Akinkugbe_Business-Series

UBA BUSINESS SERIES TO EQUIP SMES WITH PERFORMANCE MANAGEMENT STRATEGIES

by with No Comment BusinessFeatured

UBA BUSINESS SERIES TO EQUIP SMES WITH PERFORMANCE MANAGEMENT STRATEGIES FOR ORGANISATIONAL GROWTH

READ ALSO: Federal Government Denies Printing N60bn To Share In March

As part of its commitment to support the growth and sustainability of Micro, Small and Medium-scale Enterprises (MSME) in the continent, Pan African financial Institution, United Bank for Africa (UBA) Plc, is set to organise the next edition of its UBA Business Series.

The UBA Business Series which is a monthly event, is an MSME Workshop as well as a capacity building initiative of the bank where business leaders and professionals share well-researched insights on best practices for running successful businesses, especially in the face of the difficult operating environment that dominates the African business landscape.

Through this initiative,  UBA has been assisting with essential tips to help businesses re-examine their models and strategies and ensure that they stay afloat and remain thriving.

The topic for the next edition of the series  is ‘ Managing Performance for Business Growth,’  and it will be held on Wednesday, April 14, 2021 via Microsoft Teams.

At this session, the Managing Director, Secure ID Limited, Mrs Kofo Akinkugbe, will be sharing useful tips and insights on the key strategies of performance management to boost business growth.

Akinkugbe is the founder of SecureID Nigeria, a MasterCard, VISA and Verve certified Smartcard Personalization Bureau and Digital Technology company.

She currently serves as the Managing Director/CEO, Secure Card Manufacturing, – a Smartcard manufacturing plant producing high security identity cards and documents for the Banking, Telecoms and Public sectors across Africa and beyond.

The capacity building event is a virtual session which is open to all – including business owners and leaders – and will be held on Wednesday, April 14 th, 2021, at 2pm WAT. Interested participants can register via  http://bit.ly/UBASMEWorkshopMarch2021

UBA’s Head, SME Banking, Sampson Aneke said of Akinkugbe,  ‘with her vast experience garnered over the years from various sectors,  she  will help business owners understand how performance management strategies can be effectively implemented to ensure business growth’.

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Obaseki

Edo plans to train 15,000 software engineers, programmers

by with No Comment Business

At least 15,000 software engineers and programmers will be trained over the next few years in Edo State, Governor Godwin Obaseki said on Monday.

READ ALSO: Bitcoin Market Cap Hit $1trn, Above Apple, Amazon

The governor also promised to continue to pursue policies and programmes to enhance digital transformation for businesses in the state with a view to increasing their competitive advantage, improving performance and boosting growth.

Obaseki, who boasted that Edo State was ready for digital transformation in e-commerce, reassured that his administration remains committed to creating enabling environment for investors to succeed.

He gave the assurance when he received Leo Stan Ekeh, founder and chairman, Zinox Group, who was on a courtesy visit at the government house in Benin City.

“What are the critical factors required for successful digital transformation, which leads to things like e-commerce? First is electricity. You recall that we did a deal with Azura Power; we did another deal with a Chinese company. We are building electricity infrastructure and thinking about closed networks in other parts of the state,” Obaseki said.

“The second critical factor is people; training the people to think technology and use technology to do the things they need to do.

Read Also: Edo Assembly approves 15 special advisers for Obaseki

“The goal of this administration is to train nothing less than 15,000 software engineers and programmers over the next few years,” he said.

He, however, lamented the disruptions caused by COVID-19 pandemic, saying over 150,000 jobs were created in the state in three years as against minimum of 200,000 jobs earlier promised during electioneering in 2016.

According to him, these jobs were not going to come from the government but enterprises and business activities undertaken by the citizens.

Earlier, Ekeh commended the governor for creating a structure where various businesses can thrive.

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Bitcoin

Bitcoin Market Cap Hit $1trn, Above Apple, Amazon

by with No Comment Businessfinance

Bitcoin market capitalisation has notched the $1 trillion mark putting it ahead of Apple and Amazon.

READ ALSO: Counting on in-store transactions, Burger King berths in Nigeria

Data from cryptocurrency trading simulator, Crypto Parrot indicates that it took bitcoin just 12 years to hit the current capitalisation, the least time frame than four leading traditional assets.

Among the overviewed assets, Microsoft (MSFT) took almost half a century at 44 years to hit the $1 trillion valuations, representing 3.6 times more time than bitcoin. Apple (AAPL) required 42 years to hit the milestone, meaning bitcoin hit the mark 3.5 times faster than the electronics giant.

Elsewhere, it took Amazon (AMZN) 24 years to hit the $1 trillion in market capitalization representing double the period than bitcoin. Lastly, bitcoin took at least 1.75 times faster to hit the $1 trillion market cap when compared to Google’s (GOOG) 21 years.

The report explores the nature of growth between bitcoin and the highlighted mainstream assets over the past year.

“Based on bitcoin’s recent market cap rate growth, the asset will potentially surpass the highlighted traditional assets’ value at some point in the future. Although the technology stocks have soared from last year, none has been able to outperform bitcoin”, noted Crypto Parrot

Furthermore, as bitcoin adoption becomes more mainstream, it can amass a higher market cap than the traditional assets, according to the report “

“If bitcoin sustains the growth coupled with increased institutional adoption that will lower volatility, the market cap might surpass some mainstream assets. The achievement is possible considering the bitcoin market cap has exceeded other formidable players like Tesla.”

The adoption of bitcoin by institutions spells good fortunes for the asset in the future.

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Burger King

Counting on in-store transactions, Burger King berths in Nigeria

by with No Comment Businessstartup tips

Burger King, an American quick-service restaurant (QSR) chain, has finally entered Nigeria with eye on the volume of in-store transactions that Africa’s most populous country offers.

READ ALSO: Oil Price Gains For 5th Consecutive Month

The QSR chain will open its first stores in the country by the third quarter of 2021. One of the assumptions supporting Burger King’s aggressive entry into Nigeria is that at least 20 percent of Nigeria’s population is middle class. This is about 40 million people out of Nigeria’s 200 million-strong population. This compensates for the possible lack of repeat unique customers.

“We are proud to bring this iconic brand to Nigeria, and believe that our Nigerian guests will love Burger King flame-grilled sandwiches and other famous Burger King menu items, that guests can have their way,” says Antoine Zammarieh, managing director from Allied Food and Confectionery Services Limited, and who was managing director at Eko Hotels for 10 years, at the launch in Lagos, Tuesday.

In late 2000, QSR businesses started moving forward with the brands such as Mr Biggs. People familiar with the industry say that unfortunately Mr Biggs did not follow the rules and failed, but is in a revival mode.

KFC, an international restaurant brand followed, then Chicken Republic, Dominoes, Coldstone and some South African brands of QSR too. Some of the South African brands did not succeed and left.

Nevertheless, the QSR business has become one of the hottest businesses in Nigeria. It employs many and contributes to the country’s gross domestic product. The growing QSR industry offers Nigerians more options.

Zammarieh has lived in Nigeria for 38 years, and says there has been an evolution in the lifestyle of Nigerians. In today’s Nigeria, the husband and wife are working; unlike in the past when being a stay-at-home wife was common.

In fact, as the children grow up they are also quick to join the labour force. This means there is little time available to cook at home. Quick service restaurants fill this gap. This was not the case in the past because many women were stay-at-home wives, which is no longer sustainable.

“The Nigerian market is the number one in Africa with 210 million people of which 60 percent is youth. You cannot say this is not a good market for this kind of business,” Zammarieh states in an exclusive interview. “How to adapt your business to the market is the most important thing.”

Adaptation here means that flavours and menus have to fit local pellets. For Nigeria, adaption also means meeting up the demands of a market where there is a huge infrastructure deficit. It is not a plug-and-play kind of market. Plug and play meaning there is electric power, water and sewage systems that work. This is a foresight many new entrants into the market miss. This can lead to massive failures.

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Crude Oil

Oil Price Gains For 5th Consecutive Month

by with No Comment BusinessNews

The average global crude oil prices have continued to rise for the 5th consecutive month, the Organisation of the Petroleum Exporting Countries said on Tuesday.

READ ALSO: Finance Minister, Reps Meet Over Doctors’ Strike Next Week

OPEC attributed the continued rise in international oil prices to the supportive oil market fundamentals deployed by the group to stem the earlier plunge in crude oil costs.

It disclosed this in the ‘Highlights of the OPEC Monthly Oil Market Report’ released on Tuesday and obtained by our correspondent in Abuja.

Commenting on crude oil price movements, the organisation said, “Spot crude prices rose for the fifth consecutive month in March on the back of continuing supportive oil market fundamentals.

“The OPEC Reference Basket increased $3.51 or 5.7 percent m-o-m (month-on-month) to average $64.56/barrel, the highest on monthly terms since January 2020.”

It added, “In the first three months of 2021, the ORB was up by $8.82, or 17.2 percent to average $60.22/barrel. Crude oil futures prices were higher in March extending previous monthly gains.”

OPEC stated that the ICE Brent front-month rose by $3.42 in March, or 5.5 percent, to average $65.70/barrel, and NYMEX WTI increased by $3.30, or 5.6 per cent, to average $62.36/barrel.

It noted that consequently, the Brent WTI spread widened to $3.34/barrel on a monthly average.

Brent, against which Nigeria’s crude oil is priced, rose by $0.63 to $63.91 per barrel as of 9:50pm Nigerian time on Tuesday.

Meanwhile, OPEC has increased its oil demand outlook for 2021 just as the bloc and its allies plan to unleash more crude supplies over the next few months, according to S&P Global Platts.

In its closely watched monthly oil market report released April 13, OPEC raised its demand forecast by 190,000 barrels per day from its March estimate, expecting consumption to average 96.46 million bpd this year, citing economic stimulus programmes and a further easing of COVID-19 lockdown measures.

Year on year, global oil demand was projected to grow 5.95 million bpd in 2021, compared with the 5.89 million bpd forecast in March.

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Hajj

Governor Ortom Launches Savings Scheme In Benue For Hajj Programme

by with No Comment BusinessNews

The Hajj Savings Scheme which aims to give all Muslims equal treatment and to help them achieve one of the tenets of the religion is a product of the National Hajj Commission of Nigeria (NAHCON) in collaboration with Jaiz Bank Plc to make it easier for all Muslims to travel to Saudi Arabia to perform Hajj.

READ ALSO: UBA Organises Capacity Building Forum

Holy pilgrimage to Mecca at least once in a lifetime to perform hajj is one of the demands of the Islamic faith and Muslim looks towards its fulfilment. However, the state of the Nigerian economy which has now been worsened by the Covid-19 pandemic has made it difficult for many to achieve.

Speaking during the launch and sensitisation of the scheme in Makurdi, the governor, represented by Amirul Hajj, Sule Audu said his administration is committed to providing equal opportunity to all religions in Benue.

He said: “I will like to assure the Muslim Community in Benue State and NAHCON that the Benue State government will not relent in her efforts to see Muslims in the state enjoy equal right like other state indigenes and to participate in both national and international Islamic events.

The governor said that since Hajj is a mandatory religious duty for Muslims that must be carried out at least once in their lifetime, the HSS will assist “low income earners and the general public to make an installmental or gradual saving at their convenience, towards meeting their goal of going on Hajj.”

The governor requested Jaiz Bank to open a branch in Benue State for the people of the state to benefit from non-interest banking.

The Managing Director of Jaiz Bank Plc, Hassan Usman said as the Scheme grows over time, NAHCON and the various State Muslim Pilgrims Welfare Boards can have the liquid funds required to effectively plan hajj operations early, thereby securing better bargain for accommodation and other services for their pilgrims. The scheme can also be the key to making them highly self-sustaining in the long run.

The Chairman and Chief Executive Officer of National Hajj Commission of Nigeria, Zikirullah Kunle Hassan said the scheme is part of the reforms to make hajj operations in tandem with the global best practice.

He said under the Hajj Savings Scheme, subscribers can get reward of their intentions before actualising the journey, saying every Muslim can participate and will have the opportunity to perform the holy pilgrimage without having to sell off his or her assets.

SOURCE

UBA

UBA Organises Capacity Building Forum

by with No Comment Business

As part of its commitment to support the growth and sustainability of micro, small and medium-scale enterprises (MSME) in the continent, the United Bank for Africa (UBA) Plc, is set to organise the next edition of its UBA Business Series.

READ ALSO: Senate Summons NICON, AIICO, Others

The UBA Business Series which is a monthly event, is an MSME Workshop as well as a capacity building initiative of the bank where business leaders and professionals share well-researched insights on best practices for running successful businesses, especially in the face of the difficult operating environment that dominates the African business landscape.

Through this initiative, UBA has been assisting with essential tips to help businesses re-examine their models and strategies and ensure that they stay afloat and remain thriving, a statement from the bank explained.

The topic for the next edition of the series is, “Managing Performance for Business Growth,” and it will be held today, via Microsoft Teams.

At this session, the Managing Director, Secure ID Limited, Mrs Kofo Akinkugbe, will be sharing useful tips and insights on the key strategies of performance management to boost business growth.

Akinkugbe is the founder of SecureID Nigeria, a MasterCard, VISA and Verve certified Smartcard Personalization Bureau and Digital Technology company. She currently serves as the Managing Director/CEO, Secure Card Manufacturing, – a Smartcard manufacturing plant producing high security identity cards and documents for the Banking, Telecoms and Public sectors across Africa and beyond.

UBA’s Head, SME Banking, Sampson Aneke said of Akinkugbe, “with her vast experience garnered over the years from various sectors, she will help business owners understand how performance management strategies can be effectively implemented to ensure business growth.”

He emphasised UBA’s commitment and deep passion for small businesses, which according to him, remains the engine of any developing economy adding, “We know small businesses are the backbone of the economy in every country. In many climes, businesses with fewer than 100 employees account for 98.2 per cent of all businesses. This no doubt captures the importance of SMEs to a thriving economy which is why UBA is committed to seeing them flourish.”

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Senate

Senate Summons NICON, AIICO, Others

by with No Comment Businessfinance

Alleged Non-Remittance Of N17.4bn: Senate Summons NICON, AIICO, Others

The Senate Public Accounts Committee has summoned the management of the NICON Insurance Plc, AIICO Insurance and other insurance companies over their alleged failure to remit N17.4bn pension fund to t he Pension Transitional Arrangement Directorate.

READ ALSO: CBN Mandates Banks To Enrol For Credit Risk Management In System

The Senate hinged the summon on the 2016 report of the Auditor-General for the Federation which unraveled the alleged non-remittance of N17.4bn pension fund to PTAD.

Appearing before the panel on Monday, the Executive Secretary of PTAD, Dr Chioma Ejikeme, informed the lawmakers that PTAD took over the assets and liabilities of the defunct pension offices without a formal handing over.

She said, “On taking over, the directorate wrote all underwriters to make returns and remit whatever amount that was in their custody into a CBN dedicated account.

“Some of the underwriters responded to the request while some did not.

“The bank certificate of balances, accounting statements, three years financial statements and policy files requested by the federal auditor were not handed over to PTAD at the time of consolidation.

“These figures represent the claims by the underwriters with regards to their indebtedness.

“In order to ascertain the true position of legacy funds in custody of underwriters, the directorate appointed a consultant in 2018 who carried out forensic audit of nine out the 12 insurance underwriters and produced a final report on the recovery of the legacy funds and assets for PTAD.”

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CBN

CBN Mandates Banks To Enrol For Credit Risk Management In System

by with No Comment Businessfinance

In pursuit of a, sound financial system in Nigeria, the Central Bank of Nigeria, CBN, has asked all Development Financial Institutions (DFMs), Micro Finance Banks MFBs, Primary Mortgage Banks (PMBs and other Financial companies to enrol for the Credit Risk Management (CRMS).

READ ALSO: Naira appreciates at NAFEX as Nigeria’s external reserve is set to get a boost

The apex bank said the redesign CRMS would help improve the Credit Risk Management of the financial sector, thereby promoting safe and sound financial system in the country.

In a circular, FPRD/DIR/PUB/CIR/01/002, dated April 8th and released on Monday by Kelvin N. Amugo, Director Financial Policy and Regulation Department, the CBN Mandated all DFIs, MFBs, PMBs, FCs are required to report all credit facilities (principals and interest) to the CRMS and to update same on monthly basis.

“As part of its effort to promote a safe and sound financial system in Nigeria, the Central Bank of Nigeria (CBN) introduced the CRMS to improve Credit Risk Management in commercial, merchant, non- Interest banks as well as to prevent predatory borrowers from undermining the banking system.

With the successful implementation of the CRMS in deposit money banks, it has become expedient to commence the enrolment of other financial institutions (OFIS) on the CRMS platform.”

The regulator also stated that Bank verification Number (BVN) and TAX identification Number (TIN) would be needed to undertake the CRMS process.

“Accordingly, all DFIs, MFBs, PMBs, FCs are required to report all credit facilities (principals and interest) to the CRMS and to update same on monthly basis. OFIs shall note that Bank verification Number (BVN) and TAX identification Number (TIN) are the only basis for regulatory renditions.

“To ensure full compliance,  OFIs are reminded to conclude the tagging of all live credit files for all individual and non individual borrowers with BVN and TIN respectively by May 14, 2021.

According to CBN, Other financial institutions should avail themselves with regulatory guidelines, adding that stiff penalties await those who fail to comply with the directives

“Furthermore, the concern  OFIs are advised to acquaint themselves with the regulatory guidelines for the operation of the redesigned CRMS for commercial, merchant and non- interest Banks in Nigeria(February 2017) and the additional regulatory guidelines of separation 2017.

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NAIRA FX

Naira appreciates at NAFEX as Nigeria’s external reserve is set to get a boost

by with No Comment Businessfinance

The exchange rate between Naira and the US Dollar closed at N409/1$ in the Importers and Exporters window, where forex is traded officially.NAFEX

READ ALSO: Nigeria’s accelerating food inflation shows failure of border closure

Naira gained against the US Dollar at the NAFEX window on Friday to close at N409/$1. This represents a 0.16% gain when compared to N409.65/$1 recorded on Thursday, as the country’s external reserve is set to receive a boost with the planned issuance of $500 million Eurobonds.

Meanwhile, the naira maintained stability at the parallel market on Friday, 9th April, 2021 to close at N485 to a dollar, the same rate as maintained since last week.

Trading at the official NAFEX window

Naira appreciated against the US Dollar at the Investors and Exporters window on Friday to close at N409 to a dollar. This represents a 65 kobo gain when compared to N409.65/$1 recorded on Thursday, 8th April 2021.

  • The opening indicative rate closed at N409.79 to a dollar on Friday. This represents a 71 kobo gain when compared to N410.50/$1 recorded on Thursday.
  • Also, an exchange rate of N420 to a dollar was the highest rate recorded during intra-day trading before it closed at N409/$1. It also sold for as low as N395/$1 during intra-day trading.
  • Forex turnover at the Investor and Exporters (I&E) window dropped by 41.1% on Friday, 9th April 2021.
  • A cursory look at the data tracked by Nairametrics from FMDQ showed that forex turnover declined from $93.69 million recorded on Thursday, April 8, 2021, to $55.21 million on Friday, April 9, 2021.

Cryptocurrency NAFEX watch

The world’s most popular digital currency, bitcoin recorded a 3.05% increase in value on Saturday evening, 10th April 2021.

  • Bitcoin went up by 3.05% to trade at $59,907 on Saturday evening, compared to $58,135 recorded at the close of trade on Friday.
  • This is coming after it had risen to $61,222.22 on Saturday, its highest in nearly a month, propelled by talks of constrained new supplies against evidence of wider adoption.
  • Bitcoin (BTC) is up 116% from the year’s low of $27,734 on January 4. It crossed the $60,000 mark for the first time on March 13, hitting a record $61,781.83 on Bitstamp exchange, just after U.S. President Joe Biden signed his $1.9 trillion fiscal stimulus package into law.
  • The digital currency has been widely adopted by many, replacing gold as the global digital-reserve asset.

NAIRA NAFEX

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