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Elumelu seeks more international multilateral organisations’ support to boost entrepreneurship in Africa.

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The Chairman, United Bank for Africa (UBA) Plc, and Founder, Tony Elumelu Foundation (TEF), Mr. Tony Elumelu, has stressed the need for global organisations and multinational institutions to support the much-needed growth in the African continent; adding that ultimately, such growth will affect the world positively.

Elumelu, who pointed this out on the side-lines of the 2018 World Economic Forum currently ongoing in Davos, Switzerland, said organisations must come together to provide solutions to key challenges negatively impacting African economies, especially with regards to power supply and infrastructural challenges which are the major issues that the economies have had to grapple with.

Speaking specifically about the challenge of power supply on the continent, he said, “Under the Obama administration the Power Plan programme was initiated, which helped in a number of ways. However, now, we have a number of investors, like the Transcorp Power Plc, that is working hard to improve power in the continent in the 21stcentury.  The truth is we have a new crop of investors who know and realise that it is important to have access to power to grow the continent, and our governments have keyed into this.

“To this end, we would also continue to need support from World Bank, AFdB, and other organisations to support with the huge capital that is needed to boost that sector. We could also do with the support of America, because if we improve access to electricity in Africa, it would help the world in a variety of ways.” While noting that the private sector needs to get more involved, he cited the example of the achievements of the TEF over the past few years, which he said has begun to bear fruits, adding “We are beginning to see signs of the great things that these people are doing and they are making us proud. We have helped them realise their dreams and they are doing well.”

He seized the opportunity to commend organisations that have keyed into the TEF’s vision of empowering 10,000 African youths such as the International Red Cross Society, which according to him, has helped to create more opportunities for more Africans to benefit from the TEF’s entrepreneurship programmes.

He said, “We have seen that our interventions of 1,000 beneficiaries every year cannot be enough, in the first year, for instance, we had about 20,000 applications, we selected only 1,000; by the second year, it rose to 40,000 where another 1,000 was selected; last year, which was the third, we had 98,000 and we again selected 1000. It has become imperative to create more opportunities and to engage with our friends and partners and those who love Africa and who believe in this form of development that is truly sustainable.  “So we reached out and I am happy that Red Cross came through and they have committed $1m, so now, we would not just be talking about 1,000 entrepreneurs, but now, it would be 1,200 entrepreneurs. Thanks to Red Cross for the additional 200.”

He explained that the additional $1m fund they are bringing to the table is for the Niger-Delta region, covering the Ogoni part, and the North-Eastern region where we have the Boko Haram insurgence. “This kind of intervention, is what we need to develop Africa. We want to help to support the African youth, to support and prioritise them at a forum like this for global leaders. To let them know that Africa needs a new form of support, not necessarily hand-outs but support hat can empower. We need people to team up with us to support these youth,” he passionately added.

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Christopher B. Pemu has a degree in Political Science from the University of Lagos. He joined Nairametrics in 2014 as News Editor and later as Managing Editor. He currently serves as the General Manager of Nairametrics. He takes pleasure in traveling, enjoys world politics and in sport, he loves watching football and tennis.

Companies

MTN shareholders have made approximately N1 trillion since April 2020

Shareholders of MTN Nigeria gained close to a trillion naira in less than 7 months.

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MTN Nigeria, MTN Nigeria Communications Plc. begins N100 billion commercial paper issuance today

MTN Nigeria shareholders have gained N986.58 billion since the first trading session in April 2020.

This was uncovered by calculating the difference in the telecommunication giant’s market capitalization of ₦1.832 trillion at the open of trade, for the first trading session in the month of April 2020, and the market capitalization of ₦2.646 trillion at the close of trade in the first trading session in the month of October.

READ: Shell to cut 9,000 jobs globally due to oil price crash as it shifts to clean energy

This gives a whopping N814 billion increase in market capitalization, and this with the dividend the company has paid to shareholders on two occasions between this time period, brings the total gains both realized and unrealized to approximately N1 trillion.

READ: FUGAZ; Nigerian banks considered too big to fail

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Hence, the N814 billion increase in market capitalization translates to the joint gains MTN investors have made from the increase in the shares of the company, as the share price of the company has increased by 44.44% or ₦40.00 between April 1, 2020, and October 2, 2020, with the share price of increasing from ₦90.00 to ₦130.00.

However, the gains MTN NG investors have made from their investments in the telecommunication company, is not limited to the gains driven by the increase in the price of the shares.

READ: World Bank says Nigerian banks are at risk of being destabilised by COVID-19

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Recall that the company declared payment of dividends to its shareholders on two occasions, as investors/shareholders of the company, whose names appear in the Register of Members, as of the close of business on April 17, 2020 and August 14, 2020 were paid a cumulative dividend per share of ₦8.47, for all the outstanding shares of 20,354,513,050 held by the shareholders, and this translates to a total dividend payout of N171 billion by the company to its shareholders.

It is noteworthy that the realized and unrealized gains MTN investors have made from holding the shares over this period stands at N986.58 billion.

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LASACO Assurance Plc Chairman, Aderinola Disu resigns from the Board of Directors

Aderinola Disu resigned her position as a Director on the Board of LASACO Assurance.

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Lasaco Assurance

Lasaco Assurance Plc has announced the resignation of its former Chairman, Mrs. Aderinola Disu, as a Director on the Board. The resignation took effect from the 8th of September, 2020.

The following information is contained in a press release made available to the public, signed by the company Secretary, Gertrude Olutekunbi, and verified by Nairametrics.

The notification also revealed that, the aforementioned firm has received a provisional approval from the National Insurance Commission (NAICOM) to appoint two other directors.

READ: 3 bank directors resign from NESG in protest to CBN immunity letter

The two newly appointed directors are; Dr (Mrs.) Maria Olateju Phillips, and Prince Jamiu Adio Saka, both appointed to a Non-Executive Director role.

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Profile of the two newly appointed Directors

Chief (Mrs.) Teju Phillips, is a successful Chartered Accountant, who holds an ACCA from England and Wales. She is multilingual and has extensive experience in Management/Consultancy services, that spans across many years in both the public and private sectors. She has served as a Director in Keystone Bank; Director, Lagos State Lottery Board; Honorable Commissioner for Special Duties & Inter-Governmental Relations in Lagos State; Managing Director of Alma Beach Estate Ltd (a subsidiary of Rims Merchant Bank Ltd); Managing Director, Maridot Ventures Ltd. among others.

READ: FIRS retires coordinating directors, appoints new ones

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Prince Jamiu Adio Saka, is an accomplished Insurance professional, having practiced in Canada and Nigeria. He brings to the board over 30 years of experience as a Broker.

Lasaco Assurance Plc, is a listed Nigerian firm that provides life and general insurance services, which includes motor, bond, contractors-all-risk, fire, burglary, aviation, marine, general accident, life, pension schemes, engineering, and oil and gas. The company has a market capitalization of about N2.05 billion and it share price currently trades at N0.28 kobo.

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MTN: Data subscriptions triggered surge in Q2 2020 Revenues

Data revenues jumped from N56.7 billion to N79.9 billion in the period under review.

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MTN Nigeria, MTN Nigeria Communications Plc. begins N100 billion commercial paper issuance today

Analysis of the MTN’s results shows that revenues surged, due to increased data usage, aided by the COVID-19 pandemic lockdown.

MTN Nigeria Communications Plc (MTN), reported revenues of N638.1 billion in H1 2020, relative to N566.9 billion recorded in the same period in 2019 – a 12.5% increase.

MTN Plc is Nigeria’s premier provider of connectivity, communication, and collaboration solutions. From the very first phone call, made at Maritime House Apapa, Lagos, Nigeria on May 16th, 2001, MTN Plc has been facilitating connections in Nigeria.

READ: COVID-19 boosts Fidson Healthcare Plc’s Q2 2020 performance

The COVID-19 related lockdown affected businesses worldwide, including businesses in Nigeria. This resulted in most business activities being conducted virtually, in a bid to salvage businesses from collapsing. With social distancing rule, came an increased utilization of online mediums for meetings, weddings, social interactions, and everything that couldn’t be done physically. Consequently, people consumed more data compared with the pre-COVID-19 periods.

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According to the latest data available on the NCC website, MTN Plc’s market share of internet subscribers is 42.54%. Its revenue-generating segments include Voice, Data, SMS, Interconnect and Roaming, Handset and Accessories, Digital, Value Added Service, and Other revenues. Aside from SMS, revenues from the other seven segments increased in H1 2020 compared with the previous period last year.

READ: How Apple lost over $500 billion in 12 trading days

Data revenues jumped from N56.7 billion to N79.9 billion in the period under review. The number of port-out subscribers almost doubles port-in subscribers in the period under consideration, so this does not confound the analysis conducted, which revealed that COVID-19 lockdown boosted data revenues.

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The Earnings Per Share (EPS) of the company declined by 4.70% in H1 2020 from N4.89 to N4.66 compared with the same period last year. A 4.68% decline in distributable profit to N94.88 billion in H1 2020, relative to N99.54 billion contributed to this decline in H1 2019.

READ: Finding Balance: GTB’s impeccable gains versus its notable losses

MTN Plc’s shares were listed on the floor of the NSE on 16th May 2019. The shares currently trade at N129 per unit. The highest price for a unit of share in 52 weeks was N132 and the lowest N90. A total of 51,885,740 units was sold in the last seven days trades. Shares outstanding is 20,354,513,050 units and its market capitalization is N2.63 trillion.

Airtel Africa Plc operates in the same sub-sector as MTN Nigeria Plc – Telecommunications Services. Airtel Africa Plc’s share price is N380. The highest price for a unit of share in 52 weeks was N380 and the lowest N298.90. A total of 15,972 units was sold in the last seven days trades. Shares outstanding is 3,758,151,504 units and its market capitalization is N1,428,097.57 trillion.

READ: Floods disrupt operations in Flour Mills’ Sugar Estate

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On the 30th of September 2020, Telecompaper reported that MTN has added MusicTime playlists to its Ayoba app. MTN’s Ayoba platform and MusicTime announced a partnership deal to bring free music to Ayoba app users. MusicTime in Ayoba is now live in Nigeria and some other African countries, including South Africa and Ghana. The app offers users free access to ten playlists with twenty songs each.

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Ayoba is an instant messaging app powered by MTN. With Ayoba, it is possible to chat with anyone, regardless of whether they have the Ayoba app or not. Users who do not have the app, but receive an SMS from an Ayoba user, will be able to respond via SMS, and it will display within the Ayoba user’s chat in the app. Ayoba is available on Android devices (iOS to come later).

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