PETRONAS New Energy Teams Up With NEFIN Group to Power 15 Tesco Stores in Malaysia with Renewable Energy

Media Outreach
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HONG KONG, CHINA – Media OutReach – 21 July 2020 – Following the launch of its first
solar rooftop solution, M+ by PETRONAS last year, PETRONAS New Energy is now set
to grow in the domestic renewable energy space with its first commercial
customer, Tesco Stores (Malaysia) Sdn Bhd (Tesco).

In delivering its commitment to Tesco, PETRONAS
New Energy has collaborated with NEFIN Group,
a regional renowned bespoke solar developer, and formed a joint-venture company
together known as NE Suria Satu Sdn Bhd (NESS), to provide a solar rooftop
solution covering design, installation, operation and maintenance of solar
photovoltaic panels for selected Tesco stores nationwide.

The provision of the solar rooftop solution is
now ongoing until 2040, after the signing of a 20-year Power Purchase Agreement
(PPA) between NESS and Tesco, the largest commercial solar PPA of its kind in
Malaysia.

The first phase of the project will collectively
generate about 18 gigawatt hours (GWh) of clean energy per year from the 15
selected Tesco stores around the northern and central regions of Peninsular
Malaysia, enabling Tesco Group to achieve its goal of becoming a zero-carbon
business by 2050.

Head of PETRONAS New Energy, Dr. Jay Mariyappan
said: “This PPA is a testimony to our significant growth aspirations as a
company that provides sustainable energy solutions. This first venture with
Tesco, signifies our commitment in realising our vision of becoming a leading
global provider of cleaner, reliable as well as cost-effective energy
solutions”.

“Partnerships are imperative to succeed in
the dynamic energy industry as it enables us to provide more competitive
and customer-centric solutions.”

“Moreover, collaboration has always been a
key enabler for PETRONAS to grow its businesses and support a mutual green and
clean agenda, together with our partners,” he added.

Mr Glenn Lim, CEO of NEFIN Group, said: “We are
proud to join forces with PETRONAS New Energy — combining our extensive
expertise and experience in renewable energy, including the design and
implementation of high safety and quality solar solutions, to support
multi-national corporations to achieve their carbon neutrality goals.”

PETRONAS’ New Energy portfolio is set to grow further
as the company is actively pursuing opportunities to expand the reach of its rooftop
solar solutions to commercial and industrial sectors.

Currently, PETRONAS New Energy has more than
650MW of solar projects that are operating and under construction in India and
Dubai, and over 1GW of projects under development.

NEFIN Group is a regional renowned solar
developer with bespoke experience in solar system deployment and a committed
partner to organsations to achieve carbon neutrality and do its part in the
global efforts to fight against climate change. It has deployed over 300MW
solar projects regionally. Amidst the COVID-19 pandemic, NEFIN Group managed to
successfully complete several PV projects around Asia, including but not
limited to, Bosch Automotive Nanjing, the largest Bosch solar project globally
and St Paul’s College, one of Hong Kong’s most recognized school since its
establishment in 1851.  

Issued jointly by:

Media Engagement

Group Strategic Communications

PETRONAS

 

PR & Marketing

NEFIN Group

About PETRONAS

Petroliam Nasional Berhad (PETRONAS) is a
global energy and solutions company, ranked amongst the largest corporations on
Fortune Global 500®.

PETRONAS New Energy is PETRONAS’ renewables
business that currently includes M+ by PETRONAS which has more than 50MW of
solar solutions under development with commercial and industrial customers in
Malaysia, and its 100% owned distributed energy company, Amplus Energy
Solutions that has more than 650MW of operating and under construction solar
projects in India and Dubai. 

About
NEFIN Group

 

Founded by core management team of DuPont Solar
Business, legal expert and investment bankers, NEFIN Group has collectively
delivered over 300MW of utility-scale, commercial and industrial rooftop solar
systems regionally. The mission of NEFIN is about achieving carbon neutrality
for companies. The group offers consulting services such as due diligence,
feasibility studies and lender-technical advice on top of project development,
system design, engineering and asset management. NEFIN Group also offers flexible
financing options to partners who opt for zero investment. Please refer to
NEFIN’s website www.nefinco.com for more information.

SP Jain School of Global Management introduces flexible learning options for its BBA program

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SINGAPORE – Media OutReach – 21th July
2020 – SP Jain School of Global
Management (SP Jain Global)
announced today the launch of a new set of flexible learning options for its
Bachelor of Business Administration (BBA) program amid the uncertainty
surrounding the COVID-19.

 

SP Jain which has campuses in Dubai,
Mumbai, Singapore and Sydney said today that students who sign up for its BBA
program can choose which campus they would like to study at. For instance,
students who enroll from Southeast Asian regions like Vietnam, Indonesia and
the Philippines may prefer to study the first two years in Singapore and travel
to Sydney for the final two years. It’s an exciting 2 + 2 model that leads to
an Australian degree with Australian post study work possibilities as per the
current policy. SP Jain has also recently launched a new high-end online
learning format for students unwilling to go to a physical campus. This gives
students considerable flexibility to decide based on their preferences. 

“SP Jain is known worldwide for offering a
unique tri-city BBA program where students study in not one, but a minimum of
three international cities,” shares Nitish
Jain, President, SP Jain Global. “But we are now living in unprecedented
times and the need of the hour is to address uncertainty with flexibility. We
are confident that students and parents will benefit from these new options in
a number of ways, including the ability to ensure that they are able to make
the best academic choices for their interests and ambitions.”

The
SP Jain President shares that the School’s original tri-city model will also
continue to be offered for those who wish to study in Singapore, Dubai and
Sydney and explore employment opportunities in Australia on graduation. “Our
students have found much success in Australia — both during the program and
after — so it is only natural that we will continue to offer our original model
for students who don’t mind travelling to three countries.”  In 2019, over 50% of the School’s
BBA graduates secured employment in Australia with average starting salaries of
AUD 55,000. Other placement
locations include UAE, Singapore, Vietnam, Japan, Rwanda, India, Germany,
Argentina, Brazil and the USA. 

 

Admissions
for the BBA are currently open with classes expected to commence in September
2020.

ABOUT SP JAIN SCHOOL OF GLOBAL MANAGEMENT (S P JAIN GLOBAL)

S P Jain is an Australian business school with campuses in Mumbai,
Dubai, Singapore and Sydney. The School offers a plethora of undergraduate,
postgraduate, professional and doctoral programs with a motive of crafting
leaders for the 21st century workplace. Their
full-time MBA programs have significant recognition as evinced through global
rankings.

 

–         
Forbes: Top 15 Best International
1-year MBAs (2019-21)

–         
Times Higher Education-Wall
Street Journal: Top 5 Best International 1-year MBAs (2018)

–         
Forbes: Top 20 Best International
1-year MBAs (2017-19)

–         
The Economist: Top 100 Full-Time
MBAs worldwide (2015)

–         
Forbes: Top 10 Best International
1-year MBAs (2015-17)

–         
Forbes: Top 20 Best International
Business Schools (2013-15)

–         
Financial Times: Top 100 Global
MBA programs (2011 and 2012)

 

S P Jain is registered as a Higher Education Provider in Australia. Upon
graduation, students receive a degree conferred by S P Jain School of Global
Management, Australia. S P Jain’s world-class business courses are accredited
by the Department of Education/Tertiary Education Quality and Standards Agency
(TEQSA), Australia.  S P Jain is registered as a Private Education
Institute (PEI) by the committee for Private Education (CPE), Singapore. 
The academic qualifications granted by S P Jain and certified by the Knowledge
and Human Development Authority (KHDA), Dubai are recognized in the Emirate of
Dubai. Click here to read more.

OVH Energy Concludes First Phase of COVID-19 Intervention in Nigeria

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OVH Energy Concludes First Phase of COVID-19 Intervention in Nigeria

OVH Energy Marketing, a licensee of the Oando retail brand, has wrapped up the first phase of its support for the Federal Government’s efforts at combating COVID-19 in Nigeria.

The company’s intervention includes various donations such as N50 million towards NNPC’s collective intervention funds made through Major Oil Marketers Association of Nigeria (MOMAN), the supply of test kits and the sum of N200 million as part of its Corporate Social Responsibility (CSR) efforts for the treatment of COVID-19 patients, donation of palliatives to host communities in Apapa, Onne, Ogu and Kaduna to help cushion the negative effects of COVID-19. 

As part of the contribution, OVH Energy has heightened safety and hygiene standards in all its facilities to ensure protection for clients, neighbours, customers and staff on essential duty who have carried on operations.

The organization has also distributed protective masks and OVH Energy produced hand sanitizers – ‘OVH Energy Hand Sanitizer’ to all OVH Energy Marketing staff at its operations facilities and retail outlets nationwide initiating its DIY (Do it Yourself) protocols.

Speaking on this initiative, the Chief Executive Officer, Huub Stokman said, “We each have our role to play in ensuring the safe health and well-being of everyone during these unprecedented times.

Our donations underscore our support for nation-wide relief efforts and we appreciate the Government’s interventions so far and are proud to collaborate to ensure that critical stakeholders such as front line staff are protected during this crisis, and to enable more tests to be carried out in order to help save lives and ultimately defeat the pandemic.”

He also added that “the spread of the Coronavirus in Nigeria meant that we immediately triggered our BCP (Business Continuity Plan) and initiated efforts to minimize the spread as much as we could. In times like this, personal hygiene measures cannot be overemphasized.

We have shared with our employee’s measures which they should take in order to protect themselves and their families. We have also urged them to follow directives provided by health authorities. We will continue to monitor the latest developments on the situation to take appropriate measures”. 

OVH Energy’s donations have also been used to improve hospital facilities and establish isolation centres in Abuja and Yola. The company has scheduled the distribution of 3000 test kits across the country in states that have been hit the hardest by COVID-19.

The company’s provision of palliatives in form of food items and other materials has fed and supported over 320 families in communities where it operates, including Onne and Ogu – Rivers State, Apapa Marine Beach & Orisunmibare – Lagos State, Ekpan –Warri and Tasu  Mahuta- Kaduna respectively.

GTBank Marks 10 Years of Autism Advocacy, Holds Annual Autism Conference July 27th- 28th

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GTBank Marks 10 Years of Autism Advocacy, Holds Annual Autism Conference July 27th- 28th

For the past 10 years, Guaranty Trust Bank plc (GTBank) has been at the forefront of the advocacy for people living with autism. The Bank’s Orange Ribbon Initiative has also become a major rallying point for driving awareness about Autism, campaigning against the social stigma associated with developmental disorders, and helping people with autism live a full and productive life.

This year, as part of it’s Orange Ribbon Initiative, GTBank will hold its 10th Annual Autism Conference via live stream on Monday, July 27 and Tuesday, July 28, 2020, so that anyone, anywhere can interact and learn from globally renowned medical experts, caregivers and health practitioners about supporting children and adults living with Autism.

Themed, “Autism: Focusing on similarities rather than differences,” the two-day conference will feature keynote presentations, panel discussions, and Q&A sessions facilitated by specialists on Autism, such as Dr. Andy Shih, a Senior Vice President at Autism Speaks, Dr. Pamela Dixon, the Director of Clinical Services and Inclusion at Autism Speaks and Dr. Brooke Ingersoll, Associate Professor and Director of the Autism Lab at Michigan State University, USA, amongst others. To participate in the conference, visit www.gtbank.com/autism2020.

Commenting on the 10th Annual Autism Conference, Mr Segun Agbaje, the Managing Director and Chief Executive Officer of Guaranty Trust Bank plc said; “This is one of the most important Autism Conferences we have held over the years, not only because it marks the 10th anniversary of our advocacy for people living with autism, but also because it is happening at such a critical time.

The Covid-19 pandemic has made life more difficult for people all over the world, and at this year’s Conference, we are bringing together specialists, caregivers, parents and concerned members of the public to share expertise and experience about how we can continue to be there for children and adults living with autism, during this pandemic and beyond.”

Guaranty Trust Bank plc is regarded by industry watchers as one of the best run financial institutions across its subsidiary countries and serves as a role model within the financial service industry due to its bias for world-class corporate governance standards, excellent service quality, and innovation.

The Bank is also going beyond the traditional understanding of Corporate Social Responsibility as corporate philanthropy by intervening in key economic sectors through non-profit consumer-focused fairs and capacity building initiatives for small businesses.

Q2 2020: Coca-Cola revenue falls 28% but sees improving demand

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Q2 2020: Coca-Cola revenue falls 28% but sees improving demand

The Coca-Cola Company today reported second-quarter 2020 results and provided an update on strategic actions that are positioning the system to emerge stronger from the ongoing coronavirus pandemic.

The Coca-Cola system remained agile in the second quarter, with a focus on maintaining a safe environment for employees while also providing necessary products and services to consumers, customers and communities during this unprecedented time.

KEY HIGHLIGHTS

  • Global Unit Case Volume Declined 16%
  • Net Revenues Declined 28%;
  • Organic Revenues (Non-GAAP) Declined by 26%
  • Operating Income Declined 34%; Comparable Currency Neutral Operating Income (Non-GAAP) Declined 25%
  • Operating Margin Was 27.7% Versus 29.9% in the Prior Year;  Comparable Operating Margin (Non-GAAP) Was 30.0% Versus 30.3% in the Prior Year
  • EPS Declined 32% to $0.41; Comparable EPS (Non-GAAP) Declined 33% to $0.42
Photo by maria Mendiola

“I’m proud of the people of the Coca-Cola system as we continue to adjust and accelerate our strategies in this fast-changing landscape,” said James Quincey, chairman and CEO of The Coca-Cola Company.

“We believe the second quarter will prove to be the most challenging of the year; however, we still have work to do as we drive our pursuit of ‘Beverages for Life’ and meet evolving consumer needs.”

Further Highlights

Quarterly Performance

Revenues: Net revenues declined 28% to $7.2 billion. Organic revenues (non-GAAP) declined by 26%. Revenue performance included a 22% decline in concentrate sales and a 4% decline in price/mix.
The revenue declines were primarily driven by pressure in away-from-home channels, which represent approximately half of the company’s revenues.

Margin: Operating margin, which included items impacting comparability, was 27.7% versus 29.9% in the prior year, while comparable operating margin (non-GAAP) was 30.0% versus 30.3% in the prior year.

Operating margin contraction was primarily driven by top-line pressure and currency headwinds, partially offset by effective cost management.

Earnings per share: EPS declined 32% to $0.41, and comparable EPS (non-GAAP) declined 33% to $0.42.

Market share: The company lost value share in total nonalcoholic ready-to-drink (NARTD) beverages as an underlying share gain was more than offset by negative channel mix due to pressure in away-from-home channels, where the company has a strong share position.

Cash flow: Year-to-date cash from operations was $2.8 billion, down 38%. Free cash flow (non-GAAP) was $2.3 billion, down 40%.

Business Environment and Strategic Actions Update

Since the company’s last earnings update in April, global unit case volume trends have improved sequentially, from a decline of approximately 25% in April to a decline of approximately 10% in June. Unit case volume for July month-to-date was down mid-single digits globally.
Performance has been driven by improving trends in away-from-home channels, along with sustained, elevated sales in at-home channels.

The improvement in away-from-home trends during the quarter closely correlated with the easing of lockdowns, and the company expects this correlation to continue in the second half of 2020.

While the company believes the second quarter will be the most severely impacted quarter of the year, given the ongoing uncertainty surrounding the coronavirus pandemic and levels of lockdown, the ultimate impact on full-year 2020 results is unknown.

The company’s balance sheet remains strong, and the company is confident in its liquidity position as it continues to navigate through the crisis.

Despite the high degree of uncertainty, the company is committed to emerging stronger by gaining share and consumers, maintaining strong system economics, strengthening its reputation with stakeholders and positioning the organization to win in the new reality.

The company is accelerating its strategy to accomplish these goals. This includes focusing investments against a defined growth portfolio by prioritizing brands best positioned for consumer reach and share advantage.

The company will also streamline the innovation pipeline against initiatives that are scalable regionally or globally as well as maintain a disciplined approach to local experimentation in order to further strengthen the company’s leader, challenger and explorer framework.

The portfolio will be supported by a refreshed marketing approach, with a step-change in marketing investment effectiveness and efficiency.

The company will also lead the Coca-Cola system in driving system-wide efficiencies to support these investments and will invest in new capabilities to capitalize on emerging, lasting shifts in consumer behaviours.

Company Updates

Refresh the world, make a difference:

In the midst of unprecedented challenges, the company remains grounded in its purpose.
For example, The Coca-Cola Foundation has partnered with the world’s largest humanitarian network, the International Red Cross and Red Crescent Movement, to help provide hospitals with critical medical equipment and supplies; to support community relief programs; and to fund public coronavirus education and awareness campaigns.
The partnership has supported programs in more than 60 countries, reaching an estimated 7.5 million people impacted by the pandemic.

Driving relevance with loved brands:

In the first original ad during the pandemic for brand Coca-Cola, the company celebrates the rediscovered joy in sharing a meal with loved ones.

The Great Meal” features 13 real households in eight countries preparing and sharing home-cooked meals over an ice-cold Coca-Cola, bringing to life the comfort and authenticity of the brand’s connection to food.

“The Great Meal” kicks off a global campaign for brand Coca-Cola, “Together Tastes Better,” which is rolling out this month. This modular, digital-first campaign was created for Coca-Cola teams around the world to tailor and localize for their markets and platforms. “Together Tastes Better” is the latest example of how the company is leveraging marketing investments for the highest impact and largest reach.

Innovating quickly to address consumer needs:

The company recently announced plans to roll out a new pouring option to meet consumer needs with its latest Coca-Cola Freestyle technology innovation – contactless, mobile pouring using a smartphone.
As the coronavirus pandemic continues to reshape consumer behaviours, the contactless Coca-Cola Freestyle solution allows consumers to choose and pour drinks in just a few seconds, without creating an account or downloading an app.
The mobile experience is rolling out to Coca-Cola Freestyle dispensers across the United States by the end of the year.

Addressing social justice concerns: 

The company is taking a multi-faceted approach to social justice, focusing on listening, leading, investing and advocating. This includes meeting with stakeholders, employees and other business leaders.

The company has paused social media activity for July to review policies, including its own, and to hold partners to a higher level of accountability and transparency. The company has committed to spending an incremental $500 million with Black-owned suppliers over the next five years in the United States.

In support of social justice, The Coca-Cola Foundation has contributed $4 million to several initiatives and, to date, the company has contributed an additional $1.3 million through brands Coca-Cola and Sprite.

Insider Dealing: Sterling Bank Sells 18.457M Shares

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Insider Dealing: Sterling Bank Sells 18.457M Shares

Sterling Bank Plc disclosed on Tuesday that Mr. Abubakar Suleiman, Managing Director, purchased ordinary shares of 18,457,500 at N1.24 per share from the company on July 16, 2020, sold by Sterling Bank Staff Cooperative Multipurpose Society.

This was issued in a statement signed by the Company Secretary, Temitayo Adegoke released through the Nigerian Stock Exchange. According to the company, the transaction took place on the Nigerian Stock Exchange Platform, X-STREAM.

A break down of the statement showed Mr. Abubakar bought 18,457,500 at N1.24 per share on 16, July 2020.

Details below:

Radisson Hotel Group announces new hotels in Nigeria and 5 other Africa Countries

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Radisson Hotel Group announces new hotels in Nigeria and 5 other Africa Countries

Scheduled to open within the next six months following a re-branding, the hotel introduces Radisson Hotel Group’s premium lifestyle brand to Africa

Radisson Hotel Group is proud to announce the addition of six new hotels to its African portfolio, bringing the total to almost 100 hotels across 32 African markets.

Building on the recent announcement of its reinforced African development team structure, the announcement of the six new hotels further demonstrates the Group’s commitment to the continent.

Elie Younes, Executive Vice President & Chief Development Officer, Radisson Hotel Group, said:

“We believe in the vast potential of Africa. The addition of the six hotels, following the announcement of Radisson Hotel Saint Denis earlier this year places us firmly on track to reach over 150 hotels in operation and under development across the continent within the next five years.

The new hotel announcements include our debut in new markets, the introduction of additional brands and the strengthening of our presence in cities we’ve identified for scaled growth. We thank our hotel partners for their invaluable trust in Radisson Hotel Group and its people”

Further commenting on this achievement, Ramsay Rankoussi, Vice President, Development, Africa & Turkey, Radisson Hotel Group, stated,

“Our growth has been well balanced between greenfield projects and strategic take-overs of existing hotels. We aim to further accelerate our presence across the continent through conversions, especially as liquidity remains a critical challenge.

We have revisited our brand architecture to enable us to quickly integrate existing hotels to our network. This strategy will be reinforced as our brands continue to demonstrate a better value proposition to our owners.

Following our revised strategy, we believe we are now geared in providing solutions to the investment community for every type of asset, every segment and at every stage – from funding to construction and repositioning.”

The six new hotel deals include:

Radisson Collection Hotel Bamako, Mali

Scheduled to open within the next six months following a re-branding, the hotel introduces Radisson Hotel Group’s premium lifestyle brand to Africa, as the first Radisson Collection hotel to open in the continent.

The operational hotel is currently rated number one on TripAdvisor for its prime location in the heart of Bamako and proximity to the city’s diplomatic district and great accessibility.

The 200-room affordable luxury hotel will offer exceptional dining experiences across its five food and beverage outlets, from an all-day dining restaurant and a speciality restaurant to a café, a bar and an executive lounge.

The hotel also offers an expansive 1,200sqm meeting & events area consisting of a ballroom and seven conference rooms. For the ultimate contemporary living, guests can stay fit in the hotel’s fully equipped gym or unwind in a serene setting within the spa or alongside the pool.

With the introduction of Radisson Collection in the city, the existing Radisson Blu Hotel, Bamako is expected to commence a full renovation program towards year-end.

Radisson Blu Hotel Abuja City Centre, Nigeria

The Radisson Blu Hotel Abuja City Centre, scheduled to open in 2024, is the Group’s first hotel in the city, complementing the existing nine hotels in operation and under development in Nigeria.

Located in the heart of the central business district of Nigeria’s Federal Capital, the 258-room hotel will boast five different food and beverage outlets from a speciality restaurant and all-day-dining restaurant to a Lobby Bar & Café, a picturesque pool terrace and a premium business class lounge.

The leisure facilities will include a 555sqm wellness spa, a gym and a swimming pool to maintain guest’s wellness.

Radisson Hotel & Convention Centre Johannesburg, O.R. Tambo

Scheduled to open before year-end, the hotel will introduce the Group’s upscale Radisson brand to Johannesburg.

Located on a private estate in Bredell, Kempton Park, the hotel has easy access to major highways joining Johannesburg and Pretoria and is approximately 10 minutes’ drive away from O.R Tambo International Airport, Africa’s biggest and busiest airport, facilitating over 21 million passengers in 2018.

The newly built hotel will offer an array of dining options, including four restaurants, three bars an entertainment deck and an executive lounge.

The hotels 289 modern and timelessly designed rooms comprise of 248 which are newly built and 41 which have been converted from an existing hotel. In addition, it has a large MICE facility, which includes a significant conference centre with a 1,260-seater auditorium and five conference rooms.

The leisure facilities will include a gym, spa & wellness centre as well as three outdoor pools.

Radisson Hotel Addis Ababa

Radisson Hotel Group’s fifth hotel in Ethiopia, scheduled to open in 2021, is located just 4km from Ethiopia’s newly expanded Addis Ababa Bole International Airport terminal, now the biggest airport aviation hub in Africa, expected to accommodate 22 million passengers a year.

The 114-room hotel will boast a wide variety of food and drink outlets, the hotel will offer guests a truly local experience in a traditional Ethiopian speciality restaurant and bar and appease international taste buds in a bespoke all-day-dining restaurant which leads out into a pool bar. In addition, the hotel will also have a third bespoke panoramic bar.

Radisson Hotel & Apartments Accra, Ghana

The hotel, scheduled to open in 2023, is a full renovation of an existing 121 room hotel and construction of an additional tower which will offer 54 hotel apartments, creating a mixed-use development.

The hotel is located on Tema Highway, Ghana’s largest port located to the East of Accra. Within a 3km radius of the hotel is the Kotoka International Airport, Accra Mall and the Airport City complex, a mixed-use development with several Grade AAA office towers and retail outlets.

From an all-day dining restaurant, lobby bar and rooftop restaurant, bar and pool terrace, every culinary preference will be catered for. The versatile meeting and events facilities are made up of 12 different venues with an area of 1,173sqm. The hotel will also include a gym, spa and swimming pool.

Park Inn by Radisson, Durban Intl. Airport, Dube, South Africa

The new-build hotel introduces the upper midscale Park Inn by Radisson brand to Durban and strengthens Radisson Hotel Group’s current portfolio of 15 hotels (3,007 rooms) in operation and under development in the country.

It will also complement the national business circuit with a Park Inn by Radisson in each of the three major cities of South Africa (Cape Town, Durban and Johannesburg).

Claiming its foremost milestone, it is the first hotel within Dube Trade Port Special Economic Zone, which forms the heart of the first purpose-planned aerotropolis in Africa, around King Shaka International Airport.

The 168-room hotel scheduled to open in 2022, will have a lobby bar, rooftop all-day dining restaurant and rooftop pool terrace with eight different meeting & event venues.

Radisson Hotel Group is one of the world’s largest hotel groups with seven distinctive hotel brands, and more than 1,400 hotels in operation and under development in 120 countries. Its signature service philosophy is Every Moment Matters.

Chemical and Allied Products Plc Announces Resignation of Non-Executive Director

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Chemical and Allied Products Plc Announces Resignation of Non-Executive Director

Chemical and Allied Products Plc (CAP PLC) hereby informs The Nigerian Stock Exchange and the investing public of the resignation of Mrs. Bolarin Okunowo from the Board of the Company effective July 21, 2020.

Mrs. Okunowo has recently been appointed as the Managing Director of Portland
Paints and Products Nigeria Plc and her resignation from the Board of the Company is to enable her to adequately focus on that role.

Mrs. Okunowo joined the Board of the Company on May 31, 2019. The Board and
Management of the Company expresses their sincerest appreciation to Mrs. Okunowo for her invaluable commitment and the depth of knowledge, experience and insight which she brought to Board deliberations.

Here are the average Prices of Petrol, Diesel, Kerosene and Cooking Gas for June 2020

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Here are the average Prices of Petrol, Diesel, Kerosene and Cooking Gas for June 2020

The average price paid by consumers for premium motor spirit (petrol) decreased by -11.33% year-on-year and month-on-month by -0.61% to N128.88 in June 2020 from N129.67 in May 2020.

States with the highest average price of premium motor spirit (petrol) were Gombe (N139.33), Adamawa (N138.00) and Osun/Taraba (N135.50).

States with the lowest average price of premium motor spirit (petrol) were Kwara (N123.86), Ogun (N124.38) and Oyo (N124.39).

The average price paid by consumers for automotive gas oil (diesel) increased by 2.39% month-on-month and decreased by -0.14% year-on-year to N224.37 in June 2020 from to N219.13 in May 2020.

States with the highest average price of diesel were Borno (N253.02), Adamawa (N246.00) and Niger (N240.00).

States with the lowest average price of diesel were Edo (N202.83), Rivers (N208.60) and Kogi (N209.00).

Average price per litre paid by consumers for National Household Kerosene increased by 0.21% month-on-month and by 5.58% year-on-year to N334.08 in June 2020 from N333.39 in May 2020.

States with the highest average price per litre of kerosene were Taraba (N404.17), Sokoto (N402.78), and Benue (N381.25).

States with the lowest average price per litre of kerosene were Bayelsa (N250.00), Rivers (N273.15) and Oyo (N279.63).

Similarly, the average price per gallon paid by consumers for National Household Kerosene decreased by -0.44% month-on-month and by -1.19% year-on-year to N1,202.04 in June 2020 from N1,207.37 in May 2020.

States with the highest average price per gallon of kerosene were Kebbi (N1,407.27), Borno (N1,366.67) and Ekiti (N1,316.67).

States with the lowest average price per gallon of kerosene were Osun (N1,004.29), Anambra (N1,026.43) and Bayelsa (N1,055.00).

The average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) increased by 0.45% month-on-month and decreased by -1.07% year-on-year to N1,973.95 in June 2020 from N1965.03 in May 2020.

States with the highest average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) were Bauchi (N2,483.03), Adamawa (N2,391.81) and Borno (N2,391.44).

States with the lowest average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) were Enugu (N1,607.14), Jigawa (N1,666.67) and Imo (N1,675.00).

Similarly, the average price for the refilling of a 12.5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) increased by 0.06% month-on-month and decreased by -2.06% year-on-year to N4,139.18 in June 2020 from N4,136.87 in May 2020.

States with the highest average price for the refilling of a 12.5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) were Cross River (N4,589.90), Bayelsa (N4,583.26) and Akwa Ibom (N4,555.56).

States with the lowest average price for the refilling of a 12.5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) were Kano (N3,748.65), Oyo (N3,798.29) and Katsina (N3,854.29).

FIRS Provides Clarifications on Administration of Stamp Duties

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FIRS Provides Clarifications on Administration of Stamp Duties

Following the recent launching of its adhesive stamp, the Federal Inland Revenue Service (FIRS) has issued a press release to provide clarifications on the administration of stamp duties in Nigeria.

We have summarized below, the guidelines provided by the FIRS in the publication:
  1. Stamp duty is applicable on all dutiable instruments, such as agreements, contracts, receipts, memorandum of understanding, promissory notes, insurance policies and other instruments stipulated in the Schedule to the Stamp Duties Act, Cap S8, Laws of the Federation of Nigeria 2004 (as amended) (SDA or “the Act”).
  1. The Finance Act, 2019 has expanded the scope of the SDA to include technology, e-commerce and cross-border transactions, in line with global practice and current economic realities.
  1. Stamp duty is chargeable on both physical and electronic dutiable instruments, either as a fixed sum or a percentage of the consideration on the instrument (ad-valorem) as illustrated in the sample table of rates contained in the press release.
  1. The FIRS affirms that it is the competent authority to impose, charge and collect stamp duties on all dutiable instruments executed between a company and an individual, while the remit of the State tax authorities (STAs) is limited to collection of stamp duties on instruments executed between individuals. However, the FIRS is the relevant tax authority to collect stamp duties on all banking transactions, even when the parties thereto are individuals, especially electronic fund transfers.
  1.  A fixed-rate of 50 FIRS’ adhesive stamp is applicable on all receipts. Also, electronic transfers above 10,000 through the Money Deposit Banks (MDBs) will attract a stamp duty of 50 which the MDBs are obliged to remit to the FIRS.
  1. Stamp duties due to the Federal Government and collectable by the FIRS are to be remitted into the FIRS Stamp Duties Account with the Central Bank of Nigeria, while the stamp duties due to State Governments are to be remitted to the stamp duties accounts of the States.
  1. The burden of payment of the stamp duties on contracts and bank transfers is that of the beneficiary of the contract and the customer who initiated the transfer, respectively.  The party making the payment have the obligation to account for the stamp duties applicable on the transaction.  Therefore, ministries, departments, agencies, landlords and other executors are agents of collection for stamp duties purpose and are required to ensure that their service providers, contractors, tenants, etc. pay the applicable duties on the relevant instruments.
  1. The postage stamp administered by the Nigerian Postal Service (NIPOST) for delivery of goods does not denote stamp duties and, therefore, is not a substitute for the FIRS’ adhesive stamp.
  1. Failure to deduct or remit stamp duties into the appropriate stamp duties account would attract penalty and interest as provided by the SDA.
In conclusion, the FIRS reiterated its commitment to making stamp duties the next major source of revenue for funding the Federal Government’s budgetary requirements in the face of dwindling oil revenue. 

Comments

We commend the FIRS for the timely issuance of the guidelines and providing the much-needed clarity to taxpayers regarding the application and administration of Stamp Duties.  With FIRS’ current focus on stamp duties and enforcement drive, it is important that all the stakeholders understand and comply with their obligations under the SDA.

Further, with the launch of its adhesive stamp, the FIRS has exercised its power under the Finance Act, 2019, as the only competent authority with powers to impose, charge and collect stamp duties on all dutiable transactions under the SDA.

In effect, the NIPOST postage stamps currently used by taxpayers on receipts is not a substitute for the FIRS’ adhesive stamp.

However, whilst the FIRS affirmed that the SDA is the legal basis for the imposition of stamp duties in Nigeria, we noted that some of the rates stipulated in the press release contradict the provisions of the SDA.

For example, while the FIRS in the press release assigned a 0.375% ad-valorem rate to a mortgage, the SDA provides for rates ranging from 0.075% to 0.375% depending on certain conditions.

Similarly, the rates provided for receipts, bank cheque per leaflet and a letter appointing an attorney are inconsistent with the rates provided in the SDA.

It is obvious that some of the rates adopted by the FIRS originated from the Joint Tax Board Harmonization of Stamp Duty Rates and Items which, lacking legislative force, cannot be considered an amendment to the Schedule to the SDA.

Section 116 of the SDA vests the power to increase, diminish or repeal the duty chargeable on instruments solely on the National Assembly or the House of Assembly of a State, as the case may be.  Therefore, the FIRS will be hard-pressed to sustain the validity of the revised rates, which are inconsistent with the provisions of the SDA.

Further, the SDA did not provide specific rates for instruments, such as a certificate of occupancy, vending agreement and appointment of a receiver.  Therefore, such instruments should be liable to stamp duties at a flat rate of 15 kobo as stipulated in the SDA for contracts that are not specifically charged with any duty.

It is important for the FIRS to review the foregoing issues and update its position to avoid an unnecessary dispute with taxpayers during tax review, audit or investigation exercises.

On their part, taxpayers should review their records and remediate as necessary, and put measures in place for full compliance as and when they execute a dutiable transaction to avoid interest and penalty on unremitted duties.

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