- An analysis by Nigeria Communications Week of Nigerian ISP firms concludes that they are ‘dying in droves,’ due to their inability to renew operating licenses, raising new questions about the future of internet connectivity in the country as well as the jobs of hundreds of employees. The tech news site says about 17 ISPs with expired licenses, due for renewal since February 2018 have failed to do so. These include ACC Broadcast Multimedia, Chinto Technologies, Atlantic Geodynamics Nigeria, VPS Technologies, Trinitas Apo and Suburban Broadband. Another 22 licenses will expire in 2019 and the site says it is doubtful if the ISPs can make up their renewal fees.
- Julius Berger Nigeria Managing Director, Wolfgang Goetsch says the company expects a 45 percent jump in 2018 revenue as the country recovers from a 2016 contraction and as the forex market stabilises. The construction company says it expects revenue to grow to ₦210 billion, to be spurred by government contracts valued at ₦500 billion ($1.4 billion). Projects currently being undertaken by the company include building access roads in Abuja’s central business district, roads and civil works at Dangote Group’s oil refinery now under construction in Lagos and the construction of the 2nd Niger Bridge. Following a ₦2.4 billion loss in FY 2016, the company returned to profit, bagging ₦2.57 billion in FY 2017 on revenue of ₦141.9 billion. Also, results for the Q1 2018 show the company reported revenue of ₦35.32 billion compared to ₦34.15 billion in Q1 2017. PBT was ₦2.21 billion for the period as against a ₦17.1 million LBT in Q1 2017.
- CSCS shareholders approved a total dividend of ₦3.5 billion for themselves, translating to 70 kobo per share for FY 2017. Reviewing its performance, the firm’s chairman, Oscar Onyema said gross earnings stood at ₦8.7 billion, a 41 percent rise when compared to ₦6.2 billion achieved in FY 2016. According to him, profit before tax rose from ₦3.7 billion to ₦5.7 billion while profit after tax increase to ₦4.9 billion from ₦3.5 billion recorded in the previous year. Onyema assured shareholders that the firm would remain focused on its commitment to service excellence and sustainable business practices.
- South African Airways has pledged commitment to its Nigerian operations during its ongoing restructuring exercise to return the carrier to profitability. The airline’s CEO, Vuyani Jarana, said the Lagos-Johannesburg route was one of the most successful in its network and remains critical to its turnaround plan. The airline, now in its 20th year, has carried over 1.5 million passengers on the Lagos-Johannesburg route, the main air route connecting Africa’s two biggest economies. SAA requires R21.5 billion (about ₦609 billion) for the next three years as part its turnaround strategy to return the airline to profitability. This amount is expected to cover the airline’s debt profile of R9.2 billion and R12.5 billion in working capital.
- Cornerstone Insurance has closed two of its branch offices in Kaduna and Calabar.
In a statement issued at the NSE, the insurer disclosed that “the businesses that were being handled at these (closed) locations will now be handled by other Cornerstone branches.” The insurance giant also said it was merging two of its branches in Lagos into one. It said its Surulere branch will combine with the one in Ikeja, the state capital. “All the company’s businesses that were previously handled at the Surulere branch will now be done at Ikeja branch,” the statement said. Cornerstone Insurance explained that it took this step “in order to be closer to and better serve our customers.”