- Nigerian Breweries Partners Entrepreneurs
Nigerian Breweries (NB) Plc has deepened its partnership with indigneous entrepreneurs and farmers to harness the huge value chain from its backward integration policy, its Corporate Communications and Brand Public Relations Manager, Mr. Patrick Olowokere, has said.
Speaking during a tour of Psaltry International Limited, one of Nigerian Breweries’ major raw material suppliers, in Alayide Village, Ado Awaiye near Iseyin in Oyo State, he said the company was consolidating its local sourcing of input for its operations.
He said the company has fast-tracked its plan to attain 60 per cent local input sourcing by 2018 as against the initial 2020 target.
Olowokere said the strategy was to identify organisations that could produce raw materials and ancillary products as input for its business.These organisations, Olowokere explained, would be provided with a market for their products.
He said the value chain model has been experimented in packaging material, sorghum and cassava development models.
Olowokere said the company had increased the supply of sorghum used for some of its beverages as more than 100,000 metric tonnes of the cereal are sourced yearly.
“Over 250,000 farmers spread across agronomic zones in the North have been impacted by our sorghum value chain programme as at 2013,” he said.
The company’s brands are packaged using locally-sourced packaging materials, such as bottles, cans, crates, cartons, crown corks, and labels. As at last year, 99 per cent of these packaging materials were locally sourced, opening opportunities to indigeneous entrepreneurs.
Similarly, the company has since 2015 been working with Psaltry International, a local cassava processing company, to optimise the cassava value chain by providing industrial quality cassava starch to extract maltose syrup for use in its brewing process.
NB, according to Olowokere, would strengthened local ancillary businesses, particularly the procurement of raw materials, such as starch input and identify Psaltry, as a supplier of high-quality cassava starch.
He maintained that the initiative was part of the company’s corporate philosophy of “Winning with Nigeria” and in line with its backward integration.
The Managing Director/Chief Executive Officer of the firm, Mrs. Oluyemisi Iranloye, said the company has created a supply chain of 5,000 farm families, which included more than 2,000 outgrower farm families, marketers, transporters and retail input suppliers.
She added that the company has saved the nation more than $7 million in foreign exchange in the past two years through local provision of processed cassava starch for industrial use.
The deal between the firms is also impacting socio-economic development of small scale farming communities in Nigeria. For instance, Chief Busari Amusa, Baale of Alayide, the host community of Psaltry International Limited, was full of gratitude for the new infrastructural transformation that had come to his community. “It is a dream come true. We have electricity, boreholes for water and the roads are also opening up for accessibility between our farms and the factory. My story has changed.”Today, and less than two years of this cassava business, I have a new house, a car and four of my children are in higher institutions of learning. This is unbelievable,” he revealed during the tour of the community,” he said.
FBNQuest Mutual Funds returns 104%
FBNQuest Asset Management, a subsidiary of FBN Holdings, has held yearly general meetings for five mutual funds managed by the firm.
The funds are the FBN Balanced Fund, FBN Smart Beta Equity Fund, FBN Eurobond Fund, FBN Bond Fund and the FBN Money Market Fund.
The Fund Manager continues to deliver commendable results, as demonstrated by strong performance across all its funds.
The FBN Bond Fund was the best performing of the mutual funds, returning 104.20 per cent over five-year while its US Dollar fund, the FBN Eurobond, returned 48.43 per cent in US dollars over the same period.
The Managing Director of FBNQuest Asset Management, Ike Onyia, said: “Our strong performance track record is premised on the research capabilities, insights and experience of our portfolio management and research teams. Our mutual funds serve as useful investment options useful in formulating unique and value-adding investment strategies for various client segments. This is because our range of mutual funds cut across various asset classes including equities, bonds and money markets.”
“Our funds remain easily accessible, as our goal is to continue to drive financial inclusion and democratise wealth creation, by supporting the financiainclusion and democratise wealth creation, by supporting the financial security aspiration of investors” he added.
Increasingly, financial markets are becoming complex to navigate and as a result, it will not be out of place for investors to actively seek the inclusion of mutual funds in their investment portfolio, which will serve as the structured gateway to such markets. Seeking the help of experienced financial planners to assist you in establishing your risk tolerance levels and advise on suitable options is highly recommended.
SEC Warns Against Proliferation of Unregistered Investment Platforms
The Securities and Exchange Commission (SEC) has warned the investing public to be wary of the proliferation of unregistered online investment and trading platforms facilitating access to trading in securities listed in foreign markets.
SEC’s warning was conveyed via a circular issued in Abuja, Thursday to capital market operators.
It advised the investing public to seek clarification as may be required via its established channels of communication on investment products.
The circular read: “The attention of the SEC has been drawn to the existence of several providers of online investment and trading platforms which purportedly facilitate direct access of the investing public in the Federal Republic of Nigeria to securities of foreign companies listed on securities exchanges registered in other jurisdictions.
“These platforms also claim to be operating in partnership with capital market operators (CMOs) registered with the Commission.”
The Commission categorically stated that by the provisions of Sections 67-70 of the Investments and Securities Act (ISA), 2007 and Rules 414 & 415 of the SEC Rules and Regulations, only foreign securities listed on any exchange registered in Nigeria may be issued, sold or offered for sale or subscription to the Nigerian public.
Accordingly, the SEC notified CMOs who work in concert with the referenced online platforms of the Commission’s position and advised them to desist henceforth.
Public to seek clarification as may be required via its established channels of communication on investment products advertised through conventional or online mediums.
SoftBank Reaps $33 Billion Coupang Windfall
SoftBank Group Corp on Thursday racked up a roughly $33 billion gain on paper through the public market debut of South Korea’s largest e-commerce company, Coupang Inc, the latest sign of a dramatic turnaround for its $100 billion Vision Fund.
Shares of Coupang opened 81% above their offer price on Thursday, after the company raised $4.6 billion in the U.S. stock market’s biggest initial public offering this year.
SoftBank paid around $3 billion for a 37% stake in the company, according to sources familiar with earlier fund-raising, giving it a roughly $33 billion headline profit if prices hold.
Coupang’s hugely successful stock market launch is welcome news for SoftBank, which is grappling with the collapse of billions of dollars worth of funds linked to Britain’s Greensill Capital, a supply chain finance start-up.
Vision Fund is Greensill’s biggest backer.
The Japanese conglomerate last month reported third-quarter net profit ballooned more than 20 times thanks to a recovery at the Vision Fund, a huge venture capital operation famous for investing early in Uber and other tech industry startup successes.
Only a year ago, SoftBank had been smarting from the flopped IPO and collapse in value of office sharing firm WeWork, raising questions over whether Chief Executive Officer Masayoshi Son had lost his midas touch and threatening plans to establish a successor to Vision.
The COVID-19 pandemic has also forced Son to sell assets but a second deal reported by Reuters on Thursday bodes well for VF II, a second, smaller fund.
The $225 million late-stage funding round for healthcare startup Forward Health was its first major investment this year, following a pickup in activity and the group’s fortunes in the second half of 2020.
The Vision Fund also made $11 billion on a blockbuster market launch of DoorDash Inc in December, which valued the food delivery company at more than $70 billion.
It also made gains on home seller Opendoor Technologies Inc’s initial offering in December.
The fund still holds large stakes in China’s biggest ride-hailing firm Didi, as well as Uber’s Southeast Asian rival Grab.
SoftBank is also trying to ride the mania for special purpose acquisition companies, launching a handful of blank-check firms this year, although none of them have found investment targets yet.
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