Connect with us

Business

MTN Revenue Climbs on Data, Serves 20m Nigerians Exclusively

Published

on

MTN
  • MTN Revenue Climbs on Data, Serves 20m Nigerians Exclusively

Data subscriptions in Nigeria lifted MTN’s revenue by 15 per cent in 2018. The firm grew its active data users from 4.5 million customers to 18.7 million within the last few years.

A document made available to The Guardian revealed that the South African firm, which raked in about N1.06trillion from Nigeria last year, recorded N150.7 billion from data services.

Also, MTN’s digital services fetched it N26.6 billion, or three per cent of its entire revenue, which was through subscription model optimised to improve customer experience. Fintech contributions to the revenue were put at N28.6 billion.

With 58.2 million subscribers, the firm’s voice revenue also climbed by 18.7 per cent, contributing 76 per cent or N783.1 billion of its revenue in Nigeria.

The firm disclosed that it invested N184.2 billion last year to increased population coverage to 70 per cent, while extended its 4G coverage to 14 cities in the country.

While the Nigerian Communications Commission (NCC), put access gap in the country at about 190, where about 33.7 million people are yet to be connected, MTN boasted that it is exclusively serving 20 million Nigerians in underserved areas of the country.

The network operator said each month; over 16 million people with no airtime connect with their friends and families using MTN Borrow Me Credit.

The document quoted the Group Chief Executive Officer, Rob Shuter, saying, “We recognise the obligation to do more. To whom much is given, much is required. We have so much infrastructure, assets and ability; that we take very much upon ourselves the responsibility to do what we can.”

In the areas of enabling and supporting broader economic development, MTN claimed that it enabled over one billion rapid and expedient transactions via the USSD in 2018, and enhanced the services of over 50,000 Point of Sales (PoS) terminals in Nigeria. It boasted of having over 24,000km of fibre optics backbone supporting several Internet Service Providers.

The firm said it has connected over 850 large corporate, over 100 public sector, and over 800,000 small businesses with greater reach and efficiency. MTN said over 12,000 vehicles (3,500 corporate and 8,500 SMEs) subscribed to fleet and vehicle tracking services, while 100 universities, polytechnics and colleges are accessing high capacity Internet.

Commenting, MTN Nigeria CEO, Ferdie Moolman, said: “In 2018, we rebuilt the base; adding another six million Nigerians to our network, giving a total of 58 million people access to worldwide communication services.

“This growth was built on our sustained focus on customer centric delivery, ensuring that customers get much more value for their money. This included the deployment of proactive interventions to improve customer experience, together with the enhancement of network quality and coverage, and the optimisation of our services portfolio.

“We also enabled an additional eight million people to access the possibilities that the internet provides, bringing our total data subscriber base to 44 million, of which 18.7 million use more than five megabytes per month. We are now even better positioned to ensure that everyone can access the benefits of a modern connected life.”

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

NAHCO Recalls Suspended GMD/CEO, Mrs Adetokunbo A. Fagbemi

Published

on

NAHCO Recalls Suspended GMD/CEO, Mrs Adetokunbo A. Fagbemi | investorsking.com

Mrs. Adetokunbo A. Fagbemi Resumes Work With NAHCO

The Board of Directors of Nigerian Aviation Handling Company Plc (NAHCO) has recalled Mrs. Adetokunbo A. Fagbemi, the Group Managing Director and Chief Executive Officer, who was suspended over Management’s failure to diligently secure the delivery of a purchased equipment from vendor within the contracted period and Management’s inability to provide satisfactory/acceptable reason for the unreasonable long delay.

Mrs. Fagbemi was suspended by the Board at a meeting held on 27th of January 2021 in line with the Board’s earlier decision that if a certified bill of lading for the equipment was not received by 2nd February 2021, the GMD/CEO shall proceed on suspension with half pay until receipt of acceptable evidence of equipment shipment from the manufacturer.

Since Mrs. Fagbemi commenced her suspension on February 3rd, 2021, Mr. Olumuyiwa A. Olumekun, the Group Executive Director, Corporate Services, has been acting as the GMD/CEO, according to a statement put out by the company.

It said “the Board is however pleased to inform the investing public and the Exchange that on, Tuesday, February 24, 2021, a satisfactory evidence of departure and arrival dates of the equipment has been received by the board from the equipment manufacturer.

“Consequently, the Board at its emergency meeting today, February 24, 2021, has recalled the Group Managing Director/Chief Executive Officer, Mrs. Adetokunbo A. Fagbemi from the suspension and she has resumed work.”

Continue Reading

Business

Businesses Groan as Price of Diesel Rises to N250 Per Litre

Published

on

Petrol Importation

Businesses Groan as Price of Diesel Rises to N250 Per Litre

Businesses have started feeling the negative impact of the rising price of Automotive Gas Oil, known as diesel.

A single litre now goes for N250 in some parts of Lagos, with businesses taking a beating on the back of rising energy costs.

Our correspondent observed that some filling stations in Lagos had increased the price of the product to N250 per litre, while many others sold it at between N220-N245.

Northwest Petroleum along the Oshodi-Apapa road increased the pump price of diesel to N250 per litre; AP (Ardova Plc), along Airport road, Ikeja, N248; and Oando, along Acme Road, N240.

The National Bureau of Statistics, in its AGO price report on Tuesday, said the average price paid by consumers for diesel increased by 0.22 per cent to N224.86 per litre in January 2021 from to N224.37 in December 2020.

It said states with the highest average price of diesel were Adamawa (N268.33), Zamfara (N262.78) and Kebbi (N257.50).

“States with the lowest average price of diesel were Osun (N194.60), Anambra (N195.83) and Enugu (N198.24),” the NBS added.

Crude oil price accounts for a large chunk of the final cost of petroleum products, and the deregulation of the downstream oil sector by the Federal Government means that the pump prices of the products will reflect changes in the international oil market.

The international oil benchmark, Brent crude, has risen by more than 25 per cent this year from the $51.22 per barrel at which it closed last year. It rose to $65.25 per barrel as of 6:30pm Nigerian time on Tuesday.

Diesel is mostly used by businesses to power their generators amid a lack of reliable power supply from the national grid.

The President, Association of Small Business Owners of Nigeria, Mr Femi Egbesola, lamented that the recent increase in the price of diesel was taking a heavy toll on businesses, especially Small and Medium Enterprises.

“The cost of diesel and raw material is giving us a nightmare. The price of diesel has been skyrocketing in a way that creates fear in particularly manufacturers,” he told our correspondent on Tuesday.

According to him, it is difficult for businesses to factor all the increase in diesel price in their final product prices.

Egbesola said, “That is why a lot of companies are downsizing and are making sure that they only produce products that they are so sure will sell in the market.

“Many companies have reduced their product lines significantly just to be able to cope. And that is not good for us because by the time this goes on, unemployment will increase. I believe government should be able to do something about this.”

He said although the downstream petroleum sector had been deregulated, there should be checks and balances.

Egbesola said many small businesses’ savings had been eroded already because ‘we keep spending our savings to make sure we don’t close shop’.

He said, “If things continue this way, there is no way we are not going to close shop. We are still struggling with the recent increase in electricity tariff.

“Many small businesses still depend so much on diesel generators because there is no alternative power supply. It is only the big players that have the facilities to use gas. And we cannot use solar installation because it is very expensive.”

Nigeria, Africa’s largest oil producer, relies largely on importation for petrol and other refined products as its refineries have remained in a state of disrepair for many years.

Continue Reading

Appointments

United Capital Appoints Latunji Head, Marketing/Corporate Communications

Published

on

United-capital

United Capital Appoints Latunji Head, Marketing/Corporate Communications

United Capital Plc has been appointed, Tolu Latunji as its Head, Marketing & Corporate Communications.

In the new role, he is expected to drive a strategic communications, marketing and brand management programme for the investment banking group.

Latunji is a communication and marketing expert with 12 years’ experience in products development, marketing, brand & franchise building, effective management and communication of strategic objectives whilst ensuring adequate visibility for both organisation and product/service offerings through product, content and brand initiatives.

“With a 360 degree knowledge of communications and marketing, which includes but not limited to – brand management and initiatives, corporate affairs, internal and external affairs, product and brand marketing, event management and experiential marketing, cluster/segment marketing, Tolu has served at various capacities on government constituted sub-committees on financial inclusion,” a statement explained.

Prior to joining United Capital Plc, he was the Managing Partner of Ten & Square Media Co., a bespoke creative ideation and brand/crisis management firm, based in Lagos, Dakar and London.

Latunji was recently the Strategic Communications lead at FMDQ Securities Exchange, Nigeria’s first integrated financial market infrastructure (FMI), where he had the responsibility of effectively positioning the group, together with its subsidiaries, as the most sophisticated and technologically driven securities exchange in Africa.

Prior to that, he worked in Guaranty Trust Bank for nine years with roles in brand management & monitoring, events and experiential marketing, products and content marketing and user experience.

He led the marketing team to the successful development and launch of various retail, SME and corporate products. He was also instrumental in curating and developing the bank’s social footprints. Outside the corporate environment, Tolu engages in various humanitarian activities with food banks and empowerment programmes. He holds a B.Sc. Economics from University of Lagos.

Continue Reading

Trending