Implications of Tranche 1 Share Buyback Program by Dangote Cement

Esan Bolaji
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Implications of Tranche 1 Share Buyback Program by Dangote Cement

Buyback of tranche I – 0.5% (85,202,537) of all outstanding shares – will have a negligible impact on ’20E EPS. However, we estimate an improvement of c.11.1% to our 2021E EPS forecast, assuming management completes the full 10% buyback programme over the next 12 months.

This morning, Dangote Cement announced the resumption of its long-awaited share buyback scheme. According to the firm, the programme will be executed in tranches, with the first tranche commencing on December 30th and closing on the 31st or when the tranche size is complete. 

The market had anticipated an announcement through last week, which resulted in the 14.5% rally w/w. To our mind, it appears that the firm is ‘testing the waters’ and, given the discretionary nature of the exercise, may not eventually purchase shares if prevailing conditions are unsuitable. We note that shares purchased under the buyback programme will be held as treasury shares and may subsequently be cancelled.

According to our estimates, the tranche I buyback programme would have a negligible impact on our ’20E EPS forecast. However, looking further out and assuming that the 10% buyback is successfully completed, we estimate a positive potential improvement of around +11.1% to our ’21E EPS projection to NGN20.46 (see table below). We anticipate a similar impact on Dangote Cement share price under current conditions.

Dangote Cement Share Buyback Programme – 10%

Dangote Cement (N millions) No of shares (millions) Price (N)
       
Dangote Cement current Market cap                   3,569,986                    17,041 209.5
       
Dangote Cement Share Buyback                                  –                        1,704  
       
*Dangote Cement Market cap – buyback                   3,212,988                    15,336 209.5
       
2021 PAT forecast pre buyback (N’ millions)                      313,714    
       
2021 PAT forecast post buyback (N’ millions)                      313,714    
       
EPS pre-buyback (N)                           18.41    
       
EPS post-buyback (N)                           20.46    
       
Potential EPS impact 11.1%    
       
Pre-buyback P/E (x)                             11.4    
       
Post-buyback P/E (x)                             10.2    

*assuming current DangCem share price as at 21/12/2020

On a relative basis, DangCem’s shares are trading on a ’20f EV/EBITDA multiple of 8.4x for 8.6% EPS growth in ’21f. We have a Neutral rating on the stock.

Erica Nlewedim Pays Courtesy Visit to Abia State Governor

Esan Bolaji
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Erica Nlewedim Pays Courtesy Visit to Abia State Governor

Following the two-day Homecoming Tour in Umuahia, Abia State, Legend Extra Stout, and brand ambassador, Erica Nlewedim has paid a courtesy visit to the Abia State Governor, His Excellency, Dr. Okezie Ikpeazu at the State Government House on Thursday, December 17, 2020.

This comes barely a month after Erica was officially announced as the new face of Legend and Star Radler during the unveiling of the new look for both brands.

Erica Nlewedim , Abia State Governor brandspurng
L – R: Brand Ambassador, Legend Extra Stout, Erica Ngozi Nlewedim; Sales Director, Nigerian Breweries; Uche Unigwe and Abia State Governor, His Excellency, Dr. Okezie Ikpeazu during the official presentation of the ‘Legend Torch’ at the State Government House in Umuahia, Abia State | www.brandspurng.com

With the homecoming tour, Erica reconnected with her roots as she basked in the splendour of the Igbo culture while the brand deepened its connection and engagement with consumers in the eastern region. During her stint on the reality show, the brand ambassador had revealed that she was yet to visit her hometown.

The Nigerian Breweries team, led by the company’s Sales Director, Uche Unigwe, was received warmly at the State Government House in Umuahia. At the courtesy call, Mr. Unigwe expressed gratitude for the continued support of the Abia state government towards Nigerian Breweries’ business operations in the state.

“Since we began our operations in 1957 till date, the Abia State Government has continually provided us with the necessary support required to enable our business to thrive.

When we decided to improve our consumers’ experience with Legend Extra Stout with a smoother taste and give it a modern look, our Aba brewery was where we rolled out the first batch of the all-new Legend. This is why we have come to present this success to your excellency and Abians in appreciation for the hard work we put in together”.

” More so, one of the key messages we are driving with the relaunch is authenticity. This is a virtue that resonates well with the people of Abia state as they are known for their creative ingenuity. This runs true with the commercialization of ‘Made in Aba’ products in Nigeria and overseas.

Your administration has also made substantial investments in championing the promotion of said ingenuity through entrepreneurship. These amongst several other reasons are what endeared us to bring the Homecoming tour to Abia state”. said Sales Director, Nigerian Breweries, Uche Unigwe.

While receiving the Nigerian Breweries team, the Abia State Governor, His Excellency, Dr. Okezie Ikpeazu said “We are particularly proud to associate with Nigerian Breweries for many reasons. One of which is your deep sense of industry, resilience, innovation, and handwork. These are some of the virtues that lay in our DNA here in Abia state”.

“We are indeed proud of your investments in our ecosystem and the recent investment in aba reinforces our beliefs that the relationship between Abia state and Nigerian Breweries is progressive and mutually beneficial.

I am hopeful that we will continue to create such synergy in our efforts to empower our youths and reinforce their faith in their crafts and capabilities. I want to commit on behalf of myself and the government that we will do everything to make sure you remain at the top in the beverage industry in Nigeria” the Governor added.

Sharing her excitement about the tour so far, Erica said “Thanks to my Legend Extra Stout family for bringing me home, with the love and warmth I received here, I wish I had visited Abia much earlier. Meeting the governor and the people of Abia state has been most exciting. Their resilience, hard work, and adventurous nature were totally inspiring”.

After the courtesy visit, Erica and the brand team embarked on a city tour around the streets of Umuahia, trailed and hailed by fans and passers-by. The tour which commenced on Wednesday, December 16, finally came to an end with a visit to some of the brand’s distributors and the Flowzone party at De Latinos Bar where fans got the opportunity to explore, express, and celebrate their creativity and authenticity while enjoying the reformulated taste of Legend.

NDIC set to liquidate 42 Microfinance Banks

Esan Bolaji
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0
NDIC set to liquidate 42 Microfinance Banks

The Central Bank of Nigeria (CBN) has closed 42 microfinance banks, according to the latest report from the Nigeria Deposit Insurance Corporation (NDIC).

Depositors, creditors, shareholders and the general public were advised to visit or contact the representatives of Director, Claims Resolution Department, NDIC at any of the locations below, in the report titled “Notice of closure of 42 microfinance banks” and published on the NDIC website on Friday.

NDIC set to liquidate 42 Microfinance Banks Brandspurng

The report stated,

“This is to inform the depositors, creditors, shareholders and the general public that the operating licences of the under listed 42 microfinance banks have been revoked by the Central Bank of Nigeria effective 12th November 2020.

“The Nigeria Deposit Insurance Corporation, the official liquidator of the banks whose licences were recently revoked, is in the process of closing the listed banks and pay their insured depositors.

“We, therefore, request that all depositors of these banks should visit the closed banks’ addresses and meet NDIC officials for the verification of their claims, commencing from Monday, 21st December 2020 till Thursday, 24th December 2020.”

Here are the names and addresses of the affected microfinance banks.

S/N BANK ADDRESS
1 HEDGEWORTH MFB GUOBA PLAZA SUITE B06, – 171, A.E. EKUKINAM STREET, BY CHISCO, UTAKO, ABUJA
2 FUTURE GROWTH MFB REAL TOWER PLAZA, PLOT 1121 OBAFEMI AWOLOWO WAY, UTAKO, ABUJA
3 BAGWAI MFB BAGWAI-SHANONO ROAD, BAGWAI LGA, KANO
4 ERE CITY MFB ERE-IJESHA/IIIAHUN ROAD, ERE-IJESHA, ORIADE LGA, OSUN
5 CAFON MFB GARKI POLICE BARRACKS, GARKII, FCT, ABUJA
6 AKCOFED MFB EKIT ITAM II (BESIDE WATER BOARD), P. O. BOX 2048, UYO, AKWA-IBOM STATE
7 GUFAX MFB N0. 3 UDOTUNG UBO STREET UYO, AKWA IBOM STATE
8 PARTNERSHIP MFB 107 UPPER IWEKA ROAD, ONITSHA, ANAMBRA STATE
9 ICB MFB IIIAH-ASABA ROAD, OSHIMILI NORTH LGA, IIIAH, DELTA STATE
10 ONIMA MFB NIPOST BUILDING, EKEOCHA ONICHA, EZINIHITTE MBAISE LGA, IMO STATE
11 HOMETRUST (NATIONS) MFB 76, ORLU ROAD, NKWERE, IMO STATE
12 RINGIM MFB OPP. RINGIM CENTRAL MARKET, RINGIM, JIGAWA STATE
13 BIGTHANA MFB 6, ALI AKILU ROAD, KADUNA
14 ROGO MFB ROGO TOWN, ROGO LGA, KANO STATE
15 MAKODA MFB NO 15, KOGUNA TOWN, MAKODA LGA, KANO
16 TAKAI MFB TAKAI TOWN, TAKAI LGA, KANO STATE
17 BEBEJI MFB NO. 10 GIDAN IYAN, BEBEJI TOWN, BEBEJI L.G.A., KANO STATE
18 AJINGI MFB NO. 10 HAKIMI STREET, AJINGI TOWN, AJINGI LGA, KANO STATE
19 GARKO MFB 3, GARKO TOWN, KANO
20 KANGIWA MFB KANGIWA TOWN, KANGIWA LGA, KEBBI STATE
21 AUGIE MFB AUGIE TOWN, AUGIE LGA, KEBBI STATE
22 MOPA MFB SILAS BAMIDELE DANIYAN HOUSE, KABBA-ILORIN ROAD, MOPA, KOGI-STATE
23 SOLID BASE MFB EKIRIN ADDE, IJUMU LGA, KOGI STATE
24 ULTIMATE BENEFIT MFB 150C, OKENE KABBA ROAD, LOKOJA, KOGI
25 OVIDI MFB NO. 1, ATTA ROAD, OKENE, KOGI STATE
26 KIRFI MFB KIRFI TOWN, KIRFI LGA, BAUCHI
27 CREDIT EXPRESS MFB 27, KAKAWA STREET, LAGOS
28 KING SOLOMON MFB GOD BLESS NIGERIA HOUSE, 117/119, WETSERN AVENUE, IPONRI, LAGOS
29 RIGGS MFB PLOT 5, IMAN ABIB ADETORO STREET, OFF AJOSE ADEOGUN STREET, V.I., LAGOS
30 BILLIONAIRE BLUE BRICKS MFB APERIN HOUSE (2ND FLOOR) BLOCK I, PLOT 27, BUDO LAYOUT AJIWE, LEKKI EPE EXPRESSWAY, AJAH, LAGOS STATE
31 SUSU MFB 34, COMMERCIAL AVENUE SABO, YABA, LAGOS
32 WEALTHSTREAM MFB AQUARIUS BLOCK, ELEGANZA PLAZA, GROUND FLOOR, LEFT WING 1 COMMERCIAL ROAD, APAPA, LAGOS
33 AGUDA TITUN MFB 21, SHONOLA STREET, AGUDA TITUN, OGBA, LAGOS
34 SAPPHIRE MFB 111, ABAK ROAD, UYO, AKWA IBOM STATE
35 METRO MFB 15, OTUNUBI STREET, OFF HARUNA, OGBA, IKEJA, LAGOS
36 MOUNTAIN TOP MFB PROGRESS BLOCK, SHOP A102, AFRICAN TYRE VILLAGE, OPP. APT TRADE FAIR COMPLEX, LAGOS/BADAGRY EXPRESS WAY, LAGOS
37 UNYOGBA MFB 1, ALOMA ROAD, OPP. MKT. SQ., EJULE, OFU LGA, KOGI STATE
38 WAPO MFB OKENE-LOKOJA ROAD, NAGAZI, ADAVI LGA, OKENE, KOGI STATE
39 IBOGUN MFB IBOGUN EGBEDA, IFO LGA, OGUN STATE
40 KOREDE MFB NO. 3, LUWOYE STREET, IGBOTAKO, ONDO STATE
41 AHETOU MFB 26, EREMA ROAD, BYEPASS, AKABUKA, OGBA/EGBEMA/NDONI LGA, RIVERS STATE
42 FUFORE MFB NO. 25 GURIN ROAD, FUFORE LGA, ADAMAWA, YOLA STATE

For further clarification or any assistance, eligible depositors should contact the representatives of Director, Claims Resolution Department in any of the under-listed centres/Zonal Offices:

S/N OFFICE ADDRESS TELEPHONE NO.
1 Lagos Office NDIC, NECOM House (10th Floor), 15 Marina, Lagos 08166569995 09072412332
2 Enugu Zonal Office No. 10, Our Lord’s Street, Independence Layout, Enugu 08033006999
3 Benin 28A/28B, Benoni Hospital Road, Off Airport Road, GRA, Benin City, Edo State 08150999577 08150999588 08150999599 08150999600 08150999535
4 Kano Plot 458, Muhammad Muhammad Street, Off Maiduguri Road, Hotoro, GRA, Kano 09092748222 08063932722
5 Ilorin No.12A, Sulu Gambari Road, Ilorin 08023123185
6 Bauchi Plot No. 3, Bank Road, P.M.B. 0207, Bauchi 094601505
7 Sokoto No. 2, Gusau Road, Opp. NNPC Mega Station, Sokoto 08033155162
8 Yola No. 6, Numan Road, P.M.B. 2227, Jimeta, Yola, Adamawa State 08067910599 08068418069 08067923383 09-4601515 09-4601516
9 Port Harcourt No. 104, Woji Road, Off Olu Obasanjo Road, GRA, Port Harcourt, Rivers State 09090726737 09029150752
10 Head Office Abuja Head, Bank Examination Unit (BEU), NDIC, Abuja, 447/448, Constitution Avenue, Central Business District, Garki, Abuja

Jaiz Bank Predicts N747 Million Profit After Tax for Q1 2021

Esan Bolaji
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0
Jaiz Bank Predicts N747 Million Profit After Tax for Q1 2021
Jaiz Bank Plc, Nigeria’s premier non-interest bank, has predicted N747,367,808.78 billion Profit After Tax for the first quarter of 2021, according to the latest filing from the bank on the Nigerian Stock Exchange platform.

Jaiz bank estimated interest income at N5,793,140,397.68 while operating expenses was projected at N3,534,387,991.42.

Jaiz Bank Predicts N747 Million Profit After Tax for Q1 2021 Brandspurng1
SOURCE: NSE

A peek at the 9-month results for the period ended September 30, 2020

  • Profit before tax was N2.13 billion compared to N1.47 billion realised in the corresponding period of 2019, representing 44.4 per cent.
  • Profit after tax was N1.85 billion as at the end of September 30, 2020, compared to N1.25 billion earned at the end of September 2019, which shows an increase of 47.72 per cent.
  • Total assets of the bank as of September 30, 2020, was N210 billion compared to N167 billion in the corresponding period of 2019, which was a 25.67 per cent increment.
  • The bank declared N13.65 billion gross income at the end of September 30, 2020, compared to N9.37 billion in the corresponding period of 2019, a 45.71 per cent growth.
  • Jaiz Bank’s earnings per share increased by 48 per cent from 4.25 kobo on September 30, 2019, to 6.28 kobo as of September 30, 2020.

Jaiz Bank Predicts N747 Million Profit After Tax for Q1 2021

Jaguar Land Rover Employees Donate Christmas Food To Vulnerable Families

Esan Bolaji
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0
Jaguar Land Rover Employees Donate Christmas Food To Vulnerable Families

Thursday 17 December 2020 – Jaguar Land Rover employees are helping feed thousands of families across the UK this Christmas through a major donation drive to support local food banks.

Jaguar Land Rover Employees Donate Christmas Food To Vulnerable Families Brandspurng

Research by foodbank charity The Trussell Trust indicates that 52%* of households that needed support from a food bank since the start of the pandemic, had not used the service previously. With close to one hundred thousand new households in need across their network of food bank centres, this increased the food parcels needed by 61%*, equating to approximately six parcels given out every minute between October to December.

Jaguar Land Rover Employees Donate Christmas Food To Vulnerable Families Brandspurng

Jaguar Land Rover Employees Donate Christmas Food To Vulnerable Families Brandspurng

The effort is part of Jaguar Land Rover’s ‘12 Days of Christmas’ campaign, which encourages employees to support their local community during the festive season. Teams based in Halewood, Solihull, Whitley and the EMC have collectively donated over 16,000 food items.

Jaguar Land Rover Employees Donate Christmas Food To Vulnerable Families Brandspurng

Jay Round, Production Worker at Halewood, decided to launch a ‘food bank takeover’ for Knowsley Food Bank after discovering it was in desperate need of essentials in the build-up to Christmas.

Colleagues converted one of the site’s People Centres, normally used for events and communications support, into a temporary food bank for two days.

The team at Halewood made a collective employee pledge to donate a minimum of 1,200 items – which they achieved within a few hours. In total, employees have donated more than 6,000 items in addition to cash donations which will help feed hundreds of local families in need.

December is always a busy time for us but this year we’ve had more and more people in need of our services. We were expecting to feed 11,000 people this year but in fact, due to Covid-19, it will be around 60,000 – which is why we were getting desperately low on essential food items.

These are hard times for everyone but it’s so heart-warming to see so many people come together from Jaguar Land Rover Halewood to support us again in our commitment.

SIMON COWIE
CHIEF OPERATING OFFICER AT KNOWSLEY FOOD BANK

In Solihull, employees have donated £3,000 to three food banks: Renewal Helping Hands in Solihull, Bethany Community Outreach and Sparkhill Foodbank in Birmingham. The money came from its employees’ charity fund, which will help towards 10,000 food and essential items.

The donation is part of Solihull’s employee pledge to donate £50,000 to good causes this year to celebrate 50 years of Range Rover.

Staff at Jaguar Land Rover’s EMC filled up an on-site donation point in support of two local food banks, the Elias Mattu Foundation and Excel Church Food Bank which both received a generous delivery of 248 food items in total.

In Whitley, employees donated items to The Trussell Trust in Coventry which will help towards feeding 80 families over the Christmas period.

Community is at the heart of Jaguar Land Rover. We are so proud of all our employees who have gone above and beyond to help support some of the most vulnerable people in our local communities throughout the year

Along with the food bank campaign, our employees have donated thousands of pounds to local charities affected by the coronavirus, volunteered for the NHS and helped to produce Personal Protective Equipment (PPE) for hospitals and care homes during the pandemic this year.

The 12 Days of Christmas campaign is the perfect way to round off an incredibly difficult year for so many, with our employees continuing their support to our communities.

HOLLY JAGO
CORPORATE RESPONSIBILITY MANAGER

Kogi Overtakes Lagos in Investment Flow in Q3 2020 – NIPC

Esan Bolaji
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Kogi Overtakes Lagos in Investment Flow in Q3 2020 – NIPC

Nigerian Investment Promotion Commission (NIPC) reports that US$3.95 billion was tracked as investment announcements for Q3 2020. This represents 57% less than the value tracked in the corresponding period in 2019 (US$9.29 billion). The drop in value can be attributed to the impact of COVID-19 and its global economic impact.  

The Commission publishes NIPC Intelligence Newsletter 6 days a week, and through it, a total of 13 projects across 8 states were tracked. 3 of the investment announcements were start-up enterprises in health care delivery, and information and communication technology (software development).

Kogi State received the largest share of the investments announced with US$1 billion, followed by Lagos State with US$239 million, Ogun State with US$75 million and Cross Rivers State with US$15 million.

Kogi Overtakes Lagos in Investment Flow in Q3 2020 - NIPC Brandspurng
SOURCE: NIPC

On a sector basis, the top destinations were the transportation sector which received (66%), manufacturing (27%) while information and communication, and mining and quarrying received 3% and 2% respectively. Other sectors, agriculture, and human health and social services collectively accounted for the remaining 2%.

Nigerian-Investment-Promotion-Commission-NIPC-Brandspurng1 KOgi

China accounted for 66% of the investments tracked during the period. The other major sources of the investments tracked were the United Kingdom (28%), domestic investors (4%), and the United States (2%).

NIPC’s Intelligence Newsletter publishes Nigerian investment-related news culled, from various sources. This Q3 Report is based only on investment announcements cited in NIPC’s Newsletters from July to September 2020; it may not contain exhaustive information on all investment announcements in Nigeria during the period.

Nevertheless, the Report gives a sense of investors’ interest in the Nigerian economy. NIPC did not independently verify the authenticity of the investment announcements but is working on tracking the announcements as they progress to actual investments.

Download Investment Announcements, Q3 2020 Report Here

Dangote Cement to Commence Tranche 1 Share Buyback Program

Brand Spur
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Dangote Cement to Commence Tranche 1 Share Buyback Program

Dangote Cement Plc (DCP) hereby announces the commencement of its share buy-back programme.

The Share Buy-Back Programme will be executed under the approval granted by the Company’s shareholders at the Extraordinary General Meeting of DCP which held on 21 January, 2020, within the framework provided under Rule 398 (3)(xiv) of the Securities and Exchange Commission’s (SEC) Rules and Regulations (as applicable) and in accordance with Rule 13.18 of the Rulebook of the Nigerian Stock Exchange (NSE).

Dangote Cement to Commence Tranche 1 Share Buyback Program Brandspurng1

Based on the aforementioned shareholders’ approval, the number of shares to be repurchased under the Share Buy-Back Programme will not exceed 10% of DCP’s issued capital.

The Programme will be effected in tranches, with Tranche I being executed by the
appointed stockbrokers on the Company’s behalf.

Relevant details of this Tranche I are set forth below:

Dangote Cement to Commence Tranche 1 Share Buyback Program Brandspurng

The Company through its appointed Stockbrokers will at its discretion purchase DCP shares in the open market over the duration of Tranche I, subject to prevailing market conditions and under the current daily trading rules of The NSE.

DCP would however not be under any obligation whatsoever to purchase any or all of the DCP shares put on offer over the duration of Tranche I.

The shares being bought back by the Company under the Share Buy-Back Programme will be held as treasury shares, and may subsequently be cancelled. Execution of this Tranche I is not expected to have any material impact on the Company’s financial position.

Dangote Cement shareholders seeking to participate in Tranche I of the Share BuyBack Programme are hereby advised to contact their stockbrokers or any other independent professional adviser registered as a capital market operator by the SEC for further guidance on submission of trades on The NSE’s trading platform.

DCP will provide weekly updates on the progress of Tranche I of the Programme on its website over the duration of this tranche. The Company will continue to monitor the evolving business environment and market conditions, in making decisions on further tranches of the Share Buy-Back Programme.

Shareholders and investors are advised to exercise caution when dealing in the securities of Dangote Cement until the completion of Tranche I of the Share BuyBack Programme. An announcement will be published upon completion of Tranche I of the Programme.

Dangote Cement is Africa’s leading cement producer with operations in over ten (10) African countries including Nigeria, Cameroon, Congo, Ethiopia, Ghana, Senegal, Sierra Leone, South Africa, Tanzania and Zambia.

The Company generated revenues of N761.44 billion in ninemonth period ended 30 September, 2020 (9M 2019: N679.79 billion) and net profit of N208.69 billion (9M 2019: N154.35 billion). DCP is a public company listed on The Nigerian Stock Exchange.

Nigeria: Transport fares continue to rise – NBS

Esan Bolaji
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0
Nigeria: Transport fares continue to rise – NBS
The Nigerian Bureau of Statistics (NBS) said the average fare paid by commuters for bus journey within the city increased by 3.61% month-on-month and by 73.84% year-on-year to N333.86 in November 2020 from N322.22 in October 2020.
States with highest bus journey fare within city were Zamfara (N595.22), Bauchi (N510.65) and Nasarawa (N438.45) while States with lowest bus journey fare within city were Abia (N195.24), Borno (N213.21) and Kebbi (N220.30).

Nigeria: Transport fares continue to rise – NBS

A breakdown of the figures in the data released by the Nigerian Bureau of Statistics, NBS,  shows that the average fare paid by commuters for bus journey intercity increased by 1.39% month-on-month and by 36.38% year-on-year to N2,240.66 in November 2020 from N2,209.84 in October 2020.

States with highest bus journey fare intercity were Abuja FCT (N4,380.40), Lagos (N3,100.00) and Sokoto (N3,100.00) while States with lowest bus journey fare within city were Bayelsa (N1,500.10), Enugu (N1,597.10) and Bauchi (N1,642.12).

Average fare paid by air passengers for specified routes single journey increased by 0.13% month-on-month and by 18.47% year-on-year to N36,301.74 in November 2020 from N36,256.08 in October 2020.

States with highest air fare were Anambra/ Cross River (N38,500.00), Lagos (N38,400.00), Jigawa (N38,260.00) while States with the lowest airfare were Akwa Ibom (N32,500.00), Sokoto (N33,200.00), and Gombe (N34,550.00).

The Transport fare watch report for November 2020 covers the following categories namely bus journey within the city per drop constant route; bus journey intercity, state route, a charge per person; airfare charge for specified routes single journey; journey by motorcycle (Okada) per drop; and waterway passenger transport.

Average fare paid by commuters for journey by motorcycle per drop increased by 4.13% month-on-month and by 120.15% year-on-year to N276.38 in November 2020 from N265.41 in October 2020.

States with highest journey fare by motorcycle per drop were Niger (N1,520.46), Kogi (N390.15) and Taraba (N360.40) while states with lowest journey fare by motorcycle per drop were Adamawa (N75.99), Katsina (N110.40) and Kebbi (N140.28).

Average fare paid by passengers for water way passenger transport increased by 0.86% month-on-month and by 35.39% year-on-year to N756.84 in November 2020 from N750.42 in October 2020.

States with the highest fare by waterway passenger transport were Delta (N2,294.23), Bayelsa (N2,215.65) and Rivers (N2,185.10) while states with the lowest fare by water way passenger transport were Borno (N229.10), Gombe (N280.10) and Kebbi (N300.00).

Price of 1kg of Rice Increases by 23.46% YoY in November 2020 – NBS

Esan Bolaji
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0
Price of 1kg of Rice Increases by 23.46% YoY in November 2020 – NBS

The National Bureau of Statistics (NBS) says that the average price of 1 dozen of Agric eggs medium size increased year-on-year by 6.64% and month-on-month by 1.42% to N494.72 in November 2020 from N487.81 in October 2020.

The NBS disclosed this in a Selected Food Price Watch Data for November made available to Brand Spur Nigeria.

The bureau said that the average price of a piece of Agric eggs medium size (the price of one) increased year-on-year by 8.68% and month-on-month by 2.36% to N44.75 in November 2020 from N43.72 in October 2020.

The report stated that  The average price of 1kg of tomato increased year-on-year by 25.86% and month-on-month by 2.77% to N316.16 in November 2020 from N307.63 in October 2020.

According to the report, the average price of 1kg of rice (imported high quality sold loose) increased year-on-year by 23.46% and month-on-month by 3.71% to N549.98 in November 2020 from N530.32 in October 2020.

Similarly, the average price of 1kg of yam tuber increased year-on-year by 16.26% and decreased month on month by -2.72% to N236.25 in November 2020 from N242.87 in October 2020.

Notably, pressures on the food inflation sub-index are likely to continue in December due to festivities-related demand and supply shortages amid lingering insecurity, structural bottlenecks, and currency market volatilities.

Nord Automobiles Launches Five Models Assembled in Nigeria

Esan Bolaji
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0
Nord Automobiles Launches Five Models Assembled in Nigeria

Nord Automobiles Limited has launched five models assembled in Nigeria, introducing the much-needed excitement in the Nigerian auto industry.

On the line-up presented at the Landmark event centre, Victoria Island Lagos were five solid models, representing passenger and commercial vehicles. The five Nord models assembled in Lagos and unveiled are the Nord sedan A3; the Nord SUV A5; Nord Flit minibus; Nord Max pick up; and Nord Tank pickup.

Nord-Unveils-Five-Models-Assembled-in-Nigeria-Brandspurng
L – R: Nollywood star, Chioma Akpotha; Chairman/CEO, Nord Automobiles Ltd., Mr. Oluwatobi Ajayi; his wife, Theodora, and another Nollywood star, Omoni Oboli, at an event. | www.brandspurng.com

According to the Chief Executive Officer of the company, Mr Oluwatobi Ajayi, Nord was born out of the need to check the importation of substandard vehicles into Nigeria, and to drastically reduce the huge amounts spent annually on automobile importation.

Nord Automobiles Launches Five Models Assembled in Nigeria Brandspurng
Nord SUV A5
Nord Automobiles Launches Five Models Assembled in Nigeria Brandspurng1
NORD A3
Nord Automobiles Launches Five Models Assembled in Nigeria Brandspurng2
NORD FLIT
Nord Automobiles Launches Five Models Assembled in Nigeria Brandspurng3
NORD MAX
Nord Automobiles Launches Five Models Assembled in Nigeria Brandspurng4
Nord Tank

He stated that the fast-evolving Nigerian market has shown a strong demand for vehicles that are stylish, comfortable and have premium features, hence, Nord models have come to meet the demand.

Nord-Unveils-Five-Models-Assembled-in-Nigeria-Brandspurng

With the launch of these vehicles, he added, “we aim to exceed expectations by offering our customers world standard products at very competitive prices.”

“The Nord vehicles are designed for the discerning customer, who craves daily satisfaction and full automobile experience. They are a perfect combination of style, performance and fuel efficiency.”

Exterior design & Interior design

The exterior design of any Nord vehicle replicates class and luxury with a striking presence and bold looks to make sure that your car stands out anywhere you are. The popular Nord Tank has a led daylight running light and a four-wheel drive, the exteriors are powerful and elegant.

The interior design is rich and sophisticated and includes several features including a one-button drive function, Eco-drive system, touch screen infotainment, blue tooth, audio streaming, HDMI-in-slots, USB-in-slots. The interior is made with premium upholstery.

Safety Features:

Nord vehicles are equipped with Antilock Braking System, Electronic Brake Distribution, dual front airbags, and with the highest safety rating by Euro NCAP and C-NCAP.

Colour Variants:

Nord vehicles have over 6 different colours variant to customize your car with, with options on the website to customize your vehicle giving it a personalised feel.

Safety Service and warranty:

Delivery of the models would begin immediately, from dealers. The Nord vehicles would offer complete peace of mind with 1 FREE scheduled maintenance at 3 months or 5000km. Customers can opt for an extended after-sales plan for total peace of mind.

Nord Mission and Objective:

To be a global automotive company that designs and assembles premium vehicles at a relatively competitive price while offering easy access to full ownership and superior after-sales service.

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