One of Nigeria’s leading telecommunications giant, Globacom Limited has gained 2 million new subscribers. The telco gained more subscribers than any other network in the telecoms sector in December 2018.
Glo also made the second largest telecoms operator at the end of 2018. This was according to new statistics from the Nigerian Communications Commission (NCC).
What may have enhanced Glo’s growth
It is no longer news that the telco giant had introduced some new packages into its services.
In its commitment to be the country’s largest data network, Globacom introduced Oga SIM, which offers 125% data bonuses to all new data customers, and GloYakata, which rewards customers with amazing data and voice benefits every time they recharge their Glo lines.
These packages cannot not have complimented the company’s growth.
A look at the stats
Globacom garnered 1,982,109 new customers, moving up its subscriber base from 43,273,188 to 45,255,297; a figure which amounts to 26.24% of total industry subscriber figure.
This has strengthened the position of Globacom as the second largest network while the latest publication shows that Airtel remains in third place after increasing by 1,061,330 subscribers to arrive at 44,180,484 subscribers in December. This has pushed Airtel to 25.61% of cumulative industry subscriber base.
The report further indicates that 9mobile added 555,344 subscribers, as the third largest gainer, to move up to 15,917,015 in December, from 15,361,671 in November while MTN stands at 67,133,009, having added only 158,017 in December 2018.
Globacom was established on the 29th of August, 2003 and is Nigeria’s second largest telecommunications operator. Globacom has operations in other West African countries namely Ghana and Cote D’Ivoire. The company made history in Nigeria when it became the first GSM operator to implement per second billing.
In 2011, Glo became the first telecommunication company to build an $800 million high-capacity fibre-optic cable known as Glo-1, a submarine cable from the United Kingdom to Nigeria. It was the first successful submarine cable from the United Kingdom to Nigeria.
Globacom has the following range of products; Glo mobile, Glo Broad Access, Glo Gateway and Glo-1 coverage
DEAL: uLesson raises $7.5 million Series A round
uLesson has announced that it has closed a $7.5M Series A round.
uLesson, a Nigerian educational learning platform that leverages best in class teachers, media, and technology solutions to create high-quality, affordable and accessible education for African students, announced that it has closed a $7.5M Series A round.
This funding round was led by US-based Owl Ventures, which is focused on education as an investment. It was also backed by existing investors — Founder Collective and TLcom .
Founded by Sim Shagaya, uLesson curates personalised, curriculum-relevant content via mobile and PC devices for students in the K-7 to K-12 segment across the continent. Students can access the lessons via streaming and SD cards, where they can download and store the content, allowing them to study remotely, removing challenges around internet access limitations and costs.
According to Sim Shagaya,
- “The uLesson app has now been downloaded a million times with paying users from at least 7 countries (including countries we don’t formally serve). On average, learners spend around 77 minutes on the app daily — a figure that exceeds the engagement levels on most social networking apps.
- “Our goal is that ten years from now, K-12 education on the continent will bear little semblance to what you see today. But it won’t just be different, it will be better on most dimensions and much more affordable.
- “We also believe that the impact borne of the marriage of education and technology will be greater on the African continent than any other place in the world.”
This funding will be deployed to power uLesson’s expansion into Eastern & Southern Africa, as well as secure new talent and build its product development and production infrastructure.
CAP and Portland Paints obtain Federal High Court approval on proposed scheme merger
A Federal High Court approved the proposed scheme merger between Chemical Allied Products Plc and Portland Paints Plc.
The Judicial Divison of the Federal High Court has approved the proposed scheme merger between Chemical Allied Products Plc and Portland Paints Plc, and other matters connected therewith.
In line with this, the Federal High Court ordered that a meeting of the holders of the fully paid ordinary shares of Portland Paints and Products Nigeria be convened and held for the purpose of considering and approving a Scheme of Merger between the concerned entities.
Portland Paints disclosed this on the NSE before the open of trade today.
The statement said upon approval by the shareholders at the court-ordered meeting, which will be held at 12:00 pm on Thursday, 18 February 2021 at Radisson Blu Hotel, the subjoined resolutions of the Scheme Merger shall be effected.
Overview of the Scheme Merger and options offered to shareholders
For the purpose of giving effect to the Merger as would be agreed between the Company and the Holders of the Fully Paid Ordinary Shares of Portland Paint Plc and Chemical and Allied Products PLC at the court-ordered meeting, shareholders of Portland Paint Plc at the close of business on the Terminal Date shall be offered the option:
- To receive a Cash Consideration of N2.90 for each ordinary share of N0.50 held in Portland Paints as at close of business on the Terminal Date.
- Or be allotted 1 ordinary share of N0.50 each in the share capital of CAP (credited as fully paid) in exchange for every 8 ordinary shares of N0.50 each held in Portland Paints.
Implied impact of the Scheme Merger between CAP and Portland Paints
Upon the Scheme becoming effective, the following modification shall be made:
- All assets and liabilities of Portland Paints including but not limited to real property, intellectual property rights, permits, credits, allowances, equipment and machinery, plant, fixtures and fittings, motor vehicles and businesses, shall be transferred to CAP.
- All employees and undertakings rights, powers and duties of a personal character, which could not generally be assigned or performed vicariously, of the Company shall be transferred to CAP.
- All legal proceedings, claims and litigations pending or contemplated by or against the Company be continued by or against CAP.
- The entire share capital of the Company shall be cancelled, and the Company shall be dissolved without being wound up.
- All contracts of the Company shall continue to be in force and effect in accordance with their respective terms and conditions, and CAP shall assume all rights and obligations of the Company under all such contracts.
- All monies standing to the credit of the Company at banks and with other debtors within and outside Nigeria be held to the credit of CAP.
Price Watch: Consumers paid more for diesel and less for petrol in December
The December 2020 NBS report shows that consumers paid more for diesel and less for petrol than they did in November 2020.
The Price Watch report released by Nigeria Bureau of Statistics (NBS) for the month of December 2020 revealed that consumers paid more for Diesel (Automotive Gas Oil) and less for Petrol (Premium Motor Spirit), compared to that of November 2020.
The average price paid by consumers for diesel increased by 0.28%, from N223.74 in November 2020 to N224.37 in December 2020, while the average price paid by consumers for petrol decreased by 0.94% from N167.27 in November 2020 to N165.70 in December 2020.
Key highlights of the report
- Consumers in Taraba (N266.00), Adamawa (N262.50) and Zamfara (N257.50) paid the highest average price for Diesel.
- While consumers in Kwara (N195.00), Gombe (N197.50) and Osun (N201.09) paid the lowest average price for Diesel.
- Overall, consumers in North West (N240.57), North East (N238.88) and North Central (N226.37) paid the highest average price for Diesel, while consumers in South West (N209.27), South East (N209.35) and South South (N216.25) paid the lowest average price.
- Consumers in Abia (N176.19), Kwara (N172.43) and Kebbi (N169.92) paid the highest average price for petrol.
- While consumers in Kaduna (N155.00), Katsina (N160.25) and Bauchi (N162.57) paid the lowest average price for petrol.
- Overall, consumers in South East (N168.04), North Central (N166.94) and South South (N166.53) paid the highest average price for petrol, while consumers in North West (N163.79), North East (N164.47) and South West (N164.92) paid the lowest average price.
Since a lot of manufacturing companies rely heavily on diesel to power their machinery and equipment, the increase would have added to their cost of operations, culminating in consumers paying more for goods and services.
Also, one would have expected that the reduced price of fuel in December 2020 would lead to lower transport fares for commuters during the festive season, but that was not the case.