₦airaland Forum

With ever-increasing demand for a reliable, efficient and safe transportation system, Gokada Rides Limited hit the roads to help “Lagosians” move from point A to point B seamlessly regardless of traffic situation in city.

Gokada launched its operations about a year ago and has become a force in the motorcycle taxi service market.

“We are building a system to empower thousands of Nigerian youths serving the eco-system,” Deji Oduntan who is the CEO at Gokada Rides Limited told PageOne.ng in an exclusive interview. ( https://pageone.ng/2019/02/26/gokada-moved-thousands/)

“We have a very young, vibrant and fantastic team. Our experience over the last eleven months have been quite encouraging which is a pointer to a fact that the market is interesting with great takeaways.”

Gokada is a technology company focused on changing the face of transportation in Nigeria starting with an on-demand motorcycle taxi service in order to solve some of the country’s most challenging problems in logistics and transportation.

“As we continue to grow, it is important that we also take time to listen to our users’ feedback in order to better meet the demand as we expand.”

Between February 2019 till date, Gokada has recorded thousands of rides across the city with over one hundred thousand app downloads.

The business started its operations from Yaba area of Lagos and has recently decentralized. Gokada now operates from three different hubs namely, Yaba, Absean Estate (Ipaja axis) and Lekki which serves the Lagos Island axis.

As part of its one year anniversary celebration, the company also launched its new Headquarters situated at Ilupeju which will house a state-of-the-art Driver Training School, set to train and verify up to 500 riders at a time, and is due to open in April 2019.

Source: https://pageone.ng/2019/02/26/gokada-moved-thousands/

Lagos State Ministry of Transportation has threatened to shut down the activities of ride-hailing company Uber in the State.

The Commissioner for Transportation, Mr. Ladi Lawanson noted while speaking at a Stakeholders’ Forum organized by the Ministry recently that the company risks its operations being grounded should they fail to comply with regulations. Report on ( https://pageone.ng/2019/02/04/lagos-shutdown-uber/ )

Responding to questions and comments from invited guests after the presentation of proposed Lagos State Transportation Policy, Mr. Ladi mentioned that Uber was operating illegally in the country and by extension, Lagos state.

“They have been in operating in Nigeria for quite some time now, they have not registered to do business in the country and are yet to pay one kobo of tax in Nigeria, he said.

“As regards Lagos State, they have refused to be regulated and have also not paid any tax. The only e-hailing company that has any relationship with us in terms of regulation is Taxify. No other one has submitted themselves.”

“Being the ministry of transportation, we have the duty to regulate transportation for many reasons which include safety, security and generate revenue to maintain the roads that we ply on.”

Recalled that Uber was faced with similar problems in other big cities in the world. In the UK, Transport for London stripped it of its license in late 2017, saying it was not a “fit and proper” operator.

The company was then awarded a short-term 15-month license for London in June last year, with London mayor Sadiq Khan saying the firm had been “put on probation”.

Mr. Ladi also mentioned that the disruptive nature exhibited by the company wherever it goes would not be tolerated in Lagos.

“We also want to protect our citizens and the interest of our “local yellow taxis” who submit and registered for regulations.

“Ubers comes with the app and refuse to be regulated, and claiming to be a technology company and not a transport company while moving humans.

The commissioner further confirmed that the ministry would author a public notice requesting that they (Uber) come in or risk their business getting shut down in Nigeria.

Uber is still the most popular ride-hailing company in Lagos but closely followed by Taxify, a rival that was said to have complied with Lagos state government tax policy.

Uber currently operates in Abuja, Nigeria’s political capital but there are indications that the company’s fortune in the city is nowhere new its Lagos revenue profile due to the affordable taxi system in the city. There is no indication that it will face similar shut down in the federal capital territory.

Uber could not be immediately reached for comment on the matter.

ormer Super Eagles defender Taribo West has revealed that he was a victim of slave contract for close to a decade of his football career.

Taribo was one of the guest speakers at Footballers Connect, an initiative aimed at bridging the gap between up and coming footballers, professionals and ex-internationals, said that he had no knowledge of his contract terms while joining Auxerre and later Inter Milan.

“I played in Auxerre for free, Taribo West said. I was playing uner a contract for five year without knowing the contents and conditions binding the contract.

The ex-Inter Milan and AC Milan trojan defender, stated emphatically that he never understood what he signed as it was in French Language, which sold him into slavery as a professional.

“My name was not in the first eleven squad yet I played all the team’s games earning as low as Five Thousand French Francs. I was not even listed in the second team. My teammates were driving exotic cars while I was riding bicycles to training.”

“The day I found out the details about my contract, I beat myself, kicking things inside the dressing, I was bitter. I thought I had learned my lessons but another slavery was ahead.

He mentioned that every footballer should ensure they are properly represented while signing professional contracts else they fall victim.

“After the third year, Arsenal, Juventus, Glasgow Rangers and Sevilla Betis came for me. I went to the coach starting that I wanted to leave but he sat me down and showed me my contract terms with Auxerre. I saw the details of what I had signed. Where my fellow defenders were earning as high as one hundred and twenty thousand, I was going home with three thousand. I wanted to set Auxerre on fire that day. Immediately I called my manager who was turning me left and right enjoying himself in Senegal.”

“One day I went to see my coach after training where I met a certain manager who told me about five clubs were interested in signing me up. On the table I saw Arsenal, Juventus, Glasgow Rangers, Sevilla Betis and Inter Milan. He began to make calls and Inter Milan was the destination, I signed the contract papers without knowing its content yet again.”

Taribo West further revealed that while he was working hard on the field of play with his story in the papers, his manager was smiling to the bank. He however urged young footballers to always seek professional help in their decision making process.

SOURCE: https://pageone.ng/2018/12/18/taribo-west-slave-contract-experience/

GOKADA is currently in need of experienced Motorcycle riders for its Operations in Lagos State.

Requirements
Resident of Lagos (Preferably Island)
2 years Motorcycle riding experience
Ability to understand and speak English Language.
Minimum of SSCE
2 Guarantors
LASSRA & Riders card

Benefits
Own a 200CC Motorcycle in 12 months
Earn as much as 200,000 naira monthly

Please call:07033094709 or email info@gokada.ng for more information

Refer a driver and earn as much as 5,000 naira on each driver you refer.

Most prefered Residence of Driver: Island

Very clean and affordable tokunbo car. The price is N1.9m
Call 08056313002

Confederation of African Football (CAF) has banned Nigerian Referee Joseph Ogabor for one year following his involvement in attempted match-manipulation.

The CAF Referees Committee on 28 April 2018, confirmed the recommendation of the CAF Disciplinary Board to suspend Ogabor from any official mission for attempted match manipulation with respect to the Total CAF Confederation Cup 1/16th round first leg between Plateau United (Nigeria) and USM Alger (Algeria) played on 7 April 2018 in Lagos.

The decision follows investigations conducted and evidence submitted by the South African match officials of the said match, who were contacted by Joseph Ogabor to provide “technical assistance” to the Nigerian team.

After the match South African media allege that one of its referees, Victor Gomes rejected a USD30,000 (about N10.8 million) bribe to influence the match. According to report, the match officials led by Gomes, they were approached before the game with the offer of the said amount about (R362‚822) to fix the result‚ but immediately turned down the approach and reported the matter to CAF.

Also, Plateau United was cautioned to refrain from the practice of hospitality gifts which tend to create wrong impression.

In a related development, the South African Football Association have been ordered to render an apology to the Nigeria Football Federation (NFF) after investigations proved there was no evidence of whatsoever of any official of the NFF regarding an allegation of US$30,000 bribe.
https://pageone.ng/2018/04/29/caf-bans-ref-joseph-ogabor/

Former Super Eagles Captain and Coach, Sunday Oliseh believes Nigeria and Egypt are among countries that will spring up surprises at the forth coming FIFA 2018 World Cup in Russia.

In a telephone interview with Brila FM Sports Machine, Oliseh said that Brazil, Germany, Spain, France, Egypt and Nigeria are countries to look out for when the games begin.

Nigeria are in Group D alongside Argentina, Croatia and Iceland.

“This team we have now is one of the best we have assembled in years, Oliseh said. They are young, enterprising, fast and I believe we might come to the world cup with a fresh team. Most of the players have not been overused by their clubs which might be a disadvantage because we might not have the rhythm, but we might also not be as tired as the other team.

“We have players like Alex Iwobi, Shehu Abdullahi and other who have strength that we can build on, that’s what we had in 1996 when we won the Olympics. I am very optimistsic.”

“Looking at the World Cup, I see six team springing up surprise. Lets look at Germany as always would be favourites, Spain is back up there, France is also going to be a team coming up and Brazil like we saw them against Germany they can now defend tactically.”

On the African scene, Oliseh mentioned that with the recent performance of Mohammed Salah for Liverpool, Egypt cannot be overlooked if the team can play to his strength. For Nigeria, he noted that it would be preferable to be seen as underdogs while the team goes all the way to perform well.

Recalled that the coach was suspended by his employers Fortuna Sittard but Oliseh revealed trouble started brewing when he had turned down “Black Money Payment” (undeclared, taxable financial reward) by the club owners.

Speaking about the biggest outcome of the KNVB ruling on his suspension by Fortuna Sittard, Sunday Oliseh said, it was getting his name cleared and ordering the club to pay a compensation as well as retain his services as an employee until the end of his contract in May.

https://pageone.ng/2018/04/24/oliseh-nigeria-egypt-russia/

Assistant Coach of D’Tigers, Mohammed Abdulrahman is optimistic of his team winning a medal at the 21st Commonwealth Games holding in Gold Coast Australia.

Speaking from the team’s camp in Cairns after their second loss in as many games on Saturday, a resilient Abdulrahman said despite his team still in search for the winning formula, they are still in the race to return home with a medal.

“We are still trying to get the winning formula to really get us there. We are just temporarily down, but we are not out of the competition.”

“We are still hoping that we can be on the podium regardless of the medal we can get. It is not over unless we are out of the tournament. We are not going to lose hope, we are going to keep playing and hoping that we can be able to get to the podium,” the Gombe Bulls head coach said.

Explaining how they intend to win the medal despite losing their second group game, he said the possibility of getting to the semi-finals is as bright as that of any other teams competing in the games.

“We have 2 life lines. If we don’t get to make it as the first 2 teams in the group, we will still get to play against the best 2 teams in group A for a slot in the semi-finals. So, it’s never over until it’s all over.

Although still hurting from their surprise 67- 82 points loss on Saturday to a young Canadian side, he said the loss against the North Americans was more painful because of his team’s level of confidence heading into the encounter.

“Nobody likes to lose, it’s even worse for us because we were confident and so sure of beating Canada. We don’t feel good about the loss, it hurts.”

He said the win clearly proved that lack of requisite experience can be complemented with a team’s desire and ambition to win games.

The team will continue their quest to record their first win at the Commonwealth Games when they meet Australia on Monday.

Read more https://pageone.ng/2018/04/08/commonwealth-games-dtigers-optimistic/

The Nigeria national team jersey currently on sale online by some stores and individual on social media has been tagged as counterfeit by the Nigerian Football Federation.

It appears that since the unveiling of the new home and away kits designed by Nike in February 2018, football fans both home and abroad have been hitching to get one.

The official Twitter account of the Super Eagles @NGSuperEagles confirmed on the information which was endorsed by the football federation.

Although the Eagles who are currently in Wroclaw received their first original training wears from the designer as they prepare to tackle Poland in an International Friendly match on Friday 23rd March before leaving for the United Kingdom to face Serbia four days later.

Read more https://pageone.ng/2018/03/23/nff-super-eagles-jersey-fake/

Before 2010, WhatsApp mobile messenger did not really count in the world of mobile messaging.

Research in Motion’s Blackberry Messenger (BBM) held sway winning the hearts and minds of personal and business mobile users.

However, eight years down the line, WhatsApp is now like the biblical ‘rejected stone’ that become the ‘capstone’. In the world of business and personal communication, WhatsApp is now the defacto currency. BBM and other apps are now in distant bottom position. With over 1 billion daily users sending over 55 billion messages daily, the current state of WhatsApp has become a textbook case of mobile messaging success.

In the midst of this resounding applause, there is an irony. Despite its influence and widespread global usage, WhatsApp is a non-commercial concern. Since it acquired the company for $19 billion in 2010, Facebook Inc., its parent company neither makes make a dime from the entity nor the app. It is worthy to note that before the company was sold to Facebook, there was a covenant of zero advertising with its founders.

Moreover, there is a wise side to this decision. WhatsApp is with no iota of doubt the largest gold mine of data about mobile users and their behaviour. With the use of artificial intelligence, Facebook Inc. can learn and mirror their pattern of usage to better the deploy advertising and commercial features for its cash cow company, Facebook and Instagram. With the knowledge pool from WhatsApp, the Facebook/Instagram team have been able to design advertising formats and features that convert better than any other network.

Read full article here https://pageone.ng/2018/03/12/43265/

Play your way to Brook House College, England by participating in the Shuffle Select 2018 football talent hunt programme.

The Shuffle Select programme is a brainchild of Thotsplay Concepts in collaboration with Brooke House College, England where players are afforded the opportunity of studying and advancing their playing career abroad on full scholarship for two years.

Shuffle select is opened to players between the ages of 14 and 18. In a bid to reach other players across the country, this year's edition will be held in two different cities; Abuja (28th-29th April) and Lagos (2nd - 5th May).

The selection process is to be coordinated by Scouts from the United Kingdom alongside ex-internationals which includes Olympic Gold Medalist Dosu Joseph, Ogunlade Hakeem among others.

According to the organizers, Shuffle Select is designed to provide a platform to help footballers achieve academic success and at the same time purse playing career.

Shuffle Select has an existing and flourishing partnership with Brooke House College over the years which has bore many fruits as some of the selected players are currently studying and chasing their dreams.

Sixteen year old Abubakar Araphat was the most outstanding player out of over two hundred participants in the last edition. He is now on a full scholarship at Brooke House where he studies and play with the school academy regularly. Araphat is currently showing the stuff he is made of in the UK, and has has his first trial with West Ham United, played against professional club sides as well.

About 8 kids made the cut in the 2017 edition, Araphat got himself a full scholarship while the others were able to secure partial scholarship. Your child or ward could be next!

Brooke House College encourages students to live balanced lives, combining hard work with full participation in our varied programme of sporting, cultural and social activities. Sports and Social Organizer tries to ensure that there is something for everyone in terms of extra-curricular events. The college has football team which play against other schools and local clubs where players who have potentials get to try out at clubs around Europe.

Below are the guidelines on how your child or ward can participate in the talent hunt.
– Interested participants must be between the ages of 14-18
– Please make a payment of N10,000 into the Thotsplay Concept account: GTB 0017372937
– Remember to come with your payment slip to the venue with your name written on the teller.

You may reach out to the following numbers for immediate assistance: +234 9078303565, 07035137001, 08023543676 Or via Email: odeyinkaibrahim@gmail.com / shuffleselect@gmail.com


Read more https://pageone.ng/2018/03/10/shuffle-select-brooke-house-college-uk/

Ride-hailing apps are getting more popular in Nigeria, and here comes the newest, Gokada. This time, it is about demanding for motorcycles, popularly known as ‘Okada’ in the country and not cars. Are you surprised?

PageOne.ng understands that the app launched earlier in the week, and it is currently being tested in Yaba, mainland area of Lagos, South West Nigeria.

Owners of the business said Gokada is a technology company focused on changing the face of transportation in Nigeria starting with an on-demand motorcycle taxi service in order to solve some of the country’s most challenging problems in logistics and transportation.

It is true that getting around the Lagos metropolis can sometimes be frustrating owing to traffic jams and complex road networks across the city. Moreso, with the rate at which the government is undertaking road construction within the city, one may say it is a perfect timing for the Gokada team.

The company also said it aims to help millions of passengers across the country rethink how they move by providing a safe and affordable engine for smart mobility.

The Gokada app is available on Playstore for download but only available for use to individuals who have invites.

Read more https://pageone.ng/2018/02/23/gokada-motorcycle-app-launches/

Nigeria’s Konga, an eCommerce company has reportedly laid off about 300 people from its workforce few hours after it announced a shift of its structure to prepaid model.

According to unconfirmed sources, several people were laid off from its customer service, logistics, marketing and operation units of the company.

If this figure is anywhere near the reality, Konga’s headcounts will be as low as when it had less than USD1 million in revenue in 2013. It is estimated that its new staff strength will be less than 300 people. For a company that boasted of over 800 people in 2015, it is a sign of worry for may stakeholders.

It is clear Konga will no longer need to have up to 500 people on its payroll given the journey ahead. An analysts who is familiar with the internal operation of the company claimed that the shift towards prepaid only model might lead to a 70% cut in total orders and massive impact on its actual revenue which has since come under pressure since Nigeria’s economy entered a recession and the Naira lost over 70% of its value.

Sim Shagaya is back?
According to an unconfirmed source cited by Qz.com, Sim Shagaya, the former chief executive of the company who handed over to Shola Adekoya in 2016 will be coming back to take charge of the company.

It is not clear if Shola Adekoya will be leaving the company or he would be going back to his old role as the chief operating officer of the company.

There is no clear indication of the total number of affected people, it appears the company is taking a huge decision to clear its way into a new business model that will decide its going concern.

Konga and Jumia, two of the biggest eCommerce companies in Nigeria have witnessed more pressure than any other technology-driven companies in Nigeria due to their exposure to macro and micro economic risks that are either peculiar to Nigeria’s oil-driven economy or geopolitics that affects the value of the local currency.

Throughout last year and the major parts of this year, both Jumia and Konga have declared record losses with huge impairments to their underlying assets.

Kinnevik AB, one of the largest investors in Konga said it did a write-down on the value of its investments in Konga.

Kinnevik’s 34% in Konga was further impaired down to SEK128 compared to SEK133 disclosed last year. On a USD basis, the company did a further write down to USD15.3 million from USD15.9 million in the previous year.

Naspers, a co-investor in the company has also kept mum on what it plans to do with its holdings in the company.

Although with the biggest business outlay, Jumia has been the worst hit in terms of losses incurred in the last 24 months. In the last nine months as a case study, Jumia recorded more losses from EUR76.4 last year to EUR80.7 million losses this year.

Moreover, the recent actions by Konga is a sign that its investors are looking at getting the company on a faster track to profitability.

Other things have changed about its operational model which many of Konga’s customers and merchants might struggle to adjust to. Konga will be shutting down its warehousing service for its merchants. KOS and or any logistics company its work with will have to pick up products from merchants.

A major impact for merchants is related to rental fees they now have to pay for having their products listed on the site. This means both Jumia and Konga are now looking at generating revenue from advertising of sorts from merchants who will want their listings to be prominent on the site.

The challenges ahead of this is enormous as it further blurs the line between what these companies stand for and what classified sites such as OLX, JiJi and VConnect are doing.

As a matter of fact, Jumia and Konga have executed periodic layoffs. They have both switched to a marketplace model. Analysts are concerned that the last joker might be the switch to a prepaid model which is a make or break decision.

SOURCE: https://pageone.ng/2017/11/30/konga-prepaid-model/

Dangote Cement Plc has formally opened its 1.5mtpa capacity cement plant in Mfila, Congo Brazzaville, amid ecstasy by the government and the indigenes of the Country.

The new plant estimated at $300 million has potentials for about 1000 direct employment and thousands of several other indirect jobs.

Undoubtedly the biggest plant in Congo, its President, Mr. Denis Sassou Nguesso while inaugurating the plant said the investment was an industrial revolution, sort of, within the Economic Community of the Central African States (CEMAC), saying his country was happy to host the investment.

According to him, his government has observed the operations of Dangote cement in other African countries and it has helped buoy their economies by sparking off other allied industries expressing the hope that Congo situation would not be an exception.

The Congolese President described the coming on stream of the Dangote cement as timely and encouraging because it is starting operations at a time the total government revenues have plummeted by 31.3 percent and revenues from the oil sector have fallen 65.1 percent since 2015 due to a slide in global crude prices.

President Mohammadu Buhari who was represented at the event by a powerful delegation led by the Minister of Mines and Steel Development, Dr. Kayode Fayemi commended Alhaji Aliko Dangote and his Cement Company for championing economic renaissance of Africa with the construction of cement plants across several African countries saying the sterling accomplishment makes the Dangote Cement brand, and indeed Aliko Dangote himself, worthy ambassadors of Nigeria.

President Buhari said his government has consistently supported and encouraged the Dangote Group in its quest to contribute its quota to the economic emancipation of the African continent, which is blessed with a plethora of natural resources. “I believe that it is only home-grown practical solutions that can address the myriad issues plaguing Africa today and one of such challenges that Africa has been grappling with for decades is the infrastructure deficit. I am confident that massive investments in cement production, which is a key driver of infrastructural development, will contribute in no small measure, to addressing this perennial problem.”

President Buhari recalled with satisfaction that local cement manufacturers such as Dangote Cement, Lafarge and BUA, have exploited one of the solid minerals, limestone which is a basic input for cement production and which Nigeria has in abundance, in different parts of the country to achieve self-sufficiency in local cement production in 2015, and is now a net exporter of the product.

“The backward integration policy of the Federal Government in the cement sector, which was launched in 2002, has contributed to this success story by successfully substituting imports with local production, we have saved over $2billion spent on cement importation into Nigeria, annually.

“We have also started using cement for road construction in the country due to its numerous advantages over the more common bituminous road. Again, in this area, Dangote Cement is leading the charge, through AG-Dangote, its joint venture with Andrade-Gutierrez, a construction giant in Brazil”, Nigeria’s President stated.

Chairman of Dangote Cement Plc, Aliko Dangote in his address said his company was delighted to have completed the plant on schedule saying the addition of Dangote Cement’s 1.5 million metric tonnes per annum plant has more than doubled the total cement production capacity of Congo-Brazzaville, which now stands at 2.550 million metric tonnes per annum, far in excess of national demand.

“It is envisaged that this will contribute substantially to the availability and affordability of cement in the country and the Republic of the Congo will no longer need to depend on imports to bridge the gap between demand and supply.

“It is our hope that the inauguration of the plant will boost Congo’s economy, conserve foreign exchange that would otherwise have been spent on imports for the country, and create employment opportunities down the value chain.”, he stated.

Dangote commended the Congolese government noting that the bold economic reform measures put in place by President Denis Sassou Nguesso administration have been quite salutary. “The construction industry, which is a major sector of the economy, is a beneficiary of his policies, and has been receiving the attention of investors. We believe that our investment will contribute to Congo-Brazzaville’s current economic renaissance under the leadership of the President Nguesso.”

The Company Chairman pointed out that his organization received tremendous support and encouragement both from the government and the people of Congo-Brazzaville, right from the conceptualisation stage of our project, to its final completion, and commissioning.

In appreciation of the good gesture of the government and the people, Dangote disclosed that without waiting to stabilise production, the Cement company had already commenced CSR projects with the construction of a road with a length of 30km around Yamba, which would have cost the local government approximately 240 million CFA to execute.

He stated further “we have also disbursed scholarships for students and we are also building a school and renovating a hospital within our host communities. Apart from these, we have repaired a dilapidated bridge on a major highway at a cost of $300,000, to enable heavy duty vehicles to cross the bridge. As a policy, we also ensure that we give priority to qualified indigenes from our local host communities in our recruitment drive.”

Dangote told the gathering that Dangote Cement total production capacity across Africa at the end of May 2017, stood at 45.8 million metric tonnes per annum, making it one of the biggest cement producers on the continent adding that the aspiration is to rank among the top 10 cement producers in the world by 2020.

Dangote cement commissioned its cement plants in four African countries namely: Ethiopia, Zambia, Cameroun and Tanzania. The Congo-Brazzaville plant, which began operations in the third quarter of 2017, will be the fifth cement plant that would be inaugurated in the last two years.

SOURCE: https://pageone.ng/2017/11/24/dangote-cement-mfila-republic-congo/

The Bank of England has revealed why it pays its female staff 24% less than their male counterparts. The Bank attributed the method to a lack of women in senior positions

It reported that, the median pay gap, the average hourly earnings between men and women, currently stood at 21% and the mean pay gap was 24.2%. In terms of bonuses, the median gap was 25.6% and the mean gap was 23.6%.

In the report, Governor Mark Carney, assured that women and men were paid equal salaries for performing the same role, while stipulating that the pay gap was due to a greater proportion of men than women in senior roles.

He also said: "We are working hard to address this imbalance through inclusive and diverse recruitment, including diverse shortlists and interview panels, offering flexible working, providing continual unconscious bias training, and fostering an inclusive culture. Addressing the disparity in gender representation at senior levels will take time, but it will help close the current gender pay gap at the Bank."

In response to the report Rt Hon. Nicky Morgan MP, chair of Parliament's influential Treasury Committee, said: "The Bank of England's measures to address its pay gap seem to be on the right track, but we cannot be complacent. Any gap is still too great.

"As part of our Women in Finance inquiry, we will keep a close eye on organisations as they report their gender pay gap before the April 2018 deadline.

"We may call for organisations to give evidence to the Committee to hear about best practice. Financial firms should be prepared to explain any gender pay gap that they may have."

SOURCE: https://pageone.ng/2017/11/24/bank-england-male-women/

Zimbabwe’s President Robert Mugabe has resigned after 37 years, parliament speaker Jacob Mudenda has confirmed.

A letter from Mr Mugabe said that the decision was voluntary and that he had made it to allow a smooth transfer of power, the Reuters news agency reports.

The surprise announcement halted an impeachment hearing that had begun against him.

Lawmakers roared in jubilation and people have begun celebrating in the streets.

Mr Mugabe had previously refused to resign despite last week’s military takeover and days of protests.

He has been in power since independence in 1980.

SOURCE: https://pageone.ng/2017/11/21/robert-mugabe-resigns-zimbabwe/

There are indications that UK’s Barclays must have pulled out as the financial adviser in the 9mobile equity sale deal.

Barclays’ decision to back out was as a result of Nigeria’s Central Bank and the Nigeria Communications Commission’s (NCC) query about Barclays non-transparent approach to the planned sale of 9mobile.

According to a query letter issued by the NCC and the CBN, Umar Danbatta, the executive vice-chairman of NCC, and Godwin Emefiele complained that:

“They (Barclays) have repeatedly exhibited signs of opacity in the sale process for 9mobile. Given the overriding public interest in the company and the need for transparency, we advised that Barclays advertise the call for ‘expression of interest’. Barclays declined, insisting instead that the company is a private one, should not be taken through a public sale,” the query said.

“This lack of a transparent process has proven to be selective and arbitrary, leading to allegations that the process is being teleguided to a rigged and predetermined outcome. The CBN and the NCC will not fold their arms and allow this to materialise.”

The pull out of Barclays will further dent the future prospect of 9mobile as the company has not paid its creditors. Several banks involved in the USD1.2 billion debt have piled up impairments in their books waiting to get their monies back as soon as the company gets a buyer.

Formerly known as Etisalat Nigeria, 9mobile was taken over by several Nigerian lenders alongside foreign consortium from Mubadala Development Company PSJC and UAE-based Etisalat Group after they failed to pay up the syndicated dollar loan.

9mobile has 20 million subscribers in Nigeria playing in a market that is heavily saturated as the smallest mobile carrier.

SOURCE: https://pageone.ng/2017/11/21/barclays-9mobile-sale/

As predicted, Rocket Internet has just sold off Jumia house, one of the appendage units of Jumia, an eCommerce company in Nigeria.

The Jumia House was sold to Tolet.com.ng, an apparent competitor that disclosed it has about 7,000 listings while Jumia claimed it had about 22,000 listing prior to the sell-off.

Formerly called Lamudi, it was renamed to Jumia House after Germany’s Rocket collapsed all the company under the Africa Internet Group (AIG P.S: not related to AIG insurance) into Jumia.

The reason was nit far-fetched. It was a compelling move to stop the bleeding. Jumia was raking-in record losses that grew up to EUR92 million in 2016 full year. As at the ninth month of this year, the company has already disclosed it had over NGN21 billion in losses.

What kind of acquisition is this?

While Jumia and Tolet.com.ng would refer to this as an acquisition, the reported transaction was nothing close to that. Jumia House was operating as a unit of Jumia under a subdomain (house.jumia.com).

The folks at Tolet were basically buying the database/listings garnered by Jumia and perhaps, the website script. The fact that some of those listings might be duplicated might see Tolet.com.ng ending up with less than half of the total data as useful resources.

Neither Jumia nor Tolet.com.ng, however, sources close to both companies said the ‘acquisition’ was more expedient to Jumia and so, it gained far less should it have sold the business as a buoyant entity.

To be fair to Rocket Internet, Nigeria’s eCommerce scene is immature, disorganised for the kind of business model they employed. The macroeconomic fundamentals of the country are also unfriendly to this kind of startups. However, Oliver Samwer and his team in Berlin should have focused more on building a stronger business instead of dabbling in various units that ended up swelling debt for the company.

A possible solution lies in a leaner business that not transcends few cities. Jumia has to go back to its core. Sell items people cannot afford not to buy online and not goods they can easily walk into Shoprite or a mall to pick up. Focus more on exclusivity and timing of sales. These few tips might sound too simplistic but cannot be far off from the solution.

It is not clear if Jumia travel will be sold to Wakanow or even a Travelbeta, a smaller rival to Wakanow looking for growth. What is certain will be job losses for most employees under Jumia House units. Employees of startups are often the whipping boys when the ship sinks.

Source: https://pageone.ng/2017/11/17/rocket-internet-jumia-house/

Tope Fuja is a 42 year-old Nigerian who holds a Professional License from the Brazilian Football Confederation (CBA) and FA International Certificate from the Football Association (of England).

For over 10 years, he has worked in India with different clubs, experienced in both developmental and club level. dealing with players from all race.



While it is fine to seek greener pastures in India, in this piece, he shares his thoughts with PageOne’s Amos Joseph on what may be the fate of Nigerian youngsters considering India as an option in furtherance of their career.

Tope Fuja has never handled any side in his home country Nigeria, he says, “You know, we sometimes one decide to stay where the opportunity is and grab it with both hands. I decided to remain here in India and it has been a great experience for me, an opportunity which was not forth coming from any other country especially my home, Nigeria.”

Interestingly, India was not where he started his coaching, he narrates his journey in the Asian football market before settling in Kolkata. “The journey has been good so far since I left Nigeria in 2005. When I first arrived India I didn’t stay longer than a month or there about before leaving for Malaysia where I secured a job with FC Sabah, then to Nepal where I worked with Machhindra Football Club close to two year. I was later invited back to India by Simla Youngs in 2009, and was with the team for about two seasons in the I-LEAGUE 2nd division.

I was also opportune to work with Mumbai United, and later to various clubs in India like Kolkata-based side Mohammedan SC in 2010-11, Aristocrat Hindustan Football Club for the DLF-DSA Senior Division League 2011-12. I moved back to Kolkata to help Tollygunge Agragami FC who were at then take the verge of relegation but all things being equal, we were able to escape the drop. Immediately, I was again called by Mohammedan SC as assistant coach 2014 season and then to Peerless Sports Club.

With the recently concluded U-17 FIFA World Cup, the country (India) is considering hosting the next U-20 world Cup as well, and has made their intentions known to the world football governing body. Although Cricket is still a household sport, the game of football is developing as well and the All India Football Federation is leaving no stone unturned. At club football, both the India Super League and I-League would be run concurrently this season with influx of more established players, technical inputs and good sponsorship. Coach Tope Fuja opines that “football in India is developing and it has left the stage it was when I arrived here in 2007. The infrastructures, caliber of players in the ISL and I-League, the lower divisions are also fast growing. Officiating is critical to football, and it is one area that has to be looked into and the administrators understand that so referees being drafted from other countries such as Singapore to handle high profile games. Now, some referees are on the federation contract and are undergoing series of trainings to handle “res hot” games.”

Despites the fact that the likes of fellow countrymen such as Emeka Ezeugo, Ranty Martins et al have all thrived in the system, he feels that ”India is not a good option for youngsters from Nigeria to develop. Here, there’s no patience for development. Now the country is laying emphasis on youth development so major focus is on the youth system here and they want to grow their own. Some agents bring youngsters here without adequate arrangements for their welfare. Those players go through a whole lot.

“Look at the I-league, most of those boys have been here for more than 4-5 years, and that is because the league wants to run concurrently with the ISL League so they have to sustain the I-League. Now, clubs are permitted to feature 6 foreigners in their team which is a new development.

“Players coming to India must process good quality that the Indian players can learn from, must be very strong with and without the ball especially as an African.

While commending the treatment meted to foreign players, Tope Ayodeji Fuja mentioned that good and quality welfare packages are often on the table. Tope Ayodeji Fuja noted that the players of especially African descent are respected for the quality, class and the way the player came into the country. Any top player from major European Leagues or other leagues will surely get the best.

Source: https://pageone.ng/2017/11/16/india-footballers-tope-fuja/

The federal government of Nigeria has revoked the resident permits of expatriate staff of Intels Nigeria Limited and five other companies for operating without valid license within the country’s Oil and Gas Free Zone.

This was confirmed by the Nigeria Immigration Service, NIS, in an official statement with the affected companies names as PRODECO International Limited, West Africa Machinery Services Limited, Net Global System International Limited, MGM Logistics Solutions Limited, and ORIEAN Investment Limited.


The government has given the affected staff in the six companies till Thursday, November 30, 2017 to leave Nigeria, or be deported on the orders of the Minister of Interior.

The Comptroller-General of the NIS, Muhammad Babandede, who announced the revocation order in Abuja through the agency’s spokesperson, Sunday James, said the action was pursuant to the powers vested in his office by section 39 subsection 1 of the Immigration Act 2015 and section 5, subsection 5 of the Immigration Regulation 2017.

The statement read: “Consequently, Babandede has directed that the expatriate staff of the affected companies above leave Nigeria not later than November 30, 2017.

Source: http://pageone.ng/2017/11/16/resident-permits-intels/

As a confirmation of the proposed sale of Dangote Noodles to Dufil Prima, Dangote Industries has confirmed that it has finalised the sale of the business.

The transaction which was disclosed as NGN3.75 billion or USD12 million equivalent will see Dufil buying stock worth NGN383.94 million in addition.



Dufil is the maker of Indomie Instant Noodles with over 40% of the market share in a fast moving product category where many regional brands are taking up splinter markets.

Dangote said it is selling its Ikorodu, Lagos plant as well as its factory in Calabar, South-South Nigeria.

There is no indication that Dangote made a loss on the asset, however, there is no disclosure on the status since Dangote Noodles is not listed on the Nigerian Stock Exchange.

Source: https://pageone.ng/2017/11/15/dangote-noodles-usd12-million/

Over the years, Lexus has become the go-to brand for fans of luxury cars: even used Lexus vehicles offer a level of comfort and luxury that can hardly be compared to any other brands in the market. The Lexus GX470 is one of the best known SUVs released by the brand. Are you looking for a used Lexus GX470? Find out everything about the car right now and buy on Jiji

History
The Lexus GX470 wasn’t the brand’s longest produced vehicle – after being introduced in 2003, the SUV went on to be manufactured for six years before being discontinued in 2009. There are many reasons why the Lexus GX470 didn’t stay in the brand’s lineup longer, the biggest reason being the rapidly growing competition from other brands releasing high-end SUVs. However, fans of the model consider the Lexus GX460 to be the direct successor of the iconic SUV.

Appearance
Despite having a luxury origin, the Lexus GX470 is actually one of the most rugged vehicles of its time. The car was built with a focus on off-road performance, which can be spotted in every visual feature of the model. The GX470 strongly resembles pickup trucks with its heavy construction and impressive appearance, which helped it stand out from dozens of similarly priced yet more mildly-mannered competitors.

Performance
As a typical off-road luxury SUV, the Lexus GX470 doesn’t disappoint with its performance. For most of its production run, the vehicle was powered by a 4.7L V8 engine that produced 235hp, which was later upgraded to 270hp. The engine was paired with a five-speed automatic transmission and a four-wheel drive, which was one of its biggest selling points at the time. The Lexus GX470 had plenty of additional off-roading features, including Kinetic Dynamic Suspension System, Adjustable Height Control, Downhill Assist Control and Hill-Start Assist Control.

Comfort
While the Lexus GX470 is primarily an off-road SUV, buyers naturally expect luxury and refinement in its features. Leather seats, wood detailing on the dashboard and steering wheel, a navigation system, a back-up camera, and additional safety characteristics are only several of the many luxury features you can look forward to in a used GX470. All in all, the Lexus GX470 is a great choice of a luxury off-road vehicle that can give you years of happy ownership thanks to its exceptional build quality, plenty of useful features, and refined looks.

Source: https://pageone.ng/2017/11/08/buyers-guide-lexus-gx470/

Eze Kingsley Obumneme is a Nigerian defender who has found his home in India’s I-league. He recently signed for Mohun Bagan Athletic Club based in Kolkata. With the I-League kicking off in a few weeks, the left-footed defender looks to helping the Mariners as the club is fondly called, achieve great things this season.

Eze opens up to PageOne.ng’s Amos Joseph in this exclusive interview on how he made his way out of Nigeria with hopes of greener pastures in India having been neglected by his Nigerian native club; Rangers International of Enugu.

However, before making his debut for an I-League side, Aiziwal FC, earlier this year, Eze Kinglsey Obumneme had played for lower division clubs such as HAL in Bangalore, Kalighat Milan Sangha, Police AC, United, and Peerless in the Calcutta Football League. He also represented Assam Dynamos and Dinthar of the Mizoram Premier League. https://pageone.ng/2017/11/04/rangers-eze-kingsley-obumneme-india-league/

How and when exactly did Eze Kingsley Obumneme move to India?
I came to India because of the treatment I got from my previous club [Ranger International, Enugu]. I graduated from the feeder team but I was never given any contract as promised for almost one year so I thought that my staying there was baseless. That informed my decision to leave when an agent told me about India, promising to take me to a better place when I must have played here for one season or two but it didn’t happen as planned. I got to India August 2012, and I have been here since then.

You spent some years in the lower division. What was it like in terms of facilities and training?
It was difficult in the beginning because there were no good enough facilities and the clubs were not so professional but it was similar to what you would find in lower division clubs in Nigeria. Let just say I was used to it so I was able to adapt with the system and whatever things they had and made the most of it.

It’s your second season in I-League, what is your take on the league?
I played and won the league in my first season with Aizawl FC, and now I am with a new club with great history Mohun Bagan AC. The responsibilities and expectation is high and the league will become interesting and tough because the number of foreign players permitted in the league has been increased. I am looking forward to great season ahead.ezee

What are you looking for in the next step of your career? Have you ever thought of playing else where?
The initial plan was to play here for one season or two and then leave. Playing elsewhere like major European leagues has always been on my mind and I will surely leave in no distant time. It is every footballers dream to play in national team and I am looking forward to it that why I need to leave and play elsewhere because getting a national team call up is very difficult or almost impossible when you play in this part of the world, not that there are no good players here but because it is believed that Indians don’t play football. The truth is that India league has improved a whole lot in the last two to three years.

Apart from you, which other Nigerian player plays in the league?
There are many other Nigerian players in the league here.

How did you feel when the Nigerian golden eaglet failed to make it to the recently concluded world cup?
Nigeria is known to be football loving country with very good and talented footballers from tender age all over the world, it was disappointing watching a world cup that Nigeria was not part of. But it is all part of the game, it happens.

On a lighter note, Nigerians back home believe Indians use voodoo, have you had any experience with Indian voodoo?
Well, I believed such too while I was still in Nigeria only to realized that football is the same everywhere and India is not an exception. Moreover, the club I played last season(Aizawl Fc) is owned by Christians and most players here are Christians too. Kingsley

Who is your football idol? Why him?
Eric Abidal is my football idol. I used to play as a left back and I watched him play and loved the way he played and I always want to play like him.

How do you describe the Indian football fans?
Indian football fans are great, there love for the beautiful game is immeasurable and they are passionate about football.

SOURCE: https://pageone.ng/2017/11/04/rangers-eze-kingsley-obumneme-india-league/

Bitcoin is a virtual currency that uses Blockchain technology for secure payments and storing money electronically, without requiring a bank or a person’s name. Satoshi Nakamoto created this cryptocurrency back in 2009.

The biggest advantage of Bitcoin is that it’s not under control of central authority, government or private company, so people are free from paying transaction fees.

It can be used for booking a hotel or flight, or purchasing products online, as many online stores and companies accept Bitcoin now.

Today, there are 1354 Bitcoin ATMs in 55 countries around the world and about 5.8 million users that have digital wallets. The price for one Bitcoin at the moment is $5,602 and it’s growing continuously, proportionally with the interest for digital money.

Take a look at this infographic, that illustrates in details some interesting facts about this incredibly popular virtual currency here: https://pageone.ng/2017/11/03/bitcoin/

As the crash commodity prices weigh on African countries, Nigeria’s Diamond Bank is one of the many investors who is looking at reducing their exposure to the continent.

Diamond Bank said it is looking at the selling of its West African units to focus on Nigeria, where it already has about 15 million customers.

Uzoma Dozie, chief executive of the bank, said: “After 18 years of building the Diamond Bank franchise in other markets in West Africa, the time has come to fully apply our resources to Nigeria.”

The bank has just disclosed that it is offloading its Benin, Togo, Cote d‘Ivoire and Senegal to a Cote d‘Ivoire-based financial services company Manzi Finances S.A. for EUR61 million.

In its nine months financial result which was recently released, Diamond Bank reported recorded 68% increase in profit to NGN5.9 billion compared to NGN3.5 billion recorded same period in the year 2016. However, impairment charges were still high at NGN35.0 billion against NGN40.2 billion posted in the fiscal year 2016.

The bank’s asset also depleted further from NGN1.9 trillion for the period under review compared to NGN2.0 trillion.

The decision is expected from Diamond Bank and its tier 2 banks who are pressed down by a higher impairment and heavy non-performing loans in their books.

Nigerian lenders have also in recent times relied solely on treasury bills to reduce their loan exposure while issuing Dollar denominated debt notes, a move Fitch Ratings warned has its unintended consequences.
SOURCE: https://pageone.ng/2017/11/03/nigerias-diamond-bank-sell-off-west-african-units/

Despite Nigeria’s latest impressive ranking in the World Bank’s latest ‘Doing Business’ report, the Buhari administration will continue to actively pursue its reform agenda to keep improving the nation’s economy, according to Vice President Yemi Osinbajo, SAN.

Prof. Osinbajo further said the oil and gas industry in Nigeria stands to benefit greatly from the administration’s Ease of Doing Business reforms.

He said this in his speech on Thursday to mark the 55th anniversary of the Oil Producers Trade Section (OPTS) of the Lagos Chambers Of Commerce and Industry (LCCI) at the Eko Hotel & Suites, Lagos, with the theme: Nigeria: An Investor Friendly Destination.

The Vice President noted that Nigeria’s latest ranking in the World Bank’s report was an indication that the Buhari administration’s reforms were producing results.

“On Tuesday, the World Bank released its latest report, in which Nigeria achieved the unprecedented step of climbing 24 places in the rankings, and earning a place on the list of 10 most improved economies in the world.

“This is fantastic news, but by no means an excuse for us to slow down. Instead we’re taking it as the very reason why we need to ramp up our reforms, for the benefit of Nigeria. There is still work to be done in reducing bureaucratic bottlenecks in the award of contracts and generally in obtaining approvals.

"It is for this reason – the creation of a business environment that catalyses business activity and investment - that this year alone we have issued an Executive Order focusing on improving the business environment, and launched two National Action Plans designed to be short-term interventions aimed at implementing specific business environment reforms. The second National Action Plan is ongoing, and we expect that it will yield results across every sector of the economy, including the OPTS.”

Prof. Osinbajo further said the Federal Government, through its sector road map launched in October 2016, is making inroads towards reforming and repositioning the nation’s oil and gas industry.

He added that the administration has developed and obtained the approval of the Federal Executive Council for a new National Oil Policy and a new National Gas Policy.

Prof. Osinbajo said, “The roadmap has very specific time-focused targets and like the many bold steps we have taken in this sector since the inception of the present administration, we remain focused on making necessary even if dramatic policy shifts in this sector to grow, deepen and open up the business and opportunities in Nigeria’s Oil and Gas Sector.

“In 2016, the Nigeria upstream sector of the oil and gas industry was challenged by the menace of upstream assets vandalism. From a peak production of over 2.30 Million barrels per day recorded at the beginning of 2016 we witnessed a decline to an almost all-time-low of about 1.0 Million barrels per day per day due to incessant vandalism. Many indigenous producers suffered perhaps more than other players in the industry.

“Thankfully due to our sustained engagements with the Niger Delta, our production has ramped up to about 2.1 million barrels per day from our 2016 crude oil production average of about 1.80 million barrels.”

While calling for more private sector participation in the oil and gas infrastructure development projects, the Vice President emphasised that the Buhari administration will continue to address development in the Niger Delta through its New Vision for the region.

“We will continue to address Niger Delta issues and build a peaceful and prosperous Niger Delta, with emphasis on job creation for our teaming unemployed youths, investment in infrastructure, energy and promotion of sustainable livelihood,” he said
SOURCE: https://pageone.ng/2017/11/03/world-banks-report-buhari-osinbajo/

An American Pastor who goes by the name Trevon Gross has been sentenced to five years in prison for his role in the Coin.mx exchange case, which involved bribery and use of a long-established church credit union.

Trecon Gross is reportedly the third person to be sentenced in the case.

According to Bitcoin News Authorities allege in United States of America v. Anthony R. Murgio, Yuri Lebedev, Trevón Gross the Pastor played a key role in enabling his co-defendants to operate an unlicensed cryptocurrency exchange, Coin.mx, by allowing the two other men access to his church’s credit union.

Credit unions operate under slightly different reporting laws, often operating more informally with regard to reporting regulations and know-your-customer (KYC) laws.

Pastor Gross of Hope Cathedral, authorities maintain, as Chairman of the Board for the church’s Hope Federal Credit Union handed over effective operations of the bank to two Florida men while receiving upwards of 150,000 USD in bribes. The Pastor insists he believed the money to be donations.

According to Bitcoin news Trevon was endorsed by Joel Osteen. He was reported to have continued his official ministerial work throughout the indictment, arrest, trial, conviction, and sentencing. According to the church’s website as of this writing, he maintains “degrees from the University of Virginia, Duke University and further graduate work at Harvard University.” No mention is made of his involvement with Coin.mx nor the surrounding legal troubles.

He is well-known in Prosperity Gospel circles, appearing on the Trinity Broadcast Network, and was endorsed, shortly before the present scandal law enforcement began investigating, by noted televangelist Joel Osteen.

Not long after, Hope Cathedral’s credit union was being linked to a money laundering exchange due to Pastor Gross’ placing two men now serving prison sentences on the bank’s board. The exchange that ran through his Chairmanship was linked by authorities to an international crime syndicate, authorities claim, which is said “to be responsible for a data breach at JPMorgan Chase & Co, revealed in 2014, that exposed more than 83 million accounts,” according to Brendan Pierson of Reuters.
SOURCE: https://pageone.ng/2017/11/01/trevon-gross-bitcoin-fraud/

Rocket Internet’s Jumia Egypt said it is looking at cutting down the use of cash in its pay on delivery options.

Despite major problems facing eCommerce companies, cash-handling was added to the list due to the adoption of pay on delivery from the get-go.

Jumia Egypt said it will partner banks to issue special recharge cards that can be bought by intending customers which can then be used to pay for items when goods are eventually delivered.

According to Dailynewsegypt.com, Hisham Safwat, CEO of Jumia Electronic Trading Company, said that the company is in the process of providing a service to pay the value of purchases through Fawry machines, expecting to launch the new service by the end of this year.

He noted that the company has agreed with a number of banks to provide new products specifically for e-commerce customers, allowing the customer to pay the value of purchases made through the site through ATM machines or by rechargeable cards designated to buying from Jumia that can be obtained from banks.

In recent years, e-commerce has seen significant growth both in terms of volume of sales and the number of dealers in this field. AT Kearney Global Consulting predicted the growth of e-commerce activity in the Middle East to more than $20bn by 2020, with the presence of 200 million youth using digital technologies.

It is not clear whether Rocket Internet will be implementing this approach across all markets where Jumia is operating. This market includes Nigeria, it’s the biggest market where Jumia had witnessed its roughest and most trying operations till date.

Many analysts and stakeholders in the eCommerce business have argued that while PoD had increased interest in local eCommerce purchase, it has further depleted the resources of companies through its unintended consequences such as an increase in cancelled orders, impulse and ‘prank buying’.
SOURCE: https://pageone.ng/2017/11/01/jumia-egypt-pay-delivery/

Tantalizers plc in its financial report for the half-year is reporting NGN760.0 million profit compared to NGN 368.1 million loss reported same period in the financial year 2016.

The company ended the quarter with NGN1.3 billion revenue in contrast to NGN1.4 billion recorded in the previous year while gross profit was NGN491.6 million against NGN600.2 million in the year before.

Total Assets declared by Tantalizers for the period was NGN987.1 billion compared to NGN738.4 billion declared in 2016 while total liabilities was NGN1.4 trillion versus NGN2.6 trillion in the year before.
SOURCE: https://pageone.ng/2017/10/31/tantalizers-half-year/

Daar Communications plc is reporting a 93% fall in its profit down to a net loss of NGN10.1 million on its financial results for the nine months ended in 2017 compared to NGN162.4 million reported in the same period in the financial year 2016.

The company ended the period with NGN2.5 billion revenue in contrast to NGN2.7 billion it ended the previous year with while the gross loss was NGN762.4 million against NGN335.0 million posted in the year before.

Total assets declared by Daar Communications was NGN16.6 billion in the nine months compared with NGB18.1 billion reported in 2016 while total liabilities was NGN9.2 billion versus NGN11.2 billion in 2016.
SOURCE: https://pageone.ng/2017/10/30/daar-communications-months/

Capital Oil plc is reporting 94% increase in loss to NGN84.3 million in its financial results for the nine months ended in 2017 compared to NGN43.4 million loss reported in the same period in the financial year 2016.

The company ended the period with NGN 429.2 bloom revenue which is 33% lower to NGN650.1 million it ended the previous year with while gross profit dropped by 43% to NGN33.4 million against NGN55.7 million posted in the year before.

Operating loss for the period increased by 19% to NGN66.3 million from NGN55.7 million recorded in the fiscal year 2016.

Total assets declared by Capital oil for the nine months was NGN1.2 billion compared to NGN1.6 billion declared in the year before while total liabilities was NGN137.2 billion versus NGN162.2 billion in 2016.
SOURCE: https://pageone.ng/2017/10/30/capital-oil-posts-nine-months/

South Africa-based MTN Group said it is total revenue for Nigeria in the third quarter rose by 11.2% supported by data revenue growth of 72.1%.

MTN is Nigeria’s largest mobile carrier with over 50 million subscribers.

In the third quarter, MTN Group said its total subscribers fell to 230.2 million, “largely driven by lower reported subscribers in Nigeria as we continue to refine our active subscriber definitions as well as the disconnection of approximately 750 000 subscribers in Uganda as a result of regulatory SIM registration requirements”.

For Nigeria, the company’s subscriber base fell to 50.3 million, which is a 5.2% quarter on quarter fall in total customer base.

As a sign that MTN Nigeria and other carriers have increased rates across product lines, the company’s average revenue per user, ARPU, has increased despite losing over 5 million subscribers since it started deactivating unregistered numbers last year. MTN said its ARPU for Nigeria rose to NGN1,407 in third quarter 2017 from NGN1,047 for the same quarter last year.

Nigeria’s telecom market had witnessed a rocky operational environment since Nigeria’s economy slipped into recession last year.

Apart from the impact of the NGN330 billion fine the company is paying the Nigerian government, voice revenue has further fallen as over-the-top application such as WhatsApp and BBM Messenger have eaten into voice revenue which used to account for over 70% of the company’s revenue.

MTN has not also given an update on its proposed listing on the Nigeria Stock Exchange, NSE. The company in its last update on the matter said it will for the first time in Nigeria, carry out the first online and mobile-driven initial public offering, IPO.
SOURCE: https://pageone.ng/2017/10/30/mtn-nigeria-reports-11-7-rise-revenue-subscriber-drops/