International financial analytics corporation, S&P Global, has described the 650,000 barrels per day (bpd) Dangote Oil Refinery and Petrochemicals company as capable of resolving Nigeria’s foreign exchange (forex) issue and its huge pressure on the local Naira currency, while also catalysing the country’s economic development.

S&P Global, headquartered in Manhattan, New York City, disclosed this during an onsite visit to the Dangote Refinery at Ibeju-Lekki, Lagos as part of its sovereign credit ratings assessment of Nigeria.

The team from the international rating agency are accompanied by officials from the Federal Ministry of Finance.

S&P noted that the largest single-train refinery complex in the world would bolster Nigeria’s oil sector and, more importantly, also have a positive impact on its growing economy.

Director and Lead Analyst, Sovereign and International Public Finance Ratings, S&P Global Ratings, Ravi Bhatia, who led the delegation to Lagos, said Dangote refinery would transform Nigeria into a net exporter of petroleum products. He added that this transformation is expected to boost revenue generation and alleviate the current pressure on the country’s foreign exchange reserves. 

“It is a very impressive facility, able to process 650,000 barrels a day, when in full capacity. It is the largest single-train refinery complex in the world. It came out quite quickly. Nigeria is a big exporter of crude but has issues with importing refined fuels. So, there is a gap in the market where crude can be refined in Nigeria, save money that way, and potentially save some foreign exchange. This will be positive for the economy in the medium term. It looks positive from our assessment,” Bhatia said after an over four-hour tour of the facility.

Also, in a chat with the media, Vice President of Oil and Gas at Dangote Industries Limited (DIL), Devakumar Edwin, who led the team during the tour of the facility, reiterated that by harnessing Africa’s abundant crude oil resources to produce refined products locally, the company aims to catalyse a virtuous cycle of industrial development, job creation, and economic prosperity.  He also revealed that, as earlier promised, the company will start the production of premium motor spirit (PMS), this month (July).

Noting that products from the $20 billion facility are of high quality and meet international standards, Edwin said it can meet 100 per cent of Nigeria’s demand for petrol, diesel, kerosene, and aviation Jet, with surpluses available for export.

The S&P team commended the President of Dangote Industries Limited, Aliko Dangote, for integrating advanced technologies and quality control measures, including a state-of-the-art Central Control Unit ensuring smooth automation of operations.

Other members of the team of the international rating agency include the Associate Director, Sovereign Ratings, Maxmillian McGraw; Director, Corporate Ratings, Omegu Collocott; Senior Analyst, Bank Ratings, Charlotte Masvongo, and Director, Financial Services, Samira Mensah.

Currently operating at 350,000 barrels per day capacity, Edwin said the refinery is slated to scale up to at least 500,000 barrels per day capacity by July/August, commencing the refining of petrol and ultra-low sulphur diesel.

He noted that the refinery, designed to process a wide range of crudes including various African and Middle Eastern crudes, as well as US Light Oil, conforms to Euro V specifications. In addition, it is designed to comply with US EPA, European Union (EU) emission norms, the Department of Petroleum Resources (DPR) emission/effluent norms, and the African Refiners and Distribution Association (ARDA) standards. 

While noting that most refineries were built by foreign companies, he said it is a thing of pride that a Nigerian company designed and built the world’s largest single-train refinery complex while acting directly as its own Engineering, Procurement, and Construction (EPC) contractor. The refinery also incorporates a self-sufficient marine facility capable of handling the world’s largest vessels. “The refinery can produce the best quality products in the world, Euro V grade. It is one of the energy-efficient refineries and it is highly environmentally friendly. It is sophisticated with a high level of automation. The largest single train refinery in the world is 100 per cent designed, engineered, and constructed by a Nigerian company as EPC contractor,” he said.

Nigeria, one of the world’s leading oil-producing countries, exports all its crude oil for refining and subsequently imports refined products due to a lack of operational refineries. It is estimated that Nigeria imports at least 50 million litres of petrol per day to meet domestic demand.

According to data from the National Bureau of Statistics (NBS) in its Foreign Trade Statistics for the Fourth Quarter of 2023, Nigeria spent approximately N12 trillion on the importation of petroleum products in 2023, including premium motor spirit (PMS), commonly known as petrol. This figure marks an 18.68% increase compared to the N10 trillion spent on fuel imports in 2022.

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Oyedele made the call while delivering a keynote address at the hybrid 16th annual lecture of the Lagos Chapter of the Nigerian Institute of Quantity Surveyors (NIQS) held in Victoria Island, Lagos.

The theme of the event was “Nigeria’s Economic Policies: Effects, Challenges, and Strategies for Sustainable Economic Stability”.

Oyedele explained the principles and importance of fiscal and monetary policies in shaping the economy.

He said that the problem with the economy was not the cost of governance but rather the lack of adequate finances to run the nation.

“If you look at the budget of all the states, it is N16 trillion. If you add 16 to 29, it is about 45 trillion Naira.

“That N45 trillion is barely 30 billion dollars for 200 million people.

“That 30 billion dollars is less than the budget of Kenya, which is 32 billion dollars for 54 million people.

“It is less than one-quarter of the budget of South Africa and less than 30 per cent of the budget of New York City, not New York State, which is 107 billion dollars,” he said.

Oyedele pointed out that Nigeria’s budget was higher than its revenue, and at about N18 trillion, representing only half of the funds required.

He added that the nation’s revenue was not enough to pay salaries alone under the proposed minimum wage being agitated by labour unions.

“If you take the entire revenue of the Nigerian government, local government, state government, and federal government, and you pay only the salary of civil servants, you cannot pay N500,000 per month.

“If you pay N500,000 per month per civil servant, that whole money is gone, leaving no money for defense, roads, or anything else,” he explained.

He urged NIQS to sponsor bills that tackle critical issues related to taxes and obsolete legislation affecting land, construction matters, and the economy.

Dr Olujide Oke, Managing Partner at Jim Partnership, spoke on policy mistakes of previous and current administrations and how the challenges of COVID-19 affected productivity.

Oke called for the upscaling of social skills and the provision of an enabling environment, including a stable power supply, to stabilise the economy.

He listed strategies for sustainable growth, including reviewing the cost of governance, improving security, strengthening monetary policies and rehabilitating the nation’s refineries.

According to him, others include boosting the ease of doing business, investing in accessible and affordable power, enhancing revenue generation, diversifying the economy, providing social safety nets, and exploring alternative energy sources.

Dr. Paul Alaje, a financial expert, described Nigeria as a nation chasing its tail by not properly utilising its human and natural resources.

Alaje, Chief Economist and Senior Partner at SPM Professionals noted that unemployment figures have worsened, but current statistics appear low due to changes in measurement parameters.

He suggested some indicators and provided statistics for the economic development while also urging the government to build strong institutions to curb corruption.

Alaje also emphasised the need to tackle insecurity affecting food production, boost manufacturing, address unemployment, stabilise the exchange rate and combat corruption.

He appealed to Nigerians to consume local products as an act of patriotism to grow the economy.

Other speakers called for an enabling environment, fair taxation, sustained spending and responsible borrowing for Nigeria to surmount its economic challenges.

They also advocated for improved power supply, investments in infrastructure, enhanced productivity, and quality healthcare delivery.

Mr Kene Nzekwe, the President of the Nigerian Institute of Quantity Surveyors (NIQS), commended the Lagos chapter for organising the event and choosing a topic that addressed current challenges facing Nigerians.

Represented by his deputy, Aminu Bashir, Nzekwe urged the conference to provide solutions to the exodus of investors and the high cost of living eroding capital and increasing poverty.

The NIQS Lagos State Chapter chairman, Olanrewaju Farotimi, highlighted the importance of effective economic policies for sustainable growth and stability.

He welcomed participants and urged discussants to provide deeper insights into Nigeria’s economic journey, the challenges faced, and strategies for achieving stability and prosperity.

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The Lagos State Government says it plans to inject additional funds into Cooperative Societies across the state to accelerate development.

Commissioner for Commerce, Cooperatives, Trade & Investment, Mrs Folashade Ambrose-Medebem, made this known at a news conference in Alausa in Ikeja, Lagos.

The event was organised by the Lagos State Ministry of Commerce, Cooperatives, Trade and Investment in collaboration with the Lagos State Cooperative Federation (LASCOFED) to kick-start the 2024 International Day of Cooperatives celebration.

Ambrose-Medebem, who was represented by the Permanent Secretary of the ministry, Mr Olugbemiga Aina, said that the government had also registered 615 new cooperatives from 2023 to date and had mechanisms to register several more.

She explained that this would be an addition to the over 3,000 existing associations, to meet Sustainable Development Goals (SDGs).

Ambrose-Medebem stated that between 2023 and the present, 615 cooperatives were registered, comprising 435 Cooperative Multipurpose Societies, 115 Cooperative Thrift and Credit Societies, and 65 Cooperative Agricultural Multipurpose Societies.

She noted the government’s efforts to verify capabilities and expand the scope of cooperatives beyond workplaces to attract more grants for the state’s development.

“We have over three thousand cooperatives, which is quite small for a Mega City of almost 24 million people. We need to increase the numbers.

“We are proactive in thinking that we need to inject more funds into these cooperative societies.

“That is why this amount has been put in the budget, but we must ensure the proper application of grants based on the technical capabilities of those receiving funds,” she said.

Ambrose-Medebem mentioned that several experts had approached the ministry for capacity building to equip cooperatives for higher funding, benefiting Lagos residents.

She explained that the theme for the 2024 International Cooperatives Day was apt for celebrating the contributions of cooperatives to socio-economic development.

The commissioner outlined the schedule for this year’s International Day of Cooperatives, starting with a news conference.

The event will continue with visits to orphanages and old people’s homes on Wednesday, July 3, at 10:00 a.m., a Jumat Service at Alausa Secretariat Central Mosque on Friday.

Also, there will be Grand Finale on Saturday, July 6, featuring lectures, panel discussions, raffle draws, and merit awards.

The celebration will be concluded on Sunday with a Thanksgiving Service at The Chapel of Christ the Light, Alausa, at 10:00 a.m.

She emphasised that Lagos State uses this annual event to raise awareness and deepen public knowledge about the benefits of cooperatives.

“The theme for the 2024 International Day of Cooperatives is ‘Cooperatives: Building A Better Future For All,” she stated.

Ambrose-Medebem enumerated the benefits and contributions of cooperatives to wealth creation, social integration, prosperity and economic development.

She highlighted areas of partnership and grants that had helped Cooperative Societies in Lagos State expand their operations, creating wealth and reducing poverty.

She noted that the state government provides an enabling environment for businesses to thrive through cooperatives, promoting economic growth and attracting investors.

“Governor Babajide Sanwo-Olu has acknowledged the significant role of over three thousand cooperative societies in the state.

It is would be recalled that associations and enterprises had in times past help citizens improve their lives while contributing to the economic, social and cultural advancement of their communities, the state, and the nation.

The administration recognises the Cooperative Movement as highly democratic, locally autonomous, but internationally integrated,” she concluded.

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As a leading player in the Nigerian automotive market, CIG Motors is committed to fostering talent and providing a platform for young professionals to thrive.

This initiative aims to attract bright, ambitious individuals ready to embark on a rewarding career journey with GAC Motor.

Eligibility Criteria includes: A minimum 2:1 degree from an accredited university, completion of NYSC with a certificate, WAEC/NECO with at least 5 credits, including Mathematics and English.

Applicants must be under 26 years old.

Interested candidates are encouraged to apply by July 14, 2024, to seize this unique opportunity to join a dynamic and innovative team.

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Proshare’s latest report places Access Holdings at the forefront, alongside other prominent institutions such as Zenith Bank, FBNH, Ecobank, UBA, and GTCO.

As the Nigerian banking sector evolves, Access Holdings stands out for its proactive approach to addressing macro and microeconomic risks. The report draws parallels to the challenges faced by United States banks, such as Silicon Valley, First Republic, and Signature Banks, in 2023 due to poor asset and liability management (ALM).

With the Central Bank of Nigeria’s ongoing banking sector recapitalisation programme, the report highlights the importance of investment in financial technology, customer service scalability, and digital asset engineering between 2024 and 2026. The analysts emphasise that, “With higher capital levels, banks must use the larger amounts of cash available to improve shareholder returns and customer service experiences. Many banks will get cut at the knees by lacking a deliberate strategy to transition from cash flow to value creation.”

The report further highlighted Nigeria’s economic trajectory, noting, “Nigeria’s GDP in 2005 was N38.78trillion and rose to 77.94trillion, roughly two times in 2023, suggesting an average annual growth rate of 3.55 per cent in the last two decades. However, between 2000 and 2005, bank equity sizes grew over ten times or by 1,150 per cent from N2billion to N25billion. In other words, for a decade and a half, banks have used ten times more equity in their businesses than before 2005, yet the country’s GDP growth has been modest.”

The report, however, clarifies that simply raising Nigerian banks’ equity base is not a guarantee for economic growth and development. “Transforming bank equity into drivers of economic growth requires more than money; it requires a coordinated public and private sector plan, with what Proshare analysts have repeatedly called a whole-of-government approach to policies, programmes, and processes.”

Reviewing bank performances in 2023, Proshare analysts observed that banks were pursuing increasingly aggressive approaches to acquiring digital market share while supporting lower operating costs (lower cost-to-income ratios (CIRs)).

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For its diffused ownership structure, its leadership is particularly dynamic, adding a great deal of variety to the journey. The confirmation of Olusegun Alebiosu as the new Chief Executive officer of the bank is seen as a consolidation of the rich culture of the bank. At a peculiar juncture in its 130 years of incorporation, the market has seen a new FirstBank that is ready to compete with the new entrants to recover the market it was holding in its grip as a monopolist.

The bank is consolidating on its adoption of the new ‘click’ banking through which it has invested heavily in digital infrastructure. The success Alebiosu helped to create at the corporate performance of Q1, the quarter heralding Alebiosu was particularly fascinating across top and bottom-line indicators. First, the bank’s total assets leaped by 28 per cent year-on-year to N20.7 trillion, while gross earnings rose by 178 per cent to N682.5 billion on the back of strong growth in the credit portfolio (which was 33 per cent up from December 2023). Non-interest income, which reflected the robust transactional platforms, doubled year-on-year to N224.6 billion compared with N110 billion it earned in Q1 of 2023.

The Chief Executive Officer also rode on powerful bottom-line indicators with profit before tax seeing exponential growth of almost 300 per cent to N209.8 billion and profit after tax growing in the same margin to N188.5 billion. These are not isolated figures but a reflection of a decade of robust performance of the banking group that feeds into the holding company that has become the toast of the investing public in recent years.

For one, FirstMobile, its digital banking application emerged as a household name in the financial technology ecosystem. In 2015, when the platform was still in its infancy stage, its user base was about 60,000, a figure that has soared to over six million as of last year. That has contributed immensely to changing the market’s perception of the institution as a traditional bank to an innovative digital bank.

Today, over 85 per cent of its transactions are initiated via digital platforms, according to insights provided by the bank. That suggests that while it consolidates on its hedge as a saver’s bank, it has also emerged as a transaction-driven bank. FirstMobile appears to have hit the bull’s eye in the bank’s reinvention drive and efforts to appeal to younger demographics. However, the platform is only one of the many telecommunications-driven initiatives the bank has innovated to get young depositors on board. FirstOnline has also grown in leaps in terms of users – from about 90,000 to over one million in less than a decade.

USSD banking, under the watch of the immediate past handler, is even more successful with users increasing by close to 3,000 per cent in the last eight years, to about 15 million. What USSD banking, which targets feature phone users and rural communities where internet penetration is still very low, has done for the bank is giving a slice of it to the original owners – rural dwellers and non-Internet natives who had never known any other bank than FirstBank.

The success of Firstmonie Agent Banking also validates its agelong popularity in rural areas. Last year alone, its Firstmonie Agent Banking services processed over ₦1.1 trillion in transactions, more than double the amount handled by seven other big banks. Its strategic investments in technology include the development of its interactive transaction banking platform known as FirstDirect2.0 and the introduction of the humanoid robot to the banking ecosystem in the country.

The smart banking initiatives have been complemented by its Digital Xperience Centres (DXC), which are currently located in Lagos, Ibadan, and Abuja with plans to open more across the country. Overall, its digital banking has evolved in both volume and public perception even with artificial intelligence-driven commercials complementing its digital imprints. Ease, convenience and reliability created in recent years have moved the customer base from 0.6 million in 2015 to well over 42 million customer accounts as of 2023. This number, according to the immediate past Chief Executive Officer, Adesola Adeduntan, would double in no distant future as the organisation migrates more aggressively to transaction-led banking.

Last year, its holding company earned N171.8 billion in income from fees and commissions, a 46 per cent year-on-year growth, demonstrating its success as a transaction-led bank. Its fee and commission income growth were not an exception but drew from impressive performances across the board. Its operating profit also jumped by 129 per cent, much higher than the industry average, to N361.8 per cent, leading to an earnings per share of N8.56k.

The total assets also saw a 60 per cent growth to N16.3 trillion. The total assets, like other metrics, had seen over 300 per cent expansion from 2015 when it was N4.2 trillion. FirstBank also experienced aggressive growth in its customer base in the past nine years. The figure has grown from 10.9 million to over 42 million customers, leading to the aggressive growth of fee and commission income of the bank.

Culled from Guardian

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Access Holdings Plc yesterday held a formal signing ceremony by the Group and its Issuing Houses as part of the arrangements to raise ₦351,009,103,017.25 by way of a Rights Issue, to existing shareholders.

The Offer is part of the Group’s strategy to boost its working capital requirements, which includes organic growth funding for its banking and non-banking subsidiaries.

The signing with respect to the Offer was held at Access Tower, the corporate office of Access Holdings in Lagos.

Access Holdings’ shareholders had at its 2nd Annual General Meeting (AGM), which held on Friday, April 19, 2024, unanimously backed its plan to execute a Capital Raising Programme of about US$1.5 billion as well as the subset initiative to raise capital through a Rights Issue of ordinary shares to its shareholders.

Under the Rights Issue, 17,772,612,811 (Seventeen billion, seven hundred and seventy-two million, six hundred and twelve thousand, eight hundred and eleven) ordinary shares of N0.50 each at N19.75 per share on the basis of 1 (one) new ordinary share for every 2 (two) existing ordinary shares held as of Friday, June 7, 2024.

At the Signing Ceremony, Acting Managing Director/Chief Executive Officer of Access Holdings Plc, Bolaji Agbede, disclosed that “The Rights Issue is a significant step in delivering our 2023-2027 strategic plan. The additional capital will enable us to maximise emerging opportunities and deliver long-term value to our shareholders.”

Chapel Hill Denham is the Lead Issuing House to the Offer, while Atlas Registrars Limited will serve as Registrars through the exercise.

The Joint Issuing Houses are Coronation Merchant Bank, Stanbic IBTC Capital, Vetiva Advisory Services, Greenwich Merchant Bank, FCSL, First Ally Capital, FCMB Capital, Renaissance Capital Africa and Meristem Capital.

Other parties to the Offer are Coronation Merchant Bank, Coronation Securities, Chapel Hill Denham Securities Limited, FSDH Capital, Cordros Capital, Cowry Securities, First Integrated Capital Management Ltd, Network Capital Ltd, CSL Stockbrokers Limited, Compass Investment & Securities Ltd, PAC Securities Limited, Dynamic Portfolio, Chartwell Securities Limited, Tiddo Securities Limited, and Futureview Securities Limited.

Subject to approval of the Securities and Exchange Commission (SEC), the Acceptance and Application Lists for the Rights Issue are expected to open on Monday, July 8, 2024, and close on Thursday, August 8, 2024.

The Rights Circular for the Issue, which contains a Provisional Allotment Letter and the Participation Form, will be mailed directly to shareholders of the Group. Printed copies of the Participation Form can also be obtained at any Access Bank branch and the offices of the Issuing Houses during the Offer Application Period.

All existing shareholders and prospective investors are encouraged to read the Rights Circular and Prospectus and, where in doubt, consult their Stockbroker, Fund/Portfolio Manager, Accountant, Banker, Solicitor, or any other professional adviser for guidance before subscribing.

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The foremost entrepreneur told the gathering of manufacturers and investors in Abuja while delivering a speech on ‘Rethinking Manufacturing in Nigeria’ as the keynote speaker at the Nigeria Manufacturers’ Summit that Nigeria has what it takes to be prosperous.

Dangote who noted that through there are various factors contributing to the underperformance of the manufacturing sector, emphasized that the crucial issue requiring attention is government policy and its approach toward investments and investors.

He pointed out that industrial or manufacturing entities are not like trading entities, while expressing his belief that the fundamental role and responsibility of government should be not only to promote investments and attract investors in manufacturing but also to ensure that these investments are nurtured and protected to facilitate growth and sustainability.

“In every economic regime, including the most advanced, investment projects in manufacturing and industrial sectors need time and a conducive environment for them to mature, build capacity and scale, to become competitive against those in older and more mature markets.

“But since the Mid 1980’s non-industrialized countries and their leaders have been discouraged from protecting and supporting such investment and forced to expose them to unfair competition from stronger, older competitors in their own internal market, even before the newcomers are commissioned. Yet these same older/bigger players are well supported in their home markets,” he said.

He listed several examples of government intervention to protect industries: the blocked sale of US steel to Nippon Steel of Japan, the blocked sale of six US port management companies to Dubai Ports World, restrictions on Chinese cranes at US ports, and the US imposition of tariffs such as 100% on Chinese EVs, 50% on semiconductors, medical products, and solar panels. He also cited the restriction of Russian gas supply to Europe, which led European countries to increase coal usage despite opposition to fossil fuels, and the US government’s distribution of $39 billion in subsidies to incentivize local microchip production.

Dangote referred to Asia as having achieved significant levels of industrialization by pursuing industrial policies where the government played an active role in nurturing and supporting local companies. They subsequently leveraged this success to attract foreign direct investment (FDI) into Free Trade Zones.

He emphasized that Government Protection of the industry, does not solely encompass short to medium-term Regulatory Mechanisms such as tax holidays and other incentives which have their place in industrial policy and should be applied when necessary to mitigate investment challenges.

“I am concerned with a long term policy framework which ensures that investors can invest with the understanding that the industry will in the long run be regarded as a national asset and not just investor’s assets, so that when it is threatened, either by external forces or by changes in the environment beyond the control of individual operators, Government will take appropriate action to protect investors and support them to survive the threat. Almost all countries did this in response to the COVID threat. Those in the pharmaceutical industry may well remember how India protected and supported its pharmaceutical industry,” he said while noting that if such policy had been adopted in the past, Nigeria would boost a flourishing textile and tyre industry as well as functioning refineries.

“If we had adopted such a policy and Government attitude to the Textile Industry and tyre industry in the 80’s and early 90’s, perhaps our economy today will still be benefitting from the job creation capacities of these industries. Or if we had adopted this attitude to our Refining industry, Nigerians would not today be too anxious about Dangote Refinery,” he stated.

Disputing assertions that protecting domestic industries leads to reduced competitiveness, Dangote argued to the contrary, citing examples such as China, Korea, India, and various other Asian nations. He pointed out that these countries successfully developed into robust economies and posed a challenge to the established global economic order precisely because they protected their industries.

He noted that in the past, Nigeria was not competitive in cement production, producing less than 2 million tons of cement per annum up to 2007. He pointed out that due to strategic government policies and support, Nigeria has since become Africa’s largest cement producer and exporter, ranking among the top 10 globally in competitiveness.

Dangote noted that in 2023, Dangote Cement alone contributed more tax revenue to the government than the entire banking sector. “In the past, Nigeria was not competitive in cement production. Up to 2007, Nigeria produced less than 2m tons of cement per annum. Today we have about 60m tons of production capacity and another 9m under construction. The foundation for this success story was laid by an administration which decided to extend full support and protection to Nigeria’s cement industry. Today we are among the 10 most competitive cement producers in the world and the biggest cement producer and cement exporter in Africa. In 2023, Dangote Cement alone paid more taxes into the coffers of the government than the entire banking industry,” he said.

Dangote also refuted claims that protecting industries would lead to monopoly, stating that it is common knowledge that foreign investors only come when they see that local investors are also doing well.

“I am convinced that when Government Policy becomes more supportive and protective, investors will be more willing to collaborate and partner with the Government in resolving other challenges such as infrastructure deficits, market instabilities and macro-economic issues such as inflation and foreign exchange volatilities,” he added.

Reiterating that Nigeria has all it takes to develop and sustain a globally competitive manufacturing sector, Dangote called for re-thinking of her industrialization policy, by learning from leading countries in the West and the East who are actively protecting their domestic industries.

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The business mogul made his opinion known at a summit hosted by the Manufacturers Association of Nigeria, MAN, on Tuesday at the State House in Abuja.

Dangote said that with the new interest rate, there will be no growth, adding that it may even pose challenges in creation of jobs.

“Nobody can create jobs with an interest rate of 30%. No growth will happen,” he said.

“We must look to leading countries in the West and the East who are actively protecting their domestic industries.

“Import dependence is equivalent to importing poverty and exporting jobs. No power, no growth, no prosperity. Similarly, no affordable financing, no growth, no prosperity.

“There is no industrialization without protection. Ignoring these facts is what gives rise to insecurity, banditry, kidnapping and abject poverty.”

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The Managing Director of Guinness Nigeria Plc, Mr. Adebayo Alli, have described the company’s trade partners’ as invaluable collaborators whose activities over the years and indispensable contributions to its corporate objectives have sustained the growth and visibility of the company’s brand making it to post significant achievements in the just ended 2024 fiscal year.

Addressing partners who are drawn from across the country at a two event marking the end of the fiscal year at the Eko Convention Centre, Lagos, at the weekend Alli said, despite the challenging economic climate, Guinness Nigeria has continued to experience exponential growth.

He also unveiled Guiness Nigeria’s new mission for the coming year, tagged “GN Transformed: Winning Differently,” allaying fears that the company may be leaving Nigeria.

Alli said: “We want to sincerely thank our valued partners, for your incredible dedication to our business this past year. We know it hasn’t been smooth sailing, but your unwavering support has been instrumental to our sustained growth. Despite a challenging economic climate with inflation, currency issues, and lower consumer spending, Guinness Nigeria has continued to grow – and that is thanks in large part to you.”

He continued: “Moving forward, we are committed to working closely with all our partners to create new and exciting products that will resonate with Nigerians. Our aim is to cater to every segment of the market and ensure we deliver quality experiences at every price point in the next financial year.”

Introducing the mission statement for the 2025 fiscal year, the Commercial Director of Guinness Nigeria, Mr. Olusanya Adesanya, noted, “Guinness Nigeria does not win alone, we win with our partners, we win with our customers, we win with our consumers, and most importantly, we win with our communities.”

The new mission, “GN Transformed: Winning Differently,” reflects Guinness Nigeria’s commitment to innovation, customer-centricity, resilience, sustainability, empowerment, and consistent growth. This mission statement serves as a guiding principle for all of Guinness Nigeria’s activities, ensuring that the company remains a leader in the beverage industry while making a positive impact on society and the environment.

The highlight of the awards ceremony was the recognition of outstanding trade partners and employees. Top performers from various categories received cash prizes for their exceptional sales achievements and performance throughout the 2024 fiscal year.

Among the numerous awards presented, was the CEO Award for Employee of the Year, won by the Head of Commercial Finance, Mrs. Chinenye Alawode, for her exceptional dedication, innovation, and contribution to the company’s success.

Dr. Edmond Okafor, of Eddinho Nig Ltd, was particularly thrilled to be named Overall Best Distributor based on TBA GSV Performance. He expressed his gratitude to Guinness Nigeria for recognising his contribution: “Many thanks to Guinness Nigeria Plc for acknowledging my contributions to the business’ overall performance. I am really grateful for this honour, and I look forward to continuing our mutually beneficial partnership and producing more excellent performance,” Dr. Okafor said.

Mrs. Funke Ayeni, another Guinness Nigeria Trade Partner and one of the night’s most notable winners, expressed her gratitude to the Guinness Nigeria management for the award. Mrs. Ayeni said she is highly motivated to take on the 2025 fiscal year with much more vigor.

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