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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.

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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.

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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]

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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.

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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.

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.

Patricia

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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Coronavirus

COVID-19: WHO warns there may never be an immediate solution to the virus

WHO urged governments and citizens to focus on known basic steps to contain the pandemic.

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Virtual hackathon: WHO offers $20,000 to curb Coronavirus with African-tech solution, covid-19, coronavirus

The World Health Organization (WHO) has warned that there might not be an immediate solution or cure to the COVID-19 pandemic despite the positive outcomes at the different levels of trials of vaccines for the virus.

The WHO said that despite strong hopes for a vaccine, there might never be a silver bullet for COVID-19, and the road to normality would be long.

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According to the latest data, the coronavirus pandemic has infected over 18.1 million people with more than 690,000 fatalities globally since late January, when the virus was first reported. This is just as some countries that thought they worst was over for them started experiencing a second wave of outbreak.

The Director-General of the WHO, Tedros Adhanom Ghebreyesus, and Mike Ryan, WHO head of emergencies, urged governments and citizens to focus on known basic steps to contain the pandemic such as testing, contact tracing, maintaining physical distance and putting on a mask.

Tedros in a virtual news briefing in Geneva, said, ‘’The message to people and governments is clear, Do it all. He said face masks should become a symbol of solidarity around the world. A number of vaccines are now in phase three clinical trials and we all hope to have a number of effective vaccines that can help prevent people from infection. However, there’s no silver bullet at the moment, and there might never be.’’ 

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Chinese Investigation

The WHO officials revealed that an advanced investigation team that was sent to China where the virus started, are not yet back. The UN health agency sent an epidemiologist and an animal health specialist to China on July 10 to lay the groundwork for a probe aimed at identifying how the virus entered the human species.

Tedros said WHO and Chinese experts had agreed on the terms of reference and a programme of work for a WHO-led international team of scientists and researchers from around the world. They are to study the origins of the virus in the city of Wuhan.

The WHO boss encouraged mothers to continue breastfeeding even if they had COVID-19, as the benefits outweigh the risks associated with infection.

Tedros also said the international hunt for a vaccine has been historic against the backdrop of the coronavirus disease being the biggest global health emergency since the early 20th century.

Tedros said, ‘’There are many vaccines under trial, a couple in the final stage of clinical trials – and there is hope. It does not mean that we will have the vaccine, but at least the speed with which we reached the level we reached now is unprecedented.”

“There are concerns that we may not have a vaccine that may work or its protection could be for just a few months, not more. But until we finish the clinical trials, we will not know.”

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Patricia
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Business

Shoprite Nigeria is worth at least N25 billion

N25.6 billion price tag is only reflective of what Shoprite Nigeria’s operations is worth on paper.

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Shoprite

Africa’s largest retail chain, Shoprite, announced on Monday that it is has decided to divest from its Nigerian retail entity, Retail Supermarkets Nigeria, the owners of Shoprite Supermarket Nigeria.

Going by several media reports and social media accounts, the sale is close to being consummated and a buyer is already in line to purchase the company. Getting information on the purchase consideration for this deal can be difficult especially if there are non-disclosure clauses.

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For example, then Zinnox purchased Konga from Naspers (another South African firm) and AB Kinnevik two years ago, though the purchase consideration was not disclosed.  However, we do not know what Shoprite Nigeria is worth on paper.

What is it worth on paper? Going by the company’s most recent annual report published in June 2019, Shoprite values its equity in its Nigerian subsidiary, Retail Supermarkets Nigeria Ltd at R 1.164 billion (1.1 billion rands). This translates to about N25.6 billion using the official exchange rate. This is also an equivalent of $67.7 million. The exchange rates are modest and will certainly be higher if the transaction was to be at this valuation.

However, the N25.6 billion price tag is only reflective of what Shoprite Nigeria’s operations is worth on paper, what accountant’s callbook value. It could be more or even less depending on how the negotiation goes.

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Shoprite Nigeria business is also its second-largest, based on book value and next only to Angola.

How will it be funded? The potential investors will likely fund this transaction via debt or equity or a combination of both. Deals like this also take time to be completed even if an agreement is announced and will also be approved by the Securities and Exchange Commission of Nigeria and possibly South Africa.

We will keep you updated as we get more information.

Patricia
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Business

Social clubs, recreational centres to reopen August 14

The closure of all spas, bars, lounges, night clubs, cinemas, and game arcades remains in place.

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Social clubs, recreational centres to reopen August 14, Lagos International Trade Fair to get permanent site soon, Sanwo-Olu vows , Lagos State discloses road expansion plans in an effort to combat traffic, Lagos State cracking down on Uber, Bolt, Ocar a week after Okada, Keke Napep ban , LASG increases health workers’ allowances, commissions local production of face masks

The Lagos State Government has announced that social clubs and recreational centres will be allowed to reopen operations starting from Friday 14 August 2020.

Earlier today, the government released a statement via its official Twitter handle, in which Governor Babajide Sanwo-Olu was quoted to have said that the reopening would be subject to clearance and possession of the Provisional Safety Compliance Certificate. This clearance certification can be gotten right here.

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The Governor also added that at the moment, the safety clearance certificates are only being issued to social clubs with registered trustees.

READ MORE: Update: Lagos to reopen worship centres on August 7

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READ: EPL clubs to be fined £37 million each over suspension of matches

In the meantime, however, the closure of all spas, bars, lounges, night clubs, cinemas, and game arcades remains in place. Any of the listed businesses that reopen prior to the set date and without meeting the set guidelines will be shut down. A monitoring and enforcement team will be at work to ensure that the “guidelines and directives are complied with to the letter”.

The Backstory

As part of moves towards a complete easing up of the lockdown, the Lagos State recently announced the reopening of schools. The government also announced that the reopening of religious houses and places of worship would take effect from August 7.

However, this is subject to strict adherence to standard precautions that have been put in place. All schools are expected to provide hand-washing facilities and ensure physical distancing within their premises. The Lagos State government will make available face mask 200 schools to which this reopening exemption applies for the duration of the reopening.

Relevant agencies have been directed to carry out spot checks and random inspections of schools and defaulters will be sanctioned appropriately.

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