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Aliyu Ilias

Aliyu Ilias

Tuesday, 17 February 2015 12:57

Deloitte Global Gets New Chief Executive

Touche Tohmatsu Limited (Deloitte Global) has appointed Punit Renjen, currently Deloitte U.S. member firm Chairman, as the new Chief Executive Officer. Renjen will assume the new role at the start of Deloitte Global’s fiscal year beginning June 1, 2015.

“It is a privilege to be part of an organisation that develops the most talented professionals into leaders and does its part to improve the societies in which we operate and delivers high quality services and innovative solutions to the best clients.

He added that the organisation is led by a purpose to make positive, meaningful impact that matters to everyone Deloitte touches. “I will do my best to serve the network by helping enable our leaders and people to fulfill their passion to make a difference,” said Renjen.

He succeeds Barry Salzberg, who will retire at the end of the fiscal year- May 31, 2015, and become a member of the full time faculty of Columbia Business School as a professor of professional practice. Salzberg also plans to serve on public company boards.

Renjen’s leadership appointment is part of a rigorous and comprehensive nomination and member firm partner ratification process that occurs every four years and includes all member firms of the Deloitte worldwide network.

 

He is a recognised leader in Mergers and Acquisitions (M&A), assisting clients through the entire M&A lifecycle. He grew up in India and holds a bachelor’s and master’s degree in management with honors from Willamette University.

Small and medium-sized private clinics that want to acquire innovative medical technologies and services and develop their own brands can now do so from Royal Philips with finance support through the Diamond Mediloan QualityCare Programme, Marketing Edge reports. This was made possible recently when Diamond Bank Plc launched a partnership with Royal Philips, the Medical Credit Fund, a section of the PharmAccess Group to improve access to quality healthcare in Nigeria.

Loans under this program are backed with business and medical quality assessments plus training implemented by the Medical Credit Fund using the Safecare standards. As such, clinics can expand and improve the quality of their services, giving more people access to quality healthcare.

Across Sub-Saharan Africa, the majority of healthcare facilities are small, private health clinics and diagnostic centres. Most small and medium-sized private clinics in Nigeria cannot obtain financing from banks due to the perceived high investment risks. As a result, they are not able to invest in medical equipment, carry out necessary renovation works or recruit qualified personnel. At the same time these clinics serve more than half of the population in Nigeria, primarily low-income earners.

Diamond Mediloan QualityCare Programme addresses the issue of healthcare practitioners who don’t have access to mobile ultrasound equipment which enables them to carry out relatively straightforward but critical examinations during pregnancy. The mobile ultrasound equipment can also be taken to rural villages to screen women that are not able to reach the clinics. The clinics will also be eligible to obtain loans to acquire patient monitoring and X-ray systems from Philips for the examination and treatment of patients.

Small and medium-sized private clinics that want to acquire innovative medical technologies and services and develop their own brands can now do so from Royal Philips with finance support through the Diamond Mediloan QualityCare Programme, Marketing Edge reports. This was made possible recently when Diamond Bank Plc launched a partnership with Royal Philips, the Medical Credit Fund, a section of the PharmAccess Group to improve access to quality healthcare in Nigeria.

Loans under this program are backed with business and medical quality assessments plus training implemented by the Medical Credit Fund using the Safecare standards. As such, clinics can expand and improve the quality of their services, giving more people access to quality healthcare.

Across Sub-Saharan Africa, the majority of healthcare facilities are small, private health clinics and diagnostic centres. Most small and medium-sized private clinics in Nigeria cannot obtain financing from banks due to the perceived high investment risks. As a result, they are not able to invest in medical equipment, carry out necessary renovation works or recruit qualified personnel. At the same time these clinics serve more than half of the population in Nigeria, primarily low-income earners.

Diamond Mediloan QualityCare Programme addresses the issue of healthcare practitioners who don’t have access to mobile ultrasound equipment which enables them to carry out relatively straightforward but critical examinations during pregnancy. The mobile ultrasound equipment can also be taken to rural villages to screen women that are not able to reach the clinics. The clinics will also be eligible to obtain loans to acquire patient monitoring and X-ray systems from Philips for the examination and treatment of patients.

Small and medium-sized private clinics that want to acquire innovative medical technologies and services and develop their own brands can now do so from Royal Philips with finance support through the Diamond Mediloan QualityCare Programme, Marketing Edge reports. This was made possible recently when Diamond Bank Plc launched a partnership with Royal Philips, the Medical Credit Fund, a section of the PharmAccess Group to improve access to quality healthcare in Nigeria.

Loans under this program are backed with business and medical quality assessments plus training implemented by the Medical Credit Fund using the Safecare standards. As such, clinics can expand and improve the quality of their services, giving more people access to quality healthcare.

Across Sub-Saharan Africa, the majority of healthcare facilities are small, private health clinics and diagnostic centres. Most small and medium-sized private clinics in Nigeria cannot obtain financing from banks due to the perceived high investment risks. As a result, they are not able to invest in medical equipment, carry out necessary renovation works or recruit qualified personnel. At the same time these clinics serve more than half of the population in Nigeria, primarily low-income earners.

Diamond Mediloan QualityCare Programme addresses the issue of healthcare practitioners who don’t have access to mobile ultrasound equipment which enables them to carry out relatively straightforward but critical examinations during pregnancy. The mobile ultrasound equipment can also be taken to rural villages to screen women that are not able to reach the clinics. The clinics will also be eligible to obtain loans to acquire patient monitoring and X-ray systems from Philips for the examination and treatment of patients.

As part of efforts to strengthen its partnership with stakeholders in the telecommunication business, youthful brand, Etisalat recently hosted its distribution partners at its 2015 Distribution Partners Conference tagged “Success Through Synergy”.

The annual conference is a platform for distribution partners across the different geopolitical zones of the country, to meet and discuss with the management and key officials of Etisalat with the aim of strengthening partnerships, driving innovative ideas and proffering solutions that will help create a more robust business operation.

Speaking at the event, Mr Matthew Willsher, Chief Executive Officer of Etisalat Nigeria expressed his delight at being a part of the conference as it gave him the opportunity to meet and hear the views of the different distribution partners while sharing the vision of the company moving forward.

“I am happy to have met with these crucial members of our company and to have talked to them about all the successes we have achieved. We have done remarkably well over the years, and we still have a lot of potential. We realise that the partnership with all of our channel and service partners will go a long way in maximising these potentials”, he said.

He also urged the distribution partners to take advantage of the infrastructure put in place by the network to get higher purchasing customers.

After the morning session, participants were hosted to a cocktail party, anchored by, OAP Dotun Kayode. Guests were also treated to performances by Seyi Shay, Orezi, GT da Guitarman, and Sir Victor Uwaifo among others.

In a move to further keep up the promotion of a healthier lifestyle and reduce nonparticipation of pupils from schools owing to sicknesses, Dettol, a hygiene brand from the stables of Reckitt Benckiser has commenced fresh rounds of visit to schools to educate pupils and teachers on the benefits of hand hygiene.

The school visits, a key component of the Dettol School Hygiene Programme (SHP) initiative, held recently in Lagos is targeted at driving home the key message of proper hand washing culture as a cost-effective strategy to reduce potential death-causing illnesses such as diarrhea and other respiratory diseases often caused by germs and poor hygiene.

The SHP train landed Chrisland School, Ikeja during the school’s inter-house sports competition with Dettol Brand Ambassador and veteran Nollywood actress, Patience Ozokwor popularly known as Mama G, leading the highly interactive campaign.

Through the deployment of audio-visual kits and memorable sing-along songs, the students fully participated in the do-it-yourself six steps of effective hand washing, and they commended Dettol for the initiative.

While encouraging the students, parents and teachers to imbibe the culture of regular hand washing in order to live healthy and be active, Ozokwor reminded them that germs posed serious danger to human health and they could cause illnesses such as diarrhea, flu, fever, cough and catarrh in addition to avoidable death.

 

She affirmed Dettol’s commitment to the continued empowerment of Nigerians through innovative solutions that could bring about healthier living.

Speaking on the significance of the Dettol School Hygiene Programme, the Marketing Director, West Africa, Reckitt Benckiser, Mr. Oguzhan Silivrili, enjoined Nigerians to embrace standard solutions such as regular handwashing as one of the cost-effective ways to protect themselves and loved ones against illness-causing germs.

“Solutions that do not protect from all 100 types of germs are substandard and we at Reckitt Benckiser advocate that people do not protect themselves with substandard solutions but with gold standard solution. Dettol is the only antibacterial brand which has been proven to protect from up to 100 illness causing germs and that is why we advocate that Nigerians do not take a risk with the lives of their loved ones but rather, adopt the gold standard kind of protection they can get,” he said.

Silivrili added that the SHP was one of the numerous platforms put in place by Dettol to help Nigerians to live healthier life as well as empower them to remain active at all times. He said over 3 million children across Nigeria have been reached with the message of hand washing since the inception of the programme in 2009.

Tuesday, 17 February 2015 12:19

NB Plc Announces N37.2bn Dividend for 2014

The most capitalised corporate brand in Nigeria, Nigerian Breweries Plc’s board of directors has recommended a total dividend of N37.205bn for the 2014 financial year, Marketing Edge reports. This is contained in a statement by the company’s Secretary and Legal Adviser, Mr Uaboi Agbebaku.

According to the company the pay-out comes to N4.75 per ordinary share of fifty kobo each. The board had earlier paid an interim dividend of N9.453bn, representing N1.25 per ordinary share of fifty kobo each in October 2014.

“Thus the final dividend will be N27.752bn, that is, N3.50 per ordinary share held. If the proposed final dividend is approved, it shall be paid subject to a deduction of withholding tax, on the 14th of May 2014 to all shareholders whose names appear on the company’s register of members at the close of business on March 4, 2014”, according to the statement.

The Star lager beer maker recorded revenue of N266.3bn in 2014, a 0.8 per cent decline from the N268.6bn revenue it recorded in 2013. The results from the company’s operating activities showed a profit before tax of N61.4bn and a profit after tax of N42.5bn for the year under review.

Despite the challenging circumstances of 2014, the company was able to return creditable results for the year due in part to her cost leadership and innovation agenda.

“In the course of the year under review, the Company concluded the legal process which culminated in a merger with Consolidated Breweries Plc resulting in an enlarged company. The effective date of the merger was 31st December, 2014. The reported performance does not include the results of the dissolved Consolidated Breweries Plc,” Agbebaku said.

The recommendation of the board would be presented to the company’s shareholders for approval at the 2015 Annual General Meeting.

“The beginning of 2015 has seen a continuation of the challenging business environment with even more impact on disposable income. However, our company is poised to maximise the economies of scale arising from an enlarged company formed from the merger with the dissolved Consolidated Breweries Plc, with a view to creating more value for shareholders”.

Tuesday, 17 February 2015 12:16

Fashola Now Managing Director, IGI

Following the death of Mr Remi Olowude, the company’s founder and executive vice chairman, the Industrial And General Insurance Plc has appointed Mr Rotimi Fashola as its functional group managing director effective immediately. This was contained in a recent statement released by the insurance brand after the decision was taken at a meeting of the board held in Lagos.

The board also named the former executive director, special risks, Mr Sina Elusakin, as the deputy managing director, while Mrs Foluso Gbadamosi was appointed the executive director, human resource, administration and information communication technology.

The appointment was guided by proper corporate governance procedures and best practices, aimed at ensuring seamless business continuity, stability and growth in the overall interest of all stakeholders.

“With his over 20 years’ experience and a remarkable track record in the insurance and financial services industry, Fashola has earned a reputation as a truly accomplished and highly respected professional. The board believes that he possesses the core values upon which the IGI was founded and has the capacity to take the company to greater heights,” the statement added.

Prior to his new position, Fashola served as the deputy managing director and later acting managing director when the late executive vice chairman/chief executive officer went on medical leave.

The consummate insurance practitioner is expected to uphold the vision of the company and drive its growth, re-position and transform the erstwhile top brand for continued competitiveness in the industry.

Nigeria’s capital market might have lost $2 billion in two days just last week, but leading financial markets analyst, Bismarck Rewane, insists this is the best time to invest in the market.

“This is the right time to come into the market, but investors need courage and money and a lot of people don’t have the courage, neither do they have the money to invest,” said Rewane, MD/CEO of diversified financial services institution, Financial Derivatives Company Limited.

He continued: “If you have the two, then you are good to go. But those who have money don’t have the courage and those who have courage, don’t have money. There are very few people that have both.

“So, you need the two Cs, which is courage and cash to play in the stock market at this time,” local media platform Thisday quoted him as saying.

He predicts that the stock market would appreciate after the 2015 elections, which had been responsible for most of the recent shocks suffered by the market.

The Nigerian Stock Exchange (NSE) All-Share Index and Market Capitalization depreciated by 8 per cent to close at 27,585.26 and N 9.204 trillion respectively, on Friday, ending another poor week for the bourse this year.

All indexes also did worse than the previous week, except the NSE Oil & Gas Index which climbed 0.38 per cent. NSE Alternative Securities Market (ASeM) Index closed flat.

No doubt about it, the multi billion Naira online shopping business space has come to stay in Nigeria but not of Nigerian or by Nigerian. Maybe not far away too, the brick and mortar retail may go the same way.

The business-like attitude to online retail really started with DealDey.com, the life is better online crooner, offering juicy daily deals for interested shoppers. The market entry pricing strategy offering huge discounts, sometimes as much as 80% off resonated with the target market. The bait had people flocking to the DealDey.com website to have a pick of juicy deals. And you could get just about anything on offer on the site.

Just name it, electronic gadgets, computing accessories and even discounted professional services. The business became so successful that one of the directors, Simdul Sagaya was convinced enough to launch his own dedicated online store, modelled after Amazon.com. He believed the market is huge especially with Nigeria’s teeming population. Thus began the story of Konga.com in June 2012 and the rest as they say, is history.

Sim Shagaya, though born in Nigeria, received most of his education in the US including an MBA from the prestigious Harvard Business School. He spent some time in the employ of Rand Merchant Bank in South Africa before joining Google and moving back to Nigeria to head the search giant’s strategy for the entire continent, excluding South Africa. While there, Shagaya started an out-of-home (OOH) business e-motion advertising, now managed by Paul Onyia as managing director and Tunde Folawiyo as Chaiman. You will recall that Folawiyo also sits on the board of MTN Nigeria and Access Bank Plc. E-motion advertising has grown to be one of the biggest in the OOH industry in Nigeria. He also invested heavily in DealDey and there is no information that he is out of the board of directors yet.

Konga.com, Nigeria’s biggest online mall invested heavily in advertising and the dividends are paying off. Its radio jingles have very catchy tunes that have several sing-along converts that are eventually led to visit and shop. It also launched its mobile app allowing users to shop from the comfort of their mobile devices and is very active on social media. Times are rosy and things are looking up for the retail giant.

However Konga.com today is involved in a long running battle with arguably its biggest competitor (?) in the Nigerian market, Jumia. If it were possible for Konga.com to have Jumia completely wiped off the online picture, it would. In January 2014, Konga.com threatened legal action against Rocket Internet because the latter had registered the Konga domain name in at least 11 African countries in a perceived attempt to stifle the growth of the Konga brand in strategic African markets.

Jumia, whose operations launched in May 2012 initially by Tunde Kehinde and Raphael Afeador, both Havard Business School graduates. Perhaps this duo and Shagaya even sat in the same class. After their initial efforts, the duo got funding from German-based Rocket Internet and as of today has successfully raised over $80 million in investment capital with Rocket Internet being the major investor in the start-up.

However, in the intervening period of two and a half years, there have been quite a few shake-ups in the Jumia boardroom. Tunde Kehinde resigned his position as joint MD/CEO in January 2014 and Raphael Afeador followed suit with both completely divesting from the company they founded. Since then Jumia has gone through a number of CEOs before currently berthing with Jonathan Doerr the current CEO. Speculations are rife that all the re-jigs in the company are planned and prompted from the Europe.

Albeit, these seeming boardroom issues have not stopped the company from growing stronger and improving its market share in the country. Jumia today is arguably positioned as Nigeria’s No 1 online retail store. The MTN group, through Africa Internet Holdings (AIH) owns a huge stake in Jumia through its 33.3% holding in AIH and Jumia’s site reflects this. It has the MTN badge throughout the site.

In between them, Konga.com and Jumia controls over 95 per cent of the online retail industry in Nigeria. Our findings are indicates that both entities are quite closer to each other than we may know of yet. In fact, one may be tempted to say Konga.com and Jumia are business cousins; AB Kinnevik, the Swiss based global investment company, became Konga.com’s lead investor. However, the company has a sister company, Millicom International Cellular S.A, who with Rocket Internet controls 66.6% of Africa Internet Holding stakes with MTN owning the remaining 33.3%. But Jumia is a company now wholly owned by AIH. Therefore, through webs of investors’ networks, someone, somewhere, who owns controlling interest in Kinnevik and Millicom, owns controlling interest in 95% of the online retail business in Nigeria! Never mind the facade of bickering.

The less than 10 per cent online market share split amongst many small players have AIH companies that currently play major roles in Nigeria’s online space, including EasyTaxi, Kaymu.com.ng,  Carmudi, Lamudi and Jovago.com. So in actual fact, there really is no real competition in the bottom-line for these players. After all, the profits may end up in the same place. Other online retailers who are outside the portfolio of these acclaimed investors, such as Tafoo.com and zetashop.com.ng are being stifled in the marketplace.

In actual fact, the online retail space is not an open market. What we have is a monopoly with one entity controlling 95 per cent of Nigeria’s online retail market space through a web of networks of holdings and investments.

Meanwhile, managing importation of all manner of products, scarce foreign exchange, import substitution policy and taxation issues are subject for another day. We have several Nigerian allowance-drawing board members, employment for logistics, packaging and account clerks that are Nigerians, may be good enough compensation for now.

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