BMW Group Research Unveils Innovative Concepts For Cargo Bike And E-scooter

Brand Spur
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BMW Group Research Unveils Innovative Concepts For Cargo Bike And E-scooter

In recent years, there has been an increase in traffic in many city centers, and the mobility requirements of the people who live there remain high.

In its role as a premium provider for individual mobility, the BMW Group is actively helping to create the liveable city of the future.

Here, its approach to mobility also looks beyond the company’s core business. The BMW Group has already presented a number of innovative micro-mobility solutions to the public in the past, including the BMW Motorrad X2City, the Personal Mover Concept, and the BMW Vision E³ Way elevated road concept.

With the unveiling of the electrified bicycle Concept DYNAMIC CARGO and the e-scooter Concept CLEVER COMMUTE, the BMW Group engineers are once again demonstrating their unrivaled ability to transfer know-how from the automotive sector to concepts for micro mobility vehicles.

Concept DYNAMIC CARGO: unexpected cycling pleasure plus exceptional variability.

  • Compact, three-wheeled cargo bike concept with high agility, flexible usage options and increased year-round suitability
  • Variably usable loading platform with innovative attachments for transporting loads and/or children as well as for leisure activities

Bicycles offer great flexibility of use, produce zero emissions and are one of the fastest and most efficient means of transport in urban areas. However, rainy, cold or slippery conditions are usually all it takes for the majority of cyclists to switch to public transport or their car instead.

BMW Group Research Unveils Innovative Concepts For Cargo Bike And E-scooter-Brand Spur Nigeria
BMW Group Research Unveils Innovative Concepts For Cargo Bike And E-scooter-Brand Spur Nigeria

The same applies when they need to carry loads that are too large for a standard luggage rack to handle, such as a larger food shop, or to transport children.

A wide range of cargo bikes are now available that offer an additional alternative to using the car for urban trips. However, many cargo bike concepts are wider and, above all, longer than normal bicycles due to the requirements for transporting loads and/or children.

In conjunction with the resulting additional weight and the possible payload, this leads to restrictions of varying degrees compared to normal bicycles, particularly with regard to driving agility and handling.

“Our goal was to develop a concept that retains the agility and driving feel of a normal bicycle while adding innovative, safe transport options” says Jochen Karg, Head of Vehicle Concepts in the BMW Group’s New Technologies and China division.

“The “Concept DYNAMIC CARGO” is the first dynamic ‘pick-up’ cargo bike that combines driving pleasure with flexible use and increased year-round suitability.”

The key component of the three-wheeled Concept DYNAMIC CARGO is the front main frame, which is connected to the rear section via a pivot axle and tilts in corners. The rear section remains stable through all corners without tilting towards the road.

This combines with the electrified powertrain – which is activated as soon as the rider starts to pedal and drives the two rear wheels – to make the cargo bike just as easy to ride as a standard bicycle.

As well as producing far greater riding stability in all weather conditions compared to two-wheeler designs, the rear wheels with their rigid, non-pivoting axle mounting also provide the basis for a versatile, pick-up-style transport platform.

This can be fitted with a selection of innovative modular attachments for carrying luggage and/or children. The modular design principle paves the way for many more use cases, too.

The non-pivoting design of the transport platform has the additional benefit that the rider is barely aware of any extra weight being carried, enabling safe, stable transportation of all loads while also ensuring a pleasurable riding experience.

The concept is rounded off by a facility for adding a modular system of weather protection. Together with the superior riding safety, which proves especially useful in adverse weather, this makes the Concept DYNAMIC CARGO an attractive means of transport all year round.

Although the BMW Group will not manufacture the Concept DYNAMIC CARGO itself, it is already in discussions with potential licensees.

Concept CLEVER COMMUTE: the perfect companion for the “last mile”

  • Ergonomic design suitable for everyday use, excellent riding stability and extremely compact when packed up
  • Genuine mixed-mobility option: innovative “public transport mode” makes it easy to incorporate travel on public transport into longer journeys
  • Ideal for park & ride: minimal size when packed makes it ideal for carrying in the car boot

E-scooters have firmly established themselves in the urban mobility mix, thanks to sharing schemes in particular. They offer flexible usability, zero local emissions and the ability to get city dwellers to their destination extremely quickly over short “last-mile” urban journeys.

The uptake of e-scooters for private ownership has been relatively slow to date. Robust models that can be ridden safely are difficult to take onto public transport or carry by car due to their size, while small, more portable models suffer from poor riding stability.

BMW Group Research Unveils Innovative Concepts For Cargo Bike And E-scooter-Brand Spur Nigeria
BMW Group Research Unveils Innovative Concepts For Cargo Bike And E-scooter-Brand Spur Nigeria

With its Concept CLEVER COMMUTE, the BMW Group is now presenting an e-scooter that folds easily for carrying on public transport and/or by car without compromising on riding stability in any way. In public transport mode, the footboard folds up at the sides and the rear wheel pivots into the resulting aperture from below.

This mechanism shortens the wheelbase of the CLEVER COMMUTE substantially so that it can even be carried on an escalator without difficulty. This is an important requirement if the journey includes underground transport routes. It can also be rolled along on both wheels in this mode, rather like a trolley case.

And the front wheel’s integral hub motor provides an electric impulse that makes it easier to push the CLEVER COMMUTE up ramps. The e-scooter’s compact dimensions when folded up means it should be possible to take it on all forms of public transport free of charge.

The CLEVER COMMUTE can be folded up to a size that fits easily into small vehicle boots, with larger boots able to accommodate several of them for family outings.

BMW Group Research Unveils Innovative Concepts For Cargo Bike And E-scooter-Brand Spur Nigeria
BMW Group Research Unveils Innovative Concepts For Cargo Bike And E-scooter-Brand Spur Nigeria

In the BMW Group range, this means that the CLEVER COMMUTE fits into luggage compartments lengthways from the 3 Series upwards, for example, without any need to fold down the rear backrest, and it can be carried crossways in MINI boots.

With its unique product characteristics, the CLEVER COMMUTE is a versatile companion in the city and allows any journey to be completed quickly, safely and easily. Its transformability makes it a truly ideal solution for multimodal travel.

Although the BMW Group will not manufacture the Concept CLEVER COMMUTE itself, it is already in discussions with potential licensees.

Both micro-mobility concepts have been designed to offer a range of over 20 kilometers (12 miles). One final very important feature for city use is the battery pack, which can be removed and charged at home.

Nigeria: 2021 Half Year Outlook – The Big Bounce

CardinalStone Research
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Nigeria: 2021 Half Year Outlook – The Big Bounce

The second half of 2021 is expected to bring some cheer to macro watchers globally, with the most robust growth projected for Emerging Markets and Advanced Economies. Sub-Saharan African Economies may have to make do with milder out-turns, given the reality of their low fiscal & monetary bandwidths and lingering regulatory-cum structural impasses. Yet, base effects could instigate the most significant macro bounces across these markets in years.

In our view, Nigeria could record its paciest GDP growth in over 32 quarters in Q2’21, with construction, trade, manufacturing, real estate, and crude petroleum & natural gas moving from pull to push sectors on the impact of their low bases.

Nigeria: 2021 Half Year Outlook - The Big Bounce
Nigeria: 2021 Half Year Outlook – The Big Bounce

The jury is out on whether the expected recovery has been priced in by markets, despite pointers to the likely impact on monetary policy previously hinted by the MPC. These pointers, and our macro assessments, inform our projection for a tighter yield environment as the country edges close to the pre-election year 2022.

We, therefore, favour the same short duration fixed income strategy that proved broadly successful for short-sellers, who were not caught out by the discontinuation of the 2045 bond instrument in H1. Savvy equity investors would also have to ferret the market for opportunities, amidst expected broad market weakness driven by elevated yields and tighter liquidity.

We expect this class of investors to opt for fundamentally sound stocks trading at deep discounts to market and boasting consistently high dividend yields. In addition, investors could watch out for opportunities likely to be created by a strong rebound in sectors, like Oil and Gas and Brewery, that were battered by the pandemic.

Please click here to download the CardinalStone Research – 2021 Mid Year Outlook -The Big Bounce for the full report.

Market Pulse: Top 5 stock picks – flash recommendation

Comercio
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Market Pulse: Top 5 stock picks – flash recommendation

The equity market has stayed in the tight clutches of the bears for most of 2021, birthing an understandable level of disinterest by both local and foreign investors alike. On the foreign end, the positive impact of a bullish oil market was overridden by the looming FX concerns and other structural problems that pose as dominant downside risks to broader economic growth.

Likewise, local participants, which consist majorly of Pension Fund Administrators, have found comfort in bank placements and fixed income investments, given that the attractive yields on these fixed return investments disincentivize investments in variable return assets with higher levels of volatility.

Accordingly, save for a few bargain hunting opportunities every now and then, the broad theme of the market has been largely bearish. However, the market recently moved into a new phase, where neither the market bulls nor bears have a significant hold of performance.

Stock picks
Photo by Mark Finn

What we are observing now is the interaction of an unenthusiastic buy and sell-side, which has left the market more susceptible to price movements in largely capitalized stocks on the exchange.

Fixed income yields pose no significant threat to equity performance in the near term as the equity market seems to have shrugged off the impact of yield movements in the T-bills market and activities around the half-year earnings season is likely to be subdued. The equity market will always have bullish and bearish periods, but the uncertainty is what blights investors.

Nonetheless, cherry-picking stocks of viable companies will always prove useful, as they can easily sit out a market storm or ride an upswing. While short to mid-term strategies come with higher levels of risk given the speculative tactics required, a more plausible approach to equity investing in the context of the prevailing market atmosphere is defaulting to a fundamentalist portfolio, by selecting stocks that possess intrinsic soundness.

The selection of these stocks will not necessarily follow a thematic pattern, as the focus will be directed to the specific opportunities that exist within certain stocks, which in turn allows them to offer decent returns through yields on dividends paid and via capital appreciation.

Stocks in the list must be insulated from headwinds that could blight the various sectors and overall economy, offering a weighted gain well in excess of available fixed return investments. Accordingly, we have our top 5 stock picks at the close of the market today.

stock picks
Top 5 stock picks – flash recommendation

The stock mix cuts across securities in the Food and Beverages, Banking and Cement subsectors, with upside potentials above 25%, and with a history of consistency in dividend payments in at least six of the last seven financial periods. While we give some recognition and consideration to the technical readings as dictated by the price trend, the central basis of the selection largely rests on the position of the stock relative to an intrinsic estimate that captures and reflects the quality of the company’s fundamentals.

Dangote Sugar

This stock is attractively poised to offer meaningful gains in the long-term, benefiting off both macroeconomic tailwinds like the underserved sugar demand market that was worsened by a backward integration economic tactic, and from internal efforts to boost production volumes.

In the first quarter of this year, the company’s production volume was up by 4.3% to 200,783 tonnes, revenue inched up to N67.39 billion indicating an increase of 41.5%, and the Profit Before Tax surged by 25.6% to N11.95 billion, all relative to the levels attained in the corresponding period of 2019.

Also, the fundamental strength is bolstered by its technical attractiveness, with the 14-day relative strength index (RSI) at 26.44. In addition, the firm is relatively attractive with a PE ratio of 7.24x, compared to the industry average of 12.3x.

stock picks
Top 5 stock picks – flash recommendation

Zenith Bank

Zenith Bank was the most profitable bank in 2020, with a very impressive balance sheet size and above adequate capital buffers. The company was one of the highest dividend-yielding stocks last year, and the lender also benefits from an attractive valuation. Zenith’s asset quality, as defined by the non-performing loans is below the regulatory limit of 5.00%, at 4.20%.

Despite a 5.70% dip in the gross earnings in Q1’2021, the lender was able to grow its profit before tax by 5.02% to N53.06 billion, by moderating the cost components in its interest and operational segments. Nonetheless, the remarkable interim and final dividend payments consistently declared over the past years is expected to continue to bode well for the stock.

At the current market price, the stock has a robust upside opportunity of 37.79%. Also, the stock is relatively attractive with a PE ratio of 3.32x compared to an industry average of 4.00x. However, with the RSI tending close to the overbought region at 66.10, we will limit the portfolio exposure to 15%.

stock picks
Top 5 stock picks – flash recommendation

Wapco

Wapco continues to benefit from reasonable expectations of larger spending on infrastructure by both the private and public sectors, given the drive to close the country’s infrastructure deficit. The cement producer is also supported, by corporate restructuring moves particularly with respect to its balance sheet optimization, and by cost reduction strategies. In the first quarter of 2021, the firm reported a  12.2% y/y growth in revenue to N71.5 billion, driven by a 12.3% rise in Cement Sales.

Wapco is the most attractively priced of all cement producers listed on the bourse, with a PE ratio of 10.90x, relative to the African basic materials industry average of 21.7x. At the current market price, the stock offers a descent upside potential of 29.24%.

stock picks
Top 5 stock picks – flash recommendation

UBA

UBA takes the largest quotient of the portfolio mix at 35%, bolstered largely by its fundamental attractiveness and by its relative cheapness. The lender boasts of a low non-performing loan ratio of 4.70%, robust deposit growth, and industry-best cost of risk at 0.90%.

The decline in the dividend announced in the 2020 financial year has caused investors to ignore the strength of its African business network and its strong interest segment.

Of all tier-one lenders, UBA is one of the most attractively priced based on a price to earnings comparison, with a PE ratio of 2.3x compared to an industry average of 4.00x.

stock picks
Top 5 stock picks – flash recommendation

Flourmill

Flourmill is supported by the increasingly inelastic nature of the demand for wheat-based products. Likewise, the protectionist stance of the authorities has been helpful to the firm, as the insufficiency of the supply of our favourite staple food item, rice, has forced consumers in droves to start consuming pasta and other wheat-based products. The firm is one of the largest millers in Nigeria, with a well-diversified business structure.

In the full-year period ended 31st of March 2021, the company’s revenue was up by 34% to an N771.61billion, on the back of improvements in all three major revenue segments (Food, Agro-allied and Sugar).

Also, the stock has a robust upside, and remains relatively attractive with a PE ratio of 4.70x, compared to an industry average of 12.3x.

stock picks
Top 5 stock picks – flash recommendation

Konga Beats Others, Named Most Innovative E-Commerce Company

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Konga Beats Others, Named Most Innovative E-Commerce Company

Nigeria’s leading composite e-Commerce giant, Konga, has been named the most innovative company of the year. The award was presented to the management of Konga at the 2021 Titans of Tech Hall of Fame Awards held on Friday, July 23, 2021, at the Oriental Hotel, Lekki, Lagos.

The latest award represents another well-deserved recognition for a long list of sterling achievements recorded by Konga in the Nigerian e-commerce market. Equally important, Konga beat out competition from other players such as Payporte, Jumia and Jiji.ng to claim the highly coveted award.

In explaining how Konga emerged winners of the award, the event organisers revealed that the outcome was the result of a report released by its intelligence unit which showed that Konga was the clear favourite, even as it credited the company with a string of innovative strategies which have raised the bar in the e-commerce sector.

Konga
Konga Award | Brand Spur Nigeria

‘‘The report by our intelligence unit indicates that Konga is today a clear leader in the highly competitive Nigerian e-commerce market, showing that e-commerce can be profitable. The firm’s Omni channel structure in which it operates both online and offline is one of the advantages that has placed the company upfront and ahead of other players.

‘‘Konga continues to demonstrate that the key to a sustainable business is to offer products and services that solve problems and to grow revenue, while effectively managing costs. No wonder it has experienced over 1000 per cent growth in the past three years. The firm has also expanded its reach with its logistics platform Kxpress, established to resolve the perennial challenges of logistics in the industry and indeed the country.

‘‘Konga will equally be conferred with the COVID-19 Pandemic Courage Award for its high-level emergency readiness and proactive actions during the thick of the pandemic that kept it in business, with both staff and customers interacting safely.’’

Konga: Leading From The Front In The E-Commerce Market

Speaking while receiving the award on behalf of Konga, Head of Human Resources, Charles Udeozor affirmed that the award was fitting recognition for the landmark strides recorded by the brand, adding that Nigerians should expect more from Konga.

‘‘On behalf of the management of Konga and the entire human resources of the company, I say thank you to the organisers. We receive this award with maximum appreciation. Konga is a brand that is well known…We have been able to expand the ecosystem and today, we have different SBUs.

‘‘We have KongaPay which is a digital bank. We have Kxpress which is our logistics business. We have Konga Food which is coming up. There is Konga Health launched already. We have Konga Travel and others, so we have been doing a lot.

‘‘It is awards and recognitions like these that give us more energy and impetus to continue to do what we are doing, So, we appreciate this. Thank you very much,’’ he enthused.

With a number of thriving entities under its umbrella, Konga has risen to the zenith of the Nigerian e-commerce market, leading the industry with several exciting innovations and strategies that have made it a firm favourite for millions of savvy Nigerian shoppers.

Shoprite Group steps in to help with disaster relief

Brand Spur
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Shoprite Group steps in to help with disaster relief

The Shoprite Group is distributing thousands of hampers following the unrest, vandalism and arson in KwaZulu-Natal and Gauteng, which has left many people destitute. 

In the last few days it has: 

  • Handed over 1 774 hampers, amounting to 8.5 tons of essential food and groceries, to CityHope Disaster Relief in Durban. The organisation forms a part of the KZN Response Team, formed in 2019 in partnership with the South African Red Cross Society, the Domino Foundation and Zoë-Life and will distribute the parcels to affected communities in Durban as well as the North and South Coast.
  • Donated 1 000 hampers to King Misuzulu Ka Zwelithini for distribution in Nongoma.
  • Arranged for another 1 500 hampers, comprising 1 000 hampers and 500 Usave food buckets, to be transported to Durban, to be handed out to people in need.
Shoprite
The Shoprite Group is distributing thousands of hampers following the unrest, vandalism and arson in KwaZulu-Natal and Gauteng, which has left many people destitute. | Brand Spur Nigeria

Linebooker has been assisting the Group with transport.

The initiatives over the past few days are in addition to the 2 000 hampers packed in Cape Town and sent to Pietermaritzburg via Airlink last week, to help residents, many of whom live in informal settlements and lost their homes.

The Group has also donated R1 million to the Shoprite Act For Change Fund for use by vetted organisations involved in relief efforts to help communities rebuild. The Fund is managed by the Group, on behalf of its customers, and all donations collected go to organisations working directly on relief efforts in the areas that need it most. Customers can add a contribution to their purchases at Shoprite, Checkers and Usave till points nationwide or online via the Computicket website.

The Shoprite Group has always been committed to supporting communities in need and has been directing funds collected by the Act For Change Fund to communities affected by challenges such as drought, floods and COVID-19 since 2016.

Bigi And Silverbird Announce Exclusive Partnership For Movie Lovers

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Bigi And Silverbird Announce Exclusive Partnership For Movie Lovers

…Eniola Badmus, Kunle Remi, Tobi Bakre, Others Thrills Crowd With Cinema Ticket Giveaways And More

Prominent Nollywood celebrities, Eniola Badmus, Kunle Remi, Tobi Bakre, Uzor Arukwe, and event anchor Toppy Banks, thrilled the crowd consisting of consumers of Bigi brands and shoppers with cinema tickets giveaways and multiple rewards at the Bigi and Silverbird Cinemas exclusive partnership announcement event held at the Ikeja City Mall, in Lagos, recently.

The celebrities who were in high spirit sensitized the crowd on the support for the movie industry with the more refreshing viewing experience made possible by the Bigi brands, comprising its 12 variants of carbonated soft drink and Table Water, produced by Rite Foods Limited, a world-class and proudly Nigerian company.

Bigi And Silverbird Announce Exclusive Partnership For Movie Lovers-Brand Spur Nigeria
Lovers of the Bigi brand, produced by Rite Foods Limited, at the Bigi and Silverbird Cinemas exclusive partnership announcement event held at the Ikeja City Mall, in Lagos, recently-Brand Spur Nigeria

At the colourful two-day event made pleasurable by the encouraging words from the celebrities who performed at various times, the crowd was entertained on how the exclusive partnership would benefit movie-lovers, who will be revitalized with the Bigi brands as they watch their favourite movies with families and friends.

The Bigi and Silverbird partnership will inspire an exciting experience in the movie entertainment sector and will combine cinema viewing with a pleasurable and refreshing mood that gives value for money.

Bigi And Silverbird Announce Exclusive Partnership For Movie Lovers

It was a fun-filled evening as Shoppers and Bigi consumers who partook in the teasing game that ensued were given freebies consisting of labeled T-shirts, shopping vouchers, free movie tickets, Bigi products, as well as other fantastic items, courtesy of the Bigi brand.

Eniola, who is an actress, entertainer, and social media influencer, said the Bigi support for the entertainment and movie industry has created the needed growth and platform for further development, especially with the partnership with Silverbird Cinemas nationwide.

Bigi And Silverbird Announce Exclusive Partnership For Movie Lovers-Brand Spur Nigeria
Bigi And Silverbird Announce Exclusive Partnership For Movie Lovers-Brand Spur Nigeria

On their part, the megastars-Kunle, Uzor, and Tobi applauded the Bigi brand for adding excitement to entertainment, an act they said would energize movie lovers while at the cinemas.

It was indeed a pleasant moment as consumers of Bigi range of products attested to their uniqueness and also had delightful experiences with the fun created by the event anchor, Toppy Banks, who gave them tips on what the partnership also entails.

He engaged them with “tongue-twisting” phrases like “Pick a Bigi Bitter Lemon bottle at Silverbird”, “A Bigi bottle makes movies fun at Silverbird”, and “Will you like a Bigi Bitter Lemon bottle at Silverbird,” which fans were called upon to recite five times to win gifts as well.

On the exclusive partnership, the Managing Director of Rite Foods Limited, Mr. Seleem Adegunwa, pointed out that it consolidates the company’s pursuit for excellence and ways of constantly adding value to lives, as demonstrated in the just concluded Bigi soft Drinks’ sponsored Nigerian Idol music reality show for budding artists.

He said the company intends to utilize the partnership amongst other marketing activities, to reaffirm the brand equity building strategies as a market leader.

Bigi And Silverbird Announce Exclusive Partnership For Movie Lovers-Brand Spur Nigeria
Bigi And Silverbird Announce Exclusive Partnership For Movie Lovers-Brand Spur Nigeria

The Rite Foods boss added that the deal is also meant to be a sampling ground for consumers to be able to taste the quality of the various Bigi soft drink variants while enjoying their favourite movies with family and friends.

Established in 2007 as a subsidiary of Ess-AY Holdings Limited, Rite Foods has been supporting the entertainment and movie industries with the sponsorship of the Prophetess Movie Premiere, the just concluded Nigerian Idol for music talent discovery, and now with the creation of wonderful viewing moments with its 12 Bigi soft drink variants and table water at Silverbird cinemas nationwide.

GCR Affirms and Revises WAICA Reinsurance Ratings | Outlooks Stable

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GCR Affirms and Revises WAICA Reinsurance Ratings | Outlooks Stable

23 July 2021 – GCR Ratings (GCR) has affirmed WAICA Reinsurance Corporation Plc’s (WAICA Re) international scale financial strength rating of ‘B+’, with a Stable Outlook. At the same time, GCR revises the Nigerian national scale financial strength rating to ‘AAA’(NG), on criteria change with a Stable Outlook.

Ratings History – WAICA Reinsurance Corporation Plc

Rating class Review Rating scale Rating class Outlook Date
Claims paying ability Initial National A-(NG) Positive November 2015
Last National A+(NG) Stable December 2019
Claims paying ability Initial International B+ Stable November 2015
Last International B+ Stable December 2019

Rating Rationale

The ratings of WAICA Re are underpinned by a good presence within the anglophone West Africa region. The reinsurer’s business profile is moderately strong, bolstered by strong business acquisition and continuous diversification into other markets across Africa. WAICA Re maintained sound solvency levels and healthy earnings resilience, albeit with liquidity moderating to an intermediate-range, and displayed sensitivity to further premium growth.

Competitive position is supported by WAICA Re’s good franchise in its core markets (Nigeria and Ghana, collectively contributing over 50% of the gross premiums), with an upward growth trajectory in other markets including francophone West Africa, Tunisia, and most recently Kenya and Zimbabwe.

GCR Affirms and Revises WAICA Reinsurance Ratings | Outlooks Stable
GCR Affirms and Revises WAICA Reinsurance Ratings | Outlooks Stable

GCR expects its competitive position to improve over the medium term as the reinsurer begins to build traction in some of its new markets. Management and governance are neutral as it is considered to be in line with best practice.

Earnings capacity is considered strong, underpinned by a demonstrated track record of sound underwriting and net profitability margins amidst high premium growth. Despite higher operating costs and claims pay-outs in FY20, the significant increase in business growth provided the reinsurer with higher loss-absorbing capacity during the year.

Going forward, GCR expects earnings to remain sound, though may taper down over the medium to long-term as the reinsurer begins to consolidate its growth in some of its new market.

WAICA Re’s capital adequacy is a positive rating factor. Total capital equated to USD98.2m at year-end 2020 (FY19: USD89.4m) on the back of consistent internal capital generations. Similarly, both the international solvency and GCR capital adequacy ratio (“CAR”) were maintained well above 100% and 2.5x respectively over the review period, evidencing good loss-absorbing capacity.

The reinsurer plans to increase its capital to USD100m (FY20: USD98.2m) over the medium term to support its planned business growth and expansion. This could be supportive to the rating should it be successfully implemented with evidence of good capital management structures.

Due to strong growth during the review year, liquidity metrics moderated, with cash coverage of technical liabilities declining to 1.4x from a historical average of above 2x. Similarly, operational cash coverage was measured at an average of 18.2 months at FY20 (FY19: 17.9 months). Going forward, the management of liquidity within a rating adequate range represents a key consideration.

Outlook Statement

The Stable Outlook reflects our expectation that WAICA Re will maintain a stronghold in its core markets while growing its market share in other jurisdictions. Despite the significant jump in business scale and the attached increasing liabilities, GCR expects liquidity to return to the pre-FY20 position over the next 12-18 months on the back of the reinsurer’s sound internal liquidity management.

We expect earnings generation to remain consistent with historical trends and as such, support risk-adjusted capitalisation within the current range.

Rating Triggers

While the national scale rating is currently at its highest level, upward movement in the international scale rating is considered unlikely over the medium term but could come around with a material increase in scale, alongside positive diversification and better liquidity.

Conversely, the inability to translate the strengthened business profile into improved liquidity metrics, as well as exposure to group risks could result in a downward revision of the ratings.

IFMA Nigeria Partners LSDPC to train Artisans within the Built Environment

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IFMA Nigeria Partners LSDPC to train Artisans within the Built Environment

In furtherance of its commitment to training artisans and other professionals within the built environment, the International Facility Management Association (IFMA) Nigeria Chapter has partnered with the Lagos State Development and Property Corporation (LSDPC) to train artisans within the built industry tagged “A Day with the Artisan” which took place at the LSDPC complex, Ilupeju, Lagos. 

In his address, the President IFMA Nigeria, Mr. Segun Adebayo noted that this training session is a part of the capacity building strategy of the association aimed at ensuring that the built environment in Nigeria can be updated with leading standards.

IFMA Nigeria Partners LSDPC to train Artisans within the Built Environment
IFMA Nigeria Partners LSDPC to train Artisans within the Built Environment

According to him, “this training is part of our purpose as a forward-thinking association and in line with our strategic plans to continually provide capacity building, learning and knowledge development for operators and industry players in the built environment, we are happy to offer a complimentary interactive session with the artisans of the Lagos State Development And Property Corporation.” 

“The interactive session tagged “A Day with the Artisan” is part of our Corporate Social Responsibility initiative aimed at exposing artisans to capacity building, knowledge development, soft skills enhancement, and the re-orientation of job responsibilities,” he added.

The session aimed at educating the artisans on how to improve the quality of job delivery and its attendant impact on the service delivery of the Corporation. We will also be deploying our experienced faculty to transfer knowledge to them in specialist and generalist areas of the ecosystem of the built environment.

In his opening remarks, Arc. Dhikrullah Har-Yusuph the Managing Director, LSDPC, appreciated IFMA Nigeria Chapter for the initiative. He expressed the need for excellence in the profession of property development and management. He charged his staff and the participants to pay close attention to what they will be learning because their role is critical to the success of facility management in the state.

The experts who spoke on the varying topics on Facility Management include:

  • ESV Stephen Ola Jagun, CFM, FNIVS, FRICS (First IFMA Fellow in Africa) and Past President, IFMA Nigeria;
  • Miss Iyabo Aboaba, Doyen of Facility Management and Past President IFMA Nigeria Chapter;
  • Engr. Sheriff Daramola, ED/COO, Specific Tools Techniques Ltd and General Secretary, IFMA Nigeria Chapter;
  • Engr. Silas Ofoegbu, CEO Spicon Consult and
  • Mr. Adeniyi Ifaturoti, Treasurer, IFMA Nigeria Chapter.

Some modules for the training are- Elements of Facility Management; Understanding the Importance of an Artisan in the Built Environment; The role of Artisans in Operations & Maintenance of a Serviced apartment and Facility Management soft skills. There was also an Experience & Inspiration Session. A total of 50 participants were trained during the two-day workshop.

The International Facility Management Association (IFMA) Nigeria Chapter has been involved in various capacity building programmes that have enhanced the capacity of the public and private sector stakeholders in the built environment. The association is a partner to Applied Engineering Technology and the University of Lagos.

GCR places GEL Utility & Aarti Steel Nigeria ratings on “Review Extension”

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GCR places GEL Utility & Aarti Steel Nigeria ratings on “Review Extension”

23 July 2021 – GCR Ratings (GCR) has placed the long- and short-term national scale ratings of BBB(NG) / A3(NG) assigned to GEL Utility Limited on ‘Review Extension’. Concurrently, the long- and short-term national scale ratings of BB+(NG) / A3(NG) assigned to Aarti Steel Nigeria Limited has been placed on ‘Review Extension’.

GCR has yet to receive relevant rating information to carry out the rating review exercise. GCR will continue to engage with the Issuers and relevant parties and expects to publically release the ratings on or before 30 September 2021.

GCR places GEL Utility & Aarti Steel Nigeria ratings on “Review Extension”
GCR places GEL Utility & Aarti Steel Nigeria ratings on “Review Extension”

Ratings History – GEL Utility Limited

Rating class Review Rating scale Rating Outlook/Watch Date
Long Term Issuer Initial National BBB+(NG) Stable December 2018
Short Term Issuer Initial National A2(NG)
Long Term Issuer Last National BBB(NG) Stable June 2020
Short Term Issuer Last National A3(NG)

Aarti Steel Nigeria Limited

Rating class Review Rating scale Rating Outlook/Watch Date
Long Term Issuer Initial National BBB(NG) Stable November 2012
Short Term Issuer Initial National A3(NG)
Long Term Issuer Last National BB+(NG) Watch January 2021
Short Term Issuer Last National A3(NG)

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  1. no part of the ratings process was influenced by any other business activities of the credit rating agency;
  2. the rating was based solely on the merits of the rated entity, security or financial instrument being rated; and
  3. such rating was an independent evaluation of the risks and merits of the rated entity instrument.

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The Female Housemates Of The BBNaija ‘Shine Ya Eye’ Season Are Unveiled

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The Female Housemates Of The BBNaija ‘Shine Ya Eye’ Season Are Unveiled

– Biggie Serves Up Hot New Twist With The ‘Wild Card’ game

26th July 2021: The second launch which took place on Sunday, 25th July 2021, certainly lived up to the energy of the first launch show. After hours of anticipation, the BBNaija fans as well as the male housemates who entered the house the night before finally got to see the female housemates.

To spice things up, the male housemates decided to play a prank on the female housemates; Angel, Peace, Jackie B, Tega, Arin, Maria, Liquorose, Beatrice, Princess, Saskay, and Nini, by not saying a word to them as they made their way to the living room. The female housemates seemed worried and confused as they did not understand why the guys were giving them the ‘cold shoulder’.

The Female Housemates Of The BBNaija ‘Shine Ya Eye’ Season Are Unveiled
The Female Housemates Of The BBNaija ‘Shine Ya Eye’ Season Are Unveiled

The guys finally ended the prank once all the female housemates were present and welcomed them with a loud cheer.

Meet the female housemates of the ‘Shine Ya Eye’ season:

  • Angel: She’s 21 years old, and hails from Akwa Ibom. She considers herself to be friendly and interactive. However, she claims to be a bit bossy. Angel aspires to become a film producer.
  • Peace: The 26-year-old entrepreneur runs a fashion brand. She loves food and considers herself a nice person. She hopes to generate more exposure for her fashion brand after the show.
  • Jackie B: The single mum hails from Adamawa state. She loves good vibes and spontaneity. She hopes to crush all the challenges that come with winning the money.
  • Tega: She’s from Cross-river state. She loves to dance, and she believes that she has a fiery personality. Her mission in the house is to sell herself and add spice to the boredom.
  • Arin: She’s a 29-year-old fashion designer who loves to read and research. She’s also an Art Curator. Arin hopes to bring energy to the show.
  • Maria: She’s a Dubai-based Realtor who loves food and thrives in a bubbly environment. Her goal is to venture into the Nigerian market immediately after the show, as well as maximizing the opportunity.
  • Liquorose: A Professional dancer from Edo state. She’s 26-years-old, but she started her dancing career when she was 12-years-old. She mentioned that she has different personalities and she’s on the show to display all of it.
  • Beatrice: She’s a fashion model, who aspires to sell her brand on the show. She owns a clothing brand and is working towards establishing a modelling agency.
  • Princess: She’s a 30-year-old Taxi Driver from Imo state. She loves to cook and drive.
  • Saskay: The 21-year-old artist and model is from Adamawa state. One of her dreams is to set up an Art gallery.
  • Nini: Hails from Edo state. She loves challenges and looks forward to exploring more of them on the show. She’s a model and owns a fashion brand. Her goal is to officially launch her fashion brand after the show.

After Ebuka Obi-Uchendu revealed the remaining 11 housemates, making the housemates 22 in total, Biggie announced that two of the housemates are ‘Wild Cards’ and at the end of the week, if the other housemates can identify them, they will be evicted from the show. If not, they will be allowed to compete for the grand prize. The Wild Cards will also be revealed to the audience in a special diary session on Thursday, 29th July 2021 at 3 pm.

Also, the organisers of the show announced the return of the ‘Fave Lock-In’ competition due to popular demand. The competition which saw viewers become millionaires during the previous season will give 30 BBNaija fans the chance of winning N1million each when the housemate they ‘Lock-In’ on emerges the winner of the BBNaija Shine Ya Eye season. The competition starts on Thursday, 29th July and will run till Monday, 2nd August 2021.

The winner of the BBNaija season 6 edition will walk away with a whopping 90 million Naira worth of prizes, which includes a cash prize of N30m, cash in Abeg digital wallet, bitcoins courtesy of Patricia, a two-bedroom apartment courtesy of RevolutionPlus Property, and a top of the range SUV from Nigeria’s automaker, Innoson Motors and a trip for two packaged by Travelbeta.

This is the biggest reward for any reality TV show on the continent. BBNaija season 6 promises to surpass previous seasons with more exciting personalities and engaging activities.

BBNaija season 6 airs 24/7 on DStv channel 198 and GOtv Max and Jolli on channel 29. Subscribe or reconnect now on DStv via www.dstvafrica.com or get GOtv Max or Jolli on www.gotvafrica.com. Also, you can download the MyDStv and MyGOtv apps for more self-service options.

With the DStv Explora, you can pause, rewind or record thrilling BBNaija moments. And while you’re on the move, stream the show on the DStv App which is free for download on the Apple and Google Play store and can be used on up to 5 devices.

Abeg is the headline sponsor of Big Brother Naija season 6, and the associate sponsor is Patricia. To find out more about this and other information on the sixth season, visit www.africamagic.tv/bigbrothernaija. You can also follow the official Big Brother Naija social media pages for news and updates with the hashtag #BBNaija on Instagram @bigbronaija and Facebook www.facebook.com/bigbrothernaija as well as all verified social media pages of DStv Nigeria, GOtv Nigeria and Africa Magic.

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