Business News Archives — Page 5 of 32 — Business Bells

Category: Business News

  • Innoson Chairman: I’m Waiting to Take Over GTBank, I’ll Run It Better, Customers Shouldn’t Panic

    Innoson Chairman: I’m Waiting to Take Over GTBank, I’ll Run It Better, Customers Shouldn’t Panic

     

    Innocent Chukwuma, chairman, Innoson Group, says he is waiting to take over the assets of Guaranty Trust Bank (GTB) due to “non-payment of his N32 billion”.

     

    Chukwuma, in an interview with journalists recently, said the money owed him by the bank would soon surpass their capacity.

     

    Innoson and GTB have had a business dispute leading to a prolonged legal battle.

     

    Innoson had secured judgment debt against the bank in suit FHC/L/Cs/603/2006 and FHC/Cs/139/2012 respectively, which rose to over N32 billion due to accumulated interest.

     

    In July, Innoson had asked a Federal High Court in Lagos to set aside an order permitting GTB to restructure to a holding company.

     

    But the bank completed the restructuring — GTB is now known as Guaranty Trust Holding Company Plc (GTCO Plc).

     

    The billionaire businessman, at the media briefing, recounted that his relationship with the bank had been extremely cordial during the tenure of Olutayo Aderinokun, late MD of GTB.

     

    “I was GTBANK’s best customer in the south-east when Tayo, the former MD, was alive. Because of this, they opened a branch in Nnewi. After Tayo, the new MD took over. I don’t even know him. I saw him for the first time last year,” Chukuma said.

     

    “They started fighting about tribe. I am not certain about this but I think the reason he (GTB) is fighting is because of tribe. I don’t know exactly what his problem is.

     

    “But finally, I have proved him wrong in everything. I have defeated him in all the courts we went to. The only thing left is for him to pay me what he owes me.

     

    “He was going to my account and taking money anyhow. I discovered it, took him to court and won. Up till now, he hasn’t paid and we have gone up to supreme court. Maybe he hasn’t paid because he wants Nigeria to change their law because of him.”

     

    The CEO explained that he would no longer “disturb” the bank to pay the debt.

     

    According to him, he would take over the bank when it gets to the point that the bank cannot pay the principal amount plus 22 percent accrued interest.

     

    “The beauty of the whole thing is that the money is attracting the interest of 22 percent. So, I am waiting for the interest to be above their capacity so I can take over the bank,” Chukuma said.

     

    “That’s what I am waiting for. I am not disturbing them anymore. I am assuring all the customers of GTB that if I take over, I would still run it well. They shouldn’t fear. I haven’t done any business that fails.

     

    “I will run it better than them. If they cannot pay me, I have no choice but to take over the management.”

    © Business Bells

  • Mabutho, Ekwujuru To Receive Posthumous Honours At 2021 Brandcom Awards

    Mabutho, Ekwujuru To Receive Posthumous Honours At 2021 Brandcom Awards

     

    The organizers of Brandcom Awards, Brand Communicator, has concluded plans to honour two illustrious brand personalities that passed away this year.

     

    Former Chief Customer Officer of Pay-TV giant, MultiChoice Nigeria, Martin Mabutho would be honoured with Marketing Icon Of The Year, while the former Chairman of the Brand Journalists Association of Nigeria, BJAN and head, Brands & marketing desk of Vanguard Newspaper, Princewill Ekwujuru will receive the Brand Journalist of the Year Award.

     

    Mabutho died at 47 in the early hours of Tuesday, August 24, 2021, a month to his 48th birthday, while Ekwujuru died after battling for more than two weeks in a coma, trying to overcome serious brain damages he sustained in a ghastly road accident. He subsequently died on July 23rd, 2021.

     

    From 1999 when his professional journey started at MultiChoice, Mabutho rose through the corporate ladder to become Brand Manager at MNet Africa in South Africa from 2003 to 2007; DStv Mobile’s Sales and Marketing Manager for Sub-Saharan Africa and Head, Marketing and Sales. He later become MultiChoice Nigeria’s General Manager of Sales and Marketing and Chief Customer Officer in October 2018, five years after moving to Nigeria.

     

    As MultiChoice Nigeria’s CCO, Mabutho was responsible for driving the customer group strategy, which covers customer value management, sales, marketing, customer experience and care.

     

    He was part of the team that launched Africa Magic in 2003, the Big Brother Africa show, Big Brother Naija, Idol West Africa, and several other shows on DStv.

     

    Princewill Ekwujuru worked with great passion and commitment with Vanguard Newspaper for 20 years. He headed the Brands & marketing unit of the Business Desk of Vanguard Media Limited till his death on July 23rd, 2021.

     

    Due to his dedication, he was elected the National Chairman, Brand Journalists Association of Nigeria (BJAN). He won several awards including ADVAN Journalist of the year in 2017. Ekwujuru hails from Njaba, Imo state, and is married with children.

     

    This year’s Brandcom Awards holds on Friday, November 19, 2021, at D’Podium International Event Centre, Ikeja, Lagos. The event will equally recognize some brands, agencies, and marketing communications professionals that have made outstanding contributions in the last one year.

     

    According to the organisers, this year’s awards night promises to be an unforgettable experience as the stage is set to celebrate and honour achievers in the brands and marketing industry, especially those who have gone the extra mile to make great impact in the industry.

     

  • Buhari Moves To Reduce Food Prices

    Buhari Moves To Reduce Food Prices

     

    The Minister of Agriculture and Rural Development, Dr Mohammed Abubakar, has said the President Mohammadu Buhari-led government is doing everything possible to bring up stimulus that will cause a reduction in food prices.

     

    The minister made this known on Monday during a familiarization tour of the Agricultural Research Council of Nigeria (ARCN) in Abuja.

     

    In the past months, there has been a steady rise in the prices of foodstuff in the country.

     

    “We are doing everything possible to bring up some kind of stimulus that will cause a reduction in food prices, naturally nobody will just sit and watch.

     

    “We are doing what we can to see that the agricultural sector is improved and the food that we expect for the teeming population of Nigeria is being produced, the same thing with the livestock.

     

    “The government is doing everything possible. This President, Muhammadu Buhari, is very passionate about agriculture, about seeing that people have food every single day to eat without struggles on their tables,” the minister said.

     

    The minister said he would support the agricultural research council and the research institutes in the country to work together to develop better crops that can yield more and resist disease and drought.

     

    Dr Mohammed also said the President specifically directed him to make sure that the research institutes in the country were being well taken care of, adding that it was his priority to see improved capacity to conduct research so that crops can be improved upon.

     

    The minister reiterated that the government was set to reintroduce the Growth Enhancement Scheme (GES) after the scheme was scrapped a few years ago, adding that it has found a way that would make it work better.

     

    “My own concern is to make sure that the input gets directly to the farmers, not being withheld by middlemen.

     

    “We will do all it takes to make sure that the system that will be rolled out gets the input to the grassroots farmers,” he said.

     

  • Energy Drink Brand War: Court Rules On Contempt Between NBC, Rite Foods Dec 1

    Energy Drink Brand War: Court Rules On Contempt Between NBC, Rite Foods Dec 1

     

    A Federal High Court, Lagos on Monday fixed December 1, 2021 to deliver its ruling on a contempt proceedings filed by Rite Foods against the Managing Director of Nigerian Bottling Company(NBC), Mathieu Seguin over alleged trademark infringement.

     

    Earlier, NBC had filed an application before the court seeking to dismiss the contempt application against Seguin.

     

    The trial judge, Justice Ambrose Lewis-Allagoa fixed December 1, 2021 for ruling on the application after listening to the argument and submissions of counsel to parties in the suit.

     

    At the resumed proceedings, counsel to NBC’s MD, Mr. Oluseye Opasanya (SAN),  informed the court that he filed motion on notice dated October 18 supported with seven paragraph affidavit together with one exhibit.

     

    Opesanya said that he brought a motion to strike out the suit on a number of reasons.

     

    Earlier, counsel to the Nigerian Bottling Company (NBC), Ngo Matins Okonma told court that he filed an application dated October 15, 2021 and a motion on notice in respect of the application to regularise the application dated November 11.

     

    In his motion on notice, he prayed for the order of court to set aside the committal proceeding in its entirety including all processes used by plaintiff in the proceedings

     

    Opesanya and Okonma argued that the contempt  order has been discharged.

     

    “The order upon which committal proceedings was premised on has been discharged, set aside by Justice Chukwujekwu Aneke on  September 27, 2021.

     

    NBC prayed the court to dismiss contempt suit and award punitive costs against Rite Foods if it finds no basis for the contempt proceedings. The senior lawyer therefore urged the court to grant their application and dismiss the case.

     

    However, in his response, the plaintiff counsel, Mr. Muyiwa  Ogungbenro told court that he filed counter affidavit sworn to by Francis Omoniyi, dated October 21,2021 and a written address to support their case.

     

    He prayed the court to dismiss all application filed to set aside the contempt proceedings.

     

    After listening to the argument and submissions of the parties, Justice Lweis-Allagoa adjourned ruling to Dec 1, 2021.

     

    It would be recalled that on September 27, 2021  Justice Aneke upheld the objection filed by NBC’s counsel, suspending further hearing of Rite Foods’ case and discharged the ex-parte order granted Rite Foods against NBC and its privies.

     

    The court also refused Rite Foods’ motion for interlocutory injunction seeking to prevent NBC from marketing or distributing Predator Energy drink in Nigeria.

       Energy Drink Brand War: Court Rules On Contempt Between NBC, Rite Foods Dec 1

    Although the court agreed with the plaintiff that the instant suit is not an abuse of court process, but held that “to avoid confusion, this court will cease from further hearing of this suit to allow other suits go on. I, therefore, discharge the order made by me to allow the instant suit go on.”

     

    When the matter came up for hearing before Justice Lewis-Allagoa, Mr. Oluseye Opasanya (SAN) and Mr. Mark Mordi, counsel to NBC and its Managing Director informed the court that since Rite Foods’ counsel had failed to withdraw the contempt suit, they had no option than to file a formal motion to have the contempt suit dismissed with substantial costs against Rite Foods.

     

    Opasanya told the court that he has an application dated October 18 and filed on October 21, 2021, seeking to quash the contempt against his client. He reiterated that Justice Aneke had discharged the exparte order made against his client on September 17, 2021.

     

    Opasanya (SAN), prayed the court to set aside or dismiss the entire suit.

     

    The NBC said that there has been no trademark violation or passing off with its Predator Energy drink and maintains that the  Predator brand logo had been in existence and in use in many markets even prior to the launch of Fearless by Rite Foods in the Nigerian market.

     

     

  • Media Intelligence Agency Spearheads AMEC Measurement Month in Nigeria

    Media Intelligence Agency Spearheads AMEC Measurement Month in Nigeria

     

    As the year is coming to a close and organizations are continuously having conversations around thriving in a post-pandemic era, the International Association for the Measurement and Evaluation of Communication (AMEC), an international association for communications measurement and evaluation practitioners is organizing its annual AMEC Measurement Month (AMECMM) 2021 this November.

     

    This year’s edition will bring together more than 160 members of the association in 86 different countries around the world and P+ Measurement Services, the foremost media intelligence agency and a member of AMEC is spearheading the 6th edition of the event in Nigeria with the theme: “How to Effectively Demonstrate the Value of PR Measurement.”

     

    The event which is slated to hold on the 19th of November 2021, between 12pm and 1:30pm (WAT), will take place virtually and will feature professionals from the communications, public, measurement and evaluation industry discussing and sharing insights, ideas and solutions from their wealth highlighting the many challenges currently being faced by the industry.

     

    The event will feature Nicole Moreo, the EVP, Head of US Analytics, Ketchum; Henry Okorafor, a Senior Associate with Stephanie John & Associates; Kemi Olawoye who is the Chief Communications Officer, Bora Communications and Ben Levine, the Director and Partner of FH TRUE Global Intelligence.

     

    The AMEC Measurement Month is a free-to-attend event, which consists of webinars, executive discussions, workshops, and much more. It focuses on helping PR and communications professionals understand the value and importance of Communications/PR measurement, evaluation and media performance audit.

     

    To attend the event, you can register using the link below:

    https://bit.ly/3bks2S0

  • Auto Brands Finalists Unveiled As Momentum Gathers For Motoring Journalists’ Awards Next Month

    Auto Brands Finalists Unveiled As Momentum Gathers For Motoring Journalists’ Awards Next Month

     

    Automotive brands and their franchisees in the country are getting set for honours come December 1, as organisers of the 2021 Nigerian Auto Awards, Nigeria Auto Journalists Association (NAJA) announced finalists in each of the awards categories.

     

    Eventual winners in each of the categories are expected to be declared on December 1, 2021 at the glamorous Nigerian Auto Awards scheduled for Eko Hotels and Towers, Victoria Island, Lagos.

     

    According to the chairman of the award committee, Theodore Opara, Car-of-The-Year (COTY) will be contested by Toyota Corolla, Hyundai Creta and Kia Rio.

     

    Weststar’s Associates Mercedes-Benz SL-Class and Coscharis Motors’ BMW 7-series will compete  in the Luxury car of the year segment.

     

    In the compact SUV segment, Toyota RAV4 is coming back again to compete with Hyundai Tuscan and Ford Escape for the coveted crown in this ever-growing sector of the Nigerian auto market.

     

    In the Pickup of the year segment, Toyota Hilux, Ford Ranger, Mitsubishi L200 and Nissan Hardbody NP300 are set for another showdown as the contenders are on solid ground in the Nigerian auto market.

     

    Hilux has won the awards on several occasions in the past, likewise the Ford Ranger; but this time again, the die is cast as anything can happen within the competitors and those that are yet to win the award in the category for the first time.

     

    Geely Coolray, being marketed by Mikano international limited, is going head to head with Jaguar F-Pace from the Coscharis Motors’ stable in the outstanding design and technology of the year category.

     

    Elizade Nigeria Ltd will be competing in the auto workshop of the year with Dana Motors and Mandilas Enterprise (Motor Division). In the assembly plant of the year, Dana Motors, Stallion Motors’ VON assembly plant will slug it out in this category.

     

    The Suzuki brand, which is being marketed by CFAO, is listed on the strongest comeback brand award, while PAN has been nominated for the most resilient auto company of the year. Nigeria’s indigenous automaker, Innoson Vehicle Manufacturing Co is captured in auto assembler of the year ( local content)  because of its immense contribution in the development of the local auto industry and other ancillary allied automotive component makers.

     

    Also giving some insights into some special recognition award, Opara disclosed that the executive governor of Imo state, Hope Uzodinma will be honoured for his massive patronage of locally assembled vehicles from Innoson Vehicle Manufacturing Company.

     

    “His gesture has immensely helped to develop the local auto industry and secure jobs for several thousands of Nigerians, and this he has been nominated for the Governor of the Year: Automotive Industry Support,” he added.

     

    In his own remark, the incumbent Chairman of the Nigeria’s Auto Journalists Association, Mike Ochonma said all vehicles nominated in the various categories represent exceptional value and designs.

     

    Speaking of the awards, Ochonma stated that one thing has remained true to the contest; it celebrates and rewards automotive excellence in the country.

     

    “The NAJA awards which holds every year is part of our contribution towards the development of Nigeria’s automotive industry,” the NAJA chairman concluded.

     

  • Ramon, Uwaediea To Speak On Media, Advertising Regulations At Brand Journalists Conference

    Ramon, Uwaediea To Speak On Media, Advertising Regulations At Brand Journalists Conference

     

    Discourse on media management and advertising regulations will take the centre stage at the Brand Journalists’ Association of Nigeria (BJAN) 9th Annual General Meeting (AGM)/Conference billed to take place on December 11, 2021 at the Presken Hotel and Suites, Opebi, Ikeja, Lagos.

     

    The theme of the conference is, ‘’Media Management In Difficult Times’’ while the keynote speaker is Mr. Ramon Nasir Olanrewaju, Group Head, External Affairs & Media, UBA Plc.

     

    Also speaking at the event is Mr. Nosakhare Uwadiae, Esq, Managing Partner, Gee Law Firm, who would be speaking on ‘’Advertising, Impartiality And Regulation’’.

     

    Speaking on the event, Mr. Afolabi Idowu, Chairman, BJAN said the conference promises to generate germane ideas that will help to consolidate the growth of the Nigerian media environment.

     

    He noted, ‘’BJAN AGM/Conference is our flagship event that seasoned analysts and informed stakeholders gathered to dissect key issues facing the marketing industry and Nigeria at large.’’

     

    ‘’Our plan at this year is to brainstorm on the imperatives in developing our very vibrant media sector. It is our belief that at the end of the conference, we will generate germane thoughts that will help to strengthen the growth of Media practice in Nigeria.

     

    “Experts in media and advertising law profession with verifiable records have been lined up for the event, we believe that the knowledge shared at the event would deepen the knowledge base of individuals, groups and entire Nigerian ecosystem’’, he added.

     

    Idowu urged brands and organizations to embrace the strategic marketing opportunities that the event provides to consolidate and deepen visibility and presence of their product and services in the marketplace.

     

    BJAN had the Maiden edition of the conference in 2013 in Abeokuta, the Ogun State capital with the theme “Repositioning Centenary Brands to Align with Modern Realities.” 

     

    The 2020 edition held in Lagos, had its theme as “Consolidating Nigeria’s Agricultural Revolution: Challenges, Opportunities and Lessons.“

     

    Brand Journalists’ Association of Nigeria (BJAN) is the umbrella body of practicing journalists covering Brands, Public Relations, Marketing and advertising beat in Nigeria.

     

  • BREAKING: FG Set To Axe 9Credit,  NowCash, Other Loans Apps Over Harassment of Nigerians

    BREAKING: FG Set To Axe 9Credit,  NowCash, Other Loans Apps Over Harassment of Nigerians

     

    The Federal Government is set to punish lending companies like NowCash, Sokoloan, 9credit over data breach.

     

    This was disclosed by the National Information Technology Development Agency (NITDA) in a press statement on its Facebook page.

     

    The agency says it has received over 40 petitions from members of the public on the personal data abuse of some lending companies.

     

     The statement reads: The National Information Technology Development Agency (NITDA) in continuation of its efforts to address the alarming rates of data privacy abuse by money lending operators, has entered into a strategic partnership with the Federal Competition and Consumer Protection Commission (FCCPC).

     

     Section 17(a) of the FCCPA, 2019 empowers the Commission to administer and enforce provisions of every Nigerian law with respect to competition and protection of consumers.

     

    NITDA has therefore found the FCCPC as a key stakeholder in its efforts to rein in the activities of some micro-money lenders who have formed a penchant for abuse of personal data of Nigerians.

     

    These operators execute this by abusing their personal data, breaching their privacy and sharing it with others who are not part of the initial contract.

     

  • Product Review: How Mabisco Digestive Is Delivering Excellence in Nigeria’s Biscuits Market

    Product Review: How Mabisco Digestive Is Delivering Excellence in Nigeria’s Biscuits Market

     

    By Adejuwon osunnuyi

     

    That the Nigerian consumer market has remained an attractive space for investors cannot be overemphasized. Little wonder that in the food and ready-to-eat segment of the market space, there has been a phenomenal increase of activities. In this market segment, biscuits, in different forms and categories, which are widely eaten among young children and even adults, obviously remain relevant.

     

    Though Nigeria is home to several local and international manufacturers of biscuits, interestingly, the local manufacturers are holding their own in the struggle for market share, as they easily have command of over 50%.

     

    In the biscuit industry, however, while it can be categorized into three categories namely cookies/crackers, sweet and chocolate, international biscuits and confectionery maker, McVitie’s leads the digestive section. McVitie’s annual global turnover is around $5.2billion as it sells about 2 billion units of the product annually.

     

    Going by reports, the preference for digestive can be understandable. Digestive biscuits are healthier than their counterparts. This is because of its fiber content. Sometimes described as a sweet-meal biscuit, digestive biscuit was first developed in 1839 by two Scottish doctors to aid digestion.

     

    The term “digestive” is derived from the belief that they had antacid properties due to the use of sodium bicarbonate when they were first developed. They are meant to be lower in sugar (mildly sweet), and due to the presence of more baking soda, eating digestive biscuits are supposed to help those who suffer from acidity. Digestive biscuits are also supposed to help you with your weight loss journey.

    Product Review: How MABISCO Digestive Is Delivering Excellence in Nigeria’s Biscuits Market

    The digestive main ingredients include wheat flour, sugar, malt extract, butter (or in cheaper recipes or for vegans or those who are lactose intolerant: vegetable oil), wholemeal, leavening agents (usually sodium bicarbonate, tartaric acid and malic acid), salt.

     

    However, a newly established Nigerian world class manufacturer of cookies and snacks, Mayor Biscuit Company Limited (MABISCO), headquartered in O.P.I.C Industrial Estate, Agbara, Ogun State, Nigeria is already giving McVitie’s and others a good run for their money as the company has been making serious impact in the digestive biscuit section.

     

    Committed to producing innovative products using state-of-the-art machinery and engineering that guarantees only quality products, Mabisco digest has been performing wonderfully well in the market as many consumers have been attesting that it is better than its counterpart, especially the locally produced McVitie’s.

     

    A survey carried out by this medium reveals that Mabisco scores high, not just across parameters of taste and crunch, but it is also priced competitively. According to consumers, Mabisco Digestive biscuits are not only delicious, but it also brings with it all the goodness one expects from a digestive biscuit.

    Product Review: How MABISCO Digestive Is Delivering Excellence in Nigeria’s Biscuits Market

    While digestives are more crumbly than crunchy, texture can make or break a good digestive biscuit. Mabisco Digestive has a bigger sized crunchy that turns to powder on chewing. The bigger sized crumb is also what feels fibrous in the mouth. You should expect a soft-crunch in your digestives, rather than a crispy-crunch.

     

    There’s a reason why those who consume the Mabisco digest apparently love the snack. You think of having only one and ending having at least five. The soft crumbly texture and mildly sweet taste, along with how beautifully it becomes a tea-time buddy, are just some of the things everyone who tastes the Mabisco digestive once, gets addicted to.

     

     “Since I bought the Mabisco digest for my children, they cannot just do without it. The biscuit does not have too much of crumbs, unlike the others,” a consumer, Mrs Evelyn Adekunle submitted.

     

    Another consumer who spoke with this reporter noted; “Mabisco digest has the same quality like the quality you get anywhere across the globe.”

     

    “I salute the company producing this high quality digestive. You can hardly know that it is produced in this country. I just pray that they won’t reduce the quality,” Mr. Sunday Ikechukwu said.

     

  • MTN Group Set to Sell 575 Million Shares To Nigerians

    MTN Group Set to Sell 575 Million Shares To Nigerians

     

    MTN Group Limited has announced plans to offer for sale the shares of its Nigerian subsidiary, MTN Nigeria Communications Plc.

     

    The Group has disclosed its intention to proceed with a public offer for sale of 575 million shares in MTN Nigeria.

     

    This was made known in a notice signed by the company’s secretary, Uto Ukpanah and filed with The Exchange.

     

    The notice further stated that the offer would be by way of a bookbuild to institutional investors and a fixed price to retail investors.

    MTN Group Set to Sell 575 Million Shares To Nigerians
    Karl Toriola, MTN Nigeria CEO

    According to the statement, the offer is expected to open in November 2021 with a bookbuild to institutional investors and after which a fixed price will be announced for retail investors before it closes in December 2021.

     

    It is worth noting that this is the first step towards the Group’s previously communicated statement notifying The Exchange and investing public of its intention to sell down 14% of its current shareholding in MTN Nigeria.