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Lagos set to host second Nigeria Beer Festival



From Left to Right: Mr. Dele Balogun, Executive Secretary, Lagos State Film and Video Censors Board ;Mr. FolaAdeyemi, Permanent Secretary in the State Ministry of Tourism, Arts and Culture and Mr. Akinola Oluwaleimu, Chief Co-ordinator, Nigeria Beer Festival Group at the media interactive session on the festival in Lagos on Wednesday

After a successful and large participation of people at the first edition of the Nigeria Beer Festival which debuted last year in Lagos, the organiser the event has announced that Lagos will be hosting the second edition again.

The week-long event will hold on Thursday October 25th to Wednesday October 31st at the Eko Atlantic City, Bar Beach Water front Ahmadu Bello Way, Victoria Island, Lagos to give it a carnival-like atmosphere .

Speaking at a press conference to announce the event in Lagos on Wednesday, Mr. Fola Adeyemi, the Permanent Secretary in the State Ministry of Tourism, Arts and Culture explained that the festival is in line with government’s agenda to grow the tourism and economy of the state.

He stated that Lagos state is collaborating with beer brewers in the country and their counterparts across the globe to stimulate the economic and tourism potentials in the State.

He enjoined Lagosians to come out in their large numbers to enjoy the ambience of the festival, assuring that the city is safe for fun lovers because of the various infrastructure development by the state such as Light-up Lagos among others.

“Lagos is a city state and in league with great cities all over the world. We are actually moving the state to a 24 hour economy and this festival will be part of the beneficiaries. Lagos is safe for fun and business. We are joining the global tourism world to create impact on the economy of Lagos and Nigeria.” he said.

Also speaking at the event, Akinola Oluwaleimu, General Manager of On and One Events Limited, the organisers of the festival informed that the festival is to promote culture, tourism, friendship and for beer brands to connect with their consumers.

He added that the festival, will promote responsible drinking among drinking-age (18 +) consumers at all its touch points.

According to him, the event, since it debuted last year, has seen Nigeria enrolled into the league of Beer Festivals around the world, and boost the country’s tourism opportunities.

“It will be a gathering of the largest community of beer consumers from across the country and beyond.This year’s edition will be bigger, better and “beertiful”, he said.

He revealed that the 2017 edition attracted over ten thousand beer enthusiasts and consequently the Festival has proven to become a major international tourist event in Nigeria with a potential to compete with other international beer festivals around the world.

“Nigeria Beer Festival will be a carnival week of entertainment, sales and marketing and a gathering of the largest community of beer consumers from across the country to bond and ‘beer’,” Oluwaleimu assured.

He added that the Nigeria Beer Festival will provide a fitting ambience to showcase culture and lifestyle in a carnival atmosphere with various beer brands and other alcoholic drinks in Nigeria connecting with their existing and potential consumers.

Oluwaleimu maintained that the festival, which will commence 4 p.m daily is a big opportunity for major breweries to exhibit and deliver various offerings of beer brands to the teeming consumers to strengthen brand relationship with them. “The timing promises an after work relaxation environment to bond with friends and associates, he said”

He also acknowledged the support of the Lagos State government through His Excellency, Governor Akinwunmi Ambode who found the private driven initiative worthy enough of its endorsement and providing necessary logistics support in security, health, safety and publicity to ensure a hitch free event.

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Ecobank to appeal tribunal judgement on tax liability



Ecobank to appeal tribunal judgment on tax liability

Ecobank Nigeria says it will appeal a judgement delivered by the Lagos zone tax tribunal that it has an outstanding tax liability of N1.6 billion to be paid to the Federal Inland Revenue Service (FIRS).

In a statement released on Thursday and sent to The Witness, the bank said its tax liability based on the judgement delivered is N1.3 billion not N1.6 billion as claimed by the FIRS.

“Ecobank Nigeria wishes to provide its position on a statement released by the Federal Inland Revenue Service (FIRS) on the judgement of the tax appeal tribunal (TAT), sitting in Lagos in respect of disputed tax liability between the bank and the FIRS for the 2015 financial year,” the statement read.

“For purposes of clarity, the decision of the TAT was for the bank to pay excess dividend tax on the dividend sum of N5,545,000,000 declared by the bank from its 2015 financial accounts. Based on the decision of the TAT, the excess dividend tax liability is N1,311,673,367 and not N1.6 billion.

“The bank will be appealing to the federal high court against the decision of the TAT as it believes, based on advice from its professional consultants, that the dividend declared relates to income from sources which are statutorily exempt from tax by virtue of the companies income tax ( exemption of bonds and short term government securities) order, 2011.”

Ecobank said its position is based on the principle that “income established to be exempt from companies income tax should not contrary to the intendment of the law, be subjected to the same tax it was intended to be exempt from”.

In a statement released on Wednesday, the FIRS had said the tax appeal tribunal ruled in its favour ordering Ecobank to pay N1.66 billion excess dividend tax for the 2015 financial year.

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Dangote strengthens export terminals




Dangote Cement Plc will soon boost its export sales as it prepares to inaugurate its Apapa, Lagos, export terminal. This will be followed by Onne, Rivers State, export terminal. The company disclosed this while commenting on its future plans following the release of its 2019 financial results.

Dangote Cement Plc commended the decision of the federal government to close land borders, saying it is good for the economic growth and should be supported.

According to the company, the preparing to export products by sea in large volume affords it the flexibility to export cement and clinker. The company has spent over $95 million to put the export terminals ready for operations.

Speaking on the result, outgoing Group Chief Executive Officer, Dangote Cement, Joe Makoju, said: “Dangote Cement maintained strong financial performance despite a low growth environment, pricing pressure and increasing competition in key markets. The Nigerian operations maintained volume and revenue performance in a challenging environment. Looking ahead, I expect an increase in volumes in 2020 as we commence clinker exports via shipping from Nigeria. Pan-Africa volumes were slightly up notably supported by Tanzania and Senegal. I am glad to report that Tanzania contributed positively at earning before tax, depreciation and amortisation (EBITDA level. In 2020, I believe Dangote Cement will see an increase in profitability in Pan-Africa driven by higher volumes and further efficiency improvements.

Dangote Cement Plc recorded a revenue of N891.671 billion in 2019, a profit after tax of N200.5 billion and recommended a final dividend of N16 per share.

Analysts at CSL Stockbrokers Limited has predicted that the cement stock will soon hit N224 per share up from the trading price of N170. They are recommending a buy option for the stock.

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Keystone Bank trains entrepreneurs in Abuja



Cross section of participants at the Keystone Bank ‘Spark Up Your Brand 2.0’ capacity building training for business start-ups (MSMEs) held at Rock View Hotel, Abuja, recently.

(Keystone Bank Limited) In demonstration of its commitment to consistently promote and support the growth and development of the economy and also to deepen its foothold in the retail sector, Keystone Bank Limited recently held another edition of its capacity building training for its customers in Abuja and its environs.

According to the lender, the programme tagged ‘Spark Up Your Brand 2.0’ which was launched in July 2019 and is part of the bank’s corporate social responsibility (CSR) initiatives, is designed to teach start-ups on how to position their brands for business growth and make them attractive to investors and for profitability.

Speaking on the initiative, Keystone Bank head of CSR, Izore Bamawo said: “SMEs are established drivers of the strongest economies and Nigeria cannot be an exception. With over 15 million SMEs dotting the Nigerian landscape, we are poised to ensure our customers in this segment actively grow their businesses through our partnerships and focused initiatives in the segment, and that is why we have strong support for the MSME sector.

“Keystone Bank is one of the financial institutions that have long-running support for the growth and development of small businesses in Nigeria because of the recognition of critical roles of MSMEs as vital agents of economic development and transformation.

“May I reemphasize that this programme is a demonstration of the bank’s commitment to leverage business growth opportunities pivotal in accelerating the process of economic and social development, which is one of the global millennium development goals?

“Our target is at delivering top-of-mind value propositions to enable the entrepreneur’s position their brands for profitability.”

At the event held on 14th February 2020 at the popular Rock View Hotel, Wuse II, participants were offered a free website alongside mentorship sessions by experts who shared deep insights on varied aspects of marketing and brand management.

Keystone Bank, a technology and service-driven commercial bank offering convenient and reliable solutions to its customers, has a full-fledged SME banking division which over the years has developed various engagement programmes focused on empowering entrepreneurs.

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