Ecobank Nigeria Revenue Declines; Profit Drops 58% to $10M in Q2 2021

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Ecobank Nigeria Revenue Declines; Profit Drops 58% to $10M in Q2 2021

Ecobank Nigeria reported a profit before tax of $10 million, a decrease of $14 million, or 58%, or 55%, in constant currency, driven predominantly by a decline in net revenues because of non-linear movements in interest rates within the period. Annualised ROE for the period was 2.5%.

Ecobank Nigeria’s net revenues were $107 million, decreasing by $29 million, or 22%, or in constant currency, by 15%, with growth in noninterest revenues offset by a decrease in net interest income. Net interest income was $46 million, down $39 million, or 46%.

The decrease reflected a decline in interest income of 29%, offsetting a 22% decrease in interest expense. The reduction in interest income was driven predominantly by non-linear movements in interest rates, which led to liabilities repricing ahead of assets.

GCR Ecobank Nigeria Bags Best Retail Bank In Nigeria 2020 at Asian Banker Awards Brandspurng

Non-interest revenue was $61 million, up to $10 million, or 20%, driven partially by fees and commission income as trade activity picked up and e-banking volumes grew on higher digital adoption rates.

In addition, non-interest revenue benefited from a gain on the disposal of non-core assets and dividends during the period. Client related FX sales declined as FX scarcity persisted with the Central Bank maintaining stringent control over the FX market.

Ecobank Nigeria’s expenses of $87 million decreased $22 million, or 20%, reflecting benefits accrued from the non-recurrence of costs that were associated with the staff and branch optimisation exercise of the prior-year period.

In addition, other efficiency initiatives such as out-sourcing power helped to substantially reduced capital expenditures. However, the cost-to-income ratio increased to 81.8% compared to 80.5% in the year-ago period due to the significant decrease in revenues.

Net impairment charges of $7 million compared to a net benefit of $1 million in the prior year, driven by impairment charges within Commercial Bank.

The Ecobank Group is divided into four geographical regions. These reportable regions are: 

  1. Francophone West Africa (UEMOA)
  2. Nigeria, Anglophone West Africa (AWA)
  3. Central, Eastern
  4. Southern Africa (CESA).

The financial results of the constituent affiliates of Ecobank Development Corporation (EDC), the Group’s Investment Banking (IB) and Securities, Wealth, and Asset Management (SWAM) businesses across our geographic footprint are reported within their country of domicile and therefore in the applicable regions of UEMOA, Nigeria, AWA, and CESA.

Cryptoassets As National Currency? A Step Too Far

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Cryptoassets As National Currency? A Step Too Far

New digital forms of money have the potential to provide cheaper and faster payments, enhance financial inclusion, improve resilience and competition among payment providers, and facilitate cross-border transfers.

But doing so is not straightforward. It requires significant investment as well as difficult policy choices, such as clarifying the role of the public and private sectors in providing and regulating digital forms of money.

Some countries may be tempted by a shortcut: adopting cryptoassets as national currencies. Many are indeed secure, easy to access, and cheap to transact. We believe, however, that in most cases risks and costs outweigh potential benefits.

Cryptoassets are privately issued tokens based on cryptographic techniques and denominated in their own unit of account. Their value can be extremely volatile. Bitcoin, for instance, reached a peak of $65,000 in April and crashed to less than half that value two months later.

And yet, Bitcoin lives on. For some, it is an opportunity to transact anonymously—for good or bad. For others, it is a means to diversify portfolios and hold a speculative asset that can bring riches but also significant losses.

Cryptoassets are thus fundamentally different from other kinds of digital money. Central banks, for instance, are considering issuing digital currencies—digital money issued in the form of a liability of the central bank. Private companies are also pushing the frontier, with money that can be sent over mobile phones, popular in East Africa and China, and with stablecoins, whose value depends on the safety and liquidity of backing assets.

Cryptoassets as legal tender?

Bitcoin and its peers have mostly remained on the fringes of finance and payments, yet some countries are actively considering granting cryptoassets legal tender status, and even making these a second (or potentially only) national currency.

If a cryptoasset were granted legal tender status, it would have to be accepted by creditors in payment of monetary obligations, including taxes, similar to notes and coins (currency) issued by the central bank.

Countries can even go further by passing laws to encourage the use of cryptoassets as a national currency, that is, as an official monetary unit (in which monetary obligations can be expressed), and a mandatory means of payment for everyday purchases.

Cryptoassets are unlikely to catch on in countries with stable inflation and exchange rates, and credible institutions. Households and businesses would have very little incentive to price or save in a parallel cryptoasset such as Bitcoin, even if it were given legal tender or currency status. Their value is just too volatile and unrelated to the real economy.

Even in relatively less stable economies, the use of a globally recognized reserve currency such as the dollar or euro would likely be more alluring than adopting a cryptoasset.

A cryptoasset might catch on as a vehicle for unbanked people to make payments, but not to store value. It would be immediately exchanged into real currency upon receipt.

Then again, real currency may not always be readily available, nor easily transferable. Moreover, in some countries, laws forbid or restrict payments in other forms of money. These could tip the balance towards the widespread use of cryptoassets.

Proceed with caution

The most direct cost of widespread adoption of a cryptoasset such as Bitcoin is to macroeconomic stability. If goods and services were priced in both a real currency and a cryptoasset, households and businesses would spend significant time and resources choosing which money to hold as opposed to engaging in productive activities. Similarly, government revenues would be exposed to exchange rate risk if taxes were quoted in advance in a cryptoasset while expenditures remained mostly in the local currency, or vice versa.

Also, monetary policy would lose bite. Central banks cannot set interest rates on a foreign currency. Usually, when a country adopts a foreign currency as its own, it “imports” the credibility of the foreign monetary policy and hope to bring its economy–and interest rates–in line with the foreign business cycle. Neither of these is possible in the case of widespread cryptoasset adoption.

As a result, domestic prices could become highly unstable. Even if all prices were quoted in, say, Bitcoin, the prices of imported goods and services would still fluctuate massively, following the whims of market valuations.

Financial integrity could also suffer. Without robust anti-money laundering and combating the financing of terrorism measures, cryptoassets can be used to launder ill-gotten money, fund terrorism, and evade taxes. This could pose risks to a country’s financial system, fiscal balance, and relationships with foreign countries and correspondent banks.

The Financial Action Task Force has set a standard for how virtual assets and related service providers should be regulated to limit financial integrity risks. But enforcement of that standard is not yet consistent across countries, which can be problematic given the potential for cross-border activities.

Further legal issues arise. Legal tender status requires that a means of payment be widely accessible. However, internet access and technology needed to transfer cryptoassets remains scarce in many countries, raising issues about fairness and financial inclusion. Moreover, the official monetary unit must be sufficiently stable in value to facilitate its use for medium- to long-term monetary obligations. And changes to a country’s legal tender status and monetary unit typically require complex and widespread changes to monetary law to avoid creating a disjointed legal system.

In addition, banks and other financial institutions could be exposed to the massive fluctuations in cryptoasset prices. It is not clear whether prudential regulation against exposures to foreign currency or risky assets in banks could be upheld if Bitcoin, for instance, were given legal tender status. 

Moreover, widespread cryptoasset use would undermine consumer protection. Households and businesses could lose wealth through large swings in value, fraud, or cyber-attacks. While the technology underlying cryptoassets has proven extremely robust, technical glitches could occur. In the case of Bitcoin, recourse is difficult as there is no legal issuer.

Finally, mined cryptoassets such as Bitcoin require an enormous amount of electricity to power the computer networks that verify transactions. The ecological implications of adopting these cryptoassets as a national currency could be dire.

Striking a balance

As a national currency, cryptoassets—including Bitcoin—come with substantial risks to macro-financial stability, financial integrity, consumer protection, and the environment. The advantages of their underlying technologies, including the potential for cheaper and more inclusive financial services, should not be overlooked. Governments, however, need to step up to provide these services and leverage new digital forms of money while preserving stability, efficiency, equality, and environmental sustainability. Attempting to make cryptoassets a national currency is an inadvisable shortcut.

Local Bourse Opens The Week In Green, NSE ASI Up 47bps

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Local Bourse Opens The Week In Green, NSE ASI Up 47bps

The Nigerian Equities market closed in bullish form at the end of today’s trading session as the benchmark index improved by 0.47% to close at 38,849.08 points.

This was mainly due to the buy pressures in bellwether stocks such as ARDOVA (9.75%) and OANDO (9.82%). Consequently, the YTD loss improved to -3.53% as market capitalization increased by ₦91 billion to close at  ₦20.24 trillion.

The Sectoral Performance strengthened as four of the five indices under coverage improved. The Oil & Gas index, the biggest gainer, rose by 2.24% on ARDOVA (+9.75%).

The Industrial, Banking and Consumer Goods indices, followed suit, improved by 0.30% (JBERGER +7.88%), 0.26% (ETI +3.92%) and 0.23% (FLOUR MILL +3.02%) respectively. Conversely, the Insurance index, the only loser under coverage, declined by 0.42% on LINKASSURE (-7.14%).

Investor sentiment strengthened in today’s trading session, as market breadth improved to 1.81x from 2.73x. This was illustrated by the advance of 29 stocks, led by  OANDO (9.82%) and FTNCOCOA (9.76%), and the decline of 16 stocks, led by UNIVINSURE (-9.09%) and LINKASSURE (-7.14%).

Activity level was mixed as total volume improved by 7.08% while the total value declined by 2.90% as investors exchanged about 246.56 million units of shares worth over N2.24 billion respectively.

Fixed Income

There was mixed sentiment across the bond yield curve as two of the four bond yields under coverage increased, the FGN-APR-2023 compressed by 15bps while the FGN-JAN-2026 closed flat at 11.85%. The FGN-APR-2024 and FGN-JUL-2030 yields closed higher by 5bps and 1bps respectively.

Treasury bill yields for the 90, 180 and 365-day papers closed at 5.56%, 5.22% and 8.86% respectively.

We expect bullish momentum to persist in the next trading session as the equities market still presents decent opportunities for investors chasing positive real returns on investments.

MARKET SNAPSHOT

  • Local Bourse Opens the Week in Green, NSE ASI Up 47bps
  • Mixed Sentiment across the Bond Yield Curve
  • Bullish Performance in Global Stocks
  • Parallel Market Reports at N503/$
  • Mixed Performance in African Stocks

Ecobank Group Reports Profit of $152M for H1, up 19%, on Revenue of $825M

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Ecobank Group Reports Profit of $152M for H1, up 19%, on Revenue of $825M

Ecobank Group reports performance for the half-year, 2021. From the result, Ecobank Group’s revenues rose 7% to $825 million, despite the challenging operating environment with the third wave of coronavirus infections threatening economic recovery.

Key financial highlights (First six months of 2021 vs. First six months of 2020)

  • Profit before tax was $210 million, increasing by $40 million, or 23%, or in constant currency, by 28%, driven by positive operating leverage, efficiency gains, and improving credit quality, partially offset by higher net monetary losses in the current period.
  • Profit after tax up 19% to $152 million.
  • Net revenue (operating income) was $825 million, increasing by $54 million, or 7%, or in constant currency by 9%. Revenue benefited from increases in both net interest income, up 6%, and non-interest revenue, up 8%, driven by multiple factors including moderate economic growth across its markets, an uptick in customer and business activity, and the net impact of lower rates on funding cost.

Ecobank Group Empowers Women Businesses through Ellevate, its new women-focused programme

  • Also, all Ecobank’s business lines grew revenues, especially strong within Commercial and Consumer, where revenue growth was up 13% and 6%, respectively.
  • Expenses were $484 million, decreasing by $10 million, or 2%, or 3%, in constant currency. Staff-related expenditures fell by $17 million, or 7%, partially offset by a $6 million, or 3%, increase in other operating expenses. Total expenses continue to decline because of stringent costs management across all our business lines.
  • As a result, the cost-to-income ratio (efficiency ratio) improved by 840 basis points to 58.7% from 64.1% in the prior year. Likewise, the cost-to-assets ratio, which measures costs in relation to average assets, fell and was 3.7% in the first half of 2021 compared with 4.1% in the prior-year period.
  • Taxation – Income taxes were $58 million in the first half of 2021 compared with $43 million in the prior-year period. The effective income tax rate (ETR) was 27.4% versus 25.1% in the prior year.
  • Gross loans and advances to customers were $9,454 million, down $344 million, or 4%, year-to-date (YTD), but increased $242 million, or 3%, YoY. Net loans were $8,850 million, down $390 million, or 4% YTD, but up $229 million, or 3%, from the prior year. The YTD decrease in loans reflected tepid loan demand in what still is a fragile economic recovery.
  • Also, the decrease reflected our more cautious credit underwriting approach. As a result, net loans in Corporate decreased by $383 million or 6% to $6,403 million, and in Commercial loans fell $34 million or 2% to $1,331 million, YTD.
  • Deposits from customers were $19,143 million, up $2,436 million, or 15%, from the prior year. On a YTD basis, deposits increased $846 million, or 5%. All our business lines contributed to driving the increase in YoY growth in deposits.
  • Corporate deposits grew $992 million, or 14%, to $8,171 million, Consumer Bank deposits increased $612 million, or 11% to $6,352 million, and deposits at Commercial increased by $843 million, or 23%, to $4,585 million, on a YoY basis.
  • On a YTD basis, Corporate and Commercial Bank deposits grew 8% and 7%, respectively, while deposits decreased by 2% in Consumer. The YTD growth in deposits outpaces that of the prior-year period, reflecting stickiness in digital adoption trends among customers and the pandemic’s continued impact.
  • All Ecobank’s geographical regions recorded significant increases in both digital and in-branch transactions.
  • Ecobank’s digital platforms and its capabilities to switch payments across 33 African countries is driving symbiotic partnerships with Fintechs, Telcos, and International Money Transfer Organisations.

Ade Ayeyemi, Ecobank Group CEO, said:

“We saw continued and sustained resilience in our performance, which is indicative of the success of our ‘execution momentum’ drive. As a result, we generated a return on tangible equity of 16.1% versus 15.2% a year ago and increased diluted EPS and tangible book value per share by 19% and 6%, respectively. In addition, profit before tax increased 23% to $210 million.

Our diversified pan-African business model continued to rise to the challenge. Revenues grew 13% and 6% in our Commercial and Consumer businesses, while our focus on growing the trade business led to increased trade assets. The slowly increasing business and spend activity drove a 20% rise in our Payments business’s revenue to $90 million.

Deposits growth was strong, with total deposits now over $19 billion, an increase of $1.0 billion in the second quarter and $2.4 billion in a year, driven by our omnichannel strategy. Though loan growth remained flat, we are focused on providing support to MSMEs for growth,”

I am proud of the team’s hard work in driving efficiency, which continues to reflect in our cost-to-income ratio of 58.7% ahead of guidance and progressing well toward our medium-term goal of approximately 55%. In addition, credit quality continued to be exceptionally strong.

As a result, our NPL ratio of 7.4% is a substantial improvement from the prior year’s 9.8%, as we also build reserves to insulate the balance sheet with an NPL coverage ratio of 86.7% and pushing towards our near-term target of 90%,”

We successfully raised $350 million Tier 2 Sustainability Notes in June, the first-ever by a financial institution in sub-Saharan Africa and the first to have a Basel III-compliant 10-year non-call 5 structure outside South Africa in 144A/RegS format.

The Bond was 3.6 times oversubscribed, demonstrating strong confidence in the Ecobank Group and our commitment to the sustainability of our communities and their social needs. I am deeply grateful to all stakeholders and must thank our clients for continuing to put their trust in Ecobank for their diverse banking needs.”

Court Restrains FG from Accessing N200Billion Unclaimed Dividends

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Court Restrains FG from Accessing N200Billion Unclaimed Dividends

A Federal High Court sitting in Abeokuta has granted an interim order restraining the federal government from taking over the unclaimed dividends of shareholders in the capital market estimated to be over N200 billion. The order followed a suit instituted by shareholders under the aegis of Palm Wealth Shareholders Association (PWSA).

The Finance Act 2020 signed into law last February by President Muhammadu Buhari provides that any unclaimed dividends of a public limited liability company quoted on the Nigerian Exchange Limited (NGX) and any unutilised amounts in a dormant bank account maintained in or by a deposit money bank, which has remained unclaimed or unutilised for a period of not less than six years from the date of declaring the dividend or domiciling the funds in a bank account, shall be transferred immediately to Unclaimed Funds Trust Fund.

Court Restrains FG from Accessing N200Billion Unclaimed Dividends
Court Restrains FG from Accessing N200Billion Unclaimed Dividends

But shareholders and other stakeholders in the financial sector had faulted the proposal. As part of efforts to stop the federal government from taking over the funds, PWSA instituted a case against the government at the Federal High Court in Abeokuta.

The shareholders (Applicants) sued the Attorney General of the Federation; Minister of Finance, Budget and National Planning; and Accountant General of the Federation as Respondents and Representatives of the Federal Government of Nigeria in Suit NO. FHC/AB/FHR/14/2021.

The applicants sought an order restraining the respondents from calling for or transferring the unclaimed dividends of the applicants from their respective companies to the Unclaimed Funds Trust Fund in accordance with Part xv of the Finance Act, 2020.

Hon. Justice J. O. Abdulmalik last Friday, July 23, granted interim orders restraining the respondents from bringing into force the “proposed new rules on unclaimed dividends (E-dividend mandate) or any new rules on unclaimed dividend not in force before 31st December 2020”.

The court also restrained the federal government from harassing, intimidating, inviting and/or ordering public limited liability companies or their Registrars for questioning for purpose of taking or giving accounts of the unclaimed dividends, pending the determination of the Motion on Notice.

A copy of the judgment showed that the case was adjourned to October 25 for a hearing of the applications as well as the substantive matter.

The chairman of PWSA, Mr. Simon Emokeraro, said the shareholders were seeking “an Order of the Honourable Court for the enforcement of the applicants’ fundamental rights to acquire and own immovable and moveable personal property; an order restraining the federal government, that is, the Respondents, from calling for or transferring the unclaimed dividends of the Applicants in public quoted companies to the Unclaimed Funds Trust Fund; an order restraining the Respondents from harassing, intimidating, inviting the companies or their Registrars for the purpose of transferring the unclaimed dividends belonging to the applicants to the Unclaimed Funds Trust Fund contrary to the Constitution of the Federal Republic of Nigeria 1999 (as amended), the African Charter on Human and People’s Rights Act, Laws of the Federation.

“Others are: an order of the Honourable Court restraining the Respondents from borrowing the unclaimed dividends belonging to the applicants; a declaration by the Honourable Court that the applicants have rights guaranteed and protected under sections 43 & 44 of the Constitution of the Federal Republic of Nigeria, Articles 14 and 24 of the African Charter on Human and People’s Rights and Article 17 of the United Nation’s Charter on Human Rights 1945 and sections 42 (1) and (2) of the Companies and Allied Matters Act; a declaration of the Honourable Court that Part XV of the Finance Act 2020 calling for or transferring the unclaimed dividends of the applicants in public quoted companies to Unclaimed Funds Trust Fund by the respondents without any constitutional grounds is unconstitutional, null and void and of no moment as it violates the applicants fundamental rights; and a declaration of the Honourable Court that the applicants are entitled to claim their dividends without coercion, stampede, and intimidation from the respondents”.

The post Court Restrains FG from Accessing N200bn Unclaimed Dividends first appeared in TheNigeriaLawyer.com.

Latest BBNaija News Wrap-Up For Today, July 26

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Latest BBNaija News Wrap-Up For Today, July 26

BBNaija 2021 themed, ‘Shine Ya Eye’ edition has officially begun with twenty-two housemates which include two wildcats.

Brand Spur Nigeria understands that BBNaija is the biggest reality show in Africa with over 49 countries watching.

Latest BBNaija News Wrap-Up OnBrand Spur Nigeria
Latest BBNaija News Wrap-Up OnBrand Spur Nigeria

Here are the Latest BBNaija News Wrap-Up For Today

Liquorose Set To Break Laycon’s Record

Afije Rosaline Omokhoa aka Liquorose a housemate in the BBNaija ‘Shine Ya Eye’ edition is set to break Laycon’s record for being the fastest contestant to hit the 1 million followers mark on Instagram.

Recall that the talented singer, Laycon won the Lockdown Edition in 2020.

According to reports, it took Laycon 63 days while the reality show to hit 1 million followers.

Liquorose who was introduced in the house on Sunday night is one of the three Girls Got Bold (GGB) dance crew, along with Efiokwu and Odiley.

As of the time of writing this story, the dancer has over 900k followers to hit the 1 million mark soon.

BBNaija Liquorose-Brand Spur Nigeria
BBNaija Liquorose IG Page-Brand Spur Nigeria

Liquorose is also an actress who starred in the award-winning Tv series “The Johnsons”

Her fans have always questioned her sexuality due to her tomboy style and different kind of hairstyles.

According to her, she is bringing her “thick thighs” into Biggie’s house. Game on.

Feminist Coven Member Drags Yerin Over Unpaid Debt

A feminist coven member simply identified as @Miss_Ameenah has dragged Big Brother Naija (BBNaija), 2021 housemate, Yerin over debt.

@Miss_Ameenah called out BBNaija Yerin via Twitter, narrating how he has refused to pay one of her friends before heading into the Big Brother house.

Miss_Ameenah tweeted saying, “This Yerins guy borrowed money from my friend and has refused to pay for the past 1 year, uncle don carry am go BBN. “Me I am sha saying it now. I don’t care if the money is no biggy, he should better pay her her hard-earned money. He has been lying he doesn’t have it, but he can go for BBN.
“He should sha win the one he will pay her back.”

Latest BBNaija News Wrap-Up For Today, July 26-Brand Spur Nigeria
Latest BBNaija News Wrap-Up For Today, July 26-Brand Spur Nigeria

Angel’s Old Tweet About Sexual Intercourse With Rich Men Surfaces

Angel, one of the contestants of the BBNaija Shine Ya Eye edition, apparently had a thing for sleeping with rich guys as an old tweet of hers resurfaced.

The reality star became a trending topic after the tweet (in which she was very clear on f**king rich guys) was discovered on social media.

Angel's Old Tweet About Sexual Intercourse With Rich Men Surfaces-Brand Spur Nigeria
Angel’s Old Tweet About Sexual Intercourse With Rich Men Surfaces-Brand Spur Nigeria

Angel is the first female housemate to enter the BBNaija season 6 show with 11 tattoos on her body, and even though she accepts that she is bossy, she is optimistic about getting along with everyone in the house.

I Don’t Know How To Approach Women Says White Money

It came as quite a shock to many when BBNaija housemate White Money disclosed that he doesn’t know how to approach members of the opposite sex.

The Shina Ya Eye contestant made the disclosure in his diary session on Monday.

He said, “I don’t know how to approach a woman,”.

“The things I do bring them around me, they come to me because I have few of the things they like.”

I Had My First Pregnancy At Age 19 Says Jackie B

BBNaija ‘Shine Ya Eyes’ housemate, Jackie B, has opened up on how she got pregnant the very first time she was intimate with a man.

While discussing with other housemates in the garden, she said her mother was very supportive during the time and did not disown her. According to her, she was 19 at the time.

She said, “I had my son when I was 19 years old. In 2010, I had my first sex with my boyfriend and I got pregnant for him. It was a tough time but now I have the most amazing son who is like my best friend.

“My mum was supportive while I was pregnant and didn’t disown me at that time. My son is 10 years old and made this journey easy for me.”

Sports & Outdoor Segment To Reach 800M Users Globally In 2021; 20% Increase

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Sports & Outdoor Segment To Reach 800M Users Globally In 2021; 20% Increase

Awareness around health and fitness have risen dramatically in the last couple of decades. More and more people around the world are choosing to live a fit and active lifestyle in a bid to remain healthy, resulting in lucrative sports & outdoor industry worldwide.

According to data presented by Safe Betting Sites US, the sports & outdoor segment is projected to reach 800M users globally in 2021 after experiencing a 19.56% YoY increase.

Sports & Outdoor Segment To Add 20% More Users In 2021 – 800M Globally

Sports & Outdoor \
Photo by Oliver Sjöström

Engagement around the sports & outdoor segment had already been growing but increased even more after the lockdowns of 2020. In 2021, the sports & outdoor segment is projected to grow to 800M users globally – a 19.56% YoY increase. The global penetration rate of the sports & outdoor segment is also projected to cross an important benchmark in 2021 as it breaches the 10% mark for the first time.

In 2021, Scandanavian countries had the top 3 highest penetration rates for the sports & outdoor segment. Denmark had the highest at 24.8%, followed by Norway and Sweden with 24.7% and 24.3% respectively. Austria registered the fourth highest penetration rate at 23.2% while Saudi Arabia rounds out the top 5 with 22.8%

Global Revenue To Cross $200B By 2022

Global revenue for the sports & outdoor segment increased dramatically in 2020 due to the lockdowns imposed by the pandemic and grew by 30%. Global revenue is projected to increase a further 14.6% and reach $190B in 2021 before it crosses the $200B milestones sometime in 2022.

From 2021-2025, global revenue from the sports & outdoor segment is projected to grow at a compound annual growth rate (CAGR) of 6.81%, reaching $248.5B by the end of the forecast period.

Rex Pascual, the editor at Safe Betting Sites US, commented:

“Growing awareness around the importance of a fit and healthy lifestyle has made the sports & outdoor segment a very lucrative one. Still, plenty of growth opportunities remain within the segment as the modest 10% global penetration rate is quick to show. With the recent pandemic further highlighting the value of being healthy and fit, expect the segment to continue its upward trajectory.”

WHO Supports Ondo State to Integrate COVID-19 Sample Collection as Part of Essential Services

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WHO Supports Ondo State to Integrate COVID-19 Sample Collection as Part of Essential Services

July 26, 2021 – The World Health Organization (WHO) has supported Ondo State to integrate COVID-19 sample collection into the essential health care services. The intervention has led to an increase in the number of samples tested from an average of 70 to 321 per week, since the integration. 

The intervention was informed following a decline in most of the COVID-19 monitoring indices in the state. The number of samples tested decreased from 1080 in epidemiological week 05 (01-07 February 2021) to 225 samples in week 11 (15 -21 March), 2021. Also, the case to contact ratio during this period remained consistently low at 1:1, and 69% (73/105) of the active cases were under home-based care (HBC) in week 11 (15-21 March), 2021.

Temporary (improvised) specimen storage(coolers) provided to support sample collection in HFs | Brand Spur Nigeria
Temporary (improvised) specimen storage(coolers) provided to support sample collection in HFs | Brand Spur Nigeria

With this situation, the State Ministry of Health (SMoH) approached WHO for support to implement activities to address the challenges. The objective was to scale up testing by expanding sample collection sites in the three hotspots LGAs of Akure South, Akure North, and Owo.

Additionally, efforts were to improve monitoring of COVID-19 patients under Home Based Care (HBC), improve contact tracing for all positive cases and strengthen coordination through the revitalization of weekly coordination meetings in the 3 priority LGAs and at the State level.

With this in mind, WHO supported the state in the decentralization and integration of COVID-19 sample collections into the essential health care system.

This involved identification and training of 103 laboratorians/sample collectors (1 per health facility) across the three LGAs. These health facility staff, based within the facilities were trained on how to conduct daily screening, triaging and collection of samples from all identified suspected cases that either visited or were referred to the health facility.

WHO equally supported monitoring of HBC and contact tracing through training of members of the Nigeria Red Cross Society residing across all wards on HBC monitoring and contact tracing. Selected LGAs and state-level teams were supported to conduct supportive supervision at the LGA and health facility level to ascertain the status of the response activities.

Due to the inadequate availability of giostyles at the facilities, except for those in use for immunization, temporary sample storage coolers were procured to ensure proper storage of collected samples before collation and transport to the laboratory.

To underscore the significance of the strategy, State Epidemiologist, Dr Stephen Fagbemi said that, “People at the local government level have the capacity to respond to the outbreak and there was no justification to over centralize the response.

With the intervention at the local government level, more COVID-19 cases have been detected as we have taken testing closer to the people… we commend this initiative as it is something that needs to be sustained and scaled up so we can find out what is happening in other LGAs,” he said.

Preliminary results

Preliminary results show that, three weeks prior to the commencement of the intervention (03-23 March, 2021) an average of 70 samples were collected weekly across the state out of which an average of 12 cases were confirmed. During the period of the intervention, the number of weekly samples collected and tested in the State increased to an average of 321 samples weekly

In the three hotspot LGAs, the cumulative sample collection increased from 133 samples three weeks prior to commencement to a total of 808 (Akure South-336, Akure N-228, Owo-244) samples collected three weeks post commencement of WHO support

The WHO State Coordinator, Dr. Akinola Fatiregun, at a stakeholder’s meeting said, ‘Prior to the intervention, only two sample collection sites were functional.  Currently, there are 103 active sample collection sites located across the health facilities, public and private, in the three LGAs being supported.

The support by WHO has fostered integration has strengthened the Covid-19 response at the ward level, and upon completion may be a template that is replicable in other areas and for other outbreaks. WHO continues to provide data support for weekly EOC meetings at the state level and in the three hotspots LGAs.

At a post-intervention meeting to review the impact of the intervention,  the Permanent Secretary Ondo State Primary Health Care Development Agency, Dr. Francis Akanbiemu, said,

“We find this support very useful and important in addressing COVID-19 and hopefully, we’ll eventually  bring the pandemic  to zero levels… we’re happy and grateful for WHO’s timely intervention and we hope that it can be extended to the other 15 LGAs.”

However, support is required to strengthen risk communication and community engagement, support Infection Prevention and Control among frontline workers, strengthen surveillance at points of entry and support integration of Covid-19 response activities in the other 15 LGAs in the state.

Ondo State recorded its first confirmed case of COVID-19 on 3rd April 2020. Since then, the state has documented a total of 3500 confirmed cases including 65 deaths as of 19 July 2021 in two waves of the pandemic.

COVID-19: The WHO And Angry Birds Friends Encourage Communities To Stay Active

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COVID-19: The WHO And Angry Birds Friends Encourage Communities To Stay Active

Regular physical activity is key to maintaining a healthy body and mind. It can reduce high blood pressure, help manage weight and reduce the risk of heart disease, stroke, type 2 diabetes, and various cancers.

It’s also essential for our mental health as it reduces the risk of depression and cognitive decline.

Over the last year, however, many people are staying home and leading a more sedentary life due to COVID-19. To help raise awareness on the benefits of physical activity and encourage communities to keep moving during the pandemic, the WHO, Angry Birds Friends and Rovio Entertainment launched an in-game, week-long tournament called Stay Active.

COVID-19: The WHO And Angry Birds Friends Encourage Communities To Stay Active-Brand Spur Nigeria
COVID-19: The WHO And Angry Birds Friends Encourage Communities To Stay Active-Brand Spur Nigeria

The tournament features 24 brand-new video game levels related to sports and healthy living, as well as numerous WHO recommendations and tips on how to stay physically active.

Throughout the week, the tournament will encourage players to be physically active in real life, with the aim of fostering lasting healthier lifestyles at home.

”For Rovio teaming up with the World Health Organization for a healthier future makes perfect sense,” says COO Kieran O’Leary from Rovio.

“Engaging people through Angry Birds Friends is a way to promote fact-based information about health. The Angry Birds may be angry, but they want to use their powers for good!”

“WHO continues to advise people to find ways to maintain a healthy lifestyle and protect their mental and physical health, including during periods when spikes in COVID-19 transmission means they’re spending more time at home,” says Andy Pattison, Team Lead, Digital Channels, Department of Digital Health and Innovation, WHO.

“We encourage people who play interactive games and pursue other sedentary activities to incorporate movement into their routines and protect their mental and physical health when it’s needed most.”

IEFX Market Total Transactions Value Decreased By $325.65m

Brand Spur
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IEFX Market Total Transactions Value Decreased By $325.65m

Below is the commentary on the Foreign Exchange (FX) market with data for the week ended July 23, 2021.

The table following the commentary compares Spot FX weekly turnover for trades between banks (FMDQ Dealing Member (Banks) [DMBs]/Authorised Dealers) and their clients for the week ended July 16 & July 23, 2021.

  • In the FX Spot, Forwards and Futures markets, the total turnover for the week-ended July 23, 2021, was $454.79 million, representing a decrease of 40.72% ($312.40 million) from $767.19 million reported for the week-ended July 16, 2021. The week-on-week (WoW) increase in turnover was driven by the 49.86% ($325.65 million) decrease in the FX Spot turnover. (See Table 1 below)
  • The WoW increase in FX Derivatives turnover was driven by the 14.56% ($14.46 million) increase in FX Forwards turnover, resulting in a 13.12 percentage points increase in FX Derivatives’ contribution to total FX market turnover to 27.98%, from 14.86% recorded in the previous week
  • In the Investors’ & Exporters’ (I&E) FX market, the total value of transactions for the week-ended July 23, 2021, was $327.53 million, representing a decrease of 49.86% ($325.65 million) from the value of transactions executed in the week-ended July 16, 2021 ($653.18 million)

Table 1: Weekly FX Turnover Analysis

For the week ended July 23, 2021, the average Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate was $/N411.24, compared to $/N411.07 recorded in the previous week ended July 16, 2021, representing a depreciation of the Naira against the United States (US) Dollar by 0.04% ($/N0.17)

  • In the parallel market, the average exchange rate remained unchanged at $/N500.00 for the week ended July 23, 2021. Consequently, the spread between the average parallel market exchange rate and NAFEX rate decreased WoW by 0.19% ($/N0.17) to $/N88.76 in the week-ended July 23, 2021, from $/N88.93 recorded in the previous week. (See Table 2 below)

Table 2: Weekly FX Rate Analysis

IEFX Market Total Transactions Value Decreased by $325.65m-Brand Spur Nigeria
IEFX Market Total Transactions Value Decreased by $325.65m-Brand Spur Nigeria
  • In the FX Futures market, $13.50 million worth of FX Futures contracts were traded in two (2) deals, representing a WoW decrease of 8.20% ($1.21 million) when compared to $14.71 million traded in four (4) deals recorded in the week ended July 16, 2021
  • Still, in the FX Futures market, the 61st FX Futures contract, NGUS JUL 28 2021, is set to mature and settle on FMDQ Exchange on Wednesday, July 28, 2021. The quotes for all sixty (60) monthly contracts can be found on the FMDQ Website
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