The London Stock Exchange Group (LSEG) recently unveiled its report of 360 companies that would supposedly inspire Africa in 2019, and Swift Networks Limited is one of them. But customers of the internet service provider may not be flattered by the news.
The report — Companies to Inspire Africa 2019 — was compiled after a painstaking survey process which saw a total of 5,000 nominated companies whittled down to 360.
According to the LSEG, the yardsticks used for choosing the successful companies include considerations for innovation, growth and transparency. The other 359 companies were selected from across thirty-two countries in Africa.
Meanwhile, the Chief Executive Officer of Swift Network Limited, Mr Charles Anudu, has reacted to the recognition by the London Stock Exchange Group.
On behalf of the company, Mr Anudu thanked everyone who has partnered with them towards positioning Swift Network Limited for success in the market.
Speaking further, the company’s CEO noted that last year (2018) was a good one for them despite the fact that Nigeria was just coming out of a recession.
He also spoke about the new market segements the company recently launched, in its bid to offer better internet services to its customers.
However, in spite of the new accolade bestowed on the company as well as its promise of better internet services, the company’s customers still have a lot to complain about.
The displeasure expressed over Swift Network Limited range from poor service delivery, to the high cost of subscribing to the company’s services.
As a matter of fact, the company’s Twitter handle is filled with complaints by dissatisfied customers. Not too long ago, a customer identified as Thomas Ukomori, lamented that not only is the network poor, he is being wrongfully charged for using it.
there is no way on earth i could be consuming 12.5 gb, 8.9gb 6gb in a day.its obvious something is wrong somewhere. pls i am running out of business as a result of these obnoxious charges. pls whatever you people are doing thats consuming my data, please stop it, thanks 55081
— thomas ukomori (@ThomasUkomori) February 7, 2019
your network service here is epileptic. its being off and on. pls stabilise it, thanks 55081
— thomas ukomori (@ThomasUkomori) January 31, 2019
Other customers believe the company’s management team is one of the things wrong with it. For this reason, Mr Afolabi is no longer a fan.
This year alone, I have referred more than 20 people who have subscribed to swift cause its a win-win situation. Unfortunately, your brainless management stopped it, making it a win-loss case. Well, I don't have any reason to promote you again. Simple!
— John Afolabi (@realjohnafolabi) December 27, 2018
Poor customer service is yet another problem customers have with the company. For Mr Eruonavwe, this is not good for business. The company should fix it.
@SWIFT4Glte I have tried over and over to reach your customer care Centre through email and WhatsApp to make a request yet no response from your team. This is not good for business at all. Is this a norm with you guys or something else? Here is my email [email protected]
— Jeffrey Eruanovwe- (@jeffogem) December 28, 2018
CBN extends Covid-19 forbearance for intervention loans by another 12 months
CBN will continue to charge an interest rate of 5% for its intervention loans for another 1 year.
The Central Bank of Nigeria has announced an extension of its regulatory forbearance for the restructuring of its intervention facilities by another 12 months.
In a circular signed by Dr. Kevin Amugo, the Director of Financial Policy and Regulatory. the apex bank said it will continue to charge its borrowers an interest rate of 5% per annum as against the 9% originally offered. The CBN had on March 20th reduced the interest rates on its intervention loans from 9% to 5% as part of its response to the economic crunch brought on by Covid-19 induced lockdowns.
The CBN also offered to rollover moratorium granted on all principal payments on a case by case basis. All credit facilities had been granted a one-year moratorium starting from march 1, 2020 when the pandemic first gripped Nigeria.
See excerpt from Circular
“The Central Bank of Nigeria reduced the interest rates on the CBN intervention facilities from 9% to 5% per annum for one-year effective March 1, 2020, as part of measures to mitigate the negative impact of COVID-19 Pandemic on the Nigerian economy.”
Credit facilities, availed through participating banks and OFIs, were also granted a one-year moratorium on all principal payments with effect from March 1, 2020.
Following the expiration of the above timelines, the CBN hereby approves as follows:
1) The extension by another twelve (12) months to February 28, 2022 of the discounted interest rate for the CBN intervention facilities;
2) The roll-over of the moratorium on the above facilities shall be considered on a case by case basis.
What this means
Companies who secured intervention funds from the CBN or through any of its on-lending banks will continue to service the loans at an interest rate of 5% per annum instead of 9%.
- They can also get another year of not needing to pay back the principal sum collection. However, they will need to apply.
- Whilst this move helps the small businesses continue to manage their cash flow, it means the CBN will record a reduction in its income extended under such facility.
- Regulatory forbearance is a widely adopted concept during an economic crunch and it is meant to help stimulate businesses. These pronouncements if implemented will only affect those who borrow from the CBN or BOI but those who do not will miss out.
- Download the circular here.
LNG boss tasks FG to begin the monetization of Nigeria’s gas
Mr Attah has urged the FG to take the gas sector more seriously as the future of Nigeria’s energy lies with it.
The MD and CEO of Nigeria LNG Limited Mr. Tony Attah has tasked the Federal Government to begin the revamping and monetization of the Gas sector in Nigeria.
He made this statement while making his presentation at the 2nd virtual Nigerian Gas Association (NGA) Industry Multilogues, with the theme: “Powering Forward, Enabling Nigeria’s Industrialization via Gas.”
Mr. Tony Attah drew the attention of the audience to the hidden treasure in the Nigerian Gas industry which he believes is not getting enough attention from the government.
On the future of gas as an alternative energy source, Mr. Attah stated that the developed world is already keying into gas as an alternative to crude oil. Gas has proven to be a cleaner and more sustainable alternative.
He exclaimed that Nigeria is very rich in gas and yet poor in energy. Nigeria is the 9th country with the largest gas reserves in the world but makes very little use of it.
Mr. Attah went further to paint a clear picture of the promise of investing in gas using the success achieved by Qatar. Qatar is currently the largest LNG exporter in the world.
“We just touched on a quick case study of Qatar. Someone mentioned Qatar already from a poor fishing country to a gas giant and it took just 10 years, which is why we, as Nigeria LNG, firmly believe in the conversation and the narrative about the declaration of the decade of gas.
“We believe it is possible. If you look at Qatar from 1995, when they really went into gas development, we were just two years behind Qatar. So, Qatar’s first LNG was in 1997.
“Nigeria’s first LNG was in 1999, just two years behind. But then, within 10 years, because of the deliberateness of the government and focus on gas, they have gone to 77 million tonnes and we are at best, 22 million tonnes,” Attah said.
Mr. Attah stressed further the importance of the gas sector in Nigeria’s future. He recalled that the Nigerian Government declared 2021-2030 as the decade of gas. He pleaded with the government to take the sector more seriously as the future of Nigeria’s energy lies with it.
“Gas is the future. That future is now, and just as the Minister of State has made us to realize, gas is food in fertilizer. Gas is transport as you saw in the Auto gas project that was declared.
“Gas is life, as a matter of fact, for cooking, for heating, for existence. Gas is development in manufacturing, gas is power. Gas is everything. “We think it’s time for gas. It’s time for Nigeria to diversify and that is why we fully support the decade of gas,” he said.
What you should know
- Early last year, the director of the Department of Petroleum Resources (DPR) Mr Sarki Auwalu confirmed that Nigeria’s proven gas reserve stood at 203.16 trillion cubic feet.
- Nigeria has the 9th largest gas reserves in the world. It is also the 6th largest exporter of gas.
- The Federal Government declared the year 2021–2030 as the “Year of the Gas“. It pledged to finally kick start the development and commercialization of Nigeria’s huge gas reserves.
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