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Mouka Foam Vs Vitafoam; We have one clear winner

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Jessica Castro via Unsplash

In Nigeria today, there are two main brands of mattresses that are competing for market pre-eminence – Vitafoam and Mouka Foam mattresses. The competition between these two brands is so stiff, that it’s almost impossible to decide which one is superior to the other. But this is a brand war situation and only one brand gets to win or not. So, to find out which one of them actually dominates the market share, we did some research.

Mouka Foam Floral Blue

Floral Blue, of one of the many Mouka mattresses in the market.

About Mouka Foam

Mouka Foam is the first mattress brand ever produced in Nigeria. It is manufactured and marketed by Mouka Ltd, a company that was founded in 1959 with specialities in home and office furniture. Examples of other products manufactured by the company include pillows, duvets, industrial sheets, etc. The company is partnered with Abraaj Group, a multinational corporation.

Mouka Foam has a long distribution chain, with some two hundred and fifty third-party distributors in Nigeria. It also has more than a thousand branded sales points across the country. Its production facilities are strategically located across Nigeria. Indeed, it has achieved brand loyalty status and received several local and international recognition, including the “Mattress Brand of 2017” award bestowed on it by the African Brand Congress Nigeria.

About Vitafoam

The history of Vitafoam in Nigeria dates back to the year 1962 when a partnership was established between British Vita and Unilever. That same year, Vita products were imported and distributed in the country. But it wasn’t until 1966 when a polyether plant was established in Ikeja, that Vitafoam became really familiarised with the Nigerian market. The company quickly grew to become one of Nigeria’s leading manufacturers of foam products: furniture, polyether, upholstery products, etc. As the company grew, it continued to establish strategically located plants across Nigeria.

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By 1978, it had become a publicly traded company on the floor of the Nigeria Stock Exchange. By 1995, its revenue base was ₦1.02 billion. Over the years, it has won many local and international awards, including the International Quality Award which it won in the year 2000.

Comparing between Vitafoam and Mouka Foam

Mouka Foam and Vitafoam both emerged onto the Nigerian market at almost the same time. Together, they have dominated the Nigerian furniture market for more than four decades. This is a long enough for both brands to either achieve considerable success in the market or be phased out. Interestingly, both brands have thrived over the years, achieved market loyalty and established themselves as key players in the Nigerian economy.

In terms of products’ prices, both brands offer a wide range of options; similar to each other’s. Vitafoam, for example, has mattresses with prices pegged between ₦21, 000 and ₦50, 000. It also has prices ranging from ₦80, 000, ₦103, 000, and ₦234, 000, etc. This is similar to the price ranges offered by Mouka Foam – ₦41, 856, ₦103, 000 and ₦220, 000.

Coronation ads

Vitafoam is one of the leading mattress brands in Nigeria.

According to both company’s LinkedIn profiles, Vitafoam has about 247 full-time employees, while Mouka Foam has 233 full-time employees. In all ramifications, both are full-fledged corporations with wide market reach and high stakes in the economy.

But while VitaFoam is a public company that is traded on the floor of the Nigerian Stock Exchange, Mouka Ltd is a privately-held, family-owned enterprise.

As a publicly traded company, Vitafoam’s market share price as at March 20th, 2018 was ₦3. In 2017, the company earned a profit after tax (PAT) of ₦190 million, a sharp decline from the ₦412 million PAT that it earned in 2016. But this recorded poor performance last year was caused by a severely bad economic downturn which equally affected the other companies in the sector.

There are no readily available records to indicate Mouka Ltd’s financial statistics. Attempts to reach them for comment in the course of writing this piece proved abortive. But that notwithstanding, it is safe to assume that it has an impressive financial record. It should be noted that the fact that it is not a publicly-traded company may be the reason for its lack of public financial records. That said, most private companies have more latitude to reinvest income and raise funds if need be.

Jaiz bank ads

What the customers say

As part of our research on this topic, we asked some Lagosians to tell us which mattress brand [between Vitafoam and Mouka Foam] makes their sleep “sweeter”. And as expected, they responded. The respondents adjudged the two brands of mattresses based on yardsticks such as affordability, durability, comfort, luxury, etc. In this vein, one of those we interviewed who identified herself as Mrs Okorie, said that she and her family use Mouka Foam at home because the brand is very durable.

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Alex, another mattress user in Lagos, said has been using his Vitafoam mattress for almost ten years now and that he still enjoys it whenever he sleeps in it. “Actually, both brands are good. I’ve been to people’s homes where I had to sleep in other mattresses other than mine. But as for me, I think Vitafoam is the best. It is very comfortable to sleep in and equally durable. I’ve owned my Vitafoam mattress for almost ten years now” he said.

Meanwhile, a Twitter poll conducted by Nairametrics revealed that more Nigerians may actually prefer Mouka Foam too. The Twitter poll asked the question- what’s your preferred choice of mattress: Vitafoam or Mouka Mattress? In response, some 84% voted overwhelmingly in support of Mouka Foam, with only 16% voting in support of Vitafoam.

We understand that the data derived from this survey is too small to represent the actual opinion of all mattress users in Nigeria. Yet, based on the small number of people sampled, it is obvious that Vitafoam has a lot more to compete for in the market.

Survey between Mouka Foam and Vitafoam

A Twitter poll conducted by Nairametrics shows that more Nigerians may prefer Mouka Foam than they do Vitafoam.

In conclusion, Mouka Foam and Vitafoam are still two of the strongest mattress brands in the Nigerian market. And while some customers may prefer one over the other, it is all a matter of choice. That said, it should be pointed out that inasmuch as both brands are equally successful, there is also the need for both to continually innovate/improve in order for them to consolidate on their successes.

So tell us, which of the two mattresses makes your sleep “sweeter”?

Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs. He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor. Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan. If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.

4 Comments

4 Comments

  1. Anonymous

    March 24, 2018 at 12:14 am

    Obviously Mouka

  2. Toju Daniels

    March 27, 2018 at 10:07 am

    I Guess Mouka is better because it used to be ‘Mouka good, Vita cheap.’ Just like indomie and Chikk that year. Except that Vita is now expensive yet their mattress I bought less than three years ago is already sinking one kind.

    Next time if I want to spend big Money I’d buy mouka. In the meantime i’ve discovered there are many newer mattress brands offering good quality for cheap.

  3. Yunusa

    April 26, 2020 at 4:18 pm

    Vitafoam is the best ever mattress

  4. Samuel

    May 25, 2020 at 11:46 pm

    Vitafoam remains the number one brand when it comes to polyurethane foam production in Nigeria.

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Currencies

Daily Parallel Market Exchange Rate – ₦495/$1

The US dollar stands at ₦495/US$1 in the parallel market.

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Forex, NIGERIA: Daily Parallel Market, Exchange Rate

The exchange rate between the naira and the US dollar for today (Wednesday, December 2nd 2020), stands at 495/US$1 in the parallel market. The rate had also closed at 495/US$1 on Tuesday, December 1st 2020.

  • Naira:495
  • Dollar: $1
  • Date: December 2nd, 2020

The exchange rate between the naira and the British pound sterling stands at ₦635/₤1 on Wednesday, December 2nd 2020. The rate had also closed at ₦635/₤1 on Tuesday, December 1st 2020.

  • Naira: ₦635
  • Pounds Sterling: ₤1
  • Date: December 2nd, 2020

Explore Economic Research Data From Nairametrics on Nairalytics

The exchange rate between the naira and the European euro stands at ₦575/€1 on Wednesday December 2nd 2020. The rate had closed at ₦570/€1 on Tuesday, December 1st 2020.

  • Naira: ₦575
  • Euro: €1
  • Date: December 2nd, 2020

Activity: US Dollar stands at 495/US$1 in the parallel market

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READ ALSO: The risk of buying Forex at black market rate of N460/$1 

DateCurrencyBuy(AM)Sell(AM)Buy(PM)Sell(PM)Volatility
12/02/2020Dollar485495
12/02/2020Pounds630635
12/02/2020Euro570575
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Data is collated from various black market dealers on the mainland and island parts of Lagos State where forex is sold. The price quoted daily on this page represents the average price obtained by our Research Team. Our prices are a guide and could be slightly different from the price you get when you eventually decide to buy or sell. This is a daily tracker and updated close of business. See table below for parallel market exchange rate dating to 2019.

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Financial Services

CBN introduces “Special Bills” as part of efforts to control money supply in the economy

The Central Bank of Nigeria has announced the introduction of a Special Bill with unique features.

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CBN Gov Godiwn Emefiele

Nigeria central bank has announced the introduction of what it calls the “Nigeria Special Bills” in what it claims is an effort to deepen the financial markets.

The apex bank also claims the instrument avails it with an additional liquidity management tool for Nigeria’s financial system.

In a disclosure, signed by the Director of Banking Supervision of CBN, Bello Hassan, and seen by Nairametrics, it said the Special Bills contained the following features

READ: CBN Governor alleges parallel market used for bribes and corruption

  1. It has a Tenor of 90 days
  2. It comes with Zero coupon, as the applicable yield at issuance will be determined by the CBN.
  3. The instrument will be tradable amongst banks, retail and institutional investors.
  4. The instrument shall not be accepted for repurchase agreement transactions with the CBN and shall not be discountable at the CBN window.
  5. The instrument will qualify as liquid assets in the computation of liquidity ratio for deposit money banks.

The central bank, yanked off retail and instituional investors from accessing the highly lucrative Open Market Operations bills where yields were previously high. It is unclear if this bills will replace the OMO bills or is permamnent.

GTBank 728 x 90

READ: Frantic CBN allows diaspora remittances to be withdrawn in dollars and sold anywhere including black market

What this means: With the introduction of the new Special Bills, the CBN aims to securitize the excess Cash Reserve Requirement balances of local banks by offering them short-dated zero-coupon special bills.

  • Since May 2020, the central bank has sequestered over N6 trillion as part of its CRR debits of the accounts of deposit banks.
  • Nigeria’s central bank expects commercial banks to maintain a loan to deposit ratio of 65% and thus debits the accounts of commercial banks who do not meet this target for excess deposits.
  • According to Nairametrica analysts, this new bill provides the banks with an instrument which they can offer to investors in exchange for a return. For example, the banks can sell the “Special Bills” to investors who need fixed income instrument.

Why it matters: The claims the Special Bills is in line with the “CBN’s goal of ensuring optimal regulation of systemic liquidity and promoting efficient financial markets in support of economic recovery and sustained growth,” however Nairametrics undertands there could be more to this.

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However, Nairametrics believes pressure from the banks who have complained about the frequent debits may have resulted in this new Special Bills. In some of the earnings calls listened into by Nairametrics, banks have often cited the drop in their interest income and margins.

READ: Bankers’ Committee embarks on cybersecurity & fraud awareness initiative, launches Moni Sense campaign

What they are saying: A part of the recent CBN disclosure read thus: “The Central Bank of Nigeria (CBN) hereby announces the introduction of Special Bills as part of efforts to deepen the financial markets and avail the monetary authority with an additional liquidity management tool.”

What to expect: The CBN is expected to further clarify the issue and pricing of the recent instrument in coming days.

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Business

Tanker explosion: Motorists trapped in gridlock along Magboro axis of Lagos-Ibadan expressway

Hundreds of motorists are trapped on the Magboro axis of the Lagos-Ibadan expressway after a fuel tanker fire.

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Tanker explosion

Hundreds of motorists are trapped on the Magboro axis of the Lagos-Ibadan expressway in Ogun State after a fuel tanker, on Wednesday, caught fire.

The incident has caused gridlock at both inward and outward lanes of the Lagos-Ibadan Expressway, as the fuel being conveyed by the tanker had spilled to the other side of the expressway.

Findings by Nairametrics reveals that the men of the Fire Service and other agencies are battling to extinguish the fire and move the tanker off the road.

READ: FG owing road contractors N306 billion as public transport owners back toll gate 

The Federal Road Safety Commission’s Corridor Commander, Kehinde Hamzat, who confirmed that the tanker went up in flames around 4:15 am, advised motorists to avoid the axis and use other routes.

GTBank 728 x 90

FRSC’s notice read, “The Federal Road Safety Corps wishes to advise the general public on the need for adequate planning of their trips for today for users of the Lagos-Ibadan Corridor.

“The tanker explosion on Magboro bridge on the outward Lagos section of the expressway which occurred at about 0415hrs in the early hours of the day, Wednesday 2nd December, 2020 has called for the need to adjust one’s movement for the day.

READ: Guinness warehouse in Lagos on fire

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“The fire is still burning as at 05.20am and this means a total standstill situation of vehicular movement along the expressway.

“Relentless efforts are still being made to extinguish the fire by men of Fire Service backed up by men of other agencies around the scene of the inferno.

“We, therefore, advise the general public to have adequate planning for their trips for those who cannot cancel their planned journeys. We also advise that travellers who are bound to transit in and out of Lagos from the neighbouring state to explore alternative routes where necessary.

“All hands on deck to ensure that the situation is professionally managed and the road returned to proper use for the public.”

READ: Oil tanker explodes on Otedola Bridge, Lagos

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What you should know

  • Barely 25 days ago, Nairametrics reported that a fuel-laden tanker went up in flames at the Kara end of Lagos-Ibadan Expressway.
  • The explosion reportedly claimed two lives and over 20 vehicles (some of which are parked for sale along the traffic corridor).
  • This was disclosed by LASEMA in its Post-disaster assessment report shared via its Twitter handle on Saturday.
  • According to the agency, aside from the two fatalities, 10 casualties were recorded, 23 vehicles affected including 1 tanker containing 45000 litres of petrol, 1 luxurious passenger bus, 2 articulated vehicles, and 19 cars.

Explore Data on the Nairametrics Research Website

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