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Lagos State Governor, Mr. Babajide Sanwo-Olu has approved a 400 per cent increment in the hazard allowance for all Health Officers in Lagos State from N5,000 (Five Thousand Naira) to N25,000 (Twenty Five Thousand Naira) for the month of April 2020. The announcement of the increment was contained in a circular issued by the Lagos State Head of Service, Mr. Hakeem Muri-Okunola on Tuesday, 21st of April, 2020. Explaining the rationale for the increment, the Head of Service stated that the gesture was in appreciation of health workers' in the fight against COVID-19, as well as their daily exposure to hazardous situations. He said, "In appreciation of the dedication of all Health Officers in Lagos State to the fight against the Coronavirus pandemic, as well as their daily hazardous exposure to the highly contagious disease, it is hereby notified for general information that Mr. Governor has approved the increment of Hazard Allowance for all Health Officers in Lagos State from N5,000 (Five Thousand Naira) to N25,000 (Twenty Five Thousand Naira) for the month of April 2020". He envisaged that the health workers will reciprocate the gesture with more doggedness and enthusiasm towards their duties. Muri-Okunola, however, reiterated that the collective effort of the entire workforce is required to win the battle against the deadly virus, noting that "this pandemic shall also pass". SOURCE: https://brandspurng.com/2020/04/22/covid-19-sanwo-olu-increases-hazard-allowance-of-health-officers/
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The Nigerian Bureau of Statistics (NBS) has released its report on States with the highest bus fares in Nigeria for the month of March 2020. The report shows that States in Northern Nigeria recorded both the highest and lowest bus fares when compared to Southern and Western States. According to the NBS, the average fare paid by commuters for bus journey within the city increased by 1.89% month-on-month and by 13.99% year-on-year to N206.73 in March 2020 from N202.89 in February 2020. States with highest bus journey fare within city were Zamfara (N357.14), Abuja FCT (N332.50) and Kebbi (N300.00) while States with lowest bus journey fare within city were Bauchi (N100.00), Sokoto (N135.00) and Rivers (N145.00). In the report, the average fare paid by commuters for bus journey intercity decreased by -0.33% month-on-month and increased by 6.23% year-on-year to N1,691.23 in March 2020 from N1,696.76 in February 2020. States with highest bus journey fare intercity were Abuja FCT (N4,120.00), Borno (N2,600.00) and Adamawa (N2,500.00) while States with lowest bus journey fare within city were Bauchi (N955.00), Enugu (N989.23) and Bayelsa (N1050.50). SOURCE: https://brandspurng.com/2020/04/22/nbs-discloses-states-with-highest-bus-fares-in-nigeria-full-list/
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Despite its advancements over the years particularly in the oil, gas and power industries, it is no secret that Africa is still plagued with the very real issue of inefficient energy supply. Recording nearly 600 million people with no access to electricity, the question of what it will take to eliminate poverty in Africa is prevalent now more than ever.https://brandspurng.com/2020/04/22/should-africa-consider-the-nuclear-energy-route/
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The Taraba State Government on Tuesday announced that there will be a total lockdown throughout the state beginning from Wednesday, April 22, at 11:00 pm and all violators of this directive will be arrested and prosecuted. This was contained in the statewide broadcast by the deputy governor, Engr. Haruna MANU where he addressed Tarabans on matters relating to the COVID-19 pandemic and the decisions taken by the state government to further safeguard the people from the affliction. Engr. Manu said that this decision has become necessary in view of the increasing number of confirmed cases in our neighbouring states stressing that in spite of the fact that we have not recorded any confirmed case in Taraba so far, we must not be complacent. The deputy governor said that the state government has, therefore, resolved to take the following decisive steps. “VEHICLES FOUND ON THE ROAD DURING THE PERIOD OF THE LOCKDOWN WILL BE IMPOUNDED. “A MOBILE COURT WILL BE ESTABLISHED TO PROMPTLY TRY OFFENDERS AT THE VARIOUS POINTS OF ENTRY INTO THE STATE. “REGULATED MOVEMENT OF THE PUBLIC IS ONLY ALLOWED BETWEEN 10AM AND 2PM ON WEDNESDAY AND SATURDAY TO ALLOW CITIZENS TO PURCHASE HOUSEHOLD ESSENTIALS. “THE ONLY EXCEPTIONS ARE WORKERS ON ESSENTIAL DUTIES SUCH AS HEALTH WORKERS, PHARMACEUTICAL SHOPS, FUEL STATIONS, MEDIA HOUSES ETC. “SECURITY OPERATIVES ARE TO HENCEFORTH CHECK PRIVATE AND COMMERCIAL VEHICLES VIOLATING THE PRINCIPLES OF SOCIAL DISTANCING BY OVERLOADING THEIR VEHICLES WITH PASSENGERS. “THAT SECURITY OPERATIVES SHOULD CHECK THE INFLUX OF COMMERCIAL TRICYCLES POPULARLY CALLED KEKE NAPEP, FROM UNKNOWN DESTINATIONS INTO JALINGO METROPOLIS AND OTHER TOWNS IN THE STATE. “THAT THE SECURITY OPERATIVES SHOULD ARREST ANY UNAUTHORIZED MOTORCYCLE MOVEMENT WITHIN JALINGO METROPOLIS SINCE THE BAN ON THE USE OF MOTORCYCLES FOR COMMERCIAL PURPOSES IS STILL IN FORCE. “WORSHIP CENTRES, SUCH AS MOSQUES AND CHURCHES ARE HEREBY CLOSED UNTIL FURTHER NOTICE. “ALL WEDDING CEREMONIES, NAMING CEREMONIES AND OTHER PARTIES REMAIN SUSPENDED UNTIL FURTHER NOTICE.” The deputy governor said that security operatives have been ordered to mount surveillance checkpoints in Ibi, Wukari, Mayo-Lope, Zing, and Takum-Katsina/Ala entry points. That the security operatives should work with Local Government Chairmen of Takum, Ussa, Kurmi, and Sardauna Local Government Councils to seal off entry points along the Cameroon border. He thanked Tarabans for their cooperation so far on the COVID-19 preventive measures introduced by the state government and urged all to be more patient and vigilant so we can jointly keep the pandemic away from our dear state. Engr. Manu also reminded Tarabans on the importance of regular washing of hands, use of sanitizers, social distancing and the need for us to stay at home as these have proved globally to be effective weapons against the spread of the Coronavirus. SOURCE: https://brandspurng.com/2020/04/22/covid-19-taraba-government-resolves-to-resume-total-lockdown/
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Nigeria’s foremost brewer, Nigerian Breweries Plc has announced a donation of six Hundred Million Naira (N600,000,000.00) to the Federal and some state governments, as part of efforts to support the fight against COVID -19.SOURCE: https://brandspurng.com/2020/04/22/standing-with-nigeria-against-covid-19-nigerian-breweries-plc-announces-n600-million-support/
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Inflation figures for March 2020 released by the National Bureau of Statistics (NBS). Nigeria’s headline inflation accelerated to 12.26% YoY (0.84% MoM). This is 0.06 percent points higher than the rate recorded in February 2020 (12.20) percent. The lockdown in Abuja, Lagos and Ogun States and various major disruptions in normal economic activity in several States since then, started in April 2020 and accordingly would not have any major impact on March 2020 Inflation which this report focusses on. - Food inflation rose by 8 bps to print 14.98% YoY (February 2020: 14.90% YoY) - Core inflation advanced by 30 bps to 9.73 % YoY (February 2020: 9.43% YoY) - Urban inflation rose by 8 bps to 12.93% YoY. Similarly, Rural inflation climbed by 3 bps 11.64% YoY On a month-on-month basis, the Headline index increased by 0.84 percent in March 2020. This is 0.05 percent higher than the rate recorded in February 2020 (0.79 percent). The percentage change in the average composite CPI for the twelve months period ending March 2020, over the average CPI for the previous twelve months period was 11.62 percent, showing 0.08 percent point from 11.54 percent recorded in February 2020. The urban inflation rate increased by 12.93 percent (year-on-year) in March 2020 from 12.85 percent recorded in February 2020, while the rural inflation rate increased by 11.64 percent in March 2020 from 11.61 percent in February 2020. On a month-on-month basis, the urban index rose by 0.88 percent in March 2020, up by 0.06 from 0.82 percent recorded in February 2020, while the rural index also rose by 0.80 percent in March 2020, up by 0.04 points from the rate recorded in February 2020 (0.76 percent). The corresponding twelve-month year-on-year average percentage change for the urban index was 12.15 percent in March 2020 (this is higher than 12.03 percent reported in February 2020), while the corresponding rural inflation rate in March 2020 was 11.14 percent compared to 11.09 percent recorded in February 2020. The current reading is 6bps ahead of the February 2020 reading, with material pressure from the core inflation sub-index (+30 bps) this month. Food Index The composite food index rose by 14.98 percent in March 2020 compared to 14.90 percent in February 2020. This rise in the food index was caused by increases in prices of Bread and Cereals, Fish, Potatoes, Yam and other tubers, Oils and fats, Vegetables, and Fruits. On a month-on-month basis, the food sub-index increased by 0.94 percent in March 2020, up by 0.07 percent points from 0.87 percent recorded in February 2020. The average annual rate of change of the Food sub-index for the twelve-month period ending March 2020, over the previous twelve-month average was 14.11 percent, 0.13 percent points from the average annual rate of change recorded in February 2020 (13.98) percent. All Items Less Farm Produce The "All items less farm produce" or Core inflation, which excludes the prices of volatile agricultural produce stood at 9.73 percent in March 2020, up by 0.3 percent when compared with 9.43 percent recorded in February 2020. On a month-on-month basis, the core sub-index increased by 0.80 percent in March 2020. This was up by 0.07 percent when compared with 0.73 percent recorded in February 2020. The highest increases were recorded in prices of Passenger transport by air, Tobacco, Household textiles, Major household appliances, Domestic services, and household services, Pharmaceutical products, Maintenance and repair of personal transport equipment, Water supply, and Catering services. The average 12-month annual rate of change of the index was 9.11 percent for the twelve-month period ending March 2020. This is 0.02 percent points higher than 9.09 percent recorded in February 2020. State Profiles In analyzing price movements under this section, note that the CPI is weighted by consumption expenditure patterns which differ across states. Accordingly, the weight assigned to a particular food or non-food item may differ from state to state making interstate comparisons of consumption basket inadvisable and potentially misleading. All Items Inflation In March 2020, all items inflation on year on year basis was highest in Bauchi (15.55%), Niger (14.04%) and Kebbi (13.90%), while Lagos (10.82%), Abuja (10.19%) and Kwara (9.94%) recorded the slowest rise in headline Year on Year inflation. On month on month basis, however, March 2020 all items inflation was highest in Bayelsa (1.64%), Bauch (1.63%) and Ondo (1.60%), while Kano (0.21%), Abia (0.17%), recorded the slowest rise on the month on month inflation with Lagos recording price deflation or negative inflation (general decrease in the general price level or negative inflation rate). Food Inflation In March 2020, food inflation on a year on year basis was highest in Sokoto (16.81%), Edo (16.63%) and Ogun (16.39%), while Jigawa (13.69%), Bauchi (13.40%) and Lagos (13.06%) recorded the slowest rise. On month on month basis, however, March 2020 food inflation was highest in Bayelsa (2.36%), Kogi (2.18%) and kebbi (2.17%), while Kano (0.22%), Cross River (0.09%) recorded the slowest rise on the month on month inflation with Lagos recorded price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate). SOURCE: https://brandspurng.com/2020/04/21/nigerias-annual-inflation-rate-rises-to-12-26-in-march-as-recession-looms/
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As part of its contribution to curbing the spread of coronavirus in Nigeria, the Nigerian Defence Academy (NDA) has designed and produced 2 types of ventilators, hand wash, and sanitizer that could be quickly reproduced to stem the shortage of the equipment in the country.https://www.nda.edu.ng/#news/item/293
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In line with its commitment to the continent, various contributions were made to support the efforts of governments, the World Health Organization as well as the private sector Ecobank Group, the Pan African Bank, has contributed about US$3 million to the fight against COVID-19 across its footprint in Africa. In line with its commitment to the continent, various contributions were made to support the efforts of governments, the World Health Organization as well as the private sector in alleviating the effect of the pandemic on the most vulnerable on the continent. With our knowledge of Africa, and to complement various government efforts, we provided support in form of cash, healthcare equipment, and supplies, strong and sustained awareness campaigns while also using our digital platform to provide cash to some vulnerable members of our societies, amongst others. Ade AYEYEMI, Group CEO, Ecobank Group said: “COVID-19 is a major global threat adversely affecting all countries and our home, Africa, is particularly vulnerable. We believe in the importance of creating awareness in our communities, while also empowering them to protect themselves and their families as we battle the pandemic. We are particularly mindful of the needs of our communities and therefore focused on these to ensure a positive impact both in our urban and rural areas. “ “We are also paying attention to the effect of the COVID-19 outbreak on our various customers and have taken the decision to alleviate some of the adverse impacts by making some bank charges free on our digital channels. We will continue to anticipate situations that may require our support as developments evolve. “Ade AYEYEMI added. At Ecobank, the health and well-being of our staff and customers are our priority and we are closely following guidance from the World Health Organisation, governments, and health agencies. We are encouraging virtual/remote working, wherever possible and have since suspended physical gatherings, observing the required social and physical distancing in offices and branches which are open while also ensuring branches and ATMs are regularly disinfected across our network. We continue to promote good hygiene and health measures within our offices and externally using our social media platforms to sensitize the public on preventive measures needed at this critical period. Ecobank’s ATMs and call centres remain open 24/7 and the full range of banking services are available via our digital platforms for all categories of customers. Ecobank Mobile and Ecobank Online for the Consumer Bank customers, Ecobank Omni Lite for our Commercial Bank customers and Ecobank Omni for our Corporate and Investment Bank customers. SOURCE: https://brandspurng.com/2020/04/20/ecobank-group-contributes-about-us-3million-across-its-africa-footprint-to-support-the-fight-against-covid-19/
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In the testing period of COVID-19, armed robbery has left many residences of Lagos, Ogun States and its environs in fear while others count theirs loses. Brandnewsday learned that the names of armed robbery gangs terrorizing the residences of the two States that are on total lockdown have been discovered and disclosed. Barely two weeks into the lockdown of Lagos and Ogun states and Abuja to help curb the spread of the coronavirus, armed robbers in communities between Lagos and Ogun states have taken to the streets, striking fear in the hearts of residents. Thus, residents of some of these areas have formed vigilante associations and tasked them with keeping watch all night to ward off what they suspect to be “cult groups” taking advantage of the lockdown in their neighbourhoods to commit violent crime. In Ibogun community of Ifo Local Government Area in Ogun state, the frequency in the spate of robberies has led to an exodus of people looking to escape from the town. The people who are left behind have resorted to lighting bonfires at night in order to keep vigil over their neighbourhoods. According to Morgen Intelligence, gangs in Nigeria sometimes attack policemen and steal their weapons. In a statement released by the Morgen Intelligence, it was revealed that there several gangs that have been terrifying the people, leaving them to live in fear. The reports read: From Thursday, 9 April till the Easter weekend, different areas experienced robbery attacks on residents by armed robbers who are also armed cult groups. The cultists, mostly between the ages of 15 and 30, were armed and seen moving from street to street, sometimes during the day, terrifying residents and stealing money, foodstuff and other valuables. Names of Gangs And Cults Groups Disturbing Lagos And Ogun Residence The words “gangs” and “cults” are used interchangeably in everyday Nigerian usage. Some of the well-known gangs in Lagos include the Awawa Boys in Agege, the One Million Boys in the Ajangbadi and Ojo areas, the EFCC Boys in Shomolu, the Fellin Stealing Boys in Bariga, the Skippo Boys in Ebute-Metta, the Toba Boys in Mushin, the Falapa Boys, the Onola Boys, Sego Boys, and Idumota Boys, who are based in and around Lagos Island. The Aiye Boys and Eiye Boys are largely based in Ajah, while the Vikings are in Ladipo and Alaba markets. Gangs in Nigeria sometimes attack policemen and steal their weapons. The table shows the locations of such attacks across the country since January 2019 One of the major concerns surrounding the ongoing COVID-19 pandemic is its impact on economic activities, as the lockdown in two Nigerian states and the federal capital means a significant reduction in economic activity, leading to an increase in unemployment as well as hunger for citizens in these areas. States at this time are vulnerable to additional disruption of orderliness. Residents of New York, one of America’s richest states were seen engaging in gun purchases just before the lockdown in their state; residents in Lagos and Ogun are currently displaying similar elements of self protectionism against home invasions and robbery attacks. SOURCE: https://brandnewsday.com/2020/04/17/names-armed-robber-gangs-in-lagos-ogun-states-revealed/
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FMN, Nigeria’s biggest food business and agro-allied group brings its biggest strength to the table to fight the COVID-19 virus Further strengthens the fight to curtail the spread of the COVID-19 virus by redeeming a $280 million pledge to the Nigerian Private Sector Coalition Against COVID-19 (CACOVID); FMN weathers herculean supply chain challenges to procure $1.5 million worth of medical supplies for Nigeria which will rapidly beef up the Nigerian COVID-19 testing capability; Commenced deployment of a $840,000 food relief packages to vulnerable communities in 12 states across the Nation. Ever Since the COVID-19 pandemic became a reality in Nigeria, the Federal government has been motivated to prepare a comprehensive response and mobilize resources to curtail the spread of the virus. To achieve this, Nigeria's private sector would need to get involved, get productive and deliver tangible support to the government. Nigeria currently has 373 confirmed cases, 11 deaths and 99 recoveries from the COVID-19 virus thus far in Nigeria. Flour Mills of Nigeria PLC (FMN Group) mandated by its unwavering commitment, sense of duty to Nigeria spanning the past 60 years, activated an action plan to support the government in the fight against the coronavirus. Kicking off this plan with a redemption of the Group’s 1 Billion Naira pledge to the CBN-led Nigerian Private Sector Coalition against COVID-19. It also commenced a $840,000 food relief distribution activity spanning 12 Nigerian States, delivering food supplies to the most vulnerable communities hit by National lockdown. The COVID-19 scourge has also necessitated global economies to implement restrictions to ensure their frontline responders have sufficient medical supplies and personal protection equipment (PPE) to combat the virus. As such, the supply chain of medical supplies in these unprecedented times has been severely impacted globally. FMN initiated a global supply chain plan to help provide The Nigerian Government with tangible, and tactical support during the global economic lockdown. This initiative was spearheaded by the philanthropic Industrialist John Coumantaros, Chairman of the FMN Group. Planning involved the leadership of the Nigerian Centre for Disease Control (NCDC), vendors from 5 Nations, multiple logistics partners, and a tireless team drawn from the FMN group’s operational leadership. The team scaled through varying national restrictions on medical supply procurement, limited stock, transport restrictions, but stayed resolute in the race to help Nigeria manage and flatten the curve. The medical supplies being facilitated: - 331,000 pieces of PPE (N95 Masks, Coveralls, Protective gloves, Protective eyewear) enough to provide regular use for 10,000 Nigerian health care professionals over two months. - 35,000 laboratory-based testing capacity - 100/day field-testing capacity - 75 Ventilators to be distributed through the NCDC In a statement by the Group Chief Operating Officer, Boye Olusanya to kick off the FMN COVID-19 response action: “To reduce the impact of the Coronavirus outbreak, FMN will continue to work with the Federal Government and related agencies to provide relief materials. The safety of Nigerians is paramount to us, so we encourage all Nigerians to adhere to the necessary protective measures against the virus and its spread.” FMN relying on its 60-year-old profile as an industrial investor in Nigeria’s critical industries and a significant contributor to Nigeria's quest to feed itself is bringing its biggest strength to the table, using its global supply chain network to help Nigeria defend itself against COVID-19. SOURCE: https://brandspurng.com/2020/04/16/covid-19-flour-mills-of-nigeria-continues-to-donate-relief-food-items-across-the-nation-photos/
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The Nigerian Stock Exchange (“NSE” or “The Exchange”) has today, Wednesday, April 15, 2020, published guidance on virtual Board, Committee, and Management Meetings for stakeholders. The Guidance is in response to the shift from conventional physical meetings to virtual meetings precipitated by the COVID-19 pandemic, and the critical need to protect investors’ interests. It is one of The Exchange’s “Thought Leadership” initiatives, designed to provide direction to market and other stakeholders on carrying out successful, productive, and rewarding virtual meetings at this time and other times when in-person meetings are unfeasible. Commenting on the Guidance, Chief Executive Officer, NSE, Oscar N. Onyema, OON, said, “The NSE has provided this Guidance to assist our stakeholders with identifying and adopting best practices and procedures, and complying with applicable corporate governance standards whilst conducting their virtual meetings. The goal is to ensure that when companies opt for virtual participation in meetings, they are accessible, transparent, efficient, and cost-effectively managed while meeting the important business and corporate governance needs of all relevant stakeholders.” In addressing concerns around virtual meetings, Executive Director, Regulation, NSE, Ms. Tinuade Awe, said, “The Exchange recognizes the legal and regulatory uncertainties that Nigerian businesses may face regarding convening virtual meetings in the wake of the COVID-19 pandemic. More so, in light of the fact that the Companies and Allied Matters Act, Cap. C20 LFN 2004 (CAMA) is silent on the issue of virtual meetings. However, CAMA does not expressly prohibit virtual meetings. It is, therefore, expedient that the Articles of Association of a company or its Board, Committee, and Management Charters or Terms of Reference should provide for and authorize virtual meetings.” Matters addressed in the Guidance relate to statutory and regulatory considerations, availability of technological infrastructure, inclusion, and management of external attendees, information security, protocols, and participants' responsibilities, amongst others. It should be recalled that The Exchange has continued to provide an enabling regulatory environment to stakeholders since the activation of its business continuity plan on Monday, 23 March 2020 which saw the transition to remote working and remote trading on 24 March and 25 March, respectively. Since then, The Exchange has published notices to Issuers on the conduct of 2020 Annual General Meetings (AGMs); the CAC’s guidelines on AGM’s via proxies; and on the extension of the deadline for filing returns; as well as notices to Dealing Member Firms on the extension of time to complete the 2020 Self-Assessment Form; and notices to the general public on the activation of The Exchange’s Business Continuity Plan which saw NSE transitioned to carrying out business and trading activities remotely; all, in order to effectively cushion the impact of the COVID-19 pandemic on affected stakeholders. SOURCE: https://brandspurng.com/2020/04/15/covid-19-nse-releases-guidance-for-effective-virtual-meetings-for-stakeholders/
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The Taraba State government wishes to state for the umpteenth time that there is no case of Coronavirus in the state. This was contained in a press release signed by the Chief Press Secretary to the Governor, Hassan Mijinyawa, MCIPR. It states that the impression, therefore, created recently by the television station which claimed that Taraba State has one case of the infection is wrong and misleading and that the television station in question has acknowledged it’s a mistake and promptly deleted Taraba State from the list of states with the infection. It states that the government urges the public to ignore that wrong story and continue to follow the rules of personal hygiene and to observe the stay at home regulations introduced by the government to keep the virus away permanently from the state. Similarly, the Hon. Commissioner for Health and Chairman, Technical Committee on COVID-19, Dr. Innocent Vakkai debunked the report by TVC where they reported on 12/4/2019 that a case of COVID-19 was recorded in the state as false and should be ignored. SOURCE: https://brandspurng.com/2020/04/13/no-case-of-coronavirus-infection-in-taraba-state-commissioner/ |
Just like many other economies and stock markets across the globe, the Nigerian economy and her stock market also woke up to the realities of the ravaging impact of the COVID-19 pandemic since recording her index case on February 27, 2020. Before this period, the Nigerian stock market boasts of a positive year-to-date (YTD) return, in what initially appears like a year for broad-based bullish performance following losses of 17.8% and 14.6% by the Nigerian Stock Exchange All Share Index (NSE-ASI) in 2018 and 2019 respectively. But as the impact of COVID-19 spreads like wildfire from the city of Wuhan in China to other parts of the world, the global economic value chain got severely hit, as the lives, of humans and businesses came under the severe threats of the new pandemic. Consequently, as characteristics of a typical pandemic period, investors across the global market began to realign their portfolios in search of safe-havens to mitigate the potential loss of their hard-earned assets at a critical period like this. Resultantly, the NSE-ASI has also completely reversed its earlier gains, posting losses in five of the last six trading weeks since the announcement of the index case. This brings the cumulative YTD losses to -20.33% (as of Thursday 9th April 2020) as against YTD gains of 7.7% on February 27, 2020. Amid the concern on this pandemic and its negative impact on businesses and investment opportunities, we have cherry-picked on 3-stocks which we believe the performance of the parent business will outperform the broader market (despite COVID-19 and other related development) based on certain considerations: MTN Nigeria Communication Plc MTN Nigeria Plc. is a leading telecommunication firm in Nigeria with its parent company in South Africa. The firm which became a publicly listed company on the Nigerian Stock Exchange (NSE) on May 16, 2019remains one of the two biggest publicly quoted firms in Nigeria with a market capitalization of ₦1.93 trillion as of April 9, 2020. Over the recent five years of its operation in Nigeria, the firm has continued to maintain a strong grip on its revenue and Profitability, growing both at a compound annual growth rate (CAGR) of 14.8% and 57.9%respectively to ₦1.17 trillion and ₦202.11 billion in2019. According to a recent Q3 2019 Telecoms report by Nigeria’s National Bureau of Statistics (NBS), the firm(despite increasing competition from other industry players) maintains its leadership position in terms of the number of Active Voice and Internet Subscribers on its network, with market shares of 36% (or 65.34Mn) and42% (or 51.67Mn) respectively. Besides, the firm in its effort to maintain its current leadership position in the Nigerian telecommunication industry signed-off to a ₦200 billion syndicated loan in 2019 (to be repaid over 7-years), to enable it to fund its evolving business opportunities while assisting with capital expenditure and working capital, to deliver enhanced customer service. Despite the economic and social disruption caused the COVID-19 pandemic, the business of MTNN is expected reap positives from this situation due to the essential nature of its services which will even be more required at a time like this for research purposes, sensitization bulk SMS, remote offices, online transactions, and reaching out to loved ones to mention but a few. Our 12-months target price for MTNN remains ₦135, which represents a 42.11% upside potential from the closing price of ₦95 as at close of the transaction on Thursday 9th April 2020. Nestle Nigeria Plc Nestle Nigeria Plc. is a subsidiary of Nestle S.A.Switzerland the world’s largest food and beverage conglomerate. The Nigerian arm which began its operation in 1961 (59 years ago) is known for several iconic brands some of which include Milo, Golden Morn, Maggi, Nescafe, and Nestle Pure Life. The firm (Nestle Nigeria Plc.) became a publicly listed company on the Nigerian Stock Exchange (NSE) in 1979, and till date, remains the biggest firm (by market capitalization) in the Consumer Goods segment of the NSE, with a market capitalization size of ₦658.06bn as of Thursday 9th April 2020. In the last 5 years of its operation in Nigeria, the firm grew its Revenue, PBT, and EPS at a compound annual growth rate (CAGR) of 17.1%, 24.8%, and 17.8%respectively to ₦284.03bn, ₦71.12bn, and ₦57.63k in2019. This was made possible by the firm’s innovative acumen, as manifested in its diverse product types and sizes to meet the needs of every income group. Despite the shortfalls that are expected to hit the general economic activities in Nigeria (and across the world) over the COVID-19 pandemic, we expect the business of NestleNigeria Plc. to benefit from this current situation due to the essential nature of many of its products to individuals and household survival. Our 2020 12-months target price for Nestle is ₦1,350, which represents an upside potential of 62.61% given the closing price of ₦830.20 on Thursday 9th April 2020. Unilever Nigeria Plc Unilever Nigeria Plc., a subsidiary of Unilever Overseas Holdings B.V. (with 75% equity stake), is one of the most reputable names in the Consumer Goods segment (for personal/household products) of the Nigeria market. The firm is the producer of notable brands such as Close-Up and Pepsodent toothpaste, Lux soap, Vaseline petroleum jelly, Blue Band margarine, Lipton tea, Omo washing powder, Key soap, Royco bouillon, and many others. Since it began operation in Nigeria in 1923, the firm has continued to contribute to the growth of the Nigerian economy and other West African countries by providing direct employment for over 1,200 persons and indirect employment for over 30,000 across the region. The firm became publicly listed in 1973, and to date remains among the 30 most capitalized stocks on the NSE (i.e. one of NSE-30), with a market capitalization of ₦60.32bn as at Thursday 9th April 2020. Except for 2019 when Unilever Nigeria Plc.experienced a 34.8% dip in Revenue to ₦60.48bn(due mainly to a 34.7% reduction in sales in Nigeria to ₦59.4bn), the firm in four of the last five years grew its Revenue, PBT and EPS at a compound annual growth rate (CAGR) of 11.9%, 63.4%, and 54.9% respectively between 2015 and 2018. The underperformance in 2019 was supported by a disproportionate fall in Revenue from Nigeria(which was down 34.7% to ₦59.47bn relative to prior year) as against the Cost of Sales which only fell by 13.81% to ₦55.73bn. Despite the turbulence performance of 2019, we believe the firm stands a good chance to benefit from the disruption caused by COVID-19 relative to many firms in other industries. Our position is based on two strong pillars. First, the management of the firm in reaction to the underperformance of 2019 had in February 2020 appointed Mr. Carl Raymond Cruz (former Chairman of Unilever Sri Lanka) as managing director of the Nigerian subsidiary, to lead the firm back to a profitable path. Secondly, the product line of the firm is mainly household needs, which is expected to remain in high demand even in this COVID-19 lockdown period across many states. Our 12-months target price for Unilever is ₦18.50, which represents an upside potential of 76.19% given Monday’s closing price of ₦10.50. SOURCE: https://brandspurng.com/2020/04/11/3-stocks-that-are-likely-to-profit-from-covid-19-and-related-concerns/
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The World Health Organisation (WHO) stated that viruses cannot travel on radio waves/mobile networks. COVID-19 is spreading in many countries that do not have 5G mobile networks. COVID-19 is spread through respiratory droplets when an infected person coughs, sneezes or speaks. People can also be infected by touching a contaminated surface and then their eyes, mouth or nose. https://brandspurng.com/2020/04/10/5g-mobile-networks-do-not-spread-covid-19-says-who/
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The world is going through unprecedented times and every aspect of human life has been distorted by the outbreak of the coronavirus (COVID-19). Notably, financial markets around the world have been hammered by the pandemic. In Nigeria, after a strong start to the year, the stock market has tumbled, worsened by a collapse in crude oil prices. Specifically, foreign as well as local investors ignored the attractive dividend yield inherent in several stocks, as fears of an imminent naira devaluation and global market instability, amplified panic sales, and flight to safety. ...THE CURRENT MARKET CONDITION, LARGELY DRIVEN BY COVID-19 OUTBREAK, PRESENTS ANOTHER OPPORTUNITY FOR DECERNING INVESTORS TO TAKE A STRATEGIC POSITION RATHER THAN WASTE THE CRISIS. A popular investment quote by Warren-Buffet - one of the most successful investors of all time, says “be fearful when others are greedy and be greedy when others are fearful”. The last global financial crisis in 2008 gave birth to new millionaires after the crisis was over. According to Reuters, the number of World millionaires increased by 17% after the global financial crisis as the stock market's rebound around the world created wealth for investors. Notably, we make bold to say that the current market condition, largely driven by COVID-19 outbreak, presents another opportunity f o r decerning investors to take a strategic position rather than waste the crisis. Certainty, the equity market will be poised for a swift rebound once the pandemic clears and activities return to normal. Thus, we believe this is the best time 'buy the dip' to be able to 'sell the rally' in the future. Do your research: As much as the times provide an opportunity to buy cheap stocks, an investor must also take caution before investing. The breakout of COVID-19 has put many businesses near bankruptcy and a lot more businesses are suffering from liquidity problems. At the same time, some businesses are benefitting astronomically from the pandemic e.g companies in Telecommunication, Retail Food, Insurance, and Healthcare. Therefore, it is important that you carry out your research before investing. Read research reports, follow the news, carry out a fundamental analysis of companies and understand the business model as well as long term and short-term impact of COVID-19 on the businesses before you decide. In case it gets too complicated, reach out to your stockbrokers or financial advisers for expert advice. Don't put all your eggs in one basket: What this means is that you should diversify your portfolio. The risk is generally high across various investment assets- equities, bonds, and even short-term instruments, due to the pandemic. Therefore, it is necessary to take extra care by ensuring that your portfolio is made up of a good mix of investment instruments. Don't invest all you have: As enticing as investing is, it is also important to keep a reasonable amount of liquid cash because of the current unpredictable environment. The money should be enough to sustain your family for 3-6 months. This is to provide a buffer in case there is an unexpected shock to the income of the household. CAUTION – BE A SMART INVESTOR SOURCE: https://brandspurng.com/2020/04/09/billionaires-are-made-in-crisis/
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The African Development Bank Group on Wednesday announced the creation of the COVID-19 Response Facility to assist regional member countries in fighting the pandemic. The Facility is the latest measure taken by the Bank to respond to the pandemic and will be the institution's primary channel for its efforts to address the crisis. It provides up to $10 billion to governments and the private sector. Akinwumi Adesina, President of the African Development Bank Group, said the package took into account the fiscal challenges that many African countries are facing. "Africa is facing enormous fiscal challenges to respond to the coronavirus pandemic effectively. The African Development Bank Group is deploying its full weight of emergency response support to assist Africa at this critical time. We must protect lives. This Facility will help African countries to fast-track their efforts to contain the rapid spread of COVID-19," Adesina said, commending the Board of Directors for its unwavering support. The Facility entails $5.5 billion for sovereign operations in African Development Bank countries, and $3.1 billion for sovereign and regional operations for countries under the African Development Fund, the Bank Group's concessional arm that caters to fragile countries. An additional $1.35 billion will be devoted to private sector operations. Commenting on the Facility, Acting Senior Vice-President Swazi Tshabalala said: "The setting up of the Facility required a collective effort and courage by all our staff, Board of Directors and our shareholders." Two weeks ago, the Bank launched a record-breaking $3 billion Fight COVID-19 Social Bond, the world's largest US dollar-denominated social bond ever on the international capital market. Last week, the Board of Directors also approved a $2 million grant for the World Health Organization for its efforts on the continent. "These are extraordinary times, and we must take bold and decisive actions to save and protect millions of lives in Africa. We are in a race to save lives. No country will be left behind," Adesina said. SOURCE: https://brandspurng.com/2020/04/08/african-development-bank-group-unveils-10-billion-response-facility-to-curb-covid-19/
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Kaspersky has shared top tips on how to be safe and keep your smartphones safe from the novel Coronavirus pandemic. In all honesty, there is yet to be any reliable data to cure for COVID-19 yet, therefore, it is always best to be extra cautious during this global crisis. Kaspersky has rolled out a few tips to keep your smartphone free from COVID-19. Kaspersky in a press release revealed that even before the COVID-19 pandemic, it is frightening to think of how much bacteria lives on our personal mobile devices. Adding that despite people being advised to wash their hands often, how many people apply the same rigour to keep their mobile devices ‘virus-free’. The lockdown that countries all over the world are currently experiencing is putting a renewed focus on personal hygiene. Speaking on the virus, Maher Yamout, Senior Security Researcher for the Global Research and Analysis Team at Kaspersky said it becomes essential to follow effective disinfection protocols. “Even before the COVID-19 pandemic, it is frightening to think of how much bacteria lives on our personal mobile devices. And with the Coronavirus able to survive at room temperature and remain infectious on metal, glass, ceramic, and plastic for several days, it becomes essential to follow effective disinfection protocol,” Yamout said. The virus can get onto a phone or tablet in two ways: either in tiny droplets when an infected person coughs nearby, or from your own hands after touching door handles, ATM buttons, and the like. Tips On How To Keep Your Smartphone Coronavirus-Free Fortunately, unless a person hands their mobile device to someone who is infected to cough and splutter all over it, the probability of infection by airborne route is low. Transmission by hand depends on the duration of contact and varies for different microorganisms. 1. Yamout said, “If you must go to the shop for essential goods, it is imperative to disinfect your phone when you return home. There are several common household products that can deal with the Coronavirus effectively – ethanol (C2H5OH), isopropyl alcohol (C3H7OH), hydrogen peroxide (H2O2), and sodium hypochlorite (NaClO).” 2. Isopropyl alcohol is considered the least harmful to the oleophobic coating that allows fingers to slide over the screen without covering it in fingerprints. So, use it if you can (as a spray or wet wipes). 3. Ethanol and hydrogen peroxide should be considered a backup if nothing else is available. With frequent use, these products can easily ruin the oleophobic coating. Even once might be enough, it depends on the coating. 4. As for concentration, the optimal to go for is approximately 70-80%. Purer alcohol evaporates too quickly for best results. The disinfecting solution must sit on the surface for about a minute. A lower concentration is less efficient in killing viruses. People should therefore not rely on vodka for example instead of ethyl alcohol. Even glass cleaner is not as effective as isopropyl alcohol given it has a considerably lower alcohol content. It is also critical to not pour the disinfectant into the connectors, speakers, and other openings in the smartphone, even if it is waterproof. Rather, take a cotton pad, soak it in the liquid, and apply it to all sides of the device. There is no need to press hard, just carefully and thoroughly wipe the whole surface. People should apply the same disinfection regiment to any other gadgets they use in public places. These can include tablets, laptops, smartwatches, bracelets, headphones, and so on. However, always check the product Website whether the manufacturer has any recommendations as to which substances are best suited for the device cleaning and how to apply them. SOURCE: https://brandnewsday.com/2020/04/07/covid-19-top-tips-to-keep-your-smartphone-corona-free/
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With billions of people unable to see their friends and family in person due to COVID-19, people are relying on WhatsApp more than ever to communicate. People are talking to doctors, teachers, and isolated loved ones via WhatsApp during this crisis. That’s why all your messages and calls on WhatsApp are end-to-end encrypted by default to give you a secure place for your most personal conversations. Last year we introduced users to the concept of messages that have been forwarded many times. These messages are labelled with double arrows to indicate they did not originate from close contact. In effect, these messages are less personal compared to typical messages sent on WhatsApp. We are now introducing a limit so that these messages can only be forwarded to one chat at a time. As a private messaging service, we’ve taken several steps over the years to help keep conversations intimate. For example, we previously set limits on forwarded messages to constrain virality. At the time, we saw a 25% decrease in total message forwards globally. Is all forwarding bad? Certainly not. We know many users forward helpful information, as well as funny videos, memes, and reflections or prayers they find meaningful. In recent weeks, people have also used WhatsApp to organize public moments of support for frontline health workers. However, we’ve recently seen a significant increase in the amount of forwarding which users have told us can feel overwhelming and can contribute to the spread of misinformation. We believe it’s important to slow the spread of these messages down to keep WhatsApp a place for a personal conversation. In addition to this change, we are working directly with NGOs and governments, including the World Health Organization and over 20 national health ministries, to help connect people with accurate information. Together these trusted authorities have sent hundreds of millions of messages directly to people requesting information and advice. You can learn more about these efforts, as well as how to submit potential myths, hoaxes, and rumors to fact-checking organizations, on our Coronavirus Information Hub. We believe that now more than ever people need to be able to connect privately. Our teams are hard at work to keep WhatsApp running reliably during this unprecedented global crisis. We’ll continue to listen to your feedback and improve ways for people to share with each other on WhatsApp. SOURCE: https://brandspurng.com/2020/04/07/whatsapp-reduces-forward-message-limit-to-1-chat-at-a-time-to-curb-fake-news-during-covid-19-outbreak/
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The Central Bank of Nigeria (CBN) wishes to alert the general public that cyber-criminals are taking advantage of the current "COVID-19" pandemic to defraud citizens, steal sensitive information, or gain unauthorized access to computers or mobile devices using various techniques. This trend is not peculiar to Nigeria as there has been a rise in COVID-19-related cybercriminal activities all over the world. Our priority is to ensure that Nigerian banking customers are aware of the ongoing trend to prevent them from falling victim to such cybercrimes. Some of the cyber-criminal activities using the COVID-19 pandemic are outlined below: Phishing campaigns: cyber-criminals send out emails claiming to be from health organizations such as the Nigerian Center for Disease Control (NCDC) or the World Health Organization (WHO). The email may contain a link which, if clicked, steals login credentials or other confidential information from the victim's computer or mobile device. Relief Packages: Cyber-criminals have also been sending messages via social media or emails asking people to click on links to register in order to get their COVID-19 relief packages from the Government or other organizations. They simply use this to get confidential information from unwary victims. Relief package scams also come in the form of phone calls asking people to provide their banking details to receive relief packages. A sample is as seen below: Impersonation: Cyber-criminals place calls to individuals claiming to be the staff of their banks and asking them to get mobile apps that would help them get through this pandemic period. Such mobile apps are however used to steal information from the victims' mobile phones among other things. Criminals have also produced COVID-19 maps, which steal information in the background. To ensure that bank customers and citizens do not fall victim to these cyber-crimes, please observe the following precautions: - Beware of and verify emails or phone calls claiming to be from NCDC, WHO or Government, especially when such emails request your banking information or to click on a link. Visit official websites of relevant organizations for desired information; - Avoid clicking on links or attachments in emails that claim to have more information regarding the COVID-19 pandemic; - Avoid downloading mobile apps from untrusted sources; and - Obtain relief package or other information from trusted news media. While we work to keep safe physically and prevent further spread of the virus, members of the public should endeavor to apply caution in order to beat not just the COVID-19 Virus but also the cyber-criminals seeking to take advantage of its spread for nefarious acts. The Central Bank of Nigeria will continue to monitor and investigate these activities and provide updates as they occur. SOURCE: https://brandnewsday.com/2020/04/06/alert-beware-of-covid-19-cyber-attacks-fraud-cbn/
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The Federal Government of Nigeria has applied for a cumulative loan of about $7 billion to mitigate the effects of the coronavirus otherwise known as the COVID-19 pandemic. The Minister for Finance, Budget and National Planning, Mrs Zainab Ahmed at a press conference in Abuja on Monday has disclosed that in order for the country to achieve the alleviation of the COVID-19, the Federal Government must apply for a loan. Ahmed also said that about 506 trucks of rice seized by Nigerian Customs Service will be released to the Ministry of Humanitarian Affairs, through the ministry the rice will, therefore, be distributed to vulnerable Nigerians. In addition, FG is withdrawing $1.5 billion from the Stabilization Fund of Nigeria Sovereign Wealth Fund to be shared among states. Interest and capital repayment by states on CBN loans will be suspended once inflows into Federation Account drops below a particular threshold. Meanwhile, the Nigeria Centre for Disease Control (NCDC) has on Monday, disclosed that the confirmed total number of people that have contracted the Coronavirus has jumped to 239, 33 discharged and 5 death has been recorded so far. However, over 1.2 million people have contracted the virus across the world, while over 272,115 have recovered while 72, 000 people have reportedly died from the novel COVID-19 pandemic. COVID-19 causes illness such as common cold, fever and difficulty in breathing. The novel COVID-19 spreads via droplets produced when an infected person coughs or sneezes and their droplets lands in the mouth or noses of their people. It can be contracted by touching contaminated surfaces or objects or touching the eyes, nose or mouth. People that have contracted the deadly virus spend a maximum number of 14 days in self-isolation while people with suspected cases are to be self-quarantine. The coronavirus COVID-19 is affecting over 127 countries and territories around the world and 1 international conveyance (the Diamond Princess cruise ship harboured in Yokohama, Japan). SOURCE: https://brandnewsday.com/2020/04/06/coronavirus-why-nigeria-government-needs-7-billion-loan/
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The Ondo State Governor Oluwarotimi Akeredolu has just confirmed the first case of positive Coronavirus in Ondo state. He confirmed it on his verified Twitter handle. “We have just received confirmation of our first positive COVIDー19 case in Ondo State this evening. “The infected person is currently under isolation and will be monitored. We have activated all necessary protocol to locate all contacts and will be working closely with the NCDC. "The index case is a military officer who was a returnee from India. He has been in isolation since he returned and has been monitored by the medical team of the Military and our state team throughout this period. Upon showing some symptoms, his samples were taken and the diagnosis confirmed by NCDC at their lab in Ede. We have now commenced the transfer of the officer to the state isolation centre." SOURCE: https://brandnewsday.com/2020/04/03/ondo-state-records-first-positive-case-of-coronavirus/
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In the words of Sir Winston Churchill “Come then, let us go forward together with our united strength.” As more and more people nationwide brace for the immense human, economic, and social cost of the COVID-19 pandemic, we want to reassure everyone. We the staff, management and Board of Directors of MTN Nigeria and the MTN Foundation are committed to doing all we can to help you stay connected and support efforts to contain the outbreak. We are in this together. COVID-19 is a new test of our collective strength. In response, we have deployed the first phase of a broad set of investments in support of the national effort to contain it. Including: Supporting government response efforts: i. Supporting government (Federal and State) with communication systems, analytical response management, and risk profiling. ii. Over N500 million worth of airtime, data, and analytics, through the Nigerian Governors’ Forum (NGF) in support of State governments to facilitate communications during travel restrictions. Connecting medical personnel: Over N1.4 billion worth of airtime, data, and devices for connectivity support to frontline health agencies including NCDC. Connecting customers with essential health information: - Free data access to be used to access websites with validated information on COVID. Making it easier to stay in touch and support each other: i. Up to 300 free SMS per month for all our subscribers, ensuring they can communicate with loved ones. ii. MTN has partnered with Ayoba, a messaging OTT provider, to grant free daily data access to its subscribers. iii. Free money transfers using the MoMo Agent Network from Y’ello Digital Financial Services. During this extraordinary time, it is vital that we are able to stay connected to the people we love, and to the tools and information, we need to live and work. We understand this, and recognize the immense importance of reliable telecommunications services during this period and have taken the necessary steps to ensure that the services we provide remain available to our customers, in spite of the disruption. This is why our initial priority has been to focus internally on our systems, processes, structures. Despite this, it is important to understand that our networks have come under unprecedented pressure as demand has grown rapidly. While all networks ensure there is significant redundancy in place to support peak periods, the level of demand we are seeing consistently exceeds those levels and so, with our regulator, policymakers and colleagues in the industry, we are focused on increasing capacity and sustaining that capacity where it is most needed. As we continue to work with our stakeholders to ensure operational sustainability, we are concentrating on the areas where we can provide the most effective support to the Federal and State governments. A significant part of our commitment is to ensure that our infrastructure can be utilized effectively by health services to guarantee they can carry out their duties. That’s why we have partnered with the NCDC to provide its staff with access to voice and data services, telephones and toll-free lines to co-ordinate their response. The NCDC is at the frontline of our response and needs to be given every chance to contain COVID-19. We are supporting the government at federal and state levels with communication systems, analytical response management, and risk profiling. These tools will enhance the capacity and preparedness of each state to manage the outbreak proactively, enabling them to identify the vulnerable segments of the population who require social intervention during the lockdown. In addition, we are partnering with State Governments through the Nigerian Governors Forum to ensure they stay connected during this period and continue to deliver governance remotely. We are committed to providing this support for as long as necessary and will expand it if the pandemic becomes more acute. One of the most important needs in this digital age is the ability to access reliable, validated information about the nature of this pandemic and how to protect yourselves. That is why our partnership with the NCDC includes a channel enabling the distribution of health information to all our subscribers as needed, and free access for subscribers seeking information from the NCDC through their toll-free lines or on the NCDC and Federal Ministry of Health websites. We know that many of us are complying with the government’s order to stay at home. To ensure that all our subscribers, but most importantly those in the most vulnerable situations, can continue to communicate with and support their loved ones and friends, we are providing every subscriber with up to 300 free SMS messages per month; and our Y’ello Digital Financial Services subsidiary has suspended transaction fees for all money transfers using the MoMo Agent Network. Recognizing the challenges currently faced by small businesses at this time, MTN — which serves about 2000 SMEs, has also provided all SME customers of its enterprise business with one less thing to worry about: 30 days grace on their March invoices. SME’s unable to pay March invoices will enjoy uninterrupted services through April. This ‘grace period’ is aimed at mitigating the impact of the shutdowns on small businesses, which are the engine of our economy. It will be further assessed as the situation evolves. Finally, we understand that access to telecommunication services is only one aspect of the solution that Nigeria needs. Access to healthcare, including the ability to identify and contain the infection, is vital. That is why the MTN Foundation has committed N500 million towards addressing emerging medical needs. The MTN Chairman Ernest Ndukwe said; “The threat that COVID-19 represents to Nigeria requires an unprecedented response from the public and the private sector. We must all work together to develop and deliver the solutions that will allow us to contain this threat and protect the most vulnerable in our communities across the country. This first phase of support is targeted at the interventions that we are best positioned to deliver at this stage. As the situation evolves, we are fully committed to deepening and extending these commitments in order to provide all the support we can to the government, and to our people. It is only by working together, that we can overcome this challenge. I would like to take this opportunity to recognize the collaborative spirit with which all stakeholders are working to contain COVID-19. We all have a role to play in stemming the upheaval we have seen brought on by this pandemic globally. To protect each other, our families and keep the most vulnerable in our communities healthy we must all make it a priority to STAY SAFE. Listen to health experts, be disciplined about personal hygiene and practice social distancing. Working together, we can change the course of this pandemic. And because ‘We are good together,’ we will get through this.” SOURCE: https://brandnewsday.com/2020/04/03/mtn-nigeria-unveils-yello-hope-package-to-address-the-impact-of-covid-19/
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His Excellency, President Muhammadu Buhari, GCFR, during a nation-wide broadcast on the Coronavirus (COVID-19) yesterday announced restrictions of movement in the Federal Capital Territory (FCT), Lagos and Ogun States. The restriction of movement was based on the need to keep the populace safe and contain the spread of the disease. As a result of this development, the Debt Management Office (DMO) wishes to inform the general public that the FGN Savings Bond Offer for the month of April 2020, which was scheduled for April 6 – 10, 2020 has been suspended. The DMO wishes to assure the general public that the FGN Savings Bond Offers will resume when the conditions change. "It should be noted that the suspension of the April 2020 Offer will not affect Coupon Payments due to investors for already issued FGN Securities as arrangements have been made to ensure that all Coupon Payments for and redemptions of FGN Securities are made as and when due to investors’ designated accounts. We wish to use this opportunity to call on the general public to adhere strictly to Mr President’s directives and cooperate with relevant Government Agencies that are working assiduously to contain the spread of the COVID-19." SOURCE: https://brandnewsday.com/2020/04/02/president-buhari-suspends-april-2020-fgn-savings-bond-offer/
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Governor Darius Dickson Ishaku has ordered the closedown of markets and also bans Sunday church worship and Friday Jummah prayers as he holds a briefing with CAN and Muslim Council. The governor in a press briefing yesterday announced the closedown of markets and worship centres. The briefing which was communicated to the Deputy Governor and read by him stressed that the earlier directive of stay at home was not much adhered to and that he (the governor) has briefed the Commissioner of Police and NSCDC to enforce these directives to the end. As contained in the briefing, the Governor outlined the number of measures taken by the Taraba state government in making sure Taraba State is free from recording any case of the Coronavirus. 1. The prevailing circumstances of the spread of the Coronavirus have compelled the Government to once again address and update the citizens on the situation of the pandemic as it affects our dear State. 2. First of all, let me assure you that there is no single reported case of the virus in the State and we are determined to keep it that way, with your support and with Almighty God on our side. 3. We are however not complacent, as robust and proactive measures have already been put in place to contain the spread of the virus to any part of the State. 4. As you must now be aware, one of the first early steps taken by this Administration was the constitution of a technical committee made up of medical personnel and seasoned technocrats. The committee has been provided with the enabling environment to perform its assignment without hindrance. 5. At this juncture, I wish to align this Administration with the laudable steps so far taken by the Federal Government and to assure that we are ready to partner with relevant Federal Agencies to curb the spread of the virus to Taraba State 6. Therefore, I urge Tarabans to cooperate and adopt the simple, universal acceptable hygienic protocol such as no handshake, no hugging, washing of hands, use of sanitizers and maintaining social distancing among other similar measures. 7. The good people of Taraba State, I wish to remind you that the ban on the public gathering of not more than 20 persons is still in place to safeguard the lives of all citizens. 8. Similarly, the Governor has engaged with the leadership of the Christian Association of Nigeria CAN and the Muslim Council which led to the decision to restrict large gatherings in places of worships for now. The leadership of the two religious organizations have also communicated the decision to their local government branches. 9. As you are also aware, we have taken the bold step of closing down all our interstate borders to restrict movement into the state. By this address, I am reiterating the earlier directive that the Police and the Nigeria Security and Civil Defense Corps must enforce strict compliance to this Executive Order. 10. The Government apart from closing down all Schools also directed civil servants on grade levels 1-12 to remain at home for now. 11. Fellow Tarabans, as a further step, the Government has now directed markets and shops in the state to prepare for a closedown, effective from Wednesday, 1st April 2020 by 11 pm, except those that provide essential services like pharmacies, food stores and petrol service stations. Let me caution that these measures should not be allowed to cause panic buying or be used by shop owners to hoard or hike the prices of goods and services 12. The government will study the implications of this directive so that it does not impact negatively on the people. We will continue to give periodic updates on the situation as the need may arise on TTV, TSBS, NTA, National Dailies, as well as our official Social Media handles for the purpose of disseminating the right information to the public. 13. Dear people of Taraba State, the situation is not beyond our capacity: we have taken precautions by stocking drugs, protective gears and hand sanitizers. We have also identified and equipped designated isolation centres. 14. I will not fail to acknowledge the tremendous support and sacrifices of our medical personnel at this crucial period. You are our first line of defence and I encourage you to continue to devote your time, energy and skills to defeat the virus. 15. Finally, ladies and gentlemen, the instructions to stay at home are to prevent the coronavirus. All hands must be on deck as isolation remains the best approach to containing the coronavirus. All hands must be on deck if we must overcome the scourge of Coronavirus also known as COVID 19 Thank you and God helps us all. In attendance at the briefing was the Hon. Commissioners for Health, Information and Special Duties, Chairman CAN, Chairman Muslim Council etc. SOURCE: https://brandspurng.com/2020/04/01/covid-19-taraba-government-to-implement-strict-directives/
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The African Energy Chamber analyses the most vulnerable African countries amid the COVID-19 pandemic and low oil price March 31, 2020,/ -- Angola revises national budget and suspends CAPEX; Senegal’s first oil development faces debt arrangement challenges; Nigeria poised for a major revenue loss; Analysts predict Ghana will get half its projected revenue; Cameroon can expect to see a three percent drop in economic growth. African oil-producing and reliant countries have been among the most hard hit by the COVID-19 pandemic and declining oil price. In particular, Senegal, Nigeria, and Angola continue to face new challenges each day amid the threat of economic fallout. Angola In 2020, the Angolan government led by H.E. President João Lourenço, had set out to focus on economic diversification and uplift the country from nearly five years of recession. However, in the face of the oil price slump, the oil-reliant country has slowed the implementation of its planned economic reform strategy, which had included the privatization of state-owned companies and plans to reduce public debt to less than 60 percent of GDP by 2022 from approximately 90 percent in 2018 and, over 100 percent in 2019. In response to the current market instability, the Angolan government which relies heavily on oil revenue has declared a state of emergency and made the decision to review its national budget. With this, it will object its budget on a reference oil price of $35 per barrel maximum - a significant cut from the initially drawn up $55 per barrel, Finance Minister Vera Davis de Sousa revealed on Friday, explaining that the country’s oil production is expected to tumble to 1.36 million barrels per day(bpd). Further, Davis de Sousa shared that Angola would also be freezing 30 percent of its goods and services budget and its CAPEX would be suspended pending completion of the budget review. Meanwhile, the Angolan sovereign wealth fund has agreed to offer $1.5 billion on condition of future repayments through increased tax in the Bank of Angola’s growing debts. “In this time, the Angolan economy will be best served by swift government action,” said NJ Ayuk, Executive Chairman of the African Energy Chamber. “With the finance minister already confirming that the country’s economy will shrink by 1.21 percent this year, signally the fifth year of recession, Angola needs a solid action plan that involves intense renegotiation strategies with domestic and foreign creditors, if it is to make it out on the other side,” he added. Senegal Since discovering oil and gas in 2014, the West African country emerged as a major player in the global oil and gas industry, with it moving rapidly on setting up a new Petroleum code in 2019, creating new entities such as COS-Petrogaz and revising local content regulations. As a result, the country has enjoyed increased foreign investment and entry of international majors. However, global market turbulence has had a hard knock-on effect on Senegal’s promising oil future. In particular, the country’s first oil development, the $4.2 billion Sangomar deepwater offshore project has suffered immense pressure as project partner FAR Ltd fails to finalize debt arrangements. Citing current environment as a major contributor, FAR said: “the company’s ability to close the Sangomar Project debt arrangements that were ongoing during this time have been compromised such that the lead banks to the senior facility have now confirmed that they cannot complete the syndication in the current environment,” adding that neither the junior nor mezzanine facilities that were being arranged will be able to be completed for the foreseeable future. Project operator, Woodside and partner Cairn, continue to explore other options to see through project development. The current global environment also stands to slow down the country’s other activities in the sector specifically, the country’s first offshore licensing round which was launched earlier this year by the national oil company, PETROSEN as a means to further push the countries exploration and production. Though the government is yet to share incentives for companies to continue activities, it has set up a fund to support the local economy. “Senegal is undoubtedly one of the most promising oil and gas producers Africa has to offer. Led by H.E. President Macky Sall, the country is primed for new growth and investment. Despite what is happening in the global market, we hope to see Senegal build on its eight oil and gas discoveries, and enjoy first oil from the Sangomar oil field and first gas from BP’s Greater Tortue Ahmeyim LNG project,” said NJ Ayuk, Executive Chairman of the African Energy Chamber. As it stands, Senegal has also seen Cairn Energy reduce its planned investment to below $330 million from the initial forecast of $400 million. Nigeria Nigeria is projected to suffer substantial revenue losses. With it having planned for an oil price of $57 in 2020, the low oil price presents massive struggles for Africa’s largest oil producer. To this point, Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari said at a crude oil price of $22 per barrel, high-cost oil producers like Nigeria should count themselves out of the business. To this, the Atlantic Council has predicted that COVID-19 would cause the country to suffer the biggest loss in the continent with $15.4bn, representing about 4% of the nation’s GDP, a fair assessment considering the country has over $58bn in oil projects set to suffer delays or cancellations. Though the country is yet to announce incentives for continued oil exploration and production, it is set on protecting its oil production which contributes generously to its economy. Specifically, the country’s petroleum regulator has, according to Reuters, ordered oil and gas companies to reduce their offshore workforce and move to 28-day staff rotations in order to avoid the spread of coronavirus. “Nigeria is at risk to suffer the biggest loss. With the low oil price pushing the country to cut its budget and companies to reduce their CAPEX, the global is waiting to see Nigeria’s next move,” said NJ Ayuk, “Although it is hard to see the light for Nigeria, with the commitment of companies and resilience of the government, the country can certainly weather the storm, “ he added. Ghana The fall in oil prices coupled with COVID-19 has also had heavy impacts on Ghana’s oil industry, which has been on a path of steady growth for over 10 years since Kosmos Energy’s oil discovery west of Cape Three Points in the country’s offshore. And, more recently, Springfield Group’s historic 1.5 billion barrels. Having set a benchmark of $58.66 oil price per barrel until the end of 2020, Ghana’s projected oil revenue is set to take a hit, with analysts already predicting the country will get half its projected revenue. Oil production activity is also expected to see delays as Tullow Oil revises production targets and terminates the drilling contract with Maersk Drilling for the Maersk Venturer drillship offshore Ghana. “If prices should stay around the US$30 mark, then the government is less likely to get half of the revenue that it projected. Already, we’ve seen Tullow cut back it’s production. So aside from the international fall in crude oil price that we have to match within selling our own bit of oil that we get as a country, production is also falling in our own shores,” said Paa Kwasi Anamua Sakyi, Executive Director at the Institute for Energy Security. Cameroon According to an analysis of the economic and financial impacts released by the Press Secretariat of the CEMAC Economic and Financial Reforms Programme, Cameroon can expect a three percent drop in growth in light of the global crisis. Operations in the oil also stand to be affected by the country already seeing a turn. Specifically, with companies such as Tower resources declaring force-Majeure on its development in the Thali block in the country’s offshore. The company also revealed that activity on the NJOM-3 offshore well may also be suspended. Although the government has not announced any incentives for continued activity in the sector, it has acknowledged the non-oil commodities that will contribute the most to the country’s economic decline. Now is an extremely challenging time for African oil development, the African Energy Chamber encourages Africa’s oil-producing countries to adapt to the changes, implement incentives and plan for the future. This global crisis can only be worked through with a continued commitment, support, and collaboration. SOURCE: https://brandspurng.com/2020/03/31/angola-senegal-cameroon-ghana-and-nigeria-among-the-most-hard-hit-amid-covid-19-and-oil-price-plunge/
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Since Africa’s first coronavirus case was reported in Egypt Valentine’s Day 2020, numbers have skyrocketed. At press time, there are 135 confirmed cases in Nigeria, out of this number, 2 are dead and some considerable recoveries. Ride-hailing startups in Nigeria have slowly begun to feel the effects of the pandemic. Today, Uber Nigeria suspended services due to a curfew imposed by the government across selected locations. According to Uber’s coronavirus information hub, "As announced by President Muhammadu Buhari on March 29, 2020, there will be a restriction of all movement within Lagos and Abuja during the 14-day lockdown which begins at 11 pm on Monday, 30th March. "Based on this directive, Uber will temporarily cease operations for the period of the lockdown, subject to any further government announcements." "Our hearts go out to everyone affected by COVID-19 in Nigeria. For more information about what we’re doing in response to the coronavirus outbreak, please see our blog post." SOURCE: https://brandspurng.com/2020/03/31/uber-nigeria-services-temporarily-suspended-during-the-14-day-lockdown/
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Mr. and Mrs. Modupe and Folorunso Alakija through Famfa Oil Pledge N1 Billion Naira to Support Nigeria’s Fight Against COVID-19. As the world rallies to deal with the health, security, economic and social implications of the coronavirus, it’s clear that we will feel the effects much more deeply than many of the developed world. Managing a crisis of this magnitude means that the strength of our response will determine our ability to weather the storm. https://www.youtube.com/watch?v=zGnxuOOtXWc Individually and collectively, we are rising to this unprecedented challenge in a way that symbolizes our resilience, our character, and strength. Famfa Oil Ltd is pleased to be able to make this contribution and will work in consultation with key stakeholders such as: - National Center for Disease Control, N250,000,000 (Two Hundred and Fifty million Naira) - Lagos State Government, N250,000,000 (Two hundred and Fifty million Naira) - African Center of Excellence for Genomics of Infectious Diseases, 50,000,000 (Fifty million Naira) - Medical Workers on the Frontline in Lagos, 100,000,000 (One hundred million naira) - Medical Workers on the Frontline in Abuja, 100,000,000 (One hundred million naira) - Supply Of Medical Equipment to relevant organizations, 245,00,000 (Two and forty-five million Naira) - DR Ameyo Stella Adadevoh (DRASA), 5 Million Naira (Five million Naira) With our contribution, we will together take the charge in our fight against the Coronavirus. These are the organizations we as a company will work in adhering to their needs and will interact with suppliers so that we can deploy our contribution in the most impactful way. Famfa Oil Ltd commends the efforts made by the Federal and State Governments towards the fight against the pandemic in Nigeria and enjoins all Nigerians to follow stipulated health guidelines in order to keep us all safe. May God bless our country Nigeria. SOURCE: https://brandspurng.com/2020/03/30/famfa-oil-pledges-n1bn-to-support-fgs-fight-against-coronavirus/
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The Nigerian Air Force (NAF) has postponed the entrance examination into its Military secondary schools for males and females in Jos owing to the Coronavirus pandemic. Director of Public Relations and Information, Ibikunle Daramola (Air Commodore) made the disclosure on Sunday. “This is to inform parents/guardians of candidates that applied for admission into the Air Force Military School (AFMS) and Air Force Girls’ Military School (AFGMS) Jos that the entrance examination, which was earlier scheduled for 4 April 2020, has now been tentatively rescheduled to hold on 16 May 2020 in compliance with precautions aimed at curbing the spread of COVID-19." SOURCE: https://brandspurng.com/2020/03/30/covid-19-airforce-postpones-entrance-examination-into-afms-afgms-jos/
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The Oyo State Covid-19 Taskforce saddled with the responsibility to carry out the State’s effort to mitigate the spread of the virus and enforce compliance on the ban of public gatherings seized not less than 22 cars from clubs on Sunday, Brand Spur Nigeria has learned. The taskforce enforcement team carried out a raid on several clubs and bars in Ibadan yesterday night which was on Sunday 29th March 2020. Also, fun-seekers at the erring outlets were dispersed. Hexagon Club and Lounge, along the University Of Ibadan Road, Samonda was one of the clubs affected. It was learned that several clubs remained open after the State Governor had directed all clubs to shut down activities in the state, prompting the taskforce team to take action. SOURCE: https://brandspurng.com/2020/03/30/covid-19-oyo-state-taskforce-impounds-22-cars-from-errant-clubs-photos/
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President Muhammadu Buhari delivered a televised address to Nigerians on the COVID-19 pandemic. The address, which was broadcast live by 7 pm on Sunday, shed some light on the measures being put in place by the Federal Government to curtail the spread of COVID-19. The President announced a total restriction of movement in Lagos, Abuja and Ogun State; for an initial period of 14 days. ‘‘All citizens in these areas are to stay in their homes. Travel to or from other states should be postponed. All businesses and offices within these locations should be fully closed during this period,’’ Buhari declared. The aim of the 14-day curfew according to the President is to identify, trace and isolate; all individuals that have come into contact with confirmed COVID-19 cases; also reeled out a list of organizations exempted from the lock-down. Among those exempted are - Hospitals and Medical Establishments - Organizations in Healthcare-Related Manufacturing and Distribution - Food Processing, Distribution, and Retail Companies - Petroleum Distribution and Retail Entities - Power Generation, Transmission and Distribution Companies - Private Security Companies - Workers in Telecommunication Companies - Broadcasters - Print and Electronic Media Staff Buhari, however, these persons must prove that they are unable to work from home. The President disclosed that although these establishments are exempted, access will be "restricted and monitored." President Buhari also revealed that the sea-ports will remain operational. However, all passenger flights, commercial and private jets, are suspended. Special permits will be issued on a needs basis. "Furthermore, all vehicles conveying food and other essential humanitarian items into these locations from other parts of the country will also be screened thoroughly before they are allowed to enter these restricted areas." SOURCE: https://brandspurng.com/2020/03/30/covid-19-check-out-the-list-of-businesses-exempted-from-lock-down-announced-by-president-buhari/
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