In what can best be described as an unexpected development, Courteville Business Solutions Plc announced today that it will no longer be a Capital Market Operator.
In a statement issued to the Nigerian Stock Exchange, the company said the decision followed approval by the Securities and Exchange Commission, SEC.
Prior to this development, the company operated as a Corporate Investment Adviser; conducting securities analysis on behalf of corporate clients while also giving investment recommendations.
What does this mean for the ICT company?
This announcement does not mean that the company is delisting as a quoted company on the NSE. As the company’s Head of Customer Care, Olayimka Aina told Nairametrics through an email interview, Courteville is simply no longer interested in pursuing this line of business.
“Courteville Business Solutions Plc was initially registered as a Capital Market Operator in 2005. However, our business model has changed since 2006 to other businesses. We no longer have a need to hold on to being a Capital Market Operator and Corporate Investment Adviser.” -Courteville
Note that the capital market is the place where funding facilities for medium and long-term investments take place. The capital market is, therefore, consisted of players (otherwise known as operators) who serve as intermediaries between the fund-providers and the fund users. These intermediaries include- Securities Exchanges, Brokers/Dealers, Issuing Houses, Registrars and Investment Advisors.
That said, recall that an earlier analysis by Nairametrics observed that time was running out for Courteville’s business model; no thanks to recent declines in revenue and profitability. In light of this latest move, therefore, it is possible Courteville is choosing to focus do away with unprofitable ventures while focusing only on profitable ones.
Courteville Business Solutions Plc is an e-business solutions and advisory company which was incorporated in 2005. According to its latest (Q1 2018) financial result, revenue declined by 7%; N308 million against N331 million in Q1 2017.
Profit after tax, however, increased by 18%, standing at N23 million as against N20 million in Q1 2017.
The company’s share price is currently trading at 0.20 kobo on the floor of the Nigerian Stock Exchange.
Konga launches revolutionary membership programme, Konga Prime
Konga Prime puts money back into the pockets of subscribers by helping them make great savings.
Konga, Nigeria’s leading composite e-Commerce giant, has rolled out Konga Prime, a revolutionary membership programme, with a lot of benefits for shoppers.
Konga Prime members enjoy unlimited free shipping, have access to exclusive offers and early bird deals, among others.
The incentives-filled loyalty programme went live on Monday March 1st, 2021.
Specifically, Konga Prime brings together a suite of exciting benefits which delivers great value to subscribers, helping them enjoy exclusive deals and other incentives such as faster deliveries of their orders. In addition, Konga Prime puts money back into the pockets of subscribers by helping them make great savings, incomparable to that offered by any other retail platform.
Furthermore, members of Konga Prime including busy individuals and families get to enjoy premium access to the full range of Konga’s cutting-edge assets. Among these are its powerful e-Commerce engine and online presence as well as the nationwide reach of a growing list of over 31 stores spread across the nooks and crannies of Nigeria. With this, Konga Prime members can take advantage of nationwide delivery of their items as fast as the next day.
Also, members have the added incentive of unlimited free delivery from Konga.com and access to discounts that make shopping faster and cheaper for all categories of shoppers.
Interested subscribers can sign up for Konga Prime here: https://www.konga.com/konga-prime Membership of Konga Prime is available to all customers, effective March 1st, 2021, beginning with Lagos and Abuja, the Federal Capital Territory (FCT). Equally important, Konga is currently offering specially discounted rates for interested subscribers to sign up for Konga Prime. In other words, subscription rates for Konga Prime membership have been slashed by as much as 50% for early bird subscribers.
In Lagos, membership of Konga Prime is currently up for N1,000 a month, as against N2,000 and N2,490 for three months, instead of N4,950 along with a 7-day free trial period. For Abuja, membership rates presently stand at N1,290 a month, as opposed to N2,500 and N3,490 for three months, instead of N6,950.
Meanwhile, the Konga Prime rollout is set to be extended to other states soon.
Vice President, Konga Online, Kenny Oriola, says the initiative is one that will deliver great value for members, including exclusive access to a growing list of special offers. These include unlimited free delivery, early access to exclusive deals as well as partner benefits and rewards.
“This initiative was implemented to provide a platform that allows our esteemed customers enjoy great value, including having their orders delivered to their preferred location for free. Saving time and money is not just the end goal here, but having access to exclusive deals, and mouth-watering discounts on special products also makes this service one to subscribe to.
‘‘Today, we kick-off this initiative in Lagos and Abuja. Subsequently, other states across the country will benefit from this service. We urge all interested subscribers to take advantage of the ongoing discounted rates to sign up for this value-adding programme,’’ he disclosed.
Further, Oriola submits that in the future, Konga will leverage its wide-ranging assets to add additional benefits for members in a variety of services and offerings, adding that the list of benefits will continue to grow over time.
Nigeria breaks transmission record again, hitting 5,801.60 MW
The TCN has broken its own transmission record three times in the space of a week.
The Transmission Company of Nigeria announced another record, as grid transmission hits a peak of 5801.60 MW.
This was disclosed by the Minister of Power, Engineer Sale Mamman in a statement on Tuesday evening.
“Back-to-Back Peak Transmission, Yesterday, 1st of March at 9:30 pm, we hit a new HIGH,” he said.
He added that 5801.60 MW transmitted at a frequency of 50.09 hz.
“Next Level heights for the Power Sector. Kudos to all at the TCN & MoP striving towards stable energy for Nigerians,” he added.
Back-to-Back Peak Transmission, Yesterday, 1st of March at 9:30pm, we hit a new HIGH!
5⃣,8⃣0⃣1⃣.6⃣0⃣Megawatts transmitted at a frequency of 5⃣0⃣.0⃣9⃣Hz💡⬆️ 🇳🇬
Next Level heights for the Power Sector. Kudos to all at the TCN & MoP striving towards stable energy for Nigerians.👏🏾
— Engr. Sale Mamman (@EngrSMamman) March 2, 2021
In case you missed it
- Nairametrics reported yesterday that the Transmission Company of Nigeria (TCN) announced that it hit another record milestone on transmission, as it recorded a national peak of 5,615.40MW.
- On March 1st that the TCN announced it has broken its transmission record once again, after hitting a record of 5,584.40 MW.
Nairametrics | Company Earnings
- FY 2020: Africa Prudential posts N1.45 billion Profit After Tax.
Africa Prudential Plc released its […]
- Custodian Investment Plc posts N12.69 billion profit in FY 2020.
- 2020 FY Results: Nestle posts N39.2 billion, as earnings per share prints N49.47
Nestle Nigeria Plc released its audited […]
- 2020 FY: WEMA Bank posts N5.06 billion profit after tax as earnings per share prints at N13.1.
Wema Bank Plc released […]
- 2020 FY: Zenith Bank post N230.6 billion profit after tax
Zenith Bank Plc released its […]