The Nation Newspaper

Tag: sales

  • CBN directs BDCs to publish forex purchases, sales

    The Central Bank of Nigeria (CBN) yesterday directed all licensed bureaux de change (BDCs) to publish all foreign exchange purchases through the apex bank and autonomous sources in their financial statements.

    CBN Director, Other Financial institutions Supervision department, Mrs. Tokunbo Martins, said the operators are also to submit total forex sold and commissions earned within the year. She noted that appropriate sanctions will apply to operators that fail to comply with the directive.

    According the apex bank, Section 13 of the Revised Operational Guidelines for the BDCs in Nigeria issued in November 2015 provides that every licensed BDC shall submit its audited financial statements to Director, Other Financial Institutions Supervision Department of the CBN for approval, not later than three months after the end of its accounting year.

    It also provides no BDC shall publish its audited accounts in a newspaper without the prior approval in writing of the CBN.

    The CBN said it has however, observed that many BDCs have not been submitting their annual audited accounts contrary to the above regulatory requirement.

    “We also observed that in some instances, the accounts were incomplete and inaccurate and that some of the accounts were not endorsed or stamped by the external auditors, thus casting doubts on their integrity and reliability.

    The audited financial statements to be submitted to the CBN shall be prepared in accordance with applicable accounting standards and shall comprise of directors’s statement, auditors’ report, statement of profit or loss and other comprehensive income, statement of financial position, statement of changes in equity and statement of cash flows,” it said.

    Consequently, all BDCs are hereby reminded to strictly comply with the above requirement by submitting complete and accurate annual audited accounts duly stamped by and bearing the professional seal of qualified audit firm and signed by directors as required.

  • Kia records 195,962 sales in February

    Kia Motors Corporation announced its February 2018 global sales figures for passenger cars, recreational vehicles (RVs) and commercial vehicles, recording a total of 195,962 units sold, decreasing 9.1 per cent from 2017.

    In February, sales in Korea totaled 37,005 units, representing a decrease of 5.5 per cent compared with the same month last year.

    The company’s overseas sales also dropped by 9.9 per cent compared to the previous year, posting 158,957 units.

    The decline in both Korea and overseas markets were largely due to the timing difference of the Lunar New Year (which fell in February 2018 vs. January 2017)

    Kia’s best-selling model in the overseas markets during February 2018 was the Sportage compact SUV with 32,845 units sold. The Rio was the second best seller with 30,183 units sold, followed by the K3 compact sedan (known as ‘Forte’ in some markets) with 21,961 units sold.

    The company plans to gain new momentum by revealing All-New Ceed, Ceed Sportswagon, and upgraded Optima at 2018 Geneva International Motor Show.

  • NNPC losing N774m daily on petrol sales, says GMD

    NNPC losing N774m daily on petrol sales, says GMD

    •PENGASSAN to Fed Govt: reimburse fuel subsidy to NNPC

    The Nigerian National Petroleum Corporation (NNPC) said yesterday it was losing N774 million daily on petrol sales.

    It raised the alarm over proliferation of fuel stations in border and coastal communities across the country.

    It insisted that the development has energised cross-border smuggling of petrol to neighbouring countries, making it difficult to sanitise fuel supply and distribution.

    The corporation’s Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, in a statement issued in Abuja yesterday, said the NNPC Managing Director, Dr. Maikanti Baru, spoke when he led a team on a visit to Nigerian Customs Service Comptroller-General Col. Hameed Ali (retd).

    Baru presented a pictorial chart portraying Nigeria in the middle selling pump price of petrol at N145, its neighbours: Ghana at N311, Togo (N308), Benin Republic (N292.8), Niger (367), Chad (326.35) and Cameroon at N400 per litre.

    “There has been a heightened consumption growth from less than 30 million litres per day in August 2017, to an average of over 500 million litres per day with a peak of 84.2 million litres on December 8, 2017,” he said.

    The NNPC GMD said a detailed study conducted by the corporation indicated strong correlation between the presence of the frontier stations and the activities of fuel smuggling syndicates.

    He said the activities of the smugglers had led to observed abnormal surge in the evacuation of petrol from less than 35 million litres per day to more than 60 million litres per day, a development he described as in sharp contrast with established national consumption pattern.

    Providing a detailed presentation of the findings, the NNPC GMD said 16 states, having among them 61 local government areas (LGAs) with border communities, account for 2,201 registered fuel stations.

    The fuel tank, he noted, had a combined capacity of 144,998,700 litres of petrol.

    Baru said eight states with coastal border communities spreading across 24 LGAs among the states account for 866 registered fuel outlets with combined petrol tank capacity of 73,443, 086 litres.

    A further breakdown of the finding, he added, shows that among the states with land border, three LGAs in Ogun State account for 633 fuel stations with combined petrol tankage of 40,485,000) litres. Nine LGAs in Borno State, he said, have 337 fuel outlets with combined petrol storage capacity of 21,114,480 litres. Lagos with one council as border community has 235 registered fuel stations with total petrol storage facility of 19,916,600 litres, Baru said.

    On the coastal front, the NNPC boss claimed that Lagos with six LGAs leads with 487 registered fuel stations with combined in-built storage capacity of 50, 239,560 litres.

    Baru added that Akwa Ibom with five LGAs has 134 registered retail outlets with capacity to store 8,322,986 litres and Ondo State with two LGAs has 110 fuel stations with capacity to store 3,871,320 litres.

    Welcoming the NNPC GMD and his team to the Customs Headquarters, Col. Ali said the service would work with the corporation to stem the tide of cross-border smuggling of petroleum products, noting that all hands must be on deck to ensure the country’s economic survival.

    The Customs boss thanked NNPC GMD for the elaborate data he provided on the fuel supply situation, noting that this would enable the service fashion out the appropriate architecture to combat the menace.

    He called on the authorities to tackle the issue of price differentials, which is the underlying motivation for smuggling activities.

    But the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has called on the Federal Government to reimburse the NNPC for expenses the corporation incurred from payment of subsidy to the marketers.

    According to PENGASSAN National Public Relations Officer, Comrade Fortune Obi, at the end of its National Executive Council (NEC) meeting in Warri, Delta State, the association said NNPC has continued to shoulder the responsibility of providing products to close gaps created by the withdrawal of other marketers owing to non-payment of subsidy claims from 2015 to 2017.

    A communique signed by the PENGASSAN President, Comrade Francis Olabode Johnson and the General Secretary, Comrade Lumumba Okugbawa, stated that the extra burden absorbed by NNPC was depleting the corporation’s finances.

  • Toyota sets 2030 electric sales target

    Toyota sets 2030 electric sales target

    Toyota Motor Corporation has said it plans to sell more than 5.5 million electrified vehicles by 2030.

    Toyota’s electrified vehicle strategy centres on a significant acceleration in the development and launch plans of hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), battery electric vehicles (BEVs), and fuel cell electric vehicles (FCEVs).

    The auto giant has been working toward creating ever-better cars and an ever-better society under the thinking of contributing to a sustainable society and creating mobility that brings smiles to customers.

    Addressing environmental challenges, such as global warming, air pollution, and limited natural resources and energy supply are of utmost importance to Toyota.

    By around 2030, Toyota aims to have sales of more than 5.5 million electrified vehicles, including more than one million zero-emission vehicles (BEVs, FCEVs).

    Additionally, by around 2025, every model in the Toyota and Lexus line-up around the world will be available either as a dedicated electrified model or have an electrified option. This will be achieved by increasing the number of dedicated HEV, PHEV, BEV, and FCEV models and by generalising the availability of HEV, PHEV and/or BEV options to all its models.

    As a result, the number of models developed without an electrified version will be zero.

    Toyota will accelerate the popularisation of BEVs with more than 10 BEV models to be available worldwide by the early 2020s, starting in China, before entering other markets-the gradual introduction to Japan, India, United States and Europe is expected.

    The FCEV line-up will be expanded for both passenger and commercial vehicles in the 2020s.

    The HEV line-up will also grow, thanks to the further development of the Toyota Hybrid System II (featured in the current-generation Prius and other models); the introduction of a more powerful version in some models; and the development of simpler hybrid systems in select models, as appropriate, to meet various customer needs.

    Batteries are a core technology of electrified vehicles and generally present limitations relating to energy density, weight/packaging, and cost.

    Furthermore, Toyota aims to focus on the development of a social infrastructure conducive to the widespread adoption of electrified vehicles.

  • Shoprite offers discounts in black Friday sales

    Shoprite offers discounts in black Friday sales

    As the festive season and end-of-year holidays get underway, Africa’s biggest retail giant Shoprite is said to be preparing to deliver an unbelievable Black Friday promotion.

    Read Also: Shoprite celebrates 22 winners of brand new cars

    Shoprite is using this opportunity to bring customers the special experience they look forward to all year; whether it’s stocking up on gifts for family and loved ones for the holidays or finding something to reward people at the end of the year. All items, the retail giant says, will be sold at up to 50 per cent discount.

  • ‘Note 4 hits record 200,000 unit sales’

    The Marketing Communications manager, Infinix Mobility, Olamide Amosu has said the massive sale of the ‘Infinix Note 4 and Note 4 pro’ being the hottest smart phone since July this year is a proof of the demand for the smartphone in the country. The phone, she said, is a new lifestyle trend.

    Infinix Note 4 replaced the Note 3, which was ranked the most searched android smartphone in Nigeria in 2016. Infinix search ranking on Google surpassed other smartphone brands in Nigeria when the Note 4 was launched showing the demand for the phone within weeks of its launch on ‘Google trends and consistent trends on social media.

    In July, Infinix sold 50,000 units of the Infinix Note 4 within 3 weeks of unveiling the product. The Infinix Note 4 pro had a record-breaking number of pre-order with enormous demand from the market with its Xpen ‘Stylus’. The Infinix Note 4 pro sold additional 50,000 units in the months following and the Note 4 pro sold 100,000 units breaking the retail market due to its demand.

    Infinix partnered with retailers and top dealers in Nigeria to offer the New Infinix Note 4 for N53, 000 and Note 4 pro with Xpen for N73, 500. The Infinix Note 4 pro + Xpen with its specifications offering has been valued by fans and customers to be at $420, N150, 000 and sold for half the amount $200 and  N73, 500

  • Negative sex appeals killing sales, says don

    Professor of Public Relations and Advertising, Lagos State University (LASU),  Rotimi Williams Olatunji, has said the use of negative sex appeals by agencies and advertising practitioners does not inspire consumers to shop for firms’ goods or services.

    Contrary to the impression that the aforementioned stimulates sales, Olatunji said a research he carried out showed that negative sex appeals put off buyers and create apathy. He, therefore, suggested that virtues, such as loveliness, beauty, attractiveness and fun, among others, should be explored as they have very strong appeal.

    Olatunji of the LASU School of Communications, was delivering his inaugural lecture titled: “Advertising, advertisement and the rest of us”, at the university main campus in Ojo.

    He said:“The research I embarked upon showed that the use of negative sex appeals in advertisement is generally considered demeaning, amoral, and sometimes exaggerated and do not necessarily make advertising interesting or appealing. Respondents agreed that attractive female models and positive use of sex appeals in advertising bring benefits to brands.

    “On the other hand, negative use of sexual images in advertisement do not necessarily guarantee brand loyalty; do not readily sell the advertised brand, and do not significantly and positively influence purchase decision. Therefore, negative sex appeal does not build brand loyalty.”

    Olatunji advised advert practitioners to step up the use of indigenous languages in advertising, adding that consumers identify with language of the locals.

    “The best language of any human being is their mother tongue, and you cannot use a language better than the indigenous speakers,” he said.

    Olatunji continued: “You will discover that the media has been using indigenous language for broadcasting. For instance, there is a radio station, which uses the three dominant languages, so how do you advertise through such a medium without using the language of the people?

    “Second, foreigners, particularly Europe and America, are teaching their children our languages, but here, Yoruba is becoming extinct. There is something in language that talks about the lifestyle and technology of the people. That’s why I advocate the use of indigenous languages in commercials, especially our Pidging English, which cuts across every tribe. Interestingly, advertising messages through indigenous languages catch more attention than the one in English Language.”

  • Global online sales to hit $2tr

    Worldwide retail e-commerce sales will reach $2.290 trillion in the year, making up 10.1 per cent of total retail sales. This share will surpass 16 per cent by 2021, when sales will hit $4.479 trillion.

    Retail e-commerce sales worldwide will continue to post solid gains in the year, rising 23.2 per cent. e-Commerce sales will account for one-tenth of total retail sales worldwide.

    eMarketer has lowered its estimates for worldwide retail sales throughout the 2016–2021 forecast period, mainly due to the other currencies’ weak exchange rates relative to the US dollar. Retail sales will grow 5.8 per cent this year, reaching $22.737 trillion, largely driven by sales in China.

    Retail e-commerce sales worldwide will increase at four times the rate of retail sales this year, jumping 23.2 per cent to $2.290 trillion. e-C ommerce sales growth will stay in the double digits throughout the forecast period.

    China and the US will combine for $1.584 trillion in e-commerce sales this year, representing 69.1 per cent of global e-commerce.

    In the year, mobile commerce will account for more than 70 per cent of e-commerce sales in China and India, and 59 per cent in South Korea. In Germany, the UK and US, e-commerce will comprise at least one-third of total retail ecommerce sales.

  • Recession exit: Insurance sales improve, says CIIN

    Recession exit: Insurance sales improve, says CIIN

    There has ben substantial improvement in the purchase of insurance policies to reflect that the country is out of recession, the President, Chartered Insurance Institute of Nigeria (CIIN), Mrs. Funmi Babington-Ashaye, has said.

    She made this known in an interview with The Nation, noting that the improvement in sales surpassed what was made last year. According to her, although, people have not started feeling the impact of the economy being out of recession, there is hope that things will get better soon.

    She said: “I can see a lot of commercial activities and also a lot of improvement in terms of insurance purchase. If we compare the improvement to what we have last year, we can agree with the Federal Government that technically we are out of recession. But it will take some time before people start feeling the positive impact.”

    Babington-Ashaye, who will be six weeks in office as the president of the Institute, said she will during her tenure make insurance awareness and enlightenment a common issue to be driven by all stakeholders in their various domains.

    She said there is need for insurance operators to confront the lack of general awareness, which is the greatest challenge facing the profession.

    She said: “People lack knowledge about insurance and its importance in all human endeavours, including business undertakings. This manifests in poor patronage of insurance products by the public and the unwillingness to choose insurance as a course of study by the youths.

    “As an Institute, we must continue to take deliberate steps to address these issues with a view to repositioning the profession in the psyche of the people. We must build on the past efforts of our predecessors and the awareness drive of other stakeholders in the industry.

  • Last quarter sales rush begins

    Last quarter sales rush begins

    Sales are usually high in the last quarter of every year. Retailers take advantage of such periods to make profit. As the quarter begins, retailers are positioning themselves for mega profits, just as the yuletide sales rush is at the corner, writes TONIA ‘DIYAN.

    Fierce competition, requiring creative marketing and sales promotions to woo customers  and entice them to make purchases, usually characterises the last quarter of the year.

    Friendly customer service representatives, fast service and an appealing selection of merchandise, paired with special pricing structures  help retailers achieve  a profitable sales season anytime.

    The last quarter of the year is usually the time for bumper sales in shops; with many outlets and malls giving all manners of bonanzas and freebies to woo buyers. Not wanting their stock to spill over into the new year, most outlets usually start clearance sales in September to signal the beginning of the last quarter of every year.

    But realising the state of the economy, most retailers have decided to get prospective shoppers early by starting their pre-Christmas sales to get into shoppers’ wallets. By so doing, such traders are able to cut off  their competitors by promoting wide selection, good pricing and a calm, relaxing shopping environment this last quarter.

    A visit to several retail stores across Lagos was insightful, revealing that regardless of the economic recession,  people are optimistic that by the end of this quarter in December, they would have achieved their aim of destocking, restocking and most importantly, making huge profit.

    They have made shopping this season a fun-filled  and pleasurable experience. Some of them even offer freebies to early shoppers. Jewellery shops give away not too expensive ornaments, some others have initiated a promo regime, giving out raffle ticket for a prize drawing. Findings also revealed that some others have slashed prices momentarily, offering buy one, get one free (BOGOF) deals and others selling combos for half the price.

    The strategy has made some retailers optimistic that turnout of poptential customers in this last quarter would be encouraging to boost their sales. Although some traders said they recorded more window shoppers at this same time last year, nevertheless, their strategic awareness has gained enough ground to stimulate better sales this year.

    A sales person at Poise Store, an upscale makeover and beauty store, who asked not to be named, told The Nation Shopping that most retailers have come up with one sales strategy or the other, hoping it will help them make huge sales when the Yuletide eventually comes in.

    “Our promotional offers began few days ago like every other store. We do this yearly so that we can have bountiful sales. We are pushing out as many items as possible by slashing their prices into three, sometimes four, just to lure customers,” said another source in a high-end boutique.

    With this, the source further explained, her boutique will be able to do away with old stock, old designs and then bring in new ones for the New Year.”

    From observation, these shops have not stopped restocking. For instance, clothing stores such as Mango; Tommy Hilfiger; Nike; Ruff ‘n’ Tumble; Kids country, among others, as well as online stores, who only sell clothes, have brought in new key fashion trend in the fashion market, which attracts customers. With this, they are hoping they will make their revenue figure rise close to double of  what is expected as most of them said they were optimistic they would boost their last quarter earnings outlook.

    A sales person at ‘The Accessories 2 die 4’, a jewelry store’, Uduak Osere, said: “We can only be optimistic that sales will not be too different from the usual and we have come all out with various strategies to help us achieve that,” she said.

    From investigations, only a handful, representing roughly 10 per cent of the Nigerian retail industry, report monthly sales when it is not festivity or specific sales period. That is why they all take the last quarter more seriously.

    A shopping analyst, Mrs Debola Majekodunmi, said: ”Yes there are undecided shoppers and procrastinators, but we want to be pleased with the sales we will make this time just like we were last year. This period is long awaited for”