Access Bank Plc has announced that it received approval from South African and Nigerian regulatory authorities to acquire South African-based Grobank Limited. The bank’s expectation of 30% profit outside its Nigerian base, through a series of acquisitions in East and West Africa, is coming to fruition.
According to the announcement, the approvals constitute a significant milestone in achieving completion of the transaction by the second quarter of 2021. This milestone further solidifies Access Bank Plc’s outside revenue plan especially after the announcement that its Zambian subsidiary (Access Bank Zambia) has finalized the acquisition of Cavmont Bank Limited.
According to the CEO of Access Bank, Mr. Herbert Wigwe, “Today’s announcement represents significant progress in delivering on our strategic intent of becoming Africa’s Gateway to the World in pursuit of our vision to be the World’s Most Respected African Bank.”
Nigeria’s biggest banks such as Access Bank, Guaranty Trust Bank Plc, and Stanbic IBTC Holdings Plc are diversifying outside their core operations or expanding across Africa in an attempt to increase revenue after the outbreak of the Covid-19 pandemic.
The approved acquisition would enable the bank to further pursue its objectives of business diversification, enhanced operational efficiencies, talent retention, and robust governance.
Grobank in South Africa and Cavmont Bank in Zambia are further indicators of the bank’s presence in the SADC region.
In Nigeria, the bank is looking to transition to a holding financial institution this year which will enable it to open subsidiaries in insurance brokerage and payments.
Is it a coincidence that the two wealthiest individuals on the planet are both nursing space transport dreams? Elon Musk and Jeff Bezos are both front runners in the two foremost and advanced space programs on the planet at the moment.
Although their motive, which is to kickstart some sort of backup civilization for human beings, align, both billionaires disagree on how to go about it. Before we dive into the disparity in Elon Musk and Jeff Bezos’ space visions, let us quickly examine their space programs.
Space Exploration Technology Corps (SPACE X)
Space X was founded by Elon Musk in 2002 and is headquartered at Hawthorn California. The goal of the company is to make Space travel affordable to ordinary people. It hopes to kickstart human colonization and inhabitation of planet Mars.
Space X manufactures two of its foremost space vessels the Falcon 9 and Falcon Heavy launch vehicles. It also manufactures other components that make space travel easy and affordable.
Space X is by far the more advanced of the two space programs. It has already put 700 Starlink satellites in space with over 120 being manufactured every month.
According to Business Insider, Space X is worth $33bn dollars
Blue Origin
Blue origin was founded in 2000 by Jeff Bezos and is headquartered in Kent, Washington DC. Blue Origin aims to make access to space cheaper and more reliable through reusable launch vehicles. It believes it can put 1 trillion people in space making use of hanging colonies on space. Blue Origin is the less successful of the two programs having failed to launch a single satellite into space.
Elon Musk’s Vision
Elon Musk envisions a life outside the planet Earth. He strongly believes human beings can inhabit Mars in Mega Cities and it can serve as a backup to earth should World War 3 or any major global disaster occur.
According to Business Insider, Elon Musk hopes to create the first sustainable city in Mars by 2050. The Company hopes to commence launching cargoes with building equipment in 2024 and hopefully, a permanent city would begin to take shape by the 2030s.
Elon Musk’s space company is valued at $33bn with its initial funding coming from his big payout from selling PayPal. He funds his SpaceX by getting contracts and investors for it.
Jeff Bezos’ Vision
Jeff Bezos’ vision for his space program is slightly different from that of Elon Musk. Jeff Bezos does not agree with the Mass Inhabitation of Mars by Elon Musk. He rather believes his Blue Origin company can come up with “floating cities” on space that can house 1 trillion people. Jeff Bezos funds his Blue Origin project by allocating a certain percentage of his Amazon shares for it. Last year he allocated a whopping $3.1bn to his Blue Origin project.
Billionaires at play
Jeff Bezos and Elon Musk are the two richest individuals on the planet. Little wonder they can afford to pursue these ambitions. Elon Musk is clearly leading the space race with a more Robust SpaceX and cutting-edge drive, while Jeff Bezos, the older and richer of the duo seems to be taking his time. Jeff Bezos puts in more funds into his blue Origin Project while Elon Musk struggles a bit with funding Space X, relying on contracts and investors to get by.
Elon Musk is the younger of the two billionaires and exudes a youthful aura which sort of gives him an edge over Jeff Bezos. He is seen as the exciting youthful tech billionaire who was once smoking pot on live TV.
Both Space X and Blue Origin enjoy subtle help from NASA, America’s authoritative Space Body.
Before her appointment, Aiboni was the company’s first Bonga Asset Operations Manager.
With over 13 years experience in the Oil and Gas sector, she had worked on Project to Asset Handover, Operations of Oil and Gas facilities with HSE, cross-discipline, cross-functional units and multi-operating unit exposure with great interpersonal skills.
The race for the manufacture and sales of the Covid-19 vaccines which is arguably the most sought after product in 2021 has been on for a while. Many countries have produced their versions of the vaccine and presented it for evaluation.
One of the leading Covid-19 vaccines in the race is the AstraZeneca vaccine which has been approved in over 50 countries and mostly used in Europe.
The AstraZeneca vaccine has been approved in Germany, France, Italy, Spain, the Netherlands and a host of other European countries.
HALIX, a corporate venture and spin-off of HAL Allergy, is a contract development and manufacturing organization (CDMO), based in Leiden (The Netherlands). The company is licensed for the contract manufacturing of clinical and commercial medicines according to GMP standards.
Halix B.V is a subsidiary of Halix Allergy which is under the Droege Group, an independent advisory and Investment Company founded in 1988 and under full family ownership. According to Reuters, Halix B.V was contracted to manufacture AstraZeneca vaccines. The company is managed by 35-years Old Dr Ernest Droege. His father, Walter Droege started the family business in 1988 and is the 37th richest man in Germany according to Manager Magazine. Forbes lists Walter Droege as worth $4bn.
Dr Ernest Droege took over the reins of the business from his father, Walter P. Droege in 2018. According to Bloomberg, he first studied industrial engineering at the University of Karlsruhe before eventually earning a doctorate in economics at RWTH Aachen University. He worked at Goldman Sachs for a while before joining the family business. He started as co-head of operations on the management team and worked his way up the chain.
According to Forbes, the Droege Group is active in 30 countries and generates around $12 billion in annual revenue.
Winners have emerged at the Heritage Bank Plc, ‘YNSPYRE’ Cream Platform Promo held in Abuja.
CREAM Platform, Nigeria’s premiere creative reward platform officially kicked off its partnership with Heritage Bank’s YNSPYRE Initiative with the commencement of the CREAM Monthly draws on Friday – March 26th 2021, rewarding subscribers who dialed the *745*463# code, with lots of cash and other prizes.
The CREAM YNSPYRE Draw proper started off on a great note with random picking of numbers electronically and with some never-to-be-forgotten moments producing 5 winners who went home with the sum of N200, 000 each as well as a pledge by D’Banj to fully support their businesses and passion in a call session from D’banj to the lucky winners.
Recently, Heritage Bank doled out the sum of N1million to Damilola Adeyemi, a winner of an online giveaway competition to celebrate the bank’s product, Ynspyre ambassador, D’banj, which heralds launching of the Ynspyre Account set aside for talented young Nigerians in the different spectrum of the creative and entertainment industry.
At the draw held on Friday in Abuja, five winners were chosen from a pool of Heritage Bank’s customers that are currently on the Cream Platform and subscribers who dialed the *745*463# code for transactions.
The Cream Platform is chaired by popular Nigerian musician D-Banj (real name Oladapo Oyebanjo).
The event was attended by the Heritage Bank Regional Executive, Abuja and North, Mr George Okoh-Oboh; popular Nollywood Actress Tonto Dikeh; popular musician Mr Easi (real name Isaiah Ediae) and other top officials of the bank.
Speaking at the event, Okoh-Oboh described the partnership between Heritage Bank and Cream Platform as a game changer for the creative industry in Nigeria.
He said, “It’s been a smooth journey and the Bank has also set aside certain funds for the creative industry because we believe that is needed to support our youths.
“And so what we have done is to be able to put this out there so that we can select very talented youths working with D-Banj and once they meet certain criteria, we will be able to lend across to them as a bank.
“So the funds have already been set out and waiting this launch which we are having today. So it’s quite an interesting story for the bank and it’s a great day for us today.
In his comments at the draw, D-Banj who was physically present at the event, said that the Cream Platform has built a strong reputation for producing some of the brightest talents in the country over the last couple of years.
He said the purpose of the platform was to have a creative hub for Africa where people can upload their contents, be discovered and get funding support from Heritage Bank.
He said the platform would enable Nigerians discover their talents in areas such as entertainment, entrepreneurship, music, arts and other areas in the creative industry value chain.
He expressed optimism that the creative industry, if properly harnessed, has the potentials to reduce the level of unemployment in the country, boost wealth creation for the people and help the country generate the much needed foreign exchange.
He noted that with the creative industry accounting for one of the highest exports from Nigeria, time has come for operators in the sector to be supported with the finances.
He said, “This year will make it five years that the platform was launched and our main aim is to create a gateway to the creative hub of Africa. With so much talent in the country and the hub in the continent, we saw it as a platform for people to have that access to become whatsoever you desire.
“And it’s no news that Heritage Bank is our partner to provide the access and financial help that you will need.
The creative industry is one of the biggest exports in the last three years now whether you are looking at music, fashion, movies. But we need that financial help, that financial backing.
“So for a long time, we have been discussing with Heritage Bank to see how we can get the funds and get that help to the people.
“And today is going to be the first time that we are actually rewarding the customers. Heritage Bank went further to help us create the ‘YNSPYRE’ Product.
“This product is for the youths and the creative industry to help ease access to funding contents uploaded on the Cream Platform.”
In her comments, Dikeh urged D-Banj and the Bank to create more awareness about the product to enable many people to take advantage of the initiative.
She said as an advocate of youth empowerment, the initiative would help to harness the potentials if the youths and stimulate the much needed development of the creative industry.
Some of those that won at the digital draw such as Blessing (An Entreprenuer), Justice Isaac Precious (A footballer and musician) and John (A Caterer) expressed joy for emerging winners.
They also commended the bank and D-Banj for the coming up with the initiative.
…REINFORCES ITS LEADING ROLE IN PROMOTING WOMEN EMPOWERMENT
First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider has announced the fourth edition of its annual FirstGem Conference, tagged FirstGem 4.0. The 2021 event is themed ‘The Art of Negotiation’ and convened to provide women with insights on the secrets of wealth management, investment and savings. It is scheduled to hold on Wednesday, 31 March 2021. Participants are required to register via the link http://bit.ly/firstbankwebinar
The product, FirstGem, is an account designed specifically to meet the needs of women, aged 18 years and above. The product is targeted at a broad spectrum of women, working professionals, entrepreneurs or market women to promote their business through an array of benefits, from free business advisory services on business funding, specialized training on Business Development initiatives (online and physical), regular information or insights on business opportunities or openings in various sectors and industries. FirstGem account owners have access to mouth-watering discounts at merchant outlets (spas, salons, grocery stores) that offer lifestyle products and services.
The Guest Speakers at the event are Mrs. Ibukun Awosika – Chairman, Board of Directors, First Bank of Nigeria Limited; Prof Pedro Videla – Prof. of Economics at IESE Business School and Prof Mehta Kandarp, Senior Lecturer, IESE Business School. They would respectively speak on the topics; the theme of the International Women’s Day “Choose to Challenge”, the current state of the Global Economy and how it Impacts Business Decisions and Negotiation as a Tool for Winning in Business & Career.
During the event, FirstBank SME customers would be given the opportunity to pitch their business idea and stand a chance to get N1,000,000 seed fund to kick-start their business. The business ideas would be judged by the following criteria; Originality, Feasibility, Good presentation skills and Sustainability.
Speaking on the event, Mr. Francis Shobo, Deputy Managing Director, Firstbank said “The FirstGem 4.0 is the icing on the cake in the streams of initiatives and activities we have organised and participated in March as we join the world to celebrate women for the indelible roles they play in our society. Through these activities, we spearhead the call on the need to promote women inclusiveness in the country as the role they play towards the continued socio-economic growth and development of any given society cannot be overemphasized.”
Shedding light on the impact of the FirstGem account, he said “our FirstGem account is specifically designed to meet the financial needs of women as it offers unrivalled services that empower women to do more and achieve more. It seeks to drive financial development and the empowerment of women through gender engineered programmes. At FirstBank, we recognize that promoting female entrepreneurship and empowerment is crucial to a better society, “he concluded.
Since the product launch in October 2016, the Bank has implemented various activities targeted at promoting female empowerment, impact and influence in the economy. Through its online portal – designed to provide a virtual online community with over 61,293 members where like-minded women irrespective of where they are in Nigeria and abroad, gather to connect, grow and share knowledge on everything about lifestyle, motherhood, career development, entrepreneurship, health, work and family. We encourage all women to join the community by signing up via this link https://firstgem.com.ng/community to enjoy this experience.
FirstGem has successfully empowered women in states across the geo-political zones in Nigeria and the United Kingdom.
Undoubtedly, Morola Babalola is one of Nigeria’s fastest-growing Realtors and Properties Manages with the genuine good of the masses at heart, driven by the passion to see low-income earners become proud homeowners and hand them the opportunity to live among the high mighty of the society.
Little wonder why friends, families, and well-wishers on Monday, despite the day being the first day of the week, gathered to raise a glass in honour of this rare gem and philanthropist at heart, as she marked her 2021 birthday and the birth of her ‘newborn baby’: Affordable Housing Cooperative Society which is set to further put joy deep into the grassroots with affordable housing scheme.
Having worked so tirelessly to ensure the project see the light of the day, the CEO of Townsend Property Investment Company finally unveiled the scheme which is a major departure from the norm, targeted at slums to palaces and the homeless into landowners.
With this gesture, Morola has definitely shattered the Chinese wall between many Lagosians and owning properties in the State.
With this development, the mother of three made it clearly bent on seeing the somewhat neglected set of people in the society when it comes to homeownership: the okada riders, the petty traders, the slum residents, even students, boast of their own houses in Lagos.
In her presentation, Morola explained that this one of its kind society would partner with cooperatives from multinationals and small and medium enterprises.
After the official unveiling of AHCS, prayers, well wishes, and accolades were showered on the celebrant for her evident selfless gesture to the society. Friends and colleagues also told tales of Morola’s enchanting love and attitude.
Among the high profiled personalities who came to felicitate with Morola were, the Special Adviser to the Lagos State Governor on Housing, Toke Benson-Awoyinka, Chairman, Star Petroleum, Otunba Babatunde Babalola, Honourable Gbenga Ashafa, Queen Ayo Balogun and many more.
The Presidency has disclosed that the Highway Development Management Initiative, which is a scheme by the Federal Government to concession roads will launch a procurement portal on March 29th, 2021 to ensure competitiveness and to guarantee transparency.
HDMI is an effort of the FG to mobilize private capacity, resources, and entrepreneurship into the Nigerian highway sector; and convert roads from just social assets into assets of commercial opportunities.
“To ensure competitiveness and to guarantee transparency, a procurement portal has been developed to serve as the interface with the public and manage the HDMI from Procurement to Implementation
“All transactions will be done through this portal. No personal inquiry will be entertained by any official or staff of Federal Ministry of Works and Housing,” FG stated.
HDMI is made up of 2 categories namely the Value-added Concessions (VAC) and the Unbundled Assets Approvals (UAA), the UAA provides an opportunity for small businesses to take advantage of the commercial opportunities that are available along the Right-Of-Way. While under the VAC the road pavement and entire right of way is concessioned for development and management by the concessionaire.
The VAC will be rolled out in phases. The First Phase will involve twelve roads and cover the 6 geo-political zones. The Projected Capital Investment of N1,134,690,048,000.76 and employment potentials of over 50,000 direct jobs and 200,000 indirect jobs.
The FG also disclosed that 5.6% of the 35,000 km (1963.24 km) of the Federal road network, would be offered for concession.
The roads are BENIN – ASABA (125KM); ABUJA – LOKOJA (193KM); KANO – KATSINA (150KM); ONITSHA – OWERRI – ABA (161KM); SHAGAMU – BENIN (258KM); ABUJA – KEFFI – AKWANGA (122KM); KANO – MAIDUGURI (lot 1 Kano-Shuari 100KM; lot 2 Potiskum-Damaturu 96.24KM) LOKOJA – BENIN (270KM); ENUGU – PORT HARCOURT (200KM); ILORIN – JEBBA (129KM); LAGOS – OTA – ABEOKUTA (80KM); and LAGOS – BADAGRY (79KM).
It was reported earlier this year that the FG received the Outline Business Case Certificate of Compliance for 12 pilot federal highways billed for concession.
Following the receipt of the Outline Business Case Certificate of Compliance, the FG stated that private individuals will be allowed to build, operate and maintain assets on some federal highways that are available for concession.
Dangote Cement, one of Nigeria’s largest indigenous companies and the largest by market capitalization incurred a company income tax of N97 billion for the financial year ended December 2020.
This s according to the information contained in its full-year audited financial statements for the period under review.
Dangote Cement has enjoyed Pioneer Status over the years and has often been criticized for not paying enough taxes despite its mega-profits.
The N97 billion incurred in 2020 is the highest company income tax reported by Dangote Cement since it became listed on the Nigerian Stock Exchange.
It incurred N49 billion in taxes in 2019 and got a tax credit of N89.5 billion in 2018.
Despite incurring N97 billion in taxes during the year, Dangote Cement’s actual tax paid was just N20.9 billion in 2020 compared to N4.6 billion paid a year earlier.
Tax incurred in the profit and loss statement is an accounting provision and is not always the actual tax paid in cash.
Putting it into context, the dividend paid during the year is N272 billion and interest payments to its creditors totals N48.2 billion.
Despite the Covid-19 Pandemic, the Cement Giant reported full-year revenue of N1 trillion, the highest it has ever recorded since it was privatized almost 20 years ago. The company also reported a profit before tax of N373.3 billion only and a profit after tax of N276 billion, its highest since 2018.
Nigeria like most countries in the world has faced a challenging 2020 due to the impact of Covid-19 on the economy, especially the private sector. However, mega-corporations like Dangote Cement appear to have even performed better during the year. The cement industry in general also appears to have performed well during the year as the combined revenue of the top 3, Dangote Cement, Lafarge, and BUA rose to N1.47 trillion from N1.28 trillion.
The impressive result nonetheless, Dangote Cement’s margins remained strong during the year posting a gross profit margin of 57% in line with its 3-year averages. However, the higher taxes incurred in 2020 dropped profit margins to 26.7%. When compared to 2018 when it still enjoyed Pioneer status, the company posted profit margins of about 43%.
Tesla boss, Elon Musk, the second richest man on the planet lost $8bn from his net worth this week.
According to Forbes, Elon Musk is currently worth $162.4 billion and is still the richest man. Musk’s net worth is highly intertwined with his shares in his Tesla company.
This week the shares took a hit which led to the $8bn loss. We are going to briefly explain what led to this loss below.
This week German automobile giants, Volkswagen announced a detailed plan to get involved in the blossoming electric car market. According to the plan, they hope to become the leading electric car manufacturer in the world by 2025.
The announcement drove up Volkswagen company shares by 15%. Experts and analysts strongly believe Volkswagen would be a very competent competitor to Tesla. This led to a 6.9% drop in Tesla shares shaving $8bn from Musk’s net worth.
The automobile industry has been dominated by German companies for a very long time. German automobile companies have at many times in the past set high standards that US carmakers have struggled to compete with.
The entrance of an 84-year-old German automobile company into the electric car market seems to have set off the alarm bells in the US Market.
Elon Musk is still the second richest man in the world behind his American counterpart, Jeff Bezos.
