The Nation Newspaper

Tag: firm

  • SoftBank chair mulls taking firm private

    SoftBank Group Corp Chairman Masayoshi Son considered taking the Japanese telecoms group private through a management buyout before scrapping the plan at least three months ago, Bloomberg reported.

    The billionaire entrepreneur came up with the buyout proposal as he sought greater management freedom and as SoftBank’s share price slid, Bloomberg said, citing unnamed people with direct knowledge of the plan. Son’s deputy, President Nikesh Arora, was aware of the plan, Bloomberg cited one of the people as saying.

    A SoftBank spokesman declined to comment. Shares in the company, with a market value of 7.88 trillion yen ($65.2 billion), were down 0.5 percent, while the broader Tokyo market was flat.

    The report said Son had held talks about the buyout with an “overseas partner” but couldn’t agree on financing conditions. He then also turned to at least one lender before abandoning the plan, Bloomberg cited the people as saying.

    Son said early in August that he had doubts about prospects for unit Sprint Corp earlier in the year, but that he had overcome such doubts as the U.S. carrier showed signs of improvement. SoftBank announced a near $1 billion share buyback in August, a move Son attributed to renewed confidence in Sprint.

    SoftBank bought Sprint for more than $20 billion in 2013. Son is the biggest shareholder in SoftBank with a 19.3 percent stake.

  • BoI, firm partner on $60m venture capital fund for SMEs

    The Bank of Industry (BoI) has partnered Grow Africa Equity Partners Limited to raise a $60 million Venture Capital Fund (VCF) for small and medium enterprises (SMEs). This is to expand BoI’s intervention in the industrial sector through loan disbursements.

    Specifically, the VCF aims to provide equity capital, along with strategic and operational support to early stage and fast growing businesses involved in technology, agriculture, consumer goods and services sectors. Under the arrangement, BoI made an investment commitment of $6 million to aid provision of equity capital for fast growing businesses.

    BoI’s Managing Director, Rasheed Olaoluwa, in a statement at the weekend, said: “Nigerian businesses cannot be built on debt alone. It has long been part of the bank’s vision to find ways to provide needed equity capital and business advice to promising businesses.”

    He explained that the partnership with Grow Africa is one of the avenues for realising this vision and that the bank remains committed to the pursuit of its core mandate of providing long-term financial support to small, medium and large companies/projects in Nigeria’s key sectors.

    Olaoluwa added that the investment commitment was informed by the track record of Grow Africa’s partners, the developmental impact of their existing portfolio and their strong pipeline for potential new investments.

    The Chairman of Grow Africa Equity Partners Limited, Adedotun Sulaiman, noted that with the right type of support, Nigerian businesses can become global leaders. Sulaiman, who also chairs the Boards of Interswitch, SecureID, IDEA, New Horizons and others, said: “Over the past 10 years, I have provided capital and advice that have helped several businesses grow from ideas into multi billion Naira industrial leaders. Through this partnership, I hope to see many more entrepreneurs realise their dreams of creating leading companies and delivering massive value to Nigeria.”

    Managing Director of Grow Africa Equity Partners Limited, Afam Edozie,  added that, “We are extremely pleased with this partnership with BoI, and this is a strong signal of the bank’s commitment to supporting indigenous Fund Managers to catalyse growth and sustainable development in Nigeria.”

    Edozie said the new investment will increase development impact and socio-economic benefits through the creation of additional jobs, development of local entrepreneurship and will create additional fiscal revenue to government. He added that BoI has demonstrated that it shares his company’s dedication and passion in helping to build world class industries in Nigeria.

    BoI is Nigeria’s leading industrial development financing institution. The bank has a loan portfolio of N592 billion to projects in Nigeria’s real sectors including agro-processing, solid minerals, gas & petrochemicals, as well as engineering & technology. It also upports SMEs through a network of 14 offices across Nigeria and 122 Business Development Services Providers (BDSPs).

  • Firm sensitises Imo communities on hypertension

    Firm sensitises Imo communities on hypertension

    Neimeth International Pharmaceuticals Plc in partnership with a Lagos-based non-governmental organisation, Dan Ogechi Akujobi Memorial (DOAM) has taken the campaign against hypertension to four Amaimo communities in Imo State.

    A special unit of the firm championing this cause is called FITGAH or Fight the Good Fight Against Hypertension.

    FITGAH machinery creates awareness on the prevalence of the silent killer and ensures that medications to regulate the disease are available and affordable in rural settings.

    Accepting a range of anti-hypertensive products donated by Neimeth to DOAM Foundation for the management of the isolated patients for two months, the Acting Programme Manager, Sorochi Ugorji expressed her NGO’s appreciation to Neimeth for accepting to partner with them and informed the elated patients that her organisation will cater for them for twelve months.

    The MD/CEO, Neimeth, Mr. Emmanuel Ekunno, represented by Mr. Okoro Eni Nwaka, Head, Corporate Affairs, said, “Hypertension, like non-communicable diseases, has a high prevalence and is worsening in our nation. It is assuming an epidemic status leading to sudden deaths of victims, stroke, kidney damage, etc.”

    Ekunno said that Neimeth was committed to complementing the efforts of government through FITGAH—an endearing legacy of caring.

    The paramount ruler of Amaimo, His Royal Highness, Eze (Dr.) Collins Otumbadi Onuoha, ofor 1 of Umu Ofor Community expressed satisfaction over the turnout of people and thanked the organisations that put together the health programme.

  • How adulterators are killing our business, by firm

    Nigeria Ball Point Pen Industries Plc, producers of BIC shaving stick, has lamented the large scale counterfeiting of its product by an Onitsha-based company, Bendusco international Agency and D&K Industries limited.

    The company’s National Sales Officer Mr Fatai Olashore, who is also the representative of BIC in Nigeria, said “Bendusco International Agency Ltd and D&K Industries have engaged in manufacturing, importing and selling of fake BIC Shaving sticks for over 12 years.”

    ”The search for the location of the factory where the nefarious and illegal manufacturing of BIC Shaving sticks was carried out lasted for over six years from 2006 to 2012 when we discovered its first factory in Nwaziki street, Awada, Onitsha and sought the assistance of relevant agencies, such as Standards Organisation of Nigeria (SON), which raided the factory and seized some equipment on  September 26, 2012.“

    He spoke in Lagos at the weekend against the background of the protest last week in Awka by Bendusco for the alleged “high handedness of officials of the SON” for seizing its products.

    Leader of the protesters Benjamin Nwizu during the protest recalled that “SON seized factory tools and machinery worth over N194 million” from its Lagos office and “locked up the place.”

    The representative of BIC, who displayed the adulterated products, said “a raid led to the recovery of millions of fake, adulterated and substandard BIC shaving sticks. This did not discourage the adulterator, who established two other illegal factories in Nsugbe Road in Onitsha and on the Onitsha-Owerri road with increased activities.”.

    He recalled that in November 2014, “due to relentless efforts in getting rid of fake BIC products from our markets coupled with the aggressiveness of SON in supporting the growth of local industries, two illegal industries operated by Bendusco were raided and closed by SON with the assistance of other relevant security agencies.”

    The Nigerian Ball Point Pen Industries said it laid off employees because of the reduction, adding that adulterated products affect consumers’ life, health and money apart from undermining confidence in BIC shaving stick safety and effectiveness.

    He said fake BIC sticks “cause rashes and bumps on the skin of unsuspecting users.”

    Workers of BENDUSCO last week marched to the office of the Standard Organisation of Nigeria (SON), demanding for the sack of the Director-General and a director in the agency for fraudulent practices and frustration of indigenous companies in the state.

    The protesters blocked the capital city of Awka, Anambra State with placards with different inscriptions.

    Addressing  reporters after the protest, the leader of the group, Mr. Benjamin Nwizu, alleged that his life was being threatened by officials of SON for refusing to offer bribe.

  • Mobile ad firm offers ‘pay per data’ option

    Brand My Car, Nigeria’s first out-of-home vehicle advertising company, has rolled out an initiative geared towards giving more value to its customers on its unique advertising platform.

    Tagged “Pay-Per-Data,” the initiative frees brands from the doubts about upfront OOH advertising rentals and enables them to pay based on estimated eyeballs reached during campaign periods.

    According to the Managing Director of Brandmycar, Amaka Okolo, the initiative is driven by emerging global best-practice in the industry which prescribes the inclusion of measurable and verifiable data in the business, giving room for a lot more transparency in OOH rental billing processes.

    To ensure this becomes the standard, Okolo said Brandmycar has introduced a short code, to which customers are only required to respond to Call to Action set by advertisers. All text messages by responders are Free. For example Text “WIN” to 5555.  This will activate a data-driven monitoring on deployed campaigns and advertisers will only have to pay for each respondent to their campaign/Call to Action.

    Brand My Car was launched in the market last year and spoke of allowing private car owners to earn extra income on their cars by turning them into mobile advertising platforms. Today, BMC has expanded its catchment to cabs and “Keke” areas in response to client demands to well-targeted, cost-friendly campaigns.

    Okolo said the client is allowed to first identify the target market after which BMC deploys advertisers’campaign based on agreed placement platform.

    “The campaign is monitored online real-time by both BMC and Advertiser through a customised solution and the client only pays for data of respondents to campaign. Minimum data cut-off is 5,000. Advertisers can end campaign once target set is reached. It is only at this time that the Advertiser sends BMC campaign material and pays only for printing of material,” she explained.

    Okolo further said Brandmycar provides the added value of conducting a race exercise on behalf of clients based on the profiled target market to ensure maximum reach to those that are pre-planned to be exposed to the campaign.

    “If an advertiser desires to reach students in an urban area like Lagos, we go to the field and make sure the vehicles on which the campaigns would be deployed are ones with very high exposure to the communities, destinations and routes of the students,” she said.

    She listed cost effectiveness, real-time tracking and value for money as the prime benefits of the unique advertising channel and said enabling “selective audience targeting by demographics, interest, lifestyle, among others, is critical to an advertisers goal of effective campaign delivery.

    “At Brandmycar, the ultimate goal is to convert viewers into new Customers. We provide all the gateways necessary to bring qualified leads to advertisers, offering automated lead capture from beginning to end in real-time. And advertisers can view the results of their advertising spend, and make educated adjustments to campaigns as needed,” she added.

  • Firm set to deliver 500 houses in Abuja

    As part of Federal Government’s efforts to bridge the housing gap, a private firm, B.A.M. Projects & Properties, has promised to build and deliver 500 affordable housing units in the Federal Capital Territory (FCT).

    The Communications Officer of the firm, Kelvin God’swill Musa, said the project located at BELHAM Estate in Karsana District near Gwarimpa Housing Estate, is being developed on a 45-hectare of land. The units are: two-bedroom apartments, three-bedroom town houses, three-bedroom luxurious apartments, four-bedroom detached bungalows and five-bedroom villas.

    The Director, B.A.M Projects and Properties, Mr Abba Bello Mohammed, told reporters, shortly after the just-concluded Ninth Abuja Housing Development Exhibition which was held at the International Conference Centre (ICC) that his company had since three years ago embarked on the project having successfully completed all necessary building processes. An approval by the FCTA for a development lease was thereafter issued to the company under the mass housing scheme of the FCDA.

    He disclosed that his company is an emerging mass housing developer to watch in the FCT armed with the endorsement and recognition of the FCTA to participate in the scheme based on its cognate experience, expertise and full compliance with the laid-down procedures of the government.

    According to him, his company gained official recognition after it completed all the necessary procedures for registration such as payment of compensation to original settlers, approval of the engineering design and a certified development planning design.

    On why information about the project had been delayed until now, Mohammed explained that the company chose to utilise the opportunity of the exhibition to showcase itself to the housing and property market. He said that his team wanted to be sure that the project had taken off as proof to the public of its seriousness about the project. He expressed delight that public response to the range and quality of the houses so far has been impressive and encouraging.

    “With B.A.M Projects & Properties, you can be sure of our sense of quality and care as they blend with our reputation. It is only when you enter the houses that you get a true idea of how much thought and care that went into each property. We have taken every opportunity to blend comfort with contemporary style with insistence on the very best fixtures and fittings. This is only good for our esteemed clients”, he said.

    He said BELHAM Estate which is about 10 minutes drive from the Central Business District of the Capital City represents the climax of his company’s over six years’ arrival into the nation’s housing industry, adding that the company is founded  on the philosophy of “just do it well, the patronage will surely come”.

    “Our passion for craftsmanship, exploring  architectural heritage and for interior design has led to BAM’s projects being garlanded many times over in the industry and the media. By consistently maintaining standards and implementing a progressive programme of innovation, we have successfully participated in some of the best high profile schemes in the housing industry”he said

  • Firm hails Buhari’s TDF programme

    Organisers of Nigeria Hotel and Tourism Investment Conference (NHTIC), Jonel Hospitality Consulting, has hailed the Federal Government for taking steps to float a Tourism Development Fund (TDF).

    A statement by its Managing Partner, Brian Efa, said it was a welcome development.

    “The tourism sector has the potential of becoming the highest employer of labour and can contribute up to 25 per cent of the GDP if fully harnessed.

    ‘‘The TDF, hopefully, will support projects that encourage three key streams: tourism investment, tourism product development and industry capacity building.

    ‘‘Tourism is vital to our economy and the TDF will, if fully implemented, support the industry,’’ he said.

     

  • Google’s new firm Alphabet stirs controversy

    Google’s new firm Alphabet stirs controversy

    Google’s new conglomerate trademark Alphabet has stirred a controversy. With a report saying the name has already been trademarked by BMW, the German auto maker, will Google go ahead to use the name as the parent company for its brands? Adedeji Ademigbuji writes.

    A trademark is any word, name, symbol or design, or any combination thereof, used in commerce to identify and distinguish the goods of one manufacturer or seller from others, and to indicate the source of the goods. It is a property that companies guard jealously and do not toy with if their right of ownership is infringed on. However, the latest announcement of a new conglomerate name, Alphabet, by Google, appears to have toyed with BMW’s trademark for one of its businesses, and it has generated a disagreement. Currently, the last has not been heard on the controversy.

    Last week, Google co-founder Larry Page announced that the conglomerate would adopt a new name – Alphabet – in an attempt to make the company more accountable and cleaner having dragged over one billion users across the world.

    “Our company is operating well today, but we think we can make it cleaner and more accountable. Google is not a conventional company. We do not intend to become one. We did a lot of things that seemed crazy at the time. Many of those crazy things now have over a billion users, like Google Maps, YouTube, Chrome, and Android. So we are creating a new company, called Alphabet,” said Page.

    While the viral community received the news when it was still fresh, a media report said Google’s chosen name has already been trademarked by BMW.

    The surprise formation of Alphabet, a holding company headed by Larry Page and Sergey Brin of which Google is now a part, may have impressed investors, but brand analysts believe BMW is evidently not pleased.

    It’s apparently an issue of nomenclature: the German auto maker owns the trademark Alphabet and domain name alphabet.com, and has no interest in selling either of them. The Nation gathered from BMW Alphabet website that the auto giant’s Alphabet company engages in businesses of funding solutions for operational lease, financial lease, sales and leaseback, motivational lease; fleet management services and advanced mobility solutions for auto users.

    BMW describes its Alphabet subsidiary, which provides vehicle leasing and management packages to corporations, as a “very active” part of its operations, and says it wasn’t informed of Google’s reorganisation plans ahead of last week’s announcement. Furthermore, it was gathered that the car maker hasn’t so far received any offers for the trademark or domain name, a spokesperson told The New York Times. But in the light of this, BMW said it’s in the process of determining whether infringement has taken place.

    Meanwhile Google’s spokesman in Nigeria said why he could not comment on the trademark controversy was because everything Google would say has been published on https://abc.xyz/.

    When  The Nation visited the site, it was apparent that Google’s Alphabet has different arrears of business concerns, hence, might not compete with BMW’s Alphabet, a situation believed would make Google escape any legal sanction for trademark infringement.

    Google’s Alphabet President Sergey said Alphabet is mostly a collection of companies, “the largest of which, of course, is Google.” He said with the new conglomerate name, “Google is a bit slimmed down, with the companies that are pretty far afield of our main internet products contained in Alphabet instead”.

    Page also described Alphabet as businesses prospering through strong leaders and independence. “Alphabet Inc. will replace Google Inc. as the publicly-traded entity and all shares of Google will automatically convert into the same number of shares of Alphabet, with all of the same rights. Google will become a wholly-owned subsidiary of Alphabet. We liked the name Alphabet because it means a collection of letters that represent language, one of humanity’s most important innovations, and is the core of how we index with Google search! We also like that because it means alpha bet (Alpha is investment return above benchmark), which we strive for! I should add that we are not intending for this to be a big consumer brand with related products—the whole point is that Alphabet companies should have independence and develop their own brands,” he said.

    But there are concerns that Google’s domain name, abc.xyz, is a different story could also get BMW some misdirected traffic opportunities and tough times. “Google appears to have worked around BMW’s ownership by securing abc.xyz. That hasn’t prevented Chinese authorities from blocking it, nor has it prevented BMW’s Alphabet webpage from receiving an overwhelming influx of misdirected traffic, but Alphabet deserves some slack Alphabet’s had a rough time on Twitter, too — the handles @alphabet, @AlphabetINC (account suspended), @abcxyz, and @abc were taken as of yesterday,” says an analyst.

    In the light of this, an article by IT ProPortal report that a BMW spokeswoman stated that neither Larry Page nor anyone else on behalf of Google has contacted them prior to the Alphabet announcement to acquire the trademark or the domain name. BMW is not intending to sell the trademark either.

    Legal experts, however, believe instituting a legal action might not yield any result as both companies are not into similar business.

  • Firm introduces new solutions

    Firm introduces new solutions

    A Lagos communication firm Communication Supports Limited, has introduced MER Solutions to boost business growth.

    According to the firm’s Managing Director, Mr Mike Efunkoya, the new solutions are functional programmes and tools for fulfilling some of the nation’s developmental aspirations and enhancing the reputation, performance and growth of corporate organisations.

    The government, business organisations and individuals now have an alternative means of meeting desired outcomes when the new solutions are used to support business strategies, activities, systems, processes, capacities, interventions and deliverables, he said.

    MER solutions are available in three business sectors­­-information and e-solutions, media and experimental content and development tools. They may be acquired, partnered or sponsored.

     

     

  • Court restrains firm, Lagos, on Lekki property tussle

    A Lagos High Court has ordered that parties in a suit involving a firm, QMB Investments Limited, and the Lagos State Government (LASG) and its agency, the New Towns Development Authority (NTDA), maintain the status quo pending the determination of the suit before it over a disputed land matter between the two parties. QMB Investments Limited, had dragged LASG before the courts for adjudication over a disputed landed property. The firm’s decision to challenge the state government followed an alleged proposal by the government, through its agency, NTDA, to convert the original use of a landed property located at Plot 8, Block 138, Lekki Peninsula Residential Scheme 1, Lagos State, known as NEPA Reservation to another use.

    The said land, according to QMB, is an extension of its landed property, but designated as NEPA Reservation in a layout plan attached to the land’s Certificate of Occupancy (C of O) issued by the state. Mr. Oluwemimo Ogunde (SAN), led other lawyers to represent QMB Investments Limited, while Mr. Akinjide Bakare, a Deputy Director, Lagos’ Ministry of Justice, appeared for the state.

    In its originating summons, the claimant sought the court to determine whether by the combined provisions of Sections 1, 59, 60 and 102 of the Lagos State Urban and Regional Planning and Development Law No. 3 2010 (as amended), the first defendant and the Lands Bureau in the office of the Governor of Lagos State have the legal capacity and power to issue the contravention notices of  April 23, 2015 and May 4, 2015 against it.

    On these said dates, the NTDA served contravention notices titled: ‘Important notice – illegal occupation of state land’ on QMB, making the firm to rush to the Court for adjudication, suing the NTDA and the Attorney-General of the state, as first and second defendants respectively.

    The claimant also wants the court to determine whether “Assuming, but without conceding that the answer to questions 1 and 2 is in the affirmative, whether the portion of land opposite the claimant’s plot (Plot 8, Block 138, Lekki Peninsula Residential. Scheme 1, Lagos State) known as NEPA Reservation in Plan No. LS/D/LA 516b constitutes Block 139, Lekki Peninsula Scheme 1, Lagos State in the Operative Development Plan contained in the claimant’s Certificate of Occupancy of 14th June, 1998?”

    Based on the aforementioned issues, QMB is requesting that the court should declare that with regard to the combined provisions of Sections 1, 59, 60 and 102 of the state Urban and Regional Planning and Development Law no. 3 2010, the first defendant lacks the legal capacity and power to issue the contravention notice against it and as such the said contravention notice is invalid, illegal, null and void.

    The claimant also sought that the court should declare that the state’s Land Bureau lacks the legal capacity and power to issue the purported contravention against it and as such the said contravention notice is invalid, illegal, null and void.

    QMB, therefore sought an order of perpetual injunction restraining the defendants whether by themselves, their servants, agents, privies or other representatives from using or permitting the user of the portion of land which is known and described as NEPA Reservation for any other purpose contrary to that description and purpose and more particularly restraining the defendants whether by themselves, their servants, agents, privies or other representatives howsoever called from dividing or sub-dividing the said portion of land into plots for use as residential, official, business or commercial premises or for any other use contrary to that which is contained in the Operative Development Plan in Plan No. LS/D/LA 516b without following the procedure set down in Sections 5, 6, 7, 8, 9, 10, 11, 12, 13, 14,15, 16,17,18, 19, 20, 21, 22, 23 and 102 of the Urban and Regional Planning and Development Law No 3 2-010 (as amended).