COVID 19: Coca-Cola Empowers 5000 Women for Economic Recovery

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In a bid to upskill and empower women through recovery from the effects of the coronavirus pandemic in Nigeria, The Coca-Cola Company through its philanthropic arm, The Coca-Cola Foundation, has partnered with Nigeria-based NGO, Karis and Eleos Hand of Hope Foundation, to help equip 5000 women with relevant vocational skills and business training.

The grant, awarded by The Coca-Cola Foundation, represents efforts to continually make a difference in the lives of women who remain pillars of the society; by providing business-focused training through its local implementing partner, Karis and Eleos Hand of Hope Foundation, with the purpose of enhancing business acumen and scaling up micro-enterprises to guarantee sustenance for themselves and their families.

COVID 19: Coca-Cola Empowers 5000 Women for Economic Recovery
Coca-Cola Empowers 5000 Women for Economic Recovery | www.brandspurng.com

The capacity building program tagged “Catalyst for Change” will be implemented by Karis and Eleos Hand of Hope Foundation across five communities in Lagos state and will directly impact the lives of 5000 women across Iwaya, Oworonshoki, Sangotedo, Magboro and Ogijo communities with 1000 of these women receiving funding and support to set up their small-scale enterprises.

Business training modules to be delivered by experienced facilitators will focus on personal & product branding, business foundations and basic accounting while artisanry pieces of training will cover courses in wig making, make-up, fashion and designing, household essentials, shoemaking, amongst others, over the course of a five-month period with the program kicking off this August.

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Other partners providing support to the program include The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).

Speaking on this program, Bukola Bamiduro, Founder of Karis and Eleos Hand of Hope Foundation, expressed her gratitude for the grant saying, “Poverty is the greatest threat to our existence as it fuels crime, despair and vices. The impact of COVID-19 has further escalated poverty in Nigeria and so we are delighted with this partnership and the execution of the program as these women will become catalysts in their communities, pulling their families out of poverty”.

Also commenting on the program, the Public Affairs, Communications and Sustainability Manager, Coca-Cola Nigeria Limited, Nwamaka Onyemelukwe remarked, “This is yet another way through which our Company is passionately contributing to the recovery of our economy following this devastating pandemic.

Our desire is to continue to economically uplift as many women as possible in Nigeria as we recognise their critical roles in society. We are confident that this new partnership will go a long way in supporting women and providing them with a means of livelihood through the recovery phase”.

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Representing the First lady of Lagos State, Her Excellency Ibijoke Sanwo-Olu, Wife of the Attorney-General of Lagos State, Mrs. Olabisi Onigbanjo, said, “It is particularly reassuring that this empowerment initiative is coming at a time the country is contending with the severe effects of the COVID-19 pandemic.

Through this initiative, 5,000 women across five communities will be empowered with business and life skills needed to escape from extreme poverty. When you empower women, you empower the whole family and by extension the nation.”

Karis and Eleos Hand of Hope Foundation is a non-profit established in 2017, with a vision to empower women and girls across the rural demographic. The award of this grant will help in achieving the shared objective of The Coca-Cola Foundation to grow a sustainable pipeline of female talent and empower women, ultimately creating a sustainable society.

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Through its ambitious goal of empowering 5 million women across the world by 2020 under its 5by20 initiative, The Coca-Cola Company has so far empowered 4.6 million women with over 420,000 Nigerian women directly impacted.

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The Company through its philanthropic arm, The Coca-Cola Foundation, has contributed more than $1 billion over the past 36 years to help protect the environment, promote recycling, empower women and enhance communities around the world.

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Latest News

Singapore Employees Lack Retirement Support From Companies While Financial Wellbeing Becomes a Top Priority: Aon Survey

SINGAPORE - Media OutReach - 14 April 2021 - Aon plc (NYSE: AON), a leading global professional services firm providing a broad range of risk, retirement and health solutions, has released the findings of the 2021 Trends in Retirement & Financial Wellbeing survey for Singapore.


Working adults in Singapore ranked retirement planning as their top priority but an alarming 80% underestimate how much they really need to retire. While retirement support from employers is also lacking, further challenges remain around transparency in group retirement plans' investment offerings and employees foregoing long-term perspectives to seek short-term gains.

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Ashley Palmer, Regional Managing Partner, Retirement & Investments, Asia for Aon, said, ""Employers can have a significant impact on how much their employees save by instilling smart habits and healthy money behaviours. The right long-term savings vehicles, effective communications and financial tools will help Singapore's workforce be more financially resilient in the wake of the COVID-19 pandemic."


The survey identifies three main themes in financial wellbeing and retirement support for Singapore employees.


Financial wellbeing support is the new employee expectation. As a result, close to 40% of employers rank an employee financial wellbeing strategy as their highest priority, followed by emotional and mental wellbeing support. The survey shows that 70% of Singapore employers will formulate or execute financial wellbeing programmes throughout 2021, in line with employee expectations. Companies also view offering a financial wellbeing programme critical in increasing employee engagement and remaining competitive in the talent market.


There is an increasing trend of employer-led supplementary savings plans. Currently, 22% of companies surveyed offer Central Provident Fund (CPF) top-up contributions to citizens and Permanent Residents. But, close to 40% of the working population in Singapore are foreigners who do not have access to CPF and are likely to have foregone their retirement benefits in their home countries. To bridge this gap, and to provide equitable retirement benefits to all employee groups, close to 50% of the organisations surveyed offer supplementary retirement benefits to their foreign staff. Financial services firms are leading in this practice, followed by the technology and the healthcare sectors.


Promisingly, a third of organisations in Singapore are prioritising a thorough review of their supplementary retirement arrangements in 2021.


Alicia Brittain, Senior Consultant & Actuary, Retirement & Investments, Singapore for Aon, said, "Forward-looking companies first need to understand the financial worries of their employees and identify the gaps in their benefits offering. The most effective approaches are aimed at changing individual behaviours towards money and savings and providing accessible programmes and vehicles to deliver sustainable change. For example, when organisations provide retirement benefits as cash-in-lieu, it is most likely immediately spent and so does not form part of an emergency fund or long-term savings for the employees' retirement years. Supplementary retirement plans solve this issue and are more flexible and cost effective - and can also offer contributions above the monthly CPF wage cap to increase employee savings."


Employees in Singapore lack a well-defined default investment strategy. Less than 30% of the surveyed companies in Singapore currently offer their employees an investment choice in their retirement plans, and only 15% of retirement plans have a default investment fund. This leads to employees selecting their own optimal investment funds. They may lack experience in understanding investments, which can lead to misallocating their money and result in inadequate retirement savings or excessive risk taking.


Brittain added, "The key to protecting employees and adding value to savings in any defined contribution retirement plan is a well-defined default investment strategy. This includes frequent performance monitoring, actively managing investment risks and dynamically reducing investment risk as employees move towards retirement."


Notes to Editors

The Aon 2021 Trends in Retirement & Financial Wellbeing for Singapore survey was designed to help organisations understand the unique retirement and financial needs of their Singapore workforce. This tri-annual survey was completed by organisations with employee populations ranging from five to over 4,000 and are based in Singapore. Responding Rewards and Benefits Leaders, HR and Finance Professionals provided feedback and insight on their organisations' financial wellbeing and retirement programmes, interests and concerns. Click here for the full report.

About Aon

Aon plc (NYSE: AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance.

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