GBfoods, Helios form a joint venture to create a pan-African food products company

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GBfoods, Helios form a joint venture to create a pan-African food products company

GBfoods, a leading multinational food company headquartered in Barcelona, and Helios Investment Partners, a premier Africa-focused private investment firm, have partnered to create one of Africa’s largest FMCG businesses.

GBfoods Africa Holdco B.V., the joint venture owned by GBfoods and Helios, has acquired assets from different African companies including leading brands such as Jumbo (bouillon), Gino and Pomo (tomato paste), and Jago (milk powder and mayonnaise), as well as Bama (mayonnaise) distribution rights for Africa.

The agreement also includes three production plants in Africa, one in Ghana and two in Nigeria, and incorporates more than 600 workers from different nationalities. This will result in a leading pan-African culinary products company with presence in over 30 African countries.

With this transaction, GBfoods reinforces its leadership position as one of the most influential international groups in the food industry, consolidating its commitment to Africa.

Up to day, the business in this continent contributed about 20% of the Group’s turnover.

The Spanish multinational manufactures every year more than 4,000 million Jumbo cubes for the African market. The growth of the product portfolio and the acquisition of new assets will allow GBfoods to expand its presence in Africa, becoming a reference in the African households.

“With this acquisition we strengthen our position in Africa, being present in 30 countries, including key countries like Nigeria and Ghana, with enormous potential for growth. We also expand our portfolio of products with popular and well-known brands such as Gino, Pomo, Jago and Bama, introducing us to new strategic categories such as tomato, milk powder and mayonnaise. From now on we can proudly say that GBfoods has doubled the number of consumers in Africa to become part of the daily food of millions of Africans”, explains Ignasi Ricou, Chief Executive Officer of GBfoods.

Brand Innovation: UBA Revolutionises Mobile Payments with *919# Magic Banking

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Brand Innovation: UBA Revolutionises Mobile Payments with *919# Magic Banking

In line with its determination to dominate Africa’s mobile banking space with the introduction of cutting edge technology-driven products and services, United Bank for Africa (UBA) Group, leading African financial institution, has introduced a full-fledged banking platform, tagged UBA Magic Banking and enabled by dialling *919# within Nigeria.

The USSD code *919#  enables customers to do a multitude of tasks such as: open UBA accounts,  transfer funds to UBA and other banks, buy airtime,  pay  bills and access a mini statement.

Speaking about the product, the Bank’s Group Head, Consumer and Digital Banking, Dr. Adeyinka Adedeji stated: “Not only does this code work on all phone types, it is fast and convenient and does not require data on the phone to send money. It also allows a higher transaction limit of up to N1m per day with the UBA Secure Pass (formerly token)”

Dwelling on the specifics, Adedeji noted that to send money to a UBA account for example, the user should dial *919*3# from their phone number  registered with UBA and follow the simple steps prompted by the phone. Also, by dialing *919*32#, the customer can send money to a UBA Prepaid Card and to other banks by dialing *919*4#.  You can top up your airtime by dialing *919*Amount# and third party top-up can be done with *919*Phone number*Amount#. For a full range of services, a customer will dial *919#

The Group Managing Director, UBA Plc, Mr. Kennedy Uzoka
The Group Managing Director, UBA Plc, Mr. Kennedy Uzoka

The Group Managing Director, UBA Plc, Mr. Kennedy Uzoka also noted that the introduction of the new products is in line with the Bank’s policy of democratising banking on the continent by reaching out to the unbanked through technology driven platforms that are simple, efficient and user friendly. “We are committed to innovating through products and services in the financial technology space that will ensure our customers have the best banking experience with all our service channels, and we have committed huge financial investments towards achieving this”

 

 

 

 

(Brandessencenigeria)

Total collaborates with GTBank for cashout at its petrol stations

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Total collaborates with GTBank for cashout at its petrol stations

Total Nigeria is collaborating with Guaranty Trust Bank on a new offer that affords their customers the opportunity to get cash from selected Total Service Stations

The offer according to Total rides on GTBank’s USSD platform, *737#, which will enables utilization of daily sales cash proceeds to pay out cash to customers. Customers do not need Automated Teller Machines. All they need is to dial for example *737*35*AMOUNT*SAPCODE# on their mobile phones to withdraw cash from Total service stations. By sending this code, the customer’s GT Bank account is debited by the amount withdrawn, and Total’s account is credited. The station staff then releases the cash to the customer.

This service is convenient as it reduces the stress of going to the ATM or having to stay on the long queue in the banking hall. This solution not only offers customers the convenience of getting cash easily but also helps mop up excess cash in stations.

This is line with a recent Cashless policy issued by the Central Bank of Nigeria. An activation was conducted in Total Solar Service Station, Onigbagbo on the 13th of April to formally launch the pilot phase of this service in over 50 stations across the Country. Roll of services in  Total Service Station Nationwide is expected to continue throughout the course of the year.

CBN Lifts Forex Ban On Toothpicks And 47 Other Items

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CBN Lifts Forex Ban On Toothpicks And 47 Other Items

In yet another step towards a deregulation of the foreign exchange market, the Central Bank of Nigeria (CBN), has removed the 48 items from the banned list. This seems to be a prelude to a full deregulation of the foreign exchange market. In 2015, 48 items were banned including toothpicks, private jets and palm oil. Here is what we know about the just issued circular:

Importers of the items that were previously banned, will now be allocated $20,000 a quarter.
The importers will be required to provide Form Q.
Applicants for the foreign exchange would be required to have been account holders for at least six months.
Foreign account bank transfer details will be provided along with an invoice.

 

 

 

(Nairametrics)

NB Plc 2017 AGM UPDATE: SHAREHOLDERS APPLAUD NB’S PERFORMANCE, APPROVE DIVIDEND

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NB Plc 2017 AGM UPDATE: SHAREHOLDERS APPLAUD NB’S PERFORMANCE, APPROVE DIVIDEND

Wednesday, 3rd May 2017, Lagos, Nigeria, BrandSpur Ng: Shareholders of Nigerian Breweries Plc have lauded its 2016 financial performance and approved the dividend proposed by the Board. The shareholders who spoke at the 71st Annual General Meeting of the company held in Lagos on Wednesday noted that the company’s performance in spite of the very challenging operating environment, stood out as a shining example for other manufacturers to emulate.

The shareholders stated that the 2016 results and the dividend pay-out are strong signals of the resilience of the company in the face of the apparent challenges of the economy.

Chief Kola Jamodu (CFR), Chairman, Nigerian Breweries Plc (third from left) in a handshake with Mrs. Ifueko Omoigui Okauru (MFR) Non-Executive Director, Nigerian Breweries Plc. With them are Mr. Nicolaas Vervelde, Managing Director/CEO, Nigerian Breweries Plc (second from left) and Mr. Uaboi Agbebaku, Company Secretary/Legal Adviser, Nigerian Breweries Plc (first from right) at the company’s 71st Annual General Meeting in Lagos on Wednesday.

Mr. Sola Abodunrin and Chief Shotunde Shopeju, both shareholders, expressed confidence that the company remains in good stead to weather the present storm and deliver good returns to shareholders in the future. “I congratulate the company for remaining strong even in the storm. The shareholders are happy that the company is always coming up with new initiatives to bring good harvest and returns,” Shopeju said.

Pastor Williams Adebayo from Abeokuta, Ogun state, another shareholder, congratulated the company for the 70th year anniversary and lauded it for creating jobs for thousands of Nigerians through its local sourcing initiatives. Theophilus Adegboye from Oshogbo, Osun State urged his fellow shareholders to commend the company for proposing a 100% dividend payout at a time many quoted companies were unable to pay dividend to their shareholders.

The proposal for shareholders to receive their either as cash or additional shares was also approved by the shareholders. The shareholders equally approved an increase in the authorized share capital of the Company from 4billion to 5billion Naira by the creation of additional 2 billion ordinary share of 50kobo each.

In his remarks at the meeting, the chairman of the company, Chief Kola Jamodu, CFR informed the shareholders that the company has declared a total dividend of N28, 386, 181, 179 (Twenty Eight Billion, Three Hundred and Eighty Six Million, One Hundred and Eighty One Thousand, One Hundred and Seventy Nine Naira only). This amounts to N3.58 per share and 100% earnings pay out. Shareholders have the option to choose between a cash payment or the conversion of their dividend to ordinary shares with the approval of the scrip issue.

He maintained that the operating environment in 2016 was very challenging especially from an input cost, FOREX and purchasing power perspectives. Our volume growth was in the mid-single digit region, coupled with the price increases that we implemented positively impacted our revenue growth.

He added that the “the positive results we achieved in 2016 were helped in no small measure by our Cost Leadership Agenda through which we focused on being better with revenue management, optimizing costs and a continuous process of consumer value engineering.”

UBER fires back; slashes Lagos fares by 40%!

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UBER fires back; slashes Lagos fares by 40%!

In response to the latest price rate reduction by Taxify, Uber announced a 40% reduction in Lagos rates effective from Thursday 4th May 2017. This means you can travel for business or explore your city for less than ever before.

In a statement released, the management said, “We want to make sure that Uber is an affordable way to move around your city, so we’re dropping rates in Lagos by 40% from Thursday 4th May 2017. Therefore you can now request a high-quality ride for the same price as small chops!” Whether you’re running a quick errand, visiting friends or commuting to work, Uber has got you covered for less.

In addition to this, the management stated that decreasing the fares should get more people requesting more rides with Uber, which leads to drivers spending more time with paying riders and standing a chance to earn the same or more. We aren’t asking drivers to just take our word for it, we are providing temporary earning guarantees until it is clear that this will be the case. These earning guarantees help to ensure driver-partners, who put in the time, don’t lose out. So get riding with Uber and experience the same rides but now at a more affordable price.

Check out these awesome sample fares:

 Sample Locations Old uberX New uberX
Magodo to Gbagada From N1,100 From N600
Yaba to Ilupeju From N1,300 From N800
Surulere to Ikeja From N2,000 From N1,200

The Founder Of LinkedIn Says Too Many Of Us Are Using The Site All Wrong

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The Founder Of LinkedIn Says Too Many Of Us Are Using The Site All Wrong

If you use LinkedIn, you’ve undoubtedly received invitations to connect with people you’ve never met or may never meet in your life.

The more you stay on the site and the more you gain prominence in your field, the more requests from strangers you’ll get.

And while it could seem natural to decline a Facebook friend request from a stranger because you don’t want to give them access to your personal information and photos, the dynamic on LinkedIn is much different.

You may think that because it’s a social network for professionals, you should accept all invitations and see which of them stick.

It’s the approach that Keith Ferrazzi, the author of Never Eat Alone and a management consultant to Fortune 100 companies, took for years. Not long ago, Ferrazzi wrote in the 2014 updated edition of his best-selling career guide that he had the privilege of meeting LinkedIn’s founder, Reid Hoffman, and discussing the site with him.

“‘You’re doing it all wrong, Keith!’ That is, in essence, what Reid Hoffman told me when I told him how I was using LinkedIn,” Ferrazzi writes.

Here’s the gist of what Hoffman told him, as written in Never Eat Alone (emphasis ours):

“LinkedIn is a closed network, and for a very simple reason: For the network to have value as an introduction tool, the connections need to have meaning. It’s up to you to vet each and every request so that if someone comes to you and says, ‘Would you introduce me?’ you’re in a position to evaluate whether the connection would be of mutual benefit.”

You don’t need to do a deep analysis of every person who asks to connect with you, but if you’d feel awkward chatting with them or introducing them to someone in your network, decline — without a guilty conscience.

And if you want to use LinkedIn as it was intended, make “at least one quality introduction a month,” Hoffman suggested in his 2012 book, The Start-Up of You.

 

 

 

(Business Insider)

Back From The Launch of Wema Bank’s “ALAT”

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Back From The Launch of Wema Bank’s “ALAT”

ALAT is the first fully digital bank in Africa (according to the bank’s management).

ALAT enables you to own a bank account via five (5) simple steps in five (5) minutes without stepping into a banking hall. It is paperless as all you require is your phone number and BVN.

While that sounds awesome, there’s actually more to it.

You can fund your account from ANY bank account, i.e.that is both local and international account(s).

I feel WEMA Bank Plc just added an additional  revenue line – funding of local account via foreign account. They’ve literally cut out the middle man such as Money Gram and those adhoc money transfer arrangement(s). this perhaps, I feel, is one of its strongest feature.

From the comfort of your home, no papers required and can be done in minutes – BOOM!!!

You can request for any type of ATM card depending on your need and it will be delivered to you for FREE within 48 hours.

None of the banks in Nigeria currently offer this feature.

The standard rate for a card is approximately N1,000. That has been eliminated.

You can say NO to banking halls as you receive the card at your address and activate it from the app (Wow, wow, wow).

Unlike some banks that offer you an average of 4% as interest income on your regular savings account; ALAT account holders get a whopping 10% interest for every balance that exceeds N100,000; and

Finally!!! An interest rate that’s closer to the monetary policy rate!

These are the key 3 game changing features that sets it apart from its peers.


I believe they’re onto something big…..and finally, we might be inching closer to a disruption……. Paperless Banking?

The next goal should be: Inclusive Banking #Fintech

The auditor in me is however asking: what are the key risks and how prepared is the bank and financial system? Online fraud, when one gets hold of your+pin to your app what happens?

 

 

 

(ProshareNg)

Aliko Dangote on why there are so few large African conglomerates

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Aliko Dangote on why there are so few large African conglomerates

At the recent Ibrahim Governance Weekend in Marrakech, Morocco, prominent political and business leaders convened to debate some of the important issues surrounding Africa’s potential today. Among the speakers was renowned Nigerian businessman Aliko Dangote. He is the CEO and founder of the Dangote Group, which has an annual group turnover of over US$3bn and interests that span cement, agriculture, food processing and real estate across the continent.

At the forum, Dangote noted that there are relatively few African companies that have managed to reach a similar size to the Dangote Group, and he highlighted some of the reasons why he thinks this is.

1. “We are a power company by default”

Dangote started his career by trading local commodities, but grew the business into a large value-adding producer, something few of his peers at the time managed to achieve. He says one of the reasons why so many entrepreneurs in Africa fail is due to insufficient electricity. According to Dangote, companies that want to become large conglomerates, need to generate their own power.

“So you have to run your business and also be a power producer. We now produce over 1,000MW, but we don’t actually sell one single megawatt to anybody. We consume everything ourselves. So technically we are a power company by default – because the power is not readily available.”

He added that of the 14 African markets where Dangote Group operates, there are only two (South Africa and Ethiopia) where the company doesn’t have its own power plant.

2. “There must be some sort of stability in policies”

According to Dangote, inconsistency in government policies both limits local businesses from growing and deters foreign investment. This often occurs when governments frequently change their ministers – and every new minister comes in with policy changes.

“In business, unless you plan there is actually no way you are going to execute.”

Furthermore, he said African politicians typically start vocalising their plans for a country about two years before an election – and many businesses often choose to wait and see the election outcome before making further investments.

“So the local investor will not invest. The foreign investors will not invest. Only the hardcore investors will decide to take a risk,” he continued.

“And also, for the foreigners, once we have finished the election, they say ‘let’s wait and see the stability of the government’. And that is what has been going on and on and on.”

3. “We had to now send hundreds of our operators to India”  

The dearth of technical skills on the continent is also a major limiting factor for businesses. As Dangote said: “We are lacking in terms of getting people who can run these big businesses that we are setting up.”

For example, Dangote Group’s new oil refinery in Nigeria – capable of producing 650,000 barrels a day – has to send hundreds of its operators to India to learn how to run the facility.

“We have to send about 400 of them to train, not in Nigeria, but in India,” he emphasised.

The group has set up its own academy and is training almost 1,000 people across industries, but according to Dangote, more needs to be done. His solution: public-private partnerships to revive technical training schools.

“It doesn’t mean everyone needs to go get a university degree, you can go to a technical school or vocational centres and learn something.”

4. “The local banks are too small to support our growth”

There is insufficient funding support to grow big businesses in Africa, according to Dangote. He said African capital markets are not deep enough, and local banks often don’t have the confidence or capability to fund big companies.

“Take our own case today. We do have quite a good relationship with some of the international banks like the IFC and AfDB… but [with] the other banks, they’re only interested in taking us to the capital market. If we want to list, they are there… But companies like ours, for example, have actually reached more that their limits because, the way that we are growing, the local banks are too small to support our growth,” he added.

“To grow big businesses, we really don’t have that support.”

Investors need to approach Nigeria with caution

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Investors need to approach Nigeria with caution

“With some caution.”

This is how foreign investors and business people should approach the Nigerian market, according to Chris Newson, the recently appointed director for Africa private markets (covering private equity, direct credit and infrastructure debt) at Investec Asset Management.

He has significant business experience in Nigeria, having previously held high-profile roles at Standard Bank Group, including CEO for Africa and head of the lender’s Nigerian unit Stanbic IBTC.

Nigeria has been facing strong economic headwinds due to the plunge in the price of oil from over US$100 in mid-2014 to lows of about $30 in January 2016. The country is dependent on oil exports for the bulk of foreign exchange earnings and government revenues.

Last year the economy was in recession, contracting by an estimated 1.5%. Although the price of crude has stabilised around the $50 level, Nigeria’s prospects remain muted, with the IMF predicting average yearly GDP growth of 1.6% from 2017 until 2021.

Before the current crisis, Nigeria was one of the continent’s top performers, expanding by an average of 6.9% from 2005 to 2014. However, Newson pointed out that economies move through cycles and growth doesn’t always follow a smooth curve.

He told How we made it in Africa that while Nigeria’s attractive fundamentals – such as a large $405bn economy and a population of 184 million – do offer potential in certain sectors, investors need to take a long-term view and be “cautious and careful” about how they participate in these opportunities.

Although there are various efforts underway to diversify the Nigerian economy and make it less dependent on oil, Newson doesn’t expect overnight results. “It is not going to happen quickly.”

Nigeria is also facing severe shortages of foreign currency, which poses considerable challenges to companies who either need to access US dollars to import products, or convert profits from the local currency into dollars so that they can get it out of the country.

Newson described the situation as a “significant handbrake” on an economy heavily dependent on imports. “If you can’t get access to foreign currency, you can’t import, which means you can’t put stuff on the shelves.”

South African packaging company Nampak last year reported troubles converting its naira profits into dollars, while air carriers Iberia and United Airlines were forced to shut down operations in Nigeria as they couldn’t get revenues from tickets sales out of the country.

Newson added that the current economic difficulties will likely slow down the pace of infrastructure development in Nigeria, which could have further knock-on effects for the economy.

Similarly to Nigeria, other oil and metals producers such as Angola, South Africa and Zambia have all suffered because of the downturn. However, the fact that prices have stabilised should lead to a recovery for Africa’s commodity exporters, according to Newson. An improving global economy is also anticipated to support economic activity on the continent.

“I think the environment is better. I’m not going to say to you that we are rapidly going to get to growth rates of 7% to 9%, but I think we are seeing a recovery across many of the countries.”

 

 

 

(Howwemadeitinafrica)

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