Business News
Wizkid, UBA CEO speak on partnership
The GMD/CEO @UBAGroup, Kennedy Uzoka, and @wizkidayo, have addressed the importance of their partnership to Nigerian small and medium businesses.
The Group Managing Director/Chief Executive Officer of United Bank for Africa (UBA), Kennedy Uzoka, and singer Ayo Balogun, popularly known as Wizkid, have addressed the importance of their partnership to Nigerian small and medium businesses.
While speaking on the reason behind the choice of Wizkid as the bank’s Ambassador, Uzoka said the decision was prompted by UBA’s commitment to small and medium enterprises.
Speaking during the fireside chat at the 2019 Tony Elumelu Entrepreneurship Forum, the UBA CEO said the bank is unrelenting in its effort at ensuring SMEs thrive within the business environment in Nigeria.
“We are unveiling Wizkid as our brand ambassador to show our unrelenting support for SMEs and to further create a platform for them to thrive. This is a strong collaboration that will help us as an institution to propel our dream of making Africa a truly self-sufficient economy.”
[READ MORE: Here’s Davido’s and Wizkid’s Net Worth for 2019]
It should be noted that Wizkid’s partnership with UBA is meant to be a representation of the music industry which has been sidelined for many years from banks’ investment and government support that Nollywood has been enjoying.
[READ ALSO: Davido, three others make Instagram’s most valuable posts list]
The music industry is saturated with small and medium record labels that are single-handedly operated by Nigerian artistes themselves. The international success recorded by the likes of Wizkid, Davido and Tiwa Savage has renewed foreign interest in the music industry as it was during the early era of the industry.
Wizkid posing in front of a UBA logo
The only record label that has enjoyed private placement remains Mavin Records, a label established by music producer, Michael “Don Jazzy” Collins. Mavin in January this year, announced a “multimillion-dollar” equity investment partnership with Kupanda Holdings for its expansion drive.
With the industry expected to hit N18 billion next year, having clocked $33 million in 2015, it’s no surprise that UBA is positioning itself as a key partner as the bank continues to diversify its interest to include fashion and other SME-driven markets on its focus list.
“UBA is a bank that is interested in the growth of SMEs as well as youth empowerment and we have done many things in the past in this regard. We have partnered the Tony Elumelu Foundation to support the youths across Africa who we know are the future of our continent’s economic renaissance,” Uzoka added.
[READ ALSO: Don Jazzy pens a farewell note to Tiwa Savage as she leaves Mavin Records]
On his own part, Wizkid stated that the music industry and entertainment as a whole was in need of capital support from financial institutions to propel its growth. The ‘Ojuelegba’ crooner hinted that the partnership with UBA will not be limited to the music industry.
“It is my passion and my biggest dream to help the youth and to build schools around Africa, and this partnership, I believe, is a step towards that direction; UBA and Wizkid, now let’s change the world.”
Wizkid is the founder of Starboy Entertainment, a record label with several artistes under its umbrella.
Business
FG explains why Lagos-Ibadan rail line was not linked to the sea
The government in its explanation said that the delay was due to disruption by trucks going in and out of the port complex.
The Federal Government has stated why the China Civil Engineering Construction Company (CCECC) Nigeria Limited could not link the final part of the Lagos-Ibadan rail line to the sea.
The government in its explanation said that it was due to disruption by trucks going in and out of the port complex.
According to a press statement signed by the Director, Press and Public Relations of the Federal Ministry of Transportation, Eric Ojiekwe, this disclosure was made by the Minister of Transportation, Rotimi Amaechi, while on a routine tour of the Lagos-Ibadan rail line project on Saturday, April 10, 2021.
The Minister pointed out that the original blueprint for the Lagos-Ibadan rail line project was not adhered to by CCECC Nigeria Limited and TEAM consortium and therefore warned that the master plan of the soon to commence Ibadan-Kano rail line project should not be changed.
The statement from the ministry partly reads, “The Nigerian Government has restated its commitment to connect the whole country by rail with the soon to commence Ibadan-Kano Standard Gauge Rail project.”
Amaechi forewarned that the master plan of the soon to commence project should not be changed as the original blueprint for the Lagos-Ibadan wasn’t adhered to by Messrs CCECC Nigeria and TEAM consortium. The Minister who rode the train from Ebute-Meta to the 8.72 km Apapa Port Spur line, informed the media that the inability of Messrs CCECC Nigeria to link the final part of the rail line down to the sea is rather due to disruption by trucks going in and out of the port complex.’’
The Minister had noted that the Federal Government has paid its share of the counterpart funding of the Ibadan-Kano rail line project and is waiting for China-Exim bank to ratify its side of the agreement for the project to commence.
He also advised the Nigerian Railway Corporation (NRC) to acquire more land around the train stations and the rail tracks for future development adding that this will be near impossible to do in the future as whatever space available now would have been taken over by businesses attracted to the rail line.
In case you missed it
It can be recalled that full commercial train services commenced on the Lagos-Ibadan rail line after train operations commenced on December 7, 2020, with only Lagos, Ibadan and Abeokuta residents enjoying the train services.
This is because other minor and major stations along that route were yet to be completed.
IBADAN-KANO RAIL PROJECT TO COMMENCE SOON – FG
The @NigerianGov has restated its commitment to connect the whole country by rail with the soon to commence Ibadan-Kano Standard Gauge Rail project.
The Minister of Transportation, @ChibuikeAmaechi, while on routine tour of the— Federal Ministry of Transportation (@MinTransportNG) April 11, 2021
Manufacturing
Industrial Index loses -12.39 points, as BUA and Lafarge Cement shares top losers list
The NSE Industrials index lost 12.39 index points in the first trading week in the month of April.
The Nigerian Stock Exchange Industrial Index at the close of trading activities for the first week in the month of April closed on a bearish note, following a 0.66% decrease in the shares of BUA CEMENT and Lafarge.
At the close of trading activities on the Nigerian Stock Exchange on the 9th of April 2021, the industrial index depreciated by 55.01 index points, to close lower at 1,928.18 index points for the week.
When compared to the overall performance of the market, the NSE Industrial index underperformed, noting that the NSE All-Share Index and Market Capitalization depreciated by 0.66% to close the week at 38,866.39 and N20.3350 trillion respectively.
READ: COVID-19, VAT, FX scarcity adversely impacted our operations in 2020 – Nigerian Breweries boss says
What you should know
The NSE Industrial Index was designed to provide an investable benchmark to capture the performance of the Industrial Sector. It comprises the most capitalized and liquid companies in the industrial sector and is based on the market capitalization methodology.
The index tracks the performance of ten industrial companies on the Nigerian Stock Exchange which includes Dangote, BUA, and Lafarge Cement.
The overall performance of the companies for the week was bearish, as the index closed on a negative note driven by the decrease in the share price of BUA Cement and Lafarge.
MEYER (19.51) was the only gainer for the week, while BUACEMENT (-1.09%) and LAFARGE WAPCO (-3.00%) were the only losers for the week.
GAINER
- MEYER up by19.51% to close at N0.49.
LOSER
- WAPCO down by -3.00% to close at N21.00.
- BUACEMENT down by -1.09% to close at N72.70.
