Thread by @ugodre

Good Evening. Welcome to @Nairametrics corporate news roundup for the week ended March 9 2019

This thread is BTU by @bluechiptechng

@Nairametrics @BluechipTechNG The thread starts here. As usual, kindly retweet the first tweet of this thread so others on your timeline don't miss out. Feel free to be a part of this thread by commenting, asking questions or being a part of the conversation.

We begin

@Nairametrics @BluechipTechNG 1. South African telecommunications giant MTN last week released its FY 2018 results and held a live analyst presentation on CNBC Africa.

Nigerian firms need to emulate that by the way.

@Nairametrics @BluechipTechNG Details from the presentation reveal MTN Nigeria made N1 trillion in revenue in 2018. Arguably, the first company in the country to do so.

The Nigerian unit will also be listing on the Nigerian Stock Exchange, in the first half of the year.

@Nairametrics @BluechipTechNG Nigeria also accounts for about 25% of MTN's 232 million customers.

18.6 million of MTN's customers were active data users, probably why the company has invested heavily in network upgrade and expansion.

@Nairametrics @BluechipTechNG 2. Still, in the telco space, GSM operator Globacom plans to use artificial intelligence to enhance its customer care.

The company will launch an Artificial Intelligence platform which will directly interact with customers, whilst helping them with any kind of assistance.

@Nairametrics @BluechipTechNG These include helping customers to choose the right data plan and call credit, as well as help resolve other issues such as balance enquiry/Value Added Service (VAS). The service will be available 24/7.

@Nairametrics @BluechipTechNG 3. Moving to the oil and gas space.
Aiteo, an oil and gas firm has denied media reports that any part of the Nembe Creek Trunk Line was blown up.

In a press release by the firm, the company stated that the pipeline had been shut down since the 28th of February 2019.

@Nairametrics @BluechipTechNG This is however at variance with reports by members of the community. So who does one believe?
The pipeline is one of three key export routes for Nigerian oil, and will reportedly resume operations soon.

@Nairametrics @BluechipTechNG 4. Yinson, an FPSO operator has signed a $901 million contract with First Exploration and Petroleum Company Limited.

The contract comprises a bareboat charter contract of $617.09 million and Operation and Maintenance (O&M) contract of $284.7 million.

@Nairametrics @BluechipTechNG 5. The NNPC has recovered the sum of N771 million as assets from some marketers who under-paid for petroleum products supplied to them.

@Nairametrics @BluechipTechNG The assets were recovered with the aid of the Department of State Services (DSS), Economic and Financial Crimes Commission (EFCC) and Independent Corrupt Practices and Other Related Offences Commission (ICPC).

@Nairametrics @BluechipTechNG The affected marketers lifted petroleum products from the Kaduna depot without evidence of payment.

According to the NNPC's spokesman Ndu Ughamadu, when they were confronted with the evidence, they admitted to the offence but failed to pay their liabilities.

@Nairametrics @BluechipTechNG 6. Companies operating in the textile space may witness increased costs soon as the Central Bank of Nigeria (CBN) has banned textiles from the official foreign exchange market.

Banks and Bureau De Changes have since been ordered to stop FX sales.

@Nairametrics @BluechipTechNG The apex bank will, however, grant loans to operators in the industry at single digit interest rates.

Prior to this, fertilizer had been added to the ban list. I wonder which item will be next.

@Nairametrics @BluechipTechNG 7. Visionscape Limited, a private waste operator licensed by Lagos State Government has reportedly defaulted on a N27 billion bond it issued.

Alarm bells came on when the firm failed to meet a N4.5 billion coupon payment.

@Nairametrics @BluechipTechNG The Lagos State government which guaranteed the bond and was to provide a sinking fund for it did not do so.

The company has however given the assurance, it will be sorted out.

@Nairametrics @BluechipTechNG The company had stopped operations a few months ago, and one hopes BOS the incoming governor, will sort issues between the company, LASG and state house of assembly out.

@Nairametrics @BluechipTechNG 8. The Executive Director, Lexsz Plastics Limited, Oba Olufemi Akowe, has disclosed the company invested $8 million in Nigeria to set up a factory to store collated trash along the Lagos/Ibadan expressway.

@Nairametrics @BluechipTechNG The recycling firm’s decision was prompted by China’s ban on any recycled plastic and unsorted scrap paper from abroad.

The country has also severely curbed imports of cardboard.

@Nairametrics @BluechipTechNG I've heard there's a buzzing underground plastic recycling industry in Lagos so I will be keeping an eye on this.

@Nairametrics @BluechipTechNG 9. Operations have re-commenced at Dangote Tomato Factory, two years after the Kadawa-based factory was shut down due to declining market demand resulting mainly from dealers’ dependence on foreign imports and smuggling activities.

@Nairametrics @BluechipTechNG According to the Managing Director of Dangote Tomatoes Farms, Sani Kaita, the factory resumed operations to meet local demand after reaching an agreement with farmers on pricing,

@Nairametrics @BluechipTechNG 10. OneFi a Nigerian startup has obtained a $5 million from Lendable, a Kenyan based firm. Proceeds of the loan will be used to deploy more loans through its consumer finance platform Paylater.

@Nairametrics @BluechipTechNG Paylater will also introduce several new products as it seeks to transform into a digital bank.

@Nairametrics @BluechipTechNG 11. The Central Bank of Nigeria (CBN), and the Nigerian Postal Service (NIPOST) have begun plans to launch pilot branches of a proposed microfinance bank.

@Nairametrics @BluechipTechNG The Governor of CBN, Mr. Godwin Emefiele, disclosed this while on a facility tour of Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) MfB, an agribusiness initiative which provides a risk for farmers.

@Nairametrics @BluechipTechNG The project which is been handled by the CBN, the Bankers’ Committee and NIPOST, entails the building of Micro-finance Bank branches in all the 774 local governments of the country.

@Nairametrics @BluechipTechNG 12. In somewhat lighter news, PR Mogul Ayeni Adekunle commonly known as Ayeni the Great has announced a series of changes in his company structure.

@Nairametrics @BluechipTechNG NET Newspapers LTD (owners of Nigerian Entertainment Today, Newsroom, 234star, Orin, etc) has been acquired by ID Africa.

ID Africa was founded by Adekunle in 2015,

@Nairametrics @BluechipTechNG Ayeni has stepped down as CEO of ID Africa. Femi Falodun, the Chief Operating Officer will take full charge.

@Nairametrics @BluechipTechNG The move comes as a bolt from the blues since Ayeni is a relatively young man. He will, however, retain a role in flagship company BHM.

@Nairametrics @BluechipTechNG 13. Sticking with bolts, but of a different kind. Ride Hailing app Taxify will now be known as Bolt.

The company made this known in a series of tweets from the various countries in which it operates.

@Nairametrics @BluechipTechNG Chief Executive Officer and co-founder Mark Villig stated the move was necessary so as to reflect a move away from the internal combustion engine.

In addition to its regular operations, the company has an electric scooter service known as Bolt.

@Nairametrics @BluechipTechNG 14. Moving onto aviation. A bit of sad news

Earlier today, an Ethiopian Airlines flight 302 carrying 149 passengers and eight crew members, crashed mere minutes after takeoff from the Bole International Airport.

@Nairametrics @BluechipTechNG The plane was flying from the Ethiopian capital city of Addis Ababa to Nairobi, Kenya.

A spokesperson for the company said there were no survivors; unfortunately.

@Nairametrics @BluechipTechNG The crash is the second in five months involving the 737 Max 8 airplane from American aerospace manufacturer — Boeing.

The Max 8 is an upgrade on Boeing’s best-selling 737.

@Nairametrics @BluechipTechNG In September 2018, Air Peace and Boeing made a joint announcement — Air Peace had placed an order for ten 737 Max 8 planes from Boeing.

@Nairametrics @BluechipTechNG It is understood that the planes will be delivered over a number of years, as Air Peace increases its fleet to expand to international travel.

Opinions are still divided, as to if the Max 8 has defects responsible for the crashes, Air Peace would no doubt be keeping a close eye

@Nairametrics @BluechipTechNG 15. Last but definitely not the least, a few key happenings on the Nigerian Stock Exchange.

Guaranty Trust Bank, one of the FUGAZ Banks released its full-year 2018 results.

The bank made a profit after tax of N184 billion and will be paying a final dividend of N2.45.

@Nairametrics @BluechipTechNG Seplat released its full-year 2018 results.

The company made a profit after tax of N44.8 billion, a sharp dip from the N81 billion recorded in 2017. It will be paying a final dividend of $0.05 per share.

@Nairametrics @BluechipTechNG Stanbic IBTC Holdings also released its Full Year 2018 results.

Profit after tax also increased from N48 billion in 2017 to N74 billion in 2018. This marks a 54.1% increase year on year.

The company declared a final dividend of N1.50 per share.

@Nairametrics @BluechipTechNG Nestle Nigeria also released its FY 2018 results. Profit after tax was up by 27.5% to N43 billion in 2018.

The company declared a final dividend of N38.50 per share.

@Nairametrics @BluechipTechNG Shareholders of Access Bank and Diamond Bank gave approval for the merger between both lenders during EGM's held last week.

@Nairametrics @BluechipTechNG That's it for this week. Thanks to @BluechipTechNG for sponsoring this thread every week.

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