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Companies

Andela to expand presence to all African countries

Andela also announced it will accept Pan African applications from engineers with full-stack programming experience.

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Andela to expand presence to all African countries

Global Engineering Talent company, Andela that helps companies build remote engineering teams announced on Wednesday that it now accepts Engineers from all African countries.

Andela says it is a bid “ to double is final talent pool and connect an even greater number of specialist engineers with opportunities”.

Andela also announced it will accept Pan African applications from engineers with full-stack programming experience such as Node, React, Python and Ruby.

Andela co-founder, Jeremy Johnson says, “Over the past five years, we have become experts at identifying engineering excellence from non-traditional backgrounds. We know that there are extremely talented engineers across Africa and we believe that opportunity should not be limited by proximity to a major tech hub. Being a remote-first engineering organization allows us to open up access to Andela for engineers across the continent.”

He added that the removal of location-based restrictions will help double Andela’s talent pool to roughly 500,000 engineers in Africa, who will leverage on Andela’s work with top international engineering teams.

READ MORE: 130 farmers to receive seed funding of N100,000 each

Andela’s customers include Cloudflare, Wellio, ViacomCBS and Women Who Code and helps them gain access to high-quality software engineers who work as long-term, embedded team members.

Andela said the announcement will enable companies that it works with to source the talent they need, “by opening up to additional talent pools access the continent.”

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Co-founder Johnson also said the world is realising remote work will be a catalyst for “democratization of opportunity by doubling our talent pool, we are professional to help accelerate their critical work of building the future.”

Absa was launched in 2014 and prior to being a fully remote organization, Andela operated in Nigeria, Kenya, Uganda, and Rwanda. the company says it has fully completed the transition to full remote with a pilot program in Ghana (2018) and Egypt last year.

 

 

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Companies

Airtel Africa signs new $500 million loan with Bank of America, HSBC, others

The new committed facility consists of a combination of a revolving credit facility and term loans with tenor of up to 4 years.

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Regulation forces Airtel Africa to initiate shares listing in Malawi 

Airtel Africa has signed a new $500 million loan facility with a group of relationship banks to partially refinance the Group’s €750million Euro-denominated bond (c.$880million) due 20 May 2021.

The banks are Bank of America, BNP Paribas, Citibank, HSBC, J.P. Morgan, Standard Chartered Bank and two Indian relationship banks, Axis Bank and Kotak Mahindra Bank.

This was disclosed by the Telco via a statement signed by its Group Company Secretary, Simon O’Hara on Wednesday.

READ: Airtel’s reduced PAT position doesn’t tell the whole story

It stated, “The new committed facility consists of a combination of a revolving credit facility and term loans with tenor of up to 4 years. The facility will be used to partially refinance the Group’s €750m Euro-denominated bond (c.$880m) due 20 May 2021.

“The balance of the Euro-denominated bond will be repaid with existing Group cash to reduce gross debt and associated interest costs. The new loan facility further strengthens the core liquidity of the Group.”

READ: Airtel Africa Plc records 3.8% decline in 2020 9M pre-tax profit

Repayment of the loan

The Group Company Secretary explained that the Telco has prepayment flexibilities that will allow the Group to optimise the efficiency of its capital structure with the free cash flows and cash receipts anticipated over the next 12 months following the recent announcements related to tower sales and mobile money minority investments.

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Unilever earmarks N62 million as remuneration to its Non-Executive Directors in 2021

Unilever Nigeria has fixed its remuneration to the Non-executive Directors of the company in 2021 at N62 million.

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Unilever Overseas increases stake in Unilever Nigeria Plc

One of Nigeria’s leading FMCG companies, Unilever Nigeria Plc, is set to pay out a total of N62 million as remuneration to its Non-Executive Directors for the year ended December 31, 2021.

This disclosure was made by the leading consumer goods company as one of the key resolutions that would be considered and passed at the Company’s ninety-sixth (96th) Annual General Meeting, which will hold on Thursday 6 May 2021 at 10.00 am.

The famed manufacturer of Sunlight detergent also revealed that in addition to the N62 million remuneration, sitting allowances will be paid at standard agreed rates for each meeting attended and the Chairman of the company will be entitled to a vehicle allowance of N12 million gross per annum.

READ: Heavy sell-off in PZ & Unilever shares leads to N6.09 billion market value loss

Short-term benefits paid by Unilever in 2020 to its Directors

Despite the fact that Unilever Nigeria Plc has not paid its shareholders dividends for about two years now, the FMCG company paid out short-term benefits of about N511 million and N73 million to its Executive and Non-Executive Directors in 2020 respectively, compared to a sum of N590 million and N59 million it paid out in 2019 respectively. The members of the leadership team, excluding the Executive Directors of the company, were paid a total of N867 million short term benefits in 2020, down from the N1.04 billion they received in 2019.

On the flip side, the total payout as wages and salaries to the company’s employee in 2020 was N5.05 billion, this is down from the N5.99 billion which the company paid out in 2019.

READ: Abdulsamad Rabiu set to earn N39.4 billion from his cement business

In case you missed it

According to a recent result by Unilever Nigeria Plc, the company made a loss of about N492 million in the first quarter of 2021. This figure is 144.1% lower when compared to the profit of N1.114 billion made by the company in the corresponding quarter of 2020.

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Unilever’s revenue however surged by 45.7% during the quarter. However, the growth in the cost of sales, and the huge 63.3% increase in marketing and administrative expenses pressured the profits down to a loss of N492 million in the first quarter of 2021.

READ: Guinness shares surge by 9.89%, lifting the brewer’s capitalization by N5.9 billion

What you should know

  • Shares of Unilever Nigeria Plc are currently valued at N12.95 per share, placing the YTD loss in the shares of the company at -6.83%.
  • Unilever Nigeria Plc is the sixth most valuable consumer goods company listed on the Nigerian Stock Exchange, with a robust market valuation put at N74.4 billion, higher than Guinness Nigeria Plc, NASCON Allied Industries Plc and PZ Cussons.
  • The shares of the top FMCG brand is trading 23.8% lower than its 52-week high price of N17, and 23.3% higher than its 52 week low of N10.5.

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