Sanwo-Olu Commissions New Bus Terminal At Mafoluku (Photos)

Lagos State Governor, Mr. Babajide Sanwo-Olu, has delivered a world-class bus terminal for passengers distribution around the international gateway. Sanwo-Olu, on Wednesday, commissioned the Mafoluku Bus Terminal fully built by the Lagos Metropolitan Area Transport Authority (LAMATA) in collaboration with the Federal Airports Authority of Nigeria (FAAN).

Bus Terminal Mafoluku Bus Terminal Mafoluku

The terminal is a gateway station that will serve Mafoluku, Oshodi, and Ajao Estate environs, providing bus connections primarily to Oshodi Transport Interchange, Ikeja Bus Terminal, Mile 2 and other parts of Lagos.

The Mafoluku Terminal will also provide a means of connection to the Murtala Muhammed International Airport (MMIA) and the domestic wing of the airport.

During the formal opening of the transport infrastructure, Sanwo-Olu said the project represented his Government’s objective of providing an integrated intermodal transport system through public and private investments under the Traffic Management and Transportation pillar of his administration’s T.H.E.M.E.S Agenda.

Bus Terminal Mafoluku Bus Terminal Mafoluku

He said the State Government’s partnership with the Federal Government on the project was borne out of the need to ramp up transport infrastructure around international gateway areas, thereby providing a common place for commuters and commercial vehicles to meet.

He said: “The bus terminal we are commissioning today is the outcome of the partnership between Lagos State and the Federal Government, represented by FAAN. The construction of bus terminals and shelters is a crucial aspect of our Bus Reform Initiative (BRI) through which we have delivered and commissioned a bus terminal in Oyingbo and launched Oshodi-Abule Bus Rapid Transit stations and corridor.

Bus Terminal Mafoluku Bus Terminal Mafoluku

“Our collaboration with the Federal Government on this project is a solid example of public and public partnership and reiterates the importance of thinking outside the box to meet the needs of our citizens. I am delighted to officially open this purpose-built structure to serve commuters in the local and international airports community and adjoining communities. Route services will be run from this terminal to make it a hub for local and international travellers.”

Sanwo-Olu said both LAMATA and FAAN would be operating transportation franchises in and out of the Mafoluku terminal. While LAMATA will operate passenger bus services to Mile 2 and Oshodi, FAAN will run the local and international airports passenger services.

The Governor disclosed that more bus terminals would be delivered in the coming months in Agege, Ojota and Ajah under the first phase of the implementation of BRI, stressing that transport infrastructure was being complemented by Blue and Red metro lines to achieve integrated transport system in line with the strategic master plan of the State.

The Government, he said, will soon complete the BRT corridor of the Lagos-Badagry Expressway, while working to scale up infrastructure for bus corridors and two interchanges in Marina and Mile 2.

Sanwo-Olu said the recently launched First and Last Mile (FLM) Buses was the last layer of the BRI and designed to give private individuals an opportunity to invest in public transportation. This, he said, would solidify the State Government’s plan aimed at ensuring public transportation is moved from an unregulated framework to a regulated model.

He said: “In order to achieve a world-class transportation system in Lagos State, we have intensified efforts to deliver the first two of the six rail lines and one monorail captured in our Strategic Transport Master Plan (STMP), which are the Lagos Rail Mass Transit Red and Blue Lines. The journey to an integrated intermodal transport system is challenging but we are steadily moving towards our goal.”

Managing Director of FAAN, Captain Rabiu Yadudu, represented by Director of Finance, Mrs. Nike Aboderin, described the project commissioning as “a significant milestone” in partnership, noting that the terminal would provide organised distribution of passengers to and from international carriageways.

Managing Director of LAMATA, Mrs. Abimbola Akinajo, said the bus terminal was built on a land of 7,952 square metres, which was provided by FAAN. The edifice, she said, has a tarmac that can accommodate 27 high occupancy vehicles and a drop off zone.

The terminal has facilities, including ticketing and sitting area, control room, cafeteria, public conveniences, commercial areas staff offices, ATM gallery and IT department.
Akinajo said the terminal also has a repair workshop area where buses would be maintained, in addition to fire equipment and traffic safety equipment.

She said: “The vision is to build functional and comfortable bus terminals that will provide the passengers an excellent travel experience as they either board or alight from buses. Commuters in these environs who used to go to the Ikeja Bus Terminal and the Oshodi Transport Interchange now have access to reliable and best-in-class transport services available at their doorsteps.”

Banking and Consumer Goods Stocks Extend NGX-ASI Negative Sentiment, Sheds 0.06%

Transactions on the Nigerian bourse today (Wednesday) ended on a red note, extending the losing streaks to eight consecutive sessions. Consequently, the NGX-ASI and market capitalization plunged by 0.06%, due to investors’ sell-pressure in the banking sector (-0.44%) and consumer goods sector (-0.08%). However, the market breadth closed positively recording 20 gainers against 14 losers.

In summary, the All-Share Index (ASI) decreased by 23.08 absolute points, representing a dip of 0.06% to close at 38,233.68 points. Similarly, the overall Market Capitalization value shed N12.03 billion, representing a decline of 0.06% to close at N19.93trillion.

JOHNHOLT emerged as the top gainer (by percentage points) for today, with a maximum price appreciation of 9.68%, while FTNCOCOA emerged as the top loser (by percentage points) with a maximum price depreciation of -7.32%.

Consumer Goods

Today’s market downturn was driven by price depreciation in large and medium capitalized stocks amongst which are; NPFMCRF (-7.32%), FLOURMILL (-5.25%), JAPAULGOLD (-1.75%), WEMABANK (-1.72%), TRANSCORP (-1.18%), ZENITHBANK (-1.08%), FIDELITYBANK (-0.87%), FBNH (-0.70%), UBA (-0.70%), GUARANTY (-0.70%), STERLINGBANK (-0.59%), NEIMETH (-0.55%), and DANGSUGAR (-0.29%).

MARKET STATISTICS

CAP N19,928,301,176,932.02 One Day (ASI CHG) -0.06%
Index 38,233.68 One Week (ASI CHG) -0.55%
Volume 203,088,314.00 One Month (ASI CHG) -2.72%
Value N1,815,763,474.05 Six Months (ASI CHG) +9.96%
Deals 3,594.00 52 Weeks (ASI CHG) +51.69%
Gainers 20 Losers 14
Unchanged 63 Total 97
YTD Returns -5.06%

Source: Ngxgroup.comGTI Research 

FOREIGN EXCHANGE

The Investors and Exporters (I&E) FX window opened at N411.00 traded high at N420.25, low at N387.67, and eventually closed at N411.25,  representing a 0.18% depreciation against Friday’s closing position. Also, a total of $211.86 million was transacted through the I&E window today.

MONEY MARKET

The overnight (O/N) rate closed at 15.25%, representing a 1.75% appreciation as against Friday’s position. while Open Buy-Back (OBB) rate closed at 15.00%, representing a 1.50% appreciation as against Friday’s position.

Sector Performance

Security Change Percent
NSE30 -0.13
NSEBNK -0.44
NSECNSMRGDS -0.08
NSEINDUSTR                –
NSEINS 1.17
NSELOTUSISLM 0.03
NSEOILGAS                –

 

Top 7 Gainers

Security Previous Close Open Price Close Price Change Price % Change
JOHNHOLT 0.62 0.62 0.68 0.06           9.68
VITAFOAM 9.25 9.25 10.1 0.85           9.19
LASACO 1.43 1.43 1.56 0.13           9.09
CILEASING 4.46 4.46 4.84 0.38           8.52
LEARNAFRCA 1.02 1.02 1.1 0.08           7.84
REGALINS 0.39 0.39 0.42 0.03           7.69
SOVRENINS 0.28 0.28 0.3 0.02           7.14

Top 7 Losers

Security Previous Close Open Price Close Price Change Price % Change
FTNCOCOA 0.41 0.41 0.38 -0.03 –        7.32
NPFMCRFBK 1.78 1.78 1.68 -0.1 –        5.62
FLOURMILL 29.5 29.5 27.95 -1.55 –        5.25
JAPAULGOLD 0.57 0.57 0.56 -0.01 –        1.75
WEMABANK 0.58 0.58 0.57 -0.01 –        1.72
TRANSCORP 0.85 0.85 0.84 -0.01 –        1.18
ZENITHBANK 23.05 23.05 22.8 -0.25 –        1.08

Top 7 Traders By Volume

Security Close Price  Daily Volume   Daily Value 
FIDELITYBK 2.27          24,414,821.00       54,263,892.62
ZENITHBANK 22.8          22,099,056.00     508,002,459.70
MBENEFIT 0.41          16,934,990.00         6,918,565.80
SOVRENINS 0.3          16,862,300.00         4,631,356.11
TRANSCORP 0.84          13,831,953.00       11,646,865.50
GUARANTY 28.45          12,888,001.00     368,204,631.80
UACN 11.25          11,941,451.00     131,402,637.30

Top 7 Traders By Value

Security Close Price  Daily Volume   Daily Value 
ZENITHBANK 22.8          22,099,056.00     508,002,459.70
GUARANTY 28.45          12,888,001.00     368,204,631.80
UACN 11.25          11,941,451.00     131,402,637.30
FBNH 7.1          10,265,402.00       72,878,564.80
DANGCEM 210                314,829.00       64,825,222.60
SEPLAT 682                  86,691.00       59,346,215.90
NB 58                974,546.00       56,509,657.30

Seplat Announces Q1 2020 Interim Dividend Currency Exchange Rates

26th May 2021: Seplat Petroleum Development Company Plc (Seplat), a leading Nigerian independent oil and gas company listed on both the Nigerian Exchange Limited and London Stock Exchange, today confirms that the following currency exchange rates will be applicable in determining the interim dividend for Q1 2021 to any shareholder that qualifies for and has elected to receive the dividend payment in Naira or GBP:

Exchange Rate

  • 1 USD = 410.29 Naira
  • 1 USD = 0.7062 GBP

The exchange rate for the Naira or Pound Sterling amounts payable was determined by reference to the exchange rates applicable to the US dollar available on 25th May 2021.

Seplat Revenue declined by 10.7% to N136bn in Q3 2020 Results Brandspurng

The date for dividend currency election to the Company’s Registrars is 2nd June 2021.

In the absence of a qualifying dividend currency election by shareholders to the appropriate Registrar, dividends will be paid in their default currency.

Shareholders should refer to Seplat’s announcement on 29th April 2021 for the definition of default currencies and dividend currency election forms can be found on the company website.

Heritage Bank, Silverbird Partner To Empower Young Creative Nigerians

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Heritage Bank has joined forces with Silverbird Group to empower and deepen its supports to young entrepreneurs in the Nigerian creative and entertainment industry.

Brand Spur Nigeria understands that is in line with Heritage Bank’s culture as timeless wealth partners, which would impact positively on the nation’s socio-economic development, as the graduates are empowered with job and mentorship opportunities at the Silverbird Group.

During the first batch of the Ynspyre Project, Heritage Bank and Silverbird graduated five young talented minds in a three (3) months rigorously internship training programme to equip them with the necessary skills for their future engagements.

Over 3000 people sent their entries but only five were picked and trained in their different fields of choice. Amongst the lucky interns are: Derrick Ugwugbu–Reporter/Anchor; Deborah Johnson–Radio Presenter; Oluwasegun Emmanuel Ikoya–Disk Jockey (DJ); Ayomide Solaja–News Presenter and Abayomi Bello–Cinematographer.

Heritage Bank, Silverbird Partner To Empower Young Creative Nigerians-Brand Spur Nigeria
Maiden edition graduates of the Heritage Bank And Silverbird project Ynspyre program-Brand Spur Nigeria

Speaking during the handover of certificate of completion, Fela Ibidapo, Divisional Head, Corporate Communications of Heritage Bank said as a forward-looking financial institution its strength lays in the ability to spot and mold talents into great professionals. He noted that the Ynspyre Project was established to train, nurture and arm young employees with the right skills needed to fast-track development and enable talents to flourish.

He urged prospective interns who have an interest in participating in the Ynsprye Project to dial *745# to open a savings account with the chance to be amongst the next set of interns, whilst staying in tune with Heritage Bank’s platform and Silverbird Television.

Meanwhile, Ibidapo explained that the aim of Heritage Bank being at the forefront of youth empowerment is to emancipate the latent entrepreneurial spirit in the teeming youths to unleash their support to the growth of the economy.

Ibidapo stated that being at the forefront of investing in human capital development for critical economy recovery, “we will continue to up our game to empower Nigerian youths who is one of the bedrock of any vibrant economy,” he added.

He disclosed that one of the channels churned out in partnering the youths to leverage their talents and contribute their quota to the growth of the economy, was the use of financial inclusion strategy which would be adopted to boost entrepreneurship development, as this is critical to Heritage Bank’s mission to create, preserve and transfer wealth across generations.

Uchenna Mike Olisa, Head, Product Development, Heritage Bank, who admonished the trained entertainers to make good use of their acquired skills, affirmed that platform would enable young creative minds to be more imbued with the requisite talents.

Mike Nwadike, Head, Silverbird Television hinted that lots of resources have gone into the training with series of creative sessions, strategy sessions, brainstorming meetings and re-evaluation, with the aim of ensuring that the participants are grounded in their respective skills.

Iyke Chinke, Head of Programmes, Radio commended Heritage Bank for their continued efforts to empower youths in the country. According to him, it is hard to find banks out there to give young people the opportunity but Heritage Bank has been championing it.

Xiaomi Retains Position as World’s 3rd Largest Smartphone Maker

In the first quarter of 2021, Xiaomi’s smartphone business continued to grow significantly. Revenue from smartphone sales grew by 69.8% to RMB51.5 billion year-over-year. Global smartphone shipments in the period reached 49.4 million units and the gross profit margin for the smartphone business was 12.9%.

According to Canalys, the Group maintained 3rd position in terms of smartphone shipments globally during the quarter, registering a market share of 14.1%

Xiaomi’s smartphone business in mainland China has also maintained its rapid growth trajectory. According to Canalys, in the first quarter of 2021, Xiaomi rose to the 4th position winning a market share of 14.6%.

Meanwhile, Xiaomi attained the No. 4 spots in Africa as smartphone shipments increased 191.0% year-over-year.

Xiaomi Beats Estimates with Record Quarterly Revenue and Net Profit in Q3 Brandspurng

The Group further strengthened its market position across online channels. According to third-party data, Xiaomi’s online smartphone market share in mainland China jumped to 38.0% in the first quarter of 2021 from 18.5% in the first quarter of 2020.

Meanwhile, it also expanded its offline retail presence in mainland China. As of April 30, 2021, the number of our retail stores surpassed 5,500, an increase of over 2,300 stores from December 31, 2020.

Overseas markets maintain growth momentum achieving explosive growth across Europe

In the first quarter of 2021, Xiaomi’s revenue from overseas markets increased 50.6% year-over-year to RMB37.4 billion. According to Canalys, Xiaomi’s market share in the first quarter ranked among the top five smartphone companies in terms of shipments in 62 countries and regions globally and No.1 in 12 countries and regions.

Xiaomi To Become Third Largest Smartphone Vendor Globally- Brand Spur Nigeria
Xiaomi Third Largest Smartphone Vendor Globally- Brand Spur Nigeria

Xiaomi further improved its competitive positioning in key markets. According to Canalys, in the first quarter of 2021, the Group was ranked among the top two for the first time in Europe following an 85.1% year-over-year increase in smartphone shipments allowing us to retain a market share of 22.7%.

Notably, Xiaomi was ranked No. 1 in Eastern Europe for the 2nd consecutive quarter as smartphone shipments increased 81.8% year-over-year to reach a 32.5% market share. Xiaomi was also ranked No. 1 for the first time in Russia with a market share of 32.1%.

The Group retained its top 3 positions in Western Europe as market share rising to 16.6% following an 89.3% year-over-year increase in smartphone shipments. The Group was ranked No. 1 in Spain for the 5th consecutive quarter after achieving a 35.1% market share.

Additionally, Xiaomi’s market position rose to No. 2 in Italy and it retained the No. 3 spots in Germany and France and entering the top 5 in the U.K. for the first time, all with a growth rate in shipments exceeding 90% year-over-year. Moreover, Xiaomi was ranked No. 1 for the 14th consecutive quarter in India in terms of smartphone shipments where it has a market share of 28.3%.

US places Xiaomi on list of banned companies

The Group continued its strong growth momentum in new markets. According to Canalys, its position in Latin America rose to No. 3 as smartphone shipments increased 161.7% year-over-year to reach an 11.5% market share. Additionally, Xiaomi ranked No. 3 in the Middle East as smartphone shipments increased 87.8% year-over-year.

As of March 31, 2021, Xiaomi has also established cooperation with over 150 carrier channels (including carrier subsidiaries) worldwide.

Xiaomi Posts Record Results As 2021 Q1 Revenue And Profit Hit Historical High Levels

May 26, 2021 – Xiaomi Corporation (Xiaomi), an internet company with smartphone and smart hardware connected by an Internet of Things (“IoT”) platform at its core, announced its unaudited consolidated results for the three months ending on March 31, 2021.

In the first quarter of 2021, Xiaomi’s total revenue and adjusted net profit far exceeded market expectation. Total revenue for the period amounted to RMB76.9 billion, representing an increase of 54.7% year-over-year while adjusted net profit for the period came in at RMB6.1 billion, an increase of 163.8% year-over-year.

Q1 2021 financial highlights:

  • Total revenue at RMB76.9 billion, up 54.7% YoY;
  • Gross profit at approximately RMB14.2 billion, up 87.4% YoY;
  • Non-IFRS adjusted net profit was RMB6.1 billion, up 163.8% YoY.

XIAOMI

Xiaomi Corporation said,

“During the first quarter of 2021, both our total revenue and adjusted net profit reached record highs in the quarter, demonstrating the robustness of our business model and the strong execution of our strategies.

The strong growth of smartphone shipments drove a continued expansion of our global user base. Our AIoT platform has continued to scale in tandem across the world. Besides the solid growth in our existing business lines, we are also continuing to explore new opportunities and broadening our business horizon.

In March 2021, we unveiled our new branding identity and also announced our official foray into the smart electric vehicle business, setting the course for an exciting journey that will ensure a bright future for the company in the coming decade.”

Quarterly Performance Review

Global smartphone shipments maintained top three position as Xiaomi continued to enhance its competitiveness in the premium smartphone market

In the first quarter of 2021, Xiaomi’s smartphone business continued to grow significantly. Revenue from smartphone sales grew by 69.8% to RMB51.5 billion year-over-year. Global smartphone shipments in the period reached 49.4 million units and the gross profit margin for the smartphone business was 12.9%.

According to Canalys, the Group maintained 3rd position in terms of smartphone shipments globally during the quarter, registering a market share of 14.1%

Xiaomi’s smartphone business in mainland China has also maintained its rapid growth trajectory. According to Canalys, in the first quarter of 2021, Xiaomi rose to the 4th position winning a market share of 14.6%.

Xiaomi Beats Estimates with Record Quarterly Revenue and Net Profit in Q3 Brandspurng

The Group further strengthened its market position across online channels. According to third-party data, Xiaomi’s online smartphone market share in mainland China jumped to 38.0% in the first quarter of 2021 from 18.5% in the first quarter of 2020.

Meanwhile, it also expanded its offline retail presence in mainland China. As of April 30, 2021, the number of our retail stores surpassed 5,500, an increase of over 2,300 stores from December 31, 2020.

This enriched premium product portfolio has underpinned Xiaomi’s robust growth in the premium smartphone market. In the first quarter of the year, global shipments of the Group’s smartphones with retail prices at or above RMB3,000 in mainland China and EUR300 or equivalent in overseas markets exceeded 4 million units.

In addition, according to third-party data, Xiaomi’s market share for smartphones with prices between RMB4,000 and RMB6,000 in mainland China increased to 16.1% in the first quarter of 2021 from 5.5% in the first quarter of 2020.

Outstanding performance underpinned by “Smartphone × AIoT” strategy

In the first quarter of 2021, the Group’s core strategy of “Smartphone × AIoT” continued to underpin its outstanding performance. IoT and lifestyle products segment witnessed strong performance with revenue increasing 40.5% year-over-year to RMB18.2 billion.

Xiaomi Unveils Mi Air Charge, wireless charging from across the room

In the first quarter of 2021, global shipments of Xiaomi’s smart TVs reached 2.6 million units. According to All View Cloud (“AVC”), the Group’s TV shipments ranked No. 1 in mainland China for the 9th consecutive quarter and remained top five globally.

In addition, our large-screen smart TVs continued to gain widespread acclaim within the market. According to AVC, Xiaomi and Redmi TVs continued to rank No. 1 by retail sales volume in the over 70-inch TV market in mainland China, with a market share of 29.0%, as retail sales volume increased over 160.0% year-over-year.

The Group’s IoT and lifestyle product segment also continued on its rapid growth trajectory in overseas markets. Revenue from IoT and lifestyle products in overseas markets increased by 81.1% year-over-year in the quarter. The Group’s electric scooters, air purifiers, Mi Box and other products maintained their widespread popularity.

Xiaomi continued to scale up AIoT platform. As of March 31, 2021, the number of connected IoT devices (excluding smartphones and laptops) on its AIoT platform reached 351.1 million units.

The number of users with five or more devices connected to our AIoT platform (excluding smartphones and laptops) reached 6.8 million, representing a year-over-year increase of 48.9%. In March 2021, AI Assistant (“小愛同學”) had 93.0 million MAU, and the MAU of Mi Home App reached 49.2 million, representing a year-over-year increase of 22.8%.

Internet user-base continued to expand; advertising revenue reached another quarterly record high

The Group’s internet services segment continued its solid growth as revenue grew 11.4% year-over-year to RMB6.6 billion in the first quarter of 2021. The gross profit margin of the internet services segment reached 72.4% in the quarter.

Advertising revenue reached another quarterly record high of RMB3.9 billion, representing an increase of 46.3% year-over-year.

Xiaomi’s global internet user base has continued to expand rapidly. In March 2021, the MAU of MIUI increased by 28.6% year-over-year to 425.3 million while the MAU of MIUI in mainland China rose to 118.6 million, representing a year-over-year increase of 6.4% and a net gain of 7.7 million users from December 2020.

As the Group broaden its TV internet service offerings and reached a larger user base, MAU of smart TVs and Mi Box increased over 34.0% year-over-year in the quarter. Meanwhile, supported by the continuous growth of paid subscribers of TV internet services, the number of TV paid subscribers increased 8.2% year-over-year to 4.7 million as of March 31, 2021.

Overseas internet services revenue increased 50.0% year-over-year to RMB0.9 billion. Our internet user base continued to expand in key overseas markets, with the MAU of MIUI increasing 95.5% year-over-year in Western Europe. Going forward, the Group will further diversify overseas internet service offerings and enhance user experience while driving growth in the overseas internet services business.

Overseas markets maintain growth momentum achieving explosive growth across Europe

In the first quarter of 2021, Xiaomi’s revenue from overseas markets increased 50.6% year-over-year to RMB37.4 billion. According to Canalys, Xiaomi’s market share in the first quarter ranked among the top five smartphone companies in terms of shipments in 62 countries and regions globally and No.1 in 12 countries and regions.

Xiaomi further improved its competitive positioning in key markets. According to Canalys, in the first quarter of 2021, the Group was ranked among the top two for the first time in Europe following an 85.1% year-over-year increase in smartphone shipments allowing us to retain a market share of 22.7%.

Notably, Xiaomi was ranked No. 1 in Eastern Europe for the 2nd consecutive quarter as smartphone shipments increased 81.8% year-over-year to reach a 32.5% market share. Xiaomi was also ranked No. 1 for the first time in Russia with a market share of 32.1%.

The Group retained its top 3 positions in Western Europe as market share rising to 16.6% following an 89.3% year-over-year increase in smartphone shipments. The Group was ranked No. 1 in Spain for the 5th consecutive quarter after achieving a 35.1% market share.

Additionally, Xiaomi’s market position rose to No. 2 in Italy and it retained the No. 3 spots in Germany and France and entering the top 5 in the U.K. for the first time, all with a growth rate in shipments exceeding 90% year-over-year. Moreover, Xiaomi was ranked No. 1 for the 14th consecutive quarter in India in terms of smartphone shipments where it has a market share of 28.3%

The Group continued its strong growth momentum in new markets. According to Canalys, its position in Latin America rose to No. 3 as smartphone shipments increased 161.7% year-over-year to reach an 11.5% market share. Additionally, Xiaomi ranked No. 3 in the Middle East as smartphone shipments increased 87.8% year-over-year. Meanwhile, Xiaomi attained the No. 4 spots in Africa as smartphone shipments increased 191.0% year-over-year.

As of March 31, 2021, Xiaomi has also established cooperation with over 150 carrier channels (including carrier subsidiaries) worldwide.

Technology innovation as the cornerstone for a better life

Xiaomi’s relentless pursuit of cutting-edge technology and innovation forms the bedrock of the Group’s development and growth. In the first quarter of 2021, the Group recorded RMB3.0 billion in research and development expenses representing a year-over-year increase of 61.0%.

The Group enables elevated endurance, super-fast charging capabilities and more solid product performance. These innovations are a testament to its continuous efforts to explore and push the boundaries of technological innovation.

Moving forward, the Group will remain committed to ramping up R&D investments and recruiting global technological talents to relentlessly pursue innovation in core technologies as well as smart manufacturing.

UBA Discloses Purchase of 1,811,961 Shares By Tony Elumelu’s Family

United Bank for Africa (UBA) Plc on Tuesday disclosed insider dealings of 1,811,961 shares in line with the new Nigerian Exchange Limited policy.

In eight separate filings with the Nigerian Exchange Limited and signed by the company secretary, Bili A. Odum, the Board Chairman, UBA, Tony Elumelu and relatives increased stake in the foremost lender in a move that suggested confidence in the lender’s future and an opportunity to increase the Elumelu family’s stake in one of Africa’s largest banks.

UBA Tony Elumelu Adds 4.81m UBA Shares to his holdings
Tony Elumelu, Chairman of United Bank for Africa Plc | www.brandspurng.com

The transactions were in multiple tranches between Thursday, April 8, 2021, and Friday, April 16, 2021.

UBA tony elumelu
SOURCE: NGX, UBA
Date of Transaction Name Aggregated Volume Price (NGN) Total
Friday, April 16, 2021 Ugochukwu Elumelu 244,966 6.90 1,690,265.40
Tuesday, April 20, 2021 Toby Onyemaechi Elumelu 36,016 7.10 255,713.60
Thursday & Friday, April 8 & 9, 2021 Tiffany Ogochukwu Elumelu 296,043 7.00 2,072,301.00
Thursday & Friday, April 8 & 9, 2021 Tony Onyekachukwu Elumelu 36,529 7.00 255,703.00
Thursday & Friday, April 8 & 9, 2021 Tamara-Marie Ogechukwu Elumelu 296,409 7.00 2,074,863.00
Thursday & Friday, April 8 & 9, 2021 Awele Vivien Elumelu 412,642 7.00 2,888,494.00
Thursday & Friday, April 8 & 9, 2021 Nneka Elumelu 245,457 7.00 1,718,199.00
Thursday & Friday, April 8 & 9, 2021 Onyinyechukwu Elumelu 243,899 7.00 1,707,293.00
1,811,961 7.00 12,662,832.00

Previous acquisitions by the Tony Elumelu’s family…

Similar to the recent transaction, Tony Elumelu and his family made share purchases on September 22, 2020 (see transaction details below).

Awele Elumelu

  • 156,097 shares at N5.9999 per share

Nneka Elumelu

  • 106,464 shares N6.0 per share

Ogechukwu Elumelu

  • 361,323 shares at N6.0 per share

Onyinye Elumelu

  • 107,250 shares at N6.0 per share

Toby Onyemaechi Elumelu

  • Purchased UBA shares in two transactions, 7,460 shares and 7,452 shares at N6.0 per share.

Tony O. Elumelu, CON, the Board Chairman of UBA

  • Purchased 4,817,855 shares at N5.9999 per share.

Airfare Price War Thickens As Green Africa, Air Peace Slash Prices

This is an exciting and rewarding time for flight passengers in the Nigerian aviation sector, as airlines have begun to slash airfares from Lagos to Abuja, Port-Harcourt, Ilorin, and Owerri.

A Nigerian start-up carrier, Green Africa Airways which recently launched its entry into the Nigerian aviation sector on Tuesday began sales of tickets for travellers to reserve a seat on its fleet.

Green Africa had earlier unveiled an initial route network on which to commence operations. The network focuses on its Lagos base and comprises six domestic destinations, including Abuja, Port Harcourt, Akure, Ilorin, Enugu, and Owerri.

The airline noted that operations will be scaled up as it receives more aircraft in the coming months and over the year.

Although ticket sales have begun, the airline will commence flight operation to various local destinations from June 24.

The airline’s recently tweeted that flight fees for Lagos and Abuja and vice-versa for the year is between N16,500 and N23,000.

This is lower when compared to current prices charged by other airlines operating in the country.

In April, the airline took delivery of two ATR 72-600s registered 5N-GAA and 5N-GAE.
Both aircraft which were received at Murtala Muhammed International Airport in Lagos has a capacity of 70 passengers in an all-economy, 2-2 layout.

Air Peace Joins In The Moving Train

In the same vein, Air Peace Airline, which is the acclaimed biggest airline in the country, has also reduced its fares across some destinations like Ilorin, and Abuja, just to mention a few.

For instance, the airline slashed the airfare from Lagos to Ilorin (flight operations to Ilorin are slated to commence in June 2021) from N52,500, which some airlines charged last month, to N32,700.

Also, the fare from Lagos to Abuja has dropped from N60,000 (in April) to between N23,000 and N29,000.

The spokesperson of the airline, Stanley Olisa, said that the airline is set to “kick-off daily Abuja-Ilorin-Abuja and Lagos-Ilorin-Lagos flights on June 17, 2021.

The new route further exemplifies the airline’s unwavering determination to interconnect various cities across Nigeria while filling the gaps in Nigeria’s air travel connectivity. The flying public can start booking on our website and mobile app.”

 

Top 5 Reasons Why You Need a Truck Accident Attorney

Nobody wants to get into an accident with a truck, but life may take an awful turn at any point. Truck accidents are very rare because trucks are huge, and it’s very unlikely to get into a collision with one.

However, that does not rule out the possibility of a truck accident happening. Truck accidents can happen at anytime due to poor road conditions, bad weather conditions, drunk truck drivers, or drivers that are not focused on the road. The results of a truck accident can be devastating and horrific. They may result in severe casualties, injuries, and destruction of property.

Truck Accident Attorney

In order to recover from such a traumatic accident, you need to seek proper medical treatment and rehabilitation aid which may cost you a lot of money. This is why you should fight for your claim and compensation money in court. In order to win your claim, you need the help of a truck accident attorney. Here are the top 5 reasons why you need a truck accident attorney if you get into a truck accident.

1) Trucking companies and truck insurance companies are more powerful than you

A truck is 5 times larger than a car and weighs 20 times more. The chances of sustaining severe injuries in an accident involving a car and a truck are much greater than the chances of sustaining severe injuries in a collision between two cars. If you get into an accident with a truck and want to sue the trucking company involved, you should contact an experienced, skilled, and knowledgeable attorney to represent you. Trucking companies are powerful and wealthy. They have enough money to compensate for your injuries and provide you with a settlement.

However, they also have enough money to go to court so that they will not have to pay you. With the help of a truck accident attorney, you can claim your compensation money and win the case. After a truck accident, the truck companies will probably try to contact you and offer you a settlement. However, that settlement may be too less and may not cover your medical costs and other accident costs. So before agreeing to anything, you should contact a truck accident attorney so that you can get the amount of compensation you deserve.

2) The truck insurance company may not offer you the compensation you deserve

After a truck accident, the truck driver’s insurance company starts to collect information from the parties involved, other sources of information, and police reports. They then decide who was at fault for the accident and how much they will pay to the other party involved as compensation. They then contact the other party and offer them the compensation amount they deem to be appropriate.

If you accept the settlement and sign their letter, then you will lose all rights to file a lawsuit against them in court. Even if the amount they offer to you as settlement seems like a large amount, contact your attorney first before making any decision. Some injuries are not visible at the time of the accident but may become a source of problem and pain for you in the following years. This is why you should never settle for a claim till you are fully aware of the extend of your injuries.

3) The truck accident attorney will be your representative

If the truck accident is severe and has caused costly damage, then you will receive multiple calls pressing for details of the incident. This can very stress full because whatever you say can be sued against you in court. The insurance companies will try to make it look like it was your fault even when you are not the one to blame. You constantly have to worry about not saying the wrong thing.

This can become more stressful when you are badly injured and are in need of medical assistance. If you hire a truck accident attorney, then you will not have to answer any calls or talk about the accident to anyone as you can simply refer them to your lawyer. The lawyer will handle all the communication and dealings with the other party.

Hiring a truck accident attorney will allow you to pay attention to your injuri4es instead of worrying about what to say and attend to calls. The truck accidents attorney at https://bdlawteam.com understands how stressful and chaotic it is to get into a truck accident.

At a time when you are submerged in financial and medical losses, you want someone to extend a helping hand and take care of your problems. This is why your problems become ours, and we make sure we solve each one of them without you having to worry.

4) The accident might be more than just a mistake

According to the law, you have the absolute right to claim compensation from a party who is at fault for the accident that resulted in you getting injured. You must present evidence that proves that the other party breached their duty to make sure no one due to their own negligence and ignorance.

There might be many different ways to prove the other party’s negligence, such as failure of the truck company to provide proper training to its staff and drivers, letting the truck driver work longer and frequent shifts as opposed by the federal and state law, which resulted in him being sleepy or incapable of driving, failure to conduct a background check of the driver which would otherwise deem him incapable of driving due to recent substance abuse.

The truck company, the truck insurance company, the truck manufacture are all accountable for the accident if proven guilty. The truck manufacturer may be held accountable if a part of the truck was not working properly or if there was a defect. The truck company may be held accountable if the truck malfunctioned due to the lack of maintenance.

The loading company may also be questioned if the truck was overloaded or loaded unevenly. The city police might be liable for the poor road conditions, which is knows as premises liability. So you can file a lawsuit against multiple defendants for the same truck accident and get the compensation you deserve.

In a nutshell

Getting into a truck accident can be a traumatic incident that leaves you completely broken, and your spirit shattered. In an hour of need, a truck accident attorney can be a guiding light to help you recover from such as loss. As mentioned above, hiring a truck accident attorney has many major benefits. So if you ever get into a truck accident, do not wait for the situation to worsen and contact a skilled and experienced truck accident attorney right away.

Increase In Petrol Price Is Inevitable — MAN

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The Manufacturers Association of Nigeria (MAN) says the increase in the price of petrol is inevitable.

The Director-General of MAN, Segun Ajayi-Kadir, stated that regardless of the arguments around subsidy removal and the potential effect on the cost of production and the average Nigerian, the product could not be ‘insulated from the laws of demand and supply.

Ajayi-Kadir spoke to newsmen against the submission of the Governor’s Forum to increase the pump price to N385.

He said, “The rise in the price of crude oil should signal the inevitable increase in the landing cost of Premium Motor Spirit in the country, more so that we are saddled with the embarrassment of our refineries operating far below capacity.

“In addition, the government has consistently maintained that it is moving away from the infamous regime of fuel subsidy.”

“We also have private sector players as oil marketers importing the fuel with the need to recover their costs and make a profit. Considerably, it is inevitable that the pump price of PMS will increase,” he added.

On the economic and social implications of an increase to N385 as suggested by the governors, Ajayi-Kadir said that there was no doubt that it would have negative implications for the country.

He said the country was already contending with serious security challenges and the fragile economy may be unable to absorb such a hike in utility product.

The MAN boss said, “The increase in the cost of transportation and the effect on other costs that will accompany a more than 100 percent increase will erode the disposable income of the average Nigerian, especially now that the meagre minimum wage is still debated in most states.

“It is a matter of concern that we may be faced with fuel-induced inflation. Manufacturers have not reconciled the increase in the cost of electricity that has not been accompanied by appreciable improvement in supply.

“Our bottom-line will be further eroded by the heavy cost the increase portends as we are forced to generate our electricity for long hours due to poor supply inadequacy.

“The small and medium scale industries will be particularly impacted as they use PMS to power their machines.”

He said if the FG decided to consent to the governors, a removal in subsidy and increase in the price of crude oil would increase the government’s revenue substantially.

Therefore, it should apply the surplus to mitigate the negative impact of the increase to promote economic growth, productivity, job creation and increased investments.