The Chief Executive Officer, Stanbic IBTC Insurance Limited, Mr. Akinjide Orimolade along with an Independent Non-Executive Director, Mr. Godwin Wiggle paid a courtesy visit on the Deputy Commissioner for Insurance, Mr. Ekerete Ola Gam-Ikon at NAICOM Headquarters in Abuja.
9mobile Refreshes its MoreBusiness ComboPak with Additional Benefits
9mobile, Nigeria’s customer-centric telecommunications company has refreshed its ‘MoreBusiness ComboPak’ offerings with additional benefits to enable new and potential customers enjoy more value on calls, data, SMS and CUG for their Businesses.
The ‘MoreBusiness ComboPak’ product offering is a flexible and customizable plan with an array of add-on services. The plan gives customers benefits of extra cost-saving tariff within the bundle, and 100% bonus data upon repurchase of select bundles.
With the update, 9mobile customers on this plan will also enjoy free incoming calls while roaming on select networks in the following 10 countries: UK, UAE, South Africa, Kenya, Spain, Egypt, France, Germany, Turkey, and Saudi Arabia when they recharge ₦5,000 and above in a month.
A further benefit of the plan is the ‘Add-on solutions.’ With this, companies and institutions will enjoy seamless business operations’ continuity and optimization through Close User Group (CUG), Fleet Tracking, Cloud PBX, Cloud Services, and Device Financing. Others are International Call Bundles, Roaming Bundles, and Special International Destinations Calling.
Commenting on the development, Nneka Owolabi, Director Enterprise Business, highlighted the telco’s unwavering commitment to ensure customers and subscribers enjoy premium customer experience, and wholesome value for their subscription on the 9mobile network.
“At 9mobile we have proven time and again that premium customer experience is important for us. It is the essence of our operations. That is why we have reintroduced the ‘MoreBusiness ComboPak’ for customers and subscribers, particularly businesses to enjoy value for their loyalty to us, and upscale their businesses”, he said.
Owolabi also stated that the ComboPak combines all business needs in one affordable bundle with cheaper voice calls, data subscription, SMS, and CUG, saying “It’s a ComboPak offering that keeps you, and your business stay ahead of trend”.
“What 9mobile ‘MoreBusiness ComboPak’ does is to create and sustain an ecosystem where people, in this case, customers and subscribers, and businesses run systematically with a combination of our tools efficiently. This is certain to revolutionize the way Nigerians communicate, stay connected, and transact businesses effectively”.
Subscribers to ‘MoreBusiness ComboPak’ plan will enjoy unique voice calls, SMS & data. The service allows flexibility to move across packages based on your needs. For ₦1,000 ComboBasic bundle cost, customers will dial *246*4*33# to enjoy 60k/MB Browsing, 12k/sec in bundle calls, 12k/sec out of bundle calls, ₦2.60/SMS, and CUG; while for ₦1,000 ComboValue bundle cost, customers will dial *246*4*30# to enjoy 700MB, 30 National call minutes, 11k/sec out of bundle calls, 10 National SMS, and CUG.
For customers with ₦2,000 ComboPremier bundle cost, all they need to do is to dial *246*4*33# to enjoy 2.1GB, 60 National call minutes, 11k/sec out of bundle calls, 25 National SMS, and CUG. Customers subscribing to ₦5,000 ComboBlack bundle cost will enjoy benefits of 7GB, 300 National call minutes, 11k/sec out of bundle calls, 25 National SMS, and CUG.
The unique value adds on the ‘MoreBusiness ComboPak’ plan for customers also includes: Bundled Plans – for customers to enjoy flexible and customizable plans with an array of add-on services, and extra cost saving tariff within bundle.
Unlimited Add-ons – this is Add-on solutions – include CUG, Fleet Tracking, Cloud PBX, Cloud Services, Device Financing, Shared Data, International call bundles, Roaming Bundles, and Special International Destinations Calling, for customers. This is in addition, to free data offer which is a 100% bonus data upon repurchase of select bundles.
Convenience has been embedded into the ComboPak plan for Subscribers also to check account balance by dialling *310#, and data balance by dialling *323#, while migration or opting out of the plan is absolutely free.
SIM Boxing and the Unboxing of a Crime Syndicate
Boxes have a multitude of uses, and the word “box”, lends itself to diverse contexts. For “Ajala Travelers,” the box is a necessity for keeping goods for their endless journeys.
In literature, idiomatically, it can be said that “one has been boxed into a corner;” another might say to deal with a conundrum: “think outside the box;” then there is the “Pandora’s box” that no one wants opened. To “box one’s ear’s” refers to a hit on the head, especially around one’s ears.
For those who celebrate Christmas, “Boxing Day,” which is the 26th of December, the second day of Christmastide is not to be joked with: a day to unbox gifts. So much for the box.
Another type of boxes exists in the telecommunications world: The SIM Box. Have you ever received an international call but saw a local phone number ring in? That is SIM Boxing in action. Let me explain.
SIM boxing happens when a person uses a special equipment, what is called a SIM Box containing tens to hundreds of SIM Cards—from 32, to 96, to 512 and more SIMs —to terminate international calls by bringing in the international call into the SIM Box using internet connections and regenerating the calls to the called party from one of the hundred SIMs in the box. This way, the called party will see the local number of the SIM from the SIM Box, and not the original international number calling.
With SIM Boxes, the syndicate charges international call carriers’ lower rates than what regular Nigerian telecommunications operators would charge, as they do not have to pay the full cost of maintaining and operating a phone network. Basically, they are bypassing the normal route for international phone call termination to terminate international calls cheaply and making windfall profits off it.
Take for instance, a telecommunications operator in Nigeria would ordinarily charge international carriers 10 cents per minute for terminating an international call in Nigeria. However, by routing the call through a SIM Boxing syndicate, the international telecommunications carrier only pays a fraction of the charge to the syndicate, say 5cents per minute and does not have to pay the full 10cents per minute charge.
The SIM Boxer will terminate this call to the called subscriber at a rate of, say N15 per minute using one of the SIM cards in their SIM Box. The SIM Boxer thus makes a killing from the differential between the rate charged to the international carrier and the rate paid to telecommunications operators whose SIM they utilise in their SIM Boxes, at the expense of our national security and income of mobile network operators and quality of our service to consumers.
Asides the revenue loss that local mobile network operators suffer courtesy the activities of these syndicates, networks face congestion around areas where the illegal call routings via SIM Boxing occurs. With the huge traffic from the boxes, callers around the area see more dropped calls, poor call quality, and slower data speeds.
The introduction of the linking of National Identity Numbers (NIN) to SIMs is one way the Federal Government has worked to tackle this criminal enterprise. With every SIM in the country being linked to an NIN, an identity is tied to the owner of each line, and regulators now have visibility of ownership. That is not all. There is also the “Max-4 Rule” where a subscriber is not allowed to have more than four lines per network operator linked to his NIN. With this rule in place, coupled with the NIN-SIM Linkage, every telephone subscriber in Nigeria would not just be accurately identifiable but limited to having only four telephone lines per subscriber.
To enforce this rule, the Nigerian Communications Commission (NCC) on the 29th of March 2024 announced the deadline for Mobile Network Operators to bar all subscribers who had five lines and above, and whose NIN failed the verification test of biometrics matching.
Over the last few weeks, sources within the NCC have confirmed cases where a single NIN was linked to over 100,000 lines. Some NINs had well over 10,000 SIMS linked to them, others over a thousand, others had hundreds. Many have questioned the reports and asked, what would any single reasonable person be doing with these number of lines? Justifiable questions, because no sane person—who is not running a business—should own more than five SIM cards.
Given the ‘Max 4 Rule’ in place and the NIN-SIM Linkage Policy, SIM Boxers have been boxed into a corner. The applications they use require tens to thousands of SIM Cards, and the imperative to stay anonymous. If these policies are well and fully implemented, this is the death knell for SIM Boxing merchants.
But the regulator, NCC needs to be fast and ready for the battle ahead. SIM Boxing is a billion-dollar criminal enterprise. They are not going to go down without a fight. It is like taking a bone being chewed from the mouth of a bulldog.
Already, the battle seems to have kicked off. A lawyer, Barrister Olukoya Ogunbeje has recently taken the Federal Government, NCC and Mobile Network Operators to court, claiming that the barring of SIMs not linked to NINs goes against his fundamental human rights, and has cost him the loss of business opportunities. Anyone who has Nigeria’s interest at heart ordinarily supports this policy. It then does not add up seeing a so-called activist lawyer take up such a matter that is clearly against the public interest—unless this is the Haka cry of SIM Boxers.
A most interesting observation with his case is that it is not even a class action, but individually driven. It begs the question then, who is funding Barrister Olukoya Ogungbeje? What is his interest in fighting this policy that puts paid to the business of a criminal enterprise? Is he funded by interests in the SIM Boxing world?
Time would tell. But in the meantime, NCC must go head on without fear or intimation and clean the Augean stable of SIM ownership in Nigeria.
Suleiman Bala Bakori is a researcher, and writes from the FCT.
CBN Imposes 0.5% Cybersecurity Levy on E-Transfers, Exempts 16 Items
The Central Bank of Nigeria (CBN) has imposed a cybersecurity levy of 0.5 percent on all electronic transfers in the country following the enactment of the Cybercrime (Prohibition, Prevention etc) (Amendment) Act 2024.
In the circular announcing the levy, the apex bank stated that the levy shall be remitted to the National Cybersecurity Fund (NCF), which shall be administered by the Office of the National Security Adviser (ONSA).
According to the CBN, 16 items were exempted from the levy. These include loan disbursement and repayments, salary payments, intra-account transfers within the same bank, interbank placements, banks’ transfers to CBN and vice versa, letters of credit, cheques clearing and settlements etc.
Again, NNPC Cautions Against Panic Buying, Says 30-Days PMS Sufficiency Intact
As the nationwide supply and distribution of Premium Motor Spirit (PMS), also known as petrol, continue to improve, the Nigerian National Petroleum Company (NNPC) Limited has once again called on motorists to shun panic buying of the product.
In filling stations monitored across several states, including Lagos and the FCT, the queues have since thinned out, a development that will keep improving daily in other States.
The company wishes to state that at the moment, it has over 1.5 billion litres stock of PMS, which is equivalent to over 30 days sufficiency.
The NNPC is also collaborating with relevant downstream agencies, such as the Nigeran Midstream & Downstream Petroleum Regulatory Authority (NMDPRA), labour unions in the sector and security operatives to address hoarding and other unwholesome practices.
The Alternative Bank, TotalEnergies to Rollout ‘Bank in a Box’ for Enhanced Accessibility
The Alternative Bank, in collaboration with TotalEnergies, unveils an innovative partnership that aims to bring vital banking services directly to underserved communities nationwide through their pioneering Branch in a Box initiative.
These mini-branches will be strategically located within select TotalEnergies stations across the country, offering enhanced accessibility and convenience for customers seeking essential financial services.
The Branch in a Box initiative addresses the challenges faced by remote communities, with limited access to vital financial services.
Mohammed Bashir Yunusa, Director of Products & Innovation at The Alternative Bank, lauded the initiative as innovative and timely, emphasizing its role in alleviating the difficulties associated with accessing financial services.
According to Yunusa, “The Branch in a Box provides convenient, accessible banking services within trusted and familiar locations, staffed with well-trained customer service personnel to assist everyone.”
The Branch in a Box functions like traditional branches, offering a comprehensive range of banking services, including account opening, cash withdrawal and deposit, fund transfers, card pick-up, access to interest-free credit, and more.
The inaugural batch of Branch in a Box locations welcomes customers at TotalEnergies stations in Ojuelegba, Yaba, Fadeyi, Oshodi, and Ojota Lagos, with a nationwide rollout scheduled in the coming weeks.
Expressing enthusiasm about the collaboration, Yunusa remarked, “The Alternative Bank and TotalEnergies have a shared commitment to fueling financial inclusion and supporting the communities they serve. We are therefore thrilled to partner with TotalEnergies to launch this innovative initiative.”
Abdulahi Umar, General Manager at TotalEnergies, echoed these sentiments, stating, “We are committed to providing our customers with exceptional service and convenience. So, partnering with The Alternative Bank allows us to enhance our offering of a truly integrated experience to our customers and communities.”
Experience the future of banking by locating a Branch in a Box near you at www.altbank.ng.
About The Alternative Bank
The Alternative Bank is at the forefront of the non-interest banking sector, offering tailored financial solutions that resonate deeply with individuals seeking a fresh and innovative approach to wealth advancement and accumulation. With a commitment to transparency and empowerment, The Alternative Bank leads Nigeria’s non-interest banking movement by empowering individuals towards their goals, aspirations, and future potential.
UBA Consolidates as Gross Earnings Rise by 110%, Profit for Q1 Hits N156bn
United Bank for Africa Plc (UBA), Africa’s Global Bank, released its financial results for the first quarter ended March 31, 2024, showing very strong growth across key performance measures.
The Group’s results, which were released to the Nigerian Exchange Limited (NGX) on Friday May 3rd, 2024, saw outstanding year-on-year increases: Gross Earnings rose by 110%, from N271.1billion to N570.2 billion; Interest Income grew by 130%, to N440.7 billion. Operating Income increased by 115%, from N175.7 billion in 2023, to N378.59 billion.
Further consolidating the record performance delivered in the Group’s 2023 Full Year Audited Financials, UBA again saw Profit Before Tax rising significantly by 155% from N61.7 billion in Q1 2023, to N156.34 billion in Q1 2024; while Profit After Tax jumped from N53.5 billion to N142.5 billion, representing an impressive rise of 165% year-on-year.
Commenting on the results, UBA’s Group Managing Director, Oliver Alawuba, said the Group delivered strong first quarter performance, building on the solid momentum of 2023, as well as the ongoing execution of its long-held strategy of customer focus, geographic diversification and effective risk management and governance.
He said: “Our record Q1 profit before tax was delivered with triple digit gross earnings growth, supported by very strong interest and non-interest income. Fees and Commissions rose by 118% year-on-year on the back of improved efficiencies and continued digital adoption. This has helped drive improvement in efficiency and customer satisfaction, with the Group’s cost-to-income ratio held at 57.8%.”
“The Group’s balance sheet grew steadily with Total Assets increasing by 23% to N25.4 trillion. Customer deposits closed at N18.4 trillion, recording a 23% increase year-on-year, largely attributed to growth in current accounts and savings accounts.”
“Our unwavering commitment to sound governance, robust risk management, and financial strength positions us for continued growth, while we contribute meaningfully to inclusive economic development across our network.”
Also speaking on the performance, UBA’s Executive Director, Finance and Risk, Ugo Nwaghodoh, said the Group’s operating results for the quarter showed the actions taken to enhance the Group’s performance continued to deliver.
He said: “Our first quarter results highlight our relentless customer focus and the strength of UBA’s geographic and product diversification, with good performance across all our regions. We continue to differentiate ourselves across all key financial metrics, with a keen focus on high-quality risk adjusted revenues and cost discipline, while maintaining very sound asset quality. “
“We remain committed to reducing both interest expense and operating expenses and expect to make steady progress as we move through the year toward our stated profitability targets,” Nwaghodoh stated.
United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-five million customers, across over 1,000 business offices and customer touch points, in 20 African countries and across 4 continents.
With presence in the United States of America, the United Kingdom, France and the United Arab Emirates, UBA connects people and businesses across Africa through retail; commercial and corporate banking; innovative cross-border payments and remittances; trade finance and ancillary banking services.
Virtual Assets: SEC Goes Tough on Illegal Trading
In a bid to rid the Virtual Assets space of illegal trading activities, the Securities and Exchange Commission has reaffirmed that it will go all out to act decisively to uphold the integrity of the capital market and protect the interests of all investors.
This was stated by Acting Director General of the SEC, Dr. Emomotimi Agama during a virtual meeting with the Blockchain Industry Coordinating Committee of Nigeria (BICCoN) the umbrella body of all major blockchain and cryptocurrency Associations in Nigeria, Monday.
Agama stated that the SEC Nigeria will not hesitate to utilise all the powers within its mandate to handle issues that are negative and pose a threat to national interest saying that the Commission has come as a partner to seek collaboration in making sure that the capital market community is one that is respected globally for decency and fair play.
The SEC boss said the recent concerns regarding crypto P2P traders and their perceived impact on the exchange rate of the Naira has underscored the need for collective action and dialogue within the financial market ecosystem.
He said: “There are basic practices as enshrined in the Investments and Securities Act 2007 and we expect that everyone will abide by those rules. Some may say no rules to play by, but do not forget that we have the Investments and Securities Act 2007 that some actions by participants today may be violating, hence the law is the law irrespective of the technology used. However, for specific Digital Asset regulatory regime that many have been calling for, we want to assure you that we are working tirelessly to establish an accommodating regulatory guideline for digital assets. The SEC as your regulator is desirous to work with you by providing a level of assurance that is needed by all that are operating within the rules of the market.”
The DG stated that the proposed regulatory guidelines which is currently being fine-tuned with suggestions by various stakeholders, will encompass various activities within the cryptocurrency ecosystem ranging from Wallet providers, digital asset custodians and fund managers, Cryptocurrency Crowdfunding, Initial Coin Offerings (ICOs), Security Token Offerings (STOs), Initial Exchange Offerings (IEOs), Cryptocurrency Exchange platform providers, Virtual Asset brokerage services etc., ensuring that every Nigerian playing within the industry with the potential to contribute to economic progress is included, supported and properly regulated.
“I am poised for an innovative digital asset regulatory regime that will sustain Nigeria as Africa’s Digital Asset Powerhouse with diverse solutions like Real World Asset Tokenization (RWA) that will drive wealth and catalyse our capital market. We must explore innovative solutions to this problem and strike the right balance between encouraging innovation and safeguarding our national economic interests. This we will do in a friendly and firm manner, to enable us to achieve the desired result.”
“We have a great market ahead of us and we have the talents and the people to make the market great. Mr. President is concerned about the teeming youths involved in this space and would encourage them to do the right thing and develop an ecosystem that we all will be proud of. It becomes necessary that we do what is right. Manipulations and all forms of activities that undermines our national interest would not be acceptable. It is therefore very important that we know that the SEC by virtue of the Section 13 of the ISA speaks to the regulation of all capital market activities.
Agama expressed his gratitude to the leadership of the Blockchain Industry Coordinating Committee of Nigeria (Biccon) the umbrella body of all major blockchain and cryptocurrency Associations in Nigeria, and assured them of the commission’s readiness to work closely with all stakeholders in the cryptocurrency ecosystem to create a better country for all of us.
“With our deep understanding of this industry and the cryptocurrency sub sector, we recognise the importance of collaboration and cooperation in addressing the challenges we face; hence your insights and suggestions are invaluable as we seek to navigate these complexities together. We need your support as much as you need ours.
“On that note, I want to emphasise that we are working on different fronts to sustain decent practices within our market, however, we are here to meet ourselves to know those playing within the sector decently and are open to hearing your suggestions on how we can effectively manage all obscure cryptocurrency trading activities within our jurisdiction p2p inclusive irrespective of the challenge we all know that p2p trading posses. We must explore innovative solutions to this problem and strike the right balance between encouraging innovation and safeguarding our national economic interests. This we will do in a friendly and firm manner, to enable us to achieve the desired result.
Agama stated that one of the things that needs to be done is delisting the naira from P2P space in order to avoid the level of manipulation that is currently happening enjoining participants in the crypto space to be patriotic enough to name and shame those that are involved in disrupting the markets negatively.
“I want to seek your co-operation in dealing with this as we roll out in the coming days the regulations that would take control of these areas. We want to assure that this management will ensure that people or institution that require registration with the SEC are quickly licenced. We assure you that we will give guidance when necessary and do well to streamline the processes to make it less difficult.
“We ask that those involved in sharp practices that undermine national interest should cease and desist. It is in our interest as a people to protect what belongs to us. We encourage you to reach out to us by naming and shaming the bad actors. Together, I am confident that we can weed out bad actors and harness the immense potential of this progressive technology for the benefit of all Nigerians in tandem with this government’s renewed hope agenda” he added.
In his remarks, the Chairman of the Fintech Association of Nigeria, Dr. Babatunde Oghenobruche Obrimah commended the Director General for his bold steps and the relationship with the ecosystem and pledged their commitment to work with the DG and grant him all the support that will help him succeed in sanitizing the virtual ecosystem.
On their part, BICCoN requested the setting up of a working group to tackle the various challenges facing the crypto space in a bid to move the market forward.
NCDMB Receives N450m Interim Dividend from Waltersmith Modular Refinery
The Nigerian Content Development and Monitoring Board (NCDMB) announced on Monday that it had received an interim dividend payment of N450 million out of the N1.5 billion declared by the Waltersmith Refinery and Petrochemical Company Limited.
This payment represents NCDMB’s 30 percent share in the company for the year ended 2023.
The NCDMB had in July 2018 invested $10 million to acquire 30 percent stake in the 5000 barrels per day (bpd) modular refinery project located at Ibigwe, Imo State, to support the Federal Government’s policy on modular refinery, stimulate investment and create employment opportunities.
Rising from a Board Meeting of Waltersmith Refinery and Petrochemical Company Limited, the Executive Secretary NCDMB, Engr. Felix Omotsola Ogbe confirmed that a total dividend of N4.5 billion had been approved for the year 2023, pending final approval at the Annual General Meeting (AGM). The company reported a total profit of N23.6 billion as profit after tax for the same year.
The Executive Secretary hinted that NCDMB expects to receive additional 30 percent of the outstanding N3 billion dividend after the AGM is convened later this year.
He added that the receipt of this interim dividend payment is a testament to the strong performance and profitability of Waltersmith Refinery and Petrochemical Company Limited. “The NCDMB is proud to be a part of this success and looks forward to continued collaboration with the company in the future,” he stated.
He affirmed that the company is upscaling the refinery capacity from 5000 bpd to 10,000bpd and the expansion project is 44% completed and on time to be commissioned by early 2025.
NCDMB’s investment in the Waltersmith project was also geared to catalyse the industrialisation of the Nigerian oil and gas industry and its linkage sectors and deepen Nigerian Content in the oil and gas industry. It was the first third-party investment embarked by the Board, and it provided proof of concept and paved the way for other successful investments by the Board.
Two weeks ago, NCDMB received a cheque of $1 million from Nedogas Development Company Limited (NDCL), being part of the return on investment (ROI) on one of the Board’s strategic investments.
The cheque was presented by the Chairman of the company, Engr. Emeka Ene when he visited the Nigerian Content Tower in Yenagoa Bayelsa State, where he was received by the Executive Secretary, Engr. Felix Omatsola Ogbe and other members of the Board’s management.
Nedogas Development Company Limited (NDCL) is a joint venture company between Xenergi Limited and NCDMB Capacity Development Intervention Company and it culminated in the construction and commissioning of a 300 MMscfd Capacity Kwale Gas Gathering (KGG) and injection facility located in the Umusam Community, near Kwale in Delta State, Niger Delta, Nigeria.
Ecobank MySME Growth Series: Expert Canvasses Brand Repositioning for SMEs
The Small and Medium Enterprises (SMEs) in the country have been advised to embark on brand repositioning to survive the current competitive environment.
General Manager, Enterprise Marketing, MTN Nigeria, Charles Okonkwo, made this submission in his presentation titled: Positioning your brand for a success in a competitive market, delivered at the Ecobank MySME Growth Series webinar. He stated that it was important for SME promoters to play closer attention to their brands to foster deeper connections with customers and differentiate them in the crowded marketplace.
According to him, “navigating the intricacies of a fiercely competitive market, SMEs must know how the brand is perceived by the target customers. They must humanize and position to make strong brand statements. Ultimately, success in a competitive market hinges on the ability to carve out a distinctive and resonant brand identity, positioning the brand strategically, and effectively managing resources to achieve desired outcomes.”
He explained that a brand is not about the logo or tagline but everything the company stands for and how it shows up at all times, adding that customer feedback and engagement was imperative to ascertain the brand’s strengths and weaknesses. Mr. Okonkwo further called on SMEs to leverage digital and traditional channels to reach their target customers to share their stories and reinforce their brand promise, listing the core areas of strengths and competitive advantage such as price, service delivery, innovation, and brand strength as product differentiation to address customers’ ‘unmet’ and emotional need.
Ecobank MySME Growth Series which started in February this year is designed to empower SME operators across the country. It is part of the bank’s commitment to train over 1 million SME operators in various sectors of the economy in 2024.
The training will provide resources for starting a business, registration processes, industry statistics, and essential considerations for running a business. The series cover key topics such as accounting, credit, sales & marketing, taxation, and inventory management.
Additionally, articles on key topics like increasing sales, advertising ideas, business management practices, case studies, and leveraging technology will be provided. Ecobank also plans to launch an SME Mentorship program to collaborate with successful entrepreneurs.
Taken together, the MySME Growth Series reflects Ecobank’s dedication to fostering growth and success within the SME community.
Transcorp Hotels’ Expansion Plans Boost Investor Confidence, Reports N42bn Revenue in 2023
L-R: Non-Executive Director, Peter Elumelu; Non-Executive Director, Dr Owen D. Omogiafo; Independent Non-Executive Director, Bolanle Onagoruwa; Chairman, Emmanuel Nnorom; Managing Director/CEO, Dupe Olusola; Independent Non-Executive Director, Garba Abubakar; Non-Executive Director, Adesimbo Bello-Ukiri; and Dr Oluwatoyin Madein, Non-Executive Director, at the 10th Annual General Meeting of Transcorp Hotels Plc held at Transcorp Hilton, Abuja.
Transcorp Hotels Plc, the hospitality subsidiary of one of Africa’s leading, listed companies, Transnational Corporation Plc (Transcorp Group on Monday, April 29, 2024 held its 10th Annual General Meeting (AGM) where the Company’s impressive 2023 performance was presented to shareholders.
The results showed Transcorp Hotels’s continuous growth, as well as new revenue and profit records set in the year under review. The AGM held at Transcorp Hotel’s flagship property Transcorp Hilton Abuja.
As contained in the Company’s annual report, revenue grew by 36.2 percent to N41.46 billion in 2023 from N30.44 billion in 2022, while gross profit grew 37 percent to N29.79 billion from N21.74 billion in 2022. Profit before tax grew by 104.8 percent to N9.48 billion from N4.63 billion in 2022.
Emmanuel Nnorom, Chairman, Board of Directors remarked: “Our exceptional performance in 2023 underscores our unwavering commitment to excellence and sustainable growth. Our strict adherence to corporate governance principles has been fundamental in guiding our strategic decisions. This impressive achievement and our confidence in continued business growth has consistently improved shareholder return.” He announced that the Board of Directors has approved that over N2 billion be paid as dividend to the Company’s shareholders, an announcement that was welcomed with rousing applause and approval by the shareholders.
Dupe Olusola, Managing Director/CEO stated that 2023 was a year of exceeding performance as the Company leveraged increased demand to set new operational and financial records. “By strategically investing in opportunities that align with our growth objectives, we have achieved impressive outcomes. Our business expansion has been propelled by reinforcing our capital base, enhancing operational efficiency, and exercising fiscal responsibility to foster sustainable growth and create value for all our stakeholders,” Dupe Olusola said, adding that the positive momentum created by the Company’s successful strategy offers confidence for its 2024 outlook and beyond.
She acknowledged the resilience and dedication of her team, stressing that the impressive performance reflects their commitment and hardwork.
Chief Olatunde Okelana, a longtime shareholder of the Company expressed his excitement at the year-on-year growth and his confidence in the future growth of the Company. “I have watched this Company grow in leaps and bounds over the years. Returns to shareholders is growing impressively every year, and we owe this to our experienced board and excellent management. I am excited about what the future holds for our Company,” Chief Okelana said.
Another shareholder Bisi Bakare, commended the management of Transcorp Hotels, stressing the importance of the company’s core values of Excellence, Execution and Enterprise. “The triple Es have been the bedrock of the business and has yielded profit.”
Transcorp Hotels is strengthening its asset base through ongoing expansion efforts. A new world-class event centre is expected to open before the end of 2024. The 5,000-capacity event centre is purpose-built to host both local and international events and exhibitions. The Company is also developing a 315-room 5-star hotel at the heart of Ikoyi, Lagos. Through the property, Transcorp Hotels will be able to further tap into the global luxury hotel market, estimated to expand to $107.77 billion in 2024, reaching $157.59 billion by 2029.
Transcorp Hotels Plc is the hospitality subsidiary of Transnational Corporation Plc (Transcorp Group), one of Africa’s leading, listed companies with strategic investments in the power, hospitality, and energy sectors. Transcorp Hotels is redefining hospitality standards in Africa through its businesses, including the iconic Transcorp Hilton, Nigeria’s flagship hospitality destination, and digital platform, Aura by Transcorp Hotels.
NGX Holds 63rd AGM, Shareholders Approve Key Resolutions
The Nigerian Exchange Group Plc (NGX Group), a leading integrated market infrastructure group in Africa, convened its 63rd Annual General Meeting (AGM) at the Nigerian Exchange Group House in Lagos.
During the gathering, the Group concluded on ordinary and special business matters, while also unveiling plans to embark on a comprehensive digital transformation strategy to expand its business operations in line with its overarching strategy.
The meeting’s agenda, approved by the Board of Directors, included the declaration of a final dividend, ratifying the appointment of Temi Popoola as the Group Managing Director/Chief Executive Officer of NGX Group, presenting financial statements to shareholders, re-electing non-executive directors retiring by rotation, authorising, and disclosing remuneration, among other undertakings.
Notably, NGX Group, subject to regulatory approval, discussed its authorisation on a rights issue to raise capital of up to N10 billion with a subjoined resolution to increase its share capital to sufficiently accommodate the rights issue. All resolutions were approved by shareholders just as appointment and reelections of directors were ratified.
Following substantial authorisation across its agenda, NGX Group introduced plans to propel the markets with a digital transformation journey that includes an online platform for public offers and deep investments in its technology stack amongst others. The platform will provide a smarter and efficient way for Issuers to raise capital and enhances the subscription process and operational workflow of POs in the capital market including initial public offerings (IPOs), rights issues and other public offers.
Commenting on the development, the Group Chairman, NGX Group, Alhaji (Dr.) Umaru Kwairanga said: “I am particularly grateful to our shareholders for their assent to the critical business we conducted today. As the Board oversees the strategic direction and gives management the necessary support and guidance, we believe that the coming year will be a better one in terms of value created for our shareholders. NGX Group is positioned to capitalize on opportunities amid the positive and forward-looking reforms by the government and our stakeholders should rest assured we will deliver excellently.”
The Group Managing Director/Chief Executive Officer, NGX Group, Mr. Temi Popoola, said: “As we complete our 63rd AGM, I extend my sincere gratitude to our shareholders, customers, employees, regulators, and directors for their steadfast support. In a year that underscored NGX Group’s strategic agility and operational excellence, we witnessed growth stemming from our dynamic revenue streams. We are optimistic and well-positioned to forge a future marked by success, resilience, and prosperity.
Addressing the digital transformation agenda, Popoola stated, “The future of our business and the capital markets hinges on technology. That is why we are driving this digital transformation journey across our subsidiaries through the Group. NGX Group’s digital transformation will democratize access to public issuances for every Nigerian with a mobile phone, supporting capital-raising efforts for companies. Additionally, we aim to commercialise our technology solutions and expand our footprint across Africa.”
About NGX
Nigerian Exchange Group (NGX Group) Plc is a leading integrated market infrastructure group in Africa. It services the largest economy in Africa and commits to strengthening the competitiveness of African economies to achieve global prosperity. As a key player in the continent’s financial markets, NGX Group takes an active role in shaping the future of the markets through its investment in business innovation and technology.
NGX Group provides a wide range of services including listing and trading securities, licensing, market data solutions, ancillary technology, regulation, real estate, and more through its wholly-owned subsidiaries – NGX Exchange, NGX REGCO, and NGX RELCO. The Group is also invested in the financial infrastructure space with investments in NG Clearing Limited, Central Securities and Clearing Systems (CSCS) and OTC platforms.
Jubilation as Agama Assumes Office as Acting SEC DG
The staff of Securities and Exchange Commission (SEC) were in great jubilation as newly appointed Director General, Dr. Emomotimi Agama assumed office in an Acting capacity pending confirmation by the Senate of the National Assembly.
Agama who resumed at the Commission’s Head office Tuesday and was received by excited members of staff, promised to ensure that the capital market is well regulated and developed in a bid to contribute to the nation’s economy.
The Director General told the elated staff: “I have come here today to serve you and the institution by sheer providence, we should work together to meet the yearnings and aspirations of the capital market, let us make this institution better and greater knowing that it is a place that feeds and gives us succor, united we stand, and divided we fall.”
According to him, “we are grateful to President Bola Tinubu for finding us worthy of this opportunity and we know that expectations of the market and the country are huge, it is our utmost determination to work together with the staff of the Commission to ensure that we deliver on this assignment.”
The Acting DG also commended the staff of the Commission on their commitment to the SEC and assured that the incoming Management will work with the staff union to ensure all lingering staff issues are resolved
“I have come here as your colleague because without you this institution won’t get anywhere. This institution has been built by you, your resilience even in trying times has brought us thus far. All of you have been symbols of hard work. It’s been a wonderful journey knowing every one of us here. I have had the pleasure of being involved in people’s career here for the last 20 years. We have crossed many rivers, but each of us has added some value to this institution. When we leave, we should be able to look back with joy at what we have done. I therefore solicit your support and cooperation to ensure that we all succeed” Agama said.
Both the top executives and junior staff who spoke at the meeting pledged their commitment to support the Director General to achieve the lofty goals of making the Nigerian capital market better and greater.
It would be recalled that Tinubu recently approved the appointment of a new Board for the SEC. This was contained in a statement issued by Ajuri Ngalale, a spokesperson to the President.
The President also appointed the following professionals to the Board of the Commission: Mr. Mairiga Aliyu Katuka as Chairman, Frana Chukwuogor – Executive Commissioner (Legal and Enforcement), and Mr Bola Ajomale as Executive Commissioner (Operations). Others are Mrs. Samiya Hassan Usman – Executive Commissioner (Corporate Services), Mr Lekan Belo, Non-Executive Commissioner, and Mr Kasimu Garba Kurfi, Non-Executive Commissioner.
NCRIB Endorses Universal Insurance for Brokers, as Firm Reaffirms Commitment to Prompt Claims Payment
From left: President of CIIN, Edwin Igbiti; Executive Secretary Nigerian Council of Registered Insurance Brokers(NCRIB), Mr. Tope Adaramola; Past President of NCRIB, Shola Tinubu; Deputy President of NCRIB, Mrs. Ekeoma Ezeibe; President of NCRIB, Mr Babatunde Oguntade presenting a gift plaque to the Managing Director/ CEO of Universal Insurance Plc, Benedict Ugochukwu Ujoatuonu; Vice President of NCRIB, Mrs. Funke Adenusi; Executive Director, North, Mr. Reginald Chikodili Anyanwu and Head, Marketing, James Olatunji Oyebayo, when Universal Insurance Plc hosted the April edition of Brokers’ Evening at Brokers House in Lagos.
The Nigerian Council of Registered Brokers (NCRIB), on Tuesday endorsed Universal Insurance Plc as the most broker-friendly insurance company in Nigeria.
The NCRIB President, Mr Babatunde Oguntade, gave this approval at the April edition of members’ evening of the Council, hosted by Universal Insurance Plc in Lagos.
While welcoming the host of the event, Managing Director/ CEO, Benedict Ugochukwu Ujoatuonu and members of his team as well as the over 300 insurance brokers present, Oguntade explained that the endorsement was as a result of the company’s unique way of responding to claims payment.
He said: “I make bold to say that Universal Insurance is a very strong company. They have never been found wanting in the industry. Universal have a unique way of responding to claims experience.”
In his address, the Managing Director/ CEO, Benedict Ugochukwu Ujoatuonu, while speaking on its relationship with brokers said: “Our journey with NCRIB and member broker companies is one of partnership. We are grateful for the partnership and sincerely believe in making the partnership stronger. You the brokers and our friends are the integral part of our success. Our success story cannot be complete without mentioning of your roles in our success journey. I stand here today to acquaint you with the happenings in Universal and to strengthen the relationship between us and all of you.”
On claims payment, he said, “claims payment still remains our focal point and priority. At Universal, we strive to meet our claims obligations as and when due. We have consistently delighted our customers with prompt settlement of claims. This to us is the major reason why we are in business. I assure you that we will continue to grow our tempo in claims settlement.”
On digitalization he said: “We are one of the very few digitally-compliant companies in the market. We have portals that are available to our customers and brokers to access our products, lodge claims all at the comfort of their homes or offices. We have applications that are very compliant and friendly, especially in compliance with latest web aggregators guidelines. This enables any digitally-compliant company to easily have a handshake with our software to either buy, sell Insurance or lodge claims. All our retail line products are sold and bought digitally. I encourage all brokers to take advantage of this.”
On market expansion strategy he said “our strategy to grow our business through expanding our market continues. We opened a total of six branches in less than two years, Yenagoa branch being the most recent one. More new branches will come up within this quarter. We are also enhancing our online platforms to ease our business operations.”
He assured them that Universal Insurance is stronger and better and has built capacity to handle all kinds of risks.
Fintech Will Drive Economic Growth in Nigeria, Lift Millions Out of Poverty-Experts
PHOTO CAPTION:
L-R: Dr. Agada Apochi, Group MD/CEO, Unified Payment Services Limited; Mrs. Adekunbi Ademiluyi, MD/CEO, HumanManager Limited; Dr. Umaru Kwairanga, Group Chairman, Nigerian Exchange Group (NGX); Prince Cookey, Publisher/Editor-in-Chief, Business Journal Media Group and Mrs. Joy Utubor of Securities & Exchange Commission (SEC Nigeria) at the maiden Nigeria Fintech & Financial Inclusion Roundtable 2024 in Lagos.
The need to leverage on financial technology (Fintech) to promote financial inclusion to enhance the well-being of Nigerians and ensure sustainable economic growth took the centre-stage at the maiden Nigeria Fintech & Financial Inclusion Roundtable 2024 organised by Business Journal Media Group in Lagos.
Experts at the event with the theme, the ‘Role of Fintech & Financial Inclusion in Citizen Empowerment and Economic Growth’ stated that proper leverage of fintech will enhance the economy of the nation and take Nigerians out of poverty.
Delivering the keynote speech at the event, Dr. Agada Apochi, Group Managing Director/CEO, Unified Payment Services Limited, stated that the large number of Nigerians with active mobile phones presents an opportunity for fintechs to bring Nigeria out of poverty.
“There are more Nigerians with telephones than those with bank accounts. The task for fintechs is to leverage the power of financial technology to deliver financial services to the excluded, such that they are not only financially included, but also economically included. Economic growth and financial inclusion are closely related. We cannot sustain the impact of financial inclusion without prioritizing economic inclusion. Beyond achieving individual or organizational economic growth, we can lift millions of Nigerians out of poverty by including them economically and financially”, he assured.
Apochi stated that financial technology has transformed the way things are done, by simply making transactions easier, faster, and more seamless. He stated that for Nigeria to achieve sustainable economic development, the issue of identity must be given attention.
Contributing, Mrs. Adekunbi Ademiluyi, the Managing Director/CEO, HumanManager Limited, opined that financial inclusion starts with identity, adding that when an identity of an individual is known, then one can open an account with the person.
She noted that Nigeria started well with financial inclusion, though, she observed that it has not yet gotten to where it should be, but pointed out that going by the way the fintech companies are working to ensure that every Nigerian is included, Nigeria will get there.
“We have started well in Nigeria. We can’t compare ourselves with other countries but we are getting there. There are companies that are doing a lot. The fintechs are going to places you and I could not reach before. Even the banks before were trying to compete with the fintechs but they have understood that there is no need of competing with fintechs, rather, they should sign an agreement and ensure that fintechs go out to do their job of going out to gather individuals and ensure they open accounts”, she said.
In his opening remarks as Chairman of the occasion, Dr. Umaru Kwairanga, the Group Chairman of Nigerian Exchange Group (NGX), assured that by leveraging cutting-edge technologies like mobile platforms, big data analytics and distributed ledger systems, fintech has the power to democratise finance, breaking down barriers and extending access to financial services to the underserved and unbanked.
He stated that NGX Group is strategically focused on leveraging fintech success in the capital market, adding that it recognised the potential of fintech in boosting retail investor participation, which is aimed at ensuring that the average Nigerian benefits from the myriad of opportunities available for wealth creation in the capital market.
According to him, to enhance access to the market for retail investors, the NGX launched the USSD code *5474# in partnership with leading telcos, which has gathered commendations from stakeholders. Dialing the code, according to him, enables investors to access stock prices, daily gainers and losers and even initiates the process of opening a trading account.
“We are also collaborating with technology companies and partners to develop a state-of-the-art platform to support digital public offerings. Our track record in this area is commendable, as we saw over 150,000 new retail investors participate in the capital market during the MTN public offering in 2021. The NGX Group is also working closely with regulators and the government on bringing new products to the market, such as tokenized assets with blockchain technology and depository receipts”, he assured.
Speaking on concerns consumers have about fintech, Dr. Bode Oguntoke, the Group Head of Audit, FBN Holdings Plc, said that consumers are often not comfortable with the fact that there is no physical location where they can go for complaints or concerns about their accounts.
Some consumers he said, can’t leave their money in these fintechs because they fear they might lose it. Proffering solutions, he said there is need to truly empower the populace and ensure there should be full disclosure and transparency in charges.
He insisted that there should be a clear breakdown of all fees, adding that terms and conditions should be in plain language without any technical jargon.
Oguntoke added that the Central Bank of Nigeria (CBN) should encourage uniformity in charges and provide offline channels to obtain further information if necessary. According to him, information should be timely, orderly, enhance transparency and should be understandable.
“Awareness should be created on fraud, pointing out that consumers should be informed of steps to take when they get a fraudulent call or compromise their information among others.”
Earlier in his welcome address, Prince Cookey, the Publisher/Editor-in-Chief of Business Journal Media Group described the Roundtable as an opportunity to further understand the concept of fintech and financial inclusion in the Nigerian financial services industry.
Cookey added that another key objective of the Roundtable is to understand the nexus between banks and fintechs, examine the growth of fintechs in Nigeria in the past 10 years, proffer solutions to their operational challenges and project the future of fintechs in the country.
He promised that the Roundtable would be an annual event going forward.