Visafone Nigeria distributes over 200 protective helmets as CSR programme

Visafone flagged off its maiden Corporate Social Responsibility (CSR) initiative at the Victoria Island Bar Beach on Thursday, August 14, 2008.

The event witnessed the presentation of over 200 protective helmets and reflective jackets to Okada riders drawn from Victoria Island - Law school and Eko Hotel Roundabout units. Read more

Nigeria: Food Concepts Plc Prepares for Capital Market

Owing to the need to expand its business services and serve customers better, Food Concept and Entertainment Plc, is making adequate preparations to list its initial public offer on the Nigerian Stock Exchange.

Mr. Dele Akinyanju, Chief Executive, Food Concept, said the board of the company is still contemplating on the amount of shares to make public while waiting for approval from the capital market.

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Goldlink earns N2.32billion premium , plans to raise funds from the capital market in Nigeria

Goldlink Insurance Plc has announced a premium income of N2.32 billion for the year ended December 31, 2007.

This represents an increase of 15 per cent over the figure of N2.02 billion in 2006. Also, the company recorded profit before tax (PBT) of N666.05 million, representing 15 per cent increase over the figures of N581.62 million in 2006.

Besides, the company recorded net profit of N593.99 million, representing 15 per cent increase over N516.5 million achieved in 2006.

The company also recorded increases in its investments income, which went up by nine per cent from N2.657 billion in 2006 to N2.885 billion last year. Total net assets increased by five per cent from N6.333 billion in 2006 to N6.677 billion in 2007, while shareholders fund increased from N5.427 billion to N5.571 billion in the year under review.

The chairman of the company, Mr. Gbenga Afolayan, addressing shareholders at the company’s 15th yearly general meeting in Lagos attributed the impressive performance to the support of all stakeholders that allowed the company to provide qualitative services to her numerous customers.

Therefore, in keeping with the company’s record of rewarding its shareholders with good returns on their investment, he said, the board has proposed for approval a dividend of five kobo for every 50 kobo ordinary share held.

On the future prospects, the Goldlink chairman said: “We look forward with hope to continued stability in the economy and improvements in several areas of human development indices, especially, power and energy.”

He added that the destination is not far, but the road is not smooth either, but we are determined to face the challenges envisaged in the industry, I am confident that our strategy will continue to deliver good results, with our strong management team ensuring excellence in execution in all facets.”

Meanwhile, in a bid to expand its operations, Goldlink Nigeria Plc has disclosed its intention to raise N6 billion from the capital market.

Afolayan, during the yearly general meeting explained that the need to raise money from the pulic was due to the company’s plans to extend its business activities across sub-Saharan Africa.

He said the company has concluded arrangement to open offices in Sierra Leone. Ghana and Gambia, adding that they have already got approval to commence operations in Ghana and Gambia.

“We are going to raise money because we need it for big capital project. We have increased our authorised share capital to N10 billion today and we are coming to raise between N5 to N6 billion in the market.

“We are looking at offices beyond Nigeria now. We are looking at Sierra Leone, we are looking at Gambia and we are looking at Ghana end to expand our scope locally we are just looking at the Climate, immediately the directors approves the money, we will hit the market,” he said.

Dunlop Nigeria Embarks on Strategic Redirection

Dunlop Nigeria Plc, the only surviving tyre manufacturing company in Nigeria, has embarked on a strategic redirection of its business in order to restore shareholder value which has been deteriorating as a result of consistent losses in the tyre business.

The Company’s recent N8 billion expansion into the Heavy Truck Radial segment has been frustrated by reversal of Government Policy on tariff for imported truck/bus tyres from 40% to 10% at the beginning of 2007 which has created unfair and inequitable advantages for importers of finished tyres.

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Multi-links Telkom subcribers can now recharge online

Multi-links Telkom has made life easier for subscribers on its network with the introduction of electronic recharge option for customers on the go. With the latest recharge option, subscribers on the Multi-Links Telkom can now enjoy a more flexible way of sustained and stable availability of recharge no matter where they are.

The virtual recharge solution enables customers to recharge their mobile handset credit account through the Internet without the need of having to purchase physical recharge cards.

The Chief Executive Officer, Multi-Links Telkom, Mr. Justin Ramayia, assured that the Internet recharge solution is one of the different valued added products being introduced to make the services of the company more dynamic and user friendly.

Ramayia expressed delight at the new offering, which empowers the customers of Multi-Links Telkom to take ownership of the recharge process even right in the comfort of their domains. He assured that the customer-centric focus of Multi-Links Telkom has made it compelling for the company to proactively develop products that will always delight its customers.

Noting that this is the first phase of its electronic recharge rollout, the Multi-Links Telkom boss said all holders of Interswitch branded ATM bank card have been linked to the Internet recharge solution. And to access this recharge option, he said that Multi-Links Telkom subscribers can visit www.prepaidnigeria.com site. At the site, customers are expected to follow easy steps to purchase electronic recharge PINs in any denomination from the comfort of their home, office or cybercaf? with the use of their bank’s ATM card.

He noted as well that the virtual recharging has entrenched security features which make it very safe and secure for all patrons of the new product.

The new product was developed for Multi-Links in partnership with Prepaid Nigeria; a company renowned for e-Voucher purchase by individuals, groups and corporate institutions.

In a related development, Multi-Links Telkom was on Saturday, 16th August 2008, adjudged as the best “Nigerian Fixed Telecom Operator” at the prestigious Nigerian Telecom Awards 2008, which held at Ocean View, Eko Hotels and Suites, Victoria Island, Lagos.

On a night of glamour and star studded events, the announcement of Multi-Links Telkom as the winner of the diadem by the duo of Ernest Ndukwe, Executive Vice Chairman, Nigerian Communications Commission (NCC) and Chief Ezekiel Fatoye, an industry technocrat, was greeted with rapturous applause by the audience as the trophy was handed over to Mr. Tayo Ekundayo, General Manager, Corporate Affairs, Multi-Links Telkom.

Ambassador Olusegun Olusola, Chairman, Board of Trustees, Nigerian Telecom Awards, said that the process for picking the winners was “painstaking.” He said that the award was designed to ensure that excellent performance by industry stakeholders did not go unrewarded.

Other eminent Nigerians on the Board of Trustees are Alhaji Abubakar Rimi (former Minister of Communications), Chief Alex Akinyele (former Minister of Information), Engineer Olawale Ige (former Minister of Communications) and Otunba Biodun Ajiboye (chairman, Logica).

To clinch the highly coveted award, Multi-Links Telkom defeated three other operators in the Fixed Mobile Operator category in a keenly contested race for the diadem. In adjudging Multi-Links Telkom the “Best Nigerian Fixed Telecom Operator,” the panel of judges were unanimous in all the criteria considered for picking the winner.

The criteria included: Sound Performance/Voice Quality based on subscribers’ perception, Strong Revenue/Market Share, Highest Market Share/Total Subscriber base, Strong Industry, Business and Employee Relations and Quality of Service (QoS).

The judges also considered strong regional or national expansion, innovative product and service offering, pricing as seen to be affordable in comparative analysis to the country’s per capita income as well as customer services.

The event, which drew together the crme de la crme of the society, including industry operators, regulators, bank chieftains, had a lot of entertainment packages infused into the lineup of events for the night. The star performance of the night was the elegant entry of Shalamar, the American music group famous in the 70s and 80s.

Other top notch personalities at the event included: General Tanko Ayuba (former Minister of Communications), Mr. Femi Pedro, former deputy governor of Lagos State. Akinyele represented the former military president of Nigeria, General Ibrahim Badamasi Babangida.

Multi-Links Telkom is the first company to obtain operating license as a Private Telephone Operator (PTO) in Nigeria in 1996. The company had 75 per cent of its equity acquired by Telkom SA in 2007, precisely 10 years after it entered the record book as the first to roll out commercial services by any PTO in Nigeria in 1997.

The company bests the industry standard since the acquisition and take-over of its operations and management by the Telkom SA to increase its subscriber base from just 200, 000 lines to over 1 million subscriptions.

KLM Launches E-ticketing system

KLM, the Dutch carrier, has inaugurated a new E.ticketing system in compliance with the electronic ticketing technological revolution in the global aviation industry.

According to a statement from the airline’s spokesperson, Mrs. Rosemary Omoshie, the new system which offers easy-to-use booking tools with “Find Departure/Destination Airport” function, has search and store information for use at next visit.

It said that with more efficient search with the “Search Functionality” which prevents users from switching between pages, there is a direct link to the Internet booking tool to help passengers who wanted to continue the journey with the airline to make booking.

Going by the latest development, the statement hinted that the carrier now allows seat choice and additional baggage Allowance out of Nigeria, accessible on line.

“This arrangement allows passengers to pre-order and pay on-line for service with great benefits such as dedicated two seats and seats with extra leg room. The seats can be selected against payment or at no charge for Flying Blue and World Perks Platinum or Gold members,” the statement said.

Nigeria: Zenith Bank makes June 30 - September 30 new financial year

Zenith Bank Plc has announced a change in its financial year end from June 30 to September 30, effective from the 2008 financial period.

According to the bank, Zenith, which hitherto had operated a July to June financial year, took the decision in order to enhance shareholders’ value.

Its 12 month result released last week showed a profit before tax of N50.28bn.

The result for the full year ended September 30, 2008, would be even more impressive.

There are strong indications that shareholders of the bank may receive N1.60 dividend per share.

This will represent an increase of 52 per cent over the N1.05 per share contained in the bank‘s last offer document.

That expectation is supported by the 67 per cent increase in gross earnings from N94.88bn in 2007 to N158.29bn, a 96 per cent increase in profit before tax from N25.67bn to N50.28bn and a 119 per cent jump in profit after tax from N18.77bn to N41.04bn.

Indomie Receives UNICEF Award on CSR

Dufil Prima Foods, manufacturers of Indomie Instant noodles, has been announced the best in child centered corporate social responsibility at the 2nd social enterprise report and awards 2008, in Lagos recently.

The SERA awards was organised by TruContact Communications Association in association with the Nigerian Institute of Public Relations and endorsed by the Standards Organisation of Nigeria and Federal Inland Revenue Service, recognise the role of corporate organisations towards development of the Nigerian economy and community.

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Nigeria: IGI Reinstates Commitment To Africa

The Executive Vice Chairman of Industrial and General Insurance Plc (IGI), Mr. Remi Olowude, OON, has restated the company’s total commitment to strengthening its leadership position in Nigeria and in growing its business through strategic, long-term investments throughout Africa. Read more

Access Bank Plc Issues N3.2bn for the Acquisition of NNMC

Access Bank Plc’s investment banking expertise was recently demonstrated in it’s facilitation of Negris Holding Ltd’s acquisition of the Nigerian Newsprint Manufacturing company (NNMC).

The target company previously owned by the Federal Government of Nigeria and the governments of Akwa Ibom and Cross River States was acquired through a highly competitive bid process which culminated in a N3.2 billion successful bid price.

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