Ekocorp Plc released its earnings results for the nine months period ended 30th of September, 2021.
See link to results.
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 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 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:
Stanbic Africa Holdings Limited (SAHL), an unlisted and wholly owned subsidiary of Standard Bank Group Limited (SBG), has announced the acquisition of an additional 3.2 million units of shares in Stanbic IBTC Holdings PLC, in a deal worth N124.12 million.
The deals were announced via two separate disclosures both signed by the secretary of Stanbic IBTC Holdings Plc., Chidi Okezie, and filed with the Nigerian Exchange Limited (NGX).
The breakdown of the transactions which occurred on the 1st and 2nd of November, 2021, showed that SAHL acquired additional 3,182,562 units of Stanbic IBTC shares at a unit price of N39, amounting to N124,119,918.
The new investments which took place in Lagos, is in addition to the sum of N463, 736,280.7 invested in Stanbic IBTC Holdings Plc by the former in September.
What you should know:
Unilever Nigeria Plc has informed the Nigerian Exchange Limited (NGX), shareholders and the investing public, about the resignation of Mrs. Adesola Sotande-Peters from its Board of Directors with effect from 16th of December, 2021.
This is according to a statement signed by the general counsel of Unilever Nigeria Plc, Mrs Abidemi Ademola, which reads: ‘’ Unilever Nigeria Plc. hereby gives the Nigerian Exchange and the investing public notice of the resignation of Mrs. Adesola SotandePeters from the Board of Directors of Unilever Nigeria Plc. with effect from 16 December, 2021.’’
Consequently, the Board seized the opportunity to thank Mrs Adesola Sotande-Peters for her service and contribution to the Company and the Board over the past seven years and wished her success in her future endeavors.
About Mrs Adesola Sotande-Peters
Adesola is an experienced finance executive and business leader with vast experience in leading financial processes and strategies that spans over two decades. She had led global organizations like the BBC UK, Diageo and Unilever. Adesola holds the record of being the first Nigerian and first female Vice President, Finance, in Unilever Nigeria and Ghana, breaking a jinx of almost 100 years.
Adesola also served as an Interim Managing Director of Unilever Nigeria Plc. As a thoroughbred professional, she sits on the Board of Unilever Nigeria as an Executive Director and the boards of Unilever Ghana and Lonadek Nigeria Limited as a Non-Executive Director, among others.
She has a Business Administration and Economics degree from the American International University, London and an MBA for Finance Professionals from Manchester Business School. She is a fellow of the following reputable professional bodies; Institute of Chartered Accountants of Nigeria (ICAN), Association of Chartered Certified Accountants and the Institute of Credit of Administration.
The Initiates Plc released its unaudited financial results for the nine months period ended 30th of September, 2021.
See link to results.
Airtel Africa, a leading telecommunications company with presence in 14 countries across the African continent, has announced the first closing of the transaction to sell its telecommunications tower company in Madagascar to Helios Tower Plc.
According to a statement signed by the Group Company Secretary, Simon O’Hara, and made available on the website of the Nigerian Exchange Limited (NGX), Airtel Africa will receive about $51.7 million for the deal.
It is imperative to note that until the completion of the transactions, Airtel Africa will continue to develop, maintain and operate their equipment in the towers under a separate lease agreements with Helios Towers (the purchaser). The lease agreement will be separate from the sale agreement and payments will be made in local currencies by Airtel’s operating entities in the jurisdiction
In addition, the teleco giant noted that the net proceeds from the deal will be used to reduce the Group’s external debt and to invest in its network and sales infrastructure in the host country (Madagascar).
What you should know:
Substantial shareholders in Eterna Plc have finalized their divestment from the company, collectively selling a total of 794,969,774 units of their equity holdings to a new investor-Preline Limited.
Recall that earlier in August this year, some substantial shareholders of Eterna Plc, namely; Lenux Integrated Resources Limited, Global Energy & Raw Materials Limited, Meristem Wealth Management Limited, Radix Capital Partners Limited, GASL Nominee Limited, GTI Capital Limited and Cardinalstone Partners Limited, had formally informed the Board of their collective decision to divest from the company. The aforementioned shareholders entered into a Sale and Purchase Agreement (SPA) with Preline Limited for the sale of 796,960,774 ordinary shares in the company.
Consequently, the firm announced that it has received regulatory approval from FCCPC, SEC and NGX to proceed with the deal, thereby conferring on Preline Limited the status of being the largest and majority shareholder in the company with a stake of 60.98%.
Confirming the recent development, the firm in a recent notice signed by its secretary, Bunmi Agagu and filed with the Nigerian Exchange Limited (NGX), stated that: ‘’ We are pleased to announce to the general public; that following the granting of ‘the authority to proceed’ by FCCPC, SEC and NGX and the fulfillment of all other regulatory requirements; Preline Limited has completed the acquisition of 794,969,774 (Seven Hundred and Ninety-Four Million, Nine Hundred and Sixty-Nine Thousand Seven Hundred and Seventy-Four) ordinary shares of the Company representing 60.98% in the Company, thus making it the largest and majority shareholder in the Company.’’
It is pertinent to note that disclosure is in line with the regulatory guidelines and corporate responsibility of the firm to its stakeholders.
What you should know:
C & I Leasing Plc released its unaudited financial results for the nine months period ended 30th of September, 2021.
See link to results.