Saudi Aramco Sees 2020 Profits Drop to $49Bn, Declares Full-Year dividend of $75Bn

Esan Bolaji
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Saudi Aramco Sees 2020 Profits Drop to $49Bn, Declares Full-Year dividend of $75Bn

March 21, 2021 – The Saudi Arabian Oil Company (Saudi Aramco) today announced its full-year 2020 results, demonstrating exceptional resilience despite the macroeconomic impact of COVID-19 and delivering on its intended dividend payments to shareholders.

  • Positive performance characterized by operational excellence and financial discipline
  • Net income: $49 billion
  • Cash flow from operating activities: $76 billion
  • Free cash flow: $49 billion
  • A full-year dividend of $75 billion declared
  • 2021 CAPEX expected to be around $35 billion
  • Progress on Downstream business strategy with the ongoing integration of SABIC

Commenting on the results, Aramco President & CEO Amin H. Nasser, said:

“In one of the most challenging years in recent history, Aramco demonstrated its unique value proposition through its considerable financial and operational agility. Our exceptional performance during such testing times owed much to the unwavering spirit and resilience of our employees, who set operational records and continued to meet the world’s energy needs both safely and reliably.

“As the enormous impact of COVID-19 was felt throughout the global economy, we intensified our strong emphasis on capital and operational efficiencies. As a result, our financial position remained robust and we declared a dividend of $75 billion for 2020.

“At the same time, the accelerated deployment of digital technologies across the company significantly enhanced our performance and we continued to make progress on breakthrough low-carbon solutions.

“Looking ahead, our long-term strategy to optimize our oil and gas portfolio is on track and, as the macro environment improves, we are seeing a pick-up in demand in Asia and also positive signs elsewhere. We remain confident that we will emerge on the other side of this pandemic in a position of strength.”

Financial Highlights

Aramco achieved a net income of $49 billion in 2020, one of the highest earnings of any public company globally. The Company displayed strong financial resilience in one of the most challenging periods for the industry, during which revenues were impacted by lower crude oil prices and volumes sold, and weakened refining and chemicals margins.

Aramco declared a dividend of $75 billion for the year, which reflects the outcome of the Company’s strong performance. The Company continues to preserve a strong balance sheet and its gearing ratio at December 31, 2020, was among the lowest in its industry. Meanwhile, its ROACE of 13.2% was the highest in the industry.

Through its flexible capital program and prudent financial management, the Company was able to adjust spending and focus on high-return opportunities. Capital expenditure in 2020 was $27 billion due to the implementation of optimization and efficiency programs, representing a significant saving on capital expenditure of $33 billion in 2019.

The Company continues to assess its capital expenditure and efficiency programs and expects capital expenditure for 2021 to be around $35 billion, significantly lower than the previous guidance of $40-$45 billion.

Aramco’s international bond issuance in the fourth quarter achieved record demand for a 50- year tranche and was 10 times oversubscribed compared to its initial offering size. This global investor interest demonstrated market confidence in the Company’s long-term strategy and performance outlook.

Operational Highlights

In 2020, Aramco’s average hydrocarbon production was 12.4 million barrels per day of oil equivalent, including 9.2 million barrels per day (mmbpd) of crude oil.

In April, Aramco achieved the highest single-day crude oil production in its history of 12.1 million barrels per day. The Company achieved another milestone in August, producing a single-day record of 10.7 billion standard cubic feet per day (bscfd) of natural gas from its conventional and unconventional fields. Both records were achieved despite lower capital expenditure in 2020.

Aramco continued its strong track record of supply reliability, despite disruptions caused by COVID-19, by delivering crude oil and other products with 99.9% reliability in 2020.

Aramco’s ambition to further expand its downstream business took a significant step forward with the acquisition of a majority stake in SABIC in June, transforming the Company into a major global petrochemical player with operations in more than 50 countries. In 2020, Aramco also announced a Downstream reorganization intended to maximize value from its global network of assets.

Technology and innovation are key to delivering more energy with fewer emissions. Aramco continued to make advances in cutting-edge technology and received a company record of 683 U.S. patents in 2020 – among the highest in its industry.

Aramco maintained one of the lowest upstream carbon footprints in the industry, achieving an estimated upstream carbon intensity of 10.5 Kg of CO2 per barrel of oil equivalent in 2020. The Company’s estimated upstream methane intensity was 0.06%. These accomplishments are the result of the Company’s decades-long reservoir management and production approach, which includes leveraging advanced technologies and minimizing emissions and flaring.

The Company is well-positioned to capitalize on developments in hydrogen, given the Company’s scale, infrastructure, low costs and low upstream carbon intensity.

One promising area is the conversion of hydrocarbons to hydrogen and then to ammonia while capturing the CO2 created during the process. In August, Aramco exported the world’s first shipment of high-grade blue ammonia to Japan for use in zero-carbon power generation, a significant step towards sustainable hydrogen usage.

In January 2020, Aramco joined the Hydrogen Council as a steering member. The organization promotes collaboration between governments, industry and investors to provide guidance on accelerating the deployment of hydrogen solutions globally.

COVID-19 Update

Throughout the COVID-19 pandemic, Aramco has remained committed to the safety of its people, establishing protocols to monitor and limit the spread of the virus. The Company has assisted its staff and communities around the world through measures such as employee resource programs, medical support services and monetary donations.

Beyond its own employees and operations, the Company has supported the healthcare sector, supplying ventilators, air purification devices and protective equipment for health practitioners and patients.

An employee donations campaign, “Stay Home, Stay Safe,” directed help toward the most vulnerable, with employees’ donations matched 100% by the Company. Aramco’s regional affiliates donated cash and medical supplies to organizations in Asia, Europe and the United States.

Richard Asabia Director, Custodian Investment Plc Splashes N3Mn on Custodian Investment Shares

Esan Bolaji
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Richard Asabia Director, Custodian Investment Plc Splashes N3Mn on Custodian Investment Shares

Custodian Investment Plc has revealed that a Non-Executive Director, Richard Gboyega Asabia acquired 500,000 ordinary shares at N6.00k per share at the Nigerian Stock Exchange platform.

The transaction dated March 19, 2021, further shows that the said dealing took place on March 16, 2021.

Presently, Richard Gboyega Asabia occupies the position of Chairman for Custodian Life Assurance Ltd. and Chairman, Chief Executive Officer & MD at Interstate Securities Ltd. Mr. Asabia is also on the board of Custodian Investment Plc, CrusaderSterling Pensions Ltd. and Custodian & Allied Insurance Ltd.

Richard Asabia Director, Custodian Investment Plc Splashes N3Million on Custodian Investment Shares Brandspurng

In the past, Mr. Asabia was Chairman of Crusader Nigeria Plc.

Mr. Asabia received a graduate degree from the London School of Economics & Political Science and an MBA from The University of Wales.

Insider Dealing: Zenith Bank Sells 5,000,000 Shares

Esan Bolaji
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Insider Dealing: Zenith Bank Sells 5,000,000 Shares

The Zenith Bank Plc, Nigeria’s leading financial institution, on Monday, disclosed insider dealing of 5,000,000 shares acquired by its Group Managing Director and Chief Executive Officer, Zenith Bank Plc, Ebenezer Onyeagwu.

Ebenezer Onyeagwu purchased the 5 million shares in four different transactions on Friday, March 19, 2021, at N22.65 per unit to take the total purchase for that day to 5 million at an average price of N22.41 and a valuation of N112.050 million.

Zenith Bank GMD, Onyeagwu Canvasses Expansion of Non-Oil Exports
Group Managing Director/Chief Executive, Zenith Bank, Mr. Ebenezer Onyeagwu | www.wordpress-1516176-5827464.cloudwaysapps.com

In a statement signed by the Company Secretary, Michael Osilama Otu, and released through the Nigerian Stock Exchange, the lender said the Director bought the shares through the Nigerian Stock Exchange.

Insider Dealing Zenith Bank Sells 5,000,000 Shares Brandspurng

Equities Market Recovers From Losses, ASI Up By 89bps Today

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Equities Market Recovers From Losses, ASI Up By 89bps Today

The Nigerian equities market opens the week on a positive note following bargain hunting across the Industrial tickers. At the close of market proceedings today, the All Share Index went up by 89bps to close at 38,722.87. Similarly, the market capitalization gained N178.14bn to settle at N20.26tn. Consequently, the year-to-date performance printed at -3.84%.

The Industrial (2.20%) index lead other sectors in the gainers’ chart following buy interest in JBERGER (10.00%) and BUACEMENT (5.08%). Similarly, gains in MBENEFIT (5.15%), INTEBREW (5.88%) and ARDOVA (3.70%) buoyed positive performance in the Insurance, Consumer Goods and Oil & Gas index as they advanced by 0.44%, 0.14% and 0.29%  respectively.  The Banking index however closed flat with a 1bps declined.

Investor sentiment as measured by the market breadth improves further to 3.25x on the back of 26 advancers and only 8 decliners. However, the activity level slows down as the volume and the value of transactions declined by 4.60% and 24.00%. Investors traded a total of 277 million units of shares valued at N3.05bn in 4,299 deals.


Fixed Income Market

The yields in the bond market moved different paths across the short and long tenor instruments. Specifically, the yields on the FGN-MAR-2024 and MAR-2025 compressed by 1bps to close at 7.99% and 7.49% respectively. Conversely, the yields on the JUL-2034 and MAR-2035 advanced by 4bps and 28bps.

At the NTB market, the yields on the 91-day, 184-day and 364-day maturities remained stable at 2.26%, 4.15% and 4.44%.

Market Snapshot

  • Equities Market Recovers from Losses… ASI up by 89bps Today
  • Local Bond Yields Maintain Upward Trajectory Across Longer Tenors
  • US Stocks Rise Amid Drop in Treasury Yields
  • Oil Fluctuates with Demand in Focus After Worst Week in 5 Months
  • Naira depreciated against the USD at the Parallel Market to Close at N486/$

 Please click here for the full report

Half-Billion Wearables Sold Worldwide In 2020 – Report

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Half-Billion Wearables Sold Worldwide In 2020 – Report

According to the latest research from Strategy Analytics, more than a half-billion wearables were sold worldwide for the first time ever in 2020.

TWS Bluetooth earbuds and smartwatches from Apple, Xiaomi and others were among the main drivers of wearables growth.

Steven Waltzer, Senior Analyst at Strategy Analytics, said, “We estimate global wearable sales grew a healthy 37 percent from 384 million units in 2019 to a record 527 million last year in 2020. This is the first time ever that global wearable sales have topped the half-billion level.”

Ville Ukonaho, Associate Director at Strategy Analytics, added, “Earwear and wristwear together accounted for 98 percent of all wearables sold worldwide in 2020. TWS Bluetooth earbuds and smartwatches, such as Apple AirPods or Xiaomi Mi Watch, are the big two categories driving wearables growth today.”

Neil Mawston, Executive Director at Strategy Analytics, added, “If current growth trends continue, global wearable sales will top 2 billion units and overtake smartphone sales before the end of the decade.

Global Wearable Sales in 2019 to 2020 1-Brand Spur Nigeria
Global Wearable Sales in 2019 to 2020 1-Brand Spur Nigeria

Wearables can be worn on almost any part of the body, from head to toe. For example, smart glasses for augmented reality, smart rings with biosensors, or smart sneakers with pollution monitors. The scope for future wearables growth is huge.”

Naira Closes Flat At The Investors & Exporters Window, Parallel Market

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Naira Closes Flat At The Investors & Exporters Window, Parallel Market

In the just concluded week, Naira remained unchanged against the USD at the Investors & Exporters (I&E) and parallel (‘black’) markets to close at N410.00/USD and N485.00/USD respectively – despite CBN’s N5 to a dollar scheme.

However, Naira weakened against the greenback at the Bureau De Change by 0.63% to close at N480.00/USD.

Meanwhile, NGN/USD exchange rate closed flat at N380.69/USD at the Interbank Foreign Exchange market amid weekly injections of USD210 million by CBN into the forex market: USD100 million was allocated to Wholesale Secondary Market Intervention Sales (SMIS), USD55 million was allocated to Small and Medium Scale Enterprises and USD55 million was sold for invisible.

Elsewhere, the Naira/USD exchange rate depreciated for most of the foreign exchange forward contracts: 1 month, 2 months and 3 months rates fell by 0.04%, 0.08% and 0.06% respectively to close at N412.09/USD, N415.05/USD and N417.87/USD respectively.

However, 6 months and 12 months rate rose by 0.18% and 0.07% to N426.18/USD and N442.45/USD while the spot rate remained flattish at N379.00/USD.

Nigeria’s Debts Stock Hits N32.92 Trillion In FY 2020

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Nigeria’s Debts Stock Hits N32.92 Trillion In FY 2020

…Inflation Rises To 17.33% In Feb. 2021

The increase in the country’s total debt stock was chiefly due to a sharp rise in external debt by 40.82% to N12.71 trillion (or USD33.35 billion at N381.00/USD) as of December 2020 from N9.02 trillion (or USD27.68 billion at N326.00/USD) in December 2019.

Nigeria received USD3.54 billion worth of loans from the International Monetary Fund (IMF) and an additional loan of N1.43 billion from the International Development Association (IDA) within the period under review.

Also, the depreciation of the Naira against the greenback adversely impacted the external debt; year-on-year, Naira depreciated against the USD by 16.87% to close at N381/USD as at December 2020. Hence, external debt service payments rose to N560.36 billion (or USD1.51 billion) in FY 2020 from N414.00 billion (or USD1.33 billion) printed in FY 2019.

Further breakdown of the total external debt stock in FY 2020, showed that Multilateral loan accounted for 53.78% (USD17.93 billion) of which loans from the International Development Association (IDA) was USD11.12 billion while that of the IMF was USD3.54 billion. Bilateral loan accounted for 12.17% (USD4.06 billion) of which loan from China (Exim Bank of China) was USD3.26 billion while loan from France was USD0.50 billion in FY 2020. Commercial loan accounted for 34.05% (USD11.36 billion) of which Eurobonds was USD10.87 billion while Diaspora bond was USD0.30 billion.

Local debt stock increased by 9.96% to N20.21 trillion in FY 2020 (from N18.38 trillion in 2019). Breakdown of the domestic debt figure showed that FG’s domestic debt stock rose to N16.02 trillion in 2020 (from N14.27 trillion in 2019). Domestic debt service payment increased by 13.25% to N1.88 trillion in 2020 from N1.66 trillion recorded in 2019. In another development, data from the National Bureau of Statistics (NBS) showed that headline inflation sustained its upward trajectory, rising to 17.33% in February 2021 (highest level since April 2017). This was higher than 16.47% printed in January 2021.

The increase in inflation rate was broad-based across the food and non-food categories; albeit pressure from food prices was more intense. Notably, major drivers of the rising inflation include exchange rate pressure, increase in logistics cost amid rising energy prices and weaker harvest season amid insecurity in the food-producing region of the country amongst others. Food inflation advanced to 21.79% (higher than 20.57% printed in January) driven by rise in prices of bread, cereals, potatoes, yams and other tubers, meat, fruits among others.

Imported food index also upped by 16.78% (higher than 16.70% in December) amid depreciation of the Naira at the BDC and Parallel markets – specifically, two months moving average foreign exchange rates at the BDC and Parallel markets rose m-o-m by 0.35% and 0.25% to N472.24/USD and N478.33/USD in February 2021.

On the other hand, Core inflation climbed to 12.38% (from 11.85% in January) driven by rise in passenger transport, medical services, hospital services and pharmaceutical products amongst others. Urban and rural annual inflation rates rose higher y-o-y to 17.92% and 16.77% respectively.

 

Equities Market: Domestic Equities Index Moderates By 0.69% Amid Sustained Bearish Activity

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Equities Market: Domestic Equities Index Moderates By 0.69% Amid Sustained Bearish Activity

In the just concluded week, the All-Share Index fell by 0.69% w-o-w to 38,382.39 points, while the year-to-date loss worsened to -4.69%.

As of last Thursday, the w-o-w change stood at +0.69%; however, selling pressure on bellwether stocks such as MTNN, BUACEMENT, and DANGCEM today pushed the index into the negative territory.

The general negative sentiment was in spite of positive corporate actions of GUARANTY and UBN – they declared higher cash dividends of N2.70 and N0.25 respectively. Performance across sub-sector indices tracked was weak as three out of the five indices tracked closed in red zone; the NSE Insurance, NSE Consumer Goods and NSE Industrial indices dwindled by 0.01%, 1.46% and 2.62% to 197.45 points, 531.97 points and 1,873.17 points respectively.

However, the NSE Banking and NSE Oil/Gas indices rose by 2.09% and 1.59% to 361.13 points and 1,873.17 points respectively. Meanwhile, trading activity was mixed as total deals and value of stocks traded fell by 4.10% and 6.47% to 20,173 deals and N19.27 billion respectively.

However, the total volume of goods traded rose by 44.66% to 2.34 billion units.

 

Waste2Wealth: US Consulate, IVLP Partner Ekiti Govt. On Recycling Project

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Waste2Wealth: US Consulate, IVLP Partner Ekiti Govt. On Recycling Project

Ekiti State Governor, Dr. Kayode Fayemi, has reiterated the commitment of his administration to transit from the “make-use-dispose” orientation of materials utilization to an industrial ecosystem where wastes can be recycled, reused, recovered and re-purposed for other uses.

Dr. Fayemi, who stated this at the launch of the Ekiti State Recycling Project tagged “Sodotin dowo” (waste to wealth), said the initiative was aimed at changing the perception of Ekiti people towards wastes disposal.

The Governor, who was represented at the event by the Attorney-General and Commissioner for Justice, Barr. Wale Fapohunda, commended the Ministry of Environment and Natural Resources as well as the Ekiti State Waste Management Authority for providing a platform for the collaboration with the private sector partners to kick-start recycling project in the state.

He also expressed appreciation of government to the United States Consulate General, Lagos and the International Visitor Leadership Program (IVLP) for collaborating with his government and supporting the initiative in the state adding that the project was aimed to empower students, women and youths to become agents of change in their respective institutions, offices and communities.

Dr Fayemi called on private sector partners to work as a team in order to achieve success in this laudable initiative aimed at repositioning the state for better economic advancement.

“As part of five-point agenda of this administration, which are enhancing good governance; entrenching social investment; promoting knowledge economy; infrastructure development, and agriculture and rural development, through this initiative, we believe that we are building the Ekiti of our dreams by judiciously implementing life-changing programme and projects to engage our teeming youths and students and at the same time changing the perception in the ways of life of Ekiti people.” He added.

Earlier, the Commissioner for Environment and Natural resources, Princess Iyabo Fakunle-Okiemeh revealed that Nigeria generates a total of 65million metric tonnes of waste annually and stressed the importance of taking the project seriously to enable the state join other parts of the country to achieve an effective recycling process.

Princess Okiemeh emphasized the need for Nigeria to reduce the total volume of wastes by embracing paperless activities, especially in offices.

In his remarks, the Sole Administrator of Ekiti State Waste Management Authority, Engr. Bayo Kelekun explained that the project would bring about a significant shift to waste recycling.

Kelekun said the project would include the process of recovering wastes and reprocessing the materials into functional and useful products such as Jerseys and interlocking as well as reduce the high quantities of plastics, nylons, and bottle wastes generating while putting less pressure on virgin materials to produce brand new products.

In his goodwill message, the representative of the President of the International Visitor Leadership Programme (IVLP) and the Consulate General, Lagos, Joseph Iyowese appreciated Governor Fayemi for giving his organization the opportunity to partner with the state government in its drive to join the global Recyclers group.

While reiterating the commitment of the IVLP President to the project, Iyowese assured the state of total support for the project to ensure its full realization.

Check Out The List Of Approved International Money Transfer Operators (IMTOs)

Esan Bolaji
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1
Check Out The List Of Approved International Money Transfer Operators (IMTOs)

The Central Bank of Nigeria has published a list of approved international money transfer operators (IMTOs) for diaspora remittances.

The Apex bank had earlier introduced a “Naira 4 Dollar Scheme”, an incentive that pays naira to senders and recipients of international money transfers. The incentive will see recipients of diaspora remittances paid N5 for every $1 received from outside the country.

The incentive will be enjoyed if remittances come in through IMTOs approved by CBN. The bank on Monday published the list of the IMTOs.

LIST OF APPROVED INTERNATIONAL MONEY TRANSFER OPERATORS AS AT FEBRUARY 28, 2021
SN OPERATOR ADDRESS
1 AFTAB CURRENCY EXCHANGE LIMITED Pall Mall Court, 61-67 King Street, Manchester, M2 4PD, United Kingdom
2 AZIMO LIMITED 173 Upper Street London, NI IRG United Kingdom
3 BELYFTED LIMITED 44 Whalebone Lane South Dagenham, Essex RMB 1BB, United Kingdom
4 CAPEREMIT UK LIMITED 47 Stanley Road Stevenage Hertfordshire SG2 OEE United Kingdom
5 CASHPOT LIMITED 157, Deptford High Street SE8 3NU, London United Kingdom
6 CENTREXCARD LIMITED Unit 46, Dartford Business Park (Basepoint) Victoria Road, Dartford DA1 5FS, Kent, UK
7 CHIME INC. 239 East 5th Street Suite 4B New York, NY 10003 United States
8 COLONY CAPITAL LIMITED Plot 5 Chief Yesefu Abiodun Way Oniru, Victoria Island Lagos
9 CP EXPRESS LIMITED 346 Barking Road London, E13 8HL
10 DT&T CORPORATION LIMITED 3 Harbour Exchange Square London E14 9GE
11 eTRANZACT LIMITED 4th & 5th Floors, Fortune Tower 27/29 Adeyemo Alakija Street Victoria Island Lagos
12 FIEM GROUP LLC DBA PING EXPRESS 1327, Empire Central Drive St. 110-6 Dallas Texas
13 FIRST APPLE INC. 6492 Landover Road Suite A1 Landover MD20785 Cheverly, USA
14 FLUTTERWAVE TECHNOLOGY SOLUTIONS LIMITED 8 Providence Street, Lekki Phase 1 Lagos
15 FORTIFIED FRONTS LIMITED in Partnership with e-2-e PAY LIMITED #15 Glover Road Ikoyi, Lagos
16 FUNDS & ELECTRONIC TRANSFER SOLUTION No. 15, Cameron Road, Ikoyi, Lagos
17 FUNTECH GLOBAL COMMUNICATIONS LIMITED Clarendon House 125 Shenley Road Borehamwood Heartshire WD6 1AG United Kingdom
18 GLOBAL CURRENCY TRAVEL & TOURS LIMITED 1280 Ashton Old Road Manchester, M11 1JJ United Kingdom
19 HOMESEND S.C.R.L Rue des Colonies 56, 6th Floor-B1000 Brussels Belgium
20 IDT PAYMENT SERVICES INC. 520 Broad Street USA
21 IMMUEUBLE WARI LIMITED 20 Rue Amadou Assane Ndoye 7 Etge BP 32 368 Dakar Dakar Senegal
22 INTERSWITCH LIMITED Plot 1648C Oko-Awo Close Victoria Island Lagos
23 MAKEBA INC. 85, Broad Street, 18th FI New York, NY 10004
24 MONEYGRAM Africa Re-Insurance Building 1679, Karimu Kotun Victoria Island, Lagos
25 NAIRA GRAM LLC operating in Nigeria as NGN GRAM LIMITED 24b Femi Okunnu Phase 2, Lekki Lagos State
26 NIGERIAN POSTAL SERVICE (NIPOST) P.M.B 12537, Garki Abuja
27 NOUVEAU MOBILE LIMITED c/o 31B Oyeleke Street Alausa Ikeja, Lagos
28 PAGATECH LIMITED 176 Herbert Macaulay Way Yaba, Lagos
29 PAYCOM NIGERIA LIMITED Plot 8, Dr. Nurudeen Olowopopo Avenue Alausa, Lagos
30 PAYPAL INC. #2211 North First Street San Jose, CA95131 United States of America
31 REMIT HUB CAFÉ LIMITED 175 Chesterton Road Cambridge, CB4 1AF United Kingdom
32 REMITLY INC. 111 Third Avenue Suite 2100 Seattle, WA 98101 United States
33 RIA FINANCIAL 1 Allées Seydou Nourou TALL POINT E Dakar – Senegal
34 SHIFT FINANCIAL SERVICES LIMITED No.1 Goba Close (Suite 3), Off Monrovia Street Off Aminu Kano Crescent Wuse 2, Abuja
35 SIMPLIFY INTERNATIONAL SYNERGY LIMITED No. 18, A-Close, 14 Road Gwarimpa, Abuja
36 SMALL WORLD FINANCIAL SERVICES GROUP LIMITED Antonio Inesta Units 3&4 Sycamore Court Royal Oak Yard 168-170 Bermondsey Street SE1 3TQ, London
37 TCF LIMITED 2A Osborne Road Pees Galleria, Suite 4 Ikoyi, Lagos
38 TRANS-FAST REMITTANCE LLC 44 Wall Street, Suit 400 New York, NY10005 USA
39 TRANSFERTO MOBILE FINANCIAL SERVICES LIMITED (THUNES) London Iron House London SE1 1UN United Kingdom
40 VENTURE GARDEN NIGERIA Plot E, Ziatech Road Oregun, Ikeja Lagos
41 VOLOPA FINANCIAL SERVICES (SCOTLAND) LIMITED Maclay Murray & Spens LLP 1 George Square, Glasgow, G2 1AL
42 VTNETWORK LIMITED No.5 Beckley Street, Off Adeyi Avenue Old Bodija, Ibadan Oyo State
43 WEBLINK INTERNATIONAL LIMITED The Enterprise Centre (Unit 1) Hastings Road, Bromley Kent BR2 8NA, London
44 WESTERN UNION 7th Floor, Shore 13 1100 Boulevard Al Qods-Quartier Sidi Maarouf 20270 Casablanca- Morocco
45 WORLDREMIT LIMITED 2nd Floor, 62 Buckingham Gate London SW1E 6AJ
46 XPRESS MONEY SERVICES LIMITED Office #426, 1 Olympic Way Wembley HA9 ONP London, UK
47 XPRESS PAYMENT SOLUTIONS LIMITED 23, Oba Akinjobi Way Ikeja GRA Lagos
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