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FrieslandCampina WAMCO: Langat Speaks On Revolutionizing Dairy Sector, Benefits

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FrieslandCampina WAMCO: Langat Speaks On Revolutionizing Dairy Sector, Benefits

FrieslandCampina WAMCO: Langat Speaks On Revolutionizing Dairy Sector, Benefits

 

 

Known in multinational circles as a turnaround business strategist, the Managing Director of FrieslandCampina WAMCO and Sub-Saharan Africa Cluster, Ben Langat, has maintained steam in the sustainable dairy breakthroughs that the firm has championed in more than a decade.

 

 

 

 

 

Since 2010 and still counting, FrieslandCampina WAMCO has invested over N21 billion in the Nigerian dairy sector even as the dairy giant continues to lead the transformation of the sector. Media visits to the dairy development sites of the firm across several states in the country show how the lives, living and livelihoods of thousands of farmers, their wives and children have gradually upscaled; improving their nutrition, health, earnings and access to child education, among other benefits that had eluded them for decades.

 

 

 

 

 

 

Thriving on its corporate commitment of nourishing Nigerians with quality dairy products, FrieslandCampina WAMCO continues to help solve issues of malnutrition, poverty, herders and farmers’ incessant clashes, as well as promote sustainable dairy practices through intense and creative backward integration.

 

FrieslandCampina WAMCO: Langat Speaks On Revolutionizing Dairy Sector, Benefits

 

 

 

The company has created over 100,000 employment opportunities, directly and indirectly through on-farm and off-farm activities; improved the livelihood of over 12,000 smallholder dairy farmers and pastoralists, which they have organized into cooperatives and integrated them into FrieslandCampina WAMCO’s fresh milk supply chain, which provides for the local dairy farmers guaranteed incomes and market access all-year round.

 

 

 

 

 

 

FrieslandCampina WAMCO provided access to potable water for communities and livestock with the construction of 109 solar-powered boreholes and proficient extension services for value chain actors; extensive farmer2farmer training where Dutch farmers visit Nigeria to train local farmers on animal health, hygienic milking, and best global dairy practices.

 

 

 

 

Besides developing productivity and efficiency in farm management, FrieslandCampina WAMCO is the highest off-taker of fresh milk produced locally for manufacturing in Oyo, Osun, Ogun, Kwara and Ondo and have spread their footprints into northern Nigeria as champions of the nation’s march towards a prosperous and self-sufficient dairy industry.

 

 

 

 

Speaking to the media recently, the eminent dairy management maestro, Langat fielded these questions among others, thus lending credence to the impact his company has made in the dairy sector…

 

 

 

How do you sustain local content for your products?

To grow high milk-yielding cows, you have to put in extra effort like we have been doing for over 12 years. FrieslandCampina WAMCO is the highest off-taker of fresh milk produced locally from five states in Nigeria. Our Yoghurt factories are running on local milk, so we can say we have brands that are 100% Nigerian in our portfolio. However, to be able to meet the total dairy nutrition demands in a country as large as Nigeria, the local milk currently available is still very much inadequate. In my opinion, the model that the country will run will still have a reasonable mix of importation of some of the raw materials, while local content is developed over a period of time.

What impact do your dairy activities have in your host communities?

We are doing all the right things if you look at it from the employment perspective. Among the 12,000 farmers we work with, there are about 1500 Fulani women who had been at home but today, they are productive and are being paid regularly for raw milk and their families are much more prosperous than before – the farmers, their wives and children. In some cases, their mud huts have been rebuilt to brick houses and their children now go to school, which they could not afford before.

How have you dealt with the paucity of Forex and threats of insecurity?

We have had to restrict our Forex needs as much as we can and also source it by any means legal. We sometimes source from commercial banks in addition to whatever the Central Bank is able to make available. Also, some of our service providers are able to source Forex and supply us products in Naira. This invariably means that the cost of raw materials will go up and ultimately affect the retail prices of our products. On insecurity, we have regular conversations with relevant government security agencies. We will never risk the lives of our people. Where we have security challenges around areas where we operate, we pull out for the time being like the case of the Bobi Reserve in Niger State. We had to withdraw from the location due to banditry in order not to risk the lives of our people. We are now in eight states in Nigeria; we work with 23 dairy cooperatives; we collect more than 40,000 litres of milk daily at peak periods and we have best-in-class raw milk quality, one of the best in Africa.

BIO: Bernard Cheruiyot Langat joined FrieslandCampina WAMCO Nigeria in 2017 as the Managing Director and in July 2021, his role was expanded to Sub-Saharan Africa Cluster. He has over 30 years’ experience having worked in leading multinationals – Unilever, Coca Cola Hellenic – and across African markets in Kenya, Malawi, Ghana and Nigeria, where he has consistently led businesses to accelerate performance and build long term growth strategies, and has delivered impressive results even during volatile times.

 

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Fidelity Bank Plc Promotes 11% of Staff Following Record Financial Performance

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Fidelity Bank to boost Schools’ Profitability with Value-adding Products

Fidelity Bank Plc Promotes 11% of Staff Following Record Financial Performance

Leading financial institution, Fidelity Bank Plc has announced the promotion of 11% of its workforce, a testament to the exceptional performance and dedication of its employees. This significant move follows the release of the bank’s 2023 full year Audited Financial Statements, which reported an impressive 131.5 percent growth in Profit Before Tax (PBT) to N124.26 billion.
The recent promotions span every level within the bank, reflecting Fidelity Bank Plc’s commitment to recognizing and rewarding excellence across its entire organization. This strategic initiative has garnered positive reactions from staff members, who see it as a validation of their hard work and contribution to the bank’s remarkable financial achievements.
In addition to the promotions, Fidelity Bank Plc has also concluded arrangements to raise a total of N127.1 billion through a Rights Issue to existing shareholders and a Public Offer. This move is part of the bank’s broader strategy to strengthen its capital base, support future growth, and enhance shareholder value.
Fidelity Bank Plc’s impressive financial performance and the subsequent employee promotions highlight the bank’s robust operational strategy and its commitment to fostering a rewarding work environment. By investing in its people and ensuring their career growth, the bank continues to build a motivated and high-performing workforce.
Ranked as one of the best banks in Nigeria, Fidelity Bank Plc is a full-fledged customer commercial bank with over 8.5 million customers serviced across its 251 business offices in Nigeria and the United  Kingdom as well as on digital banking channels.
The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.

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WEMA BANK concludes 1st tranche of Capital Raise Programme

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Wema Bank PLC (Bloomberg: WemaBank: NL) (“Wema” or “the Bank”) announces the allotment of its N40billion Rights issue programme.

 

 

 

-Raises N40billion through a Rights Issuance process.
-Part of its larger 2-year; N150billion Capital programme.
Rights fully subscribed.
-Expected to Commence concluding tranche of additional Capital in Q4, 2024.
-Corporate Ratings affirmed by Fitch at BBB & Upgraded by Agusto to BBB+

Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has successfully concluded the first tranche of its recapitalisation exercise having secured all relevant regulatory approvals for the allotment of its N40bn Rights Issue which was initiated in December 2023.

In view of macroeconomic conditions, the Central Bank of Nigeria (CBN) in March 2024, launched a recapitalisation programme requiring commercial banks to raise fresh capital in alignment with the minimum requirement for their respective banking licenses, within a 24-month timeline spanning April 1, 2024, to March 31, 2026. The goal of this recapitalisation programme is to simultaneously boost the Nigerian economy and strengthen the Nigerian financial services industry.

As a forward-thinking and pioneering bank, Wema Bank in December 2023 launched a N40bn Rights issue which has now been approved by the Central Bank of Nigeria and the Securities and Exchange Commission (SEC). With this remarkable development, Wema Bank has now successfully raised the 1st tranche of its plan in the minimum requirement laid down by the CBN.

In a statement made to the public by the Bank, Moruf Oseni, Wema Bank’s Managing Director and CEO, iterated the Bank’s resolve in retaining its Commercial Banking license with National Authorisation, adding that the N40bn Rights Issue is a step in that direction. “We are delighted to announce the conclusion of the 1st tranche of our Capital Raise Programme, after obtaining the relevant approvals of all regulatory authorities. Our move to commence our Capital Raise Programme very early demonstrates our push for excellence and with a strong emphasis on our digital play, we are set to amass more successes in the coming months.”

“We were impressed by the vote of confidence given by our shareholders during the 1st Rights Issue exercise as our shares were fully subscribed. In addition, we obtained the approval of shareholders at our 2023 Annual General Meeting (AGM) to raise an additional N150billion to meet the capitalisation threshold set by the CBN. The process is expected to be completed within 12-18 months. We are committed to providing optimum returns for every stakeholder and the successful conclusion of this N40bn Rights Issue is a bold step in the right direction.”

In addition to the upward trend in the Bank’s financial performance and the success recorded so far in its recapitalisation exercise, Wema Bank’s corporate rating was recently upgraded to BBB+ by Pan African credit rating agency, Agusto and Co, and retained at BBB by international rating agency, Fitch. Over the medium to long term, Wema Bank is positioned to not only dominate the digital Banking space but also the Nigerian financial services industry at large as it translates its industry leadership to significant market share.

Wema Bank is a leading financial services entity with banking operations across Nigeria, its leadership position in the digital banking space speaks to its aspirations to liberate Nigerian businesses and entrepreneurs by making digital platforms widely available.

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Nkiru Olumide-Ojo’s New Book ‘Marketplace Readiness’ to Equip Young Nigerians for Marketplace Success

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Nkiru Olumide-Ojo's New Book ‘Marketplace Readiness’ to Equip Young Nigerians for Marketplace Success

Nkiru Olumide-Ojo’s New Book ‘Marketplace Readiness’ to Equip Young Nigerians for Marketplace Success

 

 

In a bold step to enforce and ensure inclusive and equitable quality education, and to promote lifelong learning opportunities for everyone under the Sustainable Development Goal (SDG4) in Nigeria, Corporate Executive and Founder of the LightHouse Network, Nkiru Olumide-Ojo, launched her new book titled “Step Forward: Market Place Readiness.”

The book launch took place at the Alliance Française, Mike Adenuga Event Center, Osborne Road, Ikoyi, on Thursday, June 6, 2024.

According to the National Planning Commission, Nigeria faces a significant challenge with approximately 53% of its youth currently unemployed. To address this pressing issue, Nkiru Olumide-Ojo dedicated her efforts to preparing young people for the job market, equipping them with the necessary skills to seize available opportunities or even create new ones.

In her opening remarks, Mrs. Yetunde Baderinwa, National Youth Service Corps (NYSC) Lagos State Coordinator, stated that “the marketplace today is dynamic, competitive, and full of opportunities; however, it also provides numerous challenges that businesses must be ready to face. Market readiness involves understanding these challenges, adapting to changes, and strategically positioning oneself to capitalize on opportunities as they arise.” She further noted that “in the last 13 years, NYSC has sensitized three million, three hundred six thousand, six hundred and forty-six corps members, opening their eyes to entrepreneurship development.

Also speaking at the event, Mrs. Adenike Ogunlesi, Founder of Ruff and Tumble, addressed both the corps members present and guests who are already in the workplace. She emphasized, “Be intentional about building your mindset. Stand your ground based on three things: building your character, understanding what you value, and what your values are as a human being, and building your competence.”

The event was remarkable, featuring discussions on marketplace readiness across two generations, including thought leaders, educators, and advocates for sustainable development. Attendees benefited from insightful panel sessions featuring distinguished speakers, engaging conversations, and networking opportunities with individuals passionate about education and sustainable growth.

Leading the panel session were Mrs. Adenike Ogunlesi, Founder of Ruff and Tumble; Mrs. Yetunde Baderinwa, National Youth Service Corps (NYSC); Mr. Victor Banjo, Director of Executive Education at Lagos Business School; Joseph Onaolapo (Jay On Air), a renowned radio and TV broadcaster, content creator, actor, and event host; and Tobiloba Aboaba, a dynamic young professional at Stanbic IBTC, among others.

The book, “Step Forward: Market Place Readiness,” is a product of Nkiru and her team’s extensive work in underserved tertiary institutions, providing essential market readiness skills to students. This book aims to broaden their reach and impact, offering valuable insights and practical advice to a wider audience. It delves into situations and issues that undergraduates face in their everyday lives, preparing them for the challenges of the marketplace.

 

Nkiru Olumide-Ojo's New Book ‘Marketplace Readiness’ to Equip Young Nigerians for Marketplace Success

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