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Axa Mansard Pensions Limited Announces Change Of Name To Tangerine Pensions Limited

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Upon receipt of all necessary approvals from the National Pension Commission (PenCom), AXA Mansard Pensions Limited has announced a rebrand and change of name to Tangerine Pensions Limited.

This follows completion of the acquisition of 100% of AXA Mansard Pensions Limited’s equity by Eustacia Limited, a company controlled by Verod Capital Management Limited.

Verod is a leading West African private equity firm, focused on creating economic value across Africa. The firm is active across various sectors, including, life and general insurance, other financial services, light manufacturing, consumer goods, business services, agriculture, education, and healthcare.

Verod is backed by a rich blend of mainly foreign and local institutional investors, including pension funds, sovereign wealth funds, insurance companies, asset management firms, fund of funds, family offices and development finance institutions.

AXA Mansard Pensions was incorporated as Penman Pensions Limited in 2006 and AXA Mansard Insurance Plc became the majority shareholder of the company from 2014 until 2020. As of today, 26th April, 2021, the organization, which has undergone a rebranding and name change process, will now be referred to as Tangerine Pensions Limited.

Speaking on the rebrand Dapo Akisanya, CEO, Tangerine Pensions Limited (formerly AXA Mansard Pensions Limited), said: “The conclusion of this acquisition after receiving all regulatory approvals, has put the company in a position to build an even more successful organization, with our future growth anchored on delivering impeccable customer service and driven by best practices. Our change of ownership and rebranding give us an opportunity to do so much more for our customers, whilst focusing on being the premier pension provider, availing customers multi-channel access to superior retirement solutions. We are committed now, more than ever, to building life-long financial partnerships with our clients, giving them access to an assured future”.

Tangerine Pensions Limited is a leading Pension Fund Administrator managing a number of approved employee schemes including the traditional RSA and Retiree portfolios. The company has a dedicated team of professionals serving over 89,000 customers with Assets under Management of over ₦74 billion.

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Unilever Nigeria to Create New Company For Tea Business

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Unilever Nigeria Plc

Unilever Nigeria Plc announced on Friday that its Board of Directors had approved the steps required to implement the separation of its tea business in Nigeria.

The approval on April 30, 2021, followed the announcement made on Feb. 25 about Unilever Nigeria’s planned separation of its tea business as part of the global separation, according to a statement obtained from the Nigerian Exchange Limited.

The company noted that on 23 July 2020, following the completion of a strategic review, Unilever Plc announced its intention to separate its global tea business, including the retail and food solutions businesses, plantations, T2 and Pukka.

It said, “Subject to approval by the company’s shareholders and any regulatory approvals, the Nigeria Tea Business will be transferred to a newly incorporated tea company in Nigeria (New TeaCo), held under a newly incorporated tea holding company to create a dedicated tea group within the Unilever Group (TeaCo Group).

“The assets being transferred by Unilever Nigeria Plc to New TeaCo include production assets and other tangible assets used exclusively in relation to the tea business; distribution rights to tea products in Nigeria and export markets; and locally owned unregistered intellectual property rights.”

According to the statement, Unilever Nigeria will retain ownership of the site at Agbara.

“Unilever and Unilever Nigeria Plc will also provide certain intercompany services to the New TeaCo and the TeaCo Group for a transitional period,” it said

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International Breweries To Train 500 Young Entrepreneurs Through Kickstart Initiative

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Kickstart Initiative - Investorsking

As part of its commitment to bringing people together for a better world and its objective of delivering impactful, developmental and sustainable projects, International Breweries Plc through its social investment arm, International Breweries Foundation has launched the 6th edition of its Kickstart entrepreneurship programme recently.

The initiative is targeted at enterprise growth and development for young entrepreneurs between the ages of 18 and 35.

During a media briefing to update the public on the process of this year’s edition, Managing Director, International Breweries Plc, Hugo Rocha expressed delight that the Kickstart Initiative had evolved from the regional programme it used to be, to an inclusive national programme that reaches the six geopolitical zones and 36 states of Nigeria.

“Over the years, we have held the conviction that the energy, zeal, and brilliance of the youths of Nigeria who constitute about 70 percent of the total population should be tapped and channelled to productive use. This is the logic behind Kickstart – to promote a culture of entrepreneurship among young people through training, provision of capital and mentorship,” Rocha said.

Rocha concluded his remarks on a high note, stating that, “as International Breweries celebrates its 50th Anniversary this year, I am pleased that the results of a 3-year impact assessment study that we commissioned on Kickstart came out positive and gives us the confidence to continue to support young people to achieve their dream of entrepreneurship. We remain steadfast in our commitment towards the economic development of Nigeria”

Also speaking at the press conference, Chairman, Advisory Board, International Breweries Foundation, Peter Bamkole explained that International Breweries Plc and its foundation is dedicated to continuing to contribute its quota towards tackling the twin challenges of unemployment and poverty while promoting Decent Work and Economic Growth in line with Goad 8 of the United Nations Sustainable Development Goal (UNSDGs).

“By creating Kickstart, International Breweries Foundation set out to be the nursery of innovation in a business where budding enterprise managers are groomed—held by the hand and taken through the rigour of entrepreneurial work. We aim to produce well-rounded entrepreneurs who understand and are prepared to put in the work it takes to do business successfully in a unique climate like ours.” Bamkole said.

Over the past five years, the Kickstart initiative has provided training, mentoring, and seed capital of N325,136 million (in total) for 274 grantees; 708 direct beneficiaries and 2,832 indirect beneficiaries across a wide range of business sectors; with the result of the creation of about 571 jobs and 1,392 new jobs projected across the six geopolitical zones of Nigeria.

Speaking on the mechanics of the award, Legal and Corporate Affairs Director, International Breweries Plc, Temitope Oguntokun revealed that the award is in three phases: the application phase, the training phase and the pitch fest phase which is the final selection of grantees by judges.

She explained that the Kickstart Initiative will be incorporating an expansive training module that will train 500 young entrepreneurs online, with a number of them going into the bootcamp. This year’s edition also features a streamlined search for entrepreneurs into Agriculture, Modular Retailing, Circular Packaging (Recycling), Technology, and Renewable Energy sectors.

“After a transparent selection process on the Enterprise Development Centre (EDC) platform via the link, https://reg.smetoolkit.ng/program-apply/kickstart-nigeria-2021, which will open on the 20th of May, successful applicants will be equipped with critical skills and training on entrepreneurship by experienced entrepreneurs and corporate professionals during a 2-day boot camp. They will partake at the pitch fest where a panel of judges will appraise their proposals before final selection. Winners of the pitch fest will then be awarded grants at the awards ceremony in Lagos,” Oguntokun noted.

The press launch which held last week in Lagos had in attendance dignitaries such as the Director for Employment, Lagos State Ministry of Wealth Creation and Employment, Mrs Iyabo Seriki-Bello, Director of Partnerships and Coordination for Small and Medium Enterprises Development Agency of Nigeria; Dr Friday Okpara; Chairman, Advisory Board, International Breweries Foundation, Mr Peter Bamkole; members of the International Breweries team, past Kickstart Alumni, mentors and a host of others joining online.

Following its trajectory of success, impact over the years, and its extensive yet immersive plans for the 6th edition, Kickstart, under the auspices of International Breweries and its foundation is geared towards transforming Nigeria into an economic powerhouse through the impact of entrepreneurship.

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Nestlé Health Science to Acquire Nuun

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Nestle

Nestlé Health Science and Nuun, a leader in functional hydration, have entered into an agreement in which Nestlé Health Science will acquire Nuun.

The acquisition complements Nestlé Health Science’s existing broad portfolio of active lifestyle nutrition brands with Nuun’s range of clean, low-sugar, effervescent tablets and powders.

“Every day, health-conscious consumers are becoming more aware of how functional hydration products can add to their overall well-being as well as support them during exercise by replacing the minerals that the body loses. That growing awareness is reflected in the steady growth of the category,” said Greg Behar, CEO of Nestlé Health Science. “Nuun is a leader in the fast-growing functional hydration category with its high-quality, clean, plant-based products. We look forward to combining our companies’ expertise to bring Nuun to more people around the world.”

Nuun was founded in Seattle, Washington in 2004, pioneering the separation of electrolyte replacement from carbohydrates. Its low-sugar electrolyte tablet revolutionized the sports beverage market. It now has a broad range of effervescent tablets and powders containing additional minerals and vitamins for energy, relaxation and overall well-being.

“Nestlé Health Science and Nuun share the same philosophy: nothing is more important than health and well-being,” said Kevin Rutherford, CEO of Nuun. “In joining Nestlé Health Science, Nuun will further its mission of ‘hydration that empowers the world to move more.’ The Nuun team has built an incredible business and now with the reach, expertise and capabilities of Nestlé, I’m confident that together we will grow, even more, making people and the planet healthier.”

The transaction is expected to close in Q3 2021. Financial details are not being disclosed.

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