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SON to Destroy N400m Substandard Tyres

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  • SON to Destroy N400m Worth of Substandard Tyres

The Standards Organisation of Nigeria has said it has in its warehouses substandard tyres worth about N400m awaiting destruction.

The Director-General, SON, Mr. Osita Aboloma, who disclosed this in Abuja, added that the tyres were mopped up by the agency’s enforcement teams across the country over the last few months, adding that the tyres would be destroyed to safeguard lives and properties of innocent Nigerians.

According to him, the measure has become imperative to serve as a deterrent to others in the habit of dealing in substandard products.

He noted that in spite of their threat to live, substandard products also choke genuine products, exacerbate unemployment and contribute to crimes.

“We will continue to take necessary steps towards cleaning up our economy and our country of substandard products so that Nigerians will have the benefit of enjoying quality and safe products. It is also of creating space for Nigerian-made products to sell, because right now, many quality local products are being choked by cheap imported but substandard ones,” Aboloma was quoted in a statement as saying.

The SON boss enjoined motorists to take additional precautions while conveying passengers to and from different locations during the yuletide, adding that such precautions should begin with a thorough check on the state of the tyres, including whether they were running on the right air pressures or not.

According to Aboloma, the status of vehicle tyres is a strong determinant of safety behind the wheels, saying that motorists should take this into consideration.

He blamed carelessness on the part of motorists and also the bid to maximise profits as reasons for incessant road crashes resulting from tyre failures, adding that although vehicle parts were important, the tyre condition was of critical importance.

The SON boss said his agency would continue to sensitise Nigerians to the propriety of double-checking the quality of products they buy, while at the same time sanctioning those behind the distribution and sale of substandard products

He said SON had put in place an aggressive sensitisation campaign, while at the same time strengthening internal mechanisms aimed at arresting the problem of substandard products in the country.

Aboloma referred to the recent visits to sister agencies like the Nigeria Customs Service and other relevant agencies at the ports and borders as parts of efforts to encourage synergy in operations against the influx of substandard products.

“We have already spoken about our resolve to support Small and Medium-scale Enterprises in the county. This will become a reality when they are protected from unhealthy competition from imported substandard products,” he added.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Arla Food To Set Up Dairy Farm In Nigeria, Train 1,000 Dairy Farmers

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Arla Foods- Investors King

Arla Foods, makers of Dano Milk, has announced that it will build a state-of-the-art commercial dairy farm in Northern Nigeria where it plans to train and support up to 1,000 local dairy farmers as part of its long-term commitment to developing the Nigerian dairy sector.

The 200-hectare farm, scheduled to open in 2022, will have housing for 400 dairy cows, modern milking parlours and technology, grasslands and living facilities for 25 employees.

The firm said the farm is expected to produce over 10 tonnes of milk per day to supply locally produced dairy products to Nigerian consumers.

Managing Director, Arla Foods, Peder Pedersen said “there was a great need for nutritious food and dairy products to satisfy the growing demand from Nigeria’s fast-growing population.”

“This requires a complementary approach where imported food is crucial to ensuring food security while also supporting the government’s long-term agricultural transformation plan to build a sustainable dairy sector in Nigeria,” Pedersen said.

In 2019 Arla scaled up its commitment to developing a sustainable dairy sector in Nigeria with a new public-private partnership with the Kaduna State government.

It is the first of its size and offers 1,000 nomadic dairy farmers permanent farmlands. Arla is the commercial partner that will purchase, collect, process and bring the local milk to market.

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The Board of Chemical and Allied Products Plc (CAP Plc) Appoints Vitus Ezinwa as a Non-Executive Director

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Chemical & Allied Products (CAP) Plc - Investors King

The Board of Chemical and Allied Products Plc (CAP Plc) has appointed Dr. Vitus Ezinwa as a Non-Executive Director of the company effective from Thursday June 17, 2021, subject to the approval of the Company’s shareholders at the next Annual General Meeting.

The company announced in a statement signed by Ayomipo Wey, Company Secretary/General Counsel, CAP Plc.

Dr. Ezinwa is a seasoned business manager and human resource professional with experience in leading multinational corporations.

He is currently the Chief Operating Officer (COO) of UAC of Nigeria Plc (“UACN”) and previously, the Group Director of HR at UACN.

Prior to Joining UACN, Dr. Ezinwa worked as Group Human Resources Director for Promasidor Africa; Human Resources Director, CocaCola Nigeria & Equatorial Africa with responsibility for 10 countries and Human Resources Director for British American Tobacco, West & Central Africa covering Ghana, Benin, Niger & Togo.

Dr. Ezinwa was, until recently, the Group Human Resource Director for Tropical General Investments (TGI) Group.

He is a member of the Advisory Board of Afterschool Graduate Development Centre, member of the Institute of Directors and a Fellow of the Chartered Institute of Personnel and Development (CIPD) UK.

He is a co-founder and Director of HR Network Africa and was until 2014, a member of the Lagos Business School’s Advisory Board. He holds a Bachelor’s degree in Sociology/Anthropology from the University of Nigeria, Nsukka, MBA in Management from Lagos Business School, a Master’s in applied business research and a Doctorate in Business Administration, both from Swiss Business School, Zurich, Switzerland.

In addition to holding an executive director role on the Board of UACN, Dr. Ezinwa is a non-executive director of Grand Cereals Limited.

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DLM Capital Group Retains Position as Best Structured Finance & Securitization Team in West Africa

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Sonnie Ayere - Investors King

DLM Capital Group, a prominent Developmental investment bank, has once again emerged as the best-structured finance and securitization team in West Africa at the just concluded Capital Finance International (CFI) 2021 awards.

The leading developmental investment bank has won the award in the last three years to affirm its position as the leading investment institution and asset manager in the region.

CFI awards seek to identify the contributions of individuals and organizations that contribute significantly to the advancement of economies and truly add value for all stakeholders.

DLM Capital Group creates bespoke business solutions for alternative financing and harnessing funds for growth. The group focuses on four key sectors — consumer credit, agriculture, microfinance, and education with a mandate to reduce poverty and improve living conditions for Africans, while mobilizing resources for the continent’s economic and social development.

In the past three years, our portfolio management team’s performance has remained consistent, and our clients have benefited immensely from exposure to our solutions, including the NMRC securitization deal and the DLM Primero BRT Securitization,” said Head of Corporate Communications and Marketing, DLM Capital Group, Chinwendu Ohakpougwu.

We are positioned to provide services to an expansive client base of retail, high net-worth and institutional customers. DLM Capital Group remains committed to constantly providing financial solutions that will enable our clients make a difference, and we are honored to be recognized once again as a reflection of the quality of support offered to our clients’,’ she added.

DLM has won recognition in West African capital markets, acting as a sole arranger to over 80 percent of structured finance transactions in Nigeria — and all the securitization transactions. It provides deal structuring, advisory execution and capital raising services across the Nigerian capital market.

The Institution recently launched an asset financing scheme and is preparing a venture into digital banking under its subsidiary, Sofri.

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