₦airaland Forum

…Releases 1,983 Rehabilitated Persons For Re-Integration In One Year

The Honourable Commissioner for Youth and Social Development, Mr. Olusegun Dawodu, on Tuesday, said Lagos has recorded a noticeable reduction in the number of destitute persons, beggars and street children across the metropolis in the last one year, attributing the development to the continued rehabilitation, social integration and rescue missions which had consistently ensured that these categories of people were constantly taken off the streets and given adequate attention.

Speaking at a Ministerial Press briefing marking the one year anniversary of the Governor Babajide Sanwo-Olu, at JJT Park, Alausa-Ikeja, the Commissioner disclosed that a total number of 1,983 beggars, destitute persons, mentally-challenged people and street children were rescued off the streets of Lagos in the last one year.

While maintaining that the Ministry remains committed in its resolve to create an enabling environment that promotes Youth and Social Development services to give succour to the vulnerable members of our society, Dawodu informed that a total number of 1,946 persons rescued from Lagos streets had been rehabilitated and released to their families for re-integration.

He added that the rescue and rehabilitation efforts by the Ministry are still on-going in different parts of the State, stressing that the government will continue to strive to be the model Youth and Social Development Agency in Nigeria and Sub-Saharan Africa.

In the area of Human Integration, the Commissioner stated that “an analysis from our various homes, showing those who have reunited with their families and reintegrated into the society, are 31 persons under Institutional Care, 51 persons under Rehabilitation and 18 persons under Child Adoption/Care, making a total of 100 persons. We have also rescued 228 Children, comprising of 110 Male and 118 Female, from different forms of abuse”.

As a way of providing guidance and meeting school children’s individual, intellectual, social and emotional needs during the period under review, Dawodu revealed that a total number of 1,856 children benefitted from individual and group counselling in different areas ranging from absenteeism, cultism, and sexual abuse among several other vices.

He said that apart from its several rescue missions, the Ministry, in partnership with some private organisations, was also addressing the rate of unemployment among youths, noting that over 500 were trained in various vocations ranging from Makeovers and Gele Tying, Photography, Tailoring, Beads Making, Cosmetology, Art and Designing, GSM Repairs, Child Care Training etc. in the last one year.

On the issue of Youth Centres, the Commissioner informed that some locations are currently undergoing reconstruction and renovation, the centres which are at Abesan, Lafiaji, Campos, Ojo-Oniyun and Ikeja are being renovated and equipped to train young people within the areas, thereby promoting social integration and reducing restiveness.

Dawodu disclosed further that the State government has commenced the construction of Adult Day Care Centres to complement the services rendered by the State-Owned Old People’s Home, Yaba, in order to expand the net of beneficiaries of vulnerable Senior Citizens' care by the State Government, stressing that 145 Senior Citizens are now benefiting from the services rendered in the Old People’s Home, Yaba.

According to the Commissioner, the Ministry which is also responsible for the registration, monitoring, regulation of Homes, Orphanages, Crèche’s and Foundations, has within the last one year granted a total number of 137 Provisional Approvals to these private establishments out of which 94 of the approvals were in favour of Daycare, Creches and Playgroup Centres.

He disclosed that the State Government, within the last one year, released 105 children for bonding, 89 for Local Adoption and 16 for International Adoption.

"A total number of 116 Adoption cases were legalised at various Family Courts, 86 for Local Adoption, 28 for International Adoption and two for Relatives’ Adoption", Dawodu said.

Speaking on the achievements of the Lagos State Office for Disability Affairs, LASODA, being an agency under the supervision of the Ministry, the Commissioner reported that 300 Persons Living with Disabilities (PWDs) across the State were trained in January this year and empowered with equipment in different vocations.

The Vocational Training Programme, according to him, took place at three Centres across the State namely; Vocational Rehabilitation Centre for Persons with Disability, Owutu, Ikorodu; Spinal Cord Injury Association of Nigeria, Amuwo-Odofin; and Epe Recreation Centre, Epe.

SOURCE: https://brandspurng.com/2020/06/02/lasg-has-significantly-reduced-destitute-persons-on-lagos-streets-dawodu/

The Lagos State Government, in its commitment towards ensuring that all its workforce have access to good, quality and affordable healthcare, has commenced the Lagos State Health Scheme (LSHS) for its employees with effect from Ist June 2020.

The Acting General Manager, Lagos State Health Management Agency (LASHMA), Dr. Emmanuella Zamba, who made this known at Alausa, Ikeja, said that with the take-off of the Lagos State Health Scheme for the Staff, Public Servants would have access to medical care in any of their chosen facilities among over 200 hospitals under the Lagos State Health Scheme spread across the State.

Dr. Zamba said that the Health Scheme would further ensure that Public Servants are physically, mentally and psychologically fit to discharge their duties effectively and efficiently.

While commending Governor Babajide Sanwo-Olu for the approval and payment of 75 percent of the annual Family Insurance Premium for each Public Servant, the balance of 25 percent, according to her, will be paid by Public Servants over a period of 12 months.

She said that with the payment, Public Servants in the State as well as their spouses and maximum of four children below 18 years old, have access to enjoy the benefits of the Lagos State Health Scheme at their chosen facilities.

The Ag. General Manager added that any additional family member aside from the six mentioned above who is below 18 years old would pay N6,000 annually while those who are 18 years old and above, would pay N8, 500 annually, stressing that “any additional cost would be borne by the Public Servant, who is the Principal Enrollee”.

She explained that enrollees on the Scheme would enjoy benefits which include enrollment and consultation, treatment of common ailments such as malaria, hypertension, diabetes, family planning services, dental care, ultrasound scan, radiological investigations, child welfare services, care of childhood illnesses, neonatal services, gynaecological health Insurance Scheme prenatal care and delivery.

Reminding all Public Servants to spread the good news to their relatives and friends who are not yet enrolled on the Scheme, Zamba urged all concerned individuals to call 09064709487, 08164051031, 08034830749, 07040984456 or send an email for any observations, commendations or complaints.

She added that the Lagos State Health Management Agency (LASHMA) would soon launch a Call Center to further ensure better Customer Service and feedback mechanism.

SOURCE: https://brandspurng.com/2020/06/02/lasg-begins-health-insurance-scheme-for-workforce/

I am excited action is gradually returning to the World of Football. Its no longer news that The EPL will resume 17th June 2020. Let's analyze the two games kicking off on resumption day. 

Top Six are always action attractions games. This one is no exception. Fitness should be at an optimum level as expected, We look forward to a cracker. Manchester City before the break was struggling. Having lost to City rivals and managed to win the 5th round FA cup game with Sheffield Wednesday game by a lone goal. Arsenal, on the other hand, are far below Man City in terms of performance, having crashed out of Europe courtesy Olympiakos. Although, They beat Portsmouth in the FA Cup, Everton and West Ham in the EPL before the suspension.

Both sides are attacking sides and we don't expect a dull game. The face-off between Arteta and Guardiola is definitely going to be interesting with a lot of firepower and tactics. I see Man City edging this one though but Arsenal may spring up a surprise if Man City waste their chances.

Players to watch out for:

1. Sergio Aguero(Man City): The Forward has scored in the last three games before the break, He rarely slows down when he picks this kind of form. I expect him to trouble Arsenal's defence line.

2. Aubamayeng(Arsenal): He is still Arsenal's danger man up front and you are bound to see him on the scoresheet if he is let loose and not watched properly by City's defence.

My Verdict: Man City 3 vs Arsenal 1.

Aston Villa Versus Sheffield United

Aston Villa is struggling to keep their heads afloat the relegation zone. If there is going to be an improvement, it's going to come from self-motivation of the players and maybe inspirations and pep talk from the Coaching Crew. Players need to put in their best as well as Teamwork. Having lost to Leicester City with a large margin, They need a positive bounce back to have a chance of leaving the relegation zone.

The Blades, on the other hand, has surprised everyone so far, Slashing every other team fiercely to stay the seventh position afloat of Arsenal and Spurs in contention of a European slot. It will be a great achievement if they can qualify for Europe. Who says they cannot go all the way to qualify for Champions League, only Time will tell. Whatever the case may be at the end of the season, Sheffield United remain one of the wonders of the Season.

Players to watch out for:

1. Billy Sharp (Sheffield United): The forward sharp in scoring lately has found the back of the net in the last three games and full of surprises.

2. Jack Grealish (Aston Villa): He remains their top player maker and very good with set-pieces. He's got tricks up his sleeves too. Don't write him off.

My Verdict: Aston Villa 1 vs Sheffield United 2.

Thanks for reading.

SOURCE: https://brandspurng.com/2020/06/01/analysis-on-the-first-games-as-the-premier-league-resumes-soon/

Zenith Bank Plc, Nigeria’s leading financial institution, has emerged as the Best Bank in Nigeria in the recently released Global Finance Magazine World’s Best Banks Awards 2020.

The awards, which was published in the May 2020 edition of the Global Finance Magazine, was based on the performances of the banks in their respective regions and countries over the period from January 1 to December 31, 2019.

Global Finance’s "World’s Best Banks Awards" are recognized amongst the world’s most influential banking/finance and corporate professionals as the most coveted and credible awards in the banking industry, with winners chosen in more than 150 countries across Africa, Asia-Pacific, Central & Eastern Europe, Latin America, the Middle East, North America and Western Europe.

Founded in 1987, Global Finance regularly selects the top performers among banks and other providers of financial services and the awards have become a trusted standard of excellence for the global financial community.

Commenting on the recognition, the Group Managing Director/Chief Executive of Zenith Bank, Mr, Ebenezer Onyeagwu said that “this award is a clear demonstration of the bank’s market leadership, occasioned by our superior product offerings, best-in-class service and top-of-the-range technology which create value for our teeming customers.”

Zenith Bank has clearly distinguished itself in the Nigerian financial services industry through superior service quality, unique customer experience and sound financial indices. The bank, with a knack for setting the pace and raising benchmarks, is a clear leader in the digital space with several firsts in the deployment of innovative products, solutions and an assortment of alternative channels that ensure convenience, speed and safety of transactions.

As a testament to its resilience and market leadership, Zenith Bank announced an impressive result for the year ended December 31, 2019, with profit after tax (PAT) of N208.8 billion, achieving the feat as the first Nigerian Bank to cross the N200 billion mark.

In the recently released Q1 2020 unaudited financial results, the bank also recorded an improved result over the corresponding period in 2019, with gross earnings rising by 6% to N166.8 billion and profit before tax (PAT) growing 3% to N58.8 billion.

Consistent with this superlative performance and in recognition of its track record of exceptional performance, Zenith Bank was ranked as the Best Commercial Bank in Nigeria 2019 by the World Finance and the Best Digital Bank in Nigeria 2019 by Agusto & Co. The bank was also voted as Bank of the Year and Best Bank in Retail Banking at the 2019 BusinessDay Banks and other Financial Institutions (BAFI) Awards. Most recently, the bank was recognized as the Most Valuable Banking Brand in Nigeria, for the third consecutive year, in the Banker Magazine “Top 500 Banking Brands 2020” and the Bank of the Decade (People’s Choice) at the ThisDay Awards 2020.

SOURCE: https://brandspurng.com/2020/06/01/zenith-bank-emerges-best-bank-in-nigeria-in-the-global-finance-worlds-best-banks-awards-2020/

The Big Brother Naija Pepper Dem Reunion show premieres Monday, 1st June 2020 and fans of the reality TV show should get ready to be treated to pure entertainment as always.

As we countdown to another BBNaija TV moment, here are 5 things we are sure will happen on the Pepper Dem Reunion show:

1.     The show ended with quite a few unresolved misunderstandings among the ex-housemates. The reunion hopes to bring closure to some of the drama fans were entertained to during the Pepper Dem Season and give answers to some burning questions, top on that list is the fan feud between #TeamLambo and #TeamTitans

2.     As seen from the promo clips, there will be emotional outbursts, big reveals and as we have come to know, the ladies will be bringing the much-needed drama. With looks as fierce as ever and no bars held, we are surely in for some epic entertainment.

3.     Fans get to know first-hand how far the ex-housemates have come since leaving the Big Brother Naija House. No more second-guessing or making assumptions, as we are sure to get updates directly from the ex-housemates.

4.     Viewers should get ready for 7 long weeks, Mondays to Thursdays of pure electrifying and controversial drama from the ex-housemates. If you think they brought the pepper during the show, fans should get prepared, the heat will be taken a notch higher!

5.     The reunion show will be hosted by the very witty and dapper Big Brother Naija host, Ebuka Obi-Uchendu. We are all conversant with Ebuka’s line of questioning and this cannot be different, maybe with extra pepper.

The Big Brother Naija Pepper Dem Reunion will premiere Monday, 1 June and will air Mondays through to Thursdays on Africa Magic Urban at 10 pm WAT and Africa Magic Family at 10:30 pm WAT, available to customers on DStv Premium, Compact Plus, Compact, Confam, Yanga and GOtv Max and Jolli. To not miss a moment of the drama, visit www.dstvafrica.com or www.gotvafrica.com and download MyDStv or MyGOtv Apps to pay your subscription or switch your package.

It’s two days left till the close of auditions for season 5. Interested participants can log on to www.africamagic.tv/BBAudition to fill out the online registration form and upload a 2-minute video of themselves stating why they should be picked to be a Housemate in the upcoming season. The online audition is free and open to interested male and female participants, who are of Nigerian nationality with a valid Nigerian passport, and must be 21 years of age by June 1, 2020.

Keep up to date with news and information on the Pepper Dem reunion show by following the Big Brother Naija social media fan pages on Twitter @bbnaija, Instagram @bigbronaija and Facebook www.facebook.com/bigbrothernaija, with the hashtag #BBNaija.

SOURCE: https://brandspurng.com/2020/05/29/5-things-to-expect-from-the-pepper-dem-reunion-show/

...Rolls out simple digital addressing to Android users

While most people take having a fixed, physical address for granted, 2 billion people across the globe either don't have an address or have an address that is hard to locate. This makes it difficult for people to find them, particularly in an emergency. This is why Google has developed Plus Codes and is rolling them out for Google Maps on Android.

Plus Codes are simple, easy to use digital addresses derived from latitude and longitude coordinates. They can be used to uniquely identify any location, from a rural home in a remote area to a hidden shop on a nameless street.

To share your location, simply tap the blue dot in Google Maps that represents your location, and get a Plus Code, which you can share the same way you would a phone number.

A Plus Code is a simple alphanumeric code which can be combined with a locality (for example FWM8+V9, Ibadan, Nigeria). They look like a regular address, but with a shortcode where a street name or number would be. Beyond using the blue dot, you can also find the Plus Code for a location by tapping and holding the map to drop a pin at a location you want a Plus Code for.

Plus Codes are searchable on Google Maps and even Google Search, meaning everywhere on the planet can now be uniquely identified.

These digital addresses are free to use, available offline and can be printed on paper, posters and signs. The technology to generate Plus Codes is also open source, which means anyone can see how it works and develop their own applications for any use case.

Plus Codes can be especially helpful for people and organisations in emergency and crisis response scenarios. If you’ve ever been in an emergency, you know that being able to share your location for help to easily find you is critical. Yet in many places in the world, organisations struggle with this challenge on a daily basis.

Digital addressing through Plus Codes means that everywhere now has an easily identifiable location, saving time and getting resources there when it really matters. Not having an address should no longer be a barrier to easily sharing your location with service providers - from online retailers to emergency services - guiding them to you when you most need them.

SOURCE: https://brandspurng.com/2020/05/29/google-announces-plus-codes-in-google-maps-rolls-out-simple-digital-addressing-to-android-users/

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Following her long break off the social media scene, veteran Nollywood actress, Ibironke Ojo-Anthony, popularly known as Ronke Oshodi-Oke has undergone a total reinvention of her public persona.

The popular actress took to Instagram to share some amazing photos that left us speechless.

Ronke became a household name in the year 2000 when she featured in a movie titled Oshodi Oke, from which she got her stage name. She has featured in some notable films which include “Return of Jenifa”, “Abeke Aleko” and a host of others.

The Nollywood actress is set to retake the movie industry by storm, with more high-profile movie roles in mainstream Nollywood lined up in the coming months.

Check out the photos below:

SOURCE: https://brandspurng.com/2020/05/29/ronke-oshodi-oke-stuns-in-new-photos/

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Governor: "We Will Build Affordable Houses For Lagosians-Sanwo-Olu"
...Project is a successful public-private collaboration- Commissioner


The Lagos State Governor Mr. Babajide Olusola Sanwo-Olu on Thursday has promised that his administration will build affordable and accessible houses for Lagosians.

The commissioning came less than 24 hours to the first year anniversary of his administration.

Speaking at the official commissioning of two different estates in the Ikate Elegushi and Lekki area of the state, Sanwo-Olu said his Government is positioned to bring about even development to every part of the State, with a view to making Lagos achieve the 21st Century economy.

Sanwo-Olu noted that the project is a manifestation of his administration's much-touted need for public-private partnerships, which he said would be encouraged in all sectors of Governance to bring rapid growth and mutual benefits to all parties.

He said: "We need to continue to genuinely think through affordable housing, and that is our commitment for our people because it's not everybody that will have the ability to pay for housing estates such as this. Therefore, we must give them opportunities for instalment payment, so as to make it affordable and accessible to them.

"I inherited this amongst several other projects and the critical challenge we had to contend with was lack of funds. To surmount this challenge, we had to look towards the private sector and adopted the public-private partnership (PPP) model. It was then that we were able to mobilize the needed funds and put life back to the construction site.

"The Lekki Apartment is thus another manifestation of the possibilities attainable when the public and private sectors come together to pursue a mutually beneficial goal. This cooperation remains a veritable means of meeting the shortfall in the supply of public utilities and social infrastructure", he stressed.

Urging the new allottees of the estate to put the facilities to proper use and conform to laid down rules for the appreciation of value, Mr Sanwo-Olu congratulated them as he equally commended the Ministry of Housing, Lagos State Development Property Corporation and the private developers in making this a success in one year of his administration.

Earlier in his address, the Commissioner for Housing, Hon. Moruf Akinderu-Fatai praised the foresight and confidence of Governor Sanwo-Olu on the success of the project noting that he left no one in doubt of his commitment to providing affordable houses for Lagosians.

He said the project which started six years ago but witnessed some delay during the past administration got an immediate boost from Mr Babajide Sanwo-Olu who provided all that was needed to make today's Commissioning a reality immediately he assumed office.

Akinderu-Fatai expressed optimism that the current administration in Lagos State will ensure that housing need becomes a success story.

According to him, "It is worthy of mention that the project started in 2014 but thereafter got stuck due to some challenges. It would not have been completed if not for the ingenuity and determination of our very able Governor, Mr. Babajide Olusola Sanwo-Olu.

" When Mr. Sanwo-Olu resumed as MD/ CEO of LSDPC in 2016, he immediately set about putting into motion the financial engineering and design modification required to complete this estate. Today's event is actually to the credit of Mr. Governor who ensured that all the hurdles to the completion were surmounted.

"We thank our able Governor, Mr. Babajide Olusola Sanwo-Olu for not only the initiative of completing this Estate but also for the entire transformation of Lagos State. Certainly, as we work together, the vision of the Greater Lagos as envisaged in the T. H. E. M. E. S. Agenda will be effectively achieved", he said.

Courtland Luxury Villas and Ikate Elegushi Lekki Apartments provide a total of 264 units of flats from one bedroom to four bedrooms for upper and middle-income earners working around Lekki and Victoria Island of Lagos.

SOURCE: https://brandspurng.com/2020/05/28/sanwo-olu-commissions-264-units-of-flats-in-lekki-photos/

The Central Bank of Nigeria (CBN) held its bi-monthly Monetary Policy Committee meeting today May 28, 2020. Against the 2-day traditional timeline for the event, the meeting was cut short to a day.

Faced with the decision to hold or cut specific metrics, the committee unanimously voted to cut Monetary Policy Rate by 100bps to 12.50% while leaving all other monetary policy metrics unchanged.

- Monetary Policy Rate (MPR) at 12.50%;
- The asymmetric corridor around the MPR at +200/-500bps;
- Cash Reserves Ratio (CRR) at 27.5%; and
- Liquidity Ratio (LR) at 30.0%

We believe the monetary policy committee is towing a path aimed at reducing the potential impact of COVID-19 on overall output growth.

This accommodative policy is in line with the global dovish stance which may not necessarily be ideal for Nigeria’s situation given the breakdown in the transmission mechanism on the monetary policy front.

It is curious that the committee did not provide much guidance on the foreign exchange front as that remains a key pressure point for the Nigerian economy at this time.

In all, we think the impact of this move on the fixed income market would be minimal as the market has not been anchored around the benchmark rate for quite a while. Whether this would be enough to ward off negative growth this year remains to be seen.

The MPC, however, advised the fiscal authorities to maintain its core spending plan, improve on tax generation and work towards the gradual reopening of the economy. The MPC also highlighted the need for a public-private partnership to fund infrastructural development in the country.

The Monetary authority also noted the need to provide cheaper credit to the real sector amid relative stability in the banking sector where Non-Performing Loans have fallen to 6.58% as at April 2020 from 10.95% as at April 2019.

Finally, the MPC stressed on the need for continued interventions in the Manufacturing, Agricultural and Health Sectors.

SOURCE: https://brandspurng.com/2020/05/28/mpc-slashes-interest-rate-to-12-5/

The Economic Community of West African States (ECOWAS) has stated that its West African Power Pool (WAPP) project is due to be completed in 2023. The project costs $568 million - with most of the funding coming from the World Bank.


It was initiated in 1999 to generate, transmit and distribute 600 megawatts of electricity (12% of Nigeria’s electricity generation) to 14 of the 15 ECOWAS nations (Benin, Côte d’Ivoire, Burkina Faso, Ghana, Gambia, Guinea, Guinea Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo except for Cape-Verde).

With the framework of interconnecting grids, Cote d’Ivoire – Ghana – Benin/Togo – Nigeria will have the coastal backbone, while Ghana – Burkina Faso – Mali will share the inter-zonal hub, among others.

The infrastructure mainly comprises 875km of 330kV double circuit transmission lines from Birnin Kebbi (Nigeria) to Ouagadougou (Burkina Faso) through Zabori (Niger) and Gorou Banda (Niger) and from Zabori (Niger) to Malanville (Benin).

In addition, the TCN noted that there are the 24km 225kV DC transmission lines in Burkina Faso, while the grid would be looped inside Ouagadougou town.

“Five substations (Zabori and Gorou Banda in Niger, Ouaga East and Ouaga South-East in Burkina Faso, Malanville in Benin) would be executed as part of the project and some additional SCADA and SVC’s.

“In Nigeria, we have 62km transmission line in Niger we have 420km, in Burkina Faso we have 381km and in Benin 12km, totalling 875km of 330kV transmission lines while in Burkina Faso we have 24km of 225kV transmission lines.

“The project also has a rural electrification component to provide electricity to communities along the 330 kV lines, within a radius of 5km, in Burkina Faso and Niger. This will be implemented by their respective utilities, SONABEL and NIGELEC it said.

It stressed that resettlement action plans had been designed to mitigate specific social impacts in all the participants’ countries, including communities whose lands and livelihood would be affected.

“In the same way, the Environmental Impact Assessment (EIA) of the project has identified adverse environmental, health and security impacts that are being addressed by specific Environmental and Social Management Plans (ESMP) in each country,” it said.

The organisation noted that procurement had commenced with pre-qualification, adding that the process would be finalised towards the end of this year.

“The works are estimated to last 30 months (2 years and a half) and is therefore expected to be commissioned in the second quarter of 2023.

“The total cost of the project sums up to $567.5 million for the regional part, the Federal Government of Nigeria is contributing 0.9 per cent, Agence Francaise de Developpement (AFD) 6 per cent, African Development Bank 20.5 per cent and the World Bank contributing 72.6 per cent.

“In addition to these, the European Union is funding the Rural Electrification component of the project. Meanwhile, feasibility studies of this project were funded by NEPAD and IPPF,” it added.

SOURCE: https://brandspurng.com/2020/05/27/ecowas-electricity-project-to-be-completed-in-2023/

The National Bureau of Statistics (NBS), says the total value of capital importation into Nigeria stood at $5,854.38m in the first quarter of 2020. This represents an increase of 53.97% compared to Q4 2019 and -31.19% decrease compared to the first quarter of 2019. 

Capital importation represents the amount of foreign investment coming into the country.

According to the Nigerian Capital Importation – Q1 2020 report released yesterday, Foreign Portfolio Investment (FPI) accounted for the highest capital import, at $4.3 billion while Foreign Direct Investment made up $214.3 million. FPIs increased by 129% and FDIs decreased by 17% from the last quarter.

Further analysis by Brand Spur Nigeria revealed that the largest amount of capital importation by type was received through portfolio investment, which accounted for 73.61% ($4,309.47m) of total capital importation, followed by Other Investment, which accounted for 22.73% ($1,330.65m) of total capital, and then Foreign Direct Investment FDI, which accounted for 3.66% ($214.25m) of total capital imported in Q1 2020. 

By sector, Capital importation by banking dominated Q1 2020 reaching $2,990.21m of the total capital importation in Q1 2020.

Also, The United Kingdom emerged as the top source of capital investment in Nigeria in Q1 2020 with $2,908.62m. This accounted for 49.68% of the total capital inflow in Q1 2020.

By Destination of Investment, Lagos state emerged as the top destination of capital investment in Nigeria in Q1 2019 with $5,135.49m. This accounted for 87.72% of the total capital inflow in Q1 2020.

By Bank, Standard Chartered Bank Nigeria Limited emerged at the top of capital investment in Nigeria in Q1 2020 with $1,656.60m. This accounted for 28.30% of the total capital inflow in Q1 2020.

SOURCE: https://brandspurng.com/2020/05/27/nigeria-records-5-8-billion-capital-importation-in-q1-2020-nbs/

The Lagos State Auditor-General, Mrs. Helen Deile, has presented the Year 2019 Audited Financial Statements to the State Permanent Secretary/Accountant-General, Dr. Abiodun Muritala, describing it as an improvement on the reports submitted in previous years.

Speaking during the presentation, Mrs. Deile disclosed that the financial reports earlier submitted for auditing by the Accountant-General met basic International Accounting Principles as well as recommendations by International Public Sector Accounting Standards (IPSAS), advising that the Finance and Accounts Officers at the State Treasury Office must not rest on their oars as there is room for further improvement.

She said, “The 2019 Financial Statements represent the overall performance of the entire State. The Statements comprise of Financial Performance, Position, Cash flows as well as comparison of budget and the actual amount for the year”.

Deile reiterated that the timeline set by the Lagos State Public Finance Management Law, 2011 for submission of Financial Statements to the State Auditor-General by Ministries, Departments and Agencies (MDAs) coincides with that of the State Treasury Office.

To this end, the Auditor-General opined that there is a need to amend certain provisions of the State Financial Management Law to aid the preparation of annual financial statements and auditing, stressing that the Office of the Auditor-General, in conjunction with the Office of the Accountant-General, would work together to propose a review to the State House of Assembly for consideration and approval.

She, therefore, advised the Accountant-General to pay more than cursory attention to the management reports sent to him from the Office of the Auditor-General and adhere strictly to the content.

In response to the observations and advice of the Auditor-General, the Permanent Secretary/Accountant-General, Dr. Abiodun Muritala explained that the improvements recorded in the Financial Statements earlier presented to the State Auditor-General resulted from strict adherence to laid down rules and procedures.

He expressed gratitude to the Office of the Auditor-General for the seamless working relationship between the two Offices and assured that future Financial Statements would be improved upon, as his Office would take cognisance of the advice and suggestions that had already been communicated by the Auditor-General.

SOURCE: https://brandspurng.com/2020/05/27/lagos-accountant-general-receives-2019-audited-financial-statement/

After five years in WWE, Apollo Crews has finally won his first title.

The Nigeria and Ugandan-born WWE superstar, Sesugh Uhaa, popularly known as Apollo Crews on Monday night defeated Andrade to win the WWE United States Championship.

Crews faced-off against United States Champion Andrade Monday night on Raw after weeks of feuding. The match ended with Crews hitting a Gorilla Press, then a moonsault and a standing shooting star press for the pinfall victory.

Crews showed off his athleticism as he hit a press slam on Andrade and then connected with a standing moonsault and shooting star press combination for the victory.

The 32-year-old Apollo Crews from Sacramento, California started his career in 2009, originally working under the ring name Uhaa Nation, and made his breakthrough in 2011 when he was signed by the Dragon Gate USA promotion.

In 2015, Uhaa signed with WWE and was assigned to its developmental brand NXT, where he was given the ring name Apollo Crews.

On April 4, 2016, he was promoted to WWE's main roster on Raw, in a victory over Tyler Breeze. Crews then entered a feud with The Social Outcasts, defeating each member of the stable.


https://www.youtube.com/watch?v=ahL6_ZBwbfE

SOURCE: https://brandspurng.com/2020/05/26/wwe-nigerian-born-apollo-crews-defeats-andrade-to-become-us-champion/

The announcement was made at the eighth Global Finance annual awards, the Innovators 2020, honouring entities that regularly identify new paths and design new tools in finance

Global Finance has named Ecobank as the most innovative bank in Africa. The announcement was made at the eighth Global Finance annual awards, the Innovators 2020, honouring entities that regularly identify new paths and design new tools in finance. Categories in the award include Top Innovations in Corporate Finance, Payments, Trade Finance, Cash Management, Islamic Finance, with Winners selected from different regions of the world. The classes of award comprised Most Innovative Banks in Africa, Asia-Pacific, Central & Eastern Europe, Latin America, Middle East, North America and Western Europe; The Most Innovative Fintech Companies in Asia-Pacific, Central & Eastern Europe, North America and Western Europe; and The Best Financial Innovation Labs

At the virtual awards announcement, Anita Hawser, European Editor at Global Finance and Lead, Global Finance Awards evaluation team, noted that companies recognized at the Innovators 2020 significantly stood apart. She said the review panel looked at innovation in the context of product or process innovation, as they were ultimately more concerned with the impact of innovation in terms of creating value for customers or addressing a specific need, like speeding up lending or credit review process for small businesses; enabling companies to deposit cheques remotely and not having to visit the branches.

According to her, these are innovations that significantly reduce the time or cost of companies to perform financial tasks and really transform customers’ business lives helping them operate more effectively in a significantly challenging business and economic environment.

In his remark, Ade Ayeyemi, Ecobank Group CEO said: “We are pleased to be recognised as the “Most Innovative Bank in Africa” by Global Finance. This attests to the strength of our brand in multiple countries across Africa, our unique pan-African platform, and our innovative banking products and solutions made possible by the success of our digital transformation journey.

With a larger African footprint than any other bank operating in West, Central, East and Southern Africa, Ecobank is the only bank that has banking operations that spans 33  African countries, operating a truly integrated African network. That is One unified integrated Ecobank Mobile Banking App, that works seamlessly across all 33 operating countries in Africa; One Ecobank Omni and Omni Lite serving  Multinationals and SMEs in Africa; One Rapidtransfer app that breaks down country borders and allows the diaspora community send money directly to their loved ones, instantly and affordably across Africa; One Ecobank Online Banking platform that can be easily accessed across 33 African countries.

The Ecobank Group’s unique and largest pan-African platform is designed to help unlock the opportunities of the continent, for the benefit of the continent, through standardization, thereby enabling regional integration, and trade and investment across borders.

With the Group’s sterling performance, it has been severally recognized as ‘Best Retail Bank in Africa 2019’ at African Banker Awards; Most Admired Financial Services Brand in Africa 2019 by Brand Africa 100; Best Digital Bank in Africa – 2017 by Euromoney Awards; Best Retail Bank and Innovation in Banking both in 2018 by the African Banker Awards amongst others.

SOURCE: https://brandspurng.com/2020/05/26/global-finance-names-ecobank-most-innovative-bank-in-africa/

Guaranty Trust Bank PLC (GTBank) has ascended to the number one position as the Most Admired Financial Services Brand in Africa.

Brand Africa which released the top 100 brands in Africa recently also listed Dangote conglomerate, MTN Group, DSTv and Anbessa shoe of Ethiopia as highly admired brands in different categories.

Brand Africa announced the 10th-anniversary rankings of Brand Africa 100: Africa’s Best Brands, the pre-eminent survey and ranking of the Top 100 most admired brands in Africa. The rankings were announced in a novel global virtual event that incorporated the market openings of Kenya, South Africa and Nigeria.

In the Most Admired Financial Services Brands category, GTBank claimed back the #1 spot this year, in a specific question and ranking of brands in financial services, after falling out of the top five in 2019.

GTBank's clever marketing, global presence and some of its flagship food and fashion events have undoubtedly helped make it a fixture of daily life in some of its key markets, especially its home base Nigeria.

The bank has taken banking and finance to the people and associating this with something fun and useful.

Interestingly, every brand in last year’s top five (FNB, Bank of Africa and Standard Bank) has lost ground in the rankings, with only Ecobank and Absa managing to stay within the top five. The industry is dominated by African giants. International brands do feature in some cases but these are payment companies as opposed to traditional banks – Paypal, Western brand, the split is pretty even between South, East and West Africa.

Compared to last year, East Africa increased its contribution by 4% to 36%. West Africa came in with 28% of those brands represented and Southern Africa with 36%. A key driver for East Africa’s growth is the Tanzanian conglomerate Azam, with a diverse portfolio that
spans media and consumer goods, and a rebranding that has started to reap rewards and endearment from the region’s consumers.

GTBank has been a recipient of numerous awards over the years in recognition of the Bank’s bias for world-class corporate governance standards, excellent service delivery, and innovation, 

Some of the awards include Best Bank in Africa and Best Bank in Nigeria, by the Euromoney Magazine (2019), Best Banking Group and Best Retail Bank Nigeria from World Finance Magazine (2019), Bank of the Year – Nigeria from the Banker Magazine (2018), Most Innovative Bank from the African Investor (2018), and Best Digital Banking Brand in Nigeria from the Global Brands Magazine (2018).

SOURCE: https://brandspurng.com/2020/05/25/king-of-finance-gtbank-is-the-most-admired-financial-services-brand-in-africa/

The Lagos State Government has announced the partial closure of Marine Beach Bridge by Total Gas, inwards Apapa for five months, effective from Wednesday 27th May, to Wednesday 21st October 2020, for repair work towards providing a seamless transportation system across the metropolis.

In a statement issued today, the Honourable Commissioner for Transportation, Dr. Frederic Oladeinde said that the planned repairs on the bridge by the Federal Ministry of Works are vital to the safety of the people of Lagos, especially motorists plying the route to access different parts of the State.

He explained that necessary repair works have already been carried out on all alternative routes around the construction site, making them motorable to ease motorists’ movement during the construction period.

Oladeinde averred that the exercise, which will entail bearing and expansion joint replacement is planned for two phases, with each phase focusing on one lane of the Bridge at a time. During the first phase, work will be done on the Apapa inbound lane, while the second phase will concentrate work on the outbound lane.

He disclosed that adequate arrangements have been put in place to ensure that traffic within the axis is effectively managed during the construction period.

"Motorists inwards Wharf Road will be diverted to the other section of the bridge for vehicles exiting Apapa. A contraflow of 200 metres will be put in place for vehicles to realign with a proper direction inwards Ajegunle or Wharf Road, Apapa, in order to ensure that motorists descending to Total Gas underbridge will drive without any hindrance", Oladeinde stated.

The Commissioner noted that the officers of the Lagos State Traffic Management Authority (LASTMA) and other State law enforcement agencies will be deployed to the axis to ameliorate inconveniences that might arise from the closure.

While appealing to all vehicle owners and residents of the area to cooperate with the traffic management officers deployed to the area, Oladeinde reiterated the commitment of the State Government to providing a transportation system that will meet the aspirations for a greater Lagos.

SOURCE: https://brandspurng.com/2020/05/24/lagos-announces-partial-closure-of-marine-beach-for-repairs/

Imo State has approved a Right of Way (RoW) charge reduction from ₦4,500 to ₦145 per meter. Last week, Ekiti State became the first state to reduce its RoW charge to ₦145 as recommended by the Federal Government.

Telecommunication companies pay RoW to deploy cables that facilitate high-speed internet connectivity. Other states may follow suit to ease communication and collaboration across the nation following the COVID-19 induced lockdown.

The reduction was a manifestation of our Government’s determination to spur the telecommunication companies to further invest in broadband infrastructure and trigger ancillary on-line services, especially in the field of education.

The Government is hopeful that this drastic reduction from N4500 of the broadband ROW to N145 per line meter of fibre will accelerate the deployment of affordable and reliable modern high-speed connectivity in the State.

This was to ease the cost of deploying the necessary infrastructure that would aid the National Broadband Penetration plan by telcos. Despite this decision, many states didn’t obey for several years. States like Lagos increased RoW charges from N500 per meter to N5,000 per meter on state roads. Other states have also gone on to charge as much as N6,000 per metre.

This has slowed the deployment of broadband infrastructure across the country as Infrastructure Companies (InfraCos) have not been to roll out as expected.

The Executive order urged telecommunication companies to note that the State plays host to vibrant and youthful demography located in many tertiary institutions, who form the bulk of the end-users of their products.

(Image Caption - Imo State Governor. His Excellency Senator Hope Uzodimma)

Source: https://brandspurng.com/2020/05/22/imo-state-approves-%e2%82%a6145-right-of-way-charge/

The Honourable Minister for Humanitarian Affairs, Disaster Management and Social Development, Hajia Sadiya Umar Farouk, on Thursday, flagged-off the modified National Home Grown School Feeding Programme in Lagos State.

In her keynote address at the ceremony held at LASUBEB premises in Ikeja, the Minister stated that the continuation of the programme was a sequel to the directive of President Muhammadu Buhari that the Ministry should liaise with State Governments to develop a strategy for the continuation of the school feeding programme, despite school closure caused by the Coronavirus pandemic.

Farouk, who was represented at the event by the Director, National Commission for Refugees, Migrants and IDPs in the Ministry, Mrs. Margaret Ukegbu, explained that the special intervention will impact 37,589 beneficiaries made up of Parents, Guardians and Caregivers of Primary School children in participating schools.

She said, “The identified and selected households will each receive 5kg bag of Rice, 5kg bag of Beans, Vegetable and Palm Oil, Salt, Tomato Paste and 15 pieces of eggs. These rations have been revealed by nutrition experts to be of good nutritional value and benefit to the children”.

While noting that 17 countries around the world are currently employing the take-home ration option, she reiterated that it is a globally accepted means of supporting children to continue having access to nutrition despite the disruption to the traditional channels of school feeding.

She also commended the Lagos State Governor, Mr. Babajide Sanwo-Olu for his uncommon commitment and engagement towards making the programme a success, while also thanking the Chairman of LASUBEB, Mr. Wahab Alawiye-King for his unflinching support.

Hajia Farouk noted that Lagos was chosen as one of the pilot States for the commencement of the programme due to the fact that it has been on the frontline in the battle to contain and flatten the curve of the COVID-19 pandemic.

In her remarks, the Lagos State Commissioner for Education, Mrs. Folasade Adefisayo observed that the modified edition is a continuation of the existing home-grown school feeding programme of the State government, in conjunction with the Federal Government, where over 100,000 pupils in public primary schools were fed daily.

She reiterated the importance of food in the development of a child, noting that the modified feeding programme will go a long way in aiding the growth of children.

“When a child is growing, it is quite imperative that the child should have a good quality balanced diet in order to feed the brain and ensure that the brain grows appropriately. This is vital because a hungry child cannot learn properly. So, the take-home ration is to ensure a balanced diet for the children”, she explained.

Contributing to the discourse, the Executive Chairman of the Lagos State Universal Basic Education Board, LASUBEB, Mr. Wahab Alawiye-King, stated that the commencement of the distribution of the take-home ration is to ensure that the hardship caused by COVID-19 is minimised, noting that a lot of work has gone into ensuring that the modified feeding programme is carried out in a transparent and seamless manner.

“In a few days, all the targeted households would have received their vouchers which will enable them to collect their food rations. At the end of the exercise, 37,589 households and families of pupils in Primary Schools (Class 1-3) would have been fed”, he said.

While thanking the Federal Government for the laudable initiative, Alawiye-King also expressed his gratitude to Governor Babajide Sanwo-Olu for supporting the programme and ensuring that it is brought to fruition.

The Chairman also solicited for the cooperation and understanding of all stakeholders in getting the food items to intended beneficiaries across the State.

SOURCE: https://brandspurng.com/2020/05/22/fg-kicks-off-modified-home-grown-school-feeding-programme-in-lagos-photos/

The Nigerian Government has generated the sum of N338.94 billion from Value Added Tax (VAT) in the first quarter of 2020.

The National Bureau of Statistics (NBS) disclosed this in a report titled ‘Sectoral Distribution Of Value Added Tax (Q1 2020)’ published on Thursday.

According to the NBS, the sectoral distribution of Value Added Tax (VAT) data for Q1 2020 reflected that the sum of N338.94bn was generated as VAT in Q1 2020 as against N308.48bn generated in Q4 2019 and N293.04bn generated in Q1 2019 representing 9.87% increase Quarter-on-Quarter and 15.66% increase Year-on-Year.

It revealed that professional Services generated the highest amount of VAT with N38.30bn generated and closely followed by Other Manufacturing generating N37.37bn, Commercial and Trading generating N17.19bn while Mining generated the least and closely followed by Textile and Garment Industry and Local Government Councils with N61.83m, N306.05m and N319.04m generated respectively.

Out of the total amount generated in Q1 2020, N172.67bn was generated as Non-Import VAT locally while N93.67bn was generated as Non-Import VAT for foreign. The balance of N72.59bn was generated as NCS-Import VAT.

SOURCE: https://brandspurng.com/2020/05/14/nigeria-earned-n338-94bn-from-value-added-tax-in-q1-2020-nbs/

When searching for a new hire, different employers look for different things, but they’re all trying to answer the same overarching question: can this individual add value to my business?

As a strong potential candidate, it’s your job to help them reach the right conclusion. It can be a difficult task to set yourself apart from the crowd, but showcasing your completion of relevant online courses is a great starting point. With that in mind, here are three reasons why you should add online courses to your resume:

1. It makes for a better interview.

Employers use interviews to gauge the value you can add to their company, and it’s important to set yourself apart from the other applicants. It’s not every day that an interviewer sees an online course or program on a resume (though it is becoming more common). Adding relevant online coursework can really help you stand out. It’s unique and invites conversation, so be prepared to answer questions. You could expect to be asked:

- What drove you to enrol in these courses and further your education?
- What knowledge did you gain from the courses?
- What can you do now that you couldn’t do before?

One of our edX learners, Daniel, took the Six Sigma Professional Certificate program from TUMx and used the knowledge that he learned to help him get a new job and further his career in industrial engineering and production management.

“I had an additional certificate to differentiate myself from other job applicants and it gave me the confidence to apply to more advanced positions. It really gave my CV a boost! It demonstrated my motivation due to the fact that the certificate was earned in my free time,” Daniel said.

2. It displays relevant, standout skill sets.

Applicants often struggle to convey what they can actually do for a company. Speaking confidently about a skill set that you’ve developed can help guide interviewers in the right direction. Online courses on your CV provides a clear-cut example of what you know and what you can get done.

Online courses are also a great way to showcase unique skills that set you apart from other qualified candidates, which is becoming increasingly important as more and more companies look for candidates with a diverse mix of experience (sometimes called “hybrid skills”).

For example, if you’re a marketing professional, it can be beneficial to highlight additional data analysis skills. These skills may even help you negotiate a higher salary. According to Burning Glass Technologies, often, the introduction of a single hybrid skill can increase salaries by up to 40%.

Looking to add unique skill sets to your resume? Try an introductory program in data science or computer science, or strengthen soft skills with a certificate in agile project management.

3. It shows character.

Enrolling in online education, in and of itself, is impressive. It demonstrates personal drive and discipline, intellectual maturity, curiosity, and a strong willingness to learn—all of which are important to employers.

It’s difficult for interviewers to always gauge these qualities, but it’s what they’re trying to do. They want to see that you’re willing to go the extra mile because that indicates passion, and passion indicates value.

Bear in mind, though, that this only applies if you are able to talk about what you learned and how it’s relevant to the position.

For example, courses such as something like Six Sigma: Define and Measure or Visualizing Data With Python are great signals of concrete, actionable, and highly relevant professional skills.

Note: Generally, it’s not relevant to list a course unrelated to the position, such as one about the American Civil War. An interest section on your resume, however, is a great place for this. Employers are searching for talent, but they’re also looking for personality. If you’re passionate about it, include it.

But how should you actually go about adding online courses and programs to your resume?

One of the best ways to incorporate online courses into your resume is by means of a cover letter. It allows you to connect with a recruiter or hiring manager on a personal level and is a great place to discuss the professional skills that you’ve acquired and how they relate to the position. If you’re submitting your resume electronically, you can even link to the course profiles.

A second option is to create an entirely new section on your resume, such as “skills and objectives,” “personal advancement,” or “professional development.” Another is to include your online learning experience in the education section of your resume. This can be especially useful if you haven’t completed a degree program or if you’re applying for a job that’s unrelated to your degree.

In any case, only include the courses that you completed or earned a certificate in and the major takeaways of each. Don’t sell yourself short, but don’t overdo it either. Be concise and make sure that everything you include is relevant to the job.

SOURCE: https://brandspurng.com/2020/05/14/3-reasons-to-add-online-courses-to-your-cv-and-how-to-do-it/

In a bold and pioneering move to make Ekiti State the knowledge and innovation capital of Nigeria, the Governor of Ekiti State, Dr Kayode Fayemi has signed an Executive Order reducing the Right of Way charges related to laying broadband or any other telecommunications infrastructures from N4,500 to N145 per meter.

Ekiti is the first state in Nigeria to comply with the NEC approved Right of Way charges for broadband thus becoming the cheapest state for broadband infrastructure investment as 1km of cable will now cost just N145,000 as against N4.5m previously.

This Executive Order is part of the ongoing reforms by the Ease of Doing Business project inaugurated by the Governor last year to improve indices that will make Ekiti State an attractive destination for national and international investments in 5 years.

According to the Special Adviser Investment, Trade and Innovations, Mr Akin Oyebode, this decision will ensure Ekiti achieves full broadband penetration by 2021 to attract new businesses, create jobs, improve access to quality healthcare and digital education while improving internally generated revenue. It is also aligned with the ongoing development of the Ekiti Knowledge Zone, designed to be Nigeria’s first service-based innovation park.

SOURCE: https://brandspurng.com/2020/05/14/broadband-penetration-ekiti-state-crashes-right-of-way-charges-from-n4500-to-n145-per-meter/

A federal high court sitting in Abuja has vacated a ruling that barred the Nigeria Investment Promotion Council (NIPC) from spending its internally generated revenue. 

In a December 2019 ruling, A. I Chikere, a judge of the federal high court, had ordered the NIPC management to halt spending its IGR for any purpose.

The IGR accrued by the agency between 2018 and 2019 was reported to be N5.6 billion.

Ali Sani, a member of NIPC council, had filed a suit contesting remunerations to NIPC board members. 

Sani had asked the court to declare spending of the funds as illegal arguing that the spending did not go through the federal government’s budget process. 

He also urged the court to compel the NIPC to remit all revenues to the federal government’s consolidated revenue account. 

Sani had also asked the court to stop Yewande Sadiku, NIPC executive secretary, from taking decisions on pioneer status applications without input from the governing council.

The federal government’s pioneer status initiative is an incentive that grants companies from qualifying industries exemptions from paying company income tax for a period of three years. 

Benefitting industries can also apply for the tax holiday to be extended for another two-year period. 

Funds generated from administering the process and a 1% cut on profits generated by benefitting companies are classified as internally generated revenue for the NIPC. 

In its ruling on Wednesday, the federal high court in Abuja said the suit was statute-barred and as such the court lacks jurisdiction to entertain the suit. 

It also vacated the exparte order barring the board from spending the IGR on grounds that it could not grant an injunction on a completed act.

SOURCE: https://brandspurng.com/2020/05/14/court-vacates-order-barring-nipc-from-spending-its-igr/

On Friday, April 24, 2020, Julius Berger Nigeria Plc’s (Julius Berger) food for our communities campaign reached Ogun State, where 500 food relief packages were donated for distribution within the Ogbere community area.

Simultaneously, in Lagos State, the Company has continued to carry out the distribution of food relief packages to Local Government Areas. The latest donations, totaling 1,500 packages, were delivered to the Somolu Local Government Area on April 18, 2020, and both the Eti-Osa and Epe Local Government Areas on April 22, 2020.

These ongoing contributions are a sequel to several previous donations of food relief package, as part of the Company’s overall corporate social responsibility commitments and proactive aim to support Nigeria in its fight against the Covid-19 pandemic.

Items for the relief packages, which include a 10kg bag of rice and various cooking supplies have been purchased from local markets in a bid to provide succor to citizens while also backing local traders. 

SOURCE: https://brandspurng.com/2020/04/29/julius-bergers-donation-of-food-relief-packages-expands-into-ogun-state/

On March 13, 2020, Julius Berger announced a dividend pay-out of ₦2.75K per 50K share for the financial year ended December 31, 2019, and a bonus of 1 (one) new share for every existing 5 (five) shares held.

The dividend payout was based on the strong performance of Julius Berger for the financial year ended December 31, 2019, as was evidenced in the Audited Consolidated Financial Results released to the Market on March 16, 2020.

The unprecedented and novel COVID 19 global pandemic, and the ensuing lockdown and social restrictions, which is being experienced globally, Nigeria inclusive, is predicted would have operational effects on businesses and governments, and to lead to a global recession. Nigeria is not immune from the unfolding global issues, especially when one also takes into consideration the additional crisis in the global Oil Market and expected declining revenues from Crude Oil Sales. 2020 will thus be a difficult year for the Country, individuals, and businesses, in particular companies in the Construction sector.

These trying times for corporates globally is expected to force a rethink of spending plans by corporate boards to protect liquidity and ensure long-term sustainability, while balancing the needs for return to shareholders. The Board of Julius Berger has carefully considered the emerging social, operational, financial and economic impact of the COVID 19 pandemic, the outlook for Nigeria for the Financial year 2020 and the impact on the business and cash flows of the Group.

The Board, acting proactively, has decided that it is prudent to withdraw its previously announced intention to recommend the payment of a final cash dividend of ₦2.75K per 50K share, and instead recommend to shareholders at the 50th Annual General Meeting scheduled to hold on June 18, 2020, a final cash dividend pay-out of ₦2.00K per 50k share. The savings from paying a cash dividend of ₦2.00K, together with the measures taken with respect to operational costs and CapEx savings, will ensure that more cash will be retained within the business of the Group.

The Group's financial position remains strong as the first-quarter results will present, and the Board remains strongly confident of the post-COVID 19 future of the business of the Group and its strategic direction to remain a leader in its operating sectors.

Julius Berger will continue to closely monitor the ongoing developments in relation to COVID-19 and would continue to take appropriate actions to ensure business continuity and future growth.

SOURCE: https://brandspurng.com/2020/04/29/covid-19-julius-berger-announces-downward-revision-to-its-dividend-pay-out/

According to the latest research from Strategy Analytics, global 5G smartphone shipments surged past 24 million units in Q1 2020. Demand from China was higher than expected.

Ken Hyers, Director at Strategy Analytics said “Global 5G smartphone shipments grew to 24.1 million in Q1 2020, significantly more than all 5G smartphones shipped in the full year in 2019 (18.7 million). Demand for 5G smartphones was strong, particularly in China, despite the emergence of the Covid-19 epidemic. China is the leader in demand for 5G smartphones, but demand is also growing South Korea, the US and Europe.

Ville-Petteri Ukonaho, Associate Director at Strategy Analytics, added, “Samsung vaulted into the lead in Q1 2020, shipping 8.3 million 5G smartphones globally in Q1 2020. Samsung has strong global distribution networks and operator partnerships and new 5G smartphones in Q1 2020. Popular 5G models for Samsung include the S20 5G and the S20 Ultra 5G.”

Woody Oh, Director at Strategy Analytics added, “Huawei is number two. Nearly all of Huawei’s 5G smartphones were shipped in China, where it is the smartphone market leader. The top 5G smartphone from Huawei is the Mate 30, Honor V30 Pro and Mate 30 Pro.”

Linda Sui, Director at Strategy Analytics, added, “Vivo is number three. Vivo’s IQOO and X30 5G smartphones were popular affordable alternatives in China in the quarter.”

Neil Mawston, Executive Director at Strategy Analytics, added, “Chinese smartphone vendors captured 61 percent of top 5 vendor 5G smartphone shipment volumes in Q1 2020, with the majority of those volumes going to the Chinese market. This reflects the speed with which Chinese operators have rolled out 5G networks, as well as the underlying demand for 5G smartphones, despite the Covid-19 pandemic that shut down large parts of China during the Q1 2020 period. As China continues to ramp up economic activity, we expect 5G shipments to this market to continue to expand dramatically in 2020.”

SOURCE: https://brandspurng.com/2020/04/29/samsung-leads-in-5g-smartphones-in-q1-2020/

Polaris Bank announced a Profit After Tax (PAT) of ₦26.2 billion in 2019 – an 820.5% increase from its 2018 PAT.

Polaris, which took over the assets and liabilities of the defunct Skye Bank in September 2018, has a Non-Performing Loan (NPL) ratio of 46%, higher than the industry average of 6%.

However, this is down from the bank’s NPL ratio of 80% back when Polaris Bank took over Skye Bank.

A review report of the results showed an impressive performance given the legacy constraints under which the institution operated.

Strong Profitability and Profit Potential; Polaris Bank remains Systemically Important...

The Annual Financial Statements ending December 31, 2019, show gross earnings of over N150billion, Profit before Tax of N27.83billion and Profit after Tax of N27.35billion showing very strong profitability and profit potential going forward. The bank's deposits from customers were N857.8billion with Total Assets in excess of N1.14Trillion confirming that Polaris Bank remains a systemically important bank within the Nigerian financial system.

The bank's capital is multiples of the regulatory minimum of N25billion at N82.9billion with a Capital Adequacy Ratio of 14% providing sufficient capital buffers to customers and other counterparties.

Very Strong and Competitive Performance Ratios

Apart from strong capital adequacy, the bank's other ratios are equally impressive-Return on Assets (ROA) at 2%, Return on Equity (ROE) is 33%, Return on Sales (ROS) is 18%, and Liquidity Ratio at 81%. These ratios demonstrate operating efficiency, strong inherent capacity for profitability, and return to stakeholders, very comfortable liquidity and asset efficiency.

The bank's Cost to Income ratio of 59% is well in line with industry averages and further reinforces the institution's underlying reality of operational and cost efficiencies, which is a significant achievement in view of its legacy constraints.

Portfolio Clean-up Continues Apace

One remaining legacy challenge, perhaps understandably, is that the bank's Non-Performing Loans Ratio (NPL) is 46%. Even though the management has brought this ratio down to this level from around 80% at the time of the regulatory intervention, it is evident that the work of the management of Polaris Bank to clean up its inherited loan portfolio must continue until NPLs are within acceptable benchmarks.

However, given their success over the last three years in loan recovery, collateral documentation, and cleaning up the portfolio, they appear to be on course to a successful portfolio repositioning.

With the exception of its NPL ratio (which as we have noted is understandable given its context and legacy challenges), Polaris Bank's ratios compare favorably with the leading Tier 1 and Tier 2 banks and are in virtually all cases better than industry averages.

ROA at 2% is at par with Zenith Bank; ROE at 33% is competitive against all Tier 1 banks with the exception of GTBank; ROS at 18% ranks third behind only Zenith and GTBank benchmarked against Tier 1 banks, and the bank's Cost to Income ratio is as mentioned earlier well within industry averages.

Very Commendable Performance Especially Given Legacy Context and Environment

These results are commendable especially given the institutional, industry, and environmental context and when reviewed along with the strategic and business transformation accomplished within the bank.

As the bank's CEO, Mr Tokunbo Abiru explained in internal bank communication which we have reviewed, "...I am confident to state that our Bank has indeed stabilized and is now headed towards our purpose which is to become a "Top Retail Bank" in Nigeria. This was demonstrated by our collective and sustained performance trajectory in 2019...our prudential ratios-capital adequacy and liquidity ratios are now in full compliance with stipulated regulatory requirements. We returned to profitability on a month-on-month basis throughout 2019; our Cost-to-Income ratio is also in line with industry average---we aggressively pursued our IT infrastructure refresh with a view to replacing and upgrading the aged, obsolete and sub-optimal performance IT equipment. The impact on efficiency, effectiveness, transactions, and customers' experience will become noticeable from the end of the first quarter of the Year 2020..."

Ongoing Digital and Corporate Transformation

In 2019, Polaris Bank pursued strategic initiatives for future growth which have continued this year including digital transformation and launch of the bank's agency banking platform, Sure Padi. Commencing in September 2018 immediately after the transition to Polaris Bank, the management worked with KPMG, EY, Deloitte and other first-class advisory and consultancy firms to develop a strategy and corporate transformation plan and defined aspirational and inspirational new vision statement, "The preferred partner providing superior financial solutions for customers" and mission statement, "We will leverage our knowledge of an ever-changing world to constantly design innovative solutions that facilitate our customers' enterprise" as well as values - Boldness, Sustainability, Innovative, Continuous Learning and Trustworthy. 

The bank also adopted a predominantly retail market focus in line with its core strengths and competencies and defined new customer value propositions: Ease, Friendliness, and Accessibility: focused on convenience, customer excellence and customer delight; Creating opportunities and providing empowerment for selected sectors: Youths, SMEs, Women and the Underserved; Digital First: providing easy and simple banking through digital and being future-focused.

The objectives of the Corporate Transformation Plan included sustainability; profitability and capital preservation; regulatory compliance and buy-in; realizing value from investments; aligning business and operating models to strategic aspirations; and execution-achieving quick-wins, and phased implementation.

The critical pillars of transformation as designed are Digital Transformation, Enhancement of IT Infrastructure and Technology Platforms, Cost Optimisation and Operational Efficiency, Workforce and Culture Alignment, Brand Equity Enhancement, and Business/Strategic Initiatives.

A December 2019 review and our recent assessment confirm progress on all aspects of the Corporate Transformation Plan.

Into the Future

Polaris Bank's leadership is intensely focused on building the foundations of a bank for the future. They believe the future of banking globally and in Nigeria would be shaped by technology. Banks would be significantly dependent on technology for mobilizing savings, extending and administering loans, payments analytics, and management decision making.

Polaris Bank had made a clear choice to be a retail bank and that choice meant its core would have to be around capabilities around technology.

These convictions underpinned management's focus on digital transformation and on refreshing and upgrading Polaris Bank's IT infrastructure. In 2019, management had overseen significant investment in the bank's critical IT infrastructure including data centers, digital labs, and human capital.

Management had also reflected on other trends-the imperative of financial inclusion; increasing pervasiveness of the internet and social media; the revolution in payment systems; rapid development of various streams of technology innovation including artificial intelligence, voice, and facial recognition, robotics, blockchain, etc.; the rise of so-called "fintech" - financial technology firms who were entering financial services based on technology capabilities and business models all meant that increasingly financial services would become a technology play; the combined effect of all these trends meant in their minds that Polaris Bank would need to scale up very quickly!

We believe bank management understands that while Polaris Bank is now well-capitalized based on regulatory standards, the institution may benefit from enhanced capital levels if benchmarked against the major banks and telecommunications companies in the context of a competitive, technology-led, globalizing financial services industry. These considerations coupled with Polaris Bank's status essentially as a "bridge bank" owned by the Central Bank and AMCON mean that divestment by these regulatory/government entities and investment by a well-capitalized financial services group would have to be a strong consideration.

Our Conclusions

Our key conclusions suggest four main themes emerge from Polaris Bank's first-year performance. In our view these themes are overwhelmingly positive:

- The financial performance of Polaris Bank in its first full financial year is impressive and the bank is stable, strong, and competitive relative to leading Tier 1 and Tier 2 banks.

- The Board and Management of Polaris Bank has successfully repositioned a previously troubled bank and created a new, thriving, forward-thinking bank
- The bank has largely overcome its legacy challenges and constraints and is now very well positioned to compete in the Nigerian Financial Services Industry; and

- The Management of Polaris Bank in concert with regulators seeks to assure a sustainable future for the bank and its customers leveraging technology, digital transformation, and innovation in the context of a retail banking strategy

SOURCE: https://brandspurng.com/2020/04/28/polaris-banks-profit-after-tax-rises-to-n26-2-billion-from-n2-8-billion/

Taraba State Governor, His Excellency, Arc. Darius Dickson Ishaku wishes to announce the confirmation of two more cases of Coronavirus infection in the state.

The two are the latest confirmed by the National Centre for Disease Control, NCDC to have tested positive after a laboratory investigation. They are from among the people already being quarantined at the NYSC Orientation Camp, near Jalingo.

SOURCE: https://brandspurng.com/2020/04/27/two-more-cases-of-coronavirus-confirmed-in-taraba-state/