MTN Nigeria records largest half-year loss ever
(MTNN), the local subsidiary of Africa’s largest mobile network operator MTN Plc, reported a sixfold surge in loss after tax to N519 billion in the first half of the year. According to its earnings report issued on Wednesday, this represents…
Tribunal Dismisses DStv, GOtv Price Hike Case
The Competition and Consumer Protection Tribunal (CCPT) has struck out a subscription price hike case instituted against MultiChoice Nigeria. A three-member tribunal struck out the suit following a request by the claimant, Festus Onifade, to withdraw his case against MultiChoice….
Guinness maker Diageo records decline in profits
Disgeo has recorded a decline in operating profit in a “volatile operating environment.” Organic operating profit was down 4.8pc to $6bn (€5.5bn) in the year ended June 30. This was driven by a 21.1pc drop in sales in the Latin…
NCC orders telcos to reactivate all lines barred over NIN-SIM verification issues
The Nigerian Communications Commission (NCC) has ordered all telecommunication companies in the country to reactivate all lines they have barred over issues surrounding the linking and verification of National Identification Numbers (NIN) linked with their SIMs. The sudden U-turn from…
Dangote lost $651 million amid sell-offs in Dangote Cement and naira’s rapid fall
Aliko Dangote, Africa’s richest man, saw his wealth valuation dip significantly in dollar terms amid the naira devaluation and recent sell-offs in Dangote Cement. The Kano-born billionaire lost $651 million on Friday and is down by $1.3 billion this year….
Wema Bank unveils payment solution for MSMEs
Wema Bank has unveiled a payment gateway for Micro, Small and Medium Enterprises in the country. The platform named ALATPay, which offers a secure end-to-end shopping experience for customers and instant settlement for merchants, all via the merchant’s unique ALATPay…
Guinness Nigeria appoints ex-Agusto chief to its board
Guinness Nigeria Plc has announced the appointment of Mrs. Vivien Shobo, the former CEO of Agusto & Co. to its board as an Independent Non-Executive Director. The announcement was contained in a corporate disclosure on the NGX website. According to…
LH Telecoms acquires majority stake in 9mobile
Emerging Markets Telecommunication Services Limited, operating under the trade name 9Mobile, has been acquired by LH Telecommunication Limited. According to a statement issued on Sunday by the company, the acquisition of majority shares in the Nigerian telecom company was approved…
Oando denies Malta blending plant ownership claims
Oando PLC has denied allegations on social and digital media that it owns a blending plant in Malta. The energy company also denied importing dirty fuel into Nigeria through a Maltese company, Raz Hansir Oil Terminal Limited. A statement by…
Meet Ifedolapo, startup providing micro-lending services for MSMEs#
Ifedolapo Lawal is the founder and CEO of OystrFinance, a fintech company that provides the lending infrastructure that powers micro-lending products and services on the continent. Lawal, a graduate of Accounting from Caleb University and an MBA from San Francisco…