Author: Chike Ozohili

  • NIMASA Is Best Federal MDA In Digital Transformation -Presidency

    NIMASA Is Best Federal MDA In Digital Transformation -Presidency

    The Presidency has declared the Nigerian Maritime Administration and Safety Agency NIMASA as the best Federal Government Agency in Digital Transformation.

    The Director General of the Bureau of Public Service Reforms (BPSR), who conveyed the Presidential award to NIMASA Management, also said NIMASA DG, Dr Bashir Jamoh has been nominated for the distinguished GovTech Trailblazers award for providing exemplary leadership.

    The BPSR also announced the awards were as a result of a nationwide nomination and online voting process initiated by the Bureau, as well as a detailed analysis of performance of all government MDAs at the national level.

    The award presentation is scheduled to take place in the nation’s federal capital in October this year.

    Jamoh expressed pleasure and assured of the Agency’s commitment to full operational digitalization.

    “This award is a pleasant surprise. We weren’t expecting it. We were just doing our job. This award will spur us to accelerate our quest to fully digitalize all NIMASA operations.”

    Public sector reform consists of deliberate changes to the structures and processes of public sector organizations with the objective of getting them to run better.

  • Transcorp Hotels Secures NGX Free Float Compliance

    Transcorp Hotels Secures NGX Free Float Compliance

     *Sustains impressive market performance

    Transcorp Hotels Plc, the hospitality subsidiary of Transcorp Group has achieved full compliance with the Nigerian Exchange’s (NGX) free float requirement for companies listed on its Main Board through free-float market capitalisation.

    This comes following months of sustained impressive market performance that saw the company’s market capitalisation rise to more than N470 billion.

    Transcorp Hotels Plc, a hospitality subsidiary of Transnational Corporation Plc (Transcorp), is one of Africa’s leading hospitality companies, committed to redefining hospitality standards

    Free float refers to the shares of a company that can be publicly traded and are not restricted. 

    According to the NGX, companies listed on its Main Board, where its top stocks are listed, are required to have 20 percent issued and fully paid share capital or have a N20 billion market capitalisation on its publicly traded shares. 

    Transcorp Hotels Plc had in June achieved compliance with the NGX’s requirement as it experienced significant growth in its market capitalisation due to its excellent financial performance and operational efficiency. However, the Exchange monitored the Company’s free float compliance status for a period of three (3) months starting from Friday, 30 June 2023 to Friday, 22 September 2023 in line with its practice of monitoring a company’s free float.

    “We further note that Transcorp’s free float currently stands at 12.78% with a value (market capitalization) of N58, 788,278,971.52 as at 21 September 2023,” a notice by the Exchange stated.

    Chairman, Transcorp Hotels Plc Emmanuel Nnorom expressed enthusiasm regarding the achievement, stating that “Maintaining compliance with NGX’s free float requirement is a testament to Transcorp Hotels Plc resilience and strategic positioning in the market. We are committed to upholding the highest standards of transparency and corporate governance, factors that underpin our success.”

    He also added that the impressive performance of the company over the years has built market confidence, seeing the share price grow by more than 500 percent over the past year.

    The Company had in the first half of 2023 grown profit by 49 percent year-on-year, reaching N3.53 billion compared to N2.37 billion in H1 2022. Revenue also soared to N18.98 billion from N14.99 billion recorded during the same period of the previous year, showcasing a remarkable growth of over 27 percent.

    The NGX has now removed the Compliance Status Indicator (CSI) of BLS (Below Listing Standard) beside Transcorp Hotels Plc name on its platform, reflecting the company’s unwavering dedication to post-listing obligations and its resolve to continually exceed industry benchmarks.

    The company remains steadfast in its pursuit of excellence, with a focus on delivering exceptional value to shareholders and other stakeholders alike. The company’s strong financial foundation and sustainable growth trajectory position it favourably in the competitive landscape of the hospitality sector.

  • Again, Local Equities Suffer Setback, Shed N126bn

    Again, Local Equities Suffer Setback, Shed N126bn

    Transactions on the floor of Nigerian Exchange on Tuesday sustained a declining profile, shedding N126 billion following the depreciation in the share prices of Oando Plc, Conoil Plc, Flour Mills Nigeria Plc, Zenith Bank, FTNCocoa, among others.
    The decline in the share price of 22 companies impacted negatively on market capitalisation of listed equities forcing it to decline by 0.34 per cent to N36.479 trillion from N36.605 trillion reported on Monday.

    The NGX All Share Index also depreciated by 230.47 basis points to 66652.17 points from 66882.64 points recorded the previous day.

    An analysis of the investment showed that Chi Plc and Cornerstone Insurance led gainers table during the day in percentage terms, 10 per cent each to close at N1.10 and N1.65 per share respectively. UPDC REIT followed with a gain of 9.86 per cent to close at N3.90 per share, Betaglass added 9.85 per cent to close at N51.30 per share while Courtvellle Business Solutions increased by 9.09 per cent to close at N0.60 per unit.

    On the contrary, Conoil Plc topped losers’ chart for the day shedding 9.99 per cent to close at N80.20 per unit, FTNCocoa trailed with a drop of 9.95 per cent to close at N1.72 per share, Oando Plc dipped by 9.81 per cent to close at N9.65 per unit, Berger Paint sheds 8.63 per cent to close at N11.65 Kobo, Lasaco Insurance down by 8.43 per cent to N1.85 per share.

    Volume of transactions declined by 44.205 million representing 0.83 per cent as investors traded 363.989 million shares worth N4.529 billion in 7018 deals against 408.194 million shares valued at N5.442 billion exchanged hands the previous day in 7707 deals.

    Transaction in the shares of AccessCorp led market activities with 49.712 million shares valued at N784.914 million, Transnational Corporation of Nigeria followed with account of 48.531 million shares cost N291.182 million, United Bank for Africa traded 45.716 million shares valued at N787.373 million, Zenith Bank exchanged 21.575 million shares cost N681.594 million, FTNCocoa exchanged 15.801 million shares valued at N28.120 million.

  • Cement Price Won’t Hit N9000; Road Contractors Always Inflating Contracts, Says Umahi

    Cement Price Won’t Hit N9000; Road Contractors Always Inflating Contracts, Says Umahi

    The Minister of Works, Senator Dave Umahi has debunked claims by Cement manufacturers that the price would hit N9,000 if the government starts constructing concrete roads.

    According to the minister, the claims were all campaigned against him by the cabals in the construction industry.

    Umahi, who made the remarks during a meeting with contractors handling federal roads, expressed dismay at how contractors cheat Nigerians in the materials they use to construct roads in the country.

    He lamented that roads that are currently constructed in the country would not last for seven years after they are completed.

    The minister said the contractors have been in the habit of increasing the cost of their projects to swindle the country through contract variation and the use of asphalt materials, which are subject to the international price of crude oil.

    He added that he has stopped the signing of the funds to be released to contracts who are seeking price variation of their contracts, and bemoaned the pains Nigerians face while traveling on federal roads saying he had to feel their pains when he traveled to Edo state from Abuja.

    “There is no project being constructed right now in Nigeria that is going to last for seven years. The question is, are we going to be maintaining or reconstructing our roads every 10 years? That is what we have been doing. I traveled from Abuja to Benin City through Lokoja, all the stretches of the road are on contract, ongoing; this is through the policy of the last administration but how much of the roads are motorable?

    “I traveled through the roads myself and I shed tears for the kind of pain our people are going through. I spent 14 hours on the road having started my journey from 10am and got to Benin City at 2 pm the next day. I was very happy I experienced the pain.

    “President Tinubu said I must travel through all the projects so that I will brief him on my experience and tell him the truth.”

    He added that he is doing his work with the fear of God as he is representing the people and I receive instructions from the President.

  • LCs’ Rejection Pushes Nigerian Businesses To Black Market

    LCs’ Rejection Pushes Nigerian Businesses To Black Market

    Hope for cheaper goods are further from sight as local businessmen now have to source foreign exchange (forex) from the parallel market, otherwise known as black market to meet with their business transaction abroad, after the rejection of their Letter of Credits (LCs).

    The implication is that resorting to the black market will naturally push up the cost of doing business which will naturally be passed on to consumers, thus further pushing up already high prices of goods.

    Over two weeks after the Central Bank of Nigeria (CBN) promised to clear over $10 billion foreign exchange debts owed to the Deposit Money Bank, the apex bank has yet to do so according to findings.

    unconfirmed reports say foreign counterparts of Nigerian businessmen are now rejecting their Letter of Credit (LC), thereby refusing to make business transactions effective.
    A letter of credit is a letter from a bank guaranteeing that a buyer’s payment to a seller will be received on time and for the correct amount. If the buyer is unable to make a payment on the purchase, the bank will be required to cover the full or remaining amount of the purchase. It may be offered as a facility (financial assistance that is essentially a loan).

    But following the forex crisis that has bedeviled the country’s financial system; foreign suppliers are now demanding cash transfers in place of LCs as faith in the Nigerian banking system wanes owing to the dollar shortage.
    It will be recalled that, the Central Bank of Nigeria (CBN) has been unable to reduce the backlog of forex owed airlines and other partners due to shortage of forex.

    The Central Bank of Nigeria (CBN) sold what is called forward contracts to several Nigerian businesses with the promise of dollars at an agreed price in future. The banks opened LCs on the back of the forward contracts, which were then used to buy goods from the foreign suppliers.
    Apparently scared by the growing backlog and with no assurance of when it will be cleared, correspondent banks are pulling the plugs on local Nigerian banks.
    A correspondent bank acts as an intermediary or agent, facilitating wire transfers, conducting business transactions, accepting deposits, and gathering documents on behalf of another bank.
    Correspondent banks are most likely to be used by domestic banks to execute transactions that either originate or are completed in other countries. Domestic banks generally use correspondent banks to gain access to foreign financial markets and to serve international clients without having to open branches abroad.
    Bankers say the CBN’s failure to clear the dollar backlog has put them in a very tight FX liquidity position and has forced them to suspend several transactions including school fees and Personal Travel Allowance applications.

  • Meter Asset Provider: Kaduna Electric Begins Refund To Customers

    Meter Asset Provider: Kaduna Electric Begins Refund To Customers

    Kaduna Electric has announced that it has since begun refunding customers who bought meters under the Meter Asset Provider (MAP) scheme.

    The company disclosed this in a statement issued in Kaduna and signed by Head of Corporate Communication, Abdulazeez Abdullahi. 

    “Management is delighted to inform its esteemed customers that it has since commenced the repayment of the cost of meters to customers who purchased their meters through the MAP Scheme,” the statement said.

    The statement said the repayment for the cost of the meters is in installments through energy token whenever a customer makes a purchase in line with the directives of the Nigerian Electricity Regulatory Commission (NERC). Kaduna Electric said the repayment would be completed in 36 months from the date of commencement of first installment.

    Earlier this month, NERC reviewed the costs of both Single Phase and Three Phase meters to N88,123 and N154, 622 (VAT inclusive) respectively. 

    With the new development, Kaduna Electric advised its customers to hurry and purchase their meters through its MAP vendors. Customers can visit any of the company’s offices across its franchise for further enquiries.

  • NDIC Gets ISO Certifications For Excellent Service Delivery

    NDIC Gets ISO Certifications For Excellent Service Delivery

    The MSECB, a leading international provider of Audit and Certification Services has granted the Nigeria Deposit Insurance Corporation (NDIC) three ISO certifications.

    The certifications are: Information Security Management System ISO/IEC 27001:2013 (on how organisations manage and protect their information assets so that they remain safe and secure, using this robust framework); IT Service Management System ISO/IEC 20000-1:2011 (on how  to ensure effective and resilient services in today’s changing service delivery environment); and Business Continuity Management System, and ISO 22301(on the requirements for a management system to protect against, reduce the likelihood of, and ensure businesses recover from disruptive incidents).

    Director, Communication & Public Affairs, Bashir A. Nuhu, in a statement Tuesday evening, noted that the certifications followed a rigorous and independent audit exercise confirming that the Corporation is in compliance with the requirements for the three standards.

    The ISO is an independent, non-governmental international organization that brings together experts from around the world to develop, voluntary, consensus-based, market relevant international standards that support innovation and provide solutions to global challenges.

    The certification is a three-year, multi-layered process that begins with an initial certification in the first year, followed by 2 surveillance audits over the course of 2 years.

    In line with its vision to be one of the best deposit insurers in the world, the Corporation will continue to offer excellent services consistent with international standards and best practices to ensure that the current achievement is duly sustained.

  • Tribunal Victory: Jandor, Rhodes-Vivour Should Join Me In Building Lagos -Sanwo-Olu

    Tribunal Victory: Jandor, Rhodes-Vivour Should Join Me In Building Lagos -Sanwo-Olu

    Lagos State Governor, Babajide Sanwo-Olu has described the Governorship Election Petition Tribunal judgement as a victory for all Lagosians, even as he called on the Peoples Democratic Party (PDP) and its governorship candidate, Abdulazeez Adediran, and Mr Gbadebo Rhodes-Vivour of the Labour Party, to join hands with him in building Lagos.

    Sanwo-Olu said this while addressing newsmen at the State House in Ikeja, after the11-hour judgment by a three-man panel led by Justice Arum Ashom at the Roseline Omotosho Court, Ikeja, Lagos.

    The panel in its unanimous decision, dismissed the two petitions filed by the Peoples Democratic Party (PDP) and its governorship candidate Abdulazeez Adediran, and Mr Gbadebo Rhodes-Vivour, his Labour Party counterpart.

    The governor lauded the judges for doing a good job, adding that they gave a well thought out and detailed judgment.

    Sanwo-Olu said the verdict was a call to greater service while assuring that his government would continue to work harder to deliver dividends of democracy to the people

    “It was a long, tough process but we are grateful that the voice of people of Lagos was heard and upheld.

    “The deputy governor and I are very privileged and thankful to residents for standing for and by us. It is a victory for all, no winner, no loser.

    “It is, however, an opportunity for more work and service. Therefore, we will continue to work harder to deliver the dividends of democracy to the people,” he said.

    The governor called on other candidates to join hands together to build a Lagos of their dreams.

    According to him, “l extend, again, an olive branch to my fellow contestants to join us in building the Lagos of our dreams.

    “If they have the passion to serve, we can work together because there is room for everyone to contribute meaningfully to the Lagos we all desire to see.”

    Reacting, Mr Olagbade Benson, Senior counsel to the Labour Party (LP) candidate, said the tribunal in his wisdom had delivered the judgment to the best of their knowledge.

    He advised all members of the party to stay calm and respect the rule of law.

    “The tribunal has done their part and we cannot ask for more. Therefore, we encourage every member of the Labour Party and all OBIdients to stay calm and obey the rule of law.”

    The tribunal chairman, Justice Arum Ashom in his lead Judgment had dismissed the petition filed by Rhodes-Vivour on grounds that it lacked merit.

    On the oath of allegiance to the United States of America by the deputy governor, Dr Obafemi Hamzat, the tribunal held that being a citizen of Nigeria by birth, his oath of allegiance to United State does not prevent him from contesting election.

    The tribunal, therefore, affirmed the declaration of INEC of the election of Sanwo-Olu and Hamzat as the governor and deputy governor duly elected.

    On his part, reacting to the judgment, Mr Austin Akpomreta, defense counsel to the PDP governorship candidate explained that the next line of action would be taken after reviewing the judgment with his client.

    The election petition tribunal had also declared as dead on arrival, a petition of Adediran against Sanwo-Olu’s election.

    The tribunal held that evidence before it showed that the petition lacked merit.

    Adediran had contended that Sanwo-Olu was wrongfully nominated and sponsored by the APC and, therefore, was not qualified for the election.

    However, Justice Mikail Abdullahi, while reading the tribunal’s decision on the matter, held that the position did not form part of the grounds for disqualification for election into the office of a governor, under Sections 177 and 182 of the Nigerian Constitution (as amended).

    The tribunal also declared that it had no powers to inquire into the primary election of the APC which produced Sanwo-Olu, adding that the issue was a pre-election matter which did not fall under its jurisdiction.

     
  • Despite Challenges Telcos Meeting KPIs—NCC

    Despite Challenges Telcos Meeting KPIs—NCC

    The latest data from the Nigerian Communications Commission (NCC) shows that the four mobile network operators, MTN, Globacom, Airtel, and 9mobile, are meeting their Quality of Service (QoS) Key Performance Indicators (KPIs).

    According to the Nationwide QoS data released by the Commission, the telcos met their KPIs between July 2022 and June 2023.

    The operators’ performances are measured by the regulator based on parameters such as Call Setup Success Rate (CSSR), Drop Call Rate (DCR), and Traffic Channel Congestion (TCH CONG).

    According to NCC, these QoS standards ensure that consumers continue to have access to high-quality telecommunications services by setting basic minimum quality levels for all operators.

    Based on the latest report, all the mobile operators crossed the threshold of 98 per cent call setup success rate in the 12-month review period.

    The Call Setup Success Rate (CSSR) is calculated by taking the number of unblocked call attempts divided by the total number of call attempts.

    In terms of drop call rate (DCR), which is fixed at 1 per cent or less, all the operators performed well as they recorded less than 1 per cent drop calls in the period, according to NCC’s record.

    A dropped call is a call that is prematurely terminated before being released normally by either the caller or the called party.

    In terms of Traffic Channel Congestion, (Standalone Dedicated Control Channel Congestion SDCCH), all the operators also met the KPI as they all recorded less than 2 per cent congestion within the period.

    The regulator’s parameter in this regard is that the congestion rate for the networks should be equal to or less than 2 per cent.

    The Traffic Control Channel Congestion Rate is the probability of failure to access a traffic channel during call setup.

    The technical result of operators’ quality of service may, however, be different from the reality based on subscribers’ experience in the period covered by the report and even now.

    The President of the National Association of Telecoms Subscribers (NATCOMS), Mr. Deolu Ogunbajo disagreed with the regulator.

    According to him, NCC is looking at the quality of service from the technical aspect and not from the subscribers’ angle.

    “The KPIs are measured technically and are far from the reality of what the subscribers are experiencing. We disagree with NCC on this. There are lots of complaints on Dropped calls, and even the call setup success rate is nothing to write home about.

    “There are times you want to call and the call is not just connecting, the call setup rate is poor, all is not well in terms of quality of service as the report suggests” he said.

    Based on the huge number of mobile subscriptions in the country, the minute percentage of errors allowed the operators to cover a large number of subscribers facing the quality of service challenge.

  • Bears Trend As Equity Market Sheds N242bn

    Bears Trend As Equity Market Sheds N242bn

    The domestic equity market on Monday opened the week bearish, shedding N242 billion as profit taking activities persisted during the day.

    Market capitalisation of listed equities declined by 0.66 per cent to N36.605 trillion from N36.847 trillion reported on Friday.

    The NGX All Share Index also depreciated by 441.95 basis points to 66882.64 points from 67324.59 points recorded the previous day.

    A review of the transactions during the day showed that Ikeja Hotel led the gainers table in percentage terms, gaining 10 per cent to close at N2.75 per share. JohnHolt followed with a gain of 9.70 per cent to close at N1.81 per unit.

    Cornerstones Insurance increased by 9.49 per cent to close at N1.50 per share, Regal insurance gained 8.57 per cent to close at N0.38 per unit, Tantalizer up by 6.67 per cent to close at N0.32 per unit.

    On the contrary, Caverton Business Solutions topped losers chart, dropping by 9.87 per cent to close at N1.37 per share, AccessCorp trailed with 9.86 per cent to close at N15.55 per share, Oando Plc dipped by 9.70 per cent to close at N10.70 per unit, TIP fell by 9.65 per cent to close at N1.03 per unit, RTBriscoe dropped by N0.38 per unit.

    Volume of trades declined as investors traded 408.194 million shares valued at N5.442 billion in 7707 deals against 1.028 billion shares worth N4.354 billion exchanged hands the previous day in 6370 deals.

    Transactions in the shares of AccessCorp led market activities with 113.391 million shares valued at N1.781 billion, United Bank for Africa followed with account of 59.615 million shares worth N1.049 billion, Unity Bank traded 27.790 million shares valued at N28.426 million, Universal Insurance exchanged 17.572 million shares cost N3.901 million, Transnational Corporation of Nigeria exchanged 16.789 million shares cost N103.697 million.