BrandArena : October 2024

Thursday, 31 October 2024

Malawi Joins Afreximbank's Fund for Export Development in Africa, Expanding Regional Support

The Fund for Export Development in Africa (FEDA), the impact investment branch of the African Export-Import Bank (Afreximbank) (www.Afreximbank.com), has welcomed the Republic of Malawi as its newest member, marking a significant step forward in the Fund's expansion.

The 2024 UEFA Women’s Champions League (UWCL) final has made a significant economic impact of €23 million (approximately US$25 million) for the Basque Country, according to reports by three local authorities. The remarkable return on investment (ROI) is 17 times greater than the budget allocated by the regional institutions.

In an impactful start to the 2024 Norman E. Borlaug International Dialogue, Dr. Akinwumi Adesina, President of the African Development Bank Group, and Ajay Banga, President of the World Bank, underscored the urgent need for enhanced global efforts to combat hunger in Africa. Their remarks came during the opening plenary session, titled "Achieving a Hunger-Free World," on October 29, where they highlighted the detrimental impact of conflict, economic instability, and climate change on food security.

Emirates has announced the launch of the My Emirates Pass, an exclusive boarding pass initiative that offers travelers exciting perks during their journey to Dubai and the UAE. Effective from November 1, 2024, to March 31, 2025, this special pass allows passengers to access remarkable discounts on dining, family activities, luxurious spa treatments, high-end shopping, private pool access, and more.

MTN Nigeria Communications Plc (MTNN) has unveiled its unaudited financial results for the third quarter of 2024 (Q3-24), revealing a staggering 65.6% year-on-year decline in pre-tax profit, amounting to NGN 37.66 billion. The company’s profit after tax fell sharply by 94.2% year-on-year to NGN 4.13 billion, following a significant tax expense of NGN 33.53 billion.

FIFA's Club World Cup has secured its first sponsor, giving the tournament a vital boost as it prepares for its revamped and expanded format. Hisense, a leading electronic appliance brand and a FIFA partner since 2017, has signed on just months before the 32-team competition is set to debut in the U.S. next summer.

FBN Holdings (FBNH) has announced a significant financial performance in its unaudited nine-month results for 2024, with pre-tax profits soaring by 126% to N610.9 billion from the same period in 2023. The substantial increase reflects the bank's ability to leverage the favorable interest rate environment.

Africa's leading entertainment company, Mavin Global has announced the appointment of Peter Tega Oghenejobo as its new President. Formerly serving as Chief Operating Officer, Oghenejobo's promotion recognizes his instrumental role in the growth and future direction of one of Nigeria’s leading music companies.

LG Makes the Top 100 in Interbrand’s 2024 Best Global Brands Report

...Achieves 38% Growth in Brand Value

LG Electronics (LG) has made significant strides in brand recognition, securing the 97th spot in Interbrand’s Best Global Brands 2024 report with an estimated brand value of USD 6.5 billion. This ranking reflects a year-over-year increase of 38.7% in brand value, highlighting LG’s strengthened business and brand competitiveness.

Access Holdings (ACCESSCORP) has released its unaudited financial results for the first nine months of 2024, posting a remarkable 79.1% year-over-year increase in net profits to N440.6 billion. This growth was largely fueled by a 128.7% year-over-year rise in interest income and a 122.1% increase in fees and commission income.

Bamboo, the Y Combinator-backed investment app that empowers Africans to trade both local and global stocks, has expanded into Canada after securing a Money Service Business (MSB) license. Alongside its core investment services, Bamboo is launching Coins by Bamboo, a new remittance service that offers fee-free transfers and competitive exchange rates to streamline money transfers from the African diaspora to the continent.

Informa Tech, the organizer of the 27th annual Africa Tech Festival, has announced the addition of the YALI Alumni Expo and Trade Show (The YALI Expo) to the 2024 event lineup. Originally established by the USAID Young African Leaders Initiative, the YALI Expo brings together alumni who are driving impactful change across Africa. This year’s expo will showcase innovations and foster networking opportunities aimed at creating sustainable solutions within communities.

FBNQuest Asset Management, a prominent Nigerian investment management firm and part of FBN Holdings Plc., has been awarded the esteemed Excellence in Asset Management Award at the BusinessDay Banks and Other Financial Institutions Awards.

Disney Entertainment Co-Chair Dana Walden and Recording Academy CEO Harvey Mason Jr. revealed today a landmark 10-year global deal positioning Disney as the new home for the GRAMMY Awards starting in 2027. This arrangement grants exclusive broadcasting rights across ABC, Hulu, and Disney+, making The Walt Disney Company the first new home of “Music’s Biggest Night” in half a century.

In a world where everyone’s on the go, taking time for complex banking apps or dealing with spotty internet isn’t ideal. Sofri USSD changes the game, bringing banking right to your fingertips with just a simple code: 7232222#. Now, with no need for an internet connection, you have instant access to a variety of financial services in seconds.

Canon Celebrates Exceptional Partners at Annual Dealer Conference in Dubai

Canon recently hosted its annual dealer conference at the Hilton Habtoor City in Dubai, recognizing and celebrating its top-performing partners across Africa. Themed “ICE: Innovation, Customer, and Experience,” the event brought together 144 channel partners, system integrators, and value-added resellers, underscoring Canon’s commitment to collaboration, growth, and innovation in the imaging industry.

IBM has launched Granite 3.0, its most advanced suite of AI models to date, built to drive top-tier performance for businesses. Granite 3.0, IBM’s latest third-generation language model family, excels in both industry and academic benchmarks, standing out for its powerful performance, transparency, and safety, often matching or outperforming comparable models from other leading providers.

Moniepoint, Africa’s fastest-growing fintech, has raised $110 million in Series C equity funding to expand its innovative digital banking and payment services for millions of businesses and consumers across Africa. Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint, previously known as TeamApt, initially focused on infrastructure for financial institutions but has since evolved into Nigeria’s leading business banking provider.

A recent report from WARC and Google, Beyond the Horizon: The Holistic Path to Measuring Media Investments, emphasizes that effective marketing strategies require a balanced view of both immediate and sustained impact. With the industry heavily focused on short-term ROI, brands risk underestimating the full value of their media investments, leading to less-informed budget decisions. Marketing Mix Modelling (MMM) is highlighted as a key tool for achieving a more comprehensive understanding of returns.

Celebrating its 10th anniversary, Webfluential—a leader in influencer marketing—is revolutionizing its approach to empower content creators and brands. Today, the company launched an expanded suite of products designed to elevate creators' influence and redefine the digital marketing landscape.

Honoring the Legacy of AFRIMA’s Vice President, Modupe Temitope Dada: A Life of Purpose and Leadership

Late Modupe Temitope Oriyomi Ige Dada will be remembered as a paragon of selflessness, compassion, and dedication. With over two decades of experience in investment banking, she touched countless lives through her professional excellence and unwavering spirit of service.

PepsiCo Foods Nigeria Appoints Felix Nnamdi Enwemadu as General Manager

...Opens New Office in Lagos

PepsiCo has appointed Felix Nnamdi Enwemadu as the General Manager of its Foods business in Nigeria, marking a significant step in its strategic investment in the Nigerian market. The announcement comes alongside the opening of a new, state-of-the-art corporate office in Ikeja, Lagos, underscoring PepsiCo’s dedication to growth in the region.

LG InstaView Refrigerator: Innovative Features for Freshness, Hygiene, and Health

The launch of the LG InstaView refrigerator introduced a new era in home refrigeration, combining advanced technology, exceptional energy efficiency, and unmatched convenience to transform how households interact with their appliances. The LG InstaView Door-in-Door Refrigerator does more than just keep food fresh. It's a perfect mix of modern technology and everyday usefulness, taking cooking to a whole new level of sophistication and ease.

The global cryptocurrency market capitalisation dipped by 0.15%, settling at $2.32 trillion amidst softening asset prices. Increased sell pressure has impacted smaller coins, while the overall 24-hour trading volume fell by 3.20%, reaching $80.5 billion, according to CoinMarketCap data.

Disney has announced plans to name a new CEO to succeed Bob Iger by early 2026. The entertainment giant revealed that former Morgan Stanley CEO, James Gorman, who recently joined Disney's board, will serve as chairman and lead the search for Iger’s replacement.

Publicis Groupe Middle East and Africa (MEA) has been named the 2024 Regional Agency Group of the Year at the prestigious Loeries, highlighting its dominance in the advertising industry. The award celebrates the agency's innovation and creative excellence across multiple regions, solidifying its leadership in the sector.

Nigeria has officially declared its intention to seek election into Category "C" of the International Maritime Organization (IMO) Council, signalling its growing influence in global maritime affairs. Minister of Marine and Blue Economy, Adegboyega Oyetola, made the announcement during the 2024 World Maritime Day event in Barcelona, Spain.

Equinix, a leading global data center and colocation service provider, has successfully completed the integration of Nigerian connectivity company MainOne, two years after a $320 million acquisition in 2022. The move solidifies Equinix's strategic position in Nigeria’s rapidly growing data center market.

As global demand grows for sustainable living, energy efficiency, and minimalist design, companies are reshaping their product offerings to stay competitive and meet consumer expectations. At the forefront of this shift in the home appliance market is LG Electronics with its cutting-edge WashTower - a high-performance, space-saving laundry solution designed for today's urban households.

Nigeria Unveils Initiative to Boost Oil Production to Over 1.6 Million Barrels Per Day via Alternative Funding

Nigeria has launched the Project 1MMBOPD Initiative, aimed at developing alternative funding mechanisms to significantly increase oil production in the short-to-medium term. The initiative is designed to unlock new opportunities for all industry stakeholders.

The African Export-Import Bank (Afreximbank) has announced its role as Joint Lead Manager and Bookrunner in Ecobank Transnational Incorporated’s (ETI) $400 million senior unsecured note issuance. The notes, carrying a 10.125% interest rate, are set to mature in October 2029 under Rule 144A/Reg S.

Stripe, the leading payments company, has officially acquired stablecoin platform Bridge in a record-breaking $1.1 billion transaction, making it the largest acquisition in the cryptocurrency industry to date. The news was confirmed by TechCrunch founder Michael Arrington via a tweet on October 20, 2024, stating, "This deal is done. $1.1b."

The African Development Bank Group (AfDB) has marked the 30th anniversary of the Policy and Human Resource Development Grant (PHRDG), a Japan-backed bilateral trust fund established in 1994. The fund has played a pivotal role in Africa’s development, supporting over 100 transformative projects aimed at bolstering human capital across the continent.

Mobile World Congress Kigali 2024 to Highlight Connectivity’s Role in Africa’s Socio-Economic Growth

The Mobile World Congress (MWC) organised by the Global System for Mobile Communications Association (GSMA) is set to return to the Kigali Convention Center from October 29-31, 2024, as Africa’s premier connectivity event. Bringing together innovators and political leaders, the event will focus on advancing the digital economy and fostering socio-economic development across the continent.

Vantage Capital Secures €66M Investment Deal with Camusat to Drive Telecom Expansion and Sustainability in Africa

Vantage Capital, Africa’s largest mezzanine fund manager, has announced the completion of a €66 million mezzanine investment in Camusat Holding S.A.S. The investment will help refinance debt and support the expansion of Camusat's AktivCo division, which focuses on infrastructure for mobile network operators (MNOs). This deal is part of a larger €81 million financing package, which includes contributions from Eurazeo, a leading European investment group.

Yellow Card, the pioneering stablecoin platform and the first to be licensed in Africa, has successfully raised $33 million in a Series C funding round. This equity round was led by Blockchain Capital, with notable participation from investors such as Polychain Capital, Third Prime Ventures, Castle Island Ventures, Block, Inc., Galaxy Ventures, Blockchain Coinvestors, Hutt Capital, and Winklevoss Capital.

WARC, the global leader in marketing effectiveness, has unveiled the first group of judges for the 2025 WARC Awards for Middle East & Africa, in partnership with LIONS. The prestigious awards celebrate the region's most effective and strategic marketing campaigns that have driven significant business growth.

Redefining the Disconnect in Strategic Communication between the Nigerian Government and the People

By Dr. Omolaraeni Olaosebikan

The relationship between the government and the governed is pivotal for the progress and growth of any society. When the government fails to effectively communicate its policies, programs, and initiatives to the citizens, it only deepens the distrust and disconnect between them.

Adidas Raises Revenue Forecast After Strong Q3 Performance

Adidas has increased its revenue projections for 2024 following a robust third quarter, with revenues rising 7% year-on-year to €6.44 billion (US$7.02 billion).

The Central Bank of Nigeria (CBN) has introduced a new code to enhance financing opportunities for women entrepreneurs, a step aimed at advancing financial inclusion across the country. Speaking during the 30th Nigeria Economic Summit (NES30) in Abuja on Wednesday, CBN Governor Mr. Yemi Cardoso emphasised the initiative’s potential to expand access to financial services for women, in partnership with the Development Bank of Nigeria and the Bank of Industry.

Jumia Technologies AG, a leading African eCommerce platform, has announced plans to cease operations in South Africa and Tunisia by the end of 2024. This strategic shift is part of the company’s broader focus on optimising resources and concentrating on markets with stronger growth potential.

VFS Global has been appointed by the Australian Department of Home Affairs to roll out biometric collection centres across Sub-Saharan Africa. This appointment solidifies VFS Global’s role as the exclusive provider of biometric services for Australian visa applicants in all nine global regions, including the Americas, Europe, Mekong, Middle East and North Africa, Pacific, South Asia, Southeast Asia, North Asia, and now Sub-Saharan Africa.

The African Development Bank Group (AfDB) has appointed Moono Mupotola as the new Deputy Director General for its Southern Africa Regional Development, Integration, and Business Delivery Office. Her appointment takes effect on 16th October 2024.

AREWA24, the leading 24-hour Hausa-language entertainment and lifestyle channel in West Africa, has announced a major broadcast expansion into four new countries: Benin, Burkina Faso, Mali, and Togo. The expansion was made possible through a strategic partnership with CANAL+ International, with AREWA24 now available on CANAL+ Channel 297.

IHS Towers to Restore NCC Innovation Park in Kano – Minister Bosun Tijani

In a major step toward revitalizing Nigeria's digital infrastructure, Dr. Bosun Tijani, the Minister of Communication, Innovation, and Digital Economy, has revealed that IHS Towers, a leading telecommunications infrastructure company, has committed to rebuilding the Nigerian Communications Commission (NCC) Innovation Park in Kano. The facility, which was looted and vandalized during the August 1, 2024 '#EndBadGovernance' protests, plays a vital role in enhancing Nigeria's standing in the global digital economy.

The African Private Capital Association (AVCA) hosted its third Sustainable Investing in Africa Summit (SIAS), bringing together over 150 global leaders, investors, and change agents to ignite discussions on advancing sustainable investment across the continent. The one-day summit explored innovative approaches to mobilising local and global capital, pushing for immediate action on climate change and inclusive growth in Africa.

The Accelerated Partnership for Renewables in Africa (APRA) has launched its inaugural Investment Forum in Nairobi, bringing together ministers, investors, developers, and financial institutions to advance the continent’s renewable energy landscape. The forum aims to build a strong pipeline of projects and unlock large-scale investments, accelerating Africa’s energy transition while promoting the development of green industries.

9mobile Amplifies Mental Health Awareness with Successful X-space Event

In its ongoing commitment to raising awareness about mental health, 9mobile hosted a virtual X-space event titled "Navigating Mental Health in a Digital World," in observance of World Mental Health Day. The event spotlighted this year's theme, "Mental Health at Work," emphasising the need for accessible mental health care for all.

The African Public Relations Association (APRA) and the Public Relations and Communications Association (PRCA Africa) have announced the release of their fourth annual study, marking the third year of collaboration between the two organisations. Conducted by Reputation Matters, the 2024 research explores the evolving landscape of PR and Communications across the African continent.

M-KOPA, a pioneering Kenyan fintech company providing financing for smartphones and solar energy systems, has appointed Rajeev Suri, former CEO of Nokia, as its new Chairman of the Board. Suri will assume the position on December 1, 2024, succeeding Elizabeth Littlefield.

Thursday, 31 October 2024

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