Leo Burnett Lagos, an emerging boutique agency for international brands, has been appointed as the creative communications partner for one of the world’s largest quick-service restaurants (QSR) chains franchise, Burger King Nigeria, franchisee of Allied Food & Confectionery Services Limited. This is in addition to glamorously clinching the much-envied ethically-focused American financial technology and service company, Wahed Invest barely weeks after recording its first big win in the third quarter of 2021.
These notable wins came after a competitive pitch that saw the HumanKind™ focused creative agency come out top ahead of other leading agencies in Nigeria. To this end, Leo Burnett will now spearhead creative and integrated communication services for both global brands in Nigeria.
Leo Burnett
Tunde Shobanjo, Chief Operating Officer – Leo Burnett Lagos, said “At Leo Burnett, we always look forward to working with brands who use their experiences to fuel progress. The knowledge that a large percentage of these brands have certain standards for creative thinking and execution, also helps us tailor creative ideas that build unique experiences for their audiences.
With our Publicis Groupe global network, these recent wins help us demonstrate and leverage our ‘Power of One’ capabilities and gives us the platform to build a seamless narrative for brands who want to win big in Nigeria.”
As the Nigerian affiliate of Leo Burnett Worldwide Inc., a notable global advertising and communications agency with offices in 85 countries, and a part of Publicis Groupe and Insight Redefini group in Nigeria, Leo Burnett Lagos has access to a global network of best practices and expertise to glean and tailor unique experiences for clients, their audience and the country at large.
“Our goal is to leverage Burger King’s global essence to launch the brand here and give Nigerians something they’ve been craving for so long! – by replicating the same real burger experience here, and we were looking for a partner who would help us realise this ambition. We found that our vision aligned perfectly with Leo Burnett’s strategic and creative approach and are looking forward to working together.”
Further findings also reveal that the first SEC-regulated ethical online investment giant, Wahed is convinced that Leo Burnett is aptly suited in integrating the company into the Nigerian market by leveraging on its years of experience, vast knowledge and creativity, and most especially its ability to transform human behaviour with creativity.
While many might buckle under the pressure, highly decorated Leo Burnett is more than capable of succeeding based on past achievements and campaigns. As the record shows, in 2019 at the Brandcom Festival in Lagos, they were conferred the Young Advertising Agency of The Year award and at the 2019 Lagos Advertising and Ideas Festival (LAIF) Awards, Leo Burnett was awarded one gold, three silver and four bronze medals.
Alongside the agency’s many achievements are the noteworthy strides of its experiential arm, Leo Burnett Xperience (LBX). Designed to create irresistible shopper experiences for brands, LBX currently manages and executes some of the best consumer engagement activations and experiences for Budweiser beer across Nigeria.
Leo Burnett has spearheaded some of the best industry-changing campaigns, as it moves towards becoming the world’s best creator of ideas that truly move people. These include the Chivita Active Zest Launch Campaign; Nasco’s Whole Flaked Sustenance Campaign, Nivea’s Beauty Month Campaign, as well as the launch campaign for Lipton Ice Tea and the relaunch of Philip Morris International in the Nigerian market, among others.
The management of Nestle Nigeria Plc has announced changes to its Board of Directors effective August 1, 2021. The Board has appointed Mrs. Adebisi Lamikanra as an independent non-executive director.
Mrs. Lamikanra has a degree in Economics and she is a Fellow of the Institute of Chartered Accountants of Nigeria, She has attended various leadership programs over the years at Lagos Business School, Harvard Business School, Kellogg (Women Leadership Program) and insead among others.
She was the head of the Advisory practice of KPMG Nigeria consisting of Management Consulting, Deal Advisory, Technology Advisory and Risk Consulting business units. She also led the financial services sector across Africa.
She has over 30 years of professional experience providing advisory and consulting services to various private and public sector entities within and outside Nigeria. She has championed various initiatives in the Nigerian banking and finance space, facilitated and presented papers on topical banking and financial issues at several fora.
She is currently the thematic leader for the non-banking subsector for the Nigerian Economic Summit Group. She has been involved in various landmark industry reform initiatives.
She is a board member of:
Corona Schools Trust (a leading private school in Lagos) where she heads the finance committee of the Board,
Standard Chartered Bank Nigeria,
Evercare Hospital Nigeria, where she is Chair of the Audit & Risk Committee and
Coronation Securities Limited Nigeria.
She is currently the Co-chair of Women Corporate Directors in Nigeria and one of the promoters of an NGO which is focused on providing employability training to up and coming, Nigerian graduates.
The Board also appointed Mr. Ibukun-Olu Ipinmoye as an executive director. Mr. lpinmoye is currently the Factory Manager, Agbara factory. He holds an M.Sc degree in Biochemistry from the University of Ilorin and an M.Sc degree in Management from Commonwealth Open University, United Kingdom.
He is a Fellow of the Institute of Management Consultants. He attended leadership training programs in Coach Training World, Portland, Oregon, United States of America Mendieta Business Institute, Ohio, United States of America.
He joined Nestlé Nigeria in 1993 as a Graduate Trainee. He was promoted to the position of Assistant Manufacturing Manager in the Culinary Plant, Agbara. His work continued in various capacities in the factory until 2010 when Ibukun was transferred to Central West Africa Region as the Regional Manufacturing Specialist (Cereals & Beverages).
A year after, he assumed the role of Regional Manufacturing Expert for Infant Cereals in Sub Saharan Africa, providing manufacturing support on Infant Cereals and developing application group competencies.
In 2014, he was promoted as Plant Manager, Beverages in Agbara factory, where he led several technological changes including the installation of the MD3+ for Vacuum Band Dryers (VBD) and End of Line Automation for 20g packs as well as high speed pressing and wrapping confectionery lines. In 2016, he was appointed as Factory Manager, Flowergate Factory where he effectively built and sustained a high performing culture at the factory.
He is a Certified professional coach who has inspired many of the factory teams to optimize their individual and team performances.
The Board of Directors of Trans-Nationwide Express PLC approved the appointments of the following Non-Executive Directors of the Company:
Olusegun Isaiah Adeoye
Johnson Adegoke Olasoko
Trans-Nationwide Express Plc is a transport and logistics company in Nigeria offering services for domestic and international express delivery, haulage, freight and other ancillary transportation and storage services.
Mr. Olusegun Isaiah Adeoye holds a National Diploma degree and a Post-Graduate Diploma degree in Accounting. He is a registered member of several Financial Institutes which includes: the Institute of Chartered Accountants of Nigeria, Chartered Institute of Stock Brokers of Nigeria, Chartered Institute of Loan & Risk Management of Nigeria, The Chartered Institute of Taxation of Nigeria, the Federal Reporting Council of Nigeria.
Trans-Nationwide Express Plc Appoints Two Non-Executive Directors
He is an authorized trading Clerk on the Floor of the Nigerian Exchange Limited. He has over 8 years working experience as the Chief Financial Officer in different companies in Nigeria.
Mr. Johnson Adegoke Olasoko holds a Bachelor degree and Masters in Business Administration. He is a member of the Certified Institute of Purchasing & Supply with experience in procurement for Pharmaceuticals, Manufacturing and Communication Companies.
He briefly worked with Airtel Nigeria as the General Manager, Sourcing. He is currently the Managing Director of Dapahan Nigeria Limited, a Company that has been in existence for about 16 years.
The proposed voluntary winding up of RAK Unity Petroleum Company has been approved by shareholders of the organisation.
The major distributor of petroleum products in Nigeria announced the folding up of the company at its 18th Annual General Meeting (AGM) held on Friday, June 4, 2021, at the Shell Hall, Muson Centre, Onikan, Lagos.
“Further to the approval of the shareholders of Rak Unity Petroleum Plc (Rak Unity) at its Annual General Meeting which was held on 4 June 2021, authorizing the Company to commence the process of voluntarily winding up the Company and in accordance with Section 622 of Companies and Allied Matters Act (CAMA) 2020 which states that “A voluntary winding-up shall be deemed to commence at the time of the passing of the resolution for voluntary winding-up.”
According to the notification made available to Brand Spur, this is in line with Section 624 of CAMA 2020 which provides that “A transfer of shares, not being a transfer made to or with the sanction of the liquidator, and any alteration in the status of the members of the company, made after the commencement of a voluntary winding-up, shall be void.”
In its 2021 FY results, Rak Unity Petroleum Company Plc reported total revenue of N1.41 billion representing a 68.14% decline from the N4.42 billion revenue reported a year earlier. The company saw its operating expenses during the year was N149.65 million in 2020 compared to N221.89 million in 2019. –32.56% YoY.
The company reported a loss after tax of N63.02 million in 2020 compared to an N14.52 million loss after tax in 2019 while it reported a loss per share of N1.11 in 2020 compared to N0.26 loss per share reported in 2019. No dividend announcement was made in their press release. The company share price of N0.30 is unchanged YTD.
The contract is for the design and rollout of the AELP Link technology platform for routing orders and trade confirmations between stockbrokers on the seven Exchanges participating in the pilot phase of the AELP.
The Supplier is DirectFN, a global IT firm experienced in capital markets solutions across the Middle East and many emerging and frontier markets, which was awarded the contract after a competitive bidding process that attracted applications from top international suppliers in 18 countries.
The AELP is a joint initiative by ASEA and the African Development Bank (AfDB) aimed at unlocking Pan-African investment flows, promoting innovations that support diversification for investors, and addressing depth and liquidity in the markets. It is funded by a grant from the Korea-Africa Economic Cooperation (KOAFEC) Trust Fund managed by the African Development Bank.
Speaking on the development, Mr. Temi Popoola, Chief Executive Officer, Nigerian Exchange (NGX) Limited, said:
“At NGX, we are optimistic that today’s milestone will further hasten efforts at capital market integration across Africa. The work of the AELP is significant, as it will serve to ultimately boost Pan-African investment flows, promote innovations that support the diversification needs of investors in Africa, and help address the lack of depth and liquidity in Africa’s financial markets. We, therefore, take this opportunity to commend the efforts of ASEA and AfDB, and reiterate our continuing support of the AELP.”
With the AELP Link, investor orders in one market will be channelled by a domestic stockbroker to a stockbroker on the foreign market where the security is listed, to enter into that market for execution in the foreign market. African Listed Securities to be accessed through the AELP Link include all securities that are available for cross-border investors.
Equity investments available include Africa’s most promising and profitable businesses as well as some global leaders among more than 1,050 companies listed. Investors will also buy or sell corporate and government bonds, Exchange Traded Funds (ETFs), and derivatives where these are listed on the participating exchanges and the sponsoring stockbroker provides access.
Commenting, Dr. Felix Edoh Kossi Amenounvé, President of ASEA and CEO of the BRVM, said:
“We are excited with this big step towards free movement of investments across Africa and free flow of capital. Our aim is to open new opportunities for individual and institutional investors to invest productively into Africa’s growth story. The Exchanges continue to support African enterprises and governments to raise long-term capital for African jobs, business growth, infrastructure, and development.”
Dr. Walid Al Ballaa, the Managing Director, of DirectFN, said:
“With innovative technology and focus to bring digital maturity in building digital relationships through the AELP-Link technology platform establishment, DirectFN feels equally excited to assist practically in realizing the goals across the participating African Exchanges and to enable the African capital market ecosystem digitally to create a positive impact on the overall economy.”
The AELP exchanges are the Nigerian Exchange (NGX), Casablanca Stock Exchange, The Egyptian Exchange, the Johannesburg Stock Exchange, the Nairobi Securities Exchange, the Stock Exchange of Mauritius and Bourse Régionale des Valeurs Mobilières (the stock exchange for the West African Economic and Monetary Union’s eight West African countries).
Speaking at the event, the Chief Executive Officer, NGX, Mr. Temi Popoola, CFA, commented:
“We are delighted to host the Management Team of Seplat Energy led by the Chief Executive Officer, Mr. Roger Thompson Brown. Over the last decade, Seplat has established itself as a leading independent Nigerian energy company completing the first-ever dual listing on the Premium Board of NGX and Main Market of the London Stock Exchange (LSE), an arrangement facilitated by the capital markets agreement between NGX and LSE.
In 2014, Seplat raised tier one capital via the Initial Public Offering of US$535Mn, ranking as the largest ever capital raise for a Nigerian company since 2008, and the second-largest ever for a Nigerian company.
Certainly, NGX is proud to have been a trusted business partner to Seplat Energy over the years, and we assure its leadership of our support in achieving its strategic objectives.”
On his part, Mr. Brown stated,
“This is indeed an exciting day for us and we are delighted to be speaking from the stage of the LSE. Given the delightful partnership we have with NGX beginning in the early days of getting ready for listing, and what was noteworthy was the way NGX linked up with LSE to permit the first-ever dual listed company with full fungibility of trading between Lagos and London.
This collaboration has gone from strength to strength and it is therefore fitting that NGX opens this Capital Market Day. For us at Seplat, we see the critical need for energy transitions in Nigeria and we are here as the indigenous, independent energy with proud roots in Nigeria and the global reach that allows us to access the capital to fund these transitions.”
Following remarks from the Doyen of the capital market, Alhaji Rasheed Yusuff, Mr. Brown sounded the virtual closing gong to the applause of NGX and Seplat Executives, as well as capital market stakeholders officially kicking off its Capital Markets Day.
Welcome to the month of August 2021, the eighth month of the year. A happy new month to you, your friends, and your family from Brand Spur Nigeria.
The first day in every new month, just like the new year, means a lot to many who usually share messages, wishes, greetings, and prayers to their relatives, friends, and colleagues.
The Happy New Month wishes also serve to prepare them for the remaining days in the month of August 2021.
Below are 100 Happy new month messages, new month prayers, new month wishes to send to your friends and family members
1. May God specially attend to your situation this month, and your family’s too. Happy newest month.
2. It shall be well with you all that is yours this month and beyond. Happy newest month.
3. The doors of blessings shall be opened for you & your Family throughout this month, and forever. A happy new month to you all from me.
4. May you continue to dwell within the cover of Almighty this month and forever. Have a blessed month.
5. No traces of sadness shall be linked to your home this month but you shall enjoy the best of God. Have a glorious month.
6. As long as there is God in Heaven, you will never know shame but joy everlasting. A happy new month to you.
7. Every spirit working to re-position your destiny shall perish by fire and you shall overcome all challenges in this month.
8. This shall be your best month and the following months shall be better. Enjoy the best of the month!
9. Of all that will testify around you at the end of this month, you shall take the lead. Happy new month to you.
10. Your wealth and miracles will arrive this month, and your peace and joy shall be permanent. Happy birthday to you.
11. As from today, you will rise above limitations and you shall testify to God’s goodness in all that concerns you. Happy new month.
12. Your success this month shall attract celebrations. Watch out for the best. Happy new month.
13. The devil will not hack into the secret of your success this month and forever. Have a blessed month.
14. The evil ones shall not manipulate the password to your JOY and FAVOUR this month. Enjoy the best of the month.
15. YOU and your FAMILY are born to win and rule and so shall your testimony be this month. A happy new month to you and yours.
16. Remain blessed. Remain unshaken. The Lord has got your back this month. A happy new month to you.
17. I see this month answering all your heart desires. Be expectant. Happy new month.
18. This month, your expectations shall not be cut short and your testimony shall not be hindered. Happy new month.
19. In all that you will do this month, God shall be your guide. You shall succeed. Happy new month.
20. Don’t worry about the past months, this month will end in praise. Just be hopeful. Happy new month.
21. Sweetheart! Never lose focus, remain positive and speak power to your life. You shall overcome, dear. Happy new month.
22. All shall be made perfect in your life and God shall mend all the pieces of your life. Happy new month.
23. As the month cooks up, I pray that you’ll never be defeated by the enemy and your life shall be spiced up with unique wisdom and understanding. Happy new month.
24. May the days of this month be free from trouble for you and may your eyes see good days always. Happy new month.
25. As the month loads all good things, may it be all yours. Happy new month.
26. From today, till forever. Let all that you do yield you gain without loss. Happy new month.
27. May you triumph victoriously in this month and you shall not be replaced of your position. Happy new month, my Dearest.
28. As you always smile, you shall continue to smile. I love you, baby. Happy new month.
29. This new month. You shall receive extraordinary favour from man and from God. Happy new month sweetest.
30. May your trust in God increase and may He uphold you till the end sweetie. Happy new month to you, love.
31. Uncommon things beyond human imaginations shall take place in your life. Happy new month.
32. As you begin this month, may it launch you into the ocean of wealth, a beautiful beginning and a wonderful ending. Happy new month.
33. I’m glad it’s a new month Darling. New things shall unfold in your life. Happy new month.
100 Happy New Month Messages, Wishes And Prayer For August 2021-Brand Spur Nigeria
34. If you’ve started on the wrong path, this month shall place you in the right lane and keep you graced to achieve your goals. Happy new month.
35. May this month speak GRACE, May this month spread JOY and May this month shower EVERLASTING LOVE on everything you do. Happy new month.
36. May you hear pleasant news of Joy that will keep your soul calm. Happy new month.
37. My love! May this month sing sweet melodies that will keep your soul joyous forever. Happy new month.
38. Sweetie! I toast to better days ahead, a month of fulfilments, fruitfulness and happiness. Happy new month.
39. This month, I pray that you shall be of value, be useful and remain blessed all the days of your life. Happy new month.
40. My princess! All that you desire shall be granted to you in this month. I love you. Happy new month.
41. Honey! I pray that this month soars you to height unimaginable and floods your life with evidential blessings. Happy new month dear.
42. The opportunity of seeing a new month is not experienced by all but it’s here and you’re opportune. May your joy increase. Happy new Month My Love.
43. At the dawn of this month, your happy beginning shall not end with sadness. Happy new month, baby.
44. A new month is here again. New plans, structure and timetable are made but having all, I pray that all the days of this month gives you uncommon victory. Happy new month darling.
45. My Dear, I pray that all your experience this month will bring your dreams to fulfilment. Happy new month, love.
46. May your days be bright and may this month radiate beautifully in all you do. Happy new month my love.
47. My treasure! A beautiful month, beautiful days and constant greatness are what I pray for you this month. Happy new month, my Dearest.
48. Sweetheart! My greatest desire for you this month is that all your pending requests be answered with extra blessings. Happy new month Darling.
49. Gradually, the weeks would roll away but I pray for you that you’ll roll in this month with great success in all ramifications. Happy new Month sweetie.
50. Let me begin by saying. Baby! Happiness, peace, love, goodness, and mercy shall never take a break from your life. Love you, dear. Happy new month love.
51. You won’t cease being the best for people around you this month and forever. A happy new month to you.
52. This month, and beyond, may you be the definition of God’s grace. Amen.
53. As you start this month, success shall be yours in all your endeavours. Happy new month, dear.
54. Your life shall not lack grace and mercy, this new month. A happy new month to you and yours.
55. You shall enjoy favour everywhere you turn to this month and throughout this year.
56. You shall greatly increase on every side this month. A happy new month to you.
57. All through this month, I pray you shall experience peace, prosperity, and visible progress on every side. A happy new month to you and yours.
58. Every step you take this month shall lead you to unspeakable testimonies, in Jesus name. Happy new month.
59. Like never before, your efforts shall attract envious results, even as you start this new month. Amen.
60. As we watch the day unfolds and nobody is able to stop it, so shall your hopes, dreams, and aspirations be unstoppable this month and beyond. A happy new month to you.
61. When this month ends, everything will turn around for your good. Watch it and believe it! A happy new month to you from me.
62. This month, you shall be a point of reference, a channel of blessings, a symbol of desirable successes and a celebrated achiever. Amen. Happy new month.
63. Stay permanently blessed and have a blissful month. It’s your month of joy. Happy new month, dear.
64. This month, the voice that parted the Red Sea shall make a way for you where you think there is no way. Happy new month, dear.
65. The Lord that brought water out of rock will open the doors of unimaginable blessings for you this month and beyond. A happy new month to you and your family.
66. By the grace of God, every unpleasant event shall answer to a miracle this month. Have a blessed month.
67. Among your peers, fresh testimonies shall be your portion this month. Enjoy every moment of the new month.
68. Accelerated favour shall locate you and irreversible success shall be your daily experience this month. Best of the month to you!
69. You shall laugh over every situation this month and tears of sorrow shall never drop from your eyes. Have a blessed month.
70. May God grant you the grace to overcome all reigning challenges in your life this month and beyond. Happy new month.
71. This month, those who present themselves as your friends but are deadly enemies shall be exposed & disgraced in Jesus name. Happy newest month.
72. As long as there’s God in heaven, this month shall be to your favour. Your family shall share in same. Happy new month.
73. Your life will always be peaceful and you shall be an example of all amazing things. Happy new month.
74. The door of goodness shall be opened for you and your family, this month and forever. A happy new month to you all.
75. Every satanic power trying to reorder your life this month shall be crushed by heavenly hosts. A victorious month ahead!
76. Every spirit working to re-position your destiny for evil this month shall perish by fire. Happy new month.
77. All your pending blessings shall be delivered to you this month in Jesus name. A testimony-filled month ahead!
78. This shall be your month of surprising testimonies, in Jesus name. A happy new month to you from me.
79. Let every challenge in your life begin to receive the attention of the King of Kings for divine intervention. So shall it be for you this month! Happy new month.
80. Your moment of struggles shall give way to seasons of laughter and so shall it be for you this month. A happy new month to you.
81. Whatever has made you wander around in the past months will turn around this month and make you a “wonder” to your generation. Happy new month.
82. Everywhere you go this month, may you enjoy divine favour in Jesus name. Enjoy it.
83. This new month, I pray you will be divinely connected for greater exploits in Jesus name. Happy new month.
84. As you start this month, may all ordinances and laws are written contrary to your destiny be shattered into pieces in Jesus name. A happy new month of victory.
85. By the Grace of God, all you have ever lost in times past will be restored to you this month. Be expectant! Happy new month.
86. This month, God will increase and multiply your harvest. You will testify to God’s goodness in all you do. A happy new month to you.
87. Throughout this month, you will testify over all situations by the power in the name of Jesus. Happy new month.
88. Good things will not be scarce in your life throughout this month and beyond, in Jesus Mighty name. Happy new month.
89. As you start this new month, nothing will remove the radiant Glory of God over your life in the name of Jesus. Happy new month.
90. As the Sun rises every morning, so shall your greatness emerge throughout this month and forever, in the same of Jesus. Happy new month.
91. From this month, the Almighty God will command the Heavens and the earth to act in your favour, in all you do. Happy new month.
92. For you and all yours, the glory of the latter months of this year shall be greater than the former, in the name of Jesus. Happy new month.
93. This month, God will speak for you in every way and you shall testify to His Goodness. Happy new month.
94. Like never before, Heaven will open for your sake this month and blessings from above will locate you. A happy new month to you.
95. Whatever you say or do this month shall be seasoned with favour. Have a blessed month ahead.
96. God’s presence shall be your daily abode throughout this month. I wish you all the best of the month.
97. Throughout this month and beyond, no evil shall fall upon you and your family in Jesus name. All the best!
98. very power set to crumble your way and your household’s shall be shattered.
99. Under a divine declaration, begin to advance, begin to make it, begin to proceed as you begin this month. I wish you all the best.
100. Things of joy will not cease from your home this month, and throughout this year. A happy new month to you and your family.
Please note that the messages contained in this article were not by this author but were taken from different sources and edited where necessary.
CBN to suspend licensing of more BDCs in the country,
CBN to re-channel forex sales to commercial banks to meet PTA, BTA needs of customers,
Commercial banks to dedicate teller points in every branch for sale of forex to customers,
Customers to report banks who fail to sell forex to them despite meeting requirements.
CBN Drops the Hammer on Bureau De Change Business
In what appeared to be a punitive measure, CBN stopped USD sales to BDCs. Instead, the apex bank resolved to meet end-user USD needs via Commercial banks. By selling to Commercial Banks directly, it is expected that speculators will have difficulty accessing USD from official channels and would have to compete with black market operators for foreign remittances.
We also expect BDC operators to compete for limited foreign remittances. In the short term, increased competition could exacerbate the depreciation of the Naira as a result of CBN’ policy action.
Afolabi Sotunde Illustration Naira
Short term Implications for the Real Sector
In the meantime, businesses, manufacturers in particular, which depend on imported raw materials for the core operations are expected to experience increasing difficulties following the rise in the exchange rate.
Of course, any increase in incurred costs as a result of Naira depreciation would be passed on to the final consumer in the form of inflation. Also, owing to existing backlogs (a long queue) for foreign exchange at the official channel, and given CBN’s limited USD source, Genuine end-users would experience increased difficulty accessing USD at higher, more exorbitant rates at the black market.
What Happens to the N5 for USD1 Scheme?
Target recipients of foreign remittances who currently enjoy the N5 for USD1 Scheme will likely may be salivating at potentially increased rent opportunities presented by further Naira depreciation at the parallel market, in addition to the N5 reward.
We feel the Scheme may be seeing its last days soon as it will no longer make justifiable sense if recipients change money at higher black market rates and still get the N5 incentive.
Stability Expected in the Medium to Long Term
If its targets are met as planned, Dangote Refinery is expected to begin fuel production and sale in the first quarter of 2022. Also, there is the possibility of Nigeria recording a marginal increase in crude oil output as Opec adjusts upward their overall production by 0.4 mbd on a monthly basis starting August 2021 until phasing out the 5.8 mbd production adjustment.
These should boost the capacity of the apex bank to meeting dollar demand, both existing and fresh demand. Hence, we expect a narrowing of the official and parallel market rates in the medium.
Recommendations for Long term Solutions
By stopping USD sales to existing BDC operators and stopping further license issuance to new BDCs, CBN may have signalled its intention to move on with foreign exchange reforms on the road to harmonizing the multiple exchange rates.
In order for the latest policy to succeed, CBN must prohibit USD cash transactions and ensure all funds are transferred electronically or digitally between local banks and foreign correspondent banks on behalf of customers.
There must also be political backing in order to end the parallel market or bring it under the financial system so that all USD transactions come under the ambit of the monetary authority, in the same way as the local currency, in order to bring to a reduce discomfiting challenges of foreign exchange round tripping and money laundering.
Already, CBN promised to come down hard on commercial banks who were found to have connived with foreign embassies, missions and institutions who have conducted their forex businesses illegally and in flagrant abuse of local regulations.
The apex banks would also report such errant institutions to the relevant authorities in their home countries in an effort to redirect forex business to the I&E FX window or NAFEX.
A Case for Half a Loaf Better than None for the BDCs
Finally, we believe BDCs would have been better off complying with the officially sanctioned spread of N2 or so than no spread at all had they complied with the directive of the central bank.
Country Manager for Bolt, Mr Femi Akin-Laguda, shares thoughts about what makes Bolt the biggest player in the ride-hailing space in Nigeria, amongst other topics, in an exclusive chat with NIPC’s media team. NIPC is Nigeria’s apex investment promotion agency saddled with a mandate to encourage, promote and coordinate investments in the country.
Technology-based ride-hailing is relatively new globally, maybe a few years older than a decade. In Nigeria, the concept started gaining traction from mid-2014. Fast forward to today, many foreign and local players are pioneering activities in that space, navigating through the hurdles of localising a product that appeals to the Nigerian demographic, innovating along the way to meet the rising demand for convenient, efficient and safe transportation.
In return, they have gained wide acceptance as a reliable means of transportation to the extent that companies like Bolt (formerly Taxify) have become a household name.
The Estonia-headquartered firm made entry into the Nigerian market in 2016. In less than 5 years, they have secured a market leader position – with the largest city network (an expansion into 29 cities and counting) and the largest number of drivers using their platform to connect people with rides.
Mr Femi Akin-Laguda, Bolt Country Manager, elaborated to the NIPC media team about their journey to becoming market leader, attributing their unprecedented growth to being people-centric, focusing on product improvement and implementing a data-led strategy.
“It’s been an amazing ride, one of the stories that we should be speaking more about because when we arrived in the country in 2016, there were other players and platforms in the market. Many joined about the same time, but fast forward 4 years plus, we are now the leading player”, he said.
“The core of our story is people. The amazing team we have been able to put together in Nigeria has been the core of the success that we have had. Our team is one of the best I have worked with – a group of young people who are focused, hungry, passionate and smart.”
“We have a structure that is flat such that everyone can take ownership of what they do; everyone can see the result of their hard work. Also, being focused has helped us to achieve things with more limited budgets than other players, and we do it more effectively.”
“In a business such as ride-hailing where the margins are extremely narrow, you need to be extremely efficient in the way you operate your business”, he said.
Speaking on how the firm navigated during the difficult period of the COVID outbreak and eventual lockdown in 2020, Mr Akin-Laguda stated that they lost 95 – 98 % of their business during the height of the lockdown. It was challenging to keep all active staff on board, yet they ensured that no one’s job was laid-off.
“The advantage of what we did is that when the lockdown ended, and we started recovering, we had all our resources available to be able to kick off right away. And there was a huge recovery for us and our drivers in the months that came after. Within six months after the worst wave of the pandemic, we edged full recovery and by the end of the year surpassed the numbers that we had before the pandemic.”
“So, in the end, it was a good year. It was a tough year, but it was a good year for us, and that was because we were always looking at the situation and looking for ways to improve the value proposition to our customers constantly,” he said.
Mr Akin-Laguda further disclosed that they are currently operating in 25 states and the FCT in the Federation (i.e. in 29 cities) with plans to expand further. “We would love that one day we can be everywhere, but we will let the data decide. The data has to back up our plans and thought processes,” he said.
“We have good relations with the Ministry of Transport across the different States. We don’t enter without their permission or approval so there are some states where we haven’t gotten to a point where we can move forward; however, we’re still engaging with them until we get to that point.”
To make it easier for more people to drive and earn on their platform, they recently collaborated with Sterling Bank Alternative Finance to launch a vehicle financing program. “This is the first of many deals. We have a couple more deals in the pipeline”, said Mr Akin-Laguda. They also rolled out a ride-hailing insurance program to mitigate risks and improve user experience on their platform that covers all drivers and passengers in all cities.
Regarding their return on investment in the country, Mr Akin-Laguda stated that the ride-hailing business is a long-term game. “I will say that the industry is still in its early stages. We are not yet at the point where we are looking for those returns yet. What we are looking for is growth, and we are still in the investment stage to drive the growth of the market in Nigeria.”
“Since we launched in Nigeria, we have invested more than €50 million in the country into everything from campaigns to technology and our people. And we have only scratched the surface of what the ride-hailing sector will be in Nigeria. So, there is still a long path for us.
We do have confidence that in the next 5 to 10 years when the market becomes a lot more mature, the revenue will be there to set a solid return on investment. Still, every company I know in the market that is successful is focused on growth and not returns on investment yet,” said Mr Akin-Laguda.
Click to watch an excerpt of the virtual interview with Country Manager, Bolt.
What worries the world? Concern about #Coronavirus is level with last month, according to our global country average, but changes at the country level are going in both directions. While concern has eased in 14 countries, the public has become more worried in 13 others.
However, it is still the world’s top worry and we continue to see some clear shifts at the country level. Meanwhile, 63% say things in their country are on the “wrong track”
Across 28 countries, 36% say that Covid-19 is one of the top issues facing their country today. This is the joint lowest level seen in our survey so far, equal with last month and down 14 points since the start of this year.
Worry about Coronavirus has eased in 14 countries compared to last month, but it has become more pronounced in 13 others.
What Worries the World
We see larger jumps in levels of Covid-19 concern in Israel, Russia, South Africa and Australia. Meanwhile, it has fallen most in India, Brazil, Saudi Arabia, Argentina and Canada over the past month.
After Coronavirus, the issues that people around the world are most worried about are Unemployment, Poverty/Social Inequality, Financial/political corruption and Healthcare.
Overall, 63% say that things in their country are off on the wrong track, vs. 37% who say they are going in the right direction.
Ipsos’ What Worries the World survey tracks public opinion on the most important social and political issues across 28 countries today, drawing on 10 years of data to place the latest scores in context. This global summary report presents the top concerns around the world, alongside whether people think things in their country are heading in the right or wrong direction.
1. Covid-19
On average, 36% worldwide say Coronavirus is one of the biggest issues facing their country today. This is in line with last month and almost half the level we first recorded when we began tracking concerns about the issue in April 2020 (63%).
Malaysia (76%), Japan (59%) and South Korea (57%) are the nations most concerned about the pandemic. Sweden now shows the lowest levels of concern (14%), followed by Hungary (15%), Turkey (22%) and Belgium (also 22%).
In Israel, where only 7% placed Covid-19 among their nation’s top issues last month, there has been a 19-point rise to 26%. Other month-on-month increases include Russia (+17 points to 30%), South Africa (+13 points to 42%), and Australia (+10 points to 52%).
Since the last reading, concern about Coronavirus has fallen most in India (-18 points), Brazil (-13 points) and Saudi Arabia (also -13 points).
Covid-19 is the single top worry in 10 of the 28 nations surveyed – as well as joint-top in the Netherlands (alongside Crime & violence) and Germany (alongside Poverty/Social Inequality).
2. Unemployment
Unemployment is the world’s second greatest worry, according to our survey. On average, 32% say it is one of the most important issues in their country today. This is down from the 37% recorded at the beginning of the year.
South Africa is once again most concerned about jobs (62%), followed by Italy (55%) and South Korea (51%).
What Worries the World?
Spain’s concern has eased by 10 points to 49% in July, putting it level with Colombia in joint 4th/5th place. The largest monthly increase for this issue this month is in Malaysia (+5 points).
3. Poverty & social inequality
Three in ten (31%) on average say that Poverty & social inequality is one of the top issues in their country today.
This is most prominent in Russia, where 58% of the public say they are concerned about Poverty & social inequality. Hungary (45%) and Colombia (44%) follow.
A 9-point increase in concern in Turkey sees the nation return to the top 5 with 40%. Israel and Malaysia also record increases of 8 points while the issue has fallen by 11 points in Mexico and 9 points in Hungary this month.
4. Financial/Political Corruption
Financial/Political Corruption is ranked fourth in our list of world worries as 30% on average count it among the big issues facing their country today.
South Africa, the country most concerned about this issue, currently has a level of concern at twice the global country average (60%). Also showing high levels of concern about corruption are Colombia (55%), Peru (53%), Hungary (51%) and Malaysia (also 51%).
The largest month-on-month increase in concern about this issue is seen is Peru (+8 points).
5. Crime and Violence
Crime & violence is the fifth greatest worry globally with one in four (26%) across all countries selecting it as one of the most important issues facing their country today.
Sweden is once again the country most concerned about Crime & violence, with 63%. More than half (57%) of Mexicans also consider this a pressing issue in their country today.
While June saw a 10-point increase in concern about Crime & violence in France, this has been reversed this month (-10 points to 32%). Elsewhere, there has been an 11-point increase on this issue in the Netherlands.
Focus on Climate change
With the UN Climate Change Conference (COP 26) taking place this autumn, we take a special look at concerns about environmental issues in our survey.
Our global country average shows that 14% across the 28 nations surveyed consider climate change to be among the top issues facing their country today. Levels of concern are highest in Canada (32%), Germany (30%) and Australia (28%).
This month’s global average score marks a small 3-point increase since June 2021. The recent pre-pandemic high was 16%, last recorded in March 2020. We may be seeing early signs of this issue increasing in prominence as concern about the Covid-19 subside; this is something we will be monitoring over the coming months.
Some countries show increases in worry about climate change compared to last month, including Canada (+10 points), France (+8) and Japan (+7).
Looking back to one year ago, in July 2020, Australia and the Netherlands shared the top spot for concern with 25%, followed by Germany (24%) and Canada (22%). In July 2019, Germany was at the top of the ranking with 34%.
The highest score recorded for climate change concern was 39% in Australia in February 2020, following the devastating bushfires of 2019/2020.
Heading in the right direction, or off on the wrong track?
Across the 28 nations surveyed, 63% on average say that things in their country are on the wrong track while 37% take the more positive view that things are heading in the right direction.
These numbers are the same as last month, relatively unchanged since January 2021 (62% vs. 38%) and one year ago (61% vs. 39%), but is on balance more pessimistic than in July 2019 (57% vs. 43%).
The countries where most people say that things are heading in the wrong direction are Colombia (88%) and Peru (86%), followed by South Africa (83%) and Turkey (82%).
The largest month-on-month increases on our “wrong track” monitor this month are the Netherlands (+12), Malaysia (+8) and Saudi Arabia (+8).
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