TomTom, a product from the staples of Cadbury Nigeria PLC and the Nigerian Football Federation has signed a new three-year agreement that will make Tom Tom the official candy of the country’s national football team, the Super Eagles. This is the tenth year that Cadbury PLC through one of its products TomTom has supported the Super Eagles of Nigeria.
While expressing its happiness at the renewed partnership, Managing Director of Cadbury Nigeria Plc. Mr. Amir Shamsi said the decision to continue to support the super eagles is a deliberate effort by Cadbury and TomTom to connect with Nigerians and their passion for the beautiful game.
Responding, President of the Nigeria Football Federation, Mr. Amaju Pinnick, lauded Cadbury Nigeria and revealed that the NFF will work in tandem with TomTom and leverage on the partnership to bring glory to the national teams at every tournament.
In his words:
“In all modesty, because of the new direction we have given to Nigeria Football, we have entered into various partnership deals that are worth over fifty million US Dollars in the past one year.” Amaju said.
The recent qualification of the county’s football team for the world cup scheduled for June this year in Russia has turned the football house to a beautiful bride courted by several multinationals willing to leverage on the presence of the National team at the Mundial for product visibility.
Recall that the Football Federation recently signed a partnership deal with soft-drink company Coca-Cola. The 5-year partnership deal is worth $4million.
Also foremost insurance company Wapic Insurance signed an agreement with the Football Federation. This will make the insurance company the official insurance service provider of the Super Eagles for five years. However, the monetary value of the contract was not revealed.
Nigerian Breweries Plc is also not left out in the list of corporate organizations that have signed a partnership agreement with the Football Federation, as both parties recently announced details of the partnership, that will see star lager beer become the official beer of the Super Eagles in Russia. It is a five-year deal worth ₦2.2 billion.
The football house currently enjoys a huge sponsorship deal from oil company Aiteo Group, the contract is worth ₦2.5 billion over five years, ₦500m for each year.
Aiteo Group is also currently paying the salaries of Super Eagles coaches as part of the deal
Nigerians are however hopeful that the super eagles will do the country proud in Russia and that incident of frictions between Administrators and players over payments of match bonuses and allowances will not rear its ugly head in Russia.
Cadbury Nigeria has grown to become a household name providing consumers with much-loved brands as Buttermint, Clorets, Bournvita and TomTom.
While Cadbury Nigeria and its brands are part of the Mondelēz International family, a portion of its business in Nigeria (25.01%) is held by indigenous shareholders and publicly traded on the Nigerian Stock Exchange. Its share price has slumped over the past one month, it is traded at ₦14.00 at the close of business today.
DEAL: Shyft Power Solutions raises $3.1m Seed Round to push affordable energy
The funding round was led by the SoftBank Vision Fund’s Emerge Program and Total Carbon Neutrality Ventures with participation from other investors.
SHYFT Power Solutions, which builds IoT and software to optimize distributed energy resource performance and operational efficiency in emerging markets, has announced an additional $3.1M in funding to bring its total seed round to $3.8M.
The funding round was led by the SoftBank Vision Fund’s Emerge Program and Total Carbon Neutrality Ventures with participation from other investors including Lofty Inc, Samurai Ventures, and Urban US Ventures.
SHYFT was founded by Stanford’s engineers to address the challenges in delivering and scaling clean, reliable, and affordable energy solutions in emerging markets that struggle with unreliable grids or energy access. SHYFT’s initial focus is in Nigeria, a country set to be the 3rd most populous after China and India, but were an unreliable grid has led to widespread dependence on generators, accounting for nearly 8x the capacity of the grid.
SHYFT is pioneering the digitization of the energy landscape in emerging markets like Nigeria. Its asset management solution delivers an integrated approach that uses algorithms to monitor, automate, and optimize how assets, as well as grid connections, are utilized individually and as an integrated system, aggregating a plurality of data streams while doing so.
By increasing visibility and control, the system helps users to make informed decisions about which sources they use, how long they use a source, and when they switch sources. This enables operators to scale distributed systems in a cost-effective way, particularly in remote markets. It has resulted in operators improving RoI, reducing emissions, mitigating downtime, and reducing operational costs, in some cases by up to 57%.
SoftBank Vision Fund’s Emerge Program was established in 2019 to provide select startups with access to the tools, networks, and support to take their business to the next level. Total Carbon Neutrality Ventures is focused on finding, funding, and fostering high-potential startups which will contribute to creating a low carbon future.
SHYFT plans to use this new funding round to double its team in West Africa over the next year with a focus on developing AI capabilities to use its data and algorithms for system optimization. The company will also look to build corporate partnerships and expand to additional African markets facing similar energy challenges.
SHYFT’s customers and strategic partners include some of the largest and fastest-growing alternative energy companies in Nigeria, including Daystar Power Solutions and Aspire Power Solutions. After passing critical IEC safety testing for their controllers, the company began ramping up sales across Nigeria over the past year with their customers. Today, they have over 2,000 kW of assets being managed by SHYFT technology and expect that to increase ten-fold by the end of 2021. Nearly every major bank in Nigeria has a branch using SHYFT technology, creating a path for SHYFT and its customers to deliver reliable power to the nearly 5,000 branches in the market.
What they are saying
Ademidun Edosomwan, Managing Director, Emerging Markets at Total Carbon Neutrality Ventures (TCNV), said: “Energy is an essential need for all, yet it is estimated that more than 3.5 billion people globally lack access to affordable and reliable electricity. SHYFT’s technology will play a critical role in a global movement to democratize the way people manage their power sources. They’ve developed data-driven software that enables homeowners and businesses in emerging markets to make smarter decisions on their energy use in order to cut costs and reduce emissions. We are delighted to support SHYFT’s momentum as Ugwem and the team continues to expand their impact and help build a better energy future for the world.”
Ugwem Eneyo, Co-Founder & CEO SHYFT said. “I founded SHYFT to build the technology that can enable and accelerate this transition, and ensure that on the path to reliable energy access, the use of cleaner solutions can mitigate carbon emissions as well. We are fortunate to have investors supporting us where their sector and global experience will be invaluable.”
DEAL: Nigerian fintech software provider, Appzone raises $10m to scale its products and services
Appzone platforms are used by 18 commercial banks and over 450 microfinance banks in Africa.
Appzone a fintech software provider that builds proprietary solutions for financial institutions and their banking and payments services announced that it has closed $10 million in Series A investment.
The Series A round was led by CardinalStone Capital Advisers, a Lagos-based investment firm. Other investors include V8 Capital, Constant Capital, and Itanna Capital Ventures. New York-based but Africa-focused firm Lateral Investment Partners also participated.
Founded in 2008 by Emeka Emetarom, Obi Emetarom, and Wale Onawunmi, Appzone functions as an enabler (at payment rails and the core infrastructure) within banking and payments.
Appzone platforms are used by 18 commercial banks and over 450 microfinance banks in Africa. Together, they amass a yearly transaction value and yearly loan disbursement of $2 billion and $300million.
Before now, Appzone closed a $2 million deal from South African Business Connexion (BCX) in 2014. Four years later, it raised $2.5 million in convertible debt and bought back shares from BCX in the process. But overall, the company says it has raised $15 million in equity funding.
This new funding will be used to scale its products and services and expand across more African countries. The startup also plans to achieve scale by growing its engineering team.
What they are saying
Yomi Jemibewon, the Co-Founder and Managing Director of Cardinal Stone Capital Advisers, said the firm’s investment in Appzone is further proof of Africa’s potential as the future hub of world-class technology.
“Appzone is building a disruptive fintech ecosystem that will be the backbone of Africa’s finance industry with products across payments, infrastructure, and software as a service. The impact of Appzone’s work is multifold — the company’s products deepen financial inclusion across the continent whilst providing best-fit and low-cost solutions to financial institutions. Its emphasis on premium talent also helps stem brain drain, rewarding Africa’s best brains with best-in-class employment opportunities.”
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- CSCS Plc posts profit after tax of N6.93 billion in FY 2020
- BUA Cement Plc announces Board Meeting
- Infinity Trust Mortgage Bank Plc records a 60% increase in profit after tax in Q1 2021.
- Tantalizers Plc reports a loss after tax of N422.05 million in FY 2020.
- NASD Plc announces admission of newly demutualized NGX shares.