Senate Rejects FG’s $700m Loan Request For Water Projects

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Senate Rejects FG’s $700m Loan Request For Water Projects

The Senate Committee on Local and Foreign Debt has rejected President Muhammadu Buhari’s $700 million loan request for Sustainable Urban and Rural Water Supply, Sanitation and Hygiene (SURWASH).

The request was made under the Federal Ministry of Water Resources.

At the ministry’s budget defence session on Wednesday, the committee mandated the ministry’s delegation, led by the Permanent Secretary, Esther Walson-Jack, to provide it with an update of loans collected so far for the Water Projects in the ministry.

The rejection comes barely 24 hours after the Ministry of Health sought the approval of $200 million for the procurement of mosquito nets and malaria medicines.

At the session, the Chairman of the Committee, Clifford Ordia, and a few other members, noted that three different loans have been approved for various water projects.

Mr Ordia noted that $450 million was approved for the Ministry for water project being financed by Africa Development Bank and another $6 million loan under the integrated program for Development also financed by Africa Development Bank and Gurara water project.

Senate Rejects FG’s $700m Loan Request For Water Projects

“You need to tell us what you are doing with $700 million for water projects,” he said.

Other members of the panel, including Obinna Ogba, Sani Musa, Bima Enagi and Ibrahim Oloriegbe wanted the loan request denied because some loans had been collected for water projects in the past and results from the projects are yet to be seen.

“What is the criterion for selecting benefiting states? The details you are providing is not enough. What are the projects you want to do with $640 million and how many water are you going to do?

“You are giving each state $3 million to develop personnel capacity, do we need loan to do this function? You mean all states can’t do that on their own?,” Mr Oloriebge wondered.

The lawmaker requested the criteria for selecting benefiting states, adding that details provided by the ministry’s permanent secretary are not enough to justify the loan.

Ms Walson-Jack, who was unable to give updates on previous loans approved for water projects, told the panel that SURWASH will last for five years.

She said $640 million out of the proposed loan will be used for the project, while the remaining $60 million will be used for capacity building.

“The proposal was negotiated with the World Bank on April 2021 and was approved at Federal Executive Council on August 11, 2021.

“States that would benefit from the $700 million loan from World Bank are Delta, Ekiti, Gombe, Imo, Kaduna, Katsina, and Plateau, with counterpart funding of $175 million.

“The programme will deliver improved water sanitation and hygiene services to 2,000 schools and health care facilities and assist 500 Communities to achieve an end to open defecation free status,” she explained.

The committee, therefore, resolved to invite the Minister of Water Resources, Adamu Suleiman, to appear before it for an explanation on the loan request and state of loans collected so far.

Soybean: High Demand Hampers N640 Billion Oilseed Exports

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Soybean: High Demand Hampers N640 Billion Oilseed Exports

Insecurity and high demand by flour and feed industries have hindered Nigeria from realizing N640 billion ($1.28 billion) from the 1.25 million tonnes of soybean oilseed produced locally between the 2020/21 season.

Soybean oil is currently rated as the second most consumed vegetable oil in the world after palm oil.

It was gathered that the high demand for the product has reached 80 million tonnes across the world, while the global price has gone up by 30 per cent from $875 to $1,025 per tonne within one year.

According to the United States Department of Agriculture (USDA)’s report, soybean consumption has also been driven by the poultry, fishery, livestock and edible oil industries in the Nigerian market.

In the 2020 season, the country produced 875,000 tonnes of the grain valued N448 billion ($896.87 million), but only 7,000 tonnes valued at N3.56 billion ($7.17 million) was exported.

Data from the National Bureau of Statistics (NBS) revealed that a total of N14.2 billion soybeans oilseed was exported in 2019, following 60 per cent increase in production through the Central Bank of Nigeria (CBN)’s anchor borrower intervention.

Before the CBN intervention, statistics by the Nigerian Ports Authority (NPA)’s shipping data revealed that the country imported some 825,000 tonnes of soy grains from the United States between 2015 and 2017 as infant food manufacturers in the country depended on soybeans as an alternative to cow milk because of its high nutritional value.

The grain has also become the major ingredient in producing chicken and livestock feeds across the country by poultry and livestock farmers.

MultiChoice Africa Faults Tax Tribunal’s Ruling, Plans Appeal

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MultiChoice Africa Faults Tax Tribunal’s Ruling, Plans Appeal

MultiChoice Africa Holdings (MAH), the parent company of MultiChoice Nigeria, has rejected Tuesday’s ruling of the Tax Appeal Tribunal (TAT), which dismissed its appeal against the $342million Value Added Tax (VAT) bill slapped on it by the Federal Inland Revenue Service (FIRS).

The company, made its position known in a statement released on Wednesday evening, also stated it will lodge an appeal against the ruling at the Federal High Court, adding that the TAT ruling was based on technicality rather than the merits of the case.

“MAH respectfully disagrees with the ruling, which was based on a technicality rather than the merits of the case. Therefore, we will be lodging an appeal at the Federal High Court against the ruling.

“This tax appeal is a separate and distinct matter from the appeal launched by MultiChoice Nigeria (MCN), in which the TAT found in MCN’s favour last week, allowing it to proceed with that appeal,” the company stated

 

Poultry Farmers Groan, Say Soybean Price Rises By 300%

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Poultry Farmers Groan, Say Soybean Price Rises By 300%

The prices of soybean and maize – the basic grains in poultry production – have increased by about 300 per cent and 170 per cent respectively, warranting the collapse of many poultry farms across the country.

The director-general, Poultry Association of Nigeria, Onallo Akpa, stated that these grains are highly important for producing and manufacturing poultry feed in the nation.

Mr. Akpa said the worst hit farms where those operated by small scale poultry farmers, as most dealers in this category had closed shop due to their inability to purchase feeds.

He stated that the cost of production in poultry farming was about 80 per cent grain-based and that these grains were soybeans and maize.

He said the rise in the prices of the grains was why the costs of eggs and chicken had been increasing steadily, stressing that poultry farmers in Nigeria were suffering the brunt. He also stated that the micro-ingredients for poultry were completely imported, as sourcing foreign exchange had remained a problem.

The director general said: “The prices of eggs and poultry birds have never gone beyond 15-20 per cent, but the price of maize in the last 12-15 months has increased by 150 and 170 per cent. Soybeans has also risen drastically, seeing more than a 300 per cent increase in the last few months.”

Asked to state the number of poultry farms that may have closed down due to the rising cost of feeds, the PAN DG replied, “A lot of farms are closing down because the business is no longer sustainable. People are finding it difficult to feed their chickens and poultry birds to make the required margins.

Another issue is the unavailability of data. We do not have accurate data of all the poultry farmers nationwide, as many farmers operate their poultry farms in their backyards. When such persons are unable to feed their birds and shut down operations, we are unable to keep all their records. So, what we do is to look at the demand for feeds, vaccines, livestock disinfectants and medicines.”

Mark Zuckerberg Rebrands Facebook To Meta To Highlight Virtual Reality Shift

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Mark Zuckerberg Rebrands Facebook To Meta To Highlight Virtual Reality Shift

The Chief Executive Officer of Facebook, Mark Zuckerberg, has announced the social media giant will change the name of its holding company to Meta, in a rebrand that comes as the company faces a series of public relations crises.

Brand Spur Nigeria understands that the Facebook CEO made the announcement at the Facebook’s annual conference Thursday, where he outlined his vision for the metaverse – a digital world built over our own, comprising virtual reality headsets and augmented reality.

“We believe the metaverse will be the successor of the mobile internet,” Zuckerberg said.

According to the announcement, the new holding company Meta will encompass Facebook, its largest subsidiary, as well as apps such as Instagram, WhatsApp and the virtual reality brand Oculus.

Brand Spur Nigeria understands that Facebook has invested $10bn in its metaverse project in 2021 – double what it spends on safety and security on the platform. In recent earnings reports, the company announced its virtual reality segment had grown so substantially it would now report its revenue separately, dividing its products into two categories.

Facebook CEO Mark Zuckerberg delivers the keynote address during a virtual event on 28 October. Photograph: Eric Risberg/AP
Those categories include a “family of apps” including Facebook, Instagram, Messenger and WhatsApp, and the “reality labs” products including AR and VR as well as any related hardware.
In a presentation from his home, Zuckerberg outlined his vision of the metaverse as a digital world in which users will feel they are with one another and have a “sense of presence” despite being far apart.

Mark Zuckerberg Rebrands Facebook To Meta To Highlight Virtual Reality Shift

“The platform would allow users to customize their avatars and digital spaces, decorating a digital office with pictures, videos and even books.

“When I send my parents a video with my kids, they’re going to feel like they’re right in the moment with us not peering through a little window,” he said.

Brand Spur Nigeria reports that the presentation imagined users inviting friends over virtually, two people attending a concert together despite being across the world from one another, and colleagues making work presentations remotely.

“We believe the metaverse will be the successor to the mobile internet. We’ll be able to feel present – like we’re right there with people no matter how far apart we actually are,” he said. “We’ll be able to express ourselves in new joyful, completely immersive ways.

“The best way to understand the metaverse is to experience it yourself,” Zuckerberg added, though adding “it doesn’t fully exist yet”.

DHL Launches First-Of-Its-Kind Mobile Innovation Center In Dubai South

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DHL Launches First-Of-Its-Kind Mobile Innovation Center In Dubai South

 In the presence of HH Sheikh Ahmed bin Saeed Al Maktoum, President of the Dubai Civil Aviation Authority (DCAA), Chairman and CEO of Emirates Group and Chairman of Dubai Airports, DHL, the leading international logistics service provider, has launched its Mobile Middle East and Africa (MEA) Innovation Center in Dubai.

The first-of-its-kind 450-sq m facility located in the Logistics District at Dubai South is easily assembled and disassembled, ready to move on to the next location. The state-of-the-art MEA Innovation Center will present a collaborative platform for customers, partners and other thought leaders to solve complex logistics challenges, learn about the latest trends in logistics, and network with industry innovators across the MEA region.

Top executives from DHL and Dubai South also officiated the opening of the new facility.

Katja Busch, Chief Commercial Officer and Head of Customer Solutions and Innovation at DHL, commented: “Middle East and Africa is one of our most vibrant regions. We are proud to bring the DHL Innovation approach into Dubai South, which is an ideal first stop in the region. Our future success is built on how we support customers in a rapidly evolving business and logistics landscape.

We look forward to bringing customer-centric innovation, inspiring ideas and applying our proven innovation methodologies to solve our customer problems so that colleagues in the region can support them in confidently navigating changes.”

Mohsen Ahmad Alawadhi, CEO of Logistics District, Dubai South said: “Dubai epitomizes disruptive thinking and celebrates innovation. Therefore, it is a pleasure for Dubai South to be home to the DHL Mobile MEA Innovation Center in the Logistics District, testifying its pre-eminent position as the local and regional hub for the sector.

The Center’s conception and innovative execution are aligned with Dubai South’s ambition to be a next-generation, innovations-led logistics hub for the region.”

The Mobile MEA Innovation Center will host a selection of exhibits built around key technologies that will shape the logistics industry in the future, alongside proof of concepts successfully implemented in DHL’s operations.

Exhibits have been curated to reflect the unique requirements of DHL’s customers in the region, with a focus on the topics of IoT, Artificial Intelligence, Robotics, Bionic Enhancement and Data Analytics across the domains of supply chain analytics, warehouse digital twins and last mile delivery optimization.

DHL Launches First-Of-Its-Kind Mobile Innovation Center In Dubai South
from left: Monika Schaller, Executive Vice President Group Communications, Sustainability & Brand, Mohsen Ahmad Alawadhi, CEO Logistics District Dubai South, Katja Busch, Chief Commercial Officer and Head of DHL Customer Solutions and Innovation, Matthias Heutger, SVP Global Head of Innovation & Commercial Development for DHL CSI, Amadou Diallo, CEO DHL Global Forwarding MENA

“The Innovation Centers are the showpiece of DHL’s Innovation program, which features its own trend research division, proven innovation workshop methodologies, and a calendar of thought leadership events that deep dive into technologies set to impact the logistics industry.

The MEA IC will package this approach and offer our customers a highly-relevant agenda that reflects the possibilities of operating in the region”, explains Matthias Heutger, SVP Global Head of Innovation & Commercial Development for DHL Customer Solutions & Innovation.

The Mobile MEA Innovation Center is DHL’s fourth innovation center globally – after Chicago, USA; Cologne, Germany; and Singapore; and the first completely mobile one. The Mobile MEA Innovation Center is a modular building that was shipped to Dubai in containers from Germany, before being assembled on site in Dubai South.

The facility is expected to stay in Dubai until 2022, then move to Qatar, the next location on its journey across the MEA region, and is expected to continue its journey through 2027.

DHL Launches First-Of-Its-Kind Mobile Innovation Center In Dubai South
from left: H.E. Matar Humaid Al Tayer (Director and Board Member Danzas AEI Emirates LLC), Ernst Peter Fischer (German Ambassador to the UAE), HH Sheikh Ahmed bin Saeed Al Maktoum (President of the Dubai Civil Aviation Authority (DCAA), Chairman and Chief Executive of Emirates Group and Chairman of Dubai Airports), Katja Busch (Chief Commercial Officer, DHL), Ken Allen (CEO DHL eCommerce Solutions)

Verizon Partners With Amazon To Use Tech Giant’s Satellite Internet System For Rural Broadband

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Verizon Partners With Amazon To Use Tech Giant’s Satellite Internet System For Rural Broadband

Verizon is partnering with Amazon to use the tech giant’s coming satellite internet system to expand rural broadband access in the United States, the companies announced Tuesday.

“We’re proud to be working together to explore bringing fast, reliable broadband to the customers and communities who need it most,” Amazon CEO Andy Jassy said in a statement.

Amazon is working on Project Kuiper, a network of 3,236 satellites that it plans to use to provide high-speed internet to anywhere in the world. While Amazon has yet to launch its first Kuiper satellites, the Federal Communications Commission last year authorized the system and the company has said that it plans to “invest more than $10 billion” in Kuiper.

The companies’ partnership will see Verizon use Amazon’s system as an extension of its terrestrial service, with Kuiper adding “cellular backhaul solutions to extend Verizon’s 4G/LTE and 5G data networks,” the companies said.

Amazon’s and Verizon’s teams have begun working together “to define technical requirements to help extend fixed wireless coverage to rural and remote communities across the United States.” The companies see a wide variety of use cases for Kuiper’s extension of Verizon’s network, noting it will look at “joint connectivity solutions” for industries including agriculture, energy, manufacturing, education, emergency response, transportation and more.

Late last year Amazon gave an early look at the performance of the “low-cost” satellite antenna it has been working on for Kuiper.

Jassy noted that “no single company will close the digital divide on its own,” as Kuiper is certainly not alone in the increasingly competitive field of high-speed satellite internet.

SpaceX’s Starlink network is the early leader in the market, with 1,740 satellites launched to date and more than 100,000 users in 14 countries who are participating in a public beta, with service priced at $99 a month.

British-owned OneWeb is the next furthest along in deploying satellites, with nearly half of its planned 648 satellites in low Earth orbit. Like Amazon’s collaboration with Verizon, OneWeb has partnered with AT&T for U.S. connectivity. OneWeb has raised $2.7 billion in funding since emerging from bankruptcy last year, with shareholders including the British government, Indian telecom giant Bharti Enterprises, European satellite operator Eutelsat and Japanese investor SoftBank.

There are also other satellite broadband systems in various stages of development, including two U.S. systems – satellite-to-smartphone specialist AST SpaceMobile and Lockheed Martin’s partnership with start-up Omnispace – as well as Canadian satellite operator Telesat’s Lightspeed network.

While Amazon has yet to send any Kuiper satellites to orbit, the company earlier this year signed a deal with United Launch Alliance for nine launches. The FCC’s authorization of Kuiper means Amazon is required to deploy half of its planned satellites within six years, so the company is on the clock to deliver about 1,600 in orbit by July 2026.

Cushman & Wakefield Wins the Valuation Team of the Year Award Among Three Accolades at RICS Hong Kong Awards 2021

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Winner of “Valuation Team of the Year”

Winner of “Property Professional of the Year”

Highly Commended for “Agency Team of the Year”

 

HONG KONG SAR – Media OutReach – 28 October 2021 – Leading global real estate services firm, Cushman & Wakefield, once again shone at the Royal Institution of Chartered Surveyors (RICS) Awards in Hong Kong for 2021, receiving high recognition in three separate categories:

  • Winner – Valuation Team of the Year
  • Winner – Property Professional of the Year
  • Highly Commended – Agency Team of the Year

Valuation Team of the Year — Winner

Cushman & Wakefield’s Valuation and Advisory Services team won kudos for their performance in meeting and surpassing the award criteria, including upholding the highest international standards and imbuing confidence to end-users for objectivity, independence and reliability. The team is the largest valuation practice in the industry in Hong Kong, with more than 100 professionals delivering a total valuation solution for real estate development, investment, and financing, thus taking home the highest recognition as Winner of the Valuation Team of the Year.

 

Andrew Chan, Head of Valuation & Advisory Services, Greater China, Cushman & Wakefield, said, “We are thrilled to receive this win for the valuation services category’s inaugural award in Hong Kong. This recognition caps a remarkable year for the team here. We have delivered a record-high 60,000+ valuation reports, absorbed an entire existing team of professional valuers, and launched a raft of new initiatives and innovations designed to help businesses stay informed and ahead of the curve on strategy and decision making. And this award achievement is even more special as it comes despite the challenges of 2020. I congratulate the team on their sustained efforts and this success, and together we look forward to lead with further innovations in the industry.”

 

Agency Team of the Year — Highly Commended

The firm’s Retail Services team maintained the high profile built at the RICS Hong Kong awards in recent years, with a Highly Commended recognition for their single-handed work to incubate and launch the innovative Park Aura “EATertainment” project in 2020. The project was managed and brought to fruition in the face of the unprecedented challenges created by the pandemic, and the darkest time in decades for Hong Kong’s F&B industry. The project launch has been credited as a much-needed boost to the F&B sector and a vote of confidence in the city’s economy. 

 

Kevin Lam, Executive Director & Head of Retail Services, Hong Kong, Cushman & Wakefield, commented, “We are proud to again win recognition as an industry leader, demonstrating our out-of-the-box thinking to position the Park Aura project as a semi-retail Ginza-style dining complex. This is a pioneering asset management strategy for Hong Kong, usually deployed in mall leasing, resulting in a diversified tenant mix that draws in visitors around the clock and broadens market penetration. The end-result has been a leasing strategy that has redefined the objectives and deliverables of a dining complex. This has been a great success, and again illustrates our positioning and track record as a trusted partner and innovator to both landlords and tenants alike into the future.”

 

Property Professional of the Year — Winner (Kevin Lam)

Cushman & Wakefield’s retail sector expertise was further demonstrated by the announcement of Kevin Lam as the Winner of the inaugural RICS Hong Kong Property Professional of the Year award. The award category seeks to recognize outstanding individual achievement in property projects, by persons demonstrating the highest professional ethics, implementation of day-to-day standards, and overall excellence. An avid fitness enthusiast and Ironman athlete with 30 years of professional experience, Lam was recognized for his achievements including promoting new thinking and a new retail ecosystem in Hong Kong in response to the challenges of the pandemic, and bringing athleisure experiential retail concepts to the market.

 

“I am delighted to receive this honor in the first year of the Property Professional category,” commented Lam. “Recognition from peers is the highest form of compliment for all for us working in this industry, and provides me with an added spur to go the extra mile in both personal and professional endeavors. Thank you, RICS Hong Kong.”    

 

Cushman & Wakefield’s 2021 RICS Award success in Hong Kong has also been matched in mainland China, with the firm taking top honors across multiple service lines, including Best Deal of the Year (Capital Markets), Research Team of the Year, and Professional Consultancy Service Team of the Year – Real Estate (Valuation and Advisory Services). This dual recognition in both mainland China and Hong Kong markets is indicative of the firm’s expertise and collaborative synergies that underpin its market leadership across the Greater China region.

 

John Siu, Managing Director, Hong Kong, Cushman & Wakefield, commented, “Our teams continue to perform at an exceptional level, showing the ambition and determination we need to overcome the recent economic challenges and continuing fierce industry competition. Backed by years of experience, a culture of innovation and first-rate market intelligence, we remain well-positioned to provide strategic advisory services to our clients. We are proud of our winning tradition at the RICS Hong Kong Awards and recognition from impartial third parties remain a testament to our ability to meet client needs.”

Photos:

  • Winner – Valuation Team of the Year: Hong Kong Valuation & Advisory Services team
  • Winner – Property Professional of the Year: Kevin Lam, Executive Director & Head of Retail Services, Hong Kong
  • Highly Recommended – Agency Team of the Year: Hong Kong Retail Services team

 Click HERE to download the high-resolution photos.


About Cushman & Wakefield

Cushman & Wakefield is a leading global advisory services firm that delivers exceptional value for real estate occupiers and owners, with approximately 50,000 employees in over 400 offices and 60 countries. In Greater China, a network of 22 offices serves local markets across the region, earning recognition and winning multiple awards for industry-leading performance. The firm had global revenues of US$7.8 billion in 2020 across core services including valuation, consulting, project & development services, capital markets, project & occupier services, industrial & logistics, retail and others. To learn more, visit www.cushmanwakefield.com.hk or follow us on LinkedIn (https://www.linkedin.com/company/cushman-&-wakefield-greater-china)

#Cushman&Wakefield

Joint Forces for a Stronger Network for Recycling: Hong Chi Association and Nestlé Hong Kong Collaborated to Expand Their “Type 5 PP Plastic Recycling Campaign”

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HONG KONG SAR – Media OutReach – 28 October 2021 – In order to promote clean recycling of Type 5 Polypropylene (“PP”) plastic, Hong Chi Association and Nestlé Hong Kong have joint forces to implement a “Type 5 PP Plastic Recycling Pilot Campaign” in the community since 2020. Not only did the pilot campaign receive encouraging recycling results, but it also upcycled the collected Type 5 PP plastic to turn waste into resources! In view of the wide support received for the pilot campaign, Hong Chi Association and Nestlé Hong Kong expanded the recycling network to Kowloon and Hong Kong Island districts, and will organize more public education activities, in order to strengthen the recycling power for a new page in plastic recycling in the community.

 

 
Hong Chi Association and Nestlé Hong Kong upcycled the collected Type 5 PP plastic into eco-friendly hangers.

 

Gained fruitful results in the first year, the campaign offered the plastic a second life by upcycling

The “Type 5 PP Plastic Recycling Pilot Campaign”, which is the first recycling campaign in the community focusing only on Type 5 PP plastic, has been launched in Yuen Long since August 2020 with over 30 recycling points to facilitate citizens to recycle different Type 5 PP plastic used in their daily life, such as various food packaging and containers. Meanwhile, the pilot campaign organized recycling days in residences to uplift the residents’ environmental awareness.

 

As of 30 June 2021, the pilot campaign recycled around 900KG of Type 5 PP plastic, whose weight is equivalent to over 22,500 takeaway meal boxes. This is an encouraging result that doubled the expected level! In the Inter-Residence Recycling Competition under the pilot campaign, Central Park Towers, La Grove and Villa Premiere were ranked the top three.

 

In addition to recycling, the pilot campaign also explored different possibilities of upcycling the collected plastic into other household items. Eventually, those collected plastic was upcycled into 3,500 pieces of eco-friendly hangers, by which the waste was converted into resources and a circular life cycle for the plastic was enabled. Eco-friendly hangers were also leveraged to motivate more general public to join the recycling.

 

The campaign is expanding to Kowloon and Hong Kong Island for a stronger power

Today, Hong Chi Association and Nestlé Hong Kong jointly announced that they are collaborating on the “Type 5 PP Plastic Recycling Campaign” two years in a row, and they have received enthusiastic support from various property management partners, such as Kai Shing Management Services Limited and Nan Fung Property Management[1], to extend the recycling network to Kowloon and Hong Kong Island. A total of over 50 recycling points[2] will be in service this year, motivating and facilitating more citizens to recycle Type 5 PP to reduce waste for our community.

 

Apart from setting up more recycling points, the campaign will also actively promote environmental protection, such as enhancing general public’s environmental awareness and inspire their green living through online workshops and activities. Citizens can stay tuned for the activity announcement by Hong Chi Association and participate actively!

 

Ms. May Chung, General Manager, Nestlé Hong Kong Limited, said, “Nestlé Hong Kong is committed to supporting sustainability, and we launch different initiatives in response to social needs to create shared value for our society. For sustainability, our vision is that none of our packaging, including plastics, ends up in landfills or as litter. We are delighted to see the first-year campaign yielded outstanding results and it also won us the Bronze Award in the SDG Achievement Awards Hong Kong organized by Green Council. We are looking forward to continuing contributing to a sustainable community with the Type 5 PP Plastic Recycling Campaign and inspiring people towards a green future.”

 

Mr. Edwin Lam, General Secretary, Hong Chi Association said, “Hong Chi Association has long been active in driving environmental protection in the community. We are honoured to partner with Nestlé Hong Kong to implement the Type 5 PP Plastic Recycling Campaign, and to contribute together to a green community. Meanwhile, this campaign offered more training and job opportunities in recycling for our Hong Chi trainees, and the general public could have more understanding for their abilities via those public education activities, further promoting social inclusion.”

[1] Ranking in no particular order.

[2] Please refer to Appendix 1 for the list of participating residences and public premises under the campaign.

Appendix 1: Participating Residences and Public Premises of Hong Chi x Nestlé “Type 5 PP Plastic Recycling Campaign” (by Alphabetical Order)

v  Beauty Court

v  Central Park Towers

v  Chestwood Court

v  Coral Garden

v  Curio Court

v  Dynasty Court*

v  eResidence*

v  Evergreen Place

v  Florient Rise*

v  Grand Del Sol

v  Grand YoHo

v  Green Crest

v  Hong Kong Plaza*

v  Hong Shui Court*

v  HKFYG Organic Farm

v  Imperial Villas Phase 2

v  Island Garden*

v  Jasper Court

v  La Grove

v  Le Sommet*

v  Lynwood Court

v  Meadowlands

v  Mount Beacon*

v  Nan Fung Sun Chuen*

v  Nan Fung Tower*

v  One Hyde Park

v  Park Central*

v  Park Hillcrest

v  Park Signature

v  Pokfulam Gardens*

v  Rhythm Garden*

v  Riva

v  Royal Palms

v  San Po Kong Plaza*

v  Seasons Monarch)

v  Seasons Palace

v  Sereno Verde

v  Starcrest*

v  Sun Yuen Long Centre

v  The Latitude*

v  The Parcville

v  Uptown

v  Time Square*

v  Twin Regency

v  Victoria Harbour*

v  Villa Premiere

v  Wang Fu Court

v  Wonderland Villas*

v  Yoho Midtown

v  Yuen Long Landmark

v  Yuen Long Plaza

v  80 Robinson Road*

 

 

*These are new recycling points of the Hong Chi x Nestlé “Type 5 PP Plastic Recycling Campaign” in 2021


About Hong Chi Association

Hong Chi Association (formerly the Hong Kong Association for the Mentally Handicapped), founded in 1965, has grown to become one of the most well-established non-profit organizations dedicated primarily to serving about 9,000 people of all ages and all grades of intellectual disabilities and their families in Hong Kong. It operates 100 service units to provide comprehensive services.

About Nestlé Hong Kong


Nestlé originated from Switzerland in 1866, today it has grown to be the leading company in promoting Nutrition, Health and Wellness. Nestlé’s purpose is “unlock the power of food to enhance quality of life for everyone, today and for generations to come”. As early as the 19th century, Nestlé introduced high-quality products to Hong Kong and imported the products through different trade channels. In 1874, “NESTLÉ’S EAGLE BRAND®” condensed milk was granted as the first trademark in Hong Kong. Today, Nestle Hong Kong has become one of the leading food and beverage companies in Hong Kong and our diversified range of businesses include dairy products, yoghurt products, cereal breakfast, baby and toddler food, coffee, bottled and canned beverage, confectionary, ice cream and chilled desserts, soya products, culinary, pet care and healthcare nutrition product etc. The wide range of products provide consumers with options for nutrition, healthy and safe product of high quality.

#HongChiAssociation #Nestlé Hong Kong

FirstBank Confirms Odukale As Single-Largest Shareholder, Ranks Otedola Second

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FirstBank Confirms Odukale As Single-Largest Shareholder, Ranks Otedola Second

FBN Holdings Plc, the holding company of FirstBank Nigeria Limited has confirmed Mr. Tunde Hassan-Odukale as the single-largest shareholder.

The bank said with 5.36 percent equity holding, Hassan-Odukale is its largest single-holder followed by Femi Otedola with a 5.07 percent stake in the Group.

Both Odukale and Otedola are disclosed as the only two substantial shareholders, who have more 5% equity interest in FirstBank Holdings Plc, according to a filing made available to The Nigerian Exchange (NGX).

In a letter addressed to the Director-General of the Nigerian Exchange Limited, FBN Holdings notified the Bourse that Hassan-Odukale holds a cumulative of 5.36 percent of the Group, while Otedola holds a total of 5.07 percent, of the Group’s issued share capital.

While the letter may have been meant to be addressed to the Chief Executive Officer of NGX, as the Exchange has since changed the designation of its leadership to Chief Executive Officer to reflect its private structure.

This suggests that there may have been more scheming behind the scene than mere disclosures of the two substantial shareholders, Odukale and Otedola, as disclosed by FBN Holdings.

There is no clarity as to the timing of the acquisition of the shares by Odukale and his related entities, especially as the disclosure of FBN Holdings in its financial statements for the period ending June 30, 2021, does not enlist Odukale as a substantial shareholder.

There may have been undue delay in the disclosure, which run ultra vires to relevant statutory and regulatory requirements of disclosing substantial shareholding in a public entity within seven days and 10 days of acquiring such equity interest, according to Sections 119 and 120 of CAMA (2020) and Rule 17.13 of the NGX Rulebook, respectively.

FirstBank Confirms Odukale As Single-Largest Shareholder, Ranks Otedola Second

The letter written by Seye Kosoko, the Company Secretary, was a response to the NGX’s request for clarification on the rationale for arriving at Odukale’s ownership, especially as holdings by entities like Leadway Pensure were added to its “cumulative stake” in the Group, even as Leadway Pensure is a pension fund administrator holding assets, including shares in companies, on behalf of the pension contributors, who are the ultimate beneficial owners of the assets.

In the letter, Kosoko, FBN Holdings defined “substantial shareholders” to mean “shareholders with 5% and above shareholdings”.

Last weekend, a rumble for the control of Nigeria’s oldest bank erupted with initial media reports saying Otedola had acquired a controlling stake in the bank.

Odukale and Otedola may have acquired substantial interests in FBN Holdings, neither of them has controlling interest yet, either from an accounting or statutory perspective.

While the bank initially said it had not been informed about Otedola’s significant acquisitions in its shares, it later confirmed the reports and indicated that he had actually amassed as much as 5.07 shareholding in FBN Holdings Plc.

The struggle may have just started and perhaps an indication of an eventful Annual General Meeting ahead for FBN Holdings.

Interestingly, the regulator, the Central Bank of Nigeria, seems to have been silent on the matter at this time, perhaps watching for more events to unfold.

The shares of FBN Holdings remain one of the most liquid counters on the NGX, with a total of 75.46 million units traded at a value of N898.01 million some 28.04 percent of the total N3.20 billion value of transactions conducted on the NGX for the day.

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