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Meet the woman winning in a male-dominated paint market 

Omolara Elemide was recently appointed as the Acting Chief Executive Officer of CAP Plc, the paint manufacturing subsidiary of Nigerian conglomerate, UAC of Nigeria Plc.

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Omolara Elemide

Omolara Elemide was recently appointed as the Acting Chief Executive Officer of CAP Plc, the paint manufacturing subsidiary of Nigerian conglomerate, UAC of Nigeria Plc. She took over from Oluwakemi Ogunnubi, another woman who previously held the important position until early this year. It’s been six months since she took up this job and people are longing to see her scorecard. This is why Nairametrics has decided to profile her as our corporate personality of the week. Get to know her. 

Elemide’s age, education, and early career days 

Born in 1959, Mrs Omolara Elemide is a Nigerian business executive who has over 35 years of professional experience. She has held many high-profile positions in some of the biggest companies in Nigeria. She is a graduate of the Kwara State Polytechnic where she obtained a Higher National Diploma in Accountancy. Shortly after graduation, Mrs Elemide joined UAC of Nigeria Plc in 1983. She has been working in the firm ever since, rotating within the Group’s subsidiaries. 

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Her career took off fully following the divestment of Unilever International from UAC of Nigeria in 1994. This is because she was promoted to the position of the Group Audit Manager. Her six months attachment to Unilever International’s audit departments in Europe and America in 1991 had prepared her for this role. 

[READ: CEO Profile: Six years later, has Emeka Emuwa revitalised Union Bank Plc?

Her rise through the corporate ladder 

As mentioned earlier, Omolara Elemide’s career has revolved mostly around the UACN Group. In 1997, she served as the Divisional Commercial Director of G B Ollivant/MDS Division and as the Finance Director of UACN Property Development Company Plc; both subsidiaries of UAC of Nigeria Plc. Records show that she held these positions between 1997 and 2005. 

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Interestingly, she also previously served as the Managing Director of CAP Plc. This followed her 4-year stint as the Finance Director of the same company between February 2005 and May 2009. She also served as UACN Plc’s Executive Director in charge of Corporate Services starting from January 2018. This was right before her appointment to her current position. Note that she is also the Acting Chairman of Livestock Feeds Plc, another subsidiary of the UACN Conglomerate. 

Omolara Elemide

Mrs Omolara Elemide with some other executives of the company.

A private executive 

Not much is known about Mrs Omolara Elemide’s personal life. She doesn’t have any known social media account, even a LinkedIn account bearing her name has just two connections. However, we do know that she is a wife and a mother. She is also a Christian. In August 2018, she was quoted to have advised some young school leavers to make the right choices in life as well as embrace a culture of excellence in order to succeed in life. She also reportedly admonished her fellow female business executives to continually sharpen their competence and never be found wanting.  

Her poise to win the paint war 

There are quite a handful of paint manufacturing companies operating in Nigeria today. Five of these companies are listed on the Nigerian Stock Exchange, including CAP Plc of course. Over the years, there has been an understandably stiff competition between these companies, as they continually struggle to win over market share. How well is Elemide prepared to win in this field which, by the way, is dominated mostly by men? Well, let’s judge based on her performance so far this year. 

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Elemide’s Half-Year 2019 scorecard  

For the half-year period ended June 30, 2019, CAP Plc recorded a relatively good result, even though profit after tax had declined slightly by 5.3% to N868 million compared to N917 million in H1 2018. The company did, however, report an increase in revenue to the tune of N3.9 billion, compared to N3.7 billion for the comparable period in 2018.  

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[READ: These billionaires lose N5.7bn as Seplat’s share price declines by 10%]

Despite the decline in profit, CAP Plc’s result is, by far, better than what its competitors reported. Berger Paint Plc, for instance, reported revenue of N1.5 billion and a profit after tax of N145.6 million. Portland Paints Plc realised total revenue of N1.3 billion compared to N1.4 billion in 2019. Profit after tax stood at N64.2 million compared to N89 million in H1 2018. 

Meanwhile, Premier Paint Plc ran at a loss of N14.3 million, after reporting 2.4% decline in revenue to the tune of N74.7 million compared to N97.9 million in 2018. In the same vein, Meyer Plc also reported a loss of N29.5 million. 

Based on the foregoing, it is clear that Mrs Omolara Elemide is winning the paint war in Nigeria. However, she can do better. Her aim should be to surpass the target set by her predecessor. And judging by the company’s H1 2019 profit performance, she hasn’t exactly done that.  

[READ: Product Review: Big brands dominating Nigeria’s Paint market]

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Emmanuel holds an MSc. in International Relations and a B.A in Philosophy & Logic, both from the University of Ibadan. He is a communications professional. As a Lead Business Analyst at Nairametrics, he focuses mostly on quoted companies, their products/services, and the economy in which they operate. Emmanuel is also experienced in the areas of corporate communication, brand communication, corporate storytelling, public relations, business research, management/strategy, etc. You may contact him via his email- emmanuel.abara@nairametrics.com.

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Economy & Politics

UPDATED: Nigeria’s GDP grows by 1.87% in Q1 2020, as non-oil sector weakens

Nigeria’s Gross Domestic Product (GDP) grew by 1.87%(year-on-year) in real terms, representing a drop of 0.23% points compared to Q1 2019 and 0.68% points decline compared to Q4 2019

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Covid-19, Conditional cash transfer: FG gives reason for disengagement of 2 Payment Service Providers, President Buhari asks the Chief Justice to release prisoners due to coronavirus

Nigeria’s Gross Domestic Product (GDP) grew by 1.87% (year-on-year) in real terms in Q1 2020. This is according to the first quarter (Q1) GDP report, released by the National Bureau of Statistics (NBS) on Monday.

According to numbers contained in the Bureau’s report, the performance recorded in Q1 2020 represents a drop of 0.23% points compared to Q1 2019 (2.10%) and 0.68% points decline compared to Q4 2019 (2.55%), reflecting the earliest effects of disruption caused by Covid-19 pandemic and crash in oil price.

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Oil sector

According to the report, Nigeria’s oil sector recorded a real growth rate of 5.06% (year-on-year) in Q1 2020, indicating an increase of 6.51% points relative to the rate recorded in the corresponding quarter of 2019 (-1.46%).

However, when compared to Q4 2019 which recorded a growth rate of 6.36%, oil sector growth decreased by –1.30% points. The contribution of the Oil sector to aggregate GDP stood at 9.50% in Q1 2020, up from figure recorded in the corresponding period of 2019 (9.22%) and the preceding quarter (7.32%), as the share of the non-oil economy declined.

During the first quarter of 2020, an average daily oil production of 2.07 million barrels per day (mbpd) was recorded. The production level was higher than the 1.99mbpd recorded in the same quarter of 2019.

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READ ALSO: FG seeks partnership with National Council of Registered Insurance Brokers, here’s why 

Non-Oil Sector

The non-oil sector grew by 1.55% in real terms during the reference quarter (Q1 2020), this was slower by -0.93% points compared to the rate recorded during the same quarter of 2019 (2.47%), and –0.72% points slower than the fourth quarter of 2019 (2.26%).

According to the Bureau’s report, growth in non-oil sector was driven mainly by Information and Communication (Telecommunications), Financial and Insurance (Financial Institutions), Agriculture (Crop Production), Mining and Quarrying (Crude Petroleum & Natural Gas), and Construction.

In real terms, the Non-Oil sector contributed 90.50% to the nation’s GDP in the first quarter of 2020, less than its share in the first quarter of 2019 which was 90.78% and the fourth quarter of 2019 recorded as 92.68%. Activities that witnessed weaker performance relative to Q1 2019 include Quarrying, Road transport, Accommodation and Food services as well as real estate.

Service, Industry sectors remain resilient as economy posts slowest growth in 6-quarter

Nigeria’s service sector showed strong resilient in the period under review as it contributed 54.39% to the aggregate GDP, up from 53.64% recorded in Q4 2019. Also, the industrial sector recorded a marginal increase in its contribution to GDP at 23.65%, up from 22.25% in Q4 2019. Meanwhile, the contribution from agriculture sector contracted to 21.96% from 25.16% in the previous quarter. Contraction in the agric. Sector maybe largely traceable to the planting season.

A closer look at the GDP report shows that 1.87% growth recorded in Q1 2020 represents the slowest in the last 6 quarters (2018 Q4 – 2020 Q1). In Q4 2018, GDP growth rose to 2.38% as the economy continued its slow recovery from the 2016 recession.

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The slow growth momentum had been sustained through the subsequent quarters until the latest contraction which is attributable to disruption caused by the Covid-19 pandemic and oil price.

 The Bottom Line

GDP is Nigeria’s biggest economic data and it measures the monetary value of everything produced in the country. It depicts the nation’s total economic activity. A decline in GDP means major economic activities are slow or sluggish, which may be a result of several factors.

  • It is important to note that while the Nigerian economy contracted slightly in Q1, growth in Q2 is expected to dip largely in Q2 due to lockdown across major economies of the world which disrupted both supply and demand chain.
  • The Oil sector, Travel and Tourism, Hospitality and Manufacturing are among sectors expected to contract largely in subsequent through 2020
  • According to IMF, the Nigerian economy is expected to contract by -3.4% in the year, as Covid-19 pandemic and oil price shock exacerbate the vulnerability of Nigeria fiscal and monetary landscape.

READ ALSO: Foreign investors ship $21.14 billion to 22 States in 10-month 

 

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Coronavirus

New normal for the informal sector

Africa is the world’s last frontier in the fight against extreme poverty where one in three Africans−422 million people−live below the global poverty line.

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Post COVID-19 and Africa's informal sector: Africa and Nigeria "The new normal"

The outbreak of the novel Coronavirus disease (COVID-19) in China has extremely changed the world, as it has turned into a major pandemic and affected millions of people around the world regardless of geographical location, age, race, gender, etc.

While this crisis is first and foremost a public health issue, which has claimed the lives of thousands of people worldwide and still counting, the economic fallouts will no doubt be overwhelming and will likely lead to major economic meltdowns; both in the formal and informal sectors.

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READ ALSO: FIRS moves to stop tax evasion with newly launched intelligence system 

According to Brookings Institute, Africa is the world’s last frontier in the fight against extreme poverty where one in three Africans−422 million people−live below the global poverty line. This fact brings to fore, the alarming consequences of COVID-19 in the economic sectors which will increase the income gap backward rather than reduce the number of people living below the global poverty line.

The informal sector arguably constitutes the largest employer of labor in Africa. The International Labour Organisation estimates that more than 66% of total employment in Sub-Saharan African is in the informal sector. With a pervasive informal sector, city governments have been struggling with how best to respond to the COVID-19 pandemic. Furthermore, informal enterprises are typically characterized by low wages and non-exportable goods and services. This sector provides crucial livelihoods to the most vulnerable of the urban poor.

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(READ MORE: Recalibrating Job creation within COVID-19 realities )

The spread of COVID 19 poses a big threat to small scale businesses which serve as a major source of livelihood for many Africans. It is important that, just as Africa is working towards combating the spread of the virus, the government should help to support this vital, yet often excluded segment of the economy.

Post COVID-19 and Africa's informal sector: Africa and Nigeria "The new normal"

The informal sector is very much essential for the welfare of the people living in the local communities and for the expansion of the economy at large. As Africa’s informal sector provides about 80% of employment and contributes over 50% GDP, it is reason enough to save this crucial sector from jeopardy.

Taking Nigeria to be the case study, the wave of the pandemic is showing no sign of reduction unless a permanent solution is found.

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However, looking on the bright side, there is a possibility that a vaccine could be found sooner or later to counter this unpleasant enemy. But until then, how will we as a country adjust to the “new normal”, that is life after COVID-19, as the experts who used this terminology explained that life, as it was before, will not come back to normal for some time to come. Let’s take a few instances.

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One major normal, which is of general importance with a massive impact on our livelihood, is the loss of jobs. Yes, our means of making ends meet have been threatened. Many people will be rendered jobless as all economic activities the world over, have slowed down.

Those who will be hit the hardest are, as already mentioned, small-scale businesses that may find it challenging to adapt to the new normal of doing business via virtual means, etc. The small-scale businesses are also employers of labor, so going down means their employees will suffer the same loss with them. Amongst the unemployed, the hardest hit is the daily wage workers whose livelihoods are based on their daily incomes.

(READ MORE: 7 common money mistakes I made and why you should avoid them)

Therefore, a lot of people will suffer unemployment in this time, and paying bills such as house rent bills, food bills, school bills will become near impossible.

Post COVID-19 and Africa's informal sector: Africa and Nigeria "The new normal"

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Another new normal is that, classes and lessons will have to be done online, and this could be the pattern for some time to come. This will pose major challenges for parents who do not have the resources to acquire gadgets or even buy the data required for their wards/children to participate in online classes. This new normal is also applicable to post-secondary students, who have a higher need for gadgets and data to participate in online classes.

By this time in the old normal, schools would have begun a new term. Being the third term in which promotional exams are done, both parents and pupils will be up and doing to ensure preparations in order to secure promotions. Most especially those preparing to take examinations to secure admission into the universities.

The question posed here is, how can the government help in reducing the burden of both the parents and the students who are on lockdown right now and can’t make ends meet talk less of spending the little resources being managed this period to acquire required gadgets or even data? As we are all aware the data rate in our country is high, unlike in most countries where data is cheap or even free. Can the government help in reducing the data rates in order to reduce the burden on parents and students?

(READ MORE: Rethinking Inclusive Education: COVID-19 realities, post implications on education)

With the wave of the pandemic being on the rise, so many countries have moved away from multilateralism and have retreated into fending for themselves with several measures to protect their own people and economies, regardless of the effects on the rest of the world which has led to certain restrictions.

Post COVID-19 and Africa's informal sector: Africa and Nigeria "The new normal"

This restriction could also be the new normal, as we are left with the questions of what if? What if the COVID 19 pandemic continues in a second wave, with borders still shut, food importation restricted, what if we can no longer travel out for medical attention and must rely on our hospitals here? Talk less of education, what if we can no longer travel out to study abroad and must rely on our educational system here?  We can no longer be dependent on the world for everything.

READ ALSO: COVID-19: The ‘New Normal’ for Nigerian aviation industry

For a country of over 200 million people, we cannot continue to keep ignoring the dangers that lie ahead if we do not begin to depend largely on what we produce locally, because the security and well-being of our nation is solely based on building a productive and well-diversified economy.

We have no clear vision of what the world will look like after the pandemic is over, therefore as a nation, we need to seize the opportunities of the “new normal” and make the best out of them. As much as all these new developments seem troubling, it is a clear opportunity to work things out for a better future ahead.

We must look inwards as a nation and guarantee food security, high quality and affordable healthcare for all social classes, and pioneering education for our people. We can transform Nigeria into a modern, sophisticated and self-sufficient economy in which we don’t have to be dependent on other countries for everything and can thrive on our own, protecting the poor and vulnerable and being able to compete with other strategic sectors internationally.

(READ MORE: Gold prices surge by 17.4% in 2 months due to global economic crisis)

To achieve this goal, what needs to be done include:

  • Supporting both the smallholder and large-scale agriculture production.
  • Creating a better educational system that will enable creativity and reasoning in order to prepare our children for the world tomorrow.
  • Creating more factories, storages, and logistics companies which also serve as a way of creating job opportunities for the youths.
  • Developing initiatives programmed to help support or promote youths who want to acquire skills and take them up as professions.
  • Providing security for the poor and vulnerable, and developing the policies that bring financial services to them.
  • Developing a standard and trusted health care system to keep Nigerians healthy irrespective of social class.
  • Creating easy access to cheap and long-term credit for SMEs and large corporates.
  • Creating a reliable power supply that can engender industrial activities.
  • Developing venture capitalists for nurturing new ideas and propagate Nigerian businesses to compete globally.

This is the opportunity to create a better Nigeria and do the needful to become a better country.

COVID-19 may have thrown us all into a crisis of unprecedented proportions but we can still make the best out of it. However, mismanagement of the challenges could leave us to suffer untold hardships for some time to come.


Written by Abraham John Onojaa

abrahamjonoja@gmail.com

+2348164208130

 

 

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Coronavirus

Covid-19 Update in Nigeria

On the 24th of May 2020, 313 new confirmed cases and 5 deaths were recorded in Nigeria bringing the total confirmed cases recorded in the country to 7,839.

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COVID-19: FCMB reschedule operations

The spread of novel Corona Virus Disease (COVID-19) in Nigeria has continued to rise rapidly as the latest statistics provided by the Nigeria Centre for Disease Control revealed Nigeria now has 7,839 confirmed cases.

On the 24th of May 2020, 313 new confirmed cases and 5 deaths were recorded in Nigeria.

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To date, 7839 cases have been confirmed, 2263 cases have been discharged and 226 deaths have been recorded in 34 states and the Federal Capital Territory having carried out 44,458 tests.

The 313 new cases were reported from 17 states- Lagos (148), FCT (36), Rivers (27), Edo (19), Kano (13), Ogun (12), Ebonyi (11), Nasarawa (8), Delta (8), Oyo (7), Plateau (6), Kaduna (5), Kwara (4), Akwa Ibom (3), Bayelsa (3), Niger (2), Anambra (1).

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

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In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4.

The latest numbers bring Lagos state total confirmed cases to 3505, followed by Kano (896), Abuja at 505, Katsina (308), Borno (250), Jigawa (241), Oyo (240), Bauchi (232), Ogun (231), Edo (191), Kaduna (189),  Gombe (145),  Sokoto and Rivers (116), Plateau (83).

Kwara State has recorded 79 cases, Yobe (47), Nasarawa (46), Osun (42), Delta (39), Ebonyi (33), Kebbi (32), Niger (28), Adamawa (27), Akwa Ibom (24), Ondo (23), Ekiti (20), Taraba and Enugu (18), Bayelsa (11), Anambra (9), Imo and Abia (7), while Benue state has recorded 5 cases.

READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

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DateConfirmed caseNew casesTotal deathsNew deathsTotal recoveryActive casesCritical cases
May 24, 202078393132265226353607
May 23, 202075262652210217451317
May 22, 2020726124522110200750337
May 21, 2020701633921111190748987
May 20, 202066772842008184046377
May 19, 202064012261921173444757
May 18, 202061752161919164443407
May 17, 202059593881826159441837
May 16, 202056211761765147239737
May 15, 202054452881713132039544
May 14, 202051621931683118038154
May 13, 202049711841646107037374
May 12, 20204787146158695936704
May 11, 202046412421521090235894
May 10, 202043992481421777834794
May 9, 202041512391271174532784
May 8, 202039123861181067931154
May 7, 20203526381108460128184
May 6, 20203145195104553425071
May 5, 2020295014899548123704
May 4, 2020280224594641722912
May 3, 2020255817088240020702
May 2, 20202388220861735119522
May 1, 20202170238691035117512
April 30, 2020193220459731715562
April 29, 2020172819652730713692
April 28, 2020153219545425512322
April 27, 20201337644102559942
April 26, 20201273914152399942
April 25, 20201182873632229252
April 24, 202010951143312088552
April 23, 20209811083231977532
April 22, 2020873912931976482
April 21, 20207821172631975602
April 20, 2020665382311884662
April 19, 2020627862221704362
April 18, 2020541482021663562
April 17, 2020493511841593172
April 16, 2020442351311522772
April 15, 2020407341211282672
April 14, 202037330111992632
April 13, 202034320100912422
April 12, 20203235100852282
April 11, 202031813103702382
April 10, 20203051770582402
April 9, 20202881471512302
April 8, 20202742260442262
April 7, 20202541661442042
April 6, 2020238650351982
April 5, 20202321851331942
April 4, 2020214540251850
April 3, 20202092542251800
April 2, 20201841020201620
April 1, 2020174352091630
March 31, 202013982091280
March 30, 2020131202181210
March 29, 2020111221031070
March 28, 20208919103850
March 27, 2020705103660
March 26, 20206514102620
March 25, 2020517102480
March 24, 2020444102410
March 23, 20204010112370
March 22, 2020308002280
March 21, 20202210001210
March 20, 2020124001110
March 19, 20208000170
March 18, 20208500170
March 17, 20203100030
March 16, 20202000020
March 15, 20202000020
March 14, 20202000020
March 13, 20202000020
March 12, 20202000020
March 11, 20202000020
March 10, 20202000020
March 9, 20202100020
March 8, 20201000010
March 7, 20201000010
March 6, 20201000010
March 5, 20201000010
March 4, 20201000010
March 3, 20201000010
March 2, 20201000010
March 1, 20201000010
February 29, 20201000010
February 28, 20201100010

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