Brands/Products
Entrepreneurs to Jostle for Access Bank’s N9m at Womenpreneur Pitch-a-ton
By Modupe Gbadeyanka
The second edition of Womenpreneur Pitch-a-ton programme organised by Access Bank Plc has been launched.
It is an initiative designed by the bank to continuously provide financial, business skills and mentoring to female entrepreneurs in Africa so as to grow their businesses.
According to the leading retail bank in Nigeria, the Womenpreneur Pitch-a-ton Africa 2020 will provide up to N9 million financial grant and a unique capacity building program aimed at empowering women entrepreneurs.
The programme is designed as a 3-month period incorporating pitching sessions and 8 weeks of mini-MBA training in collaboration with the IFC.
Interested persons from Nigeria, Ghana, Zambia and Rwanda as well as with extension to Sierra Leone, Gambia, & Congo who meet the criteria are required to fill an online application.
The 500 candidates selected from this pool will then send in a 60-second video pitch which will be screened by a credible panel of business experts to select 50 finalists.
As part of the graduation requirements, the 50 finalists will pitch their businesses, infusing learnings from the mini-MBA and will stand an opportunity to win financial grants up to N5 million.
Speaking at the launch of the second edition of this initiative, Ayona Trimnell, Group Head W Initiative, said, “Access Bank has been a leading advocate for women’s economic empowerment in Nigeria and this is the key motivation for the ‘W’ Initiative which caters to the women economy particularly in the areas of capacity building and creating networking opportunities for women”.
She further stated that the Pitch-a-ton is an expansion of the Womenpreneur Business Workshop, under the bank’s women proposition, the W Initiative.
“We launched the Pitch-a-ton initiative last year in line with our value proposition as the number one bank of choice for women in Nigeria, and we got a tremendous amount of applications with innovative business ideas.
“This year, we want to do more and we want to reach out to more female entrepreneurs not just in Nigeria but across Africa.
“As a responsible financial institution with huge presence in other African countries, we want to give the same opportunity to other female entrepreneurs in Ghana, Rwanda and Zambia as well as Sierra Leone, Gambia, and Congo to apply and participate in this year’s edition of the programme,” she said.
As a leading commercial bank in Nigeria, Access Bank has made significant investments aimed at enhancing growth in the Small and Medium-size Enterprise sector.
The bank is also a major advocate for women in business through innovative offerings like the W Power Loan, a discounted financing at 15 per cent interest per annum, for women to grow their business as well as other business support services.
The Womenpreneur Pitch-a-ton is the first women-in-business support initiative of its kind in the industry.
Brands/Products
Why Waste Your Subscription? Here’s How to Get the Best of it!
In this economy, you can’t be paying for things and not getting the full value. Unfortunately, that’s how most cable TV subscribers feel. It’s like there’s a lot on TV, but nothing for you. Here’s a solution to that problem. We’ve taken the time to sieve through everything, so you don’t have to. Here are a few tips to help you make the most of your GOtv subscription during the holidays.
Take Advantage of the Golden Window Offer: The best entertainment sits on GOtv Supa Plus – and there’s an easy step to get there. To celebrate, GOtv is extending the Golden Window deal for Supa+ subscribers. Instead of paying the regular ₦15,700, you can now enjoy the Supa+ package for just ₦13,900. That’s where all the Premier League games sit. There’s a game almost every day this period. You also get Africa Magic Showcase for a little family drama – relive the easy-to-watch TV series, suitable for the family. Don’t miss out on this premium offer; take advantage of the savings while you can.
Check Out New Channels: Why not try something new and explore different channels this Christmas? It’s a great chance to step outside your usual picks and discover some festive gems and fresh content you might not expect. From comedy specials to music concerts. For example, the Holiday Pop-Up Channel will have the most recent stand-up comedy show from Nigeria’s best stand-up Comedian – Bovi — Christmas with Bovi (December 24th–26th). It’s also better to watch the Calabar Rocks Music Concert, Naija Most Wanted, and the Akwa Ibom Christmas Carols Festival 2024 on TV than under the sun.
Set Reminders for Special Movies and Shows: With all the festive activities going on, it’s easy to forget and get lost in pointless scrolling online. A simple reminder can remind you to take a break from triggering social media posts and enjoy wholesome entertainment on TV. From new Africa Magic originals like ‘The Jump’ and ‘10th Anniversary’ to classic favourites like Bad Moms and Problem Child – a classic, there’s so much to enjoy. Set those reminders so you can enjoy all the festive cheer without the fear of missing out.
Host Watch Parties: The holidays are all about spending time with loved ones, and what better way to do that than by hosting a watch party? With your GOtv subscription, you’ve got everything you need for a fun-filled day. Picture this: Christmas Day, surrounded by family and friends, all gathered together to enjoy the Bovi Comedy Special—Christmas with Bovi. Whether it’s a comedy special, a classic holiday movie, or the latest Africa Magic original, there’s something to bring everyone together. So, make it a date, prepare the Christmas rice and chicken, and enjoy.
Stream Online via the GOtv App: During the festive season, homes are often buzzing with family members coming together to celebrate. If your household is anything like this, the battle for control of the remote and deciding what to watch can get intense. To avoid the remote wars, you can make use of the GOtv Stream app. The real owners of the remote can watch what they want while you stream yours – everyone wins.
So, go ahead and subscribe now or upgrade to unlock the cheer and excitement of the season with GOtv. Take advantage of the GOtv Supa Plus Golden Window and pay just N13,900 instead of the usual N15,700.
To upgrade, subscribe, or reconnect, simply download the MyGOtv app or dial *288#. To catch up and for on-the-go viewing, don’t forget to download the GOtv Stream App and enjoy your favourite shows anytime, anywhere.
Brands/Products
Indomie Emerges Best Social Responsibility Brand at Nigerian Marketing Awards
By Modupe Gbadeyanka
The popular noodle brand in Nigeria, Indomie, has been named the Best Social Responsibility Brand of the Year at the prestigious Nigerian Marketing Awards.
At the event held on November 23, 2024, at the Jewel Aeida, Lekki, Lagos, the company clinched the award for its meaningful and lasting impact on society.
According to the organisers, Indomie was specifically recognized for its thrilling but highly impactful community initiatives in the year 2024, particularly through its impactful Indomie Heroes Awards, a nationwide search exercise that seeks to dedicated to identifying, celebrating, and rewarding the heroic efforts of children aged 15 and below.
The Indomie Heroes Award initiative stood against two other top contenders, First Bank of Nigeria for its Spark Initiative and O2 Academy for the Hit and Run Campaign, which were the first and second runners-up, respectively.
In addition, Indomie made the honours list as one of the six brands that received the Iconic Brand of the Year recognition.
This esteemed award pays tribute to brands that have consistently served the Nigerian community, upheld a legacy of excellence, and maintained an impeccable reputation over the years.
“We are delighted that through the Indomie Heroes Awards, Indomie was nominated and awarded with this recognition as the best brand in social responsibility.
“As a brand, we are very passionate about positively impacting the lives of our core consumers, children, and by extension the family. We thank the organizers for putting this together and this tells us that our work as a brand is making an impact,” the Group Corporate Communications and Events Manager for Dufil Prima Foods, Mr Temitope Ashiwaju, said.
He added that the Indomie Heroes Award is designed to invest in the future of our nation and the brand has been committed to this over the past 16 years.
Through platforms such as the Indomie Heroes Awards, the brand is driven by an enduring commitment to celebrating families and championing the well-being of Nigerian children and continually looks for innovative ways to support and inspire children.
It was gathered that the Nigerian Marketing Awards brought together the leading stars in the Nigerian marketing industry and celebrated the remarkable strides players in the marketing sector have made and are making. It also recognises the individuals, agencies, and brands that have shaped the success of the industry and driven its evolution to what it is today.
Brands/Products
MultiChoice Wins Suit Against NBC’s 2.5% Annual Gross Income Demand
By Adedapo Adesanya
African broadcasting giant, MultiChoice, has won a suit against the National Broadcasting Commission (NBC), which requires broadcasters to pay 2.5 per cent of their Gross Annual Income as an Annual Operating Levy to the Nigerian government.
Justice James Omotosho of the Federal High Court Abuja struck down Section 2 (10) (b) of the National Broadcasting Code, 6th Edition, which was challenged by MultiChoice.
This judgement followed a suit filed by MultiChoice Nigeria Ltd and Details Nigeria Limited (GOtv) against NBC.
Delivering the judgment on Wednesday, Justice Omotosho ordered that the provision be struck down and replaced with Net Annual Income instead of the existing Gross Annual Income.
This means that the 2.5 per cent levy will be taken out of the total amount of revenue after the companies have deducted all operational expenses, taxes, and obligations against Gross Annual Income, which is the total earnings before deductions.
The court also barred the NBC from demanding the plaintiffs’ VAT remittance, FIRS reports, bank statements, audit adjustment journals, trial balances, and general ledgers for the purpose of computing the plaintiffs’ annual income, other than the annual audited accounts of the companies as stipulated in the NBC Code.
The judge stated that NBC can only access other financial documents of MultiChoice through sister agencies such as the Federal Inland Revenue Service (FIRS).
In the suit, the plaintiff’s counsel, Mr Moyosore Onigbanjo (SAN), sought several reliefs, including a determination of whether the NBC had the authority to demand any financial documents other than the annual audited accounts.
He also sought clarification on whether the term “gross annual income,” as used in the NBC Code, was fair and equitable.
“Income, as provided by the NBC Code 6th Edition, is not defined, nor is it defined in any previous editions or in the NBC Act of 2004,” the counsel submitted in court.
Mr Onigbanjo also asked the court to determine whether the waiver or agreement between the plaintiffs and the NBC to pay a flat rate of N800,000,000 (Eight Hundred Million Naira) as an Annual Operating Levy for the years 2020–2023, including certain previous years, was binding on both parties.
Counsel to the NBC, Mr Victor Ogude (SAN), argued before the court that the agreement was not binding on the NBC, as the NBC’s acting Director-General who agreed on its behalf acted beyond his powers.
He contended that the NBC was entitled to the full amount payable.
Mr Ogude also urged the court to uphold the NBC’s oversight role over MultiChoice and Details Nigeria.
Delivering his verdict on Wednesday, Justice Omotosho, said with his experience as a trained economics teacher, running a business like the one operated by the plaintiffs requires significant capital and expenses. It is only fair, he said, that these expenses be deducted before the Annual Operating Levy is paid.
He stated that net income is the actual profit after subtracting all business expenses, adding that the taxable amount cannot be determined when calculating gross profit but should be based on net profit.
The judge emphasized that the Annual Operating Levy charged by NBC is a form of tax imposed on broadcasters.
He then held that it would be unjust to impose it on their gross income.
“The proper and lawful income to impose a levy on is the net income,” he said, adding that this aligns with tax laws and global best practices. “In the United States, for instance, companies pay a flat rate of 21 per cent on their profits, determined after all expenses have been deducted. Similarly, in the United Kingdom, a 25 per cent corporation tax is imposed on company profits.”
“From this Court’s knowledge of economics, gross income implies all money that accrues to a person or business within a specific time. This gross income typically does not account for company expenditures such as production costs, rent, vendor payments, staff salaries, taxes, and other costs. It is only after all these payments are made that the company determines its profit, known as net income.”
“Consequently, this Court holds that Section 2 (10) (b) of the National Broadcasting Code, 6th Edition, which demands 2.5 per cent of Gross Annual Income from broadcasters as an Annual Operating Levy, is unconscionable, unfair, and stifling to the plaintiffs,” Justice Omotosho ruled.
Furthermore, Justice Omotosho noted that the plaintiffs had provided credible and documentary evidence showing they had faithfully paid their Annual Operating Levy (AOL) without fail, and the defendant did not challenge these documents.
He said the NBC’s claim that it was entitled to N4 billion, as stated in its letter dated August 15, 2023, was unsupported by any evidence.
Regarding the agreement, Omotosho ruled that when parties express their intention and enter into a binding agreement, neither party is allowed to abandon the agreement simply because one or more of its terms are unfavourable.
The judge declared that the agreement between the defendant and MultiChoice, or the waiver on the payment of N800,000,000 (Eight Hundred Million Naira) throughout their current “DTH license”, is binding on both parties.
He also restrained NBC from demanding any additional sum from the plaintiffs as AOL for the years in which they have already made payments.
He issued a perpetual injunction restraining the NBC, its servants, agents, or privies from sanctioning, fining, or suspending the plaintiffs’ license, contrary to the court’s judgment on the issues raised.
-
Feature/OPED5 years ago
Davos was Different this year
-
Travel/Tourism8 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years ago
Estranged Lover Releases Videos of Empress Njamah Bathing
-
Banking6 years ago
Sort Codes of GTBank Branches in Nigeria
-
Economy1 year ago
Subsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years ago
First Bank Announces Planned Downtime
-
Sports2 years ago
Highest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology4 years ago
How To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN