A Feeble Post-Lockdown Bounce – FBNQuest

Esan Bolaji
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A Feeble Post-Lockdown Bounce – FBNQuest

This week, FBNQuest is sharing the findings of the third round of COVID-19 Impact Monitoring, a telephone survey conducted by the National Bureau of Statistics (NBS) with support from the World Bank. The bureau contacted the same 1,950 Nigerian households in April/May, between 02 and 16 June, and now between 02 and 16 July. The first survey was held during the selective lockdown, the second once some restrictions had been eased and the third when the country was making further steps towards what passes for normality. At this stage, a total of twelve rounds are planned with the World Bank.

We can see from the latest survey that the Nigeria Centre for Disease Control (NCDC) has kept most Nigerians informed remotely through text messages. More than two-thirds of respondents had received guidance and health tips from the centre, and of this number almost 90 per cent were happy to make use of the service. The use of mobile telephony to spread simple, practical messages has been a successful government tool across many developing countries.

READ ALSO: App Store Generated $22.2bn in Gaming Revenue in H1 2020, 52% More than Google Play

Responses in the third round tell us that economic activity is picking up from the low point in March/April, and that we are seeing a slow recovery in Nigeria rather than a bounce. This week the national accounts for Q2 2020 were released by the NBS: the overall result (-6.1 per cent y/y) is the worst for about 15 years but likely to prove the weakest in 2020.

The share of respondents in employment in July (81 per cent) is close to the pre-COVID level of 85 per cent and way above the low of 43 per cent in lockdown. This picture must be qualified however, urban Nigeria lags rural. A good number of respondents have moved industries, typically from agriculture to commerce or services. Some have found their new posts precarious. Almost half the wage workers surveyed, who represent just 12 per cent of respondents, were working fewer hours than pre-COVID, and only 11 per cent more hours.

READ ALSO: British Airways launches flight and holiday September sale

That the virus has brought more inflation is evident from the NBS inflation reports and from this third round. Access to staple foods has improved, above all for cassava, yet price and availability remain deterrents for many households. The same applies to public transport: more services but higher prices. Nigerians surveyed are struggling to pay their rents, with 23 per cent in urban areas termed ‘rent insecure’ as a result of declining income and higher food and non-food prices.

The responses on safety nets and coping mechanisms confirm what we have already learnt from the national accounts and the quarterly results of listed companies about the squeezing of household budgets. Relative to the first round in April/May, dependence on food assistance, and domestic and external remittances has sharply fallen while drawing on income from property, savings and investments has picked up nicely. (The NBS note suggests that the decline in food support may have been the consequence of the school holidays.)

As for the mechanisms to handle shocks, we note a rise in the share of households that have reduced their food consumption from 54 per cent between mid-March to April/May to 69 per cent between April/May and July. There was a sharper increase, from 11 per cent to 33 per cent, for those engaged in additional income generation. Many of these new posts, as indicated earlier, are expected to prove insecure.

The main positive is the rising share of respondents in employment. It is outweighed, however, by the findings on prices, household finances and safety. Economic recovery is expected to be slow.

BRAND SPUR

British Airways launches flight and holiday September sale

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British Airways launches flight and holiday September sale

British Airways has today launched its annual September Sale with deals to over 150 destinations across its global network.

 

With travel dates in 2021 available, and the airline’s flexible booking policy offering no change fees or a voucher exchange for bookings made during the September Sale with travel before the end of August 2021, customers can book with absolute confidence that they can move their flights or holiday should their plans change.

On flights, customers can take a trip to New York for just £299 return, San Francisco for £348 return or Miami for £349 return. Those who want to hit the Caribbean beaches of Antigua or St Lucia can do so for £384 return and £399 return respectively or soak up a slice of luxury in Seychelles for just £499 return. Travellers wanting to head east can visit Dubai where return flights start from £299 while Muscat starts from £399 return.

A selection of enticing holiday packages are also included in the sale this year. These include seven-night European beach breaks (including flights and hotels) from just £179 per person, including to Corfu and Sardinia. Alternatively, for those looking further afield, seven-night holidays to the newly launched destination of Montego Bay are from just £619 per person. Meanwhile, seven-night holidays to Barbados are from £549pp, Orlando from £399pp and New York from just £379pp. During the September Sale, British Airways Holidays is offering complimentary access to the Galleries Club Lounges at London Heathrow Terminal 5 when booking a flight + hotel package for 7 nights or more for travel between 3 September and 24 December 2020 (minimum spend and conditions apply).

READ ALSO: TAJBank Opens New Footprints in Sokoto State (Photos)

On top of these sale prices, British Airways has over one million seats available for £39 or less each-way. Destinations include Geneva, Venice and Rome.

In the September Sale, Club World (long haul business class) New York flights are available for £1,199 return while Cancun is £1,299 return. In Club Europe (short haul business class) Salzburg is available for £170 return, Geneva for £238 return and Athens for £330 return for those looking to stay closer to home.

Andrew Brem, British Airways’ Chief Commercial Officer, said: “We know that many of our customers are eager to start exploring the world again and that’s why we are offering them great prices coupled with flexible booking options. Customers who book during the September Sale can take a voucher if they change their minds and we believe that this, alongside enhanced safety measures at the airport and onboard, will give customers the confidence to book their next getaway and get traveling again.”

As part of the September Sale, there are also a number of tempting Avios part payment deals. These include New York return flights for £179 plus 25,000 Avios, and Los Angeles return for £209 plus 32,000 Avios. As always, customers can choose to reduce the cost of a commercial flight through Avios part payment, while still collecting Avios with their booking. Customers can also book a return reward flight to Venice for £1 plus 29,000 Avios, or New York or Dubai for £100 plus 50,000 Avios.

British Airways is committed to practices which inspire confidence in travel such as unrivalled booking flexibility and enhanced safety measures. Customers who book during the September Sale will have any change fee waived on bookings made before the end of August, or can take a voucher which they can use before April 2022. British Airways Holidays customers have a further range of flexible booking options open to them. Highlights include low deposits from just £75pp with flexible payments and final balance not now due until three weeks before travel, ATOL protection and a 24-hour holiday helpline. Full details on what a British Airways Holiday guarantees can be found in its newly launched ‘Customer Promise’ at ba.com/customer-promise

In terms of safety, the airline has introduced a range of measures to keep its customers safe and is asking customers to abide by the new measures to help manage the wellness of everyone travelling.

These include: checking-in online, downloading their boarding pass and where possible self-scanning their boarding passes at the departure gate, observing social distancing and using hand sanitisers that are placed throughout airports.

Wearing a facemask at all times and bringing enough to replace them every four hours for longer flights,asking customers not to travel if they think they have any symptoms of Covid-19.

Cabin crew wearing PPE and a new food service, which reduces the number of interactions required with customers.

Asking customers to ensure they have everything they need from their hand luggage before departure, and where possible, storing their carry-on bag under the seat in front of them.

The airline is cleaning all key surfaces including seats, screens, seat buckles and tray tables after every flight and each aircraft is completely cleaned from nose to tail every day. The air on all British Airways flights is fully recycled once every two to three minutes through HEPA filters, which remove microscopic bacteria and virus clusters with over 99.9% efficiency, equivalent to hospital operating theatre standards.

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TAJBank Opens New Footprints in Sokoto State (Photos)

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TAJBank Opens New Footprints in Sokoto State (Photos)

Abuja Nigeria – August 27th, 2020 – TAJBank, Nigeria’s most innovative Non-Interest Bank, has announced the launch of its 4th (fourth) branch in Sokoto State recently.

The launch which held at the TAJBank office in Sokoto State had several dignitaries present from across the country including the special guest of honour, His Excellency Governor of Sokoto, Rt Hon Aminu Waziri Tambuwal CFR (Matawallin Sokoto) who commissioned the new branch.

L-R: Chief Operating Officer: Mr Hamid Joda, Chairman TAJBank: Alhaji Tanko Isiaku Gwamna, Chief Marketing Officer: Mr Sherif Idi at the new TAJBank branch in Sokoto | www.brandspurng.com

In his opening remarks, Governor commended TAJBank for its innovative strides and enjoined the bank to live up to its mission to provide superior banking products and services to the peoples. He also noted the enormous benefits of non-interest banking and assured the institution of the government’s continued support.

TAJBank Opens New Footprints in Sokoto State (Photos)
The Governor of Sokoto, Governor Aminu Waziri Tambuwal commissions the new TAJBank branch in Sokoto with the Chairman TAJBank, Alhaji Tanko Isiaku Gwamna.
TAJBank Opens New Footprints in Sokoto State (Photos)
L-R: CMO/ CoFounder TAJBank, Mr Sherif Idi; SSG, Malam Sa’idu Umar (Malam Ubandoman Sokoto); COO/Founder TAJBank, Mr Hamid Joda; His Excellency, The Executive Governor of Sokoto State, Alhaji Aminu Waziri Tambuwal CFR (Matawalen Sokoto); and Chairman TAJBank, Alhaji Tanko Isiaku Gwamna at the commissioning of the Bank’s branch in Sokoto State recently. www.brandspurng.com

The Chairman, Alhaji Tanko Isiaku Gwamna, acknowledged the efforts of the Sokoto State government in initiating an investment into the fourth branch even while it was still a project and emphasised this singular act a strong catalyst to the eventual realisation of the new branch in Sokoto.

TAJBank Opens New Footprints in Sokoto State (Photos)
The Governor of Sokoto, Governor Aminu Waziri Tambuwal commissions the new TAJBank branch in Sokoto with the Chairman TAJBank, Alhaji Tanko Isiaku Gwamna.
TAJBank Opens New Footprints in Sokoto State (Photos)
Form signing with the Governor of Sokoto state at the new TAJBank Sokoto branch. | www.brandspurng.com

He also emphasised some of its key focus points in the state as namely agricultural development and the significant enhancement of financial inclusion within underserved communities in the state.

Governor Tambuwal, while taking a tour of the facility, also opened the first account.

Recently, the bank also launched two platforms: its Agency banking network-TAJXpress and Nigeria’s 1st (first) ethical e-commerce site, TAJMall. The network spans states within the North West and North East areas of the country.

TAJBank is Nigeria’s 2nd Non-Interest Financial Institution. The Bank received its license from the Central Bank of Nigeria on July 12th, 2019. The Bank offers an exciting array of products and services that span Private Banking, Retail Banking, Business Banking, Development Finance and the Public Sector.

The Bank has its head office in Abuja and also branches at the National Assembly Complex and Kano State.

The Nigerian Q2 GDP Covid Contraction & 2020 Forecasts

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The Nigerian Q2 GDP Covid Contraction & 2020 Forecasts

The COVID-19 Quarter

The National Bureau of Statistics (NBS) recently released Nigeria’s GDP growth numbers for the second quarter (Q2) of 2020. Expectedly, real GDP contracted by 6.10% year-on-year in Q2, a sharp drop in output from the 1.87% year-on-year growth rate recorded in Q1. This represents the worst contraction since the Nigerian economy exited recession in Q2 2017. The sharp contraction was driven by the distortions in economic activities and the collapse in oil prices during the second quarter as a result of lockdown measures implemented both domestically and internationally owing to the COVID-19 pandemic.

Oil GDP: Nigeria Records Average Oil Production of 1.81 million barrels per day in Q2 2020.

The oil sector GDP contracted by 6.63% year-on-year in Q2 2020, a sharp fall compared to the preceding quarter in which the oil sector grew by 5.06% year-on-year. The contraction in oil GDP was due to the dual decline in production volumes and crude oil prices recorded during the quarter. Notably, oil production dipped by 0.26mbpd from an average of 2.07mbpd recorded in Q1 2020 to 1.81mbpd in Q2 2020, representing a decline in production volume of circa 14%. The global oil market was pushed to the doldrums at the onset of Q2, with Brent crude price, a major global benchmark averaging $29.7 per barrel over the quarter as compared to the $50.3 per barrel average price recorded in Q1.

In terms of contribution to overall GDP, the oil sector accounted for 8.93%. This is a decline compared to the 9.50% contribution recorded in Q1 2020 and 8.82% in Q2 2019.

READ ALSO: Vodacom group appoints Raisibe Morathi as group chief financial officer

Non-Oil GDP: First Decline since Q3 2017

The non-oil sector witnessed a 6.05% contraction in Q2 2020, the first negative growth experienced in the non-oil segment of the GDP since Q3 2017. The non-oil sector accounted for 91.07% of overall GDP in Q2 2020, a slight increase compared to the share recorded in Q1 2020 of 90.5%.The largest contractions were witnessed in Transport and Storage, with a negative growth of 49.23%, Accommodation and Food services at -40.2%, Construction at -31.77% and Real Estate at -21.99% year-on-year. The contractions in these sectors were largely driven by the effects of the lockdown measures especially with the ban on interstate travel (road and air) which affected local commute, travel and hotel lodging services.

Sectors that remained resilient over the quarter include Information and Communication Technology (ICT), which recorded a growth rate of 15.09% year-on-year, driven by the Telecoms and Broadcast sub-segments with growth rates of 18.1% and 8.78% respectively; Finance and Insurance also expanded by 18.49% year-on-year and Agriculture recorded a positive but tepid growth rate of 1.58%. The ICT sector has emerged the brightest spot in this pandemic as the lockdown of Nigeria’s largest cities– Lagos and Abuja led to the adoption of remote work and virtual engagements for large sections of corporates in these cities. This led to increased consumption of broadband data services by the labour force for these virtual engagements. We believe this trend will subsist for the rest of 2020 as the work-from-home trend still remains increasingly popular even after the easing of lockdown measures.

Outlook: Q2 2020 – Is the Worst It Gets For the Year?

We note that for the greater part of Q2 2020, restrictions were in place limiting economic activities and movement of goods and people both within and outside the country. The first phase of the lockdown, which began on March 30, lasted five weeks with the President enacting a shutdown of all but essential activities in the nation’s economic powerhouses including the commercial capital of Lagos, the neighbouring state of Ogun, and the Federal Capital Territory[1]. Subsequently, the key commercial hub in the north – Kano State was added to the list on account of rising infection and mortality rates. Interstate travel was suspended, and some State governments also enacted lockdown measures within their states including Kaduna, and Rivers State. The global oil market was equally pushed to the doldrums at the onset of Q2, with oil prices descending to unprecedented lows in April 2020. Consequently, we opine that Q2 GDP numbers capture the full magnitude of the pandemic-induced downturn in the Nigerian economy.

Although some reprieve is expected as economic activities pick up with the gradual phasing out of lockdowns and the improvement in the global oil market, significant downside risks remain. While we note that Nigeria’s oil production is limited by the 1.4mbpd cap (exclusive of condensates) as part of the OPEC+ alliance agreement, we expect the gradual recovery in crude oil prices from their lows in Q2 to provide some respite to oil GDP in subsequent quarters. Similarly, measures such as the easing of lockdowns and opening up of the country for travel are expected to support non-oil GDP.

The outlook remains tapered in view of Nigeria’s persistent foreign exchange shortages, amidst the fragile oil market and reform inertia on the part of the government. There’s an estimated $7 billion of unmet dollar demand – with the backlog comprising of a $2 billion demand by manufacturers and $5 billion by foreign investors seeking to exit the Nigerian market.[2] The reluctance to push ahead with tough reforms such as unifying the exchange rates is weighing heavily on sentiment, with the Wold Bank delaying its approval of Nigeria’s $1.5 billion loan request until October[3]. Our view is that foreign exchange shortages will persist throughout the second half of the year, inhibiting growth as manufacturers increasingly struggle to source sufficient dollars to pay for imports – even as activities pick up.

We are cautiously optimistic that Q2-2020 could turn out to be the worst it gets for the year, and also note the relative resilience of the Nigerian economy during the quarter, compared to several economies: The US suffered a downturn of 9.5% year-on-year in Q2[4], while the UK economy plunged by 21.7% year-on-year in Q2[5] and the Euro Area printed a -15% growth year-on-year in Q2[6]. We believe that Nigeria’s growth rate reflects the relatively lax implementation of lockdown measures across the country, especially in States outside of the nation’s economic powerhouses. Avoiding the worst of the pandemic in terms of infections and mortality has also helped mitigate the contractions while buoying consumer confidence ahead of the second half.

Overall, the -6.10% growth rate recorded in Q2 brings half year 2020 GDP growth rate to -2.18%. At Agusto & Co., we maintain our forecast scenarios of -4.5% in the best-case and -7% in the worst-case for full year 2020.

BRAND SPUR

Vodacom group appoints Raisibe Morathi as group chief financial officer

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Vodacom group appoints Raisibe Morathi as group chief financial officer

Vodacom Group has announced Raisibe Morathi as its new Group Chief Financial Officer (CFO), effective 1 November 2020, when she will also be appointed to the Vodacom Group Board. As one of the most experienced and one of very few African black female CFOs of a listed company in South Africa, Raisibe’s appointment underscores Vodacom’s commitment to driving diversity across the workplace.

Vodacom group, Raisibe Morathi
Raisibe Morathi

Raisibe joins Vodacom from Nedbank Group, where she was the Group Chief Finance Officer since 2009. She was responsible for leading a team of over 900 people involved in finance and operations and focussed on strategic decision making impacting the Group. For most of her tenure at Nedbank, she was the patron of its Women’s Forum, demonstrating her commitment to the development of women and young people.

Raisibe is a Chartered Accountant (SA) and has also completed an Advanced Management Programme (AMP) with INSEAD (France). Her other qualifications include a Higher Diploma in Taxation (Wits University) and she is currently a few months away from completing her Masters in Philosophy (Corporate Strategy) at GIBS.

Shameel Joosub, CEO of Vodacom Group, said: “I am delighted to welcome Raisibe to the Vodacom Group, where she will drive and continue to modernise our finance operations as we position ourselves as a leading pan-African technology company. Raisibe has a proven track record in dealing competently with complex leadership challenges and driving strategic transformational change. Given Vodacom Group’s leadership position as a mobile money provider in Africa and our accelerated growth ambitions beyond traditional Telco services, Raisibe’s extensive financial services experience makes her an excellent addition to the Vodacom Group Board and Executive Committee (Exco).”

Raisibe has acquired 26 years of experience, including 20 years in executive roles at institutions such as Industrial Development Corporation, Sanlam and Nedbank. Raisibe succeeds Till Streichert following his departure in June 2020 and the interim appointment of Sitho Mdlalose as Group CFO.

Commenting on her appointment, Raisibe said: “I’m excited to be joining the Vodacom Group Board and Exco at a time when it has simplified its structure to drive increased focus across all of its international territories. I look forward to leading a high-performing Finance team, driving the function’s strategic digital transformation and contributing to the future success of the Group.”

“I would like to thank Sitho Mdlalose for his significant contribution as interim Group Chief Financial Officer during a time that happened to coincide with the unprecedented global pandemic. In his new role as CFO of Vodacom South Africa (VSA), Sitho will have dual reporting lines into Raisibe and Balesh Sharma, designate CEO of VSA,” concludes Shameel.

HEADLINES YOU MIGHT HAVE MISSED FROM BRAND SPUR

NNPC generates $4.60bn revenue from 19.104bn litres of crude oil, gas export in one year

The Nigerian National Oil Organization (NNPC), on Sunday, said it made a sum of $4.60billion from raw petroleum and gas sent out between June 2019 and 2020.

The shape of disruption in the retail space: how it works, how to respond to it, and why it matters

You won’t find too many jokes about ‘digital transformation’. It’s a serious business. And if you ask who is doing it, every corporate will raise their hands – but there’s little agreement around exactly what it is, the implications for the organisation, how to go about it. RMB’s recent retail client webinar, featuring Wits’ Prof Brian Armstrong, provided strong direction.

Nigeria’s GDP Shrinks by 6.10% in Q2 2020 – NBS

Nigeria’s Gross Domestic Product (GDP) decreased by -6.10% year-on-year) in real terms in the second quarter of 2020, ending the 3-year trend of low but positive real growth rates recorded since the 2016/17 recession.

Market Cap of the World`s Five Largest Automobile Manufacturers Plunged by $63bn in 2020

The COVID-19 pandemic has had a severe impact on the global automotive industry, causing supply chain disruptions and factory closures. All of this placed intense pressure on the market already coping with a downshift in global demand.

Digital Ticketing Sales to Grow 150% by 2022, as Passengers Return to Travel

Hampshire, UK – 24th August 2020: A new study from Juniper Research has found that digital ticketing transaction volumes will exceed pre-COVID levels by 2022; rising from 12.7 billion in 2020 to 32 billion in 2022. It anticipates that continued easing of global travel restrictions will drive increased demand for mobile ticketing in the rail, metro and bus sectors, as commuters return to work.

Vodacom unveils gender-based violence fund

Esan Bolaji
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Vodacom unveils gender-based violence fund

The COVID-19 pandemic and nationwide lockdown has compounded the effects of existing gender inequalities and led to an increase in violations of women’s rights, including elevated risks of domestic violence and other forms of GBV. This has been evident with Vodacom’s GBV command centre (GBVCC) reporting a spike in gender violence-related calls during the nationwide lockdown.

As part of its ongoing commitment to fighting against GBV, the Vodacom Foundation hosted a GBV webinar on 25 August, which aimed to shed light on the impact of GBV and how to overcome it. During the webinar, Vodacom also announced the launch of a R5 million Gender-Based Violence Fund to further support survivors of GBV.

gender-based violence fund, Vodacom

READ ALSO: VIVIEN SHOBO RECOGNIZED AS ICON OF THE YEAR at THE 2020 AFRICAN BANKER AWARDS

The virtual event was facilitated by Lebogang Mashile, poet, author and speaker as well as a panel of dynamic guest speakers who shared their personal stories including:

  • Takalani Netshitenzhe, External Affairs Director for Vodacom South Africa
  • Masingita Masunga, inspirational speaker, TV director and philanthropist.

Rosie Motene, Pan African queer and feminist and speaks on GBV and LGBTQI in Africa
Cheryl Hlabane, Operations Manager at Frida Hartley Shelter

“Conversations have started in Vodafone, and Vodacom on these forms of discrimination, because the only way to stamp out racism, gender and class discrimination is to first acknowledge that there is a problem, that these forms of discrimination exist in societies in which we operate, and that it will not be tolerated in the workplace. Our global and group CEOs are taking the lead. These conversations, force all of us to introspect on the kind of culture we want to create for ourselves and for future generations,” said Netshitenzhe.

During the course of the webinar, the panel shared their personal experiences of GBV, discussed how society views survivors of GBV and challenges women face when leaving abusive relationships.

The impact of Gender-Based Violence (GBV) is extensive and includes physical, sexual and mental consequences for women and girls that remain with them for years. “Many people don’t acknowledge the various levels and effects of GBV. People need to understand that abuse affects women in physiological and neurological ways,” says Motene. “We need to also acknowledge the strength it takes for survivors to speak out about their abuser as they often face scrutiny from different areas of our society,” says Motene.

Hlabane, Operations Manager at Frida Hartley Shelter for women said the country needs to improve its structures to support survivors of GBV. “There is a large misconception that victims of GBV are weak. They are asked questions as to why they were abused or why did they not speak out sooner. We need to improve our structures to support survivors of GBV and improve funding towards support systems so that these survivors are not forced to stay in abusive relationships,” says Hlabane.

Vodacom also announced that Masingita Masunga has been appointed as an ambassador to the Vodacom Foundation. As an ambassador, Masingita will champion the values upheld by the Vodacom Foundation and focus on key areas of education and gender empowerment.

Vodacom’s GBV programmes focus on prevention, response and victim support. The response is through the Gender-Based Violence Command Center which we helped to launch in partnership with the Department of Social Development in 2014. Victim support is through digital literacy we provide in the shelters for victims and survivors of GBV. The new mobile-based App which we have developed is part of our prevention strategy.

The App will serve as a risk assessment tool for the App users to determine if they are in an abusive relationship so that they could seek help. Through this mobile-based App, the user will be able to compile and keep a journal of abusive incidents that could serve as evidence during criminal investigation and prosecution. The app is intended to augment our prevention and response focus. We plan to launch this App later this year.

BRAND SPUR

VIVIEN SHOBO RECOGNIZED AS ICON OF THE YEAR AT THE 2020 AFRICAN BANKER AWARDS

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VIVIEN SHOBO RECOGNIZED AS ICON OF THE YEAR AT THE 2020 AFRICAN BANKER AWARDS

Lagos, 27th August – The African Banker Awards has recognized Nigeria’s Vivien Shobo as the winner for its 2020 Icon of the Year Category. This is in acknowledgement of her outstanding work and career during her service as the Chief Executive Officer of Nigeria’s topmost credit rating agency, AgustoandCo.

Vivien Shobo was recognized for playing an influential part in evolving Nigeria’s credit markets and also for assisting in the growth of a truly global best practice organization that competes with international crediting rating agencies. According to the African Bankers Awards committee, “The impact of her work is beyond measure and we are proud to have an African Champion that has been able to play such an important role and compete with and out-do global competitors with larger resources.” 

VIVIEN SHOBO RECOGNIZED AS ICON OF THE YEAR at THE 2020 AFRICAN BANKER AWARDS
VIVIEN SHOBO | www.brandspurng.com

Vivien Shobo led the firm’s African expansion initiatives by obtaining Credit Rating Agency licenses from the Capital Market Authorities of Kenya and Rwanda. She was a frequent speaker at domestic and global African capital market conferences and has over 30 years’ experience in the financial services sector. Speaking about the African Banker Awards, Vivien Shobo remarked that recognition is an honour and encouraged women leaders in all sectors to always strive for excellence.

“Winning the Icon of the Year Award is truly a remarkable achievement for me this year. I am excited that excellence and commitment are constantly being rewarded in Africa’s financial services industry. I urge all women especially those in the financial sector to be inspired by this win and push for more excellence as this is a win for all of us. I thank my family at Agusto and Co for all their solidarity.”

The African Banker Awards are intended to distinguish the transformations, rapid modernization, alliance, integration and growth of Africa’s banking and financial system.

The Icon of the Year category is awarded to an individual or institution for their outstanding contributions in the field of business, banking and finance; in helping the change the perception of Africa as well as their contributions to the establishment of best global practice in Africa.

Former recipients of the Icon of the Year category award include outstanding individuals such as Dr Ngozi Okonjo-Iweala, Adebayo Ogunlesi, one of Wall Street’s most eminent financiers, and Eleni Gabre-Madhin, founder of the Ethiopian Commodities Exchange.

CAMA AND THE UNENDING DRAMA: 24 Major discrepancies between 1990 and 2020 Acts

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CAMA AND THE UNENDING DRAMA: 24 Major discrepancies between 1990 and 2020 Acts

Amidst the threatening economic fiasco due to coronavirus pandemic in Nigeria, President Muhammadu Buhari on August 7 signed into law the Companies and Allied Matters (CAMA) bill 2020 recently passed by the National Assembly.

The signature was contained in a statement made available by his Special Adviser on Media and Publicity, Mr Femi Adesina, the president’s action on this important piece of legislation, therefore, repealed and replaced the extant Companies and Allied Matters Act 1990 introduced after 30 years, several corporate legal innovations geared towards enhancing the ease of doing business in the country.

Meanwhile, tongues have been lashing and head rolling on the assent by President Muhammadu Buhari.

The Christian Association of Nigeria (CAN) rejected the CAMA Act 2020, especially because it applies to churches.

In a statement made available and signed by the Special Assistant on Media to the association’s president, Mr Adebayo Oladeji CAN reject the law tagging it as “unacceptable and ungodly.”

Also, Bishop David Oyedepo of the Living Faith Church kicked against the application of CAMA Act in churches.

Oyedepo said such laws were borne out of government’s jealousy about the prosperity recorded by the churches.

Oyedepo questioned the rationality behind subjecting churches to the same laws as companies, describing the church as God’s heritage on earth.

In reply to the standpoints of CAN and Oyedepo, the federal government through one of its aides, Lauretta Onochie said, “I hope this is not true. If it is, Oyedepo will have to manufacture his own country and live by his own laws.

“As long as he lives and operates within the entity called Nigeria, he will live by Nigerian rules and laws. He will do as he’s told by the law. Enough of lawlessness.”

However, a Lagos Based Litigator, Legal Practitioner, and social commentator, Morakinyo Olasupo, Esq., said that the churches are just being frivolous especially the religious leaders who have criticized CAMA, 2020.

“You cannot benefit under a law that clothes you with a juristic status and run away from checks, balances, and thorough Regulation. They are in a state of fear because of copious atrocities and financial recklessness that happen among the religious leaders.

“The churches are incorporated as Registered Trustees with their CAC identities, why then are they clamouring for the exclusion under the same the law. Why are some of these churches scared of transparency and accountability?” he queried.

Morakinyo further corroborated his claim by highlighting 24 major discrepancies between the 1990 CAMA Act and 2020 CAMA Act compiled by a Corporate Lawyer, Habeeb Lekan Sakariyah.

See the differences in the table below:

 

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NNPC generates $4.60bn revenue from 19.104bn litres of crude oil, gas export in one year

The Nigerian National Oil Organization (NNPC), on Sunday, said it made a sum of $4.60billion from raw petroleum and gas sent out between June 2019 and 2020.

The shape of disruption in the retail space: how it works, how to respond to it, and why it matters

You won’t find too many jokes about ‘digital transformation’. It’s a serious business. And if you ask who is doing it, every corporate will raise their hands – but there’s little agreement around exactly what it is, the implications for the organisation, how to go about it. RMB’s recent retail client webinar, featuring Wits’ Prof Brian Armstrong, provided strong direction.

Nigeria’s GDP Shrinks by 6.10% in Q2 2020 – NBS

Nigeria’s Gross Domestic Product (GDP) decreased by -6.10% year-on-year) in real terms in the second quarter of 2020, ending the 3-year trend of low but positive real growth rates recorded since the 2016/17 recession.

Market Cap of the World`s Five Largest Automobile Manufacturers Plunged by $63bn in 2020

The COVID-19 pandemic has had a severe impact on the global automotive industry, causing supply chain disruptions and factory closures. All of this placed intense pressure on the market already coping with a downshift in global demand.

Digital Ticketing Sales to Grow 150% by 2022, as Passengers Return to Travel

Hampshire, UK – 24th August 2020: A new study from Juniper Research has found that digital ticketing transaction volumes will exceed pre-COVID levels by 2022; rising from 12.7 billion in 2020 to 32 billion in 2022. It anticipates that continued easing of global travel restrictions will drive increased demand for mobile ticketing in the rail, metro and bus sectors, as commuters return to work.

 

Social distancing in togetherness culture of Nigerians as social media presence deepens

Esan Bolaji
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Social distancing in togetherness culture of Nigerians as social media presence deepens

There have been many instances that show that Nigeria in recent times would desist giving supports to their fellows than lending a hand of support to salvage them from the possible looming situation(s) due to the intermittent deterioration in the habit of togetherness culture.

 

In Nigeria today, our culture of togetherness is sporadically growing into extinction with the advent of social media and the internet in 1998. The public is now getting used to the new cultural heritage of loneliness rather than togetherness. It is becoming extremely impossible to threaten somebody with isolation but homicidal to threaten one of social media or internet usage.

 

With critical assessment on most trending videos, you can’t but say that Nigerians may not care for one another in the nearest future. Owing to the simple fact that many just are chasing clout on social media, expecting to be the first to release exclusive content to the public even if they seem threatening and extremely provocative.

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An ample example is that of Iloma, the supposedly rumoured ‘runs girl’ in Ajah who ran mad and was reportedly dropped by a luxury salon car. Iloma was left lying on the bare ground for hours without help from anybody despite the mammoth crowd that rounded her up. None of them was willing to render her help to salvage her of the predicament.

 

Another is the drowning man in Lagos State, a report had it that for a few hours, the man was lost in thought, communicating with the people around about his inability to pay up a certain debt despite several attempts. It dawned on them when he made way for the sea, jump inside to avoid the possible shame that might thence come, meanwhile, when he approached the sea, somebody saw him and instead of scolding him from jumping into the water, the person recorded it and shared on Twitter, with no sympathy whatsoever.

 

According to Statistica, the number of Social Network Users in Nigeria in 2019 was put at an approximate 24.59 million with the prediction that it will project to 44.63 million users in 2025. The prediction seems partially realised as a quarter of 2020 shows an increase of 4.03 million users.

 

Also, a social media marketing platform, Hootsuite also reported in 2019 that there are 98.39 million internet users in the country compared to 2018, there has been a 4 million increase in the number of internet users.

 

In the report, of the 98.39 million Nigeria internet users, 54% access the internet on a daily basis while only 12% (24 million) have active social media accounts.

 

The report found that 3hours 17 minutes is the average time Nigerians spend using social media. This is higher than the global average which stands at 3hours 14minutes.

 

WhatsApp stood as the most active social media platform in the country with 85% users. The second is Facebook at 78%, Instagram is third at 57%, followed by Messenger at 54% and Youtube at 53%.

 

Reacting to the growing pace of isolation social media is causing among Nigerians, Sidikat Adewole, a 300L student of Social Works in the University of Ilorin said she could barely leave her phone for a minutes or let it go off. She added that she goes around with power bank to recharge her battery when it is draining because it is her life.

 

“My phone is my entire life. I can do without talking to people for weeks, in as much as I have my phone with me and on. I transact business with my customers there too, my business WhatsApp is really helping me to grow as an Entrepreneur so I can’t imagine staying out of social media,” she explained.

 

Mr Dada Pelumi, a business mogul in Ibadan explained how he got one of his biggest contracts on Facebook. “I didn’t expect, I just got a call that day from a woman who told me that she saw the adverts of my newly arrived products on Facebook and is interested in patronising me

“I want to buy those clothes in bulk, do you have it?I do, if you want me to supply them to you now, there’s no problem, I intercepted.”

 

However, with varying instances and observations of Nigerians’ usage of social media, if one’s online presence is inconspicuous, there’s every possibility that the person might not be noticed forever.

BRAND SPUR

Photo News: Akwa Ibom Begins Evacuation of Mentally Challenged Persons off Street

Esan Bolaji
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Photo News: Akwa Ibom Begins Evacuation of Mentally Challenged Persons off Street

In line with achieving the completion agenda of Udom Emmanuel, the Akwa Ibom State Governor in securing and safeguarding lives and dignity of the citizens, the Ministry of Women Affairs and Social Welfare embarked on the evacuation of mentally challenged persons.

The Commissioner for Women Affairs and Social Welfare, Dr. Ini Adiakpan flagged off the exercise yesterday, August 26th, 2020 in Uyo.

Photo News: Akwa Ibom Begins Evacuation of Mentally Challenged Persons off Street
Commissioner for Women Affairs and Social Welfare, Dr. Ini Adiakpan | www.brandspurng.com
Photo News: Akwa Ibom Begins Evacuation of Mentally Challenged Persons off Street
Photo News: Akwa Ibom Begins Evacuation of Mentally Challenged Persons off Street
Photo News: Akwa Ibom Begins Evacuation of Mentally Challenged Persons off Street
Photo News: Akwa Ibom Begins Evacuation of Mentally Challenged Persons off Street
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