The Nation Newspaper

Category: Money

  • Boosting internally-generated revenues

    Boosting internally-generated revenues

    The Bayelsa State government, like other states, is being affected by dwindling federal allocations, once the bulwark of states. As the monthly Federation Accounts Allocation Committee (FAAC) payout continues to fall, Bayelsa is opening its doors to investors. The Bayelsa Investment and Economic Forum held in Yenegoa, the state capital, focused on building a viable productive base for the state and enhancing its revenue, writes COLLINS NWEZE.

    The sharp fall in oil prices is of major concern to many states. Forward-looking ones are rethinking their revenue drive strategies, looking inwards on how to be self-sufficient.

    Besides, states can no longer rely on the federal allocations to meet the increasing needs of their people.

    For instance, the Central Bank of Nigeria (CBN) data for 2013 revealed that internally-generated revenue (IGR) for Bayelsa State amounted to N6.2 billion, representing 2.7 per cent of its total revenue. In comparison with Lagos State, which generated N157.3 billion, this is very low.

    But Bayelsa is not resting on its oars. It is relying on private-sector investments to create jobs and boost personal income tax revenue.

    At a briefing at the conclusion of the second Bayelsa Investment and Economic Forum, the Commissioner for Trade, Industry and Tourism, Kemela Okara, said the state was serious about collaborating with the private sector to grow the productive base of the economy.

    “The nature of the conversation of the forum was not theoretical. Those who are experts in various areas, those who are actively involved in different areas, spoke on how to get viable projects in the state running,” he said.

    He said the forum was an opportunity for stakeholders to discuss financing, pricing of gas and electricity.

    “The most explosive idea is the readiness of Bayelsa and Nigeria to take advantage of opportunities presented in business to do business. It is exciting. It makes our job easier.The Bayelsa State Investment Initiative will help the people tidy up the documentations and ensure that their expectations are met,” he said.

    “We are also creating the necessary tax incentives for people to come. So, there is no doubt that we are very serious and many incentives will come. Following from this, we are going to capture a lot of things in a documentary that we will share. We are creating the necessary environment. We want to ensure that everything that investors need is provided.We will make sure that nothing is holding them back. At the Federal Government level, we are also collaborating to hasten that process,” he said.

    One of the panelists and Director, FBN Capital, Patrick Mgbewelu, said Bayelsa is one of the smallest states in Nigeria with a population of two million.

    The conference, he said, addressed seven budding sectors, such as agriculture, manufacturing and energy. The state’s agricultural base is considerable and comparative advantage exists in food and tree crops including cassava, sugar cane and rubber.

    Bayelsa has the longest coastline in the country and significant inland waterways. Local fish production is, however, low; about 30,000 tonnes yearly. This represents only six per cent of national production.

    On energy, he said the state government has placed power provision on the front burner; it owns 25 per cent of the local distribution firm. The network requires upgrading. Investors in this sector would benefit from a waiver on all import duties for power plant equipment, which the state government hoped to secure from the Federal Government.

    • Dickson
    • Dickson

    Governor Henry Seriake Dickson told delegates that 50 hectares of land had been acquired for its an industrial park. The park will be divided into four zones – commercial, industrial, office and residential.

    He said the state is serious about expanding its economical frontiers beyond oil and gas. “How do we move away and create inclusive growth and entrepreneurship among our people. It is by making remarkable moves through private sector participation in the state’s economy,” he said.

    Dickson admitted that Nigeria is living through dwindling oil  revenues and, therefore, needed the support of the private sector to grow the economy.

    He said the state is the home of oil and gas. Since 1956, when oil was discovered in Oloibiri, the state has been playing a major role in the oil and gas industry.

    “We have opened our doors to all agencies to build sustainable wealth, skills and promote entrepreneurship. This year, the team is looking at areas of comparative advantage. Power generation is not to be left to the Federal Government alone. The Federal Government has started the process of power privatisation, and needs to be supported,” he said.

    Dickson said investors in the power sector needed to know that Bayelsa has oil and gas, and the need to site their industries close to the raw materials.

    “Investors in the power sector need to be in Bayelsa where there is abundance of gas to help in powering the power turbines. The forum is not a talk shop. Our focus is on practical steps needed to boost business. Bayelsa is also the centre of agriculture because we have fertile soil,” he said.

    He said there was no alternative to industrilisation, adding that the abundance of gas would help to solve the state’s power problems. It would also help create jobs and boost employment, he added.

    “We have been encouraging people to pay taxes. The most sustainable investment Bayelsa has made in capacity building. We are also mindful of the need to diversify to alternative sources of power,” he said.

    “When we hosted the first edition in July, last year, it was inspired by my vision to transform Bayelsa State into a model of an African economic success. The vision stands, and is now even more imperative in view of recent downturn in the oil and gas sector.

    “More than ever before, it has become necessary for Bayelsa State to diversify its economy and pursue comparative advantage in agriculture, oil and gas industrial activity , power generation and manufacturing,” he said.

    He said the forum focused on unveiling various projects and initiatives in addition to holding interactive sessions focused on the investment opportunities in power generation, agriculture and multi-sector manufacturing.

    “We are pleased that Brass has been granted a free trade zone status which will impact on over multi-million dollar transactions in Brass Island namely, Brass Fertiliser and Brass LNG. The presentation by the Oil and Gas Free Trade Zone Authority will reveal investment opportunities for project developers and financiers at the new Brass Oil and Gas City,” he said.

    Dickson said the government would despatch a letter to the Federal Government to seek support for the  Eco-Industrial Park.

    “I will send a letter to Vice-president Osinbajo, seeking FG’s collaboration in the construction of our echo-industrial park,” the governor disclosed.

    The governor, who admitted the pressure on states over revenue short fall, said the planned industrialisation was intended to attract investments and big businesses, a development, which he said would lead to higher taxes.

    At the event, the governor also unveiled the masterplan for the park,  to be based at Gbarantoru.

    According to the governor, it pays investors to go to Bayelsa, as saying it is endowed with abundant resources and that it would make a good economic sense for businesses to be sited close to their sources of raw materials.

    He highlighted the areas in which they can have collaboration, including the establishment of a world-class Eco-industrial park, power generation, Brass oil and gas free trade zone and the Agge Deep Sea port, among other key projects.

    “We are actually talking about an industrial park that has taken off. So, for those who are thinking and rightly so, how this wonderful concept can become a reality, we already have it in reality. It is on ground. We have Shell’s investment there of about $4 billion already completed. We also have a Federal Government’s NIPP’s project that has just been privatised, which is also very expensive. All we are doing is to showcase it to the rest of the investing public and to assure everybody of our preparedness to partner going forward,” Dickson stated.

    He said other notable projects in the state, when completed, have the capacity to create wealth, employment generation and boost food production as well as increase the revenue profile of the state, adding that a large expanse of land has been made available as incentive for investors in power generation at Imiringi, in Ogbia Local Government Area as well as Gbarantoru in Yenagoa.

    The Special Guest of Honour, Vice President Yemi Osinbajo said the economic well-being of the country depends on the economic wellbeing of the states.

    He said there was the need to create employment opportunities for the country and that all hands must be on deck in ensuring that the economy is diversified.

    Osinbajo, who was represented by his Chief of Staff, Ade Ipaye, said economic development requires structural growth, promising that the Federal Government would ensure that sustainable ideas and opportunities in Bayelsa materialised.

    He called for increased transparency in the running of government and that corruption is eradicated. “Corruption deters long term investors. Corruption  can kill industries before they can become viable. There is need for zero tolerance on corruption. A lot of attention should be given to law enforcement agencies even as security of lives and property is key,” he said.

    Vice President, Eastern Region,  Manufacturers Association of Nigeria, Mrs. Emelia Akpan,stressed   the need to improve the capacity of the people in the state. She said youth empowerment was key to industrialisation, adding that the youths are the future leaders.

  • ‘Payment of $2b salary arrears’ll boost consumer confidence’

    The fall in consumer confidence is expected to ease after the Federal Government clears the accumulated $2 billion salary arrears owed to various states’ workers, analysts at Renaissance Capital (RenCap), an investment and research firm, predicted at the weekend.

    In a report titled: “Nigeria Consumer depression likely to be protracted”, RenCap’s Sub-Saharan Africa (SSA) Economist Yvonne Mhango said Nigeria’s consumer confidence index fell to -12.4 in June, from -2.4 a year earlier and -10 in the previous quarter.

    Since the series began in October 2011, the only other time the consumer confidence index fell this low was October 2012, when it dropped to -12.7 following the partial removal of the fuel subsidy.

    She said it is expected that consumer confidence will improve moderately within the third quarter of the year, following the proposed clearing of the $2 billion in salary arrears.

    The analyst, however, said in the short term, economic growth is expected to remain weak and monetary policy tight because the Central Bank of Nigeria (CBN) is harping on a strong naira.

    “We think consumer confidence will likely remain in a slump. With a still-low 12-month outlook for the oil price, we expect government revenue amongst other things to remain constrained, implying that payments for salaries and fuel subsidies are likely to continue to fall behind. This would be negative for wage growth and economic activity,” Mhango said.

    “We thus expect the consumer confidence index to move sideways in the negative eight-11 range over the next 12 months, implying the consumer depression is likely to be protracted,” she added.

    RenCap said it expects to see monetary policy ease and a material improvement in the oil price that allows government finances to recover before sentiments on the economy will change.

    “As we see economic activity weakening in the short term and monetary policy remaining tight (given the central bank’s fixation on a strong naira), we expect the consumer depression to be protracted,” she said.

    Mhango said in the series’ short history, the last time a positive consumer confidence index was witnessed was in June 2011, when large pre-election wage increases for government workers drove up confidence. Thereafter, began the deterioration in consumer confidence, which led to the index falling into negative territory, where it has since remained.

    “The positive sentiment inspired by big wage increases in early 2011 was snuffed out by a 575-basis point’s hike in the monetary policy rate in 2011 to 12 per cent at year end 2011,’’ she said.

    She insisted that interest rates and government wages have the highest correlations with consumer confidence.

    “We think this is explained by the fact that tight liquidity and high interest rates inhibit access to credit, particularly for those traders and distributors of consumer goods that partly depend on credit to facilitate their businesses. We attribute the government wage correlation with consumer confidence to the fact that they collectively reflect wages of one-third of the 11 million formal workforces,” she said.

  • CWG records N8.6b turnover in first half

    Computer Warehouse Group  (CWG) Plc recorded mar-ginal growth in turnover to N8.6 billion in the first half of this year as the information and communication technology company continued to chart the path to predictable growth and returns.

    The six-month report for the period ended June 30, 2015 showed turnover of N8.6 billion in first half 2015 as against N8.4 billion recorded in comparable period of 2014. However, business margins were squeezed from 20 per cent in 2014 to 14 per cent in 2015, as the company was unable to fully pass increased costs to her customers.

    The report showed that there was a seven per cent increase in operating expenses to N1.4 billion in 2015 as against N1.3 billion in 2014. The company blamed the increase in operating expenses on one-off restructuring expenses.

    Executive Director, Finance and Operations, Computer Warehouse Group (CWG) Plc, Mr. Kunle Ayodeji, said the performance of the company in the first half reflected the challenging business environment during the period, with many organisations holding back on new capital expenditure and investments, as the economic direction of the new government is being observed.

    He said the company is making a shift towards recurrent and subscription businesses which are more predictable, have increased margins and are less dependent on macroeconomic challenges, especially those arising from foreign exchange.

    He noted that the loss of N350 million recorded during the period reflected the continued difficulty of the Nigerian business environment in 2015 pointing out that with a significant segment of the company’s business dependent on international procurement, the difficulties of foreign exchange sourcing had a negative impact on the results.

    He added that the first half result was affected by the recognition of foreign exchange losses of N277 million and the write-off of N103 million, arising from the cancellation of a transaction duly recognized in fourth quarter of 2014. However, the company finished with a strong cash position of N1.3 billion at the end of the quarter.

    It should be recalled that the founder and Chief Executive Officer of Computer Warehouse Group, Mr. Austin Okere in a recent publication highlighted the yields from the company’s subscription business model which started in the second half of 2015 and the products being better positioned to withstand macroeconomic shocks.

    The products under the new business model include the CWG-SMERP, the cloud based Enterprise Resource Planning (ERP) product for SMEs, the award-winning Openshopen.ng which is an eCommerce technology platform, CWG-SES Teleport Services providing digital satellite broadcast, cloud solution for micro finance institutions in partnership with MTN  (dubbed MTN XaaS), CWG’s Mobile Financial Services in partnership with CIT Vericash, Finedge Solution, which has powered Diamond Yello Account (DYA), electricity theft detection & prevention systems, and CWG’s IGR Solution for States amongst others.

    While reviewing the H1 financial report, Mr. Okere reiterated that the company’s future looks promising as the products under her subscription business model are well positioned to soar above macroeconomic shocks, especially foreign exchange fluctuations that affect businesses generally.

     

  • Ex-PENCOM CEO Ahmad joins FBN Holdings’ Board

    FBN Holdings Plc., the leading and most diversified financial services group in Nigeria, has announced the appointment of Mr. Muhammad K. Ahmad as a Non-Executive Director.

    He is a seasoned public sector executive with over 35 years experience spanning the public sector and the financial services industry.

    He served as the pioneer Director- General and Chief Executive Officer of the National Pension Commission (PENCOM), who oversaw the growth of the pension industry in Nigeria from ground zero to a N4.7 trillion Asset Under Management industry.

    He was also a pioneer staff member of the Nigeria Deposit Insurance Company (NDIC), where he rose to become a Director. He has served on the Board of various companies and committees, including banks and not-for-profit organisations.

    In a statement, the firm said the appointment, apart from deepening the already rich cumulative experience of the Board, is also in compliance with the Central Bank of Nigeria’s (CBN’s) Guidelines for Licensing and Regulations of Holding Companies in Nigeria, which require that the aggregate number of directors from the subsidiaries and associates should not exceed 30 per cent of the membership of directors of the financial holding company.

    The appointment, subject to CBN approval, brings the number of directors of the Holding Company to 10.

     

     

  • Why banks are rejecting dollar deposits, by Balogun

    The Group Managing Director, First City Monument Bank Plc (FCMB), Ladi Balogun, has said commercial banks  are not collecting cash deposits in dollars to discourage naira speculation.

    The bank chief told Reuters in a conference call that the lenders took this position because the local currency had been battered by the fall in oil price, which affected the dollar flow into the economy from the international market.

    “Banks no longer accept dollar cash due to large speculation on the currency. However, commercial lenders will continue to receive dollar transfers from other banks. His comments were confirmed by another Nigerian lender, which asked not to be identified,” he said.

    “We are constrained due to the current influx of foreign exchange cash deposits we have been receiving in recent times, and the lack of available foreign exchange cash outlets, to stop receiving foreign exchange cash deposits”.

    Likewise, Standard Chartered Bank, has told customers it would no longer accept foreign exchange deposits in cash due to an unprecedented influx of cash deposits by customers.

    In a note to its customers, the bank said it would stop receiving forex cash deposits from August 11,  “until the situation improves.”

    “We are constrained due to the current influx of foreign exchange (FX) cash deposits we have been receiving in recent times, and the lack of available FX cash outlets, to stop receiving FX cash deposits,” the bank said, adding, “However, the bank will continue to receive, into your domiciliary account, your inward FX telegraphic transfers from other banks. You will also continue to have access to funds in your domiciliary accounts.”

  • Skye Bank employs 62 trainees

    Skye Bank Plc has employed 62 fresh graduates who also completed an intensive seven-week basic banking training programme at the Skye Business School, Ibadan, Oyo State.

    In a statement, the lender said the new intake acquired basic banking training programme, adding that they have diverse academic backgrounds and impressive academic records.

    Addressing the new Skye Bankers at the graduating of streams 39 and 40 of the ‘Skye Graduate Intensive Training (SGIT), Group Managing Director/Chief Executive Officer of the bank, Mr. Timothy Oguntayo, urged the new employees to uphold integrity and professionalism in their various assignments.

    The bank chief said the lender placed a high premium on staff training and manpower development as a way of  building a knowledgeable and competent work force in order to see the employees excel in their assigned tasks.

    “We have given you a good foundation; you must continue to build on this foundation to be knowledgeable and to excel in your careers,”he said.

    The Skye Bank boss urged them to continue to seek new knowledge to become knowledge- based employees, noting that continuous learning would bring about improvement on their jobs.

    He also charged them to embrace team spirit, hard work and integrity to succeed in their careers.

     

  • FMCG companies struggle with sales, profit in first half

    Fast Moving Consumer Goods (FMCG) companies appeared to indicate industry-wide pressure on sales and profitability as first half earnings showed general decline in the top-line and bottom-line of the companies.

    Interim earnings reports for the first half ended June 30, 2015 by FMCG companies including Unilever Nigeria, Nestle Nigeria, Northern Nigeria Flour Mills, Nigerian Breweries and Dangote Flour Mills among others indicated that the persistent fall in consumer disposal income might have constrained the marketplace and profitability in the sector.

    Nestle Nigeria recorded turnover of N65.92 billion in first half 2015 as against N67.2 billion in first half 2014. Profit after tax dropped to N8.89 billion in 2015 as against N11.84 billion in 2014.

    Nigerian Breweries half-year pre-tax profit declined by 8.5 per cent to N30.39 billion while total revenues grew by 7.2 per cent to N151.61 billion.

    Unilever Nigeria witnessed a major slump in profit as pre-tax profit dropped by 95 per cent from N2.08 billion in first half 2014 to N94.07 million in first half 2015. Profit after tax declined by 94 per cent from N1.46 billion to N85.57 million. Total sales had dropped marginally by two per cent from N29.28 billion to N28.72 billion.

    However, while Unilever Nigeria’s overall results declined, the business improved performance in overheads with a decline of four per cent from the last quarter, and interest cover declined from coverage of four in half year 2014 to one in half year 2015.

    Analysts said consumers’ purchase preferences had shifted to accommodate the rising prices of petrol and a consequent rise in the price of transportation and energy requirement.

    Analysts noted that the positive trend which characterized the Nigerian economy in the last decade took a downward turn with the slump of global oil prices in 2014 pointing out that this trend continued into the first and second quarter of 2015 and was further escalated in second quarter by a lull in the retail market in March and April.

    While the country’s general economic outlook within this period grossly affected the financial status of several businesses, many predict that the economy will settle last quarter of this year as the new administration settles down and the country has a clearer direction on government policies

    While some analysts have anticipated that oil prices may slump further with Iran’s entry into the crude oil market, many are hopeful that the economy will indeed pick up once the new administration have fully settled down. The uncertainty around oil revenues and President Buhari’s pledge to support local manufacture are hopefully indicative of a stronger focus on non-oil revenue generation.

     

     

  • CBN urged to review COT policy over weak banks’ earnings

    The Central Bank of Nigeria (CBN) has been urged to review its policy on   Commission on Turnover (COT) charges given the  prevailing headwinds in the financial sector and economy, which are hurting banks’profitability.

    The President, Concerned Banks Stakeholders (CBS), an advocacy group seeking better earnings for banks, Jonathan Chikezie, said only few banks are complying with the new policy, which stipulates the gradual phase out of the COT charges on current accounts by next year.

    The apex bank, he said, had directed  banks to reduce COT from N3 per mile or per N1,000 to N2 in 2014; N1 this year and to a zero charge by 2016. The lenders were also banned from taking COT fees on returned outward clearing cheques, reversal of transactions and all bank-induced debts.

    Chikezie disclosed that only few banks had  complied with the guidelines while others flouted the provisions.

    “We found out that while some banks are charging the prescribed COT on all transactions, others are still charging up to N4 per N1, 000 turnover. This is four times higher than the currently prescribed minimum of N1 per N1, 000,” he said.

    He said banks have been under revenue pressure as a result of the cash reserve requirement policy, adding that compliance with the N1 and eventually zero COT is likely to see further drop in the performance of banks.

    “Many banks see COT as an essential cost recovery mechanism for the branch network and related infrastructure provided for servicing customers. This might explain the unwillingness to comply.  This is why the CBN needs to take a position on whether these guidelines still hold. If so, they should be enforced. The apex bank should take firm action because it is not fair for some banks to be complying while others do not,” he said.

    He explained that the ‘Guide to Bank Charges’, first issued in 2004 provided a standard for the application of charges in the banking industry and minimised conflicts between banks and their customers.

    The policy document was later reviewed because some sections within the document had become obsolete and created room for ambiguity and conflict. These flaws, Chikezie said, led to a review of the guide to bank charges after consulting with banks, discount houses, Bankers’Committee, financial experts/consultants.

    The result was the introduction of a revised guide to bank charges, issued as a regulation on applicable charges on banking services and products offered by banks to customers.

    “Banks and discount houses are obliged to ensure compliance with the provisions of the guide. To date, there has been varied compliance within the banking sector, hence the need for the CBN to step in and correct the anomaly,” he said.

  • Honeywell Flour Mills outlines growth plan

    Honeywell Flour Mills Plc plans to leverage on increased local input to reduce exposure to foreign exchange volatility, improve its logistics and consolidate its market share as part of comprehensive growth plan to drive the performance of the company in the years ahead and minimize external influences on earnings.

    Managing Director, Honeywell Flour Mills, Mr. Lanre Jaiyeola, said the company plans to build on some successes recorded in the last financial year, including the wide acceptance of its new flour brand: Honeywell Composite Flour (HCF) which contains 10 per cent High Quality Cassava Flour (HQCF).

    According to him, the company will continue to evaluate opportunities to increase use of local inputs in its portfolio that helps it to reduce its exposure to forex volatility.

    He outlined that the management has been implementing new initiatives to improve outbound logistics and service delivery including the operation of off-site warehouses and optimization of its 24-hour loading programme.

    Jaiyeola said Honeywell Flour Mills is also taking a leading role in the engagement with the Federal Government, Lagos State Government, Nigerian Ports Authority (NPA) and other stakeholders to find immediate and long term solutions to the traffic problems in Apapa.

    He added that te company is also focusing increasing penetration to the retail segment, energizing its loyal customers and activating new consumers, stressing that the company is constantly seeking out innovative and cost efficient best practices in manufacturing to improve performance.

    “This year’s unfavourable extraneous factors have proven more challenging and less controllable and adversely impacted our results. We remain optimistic that lost volumes will be recovered in the near term and that we will be back on the growth trajectory. Thankfully, we have begun to see signs of recovery in the key markets in the North East following the successes recorded by the Federal Government in the war against the insurgency,” Jaiyeola said.

    Key extracts of the audited report and accounts of Honeywell Flour Mills for year ended March 31, 2015 showed that turnover dropped from N N55.08 billion in 2014 to N49.06 billion in 2015. Gross profit dropped from N10.46 billion to N7.5 billion. Profit before tax slumped to N1.43 billion in 2015 as against N4.24 billion in 2014 while profit after tax declined to N1.12 billion in 2015 compared with N3.35 billion in 2014.

    The company noted that the pressure experienced in the top-line reflected the intense competition around price war going on in the industry and the falling Naira.

    The company attributed the latest performance to several factors including the Apapa traffic gridlock and declining infrastructure around the ports.

    “Roads leading to and from Apapa have effectively become car parks. Truck parking facilities around the ports that should have been completed years ago seem to have become abandoned projects. These problems have compromised our logistics efficiency by frustrating the prompt loading of products resulting in longer loading turnaround times and reduced stock turnover,” the company stated.

    Jaiyeola lamented the economic loss arising from the falling Naira, the perennial chaotic traffic and debilitating condition of the roads leading in and out of Apapa.

    According to him, the company’s customers, suppliers, haulage partners and staff demonstrated great courage, loyalty and commitment during these challenging times.

    “It takes, on an average, eight hours for customers to access or exit the factory. Added to these, is a rise in dollar denominated input costs.  Costs of wheat and spare parts have been rising because of the falling Naira to forex rates. These challenges coupled with weakening macro-economics of the country, means it takes much longer to factor such cost increments into product prices,” Jaiyeola added.

  • Investment One re-launches savings product

    Investment One Financial Services Limited has re-launched  ‘myPASS’, one of its investment products designed to cater for the retail segment of the market.

    ‘myPASS’, the acronym for ‘My Project Aimed Savings’, is a product aimed at individuals and groups seeking higher returns on their savings and investments without taking risks on their principal.

    In a statement, Investment One stated that the product was also designed for individuals or groups looking to save towards achieving certain project goals which include mortgage payments, asset acquisition and funding educational pursuits among others.

    According to the company, research results had shown a gap in the market for project-aimed investment products which necessitated the development of the product. The research also showed that busy professionals and business owners are preoccupied with various activities and have limited time dedicated to proper investment and financial planning.

    The company stated that the product was re-launched to further create awareness of the benefits of the product to the retail segment of the market in order to partner with them to meet their various goals including owning homes, successful completion of their wards’ educational pursuits and purchase of various equipments to ease life and business.

    The statement noted that ‘myPASS’ could also be used to make periodic payments such as house rent, school fees and professional examination fees.

    “’myPASS’ product is designed to fit various categories of individuals and groups with varying degrees of disposable income in order to meet the specific circumstances of customers which informed the creation of three variants of the product namely ; ‘myPASS Orange’, ‘myPASS Silver’ and ‘myPASS Gold’,” the company stated.

    ‘myPASS’ is part of the bouquet of products of Investment One Funds Management Limited (IOFML), a fully-owned funds and portfolio management subsidiary of Investment One Financial Services Limited. Investment One Financial Services Limited, which is licensed by the Securities and Exchange Commission (SEC), also has subsidiaries which provide trust services, securities brokerage, pensions and financial advisory services to individual and corporate clients.