Banking
Sosaco Nigeria Ltd Launches New Jago Gold Milk
By Modupe Gbadeyanka
On Saturday, September 3, 2016, Sosaco Nigeria Ltd launched the new Jago Gold Full Cream Instant Whole Milk Powder.
It also unveiled the new pack design for the Jago D’lite.
The ceremony, which took place at Sheraton Hotel, Ikeja, Lagos, was attended by several people in the industry.
The company said the launch was in line with its vision to thrill its consumers and provide them varieties of options to choose from.
The Jago Gold comes with key vital nutrients, vitamins and minerals that ensure strong and healthy growth.
Jago Gold is available in all popular pack sizes.
Made from fresh Cow’s milk with the goodness of full cream, the new Jago Gold Full Cream milk powder redefines both quality and taste, and this would make it an instant winner in the market place.
Its flagship brand, JagoD’lite, which is a top leading player of popular milk segment in Nigeria, is now showcased in a new, exciting and more appealing new pack design.
The company said it is part of its efforts to reposition the Jago brand in the minds of the consumers to retain their love and loyalty to the brand.
Speaking at the event, Chairman of Sosaco Nigeria Limited, Mr Francis Ogboro, explained that the new Jago Gold Full Cream Milk powder offering is an answer to the clarion call sounded by Jago’s loyal customers, and is a product of intense research and deep consumer understanding.
“With the introduction of new Jago Gold, Jago Milk now has an offering for all segments of the packaged milk powder industry and affords our beloved consumers an opportunity to experience full cream instant whole milk powder like never before,” he said.
Also speaking at the launch event was the Managing Director of Sosaco Nigeria Limited, Mr Shailesh Kumar, who asserted that Jago as a brand will continue to address the needs of its consumers who come from all segments.
He further added that one of the main aims of the brand is to continually find innovative ways of delivering the best to its consumers.
Mr Kumar said, “All our products are focused on all round nourishment and exceptional taste which is why they are fully fortified with Vitamin A, D3, contains essential Vitamins and Minerals to boost healthy growth.
“This is just another milestone towards our commitment to deliver a wide range of quality products to the consumers.”
He further revealed that many more quality products would be launched under the Jago umbrella in the nearest future.
Mr Kumar said that Jago milk products give its consumers a healthy start to the day, thus helping them to bring out their best in line with the new Jago brand tagline – ‘For the Winner in You’.
The thematic campaign for the new Jago Milk TVC tagged “Get Set Jago” was also premiered. The campaign aims to depict the brands’ vision to continually aid the consumers to put out their best and strengthen the winning mentality inherent in each one of us.
Jago Milk is distributed in Nigeria by Sosaco Nigeria Limited and packed at ultra-modern state of the art factories at Lagos and Sango Ota in Ogun State.
By Aduragbemi Omiyale
The Central Bank of Nigeria (CBN) has reaffirmed that the old and new Naira notes will continue to be used for financial transactions in the country beyond December 31, 2024.
There had been rumours that the old and redesigned N200, N500, and N1,000 banknotes would no longer be legal tender from Wednesday, January 1, 2025, because the central bank would phase out the notes in compliance with a Supreme Court judgement of November 29, 2023.
But the apex bank, in a statement signed by its acting Director of Corporate Communications, Mrs Hakama Ali, on Friday, clarified that the apex court’s judgement being cited did not authorise the bank to phase out the banknotes by the end of this year.
According to her, the court allowed the CBN to leave the old and new notes to be used concurrently until it decides to gradually phase out the former.
The central bank’s spokesperson urged members of the public to disregard claims suggesting the old series of these denominations would cease to be valid at the end of this year.
She urged them to continue to accept all Naira notes for daily transactions, encouraging banks to also adopt alternative payment methods such as electronic channels to reduce the pressure on physical cash usage.
“The Central Bank of Nigeria (CBN) has observed the misinformation regarding the validity of the old N1000, N500, and N200 banknotes currently in circulation.
“In line with the bank’s previous clarifications and to offer further assurance, the CBN wishes to reiterate that the subsisting Supreme Court ruling granted on November 29, 2023, permits the concurrent circulation of all versions of the N1000, N500, and N200 denominations of the Naira indefinitely.
“For the avoidance of doubt, all versions of the naira, including the old and new designs of N1000, N500, and N200 denominations, as well as the commemorative and previous designs of the N100 denomination, remain valid and continue to be legal tender without any deadlines,” the statement noted.
By Adedapo Adesanya
Access Bank Plc, the banking subsidiary of Access Holdings Plc, has entered into a binding agreement with South African-based Bidvest Group Limited for the acquisition of 100 per cent equity stake in Bidvest Bank Limited.
The deal for the 24-year-old South African lender is due to be completed in the second half of 2025, upon regulatory approval.
This shows Access Bank’s further expansion plans in line with goals set by its late founder, Mr Herbert Wigwe.
The agreement to acquire 100 percent stake in Bidvest Bank reflects Access Bank’s commitment to strengthening its footprint in South Africa and consolidating on its position as the continent’s gateway to global markets as it seeks to optimise the benefits of recent acquisitions and accelerate its transition towards a greater focus on efficiencies.
Bidvest Bank, founded in 2000 is a niche and profitable South African financial institution providing a diverse range of services, including corporate and business banking solutions and diverse retail banking products.
As of its year ended June 2024, Bidvest Bank reported total assets equivalent of $665million and audited profit before tax of $20million.
Upon conclusion of this acquisition, Bidvest Bank will be merged with the bank’s existing South African subsidiary to create an enlarged platform to anchor the regional growth strategy for the SADC region.
This is coming just as the bank opened a new branch in Malta as part of efforts to focus on international trade finance after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
The Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
By Modupe Gbadeyanka
To strengthen Europe-Africa trade ties, Access Bank has opened a new branch in Malta. It will focus on international trade finance, employing approximately 30 people in its initial phase, with plans for controlled expansion over time.
It was learned that this Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
Access Bank Malta Limited commenced operations after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
Malta, a renowned international financial centre, and a gateway between the two continents, is strategically positioned to play a pivotal role in advancing commerce and fostering economic partnerships.
This strategic expansion into Malta enables The Access Bank UK Limited to leverage growing trade opportunities between Europe and Africa.
It underscores the organisation’s commitment to driving global trade, financial integration, and supporting businesses across these regions.
“By establishing operations in Malta, we will gain a foothold in a market that bridges European and North African economies, moving us one step closer to our goal of becoming Africa’s Gateway to the World.
“It further enhances our bank’s capacity to support clients with innovative solutions tailored to cross-border trade and investment opportunities,” the chief executive of Access Bank, Mr Roosevelt Ogbonna, stated.
“Europe has emerged as Africa’s leading trading partner, driven by initiatives such as the Economic Partnership Agreements between the EU and African regions and the African Continental Free Trade Area (AfCFTA).
“With Europe-Africa economic relations entering a new phase, The Access Bank Malta Limited is ideally positioned to deepen trade and meet the financing and banking needs of our clients in these expanding markets,” the chief executive of Access Bank UK, Mr Jamie Simmonds, commented.
Also speaking, the chief executive of Access Bank Malta, Renald Theuma, said, “Malta is uniquely positioned as a bridge between Europe and Africa, making it an ideal location for our subsidiary. This move allows The Access Bank Malta Limited to engage more closely with customers in Europe and deliver tailored financial solutions that drive growth and connectivity across both continents.”
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