Connect with us
nairametrics

Business News

Tecno to acquire Nigerian phone vendor, Micro-Station

Published

on

  • Tecno maker, Transsion to acquire Nigerian phone vendor Micro-Station for $5 million in retail push – Sources
  • Transsion’s acquisition of Micro-Station is aimed strengthening and expanding its own mobile phone retail arm, 3C Hub, to enable it draw-in even more consumers.
  • Industry observers say that Transsion’s 3C Hub is being positioned and strengthened to rival Slot.

The producers of the ubiquitous Tecno phone, Transsion Holdings will pay about $5 million to acquire Micro-Station, the Computer Village, Ikeja-based mobile phone retail chain store, sources say.

This acquisition marks another major turn in Nigeria’s mobile phone industry both for Transsion, the China-based phone maker and local phone distributors. Transsion has progressively been breaking into the mobile phone retail space after becoming the dominant manufacturer and supplier in the Sub Saharan region.

Transsion’s acquisition of Micro-Station is aimed strengthening and expanding its own mobile phone retail arm, 3C Hub, to enable it draw-in even more consumers. Micro-Station will increase 3C Hub’s geographical footprint, thereby boosting its visibility as a store-front retail brand.

According to sources, its stores may sell both its own brands and that of other manufacturers to attract customers, including those that do not use its products. It will however, aim to convert non-users to users. The overall goal is to improve the sales of its own brands.

Emails and calls for comments sent to both Transsion and Micro-Station executives were not responded to as at the time of publication.

GTBank 728 x 90

It is believed that Transsion has been looking to flesh out its retail operation for a while now. Market observers say that the Chinese firm had tried to acquire Slot systems in the past, but failed.

Slot’s deep retail roots and its highly recognizable and trusted brand made it the ideal acquisition target for Transsion. With its failed bid, Transsion is moving to the next option – Micro-station. Micro-station, although not as sprawling and ubiquitous as Slot, is also an established brand and one of the biggest players in Computer Village.

After the acquisition, it is believed that Micro-station will be merged with Transsion’s 3C Hub to make 3C Hub an even bigger retail operation. All Micro-station stores will likely be converted to 3C Hub stores, and its retail operation will also be taken over. 3C Hub was established in 2015 and has grown both organically and through acquisitions of smaller players. From 1 store in Otigba, Computer Village it now has branches spread across 12 states in Nigeria.

Deal book 300 x 250
GTBank 728 x 90

Industry observers say that Transsion’s 3C Hub is being positioned and strengthened to rival Slot. Both stores will likely now slug it out with each other in the retail arena, in which 3C Hub is already making serious advances. It is fast becoming a favorite destination for mobile phone shoppers, who are being won over by its frequent promos and relatively lower prices.

 

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Hospitality & Travel

#EndSARS: NCAA denies alleged shut down of airspace, as Turkish Airlines takes off tonight

FAAN has reportedly shut down the air space of the nation due to alleged unrest in the country.

Published

on

Murtala Muhammed Airport (MMA), FAAN recruitment, FAAN in recruitment scandal as politicians takeover, Federal Airports Authority of Nigeria, 2019: Lagos airport records growth in passenger, aircraft and cargo movement  

The Nigerian Civil Aviation Authority (NCAA) has denied the alledged shut of the nation’s airspace due to the unrest, arising from the hijacked #EndSARS protests in Lagos, Abuja, and some other states in the country.

Though, the authority has not issued an official statement on the development, a source in the apex regulatory body told Nairametrics that the airspace remains open in Lagos and Abuja.

He said, “It is not true that the airspace is shut as rumoured on some social media platforms. Turkish Airline is attending to its passengers at the moment and the flight is tonight. So, where is the airspace being shut coming from.

“Delta Airline decided to divert the Lagos bound flight to Dakar, Senegal before going back to New York not because our airspace is shut but its Lagos office informed the Pilot that there is curfew in Lagos. Expectedly, American airlines are so sensitive to issues like that.”

Back story: A Twitter user, Osasu Onayiuwana, whose friend is one of Delta Air passengers en-route Lagos from Atlanta, USA, had alleged that Delta Airline returned ti New York because Nigerian air space was shut.

GTBank 728 x 90

He tweeted, “A friend returning to Lagos, from Atlanta on @Delta has been informed, during their Dakar, Senegal stopover, that @Nigeria’s airspace has been closed. They are now flying back to Atlanta!

“Actually, his plane is currently on the way to New York, from Dakar. Before this, some passengers asked @Delta to allow them to find their way to Lagos from Dakar. Understandably, the airline refused.”

GTBank 728 x 90

 

Continue Reading

Economy & Politics

FRC to implement new IFRS 17

The FRC is set to implement International Financial Reporting Standard 17 (IFRS) on or before January 2023.

Published

on

The Financial Reporting Council of Nigeria is expected to implement International Financial Reporting
Standard 17 (IFRS) on or before January 2023. This follows the amendment of the standard on June 25, 2020.

This was disclosed by the Head, Directorate of Accounting Standards Public Sector, FRC, Dr. Iheanyi Anyahara, during a Stakeholders interactive forum with FRC and International Accounting Standards Board (IASB) webinar recently.

Nigeria adopted the IFRS as part of measures to improve transparency, reporting practices and full disclosures.

Having adopted the IFRS by the Council, Anyahara explained that all amendments to existing standards alongside the new standards issued by the International Accounting Standards Board (IASB) must be implemented by all reporting entities in Nigeria.

According to him, the Council is aware that implementing IFRS 17 commands a radical departure from current accounting standards and produces complex operational challenges.

GTBank 728 x 90

He said, “That is why we are organizing this programme and many more in collaboration with IASB to guide the users of the standards both in application and implementation.

“The Council will be organizing more events in financial reporting, auditing and corporate governance in order to sensitize the general public and lessen the knowledge gap in IFRS standards in Nigeria in collaboration with relevant agencies and organisations.”

Back story:

GTBank 728 x 90

Last July, Nairametrics reported when FRC released guidelines for reporting in compliance with the Nigerian Code of Corporate Governance. (NCCG 2018).

In a statement posted on its website, the Council explained that it had been engaging with all regulators of sectors for the purpose of developing sectoral guidelines of corporate governance on specific requirements relevant to each sector, which are not covered under NCCG 2018.

Continue Reading

Business News

Geely Auto to invest 54 million dollars in the development of healthy cars

Geely’s leading track record will be taken to a new level with the development of an all-round “healthier car.”

Published

on

As Exclusive Partner of Geely Automotive in Nigeria, Mikano brings us great news of Geely Automotive innovative steps towards development of “healthy, intelligent vehicles” by earmarking 54 million Dollars of funding to it; as a furthering of the fight against Coronavirus.

The move not only adds a new dimension to Geely’s understanding of “passenger safety,” it also represents a new development direction for automobiles.

READ: Automotive Bill: Why FG may return it to National Assembly

The development of a “healthier car” differs from specialized medical vehicles in that Geely’s products are made for ordinary consumers. Cars with comprehensive virus protection not only require the capability to isolate harmful substances in the air, it also needs to quickly and effectively purify cabin air for occupants.

GTBank 728 x 90

Geely Auto’s global R&D and design networks based in Europe, USA and China will jointly move to develop and research new environmentally sustainable materials with anti-bacterial and anti-viral properties which can be used within air-conditioner systems and on frequently touched surfaces such as buttons and handles.

Geely Auto will make full use of its global R&D system and resources as well as cooperate with professional medical and scientific research institutions to set up special project teams to work on the new research.

READ: Cars45 CEO explains how to increase demand for Made in Nigeria cars

GTBank 728 x 90

An Conghui, President of Geely Holding Group and President and CEO of Geely Auto Group said “Epidemic prevention is a job that requires the long-term effort of wider society. As the most common mode of transportation, consumers spend a considerable amount time in their cars, akin to a “second home” Only by making healthier products can we meet consumer demand for better quality of life. Based on the automotive industry’s development direction built around electrified, connectivity, intelligence, and shared mobility, auto companies should commit to developing products that help protect the health of drivers and passengers. This will become one of Geely Auto key long-term development objectives.”

Earlier on January 28, Geely Holding Group joined hands with the Li Shufu Foundation to set up a special 30 million dollars fund in support of the new coronavirus prevention and control, with a focus on the mass purchasing of much needed medical supplies for China in the short term.

Geely’s leading track record will be taken to a new level with the development of an all-round “healthier car.” Geely’s move sets a new precedent in the development of safety technologies that goes beyond developing leading crash test results and moves into new dimensions of passenger safety.

Visit www.geely.ng to find out more about Geely Nigeria

Jaiz bank ads

Fidelity ads
Continue Reading
Advertisement
Advertisement
Advertisement
ikeja electric
Advertisement
Advertisement
Patricia
Advertisement
FCMB ads
Advertisement
IZIKJON
Advertisement
Fidelity ads
Advertisement
first bank
Advertisement
bitad
Advertisement
Stallion ads
Advertisement
financial calculator
Advertisement
deals book
Advertisement
app
Advertisement