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Nigerian newspapers have reported a N1billion fine slammed on Guinness Nigeria Plc by Nigeria’s regulatory agency, the National Agency for Food and Drug Administration and Control (NAFDAC).

Guinness was accused of re-validating expired raw materials without approval.

NAFDAC also accused the company, which has been operating in Nigeria since 1962, of maintaining poor documentation and not complying with some of its regulations.

According to Punch newspaper, the local unit of Diageo has a  two-week deadline to pay the fine.

But the the report said Guinness has  denied the accusation and opened  talks with NAFDAC over the sanction,

“As a responsible corporate organisation, we take these allegations which relate primarily to raw materials stored in one of our raw materials stores very seriously,” Peter Ndegwa, managing director of Guinness Nigeria PLC, said in a statement issued on Thursday.

“We are engaging NAFDAC for clarifications and resolution of the issues. “The high quality of products from Guinness Nigeria’s breweries,” he said, “has been attested to repeatedly not only by NAFDAC but also by the Standards Organization of Nigeria, as well as the internal quality controls of the Diageo Group.
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According to Dangote Oil Refinery Company Limited who has its plant that produces 600,000 barrels of crude oil per day (bpd) situated at the Lekki Free Trade Zone, Lagos, has said the refinery would soon be the world’s largest. This was announced by Mr. Madhav Kelkar, the company’s Senior General Manager, Civil and Structural while on a facility tour of the plant recently.

The Dangote refinery sits on a 2,600 hectares of land and the plant will produce, slurry as raw material for carbon black, gasoline, diesel, aviation fuel and kerosene for households.

Mr. Madhav Kelkar said, “Most companies build refineries in phases and porches and on different locations across the globe. But for the Dangote Refinery, everything is situated on one site. Most of the refineries you see around are 20 to 30 years old, but for the first time, we will be seeing the first of such in the world and in Africa.

“This has never been done anywhere in the world before. Dredging from the high sea with a very high level of precision while bringing in state-of-the-art equipment alongside top-notch expertise from everywhere across the world.”

He further said that the vision of the Chairman of the Dangote group, Aliko Dangote was not only to supply the local market alone but also to have a nation that will be self-sufficient in the production of petroleum products.

“We have in place state-of-the-art technology and equipment to ensure the value chain, which consists of crude reception facility to the processing facility are adequately integrated,” he said.

The company’s General Manager, Dangote Fertilizer, Jaiswal Anurag, said that the plant is has reached 90% of engineering work and 80% of the the equipments needed to complete the site have arrived Nigeria.

He also said that, “We will complete dredging, loading and offloading facilities this month (October). The dredging will link the facility from the lagoon to the sea. We are moving at a very high speed because we commenced work in July 2014 and this October, we shall be completing all the work,”
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The long-overdue 2014 FY results of one of Nigeria’s oil and gas giant, Oando Plc has been posted. It was posted alongside its Q1 2015 results, racking up record after-tax losses of N183.9 billion in FYE 2014, creating a wild hysteria on Twitter and Facebook.

The results announced by Oando at the NSE showed that mounting losses continued into 2015, with a N20.9 billion after tax loss in Q1.

According to THEWILL, Nairametrics reported that Oando’s FY 2014 total revenue fell by 5% to N424 billion from N449.8 billion, while Q1 2015 revenue increased by 83% to N33 billion, up from N18 billion in Q1 last year 2014.

Foremost financial analyst, Proshare said it had lost confidence in the financials released by the Oando, adding that it would no longer cover the company.
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Dangote Industries Limited, one of Africa’s largest business conglomerates is deepening its relationship with CNN International by renewing on-air and digital sponsorship of the prestigious ‘Facetime’ segment within ‘CNN Marketplace Africa’.

 â€˜CNN Marketplace Africa’ is a weekly show on CNN International, which offers a unique window into African business. The new edition of the show is hosted by British-Nigerian CNN anchor Zain Asher, who breaks down the economic trends affecting Africa, interviewing business leaders making and shaping the continent.

 The ‘Facetime’ element within the programme is a high-profile segment in which a major player from the global business community is interviewed about Africa business matters. On-air content is complemented by distinctive online editorial at a ‘CNN Marketplace Africa’ microsite, where popular and innovative content is shared across a range of social channels.

 Since taking over as full-time host in May 2015, Zain Asher has interviewed esteemed ‘Facetime’ guests including:Patrice Motsepe, founder and Executive Chairman, African Rainbow Minerals; Russell Stokes, CEO, GE Transportation; Kofi Anan, former UN Secretary General; Taleb Rifai, Secretary General, UNWTO and Maria Ramos, CEO, Barclays Africa.
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Director and CEO, UBA Plc, Mr. Phillips Oduoza has emerged the 2015 Ai Socially Responsible Investment (SRI) 30 CEO of the year at this year’s 8th annual Ai CEO Investment Summit.  he first won the award in 2013

He was named the winner from a long shortlist that included Nassef Sawiris, CEO, Orascom Construction Company, Sifiso Dabengwa, CEO, MTN Group, SA, Guillaume Roux, CEO, Lafarge Africa, Segun Agbaje, CEO, GT Bank, Graham Clark, GMD, Dangote Sugar and Ben Kruger/Sim Tshabalala, Co-CEOs, Standard Bank. The event took place in New York at the sidelines of the UN General Assembly.

Africa investor (Ai), is a leading international investment and communications group based in South Africa. Every year it organises the institutional investment summit as a platform for public and private sector leaders in Africa to dialogue with global counterparts on ways to invest and grow businesses in Africa. As an integral part of the summit, Ai also hosts the investment and business leadership awards to reward exceptional business practices, economic achievements and investments across Africa, whilst recognising the institutions and individuals improving the continent’s investment climate.
At the summit and awards ceremony attended by over 250 of Africa’s most prominent and influential business, government and development finance leaders, as well as five African Heads of State, the UBA CEO won the Ai SRI CEO of the Year award in recognition of his exceptional achievements over the last year which according to the summit organisers, is an “inspiration for business and government leaders working to raise Africa’s investment profile”.
The judging panel considered excellent leadership skills, enhanced organisational image, innovation and originality as well as alignment with the millennium development goals (MDGs) in choosing the Socially Responsible Investment (SRI) 30 CEO of the year.  Speaking on the award, Oduoza who has twice been recipient(the first time in 2013), said: ‘as Africa’s global bank, The United Bank for Africa, UBA, has operations in 19 African countries and 3 global financial centres –  New York, London and Paris, serving over 9 million customers. This award validates our efforts over the years in building a solid pan-African banking business that is profitable, sustainable and socially responsible. I dedicate it to all UBA people: customers, staff and other stakeholders in Africa and across the globe”

Other recognitions at the ceremony include: Venture Capital/Private Equity Award won by the Abraaj Group, whilst Institutional Investor of the Year and Investment Promotion Agency of the Year went to Public Investment Corporation of South Africa (PIC) and Centre de Promotion des Investissements en Côte d’Ivoire (CEPICI) respectively. The Leadership in Sustainable Investment in Africa Award went to the Bill and Melinda Gates Foundation.
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In achieving success, attitude is as important as aptitude. Attitude creates a gravitational force in the direction your business or career will go. The value of attitude is usually underestimated. It not only affects how you interact with others; it also affects how you perceive events and from which perspective.
Many success stories we have in history exist because the individuals had the right attitude.

If we consider the fact that the light bulb we know today was preceded by 1,000 failed attempts, which ultimately informed the successful conclusion, then we might understand that even failure can lead to success with the right attitude
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The African migrant crisis is in the global headlines and rightfully so. It is high time people were talking about this dire problem and searching for solutions.

The European Union has announced its 10 point plan, focused on tackling human smugglers and with a changed approach to the migrant vessels that traffic tens of thousands heading for Europe every year, often with tragic consequences.

While these are crucial steps, African leaders should also work with the EU to make progress on another track entirely: solving the problem at its roots – making fundamental changes to the factors that contribute to these migrations. Because the problem starts here in Africa.

As Africans, we must begin by looking inward. First, what has brought us to where we are now? Second, how can we fix it?

Why are people willing to risk their lives to escape our continent? Africa’s poverty rates are still the highest in the world. We are facing widening economic and social inequalities that have resulted from rapid, yet non-inclusive growth. Despite impressive economic progress over the past several years – currently five of the world’s 10 fastest-growing economies are located here – the reality is that 44 per cent of Africans still live on less than $1.25 per day. Nothing is more important than putting an end to poverty and thereby creating a sense of hope here at home. Our economic success needs to be shared – with prosperity for all – creating a more equal, stable, and peaceful continent.

We have exceedingly high levels of unemployment, leading to social, political, and economic fragility, with 53 per cent of Africa’s nations described as fragile states. In addition to triggering migration, fragility also breeds terrorism. We need to tackle the fundamentals of joblessness and economic exclusion.

Every year, 30m youths enter the market. Jobs need to be created for them. We must urgently address the fact that the economic growth we have today is often jobless growth. It affects the few and excludes the many. Working with partners like the EU, Africa’s leaders and its key institutions – namely, the African Development Bank – can change that. We should collaborate with the EU to pioneer a strategic, continent-wide approach to job creation.

To enable the private sector to flourish we need to work with governments to lower the cost of doing business across Africa. We need to implement processes and systems that are transparent and business-friendly, attracting global and regional investment and retaining African entrepreneurs and the talented workers they will hire. Venture capital and other funds must be given the right kind of encouragement and assurances to direct their financing to Africa’s private sector.

To generate jobs at scale, we need to dedicate significant resources to providing incentives for financial intermediaries to lend more to small and medium-sized enterprises. SMEs form the bulk of our growing economies and helping them expand and prosper will result in millions of jobs.

We also must launch a major effort to address the skills mismatch in the labour market through greater focus on skills and vocational training, and entrepreneurship development.

And you can’t develop without women. Investing in women is not just the right thing to do, but also the smart thing to do. Women are the primary source for growth in local economies. Yet today, 64m more women than men are unemployed in Africa. Women need access to education, technology, jobs and financing. This must be understood and prioritized by governments and the development community.

Africa has 65 per cent of all the arable land left to feed the 9bn global population expected by 2050. Of all possible interventions, transforming the agriculture sector will have the largest impact on growth on the continent, given that 70-80 per cent of the labour force is engaged in the sector but locked into poverty.

We must provide innovative financing instruments and direct private equity funds toward agri-business investment, particularly in the form of micro-finance. By reviving rural economies and empowering them with tools to connect their goods to viable markets, we will unlock incredible opportunities for growth and shared prosperity, as we lift millions out of poverty.

We need to diversify the economies in African countries that are rich in natural resources, to shield them from over-exposure to volatilities in global markets (as we saw recently with falling oil prices). Focusing on unlocking agriculture’s potential will go a long way toward diversification and building “soil wealth” rather than relying on oil and mineral wealth.

We also need to improve management of those natural resources. Africa is not poor, but its people are poor because money disappears into the wrong pockets. Africa has $85tn in natural resources, but it loses $60bn a year in illicit outflows. Imagine what $60bn could do for our people’s healthcare and education each year. We need to work at all levels to enforce transparency and accountability rigorously. Africa’s resources should not belong to the few, but should be for the benefit of all.

People should have no reason to flee a continent as rich as ours. While the EU’s 10 point plan could contribute significantly to addressing the issue of illegal migration, we must complete the strategy by confronting the problem at its core, at its origin. This will require bold actions, profound changes and a strong partnership between Africa and the EU. Let’s work together to create jobs, opportunity, and hope on the continent. Let’s create reasons to stay.

Akinwumi Adesina is the outgoing Nigerian minister for agriculture. He is a candidate for the presidency of the African Development Bank.

Article originally published by The Financial Times
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There are a lot of questions that fly across the globe everyday begging earnestly for answers. Asking questions has been proven to be one of the most neglected principles of success. What makes the rich truly rich? How do I know if I’m even rich? Why are a lot of people poor while only few are really rich? What can guarantee me access to lasting wealth? These are various questions that remain unanswerable in the minds of many. Let’s look at something interesting. Forbes Magazine defines a poor person as ‘one who earns less than $25,000 (approximately #4,725,000) a year.’

We therefore live in a world where the true test of wealth is defined by monies and material possessions. Ukrainian Security expert, Andriy Kuksenko says, what determines the discrepancy between the rich and the poor is not the VALUE OF THEIR WEALTH but the WEALTH OF THEIR VALUES. It therefore means that what makes the rich rich is VALUES not MONIES. Bill Gates was once asked if all his monies were lost, what would he do. He laughed calmly and said; ‘That’s no problem, I would recover the money back in the next two years. I can assure you of that.’ The lesson behind Bill Gate’s statement is that what makes him rich is not his money but the principles behind his money. Let me teach you some principles about money and some voodoo you must cast out from your frame of mind.

What makes the rich rich is the power of network. It is your network that determines your net worth. Most rich people you see today are into one single thing, it’s called network marketing! The rich network with the rich; the poor network with the poor. The rich understands certain money philosophies while the poor considers them as jargons; something too technical to keep or to be considered impracticable. Some of these philosophies are:

The rich knows how to spend money while the poor doesn’t. The rich spends money from his assets while the poor spends money from his income. They are two different things entirely. A poor person earns #1million and spends just like that without looking at his cash flow; the rich, on the other hand, uses the #1million to invest and gets a 18% compound interest per annum. In other words, the rich knows how to multiply money while the poor does not. The poor works assiduously for money while the rich makes money work for him. The rich thinks long-term while the sight of a poor man is limited to his short-term obligations. The rich does not spend money on luxuries except when necessary; the poor feels because he has money, he can spend it anyhow.

The rich is concerned about his real income, the poor is concerned about his nominal income. He does not know the impact of inflation on his income. The poor man is so concerned about the facial value of his income that he gets happy when he gets a raise in his pay check not minding if his real income has been increased or not. The poor therefore serve as an employee. The rich, on the other hand, understands that his life’s dreams are too big to be financed by a pay check. He is therefore an entrepreneur. The poor man acquires different degrees in the university to improve his employability skills, the rich acquires degree to increase his entrepreneurial skills.

There are basically four cash flow quadrants in the business world. They include: Self-employed (S), Employee (E), Investor (I) and Business Owner (B). The rich understands this cash flow analysis very well and is careful as to categorizing his personality in any of the quadrants. The poor belongs to the 1st two quadrants; E and S and he feels satisfied with that, the rich belongs to the last two quadrants, I and B, which are long-term generating quadrants. This implies that, money still comes in even after retiring from business. He therefore gets richer day after day while the poor keep getting poorer. The poor man is conveniently pleased with his job but the rich sees JOB as ‘Just Over Broke’. The rich engages in work and not job. Job is undertaken by instructions, work is undertaken by initiative. The rich plays the game smart while the poor plays the game with utmost care. The rich understand the keys to financial freedom but the poor sees that as absolutely unnecessary.

Conclusively, the real difference between the rich and the poor is not just money, it’s their precepts! The rich invest more in financial education but the poor is comfortable with his academic degrees.

source:hub201

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The demand pressure for foreign exchange (FOREX) continued to increase at the Bureau de Change (BDC) and black market as the value of the naira dropped to a low of N232 and N236.50 against the dollar respectively.

The value of the naira at the Central Bank of Nigeria (CBN) and the interbank end of the FOREX market, however, remained stable as the green back sold for N196.95 and N198.58 respectively.

At the BDC, the value of the naira against the pound dropped to N350.

Pressure had mounted on the naira at the parallel and black market after the CBN, a fortnight ago, curbed access to the dollar on the official interbank market for importers buying a wide range of goods, shifting demand for hard currency to the black market.

The foreign external reserves which had been trending downwards since last year, rose slightly to $29.157 billion, as at July 2, according to latest figures made available by the CBN.

This is the highest figure since June 9, 2015, when it stood at $29.181 billion.
Meanwhile, the rate at which banks lend amongst themselves dropped as at the close of business yesterday.

Overnight rate dropped to a five-year low of 5.1250 per cent while one- and three-months rates dropped to 14.1547 and 15.5823 per cents respectively. Six-month rate, however, rose slightly to 16.3288 per cent.
Source: Leadership ng
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“Dreams do come true, but not without the help of others, A good Education, A strong Work Ethic and the courage to Lean in”

Name: Ursula M. Burns

Birth: September 20, 1958

Place of Birth: New York

Company Position: CEO and Chairman of XEROX

Salary and Bonus: $2.8million

Awards: 14th MOST powerful woman in the world in 2009- Forbes, first African-American female CEO of a Fortune 500 company, 9th highest paid CEO in U.S.A

About Ursula Burns: A Phenomenal woman

Ursula Burns, a renowned name in the world of business, the CEO and Chairman on Xerox.  According to Forbes, she was the fourteenth most powerful woman in the world in 2009 and ninth highest paid female CEO in the United States of America. She is a remarkable woman, who achieved her dreams by giving her best consistently. She is a self made millionaire, coming from a very humble background but her perseverance knew no bounds. Not only this, she is also an advocate and a philanthropist, striving towards making a better society.

Life and Education:

Ursula M. Burns was born on September 20, 1958. Her single mother raised and her two siblings in a low-income housing project in New York. Her mother worked several jobs so that she could provide her children with a good education. Her mother was a very big influence in her life, telling her “where you are does not define who you are”. She always encouraged and inspired Ursula to achieve greatness that she was destined to reach. From a young age, Ursula was good at math and this interest of her in numbers became a passion as she grew up. She obtained from New York University Polytechnic School of Engineering a bachelor of science in Mechanical Engineering (1980) and masters in the same field from Columbia University (1981).

Her climb on the ladder of Success

Burns joined Xerox as an intern in the summer of 1980. A year later she procured a job there playing various roles in product development and planning. She swiftly made her way up in the company despite of her unconventional ways of working. In 1990 she became the assistant executive and in 1999 she became the vice president of manufacturing. In 2000 she became the senior vice president, nine years later she was named the CEO of the company and in 2010 she became the chairman. Under her leadership the company has incurred a phenomenal growth even in an era where paper work is losing its role.


Contribution to the Growth of the company:

During the period of financial difficulty of the company in 2002, Burns was promoted to the position of first president of Xerox Business Group (first woman to hold this position). She had five divisions under her and under her management they fetched a profit of 80%. She streamlined the company, hired outside contractors to make products. In 2013, the earning per share shot up to $1.09 from $1.02 in 2012. The company’s revenue  in 2013 was $21.4 billion. Under Burns’ leadership, Xerox has displayed remarkable growth and has become a profitable organization.

Community Work:

Burns’ work is not just confined to her company, through President Obama’s initiative of “Change the Equation”, she is encouraging more females to pursue a career in science and math. Besides this she also gives leadership council to various educational, communal and non-profit organizations including MIT, University of Rochester, the U.S. Olympic Committee, National Academy Foundation, FIRST(For Information and Recognition Of Science and Technology) and various others. In 2009, she was appointed by President to help the White House national project on STEM(science, technology, engineering and math) and in 2010, Obama named her the vice chair person of the President’s Export Council.
Familial Life: Dedicated outside and inside the House

She married Lloyd Bean, a colleague at Xerox. Burns was always dedicated towards her work but her family always came first. She gave as much time she could to her family and is a proud mother of two talented children. Despite her workload she always took weekends off and when her children were young she worked after they slept or before they woke up. She never brought her work to home, not only she is a great business woman but also a phenomenal mother.
A Woman to Watch Out For

Ursula Burns is an extraordinary woman for whom the fairytale of from rags to riches came true but she worked her way up to earn all that she got. She is the first African-American woman to be appointed as CEO of a Fortune 500 company. She is a legend to watch out for, an outstanding woman who achieved great heights maintaining her unconventional outlook and abiding her own strict moral ethics.
source:brandkahani.com Read More
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