Category: Business

MTN Set To Acquire Banking Licence In Nigeria -Rob Shuter

The chief executive officer at MTN Group, says the group will acquire an independent banking licence in Nigeria by 2019.

Speaking at a telecoms conference in Cape Town, South Africa on Tuesday, the MTN CEO said it will put in an application in December and should lunch the bank in second quarter 2019.

“We will be applying for a payment service banking licence in Nigeria in the next month or so,” Shuter said.

“And if all goes according to plan, we will also be launching mobile money in Nigeria probably around Q2 of 2019.”

The banking licence is for a Payment Service Bank (PSB), which is an offshoot of the initiative of the Central Bank of Nigeria (CBN) to drive financial inclusion in the country.

Last week, while speaking at the 10th-anniversary conference of Enhancing Financial Innovation and Access (EFInA), Godwin Emefiele, the CBN governor, said the new banking licences were to ensure 80 percent financial inclusion by 2020.

In October, the CBN released guidelines for the payment service banks, which included a N2 million non-refundable licence fee and N5 billion capital base.

The CBN guideline was addressed to telcos, mobile money operators, banking agents, and the NCC.

It is expected that Globacom, 9mobile, Airtel, and other telecommunications companies in the country would acquire the same licence to operate payment service banks (PSB).

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‘I’ll buy another club if Arsenal won’t be sold to me’ – Dangote

DangoteAfrica’s richest man and business mugul, Aliko Dangote, has said he will consider buying another football club if Premiership club Arsenal won’t be sold to him.

Dangote, who is a fan of the club has been wanting to buy the British club for years. He says he’ll make a move only after he has completed one of the world’s biggest oil refineries in Lagos.

“By the time we’ve finished, we’ll be a $30bn company in terms of revenue,” he said in an interview with Bloomberg TV at the New Economy Forum in Singapore. “We’ll have an excess amount of cash to start playing around with.”

“I’m very attached to Arsenal but if he won’t sell, I might have to change,” said Dangote, 61 years old and worth $11.1bn. “I’m very much a fan of football. I’ll like to have a club. I don’t have to own Arsenal.”

American businessman, Stan Kroenke who is worth $8bn is the sole owner of Arsenal club. He bought Russian billionaire Alisher Usmanov’s 30 percent stake in August in a deal that valued the club at about £1.8bn. Kroenke is also the owner of  National Football League’s Los Angeles Rams.

AMCON publish list of its top 105 debtors owning N906bn, You won’t believe who top the chart

The Assets Management Corporation of Nigeria (AMCON) has published the names of its top 105 debtors owing a total of N906 billion.

In an advertorial published on some National dailies, the group said all avenues to reach the “deliquent” debtors have proved abortive.

“This has become necessary as all avenues provided by the corporation for the debtors to propose acceptable resolution terms have failed.

Nevertheless, the corporation is still open to amicable resolution of these debts within a reasonable time, failing which it shall continue to exercise all powers as provided by law to recover the debts.” the statement read
See the list below

S/N Obligor Name Main Promoter(s) Current Exposure

1 Capital Oil & Gas Industries Limited Ifeanyi Ubah 115,952,152,265.92
2 NICON Investments Limited Jimoh Ibrahim 59,544,633,980.31
3 Bi-Courtney Limited (MMA2) Wale Babalakin (SAN) 40,798,422,374.02
4 Josepdam & Sons Limited Late Mrs. Josephine Damilola KuteyiSaheed Kuteyi
Ganiyu Kuteyi 39,056,674,951.55
5 Tinapa Business Resort Cross River State Government 36,006,319,844.68
6 Home Trust Savings Chukwukadibia AjaegbuFunmu Ademosun 30,626,243,344.71
7 Geometric Power Limited Prof. Barth NnajiNnaji Agatha
Obibuaru Eluma
Anike Paul
Nwobodo Benjamin Chukwuemeka
Dozie Chijioke
Akpe Austine
Nnaji Okechukwu
UBA Trustees Limited
Kunoch Limited
Diamond Capital & Financial Market Limited 29,844,500,896.77
8 Roygate Properties Limited Wale Babalakin (SAN)Agumadu John
Alarape Olabode
Okhaleke Ndudi 28,137,176,532.32
9 Shell Development Petroleum Company – West Multipurpose Co-operative Society Limited (SPDC) Shell Staff, represented by Ikponmwosa Ogiemuda 26,474,541,188.17
10 Anyiam Osigwe Limited Anyiam-Osigwe Dorothy Chinyere 20,523,322,350.29
11 Platinum Capital Obire RichardFrancis Atuche20,378,820,507.19
12 Flotsome Investment Limited Oboden IbruTejiro Ibru 20,218,703,550.96
13 Lonestar Drilling Late Chief IdisiMargaret Idisi20,207,979,803.22
14 Petrologistics Limited Ugoji Egbujo 19,576,962,565.35
15 Lorna Global Resources H.E. Chimaroke Nnamami 18,919,109,352.85
16 Hosanna Properties Limited Anionye ChikaObi Ike C. 18,059,895,396.27
17 Minaj Holdings Limited Ajegbo Mike NnayeluchudihuLuke Chidi Chudihuilogu
Miller Gregrey
Ethridge Kyle
Attueyi Joe
Oladele Afolabi
Okpere Kisito
Kokoricha Paul 17,306,900,257.66
18 Afrijet Airlines Limited Inoelle Willam BarryCarr Collin 13,122,022,439.57
19 Petroleum Brokers Limited Wilcox Awopuolagha 13,076,314,937.26
20 Hotel De Island; Kasmal Properties; Island Autos & Nacoil Kashamu Prince Buruji 13,015,595,907.67
21 Zarm Stores Limited Gbadamosi Muftau, The Olofa of Offa 12,410,560,226.18
22 Tak Continental Limited Thomas Akoh Etuh 11,585,755,562.89
23 Netlink Digital Television Fashewe OyewoleVarderpuije Ahmed 11,550,782,130.79
24 Mobil Workers (EKET) Multipurpose Cooperative Society Mobil Workers, represented by Okeke Eze (legal practitioner) 11,504,121,133.06
25 DWC Drilling Limited Etheridge KyleJohn Ayeke 11,363,388,024.05
26 Sammy Beth Interbiz Limited H.E. Chimaroke Nnamani 11,017,336,899.00
27 Ferdinand Oil Mills Chief Ferdinand Anyaoha Anghara 10,855,175,005.53
28 Octopus Trust Nigeria Limited Erastus Akingbola 10,175,717,163.07
29 Avian Spec Femi JamesFunmi Ayorinde 7,619,760.034.02
30 Brooke Investments Limited Chief S.I. AdegbiteAdegbite Adewale Michael
Adegbite Ademola Olumide
Sofela Michael Olufemi 7,341,118,227.21
31 Resource Intermediaries Limited Soji Oyawoye (MD/CEO)Ebun Bamigboye
Weyinmi Jemide
Ido Ohiwere 7,282,308,754.08
32 Jummai Mahmud Senator Joshua Dariye 6,823,110,429.13
33 Genprogetti Nigeria Limited Nnamdi O. OkoyeCharles Umeadi 6,637,593,140.34
34 Ray Gold Silver Plus Limited Oboden IbruTejiro Ibru 6,392,813,914.61
35 Camden Resources Limited H.E. Chimaroke Nnamani 5,875,022,498.73
36 Riverside Logistics Limited H.E. Chimaroke Nnamani 5,874,161,281.46
37 Robo Michael Limited Kassabali Samir IbrahimEgirani Arobo
Egirani Olotu 5,837,512,139.51
38 Lexcap Partners Albert OkumagbaChibundu Edozie 5,696,111,908.02
39 Osigwe Foods & Agro Industries Moh’d Anselm KayodeRaji A. Usman 5,648,190,385.41
40 Rangk Limited Kanu Godwin Ndubuisi 5,390,589,104.93
41 Afro-Arab Investment Limited Baba-Ahmed MoufitahBaba-Ahmed Muna Beitah 5,340,204,984.21
42 Dormanlong Engineering Limited Austen Peters 4,700,000,000.00
43 Abasa Nigeria Enterprises Limited NPK1 A Ezuma Innocent Ozoemena 4,666,999,131.41
44 Lawal Obelawo Plastics Industries Limited (LOPIN) Prince Lawal Olaosebikan YesufuRamota Lawal 4,361,717,794.63
45 Eres N V (Nig.) Limited Chief Pius Akinyelure 4,171,546,113.09
46 Al-Kahf Motorcycle Company Limited Shehu BadamasiSafiya M. Badamasi 4,067,369,214.72
47 Madunka Motorcycle Company Limited Abdullahi A. HaidoZainab A. Haido 3,561,115,889.09
48 Terminal Zero Obadina GbengaNiyi Oyedele 3,318,675,426.60
49 Ocean Deep Properties Limited Ray Nduka J. OkpuRay Ufoma Okpu 3,075,367,362.75
50 Claremount Management Limited Okobi Paul UcheAkpan Patrick 2,944,490,078,53
51 Ena-Bell Limited Ojo Osamuede BelleOjo Osamuede Enahoro 2,910,142,971.76
52 Omega Sunshine Ventures Limited Segun AgbetuyiTolulope O. Fadahunsi 2,763,085,587.14
53 Tuns Farm Nigeria Limited Olatunde Adekunle BadmusJoseph Zopy 2,738,973,788.06
54 Nakem Oil & Gas Company Limited Alebe Nathaniel UzeziAlebe O. Gift 2,718,933,557.79
55 Hyacinnth U.F. Enuha Hyacinth Uzu-Fela Enuha 2,710,078,325.77
56 Ray Okpu Ray Okpu 2,673,346,469.66
57 Bao Yao Future Lex Garba Idris AbubakarYaozhang Shen 2,669,859,056.59
58 Aquitane Oil and Gas Limited Ikechukwu Okolo 2,640,490,132.20
59 Waziri B. Mustapha Alhaji Waziri B. Mustapha 2,612,458,766.09
60 Riggs Securities Limited Yomi TokosiTokosi Tokumbo
Frederick Fasheun
Ralph Obiha
Awosika Kola 2,601,085,572.34
61 Likam Nigeria Limited Alhaji Ibrahim HamzaYashuwah Hamza 2,525,755,239.96
62 Safe Nigeria Limited Itohan Ogieva-OmosighoOsa Ogieva-Omosigho 2,369,063,554.93
63 Woksons International Limited Chief William OkiOke E. Cynthia 2,326,577,517.14
64 Travaux Investments Limited Lambo JumokeOgutuga Kemi
Sheri William
Folarin Rotimi Williams 2,303,470,835.43
65 Omega Savings and Loans Agbetuyi SegunAdeniyi A. Adeuyiwa 2,283,749,521.09
66 Bellview Airlines Limited Kayode OdukoyaAVM Emmanuel Ombu (Rtd) 2,258,232,021.87
67 Sage Int. Nig. Limited Atikoro UyovbukerhiMaureen Uyovbukerhi 2,241,719,528.00
68 Van Vliet Trucks Limited Nol Van VlietAdetunmbi Dayo
Kome Agodo 2,136,216,694.00
69 Baba Haruna Ibrahim Baba Hruna Ibrahim 2,076,544,891.02
70 Abbey Lincoln Limited Awoleye T. AbisodunFrancis T. Abisodun 2,065,489,600.50
71 Shell Staff West Shell Staff, represented by Ikponmwosa Ogiemuda 2,004,956,109.70
72 U.L.O. Consult, Ogbeogonogo Chief Uche Luke Okpuno 1,984,819,888.82
73 Variations Industries Limited Nwazulu Prince DennisNwazulu Protus 1,969,012,064.04
74 Tuns Holdings Limited Olatunde Adekunle BadmusJoseph Zopy 1,965,039,873.11
75 Shelter Development Bayero Usman Ja’afaruIbrahim Isa Wada 1,875,156,385.12
76 Lynq Communications Joe Obiora UdeagbalaSylvia Udeagbala 1,847,974,990.21
77 Petlib Envi-Chem Ser Ibiam EleanyaEEkwo Eteakamba Edem 1,706,415,936,54
78 Amsalco Ind. Limited Aminu SalehBashir Aminu Saleh 1,646,184,931.54
79 Aminu Saleh Alhaji Aminu Saleh Alhaji 1,630,812,798.76
80 Chevron Oil Staff Multipurpose Cooperative Chevron Staff 1,595,966,334.11
81 Micro Products Int’l Nig. Limited Chris Anugwolu 1,568,839,810.06
82 The Franklin Hotel & Suites Frank Omosigo 1,566,984,396.77
83 Titanium Oil and Energy Limited Acholonu PatrickEkezie Chief Ralph 1,564,295,090.70
84 Alcomp Computers Limited Engineer Emeka Vitus EzenwanneGloria Uzoamaka Ezenwanne 1,559,711,000.55
85 Tina Stores Limited Matthew NmeziClementina Nmezi 1,558,068,328.38
86 Shemofeyo Ventures Limited Sheba A. Acholonu PatrickModupe Olorunfemi 1,549,586,200.57
87 Westoil Petroleum Services Limited Bidemi H. FahnHamdalat Ajayi
Omotayo Fahn 1,540,787,598.44
88 Ohzed Oil and Gas Company Limited Stella O. DikeEngr Matthew A. Dike 1,516,937,763.45
89 KDC Construction Limited Alh Waziri B. Mustapha 1,480,572,356.42
90 Deep Sea Oil Gas Limited Itelima Steve YeowumaItelima Patricia Yeowuma 1,386,834,554.36
91 Ascot Fabricators and Constr. Limited Henry E. ImasekhaJoey Chuma Obue 1,374,274,319.42
92 I.C.M.G. Limited Mike Osime 1,339,507,291.77
93 Huf Engineering Nigeria Limited Enuha Hyacinth Uzu FelaEnuha Carol 1,288,402,095.13
94 Integral Petrochemicals Limited Oludare O. OlagokeAdeyemi Y. Olagoke 1,269,386,433.60
95 Unicorn Place Leisure Services Limited Ike Nwabuoku 1,256,178,425.11
96 Ibika Investment & Property Limited Fashina Kofoworola OlakunleFashina Mabayomije Omololu 1,230,763,959.94
97 Assorted Foods & Beverages Ifabiyi AdemolaIfabiyi Eyitope
Ifabiyi Toyin 1,185,194,335.36
98 Al-Fil Petroleum Company Limited Alao IdrisAlao Abdullatif 1,151,788,405.05
99 Primeview Investment and Property Gabriel OreneEsule George 1,119,804,330.77
100 Merepainti Nigeria Limited/BPT Equipment Engr Mohammed Nura Khalil 987,172,183.55
101 Rainbownet Limited H.E. Chimaroke Nnamani 804,985,922.59
102 Paveblocks Nigeria Limited Alh Waziri B. Mustapha 633,128,165.50
103 Honourable Adetunji Adeniyi Honourable Adetunji Adeniyi 491,220,414.05
104 Engr. Sarki Labaran Engr. Sarki Labaran 471,402,281.70
105 Senator Usman Bayero Nafada Senator Usman Bayero Nafada

Senate orders CBN to stop ATM card charges

The Nigerian Senate In Wednesday, passed a resolution calling on tjhe Central Bank of Nigeria (CBN) to suspend the excessive ATM card maintenance charges being deducted from customers.

The resolution came as part of a motion on the illicit and excessive bank charges on customers accounts, sponsored by Senator Olugbenga Ashafa (Lagos East, APC).

The Senate also called on commercial banks operating in the country to configure their machines to dispense up to N40,000 per withdrawal pending the outcome of the investigation by the Senate committees tasked with investigating the excessive and illicit bank charges.
Speaking on the Motion, the President of the Senate, Dr. Abubakar Bukola Saraki said: “This is a motion that affects the lives of every Nigerian — irrespective of what part of the country you come from or whatever political affiliation you might have. This is why we are here: to always defend and protect the interests of the Nigerian people.”

The Senate President stated that the Senate must work to ensure that the resolutions on the excessive bank charges goes beyond the debate stage, so that whatever action the Upper Legislative Chamber takes, would come into effect.

“This Senate has done this many times before; when there was a hike in the mobile telecommunication data charges, we intervened and put an end to that.

When there were discrepancies and increases in electricity prices, we also took action. We have done this on a number of similar cases. Therefore, on this, I want us to take effective resolutions,” Saraki said.

Other Senators who contributed to the debate, called on banks to review their charges.

“The common man is also a victim,” said Senator Emmanuel Bwacha, “Banks declare profits and you wonder where these profits are coming from — it’s from the sweat of the common man. Let us come up with a law that puts banks on their toes.”

“It won’t be out of place to institute a committee that will call on the CBN to tell us what these charges are about. The Senate by fiat should abolish charges if they can’t be verified,” said Senator Bala Ibn Na’Allah.

“The Senate must take a serious stand on this issue. Nigerians are really suffering. The banking system is not encouraging. I had an issue, took it to the bank and was refunded but how many Nigerians can do this? The issue needs to be addressed,” stated Senator Kabiru Gaya.

“For me, this is a major step that we are taking. This is because I introduced the first ATM machine that came into Nigeria over 25-years ago,” the Senate President, Dr. Saraki told his colleagues, “Now, after 25-years, we should have grown out of these excessive charges and moved on.

So, I believe that this is something that we must address to create an environment that protects all Nigerians, because these kind of charges in this economy affects everyone.”

The Senate further directed its Committees on Banking, Insurance and other Financial Institutions and Finance to conduct an investigation into the propriety of ATM card maintenance charges in comparison with international best practices and report back to the Senate.

The Senate also directed the aforementioned committees to invite the Governor of the CBN to appear before it to explain why the official charges as approved by the CBN are skewed in favour of the banking institutions as against the ordinary customers of the banks.

Finally, the Senate called on the Consumer Protection Council to look into the various complaints of excess and unnecessary charges by Nigerian Banks.

Lightening kills 23 cows in Ekiti State

At least 23 cows have been killed in Ekiti State following the deafening thunder which was accompanied by a downpour recorded in parts of the state in last couple of days.

The incident, which occurred at Okeowa Eluju, a farmstead in Iloro-Ekiti, Ijero Local Government Area of the state, has caused apprehension among local residents.

While confirming the incident, a Fulani herder and owner of the dead cows, Abdulkadri Kadiri, said he was devastated by the development.

According to NAN, Kadiri described the incident as a strange occurrence.

“I went to farm after about six hours heavy downpour on Monday morning, only to discover that 23 of my cows had died.

After careful observation, I found that there was no trace of bodily injuries on the dead cows. I want to believe it is an act of God since I did not offend or quarrel with anyone,” he said.

Kadiri, however, said he had not experienced such incident in his 35 years of business.

The Regent of the community, Joseph Alofe, who also confirmed the incident, described the victim as a gentle and peace loving herder.

The community leader, who also described the incident as strange to the village, called on government and well-meaning individuals to assist the herder, to revive his business.

BREAKING: Many losses job as Skye Bank’s license withdrawn by CBN Polaris bank takes over

The Central Bank of Nigeria has withdrawn the operating licence of Skye Bank.

Umar Ibrahim, chairman of the Nigeria Deposit Insurance Corporation (NDIC), made this known to journalists today Friday September 21st.

The former Skye Bank which has been taken over by the Assets Management Corporations of Nigeria (AMCON) will now be known as Polaris Bank.

Skye Bank Plc is a product of the merger of five legacy banks as a result of the banking industry consolidation and recapitalization exercise of 2005.

The legacy banks were Prudent Bank Plc, EIB International Plc, Bond Bank Limited, Reliance Bank Limited and Co-operative Bank Plc.

Following the merger and the seamless integration of the disparate resources, personnel, IT infrastructure, culture and procedures, the bank has since grown into a formidable financial institution showing strong growth and profitability and providing unique financial solutions to a wide customer base both in Nigeria and in the three West African subsidiaries of Sierra Leone, Gambia and Guinea.

In 2014, in our continuous quest to provide better customer experience, Skye Bank won the bid to acquire the 100 per cent ownership stake of Asset Management Corporation of Nigeria (AMCON) in Mainstreet Bank Limited, a deal which made Skye Bank one of the top four banks in Nigeria.

Mainstreet Bank’s operations has since been integrated into the bank’s operations in one of the smoothest and hitch free integration process recorded in the Nigerian banking industry, enabling it to offer banking services to a wider segment of the Nigerian population and with significant positive impact on the bank’s balance sheet, financial performance and profitability.

Skye Bank is quoted on the Nigerian Stock Exchange (NSE) with over 450,000 diverse shareholders with a shareholding structure that puts no more than 5% in the control of any one individual or company.

Cristiano Ronaldo Set To Open CR7 Hotel In Paris, That Will Be His Sixth Hotel In The World

The luxury accommodations will be the sixth outpost of the Juventus star’s chain, a co-venture with Portuguese group Pestana.

Cristiano Ronaldo has announced he will open the sixth edition of his “CR7” hotel chain in Paris in 2021.

Currently the Portuguese superstar has two “CR7” hotels open: one in LIsbon and one in Funchal, his hometown and capital of the island of Madeira.

The two Portuguese hotels, which opened in 2016, are set to be joined by three new outposts in 2020: Madrid, New York and Marrakech.

And the Juventus star’s empire will grow the following year with a 210-room hotel in Paris, set to be located on the “Left Bank” of the city on the southern side of the Seine River.

Like the other five hotels, the €60 million (£53m/$70m) venture in Paris will be a 50-50 investment between Ronaldo and the Portuguese hotel group Pestana.

“It is quite expected that the Pestana CR7 brand will move to Paris, one of the most visited cities in the world,” Ronaldo said in a press release.

Before he moves into the business world Ronaldo has plenty left to achieve on the field, with the Juve star recently earning the joint-top rating in the soon-to-be-released video game FIFA 19.

Dangote Now the Most Valuable Brand in Nigeria

Nigeria’s Dangote has emerged the most valuable brand among the top 50 brands in Nigeria for 2018 which were unveiled at the weekend in Lagos.

This is coming barely three months after the brand was adjudged the most admired brand of African origin by Consumers in a brand rating coordinated by South Africa based Brand Leadership in conjunction with Johannesburg Stock Exchange (JSE).

Brand Nigeria, the Agency that coordinated the survey in Nigeria, in its report lauded the efforts of the handlers of the Dangote Brand because this is the first time a Nigerian brand would be achieving the feat since 2013.

Unveiling the list of the top 50 brands at an event attended by top executives of leading corporate organizations in the country as well as stakeholders in Marketing and Advertising Industry, Mr. Taiwo Oluboyede, the Head of Brand Nigeria explained that 46 percent of the top brands amounting to 23 are Nigerian brands.

Giving the highlights of the brands rating, he stated that Promasidor Nigeria Limited emerged the highest gainer jumping 15 points from last year, the followed by the trio of BUA, Nine Mobile and Olam all of which moved 12 points from last year position, while seven brands, Conoil, Channels TV, Union Bank, Access Bank, Chi, Toyota, and GTBank maintained their positions.

He stated further that Fidelity bank came as a first entrant this year and Stallion Group making a fresh return to the top 50 brands this having exited before.

The top 50 brands in Nigeria, Soboyede maintained are the brands that have succeeded in delivering their promises to the consumers.

“They are fast growing in value and they are the drivers of our economy.

The top brands this year are those that have been able to analyse needs, see opportunities by creating solutions to them and communicating same to the consumers.

“They have also become so good at it that the consumers often refer to them with the name of the need they meet that is their products or services.

These brands have found how to deliver something special often times.”

Giving insights into how the evaluation of the top 50 brands was carried out, Soboyede said: “we used the Brand Strength Model (BSM index).

It is model that measures a brand’s ability to deliver on its promise to the consumers from the consumer’s point of view.

The model uses basic qualitative elements and there are seven variables that goes into the BSM model”.

According to the variables starts with a test of people’s knowledge and affinity with the brands operational in Nigeria.

We had a top on the mind survey where people tell us brads that easily come to their mind or brand they can recall.

“Other variables in the model are innovation-this is a test how innovative a brand service delivery is; Quality-this checks some factors that enhance consumer’s confidence in product delivery; Category Leadership-this is a classification of brands within their industry; Online engagements-this checks how active the brand’s online platforms are and how engaging it has been from last evaluation; National Spread-this checks operational presence of a brand across the country.”

Chief Corporate Communication Officer of the Dangote Group, Anthony Chiejina said the management was not surprised at the ranking because the company has continuously deepened and delivered on its core values is to be a world-class enterprise that is passionate about the quality of life of the people and giving high returns to stakeholders.

“And this philosophy is driven by values, which include customer service, entrepreneurship, excellence and leadership.

In any of our subsidiaries, the focus is to provide local, value-added products and services that meet the ‘basic needs’ of the populace.

Through the construction and operation of large scale manufacturing facilities in Nigeria and across Africa, the Group is focused on building local manufacturing capacity to generate employment, prevent capital flight and provide locally produced goods for the people.

“The expansion of our business especially the Cement which has operations in 14 African countries including Nigeria, Benin, Ghana, Senegal, South Africa and Zambia, among others has added to popularity of our company and the products, Mr. Chiejina stated.

It would be recalled that back in July, the Dangote brand came atop in the ranking of 100 best brands in Africa themed “Brand Africa:100”, the sixth edition announced in Johannesburg, South Africa.

The Brand leadership in the ranking list said of Dangote brand “Nigerian industrial brand Dangote is the number one African brand recalled when consumers are prompted about the continent (Africa) of origin while the South African tele-communications brand MTN is the number one African brand spontaneously recalled irrespective of continent of origin.

The United States sports and fitness brand, Nike, is the overall brand in Africa spontaneously recalled by consumers.

The Brand Africa 100 ranking is based on a survey among consumers 18 years and older, conducted in 23 countries across Africa.

The countries, representing all African economic regions, collectively account for 75% of the population and the 74% of the GDP of Africa.

African brands rose slightly to account for 17% of the Top 100 brands in Africa, non-African brands retained their firm position in Africa with 83% share of the Top 100 most admired brands in Africa.

Brands from Europe leads the table with 40%, North America at 24% and Asia 19%. West Africa 6% with only Nigerian brands and Southern Africa 6%.

The Top 100 is dominated by technology and electronic brands (29%), consumer (non-cyclical) (19%), apparel (15%), automobile (8%), food (7%) and sports & fitness (5%) categories are the top categories.

The expansion of our business especially the Cement which has operations in 14 African countries has added to popularity of our company and the products

Windows 10’s next major update arrives in October

Microsoft is officially unveiling the name for its next major Windows 10 update today.

Previously codenamed Redstone 5, the “Windows 10 October 2018 Update” will arrive at some point in October.

It will include a number of new features for devices, like a new cloud clipboard that syncs across machines, a dark File Explorer, an updated snipping tool, improvements to Microsoft Edge, and performance information in the Xbox Game Bar.

Microsoft’s naming follows the Windows 10 April 2018 Update that was released earlier this year.

Microsoft is expected to conclude development of the October update by the end of September, and it should be available to Windows Insiders by early October followed by regular consumers.

Microsoft is now focusing on its next Windows 10 update, codenamed 19H1.

This update will likely arrive in April 2019, and the company has not yet revealed which major features will be included.

Testing for 19H1 begun in late July, and it’s possible we might see the return of the Sets feature that won’t be included in the Windows 10 October 2018 Update.

MTN in trouble again as CBN demands refund of $8bn, sanctions 4 banks

The Central Bank of Nigeria (CBN) has imposed sanctions totalling N5.87 billion on four banks for wrongly assisting MTN Nigeria to repatriate funds.

The banks allegedly issued irregular certificates of capital importation (CCIs) on behalf of some offshore investors of MTN Nigeria Communications Limited.

The affected banks are Standard Chartered Bank, Stanbic-IBTC, Citibank, and Diamond Bank.

Announcing the decision of the bank in Abuja on Wednesday, Director, Corporate Communications of CBN, Isaac Okorafor, said the decision of the financial regulator became necessary following allegations of remittance of foreign exchange with irregular CCIs issued on behalf of some offshore investors of MTN Nigeria and subsequent investigations carried out by the apex bank in March 2018.

According to him, the CBN has asked the managements of MTN Nigeria to immediately refund the sum of $8,134,312,397.63 illegally repatriated by the company to the coffers of the apex bank.

The CBN slammed Standard Chartered Bank the highest fine of N2.4 billion, while Stanbic IBTC Nigeria received a fine of N1.88 billion.

Citibank Nigeria was ordered to pay a sum of N1.2 billion and Diamond Bank was penalized in the sum of N250 million for violating extant rules.

The CBN spokesman said investigations revealed that the sum of $3,448,119,321.72 was repatriated by Standard Chartered Bank on the basis of the illegally issued CCIs.

Similarly, he said the sums of $2,632,005,623.78, $1,766,263,212.75 and $348,914,501.30 were repatriated by Stanbic IBTC Nigeria, Citibank Nigeria and Diamond Bank Plc, respectively between 2007 and 2015.

He added that the CBN had directed the affected banks to immediately refund the respective sums to the CBN.

Okorafor, therefore, advised all banks and multinational companies in the country to adhere strictly to the provisions of all extant laws and regulations of Nigeria in their foreign exchange transactions.

This will be the second heavy sanction MTN would be facing from Nigerian regulators in three years after the $5.2 billion fine it received from the Nigerian Communications Commission (NCC) in 2015.

The telecommunications company, which only just finished paying the reduced fine of $3.2 billion, will see this as another huge challenge posing a serious threat to its corporate existence in Nigeria.

President Buhari meets his former classmates, Kano Traders Association other in Daura

On Friday, President Buhari received different Groups at his country home in Daura, Katsina State.

President Buhari is captured in these photos with different groups including former classmates, Kano Traders Association, Chairmen of ALGON Katsina State, Members of CAN Katsina Chapter, Representatives of 5 Local Governments in Daura Emirate and Chairman of Good Governance Ambassadors of Nigeria (GOGAN) Chief Felix Idiga.

Hard Times! Facebook’s shares tumble as growth disappoints

The firm, which is facing backlash for its handling of fake news and privacy, said it had 2.23 billion monthly active users at the end of June.

This was up 11% on June 2017, the slowest growth in more than two years.

It also warned investors that spending growth would outstrip revenue gains in 2019, pinching profits.

Facebook said it expected revenue gains to slow, as people make use of new options to limit advertising and less profitable overseas markets drive growth.

The firm also plans to spend billions to improve the way it monitors content, tracks advertisers and treats user data – areas where it has faced regulator scrutiny.

The firm, which owns Instagram and WhatsApp, is also investing in new features, such as virtual reality and video.

Shares in Facebook initially fell about 12% in after-hours trade in New York, but losses accelerated as the firm outlined its spending plans.

Daniel Ives, chief strategy officer at GBH Insights, said the firm’s forecast was “nightmareish”.

“They gave a very disappointing outlook for the second half of the year and 2019 and that’s going to significantly weigh on the stock in the near term,” he said.

This is hardly Armageddon for Mark Zuckerberg.

On the whole, people are apparently not deserting Facebook. Monthly active users – ie those who interact at least once a month – were steady in the US, down ever-so-slightly in Europe, and up everywhere else.

But for a company used to growing those numbers handsomely throughout the year, a lack of meaningful growth will cause concern, if not panic.

Sadly the company doesn’t break down its Europe numbers into anything more granular – which means we can’t see the effect the Cambridge Analytica scandal had on British users.

Analysts tell me they consider Cambridge Analytica a “blip” in Facebook’s history, though another quarter like this one would be even more impactful than what we saw during Wednesday’s after hours trading.

During its earnings call, Facebook warned investors to brace themselves: it doesn’t expect revenue growth to improve for at least the rest of this year.

Facebook profits in the quarter were $5.1bn, up 31% from the same period in 2017.

Revenue was $13.2bn, up 42% year-on-year, but expenses grew even faster, rising 50% to about $7.4bn.

User growth has flattened in the US and Canada, key markets for the company due to the high prices ads there command.

The number of EU users fell amid the rollout of tighter privacy regulations, though Facebook continued to attract new users in countries like Indonesia.
Mr Ives said the popularity of Instagram should help Facebook to blunt fallout from challenges at its namesake network.

In February, the research firm eMarketer estimated that the number of Facebook users under the age of 25 would fall by about 2 million this year.

But it forecast that Instagram, which is owned by Facebook, would add about 1.6 million users in that age range in 2018.

Jeff Bezos Top The Richest Men In The World With $143B

As of Tuesday, according to a Forbes estimate, the Amazon founder and CEO has a net worth of $143.1 billion making him at least $50 billion richer than any other person on Earth.

Bezos became the world’s richest man last summer, when his net worth (then around $90 billion) surpassed that of Microsoft founder Bill Gates.

Gates, who has given much of his fortune to philanthropic efforts, now has a net worth of about $93.3 billion, Forbes reports.

Like many of the world’s richest people, Jeff Bezos’s net worth is tied directly to his company’s performance in the stock market.

Bezos owns roughly 16% of Amazon, and Amazon stock has been soaring.

The price of a single share of Amazon is now selling for over $1,700, up from $1,000 as recently as last October.
On Monday, Amazon stock popped roughly 2%, boosting Jeff Bezos’s net worth by another $2.24 billion.

All signs indicate that shoppers will go crazy for Amazon Prime Day 2018, the annual blockbuster online sales event. When that happens, investors will probably find new reason to buy more Amazon stock — nudging Jeff Bezos’s net worth even higher.

Amazon Prime Day 2018 is set to stretch out over 36 hours starting on the afternoon of Monday, July 16, and continuing through Tuesday, July 17.

Amazon says that Amazon Prime Day 2018 sales will be bigger than ever, with more than a million deals available worldwide.

Amazon Prime Day has been a monster success for Amazon since its inception in 2015, generating huge online sales and spikes in Prime subscriptions alike.

In order to take advantage of Amazon Prime Day deals, you must be a member of Amazon Prime, the subscription program that includes free two-day shipping on most Amazon purchases, plus perks like unlimited video streaming of Prime content.

This year, as Amazon Prime Day 2018 approaches, the cost of Prime is higher than it’s been in the past.

Amazon increased the price of monthly Prime subscriptions back in January, from $10.99 to $12.99, and in April the company announced annual Prime membership prices would rise from $99 to $119.

(There’s still a free 30-day trial period for new members.)
Amazon says that there are now more than 100 million paid Prime members worldwide, and Amazon Prime Day is always correlated with an increase in memberships.

Beyond the hefty revenues generated strictly from Prime membership costs, the big reason Amazon pushes online shoppers to become Prime subscribers is that people tend to buy way more stuff on Amazon after they’ve become Prime members, studies show.

UBA Became the Winner of Best Digital Bank In Africa,

UBA has been crowned best digital bank in Africa in the Euromoney awards for excellence, an award well deserved.

UBA collaboration with Mark Zuckerberg’s Facebook has paid off as they were the very first bank in Africa to use artificial intelligence Leo which enables customers do most of the banking via their social media accounts on Facebook.

Mark Zuckerberg has promised to come up with new ways to make Leo better and serve customers very well. Leo can do basic transactions, buy recharge cards and pay utility bills for you. All you have to do is chat him up.

He never requests for your bank details or card details.

Leo is very secure, if you are a UBA customer and you haven’t done transactions with Leo, I suggest you start now. Congratulations to UBA and thanks to Zuckerberg as well.

‘I Need A Wife, I Am Not Getting Any Younger At 60’ – Aliko Dangote

Aliko Dangote has revealed that at 61, he is not getting any younger, and he is willing to take on a new wife.

Speaking with David Piling in a Financial Times interview, Lunch with FT, the multi-billionaire, who is Africa’s richest man, revealed a soft side of himself and talked tall about his ambitions to buy Arsenal Football club after successfully leading Nigeria’s oil refining revolution.

DANGOTE REALLY NEEDS A NEW WIFE
Dangote revealed that his schedule is inhibiting romance. The founder of Dangote Group, who is twice divorced and has three grown-up daughters, told FT that he is on the lookout for a new bride.

He however adds a caveat: “I’m not getting younger. Sixty years is no joke. But it doesn’t make sense to go out and get somebody if you don’t have the time. Right now, things are really, really very busy, because we have the refinery, we have the petrochemicals, we have the fertiliser, we have the gas pipeline.”

But he agrees that he needs to “calm down a bit”.

FASTS AT LEAST ONCE A WEEK

Who will believe that the man who has one of the biggest food chains in the country, actually fasts at least once a week? Dangote told Pilling that he tries to fast at least once a week, adding that “it helps to clean your system”.

TAKES MORE THAN 100 CALLS A DAY
As expected, Dangote has a very busy schedule, but who would have guessed that he may also be one of Africa’s busiest, taking over 100 calls per day.

Speaking of his relationship with Tony Blair, former British prime minister, Dangote says Blair only makes three calls per day. But he has to battle with scores, and tonnes of emails.

About his mails, he says: “you try to be polite and reply but they come back to you with a longer email, not minding that here is a very, very busy person”.

“Look Aliko, the world is not going to fall apart if you don’t answer your phone,” Dangote says of his golden advise from Blair.

NIGERIA TO BE THE LARGEST EXPORTER OF PETROLEUM PRODUCT
The serial-entrepreneur says once his $12 billion refinery is done, Nigeria will for the first time in her history, become Africa’s biggest exporter of petroleum products.

“When we finish this project, for the first time in history Nigeria will be the largest exporter of petroleum products in Africa,” he said.

NIGERIA IS TOUGH; ONLY THE TOUGHEST SURVIVE
The man with the most amount of the money in Nigeria — officially — says only toughest of the tough survives in Africa’s largest economy.

Dangote say with his new refinery, he is out to make new enemies, stating that “you can’t just come and remove food from their table and think they’re just going to watch you doing it”.

“They will try all sorts of tricks. This is a very, very tough society. Only the toughest of the tough survive here”.

NIGERIA NEEDS DRACONIAN POLICY TO STOP MILK IMPORTATION
The Kano-born billionaire is not happy with Nigeria’s inability to produce what she eats, locally, and wants some hard policies to stop importation of some products.

“What Nigeria needs is to produce locally what we can produce locally. Nigeria still imports vegetable oil, which makes no sense.

Nigeria still imports 4.9m tonnes of wheat, which does not make sense,” the $14-billion-man said.
“Nigeria still imports 97 or 98 per cent of the milk that we consume.

The government needs to bring out a draconian policy to stop people importing milk, just like they did with cement.”

STILL OUT TO BUY ARSENAL
Dangote is not a man known to give up on his dreams, and his dreams about Arsenal Football Club will not be different, he reveals.

“I love Arsenal and I will definitely go for it,” he told FT, adding that the club should be worth about $2bn.

Speaking as the owner of the club, Dangote said he would involve himself in rebuilding the team — “chipping in my own advice”.
“When I buy it, I have to bring it up to the expectations of our supporters,” he said, stating that his refinery is priority now.

“Once I have finished with that headache, I will take on football,” he concludes.

The Ecobank Nigeria’s CEO Resign

The CEO of Ecobank Nigeria, Ivorian Mr. Charles Kie, has resigned his appointment.

A press release by the Bank yesterday reads:
Ecobank Transnational Incorporated, ETI, the Lome-based parent company of the Ecobank Group, today announced that Mr. Charles Kie has formally indicated his intention to leave the Group and consequently his role as Managing Director of Ecobank Nigeria Limited.

Prior to his current role at Ecobank Nigeria, Mr. Kie was the Group Executive, Corporate and Investment Bank for Ecobank Transnational Incorporated (ETI), responsible for leading the Ecobank Group’s Corporate and Investment Banking business across the global network of 40 countries, 36 of which are in Africa.

He joined Ecobank in October 2011 as Chief Operating Officer of the then Ecobank Capital, and was subsequently appointed the Head of the Group’s Corporate Banking business.

Before joining the Ecobank Group, between 2008-2011, Mr. Kie was Group CEO of Groupe Banque Atlantique, based in Togo and then Cote d’Ivoire. Mr. Kie also had a successful career with Citibank between 1997 and 2008, rising to the position of CEO of Citigroup West Africa between 2004 and 2008.

The Group’s Chief Executive Officer, Mr Ade Ayeyemi, said: “As Charles prepares to leave the Ecobank Group, I would like to thank him for his immense contributions to the Group. He has certainly laid a strong foundation at Ecobank Nigeria and we wish him well in his future endeavours.”

Mr Kie said: “I am proud of what the team and I have achieved together, and I thank them for the good work and their unwavering commitment to Ecobank. I also extend my sincere appreciation to the Board.

Despite some of the market challenges that we faced over the years, our customers have always been loyal, and it is their patronage that makes the future brighter.”

The Chairman of the Board of Ecobank Nigeria, Mr John Aboh, also congratulated Mr Kie for the good work he and his team has achieved, and said he looked forward to the Bank sustaining and improving on this.

The Board will immediately activate the process of selecting a successor. The successful candidate will be announced before the end of August.

Mr Kie will continue to manage Ecobank Nigeria through the transition period to ensure a smooth handover to his successor.

Ford’s Self-driving Vans Are Now Delivering Food In Miami

In Miami US, customers can now place their order with any of 70 participating businesses including restaurants and shopping malls.

On a normal day, a delivery worker rings your doorbell and the goods you’ve ordered are handed over to you.

But how will a self-driving van without an human intervention deliver a good?

To deliver it to customers, an access code is entered by the Postmate’s employee and the ordered items are placed inside a locker at the back or beside the van.

When the self-driving van arrives at the destination ,the customer gets a text message to alert him/her.

To retrieve the goods,the secret code will then be imputed to open the locker.

Ford says “Ultimately, we are testing how businesses and consumers interact with a self-driving vehicle” and that they will deploy a fully self-driving delivery service by 2021.

Dana Air bags Best Company of the Year Award

For its passionate commitment to youth development and investments in health and social projects, Dana Air has been awarded the Best Corporate Social Responsibility (CSR) Company of the year 2017/18, by the National Association of Nigerian Students (NANS).

Spokesman for NANS, Mr. Odebunmi Idowu, who presented the award during a courtesy visit to Dana Air’s Murtala Mohammed Airport (MMA2) office in Lagos, lauded the management of the airline for its various investments geared at uplifting the lives of Nigerian youths.

Idowu also conferred on the airline’s Chief Executive Officer, Mr Jacky Hathiramani, ‘the Icon of Societal Development Award’ for his ‘’leadership acumen, giant strides in the aviation sector and humanitarian services to Nigerians.’’

‘’We are aware of Dana Air’s discount on air tickets for National Youth Service Corps members and Nigerian students; we are aware of the airline’s commitment to the fight against cancer in Nigeria, and constant support to the Nigerian entertainment industry,” said Idowu.

“Having reviewed the airline’s immense contribution to the Nigerian economy and its humanitarian and community development initiatives, the leadership of NANs therefore resolved in her capacity to honour Dana Air management by inducting it into NANS Hall of fame and also award it as Nigeria’s Best CSR company of the year,’’ Idowu added.

Receiving the award on behalf of Dana Air and its CEO, the Accountable Manager/Chief Operating Officer of the airline, Mr Obi Mbanuzuo, described the award as well-deserved award considering Dana Air’s broad community development initiatives. He thanked the airline’s passengers for their contributions in supporting the Dana Foundation which has enabled the airline to actualise most of its Corporate Social Responsibility projects in Nigeria.

Microsoft Nigeria, First Bank collaborate to bolster SMEs

Microsoft and First Bank of Nigeria will collaborate to provide small- and medium-sized businesses (SMBs) with an array of resources and support, including business networks, technology services and SMB-targeted products. Through a Memorandum of Understanding (MoU), Microsoft and the financial institution will also focus on increasing technology adoption among small firms, reports said.

During the MoU signing ceremony, held a Microsoft’s Nigeria office in Lagos, First Bank Nigeria’s Deputy Managing Director Gbenga Shobo said, “We are committed to the development of SMEs and ensuring their sustained business growth.”

“Initially, our work with SMEs was strongly focused on bringing them online to boost their productivity and competitiveness,” added Microsoft Nigeria General Manager Akin Banuso. “Over the years, as we have worked with and learned from SMEs, our focus has evolved to provide them with a more holistic and game-changing offering, which is: access to technology, markets, finance, information, skills and services.”

He continued, “For SMEs, this means empowering them to digitally transform by using technology to be more productive, competitive and in a position to scale across borders. We can help them do this by providing affordable devices, cloud-based software at pay-as-you-go models, anytime-anywhere access, and relevant training and content on how to best apply technology to their business.”

Microsoft’s partnership with the bank is the latest move by the technology conglomerate to strengthen its position in the small business services market.

Last month, Microsoft teamed up with KPMG and Commonwealth Bank of Australia to launch Wiise, a small business accounting and financial management startup in Australia to rival industry leader Xero. Last year, the company partnered with software management company Flexera to help SMBs manage their software supply chains and optimize SaaS use.

 

Nestle To Close Nairobi Office As It Restructures Business In Sub-saharan Africa

Nestle SA, the Swiss transnational food and drink company, has announced plans to close the headquarters of its Equatorial Africa unit in Nairobi, Kenya by the end of July as part of its strategy to restructure its business in Sub-Saharan Africa.

Nestle said the Nairobi office, which employs over 100 people has been weighed down by high operation costs over the past decade gave the size of the business, reported Bloomberg.

The re-organization at the global food producer may see layoffs in Kenya as it plans to redistribute the responsibilities between the head offices of the two other regions on the continent in Accra and Johannesburg.

The company said it will expand the Southern African Region (ZAR) to include the Horn of Africa, Southern, Eastern and Island clusters of EAR to form an enlarged region to be headquartered in Johannesburg.

The new region will be renamed the Eastern and Southern African Region (ESAR).

“Our team in EAR has done a tremendous job, but after trying for nearly ten years we can no longer sustain the cost of the regional head office with the size of the business there.

“So, we plan to close the office at the end of July, redistributing the responsibilities between the head offices of the two other regions on the continent in Accra and Johannesburg,” said Nestle in a statement.

Despite of the changes in the continent, Nestle said the positions of those who work in the country/cluster offices across EAR are not affected by this closure of the regional head office.

In addition, the changes will not affect customers, trade, and wholesale partners, and suppliers said the company.

In 2015, the company’s move to retrench 46 employees was stopped by court claiming the firm discriminated against them.

The retrenchment of workers by the consumer goods manufacturer was embarked on after the announcement was by then chief executive Paul Bulcke in 2014 in a strive to improve margins through cost-cutting and investment in innovation.

This comes after a similar move in the home market, Switzerland where Nestle revealed plans to 500 computer-service jobs as Chief Executive Officer Mark Schneider aims to boost profitability.

With the re-organization, the Central West Africa Region (CWAR) will become a key market for the Nestle Group, effective August 1 2018.

Angola and the Democratic Republic of Congo, currently part of the Equatorial Africa Region (EAR), will also join Central West Africa Region.

The company said it intends to accelerate its digital transformation and to respond more quickly to fast-paced technological changes.

I want to be Africa’s biggest philanthropist – Dangote

Aliko Dangote.jpg

Dangote stated this on Wednesday in Lafia while disbursing N130 million micro-grant to 13,000 vulnerable and less privileged women in Nasarawa State.

“I do not only want to be known as Africa’s richest man but the biggest philanthropist in Africa. I will continue to use my resources and my voice to help shape a better Nigeria and Africa as a whole,” he said.

Dangote said he started the foundation in 1993 to improve the lives of the less fortunate and make a positive difference in the growth of Nigeria.

He said the four major goals of the foundation were health and nutrition, education, economic empowerment and disaster relief.

He explained that the grant scheme was one of the components of the economic empowerment programme of the foundation.

Dangote said it was aimed at providing disadvantaged and vulnerable women in the country with a one-off unconditional N10, 000 cash transfer to boost their household income generation.

” This we believe will help their vulnerability and meet their livelihood needs,” he added.

He explained that the programme, which was launched a few years ago, was targeted at a minimum of 1,000 women in each of the 774 local government areas across the country.

“It is estimated that we would spend about N10 billion with some states with a large population getting a little bit more.

“We at Aliko Dangote foundation are happy to continue providing support to the most vulnerable and deserving members of the society across the country,” he said.

GTBank Implements PIN for 737 Transactions

Everything You Need to Know

Renowned for its simplicity and efficiency, GTBank’s 737 USSD Banking Service is the most robust USSD banking platform in Nigeria, staying miles ahead of its competitors and setting the pace for innovation in mobile banking.

The Bank has continued to expand the services and features of the 737 service platform to make banking from a mobile device simple, fast and secure. GTBank recently implemented the use of a Personalized Identification Number (PIN) for completing transactions on the 737 banking platform. This means that customers can now create a 4 – digit PIN and use this PIN to authenticate their transactions.

How to Create a 737 PIN

To create a PIN for completing all your 737 transactions, simply dial *737*5#, complete the authentication process to confirm that you are the account holder and create a 4 – digit PIN (known only to you).

Why You Should Create A PIN

The use of a PIN for 737 transactions further improves the security of the 737 platform. It provides the perfect balance between the convenience of completing your transactions with a single dial and the safety in knowing that even if you lose your phone, your account remains secure. Remember that your 737 PIN is just as important as your ATM PIN or internet banking details, so you should never share it with anyone or keep it where a third party might have access to it.

If you ever feel that your PIN has been compromised, repeat the Create PIN process by dialing *737*5# immediately and choose a different set of 4 digits to authenticate your 737 transactions.

‘Insect milk’ now on sale in South Africa

cockroach

A South African company has begun selling what it calls “Entomilk,” a special milk made from farmed insects.

“Think of Entomilk as a sustainable, nature-friendly, nutritious, lactose free, delicious, guilt-free dairy alternative of the future,” Gourmet Grubb said on its website.

According to the company, one of the most pivotal benefits of Entomilk is that it has a high protein content and is rich in minerals such as iron, zinc and calcium.

Entomilk entered the market two years after the debut of the so-called “cockroach milk,” a milk made from the viviparous cockroach named Diploptera punctata.

This particular kind of cockroach, which is usually found on Pacific islands like Hawaii, is the only known cockroach that gives birth to their babies, as opposed to laying eggs.

Their milk is a crystal of proteins, fats and sugars, which are important for the growth of baby cockroaches.

A study carried out by Indian researchers in 2016 found that the cockroach milk is estimated to contain over three times the energy of the equivalent mass of cow milk.

However, scientists did not expect the cockroach milk to be found in supermarkets anytime soon. Besides its unappealing name, it’s also unclear if the milk is safe to consume.

“We have no evidence that it is actually safe for human consumption,” said Subramanian Ramaswamy, the lead author of the 2016 study. (Xinhua/NAN)

Nestle shareholders seek bonus issue, approve N21.8bn dividends

SHAREHOLDERS of Nestle Nigeria Plc have called on the Board and management of the company to consider issuing bonus shares to the shareholders at the end of 2018 financial year, even as they approved N21.8 billion final dividend recommended by the directors for the year ended December 31, 2017. Making the appeal at the company’s Annual General Meeting, AGM, in Lagos, they said that issuance of bonus shares would make the stock more available and allow more Nigerians buy into the company.

The trio of Timothy Adesinyan, National Coordinator (emeritus), Nigeria Shareholders Solidarity Association; Boniface Okezie, National President, Progressive Shareholders Association and William Adebayo, said that shareholders are willing to buy the share but its unavailability due to the ‘hold’ stance of the key investors has made that drive impossible.

“If you look at the share capital history, you will discover that bonus was last given in 2011. We are happy about the N42.50 per share dividend given this year, which is the best so far in the capital market this year, but we need more than that. People want to participant in trading the stock, but it is not available because your own (directors) shareholding is under lock and key. It is only our shares that we trade. So, we want you to think about giving us bonus shares,” said Boniface Okezie.

Addressing the shareholders at the meeting, the chairman, Mr. David Ifezulike, said that Nestle brands remained the leaders in their categories due to the efforts by the company to increase the focus of the marketing on driving penetration through the Popularity Positioned Products (PPP) strategy and educating consumers on the benefits of good nutrition.

According to him, the increase by 34 percent in sales in 2017 is attestation that consumers have continued to trust our brands.

He stated that despite the unstable and challenging business environment in 2017, the company delivered a solid result, recovery from the impact of the recession in 2016. “Revenue increased by 34 percent and profit after tax increased by 326 percent, a remarkable result considering the high operating costs driven by the increased prices of most raw materials and inputs,” he said.

Deutsche Bank’s 2017 Awards For Excellence In Cash Management And Trade Finance

Stanbic IBTC Bank PLC has emerged winner of the Gold Prize at the 2017 edition of Deutsche Bank Awards for Excellence in Cash Management and Trade Finance in Nigeria. This is the second time the bank is being awarded as the top performer in this category. The category tagged Straight-Through Processing (STP) Excellence Award has been a feature of Nigeria’s financial markets over the last seven years. Stanbic IBTC Bank also won Gold in 2015, Bronze in 2014 and Silver in 2016 editions.

The 2017 USD Straight-Through Processing (STP) Excellence Award, according to Deutsche Bank, recognizes institutions delivering outstanding quality in payment efficiency. The nominated banks successfully implemented an STP rate of over 99 percent throughout 2017, serving to greatly reduce the administrative impact of payment processing, increasing efficiency and ensuring strict compliance with globally recognized payment standards.

The 2017 award was presented to the bank on May 16 at a gala dinner at the Wheatbaker Hotel, Ikoyi, Lagos. Speaking at the event, Head of Deutsche Bank’s Representative Office in Nigeria, Andreas Voss, said the Awards for Excellence in Cash Management and Trade Finance in Nigeria was introduced as a demonstration of the institution’s commitment to the development of Nigerian businesses and to support the continued development of the West African financial markets.

The award, according to Deutsche Bank, is in recognition of Stanbic IBTC Bank’s consistent improvements in the quality of both commercial and treasury payments. “This is a solid demonstration of commitment, passion and sheer hardwork from all your staff who have sustained this effort consistently,” stated Deputy Country Head, Deutsche Bank AG, Mrs. Adeola Azeez.

The STP or Error-free processing award is given by Deutsche Bank annually to institutional and corporate clients with whom the bank cooperates at an international level and who have achieved a specific level of operating excellence in the area of payments in US Dollars.

Chief Executive, Stanbic IBTC Bank PLC, Dr. Demola Sogunle, said the award is particularly uplifting as it is the third time Stanbic IBTC Bank will be so recognized. “We are especially pleased to receive this recognition for our efforts. It is a further confirmation of our capacity to provide the highest level of service to our clients, focusing on continuously improving our systems, processes, and solutions in order to surpass client expectations. Stanbic IBTC will continue to deliver exceptional performances across all segments of the business. Thanks must go to all our clients and staff who made this possible,” he said.

As a member of the Standard Bank Group, Africa’s largest bank by assets and earnings, Sogunle said Stanbic IBTC will continue to leverage on the 155-year experience, expertise, and strong financial clout to deliver superior sustainable shareholder value by meeting the needs of its clientele.

Stanbic IBTC Bank and other winners in this category were presented the awards by Mr. Ulf-Peter Noetzel, Managing Director & Global Head of Trade Finance Financial Institutions (TFFI), who came in from Frankfurt, Germany, for this special event.

Stanbic IBTC Bank PLC is a subsidiary of Stanbic IBTC Holdings PLC, a member of Standard Bank Group, a ffull-servicefinancial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. Standard Bank Group is the largest African bank by assets and earnings. It is rooted in Africa with strategic representation in 20 countries on the African continent. Standard Bank has been in operation for over 155 years and is focused on building first-class, on-the-ground financial services organizations in chosen countries in Africa and connecting other selected emerging markets to Africa and to each other, applying sector expertise, particularly in natural resources, power and infrastructure.