Showing posts with label Company News. Show all posts
Showing posts with label Company News. Show all posts
Saturday, 18 November 2023
Nigerian Breweries Seeks Shareholder Approval for Strategic Acquisitions of Distell Wines and Heineken Beverages
Thursday, 16 November 2023
MultiChoice records third straight loss, citing Nigerian naira woes
Wednesday, 15 November 2023
Access Bank recognised for exemplary commitment to sustainable development in Nigeria
In a prestigious acknowledgment, Access Bank has been honoured for its steadfast dedication to advancing sustainable development in Nigeria.
The bank's unwavering commitment to fostering positive change and contributing to the nation's sustainable development goals has garnered well-deserved recognition.
The 5th Community and Human Rights (CAHR) Awards Africa, held at the Four Points by Sheraton Hotel, Victoria Island, Lagos, on Tuesday, October 31, 2023, celebrated Access Bank among the remarkable winners.
The CAHR Awards Africa serve as a beacon of recognition for individuals and entities championing human rights, social justice, and community development across the African continent.
At this special event, Mrs. Omobolanle Victor-Laniyan, Head of Group Sustainability at Access Holdings Plc, and Amaechi Okobi, Group Head of Corporate Communications, received special commendation for their significant contributions to sustainable development in Nigeria.
Established in 2019 by CSR-in-Action Advocacy, the CAHR Awards Africa continue to make an impact through the generous support of the Ford Foundation and family endowments from the Alile family (Osayi Alile) and the Masade family (Chief Executive, Bekeme Masade-Olowola), with additional backing from Zenera Consulting.
Congratulations extend to all the winners, and heartfelt gratitude is expressed to everyone who contributed to making the CAHR Awards in Africa a resounding success.
Together, these efforts illuminate the path towards positive change and sustainable development in our communities.
Thursday, 16 July 2020
The changing world of business: New look of Global Financial Digest
Welcome to our world as the world changes so also the profession of journalism and its practitioners. We have evolved from being a blogger to a full-blown News platform that reports financial and economic news and other global news of interest to a larger and diverse interest across the globe.
We are inviting you to please join us in the new journey to promote quality news reporting from a refreshing angle and provide in-depth analysis of issues that affect the economy and the business world.
Our new Website; Global Financial Digest media will lead you to an exciting world of news from all over the world and with a specific bent on Nigeria, Africa and the rest of the world.
We urge you to check in any time and navigate around the website to discover your area of interest. You can also give your feedback on areas you think we need to cover for the benefits of all.
Looking forward to hosting you and your view.
Best regards
Editor-in-Chief
Monday, 4 November 2019
Fidelity Bank Says To Participate At 2019 Compliances & Ethics Week
Fidelity Bank has announced its plans to participate in this year's edition of the Corporate Compliance and Ethics Week, slated for November 3 to 8, as part of sustained efforts to promote ethical values and professionalism within the bank.
In a statement by the bank's Head, Corporate Communications Ejike Ndiulo, the bank has organised a series of engagement initiatives that are part of the annual activities around the celebration.
Corporate Compliance and Ethics Week is organised yearly by the Society of Corporate Compliance and Ethics (SCCE) provides organisations with the ideal occasion to demonstrate their extensive and comprehensive compliance and ethics programmes in a manner that strengthens its ideals while educating employees.
Nnamdi Okonkwo, the chief executive of the bank was quoted as saying that the bank remains committed to the highest standards of ethical and professional conduct in its dealings with customers.
“Guided by the Fidelity Code of Business Conduct & Ethical Policy, we expect our employees to uphold its tenets always, and act in a way that reflects the bank’s principles. We have instituted an Ethics Committee to drive this agenda and intervene in guiding staff when necessary”, he stated.
Okonkwo also promised to put the best interest of its teeming customers first, adding that strict adherence to proper ethical values has helped sustain the bank’s standing as a socially responsible organisation and good corporate citizen.
As part of the Compliance & Ethics Week, the bank will conduct a host of engaging staff activities including a trivia contest, quiz, and lectures.
“The focus is to remind ourselves of the need to imbibe ethical values within the organisation even as we strive to build an enduring institution,” Okonkwo noted.
Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 5 million customers who are serviced across its 250 business offices and various digital banking channels. The bank remains focused on select niche corporate banking sectors as well as Micro Small and Medium Enterprises (MSMEs) and its currently driving its retail banking businesses through its robust digital banking channels.
Corporate Compliance and Ethics Week is organised yearly by the Society of Corporate Compliance and Ethics (SCCE) provides organisations with the ideal occasion to demonstrate their extensive and comprehensive compliance and ethics programmes in a manner that strengthens its ideals while educating employees.
Nnamdi Okonkwo, the chief executive of the bank was quoted as saying that the bank remains committed to the highest standards of ethical and professional conduct in its dealings with customers.
“Guided by the Fidelity Code of Business Conduct & Ethical Policy, we expect our employees to uphold its tenets always, and act in a way that reflects the bank’s principles. We have instituted an Ethics Committee to drive this agenda and intervene in guiding staff when necessary”, he stated.
Okonkwo also promised to put the best interest of its teeming customers first, adding that strict adherence to proper ethical values has helped sustain the bank’s standing as a socially responsible organisation and good corporate citizen.
As part of the Compliance & Ethics Week, the bank will conduct a host of engaging staff activities including a trivia contest, quiz, and lectures.
“The focus is to remind ourselves of the need to imbibe ethical values within the organisation even as we strive to build an enduring institution,” Okonkwo noted.
Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 5 million customers who are serviced across its 250 business offices and various digital banking channels. The bank remains focused on select niche corporate banking sectors as well as Micro Small and Medium Enterprises (MSMEs) and its currently driving its retail banking businesses through its robust digital banking channels.
Friday, 20 September 2019
Nigeria’s Biggest Tomato Facility Idle Again as Farmers Dump Crop
Nigeria’s biggest tomato plant is counting on the government’s restriction of food imports to sustain operations after going idle again six months after it resumed operations from an almost three-year shutdown.
When Aliko Dangote, Africa’s richest man, decided to set up the plant, it was with the clear goal of supplanting imports of tomato paste mostly from China but that has suffered setbacks.
Currently, the 1,200-ton-a-day tomato-processing factory near the West African nation’s northern city of Kano is closed, unable to get its required feedstock as farmers have switched to other crops at the beginning of the rainy season in May.
The plant was idle for more than two years until March this year over a supply disruption partly caused by a price dispute with farmers. Even after the disagreement was resolved, the factory was unable to ramp up production beyond 20% of its capacity due to inadequate supply of tomatoes, as most of the farmers lacked the needed credit to expand production.
The company is losing at least 30 million naira every month with employees idle, according to the managing director of Dangote Farms, Abdulkareem Kaita.
Nigeria consumes an average of 2.3 million tons of tomatoes a year and produce just about the same amount, according to a 2017 report by PriceWaterhouseCoopers. Without adequate storage facilities and an efficient means of transporting them to the markets, about 45% of harvested tomatoes go to waste. Africa’s most populous country imports about 1.3 million tons of the red vegetable to fill the gap, mostly from China and other parts of Asia. Nigeria is the third largest importer of the commodity in Africa.
“We knew tomato is a seasonal crop before we started as it’s the case in China and Europe,” Kaita said. “What we set out to do was reduce the post harvest loss yearly to feed the factory.”
Unfazed by the problems, Dangote Farms is pushing ahead with its original objective of replacing tomato-paste imports. With President Muhammadu Buhari making the reduction of food imports a key objective of his administration, the Nigerian central bank is implementing a new credit plan intended to help the farmers grow tomatoes all year round.
Dangote Farms has also acquired a 5,000-hectare farm to grow a high-yield variety of tomatoes to meet its factory’s requirements, while introducing the same strain to other farms to increase their productivity.
“With this, the output of the farmers would tremendously improve and the processing factory would record ample supply,” Kaita said.
Kaita also wants the government to enforce its decision to curtail tomato-paste imports to reduce incidents of dumping of subsidized paste on the Nigerian market.
“The effective implementation of the government’s policy in restricting tomato paste importation will guarantee more investment in the tomato value chain, which will eventually lead to self-sufficiency in few years to come,” Kaita said.
Currently, the 1,200-ton-a-day tomato-processing factory near the West African nation’s northern city of Kano is closed, unable to get its required feedstock as farmers have switched to other crops at the beginning of the rainy season in May.
The plant was idle for more than two years until March this year over a supply disruption partly caused by a price dispute with farmers. Even after the disagreement was resolved, the factory was unable to ramp up production beyond 20% of its capacity due to inadequate supply of tomatoes, as most of the farmers lacked the needed credit to expand production.
The company is losing at least 30 million naira every month with employees idle, according to the managing director of Dangote Farms, Abdulkareem Kaita.
Nigeria consumes an average of 2.3 million tons of tomatoes a year and produce just about the same amount, according to a 2017 report by PriceWaterhouseCoopers. Without adequate storage facilities and an efficient means of transporting them to the markets, about 45% of harvested tomatoes go to waste. Africa’s most populous country imports about 1.3 million tons of the red vegetable to fill the gap, mostly from China and other parts of Asia. Nigeria is the third largest importer of the commodity in Africa.
“We knew tomato is a seasonal crop before we started as it’s the case in China and Europe,” Kaita said. “What we set out to do was reduce the post harvest loss yearly to feed the factory.”
Unfazed by the problems, Dangote Farms is pushing ahead with its original objective of replacing tomato-paste imports. With President Muhammadu Buhari making the reduction of food imports a key objective of his administration, the Nigerian central bank is implementing a new credit plan intended to help the farmers grow tomatoes all year round.
Dangote Farms has also acquired a 5,000-hectare farm to grow a high-yield variety of tomatoes to meet its factory’s requirements, while introducing the same strain to other farms to increase their productivity.
“With this, the output of the farmers would tremendously improve and the processing factory would record ample supply,” Kaita said.
Kaita also wants the government to enforce its decision to curtail tomato-paste imports to reduce incidents of dumping of subsidized paste on the Nigerian market.
“The effective implementation of the government’s policy in restricting tomato paste importation will guarantee more investment in the tomato value chain, which will eventually lead to self-sufficiency in few years to come,” Kaita said.
Monday, 2 September 2019
Nigeria stock index rises on gains by banking, cement, FMCGs shares
Transactions on the Nigeria local bourse in the new month kicked off with marginal growth in it major index with the all-share-index up 0.14 percent, lifted by gains in cement, banking and FMCGs stocks.
The market capitalisation also rose 19 billion or 0.14 percent to close higher at 13.410 trillion naira on Monday compared with 13.391 trillion naira on Friday.
The All-Share Index (ASI) rose by 39.28 points or 0.14 percent to 27,565.09 compared with 27,525.81 posted on Friday.
The gains in the stocks of Nestle Nigeria, Cement Company of Northern Nigeria (CCNN), Unilever Nigeria, United Bank for Africa (UBA) and Zenith Bank helped lift the market index up.
In spite of the marginal growth, analysts at Afrinvest Limited expected the bearish run in the equities market to resurface as the weak macro-economic environment continues to cast a shadow on investor sentiment.
Also, analysts at Imperial Assets Manager said “this week, we expect bargain hunting on stocks that have witnessed significant price depreciation in recent past to still be at fore.
“Overall, we expect developments in the fiscal space to weigh in on sentiments, as investors assess the direction of recent policy pronouncements.”
Market breadth closed positive with 22 stocks recorded gains against 14 losers.
The All-Share Index (ASI) rose by 39.28 points or 0.14 percent to 27,565.09 compared with 27,525.81 posted on Friday.
The gains in the stocks of Nestle Nigeria, Cement Company of Northern Nigeria (CCNN), Unilever Nigeria, United Bank for Africa (UBA) and Zenith Bank helped lift the market index up.
In spite of the marginal growth, analysts at Afrinvest Limited expected the bearish run in the equities market to resurface as the weak macro-economic environment continues to cast a shadow on investor sentiment.
Also, analysts at Imperial Assets Manager said “this week, we expect bargain hunting on stocks that have witnessed significant price depreciation in recent past to still be at fore.
“Overall, we expect developments in the fiscal space to weigh in on sentiments, as investors assess the direction of recent policy pronouncements.”
Market breadth closed positive with 22 stocks recorded gains against 14 losers.
Thursday, 18 July 2019
Nigeria's Coscharis Group To Assem bles Renault Vehicle Locally
French carmaker Renault and Nigerian biggest automobile dealer Coscharis Group have formed a partnership to assemble and distribute Renault vehicles in Nigeria, the companies said on Thursday.
The Coscharis Group plant will start assembling Renault Logan and Renault Duster vehicles and will distribute the cars through their sales network throughout Nigeria from October.
“With a population of over 200 million, Nigeria is a strategic African country where Groupe Renault will extend its footprint,” said Fabrice Cambolive, senior vice president and chairman of Africa, Middle East and India Pacific region of Renault.
The Coscharis Group plant will start assembling Renault Logan and Renault Duster vehicles and will distribute the cars through their sales network throughout Nigeria from October.
“With a population of over 200 million, Nigeria is a strategic African country where Groupe Renault will extend its footprint,” said Fabrice Cambolive, senior vice president and chairman of Africa, Middle East and India Pacific region of Renault.
Friday, 7 June 2019
Two Directors Of Embattled Oando Plc Quit Aftermath Regulatory Indictment
Two directors of embattled energy company Oando Plc have resigned their appointment from the board of the firm.
According to a regulatory filing by Oando sent to the Nigerian Stock Exchange (NSE), the two directors, Sena Anthony, and Oghogho Akpata were key members of the board.
"Chief Sena Anthony and Mr. Oghogho Akpata were active members of the board and its subcommittees," the energy company said in a filing with the local bourse.
The company did not provide any clue to what led to the resignation of the two non-executive directors.
However, Oando was indicted by the capital market regulator a week ago for various infractions of the market regulations.
The Securities and Exchange Commission (SEC) also ordered the resignation of the chief executive of the company wale Tinubu and his deputy Boyo for violating the rules of the market.
SEC on Sunday constituted an interim management team to be headed by Sunmonu for Oando Plc. In a statement, the commission said that Sunmonu would oversee the affairs of the company and conduct an Extra Ordinary General Meeting (EGM) on or before July 1, to appoint a new board of directors.
Among the allegations against the key principals of the energy company by the regulator include false disclosures, market abuses, misstatements in financial statements, internal control failures, and corporate governance lapses stemming from poor board oversight, irregular approval of directors’ remuneration, unjustified disbursements to directors and management of the company, related party transactions not conducted at arm’s length, amongst others.
However, the two principals of the energy firm approached the High Court on Monday asking that the decision of the capital market regulator be set aside.
Justice Mojisola Olatoregun sitting in Lagos granted an interim injunction against SEC from going ahead to implement the report of its investigative panel on Oando
"Chief Sena Anthony and Mr. Oghogho Akpata were active members of the board and its subcommittees," the energy company said in a filing with the local bourse.
The company did not provide any clue to what led to the resignation of the two non-executive directors.
However, Oando was indicted by the capital market regulator a week ago for various infractions of the market regulations.
The Securities and Exchange Commission (SEC) also ordered the resignation of the chief executive of the company wale Tinubu and his deputy Boyo for violating the rules of the market.
SEC on Sunday constituted an interim management team to be headed by Sunmonu for Oando Plc. In a statement, the commission said that Sunmonu would oversee the affairs of the company and conduct an Extra Ordinary General Meeting (EGM) on or before July 1, to appoint a new board of directors.
Among the allegations against the key principals of the energy company by the regulator include false disclosures, market abuses, misstatements in financial statements, internal control failures, and corporate governance lapses stemming from poor board oversight, irregular approval of directors’ remuneration, unjustified disbursements to directors and management of the company, related party transactions not conducted at arm’s length, amongst others.
However, the two principals of the energy firm approached the High Court on Monday asking that the decision of the capital market regulator be set aside.
Justice Mojisola Olatoregun sitting in Lagos granted an interim injunction against SEC from going ahead to implement the report of its investigative panel on Oando
Anaslysts At United Capital says MTN Nigeria Stocks Underprice
Last week, MTN Nigeria PLC (MTNN) published its financial year report for 2018, indicating that revenue grew by 17.1 perceent year-on-year to 1.0 trillion naira while Profit after tax surged 79.7 percent year-on-year to 145.7 billion naira.
This spurred buying interest on the stock in the last two trading days. Also, the Telco paid 50.0 billion naira and 111.6 billion naira as dividends in 2017 and 2018 respectively, translating to a Dividend per Share (DPS) of 2.5 naira and 5.5 naira at a payout ratio of c.70 percent over the period.
In Q1-2019, MTNN reported revenue growth of 13.2 percent year-on-year to 282.1 billion naira.
If annualized, this translates to 1.13 trillion naira by end of 2019 financial year. As such, EPS and BVPS numbers both seem likely to settle at c.9.5 naira/share.
At a dividend payout of 80 percent (compared to 70 percent average in 2017 and 2018), we estimate DPS at c. 7.6 naira which implies a dividend yield of 5.7 percent.
Again, ROE was 87.7 percent in 2018, which is consistent with expected ROE of +90 percent for 2019.
In terms of valuation, we look at the Enterprise Value to EBITDA (EV/EBITDA) multiple for MTNN, this came to 6.3x, below 6.9x average for peers across the Middle East and African Markets. The implied fair price using EV/EBITDA model came to 145 naira.
However, by Price to Earnings multiples (P/E), MTNN has a PE of 13.9x compared to 20.4x for peers, implying a fair price of 194.5 naira/share.
Overall, our blended valuation model sees MTNN at 171.7 naira/share, indicating that MTNN is underpriced at current price with a 25.7 percent upside potential.
The shares of MTN Nigeria closed at 136.95 naira on Thursday, having gained 0.26 percent at the close of business and 52.2 percent year-to-date (three weeks of transactions on the local bourse.)
In Q1-2019, MTNN reported revenue growth of 13.2 percent year-on-year to 282.1 billion naira.
If annualized, this translates to 1.13 trillion naira by end of 2019 financial year. As such, EPS and BVPS numbers both seem likely to settle at c.9.5 naira/share.
At a dividend payout of 80 percent (compared to 70 percent average in 2017 and 2018), we estimate DPS at c. 7.6 naira which implies a dividend yield of 5.7 percent.
Again, ROE was 87.7 percent in 2018, which is consistent with expected ROE of +90 percent for 2019.
In terms of valuation, we look at the Enterprise Value to EBITDA (EV/EBITDA) multiple for MTNN, this came to 6.3x, below 6.9x average for peers across the Middle East and African Markets. The implied fair price using EV/EBITDA model came to 145 naira.
However, by Price to Earnings multiples (P/E), MTNN has a PE of 13.9x compared to 20.4x for peers, implying a fair price of 194.5 naira/share.
Overall, our blended valuation model sees MTNN at 171.7 naira/share, indicating that MTNN is underpriced at current price with a 25.7 percent upside potential.
The shares of MTN Nigeria closed at 136.95 naira on Thursday, having gained 0.26 percent at the close of business and 52.2 percent year-to-date (three weeks of transactions on the local bourse.)
Monday, 3 June 2019
SEC Appoints Interim Management For Oando As Tinubu Rejects sack
The Securities and Exchange Commission (SEC) said it has set up an interim management team to oversee Nigeria's energy firm Oando, where two key officials were barred from holding directorship of public companies for the next five years.
SEC had on Friday announced the sacking of Wale Tinubu, the group chief executive officer of Oando Plc and his deputy CEO Omamofe Boyo from being directors of public companies for a period of five year after an investigation into the operations of the energy firm by the regulator.
The capital market regulator said the new interim management team would conduct an extraordinary general meeting on or before July 1 to appoint new directors.
The regulator in a statement on Friday said it found certain infractions of securities and other relevant laws while investigating petitions received from two of Oando shareholders two years ago.
The outcome of the investigation showed that Oando management and board have been engaging in false disclosures, market abuses, misstatements in financial statements, internal control failures, and corporate governance lapses stemming from poor board oversight.
SEC also said it discovered through its investigations that Oando has been engaging in irregular approval of directors’ remuneration, unjustified disbursements to directors and management of the company, related party transactions not conducted at arm’s length, amongst others.
However, Tinubu said he rejected the conclusion of SEC's investigation into Oando's affairs and could take legal measure to redress the situation.
According to him, the allegations against the company and its principals were unsubstantiated.
The capital market regulator said the new interim management team would conduct an extraordinary general meeting on or before July 1 to appoint new directors.
The regulator in a statement on Friday said it found certain infractions of securities and other relevant laws while investigating petitions received from two of Oando shareholders two years ago.
The outcome of the investigation showed that Oando management and board have been engaging in false disclosures, market abuses, misstatements in financial statements, internal control failures, and corporate governance lapses stemming from poor board oversight.
SEC also said it discovered through its investigations that Oando has been engaging in irregular approval of directors’ remuneration, unjustified disbursements to directors and management of the company, related party transactions not conducted at arm’s length, amongst others.
However, Tinubu said he rejected the conclusion of SEC's investigation into Oando's affairs and could take legal measure to redress the situation.
According to him, the allegations against the company and its principals were unsubstantiated.
Friday, 31 May 2019
MTN Nigeria unveils Yello Digital Financial Service As Tts Mobile Money Operators
MTN Nigeria Plc said it has registered a wholly owned entity to carry out mobile financial services across the country.
In its first financial report submitted to the Nigerian Stock Exchange (NSE) as a quoted company, MTN said it has incorporated a company known as Yello Digital Financial Services to play in the fintech industry in the country.
However, the telecoms firm said the new company is yet to commence operations but did not disclose if it has been granted banking licence by the country regulatory bank.
MTN Nigeria, which was listed on the Premium board of the NSE two weeks ago had disclosed last year that it intends to play in the Nigerian financial service industry this year.
"We will be applying for a payment service banking licence in Nigeria in the next month or so, and if all goes according to plan, we will also be launching Mobile Money in Nigeria probably around Q2 of 2019," the company group chief executive Rob Shuter told a conference last year.
MTN is Nigeria’s biggest mobile phone network serving over 56 million people across the country.
The Central Bank of Nigeria (CBN) is yet to announce the licencing of any telecoms firm as a player in the country's fintech industry.
But many Nigerian commercial lenders are already interfacing with some mobile firms to carry out mobile banking across some spectrums.
The company said it earned a total revenue of 1.03 trillion last year, up 17.13 percent against the total revenue generated in the corresponding period of 2017.
it generated a whopping 676.36 billion naira from airtime and subscription up from the restated 556.57 billion naira 2017.
However, the telecoms firm said the new company is yet to commence operations but did not disclose if it has been granted banking licence by the country regulatory bank.
MTN Nigeria, which was listed on the Premium board of the NSE two weeks ago had disclosed last year that it intends to play in the Nigerian financial service industry this year.
"We will be applying for a payment service banking licence in Nigeria in the next month or so, and if all goes according to plan, we will also be launching Mobile Money in Nigeria probably around Q2 of 2019," the company group chief executive Rob Shuter told a conference last year.
MTN is Nigeria’s biggest mobile phone network serving over 56 million people across the country.
The Central Bank of Nigeria (CBN) is yet to announce the licencing of any telecoms firm as a player in the country's fintech industry.
But many Nigerian commercial lenders are already interfacing with some mobile firms to carry out mobile banking across some spectrums.
The company said it earned a total revenue of 1.03 trillion last year, up 17.13 percent against the total revenue generated in the corresponding period of 2017.
it generated a whopping 676.36 billion naira from airtime and subscription up from the restated 556.57 billion naira 2017.
Monday, 6 May 2019
GSK Consumer Nigeria Appoints Oyelana New Managing Director
Kunle Oyelana has been appointed the Managing Director of GlaxoSmithKline Consumer Nigeria Plc effective from June 1, 2019. He takes over from Bhushan Akshikar who has concluded his tour of duty in Nigeria.
Oyelana brings over twenty years experience in the Pharmaceutical industry in GSK where he has held roles of increasing responsibilities across Africa and Asia.
He has a track record of success in the development and effective implementation of robust strategies with a keen focus on delivering
Until his appointment, Oyelana was the Marketing & Commercial Excellence Director, GlaxoSmithKline Pharmaceutical Nigeria Limited.
The company also announced the appointment of Mark Pfister as Executive Director Consumer Healthcare and Mr. Bosco Kirugi as Finance Director, effective 1st of June 2019, respectively.
Akshikar, the former managing director has also been appointed into to a new leadership role within the GSK Regional Vaccines organization.
Under his leadership, GSK has successfully consolidated its market leadership position in Nigeria as the leading pharma company
He has a track record of success in the development and effective implementation of robust strategies with a keen focus on delivering
Until his appointment, Oyelana was the Marketing & Commercial Excellence Director, GlaxoSmithKline Pharmaceutical Nigeria Limited.
The company also announced the appointment of Mark Pfister as Executive Director Consumer Healthcare and Mr. Bosco Kirugi as Finance Director, effective 1st of June 2019, respectively.
Akshikar, the former managing director has also been appointed into to a new leadership role within the GSK Regional Vaccines organization.
Under his leadership, GSK has successfully consolidated its market leadership position in Nigeria as the leading pharma company
Wednesday, 24 April 2019
MTN Nigeria Transforms To Public Company Ahead Of Local Listing
MTN Nigeria has completed its conversion from a private company to a public company ahead of its plans to list on the local bourse, the telecoms giant said on Wednesday.
The local unit of South Africa's telecoms firm in a statement said the conversion to a public company was a legal requirement and key milestone in the preparatory process for MTN’s listing by introduction on the Nigerian Stock Exchange (NSE).
MTN said the proposed listing on the NSE would create a new telecoms asset class for investors and provide a wider group of Nigerians with a chance to participate in the MTN investment opportunity.
The statement quoted MTN Chief Executive Officer, Ferdi Moolman as saying the conversion is a major step towards listing by introduction on the Nigerian Stock Exchange in the first half of 2019.
“It is a reaffirmation of our long-term commitment to expanding investment opportunities for Nigerians, in addition to providing everyday services to them.
“We look forward to continuing our engagement with the Securities and Exchange Commission (SEC) and NSE to take forward the listing process,” Moolman was quoted to have said in the statement.
In March, MTN announced its earnings for the 2018 financial year, recording growth above inflation in full-service revenue of 17.2 percent and the addition of nearly six million new subscribers to the network.
The company announced Earnings Before Interest, Taxes, Depreciation, and Amortisation of N453.1bn and expanded EBITDA margins to 43.6 percent (excluding the CBN resolution amount).
The company added 4.5 million active data customers in 2018, delivering data revenue growth of 39.3 percent and expanding to 18.7 million the number of people that it connects to the possibilities that the Internet provides.
According to the telecoms company, the upcoming listing is a key milestone for the MTN group and is part of its commitment to localisation in the markets in which it operates.
MTN said it was engaging with the SEC and NSE on its planned listing.
MTN said the proposed listing on the NSE would create a new telecoms asset class for investors and provide a wider group of Nigerians with a chance to participate in the MTN investment opportunity.
The statement quoted MTN Chief Executive Officer, Ferdi Moolman as saying the conversion is a major step towards listing by introduction on the Nigerian Stock Exchange in the first half of 2019.
“It is a reaffirmation of our long-term commitment to expanding investment opportunities for Nigerians, in addition to providing everyday services to them.
“We look forward to continuing our engagement with the Securities and Exchange Commission (SEC) and NSE to take forward the listing process,” Moolman was quoted to have said in the statement.
In March, MTN announced its earnings for the 2018 financial year, recording growth above inflation in full-service revenue of 17.2 percent and the addition of nearly six million new subscribers to the network.
The company announced Earnings Before Interest, Taxes, Depreciation, and Amortisation of N453.1bn and expanded EBITDA margins to 43.6 percent (excluding the CBN resolution amount).
The company added 4.5 million active data customers in 2018, delivering data revenue growth of 39.3 percent and expanding to 18.7 million the number of people that it connects to the possibilities that the Internet provides.
According to the telecoms company, the upcoming listing is a key milestone for the MTN group and is part of its commitment to localisation in the markets in which it operates.
MTN said it was engaging with the SEC and NSE on its planned listing.
Monday, 8 April 2019
Zenith Bank Gets New Managing Director
The bank said the new appointment is subjected to the approval of the Central Bank of Nigeria (CBN) and would take effect from June 1.
The outgoing chief executive Peter Amangbo tenure expires on May 31, after serving the commercial lender for 17 years.
In the notice, Onyeagwu will replace Peter Amangbo, whose tenure will expire on May 31, 2019.
The new chief executive has been Zenith Bank’s Deputy Managing Director since October 2016.
The bank said that the appointment was consistent with its tradition and succession strategy of grooming leaders from within. Onyeagwu, who is a graduate of accounting from Auchi Polytechnic, began his career at the defunct Financial Merchant Bank in 1991 and later held several management positions in the erstwhile Citizens International Bank Limited until 2002 when he joined Zenith Bank. He obtained a postgraduate diploma in Financial Strategy and a certificate in Macroeconomics from the University of Oxford.
Read more at: https://www.vanguardngr.com/2019/04/just-in-zenith-bank-appoints-new-md/
Monday, 1 April 2019
Keystone Bank Gets New Ag. Chief Executive, Awaits Regulatory Approval
According to a statement by the lender, Abubakar Danlami Sule has been appointed in an acting capacity pending the approval by the regulatory authority.
Keystone said its former chief executive Ohiwerei is leaving to pursue other personal interests. The statement further added that the Board recognized and appreciated Ohiwerei’s immense contributions to the growth of Keystone Bank and the visibility the Bank had attained as a brand in the past eighteen months.
The newly appointed acting chief executive graduated from Ahmadu Bello University, Zaria with a degree in Accounting.
He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN); an Honorary Member of the Chartered Institute of Bankers of Nigeria (CIBN); a Governing Member of the Chartered Institute of Bankers of Nigeria; and an Alumni of both the INSEAD (France) and Wharton Business School in Pennsylvania, USA. He was until his appointment as Acting MD/CEO, the Deputy Managing Director of Keystone Bank Limited.
He has over 29 years of cutting-edge banking experience with competences in Corporate Banking, Operations, Treasury Management, Credit Structuring, Corporate Planning, as well as possession of very strong relationship management skills.
Sule was former Managing Director of Sterling Capital Limited, the Investment Banking Subsidiary of Sterling Bank Plc in 2009. While at Sterling Capital Limited, he was appointed by the CBN as part of the Executive Management team to turnaround the fortunes of erstwhile Intercontinental Bank Plc. He eventually returned to Sterling Bank Plc as Executive Director in charge of the North and Corporate Banking. He also worked briefly in Standard Chartered Bank Limited before he joined Keystone Bank.
Access Bank Unveils New Brand Identity After Merger With Diamond
The new brand logo was unveiled to stakeholders in Lagos on Sunday night, in attendance were key shareholders of both lenders, members of the business community, customers and top media personalities.
According to the lender, 400 branches would start showcasing the new logo effective from April 1.
Victor Etuokwu, the bank’s Executive, Personal Banking, said the merger created a Nigerian banking powerhouse and a Pan-African financial services champion with 27,000 staff across 592 branches.
He said that with the successful merger, the bank has become the largest retail bank in Africa by customer base spanning three continents, 12 countries and with 29 million customers.
He said the new visual identity fuses together the best of Access Bank and Diamond Bank.
“Diamond Bank was youthful, vibrant and human while Access Bank was trusted, global and fast.
“Bringing them together to capture the strength created through the merger meant drawing from the essence of each logo but refreshing them to create a sense of energy and forward momentum.
“The diamond shape is fused into the three chevrons, which radiate in all directions to create layers around a core.
“The retention of the access typeface, colour and font is complemented by the orange logo, which draws from the colour palettes of both banks,” he said.
Etuokwu said that the use of the diamond colour palette was further emphasised with the dominance of green in its retail application, ensuring continuity for retail customers, whilst the dominant orange in the corporate application provides the same sense of familiarity to Access Bank’s customers.
He noted that the best of both entities were fused together in the new bank to serve customers better.
According to him, the business combination puts customers at the forefront as well as the economy.
He said that both banks decided to come together to create more value to customers noting that the market was fast evolving and changing.
Etuokwu reassured his audience that the bank would not be in a haste to close down any branch in the next one year.
” We are not going to close branches in a hurry in the next three months to one year, we will wait for customers to decide,” he said.
Thursday, 21 March 2019
Captain Of ill-Fated Ethiopian Airline 737 Max 8 Plane Untrained
Yared Getachew, 29, was due for refresher training at the end of March, his colleague told Reuters, two months after Ethiopian Airlines had received one of the first such simulators being distributed.
The March 10 disaster, following another MAX 8 crash in Indonesia in October, has set off one of the biggest inquiries in aviation history, focused on the safety of a new automated system and whether crews understood it properly.
In both cases, the pilots lost control soon after take-off and fought a losing battle to stop their jets plunging down.
The MAX, which came into service two years ago, has a new automated system called MCAS (Maneuvering Characteristics Augmentation System). It is meant to prevent loss of lift which can cause an aerodynamic stall sending the plane downwards in an uncontrolled way.
“Boeing did not send manuals on MCAS,” the Ethiopian Airlines pilot told Reuters in a hotel lobby, declining to give his name as staff have been told not to speak in public.
“Actually we know more about the MCAS system from the media than from Boeing.”
Under unprecedented scrutiny and with its MAX fleet grounded worldwide, the world’s largest planemaker has said airlines were given guidance on how to respond to the activation of MCAS software. It is also promising a swift update.
Ethiopian Airlines said on Thursday its pilots had completed training recommended by Boeing and approved by the U.S. Federal Aviation Administration (FAA) on differences between the previous 737 NG aircraft and the 737 MAX version.
They were also briefed on an emergency directive after the Indonesia crash, which was incorporated into manuals and procedures, it said in a tweet. The 737 MAX simulator was not designed to replicate the MCAS system problems, it added.
“We urge all concerned to refrain from making such uninformed, incorrect, irresponsible and misleading statements during the period of the accident investigation,” it said.
TRAINING QUESTIONS
Globally, most commercial airline pilots refresh training in simulators every six months. In the Ethiopian crash, it was not clear if Yared’s colleague – First Officer Ahmednur Mohammed, 25, who also died in the crash – had used the new simulator.
It was also not clear if Yared or Ahmednur would have been trained on that simulator or an older one for 737s that their airline also owned.
“I think that the differences between the 737 NG and the MAX were underplayed by Boeing,” said John Cox, an aviation safety consultant, former U.S. Airways pilot and former air safety chairman of the U.S. Airline Pilots Association.
“Consequently the simulator manufacturers were not pushing it either. The operators didn’t realize the magnitude of the differences,” he told Reuters in a communication over the Ethiopian pilot’s remarks.
The 737 MAX 8 was introduced into commercial service in 2017, but pilots of older 737s were only required to have computer-based training to switch, according to Boeing, airlines, unions and regulators.
By December, two months after the Lion Air crash that killed 189 people off Jakarta, the main simulator producer CAE Inc of Canada said it had delivered just four MAX simulators to airlines.
At that time, CAE had orders from airlines globally for 30 MAX simulators, which cost between $6 million and $15 million each depending on customization.
The world’s largest 737 operator, Southwest Airlines Co, will not have its first MAX simulator ready for use until October, its pilot union said on Wednesday.
“It is still very disturbing to us that Boeing did not disclose MCAS to the operators and pilots,” the association told members in a memo seen by Reuters.
Monday, 18 March 2019
Nigerian Breweries Says Facing Trial Over Allegations Of Copyright Infringement
According to a statement sent to the Nigerian Stock Exchange (NSE) by the local unit of Heineken BV, Netherlands, its ex-chief executive and company were accused of infringing on copies of a book titled, “The Amstel Factor” by one Paul Oche.
Reports showed that Nigerian Breweries had used a portion of the book in one of its campaigns without the permission of the author.
Counsel to the author, Paul Ekwueme is praying a Federal High Court in Abuja to declare that the settings, scenes, imageries used in the defendant’s “Why Add More?” Amstel Malta brand product campaign constitutes an infringement of his copyright.
The plaintiff noted that the corresponding setting, scenes, imageries and even words used in the campaign violate his client’s right since the brewer neither sought nor obtained his authorisation to adapt and publish his intellectual literary work in their “Why Add More?” campaign.
The plaintiff is also seeking one billion naira as aggravated and exemplary damages against the defendants jointly and severally for unlawfully, capriciously, maliciously and contemptuously infringing on his copyright in the intellectual literary work.
The company said it was committed to see through the prosecution of the case to its logical conclusion.
Thursday, 21 February 2019
How Samsung’s New Galaxy S10 Compares To The IPhone XS Max
Having a family of three devices has become a trend, and in many ways the S10e, S10, and S10+ are Samsung’s answers to Apple’s iPhone XR, XS, and XS Max respectively. Despite the similar naming convention (Galaxy “S ten” versus iPhone “ten S” ), there are some significant differences between how the two flagships compete for consumers’ wallets.
We’ll break down some of the most significant ways Samsung and Apple are differentiating their competing phones.
Design and Photography
Great pictures are essential for any top-end phone. Samsung has equipped the S10+ with three rear-facing cameras—one for close-ups, one for standard shots, and an ultra-wide one for expansive scenes. The iPhone has two lenses, however, which on paper seems to put it at a disadvantage. The truth is that lenses alone don’t determine the quality of the picture, and Apple has always preferred a “quality before quantity” approach to features, but having three lenses to play with instead of two should win over creatives for the sheer versatility.
The S10+ has a massive 6.4-inch screen, but the iPhone XS Max’s is slightly bigger at 6.5 inches. However, the industry standard “notch” atop the iPhone’s display is not something Samsung adopted. Instead, the S10+ has an unusual “hole punch” design for its front-facing cameras. This gives the display an asymmetrical profile, but it also increases the usable space.
One of the reasons Apple includes a larger notch in its design is because it houses advanced facial-recognition features for keeping its devices secure; the FaceID technology requires multiple sensors to function, and currently that means it needs to eat into more of the display.
Samsung hasn’t ignored security, though—it’s baked a fingerprint reader underneath the screen itself. It uses ultrasound to detect the gaps between the ridges on a user’s finger, which Samsung said makes it more secure than a traditional sensor.
The trade-off is clear: you’re happy using fingerprints if it means you get more screen real estate, or you’re content to forgo a few extra pixels in order to make your face your sole method of authentication.
The iPhone XS Max and Galaxy S10+ can both be charged wirelessly, but Samsung gave its phone a bonus perk: it can charge other products wirelessly, too. Theoretically, you could charge your colleague’s iPhone by placing it on top of your S10+, but Samsung said it sees the feature mostly being used to charge accessories like headphones and smartwatches.
Samsung also takes the crown for offering the most storage for digital media. The S10+ comes with up to a terabyte of internal capacity, which is double the 512GB maximum offered by the iPhone XS Max. But the S10+ also supports microSD cards up to 512GB in capacity as well, meaning it’s possible to have triple the space compared to Apple’s flagship. (In fact, that 1.5TB total is higher than all but the most expensive of Apple’s MacBook Pro laptops.)
Until the phone gets released for review it’s impossible to say how well the S10+ will perform compared to the iPhone. Apple’s device uses its own A12 Bionic chip, which has six processing cores, while Samsung uses an eight-core processor. But historically Apple’s custom-designed silicon, its integration with the iOS software it powers, together with the rest of the hardware in the phone, has given it the edge over competitors whose numbers, on paper, appear greater. What’s safe to say is that both phones should handle anything realistically thrown at them.
Price and Verdict
These phones are among the most expensive flagships either has made within their categories, and on paper they’re undeniably the pinnacle of each company’s design prowess. Buying either is to buy one of the best phones on the planet.
As for the customer on the fence over whether to defect from one manufacturer to another, it’ll be a trade-off between display notch versus display hole punch, advanced facial recognition versus fingerprint reader, and tight hardware-software integration versus expandability. And iOS versus Android, of course—the ecosystem of apps and subscription services are playing an increasing part in keeping customers loyal.
Consumers looking to buy a significantly different type of phone could look to Samsung’s Galaxy Fold, which can work as a 4.6-inch handset or, when unfolded, a 7.3-inch tablet.
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