Ravon's Posts
Nairaland Forum › Ravon's Profile › Ravon's Posts
1 2 3 4 5 6 7 8 9 10 (of 28 pages)
 Business › Bitcoin Overtakes Gold In The U.S. As The 4th Most Popular Investment Vehicle by Ravon(op): 10:20am On Feb 06, 2021 |
Research by Bitflyer released today indicates the growing popularity of the cryptocurrency as an American household investment option. But not in Japan. Stocks Remain the #1 Investment Vehicle Bitflyer, a Japanese crypto exchange, released a research paper that dives into cryptocurrency sentiment and investment trends in the U.S. and compares them to the Japanese market. The most glaring difference between American and Japanese as far cryptocurrency acceptance is indicated through a simple question presented to survey participants: While 76% of Americans view cryptocurrencies positively, 78% of Japanese view cryptocurrencies negatively. The complete opposite pie charts demonstrate how the two markets are miles apart in their acceptance of cryptocurrencies. The research does not indicate when exactly the survey was done, but it can be assumed that the news-worthy ascend of bitcoin (BTC) in recent months has contributed to a heightened interest in cryptocurrencies as a whole in the U.S. One can only assume that the conservative, suspicious approach prevailing in Japan toward the new and unknown leads to the lukewarm approach of its people to cryptocurrencies. Highlighting a growing public interest in investment as a viable financial safe-net, the research found that 82% of people in the U.S. invest in financial assets; a Pew research indicated that only a few months ago the figure was 52%, allowing the assumption that the COVID-imposed reality has driven newfound interest among the public in securing a financial future. Among investors, Bitcoin/cryptocurrencies (is it still that for a substantial portion of the public Bitcoin and cryptocurrency are one and the same?) has eclipsed gold as the fourth most popular investment vehicle, with real estate, 401k, and stocks occupying the three top spots. Interestingly, comparing American sentiment to the Japanese one, the research indicates an opposite sentiment among the Japanese public – 69% of people do not invest in financial assets. Anecdotal reference: in both the U.S. and Japan men tend to invest more than women. Looking ahead to 2021 as a transformative, post-pandemic year, 68% of Americans plan to increase their investment activity, while only 18% of Japanese planning to do so. As per the segments of both populations that do not intend to increase their investing during 2021, while Americans say they will refrain from investing due to the lack of financial resources brought about by the COVID reality, Japanese are turning away from investment due to associated risks, unrelated to the New Normal. SOURCE: https://brandspurng.com/2021/02/06/report-bitcoin-overtakes-gold-in-the-u-s-as-the-4th-most-popular-investment-vehicle/
|
| Celebrities › DJ Kaywise Joins The Omoluabi Family, Gets Goldberg Ambassadorial Deal by Ravon(op): 5:57pm On Feb 04, 2021 |
From cooking up smash beats to promoting cultural heritage, Ayorinde Kehinde Okiki, otherwise known as DJ Kaywise has just been unveiled as the new brand ambassador for Goldberg Lager Beer. The surprise announcement was made to fans and followers on social media. Having been an outstanding disc and video jockey with a knack for producing some of the best and hottest urban mixtapes in Africa, fans recently pushed for the deal with Goldberg after noticing his love for the beer brand. Kaywise who has continued to excel in the industry since 2010 when he kicked off his career in music as a DJ, daring to break into the heavily saturated Alaba Market with his mixtapes. Estimated to have released over 10,000 CD-Mixtapes, alongside over 50 online released mixtapes that include multiple visual mixes featuring A-list Nigerian and African artists, the 28-year old is indeed a trailblazer in pop culture. Creating mixtapes has become his asset in an industry that is fast dominated by the production of singles as against the album releases. Many music fans had relied on mixtapes such as DJ Kaywise’s, to keep a pulse on the music trends across genres particularly the Afrobeats. The communal drive that accompanies his music bears a semblance of the tradition that Goldberg is largely associated with. On his part, DJ Kaywise takes pride in his roots and combines traditional music with western popular music styles. Famed for his strong work ethics, Okiki was also known by the moniker, ‘Drummer Boy’ has worked with leading artists such as Olamide, Phyno, Mayorkun, Zlatan, Naira Marley for music productions, setting the trend for the likes of DJ Cuppy. Fellow brand ambassadors Olamide and Odunlade Adekola joined fans in welcoming DJ Kaywise to the Goldberg family. Goldberg’s unveil of DJ Kaywise as a brand ambassador honours the wishes of the teeming fans and social media followers who had been clamouring to have this phenomenal DJ as one of the brand’s torchbearers. SOURCE: https://brandspurng.com/2021/02/04/dj-kaywise-joins-the-omoluabi-family-gets-goldberg-ambassadorial-deal/
|
| Politics › Nigeria Slips To 110th Position In Eiu's Democracy Index 2020 by Ravon(op): 12:48pm On Feb 03, 2021 |
Nigeria slipped to 110th position out of 165 independent states and two territories in the latest Economist Intelligence Unit’s (EIU) Global Democracy Index 2020 report titled "Democracy Index 2020: In sickness and in health?" due to coronavirus-related lockdowns, which had a negative bearing on the civil liberties category. Nigeria ranked 110 with a score of 4.10 out of 10, Nigeria was categorized as a hybrid regime. While Nigeria was ranked 20 in Sub-Saharan Africa, Mauritius, Cape Verde, Botswana and South Africa occupies, 1st, 2nd, 3rd and 4th positions respectively. The decline in Africa’s low overall democracy score in 2020 was also driven by coronavirus-related lockdowns, which had a negative bearing on the civil liberties category (the region’s score dropped from 4.46 in 2019 to 4.23 in 2020). Typically, the strategy in Africa was to make lockdowns as short as possible, which meant that they were enforced ruthlessly by the police. During the early weeks of a local lockdown, more Nigerians died at the hands of police than from coronavirus. Heavy-handedness in several countries, such as Kenya and Senegal, is common but reached new highs in places where curfews were ordered. The measures stripped citizens of their freedom to assemble and travel, causing severe interruption to livelihoods. The harshness of the restrictions led people to disregard them, and there were protests and riots in some countries, including in some with a history of only limited political participation, such as Uganda and Angola. Constraints placed on political activity—applied disproportionately for the opposition—ahead of January 2021 elections in Uganda illustrated how autocrats use the excuse of new threats such as coronavirus to crack down on the opposition and hold on to power during a time of crisis. Even where restrictions were not especially strict, such as in Malawi, they were oppressive enough to prompt protests and force the government to abandon the policy of a lockdown altogether. In Angola, unrest was also connected to the postponement of local elections. The Economist Intelligence Unit’s Democracy Index is based on five categories: - Electoral process and pluralism; - Civil liberties; - The functioning of government; - Political participation; and - Political culture. Based on their scores on 60 indicators within these categories, each country is then itself classified as one of four types of regime: full democracy; flawed democracy; hybrid regime; and authoritarian regime. Sub-Saharan Africa: Elections good and bad, and ill-managed lockdowns Many of the nations in Sub-Saharan Africa are concentrated at the bottom of the Democracy Index rankings. The continent has only one “full democracy”—Mauritius—and six “flawed democracies”. The number of countries classed as “hybrid regimes”, at 13, is two less than in the 2019 index, as Burkina Faso and Mali slipped down the ranking to become “authoritarian regimes”, alongside 22 other African states. The overall average regional score fell to 4.16 in 2020, down from 4.26 in 2019—by far the lowest score for the continent since the index began in 2006. Regional deterioration was also a consequence of declining scores for many countries in the category of electoral process and pluralism, with the average regional category score falling to 3.87 in 2020 (down from 4.01 in 2019). Disputed elections in Tanzania and Guinea led to both countries being marked down in the index for polling irregularities. However, there was a bright spot: Malawi’s constitutional court overturned a presidential election held in 2019 that was widely decried as being unfair. A rerun was held in June 2020 and an opposition candidate won, marking a major step forward in the electoral process that pushed Malawi five places upwards in the global ranking. Norway topped The Economist Intelligence Unit's latest Democracy Index report titled "Democracy in sickness and in health?", with Iceland, Sweden, New Zealand and Canada making up the top five. Taiwan, Japan and South Korea took the top three spots in Asia, moving from the "flawed democracy" category to be classified as "full democracies." Out of 167 countries, the Democracy Index classifies 23 countries as full democracies, 52 as flawed democracies, 35 as hybrid regimes and 57 as authoritarian regimes. India has been classified as a 'flawed democracy' along with countries such as the US, France, Belgium and Brazil. SOURCE: https://brandspurng.com/2021/02/03/nigeria-slips-to-110th-position-in-eius-democracy-index-2020/
|
| Politics › Tony Momoh Is Dead by Ravon(op): 6:09pm On Feb 01, 2021 |
Tony Momoh has died at the age of 81. Prince Tony Momoh (born 27 April 1939), died February 1, 2021, was a Nigerian veteran journalist, politician and a former Minister of Information and Culture (1986–1990) during the military regime of General Ibrahim Babangida. More details shortly... SOURCE: https://brandspurng.com/2021/02/01/tony-momoh-is-dead/
|
| Business › Ecobank Reports 64% Drop In Profit To NGN 35.9bn In FY 2020 Results by Ravon(op): 11:00am On Jan 29, 2021 |
Ecobank Transnational Incorporated Plc, reports audited results for For the year ended 31 December 2020. From the result, Ecobank Group’s gross earnings down 7% to $2,169.8 million (down 2% to NGN 829.0 billion) while revenue up 2% to $1,649.9 million (up 7% to NGN 630.3 billion). Key financial highlights: - Operating income before impairment losses up 10% to $606.2 million (up 17% to NGN 231.6 billion) - Profit before tax and goodwill impairment down 18% to $330.8 million (down 14% to NGN 126.4 billion) - Profit before tax down 58% to $171.3 million (down 55% to NGN 65.5 billion) - Profit after tax down 66% to $93.9 million (down 64% to NGN 35.9 billion) - Total assets up 9% to $25.7 billion (up 19% to NGN 10,270.1 billion) - Loans and advances to customers stable at $9.2 billion (up 9% to NGN 3,699.6 billion) - Deposits from customers up 12% to $18.2 billion (up 23% to NGN 7,301.3 billion) - Total equity up 7% to $2.0 billion (up 17% to NGN 805.1 billion) SOURCE: https://brandspurng.com/2021/01/29/ecobank-reports-64-drop-in-profit-to-ngn-35-9bn-in-fy-2020-results/
|
| Phones › Airtel Africa Profit Falls 21.1% To $261m, Customer Base Grew By 11% To 118.9m by Ravon(op): 9:26am On Jan 29, 2021 |
Leading provider of telecommunications and mobile money services, Airtel Africa has announced its Q3 2021 results for the nine-months ended 31 December 2020, with underlying constant currency revenue growth of 18.6% for the nine-months, and 22.8% in the third quarter. Key Highlights: - Reported revenue increased by 13.8% to $2,870m with Q3'21 reported revenue growth of 19.5%. - Constant currency underlying revenue growth was 18.6%, with Q3'21 growth of 22.8%. Growth for the nine months was recorded across all regions: Nigeria up 21.6%, East Africa up 23.4% and Francophone Africa up 8.0%; and across all services, with voice revenue up 10.4%, data up 31.1% and mobile money up 34.2%. - Underlying EBITDA for the nine months was $1,297m, up 16% in reported currency while constant currency underlying EBITDA growth was 22.5%. - Underlying EBITDA margin for the nine months was 45.5%, up by 118 bps (up 144 bps in constant currency). Q3'21 underlying EBITDA margin was 46.9%. - Operating profit increased by 21.8% to $800m in reported currency, and by 29.9% in constant currency. - Free cash flow was $466m, up 20% compared to the same period last year. - Basic EPS was 5.5 cents, down 36.5%, largely due to prior year exceptional items and a one-off derivative gain. Excluding these, basic EPS rose by 19.8%. EPS before exceptional items was 5.0 cents. - Customer base up 11.0% to 118.9 million, with increased penetration across mobile data (customer base up 23.5%) and mobile money services (customer base up 29.0%). 2.5 million customers were added in Q3'21. Profit after tax Profit after tax was $261m, down by 21.1%. This was largely a result of the prior-year period recognition of a one-off gain of $72m related to the expired indemnity to certain pre-IPO investors, a higher deferred tax credit of $29m in the previous period, as well as higher finance costs and tax in the current period. Excluding the benefit of exceptional items and one-off derivative gain of $47m in the prior period, profit after tax has increased by 30.1%. Raghunath Mandava, Chief Executive Officer, on the trading update: "Our nine-month performance reflects both the resilience of our business model through the Covid-19 pandemic and, for the last six months, a continued improvement in our execution and performance as lockdown restrictions have eased across our countries of operation. I am particularly pleased with our performance in the latest third quarter, which has demonstrated accelerated growth in both revenue and underlying EBITDA in constant currency to 22.8% and 28.3% respectively. In part, this is due to our continued delivery of strong customer growth in Q3, despite the introduction mid-December of additional customer registration requirements in Nigeria. This has meant a temporary halt to the ability of all operators in the country to onboard new customers. But we are working closely with the government to ensure that all our subscribers provide their valid National Identification Numbers (NINs) and update their SIM registration records, such that disruption is minimised. Our performance improvement is evident across the business. Regionally, I am pleased to see that the continued strong revenue growth in Nigeria and East Africa, growing 21.6% and 23.4% in constant currency, is increasingly being matched by improvements across Francophone Africa, posting 8.0% growth for the period and 15.0% in Q3. Our rollout into rural markets, along with robust customer growth, helped voice grow 10%, while data and mobile money continued to be growth engines, with over 30% growth. Finally, while the Covid-19 pandemic has had little impact on our most recent quarter, we remain vigilant about the recent news flow around new strains of the virus and further actions by governments to minimise contagion in our countries of operation. The opportunities for sustainable profitable growth from our underpenetrated markets for both mobile and mobile money services remain hugely attractive, and we are confident of continuing to deliver on our growth strategy." Dividend In October 2020, the Board approved a new progressive dividend policy during the period as a result of the continued strong business performance, significant opportunities to invest in future growth and the aim to continue to reduce leverage. The newly adopted dividend policy aims to grow the dividend annually by a mid to high single-digit percentage from a base of 4 cents per share for FY 2021 until reported leverage (calculated as net debt to underlying EBITDA) falls below 2.0x. At the point when reported leverage (calculated as net debt to underlying EBITDA) is below 2.0x, the Board will reassess the dividend policy in light of the growth outlook for the Group. On 28 October 2020, in line with the dividend policy, the Board declared an interim dividend of 1.5 cents per ordinary share which was paid on 11 December 2020. Licence renewal in Nigeria In January 2021, Airtel Networks Limited (Airtel Nigeria), announced that its application for renewal of the spectrum licences in the 900MHz and 1800MHz bands had been approved by the Nigerian Communications Commission ("NCC"  .Pursuant to Section 43 of the Nigerian Communications Act, 2003 and Condition 20 of the Unified Access Service Licence (UASL), Airtel Nigeria had applied to renew its spectrum licences in the 900MHz and 1800MHz bands which would otherwise expire on 30 November 2021. Following the application, the NCC offered Airtel Nigeria the opportunity to renew its spectrum licences in the 900MHz & 1800MHz bands for a period of ten years, with effect from 1 December 2021 until 30 November 2031, which Airtel Nigeria accepted. Under the terms of the spectrum licences, Airtel Nigeria paid 71.611 billion naira ($189 million) in respect of the licence renewal fees. SOURCE: https://brandspurng.com/2021/01/29/airtel-africa-profit-falls-21-1-to-261m-customer-base-grew-by-11-to-118-9m/
|
| Agriculture › Re: Ogun State And Fan Milk Seal Partnership Deal On Dairy Value Chain Opportunities by Ravon(op): 7:27am On Jan 29, 2021 |
More site images
|
| Agriculture › Ogun State And Fan Milk Seal Partnership Deal On Dairy Value Chain Opportunities by Ravon(op): 7:27am On Jan 29, 2021 |
The Government of Ogun State and Fan Milk Plc (Danone) officially sealed partnership agreement on Dairy Value Chain activities in Ogun State, at the Memorandum of Understanding (MoU) Signing Ceremony held at the Governor's Office Oke-Mosan, on Thursday, 28th January 2021 and subsequent groundbreaking (foundation laying ceremony) at Odeda Farm Institute, the site of the proposed Fan Milk & Danone Model Dairy Farm & Dairy Training Institute where construction work is already ongoing. The partnership agreement is a significant step in actualizing the Backward Integration Plan (BIP) of Fan Milk Plc (Danone), which aims to improve the local farmer and community participation in dairy farming, with a target production of 1.4million litres of milk in the next 24 months. The Project, among other things, involves the establishment of a Model Dairy Farm and Dairy Training Institute at Odeda Farm Institute, Odeda LGA, Ogun State. Speaking, His Excellency, Prince (Dr) Dapo Abiodun, MFR, acknowledged the contribution of Fan Milk Plc to the socio-economic development of Nigeria, while expressing his firm belief in the impacts the project would have on the overall well-being of the people of Ogun State. The Fan Milk/Danone Backward Integration Plan aligns with the Ogun State Agricultural Agenda of Support to Smallholder farming and Linkage to Industrial Process, Job Creation, Agricultural Industrialization, Food and Nutrition, Support to Private Sector, Food Security and a strong resolve to connect all Agencies and Multi-National/International Development Partners, who have the mandate to support Agriculture and Value Chain Actors. Dignitaries at the event included the French Ambassador to Nigeria, Mr Jerome Pasqueir; Consul General of France Lagos, Mrs Laurence Monmayrant, Regional Agricultural Counsellor, Dr. Sonia Darracq; Economic Counsellor, Mr Pascal Furth; Chairman of Fan Milk, Olayinka Akinkugbe; Managing Director of Fan Milk; Ferdinand Moukwa, Company Secretary and Legal Adviser of Fan Milk, Mr Olakunle Olusanya; Secretary to the State Government, Tokunbo Talabi; Chief of Staff to the Govenor, Alhaji Shuaib Afolabi Salisu; Commissioner for Finance/Chief Economic Adviser to the Governor, Mr Dapo Okubadejo; Commissioner for Commerce, Trade and Investment, Mrs Kikelomo Longe; Ogun Agric team, led by the Commissioner for Agriculture, Dr. Adeola Odedina; comprised of the Senior Special Assistants to the Governor on Agriculture, Dr. Adelaja Kuye and Hon. Tolu Bankole; Permanent Secretary, Ogun State Ministry of Agriculture, Dr. Dotun Sorunke; Director of Administration, Director of Agricultural Services; Programme Manager, Ogun State Cassava Revolution Programme; Programme Manager, Ogun State Agricultural Development Programme, and the Principal of Odeda Farm Institute, Ogun State. SOURCE: https://brandspurng.com/2021/01/29/ogun-state-and-fan-milk-plc-seal-partnership-deal-on-dairy-value-chain-opportunities-photos/
|
| Health › New COVID-19 Variants Fuelling Africa’s Second Wave - WHO by Ravon(op): 6:37pm On Jan 28, 2021 |
28 January 2021 – COVID-19 cases and deaths are surging in Africa as new, more contagious variants of the virus spread to additional countries. Over 175 000 new COVID-19 cases and more than 6200 deaths were reported in Africa in the last week while infections rose by 50% on the continent between 29 December 2020 and 25 January 2021 when compared with the previous four weeks. In the past week, there has been a small dip in cases in South Africa, but 22 countries continue to see their case numbers surge. Deaths rose two-fold in the same four-week period, with over 15 000 concentrated in 10 mainly southern and northern African nations. The 501Y.V2 variant, first identified in South Africa, is predominant and powering record case numbers in South Africa and the sub-region. It has been found in Botswana, Ghana, Kenya, the French Indian Ocean region of Mayotte, Zambia and in 24 non-African nations. “The variant which was first detected in South Africa has spread quickly beyond Africa and so what’s keeping me awake at night right now is that it’s very likely circulating in a number of African countries,” said Dr Matshidiso Moeti, the World Health Organization (WHO) Regional Director for Africa. The variant that was initially detected in the United Kingdom has been found in The Gambia and Nigeria. Further research is needed to determine whether the new strain causes more severe illness. WHO is working to track and tackle new variants by helping countries build and boost the complex genomic surveillance capacities needed to detect and respond to new variants, shipping samples to sequencing laboratories and providing supplies and technical guidance. With the Africa Centres of Disease Control and Prevention, WHO helped set up a COVID-19 genomic sequencing laboratory network with laboratories in the Democratic Republic of the Congo, The Gambia, Ghana, Kenya, Nigeria, Senegal, South Africa and Uganda. WHO calls on all countries to ship at least 20 samples to sequencing laboratories every month to help map the fast-evolving situation and best target responses at all levels. “In addition to the new variants, COVID-19 fatigue, and the aftermath of year-end gatherings risk powering a perfect storm and driving up Africa’s second wave and overwhelming health facilities,” said Dr Moeti. “Africa is at a crossroads. We must stick to our guns and double down on the tactics we know work so well. That is mask-wearing, handwashing and safe social distancing. Countless lives depend on it.” Facing a second wave of infections, African nations must ramp up testing, the isolation of contacts and the treatment of patients, as well as enhancing proven prevention measures. “Our shared goal is to get ahead of the virus. Unfortunately, the journey will be longer, harder and far more costly in the absence of consistent, all-of-society commitments to blocking infection,” said Dr Moeti. Dr Moeti spoke during a virtual press conference today facilitated by APO Group. She was joined by Professor Tulio de Oliveira, Director, KwaZulu-Natal Research and Innovation Sequencing Platform, the University of KwaZulu-Natal in South Africa, and Dr Amadou A Sall, Director of Institut Pasteur de Dakar in Senegal. SOURCE: https://brandspurng.com/2021/01/28/new-covid-19-variants-fuelling-africas-second-wave-who/
|
| Business › Cowrywise Raises $3M Pre-series A by Ravon(op): 2:31pm On Jan 28, 2021 |
Nigerian fintech company, Cowrywise has closed a $3mn pre-Series A fundraise, led by Quona Capital. The new funding will enable the fintech company to expand its product offerings, build out nascent investment management infrastructure, onboard more fund managers in Nigeria, broaden financial education program and continue to hire top talent. "We believe making wealth management mainstream among first-time, retail investors has the potential to positively impact the financial future of any country, especially a country like Nigeria with young demography. Change in digital behaviour, innovation in digital infrastructure and continuous growth in the adoption of digital products have set the stage for a digital-first and scalable wealth management solution for the next generation", CEO Razaq Ahmed stated. Speaking on the new fundraise, Johan Bosini (partner at Quona Capital) shared his view on this investment and it demonstrates how our visions align: “Razaq, Edward and the Cowrywise team are providing everyday Nigerians with easy access to powerful and flexible wealth-generating tools that have typically been reserved for people who are already wealthy. In a market of 200 million people, we think this will be very impactful for individuals to have more control over their financial future. We like the wealth tech space and the impact it can have in Nigeria in particular”. The Cowrywise platform is designed to solve the problem of access by using a combination of free wealth advisory and consumer education paired with savings and investment offerings that can advance financial inclusion. SOURCE: https://brandspurng.com/2021/01/28/cowrywise-raises-3m-pre-series-a/
|
| Politics › Re: Airtel Africa Pays ₦71.61 Billion To Renew Nigeria Licences by Ravon: 1:02pm On Jan 28, 2021 |
They will loot the money, as always  |
| Celebrities › Nigeria’s Tiwa Savage Through As Finalist For Mamas 'listeners Choice Award' by Ravon(op): 10:39am On Jan 22, 2021 |
The votes are in for the first round of the Pan-African Listeners’ Choice category for the MTV Africa Music Awards Kampala 2021 and the nominees have been announced. Twenty artists from 18 different African countries will now go head-to-head against one another as music fans across the continent put in their votes for their favourites. The winner will be revealed at the MTV Africa Music Awards Kampala 2021 that will be hosted virtually in partnership with Uganda, the Pearl of Africa, on 20 February 2021. The Listeners’ Choice category gives music lovers across the continent the opportunity to have their voices heard. The majority of the list of finalists for this category was determined by votes on local radio stations and social media, selecting the best publicly-voted musicians from different African countries. “The MAMA is all about bringing the music to the people, celebrating the best that Africa has to offer and uniting us through African youth culture,” says Monde Twala, Senior Vice President and General Manager at ViacomCBS Networks Africa (VCNA). “The Listeners’ Choice Award embodies this philosophy, as it ensures that the voices of music lovers across the diverse countries on the continent are recognised.” The nominees for the MTV Africa Music Awards Kampala 2021 Listeners’ Choice category are: Anna Joyce (Angola) ASAPH (Zimbabwe) Dagi D (Ethiopia) DBN Gogo & DJ Dinho (South Africa) Didi B (Cote D'Ivoire) Drizilik (Sierra Leone) Focalistic (South Africa) Khaligraph Jones (Kenya) Locko (Cameroon) Malome Vector (Lesotho) Meddy (Rwanda) Mohamed Ramadan (Egypt) Ngaaka Blindé (Senegal) Pallaso (Uganda) Rayvanny (Tanzania) Sarkodie (Ghana) Shirazee (Benin) Slick Stuart & DJ Roja (Uganda) Souhila Ben Lachhab (Algeria) Tiwa Savage (Nigeria) The MAMA is brought to you in partnership with Uganda, The Pearl of Africa to recognize and reward musicians, trailblazers and those who are shining a light on the continent's diverse talent and creativity by having a positive impact on African music and youth culture over the previous year. The MAMA also provides the opportunity to expand the African narrative by showcasing Uganda’s diversity, culture, talent, heritage and wildlife, to a global audience. The winner will be revealed at the MTV Africa Music Awards Kampala 2021 that will be hosted virtually in partnership with Uganda, the Pearl of Africa, on 20 February 2021 at 20:00 WAT / 21:00 CAT / 22:00 EAT. To support your country’s artists, please go to www.mtvmama.com and vote for your favourite in the Listeners’ Choice category. Voting closes on 31 January 2021. SOURCE: https://brandspurng.com/2021/01/22/nigerias-tiwa-savage-through-as-finalist-for-mamas-listeners-choice-award/
|
| Politics › AfDB President Akinwumi Adesina’s Speech at the FIRS Tax Dialogue by Ravon(op): 8:58pm On Jan 21, 2021 |
Your Excellency, President Muhammadu Buhari, GCFR, President of the Federal Republic of Nigeria Your Excellencies, Governors, Excellencies, Ambassadors Honourable Ministers Chairman of the Federal Inland Revenue Service, Muhammad Nami Distinguished Ladies and Gentlemen I would like to wish you Mr. President and all of Nigeria a Happy and Prosperous New Year. I am delighted to address you today, as President of the African Development Bank – and as a Nigerian. I thank you, Mr. President, for your incredible leadership, tenacity and resolute support behind my re-election as President of the African Development Bank for a second term. I am proud to be a Nigerian, any day, anytime and anywhere. Thank you, Mr. President, for inviting me to this First National Tax Dialogue organized by the Federal Inland Revenue Services (FIRS). I congratulate you on this Dialogue. We all live today in very difficult times in Nigeria, Africa and the world with COVID-19 pandemic. Too many lives have been lost. One death is one too many. I wish to commiserate with the Government and with the people of Nigeria on the lives lost. I wish to also commend the concerted efforts being deployed by Nigeria at all levels, including by the private sector, to tackle the pandemic. Before the pandemic, 6 of the 10 fastest growing economies in the world were in Africa. With the pandemic shock, growth plummeted. Africa’s GDP growth declined by 2.1% last year, the worst in two decades. As economies went into lockdowns, people’s incomes declined, millions lost their jobs, trade volumes fell, and demand for goods and services declined. Cumulative loss to Africa’s GDP is estimated at $173-236 billion for 2020 and 2021, respectively. Nigeria has not been spared. The economy shrunk by 3% in 2020 on account of falling oil prices and effects of the lockdowns on economic activity. The pandemic has impacted on budgetary balances and increased debt burdens. Nigeria’s Debt-to-GDP ratio will push debt service payments beyond more than 60% of federally collected revenues. With shrinkage in oil revenues, debt service payments pose the greatest risk to Nigeria. The African Development Bank Africa estimated that Africa faces an additional financing need of $125-154 billion by the end of 2020 to respond to the crisis. IMF estimates that Africa will need $345 billion in additional fiscal space by 2023. Africa’s debt also is rising. Debt-to-GDP, which has been stable at 60%, has risen to 70-75% of GDP. The bulk of the debt has been for private bond issuances on the global capital markets -- Eurobonds. As countries’ currencies devalued and external reserves plummeted, in the face of declined economic activity, many African countries face risks of debt distress. Out of 38 African countries for which Debt Sustainability ratings are available, 14 are in high risk of debt distress, while 6 are already in debt distress. To put a human face on the pandemic effects, we estimate that 28-40 million people in Africa are projected to fall into extreme poverty, and 30 million jobs would be lost due to the pandemic. The African Development Bank has been very responsive in supporting Africa. The African Development Bank launched a $10 billion Crisis Response Facility to support African countries to meet the fiscal and economic challenges posed by the pandemic. The Bank provided $288 million in budget support to Nigeria to cope with the fiscal challenges posed by the pandemic. The African Development Bank also launched a $3 billion fight COVID19 bond on the global market, the largest ever social bond in world history. It is now listed on the London Stock Exchange, the Luxembourg Stock Exchange and the Nasdaq. I wish to commend the leadership of President Buhari and all the State Governors, and the private sector, in tackling the pandemic. It has been very challenging, given the second wave of the pandemic. But let us not be deterred. Nigeria and Africa will overcome this pandemic. African economies are projected to recover this year. The African Development Bank projects that GDP growth will recover to 3.4% for Africa, as economies open up, commodity prices recover, tourism bounces back, and global value chains recover their manufacturing capacities. We project that Nigeria’s economy is poised to recover to the growth of 1.5% in 2021 and 2.9% in 2022, according to the African Development Bank’s soon to be released African Economic Outlook. But building back will require a lot more resources. Taxes form a significant part of government revenue. It is crucial to ensure that the tax base expands. Given that over 60% of Nigerians are in the informal sector, priority should be to support measures to move a large part of this from informal to formal sectors. Making tax codes simpler and reducing administrative burdens and formalities are important to move from informality to formality. Doing so will allow people to be able to better assess their tax obligations. Digitalization of tax collection and tax administration is critical to ensure greater transparency of the tax system, widening of the tax base while mitigating compliance risks and encouraging voluntary tax compliance. The Government should focus a lot on corporate taxes, and ensure full compliance. But it is important to ensure that such taxes do not discourage investments. Nigeria can learn from the case of Estonia, which taxes corporate incomes but based on distributed profits. This allows corporations to re-invest their profits in expanding their businesses. Taxing corporate revenue, instead of profits will discourage investments needed to grow businesses and create jobs. Natural resources tax can play a major role in Nigeria. Given Nigeria’s high reliance on oil and gas, and minerals, the government should ensure that these sectors pay taxes and royalties that are fair and transparent. Profit shifting, base erosion and tax avoidance by multinational corporations form a huge part of “Africa’s missing taxes”; and account for a large share of the over $60 billion illicit capital flows that Africa loses annually. If companies invest in Africa they should pay taxes in Africa. Governments should use Business Investment Treaties and Avoidance of Double Taxation to strengthen these incentives. If a company works in Nigeria, benefits from Nigeria, it should pay taxes in Nigeria. Tax policy can be used to incentivize the closing of the massive infrastructure gap that Africa faces. Nigeria is showing a good example. The new initiative between the Federal government and selected private sector businesses to provide road infrastructure in return for tax rebates is an excellent idea. It is conditional, and it can be assessed and measured for delivery. That is the kind of accountability needed, so tax rebates or exemptions are not abused. Today, the Dangote Group is constructing 19 key economic federal roads, stretching for 800 kilometres across the six geo-political zones, due to company tax credits from the Executive Order 007 of 2019. However, Governments should avoid overly generous tax holidays and tax reliefs. While there should be financial incentives to attract and support the private sector, governments should avoid losing too much tax earnings. Given the size of Nigeria’s economy, the population, urbanization and consumer spending, it is a market with huge opportunities to attract investors. Yes, it has infrastructure deficits. Yes, it has a high cost of doing business. Yet, Nigeria is not a market that can be ignored. Government efforts to secure investments should not be based on giving too much “fiscal sugar” to the companies, so they do not suffer from “fiscal diabetes”. Small and medium-sized enterprises should be further encouraged and supported, as they are the lifelines of earnings and the creators of jobs. Tax exemptions or tax deferments can be used to support their growth. Nigeria’s bubbling youth are creative. While their businesses may be small, they should be incentivized to grow. Over time, they will become bigger businesses that can provide much higher taxes. There is an urgent need for a fiscal policy regime that strongly supports businesses of young people in Nigeria. Given Nigeria’s high level of poverty and huge income inequality, taxes should not be regressive, where taxes paid on goods or services are the same regardless of income. But one thing we cannot ignore is good governance. Good governance is the “speed dial” for greater tax payments. The role of the government is not just to collect taxes; its role is to ensure that the taxes are collected transparently, used transparently and responsibly; and that citizens see what their taxes are being used for. While there should be tax obligations for citizens, there must also be tax accountability to citizens from governments. Participatory tax-based financing systems demand participatory governance. While tax rates are low in Nigeria compared to a number of African and non-African countries, that is not a justification to keep increasing taxes. We must also distinguish between nominal taxes and implicit taxes — Taxes that are borne but are not seen nor recorded. We should not simply compare tax-to-GDP ratios. We must not compare apples and oranges. Truth be told, Nigerians pay one of the highest implicit tax rates in the world — way higher than developed countries. Think of it: they provide electricity for themselves via generators; they repair roads to their neighbourhoods if they can afford to; there are no social security systems; they provide security for their own safety, and they provide boreholes for drinking water with their own monies. That is incredulous in itself. Boreholes are not the way to provide water in the 21st century. Every household should have pipe-borne water! Take for example that 86% of small and medium-sized enterprises in Nigeria spend $ 14 billion annually on diesel for generators. Nigeria’s companies lose on average 10% of sales because they do not have access to reliable and affordable electricity. Governments, over time, have simply transferred their responsibility to citizens. When governments or institutions fail to provide basic services, the people bear the burden — a heavy implicit tax on the population. A taxation is a social contract between governments and citizens. Tax compliance are higher when citizens are provided the needed public goods in exchange for tax payments. Accountability and transparency build trust; and trust powers higher tax compliance. When citizens see the benefits of taxes they will have incentives to pay taxes. Efforts should be made to improve overall tax administration and compliance. Weaknesses in tax administration with complex tax codes causes leakages, costing governments to lose much-needed resources for development. Tax legislation should also be stable and predictable. Given Nigeria’s structure, with three tiers of government with varying powers, efforts should be made to harmonize tax regimes and avoid multiplicity of taxes. To succeed, efforts must be made to reform domestic tax laws and institutional frameworks. There is much scope to further improve the institutional capacity for tax audits, data management and business intelligence, at all levels, to improve tax revenue collection. The African Development Bank is ready to provide needed technical and institutional support to the Federal Inland Revenue Service to build up its capacity for tax administration. I wish you, Your Excellency Mr. President, all the very best of success as you lead our great nation and in your efforts to mobilize more resources for Nigeria’s development. We will overcome the Covid-19 pandemic. Let us arise, with faith, and strength, and a stronger sense of the social contract, to mobilize resources for our nation’s development. Let us do so with full accountability to the people. As Nigerians, we must all pay our share. For the nation we build is one in which we all have shared. And together, we must make it work. Thank you all very much. SOURCE: https://brandspurng.com/2021/01/21/afdb-president-akinwumi-adesinas-speech-at-the-firs-tax-dialogue/ 1 Like
|
| Politics › Africa Is The World’s Next Business Frontier, Says AFDB's Akinwumi Adesina by Ravon(op): 9:40am On Jan 21, 2021 |
- U.K. Africa Investment Conference: Africa is the world’s next business frontier, says AfDB's Akinwumi Adesinahttps://brandspurng.com/2021/01/21/africa-is-the-worlds-next-business-frontier-says-afdbs-akinwumi-adesina/ 1 Like
|
| Politics › 50% Of Passenger Vehicles Will Be Electric By 2040 by Ravon(op): 8:14am On Jan 21, 2021 |
On a global scale, passenger electric vehicles shot up from 450,000 to 2.1 million in 2019. According to A BloombergNEF report, there was a brief slump in 2020, sending the figure down to 1.7 million.. https://brandspurng.com/2021/01/20/50-of-passenger-vehicles-will-be-electric-by-2040/ 3 Likes
|
| Politics › Re: FG To Build 6 Correctional Facilities by Ravon(op): 8:54am On Jan 18, 2021 |
Photos
|
| Politics › FG To Build 6 Correctional Facilities by Ravon(op): 8:53am On Jan 18, 2021 |
The federal government disclosed on Saturday that it would establish six new modern correctional facilities in the six geo-political zones in the country.https://brandspurng.com/2021/01/18/fg-to-establish-6-correctional-facilities-photos/
|
| Politics › Here Are Average Prices Of Petrol, Diesel, Kerosene & Cooking Gas For Dec 2020 by Ravon(op): 7:57am On Jan 18, 2021 |
The average price paid by consumers for premium motor spirit (petrol) increased by 14.62% year-on-year and month-on-month by 3.79% to N167.27 in November 2020 from N161.17 in October 2020. States with the highest average price of premium motor spirit (petrol) were Abia (N178.70), Kebbi (N174.76) and Kwara (N172.33). States with the lowest average price of premium motor spirit (petrol) were Zamfara (N161.73), Bauchi (N161.78) and Kaduna (N163.83). Diesel The average price paid by consumers for Automotive Gas Oil (diesel) increased by 1.79% month-on-month and decreased by -0.59% year-on-year to N223.74 in November 2020 from N219.80 in October 2020. States with the highest average price of diesel were Benue (N263.33), Kebbi (N258.57) and Taraba (N251.67). States with the lowest average price of diesel were Kwara (N182.50), Osun (N192.67) and Nassarawa (N196.33). Kerosene Average price per litre paid by consumers for National Household Kerosene increased by 0.13% month-on-month and by 11.29% year-on-year to N353.38 in November 2020 from N352.93 in October 2020. States with the highest average price per litre of kerosene were Ebonyi (N433.33), Benue (N429.17) and Taraba (N411.52). States with the lowest average price per litre of kerosene were Bayelsa (N212.96), Rivers (N283.33) and Niger (N316.67). Similarly, the average price per gallon paid by consumers for National Household Kerosene decreased by -1.18% month-on-month and increased by 0.67% year-on-year to N1,218.50 in November 2020 from N1,233.00 in October 2020. States with the highest average price per gallon of kerosene were Kebbi (N1,377.78), Enugu (N1,363.46) and Nasarawa (N1,328.33). States with the lowest average price per gallon of kerosene were Osun (N970.45), Delta (N986.43) and Anambra (N1,071.00). Cooking Gas The average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) decreased by -0.32% month-on-month and by -2.64% year-on-year to N1,947.47 in November 2020 from N1953.71 in October 2020. States with the highest average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) were Bauchi (N2,488.32), Borno (N2,396.69) and Adamawa (N2,367.80). States with the lowest average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) were Enugu (N1,561.00), Imo (N1,662.50) and Osun (N1,683.75). Similarly, the average price for the refilling of a 12.5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) increased by 0.11% month-on-month and decreased by -0.93% year-on-year to N4,082.97 in November 2020 from N4,078.65 in October 2020. States with the highest average price for the refilling of a 12.5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) were Akwa Ibom (N4,587.60), Bayelsa (N4,558.33) and Cross River (N4,505.77). States with the lowest average price for the refilling of a 12.5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) were Kano (N3,497.00), Oyo (N3,553.13) and Lagos (N3,682.00). SOURCE: https://brandspurng.com/2021/01/18/here-are-the-average-prices-of-petrol-diesel-kerosene-and-cooking-gas-for-december-2020/
|
| Business › December 2020 Inflation Rate Rises To 15.75% As Food Inflation Jumps To 19.56% by Ravon(op): 11:23am On Jan 15, 2021 |
The consumer price index, (CPI) which measures inflation increased by 15.75 percent (year-on-year) in December 2020. This is 0.86 percent points higher than the rate recorded in November 2020 (14.89) percent.https://brandspurng.com/2021/01/15/december-2020-inflation-rate-rises-to-15-75-as-food-inflation-jumps-to-19-56/ 1 Like 1 Share
|
| Business › Stanbic IBTC Bureau De Change Discontinues Its Bureau De Change Business. by Ravon(op): 5:20pm On Jan 13, 2021 |
Stanbic IBTC Holdings PLC wishes to announce that its Bureau De Change Subsidiary, Stanbic IBTC Bureau De Change Limited has discontinued its Bureau de Change business with effect from 01 January 2021 by relinquishing its operating license.https://brandspurng.com/2021/01/13/stanbic-ibtc-bureau-de-change-discontinues-its-bureau-de-change-business/
|
| Business › Ardova Plc Positions To Acquire Enyo Retail And Supply Limited by Ravon(op): 4:46pm On Jan 13, 2021 |
LAGOS, NIGERIA – 13 January 2021 – Ardova Plc, a leading Nigerian integrated energy company, and the shareholders of Enyo Retail and Supply Limited have entered discussions relating to AP acquiring Enyo. Enyo is one of the newest and fastest-growing retail and supply companies in the downstream sector. Enyo is a technologically driven player and currently operates over 90 stations across Nigeria attending to over 100,000 retail customers daily across 15 states of the country. This announcement is pursuant to the acceptance in principle of AP’s offer and acquisition framework by the shareholders of Enyo, it is subject to the successful completion of a due diligence exercise and the receipt of all required regulatory approvals. CEO of AP, Mr Olumide Adeosun, explained that immediately following completion, AP will look to retain the Enyo branded stations which will operate side by side with the AP brand whilst leveraging the strengths of AP and its group companies. He stressed further that parties are committed to concluding the deal by the end of Q1 2021. Ardova Plc and Enyo Retail & Supply Limited will provide further information on progress made on the proposed acquisition. SOURCE: https://brandspurng.com/2021/01/13/ardova-plc-positions-to-acquire-enyo-retail-and-supply-limited/
|
| Politics › Amotekun Takes Off In Ogun State by Ravon(op): 11:23pm On Jan 12, 2021 |
The Ogun State Government has said that the security of lives and property, particularly in remote areas, will now become a unified effort with the full operation of the South West Security Outfit, code-named ‘Amotekun’.https://brandspurng.com/2021/01/12/amotekun-takes-off-in-ogun-state/ 14 Likes 1 Share
|
| Travel › 1,236 Nigerians Die In Road Accidents In Q3 2020 - NBS by Ravon(op): 12:37pm On Jan 12, 2021 |
The road transport data (Q3 2020) report by the National Bureau of Statistics (NBS) data revealed that 3,066 road crashes occurred in the third quarter of 2020.https://brandspurng.com/2021/01/12/1236-nigerians-die-in-road-accidents-in-q3-2020-nbs/ 2 Shares
|
| Science/Technology › Rolls-royce & UK Space Agency Launches First Study Into Nuclear Power For Space by Ravon(op): 10:26am On Jan 12, 2021 |
Rolls-Royce & UK Space Agency Launches First Study Into Nuclear Power For Space Exploration Rolls-Royce has signed an innovative contract with the UK Space Agency for a study into future nuclear power options for space exploration. This first contract between both organisations represents an exciting opportunity to define and shape the nuclear power solutions required in space in the decades to come. Rolls-Royce is the only company in the world with a singular focus on creating mechanical, electrical and nuclear power solutions that will be essential in tackling the challenges of the future. Space is one such challenging and growing sector in which Rolls-Royce believe power, propulsion and thermal management will play a significant role. Dave Gordon, UK Senior Vice President, Rolls-Royce Defence, said: “We are excited to be working with the UK Space Agency on this pioneering project to define future nuclear power technologies for space. We believe there is a real niche UK capability in this area and this initiative can build on the strong UK nuclear network and supply chain. “We look forward to developing this and other exciting space projects in the future as we continue to develop the power to protect our planet, secure our world and explore our universe” Science Minister Amanda Solloway said: “As we build back better from the pandemic, it is partnerships like this between business, industry and government that will help to create jobs and bring forward pioneering innovations that will advance UK spaceflight. “Nuclear power presents transformative possibilities for space exploration and this innovative study with Rolls-Royce could help to propel our next generation of astronauts into space faster and for longer, significantly increasing our knowledge of the universe.” Rolls-Royce has a rich heritage in nuclear and is well-positioned to lead this specific work package to define future nuclear power solutions for space. The multi-domain applicability of emerging nuclear power solutions will mean the options outlined by Rolls-Royce will also have strong commercial and defence terrestrial use-cases, creating world-leading nuclear power capability for multiple markets and operator needs. Dr Graham Turnock, Chief Executive of the UK Space Agency, said: “Space nuclear power and propulsion is a game-changing concept that could unlock future deep-space missions that take us to Mars and beyond. “This study will help us understand the exciting potential of atomic-powered spacecraft, and whether this nascent technology could help us travel further and faster through space than ever before.” Innovative power and thermal management alongside novel nuclear technologies, digital capabilities and engineering know-how have considerable application in Space; from the manufacturing and launch of space vehicles to powering the increasing demand for on-orbit activities, in-situ resource utilisation and exploration. Rolls-Royce has existing, a proven capability in these fields as well as significant experience in electrification and the provision of other high-density and sustainable power solutions, which will all support the growing space sector. SOURCE: https://brandspurng.com/2021/01/12/rolls-royce-uk-space-agency-launches-first-study-into-nuclear-power-for-space-exploration/
|
| Politics › Nigeria's Gross Official Reserves Declined By Us$40m In Dec 2020 To Us$35.37bn by Ravon(op): 9:51am On Jan 11, 2021 |
We learn from CBN data that Nigeria's gross official reserves declined by USD40m in December to USD35.37bn. Since the disbursement of IMF loan proceeds of about USD3.4bn in May to tackle the external shock of the Covid-19 virus, the CBN has almost held the line on reserves, with a decline of USD1.22bn over seven months. This achievement has to be qualified with the caveat that a pipeline of delayed external payments has developed since late March, estimated at USD3bn by the IMF. A good proportion of the pipeline consists of the repatriation proceeds of exiting foreign portfolio investors (FPIs). FX supply at the Investors' and Exporters' (I&E) window has picked up over the past three months thanks to flows from local sources (the CBN and local non-bank corporates, principally). That said, the level seen in December was less than half that in the 'normal' month of February when fx was available for all end-users. Total reserves at end-December covered 7.5 months' merchandise imports per the balance of payments (BoP) for the 12 months to end-June, and 4.8 months when we include imported services. For FPIs there are obvious parallels to be drawn with Egypt. Both countries secured the condition-free IMF credit to tackle external shocks. Further, Egypt has signed up for an orthodox Fund programme, which for many investors has helped it to develop a better credit story. There are no payments pipeline and EM investors have returned in numbers to its local financial markets. In 2019/20 (July-June) Egypt posted a services surplus of USD9.0bn, compared with Nigeria's deficit of USD28.2bn in the same period. CBN's series shows merely FX without SDR holdings and gold. It does not provide any colour on its swap arrangements. At the end of September Fitch estimated such obligations at USD5.4bn. The CBN does share movements on swaps (inflows and outflows) in one of its quarterly publications but not the underlying stock. For South Africa, FX and gold reserves together totalled USD55.0bn at end-December. We then deduct FX deposits (which were part of FX reserves), the forward position and other transactions to arrive at the figure of USD52.1bn for the international liquidity position in the chart. The year has opened well for the EM universe in terms of FPI flows. We hear from our good friends at FBN (UK) that net global inflows ytd have amounted to USD2.0bn for bonds and USD2.6bn for equities. SOURCE: https://brandspurng.com/2021/01/11/nigerias-gross-official-reserves-declined-by-us40m-in-dec-2020-to-us35-37bn/
|
| Foreign Affairs › South Korea Reports Population Drop, With More Deaths Than Births For First Time by Ravon(op): 9:33am On Jan 11, 2021 |
South Korea recorded more deaths than births in 2020 for the first time ever, prompting calls for action to revive the country's falling fertility rate. For years, South Korea has struggled with a growing demographic crisis. The country's fertility rate -- the average number of children a woman will have in her lifetime -- has repeatedly hit record lows and ranks near the bottom of the lowest fertility rates in the world. Meanwhile, South Korea's population continues to age, sending the country into a demographic decline. But last year's census data, released by the Ministry of Interior and Safety on Monday, appears even more alarming. There were only 275,815 births, a record low -- compared to 307,764 deaths, a 3.1% increase in fatalities from the previous year. This is the first time South Korea has hit the "population death cross," when the number of deaths surpasses births, the ministry said in a news release -- and the first time the total population has shrunk. The population continues to age rapidly, the census showed: 32.7% of people are in their 40s and 50s, and nearly a quarter are over the age of 60. "The constant decline in birth rate shows that low birth rate remains as a big issue in Korea," the release said. "There needs to be a fundamental change in governmental policies such as welfare, education, and national defence, accordingly." The release didn't mention causes of death, or how much the Covid-19 pandemic influenced last year's figures. The pandemic has killed 981 people in South Korea so far, according to a tally by Johns Hopkins University. But Korean experts have previously warned that the pandemic could skew the number of births and deaths -- both because of the higher number of Covid-related deaths, and because the circumstances of the pandemic could discourage couples from having children. In a report published in December 2020, the Central Bank of Korea warned that the country's falling birth rates and ageing population would likely "accelerate" due to the impact of Covid-19. The pandemic caused greater job and income insecurity for young adults in their 20s and 30s -- potentially disrupting their plans to start a family. Economic and personal anxieties may cause them to delay having children; in some cases, a temporary postponement on childbirth could turn permanent, said the report. The bank warned that South Korea may soon have the highest proportion of elderly people in the world, and urged stronger policies and childbirth incentives to sustain the country's economy. Other countries with low fertility rates have also seen their demographic difficulties deepen during the pandemic. Japan, which has struggled for years with low birth rates and an ageing population, saw the number of reported pregnancies and marriages fall in the first half of 2020. In October, Japanese Minister of State for Measures for Declining Birthrate Tetsushi Sakamoto told reporters that the pandemic might be discouraging people from getting pregnant and starting families. There are similar reasons behind both Japan and South Korea's population decline -- a major one being a demanding work culture that makes it difficult to balance careers with family life. There is also a trend to delay or avoid marriage. In 2018, a majority of South Koreans aged 20 to 44 were single, according to the Korea Institute for Health and Social Affairs (KIHSA). Among those who were not dating, 51% of men and 64% of women said they chose not to date so they can enjoy their hobbies or focus on education. Many say they just don't have the time, money, or emotional capacity to go on dates. In an effort to combat the falling birth and marriage rates, South Korea's government has implemented a number of initiatives and policies. In 2018, the government lowered maximum working hours from 68 hours a week to 52 hours last year, with some experts pointing to the declining fertility rate as a motivator. More recently in December, the government released its 4th Basic Plan for Low Fertility and Aging Society, which lays out their plans for population policy over the next five years, including offering cash bonuses for childbirth, subsidies for childcare, and expanded benefits for multi-child families. SOURCE: https://brandspurng.com/2021/01/11/south-korea-reports-population-drop-with-more-deaths-than-births-for-first-time/
|
| Politics › Active Voice Subscribers Increased By 4.59% In Q3 2020 – NBS by Ravon(op): 8:28am On Jan 11, 2021 |
The number of active voice subscribers increased to 205,252,058 in the third quarter of 2020 from 196,242,456 in Q2 2020. The National Bureau of Statistics (NBS) disclosed this in its latest telecommunications data report released on Monday. According to the report, the telecoms data for Q2 and Q3 2020 reflected that a total of 196,242,456 and 205,252,058 subscribers were active on voice as against 189,282,796 in Q1 2020. This represented a 4.59% increase in voice subscriptions QoQ. Similarly, a total of 143,636,816 and 151,512,122 subscribers were active on the internet as against 136,203,231 in Q1 2020. This represented a 5.48% growth in internet subscriptions QoQ. Further Breakdown: - Lagos State has the highest number of subscribers in terms of active voice per State in Q3 2020 and is closely followed by Kano and Ogun States respectively - Bayelsa and Ekiti States have the least number of subscribers. - Lagos State has the highest number of subscribers in terms of active internet per State in Q3 2020 and is closely followed by Kano and Ogun States respectively - Bayelsa and Ebonyi States have the least number of subscribers. Also, the report stated that MTN has the highest share of subscriptions. This is closely followed by GLO, AIRTEL, and EMTS respectively. SOURCE: https://brandspurng.com/2021/01/11/active-voice-subscribers-increased-by-4-59-in-q3-2020-nbs/
|
| Politics › Re: 10 Things I Would Love To Hear In President Buhari’s Xmas Day Address Tomorrow by Ravon(op): 4:15pm On Dec 24, 2020 |
Beremx:  |
| Politics › 10 Things I Would Love To Hear In President Buhari’s Xmas Day Address Tomorrow by Ravon(op): 10:19am On Dec 24, 2020 |
Fellow Nigerians, 1. We shall be opening one mechanised division of the Nigerian Army in each of the 19 states of northern Nigeria to combat insecurity, terrorism, kidnapping, banditry and the murderous Fulani herdsmen 2. During the course of 2021, we will establish at least one battalion of the Nigerian Army in each of the 27 local government areas of Borno State to eliminate Boko Haram. I give you all a solemn pledge today that this terrorist sect will be totally eliminated before the end of the year 2021 3. I have given the minister of trade and industry a target to attract a minimum of $50bn in foreign direct investment in 2021 and every subsequent year annually. He shall start off by visiting China next week to speak with all those multinationals looking to relocate or open branches in other markets 4. I have reached an agreement with the new US President-elect Joe Biden on investment in Nigeria. He has assured me that each of their three big automobile giants will open one manufacturing facility in Nigeria in 2021 5. We have concluded a deal with Russia to take over and revive the Ajaokuta and Aladja steel plants. Under this agreement, we have set an annual production target of 30m tonnes per annum 6. We have just signed a bilateral trade deal with Japan. As part of the pact, Toyota, Nissan, Mazda, Lexus, Mitsubishi, Honda and Suzuki have all agreed to open assembly plants in Nigeria in 2021 7. We have expanded our agreement with German power company Siemens. As part of the deal, Siemens has agreed to build four power plants in Nigeria with a combined capacity of 50,000MW and open 12 transmission and 20 distribution companies 8. As from 2022, we shall begin phasing out the federal allocation regime. By 2027, we will have full resource control with the federating units generating their own wealth and keeping 50% of it 9. We have set ourselves a target of increasing literacy rates to 90% from the current 60% by 2023. As part of this plan, we will build special emergency schools for the 10.5m out-of-school children in Nigeria and dedicate 20% of our national budget to education 10. I assure that by 2023, Nigeria will have a gross domestic product of $1trn. We will achieve this through the most ambitious economic diversification programme ever seen in the history of mankind. Our aim is to lift 90m out of poverty in three years Merry Christmas to all of you God bless the Federal Republic of Nigeria President Muhammadu Buhari SOURCE: https://brandspurng.com/2020/12/24/10-things-i-would-love-to-hear-in-president-buharis-christmas-day-address-tomorrow/
|
| Politics › FG Declares December 25, 28, 2020; January 1, 2021 Public Holidays by Ravon(op): 1:01pm On Dec 23, 2020 |
The Federal Government has declared Friday 25, Monday 28 December 2020 and Friday, January 1, 2021, as public holidays to mark the Christmas, Boxing Day and New Year Celebrations respectively. Minister of Interior, Ogbeni Rauf Adesoji Aregbesola, who made the declaration on behalf of the Federal Government, felicitated with Christians and all Nigerians both at home and abroad on this year’s Christmas and New Year Celebrations. Aregbesola urged Christians to adopt the creed of Christ on faith, hope and love. MINISTRY OF INTERIORhttps://twitter.com/MinOfInteriorNG/status/1341701128694673409?s=19 2 Likes
|
| Business › BUA Cement To Construct 3 Plants Of 9million MTPA In Sokoto, Edo And Adamawa by Ravon(op): 7:45pm On Dec 22, 2020 |
BUA Cement Plc has signed an agreement with Sinoma CBMI of China for the building of additional three production lines of 3 million metric tonnes per annum each this week. Upon completion, this will bring BUA Cement’s total capacity to 20million metric tonnes by 2022. At 9million tonnes combined capacity, this is the single largest contract ever awarded in the Nigerian Cement Industry for the construction of new cement plants at the same time and by a single company, in Nigeria. The production lines are to be located at Adamawa, Edo and Sokoto states. Since the merger, BUA Cement has focused on leveraging on its wider geographical footprint to access new markets and claim a stronger market share. The announcement came as BUA Cement approval to raise about N100 billion in series one of its 7-year Fixed Rate Senior Unsecured Bonds under its N200 billion bond programme closed on Monday 21 December 2020. BUA Cement Waxing Stronger Against All Odds? In Q3:2020, BUA Cement Plc. improved on the revenue gains made in H1:2020 to deliver another impressive topline performance in 9M:2020. The company grew sales volumes by 15.95%, from 3,291 kilotons in Q3:2019 to 3,816 kilotons in Q3:2020. This puts standalone revenue for the quarter at NGN55.29bn – a 39.72% improvement compared to NGN39.57bn in Q3:2019. While BUA Cement efforts have resulted in enhanced brand awareness and a wider distribution chain, performance in Q3:2020 was largely supported by the pick- up in economic activities following the easing of lockdowns in Q2:2020 and the relatively short rainy season which aided cement distribution. Overall, the 9M:2020 financial scorecard showed revenue growth of 20.95%. SOURCE: https://brandspurng.com/2020/12/22/bua-cement-to-construct-3-plants-of-9million-mtpa-in-sokoto-edo-and-adamawa/
|
| Business › Union Bank's CEO To Retire After 8yrs; Board Appoints Exe Director, Emeka Okonkw by Ravon(op): 7:44pm On Dec 21, 2020 |
The Board of Union Bank Nigeria Plc announces today that, after eight years leading the Bank, its Chief Executive Officer, Emeka Emuwa, has communicated his decision to retire from the Bank and his role as CEO on March 31, 2021. Emeka Emuwa joined Union Bank in November 2012, following a US$500 million investment by Union Global Partners, with a mandate to transform and restore one of Nigeria’s oldest institutions back to its rightful position as a respected provider of financial services. With his imminent departure, the Board has appointed Emeka Okonkwo, an Executive Director currently leading the Bank‘s Corporate Banking business, to succeed him. The appointment is subject to the approval of the Central Bank of Nigeria. Commenting on his retirement, Emeka Emuwa said; I have enjoyed the significant challenge of leading Union Bank over the last eight years. I am extremely proud of the management team and what we have been able to accomplish during my time as CEO. Today, we have a strong bank that is well-positioned to compete and deliver on its vision to be ‘Nigeria’s most trusted and reliable partner.’ With a clear strategic direction, a growing and loyal customer base and a strong brand, this is now the natural time for the next generation of leadership to take Union Bank forward and deliver further value. In over three decades of banking, my time at Union Bank has been one of the richest experiences in a long and fulfilling career with a treasure of work and life lessons to carry into the future. Together as a team, we scaled many hurdles and accomplished significant feats and I would like to thank my Executive team, senior management and every one of our employees for their integrity, support and hard work that have brought Union Bank to where it is today. I would also like to thank the Board for the opportunity to lead this storied institution that has impacted generations of Nigerians for over a century and for supporting our efforts and vision during my tenure. As we begin the transition into a new era of leadership under Emeka Okonkwo, a consummate professional with the right experience and values, I know that Union Bank will continue on its path as a values-driven organisation that is deeply committed to our customers and the communities we serve. Prior to joining Union Bank, Emeka Emuwa led a distinguished 25-year career at Citibank. Following several senior roles in Nigeria and across Africa, he became the first Nigerian to be named Country Officer and Managing Director of Citibank Nigeria. On his retirement, Emeka Emuwa will also step down from the Board of Union Bank. Union Bank’s Chair, Beatrice Hamza Bassey, said; On behalf of the Board, I would like to thank Emeka Emuwa for leading Union Bank during the last eight years. His exceptional contribution to the transformation of the business produced excellent results and set a solid platform for growth. The focus over the last eight years on technology transformation, digital innovation, and development of diverse markets for our world-class range of products, has seen Union Bank well positioned to continue growing from its current position as a market disruptor. Amid a tough macroeconomic environment, Union Bank maintained steady operational momentum under Emeka’s leadership which in 2020 culminated in the first dividend payment to investors and shareholders in over ten years. His many significant achievements, including providing steady stewardship during the unprecedented challenges wrought by the COVID-19 pandemic, lays a solid springboard for the future. We wish him the very best and are grateful for his support and commitment to ensure a successful transition over the next few months. The Board is pleased to have Emeka Okonkwo as incoming CEO. Having been a key contributor to the achievements of the Bank over the past seven years as an Executive Director, Emeka Okonkwo is well suited to lead Union Bank’s next phase of growth. The Board and I look forward to working with him to execute our strategy and deliver value to all stakeholders in the years ahead. Emeka Okonkwo is a seasoned banker with 30 years of experience. He joined Union Bank in 2013 as an Executive Director to lead the Corporate Banking and Treasury business. As the Bank embarked on its transformation, he was responsible for rebuilding the business and strategically positioning Union Bank for success in the Corporate Banking space. Mr. Okonkwo began his career at Citibank Nigeria where he rose from officer level to become Executive Director in charge of Commercial Banking and Global Subsidiaries in 2009. At Citibank, he worked across various disciplines including Corporate Finance, Credit Risk Management, Marketing, Treasury and Strategic Management in Nigeria and London. Prior to joining Union Bank, he was the Head of the Corporate and Investment Banking Division in Citibank Bangladesh. Emeka Okonkwo has a bachelor’s degree in Civil Engineering from the University of Nigeria, Nsukka; an MSc in Construction Management from the University of Lagos and an MBA from Warwick Business School, UK. Established in 1917 and listed on the Nigerian Stock Exchange in 1971, Union Bank is a household name and one of Nigeria’s long-standing and most respected financial institutions. The Bank has a network of over 280 Sales and Service Centers across Nigeria. Following recapitalisation in 2012 from new investors and a new Executive Management team, Union Bank has undergone an award-winning transformation programme to re-establish the bank as a leading provider of financial services in Nigeria. Union Bank is focused on Retail, Commercial and Corporate Banking businesses. In addition to standard current and savings product portfolio, Union Bank has launched pioneering products into the Nigerian retail market including UnionKorrect, UnionGoal and UnionBetta. https://brandspurng.com/2020/12/21/union-banks-ceo-to-retire-after-8-years-board-appoints-executive-director-emeka-okonkwo-as-successor/
|
