MTN Nigeria Targets N50bn from Debt Market after N515bn Net Loss

By

-

04/11/2024

MTN Nigeria has announced a plan to raise up to N50 billion from commercial paper sales in the local debt capital market.

In an official statement, the telecom firm stated that its series 11 and 12 commercial paper issuance is part of its N250 billion commercial paper registered with the authorities.

Latest earnings report showed that MTN Nigeria’s shareholders fund has been damaged by huge net losses emanating from the devaluation of the Naira.

“The issuance is part of the company’s strategy to diversify financing options, with funding being deployed toward financing short-term working capital requirements,” MTN Nigeria said in a note.

Eminent Journalist, Dr. Ngozi Anyaegbunam is Dead!

By

Business Journal

-

04/11/2024

0

With gratitude to God for a life well spent, we announce the untimely death of Dr. Ngozi Fidelia Anyaegbunam after a brief illness.

A trailblazing journalist who had editorial stints with Champion Newspaper (1st female editor) and The Daily Times (where she authored the book Waziri Ibrahim: Politics Without Bitterness), Ngozi was born in October 1957 at Damaturu in modern day Yobe State to George and Victoria Anyaegbunam.

Subsequent to these, she became a full-time media management consultant to numerous blue-chip companies.

She also held the distinction of being a female print media journalist to interview two sitting Presidents of Nigeria (Olusegun Obasanjo and Muhammadu Buhari).

A dedicated and loving mother, grandmother, sister, cousin and friend, Auntie Ngozi will be sorely missed by all who came across her and were impacted by her larger-than-life presence.

Rest in Peace till we meet to part no more!!

Funeral arrangements will be announced by the family.

Signed,

Rocky C Agbese (Son)

For the Family.

Dotun Oladipo, Publisher of The Eagle Online Emerges President of Media Co-operative Society

By

Business Journal

-

04/11/2024

0

The Publisher of The Eagle Online, Dotun Oladipo, has emerged as the President of the Innovative Media Partners Co-operative Multipurpose Society.
The former President of the Guild of Corporate Online Publishers was among others who are members of the pioneer Executive Committee.
Other pioneer executive committee members of the IMPCMS are Nkanu Egbe, who is the General Secretary and Dolapo Otegbayi as the Treasurer.
Oladipo, Egbe and Otegbeyi were endorsed for the position at the inaugural meeting of the IMPCMS on October 25, 2024, which birthed a new era of collaboration and empowerment among media professionals.
The IMPCMS was inaugurated by the Lagos State Ministry of Commerce, Co-operatives, Trade and Investment.
The inauguration, directed by Naseerat Oyindamola Dosunmu, who led a team from the Surulere, Lagos State branch of the Ministry, was a culmination of events that followed the Second Nigerian Media Leaders’ Summit held in May 2024, convened by Taiwo Obe, the Founder and Director of The Journalism Clinic.
Before the inauguration, Dosunmu outlined the key provisions of the co-operative’s bylaws, emphasising the importance of transparency, accountability, and democratic governance.
She commended the initiative, stating: “This cooperative demonstrates the power of collective action.
“It will not only empower the members, but also contribute to the growth of the media industry in Lagos State.”
Egbe, who had been coordinating events of the cooperative following its formation, provided an insightful overview of its vision, mission, and goals.
He highlighted the following key objectives: Resource Sharing: Providing access to shared tools and facilities to reduce costs and enhance production quality; Training and Development: Offering workshops, seminars, and mentorship programmes to upskill members and stay abreast of industry trends; Collaborative Projects: Fostering and championing joint projects of interest to the members; Networking Opportunities: Creating a strong network of media professionals to facilitate collaboration and knowledge sharing.

Dosunmu also inaugurated Oladipo, Egbe and Otegbayi to steer the affairs of the IMPCMS for the next two years, in the first instance, subject to renewal for another term of two years only.
The initial three-member executive, Dosunmu said, is expected to bring others on board, subject to the agreement of members.
In his acceptance speech, Oladipo promised to lead the cooperative to the best of his ability in fulfilling its objectives.

NAICOM Chief, Segun Omosehin, Pays Courtesy Call on Ondo State Governor in Akure

By

Business Journal

-

04/11/2024

0

The Commissioner for Insurance/CEO, National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin recently paid a courtesy call on the Executive Governor of Ondo State, Mr. Lucky Aiyedatiwa at his residence after service at the State House Chapel, Akure, Ondo State.

Guinea Insurance Holds 66th AGM, Pledges a Future of Sustained Profitability

By

Business Journal

-

04/11/2024

0

L-R: Ademola Abidogun, Managing Director, Samuel Onukwue, Non-Executive Director, Chioma Okigbo, Non-Executive Director at the 66^th Annual General Meeting (AG) of Guinea Insurance Plc in Lagos.

Guinea Insurance Plc, a leading player in Nigeria’s insurance industry, convened its 66th Annual General Meeting (AGM) at Ikeja, Lagos State.

The meeting was chaired by Mr. Ugochukwu Godson (SAN), who welcomed stakeholders, investors, and key figures from the financial community to discuss important corporate updates and the company’s financial performance.

During the meeting, Mr. Godson guided discussions on various ordinary and special business items. Among the ordinary business were the re-election of Directors Mr. Simon Bolaji, Alhaji Hassan Dantata, and Mr. Chukwuemeka Uzoukwu, as well as the ratification of new Directors Mrs. Ogonna Offor Orabueze and Mrs. Chioma Okigbo. Special business items included the approval of remuneration for Non-executive Directors and the appointment of Crest and Waterfall Consultants Limited as the Board Evaluation Consultant.

Shareholder approvals were secured for all agenda items, highlighted by the presentation of the audited financial statements for the fiscal year ending December 31, 2023, along with comprehensive reports from the board and auditors.

In his address, Mr. Godson expressed pride in the board’s and management’s commitment to positioning Guinea Insurance Plc as a prime investment opportunity. He noted that the company has successfully charted a new course, fulfilling its commitments and returning to profitability.

Guinea Insurance reported impressive financial performance in 2023, with a 49.4% increase in Insurance Revenue, rising to ₦2.077 billion from ₦1.390 billion in 2022.

This growth was driven by improved market penetration, new insurance products tailored to customer needs, and enhanced customer retention efforts. Additionally, the Insurance Service Result rose by 13.3%, reaching ₦673.7 million compared to ₦594.4 million in the previous year, reflecting better risk management and efficient claims handling. Investment Income and Other Income surged by 95.4%, from ₦232.6 million in 2022 to ₦454.6 million in 2023, due to strategic investments in diversified portfolios. Operating expenses increased moderately by 8.4%, from ₦862 million in 2022 to ₦935 million in 2023, a result of proactive measures to address inflation, technological investments, and enhanced operational efficiency.

Notably, Profit Before Tax experienced a remarkable turnaround, improving from a loss of ₦75.4 million in 2022 to a profit of ₦499.6 million in 2023, marking an impressive 763% increase. Profit After Tax also showed significant growth, climbing from a loss of ₦83.3 million in 2022 to a profit of ₦477.7 million in 2023, representing a 673.7% increase.

Mr. Abidogun highlighted the company’s ongoing recapitalisation efforts, detailing initiatives to secure additional funding, enhance operational efficiency, and expand product offerings. These strategies are part of a vision to elevate the Guinea Insurance brand through the #ComfortAssured Integrated Marketing Campaign.

He emphasised that increased funding would enable the company to strengthen its market position, improve customer experience, and deepen its focus on core insurance activities, particularly underwriting.

The 66th Annual General Meeting delivered a comprehensive financial review, highlighting a promising path to sustained profitability. This meeting reaffirmed Guinea Insurance Plc’s dedication to its stakeholders and presented a clear vision for a successful future.

UN in Nigeria: Charting a Path Towards a Brighter Future

By

Business Journal

-

03/11/2024

0

By Mohamed Malick Fall

The indescribable destruction caused by the first and second world wars led many to desire an international organisation dedicated to maintaining world peace.

The United Nations (UN) was therefore established on 24 October 1945, to maintain international peace and security and to achieve cooperation among nations on economic, social, and humanitarian challenges.

As we commemorate the ‘birth’ of the UN, we are reminded of its enduring legacy in promoting peace, development, and humanitarian relief across the globe. The creation of the UN, nearly eight decades ago was a pivotal moment in international history – anchored in the vision of a world united to prevent conflict, protect human rights, and ensure dignity for all.

The values enshrined in the UN Charter resonate strongly in Nigeria, a nation that joined the UN on 7 October 1960, just days after gaining its independence.

Some will argue that the need for the UN has never been greater than it is today, at a time when multilateralism and interstate collaboration is under threat in an increasingly divided world. Not only is the spectre of conflict rearing its ugly head, but pandemics have also killed millions of people in the last few years. Most importantly, humankind is facing an existential challenge through climate change.

If we are to survive, we will need to put our own interest aside for that of humanity and common survival.

The UN’s engagement with Nigeria has been deep and transformative, spanning development initiatives, and humanitarian responses to the challenges faced by vulnerable people. Through decades of partnership, the UN has played a central role in support of the Government of Nigeria, positively impacting the lives of millions through its wide-ranging interventions.

First, humanity is at the heart of the UN’s work in Nigeria. Across Nigeria, each region faces distinct humanitarian challenges. The UN, through its agencies, in collaboration with local and international partners, with the Nigerian Government taking the lead, has acted as a beacon of hope for those in crisis. Interventions have ranged from providing life-saving food and medical supplies, to addressing the long-term needs of displaced people, including education, and psychosocial care.

The UN supports resilience building, agricultural recovery, food security, and livelihoods in affected communities, as well as reproductive health and protection services against gender-based violence. Furthermore, the UN aids displaced people and refugees, providing shelter and basic needs, while also supporting child protection, education, health, and nutrition programmes.

In Borno, Adamawa, and Yobe states, where conflict and displacement have left millions vulnerable, UN-coordinated humanitarian responses have been crucial. Over the past decade, at least five million people have received aid annually, courtesy of the UN and partners, ensuring their access to food, water, healthcare, and protection services.

Beyond emergency responses, the UN has continued to support Nigeria’s development. It has been pivotal in fostering sustainable development through a focus on capacity building, governance reform, and the empowerment of women and youth. Over the years, the UN has supported numerous educational and vocational programmes that have enabled thousands of Nigerians to rise above poverty and build better futures for themselves and their families.

More so, the UN has supported the implementation of projects aimed at enhancing the resilience of communities. Initiatives in agriculture, renewable energy, and economic diversification have been particularly impactful in promoting food security and mitigating the effects of climate change. Similarly, its support for the fight against gender-based violence and human trafficking is helping protect vulnerable people and upholding human rights.

Despite these successes, the road has not been without challenges.

Conflict, displacement, food insecurity, malnutrition, natural disasters, and climate change impacts remain significant hurdles in Nigeria’s path to sustainable development.

The humanitarian crisis in the north-east persists, with violence continuing to disrupt lives and livelihoods. The northwest struggles with escalating banditry and communal clashes, displacing thousands. The north-central region faces recurrent farmer-herder conflicts, threatening food security and livelihoods. The south-west grapples with violence and kidnapping, posing risks to safety. The south-south is grappling with environmental degradation affecting both livelihoods and ecosystems. In the south-east, rising insecurity has disrupted local economies and essential services, intensifying the humanitarian needs of affected communities.

Moreover, rising inflation and the global economic downturn have compounded the struggles faced by Nigeria’s most vulnerable people.

As we celebrate the UN’s impact in Nigeria, let us remember that the journey continues.

Let all hands be on deck!

Mohamed Malick Fall is the UN Resident and Humanitarian Coordinator in Nigeria.

THE WINNERS of 2024 ALMOND INSURANCE INDUSTRY AWARDS

By

Business Journal

-

03/11/2024

0

GENERAL INSURANCE COMPANY OF THE YEAR

Leadway Assurance Company Limited

LIFE INSURANCE COMPANY OF THE YEAR

AIICO Insurance Plc

TAKAFUL INSURANCE COMPANY OF THE YEAR

Noor Takaful Insurance Limited

INSURANCE BROKER OF THE YEAR

Kayode Awogboro

INSURANCE CEO OF THE YEAR

Tunde Fajemirokun

INSURANCE BROKING COMPANY OF THE YEAR

Insurance Brokers of Nigeria

MICROINSURANCE COMPANY OF THE YEAR

Goxi Microinsurance Co. Limited

INSURANCE WOMAN OF THE YEAR

Ebelechukwu Nwachukwu

MOST VALUABLE INSURANCE CUSTOMER OF THE YEAR

Dangote Group

2024 ALMOND INSURANCE INDUSTRY LIFE ACHIEVERS AWARD PRESENTED TO:

Sir Ogala Osoka

2024 ALMOND INSURANCE INDUSTRY LIFE ACHIEVERS AWARD PRESENTED TO:

Mr. Valentine Ojumah

2024 ALMOND INSURANCE INDUSTRY SPECIAL RECOGNITION AWARD PRESENTED TO:

Mrs. Modupeola Dallass- Olusanya

2024 ALMOND INSURANCE INDUSTRY SPECIAL RECOGNITION AWARD PRESENTED TO THE:

Executive Governor of Lagos State

Mr. Babajide Sanwo-Olu

NIVEA Black & White Invisible Roll On Deodorant Batch No. 93529610 Not On Sale in Nigeria

By

Business Journal

-

03/11/2024

0

We have been made aware of a safety alert notification issued by NAFDAC (National Agency for Food and Drug Administration and Control) in Nigeria issued on October 31, 2024, regarding NIVEA BLACK & WHITE Invisible Roll-on deodorant (50 ml) batch number 93529610, in relation to the general European Union (EU) Rapid Alert System for Dangerous Non-Food Products (RAPEX). The batch is said to contain 2-(4-tert-Butylbenzyl propionaldehyde (BMHCA).

Based on current European legislation, the use of ingredient 2-(4-tert-Butylbenzyl propionaldehyde (LilialTM) in cosmetic products has been banned from the European markets as of March 1, 2022.

We wish to assure our esteemed customers that the Batch No. 93529610 in question has not been marketed in Nigeria and thus never recalled by Beiersdorf, the owner of NIVEA brand, as the legal manufacturer. The batch in question, in fact, expired in January 2022 and was hence at the time fully compliant with the then valid European cosmetic regulation.

As a responsible corporate citizen, Beiersdorf is working collaboratively with NAFDAC to safeguard the interest of the Nigerian consumers by ensuring that our locally manufactured product meets the global quality standards.

The safety of our consumers remains our highest priority, consistent with our ethical philosophy as a business.

In pursuit of this commitment, Beiersdorf’s entire NIVEA product portfolio formulations have been reformulated to be Lilial-free formulas in full compliance with the EU Regulation on cosmetic products well ahead of its Lilial ban coming into effect as far back as March 1, 2022. For instance, the formulation of NIVEA BLACK & WHITE Invisible Roll-on deodorant has been Lilial-free since at least 2020 across the globe, including Nigeria.

Our trade partners were informed ahead of time and reminded of their responsibility to remove the outdated Lilial-containing products within the legal timeframe to fulfill their obligations with the European Cosmetic Product Regulation.

Signed:

Management

AIICO Earns Double Honours at 2024 Almond Insurance Industry Awards

By

Business Journal

-

03/11/2024

0

L-R: Ademola Adenekan, Award Presenter, Titilola Ajigbotafe and Oluyemi Obakin

At the 2024 Almond Insurance Industry Awards, AIICO Insurance Plc claimed two of the evening’s most prestigious honours: ‘Life Insurance Company of the Year’ and the highly sought-after ‘Insurance Chief Executive Officer (CEO) of the Year’ for Mr. Babatunde Fajemirokun, the company’s MD/CEO.

The awards ceremony, which celebrated exceptional achievements within Nigeria’s insurance sector, featured a night of glamour, entertainment, and special performances.

For the second consecutive year, AIICO Insurance Plc was recognised as the Life Insurance Company of the Year, a category judged on rigorous criteria including; financial strength, premium growth, customer service excellence, CSR, and speed in claims settlement.

This win further establishes AIICO’s standing as a leader in the life insurance sector, consistently demonstrating strong financial performance, brand impact, and innovative products tailored to the Nigerian market.

Mr. Babatunde Fajemirokun’s award as Insurance CEO of the Year recognised his exceptional leadership, strategic direction, and dedication to AIICO’s success.

With years of industry experience, Fajemirokun has driven innovative approaches that have strengthened AIICO’s market position and influenced the broader industry. Candidates for this award were evaluated based on length of service, company performance, and innovations in their company and the industry.

AIICO Insurance Plc, one of Nigeria’s leading insurance companies, has long been noted for its customer-centric approach and unwavering commitment to excellence. The double win reflects AIICO’s sustained contributions to the insurance sector and its positive impact on clients and the industry alike.

AIICO Insurance is a leading composite insurer in Nigeria, with a 60-year record of accomplishment in delivering quality service to its clients.

Founded in 1963, AIICO provides life and general insurance, health insurance, and investment management services to create and protect wealth for individuals, families, and corporate customers.

Stanbic IBTC Bank PMI: Output Falls at Fastest Pace in 19 Months amid Intense Cost Pressures

By

Business Journal

-

01/11/2024

0

Severe inflationary pressures caused an intensification of the downturn in the Nigerian private sector at the start of the final quarter of the year. Overall input costs rose at one of the sharpest rates on record, with selling prices increased accordingly.

This resulted in marked reductions in new orders and business activity, while business sentiment was the lowest in the survey’s history. More positively, firms increased their staffing levels marginally despite the drop in workloads.

The headline figure derived from the survey is the Stanbic IBTC Purchasing Managers’ Index (PMI). Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration.

Muyiwa Oni, Head of Equity Research West Africa at Stanbic IBTC Bank commented: “Nigeria’s private sector activity worsened further in October, with the headline PMI settling at a 19-month low of 46.9 points from 49.8 in September.

The notable reason for this worsening business environment in October was an intensification of already strong inflationary pressures, reflecting currency weakness and higher prices for fuel and transportation.

Consequently, there was a marked reduction in new orders and business activity, while business sentiment was the lowest since the survey began in January 2014. Three of the four monitored sectors saw output fall, with only the agriculture sector bucking the wider trend to record a rise in output.

Despite a sharp fall in new orders during October, Nigerian companies continued to increase their staffing levels slightly, thereby extending the current sequence of job creation to six months.

The downturn in the business environment worsened at the start of Q4:24, still reflecting the impact of price pressures on consumer demand and business investments. Currency pressures and high interest rates are further intensifying the lingering pressure on the private sector.

This continues to imply that the non-oil sector’s growth will remain weak, although improved crude oil production relative to the prior year may compensate for this lacklustre non-oil sector’s performance.”

The headline PMI dropped to 46.9 in October from 49.8 in September, and signalled a marked deterioration in business conditions that was the most pronounced since March 2023. Central to the worsening business environment in October was an intensification of already-strong inflationary pressures. Overall input prices surged higher, with the latest rise the third-fastest in the survey’s history. A steep increase in purchase costs reflected currency weakness and higher prices for fuel and transportation.

Meanwhile, efforts to help workers with rising living costs meant that staff pay was increased to the greatest extent in seven months. Faced with sharply rising input costs, Nigerian companies increased their own selling prices rapidly too.

The rate of charge inflation was the fastest since March and fourth-strongest on record. Steep price rises had a severe impact on customer demand, and new orders declined for the first time in three months. Moreover, the rate of contraction was the sharpest since March 2023.

Business activity also decreased to the largest extent in 19 months, with only the agriculture sector bucking the wider trend to record a rise in output. Sharp falls in output and new orders dented business confidence in October, with sentiment falling to the lowest on record.

Companies continued to increase their staffing levels, however, raising employment for the sixth month running, albeit modestly. Some firms took on staff on a short-term basis to make sure work was finished on time, but others reduced workforce numbers amid cost pressures.

Price pressures meanwhile contributed to a reduction in purchasing activity, with firms scaling back their input buying in response to falling client demand.

The marked fall in purchasing was the most pronounced since March 2023. In turn, stocks of inputs also decreased, and for the third month running.

Finally, weak demand for inputs, competition among suppliers and prompt payments meant that lead times on the delivery of inputs continued to shorten.

FG: 7.68m Barrels of Oil Stolen/Lost in 2023

By

Business Journal

-

01/11/2024

0

The Federal Government says that 7.68 million crude oil barrels were either stolen or lost in 2023, urging Civil Society Organisations (CSOs) to focus on significant findings for environmental protections.

Dr. Orji Ogbonnaya Orji, Executive Secretary, Nigeria Extractive Industries Transparency Initiative (NEITI), said this at a CSOs Roundtable in Abuja on Thursday.

The programme was organised by the NEITI in partnership with Rule of Law and Anti-Corruption (RoLAC).

According to a report by Senior Analysts Team, Orji said there was a 79 per cent drop in the crude oil theft in 2023 compared to 2022.

According to him, I urge this roundtable to focus on the significant findings in the recently released NEITI 2022/2023 Oil and Gas Industry Reports, where several critical issues call for civil society engagement.

“CSOs should monitor the government’s strategies to combat oil theft and advocate for more robust environmental protections.

” The civil societies have a crucial role in creating forums that include government, private sectors and community groups.

” This is to ensure that the concerns of impacted communities, particularly regarding environmental and social issues are considered in national resource management policies,” he said.

Orji said that CSOs must push for improved revenue collection mechanisms to ensure full value of Nigeria’s oil resources benefits the nation.

He also urged the CSOs to use the report’s environmental data to advocate stronger protections and corporate accountability, particularly in Niger Delta.

He said the CSOs have a crucial role in ensuring that Nigeria’s wealth from natural resources were managed to benefit all citizens, not just a select few.

He said that the CSOs could identify gaps in governance, revenue management and environmental protection in analysing advocacy for policy reform.

“Their issue-based advocacy helps push for legislative reforms that address these challenges.

“A key priority is to ensure that NEITI’s reports, particularly the 2022/2023 Oil and Gas Industry Reports, are used constructively to promote public debate and policy reform.

“While NEITI publishes the reports, it is the duty of civil society to ensure that the data leads to action,” he said.

The executive secretary said that the roundtable was put together to ensure that transparency and accountability lead to tangible policy changes and public welfare improvements.

He said that the NEITI would soon complete its data centre, which would serve as a one-stop shop for extractive sector information, housing all industry reports from 1999-2004 onwards.

“This centre will facilitate public access to data and analysis, enhancing NEITI’s compliance with the EITI Open Data Protocol,” he said.

Orji called on the CSOs to collaborate actively with both urban and rural people to help them share resources and strategies to ensure the voices of all Nigerians were heard.

“The future of Nigeria’s extractive industries depends on the active engagement of civil society.

“With the 2022/2023 NEITI reports providing a roadmap, we stand at a critical juncture.

“Let us seize this opportunity to empower CSOs urban and rural alike to drive the change we seek.”

Dr. Erisa Sarki, CSO Representative on the NEITI Board, said that the forum was designed to encourage open dialogue, innovative thinking and actionable steps.

Sarki said that the actionable steps aligned with NEITI’s vision of a Nigeria where extractive resources would benefit all citizens.

GTCO: Market Value Hits N1.58tn on Investor, Market Confidence

By

Business Journal

-

01/11/2024

0

GTCO Plc has started clinging near its 52-week high after the financial services company’s earnings performance in the third quarter of 2024. The banking stock price climbed to N53.7 on the Nigerian Exchange trading platform, reflecting investors’ confidence on its earnings prospects and dividend expectations.

According to the Senior Analysts Team, GTCO market capitalisation surged to N1.58 trillion, making the orange branded financial services group the most valuable banking stock in the market. With the latest rally, the stock had breached N53.95 which was its initial highest price, and surged to N54.50.

At the current market price, the bank share price is trading less than 1.5% to its best price over the last 12 months on the Nigerian Exchange. In its latest unaudited financial statement, GTCO grew profit by 195% to N1.085 trillion. In 9M-24, GTCO reported a 161.7% year on year growth in interest income to N980.34 billion. This was supported by its core banking operation and non-interest related earnings.

The group generated higher revenue from investment securities which increased by 270.6% to N416.95 billion and loans and advances to customers surged by 84.8% to N392.33 billion in 12 months.

The income spiked significantly due to interest rate repricing after Nigeria’s successive monetary policy rate hikes as part of efforts to anchor headline inflation which has gone dirty.

Details from the results showed that interest expense surged by 158.2% to N198.86 billion. Eventually, the net interest income settled 162.6% higher at N781 billion, following the decline in loan impairment charges in the period, according to analysts.

Non-interest income (NII) grew by 95.2% to N796.22 billion, spurred primarily by the fair value gains on financial instruments. The expansion in non-interest income, alongside the growth in net interest income, led to a 145.8% year on year increase in operating income to N1.51 trillion.

GTCO’s operating expenses grew by 61.3% year on year to N294.68 billion, with pressure stemming from personnel expenses, technological costs, and AMCON levy.

Overall, profit before tax advanced by 181.5% year on year to N1.22 trillion, while profit after tax grew faster by 195.3% year on year to about NGN1.09 trillion. #GTCO Market Value Hits N1.58trn after Earnings Beat

Maida, Inuwa, Adeyanju, Alakija, Others Unveiled as Speakers for AfriTECH 4.0

By

Business Journal

-

01/11/2024

0

The organisers of Africa Tech Alliance Forum [AfriTECH 4.0] have announced the distinguished lineup of speakers for this year’s Forum themed: “Leapfrogging Digital Transformation for Future of Africa’s Economy.”

Scheduled to hold on Thursday, November 07, 2024 at Oriental Hotels, Lekki, Lagos, Nigeria, AfriTECH 4.0 [https://africatechallianceforum.africa/] will bring together leading voices in technology, telecommunications, ecommerce, software, finance, emerging technologies and government to explore key innovations and challenges shaping Africa’s digital transformation.

AfriTECH has become one of Africa’s most anticipated technology events, and the 2024 edition will feature a stellar lineup of industry experts, innovators, and policymakers who will provide insights into how emerging technologies are propelling Africa’s digital economy.

Special Guests:

Dr. Aminu Maida, a distinguished leader in telecommunications and digital transformation, serves as the Executive Vice Chairman of the Nigerian Communications Commission (NCC).

With over two decades of experience in the ICT sector, Maida has become a pivotal figure in driving Nigeria’s digital economy, overseeing regulatory frameworks and initiatives that foster innovation, investment, and inclusivity in Nigeria’s telecom industry.

Kashifu Inuwa Abdullahi, CCIE, is a transformative leader in Nigeria’s technology landscape, currently serving as the Director General of the National Information Technology Development Agency (NITDA).

Under his guidance, NITDA has driven impactful initiatives supporting Nigeria’s digital economy, fostering innovation, digital skills development, and creating an enabling environment for tech startups and entrepreneurship.

He will deliver the keynote address at AfriTECH 4.0.

Professor Ibrahim Adepoju Adeyanju is the CEO of Galaxy Backbone, a key government-owned technology and digital infrastructure company. Under his leadership, Galaxy Backbone focuses on strengthening Nigeria’s digital ecosystem by providing secure and innovative ICT infrastructure to government agencies and businesses, supporting national development and e-governance initiatives.

Biram Fall, the Regional Managing Director, QNET, a leading e-commerce-based direct selling company.

In his role, Mr. Fall oversees QNET’s operations and growth strategies across several markets, focusing on enhancing regional reach and ensuring the company aligns with local business needs.

Known for his expertise in direct-selling and his commitment to sustainable business practices, Fall has been instrumental in expanding QNET’s footprint in Africa and other emerging markets.

Ebehijie Momoh is a renowned financial services leader with over 20 years of experience in banking and payment technology, currently serving as CEO of AfrigoPay Financial Services Limited, where she leads the company’s mission to provide innovative payment solutions across Africa.

With a background in financial services and a deep understanding of digital payments, Momoh brings extensive experience to her role, focusing on transforming the financial landscape through accessible, secure, and efficient payment systems.

Her leadership emphasizes financial inclusion, driving AfrigoPay’s efforts to reach underserved communities and promote economic empowerment across the continent.

Dr. Muhammed Sirajo Aliyu is a visionary leader in Nigeria’s information technology sector. He is the incumbent President of the Nigeria Computer Society (NCS), the foremost association of IT professionals in Nigeria.

With an extensive background in computer science, IT governance, and digital innovation, Dr. Aliyu brings over 25 years of experience to his role, where he champions the advancement of technology and professional development within Nigeria’s IT ecosystem.

Dr. Temitope Alakija, a renowned academic and statistician, is a Senior Lecturer in the Department of Statistics at Yaba College of Technology [Yabatech] Lagos. With a deep expertise in data science, statistical analysis, and quantitative research, Dr. Alakija is dedicated to advancing the field of statistics and training future leaders in data-driven decision-making.

Holding a PhD in statistics and with numerous publications, Dr. Alakija’s research contributions have significantly influenced both academia and industry, particularly within Africa. Her commitment to academic excellence and her role in fostering a data-literate society make her a highly respected figure in the statistical community.

Adesola Akinsanya – President, Nigeria Internet Registration Association (NiRA). Akinsanya brings decades of expertise to his role, where he advocates for technological innovation, professional growth, and policy advancement in Nigeria’s IT landscape.

Engr. Gbenga Adebayo, Chairman, Association of Licensed Telecommunications Operators of Nigeria (ALTON). Engr. Adebayo is a prominent figure in Nigeria’s telecommunications industry, with over 25 years of experience in telecom and ICT. He is known for his advocacy for industry development, regulatory reform, and the provision of accessible telecommunications services across Nigeria.

Tony Izuagbe Emoekpere – President, Association of Telecommunications Companies of Nigeria (ATCON). With an extensive background in telecom management, digital strategy, and regulatory advocacy, Emoekpere is dedicated to advancing Nigeria’s telecom industry and fostering an environment that promotes innovation, investment, and inclusivity.

Key Speakers for AfriTECH 4.0:

Engineer Ikechukwu Nnamani – CEO, Digital Realty (Nigeria). In his keynote presentation at AfriTECH 4.0, Engr. Nnamani is expected to share his expertise on building resilient telecommunications infrastructure to support Africa’s digital future.

For over 16 years under his leadership the Digital Realty datacenter in Lagos is rated the most interconnected facility in the West African sub-region being the number 1 peering point for the region and boosting all submarine cables in the region, long distance providers, metro fiber providers, mobile services providers, fixed services providers, OTT providers, Internet Exchange, VAS providers, and global Tier1 service providers, amongst others.

Other outstanding personalities confirmed as speakers include – Dr. Obadare Peter Adewale, Chief Visionary Officer, Digital Encode Limited; Mr. Emmanuel Amos, Founder – Programos Foundation/InnovationBed Africa; Chukwuebuka Ume-Ezeoke, Chief Technology Officer at CED Technologies; Dr. Oluseyi Akindeinde, Founder, Hyperspace Technologies; Happiness Obioha, Managing Director, Tecom Concepts Limited; Chukwuemeka Mbaebie, Convener, Lagos Blockchain Week; Akeem Ajisafe, Managing Director, Transblue Limited; Chika Nwosu, Managing Director, PalmPay; Jude Ozinegbe, Founder/Convener at Cyberchain; Mohammed Rudman, CEO, Internet Exchange Point of Nigeria [IXPN]; Dr. Ayotunde Coker, CEO Open Access Data Centres (OADC); Kehinde Ogundare, country manager, ZOHO [Nigeria]; Ayodeji Ogunmola, Director, Products Management at Northsnow Ltd; Oluwakayode Durodola, founder, Otuntech Limited; Lovelyn Okafor, Country Head, Nigeria at Newmark; Olaniyi Ibraheem, Business Development Manager (Africa) at UBankConnect; Adedamola Bowale, Co-founder & Technical Lead at Avancee Pinnacle, and Moniade Adeniyi, Product Innovation & Business Growth Strategist, Northsnow Ltd.

Meanwhile, innovationbed Africa is set to host “Startup Showcase” at AfriTECH, a session dedicating to startup finalists for this year’s United Nations World Summit Awards. Discussants include – David-Bobola Ojoawo, the Producer for Compas.AI; Stephen Adeyemo of Expertplug; Siro Collins, CEO of Advanced Engineering Center (AEC), WSA Winner 2023; Elijah Moses, Producer for VerionX; Rasheed Aliu Producer for LOOPBOX; Musami Umar Musam, founder of RollMal; David Ezeonyekwere, the founder of CheapMarketDeal, and Sule Wisdom David, the founder of CyclexAfrica.

QNET is the gold sponsor of AfriTECH 40. Silver Sponsors – Galaxy Backbone, Digital Realty, Digital Encode Ltd. Bronze Sponsors – CED Technologies, AfriGoPay, Tecom, Northsnow UK, Hyperspace Technologies, Palmpay, OADC.

Ecosystem Partners: NCC, NITDA, InnovationBed Africa, ALTON, ATCON, NCS, IXPN, NiRA, Lagos Blockchain Week, Newmark Group, all are supporting AfriTECH 4.0.

Media Partners include; Techeconomy, NigeriaCommunicationsWeek, ITPulse, Ravenews, TechTrends.Africa, TechBuild.Africa, GrassRoots, DigiVation Network, TechLifewithUgo, BusinessMetrics, BusinessRemarks, SwiftReporters, TechTV, Africa Hyperscalers Media, CyberEra, ITRealms, DigitalTimes, TechnologyMirror, TechandBizNews, ITNewsNigeria.

“AfriTECH 4.0 will also feature interactive panel discussions, workshops, and exhibitions that will explore other critical topics such as artificial intelligence (AI), blockchain, fintech, smart cities, and sustainable innovation”, said Chike Onwuegbuchi, co-convener of AfriTECH. “We are grateful to the sponsors and partners.”

“Attendees will have the opportunity to engage directly with the speakers, as well as network with other industry leaders, innovators, and investors”, he added.

Participation

Participation is free, but you are required to pre-register: https://bit.ly/3ZPdi88.

AIICO Insurance: Partnership by Stakeholders Necessary to Grow Agric Sector

By

Business Journal

-

31/10/2024

0

Making a presentation on Agricultural Insurance at the annual AIICO Insurance training for members of the Nigerian Association of Insurance and Pension Editors (NAIPE) in Lagos, Mr. Leonard Okereafor, Agric & Emerging Risk Manager of AIICO, stated that the role of insurance in the sustainability of Nigeria’s agric/agribusiness sector cannot be over emphasised.

Okereafor listed the benefits of insurance to farmers to include income stability, facilitates access to loan, enhances strategic partnerships, peace of mind, and is a source of effective risk management.

He said: “There is need to develop a workforce with new skills, values and attitudes to enhance improved productivity and ensure food security. One of the key drivers for transformation is agribusiness.”

According to him, agriculture is the practice of cultivating land, raising crops, and rearing livestock, while agribusiness is the input supply, farming operations, processing and manufacturing, distribution and marketing, retail and export, economic and business aspects of agriculture.

“While the scope of agriculture focuses on farming practices, agribusiness encompasses the entire value chain. In respect to scale, agriculture includes small-scale and subsistence farming, while agribusiness involves larger-scale commercial operations. Also, while the focus of agriculture prioritises food production, agribusiness emphasises profitability and market competitiveness.”

Okereafor listed the agribusiness value chain to include input supply, production, post–harvest services, trading post harvest, processing, trading processed items, as well as retail.

He however noted that constraints to the development of agribusiness in Nigeria include: limited access to modern agricultural technology, inadequate extension education/services, absence of robust market links, issues surrounding inputs, agricultural credits, inadequate availability and access to financial solutions.

According to him, AIICO’s agricultural insurance offerings to Nigerian farmers and agribusiness investors fall under Indemnity and Index-based.

He said: “Under Indemnity insurance, we offer poultry, fish farm, livestock, plantation fire, farm property/produce, multi-perils crop. Under Index-based insurance, we offer area yield index-based, weather index-based as well as bundled/hybrid policies.”

For poultry insurance policy, he said: “This product covers birds (broilers, layers, parent stock, grand–parents stock, hatchery stock, cockerel, ornamental birds) against death as a result of fire, lightning, windstorm damage, flood, uncontrollable disease and accident. For fishery insurance policy, this policy insures fish against death and fish pond against collapse as a result of fire, lightning, windstorm damage, flood, uncontrollable disease and accident. For livestock insurance policy, this policy insures livestock (e.g. cattle, sheep, goats, rabbits, and pigs) against death caused by fire, lightning, windstorm, flood, accident, and uncontrollable disease. For plantation insurance policy, this policy covers cocoa, sugar cane, oil palm and other plantation farms against loss or damage as a result of fire, lightning, flood, windstorm, and aircraft perils. For farm property insurance policy, this policy provides cover against loss of, or damage to, farm property (e.g. warehouse and farm equipment) and agricultural produce as a result of fire, burglary/housebreaking, lightning, flood, windstorm, explosion, aircraft, earthquake, and impact risks. For Multi-Perils Crop (MPCI) Insurance policy, this policy insures your farm against loss of, or damage to, your crop caused by fire, lightning, explosion, aircraft damage, windstorm, flood and outbreak of uncontrollable pest and disease. The coverage provided by this policy will pay for the production costs of crops that have been lost or damaged during the period from planting up to the maturity of the crop.”

MTN Nigeria Reports Net Loss of N515bn in 9 Months of 2024

By

Business Journal

-

31/10/2024

0

MTN Nigeria Plc net losses grew by more than 3335% year on year to N514.928 billion, details from the telecommunication company’s unaudited financial statement revealed, from N14.984 billion in the comparable period in 2023.

Its unaudited financial statement for 9M-2024 showed that total revenue surged by 33.7% year on year to N2.370 trillion from restated amount of N1.772 trillion in the comparable period in 2023.

This was supported by growth in voice, data, digital, fintechs and other services revenue in the period. The telecom company report revealed that service revenue increased by 33.6% to N2.4 trillion at the end of the 9M-2024 despite the fact that subscribers reduced.

MTN Nigeria’s total subscribers decreased by 0.9% to 77.0 million, impacted by the NIN-SIM regulations. However, active data users increased by 5.1% to 45.3 million while active mobile money (MoMo PSB) wallets decreased by 21.8% to 2.8 million.

The Senior Analysts Team reports that total operating expenses surged by about 75% year-on-year to N1.510 trillion from N865 billion in the equivalent period in 2023. Without FX related losses, MTN Nigeria profit after tax (PAT) would have settled at N118.5 billion, which is a significant 59.2% year on year drop in bottom line. This resulted in negative Earnings per share (EPS) of N24.51 kobo.

FX losses increased by 90.8% year on year to N904.932 billion from N474.252 billion in the comparable period. MTN Nigeria reported that it has N404.309 billion of the net FX loss, a 1267% increase from realised FX loss of N29.585 billion in the comparable period in 2023.

Unrealised FX loss increased by 12.6% year on year from N444. 6 billion to N500.6 billion, according to details from the telecom company’s financial statement. “We made significant strides in reducing our outstanding trade line US$ obligations, thereby helping to reduce the impact on our earnings from the volatility caused by forex losses.

“As at the end of September 2024, the outstanding trade line obligations were approximately US$57 million, down significantly from US$416.6 million at 31 December 2023.

“The reduction led to a realised forex losses of approximately N365 billion but helped to reduce the effect of future naira depreciation and attendant finance costs”, MTN Nigeria said in its outlook statement.

The telecom unimpressive operating performance has plunged its shareholders and retain earnings to a negative level. At the end of 9M-2024, MTN Nigeria retained earnings and shareholders’ funds were negative at N723.0 billion and N573.6 billion, respectively.

The tight operating conditions has caused the company to reduce its capital projects. Details showed that capital expenditure (capex) excluding leases was down 27.8% to N217.6 billion at the end of 9M-2024. Though, the company achieved positive free cash flow of N536.8 billion, an increase of 21.9% year on year in the period.

Speaking to this, Karl Toriola said: “In the first nine months of 2024, we sustained the growth in our underlying operating performance – underpinned by our resilient business model and operational agility – despite challenging conditions.

“The inflation rate remained elevated amidst rising energy prices and naira depreciation. Inflation averaged 32.8% in the nine months 2024 compared to an average of 24.5% in 2023.

To curb inflation, the Central Bank of Nigeria (CBN) increased the Monetary Policy Rate (MPR) by 8.5pp to 27.25% during the period, resulting in higher funding costs, although this helped reduce volatility and improve liquidity in the forex market.

The higher inflation and interest rates weighed on consumers’ spending power and impacted business activity. However, we remain focused on enhancing operational efficiency and driving the growth of our commercial operations.

“Additionally, the naira closed at the Nigerian Autonomous Foreign Exchange Market (NAFEM) in September 2024 at N1,542/US$ (December 2023: N907/US$), exerting pressure on business activity. The improvement in liquidity in the foreign exchange (forex) market has helped us reduce our exposure to foreign currency-denominated obligations”.

Toriola said MTN Nigeria continued to manage the effects of the Nigerian Communications Commission’s (NCC) industry-wide NIN-SIM directive, which has impacted the evolution of our customer base.

“Having implemented the directive with all our subscribers fully compliant, we continue our drive towards reconnecting those affected to reduce churn while extracting increased value from the market”.

The company said sustained its commercial momentum notwithstanding the macro headwinds. “Our commercial momentum drove broad-based growth across all revenue segments, demonstrating the underlying strength and resilience of the business.

“We recorded an increase in service revenue of 33.6%, which was ahead of the average inflation rate in the period. This growth was led by data and supported by voice, fintech and digital services.

“We recorded a 9.8% increase in voice traffic and a 42.1% increase in data traffic. In addition, data usage per user grew by 31.2% to 11.3GB, supported by the rising demand for data and digital services, which has contributed to revenue growth.

“In the fintech business, we focused on executing our growth strategy, prioritising increasing wallet quality, focusing on advanced services and the MoMo PSB app to enhance the user experience and engagement.

“We have introduced cross-border remittances with thirteen fellow African countries to boost adoption and monetisation. Taking advantage of their interoperability, we are now leveraging the existing network of agent and merchant ecosystem in the industry to bring our services closer to our customers”.

MTN Nigeria CEO said despite the topline growth, EBITDA remained under severe pressure primarily because of naira depreciation, exacerbated by higher energy costs and general inflation.

He noted that the introduction of VAT on leases in September 2023 also affected the earnings before interest tax depreciation and amortisation (EBITDA) performance.

“We are pleased to report that the renegotiated tower lease contracts with IHS Towers led to savings in operating expenses, which positively impacted our EBITDA margin by 2.3pp, helping to mitigate the effects of macroeconomic challenges.”

MTN Nigeria chief said EBITDA declined by 5.3%, and the EBITDA margin decreased by 14.9pp to 36.3%. “The growth trajectory in our Q3 EBITDA turned positive (up 6.5%) with a more moderate decline in EBITDA margin to 37.6%; albeit with some benefit from the Q2 catch-up built into the tower lease renegotiation with HIS.

The further depreciation of the naira arising from the revaluation of foreign currency denominated obligations resulted in a loss after tax for the 9-month period of N514.9 billion (2023: 15.0 billion loss, restated).

.st0{fill:#FFFFFF;} .st1{fill:#E52E2E;} BJ

.st0{fill:#FFFFFF;} .st1{fill:#E52E2E;} BJ

BJ .st0{fill:#FFFFFF;} .st1{fill:#E52E2E;}

Hot topics

Business

ICT

Capital Market

Insurance

.st0{fill:#FFFFFF;} .st1{fill:#E52E2E;} BJ

Hot topics

Business

ICT

Capital Market

Insurance

.st0{fill:#FFFFFF;} .st1{fill:#E52E2E;} BJ

Company

Headlines

Newsletter

BJ

BJ

BJ

BJ

BJ