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  • FG Unveils Plan To Unbundle NIPOST Into Courier Services, Microfinance Bank

    FG Unveils Plan To Unbundle NIPOST Into Courier Services, Microfinance Bank

     

    The Federal Government has unveiled plans to unbundle the Nigerian Postal Service (NIPOST) into a courier service, microfinance bank among others.

     

    The Minister of Communications and Digital Economy, Isa Pantami, disclosed this on Tuesday during the unveiling of NIPOST’s N50 revenue stamp for denoting transactions in the country.

     

    He listed other aspects of NIPOST unbundling which would take place before the end of the year to include NIPOST transport and logistics, courier services, and microfinance bank.

     

    “We have many policies for transforming NIPOST in the pipeline. Part of the policy is the plan to unbundle NIPOST.

     

    “We have in the pipeline, Transport and Logistics Company, a Courier Service and a Microfinance Bank. We will do the best we can before the year ends to ensure that the slot are achieved,” the Minister said.

     

    According to him, these are part of efforts to boost Nigeria’s revenue generation which will be invested into education, security, agriculture, among other sectors in the country.

     

    Pantami expressed optimism that NIPOST would be transformed into a world-class outfit.

     

    “The unveiling of the N50 revenue stamp is the beginning of the transformation of NIPOST. We have recorded modest achievements in NIPOST that will increase its revenue and raise monies for other sectors of the Nigerian economy.

     

    “Part of the transformation is to unbundle NIPOST. This includes NIPOST Property development Company; this is a company that will bring all the NIPOST Properties together and develop them and generate revenue from them,” he said.

     

    Pantami tasked the staff of NIPOST to double efforts aimed at increasing revenue generation for the country, as that would be the only justification for the increased welfare package.

    NIPOST

    NIPOST Re-enactment Bill

     

    In June 2021, the Senate passed the NIPOST repeal and re-enactment bill 2021, which had restricted the agency to only postal operations in the country.

     

    The bill which was passed also seeks to unbundle NIPOST for efficient service delivery by creating a commission to regulate its affairs.

     

    It was passed by the Senate following the consideration of the report of the Committee on Communications, which is Chaired by Senator Oluremi Tinubu.

     

  • Shareholders Still Showering Encomiums on Stanbic IBTC Over Dividend Pay-Out

    Shareholders Still Showering Encomiums on Stanbic IBTC Over Dividend Pay-Out

     

    Shareholders of Stanbic IBTC Holdings PLC have continued to laud the Group for their last dividend payout of 360 kobo per share for the financial year ended 31 December 2020, as well as the bonus shares of one for every six ordinary shares, approved at the last Annual General Meeting held in May 2021.

     

    Some of the shareholders who expressed their appreciation to Stanbic IBTC said that they were glad that despite all the socio-economic challenges of 2020, the Stanbic IBTC Group continued to keep many Nigerians in paid employment and continued to invest in communities within Nigeria via various Corporate Social Investment projects.

     

     “Indeed, the Stanbic IBTC Group deserves a lot of commendation” said Mr. Tunji Bamidele, one of the Company’s shareholders.

     

    The last audited results showed that Stanbic IBTC posted gross earnings of N234.446 billion against N233.808 billion in 2019. Stanbic IBTC ‘s deposits to customers improved from N819.944 billion to N637.840 billion, while loans and advances improved from N532.124 billion to N625.139 billion.

     

    Based on the results, the board recommended a final dividend of 360 kobo in addition to a bonus of one new share for every six ordinary shares already held. The shares of Stanbic IBTC jumped 9.9 per cent from N44.05 to N48.45 as investors reacted positively to the results and dividend declaration.

     

    Analysts at FSDH Merchant Bank Research had said the 6.6 per cent increase in total income to N198.9 billion recorded by Stanbic IBTC was primarily driven by a 14.7 per cent jump in non-interest revenue N124.7 billion.

     

    Non-interest revenue ascended 14.7 per cent, powered by a 43.4 per cent increase in trading income to N52.1.

     

    Mr Tunde Bamidele, a shareholder, expressed gratitude to the Board and Management of Stanbic IBTC for the steadfastness, hard work and dedication, which resulted in the N83 billion profit after tax for the 2020 financial year: and the subsequent 360 kobo dividend and allotment of bonus shares.

     

    He said: “I would like to express my gratitude to the Board of Directors, Management and members of Staff of Stanbic IBTC for a job well done. Despite the COVID-19 pandemic, the company declared a dividend of 360 kobo, which is impressive compared to other players in the financial industry. I would also like to thank you for giving us a bonus share for every six shares held. Indeed, the bonus dividend is robust.”

     

    Stanbic IBTC remains one of Nigeria’s foremost financial institutions. The financial institution’s Chief Executive, Dr Demola Sogunle, has pledged the organisation’s commitment to put in more efforts towards satisfying the company’s customers, clients, and shareholders.

     

  • PMI Hits 18-month High in July, Amid Strong Demand Conditions

    PMI Hits 18-month High in July, Amid Strong Demand Conditions

     

    Nigeria’s private sector began the second half of the year on a positive footing as they continued the run of expansion that began in July 2020.

     

    Quicker upticks in output, new orders, purchases and employment supported growth. Despite this, firms were able to keep backlogs at bay, though sentiment did moderate to the weakest since last September.

     

    On the price front, higher raw material, wage and transportation prices were linked to another robust rate of overall input price inflation. Output prices also rose sharply.

     

    The headline figure derived from the survey is the Purchasing Managers’ Index™ (PMI®). Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration.

     

    The headline PMI rose in July to 55.4, up from 53.6 in June. The reading signaled a marked improvement in business conditions, and one which was the strongest since January 2020.

     

    The uptick was centered on stronger demand conditions, with new orders rising at the fastest rate in one-and-a-half years. As a result, firms raised their output levels, and at the joint-quickest rate since August 2020.

     

    Greater output requirements led firms to raise their buying activity during the month, which they did so at the sharpest rate in one-and-a-half years. The sustained period of output and new order growth encouraged firms to add to their inventory holdings. Anticipation of greater demand was also linked to stockpiling efforts.

     

    To cater for higher workloads, firms raised their headcounts. Job creation has now been seen in each month since February. This allowed firms to clear their backlogs for the fourteenth month in a row. The rate of backlog depletion eased to the softest in four months, but was still among the quickest in the series history.

     

    Meanwhile, vendor performance improved again, a trend observed throughout much of the series’ history. That said, the rate at which lead times shortened was the softest in 15 months. According to firms, busier road conditions and material scarcity affected supplier delivery times.

     

    Material shortages drove higher costs, with firms also mentioning rising transportation and staff expenses. Overall input price inflation eased to a seven-month low, but was still strong in the context of the historical average. Output price inflation meanwhile quickened, with the improving demand environment allowing firms to raise their charges.

     

    Finally, sentiment remained positive amid plans to raise exports and expand business operations. That said, the degree of positivity moderated to the fourth-weakest in the series.

     

  • FRSC Arrests 15,000 Traffic Offenders in 3 Months

    FRSC Arrests 15,000 Traffic Offenders in 3 Months

     

    The Federal Roads Safety Corps (FRSC), Lagos State Command, has arrested 15,000 offenders for various traffic offences in the last three months.

     

    The sector commander, Mr. Olusegun Ogungbemide made this known at the 6th Training and Workshop of the Nigeria Auto Journalists Association (NAJA) in Lagos.

     

    The FRSC boss speaking on the sidelines of the presentation said, “We arrested 15,000 offenders in the last three months, you should appreciate the fact that we have succeeded in arresting 15,000 crashes on our roads because the implication is that if we didn’t arrest these people, all the crashes we have been having, the causative reasons behind the crashes are what we have arrested before the real crashes.

     

    This is the angle we should appreciate it from. And that’s why we are so passionate about this. We are at the receiving end and we know where the problem lies and we should be able to tackle it from there.”

     

    He added, “Any time I have reasons to travel and I see a tanker carrying fuel beside me, I get agitated. I rather prefer to stay behind the tanker than to be by its side. The same thing goes for trucks carrying containers. 

     

    “At the beginning of the year, that was the first quarter, we arrested more than 800 trucks carrying containers along Lagos-Ibadan corridor. 

     

    “When say a container that is moved from the port to other part of the country must be latched and locked, they find the way out, they use a better truck to get the container out of the port and when they get outside the port, they transload to another vehicle that does not meet the minimal safety standards and those are the ones that you see crashing all over the place.”

     

     

  • Dangote Sugar Records N131.9bn Revenue in H1, Cement Posts N191.6bn in Six Months

    Dangote Sugar Records N131.9bn Revenue in H1, Cement Posts N191.6bn in Six Months

     

    Dangote Sugar Refinery has posted N131.95 billion revenue in its unaudited financial results for the half year (H1) ended June 30, 2021.

     

    The Group Managing Director/CEO of the refinery, Ravindra Singhvi, made the disclosure in a statement on Sunday.

     

    The company’s revenue rose by 27.8 per cent in contrast to N103.23 billion recorded in the comparative period of 2020, showing a strong improvements in performance indices.

     

    Also, Gross Profit grew by 37.3 per cent to N28.59 billion compared to N20.82 billion recorded in the corresponding period of 2020, due to better top line performance.

     

    Group sales volume increased to 388,589 tonnes while production volume also increased by 7.6 per cent to 403, 846 tonnes driven by operations optimization drive.

     

    “We commenced the year on a strong footing with impressive performance in first half as the financial results have shown, with a stronger Q1 top line growth and a robust Q2 top line growth year on year.

     

    “During the period under review we launched our new packaging designs for the 50kg fortified and non-fortified sugar bags with the theme: ‘Dangote Sugar has a new look…. Same Great Quality’.

     

    “The theme reaffirms the quality of our product and inspires a deeper connection to the Dangote Sugar brand among our valued customers and consumers, whilst refreshing our market presence as the leading sugar brand in Nigeria, ” Singhvi said.

     

    Singhvi also said that the company, as part of its supply chain management sustainability journey, continued to enhance its outgrowers scheme.

     

    “The technical and agriculture support provided for them over time has led to the improved yield from our outgrowers sugarcane farms at the Numan Sugar Estate.

     

    “This effort will be sustained to ensure the socioeconomic growth of our immediate communities and improved sugar cane supply for production.

     

    “The team is committed to navigate the second half of the year, keeping the health and safety of our people and partners as top priority.

     

    “Our Refinery in Apapa and Backward Integration Operations in Numan, Adamawa State and Tunga, Nasarawa State continue to operate in compliance with our health and safety protocols while ensuring our commitment to the environment and sustainable business practices are maintained.”

     

    According to Singhvi, the recurrent challenges with Apapa traffic gridlock persisted during the first half of the year but expressed optimism that the truck call up system will address the situation.

     

    He explained that the achievement of the Dangote Sugar Backward Integration Projects targets remains the focus.

     

    “We are resolute and will continue in our quest to put Nigeria on the path of sugar self-sufficiency and on the world sugar map,” he added.

     

    Also, Dangote Cement posted a Profit After Tax (PAT) of N191.6 billion, after a tax charge of N89.6 billion in its unaudited results for the half year ending on June 30.

     

    The Group Managing Director, Dangote Cement, Mr Michel Puchercos, said this in a statement on Sunday in Lagos.

     

    Puchercos said that the company’s resilient results for the six months ending on June 30, was as a result of the group sales volumes which hit 15.3Mt.

     

    “We are pleased to report a solid set of the good results for the first half of the year.

     

    “Our performance reflects the strong demand across the group, with increases in revenue and profitability, compared to the same period last year,” he said.

     

    Pucheros added: “This strong intrinsic performance is magnified by the lower Q2 2020 results because of COVID-19.

     

    “The growth trend continues, and we are focused on meeting the strong market demand across all our countries of operation.”

     

    According to him, the company will continue to maintain a strong focus on health and safety measures in all our engagements with stakeholders.

     

    “We have learned a lot over the past year on how to mitigate risks associated with COVID-19.

     

    “We remain committed to protecting our team members and communities by being fully compliant with local laws and regulations.

     

    “We are improving the output of our existing and new assets and I am happy to announce that our three Mt Okpella Plant, Edo, is on track to come on stream in the next quarter,” he said.

     

    Puchercos also said that the company’s Alternative Fuel project which focused on leveraging waste management solutions, reducing CO2 emissions and sourcing material locally was at an advanced stage, while procurement and installation of the necessary equipment across all plants was ongoing.

     

    He added that Dangote Cement was focused on sound governance.(NAN)

     

     

     

  • Refineries Suffer 13-Month Loss of N104.3bn, Refine Zero Oil

    Refineries Suffer 13-Month Loss of N104.3bn, Refine Zero Oil

     

    A total loss of N104.3bn was recorded by Nigeria’s refineries in 13 months, even as the facilities refined no crude oil throughout the period, the latest report released by the Nigerian National Petroleum Corporation showed.

     

    An analysis of the updated consolidated refinery financial performance from February 2020 to February 2021 showed that the plants maintained losses monthly.

     

    The NNPC manages Nigeria’s refineries, namely Kaduna Refining and Petrochemical Company, Port Harcourt Refining Company and Warri Refining and Petrochemical Company.

     

    Figures from the corporation showed that the monthly operating expenditures of the refineries surpassed their revenues all through the 13-month duration.

     

    In February, March, April, May, June, July and August 2020, the consolidated losses of the refineries were N9.36bn, N10.3bn, N9.69bn, N9.55bn, N10.23bn, N9.1bn and N7.1bn respectively.

     

    In September, October, November and December 2020, the facilities posted cumulative losses of N7.04bn, N5.49bn, N5.99bn and N8.28bn respectively.

     

    Their consolidated losses continued in 2021, as they lost N5.37bn and N6.88bn in January and February this year, being the most recent update from the corporation.

     

    This came as the oil firm’s latest report further showed that all through these months, the refineries were unable to refine crude oil.

     

    Providing an explanation for this, it said, “In February 2021, the three refineries processed no crude and combined yield efficiency is 0.00 per cent owing largely to ongoing rehabilitation works in the refineries.

     

    “The declining operational performance is attributable to ongoing revamping of the refineries, which is expected to further enhance capacity utilisation once completed.”

     

    The NNPC further explained that it had been adopting a merchant plant refineries business model since January 2017.

     

    It said the model took cognisance of the products worth and crude costs, as it noted that the combined value of output by the three refineries (at import parity price) for the February 2021 amounted to approximately N0.10bn.

     

    It added that there was no associated crude plus freight cost for the three refineries in February 2021 since there was no production, but observed that operational expenses amounted to N6.98bn.

     

    “This resulted to an operating deficit of N6.88bn,” the oil firm said.

     

    The Group General Manager, Group Public Affairs Division, NNPC, Kennie Obateru, recently said the $1.5bn rehabilitation of the Port Harcourt Refining Company had commenced in full and part of the facility would start delivering refined products by September next year.

     

    He told our correspondent that the entire rehabilitation programme would be over in 44 months, stressing that the contractor had already mobilised to site.

     

    The NNPC officially signed the contract with Tecnimont SPA for the $1.5bn rehabilitation programme of PHRC on April 6, 2021, and parties in the agreement announced the commencement of the project.

     

    “It (Port Harcourt refinery) will be completed within 18 to 44 months when counting from April this year. By 18 months some part of the refinery will be producing,” Obateru said.

     

    Also, oil marketers had urged the corporation to try and hasten the rehabilitation exercise of refineries, particularly the revamp of the Port Harcourt refinery.

     

    The President, Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, said, “If the refinery in Port Harcourt can be rehabilitated and it works and comes on stream in a swift manner, that will be a welcome idea.”

     

    He said it was high time the country started refining crude oil, as this would not only create employment but would impact positively on the overall economy of Nigeria.

  • Jumia Offers Exciting Deals to Customers With Naija Shopping Festival Campaign

    Jumia Offers Exciting Deals to Customers With Naija Shopping Festival Campaign

    Nigeria’s leading e-tailer, Jumia, has launched a thrilling shopping experience to Nigerian customers with the Naija Shopping Festival campaign, running from the 12th of July to 29th of August.

     

    The festival offers customers a unique opportunity of a good bargain on every product of their choice at the best market prices.

     

    The campaign period (12th of July to 29th of August) is a window of opportunity for parents to leverage price discounts for holiday play items and back to school materials for their kids. It is also an ample opportunity for those working on their beach body for the holiday to get sports gear at the best prices.

     

    Customers are expected to download the Jumia App to fully exploit the benefits of the shopping festival.

     

     

    Head of Brands at Jumia Nigeria, Moyosore Oduwobi while commenting on offers available during the festival period said, Jumia marketplace offers simplicity and affordability to the Nigerian customers, and is offering them more on a wider range of products during the festival.

     

    “Naija Shopping Festival is every shopper’s dream. Every product you can think of that you’ll need this season, it’s available on Jumia. It’s a good opportunity for customers to delve into the simplicity of the experience and the affordability we offer. It’s our identity to give customers unbeatable prices from the comfort of their homes, and this and more is what they will be getting during this festival,” Oduwobi said.

     

    Some of the partners for the Festival include Pernod Ricard, Edifier, Adidas, Nivea, Xiaomi and Fanswedy.

     

    The campaign offers customers amazing shopping experiences and benefits such as Daily Flash sales, free shipping on selected brands, N100 clearance sales, live giveaways and surprises packages for shoppers on the weekends.

     

  • 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

  • N69.4bn Debt: AMCON Takes Over NICON Insurance, Nigeria Reinsurance From Jimoh Ibrahim

    N69.4bn Debt: AMCON Takes Over NICON Insurance, Nigeria Reinsurance From Jimoh Ibrahim

     

    In a bid to bring stability in the operation of organisations, the Asset Management Corporation of Nigeria (AMCON) has taken over the major investor’s interests in NICON Insurance Limited and the Nigeria Reinsurance Corporation (Nigeria Re).

     

    The two companies belonging to the embattled businessman and politician, Jimoh Ibrahim, were taken-over over an alleged N69.4 billion debt.

     

    National Insurance Commission (NAICOM), however, approved the new board and management of the two firms.

     

    According to AMCON, reason for the changes in the board and management of the two insurance firms is sequel to the takeover of the major investor’s interests in the two organisations.

     

    The new board of NICON Insurance Limited has Mr. Lamis Shehu Dikko FIoD as Chairman, Dr. Henry Uko Ationu, ACIIN as Managing Director/Chief Executive Officer and Mr. John Abuh Oyidih FCA ACIIN as Executive Director, Finance & Admin.

     

    The insurance firm also has Mr. Alexander Ayoola Okoh, the Director-General of Bureau for Public Enterprises (BPE) as Non-Executive Director and Mr. Ahmed Dahiru Modibbo FIBA ACIS as Non-Executive Director (Independent).

     

    Similarly, the board and management of Nigeria Reinsurance Corporation has Mr. Mela Audu Nunghe SAN as Chairman, Mr. Olugbenga Falekulo ACII serves as Managing Director/Chief Executive Officer and Mr. Olusegun Ilori FCA ACIIN comes in as Executive Director, Finance & Admin.

     

    Mr. Alexander Ayoola Okoh, the Director-General of Bureau for Public Enterprises (BPE) comes in as Non-Executive Director while Mrs. Yvonne Isichei MIoD, FCIB joins as Non-Executive Director (Independent).

     

    The reconstitution of the board and management team of two insurance institutions in Nigeria is to ensure that the firms continue in their quest for transparent and accountable management of insurance in the country and continue to deliver value to its stakeholders.

     

    NICON Insurance Limited, which is one of Africa’s leading Insurers in the country was originally owned by the Federal Government of Nigeria.

     

    The Corporation was established by Decree No.22 of 1969 (now Cap 263 law of 1990 as amended) with the main objective of assisting in the development of the insurance industry in Nigeria and specifically to ensure that Federal Government assets and property are fully protected by way of insurance.

     

    However, consequent upon the commencement of the second phase of the Federal Government Privatisation Policy, NICON Insurance was privatised in December 2005.

     

    With an asset base of N46.9bn gathered over a 50-year period of operation, many branches, and regional offices, it is therefore modest to classify NICON as a colossus in the insurance and other financial services sector.

     

    Nigeria Reinsurance Corporation on the other hand was established under the Nigeria Reinsurance Corporation Act No. 49 of 1977. It commenced operations on January 1st, 1978, as Nigeria’s flag reinsurer, wholly owned by the Government of the Federal Republic of Nigeria.

     

    In 2002, the Corporation was transformed from being a Federal Government wholly owned Corporation to a privatised company with the government retaining some shares.

     

    The Corporation, which has over 40 years of operations is in the business of assuming risks, providing reinsurance services and risk management solutions to its clients.

     

  • NADDC, FRSC, Auto Stakeholders Back Auto Journalists Capacity Building Workshop Slated for July 29

    NADDC, FRSC, Auto Stakeholders Back Auto Journalists Capacity Building Workshop Slated for July 29

    All is now set for this year’s edition of the Nigeria Auto Journalists Association (NAJA) Training/Capacity Building programme on Thursday, July 29, 2021 at the training hall of Golden Tulip Hotel, along the Murtala Muhammed International Airport road, Lagos. 

     

    With the current global automotive industry racing towards electric and gas as an alternative to petrol in vehicular movement, the  Director-General of the National Automotive Design & Development Council (NADDC), Jelani Aliyu (MFR), will declare open this year’s training/capacity programme with the theme “Migration to Electric Vehicles and Gas-powered Vehicles; Opportunities & Challenges for Nigeria”.

     

    Also expected at training and capacity building programme as guest of honour is Boboye Oyeyemi (MFR), Corp Marshal, Federal Roads Safety Corps (FRSC).

     

    Stakeholders supporting this crucial event holding on Thursday this week are the National Automotive Design & Development Council, Toyota Nigeria Limited, Coscharis Motors, Weststar, CFAO Motors, Autochek Africa, OMAA, Jet Systems, Kojo Motors (Yutong), and the Federal Roads Safety Corps, (FRSC).

     

    According to the event organisers, the one-day training programme is expected to educate Nigerians on what the global shift to electric and gas as an alternative to petrol is all about and the opportunities and challenges of such in the country.

     

    After the declaration of the programme open and presentations by the NADDC DG, who has been on the driver’s seat of Nigeria’s new thinking towards the use of electric and gas to move vehicles and other automotives as a cheap alternative to fossil fuel, local auto assemblers of electric vehicles and gas-powered vehicles are expected to give  technical presentations of their operations with a look at the opportunities and challenges of producing such vehicles in the country.

     

    Presentations will be made from Stallion Motors, assemblers of the Hyundai Kona electric vehicle in Lagos, OMAA Global, assemblers of the OMAA gas-powered range of buses at Igbo-Ukwu in Anambra state and Jet Systems Limited, assemblers of the JetMover range buses that runs on electric.

     

    It would be recalled that Ford Motors South Africa (FMCSA) in collaboration with Coscharis Motors; its local franchisee were the lead sponsors of the first and second editions held in 2016 and 2017, while Nissan Motors South Africa (NMSA) followed.