- FG Partners Russia On Railway Modernization
In its bid to revitalise and reform the nation’s Railway sector, the Federal Government has signed a Memorandum of Understanding (MoU) with the Russia government on Wednesday.
The Minister of Transportation, Rotimi Amaechi said the country signed the MoU at the ongoing Russia-Africa Economic Forum in Sochi, Russia.
According to him, the agreement between Nigeria and two Russian companies; Russian Joint Stock Company Russian Railway and Transmash Holding will not only build new railways but rehabilitates the existing ones and upgrades workshops in the country.
He added that the agreement would help accelerate the construction of the rail manufacturing company at Kajola in Ogun State.
Meanwhile, the Federal Government and the China Railway Construction Corporation (CRCC) had on 10th of October, 2019 signed a $3.9 billion contract for construction of a railway from Itakpe to Abuja and construction of a seaport in Warri.
The agreement, which is the Public-Private Partnership (PPP), will have Nigeria cover 15 percent of the entire cost of the project while CRCC will cover 10 percent.
The remaining 75 percent, according to the federal government, will be borrowed by the Special Purpose Vehicle (SPV).
To repay the 75 percent loan, the Federal government revealed that the rail would be managed by the CRCC for 30 years after which it would be handed over to the federal government.
HealthPlus Founder, Alta Semper Foreign Investor In Leadership Battle
HealthPlus Founder Bukky George and Alta Semper, the foreign Investor that invested $18 million In the company in Leadership Battle
HealthPlus Limited, one of Nigeria’s major integrated pharmacies, is enmeshed in a leadership tussle as a foreign Private Equity firm, Alta Semper, that invested $18 million in the company two years ago is pushing for a complete takeover and has terminated the appointment of Mrs. Bukky George, the Chief Executive Officer and the original founder of the company.
In a letter signed by two directors, Afsane Jetha and Zachary Fond, the majority of the company’s board on September 25, 2020 issued an instruction appointing one Mr Chidi Okoro as the new chief transformation officer to provide interim leadership for HealthPlus Limited.
The statement reads, “The difficult decision was made in full compliance with Nigerian law and following a long and drawn-out process of engagement, through which the board sought to address multiple issues with the way the company was being managed.
“Despite a series of significant breaches of the terms of Mrs George’s engagement as CEO, the board explored a range of options that would enable her to continue to play an alternate leadership role.”
The statement also said a larger number of the board determined that a change of leadership was necessary for HealthPlus to achieve its strategic goals.
It said, “Mrs George continues to serve on the board, while Mr Okoro oversees the day-to-day operations of the company.
“The decision of Alta Semper Capital to acquire majority control of HealthPlus in 2018 and its belief in the company’s potential to become a market leader, not just in Nigeria, but across the continent, is a testament to the strength of the HealthPlus brand.”
However, another statement titled ‘Attempted hostile takeover by foreign private equity firm’ and signed by the management of the company said the announcement is false, wrongful and should be ignored.
It said, “It is the handiwork of unscrupulous foreign and local businesswoman and businessmen intent on reaping where they have not sown simply because they now see opportunities from the COVID-19 pandemic.
“It is instructive to note that the chairman of the board of directors resigned two days ago and another director resigned five weeks ago. Both gentlemen had been displeased and frustrated by the impasse and its debilitating effect on the company, its fortunes, employees and, above all, the sheer injustice occasioned by it all.”
“Mrs Bukky George founded and grew HealthPlus against the odds to the household brand that it is today. She continues to run the company as founder and Chief Executive Officer.”
The management said in 2018 HealthPlus limited decided to partner with Alta Semper Capital to grow the company through fresh capital injection but since the deal was signed, it has been problematic.
According to them, the private equity company was to exit HealthPlus after five years as stated in the agreement reached two years ago. They also stated that George was ready to give a controlling stake to Alta Semper in order for the company to realise its investment.
“Unbeknown to Mrs George and HealthPlus Nigeria, the collaboration was doomed from the beginning because of the greed of the owners of Alta Semper and their ulterior motive of hijacking a thriving pharmaceutical concern in Nigeria,” it added.
Five Largest Cosmetic Brands Now Worth Over $40bn, Gained $4bn Despite COVID-19
World`s Five Largest Cosmetic Brands Worth Over $40bn in 2020, a $4bn Increase Despite COVID-19 Crisis
The COVID-19 outbreak has severely impacted the multi-billion-dollar cosmetics industry, causing thousands of closed stores and weak first and second-quarter sales.
However, the largest cosmetics companies and top beauty brands globally managed to increase their value despite the coronavirus crisis. According to data presented by Buy Shares, the world’s five largest cosmetic brands hit over $40bn value in 2020, a $4bn increase year-on-year. With $11.7bn in brand value, L’Oréal ranked as the largest cosmetic brand globally.
L’Oréal Brand Value Jumped by $1.3bn in 2020
In 2019, the brand value of the French multinational cosmetic giant L’Oréal amounted to $10.38bn, revealed the Brand Finance 2020 annual report. In the last twelve months, this figure rose by $1.3bn, an 13% increase year-on-year.
The report revealed that L’Oréal`s brand value increase had been primarily boosted by steady growth in sales across key markets in the last decade, especially in Asia, where over 20% of net sales are concentrated. The North American market sales rose by nearly 20%, mostly driven by CeraVe, SkinCeuticals, La Roche-Posay, and Vichy, which all delivered double-digit growth. The Group has also benefited from its digital transformation strategy, especially in Eastern Europe, where online sales surged by 50%.
Gillette ranked as the second-largest cosmetic brand in 2020. Statistics show the value of the US brand, owned by the multinational corporation Procter & Gamble increased by 18% in the last four years, rising from $7.1bn in 2016 to $8.48bn in 2020.
With almost $7.4bn in brand value, NIVEA represents the third-largest cosmetic brand globally. In 2016, the German personal care brand vas valued at $6.1bn. In the next twelve months, this figure rose to nearly $6.7bn. After a slight drop in 2018, the NIVEA brand value jumped to $6.8bn last year and continued rising. Statistics indicate the value of brand owned by the Hamburg-based company Beiersdorf Global AG rose by almost 20% in the last four years.
Estée Lauder Brand Value Surged by 41% in Two Years
The Brand Finance data also revealed that the brand value of Estée Lauder, the fourth-largest cosmetic brand in the world, jumped by 27% in 2020, the most significant increase among the top five companies. In 2018, the US skincare brand was worth $4.4bn. Over the last two years, this figure surged by 41% to nearly $6.3bn in 2020.
Statistics show that 2019 has been the most successful year in Estée Lauder’s history, with the global net sales reaching almost $15bn, an 8.6% increase year-over-year. Although the US corporation reported a net loss of $6 million due to the COVID-19 outbreak, statistics show its online sales skyrocketed in the first half of 2020.
The value of the US skincare producer Clinique, the fifth-largest cosmetic brand in the world, jumped by 15.4% year-over-year to $6.22bn in 2020.
Analyzed by geography, the United States represents the leading region globally, with $59.5bn in the total value of the eighteen leading cosmetic brands and 42% market share in 2020. French cosmetic companies ranked second with $40.1bn brand value and 28.3% market share. Japan, Germany, and the United Kingdom follow, with $12.6bn, $9.5bn, and $8.5bn value, respectively.
FG Says Nigeria’s Rice Production Rises by 1.2mmt in Three years
FG Interventions Boost Rice Production by 1.2mmt in Three Years
The Federal Government has said the nation’s rice production increased by 1.2 million metric tonnes within three years due to its interventions in the rice value chain.
This was disclosed by Mustapha Shehuri, Minister of State for Agriculture and Rural Development, in Omor and Umerum at Ayamelum Local Government, Anambra State while assessing the Federal Government rice farms/mills project there.
He added that the federal government is working on revitalising its rice farm in Anambra to boost rice production, increase new jobs and improve the standard of the people in the state and Nigeria at large.
The minister was quoted as saying, “The present administration has provided various interventions to promote investment in the rice sector.
“As a result of these interventions, the country has increased its production from 4.8 million metric tonnes of milled rice in 2015 to over six million metric tonnes by 2019 with huge reduction in the nation’s deficit.”
He added that President Muhammadu Buhari administration is pursuing and implementing programmes to achieve self-sufficiency in rice production because of its strategic importance as a major staple food crop.
Business2 months ago
Nneka Ede Purchases Portuguese Football Club, Lusitano Ginasio Clube
News3 months ago
British High Commission to Start Accepting Visa Applications From Nigerians Soon
Business3 months ago
Seplat Appoints Emeka Onwuka as CFO, Executive Director
Forex3 months ago
Naira-USD Exchange Rate to Hit N430 – Report
Finance3 months ago
DSS Arrests EFCC, Acting Chairman, Magu
Government3 months ago
FG Puts School Resumption Plan on Hold as COVID-19 Cases Hit 30,000
Forex3 months ago
Naira Declines Against Pound, Euro After Devaluation
Business3 months ago
TAJBank Joins e-Commerce Giants- Launches Nigeria’s 1st Ethical Online Mall