Connect with us

Business

9mobile to Get New Investor by Year-end — Emefiele

Published

on

9mobile
  • 9mobile to Get New Investor by Year-end — Emefiele

The Governor, Central Bank of Nigeria, Mr. Godwin Emefiele, on Tuesday said that the intervention of the apex bank and the Nigerian Communications Commission in the 9mobile loan repayment saga, was due to the systemic importance of the company.

He stated this while responding to questions from journalists shortly after the two-day Monetary Policy Committee meeting held at the apex bank’s headquarters in Abuja.

He said with about 19 million subscribers, there was no way the regulators could allow the company (formerly Etisalat Nigeria) to be “dismembered” by its creditors.

The CBN governor stated that with the processes so far put in place to get new owners for the company, a new investor would emerge before the end of the year.

He said, “I am optimistic that the sale process is still on track; there is a determination that the sale must take place before December 31, 2017.

“We remain focused on it. There is a rumour that Barclays Africa, the financial advisers, want to withdraw from the transaction. If Barclays decide to do so, they will do so in a letter. Barclays was hired in a letter and if they decide to withdraw, they will do so in form of a letter. But as I speak with you, there is no letter from Barclays.

“We remain focussed and I will say that we are holding constant meetings with other important stakeholders to see a harmonious transfer of ownership from the existing owners to new owners by December 31, 2017.”

He also stated that the country’s $3.5bn Eurobond issued by the Federal Government received a lot of interest from investors, who staked $11bn on it.

The governor, who was part of the roadshow for the bond programme, said the oversubscription to the bond was a demonstration of investors’ confidence in the economic agenda of the Federal Government.

He said, “I was part of the roadshow to the bond issuance programme and the information I got is that the bond is oversubscribed to the tune of $11bn.

“However, we could only access $3.5bn in two tranches. From that, you will note that the investor confidence in the Nigerian economy is strong based on most of the macroeconomic indices and also supported by the decisions of both the monetary and fiscal policies.”

He added, “There is confidence in the economy by the investor communities on what the government is doing and the level of confidence has improved.

“As policy makers, we cannot rest on our laurels; we need to remain focused and a country that grows its population by an average of three per cent, nothing short of going back to the historical level of growing by an average of six per cent would be considered good.”

He dismissed claims in some quarters that borrowing was not good for the economy, adding that the funds, which the government was raising through debt instruments, would be used to finance infrastructural projects that would unlock the potential of the economy.

Meanwhile the MPC left the Monetary Policy Rate unchanged at 14 per cent.

Emefiele explained that eight members of the committee agreed to maintain the current monetary policy stance.

He, however, said that one member voted to ease the MPR by a 100-basis-point from the current 14 per cent to 13 per cent.

The governor added that apart from the MPR, the committee also retained the Cash Reserves Ratio at 22.5 per cent. Also retained were the Liquidity Ratio, which was left at 30 per cent; and the Asymmetric Window, which was left at +200 and -500 basis points around the MPR.

On the decision to retain the current monetary policy stance, Emefiele explained that this was done to allow the success so far made with the retention of the rates to normalise.

He said, “The committee took note of the gains made so far as regards its earlier decisions and extensively debated whether to hold, tighten, or to ease the policy stance.”

Emefiele stated that the committee expressed satisfaction with the slow but gradual growth in the economy.

He said, “The economy has begun to show strong signs of recovery as public investment has picked with increase housing construction at the federal and state levels as well as rising activities at the ports to support the Purchasing Manager’s Index.

“The committee was, however, of the view that policy makers must not relent in their aggressive policy initiatives aimed at continuing the positive growth trajectory. The committee affirms its commitment to maintaining price stability, which is crucial to sustainable economic growth and development.”

The committee, according to him, commended the fiscal authorities for the early submission of the 2018 Appropriation Bill for consideration by the National Assembly.

On financial system stability, the committee, according to the governor, noted the concentration of non-performing loans in some sectors but observed that the overall outlook for the banking system was stable as Deposit Money Banks’ balance sheets remained strong.

“Nonetheless, the committee called for strengthening of oversight and early warning systems in order to promptly identify vulnerabilities and proactively manage risks in the banking system,” he added.

He pointed out that the through the implementation of the Investors and Exporters’ window of the foreign exchange market in April 2017, liquidity had been boosted in the market by over $18.7bn.

The CBN boss put the external reserves as of November 16 at $34.9bn.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Business

Transcorp Hotels Expand into Marketplace, Launches Aura to Connect People, Hoteliers, Others

Published

on

Transcorp hotel

Transcorp Hotels Plc, on Thursday, announced it has launched a new digital platform, Aura, through which people can book accommodation, restaurants and experiences.

Aura, Transcorp’s first in the alternative accommodation segment, is part of the company’s asset-light model, leveraging technology to deliver true hospitality, exciting experiences, and drive shareholder value.

It’s a new dawn in the hospitality industry! I am thrilled to introduce you to Aura by Transcorp, the digital platform we are using to connect people to quality accommodation, great food, and awesome experiences,” Managing Director and Chief Executive Officer of Transcorp Hotels Plc. Dupe Olusola said.

For more than 30 years, Transcorp Hotels Plc has been at the forefront of creating a superior guest experience at our locations. Today, our commitment to innovation has offered us an opportunity to extend this beyond the hotel premises,” Olusola added.

The launch of Aura by Transcorp is one of the most significant developments in the company’s history as it seeks to transform the travel and tourism industry in Africa by focusing on three important components of travel, whether for leisure or business — where you stay, what you eat and how you spend your time. With its people-driven hospitality model, Aura is set to revolutionise travel and help remind Africans of our deep history of hospitality.

Speaking on the launch of Aura, Obong Idiong, Chief Executive Officer at Africa Prudential Plc, Aura’s technology partners, expressed his excitement. “Finding the right accommodation when you travel can be incredibly complex. Options available for the right prices are often limited, and travellers sometimes end up with accommodation that taints the travel experience. Transcorp Hotels Plc has been able to fix that with Aura and we are proud to be associated with them.”

To ensure topnotch user experience, we built a solution to drive digital transformation through the adoption of shared living spaces for the Aura business. With an advanced search algorithm powered by artificial intelligence, Aura determines the relevance of locations taking into consideration, the customers’ preferences and requirements to meet them at the point of their needs,” Idiong added.

Priscilla Adeboye, a travel enthusiast and early adopter of Aura, said the global pandemic has pushed international travel down her list. “But I still want to be able to take some time off work or spend a weekend away from home with the family. I have found incredible homes on Aura that meet my need for space and privacy.

 

Continue Reading

Appointments

Siemens Energy Nigeria Appoints Seun Suleiman as Managing Director

Published

on

siemens

Seun Suleiman is the New Managing Director of Siemens Energy Nigeria

Mr. Seun Suleiman is the new managing director of Siemens Energy Nigeria, the company announced on Wednesday.

According to the statement released by the energy company, Suleiman will be responsible for the entire management of operations and decisions on business policies and corporate strategy.

Commenting on his appointment, Suleiman said, “It is an absolute honor to lead the business for Siemens Energy Nigeria and I look forward to delivering on the brand’s promise of excellence.

Suleiman joined Siemens Energy in 2014, bringing over 15 years’ experience and deep expertise in the private sector across Europe and West Africa.

The statement said, “He is an accomplished business strategist and success-driven leader with strong business acumen. Suleiman has also been a core member of the executive management team at Siemens Energy serving in roles as Sales Director West Africa – Service Distributed Generation Oil & Gas and Vice President Service & Digital.

“Prior to this, he also held various functional and managerial positions with ABB Ltd UK, ABBNG Nigeria, Schneider Electric Nigeria and Dresser-Rand Nigeria Ltd.

It added that Suleiman was experienced in establishing operational excellence with specific competence in the power, oil and gas sectors.

Continue Reading

Business

FG Reopens Osubi Airport Warri for Daylight Operations

Published

on

muritala-muhammed-airport

FG Reopens Osubi Airport Warri for Daylight Operations

The Federal Government on Monday said the Osubi Airport in Warri has been reopened for daylight operations.

The Minister of Aviation, Hadi Siriki, disclosed this in a tweet.

The airport was closed in February 2020 over mismanagement and debt allegation involving aviation service providers and airport management.

However, Oberuakpefe Afe, a lawmaker representing Okpe/Sapeie/vaie federal constituency, recently moved a motion for the Federal Government through the ministry of aviation and relevant authorities to reopen the airport for flight operations.

On Monday, Hadi Siriki said “I have just approved the reopening of Osubi Airport Warri, for daylight operations in VFR conditions, subject to all procedures, practices and protocols, including COVID-19, strictly being observed. There will not be need for local approvals henceforth.

Continue Reading

Trending