• The number of subscribers leaving their mobile network operators through the mobile number portability platform has declined by 55 percent as subscribers express a preference for dual SIM cards on their mobile devices. Incoming porting from January to September 2017 showed that a total of 145,957 numbers were ported from their service providers to new ones, but within the same period in 2018, a total of 65,245 subscribers on MTN, Glo, 9mobile and Airtel ported to a new service provider.
  • Unions have called off a countrywide strike that was scheduled to commence today to press home their demand for a new national minimum wage. The National Chairman of the Nigeria Labour Congress, Ayuba Wabba, announced the suspension following a meeting between the FG and the unions late Monday. Wabba said the decision to suspend the action was reached after agreements were reached and documents signed, but he refused to disclose the figure of the new minimum wage arrived at by the committee. He said the figure would only be made public after the committee’s report would have been presented to President Buhari by 1615 hours on Tuesday. However, Peter Ozo-Eson, the NLC general-secretary, said that the figure of ₦30,000, which the unions were demanding, was agreed to.
  • Unity Bank has announced total de-risking of its balance sheet, thereby ridding the bank of toxic legacy assets and paving the way for significantly improved return on investment to shareholders in the coming years. Already, signs of a return to improved performance were evident in its third quarter (Q3) 2018 result, which showed a profitability of ₦644 million. In its 2017 annual report to the Nigerian Stock Exchange, Unity Bank had successfully written off a total of ₦16 billion, being goodwill that arose from legacy merger issues. This one-off de-risking strategy has helped clean up the bank’s books, and impacted the bottom-line leading to a net loss of ₦14.2 billion.
  • Interswitch has announced its partnership with Microsoft to launch its innovative blockchain-based supply chain financing service. The initiative brings together entrepreneurs, major financial institutions and corporate organisations, all on a single platform to provide end-to-end visibility that will ensure fast and seamless trade financing in supply chain operations. Announcing the partnership deal, Mitchell Elegbe, CEO at Interswitch, said the company has experienced the bottlenecks associated with the existing corporate-based financing infrastructure in Nigeria. Michael Glaros, Principal Programme Manager, Microsoft Azure Blockchain at Microsoft Corporation, said Microsoft is excited about the partnership with Interswitch. According to Glaros, the partnership will be the first enterprise-grade blockchain service in Nigeria, and only a handful of banks and corporates globally, uses it.