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Sustained Sell-offs Drag Equities Market… ASI Down 56bps

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The downward trend in the equities market continued following price depreciation in GUARANTY (-1.0%), DANGCEM (-0.3%) and UBN (-3.7%).

Consequently, ASI dipped 56bps to 28,043.32 points while YTD loss worsened to -10.8%. Similarly investors lost N77.0bn, pulling down market capitalisation to N13.67tn. Activity level improved as volume and value traded rose by 12.5% and 116.0% to 243.7m units and N3.9bn respectively.

The top traded stocks by volume were GUARANTY (77.5m units), FBNH (29.5m units) and UBA (13.6m units) while the leading stocks by value were GUARANTY (N2.3bn), DANGCEM (N317.5m) and ZENITH (N247.4m).

Bearish Sector Performance 
Sector performance remained largely bearish as 5 of 6 indices under our coverage closed negative. The Insurance index topped the decliners, reversing yesterday’s gain with a loss of 1.5% on the back of sell pressures in MANSARD (-8.3%).

The Banking index trailed closely, retreating by 1.4% following price depreciation in GUARANTY (1.0%), UBN (-3.7%) and ACCESS (-3.1%). In like manner, the Consumer and Industrial Goods indices closed in the red, dipping 0.8% and 0.7% respectively following losses in UNILEVER (-3.0%), NESTLE (-0.4%), HONEYFLOU(-7.1%), WAPCO (-2.6%) and DANGCEM (-0.3%).

The bearish performance also extended to the Oil & Gas index, which declined by 0.1% as investors exited position in FORTE (-0.8%) and TOTAL (-0.1%). Conversely, the AFRI-ICT index closed flat.

Investor Sentiment Remains Flat
Investor sentiment as measured by market breadth (advance/decline ratio) remained flat at 0.3x due to 8 advancers against 26 laggers. AGLEVENT (+10.0%), CHAMS (+8.0%) and MBENEFIT (+5.0%) led the top advancers while JBERGER (-9.8%), NAHCO (-9.6%) and UNITYBNK (-9.2%) led the laggards. We expect the bearish performance to continue until we start seeing H1:2019 earnings results.

NGE Mourns Veteran Journalist, ODAFE OTHIHIWA

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The entire members of the Nigerian Guild of Editors (NGE) received with shock news of the demise of veteran journalist and Editor, Sir Odafe Othihiwa, who was aged 77.

Sir Othihiwa was a former News Editor of the defunct Nigerian Observer from 1977 to 1981. He also served as Group General Manager of the Daily Times and African Independent Television (AIT).

He was a journalist of over five decades of professional standing, who also worked with the defunct Daily Expressnewspaper.

Sir Odafe Othihiwa was a reporter par excellence, reputed to be the first African reporter to interview former US President Jimmy Carter in 1978.

The former Daily Times and AIT General Manager, was born in OwodokpoIgbide, Isoko South Local Government Area of Delta State. He attended Protestant Teacher Training College, Yaba Lagos and taught for 10 years before his foray into the journalism profession.

In 1982, Othihiwa was honoured with the award of the Knighthood Order of St. Augustine by the Head of the World Anglican Communion.

‘Our heartfelt condolences are hereby extended to the entire members of the Othihiwa family, his professional colleagues and associates in the media, friends and the Delta State Government.

We pray the Almighty God to give the entire Othihiwa family the fortitude to bear this loss and grant his soul eternal rest. Amen.’

UNDP Report Classifies 98m Nigerians as Poor

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The traditional concept of poverty is outdated, according to a new report released yesterday by the United Nations Development Programme (UNDP) and the Oxford Poverty and Human Development Initiative (OPHI).

Findings from the 2019 global Multidimensional Poverty Index (MPI) sheds light on disparities in how people experience poverty, revealing vast inequalities among countries and among the poor themselves.

The report reveals that in Nigeria, even though the proportion of people who are multi-dimensionally poor has remained constant at just over 50% over the past decade (up to 2017) the actual number of people who are multi-dimensionally poor increased from 86 million to 98 million over the same period. Also, important to note from the report is that when compared to the national poverty line which measure income/consumption, a larger proportion of Nigerians (51%) are multi-dimensionally poor than those that are income poor (46%).

This year’s MPI results show that more than two-thirds of the multi-dimensionally poor—886 million people—live in middle-income countries. A further 440 million live in low-income countries. In both groups, data show, simple national averages can hide enormous inequality in patterns of poverty within countries.

For instance, in Nigeria, even though the national average shows that around 50% of Nigeria are multi-dimensionally poor, state and local government levels will reveal a completely different scenario – higher or even lower levels.

There is even inequality under the same roof.  In South Asia, for example, almost a quarter of children under five live in households where at least one child in the household is malnourished and at least one child is not.

“We need—even amongst those living in poverty—to understand people’s different experiences of deprivation. Are they malnourished? Can they go to school? Only then will poverty reduction policies be both efficient and effective,“ says Pedro Conceição, Director of the Human Development Report Office at UNDP.

There is also inequality among the poor. Findings of the 2019 global MPI also paint a detailed picture of the many differences in how – and how deeply – people experience poverty. Deprivations among the poor vary enormously: in general, higher MPI values go hand in hand with greater variation in the intensity of poverty.

Results also show that children suffer poverty more intensely than adults and are more likely to be deprived in all 10 of the MPI indicators, lacking essentials such as clean water, sanitation, adequate nutrition or primary education.

Even more staggering, worldwide, one in three children is multi-dimensionally poor, compared to one in six adults. That means that nearly half of the people living in multidimensional poverty—663 million—are children, with the youngest children bearing the greatest burden.

But new data also shows a positive trend: those furthest behind are moving up the fastest.

 “We looked at data for a group of ten middle- and low-income countries and we found encouraging news that the bottom 40 percent were moving faster than the rest,” says Sabina Alkire, OPHI Director-“A pro-poor pattern that reduces inequalities in several Sustainable Development Goals.”

Within these ten countries, data show that 270 million people moved out of multidimensional poverty from one survey to the next. This progress was largely driven by South Asia: in India there were 271 million fewer people in poverty in 2016 than in 2006, while in Bangladesh the number dropped by 19 million between 2004 and 2014.

In other countries there was less—or no—absolute reduction, with numbers of multi-dimensionally poor rising by 28 million across the three African countries considered. In part this was because of rapid population growth, which outstripped reductions in poverty. Infact, poverty rates (as a percentage of the population) declined in most of the countries.

The 2019 global MPI paints a detailed picture of poverty for 101 countries and 1,119 sub-national regions covering 76 percent of the global population, going beyond simple income-based measures to look at how people experience poverty every day.

Nigeria to be Major Player at Africa Investment Forum 2019

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Nigeria will feature significantly in the 2019 Africa Investment Forum scheduled to take place in Johannesburg, South Africa this November, business leaders and government heard at a roadshow event held in the capital Abuja.
Following the hugely successful inaugural edition held last year, the African Development Bank’s innovative investment marketplace set up to accelerate investment into the continent, will convene for its second meeting from 11-13 November.
The Nigerian roadshow, held 9th July, was organised by the Nigeria Country Department of the Bank in collaboration with the Africa Finance Corporation. It was attended by key industry players, including, policy makers and representatives of state governments.
Speaking at the event, Ekiti State Governor, Dr. Kayode Fayemi emphasized the role of private capital to deliver the infrastructure required to grow Nigeria’s economy and provide jobs for millions of young Nigerians.
“With the support of the African Development Bank and the African Finance Corporation, and the quality of investors that attended the inaugural edition in South Africa last year, I am confident that if we put our best foot forward, we will receive significant funding commitment for investments across Nigeria and the continent,’’ Fayemi said.
Senior Bank Director for the Nigeria Country Office, Ebrima Faal, highlighted Nigeria’s prominence during the 2018 Forum. Nigeria was very visible. Out of the 63 boardroom deals presented at the Forum, Nigeria had 5 deals worth $7 Billion. This represents 14.9% of the total deals accounted for on the continent, and 43% of the deals accounted for the region.
“The African Development Bank and its partners are excited to present you with … the only platform that allows you to instantly pitch and close monumental deals on the spot. We encourage you to engage early and wholesomely to be a part of re-writing Africa’s economic history,’’ he urged.
According to Africa Finance Corporation Senior Director, Taiwo Adeniji, “building on the success recorded in 2018, it is expected that Nigeria will be a major participant at the 2019 Forum. The Africa Finance Corporation is keen to support Nigerian businesses across sectors to ensure effective project implementation to boost economic development.’’
The Nigeria road-show included highlights and key lessons from the 2018 forum, project preparation guidelines as well as presentations on selected pipelines.
“We are now seeing positive momentum in building transparent and durable institutions to anchor the political economy, promote and support development of the private sector, in order to increase the pace, depth and spread of economic growth,’’ Faal said.

‘Join Africa50 to lay Foundations for a More Prosperous Africa’, Says AfDB

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African governments must explore innovative technologies to drive transformation on the continent, board members at Africa50’s General Shareholders Meeting, held in Kigali heard on Wednesday.
Prime Minister of Rwanda, Edouard Ngirente made the call at the opening of the shareholders meeting.
“Let’s explore these digital opportunities to move our continent forward,” the prime minister said.
Africa50 is an innovative fund for developing and financing African infrastructure, funded by the African Development Bank, African governments and private and institutional investors.
In his opening speech, African Development Bank President, Akinwumi Adesina, who is Board chair of Africa50, urged more African countries to join the institution, which he described as “the continent’s main investment vehicle.”
“Africa 50 is on track to launch a private sector third party fund to leverage $1 billion from private sector institutional investors. I encourage countries that have not yet joined Africa50 to do so.  Join us as we move towards a future of great promise for Africa. Join us as we lay the foundations for a more prosperous Africa,” Adesina urged.
Chief Executive Officer of Africa 50, Alain Ebobissé, noted that the organization had made significant progress over the years, and built an effective partnership with several African countries.
Africa50’s current membership now stands at 28 African countries and the firm will launch a private sector third party fund that will be used to leverage $1 billion into infrastructure from private sector institutional investors.
“A game changer in the infrastructure space in Africa will occur when enough decision makers acknowledge that the opportunity cost of delayed projects implementation is very high. Doing nothing or slowing down projects costs money and deprives citizens of services and economic opportunity,” Ebobissé said.
Adesina also made an appeal to investors to attend the Bank’s 2019 Africa Investment Forum, stressing that Africa is ready for massive investments – and offers an attractive investment destination. The Forum’s lead partners include: Development Bank of Southern Africa (DBSA), African Export Import Bank (AfreximBank), Trade and Development Bank (TDB), Islamic Development Bank (IsDB), Africa50, Africa Finance Corporation (AFC), and European Investment Bank (EIB).
“If you are an investor, do not miss Africa Investment Forum 2019. Africa is ready for massive investments – and the environment is getting more attractive for investors,” Adesina said.
“One such investment is the construction of the bridge that will connect the Democratic Republic of Congo and the Republic of Congo, a $550 million transaction being led by Africa50 in partnership with the African Development Bank.”
The recently launched African Continental Free Trade Area has opened possibilities for the world’s largest free trade area and an integrated single market for Africa, the attendees heard.
To enjoy the full benefits of the African Continental Free Trade Agreement, Adesina said the continent needed to be connected through roads, rail, ports, airports, ICT backbones and energy corridors, “This will be crucial for spurring future economic growth in Africa,” Adesina stressed.

Sovereign Trust Insurance Partners Society for Corporate Governance

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L-R: Jude Modilim, Executive Director,Technical, Sovereign Trust Insurance Plc, Olaotan Soyinka, MD/CEO, Sovereign Trust Insurance Plc, Hilda Nkor, Chief Executive Officer, Society for Corporate Governance Nigeria, Ugochi Odemelam, Executive Director, Marketing and Business Development, Sovereign Trust Insurance Plc and Kayode Adigun, General Manager, Finance and Corporate Services, Sovereign Trust Insurance Plc during the courtesy visit of the team of Society for Corporate Governance Nigeria to the Management of Sovereign Trust Insurance Plc on Tuesday, July 9, 2019.

NSE Admits Airtel Africa to its Main Board

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 L – R (A) shows Segun Ogunsanya, Managing Director/CEO, Airtel Nigeria Plc; Oscar N. Onyema, OON, Chief Executive Officer, The Nigerian Stock Exchange, NSE and Awuneba Ajumogobia, Member, Airtel Africa Board during the listing of Airtel Africa Plc on the Daily Official List of The NSE yesterday in Lagos.

The Nigerian Stock Exchange (NSE) is pleased to announce the Cross Border Secondary Listing of 3,758,151,504 ordinary shares of Airtel Africa Plc on Tuesday, July 9, 2019. The shares were listed at an offer price of N363 per ordinary share on the Main Board of The Exchange and at 80 pence per ordinary share on the main market of the London Stock Exchange, the primary listing exchange.

The listing of the company’s shares has added N1.36Tn to the market capitalization of The Exchange, further deepening the Nigerian capital market. It will also increase the visibility of Airtel Africa to investors on the continent and across the globe.

Airtel Africa, a leading provider of telecommunications and mobile money services, is the holding company of Airtel Networks Limited (Airtel Nigeria) and thirteen (13) other subsidiaries in Africa – Airtel Congo S.A., Airtel Gabon S.A., Celtel Niger S.A., Airtel Congo RDC S.A. (DRC). Airtel Tanzania Plc, Airtel Networks Zambia Plc, Airtel Networks Kenya Limited, Airtel Tchad S.A., Airtel Madagascar S.A, Airtel Malawi Limited, Airtel Rwanda Limited, Airtel Uganda Limited and Airtel (Seychelles) Limited.

Commenting on the listing, Mr. Oscar N. Onyema, Chief Executive Officer, NSE, commended

Airtel Africa Plc for taking the bold step to list on the Exchange.

“Listing on the Exchange reaffirms Airtel Africa’s long-term commitment to expanding opportunities and providing everyday services to Africans and Nigerians in particular. It also indicates the firm’s belief that our platform, which has a total market capitalization of N25.20Tn across various asset classes, remains a veritable avenue for raising capital and enabling sustainable national growth.  This listing serves to deepen the telecoms and technology sector for investors and provides an opportunity for a wider group of Nigerians to be part of the African telecoms growth story.”

“Today’s listing is a promising development in Africa with Airtel Africa being the second company to have its ordinary shares listed on both the London Stock Exchange and The Nigerian Stock Exchange.  This gives credence to the successful partnership between the two exchanges. I encourage similar situated companies to explore the different opportunities for raising capital on the Exchange’s platform”, Onyema added.

Anchor Insurance Gets NAICOM’s Approval for 2018 Account

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The Management of Anchor Insurance Company Limited, a company specially known for its clean claims administration record, has announced the approval of the organisation’s audited financial statement for the year ended 31st December, 2018 by the National Insurance Commission (NAICOM) as submitted.

The company’s Managing Director/CEO, Mr. Ebose Augustine, quoted NAICOM’s letter which conveyed the approval details and dated 3rd July, 2019 as stating in part that “the Commission has no objection to the publication of your audited financial statements for the year ended 31st December, 2018 as submitted,” noting further that approval was “granted after a confirmation that you have substantially complied with our regulatory requirements.”

He explained that the company’s financial statement was approved without any   official query from the regulatory body, stating that “this outcome was a fallout of the company’s culture of getting things right the first time.”

Ebose disclosed that the company’s gross premium written during the year was N3.43 billion as against N2.22 billion written during the corresponding period of 2017, indicating a 54.38% growth over the previous performance.

He further highlighted that the total assets of the company during the period grew from N6.2 billion in 2017 to N6.6 billion while shareholders’ fund moved from N5.07 billion in 2017 to N5.2 billion with the company’s solvency margin standing at N4.8 billion.

He noted that the company paid a gross claim of N756.8 million to its various affected genuine policyholders during the period as against the N540.3 million in 2017, stating that “it demonstrates our strength to accommodate any volume of genuine claims reported and by direct implication, our ability and readiness to handle any quantum of general insurance business anytime.”

He explained that with the trend of results already being achieved by the company in 2019, the Management was hopeful of comfortably beating the 2018 results to the delight of the owners of the company at the end of the year.

Kwik Takes Last-mile Delivery in Nigeria by Storm

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Launched on the 26th June 2019 on both Apple Appstore and Google Play by the French start-up Africa Delivery Technologies, the Kwik app aspires to quickly become the Number #1 of last-mile delivery services in Nigeria.
“Kwik aims to become the first platform for last-mile delivery in urban areas in Nigeria before extending its scope to neighbouring countries. We’re targeting 100,000 deliveries per day in three cities before 2021”, explains Romain POIROT-LELLIG, Founder & CEO of Africa Delivery Technologies (ADT), developer of the Kwik app.
Kwik connects independent delivery partners, either owners and/or drivers of a vehicle, with customers who need reliable, affordable and flexible delivery solutions. The Kwik app comes with an integrated geolocation system and offers an efficient transportation service for small packages (up to 25kg) or documents, following the same model as Go-Jek, Uber or Taxify.
Kwik’s value proposition is simple and straightforward: to ensure the fast, reliable and efficient delivery of a package or envelope in Lagos, Nigeria’s business capital. Currently, Kwik’s competitors offer a service that takes 12 hours and costs between 2,000 and 3,000 nairas (4-8 euros) per delivery from Lagos to Lagos.

Kwik promises to offer a service of higher added value within 2 hours and for a third of the price, with an integrated geolocation and proof of delivery system that offers the highest degree of security available on the market.
The service offered by the company is available through the Kwik app or via a web browser. The couriers are geo-located in real-time. The payment can either take place beforehand by credit card via the Nigerian fintech Paga’s system (12 million users) or in cash.
Kwik focuses particularly on B2B clients and allows them to create tour deliveries on the fly, set up recurring delivers, manage users, and so on. Additional insurance services are currently under development.

AMCON, ICPC to Collaborate on Debt Recovery Drive

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The Chairman of Independent Corrupt Practices and Other Related Offences Commission (ICPC), Prof. Bolaji Owasanoy in Abuja disclosed plans by the commission to collaborate with Asset Management Corporation of Nigeria (AMCON) towards the recovery of N5 trillion owed AMCON by obligors.

He made the declaration when he received the Board and Management of AMCON led by the Corporation’s Board Chairman, Dr. Muiz Banire.

Prof. Owasanoye who received the AMCON delegation at ICPC headquarters while describing the huge debt profile of AMCON as sobering situation especially as the figure represents about 50 per cent of Nigeria’s 2019 budget, further said the situation has become existential challenge for the country since the few people who are holding the country to ransom are still walking free and waxing strong in the society.

Considering the positive impact, the funds would have in the economy if recovered, Prof. Owasanoye declared that the time has come for the ICPC and other relevant sister agencies to partner AMCON and support the debt recovery drive.

He however pledged that the ICPC under his leadership is ready to work with Ahmed Lawan Kuru, Managing Director/Chief Executive Officer of AMCON and the Board members to recover as much of these debts as possible before sunset.

Recalling that the Vice President, Prof. Yomi Osinbajo had also raised concerns over the huge debt in a similar forum, the ICPC Chairman said, the commission would be interested in tracing the transactional history of the different loans especially the high profile ones with a view to establishing any irregularity, which could have contributed to its hard-core nature, with obligors refusing to pay

“We have to be practical in our approach. Something needs to be done and very fast too given the approaching AMCON sunset because this is public funds we are talking about here. We need AMCON and ICPC to work closer and develop a strategy that would work. We need the public to know the opportunity cost of the huge debt to the Nigerian economy, we need to share information as sister agencies locally and internationally and treat this matter as a last lap race by setting up a joint taskforce to deal with this sobering issue,” he added.

The ICPC boss, who is of the opinion that obligors of AMCON are made to face the music, which he said would serve as deterrent to others further added, “If these matters are not properly challenged and well treated, we can predict based on history that these set of people or their clones would repeat this circle of borrowing and would tell you that in the past, some people borrowed and defaulted and nothing happened. So something has to be done.”

Earlier in their submissions, both Dr. Banire who led the delegation and Kuru, AMCON managing Director/Chief Executive Officer, highlighted some of the high-profile obligors of the Corporation including some 350 individuals that account for 80 per cent of the entire debt obligation.

They also reiterated the fact AMCON would at this time in its lifespan need collaboration of the ICPC to go after these obligors especially since AMCON on its own does not have the powers to invite, arrest or prosecute obligors as the only option open to AMCON remains the court.

Kenya Airways Selects GE Aviation for Digital Flight Operations

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Maximizing Airline Efficiency with the Most Accurate Data and Analytics; Kenya Airways adds to the 15,468 aircraft with GE Aviation’s digital solutions.
Kenya Airways has selected GE Aviation for the Flight Operations suite of digital products across the airline’s fleet of Boeing 737, 787 and Embraer E190 airplanes. Kenya Airway’s fleet adds to the 15,468 unique aircraft assets that are connected to GE Aviation’s digital solutions. Implementation is currently underway with completion this year.
“Kenya Airways was looking for a way to monitor fleet performance, implement and track fuel saving initiatives across their network and empower their pilots to help drive efficiency,” said John Mansfield, chief digital officer for GE Aviation at the signing ceremony held on June 18th at the Paris Air Show. “The Flight Operations suite provides these insights and is scalable to provide additional functionality.”
The Flight Operations suite integrates GE’s Event Measurement System (EMS), flight analytics, FlightPulse™ and fuel efficiency services. GE’s EMS and FOQA systems are being used on 8,932 aircraft including flight analytics service integrating data sources like flight information, weather, navigation, flight plans, and other operational data to provide valuable insights for airline customers around fuel use and operations. Kenya Airway’s 425 pilots add to the 57,702-airline crew relying on GE Aviation’s Network Crew Optimization.
Paul Njoroge, director of operations, Kenya Airways said, “The partnership with GE Aviation will empower Kenya Airways to optimise its fuel costs and excel in flight operations. GE brings a wealth of knowledge to help the airline fast track efficiencies enabling improvements in operations and customer experience.”
Clare Ward, chief information officer, Kenya Airways, noted that the airline chose GE Aviation because of its leadership and innovation in flight analytics and deep aviation experience. “By partnering with GE, Kenya Airways is accelerating the move to leading edge technologies in analytics and machine learning,” she said.
“Our aim is to help Kenya Airways reduce their multi-million-dollar fuel bill and increase their overall efficiency, said Mansfield. “The fidelity in our flight analytics, together with the team’s experience from analyzing more than 175 million flights, will enable Kenya Airways to better manage operations with data-driven solutions. We are bringing together analytics with physical assets to help significantly reduce cost.”

MTN Nigeria Appoints Srinivas Rao as Chief Digital Officer

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Srinivas Rao Chief Digital Officer MTN Nigeria
Srinivas Rao Chief Digital Officer MTN Nigeria

MTN Nigeria has announced the appointment of its first Chief Digital Officer (CDO), Srinivas Rao to lead the company’s recently created Digital Services Division.

The Digital Services division will play a pivotal role in driving MTN’s digital business growth; its creation marks the company’s commitment to its vision of leading the delivery of a bold, new digital world to its customers.

In his new role, Rao is responsible for MTN’s digital strategy and will lead the next level of design, planning and deployment of digital services & channels for customers and partners.

An industry veteran, Rao has two decades of management experience in IT and telecoms. He brings significant knowledge and expertise from working with MTN operations in the Middle East and Africa. He spent the last 8 years leading one of MTN’s largest operations in their technology development, product innovation &digital transformation program.

Srinivas Rao Chief Digital Officer MTN Nigeria
Srinivas Rao
Chief Digital Officer
MTN Nigeria

Commenting on the appointment, CEO, MTN Nigeria, Ferdi Moolman said, “I am thrilled that Srinivas is joining our team. He is a proven leader, with a solid track record whose knowledge and experience, will serve us well, accelerating our digital agenda.”

Meanwhile, the MTN Group has announced that GlobalConnect, the company’s wholesale infrastructure company, is now an operating company (Opco) of the group.

The Opco, headquartered in Dubai, will continue to be led by current CEO Frédéric Schepens.

MTN GlobalConnect was established in 2017 as the main driver and commercial vehicle for the consolidation of MTN’s international and national major wholesale activities.

To further enable its growth, and in line with the group’s strategic focus on wholesale, the operational structure of GlobalConnect was revised, resulting in its establishment as an Opco.

Commenting on the development, MTN Group COO, Jens Schulte-Bockum said, “I am pleased that after less than two years of operation, MTN GlobalConnect has exceeded expectations, growing its customer base and revenue ahead of targets. I have no doubt that the team, led by Frédéric will continue to build on their gains to drive value to our operations, and lead MTN’s ambition to build Africa’s leading wholesale company.”

Offering the most complete backbone network in Africa, the company provides reliable solutions for fixed connectivity and international mobile services and is the single-entry point to the largest network infrastructure on the continent.

Furthermore, the company’s robust MTN.net and IP/MPLS network includes:

  • 47 multinational points of presence
  • 29 countries across the MEA region (Middle East & Africa)
  • 14 Submarine cables MTN Group Media release
  • More than 100 000km of national and metro fibre network • 31 multinational Network-to-Network interface enabling connectivity to global networks
  • A backbone capacity in excess of 3Tbps
  • Peering with major content providers Driven by the belief that everyone deserves the benefits of a modern connected life, GlobalConnect strives to enable services that create significant value for other MTN Opcos, partners and third parties looking to gain from the growing opportunities in the Middle East and Africa.

MTN Concludes 21 Days of Y’ello Care, Rewards Hackathon Challenge Winner

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Richard Igiriki, winner of 2019 MTN Hackathon Challenge

MTN Nigeria has concluded the 2019 edition of its annual 21 Days of Y’ello Care.

The colourful closing ceremony recently took place at the company’s head office in Ikoyi, Lagos.

The 2019 edition of the annual event provided an opportunity for MTN employees to participate in community projects that positively influenced the youths and society in general.

With the theme, “Creating a Brighter Future for the youths,” the corporate social responsibility initiative focused on targeted efforts aimed at youth empowerment and developing Nigeria’s burgeoning tech ecosystem for greater impact in national developmental efforts.

Richard Igiriki, winner of 2019 MTN Hackathon Challenge

With Mental Health Awareness as a major part of this year’s activities, the company’s employees across major cities in Nigeria embarked on an8km walk to create awareness for mental health. The walk in Lagos was in conjunction with the Lagos University Teaching Hospital Suicide Research and Prevention Initiative.

There was a digital media training session for young Nigerians that was aimed at raising suicide prevention media advocates.

Another critical aspect of this year’s edition of the 21 days initiative was the hackathon, which challenged young software developers to create critical solutions to health problems using technology. Presenting the cheque of one hundred thousand naira (N100,000) to the winner of the hackathon challenge, the CEO, MTN Nigeria, Ferdi Moolman urged the winner, Richard Igiriki to make the most of the opportunity that has been presented him.

He encouraged him and his team to ensure that the Bloodshare App that they have developed go mainstream so that blood donors can easily be matched with the right hospitals.

During the 21 days, MTN staff across Nigeria provided technical training for students and teachers, as well as setup e-libraries in over 22 secondary schools across Nigeria. Career experts provided information technology trainings at select secondary schools and skill acquisition centres across the country.

About MTN Nigeria

MTN Nigeria is Africa’s largest provider of communications services, connecting over 60 million people in communities across the country with each other and the world.  Guided by a vision to lead the delivery of a bold new digital world, MTN Nigeria’s leadership position in coverage, capacity and innovation has remained constant, since its launch in 2001. MTN Nigeria is part of the MTN Group – a leading emerging market operator, connecting more than 200 million subscribers in 21 countries in Africa and the Middle East.

Ecobank Partners CFA Institute on Training, Research

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Left: Managing Director, Ecobank Nigeria, Patrick Akinwuntan and Chief Executive / President, Chartered Financial Analyst (CFA) Institute, Paul Smith during a visit of CFA Institute to Ecobank in Lagos.

The Chief Executive and President Chartered Financial Analyst (CFA) Institute, Paul Smith has called for a closer collaboration with Ecobank Nigeria along areas of mutual interest in the nation’s  financial industry.

Smith who was speaking during a courtesy visit to Management of Ecobank Nigeria in Lagos last Friday, said its call is predicated on the pedigree and antecedents of the Bank in the financial industry.

According to him,  the partnership would further explore research, training and professional development. “We also want to deepen and strengthen our collaboration with Ecobank to expand our reach across the various regional blocs in the Sub-Saharan Africa region.”

While commending Ecobank for its support to its member CFA Society, Nigeria  over the years, he emphasized that the CFA Institute stands for creating a financial environment where clients’ interests come first, markets function at their best, and economies grow.

Responding, Managing Director, Ecobank Nigeria, Patrick Akinwuntan, lauded the visit and assured that the Bank is ready to collaborate more with the Institute to further develop the financial sector in Nigeria and across Sub-Saharan Africa. He commended the organisation’s sterling activities in growing the ethical and professional practice of financial services in Nigeria, Africa and across the world.

He intimated the CFA team of the various strategic initiatives of the Bank which are aimed at establishing world-class learning and development platforms for its staff, one of which led to the recent accreditation of Ecobank Nigeria Academy by the Chartered Institute of Bankers of Nigeria (CIBN).

In his remarks, the Head of Strategy, Ecobank Nigeria, Unwana Efiong Esang noted that the desire to deepen and expand collaboration between the Institute and the Bank is a welcome development especially at a time the financial services industry is experiencing a profound paradigm shift in its business and operating models.

He further stated that such partnerships between global and Pan African financial industry stakeholders will go a long way in enhancing financial services practice and also help  in sustaining the relevance and quality of service of the banking system far into the future. He restated Ecobank’s strong positive disposition towards actualising the several collaborative options and models available to both organisations

Also speaking, President of CFA Society, Nigeria,  Banji Fehintola commended Ecobank for its support of its activities over the years and expressed the Society’s willingness to fully take advantage of the several partnership initiatives of the Bank in Nigeria and across Sub-Saharan Africa.

NGE Mourns its Deputy President, Saidu Wada

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The Nigerian Guild of Editors (NGE) is devastated at the news of the death of its Deputy President, Malam Umar SaiduTudun Wada. The ace broadcaster died on Sunday 30th June, 2019 following a car crash on his way from Abuja to Kano.

Mallam Umar Saidu was the immediate past Managing Director of Kano State Radio Corporation and was at one time a Principal Editor at the then CTV, now Abubakar Rimi Television (ARTV).

He was a broadcaster with Voice of America, freelance correspondent with Hausa and English services of Deutsche-Welle and also Editor, Concern Magazine.

The deceased served twice as Special Assistant, Media and Publicity to former Governor Rabiu Musa Kwankwaso.

He also served as Secretary, Nigeria Union of Journalists, Kano State Council.

The Guild wishes to condole with the family of Malam Umar SaiduTudun Wada, especially his wife, Aisha, who was a former Deputy President of the NGE and the management and staff of Radio Kano.

Malam Umar Saidu would be greatly missed by his family, professional colleagues and friends around the globe.

A committed family man and broadcast journalist per excellence, he was elected as the Deputy President of the Guild during its last biennial convention in May this year.

We pray that almighty Allah console the family of our departed colleague and grant them the fortitude to bear the irreparable loss.

May the soul of Malam Umar SaiduTudun Wada find Aljannafridaus. Amen