Category: Brand week

  • Media Agency partner Skit Maker Layi Wasabi

    Media Agency partner Skit Maker Layi Wasabi

    Penzaarville Africa, a leading media agency in the continent is excited to announce the addition of sensational skit maker Layi Wasabi to their array of talents. The company prides itself in nurturing exceptional talents and positioning them for more visibility channeled towards growths.

    The company’s CEO, Olufemi Oguntamu believes Layi Wasabi’s addition will further enhance the agency’s ability to bring impactful solutions to existing and prospective clients through his enchanting contents creation and deliveries. Olufemi submits that, “With his comedic brilliance, creativity, and ability to engage audiences through captivating skits, Layi Wasabi is set to bring a fresh wave of entertainment and creativity to the dynamic team. Layi Wasabi has gained widespread recognition through his hilarious skits on social media platforms. His unique talent for crafting humorous and relatable content has endeared him to millions of viewers, making him a highly sought-after skit maker.”

    Read Also: Police threaten to arrest popular skit maker over ‘immoral’ pranks

    Expressing his enthusiasm about joining Penzaarville Africa, Layi Wasabi stated, “I am excited to be a part of the team. Having checked out several Talents Management agencies in the country, I chose to join the Penzaarville team because I am convinced they have clear understanding of my contents style and our visions align effortlessly. Collaborating with a company that values creativity and innovation is a dream come true.”

    With this exciting partnership, both Penzaarville Africa and Layi Wasabi are poised to achieve new milestones in the entertainment and media industries.

  • A brief note to ADVAN on advertising industry reforms

    A brief note to ADVAN on advertising industry reforms

    • By OLUDELE OKANLAWON

    A little less than two years ago and just when the advertising industry was getting its hopes up that a new dawn was about to break, there began a spirited attempt to drag it back to the dire place it has always been. It is a place no advertising professional wanted, as it was a contributor to the high advertising agency mortality rate.

    To cut to the chase, the attempt to drag advertising back to the dark place was authored by the Advertisers Association of Nigeria (ADVAN), which had reacted badly to the release of the Advertising Industry Standard of Practice (AISOP) by the Advertising Practitioners Council of Nigeria (APCON) which, last year became Advertising Regulatory Council of Nigeria (ARCON).

    ADVAN’s reaction to the industry regulator-formulated AISOP was and remains as desperate as that of man trying to fend of late-night pickpockets. Its pique was that AISOP, as formulated, contains provisions aimed at taking ADVAN’s knee off agencies’ throat and make them breathe well, something they have been unable to do for decades.

    AISOP, as a framework, spells, clearly, the way and manner of agency engagement/disengagement, terms and modes of payment, media rates and commission, audience measurement and dispute resolution among other issues. A condensation of what it seeks to do, by common consent, is ground-levelling. AISOP seeks to reform the industry in a way that agencies are no longer treated by clients as something close to vassals.

    With something approaching a nuclear gust of disapproval, ADVAN has been railing against the AISOP provision stipulating a 45-day payment period to agencies to agencies for jobs executed. The provision repealed the payment period of 90- 120 days, in the best case, ADVAN had become accustomed to. The protracted payment period AISOP aims to abolish affected not only the business of the agencies, but also those of their suppliers, including media organizations, which are regularly garroted by agencies’ indebtedness to them.

    In addition, AISOP prescribes a payment of a percentage to agencies as a penalty in the event the payment window is overshot. This was envisaged to help agencies accommodate the default charges of their lenders. The potential loss of unfair privileges it has enjoyed via payment to agencies as its whims dictated is something ADVAN is unwilling to countenance. AISOP, it is important to point out, was not sneaked in on ADVAN, as it had a representative on the committee that brought it to life. It was similarly represented on the Nigerian Advertising Code Review Committee, National Advertising and the Conference Committee as well as on the Advertising Standards Panel (ASP).

    What its reaction indicates, uncomplicatedly, is that it was enjoying-to the max-seeing agencies reduced to the status of mendicants, so as to continue exploiting them.

    ADVAN’s view is that contractual agreements between its members and agencies should not involve a third party and proceeded to accuse the regulator of undue interference. This position, to put it mildly, is the equivalent of willful ignorance because there is no advertising environment globally without a regulator or one in which clients pay agencies for campaigns executed whenever the feeling seizes them. What this says is that there are minimum irreducible standards prescribed in every advertising environment to ensure the protection of all.

    “In saner climes” is a fixture in conversations these days. I take it that ADVAN desires to operate in a saner clime, which would mean it should be happy with the same standards in such environments or similar ones. A few examples will show that clients elsewhere have not been frothing with anger over regulators’ prescription of payment periods. The US has a 35-day payment window. China has a 30-day window. Germany, France and other European markets stipulate a 30-day period. Kenya, South Africa and other African countries have 45-day payment periods, the same as proposed by AISOP.

    With those saner climes insisting on certain standards, ADVAN’s proposal of the retention of indeterminable payment period is no path to a saner environment.

    The surest route to a saner environment is law and order, things the ARCON Act of 2022 was made for, as it relates to the advertising industry. But it was, like AISOP, met with rejection by ADVAN. The ARCON Act effectively abolished the APCON Act, granting ARCON full regulatory powers over the country’s advertising environment. The act, among other things, mandates ARCON to promote local content and entrench international best practices.

    Its provisions, from all indications, have further incensed ADVAN which, earlier this year, came out with an intention to challenge the legality of the ARCON Act. ADVAN intends, as the notice stated, to join in the suit the Attorney-General of the Federation, Senate and House of Representatives, Minister of Information and Culture as well as the Industry, Trade and Investment Minister.

    Particularly irritating to ADVAN is the section in the ARCON Act stipulating the mode of agency disengagement. The section, arising from ARCON’s policy on engagement and disengagement, states that an advertiser terminating a contractual agreement with an agency must carry out financial reconciliation at the point of disengagement and fulfil all outstanding contractual obligations prior to signing on a new agency. This noble policy is, however, being interpreted as interference. It would have been funny if it did not carry a whiff of a desire to treat agencies shabbily. What ADVAN wants is to continue having the freedom to chase away agencies like a flea-ridden dog.

    Another source of irritation is ARCON’s policy

    proscribing the use of foreign voice-over artists as well as models in advertisements for the Nigerian market. A section of the ARCON Act gives muscle to the policy, which aims to grant Nigerians benefits of advertising in the country. ARCON’s local content policy prescribes minimum local content ratio in all advertisements, thereby encouraging advertisers to use Nigerians in their marketing communications campaigns. It envisages that it will stop the financial haemorrhage by Nigerian companies, conservatively estimated at N120 billion annually, as well as loss of jobs.

    What is not to like about this, given that it has the potential to halt loss of jobs and reduce pressure on the local currency?

    Somehow, ADVAN found reasons to be angry about it, as its notice of litigation advertised its intention to challenge the legality of the ARCON Act and the competence of the National Assembly to make the law which, to a large extent, carries the potential to address many of the problems that have blighted the advertising environment for as long as anyone can recall. ADVAN’s intended legal challenge is mystifying, given that it made written and oral submissions at the public hearings conducted by the National Assembly before the law was made. You have to wonder what it thought it was doing if it did not think the federal legislature is competent to make a law regulating advertising.

    Okanlawon writes from Lagos

  • A Brief Note to ADVAN on Industry Reforms

    A Brief Note to ADVAN on Industry Reforms

    • By Oludele Okanlawon

    A little less than two years ago and just when the advertising industry was getting its hopes up that a new dawn was about to break, there began a spirited attempt to drag it back to the dire place it has always been. It is a place no advertising professional wanted, as it was a contributor to the high advertising agency mortality rate.

    To cut to the chase, the attempt to drag advertising back to the dark place was authored by the Advertisers Association of Nigeria (ADVAN), which had reacted badly to the release of the Advertising Industry Standard of Practice (AISOP) by the Advertising Practitioners Council of Nigeria (APCON) which, last year became Advertising Regulatory Council of Nigeria (ARCON).

    ADVAN’s reaction to the industry regulator-formulated AISOP was and remains as desperate as that of man trying to fend of late-night pickpockets. Its pique was that AISOP, as formulated, contains provisions aimed taking ADVAN’s knee off agencies’ throat and make them breathe well, something they have been unable to do for decades.

    AISOP, as a framework, spells, clearly, the way and manner of agency engagement/disengagement, terms and modes of payment, media rates and commission, audience measurement and dispute resolution among other issues. A condensation of what it seeks to do, by common consent, is ground-levelling. AISOP seeks to reform the industry in a way that agencies are no longer treated by clients as something close to vassals.

    With something approaching a nuclear gust of disapproval, ADVAN has been railing against the AISOP provision stipulating a 45-day payment period to agencies to agencies for jobs executed. The provision repealed the payment period of 90- 120 days, in the best case, ADVAN had become accustomed to. The protracted payment period AISOP aims to abolish affected not only the business of the agencies, but also those of their suppliers, including media organizations, which are regularly garroted by agencies’ indebtedness to them.

    In addition, AISOP prescribes a payment of a percentage to agencies as a penalty in the event the payment window is overshot. This was envisaged to help agencies accommodate the default charges of their lenders. The potential loss of unfair privileges it has enjoyed via payment to agencies as its whims dictated is something ADVAN is unwilling to countenance. AISOP, it is important to point out, was not sneaked in on ADVAN, as it had a representative on the committee that brought it to life. It was similarly represented on the Nigerian Advertising Code Review Committee, National Advertising and the Conference Committee as well as on the Advertising Standards Panel (ASP).

    What its reaction indicates, uncomplicatedly, is that it was enjoying-to the max-seeing agencies reduced to the status of mendicants, so as to continue exploiting them.

    ADVAN’s view is that contractual agreements between its members and agencies should not involve a third party and proceeded to accuse the regulator of undue interference. This position, to put it mildly, is the equivalent of willful ignorance because there is no advertising environment globally without a regulator or one in which clients pay agencies for campaigns executed whenever the feeling seizes them. What this says is that there are minimum irreducible standards prescribed in every advertising environment to ensure the protection of all.

    “In saner climes” is a fixture in conversations these days.  I take it that ADVAN desires to operate in a saner clime, which would mean it should be happy with the same standards in such environments or similar ones. A few examples will show that clients elsewhere have not been frothing with anger over regulators’ prescription of payment periods. The US has a 35-day payment window. China has a 30-day window. Germany, France and other European markets stipulate a 30-day period. Kenya, South Africa and other African countries have 45-day payment periods, the same as proposed by AISOP.

    Read Also: ‘Akpabio’s victory strategic in advancing inclusion’

    With those saner climes insisting on certain standards, ADVAN’s proposal of the retention of indeterminable payment period is no path to a saner environment.

    The surest route to a saner environment is law and order, things the ARCON Act of 2022 was made for, as it relates to the advertising industry. But it was, like AISOP, met with rejection by ADVAN. The ARCON Act effectively abolished the APCON Act, granting ARCON full regulatory powers over the country’s advertising environment. The act, among other things, mandates ARCON to promote local content and entrench international best practices.

    Its provisions, from all indications, have further incensed ADVAN which, earlier this year, came out with an intention to challenge the legality of the ARCON Act. ADVAN intends, as the notice stated, to join in the suit the Attorney-General of the Federation, Senate and House of Representatives, Minister of Information and Culture as well as the Industry, Trade and Investment Minister.

    Particularly irritating to ADVAN is the section in the ARCON Act stipulating the mode of agency disengagement. The section, arising from ARCON’s policy on engagement and disengagement, states that an advertiser terminating a contractual agreement with an agency must carry out financial reconciliation at the point of disengagement and fulfil all outstanding contractual obligations prior to signing on a new agency. This noble policy is, however, being interpreted as interference. It would have been funny if it did not carry a whiff of a desire to treat agencies shabbily. What ADVAN wants is to continue having the freedom to chase away agencies like a flea-ridden dog.

    Another source of irritation is ARCON’s policy proscribing the use of foreign voice-over artists as well as models in advertisements for the Nigerian market.  A section of the ARCON Act gives muscle to the policy, which aims to grant Nigerians benefits of advertising in the country. ARCON’s local content policy prescribes minimum local content ratio in all advertisements, thereby encouraging advertisers to use Nigerians in their marketing communications campaigns. It envisages that it will stop the financial haemorrhage by Nigerian companies, conservatively estimated at N120 billion annually, as well as loss of jobs.

    What is not to like about this, given that it has the potential to halt loss of jobs and reduce pressure on the local currency?

    Somehow, ADVAN found reasons to be angry about it, as its notice of litigation advertised its intention to challenge the legality of the ARCON Act and the competence of the National Assembly to make the law which, to a large extent, carries the potential to address many of the problems that have blighted the advertising environment for as long as anyone can recall. ADVAN’s intended legal challenge is mystifying, given that it made written and oral submissions at the public hearings conducted by the National Assembly before the law was made. You have to wonder what it thought it was doing if it did not think the federal legislature is competent to make a law regulating advertising.

    •Okanlawon writes from Lagos.

  • The SERAS calls for entries for 2023 awards

    The SERAS calls for entries for 2023 awards

    The SERAS Africa Sustainability Awards has called for entries for the 2023 edition and 17th cycle of the prestigious awards.

    The SERAS is Africa’s first and foremost recognition of corporate social responsibility and Sustainability.

    The gold-standard award and the most important industry ceremony in Africa has over the years drawn participation from 31 countries on the continent.

    At a media conference in Lagos, founder of the Awards, Ken Egbas said that the 2023 theme as announced by the local organizing committee is ‘Circular economy as the new market disruptor: SDGs Innovation as Key to Vision 2030’.

    He said 25 awards categories ratified by the judges’ committee would be competed for by organizations across Africa.

    Read Also: Coca-Cola Nigeria shines at SERAS Awards 2022

    The categories include- Circular economy; environmental stewardship; rural population integration; poverty reduction; promotion of good health/ well-being; partnership of the year; Education intervention of the year; Reporting & transparency; Best work-place practice; Stakeholder engagement; Not-for-Profit of the year; Deborah Leipziger Africa Prize for Innovation (Product/Service).

    Others are: Gender Equality/Women Empowerment; Social Enterprise of the Year; Food Security, Water & Sanitation; Climate Action; Supply-Chain Management; Sustainability Reporting (Media: Electronic/Print/online); Sustainability Professional of the Year; and CEO of the Year. In line with the focal theme, other categories are – Diversity, Equity, Inclusion; Net Zero Transition; Technology for Development of the Year; Social Impact/ Human Capital Advancement; and Impact Investor of the Year.

    Entries opened on May 26th and closes on July 31st. 

  • Super brands to watch in 2023

    Super brands to watch in 2023

    As the year 2023 ticks steadily, it is instructive to note that some corporate organisations based on the new year’s outlook are already showing lots of promises, reports Ibrahim Apekhade Yusuf.

    From telecoms, banking and finance, oil and gas, petroleum exploration, stock market, manufacturing, fast moving consumer goods segments to hotel and hospitality, infrastructure financing, maritime security, service sub sectors to mention just a few; indeed, their fundamentals, in a manner of speaking, leaves so much to cheer about.

    Telecoms

    Riding on the back of a successful business year which saw Airtel closing many deals in 2022, the telco is continuing with its winning streak early on this year already as it announced the acquisition of 5G spectrum and an additional spectrum for its 4G network for a total sum of $316.7 million.

    Expectedly, shares in Airtel Africa climbed 5.2 per cent to N1, 630 per unit last Monday after the news hit the market.

    According to a statement by the local unit of Airtel Africa, the decision is part of its commitment to deepen higher-speed connectivity in Nigeria by way of 5G cellular technology.

    The company said that it purchased 100 MHz of spectrum in the 3500MHz band and 2x5MHz of 2600MHz from the Nigeria Communications Commission (NCC), for a gross consideration of $316.7m, payable in the local currency.

    The company seeks to gain the timely traction needed to earn itself a good place in the fifth-generation technology segment of Africa’s largest telecom market where two early birds secured operational licenses in 2021.

    “The acquisition of 5G spectrum will underpin our growth strategy by enabling the launch of higher speed connectivity to enhance customer service and accelerate digitalisation for consumers, enterprises and the public sector,” the document said.

    Airtel Nigeria gave up an early chance to run 5G technology in Nigeria when, in December 2021, big rival MTN Nigeria and Mafab Communications snapped up the two available permits at the premier auction arranged by the NCC.

    While MTN teed off operations in August, Mafab sought a five-month extension due this month from the regulator for its own launch.

    Nigeria is the biggest market of both Airtel Africa and the MTN Group (the parent company of MTN Nigeria).

    Airtel Nigeria has assured the expansion drive will ease connectivity at a faster pace to enable improved customer service delivery and fast-track access to digitalisation for consumers, businesses and the public sector.

    “Nigeria is a market with enormous potential for future growth in mobile services,” said Segun Ogunsanya, CEO of Airtel Africa.

    “Investment in new technologies and local infrastructure to enable this growth is a strategic priority for the group and will ensure we are able to provide reliable and affordable services to local communities across the country,” he added.

    Private refinery

    The year is beginning on a very pleasant note for the Group with the formal commissioning of the much awaited Dangote Refinery by President Muhammadu Buhari in a matter of days. 

    Dangote Refinery by Aliko Dangote has the capacity to process about 650,000 barrels per day of crude oil, making it the largest single-train refinery in the world, could see the first refining runs begin as early March this year.

    The integrated refinery and petrochemical complex in the Lekki Free Zone near Lagos, Nigeria, will produce Euro-V quality gasoline and diesel, as well as jet fuel and polypropylene and will likely generate 4,000 direct and 145,000 indirect jobs.

    It is expected to double Nigeria’s refining capacity and help in meeting the increasing demand for refined petroleum products, while providing cost and foreign exchange savings. It is estimated to have an annual refining capacity of 10.4 million tonnes of petrol.

    Other divisions of the Group, such as the multimillion-dollar sugar company, Dangote Sugar Refinery Plc (DSR), which raised the stakes in 2022 after increasing DSR Numan Sugar sub-sector capacity from 3,000 hectares of cane per day to 6,000tcd, 9800tcd and 15,000tcd has committed $ 700 million to invest in the backward integration programme. 

    Lekki Deep Seaport

    If any investment can be described as really spectacular, then the Lekki Deep Seaport is it. For majority stakeholders of this investment, this year will pay off. This is because the Lekki Deep Seaport stood out as a game-changer in investment outlay considering its huge potential as a stream of income for the subnational and national government of Nigeria.

    With a projected $361 billion which is roughly about N287 trillion to be realised from equity investment in Lekki Deep Seaport after liquidating loans acquired for the project, it is a good deal.

    Besides, it is expected that the direct and induced business revenue impact is estimated at $158 billion, about N124.7 trillion, in addition to a qualitative impact on the manufacturing, trade, and commercial services sector.

    It may be recalled that the engineering, procurement, and construction (EPC) contractor for Lekki Port, China Harbour Engineering LFTZ Enterprise (CHELE), a subsidiary of China Harbour Engineering Company, announced the completion of the construction works on the first phase of the $1.5 billion port last October.

    During the formal unveiling of the project, the Chairman, Board of Directors, Lekki Port LFTZ Enterprise Limited (Lekki Port), Mr. Biodun Dabiri noted that about 170,000 jobs will be created.

    MTN Nigeria

    According to stock market analysts, MTN Nigeria is the next best thing that can happen to anybody this year if its fundamentals are anything to go by.

    The shares which opened at N215 per share this year is expected to reach N313. 08 by year-end.

    The company started the year at a share price of N185 and closed at about N215 representing a price-to-earnings ratio of 12.55x. At its peak last year, MTN sold for as high as N270/share

    On paper, it will seem that the company’s current share price of around N215 per share is right about being valued appropriately if what you are factoring is its trailing earnings. But factor in MTN’s growth trajectory and the story might be somewhat different.

    MTN Nigeria has a strong balance sheet, records of consistent growth in earnings, and impressive return on equity. The company is currently the 3rd most valuable stock on the stock market with a market capitalisation of 4.38 trillion, which is 15.7% of the entire Nigerian Stock Exchange equity market.

    From available information, MTN Nigeria has built up an impressive earnings history.  Over the past five years (2017-2021), earnings compounded annual growth rate (CAGR) stood at 38.5%. This means it has increased its profits by an average of 38.5% yearly for the last 5 years. For example, MTN’s revenue was N81 billion in 2017 compared to N298.6 billion in 2021.

    In October, the telco recorded earnings on-year growth of 22.12% to N269.039 billion for the first nine months of 2022.  This suggests it is already on track to surpass its 2021 performance.

    In terms of returns, it recorded an outstanding return on equity of 142% compared to the industry’s 31.2%. However, its profits are almost five times its interest payments.

    All in all, the outlook remains favorable for the company and this is because of the renewed strength in the third quarter which brightened the prospects for a full-year turnover expectation in the region of N2 trillion as data services steadily continue to lead revenue growth.

    The company’s share price delivers a dividends yield of 6.59% (N14.17 DPS), which is higher than the bottom 25% of dividend payers in the NG market but low compared to the top 25% of dividend payers in the NG market (8.55%). The company’s dividend yield is forecast to reach 8.6% (N18.439 DPS) by December 31, 2023.

    Banks soaring high

    Despite a poor operating environment and terrible economic headwinds that adversely affected certain business ventures in the outgoing year, most of the Tier 1 banks had a bullish run in their year end as shown in their balance sheets and also looks good to do even better this year.

    In the majority of the banks’ balance sheet and financial reports that formed this assessment based on their respective assets, liabilities, equity at the end of the accounting period, what stood them out is their consistency thus far.

    Although in its assessment, the National Bureau of Statistics revealed that the banks generally recorded slowed growth, at 20.06 per and 25.5 percent recorded in the second quarter of 2022 and 2021, respectively, to 12.03 percent during the period under review, and which it said is the slowest quarterly growth since the first quarter of 2021 when the economy was recovering from the COVID-19 pandemic, there were a few who stood out of the pack.

    Zenith Bank, First Bank, Access Bank, First Bank, FCMB, Fidelity Bank, Wema Bank

    Zenith Bank is the Number One Bank in Nigeria by Tier-1 Capital with an asset base which rose from N6.347 trillion to N8.481 trillion last year, its audited financial statements showed. This year looks promising as according to the Group Managing Director/CEO of Zenith Bank Plc, Ebenezer Onyeagwu, the financial institution is poised for more exploits.

    First Bank, First City Monument Bank (FCMB) and Fidelity Bank were also among the first three banks leading as the best-performing commercial banks in Nigeria in the Q3 of 2022.

    This is just as Wema Bank Plc’s stocks emerged as the best-performing financial stocks on the Nigerian Exchange during the 2022 financial year.

    According to the report, Wema Bank’s share price appreciated by a whopping 441.7 percent. The bank recorded a healthy 51% increase in gross earnings in the first nine months of 2022 and a 31% increase in post-tax profit. Investors rallied around the bank’s stocks despite a general downturn in most banking stocks during the year.

    An analysis of the banks’ equity and financials revealed that they made a sum of N298.84 billion as profit before tax between July and September of 2022, showing an increase of 29.9 percent compared to N228.54 billion recorded the year before.

    The banks remained strong despite solid headwinds, in which Nigeria’s GDP is slowing to 2.25 percent from 3.54 percent in the previous quarter and 4.03 per cent in the same quarter of 2021.

    Besides, the banks witnessed a 5 per cent increase in customer deposits during the period under review to stand at N43.68 trillion as of September 2022 from N41.61 per cent as of June 2022. Four of the 13 banks recorded positive growth in their share price in the third quarter of this year in the local equities market.

    Real estate

    Like banks, another sector mostly poised for the big league this year is the real estate market. Interestingly, real estate experts have predicted some major factors that would influence the development of the real estate market in 2023 while citing inflation, general elections, soaring housing prices as some of the causative factors that would spur growth and sustain the economic drivers of the real estate sector in 2023.

    One of these experts, Bismarck Rewane, CEO at Financial Derivative Company (FDC) projected a sustained growth driver for the real estate sector in 2023, noting that the real estate sector of the Nigeria economy will expand by 5.2 per cent in 2023.

    According to Rewane, the sustained growth of the real estate sector would increase demand for real estate assets.

    The FDC boss, noted that the sector’s contribution to GDP would increase by 6.5 per cent while contending that this growth would be sustained in the new year due to high population and urbanisation growth would be the major drivers of the trajectory in both short and long terms.

    The expansion, according to Rewane, will happen on the back of the sector’s sustained growth, among other drivers.

    The economic analyst noted that the ballooning population in urban cities would contribute to the development of the housing sector in 2023, adding that, the present challenge had been traced to Nigeria’s population growth which is currently at 2.6 per cent per annum and currently outpacing the provisional housing system in the country.

    Also the Bank of Industry (BOI) in a report on Nigeria’s housing sector, affirmed that, “with a growing urban population, increasing construction costs, and declining household income and access to affordable housing is becoming more difficult for millions of citizens.”

    The BOI, however, outlined some critical areas to be addressed to reposition the housing sector in Nigeria, stressing that adequate financial intervention in the housing value chain was required to boost development in the sector.

    “Increased partnership with the organised private sector is crucial to unlocking opportunities in the real estate market,” the BOI report stated.

    A report by the Federal Mortgage Bank of Nigeria titled “Institutional turnaround for the next level,” indicated that, although the federal government budgeted N470 billion for housing in 2022, the sector would require trillions of naira to close Nigeria’s housing gap.

    The FMB report showed the estimation of 206 million persons in Nigeria, which about 95.1 million lived below the poverty line, and as such, it was difficult for them to have access to their own homes.

    The executive director, Housing Development Advocacy Network, Festus Adebayo, noted that the housing sector in 2022 performed well solely for those at the top, particularly, in the areas of luxury homes and commercial real estate; however, it has failed in the area of providing affordable housing.

  • We’ll continue to celebrate our business associates-Adenuga

    We’ll continue to celebrate our business associates-Adenuga

    Chairman of telecommunications services provider, Globacom , Dr Mike Adenuga Jr, has said the company will continue to appreciate its dealers who have worked assiduously to make the network the darling of subscribers across the country.

    The business mogul spoke at the weekend during the exquisite dealer appreciation gala dinner in Lagos.

    Adenuga, who was represented by the Retail and Consumer Sales Chief, Mr. Ken Ogujiofor, announced a special incentives package worth over N750m to buoy the company’s distribution channel.

    He encouraged its partners to work harder to satisfy the business goals of the mobile network operator.

    While expressing appreciation to the dealers for their past collaborations, the chairman disclosed that the event is in continuation of Glo’s tradition of rewarding and upholding excellence among its treasured partners.

    According to him: “We are delighted to note that the reward programme was a huge success, with many of our partners achieving and surpassing the target bands set for the two categories; volume push and activations.”

    The dealers were excited at the mouth-watering prizes which came in different categories ranging from cash prizes in form of credit notes running into millions of naira, to other expensive incentives.

    The evening was not just about business as it featured musical entertainment by top musicians and comedians including juju maestro, King Sunny Ade (KSA) and his African beats, the Groove Band and the duo of Godwin Komone aka Gordons and MC Forever who serenaded guests with great music, comedy and wise cracks.

    Mr. Viju Unnithan of Marketing Department, Globacom emphasised the company’s commitment to enhancing customer satisfaction adding that the company’s products and services were designed to add value to Glo subscribers.

    Mr. Remi Makinde of Globacom’s Network Implementation Group, reiterated the company’s Network Quality Enhancement plan and how it has boosted the network significantly.

    The lucky business associates who were delighted at the good gesture showered encomiums on Globacom’s Board, management and staff.

    Managing Director of Zeph Associates, Mr. Tochukwu Nwosu whose company won three top prizes among the category one dealers said: “Globacom has delighted its trade partners tonight and on behalf of my fellow dealers, we say thank you to Globacom”.

    Managing Director of Yarab Integrated Limited, Alhaji Mobolaji Abdulrasaq said: “We will continue to work towards the progress of the company. Kudos to Glo.”

    The CEO of Alenssar Infinity Communication Chief Edward Emeano, was also not left out as he expressed satisfaction with Globacom’s style of appreciating its business partners. Said he, “Globacom has showed its true appreciation of our efforts in marketing the company’s products and services and we are truly grateful.”

  • Race for control thickens in biscuits market

    Race for control thickens in biscuits market

    The biscuit industry consists of different categories, which include cookies, crackers, sweets, chocolates, digestives and so on. Going by reports, Digestive biscuits are healthier than their counterparts.

    This is because of its fibre content. Sometimes described as a sweet-meal biscuit, the digestive biscuit was first developed in 1839 by two Scottish doctors to aid digestion.

    The term “digestive” is derived from the belief that they had antacid properties due to the use of sodium bicarbonate when they were first developed.

    They are meant to be lower in sugar (mildly sweet), and due to the presence of more baking soda, eating digestive biscuits are supposed to help those who suffer from acidity.

    Digestive biscuits are also supposed to help in weight loss.

    Globally, international biscuits and confectionery maker, McVitie’s leads the digestive section.

    McVitie’s annual global turnover is around $5.2billion as it sells about 2 billion units of the product annually.

    To control this market locally, several companies including McVitie’s company have been pushing various well garnished, tasteful and nutritious digestive biscuits brands into Nigeria market.

    However, one of the digestive brand of biscuits is seriously competing with McVities in Nigeria.

    Mabisco is established by manufacturer of cookies and snacks, Mayor Biscuit Company Limited.

    The company has been making serious impact in the digestive biscuit section to control the market segment, it committed to producing innovative products using state-of-the-art machinery and engineering that guarantees only quality products.

    Mabisco entered into the market with unique taste and crunch form with competitive price.

    It is packed in 5 slices unlike others that are synonymous with 4 slices, reasons while it penetrating markets especially in the cities of Nigeria.

    According to Bayode Jacob, a nutritionist with one of the foods and beverages companies in Ogun State, Nigeria. “Digestives should be more crumbly than crunchy, texture can make or break a good digestive biscuit.”

    Mabisco Digestive has a bigger sized crunchy that turns to powder on chewing. The bigger sized crumb is also what feels fibrous in the mouth.

  • Skin therapy beauty and spa plans big for 10th anniversary

    Skin therapy beauty and spa plans big for 10th anniversary

    A leading skincare and beauty brand, Skin Therapy Beauty and Spa operating with offices in Abuja and Lagos has unveiled plans to celebrate its 10th anniversary.

    The anniversary dinner in Abuja hold on November 22, 2021 followed by a special occasion with massive sales in Lagos on 2021.

    According to the Founder/CEO Mimi Whyte-Femi there would be massive sales at Abuja and Lagos outlets with a lot of goodies and freebies for customers and guests who grace the occasion.

    Those who want to participate online can also do through its website.

    She said: “To mark our 10 years in business, we would be celebrating in grand style on the 22nd of November 2021 at our Abuja office which is 20 Durban Street off Ademola Adetokunbo, Wuse 2 with a 50% off sales on all our products for only that day. It’s going to be an in-store and online sales so all our clients outside Abuja can also order via our website.

    “The Lagos branch 50% off sales will be on the 28th of November at our Lagos office located at plot 24 House 68, Durosimi-Etti Street, Lekki Phase 1. We would also be gifting out free goodies on that day.”

    The delectable CEO, Mimi Whyte-Femi describes their 10 year journey in the skincare and therapy space as amazing, giving thanks to God on all the achievements the brand has recorded in a decade.

    “It’s been an amazing roller-coaster of growing, constantly scaling through obstacles, evolving , advancing, improving and expanding.

    “From starting from just a little space to having two solid well-equiped branches in Abuja and Lagos with cutting-edge/world’s most sought after aesthetics machines and fantastic skincare products to cater for all forms of skin needs and desire, for all skin types and all skin needs, that has been profoundly amazing and all I can say is “Thank you Lord,” she said.

    She said the goal of her brand has always been to boost confidence level and change lives.

    “We are glad we have been able to do that for more than five million people from all over the world as we have got clients worldwide, enjoying clear healthy skins with amazing transformational reviews/results.

    “Once again, thank you to you all our amazing customers for your patronage and love all through the years. We promise to continue to give you only the best in the world of skincare,” she added in joy.

    Mimi Whyte is an internationally licensed aesthetician and skin therapist who also consults with clients on what products or treatment services they will need to achieve a healthy glowing skin.

    Skin Therapy Beauty and Spa is an Aesthetic spa that provides skin care products and several treatment services for all skin types to help treat , even out and glow the skin.

    The company has done numerous treatments with testimonies all over the internet both within and outside Nigeria. The company unarguably has the best skincare products for the treatment of all skin types and problems.

  • BetKing celebrates new identity

    BetKing celebrates new identity

    BetKing, Nigeria’s fastest-growing sports and digital entertainment brand, has celebrated the launch of its new brand identity.

    The event was colourful with loads of fun, exquisite cuisine, good nature banter and excellent music by the fast-rising act, Omah Lay.

    It was also a night for royalty as guests, BetKing Business Partners, industry regulators and Blue Bloods (staff members of BetKing) were pampered by the gracious host alongside the Brand Ambassador, Austin’ Jay-Jay’ Okocha.

    The football icon starred in the new Television Commercial (TVC) unveiled on occasion, displaying intricate footwork, exciting dance moves and a bold expression for the BetKing brand.

    The chairman, Toyin Pinheiro (SAN), opened up the event with a warm welcome to the guests and acknowledgment of the industry regulators including the Chairman, Lagos Internal Revenue Service (LIRS), Ayodele Subair and Chief Executive Officer, Lagos State Lotteries Board, Mr Bashir.

    He said: “This is the re launch of a very strong brand; a brand premised on strength and integrity. I want to assure you that customers would be happy.

    READ ALSO: BetKing pledges support to MoC Grand Prix

    “They would have good opportunities of winning. As we head into the new season, you will have a jolly good time with our brand and Ambassador, Jay-Jay. I say to you, our customers, hang on to us.

    “The winnings will be richer and bigger. The opportunities will be there. Let’s have a big season as we look forward to its commencement.”

    Managing Director, KingMakers, Gossy Ukanwoke said: “We have evolved over the years, consistently seeking ways to better our offering to customers and society.

    “This brand relaunch is a statement of that commitment. A few months ago, we announced our corporate brand, KingMakers, representing the next level as a company.

    “The nexus is to bring Africans closer to the game they love, and we’ll be doing this by offering our customers more ways to enjoy sports.”

    Omah Lay rounded off the event with an electric performance that got guests on their feet.

    They all converged on the foot of the stage as the singer dished out some of his hits singles.

  • NIM celebrates 60 years in grand style

    NIM celebrates 60 years in grand style

    By Olaitan Ganiu

    The Nigerian Institute of Management (NIM) has celebrated its Diamond Jubilee in grand style.

    The theme of the anniversary is ‘Celebrating 60 years of Management Excellence: Poised for More!’.

    The hybrid event, which kicked off on July 14 with a flurry of activities, including unveiling of the 60th anniversary logo and jingle, visit to an orphanage lecture by Dr. Ayo Teriba, will be rounded up with a luncheon on July 17.

    President and Chairman of NIM Council, Mrs. Patience Anabor, FNIM, said in the past 60 years, the Institute has done a good job of fulfilling its mandate by bequeathing an enduring professional management practice to the nation.

    “With about 200,000 individual and 400 corporate membership strength that cut across all professions made up of high net worth professionals and blue chip organizations, the institute has grown to become the foremost, largest and biggest multidisciplinary professional management Institute in Africa.

    “Since the core mandate of the Institute is capacity building especially in the areas of management and leadership development, the Institute has been in the forefront of capacity building in the critical sectors of the nation’s economy.

    “NIM has done very well in this direction as it has successfully delivered professional management, capacity building, consultancy, re-engineering and human capital development solutions to many organisations in public and private sectors of the economy which it collaborates with both locally and internationally.

    “Over the years, the Institute has been involved in providing workable roadmap to Government in solving issues of governance through its numerous public advocacy programmes and activities,” she said.

    Anabor, however, recognised the effort of the sacrifices of the founding fathers, who nurtured the Institute to the enviable height, image and recognition it is enjoying.

    The President pledged to continue working hard to build on and sustain their legacy.

    The Institute was established in 1961 by a group of management professionals to bridge perceived gap in management of the nation’s public and private sectors, attaining charter status through Act 14 of 2003.