Month: May 2023

Roche kicks-off pilot of “Advancing Inclusive Research” site alliance project at UCH to raise inclusive standard clinical trials in Africa

Roche announced today that it has entered into collaboration with the University College Hospital (UCH),...

Airtel Africa Profit Down By $5m Amid Increase In Capital Expenditure

Airtel Africa’s profit slumped by $5 million to $750 million as capital spending rose 14 per cent year on year in 2022/2023 earnings results, the company’s chief executive has revealed. The CEO, made the disclosure at the analysts’ conference that the telecom’s key performance indicators show that the company grew its total customer base by 9.0 per cent to 140.0 million. The growth was supported by Airtel Africa’s penetration of mobile data and mobile money services continued to rise, driving a 16.9 per cent increase in data customers to 54.6 million and a 20.4 per cent increase in mobile money customers to 31.5 million. Constant currency ARPU growth of 7.4 per cent was largely driven by increased usage across voice, data, and mobile money. The company said mobile money transaction value increased by 41.3 per cent, with Q4’23 annualised transaction value exceeding $102bn in constant currency. Revenue in constant currency grew by 17.6 per cent, with revenues growing by 11.5 per cent to $5,255million in reported currency, management told analysts conference. While each segment’s reported currency revenue growth was impacted by currency devaluation, they all delivered double-digit constant currency revenue growth. Across the Group mobile service revenue grew by 16.2% in constant currency, driven by voice revenue growth of 11.8% and data revenue growth of 23.8%. Mobile money revenue grew by 29.6% in constant currency. Underlying EBITDA increased by 17.3% in constant currency, and 11.4% in reported currency to $2,575m, with an underlying EBITDA margin of 49.0%, reflecting the resilience of our operating model despite inflationary cost pressures. Profit after tax was $750m, a decrease of only $5m, after including a higher foreign exchange and derivative losses of $245m. EPS before exceptional items was 13.6 cents, a reduction of 15.0%, largely due to higher foreign exchange and derivative losses of $245m. EPS before exceptional items and excluding foreign exchange and derivative losses was 20.6 cents, up by 13.4%. Capital allocation Capex increased by 14.0% to $748m, in line with our guidance, as we continue to invest for future growth. Additionally, we acquired spectrum in Nigeria, the DRC, Tanzania, Zambia and Kenya during the year. Speaking with analysts conference, Olusegun Ogunsanya, chief executive officer, on the trading update said “Over the last year, the operating environment has been challenging in many ways, yet our strategic focus on providing reliable, affordable and accessible services across our markets has enabled us to sustain our top-line growth momentum. “The resilience of our underlying EBITDA margins has shown the effectiveness of our operating model, despite significant inflationary and foreign exchange pressures”. “Strong customer and ARPU growth over the year demonstrates that demand for our services remains very strong and gives us the confidence to continue investing to support our future growth potential. “Over the year, we invested $500m on additional spectrum, including 5G, across many of our OpCos which, combined with our capex, will underpin our growth ambitions”, Airtel’s chief said....

NGX CEO, Popoola Honoured With CIS Fellowship

2 years ago 0

Samuel Mobolaji The Chartered Institute of Stockbrokers (CIS) has inducted the Chief Executive Officer of Nigerian Exchange Limited (NGX) as a Fellow of the Institute on Monday, 8 May 2023. Delivering his welcome address at the event, the President and Chairman of Council, CIS, Mr Oluwole Adeosun, FCS, stated that the Fellowship of the Institute was the highest category of membership. “For a member of the Institute to become a Fellow, the individual must, in addition to professional excellence, pass the moral and integrity tests with flying colours. This gentleman has done just that.” In his acceptance speech, Mr Temi Popoola, FCS, CEO of NGX, thanked the Institute’s board of fellows and the full council members for the great honour, and pledged to continue to uphold the institute’s core values. “I am extremely delighted because I am emotionally connected to this market and I am grateful for the support received from CIS since I became the CEO of NGX. At NGX, we strive to always incorporate CIS in our strategy as the Institute ranks high among our critical stakeholders,” he said. Popoola added that he is looking forward to working with CIS to engage the incoming government to drive policies that will reposition the capital market for growth.

BVN Has No Expiry Date, CBN Clarifies

2 years ago 0

Samuel Mobolaji The Central Bank of Nigeria (CBN) says the bank verification number (BVN) it issues in collaboration with Nigeria Inter-Bank Settlement System (NIBSS) does not have an expiry date. The apex bank, in a statement posted on its verified Twitter page on Thursday, debunked reports that the BVN expires after 10 years of issuance. The BVN is an 11-digit number that is unique to each individual, but the same across all bank institutions for the same individual. To own and operate a banking account in Nigeria, you must first have a bank verification number. “The attention of the Central Bank of Nigeria (CBN) has been drawn to reports suggesting that the Bank Verification Number (BVN) issued by the Bank in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS) expires after a ten-year period,” the statement signed by Isa Abdulmumin, CBN spokesperson, reads. “Contrary to these claims, we wish to clarify that the BVN issued in Nigeria has no expiry date. Once a customer’s biometrics have been captured and enrolled in the database of NIBSS, the BVN remains for life. “However, the Regulatory Framework for BVN issued by the CBN in 2021 stipulates that customers can only change their records due to certain conditions spelt out in the document and after being cleared by relevant authorities.” The CBN further urged bank customers, especially those whose biometrics have been captured by the system, to continue using their unique identifiers as they last their entire lifetime.

Nigeria Ranks 8th Among Global Countries With Biggest Gas Reserves

2 years ago 0

Nigeria has been listed among ten global countries with biggest gas reserves. Nigeria, according to a report, came after the United Arab Emirates, UAE, with natural gas reserves of 5.85 trillion cubic meters. This makes it the country with the largest proven natural gas reserves in Africa, but utilizing these reserves has lagged behind the utilization of its oil reserves. Natural gas has been hailed as the bridge between a fossil fuel past and a low-carbon future. It has also been demonized as a Trojan horse for the fossil fuel industry to continue to be relevant in that low-carbon future envisioned by the architects of the transition. Over the past year, events in Europe made it quite clear that envisioning a future may be a noble thing but energy needs are immediate, and gas is perfect for meeting them with a lower emission footprint than fellow fossil fuels oil and coal. It is a bit unfortunate for Western gas consumers, then, that the countries with the biggest gas reserves in the world happen to be Russia and Iran. Fortunately, the United States is also on the list of the top 5 biggest gas reserve holders, as are several Middle Eastern countries. Russia is reported as worlds number one and has natural gas reserves of as much as 38 trillion cubic meters, according to the 2020 edition of BP’s Statistical Review of World Energy. Production last year totaled 573 billion cubic meters, down by 13.4% on the year. Historically, Europe and Turkey were Russia’s biggest gas buyers, but after last year’s events, Turkey has remained the only big consumer of Russian gas with any footprint in Europe. Today, China is the main destination for Russian pipeline gas. Russia also exports Liquified Natural Gas, LNG, and, in an ironic twist, European imports of Russian LNG rose strongly last year. The world’s second largest natural gas reserves is Iran with 32 trillion cubic meters, and is home to 16 per cent of the global total. A lot of Iran’s gas reserves are concentrated in the South Pars offshore field in the Persian Gulf, which it shares with Qatar. Total production for 2020 reached 234 billion cubic meters or a daily average of 645 million cubic meters. Development of the country’s massive gas reserves has been challenging because of the pullout of Western supermajors such as TotalEnergies in the wake of the reinstated U.S. sanctions against Tehran. Iran’s neighbour Qatar, which calls its part of the massive Persian Gulf field the North Field, is a notch below Iran in terms of gas reserves, with 24.7 trillion cubic meters. Until recently, the largest LNG exporter in the world, Qatar, was expanding its production capacity, aiming for 126 million tons annually from the current 77 million tons. Qatar was a first choice for European gas buyers in the wake of the anti-Russian sanctions that saw gas flows decimated, but it turned out sealing a deal would be tougher than expected: Qatar turned out to like long-term purchase commitments, and Europe has an aversion to those. Little known outside Central Asia but one of the biggest states there, Turkmenistan is home to the world’s fourth-largest natural gas reserves, with a total of some 19.5 trillion cubic meters according to BP’s statistical review....

Multiple Taxation, Poor Infrastructure Affecting Ease Of Doing Business In Nigeria- NACCIMA

2 years ago 0

The Nigerian Association of Chambers Of Commerce, Industry, Mines And Agriculture (NACCIMA), has lamented the impending factors affecting the ease o doing business in Nigeria, stating that it include multiple taxation, multiple exchange rates, government policies somersaults, poor infrastructure, high cost of power. President of the association, John Udeagbala made the statement in Lagos, stressing that the federal government to consider these impending factors affecting the EoDB in Nigeria and implement various solutions we have suggested in time past for lasting solutions to these myriads of challenges. “This spiral decline in growth rate has continued unabated. Many of the challenges impeding the ease of doing business in Nigeria include multiple taxations, multiple exchange rates, government policies somersaults, poor infrastructure, high cost of power etc. “Collaboration with the OPSN and implementations of suggested solutions to these challenges will help ginger the economy back to inclusive growth and development.” He also emphasised the need for public private partnerships (PPP) in bridging infrastructural deficits which make the country less attractive to investors. “There is a need for urgent solutions to meet the infrastructure needs of our economy, as the Nigerian private sector must now prepare for increased competition from trade agreements such as the African Continental Free Trade Area (AfCFTA) Agreement.” Udeagbala further advised the incoming government to consider a reduction in the size of government functionaries to reduce costs and save funds for infrastructural development, pointing out the need to make elective positions and principal appointments into various government agencies, offices and ministerial offices less financially attractive, redirect attention into production economy to revive the ailing Nigerian economy.

Nigeria Needs $3.5bn To Generate 40,000MW by 2030 –FG

2 years ago 0

The Federal Government has revealed that Nigeria needs a $3.5 billion investment annually to generate 40,000MW of electricity by 2030. The Minister of Power, Engr. Abubakar Aliyu disclosed this at the investor match-making event, which the Rural Electrification Agency (REA) organized in Abuja. Speaking through the Ministry’s Director of Investment, Mrs. Eyo Babalola, he noted that the ministry is the fulcrum of the actions with which the government is transforming the industry from a public to a private sector-driven one. The Minister said that with the recent legislation that has empowered State Governments to generate and distribute electricity, there are limitless investment opportunities in the sector. The MD of REA Engr. Ahmad Salihijo informed the Rural Electrification Fund (REF) is undergoing some slight reforms to work with private investors for impact financing. He explained the essence of the reform was to ensure there is a revolving fund that could suffice when there are non-viable areas.

Stocks Market Sustains Bearish Trend By N26.04bn

2 years ago 0

Samuel Mobolaji The equities market of the Nigerian Exchange Limited (NGX) on Thursday sustained the bearish trend, as market capitalization shed N26.04biln to close at N28.40trillion, as against N28.43trillion ended on Wednesday and N28.64trillion recorded on Tuesday. Specifically, local bourse benchmark index shed for the second consecutive session, extended losses as the All Share Index (ASI) closed 0.09 per cent weaker to close at 52,161.24 points. Statistics obtained from the NGX, shows that the market’s weak performance was driven by losses in Tier 1 banking names, ZENITHBANK (-2.05%), GTCO (-2.44%), and ACCESSCORP (-3.77%). The loss puts the index on track for a weekly loss. As a result, the ASI’s year-to-date (YTD) return fell to 1.78 per cent, while market’s trade turnover settled lower relative to the previous session, with the value of transactions down by 12.04 per cent. A total of 477.37mnillio shares valued at N5.24billion were exchanged in 5,539 deals. For the fifth consecutive session, ACCESSCORP (-3.77%) led volume and value charts with 169.32m units traded in deals worth N1.74billion. Market breadth closed negative at a 1.20-to-1 ratio with declining issues outnumbering advancing ones. FCMB (-5.66%) topped seventeen (17) others on the laggard’s table, while ARDOVA (+10.00%) led fourteen (14) others on the leader’s log.