The Nation Newspaper

Tag: firms

  • Firm’s net profit rises to $10.5m

    Renaissance Capital recorded $10.5 million net  profit for the six months ending June 30, compared with $8.7 million in June last year.

    This year’s figures showed the firm delivered strong revenues from its core businesses, including global markets, which showed a solid performance led by particularly strong growth in Fixed Income, Currencies and Commodities (FICC), despite headwinds.

    Continued focus on cost management has resulted in a 25 per cent decrease in operational costs year-on-year. Total operating expenses declined to $73.7 million from $98.3 million in 2014 year-on-year. Total operating income reached $97.8 million.

    In the first six months of the year, Renaissance Capital has initiated coverage of stocks and sectors in the new frontier space, including consumer, cement, fertiliser and utility companies in Pakistan, as well as the banking and construction sectors in wider Middle East and North Africa (MENA).

    As part of Renaissance Capital’s plans to grow its MENA offering from its Dubai office, the firm continued to expand its services in Egypt along with the Gulf Cooperation Council (GCC) markets.

    The firm remained committed to developing and strengthening its team with new hires and promotions in fixed income, research and trading operations. Specifically, Victor Lugo joined the firm as Director of FICC Sales, and Elena Kolchina was appointed Director and Fixed Income Strategist in July.

    In the same month, Renaissance Capital announced the appointment of James Friel as Global Head of Investment Banking, who joined the firm from Rothschild. In Sub-Saharan Africa, Temi Popoola was hired as Head of Equities and recently appointed as CEO of the firm’s Nigeria office, to further strengthen its already established offering on the ground.

    Renaissance Capital CEO, Igor Vayn, said: “We are pleased to announce strong results as we celebrate two decades of successful operations in emerging and frontier markets. During this time, the Firm has grown from a Russia-focused bank to one of the leading international investment banks in the emerging and frontier space. Renaissance Capital’s geographical diversification is one of the key factors that led to all-round positive results for the Firm despite turbulent market conditions globally.

    He added: “We know that only the highest quality research and service bring the necessary comfort level for investors looking at new markets, from Russia to Africa and across the Middle East and frontier space. Our goal is to stay at the forefront, offering best in class trading, banking and access to capital to our clients from around the world.

    Looking to the rest of the year, we will use our expertise and experience to navigate the challenging market conditions as we remain committed to our core markets, and work to maintain our leading positions across the product offering.”

    After hinting that the Central Bank of Nigeria’s currency controls were making Nigeria’s bond market transactions too complex to meet its rules, JP Morgan, the United States-based lender, has moved to expel Nigeria from it) by the end of the month, as a result of the illiquidity and lack of transparency in our foreign exchange market.

     

  • Local firms set to drill gains from oil reforms

    Local firms set to drill gains from oil reforms

    The news that the new helmsman at the Nigerian National Petroleum Corporation (NNPC), Dr. Emmanuel Kachikwu, has taken the bull by the horns by signing on an international audit company to review the contracts between the NNPC, its subsidiaries and the oil companies, is a good omen for the nation’s troubled oil sector.

    It falls in line with the pledge of President Muhammadu Buhari to clean the sector and give it a new direction so that it can serve the long term interests of the Nigerian people.

    It is regrettable that despite huge crude oil and gas deposits, the country is yet to get on top of the management of this critical resource to address the challenges of power generation and industry. Clearly, the election of President Muhammadu Buhari, a former Petroleum Resources minister, has put in place a round peg in a round hole, a man historically and mentally fitted for the task of revamping the oil sector.

    His first move was to bring Kachikwu, an internationally exposed and renowned top brass of the multinational oil company, Mobil, to work  with him on the task of transforming the oil sector from a parasitic institution to an elixir that would breathe new life into the nation’s populous consumers.

    When the refineries were built, the strategy was to reduce the reliance of Nigeria on the imports of petroleum products, develop local capacity and take advantage of the numerous by-products of crude oil. The hope of a vibrant petro-chemical industry that would be the foundation of the country’s industrial and agro-allied sectors was built on the expansion of the refineries and increase in value-added.

    Unfortunately, the leadership of the country until May 29, 2015 could not rise to the challenge of implementation,  even when the vision seemed to be apparent and the urgency seemed so pressing. Forty-five years after the import substitution strategy was unveiled, it has taken a key operative of the generation of the 70s to lead us back to the Promised Land.

    In recent interactions with indigenous oil companies, President Buhari declared that his administration would support them in the implementation of his reforms, re-kindling hope of the revival of the indigenisation culture that his generation spearheaded with the Indigenisation Law that put many commercial sectors in the hands of Nigerians and gave the economy a truly Nigerian face.

    According to the President, “we have the manpower for a more effective participation in our oil industry. We will give you all possible encouragement. You certainly won’t be ignored under my leadership.”

    Industry sources believe the cleansing of the oil sector should position the indigenous oil companies to play greater role in determining how the oil sector would help in ending the years of misery of the millions of Nigerians who seek jobs and dream of setting up their own small scale industries.

    The auditing of the Strategic Alliance Contracts (SAC), should aim at ensuring that there were no sacred cows and under-the-table deals in the contracts signed to date. The SAC, is by its definition, a distress call from the Nigerian Petroleum Development Company (NPDC) to private companies for assistance. Under its terms, there is a clear admission that NPDC devised the SAC because it lacked the required funds to fund the petroleum operation costs and provide the technical and professional skills needed to produce oil and gas in contract areas.

    A regular clause in the agreements states that the “government, in considering the huge capital outlay and other resources required for petroleum operations has approved NPDC to enter into strategic alliance for the provision of funding and technical expertise”. Considering the fact that many of the companies have paid entry fees running into millions of dollars, it is important that the on-going audit recognises the risk of time and value of the operations and the need to ensure that a level playing field is achieved in favour of indigenous companies.

    It is therefore gladdening that very reliable sources at the NNPC have assured that the exercise is not meant to witchhunt any company but to ascertain the state of the contractual agreements, fine-tune where necessary and ensure that there is value for money, performance and excellent benchmarking. This also means partners in the SAC must be ready to meet their obligations and ensure that the country does not lose money due to lack of diligence in enforcing the contract terms.

    Considering the challenges of benchmarking, it is obvious that many indigenous oil companies do not have the same years of experience as their foreign competitors and a bench mark that refuses to recognise this fact may work against the President’s obvious determination to grow the indigenous petroleum sector to international stature.

    Similarly, the current crude oil price regime and the dynamics of the financial market indicate that the expectations which underscore the negotiations have headed downwards. This raises the possibility of reviewing the entry fee to suit the current climate of the market and ensure that crude oil and gas production service the refineries and the local industry.

    As it walks on the tight rope of national economic stability and international investors’ confidence, the Buhari administration must not be torn between a citizenry, whose high expectations of a Messiah that has come to put the country in good shape and an international community watching silently and studiously, the opportunities that the new reforms promise. Both the local and foreign stakeholders must meet at a point where needs meet feeds and reforms call for cocktails.

    The oil reforms are already registering visible impact. The responsive management of Dr. Kachikwu has been able to ensure that the Kaduna Refinery, which was comatose, has been repaired and now operates at 60 per cent installed capacity.

    Similarly, there is good news from the New Port Harcourt Refining Company. Despite the on-going Turn Around Maintenance (TAM) to overhaul its Fluid Cracking Catalytic Unit (FCCU), the refinery reported production of 39 million litres of petrol in July. The return of the Warri Refining and Petochemical Company to full production following the conclusion of its TAM will increase its contribution to daily production from its current 30 million litres.

    No doubt, for a country with estimated crude oil reserves of 35.3 billion barrels lying pretty in over 159 oil fields and 1,481 wells, and a daily production of 2.2 million barrels per day at the peak of its capacity, the Buhari administration has only stepped on to the throttle on a journey of economic stability.

    The indigenous oil companies must respond positively to the pledge of Mr. President by investing in the vision of the administration to make the petroleum sector serve the citizenry. In this regard, the utilisation of our 187 trillion feet gas reserves not only for export but to be piped to gas stations so that more cars can run on Liquified Natural Gas (NLG) must come under the Strategic Alliance Agreement (SAG) model.

    As it is said by philosophers, the past is a story told, the future of our petroleum sector can still be written in gold.

  • FIRS auditors to assess all firms

    FIRS auditors to assess all firms

    A new strategy that will ensure more companies to pay appropriate fees has been unveiled.

    All companies in Nigeria are to be audited to ensure accuracy of increasing revenues, enhance transparency and drive compliance, Federal Inland Revenue Service (FIRS) Acting Chairman Mr. Babatunde Fowler said at the weeked that the body has started collaborating with Audit Firms, Charted Accountants, Tax Consultants and other professional service providers to ensure increase in revenue collection.

    A statement from the FIRS signed by Cmmunication and SERVICOM Department Director Mr. Emmanuel Obeta said FIRS is to collaborate with professional service providers, States Board of Internal Revenue (SBIR) and FIRS. The exercise will mark a turning point for taxation and reduce the reliance on oil, it said.

    The meeting, which he said took place in Abuja, “focused on the need to harmonise exchange of information across all the revenue authorities as well as ensuring a synchronised auditing of all the various companies in the country”.

    At the end of their deliberations, they resolved that FIRS, State Revenue Boards and the various audit firms will carry out joint audits of the various companies to ensure accuracy of the exercise, enhance transparency and drive compliance.

    “These audits will be completed within 30 days and will take cognisance of the various year ends and peak points of activities of the various companies,” Obeta said.

    They also agreed that they will share information with members of the National Assembly, particularly on tax laws in collaboration with other professional bodies and stakeholders.

    Fowler noted that audit and tax consultants were major stakeholders and that their input into tax administration and revenue generation was crucial in moving the nation away from over reliance on oil revenue.

    He also said that the input from the stakeholders was necessary for the expansion of the tax net, information dissemination, building capacity of tax administration as well as sharing information that would help to promote voluntary compliance.

    According to Fowler, “irrespective of the fact that we have a duty to advise taxpayers, we equally have obligation to government in ensuring increase in revenue collection”. “It’s time to stop all forms of unwholesome practices in tax related issues because Nigerians need us at this critical time to reposition the country for more resources”.

    The FIRS boss admitted that the service does not “have all the answers; we need you from both sides to reposition the entire process. All we are asking for is your cooperation to move the nation’s tax system to another level through your support and other stakeholders,” he said.

    Fowler said that FIRS through partnership and consultations with the stakeholders will shore-up the tax revenue and improve on the country’s tax administration.

    Most practitioners who spoke commended FIRS for taking the lead in organising this meeting and stressed the need for information sharing, observation of the ethical code among stakeholders across levels.

    The Former Accountant-General of the Federation and former Chairman Board of Internal Revenue, Mr. Kayode Naiyeju, spoke of the need for continuous consultation and team work because of the complex nature of tax administration.

    The Partner Tax Regulatory and People Services of KPMG, Mr. Ajibola Olomola, also urged FIRS to grant some form of tax amnesty to deserving taxpayers so as to enhance voluntary compliance and bring potential taxpayers into the tax net.

  • Life, non-life firms: How they stand in 2013

    Life, non-life firms: How they stand in 2013

    NIA DG, Thomas todayOF the 31 non-life insurance firms in Nigeria, Leadway Assurance, Custodian and Allied Insurance Plc, Mansard Insurance Plc and AIICO General Insurance Co. Ltd topped the list of firms with the highest premium income from their direct non-life insurance business in 2013.
    On the other hand, Universal Insurance Plc, Fin Insurance; Guinea Insurance Plc; Oasis Insurance Plc and NICON Insurance Plc made the bottom five firms with the lowest premium income from their direct non-life insurance business in 2013.
    This was contained in the Nigeria Insurance Digest 2013 publication of the Nigeria Insurers Association (NIA). The report, which was obtained by The Nation over the weekend in Lagos, was released late following challenges faced by the firms in transiting from Nigeria Accounting Standard to International Finance Reporting Standard (IFRS).
    Gross premium income is an insurance written by a company itself, or co-insured with other companies or sold through agents and brokers. It does not include reinsurance accepted locally and abroad.
    In the operating performance in the report of the top five, Leadway grossed a premium income of N25 billion with a market share of 13.35 per cent, Custodian grossed NN20.4 billion with 10.91 per cent market share, Mansad grossed N10.6 billion with 5.66 per cent market share, AIICO grossed N9.3 billion with 4.99 per cent market share while Sovereign Trust Insurance Plc (STI) grossed N8.67 billion with 4.63 per cent market share.
    In the bottom five, Universal grossed N620 million with 0.33 per cent market share, Fin grossed N856 million with 0.46 per cent market share, Guinea grossed N1 billion with 0.58 per cent market share, Oasis grossed N1.2 billion with 0.66 per cent market share while NICON grossed N1.3 billion with 0.74 per cent market share.
    The Nigerian Agricultural Insurance Corporation (NAIC) and Investment and Allied Insurance also made the bottom list. It is noteworthy to state that the Corporation, which was established by the Federal Government to solely provide specialised agricultural insurance cover to farmers, offers non-life insurance business on the sideline. Investment and Allied Insurance on its part has been under regulatory intervention since 2009.
    The report stated that NEM Insurance Plc, Royal Exchange, Zenith General Insurance, Staco and Mutual Benefit made the top 10 list as they recorded N8.26 billion, N6.73 billion, N6.49 billion, N5.76 billion and N5.32 billion respectively.
    Other firms that formed the bottom 10 list are Great Nigeria Insurance Plc, KBL Insurance Ltd, Old Mutual Insurance Co. Ltd, Anchor Insurance, and Alliance and General Insurance Co. Ltd.
    Meanwhile, out of the 27 life insurance firms in Nigeria, Leadway still came up first among the top five in order of premium income from their direct life business in the year under review, recording N16.7 billion with a market share of 20.81 per cent.
    Other top five life firms are AIICO which records N13.4 billion with a market share of 16.7 per cent, Niger Insurance records N7.58 billion with 9.43 per cent market share, African Alliance Insurance Plc records N6.63 billion with 8.25 per cent market share and FBN Life Assurance Ltd recording N3.8 billion with 4.85 billion market share.
    Firms in the bottom five rankings are NICON Insurance, which recorded N246.5 million premium income; UNIC Insurance N259.3 million; Wapic Life has N655.8 million; Old Mutual life, N701 million and NSIA Insurance, N961.2 million.
    The analysis showed that there was a change in distribution of business in 2013. The life business accounted for 30.02 per cent of the industry’s total gross premium compared to 27.75 per cent in 2012.
    The motor insurance class decreased from 17.12 per cent in 2012 while oil and gas business increased from 22.11 per cent in 2012 to 24.95 per cent in 2013.
    The ratio of gross claims paid to gross premium income of non-life firms is, however, N58.64 billion to N187.41 billion while the ratio of gross claims paid to gross premium income of life firms is N34.3 billion to N80.41 billion.
    Overall, total assets of the 60 existing firms in 2013 is N750.92 billion compared to the N661.96 billion recorded in 2012.
    There are 17 life insurance firms, 31 non-life firms and 10 composite firms in the country.
    The firms recorded a total investment income and management expenses of N66.7 billion in 2013.
    The report read: “The insurance sector in Nigeria is mainly dominated by life and motor insurance business, which have historically contributed an average of 45 per cent to gross premium.
    “Trend analysis shows that the top five insurance companies contribute about 41 per cent of annual premium written. The industry in recent time witnessed certain restructuring as some insurance companies embarked on intra and inters industry collaborations.
    “Mergers between Wapic insurance and Intercontinental Properties, Custodian & Allied Insurance and Crusader Nigeria Plc. were recently concluded. Deals on acquisition of 100 per cent stake in Oasis Insuranceby FBN Life, Oceanic Life Assurance’s acquisition by Old Mutual Nigeria was also sealed.”
    The report also stated that the National Insurance Commission (NAICOM) remains committed to solidifying the industry’s configuration on the back of new regulatory measures.
    “Recapitalisation regulation, Market Development and Restructuring Initiative (MDRI), adoption of IFRS reporting style, introduction of ‘’no premium no cover”, and issuance of guidelines on micro-insurance and takaful are some of the efforts in place.
    “Insurance stocks performed markedly well in 2013 given the return of 40.48 per cent with the sustenance into 2014 as year-to date (ytd) return currently pegs at 10.95 per cent”.
    The report noted key findings. It states that the industry generated gross premium income of N267, 835,505 billion in financial year 2013, contributing approximately 0.5 per cent to the nation’s rebased GDP.
    “Non-life insurance business contributed about 70 per cent to the industry’s GPI in 2013, while life business generated 30 per cent of the industry’s GPI. The top five insurers’ control 40 per cent of the industry’s GPI.
    “The number of employees in the insurance industry stood at 8,818 as at December 2013 excluding agents, brokers, loss adjusters and others contributing 0.02% to employment generation in Nigeria,” it read.

  • ‘Production firms must conform to ISO’

    The Commercial Director, Grand Oak Limited, Mr. Fatai Odusile, has said it is important for corporate organisations in the food and beverage production company to ensure that product categories are certified with International Standard Organisation (ISO).

    He spoke against the backdrop of non-conformity to the ISO in the spirit drinks market. “No other sales and marketing organisation of spirits in Nigeria is ISO certified as I speak, none,” he said.

    Odusile said complying with this standard confirms that the company’s system and procedures are in conformity with what obtains globally and that the output of such systems is of good quality that consumers can trust for use or consumption.

    “It is important due to what we call global standardisation. What is ISO? ISO means International Organisation for Standardisation and the essence of ISO is to confirm that the company’s system and procedures are in conformity with what obtains globally,” he said.

    Odusile said the ISO certification of Grand Oak is a confirmation of its system, procedures and the output of such system, which are the brands, are in conformity with global standards all over the world. “That’s the importance of it,” he said.

    He said: “The implication is that the products are of world-class quality. Two, that the system is trusted; and three that whatever we are doing complies with what is obtainable anywhere in the world. But, most importantly, that we cannot afford to drop low in our quality, we cannot afford to lower our standard, because every year the SON will come to confirm that the qualities are okay. So, that’s the importance, we cannot afford to lower our standard; we cannot afford to drop the ball.”

    While conformity with ISO in the alcoholic beverage is still far-fetched, he said the company is doing its best to sustain the standard and maintain its lineage to quality.

  • NNPC cuts crude lifting firms to 16

    NNPC cuts crude lifting firms to 16

    • Invites Forte Oil, Mobil to bid for new OPA

    The Nigerian National Petroleum Corporation (NNPC) has cut down the number of companies that will handle the contract of lifting Nigeria’s crude from 43 to 16. The drastic reduction is part of the Corporation’s transformation agenda aimed at keeping its operation lean, efficient and transparent to reduce cost.

    Its spokesman, Ohi Alegbe said the decision is a novel move to instill transparency and probity in the award of the annual Crude Oil Term Contract for 2015/2016. He said: “NNPC yesterday mapped out measures to execute the 2015/2016 award of contract to companies for the evacuation of Nigeria’s crude oil equity from the various crude and condensate production arrangements.”

    In a statement, NNPC stated that it was part of measures to optimise the marketing of Nigeria’s crude oil and secure new market potentials. It said the number of off-takers for the proposed 2015/2016 term contract which would emerge after a planned rigorous competitive bid exercise has been pruned from 43 to 16.

    NNPC said: “In the days ahead, we shall place advertisement for the 2015/2016 Term Contracts and the publication will run for one month in major National and International print media to ensure effective message penetration. Later the guidelines for the selection of new off-takers would be published and subsequently a special bid evaluation committee would be constituted to conduct due diligence on successful applicants.”

    He also stated that apart from Oando, Sahara Energy, Calson, MRS, Duke Oil, BP/Nigermed and Total Trading that were earlier selected to bid for the new Offshore Processing Agreement (OPA),  invitation was also extended to Forte Oil and Mobil to bid for the OPA contract.

  • Frontier Oil seeks better deal for local gas firms

    The Chief Executive Officer of Frontier Oil Limited, Dada Thomas, has called on the Federal Government to discuss with indigenous gas companies on ways of boosting gas production to meet the nation’s power and other domestic gas needs.

    He made the call in Lagos at the yearly conference of the National Association of Energy Correspondents (NAEC) titled: “Tackling gas supply challenges to arrest power crisis.”

    He said about 182 trillion cubic feet (tcf) of gas is in Nigeria waiting to be developed but that what is required to achieve it, is the political will, enabling policy, commercial and regulatory framework.

    Thomas said the future of gas and gas-to-power in the country is bright and called on the government to grant the kind of incentives it gave International Oil Companies (IOCs) in the past to the indigenous operators who contribute over 53 per cent of local gas production in Nigeria.

    He said: “I strongly believe that the Federal Government should incentivise indigenous operators to undertake domestic gas projects, which will help Nigeria meet its power and other gas related requirements. If the government could give incentives to IOCs in the past, then surely it is only fair and equitable that it also give similar incentives to the indigenous operators.”

    He said the highly successful Nigeria LNG project at Bonny owned by the Shell-led Joint Venture, the Chevron Escravos Gas project and similar projects were all given incentives to ensure these projects came to fruition.

    He condemned the gas prices in Nigeria, saying it is lower than what obtains in other markets around the world. This, according to him, has made the gas business less attractive than the oil business for more than 40 years.

    He said: “For the gas transactions to be based on a willing-buyer, willing-seller driven commercial platform, government should stay away from regulating the commercial transactions between interested parties.”

    He said though the Federal Government increased baseline gas price to the power sector to $3.3 per thousand standard cubic feet in 2014, the gas producers, transporters and end users were yet to actualise the new pricing regime as the necessary modalities were not put in place for the implementation of this price regime.

    He stressed the need for Nigeria to get a collaborative gas distribution system between the private sector and the government, which would be led by the private sector, and based on an open access and economic tariff basis. This, according to him, would enable gas producers tie in to the nearest pipeline and reduce the security challenges facing gas distribution in the country.

    “In spite of the fact that we lack adequate pipeline transportation and distribution system, the disturbing thing is that the little we have has been subjected to attacks and sabotage over the last five years, a phenomenon that created the crisis this conference is trying to address,” he added.

  • Investment One acquires new firms

    Investment One Financial Services Limited has acquired three new investment and finance firms to expand its bouquet of financial and investment products and provide investors with a one-stop investment point that caters to wealth creation and management.

    Head, Communications, Investment One Financial Services Limited, Aderayo Bankole, at the weekend said the company has recently completed three acquisitions to complement its organic growth and position the company as the fastest-growing investment company in Nigeria.

    The acquisitions included acquisition of Kakawa Asset Management Limited (KAML), a former subsidiary of Kakawa Discount House Limited. KAML is registered by Securities and Exchange Commission (SEC) as a corporate investment adviser and fund manager and it is also a dealing member and stockbroking firm at the Nigerian Stock Exchange (NSE).

    According to her, the acquisition of KAML brought its Kakawa Guaranteed Income Fund (KGIF) into the portfolio of bespoke investment products of Investment One and clients and unit holders of the company and fund will now benefit from the expertise and technical know-how of the Investment One stable.

    The acquired company and the mutual fund have both been rebranded to reflect the group; Kakawa Aseet Management Limited is now known as Investment One Funds Management Limited and the Kakawa Guaranteed Income Fund has been renamed Investment One Vantage Guaranteed Income Fund.

    Investment One Stockbrokers International Limited, a subsidiary of the Investment One Financial Services Limited acquired the stockbroking licence of KAML.

    Investment One stockbrokers had recently launched its “EasyTrade”, an online trading platform which facilitates access to trading on the stock market at the investing public’s fingertips. This new service allows investors place their buy and sell mandates on the go.  The subsidiary company also launched its mobile app which is available on android, and blackberry phones.

    “With the plan to optimize these recent acquisitions and the full offerings of the financial services group, Investment One is poised to provide excellent service to its current and potential customer base,” Bankole said.

    She pointed out that there is an emerging middle class segment with considerable disposable income, which is now the target of the company’s investment education activities which include free seminars for the general public.

    “We plan to extend our investment education, which currently covers the FCT, Lagos, Rivers, Kwara, Bayelsa, Imo and Oyo States, to other parts of the country. These investment education activities will inculcate investment consciousness and culture in the mind of the average Nigerian,” Bankole said.

    She noted that as a result of its innovative strategy and execution, the assets under management of the company have grown by 1145 per cent over a five-year period as the company continues to witness increasing clientele.

     

  • ‘Investment in CSRs beneficial to firms’

    Firms that encourage community involvement distinguish themselves from their competitors and get many benefits, including loyal customers and happier employees, a report has said.

    According to a May 2013 study by Cone Communications and Echo Research, 82 percent of  consumers consider corporate social responsibility (CSR) when deciding which products or services to buy and where to shop.

    But, for advertising agencies committed to giving back to the society, what gain could such effort bring to the table? Definitely not to curry more jobs from clients or patronage from the community. The answer, perhaps, according to an expert, is to establish goodwill as a social responsible company.

    In the light of this, the Chief Executive Officer, X3M Ideas, an ad agency, Mr Steve Babaeko, said for  ads agencies, the need to impact on lives should be a priority.

    He said such drive to improve lives of the less-privileged, assist the government in providing social services should propelled agencies  into having a corporate social investment.

    Babaeko’s agency invested in the campaign to support Project Alert, a Non-Governmental Organisation (NGO) aimed at tackling women brutality.

    While celebrating X3M Ideas third  anniversary, Babaeko donated lavatories to the Remand Home for the Boys popularly known as ‘Welfare’ in the Oregun, Lagos, owned by the Lagos State Ministry of Social Welfare Department under the Ministry of Youth and Social Development.

    “Affecting life and humanity, especially in the educating young Nigerians, is not new to the agency. It has consistently demonstrated the ‘doing good attitude’ from inception. With each anniversary that passes – three years back-to-back, the environment is carefully scanned to reveal the most pressing need(s) for certain people and how the agency can lend what have become very impactful helping hands to make life better and restore hope,” says a brand analyst at Brandcrunch.com.ng.

    During its first year anniversary, the agency also donated at the JSS 2 Block, Opebi Junior Secondary School, Awuse Estate, Opebi, Ikeja. It was a facelift that included stocking the classrooms with furniture for the use of teacher and students.

    Babaeko explained that agency was motivated into committing resources into the CSR project as a means of giving back the society, “in recognition of the fact that education they say, is the best legacy. We hope to affect the future of these children by providing a conducive learning environment for them.”

    Also, during its second anniversary, the agency also provided Information Communication Technology (ICT) facilities to two schools in Oregun Senior High School, and Community High School Wasimi, Lagos to help pupils act out their expected roles as digital natives (people born during digital era).

    The Principal, Oregun Senior High School, Oregun, Lagos, Mrs. Toyin Kuti and her deputy, Vice, Mrs. Idowu Deniga received the two units of laptops (pre-loaded with the required software/computer applications), one unit of Multimedia Projector, one unit of Tripod Projection Screen and 10 units of UPS.

    Similarly,, Community High School, Wasimi, Maryland, Lagos also got two units of laptops (pre-loaded with the required software/computer applications),   one unit of 2HP air-conditioners and 10 Units of UPS for its ICT classroom.

    Addressing representatives of the pupils of the two schools at the presentations of the items,  Babaeko advised that the they should avail themselves the best use of the tools.

    “The government believes it’s better to invest in corrective measures for these children from different homes and parts of the country today rather than having to grapple with full blown criminals they are likely to become in the future,” Mr. Musbau Abdulai, Director, Social Welfare, Lagos State Youth & Social Development, said.

    Meanwhile, the agency has been made the Creative Agency of the Year for the Project Alert.

  • Fidson partners foreign firms on product marketing

    Fidson Healthcare Plc has partnered United States (US) firms – Immune Therapeutics, GB Pharma and American Hospitals & Resort (AHAR) – on the marketing and distribution of a new drug, LodonalTM.

    The drug is patent-protected because it is indicated for the management of patients with immune-compromising diseases.

    The deal will leverage Fidson’s strong and experienced marketing base, robust distribution channels and efficient customer and technical support services to promote the drug in Nigeria. The distribution will become effective, upon completion of the ongoing NAFDAC approved 90-day bridging trial evaluating the efficacy and safety of the product.

    Its Managing Director, Dr Fidelis Ayebae, said: “Fidson is truly excited about this collaboration with Immune Therapeutics and GB Pharma/AHAR. We know that success in this industry going into the future will be dependent on having the right partnerships, and we could not have asked for better partners at this stage of our growth. The international experience of Immune Therapeutics and GB Pharma/AHAR in different markets, and their strong commitment to research will be of immense benefit to our company. Likewise, Fidson’s towering presence in the Nigeria Pharma space will open a great door for the group to access one of the biggest and most rewarding markets in Africa.”

    This partnership is another strategic approach by the management of Fidson Healthcare Plc, to further strengthen the company’s growth. It also comes on the heels of the recent visit by President Muhammadu Buhari to the United States and President Barack Obama. The significance is monumental as a concrete symbol of US-Nigerian commerce in a non-oil/gas related sector and a show case for the future of local manufacturing of quality pharmaceuticals on the continent.

    President/Chief Executive Officer, GB Pharma, Dr. Gloria Herndon said: “This is the crescendo of a great masterpiece that partnership of GB Pharma, American Hospitals & Resorts, Immune Therapeutics, each with its distinct role. Fidson Healthcare markets and distributes throughout the extensive Nigerian Network. We feel that Nigeria and US bilateral relationship will benefit from this amazing initiative that will enhance the health and wellbeing of people all over the world. This is the spirit of collaboration that President Obama and President Buhari were talking about during the State visit.”

    Fidson Healthcare, which was recently recognised by Frost & Sullivan as the recipient of her ‘2014 Growth Excellence Leadership Award in the pharmaceutical industry, recorded sales of N9.7 billion in 2014 financial year.

    The award was in recognition of the company’s consistent performance in the pharmaceutical sector, which has seen its revenues rise at a 15 per cent CAGR over the last five years.

    The company has also won other corporate awards, including the Financial Standard ‘Pharmaceutical Sector Leader’ Award in 2008 and the ‘Nigerian Pharmaceutical Company of the Year’ at the Nigerian Healthcare Excellence Awards (NHEA) last year. Fidson’s definitive growth and consistent performance in the Nigerian stock market also earned her CEO the 2014 BusinessDay Top 25 CEOs Award, which the company has won consecutively for two years.

    To offer options in manufacturing and grow its product portflio, Fidson will inaugurate a N7.5 billion manufacturing plant this year. The new facility will double the company’s production capacity and will also for the first time, add intravenous fluids to Fidson’s product portfolio. The facility is built to conform to the World Health Organisation (Geneva)-Good Manufacturing Practice (WHO-GMP) standards.

    AHAR Chief Executive Officer, Dr Richard Afonja said: “We are well positioned to effect this novel approach to treating HIV/AIDS and other immune compromised diseases in the whole of Africa, starting with Nigeria. Bringing Fidson on board will enhance the facilitation of getting this much needed treatment approach for these conditions.”

    To achieve her strategic imperative of improving her products and consolidate her market position, Fidson has continued to invest in research and development across various disease areas. This has seen her record a number of firsts, key among which was becoming the first company in sub-Saharan Africa to manufacture antiretroviral drugs in 2005.

    The company has over 200 products across several therapeutic classes, which cut across anti-infectives, gastrointestinal, antiretroviral, anti-malarial, cardiovascular, analgesic, haematinics and supplements.