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Home Blog Page 6436

A Hungry Man Will Not Stay At Home

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Citizens may stay at home, but hunger will push them out – Hunger will not stay at home! Hunger respects no social distancing regulations. Only food solves the matter. Yes, joking aside!

Things have changed. Prices of stuff have gone up. And you know how it is in Nigeria, what goes up hardly comes down especially when it has to do with money…price.

Only the middle and the upper class in our Nigerian social construct can ‘vex’ and go to the market and buy and buy until the barn is full.

The poor can’t try that. They smile and make friends with sellers of especially food materials because in the absence of friendliness, they might not get their belly filled as prices would dictate what they buy and can’t.

In Nigeria today, especially since the dawn of COVID-19 and PANIC-BUYING pandemic, things have not been the same for millions of people. It’s only those who can afford the bulk buying that can go to the major markets to stock up the house but hundreds of thousands of families cannot go further than their street markets.

This can only mean further higher costs.

But it’s still okay because it’s in hundreds, and a few thousands of Naira. 10,000 and above is on another level entirely for many families. The costs are on them. They bear everything.

I was at a street grocery shop where I went to gist with the vendor. While at it, a pregnant woman walked into our discussion and severed it with her request. She bought between 3-5 things. Guess how much was her total purchase.

100 Naira.

That woman gave me more reason to write this piece.

Many Nigerians, including me – at least for now, hardly feed when we don’t sell on a daily basis. Some are even worse because the whole business – capital plus profit is not up to 5,000 Naira. This is not a joke, you’ll find these people on the streets and in reality, they are in their millions.

A paint rubber measure of Garri now sells for between 800 and 1,200 Naira. Garri was sold at that same measure for 350-500.

I personally experienced something yesterday. I bought my usual amount of pepper and Tomatoes. Usually around 350-400 Naira. What we got was significantly less than the quantity we usually get.

The implications are that those who could afford 3 course meals have either lost one or have to reduce their daily rations to this PANIC BUYING pandemic and STAY AT HOME order.

Let’s digress a bit into Hand Sanitisers.

WHO wants us all to be safe and protected by using Hand Sanitisers. Since I have been advertising our Afrilewa Hand Sanitiser, (Afrilewa Limited is a Cosmetics company with experience and capacity in chemical formulations and is the producer of the Afrilewa hair care products made of natural and essential oils) I have not seen or received any request from a lower class Nigerian for our 250ml or 500ml Hand Sanitiser. This means they cannot afford it. So how do they comply with the directives of WHO or our local authorities on staying safe in public places?

While I acknowledge the actions of opportunists to rip people off and make unholy profits from this bad situation, I want to also draw the attention of the public to the major reason some sincere producers are finding it hard to reduce price of hand sanitisers to enable poor people also buy and use.

As at January 2020, Carbopol 940, a major ingredient in hand sanitiser was sold at 6,000 Naira per kg but as at my last confirmation in March, it was 20,000+. What about the popular Isopropyl Alcohol? As at the same period, it was 600 Naira or less per litre in January but in March, it was 2,000+ per litre. Can you all feel the pains of producers?

A big question. If I am asked to stay at home when I can only eat from my daily earnings yet without any help or provision for feeding, how can I stay obedient to authority? How can I remain sane and alive for 14+ days?

When the government gives laws and policies, I appeal that they mix it with humanity and kindness so they will not end up growing dissident and anarchy-fostering citizens. They must ensure their policies are reasonably practicable.

The US Treasury secretary, Steve Mnuchin said, after Mitt Romney proposed sending $1,000 cheques to Americans, that the value of the payments would be “bigger than what’s in the press”. Further to this, the payment would be made DIRECTLY to the beneficiaries and not from one office or ministry to the other and not from or through one ‘Oga at the top’ to the other.

In addition to this guide to ensure this stay at home is justified, evidential and humane, our Nigerian governments should try to regulate and monitor prices of essential commodities like all staple foods and health care products. I remember the picture is seen online where youths of a particular locality stormed the market and poured away the Garri of any trader selling above normal price acceptable. This is a self-help approach which the government should not push their citizens to resort to.

Taarifa reports that Rwanda has already fined 108 businesses for hiking food prices. Not only that, they also warned their citizens against panic buying. This will, no doubt, have come with the Rwandan government’s intentional efforts towards educating and protecting their citizens in one breath of action more than a ton of talks and promises.

Someone gave a report of how he hung bread outside his compound just to test the people and see how hunger is truly and deeply biting Nigerians. Behold, the next morning, he didn’t meet the bread there. Could a rat or monkey or cow or cat or ant or even a lion have eaten it? No! he said, because he deliberately placed it where nothing except humans could have seen or reached it.

When hunger is out of the equation, the poverty issue is solved. Hunger doesn’t stay at home!

Let’s be our brothers keeper, let’s do what is right!

Sentiment Analysis on COVID-19 – Impacts On Social Media And Businesses

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From the authors:

We did a 30-day sentiment analysis on COVD-19. The analysis shows top keywords and frequency, negative news, positive news and more across all social media platforms. Brands can jump on this to enable them to monitor what people are saying about their brands and how those are trending compared to competition across Nigeria. 

Ayomikun Bamgboye, Chibuike Goodnews and Osas Okundaye

Introduction

Social networks remains one of the main sources of information gathering, opinions and sentiments towards different topics and issues. Contrast to this, is some years back when newspapers have control over content that goes in and out of their newspapers. Because everyone relied on Punch, Guardian, and more, you can only know what these newspapers have decided for you to know.

At the time, supply was limited. However, the revolution in ICT has overturned and disrupting that vertical. Its unbounded and unconstrained, hence enabling many to break news via social media and platforms.

This poised to expose you to the impact of COVID on social media (emphasis on Twitter) and blogs between March 28 to April 3 2020 with recommendations to brands and how what to leverage.

Download the report here.

 

 

Tekedia Mini-MBA: Next Session Is “Leadership in Business”

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We have focused on a pandemic playbook with operational templates for this week. On Monday, Dr. Ayodeji Oyebola, a principal consultant with Emmright Consulting USA, and a professor with St Mary’s University of Minnesota USA will take us on Leadership in Business. This time calls for leadership and I am confident our members will have moments after this session. You will like his case study on Access Bank Plc, Nigeria.

Registration continues for the second edition of Tekedia mini-MBA.

 

https://www.tekedia.com/mini-mba-2/

 

 

Covid-19: Jobberman Offers Free Job Listing for Businesses in Nigeria

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Since the outbreak of coronavirus across the world and most especially in Nigeria, companies have been forced to adjust and adapt to new changes to survive the pandemic. Leading talent recruitment agency, Jobberman announced on April 7th, 2020, that the  Job Listing option on its platform will be available free of charge for the next three months to businesses of all sizes and industries during the period of the pandemic with the launch of its campaign titled, #UnityInAdversity.

“These are challenging times for everyone and there’s a lot of uncertainty right now,” stated Hilda Kragha, Jobberman CEO. “But we want employers to know that they don’t have to do it alone. Our customers and the economy that we currently operate in, face an unprecedented challenge with COVID-19 and we have a duty to our country and our customers to help their businesses run. Our absolute priority is to be a reliable partner and maintain a strong relationship with our customers. Now more than ever, employers hiring need the right hire and Jobberman will be the beacon of hope and support. We were here for our customers in the last 10 years and will be here in the next 10 years.”

Organizations across Nigeria are doing their best to support the country during this pandemic – from donating hand sanitizers, masks and fund relief to the government, Nigerians have shown unity in adversity and participated to stop the spread of the virus in Nigeria. This campaign is in line with Jobberman’s commitment to support business continuity and ease the burden of organizations encountering strain and deficit in this unprecedented time. The free job listing will be available to businesses for the next three months, between April 7, 2020, and June 7 2020, and it gives employers access to the largest pool of qualified candidates in Nigeria.

In addition to this, Jobberman will be offering discounts on its premium products, for organizations in special need and targeted discounts for clients in the healthcare and critical sectors.

The offer is live and can be assessed on https://bit.ly/jobbermanunityinadversity

Jobberman was established in Nigeria in 2009 and wants to transform productivity in West Africa.  The vision of Jobberman is to be Nigeria’s most user-centric and transparent career ecosystem, where it connects the right candidates with the right opportunities. It uses a bespoke mix of human and automated solutions to match employers with the best candidates, so they can hire the right fit, faster.  The firm is there for its users, every step of the way

Economy, Finance, Business News Headlines & Insights: 9th April 2020

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Stock Market Update:

Nigeria’s equity market is currently up by 0.26%, FTSE (UK) – up by 0.54%, DAX (Germany) – up by 0.98%, CAC 40 (France) – up by 0.20% and Nikkei 25 (Japan) – down by 0.04%.

Oil Market Update:

Major oil producers led by Saudi Arabia (OPEC+), Russia (non-OPEC) and United States will meet today via a video conference and also a G20 energy ministers’ video conference on Friday, 10th April 2020. The purpose of the meeting is to discuss ways to potentially cut global crude oil production by 10 million bpd.

The outcomes of their meetings are crucial for the stability of global oil prices, Nigeria’s foreign reserves and the Naira. However, the proposed cut may not be effective enough to position oil prices for appreciation for long because of looming weaker demand projected to hit 20 million bpd in Q2. In the least, the agreement to cut production will eliminate the price war between the two major oil producers which has been one of the factors responsible for the crash in oil prices.

Money Market Update:

Our money market fund is still open and yield is currently over 11.5%, reach out to our team to grow your cash. We are digital, we are working from home, we are online and we are active. You can also do deposits with us at a starting rate of 10%.

COVID-19 Update:

Nigeria’s COVID-19 cases are now 276, compared to other developed countries, that shouldn’t be a worry. However, the rate at which it’s doubling should worry us all. Nigeria is now doubling every 11 days and two of the countries that share the same borders with us are also currently doubling every 3 days (Niger) and 4.5 days for Cameroun.

You would recall that Nigeria’s first case was confirmed on 27th February 2020. On the same day, UK had just 15 cases but now they have over 60,000 cases. Spain had just 22 cases but now have over 148,000 cases.

Our position isn’t that bad but we need to patiently stay at home to kill the transmission.

Stay Safe!

Click on the link https://bit.ly/2XrvIf9 to open a stockbroking/share purchase account and trade within 24 hours.

Headlines:

 

NCDC Confirms 22 New COVID-19 Cases, Nigeria’s Total Infections Rise To 276

The Nigeria Center for Disease Control (NCDC) has confirmed 22 new cases of the COVID-19 in Nigeria, bringing the total number of infections in the country to 276. According to the NCDC, 15 are in Lagos, four are in the FCT, two are in Bauchi, while the other is in Edo. A breakdown of the cases in each of the states shows that Lagos now has 145 cases, the FCT Abuja 54, Osun 20, Edo 12, Oyo 11, Bauchi eight, Akwa-Ibom and Kaduna five each, four in Ogun, two each in Enugu, Ekiti, Kwara and Rivers states, while Ondo, Benue, Katsina and Delta states have one case each. Read more


FG slashes budget, sends to National Assembly for review
The Federal Government has revised downward the revenue projection for the 2020 budget by N3.3tn from the initial approved amount of N8.41tn to N5.08tn. The revised revenue projection is contained in a proposal sent to the National Assembly by the executive. Read more

FG’ll divert N457bn petrol subsidy to other sectors –NNPC
The Federal Government will divert N457bn provided for petrol subsidy in the budget to other sectors of the economy, the Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari, has said. He also disclosed that the corporation would not be involved in running refineries after they must have been rehabilitated. Read more

Fire guts Accountant General unit’s office, FG orders probe
The Capital Unit of the Treasury House where the Office of the Accountant-General of the Federation is located was on Wednesday gutted by fire. The Treasury House is the headquarters of the OAGF. The fire started at about 10am from the fourth floor of the six-storey edifice. The Capital Unit in the Accountant-General’s Office is where capital releases to Ministries, Departments and Agencies of government are made. Read more

Fix refineries before petrol subsidy removal – PENGASSAN, NUPENG
The National Union of Petroleum and Natural Gas Workers has said any deregulation in the petroleum sector that is still dependent on importation of oil would affect the economy negatively. The union’s General Secretary, Afolabi Olawale, said this in a telephone interview with our correspondent. Read more

Oil prices rise on optimism OPEC+ meeting will result in supply cut
Oil prices rose on Thursday on expectations the world’s largest oil producers would agree to cut production at a meeting later in the day as the industry grapples with a coronavirus-driven collapse in global oil demand. Read more

Sub-Saharan Africa to fall into recession in 2020, says World Bank
The rapidly-spreading coronavirus outbreak is expected to push sub-Saharan Africa into recession in 2020 for the first time in 25 years, the World Bank said in a new forecast on Thursday. The bank’s Africa’s Pulse report said the region’s economy will contract 2.1% to 5.1% from growth of 2.4% last year, and that the coronavirus will cost sub-Saharan Africa $37 billion to $79 billion in output losses this year due to trade and value chain disruption, among other factors. Read more
Fed’s Powell to update on economy and coronavirus crisis response
Federal Reserve Chair Jerome Powell – one of the key architects of the unprecedented effort underway to shield the U.S. economy from the coronavirus outbreak – may shed more light on the Fed’s assessment of the still-unfolding crisis in a live webcast on Thursday morning. Hosted by the Brookings Institution in Washington, Powell will deliver prepared remarks at 10 a.m. (1400 GMT) and then participate in a virtual question and answer session to discuss the Fed’s moves last month to slash interest rates and enact a wide array of emergency measures. Read more

Asian Markets Mixed Ahead of Release of U.S. Unemployment Data
Asian stock markets were mixed on Thursday as investors await the release of the weekly U.S. unemployment data later in the day. Forecasts prepared by Investing.com suggest that as many as 5.25 million Americans claimed unemployment benefits in the past week. Almost 10 million Americans have already been laid off in the preceding two weeks. Japan’s Nikkei 225 slid 0.47% by 10:35 PM ET (3:35 AM GMT) as the country began its second day of the state of emergency declared by Prime Minister Shinzo Abe on Tuesday.

Corporate Disclosures:

Access Bank Plc – Notice of Board Meeting and Closed Period for Q1 2020
A meeting of the board of directors has been scheduled Thursday 23, 2020 to consider and approve the company’s unaudited financial statement for the quarter ended March 31, 2020. Read more


Custodian Investment Plc – Notice of Annual General by Proxy
NOTICE IS HEREBY GIVEN that the 25th Annual General Meeting of CUSTODIAN INVESTMENT PLC (the Company) earlier scheduled for Wednesday, April 15, 2020 has been postponed to Thursday, April 30, 2020 due to COVID-19 Pandemic, and will hold at The Civic Centre, Ozumba Mbadiwe Avenue, Victoria Island, Lagos at 12noon, to transact 
certain businesses. Read more
Stay safe!