Daily Bells Newspaper, Author at Business Bells

Author: Daily Bells Newspaper

LIRS Set To Launch Whistle-Blower Initiative Friday, August 5

The Lagos State Internal Revenue Service (LIRS) is set to launch its Whistle-Blower initiative, a state-wide project, introduced to provide a platform for employees, stakeholders and the general public to report any observed violation, misconduct, or unethical behaviour across the state on Friday, August 5, 2022.

The launch of the Whistle-Blower initiative is scheduled to take place at the Protea Select Hotel, Assibifi Road, Alausa-Ikeja, Lagos.

In a public notice signed by the LIRS Executive Chairman, Ayodele Subair, the Whistle-Blower initiative is a public policy of the State Government to encourage reporting of illegal actions or financial crimes, through the appropriate channel, with a view to correcting the violations or non-compliance.

According to the LIRS boss, “In line with the LIRS core values of integrity and accountability and our commitment to uphold the highest standards of openness, probity and accountability in our dealings with stakeholders, the platform is anonymous and confidential and it is independently managed by Deloitte, a globally accredited company.”

“The objective of the Whistle-Blower initiative is to guarantee transparency, accountability, and confidentiality to all taxpayers and stakeholders in general.

“The policy is designed to protect whistle-blowers from victimization and to encourage them to freely report without fear,” Subair submitted.

4 August 2022
The Address Homes Adds Two New Luxury Brands in Lagos

The Address Homes Limited, a real estate development firm dedicated to the attainment, development, and management of bespoke deluxe contemporary homes in Nigeria, has added two new housing brand schemes into the Nigerian home market, as revealed by its management on Monday, February 14, 2022.

This is in line with the firm’s renewed effort in providing inspiring, regal, and lavishly built maisonette housing schemes in the country.

Christened ‘Luxuria’ and ‘Dan & Dan’ by The Address Homes, the two brands, on completion, are expected to deliver cozy homes that combine high class contemporary design with high-level finishes within Ikoyi, Lagos, Nigeria. The construction of the two deluxe contemporary homes, which commenced in 2021, is expected to be completed in 2023.

The Founder and Chairman of The Address Homes, Dr. Bisi Onasanya

Located on Alexander Road, close to the Lekki-Ikoyi Bridge, with easy access to the mainland through the Third Mainland Bridge, Luxuria, a 13-floor imposing masterpiece, comprises of the following: 4 bedroom apartments,4 bedroom maisonettes, and 5 bedroom penthouses.

Other features of the Luxuria include the following: ample parking spaces, sitting areas, a fully fitted modern (wet & dry) kitchen, a dining room, long views through spaces, one maid’s room, an innovative lighting system, balcony, and a smart home system.

For Dan & Dan by The Address Homes, located on Banana Island Road, Ikoyi, it comprises 27 units of fully serviced luxury homes, which includes -3 nos penthouses -12 nos maisonette, and -12 nos terrace houses. Upon completion, the estate will have the following features: – swimming pool – 24 hours power – security personnel – CCTV – a best-in-class Kitchen, gym, and many more.

Aerial View of Dan & Dan on Banana Island Road

Speaking on the two new projects, the chairman and founder, The Address Homes, Dr. Bisi Onasanya noted; “The mission of the company is to deliver unique services with modern functional homes to make our clients live comfortably in luxury.

“In creating these luxury homes, we took into consideration the need for space optimization, comfort, security, child-friendly environment, and quality of materials. At The Address Homes, we build homes with clients at the core and heart of our processes,” he submitted.

To become a proud owner of one of these breathtaking luxury homes, the company is offering the units at an initial 30% deposit.

Both luxury projects offer an ideal environment to raise a family as well as a plethora of well thought out comforts with amenities which add to the value of life and make people live better.

22 February 2022
Insight Redefini Boss, Onyeali Ikpe, Meets BJAN’s New Exco, Tasks IMC Practitioners on Brands Consulting

Dr. Ken Onyeali Ikpe, Group CEO, Insight Redefini has charged Integrated Marketing Communications, IMC, practitioners to always rejig their business model in order to meet the present day need of consumers, as the industry has evolved.

He gave the advice when the newly elected executives of Brand Journalists Association of Nigeria (BJAN) paid him a courtesy visit at his GRA, Ikeja office on Tuesday, February 1, 2022.

Dr. Onyeali Ikpe, who appreciated the visit, took time to delve into the changes that stakeholders in the industry should come to terms with.

According to him, it is no longer the same story when advertising thrived during the industrial age as in the present situation, the world has embraced the digital age.

He noted that IMC practitioners must be in tune with the fact that advertising has evolved into brand consulting.

In his words: “I like the conversation today around branding because that is the only relevant thing. I started talking about this thing 20 years ago because I saw it. Branding is a core component of business existence because if you take out the brands out of the business, it dies”.

Giving examples of focusing on brands as against advertising, the advertising guru said the reason why Nigerian Breweries is still in existence is because of the Star and Guilder brands, in which if taken away, the company may die.

“What keeps them together is not advertising but the brand which is the soul of those element. Even for human beings, if you don’t understand this brand journey and that of consumer journey, you might not understand the brand,” he said.

Speaking further, Dr Onyeali Ikpe posited, “There is a manager for the industrial age and a manager for the information age and tech age. In the 90s when I joined Insight Communications, it was the industrial age, that is, where multinationals were relevant. As we speak now, the tech companies worldwide are making far more monies than the multinationals. Though, they may be small businesses but in terms of billing, they are ahead.

“At insight, we recognised 25 years ago that advertising will not serve us because advertising was relevant when there was industrial revolution. And during this time, there was mass production which must equate mass consumption and to induce mass consumption, you need mass communication. So, it was from mass communication, advertising came- which is attention, interest, desire and action.”

Insight Redefini Group CEO, Dr. Onyeali Ikpe

Going down the memory lane, Dr. Ikpe said people who are not conversant with InsightRedefini Group still know it as Insight communications- unaware of the fact it was Insight communications during the 90s.

“From Insight Communications, we had a Grey network affiliations. Before then, it was Bates. In early 2000, we went to WPP. However, that popular entity called Insight is one entity in the group and because it was the first and oldest (42 years in January 2022), it became synonymous with the group. So, when people say Insight Communications, they think it’s one company.

“I don’t know whether people know, but I know that it was insight Communications because that was the era of advertising. Now, in my estimation, advertising has since gone, though a lot of people will tell you they are into advertising- and I thank God they are still making a living out of it some how,” he averred.

He said the group has survived for 42 years and evolved over time to create various arms of the sub-sectors across the Integrated Marketing Communications spectrum which has become market leaders in their sub-sectors.

“Quadrant for Public Relations, MediaComm for media planning and strategy, which is the investment arm of the advertising practice, Media Perspective, Optimum Exposure for outdoor and LeoBurnet, which is a second line of creative agency of Insight is tasked to go through the soul of a human being to create communications.

Speaking earlier, the newly elected Chairman of BJAN, Clara Chinwe Okoro said the essence of the visit was to formally intimate stakeholders of the activities of the association starting with the World Consumer Rights Day slated for March 15, this year.

“Brand Journalists are thought leaders in the industry in terms of shaping perception about what is happening in the IMC space. We are journalists who cover the industry as such we are a bridge between the stakeholders and the consumers. They absorb what we read in terms of the information we put out in our different spaces and form their perception about those we write about or the brand that they interface with in the market.

“We actually hold a very strategic position. Unfortunately, we have not strongly communicated that to our stakeholders that the perceptions we put out in our writings have a lot of impact in the brand they drive and, in the way, their organisations are perceived from the writes up we put out. So, I think it is very necessary that there is more interface with stakeholders for us to be able to communicate to the public and to put out the right materials,” Clara said.

Other members of the brand journalists delegation were Lukman Ishau, Vice Chairman, Melvin Udosen, Treasurer, Adeyemi Adefemi, Financial Secretary and Amechi Obiakpu, Chief Information Officer (CIO). Others were Afolabi Idowu, immediate past Chairman, Elder Peter Jones and Winifred Bosa.

The visit was the first in the series of planned visits to stakeholders in the Industry by the exco to carry them along as working partners for the progress of the industry.

3 February 2022
Lekki Port: Amaechi Expresses Satisfaction At Increased Pace Of Work, Urges Promoters To Double Efforts

Minister of Transportation, Rt. Hon. Chibuike Rotimi Amaechi has expressed his satisfaction with the increased pace of work on the construction of the Lekki Deep Sea Port.

Amaechi made this comment in Lagos on Saturday, January 22, 2022, during his inspection of the port site in Ibeju-Lekki, Lagos, in the company of top government functionaries from the Federal Ministry of Transportation and Heads of relevant agencies, including the Nigerian Ports Authority (NPA) and the Nigerian Shippers Council (NSC).

Speaking shortly after his tour of the port site, the Minister commended the promoters on the pace of work.

He urged them to double their effort on the construction to complete the Port and start operations ahead of schedule.

“I am happy; from the last time we came here, there has been huge progress; what this shows is that when you set your mind on something, you can achieve it. The agreement was that we would commission by the last quarter of 2022, but if we double our effort on this project, we could commission by July or August, and that would be great”, he said.

Speaking during the tour, the Chief Technical Officer, Lekki Port, Mr Steven Heukelom, explained that construction work on the project is on course and as scheduled. He noted that dredging and reclamation works had reached 89.93% completion, Quay Wall 85.65% completion, Breakwater 79.66% completion, the landside infrastructure development 67.82% completion, thus bringing total works carried out on the project to approximately 80% completion stage.

Heukelom also informed the Honourable Minister that work has commenced on the marine services jetty, which the NPA will use to carry out their marine services obligation.

He commended the Acting Managing Director, Mohammed Bello-Koko, for the support and partnership in preparing the Port to start operations.

L-R: Chief Technical Officer, Lekki Port LFTZ Enterprise Limited (Lekki Port), Mr Steven Heukelom; the Chief Operating Officer, Lekki Port, Mr Laurence Smith; Honourable Minister of Transportation, Rt. Hon. Chibuike Rotimi Amaechi; Acting Managing Director, Nigerian Ports Authority, Mohammed Bello-Koko and the Director Maritime Services, DMS, Federal Ministry of Transportation, Awwal Suleiman, during the Minister’s inspection of the Port site in Ibeju-Lekki, Lagos on Saturday, January 22, 2022

Mr Muhammed Bello-Koko reaffirmed the agency’s readiness to provide marine services for the Ports operations. To this end, he disclosed that NPA is procuring tug boats and other necessary infrastructure for the smooth take-off of the Port.

In his remarks, the Chief Operating Officer of Lekki Port, Laurence Smith, reaffirmed the company’s commitment to delivering the project by the fourth quarter of 2022.

He noted that the EPC Contractor, China Habour Engineering LFTZ Enterprise, is working day and night to make this commitment a reality.

Smith expressed confidence that the Port, upon completion, would be a world-class port and would become a regional distribution and transhipment hub for the African region.

Lekki Port is being developed by Tolaram and China Harbour Engineering Company. The Lagos State Government and NPA are also shareholders in the project company.

The Port is scheduled to start port operations by the end of 2022.

22 January 2022
Borrowers’ Scheme: Buhari, Nigerian Farmers To Unveil ‘World’s Largest Rice Pyramid’ in Abuja Tuesday

The Anchor Borrowers’ Programme (ABP), an initiative of the Central Bank of Nigeria (CBN), has been described as a major agricultural breakthrough and a source of pride to the country, as rice farmers continue to count gains under the scheme.

To mark the successes recorded under the programme, particularly, in the area of rice cultivation, the Rice Farmers Association of Nigeria (RIFAN), in collaboration with the CBN, would today (Tuesday) unveil the world’s largest rice pyramid in Abuja.

President Muhammadu Buhari is expected to unveil the mega pyramid.

Other special guests expected to support the president at the event include the presidents of Benin Republic, Niger Republic, and Chad, as well as governors of Cross River, Ebonyi, Kebbi, Jigawa, Ekiti, and Sokoto states.

RIFAN stated in a publication to announce tomorrow’s programme, “RIFAN will also use the occasion to flag off its 2021 – 2022 Dry Season Farming activities and celebrate the Annual Rice Festival. RIFAN has been the major driver of the rice value chain under the ABP for the past six years. Join us in celebrating rice revolution in Nigeria.

“Let’s celebrate President Muhammadu Buhari’s initiative on food security and self-sufficiency in rice together with the Governor, CBN, Godwin Emefiele.”

Launched by Buhari in 2015, ABP is designed to assist small-scale farmers to increase the production and supply of feedstock to agro-processors with the aim of creating an ecosystem that would link out-growers (smallholders) to local processors.

The thrust of ABP is the provision of inputs in kind and cash (for farm labour) to smallholder farmers with a view to boosting the production of rice, maize, poultry, sorghum, cassava, tomatoes, cotton, palm oil, soybean, among others. The idea is to stabilise input supply to agro-processors and address the country’s negative balance of payment on food.

It is also a loan to farmers without collateral and the benefitting farmers are given farm input and cash to cultivate their farms, including the experiment on rice.

According to the structure of the ABP, a farmer who wants to repay his loan can either do so with cash or give the central bank his/her produce of same value, after which officials of CBN’s Development Finance Department would sell and recover the loan.

The programme has increased banks’ finance to the agricultural sector, enhanced capacity utilisation of agricultural firms involved in the production of identified commodities, as well as the productivity and incomes of farmers.

From an average yield of 1.8 metric tonnes per hectare in the pre-ABP era, the initiative has increased the country’s average yield per hectare for rice paddy and maize to about five metric tonnes per hectare.

Similarly, the average capacity utilisation per annum of domestic integrated rice mills has jumped to 90 per cent, from the 30 per cent that was the case in the era preceding the advent of the ABP.

Additionally, there has been a significant reduction in the country’s rice import bill, from a monstrous $1.05 billion prior to November 2015, to the current figure of $18.50 million, annually. The programme has also created an estimated 12.3 million direct and indirect jobs across the different value chains and food belts of the country.

Notwithstanding the disruptions caused by the COVID-19, the challenges of insecurity, among others, the Emefiele-led CBN, in collaboration with some state governments, has continued to encourage rice farmers to cultivate the crop and support the federal government’s quest for food security.

18 January 2022
Christ Embassy Floats ‘Free’ Commercial Bank In Nigeria

The Loveworld Nation, also known as Christ Embassy, has officially launched the latest commercial financial institution in town, called Parallex Bank, with a view to redefining customer experience through digital innovation.

The Parallex Bank was formerly a microfinance bank until the Central Bank of Nigeria, CBN, granted it license to go into full banking services.

The transition into a commercial bank was launched on Friday at its headquaters in Victoria Island, Lagos.

“Parallex Bank Limited was incorporated as a limited liability company on the 22nd day of May 2020, having successfully converted from Parallex Microfinance Bank (a National Microfinance Bank incorporated in 2008 as a Unit MFB) to a commercial bank duly licensed by the Central Bank of Nigeria to carry out commercial banking services,” the bank stated on its website.

Part of the special features of the bank includes “Free debit cards, 5 Free Interbank Transfer Daily” and “No Maintenance Fees on all accounts.”

According to the bank, “It will be leveraging the best talents and technology to deliver unparalleled value to our stakeholders.”

In her remark, Chairman of the Board of Directors, who is also the CEO of Loveworld Nation, Dr. Adeola Adejoke Phillips said the vision of the new bank is to be the preferred financial solution provider, not just in the country but in the world.

She further stated that the bank will operate broadly with a competitive mindset, to disrupt the market and delight customers with very attractive offers. The goal is to empower the banking public and to drive convenient and efficient commerce through the bank digital platforms.

She added that the Parallex mobile app offers customers the freedom to do much more. The app will eliminate inconveniencies and hardships often faced by customers while carrying out transactions.

The bank’s overall corporate policy is determined by a six-member Board of Directors.

The Board takes decisions on policy matters aimed at meeting the company’s goals and objectives.

17 January 2022
Are Nigerians Buying Rice The Right Way?

How would you react to the question, are you buying the right rice? This question is pertinent as focus increasingly shifts to the quality and hygienic condition of rice as a guiding factor when purchasing it.

When you purchase rice, your objective is to buy healthy rice. Healthy rice is safe to consume but you need to consider a few factors. Especially when buying loose from open markets and nearby stores.

The plethora of rice brands in the market has offered consumers a variety of choices. More than the challenge of identifying the rice is to identify the right quality. Some are sold in loose form as seen in basins and loose containers while others are packaged. The form of presentation whether loose or packaged in the trade impacts negatively or positively on the quality of rice.

When rice is sold in the loose form, a lot of factors affect it negatively.

Firstly, the ageing of rice in loose form which can affect its physical and chemical properties and in turn its quality is a major consideration. Different rice brands have expiry dates which buyers of the commodities in cups, plastic containers and basins of various sizes are not aware of because it has been removed from the bags. It is therefore possible that many consumers buy rice that has expired, with the very high risk of consuming unwholesome products whose quality cannot be guaranteed and are therefore not safe for human consumption.

Another factor is the condition of the local market where rice is sold in. When sold in open market in loose form, there are very high chances of cross contamination by other food items like meat, vegetable fruits, corn etc as all items are sold near each other. The rice can be contaminated by stone, dust, husk and other foreign matters thereby impacting on the quality.

It can also be exposed to micro-organisms, rodents, insects and other disease-causing pathogens. While some of these contaminants may be removed during washing at home, not all of them may be removed. In recent times, where the scare of diseases has heightened, these factors are worth considering.

Furthermore, displaying rice in open containers that are not hygienic and on floors is very inimical to human health. In Nigeria, the World Health Organization estimates that more than 200,000 people die of food poisoning yearly from food-borne pathogens (especially Escherichia coli and Salmonella). These deaths are caused by contaminated foods through improper storage, processing, preservation, and handling.

When rice is sold loose, the consumer will be left second guessing the brand and may not be able to make informed choices. The unsuspecting consumer is also vulnerable to retailers who may want to capitalize on this to sell low quality rice for the price of high-quality rice.

Rice manufacturers take all necessary precautions to ensure quality and safety but exposure or loose rice at the market by retailers can compromise quality.

Big Bull Rice is a premium quality Parboiled rice, totally made in Nigeria. It is sortex cleaned,stone free and has a high swelling index. The production of Big Bull Rice goes through extreme measures to ensure safety. When you eat Big Bull Rice, you can be assured of the great lengths taken to ensure your health is safe.

It has been introduced in pocket friendly prices for each consumer – in packs as small as 750g and 2.25kg, so that everyone has access to quality rice without worrying about other irritants. The consumers need not worry about contamination and assured of the original Big Bull quality!

15 January 2022
Edible Oils: They are Not All Created Equal

You probably have used edible oil in lots of your homemade meals. But have you ever paused and wondered what is it made of and what sets edible oils apart from one another? How does your oil compare with others in the market in terms of health benefits and is there a merit in switching the edible oil?

There are plenty of choices of variety of edible oils available in the market, the most common being Palm oil, Vegetable oil, Soyabean oil, , Groundnut oil, Olive oil ,coconut oils etc. While each of them may look the same, but scientifically, they are all very different from each other – in their fundamental construct and health benefits they provide.

Scientifically, all edible oils are 100% Fatty acids – This is true for all types of oils! However, what makes them different are the type of Fats they contain, and it makes them good or bad for you. The fatty acids of all edible oils belong to one of the following – Saturated Fatty acids (SFA), Mono-unsaturated Fatty Acids (MUFA) or Poly-Unsaturated Fatty acids (PUFA), depending upon the saturation of the Chemical bonds inside them. All edible oils essentially contains a different proportion of the above 3 fatty acids and these fatty acids aren’t built alike! There are plenty of scientific literature available to understand these Fatty acids and their impact on the human body..

Saturated Fatty acids (SFA), sometimes called solid fats have been suggested to be Bad Fats – They have been associated with increased levels of bad (LDL) Cholesterol in people. LDL Cholesterol is associated with increased risk of heart diseases and stroke. They may increase health risks if a person consumes too much over a long period. Many health authorities, such as the Academy of Nutrition and Dietetics, the British Dietetic Association, American Heart Association, the World Heart Federation, the British National Health Service, amongst others advise that saturated fat is a risk factor for cardiovascular diseases and their consumption should be minimized.

On the other hand, Unsaturated fatty acids are liquid at room temperature and may be either Monounsaturated Fatty acids (MUFA) or Polyunsaturated Fatty acids (PUFA). They are defined by the un-saturation in their chemical structure. Contrary to Saturated Fats, unsaturated Fatty acids have been associated with lowered risks on hearts – Many careful studies have found that replacing saturated fats with unsaturated fats in the diet reduces risk of cardiovascular diseases, diabetes, or strokes. These studies prompted many medical organizations and public health departments, including the World Health Organization to officially issue that advice. The un-saturated fats help protect your heart by maintaining levels of “good” HDL cholesterol while reducing levels of “bad” LDL cholesterol in your blood. PUFA are mainly of 2 types – Omega 3 or Omega 6, the benefits of which are well documented. The more un-saturated fats an oil has, is better for consumption.

As evident, the type of fat in the diet is important – They have an impact on growth and development, heart and body functions, brain functions and general well being. .

Also, the World Health Organization estimates that every year trans-fat intake leads to more than 500,000 deaths of people from cardiovascular disease. “Trans fats increases levels of LDL-cholesterol, a well-accepted biomarker for cardiovascular disease risk, and decreases levels of HDL-cholesterol, which carry away cholesterol from arteries and transport it to the liver, that secretes it into the bile”

It is common to find vegetable oil brands made from refined Palm Olein marketed as Vegetable oil in the Nigerian market. To put it in perspective, the refined Palm Olein sold openly, is crude palm oil that has undergone physical refining or chemical refining and fractionation. The various brands of vegetable oils made from Palm Olein all say that it is healthy but is Palm oil really healthy?

Palm Olein is rich in saturated fatty acids and is often considered as being atherogenic (food High in saturated) nutritionally. According to a report by the Nutrition Information Centre, Stellenboch, Vegetable oils contain about 10% polyunsaturated fat (PUFA), 48% monounsaturated fat (MUFA) and upto a whopping 52% Saturated fat (SFA)); Compare that with Soyabean oil – another commonly available oil in Nigerian market which has 61% polyunsaturated fat (PUFA) , 24% monounsaturated fat (MUFA) and only 15% saturated fat (SFA). This simple comparison makes it amply clear of which oil is healthier and should be adopted by Nigerian consumers for their overall and their Heart well-being.

A healthy body is needed to drive all of life aspirations; healthy oil consumption habit starts with a step in the direction of Golden Terra Soya Oil. Golden Terra Soya oil has recently emerged to be the leading SoyaBean oil in Nigerian market with its increasing presence across Nigeria. It is 100% pure Soya oil, totally sourced and manufactured in Nigeria and should be adopted by every Nigerian for a healthy life!.

12 January 2022
Nigeria’s Inflation Rate May Be Among World’s Highest In 2022 – World Bank

The World Bank has said Nigeria may have one of the highest inflation rates globally in 2022, with increasing prices diminishing the welfare of Nigerian households.

According to the World Bank, Nigeria is projected to have one of the highest inflation rates globally and the seventh highest among Sub-Saharan African countries in 2022.

“In 2022, Nigeria is expected to have one of the highest inflation rates in the world and the seventh highest in Sub-Saharan Africa,” it said.

The bank said this in the November edition of its Nigeria Development Update.

According to the global financial institution, high inflation hampers the country’s attempt to achieve economic recovery and erodes the purchasing power of most vulnerable households.

The document read in part, “High inflation is frustrating Nigeria’s economic recovery and eroding the purchasing power of the most vulnerable households. In the absence of measures to contain inflation, rising prices will continue to diminish the welfare of Nigerian households.”

The bank further highlighted the adverse effects of inflation on Nigeria, which include pushing eight million Nigerians into poverty, and the possible disruption of consumption, investment and saving decisions, among other consequences.

“If inflation had been closer to the CBN’s goal of nine per cent in 2021, the average Nigeria’s consumption would have been 15 per cent higher, and eight million Nigerians would have not fallen into poverty.

“If double-digit inflation persists during 2022-2023, rising prices will distort consumption, investment, and saving decisions of the government, households, and firms, with adverse ramifications for long-term borrowing and lending.

“Over time, the disproportionate impact of inflation on lower-income households and those working in sectors with low savings (e.g, agriculture) will exacerbate inequality. Ultimately, inflation will not only negatively affect incomes, but also economic productivity and job creation, further constraining the recovery,” the bank said.

The Washington, United States-based institution also disclosed that over two years, an increase in food prices accounted for about 70 per cent of the annual increase in the rate of inflation.

It also said that inflationary pressures were trigged by multiple demand and supply shocks.

The document read in part, “Inflationary pressures are being generated by multiple demand and supply shocks. Supply shocks arising from disruption of supply chains linked to COVID-19 and associated containment measures have eased, but security issues, border closures, and limited access to markets continue to fuel inflation.

“The current mix of monetary, fiscal, foreign exchange, and trade policies also plays a prominent role as a driver of inflation. Trade and FX restrictions, including the closure of land borders starting in August 2019, have increased prices for food and consumer goods, and imports of over 40 goods, including many staple foods, are currently ineligible for FX through formal windows.

“Nigeria’s exchange-rate management has resulted in the rise of parallel rates, which are closely linked to food-price dynamics. Unable to access FX through the official exchange-rate window, businesses seek FX on the parallel market and other alternative sources.

“The parallel rate influences their business decisions, and fluctuations in the parallel rate pass through to market prices for goods and services. Moreover, monetary policy has not prioritized controlling inflation, and the monetary financing of fiscal deficit undermines the effectiveness of policies to contain demand-side inflationary pressures.”

3 January 2022
Businesses That’ll Shape Nigerian Economy in 2022

In 2022, all eyes will be on many Nigerian businessmen and corporate organisations whose decisions in the preceding year will greatly impact the country. The year 2021 saw major mergers and acquisitions involving quoted companies which operations will have significant impact on the economy.

Aliko Dangote/Dangote Refinery

Africa’s richest man, Aliko Dangote, will expectedly be of much influence on Nigeria’s economic scene this year. This is the year that the 650,000 b/d Dangote Refinery will begin production.

Dangote Refinery will fill a large vacuum in Nigeria’s products market that authorities hope will help stabilise the local supply of refined oil products. This will surely help to stop the country’s dependence on imported refined products. In doing this, it will help reduce Nigeria’s perennial foreign exchange (forex) crisis which is due in part to the huge amounts spent on the importation of refined petroleum products.

Karl Tariola/MTN and Mafab to deploy 5G

MTN Nigerian was awarded a 5G license in 2021, paving the way for the continent’s largest wireless carrier to supply faster internet to consumers and businesses.

In line with the objectives of the National Digital Economy Policy and Strategy (NDEPS) 2020-2030 for a Digital Nigeria and the positioning of the country as an early adopter of digital technology in the growing global digital economy, the successful and timely deployment of 5G is crucial.

5G is expected to facilitate several emerging technologies, generate innovative use cases, spur significant socio-economic growth and create jobs.

It will be critical because it will enable unprecedented levels of connectivity, upgrading 4G networks with five key functional drivers: superfast broadband, ultra-reliable low latency communication, massive machine-type communications, high reliability/availability and efficient energy usage.

Like MTN Nigeria, Mafab Communication will be one of the companies to watch in 2002 Led by Musbahu Muhammad Bashir as chairman, Mafab emerged on the scene to snatch one of the two 5G licences.

Mrs Zainab Shamsuna Ahmed

Nigeria’s Minister of Finance, Budget and National Planning, Zainab Shamsuna Ahmed, will be in the news this year for various reasons. Her ministry will superintend some of the policies that will have significant impacts on the lives of Nigerians.

The ministry will implement the planned removal of the subsidy on petroleum products, increase in import tariffs, increase in taxes and increase in electricity tariff. These are policies that by their nature are bound to be unpopular with the Nigerian masses because of the expected impact they will have on the average consumer’s welfare.

Mrs Ahmed will also be the one whose ministry will implement the N5,000 a month transport allowance for about 40 million poor Nigerians as a palliative for the expected impact of the subsidy removal. Zainab alongside other ministers and critical stakeholders would work hard to actualise the National Development Plan 2021-2025 which succeeds the Economic Recovery and Growth Plan (ERGP 2017-2020). The federal government said this would require N348.1 trillion.

The federal government is expected to provide N49.7 trillion or 14.3per sent, while the private sector will provide the balance of N298.3 trillion or 85.7per cent. The government believes these measures will increase revenues and by extension additional infrastructure for social and economic development.

Titan’s acquisition of 104-year-old Union Bank

This followed an agreement by Union Global Partners Limited, Atlas Mara Limited and majority shareholders to divest 88.39 per cent shareholding in Union Bank to Titan Trust Bank.

The board of Union Bank, in a notification to the Nigerian Exchange Limited (NGX) and the Securities Exchange Commission (SEC) on Thursday, explained that the agreement, which is subject to regulatory approvals and other financial conditions, would upon completion transfer of 89.39 per cent of Union Bank’s issued share capital to Titan Trust Bank.

According to the Chairman of Titan Trust Bank, Mr Tunde Lemo, “Our stakeholders are delighted as this transaction marks a key step for Titan Trust in its strategic growth journey and propels the institution to the next level in the Nigerian banking sector.

Abdulsamad Rabiu/BUA Group

The BUA Group will be one of the dominant players in the nation’s economy in the New Year.

The highly diversified group led by Abdul Samad Rabiu is expected to expand its cement output to 20 million metric tons by next year from three cement plants being constructed in three states: Sokoto, Edo and Adamawa.

The group also plans to list its consolidated food business on the NGX within the year. The food business includes flour and pasta, sugar, edible oils and rice.

Dahiru Mangal

Mangal Industries, owned by the Katsina-born industrialist, Alhaji Dahiru Mangal, in 2021 signed a contract with China-based Sinoma International Engineering for the delivery of a 3Mt/yr new integrated cement plant in the northern state of Kogi. The plant will cost US$600m and generate thousands of jobs during construction and when inaugurated in early 2024. Sinoma International Engineering will also build a dedicated 50MW power plant for the plant.

Mangal had said during the signing of the contract: “This investment is part of an ambitious investment programme under implementation by Mangal Industries. The factory will rely on the best available technology for cement production in line with the highest environmental standards.”

Mangal, who is the Chairman and Chief Executive Officer of AFDIN Group of companies Nigeria Limited comprising Max Air Limited, Katsina Dyeing, Printing Textiles Limited, AFDIN Football Club, AFDIN Construction Company Nigeria Ltd, Manasawa Oil, Mangal Oil and Manasawa Enterprises, a clearing and forwarding firm has also sold his 1,968,452,614 shares in Oando PLC.

Industry watchers believed that he would channel the money into some of his businesses.

Allen Onyeama/Air Peace

Air Peace is a star to watch. In 2021, the airline received the third of its brand new Embraer 195-E5 aircraft at the Nnamdi Azikiwe International Airport, Abuja, and disclosed that it would receive all the 13 aircraft it ordered from the Brazilian planemaker before the end of 2022, adding that it would create about 17,000 jobs.

The Chairman and Chief Executive Officer (CEO) of Air Peace, Allen Onyema, made this known in a speech just before the aircraft touched down at the Abuja airport from the Embraer facility in Sao Jose Dos Campos, Brazil.

“In addition to the order of 13 aircraft, which we would have receive before the end of 2022, we would make a further commitment of 10 additional aircraft, and by the time we have 30 aircraft we would employ about 17,000 personnel,” Onyema explained.

He said the airline would deploy the aircraft to international, regional and domestic destinations as it had started opening new routes in Nigeria.

He further said the new aircraft would hit the West Coast and African region as it extended its West Coast destinations to include Douala (Cameroon), Kinshasa (Congo), Niamey (Niger), Dakar (Senegal), as well as Monrovia (Liberia).

What Airtel/MTN PSB licence approval could mean for financial inclusion in Nigeria

On Friday, November 8, 2021, telecom giants, MTN and Airtel, in separate statements, revealed that the Central Bank of Nigeria (CBN) had approved in principle to operate Payment Service Banks (PSBs).

PSBs accept deposits from individuals and small businesses, carry out payment and remittance services within Nigeria, issue debit and prepaid cards, operate electronic purses and other activities prescribed by the CBN.

While the telcos would not offer a full suite of financial services, they would be able to provide users with entry into the financial system.

A significant reason for the optimism shown is the potential of telcos to fast-track the CBN’s financial inclusion goal. This is mainly due to their comprehensive coverage of the country, especially in rural areas that house most of the unbanked population.

With the infrastructural cost of setting up branches and security, banks are not opening branches in new locations, and in some cases, are shutting down operations.

According to the International Monetary Fund (IMF), Nigerian banks closed 234 branches and 649 Automated Teller Machines (ATMs) in 2020; bringing the number of banks in the country to 5,158 in 2020 from 5,392 in 2019.

Furthermore, MTN and Airtel have the largest and third largest subscribers at 67.5 million and 42 million respectively. Even accounting for multiple SIM cards as is common in the country; those figures are significantly higher than the top three Nigerian banks by customer base. According to data from the GSM Association, there were 97.5 million unique mobile subscribers in 2018.

It is not clear what will happen to thousands of Point of Sale (POS) operators working closely with other banks when the new entrants fully deploy their resources.

Tiamin’s N18bn rice farm

Tiamin Rice Limited is setting up an N18bn rice farm in Udubo, Gamawa Local Government Area of Bauchi State.

The company, which has a big rice mill in Kano, has remained a big player in the industry, employing hundreds of people, and has also contributed towards reducing rice importation in Nigeria.

The Managing Director (MD) of Tiamin Rice Limited, Aminu Ahmed, during the foundation laying ceremony of two blocks of six classrooms at Begu Village of Gamawa LGA in mid-December, said the farm was the largest modern farm in Nigeria, with 10,000 hectares, with a projection to produce 120,000 metric tons of rice per annum and other farm produce like maize.

He added that the land was fully acquired through the Bauchi State Government after payment of premium charges.

Jim Ovia

Jim Ovia, the man behind Zenith Bank, will be in the news again in 2022. Ovia is currently building $1.5bn Quantum Petrochemical Complex in Ibeno, Akwa Ibom State.

The petrochemical plant will support the local economy by supplying products to sectors such as construction, packaging, pharmaceuticals, agriculture and textile. This is in addition to creating jobs.

Cosgrove Smart Estate

Towards the end of 2021, the federal government inaugurated 160 furnished homes at the newly developed Cosgrove Smart Estate in Abuja.

The FCT Minister, Muhammad Bello, and the Minister of Youth and Sports Development, Sunday Dare, jointly expressed delight at the ability of the indigenous company to achieve a great leap in the evolution of the housing sector.

“Cosgrove is leading the pioneering of integration of technology in real estate, and we are very proud of the good work the company is doing,” the FCT minister said.

In his remark, the CEO of Cosgrove Investment Limited, Umar Abdullahi, said the delivery and commissioning of Cosgrove Smart Estate, Wuye, represented a long-held dream of both management and staff of Cosgrove, assuring that the firm would continue to focus on pioneering the integration of technology in real estate development in Nigeria.

“Cosgrove will remain committed to providing housing solutions to a discerning clientele who desire a high standard of living and seek to maximise the potentials of 21st Century technology,” the chairman added.

Daily Trust further reports that there are many players in agriculture, oil (like A.A.Rano, Shafa oil), mining, energy and other sectors that will undoubtedly shape Nigeria’s economy this year.

© Daily Trust

3 January 2022