Tony Elumelu Foundation, DEG Partner To Empower More Entrepreneurs Across Africa

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Tony Elumelu Foundation, DEG Partner To Empower More Entrepreneurs Across Africa

The Tony Elumelu Foundation (TEF), Africa’s leading philanthropy empowering young African entrepreneurs from all 54 African countries, has partnered with DEG, the German development financial institution supporting the private sector in emerging-market countries, to empower an additional 200 entrepreneurs across Africa.

The initiative will fund 200 additional young African entrepreneurs complementing the US$100m Tony Elumelu Foundation Entrepreneurship Programme that has identified, trained, mentored, and funded over 9,000 entrepreneurs from all 54 African countries since 2015.

The partnership will also help to scale TEFConnect, the Foundation’s proprietary digital platform supporting African entrepreneurs, and provide platform access to an additional 500,000 SMEs. The initiative is co-financed by DEG with 1.5 million Euro from the develoPPP Program funded by the German Federal Ministry for Economic Cooperation and Development (BMZ).

In alignment with TEF and DEG’s development policy, the partnership will create jobs and income, boost economic growth and generate local value in Africa. It will make important contributions to the United Nations’ Sustainable Development Goals (SDGs) by providing funding, technical skills and comprehensive business readiness to drive better performance of SMEs in accordance with SDG 1 (No poverty), SDG 8 (Decent Work and Economic Growth) and SDG 9 (Industry, Innovation and Infrastructure).

Entrepreneurs will be connected to networking support for further skills development, knowledge sharing and market linkages through a lifetime membership on TEFConnect. In addition, periodic impact assessment of up to 10,000 SMEs will be conducted through the partnership to inform policies and laws that will improve the environment for small enterprises in Africa, directly catalyzing Africa’s economic growth and contributing to the continent’s prosperity and social development.

Commenting on the partnership, the CEO, Tony Elumelu Foundation, Ifeyinwa Ugochukwu, stated, “In our continued quest to invest in African entrepreneurs, this partnership will fully capacitize young entrepreneurs to grow their businesses. DEG is a global player in fostering efforts in emerging markets and developing economies to generate employment, which is a mission we are dedicated to through entrepreneurship.

African Entrepreneurs are the engines of growth, innovation and wealth creation in Africa, and there is no better time to invest in their development. The projected outcome of this partnership encompasses the entire entrepreneurial value chain and will create massive opportunity for entrepreneurs to build their ventures while equipping them with the skills to sustain business growth.”

Bernd Tilemann, Head of DEG’s West Africa office added that “DEG is delighted to start this cooperation and especially eager to support TEF’s digitalisation efforts and the drive for impact inclusion and its critical evaluation, which are topics that DEG is very passionate about. We believe these measures will form a great foundation to enable TEF to scale its efforts to boost entrepreneurship and small enterprise development in Nigeria and across the continent.”

The Tony Elumelu Foundation’s US$100 million Entrepreneurship Programme was launched in 2015 to empower 10,000 entrepreneurs over 10 years. Successful applicants receive world-class business training, mentorship, non-refundable seed capital of US$5,000, and global networking opportunities.  The Programme is open to entrepreneurs across all countries in Africa, both new start-ups and existing young businesses, operating in all major economic sectors.

Euro 2020: Kroos, Ronaldo, Mbappé Face Each Other In Group Of Death

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Euro 2020: Kroos, Ronaldo, Mbappé Face Each Other In Group Of Death

UEFA Euro 2020 is starting in less than ten days. All 51 matches of the tournament will be broadcast live and in HD on StarTimes.

The 24 competing teams have been divided into six groups, with the Group F being labeled the “Group of Death” for containing three former Euro champions — Germany, France, Portugal — and two-time FIFA World Cup runner-up Hungary.

It is an unwritten rule for every football competition that there has to be a Group of Death and Euro 2021 is no different.

And when you have players like Toni Kroos, Thomas Müller, Cristiano Ronaldo, Bruno Fernandes, Antoine Griezmann and Kylian Mbappé playing against each other, it is pretty clear that something special is on the cards.

So when trying to determine which is the Group of Death at this year’s tournament, one needs to look no further than Group F, where former Euro winners Germany, Portugal and France are joined by Hungary.

Between them, the three teams have won six titles and France and Portugal were the 2016 finalists. All three are amongst the favourites to go far in the June 11 – July 11 competition, which will be played in 11 cities across 11 countries.

French coach Didier Deschamps, meanwhile, has a deluge of riches upfront, with Olivier Giroud, Ousmane Dembélé and Karim Benzema amongst the forwards vying for a place in the starting line-up with Griezmann and Mbappé.

But while Mbappé is a player for the future, 36-year-old Ronaldo is most likely playing in his last Euros for Portugal – if not last international tournament.

The five-time World Footballer of the Year has a host of talented players alongside him, like Manchester United star Fernandes, 21-year-old João Félix or Rúben Dias, who was voted as Manchester City’s player of the year.

 

Nigerian Firm, Ketron, Completes Acquisition of Shoprite

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Nigerian Firm, Ketron, Completes Acquisition of Shoprite

Ketron Investment Limited, a subsidiary of Persianas Investment Limited–has completed the acquisition of Shoprite operations in Nigeria, after winning a bidding war involving three other suitors.

Shoprite Nigeria reports $162 million sales for the year ending June

Property firm and developer Persianas is owned by Nigerian businessman Tayo Amusan. Amusan also owns The Palms, a popular mall in the upmarket Lekki area of Lagos. The Federal Competition and Consumer Protection Commission has approved a change of ownership, Amusan has announced.

“We are thrilled to complete the acquisition of Shoprite, ensuring the continued operations of one of the biggest retail success stories in Nigeria,” Amusan says.

“We look forward to building an even stronger company following our acquisition and are excited about the greater impact we will achieve to the benefit of our customers and other stakeholders now and well into the future,” he adds.

The business under Amusan will now operate a franchise model as opposed to Shoprite’s ownership model.

Shoprite first informed investors of a potential divestment of its business operations in Nigeria in 2020, citing the COVID-19 pandemic, logistic difficulties, currency devaluation and Nigeria’s peculiar business environment.

Shoprite, which commenced operations in Surulere, Lagos in 2005, currently operates 25 outlets in eight states across Nigeria’s geopolitical zones.

Piaggio, Bhojsons Partner on 3-Wheeler Distribution

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Piaggio, Bhojsons Partner on 3-Wheeler Distribution

Piaggio Vehicles a subsidiary of the Italian Piaggio Group and India’s leading manufacturer of small commercial vehicles have announced its distribution partnership with Bhojsons Group of Nigeria.

Through this partnership, Piaggio, the pioneer of 3 wheelers, aims to introduce a diverse product portfolio that includes passenger and cargo 3 wheelers under its flagship brand Ape’.

Piaggio Bhojsons

Piaggio aims to increase its penetration along with Bhojsons Group in various parts of Nigeria to come close to its customer with its last-mile transportation offerings.

The opening of multiple Dealerships and their training under Bhojsons across Nigeria is also in process. This will also help Piaggio customers in the region to have access to the entire Service & Warranty package offered by Piaggio. This association with Bhojsons Group for Nigerian Market marks Piaggio’s footprint expansion in more than 60 countries globally.

Piaggio’s range of products offers best in class performance in terms of power, pick-up, mileage & maintenance. With this association with Bhojsons Group, Piaggio wants to strengthen its relationship with customers and reinforce its commitment to providing path-breaking solutions in the last mile transportation segments with cleaner and efficient fuel options.

While announcing the launch of this association, Mr Saju Nair, EVP of Piaggio Vehicles Pvt. Ltd. said,

“We endeavour to continue providing best in class offerings to our customers which are not only best in technology but also are most suited for higher earnings.

We want to reach out to as many customers as possible and create a good foothold in all the cities across Nigeria. It is imperative to strengthen our presence in Nigeria as it is one of the largest markets in Africa with a larger focus on commercial vehicles.

Piaggio has one of the largest ranges of 3-wheeled vehicles for both passenger & Cargo applications. Our last mile transport solution vehicles generate self-employment & create entrepreneurs which is one of the aspects of primary importance to national development.”

Further, he added that in Bhojsons Group we see a very valued partner who has a strong legacy in Nigeria having business roots as old as 150years+ and is diversified into many businesses including automotive.

Bhojsons is coming to Piaggio as a natural partner who is one of the largest importers, assemblers and distributors of motorcycles, passenger tricycles and cargo tricycles in Nigeria.

They have achieved great successes through their on-the-ground knowledge of the Nigerian market and consumer trends coupled with their unparalleled marketing and brand development activities in their current line of businesses. Piaggio would work on the ground along with Bhojsons team to further strengthen the brand in the market.”

Commenting on this association, Mr Vishant Dalamal – Group Managing Director, Bhojsons Group said

“I am extremely delighted with this partnership with Piaggio as they represent a world-class quality product for the Nigerian market and Bhojsons is known to introduce quality brands from across the globe to the Nigerian market for over 150 years of their presence in the country.

Bhojsons automotive business is vertically integrated along the value-chain being an importer, assembler, brand developer, distributor and service provider. The vehicles are assembled at our state-of-the-art facility in Lagos. Further, this association would help small, medium businesses for a sustained logistics solution at a competitive operating cost unlike their current investments in large vehicles with big operating and maintenance cost.

Piaggio has leadership in the cargo segment and is the preferred choice of corporates engaged in product distribution to consumers across the world for smaller payloads for last-mile market connectivity.

With already a large 2W network on the ground, Piaggio business line becomes a natural extension to service this distribution network for us.”

AXA Mansard Posts N25.08bn Gross Written Premium in Q1 2021

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AXA Mansard Posts N25.08bn Gross Written Premium in Q1 2021

AXA Mansard Insurance Plc has said its gross written premium rose by 19 per cent to N25.08bn in the first quarter of 2021 from N21.09bn in the corresponding period of 2020.

The underwriter disclosed this on Wednesday in a statement, titled ‘Insurer posts N25.08 billion growth in gross written premium’.

It said its net premium income rose by two per cent to N8.34bn in Q1 2021 from N8.21bn in the same period of 2020, while investment and other income fell by 32 per cent to N1.64bn from N2.39bn.

The company said its operating expenses rose by 23 per cent to N2.52bn from N2.05bn in March 2020; profit before tax of N2.92bn rose by 36 per cent from N2.14bn recorded in March 2020; while profit after tax of N2.63bn rose by 34 per cent from N1.96bn in March 2020.

Commenting on the results, the Chief Financial Officer, Mrs Ngozi Ola-Israel, said,

“Our start to the year demonstrates the continued drive to deliver strong and sustainable results. We delivered 34 per cent growth in profit after tax and 90 per cent improvement in underwriting performance despite the uncertainties in the current business environment.

We remain optimistic that the continued support from shareholders, customers, and the member of staff will continue to spur excellent underwriting, investment, and operating performance as we continue to give utmost priority to providing value to our esteemed customers.”

The Chief Executive Officer, AXA Mansard Insurance, Kunle Ahmed, said,

“Although the world is still battling with the pandemic and its effects on various economies, many businesses are cautiously optimistic for a more stable environment.

“Despite the challenging economic terrain, we have been able to grow our premium incomes and recorded strong profitability growth in the first quarter of the year.”

Nestle document shows over 60% of its food portfolio is unhealthy

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Nestle document shows over 60% of its food portfolio is unhealthy

The world’s largest food company, Nestlé, has acknowledged that over 60 per cent of its mainstream food and drinks products do not meet a “recognised definition of health” and that “some of our categories and products will never be ‘healthy’ no matter how much we renovate”.

A presentation circulated among top executives this year, seen by the Financial Times, says only 37 per cent of Nestlé’s food and beverages by revenues, excluding products such as pet food and specialised medical nutrition, achieve a rating above 3.5 under Australia’s health star rating system.

According to FT, this system scores foods out of five stars and is used in research by international groups such as the Access to Nutrition Foundation. Nestlé, the maker of KitKats, Maggi noodles and Nescafé, describes the 3.5-star threshold as a “recognised definition of health”.

Within its overall food and drink portfolio, about 70 per cent of Nestlé’s food products failed to meet that threshold, the presentation said, along with 96 per cent of beverages — excluding pure coffee — and 99 per cent of Nestlé’s confectionery and ice cream portfolio, the newspaper reported.

Water and dairy products scored better, with 82 per cent of waters and 60 per cent of dairy meeting the threshold. Nestlé said on Monday it was working on updating its nutrition and health strategy after the Financial Times report.

The paper said this assessment applied to about half of Nestlé’s overall portfolio because categories like medical nutrition, pet food, coffee and infant formula were excluded from the analysis.

The findings come as food makers contend with a global push to combat obesity and promote healthier eating. Executives at Nestlé are considering what new commitments to make on nutrition and are aiming to unveil plans this year.

Kepler Cheuvreux analyst Jon Cox said that including these categories would significantly reduce the proportion of products potentially considered unhealthy.

“Given the group’s confectionery, ice cream, and pizza businesses, the real figure for the group based on 2021 estimates would be 28 per cent, which is hardly a surprise,” he said in a note. He said the report could point to changes in the product portfolio, notably an exit from mainstream confectionary.

According to FT, the data excludes baby formula, pet food, coffee and the health science division, which makes foods for people with specific medical conditions. This means the data accounts for about half of Nestlé’s £72. 7 billion total.

Airtel Africa Sells Tower Portfolio in Tanzania for about $175M

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Airtel Africa Sells Tower Portfolio in Tanzania for about $175M

Airtel Africa, a leading provider of telecommunications and mobile money services, with a presence in 14 countries across Africa, today announces the sale of the tower portfolio belonging to Airtel Tanzania to a joint venture company owned by a wholly-owned subsidiary of SBA Communications Corporation, a leading global independent owner and operator of wireless communications infrastructure, as majority owner, and by Paradigm Infrastructure Limited, a UK company focused on developing, owning and operating shared passive wireless infrastructure in selected growth markets.

The tower portfolio in Airtel Tanzania comprises approximately 1,400 towers which form part of the Group’s wireless telecommunications infrastructure network. Under the terms of the Transaction, the Group’s subsidiary Airtel Tanzania plc will continue to develop, maintain and operate its equipment on the towers under a separate lease arrangement with the Purchaser.

The Transaction is the latest strategic divestment of the Group’s tower portfolio as it focuses on an asset-light business model and on its core subscriber-facing operations.

The consideration for the Transaction is approximately $175m, of which approximately $157.5m is payable on the first closing date (which is expected to take place in the second half of the Group’s current financial year) with the balance payable in instalments upon the completion of the transfer of any remaining towers to the Purchaser.

Around $60m from the proceeds will be used to invest in network and sales infrastructure in Tanzania and for distribution to the Government of Tanzania, as per the settlement described in the Airtel Africa IPO Prospectus document published in June 2019.

The balance of the proceeds will be used to reduce debt at the Group level

Portland Paints and Products Announces the Resignation of Dr. Vitus Ezinwa

Esan Bolaji
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Portland Paints and Products Announces the Resignation of Dr. Vitus Ezinwa

Portland Paints and Products Nigeria PLC has announced the resignation of Dr. Vitus Ezinwa as a director of the Company, effective from May 28, 2021.

The resignation was accepted by the board of directors of the Company on May 28, 2021. The board and management of the Company wish him all the best in his future endeavours.

Dr. Vitus Ezinwa is currently the Group Human Resources Director at UACN. He is a seasoned business manager and human resource professional with experience in leading multinational corporations.

Portland Paints and Products Announces the Resignation of Dr. Vitus Ezinwa Brandspurng
Dr. Vitus Ezinwa | Brand Spur

Prior to joining UACN, Vitus worked as Group Human Resources Director for Promasidor Africa; Human Resources Director, Coca-Cola Nigeria & Equatorial Africa with responsibility for 10 countries and Human Resources Director for British American Tobacco, West & Central Africa covering Ghana, Benin, Niger & Togo.

Vitus was, until recently, the Group Human Resource Director for Tropical General Investments (TGI) Group. He is a member of the Advisory Board of Afterschool Graduate Development Centre, a member of the Institute of Directors and a Fellow of the Chartered Institute of Personnel and Development (CIPD) the UK.

He is a co-founder and Director of HR Network Africa and was until 2014, a member of the Lagos Business School�s Advisory Board.

Vitus holds a Bachelors degree in Sociology/Anthropology from the University of Nigeria, Nsukka, an MBA in Management from Lagos Business School, a Masters in Applied Business Research and a Doctorate in Business Administration, from Swiss Business School, Zurich, Switzerland.

He joined UACN in November 2018 as the Group Human Resources Director. In addition to sitting on the board of UACN, Vitus is a non-executive director of Grand Cereals Limited

CAP Plc Appoints Yomi Adenson as Chief Finance Officer

Esan Bolaji
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CAP Plc Appoints Yomi Adenson as Chief Finance Officer

Chemical and Allied Products Plc (CAP Plc) hereby notifies NGX Regulation Limited (NGX RegCo), its esteemed shareholders, stakeholders and the general public of the appointment of Mr. Yomi Adenson as the Company’s Chief Finance Officer with effect from June 1, 2021.

Prior to joining CAP Plc, Yomi worked with Promasidor Nigeria Limited as a Senior Manager/General Manager, Finance. Before then, Yomi worked with May and Baker Plc and Dunlop Nigeria Plc.

CAP Plc Appoints Yomi Adenson as Chief Finance Officer Brandspurng
Mr. Yomi Adenson, Chief Finance Officer | Brand Spur

Yomi is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and a serving board member of the Taxation and Fiscal Committee of ICAN. He is a master’s degree holder in Finance and had his Leadership programme from Manchester Business School, Manchester, United Kingdom.

Yomi has strong accounting background with over 15 years of professional experience contributing to topline growth, business risk assessment, corporate governance, cost analysis, and enhancement of bottom-line performance. Yomi specializes in treasury management, financial control, process improvement, financial planning, tax and regulatory compliance, negotiation, strategy, and leadership.

He is passionate about value addition and sustainable growth through cross-functional effort.

2022 Toyota Corolla Cross Makes U.S. Debut And Expands Corolla Lineup

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2022 Toyota Corolla Cross Makes U.S. Debut And Expands Corolla Lineup

For more than 50 years, Corolla has been synonymous with dependability, fuel efficiency, safety, and value – and today, Toyota is evolving the series even further.

Based on the ever-popular Corolla sedan, the all-new 2022 Corolla Cross, which made its U.S. debut today, is the bold compact crossover you didn’t know you needed until now.

“Our loyal customers love the quality, durability and reliability that has helped make Corolla the best-selling nameplate in history,” said Lisa Materazzo, group vice president of Toyota Marketing. “With the all-new Corolla Cross we are building upon that foundation and offering more versatility and fun to adapt to their evolving lifestyles.”

Available in front-wheel drive (FWD) and all-wheel drive (AWD), the compact SUV maximizes the inherent potential of the high-strength TNGA-C platform and a 169-horsepower, 2.0-liter Dynamic Force Engine, enabling the all-new model to achieve high-quality performance, a comfortable ride and outstanding spaciousness. What’s more, the surprising cargo capacity gives it the versatility to accommodate life’s adventures.

Well-Appointed, Yet Powerful

Spread across three grades – L, LE, and XLE – the versatile design of the Corolla Cross is spacious, modern, powerful and high-quality. From an engineering perspective, the 2022 Corolla Cross offers an approachable exterior as well as a higher line-of-sight thanks to the TNGA-C platform. Key design cues include a distinctive black grille flanked by LED lighting with black body accents – giving the entry SUV a confident stance. And from the rear, the design elements continue, with an integrated rear spoiler and LED lighting. Wheel options range from 17-inch steel on L to 18-inch alloy on XLE.

2022 Toyota Corolla Cross Makes U.S. Debut And Expands Corolla Lineup-Brand Spur Nigeria
2022 Toyota Corolla Cross Makes U.S. Debut And Expands Corolla Lineup-Brand Spur Nigeria

Inside, Corolla Cross’ spacious interior shares many similarities with its sedan and hatchback siblings. The all-new model can be outfitted with a power moonroof, as well as either single- or dual-zone automatic climate control, with all grades featuring standard heating and air conditioning vents for rear seat passengers.

SofTex-trimmed seating is also available, as is a 10-way, power-adjustable driver’s seat with lumbar and heated front seats.

In back, storage space can be maxed out thanks to the 60/40-split folding rear seats that come standard on all grades, while XLE models also include a center armrest with two cupholders. And to make access to the roomy cargo area even more convenient, the Corolla Cross has an available power liftgate with height adjustability.

Corolla Cross will also be available with accessories that expand its capability including a roof rack with crossbars, an activity mount for carrying items, such as bicycles and all-weather floormats.

Small But Mighty

Who says a crossover has to feel small? The Corolla Cross is equipped with the mighty 2.0L Dynamic Force engine and Direct Shift CVT from Corolla sedan’s sportier “S” grades. That means a punchy 169 horsepower and a physical first gear that provides a truly engaging driving experience, all while providing exceptional efficiency.

Corolla Cross’ suspension also plays a role here, as it’s fully independent for all-wheel-drive models, while front-wheel-drive vehicles feature a brand-new torsion beam system in the rear.

Additionally, every Corolla Cross is capable of towing up to 1,500 lbs.

And for those who choose AWD, Toyota’s clever Dynamic Torque Control system can direct up to 50% of power to the rear wheels when it’s needed – and disengages completely when it’s not. This feature helps Corolla Cross maintain great fuel economy estimates – another strong suit for this powertrain – with an estimated 32 combined MPG for the FWD model and an estimated 30 combined MPG for the AWD model.

Connected and Charged Up for the Long Drive

Inside Corolla Cross, advanced technology does not disappoint. This includes an available 7-inch Multi-Information Display with a digital instrumentation layout and an available 8-inch multimedia touchscreen. The ease of use and vast range of in-car entertainment and connected functionalities, including standard compatibility for Apple CarPlay and Android Auto, will be sure to keep passengers occupied. Mobile devices will stay topped off through wireless charging (standard on LE and XLE), or through the conveniently located USB media port. LE and XLE grades offer two USB charging ports for rear-seat passengers, welcoming all devices along for the drive.

2022 Toyota Corolla Cross Makes U.S. Debut And Expands Corolla Lineup-Brand Spur Nigeria

The available Audio Plus multimedia with Remote Connect and a nine-speaker JBL® sound system is the perfect complement to a road trip playlist. And when it’s time to turn on the tunes, Amazon Alexa connectivity keeps Amazon’s digital assistant just a question away. Other connected features include a standard three-month SiriusXM All Access trial subscription to more than 300 channels accessible throughout the country.

Safety

True to Toyota form, modern safety is key for Corolla Cross. That’s why all grades come standard with both the Toyota Safety Sense suite of advanced active safety systems, as well as Toyota’s signature STAR Safety System.

Blind Spot Monitor and Rear Cross-Traffic Alert come standard on LE and XLE, while Front and Rear Parking Assist with Automatic Braking is standard on XLE. And nine airbags are mounted throughout the cabin to help protect occupants.

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