₦airaland Forum

Ekiti State Governor, Dr Kayode Fayemi on Wednesday re-launched the social security Scheme for elderly citizens in the state with, a pledge to commit more resources to social investments and human capital development.

The program is called ‘Owo Arugbo’ (stipends for the elderly).

Ekiti State Governor, Dr Kayode Fayemi, his wife, Erelu Bisi Fayemi; with state officials pose with some beneficiaries of the State’s Social Security Scheme for elderly citizens (Owo Arugbo), during the relaunch of the scheme in Ado-Ekiti…on Wednesday

It will be recalled that Fayemi during his first term as governor of the state between 2010 and 2014 introduced the monthly payment stipends to elders in the state from sixty-five years and above but abandoned by the immediate past administration.

Fayemi launched the programme at the Ekiti parapo pavilion in Ado Ekiti. He said his administration is targeting 20,000 aged people to benefit from the programme.

The governor noted that 13,000 people have so far registered. Governor Fayemi who spoke in Yoruba thanked the world bank and others for their assistance.

Fayemi said by the end of his four years in office Ekiti state would have become a reference in Nigeria.

He maintained that the programme has no political colouration in the selection of beneficiaries, saying he promised during his inauguration last year to make life more meaningful to all and sundry.

The governor added that the World Bank would be supporting the scheme in order to expand and make it better for the beneficiaries.

He said,  “As we mark our first anniversary today, I am glad to announce the fulfilment of that promise. You will all recall that when we started the programme, it was the first of its kind in sub-Sahara Africa. It attracted criticisms and commendations alike."

”I am glad that many, including the Federal Government, have taken a cue from us in the realization that Social Security for the vulnerable segment of our population is the way to go. It is on that premise to cater for our people that made Social Investments to be one of our 5-Points Agenda.

”In order to expand and make the scheme better than it was during the first term, we are now in partnership with the World Bank in carrying out this laudable programme. Though, our partnership with the World Bank on the social investment project dated back to our First Term in Office when we commenced the Youth Employment and Social Support Operation (YESSO). Through YESSO, a Single Register of Poor and Vulnerable Households was created from a survey of communities across the 16 LGAs using internationally accepted standards of poverty indices.”

Fayemi disclosed that no fewer than 13,813 persons have been selected for the first phase with the payment of N20,000 each to the beneficiaries every three months through their bank accounts.

According to him, the government would follow up on the beneficiaries so as to ensure that the funds are adequately deployed to enhance productivity and have maximum impact.

SOURCE: https://brandspurng.com/2019/10/17/owo-arugbo-ekiti-begins-n20000-payment-to-the-elderly-as-monthly-stipend-for-social-security-scheme/

The Super Eagles stock is currently on the bounce, making the top 20 of the world’s most valuable national teams based on the latest reports by transfermarket.

The Super Eagles are currently Africa’s third-best team and 34th in the world, following impressive displays in their two recent international friendlies against Ukraine and Brazil, which ended in stalemates.

According to stats and permutations based on each national team players’ stocks, the combined value of the current Super Eagles squad is set at €219m.

The commercial value means the Eagles are ranked 19th, eight places behind fellow West African neighbours, Senegal, who are ranked 11th with a market value of €418m.

Current world champions, France, are number one valued at €1.23bn with England, Germany, Brazil, Spain, Italy, Argentina, Portugal, Netherlands and Brazil completing the top 10.

SOURCE: https://brandspurng.com/2019/10/16/super-eagles-rated-19th-most-valuable-national-team/

Key Highlights 

- Gross Earnings decreased by 3.3% to N326.03bn from N337.27bn in Q3 2018
- Profit before Tax increased by 3.9% to N170.65bn from N164.25bn in Q3 2018
- Profit after Tax increased by 3.4% to N146.99bn from N142.22bn in Q3 2018
- Total Equity increased by 10.6% to N636.75bn from N575.57bn in Q3 2018

Guaranty Trust Bank Plc has reported a 3.2% YoY increase in Earning Per Share to N5.19 for 9M’19 in its latest filing with the Nigerian Stock Exchange (NSE). The growth in earnings can be attributed to stronger net fee and commission income (+22.9% YoY) as well as modest improvements in net interest income (1.3% YoY) and operating efficiency (the cost to income: -150 bps).

Gross loans to customers grew by 7.8% from H1’19 level to N1.5 trillion in 9M’19. This implies a year-to-date loan growth of 6.8% compared to the 1.0% contraction observed in H1’19. It appears, however, that the size and structure of this loan growth were not enough to enable the bank meet the new LDR requirement of the Central Bank of Nigeria (CBN), given that GUARANTY was one of the banks impacted by CBN’s LDR-related penalty. By our estimate, GUARANTY had an LDR of 63.8% (bank only) as at September 2019. This supports our view that the apex bank may have applied the more stringent loan to funding ratio in its evaluation.

Despite the growth in loans, NPL ratio declined from 7.3% in FY’18 to 5.6% in 9M’19. This eases our initial concern regarding the impact of the CBN’s credit creation drive on overall asset quality.

There is a sustained improvement in cost-to-income ratio to 36.5% in 9M’19 (H1’19: 37.2%; FY’18: 38.3%).

Annualised ROE and ROA, at 32.3% and 5.8% respectively, are currently ahead of FY’18 levels and management’s guidance for FY’19E.

There is a weakness in both net interest income (-2.7% QoQ) and non-interest revenue (-21.0% QoQ) in Q3’19 relative to other quarters.

The decline in non-interest income was largely driven by lower gross fees and commission income (-22.4% QoQ) and weaker net trading income (N155 million compared to N5.2 billion in Q2’19). Interest expense was also higher during the quarter, likely reflecting the 100bps increase in more expensive deposits.

SOURCE: https://brandspurng.com/2019/10/16/gtbank-releases-q3-2019-unaudited-results-reports-profit-after-tax-of-%e2%82%a6146-99-billion/

The largest mosque in West Africa has officially opened its doors. Sufi Mouride Brotherhood inaugurated the US $33m building located in Dakar, Senegal in the presence of President Macky Sall and his predecessor Abdoulaye Wade.

Construction on the mosque dubbed the ‘Massalikul Jinaan mosque’ which means “the Paths to Paradise”, began a decade ago. The name was derived from the title of a poem by Sheikh Ahmadou Bamba Mbacke, the 19th-century founder of the Brotherhood, who is revered by followers as a Sufi saint. Based in the city of Touba, the movement is a pillar of Senegal’s reputation for religious tolerance.

About Massalikul Jinaan mosque

The mosque, which stands at 255 feet, sits on a six-hectare site in the poor area of Bopp, on land donated by the government of the majority Muslim nation. It has a capacity of 15,000 worshipers inside and another 15,000 on an outside esplanade.

The place of worship has four prayer rooms and features a Carrara marble exterior and five minarets. The interior includes a gold-leaf dome, giant chandeliers and decorations hand-drawn by Moroccan workmen. An Islamic institute, residence and museum are scheduled to be added in the future.

“With this jewel, we are on a par with what we see in Arab countries and other places in Africa,” said Mbackiyou Faye, who co-ordinated the building work.

More than 500 workers took part in the construction of the mosque. Infrastructure Minister Oumar Youm said that the government provided an additional US $11.5m for lighting, sanitation and road works,

“This is not the home of the Mouride community, it is the home of all Muslims, let us unite to give a better image of our religion,” said Serigne Mbacke, Caliph of the Mouride Brotherhood

SOURCE: https://brandspurng.com/2019/10/07/largest-mosque-in-west-africa-opens-doors/

#InsideTheHustle: From dealing with the Police to 'Landowners', Bolarinwa Kamson, the CEO of Nigeria's first food truck 'Urban Fuxion'  took us on the journey that led him to start his food truck in the heart of Nigeria's megacity, Lagos.

Watch the video here:


https://www.youtube.com/watch?v=MWp-knhWRCg

SOURCE: https://brandspurng.com/2019/09/19/insidethehustle-why-i-quit-my-job-to-create-nigerias-first-food-truck-in-the-heart-of-the-countrys-megacity-lagos/

No doubt, startups can be very exciting, but the challenge of raising capital for it to get some footing can be discouraging as building a real business requires capital. But for most startups, what they have is only an idea they feel is marketable. For some, they have designed a business model already and just cannot stop dreaming about this idea of theirs and how it will blossom into something big. Another thing is, not all businesses are a great fit for angel investors or venture capital funding. Sometimes your startup is really good, but getting to convince investors is another hurdle, because like it or not, looking for investors is an investment in itself, and your first thought afterwards is to get some money to build your idea into reality, and what is on your mind is… Crowdfunding!?

Okay… That works, but it is not always smooth. It may happen that you actually got funds, but only a fraction of it. This is not to say there are way better options; rather, it is to offer other alternatives to go alongside your crowdfunding, or to just ignore it totally and face the ones we will be listing, for there are a couple of ways of actually getting funds for your small business that you may never have considered, or even heard of, like…:

NETWORKING

Networking should really be the first option people with a startup should consider before any other, and the reasons are these: it will allow you to put out your business in a less formal and a very organic fashion. Going out and meeting people within the local startup and community of investors can be a great way of stumbling into someone who will pick interest in your idea or what you have already set up but are lacking funds to grow. Gatherings like these are good for promoting your business. An example is the Startup Grind – a global community of entrepreneurs, designed to educate, inspire, and connect with one another. Superficially, it may seem quite off, but at the end of the day, you are selling your business without losing a dime. Another thing is, if they seem to be interested in your startup, they will keep the conversation going. It is now left for you to market yourself the best way you can. While this is an art in itself, when done right, investors will be more likely to consider your business.

The best way to go about this is not to meet them and start talking about your business and begging them to invest in it; you should consider playing with their psyche instead, like first asking them for some advice. This way, you are able to build a relationship with them which will grow into a more willingness to invest in your startup. Asking for advice gives them a chance to point out some visible flaws in your business and also shows that you value their thoughts.

You just cannot do without networking, because in the long run, you will be doing it without even knowing. Flopping here is not the end, there are still other options.

PRIVATE FOUNDATIONS/CONTESTS

There are a few contests out there where winners get funds for their businesses. These contests allow entrants to submit a business plan and the best plan(s) submitted to get to win some prizes, which among other things include funding their startup. Also, most private foundations do not fund startups that are profit-oriented; some do offer a grant if a startup is targeted to empower women and youths. If your startup is one which engages in social activism, your chance of getting funded by these foundations will be greater. A leading private foundation offering grants yearly to startups and entrepreneurs is the Tony Elumelu Foundation which was founded in 2010 by an entrepreneur, investor and philanthropist called Tony Elumelu. This organization is very passionate about Africa’s economic development. So far, over 7000 entrepreneurs and businesses have been empowered through their grants.

THE GOVERNMENT

You are probably asking yourself why the government is listed. It is because governments at various levels put in capital into growing businesses. No doubt, if the system was transparent, more people would see this as a viable option. Nevertheless, we do not have to count it out. Truth is, it is pretty hard for a startup to secure funds through the government, and it is still as tougher for establishments which have stood the test of time.

Before picking this option, it is important you ask yourself if the startup is one that will create jobs and grow the economy, and if it is very clear it will, the government will be more likely to consider it.

CHAMBERS OF COMMERCE

Members of Chambers of Commerce get to enjoy loans given to them at a very low-interest rate. You can take advantage of it to grow your startup. These chambers are made up of business owners, and to benefit from these grants, one must be an active member. In Lagos, there is the Lagos Chamber of Commerce and Industry which has been promoting and protecting the interests of members and the business community at large. They have also created and facilitated commercial and industrial opportunities in Lagos State. Becoming a member is quite tasking and demanding as requirements are a provision of Certificate of Incorporation, a valid office address, and financers among other things.

ONLINE LOAN SERVICES

As much as there are many platforms to get loans from, none is as transparent and fully secured with friendly rates as Fundall – a platform of investors for investors. In fact, and with the exception of Fundall and a few others, online loan platforms are centred on personal grants than for business development. And even when they support Micro-Businesses, the procedure is not as smooth as they put out.

In the digital world, we have lots of opportunities right in our palms. Startups that have founders that are young and smart will be the biggest winners, as access to loans to fund their businesses and goals will be available for them all day, all week and all year round.

On Fundall, there is a specific loan for startups (Small and Medium Enterprises to be precise), but it is important you know about the other options like ‘AgileCash’ and ‘Payday Loan’ as well. AgileCash lets you borrow money (up to ₦30,000) within a few minutes, and without collateral. Payday Loan is, particularly for salary earners. They can access loans to the tune of ₦2,000,000, still without collateral, and at a very low-interest rate.

Our concern, however, is on loans for startups, and that is covered by ‘SME Loans’. Fundall allows Small and Medium Enterprises access to loans to as high as ₦2,000,000 – an opportunity for them to kickoff, sustain and grow their business while still generating more income. If your target as a startup is simply to get financial support to achieve your business goals, then Fundall will be your best bet.

In the meantime, you have to thoroughly investigate these five alternative sources of business capital. Each has its own unique challenges, but succeeding will be well worth the effort.

By the way, for most investors (it will do you well to get this right before going on an exploit for the above options) it is better if you approach them with your results before they consider your startup. Getting to show results first can be quite difficult, because as a growing business, you first need money to get customers, and it is through your customers that you get money. Therefore, it is worth every effort to first acquire customers or users before you approach an investor, instead of seeking funds first before getting customers. This is very important as it is far easier getting investments on good terms (particularly from non-institutional investors) if your startup has some traction and customer base first. Most investors like to see some proof that your idea or business has potential, and the best proof is having customers that are real and also paying. Because actually demonstrating that people like and are even patronizing your business is going to be one of your biggest assets when it comes to attracting investors.

SOURCE: https://brandspurng.com/2019/09/17/how-to-get-funds-for-your-small-business/

Guinness Nigeria Plc has introduced its newest brand, Guinness Smooth stout into the market.

According to the company, Guinness Smooth is a new expression of Guinness developed by Guinness master brewers, local and international, to deliver an exciting and stand out beer that is perfect for casual social occasions.

Commenting on the new brew, Adesina Adewole, Guinness Nigeria master brewer said: “Guinness Smooth is a perfect partner for spicy foods and BBQ. The smooth refreshing taste balances the spicy heat, while the distinctive characterful flavour ensures Guinness Smooth is a beer that doesn’t get overshadowed by the food.”

“We did a lot of research and together with the local team and the team in Dublin, we came out with a Guinness expression that has a lager refreshing; it’s 5 per cent and it’s a Guinness that you would want to enjoy with your friends when you go out and want to have a hangout conversation.”

According to him, the new product seeks to compensate Guinness enthusiasts whose taste buds yearn for a perfect balance of bitter and sweet flavour.

Guinness Master Brewer, Peter Simpson, is optimistic the entry of the new product would go a long way to increase the company’s market share.

“It’s going to be absolutely huge in Ghana and I can see this going a million miles,” he said.

The new product was introduced into the Ghana market recently amidst fanfare and celebrity endorsement.

SOURCE: https://brandspurng.com/2019/09/17/guinness-nigeria-unveils-new-guinness-smooth-stout/

It’s another weekly recap from Brand Spur...

Don't forget to follow us @brandspur_ng


https://www.youtube.com/watch?v=TueUr3xXBp4

Have a nice week ahead

www.brandspurng.com

A retired Army General armed with a pistol and a machete, this afternoon, threatened employees of Ikeja Electric (IE), who visited his residence on Fatai Animashaun Street, Magodo, in the course of their routine duty.

The victims who are members of the Revenue Protection Team of IE were in Magodo Estate to re-certify and seal prepaid meters.

The objective of the task is to prevent the tampering of meters and ultimately, energy theft.

However, the irate customer who apparently misconstrued the intent of the team from IE, accosted members of the team, with his pistol and machete and in clear terms, threatened their lives

Despite the pleas and explanations by the team that they were on their routine duty, the customer was hell-bent on maiming any of them that dared enter his property.

This ugly experience depicts an unfortunate situation where people who should know and are expected to uphold the Law are the ones that are perpetrating and advocating mindless violence and lawlessness in our society.


https://www.youtube.com/watch?v=xuIrdOMNseo?t=44

SOURCE: https://brandspurng.com/2019/09/12/irate-ex-army-general-threatens-to-shoot-ikeja-electric-staff-video/

Progress in suicide prevention activities in some countries, but much more is needed

The number of countries with national suicide prevention strategies has increased in the five years since the publication of WHO’s first global report on suicide, said the World Health Organization in the lead-up to World Suicide Prevention Day on 10 September. But the total number of countries with strategies, at just 38, is still far too few and governments need to commit to establishing them.

“Despite progress, one person still dies every 40 seconds from suicide,” said WHO Director-General, Dr Tedros Adhanom Ghebreyesus. “Every death is a tragedy for family, friends and colleagues. Yet suicides are preventable. We call on all countries to incorporate proven suicide prevention strategies into national health and education programmes in a sustainable way.”

Suicide rate highest in high-income countries; the second leading cause of death among young people

The global age-standardized suicide rate for 2016 was 10.5 per 100 000. Rates varied widely, however, between countries, from 5 suicide deaths per 100 000 to more than 30 per 100 000. While 79% of the world’s suicides occurred in low- and middle-income countries, high-income countries had the highest rate, at 11.5 per 100 000. Nearly three times as many men as women die by suicide in high-income countries, in contrast to low- and middle-income countries, where the rate is more equal.

Suicide was the second leading cause of death among young people aged 15-29 years, after road injury. Among teenagers aged 15-19 years, suicide was the second leading cause of death among girls (after maternal conditions) and the third leading cause of death in boys (after road injury and interpersonal violence).

The most common methods of suicide are hanging, pesticide self-poisoning, and firearms. Key interventions that have shown success in reducing suicides are restricting access to means; educating the media on responsible reporting of suicide; implementing programmes among young people to build life skills that enable them to cope with life stresses; and early identification, management and follow-up of people at risk of suicide.

Pesticide regulation: an under-used but highly effective strategy

The intervention that has the most imminent potential to bring down the number of suicides is restricting access to pesticides that are used for self-poisoning. The high toxicity of many pesticides means that such suicide attempts often lead to death, particularly in situations where there is no antidote or where there are no medical facilities nearby.

As indicated in the WHO publication released today, Preventing suicide: a resource for pesticide registrars and regulators, there is now a growing body of international evidence indicating that regulations to prohibit the use of highly hazardous pesticides can lead to reductions in national suicide rates. The best-studied country is Sri Lanka, where a series of bans led to a 70% fall in suicides and an estimated 93 000 lives saved between 1995 and 2015. In the Republic of Korea – where the herbicide paraquat accounted for the majority of pesticide suicide deaths in the 2000s – a ban on paraquat in 2011-2012 was followed by a halving of suicide deaths from pesticide poisoning between 2011 and 2013.

Data quality needs to improve

The timely registration and regular monitoring of suicide at the national level are the foundation of effective national suicide prevention strategies. Yet, only 80 of the 183 WHO the Member States for which estimates were produced in 2016 had good-quality vital registration data. Most of the countries without such data were low- and middle-income. Better surveillance will enable more effective suicide prevention strategies and more accurate reporting of progress towards global goals.

On 10 September, WHO, in collaboration with global partners, the World Federation for Mental Health, the International Association for Suicide Prevention and United for Global Mental Health, is launching the 40 seconds of action campaign. The culmination of the campaign will be on World Mental Health Day, 10 October, the focus of which is also suicide prevention this year.

SOURCE: https://brandspurng.com/2019/09/10/suicide-one-person-dies-every-40-seconds-who/

The Ministry of Foreign Affairs wishes to inform the general public that following the recent unfortunate xenophobic attacks on foreign nationals, including Nigerians in South Africa, the Proprietor of Air Peace Airlines Chief Allen Onyema, has volunteered to send an aircraft from Friday 6th September 2019 to evacuate Nigerians who wish to return to Nigeria free of charge.

The general public is hereby advised to inform their relatives in South Africa to take advantage of this laudable gesture. Interested Nigerians are therefore advised to liaise with the High Commission of Nigeria in Pretoria and the Consulate General of Nigeria in Johannesburg for further necessary arrangement.

SOURCE: https://brandspurng.com/2019/09/04/xenophobic-attacks-air-peace-to-evacuate-nigerians-from-south-africa/

MTN Nigeria Communications Plc (MTN) confirms that over the last day our facilities, customers and some of our stakeholders have been the subject of attacks in retaliation for the ongoing xenophobia situation in South Africa. We have confirmed reports of attacks in Lagos, Ibadan and Uyo.

While we remain committed to providing uninterrupted services, the safety and security of our customers, staff and partners is our primary concern. All MTN stores and service centres will, therefore, be closed as a precaution until further notice.

MTN condemns any acts of violence, prejudice and xenophobia and remains absolutely committed to ensuring a peaceful, harmonious and respectful relationship with all communities in Nigeria and across Africa.

We are engaging all relevant authorities in this regard and urge them to act swiftly to reduce tensions both in South Africa and Nigeria. We will provide further updates as and when possible.

SOURCE: https://brandspurng.com/2019/09/04/mtn-nigeria-shut-down-stores-service-centers-as-a-precaution-to-the-ongoing-xenophobia-attacks/

Multichoice Nigeria, Africa’s leading entertainment provider, on Tuesday condemned the xenophobic attack on foreigners in South Africa.

“MultiChoice is committed to uniting Africans through our programming and cultural initiatives. We advocate equality and condemn all forms of discrimination. The on-going violence in South Africa against foreign nationals is against the spirit of Africa, and counter-productive to the decades of work done by African leaders and well-meaning organisations to unite the continent.", John Ugbe, Chief Executive Officer of Multichoice Nigeria said in a statement.

The statement reads further,

"We are a proudly African company and although our story began in South Africa, today we represent the African continent in all its diversity through our presence across the region."

"We embrace and celebrate the diversity of varied nationalities, traditions, cultures and religions from across the continent and beyond. This is demonstrated through our multinational staff complement, our multicultural supply chain, as well as the local and international content that we showcase on both our DStv and GOtv platforms."

"We believe Africa’s full potential can only be realised through dialogue, peace, and unity. This is a sombre period for every African on the continent and beyond, and we urge all our customers, followers, and stakeholders to shun violence.”

SOURCE: https://brandspurng.com/2019/09/03/xenophobia-multichoice-nigeria-condemns-attacks-on-nigerians-in-south-africa/

MTN Nigeria communication Plc Tuesday condemned the xenophobic attack on foreigners in South Africa.

The Chief Executive Officer of MTN Nigeria, Ferdi Moolman condemned xenophobic attacks against African migrants including Nigerians in South Africa.

“As MTN we strongly condemn prejudice and xenophobia and we reiterate our unequivocal condemnation of any and all violence. As a leading pan-African telecommunications company with operations in 21 countries, MTN believes in the potential of an Africa whose nations pursue deeper trade, integration and cooperation. We actively encourage the dialogue necessary to maintain peace and sustain strong relationships and urge all our customers and stakeholders to support and defend the principles of human rights, diversity and inclusion and an integrated collaborative Africa”, Moolman said in a statement.

The statement reads further,

“We seek to connect people, bring people together and provide a platform for everyone’s voice to be heard.”

“We are against all forms of bigotry and discrimination; they should have no place in society.”

“Everyone has the right to a world where their rights and freedoms are respected – the right to live and earn a living, freely, safely and protected by the law.”

SOURCE: https://brandspurng.com/2019/09/03/mtn-nigeria-condemns-xenophobia-attacks-on-nigerians-amidst-calls-for-boycott/

https://www.youtube.com/watch?v=J4D0NTRPUVM&t=26s

President Muhammadu Buhari Thursday in Yokohama, Japan said that the few Nigerians abroad indulging in criminal activities do not represent the values of the majority of the people of the country.

Meeting with leaders of the Nigerian Community living in Japan on the sidelines of the Seventh Tokyo International Conference on African Development (TICAD7), the President declared:

“Let me also say that there are few Nigerians in the Diaspora that are giving us a bad name by engaging in criminal activities. These Nigerians are a minority, they do not represent the values of our country, and I plead with them to change their ways.”

According to him, “We will not condone any crime whether at home or abroad, and we will also not allow these Nigerians to define us as a people with a reputation for criminality.”

Urging Nigerians in Japan to be good ambassadors of their fatherland, the Nigerian leader said, “I am personally very happy that there are millions of Nigerians all over the world, like you here, who are truly making us proud.”

Describing majority of the over 17 million Nigerians in Diaspora as “the face of Nigeria globally and our ambassadors for good,” the President noted that, “Many of our Diasporans, like your good selves here today, have excelled in varying fields of endeavour, both professionally and individually.

“You have also made significant and overwhelmingly positive contributions to your Nigerian and international host communities. You have continually been a positive bridge between Nigeria and the world. It is not an easy feat and we commend you, salute your courage and efforts.”

Noting that “Japan is at the cutting edge of technology and efficiency, two very important attributes that can play a role in Nigeria and improve our capacity for development,” President Buhari urged members of his audience to continue to contribute their quota by helping to develop their host country and Nigeria as well, adding: “I look forward to your inborn gift, ability, and capacity in taking up this challenge.”

Commending many of them who are already “positively impacting the Nigerian economy through financial home remittances, promoting international trade in Nigerian commodities, our music, culture, tourism, sports, and education, while also helping to establish industries in Nigeria,” the President urged them “to encourage legitimate Japanese entrepreneurs to come and invest in Nigeria.”

According to him, “We are continually working to create the necessary enabling environment for investors to thrive, through improvements in our Ease of Doing Business practices, providing security, diversification of the economy, infrastructure and fighting corruption.”

He further assured them that, “We have put in place the Economic Recovery and Growth Plan (ERPG) to put the country on a path of sustained recovery and growth.”

Explaining the rationale for his regular meetings with Nigerians abroad and the establishment of the Nigerians in Diaspora Commission, President Buhari said:

“As you are aware, I have regularly held town hall meetings with Nigerians in the Diaspora on all my foreign engagements be they in Europe, Asia, America and Africa.

“At these fora, I have always, appealed to our citizens to be our good ambassadors, observe the laws of your host countries, excel in whatever you do legitimately, and also remember us at home (Nigeria). I have established the Nigerians in Diaspora Commission specifically to engage with you, signifying a coordinated attempt by our administration to increase the involvement of our Diaspora in our national development.

“Collectively, your resources, skills, and talents will be a positive force for our country which can help accelerate our national growth and development.”

President Buhari’s meeting with Nigerians in Diaspora, coordinated by Mrs Abike Dabiri-Erewa, Chairman, Diaspora Commission, who described the President as “the most Diaspora-friendly leader we have had in Nigeria,” witnessed a parade of the brightest and best of our citizens, plying their trade in Japan. They included academics, industrialists, top businessmen, scientists, economists, and many others.

Professor Ejiogu Emenike, President, Nigerians in Diaspora Organisation Asia (NIDOASIA) and an energy expert, commended President Buhari for efficient leadership, and disclosed that his members have “comparative advantages in human capital development, which we are trying to bring back to Nigeria.”

He added: “Any problem that science and technology can solve, we are able to, and we can help Nigeria in areas of need.”

Engineer Ochade Osakwe, Chairman, Nigeria/Japan Chambers of Commerce and Industry, recounted businesses that have been attracted to Nigeria in recent times, promising to do more, as the security and investment climates back home improved further.

Mr Nnaji Fintan, President, Nigerian Union in Japan, asked for more exploits in the areas of education, quality infrastructure and security, which incidentally, are focal points of the current administration.

Image caption: PRESIDENT BUHARI MEETING NIGERIANS IN JAPAN 7; President Muhammadu Buhari (M). Others are Chairman Diaspora Commission, Hon Abike Dabire-Erewa, Son of Chief Onyeisi, Wife of the President of Nigerian-Japan, Mrs Onyeisi, her husband, Chief Economist Ogbonna Sam Onyeisi and Minister of Foreign Affairs during the meeting with Nigerians in Japan alongside the Tokoyo International Conference on Africa Development. PHOTO; SUNDAY AGHAEZE. AUG 29 2019. www.brandspurng.com

SOURCE: https://brandspurng.com/2019/08/30/nigerians-engaging-in-criminal-activities-abroad-do-not-represent-our-values-says-president-buhari/

The Minister of Information and Culture, Alhaji Lai Mohammed, has called on the National Union of Road Transport Workers (NURTW) to support the government in its ongoing efforts to rid the nation’s highways of violent crimes.

The Minister made the call in Abuja on Thursday at the 9th Quadrennial Conference of the NURTW.

“Let me use this important occasion to once again call on you to support this government as it evolves innovative measures to tackle the challenge of insecurity on our roads.

”The Union can specifically support the government in the fight against insecurity by providing timely information to the security agencies, particularly on all the black spots on the nation’s highways. Whether on intra or inter-state journey, your members crisscross the length and breadth of this vast nation and, collectively, have great access to information that can help to make our roads safer.

“As the government continues to frontally tackle the menace of insecurity, it is incumbent on all of us to collaborate in order to address the kidnapping, armed robbery and other forms of insecurity on our roads,” he said.

Alhaji Mohammed, who said he is aware that the NURTW has borne the brunt of the years of infrastructural decay, especially in the area of roads, and insecurity on the highways, commended the organization for its abiding faith in the country as it has persevered against all odds.

He said the Buhari Administration is reversing the trend of insecurity and infrastructural decay by evolving innovative ways to fight insecurity and making a massive investment in the provision of critical infrastructure.

“The security agencies are adopting creative ways, including the deployment of technology, to stem the tide of insecurity on the highways. The government is also investing massively in the provision of critical infrastructure to enable you to discharge your duties effectively and efficiently. As a matter of fact, no government has invested more in infrastructural development than the Buhari Administration. As I speak, there is at least one federal road under construction in each of the country’s 36 states and the federal capital territory,” the Minister said.

He said the setting up of the $650 million Presidential Infrastructure Fund is aimed at accelerating the ongoing construction work on the Second Niger Bridge, Lagos-Ibadan Expressway, East-West Road, Abuja-Kano Expressway and the Mambilla Hydro-electric Project.

“There is no better demonstration of President Buhari’s commitment to delivering on critical infrastructure across the country,” Alhaji Mohammed.

The Minister also tasked members of the NURTW to always ensure the safety of their passengers by obeying all traffic rules and regulations, shunning drug abuse and thuggery.

Image caption: Minister of Information and Culture, Alhaji Lai Mohammed; Outgoing National President of the National Union of Road Transport Workers (NURTW), Alhaji Najim Yasin, and the Minister of State for Labour and Employment, Senator Tayo Alaosadura, at the 9th Quadrennial National Conference of the NURTW in Abuja on Thursday. www.brandspurng.com

SOURCE: https://brandspurng.com/2019/08/30/fg-seeks-nurtws-support-for-tackling-insecurity/

The percentage of people with cell phone subscriptions is now higher than those using sanitation services. In 2000, only 12% of the global population had mobile phone subscriptions. In 2015, the rate is near 97% — a trend consistent across world regions.

These increases in cell phone users far exceed the number of people using at least basic sanitation services, which encompass improved sanitation facilities that are not shared with other households. In 2015, approximately 70% of the global population used at least basic sanitation services — a rate that only increased by 10 percentage points in the last 15 years

Access to sanitation services is critical to reducing diarrheal disease and can significantly lessen the adverse health impacts of other disorders responsible for death and disease among millions of children. For more information on global and regional trends on sanitation, see the 2018 Sustainable Development Goal Atlas.

Trends in mobile phones and sanitation services

Percentage of the world population with mobile phone subscriptions and basic usage of sanitation services.

SOURCE: https://brandspurng.com/2019/08/30/are-cell-phones-becoming-more-popular-than-toilets-the-data-says-yes/

The Federal Inland Revenue Service (FIRS) states it will start to impose a value-added tax (VAT) on online transactions, both domestic and international, which will be valid from January 2020.

Babatunde Fowler, FIRS executive chairman, made this known on Monday at the African Tax Administration Forum (ATAF) technical workshop that held in Abuja.

Fowler said a lot of countries that see Nigeria as a good market is into online businesses, adding that there was a need to tap into the potentials to generate more revenue.

However, he said the date of commencement of the VAT on online transactions would be subject to government’s approval.

“We have thrown it out to Nigerians. Effective from January 2020, we will ask banks to charge VAT on online transactions, both domestic and international,” Fowler said.

“VAT remains the cash cow in most African countries, with an average VAT-to-total tax revenue rate of 31%. This is higher than the Organisation for Economic Cooperation and Development’s average of 20%.

“This statistics, therefore, is a validation of the need for us to streamline the administration of this tax with the full knowledge of its potential contributions to national budgets.

“It is, however, also bearing in mind the rights of our taxpayers.”

Fowler said Nigeria could do better with VAT collection. Giving the example of Senegal, the FIRS boss said the West African country generates 51% of its revenue from VAT while Nigeria generates 17%.

SOURCE: https://brandspurng.com/2019/08/26/firs-intends-to-impose-vat-on-online-transactions-in-january/

Investmentfreak:
FTC finally
Please what can I do with 100k Naira, it seems useless in my account... quote me I am waiting
Business ideas only

I know 20 Businesses You Can Start With 100k – Boda Lanre

https://brandspurng.com/2018/04/07/i-know-20-businesses-you-can-start-with-100k-boda-lanre/

One would have thought that the introduction of ORide, a bike hailing system backed by its specialized application (Opay App) would take a long time before it finally finds its footing in Ibadan, Oyo State – as a somewhat laid-back society- when the company announced its launch in June.

Creating a Space for Leadership

Lagos has been the hub of technology evolution and digital transformation in Nigeria. It is usually the hotbeds that make or mar a new product in the vast Nigeria market. However, most time, that a new product especially technology product and services has an easy inroad into the cosmopolitan Lagos market may not translate the same measure of success for the new entrant.

In his book, The Villager, former Insight Communication CEO, Feyi Olubodun, explained that people are beginning to change from the orientation that Lagos lifestyle is the pacesetter that others should emulate.

According to him, everyone now has an identity and people now create their own pleasure and a Lagosians shouldn’t be surprised to see that that local man is more exposed even than those in cities. The ORide team seems to have borrowed from the Villager, to venture into this new (fringe) market and dominate.

With other bike hailing companies like Gokada, MaxOkada, EasyMobility in Lagos, ORide which also has its operation in Lagos quickly saw a gap in transportation activities in the largest city of West Africa, Ibadan by being the first commercial bike hailing company to move beyond Lagos to other southwest states while still maintaining a fair share of the market in Lagos.

Price as Bait to Build Large Customer Base

In June 2019 at its inception, ORide on an aggressive marketing note by announcing that all transaction with the bike company would be tagged at N50 only regardless of the locations. This sounds so enticing though people were sceptical. This enticing offer propelled many to download the app just to ascertain the truthfulness or faux. For the whole month of June, all passengers were treated with royal respect, giving them a pleasure to travel far distance without the fear of spending an extra fee.

In August, the company inched up its price point to the N100 mark which still seems cool to those who have enjoyed it and to new customers who have been privy to customers’ word of mouth testimonials.

Building a Motivated Loyal Team

According to Emmanuel Olawale,  an ORide rider in Ibadan, he makes over N4000 every day which he couldn’t make when he was still operating the famed Okada.  He said the initiative gives the riders freedom from union activities and payment of an illegal fee to the associations. “When they see this uniform and the helmet, they can’t stop me, even police can’t arrest me unnecessarily unless I disobey traffic rules”. He added that they have speed limit as specified by the management and anyone who goes against such would be sanctioned.

The most enjoyable part is getting customers instantly and constantly without burning fuel looking for passengers all over the street. “I don’t look for passengers, ORide gets passengers for me,” says Paul Daniel Erhazee, a former commercial bike operator who recently joined ORide.

Data for Security  

The many benefits working for ORide according to Erhazee include low risk of encountering dubious passengers who would not want to pay for service. In his words, “In the time past, I have taken passengers to far places I didn’t know and the customer, in turn, would give me N50  claiming we didn’t negotiate earlier or begging me that they don’t have money. But now, you can’t cheat OPay”, he said.

While this may sound funny, it’s part of the risk commercial bike operators face at work, while some have been victims of fraudulent passengers, some have lost their lives for lack of record or data on their passengers. Having to download the OPay app before access to service makes automatically provides an antidote against security challenges.

Building on First Mover Advantage

ORide bike hailing company is no doubt enjoying its first-mover advantage in the city of Ibadan. It’s innovative low fare entry strategy of ₦50 per ride compelled prospects their 1000s to give the brand a trial.  With ORide’s above-average customer service, a trial, as they say, convinced the customers hence emerging a powerful market leader in less than three months.

The Sucker Punch against Competition

Though many have faulted the unethical practice of the company in Lagos especially on the poaching of employees of its rival, Gokada, taking four of its top executives and offering N30,000 extra sign-on fee to riders joining from Gokada. Some, however, see this as part of the business play which is bound to happen in a competitive market with limited expertise.

Waxing Strong with other Streams

Another additional advantage ORide provides is the special features on the Opay Mobile app that allow transactions like fund transfer (to a bank account and telephone), pay for utility bills and mobile airtime recharge, OFood (a prominent feature of the app which allows you to order food from restaurants) Also, people can place bets on one of the major sport betting platforms in Nigeria from within the payment app. These special features are available for everybody even when you are not using the ORide.

The Real Value

With constant improvement and consumer-focused strategies, the bike hailing business could just be a relief to hellish transportation situation, especially in our highly populated urban centres. All things being equal, the chaotic transport situation in Ibadan and the series of Opay add-ons will continue to propel the ORide service to the front burner in Ibadan as the number 1 bike hailing brand.

Written by: Lekan Ajayi

SOURCE: https://brandspurng.com/2019/08/22/how-%e2%82%a650-entry-strategy-impacted-oride-bike-hailing-success-in-ibadan/

Africa’s fastest train line is fully operational. Railway infrastructure constructor Colas Rail, who built the project announced the reports.

Al Boraq high-speed train line

The Al Boraq high-speed train line links the cities of Tangier and Casablanca, in Morocco. It was inaugurated in Morocco in November last year by King Mohammed VI in the presence of French President Emmanuel Macron.

Colas Rail subsidiary Colas Rail Morocco, in a consortium with engineering company Egis Rail, won a design-build contract for the high-speed line. The consortium built a 182 km/s electrified double track between Tangier and Kenitra.

Fastest train line

According to Colas Rail Africa business Development Director Frédéric Priest, the railway allows for a maximum operational speed of 320 km/h and leads to a two-and-a-half-hour gain between Tangiers and Casablanca.

Construction works on the project included track studies and construction of catenaries and two base camps. Frédéric Priest added that some of the high-speed-line project key figures included two-million tons of ballast, 50 000 t of rail, 700 000 sleepers, 400 km of track and a 25 kV catenary.

About 5 000 workers were mobilized during this project out of which 95% were recruited from the areas of Tangier, Casablanca and Rabat. Colas Rail laid 18 km of rail track – 10 km on the Kamsar port site and 8 km in Tuinguilinta. More than 75 000 t of ballast were transported to the site, along with 14 500 t of various machines and material.

“In Morocco, it was a legally binding solicitation. Our customer, Morocco national railroad administrator the ONCF Agency, requested that we consider the nearby combination of aptitudes by making an instructional hub during the task. In Africa, Colas and Colas Rail are accustomed to working with nearby accomplices and preparing neighborhood individuals on location. It is a solid duty from our side and we trust in this model,” said Frédéric Priest.

SOURCE: https://brandspurng.com/2019/08/21/africas-fastest-train-line-completely-operational/

Nigeria’s leading Electricity Distribution Company, Ikeja Electric (IE) has signed an agreement with Magodo Resident Association to invest in electricity infrastructure in the Estate as well as provide reliable and quality electricity supply to the residents.

The contract, which is in line with the company’s Premium Power Purchase Agreement, was signed at the association’s community hall in Lagos with representatives of Ikeja Electric and Magodo Resident Association present.

By this agreement, IE will provide Magodo residents with electricity supply beyond the existing standards with guaranteed performance levels. In addition to the improved supply of electricity to the Estate, there will also be access to dedicated Customer Care and Technical teams for prompt resolution of queries and/or technical issues within the Estate.

The Chief Operating Officer of Ikeja Electric, Mrs. Folake Soetan, expressed confidence in the success of the trend-setting agreement which she noted was in line with the Federal Government’s “willing seller, willing buyer” policy.

“We are confident that this agreement will serve as a model for other power agreements in the power sector because, while it is in line with the Federal Government policy, it also reflects our unwavering commitment to our customers. This has also been made possible by the Nigerian Electricity Regulatory Commission’s directive to DisCos to provide an enabling environment with exceptional service delivery,” she said.

Soetan who signed on behalf of IE, described the agreement as a foremost partnership that would enhance growth and economic development within the community. She further emphasized on the importance of the agreement to both parties, while reiterating Ikeja Electric’s commitment to ensure adherence.

The Chairman, Board of Trustees, Magodo Residents Association, Chief S.A. Owojori, commended the technical teams from both sides for a job well done. He described the signing ceremony as a significant achievement in the community’s efforts at enjoying uninterrupted power supply, noting that the agreement, if judiciously implemented, will strengthen the relationship between the community and Ikeja Electric.

Others present at the ceremony from Ikeja Electric include Chief Technical Coordinator, Engr. Sunday Oyewole, Chief Network Optimization, Engr. Abdullahi Mohammed, Head Legal & Regulatory, Mr. Babatunde Osadare, Business Manager, Shomolu Business Unit, Engr. Olanrewaju Yusuf and the Project Manager, Wale Atobatele. Members of the Magodo Resident Association present were Mr. Jade Niboro, Chairman, Magodo Resident Association, Akin Adepoju, General Secretary and Mr. Kunle Fashogbon amongst others.

The Premium Power initiative is a power purchase agreement which entails a commitment to specific service level standards while the customer agrees to pay a tariff that is above the current MYTO tariff.

SOURCE: https://brandspurng.com/2019/08/21/ikeja-electric-magodo-residents-sign-power-supply-agreement/

helinues:
Are they back in operation?

I read they suspended their services when their boss was stucked for 15 mins on a 5 mins ride

That's Gokada. Read about it here:

https://brandspurng.com/2019/08/15/gokada-suspends-operation-after-a-5min-trip-by-its-ceo-took-more-than-15min/

As the pioneer moto-taxi hailing service in Nigeria, the MAX Team shared with His Excellency, the Executive Governor of Lagos, Mr. Babajide Sanwo-Olu the revolution it pioneered in transportation through the provision of safe and affordable mobility to Lagosians while creating thousands of new jobs and providing financial inclusion for riders.

MAX shared its exciting journey and future goal of making motorcycle taxis safe, affordable and accessible to 1 billion Africans. MAX is partnering with Lagos State to formalize the sector for enhanced safety and security for citizens, increased tax revenues for the Government and economic empowerment for riders.

SOURCE: https://brandspurng.com/2019/08/17/max-ng-visits-lagos-state-governor-seeks-partnership-to-formalize-bike-hailing-sector-photos/

Guaranty Trust Bank plc has released its audited financial results for the half-year ended June 30, 2019, to the Nigerian and London Stock Exchanges.

The half-year result shows positive growth across key financial metrics and reflects GTBank’s leading position as one of the best managed financial institutions in Africa. The Bank reported a Profit before Tax of ₦115.8billion, representing a growth of 5.6% over ₦109.6billion recorded in the corresponding period of 2018. The Bank’s loan book grew by 1.0% from ₦1.262trillion recorded as at December 2018 to ₦1.274trillion in June 2019 and customer deposits increased by 6.3% to ₦2.418trillion from ₦2.274trillion in December 2018.

The Bank closed the half-year ended June 2019 with Total Assets of ₦3.598trillion and Shareholders’ Funds of ₦603.0Billion. In terms of Asset quality, NPL ratio and Cost of Risk improved to 6.8% and 0.2% in June 2019 from 7.3% and 0.3% in December 2018 respectively. Overall, asset quality remains stable with adequate coverage of 84.7%, while Capital remains strong with CAR of 23.5%. On the backdrop of this result, Return on Equity (ROAE) and Return on Assets (ROAA) stood at 33.7% and 5.8% respectively. The Bank is proposing an interim dividend of 30kobo per ordinary share of 50 kobo each for the period ended June 30, 2019.

Commenting on the financial results, the Chief Executive Officer of Guaranty Trust Bank plc, Segun Agbaje, said; “We have delivered a good result in spite of a challenging market, characterized by varying degrees of uncertainty and a rapidly changing competitive landscape. Our strong financial performance is underpinned by our unwavering focus on delivering value for our shareholders and reimagining the role we play in our customers’ lives.”

He further stated that “In a rapidly changing world and increasingly unpredictable environment, we are committed to building a long-term business that is both nimble and focused on flawless execution. The progress that we have made over the past six months demonstrates that we have the right strategy and the dedicated team to deliver for all our stakeholders, even in difficult conditions.”

The Bank has continued to report the best financial ratios for a Financial Institution in the industry with a return on equity (ROE) of 33.7% and a cost to income ratio of 37.6% evidencing the efficient management of the banks’ assets. These ratios are a testament to the competent and experienced management and work-force, efficient balance sheet structure and operational efficiency of the Bank. In recognition of the Bank’s bias for world-class corporate governance standards, excellent service delivery and innovation, GTBank has been a recipient of numerous awards over the years. Some of these include Africa’s Best Bank and Best Bank in Nigeria from Euromoney Magazine, and Best Banking Group and Best Retail Bank by World Finance Magazine.

SOURCE: https://brandspurng.com/2019/08/16/gtbank-reports-profit-before-tax-of-%e2%82%a6115-8billion-in-h1-2019/

The Executive Chairman Federal Inland Revenue Service, Tunde Fowler in a recent interview with Premium Times answered a question on taxation of the digital economy where he said... “We will address the issue of the digitalized economy very soon"

Here are 7 things to know about the taxation of online transactions

1. The VAT is payable on all listed items/services whether the transaction is online or offline as stated in the VAT Act.

2. Payment of 5% VAT on online transactions as exemplified in the interview by the Executive Chairman, FIRS, Tunde Fowler is NOT an announcement of a new tax type.

3. The FIRS Act empowers the FIRS to appoint banks, other financial institutions, MDAs and other taxpayers as VAT COLLECTING AGENTS. It is the banks' role as collecting agents on online transactions that he referenced in the interview.

4. 1.ONLY transactions that are VATable (i.e liable to be charged with VAT) whether online or offline will be subjected to payment of VAT.

5. All companies doing business online and remitting VAT will NOT pay double tax. Only online businesses that DO NOT pay VAT will need to henceforth pay VAT on VATable items.

6. All companies doing business online and remitting VAT will NOT pay double tax. Only online businesses that DO NOT pay VAT will need to henceforth pay VAT on VATable items.

7. VAT will NOT be charged on NON-VATable goods like all medical and pharmaceutical products, basic food items, books and educational materials, baby products, all exports, locally produced agricultural and veterinary medicine.

Fowler wants taxation to be fair to all: those not in the tax net (online or offline) should be brought in so that no one who should be paying VAT is not.

FIRS has been collaborating with the FG on the MSME clinic project to enhance the growth of SMEs. FIRS DOES NOT intend by any means to stagnate the growth of SMEs or online businesses.

SOURCE: https://brandspurng.com/2019/08/16/7-things-to-know-about-taxation-of-online-transactions/

The Central Bank of Nigeria (CBN) has released guidelines for the disbursement of lower denominations of the naira through microfinance banks (MFBs) across the country.

A circular issued by the Director, Currency Operations Department of the Bank, Mrs. Patricia Eleje in Abuja on Thursday, August 15, 2019, indicated that all microfinance banks must have a composite risk rating (CRR) of above average in the most recent Risk-Based Supervision (RBS) target examination before they are considered for the scheme.

This, according to the CBN, was to ensure that only MFBs with good corporate governance practices take part.

Meanwhile, the participating MFBs must be willing to accept a mixture of new and other banknotes, and that the MFBs shall give 20% of any withdrawal in lower denomination notes subject to a maximum of ₦50,000. Where beneficiaries withdraw more than once in a day, the circular said that disbursement will only apply to one transaction per day.

Similarly, the MFBs are allowed to exchange notes subject to a maximum of ₦50,000 for customers with bank accounts and ₦10,000 for customers without bank accounts. In that situation, the banks must not exchange for the same beneficiaries more than once a week.

Also, MFBs are to maintain a register of amounts received from the CBN through their correspondent commercial banks. The MFB must also maintain another register of the beneficiaries of the lower denomination notes as well as ensure that withdrawal teller slips contain the breakdown of the denomination of the currency to customers with accounts.

It, however, warned MFBs against howking, hoarding or using of funds obtained under the intervention for any other purpose. It also instructed the banks to put in place effective control measures that will ensure that banknotes disbursed to customers with or without accounts are not sold.

Furthermore, the circular directed the banks to render weekly and monthly disbursement return to CBN branches where the intervention would be monitored periodically, and appropriate sanctions applied to erring MFBs.

SOURCE: https://brandspurng.com/2019/08/16/cbn-to-disburse-lower-currencies-to-microfinance-banks/

The consumer price index, (CPI) which measures inflation increased by 11.08 percent (year-on-year) in July 2019. This is 0.14 percent points lower than the rate recorded in June 2019 (11.22 percent).

In July 2019, food inflation on a year on year basis was highest in Kebbi (17.75%), Ekiti (16.23%) and Adamawa (16.00%), while Delta (10.60%), Bayelsa (10.43%) and Kogi (10.36%) recorded the slowest rise.

On month on month basis however, July 2019 food inflation was highest in Yobe (2.82%),Taraba (2.56%) and Ekiti (2.38%), while Kogi (0.06%) recorded the slowest rise with Ogun and Ondo recording food price deflation or negative inflation (general decrease in the general price level of goods and services or a negative inflation rate).

On a month-on-month basis, the Headline index increased by 1.01 percent in July 2019. This is 0.06 percent rate lower than the rate recorded in June 2019 (1.07) percent.

The percentage change in the average composite CPI for the twelve months period ending July 2019 over the average of the CPI for the previous twelve months period was 11.29 percent, compared to 11.29 percent recorded in June 2019.

The urban inflation rate increased by 11.43 percent (year-on-year) in July 2019 from 11.61 percent recorded in June 2019, while the rural inflation rate increased by 10.64 percent in July 2019 from 10.87 percent in June 2019.

On a month-on-month basis, the urban index rose by 1.07 percent in July 2019, down by 0.03 from 1.10 percent recorded in June 2019, while the rural index also rose by 0.96 percent in July 2019, down by 0.09 from the rate recorded in June 2019 (1.05) percent.

The corresponding twelve-month year-on-year average percentage change for the urban index is 11.64 percent in July 2019. This is less than 11.65 percent reported in June 2019, while the corresponding rural inflation rate in July 2019 is 10.97 percent compared to 10.99 percent recorded in June 2019.

Food Index

The composite food index rose by 13.39 percent in July 2019 compared to 13.56 percent in June 2019.

This rise in the food index was caused by increases in prices of Oils and fats, Meat, Bread and cereals, Potatoes, yam and other tubers, and Fish

On a month-on-month basis, the food sub-index increased by 1.26 percent in July 2019, down by 0.10 percent points from 1.36 percent recorded in June 2019.

The average annual rate of change of the Food sub-index for the twelve-month period ending July 2019 over the previous twelve-month average was 13.46 13.42 percent, 0.04  percent points from the average annual rate of change recorded in June 2019 (13.42) 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 8.80  percent in July 2019, down by 0.04 percent when compared with 8.84 percent recorded in June 2019.

On a month-on-month basis, the core sub-index increased by 0.77 percent in July 2019. This was down by 0.08 percent when compared with 0.85 percent recorded in June 2019.

The highest increases were recorded in prices of Medical and Hospital services, Cleaning, Repair and hire of clothing, Repair of household appliances, Major household appliances, Domestic and household services.

The average 12-month annual rate of change of the index was 9.52 percent for the twelve-month period ending July 2019; this is 0.12 percent points lower than 9.64 percent recorded in June 2019.

SOURCE: https://brandspurng.com/2019/08/16/food-gets-cheaper-in-ondo-ogun-as-inflation-rate-drops-to-11-08/

40secondsMan:
Oil discovery u mean...

No Sir, Oyo is a town in Northern Congo. Not the one in Nigeria.

You can read more about the town here:

https://en.wikipedia.org/wiki/Oyo_Republic_of_the_Congo

https://www.google.com/maps/place/Oyo,+Republic+of+the+Congo/data=!4m2!3m1!1s0x1a749d51964e9663:0xe948549e88e00d8a?sa=X&ved=2ahUKEwjDycXFzIXkAhVFxoUKHY-ODBwQ8gEwHHoECAwQBA

Congo has 2 billion barrels of proven oil reserves from about 20 fields being exploited and about 10 permits granted and waiting to be developed...

The recent onshore discovery made in the Delta de la Cuvette deposit in the Republic of Congo is a game-changer for Congo and Africa. The discovery was announced on August 10th by SARPD Oil and PEPA, a Congolese consortium working as operators on the Block.

Early projections indicate that the discovered deposits could produce up to 359 million barrels of oil, or 983,000 bopd, from Congo’s central province. This could in effect quadruple Congo’s production, which currently stands at over 330,000 bopd according to OPEC’s latest figures. Production has been steadily increasing in recent years, with a target set by the government of reaching 400,000 bopd by 2020.

“This is our first onshore discovery and it gives us a lot of hope that we shall make more discoveries especially now that we are to award more blocks for oil exploration in the ongoing oil licensing round,” said the H.E. Jean-Marc Thystère-Tchicaya, Minister of Hydrocarbons of the Republic of Congo

The Delta de la Cuvette deposit covers 9,392 m2 and comprises four wells, the first has been drilled in March of this year. When fully exploited, the license could propel Congo as Africa’s third-largest oil producer, ahead of Algeria and Libya.

“This is in effect one of the largest African oil discovery in decades,” declared Nj Ayuk, Executive Chairman of the African Energy Chamber and CEO at the Centurion Law Group. “Africa has been an exploration hotspot where major oil & gas discoveries have been made in recent years by international explorers. The Oyo discovery in Congo, however, is the result of indigenous efforts made by Congolese companies. It speaks volumes to the value that local content development can create when local companies and entrepreneurs are given an opportunity to contribute to their industry. I want to urge the government to work with the industry to expedite the approvals for the necessary field development efforts. This is a win for Congo and for Africa.”

The discovery is also a game-changer for Congo’s energy scenario, with most oil & gas production currently coming from offshore fields. The Republic of Congo has been pushing for years to open up energy access to its central and northern provinces, notably through the planned 1,200km pipeline between Pointe Noire and Ouesso. The exploitation of such large oil deposits in the centre of the country could open up a whole new energy frontier for Congo and the rest of the region.

The African Energy Chamber looks forward to seeing the full development of the license creating jobs for Congolese, and opportunities for Congolese companies and entrepreneurs to service one of Central Africa’s largest upcoming onshore development. Such a discovery has the potential to spur considerable economic growth for Congo and its central and northern provinces, especially as the country keeps recovering from a recent economic crisis due to plummeting oil prices. The IMF predicts a GDP growth of 5.4% in 2019, the highest in Central Africa.

Congo has 2 billion barrels of proven oil reserves from about 20 fields being exploited and about 10 permits granted and waiting to be developed. Its proven gas reserves stand at 200bn standard cubic metres over 20 years, according to the government, including 70bn of associated gas. While gas production stands at about 400bcf, various gas valorization and monetization projects are being supported by the government to generate diversification and economic growth. Congo estimates that it can monetize about 100bn standard cubic metres of gas by integrating various gas valorization projects in the country via a gathering and transportation system which is to be operational by 2020.

SOURCE: https://brandspurng.com/2019/08/15/oyo-discovery-is-a-game-changer-for-congo-and-the-african-content/

Photo: Denis Sassou Nguesso, President, Republic of Congo