Business News Archives — Page 24 of 32 — Business Bells

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Category: Business News

  • No Plan To Increase Cement Price, BUA Assures Stakeholders

    No Plan To Increase Cement Price, BUA Assures Stakeholders

    BUA Cement Plc has ruled out an increase in the ex-factory price of cement.

     

    Ex-factory price means the selling price of a product from the manufacturer’s factory excluding shipping, handling, taxes and sundry costs.

     

    In a statement on Sunday, the company said it does not intend to increase its price of cement now or in the near future, barring any material and unforeseen circumstances.

     

    The clarification, BUA Cement noted, followed inquiries from stakeholders as to whether it is part of a purported price increase of N300 per bag.

     

    “Whilst we are aware that demand for cement is high with current supply levels not sufficient to meet this increased demand, we do not believe the solution lies in an increase in ex-factory prices of cement – especially not at this period,” the statement said.

     

    “It is our strong conviction that any increase in prices of major commodities at a time like this is not right – whilst Nigerians are still trying to recover from the economic consequences brought about by the covid-19 pandemic – especially for a product for which all raw materials are locally sourced.

     

    The company said it is aware that there is a huge difference between the ex-factory and retail prices of cement.

     

    It attributed the price disparity to retailers taking advantage of increased cement demand to make maximum profits.

     

    “We stand by our previous statements that the timing is not right for any increase in the price of major commodities whilst we work towards ramping up our production capacity to ensure that commodities like cement remain accessible and affordable for our consumers,” the company added.

     

    “BUA Cement therefore wishes to restate that it is not a part of the purported increase in cement prices and we once again enjoin and appeal to our distributors, who have been advised, to ensure there are no further arbitrary increases or excessive profit taking in the retail price of cement.”

  • Nigerian Breweries Shareholders Approve N7.52billion Dividend Payout

    Nigerian Breweries Shareholders Approve N7.52billion Dividend Payout

     

    Shareholders of Nigerian Breweries Plc, Nigeria’s foremost brewer have approved the dividend payout of N7.52 billion for the 2020 financial year.

     

    The approval was given at the 75th Annual General Meeting of the company held at MUSON Centre in Lagos on Thursday, April 22, 2021, even as the company assured the shareholders of its commitment to continually improve the return on their investments.

     

    Speaking during the AGM, shareholders noted that the total dividend payout comes as a result of the exceptional performance recorded by the company for the 2020 financial year.

     

    They stated that the 2020 results contained in the audited report and the 100% dividend payout is a strong reflection of the company’s stability as well as its resilience in the face of the global pandemic and operating challenges in the economy.

    L-R: Non-Executive Director, Nigerian Breweries Plc, Mrs. Adeyinka Aroyewun; Company Secretary/ Legal Director, NB Plc, Mr. Uaboi Agbebaku; Chairman, NB Plc, Chief Kola Jamodu and Finance Director, NB Plc, Mr. Rob Kleinjan during the 75th Annual General Meeting of the company held in Lagos today

    Shareholders who were in attendance expressed appreciation to the board and management of the company for exhibiting the great capacity to keep the company going and stable amid the global pandemic and other operating challenges confronting it.

     

    Speaking during the Q and A section of the meeting, shareholders gave kudos to the company for making a total dividend payment at a time when most listed companies find it hard to pay dividends to their shareholders.

     

    One of the shareholders, Mr. Boniface Okezie who spoke at the meeting hailed the board and management of Nigerian Breweries Plc for helping to maintain a strong and healthy balance sheet amidst recession and inflation that had affected businesses and the Nigerian economy in general.

     

    According to Okezie, the fact that the company remains competitive despite the huge impact of the COVID-19 pandemic on businesses demonstrates the uniqueness of the cost-saving measures deployed.

     

    “Despite the impact of the recession and COVID-19 pandemic, the company was still able to maintain stability. This goes to show the quality of leadership at the company. I must confess that the board and management have done well to keep to its promise of paying dividends. We can only hope that they keep up the tempo so that we can receive higher dividends in the next financial year”, he said

     

    In his remarks at the meeting, the Chairman of Nigerian Breweries Plc, Chief Kola Jamodu explained that each shareholder would receive a final dividend of N0.69k at an ordinary share of 50k, having received an interim dividend of 25k.

     

    On his part, the Company Secretary/Legal Director, Nigerian Breweries Plc, Uaboi Agbebaku disclosed that the 2020 financial year recorded a significant boost in sales volume even though the cost of sales rose from N191.76billion to N218.36billion.

     

    Agbebaku who was optimistic about the growth of the company going forward noted that the company would continue to give utmost priority to the welfare of its shareholders in its decision making.

     

     A breakdown of the company’s audited results shows that its Profit after Tax (PAT) recorded for the 2020 financial year stood at N7.52billion while net revenue increased sharply from N323 billion to 337.01billion between 2019 and 2020, representing a 4.3% rise.

     

    Marketing and Distribution Expenses reduced from N77.70 billion in 2019 to N70.7billion in 2020, while Administrative expenses also dipped by 1.79% from N19.30 billion to N18.96 billion, which was largely informed by the elimination of bad costs.

     

  • OAAN, ICL Collaborate On Audience Measurement For OOH Sector

    OAAN, ICL Collaborate On Audience Measurement For OOH Sector

     

    In pursuance of the aim of providing solution to the age-long marketing industry need for offline measurement, the Outdoor Advertising Association of Nigeria (OAAN) and Interaction Channel Limited (ICL), an advertising technology company have embarked on a strategic collaboration to provide a currency of measurement for the OOH sector in Nigeria using the innovative ‘Moving Audiences’ platform.

     

    The collaboration was announced at the press briefing in Lagos held on Thursday 22nd April where the two parties disclosed that they will leverage best in class global technology, data and tools to drive strategy, planning and buying of Out-of-Home Advertising for advertisers and brands.

     

    To bring the technological innovation to the Nigerian market, ICL had partnered Moving Walls, having signed a deal with the international agency to provide upscale location intelligence for media and marketing services.

     

    The President of OAAN, Emmanuel Ajufo disclosed that the innovation is timely considering the challenges of providing adequate data on audience engagement with its boards and others. He stated that it is a new dawn for OOH advertising in the country and it will further help practitioners and its members to offer unique and measurable services to clients.

     

    Adding that the association is strongly in support of the initiative, he stated that it will transform the sector as practitioners will offer more value to clients.

     

    “The association is behind this whole initiative, we want everybody to know that the collaboration is for the good of the industry. For us our interest is value for our client and we are set to deliver much more with credible audience measurement in place.”

     

    Similarly, the Managing Director of ICL, Tosan Omagbemi stated that the OOH advertising industry can now boast of having standards of measurement in line with global best practices which will further help it grow remarkably.

     

    “It is evident that OOH Advertising delivers results. This is what the OAAN/ICL collaboration intends to amplify through global best standards of measurement. OOH now has measurement in Nigeria!

    L-R:  President, Media Independent Practitioners Association of Nigeria (MIPAN), Femi Adelusi; Director, Regulation, Monitoring and Enforcement, Advertising Practitioners Council of Nigeria (APCON), Ijedi Iyoha; Managing Director, Interaction Channel Limited (ICL), Tosan Omagbemi and President, Outdoor Advertising Association of Nigeria (OAAN), Emmanuel Ajufo at the press briefing to announce the OAAN and ICL collaboration on Data Standards for Out-of-home advertising, held in Lagos today

    “At Interaction Channel Limited, we believe that we are engaging an ever-dynamic audience. Brands that intend to get the right space per time within the consumer/media ecosystem must employ dynamic solutions which our advertising technology company is all about – dynamic solutions for a dynamic audience. This is the next phase for brand custodians that would not only deliver their numbers, but be part of the consumers’ play,” he explained.

     

    He added that its upscale location intelligence platform leverages 5th Generation cutting edge technology to offer a marketing lifestyle solution for OOH strategy, planning and buying, Mobile Advertising, Retail Analytics and Events Measurement. “Using these tools, brands will be able to deploy their consumer initiatives with an unprecedented higher level of precision. A robust synergy is now also possible across media types, for example OOH Media + Mobile. Furthermore, advertisers will be able to customize audience segments and leverage day-part understanding to reach specific audiences especially on DOOH.”

     

    Commending the initiative, the President of Media Independent Practitioners Association of Nigeria (MIPAN), Femi Adelusi  had some words to say: “In line with the MIPAN’s tradition, we are delighted to see the arrival of credible media audience measure on OOH. The ICL platform provides an end-to-end planning for Moving Audiences from Strategic/Planning to Buying and Measurement on the OOH media.

     

    “I am convinced that Advertiser and first tier advertisers, who continue to invest about 40-55% of DME in Outdoor Advertising in Nigeria over many decades, are super excited by the availability of a credible means of measuring and substantiating their investment on the OOH channels.

     

    “The job of the media /marketing professionals will also be made more exciting with this technology and data enabled decision making tool which will ultimately drive better effectiveness and efficiencies,” he concluded.

     

    In the same vein, the Advertising Practitioners Council of Nigeria (APCON) Registrar, Dr. Olalekan Fadolapo who was represented by the Director, Regulation, Monitoring and Enforcement, Ijedi Iyoha, applauded the partnership and assured them of the council’s support, stating that the collaboration will help boost advertising industry in the country.

     

    She added that it came at a right time APCON has been directed to manage the audience measurement of media which also includes OOH. “APCON is giving its 100 percent support to this. I want to believe that with this collaboration if it is well implemented it will go a long way to enhance growth and innovation in the industry.”

  • Jumia Employee Taking Pleasure in Meeting Ecommerce Needs of Rural Dwellers

    Jumia Employee Taking Pleasure in Meeting Ecommerce Needs of Rural Dwellers

     

    By Ilerioluwa Phillps

     

    Though rural Nigerian communities are plagued with erratic internet service which limits accessibility to ecommerce, there’s increasing level of acceptance and usage of ecommerce in these communities, thanks to efforts of associates of ecommerce brands like Jumia who meet and engage with residents at the local levels.

     

    Loads of obstacles are surmounted daily by these associates in their quest of treating rural natives to online shopping experience. A lot of effort goes into teaching and exposing these natives to basic internet and online shopping tips. At times, knowledge of native language is needed to drive home the point.

     

    After successfully bringing customers onboard the ecommerce train, next is the challenge of road networks in getting orders delivered at their various locations. Majority of roads in rural communities are fault traps for vehicles, hence riders are mostly deployed for easier maneuvering. For the riders who brave the odds to access the area, they are confronted with yet another huddle, as they still have to engage in house searching to ensure packages are delivered at the right place.

     

    Malik Suleiman, a delivery associate for Jumia Nigeria solves these sorts of problems on a daily basis. Malik has been working with the company for three years most of which he has been deeply involved in taking ecommerce service experience to rural residents.

     

    “There are some challenges we face while delivering packages to these rural areas. Two of these challenges include the fact that most of the roads aren’t motorable. The second is that based on the house numbering system, we find it kind of difficult delivering packages to some addresses,” he explained.

     

    Despite the challenges faced daily on these local routes, this Jumia employee says he’s excited about the inclusion of the rural dwellers in accessing ecommerce services. “The good side of it is that buying things online prevents people living in these areas from going all the way to the town to get these things from the local market. So when I finally deliver these packages to customers despite the challenges, I see the joy in their eyes and I feel fulfilled,” the smiling rider said.

     

    It will definitely take more devoted workers like Malik to bring more rural dwellers into the ecommerce market, but many will agree that African ecommerce brands are on the path to achieving this with continued sensitisation, partnerships and logistics investment targeted at local residents.

  • SIM-NIN Linkage: Obey Court Orders, Stop Threatening Subscribers, ATCIS Warns Pantami

    SIM-NIN Linkage: Obey Court Orders, Stop Threatening Subscribers, ATCIS Warns Pantami

    By Adejuwon Osunnuyi

     

    The Minister of Communications and Digital Economy, Isa Ali Pantami, has been told to stop issuing threats to Nigerian subscribers who are yet to get their SIMs linked to a National Identity Number (NIN).

     

    The National President of the Association of Telephone, Cable and Internet Subscribers, ATCIS, Hon. Sina Bilesanmi gave the warning while speaking with The Business Bells on Wednesday.

     

    Bilesanmi’s warning is coming on the heels of recent statement by the minister telling Subscribers to verify their NINs before the new deadline, May 6 or face comeuppance.

     

    While warning defaulters of government’s imminent actions, based on what he called sponsored reports published about him by some media outlets, Pantami, had in a series of tweets, said no amount of intimidation will stop him from implementing the good policies of President Muhammadu Buhari on security.

     

    “If you are yet to verify your SIM using NIN, do it very soon, before our next action. Criminals are feeling the heat,” he said.

     

    He further noted there was no going back on the issue of NIN-SIM Verification to fight insecurity.

     

    “On the issue of NIN-SIM verification to fight insecurity, there is no going back. Our priority as government based on the provision of our constitution 1999 (as amended) Section 14(2)b is security, not just economy. For sure, no going back at all. Let’s the sponsors continue,” he stressed.

     

    However, according to the ATCIS President; the minister should stop issuing subscribers threat but rather ensure he obeys the court order baring government from deactivating subscribers over failure to link their SIMs.

     

    Recall that a Federal High Court sitting in Lagos State had ordered the federal government to extend the deadline following a suit filed by a former National Vice-President of the Nigerian Bar Association and human rights lawyer, Mr Monday Ubani, on behalf of subscribers, challenging the legality of the timeline.

     

    The court also barred the federal government from deactivating people’s lines by April 6.

     

    “What we are telling the minister is that enough of threatening Nigerians. I believe this is the right time for him (Pantami) to obey the court order rather than threatening to block the lines of Nigerians subscribers over their inability to link their NINs basing his action on insecurity.”

     

    Bilesanmi noted that the court order of March 26 extending the deadline of SIM linkage from April 6 by another two months subsist and superior to government’s to extend it by only one month.

     

    According to him, the one month extension by the government runs contrary to court order which directed that the NIN registration be extended by two months from March 23 when it gave the verdict.

     

    “I believe what they ought to do now is to do the needful as a responsible government by proving jobs for their citizens to avert insecurity.

     

    According to Bilesanmi, unemployment is one of the most serious problems facing Nigeria which the government must address holistically if they want insecurity to abate.

     

    “No doubt, the rising level of unemployment in the country can be attributed for the increase in security challenges in the country.

     

    “Many school leavers and employable adults are unable to secure jobs and the government is unable to act fast enough in finding a solution to this problem.

     

    “Definitely, the high rate of unemployment in the country is directly responsible for the increasing security challenges in Nigeria. For sustainable development to be achieved, the government must urgently address the unemployment crisis facing the country so as to be able to adequately tackle its security challenges.”

     

    “Insecurity is not caused by the subscribers. The issue at hand is for the government to fix unemployment. “

     

    The ATCIS president said the minister should refrain from using President Mohammadu Buhari’s policy which he has continued to  quote in deceiving Nigerians.

     

    According to him, the so called Buhari’s policy should be on how fix Nigeria.

     

    “All the noise the minister has been making is not the way forward. The way forward is to call a round table meetings of stakeholders including ATCIS which is the subscribers’ association body. Pantami has failed to call such stakeholders meetings.”

     

    He noted that the minister is just a single person and therefore cannot be singlehandedly making decisions on over 200 millions subscribers.

     

    “This should be a warning to Pantami. If he fails to do the needful, the whole Nigerian subscribers would call for his removal as a minister,” Bilesanmi submitted.

  • Controversies Trail Disbursement of N10bn Covid-19 Bailout To Auto Industry

    Controversies Trail Disbursement of N10bn Covid-19 Bailout To Auto Industry

     

    The N10bn Covid-19 bailout as intervention fund to operators in the Nigeria’s auto industry which is expected to rescue ailing companies and firms to reposition the sector seems to be shrouded in controversy.

     

    Findings by the Nigeria Auto Journalists Association (NAJA) showed that the huge fund is causing ripples as some operators are alleging that they were side-lined in the disbursement.

     

    It was learnt that among the operators who have been asked to submit documents for verification were the interstate luxury bus operators under the aegis of the Public Transport Owners of Nigeria Association (PTONA).

     

    NAJA learnt that having lost billions of naira due to the 98-day lockdown due to the Covid-19 pandemic, they had expected they would deploy the palliative to beef up their business but up till today they are yet to benefit.

     

    In a letter dated March 28, 2021 addressed to the Honourable Minister of State for Transportation, Federal Ministry of Transportation and signed by the Deputy President, Emeka Mamah, the group pleaded for the verification of two key issues as it concerns the fund.

     

    First, PITONA pleaded to the Minister to correct apparent confusion in treating the N10 Billion covid-19 palliative fund approved for Road Transporters as MSME Survival fund domiciled with the Federal Ministry of Industry, Trade and Investment.

     

    The group also asked for immediate disbursement of the N10bn Covid-19 palliative fund to their members to prevent imminent collapse of interstate passenger transport companies in Nigeria.

     

    According to PITONA, efforts made to secure an appointment to pay a working visit to the Honourable Minister to discuss issues relating to the inordinate delay in disbursing the fund to road Transporters proved abortive, as it was not granted.

     

    “However, in your reply to our letter dated 3rd March, 2021 (a copy is attached) our request for the visit was neither approved nor rejected. On the contrary, you simply advised our Association to redirect its inquiry regarding the fund to the Federal Ministry of Industry, Trade & Investment since the intervention fund for the transport sector had been released to the ministry by the Federal Government”, the group stated in the letter.

     

    Lamenting further, PITONA insisted that the N10Billion Covid-19 Palliatives Fund approved by the Federal Government is totally different from an aspect of the N60Billion MSME Survival Fund domiciled with the Federal Ministry of Industry, Trade and Investment, adding that “the N10Billion Covid-19 Palliative Fund was meant to assist road transporters to resuscitate their businesses that were on negative income throughout the 14 weeks that the country was on complete lockdown for all interstate passenger movement due to Covid-19 Pandemic”

     

    On the other hand, an aspect of the N60Billion MSME Survival Fund domiciled with the Federal Ministry of Industry, Trade and Investment is a one-off grant designed to support vulnerable Micro Small and Medium Enterprises in meeting up their salary obligations under the Federal Government’s National Economic Sustainability Plan (NESP)”, PITONA added.

     

    PITONA had earlier in 2020 estimated a loss of about N200bn in revenue just in 10 weeks of the lockdown

     

    Another major operator who spoke under anonymity told our correspondent that when they approached the Federal Ministry of Transportation, they were directed to go and enquire from the Ministry of Industry, Trade and Investment.

     

    On getting to the Ministry of Industry, Trade and Investment, the source disclosed that they were told that the money had been disbursed to Keke-Napep riders

     

    In addition, another transport body, Road Transport Employers Association of Nigeria (RTEAN) also claimed it has not benefited from the fund.

     

    Confirming their position, the National President of RTEAN, Alhaji Musa Muhammed said he was not aware of the fund.

     

    “I am not aware of any N10bn palliative. We have not seen anything. The only money which some of our members got was the N30,000 MSME fund and not many people got the money, Muhammed said.

     

    Efforts made to reach the Director of Press in the Federal Ministry of Transportation, Mr. Eric Ojiekwe proved abortive as he did not pick nor return our call. Also a text message sent to him was not replied.

  • Access Bank Posts Gross Earnings of N764.7bn, Profit N125.9bn In 2020

    Access Bank Posts Gross Earnings of N764.7bn, Profit N125.9bn In 2020

     

    In spite of a challenging economic and regulatory landscape, Access Bank Plc has recorded gross earnings of N764.7 billion for the financial year ended December 31, 2020.

     

    The Bank’s audited gross earnings shows a 15 per cent improvement from the N666.75 billion posted for the comparative period of 2019. While the Bank’s Profit before Tax stood at N125.9 billion, it also posted anon-interest income of N275.5 billion, a significant 112 per cent y/y growth from 2019. This is despite the cost of operating its enlarged franchise.

     

    According to the Group Managing Director and CEO of Access Bank Plc, Herbert Wigwe, the institution’s resilient performance “is testament to the effectiveness of our strategy and capacity to generate sustainable revenue.”

     

    “The strategic actions that the Bank has taken over the past 12 months evidence a strong focus on retail banking and financial inclusion, an African expansion strategy and a drive for scale for sustainable value creation. In 2020, Access Bank proudly opened its doors for business in Kenya and Mozambique, further increasing our footprints across the African Continent. Access Bank Zambia also concluded the acquisition of Cavmont Bank Limited in January 2021 and the Group recently announced the approval by relevant regulatory authorities for the acquisition of Grobank Limited, creating an inroad into the South African market in realization of the Group’s strategic ambitions.

     

    “In view of the opportunities that exist in the market, we will be transitioning to a HoldCo structure. The Bank has received the Approval-In-Principle from the Central Bank of Nigeria for the restructuring and the HoldCo will consist of 4 subsidiaries in order to tap into the market opportunities that are available in the consumer lending market, electronic payments industry and retail insurance market. Going into the fourth year of our 5-year cyclical strategy, our focus remains on consolidating our retail momentum and expanding our African footprint in a sustainable manner,” Wigwe said.

     

    Access Bank Plc recorded a consistent growth in its retail banking business, reporting a 5.8 million growth in customer sign-on during the year through our financial inclusion efforts. This increase in customer base led to a retail revenue of N177.2 billion, a 64.4per cent increase from its full year 2019 figures of N107.8bn. The Bank’s customer deposits also grew by 31 per cent to N5.59 trillion in December 2020 with savings account deposits standing at N1.31trillion. Similarly, net loans and advances grew by 18 per cent to N3.61trillion in comparison to its full year 2019 figures of N3.06 trillion.

     

    As the Bank intensified recovery efforts, undertook significant write off and leveraged its robust risk management practices, its asset quality improved to 4.3 per cent  compared to its 2019 report of 5.8 per cent and this is expected to continue to trend downwards as it strives to surpass the standard it had built in the industry prior to the merger with Diamond Bank.

     

  • Nigerians Without NIN Risk Going To Jail — Pantami

    Nigerians Without NIN Risk Going To Jail — Pantami

     

    The minister of Communications and Digital Economy, Isa Pantami, says Nigerians involved in business transactions without a national identification number (NIN) risk jail term or fine.

     

    He said this while delivering an address at a press briefing in Abuja on Thursday.

     

    Pantami warned that those yet to obtain their NIN are violating a section of the NIMC Act of 2007, noting that 51 million Nigerians have registered for their national identification number (NIN).

     

    He referenced section 27 of act which establishes NIN as a prerequisite for several registrations and transactions in Nigeria.

     

    According to him, while obtaining a SIM card maybe optional, NIN is mandatory as it is a criminal offense in Nigeria to carry out business activities without it.

     

    “Based on the requirement by law each and every citizen and legal resident must obtain his/her national identification number, which is being coordinated by the National Identity Management Commission (NIMC). It’s a requirement by law but many citizens ignore it,” he said.

     

    “For you to open a bank account without national identity number is an offence. For you to pay tax is an offence, for you to collect pension is an offence, for you to enjoy any government service, without having national identity number is an offence.

     

    “No country will be successful in education, health, budget planning or national planning without database of its citizens in place.

     

    “The NIMC Act clause 27 states that you need the NIN for opening bank account, for insurance, land transactions, voters registration, drivers licenses. So, it is an offense to transact any business activity without first having your NIN.

     

    “Section 29 says if you do any of these in 27, without obtain National Identity Number you have committed a crime that will lead to fines or imprisonment, or both of them.”

     

    WHAT DOES THE NIMC ACT SAYS?

     

    The NIMC Act of 2007 acknowledges the importance of NIN in engaging in business transactions.

     

    Section 27 of the act provides for the mandatory use of NIN.

     

    It states that NIN is needed for registration and issuance of passport, opening of bak accounts, purchase of insurance policies, transfer and registration of land, voter’s registration, tax payment, among others.

     

    It is also required for “any other transaction which the Commission may so prescribe and list in the Federal Government Gazette”.

     

    “Any authority or organisation to which a person applies to carry out any transaction listed under subsection (I) of this section shall request such person to produce his Multipurpose Identity Card or National Identification Number,” the act reads.

     

    For defaulters, section 29 of the same act, notes that there is a penalty for not owning a NIN before engaging in transactions or registrations.

     

    The section states that an individual who violates section 27 will get a jail sentence of at least six months or a minimum of N50,000 fine.

     

    “Any person who carries out or permits the carrying out of any transaction specified in section 27 of this Act without a National Identification Number commits an offence and shall,” it reads.

     

    “Where the offence is committed by a registered individual, be liable on conviction to a fine of not less than N50,000.00 or imprisonment for a term not less than 6 months or to both such fine and imprisonment.

     

    “Where the offence is committed by a body corporate, be liable on conviction to a fine of not less than N1,000,000.00 and in addition, the Chief Executive or the line manager or other similar officer of the body corporate, or any other person purporting to act in any such capacity shall be deemed guilty of that offence and shall be liable on conviction to a fine of N1,000,000.00 each.”

     

  • BJAN Holds 9th Consumer Rights Day March 31st

    BJAN Holds 9th Consumer Rights Day March 31st

     

    The Brand Journalists’ Association of Nigeria, BJAN, has announced its plans to hold the 9th Consumer Rights Day celebration on the 31st of March 2021.

     

    The decision to mark this year’s event on the chosen date was as a result of the second wave of the COVID-19 pandemic which was envisaged to disrupt activities within the Marketing communication industry and the country at large.

     

    The event which has the theme, ‘’Tackling Plastic Pollution: Challenges, Solution and Benefits’’ will hold at LCCI Event & Exhibition Center, Nurudeen Olowopopo Drive, Alausa, Ikeja, Lagos, by 9am.

     

    To lead the discussion is Mrs. Sola Salako-Ajulo, President/Founder, Consumer Advocacy Foundation of Nigeria (CAFON), other discussants include, Ms. Ifeoma Okoye, Sustainability and Community Affairs Manager, Nigerian Bottling Company PLC, Ms Chineze Amanfo, Lead, Public Relations, 9Mobile, Mrs. Sade Morgan, Corporate Affairs Director, Nigerian Breweries PLC and Mr. Ayo Oluwatosin, Member, Board of Trustees, Association of Communication Scholars and Professionals of Nigeria (ACSPN). Others are drawn from manufacturing and sectors alike in the country.

     

    To moderate the session is a seasoned communication expert, Mr. Bolaji Abimbola, Managing Director, Integrated Indigo Communications Limited.

     

    Speaking on the event, Chairman of BJAN, Mr. Princewill Ekwujuru, said the association has made adequate preparations to ensure that the event is successful despite several challenges facing businesses currently.

     

    He said, “We understand the current economic situation in the country caused by the COVID-19 pandemic, hence the delay and preparations to mark this year’s Consumer Rights Day on 15th of March.

     

    He added that, “We have carefully selected our speakers this year considering the theme as a way of raising awareness and engage consumers in Nigeria to adopt and promote more sustainable practices.

     

    This year’s theme is building on last year’s theme of ‘The Sustainable Consumer’, the campaign will focus on the central role that consumer advocates, governments and businesses can play in tackling the global plastic pollution crisis.’’

     

    Ekwujuru appeals to corporate organizations and Marketing Communication agencies to be part of the event by partnering with the association for successful hosting of Consumer Rights Day celebration 2021.

     

    Organizations like Nestle, Nigeria Breweries, Guinness Nigeria, Seven-Up, Integrated Indigo Communications Ltd, Nigeria Institute of Public Relations, Lagos State Chapter and Association of Communication Scholars and Professionals of Nigeria (ACSPN) have indicated interest to partner BJAN on this event.

     

    Brand Journalists’ Association of Nigeria (BJAN) is an umbrella body of Journalists that cover brands, marketing and advertising beat in Nigeria with over 100 hundred members across Nigeria.

     

  • Petrol May Sell For N234 Per Litre as NNPC Can’t Sustain Subsidy, says Kyari

    Petrol May Sell For N234 Per Litre as NNPC Can’t Sustain Subsidy, says Kyari

     

    The General Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, says the company cannot continue to bear the subsidy burden.

     

    The Petroleum Products Pricing Regulatory Agency (PPPRA) had released a template increasing petrol price to N212 per litre — but the template was later deleted.

     

    Speaking during a ministerial briefing on Thursday at the Presidential Villa, Abuja, Kyari said NNPC can no longer bear the burden of underpriced sales of premium motor spirit (PMS), better known as petrol, adding that the market price need to be implemented.

     

    He said NNPC pays between N100-120 billion a month to keep the pump price at the current levels.

     

    “The price could have been anywhere between N211 and N234 to the litre. The meaning of this is that consumers are not paying for the full value of the PMS that we are consuming and therefore someone is paying that cost,” he said.

     

    “As we speak today, the difference is being carried in the books of NNPC and I can confirm to you that NNPC may no longer be in a position to carry that burden.”

     

    The NNPC GMD said the federal government is working to deepen the auto-gas programme which will serve as alternative to petrol.

     

    “That is why early last year if you recall, the full deregulation of the PMS market was announced and we have followed this through until we got to September when prices shifted to N145,” he said.

     

    “As we speak today, I will not say we are in a subsidy regime but we are in a situation where we are trying to exit this subsidy or underpriced sale of PMS until we get in terms with the full value of the product in the market.

     

    “Today, PMS sells across our borders anywhere above N300 at any of our neighbours. And in some places, it is up to N500 and N550 to the litre.

     

    “In some countries, the Nigerian fuel is their primary fuel. We are supplying almost everybody in the West African region, so it is very difficult to continue this because we have our own issues and that is why the eventual exit from this is completely inevitable.

     

    “When that will happen, I do not know. But I know that engagements are going on. The government is very concerned about the natural impact of price increases on transportation and other consumer segments of our society and as soon as those engagements are taken to logical conclusion, I am sure that the market price of PMS will be allowed to play at the right time.”

     

    The resurgence in the price of crude oil bodes well for the Nigerian economy as this will boost the county’s revenue needed for the implementation of the 2021 budget, improve crude oil receipts and consequently bolster foreign exchange inflows.

     

    However, the prolonged high crude prices would ultimately feed into a climb in petrol’s landing cost — meaning an increase in fuel price. This would further weaken the purchasing power of Nigerians who are already battling with high inflation, unemployment and stuttering economic growth.