The Board of Directors of PZ Cussons Nigeria Plc, hereby announces the retirement of its Chairman of the board, Chief Kola Jamodu, CFR.
Chief Kola Jamodu will retire as Non-Executive Director and Chairman of the Board effective 11 December 2020 to enable him to pursue other personal endeavours.
Chief Kola Jamodu, CFR. | www.brandspurng.com
Chief Jamodu joined PZ Cussons Group in 1974 and served in Executive positions for 24 years rising to the position of Chief Executive Officer of the Company, a position he held until he retired in 1999.
He thereafter continued as a Non-Executive Chairman of the Board until 2001 when he was appointed as the Honourable Minister of Industry of the Federal Republic of Nigeria, a position he held until 2003. He was reappointed as the Chairman of the Board of PZ Cussons Nigeria Plc in November 2014.
An alumnus of the Harvard Business School, Boston, USA, Chief Jamodu is a fellow of the Institute of Chartered Accountants of Nigeria; a Fellow of the Chartered Institute of Taxation of Nigeria; a Fellow of the Chartered Institute of Management Accountants, London and a Fellow of the Institute of Chartered Secretaries & Administrators (ICSA), London.
A Chartered Global Management Accountant (CGMA), Chief Jamodu is also a Distinguished Fellow of the Institute of Directors, Nigeria. He is an Honorary Member of the Nigerian Industrial Policy and Competitiveness Advisory Council.
He is currently on the Board of Nigerian Breweries Plc as its Chairman. He was a former President of the Manufacturers Association of Nigeria and a past President of the Harvard Business School Alumni Association of Nigeria.
Topline Analysis: CPO production expansion spur Revenue growth
OKOMU OIL revenue for 9M-2020 jumped 19.8%y/y to N18.6bn. The increase was fueled by the continuous closure of land border which has reduced the activities smuggler of lower CPO, FX scarcity which has curtailed imports and creates an avenue for local players to increase CPO prices and also drive volume in a bid to meet the growing demand in the country.
Okomu Oil Plc: Brighter days ahead – www.brandspurng.com
Notably, the Q3-2020 standalone revenue saw a decline of 27.0% to N5.1bn, this was due to the high base effect of the corresponding quarter in 2019. Analysing the 9M revenue further, we observed that the growth was buoyed by local sales as revenue from domestic sales grew 27.4%y/y to 16.7bn while the export sales (rubber) declined by 20.4%y/y to 2.0bn, WSe attributed the decline in rubber sales to the combination of lower rubber prices and volumes.
On volume, it was clear that OKOMU’s rubber production maxed out in 2019 as the company planted an additional c.1,500 hectares, to fully exhaust its total land area for rubber plantation. Hence, we expect rubber production to remain tepid in the near term.
Cost of sales Analysis: Cost reduction buoyed gross margin
The cost of sales declined 2.5%y/y to settle at N2.2bn. A deeper look at the cost of sales revealed that CPO cost of sale increased by 3.7% to 1.9bn, while rubber cost saw a significant decline of 32.7% to 0.02bn. The cost of sales saw a huge decline in H1-2020 which was due to the harvest season of company which always make the company to incur lower cost in first half of the year.
While the Q3-2020 cost of sales saw a spike of 104.8% to N1.1bn. However, the huge decline in cost of sales in H1-202 was still able to relief the pressure on gross profit. The gross profit increased by 23.5%y/y to N16.5bn. Notably, the finance cost skyrocketed by 109.4%y/y to 0.5bn amid a significant decline in finance income by 97.2%y/y to N0.01bn.
Balance Sheet Analysis
To further give context to the impressive performance of OKOMU, the company reported
a 89.5%y/y spike in Cash & Cash Equivalence to N5.1bn. Borrowings grew by 33.6% to
N11.0bn, this clearly speak to the surge seen in finance cost as highlighted above. Worthy
of mention, total assets surged by 13.5%y/y to N49.5bn, net asset trailed same path to
record a growth of 7.2%y/y to N31.3bn.
Outlook: Brighter days ahead
For the rest of 2020, we are positive about the company and we expect growth in revenue to be fueled by continued volume growth as the firm continue to leverage in its strong brand to push more to the market coupled with ongoing FX scarcity that will discourage import. Hence, we forecast revenue growth of 23.7% y/y to N23.3bn. Notably, our growth in revenue is expected to be driven by CPO volume growth.
This is further supported by the c.9,000 hectares of mature plantation from its extension II highlighted above. Also, we expect Cost of Sales growth to come lower compare to revenue growth, hence, gross margin is expected to be strengthen. OKOMU OIL currently trades at a forward EV/EBITDA of 6.6x, which is well below EM peers average of 9.6x. Putting the
above together, we revised our valuation assumption at 12M-TP of N88.0/share with a
potential upside of 10.0% when compared to the current price of N80.0/share.
Financial Highlights (N’Mn)
Sources: Company Financials, United Capital Research
The performance of PRESCO 9M-2020 result was quite an impressive one as the macro economic environment bolstered by (Border closure, FX scarcity and favourable government policy) continue to support the business growth. Hence, revenue increased by 24.5%y/y to N18.9bn.
Presco Plc: In need of balance sheet optimisation – www.brandspurng.com
We understand that the bulk of firm’s revenue comes from the sales of refinsed CPO. The company does not really concentrate on the sales of CPO. Going forward we expect to see continued improvement in the topline of PRESCO has the company recently concluded plans to diversify the business in a bid to play in the rubber and cocoa markets. We see this move as a positive development for revenue, considering as we believe that it will helps the broader base for revenue. The move also presents an opportunity for forex earnings. According to the management, the rubber production will be 100% exported.
Operating Margin: Resilient amid cost increase
Cost of sales increased by 19.9% to N7.0bn. However, a faster increase in revenue was able to compensate for the cost of sales increase. Hence, the gross profit jumped 27.3% to N11.9bn. Also, finance cost declined by 7.6% to N1.2bn. Hence, the profit before and after tax improved by 51.0% and 56.4% to N6.6bn and N5.0bn, respectively.
Balance sheet analysis: Anything to cheer?
PRESCO continues to invest heavily in long-term assets as evident by the over 100% increase in borrowing to N26.3bn. Some of the investment include expansion of its existing Palm Oil mill from 60 ton/ hour to a 90 ton/hour milling plant by year-end 2020, Construction of a new 60 ton/hour Palm Oil mill in Sakponba Estate to be completed in 2023, expansion of the company’s palm kernel oil plant to 350 ton/ day PKO plant (current capacity: 60 ton/day). Notably, Cash and cash equivalents fell 40.5%y/y to N3.5bn, following a N6.5bn loan repayment made during the year.
However, Borrowing via overdraft (OD) rose from N7.1bn to N8.0bn, accounting for 36% of all interest-bearing liabilities. Further analysis indicated that average cost of OD in the books of the firm is estimated at c.12.0%. For balance sheet optimization purpose, we think PRESCO should consider taking advantage of the low yield environment in the debt market by registering a commercial paper to refinance and average down it’s cost of capital. For context, PRESCO would have saved close to 50% of its finance expense attributable to OD if the said N8.0bn was raised in the debt capital market.
Outlook: HOLD rating maintained
The future looks bright as the company continue to invest aggressively in CAPEX. Apart from some of the planned capacity expansion project on-going for 2020, management also guided on the plan to invest c. N34.0bn in CAPEX for the next five years. This is expected to be financed via internally generated funds and external borrowings. In addition, we expect the recent diversification into rubber and cocoa to support the opline coupled with favorable government policy towards the sector. Accordingly, we have estimated a Revenue growth of 23.7%y/y to N24.6bn in FY-2020E.
We expect a mild decline in Cost of Sales growth; hence, gross margin is expected to be strengthened. Also, we have estimated a mild decline in OPEX as the company is expected to improves effort to drive cost efficiency.
In all, we expect the surge in PBT and PAT to be sustained, fueled by lower base effect of the 2019 performance. PRESCO currently trades at a forward EV/ EBITDA of 5,7x, which is below both the local and EM peers average of 6.14x and 9.7x, respectively; implying that the ticker is currently undervalued. Putting the above together and factoring the current market volatilities, we update our risk free rate and equity risk premium to reflect the current realities. Hence, we revised our TP to N81.5.0/share with a potential upside of 2.2%.
Financial Highlights (N’Mn)
Sources: Company Financials, United Capital Research
Faster charging, more convenience behind the wheel – Audi is systematically enhancing its e-tron models. The all-electric SUV and e-tron Sportback SUV coupe are receiving a number of new equipment features.
AC charging: double the capacity
Fast charging with direct current (DC) has always been a major strength of the e-tron models. Now Audi is also enabling faster charging with alternating current (AC). Effective immediately, e-tron 552 and e-tron Sportback 553 customers can order a second on-board charger that doubles the power from 11 kW to as much as 22 kW at appropriate charging terminals.
This option will follow for the e-tron 504 and e-tron S models in mid-2021. The standard mode 3 cable, with which all e-tron models can charge at public terminals, has already been converted to a charging capacity of 22 kW.
Intelligently connected: the e-tron charging system connect
The new charging system connect, which Audi offers for home garages, is also designed for a charging capacity of up to 22 kW. It is designed for use at household outlets and can thus also be used when away from home. Using a suitable domestic installation, the e-tron 552 models can be fully charged in just under five hours.
The charging system connect comprises an operating unit with a 5-inch touch display and a wall mount. Its Wi-Fi internet connection enables both control via the myAudi app and function updates. Audi recommends a three-phase, 400-volt outlet for optimal use of the charging system connect. If desired, an electrician referred by the local Audi dealer will check the power supply and install the suitable technology as needed.
In conjunction with a compatible home energy management system from SMA Solar Technology or the Hager Group, the e-tron charging system connect offers additional, intelligent functions.
For example, the Audi e-tron can take account of the needs of other consumers in the household and charge with the remaining power available in order to avoid overloading the home electrical system. The charging system also allows customers to define individual priorities, such as charging when electricity is less expensive under a variable electricity rate. If the home is equipped with a photovoltaic system, the car can be charged preferentially using the electricity generated by the system. Charging planning then considers forecast periods of sunshine. Additional features of the e-tron charging system connect include PIN protection against unauthorized use and the recording of charging energy.
New steering wheel: even more convenience with adaptive cruise assist
The updated steering wheels make driving even more convenient. The driver only has to lightly touch the touch-sensitive rim once per minute with his or her hand to ensure that the lateral guidance of the adaptive cruise assist remains active. The driver remains fully responsible for steering the vehicle, however. The high-end system, which uses data from the central driver assistance controller (zFAS), can keep the Audi e-tron centered in the lane. It also manages longitudinal guidance across the entire speed range. It supports the driver with accelerating, braking, maintaining speed, keeping distance and in traffic jam situations.
New size for the S models: 22-inch wheels
The Audi e-tron S5 and the Audi e-tron S Sportback6 come standard with 20-inch wheels, with 21-inch wheels available as an option. Audi Sport GmbH has now upped the ante – with 10.5Jx22 wheels and 285/35 series tires. The titanium gray wheels have a five-spoke structure and a gloss turned finish.
These new features for the e-tron models can be ordered immediately. Customers will begin receiving the improved vehicles toward the end of the year.
The countdown to Nigeria’s first feature-length animated film with a cinematic release has begun in earnest following the release of the official trailer for the ground-breaking movie — Ladybuckit and the Motley Mopsters!
Clockwise from Left: Chris Ihidero, Bimbo Akintola, Adebisi Adetayo, Kalu Ikeagwu, Blessing Amidu and Patrick Doyle – www.brandspurng.com
Starring Nollywood stars Bimbo Akintola, Patrick Doyle, Kalu lkeagwu, Bola Edwards, the film also features popular Instagram comic and actor, Francis Sule, and bubbly tween-actors, David and Jessica Edwards among others.
Ecstatic fans across the world have seen snippets in the teasers released by the film’s producers — Hot Ticket Productions — in July and October of this year. The newly-released trailer gives an even more enthralling glimpse into the LBMM world.
Official Trailer For Nigeria’s First Cinematic Feature-Length Animated Film Drops – www.brandspurng.com
Bukky, an excited young girl — who is insistent that her name should always be spelt properly — appears to have made a once-in-a-life-time wish that transforms her into a bucket! Other scenes from the trailer show some colourful pidgin-speaking characters — Mopps, Cupsticks, Slipperhead and many more. The vibrant and odd characters in the LBMM trailer give an interesting peep into what moviegoers can expect when the film premieres on Friday, December 11, 2020.
LBMM will pave the way for exciting movies that can provide succour, entertainment and history lessons for families during the festive season.
Preparations are underway for a star-studded private screening slated for Saturday, December 5, 2020, in Lagos.
Fitch Ratings has affirmed Seplat Petroleum Development Company Plc’s (Seplat) Long-Term Issuer Default Rating (IDR) at ‘B-‘ with a Positive Outlook. Fitch has also affirmed Seplat’s USD350 million 9.25% coupon senior notes due 2023 at ‘B-‘, with a Recovery Rating of ‘RR4’.
Fitch Affirms Seplat at ‘B-‘; Outlook Positive – www.brandspurng.com
The Positive Outlook reflects our view that the Amukpe-to-Escravos oil pipeline, which Seplat now anticipates to be fully commissioned and operational in 2H21, will diversify export routes and mitigate cash-flow volatility. We also view the company’s financial profile to be strong for the rating and if Seplat manages to refinance over the next nine months and spread its maturities so as to be able to survive for more than two years of force majeure, this may support the sustainability of its credit profile without the Escravos pipeline being completed.
In the extreme scenario that the currently primary export route of Trans Forcados is not operational for over a year and with no alternative other than the two jetties at the Warri refinery, we expect Seplat to be able to operate for around 12 months before running out of cash based on the current debt maturity profile. We would also expect in such a scenario that work on the Escravos pipeline will be accelerated.
The rating incorporates the small scale of Seplat’s operations, concentration of asset base in Nigeria (B/Stable) and historically unstable operating environment in the troubled Niger Delta. The rating also reflects moderate leverage, conservative financial policies, competitive unit profitability and a growing domestic gas business.
Key Rating Drivers
Small Nigerian E&P Company: Despite the acquisition of Eland Oil and Gas (Eland), Seplat remains a small oil and gas producer with operations concentrated around the Niger Delta region. The Nigerian oil and gas sector has been characterised by high operational risks and regulatory uncertainty. Its main assets are the Oil Mining Leases (OMLs) 4, 38 & 41, which accounted for around 75% of 9M20 production and are reliant on the Trans Forcados pipeline that was out of operation for more than a year between 2016 and 2017 due to sustained breaches by militants.
Ramp-up to 2023: We expect Seplat to ramp up its daily oil and gas output to around 65kboe/d in 2022-2023 from an estimated 50kboe/d in 2020. Currently, its crude oil production is subject to the OPEC+ cuts (primarily its Eastern assets by 20%). We conservatively assume that Seplat will increase production to around 55kboe/d in 2021 and still remain compliant with the current OPEC+ quotas. We believe that even following Seplat’s expected production ramp-up in 2022, it will remain a small E&P company with a significant onshore asset concentration in one country.
Escravos Pipeline Delayed: Fitch views the completion of the 160kbbl/d third-party-operated Escravos pipeline as a key factor for upgrade. This is because it will reduce over-reliance on one particular export route that had adversely affected business in the past. The Escravos route will materially improve the assets’ production uptime and shrink losses from crude theft and reconciliation. The commissioning of this export route was initially expected in 2014, but several delays to payments between the owners and the contractor, outside of Seplat’s control, has stalled progress.
Difficult Macro Environment Stresses Results: We expect Seplat’s EBITDA to decrease 42% yoy in 2020 on lower oil prices and rising costs from the consolidation of the higher-cost production base of Eland’s OML 40. Despite a challenging macro environment, we expect Seplat to be free cash flow (FCF)-neutral in 2020. Although we forecast funds from operations (FFO) net leverage to increase to 2.4x at end-2020 we expect it to average 1.3x in 2021-2023, remaining strong for the rating.
Cost Optimisation Ongoing: Seplat is undertaking cost-cutting measures and identifying synergies within its newly acquired Eland assets to reduce its cost base. With the acquisition of Eland, Seplat’s operating expenditure increased to around USD8.73/boe in 3Q20 from about USD6.2/boe in 2019. Cost optimisations include supplier cost savings, water management optimisation, barging cost reduction along with legal and other similar cost savings.
Alternative Routes De-risk Operations: The Escravos pipeline will allow additional oil exports of 40kbbl/d and will be used together with the Trans Forcados pipeline as the main export routes. We regard the usage of the more costly Warri refinery route, which allow exports of 30kbbl/d gross, as unlikely unless force majeure occurs. Furthermore, the Eland acquisition provides the opportunity to develop its own export route and offshore terminal, leveraging the Amukpe to Escravos pipeline where together the OMLs 4, 38, 41 and OML 40 crude could be evacuated.
Inorganic Growth: We expect management to continue to actively seek opportunities for inorganic growth, mainly onshore and shallow water offshore in Nigeria but also abroad without compromising the current ratings. Domestic opportunities exist as oil majors continue to streamline their portfolios, exiting Nigeria. We view Seplat’s financial policies as conservative for the rating category, underpinned by debt-reduction initiatives, as well as flexibility to suspend dividends and cutting capex during the troubled 2016-2017 period. We consider acquisitions an event risk.
Growing Gas Business Provides Stability: Fitch views positively the growing share of natural gas in the production mix as contracted offtake volumes and pricing enhance stability and visibility of FFO. Seplat currently supplies about 30% of the Nigerian gas to power volumes, a market that is set for strong growth. The 50-50 ANOH gas development JV between Seplat and Nigerian Gas Company Limited (NGC) underpins Seplat’s effort to further expand gas operations, adding 300mmscf/d to the existing 525mmscf/d gross wet gas processing capacity. The facility is on track to be commissioned towards end-2021.
ANOH Funding Being Finalised: The JV partners are currently in the process of finalising USD320 million of non-recourse debt financing to fund the remaining of this USD700 million project. Seplat expects to start receiving dividends from 2022, although we conservatively do not include any contribution in our rating case.
ESG – Social: Seplat has an ESG Relevance score of 5 for Human Rights, Community Relations, Access & Affordability due to its focus on upstream operations in the troubled Niger Delta region of Nigeria. Historically, this area has been a high-risk environment driven by militancy, crude oil theft, pipeline sabotage, as well as environmental pollution arising from militant strikes against oil infrastructure. This has a negative impact on its credit profile and is highly relevant to the ratings. The completion of the new alternative pipeline will support a positive rating action.
The Trans Forcados pipeline, the company’s primary export route, was shut down for 305 days in 2016 and more than 182 days in 2017, adversely affecting Seplat’s operations. Deeper communication and cooperation between the government, the companies and local communities have since seen a significant reduction in targeted attacks on oil infrastructure. Militancy activities reduced significantly since the force majeure and the Trans Forcados export system saw an improved uptime of 77% in 9M20 compared with 50% in 2017.
Derivation Summary
Onshore Nigeria-based Seplat is a small oil & gas E&P company by production and reserves.
We rate Ithaca Energy Ltd (B/RWN) one notch above Seplat as Ithaca benefits from lower leverage, a more robust hedging position, higher production volumes (2020F: 67kboe/d) and focus on the UK North Sea, which is a more stable operating environment compared with that of Seplat, which only focuses on Nigeria. This is partially mitigated by Seplat’s bigger reserve base and higher reserve life (Ithaca: 4 years on a 1P basis). Ithaca is on RWN as we see potential liquidity pressure and deterioration of the financial profile stemming from liquidity issues experienced by its 100% parent Delek Group.
Compared with Kosmos Energy Ltd. (B/Negative), Seplat has bigger reserve base, higher reserve life and stronger credit metrics with no material maturities until the beginning of 2022. These strengths are offset by Kosmos’ more diversified asset base in a more predictable business and operating environment – including the US – compared with Seplat’s high exposure and concentration to areas characterised by geopolitical risk. Kosmos’ Negative Outlook reflects our expectation of adverse impact on the company’s liquidity profile from limited access to committed liquidity sources as well as uncertainties around the execution of farm-down transactions.
Key Assumptions
Fitch’s Key Assumptions within our Rating Case for the Issuer:
– Oil price deck of USD41/bbl in 2020, USD45/bbl in 2021, USD50/bbl in 2022, and USD53/bbl in 2023
– Domestic gas prices of about USD2.8/mcf on average until 2023
– Upstream production ramping up to above 65kboe/d in 2022-2023
– Dividends of about USD59 million a year up to 2023
Fitch’s Key Assumptions for Recovery Analysis:
– The recovery analysis assumes that Seplat would be restructured as a going concern rather than liquidated in an event of default
– Seplat’s post-reorganisation, going-concern EBITDA is estimated at around USD223 million, based on the current asset base. A drop in EBITDA to the going-concern level reflects risks associated with hydrocarbon price volatility, potential unplanned downtime and other adverse factors
– We have applied a distressed enterprise value (EV)/EBITDA multiple of 4.5x to calculate a going-concern EV, reflecting a mid-cycle multiple for the natural resources sector in the EMEA region and the risks associated with the operating environment in the country of operation.
– We assume a 10% administrative claim to be deducted from the going-concern EV
– Our principal waterfall analysis assumes the USD350 million senior secured revolving credit facility (RCF) and USD100 million Eland reserve-based lending facility (RBL) rank senior above Seplat’s senior notes
– Taking into account our Country-Specific Treatment of Recovery Ratings Rating Criteria, our waterfall analysis generated a ranked recovery in the ‘RR4’ band, indicating a ‘B-‘ instrument rating. The waterfall analysis output percentage on current metrics and assumptions is 50%.
Rating Sensitivities
Factors that could, individually or collectively, lead to positive rating action/upgrade:
‒ The successful completion and commencement of the Escravos oil pipeline, positive FCF generation on a sustained basis along with production ramp-up resulting in forecast FFO net leverage remaining below 3.5x, could result in an upgrade of the IDR to ‘B’.
-We may also consider a positive rating action if the company successfully refinances its indebtedness and improves its debt maturity profile so as to be able to survive more than two years of force majeure in the Forcados export system.
Factors that could, individually or collectively, lead to negative rating action/downgrade:
-As the rating is on Positive Outlook, negative rating action is unlikely in the short term. However, failure to maintain FFO net leverage at below 3.5x on a sustained basis or further delay to completion of the Escravos oil pipeline along with insufficient liquidity to cope with protracted operational disruptions could lead to the Outlook being revised to Stable.
-Inability to refinance upcoming maturities would lead to a downgrade.
‒ Higher-than-forecast downtime as a result of unforeseen events, resulting in material loss of production or downgrades of Nigeria and of local banks where Seplat has historically kept most of its cash could also lead to a negative rating action.
Best/Worst Case Rating Scenario
International scale credit ratings of Non-Financial Corporate issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from ‘AAA’ to ‘D’. Best- and worst-case scenario credit ratings are based on historical performance.
Set to be released on Thursday, 10th December 2020, Adewale: My Mother’s Son is an inspiring account of the life of the author.
“Adéwálé: My Mother’s Son” chronicles Michael’s life from pre-inception against the background of his one-of-a-kind mother, Ìyá Wálé who strives hard through life’s travails with her quest for success in spite of the multitude of challenges. According to Gbenga Awomodu, Managing Partner at TweakCentric Solutions, “Michael Adesanya’s debut is a very inspiring account of a resilient mother and the boys she birthed and groomed into significance. It is a classic Nigerian story of hope and victory against all odds.”
Michael Adesanya’s Memoir Available in Stores from December 10th, 2020 – www.brandspurng.com
The memoir brings to life the inevitable role of a mother’s sacrifice, and the successful young man Michael has become is not far-fetched from his childhood zeal and staying power. Michael’s story relays emphasis on hope and the will to forge ahead without the means being present. He appraises Ìyá Wálé, from the beginning to the end, as the hero without cape or superpower but bountiful, unquenchable love. The one with so much strength despite bleak hope. This is the resilience every young person needs.
Michael, in a candid and vulnerable manner, shares the mistakes and the remake of his mother’s steps in life. These experiences resound hope for every woman who is at the verge of giving up. From poverty to pain, disappointment, to the absence of a father figure to true forgiveness, he touches every aspect of the lows.
Through Michael’s lens, the communal lifestyle of his hometown in Sagamu, Ogun State is highlighted even as he makes a case for further socio-economic development. This he regards as a step in the right direction till the country becomes a better place.
His undaunting interest in societal change and development through science and technology – the book reveals, is a long-standing desire burning from his childhood experiences.
A man’s story is as true as his life. In it, he mirrors the challenges of fellow men, the highs and the victories, the lows and the breaking points. Yet, it takes more than guts to share this with people. “I envy those who can just talk about themselves; those who know their self. I grew up around men who waited until their deathbeds,” Adesanya writes.
Thankfully, he has summoned the courage to tell his story for the good of all.
Michael Adesanya’s debut memoir is an excellent gift to every young person who is about to give up or being complacent with their present situation.
A first-class graduate of Chemical Engineering from the University of Lagos, Michael Adesanya is currently building sustainable retail solutions for Africa. He is the co-founder of Suplias, where thousands of retail outlets in Africa connect directly with consumer goods manufacturers through a mobile app. He has worked in reputable companies such as Accenture, P&G, Gap Inc., Jumia Nigeria, Pomelo Fashion, and Pepsico.
Michael Adesanya’s memoir is available for pre-order all through November 2020 via www.michaeladesanya.com and leading bookstore, RovingHeights. It will also be available in stores from 10th December 2020.
The Nigerian-based private equity firm African Capital Alliance (ACA), which focuses its operations in sub-Saharan Africa, has invested $20 million in Accelerex Holdings, a firm that finances and supports African fintech companies.
Accelerex Holdings Raises $20mln Expansion Fund – www.brandspurng.com
The transaction was made through ACA’s fourth investment fund- CAPE IV. It is a $570 million fund focused on West Africa and interested in many sectors such as health, energy, infrastructure, and agribusiness. With this investment, Capital Alliance Private Equity IV “will become a strategic partner in Accelerex and will hold three seats on the company’s board,” Accelerex said.
The funds will be used to support Accelerex’s expansion in Côte d’Ivoire, Kenya, Tanzania, and South Africa over the next 24 months. Accelerex Holdings, the parent company of Nigerian electronic payment solutions provider Global Accelerex Limited, intends to develop new products.
To strengthen its banking agent business, Accelerex acquired a majority stake in SLS Microfinance Bank. Its subsidiary Accelerex Network Limited, dedicated to the provision of financial services, has successfully attracted 9,000 agents in the last twelve months and expects to reach 40,000 agents by the end of 2021.
Paul Kokoricha, Partner at ACA, said “Accelerex’s strong business model and its agile and dynamic management team makes it the ideal African Fintech group to back. We are thrilled about this alliance and are happy to bring our experience to the board.”
British Airways Holidays is launching a range of Black Friday offers, with savings available across both short and long-haul holidays.
Punta Cana
Discounts will be available across all British Airways Holidays bookings made before midnight on Saturday 28 November 2020. That’s flight + hotel and flight + car holidays in every destination for travel through until mid-November 2021.
The holiday provider is also offering a great range of two-night city breaks to Europe for just £99, including to destinations such as on Barcelona, Bilbao, Warsaw, Budapest and Prague. In addition, a number of European hotels, including Mr & Mrs Smith properties, are offering 50% off their hotel prices over the course of Black Friday, when booked with British Airways Holidays. There are also deals to be had for those travelling further afield, with attractive offers to the Caribbean and Cancun, including up to £200 off all-inclusive holidays in select hotels.
Meanwhile, for those on the hunt for an upgrade, travellers to the USA can upgrade to World Traveller Plus from just £200 return per person, when they make a flight and hotel booking during this period.
Claire Bentley, British Airways Holidays’ Managing Director, said: “There is a deal to suit everyone within our Black Friday offers, no matter if you’re a lover of city-breaks, passionate about an all-inclusive, or upgrade fan. Even though they are being asked to stay at home at this time, we know our customers want to travel and have something in the diary to look forward to. We hope these savings appeal and they can head off soon on a well-deserved holiday.”
British Airways Holidays Customer Promise
British Airways Holidays customers have access to a range of flexible booking options, all outlined in the company’s ‘Customer Promise’. These include opting to secure a holiday with a low deposit (from just £75 per person), choosing flexible payments, the choice to delay paying the final balance until three weeks before travel, the cover of ATOL protection and a 24-hour holiday helpline. Any new bookings made during the Black Friday offer period, for travel up to 31 August 2021, can also be changed for free or cancelled for voucher credit. Full details can be found in the British Airways Holidays Customer Promise at ba.com/customer-promise.
Full British Airways Holidays Black Friday offer details, including terms, conditions, dates and destinations can also be found at ba.com/blackfriday
Lagos, 25 November 2020: MTV Africa and MTV Base announced the return of the continental flagship award show in 2021. The Iconic MTV Base celebration, MTV Africa Music Awards (MAMA), which showcases the ultimate in African culture, music, and creativity, will be held in a re-imagined virtual format in partnership with Uganda, The Pearl of Africa on February 20th 2021.
The MTV Africa Music Awards Kampala 2021 will be broadcast on MTV Base (DStv Channel 322) and MTV (DStv Channel 130). The repeat show will also be aired on BET Africa, BET International and MTV channels across multiple continents as a one-hour MAMA-themed MTV World Stage feature.
The ultimate celebration of local African and international talent and achievement, MAMA 2021, in partnership with Uganda, The Pearl of Africa, recognizes and rewards musicians, trailblazers and those who are shining a light on the continent’s diverse talent and creativity by instilling positive impact on African music and youth culture over the previous year. The awards ceremony will feature vibrant performances from leading African and international artists and will also showcase some of the biggest cross-genre and cross-border collaborations.
The eventwill celebrate African talent across 20 award categories, including Best Male, Best Female, Best Song, and Best Collaboration. The contribution of artists from Portuguese and French-speaking Africa will also be recognized in the Best Lusophone and Best Francophone categories. Additional new categories included are the MAMA Generation Change Award, Best Fan Base, Alone Together Best Lock-down Performance and Personality of the Year. These new categories seek to demonstrate MTV Base’s commitment to supporting the youth of Africa.
The MAMA Generation Change Award will recognize the inspiring, young changemakers of the continent who are tackling some of the world’s most challenging social problems. The Alone Together Best Lock-down Performance recognizes outstanding performances that took place virtually by celebrating artists who took to streaming services to share their music and unite society during the unprecedented 2020 Lockdown.
The category selection criteria are from October 1st 2019 to October 1st 2020. The nominees will be announced in December 2020 and music lovers will have their say by voting for their favourite stars online.
The news was revealed today via a virtual press conference broadcast from Johannesburg and Kampala by Monde Twala and Craig Paterson, Senior Vice Presidents and General Managers at ViacomCBS Networks Africa (VCNA), The State Minister for Tourism, Godfrey Kiwanda at Ugandan Ministry of Tourism and theCEO for the Ugandan Tourism Board, Lilly Ajarova.
The engaging Q&A discussionincluded accomplished Ugandan artist Bebe Cool, highly skilled songstress Sheebah Karungi together with talented South African rapper Nasty C.
Commented Monde Twala, Senior Vice President & General Manager,VCNA,
“It is an incredible honour to announce that the seventh MTV Africa Music Awards Kampala 2021 will be hosted by the vibrantly diverse Uganda, The Pearl of Africa for the first time on February 20th, 2021. We are excited to bring this amazing showcase to audiences across the continent and globally with an innovatively re-imagined awards show and celebration.
Due to the COVID-19 pandemic, content production has embraced innovation as the new gold and we are excited to take Africa to the World and showcase its immense talent and culture as we stage the biggest music awards show on the continent.”
The Honourable Godfrey Kiwanda, State Minister for Tourism Uganda commented,
“It is an incredible achievement for Uganda to host the continent and International stakeholders for the MAMA Kampala 2021 for the first time. The awards are an extraordinary African cultural experience, and we understand the important role it plays in driving awareness, cross-culture education and profiling the continent’s rich leisure tourism offerings on the international stage.”
“This is a wonderful opportunity for global audiences to experience Uganda’s magnificence, the profusion of a brilliant life and diverse natural wildlife, and the vast scale of entertainment, events, art, culture, cuisine, history and shopping.
We are also so proud to be able to highlight Uganda’s musical richness and give our talented artists the opportunity to showcase their immense talent, and the diversity of Uganda’s sounds, to music fans beyond this continent. This is indeed a momentous occasion for audiences to experience Uganda as truly “the Pearl of Africa”.”
The MTV Africa Music AwardsKampala 2021 is brought to you by Uganda, The Pearl of Africa in an effort to promote tourism, wildlife and cultural heritage conservation for the socio-economic development and transformation of Uganda. Sustainable tourism, wildlife and cultural heritage will contribute to transforming Uganda into a modern and prosperous nation.
Craig Paterson, Senior Vice President & General Manager,VCNA, continued, “The latest edition of the MAMA promises to be our biggest and most innovative yet. Millions of fans worldwide will enjoy the digitally re-imagined celebration and African music via multiple broadcasts globally. We are excited to partner with Uganda to bring viewers a unique format and experience that positions Africa’s diverse heritage and digital innovation.”
Always celebrating the pan-African scope of the MAMA, the awards will encompass three pulsating Road to MAMA broadcasts featuring MAMA nominees from across the continent. The MAMA Kampala 2021 brings the much-anticipated music industry workshops in a virtual format for the continent’s aspiring musicians, youth upskilling and development.
First staged in 2008, the MTV Africa Music Awards has recognised the talent of musicians, achievers and personalities from across Africa, rewarding iconic artists and game-changers such as 2Face Idibia, AKA, Anselmo Ralph, Big Nuz, Cassper Nyovest, Clarence Peters, Cabo Snoop, Davido, D’Banj, DiamondPlatnumz, Flavour, Gangs of Ballet,HHP, Fally Ipupa, Liquideep, Lira, Lupita Nyong’o, Mafikizolo Nameless, P-Square, Sarkodie, Tiwa Savage, Toofan, Trevor Noah, Uhuru, Wahu, Wizkid, Yemi Alade, Zebra & Giraffe and many more.
The MTV Africa Music Awards Kampala 2021 will broadcast on MTV Base (DStv Channel 322) and MTV (DStv Channel 130) on February 20th 2021. The show will also be aired on MTV channels across multiple continents as a one-hour MAMA-themed MTV World Stage feature.
MAMA 2021 Award Categories
1. Best Female
2. Best Male
3. Best Group
4. Best Breakthrough Act
5. Best Collaboration
6. Best Hip Hop
7. Best Alternative
8. Best Ugandan Act
9. Best Lusophone Act
10. Best Francophone Act
11. Best International Act
12. Video of the Year
13. Song of The Year
14. Artist of the Year
15. Alone Together Lockdown Performance
16. Listeners Choice
17. Best Fan-Base Award
18. Personality of the Year
19. MAMA Legend Award
20. MAMA Generation Change Award
MTV Base is a 24-hour English language music television channel reaching 48.5 million African viewers in 10.5 million households in 48 countries in sub-Saharan Africa. MTV base is available across Africa on satellite (pay-TV) on DStv and GTV (pan-Africa) and on terrestrial television on partner stations TV3 (Ghana), NTV (Kenya), Silverbird TV (Nigeria), Hi TV (Nigeria) and NTV (Uganda).
Targeted at mass African youth, MTV base is MTV’s first bespoke channel for the African market and features the continent’s broadest mix of contemporary artists and music genres. Launched on 22 February 2005, MTV base combines African and international music genres relevant to young African viewers including R’n’B, dancehall, hip-hop, kwaito, hiplife, reggae, zouk, m’balax and Afrobeat, celebrating the cultural vibrancy and creativity of African music and artists.
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