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N1.163trn budget to expand opportunities for residents to flourish —Gov Sanwo-Olu By

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Governor Babajide Sanwo-Olu has assured Lagos State residents that the N1.163 trillion would expand opportunities for residents to flourish despite the economic challenges caused by the disastrous events.

This statement was in reaction to  the 2021 budget  financial document signed into law on Thursday at a simple ceremony held at the State House in Marina, ushering Lagos residents into the New Year with reassuring hopes and heightened expectations.

The Governor assented to the bill, christened “Budget of Rekindled Hope”, at the event attended by cabinet members, Assembly members and chairman of the House Committee on Finance, Hon. Rotimi Olowo, who also represented the Speaker, Rt. Hon. Mudashiru Obasa.

After signing the bill, Sanwo-Olu remarked that the speedy consideration and passage of the budget reflected the dedication to the progress and prosperity of the State by both the executive and legislature.

Describing the past year as a peculiar era in the annals of the State, the Governor said the economic paralysis caused by the Coronavirus (COVID-19) pandemic and destruction wreaked in the wake of the hijacked EndSARS protests drew Lagos’ development back in no small measures.

With the signing of the budget, Sanwo-Olu said the State walked into 2021 with strong will and high determination to rebuild lost assets of the State.

He said: “With the passage of the 2021 Appropriation Bill, and the signing of the document into law today, our will to rebuild Lagos, advance the State’s economic growth, and expand opportunities for Lagosians to flourish despite the economic challenges caused by the coronavirus, has now been reinforced.

“As we already know, 2020 will go down in history as a peculiar year largely defined by the COVID-19 pandemic and the ENDSARS protests, which were recklessly hijacked by those who destroyed some of our public assets and private businesses. We are fortunate to be going into the New Year with an already passed budget, which will help to expedite our recovery process.”

Significant parts of the State’s 2021 spending, Sanwo-Olu said, are committed to human capital development, youth engagement, social intervention initiatives, while a chunk of the spending is reserved for the completion of ongoing projects critical to achieving the objectives of his administration’s T.H.E.M.E.S agenda.

The Governor reassured residents that the budget would rekindle their hopes and deliver substantial economic growth. He said tough choices would be made where necessary and leverage opportunities required to engender sustainable and inclusive growth.

Sanwo-Olu promised that the budget would be prudently implemented, with the focus on provision of the right economic environment for people to thrive.

He said: “With the enormous challenges of the outgoing year, we are conscious of the fact that in order to efficiently and successfully implement the 2021 Budget, we must be selfless and dedicated. We are up to the task; with our collective resilience, we will achieve our key goals in all sectors, and nothing will stop us from justifying the trust of the people in this Government.

“I assure you that the 2021 budget will be prudently implemented with the people as our focus, as we are determined to provide the right economic environment for Lagosians to thrive. As the world combats COVID-19, we will make the necessary sacrifices to further place our State on the path of abundance and economic recovery. We are going into 2021 with the unwavering determination to engender sustainable and inclusive growth.”

The Governor urged stakeholders, especially the private sector, artisans as well as small and medium-sized business owners not to relent in supporting the government by voluntarily discharging their civic responsibilities.

Commissioner for Economic Planning and Budget, Mr. Sam Egube, hailed the process of ratification of the appropriation bill, describing the procedure as “strenuous but thorough”.

He promised that the implementation of the budget would driven to greater performance, while also assuring the public of intimating them with the full details and breakdown of the budget in due course.

About N703 billion, representing 60 per cent of 2021 budget, is earmarked for capital expenditure, while N460.5 billion will go for recurrent expenditure.

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Nigeria billionaire, Femi Otedola takes over First Bank Nigeria with N30B worth of shares

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The Nigerian billionaire businessman, Femi Otedola on Friday, October 22, 2021, takes over First Bank of Nigeria Plc.

According to an exclusive report monitored by iexclusive News Nigeria on The Wall Street Journal, Femi Otedola has taken over First Bank with his recent acquisition of nearly N30 billion worth of shares, making him the bank’s single largest shareholder.

 

The report explained that Otedola’s position as the largest shareholder means he has the most voting shares and hence has the most authority over the bank’s direction.

 

Otedola divested his 75% direct and indirect share holding in Forte Oil, via a merger of his company Zenon Oil and former African Petroleum in 2019, the decision raised questions as to why he made such a decision especially because of the lucrative nature of the oil and gas sector. He had stated at the time, according to iexclusive News Nigeria, that he intended to investigate and optimize commercial potential in refining and petrochemicals.

Despite having assets in both the real estate and banking industries, Otedola chose First Bank because, unlike other new generation banks, it didn’t have a single person in command, according to the report.

 

Meanwhile, Otedola pounced on the recent leadership crisis at First Bank, which saw both the bank’s chairman, Ibukun Awosika, and the chairman of FBN Holdings, Obafemi Otudeko, fired.

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Dangote emerges most valuable brand in Nigeria for fourth time

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For the fourth time in a row, Dangote Group, a fully integrated Conglomerate and proudly Nigeria brand has again emerged as the most valuable brand in Nigeria while the MTN Nigeria trailed as the Most Popular brand in the new Top of the Mind (TOM) survey conducted among corporate executives in the country.

In rating the brands, seven metrics were deployed, and they include Brand Popularity; Quality Element; Market leadership; Innovation; National Spread; CSR-Environmental friendliness and Online Engagements.

Of the seven metrics according to the report, Dangote brand came atop in five, beating MTN to a distant second. The ratings were made public, over the weekend, at the annual top corporate brand evaluation report by TOP 50 BRANDS NIGERIA.

The annual top brands league table which has become like a report card with which top corporate brands have a feel of their ranking in the market is done with a special purpose model, the Brand Strength Measurement (BSM Index), a model that tests a brand’s ability deliver on its promise to its consumers from the consumer’s points of view. It is a qualitative, non-financial evaluation of top corporate brands in the country which is done annually.

The Brand Consulting firm’s CEO, Taiwo Oluboyede in his address said, without any doubt, the subject of brand and branding has become central in every corporate setting. And regardless of the sounds of the time, the brand drives and determines corporate placement, particularly at an unprecedented time like these.

“We are glad once again that a Nigerian brand emerged as the Most Valuable for the year. This says a lot about our tenacity and resilience as a people and our businesses, regardless of the situations around us. Even though overall, we have more multinationals, the homegrown brands gave an impressive performance.

“For example, 6 of the top 10 in the league table are Nigerian, most of which have also spread to other countries across Africa and other continents of the world,” he said.

Globacom emerged in the third place, followed closely by Coca-cola Nigeria who enjoys a lot of its global brand appeal.

Others in the top 10 in this annual ranking are GTBank, Airtel, Access Bank, Zenith Bank, First Bank, and Dufil Prima Foods in that order.

6 brands among the top 10 have maintained top 10 positions for 6 years consecutively-they are Dangote, MTN, Globacom, FirstBank, GTBank, and Coca-Cola. The Banking and Financial Services category had the highest number of entries among the top 10 with 4 brands. This is followed by the telecoms with 3 brands.

Commenting on the top brands ranking, Femi Awoyemi, Founder and Chairman of Proshare Nigeria Limited (Nigeria’s foremost financial information hub), said: “With the thorough evaluation process and degree of attention to detail evident in the report, the list indeed provides a true and fair representation of top brands by strength, popularity and potentials in Nigeria.

“This edition of BRANDNIGERIA’s Top 50 Brands in Nigeria highlighted brands that have demonstrated strong resilience and adaptive capacity to the new normal in growing or maintaining their brands. These brands have been able to maintain consumers’ confidence and market shares as observed by professionals and analysts. A few things stand out.

“First, it is commendable to see that in the evaluation process used in ranking the brands, professionals such as Chief Marketing Officers and Head of Corporate Communications and Reputation Managers. Second, the acknowledgment of Financial Technology (FinTech) as evidenced in the top 10 brands to watch in 2021 where FinTech accounted for about 50%.

“Third is the continued domination of the list of the top 50 brands in 2021 by multinationals, banks, and NGX quoted brands. Dangote came 1st in 5 of the 7 metrics used in the ranking report.

“Seven (7) companies listed on the Nigerian Exchange Limited (NGX) made the list of top 10 brands in Nigeria. This implies that about 70% of the top brands are listed on NGX, which draws attention to the correlation between brands and markets.”

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TECNO WINS OUTSTANDING MOBILE PHONE BRAND OF THE DECADE

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Renowned smartphone brand, TECNO has received yet another award for its commitment towards excellence. The latest recognition for the brand is the Marketing Edge Award for Outstanding Mobile Phone Brand of the Decade.

This recognition acknowledges the brand’s commitment to providing innovative products and its consistent drive towards achieving excellence in the mobile phone industry. The Award was presented at this year’s Marketing Edge Annual Summit and Brands & Marketing Awards of Excellence, which held at the luxurious D’Podium International Event Centre Ikeja, Lagos.

Receiving the award for the brand, Vincent Uzoegbu, PR Communications and Media Manager, TECNO Mobile, West Africa said;

“TECNO has always shown dedication in its pursuit of excellence through its innovative products. Our hallmark is to continuously reinvent the way we do things to ensure that our products offer outstanding performances and experiences. This recognition is a proof of how much work TECNO puts into offering excellent products and we are highly honored by it.”

In recent times, TECNO unveiled a new brand Slogan “Stop At Nothing”, a testament to the brand’s unwavering determination to venture far and beyond, while recording successes at every turn. The brand has also shown a clear understanding of the need to maintain the tenacity required in the pursuit of excellence, while standing as a source of constant inspiration to its audience.

Now in its 8th year, the Marketing Edge Awards is an initiative of Marketing Edge Magazine and is a demonstration of the publication’s commitment to its vision of ‘Promoting the Brand Ideal’. The Awards event was conceived to reward excellence across the nation’s integrated marketing communications spectrum and had in attendance a large gathering of industry experts, brands and companies.

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