Kayode Fayemi signs Compulsory Treatment and Care for Child Victims of Sexual Violence Bill 2020 into Law.

Brand Spur
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Kayode Fayemi signs Compulsory Treatment and Care for Child Victims of Sexual Violence Bill 2020 into Law.

In furtherance of the current Ekiti State Administration’s Zero Tolerance Policy for Sexual Violence Against Children, the Governor, Kayode Fayemi has signed Compulsory Treatment and Care for Child Victims of Sexual Violence Bill 2020 into law.

The bill titled “Compulsory Treatment and Care for Child Victims of Sexual Violence Bill, 2020.” makes it compulsory for every hospital in Ekiti State whether public or private to accept for adequate treatment, any child who is a victim of sexual violence. This is against the background of increasing cases of rape and child defilement in the State.

Kayode Fayemi signs Compulsory Treatment and Care for Child Victims of Sexual Violence Bill 2020 into Law.

The prompt enactment of the Compulsory Treatment and Care of Child Victims of Sexual Violence Bill, said, importantly, this provides a legal framework compelling all hospitals in Ekiti State, public; private to provide adequate and prompt treatment for any child who has been sexually assaulted and to swiftly bring it to the notice of the Police amongst others.

By this Legislation, Ekiti State becomes the first State in Nigeria to enact a Legislation that specifically enforces compulsory medical treatment for child victims of sexual violence.

Ekiti State had previously opened a register for sex offenders to capture the identities of persons convicted of rape, child defilement and sexual assault in the state.

The State has also on several occasions’ named and shamed sex offenders by publishing their pictures on government social media platforms.

Uber’s Net Revenue Down 50% in Q2 of 2020 – COVID-19’s Impact on the Ride-Sharing App

Esan Bolaji
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Uber’s Net Revenue Down 50% in Q2 of 2020 – COVID-19’s Impact on the Ride-Sharing App

COVID-19 disrupted many industries that were flourishing prior to the difficult days of 2020. One of the biggest global brands that were undoubtedly hit hard by the pandemic was Uber. According to data presented by Stock Apps, the ride-sharing app’s quarterly net revenue decreased by almost 50% in Q2 of 2020.

Uber’s Quarterly Net Revenue Down Almost 50% In Q2 Of 2020

Uber’s Net Revenue Down 50% in Q2 of 2020 – COVID-19’s Impact on the Ride-Sharing App

Uber is a company that has been flourishing since its inception in 2009. Its success extended beyond the shores of the US, with operations in 60+ countries and over 900 metropolitan areas as of writing. However, as lockdowns restricted movement around the world in a bid to shelter from the effects of the pandemic, the ride-sharing app inevitably sustained a direct hit.

In Q2 of 2020 Uber’s Net Revenue decreased from $3.3B in Q1 to 1.9B in Q2 – a 40% decrease. The Q2 number is also almost 50% lower than the high of $3.7B from Q4 2019.

Impact of COVID-19 on Uber

Uber’s Net Revenue Down 50% in Q2 of 2020 – COVID-19’s Impact on the Ride-Sharing App Brandspurng

Decline in Rides, Monthly Active Users, and Bookings Contribute to Sharp Downturn

While Uber has recently expanded to other services such as Uber Eats, it was and still is primarily known as a ride-sharing app. The future looked bright for the industry and Uber dominated the space, however, the COVID-19 pandemic makes the future of the industry very uncertain.

As soon as the pandemic took hold around the globe in around March of 2020, several key metrics for Uber began to decline contributing to the significant decrease in net revenue. Uber’s global gross bookings reached a high of just over $18B in the fourth quarter of 2019 but dropped by 43.6% in Q2 of 2020 to just over $10B.

Providing mobility is the backbone of Uber’s business and when lockdowns around the world restricted movement, Uber’s ride-sharing service was no longer deemed a necessity for most. In Q4 of 2019 Uber gave almost 2 billion rides worldwide which dropped by more than 61% to just 737 million rides in Q2 of 2020.

Uber’s monthly active users also dropped by over 50% in the same time period as most people were forced to work from home and had no need for the ride-sharing app.

Slight Recovery in Q3 But Not Close to 2019’s Numbers

Uber did manage to recover in all the metrics above for Q3 2020 as things began to improve around the world but the numbers are still no comparison to the levels reached in 2019, a clear effect of the Coronavirus pandemic. Q3 2020’s net revenue of $2.8B is still more than 20% lower compared to the same period in 2019.

It is important to note that many countries are still experiencing second and third waves and so the recovery might still be short-lived. With varying situations around the world especially in key metropolitan areas where Uber operates, the immediate future is still full of uncertainty for Uber.

Prada’s Profits Drop by $219 Million, Sales in China Up by 60%

Esan Bolaji
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Prada’s Profits Drop by $219 Million, Sales in China Up by 60%

The year 2020 has been a truly challenging year for all kinds of businesses, including the most popular luxury brands. Due to store closures, Prada Group, as well as luxury groups LVMH and Kering, gained underwhelming financial results and tremendous losses in the first two quarters of 2020.

According to the research data analyzed and gathered by Comprar Acciones, Prada Group swung to a $219 million loss in Q1 and Q2 2020. In comparison, it was able to attain profits of around $190 million in the same period last year.

Prada’s Profits Drop by $219 Million, Sales in China Up by 60%

Net Sales of Prada Group By Brand from 2016 to 2019

Prada’s Profits Drop by $219 Million, Sales in China Up by 60% Brandspurng
SOURCE: Prada

Prada Group, which owns and operates Prada, Church’s footwear and Miu Miu, continues to manifest resilience during tough times. Even though its total retail sales dropped by 32%, it was able to triple its online sales in 2020.

Prada Closed 70% of Its Stores, Slicing Wholesale Sales by 71%

In order to minimize the company’s losses, around 70% of Prada’s stores were closed. This led to a whopping 71% decrease in total wholesale sales in Q1 and Q2 2020.

When it comes to Prada’s retail sales, all regions were affected. Its sales in the United States fell by 42%. Sales also dropped by 44% in the Middle East, 41% in Europe, while both the Asia Pacific and Japan experienced a 39% decline.

Prada’s Revenue Decline in H1 2020

Prada’s Profits Drop by $219 Million, Sales in China Up by 60% Brandspurng1
Source: Fashion United

Similarly, LVMH and Kering experienced drastic declines in their retail and wholesale sales. In the first half of 2020, Kering’s revenue collapsed by 29.6%. Its share price also fell slightly, from 598 euros to around 560 euros at the end of Q2 2020. Gucci, the company’s star brand, also wasn’t able to escape from a sudden revenue drop. In Q3 2020, its sales were down by 12%. Surprisingly, Gucci’s sister brand Bottega Veneta grew by 17%.

LVHM, the world’s biggest luxury group, also experienced a dramatic drop. From Q1 to Q3 2020, its total revenue stood at $36.9 billion, down by 21% year-over-year. Despite this, the group was still able to finalize its acquisition of Tiffany & Co. after around a year of wrangling.

Prada’s Sales in China Up by 60% 

According to a report from Prada, its sales in China have sharply recovered since the end of March 2020 when its stores have been reopened for the public.

The appetite of Prada’s Chinese customers has remained relatively strong in spite of the coronavirus pandemic. The luxury goods market is expected to face a 35% drop in 2020. However, many luxury groups estimate that the strong rebound that they enjoy since Q2 2020 thanks to their Chinese customers will greatly minimize the overall financial loss that they’ll have this year.

By the end of Q2 2020, Prada registered a 60% sales growth in China. In July 2020, its sales were up by 66%. Additionally, a massive 44% of the company’s total global sales came from the Asia Pacific region.

Based on a study by American consultancy company Bain & Company, 37% of the total sales in luxury goods worldwide in 2019 came from Chinese shoppers. The bulk of these Chinese customers were travelling abroad at the time of their purchase.

Lastly, a report from Statista indicates that the luxury goods market is estimated to rake in around $285 billion in 2020, down by $18 billion when compared to its 2019 total. Around $65 billion is expected to come from the United States, $38 billion from China and $27 billion in Japan.

Guinness Nigeria Announces the Resignation of Bismarck Rewane from its Board

Esan Bolaji
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Guinness Nigeria Announces the Resignation of Bismarck Rewane from its Board

This is to inform the Nigerian Stock Exchange, the investing public and other stakeholders of the resignation of Mr. Bismarck Jemide Rewane from the Board of Guinness Nigeria Plc with effect from 31st December 2020.

Mr. Bismarck Jemide Rewane, who until his resignation served as the Chairman of the Finance, Audit and Risk Committee of the Board, was appointed to the Board of Guinness Nigeria Plc as a Non-Executive Director in 2008.

Guinness Nigeria Announces the Resignation of Bismarck Rewane from its Board Brandspurng
Mr. Bismarck Jemide Rewane | www.brandspurng.com

The Board of Guinness Nigeria would like to express its appreciation to Mr. Bismarck Jemide Rewane for his leadership, focus and commitment to the success of the Company and wish him the best in his future endeavours.

Mr. Bismarck Rewane graduated from the University of Ibadan with a Bachelors and Honours degree in Economics (1972). He worked at several blue-chip financial institutions within Nigeria and abroad holding various senior management positions.

Between 1981 and 1989, he was with International Merchant Bank Nigeria Limited and held positions as General Manager, Assistant General Manager, Head of Development Finance Manager and Divisional and Credit Manager.

He was also with the First National Bank of Chicago, Barclays Bank of Nigeria and Barclays Bank International Plc, United Kingdom. An Associate of the Institute of Bankers, England and Wales, Mr. Rewane has served on the Board of several organisations, including Navgas (a Vitol Group subsidiary), NLNG Prize Award Foundation, UNIC Insurance Plc, Nigeria

Economic Summit Group, UBA Custodian Limited, Virgin Nigeria Airways Limited, Fidelity Bank Plc, First City Monument Bank Plc and Top Feeds Nigeria Limited. Bismarck Rewane joined the Board of Guinness Nigeria as a Non- Executive Director in 2008. He is the Chairman of the Finance and Risk Committee of the Board.

Livestock Feeds Plc Announces the Resignation of Godwin Abimbola Samuel as a Director

Esan Bolaji
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Livestock Feeds Plc Announces the Resignation of Godwin Abimbola Samuel as a Director

Livestock Feeds Plc wishes to inform The Nigerian Stock Exchange and the investing public that Mr. Godwin Abimbola Samuel has resigned as a Non-Executive Director on the Board of the Company with effect from 31st December 2020, following his retirement from UAC of Nigeria Plc, which he represented on the Board of the Company.

The Board has accepted his resignation and appreciated his immense contributions to the Company.

Livestock Feeds Plc Announces the Resignation of Godwin Abimbola Samuel as a Director Brandspurng
Mr. Godwin Abimbola Samuel | www.brandspurng.com

Mr. Samuel worked as a Senior Counsel with Messrs Deji Sasegbon & Co., and had a brief stint as Law Lecturer with the Lagos State University, Ojo before joining UAC of Nigeria Plc. on 15th October 1997 where he worked variously as Deputy Manager, Legal Services, Manager, Legal Services and National Customer Service Manager, UAC Foods Snacks Category.

On 15th November, 2006, he was appointed Company Secretary/Legal Adviser of UAC of Nigeria Plc., a position he holds till date. He is also the Company Secretary of UACN Property Development Company Plc and Chemical & Allied Products Plc among others within the UACN group.

He is a Non-Executive Director of UAC Registrars Limited. He was appointed to the Board of Livestock Feeds Plc on February 2013.

Mr. Samuel holds an LL.B (Hons) Second class (Upper Division) of Lagos State University, Ojo (1990). He was called to the Bar in 1991 with a Second class (Upper Division) performance in the Nigerian Law School Bar examinations.

He also holds an LL.M degree of the University of Lagos, Akoka. He has attended several Legal, Secretarial and Management courses locally and internationally among which are Developing General Management Potential Course of Cranfield School of Management, Cranfield University, UK and Haggai Institute Advanced Leadership Seminar, Singapore.

He is also a member of the Nigerian Bar Association and the International Bar Association.

AXA Mansard Insurance Appoints Kuldeep Kaushik As Director; 2 Directors Resign

Esan Bolaji
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AXA Mansard Insurance Appoints Kuldeep Kaushik As Director; 2 Directors Resign

AXA Mansard Insurance Plc. announces the resignation of its Non-Executive Directors, Mr. Lesley Ndlovu and Mr. Thomas Wilkinson from the Board effective December 30, 2020.

The Board and Management of the Company commends Mr. Lesley Ndlovu and Mr. Thomas Wilkinson for their overall contribution to the growth of the Company during their tenure on the Board.

Appointment to the Board

Mr. Kuldeep Kaushik joins the Board of AXA Mansard Insurance as a Non-Executive Director and his appointment has been duly approved by NAICOM.

Mr. Kushik has over 18 years’ experience in corporate & business strategy, business transformation and operational excellence, business development, program management, change management and technology consulting. He also has extensive experience in Life, Savings and Health Insurance businesses.

His appointment has been duly approved by National Insurance Commission, He is currently the Chief Operating Officer of AXA International and New Markets. Prior to this, he worked at AXA Hong Kong where he headed the Operations & Transformation team.

Local Bourse Wrap-up Stellar Year with a 1.92% Gain, YTD Settled +50.03%

GTI
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Local Bourse Wrap-up Stellar Year with a 1.92% Gain, YTD Settled +50.03%

The local bourse today (Thursday) closed transactions for the year with a gain of 1.92%, driven mainly by price appreciation on BUACEMENT. Today’s gain which stretched the market positive run to three successive sessions also saw the market year-to-date (YTD) performance index climbed to +50.03%; the strongest in the last decade.

Nevertheless, market breadth closed negatively, recording 18 gainers as against 24 losers.

In summary, the All-Share Index (ASI) gained 758.41 absolute points, representing a gain of 1.92% to close at 40,270.72 points. Similarly, the overall Market Capitalization value also appreciated by N396.56 billion, representing a growth of 1.92% to close at N21.056 trillion.

BOCGAS recorded the highest percentage gain for today with a maximum price appreciation of +10.00%, while FTNCOCA emerged top of the losers’ chart (for the second successive session) with a price depreciation of -9.59%.

Today’s uptrend was also driven by price appreciation in medium and large capitalized stocks amongst which are; FCMB (+9.90%), BUACEMENT (+9.87%), NEM (+9.82%), MTNN (+6.19%), and UBA (+1.17)

MARKET STATISTICS

CAP N21,056,759,785,054.57 One Day (ASI CHG) +1.92%
Index 40,270.72 One Week (ASI CHG) +3.79%
Volume 710,705,919.00 One Month (ASI CHG) +14.58%
Value N10,081,889,852.81 Six Months (ASI CHG) +62.00%
Deals 4,396.00 52 Weeks (ASI CHG) +51.34%
Gainers 18 Losers 24
Unchanged 64 Total 106
YTD Returns +50.03%

Source: NSE, GTI Research

Sector Performance

Sector %    Change
NSE30 +2.26
BANKING -0.89
CONSUMER GOODS +0.62
INDUSTRIAL +3.90
INSURANCE -0.41
LOTUS ISLAMIC +3.28
OIL/GAS +0.65

 

Top 7 Traders By Volume

Security Volume Value (₦)   Closing Price (₦)
AIICO   205,997,791.00      234,226,582.89 1.13
ACCESS     99,649,007.00      898,546,157.55 8.45
JAPAULGOLD     85,742,610.00        49,591,546.08 0.62
FBNH     48,314,367.00      342,906,194.20 7.15
ZENITHBANK     44,036,896.00   1,093,971,423.65 24.8
UBA     37,351,765.00      322,470,189.60 8.65
MTNN     25,438,081.00   4,073,188,501.70 169.9

 

Top 7 Traders By Value

Security Volume Value (₦)   Closing Price (₦)
MTNN     25,438,081.00   4,073,188,501.70 169.9
DANGCEM       8,604,254.00   2,095,165,517.30 244.9
ZENITHBANK     44,036,896.00   1,093,971,423.65 24.8
ACCESS     99,649,007.00      898,546,157.55 8.45
FBNH     48,314,367.00      342,906,194.20 7.15
UBA     37,351,765.00      322,470,189.60 8.65
AIICO   205,997,791.00      234,226,582.89 1.13

Foreign stock investors withdrew N433.15bn in 11 months as investments in Nigerian shares rise by 80.6%

Esan Bolaji
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0
Foreign stock investors withdrew N433.15bn in 11 months as investments in Nigerian shares rise by 80.6%

Foreign investors took out a total sum of N433.15bn from Nigeria’s stock market from January to November in 2020, compared to N481.96bn in the same period of 2019, a new report by the Nigerian Stock Exchange on Wednesday has shown.

Foreign portfolio investments in the Nigerian stock market rose by 80.6 per cent to its highest level in 11 months as Nigerian equities continued to outperform average global return.

Foreign stock investors withdrew N433.15bn in 11 months as investments in Nigerian shares rise by 80.6%

The NSE, in its domestic and foreign portfolio report, said foreign inflows into the market fell to N226.13bn year-to-date from N 397.44bn in 2019.

Nigeria’s latest foreign portfolio investment (FPI) report obtained at the weekend showed that foreign portfolio inflows rose by 80.6 per cent to N25.28 billion in October 2020, a major leap from N14 billion recorded in September 2020. The latest inflow represents the highest since December 2019, with the closest being N25.27 billion recorded in June 2020.

Foreign portfolio investment outflow includes sales transactions or liquidation of portfolio investments through the stock market, while the FPI inflow includes purchase transactions on the NSE (equities only), according to the data.

Total transactions at the nation’s bourse increased by 29.77 per cent from N244.90bn (about $634.55m) in October 2020 to N317.81bn (about $813.87m) in November 2020.

The NSE said the total value of transactions executed by domestic investors in November outperformed transactions executed by foreign investors by about 58 per cent.

It said total domestic transactions increased by 53.51 per cent from N163.18bn in October to N250.50bn in November.

“Total foreign transactions, however, decreased by 17.63 per cent from N81.72bn (about $211.75m) in October to N67.31bn (about $172.38m) in November,” it said.

According to the report, institutional investors outperformed retail investors by 16 per cent.

It said retail transactions increased by 52.10 per cent from N69.94bn in October to N106.38bn in November.

“The institutional composition of the domestic market increased by 54.57 per cent from N93.24bn in October 2020 to N144.12bn in November 2020.”

The total foreign transactions carried out from January to November stood at about N659.28bn, compared to total domestic transactions of N1239.62bn.

The Head of Macroeconomic Research at EFG Hermes, Mohamed Basha, said the scarcity of foreign exchange in Nigeria was making foreign investors wary of sending their money to the country.

Basha noted that Nigeria’s economy faced a very tough 2020, suffering from a double whammy of collapse in oil prices and pandemic shock, which weighed heavily on the country’s fiscal position and the real economy.

Equity Market: NSEASI approaches 40,000pts

Esan Bolaji
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Equity Market: NSEASI approaches 40,000pts

The equity market continued northwards as the ASI inched up by 1.03% to 39,512.31pts at the end of yesterday’s trading session. Hence, YTD return and Market capitalisation settled at 47.2% and N20.7trn respectively.

However, activity level was mixed as the volume of transactions plunged 48.4%, while the value of transactions gained 162.6% to close at 372.9Mn units and N11.5bn respectively.

The sectorial performance was broadly bullish as three of five sectors under our watch closed green. The industrial goods (+3.74%) led the gainers’ campaign, fueled by price appreciation in BUACEMENT (+10.0%).

Also, the Insurance (+3.0%) and Consumer Goods (+0.4%) sectors were up, thanks to LINKASSURE (+8.3%), NEM (+9.4%), and INTBREW (+10.0%). Contrarily, the Banking (-0.7% and Oil & Gas (-0.4%) sectors were down, dragged by price declines in ACCESS (-2.3%), GUARANTY (-0.6%), and OANDO (-3.3%).

Market sentiment, measured by market breadth which strengthened to 1.3x — 24 gainers vs. 19 laggards —improved. As trading opens for the last day of the year, we expect DANGCEM’s share buyback program to be the highlight of market activities. Again, we anticipate the final trading session of the year to close on a positive note.

Bank of Industry Concludes N1bn Syndicated Term Loan in the International Market

Esan Bolaji
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Bank of Industry Concludes N1bn Syndicated Term Loan in the International Market

In line with the focus of President Muhammadu Buhari’s administration to revitalise Nigeria’s Industrial sector and create 10 million jobs by leveraging the Nigeria Industrial Revolution Plan and the Economic Recovery and Growth Plan, the Bank of Industry (BOI) has just successfully concluded a landmark US1bn loan syndication transaction.

The transaction is aimed at further improving the capacity of the bank to continue to effectively support Micro, Small, Medium and Large enterprises (across key sectors) of the Nigerian economy with affordable loans of medium to long-term, alongside moratorium benefits.

Bank of Industry Concludes N1bn Syndicated Term Loan in the International Market Brandspurng

This transaction marks the third major international debt syndication deal successfully concluded by BOI within the last 3 years. In 2018, the bank raised the sum of US$750 million (Arranged by African Export-Import Bank “Afreximbank”) which has been fully repaid, and in March this year concluded a billion loan deal (Lead arranged by Afreximbank, Credit Suisse, Rand Merchant Bank and Sumitomo Mitsui Banking Corporation Europe Limited (SMBC).

Afreximbank and Credit Suisse acted as Co-ordinating Mandated Lead Arrangers, Underwriters, and Bookrunners of the transaction. Africa Finance Corporation, First Rand (Rand Merchant Bank) and Sumitomo Mitsui Banking Corporation subsequently joined as Mandated Lead Arrangers and Bookrunners, while the Export-Import Bank of China joined as a Mandated Lead Arranger.

Afreximbank acted as the Facility Agent and Security Trustee for the deal. We are pleased to report that 28 international financial institutions and funds participated in this transaction, which was initially launched at US$750m, but upsized to US$1bn due to over-subscription.

Key factors that led to the success of this deal despite the challenges presented by the COVID-19 pandemic include amongst others, the impressive credit ratings of the bank (long term issuer default rating of B with a stable outlook from Fitch, long term issuer rating of B2 from Moody’s and Aa from Agusto), its ISO certifications in both Quality Management Systems and Information Security, as well as the strong strategic partnership that the bank has developed with the Nigerian commercial banks, who patriotically continue to provide credit enhancements and de-risking tools to BOI customers.

Of particular and special note is the support of our owners (the Federal Ministry of Finance Incorporated and the Central Bank of Nigeria), the Federal Ministry of Finance, Budget and National Planning and our supervising ministry, the Federal Ministry of Industry, Trade and Investment.

The Governor of the Central Bank of Nigeria and his Committee of Governors supported BOI by providing a full guarantee for the facility and a 100% currency swap to mitigate the foreign exchange rate risk.

The facility will be disbursed in Naira at single-digit interest rates to borrowers with bankable projects. Between 2015 and October 2020, the Bank of Industry with the support of its various stakeholders disbursed over 945 billion to 3,013,087 enterprises, thus creating over 6.87 million estimated direct and indirect jobs.

With the successful conclusion of this deal, the Board and management of Bank of Industry is confident that the bank is now better positioned to catalyze domestic production and facilitate job creation on a transformational scale, enhance local industry competitiveness, attract domestic and foreign investments, integrate our local industries into domestic, regional and global value chains, grow our export earnings and positively impact the overall economic development of Nigeria in line with its mandate and especially in light of the planned commencement of the African Continental Free Trade Agreement (AfCFTA) in January 2021.

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