Nigerian Mobile Operators Add 10 Million Lines In First 11 Months, Globacom Gains Most

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Nigerian Mobile Operators Add 10 Million Lines In First 11 Months, Globacom Gains Most

Nigerian mobile network operators activated a total of 10 million lines between January and November 2019, according to the Nigerian Communications Commission (NCC), reports Communications Week. The new lines brought the number of active subscriptions at MTN, Airtel, Globacom and 9mobile to 182.4 million, from 172.4 million recorded at the end of 2018.

Analysis of the data shows that Globacom gained the largest number of new subscriptions during the period. According to NCC, Glo added 5.8 million subscriptions in the period, pushing its active subscriber base to 51.1 million. Airtel recorded 5.4 million new subscriptions, reaching 49.6 million. MTN remained the largest network by subscriber base with 67.3 million subscriptions after activating 215,849 new lines within the period.

9mobile suffered a 1.7 million decrease in subscriptions, which brought its customer base to 14.1 million from 15.9 million at the end of 2018. The 182.4 million active subscriptions would mean that almost every Nigerian now has a mobile line. Based on this, the NCC put Nigeria’s teledensity at 95.71 percent.

Africa’s Leading Energy Law Group, Announces New Managing Director, Zion Adeoye

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Africa’s Leading Energy Law Group, Announces New Managing Director, Zion Adeoye

Zion Adeoye has been named Managing Director of Centurion Law Group. Adeoye, an oil and gas specialist with a focus on energy law and finance has played a significant role at the firm in the last few years as a key advisor on over 25 oil and gas investments, in 12 countries across Sub-Saharan Africa. He has also played key roles in the reform of oil and gas legislation across Africa, from the various efforts at amending the Petroleum Act and related legislation in Nigeria to the development of local content regulations in South Sudan.

“Centurion has seen a formidable increase in energy deals on the African continent – owing to our growing clientele and incredibly talented team,” says NJ Ayuk, CEO, Centurion Law Group. “Zion has exemplified and ‘role-modelled’ the very finest of the attributes to which we aspire to like lawyers and, as colleagues. I believe his thoughtful, disciplined but down to earth style is going to serve him and the firm well.” added Mr Ayuk

Zion has relentlessly been involved in major transactions that have shaped Centurion Law Group, resulting in his leadership and experience naturally carving out this new role as our CEO, Mr Ayuk focuses his energies on influencing the continent’s energy sector and takes on a more strategic role at the firm.

“It is an honour to be trusted with bolstering the firm’s efforts as we continue to advise on some of Africa’s biggest oil and gas deals, ensuring that Energy agreements of our generation translate into policies which will ensure real growth opportunities for years to come,” says Zion Adeoye, newly appointed Managing Director, Centurion Law Group. “This new decade and beyond will be definitive for the continent and it is our passion to make sure that Africa’s local private sector takes its rightful place at the forefront of Africa’s economic development,” added Mr Adeoye

Zion will be based at our Johannesburg headquarters and takes up the post with immediate effect.

Zion holds an LLB from the University of Ibadan, Nigeria and a BL from the Nigerian Law School. He is a member of the Nigerian Bar Association and the Association of Independent Petroleum Negotiators (AIPN) and is currently undertaking an MBA in International Oil and Gas Management at the University of Dundee, Scotland. He was recently awarded an ESQ 40 under 40 Lawyer award at the Nigerian Rising Stars Award, for shaping the future of the legal profession in Nigeria and on the continent.

KitKat Launches Global Gold Rush

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KitKat Launches Global Gold Rush

After Ruby and Green Tea Matcha, Nestlé has unveiled the latest edition of its most iconic confectionery brand: the new KitKat Gold.

KitKat Gold offers a tasty combination of crispy wafer and smooth milk chocolate, topped with creamy white chocolate with sweet caramel notes.

The new four-finger treat will launch in major retailers across Europe and selected other countries throughout 2020. It is already available in Russia and will arrive in the UK & Ireland very soon.

A version of KitKat Gold has introduced in Australia and New Zealand in 2018 as a limited edition and was so popular it was added to the permanent range.

This latest innovation follows on from the successful launch of KitKat Ruby in 2018 and the introduction of KitKat Green Tea Matcha to Europe in 2019.

Alexander von Maillot, Global Head of Confectionery at Nestlé, said: “People are constantly looking for new taste sensations when they treat themselves and others. They also want chocolate that is visually appealing, so they can share it with friends and on social media. KitKat Gold has that special something, allowing consumers to have a break in style!”

KitKat Gold uses UTZ-certified cocoa beans sourced as part of the Nestlé Cocoa Plan. It has no artificial colours, flavours or preservatives.

From its origins in the United Kingdom in 1935, KitKat has grown in popularity across the globe. Today, the iconic brand is present in more than 80 countries.

Alexander von Maillot added: “KitKat Gold is further proof of our commitment to our leading international confectionery brand. We have introduced many innovative flavours and premium products in recent years, and there is more to come!”

One Year in Office: The Giant Strides of Professor Adetokunbo Fabamwo in LASUTH

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One Year in Office: The Giant Strides of Professor Adetokunbo Fabamwo in LASUTH

The provision of specialized medical care which usually involves advanced and complex procedures and treatment performed by specialists in state-of-the-art facilities occurs at the Tertiary Healthcare Institutions in Nigeria which are funded by either the Federal or State Government.

There are three levels of healthcare delivery in Nigeria, primary, secondary and tertiary and these are represented by the Primary Health Centres; the General Hospitals and the Teaching Hospitals respectively. The patronage from clients and a good referral system are the main links between these levels. However, it has been established that only very few patients are referred to tertiary hospitals while the larger number of patients report directly to these hospitals without a referral.

The non-usage of the referral system has led to the overcrowding which is experienced in tertiary health facilities with problems that can be managed at the lower levels. Highly skilled manpower and equipment are wasted on health problems requiring lesser resources to solve. This is the summation of happenings across the 48 teaching hospitals in the country.

In a place like Lagos State, there are over 20 million residents and in the quest for affordable healthcare, the belief is that the Lagos State University Teaching Hospital (LASUTH) is the only place where quality healthcare can be received. These have led to an over-stretching of services, personnel and the facilities within the hospital and it behoves the leadership of the hospital to know the steps to take in order to make it live up to expectations

The Chief Medical Director (CMD) of the Lagos State University Teaching Hospital (LASUTH), Professor Adetokunbo O. Fabamwo had confronted these issues in his one year in office. He has continued to make the hospital evolve in the provision of healthcare services in a way that can meet the demands of Lagosians. Within this short time frame, the CMD has brought tremendous growth to the hospital in various forms.

The Professor of Obstetrics and Gynaecology who was also a part of the pioneering team that evolved the institution in 2001 completed a renovation of the Psychiatry Ward and it has become an Ultramodern ward, as of today. Also, the ancillary theatres in the hospital have been resuscitated, these are the LASEMS; Dental and Ophthalmology theatres.

Going further, the hospital through a Private Public Partnership will commence the production of Oxygen in the hospital by February 2020, while an artificial eye production unit is currently functional and four new machines at the dialysis unit are being installed. All these efforts will stand the hospital out in the provision of outstanding medicare for Lagosians.

According to Fabamwo, the provision of quality healthcare services to Lagosians and Nigerians is of utmost priority to the hospital, “In the area of Clinical services, the hospital has new full-fledged, optimally equipped 8 bedded ICU; a 10 bedded stroke unit; modern Ear Nose and Throat ward and a new fully functional audiometry unit.”

The CMD noted that over N20 million naira has been expended on the purchase of various ophthalmic equipment which includes, Zeiss Lumera 300 operating microscope; Tomey FT 1000 fully automated non-contact tonometer; Tomey SP 100 portable pachymeter; Unicos URK700 automated refractor and keratometry unit. The new X-ray machine in dental clinc, the Monopolar resectoscope set; Semi-grid ureteroscope; flexible ureteroscope and percutaneous nephrolithotomy set in Urology unit are parts of the equipment procured.

“In the area of utility, another achievement is the re-establishment of the Closed-Circuit Television (CCTV) system that assure patients and their relatives of their safety within the hospital. The hospital is being enhanced in the area of computerization and networking as an internet Service Company now provides internet in the premises and various units within the hospital have computers and printers. The hospital has purchased a heavy-duty utility truck and a new fully-fitted ambulance,” he said.

Asides all these, the hospital has enhanced electricity supply by installing the solar-powered solution in the medical and surgery emergency units as well as the theatres and MRC buildings. Similarly, a 500KVA Generator has been installed at the Burns and Trauma Unit of the hospital located at the Gbagada General Hospital. These will address the incessant power outages at both locations.

The leadership team is also forming global alliances that will assist in the delivery of quality medicare to Lagosians, the University of Sweden will be donating a full complement Drug Analysis Laboratory to the hospital. There are other Individuals, Corporate, Governmental and Non-Governmental Organizations that have enhanced service delivery within the institution.

With all these giant strides of the Chief Medical Director, the hospital is acting in tandem with the T.H.E.M.E.S agenda of the current democratic administration being led by Mr Babajide Olusola Sanwo-Olu, the Executive Governor of Lagos, wherein Healthcare and Environment are one of the cardinal pillars that will bring forth a Greater Lagos.

Professor Adetokunbo O. Fabamwo is optimistic that the hospital is poised to become the quaternary healthcare destination in Sub Sahara Africa as he charged all members of staff of the hospital to redouble their effort so that the institution can become a one-stop-shop for tertiary healthcare.

Ekiti To Make State-Owned Varsity Residential, signs MoU for construction of 6,000-bed hostel, official quarters

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Ekiti To Make State-Owned Varsity Residential, signs MoU for construction of 6,000-bed hostel, official quarters

Ekiti State University, Ado Ekiti (EKSU) is set to become residential as the school management and two estate management firms on Wednesday signed a memorandum of understanding for the construction of a 6,000-bed hostel.

The MoU also includes the construction of residential quarters for the Vice-Chancellor and some top officials of the varsity, a move which is aimed at deepening students-staff relationship.

The State Governor, Dr Kayode Fayemi commended the university management for the initiative which he described as a “game-changer” for the university in view of its dream to rank among the best in Africa.

Dr Fayemi who noted that the project would prevent further encroachment on the university’s land said the proposed hostel accommodation would also meet the yearnings of students who have at various fora complained about the high cost of rent in the varsity community.

The governor who assured of support for the success of the project said he was aware that the University management would not manage the hostel accommodation but would regulate the activities of the investors who are putting up the structure in the overall interest of the students.

The project is scheduled for completion before the end of the year.

Earlier, the Chairman of the University’s Governing Council, Prof. Tale Omole had disclosed that the varsity management was planning to make the university residential as the hostel will have a lawn tennis court and a shopping mall to combine academics and leisure.

The memorandum of understanding was signed by the Vice-Chancellor, Prof. Edward Olanipekun and the representatives of the two firms.

The Finance Act: What you need to know

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The Finance Act: What you need to know

Earlier, President Muhammadu Buhari signed into law the Finance Bill, 2019 which accompanied the 2020 fiscal budget with an objective to reform domestic tax laws, promote fiscal equity, incentivize investments in infrastructure & capital markets, support small businesses and raise revenues for the Government.

Source: FMF, Budget Speech, United Capital Research

To achieve these objectives, sweeping changes were made to seven different tax laws – the Companies Income Tax (CIT), Value Added Tax (VAT), Petroleum Profits Tax (PPT), Personal Income Tax (PIT), Capital Gains Tax (CGT), Customs and Excise Tariff Etc. (Consolidation) and the Stamp Duties Acts. Also, notable highlights of the changes include an increase in the rate of VAT from 5.0% to 7.5%; 0.0% CIT rate for small businesses and a lower rate of 20.0% for medium-sized companies; requirement for TIN to open and operate a business bank account; increase in the threshold of online transfers liable to stamp duty of N50 from N1,000 to N10,000; and taxation of foreign entities involved in digital transactions with significant economic presence in Nigeria.

Yet, uncertainty remains as to the effective date of the law. Technically the law takes effect from the date the bill is signed into law. However, since the new law have not been gazetted we expect that the effective date will be soon (say the beginning of Feb 20) availing tax authorities and taxpayers some time to digest the changes.

United Capital Research

Eterna Plc appoints Nnamdi Obiagwu as Executive Director/Chief Operating Officer

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Eterna Plc appoints Nnamdi Obiagwu as Executive Director/Chief Operating Officer

Eterna Plc is pleased to announce the appointment of Mr. Nnamdi Obiagwu as Executive Director/Chief Operating Officer.

Mr. Nnamdi Obiagwu is a graduate of Mechanical Engineering from the Federal University of Technology Owerri. He has worked across several industries and countries during his career whilst also attending numerous local and international training including; INSEAD Kenan-Flager Business School, Enterprise Leadership Program, Achieve Global Professional Selling Skills and Acclivus Professional Negotiation.

Mr. Obiagwu started his career in Computer networking but soon moved to Mobil Oil Nigeria Plc as a Sales Engineer, he rose through the ranks to become Logistics/Fleet Manager having served in the Lubricants, Fuels, Supply Chain, Logistics and Planning areas of the business in Nigeria and Belgium before leaving to gather more experience in consulting, business advisory and Marine.

He joined Eterna Plc in 2017 as the General Manager, Lubes His work experience spans IT, Sales, Business Development, Financial & Business Reporting, Data Analytics, Distributor Network Development, Fuels Territory Management, Fuels Supply Chain Management, Logistics, Oil & Gas Consulting, Financial Advisory and Marine Vessel Management.

He has served on the Boards of several private companies and becomes the latest member of the Eterna Board effective 10th January 2020.

Africa’s Real Estate Highlights in 2019…and what to expect in 2020.

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Africa’s Real Estate Highlights in 2019…and what to expect in 2020.

From huge money deals to strong industry partnerships, the launch of modern technology and reformed regulations, Africa’s real estate market, despite the high economic volatility, continued to evolve in the past year. As we move forward in 2020 with huge expectations, it is important we recount the major events that shaped 2019 to provide some insights into what to expect in 2020.

Here are our highlights:

What to expect in 2020:

  • One of UPDC REIT’s best-performing asset last year was their student housing project in Pan-Atlantic University, Lekki. They plan on switching their strategy in the new year to make their asset portfolio look more attractive. They also mentioned they have eyes on young professional housing developments and will work on making them affordable and accessible for the target market.
  • Given the reduction in returns from treasury bills and other similar investments in Nigeria, investors are expected to explore other asset classes, real estate inclusive. A new strategy into higher-yielding real estate investments should increase interest in real estate investments.
  • Following the investments by WeWork in South Africa, WeWork mentioned they will be making some announcements on their Africa strategy soon as they look to opening new locations across Africa.

Global Debt Smashes Records Again, Nearing $253T & 322% Of GDP In Q3 2019

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Global Debt Smashes Records Again, Nearing $253T & 322% Of GDP In Q3 2019
  • The global debt-to-GDP ratio hit a new all-time high of over 322% in Q3 2019, with total debt reaching close to $253 trillion: EM debt exceeded $72 trillion (223% of GDP) while debt in mature markets topped $180 trillion (383% of GDP) in Q3 2019.
  • With debt sustainability squarely in focus, financing for urgent environmental concerns—and for the Sustainable Development Goals more broadly—will be hard to come by, particularly for some emerging and frontier economies.
  • Case in point: nearly half of the cross-border flows related to China’s Belt and Road Initiative are directed to regions that are exposed to a significant level of climate change risk. A number of these countries also have high and rising debt levels.
  • We have added Ukraine to our debt currency breakdown database and launched a new tracker for the debt of state-owned enterprises (SOEs) across key EMs including BRICS, Indonesia, Malaysia, and Turkey.

Global debt hit all-time high of nearly $253 trillion in Q3 2019: Total debt across the household, government, financial and non-financial corporate sectors surged by some $9 trillion in the first three quarters of 2019 (Table 1). By sector, general government (+$3.5 trillion) and non-financial corporates (+$3 trillion) saw the biggest increases, helping bring the overall global debt-to-GDP ratio to a fresh high of over 322%.

Debt looks set to grow faster in 2020: Spurred by low-interest rates and loose financial conditions, we estimate that total global debt will exceed $257 trillion in Q1 2020, driven mainly by non-financial sector debt (now approaching $200 trillion).

Diminishing returns on new debt: Preliminary data for full-year 2019 suggest that the global debt-to-GDP ratio grew at its fastest pace since 2016—even as global growth fell to its slowest pace since the 2008-2009 financial crisis.

All sectors loading up: Household debt-to-GDP reached a record high in Belgium, Finland, France, Lebanon, New Zealand, Nigeria, Norway, Sweden and Switzerland. Non-financial corporate debt to GDP topped in Canada, France, Singapore, Sweden, Switzerland and the U.S. (Table 2). Government debt-to-GDP hit an all-time high in Australia and the U.S.

EM debt has risen more than twofold since 2010, to $72 trillion: The surge has been driven mainly by the sharp buildup in non-financial corporate debt (up to $20 trillion to over $31 trillion). This is a contrast to mature markets, where the government sector has been the biggest driver. The ex-financial sector, the total EM debt-to-GDP ratio reached an all-time high of 187%, ranging from 53% in Nigeria to over 365% in Hong Kong. FX debt in EMs soared to $8.3 trillion in Q3 2019—$4 trillion higher than a decade ago. Dollar debt accounts for over 85% of this increase.

China’s debt is fast approaching 310% of GDP—one of the highest in emerging markets: Following a marked slowdown in 2017/18 during the big push for deleveraging, debt accumulation in China picked up again in 2019, notably in the non-financial corporate sector. Government debt grew at its fastest annual pace since 2009. Household debt and
general government debt is now at all-time highs of 55% of GDP.

NSE CEO Reviews 2019 Market Performance and Give Outlook for 2020​

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NSE CEO Reviews 2019 Market Performance and Give Outlook for 2020​
The Chief Executive Officer of The Nigerian Stock Exchange (“NSE” or “The Exchange”), Mr Oscar N. Onyema OON, today presented the key performance of the Exchange in 2019 and gave a prognosis for the market in the New Year 2020. The event, aptly themed 2019 Market Recap and Outlook for 2020 held on Monday, January 13, 2020, had in attendance the stockbroking community, analysts, media and other stakeholders.
Delivering his presentation, Mr. Onyema stated, “The Nigerian capital market mirrored the performance of the larger economy, which continued its moderate path of recovery, growing by 2.28% (Q3’19). The Nigerian bourse witnessed the impact of various factors including a  weak macroeconomic landscape; fiscal and monetary policy direction; underwhelming trends in Foreign Portfolio Investments; concerns around the stability of the naira and moderate corporate earnings. While these factors led to negative performance in the equity market during the year, our Fixed Income market performed exceptionally well, reflecting a flight to safety.”
Key highlights of his presentation are as follows:
Global Capital Market
From an international investor’s perspective, the Nigerian bourse had to compete with developed and emerging capital markets which saw risk-based assets priced/valued more competitively. Capital conducive US Fed policy enabled foreign investors to economically enhance leverage and seek investment opportunities in their home and adjacent countries, necessitating Africa’s largest economy to adjust to new economic realities.
Product Performance
Although the Nigerian Stock Exchange’s All Share Index (ASI or All Share Index) posted a negative return of -14.60% to close the year at 26,842.07, the ASI reached a year-high of 32,715.20 in February 2019. Furthermore, the equity market capitalization increased by 10.55% to N12.97Tn from N11.73Tn in 2018, largely due to sustained primary market activities throughout the year, most notably the listings of MTN Nigeria Communications Plc and Airtel Africa.
To support the equity market in 2019, The Exchange rolled out various initiatives such as:
  • a new market structure to enhance liquidity and ensure overall market stability alongside efficiency,
  • the launch of the beta version of the X-Mobile (a dynamic and user-friendly mobile app) to boost retail investors’ participation.
The fixed income market performed exceptionally well in 2019, as market capitalization increased by 20.42% to N12.92Tn from N10.72Tn in 2018. Turnover also increased by 389.26% when compared to 2018 although capital raising was dominated by the Federal Government, being responsible for 60% of bond issuances during the period in a bid to finance fiscal and infrastructure deficits. Some of the groundbreaking achievements for the year include:
  • Listing of Access Bank Plc’s N15bn Green Bond, the first of its kind to be issued by an African corporate.
  • Listing of North-South Power Company Limited’s N8.5bn corporate infrastructure Green Bond, which was oversubscribed by 60%, with firm commitments from twelve institutional investors including nine pension funds. Capital raising by corporates increased by 321.61% with a total of N132.68Bn raised in 2019.
  • The Exchange signed an MoU with the Luxembourg Stock Exchange (the largest Green Bond listing platform in the world) at the World Federation of Exchanges (WFE) conference held in Singapore. The MoU is geared towards promoting cross-listing and trading of Green Bonds in Nigeria and Luxembourg. Relationships of this nature will foster co-opetition, and further enhance the ability of The Exchange to deliver greater value to our stakeholders.
Strategic Performance across Business Development
The Exchange showed commitment to achieving its strategic objectives during the year under review. Some of the milestones achieved across business development were the launch of the:
  • X-Mobile app to boost investors’ participation;
  • Investor Relations data pack to enhance issuers’ stakeholders’ engagement;
  • Mutual Fund Trading and Distribution Platform to enhance the retail customer experience;
  • X-Academy e-learning to make quality learning accessible and affordable to individuals, corporations, and institutions.
The Exchange recorded milestone listing of big corporates such as:
  • listing of MTN Nigeria Communications Plc by introduction on the Premium Board;
  • cross border listing of Airtel Africa on the Main Board, alongside London Stock Exchange;
  • SAHCO Plc listing by IPO on the Main Board;
  • launch of the Greenwich Alpha ETF focused on tracking the NSE 30 index.
​Market Initiatives
The Exchange sustained its thought leadership and advocacy role in the capital market by:
  • organising the first-ever Hackathon designed to encourage Tech enthusiasts to develop innovative Fintech solutions;
  • hosting two interactive sessions in the Insurance and Consumer Goods sectors;
  • organising the Fixed Income Trading Workshop to enhance the capacity of dealing members;
  • holding the inaugural edition of the Islamic Finance in Nigeria (IFN) Forum in partnership with REDmoney Group.
Corporate Citizenship Development
In upholding its key pillars of sustainability, The NSE:
  • Joined The World Federation of Exchanges (WFE) and International Organization for Securities Commission (IOSCO) in the inaugural “Ring the Bell for Financial Literacy” initiative, to draw attention to the importance of financial literacy
  • Partnered several organisations in key areas of environmental responsibility including Recycle points and the Mental and Environmental Development Initiative for Children (MEDIC) on critical initiatives.
  • Launched the Facts Behind the Sustainability Report (FBSR) and the Sustainability Disclosure Guidelines to promote Environmental, Social and Governance (ESG) practice and reporting
  • Recorded 40,966 entries in its annual essay competition, marking a 100% increase from the 20,016 essays received in 2018 and the highest number of essays recorded in the 19 years’ history of the competition.
  • Appointed Tuface Ujah Idibia as our Good Cause Ambassador to help in raising awareness and mobilizing support for the CSR initiatives of The Exchange.
  • The Exchange was honoured with the Best Corporate Social Responsibility Initiative Award at the Marketing World Awards and also won the Outstanding Invaluable Company for CSR from Rotary International.
​Outlook for 2020
Presenting The Exchange’s efforts in 2020, Onyema said, “The year 2020 has started on a good note, with the NSE ASI recording a 9.41% improvement year-to-date as at January 10. We intend to work closely with our stakeholders to sustain this growth trajectory. As African Champions, we will maintain momentum in executing the NSE’s 2018 – 2021 Corporate Strategy in our efforts to elevate the prominence of Africa’s global financial markets.”
In its aspiration to become a more agile and demutualized exchange, and pursuant to the SEC’s ‘No Objection’ rule, The Exchange will proceed to next steps which include seeking formal approval from its members on demutualization Scheme. While keeping an eye on the strategic intent post-demutualization, The Exchange commits to leveraging its vast network of stakeholders, in addition to developing new strategic partnerships to deliver better products and services to the investing public.
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