It was another sad week for the Nigerian banking sector. Some banks came under immense physical attacks amid the never-ending cash scarcity challenge that has continued to affect the economy. Following the burning of several ATMs and vandalisation of other banks’ properties, the Chartered Institute of Bankers of Nigeria (CIBN) assured that banks will continue to operate if they are guaranteed the safety of their staff and assets.
But a lot more happened in Corporate Nigeria last week. So, in case you missed them, let’s bring you up to speed. Remember that the Nairametrics Corporate News Roundup is brought to you every weekend courtesy of Quidax.
Let’s begin…
Mass layoffs at Jumia: Jumia disclosed in its Q4 2022 financial report that it has laid off 20% of its workforce, representing about 900 employees. Following the layoffs, the eCommerce company said it has now restructured into a leaner and more effective team that will help execute its new growth strategy.
Note that the layoffs came months after Jumia first hinted at it in November last year. This is the latest massive layoff to rock the Nigerian tech ecosystem.
Tizeti’s mass recruitment: Meanwhile, Nigerian Internet Service Provider (ISP), Tizeti, announced a large-scale recruitment drive to fill new positions. The announcement was coincidentally made the same week Jumia confirmed that it had laid off 20% of its workforce.
Tizeti encouraged young Nigerian graduates to apply to the different vacancies advertised across board, including Sales, Engineering, Network Operations Center, Human Resources, etc. Interestingly, this massive recruitment is coming at a time when other tech companies (like Jumia) are laying off staff.
Oando’s new court date: Oando Plc announced that the filing of its Scheme of Arrangement document was adjourned by the Federal High Court (Lagos Division) till March 30th, 2023. The adjournment followed the inability of the presiding judge to hear the case on January 26, 2023, as earlier communicated.
Recall that on March 25, 2021, fourteen shareholders of Oando Plc, who own a total of 299,257,869 shares, filed a petition requesting a buyout of their entire shareholding. The Scheme of Arrangement, once filed, would set the transaction in motion.
Fidelity Bank’s court ‘win’: Fidelity Bank announced that a ruling by a Lagos magistrate court earlier this month, which sentenced its CEO Nneka Onyeali-Ikpe and Company Secretary Unuigboje Ezinwa to a six-weeks prison term and N400,000 fine, respectively, has now been vacated.
The earlier ruling was pronounced on February 6, 2023, over contempt. The said contempt stemmed from alleged disobedience of a garnishee order of the court which sought to restrain the bank from allowing a judgement debtor access to his account.
MTN Nigeria’s apology: MTN Nigeria apologized for a network failure that disrupted its services on Valentine’s Day, preventing customers from communicating with their loved ones. The telco said the issue has since been resolved and services restored.
The telecom giant is the largest in Africa’s most populous country. And the service disruption last Tuesday affected millions of people across the country.
Julius Berger’s commercial paper: Julius Berger Nigeria Plc announced the completion of its 30 billion Series 1 and 2 Commercial paper issuance. A corporate disclosure by the company noted that the CP issuance was oversubscribed.
Julius Berger will utilize the funds generated from the Commercial paper offering to aid in the provision of financial support for the company’s short-term working capital needs and financing obligations.
Curacel’s seed funding: Curacel announced that it raised $3 million in seed funding from Tencent, AAF Management, Elefund, Blue Point Capital Partners, Pioneer Fund, Olive Tree Capital, and Y Combinator.
The funding will enable the Nigerian insurtech startup to roll out new technology solutions designed to power the next generation of insurance experiences in Africa.
Appointment news: Victor Nwaobia was named as the new Chief Sales Officer of 9mobile. In his new role, he will function as one of the telco’s top executives. He will specifically be responsible for driving the company’s sales strategies.
With specialization in telecommunications, FMCG, pharmaceuticals, gaming, sports betting, and general consulting, Nwaobia possesses extensive experience in commercial functions, particularly in the areas of sales and marketing strategy.
Manish Singhal’s appointment: Sterling Bank Plc announced the appointment of Mr Manish Singhal as a Non-Executive Director, following regulatory approval by the Central Bank of Nigeria (CBN).
Singhal has over twenty-six (26) years of experience in the Financial Service Industry.
Trannscorp Hotel’s new appointee: Finally, in today’s corporate news roundup, Transcorp Hotels Plc announced the appointment of Udechukwu Obi Osakwe as a Non-Executive Director. Nairametrics reported that the appointment took effect on February 17, 2023, but would remain subject to the approval of shareholders.
Osakwe is an experienced Chartered Accountant and had previously worked in management consulting in top organisations such as the World Bank, AfDB, Global Fund and GAVI.
Thank you for your time. And kindly subscribe to our newsletter here if you haven’t already.
