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Airtel launches 5G, promises to expand

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Airtel Nigeria, one of the leading telecommunications companies in the country, has officially launched the fifth generation technology, commonly called 5G.

This brings the number of 5G network operators in the country to three as MTN and MAFAB had launched the technology which promises to deliver super-fast data services and redefine services in other sectors of the economy including medicine, agric, etc., earlier.

Femi Oshinlaja, Chief Commercial Officer at Airtel Nigeria, made this known in a tweet on the company’s official tweet handle said 5G services will be available in four major cities of Nigeria, the Federal Capital Federal Capital Territory, Lagos, Ogun and Rivers States. he added that services would be extended to other parts of the country subsequently.

Airtel Nigeria, acquired the fourth-generation (4G) and fifth-generation (5G) spectrums from the Nigerian Communications Commission (NCC) for a cumulative price of $316.7 million in January 2023.

The telco purchased 100 MHz of spectrum in the 3500MHz band and 2x5MHz of 2600MHz from the NCC for a gross consideration of $316.7 million, “payable in local currency”.

Speaking on the acquisition, Segun Ogunsanya, Chief Executive Officer (CEO), Airtel Africa, said Nigeria is a market with enormous potential for future growth in mobile services.

He said investment in new technologies and local infrastructure to enable “this growth is a strategic priority for the group and will ensure we are able to provide reliable and affordable services to local communities across the country”.

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BREAKING: Tinubu Appoints Ayodeji Gbeleyi as BPE DG

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President Tinubu
– Ayodeji Gbeleyi appointed as Director-General of Bureau of Public Enterprises
– Renowned financial expert and award-winning chartered accountant
– Over 30 years of experience in diverse sectors

President Bola Tinubu has appointed Ayodeji Ariyo Gbeleyi as the Director-General of the Bureau of Public Enterprises (BPE).

According to the President’s spokesman, Ajuri Ngelale, Gbeleyi is expected to bring his vast experience and competence to bear in this role.

Gbeleyi is a fellow of both the Institute of Chartered Accountants of Nigeria and the Chartered Institute of Taxation of Nigeria.

He has also attended executive programmes at the prestigious London Business School, Harvard Kennedy School of Government, and Lagos Business School.

With over 30 years of post-qualification experience in diverse sectors, Gbeleyi is well-equipped to strengthen the agency as the national resource centre for capacity building and sustenance of reforms.

The President expects him to promote a competitive private sector-driven economy and ensure social accountability and efficient deployment of public resources.

“The new Director-General is expected to bring his vast experience and competence to bear in this role,” said Ajuri Ngelale. “He will advance effective corporate governance and fiduciary discipline in the public and private sectors.”

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AGUSTO & CO UPGRADES WEMA BANK’S RATING TO Bbb+ WITH ESG SCORE OF 2

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AGUSTO & CO UPGRADES WEMA BANK’S RATING TO Bbb+ WITH ESG SCORE OF 2

…Confirms Stable Financial Outlook for the Bank

Following its strong 2023 financial performance, Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has received an upgraded rating from Agusto & Co, validating the Bank as Bbb+ rated with an ESG Score of 2 and confirming a stable outlook for the Bank.

Agusto & Co is a Pan-African credit rating agency and leading provider of industry research and knowledge in Nigeria and Sub-Saharan Africa.

By upgrading Wema Bank’s rating from BBB to BBB+, Agusto has confirmed that Wema Bank is of stable financial standing and more equipped than ever to keep fulfilling its duties as a commercial bank with National authorization.

This development is unsurprising as Wema Bank’s financial strength is reflected in the Bank’s FY 2023 Audited Financial Report. Among the outstanding results achieved by Wema Bank was a 196% increase in Profit Before Tax (PBT) from N14.75bn to N43.59bn translating to higher pre-tax return on average equity (ROE) and pre-tax return on average assets (ROA) from 21.5% to 43.9% and 1% to 2.1% respectively. The Bank also recorded a 220.4% increase in Profit After Tax (PAT) from N11.21bn to N33.66bn, 70.63% increase in Gross Earnings from N132.30bn to N225.75, 53.64% increase in Loans disbursed from N521.43bn to N801.10bn, a reduction in cost-to-income ratio (CIR) from 80.1% to 64.4% due to significant earnings growth despite economic fluctuations and 220.53% increase in Earnings per share from N87.2 to N279.5, among other indices.

According to Agusto & Co, “The upgrade of Wema Bank’s rating to Bbb+ is underpinned by improved profitability despite macroeconomic headwinds, lower impaired loan ratio, better deposit mix, strong shareholders’ support as reflected in the successful rights issue exercise and perpetual bond issuance. We have also attached an ESG score of ‘2’, reflecting our view that environmental, social, and governance issues have a minimal impact on Wema Bank’s rating”.

Affirming the Bank’s commitment to providing stakeholders with optimum returns, Moruf Oseni, Wema Bank’s MD/CEO, expressed the Bank’s gratitude to Agusto & Co for acknowledging the strong progress made by the Bank. “Wema Bank is on a journey to the top and we are driven by a commitment to delivering exceptional value, exceeding expectations, and providing optimum returns to every stakeholder—shareholders, customers, employees, and partners alike. It is this commitment that has reflected positively in our numbers and will propel our growth over the next decade”.

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