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  • Dangote Trains Journalists, Charges On Professionalism

    Dangote Trains Journalists, Charges On Professionalism

    President of the Dangote Group, Aliko Dangote has charged media practitioners on professionalism and high ethical standard in the discharge of the duties as the watchdog of the society.

     

    Dangote gave the charge in Abeokuta during a three-day training sponsored by the Pan-African conglomerate, for journalists from across the South-West geo-political zone in the country.

     

    Speaking, the senior general manager, Branding and Communication, Dangote Industries Limited, Mr Sunday Esan said the role of the journalists is very critical in the society as both the governed and the government rely solely on the media for information to better the society.

     

    Therefore, he said media practitioners could not afford to be less professional and ethical to meet the yearnings of the society pointing out that was the reason for sponsoring the training which aimed at fine tuning the journalists for modern day expectation in view of the evolution of the social media.

     

    Speaking one after another during the training themed ‘The Convergence Journalism” organised by Folio Media & Creative Academy, the resource persons stated that though the ethics of the profession of journalism remain sacrosanct, the practitioners must not lose sight of the marketing side of their job.

     

    A communication and brand management expert, Dr. Victor Ogwezzy, said marketing in the media is everybody’s business without which no media organisation would survive.

     

    According to him, media practitioners should be mindful of their own personal survival and that of the organisations in which they are working and take marketing seriously.

     

    He mentioned some newspapers which bothered less about marketing side of the business, but which today are now off news stand and thus throwing their workers into the unemployment market.

     

    Besides,. Ogwezzy, who is the chief responsibility officer of B2B Matrix Limited said journalists also have the responsibility to ensure contents in their newspapers, radio and television are good enough to attract quality readership and audience which will translate to income through advertisement.

     

    He explained that gone were the days were the business of marketing was left purely for the business development executives in the media organisations and that journalists equally has roles to play in marketing.

     

    He added that some media organisations inability to pay their workers could be partly attributed to non-recognition of seriousness and importance of marketing in the media.

     

    Another speaker, a seasoned media practitioner who is the director, Special Programmes at the Nigerian Institute of Journalism (NIJ), Dr. Jide Johnson underscored the importance of the media in the society, saying no one can do without Newspaper, radio, television, phone, data, airtime, which are examples of media.

     

    According to Johnson, journalists should be conscious of the huge responsibility put on their shoulders by the Nigerian Constitution, which is holding government accountable for its actions and serving as the voice of the people.

     

  • BUA, Turkey Firm Sign Agreement To Construct 2,000tons/d Plaster Plant

    BUA, Turkey Firm Sign Agreement To Construct 2,000tons/d Plaster Plant

    BUA Group, one of Africa’s leading industrial companies, is set to commence the construction of a 2,000tons/day Plaster of Paris (Gypsum Powder) production plant.

     

    This was made known during the signing of an agreement between BUA and MMM Erba Makina of Turkey – one of the world’s leading equipment suppliers for plaster production, to supply the equipment for the plant.

     

     Upon completion in 2022, BUA’s P.O.P (gypsum powder) production plant will be Nigeria’s largest plaster (gypsum powder) production facility.

     

    Speaking at the signing ceremony, chairman of BUA, Abdul Samad Rabiu, said that the signing marked another milestone in BUA’s journey to becoming Africa’s leading manufacturing and infrastructure company.

     

    “We are pleased to sign this agreement with a world leader in Plaster manufacturing machinery, MMM Erba Makina, to build our 2,000tons per day P.O.P. gypsum powder manufacturing plant which we expect to be completed in 2022. We are confident in their expertise, quality of equipment and capacity to deliver on schedule. On completion, this plant will further deepen our involvement in the entire housing infrastructure value chain in Nigeria and the West African region.”

     

    In his comments, Chairman of MMM Erba, Melih Baran Kilic, expressed excitement at the opportunity to work in Nigeria with BUA Group.

     

    Our wealth of experience in delivering some of the world’s best plaster plants to bring this project to completion on schedule.”, he added.

     

    BUA is one of Africa’s largest manufacturing, mining, foods, and infrastructure conglomerates with its headquarters in Lagos, Nigeria.

     

    Established in 1988 by industrialist, Abdul Samad Rabiu, BUA currently has significant assets and business interests in Cement Manufacturing, Construction, Real Estate, Quarrying & Mining amongst other.

     

  • NITDA To Engage Stakeholders On Bill To Repeal Act

    NITDA To Engage Stakeholders On Bill To Repeal Act

    The National Information Technology Development Agency (NITDA) has drawn the attention of Information Technology sector stakeholders and the general public to a proposed bill aimed at repealing and re-enacting the NITDA Act, 2007 to develop “stakeholder-led robust regulatory architecture”

     

    According to a statement issued yesterday by the head, corporate affairs and External Relations of the Agency, Hadiza Umar, the process will engage all the stakeholders in the efforts to ensure that Nigeria benefits maximally from the global digital economy

     

    She said the need to repeal the existing Act became necessary with the launch of the National Digital Economy Policy and Strategy (NDEPS), which effectively replaced the Nigerian National IT Policy, 2000.

     

    She said that considering the importance of the NITDA proposed bill it will be presented to the National Assembly as an Executive Bill after the necessary processes.

     

    It added that since the enactment of the NITDA Act 2007, the agency has operated as the catalytic Government Agency for developing and regulating the Information Technology sector.

     

    It said in light of recent advancements in Information Technology and the shift in the global economy paradigm, the NDEPS was envisioned to “transform Nigeria into a leading digital economy, providing quality life and digital economies for all”.

     

    “This current reality has necessitated the reimagination for the establishment of NITDA. It is a known fact that digital technologies have created new forms of economic activities that have been beneficial to the global economy.

     

    “However, these digital technologies comes with their promises and perils such as cybercrimes, privacy invasion and other social problems. This necessitates the need to proactively manage their adoption through the development of a stakeholder-led robust regulatory architecture to enable Nigeria to maximise the benefits of such technologies and mitigate the negative consequences.

     

    “Therefore, the need for a more agile and practical approach to regulations, standards-setting, and guidelines development for the country, with a focus on digital and emerging technologies, cannot be overemphasized,” the agency said.

     

    It reiterated the need to update NITDA’s legal framework for regulating and developing a digital economy for Nigeria, saying that the Agency’s current establishment law is outdated.

     

    “It cannot meet the needs and requirements for supporting a digital economy as well as effectively protect the rights and interests of stakeholders in the digital world.

     

    “The review of the NITDA Act 2007 aims to address contemporary digital issues, revamp Nigeria’s economy, build trust and protect the rights and interests of players in the ecosystem,” the statement added.

     

  • To Achieve Bigger Results, Be Focused, Expert Charges Marketers

    To Achieve Bigger Results, Be Focused, Expert Charges Marketers

    Seasoned marketing practitioner and former managing director of Guinness Nigeria Plc, Mr. Seni Adetu has charged marketing practitioners in the country to concentrate on fewer tasks in the marketing mix, to enable them achieve bigger results.

     

    Giving this counsel at this year’s Marketing Edge’s Summit and Awards, held in Lagos, over the weekend, Adetu, now the founder and group chief executive officer, First Primus, and chairman of the event, stated that the temptation of dipping a finger in every marketing pie remains very high for practitioners in the nation’s marketing space.

    He however argued that such practice would not allow for a maximum impact, since the distractions inherent in such actions are always huge.

     

    “I think my advice for practitioners is that we should focus on less for bigger impact. The tendency to want to do everything is very high, but it is better to concentrate on fewer things to achieve maximum results,” he stated.

     

     

    Adetu commended the organisers of the Award, for staying steadfast to the course of brand journalism in the country. He however harped on the need for the organization to have a very robust successor plan to enable it sustain the legacy, that would outlive it.

     

    Speaking on the awards, the chief executive officer/ publisher of the marketing publication, Mr. John Ajayi explained that the decision to organise the award was informed by the need to further deepen brand journalism in the country.

     

    “We initiated the awards as a way of inspiring, exciting and igniting passion in the industry, while stimulating positive and healthy competition amongst players and gladiators in the Nigerian marketing eco-system.”

     

    Before our arrival in the market, the marketing and advertising industry was largely under-reported. As a matter of fact, there was more or less a complete lack of knowledge about this new genre of journalism as regards brands and advertising reporting,” he stated..

     

    According to him, the publication was introduced about 18 years ago to fill the yawning gap in the marketing and advertising reporting in the country, while expressing delight at the exploits of the publication in its close to two decades of opening its doors for business.

     

    One of the highlights of the event was the conferment of the ‘Political Brand Icon of The Year Award’ on the Lagos State governor, Mr. Babajide Sanwoolu.

    Commending the Awards’ organisers, the state’s number one citizen assured the marketing community of his government’s commitment at creating a conducive environment for their crafts to flourish.

     

     

  • Stanbic IBTC Deepens Investors’ Participation In Stock Market

    Stanbic IBTC Deepens Investors’ Participation In Stock Market

    In deepening investors’ participation in the Nigerian capital market, Stanbic IBTC Stockbrokers, has removed the minimum stockbroking account-opening balance for individuals to allow zero set up amount via its mobile app or electronic trading (e-Trade) platform on its website.

     

    The organisation has taken it upon itself to enlighten and empower prospective investors, especially the millennial and Gen-Z demographics by providing the tools and opportunities for wealth generation and preservation offered through capital market investments.

     

    By removing the opening balance requirement and reducing its online brokerage fees, individual investors are encouraged to take advantage of this opportunity and enjoy the aspirational services provided by Stanbic IBTC Stockbrokers.

     

    The chief executive, Stanbic IBTC Stockbrokers, Titi Ogungbesan said, “This is a great opportunity for new and existing investors to take advantage of. This development will enable interested persons to invest in the Capital Market through Stanbic IBTC Stockbrokers at their own pace.

     

    “In addition to removing the minimum opening account balance, we have also reduced the brokerage fee for transactions executed via our online platforms from one per cent of the brokerage fees to 0.7 per cent; a 30 per cent reduction in commission charged.”

     

    Titi added that potential investors can make use of its self-service options available via the Stanbic IBTC Stockbroking App on the Google Play and Apple stores, as well as its e-Trading portal available.

     

    “Leveraging on technology, we have also made it easier to open a stockbroking account with us via our mobile and web platforms,” she stated.

     

    Stanbic IBTC Stockbrokers is a subsidiary of Stanbic IBTC Holdings Plc, and Nigeria’s largest stockbroking firm with a market share of over 10 per cent of the value of shares traded on the floor of the Nigerian Exchange Limited.

     

  • Annual 41st AGM: Lasaco Delivers Awesome Performance In 2020, Grow Stakeholders Value, Despite Challenges  –Teju Philips

    Annual 41st AGM: Lasaco Delivers Awesome Performance In 2020, Grow Stakeholders Value, Despite Challenges  –Teju Philips

     

    The Chairman of Lasaco Assurance Plc, Mrs Olateju Philips, has disclosed that in spite of the challenging situation experienced in the year 2020 has a result of the COVID-19 pandemic, the company was able to deliver an awesome performance with a record Gross Premium Written of N10.937billion.

     

    Mr Philips who made this known during the company’s 41st Annual General Meeting held at Marriott Hotel, Ikeja GRA Lagos, added that Lasaco Assurance Plc was able to generate N8.05billion in net underwriting income as against N6.71billion made in 2019, signifying an increase of 20% year on year.

     

    According to her,”In spite of the challenging situation experienced during the course of the year, the company was able to deliver an awesome performance in 2020 and grew stakeholders’ value. We recorded a Gross Premium Written of N10.937billion.

     

    “This signifies a 17% growth in performance compared to Gross Premium Written in 2019. The company made N8.05billion in net underwriting income as against N6.71billion made in 2019 signifying an increase of 20% year on year.

     

    “100% increase was recorded in profit before tax from N315.7billion in 2019 to N679.4million in 2020. Our total asset grew from N18.5billion to N20.5billion signifying 11% increase while shareholders’ fund declined by 2% from N7.98billion in 2019 to N7.80billion in 2020.

     

    Speaking further, she said that with the array of economic events which the company was able to manage in the previous year and strategies put in place by the leadership of the organization, 2021 promises to be better for Lasaco Assurance Plc.

     

    “We are also hopeful that the economic policy adjustments and reforms will aid the business environment positively.

     

    “In the last one year, we have worked assiduously to map out strategies to improve our identity and visibility to increase sales and market share. Our strategies to improve our identity and visibility to increase sales and market share.

     

    “Our strategic digital transformation plan will aid customer experience and the diversification of income streams deepening will add tremendous value to the bottom line.

     

    “Plans have also been devised for the diversification of our Investment portfolio. This will spur the organization to growth through increase in investment income.

     

    She lamented that the COVID-19 pandemic placed Nigeria in a critical condition in 2020 as the country locked down economic activities at the beginning of quarter 2020 in order to minimize the spread of COVID-19 virus.

     

    She said the country entered the crisis with the failing per capital income, high inflation, and governance challenges which affected every aspect of business and economic lives.

     

    “The Nigeria’s economy experienced a 3.6% contraction in the first three quarters of 2020 leading to the worst recessions in decades, oil prices improved and the authorities employed policies to counter the economic distress.

     

    “The economy even with the various unrest experienced across the country, returned to growth albeit marginally, in the final quarter of year 2020, with GDP expanding 0.11% year -on year beating market expectations of 1.9% decline.

     

    “Inflation galloped to a 34- month high 15.75% in December 2020 from 11.98% same period in 2019, fueled by increase food prices due to constraints on domestic supplies and the effect of an exchanged premium that widened to about 24%.

     

    Mrs Philips lamented that citizens agitations in many parts of the country, especially End SARS protest also disrupted lots of activities leading to lost of lives and properties.

     

    She stated that this affected insurance businesses in the country as claims in both high frequency,high severity and near  catastrophy were recorded country wide.

     

    “In 2020, Nigeria financially markets based her actions on the monetary policy. The equity market rose to 50% in 2020. It tops performance is over a decade. However, stock performance in 2021 depends on the direction of monetary policy and relative to business environment.

     

    “Nigeria economy is anticipated to grow by 1.8% in 2021. Despite the current encouraging external situation with oil prices recovery and growth in advance  economies, reform shortfall would hinder the renewed economic expansion and undermine progress towards Nigeria’s development goals.

     

    “Hopefully, policy adjustments and reforms designed to shift the country from it dependence on oil and to diversify the economy towards private sector -led growth will set Nigeria on a more sustainable path to recovery,” she averred.

     

    She assured the shareholders, board members, management, and staff of Lasaco Assurance Plc, that it is the dawn of new era adding that together with their continuous supports, the legacy of the organization will be sustained.

     

  • House Committee on Finance Commends FRC For Blocking Revenue Leakages

    House Committee on Finance Commends FRC For Blocking Revenue Leakages

     

    The Chairman, House Committee on Finance, Rt. Hon. Abiodun Faleke has given kudos to Fiscal Responsibility Commission, FRC for providing the data which helped the Committee to determine the unremitted operating surplus of Government Owned Enterprises (GOEs) during the first phase of interactive session on 2022-2024 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).

     

    He noted that Nigeria has no reason to borrow in order to finance deficit budget if only we do the right thing by blocking revenue leakages in the GOEs expenditure which over the years have made their management constituted themselves into “government within a government” because of their financial recklessness.

     

     Faleke assured Nigerians that his Committee is determined to sanction any government agency that refuses to present the MTEF and FSP from 2022-2024 as well as operating surplus remittance form 2018 till date saying that such agency would not be considered in the appropriation bill of 2022.

     

    He frowned at flagrant disregard for extant laws that guide public finance pointing out that most of the GOEs laws and regulations are self-serving and against the national interest of Nigeria while promising to amend those laws to be in conformity with accountability and transparency.

     

    The ranking lawmaker opined that Nigeria urgently needs meticulous budgeting process that is open and transparent which would ensure adequate funding of Federal government projects that would impact positively on the lives of Nigerians.

     

    The Committee Chairman pointed out that his Committee with the partnership with Fiscal Responsibility Commission may have save billions of naira for the Federal government by ensuring that the GOEs remit operating surplus into the Consolidated Revenue Fund account during the interactive session.

     

    The Committee will resume its final interactive session at the House of Representatives on September 17, 2021.

     

  • Just In: CBN Pegs Transfer Limits To N50k As E-Naira Takes Off October 1

    Just In: CBN Pegs Transfer Limits To N50k As E-Naira Takes Off October 1

     

    The Central Bank of Nigeria (CBN) has set an initial transaction limit of N50,000 for non- account preparatory to the take-off of its digital currency set for October 1.

     

    In a guide released by the apex bank to Deposit money banks, the CBN stipulated a transaction limit for customers, non-interest-bearing Central Bank Digital Currency (CBDC) status, and an account value limit.

     

    There are three levels to the CBN “Speed wallet” issued primarily to meet the October 1, 2021, deadline.

     

    As a means to transact value, the wallet doesn’t compete with existing banks but is awaiting the creation of wallets by banks and other innovators.

     

    Tier one

     

    With the first tier, Speed Wallet can be used by anyone who does not have a bank account. However, users will have to submit a passport photo, a name, birth date and place, a phone number, and their address.

     

    A N50,000 limit is in place for “Send & Receive”. The minimum requirement is the individual’s National Identity Number (NIN), which will be validated. A cumulative balance of N300,000 is fixed each day.

     

    Tier Two

     

    An account with an existing bank is required for users of Tier Two wallets.

     

    The user is limited to sending and receiving N200,000 per day with a Cumulative Balance of N500,000 daily. A Bank Verification Number (BVN) is the minimum requirement for this level.

     

    Tier Three

     

    Tier three allows daily transactions of N1 million, with daily cumulative balances of N5 million. In order to qualify, you need to have at least a BVN.

     

    Those who possess this merchant level can send or receive a million naira daily. A merchant can move as much money as they want into their bank accounts.

     

    However, In context, the Central Bank further disclosed, neither merchants nor customers using the wallet will be charged a fee.

     

    The report stated that the e-Naira is a legal tender for the entire country. It also mentioned that it will have non-interest-bearing CBDC status, a transaction limit for customers, and a value-based transaction limit.

     

    The CBN also outlined that Nigerian banks will be allowed to invite all their customers to register for the e-Naira.

     

    “Besides pre-generated codes, the banks can send invitation codes for onboarding to a specific list of selected customers. Onboarding will be done for customers who have a code assigned by their banks. The banks have already validated and verified these customers.”

     

    It further disclosed that the wallet provided by its institution was merely a stop-gap measure for meeting the deadline, given that banks and other licensed operators may provide their own wallets since it didn’t intend to compete against the banks.

     

    “As a National Critical Infrastructure, the e-naira system will be subject to comprehensive security checks, all data and personally identifiable information (PII) will be kept off the ledger and will not be stored on the ledger,” the Apex bank added.

     

    In order to catalyse the adoption of e-Naira, banks will facilitate onboarding and provide world-class customer service.

     

     

  • Traffic To Be Diverted On Ikorodu Road For Six Days

    Traffic To Be Diverted On Ikorodu Road For Six Days

     

    Traffic will be diverted at Anthony Area on the Yaba-bound lane of Ikorodu Road for six days starting from August 31, the Lagos State Government announced on Monday.

     

    A statement signed by the state Commissioner for Transportation, Dr. Frederic Oladeinde, stated that the diversion is to allow for the construction of drainages.

     

    Oladeinde explained that the drainage works were necessary due to the rainy season, adding that the project will ease the movement of motorists and road users.

     

    He revealed that motorists will be able to utilise the service lane connecting Olaide Benson, Ismail Estate, Third Road Avenue, Iya Oloye Crescent Junctions and existing entrances into the expressway at Seaburn Motors and Uber Inspection Centre.

     

    “The Exit from Anthony-Ikorodu Expressway at Uber Inspection centre linking the service lane and connecting Oshodi Road is to be temporarily blocked and a temporary exit to the service lane connecting Oshodi Road will be created about 200 meters away at the NLPC Pension Fund”, the Commissioner noted.

     

    He stated that personnel of the Lagos Traffic Management Authority will be deployed in the area to minimise inconveniences, as he appealed to motorists to cooperate with them.

     

    The Commissioner revealed that the repairs are geared towards eliminating gridlock that may emanate from flood and damage to the roads.

     

  • Lagos to Divert Traffic in Ikeja Axis For Six Days

    Lagos to Divert Traffic in Ikeja Axis For Six Days

     

    Traffic on Oduduwa Way and Oduduwa Crescent in Ikeja Local Government Area will be diverted for six days, the Lagos State Government announced on Monday.

     

    The diversion which will start on August 31 is to allow for the construction of culverts that will channel stormwater towards the outfall across Agege Motor Road by Sogunle Bus Stop.

     

    The state Commissioner for Transportation, Dr. Frederic Oladeinde, disclosed this in a statement in which he assured of alternative routes to ease movement during the construction period.

     

    According to the statement, Oladeinde “said motorists coming from Ladipo to link Mobolaji Bank Anthony/Maryland should connect Works Road to Oba Akinjobi Way, take a left turn and connect Joel Ogunaike Street inwards Mobolaji Bank Anthony/Maryland to access their desired destinations.

     

    “Oladeinde advised road users from Ladipo end of Adekunle Fajuyi Way intending to link Mobolaji Bank Anthony/Maryland to connect Sowemimo Street, through Oladipo Bateye Street, and link Oba Akinjobi Way roundabout to Oba Dosumu Road to access Isaac John Street and turn right to Sobo Arobiodu or left to Mobolaji Bank Anthony/Maryland.

     

    “The Commissioner implored motorists coming from Mobolaji Bank Anthony/Maryland to Sogunle/Agege Motor Road to connect Isaac John Street and turn left to Sobo Arobiodu, through Sasegbon Street, to connect Oba Akinjobi Way and Works Road to access Sogunle/Agege Motor Road for their desired destinations.

     

    “While appealing to motorists to comply with the directives of the State’s Traffic Management Authority, (LASTMA) to minimise the inconveniences that may arise, Oladeinde assured that the ongoing rehabilitation of roads infrastructure would improve the movement of vehicle owners and road users, thereby easing traffic congestion within the metropolis.”