Category: ICT

Airtel Africa announces interim dividend currency exchanges rates

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Airtel Africa, a leading provider of telecommunications and mobile money services, has announced new interim dividend currency exchange rates for its shareholders. The firm also confirmed the default currency and options on currency election for the interim dividend

According to a statement signed by the Group Company Secretary for Airtel Africa, Simon O’Hara, and filed with the Nigerian Exchange Limited (NGX), the new interim dividend currency exchange rates are put at 1 US dollar= N414.55 and 1 US dollar=£0.7373.

The telecommunications giant also revealed that shareholders that hold their shares on the London Stock Exchange may elect to receive their entire dividend payment in GB Pounds of US dollars.

In addition, the teleco giant added that: ‘’ Holders electing to receive a dividend should specify a choice of currency by completing the Currency Election Form and returning this to Computershare Investor Services plc.

‘’Shareholders holding their shares on the LSE who do not indicate their currency of choice before 26 November 2021 will receive their dividends in U.S. dollars.

‘’The closing date for the dividend currency election to the Company’s Registrars Computershare Investor Services plc in the UK is 26 November 2021.’’

In addition, Airtel Africa revealed that shareholders that hold their shares on the Nigerian Exchange Limited (NGX), may either elect to receive their entire dividend payment in Nigerian naira or U.S. dollars. It warned that partial elections are not permissible.

Commenting further on Nigerian shareholders, the firm stated that: ‘’Holders electing to receive a dividend in U.S. dollars should complete the Currency Election Form and return this to Coronation Registrars Limited or email to [email protected]

Shareholders holding their shares on NGX who do not indicate their currency of choice before 26 November 2021 will receive their dividends in Nigerian naira.

The closing date for currency election as regards shareholders who hold their shares via the NGX is 26th of November, 2021.

Recall that Airtel Africa recently posted a 131% increase in its bottom line for the half year period ended 30th of September, 2021 to stand at $335 million. The top line figure of the firm also surged by 25% to close at $2.27 billion. Based on this, the Board recommended an interim dividend of 2 cents per ordinary share payable on 10th of December 2021 to shareholders on the register as at close of business on 12th of November, 2021.

CWG Plc appoints Cordros Registrars as its new registrars.

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CWG Plc, a leading information and communication technology company, has appointed Cordros Registrars Limited as its new Registrars. The newly appointed Registrars will provide share registration and data management services to the company (CWG Plc).

According to a notice signed by the company’s secretary, DCSL Corporate Services Limited, and filed with the Nigerian Exchange Limited (NGX), the appointment of Cordros Registrars Limited takes effect from today, 8th of November, 2021.

The press release issued by the company read: ‘’In accordance with Nigerian Exchange Limited’s (NGX) Rule Book, we hereby notify the NGX and the investing public of the appointment of Cordros Registrars Limited as REGISTRARS – SHARE REGISTRATION AND DATA MANAGEMENT SERVICE provider to CWG Plc (the Company).’’

‘’The appointment of Cordros Registrars Limited as the new Registrars of the Company takes effect from 8th November 2021.’’

About CWG Plc

CWG is a leading provider of information and communication services, with about three decades of immense contributions in Nigeria. The company commenced operations in Nigeria, on 26th of September 1992, as Computer Warehouse Limited, principally to cater for hardware projects. It (the company) ceased to be a Private Limited Company and became a Public Company in February 2013.

Additionally, on the 15th of November 2013, CWG Plc listed its shares on the defunct Nigerian Stock Exchange (now known as the Nigerian Exchange Limited). The listing boosted the Market Capitalization of the NSE by about N14 billion, making CWG PLC the highest capitalized security in the ICT sector as at then.

 

Airtel Africa secures approval to launch a payment service bank in Nigeria.

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Just like its major rival in the Nigerian market, Airtel Africa Plc has announced that it has obtained an approval-in-principle to launch its payment service arm in Nigeria, known as SMARTCASH Payment Service Bank Limited.

According to a statement signed by the Group’s Secretary, Simon O’Hara and filed with the Nigerian Exchange Limited (NGX), the final approval is subject to the firm satisfying certain standard conditions within six months.

Excerpts of the recent press statement issued by the telecommunications giant reads: ‘’Airtel Africa, a leading provider of telecommunications and mobile money services, with a presence in 14 countries across Africa, today announces that its subsidiary SMARTCASH Payment Service Bank Limited (“Smartcash”) has been granted approval in principle to operate a payment service bank business in Nigeria.

‘’Final approval is subject to the Group satisfying certain standard conditions within six months.’’

Similarly, recall that MTN Nigeria had announced that it obtained an approval-in-principle from the Central Bank of Nigeria (CBN) to launch its proposed MoMo Payment Service Bank.

It is expected that the entrance of these two major telecommunications companies into the Nigerian financial services landscape will help heighten competition and drive a more inclusive financial system, offering options for a wide range of financial services to both the unbanked, under-banked and banked population in Nigeria.

Commenting on the recent development, the CEO of Airtel Africa Plc, Segun Ogunsanya, said: ‘’I am very pleased that Smartcash has been granted an approval in principle to operate a service bank business in Nigeria. We will now work closely with the Central Bank to meet all its conditions to receive the operating licence and commence operations. The final operating licence will enable us to expand our digital financial products and reach the millions of Nigerians that do not have access to traditional financial services. I am looking forward to working closely with the Government, the Central Bank and traditional financial institutions to expand financial inclusion and meet the evolving needs of our customers and the economy.“

Recall that Airtel Africa recently announced that it is exploring potential IPO for its mobile money business in less than 4 years. The firm made the disclosure during its recently concluded investors’ presentation for its half year result ending September 2021.

MTN Nigeria obtains approval-in-principle from CBN to launch MoMo Payment Service Bank.

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MTN Nigeria Communications Plc announced that it has obtained an Approval-in-Principle (AIP) from the Central bank of Nigeria (CBN) to launch its proposed MoMo Payment Service Bank Limited. The approval is one of the foremost actions required to obtain a final approval from the apex banking authority, subject to the fulfillment of other stipulated conditions.

The announcement was made through a press release dated 5th of November 2021, acknowledged by the Company’s Secretary, Uto Ukpanah, and filed with the Nigerian Exchange Limited (NGX).

Excerpts of the recent press release reads: ‘’MTN Nigeria Communications Plc (MTN Nigeria) as promoter, received an Approval in Principle (AIP) dated 4 November 2021 from the Central Bank of Nigeria (CBN) for a licence application for the proposed MoMo Payment Service Bank Limited.’’

Recall that MTN Nigeria has never hidden its desire to become a full-fledged financial services bank. Two year ago, the telecommunications giant launched its mobile money transfer service called MoMo Agent Network. The launching was part of an ambitious move by the teleco to replicate in Nigeria, what Safaricom’s M-Pesa did in Kenya. The product launch is sequel to the obtaining of a super-agent license by the teleco to provide banking services.

Analysts believe that the entrance of MTN into the Nigerian financial services space will heighten competition especially with commercial banks and Fintechs. Nevertheless, the competition is necessary to drive financial inclusion through the provision of diverse and heterogeneous financial services to the unbanked population. Sharing this school of thought is the Vice President of Nigeria, Professor Yemi Osibanjo who recently charged commercial banks to allow other critical stakholders to partake in financial services. The number 2 man made the call during the recently concluded 2021 Banking and Finance Conference organized bu the Chartered Institute of Bankers of Nigeria (CIBN), themed ‘’Economic Recovery, Inclusion and Transformation: The Role of Banking and Finance.’’

Similarly, the teleco giant affirmed that the recent move is a demonstration of its commitment towards the financial inclusion agenda of the CBN and the Federal Republic of Nigeria, and that it will continue to explore means whereby it can contribute to its fulfillment.

Nairametrics had earlier reported that 38 million Nigerian adults, translating to about 36% of the total adult population in the country, were financially excluded by the end of 2020. This figure falls short of the revised National Financial Inclusion Strategy targets, which projected a 20% exclusion rate for the period under review.

Meanwhile, recall that MTN Group yesterday announced that it is planning to sell about 575 million units of its shares in its Nigeria unit through a Public Offer.  Following the announcement, the share price of MTN Nigeria gained about 2.51% at the local bourse to close at N180 per share.

MTN Group to sell 575 million units of shares in Nigeria subsidiary via Public Offer

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MTN Group Limited, a leading telecommunications company in the African market, has announced plans to offload about 575 million units of its shares in its Nigerian subsidiary- MTN Nigeria, through a public offer.

According to a statement signed by the company’s secretary, Uto Ukpanah, and filed with the Nigerian Exchange Limited (NGX), the recent move is in line with MTN Group’s intent of selling down approximately 14% of its current shareholding in MTN Nigeria.

In addition, the popular telecommunications firm revealed that it will begin book-building this month for the public offer. It added that this month’s book-building exercise would target institutional investors, and will be subsequently followed by a fixed price for retail investors, which will be scheduled later this month.

It is pertinent to note that MTN Group has been exiting and reducing its stakes in some markets including Uganda and Zambian units. The South African based telecommunications giant listed its Nigerian business in Lagos two years ago, after which it became the second-largest stock by market capitalization.

Further details about the recent offer and ways to subscribe will be subsequently provided.

What you should know:

  • It is estimated that MTN Group could rake in about N101 billion ($244 million) from the offer. As at the period of reporting this, MTN Nigeria share price gained about 2.51% to close at N180 per share at the local bourse.
  • It is also important to note that MTN alongside Vodacom Group Limited, controls more than 70% of the South African mobile market in terms of subscribers.

 

 

Airtel Africa Plc announces payment of interim dividend to its shareholders

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Airtel Africa Plc has announced that the board of the company has approved the payment of 2 cents as interim dividend to its shareholders.

This was disclosed in a notice filed with the Exchange, today, and signed by the company’s secretary, Simon O’Hara.

The notice stated that the interim dividend will be paid in U.S. dollars, although shareholders have the option to decide whether to receive their dividend payments in GB pounds or Nigerian naira via currency elections.

It further stated that details with regards to the options on currency elections and the currency exchange rates which will be applicable to the HY’ 2021/2022 interim dividend payment to shareholders that qualify for and have elected to receive the payment in GB Pounds or Nigerian Naira, will be issued in due course.

The dividend is scheduled to be paid on or around the 10th of December, 2021. The Ex-dividend date and Record date are scheduled for November 11th and 12th, respectively.

Recall that the company recently released its financial result for the quarter ended September 30, 2021, revealing revenue of $1.16 billion during the period. In addition, Operating profit and Post-tax profit stood at $380 million and $192 million, respectively.

Eunisell Interlinked Plc grows profit after tax by 498% to N21.19 million in Q1 2021.

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Eunisell Interlinked Plc. released its unaudited financial statements for the first quarter of the year (Q1, 2021) ended 30th of September, 2021.

  • Revenue for the period was N89.15 million. (+525% YoY)
  • Cost of sales was N37.1 million. (+1, 071% YoY)
  • Operating expenses totalled N17.05 million. (+61% YoY)
  • Total assets for the period stood at N655.2 million.
  • Profit for the period was N21.19 million. (+498% YoY)

See link to results.

Secure Electronic Technology Plc grows profit after tax by 143% to N6.23 million in Q3 2021.

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Secure Electronic Technology Plc released its unaudited financial statements for the third quarter ended 30th of September, 2021.

  • Gross sales for the period was N1.03 billion (-4.1% YoY)
  • Net income of N62.8 million. (+65.7% YoY)
  • Administrative expenses totalled N56.32 million. (+8.4% YoY)
  • An operating profit of N6.44 million was recorded during the period.
  • Total assets for the period stood at N3.5 billion
  • Profit after tax of N6.23 million. (+143.3% YoY)

See link to results.

Airtel Africa Plc appoints new Director.

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Airtel Africa Plc, a leading provider of telecommunications and mobile money services, has announced the appointment of Ms Tsega Gebreyes as an independent non-executive director with immediate effect.

Ms Gebreyes appointment was announced in a statement released by the company to the Nigerian Exchange Limited (NGX) and signed by the Group Company Secretary, Simon O’Hara.

About Tsega Gebreyes

Ms. Gebreyes, an Ethiopian by nationality, is an accomplished financial expert and administrator. She sits on the boards of several private and non-private companies operating in Africa and beyond, serving in various capacities that includes but not limited to; audit, remuneration, finance committees, etc. She currently serves as a Non-Executive Director of the London Stock Exchange Group and as a Vice Chair of SES, a publicly listed company in Luxembourg.

She is the founding partner of Satya Capital Limited, a private investment firm that specializes in Africa related investments. She served as Chief Business Development and Strategy Officer of Celtel International BV and Senior Advisor to Zain.  Her previous experience includes her role as a founding partner of the New Africa Opportunity Fund, LLP, a $120 million private equity Fund anchored by Citibank. She has served in various positions at Citibank and McKinsey

Ms. Gebreyes holds a bachelor’s degree from Rhodes College and an MBA from Harvard Business School.

Commenting on her appointment, the Chairman of Airtel Africa Plc, Sunil Bharti Mittal said: ‘’On behalf of the Board, I am delighted that Tsega has agreed to join the Airtel Africa Board and we very much look forward to working closely with her. Tsega brings with her great telecommunications experience, working and investing in Africa and above all solid financial acumen. All this adds additional knowledge base at the Board”

MTN Nigeria Secures SEC Approval to Launch Series II Bond worth N89.99 billion.

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MTN Nigeria Communications Plc (MTN Nigeria) has obtained a regulatory approval from the Securities and Exchange Commission (SEC) to launch its Series II 10-Year Fixed Rate Bond worth N89.99 billion.

In addition, the telecommunications giant is expected to launch the book build in respect to the Series II Bond, today being 8th of October, 2021.

This is according to a statement issued by MTN Nigeria, signed by its secretary, Uto Ukpanah, and filed with the Nigerian Exchange Limited (NGX).

The notice read: ‘’MTN Nigerian Communications Plc (MTN Nigeria) has obtained the approval of the Securities and Exchange Commission to launch the Series II 10-Year Fixed Rate Bond (Series II Bond) announced on 21 September 2021. The Series II Bond represents the completion of the N200 billion registered shelf programme. In addition, the bond issuance continues to reinforce MTN Nigeria’s strategy of diversifying its funding sources.

 ‘’MTN Nigeria will launch the book build in respect of the Series II Bond on 8 October 2021.’’

Nairametrics had earlier reported plans by MTN Nigeria to issue a 10-Year Series II bonds worth N89.999billion. The offer represents the completion of a N200 billion registered shelf programme initiated by the teleco.

Other relevant information about the offer is succinctly captured below;

Principal Redemption: 7 Year Moratorium, Amortizing thereafter in 3 equal annual instalments until maturity.

Minimum Subscription: N10 million and in multiples of N1 million thereafter

Interest Basis: Fixed Rate

Tenor: 10 Years

Lead Issuing House: Chapel Hill Denham Advisory Limited

Joint Issuing Houses: Stanbic IBTC Capital Limited, DLM Advisory Limited, FBNQuest Merchant Bank Limited, FCMB Capital Markets Limited, Rand Merchant Bank Nigeria Limited and Vetiva Capital Management Limited.

Listing: FMDQ Securities Exchange Limited

MTN Nigeria is a leading telecommunications company and a subsidiary of MTN Group. Since it launched its operations in Nigeria in August 2001, the firm has grown in leaps and bounds. It now provides services in over 223 cities and towns and more than 10,000 villages and communities spanning the 36 states and the FCT.

The Company is the largest mobile operator and undisputed market leader in Nigeria as measured by total mobile subscribers (c. 68.9 million), and active data users (c. 32.5 million)

As at the period of filing this, MTN Nigeria Plc is currently trading N174 per share on the floor of the Nigerian Exchange Limited (NGX).