₦airaland Forum

Sterling Bank Plc Obtains the CBN’s Approval In Principle To Enable It Restructure As A Holding Company

The Chief Executive Officer of Sterling Bank Plc, Mr. Abubakar Suleiman is pleased to announce that the Bank has obtained the Central Bank’s approval in principle to enable it to restructure as a Holding Company. The Bank’s desire to operate as a Holding Company was driven by its plan to spin off its Non-Interest Banking window which became operational in January 2014 into an autonomous entity.

The Bank believes that the proposed structure incorporates efficiencies around operations and financing efforts that will support the individual businesses in reaching full potential through:

- Increased portfolio diversification – The Holding Company structure enables the Non-Interest Bank and other non-core businesses to achieve greater results based on focused management of the distinct businesses

- Improved efficiency resulting from the consolidation of key functions such as
Compliance, Risk Management and other support functions yielding improved prospects for individual business growth.

- Enhanced Corporate Governance which serves to promote a consistent culture across the group and quality of service to customers thereby facilitating the sustainability of earnings

- Better access to capital by leveraging the consolidated financial strength of the group which would have been otherwise difficult for each individual subsidiary company.

“Going into the Holding Company structure, our desire is to entrench our business model premised on social capitalism where we believe that private sector capital and market-based tools will offer the best types of solutions to Nigeria’s most pressing social and environmental challenges.

The Holding Company gives us the structure to explore our business model further.

The Holding Company is designed to operate on 3 major premises – Specialization, Partnership and Digitization.

The Conventional Bank will focus on building skills and using technology to provide solutions in the areas that are critical to development in the country – Health, Education, Agriculture, Renewable Energy, Transportation (HEART).

The Non-Interest Bank will focus on building partnerships that connect individuals and businesses leveraging technology to create business optimization while solving for an individual’s daily financial needs. The overall business will focus on social impact, corporate responsibility and religious compliance in its dealings.

Our Digitization drive will create an enabling environment for both financial institutions to grow while providing services and support to build efficiencies in different ecosystems.

The execution of our plans is fully dependent on our interwoven operating model of Agility, Specialization and Digitization. Essentially, for us to be successful, we require people who are adaptable and knowledgeable running processes that are simple, quick and tech-led to ensure efficiency”. 

The Bank is currently in the process of meeting the conditions for the final approval.

SOURCE: https://brandspurng.com/2020/09/28/sterling-bank-plc-obtains-the-cbns-approval-in-principle-to-enable-it-restructure-as-a-holding-company/

On Friday 25th September 2020, a Press Release was purportedly released by Health Plus Limited (‘the Company’ or ‘HealthPlus’) announcing the alleged appointment of Chidi Okoro ‘on secondment as incoming Chief Transformation Officer (“CTO”)’ of the Company, and that ‘The founder of the Company Mrs. Bukky George continues to be a director and a shareholder’.

We wish to inform the General Public, the Pharmacists Council of Nigeria, our Staff, loyal Customers, Vendors, Landlords, Bankers and all Stakeholders that the Press Release was NOT authorised by the Company or anybody acting on its behalf and that the announcement of the appointment of a CTO is wholly FALSE, wrongful and illegal and should be totally ignored.

It is the handiwork of unscrupulous foreign and local businesswoman and businessmen intent on reaping where they have not sown simply because they now see opportunities from the COVID-19 Pandemic, like scavengers and vultures.

It is instructive to note that the Chairman of the Board of Directors resigned two days ago and another Director resigned five weeks ago. Both gentlemen had been displeased and frustrated by the impasse and its debilitating effect on the Company, its fortunes, employees and above all, the sheer injustice occasioned by it all.

HealthPlus, founded in April 1999 by the Chief Executive Officer, Mrs. Olubukunola Adewunmi (Bukky) George is Nigeria’s first integrative pharmacy, the leading pharmacy chain in Nigeria and the fastest growing in West Africa. The Company currently operates over 90 pharmacy and beauty retail stores, located in 11 states and the Federal Capital Territory, employs over 850 Nigerians and is the largest private employer of pharmacists in Nigeria.

The Company has a reputation for excellence and takes pride in the integrity of its supply chain. Its extensive product portfolio includes prescription-only-medicines, over-the-counter medicines, nutritional supplements, natural remedies, beauty and grooming products; with a strong emphasis on local procurement and an active drive to uplift the communities they operate in with their range of pharmacy services and free health screenings.

Mrs. Bukky George founded and grew HealthPlus against the odds to the household brand that it is today. She continues to run the Company as Founder and Chief Executive Officer (‘CEO’). In 2018, HealthPlus decided to collaborate with Alta Semper Capital - a foreign private equity firm (PEF) – to inject fresh capital to further grow the business.

Alta Semper was to exit after 5 years according to the Agreement reached with that company and its associates and Mrs George was prepared to give the PEF a controlling stake in order for them to realise their investment. Unbeknown to Mrs George and HealthPlus Nigeria, the collaboration was doomed from the beginning because of the greed of the owners of Alta Semper and their ulterior motive of hijacking a thriving pharmaceutical concern in Nigeria given the potentially vast Nigerian market.

Thus the endeavour was to run into troubled waters primarily on account of Alta Semper’s futile attempts to take over the Company, leading to it deliberately starving the Company of pledged funds as well as the intransigence of Alta Semper’s owners when reminded of their obligations.

This present unilateral unlawful attempt that purports to remove Mrs. Bukky George as CEO and install their puppet appointee using the cover-term ‘Chief Transformation Officer’ is the latest escalation of their bid to subvert the laws of Nigeria and perpetuate the foreign domination of a flagship of the Nigerian pharmaceutical industry.

This unprincipled and unethical behaviour, typical of PEF’s who use local stooges to achieve their nefarious ends will continue to be stoutly and vigorously resisted.

In May 2020, Mrs. Bukky George instituted legal action at the Federal High Court [Suit No. FHC/L/CS/609/2020] seeking by way of a Petition to stop HealthPlus Africa Holdings Limited (the investment vehicle used by Alta Semper Capital and which they control) and their nominee directors from continuing to run and manage the Company in an oppressive and prejudicial manner and in disregard of her interests as a member of the Company.

Their actions included: the deliberate delay and withholding of funds; meddling with management, interference with the functions of key employees; abuse of corporate governance processes and now the attempt to remove her as CEO.

There is a pending Motion on Notice for Interlocutory Injunction dated 27th May 2020, to restrain the Respondents from doing this but in flagrant disregard of the court process Alta Semper and its cohorts have purported to do just that.

Upon being served with the Court Processes, the Alta Semper Capital nominees who are Respondents to the Suit failed to file any defence and appealed that the parties mediate their dispute. They chose to frustrate the mediation process after three (3) meetings over a three (3) month period presumably to enable them to build some spurious case against Mrs George and file an arbitration claim in England, which they hope will be a favourable venue to seal their wrongful and unlawful acts.

Alta Semper’s latest actions, including the arbitration claim that it has now filed, constitute a serious affront to the authority of the Court seized of the suit, a desecration of the integrity of the Nigerian judicial system and a gross violation of Nigeria’s extant legislation.

The General Public, the Pharmacists Council of Nigeria, our Staff, loyal Customers, Vendors, Landlords, Bankers and all Stakeholders are advised to totally disregard and ignore the earlier unauthorised Press Release from those who have no real stake in the Company, its employees or Nigeria. Mrs. Bukky George remains the Founder & CEO of the Company and is focused on preserving and growing this national treasure.

SOURCE: https://brandspurng.com/2020/09/26/healthplus-attempted-hostile-takeover-by-foreign-private-equity-firm/

After a long break due to COVID-19 pandemic, the Ogun state government says the monthly Environmental sanitation exercise will resume this month and it will hold this Saturday, 26th of September from 7 am to 10 am.

A statement signed by the Honourable Commissioner, Ministry of Environment, Hon. Abiodun Abudu-Balogun said although there will be no restrictions of movement in all the twenty (20) Local Government areas of the state, residents are enjoined to use the opportunity of the exercise especially during the rainy period to clear their drainage channels, clean their premises/surrounding while maintaining social distancing and drop the waste at designated points for a government accredited waste collectors to collect as anyone found dumping waste in inappropriate places such as gutters, canals and watercourse will be prosecuted in accordance with state environmental laws.

The State Government, therefore, calls for the continuous support of residents and the law enforcement agencies to make the exercise a huge success as we keep safe and healthy.

SOURCE: https://brandspurng.com/2020/09/25/ogun-state-resumes-monthly-environmental-sanitation-this-saturday/

Julius Berger Nigeria Plc announced that the company’s Board of Directors at its meeting held on September 22, 2020, approved a diversification opportunity into agro-processing.

Julius Berger’s business is centred around a long term strategy. The goal of the Board of Directors and the Executive Management of Julius Berger is to deliver on that strategy by maintaining and strengthening the Company’s competitive advantages in the Construction sector, and Capital Market.

The management stated, "We have severally advised the Market that Julius Berger will be looking into diversification opportunities, based on the emerging developments, political, economical and structural in Nigeria and the resultant reforms by the Governments.

We would advise the Exchange and the Capital Market that the Board of Julius Berger at its meeting held on September 22, 2020, approved a diversification opportunity for the Company in Agro-processing."

The Board of Directors and the Executive Management of Julius Berger strongly believes that this diversification direction would support the continued success of the Group in the future and align with the strategic objective of the Government to stimulate value creation in Nigeria.

Julius Berger aims to strengthen its competitive advantage in Nigeria’s vulnerable economy.

Company financials

Julius Berger reported a loss of N1.931 billion for the six months ended in its Q2 2020 results, compared with a profit of N2.835 billion in the corresponding period of 2019.

The construction firm also recorded revenue of N102.055 billion in 2020, down from N131.783 billion in 2019. Gross profit fell from N29.849 billion to N18.633 billion in 2020.

The firm was able to reduce administrative expenses to N15.748 billion in 2020, compared with N22.446 billion in 2019. However, a foreign exchange loss of N3.102 billion in 2020 led to loss after tax of N1.931 billion as against a profit after tax of N2.835 billion in 2019.

But the N1.931 billion loss in six months is an improvement on the N2.344 billion loss posted in the first quarter of the year. Market analysts said given the performance, it would be difficult to say if the shareholders would receive a dividend at the end of the year.

Julius Berger Nigeria recorded a profit of N8.7 billion in 2029 and recommended a dividend of N3.6 billion, which translated to 275 kobo per share but later reduced it to 200 kobo per share.

The company had explained that 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.

SOURCE: https://brandspurng.com/2020/09/25/julius-berger-announces-diversification-into-agro-processing/

The Lagos State government has introduced the first fuel pump on the Lagos Island waterways to serve private and commercial boat operators. The pump will boost water transportation and allow boat operators to easily refuel their vehicles.

Previously, boat operators resorted to buying fuel from petrol stations in kegs and refuelling their boats from the kegs.

Speaking at the five cowries terminal in Lagos during an event, Mr. Oluwadamilola Emmanuel, the General manager, LASWA, lauded the fueling station project, adding that it would boost ferry operators’ activities and help them expand.

Emmanuel said: “This project is significant to us at LASWA being a responsible agency of government.

“We are concerned about the hardship and occasional harassment usually faced by ferry operators while using jerry cans to get fuel from filling stations to run their boats.

“With the opening of this fuel pump unit to serve both commercial and private boat owners, the safety of lives and property on the Lagos waterways will be greatly enhanced.

“To further promote the safety of all waterways users, we urge boat operators to desist from moving fuel with kegs.”

SOURCE: https://brandspurng.com/2020/09/25/lagos-introduces-a-fuel-pump-station-on-waterways/

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It is a huge traffic relief for residents and road users around Iru and Victoria Island axes of Lagos State. Governor Babajide Sanwo-Olu, on Thursday, commissioned Victoria Island-Lekki Traffic Circulation Project in which seven gridlock-prone roads were completely re-designed and re-constructed with concrete slabs.

The improved roads are within the commercial areas of Iru and Victoria Island. The Victoria Island-Lekki Traffic Circulation Project was delivered through the Public Infrastructure Improvement Partnership (PIIP) framework, under which the State Government collaborated with Access Bank Plc and Planet Projects Limited to bring the project to reality.

Last December, Sanwo-Olu flagged off the construction of the roads, which were notorious for heavy traffic congestion that affected the growth of businesses and reduced productivity.

Cutting the ribbon to officially declared the roads open for public use on Thursday, the Governor said it was another promise fulfilled by his administration in its traffic improvement programmes.

He said the improvement and re-construction work done on the roads had enhanced road connectivity and traffic flow on the axis.

Sanwo-Olu added that the project had also reduced travel time for commuters, eliminated perennial flooding hitherto experienced in the area, and boosted intermodal transportation.

He said: “One of the critical challenges experienced by residents and road users along this axis was the heavy traffic congestion occasioned by the geometric increase in traffic volume, which led to a significant reduction in productivity and growth business activities in this highly commercial location.

As Government, we resolved to work in partnership with public-spirited corporate organisations to embark on the road improvement project. This project was executed through the Public Infrastructure Improvement Partnership (PIIP) arrangement.

“Today, I have the pleasure to hand over these improved roads to users and residents. This project has led to an improvement in road connectivity and traffic flow. We have also reduced travel time, eliminated perennial flooding issues, enhanced intermodal transportation.

Most importantly, we have improved the health and socio-economic well being of the people through the Victoria Island–Lekki Circulation Project in Oniru Axis.”

Sanwo-Olu explained that the implementation of the Transportation and Traffic Management pillar of his administration’s T.H.E.M.E.S.

Agenda deliberately focussed on the provision of infrastructure using technology and innovation to achieve pre-conceived objectives of reducing travel time and providing better riding surface for vehicles.

He said the key outcome from the execution of the Circulation Project was the traffic diffusion, which, he said, had made a considerable positive impact on businesses and residents living in the area.

The Governor said the pressure being exerted on the public finances by various sectors made it difficult for the State Government alone to fund infrastructure, pointing out that the only available option was to create extra-budgetary capital for roads maintenance and improvement.

He said: “It is on this note that I appreciate Access Bank Plc for its collaborative efforts in the area of public infrastructure improvement. With this partnership, the State Government and Access Bank have reinforced the importance of the Public-Private Partnership (PPP) at delivering public infrastructure.

“While we hope to continue to harness the benefits this collaboration, I am inviting the Organised Private Sector to partner with Government for maintenance and rehabilitation of existing infrastructure so that the Government can concentrate more on the provision of new road Infrastructure. We will reciprocate this kind gesture in commensurate measure.”
Sanwo-Olu urged residents and road users to take ownership of the rehabilitated roads, advising them to guard the infrastructure jealously.

“Government and Access Bank have done their bit. The project remains a public property owned by all residents. Therefore, protecting the roads will further encourage the sponsors, other corporate organisations and Government to do more,” the Governor said.

Special Adviser to the Governor on Works and Infrastructure, Engineer Aramide Adeyoye, described the project as “iconic”, pointing out that it was one of the first road rehabilitation exercises to be flagged-off by the Sanwo-Olu administration under PIIP framework.


She said the PIIP arrangement would form the bedrock of the current administration’s strategy to increase the participation of the private sector development programmes.
Group Managing Director of Access Bank Plc, Mr. Herbert Wigwe, applauded the State Government for supporting the initiative conceived by the bank.

He said the financial institution would be willing to partner more with the Government to deliver more projects.

The Oniru of Iru Kingdom, Oba Omogbolahan Lawal, praised both the State Government and the bank for bringing the Circulation Traffic Project to reality. He called on other corporations that have offices in Victoria Island to embark on similar development projects for improved commercial activities on the axis.

The improved roads span a total length of 1.8 kilometres, which started from Muri Okunola Extension, to Ligali Ayorinde, Akin Olugbade, Elegba Festival Road and Yesufu Abiodun Oniru Road up to Four Points by Sheraton.

There is also improvement work carried out on seven major junctions along Iru –Victoria Island axis to aid free flow of traffic.

SOURCE: https://brandspurng.com/2020/09/24/sanwo-olu-commissions-7-roads-in-oniru-victoria-island-axis/

Lagos State Governor, Mr. Babajide Sanwo-Olu, has charged real estate practitioners and investors to work with the Government to create a homeownership model that will help her address the deficits observed in the housing market in the State.

The Governor raised concern over the huge gap observed in the provision of mass housing to a large number of residents, describing the situation as unacceptable. He said the State Government was ready to bridge the gap by partnering the private sector and working with stakeholders to ensure people have access to viable home services.

Sanwo-Olu spoke at the maiden Policy Roundtable Dialogue with the theme: “International Best Practice on Real Estate Regulations”, organised by the Lagos State Real Estate Regulatory Authority (LASRERA). Property developers, investors, real estate lawyers and practitioners attended the event held at Oriental Hotel, Victoria Island.

The Governor disclosed that his administration had started to identify big players in the real estate sector that would partner with the Government to raise housing stock of in the State. He said the State Government was ready to provide enabling environment for the investors to put their finances in the creation of a viable housing market for residents.

He said: “Public-Private Partnership is one of the options we are exploring to realise our objectives of providing viable housing scheme for our citizens. We are at the edge of identifying real big players in the real estate sector to see how well we can leapfrog housing stock in our State. The Government is ready to provide enabling environment and remove the bottlenecks that may impede this opportunity.

“The housing stock deficit that we have in Lagos is not acceptable, but we all know the Government cannot provide everything. We certainly need to explore opportunities in private investment to ensure we realise our objective. Real estate business has the potential of contributing 25 per cent growth to the State’s economy and we cannot let this opportunity pass by.”

Sanwo-Olu said part of the efforts being made by the Government to raise the investment level of real estate business is to improve the turnaround time on land transactions. He said the State Government had started improvement work on its Geographic Information System (GIS) platform to enable real estate investors to have real-time information on the status of property they are investing in.

The Governor harped on lack of accurate data on real estate investment in the State, pledging that the State would be working with the practitioners to create a workable database that would help investors and Government. He disclosed that there would be the introduction of legislation that would help curb bad behaviours among tenants and property owners.

He disclosed that his Government would be launching a N5 billion seed capital through the Lagos State Employment Trust Fund (LSETF) tomorrow (Friday) to support businesses that want to provide succour after to citizens in different areas.

The State’s Attorney-General, Mr. Moyosore Onigbanjo, SAN, assured the stakeholders that the current administration was ready to regulate business and protect the citizens from abuse and fraudulent transactions.

Special Adviser to the Governor on Housing, Mrs. Toke Benson-Awoyinka, said the incumbent administration would not fail in its social responsibility to the people and investors.

She said: “The reason for the emphasis on registration with the Real Estate Practitioners and Property Developers is to provide protection to citizens from imposters, fraudsters and reduce sharp practices associated with some unauthorised individuals who have not registered members of any professional association in Lagos and the country at large.

"I urge all stakeholders to join hands with the State Government to eliminate dubious individuals in the Real Estate industry and deal with them in accordance with relevant laws of the State. This way, the integrity of the business will be restored and international investment will increase. LASRERA portal will provide local and foreign investors with the relevant data analytics for market transparency and intelligence that will help the growth and development of the real estate sector.”

SOURCE: https://brandspurng.com/2020/09/24/lagos-eyes-private-real-estate-investment-to-address-housing-deficit/

TIME has named Tony O. Elumelu, one of Africa’s leading investors and philanthropists, in the 2020 TIME100, the annual list of the 100 most influential people in the world. The list, now in its seventeenth year, recognises the activism, innovation, and achievement of the world’s most influential individuals. 

Mr Elumelu, who is one of only four Africans on the 2020 list, is recognised for his track record of business turnaround and value creation, and economic empowerment of young Africans.

Tony Elumelu is the Founder and Chairman of Heirs Holdings, his family-owned investment company, committed to improving lives and transforming Africa, through long-term investments in strategic sectors of the African economy, including financial services, hospitality, power, energy, technology and healthcare.

He is also the Chairman of pan-African financial services group, the United Bank for Africa (UBA), which operates in 20 countries in Africa, the United Kingdom, France, and is the only African bank with a commercial deposit-taking licence in the United States.

He also chairs Nigeria’s largest quoted conglomerate, Transcorp,  whose subsidiaries include Transcorp Power, one of the leading generators of electricity in Nigeria and Transcorp Hotels Plc, Nigeria’s foremost hospitality brand.

Mr Elumelu is the most prominent champion of entrepreneurship in Africa. In 2010, he created The Tony Elumelu Foundation (TEF), the philanthropy empowering a new generation of African entrepreneurs, catalysing economic growth, driving poverty eradication and ensuring job creation across all 54 African countries.

Since inception, the Foundation has funded just under 10,000 entrepreneurs and created a digital ecosystem of over one million as part of its ten years, US$100m commitment through the TEF Entrepreneurship Programme.  Self-funded, the Foundation is increasingly sharing its unique ability to identify, train, mentor and fund young entrepreneurs across Africa, with institutions such as the UNDP, the ICRC and leading European development agencies.

Heirs Holdings, which serves as a corporate role model for African businesses, and the Tony Elumelu Foundation will both celebrate 10 years of impact in November. Their mission continues to be inspired by Mr Elumelu’s economic philosophy of Africapitalism, which positions the private sector, and most importantly entrepreneurs, as the catalyst for the social and economic development of the continent.

SOURCE: https://brandspurng.com/2020/09/23/tony-elumelu-named-in-time-100-list-of-the-100-most-influential-people-in-the-world-2020/

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Neglected by the successive government for over 20 years, Ogun State Government yesterday approved the immediate commencement of work on the 4.65 kilometres Akute-Denro-Ishasi road bordering Lagos State.

Also to be reconstructed are the 2.3 kilometres Olusegun Osoba Twiney street in Ifo local government area and the 2.3 kilometres six-lane Molipa Expressway road, connects Ejinrin-Folagbade at Ijebu Ode and Ago-Iwoye road in the Ogun East Senatorial district.

Approval for the immediate commencement of construction work on three roads spread across the Ogun Central and East Senatorial districts of the state was a major part of the resolutions of the State Executive Council meeting presided over by the State Governor, Prince Dapo Abiodun, on Tuesday.

The Commissioner for Works and Infrastructure, Engr. Ade Akinsanya made this known while briefing reporters, shortly after the end of the weekly Virtual Executive Council meeting.

He said that the state government was able to arrive at the conclusion on the three roads to be constructed from a pool of roads which had earlier been submitted by various community leaders after the state government had asked for their input to priority infrastructural development requirements of their communities immediately the present administration came on board.

The Commissioner noted that the three roads that were approved for construction by the state government include the 4.65 kilometres Akute-Gbenro-Ishasi road; the 2.3 kilometres Olusegun Osoba Twiney street in the Ogun Central Senatorial District of the state and the 2.3 kilometres six-lane Molipa Expressway road which he said would connect the Ejinrin-Folagbade road and Ago-Iwoye road in the Ogun East Senatorial district.

"These three roads - two from the Central Senatorial District and from Ifo Local government, in particular, are the 4.65 kilometres Akute-Gbenro-Ishasi road and the 2.3 kilometres Olusegun Osoba Twiney street, which is more in the Agbado area. It is very close to the new train terminal.

The last one is in the East Senatorial District (Ijebu-Ode). The road is the 2.3 kilometres six-lane Molipa expressway which connects the Ejinrin-Folagbade road and Ago-Iwoye road - all these roads were presented to the council and approved.

"The Ejinrin road will start from the Ibadan Garage roundabout through the Erinlu roundabout all the way to the Okun-Owa road. That is the stretch; that road will connect three local governments of Ijebu-Ode, Ijebu North East and Odogbolu local government areas of the state," he said.

Akinsanya who further noted that the present administration in the state since inception had embarked on the construction of the Ota-Rayower-Ikola road; Ashafa -Oke and Ashafa- Isale roads; Molipa-Fosigboye road; Oru-Awa-Ilaporu road; Hospital road in Sagamu; Obantoko-Gbonogun road; Elite road; Vesper-Orita meji road; among others. He added that construction work on the Ijebu-Ode-Epe road, Sagamu-Abeokuta interchange Expressway, Elite-Oke-Lantoro road and the Panseke-Adigbe road would soon be completed and commissioned.

The commissioner while urging the people of the state to be patient with the state government, assured them that all the local government areas of the state would feel the presence of the state government in terms of good road infrastructure.

Akinsanya contended that those plying the Panseke-Adigbe road and the Elite-Oke-Lantoro road would soon heave a sigh of relief because asphalting of the roads, which had started would be completed as soon as the raining season ends.

"The Governor had urged the contractors on the Panseke-Adigbe road to do asphalt on the road every two to three weeks. Unfortunately with rain not much can be done but the dry weather is coming. Hopefully, by the end of the year or early January, but the intention is to have it ready for Christmas because the good weather will come in very soon. On the Elite road, work is currently going on with the drainages, so as to control the flood that happened previously. The road will also be completed very soon," he said.

Also, the Special Adviser to the State Governor on Public Communication, Hon. Remmy Hassan who also disclosed that the state government at the Virtual Executive Council meeting made decisions on the pricing of the housing project embarked upon by the state government so as to reflect the affordable housing mantra of the present administration added that the decision to look into the price of the houses was graciously approved by the meeting.

SOURCE: https://brandspurng.com/2020/09/23/after-20-years-ogun-state-approves-denro-ishashi-akute-road-two-others-for-construction-photos/

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Ondo State Governor, Arakunrin Rotimi Akeredolu SAN, has commissioned the Sunshine Chocolate Factory in Alade Idanre, Idanre LGA.

The factory is a Public Private Partnership between Ondo State Government and a United States company, SPAGNVOLA CHOCOLATIERS, was established for the purpose of job creation and economic development of the state, using cocoa value-chain.

SPAGnVOLA represents the finest single-estate chocolates derived from the hands of farmers. The US-Based companye believe that the finest chocolates in the world can only be produced by cacao growers, such as SPAGnVOLA.

At the Commissioning ceremony, Arakunrin Akeredolu said to make the Sunshine Chocolate Factory productive and sustainably profitable, the factory has been extricated from all forms of political control and influences.

To guarantee constant supply of cocoa beans to the factory which has initial processing capacity of about 28 Metric Tons of Cocoa to 2.8Million of Chocolate, Governor Akeredolu said the Oda Cocoa Plantation which is over 1,744 Hectares has been resuscitated and made functional.

The governor said to consolidate its foothold as the number one cocoa producer in Nigeria, his administration has established a modern cocoa farm at Ijugbere Camp in Ilale, Owo LGA on 8,400Hectatres of land with the capacity to accommodate 2,000 youths.

SOURCE: https://brandspurng.com/2020/09/22/rotimi-akeredolu-commissions-sunshine-chocolate-factory-in-idanre/

Recently, President Buhari directed the CBN to restrict FX sales for food items and fertilizer importation citing that the Federal Government, through its proactive policies, has been able to avert the looming food crisis in the wake of the coronavirus crisis, which disrupted the agriculture value chain as well as the global economy.

This decision has generated two major views across the country, while some believe that the ban is necessary for a bid to protect and boost local production of food items, others have highlighted the violation of the Apex Bank’s independence.

In our view, the recent announcement is simply an extension of the policy that has resulted in the inclusion of several items in the long list of transactions not eligible for foreign currency sales in Nigeria since 2016.

For us, we think that the protectionist argument for the decision should be critically assessed in the context of supply shortfalls, direct impact on food prices, with food inflation at 16.0% as at August 2020, and the level of strategic food reserves. For instance, over the last 12 months, the prices of staples such as Rice (+33.0%), Yam Tuber (+50.1%), Tomatoes (+49.4%), Yellow Garri (+65.5%) and White Garri (+46.6%), has skyrocketed significantly according to NBS’s data.

Earlier, the CBN had ban FX sale for the importation of Maize (+40%), only for the government to resort to its strategic reserves due to supply shortfall. Clearly, food prices may further rise once the impact of the above kicks-in.

Moving on, we fear that barring FX sales for food items, though positive for local production, may weaken overall welfare of the populace due to its immediate term price impact, which alongside a recent hike in fuel and electricity prices, will worsen the purchasing power of workers’ salary, lower aggregate demand, and deepen recessionary tendency due to the pandemic.

For the good intension of the government to work, Food production must be accelerated over the short to medium term, to ensure equilibrium is restored fast enough.

SOURCE: https://brandspurng.com/2020/09/17/fx-restriction-to-food-and-fertilizer-yea-or-nay/

The attention of the management of Stanbic IBTC Bank PLC has been drawn to news currently circulating in the media, about the alleged arraignment of staff of the Bank on charges bordering on the theft of customers deposits.

The Bank would like to clarify that the defendant, a 22-year-old Tope Olajide, IS NOT, and was at no point in time an employee of Stanbic IBTC Bank PLC.

The alleged culprit was apprehended around 7:30 am, on Thursday, 27 August 2020, by security operatives after he was exposed by CCTV footage using ATM cards he had allegedly stolen and converted, to make withdrawals from the accounts tied to the stolen ATMs. 

The CCTV footage also showed the alleged culprit pretending to assist customers at ATMs whilst also attempting to fraudulently dispossess the customers of their ATMs.  

He was subsequently arraigned before an Ikeja Magistrate Court on Monday, 14 September, for stealing the debit cards of two customers and using them to unlawfully withdraw the sum of N427,000. 

The Bank would also like to implore members of the public to be security conscious when conducting transactions at ATMs. Customers are advised to report any suspicious actions around them to security operatives who are usually stationed around the Bank’s ATMs when carrying out transactions at any of our ATM locations.

As an organisation, we hold dear the values of integrity, and we will continue to prioritise the safety of our customers effectively.

SOURCE: https://brandspurng.com/2020/09/16/alleged-abule-egba-atm-fraudster-is-not-a-stanbic-ibtc-bank-staff/

The consumer price index, (CPI) which measures inflation increased by 13.22 percent (year-on-year) in August 2020. This is 0.40 percent points higher than the rate recorded in July 2020 (12.82 percent).

Increases were recorded in all COICOP divisions that yielded the Headline index.

On a month-on-month basis, the Headline index increased by 1.34 percent in August 2020. This is 0.09 percent higher than the rate recorded in July 2020 (1.25 percent).

The percentage change in the average composite CPI for the twelve months period ending August 2020 over the average of the CPI for the previous twelve months period was 12.23 percent, representing a 0.18 percent point rise from 12.05 percent recorded in July 2020.

The urban inflation rate increased by 13.83 percent (year-on-year) in August 2020 from 13.40 percent recorded in July 2020, while the rural inflation rate increased by 12.65 percent in August 2020 from 12.28 percent in July 2020.

On a month-on-month basis, the urban index rose by 1.42 percent in August 2020, up by 0.15 from 1.27 percent recorded in July 2020, while the rural index also rose by 1.27 percent in August 2020, up by 0.04 from the rate recorded in July 2020 (1.23 percent).

The corresponding twelve-month year-on-year average percentage change for the urban index was 12.85 percent in August 2020. This is higher than 12.66 percent reported in July 2020, while the corresponding rural inflation rate in August 2020 was 11.66 percent compared to 11.49 percent recorded in July 2020.

Food Index

The composite food index rose by 16.00 percent in August 2020 compared to 15.48 percent in July 2020.

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

On month-on-month basis, the food sub-index increased by 1.67 percent in August 2020, up by 0.15 percent points from 1.52 percent recorded in July 2020.

The average annual rate of change of the Food sub-index for the twelve-month period ending August 2020 over the previous twelve-month average was 14.87   percent, representing a 0.24 percent points increase from the average annual rate of change recorded in July 2020 (14.63 percent).

All Items Less Farm Produce

The "All items less farm produce" (or Core inflation), which excludes the prices of volatile agricultural produce stood at 10.52 percent in August 2020, up by 0.42 percent when compared with 10.10 percent recorded in July 2020.

On month-on-month basis, the core sub-index increased by 1.05 percent in August 2020. This was up by 0.30 percent when compared with 0.75 percent recorded in July 2020.

The highest increases were recorded in prices of Passenger transport by air, Hospital services, Medical services, Pharmaceutical products, Maintenance and repair of personal transport equipment, Vehicle spare parts, Motor cars, Passenger transport by road, Miscellaneous services relating to the dwelling, Repair of furniture and Paramedical services.

The average 12-month annual rate of change of the index was 9.64 percent for the twelve-month period ending August 2020.  This is 0.16 percent points higher than 9.48 percent recorded in July 2020.

State Profiles

In analysing price movements under this section, note that the CPI is weighted by consumption expenditure patterns which differ across states. Accordingly, the weight assigned to a particular food or non-food item may differ from state to state making interstate comparisons of consumption basket inadvisable and potentially misleading.

All Items Inflation

In August 2020, all items index on year on year basis was highest in Kogi (17.29%), Bauchi (15.77%) and Ebonyi and Yobe (14.71%), while Lagos (11.45%), Kwara (11.22%) and Abuja (11.17%) recorded the slowest rise in headline Year on Year inflation.

On month on month basis however, all items inflation was highest in Ondo (2.20%), Ogun (2.07%) and Abia (1.87%), while Plateau (0.72%), Zamfara (0.60%) and Sokoto (0.54%) recorded the slowest rise in headline month on month inflation.

Food Inflation

In August 2020, food inflation on a year on year basis was highest in Kogi (22.03%), Kwara (19.11%) and Edo (17.95%), while Gombe (14.33%), Kano (13.99%) and Bauchi (13.42%) recorded the slowest rise.

On month on month basis however, food inflation was highest in Ogun (3.27%), Lagos (3.13%) and Abia (2.81%), while Plateau (0.67%), Zamfara (0.24%) and Sokoto (0.13%), recorded the slowest rise.

SOURCE: https://brandspurng.com/2020/09/15/inflation-rate-hits-13-22-records-highest-jump-since-oct-2016/

Nigerian States and Federal Debt Stock data as at 30th June 2020 reflected that the country’s total public debt portfolio stood at N31.01trn.
Further disaggregation of Nigeria’s total public debt showed that N11.36trn or 36.65% of the debt was external while N19.65trn or 63.35% of the debt was domestic.

The total States and FCT domestic debt was put at N4.19trillion with Lagos state accounting for 11.77% of the debt stock while Yobe State has the least debt stock in this category with a contribution of 0.70%.

Total public debt stock increased by $6.5 billion (₦2.4 trillion) from Q1 2020 to Q2 2020, due to the increase in multilateral loans and FGN bonds.

External public debt in Q2 2020 increased to $31.5billion (₦11.4 trillion) as a result of loans from the IMF ($3.4 billion) and World Bank ($400 million). Domestic debt stock also increased by $2.8 billion (₦1 trillion) mostly driven by an increase in FGN bonds by ₦700 billion.

https://brandspurng.com/2020/09/15/nigerias-total-public-debt-increased-by-%e2%82%a62-4-trillion-in-q2-2020-nbs/

UBA USA CEO Sola Yomi-Ajayi Appointed to US EXIM’s Sub-Saharan Africa Advisory Committee

Sola Yomi-Ajayi, the CEO of the United Bank for Africa (UBA)’s operations in the United States, has been appointed to the Export-Import Bank of the United States (US EXIM) Committee on Sub-Saharan Africa for 2020/2021. 

Established by the US Congress, the Sub-Saharan Africa Advisory Committee provides guidance and advice regarding US EXIM policies and programmes designed to support the expansion of financing for US manufactured goods and services in Sub-Saharan Africa.

The committee is composed of prominent members of the US business community and Ms. Yomi-Ajayi is the sole representative of an African institution.  UBA USA is the only Sub-Saharan African deposit-taking institution regulated in the United States and provides a unique portfolio of banking solutions to corporates, governments, multi-laterals, and development organisations transacting with Africa. 

UBA USA can assist in trade finance, treasury, foreign exchange, transaction management and lending, drawing on UBA’s seventy-year heritage and unique pan-African network.

UBA’s Group Chairman, Tony O. Elumelu, stated that the appointment is recognition of the role UBA has played over decades in promoting and supporting large and small businesses in all its 20 countries of operations in Africa.

“The appointment of Sola, as a member of the US EXIM Advisory Committee for Sub-Saharan Africa is welcome news. UBA’s global network of offices in New York, London and Paris, permits us to be the preferred financial intermediary between Africa and the rest of the world.  Our mission at UBA is fully aligned with the objectives of the US EXIM’.

The EXIM President and Chairman, Kimberly A. Reed, who congratulated Yomi-Ajayi and the other appointees said,

“With six of the 10 fastest-growing economies in the world and more than one billion consumers, Africa is poised to play a pivotal role in the global economy.  Supporting US exports to sub-Saharan Africa is one of our top priorities at EXIM, and my deepest congratulations go to the new members of the EXIM Sub-Saharan Africa Advisory Committee”.

Others appointed into the committee are Daniel Runde, who chairs the committee, C. Derek Campbell, Chief Executive Officer, Energy and Natural Resource Security, Inc; Scott Eisner, Senior Vice President, African Affairs, U.S. Chamber of Commerce; Rebecca Enonchong, Founder and Chief Executive Officer AppsTech; Lori Helmers, Executive Director/Americas Export Finance Head, JPMorgan Chase Bank; Florizelle Liser, President and Chief Executive Officer, Corporate Council on Africa; Mima Nedelcovych, Chairman, AfricaGlobal Schaffer; EE Okpa, Principal, The OKPA Co; Marise Duff Stewart, Director Customer and Industry Relations, Progress Rail, a Caterpillar Company and Paul Sullivan, President – International Business, Acrow Bridge.

EXIM is an independent federal agency that promotes and supports American jobs by providing competitive and necessary export credit to support sales of U.S. goods and services to international buyers.

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-one million customers, across over 1,000 business offices and customer touchpoints, in 20 African countries.  With banking operations in the United States of America, the United Kingdom and presence in France, UBA is connecting people and businesses across Africa through retail; commercial and corporate banking; innovative cross-border payments and remittances; trade finance and ancillary banking services.

SOURCE: https://brandspurng.com/2020/09/14/uba-usa-ceo-sola-yomi-ajayi-appointed-to-us-exims-sub-saharan-africa-advisory-committee/

One of Nigeria’s most entertaining TV stations, Silverbird Television has signed on to broadcast one live English Premier League match per week over the course of the 2020 – 2021 season. This deal was agreed with Integral, the current free-to-air rights holder for the Premier League matches in Nigeria.

Integral secured its rights in a sub-license deal from the Infront Sports & Media agency, the substantive rights holder for free-to-air distribution rights in Sub-Saharan Africa.

Integral currently has a similar deal with the national broadcaster, NTA and will now be adding Silverbird TV as an additional broadcaster partner. Silverbird TV will air one of the 3 pm fixtures each Saturday on its free-to-air channel while it will also show a handful of Premier League produced magazine programmes weekly. STV can be viewed terrestrially on StarTimes Channel 109 and UHF 23.

Abimbola Ilo, the managing director of Integral said “We are once again pleased to be bringing the excitement of the English Premier League closer to its fans in Nigeria. Silverbird is an entertaining television station watched by millions of Nigerians and it’s only right that the most entertaining football league in the world is added to its roster. With the Premier League’s popularity in Nigeria, this is yet another opportunity for its passionate fans to get exciting up to date content on free-to-air TV.”

Bola Salako, the Chief Operating Officer of Silverbird Communications added: “We at Silverbird are excited at the opportunity to avail our numerous viewers across Nigeria with select premium football matches from the most exciting league in the world – The English Premier League. Silverbird Television is primarily a family entertainment-oriented channel, and it is quintessential for us to ensure that our viewers get the best of every appropriate programming genre.

“Sports is a major part of our content offering and football in particular as the acclaimed ‘king of sports’ holds particular appeal to a large section of our target demographic. And with the new Premier League season on the horizon we are looking forward to team up with Integral on this exciting new project of bringing premium sporting content to mass numbers of Nigerian viewers.”

SOURCE: https://brandspurng.com/2020/09/09/silverbird-to-broadcast-premier-league/

The Economic and Financial Crimes Commission, EFCC on Tuesday, September 8, 2020, re-arraigned Malabu Oil & Gas Limited, Aliyu Abubakar and six others before Justice I.E. Ekwo of the Federal High Court sitting in Abuja, on sixty-seven amended charges, bordering on money laundering to the tune of $875,740,000 (Eight Hundred and Seventy-Five Million, Seven Hundred and Forty Thousand United States Dollars).

The other six defendants are:

1. A Group Construction Company Limited
2. Rocky Top Resources Limited
3. Megatech Engineering Limited
4. Novel Properties and Development Company Limited,
5. Imperial Union Limited
6. Carlin International Nigeria Limited.

EFCC Counsel, Bala Sanga told the court that he was ready with the amended charges and for the eight defendants to take their pleas:

Count one of the charges read:

“That you Malabu Oil Gas Limited, Seidougha Munamuna (at large), Amaran Joseph (at large) and Douzia Loya Etete (at large), on or about the 24th day of August 2011, in Abuja, within the jurisdiction of this Honourable Court took control of the sum of $401,540,000.00(Four Hundred and One Million, Five Hundred and Forty Thousand United States Dollars) paid from the Federal Government of Nigeria Escrow Account No: 0041451493 IBAN 30CHAS609242411492 with JP Morgan Chase Bank in London into account 2018288005 of Malabu Oil & Gas Limited domiciled with First Bank of Nigeria Limited, when you reasonably ought to have known that the funds formed part of an unlawful activity to wit: negotiation, signing and payment in respect of the Block 245 Resolution Agreement between the Federal Government of Nigeria with Shell Nigeria Ultra Deep Limited, Nigerian National Petroleum Corporation, Nigeria Agip Exploration Limited, and Shell Nigeria Exploration and Production Company Limited, whereby taxes, accruals and royalties due to the Federal Government of Nigeria were unlawfully waived and you thereby committed an offence contrary to Section 15(2) (d) of Money Laundering Prohibition Act.”

Count two of the charges read:

“That you Malabu Oil & Gas Limited, Seidougha Munamuna (at large), Amaran Joseph (at large) and Dauzia Loya Etete( at large) on or about the 24th day of August 2011, in Abuja, within the jurisdiction of this Honourable Court took control of the sum of $400,000,000.00 (Four Hundred Million United States Dollars) aid from the Federal Government of Nigeria Escrow Account No: 0041451493 IBAN 30CHAS6092424411492 with JP Morgan Chase Bank in London into the account No. 1005552028 of Malabu Oil & Gas Limited domiciled with Bank PHB Plc (Now Keystone Bank Limited, Account No. 3610042472), when you reasonably ought to have known that the funds formed part of an unlawful activity to wit: negotiation, signing and payment in respect of the Block 245 Resolution Agreement between the Federal Government of Nigeria with Shell Nigeria Ultra Deep Limited, Nigerian National Petroleum Corporation, Nigeria Agip Exploration Limited, and Shell Nigeria Exploration and Production Company Limited whereby taxes, accruals and royalties due to the Federal Government of Nigeria were unlawfully waived and you thereby committed an offence contrary to Section 15(2) (d) of the Money Laundering Prohibition Act 2011(as amended) and punished under section 15(3) and 15(4) of the same Act.

Count three of the charges read:

“That you Malabu Oil & Gas Limited, Seidougha Munamuna ( at large), Amaran Joseph( at large) and Dauzia Loya Etete (at large) on or about 30th August 2013, in Abuja, within the jurisdiction of this Honourable court took control of the sum of $74,200,000.03(Seventy Four Million, Two Hundred Thousand United States Dollars, Three cents) paid from the Federal Government of Nigeria Escrow Account No: 0041451493 IBAN 30CHAS609242411492 with JP Morgan Chase Bank in London into the account No. 1005552028 of Malabu Oil & Gas Limited domiciled with Bank PHB Plc(Now Keystone Bank Limited Account No.3610042472), when you reasonably ought to have known that the funds formed part of an unlawful activity to wit: negotiation, signing and payment in respect of the Block 245 Resolution Agreement between the Federal Government of Nigeria with Shell Nigeria Ultra Deep Limited, Nigerian National Petroleum Corporation, Nigeria Agip Exploration Limited, Shell Nigeria Exploration and Production Company Limited whereby taxes, accruals and royalties due to the Federal Government of Nigeria were unlawfully waived and you thereby committed an offence contrary to Section 15(2) (d) of the Money Laundering Prohibition Act 2011(as amended) and Punishable under section 15(3) and 15(4) of the same Act.”

The defendants pleaded not guilty to all the sixty-seven charges.

Thereafter, Sanga prayed the court to grant date for commencement of trial. Justice Ekwo adjourned the matter to Thursday, September 10, 2020, for the commencement of trial and granted that the defendants continue with their existing bail. “I presume the defendant will continue with their bail”, he said.

SOURCE: https://brandspurng.com/2020/09/08/875-7million-alleged-fraud-efcc-re-arraigns-malabu-oil-gas-limited-7-others/

The management of PwC Nigeria has announced the passing on of its Deputy Senior Partner, Tola Ogundipe.

PwC, a global network of firms delivering assurance, tax, and consulting services, announced the passing of the senior official of the firm in a statement Tuesday.

The statement, signed by Uyi Akpata, the Country Senior Partner at PwC Nigeria, said that Mr Ogundipe died on Monday.

“It is with a deep sense of loss that we received the sad news of the untimely passing of our colleague and friend, Tola Ogundipe, yesterday, 7 September 2020,” the statement said.

“Tola was the PwC Africa Tax Leader and Deputy Country Senior Partner for PwC Nigeria. He also previously served as the Assurance Leader for PwC Africa among his other leadership roles within PwC.

The statement noted that Mr Ogundipe was a “thoroughbred professional, very astute leader and a consummate gentleman.”

“The accounting profession in Nigeria has been left bereft of the great talent he brought to its advancement including his role as a member of Council of the Institute of Chartered Accountants of Nigeria, the statement said.

“Tola was a great family man and his loss will be deeply felt by those that mattered most to him. We will keep his family in our hearts and prayers.

“Funeral arrangements will be agreed with his family and announced in due course.”

SOURCE: https://brandspurng.com/2020/09/08/pwc-nigeria-loses-deputy-senior-partner-tola-ogundipe/

South Africa’s gross domestic product (GDP) decreased by 51.0% in the second quarter of 2020 owing to the impact of the COVID-19 lockdown restrictions since the end of March 2020. Notably, this was the fourth consecutive decline in quarterly GDP since the second quarter of 2019.

South Africa’s restrictions to curb the spread of the coronavirus put the economy into its longest recession in 28 years, with gross domestic product contracting more than expected in the second quarter.

The manufacturing industry contracted by 74,9% in the second quarter. All ten manufacturing divisions reported negative growth rates in the second quarter. The divisions that made the largest contributions to the decrease were basic iron and steel, non-ferrous metal products, metal products and machinery; food and beverages; and petroleum, chemical products, rubber and plastic products.

The trade, catering and accommodation industry decreased by 67,6%. Decreased economic activity was reported in wholesale trade, retail trade, motor trade, catering and accommodation. The industry was hit hard as only selected essential goods were allowed to be sold during the early stages of the lockdown. In addition, catering and accommodation establishments were severely restricted during the lockdown.

The transport, storage and communication industry decreased by 67,9%. Decreases were reported for land transport, air transport and transport support services.

The mining and quarrying industry decreased by 73,1% and contributed -6,0 percentage points to GDP growth. Owing to global lockdown restrictions, demand for mineral products fell, contributing to decreased production in platinum group metals (PGMs), gold, iron ore, chromium ore and coal.

The finance, real estate and business services industry decreased by 28,9% and contributed -5,4 of a percentage point to GDP growth. Decreases were reported for financial intermediation, insurance and pension funding, auxiliary activities and other business services.

The agriculture, forestry and fishing industry was the only positive contributor to GDP growth, with an increase of 15,1% and a contribution of 0,3 of a percentage point to GDP growth. The increase was mainly due to increased production of field crops and horticultural and animal products.

The unadjusted real GDP at market prices for the first six months of 2020 decreased by 8,7% compared with the first six months of 2019.

Expenditure on GDP

Expenditure on real gross domestic product fell by 52.3% in the second quarter of 2020.

Household final consumption expenditure decreased by 49,8% in the second quarter, contributing -30.8 percentage points to total growth.

The largest decreases were reported for expenditures on semi-durable and durable goods as the sale of these goods was largely restricted during the lockdown.

The main negative contributors to growth in HFCE were expenditures on transport (-71,4% and contributing -11,7 percentage points), clothing and footwear (-91,5% and contributing -8,0 percentage points), alcoholic beverages, tobacco and narcotics (-92,4% and contributing -6,9 percentage points), recreation and culture (-86,0% and contributing -6,6 percentage points), restaurants and hotels (-99,9% and contributing -6,5 percentage points), furnishings, household equipment and maintenance (-58,2% and contributing -5,3 percentage points) and food and non-alcoholic beverages (-26,8% and contributing -4,5 percentage points).

Expenditure on utilities, communication and education contributed positively to growth in HFCE as many households started working from home, consequently increasing their usage of utilities and communication services.

Final consumption expenditure by general government decreased by 0,9%. Decreases in employment and spending on goods and services were reported in the second quarter. Notwithstanding increased spending for the purchase of personal protective equipment on account of COVID-19, total spending on goods and services declined.

Gross fixed capital formation decreased by 59,9%. The main contributors to the decrease were construction works, machinery and other equipment, residential buildings, transport equipment and nonresidential buildings. Weak imports of machinery and other equipment, as well as transport equipment, contributed to the decrease in gross fixed capital formation.

Other assets contributed positively to growth in GFCF, owing to increased expenditure on computer software.

There was a R74,0 billion drawdown of inventories in the second quarter of 2020. The decreases in mining and manufacturing production contributed to the inventory drawdowns experienced in the second quarter of 2020. Drawdowns were also reported for the trades.

Net exports contributed negatively to the growth in expenditure on GDP in the second quarter. Exports of goods and services were down 72,9%, largely influenced by decreased trade-in vehicles and other transport equipment, precious metals and stones, base metals, machinery and equipment, and services.

Imports of goods and services decreased by 54,2%, driven largely by decreases in imports of vehicles and other transport equipment, machinery and electrical equipment, mineral products, base metals, and services.

SOURCE: https://brandspurng.com/2020/09/08/south-africa-recession-enters-q4-with-51-drop-in-gdp/

More

Kwara State Governor AbdulRahman AbdulRazaq on Monday said over 1000 public schools need reconstruction and equipment with modern teaching facilities across the 16 local government areas of the state.

He added however that the administration has activated plans to gradually fix the facilities, equip them, and train and motivate teachers to guarantee quality basic education in the state.

"We have over 1000 public schools which need to be rebuilt completely. It is not just about renovation because many of classrooms have collapsed. Some do not even have floor, not to talk of furniture. So, we will gradually fix these public schools and bring them back,"

AbdulRazaq told participants at the last lap of the citizens’ engagement on the 2021 budget held at Ajase-Ipo (Kwara South).

"There are many lapses especially in the area of education. That is why we intend to access UBEC funds which the state has not accessed since 2013. We want to access it to fix some of our public schools. The infrastructure deficit is so huge that even the entire UBEC fund cannot fix all our public schools.”

The State Executive Council had on Friday approved for the state to take a N7.1bn facility to access (another N7.1bn of) the six-year backlog of outstanding UBEC funds which the state plans to invest in its basic education sector.

Speaking via zoom to the participants at the engagements session, the Governor said the administration would also invest in training and promotion of teachers, among other incentives, to keep and attract more qualified hands.

He commended the people of the region for their self-help approach to development but said the administration would not fail in its duty to build infrastructure and rejuvenate the economy.

The government is aware of challenges in Kwara South particularly in the area of access roads for farm produce and trade, and would soon commence phased construction of at least 600 kilometres of roads under the Rural Access and Agricultural Marketing Project (RAAMP) before the end of the year, he said.

"The World Bank assisted programme (RAAMP) is going on. That should cover about 600km roads which should begin by the fourth quarter of this year. Many roads have been captured under the programme, including in Kwara South,” AbdulRazaq said.

He said the administration has been constructing some roads and rehabilitating health centres in the region, as in elsewhere across the state, and called for more engagement with and support for the government.

"This meeting is to engage you, to know your pains, where you want us to improve in terms of infrastructure: roads, water, healthcare, schools, job creation, and indeed all facets of human endeavours. So, we are here to listen to you. Tell us what you want and how you want it done,” he added.
AbdulRazaq said the government has also set up a committee on job creation headed by Deputy Governor Kayode Alabi with a mandate to explore more areas the administration can get people engaged in productive activities.

The engagement session was attended by the Deputy Governor; members of the Kwara State House of Assembly led by Speaker Rt Hon. Yakubu Danladi; cabinet members; traditional rulers; and various youths and community-based associations across the Kwara South.

The Ajase-Ipo (Kwara South) event drew the curtain on the three-legged citizens’ engagement on 2021 budget which began in Ilorin (Kwara Central) on September 1 and berthed in Bode Saadu (Kwara North) last Thursday.

The first-ever citizen engagement session on a budget in Kwara State was held last year December to harvest public views to the state’s fiscal plan for the new year. Finance and Planning Commissioner Olasumbo Florence Oyeyemi said the engagement was to deepen participatory democracy and encourage transparency.

The initiative has attracted commendations from the House of Assembly and members of the public, including the civil society groups, which described it as innovative and a show of good faith by the administration.

SOURCE: https://brandspurng.com/2020/09/07/kwara-state-to-reconstruct-1000-public-schools-photos/

To Boost Internet, Improve Home Broadband Experience

Leading telecommunications services provider, Airtel Nigeria, has taken another definitive step to significantly enhance Home Broadband experience for its customers as it announces the introduction of its new Home Broadband Internet booster dubbed the Airtel ODU (Outdoor Unit) Smartbox.

The telco says the launch of Airtel ODU Smartbox, which rides on its expansive and modernized 4G network, will further deepen broadband connectivity in homes and offices across the country, giving customers the freedom to do more as well as become more productive.

The Airtel Smartbox comes with an Outdoor Unit (ODU), an antenna for extended coverage, unmatched speed and significantly boosted network experience with a complimentary data of 240GB, which is valid for 60 days.

Customers who purchase the Airtel ODU Smartbox will also get 10GB bonus data for the first 6 months on the subscription of N10, 000 (ten thousand naira) and above.

Commenting on the Airtel ODU Smartbox, Director, Home Broadband, Airtel Nigeria, Godfrey Efeurhobo, said Airtel is constantly exploring innovative opportunities to ensure a seamless and pleasant experience for customers in its Home Broadband segment.

‘At Airtel, we are committed to offering best-in-class Internet experience for our customers and we are excited with the introduction of the Airtel ODU Smartbox as it goes the extra mile to ensure a flawless, seamless and robust Internet experience for telecoms consumers in Nigeria,’ he said.

Read Also: Airtel, Avaya Partner to Enable Remote Work, Learning in Nigeria
Customers who purchase the Airtel ODU Smartbox can also subscribe to the company’s ‘Unlimited Ultra Plans’, a wide range of HBB offering designed to ensure customers do not run out of data while enjoying superior broadband connectivity to the Internet.

SOURCE: https://brandspurng.com/2020/09/07/airtel-launches-odu-smartbox/

bisoye11:
This is a very Good news,I hope it will be adapted by other states.

Which other state? Kogi?

In a historic move, the State of Qatar has introduced major changes to its labour market, ending the requirement for migrant workers to obtain their employer’s permission to change jobs, while also becoming the first country in the region to adopt a non-discriminatory minimum wage.

This new law, coupled with the removal of exit permit requirements earlier in the year, effectively dismantles the controversial “kafala” sponsorship system and marks the beginning of a new era for workers and employers in Qatar.


https://www.youtube.com/watch?v=3OUVaa-96TU

The new minimum wage of 1,000 riyals (£205) per month will be introduced in six months’ time for existing contracts, replacing the current temporary minimum wage of 750 riyals. It will apply to everyone, including domestic workers. If employers do not provide accommodation or food, they must pay an additional allowance of 800 riyals.

Rights groups have welcomed the reforms but said the new laws must be enforced rigorously if workers were to benefit.

Amnesty International said Qatar had taken a significant step to protecting migrant workers but that the minimum wage remained too low. “To truly make a difference it will need to be regularly reviewed and progressively increased to secure just and favourable conditions for workers,” said Amnesty’s head of economic and social justice, Steve Cockburn.

The introduction of a non-discriminatory minimum wage should directly affect around 400,000 workers in the private sector, and, through higher remittances, will improve the lives of millions of family members in the workers’ countries of origin. To ensure compliance with the minimum wage, the government is enhancing detection of violations, enacting swifter penalties and further strengthening the capacity of inspectors.

Sharan Burrow, General Secretary of the International Trade Union Confederation (ITUC) said, “This is very good news for migrant workers in Qatar. The leadership shown by Qatar in dismantling the kafala system and introducing a minimum wage is long-awaited news for all workers. The ITUC stands ready to support the Government of Qatar in the implementation of this historic move, to ensure all workers are aware of the new rules and benefit from them. Other countries in the region should follow Qatar’s example.”

Roberto Suárez Santos Secretary-General of the International Organisation of Employers (IOE) said, “These reforms will make a major contribution to the efficiency and productivity of the Qatar labour market. IOE stands ready to support the Qatar Chamber of Commerce and Industry and the Government in supporting employers during this transition. Our congratulations to Qatar and its Chamber of Commerce!”

The ILO has worked closely with Ministry of Administrative Development, Labour & Social Affairs and with employers’ and workers’ organizations to support the adoption and enhancement of laws, policies and procedures relating to labour market mobility and the new minimum wage in Qatar. Further support will be provided for the implementation and enforcement of the new laws.

SOURCE: https://brandspurng.com/2020/09/03/qatar-introduces-historic-reforms-to-its-labour-market-video/

One of Nigeria’s leading tier-1 lenders, Zenith Bank Plc on Thursday, 3rd of September 2020, published its Q2 2020 Unaudited results for the period ended June 30th, 2020.

From the result, Zenith Bank increased its gross earnings to N346.1 billion from N331.6 billion as interest income rose to N217.0 billion from N214.6 billion, while its Profit After Tax (PAT) grew by 16.8% to N103.8bn from N88.9 billion in the previous quarter, despite the COVID-19 pandemic and lockdown.

Zenith Bank had a profit before tax of N114.1 billion, higher than the N111.7 billion declared in the first half of 2019.

Key metrics

- Gross Earnings grew by 4.4% to N346bn from N332bn in the previous quarter.
- Profit before tax grew by 2.2% to N114bn.
- Profit after tax grew by 16.8% to N103.8bn.
- Net Assets grew by 5% from N942bn to N989bn.

The lender proposed an interim dividend of 30 kobo per share for the first half of 2020 ended June 30.

Zenith Bank's interest expense reduced to N59.6 billion from N72.1 billion, and the net interest income at N157.4 billion versus N142.5 billion in the first half of 2019. The rises in interest income were buoyed by loans and advances to customers and investment in government and other bonds.

Zenith Bank recorded N133.5 billion as net interest income after impairment loss on financial and non-financial instruments, higher than the N128.8 billion at the same time last year.

Despite the disruption of economic activities by the Covid-19 pandemic in most of the H1’20 period, the bank said personnel expenses gulped N38.9 billion in H1 2020 in contrast to N38.7 billion in H1 2019 as a result of the increase in salaries and wages.

Also, a higher AMCON levy, information technology, fuel and maintenance, donations and others pushed its operating expenses up to N82.7 billion from N76.8 billion.

Earnings per share (EPS) jumped to N3.30 from N2.83.

SOURCE: https://brandspurng.com/2020/09/03/zenith-bank-reports-16-8-rise-in-profit-after-tax-to-n103-8billion-in-q2/

Barca vs Bayern, Covid-19 prevention, and prison slippers: what Nigerians Googled in August 

[Lagos] 2 September 2020 -- A European football thrashing, pandemic advice, and the footwear options for convicted criminals: these were some of the top Google searches across Nigeria in August. 

The Estádio da Luz might’ve been empty for Bayern Munich’s 8-2 thrashing of Barcelona in the UEFA Champions League on 14 August, but that didn’t mean there was any less attention paid to it online. In fact, the fixture was the top search in Nigeria over the past month.

Small wonder too. The match was extraordinary and saw several records being broken. For instance, Bayern beat their own record of 36 minutes, set against Porto in the 2014/15 quarter-final the second leg, for the fastest a team has ever scored four goals in a Champions League knockout match. It was also the first time Barcelona had conceded more than five goals in a Champions League knockout game since 1976.

Of course, the reason the stadium had no spectators -- limiting the spread of the ongoing COVID-19 pandemic -- remains top of mind too. “COVID-19 prevention” was the second-most searched term for the month. To date, there have been more than 54 000 confirmed cases in Nigeria, with just over 1 000 confirmed deaths.

The most esoteric among the top searches for August was undoubted “prison slippers”. The search trended after Nigerians were called out for paying more than 21 000 Naira for Yeezy Slides, the slippers created by rap mogul Kanye West. It didn’t take long, however, for local bloggers to realise that they look remarkably similar to prison slippers. Worth the money? Probably not.

Another notable trending topic included “waec 2020 timetable”. This year’s timetable for the important secondary school certificate exams courted controversy, with a number of examinations clashing with Friday Jumu’ah prayers, leading to claims that it was anti-Muslim.

Other trending terms included “buruji kashamu”(following the politician’s death on 8 August), various football fixtures, and “Burna boy twice as tall”.

When it comes to the top questions for the month, financial affairs won out, with “how to make money online” the top search. It was followed by “when is school returning” in second and “when is school resuming in Nigeria” in fifth, suggesting that there might be some frustrated parents out there.

Baking remains a trend, with “how to make pancakes” and “how to make a cake” among the most asked questions.

At a deeper level, “who is the world best man” was an interesting feature among the most asked questions for the month. We’re not sure even Google can provide a definitive answer to that one though.

Search interest is plotted on an index of 0 - 100 and anything over 40 indicates high levels of search interest relative to other terms being searched at the time.  Live search data is available on the Google Nigeria Trends site.

Search trends information is gleaned from data collated by Google based on what Nigerians have been searching for and asking Google. Google processes more than 40 000 search queries every second. This translates to more than a billion searches per day and 1.2 trillion searches per year, worldwide.

Google's mission is to organise the world's information and make it universally accessible and useful. Through products and platforms like Search, Maps, Gmail, Android, Google Play, Chrome and YouTube, Google plays a meaningful role in the daily lives of billions of people and has become one of the most widely-known companies in the world. Google is a subsidiary of Alphabet Inc.

SOURCE: https://brandspurng.com/2020/09/02/barca-vs-bayern-covid-19-prevention-and-prison-slippers-what-nigerians-googled-in-august/

The Central Bank of Nigeria has requested all Deposit Money Banks to survey loan fees on investment accounts to at least 10 per cent of the Monetary Policy Rate effective from September 1, 2020.

This would add up to 1.25 per cent at the current MPR of 12.5 per cent.

Central Bank of Nigeria unveiled this in around with the number, BSD/DIR/GEN/LAB/13/051 to all banks which was gotten on Monday. The round was named 'Re: The interest rate on reserve funds store'.

At the last Monetary Policy Committee meeting in July, the pinnacle bank had held the MPR at 12.5 per cent.

The Central Bank of Nigeria's letter to the banks read:

"The Central Bank of Nigeria has noted with fulfilment declining pattern in market rates in the financial segment following the usage of strategies pointed among others, at animating credit stream to the genuine segment.

"In accordance with late market improvements, the bank has explored the base premium payable on investment funds stores as given in its manual for charges by banks, other money related and non-bank monetary establishments gave in December.

"Thusly, all store cash banks are therefore educated that successful September 1, 2020, enthusiasm on nearby money investment funds stores will be debatable dependent upon at least 10 per cent for every annum of Monetary Policy Rate."

In a previous round number FPR/DIR/GEN/CIR/07/042 named, "Re: Charges to all banks, other budgetary and non-bank money related foundations," gave in December 20, 2019, the CBN inspected bank accuses to adjust of market improvements.

Area 1 on enthusiasm on stores on investment accounts specified, "Least of 30 per cent of MPR p.a (Not payable if a client makes multiple withdrawals in a month)."

This would add up to 1.25 per cent at the current MPR of 12.5 per cent.

Central Bank of Nigeria unveiled this in around with the number, BSD/DIR/GEN/LAB/13/051 to all banks which was gotten on Monday. The round was named 'Re: The interest rate on reserve funds store'.

At the last Monetary Policy Committee meeting in July, the pinnacle bank had held the MPR at 12.5 per cent.

The Central Bank of Nigeria's letter to the banks read:

"The Central Bank of Nigeria has noted with fulfilment declining pattern in market rates in the financial segment following the usage of strategies pointed among others, at animating credit stream to the genuine segment.

"In accordance with late market improvements, the bank has explored the base premium payable on investment funds stores as given in its manual for charges by banks, other money related and non-bank monetary establishments gave in December.

"Thusly, all store cash banks are therefore educated that successful September 1, 2020, enthusiasm on nearby money investment funds stores will be debatable dependent upon at least 10 per cent for every annum of Monetary Policy Rate."

In a previous round number FPR/DIR/GEN/CIR/07/042 named, "Re: Charges to all banks, other budgetary and non-bank money related foundations," gave in December 20, 2019, the CBN inspected bank accuses to adjust of market improvements.

Area 1 on enthusiasm on stores on investment accounts specified, "Least of 30 per cent of MPR p.a (Not payable if a client makes multiple withdrawals in a month)."

IMPLICATION

When you keep money in your savings deposit accounts you will be paid at least 1.25% per annum by banks. When you consider that inflation rate is 12.8%, then this is almost like paying banks to keep the money for you.

SOURCE: https://brandspurng.com/2020/09/01/central-bank-drops-savings-account-interest-rate-to-1-25/

The Central Bank of Nigeria (CBN) has reviewed the minimum interest payable on savings deposits as provided in its Guide to Charges by Banks, Other Financial and Non-bank Financial Institutions issued in December 2019.

With this, effective today (September 1, 2020), interest on local currency savings deposits shall be negotiable subject to a minimum of 10% per annum of Monetary Policy Rate (MPR), as against the 30% it was previously.

The CBN stated this in a letter to all banks dated August 31, 2020, signed by its Director of Banking Supervision, Bello Hassan, a copy of which was made available to Brand Spur.

The Apex Bank stated that it took the decision because it had noted, “with satisfaction the recent declining trend in market rates in the banking sector following the implementation of policies aimed amongst others, at stimulating credit flow to the real sector.”

“In line with recent market developments, the Bank has reviewed the minimum interest payable on savings deposits as provided in its Guide to Charges by Banks, Other Financial and Non-bank Financial Institutions issued in December 2019.

“Consequently, all deposit money banks are hereby informed that effective September 1, 2020, interest on local currency savings deposits shall be negotiable subject to a minimum of 10 per cent per annum of Monetary Policy Rate.”

The apex bank had last December, announced the downward review of charges for electronic banking transactions; review of other bank charges to align with market development and the inclusion of new sections on accountability/responsibility and a sanction regime to directly address instances of excess, unapproved or arbitrary charges.

IMPLICATION

When you keep money in your savings deposit accounts you will be paid at least 1.25% per annum by banks. When you consider that inflation rate is 12.8%, then this is almost like paying banks to keep the money for you.

SOURCE: https://brandspurng.com/2020/09/01/cbn-reviews-interest-on-savings-deposits/