Nestlé increases transparency through improved breastmilk substitutes marketing practices reporting

Nestlé, marketing practices reporting, breastmilk

Nestlé today reported on its compliance with its policy and procedures implementing the WHO International Code on the responsible marketing of breastmilk substitutes (the Code), based on audits and monitoring undertaken in 2019. The company recognizes the need to continuously improve and has taken steps to further increase transparency, reporting publicly on challenges, cases of non-compliance as well as corrective actions.

Leanne Geale, Executive Vice President, General Counsel, Corporate Governance and Compliance, said: “Transparency is a fundamental element of trust. Being transparent with our stakeholders is the basis for honest dialogue and accountability.”

The report highlights that when cases of non-compliance are discovered, the practices are immediately stopped and the necessary actions are taken to address them. Nestlé acknowledges the need to continuously train its employees, retailers, distributors, and owners of e-commerce platforms on the importance of implementing the Code. Also, interactions with the healthcare system and healthcare workers remains an area of vigilance where the company has strengthened its policies and controls.

Nestlé takes compliance with the Code very seriously. It relies on a comprehensive compliance and governance model that allows the company to apply the rules consistently across all the countries in which it operates.


IITA and EAGC agree to work towards producing aflatoxin-free grains for health and trade

The International Institute of Tropical Agriculture (IITA) and the Eastern Africa Grain Council (EAGC) today signed an agreement to work together to tackle aflatoxin contamination of grains in the region to help ensure that they are safe for human and livestock consumption and meet export standards.

Olam prices additional S$100 million notes by re-opening its recent 4.00% SGD senior fixed rate notes, increasing total issuance size to S$500 million

Global food and agri-business Olam International Limited (“Olam”) announced that, on the back of additional investor demand, it has priced a S$100 million issuance (the “New Notes”) via reopening of its S$400 million 4.00% senior notes due February 2026 (the “Original Notes”) under its US$5,000,000,000 Euro Medium Term Note (EMTN) Programme.

CBN directs banks to take over electricity bills collection from DisCos

The Central Bank of Nigeria (CBN) has asked banks to take responsibility for collecting electricity bill payments.

MTV Base celebrates leading black women in music with queens of base

MTV Base has dedicated the month of August to leading black women in music with a specially curated playlist tagged ‘Queens Of Base.

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Public Cloud Hosting: US accounts for 47% of all global revenue in 2020

Data presented by Buy Shares indicates that in 2020, the United States is set to account for almost half of the public cloud hosting revenue. According to the data, the US will account for 47.21% of the global revenue of $95.47 billion.

Lekoil Appoints SP Angel as its Joint Broker

LEKOIL, the oil and gas exploration and production company with a focus on Nigeria and West Africa, announces today that it has appointed SP Angel Corporate Finance LLP to act as the Company’s Joint Broker with immediate effect.

Nigeria’s GDP slumps as expected

Nigeria’s Q2 GDP performance was released this morning, with GDP down 6.10% year-on-year and non-oil GDP down 6.05% y/y. This was not a surprise (although one forecast poll predicted a 4.05% decline), given that in June the World Bank forecast a 3.2% contraction and the IMF forecast a 5.4% contraction for full-year 2020, suggesting that some poor quarters lay ahead.

Bond Yields Push Higher As GDP Weakens By 6.10% YoY

The FGN bonds market opened the week to the news of negative growth for Nigeria’s GDP (-6.10% YoY). This compounded an already weak market, still reeling from the previous week’s primary auction. We noted offers across the benchmark curve all session, but with no matching bids as investors continue to sit on the sidelines. Even offers at the long-end at 10.00% levels were not seen as enticing enough to bring client demand. Consequently, yields expanded by c.25bps on the average across the bond curve.

Nigeria Agriculture Sector GDP: Still resilient amid COVID-19?

Yesterday, the National Bureau of Statistics (NBS) released Nigeria’s GDP report for Q2-2020. According to the report, the Agriculture sector which contributes c. 25.0% to real GDP was one of the 6 of 19 sectors to record y/y growth in Q2-2020. This was as the sector’s GDP growth slowed to 1.58% y/y in Q2-2020 (vs. 1.8% and 2.2% recorded in Q2-2019 and Q1-2020, respectively).

Insider Dealing: Eterna’s CEO designate increases stake in Eternal Plc

Nnamdi Obiagwu, Executive Director/Chief Operating Officer – (CEO Designate effective 1st September 2020) of Eterna Plc, has acquired 200,000 shares (N1.90 per share) of the company in accordance with the Nigerian Stock Exchange policy on insider dealing.