DangotehiredMichel Puchercos from Larfarge to keep in-house a man who seems to be the best talent in the cement industry in Nigeria. Michel had performed wonders in Lafarge, transforming the company in many ways, and positioning it to battle Dangote Cement.
“The Board of Lafarge Africa Plc hereby notifies The Nigerian Stock Exchange and the investing public of the resignation of Mr. Micheal Puchercos from the Company as the Group Managing Director/Chief Executive Officer with effect from the 17th of January 2020.
“Mr. Puchercos served the company as an Executive Director on the Board since the 1st of April 2016. During his tenure as the GMD/CEO, he implemented a successful turnaround plan for the business addressing the legal, financial and management structure of the company, Health & Safety improvements and the implementation of new operating processes.
“We wish him the best in his future endeavors.”
Market data reported to the Nigerian Stock Exchange seems to show that he is going to continue the streak, albeit in a new company: Dangote Cement grew 40% during one of the most challenging periods in the construction sector when lockdowns froze the sector.
“I am delighted to report that Dangote Cement experienced its strongest quarter in terms of EBITDA and strongest third quarter in term of volumes. Despite a challenging environment, Group volumes for the nine months were up 6.6% and Group EBITDA was up 17.1%, at a 46.6% margin.”
“This quarter has really shown the ability of Dangote Cement to meet the strong recovery of the cement market in Nigeria and Pan-Africa after a challenging Q2. In Nigeria, we have witnessed a strong appetite for real estate investment and the recovery of infrastructure spending – including more concrete roads.
“Sales volumes in Nigeria were up 40% in the quarter and Pan-Africa reached a record high EBITDA margin of 24% in the quarter. In the quarter, our Group net profit was up 135.1%,” he said.
Find ways to build the best team: nothing else matters than having the right person to manage all your factors of production. This man is a real Mr. Cement and he is rocking it in Nigeria. Yes, in the Forum a few months ago, I noted how he grew profits1,284% in Lafarge while reducing CEO compensation by 10%!
Notes: only the first 100 will be on Zoom. Others will connect via YouTube Live here. You can leave comments below and the moderator will still pick them. Links for Live Sessions Sat| 12noon -1pm WAT| Nurturing Innovators & Career Planning – Capt. Ola Olubowale– Tekedia Live | Zoom link Sat | 7pm – 8pm WAT […]
A new payment era begins and a new order out of the beautiful America. Yes, the Indian government has approved WhatsApp Pay, a secure payment system used in making money transfers on the WhatsApp platform, the company announced.
The Indian government has approved WhatsApp Pay, a secure payment system used in making money transfers on the WhatsApp platform, the company announced.
“Starting today, people across India will be able to send money through WhatsApp. This secure payments experience makes transferring money just as easy as sending a message,” WhatsApp said in a blog post. “People can safely send money to a family member or share the cost of good from a distance without having to exchange cash in person or going to a local bank.”
The payment feature was designed in partnership with the National Payments Corporation of India (NPCI) using the Unified Payment Interface (UPI), an India-first, real-time payment system that enables transactions with over 160 supported banks, according to a statement from WhatsApp.
The instant message app explained that it is necessary to have a bank account and debit card in India to use the WhatsApp Pay feature, which can be downloaded in the Google and Apple stores.
This an asymmetric perturbation in emerging market payment systems. Expect the valuation of most paytech startups to drop in India. Simply, if you belong to a planet, you cannot compete against that planet. Facebook’s WhatsApp is a planet and most payment startups in India will struggle.
With Brazil done, India done, I expect Nigeria next in the next coming months. It is a convergence: pick the main countries in each of these continents and then, out of them, unify the ecosystems. Hail the king social, hail a new feather – payment. Mark Zuckerberg begins a new ascension with what he has always wanted: moving money in emerging markets. He is largely close to become the modern operating system.
Mark Zuckerberg is now sitting on the throne: he has the moat with scale, and has taken the castle. It is going as predicted in 2018.
Google Tez will likely lead the person-to-merchant segment while WhatsApp would take the person-to-person. Each would continue to find how to enter each other’s territories.
The challenge for Nigerian banks would emerge if people begin to warehouse their funds within the WhatsApp and Tez wallets to avoid moving them into their bank accounts. This is important as Nigerians pay fees when they withdraw their funds in their bank accounts [remember the stamp duty on digital transfers]. So, reducing that bank exposure would be strategic for many merchants. If WhatsApp and Google Tez provide the platforms to do banking with the big fees charged by banks, many would go for them.
The Indian government has approved WhatsApp Pay, a secure payment system used in making money transfers on the WhatsApp platform, the company announced.
“Starting today, people across India will be able to send money through WhatsApp. This secure payments experience makes transferring money just as easy as sending a message,” WhatsApp said in a blog post. “People can safely send money to a family member or share the cost of good from a distance without having to exchange cash in person or going to a local bank.”
The payment feature was designed in partnership with the National Payments Corporation of India (NPCI) using the Unified Payment Interface (UPI), an India-first, real-time payment system that enables transactions with over 160 supported banks, according to a statement from WhatsApp.
The instant message app explained that it is necessary to have a bank account and debit card in India to use the WhatsApp Pay feature, which can be downloaded in the Google and Apple stores.
“WhatsApp sends instructions to banks, also known as payment service providers, that initiate the transfer of money via UPI between sender and receiver bank accounts. We’re delighted to be working with five leading banks in India,” the instant message app explained.
WhatsApp said it is working with ICICI Bank, HDFC Bank, Axis Bank, the State Bank of India, and Jio Payments Bank, to facilitate payments, and people can send money to anyone using a UPI supported app.
The payment feature is designed with a strong set of security and privacy principles, including entering a personal UPI PIN for each payment.
Facebook CEO
WhatsApp said they believe the combination of UPI’s unique architecture can help local organizations address some of the key challenges of our time in the future, including increasing rural participation in the digital economy and delivering financial services to those who have never had access before.
“We are excited to join India’s campaign to increase the ease and use of digital payments, which is helping expand financial inclusion in India,” WhatsApp said.
The journey of WhatsApp Pay started in June, when Facebook founder and chief executive Mark Zuckerberg announced thelaunch in Brazil. However, Brazil’s central bank suspended the feature, just a week after it was launched.
Facebook had partnered with MasterCard and Visa to facilitate WhatsApp Pay in Brazil, but banks in the South American country were not having it.
Following Brazilian central bank’s intervention, banks in the country had asked MasterCard and Visa tosuspend money transfer on WhatsApp app. Failure to comply with the order would subject them to fines and administrative sanctions.
But while Brazilian central bank was halting the use of the instant message payment feature, it was being tested in India. It appears that Facebook learned from its ordeal in Brazil and changed its approach in India.
The use of UPI and partnership with the NPCI and local banks in India appears to have removed any government’s concern that the WhatsApp payment feature will disrupt the nation’s banking system. It was the reason many believed the WhatsApp pay feature was halted in Brazil.
UPI, due to its interoperability, has become dominant in the digital payment ecosystem that is fast becoming a multibillion dollar market. Industry report said last year that the market is expected to leap from $64.8 billion in 2019 to $135.2 billion in 2023.
Unlike many other mobile wallets and payment systems, where both the user and merchant need to have the same wallet platform to perform transactions; UPI users have the ability to carry out transactions using different platforms that are built on the framework.
In India, all major payment platforms use the UPI framework which processed more than 2.07 billion transactions in October; a giant leap from its $1.08 billion the previous month.
UPI has about 190 lenders in India, which will make it easier for WhatsApp to penetrate the booming payment market. Zuckerberg said the payments feature is available in 10 Indian regional language versions of WhatsApp.
“With UPI, India has created something truly special. It’s opening up a world of opportunities for micro and small business that are the backbone of the Indian economy,” Zuckerberg added.
But with the vast payment platforms in India, including Google Pay, Walmart’s PhonePe and Alibaba’s backed paytm, WhatsApp Pay is going to face fierce competition.
Notwithstanding, the launch in India has a set trajectory for other countries that may put many payment startups out of business.
It is a good morning in America. Sir, out of nowhere, you sent a note: follow me to Morocco, and just like that, a village boy from Ovim, was in the Vice President entourage. Days later, I spoke in Marrakesh, Morocco. You made it happen. I salute the flag and the beauty of America. It is morning over here, and the dews are falling.
Freedom to the black kids on the way to Ivy League. Freedom to women of color. Freedom to our world. Freedom! Freedom!! America the beautiful – you have left the solid bounds of the earth and touched the face of the Almighty and the blessings are all over us.
Peace, grace, and abundance – our beautiful nation, the great America. We came with really nothing, but your kindness has brought abundance to us. That will remain because HE still answers prayers. Thank you Jehovah. Thank you Chineke. Thank you Oluwa Jesu. Thank you – it is morning over here.
