Mettā Unveils 3rd Fashion Lab Powered by HIVOS East Africa

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13/08/2019

Mettā Nairobi, in partnership with HIVOS East Africa, is set to bring five fashion startups to Nairobi for its third boot-camp programme – Fashion Product Lab 3.0. Selected from 300 applications all over the country, the 5 startups will kick off the programme in August.

Fashion Product Lab 3.0 is an 8-week intensive program helping entrepreneurs in the fashion industry launch their brands into local & international markets and develop new & diverse product lines.

As part of the programme, the 2019 cohort will have the opportunity to engage with high-profile speakers, experts, mentors, and a global network of support throughout the program as well as access to the Mettā space in Nairobi and the global Mettā community.

“Under the concept of ‘Inspiring Change – Unleash the Potential’, Mettā will provide an intensive bootcamp program to the fashion designers using our expertise in the local business environment and financial services. This will help them to unleash their full potential and turn innovative ideas into practical solutions.” – Maurice Otieno, General Manager, Mettā Nairobi

The Fashion Product Lab 3.0 will conclude in a one-of-a-kind Fashion Runway in September 2019, where entrepreneurs will pitch their companies and showcase their collections for funding and partnerships.

The designers accepted into the program were selected after a rigorous multi-phase selection process which focused on the viability of their fashion businesses, creative designs & portfolio, and their potential to scale across the continent and globally.

Ecobank Engages a New Set of Graduates in Training

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13/08/2019

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In keeping with its talent development strategy, a new set of Graduate Trainees are expected to commence their entry level development programme on Wednesday August 14 at the state-of-the art Ecobank Nigeria Academy in Lagos.

The training programme which was launched in July this year is an intensive 8-week medley of learning interventions for fresh graduates. The first set of 67 Trainees will graduate at the end of the month and will be absorbed into different roles in the Bank.

According to the Head, Human Resources, Ecobank Nigeria, Gloria Byamugisha, the first set of Trainees at the Academy demonstrated a high level of commitment and orientation towards the banking profession, noting that the training is essentially to improve the financial literacy of participants who may be coming from other disciplines, or who may have non-financial and banking related academic backgrounds.

“I am glad to announce that 58 entry level trainees will commence their development program on August 14 for eight weeks. This is the cohort two of the program. The entry level cohort one that started their eight week program on July 1 this year will graduate at the end of the month and will be absorbed into different roles in the Bank in line with their performance and individual profile assessment. At Ecobank we place a high premium on manpower development”

Commenting, Managing Director, Ecobank Nigeria, Patrick Akinwuntan said the training programme was in line with the transformation agenda to make the Bank the most preferred financial institution in the country, noting the Ecobank will continue to head hunt for brilliant fresh graduates, train them on professionalism and Ecobank culture and inject them into its workforce.

“Our training programmes are our way as a Bank to invest in creating future leaders for the Nigerian banking industry. We are investing in the people to accomplish our vision both as a Bank and a country. The staff of banks must be well trained and knowledgeable so that they can ensure that funds in the banks are effectively deployed,” stressing that for us at Ecobank, we must also ensure that we deliver on our promise as a financial institution of choice not only in Nigeria but the whole of Africa. We, therefore, take the development of adequately trained manpower as a “must do” in striving to achieve our goals,” he stated.

RedStar Express Reports N10bn Turnover

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Business Journal

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13/08/2019

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Red Star Express Plc has consistently posted profit in its annual turnover. For the year ended in March 2019, the company recorded an impressive turnover of N10billion in the year under review which is 20% higher than the preceding year. This was announced at the 26^th Annual General Meeting of the company held recently in Lagos.

In the preceding year (2018), the company had recorded a group turnover of N8.4billion. Similarly it recorded a profit of N7.3billion the year before the last, that is, the year 2017, and in the year 2016, the turnover was N6.6billion. This progression reveals a healthy operation in the company.

With the turnover of N10billion achieved, the Board of Directors has recommended to shareholders the payment of N253 million at 43 kobo for every 50 kobo per share, subject to withholding tax.

According to the Chairman, Board of Directors, Mr. Suleiman Barau (OON), Red star Express recorded impressive figures amidst challenges in the Nigerian economy.

“I am particularly delighted because this is the first time we will be having another Chairman in the last 25 years, after the former chairman, Dr Mohammed Koguna stepped down last year. We thank you for your usual support and pray this will continue now and always. The Nigerian business terrain remains one of the most challenging in Africa. But in spite of these challenges, I am happy to inform you that the last financial year was successful as the company reported impressive figures across all our performance indicators.”

NSE Lifts Suspension on Universal Insurance

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12/08/2019

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The Nigerian Stock Exchange (NSE) has lifted the suspension placed on the trading of shares of the Universal Insurance Plc. This was announced on the NSE’s website on Wednesday, 7^th of August 2019.

With this development, trading on the company’s shares would resume on the floor of the stock exchange forthwith as the dealing members have been duly informed.

The notification posted on the NSE website stated that: “Universal Insurance Plc, one of the eleven (11) companies that were suspended on 2 July 2019, has now filed its Audited Financial Statements for the year ended 31 December 2018 with The Exchange.

“In view of the company’s submission of its Audited Financial Statements, and pursuant to Rule 3.3 of the Default Filing Rules which provides that the suspension of trading in the Issuer’s securities shall be lifted upon submission of the relevant accounts provided The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange. Dealing members are hereby notified that the suspension placed on trading on the shares of Universal Insurance Plc was lifted today, Wednesday, 7 August 2019”, the statement added.

Universal Insurance Plc has, over the past five years, sustained its momentum in terms of profitability, cutting edge customer services, innovative products designs tailored to meet special needs of its teeming customers and prompt claims settlement.

Recently the Company embarked on total restructuring and re-engineering of its operations and developed a full-fledged retail unit with requisite qualified personnel to man it.

To drive its expansion and growth strategies, the company in addition expanded its marketing team engaging highly qualified hands in both core marketing and retail units. Universal Insurance Plc has also expanded its E-platform.

This was confirmed by the Managing Director and Chief Executive Officer (MD/CEO) of the Company, Mr. Ben Ujoatuonu in a recent interview. He further stated the Company has been able to increase the numbers by growing premium income by over 130 percent from N700 million in 2017 to over N1.6billion in 2018.

“We have developed a full-fledged retail unit with requisite qualified personnel to man it and also expanded our marketing unit,” he added.

Sovereign Trust Rights Issue Extended to Aug 16 by SEC Approval

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09/08/2019

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Mr. Olaotan Soyinka Managing Director/CEO Sovereign Trust Insurance Plc

Following the approval from the Securities and Exchange Commission, SEC, Sovereign Trust Insurance Plc has extended its Rights Issue offer closing date which opened on Monday, June24, 2019.

The Rights Issue which ought to have closed on Wednesday, July31, 2019, has now been extended to August 16, 2019.

According to the official statement made available to the Press by the Spokesperson for the organisation, Mr. Segun Bankole, the extension of the Rights Issue was necessitated to allow Shareholders ample time to subscribe fully to the offer.

He said such unique opportunity does not come that often which was what informed the decision of the Management to request for an extension in the closing date of the Rights Issue offer.

Consequently, the Management enjoins all Shareholders of the company to take advantage of this extension in date to fully exercise their rights as that will guarantee the consolidation of their ownership in one of Nigeria’s very dynamic and forward-looking underwriting firm.

The company, more than ever before, is poised to take the insurance business to a greater height as it gravitates to the next phase of its growth agenda.

A total of 4, 170, 411, 6488, (Four Billion One Hundred and Seventy Million, Four Hundred and Eleven Thousand, Six Hundred and Forty-Eight units of ordinary shares at 50 kobo each have been placed on offer for existing shareholders at 50kobo per share on the basis of one (1) new ordinary share for every two (2) ordinary shares of 50kobo held in the company as at the close of register on January 15, 2019.

The Managing Director of the Underwriting Firm, Mr. Olaotan Soyinka has also reiterated the fact that the company has set a growth agenda which is aimed at positioning the insurance company as one of the top players in the industry, particularly, in the oil and gas sector where it has developed very unique expertise and professionalism over the years.

“In achieving the huge tasks that have been placed before us, we have identified that a very robust capital base is critical to the success of the set agenda; hence the need to call on our Shareholders to fully subscribe to the Rights Issue.”

Experts to Discuss Financial Inclusion in Insurance, Pension

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08/08/2019

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As Nigeria seeks to drive financial inclusion with the target of achieving 80 per cent penetration by 2020, stakeholders in the financial services sector will converge soon to discuss implementation framework through micro insurance and pensions.

The stakeholders, who will converge at the 4th edition of the National Association of Insurance and Pension Correspondents (NAIPCO) conference billed to hold on 29th of August, 2019 at the Four Points By Sheraton Hotel, VI, Lagos, will explore various ways at which the two sectors have been deepening financial inclusion through micro agendas.

With the theme of the conference being “Financial Inclusion: The Micro Agenda for Insurance and Pension Sectors,” experts will discuss the Micro Insurance Guideline and Micro Pension Plans and how it can be an effective tool to deepen financial inclusion in the country.

MTN Connects 240m Subscribers, 30m Data Users

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08/08/2019

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MTN Group has announced an encouraging set of results for the six months ended 30 June 2019 in the context of difficult trading conditions across its major markets.

Commenting on the results, Rob Shuter, MTN Group President and CEO, said:

“We had a good first half, reporting solid financial results, good commercial momentum and encouraging strategic progress. We saw growth of 12% in adjusted headline earnings per share, which is the first time that we have delivered growth in this measure in recent years. Our service revenue grew just below 10% and EBITDA just above 10%, both on a constant currency basis. Our holding company leverage remains stable at 2.3x, well within our guidance range of 2 to 2.5x. And, as we grew revenue and carefully managed our investment programme, we saw capex intensity drop further, to 16.9%.

Commercially, we had strong subscriber growth of 7.7 million in the first six months of the year to reach a total of 240 million subscribers. The number of active data users grew by 3.5 million to 82 million and our 30-day active Mobile Money users grew by 2.4 million to 30 million. Our continued focus on the customer experience has seen us record brand NPSˆ leadership across more than 50% of the portfolio, with 12 markets now leading. That contributed to MTN being named the most valuable South African brand in the Brand Finance South Africa 50 report and the most admired African brand by Brand Africa 100.

Addis Ababa Leads Africa in Hotel Room Rates

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08/08/2019

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Addis Ababa, Ethiopia, posted Africa’s highest average daily rate (ADR), according to the most recent 12-month data from STR. The market will play host to the Africa Hotel Investment Forum (AHIF) on 23-25 September at the Sheraton Addis.
From July 2018 through June 2019, Addis Ababa registered an absolute ADR of US$163.79 when measured in constant currency, which removes the effects of inflation. That figure was a 1.1% increase year over year. The next closest STR-defined markets in Africa were Accra Area, Ghana (US$160.34) and Lagos Area, Nigeria (US$132.51).
“Addis Ababa continues to maintain high ADR levels when compared internationally,” said Thomas Emanuel, a director for STR. “The city has multiple demand drivers, such as a growing economy, successful airline and its status as the diplomatic capital for Africa. Air connections and ease of access compared with other cities also factor in the equation for strong demand, which provides hoteliers with the confidence to maintain rate levels.
“With healthy performance comes interest in investment. The market’s pipeline is strong with 22 hotels and 4,820 rooms in active development. We will continue to monitor these new openings to see how the market reacts once these additional rooms open.

Nigeria May Lose LNG Market to Benin Republic

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07/08/2019

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With a population of less than 12 million and a GDP of $10.35billion in 2018, Benin is often overshadowed by its massive neighbour, Nigeria.

Yet as African countries try to revitalize their energy sector, bring in private capital and develop gas-to-power, it is in West Africa and Benin that observers should look for positive developments.

With recent legislative reforms and a strong political will, the small West African nation is strengthening its place as the capital of the West African Power Pool (WAPP) and positioning itself as a big hub for gas and power in the sub-region.
On July 24, French super-major Total signed a Gas Supply Agreement and Host Government Agreement with Benin and its state utility, the Société Béninoise d’Energie Electrique (SBEE).

The agreement will see the development of a 0.5 mtpa Floating, Storage and Regasification Unit (FSRU), the first in West Africa. LNG supplies sourced from Total’s global portfolio are set to start in 2021 and last for 15 years.

KAS Prints Chooses Canon for Digital Colour Printing

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07/08/2019

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Canon Central and North Africa (CCNA), world-leader in imaging solutions, is proud to have among its clients, KAS Prints, a leading Nigerian digital printing company, and to participate fully in the development of its business objectives.

This collaboration, based on commitment, multi-sector knowledge, secure data management and high value-added solutions that guarantee sustainable innovation, allows them to combine their mutual know-how to provide KAS Prints customers with unique and unmatched services.
“We have found in Canon a trusted partner with whom we share the same values and is committed to helping us successfully anticipate our customers’ needs especially in our offering of the latest solutions. Canon’s long-standing experience in the digital and printing world encourages the emergence of innovations that will transform service delivery for our customers. We will be able to quickly adapt to any changes in the printing sector which will enable KAS Prints to maintain its leading position in the digital print market” said Ademola Kasumu – Managing Director and CEO, KAS PRINTS.

Ford Unveils SHE-MOVES Empowerment Programme in Lagos

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07/08/2019

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Ford has officially launched SHE-MOVES (Strengthen Her: Mobilising Ventures for Social Innovation), a programme from Ford Motor Company and its philanthropic arm, the Ford Fund, which supports social enterprises that benefit women and children, and promotes access to sustainable mobility.

“Through the concept of Whole-Person Leadership, SHE-MOVES provides female entrepreneurs and beneficiaries with opportunities to promote better health, develop tools for critical thinking, and activate their ideas within their communities,” says Neale Hill, Managing Director, Ford Motor Company of Southern Africa.

NSE Unveils Tuface as Brand Ambassador

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07/08/2019

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L – R: Bola Adeeko, Head, Shared Services Division, The Nigerian Stock Exchange (NSE); Tinuade Awe, Executive Director, Regulation, NSE; Innocent Ujah Idibia (TuBaba), Internationally Renowned Award-Winning Artist; Oscar N. Onyema, Chief Executive Officer, The Nigerian Stock Exchange and Olumide Bolumole, Divisional Head, Listing Business, NSE during the presentation of Certificate at the unveiling ceremony of Tuface Idibia as NSE Good Cause Ambassador yesterday in Lagos.

L – R: Bola Adeeko, Head, Shared Services Division, The Nigerian Stock Exchange (NSE); Tinuade Awe, Executive Director, Regulation, NSE; Innocent Ujah Idibia (TuBaba), Internationally Renowned Award-Winning Artist; Oscar N. Onyema, Chief Executive Officer, The Nigerian Stock Exchange and Olumide Bolumole, Divisional Head, Listing Business, NSE during the presentation of Certificate at the unveiling ceremony of Tuface Idibia as NSE Good Cause Ambassador yesterday in Lagos.

AMCON CEO Congratulates Retired Staff

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07/08/2019

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Managing Director/Chief Executive Officer, Asset Management Corporation of Nigeria (AMCON), Mr. Ahmed Lawan Kuru (right) in a congratulatory handshake with Mr. Olufemi Oluwasina Adebanjo, former Head Corporate Audit & Inspection Department of AMCON as well as Ethics Officer of the corporation who retired from active service of AMCON recently. Watching with admiration is Adebanjo’s wife, Mrs. Oluwayemisi Olufemi.

Ecobank Appoints Abban as Group Consumer Banking Head

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07/08/2019

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Ecobank Transnational Incorporated, the Lomé-based parent company of the Ecobank Group, has announced the appointment of Nana Araba Abban as Group Consumer Banking Head with immediate effect. Nana will be a member of the Group Executive Committee and report directly to the Group Chief Executive Officer.
Commenting on Nana’s appointment, Ade Ayeyemi said- “We are happy to confirm Nana as Group Head, Consumer Banking. She has extensive experience in the consumer banking space in various areas. Nana, who has been a senior member of the Consumer Banking team in the Group for some time will further grow our consumer business in line with our digital transformation agenda building on the successes we have had in the past. I convey hearty congratulations to Nana on this appointment.’

African Polo Extravaganza Takes London By Storm

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07/08/2019

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Europe’s foremost African polo event graced London for the second time yesterday at the prestigious Ham Polo Club, hosting a glamorous crowd of polo aficionados and those celebrating the style and joie de vivre of African culture.
A sea of well heeled guests, mostly head to toe in African inspired finery, proudly strutted one of the oldest polo clubs in the United Kingdom, to the soundtrack of Afrobeats and Fela Kuti, as Lux Afrique firmly marked its territory as the go-to annual African polo day.
The match was opened by Lux Afrique founder, Alexander Amosu alongside the Director of The Sofa and Chair Company.

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