Connect with us

Markets

Telkom Acquires Business Connections, Strengthens Operations

Published

on

Telkom
  • Telkom Acquires Business Connections, Strengthens Operations

Business Connexion Group has merged with Telkom South Africa. Done in a landmark industry deal, the former now adopts BCX as its name formally. Both are South African firms with global footprints.

According to information gathered by The Guardian, the process of acquisition actually started in 2013, when Telkom SA embarked on a strategy to improve performance, with one key considerations of the strategy being to grow beyond its core business of connectivity by expanding into Information and Communication Technology (ICT) services. The deal was formerly sealed on August 24, 2015 and brand launch took place last week in Johannesburg, South Africa.

The implication of this synergy will see improvement in Telkom services, especially as it relates to IT operations in South Africa, while in Nigeria, which has an arm of BCX, the coming together would see the company provide more services beyond the usual Business to Business (B2B) to Human to Human (H2H) operations.

According to the Managing Director, BCX, Ayo Adegboye, who formally informed the press about this development last Tuesday, said that this synergy is a business transformation targeted at improving services and offer customers more access at both ends.

Adegboye, who stressed that the new strategy would offer customers more, added that because of the vertical integration leading to horizontal integration, BCX would become Africa’s end-to-end digital solution provider.

“Although, this is an acquisition, but the two firms are bringing together their capabilities to be able to deliver more for the customers. It is something that should happen. BCX is an IT company and encourages more digital transformation. Telkom, a telecom operator now to tap from our IT capabilities and it will result in improved converged technology across countries of operations,” he stated.

Denouncing any form of job cuts at the Nigerian end as a result of the acquisition, the BCX boss rather posited that coming together of the two firms would create more jobs, “as there will be room to employ more seasoned individuals who will be willing to add value to the business. The focus is about the future development.”

He stressed that the merger was necessary, which will make the company to be ahead of competition, especially now that the world goes converged.

According to the Chief Financial Officer, BCX, Mrs. Olusike Bamisebi, the acquisition has nothing to do with either firm been illiquid, “but to further strengthen value propositions for customers. What Telkom bought into was not a weak business. BCX is listed on the Johannesburg Stock Exchange.

Telkom actually bought into our strengthen. What they wanted to tap into because they won’t be able to do it as much as we do was ICT and that is our primary business and secondary to Telkom. They bought us so that they can leverage on our footprints and expertise across countries of operations.”

Bamisebi, who said BCX is a 20 billion Rand business with 8000 employees, further explained that Telkom business division had to move into Business Connection to then have a merge name BCX. “We pride ourself to say that Business Connection is not moving into Telkom, but other way. We have footprints in Europe, Middle East and Africa.”

According to her, BCX offers clients a full range of IT solutions and services that can meet all their ICT needs from business consulting to communication, data centre management to acclaimed information security services, the firm has the expertise and wherewithal to effectively help client’s regardless of the scale and scope of the professional services solutions they require.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Continue Reading
Comments

Crude Oil

Oil Prices Slide as U.S. Crude Stockpiles Surge, Heightening Demand Concerns

Published

on

Crude oil

Oil prices declined on Thursday as concerns over demand intensified due to a larger-than-anticipated build in U.S. crude stockpiles.

Brent crude oil, against which Nigerian oil is priced, dropped by 0.5% to $83.25 a barrel while U.S. West Texas Intermediate crude oil fell by 0.3% to $78.28 a barrel.

The Energy Information Administration’s report revealed a substantial increase in U.S. crude oil stockpiles by 4.2 million barrels to 447.2 million barrels for the week ending February 23rd.

This surge surpassed analysts’ expectations and marked the fifth consecutive week of rising inventories.

While gasoline and distillate inventories witnessed a decline, concerns regarding a sluggish economy and reduced oil demand in the U.S. were amplified.

Satoru Yoshida, a commodity analyst with Rakuten Securities, highlighted that the significant stockpiles have heightened investor worries.

Moreover, the anticipation of delayed U.S. interest rate cuts further weighed on market sentiment, potentially undermining oil demand.

Traders have adjusted their expectations for rate cuts, with an easing cycle predicted to commence in June rather than March as previously anticipated.

Market participants await the U.S. personal consumption expenditures price index for insights into inflation trends, while the possibility of an extension of voluntary oil output cuts from OPEC+ looms over price dynamics, amid lingering uncertainty in the demand outlook and geopolitical tensions in the Middle East.

Continue Reading

Crude Oil

Crude Oil Shortage Threatens Dangote, Government Refineries, Minister Raises Alarm

Published

on

Dangote Refinery

The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has sounded a clarion call over a looming crude oil shortage that threatens the operations of the newly inaugurated Dangote Petrochemical Refinery and government-owned refineries in Nigeria.

Addressing stakeholders at the seventh edition of the Nigeria International Energy Summit in Abuja, Minister Lokpobiri expressed concerns that unless deliberate efforts are made to increase investments and crude oil production, these refineries may struggle to obtain enough feedstock for petroleum product manufacturing.

The Dangote refinery, a colossal project spearheaded by Dangote Industries Limited, has a daily requirement of up to 650,000 barrels of crude oil, while government-owned refineries could need approximately 400,000 barrels.

However, the current pace of crude oil production and investment in Nigeria falls short of meeting these demands.

Minister Lokpobiri highlighted the need to ramp up production and attract investments in the upstream sector to ensure adequate feedstock supply for the refineries.

He emphasized the importance of efficiently utilizing Nigeria’s abundant oil and gas reserves to enhance domestic energy security and economic prosperity.

Furthermore, the minister underscored the significance of investing in energy infrastructure and transitioning towards more environmentally friendly practices to address Nigeria’s energy needs effectively.

The alarm raised by Minister Lokpobiri underscores the urgency for strategic interventions and collaborative efforts to mitigate the impending crude oil shortage and secure the future of Nigeria’s refining industry amidst evolving global energy dynamics.

Continue Reading

Energy

NNPCL Pledges End to Nigeria’s Energy Scarcity Within a Decade

Published

on

Mele Kyari - Investors King

The Nigerian National Petroleum Company Limited (NNPCL) has announced a bold initiative aimed at ending Nigeria’s persistent energy scarcity within the next decade.

Mele Kyari, the Group Chief Executive Officer of NNPCL, revealed this ambitious plan during the opening ceremony of the seventh Nigerian International Energy Summit in Abuja.

Kyari’s announcement comes as a beacon of hope for millions of Nigerians grappling with chronic power shortages and energy deficiencies.

In his statement, Kyari expressed confidence that all issues related to energy scarcity in the country would be resolved within the next 10 years.

Assuring stakeholders of NNPCL’s unwavering commitment, Kyari emphasized the company’s dedication to collaborating with partners to bridge the energy deficit gap and foster prosperity for all Nigerians.

He highlighted NNPCL’s pivotal role as a key partner to oil-producing companies in Nigeria, facilitating the divestment of international oil companies from onshore and shallow water assets in the country.

Furthermore, Kyari underscored NNPCL’s statutory mandate as the enabler of national energy security, emphasizing the importance of sustainable production from divested assets to ensure energy security for Nigerians.

In addition to addressing domestic energy challenges, NNPCL is also exploring avenues for sustainable energy investment across Africa.

Kyari revealed the company’s intention to invest in the proposed African Energy Bank, aiming to secure funding for energy projects on the continent and guarantee regional energy security.

The event, attended by prominent stakeholders including government officials and representatives from international organizations, marks a significant step towards reshaping Nigeria’s energy landscape and fostering economic development through improved energy access.

As NNPCL charts its course towards energy abundance, Nigerians remain cautiously optimistic about the prospects of a brighter energy future.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending