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Emirates Expresses Commitment to Nigerian Market

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  • Emirates Expresses Commitment to Nigerian Market

Emirates says it remains committed to the growth of the Nigerian market.

The Regional Manager, West Africa at the airline, Mr. Afzal Parambil, who stated this, noted that Emirates’ operations in Nigeria had been successful.

He spoke in Lagos during the commemoration of the airline’s 15-year flight operations into Nigeria.

Parambil stated that that it had consistently enjoyed a strong relationship in the country since 2004 when it commenced direct flights operations between its base in Dubai and Nigeria.

The airline also said it was the choice of Nigerian travellers because of its consistency, reliability and affordable airfares, assuring Nigerians that it would continue to render quality services to clients.

He said, “Emirates has enjoyed strong relationship with Nigeria, and it remains deeply committed to the market. Over the past 15 years, we have not only seen our operations grow, but our product develop to cater to the taste and requirements of our Nigerian customers.

“We constantly strive to provide our passengers with an unforgettable travel experience, and our growth is a testament to the fact that we are on the right track.”

Ten years after its inaugural flight to Nigeria, Emirates in 2014 launched services to Abuja, flying Boeing 777-300ER aircraft, which offers eight private suites in first class, 42 lie-flat seats in business class and 310 spacious seats in economy class between the routes.

Parambil said Emirates’ flight operations into Nigeria had grown from four weekly frequencies to daily.

The airline currently operates 14 frequencies to the Murtala Muhammed International Airport, Lagos and four weekly flights to Abuja with plans to make the Abuja route a daily operation from June 1, 2019.

Parambil said Emirates SkyCargo also started operations in 2004 and had since carried 14,000 tonnes of mobile phones, garments and personal effects as imports and had exported over 4,000 tonnes of fresh kolanuts, beverages and mobile phones.

“Currently, Emirates has 271 aircraft in service and operates to 158 destinations in 86 countries. Its staff strength in Nigeria is presently almost 150,” he added.

He added that Nigerian travellers should expect their favourite local delicacies such as jollof rice, beef stew, porridge yam, braised chicken thighs, rice with black eyed beans, fried plantain, sautéed spinach, sweet potato mash and chicken stew.

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

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Samsung Launches Its Lastest Mobile Device, ‘Galaxy A04s’ in Nigeria

Samsung has unveiled its latest mobile device, the ‘Galaxy A04s’ in the Nigerian market

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Multinational electronics manufacturing company Samsung has unveiled its latest mobile device, the ‘Galaxy A04s’ in the Nigerian market.

The new device comes in various colors such as Black, Green, White, and Copper, and is packed with a 3GB, 4B RAM with 64GB and 128GB internal storage, Investors King understands.

The A04s also supports Dual SIM and is built with a glass front, plastic back, and plastic frame. It features a triple camera: 50 MP (wide) + 2 MP (macro) + 2 MP (depth) while on the front there is an 5 MP (wide) camera.

Samsung’s launch of this device reinforces the company’s commitment in providing affordable yet quality devices that address the daily needs of consumers.

Following the launch of its latest device in the Nigerian market, Managing Director, Samsung Nigeria Charlie Lee said, “Today is quite remarkable as we introduce Galaxy A04s, ‘The Eagle’. People want a device that is convenient, safe and affordable.

“They want a device that is a one-stop shop to enjoy watching movies, playing games and be productive at the same time.

“Galaxy A04s, another pocket-friendly mobile device from Samsung has been launched in Nigeria to edge out competition, ahead of other emerging markets.

“The Galaxy A04s is an impressive device at excellent value that builds on our growing Galaxy A Series portfolio”.

“With the Galaxy A04s, our customers can experience next-generation performance, demonstrating Samsung’s commitment to providing accessible devices without compromising on quality.”

Following the current economic situation ravaging the country, Joy Tim-Ayoola, HOD MX division added that Samsung through a pay small small scheme called Flex Pay has provided the opportunity for consumers to buy the device and pay in 3-12 months’ installment with as low as N11,000 per month.

She also stated that users of the device can also repair their screens for as low as N12,500 with no limits to frequency or time. Samsung’s launch of its A04s is coming a year after it launched the A03s in 2021.

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SMEs

FSDH Merchant Bank Receives Approval from AfDB for $25 Million Finance Facility to Support SMEs

African Development Bank (AfDB) has approved a $25 million credit facility for FSDH Merchant Bank to support Small and Medium Enterprises (SMEs) in Nigeria.

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African Development Bank (AfDB) has approved a $25 million credit facility for FSDH Merchant Bank to support Small and Medium Enterprises (SMEs) in Nigeria.

FSDH, which provides investment banking and security trading services, received a $15 million trade finance line of credit and another $10 million in loan transaction guarantee to provide loans for SMEs.

Following several limitations faced by SMEs in the country which have stifled their growth, the $25 million facility will enable FSDH to work towards ensuring the growth of SMEs by reducing the trade finance gap in Nigeria and ensuring the availability of funds for small and medium-sized enterprises (SMEs) in the industrial sector.

The Bank will also guarantee up to 100% of non-payment risks arising from letters of credit and similar trade finance instruments issued by FSDH under the guarantee portion. This will allow confirmation of trade transactions originated by FSDH, benefiting local import and export businesses.

Overall, the facility will catalyze more than $200 million of trade finance transactions across multi-sectors, including agriculture, manufacturing, and energy over the next three years.

Speaking on the recently approved funds, the Director General of The African Development Bank (AFDB), Lamin Barrow said: “The availability of trade finance instruments to drive post-pandemic economic recovery efforts cannot be overemphasized.

“Hence, the Bank’s financing will help eligible Nigerian SMEs to take advantage of existing and emerging opportunities in the domestic and regional markets.”

Also commenting is the Bank’s Director for Financial Sector Development, Stefan Nalletamby, he said, “We are excited about finalizing this facility with FSDH as having the Bank as a partner will aid FSDH in scaling up its trade finance offerings in Nigeria to help meet the ever-increasing trade finance gap.

“This partnership is expected to catalyze more than $200 million value of trade finance transactions across multi-sectors such as agriculture, manufacturing, and energy over the next 3.5 years.” 

The African Development Bank (AFDB) anchors its current Nigeria strategy on two pillars which are supporting infrastructure development and promoting social inclusion through agribusiness and skills development.

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Merger and Acquisition

Access Bank Plans Expansion Into Angolan Market

Access Holdings Plc has announced its planned acquisition of  a 51 percent majority equity stake in Angolan Bank, Finibanco.

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Access Holdings Plc has announced its planned acquisition of  a 51 percent majority equity stake in Angolan Bank, Finibanco.

Investors King learnt that Access Bank Plc is expanding its presence to Angola through the acquisition of a 51 percent stake in Finibanco.

The acquisition of Finibanco was disclosed in a filing to the Nigerian Exchange Limited by Access Holdings Plc.

Finibanco is a full-service commercial bank with over 20 branches and around $300 million in total assets in Angola.

According to Access Holding Secretary, Mr Sunday Ekwochi, the Angolan market as the sixth largest economy in Africa and the seventh largest country overall, with a vast and diversified natural resource base and a growing population, represents a strong potential for the bank’s growth aspirations

The Secretary further stated that the transaction is subject to regulatory approvals in Nigeria and Angola. The transaction is expected to be completed during the first half of 2023. This will however be subjected to customary conditions.

Access Bank has been on an acquisition spree since the beginning of 2021. The acquisition of a majority stake in Finibanco makes it Access’s sixth acquisition in the last 18 months.

In June 2022, it acquired a $37 million stake in Kenya Sidian Bank. Other acquisitions include African Banking Corporation of Botswana Limited, African Banking Corporation Zambia Limited, as well as Cavmont Bank.

Access bank is one of the leading banks in Nigeria. As a commercial bank, it operates through a network of more than 700 branches and service outlets, spanning 3 continents, 17 markets and 45 million customers.

The lending bank employs 28,000 people in its operations in Nigeria and has subsidiaries in sub-Saharan Africa and the United Kingdom. It also has a branch in Dubai, UAE and representative offices in China, Lebanon and India.

As at 31 March 2022, Access Bank had total assets of approximately US $28.8 billion.

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