Michael OSUNNUYI, Author at Business Bells — Page 3 of 7

Business Bells

Author: Michael OSUNNUYI

  • SAB Resumes Production As South Africa Again Lifts Alcohol Ban

    SAB Resumes Production As South Africa Again Lifts Alcohol Ban

    The South African Breweries (SAB) has announced the resumption of production, sales and distribution trade following the decision of the South African Government to partially lift its latest alcohol sales ban, which was initially imposed to combat the Covid-19 health crisis.

     

    The Brewer tweeted: “SAB welcomes the resumption of trade, a positive step towards rebuilding the economy Together, we can create collaborative solutions for a better, sustainable future, which balances lives and livelihoods. This can only happen when we are responsible together.”

     

    The alcohol bans which resulted in job losses, increase in illicit trading, and a significant decline in economic contributions, prompted major companies like Heineken and Glass manufacturing company—Consol Holdings Limited to halt investments and suspend production. Heineken also announced a 7% trim of its workforce and a necessary move to restructure its operations.

     

    In late March 2020, the country implemented the first ban on the sale and distribution of alcohol and tobacco as a way of curbing the spread of the covid-19 pandemic. The ban was re-imposed in July, reversed in August; and in December, a third ban was announced.

     

    The third ban was actively opposed by South African Breweries as the Company was set to contest the constitutionality of the re-ban in court, stating that the ban would be putting over 1 million livelihoods across its value chain at risk.

     

    The United States, amongst others has placed a travel ban from South Africa in an effort to stop the spread of the highly infectious 501Y.V2 variant, which is believed to have originated there and which is suspected to be more resistant to vaccines. South Africa’s active coronavirus cases are beginning to decline, although with reported deaths and hospitalizations starting to follow suit. The country is the hardest hit on the African continent, with more than 1.45 million cases identified to date.

     

    New restrictions have also been imposed as retail outlets will now sell alcohol between 10:00 and 18:00 from Monday to Thursday, and licensed outlets can serve drinks on-site from 10:00 to 22:00.

  • Jumia Brings Fitbit Devices Into Nigerian Market

    Jumia Brings Fitbit Devices Into Nigerian Market

    A leading digital marketing operator in the country, Jumia has finally brought in Fitbit devices to Nigeria.

     

    Fitbit innovative products are sold at a wide range of accessible price points in nearly 39,000 retail stores across more than 100 countries worldwide.

     

    Head of Consumer Electronics, Jumia Group, Sandeep Narayanan said: “We are seeing increasing consumer demand for wearable technology on our platform, and bringing Fitbit products to our customers in Nigeria is an important step for us to address this demand and help Fitbit expand its reach across the country. Jumia delivers a seamless online shopping experience for consumers and from our platform with a dedicated official store on Jumia.”

     

    Fitbit with its supports for healthier living, is committed to inspiring those who want to lead a healthier and more active life through its range of innovative smartwatches and trackers that are compatible with most Android and iOS platforms, including Fitbit Versa 3, Fitbit Versa 2, Fitbit Charge 4, Fitbit Inspire 2 and Fitbit Ace 2.

     

    Users of Fitbit products in Nigeria is said to now benefit from purchasing a membership to Fitbit Premium. Users new to Fitbit Premium can benefit from the 90-day free trial through the Fitbit App.

     

    In making the products more available, Fitbit Health Solutions is said to be offering corporate product discounts to local businesses through Fitbit’s distributor Redington Gulf.

     

    Fitbit, Inc. is an American consumer electronics and fitness company with headquarter in San Francisco, California. Its products are activity trackers, smartwatches, wireless-enabled wearable technology devices that measure data such as the number of steps walked, heart rate, quality of sleep, steps climbed, and other personal metrics involved in fitness.

  • Adhering To Safety Guidelines By Adopting Digital Services Such As Food Delivery

    Adhering To Safety Guidelines By Adopting Digital Services Such As Food Delivery

    The second wave of the covid-19 led by the more deadly variants of the virus is a serious cause of concern for authorities across the globe. Though vaccines have been devised for curing covid-19 infections, prevention is still recommended as the best antidote to the virus. Hence, individuals are urged to adhere strictly to preventive measures to limit spread.

     

    In Nigeria, business activities are still encouraged by the government to keep the economy afloat as the country could not afford the economic implications of a total lockdown. To keep this window of activities open, Nigerians need to keep to safety measures. One of the ways to avoid crowded places and risk of transmission is to embrace digital services that help keep up with daily needs without physical contact.

     

    With the outbreak of the COVID-19 pandemic, the demand for online food delivery is rising significantly as a result of the lockdown and social distancing guidelines. Consumers who embrace the growing trend can continue to stay safe with comfort and convenience while shopping for food and other essentials for daily upkeep.

     

    Food is essential to survival, and the growing trend of foodservice delivery will help limit the speed of transmission. To help widen the online food delivery experience and promote safety in these times, online retails stores are partnering with restaurants to make local intercontinental dishes available to customers. Fast food brands like The place, Chicken Republic, Sooyah Bistro, Sweet Sensation, Drum Stick and others are making their services available for order and delivery on the Jumia platform.  KFC, Cold Stone as well as Pizza Hut are also available for order.

     

    Likewise, groceries and beverage products are not left out. Renowned beverage producers such as Nestle are making their products available on the Jumia platform. With Jumia Food, groceries are also available for order and safe delivery through the contactless delivery option for customers who want to subscribe to the service.

     

    According to Jumia Nigeria CEO, Massimiliano Spalazzi, online shopping will help promote the adoption of social distancing measures and eliminate the contact risk associated with brick and mortar stores, as people can purchase different products of their choice and get them delivered from the safety of their home.

     

    “Covid-19 pandemic is showing the importance of online marketplace and why it should be part of people’s lifestyle at this time. As the world battles with the realities of the second wave of the virus, people are being urged to avoid large gatherings, limit human contact as much as possible and observe strict hygiene practice. And it is becoming increasingly obvious that online shopping remains one of the ways individuals can take precautions to limit the spread.”

     

    To further drive the growth of online food and beverage delivery in the country, Jumia recently extended its food delivery services to more states in Nigeria. The new cities on the Jumia Food map include Minna, Benin City, Kaduna, Abeokuta, Kano, and Ilorin. For a better customer food delivery experience, Jumia also recorded a major service improvement in its existing footprints in Lagos, Port Harcourt, Abuja, and Ibadan by increasing its speed of delivery, with an average delivery time as fast as 26 minutes in Port Harcourt, 27 minutes in Lagos, 28 minutes in Ibadan, and 30 minutes in Abuja.

  • Davido Plans To Invest in Bitcon Company

    Davido Plans To Invest in Bitcon Company

    Popular Nigerian singer, Davido, has taken to his verified Twitter account to reveal that he intends to float a bitcoin company.

     

    He tweeted, “Thinking of starting a bitcoin trading company… let’s see…”

     

    The FEM singer has always made it known that he plans to retire from music in future and it appears he is taking steps towards that goal.

     

    Recently, the father of three took to his page on Twitter with a tweet in which he noted that he is gradually becoming a member of his father’s Pacific Holdings company.

     

    He wrote, “Omo nah 2021 I don Dey Chook head small small.”

     

    Although the pop star is one of the biggest singers in Nigeria and Africa at the moment, he has always hinted that he will not do music forever.

     

    About a month ago, his tweet revealed that he contemplated quitting music, “I go leave this music for una,” he wrote.

     

    After much persuasion from his fans, he rescinded on his decision.

  • FG, Labour To Consider Electricity Tariff, Fuel Price Reports Feb 22

    FG, Labour To Consider Electricity Tariff, Fuel Price Reports Feb 22

    The Federal Government and the organised labour will reconvene on February 22 for the consideration of the reports of the bipartite technical committees on fuel price and electricity tariff.

     

    The Minister of Labour and Employment, Senator Chris Ngige, disclosed this Monday night while briefing journalists after a bipartite meeting between the FG and the organised labour at the Banquet Hall of the Presidential Villa, Abuja.

     

    Ngige said they received and adopted the report of the Technical Committee on Premium Motor Spirit Pricing Framework, while that of the Electricity Tariff Committee was expected in a week’s time.

     

    He explained that the organised labour requested for some time to subject the report on PMS pricing to their organs for further investigation.

     

    “It is a technical report, so they needed further investigation of the report by their own technical research team. The Technical Committee on electricity tariff has not finished. We expect the report in a week’s time. So, cogently, we are reconvening on 22nd of this month to take both reports,” Ngige noted.

     

    The report of the Technical Committee on PMS Pricing was presented at the meeting by the Chairman of the Committee, Onochie Anyaoku, a former Executive Director, Refineries Operations and Petrol Pricing in the Nigerian National Petroleum Corporation.

     

    Anyaoku explained that the committee at its meeting on December 16 developed guiding principles and a work schedule, distinct from the primary function of the Petroleum Products Pricing Regulatory Agency to develop a transparent methodology and a template that will serve as the guide on realistic PMS pump price and benchmark all pricing elements of the PMS pricing template with neighbouring countries.

     

    He stated, “Based on extensive review of the pricing framework and in line with the terms of reference of the committee, the following recommendations were proposed and adopted:

     

    “PPPRA to convene periodic meetings with PPMC and other importers to ensure actual cost of supply reflective determination as an interim solution.

     

    “NLC, TUC, PENGASSON and NUPENG to witness the transparent determination at the periodic meeting.

     

    “PPPRA frequently monitor data of Rotterdam supply chain values. This should continue to form the basis of price determination until the West African basket is liquid and transparent enough to warrant its adoption in the pricing template.

     

    “All importers including NNPC to adopt the same forex window used by PPPRA to ensure alignment and accurate pricing. PPPRA board to adopt weighted average as the basis of determination.

     

    “Government to enforce immediate collection of NPA and NIMASA charges in naira to reduce pressure on forex demand and pump price hike.

     

    “To develop adequate communication strategy on the necessity of deregulation and the benefit to the people, to create public awareness and gain acceptability of deregulation, which will reduce the pressure on labour to react to fuel increase.”

     

    “Deregulation is a huge change in national policy but highly desirable in this stage of our national development policy, for which its implementation requires trust building steps and commitment to visible frugal spending by government.”

  • FG Inaugurates Yam Storage Facility To Promote Export

    FG Inaugurates Yam Storage Facility To Promote Export

    The Federal Government on Sunday announced the inauguration of a yam storage facility at the Faculty of Agriculture, Nasarawa State University in Keffi-Shabu, Lafia, which would promote the export of the commodity from Nigeria.

     

    Minister of Agriculture and Rural Development, Sabo Nanono, said the facility would store 45 to 50 metric tonnes of yam seed and was estimated to cover 16 hectares of land when planted.

     

    He said the huge output of using clean seed yam would boost production, increase earnings of yam farmers and enhance the export of yam from Nasarawa.

     

    The minister disclosed this in a statement issued in Abuja by his ministry’s Chief Information Officer, Ezeaja Ikemefuna.

     

    Nanono said the location of the facility within the university would add value to teaching, research and income generation for farmers in the state, as the yam storage facility would generate about 200 jobs to the value chain.

     

    The Vice Chancellor, Nasarawa State University, Keffi-Shabu-Lafia, Prof. Suleiman Mohammed, said the facility would be harnessed to support the Federal Government’s efforts towards improving agricultural productivity.

     

    He said N35m was released by the state government to establish an aeroponics system for seed production, which was also a component of yam value chain.

  • Don’t Blame Nigerians For Transparency Ranking, SERAP Tells Buhari

    Don’t Blame Nigerians For Transparency Ranking, SERAP Tells Buhari

    The Socio-Economic Rights and Accountability Project, SERAP has urged President Muhammadu Buhari to take full responsibility for Nigeria’s poor ranking on Transparency International’s Corruption Perception Index.

     

    The CPI placed Nigeria as the second most corrupt country in West Africa with Guinea Bissau in the first position.

     

    In reaction, SERAP, in a statement on Monday, advised the President to stop blaming Nigerians for the report, stressing that his regime should see the ranking as an opportunity to raise its game to fight grand corruption and end the legacy of impunity in the country.

     

    The statement said, “We urge the government of President Buhari to take full responsibility and stop blaming Nigerians for the country’s poor ranking in Transparency International’s Corruption Perception Index (CPI), published last week.

     

    “Rather than looking for excuses, blaming Nigerians and attacking Transparency International, the government should see the ranking as an opportunity to raise its game to fight grand corruption, and end the legacy of impunity of perpetrators in the country.

     

    “According to Transparency International’s report, the perception of corruption has worsened under President Buhari. The 2020 Index scored Nigeria 25 out of 100 and named the country the second most corrupt nation in West Africa, raking Nigeria 149 out of 180 countries.

     

    “TI’s findings correspond substantially with the reality of impunity of perpetrators, as shown for example, by the persistent failure to obey court judgments, such as the judgment of Justice Idris which ordered release of spending details of recovered stolen assets since 1999.

     

    “The Buhari government is still failing to implement critical reforms, ensure transparency in the spending of security votes, and to address widespread corruption in MDAs, as documented by the Office of the Auditor-General of the Federation.

     

    “Several former state governors accused of corruption are still not held to account. Yet, many of these governors continue to receive life pensions. Similarly, public officials still use political power to enrich themselves without considering the public good.

     

    “Authorities should take the report seriously and use it as an opportunity to raise their game in their efforts to rid our country of corruption and underdevelopment.

     

    “The government should obey court judgments, end life pensions for former state governors, stop corruption in security votes spending, and address corruption in MDAs, if Nigeria is ever going to improve on its global anti-corruption ranking.”

     

  • Banks’ Non-Performing Loans Rise To N1.5tn

    Banks’ Non-Performing Loans Rise To N1.5tn

    The non-performing loans in the banking sector rose by N333bn as of the end of the third quarter of 2020 to N1.5tn at the end of 2020.

     

    These were as by statistics obtained by our correspondent from the Central Bank of Nigeria and the National Bureau of Statistics.

     

    The NBS’s latest report on the banking sector revealed that the total amount of non-performing loans in Nigerian banks stood at N1.17tn as of Q3 2020.

     

    According to the CBN, despite the increased lending and rise in non-performing loans during the coronavirus pandemic, the banking system had remained stable.

     

    Figures obtained from the CBN showed that the non-performing loans rose to 6.01 per cent of the total loans to the economy which stood at N25.02tn as of the end of 2020.

     

    The CBN stated that there was, “a marginal increase in the non-performing loans ratio which rose to 6.01 per cent at end-December 2020 from 5.88 per cent at end-November 2020 and above the prudential maximum threshold of five per cent.”

     

    While noting that this development was not unexpected under the prevailing circumstances, it emphasised the need to strengthen macro prudential framework to bring non-performing loans below the prescribed benchmark.

     

    The CBN stated that banking sector’s gross credit as of the end-December stood at N25.02tn compared with N24.25tn at the end of November 2020, representing an increase of N774.28bn.

     

    It noted that it had been able to maintain a sound regulatory surveillance over the banking system by ensuring a reasonably low level of non-performing loans, even with the aggressive credit expansion programme during the COVID-19 pandemic crisis period.

     

    Though non-performing loans remained slightly above the prudential benchmark, it stated that the banking system remained stable.

     

    Given the success recorded under the Loan to Deposit Ratio policy, it stressed the need to sustain risk surveillance approach and ensure the continued soundness of the banking system.

  • External Reserves Hit $36.39bn On Improved Crude Oil Price

    External Reserves Hit $36.39bn On Improved Crude Oil Price

    The external reserves stood at $36.39bn as of January 27, the latest figures from the Central Bank of Nigeria revealed.

     

    Figures obtained from the CBN showed that the reserves, which commenced the year at $35.65bn, rose to $36.52bn as of January 25, before experiencing a slight decline.

     

    On the external reserves position, the CBN noted that there had been an increase in the level of external reserves, which stood at $36.23bn as of January 21 compared with $34.94bn at the end of November 2020.

     

    It stated that this reflected improvements in crude oil prices, partial global economic recovery amid optimism over the discovery and distributions of COVID-19 vaccines by most developed economies.

     

    The reserves had experienced declines in recent months due to low oil receipts.

     

    External reserves as of October 30, 2020 fell by 0.3 per cent and 10.2 per cent to $35.58bn, compared with $35.67bn and $39.61bn at end-September 2020 and end-October 2019, respectively.

     

    The decrease was due, mainly, to the CBN’s objective of ensuring predictable macroeconomic environment through interventions in SMIS, BDC and I&E windows to stabilise the naira exchange rate.

     

    The external reserves position in October could cover 7.9 months of import of goods and services and 10.6 months of import of goods only, according to the CBN.

     

    It stated that Nigeria’s reserves per capita was $172.60 compared with $174.44 in September 2020.

     

    A breakdown of the external reserves by ownership showed that, the CBN had the largest share of $30.41bn (85.5 per cent) followed by the Federal Government with $5.10bn (14.3 per cent).