Business News Archives — Page 16 of 32 — Business Bells

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Category: Business News

  • GTB Appoints First Female MD, Becomes GTCO Plc

    GTB Appoints First Female MD, Becomes GTCO Plc

     

     By Adejuwon Osunnuyi

     

    Following the completion of its restructuring into a holding company, Guaranty Trust Bank has appointed Mrs Miriam Olusanya as the first female managing director of its banking arm, while Mr Segun Agabaje serves as group managing director of the Guaranty Trust Holding Company Plc.

     

    In a statement by the financial institution, the holding company will be governed by a Board of Directors comprising, Mr. Sola Oyinlola as Chairman of the Board and Mr Segun Agbaje as the Group Chief Executive Officer, Mr Adebanji Adeniyi as Executive Director, Mrs Cathy Echeozo as Non-Executive Director, Mr. Suleiman Barau and Mrs. Helen Bouygues as Independent Non-Executive Directors.

     

    The Banking subsidiary, Guaranty Trust Bank Limited will be governed by a Board of Directors comprising, Mr Ibrahim Hassan as Chairman of the Board, Mrs Miriam Olusanya as Managing Director, Mr Jide Okuntola as Deputy Managing Director, Mr Haruna Musa as Executive Director, Mr Olabode Agusto as Independent Non-Executive Director, Ms Imoni Akpofure and Mrs Victoria Adefala as Independent Non-Executive Directors.

     

    Commenting on the completion of the Corporate Reorganization, Agbaje, said: “We believe that a Holding Company Structure will allow us take advantage of new business opportunities in the emerging competitive landscape and strengthen our earnings base. We are very excited to get started on the next phase of our incredible journey to driving Africa’s growth by making end-to-end financial services easily accessible to every African and African Businesses by leveraging Technology and Strategic Partnerships.

     

     

    “As a bank, we were always looking to meet every customer need; with our corporate reorganization, we will be able to do more to help our customers thrive in this new world of digital technologies and unprecedented possibilities. Whilst we are evolving as an organization, we remain committed to our founding values which have endeared our brand to millions of people across Africa and beyond, and which continues to drive our financial success.

     

    “As a proudly African and truly international band, we will continue to live by these values—of excellence, hard work and integrity, even as we create faster, cheaper, safer and more diverse products for people and businesses of varied types and sizes.”

     

    The financial institution, aiming to strengthen its long-term competitiveness and growth prospects, Guaranty Trust Bank plc had recently completed its re-organisation to a holding company structure.

     

    Under the terms of the re-organisation, a new operating company has been established and amendments made to the articles of incorporation for a corporate name change.

     

     The corporate name of Guaranty Trust Holding Company Plc and GTCO Plc will be used by the newly established operating company.

     

    The statement noted that the appointments have been approved by the Central Bank of Nigeria and disclosed to the Securities and Exchange Commission and the Nigerian Exchange Group.

     

    Prior to its corporate reorganization to Guaranty Trust Holding Company Plc, Guaranty Trust Bank Plc has been at the forefront of delivering innovative banking products and services to customers and best-in-class Return-on-Equity to shareholders.

     

     It is widely regarded as the best managed financial institution in Nigeria and has, over the past decade, embarked on a period of unparalleled growth, growing its customer base from less than three million customers in 2011 to over 24million customers in 2020, and profit before tax from N45.5 billion at the end of the 2010 financial year to N238.1billion at the end of the 2020 financial year.

     

  • International Travel Tickets To Rise As Travel Agencies Devalue Exchange Rate

    International Travel Tickets To Rise As Travel Agencies Devalue Exchange Rate

    International travel tickets in Nigeria are on track to rise following a directive to travel agencies to adjust exchange rates from N420.86 to N460, effectively an 8.5% devaluation.

    Nigeria’s official exchange rate at the Investors and Exporters window is currently N410.11/$1.

     

    In an email communication sent to travel agencies, they were advised that exchange rates will be “going from N420.86 to N460 per dollar on GDS” starting today, Tuesday, July 13th 2021. They were also advised to “issue all pending tickets” using the new rates.

     

    The GDS is an acronym for Global Distribution System and is the platform used by the travel industry for issuing tickets. Booking platforms such as Amadeus, Sabre, Galileo, etc, all running on GDS already have their exchange rate adjusted to N460/$1.

     

    The adjustment in the exchange rate is a reflection of the market value of the naira in the exchange rate market. Unlike other industries, the travel industry has a history of relying on the official exchange rate (not IFEX) as a basis for issuing tickets after converting from dollars to naira.

     

    International airlines who are the original issuers of the tickets repatriate their funds by converting their naira proceeds into dollars based on the exchange rate.

     

    They also hedge against current risks by purchasing hedging instruments sold by the central bank.

     

    This adjustment reflects the market dynamics of Nigeria’s exchange rate quagmire, as supply of dollars continues to struggle to meet demand.

     

    The latest move by the airlines to adjust the official exchange rate for selling tickets could be a precursor to a wider adjustment at the I&E window which is what the central bank currently cites as Nigeria’s exchange rate.

     

    What this means

    Nigerians looking to travel internationally but yet to purchase tickets will pay higher due to the adjustment.

     

    This means a $1,000 ticket that previously cost N420k will now cost N460k, a 9.3% rise.

     

    It is also likely that other ancillary charges outside of ticket cost may also increase in tandem. For example, travel agency fees, commissions, applicable taxes might all increase.

     

    While travel is a small subset of the consumer price index, this price increase is likely to impact the inflation rate.

     

  • EXMAN Two-Day Brand Experience Summit Begins Tomorrow

    EXMAN Two-Day Brand Experience Summit Begins Tomorrow

     

    All arrangements have been concluded for the successful hosting of the much-anticipated Experiential Marketers Association of Nigeria (EXMAN) Brand Experience Summit billed to hold this week, on the 14th and 15th July 2021.

     

    The two-day Brand Experience Summit will feature two plenaries and 40 sessions across five different parallel streams each day covering Brands/Campaigns/Ideas, Marketing Technology/Data, Agency/Insights/Measurement, Shopper/Trade Marketing and Academy.

     

     According to the organisers, the topics under each stream have been carefully curated to cover the wide gamut of business practice, consumer engagement, evidence-based marketing, creativity, and business growth.

     

    The hybrid event which will hold virtually and at Providence By Mantis in Ikeja, Lagos, boasts seasoned speakers across industries.

     

     The summit will have Tosin Runsewe, CEO at Afya Care/Non-Executive Chairman, Evercare Hospital Lekki; Biola Alabi, Founder, Biola Alabi Media; Cosmos Maduka, Chairman Coscharis Group and Stella Fubara, Director International Operations – Dubai Dept of Tourism Commerce & Marketing, as plenary speakers.

     

     Mr. Cosmas Maduka will kick off the first day by talking about how to grow business from small to big business while Stella Fubara-Obinwa will be speaking about building brand experience for destination brands.

     

    On day two, the plenaries will be taken by Biola Alabi who will be talking about building brands with cultural relevance while Tosin Runsewe will speak about preparing your business for the big stage.

     

    Among the powerful lineup of speakers also expected at the summit are Adenike Adebola, Marketing and Innovations Director, Guinness Nigeria; Amaechi Okobi, Group Head, Corporate Communications – Access Bank; Emmanuel Agu, Group Marketing Director, JOTNA Nigeria Limited, Dr Rotimi Olaniyan Founder, Experiential NG; Tolulope Medebem, CEO Aster Integrated Marketing Ltd.; Mr. Kehinde Salami, MD, Ideas House and Himanshu Verma CEO Ipsos Nigeria and West Africa.

    President of EXMAN, Mr. Tade Adekunle
    President of EXMAN, Mr. Tade Adekunle

    Others are Atunyota ‘Alibaba’ Akpobome, the famous ‘Alibaba’ Comedian; Oluwaseyi Adeoye, CEO Pierrine Consulting; Kayode Olagesin, CEO Towncriers; Steve Babaeko, President AAAN; Femi Adelusi, President MIPAN, GMD BrandEye; Dr Lekan Fadolapo, Registrar/CEO APCON; Ayona Trimnell Coordinator, W initiative, Access Bank; Tinuke Bosun-Okusaga, Management Consultant; Victor Gbenga Afolabi, Group CEO, GDM Group and Emeka Oparah, VP Corporate Communications and CSR, Airtel, among others.

     

    According to the President of EXMAN, Mr. Tade Adekunle, the Brand Experience Summit is set to provide a platform for robust discussions about business growth, innovation, and brand experience in Nigeria. These discussions will be the focus over the two days of the Summit.

     

    Mrs. Sola Antwi, the Communications Lead for the Brand Experience Summit explained that the summit will be delivered in a hybrid format. According to her, attendees can register for the summit by going to the EXMAN website, www.exman.com.ng.

     

  • Tier-One Ranking: Fidelity Bank Unveils 7-point Agenda

    Tier-One Ranking: Fidelity Bank Unveils 7-point Agenda

     

    Fidelity Bank Plc has launched a seven-point agenda aimed as part of plans to ensure the bank achieve its much desired Tier-One ranking in Nigeria by 2025.

     

    The bank’s Chief Executive Officer/ Managing Director, Mrs Nneka Onyeali-Ikpe, unveiled the agenda during a media parley on Sunday in Lagos.

     

    According to Onyeali-Ikpe, the Fidelity Bank’s seven-point agenda include Innovation, Workforce Transformation, Digital Transformation, Brand Refresh, Service Excellence, Performance Discipline and Accelerated Growth.

     

    Onyeali-Ikpe, who assumed office on January 1, 2021 as Fidelity Bank’s first female chief executive officer, said the bank intends to embark on an innovation drive through implementation of new processes and techniques.

     

    “The bank is also executing fresh ideas to ensure continuous process improvement, reduce cost to serve, increase competitiveness, improve brand recognition and value, build new partnerships and relationships, drive turnover, and increase profitability,” she said.

     

    She said the bank would embark on brand refresh with the aim to increase top-of-mind awareness of the Fidelity brand by external and internal stakeholders.

     

    Onyeali-Ikpe added that the company would ensure workforce transformation to create a future readily supported by a high performing and empowered workforce.

     

    “This will be achieved by deepening the skills and competencies of staff across the bank, entrenching a culture of high performance, and embedding new ways of working in the bank.

     

    “Commencement of capacity building for staff and senior management training are some of the initiatives implemented,” she said.

     

    Onyeali-Ikpe said that service excellence intended to build brand loyalty through personalised and seamless customer experience delivery was underway with the virtual assistant IVY.

     

    “This revolutionary chatbot handles simple tasks such as account opening and complex tasks such as complaint resolution, bill payment, transferring users to a live agent, loans, fixed deposit applications and answering random questions,” she said.

     

    Onyeali-Ikpe said that other initiatives of the bank geared toward deepening growth include renewal of institutional banking and drive for transaction-based propositions in corporate banking.

     

    She said that with the agenda, Fidelity Bank was on its way to leading the banking sector while revolutionising Nigeria’s financial landscape.

     

  • How 100m Nigerians Will Be Lifted Out of Poverty – Osinbajo

    How 100m Nigerians Will Be Lifted Out of Poverty – Osinbajo

     

    • Inaugurates National Steering Committee on Poverty Reduction with Growth Strategy

     

    Vice President Yemi Osinbajo has explained that the Muhammadu Buhari’s administration plans to lift 100 million Nigerians out of poverty in ten years will not be based on a business as usual approach, but a very simple, common sense strategy that will deliver the results as promised.

     

    According to a statement by Osinbajo’s spokesman, Laolu Akande, the Vice President stated this in Abuja on Friday at the inaugural meeting of the National Poverty Reduction with Growth Strategy Steering Committee held at the Presidential Villa.

     

    He expressed confidence that the Committee will be able to achieve rapid progress, adding that “in order not to make this merely, another of those high-sounding committees that eventually achieve nothing, we have to be very intentional about our objectives and how to achieve them.”

     

    He said to members of the committee, that government would adopt a different and more effective approach in actualizing the objective of eradicating poverty in the country for the sake of delivering results.

     

    According to him, “I really want us to approach this as much as possible, commonsensically, so that we are able to resolve all the issues and focus on the real progress.

     

    “I want us to look beyond all of what we are going to be doing, there is going to be a considerable amount of paper work, but a lot of common sense is what grows economies. It’s what other countries have done, not really reinventing the wheel. So, I want us to focus on those commonsensical things, so that we can actually move forward.”

     

    Citing the example of Bangladesh where a poverty reduction strategy was also implemented, Osinbajo noted how the country’s manufacturing sector was key.

     

    “Bangladesh actually exports more garment than we export oil. Countries that have managed to get out of poverty have created a lot of jobs through industries, and they have developed intentional strategies.

     

    “We must look at what others have done, the smart things that other people have done, and adopt.”

     

    On agriculture, he said: “We really have to think smartly about how we are funding agriculture.

     

    “I think we really need to take a deep dive because governments have made several efforts at poverty alleviation but generally speaking, they have not yielded the sort of results they should yield, and I think it’s because there is a lot of focus on documentation and paper work and very little commonsense approaches,” the VP added.

     

    Osinbajo explained that National Poverty Reduction with Growth Strategy is meant to be a national strategy, not just a federal effort and it is aimed at taking 100 million people, nationally, out of poverty within a target time-frame of 10 years.

     

    His words: “I just want to emphasize that it is a national strategy as opposed to a federal strategy which is why the steering committee is made up of federal as well as state officials.”

     

    While also emphasizing the role of the private sector, the VP said “essentially, this effort must also be directed at how to facilitate private sector creation of jobs. The fact is that there is no way that the Federal Government or the State Governments can create the number of jobs that we need.

     

    “We need to take a few broad looks at the features of what constitutes our present predicaments in terms of job losses and unemployment.”

     

    Osinbajo added that efforts will be made to focus attention on creating opportunities for Nigerians to earn decent livelihoods in addition to equipping them with the necessary vocational skills.

     

    Those in attendance included Governor Kayode Fayemi of Ekiti State, who is also Nigeria Governors Forum Chairman, Governor Babagana Zulum of Borno State and Governor Abdullahi Sule of Nasarawa State.

     

    The Secretary to the Government of the Federation, Boss Mustapha; Ministers of Agriculture, Muhammad Nanono; Industry, Trade and Investment, Niyi Adebayo, and Labour and Employment, Dr Chris Ngige also attended, while the Minister of State for Budget and National Planning, Prince Clem Agba joined the meeting virtually.

     

    Later at the end of the inaugural meeting, and while fielding questions from journalists, Governor Sule of Nasarawa State said “the whole essence of the committee is for the government to be able to take 100 million Nigerians out of poverty in the next 10 years.”

     

    He said that having reviewed the Terms of Reference (TOR), the Steering Committee is now constituting the technical working group and the National Social Protection Network and then resume its meeting after the Sallah break.

     

  • AAAN Takes 48th AGM/Congress To Ibadan

    AAAN Takes 48th AGM/Congress To Ibadan

     

    The Association of Advertising Agencies of Nigeria (AAAN) has concluded plans to hold its 48th Annual General Meeting/Congress.

     

    The President of the Association, Mr Steve Babaeko announced this during a press conference held at the AAAN secretariat in Lagos.

     

    The Association’s AGM is always a major event in the nation’s marketing communications calendar as it always attracts overwhelming local and foreign coverage.

     

    With the theme “Boom, Gloom and Doom! Where do we sit?”, the AGM/Congress is scheduled to hold at the Golden Tulip Hotel, Ibadan, Oyo State on Friday 23rd and Saturday 24th July, 2021.

     

    Mr. Seyi Makinde, the Executive Governor of Oyo State, will be among prominent dignitaries at the 48th Annual General Meeting/Congress of the Association of Advertising Agencies of Nigeria.

     

    The Governor is expected to declare open the AGM while the Minister of Information, Alhaji Lai Mohammed will also be in attendance as the Special Guest of Honour.

    L-R: Chairman of the Events Planning Committee, Mr. Doyin Adewumi, Director, AAAN, Mrs Kemi Famusoro, AAAN President, Mr. Steve Babaeko and AAAN Vice President, Mr. Jenkins Alumona during the Press Conference held at the AAAN Secretariat in Lagos recently. Photo: Adejuwon Osunnuyi

    According to Babaeko, the association’s AGM is a platform to actively engage in intellectual and critical discourse on the challenges facing the business and practice of Advertising in Nigeria and advocate unconventional solutions in rebuilding and rebranding the industry.

     

    Speaking on the AGM, the Chairman of the Events Planning Committee, Mr. Doyin Adewumi stated that this year’s conference would different as many interesting activities have been lined up. 

     

    He noted that the  association has come to a decision to invite leading experts in their fields to lead the discourse on the theme.

     

    According to Adewumi, the impact of the discourse will be beneficial to delegates and members of the Association.

    L-R: Vice Chairman, Events Planning Committee, Mr. Taiwo Agboola, Chairman of the Events Planning Committee, Mr. Doyin Adewumi, Director, AAAN, Mrs Kemi Famusoro, AAAN President, Mr. Steve Babaeko, AAAN Vice President, Mr. Jenkins Alumona, Publicity Secretary, AAAN, Mrs.Tope Jemerigbe during the Press Conference held at the AAAN Secretariat in Lagos recently. Photo: Adejuwon Osunnuyi

    To emphasize the importance of the AGM, the Association has invited Mr. Abubakar Suleiman (MD, Sterling Bank Plc), Mitchell Elegbe (MD/CEO, Interswitch) and Mr. Iyinoluwa Aboyeji (Founder, Future Africa) as speakers. The panelists include, Mrs. Cherry Eromosele, Group Chief Marketing & Corporate Communications Officer, Interswitch, Mrs. Bukola Akingbade, CEO, Image and Time, Mr. Lanre Adisa, CEO, Noah’s Ark, Mr. Tunde Dosekun, Managing Director, DDB Lagos, Miss Nnenna Onyewuchi, Co-Founder/Director of Strategy, Yellow Brick Road, Mr. Dipo Adesida, Chief Operating Officer of Verdant Zeal Group.

     

    Adewumi added that in recognition of meritorious service, some senior members will be honoured and given special recognition awards.

     

    Also, according to him, young practitioners who have shown exceptional leadership will also be recognised at the AGM/Congress.

     

    This year’s AGM, he emphasized, promises to be engaging, memorable and will clearly impact positively on the delegates and the industry at large.

     

    Adewumi said; “We are not just going there to sit and discuss among ourselves. We are going to the city of Ibadan and make sure that Ibadan notices us.

     

    “The first thing you will notice is that we are already patronizing the Federal Government because we are going to transport our members to Ibadan by train. I am excited that we are going to enjoy all the facilities that the government has put in place.”.  

     

    Speaking further, he said the AGM is also going to witness career talk with students of the University of Ibadan being in attendance.

     

    However, the highpoint of the event was the introduction of the  AAAN new Director, Mrs Kemi Famusoro to members of the press by the AAAN President, Steve Babaeko. 

     

    Famusoro is the first woman to occupy the seat of the AAAN Director.

     

  • Lagos Govt Unveils Traffic Management Solution To Ease Gridlock, Check Traffic Violations

    Lagos Govt Unveils Traffic Management Solution To Ease Gridlock, Check Traffic Violations

     

    The Lagos State Government has introduced a technology-driven device, Traffic Management Solution (TMS), aimed at implementing traffic law compliance in the State.

     

    The State Government said the introduction of the handheld device, which allows for real-time capture of pictures and video evidence of road traffic and vehicle compliance violations as they occur, will ease traffic gridlock on Lagos roads and put to rest controversies surrounding the operation of law enforcement agents and traffic violators.

     

    Speaking at a press conference held at Alausa, Ikeja on Wednesday to announce the introduction of the Traffic Management Solution (TMS), Lagos State Commissioner for Transportation, Dr. Frederic Oladeinde said the device, which would be used by both the Lagos Traffic Management Authority (LASTMA) and the Vehicle Inspection Service (VIS) in their operations is linked to the control room where every activity will be monitored.

     

    He said with the device, offender may choose to visit a Traffic Court and present the Violation Number for the violation he or she wishes to challenge Electronic verification of the authenticity of drivers’ licenses, vehicle licenses and number plates which will significantly assist in achieving the goal of clamp down on motorists with fake licenses and number plates.

     

    The Commissioner disclosed that Lagos State Governor, Mr. Babajide Sanwo-Olu’s goal is to modernise operations and simplify enforcement by eliminating situations that facilitate impediments and cause counterproductive results on roads.

     

    Oladeinde therefore enjoined Lagosians to support the initiatives of the Sanwo-Olu administration in addressing the issue of Traffic Management and Transportation, which is the first pillar of the THEMES developmental agenda of the incumbent government.

     

    He said: “In line with the Smart City status of the state, this innovation will align with traffic management structure on traffic law violations and compliance checks.

     

    “With the use of this TMS device the need for traffic law enforcement officials to have any contact whatsoever with vehicular offenders on the road will be reduced significantly as they will only face the duty of capturing violations which will enable efficient and effective traffic management as their primary duty.

     

    “Lagosians will experience transparency at its peak with the use of the TMS. It will expose in detail violations with the provision of video and picture evidence to aid the resolution process and give specific financial penalties within the ambit of the Law.

     

    “Reports of physical abuse of our traffic management personnel will be eliminated as there will be no need for face to face resolutions and will create a strong deterrence to traffic offences which will significantly reduce the traffic situation in the state.

     

    “I enjoin the good people of Lagos State to support the initiatives of the Babajide Sanwo-Olu led Administration as this is pointer to a better transportation sector as promised at the beginning of this journey in the Y2019,”

     

    Dr. Oladeinde, who briefed journalists in company of the Commissioner of Information and Strategy, Mr. Gbenga Omotoso; the Special Adviser to Governor Sanwo-Olu on Transportation, Mr. Oluwatoyin Fayinka and other head of agencies in the Ministry of Transportation, disclosed that the recently launched body camera for law enforcement operatives would also complement the new device.

     

  • Nigeria Must Create Environment To Encourage Export, Attract Forex – Muda Yusuf

    Nigeria Must Create Environment To Encourage Export, Attract Forex – Muda Yusuf

     

    The immediate past Director General of the Lagos Chamber of Commerce and Industry (LCCI), Dr. Muda Yusuf has called on the Nigerian authorities to create an enabling environment that will encourage export business and attract foreign exchange (forex).

     

    Nigerian economy, according  to him, has the capacity to attract a lot of foreign exchange because of its size, stressing that there are potentials and  opportunities that are still hidden.

     

    Speaking at the monthly forum of the Finance Correspondents Association (FICAN) on Thursday, Yusuf stated that foreign exchange earning is all about creating the environment for more inflows to come in the form of diaspora remittances, foreign direct investment inflows, foreign portfolio investment,   export proceeds among others.

     

    The theme of the forum is : “Post COVID-19 Economy in H1:2021 and Outlook For Financial Services Sector.”

     

    Specifically, the former DG observed that the exporters are passing through a lot of difficulties, adding that the way to attract foreign exchange is to export but ” if you go to the ports and see what exporters are going through, you feel sorry for them and the Nigerian economy in general.”

     

    According to Yusuf, “We say we don’t have foreign exchange but the way to attract foreign exchange is to export. However, exporting is almost a nightmare in Nigeria.

     

    “For instance, the process for export cannot begin until an exporter has loaded the truck and paid the truck owner.

     

    “After paying the truck owner, he would go through about two weeks of inspection and documentation. After which he will also face the traffic gridlock and  before they could finish the inspection and documentation some of the products must have gone bad especially the ones that are perishable,” he emphasized.

     

    He also said that the policy of exchanging export proceeds at the Nigerian Autonomous Foreign Exchange (NAFEX) rate is not fair to the exporters because of the gap between the official and unofficial exchange rate windows.

     

    This, he revealed, is one of the reasons why some of the exporters hide their export proceeds.

     

    “Exporters should have free access to their export proceeds and be incentivised, just like the Nigerian diaspora were  encouraged with the Central Bank of Nigeria’s naira 4 dollar exchange rate policy for remittances.

     

    Yusuf further stated that looking back in to the last six months, the monetary policy makers retained policy parameters as  the committee  tried  to  maintain  a  balance  between boosting growth recovery and curbing the monetary component of inflationary pressure.

     

    The CBN, according to him, sustained its developmental finance intervention  in  the  first  half  as  part  of  efforts  in  stimulating  local production.

     

    Similarly, “The bank employed administrative measures including Open Market Operation (OMO) auctions, Loan to Deposit Ratio (LDR)/ Cash Reserve Requirement (CRR) debit and special bill auctions to control excess liquidity in the banking system as a way of tackling the monetary inflationary drivers.

     

    “The  banking  industry  demonstrated  resilience  amid  disruptions associated with the pandemic, attributable to the policy intervention of the CBN,” he said.

     

    Going by key ratios, Yusu added that  the banking industry is financially stable and sound with industry capital adequacy and liquidity ratios above  regulatory  threshold  while  non-performing  loan  ratios  is slightly above the five percent prudential guideline.

     

  • Coscharis Motors Flaunts Locally Assembled Renault Vehicles At Lagos Motor Fair

    Coscharis Motors Flaunts Locally Assembled Renault Vehicles At Lagos Motor Fair

     

    Coscharis Motors Plc, a subsidiary of Coscharis Group recently showcased two locally assembled Renault automobile models amongst others during the 15th Lagos Motor Fair held at the Federal Palace Hotel, Lagos.

     

    Speaking at the Fair with various stakeholders in attendance, the Coscharis Group General Manager, Marketing and Communications, Abiona Babarinde said “If you recall in July 2019 we formally announced our partnership with the Renault Group to represent their auto brands in Nigeria. We equally showcased our ultra-modern Semi-Knocked-Down Assembly Plant located at our Group Head office in Awoyaya, Lagos. As at today, we are excited to say that Coscharis Motors has since been rolling out two name plates of the Renault Brand, namely Renault Logan and Renault Duster, from the assembly plant. These two locally assembled nameplates are among the five models that include Renault Kwid, Renault Koleos and Renault Oroch respectively on display here today under the Renault brand.”

     

    Commenting on the locally assembled vehicles, an obviously elated Director General of Nigeria Automotive Design and Development Council, Dr. Jelani Aliyu said, “I am excited to see that Coscharis Motors has assembled these vehicles in Nigeria. The NADDC and other relevant agencies of government are willing to support you to do more in this regard. I commend and congratulate the leadership and entire Coscharis team and their Renault partners for this great feat and assure the Company of government support towards the growth of local assembling of more Renault models in your plant”

    Renault
    R – L : Abiona Babarinde, GM, Marketing and Corporate Communications, Coscharis Group; Dr. Aliyu Jelani, DG, National Automotive Design and Development Council; Sola Adigun, General Manager Sales, Renault, Coscharis Motors; Olayinka Oladipo, Sales Manager, Renault, Coscharis Motors, during the exhibition of Renault brand of vehicles at the 15th Lagos Motor Fair held at the Federal Palace Hotel, Lagos, last week

    Coscharis Motors equally used the Fair to further remind the market on the ongoing ‘Giveaway’ promotion for any purchase of the Renault Kwid and Renault Koleos that attracts a free Abro Generator, 5% discount, free insurance, free vehicle registration and free vehicle service for the 1st two service. This is coupled with the ease of purchase through flexible finance schemes from Coscharis Mobility, Polaris Bank and other upcoming finance institutions that are finance partners to Coscharis Motors.

     

    The Koleos

     

    The Koleos is designed with a sense of detail and personality enhanced by its sleek appearance and athletic curves.

     

    Behind its chic urban styling, Koleos has the DNA of a true 4X4. The ALL MODE 4×4-I technology allows you to select the transmission mode that your vehicle will need to be equally at home on dirt, mud or sand as it is on tarmac.

     

    Koleos comes with a range of driver assistance technologies including active emergency braking, blind spot detection system, easy trunk access and R-Link 2 media system.

     

    Duster

     

    Customers can choose from 1.6-Litre to 2.0Litre engine but whichever engine, it is built with a robust off-roader looks. With the superb ground clearance, the Duster is a practical and durable vehicle for the Nigerian road.

     

    The interior of the All-new Duster reflects its generous, adventure-seeking nature. The spacious cabin is bright and reassuring. The driver and passenger seats provide plenty of support to ensure your comfort wherever you go. The upholstery features a high-quality finish, as does the dashboard, where particular emphasis was placed on ergonomic design.

     

    Simple and intuitive, the multimedia system Media Nav with touching screen allows you to navigate through all the different functionalities: navigation, phone, radio, Aux/USB ports and Bluetooth® connection to listen to your favorite music.

     

    It also comes with hands free card to lock and unlock the doors from a distance as well as assist to start the air-conditioning before getting into the car.

     

    Logan

     

    New Renault Logan has an even more modern and dynamic design. With redesigned front and rear end panels featuring the new Renault brand light signature, New Renault Logan is a beauty to behold.

     

    New Renault Logan has 5 generous seats to comfortably accommodate all your passengers. Enjoy useful and smart new storage areas, including a phone pouch and a front passenger side net pouch. There’s a new 12 V output in the rear for charging your devices. There’s also a 1/3-2/3* split-fold rear bench seat and a spacious boot to transport everything you need in the way that suits you. Combine utility and pleasure for a journey you’re sure to love. *Depending on the version.

     

    Logan’s ground clearance level (155-164mm) enhances its capacity to cope with extremely poor road surfaces (potholes, cobbles, uneven surfaces. The mechanics, bodywork (opening panels), air conditioning/ventilation system and passenger compartment all specially designed to cope with certain countries’ environments where dust is omnipresent. Logan has an excellent thermal comfort standard (the vehicle is designed to deal with “extremely hot” conditions.

     

    Kwid

     

    Inside Renault Kwid, there’s plenty of headroom, legroom and elbowroom for the driver plus up to 4 passengers. There are ingenious storage spaces everywhere.

     

    The Renault KWID’s class-leading boot space of 290L can be extended up to 1100L, making it the perfect partner for a long road trip.

     

    Customers can also personise their vehicle with a pack connect that offers you the possibility to integrate a black front grille with a chrome embellisher, a chrome ring around the fog lamps and a black pearl color for side mirrors.

     

    Customers can now contact our dealer outlets across Nigeria or visit www.renault.com.ng for pricing and specification listings.

     

    We also offer trade-in options so that customers can upgrade to newer models by trading in their current vehicles.

     

    Furthermore, Abiona Babarinde reassured on the company’s aftersales commitment stating that “Coscharis is fully equipped to handle all after-sales – services and repairs timeously with the original spare parts. We are continually confident to simply delight our customers with the Renault brand as the exclusive franchise owner in Nigeria”.

     

    We are the sole franchise for Renault brands in Nigeria. Currently, we have top-notch sales and service centres across Nigeria with major dealership outlets in Abuja, Lagos, Port Harcourt and Uyo respectively.

     

  • Tax Evasion: FIRS Directs Banks to Deduct N1.8trn From Multichoice’s Accounts

    Tax Evasion: FIRS Directs Banks to Deduct N1.8trn From Multichoice’s Accounts

     

    The Federal Inland Revenue Service (FIRS) has appointed some commercial banks as agents to recover N1.8 trillion from accounts of MultiChoice Nigeria Limited (MCN) And MultiChoice Africa (MCA).

     

    Muhammad Nami, FIRS chairman, said the decision to appoint the banks as agents and to freeze the accounts was as a result of the group’s continued refusal to grant FIRS access to its servers for audit.

     

    Multichoice is the owner of the satellite television, DSTV, a popular subscription-based platform in Nigeria.

     

    Nami said the FIRS discovered that the companies persistently breached all agreements and undertakings with the service.

     

    He explained that the companies failed to promptly respond to correspondences, and further described them as lacking in data integrity and transparency as they continually deny FIRS access to their records.

     

    “Particularly, MCN has avoided giving the FIRS accurate information on the number of its subscribers and income. The companies are involved in the under-remittance of taxes which necessitated a critical review of the tax-compliance level of the company,” a statement by Abdullahi Ahmad, FIRS director of communications and liaison department, quoted Nami to have said.

     

    The statement added that the group’s performance does not reflect in its tax obligations and compliance level in Nigeria.

     

    “The level of non-compliance by Multi-Choice Africa (MCA), the parent Company of Multi-Choice Nigeria (MCN) is very alarming. The parent company, which provides services to MCN has never paid Value Added Tax (VAT) since its inception.”

     

    The FIRS chairman said that Nigeria contributes 34 percent of total revenue for the Multi-Choice group, adding that the next to Nigeria from intelligence gathering is Kenya with 11 percent and Zambia in third place with 10 percent.

     

    According to him, the rest of African countries where they have presence, accounts for 45 percent of the group’s total revenue.

     

    “Information currently at the disposal of FIRS has revealed a tax liability for relevant years of assessment for N1.82 trillion and $342.5 million,” he said.

     

    “Under FIRS powers in Section 49 of the Companies Income Tax Act Cap C21 LFN 2004 as amended, Section 41 of the Value Added Tax Act Cap V1 LFN 2004 as amended and Section 31 of the FIRS (Establishment) Act No. 13 of 2007, all bankers to MCA & MCN in Nigeria were therefore appointed as Collecting Agents for the full recovery of the aforesaid tax debt.

     

    “In this regard, the affected banks are required to sweep balances in each of the above-mentioned entities’ accounts and pay the same in full or part settlement of the companies’ respective tax debts until FULL recovery. This should be done before the execution of any transaction involving the companies or any of their subsidiaries. It is further requested that the Federal Inland Revenue Service be informed of any transactions before EXECUTION on the account, especially transfers of funds to any of their subsidiaries.”

     

    Nami noted that it was important that Nigeria puts a stop to all tax frauds that have been going on for too long.

     

    He added that all companies must be held accountable and made to pay their fair share of relevant taxes including back duty taxes owed, especially VAT for which they are ordinarily agents of collection.