nation Building is the VALUE SYSTEM which he developed and is currently endorsed and actively promoted by over 30,000 Nigerians across all gender, tribe, social class or religious affirmation.

 

The 10 Values are encapsulated in a PERSONAL CREED often lifestyle statements as follows:

 

MAKE A POSITIVE IMPACT on everyone you meet and everywhere you go.BE A SOLUTION PROVIDER and not a part of the problem to be solved.BE A ROLE MODEL worthy of emulation.BE YOUR BEST IN ALL YOU DO particularly the things you are naturally good at.DO THE RIGHT THING AT ALL TIMES regardless of who is doing the wrong thing.VALUE TIME and make the best use of it.CARE & SHOW RESPECT TO ALL through your words and actions.CONSCIOUSLY BUILD A GREAT LEGACY starting now, today and every day.LIVE A LIFE OF INTEGRITY AND HONOR.MAKE YOUR FAMILY, NATION AND GOD PROUD.

 

The 10 Values have been adopted by individuals and organizations. They have also been adopted by professional associations such as Association of Private Educators of Nigeria, the Nigerian Institute of Mechanical Engineers and the Mortgage Bankers Association of Nigeria to mention a few and more recently government agencies and parastatals.

 

In 2014, the government of Anambra state formally endorsed & adopted the 10 Values for the citizens and civil service of the state, also in November 2014, the government of Lagos state trained 500 of its top civil servants across all ministries & agencies on the 10 Values.

 

The VALUES INFUSION project is the largest non-governmental effort at reorienting the citizens of a nation and integrating a value system into our nation’s consciousness in recent times.

 

FD, as he is fondly called by his friends and protégés, has emerged as a credible voice of leadership for a new Nigeria across the wide spectrum of the young and old as well as business and political leaders. His fan base on Facebook currently about 285,000 and he is followed by about 205,000 on Twitter and 123,000 on Instagram.

 

In February 2013, Fela was profiled by the US-based Black Enterprise magazine as one of the 10 Power Men in Africa on Twitter.

 

Fela has won several National and International awards for his leadership development and nation-building activities including the prestigious Nigerian Achievers Award in 2009. In recognition of his contributions to the field of Human Resource Consulting, Fela was honoured with the “Excellence in Human Resource Consulting Award” by NIPRO, a body of Nigerian Professionals based in the United Kingdom and the United States of America, at their global convention in Miami, Florida in December 2004.

 

In July 2005, he was awarded the most prestigious Award of Excellence, by the Chartered Institute of Personnel Management of Nigeria (CIPMN), in recognition of his excellence and professionalism in extending knowledge frontiers in Human Resource Management.

 

Others awards include Nigerian Achievers Award Institute (NAAI), Fly Network Africa Integrity Award, City People Young Male Achievers Award and the prestigious Role Model Award given by the Independent Corrupt Practices Commission (ICPC).

 

In 2006, he received the Heart of Africa Award by the Federal Ministry of Information and Communication in recognition of his efforts towards building a new Nigeria.

 

In 2011, Fela Durotoye was recognized by the Universal Peace Federation and the Youth Federation for World Peace as a United Nations Young Ambassador For Peace.

 

In 2017, Fela received an Honorary Award from The African Young Entrepreneurs network in recognition of his efforts towards advancing youth enterprise and nation building in Africa and particularly in Nigeria.

 

Most recently, in February 2018, Fela Durotoye announced his aspiration to contest as a Presidential Candidate in the 2019 General Elections on the platform of the Alliance For New Nigeria (ANN) party.

 

Fela is married to Tara, a renowned beauty entrepreneur and Chief Executive Officer of the House of Tara and together they have 3 sons: Mobolurin, Demilade & Morolaoluwa.

SOURCE: https://brandspurng.com/politics2019-fela-durotoyes-profile/

Total Nigeria Plc full year results for the period ended Dec. 31st 2017 was released to the market on Friday’s evening (Feb. 23rd, 2018).

Revenue and net income came in lower than the comparable period of 2016 at -0.99% and -45.85 respectively.

Petroleum products’ contribution to revenue dropped to 83.5% compared to 86.65% posted in 2016, while Lubricants & other products contribution grew by 16.5% against 13.4% posted in 2016.

Finance cost spiked by 257.94% as a result of an increase in the cost (19.0%) of servicing an overdraft obtained in 2016 at 14.1%.

Total’s Acid Test ratio is low at current 0.58x, impairing its short-term’s obligations, though could be compensated by existing inventories. A final dividend of N14 has been proposed resulting to a dividend yield of 6.45% at the market price of N217 on Monday, February 26th.

SOURCE: https://brandspurng.com/corporate-brief-a-glance-total-nigeria-plc-fy-ended-dec-31st-2017/

Interesting