The earnings season is here. Last week, many listed Nigerian companies released their 4th quarter 2022 financial statements. Among the ones that stood out are consumer goods makers Cadbury Nigeria, Unilever Nigeria, and Guinness Nigeria which reported net profits of N964 million, N6.341 billion, and N7.23 billion, respectively.
On that note, welcome once again to Nairametrics’ Corporate News Roundup for the week that ended January 28, 2023. This company news recap is brought to you courtesy of Quidax.
Let’s begin with the top stories.
Honeywell versus Ecobank: It looks like Honeywell Flour Mills doesn’t have a choice but to pay Ecobank Nigeria the billions of naira it owes. Last week, the Supreme Court of Nigeria dismissed an appeal by the flour maker seeking to turn down an earlier court ruling in Ecobank’s favour.
Honeywell Mills and Ecobankk Nigeria have been in a long-standing legal battle since 2015 over unpaid debt to the tune of N5.5 billion. Honeywell has been insisting that it already paid the debt but the bank said that’s a lie.
NAHCO underplays strike: As you may have heard, the Nigerian aviation industry was last week rocked by an industrial action embarked upon by some workers of the Nigerian Aviation Handling Company Plc (NAHCO). Although many scheduled flights were disrupted, the ground handling company claimed that the strike had very little impact.
But Air Peace and other airlines, which are serviced by NAHCO, said the strike action affected their operations. Many flights were reportedly cancelled on Monday while the strike lasted.
Vitafoam’s forex demands: Vitafoam Plc has bemoaned the adverse impacts Nigeria’s forex scarcity crisis has continued to have on operations, even as its CEO Taiwo Adeniyi urged the Federal Government to create a special forex window for manufacturers.
Speaking to Nairametrics during an exclusive interview, Adeniyi said the forex crisis is one of the major challenges affecting the Nigerian manufacturing sector. He added that establishing a special forex window for manufacturers would make it easier to access dollars and ultimately encourage growth.
Airtel competes with eSIM: Last week, Airtel Nigeria introduced eSIM to compete with MTN Nigeria and 9Mobile which previously did the same. A statement by the telco said the service became immediately available and that customers hoping to take advantage of it should ensure that they have compatible devices.
Note that the eSIM is a digital SIM that enables customers to access the same telecom services as someone using a physical SIM.
Mofab finally launches 5G: Remember Mofab Communications which obtained a 5G spectrum licence alongside MTN Nigeria back in December 2021? Well, the company has finally rolled out its 5G network. The company’s Chairman, Dr Mushabu Bashir, said the rollout presents immense opportunities. But the fascinating thing is that nobody seems to know how to access the company’s telecom services.
Anyway, recall that Mofab Communications had received a 5-month regulatory extension to launch the 5G service after it failed to meet an initial deadline last year.
3 lucky Nigerian startups: Last week, PharmaServ alongside Park well and Jand2Gidi were selected as the only Nigerian startup to participate in the third Cohort of the Africa Startup Initiative Program (ASIP) Accelerator Programme by Startupbootcamp Africa.
A statement by Startupbootcamp Africa, seen by Nairametrics, explained that each of them will receive an intensive three-month coaching and support programme to accelerate their growth and benefits worth $750,000.
Flutterwave calls for paradigm shift: Flutterwave’s CEO Olugbenga Agboola said the time has come for African fintech firms to begin transitioning beyond merely sending and receiving money to providing additional value.
The fintech entrepreneur, who expressed this view during a speaking engagement at Harvard Business School, stressed that payment processing is just the starting point of the many things that digital technology can do.
Voltron Capital’s mission: Voltron Capital said there are a lot of opportunities in the African startup ecosystem and that it will keep investing in them despite the prevalent bearish market sentiment. Voltron Capital’s founder Olumide Soyombo said the plan is to invest in more African startups through the VC firm’s Fund 2.
Note that Voltron Capital had previously helped 53 African startups scale their businesses through its Fund 1 programme.
New trouble for Uber and Bolt: Uber, Bolt and other e-taxi-hailing companies in Nigeria have something new to worry about after their drivers’ new union was approved by the Federal Government. Nairametrics reported that the newly registered union – Amalgamated Union of App-Based Transport Workers of Nigeria (AUATWON – was approved last week.
Union members comprise app-based transport workers, online transport services, and e-hailing drivers and operators in Nigeria.
Bye-bye to Livingtrust Mortgage: Lastly on today’s Corporate News Roundup, Michael Omolaja resigned as a Non-Executive Director of Livingtrust Mortgage Bank Plc.
A statement seen by Nairametrics said the resignation was voluntary and would enable him to pursue his personal goals. Best of luck to him.
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