Africa’s largest retail bank, Access Bank Plc., recently collaborated with the Lagos State Employment Trust Fund (LSETF) to launch the LSETF-W initiative, aimed at economically empowering women in Lagos State.
The initiative, which has a total loan portfolio of N10 billion, is targeted at women-owned businesses (with at least 50% ownership share) in operation for one to five years.
While delivering his address, Herbert Wigwe, Access Bank group managing director, said: “Access Bank is fully committed to bridging the existing gap and provide women with the support they need to successfully implement their business ideas.”
“Looking at the number of women present here today, I don’t think the initial N4 billion we set aside to help women will be sufficient and, based on that, the initiative fund will be increased to N10 billion. Through partnerships with organisations such as LSETF, Access Bank will continue to help women break boundaries, reinvent the status-quo and take advantage of opportunities provided by technology and quality financial systems to make significant impact on the economy of Lagos State and Nigeria as a whole,” Wigwe added.
Delivering his keynote address, Babajide Sanwo-Olu, Lagos State Governor, expressed his delight at the timeliness of the initiative, including its immense opportunities for residents in the state.
“The LSETF-W Initiative has come at a very critical time for our economy, as we believe that women have a great role to play towards achieving the developmental results that we seek in our state,” said Sanwo-Olu.
“It is important to leverage on the accumulation of resources built through relationships, trust, goodwill, and influence between the state and other private sector stakeholders to make things happen quickly. We are very proud of Access Bank as they continue to make available their financial and business expertise as well as their funds towards ensuring that our women are given adequate access to resources that will aid their successes,” he added.
Access Bank has a long history of supporting female empowerment, offering over 8,000 personal loans valued at over N10.6 billion since 2018, with over 330 loans given to women in business valued at over N16.6 billion.
BIC restates commitment to brand promise with promo
Leading manufacturer of disposable shavers BIC, has restated its commitment to brand promise with the just-concluded third edition of shave, play and win campaign, which produced over 40 winners nationwide.
The six-week campaign, which ran across Nigeria, saw a number of activations, including the setting up of a viewing centre that brought Nigerians together to cheer for the national team during the just-concluded African Nations Cup tournaments. As part of the campaign, promotion activities took place across the country giving consumers a chance to win instant prizes of over 10,000 recharge cards and other gifts.
The final draw took place at the general import and distribution head office in Lagos, supervised and certified by the National Lottery Regulatory Commission, the Consumer Protection Council, and the Lagos State Lottery Board, and saw an impressive participation of 30,000 entries. The prizes that were won included LED televisions, DSTV Explora decoders, mobile phones, tabletop gas cookers, and rechargeable fans.
At the draws, Mr. Adeyemi Ojo, BIC’s business development manager for Nigeria, said: “Our BIC ‘Shave, Play and Win’ campaign was created to underline BIC’s commitment to providing quality shaving solutions in addition to engaging and rewarding the loyalty of our consumers. As a company, we are always looking to excite our partners and our consumers through various touch points. We are delighted with the success that our ‘Shave, Play, and Win’ campaign continues to garner and by the overwhelmingly positive feedback and participation we had this year.”
In his own comments, Adeniyi Adeleke, Assistant of Enforcement Unit, National Lottery Regulatory Commission, said that the draw was fair, transparent and gave equal chances to everyone that participated in the promotion.
Susie Onwuka, Consumer Protection and Council Head of FCCPC and Simisola Muniru, Senior Legal Officer from Lagos State Lottery Board (LSLB) commended BIC’s initiative and congratulated the company for staying true to its promises.
BIC has always worked to provide consumers with the best shaving solutions since 1975, offering technological innovations and ensuring product quality standards in manufacturing process. BIC products have been present in Nigeria since the mid-1960s.
PZ Cussons Nigeria posts 40% decline in profit, strained by low consumer spending
PZ Cussons Nigeria has posted 7.72% decline in revenue to N74.3bn from N80.6bn in 2018, attributed to low consumer spending in the fiscal year ended May 31, 2019.
The personal healthcare and consumer goods company recorded 40% net profit decline to N1.2bn from N1.9bn in the previous year attributed to low patronage of its products due to subdued consumer disposable income occasioned by macroeconomic conditions as well as competition from rival brands.
Its Nutricima category, which produces milk and yogurt-based beverages was worst hit. The company’s milk business had a 73% dip in operating profit for the year; making the least profit across the establishment’s range of products.
In a trading update in July, PZ Cussons Nigeria said the marketplace was characterised by macroeconomic challenges, lack of liquidity at both consumer and shrinking trade levels for its products. It also stated that the consumer disposable income in Nigeria remained subdued ahead of elections in the country, coupled with the protracted delays at the port in Lagos, along with increased port charges which ate away its profits.
The losses masked the solid results in its electricals business, which delivered a good operating profit result despite the impact of additional Lagos port charges. According to the company, revenue grew strongly in its electrical category, mainly due to increased sale of its energy-saving products and well received consumer campaigns.
However, the company’s market shares remain strong in personal care but increased competition and new entrants impacted its home care brands at the value end.
Indomie out with ‘The Indomitables’
With mobile games fast becoming a rich source of mainstream entertainment for children and adults, Dufil Prima Foods, makers of Indomie Noodles, has launched “The Indomitables,” Nigeria’s first superhero-based endless runner mobile game on Android platforms. The game is arguably the first a food brand is launching on Play Store in Nigeria.
“The Indomitables” is riding on Indomie’s well-known superhero cartoon characters. The game features the superheroes Vision, Tweeny, Stretchy, Swifty and Big Boy, collectively known as “The Indomitables,” who take on the might of the hunger monsters unleashed by General Wrath.
Speaking on the modalities for playing the game, Mr. Nikhil Das, brand manager, Indomie, explained that the player could play as any superhero by collecting bowls of Indomie Noodles that satiate hunger and Indomie amulets that give apt superpowers.
In the highly engaging game, The Indomitables face an insurmountable challenge. The despicable tyrant, General Wrath, has unleashed hunger monsters across Nigeria and fled. These monsters feed off their victim’s hunger, leaving them weak and helpless. The general will return to rule once his monsters have first turned healthy Nigerians into weaklings. The only way to tackle these evil monsters is to keep your stomach full and body healthy with Indomie noodles. So, armed with their superpowers and with their favourite Indomie noodles to satiate their hunger, the Indomitables are the only ones that can stop the hunger monsters from spreading havoc across Nigeria.
According to Das, “These superpowers are deployed by the player to vanquish hunger monsters and energise the players. Players can have fun as they run, slide, jump, swipe right, swipe left and attack to save Nigeria. The player-cum-superhero with the most points will make it to the top of the leader board.”
Also commenting on the new innovation, Mr. Temitope Ashiwaju, the group public relations and events manager, Dufil Prima Foods, stated that the game was another way the brand was engaging with its teeming consumers.
“The Indomitables” is another first by Dufil Prima Foods, the pioneer of Noodles market in Nigeria to keep our consumers engaged with the brand.”
He stated that the company was working towards making the 55MB game also available on IOS so as not to leave anyone behind.