Nigeria Content Online

Some
industrialists say the credit crunch challenge, a fallout of the
banking reforms and the persistent decline in infrastructure and
security in Nigeria, is telling on the business climate of the nation.

The
year 2009, they say, was a year of contrasting fortunes between the
first and second half of the year for businesses in the country as
while the first half was a period of growth, the second half was one of
slow-down.

Kola
Jamodu, an industrialist and chairman of Nigerian Breweries Plc, said
that in the second half of last year, the Central Bank of Nigeria (CBN)
carried out sweeping reforms in the banking sector, culminating in its
intervention in the management of eight out of the twenty four banks in
the country.

“One
of the consequences of that intervention was the near total absence of
access to credit facilities by customers of those banks especially
companies and entrepreneurs,” he said during the pre-annual general
meeting press briefing in Lagos yesterday.

The
former industry minister added that, “This had a profound effect on our
supplies, customers, other key partners and consumers. The
expectations, however, is that the long- term benefits will outweigh
the short-term pains being suffered.”

He
added that while the efforts of some state governors to improve on
physical infrastructure were commendable, the general infrastructure
state remains a huge challenge for business operators.

“Businesses
still generate their own power, invest heavily in private security and
expend huge time and cost in the haulage of both raw materials and
finished products from one part of the country to another because of
the deplorable state of our roads,” he said. “Multiplicity of taxes and
constant harassment by agents of local governments of businesses are on
the increase.”

Economic slow-down

For
the brewed product market and the general fast moving consumer goods
industry, the year under review witnessed a slow down in growth.
According to Mr. Jamodu, “This was due to the economic slowdown, the
banking reforms, general lack of enough liquidity and other social
factors which affected business.”

He
also stated that despite the challenges in 2009, benefits from the
firm’s continuing investments and improved operating efficiencies
accounted for its success.

The company’s turnover grew by 13 per cent from the N145.46 billion in 2008 to N164.21 billion.

Operating
profit also grew by 13 per cent from N36.78 billion to N41.66 billion.
Profit before taxation increased by 10 per cent from N37.52 billion in
2008 to N41.40 billion, while profit after tax increased by N25.70
billion in 2008 to N27.91 billion.

The firm announced the payment of a total dividend of N27.9 billion;
that is, N3.69 per ordinary share of fifty kobo each, an increase of 9
per cent over the N3. 40 paid during the corresponding year.

The
company had earlier paid two interim dividends in May, 2009 and January
2010 of N21.17 billion of N2.80 per ordinary share of 50 kobo each. The
final dividend, according to the firm’s management, will now be N6.73
billion, totalling 89 kobo.

If approved, the firm says the final dividend is payable to all
shareholders recorded in the register of members as at 12 March. The
payment date is 20 May.

Workers of the
former national carrier, Nigerian Telecommunication Limited (NITEL)
have blamed the federal government for failing to pay their salary
arrears for two years.

Elias Kazzah, the
company’s staff union leader, said in an interview that, “We have not
got any information from the Bureau of Public Enterprises (BPE) over
our two years salary but we have been consulting and contacting
government officials to look into our case.

“It is a pathetic
case; workers are dying, can’t cater for their families. We have also
reported the case to the Human Right Commission that this is unfair,
that citizens of this country are been maltreated like this without
salaries for over two years. Recently, our junior workers visited the
minister of state for information and communication; Labaran Maku to
brief him on the situation. But as I am talking to you, we have not
received any positive result,” added Mr. Kazzah.

However, Mr. Kazzah said though workers have no new idea on how to handle the situation, they have not lost hope.

“We have done
everything possible, but we are thinking of assembling all our members
at our office in Abuja, this week. At that meeting a decision would be
taken on how to go about the issue,” said Mr. Kazzah.

Nothing new

All previous
attempts by the Bureau of Public Enterprise to pay workers their
arrears have failed. In December, 2009 the bureau asked for N3 billion
as loan from Olushola Adekanola & Co; a firm of chartered
accountants and NITEL’s liquidators to pay five months salary to the
workers.

However, after one
month salary was paid to the workers, the liquidator backed out of the
agreement. Similarly, this year, the bid to purchase NITEL ended on a
sad note as it got mired in controversy with allegations dogging the
preferred bidder, New Generation Consortium.

“We learnt that bid
failed on the ground that the Bureau took some questionable actions on
the process. Definitely, it amounts to the fact that the bid has been
abandoned,” Mr. Kazzah said.

But Chukwuma
Nwokoh, Bureau spokesman said nothing has changed. “Like we earlier
said, our opinions on how to address the issue has been written to the
NCP and we are waiting for their directive,” Mr. Nwokoh said. Mr.
Nwokoh added that the seven- man ad-hoc committee made up of mostly
ministers which is expected to review the bid process has not been able
to meet so nothing has been decided on the bid.

Officers from the
Aeronautical Information Services (AIS) department of the Nigerian
Airspace Management Agency (NAMA) on Monday called on the federal
government to “fast track” the automation of equipment used in carrying
out their duties.

The officers, under
their umbrella body, Aeronautical Information Services Association of
Nigeria (AISAN), during a press briefing at the presidential wing of
the Murtala Mohammed Airport (MMA), Lagos, disclosed that safety can be
fully achieved in Nigeria’s aviation industry when complete automation
of aeronautical facilities are put in place.

“Real time
technology is more than necessary in this dispensation and it is
important that AIS be automated so that we can deliver information
efficiently and get expected results,” said Paul Igene, president of
the association.

Mr. Igene, who
noted that the association will on May 15, commemorate its 2010 world
AIS day, argued that less advanced nations than Nigeria have automated
their facilities but aeronautical equipment in our country are yet to
be computerized. “If Kenya, a small country in the continent, have
automated their AIS, what is then wrong with Nigeria, the giant of
Africa?” he asked. “You cannot compare manual operations with
technologically driven activities.”

Call for Implementation

Anthony Nweke,
general secretary of the association, disclosed that the contract for
the automation of the aeronautical facilities has been awarded, but
expressed displeasure with the “slow pace” of implementation.

“The federal
government has awarded the contract and work is on, but what we are
clamouring for is that the automation be fast tracked,” he said. “They
have been working on this in the past, but it’s like they slowed the
pace. We want things to work this time, for we are lagging behind in
Nigeria.” Explaining the significance of automation to the AIS, Mr.
Nweke disclosed that officers can efficiently access, monitor and send
information to pilots, rather than doing it manually should there be
automated facilities.

“When we have a
complete automated outfit, the loss of information on transit to pilots
will be checked completely, and we can get instantaneous feedback from
these pilots and other aeronautical personnel when necessary,” he said.
“It should be noted that we have been fighting for this automation for
more than a decade now, so we hope that things will be better this
time.”

The president of
the association, Mr. Igene, however, disclosed that the officers are in
need of more employees, adding that the government should also promote
casual workers that have been with the department for a long period.

“Presently, AIS is
understaffed and the strength cannot efficiently carry out all
necessary duties,” he said. “We, therefore, wish that the management
employ some of the long-standing casuals in our team who have been with
us for about six, 10 and some 15 years.”

Driving can get better with the sleek, portable, and subtle 2010
Honda Civic. The Civic, which is long known as Honda’s smallest car, now comes
with slightly bigger build. The car has a wider and longer front and rear lights.
It seats lower on the ground, while the front grille and Honda logo is
beautifully designed with shiny chrome.

Design

The 2010 Honda Civic’s structure has been built to offer maximum
comfort both exterior and interior.

The interior has a unique design, with its digital speedometer
and gas gauge located underneath the windshield. The analog tachometer is
located at its standard position, behind the steering wheel.

The car comes in two basic body types; the sedan and coupe. Both
types are available in five line-up models which are the DX, LX, EX, EX-L and
Si. All versions are lined up in different grades, which are distinguished by
slight differences with both exterior and interior.

The DX type steps on 15-inch steel wheels and are fitted with
power windows, but doesn’t come with a stereo except for the DX sedan optional
with a four speaker CD/MP3 audio system.

The LX type steps on 16-inch wheels and features keyless entry,
cruise control and sliding armrest.

The EX type is endowed with a sub woofer six-speaker sound
system and steering-wheel-mounted audio control.

The EX-L type comes with leather upholstery seats and heated
front seats, while the Si type steps on 17-inch alloy wheels, a higher power
and sports tuned performance.

The 2010 Honda Civic sedan also comes with three special
versions, which are the LX-S sedan type with rear spoilers and alloy wheels;
The GX type with similar features to the LX; and then Hybrid model with
automatic climate control and similar features to the EX.

Engine Power

The Civic is powered by varying engine types and transmissions.
The DX, LX and EX models are powered with a 1.8 litre four-cylinder engine that
produces 140 horsepower and 128 pound-feet of torque.

The car comes mated with a standard five-speed manual transmission
and an optional five-speed automatic transmission.

The Hybrid type uses a gasoline/electric hybrid power train to
maximise fuel economy. The Civic Si type is powered by a 2.0 litre engine and
integrated with a six-speed manual transmission.

Safety

The 2010 Honda Civic comes with side curtain and front seat air
bags. It is also built with antilock brakes and active front head restraints.

Some models come with specifics like four-wheel disc brakes
present only in the EX and Si and stability control in the EX-L, Si and Hybrid
type.

Price

The 2010 Honda Civic ranges in price from $16,000 to $ 22,000
depending on the model of the car.

The
death of President Umaru Musa Yar’Adua will usher in stability to the
nation’s economy, some finance analysts and capital market operators
said on Thursday in Lagos.

Martin
Oluba, a professor of economics and President of ValueFronteira
Limited, a consulting firm, said Mr. Yar’Adua’s demise “may not really
make any additional impact” on the economy apart from stabilising the
system which the new president, Goodluck Jonathan, has been trying to
achieve while acting as president.

“I
think people in business, before now, have come to terms with the
reality of Yar’Adua’s inexistence within the system,” Mr. Oluba said.

“People
have since seen Jonathan as the man in charge. The only thing that has
happened now is that it has concretized the fact that those who had
tried to create some disequilibrium or frictions within the system can
now go and rest permanently and leave the current government to achieve
some stability in the polity,” Mr. Oluba said.

More positive impact

On
the reaction of the capital market to his death, Mr. Oluba said, “I
think we would expect some more positive impact at the capital market
because the distractions faced by the current government would have
been put to an end. People will have more confidence in the market
because we are not going to expect any change again.” He added that a
lot of things depend on expectations.

“We
are not going to expect now that Yar’Adua’s wife is going to create
problems when it comes to getting a new president as we approach 2011.
We are not going to expect again that some people who are allies of
Yar’Adua and had been very loyal to him would come back and begin to
forment trouble. His death actually put to an end to such ripples that
would have come from that quarter,” said the economist.

On
the crisis that may erupt in the appointment of the nation’s vice
president, Mr. Oluba said, “I don’t think there is going to be much of
a problem if the president appoints who will be his vice. Troubles can
only evolve if he appoints a candidate that is not very acceptable to
the people.”

Greater stability

Also
commenting, Rasheed Ola Yussuff, chief executive officer of Trust
Yields Securities Limited, said the economy will soon start to reflect
the new development.

“I believe the capital market will also start reacting from tomorrow (Friday),” Mr. Yussuff said.

“The
man has been ill for quite some time and there is this uncertainty in
the economy, but now that God has put finality to it, hopefully that
will bring some stability,” said Mr. Yussuff, who is also the chairman
of the Association of Stockbroking Houses of Nigeria.

Tunde
Oladapo-Dixon, chief executive officer, StockPicks Consulting, another
stock broking firm, said President Goodluck Jonathan now has the power
to act fully. Nigerians should see, in the economy, more actions from
the presidency and activities in the ongoing reforms in all sectors.

“Those
actions in the long run will affect the capital market because the
psychology of investors would have change to the fact that this is a
new era. Very soon everybody will want to be a major player in the
market,” he said.

Meanwhile,
Sola Oni, the spokesperson of the Nigerian Stock Exchange, said trading
activities will resume today at the Exchange after its operators
“complied with the public holiday declared on Thursday by the federal
government as corporate citizens.” The late president remains the only
Nigerian president who had visited the nation’s stock Exchange. He
visited the NSE on 7 November, 2007, barely six months in office.

In primary school,
the playground scene of children contesting ownership of a
lost-and-found item was a familiar one. ‘It’s mine.’ ‘No, it’s mine.’
‘I found it first. Hand it over.’ So it went. Normally, it was easy to
ascertain ownership. A secret marking here, an etched name there, and
that was that. If you really think about it, we lost the economy in
2008. Now it is found, a few grownups with fat cheque books and thin
identities have decided that rather than savour the cooling relief of
an easing economy, they should quarrel over its antecedents.

When the economy
began its downward tilt in 2008, no one owned up to the role they
played in the excesses that spiraled out of control. The bankers,
regulators, stock brokers, portfolio managers, central bankers, and
government officials joined in one accord to say,

“Mea culpa? Not
me.” The crisis, they unanimously concurred, was caused by the
global-this-and-global-that. “It had no local causes and we had no hand
in it,” they chorused.

Then the recovery
started, and the stock market picked up. Suddenly, the worst is over
and the optics far too tempting. Two groups of claimants have now
stepped forward to contest its ownership.

On the one side,
critics of the government’s policy interventions claim that the rescue
efforts, especially those that imposed changes in corporate control,
were done in bad faith as the situation was never as dire as initially
presented. On the other side, supporters of the government’s direct
involvement in corporate management argue that the bounceback is
evidence of the investor confidence that the government has
successfully restored.

I find it amusing
that had the economy never flickered back to life, would both groups
have justifiably excused themselves? While the government’s partisans
would hold it up as proof that the situation was so far gone nothing
could save it, its antagonists would counter-argue that the very act of
intervention panicked investors and transformed amber beeps to scarlet
alarms.

In the past eight
months, these two groups, the Renaissance Professionals and the Vision
For Greater Nigeria (V4GN) have spent several millions running full
page advertorials on the economic results of the government
intervention. While the former have attacked the government’s
intervention in the banking sector as ill-thought out and
counterproductive, the latter has celebrated the Central Bank of
Nigeria’s actions as timely and lifesaving.

Responding to a
statement by the CBN governor that the frothy valuations enjoyed by
many stocks will not return in the near term, the Renaissance
Professionals branded him an ignoramus.

According to the
group, “the performance of stocks since the beginning of the year only
shows that Mallam Sanusi is a doomsday Prophet, prophesying over what
he has limited knowledge of. It is on record that the banking index has
returned 14.3 percent in just three months. . . Even the banks that the
CBN took over . . . have gained an average of 16 percent to 43 percent
in the last three months. . . This trend only shows that Mallam Sanusi
was absolutely wrong when he said that these stocks have no chance of
recovery. It only shows that he knows nothing about how the capital
market works.” (‘Central Bank of Nigeria (CBN) Governor’s Statements:
Showcase of Pedestrian Knowledge’).

Repelling this, the
Vision for Greater Nigeria, asserted that “the stability we are
enjoying now in the financial sector did not just happen. It is the
result of well-thought out monetary policies put in place by the CBN to
achieve its clearly spelt out objectives . . . the emerging conducive
atmosphere engendered by the financial stability achieved over recent
times, especially in the first quarter of 2010, has fuelled steady
growth in both the banking sector and capital market.” (‘Central Bank
of Nigeria Banking Reforms: Stabilising the Financial Sector’).

I may be getting ahead of myself, but maybe V4GN should be renamed the Lamido Sanusi Fan Club.

There is an old
proverb that success has many family members, but failure is an orphan.
At this rate, a DNA test may be in order. To do that, we need blood
samples, not from the disputed child this time, but from the contending
fathers. Wouldn’t it be nice if the Renaissance Professionals and
Vision for Greater Nigeria appear on TV for a public debate to set the
record straight? These two paragons of opacity, whose only contacts are
mobile phone numbers and email addresses, should forget who the
recovery’s daddy is. What I want to know is who their own sugar daddies
are. I suspect they will be hiding their birth certificates for a long
time to come. Legitimate children do not conceal the circumstance of
their birth.

The writer is the managing director of a full service investor relations firm based in Lagos.

The borrowing
community continues to express serious concern about the prevailing
credit crunch and the seeming reluctance of banks to lend. It is argued
that bank managers have become so risk-averse that they would rather
invest in secured short-term securities rather than lending money to
borrowers that are badly in need of financing.

Indeed banks are
accused of looking for every reason not to give loans, which defeats
the primary purpose of their financial intermediation role, the very
reason for their existence.

In 2009, The
Central Bank of Nigeria (CBN) licensed three Credit Bureaux: CRC Credit
Bureau, Credit Registry, and XDL Credit Bureau to enable financial
institutions access information on borrowers.

In the absence of a
robust credit bureau infrastructure, banks relied primarily on
information provided by their customers, which made it possible for
“serial defaulters” to continue to gain access to credit from several
banks simultaneously without full disclosure of their financial
transactions and without the ability or intention to repay.

A credit bureau
collects and collates detailed financial data on individuals and
companies from public sources and lending institutions with whom they
have a borrowing relationship. It then makes this information available
on request to subscribers for the purposes of credit assessment and
scoring. By its very nature, the credit bureau infrastructure should,
as it develops, make the environment more conducive to lending; it
should reduce loan-processing time, enhance informed lending decisions,
and ultimately, reduce the level of non-performing loans.

Banks are more
conscious than ever in ensuring that they grant credit only to those
whom they believe have the intention, and indeed, the capacity to repay
such loans.

Before you consider
applying for a loan, it is important to understand what lenders look
for in arriving at their decision to extend or withhold credit. “The
Three Cs of Credit” – character, capacity and collateral are just some
of the considerations.

Character

Character, is the
most important of the C’s. A borrower of good character will make every
effort to fulfill his or her obligations as they fall due. Creditors
will take into account your current salary, credit history, and current
debt. They will also consider how often you borrow, whether you usually
settle your debt obligations and on time, and whether you live within
your means. Signs of stability such as how long you have lived at your
present address, whether you own or rent your home and the length of
your present employment are also important factors.

From your credit
history, personal background, and borrowing behaviour, a lender may
decide whether you possess the integrity, honesty and reliability to
repay your debts.

Capacity

Capacity refers to
your ability to repay a loan and how much debt you can comfortably
handle. The lender will look to see if you have been working
consistently in a job that is likely to provide enough income to
support your borrowing. Income streams are analysed along with any
other obligations that could interfere with repayment.

For example, if you
are asking for a loan that requires you to make a payment of N200, 000
each month, do you have enough income or assets to make the payment
along with your other monthly obligations?

Lenders use the
debt-to-income ratio to measure how likely you are to repay the loan.
They want to know what your monthly income is and any supplementary
income from bonuses, dividends or rental income. The debt-to-income
ratio is calculated by summing up all your existing monthly debt such
as your rent or mortgage payments, car loan payments, or credit card
payments, including the monthly payment for the item you are trying to
finance. This total number is then divided by your income. Most banks
would be uncomfortable if more than 35 percent to 40 percent of your
income is spent on debt servicing.

Most lenders have
stipulated minimum requirements for loan applications. The more you
earn in a year, the more qualified you are likely to be. But even if
you are a high income earner, if your debts are equally large, lenders
may hesitate to lend you more money.

Collateral

A creditor also
wants to know what collateral or assets you have, other than your
income. This will include your bank accounts, investments such as
stocks, mutual funds, bonds, property, and other assets. An asset-rich
borrower has a better chance of getting a loan as lenders feel more
secure in the fact that such assets can be liquidated should the
borrower fall into any financial difficulty.

There are several
reasons why an application might be declined. If your loan request is
turned down, ask the loan officer what actions you could take to
qualify in the future. Bear in mind that just because one lender turns
down your loan doesn’t mean another lender will do the same. Different
creditors may reach different conclusions based on the same set of
facts. Where one creditor may find you an acceptable risk, another may
adopt a more conservative stance and deny you a loan.

Your borrowing behaviour largely determines your credit worthiness.
Today, there is a great premium placed on this. It is expected that as
the credit bureau infrastructure becomes well established, responsible
borrowers will find it easier to access credit. It is thus important to
build a good credit history and repayment culture, always committing to
honour all your obligations as they fall due.

As at today,
Nigerians spend millions of dollars on importation of solar panels and
solar cells. This is because of growing acceptability of solar energy
as an alternative and efficient source of energy. Nigeria is still in
the throes of inadequate power supply problem, which has been a major
bottleneck to industrial development in the country. Small and medium
scale enterprises are being crippled, even as power supply for domestic
consumption is near-absent.

The National Agency
for Science and Engineering Infrastructure, NASENI, is therefore set to
blaze a trail in the local manufacture of solar panels. Before the end
of 2010, the agency promised that there will be locally produced solar
panels in commercial quantities in Nigeria.

Ready to take off

Olusegun Adewoye,
the Director General of NASENI, said in an interview that the
infrastructure required for the take-off of the project is in place.

“So far the agency
has a building in Karshi, Federal Capital Territory, which we have
refurbished for this purpose,” Mr. Adewoye revealed.

“All the equipment
for this has arrived. We imported solar cells from China. Everything
that is supposed to be done is in place: equipment, cells, training
people, and the building. We are waiting for Chinese suppliers of the
equipment to come and install them and after that, they will start.”

He said the plan is
to produce 1000 panels initially. “The idea is to showcase that this
technology can work and that it is profitable. After this, we will have
what is called an investment forum at the plant site,” adding that when
they produce up to 3000 panels for people to see that these things
work, then they will start to sell it.

“We are hoping
that government, represented by NASENI, will not hold more than 25
percent share of this plant. The rest will go to the private sector.
The Chinese are interested. They have offered to buy up to 60 percent
equity in this plant. In order words, it will be private sector driven.
We hope that, in few years time, this plant will start giving money to
government.”

On the take time for the power plant, he said, “If it doesn’t take place by the end of June (2010), I will be surprised.

“It is solar panel,
and whatever solar panels can do anywhere this will do the same thing.
In this room (his office) there are two kinds of power (sources). One
is from my generator, the other is from my solar panel out there. The
light from the solar panel is full and bright and can carry every
electrical appliance.

The only thing is that the solar panel system can last for 20 years, as long as the sun shines and there is light.”

He said that having
seen this work with imported solar panels in most of their institutes,
they are to start producing panels and “we will use locally made panels
to generate electricity in this country” and queried why it has become
impossible to have police telephone on the highways, which will be
powered by solar panel, adding that the Agency will propose to the
police, work with them to have telephones power generation panels. It
can also be used in powering street lights, traffic lights, etc.

Large market for solar panels in Africa

The solar power
plant is going to be the first in Africa. “The one in Kenya is owned by
the Britons and we can never produce enough for the Nigerian market.
There is a huge market for solar energy all over the world and the
demand is rising.

“It will be a
profitable business and by the third year you would have recouped your
investment. When it eventually becomes operational, we will invite the
private sector and give them a workable document, which is our business
plan, so they can subscribe to it. Then a company will be set up as a
subsidiary of NASENI, but run on public private partnership basis. It
will have its own Managing Director, who will be paid industry wages
and its own staff. They will be expected to turn profit to us. The
company would later be quoted on the Nigerian Stock Exchange. The
company will be called NASEMCO Solar. The first leg is what we are
doing now: do a 7.5mega watt plant, next one do a 20 megawatt plant in
the same company.

The next is actually producing solar cells locally.”

However, the
Director General also warned that solar energy is not the cheapest
option, but that the bulk manufacturing of energy is either from water
or from gas or nuclear, and that no society can get away with without
utilising any or all of these sources.

He said solar
remains an alternative, but very useful in off grid areas like riverine
areas, deserts, and rural areas. “It is additional in most societies
and it is not meant to supplant the usual sources of energy,” Mr.
Adewoye added.

Goodbye to power problems

“Currently, 29 out
36 states use solar panels to run their states; at least we got to know
this in our pre-investment study. The market is inexhaustible. These
1000 units is nothing. They will buy them up in no time. So this area
is a growth area that can compete with the IT and telecoms.

“But this plant we are building is to demonstrate that it is
possible to work on it and get profit in using it. It costs money to
own it; that is why in most countries, government subsidises it for the
citizens. Once you get one, you bid power problems good bye for about
20 years. In most cases, you don’t need more than an hour of sunshine a
day in order to charge the batteries properly because the thing goes
from generating voltage to storing them in accumulators. This is a very
good source of power for the Niger Delta area where you find it
difficult to erect PHCN poles and in the deserts.”

Isa Vatsa, Niger
State Commissioner for Water Resources, says the government has spent
N284 million on water pumps to ease the water shortage in Minna and its
environs.

Mr. Vatsa said this in Minna on Friday while speaking to newsmen.

‘’About N284
million was spent by the state government to buy 16 low lift water
pumps for Chanchaga water works to ease the problem of water shortage
in Minna and its environs,’’ he said.

The commissioner said that the pumps would supplement the four water pumps bought by the government earlier in 2010.

He said that
construction works were already on to provide mini water schemes in
Lemu, Kataregi, Madaka, Kuta, Mashegu and Agwara areas. According to
him, each of the water schemes will cost N30 million.

The Institute of
Brand Management of Nigeria has awarded ‘Milcow’, a milk brand on the
stable of Rofico Limited, as the West Africa’s Finest Quality Milk
Brand. The award was presented to Milcow Milk at The West African
Branding Excellence Awards ceremony which took place at the Lagos
Sheraton Hotel & Towers, Ikeja recently.

According to
Desmond Esorougwe, Technical Committee Chairman/Registrar of the
Institute of Brand Management of Nigeria, Milcow won the award purely
on merit. He also said that a high powered award technical committee
considered nominations from within its fold and views advanced by West
African consumers.

According to him,
the West African Branding Excellence Award is aimed at identifying,
recognizing and rewarding companies that apply branding culture and
brand management best practices to the analysis, planning,
implementation and control, of policies, designed to achieve corporate
objectives in both profit and non-profit organisations in West Africa.

The award was
therefore conferred on few West African companies, brands and
individuals who have made impact on the lives of West African consumers
positively through their innovations, inventions and ideas.

Rofico Limited is a
part of a large group operating in different parts of the world. The
Group has been in existence in Africa for the last four decades apart
from its existence in the Middle East, Europe and other continents of
the world.