Industry Archives — Business Bells

Business Bells

Category: Industry

  • My World of Bags Partners Mastercard Foundation To Launch Kafawa Training Program

    My World of Bags Partners Mastercard Foundation To Launch Kafawa Training Program

     

    My World of Bags, in partnership with the Mastercard Foundation has announced the launch of Kafawa, a training initiative designed to bridge the skills gap in the leather and non-leather manufacturing industry.

     

    My World of Bags, the parent company of FemiHandbags, one of Africa’s leading luxury accessory brands, is partnering with the Mastercard Foundation’s Young Africa Works upskill hundreds of Nigerian youths and connect them to work opportunities in the creative sector.

     

    Kafawa, which means ‘establishment’ in Hausa, will kick-off its pilot edition in Oyo state, and will launch a series of intensive courses in hard and soft skills. The goal is to empower and establish a highly skilled generation of youth to enhance the quality of workmanship in Nigeria – and Africa’s leather and non-leather industries.

     

    In a statement by the Program Director and Founder of My World of Bags/FemiHandbags, Mrs. Femi Olayebi, she said, “There is a breadth of potential in the leather and non-leather manufacturing industries in Nigeria, and yet, there is a lack of skilled hands to bring that potential to life. This partnership with the Mastercard Foundation is the perfect opportunity to achieve this, by not only equipping young Nigerians with the necessary skill sets to grow and expand the sector, but also to enhance their own economic outcomes. We are honoured to be driving this change, and we are committed to creating access for as many young people at the bottom-of-the-pyramid as possible. We truly believe that there is dignity in working your way to the top, no matter how low you start, and we hope to begin to change mindsets and create a chain reaction.”

     

    Speaking at the Opening Ceremony, Chioma Nwagboso, Program Lead, MSME Finance at the Mastercard Foundation said, “The Mastercard Foundation is excited at the potential for Kafawa to create a new generation of young people with a changed mindset and new- found belief that production, tailoring and manufacturing can provide dignified and fulfilling work opportunities.”

    L-R: Oluwayemi Olukanni, Course Design Lead, Kafawa; Nkem Okocha, Founder, Mamamoni; Mrs. Femi Olayebi, CEO, My World of Bags Ltd; Sinmi Olayebi, Project Lead, Kafawa at the launch of My World of Bags Kafawa training program recently
    L-R: Oluwayemi Olukanni, Course Design Lead, Kafawa; Nkem Okocha, Founder, Mamamoni; Mrs. Femi Olayebi, CEO, My World of Bags Ltd; Sinmi Olayebi, Project Lead, Kafawa at the launch of My World of Bags Kafawa training program recently

    Over the past five years, My World of Bags has been an active advocate for skill-building, through its annual training program for leather designers, in partnership with the Nigerian Export Promotion Council (NEPC); and for expanding access and creating a platform for visibility, through its annual Lagos Leather Fair. This partnership with the Mastercard Foundation enables the company to further expand its reach, intensify and broaden the training curricula and offer placement opportunities within the leather and non-leather manufacturing industry.

     

    The first cohort of trainees, selected based on their passion, availability, and readiness to strive for better, have officially been on-boarded into the Kafawa Training Program and are very eager to begin a journey that will involve intensive training over a period of 3-4 months. Application for the next cohort will be open in March 2022.

     

  • Lafarge Africa Declares Profit of N19.19 Billion In Q2 2021

    Lafarge Africa Declares Profit of N19.19 Billion In Q2 2021

    Lafarge Africa (Wapco) Plc has declared a 25.75% growth in net profit in the second quarter of the year (Q2 2021).

     

    The cement company recorded a 29.40% increase in revenue, taking revenue for the period to N73.55 billion from N56.84 billion in the same quarter of 2020.

     

    According to the financial report released today, net income increased by N3.93 billion, reflecting a growth of 25.75% from N15.26 billion recorded in the corresponding period of 2020 to N19.19 billion in the current period. From the previous quarter (Q1) however, the company showed a growth in its net profit by N10.05 billion.

     

    The financial statement revealed that the company generates its revenue through the sale of cement and aggregates & concrete. The revenue from the sale of cement stood at N71.51 billion during the period, reflecting a growth of 26.95% from N56.33 billion in the same quarter of 2020, while revenue made from aggregates & concrete stood at N2.04 billion up from N519 million in 2020.

     

    Investment One

    Other income for the period, however, declined from N1.08 billion in 2020 to N145 million in the current period, despite increases recorded in government grants. This is due to the fact that the company recorded no gains on the disposal of its property, plants and equipment, as well as no writebacks of provisions no longer required during the period.

     

    Lafarge Africa Plc witnessed a decline in net finance costs, attributable to the high foreign exchange gain recorded in the period, despite the hike in bank charges. Net assets for the period stood at N371.85 billion an uptick compared to N359.6 billion recorded as of December 2020.

     

    In Q1, Lafarge Africa Plc reported a growth of 12.20% in revenue. In the same vein, net profit for the period grew by 13.26% from N8.07 billion to N9.14 billion.

     

    Earnings per share for the period grew by 7 kobo from N0.50 to N0.57.

     

    Lafarge Africa Plc is currently trading at N22.90 per share and its market capitalization stands at N368.87 billion as of today, Thursday, July 29, 2021. Year-to-date performance shows that the share price of the company has gained

  • 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.

     

  • Muda Yusuf Bows Out of LCCI

    Muda Yusuf Bows Out of LCCI

    The Director-General, Lagos Chamber of Commerce and industry (LCCI), Dr Muda Yusuf has bowed out of the Chamber.

    This follows his retirement on the expiration of his tenure of office, having meritoriously served the Chamber for a total of 24 years with the last 13 years being in the capacity of Director General.

     

    Dr Chinyere Almona has been appointed to take over from him.

     

    LCCI, in a statement signed by LCCI President, Mrs Tiki Mabogunje described Dr Muda Yusuf as an astute economist of repute who joined the services of the Chamber over two decades ago and rose to become its Director-General through hard work and unrivalled dedication to duty.

     

    According her, Dr Yusuf is a respected public commentator on macroeconomic issues, regulatory environment, economic reforms, policy and institutional reforms, trade policy issues and investment climate matters.  He has led numerous policy reform and engagement sessions on the business environment, investment climate issues and the ease of doing business in Nigeria’.

     

    The LCCI president said Dr. Yusuf will surely be missed by staff, members of the Chamber, partners, collaborators, the diplomatic community, and stakeholders in the media space for his sound economic and analytical prowess, which has contributed immensely to the effectiveness of public policy advocacy and the development of the economy.

     

    According to her, though Yusuf has retired from LCCI, he is definitely not tired of contributing his quota to the prosperity of Nigeria, as the economic powerhouse of the African continent. “We shall continue to benefit from his expertise as he moves to the next stage of his endeavours,” she said.

     

    She said the appointment of Dr. Almona is an added value to the well-established profile of the Chamber.

     

     According to her, the new DG holds a Doctorate Degree in Business Administration from Business School Netherlands and brings with her, about 30 years of diversified experience through her various work experience roles.

     

    According to the LCCI , in her previous position, Almona led the Africa Corporate Governance Programme of the International Finance Corporation (IFC), which provided a wide range of corporate governance reforms across 13 African countries.

     

    She said as a published author, and an international speaker, the new DG will further transform and reposition the Chamber, in this season of the ‘new normal’, and enable it to maintain its position as a leading voice of the organised private.

     

  • FG Begs Chinese Firm To Employ More Nigerians

    FG Begs Chinese Firm To Employ More Nigerians

     

    The federal government has urged the management of China’s health product manufacturing company, Longrich Industries, to train more Nigerians in its artificial intelligence company being constructed in Lagos.

     

    Nigeria’s Consul General to China, Chimezie Okeoma Ogu, while making the plea when he paid a visit to Xu Zhiwei, Chairman of Longrich industries, explained that the gesture would promote and boost bilateral cooperation between both countries.

     

     “This would assist the Federal government’s efforts to address unemployment problem in the country. Longrich products are very popular in Nigeria. Every Nigerian family has Longrich products, and the country serves as the biggest market for the company in Africa and next to China in the world. The presence of the company in Nigeria has offered job and business opportunities to young men and women, who before now were jobless.

     

    “The introduction of the company’s novel network of marketing strategy has made many Nigerians financial stable and millionaires. Longrich can develop more excellent products to meet the needs of the Nigerian market. With the establishment and construction of Longrich industry in Lagos, it has given opportunity to the transfer of technology and skill. This is the new focus of the present administration in its  drive for  Foreign Direct Investment with its international partners,” Ogu submitted.

     

    In his response, Chairman of Longrich Industries, Xu Zhiwei, said as part of  the company internationalization strategy, the management  has signed a contract with Nigeria’s Lekki Free Trade Zone  in Lagos state through the construction  of 40,000-square-meter production line, to become the first artificial intelligence factory along the “Belt and Road” in Nigeria.

     

    “This is an important step for the realization of the national “Belt and Road” initiative by Chinese enterprises. The project will not only provide Longrich overseas branch with comprehensive large supply chain, product guarantee, import and export, customs clearance and other overall services, but will also provide  all important local brands in Nigeria, as well as the entire African market,” Xu Zhiwei said.

  • Nigerian Breweries Inaugurates 663.6 Kwp Solar Plant In Ibadan Brewery, Redefines Sustainability In Manufacturing

    Nigerian Breweries Inaugurates 663.6 Kwp Solar Plant In Ibadan Brewery, Redefines Sustainability In Manufacturing

     

    Nigeria’s foremost brewer, Nigerian Breweries Plc has delivered another first in the manufacturing sector of the Nigerian economy by pioneering solar powered manufacturing with the commissioning of a Solar Plant at the Ibadan Brewery.

     

    The 663.6 kilowatts per peak (kWp) solar plant was formally commissioned on Thursday, May 20,2021 by the Executive Governor of Oyo State, Engineer Oluseyi  Makinde.

     

     Speaking during the official commissioning ceremony, Governor Makinde commended the management of Nigerian Breweries Plc for investing in a solar plant which he noted would promote environmental sustainability, stating that his administration would continue to play its part by creating an environment that supports businesses in the state to grow.

     

    Makinde also lauded the commitment of the company towards achieving its very ambitious target of switching to 70% renewable energy usage by 2030 stating that the completion of the Ibadan Solar Power Plant has clearly demonstrated its determination to reach the goal.

     

    “This is another first in Oyo State. When history will be written how NB Plc shifted from electricity to renewable energy, it would be said that Ibadan Plant was the first and as a government ,we are very proud to be part of this story”, he added.

     

    In his welcome remarks, the Chairman of Nigerian Breweries Plc, Chief (Dr) Kolawole Jamodu (CFR) extoled the governor for his efforts in positioning the state as an investment destination and creating a conducive environment for businesses to thrive which had encouraged the company to site the pilot of its solar power project in Ibadan.

    L-R: Managing Director/CEO, Nigerian Breweries Plc, Mr. Jordi Borrut Bel; the Chairman, Nigerian Breweries Plc, Chief Dr. Kolawole Jamodu CFR; the Executive Governor of Oyo state, His Excellency, Engineer Oluseyi Makinde; Corporate Affairs Director, Nigerian Breweries Plc, Sade Morgan and the director general, Forest Institute of Nigeria Ibadan, Prof. Adeshola Adepoju at the official commissioning of the 663.6KWP Solar Power Plant of the Nigerian Breweries Plc, Ibadan Brewery held in Ibadan on Thursday.

    Jamodu expressed his delight at the project completion, describing it as a demonstration of NB’s commitment to environmental sustainability.

     

    Delivering his keynote speech, the Managing Director, Nigerian Breweries Plc, Mr. Jordi Borrut Bel described the project as a first of its kind in the manufacturing sector as Nigerian Breweries is the first brewer in Nigeria to commission a solar power plant providing renewable, clean energy for manufacturing.

     

    Bel disclosed that in addition to this solar plant in Ibadan, the company is already developing other renewable energy plants in its other breweries to ensure that 70% of electricity used in all of its breweries are powered from clean sources.

     

    “We are not only interested in being Number 1 in Sales and profitability. We also want to be number 1 in environmental sustainability – ensuring that the communities where our breweries are located benefit from our operations in the best possible way” he said.

    Governor Makinde being conducted round the facility by NB officials

    “Apart from developing renewable energies to ensure cleaner air, we are also investing heavily in ensuring cleaner water for our communities. As such, we have taken great pains to build a state of the art, waste water treatment plant in our breweries to ensure that we do not cause water pollution. All wastewater produced from the brewery are properly treated and monitored in line with regulatory requirements before they are discharged, making them safe and not harmful to acquatic life and the environment in general”, he added.

     

    He disclosed that the plant which was built at the cost of over N300 million, is part of NB Plc’s Brew A Better World sustainability agenda, which is aimed at meeting the company’s carbon neutrality targets through increased energy efficiency in its production.

     

    He further revealed that the solar plant was built through a fully financed solar Power Purchase Agreement (PPA) executed with Crossboundary Energy Limited. It is expected to supply approximately 800 MWh to the brewery annually, providing a significant reduction to the current cost of power, while also reducing the plant’s CO2 emissions by over 10,000 tonnes over the lifespan of the plant.

     

  • Dangote Fertiliser Plant To Commence Operations Next Week

    Dangote Fertiliser Plant To Commence Operations Next Week

     

    Chairman Dangote Group, Aliko Dangote, says the $2 billion granulated urea fertiliser plant located at Ibeju Lekki, Lagos, will begin operations next week.

     

    He announced this in Lagos on Saturday, during a tour of facilities by Babajide Sanwo-Olu, governor of Lagos, at the Lekki Free Trade Zone and Dangote petrochemical refinery facilities.

     

    The billionaire businessman also disclosed that the refinery plant will be completed later this year and production will commence first quarter 2022.

     

    The fertiliser plant has a name-plate annual capacity of three million tons of urea and ammonia — largest in the world.

     

    It is also being constructed in the Lekki Free Trade Zone area which houses other plants and factories including the 650,000 barrels per day Dangote Refinery and Lekki Port.

     

    This makes Dangote fertiliser company, the only urea exporting country in Sub-Saharan Africa, both the fertiliser and petrochemicals plants are capable of generating $2.5 billion annually.

     

    Godwin Emeiele, governor of the Central Bank of Nigeria, had assured that arrangements have been to enable the Dangote Refinery sell refined petroleum products in naira when it commences production which will save foreign exchange for the country.

     

    “I am saying that by this time next year, our cost of import of petroleum products for petrochemicals or fertiliser will be able to save that which will save Nigeria’s reserve,” Emefiele had said.

  • NACCIMA Pledges to Support Envoys to Attract FDIs

    NACCIMA Pledges to Support Envoys to Attract FDIs

    The Nigerian Association of Chambers of Commerce Industry Mines and Agriculture (NACCIMA) has assured newly appointed Nigerian ambassadors of its support in their quest to attract foreign investors and foreign direct investments to Nigeria from their respective countries of accreditation.

     

    The Director General of NACCIMA, Ambassador Ayoola Olukanni, gave this assurance when he spoke during the induction and training programme organised for the envoys in Abuja, recently, as they prepared to depart for duties abroad.

     

    Olukanni, who served as a career diplomat and was a former High Commissioner of Nigeria to Australia, advised the principal envoys that working closely with the NACCIMA would help them to succeed in the pursuit of economic diplomacy, which is one of the foreign policy pillars of the administration of President Muhammadu Buhari.

     

    He told them that the NACCIMA, which is composed of 51 city chambers, four bilateral chambers, nine business associations and over 400 corporate members representing over 30,000 businesses in Nigeria, is well positioned to help them to identify credible business partners on the Nigerian side in order to give practical meaning to the vision of the Ambassadors and Nigerian Diplomatic Missions as they seek investment for Nigeria.

     

    He stated that the activities of the NACCIMA and its members cut across key sectors of the Nigerian economy that provide immense opportunities for investments and have potentials for huge expansion.

     

    Olukanni cited energy generation, distribution, agro business, mining and its value chain as areas eagerly waiting for investments in the country.

    The envoys assured that they would work closely with the NACCIMA in pursuit of their assignments in the area of trade and investment at their respective posts.

  • Before You Switch From One PFA To Another, Read This!

    Before You Switch From One PFA To Another, Read This!

    The pension industry in Nigeria has evolved over the years and introduction of the Transfer Window, which allows pension contributors to switch from one pension fund administrator (PFA) to another has been the talk of the town since November 2020 when it was officially declared open by the National Pension Commission (PenCom).

     

    Recently, Stanbic IBTC Pension Managers hosted an Instagram Live Session to educate contributors on what they need to know before switching PFAs and why they are the preferred choice in the pension industry.

     

    Below are highlights from the Instagram Live Session which held on 23 December 2020.

     

    What Should You Know Before You Switch?

    ●        Switching from one PFA to another is completely FREE and OPTIONAL.

    ●        Verify the sources of information before you switch. You can visit the National Pension Commission (PenCom) website for details on returns.

    ●        Confirm that the funds of the PFA you are switching to are audited and that they have adopted the International Financial Reporting Standard (IFRS).

    ●        Your remittance and account balance are not affected when you switch.

    ●        Anyone can switch their PFA to Stanbic IBTC Pension Managers.

    ●        You can only initiate a transfer once a year; transfers are effected at the end of each quarter.

     

    Why Should You Choose Stanbic IBTC Pension Managers As Your PFA

     

    ●        Highest Number of Subscribers: Over 1.8 million people cannot be wrong.

    ●        Their Heritage: A member of the over 150-year-old Standard Bank Group.

    ●        Trust and Reliability: They have paid over N800 billion to more than 62,000 retirees since the inception of the Contributory Pension Scheme (CPS)

    ●        Funds Performance: Their funds have returned over 370% since inception.

    ●        Transparency: There are periodic statements sent to contributors and they have the chance to check their balance at any time through their website, USSD or the Stanbic IBTC Mobile App.

     

    What Do You Enjoy When You Switch To Stanbic IBTC Pension Managers?

     

    ●        Immediate access to end-to-end financial solutions.

    ●        Peace of mind knowing that your pension is safe, regardless of where you are.

    ●        Access to relevant information plus ease of performing transactions.

    ●        Long-term sustainable returns on your assets to ensure that you retire well.

    ●        Access to their Loyalty programme where you enjoy discounts when you shop with any of their partner vendors.

     

    At Stanbic IBTC Pension Managers, operational excellence drives service delivery as their standards of operation give no room for poor investment decisions. Therefore, you can be assured that your pension is not just in safe hands but in the hands that are keen to help you to “RetireWell”.

     

    To switch now, click here. You may also call 01 271 6000 or send an email to switchgeng@stanbicibtc.com. For more information, visit stanbicibtcpension.com. 

  • Pencom Moves To Reduce Unfunded Retirement Savings Accounts

    Pencom Moves To Reduce Unfunded Retirement Savings Accounts

    The National Pension Commission has ordered Pension Fund Administrators to ensure that all remitted contributions are credited into the Retirement Savings Accounts of the workers.

     

    This is to reduce the number of unfunded RSAs of workers under the Contributory Pension Scheme.

     

    PenCom disclosed this in its quarterly report on ‘Update on the on-site analysis of pension fund operators’.

     

    Part of the report read, “The review of the operators’ activities during the third quarter of 2020 indicated substantial compliance with the extant laws and regulations issued by the commission.

     

    “The key area of regulatory concerns were the rise in unfunded RSAs.

     

    “The PFAs were directed to ensure all remitted contributions are credited into the RSAs of the beneficiaries and also liaise with the respective employers to ensure up-to-date funding of the contributors’ RSAs.”

     

    PenCom stated that it suspended the 2020 on-site examination of pension fund operators due to the COVID-19 pandemic.

     

    However, it added, the enhanced off-site surveillance of pension operators continued through review of the monthly reports submitted by the operators.

     

    It stated that a review of the compliance reports forwarded by the pension operators during the quarter under review revealed a significant rise in the number of RSAs with un-credited pension contributions.

     

    The PFAs attributed the backlog of un-reconciled contributions to their skeletal workforce for processing the contributions, in compliance with the COVID-19 induced stay-at-home order.

     

    They were nonetheless, directed to ensure all pension contributions received during the lockdown were duly reconciled and credited to the respective RSAs of the contributors.

     

    Other notable observations from the compliance report were that all outstanding payment of retirement benefits approved by the commission had been credited into the respective RSAs of the beneficiaries by the PFAs.

     

    The operators also met all the outstanding commitments due from previous routine examinations within the quarter, it stated.

     

    PenCom stated that it granted approval to five private sector organisations and one public agency to establish additional benefits schemes for their employees in line with the provisions of Section 4(4)(a) of the PRA, 2014.

     

    The commission stated that it issued a revised circular on the requirements for granting PFA and Pension Fund Custodians licenses, to reflect the provisions of the PRA 2014 and industry developments.

     

    It added that it issued a framework for virtual meetings by licensed pension operators, setting out the minimum standards and regulatory requirements for virtual meetings in the era of COVID-19 pandemic.