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Business News

Mouka @ 60, restates commitment to quality brand 

Mouka has restated its commitment to brand quality and market leadership as it celebrates its 60th anniversary.

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Mouka @ 60, restates commitment to quality brand 

Mouka has restated its commitment to brand quality and market leadership as it celebrates its 60th anniversary.

Managing Director/Chief Executive Officer, Mouka Plc, Raymond Murphy, explained that the last 60 years has been a long and successful journey for Mouka and that the company had built an enduring brand during the period.

He said, “Mouka as a truly indigenous company as it is staffed by about 801 employees, with me being the only expatriate. The company also has over 300 distributors, some of whom are second-generation distributors who have been with the company for over 40 years. We must also praise the shareholders of the company for giving quality and wholesome support to the company over the years. 

“This is a big milestone for us. At 60, we are the market share leader in the foam and beddings sector. Recent research, according to some marketing professionals whom I met on my last trip to Dubai also attest to the fact that Mouka is not only the leader in Nigeria but also in Africa and the Middle East.”  

[READ MORE: Airtel partners with Ecobank to offer loan and other services to Airtel users]

Ahead of the 60th anniversary, Mouka, was last week, endorsed by the Nigeria Association of Orthopaedic Manual Therapists (NAOMT).

The endorsement comes on the back of consistency in quality delivery and innovative mattress production which has characterised the brand’s market path in Nigeria.

Mouka @ 60, restates commitment to quality brand 

From Left to Right: Mr. Femi Fapohunda, Chief Operation Officer, (COO), Mouka Limited; Raymond Murphy, Managing Director/Chief Executive Officer, Mouka Limited; Dr. Chris Okafor, National Secretary, Association of Clinical and Academic Physiotherapists of Nigeria and Tolu Olanipekun, Head of Marketing, Mouka Limited at the media briefing on the Mouka’s 60th anniversary in Lagos on Monday.

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National President of the association, Dr Onigbinde Ayodele, described the endorsement of Mouka as an offshoot of a detailed assessment of the brand’s orthopaedic mattresses.

Before the endorsement, it was a harvest of laurels for Mouka. For instance, the foremost foam manufacturing company was last month recognized by the National Employers Consultative Association (NECA) for safe work environment.

This is anchored on its 2018 Occupational Safety and Health (OSH) audit exercise following what the Association described as an exceptional performance by the indigenous manufacturer.

Before the NECA recognition, the foremost indigenous mattress and foam products manufacturer was recognised twice by the London Stock Exchange Group (LSEG), in the group’s companies to inspire Africa report.

Mouka was listed in the LSEG’s companies to Inspire Africa 2019 report after it made the 2017 inaugural edition. Speaking, Chief Executive Officer, Mouka, said the foam company had to work earnestly to consolidate its performance in the sector to make the list of companies to inspire Africa for the second consecutive edition.

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To be included in the list, companies need to be privately held and show an excellent rate of growth and potential to power Africa’s development.

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Mouka was recognised alongside 360 companies from 32 countries across the continent represented in this year’s report, boasting an incredibly impressive average compound annual growth rate of 46%, up from 16% in 2017.

The foundation for Mouka was laid 60 years ago in the historic city of Kano when the scion of the Faiz Moukarim family started the Moukarim Metalwood factory to manufacture furniture and iron beds.

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[READ ALSO: First Bank: Towards reviving Nigeria’s textile industry]

Since then, Mouka has gone into manufacturing of foam and spring mattresses, as well as other bedding products at its three production facilities across Nigeria.

The company has also developed an extensive distribution network with more than 1,000 branded sales outlets nationwide.

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Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper.The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference.The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

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Manufacturing

CBN tasks multinationals on domestic production as P&G signs $35m deal to produce Oral-B locally

The CBN Governor has called on multinationals operating in the country to work towards the production of their goods in Nigeria.

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The Central Bank of Nigeria, as part of its agenda to strengthen the manufacturing sector, has tasked multinational manufacturing companies in the country to consider setting up their manufacturing lines in Nigeria.

Godwin Emefiele, the CBN Governor made this statement during the contract signing ceremony between Procter & Gamble (P&G) and Colori Cosmetics Nigeria in Lagos.

The contract which is a move towards stimulating localization of production was birth from CBN’s policy-driven efforts to encourage improved production of goods that can be produced locally.

The Governor of Nigeria’s apex bank who was the host at the contract signing ceremony encouraged other multinational firms to consider the opportunities that Nigeria offers and begin to set up their manufacturing lines in Nigeria, noting that this move will help in creating jobs and wealth for the growing population.

Emefiele who also spoke on the economic stabilization policies implemented by the CBN to set Nigeria on the path of recovery explained that the manufacturing sector will continue to be a key focus of the efforts by the monetary and fiscal authorities towards driving the recovery of the Nigerian economy.

Why this matters

  • The investment deal which is worth $35 million is set to present the well-diversified consumer goods giant with the opportunity to commence the domestic production of Oral-B toothpaste in Nigeria.
  • The contract between P&G and Colori Cosmetics Nigeria will facilitate the local production of Oral-B products by P&G in Nigeria, as part of the commitment by the CBN to strengthen the manufacturing sector.
  • This move is expected to make Nigeria a competitive producer of the product, and also cut the importation of toothpaste from the US, where P&G is based.

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Sports

Cristiano Ronaldo: The billionaire businessman you probably don’t know about

The mercurial Portuguese sets the bar for other professional footballers when it comes to making money off the pitch.

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Cristiano Ronaldo tests positive for COVID-19

When you hear the name Cristiano Ronaldo, what probably comes to your mind is the image of the exceptionally talented, handsome, and successful football player that has taken the term “world-class” to another pedestal.

Records upon records have been broken by this 36-year old, and the best part is that it seems he is not stopping anytime soon. However, there is more to football when it comes to the Portuguese. He is an avid businessman.

Yes, you heard that right. Ronaldo recently became the first footballer, and only the third sportsperson, after Tiger Woods and Floyd Mayweather Jnr., to hit the $1bn mark in terms of earnings. He cost over a $100m while swapping Real Madrid for Juventus back in 2018, while he will also earn close to $140m, if he stays for the entirety of his 4-year contract.  While his on-pitch successes have brought him a lot of fortune, he has made more off it.

He is 36 now, which means he is closer to the end of his career, and while many players opt to go towards the football line after their playing days are over, Ronaldo has consistently stated that he doesn’t see himself in football after he retires.

Since he clocked 30 years old back in 2015, he has been actively pursuing business opportunities that would continue to fetch him money even after he hangs up his boots.

This article highlights 4 ways in which the mercurial Portuguese has set the bar for other professional footballers when it comes to making money off the pitch.

The name of the game is endorsement

Ronaldo has been able to milk his public persona to good and effective use. He is adored by millions of fans all over the world for his consistency, excellence and longevity. These attributes make him the perfect fit for tons of businesses who jostle for his signature to be their brand ambassadors. His deal with Nike will see him earn at least $19m a year until he is 73 years old. He also has sponsorship deal with Herbalife, KFC, Castrol, and Samsung.

He has been able to leverage the sheer numbers of his followers across different social media platforms. He has 91m followers on Twitter, approximately 125m follow him on Facebook, while a whopping 266m people follow him on Instagram. A combined fan base of 482m means that he commands a high price for endorsements, as brands would pay over the odds to see him promote their goods and services.

Partnerships all the way

For all his success on the pitch, Ronaldo has astute business sense. In 2019, while speaking about his partnership with Insparya, a haircare group, Ronaldo said, “Alopecia is a very big problem in Europe and around the world and we want to help people improve their self-esteem and not be ashamed to come to us. This project is going to be a success, as we want to help the Spaniards and the Spanish economy.”

Ronaldo also has interests in the hospitality industry through his partnership with the Pestana Hotel Group. There are currently five hotels: one each in Lisbon and Madeira, his hometown while finishing touches are being put in place for three locations in New York, Madrid and Marrakech. CR7 Pestana Paris will also open in 2021, with the Portuguese looking at more premium locations to further establish his brand.

Varied Investment Portfolio

He also has a stake in Grupo Mabel Capital alongside Spanish celebrities such as Pau Gasol, Rafa Nadal and Enrique Iglesias. Grupo own the chain of restaurants called Tatel, which has presence in Madrid, Miami and famous resort and holiday town, Ibiza. He has also invested in Zela Restaurants, which has outlets in both London and Ibiza.

Ronaldo’s investments surely won’t seem right if he doesn’t own or run a fitness line. His determination to excel in his career has seen him reach unbelievable levels of fitness. His match recovery regimen and nutrition is well-known, which has seen him score an astonishing 300 goals since turning 30. In 2016, he agreed a partnership with Crunch Fitness, with two CR7 Crunch Gyms still running in Madrid.

He also has a creative agency named 7EGEND, whose credo, according to their website, is to “create innovative solutions and experiences, through the best thinking, strategy, design and engineering”. 7EGEND designed the websites for Valencia FC as well as the store for the Portuguese national team.

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Multiple businesses

CR7, as he is fondly called has well-known businesses and investments in fashion, namely high-end underwear and luxurious fragrances. His underwear line, CR7 underwear sell briefs, trunks, socks for men and boys. He also has a footwear brand that deals with a diverse product range including boots, slippers, casuals, as well as belts, wallets and bags.

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Ronaldo does fragrances too. He is actively involved in the ideation, design, branding, as well as production of the different fragrances, selling other products such as aftershaves, shower gels, deodorants, as well as other men’s grooming products. There is also the CR7 Museu, a museum in his native Madeira. It showcases over 100 trophies and medals he has won in his prestigious career till date.

One Last Thing…

Ronaldo has earned praise for his remarkable 19-year football career but even more, praise should go his way for the way he has been able to manage himself off-pitch, which means that if he decides to retire today, he has his pick of what could be the next career for him. An astute businessman indeed.

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Written by Ademola Kadiri

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