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Ogun to Partner Vitafoam on Development Projects

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Vitafoam Plc
  • Ogun to Partner Vitafoam on Development Projects

Ogun State Commissioner for Commerce and Industry, Otunba Bimbo Ashiru, has pledged to support Vitafoam Plc and Vono Furniture Products Limited, its subsidiary in developing a local content value chain in line with the programmes of the government.

Speaking at Vono Furniture Products Limited facility tour at the Dalemo, Sango-Ota factory, Ashiru said the state believes in private-public partnership approach to development, noting that government needs the supports of the private sector to achieve its developmental agenda for jobs creation, good standard of living and infrastructure development.

According to him, the huge investment would create more jobs for the teaming population and boost the state’s socio economic growth. He added that the products will also help government to achieve its objectives in the areas of equipping hospitals and schools with its range of products without depleting its scarce foreign exchange.

He emphasised the importance of ‘made-in-Nigeria, buy Nigeria’ products campaign, assuring that the Ogun State Government would continue to provide adequate infrastructure for businesses to thrive.

As part of the state’s commitment to enhance the ease of doing business, he noted that the government had created a one-stop shop to assist companies with all regulatory processes with various incentives such as tax waivers and other concessions.

He added that the government is willing to partner with the company in the area of corporate social responsibility including construction of access roads. The State Commissioner for Health, Dr. Babatunde Ipaye, commended Vono Furniture Products for its commitment to enhancing the nation’s economic activities, adding that the company is filling a critical gap in the socio-economic development of the country.

He assured that the government will consider products from the company in its purchase orders, urging the firm to consider concessionary prices for government’s orders given that such purchases are for the overall good of the people.

The Special Adviser to Ogun State Governor on Trade and Investment, Mrs. Babi Subair, noted that with the huge investments made in machinery and human expertise, Vono is now well positioned to take advantage of the market.

She assured that government would continue to provide the necessary support to encourage the company. The Group Managing Director of Vitafoam, Taiwo Adeniyi, commended the Ogun State Government for its support to the group, noting that the presence of its top officials was an encouraging testimony of the state’s continuous support towards the development of indigenous firms in Nigeria.

He pointed out that the Vitafoam Group, which started as a development experiment has grown over the years from just a foam-manufacturing company into a complete home solution company with five business subsidiaries that produce vast range of products. They include bed and beddings, pre-fab structures, insulation, foot wears and wood and metal furniture among others.

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.

Brands

Eat’N’Go Expands To East Africa, Projects 180 Stores By Year End

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In a bid to further extend its tentacles beyond the West African market, Eat’N’Go limited, one of the leading Quick Service Restaurant (QSR) operators in Nigeria and master franchisee for world-class food brands – Domino’s Pizza, Cold Stone Creamery, and Pinkberry Gourmet Frozen Yoghurt, announced its expansion into the East African market.

This development comes after the successful acquisition of the franchisee which operated Cold Stone Creamery and Domino’s Pizza in Kenya. This acquisition will see Eat’N’Go limited become the largest Domino’s pizza and Cold Stone Creamery Master Franchisee in Africa with operations in Nigeria and Kenya.

Since its entrance to Nigeria in 2012, the QSR company has grown exponentially and has continuously nurtured the drive to extend its footprint across the African market. This acquisition provides them their first foreign market expansion, making them a Pan African company with a total number of 147 outlets across Africa and a projection to reach 180 stores by end of 2021.

Group Chief Executive Officer and Managing Director Eat’N’Go Limited, Patrick McMichael said that expanding into East Africa represents a very exciting time in the growth of the organization and also a strategic investment for the firm and its stakeholders. “Over the years, we have fostered the mission to not just bring the best QSR brands to Africa, but to directly impact on Africa’s economy and we are glad we are finally on the way to making this happen. Studying the growth of the Kenyan market in the last couple of years, we are convinced that now is the time to extend our footprint into the country.”

“We are very thrilled about this expansion as this move avails us more opportunity to provide Jobs to more Africans, especially in times like this. We remain thankful to all our customers, partners, and stakeholders who have supported us this far and we are more than ready to strengthen our dedication in satisfying the needs of our customers” Patrick added.

Eat’N’Go has over the years maintained its position as the leading food franchisee in Nigeria. As it expands its presence to other parts of Africa, the organization also places a strong focus on the quality of its products and services of all its three brands. The expansion to this new region is in line with the company’s plan to reach 180 stores across Africa by the end of 2021.

The milestone achievement and development will better position the company in its contribution to Nigeria and Africa’s economy. Currently home to over 3000 staff members across Africa, the company is committed to continuously provide job and business opportunities across the continent.

Eat’N’Go launched in 2012 in Nigeria with the vision to become the premier food operator in Africa. Today, the company has over 147 stores in Nigeria and Kenya and it continues to deliver on this promise by successfully rolling out the globally recognised brands Cold Stone Creamery and Domino’s Pizza across Africa. The company continues to expand its presence in key markets by fusing company goals with new strategic development goals and is projected to reach 180 stores across Africa by end of 2021.

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Brands

Shoprite Exit: LCCI Explains Challenges Hurting Business Operations in Nigeria

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Following the recent announcement of Shoprite, a leading South Africa retail giant, that it is leaving the Nigerian market due to harsh business environment and tough business policies, Dr Muda Yusuf, the Director-General, Lagos Chamber of Commerce and Industry (LCCI) has explained some of the challenges responsible for such decision despite Nigeria’s huge population size.

Yusuf said while such decision is negative for the Nigerian economy, several factors like harsh business environment could have forced the company to make such decision. He said it also could be due to intense competitive pressure.

He said, “Shoprite is an international brand with presence in 14 African countries and about 3,000 stores. The comparative analysis of returns on investment in these countries may have informed the decision to exit the Nigeria market.

“The opportunities for retail business in Nigeria is immense. But the competition in the sector is also very intense.

“There are departmental stores in practically every neighbourhood in our urban centres around the country. There is also a strong informal sector presence in the retail sector. It is a very competitive space.”

According to the Director-General, there are also important investment climate issues that constitute downside risks to big stores like Shoprite.

He said, “These include the trade policy environment, which imposes strict restrictions on imports; the regulatory environment, which is characterised by a multitude of regulators making endless demands.

“There is also the foreign exchange policy, which has made imports and remittances difficult for foreign investors. There are challenges of infrastructure which put pressures on costs and erodes profit margins.”

The LCCI boss added, “But we need to stress that Shoprite is only divesting and selling its shares; Shoprite as a brand will remain. I am sure there are many investors who will be quite delighted to take over the shares.

“It should be noted that there are other South African firms in Nigeria doing good business. We have MTN, Multichoice, Stanbic IBTC, and Standard Chartered Bank, among others. Some of them are making more money in Nigeria than in South Africa.”

He added that some sectors are more vulnerable to the challenges of the business environment than others.

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Appointments

Afrinvest Appoints Mrs. Onaghinon As COO

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Afrinvest West Africa Limited, has appointed the former head of public private partnership agency of the Edo State, Mrs Onoise Onaghinon as its chief operating officer.

Onaghinon joined Afrinvest in 2003 as an analyst in the firm’s investment banking division, rising through the ranks to become an associate, then vice president and eventually executive director & head of investment banking.

She is a seasoned veteran in the Nigerian capital markets and investment landscape with over 18 years of experience in capital raising, mergers and acquisitions, and restructurings across many industries.

In 2017, Onaghinon took a sabbatical from the Firm to head the Public Private Partnership Agency of the Edo State Government. Having acquitted herself creditably in the public sector, she has rejoined the Firm to resume as the new COO.

Speaking on the appointment, group managing director of Afrinvest, Ike Chioke, said: “over the years, Onaghinon has demonstrated great leadership, professional excellence and outstanding client commitment in driving the firm’s business units, particularly our investment banking division. We are delighted to have her back and we look forward to leveraging her cross-disciplinary experience across the Afrinvest group”.

In her new role, Onaghinon will oversee human resources, legal & compliance, internal control and general services while leading the firm’s initiatives to improve efficiency across its subsidiaries.

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