Business Metrics

Nomba Raises $30m to Deliver Payment Solutions for African Businesses

By Rosemary Iwuala Nomba, a leading payment service provider for African businesses, has raised a $30 million Pre-Series B funding round to support the delivery of...

CBN Defends eNaira Amid Low Adoption, Usage

Finance2 years ago

CBN Assures Safety of Money in Banks Through e-Naira

By Rosemary Iwuala The Central Bank of Nigeria (CBN) has assured Nigerians of safety of their money in banks through operation of the e-naira. The CBN...

South African Government has granted Nigerian business people 10 years’ visas.

Travels2 years ago

South Africa Grants 10-Year Visas to Nigerians

Its Consul-General, Bobby Moroe, who made this known during the South Africa-Nigeria Trade and Investment Roundtable in Lagos, said while some people would get up to 10...

Court Fines Multichoice N150m over Tariff Hike, Orders One Month Free Subscription The Competition and Consumer Protection Tribunal has fined the prominent Pay-TV operator, Multichoice Nigeria, owners of DSTV, GOTV, N150 million for disputing the court’s jurisdiction, and ordered the company to provide Nigerians with a one-month free subscription to its subscribers. A three-man panel led by Thomas Okusu gave the verdict on Friday. The tribunal had previously blocked Multichoice from raising subscription fees without proper notice, based on a lawsuit by Barrister Festus Onifade who claimed the eight-day notice given for the price increase was inadequate. Onifade had sued DSTV, accusing the Pay-TV of unjustly increasing subscription fees without one month’s notice to customers and leveraging on it to seek interim orders. Counsel for Multichoice had contended that previous rulings had settled price regulation issues, while Onifade focused on the inadequate notice rather than the price hike itself, prompting the tribunal to affirm its jurisdiction and rule against Multichoice. Court Fines Multichoice N150m over Tariff Hike, Orders One Month Free Subscription The Competition and Consumer Protection Tribunal has fined the prominent Pay-TV operator, Multichoice Nigeria, owners of DSTV, GOTV, N150 million for disputing the court’s jurisdiction, and ordered the company to provide Nigerians with a one-month free subscription to its subscribers. A three-man panel led by Thomas Okusu gave the verdict on Friday. The tribunal had previously blocked Multichoice from raising subscription fees without proper notice, based on a lawsuit by Barrister Festus Onifade who claimed the eight-day notice given for the price increase was inadequate. Onifade had sued DSTV, accusing the Pay-TV of unjustly increasing subscription fees without one month’s notice to customers and leveraging on it to seek interim orders. Counsel for Multichoice had contended that previous rulings had settled price regulation issues, while Onifade focused on the inadequate notice rather than the price hike itself, prompting the tribunal to affirm its jurisdiction and rule against Multichoice. The court subsequently fixed July 3 for a hearing of the plaintiff’s substantive suit.

Technology2 years ago

Anger, Disappointment as Nigerians React to Increase in DSTV, GOTV Subscription Rates

By Rosemary Iwuala MultiChoice Nigeria, a satellite TV service provider, has announced an increase in the prices of its DStv and GOtv subscription packages via text...

Travels2 years ago

Oando Takes Delivery of Nigeria’s First Mass Transit Electric Buses

By Rosemary Iwuala Oando Clean Energy Limited (OCEL), a part of the Oando Plc group, has taken delivery of the mass transit electric buses that will...

Economy2 years ago

Nigeria’s Forex Reserves Hit New Low at $35.33BN

After a one-week breather, Nigeria’s foreign exchange (forex) reserves reversed to its recent negative trend, dropping by $79.77 million to close weekend at a new low of...

EXPLAINER: Transcorp, Access Holdings as New Brides for Stock Investors Transnational Corporation of Nigeria (Transcorp) Plc and Access Holdings Plc were the most-sought after stocks at the market as investors scrambled to take positions in the two companies. Trading report at the weekend indicated that Transcorp was the most-traded stock and the highest gainer at the Nigerian Exchange (NGX), with the conglomerate’s share pricing rising by 45 per cent. Access Holdings was the second most-active stock with the second largest turnover, with the intense bargain-hunting driving the holding company’s share price up by 11.86 per cent, one of the 10 highest gains during the week. Investors staked N5.94 billion on 3.04 billion shares of Transcorp in 1,171 deals. The open market buy orders pushed Transcorp’s share price up by 44.97 per cent from its week’s opening price of N1.69 to N2.45 per share. Access Holdings, which released its audited results for 2022 and 2023 first quarter results during the week, recorded a turnover of 157.79 million shares worth N1.54 billion in 709 deals. The holding company’s share price also rose from its week’s opening price of N8.85 per cent to close weekend at N9.90 per share. Transcorp has been the most-sought after company at the stock market in recent days after Lagos businessman and an energy investor, Mr. Femi Otedola, made a move for the conglomerate. The board of Transcorp at the weekend confirmed that the billionaire business mogul was behind multi-billion-naira equity deals on Transcorp. The high-stake positioning in Transcorp had sent other investors scouting for the shares of the conglomerate. The management of Transcorp said it Otedola had acquired 2.246 billion ordinary shares of 50 kobo each, representing 5.52 per cent equity stake in the conglomerate. The board of Transcorp described the Otedola’s investment as “expression of confidence in its leadership and management” as the group continues its unwavering commitment to superior stakeholders’ returns, anchored in our ideology of Africapitalism. “Rest assured of our commitment to remain resolute in executing our group’s strategy of making strategic investments in key sectors within the Nigerian economy, our transformation agenda and our ability to contribute positively towards building prosperity for all,” Transcorp stated. Otedola’s 5.52 per cent equity stake in Transcorp is above the five per cent threshold set by the market as benchmark for material or significant investment. Transcorp, one of the largest publicly quoted conglomerates, has businesses in the power, hospitality, agribusiness and oil and gas sectors. Its notable businesses include Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power and Transcorp Energy. Transcorp had strengthened its position as a leading player in the power sector with the successful acquisition of 100 per cent ownership stake in Afam Power Plc and Afam III Fast Power Limited, together with a combined installed capacity of about 1,000MW, bringing the group’s total power generation capacity to approximately 2,000 MW. The board of Access Holdings had last week recommended distribution of N53.32 billion as cash dividends for the 2022 business year. Access Holdings’ shareholders will receive a final dividend of N1.30 per share in addition to an interim dividend of 20 kobo, representing a total dividend per share of N1.50 for the 2022 business year. The dividend will be paid on May 24, 2023 to all shareholders on the register of the company as at the close of business on May 09, 2023. Key extracts of the audited report and accounts for the year ended December 31, 2022 showed that the group recorded appreciable growth across revenue lines, despite the strong global and national macroeconomic headwinds. Gross earnings rose by 43 per cent and crossed the trillion naira mark to N1.39 trillion in 2022 as against N971.9 billion in 2021. Pre and post tax profits stood at N167.68 billion and N152.20 billion respectively. The balance sheet of the group emerged stronger with total assets rising by 28 per cent from N11.73 trillion to in 2021 to N15 trillion in 2022. Customers deposit also rose by 33 per cent to N9.25 trillion as against N6.95 trillion. Loans to customers grew by 25 per cent from N4.45 trillion to N5.56 trillion. Shareholders’ funds increased by 17 per cent from N1.05 trillion to N1.23 trillion. The group’s three-month results for the quarter ended March 31, 2023 showed pre-tax profit of N81.59 billion in first quarter 2023 as against N65.56 billion in first quarter 2022. After taxes, net profit rose from N57.83 billion in first quarter 2022 to N71.66 billion in first quarter 2023. Group Chief Executive Officer, Access Holdings Plc, Mr. Herbert Wigwe, said the results showed the group’s deliberate focus on its strategies as it begins to see the dividends of organic and inorganic activities across the ecosystem. He explained that the 37 per cent growth in interest income to N827 billion in 2022 was driven by a strong loan book growth despite the high inflationary environment, with net loans and advances to customers growing by 25 per cent across the banking group, with a deliberate focus on credit disbursement to critical segments and growth sectors of the economy. He pointed out that the bank also saw good growth across the subsidiaries, with its United Kingdom subsidiary growing by 36 per cent to N1.1 trillion in 2022. “Access Holdings ended the year with over 58 million customers across the extensive network of subsidiaries and business verticals. The company’s asset base grew to N15.0 trillion and customer deposits to N9.25 trillion, with CASA mix up by five per cent, to 63 per cent as a result of leveraging innovation, digital technology and financial inclusion to mobilize sustainable low-cost deposits. “In the second half of 2022, Access Holdings Plc completed the divestment from Pensions Custodian business and acquired significant shareholding in First Guarantee Pensions Ltd & Sigma Pensions Ltd to form Access Pensions Ltd. This combination resulted in the creation of the fourth largest pension fund administrator (PFA) in Nigeria, with asset under management of N0.9 trilion, putting us clearly in the league of strategic players in the Pensions industry. “Our Payment business went live with the Switching business in third quarter 2022, while the other areas of the business will become fully operational from second quarter 2023. The overall business outlook for 2023 remains strong as we begin our new five-year strategic journey which aims to make us one of the top five financial services organisations in Africa by 2027,” Wigwe said.

Markets2 years ago

EXPLAINER: Transcorp, Access Holdings as New Brides for Stock Investors

Transnational Corporation of Nigeria (Transcorp) Plc and Access Holdings Plc were the most-sought after stocks at the market as investors scrambled to take positions in the...

RCS: Empowering MNOs to Compete Against OTT Players in Lucrative A2P Messaging Space

Technology2 years ago

RCS: Empowering MNOs to Compete Against OTT Players in Lucrative A2P Messaging Space

By Filip Filković, Regional OP Manager, West Africa at Infobip As Over-The-Top (OTT) platforms such as WhatsApp, Viber and Telegram continue to gain popularity, SMS messaging...

Technology2 years ago

INSIGHT: How Nigerian Businesses Can Harness Conversational Messaging for Better Customer Engagement

By Olatayo Ladipo-Ajai, Regional Manager at Infobip Nigeria Businesses in Nigeria are currently faced with numerous challenges, including fast-changing global economic conditions, a new post-pandemic reality,...

Technology2 years ago

Boosting Brofitability and Enhancing Deeper Customer Engagement with Conversational Banking

By Marina Bolfan, Senior Customer Growth Executive at Infobip Nigeria Nigeria’s banking sector is becoming increasingly more competitive. This is especially the case within the digital...