Canada’s Best Managed Companies Demonstrate Resilience To Thrive, Despite Challenging Year

Esan Bolaji
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Canada’s Best Managed Companies Demonstrate Resilience To Thrive, Despite Challenging Year

In the 28th year of the program, Canada’s Best Managed Companies are finding success through organizational purpose, enabling remote work, and focusing on employee health and well-being.

May 5, 2021 – Deloitte Canada is thrilled to announce the winners of the 2021 Canada’s Best Managed Companies awards program, spotlighting the top privately-owned Canadian companies with annual revenues over $25 million.

Canada’s Best Managed Companies

This year’s companies—including the program’s 37 new winners—attribute their success in a year of turbulence to clearly defined organizational purpose, fostering a remote work environment, and a clear focus on employee well-being, which has led them to overcome some of today’s most pressing challenges and remain competitive on the world stage.

“In what may be the most challenging year for Canadian businesses since the program’s inception, the 2021 Best Managed winners are a shining example of the importance of leadership, innovation, and resilience in the face of uncertainty,” said Kari Lockhart, National Co-Leader of Canada’s Best Managed Companies program and Partner, Deloitte Private.

“These companies should not only be extremely proud of this designation, but for their organizational grit, continued adaptability, and unwavering commitment to their people during a year when it was needed most.”

Although Canada’s Best Managed Companies continue to adapt in their own way in 2021, one important distinction ties them all together—organizational purpose. As each company relies on its own uniquely defined purpose as the lens in which it views challenges, opportunities, and key decisions, this year’s winners can confidently chart a path forward, despite uncertainty.

“This unpredictable year, defined by economic instability, has posed numerous challenges for Canadian businesses and put the principle of organizational purpose to the test, and as seen with this year’s crop of Best Managed winners, it works,” said Peter E. Brown, National Co-Leader of Canada’s Best Managed Companies program and Partner, Deloitte Private.

“By using their purpose as the bedrock of their organizational foundation, this year’s winning companies didn’t just weather the storm, but were able to experiment and take risks, seek out new opportunities, and thrive.”

Another important factor in the success of this year’s winners is their commitment to the health and well-being of their people. By emphasizing employee health as a major priority over the past year, Best Managed companies are ensuring their people feel valued, which has long-lasting impacts on businesses.

Likewise, by enabling a remote work environment and giving employees the confidence to feel safe, this year’s Best Managed Companies are rapidly adopting the way they communicate, empathize, and lead their people.

“One area we’ve seen that’s different than in previous years is how companies view employee well-being, including mental health,” said Dino Medves, Senior Vice President and Head, CIBC Commercial Banking. “Simply focusing on the bottom line is no longer a staple for success.

Instead, we’re seeing Best Managed winners—past and present—adapt quickly to a new working environment while fostering creativity and innovation united in their companies’ purpose. This year’s companies should take pride in being at the forefront of this positive change.”

Best Managed is a flagship program presented by Deloitte Private, a division of Deloitte exclusively focused on serving private clients of all sizes.

Generation after generation, Deloitte Private has been by the side of the entrepreneurs transforming Canada’s economy – and under its wing, the Best Managed program includes 486 companies, offering a strong network to support the 37 new winners of 2021. The network continues its expansion beyond Canadian borders, now with a presence in 37 countries globally.

Here is the list of the new Best Managed winners in 2021:

Company print name City Province Primary industry
AAG Tailored Cutting Solutions Burlington ON Heavy Machinery & Equipment
Averna Montreal QC Engineering & Construction
BE Power Equipment Maple Ridge BC Wholesale & Distribution
BioScript Solutions Moncton NB Health Care
Book Depot Thorold ON Bargain Book Distribution–B2B and B2C
Canadian North Kanata ON Transportation
Crawford Packaging London ON Wholesale & Distribution
De La Fontaine Sherbrooke QC Engineering & Construction
Duvaltex Quebec QC Apparel/Textiles/Footwear/Accessories
Eddyfi/NDT Quebec QC Technology
GrainsConnect Canada Calgary AB Agribusiness
Groupe Boucher Sports Sainte-Foy QC Specialty & Department Stores
Groupe Tornatech Inc. Laval QC Fabrication
HGrégoire Saint-Eustache QC Automotive
Le Groupe Beaucage Sherbrooke QC Automotive
lg2 Montreal QC Advertising & Communication
Magna IV Engineering Edmonton AB Engineering & Construction
Medicom Pointe Claire QC Health Care
Mikisew Group of Companies Enoch AB Oil, Gas & Chemicals
MOBIA Dartmouth NS Technology
MP Lundy Construction Inc. Ottawa ON Engineering & Construction
Muraflex Montreal QC Engineering & Construction
Neighbourly Pharmacy Etobicoke ON Health Care
ORAM Plomberie du bâtiment Mirabel QC Engineering & Construction
Osmow’s Mississauga ON Food & Beverage Manufacturing
Peavey Industries LP Red Deer AB Specialty & Department Stores
Polykar Inc. Ville Saint Laurent QC Industrial Products
Préval AG inc. Saint-Hyacinthe QC Agribusiness
Priestly Demolition Inc. King ON Engineering & Construction
Seasons Retirement Communities Oakville ON Health Care
Showcase Brampton ON Specialty & Department Stores
Sollio Groupe Coopératif Montreal QC Agribusiness
Spectrum Health Care Toronto ON Health Care
State Window Corporation Vaughan ON Engineering & Construction
Turf Care Products Canada Newmarket ON Heavy Machinery & Equipment
Upper Crust Toronto ON Food & Beverage Manufacturing
Wellington-Altus Private Wealth Winnipeg MB Investment Management

Gates Family: Billionaires’ Eldest Child, Jennifer,To Inherit Less Than 1 Percent Of Their Wealth

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Gates Family: Billionaires’ Eldest Child, Jennifer,To Inherit Less Than 1 Percent Of Their Wealth

Jennifer Gates, a daughter, and eldest child of Bill and Melinda Gates, alongside her two other siblings, are not set to inherit a fortune on their father’s death.

Jennifer has stated that the family has been going through “a challenging stretch of time”.

The statement comes as her parents announced on Monday their separation after a 27-year marriage.

Brand Spur Nigeria recalls that less than two weeks after they (Bill And Melinda) made their last public appearance, virtually, at a COVID event for healthcare workers.

The 65-year-old Microsoft founder and his 56-year-old wife announced the split on Twitter, where they both posted the same joint statement.

Meanwhile, taking to her known Instagram page, Jennifer Gates said, “I’m still learning how to best support my own process and emotions, as well as my family members at this time and I, am grateful for the space to do so.”

Refusing to comment on the divorce, the 25-year-old said, “I won’t personally comment further on anything around the separation, but please know that your kind words and support mean the world to me.”

“Thank you for understanding our desire for privacy while we navigate the next phases of our lives,” she added.

Bill And Melinda Gates Children

Bill and Melinda have three children: Jennifer, 25, Rory (male), 21, and Phoebe (female), 18.

Jennifer is a medical student. Having graduated from Stanford University in 2018 with a degree in human biology, she is attending medical school in New York City.

She got engaged to Nayel Nassar, a professional Egyptian equestrian, in January 2020.

She once said of her childhood: “I was born into a huge situation of privilege, and I think it’s about using those opportunities and learning from them to find things that I’m passionate about and hopefully make the world a little bit of a better place.”

Rory is believed to be studying law.

His mother penned an essay about him for Time magazine on his 18th birthday, which read: “Rory is compassionate and curious. He’s intelligent and well-read and deeply informed about the wide range of issues that interest him.

“He’s a great son and a great brother. He’s inherited his parents’ obsessive love of puzzles. But one of the things that makes me proudest is that Rory is a feminist.”

While Phoebe studied at The School of American Ballet as well as the prestigious Juilliard School.

Children Will Only Get “A Minuscule Portion” Of Gates Family Billions

Bill Gates is currently the fourth richest man in the world with a fortune of $124billion. But his children aren’t set to inherit a fortune on his death. In fact, the couple has raised their children in surprisingly modest ways.

The three weren’t allowed phones until they were 14 and help wash the dishes every night.

And they will ‘only’ inherit $10 million each as Bill has made clear his children will only get “a minuscule portion” of his wealth, with the rest going to charity.

SON Confiscates Stuffed Substandard Tyres Worth About N600 Million

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SON Confiscates Stuffed Substandard Tyres Worth About N600 Million

Standards Organisation of Nigeria (SON) has restated its resolve to safeguard lives and properties in the country by seizing a large cache of stuffed substandard tyres worth over N600M at a remote location in Asese Area, off Lagos-Ibadan Expressway in Obafemi Owode Local Government of Ogun State.

The Director-General, Mallam Farouk Salim stated at the scene of the seizure that unscrupulous importers were taking advantage of the vastness of the country to warehouse substandard products at different hideouts, assuring that they would not escape the enforcement activities of his organisation.

Salim revealed that the tyres which were discovered after a tip-off were stuffed four into one, loaded in about one hundred (100) containers undetected through the entry ports without SON’s knowledge and shipped to the warehouse. This according to him further underscores the need for SON to be present at the nation’s ports of entry.

The SON helmsman explained that before declaring a tyre substandard, it would have been tested in the laboratory and found short of the requirements of the relevant Nigerian Industrial Standard (NIS 252 :2017). “If the tyres are used or stuffed they are deemed substandard,” he said.

Mallam Salim also explained that the tactics deployed by the importers of stuffing tyres is for the purpose of evading duties and shipping costs to make additional profit, but in doing so, they overlook the quality implication of the tyres being deformed and compromised.

He lamented that tyres like these have no economic value as their integrity has been degraded, maintaining that SON would stop at nothing at ensuring that such substandard tyres do not find their way into the hands of unsuspecting consumers in the country.

The DG warned all unscrupulous importers to desist from their dastardly acts, stressing that SON would not compromise nor gamble with the lives of Nigerians. SON according to him would diligently prosecute anyone or group caught committing standards infractions.

On the seized tyres he said “there is no way we can salvage these tyres, so we are going to destroy them”.

Mallam Salim stated that during questioning, the apprehended Manager of the warehouse, Emmanuel Ogbagu, disclosed that they usually employed manual labour to un-stuff the tyres and straighten them before wrapping with various brand wrappers at the warehouse before distributing to markets across the country. He said further that the owner of the products, a foreigner was out of the country.

The SON helmsman gave assurance that the culprit would be invited for questioning on return, failing which the manager or anyone involved in the property would be prosecuted.

The DG enjoined members of the public to always insist on physical inspection of their tyres to confirm the quality markings, avoid buying compromised products as a way to ensure safety and value for their hard earned money.

What You Need To Know About The “Are you AMG-ready?” Mercedes Campaign

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What You Need To Know About The “Are you AMG-ready?” Mercedes Campaign

The new Mercedes campaign “Are you AMG-ready?” marks the start of the positioning of the Mercedes-AMG brand as a sub-brand of Mercedes-Benz with the aim of strengthening the product portfolio as a performance luxury brand.

The campaign not only introduces a new AMG brand identity and attitude, but it also forms the communicative prelude for all upcoming product campaigns. It is designed to bind existing customers to the brand and conquer new target groups. In doing so, it focuses on the timeless AMG spirit.

What You Need To Know About The "Are you AMG-ready?" Mercedes Campaign-Brand Spur Nigeria
What You Need To Know About The “Are you AMG-ready?” Mercedes Campaign-Brand Spur Nigeria

AMG was born on the race track and continues to live up to this heritage. Its roots in motorsports form the basis for its continuing success. Speed, performance, team spirit, the will to win – all of these have always distinguished AMG.

Customers can continue to count on these qualities. AMG is currently systematically driving forward the transformation of the company and redefining the future of Driving Performance. Electrification of the powertrain – for example under the “E PERFORMANCE” technology label – plays a central role in this.

What You Need To Know About The "Are you AMG-ready?" Mercedes Campaign-Brand Spur Nigeria
What You Need To Know About The “Are you AMG-ready?” Mercedes Campaign-Brand Spur Nigeria

“Performance” in this context means more than just motorsport, top speed or driving dynamics. Performance stands for the power to create new values, the energy to enable progress and the will to achieve all goals. Performance is what drives the world.
At the same time, the brand profile is being further developed.

This includes, among other things, a stronger focus on lifestyle and addressing new target groups, especially younger people and women.

What You Need To Know About The "Are you AMG-ready?" Mercedes Campaign-Brand Spur Nigeria
What You Need To Know About The “Are you AMG-ready?” Mercedes Campaign-Brand Spur Nigeria

“Luxury” goes beyond the product: it is the emotional moment around which the brand revolves when something new opens up and endless possibilities await.

“The campaign idea and concept come from the agency of British star photographer and filmmaker Rankin. “Are you AMG-ready?” is the London team’s first campaign as Mercedes-AMG’s new lead agency.”

What You Need To Know About The "Are you AMG-ready?" Mercedes Campaign-Brand Spur Nigeria
What You Need To Know About The “Are you AMG-ready?” Mercedes Campaign-Brand Spur Nigeria

The claim ‘Are you AMG-ready?’ sums up our transformation into a Performance Luxury brand. We are ready to redefine Driving Performance and open up our brand to new target groups.

We combine the AMG spirit with the luxury of tomorrow’s lifestyle and will thus further strengthen the fascination for the Mercedes-AMG brand”, says Philipp Schiemer, CEO of Mercedes-AMG GmbH.

What You Need To Know About The "Are you AMG-ready?" Mercedes Campaign-Brand Spur Nigeria
What You Need To Know About The “Are you AMG-ready?” Mercedes Campaign-Brand Spur Nigeria

Twitter Spaces is here, let’s chat

Esan Bolaji
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Twitter Spaces is here, let’s chat

Twitter Spaces is here, let’s chat

Last year Twitter introduced Spaces: live audio conversations on Twitter. Since then, the tech giant has been building and testing with a limited group and have found that hearing people’s voices bring conversations on Twitter to life in a completely new way.

Twitter Spaces

“Since we’ve been building this, the ability to create a Space has become available to millions of people, and we’ve continued to make improvements based on your feedback. Today, we’re bringing the ability to host a Space to all accounts with 600 or more followers on Twitter.

Based on what we’ve learned so far, these accounts are likely to have a good experience hosting live conversations because of their existing audience. Before bringing the ability to create a Space to everyone, we’re focused on learning more, making it easier to discover Spaces, and helping people enjoy them with a great audience”.

People already come to Twitter to talk about what’s happening. You’ve always followed people for their Tweets, now Spaces lets you hear their voices and talk about what’s happening now and what’s most important to you – live.

From Tweeting to talking, reading to listening, Spaces encourages and unlocks real, open conversations on Twitter with the authenticity and nuance, depth and power only the human voice can bring. Spaces are for small and intimate conversations with just a few others, or for big discussions about what’s unfolding right now with thousands of listeners.

From connecting to your favourite musician to a post-show about the game or a recap of news that just dropped, dig into the topics and conversations you care about with people you know and people you want to know.

How Spaces work

On Twitter for iOS and Android, when someone you follow starts or speaks in a Space, it’ll appear at the top of your timeline as a purple bubble for as long as it’s live. When you join a Space as a listener, you can react to what you hear with emojis, check out any pinned Tweets, follow along with captions, Tweet or DM Space, or request to speak.

Twitter Spaces

When you join Space as a speaker, in addition to talking, you can pin Tweets to the Space, turn on captions so everyone can follow along with what you’re saying, and Tweet Space so your followers can join.

When you create a Space, you’re in control – who’s speaking, the topics, and the vibe. Invite people to join by Tweeting or DM’ing them to jump in and then invite them to speak directly from your Space. From there, talk about whatever is happening in your world.

It’s important to that people feel safe hosting and participating in Spaces conversations – that’s why safety controls are available to hosts and speakers. For example, as a host, you can mute speakers and take away their mic, or remove them from the Space completely. Recently, the ability for Hosts to mute all speakers at the same time and a new management page for easier hosting.

Anyone can report and block others in the Space or report the Space. Also, people you’ve blocked can’t join a Space you’re hosting, and you’ll see labels and warnings if someone you’ve blocked is speaking in a Space you join.

You can learn more about how Spaces work here.

HP Extends First Of Its Kind Partner Program To Global Retailers

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HP Extends First Of Its Kind Partner Program To Global Retailers

HP has announced the extension of HP Amplify™ a first-of-its-kind global channel program to its vast ecosystem of more than1350 online pure players, omnichannel,  and brick and mortar retail partners.

Launched in the fall of 2020 to commercial partners, the powerful new partner program, built on a single, integrated structure provides the insights, capabilities, and collaboration tools needed to drive digital transformation and growth as consumer buying behaviors continue to evolve.

HP will begin to transition retail partners1 to the HP Amplify program beginning August 2, 2021, and continue through the calendar year.

Built on a simplified and easy-to-navigate structure with two distinct retail tracks (Synergy and Power including Power CDR Retail targeted at retail sub-distributors), HP Amplify is designed from the ground up to turn data analytics into insights that spark new strategies, steer innovation, and reward partners for performance, collaboration and capabilities while accelerating digital transformation with insights, building a data-driven culture and augmenting common knowledge with collaboration tools.

HP Extends First Of Its Kind Partner Program To Global Retailers-Brand Spur Nigeria
HP Extends First Of Its Kind Partner Program To Global Retailers-Brand Spur Nigeria

“For the IT industry overall, and the retail channel specifically, it is clear that business as usual is no longer an option. HP Amplify not only makes it easier for retail partners to do business with HP, it provides a clear path, built on a proven framework, to transform their business for today while enabling long-term sustained growth in the future,” said Bradley Pulford, Managing Director, HP inc. Africa.

“Together with our partner community, we are reinventing how consumers experience our products and services, by investing in our shared capabilities while developing new areas of strength to remain competitive.”

Spurred by rising demand for work, learn, and entertainment at home products accelerated by the pandemic, the retail industry has experienced an accelerated pace of change.

According to Pulford, capitalizing on the momentum of transformational experiences will be critical to building and maintaining the flexibility that is demanded of doing business today. For the foreseeable future, changes in consumer behavior will have a greater impact on value in retail than any other single factor.

While in-store traffic decreased, e-commerce sales grew by more than 27 percent in 2020, and is expected to account for 40 percent of total sales for consumer-packaged goods by 2025. Trends such as hybrid work, the emergence of the prosumer and continued e-commerce growth are making collaborative partnerships in the retail industry more essential than ever.

With the introduction of HP Amplify, HP is empowering retailers to capitalize on these shifts, arming partners to deliver superior customer experiences and drive future growth.

“Customers are requesting a closer and more personalized relationship with brands,” Pulford said. “We will increase our common knowledge of the consumption patterns using data analytics in order to redesign the customer journey, improving experiences online and in-store through HP’s Amplify for Retail program.”

HP Amplify offers a common platform designed to enable progressive go-to-market strategies focused on three core pillars: performance, capabilities, and collaboration. Building on the success of the HP Amplify framework while addressing the unique needs of retailers, the new program rewards partners for a variety of performance indicators tied to portfolio sell-through and revenue.

A structured compensation framework, sales boosters, and other tools help retail partners to assess performance and actions providing clear indicators of success.

Transformational change requires collaborative partnerships. Companies that regularly collaborate with suppliers can demonstrate higher growth, lower operating costs, and greater profitability than their industry peers6. Partners that report data will be able to anticipate and enable more positive customer outcomes, ultimately driving sales conversions and maximizing average baskets.

HP will collaborate closely with partners to optimize sales through store-level assortment tools and cross-category recommendations to unlock opportunity diversification.

Digital Commerce Spend To Exceed $11.6 Trillion In 2021

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Digital Commerce Spend To Exceed $11.6 Trillion In 2021

…As Transition To Digital Channels Accelerates

A new study from Juniper Research has found that digital commerce spending will rise to over $11.6 trillion by the end of 2021, from $10.5 trillion last year; a growth of 11.5% in a single year.

This spend encompasses money transfer, digital goods purchases, physical goods purchases, digital ticketing purchases, banking bill payments, NFC mobile retail payments, and QR code retail payments.

The research found that the success of digital solutions during the pandemic means that consumer behaviour will become increasingly digitally-led, rather than reverting to pre-pandemic norms.

The research identified that reactive digital commerce strategies built-in the pandemic by merchants need to turn into proactive, long-term strategies that offer the best user experience, as competition in the digital commerce ecosystem intensifies.

For more insights, download the free whitepaper: Digital Commerce & Opportunities for Post Pandemic Growth

Mobile Leading Digital Commerce Spend

The new research, Digital Commerce: Key Trends, Sectors and Market Forecasts 2021-2025, found that mobile commerce will account for 73% of all digital commerce transactions by value in 2021; rising to 79% by 2025. Mobile has emerged as the most important way to access services, and although online will remain relevant for higher-value transactions, user experiences must be mobile first.

Research author Nick Maynard explains: ‘Mobile apps are the dominant force in digital commerce, with user experience becoming critical, as products become heavily commoditized. Merchants must leverage AI-based analytics to ensure a truly personalized mobile commerce experience, or they will lose out to more digitally adept merchants.’

Remote Physical Goods Purchases are Largest Segment, but Contactless is Growing Rapidly

The research also found that remote physical goods purchases will account for the single largest transaction value of any segment in 2021 at 22% of the total, followed by money transfer and QR code payments. The research identified however that contactless mobile payments will have the highest rate of growth; increasing over 242% in value between 2021 and 2025, as OEM Pay services add spending insights and other value-added services to consolidate gains made during the pandemic.

Stanbic IBTC Pressure On Trading Income Amid Low Yield Environment Moderates Bottom-Line

WSTC Research
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Stanbic IBTC Pressure On Trading Income Amid Low Yield Environment Moderates Bottom-Line

Amid a fragile domestic economy and prevailing negative real returns on investment, Stanbic IBTC Holdings Plc reported a 26% decline in gross earnings in its Q1 2021 result.

Interest and non-interest income declined year-on-year (YoY) by 23% and 29%, respectively. Operating profit decreased by 24%, while operating cost rose by 9% YoY.

As a result, profit before tax declined by 50%, while profit after tax decreased by 45% due to a lower effective tax rate. EPS for the group stood at N0.96k in Q1 2021 (Q1 2020: N1.91k).

Yield pressure on interest income continued to douse net-interest income Interest income declined YoY by 23% from N27.46bn in Q1 2020 to N21.01bn in Q1 2021 due to the continued pressure on the interest income lines.

Specifically, interest on loans and investment securities decreased YoY by 5% and 52%, respectively. The decline in interest on loans despite the year-to-date (YTD) comparative growth in loans and advances was due to the low-interest-rate environment.

While yields have repriced upward since the beginning of the year, the pricing on the group’s loans and advances remained low in Q1 2021. On the other hand, while investment in financial investments declined by 4%, investment interest declined markedly by 52% due to the low yield environment in FY 2020.

Elsewhere, the group continued to consolidate on her cheap funding source, evidenced by the 50bps improvement in CASA ratio to 83% in Q1 2021. As a result, interest expenses declined 42% from N8.94bn in Q1 2020 to N5.15bn in Q1 2021.

Notwithstanding, net interest income nosedived by 14% from N18.52bn in Q1 2020 to N15.86bn in Q1 2021 due to the higher impact of the decline in interest income for the period. Non-interest income moderated due to pressure in trading income Non-interest revenue decreased by 29% YoY from N32.64bn in Q1 2020 to N23.08bn in Q1 2021, driven by a steep decline in trading income. Trading income declined by 78% from N14.42bn in Q1 2020 to N3.22bn in Q1 2021.

However, a 23% growth in fee and commission income from N19.23bn in Q1 2020 to N22.44bn in Q1 2021 helped cushion the decline in non-interest revenue.

Recommendation

We note the steep decline in the group’s profitability due to the sustained pressure on interest income and the significant decrease in trading income. We note that the group’s yield on risk asset remained low despite the repricing of income in the fixedincome market. We also note the steep decline in interest on investment and attributed it to the low-interest-rate environment in FY 2020.

As the economy continues to recover, we expect repricing of risk asset to support interest income. Also, as the group continues to roll over investment assets at higher yields, we expect a recovery in interest on investment.

We also note the profound decrease in trading income and the significant increase in the group’s short position in government securities. While we cannot quantify the levels of gains that will crystallize upon unwinding of those positions, we believe that it may be material given the yield curve evolution since the year began. Overall, we maintain our one-year target price of N36.63k per share on the stock.

At the current market price of N50.00k, the share offers a total return of -20%. Thus, we recommend a SELL.

Domino’s Re-Introduces Pan Pizza As The “DEEPER DEEP PAN PIZZA”

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Domino’s Re-Introduces Pan Pizza As The “DEEPER DEEP PAN PIZZA”

It’s a good thing Domino’s didn’t follow the old saying, “if you love something, let it go”, No! They heard the people and have re-introduced our beloved Pan Pizza as the DEEPER DEEP PAN PIZZA. Softer, fluffier, and thicker! The REAL taste of Pan! 

If you loved the Pan Pizza, you are sure to fall in love all over again with every bite of the Deeper Deep Pan Pizza! The Deeper Deep Pan Pizza is more than just a pizza. It’s the flawless blend of premium ingredients perfect for a chilled kick-back with those closest to us. Whether it’s a birthday celebration, TGIF at the office or a night out with your spouse and kids. The Deeper Deep Pan Pizza is here to kick things up a notch! It’s the better, juicier pizza experience.

DEEPER DEEP PAN PIZZA
Domino’s Re-Introduces Pan Pizza As The “DEEPER DEEP PAN PIZZA”

With every fluffy bite, you’d experience double layers of cheese, extra toppings to the edge and that unforgettable sweet taste of freshly baked goodness. 

Experience the delight of this soft, fluffy, delight with any of their flavours, especially the new flavours such as the Shawarma Pizza, BBQ Mega Meat or the Spiced BBQ Chicken Delight Pizza! Get any of these yummy flavours with a 60cl drink from N3,500! Available in all Domino’s branches; online & DELIVERY orders as well! 

What are you waiting for! Walk into any Dominos restaurant store near you, or whip out your mobile phone to place your orders NOW on www.dominos.ng. The moment you go the Deeper Deep Pan Pizza way, you will never want to go back!

Possible M&A Imminent After FBN Holdings Board Changes – Analysts

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Possible M&A Imminent After FBN Holdings Board Changes – Analysts

Reacting to the recent sanction by the Central Bank of Nigeria (CBN) on the FBN Board changes which has continued to generate reactions in the code of governance, Chapel Hill Denham said it has raised its risk rate on FBN Holdings, noting that merger and acquisition (M&A) is actually possible in the near term due to the dirty board room game that backfired on disengaged Board members.

Analysts at Chapel Hill Denham opened up that M&A is possible given the weaknesses in the capital adequacy ratio and non-performing loan ratios, in breach of acceptable prudential standards of the CBN, in the next 12-18 months.

Brief Background to the issue

Following the removal of Dr. Adesola Adeduntan by the Board without due process, the CBN then dissolved the boards of FBNH and First Bank of Nigeria Limited (FBN).

Recall that in a press briefing, Godwin Emefiele, the CBN governor announced the dissolution of the boards of FBNH and FBN and the reinstatement of the CEO of FBN, Dr. Adesola Adeduntan.

The apex bank also announced the appointment of the new Chairmen of the boards of FBNH and FBN – Mr. Remi Babalola and Mr. Tunde Hassan-Odukale, respectively.

The CBN considers itself as a key stakeholder in management changes at FBN due to the forbearances and close monitoring by the bank over the last 5 years, which is aimed at taming the slide in the going concern status of FBN.

FBN Hioldings
Adesola Adeduntan | Brand Spur Nigeria

Notably, the removal of Dr. Adeduntan, whose tenor expires in December 2021, by the board of FBN was without CBN’s approval as key disclosures by the CBN point to credit and corporate governance concerns.

The CBN’s target examination as of December 2020 revealed that insider loans were materially non-compliant with the terms of restructuring put in place by the bank and CBN in 2016.

The issue unveiled the management’s non-perfection of lien on shares and collateral arrangements that the CBN had insisted on for over three years are key examples.

It was noted that FBN has also not divested from non-permissible holdings in non-financial entities in line with regulatory directives.

FBN invested in Airtel Nigeria Limited and Honeywell Flour Mills (5% holding) and Honeywell Flour Mills were given a 48-hour ultimatum, effective 26 April, to repay its obligations to FBN.

Is it likely that we see M&A activity in the bank in the next 12-18 months?

Chapel Hill Denham stated,

“We think this is possible given the weaknesses in the capital adequacy ratio (CAR) and non-performing loan (NPL) ratios, in breach of acceptable prudential standards of the CBN.

“We highlight that, in the history of the banking sector, there have been issues relating to credit and corporate governance that eventually resulted in mergers and acquisitions for a stronger financial system”.

The investment firm said FBNH’s Q1-21 results are materially behind its expectations for the financial year 2021. Gross earnings declined by 14.5% year on year in Q1-21 in contrast to the 2021 forecast growth of 19.0%.

Notably, analysts said the 25.3% year on year fall in interest income resulted in a 12.4% year on year decline in net interest income, despite the 25.3% drop in interest expense.

Accordingly, annualised EPS dropped by 32.5% year on year against Chapel Hill Denham financial year 2021 forecasted growth of 0.8%.

It was noted that the lender’s impairment charges rose by 35.7% year on year to N13.17 billion in Q1-21 with the NPL ratio falling to 7.9% (9.2% in Q1-20 and below 2021 forecast of 8.5%), albeit breaching CBN’s prudential standard of 5%.

Analysts at Chapel Hill Denham downgrade the rating on FBNH Plc. to a HOLD for lack of upside potential from a Buy recommendation and the 12-month target price dropped to N6.96 from N9.95.

Explaining the rating action, Chapel Hill Denham said the downgrade is partly reflective of the weak Q1-21 results and the upward adjustment of its risk-free rate to 12.0% from 10.5% previously.

The investment firm said FBNH is currently trading on 2021 return on average equity and price to book ratio of 8.7% and 0.3x against the sector average of 7.5% and 0.6x respectively.

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