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Business News

Irate Nigerians drag Imo State Governor for snubbing Innoson Vehicles

Earlier today, Nigerians went wild on Twitter after discovering that Governor Emeka Ihedioha of Imo State allegedly overlooked Innoson Vehicles to patronise America’s Ford Motor Company.

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Innoson Vehicles, Nigerians are enraged as lawmakers reject Innoson cars for latest Toyota Camry 

Earlier today, Nigerians went wild on Twitter after discovering that Governor Emeka Ihedioha of Imo State allegedly overlooked Innoson Vehicles to patronise America’s Ford Motor Company.

The Issue at Hand: Apparently, the Imo State Governor purchased hundreds of trucks and donated them for official use in the state. However, the fact that none of the trucks was purchased from Nnewi-based Innoson Vehicles sparked outrage.

For this reason, the Governor was dragged across social media and called “unpatriotic”. Some people even pointed out that President Muhammadu Buhari recently patronised Innoson Vehicles. Why then didn’t Governor Ihedioha do the same?

[READ: Innoson Lied, Admits to spreading false information about GTBank]

The Government’s Response: Following the Twitter outrage, The Imo State Government issued a brief statement explaining that the trucks were not purchased directly from Ford Motor Company. Instead, the purchased vehicles were assembled in Nigeria by Cocharis Motors Assembly Limited which is owned by another Igbo businessman Cosmos Maduka. It should be noted that Cocharis Motors Assembly Limited is in partnership with the American automaker to assemble Ford vehicles in Nigeria.

https://twitter.com/GovernmentImo/status/1164452026346082304

The Role of competition: Based on the foregoing, two things become clear about this entire situation. The Imo State Governor did not exactly overlook made-in-Nigeria products to purchase their foreign counterparts. Instead, competition played a major role in influencing the Imo State Governor’s preference. After all, Innoson Vehicles is not the only auto assembler operating in the country.

Innoson has to do more: The company has been called upon to endear its products to average Nigerians through better marketing/advertising. More so, the company was advised to make its vehicles durable and affordable.

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[READ: Nigerians put on alert as Ford Motors recalls 1.4 million vehicles]

In the meantime, Nigerians have also called on the Nigerian politicians to lead by example by patronising made-in-Nigeria products, as well as work towards implementing favourable policies that will enable local businesses to thrive.

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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.

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Appointments

Standard Bank Group appoints Yinka Sanni as new Chief Executive of Africa Regions

Yinka Sanni has been appointed as Standard Bank Group’s Chief Executive of Africa Regions.

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Stanbic IBTC declares N10.4 billion interim dividend

The Standard Bank Group has announced the appointment of Yinka Sanni as the new Chief Executive of Africa Regions.

This announcement was made by the Group in a post shared via its official LinkedIn account. The bank revealed that Sanni will be replacing Sola David-Borha who is retiring after 31 years of distinguished service to the group.

His appointment will play an integral role in driving the growth of the Standard Bank Group in Africa further in the years ahead.

He is expected to build on the work of David-Borha, a renowned professional who played a key role in growing the Group’s Africa Regions portfolio in terms of capacity, market share and contribution to the group’s headline earnings.

What you should know

  • Yinka Sanni is a Fellow of the Chartered Institute of Stockbrokers of Nigeria.
  • He has served in key positions within the Stanbic Group, as the Chief Executive of Stanbic IBTC Holdings PLC, Chief Executive of Stanbic IBTC Bank PLC, Deputy Chief Executive of the Bank and Executive Director, Corporate & Investment Banking of the Bank.
  • He was also the pioneer Chief Executive, Stanbic IBTC Pension Managers Limited and the pioneer Chief Executive, Stanbic IBTC Asset Management Limited.

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Corporate Press Releases

P2P crypto marketplace, Bitzlato (BZ) partners with Lemonade Finance to ease money transfers across Africa

The partnership will enable users on the BZ platform to buy and sell bitcoins and other cryptocurrencies on the marketplace at zero cost.

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Bitzlato (BZ), the latest P2P Crypto Exchange to enter the African market, has added Lemonade.Finance, a borderless payment platform for Africa, as a payment method to its platform.

Lemonade Finance provides 100% digital payment experience for Africans to seamlessly participate in the global economy from anywhere in the world without any hassle or regardless of where they are from.

The partnership will enable users on the BZ platform to buy and sell bitcoins and other cryptocurrencies on the marketplace at zero cost.

Users in Nigeria will now be able to send Nigerian Naira (NGN) to MPESA at 0% transaction fee.

Speaking about this partnership, Ridwan Olarere, CEO, Lemonade Finance, said:

“We are excited to partner with such an innovative company like Bitzlato to connect more Africans through payment. Many Africans living on the continent face many difficulties when making payments as remittance companies charge high fees and are time-consuming. We are now providing our users with a cost-effective way of sending money to Ghana, Kenya, Uk and Europe.”

Commenting on the opportunities this provides to crypto traders on the BZ platform, Mike Lunov, CEO, BZ, said:

“This partnership will provide a much-needed gateway that enables the markets we serve to seamlessly interact with each other in a borderless and open environment. We seek to break the barriers that presently exist for cross border transfers and enable our users to generate value through the opportunities that accrue from cryptocurrencies trading. The innovation exhibited by the Lemonade platform, and the brilliance of its team assures users of top-notch, secure and reliable transfers going forward.”

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According to BZ, during the first month, BZ will refund commissions in manual mode while using Lemonade Finance, but this will be automated at the end of this period.

Following this partnership, BZ is now looking to partner with merchants in the crypto space especially in Nigeria, Ghana, South Africa that have a steady flow of Nigerian Naira (NGN) to increase liquidity on the platform.

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Take advantage of the new Lemonade Finance payment method on BZ, which offers zero transactional fees for money transfers from Nigeria into Kenya. Sign up on BZ and start trading crypto easily today.

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