The Nation Newspaper

Tag: MARKET

  • Hollandia Evap surges in diary market

    Hollandia Evap surges in diary market

    Though it was tense in the diary market in the past few weeks, Hollandia Evaporated Milk, marketed by Chi Limited, is steadily gaining market share, as it leverages its approach to marketing the brand.

    With millions spent on marketing, a report by AC Nielsen’s Retail Audit data in the last 12 quarters has shown that the brand is leading in the Southwest, especially Lagos.

    Nielsen, a leading global information and measurement company, stated that Hollandia Evap gained market share across the country when compared with other dairy brands. The report says Hollandia Evap increased market share by 7.4 points while a leading diary brand (Peak Regular) dropped market share by a whopping 7.9 points in the period under review.

    Also, the retail audit report for first quarter of the year also showed that Hollandia Evap is ahead in terms of market share in the Southwest region. For instance, the report states that in Lagos, Hollandia Evap with 33.9 per cent of the market share in its category has more than doubled the market share of a leading brand (Peak Regular) which recorded 14.3 per cent.   According to Chi Limited, the surge in the performance of Hollandia Evap in the competitive drinking milk products category rests on innovation and a good understanding of consumer needs.

    “In spite of Nigeria’s strong population growth, particularly among children and young people, consumption of milk is still well below acceptable level. Yet, it is generally known that milk is one of nature’s most complete foodstuffs because it is rich in nutrients such as protein and carbohydrates as well as minerals (calcium) and vitamins,” said Chi Limited.

    In the absence of a liquid milk culture in Nigeria, largely due to poor power supply and affordability issues, relevant innovation and marketing initiatives constitute the best ways to attract new consumers. However, Chi Limited stated that this is where Hollandia Evap has excelled.

    “In 2005, the brand made it possible for consumers who could not afford evaporated milk in tin pack to enjoy their milk in liquid form by opening a new frontier in sachet type pack with the “Pop Pour Throw pack.

    ‘’Consumers quickly embraced the innovation because not only was the Pop Pour Throw pack affordable, it also helped consumers to avoid waste as the content was well within what could be consumed in one sitting thereby eliminating the need for refrigeration,” the statement reads.

    “In these hard times, Hollandia Evap has become the favourite evaporated milk for consumers who want value for their money. Each format of Hollandia Evap provides quantity benefits. For example, the 215g pack offers 25 percent more than Peak Regular while the 65g offers 15g more than Peak Regular at same price. Amazingly, the Hollandia Evap 65g pack retails for N50 or ‘Wazo.’ To drive home the message that the Hollandia Evap 65g pack is the correct Wazo Milk,” says Chi.

    Recently, Chi Limited deplored a television commercial campaign which depicts people proclaiming Hollandia Evap as the Correct Wazo Milk while relishing in the quality and quantity of the milk as they enjoy various meals that can be had with Hollandia Evap.

  • Biscuit market records $5.2b boost

    Biscuit market records $5.2b boost

    Central & Eastern Europe, Middle East & Africa’s largest food company, Yildiz Holding, has merged its core biscuit, chocolate, and confectionary businesses, to form a new global company, Pladis, worth $5.2 billion, to play in the market.

    Yildiz businesses, which include United Biscuits, Godiva Cho-colatier, Ulker and DeMet’s Candy, will now be called Pladis in Nigeria to stir the market.

    In a statement made available to The Nation, the new entity unites internationally recognised brands, such as McVitie’s, a leading biscuit brand in Nigeria with a heritage in the United Kingdom and Europe; Godiva, a leading premium chocolate brand worldwide; and Ulker, the leading biscuits and confectionery brand in Turkey and Middle East to form the $5.2 billion business, hence, positioning Pladis as a global leader in the category.

    With this buy-in, A&P Foods Limited, the producers of McVities Biscuits in Nigeria, becomes a member of Pladis. Established in 2002, A&P Foods is a major player in the biscuit and confectionary categories in Nigeria, and also produces the Haansbro brand, a known brand in Nigeria’s biscuits and confectionery market.

    Yildiz Holding Chairman, Murat Ulker, said: “Establishing pladis is the first step in realising the long-term strategy of Yildiz Holding. We are bringing together some of the world’s best loved brands and combining their 350 years of experience to form a new family company. We will be a global leader in biscuits and confectionery, and bring ‘bites of happiness’ to every corner of the world.”

    With 36 factories in 13 countries, including Nigeria, Pladis hopes to employ 26,000 people and be led by a senior leadership team, comprising Cem Karakas, CEO and Ali Ulker, Vice Chairman focusing on innovation and quality.

    Accordingly, the company will operate on a regional basis, with each region responsible for the manufacturing and commercial activities of the full Pladis brand portfolio.

    Pladis CEO, Cem Karakas, said: “We have significant growth ambitions for Pladis with the aim to outperform the category standard year-on-year.

    “This is supported by our capital position and the strength of our manufacturing as one of only two companies in the world that produce such a broad range of biscuits and confectionery. As one global family, we can be more agile, allowing us to innovate around our products and develop more brand synergies – which are already benefitting our business.”

  • Herbs market in the wind of CHANGE

    What is new on the health store medicine chest? Someone asked me last week. “Nothing spectacular”, I replied, remembering that the market has been shrinking as the velocity of money in circulation has been slowing and prices are driven up.

    “That’s surprising, he teased, because this is “the season of change.

    I was in no mood for a political debate on whether the first year of the Muhammadu Buhari administration is blowing ill or good wind across Nigeria. But I reminded him Buhari has had just one year to clear all the logs of wood and debris piled for more than 15years on the road Nigeria is meant to drive to greatness. Besides, which woman goes into the maternity Labour room and doesn’t experience some discomfort before she is delivered of a baby? Like the children of Israel who rebelled against Moses in the desert on their way to freedom in the Promised Land, simply because they had no garlic added to their meals, a delicacy they enjoyed for digestion, immunity and energy in Egypt, many people heading for freedom from slavery hardly realise there is no Gain without Pain.

    Being an ardent Christian and church goer, my friend lowered his guards. I explained to him that the high and  unpredictable exchange rate has made import cost and cost of sale so high that the import list has shrunk in size and number and discouraged the addition of new layers of proprietary medicines.

    Thus, one of the good, old proprietary medicines the Nigerian market has missed for months now is MAHARANI by Dynapharm.This blend of many herbs has helped in the management or correction of some female reproductive system problems, including (Amenorrhea absence of menstruation), dysmenorrhea (painful menstruation), hormonal imbalance and the several symptoms it parades.

    Another popular herbal formula which has been missed for some time is ROBUST ROOTS. It is sought after by men who suffer from erectile dysfunction, especially if his challenge originates from the kidney and or the adrenal glands which sit on top of them. Long before the advent of Buhari, LIBIDO TONIGHT AND STEEL LIBIDO had gone out of circulation. So had YOHIMBE BARK, long before them, and the milder or gentler DAMIANA GINSONGwhich doubled as a sexual stimulant for frigid or “cod fish” women. I haven’t sighted on the shelves in a long while the hormone-boosting SEVEN KETOS DHEA, which is said to make hormone (testosterone) enhancement for sexually dull men safe for their health. In its place has emerged hormone body sprays and creams which recharges the penile batteries. MACCA should still be around. Forever Living Products (FLP) is one of its marketers in Nigeria, and the company is still very much around. MACCA is a Peruvian discovery. Somewhere in the grass land of Peru, some animals grazed which were found to be more reproductive than animals in other regions. When their diet was examined, it was found to be plentiful in a plant called MACCA which grow abundantly in the region. When scientists analysed MACCA, they found it contained plants chemical substances which stimulated the production of testosterone, the male hormone and estrogen, the female hormone. The body’s production of these hormones may diminish with age, through ovarian or testicular insufficiency or disease, aging or dietary insufficiencies, among many factors. One of the great names abroad which I am yet to find on the Nigerian market is the AFRICAN BLACK ANT. A rugged soldering an, it was fed on white sugar almost exclusively for a long period of time in the expectation that its sugar balancing mechanism would collapse as in humans who develop diabetes, but  this resilient ant didn’t develop the disease. And it was later found to not only be resistant to many diseases but to also be a good sexual stimulant. So viable is it said to be in this area that the United States Food and Drug Administration (FDA) is accused by the sellers and users of trying to outlaw African black ant – based product to protect big pharma VIAGRA. In Nigeria, the extract are available in an antibiotic proprietary blend.

    Oh boy! Today is not a day for men’s talk. Rather, it is for recognising what is left or has survived the economic ravage of the years gone by, and, in particular, of the on-going effort to roll back the hands of the clock. Step forward….Edmaok’schlorophy I soap, long reach’s PANT LINER and Best ways series of combination powder herb formulas for different ailments.

    For believers in the mangled Nigerian economy who believe the sun will rise again for it from the east, I have the following encouragement from James Ngugi’s book, Weep Not  My Child belongs to the African writers series. If my memory serves me right, James Ngugi, a Kenyan, wrote this book at the time of  MAU, MAU resistance to British colonial rule. He wrote somewhere in the book (I hope I get the quotation right, having last read the book in 1968). WEEP NOT MY CHILD/ weep not my darling/ with these kisses let me wipe thy tears/ the raving clouds shall not be long victorious.

     

    CHLOROPHYII SOAP

    Just back from a two-month long EDMARK three – nation marketing drive, Emeka: one of the company’s double crown managers, tossed a chlorophyII tablet soap gift into my palm. If you appreciate the health benefit of plant chlorophyll, you should appreciate this soap no less. Plant chlorophyll builds and recharges the human blood with energy. It is a disinfectant and deodorize. It enhances immunity, destroy microorganisms, calms, promotes sleep, and mitigates the trauma of ulcers.Chlorophyll toothpaste protects the gums and the teeth. What may chlorophyll not do? This power of the green plant to unite forces of the air, soil and water and, from this union, encapsulate energies of the universe for the use of man through his diet. At about N1, 000 or a little more, chlorophyll soap may be expensive for the average for Nigerian. My first thought was to message a lather of it on my foot and in-between my toes overnight. Because I lose shoes in the rainy season, I prefer to wear covered, high shoes specially made for this season. The inside of these shoes is comfortable. But when they are worn from early morning till late at night, say for between 15 and 18 hours, then their use may encourage fungal growth. Only people who have experienced fungal infections deep in the plantar (inside lining) of the foot would appreciate the need to prevent this infection which may develop into a cancer deep inside the foot. I found that Edmarks’s

    CHLOROPHYLL SOAP may clear fungal infection in the toes (athletes’ foot) and those which cause cracks in the heels and raised lesions on the foot itself. People who suffer from itching inner thigh or on the scrotal sac may try it for these conditions. I am not sure yet if it may crack pimples and other skin challenges as I do not have them. There is not harm in trying to find out if it can. What I know will care skin infection is ORANGE PILL POWDER added to body creams.

    SURE BEST this is a series of combination herbs targeted at specific health conditions such as vision, diabetes, infertility and arthritis, among others. Sure best vision combines EYEBRIGHT, GRAPE SEED EXTRACT, GREENTEA, GOLDENSEAL ROOT and BILBERY herbs.

    According to FRANK J. LIPP in his” HERBALISM”:

    “Eyebright has astringent and tonic properties and is the pre-eminent herbal eye medication. It is used in treating sore, tired eyes and weak vision caused by overstraining while reading and writing. It is beneficial for light-sensitive eyes, style, and cold of the eyes, watery eyes and discharge due to allergic reaction. Eyebright is especially recommended for Blupharitis inflammation of the eye lids, and conjunctivitis”.

    According to herb wisdom.com: “herbal use of Eyebright or Euphrasearostkoviana dates to the 14th century when it was described as a cure for all eye maladies. By 16th century, eye bright was hailed by well – regarded herbalist such as FUCHISUS and TRAGUS. It is found and used in Europe, North America, Western Asia and Northen Asia… When used appropriately, Eye bright will reduce inflammation in the eye caused by Blepharitis (inflammation of the eye lash follicles) and conjunctivitis, inflammation or infection of the membrane lining the eye had. It can be used as an eye wash, as eye drops, or plant intrusions taken internally for Ophtalmic use. It is used as an anti-inflammatory for high fever, sinusitis, upper respiratory tract, infections, and catarrh (inflammation of the mucus membrane.) As an astringent, it is used for dry congestion. Herb is also used in the healing of skin wounds.”

     

    BILLBERY

    Bilberry gained prominence as an eye health remedy during the Second World War. American pilots who bombed enemy targets could not make reconnaissance flights the following day to check if the targets were hit because glare from bomb flashes affected their eyes. British pilots, on the other hand, were unaffected by the glare. Studies showed that British pilots’ breakfasts which included plant chemicals which were friendly to the light – sensitive part of the eye, the retina. Those substances were plentiful in Bilberry and which they ate. According to www.organicfacts.com, the health benefits of bilberry include the following. “Relief from digestive problems and ulcers. Since many decades, antimicrobial, antioxidant and anti-inflammatory properties of Bilberry have been prized for their effectiveness in a range of disorders including diabetes, cancer, liver and kidney damage. Multi-nutrient rich Bilberry is valuable in maintaining cardiovascular health, healthy and disease free eyes, unobstructed blood flow and better functioning of overall body.

    “Bilberry is useful for the maintenance of eye health. Apart from the traditional usage, scientific usage, studies have also advocated the effectiveness of bilberry extract in preventing age related ocular disorders along with other eye diseases such as cataracts and night blindness. Powerful radical scavengers present in bilberry help enhance the vision and may be useful from the restoration and home ostasis of carneatlimbat epithelial cells. Another research conducted on bilberry has also suggested its beneficial enzymes-stimulating activity which protects the eyes from endotoxin induced Uvertis. Bilberry extracts stimulate the production of rhodopsinpigment which  supports the eye to adapt to light changes. Another amazing effect of bilberry is its defence against kidney damage. Scientific research has shown that Bilberry extracts help in the normalising multiple critical factors, including levels of Creatinine, serum blood urea, nitrogen and nitric oxide. This inhibitory action against attributes to the antioxidant profile of Bilberry which enhances the oxygen radical absorbance capacity in the kidney tissues and protects it from the oxidative damage.

     

    SURE BEST INFERTILITY SOLUTION

    This package combines Dong qualland Unicorn root called the “female ginseng” because of its support for the female reproductive system, dong quall also supports male sexual vitality. It balance estrogen level, for which it is nicknamed gyneacological regulator. It lowers high estrogen levels and reduces high estrogen levels. As a blood builder, it helps to overcome iron deficiency and anaemia. The Ferulic acid, an anti-oxidant present in Dong quall has been found to “improve sperm quality. As an anti-spasmodic, it eases spasms (painful) movement of muscles) of pre-menstrual syndrome (PMS) dialates blood vessels so that more blood can flow through them during menstruation when the womb is cleared up, and to increase blood volume after the period stops.

    According to BODY ECOLOGY: “Only a generation ago, infertility was rare but now it takes the average woman up to 18 months to conceive. Women often seek the help of expensive fertility specialists and undergo painful procedures when an anti-fungal diet and an herb like Dong quall may be all that are needed.”

    North Americans have employed FALSE UNICORN ROOT over many centuries to treat a variety of gyneacological problems. Today, says www.livestrong.com, “modern herbalists value the root for its beneficial effects on the uterus, ovaries and menstrual cycle” false Unicorn root is believed to have a balancing effect on reproductive hormones. According to the website herb2000.com, the hormone-like the saponis, the plant contains help to normalise irregular menstrual periods, increase low levels progesterone levels, relief pre-menstrual syndrome symptoms, and improve ovarian hormone and cyclical function.These patients may need treatment for several months before noting any change to their cycle. The herb may also treat conditions such as endometriosis and uterine infections, and may add in the prevention of miscarriage.”

    SURE BEST ARTHRITIS SOLUTION

    Tumeric and Nettle are the major components of this warehouse. The others are burdock, flax seed, Licorice and Black pepper.They are all anti-inflamatories.Tumeric gives curry its yellow colour and is highly anti-inflammatory. Inflammation is a major symptom of arthritis. If Tumeric nourishes the brain, intestine, fights inflammation anywhere in the body and one of the active ingredients in Tumeric is Curcumin. That’s why you will find on the market a product named Curcumin 2000x, in which Curcumin is made 2000 times more active than naturally-occurring Curcumin. Tumeric is presented by researches as dramatically increasing the body’s antioxidant profile. In authority nutrition, we learn that “arthritis patients respond very well to Curcumin supplementation. Given that Curcumin is a potent anti-inflammation, it makes sense that it could help with arthritis. Several studies show this to be true. In a study of patients with rheumatoid arthritis, Curcumin was even more effective than an anti-inflammatory drog.”

     

    SURE BEST FIBROID SOLUTION 

    The package parades Yellow Dock, Dandelion and Vitex. Like Dong Quall, Vitex is a female hormone regulator. Hormonal imbalance may be a cause of uterine fibroids and even breast cancer. Fertility info says: “our current understanding of Vitex is that it has a supporting and regulating effect upon the pituitary gland. The pituitary is known as the Master Gland because it controls many body functions such as sending chemical signals to the ovaries, telling them how much hormones to make. This communication is known as the hormonal feedback loop. Vitex has been shown in studies to inhibit follicle- Stimulating Hermione (FSH). Vitex increases the secretion of luteinizing Hormone (LH), which in turn increases progesterone long terns a short luteaphare, reduces advancement of mild endometriosis, relieves PMS.”

    With such herbs in packages as shown above, there is something on the health store shelve to keep our health going smartly in this season of Change.

  • Naira falls to N324 on parallel market

    The naira yesterday fell by 1.25 per cent to N324 on the parallel market after Emmanuel Ibe Kachukwu, junior Minister for Petroleum raised petrol prices by 67 per cent.

    “People are holding on to their dollars in anticipation of an increase in demand for dollars by oil importers,” President, Association of Bureau De Change Operators of Nigeria (ABCON) Aminu Gwadabe, said.

    However, the naira exchanged at 199.40 to the dollar on the official interbank market, around the 197 official peg rate. “There is dollar scarcity right now in the market, even at 324 naira you can’t find dollar to buy,” one trader told said. Traders said expected pressure from fuel importers could further push down the naira value in the coming days.

    Analysts at FBNQuest said the Petroleum Product Pricing Regulatory Agency’s (PPPRA) product pricing template assumes that all transactions for imports are carried out at the official forex rate, which is problematic.

    They explained that since around 50 per cent of national petrol consumption was previously met by the private sector, the inability of this group, mainly independent marketers, to source forex at the official rate led to an unprofitable venture for many marketers.

    They noted that price modulation is still the preferred pricing mechanism for the government. “Given that price ceilings are still set by the government we cannot conclude that Wednesday’s announcement ushers in full blown deregulation. Price ceilings, they added, will be set in tandem with market realities.”

  • Web TV to disrupt pay TV market

    The pay TV market is set to witness a competition from Web television (Web TV) platforms. With growing internet penetration, rising cost of subscription of Pay TV and lack of good content on terrestrial stations, Web TV owners are set to disrupt the market and challenge the status quo.

    Web TV is the genre of original television content produced for broadcast via the World Wide Web. Web television, in some cases, refers to Internet television in general, which includes Internet-transmission of programmes produced for online and traditional terrestial, cable, or satellite broadcast.

    The major distributors of web television are YouTube, Netflix, Newgrounds, Blip.tv, Amazon.com, Hulu, Roku and Crackle. Some web television production companies include: Next New Networks, Vuguru, Revision3, and Generate LA-NY.

    Tthe trend is growing in Nigeria. With the recent venture of a national newspaper into the market, observers believe the growing internet penetration and avalanche of consumer-oriented content online could be a launchpad for web TV in Nigeria.

    Recently, CIHAN, a content production company, announced the debut of KairosWebTV with a mission to end the rip-off by Pay TV operators.

    Featuring seven channels, with content from partners, such as Fate Foundation, Real Success (South Africa), Nigerian Olympic Committee and The Winlos, among others, the Chief Executive Officer of CIHAN, Mr. Celestine Achi, said KairosWebTv was designed to save cost for viewers.

    He said the ripping off of Pay TV viewers must be challenged through disruptive technologies.

    Achi, a digital PR strategist and social techpreneur, said KairosWebTV had been configured to save users’ data.

    “This has been the reason some people are keeping off the online platforms. We want to restore confidence in the minds of digital natives, while providing enabling ground for the digital migrants to exploit the power of the internet. Whether you are on 2G, 3G or 4G LTE, the experience will be such that videos should show seamlessly.”

    He said the platform would deepen local contents as part of measures to boost the digital migration through Nollywood contents.

    He explained further that the channel will inspire entrepreneurship through a special channel. “The Entrepreneurship Channel focuses on motivating emerging entrepreneurs and startups. We are doing that through three key partnerships. The NetNEWS Channel provides up-to-date news on entertainment, politics, business and sports. We will even go deeper to give you news behind the news, which is usually the human angle stories.”

    Achi said further that KairosWebTv also recognises the need to inspire creativity. “That is why we have the Winlos Channel, which uses creative, inspiring and hilarious skits and sketches as well as dramatic illustrations to motivate viewers based on real life issues. The TechSavvy Channel delivers news and insights on the latest technology trends.”

    Also, Red Sappire Limited Chief Executive Officer, Mr Ono Akpe, said the webTV is the online media partners to the Nigerian Olympics Committee (NOC) for Rio Olympics 2016.

    He said TeamNaija Channel is working with a media consortium for live streaming of the Olympic Games.

  • Market women defies order on closure

    Market women defies order on closure

    Some markets in Benin City yesterday opened for trading activities contrary to orders from the Benin Palace that they should be closed as a mark of honour for the late Benin monarch, Omo N’ Edo Uku Akpolokpolo, Oba Erediauwa.

    Our correspondent observed there was buying and selling yesterday at the Oliha, Osa, Agbado, New Benin, Ogiso and Yanga markets.

    But there was full compliance at the Oba and Edaiken markets.

    Traders at the Oba Market took to the walk ways to display their wares while the market gates were locked.

    Some market women refused comments while others said there was no formal announcement yet from the palace.

    It was gathered that markets in Ikpoba-Okha, Egor and Oredo were supposed to be closed during the mourning period.

    Also, barbers within Benin City and environs are beginning to make brisk business as more men shaved their hairs in respect of the departed monarch.

    Barrister Jefferson  Uwoghiren and Prof. Bob Osaze,  a former Dean of Faculty of Management Sciences and Post Graduate Studies of the University of Benin were seen in one barbing saloon.

    They said they had to honour the late monarch.

    Palace spokesman, Donald Odemwingie, said a statement would soon be issued on the matter.

    A visit to the Oba Palace and Ediaken palace at a Uselu showed that condolence register was yet to be opened.

     

  • Bosch targets bull’s eye in electronics market

    Bosch targets bull’s eye in electronics market

    With 170 million people, per capita income of above $5,000 and a burgeoning middle class, Nigeria remains one of the world’s leading investment destinations, despite the economic slowdown.

    With the recent entry of Bosch, Europe’s leading home appliances brand, whose last year’s revenue stands at  70.6 billion euro, the lack of confidence in the Nigerian business environment seems to have simmered.

    The global brand, whose area of business interest traverses automobile solutions, energy, building technology/industrial technology and consumer goods, entered into the country’s home appliances market, said to be worth over $400 million yearly. The attraction is the army of consumers with a penchant to spend on luxury brands.

    The market is dominated by Haier Thermocool, LG, Samsung and other emerging brands,such as NEXUS. But, according to The Nation investigation, only a few global home appliances makers are still exist in Nigeria. This has given  analysts hope that when the effort by the government to rebound the economy starts yieldng result, other brands, such as Whirlpool, Electrolux, might look towards the largest African economy-Nigeria.

    The Chief Executive Officer of Turkey and Head of Region for Middle East and Africa, Mr. Norbert Klein, said: “We see in Nigeria a sophisticated market with appreciative population and we found Pedini as a very good partner because it is already in Kitchen business which fits perfectly with us because good quality kitchen will meet good home appliances.

    “In the past we have tried as it is not easy to find a good partner. But now we are sure that this market will develop quite fast, he said describing Bosch Group as a worldwide and foremost in household appliances with many brands under the group. The group has a turnover of about 13 billion Euros and our target is to get a good footprint in Africa. We have a good market share in S/Africa and Morocco and we are sure to have a good market share in Nigeria.”

    In a Consumer Benchmark Survey on major home appliance companies, Bosch and Whirlpool tied for top spots in the major appliance industry while others earned “okay” ratings. Despite the tie at the top, the companies have different strength.

    “Bosch leads in the functional component of experience, followed by GE. Whirlpool leads in the accessible component of experience followed by Bosch and LG. When it comes to the emotional component, Bosch leads, followed by LG,” the report stated.

    But in the market, the situation might be difficult to predict though the pushers of the brand into the  market appears prepared to fight tooth and nail to replicate its global success in Nigeria.

    On this premise, the entry of Bosch is expected to draw a battle line between Bosch which is positioned as a exclusive class brand and others, such as Haier Thermocool, LG believed to be largely focused on the low-end market. Also, the German brand is also expected to contend with Samsung believed to have a tie across all levels of consumers.

    However, with plans by Bosch to also play in the low-end market with some of its high end home appliances products, fears are rive that the market share will be reconfigured giving existing players a need to review their marketing strategy.

    During the unveiling of its showroom, Bosch Centre in Lagos, the local partner of the German brand Pedini Nigeria reveals plans to open 100 centres in Nigeria within three years time in other to fully explore the market.

    Experts believe that “the marriage between the global kitchen manufacturing company with over 300 showrooms in 25 countries and Pedini  who understands the local terrain may be the strategy needed to control the entire market”.

    The Chief Executive Officer of Pedini Nigeria Limited, Mr. Chiedu Nwokolo expressed his willingness to work with the global company, which he pointed out, has the strongest brand names in the continent in terms of durability and technology.

    Nwokolo believe that one of the factors that will make it easy for the partners to compete well with the existing names in the market is having the right strategies in the area of pricing and quality offering especially with a growing middle class.

    He also said the global brand would leverage on after sales service to deliver value to its customers. After sales are one of the cornerstones through which we will bond with our consumers. We intend to service the needs of our customers with any challenge within 24 hours of complaining. It is easy to sell a product but when it comes to after sales some don’t manage it well but we are here to change that culture. We will do our best, even if we lose money to ensure we satisfy our customers,” he said.

    Also, the Bosch Worldwide/Board of management, Michaell Schollhorn, who was also in Nigeria for the opening of its centre in Nigeria, explained that Bosch is a global company that employs about 400,000 people and makes about 70 billio euro in revenue and presence in 50 countries.

    “Our largest market is China that has surpassed Germany which traditionally used to our home market and now the number three is US in Africa we are expecting double digit growth plans in coming years. Nigeria has the big market size with large population. The country has much potential,” he said.

  • Court acquits Tejuosho market director of forgery

    A Lagos High Court has quashed the forgery charge brought against Mr Olaide Omotola, a director of Stormberg Engineering Company Limited, the developer of Tejuosho Ultramodern Market.

    Justice Oluwatoyin Taiwo held that the prosecution could not establish a prima facie case against the accused.

    According to the judge, Omotola was not served with the charge or notified of the trial.

    The judge said there were discrepancies in the legal advice as the petitioner’s statement was written on March 2, 2012; the petition was written on March 5 and approved on March 7, 2012.

    Justice Taiwo said the petitioner had finished writing his statement “before his petition was approved,” noting that it smacks of meditated prosecution.

    Omotola, a partner in the development of Tejuosho Ultramodern Market and leading equity contributor, was accused of forging the signature to become a director.

    He said he was accused of forgery after he discovered some discrepancies in the market’s redevelopment following which he petitioned the Economic and Financial Crimes Commission (EFCC).

    Omotola said while EFCC was investigating his allegation, a petition was sent to the police Special Fraud Unit (SFU), accusing him of forgery.

    On March 22, 2012, SFU operatives came to his house and took him to its office on the charge of forgery and stealing N20 million.

    “After they investigated, they could not establish any prima facie case against me in the matter. My passport was seized and later returned to me.

    “In the course, we petitioned the Inspector-General of Police (IGP) that SFU was taking a biased position and the matter was transferred from SFU.

    “But unknown to us, they had hurriedly gone to court on the matter. When Mr. Dolapo Atimo died, as it was obvious that I had the controlling share of the company, they also wrote another petition to the Corporate Affairs Commission (CAC).

    “The CAC called my attention to the request. I told them to write a letter so that we can see the petition and what the issues are. This was when we now knew that there was a secret trial going on at a Lagos High Court, Igbosere without our attention being called to it,” he said.

  • Abubakar Rimi market on fire in Kano

    The famous Abubakar Rimi market, located in the Sabon Gari area of Kano is on fire.

    The fire  reportedly started around 12.35 due to electric spark.

    More details soon

  • Force Majeure on Nigeria’s Forcados lifts market

    Supply outage from the Shell Petroleum Development Company Limited (SPDC) joint venture in the Forcados facility has positively affected the price of crude oil in the international market, it was learnt.

    Shell declared force majeure on oil liftings from the Forcados export terminal in Delta State owing to a leaking pipe, which resulted in shut-in of about 400,000 barrels of oil per day.

    The 48-inch diameter export pipeline, shut last month and planned to be reopened in April, is one of Nigeria’s biggest pipelines.

    The Organisation of Petroleum Exporting Countries (OPEC) in its  Oil Market Report for this month, said the force majeure and outages around the Mediterranean and Turkey have helped to boost the market.

    It said: “Outages around the Mediterranean, with Turkey’s Ceyhan pipeline down, and in West Africa, with force majeure imposed on shipments of Nigeria’s Forcados until April, have helped boost North Sea prompt prices. Supply distribution in the North Sea itself has also helped.”

    The report also noted that after three months of sharp declines, crude oil futures recovered amid numerous positive factors that ignited speculations that oil markets would soon be balanced. This suggested that the 20-month sell-off could be hitting bottom, it added.

    While other grades were gaining, the United States’West Texas Intermediate (WTI), was impacted by crude stock-builds in the United States.

    Also what eased out sharp deterioration of the market recently, according to the report, is a proposal for a production freeze at January’s level by major oil exporters, and more news about an additional oil producer meeting in March, as well as further layoffs by service companies and related reports about a complete halt of fracking activities by some companies, all lent support to the market.

    Market sentiment was also helped by an eighth-straight weekly drop in the number of US rigs drilling for oil, project deferments in the US shale industry and job cuts that will slow production.

    Crude oil futures also rose after the US Energy Information Administration (EIA) estimated US crude production will decline this year and next, helping the market rebalance gradually. The EIA said utilities withdrew 48 billion cubic feet (bcf) of gas from storage during the week ending 29 January. This was above the market expectation of a 40 bcf decrease; however it was significantly lower than the previous five-year average of 137 bcf for that week. Total working gas in storage stood at 2,536 bcf, or 45.6 per cent higher than at the same time the previous year and 35.6 per cent higher than the previous five-year average.

    Also disruptions to crude supplies in Europe and higher equity prices on Wall Street on the back of positive US economic data also supported oil. Crude futures also drew support from China’s move to boost its slowing economy, injecting an estimated $100 billion worth of long-term cash into the economy to cushion the pain from job layoffs and bankruptcies in industries plagued by overcapacity, the report said.