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Apperito wins bitter beverage award at AFRIBIS 2023

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Apperito, premium bitter aperitif from Grand Oak Limited, has won an award for Africa’s Most Innovative Premium Bitter Appetizer Beverage at the African Brand Innovators Summit (AFRIBIS) 2023, for raising the bar on product innovation and excellent service delivery. The event which took place in Lagos, Nigeria, on June 23, 2023, brought together prominent corporate bodies, industry leaders and innovators from across Africa to celebrate and recognize exceptional brands that are raising the bar in their respective industries.

Stanley Obi, Director, Prime Business, Grand Oak Limited, attributed the brand’s success to the team’s approach to innovation in the past years, reiterating its role as a key ingredient in the brand’s smooth progression and success in the market. He said, “Our approach to leveraging innovation and resolve to deliver an all-round drinking experience, always stands out. We adopt the best practices from across the globe to deliver quality beverages, like our premium bitter aperitif, and unique wholesome experiences. Similar to all of our beverages, we ensure that every drop of the Apperito leaves our consumers with a reason to come back for more.”

The recognition at AFRIBIS 2023 further solidifies Grand Oak Limited’s position as a leader in the alcoholic beverage industry and affirms its dedication to delivering exceptional products that elevate consumers’ drinking experience.

Speaking on the company’s relentless efforts to keep producing a spirit aperitif of impeccable quality, Temitope Benjamin, Business Brand Manager – Calypso & Apperito, Grand Oak Limited said, “Apperito, as a unique alcoholic beverage, has been crafted to deliver a taste of two worlds to consumers who would like to create their own experiences. Whether sweet or bitter, you will love it”.

“This award reflects the business’s dedication to delivering on its promise of bringing an enjoyable experience to consumers. This promise is ingrained in the most minute processing detail of the aperitif and serves as a reminder for why we need to keep innovating to ensure that our consumers love and want Apperito.” Benjamin concluded.

Grand Oak Limited has captivated the market with its premium bitter aperitif – Apperito, characterized by its distinctive red color, intense aroma, unique flavor and pleasantly bittersweet flavor, all of which have garnered widespread appreciation and recognition among consumers. This remarkable achievement showcases Apperito’s commitment to excellence in product innovation and superior customer experience.

Photo caption: L-R: Arthur-Marcus Obiene, Digital and E-commerce Manager, Grand Oak Limited, Umakeiso Miracle, Brand Promoter, Apperito, and Temitope Benjamin, Brand Business Manager, Calypso and Apperito.

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BREAKING: Tinubu Appoints Ayodeji Gbeleyi as BPE DG

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President Tinubu
– Ayodeji Gbeleyi appointed as Director-General of Bureau of Public Enterprises
– Renowned financial expert and award-winning chartered accountant
– Over 30 years of experience in diverse sectors

President Bola Tinubu has appointed Ayodeji Ariyo Gbeleyi as the Director-General of the Bureau of Public Enterprises (BPE).

According to the President’s spokesman, Ajuri Ngelale, Gbeleyi is expected to bring his vast experience and competence to bear in this role.

Gbeleyi is a fellow of both the Institute of Chartered Accountants of Nigeria and the Chartered Institute of Taxation of Nigeria.

He has also attended executive programmes at the prestigious London Business School, Harvard Kennedy School of Government, and Lagos Business School.

With over 30 years of post-qualification experience in diverse sectors, Gbeleyi is well-equipped to strengthen the agency as the national resource centre for capacity building and sustenance of reforms.

The President expects him to promote a competitive private sector-driven economy and ensure social accountability and efficient deployment of public resources.

“The new Director-General is expected to bring his vast experience and competence to bear in this role,” said Ajuri Ngelale. “He will advance effective corporate governance and fiduciary discipline in the public and private sectors.”

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AGUSTO & CO UPGRADES WEMA BANK’S RATING TO Bbb+ WITH ESG SCORE OF 2

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AGUSTO & CO UPGRADES WEMA BANK’S RATING TO Bbb+ WITH ESG SCORE OF 2

…Confirms Stable Financial Outlook for the Bank

Following its strong 2023 financial performance, Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has received an upgraded rating from Agusto & Co, validating the Bank as Bbb+ rated with an ESG Score of 2 and confirming a stable outlook for the Bank.

Agusto & Co is a Pan-African credit rating agency and leading provider of industry research and knowledge in Nigeria and Sub-Saharan Africa.

By upgrading Wema Bank’s rating from BBB to BBB+, Agusto has confirmed that Wema Bank is of stable financial standing and more equipped than ever to keep fulfilling its duties as a commercial bank with National authorization.

This development is unsurprising as Wema Bank’s financial strength is reflected in the Bank’s FY 2023 Audited Financial Report. Among the outstanding results achieved by Wema Bank was a 196% increase in Profit Before Tax (PBT) from N14.75bn to N43.59bn translating to higher pre-tax return on average equity (ROE) and pre-tax return on average assets (ROA) from 21.5% to 43.9% and 1% to 2.1% respectively. The Bank also recorded a 220.4% increase in Profit After Tax (PAT) from N11.21bn to N33.66bn, 70.63% increase in Gross Earnings from N132.30bn to N225.75, 53.64% increase in Loans disbursed from N521.43bn to N801.10bn, a reduction in cost-to-income ratio (CIR) from 80.1% to 64.4% due to significant earnings growth despite economic fluctuations and 220.53% increase in Earnings per share from N87.2 to N279.5, among other indices.

According to Agusto & Co, “The upgrade of Wema Bank’s rating to Bbb+ is underpinned by improved profitability despite macroeconomic headwinds, lower impaired loan ratio, better deposit mix, strong shareholders’ support as reflected in the successful rights issue exercise and perpetual bond issuance. We have also attached an ESG score of ‘2’, reflecting our view that environmental, social, and governance issues have a minimal impact on Wema Bank’s rating”.

Affirming the Bank’s commitment to providing stakeholders with optimum returns, Moruf Oseni, Wema Bank’s MD/CEO, expressed the Bank’s gratitude to Agusto & Co for acknowledging the strong progress made by the Bank. “Wema Bank is on a journey to the top and we are driven by a commitment to delivering exceptional value, exceeding expectations, and providing optimum returns to every stakeholder—shareholders, customers, employees, and partners alike. It is this commitment that has reflected positively in our numbers and will propel our growth over the next decade”.

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