Business News
Airtel Africa set to expand its Nigeria and other Africa operations with $1.25 billion
Airtel Africa Limited has announced that it had raised $1.25 billion from six global investors.
Airtel Africa Limited, a subsidiary of India’s Bharti Airtel Limited, has announced that it had raised $1.25 billion from six global investors. Among the new investors are SoftBank Group Corp, Warburg Pincus LLC and Temasek Holdings (Private) Limited.
The $1.25 billion fund, which was sourced through a primary equity issuance, now values the telco at $4.4 billion and will be used to reduce existing debt of about $5 billion and grow its Nigeria and other Africa operations.
Chief Executive of Bharti Airtel’s Africa Unit, Raghunath Mandava, noted that the transaction will help Airtel to further deleverage its balance sheet and boost capacity to upgrade networks, expand coverage in different markets and achieve rapid growth of Airtel Money across operations.
The race for market share
Recently the telecom-giant announced that it has partnered with three of the leading phone brands in Nigeria – Infinix, Itel, and Tecno – to offer increased value delivery to customers. The strategic partnership is some sort of sales promotion which works in such a way that Airtel customers get to enjoy a special data package “Double Data Offer’ every time they buy any of the phone brands.
By implication, every time an Airtel customer buys either an Infinix, Itel or Tecno phone, they will enjoy double the value of every data plan they buy henceforth. The double data value package would then last until six months after the initial phone purchase, allowing customers to enjoy increased internet connectivity.
In a monthly report for September by NCC, Airtel has the second largest market share with 26% of the market share, while MTN is tops with 39.68% of market share.
Airtel Nigeria is one of the top four telecoms service providers in Nigeria. It is a subsidiary of Bharti Airtel Limited which is headquartered in New Delhi, India.
The Central Bank of Nigeria (CBN) has revealed that the Coalition Alliance Against COVID-19 (CACOVID) has so far incurred an expenditure of N43.27billion on the acquisition of, not only medical equipment and supplies but also food palliatives for vulnerable Nigerians.
The recent press release noted that the funds raised by CACOVID was used to support 3 key priorities – Medical facilities and equipment, food relief programs and communications plans.
The breakdown of the expenditure in the aforementioned areas are:
- Medical Facilities and equipment: In collaboration with other stakeholders, CACOVID developed 39 fully equipped isolation centers across the 36 States of the Country including the Federal Capital Territory (FCT). The sum of N4.19billion was spent in Building Isolation Centers. In addition, medical equipment such as PCR test kits for suspected cases of COVID-19 were procured along with other required medical items at a cost of N9.02billion.
- Food relief programs: As a way of cushioning the impact of the lockdown on vulnerable citizens, CACOVID provided palliatives in the form of essential food items to 1.7million households, which is equivalent to supporting 8 million Nigerians. A total of N28.76billion was spent procuring these food supplies.
- Communication plans: CACOVID also worked to improve awareness in rural communities on the COVID-19 virus, and the measures community health workers and other members of society should take when someone in the community is suspected of having symptoms similar to that of COVID-19. In lieu of this, expenses were incurred on Print, TV, radio, and social media as part of CACOVID communication plans.
Why this matters
The recent disclosure is in line with the principle of accountability and transparency, as the organization seeks to lay bare facts regarding expenditure incurred so far; thereby, nipping in the bud, suspicions and unfounded rumor.
What you should know
Due to the sudden global health challenge (COVID-19), which wreaked havoc on most economies of the world, coupled with declining oil prices and declined government revenue; the Bankers Committee, comprising the Central Bank of Nigeria and the Deposit Money Banks, as well as key stakeholders in the private sector came together to set up an alliance in March 2020, known as the Coalition Alliance Against COVID-19 (CACOVID).
The ultimate objective is working with the government to provide support in areas that would result in improved health and welfare for vulnerable Nigerians.
Companies
PZ Cusson announces retirement of Chairman, Kola Jamodu
PZ has announced the retirement Chief Kola Jamodu as Non-Executive Director and Chairman of the Board of the company.
The Board of Directors of PZ Cussons Nigeria Plc has announced the retirement of Chief Kola Jamodu as Non-Executive Director and Chairman of the Board of the company.
This disclosure was made in a notification signed by the Company’s Secretary, Jacqueline Ezeokwelume, and sent to the floor of the Nigerian Stock Exchange.
According to the notification issued by Mrs. Ezeokwelume, Chief Kola Jamodu will retire as a Non-Executive Director and Chairman of the Board effective 11 December 2020 to enable him to pursue other personal endeavours.
What you should know
Chief Jamodu joined PZ Cussons Group in 1974 and served in Executive positions for 24 years rising to the position of Chief Executive Officer of the Company, a position he held until he retired in 1999.
He thereafter continued as a Non-Executive Chairman of the Board until 2001 when he was appointed as the Honourable Minister of Industry of the Federal Republic of Nigeria, a position he held until 2003.
He was reappointed as the Chairman of the Board of PZ Cussons Nigeria Plc in November 2014.
Appointments
Abbey Mortgage Bank announces appointment of 6 Directors
The Central Bank of Nigeria has approved the appointment of 6 Directors of Abbey Mortgage Bank.
Abbey Mortgage Bank has announced the appointment of 6 Directors, including Mr. Madu Hamman as the substantive Managing Director.
The disclosure is contained in a notification, signed by the Bank’s Secretary, Geoff Amaghereon Esq. and sent to the Nigerian Stock Exchange market today, as seen by Nairametrics.
What you should know
Five (5) other Directors were appointed by the CBN – 2 Executive and 3 Non-Executive Directors.
The names and portfolios of the Directors are; Mr. Mobolaji Adewumi – Executive Director; Mr. Oladipupo Ayodele Adeoye – Executive Director; Mr. Nonso Okpala – Non-Executive Director; Professor Marius N. Umego – Non-Executive Director; and Brigadier-General John Obasa (rtd) – Non-Executive Director.
The notice also mentioned that all appointments have been approved by the Central Bank of Nigeria.
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