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Accenture Nigeria to Unveil Innovation Index 2018 on Friday

Accenture is set to officially unveil the complete survey report of its Innovation Index 2018 which focuses on game-changing business, market and technology trends in Nigeria

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Accenture Nigeria to Unveil Innovation Index 2018 on Friday

Global tech, strategy, digital and consulting service firm, Accenture is set to officially unveil the complete survey report of its Innovation Index 2018 which focuses on game-changing business, market and technology trends in Nigeria financial services industry.

The event which will take place on Friday, November 23, 2018 at Eko Hotel & Suit, Lagos will have in attendance industry captains and the media.

Accenture partnered with over 250 researchers in world-class organizations such as MIT and Singularity to discover the leading innovative solutions.

The Index seeks to highlight and showcase innovation role models who are inculcating innovation into the very culture of their organisations—as well as creating product, process, people and service innovations which are changing the way people live and work.

Accenture during the survey reached out to banking and fintech company’s in Nigeria and offered participants the opportunity to showcase one of their innovations. The research team of the firm collated all entries and shared summaries with Lagos Business School, its local research partner. During this adjudication process chaired by LBS, the team will collaborate with select C-Suites from tier one companies who judged the entries over a period of weeks to reveal the innovation winners in three categories for the banking and fintech space in Nigeria.

“As the industry players seek to grow and expand their businesses through innovation, the survey results will offer insight on how effective these innovations have been in helping them gain competitive advantage in the marketplace” said Toluleke Adenmosun, Accenture Nigeria’s Managing Director Financial services.

“We are also appreciative of all the participants who took time to complete the survey. Accenture will take time using best practice and share with them a diagnostic report that will be useful to each participant on its innovation journey. Additionally, we will publish our thinking on the findings of the survey research”, she added.

Accenture is looking forward to sharing the winners of the Nigeria Innovation Index with stakeholders in the country in conjunction with its media partners, The Guardian Newspapers and online tech specialized media platform, TechCabal.

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According to the company, the findings from the survey will give insight that will help to improve the performance of players in banking and fintech space in the country and also guide other sectors in making informed decisions towards adopting an innovation strategy.

NM Partners represent articles published in paid partnerships with corporate organisations. They include press releases, targeted content, and other forms of corporate communications on behalf of our Paid Partners.

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Companies

COVID-19, VAT, FX scarcity adversely impacted our operations in 2020 – Nigerian Breweries boss says

NB Plc’s operations in 2020 were adversely impacted by the COVID-19 pandemic, VAT increase and FX devaluation.

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Heineken scoops more Nigerian Breweries shares in insider disclosure

The management of Nigeria’s leading brewer, Nigerian Breweries Plc has revealed that its operations in 2020 were adversely impacted by the COVID-19 pandemic, VAT increase, FX devaluation and scarcity of foreign exchange.

This statement was made by the Managing Director of Nigerian Breweries, Mr Jordi Borrut Bel, at the company’s pre-AGM media briefing for the financial year-end 2020, which held in Lagos this week.

He noted that the increase in the brewer’s cost in 2020 was due to the COVID-19 pandemic which disrupted the company’s operations, as well as the increase in VAT, devaluation and FX scarcity which has put pressure on input cost.

READ: Alcoholic beverage makers on NSE lose a total N27.7 billion in a single day

The Nigerian Breweries boss explained further that the increase in cost could not be fully attributed to currency devaluation and foreign exchange scarcity.

He explained that the increase in costs of goods sold, as reported in its audited financial results, could also be linked to the increase in the volume of goods sold, as the company’s sales volume in 2020 increased by almost the same percentage as the cost of goods sold.

To deal with this challenge going forward, he revealed that the company is focused on the supply chain, and will continue to seek out ways to mitigate any of the price increases coming from FX scarcity.

READ: Brewery sector: A quarter to forget

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The company’s profitability in question?

An analysis of the company’s result revealed that despite the 4.3% increase in net revenue from N323.00 billion recorded in 2019, to a total of N337.01 billion in 2020, the company’s profit declined significantly by 53.3% to N7.53 billion.

Speaking on this, Jordi Borrut in his statement at the press briefing noted that the brewer’s business performance in 2020 was quite impressive especially in the face of the COVID-19 pandemic and economic recession. Despite these challenges, the company maintained a strong and healthy balance sheet.

There was a slight reduction in profitability but compared to the previous year, the business witnessed an improved growth in revenue. The significance of this is that the business became more stable and healthier,” he said.

READ: Nigeria’s triangular beer war on the rise with the arrival of Budweiser

What you should know

  • Nigerian breweries, being the largest brewer in the country, maintained its stance in terms of generating profits year-on-year. The company emerged as the only brewer to record a profit of N7.37 billion from its operations in 2020, 54.3% lower than 2019 figures (N16.1 billion).
  • From this, the leading brewer was able to pay shareholders a total dividend of N7.5 billion, translating to a dividend of 94 kobos per share – a dividend payout in which exceeds 100%.
  • While Guinness and International Breweries made a loss of N12.6 billion and N24.9 billion respectively, this reality impacted their ability to pay their shareholders dividends in 2020.

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Highest paid Nigerian bank MD/CEOs of 2020

Bank MD/CEOs in Nigeria earned a combined N1.5 billion in salaries in 2020.

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The banking sector, especially commercial banks, is one of the most profitable sectors of the Nigerian Economy churning out profits of close to a trillion in 2020 alone. They are also one of the highest employers of labours in the country employing over 93,000 Nigerians.

Sitting at the helm of affairs is the Chief Executive/Managing Director, the highest-ranking executive in the organization saddled with the responsibility of making the best corporate decisions, oversight of the execution of the organisation’s corporate strategies and most importantly increasing the shareholders’ return. The buck basically stops on their table.

Thus, these enormous responsibilities also come with a considerable executive compensation for their service making them ostensibly the highest-ranking staff of the bank.

READ: Jim Ovia: From a clerk to founder of Nigeria’s most profitable bank

In typical Nairametrics fashion, we bring to you a list of the highest-ranking bank CEOs for 2020 based on their executive compensation (exec comps). The bank MD/CEOs under our review earned over N1.5 billion in salaries in 2020.

The data was sourced from the published audited accounts of the bank and verified by Nairametrics Research.

 

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