In line with its commitment to bridging the digital divide in Africa, Tizeti (www.Tizeti.com), West Africa's pioneering solar-powered internet and voice service provider, is set to expand its operations within Nigeria and Ghana.
, and in new neighbor Cote d'Ivoire and Togo, as well as considering listing its Nigerian subsidiary.
With over 2.8 million subscribers on its platform, a revenue of over N11 billion over 10 years and no debt, the company is exploring an Initial Public Offering (IPO) in the stock market for investors/shareholders while setting his eyes on expanding his footprints.
in the Francophone and Anglophone countries of West Africa.
Speaking at the second edition of Tizeti's annual event entitled 'NeXTGEN 2.0: The Next Frontier', Tizeti's founder and CEO, Mr. Kendall Ananyi, emphasized that the broadband gap in Africa is still very high and that Operators like Tizeti must expand to ensure that more Africans have access to reliable, affordable and truly unlimited internet from Tizeti.
According to him, Tizeti has been providing affordable unlimited internet service in Nigeria and Ghana using solar towers, which has brought cost savings of 30 to 50 percent on data cap plans and made it the go-to option.
favorite of its competitors.
“This expansion is very strategic for us and for the continent.
We have grown significantly in recent years, being profitable in three of the last four years and paying our first dividend this year.
We currently have over 3884 hotspot locations and building 1 tower every month since we started with 2.8 million users in Nigeria.
Today, Tizeti delivers more than 190 TBPS of data per day, which is about 20% of what Airtel, the second largest telecommunications company with coverage in 36 states, delivers.
Using publicly available data on the Nigerian Communications Commission (NCC) website and our internal data, we are the number one Fixed Internet Service Provider by users and active users in Nigeria today and ISP of the year 2022.
And still there is a lot of room for growth.
Internet users in Africa are still around 26% of the total population, with almost 900 million people offline.
We are now exploring the public equity/debt markets to finance our next phase of growth.
We have booked our ticket on NASDAQ and are exploring the London Stock Exchange as we are an LSE-Companies to Inspire, as well as the Nigerian Stock Exchange NGX,” said Ananyi.
Speaking about francophone expansion, Tizeti co-founder and COO Ifeanyi Okonkwo highlighted the increase in subsea cable investments in Africa to date and the absence of middle and last mile infrastructure moving capacity where it is needed.
With the construction of Tizeti's new infrastructure in West Africa, Tizeti plans to bridge the digital divide and bring more Africans online through its unlimited service offering.
“We believe that Africa offers the most important potential demand for broadband expansion, and we have looked at their populations, their relative contributions to GDP, the prevalence of higher and tertiary institutions, and other common factors,” Okonkwo said.
Tizeti also launched new connectivity offerings, Tizeti Turbo Connect, which provides up to 150 MBPS of fiber-connected capacity to homes and offices for NGN 60,000 (US$85), and new technology that enables it to offer up to 1,000 MBPS.
The company also announced new energy initiatives that minimize diesel consumption with solar panels and wind turbines at its base stations.
Interested users can pre-register for the new Tizeti locations at https://bit.ly/3bEKDfo Other speakers at NeXTGEN from Tizeti include Vickie Robinson, General Manager, Microsoft Airband; Oremeyi Akah, Director of Customer Success, Interswitch; Dolapo Onah, General Manager, Equinix MainOne; Elliot Sangoleye, Head, Payment Acceptance and Digital Commerce, Providus; Gbolade Emmanuel, CEO, Termii; Osayi Izedonmwen, CEO of Teesas; Modupe Okeowo, Country Manager, Eutelsat; Sola Akindolu, CEO of Brass; Mayowa Owolabi, CEO of PaddyCover; Vickie Robinson, General Manager, Microsoft Airband; Ionut Croitoru, EMEA Sales Leader, Cambium, and Desayo Tomi-Solanke, COO, Trove.
Partners include MainOne, Providus Bank, Microsoft, Cambium, CSquared, and Nokia.
Tizeti's NeXTGEN 2.0 expanded on the vision of the first edition and provides a platform for stakeholders in the African telecommunications, technology and business communities to strategize for Africa's next frontier, while networking, discovering new opportunities and discuss innovative trends in global and African telecommunications and telecommunications.
The second edition event featured more than 700 technology enthusiasts, IT innovators, start-up executives, corporate business leaders and digital thought leaders and ended with an exciting 10th anniversary dinner.
The Lagos Chamber of Commerce and Industry (LCCI) has called on the Federal Government to adopt measures to increase the country’s revenue and borrow from cheaper sources to cushion Nigeria’s debt portfolio.
Dr Michael Olawale-Cole, President, LCCI, gave the advice in a statement on Monday in Lagos.
Olawale-Cole said the advice had become necessary because the country’s rising debt stock was becoming increasingly problematic in the face of dwindling revenue and the unsustainable burden of subsidy payments.
He said that most recent statistics on government revenues showed poor performance and mounting government costs, making it evident that Nigeria was going through a debt crisis.
He noted that aggregate expenditure for 2022 was estimated at N17.32 trillion; at the end of April, a revenue of N5.77 trillion was expected but only N1.63 trillion was realised as government’s retained revenue.
Olawale-Cole added that within the same period, government’s actual spending stood at N4.72 trillion; N1.94 trillion on debt servicing, N1.26 trillion on personnel costs, leaving only N773.63 billion for capital expenditure.
He further said that the country’s total public debt stock rose from N39.56 trillion in December 2021 to N41.60 trillion by the end of the second quarter of 2022, as revealed by the Debt Management Office (DMO).
He warned that the borrowings were significantly increasing, and Nigeria was struggling to service these debts due to revenue mobilisation challenges and an increased fuel subsidy burden.
These developments, the LCCI President said, were disturbing seeing that debt servicing alone was higher than actual retained revenue in the first four months of this year.
“There are already concerns that most, if not all, of the assumptions in the Medium-Term Expenditure Framework (MTEF) 2023-2025 will be missed as we continue to experience unprecedented levels of disruptions to supply chains and agricultural production.
“The 2022 budget assumptions have already fallen short in terms of inflation, exchange rate, and GDP growth rate and all of these assumptions have become inadequate.
“Nigeria’s Debt-to-GDP ratio now stands at 23.27 per cent, as against 22.43 per cent on Dec. 31, 2021. “On the path of caution, we urge the Federal Government to discontinue this unsustainable pattern,” he said.
The industrialist acknowledged that the level of insecurity in the country had prompted increased spending on defence and security.
He said that the deteriorating security situation in the country had also battered investors’ confidence and affected foreign exchange inflows into Nigeria.
He stressed that with the high component of Eurobonds as part of external debt, the current weakening of the naira signified an exchange rate risk likely to put pressure on inflation and its attendant consequences.
“Nigeria is the only major oil exporter that hasn’t benefited from the windfall of higher global oil prices.
“The International Monetary Fund (IMF) has warned that debt servicing may gulp 100 percent of the Federal Government’s revenue by 2026 if the government fails to implement adequate measures to improve revenue generation.
“In the face of rising debt servicing costs accompanied by a dwindling revenue, the provision of critical infrastructure and amenities like healthcare services, education, power, roads, and security will be hard hit as funding shrinks,” he said.
He noted that recently, the Debt Management Office (DMO) listed N250 billion Sukuk on the Nigerian Exchange Limited (NGX) as an alternative financing source to bridge the infrastructure gap in the country.
He said the issuance and subsequent listing of the Sovereign Sukuk on the NGX platform aligned with the Chamber’s persistent call for cheaper government financing away from debts by leveraging innovative and cost-effective revenue sources.
“The Chamber has consistently advised the government to borrow from cheaper sources and consider deficit financing from equity instead of the expensive debts borrowed and used for recurrent expenditures.
“The commercialisation model proposed for NNPC Limited is the right direction to go.
“Once this plan succeeds next year, it should be replicated with other national corporate assets scattered across the country.
“Nigeria must manage its debt burden to avoid further pressure on revenue.
He said it was also imperative that more spending was needed in supporting productive infrastructure instead of spending borrowed money on subsidising consumption.
“Government must rethink its sourcing of debts and spending of borrowed funds,” he said.
Trading at the Nigerian Exchange Ltd. (NGX) on Wednesday took a plunge, as the market capitalisation closed at N27.29 trillion down from N27.3 trillion recorded on Tuesday.
Consequently, the market lost N16.76 billion, representing 0.06 per cent.
The negative performance was due to sell-offs in some largely capitalised stocks which include BUA Cement, MTN Nigeria and Nigerian Breweries.
Similarly the All-Share Index (ASI) was down by 0.06 per cent to settle at 50,594.97 points from 50,626.04 posted at the previous trading.
The year-to-date (YTD) return fell to 18.44 per cent.
Market breadth closed positive as 22 stocks advanced while 15 others declined.
At the end of the trading session, 121.16 million units of shares worth N4.169 billion were traded in 4,369 deals.
This represents an increase of 45.69 per cent when compared with 129.166 million units of shares worth N2.861 in 4,706 deals.
Lasaco Assurance led the gainers with 10 per cent price appreciation to close at 99k per share.
UPDC followed with 9.71 per cent increase to close at N1.13 per share, while Honeywell Flour Mill went up by 9.69 per cent to close at N2.49 per share.
Also, Chams rose by 8.7 per cent to close at 25k per share and Japaul Gold increased by 7.41 per cent to close at 29k per share.
On the other hand, Learn Africa led the laggards’ chat with a depreciation of 10 per cent at N2.34 per share.
University Press followed by 9.79 per cent to close N2.12 per share.
Cornerstone Insurance and Unity Bank declined by 9.33 per cent and 4.26 per cent each to close at 68k and 45k respectively.
Regent Alliance Insurance dropped by 3.85 per cent to close at 25k per share.
MTN Nigeria recorded the highest volume of 10.4 million traded shares worth N2.4 billion.
FBN Holdings followed with 9.53 million shares traded amounting to N104.18 million, while Zenith Bank sold 8.37 million shares worth N178.85 million.
Also, United Bank for Africa transacted 6.81 million worth of shares at N48.08 million and AccessCorp sold 6.61 million shares worth N58.99 million .
The equities market of the Nigerian Exchange Ltd.
(NGX) depreciated by N66 billion on Wednesday, driven by gains recorded by 12 companies and 22 losers.
Specifically, the market capitalisation opened for trading at N28.208 trillion to close at N28.142 trillion, a decrease of N66 billion or 0.23 per cent.
Similarly, the NGX All-Share Index depreciated by 0.23 per cent to settle at 52,186.52 basis points from 52,308.88 basis points it opened for trading.
The loss indicated a year-to-date (YTD) increased return of 22.18 per cent.
Also, the market breadth index was negative with 12 gainers against 22 losers.
Computer Wharehouse Group (CWG) and Multiverse Mining and Exploration leads gainers’ chat, closing with 9.88 per cent each to close at 89k and N1.78 respectively.
Academy Press followed with a growth of 9.68 per cent to close at N2.04.
The Initiates Plc (TIP) and RTBriscoe increased by 9.09 per cent each to close at 48k per share, respectively However, NAHCO led the losers’ chart with 10 per cent to close at N5.40, followed by FTNCocoa that depreciated by 8.57 per cent to close at 32k.
Nigerian Breweries down by 6.13 per cent to close at N49.75 as Consolidated Hallmark Insurance dropped by 5.17 per cent to close at 66k.
In addition, Oando sheds 5.50 per cent to close at N5.15 In terms of activity levels, investors exchanged 238 million units of shares worth N3.336 billion in 3,814 deals.
Living Trust Mortgage Bank was the most actively traded 40.91 million units of shares worth N49.09 million, followed by Nigerian Breweries that traded 30.38 million units of share worth N1.51 billion.
United Bank for Africa (UBA) sold 40.91 million units of shares worth N49.09 million, while Accesscorp traded 21.90 million units of share worth N199.09 million.
Also, FBN Holdings sold 17.86 million units of shares amounting to N196.63 million.
NGX witnesses bearish position as CBN hikes benchmark interest rate Equities By Olawunmi Ashafa Lagos, July 19, 2022 The nation’s equities market recorded a bearish position, following the benchmark interest rate that was increased by the Monetary Policy Committees meeting of the Central Bank of Nigeria (CBN) on Tuesday.
Losses in Accesscorp, MTN Nigeria, United Bank for Africa (UBA) and International Breweries made the market into the negative position.
The Monetary Policy Rate (MPR) which is the benchmark interest rate was increasedto 14 per cent, while the Cash Reserve Ratio (CRR) was held at 27.50 per cent and Liquidity Ratio was retained at 30 per cent.
The All-Share Index (ASI) of the Nigerian Exchange Ltd.
(NGX) decreased by 0.02 per cent to 52,308.88 points from 52,319.94 points posted on Monday.
Consequently, the year-to-date gain of the index fell to 22.46 per cent.
Analysts at Vetiva Dealing and Brokage said, “Following the decision of the Central Bank of Nigeria to raise the Monetary Policy rate by 100bps, we are likely to see further bearish sessions as investors continue to trade cautiously.” Also, the market capitalisation decreased by N59.66 billion to N28.21 trillion from N28.21 trillion at the previous session.
Performance across sub-sector gauges was largely positive.
The NGX Insurance Index, NGX Index and the NGX Industrial Index rose by 0.86 per cent, 0.79 per cent and 0.19 per cent respectively, while the NGX Banking Index and the NGX Consumer Goods Index fell by 0.41 per cent and 0.13 per cent respectively.
The market breadth was equal as 16 stocks advanced and 16 stocks declined.
RTBriscoe dominated the gainers’ table in percentage terms, gaining 10 per cent, to close at 44k per share.
Glaxosmith followed with 9.02 per cent to close at N6.65 while Conerstone Insurance rose by 6.45 per cent to close at 66k per share.
Courtville Business Solution garnered 6.38 per cent to close at 50k, while FTNCocoa appreciated by 6.06 per cent to close at 35k per share.
On the other hand, Multiverse led the losers’ chart in percentage terms, dropping 9.50 per cent to close at 17k per share.
Japaul Gold followed with a decline of 7.41 per cent to close at 2k, while Academy Press lost seven per cent to close at 14k per share.
Caverton lost 6.57 per cent to close at 9k per share, while UPDC dropped by 4.03 per cent to close at 5k.
Conversely, market activity was mixed as the volume of stocks traded gainedby 76.85 per cent to 205.64 million units.
Transactions in the shares of United Bank for Africa (UBA) topped the activity chart with 74.28 million shares worth N556.84 million.
Accesscorp followed with 16.09 million shares valued at N146.45 million, while AIICO traded 14.1 million shares worth N8.9 million.
FBN Holdings sold 12.82 million shares valued at N140.5 million, while GTCO transacted 8.88 million shares worth N190.49 million.
The equities market kicked off the trading week with positive sentiments, following investors’ buying interests, making investors to gain N57 billion on Monday.
Also, the market capitalisation stood at N28.214 trillion compared to N28.157 trillion posted at the last trading session.
The uptrend was impacted by gains recorded in large capitalised stocks, amongst which are; Seplat, Guaranty Trust Holding Company (GTCO), UCAP, among others.
Similarly, the All-Share Index rose by 0.2 per cent to 52,319.94 points from -52,215.12 points recorded on Friday.
Consequently, the year-to-date gain of the NGX AS rose to 22.48 per cent.
Performance across sectors was mixed, as the Consumer Goods index dropped by 0.6 per cent and Insurance index fell by 0.5 per cent.
The Oil and Gas index increased by four per cent, while the Banking and Industrial Goods indices closed flat.
The market breadth was negative as 14 stocks advanced and 22 stocks declined.
Seplat dominated the gainers’ table in percentage terms, gaining of 10 per cent, to close at N1.430 per share.
Conerstone Insurance followed with 8.77 per cent to close at 62k, while RTBriscoe rose by 8.11 per cent to close at 42k per share.
Wema Bank garnered 6.95 per cent to close at N4, while Fidson Pharmaceuticals appreciated by 5.21per cent to close at N9.90 per share.
On the other hand, CWG led the losers’ chart in percentage terms, dropping 10 per cent to close at 81k per share.
Academy Press followed with a decline of 9.50 per cent to close at N2, while Honey Flour lost 9.09 per cent to close at N2.50 per share.
NAHCO lost 8.81 per cent to close at N6 per share, while Regent Alliance Insurance dropped by 7.41 per cent to close at 25k.
Conversely, the total volume traded declined by 38.8 per cent to 116.28 million units, valued at M3.46 billion, and exchanged in 4,525 deals.
This is against 190.10 million shares valued at N4.13 billion which were exchanged in 3,893 deals on Friday.
Transactions in the shares of United Bank for Africa (UBA) topped the activity chart with 12.93 million shares worth N96.88 million.
Zenith Bank followed with 10.68 million shares valued at N235.68 million, while First Bank of Nigeria Holdings (FBNH) traded 8.71 million shares worth N88.72 million.
Accesscorp sold 6.71 million shares valued at N62.72 million, while GTCO transacted 5.89 million shares worth N125.39 million.
Nigerian stocks rebounded sharply from earlier losses on Friday, following renewed investor interest in banks and telecom stocks.
Consequently, the market capitalization gained N472 billion to close at N28.157 billion from N27.685 billion on Thursday.
During the week, rallies in FBN Holdings, Airtel Africa, Zenith Bank and Guaranty Trust Holding Company (GTCO) and International Breweries were the main drivers of the positive performance.
The Nigerian Exchange Ltd.
(NGX) All-Share Index (ASI) rose 1.71 percent to close at 52,215.12 points from 51,339.01 on Thursday.
Also, the year-to-date gain increased to 22.24 percent.
Additionally, performance by sub-sector index was also on a bullish sentiment as the NGX Banking Index, NGX Insurance Index, NGX Consumer Goods Index and NGX Index gained 0.10 percent, 0.51 percent, 0.33 percent , 0.83 percent and 0.06 percent.
However, the NGX industrial index fell 1.87 percent.
Analysis of today's market activities showed that the volume of business settled higher than in the previous session, as the value of transactions increased by 242.43 percent.
A total of 190.10 million shares valued at N4,130 million were exchanged in 3,893 deals.
Market breadth closed negative as 20 stocks appreciated versus 22 depreciated.
Wema Bank and Airtel Africa led the list of winners in percentage terms by 10 per cent each to close at N3.74 and N1905.40 per share.
UPDC followed with a gain of 8.62 per cent to close at N1.26, while Champion Breweries rose 8.45 per cent to close at N3.85 per share.
Prestige Insurance was also up 7.89 percent to close at 4k per share.
On the other hand, Fidson Pharmaceuticals and Northern Nigeria Flour Mills (NNFM) led the list of losers in percentage terms at 9.95 per cent each to close at N9.41 and N8.60 per share, respectively.
Linkage Assurance lost 8.62 percent to close at 53k a share.
Courtville Business Solution lost 7.84 per cent to close at 47k per share, while Honeywell Flour lost 7.41 per cent to close at N2.75 per share.
The Nigerian Exchange Ltd. (NGX) on Thursday transacted 115.41 million shares worth N1.21 billion in 3,731 deals as the indices dropped by 0.1 per cent.This was in contrast with 198.82 million shares valued N2.18 billion transacted in 4,769 deals on Wednesday, representing 41.95 per cent.Transcorp was the most active stock, accounting for 12.18 million shares worth N15.12 millionIt was trailed by International Breweries with 7.65 million shares valued at N42.77 million, while FBN Holdings sold 7.41 million shares worth N78.78 million.Zenith Bank traded 6.59 million shares valued N148.27 million.Sterling Bank sold 6.44 million shares worth N9.98 million.The market capitalisation of listed equities decreased by N28 billion or 0.10 per cent to N27.685 trillion from N27,713 trillion recorded on Wednesday.Also, the NSE All-Share Index depreciated by 51.25 points to close at 51,339.09 against 51,390.25 recorded on Wednesday.Market breadth closed positive at a 15 stocks appreciated while 10 depreciated. Academy Press led the gainers’ table, increasing by 8.70 per cent to close at N2.25per share.Regent Alliance Insurance followed with eight per cent to close at 27k, while CWG added by 7.95 per cent to close at 95k per share.Cutix gained by 7.27 per cent to close at N2.36 while NAHCO appreciated by five per cent to close at N8.40 per share.On the other hand, Champion Breweries topped the losers’ chart, dropping by 8.74 per cent to close at N3.55 per share.Ikeja Hotel trailed by dropping 7.69 per cent to close at N11.20 , while International Breweries fell by 5.17 per cent to close at N5.50 per share.Multiverse was down by 4.76 to close at N1.80, while Upcredit dipped by 4.17 per cent to close at N3.45 per share.
Activities on the Nigerian Exchange (NGX) Ltd., on Wednesday closed barely changed, recording a marginal drop of 0.003 per cent.
The benchmark index, All-Share Index (ASI) dropped by 1.5 point or 0.003 per cent to close at 51,802.48 points from 51,803.98 points recorded on Tuesday.
Also, the market capitalisation declined by N810.63 million to close at N27.927 trillion from N27.928 trillion posted on Tuesday.
Sell-offs in stocks of MTN Nigeria, Guaranty Trust Holding Company (GTCO), Ecobank Transnational Incorporation (ETI) amongst others made the market still.
Analysts at Vetiva Dealing and Borakage said, “Despite improvement in market sentiments, the banking sector experienced sell pressure with names like GTCO and UBA closing the day lower.
“We anticipate further profit taking in that space as investors may begin to take profit in recent gainers such as FBNH.”
The market breadth was positive as 17 stocks declined relative to 14 gainers.
Ikeja Hotel recorded the highest price gain of 10 per cent to close at N1.21 per share.
Royal Exchange Assurance followed with a gain of 7.29 per cent to close at N1.03 per share, while NPF Microfinance Bank rose by 7.27per cent to close at N1.77 per share.
Fidelity Bank rose by 4.88 per cent to close at N3.44, while Glaxosmith gained 4.84 per cent to close at N6.50 per share.
On the other hand, UPL led the losers’ chart by 9.62 per cent to close at N2.35 per share.
Chams and Linkage Assurance depreciated by eight per cent and 6.90 per cent each to close at 23k and 54k per share, respectively.
Cutix followed with a decline of 6.25 per cent to close at N2.25 per share while FTNCocoa lost 5.71 per cent to close at 33k per share.
The total volume of stocks traded was 416.47 million units, valued N3.46 billion, and exchanged in 4,466 deals.
Transactions in the shares of Mutual Benefits Assurance led the volume chart with 212.51 million shares valued at N53.12 million.
GTCO followed with 42.51 million shares worth N867.54 million, while United Bank for Africa (UBA) traded 23.99 million shares valued at N179.04 million.
First Bank of Nigeria (FBNH) traded 23.16 million shares valued at N262.18 million, while Accesscorp transacted 22.53 million shares valued at N208.54 million.
The market capitalisation of the Nigerian Exchange (NGX) Ltd., increased by N139 billion to N28.014 trillion from N27.875 trillion posted on Friday.
Also, the All-Share Index (ASI) increase by 0.50 per cent with an increase of 257.24 points to close at 51,962.85 points from 51,705.61 points recorded on Friday.
The market’s performance was driven by sustained investors’ interest in MTN Nigeria, First Bank of Nigeria Holdings (FBNH), Zenith Bank, Okumu Oil, among others.
Consequently, the Year-to-Date (YTD) return rose to 21.65 per cent.
Market breadth closed positive, with 18 gainers and 15 losers.
Transnational Incorporated (ETI) recorded the highest price in percentage terms, with a gain of 9.79 per cent to close at N10.65 per share.
John Holts and Linkage Assurance followed with 9.52 per cent and 9.43 per cent each to close at 69k and 58k respectively.
Okumu Oil and Cornerstone Insurance appreciated by 3.85 per cent to close at 27k per share. Conerstone rose by 6.45 per cent to close at 66k.
Conversely, PZ led the losers’ chart with a loss of 10 per cent to close at N11.25 per share.
Eterna oil followed with 9.33 per cent to close at N6.80, while RTBriscoe depreciated by 6.25 per cent to close at 45k per share.
Ardova dropped 5.09 per cent to close at N13.05, while Nigerian Breweries lost 3.42 per cent to close at N57.95 per share.
Meanwhile, the total volume also traded closed higher with an exchange of 266.51 million shares valued at N2.6 billion achieved in 5,050 deals.
This was in contrast with 156.09 million shares worth N1.83 billion transacted in 4,312 deals on Friday. This represents an increase of 41.82 per cent.
Transactions in the shares of Living Trust topped the activity chart with 64.66 million shares valued at N77.59 million.
Transcorp followed with 31.8 million shares worth N39.66 million, while Accesscorp traded 29.27 million shares valued at N275.17 million.
Oando sold 27.73 million shares worth N162.41 million, while United Bank for Africa (UBA) accounted for 20.61 million shares worth N152.75 million.