ECOBANK MERGES 74 BRANCHES, DRIVES SEAMLESS DIGITAL STRATEGY

Ecobank Nigeria limited has entered an advanced stage of its digital transformation agenda which is aimed at enabling its customers depend more on its digital platforms to do their daily banking activities, thereby reducing the need to go to branches. By this development, the bank will deliver enhanced services leveraging more on its digital channels.

The Managing Director of the Bank, Charles Kie says the move is part of the bank’s transformation agenda which is meant to create a fundamental shift of its banking activities to digital channels, as well as improve customers’ experience, while also reducing the cost of serving them. This also supports the bank’s financial inclusion strategy and the cashless policy of the Central Bank of Nigeria.

Mr. Kie says as part of this strategy, the bank has enhanced its Retail Internet Banking platform with much speed and flexibility while also strengthening the Ecobank Mobile App that enables customers do instant payments, open accounts as well as do instant transfers across 33 countries in Africa.  The Ecobank App, the first of its kind in Africa, has an innovative payment solution, the Ecobank Masterpass that allows customers the convenience to pay for goods at merchant locations by simply scanning a QR code on their phones.

He says the bank has also decided to merge some of its branches across the country. According to  Mr. Kie, “after a detailed analysis of the physical network of branches needed to serve our customers, the decision was made by the Ecobank Nigeria Board, and approved by the Central Bank of Nigeria, to optimize 74 out of its 479 branches. With the merger, Ecobank now boasts of 405 branches across the country supported with top of the range technology application”.

He stated that most of the staff in the affected branches will be moved to other projects. In his words “We are deploying staff and other resources from the merged branches to other ongoing projects, while also strengthening the existing branches to make them more resourceful and up to speed in their daily activities”. He reiterated that this is a well thought through decision expected to fundamentally shape Ecobank’s business for better performance.

 

 

 

 

(Brandcrunch)

P&G plans to erase $2B in marketing spend over next 5 years …

0

Procter & Gamble wants to cut a whopping $2 billion in marketing spending over five years, and for the first time is providing details on a broader $10 billion cost-cutting plan launched a year ago.

That marketing spending cut comes amid a fiscal third-quarter earnings report where the company missed on sales-growth expectations and lost market-share in developing markets despite hiking ad spending.

While the cost cuts were the biggest takeaway, P&G also outlined how it plans to become “irresistibly superior” in the eyes of consumers.

First, those massive cuts: They include $1 billion or more in media and around $500 million in agency fees, which comes on top of $600 million of cuts in prior years that reduced P&G’s spending there to around $1.4 billion annually. A spokeswoman said this doesn’t necessarily mean P&G’s spending on creative costs will fall under $1 billion a year, given growth that may otherwise occur.

P&G also outlined $12 billion to $13 billion in overall savings that are “risk adjusted” down to $10 billion in case some aren’t realized. And some savings in other areas – including $7 billion in material, packaging, production and transportations costs — will likely be reinvested in marketing. So there are many moving parts.

“We see over $2 billion in savings opportunities in marketing spending, with half or more coming from media rates or eliminating supply-chain waste,” said P&G Chief Financial Officer Jon Moeller on the company’s earnings call Wednesday. “We’re targeting up to half a billion more from reducing agency fees and ad-production costs. And we see about half a billion in sales from in-store materials, direct-to-consumer programs, and improved efficiencies in trial and sampling programs.”

As with agency fees, the company isn’t projecting exactly what media spending will be five years out – just that it can squeeze $1 billion or more out of the system. That will come at least partly through the tougher stand Chief Brand Officer Marc Pritchard outlined in January on reforming the digital media supply chain.

The cuts come with P&G in the midst of a comprehensive review of agency contracts and compensation, including reducing duplication of staffing and services on the client and agency sides.

In 24 hours, Dangote climbs by $500m, Amazon CEO adds $3.3bn

0

Some global billionaires are seeing their wealth explode dramatically, and Nigeria’s Aliko Dangote is not left behind.

On Thursday, Jeff Bezos, CEO of the world’s largest online retailer, Amazon, saw $3.3 billion added to his wealth, following his company’s impressive performance.

Dangote, Africa’s richest man and president of the Dangote Group, also saw his fortune rise by $500 million (N152.5 billion) as one of his companies, Dangote Cement also recorded impressive growth in the first quarter of 2017.

According to Bloomberg Billionaire Index, Bezos is less than $5 billion away from becoming the world’s richest person in a bid to overtake Bill Gates. Bezos saw his fortune surpass $80 billion for the first time on Thursday.

As of Wednesday, Dangote was worth $9.91 billion, but climbed to $9.96 billion by the end of trading at the Nigerian Stock Exchange (NSE) on Thursday.

The stock market gods also smiled on Bezos as Amazon shares added almost $50 after the company projected sales that may beat estimates in the current quarter.

This added to Amazon’s unbroken 20-year streak of double-digit revenue growth.

Amazon had first-quarter sales of $35.7 billion and earnings of $1.48 a share, beating Wall Street analyst expectations.

Bloomberg said Google co-founders Larry Page and Sergey Brin added $1.4 billion when shares of Google parent Alphabet Inc. rose as high as $938.18 on news that the smartphone ad business helped Alphabet post revenue of $20.12 billion and net income of $7.73 a share.

Gates added nearly $100 million with the same time frame, as Bezos ousted Warren Buffet, the legendary investor, to the third position on the world rich list.

 

 

 

 

 

 

(TheCableNg)

SONA AGRO launches SONA BITES, Cashew based premium quality biscuits

0

The biscuits manufacturing giant has launched SONA BITES Biscuit, a new addition to its rich products portfolio with a view to nourishing its teeming consumers with a premium brand of biscuits. This came right after the management of Sona Agro Allied Foods Limited concluded plans to boost capacity through an additional two biscuit plants. This, it said, would assist the company in boosting its current capacity where it produces about 100 tons per day.

SONA BITES biscuit is Cashew and Butter based rich recipe product to meet the taste demand of Nigerian population. Both Cashew and Butter are locally sourced ingredients as Sona Group continue to strive to use locally available raw materials to be used 100% in its manufacturing activity to drive the local economy very strongly.

According to the managing director, Mr.Subramaniam Murugesan, who made the disclosure during the new product launch midweek in Lagos said “with the installation of two additional plants, the company would now have a production capacity of 200 tonnes per day.While expressing optimism in the Nigerian market,Murugesan said the company remains resolute to providing innovative products in the years ahead.

Commenting on the launch of its new premium biscuits brand, Murugesan said that the decision to launch new arrays into the market was informed by the need to fill the big vacuum arising from shortage of premium biscuits in supermarkets, which he saidwas occasioned by lack of access to foreign exchange and the federal government ban on such imported items.

He said “eventhough we are in mass market, all our products are known for quality. We have now moved to premium segment using rich recipe in order to meet the standard of American and Europe. As I speak, we have well experienced food technologists both Nigerian and Indian expatriates who are capable of making high quality products to meet the need of consumers”.

While acknowledging the fact that there is low disposable income among consumers in the face of current economic hardship,he said the company has remained faithful to the yearnings of different classes of consumers by providing products that cater for different classes in the market.

On his part, the state co-ordinator of Standard Organisation of Nigeria,SON,Ogun state, Mr. Ayuba Samuel said the agency was satisfied with the level of compliance bySona Agro Allied Foods Ltd, noting that virtually all of its products are now certified. While lauding the company for its initiative to rely solely on locally sourced materials, he urged similar companies to emulate the idea by looking inward.

He said” We are here to see what they have on ground and I can tell you that they have quality products in this factory. Recently about five of their brands were certified to our mandatory conformity, MANCAP. The company has been bestowed with the receiver of such award in 2017 and it is one of the reasons I had to visit the plant to also see the factory myself. As you can see, you can experience the culture, you can see the environment and you can also see the products. I want to assure Nigerians that this factory meets the necessary requirements by SON”.

“In terms of the new product, it is great.So, I want to encourage Nigerians to patronize them, one of the reasons why we encourage local manufacturing which enhances our national growth. Let Nigerians turn away from foreign products, let them patronize local manufacturers and that will add value to our local manufacturers and also increase our Gross Domestic Products (GDP)”.

Yale Foods Leads in N100B Biscuit Market

0

Yale Foods Limited, manufacturer of Yale Bakers, Bira Snack, Butter Scotch and Coconut Cookiest amongst other biscuit brands, is currently the leading producer of biscuits in Nigeria and is said to control 37 per cent of the market share, a report by KPMG has revealed.

The biscuit market, currently estimated between N90 billion and N100 billion, is dominated by Yale Foods followed closely by OK Foods Limited with 20 per cent market share.

Others on the rung of biscuit manufacturers are A&P Foods Limited and Deli Foods with 14 per cent and 9 per cent market share respectively.

According to the report released by KPMG, a global network of professional firm that provides Audit, Tax and Advisory services, the Nigerian biscuit market is a very huge market with a lot of brands competing for leadership of the market.

The report informed that Yale Foods has been leading in the biscuit industry for a long time and highlighted its leadership in 2013 and 2014 respectively controlling about 38 per cent of the market share.

The company’s leadership was built on its early-mover advantage, extensive distribution network and strong consumer loyalty towards its array of brands.

Its leading position also affirms its long-standing reputation for offering quality products at reasonable and affordable prices. Yale Foods Limited has been in Nigeria for over 20 years offering Nigerians quality biscuits.

Commenting on the biscuits market in Nigeria recently, Managing Director, Sona Agro Allied Foods Limited, Mr. Subramaniam Murugesan, affirmed that it is estimated between N90billion and N100billion.

Murugesan stressed that the biscuit market in the country has grown rapidly with various manufacturers producing high quality biscuits to satisfy the demand of Nigerians.

 

 

 

 

(Marketingedge)

Philip Morris rewards Partners with a visit to Stamford Bridge

0

Philip Morris Limited has rewarded six of its Nigerian trade partners with a premiership experience. The partners were appreciated for their loyalty and drive towards the actualization of the company’s goals and objectives.

The six lucky Nigerians were flown to England, the home of Premier league, to watch live matches and see the beautiful home ground of Chelsea Football Club (CFC), Stamford Bridge and other football grounds in the country.

Recall that Stamford Bridge is where football legends like Nigeria’s own Super Eagles Captain, John Mikel Obi, retiring Chelsea FC Captain, John Terry, African legend Didier Drogba among many other notable soccer stars honed their skills in preparation for entertaining fans across the world on a regular basis, it would always be a remarkable and exciting experience for any football follower to step on such grounds.

To heighten the excitement and make it more memorable, the trade partners got a full celebrity treatment as they were conducted round Stamford Bridge. Due to a change in the EPL schedule, the earlier planned match between Arsenal and Leicester City, current EPL champions was postponed. Not deterred by this, PML’s agent worked assiduously to get new tickets to the FA Cup quarter final game played between Arsenal Football Club and Lincoln City on Saturday, March 11, 2017 at the Emirates Stadium.

The lucky six were drawn from the six geopolitical zones in recognition of the business done with PML, and rewarded with an all expense return trip to the United Kingdom, live football experience, a guided tour of London and other thrilling experiences for 3 three days.

The trip coordinator Andrew Donnelly, the Commercial Director, Philip Morris Limited on discerning that most of them were fans of the CFC, promptly  arranged to enrich the experience with a visit to Stamford Bridge.

“We set out to delight our trade partners with world-class footballing experience, because the game of football is a sport most Nigerians are passionate about. So we wanted to connect with our partners through their passion point,” Andrew Donelly said.

He explained his proactive tweak of the itinerary in these words: “We chose to use the popularity of the English Premiership to reward our gold partners with a chance to enjoy themselves by attending and watching a game live in England. However, during the course of the tour, I discovered that most of the people were fans of Chelsea FC while the live game available as at the time we were in London was involving Arsenal FC, so I quickly arranged a tour of Stamford Bridge in addition to the live Arsenal FC game earlier planned. The only lady among us was very pleased, though not an active football follower revealed that her brothers support the Chelsea FC.,”

The company bore full expenses of the trip, from visa procurement, flight tickets, and choice accommodation to local runs, within and outside Nigeria. For the trade partners, it is an experience of a lifetime that has literarily turned them to celebrities among their peers.

One of the beneficiaries, Ifeanyi Anthony, Managing Director of, Tonychy & Sons, recounting the experience, said “When Philip Morris Limited informed me that I was chosen for the trip, I didn’t take it to heart. But when they called for my international passport for visa procurement, I thought to myself, maybe this is real. And when we boarded the flight to London, I tuned my mind to what it will be like seeing a football game live in England.”

Expressing pleasure at the chance to personally feel his beloved CFC home grounds, he said it is something that will live with him forever. “Being a Chelsea fan, I never in my wildest imagination thought that I would have the opportunity of being live in Stamford bridge and snap pictures around the stadium,” he said.
On other aspects of the tour that resonated with him, he said. “The Arsenal game was worth it. The atmosphere of the live match will live with me forever. The shopping experience and the visit to the historical site (famous Trafalgar Square) etc., even the warmth of the company’s officials will last forever in our memories.”

TRAFFIC DATA ANALYSIS REPORT: THE NEW FACE OF OUT OF HOME IN NIGERIA

Gems Communications Limited, a technology driven out–of–home display company that connects advertisers to consumers on–the–go with strategically located standout structures, has in recent times decided to ensure that the company provides the required TRAFFIC DATA REPORT for her premium sites after the completion of its magnificent 300m2 LED screen (E-VISUAL) and Trivision posted 10m above the ground in the city of Lagos (along Lagos/Ibadan Expressway) to advertisers.

In addition, as a reassurance of the maximum value these out- of-home structures deliver, the company is working tirelessly using the latest technology to deploy the tools, mechanism and software designed to capture, record and analyze these traffic data on all of her out-of-home structures pan Nigeria.

A quick look at the TRAFFIC ANALYSIS REPORT below reveals that our magnificent 300m2 delivers maximum value for every kobo spent and it cuts across all Socio-Economic Classes (A – as they travel to a city like Ibadan for social and religious events, Class B, C and D – as they travel from their owned and rented apartments to work and other areas of Lagos State).

This masterpiece displays its awesome and stunning illuminative effect along the only major artery (lat-6º37’50.88N and Long 3º 21’52.55E) that connects the city of Lagos, the economic nerve center of the nation, with the popularly known Lagos Island and other states of the federation. Being the busiest city with over 20,000 vehicles travelling daily round the clock along this major route, the E-Visual (LED screen) is powered to run daily to meet the needs of advertisers of ideas, services and brands.

The E-Visual (LED screen) with a P-20 technology makes use of an advanced user friendly billboard software for real time performance monitoring, brightness monitoring, remote LED calibration, rapid anomaly detection, data storage and reporting.

Oyo State to Host 21-Kilometre International Half Marathon

0

Efforts are in top gear to host a 21-kilometre international half marathon race in Ibadan, Abayomi Oke, the State Commissioner for Youths and Sports, said in Ibadan on Thursday.

The marathon will centre on the city’s seven famous hills, such as Oke Mokola, Oke Ado, Oke Mapo, Oke Aremo and Oke Aare.

The route-mapping exercise for the race was held on Thursday in Ibadan by some officials of the organising body.

The State Commissioner for Youths and Sports said the aim of the race was to showcase the cultural architecture as well as natural aesthetics of Ibadan to the world.

“Government will use the event to positively engage the youths and attract international attention to the beauty of the state capital. The idea is to show further that the Ajimobi administration is not just touching lives positively on structural development through urban renewal program, but also adding value to sports and tourism. This is for the sake of generating goodwill and economic power,’’ he said.

Oke stated that youths of all categories would participate in the race not just for the prize money but run alongside their mates from Nigeria and abroad.

“The date of the race and prizes for winners of the 21.098km half-marathon race will be announced as soon as the Athletics Federation of Nigeria (AFN) and International Association of Athletics Federations (IAAF) endorsed them.’’

The commissioner said the event would also put Ibadan in the international calendar of events.

“Details of the event would be announced after the application to AFN and IAAF must have been endorsed.’’

He said the race would be organised on a public private partnership arrangement, adding that the 21km half-marathon race will join the few existing marathon races in Nigeria.

Oke advocated maximum support from private companies and corporate bodies to ensure that the race achieved its desired goals and in line with the pacesetting status of the state.

Similarly, Toye Arulogun, his Information, Culture and Tourism counterpart, said the coverage of seven hills in the race was strategic to viewing the structural distinct of the largest city in Western Africa.

“If you get to the top of any of these hills, you will have a vantage view of any part of the ancient city and its beauty. Most of our monuments will be viewed easily from a distance and better with viewing equipment. So, we will showcase Ibadan from all angles with this event. I am very sure that the aerial view of the city will attract visitors to come again and again,” he said.

 

 

 

 

(BellaNaija)

Nigeria, others to enjoy China’s zero tariff for imports

0

Nigeria, Congo-Brazzaville, and Ethiopia, among others, are to enjoy zero tariff set by the Chinese Government for imported products from the African continent, China’s Deputy Director-General, Department of Africa Affairs, in the Ministry of Finance, Ambassador Dai Bing, has said.

He added that Nigeria and other beneficiary African countries would enjoy several poverty alleviation programmes under the Chinese intensive development programme for the African continent.

Dai stated that under the programme, China started with four provinces: Shantou; Chenzhen; Xiamen and Zhuhai. He said if the succeeds, it can expand to other areas, but if it doesn’t, the negative effect can be curtailed. “We have chosen some African countries for industrial cooperation namely Nigeria, Congo-Brazzaville, Ethiopia and others,” he said.

The Chinese envoy added that China already has a 10-point action plan for and with Africa. They are industrialisation, agriculture modernisation, infrastructure, financial services, and development.

Other include trade and investment facilities (which will centre mostly on promotion of African trade in China); poverty alleviation (Dai made reference to China’s poverty alleviation programme, which he said has already taken 730 million people out of poverty, with only 50 poor people remaining.

According to him, China also hopes to get rid of poverty in Africa in five years and hopes to share its experience in poverty alleviation with Nigeria. He said in the area of public health, China has good medication for malaria eradication, which Nigeria can benefit from.

With regards to the Forum of China and Africa Cooperation (FOCAC), Dai said that the 10 action plan was closely linked with Africa’s 2063 development agenda, which the country has already keyed into. He said this was agreed at a summit in Johannesburg, South Africa, in 2015.

“At the summit, our President announced the 10 point agenda plan between China and Africa. And this 10 point cooperation plan has closed relations with your agenda 2063. We have started deeply on the 2063 agenda. We know the priority and the directions of the African continent,” Dai stated.

He noted that in China’s cooperation plan, the priority was industralisation and agriculture, which are also the African continent’s priority. “The Chinese Government also promised $60 billion as supporting fund for our cooperation.

“This $60 billion funding support is not only the cash. So, in this $60 billion, only $5 billion is used for non -interest loans; or $8 billion for the next three years. They are based on an all -beneficial principle, to help African countries promote their living standards and capability-building,” he explained.

Dai said the other $35 billion is a beneficial loan; $20 billion is for capital projects. The money will be invested in sustainable development of infrastructure and assistance in Africa to help improve their business environment.

“We are here to learn two principles; the first principle is that any country that wishes to absorb any foreign investment must have sound funds and complete laws and regulations and fair environment for law enforcement, which would ensure that investors feel safe.

“It must have beneficial/proficient policies to ensure investors feel pleased to make profit. It must have light efficient and practical one-stop government services to make investors feel comfortable…” he said.

Counterfeit products: Count us out, says China

0

The Chinese Government has debunked claims by some Nigerian businessmen that it dumps fake and substandard goods in their market.

Rather, the Asian citizens accused Nigerian business men of insisting that quality specification be reduced to reduce cost when they want to import products from them.

The Organising Committee of China International Auto Products EXPO (CIAPE) Vice Chairman, Mrs. Zhang Yazhu, who stated this, urged the Federal Government to put policies in place to bar importers from asking for and importing low quality goods.

He spoke in Lagos at the Lagos Chamber of Commerce & Industry (LCCI) and Nigeria- China Auto Parts Economic & Trade Seminar & Business Matchmaking Meeting.

She expressed regrets over the dubiousness of a majority of importers who she accused of rubbishing the name of her country for business.

She said when the goods were imported what the public would know is that they were worthless.

According to Yazhu, Chinese businessmen love money just like their Nigerian counterparts and may be lured into making quick money due to the pressure of quick gain.

She, however, said Chinese products were sold all over the world without complaints of sub- standardisation.

She, therefore, urged policy makers to embark on advocacy that would encourage importers to act with good conscience as far as the lives of their citizenry were concerned.

She said: “We have big and reliable manufacturers in China recognised by our home government, but if a Nigerian importer decides to buy from the streets, the Government of China will not be held responsible for buying poor quality goods.

Yazhu said the essence of the expo was to showcase reliable manufacturers from China. “My argument and sincere advice is that Nigerians should stop asking our manufacturers for lower quality goods.

“The Chinese auto parts market is growing in leaps and bounds and we have even gone past that to engage in energy cars. As a country with a huge population, we are happy doing business with Nigeria but their business men must play by the rules,” she said.

Advisory Partner & Chief Economist, PriceWaterHouseCoopers (PWC), Dr. Andrew S. Nevin, said Nigeria could be a top car manufacturer if the right policy was in place. He regretted that over 86 per cent of cars sold last year in Nigeria were second hand.

Nevin urged that the gap between cars made outside Nigeria and those  inside it be bridged, noting that it is the only way the economy would grow. He regretted that South Africa with smaller population has a thriving car industry unlike in Nigeria where used cars are the order of the day.

On why the auto sector is not developed, Nevin attributed it to lack of an effective auto finance system. He regretted that 87 per cent of cars sold locally were sold in cash, while only a miserly 17 per cent of the cars are financed, especially for those who work in blue chip companies.

While stressing that no economy could grow without basic structures in place, Nevin said: “There is the need to check the uncontrolled dumping of Tokunbo cars in the country in addition to the importers paying the right duties for imported cars.

“The government should also work on the structuring of auto parts to ensure strategic distribution and marketing that will ensure that only genuine products are sold unlike the current situation where counterfeit products are passed as genuine parts.”

Nevin said Nigeria could become a car hub where various brands of cars were manufactured in five years, if the right policies were in place and implemented.

A Chevrolet brand importer, Mr. Gabrial Omowunmi, narrated his experience on his first visit to China. He said he was apprehensive as he thought every Chinese product was fake. He, however, said that to his dismay, his Chinese partners complained that it is only Nigerians and Angolans that insisted on their producing fake and substandard products.

Omowunmi advised that stricter measures be put in place for imported products to ensure that quality goods are imported, especially now that there is recession.

Earlier, LCCI President Mrs. Nike Akande said the auto and allied products sector was crucial to economic growth.

She observed that over 90 per cent of the haulage of goods and the movement of persons were done through road transportation. She, therefore, canvassed the revitalisation of the railways.

 

 

 

(Financialwatchngr)