Breaking: Why Adenuga’s Globacom Cannot Afford 9mobile

BEVERLY HILLS, January 16, (THEWILL) – These are definitely not the best of times for the flamboyant Nigerian billionaire, Michael Adeniyi Agbolade Ishola Adenuja, Jr as mounting telecommunications debts and Globacom’s expulsion from Benin Republic suggests that he is cash-strapped.

With millions of dollars in unpaid outstanding telecommunication fees due to the federal government of Nigeria, Globacom (Glo), which is wholly owned by the businessman, clearly does not have the cash to acquire 9 mobile (formerly Etisalat), THEWILL can authoritatively report.

Globacom alongside Airtel, Smile Communications, Helios, and Teleology Holdings Limited are the preferred bidders for the troubled 9mobile.

The deadline for submissions of binding offers was set for January 16, 2018 after an initial extension was made at the instance of the Interim Board of 9mobile. The sale process is being managed by Barclays Africa.

A breakdown of Globacom’s indebtedness to the Nigerian Communications Commission (NCC), which THEWILL exclusively obtained shows that the company is yet to pay $282 million dollars for its GSM license renewal fees. Glo’s license, which is renewable every 10 years, expired last year.

Globacom has also been unable to pay over N1.4bn owed the NCC in outstanding fees for the frequency spectrum license that it holds. The fees have been due since November 2017, according to THEWILL checks at the NCC.

How Adenuga plans to raise at least $1bn to acquire 9mobile, which owes a consortium of Nigerian banks about $1.2bn in loans, with its crippling indebtedness to government remains a façade, insiders told THEWILL.

Globacom’s financial troubles have been mounting for a while according to sources familiar with the company’s operations. The company was tossed out of Benin Republic in December after it failed to pay up to renew its operational license. It had more than 1.6 million subscribers as at 2015, according to information on the website of Autorite De Regulation Des Communications Électroniques Et De La Poste (ARCEP)-Benin, the regulator in the border country.

THEWILL also recalls that Globacom holds Nigeria’s second National Operator license and has been able to fund the deployment of fixed land lines as stipulated under the terms of the license due to cash constrains.

Adenuga is not a stranger to controversies. In 2001, his first attempt to acquire a GSM license under his investment vehicle, Communications Investments Limited (CIL) was a complete disaster, costing him to lose his bid deposit of $20m due to his inability to pay the $265m license fees within the timeline set by the government during Nigeria’s first open GSM license auction.

Subscriber statistics from the NCC as at June 2017 places Globacom with about 37m subscribers as the second biggest operator, with MTN coming first with 58m, Airtel with about 34million and 9mobile with about 19m.

The NCC in a recent statement explaining how the winning bid for 9mobile will be announced after dismissing some news reports that Globacom had been chosen as buyer for 9mobile, said the winner will be announced after Barclays has reviewed the bids and made “recommendations to the 9Mobile Interim Board thereafter.”

“The NCC and CBN will be duly notified once the 9Mobile Interim Board accepts Barclays’ recommendations and a winning bid is determined in accordance with the terms of the exercise.

“The winner will now apply to NCC in order to commence the processes for securing the regulatory approvals from the Board of the NCC necessary to give full effect to the transfer.”

NAFDAC to Commence Nationwide Campaign Against Fake, Substandard Drugs

Prof. Mojisola Adeyeye

…To save N200m annually from traveling and meeting grants

Martins Ifijeh

The National Agency for Food Drug Administration and Control, NAFDAC says it will in March this year commence a nationwide campaign against falsified and substandard drugs in Nigeria.

Stating this in a meeting with staff in Lagos recently, the Director General of the Agency, Prof. Mojisola Adeyeye said the campaign will start from six states of the federation, and would be aimed at sensitizing school children and people at the grassroots on the consequences of drug abuse and substandard products and medicines.

She said the Agency will no longer entertain third party purchase of equipment, even as she has moved to save not less than 200 million spent annually on travels and meetings by staff of the agency.

In what appears like a riot act in her nine priority lists, Adeyeye said all was set to align NAFDAC with international standards in medical product regulation to enhance quality testing of medicines and food. “After a tour of the Oshodi and Yaba including the Biologics laboratory in December, I realized that majority of the lab equipment pieces and instruments need repair or replacement.

“Almost all the equipment pieces and instruments including the partially installed ones were purchased from one vendor. No more third party purchase of lab equipment and supplies,” she added.

Adeyeye expressed displeasure that a 810KV generator that was bought in 2014 did not work for even a day while another 1000 KV generator purchased same year never worked for three months with 2X 509 KVA generators.

Pledging that her administration would replace these equipment, she said already, laboratory services’ oversight had been relocated to the DG’s office for proper monitoring.

“We have contacted the vendor that supplied them. We are investigating what went wrong.”

Continuing, Adeyeye said as part of the priority to build a functioning information communication technology, the agency is set to cut down traveling and meeting expenses of staff and channel the resources to repair infrastructure and purchase of equipment
Adeyeye explained that the agency would save at least 200 million annually from travelling and meeting expenses between Lagos and Abuja, if video conferencing is put in place.

“Video conferencing equipment should be installed by February 5, 2018. Already, three vendors bid have been evaluated and equipment will be ordered by January 18.

Regretting that effective communication was virtually non existence in NAFDAC, she directed that all staff of the agency must use NAFDAC.gov.ng for best practices with stakeholders especially overseas partners.

Adeyeye who further announced plans to launch a nationwide campaign against drug abuse and narcotics, substandard and falsified drugs among others.

Explaining that NAFDAC plans to fund Young Pharmacists Group, YPG, of the PSN,she explained that the aim behind the campaign was to sensitize school children and people at the grassroots on drug abuse and substandard medical products.

The Director General further disclosed that the campaign which is expected to commence in March this year, would come up in six different states of the federation.

The states are; Kwara, Anambra, Kano, Osun, Delta, and Lagos.

Adeyeye who highlighted some of the challenges confronting NAFDAC to include lack of funds, infrastructure and equipment, said parts of solutions to current challenges include giving attention to critical needs of the agency. “Many of the priority are budgetary in nature. I have redone our 2018 budget by moving monies to areas of urgent need,” she stated.

Nigerian Stock Exchange suspends trading in 7-Up shares

By Tonye Peterside
George Osodi/Bloomberg via Getty Images

The Nigerian Stock Exchange, NSE, has announced the suspension of trading in shares of 7-Up Bottling Company Plc.

According to a suspension notice dated January 12, the NSE said trading in the shares of 7-Up Bottling Company Plc has been placed on full suspension.

The notice, signed by Godstime Iwenekhai, Head, Listings Regulation Department, said the suspension was necessitated by the need to ascertain the company’s majority shareholder.

“The suspension is for the purpose of determining the shareholders who will qualify to receive the Scheme consideration following the decision of the company’s majority shareholder, Affelka S.A (“Affelka”), to acquire all outstanding and issued shares of 7-Up Bottling Company Plc that are not currently owned by Affelka,” the NSE said in its notice.

It explained that the company’s shareholders passed a resolution to this effect at the Court Ordered Meeting of the company held on Thursday, January 11.

The scheme will result in the voluntarily de-listing of 7-Up Bottling Company Plc from the Daily Official List of The Exchange, the notice said.

Nigerian Stock Exchange trading succumbs to profit taking, index down by 0.33 percent

Activities on the Nigerian Stock Exchange All-Share Index on Friday bowed to profit taking halting the six-day price rally with the All-Share Index dropping by 0.33 per cent.

The News Agency of Nigeria reports that the index lost 142.64 points or 0.33 per cent to close at 42,898.90 compared with 43,041.54 achieved on Thursday.

NAN reports that the market indices had remained upbeat since January following renewed investors confidence.

An analysis of the price movement table indicated that International Breweries recorded the highest price loss to lead the losers’ table, dropping by N2 to close at N60 per share.

Zenith Bank trailed with a loss of N1.75 to close at N31.26, while Flour Mills Nigeria was down by N1.65 to close at N31.35 per share.

Nigerian Breweries shed N1.63 to close at N151.05, while Julius Berger declined by N1.18 to close at N28.22 per share.

Conversely, Nestle topped the gainers’ table with a gain of N39.54 to close at N1,490 per share.

Mobil Oil followed with a gain of N9 to close at N190, while Guinness improved by N3.78 to close at N108.99 per share.

Lafarge Africa increased by N2.30 to close at N56.90, while Stanbic IBTC gained N2.14 to close at N44.94 per share.

A breakdown of the activity chart showed that Transcorp maintained leadership as the most traded, accounting for 222.90 million shares worth N500.12.

Diamond Bank followed with a turnover of 153.46 million shares valued at N418.32 million, while FBN Holdings traded 133.41 million shares worth N1.58 billion.

FCMB Group sold 112.24 million shares valued at N300.11 million, while Fidelity Bank traded 85.92 million shares worth N269.30 million.

In all, investors staked N15.37 billion on 1. 39 billion shares transacted in 11,385 deals compared with 1.62 billion shares worth N17.38 billion in 8,968 deals.

Ex-husband of 72-yr-old British grandma married to Nigerian, 27, BREAKS SILENCE

MR. DONALD NEATE, ex-husband of the 72-year-old British grandmother of six, who married a Nigerian man 45 years her junior, says she will “have to deal with the consequences” of her action at some point.
Neate, 71, is quoted by the Daily Mail of London, as also calling her “quite gullible”.
He said Mrs.Angela Nwachukwu has “got herself into a problem that she will have to deal with.”
Mrs Nwachukwu, from Weymouth, Dorset, is fighting for a visa for new husband CJ Nwachukwu, 27, who she married three months after he added her on Facebook and struck up a conversation.
They live 6437 kilometres (4000 miles) apart and met face-to-face for the first time on their wedding day.
His application for visa to move to Britain to live together with her has been refused even after retired taxi driver Mrs Nwachukwu has spent £20,000 on him, including lawyers to help with the visas and flights to visit him.
Nwachukwu, according to his wife, has already repaid £10,000 of the amount.
Mr Neate and Angela parted ways in 1999, the former lorry driver from Bristol said.
“We separated 18 years ago and haven’t had any contact since,” he said.

Mrs Nwachukwu

“The first time I knew about it was when I read the papers. She has done it now and will have to deal with the consequences.”
Mr Neate has remarried twice since his five-year relationship with Mrs Nwachukwu ended.
Mrs Nwachukwu said she couldn’t help but fall for her lover from Nigeria, when they started talking, and is devastated that their applications for visas have failed.
She said she had been left lonely and isolated after the breakdown of her marriage, six months before they met online.
One day she found a message and a friend request from Mr Nwachukwu, and couldn’t see the harm in striking up conversation.
She said: “He was so handsome, with big, brown eyes and a body to match. We chatted for hours about our families and hobbies. It was like we’d known each other for years. Before I knew it, we were messaging daily.
“Despite our huge age gap, we got on really well. I couldn’t help it and began to develop feelings for him. I tried to stop myself.”

He proposed to her on Skype, and she gleefully accepted.
The pair wed in Lagos, and have since seen each other twice, as she has flown there to visit him.
Mr Nwachukwu has been denied a tourist visa to see his wife, and their applications have been turned down because it’s thought they won’t have financial backing.
Mrs Nwachukwu refuses to accept suggestions that the marriage is a scam.
She is convinced he will be able to get a student visa for a Masters degree in the UK.
British citizens can apply for a Family visa to move their partners to the UK.
The Home Office charges £1,464 for people applying from outside the UK to joining their partners or spouses, and nearly £1,000 for extensions.
Spouses applying to move to be with their partners have to prove they can support themselves and their partners, and they have to have been living with them for two years.
Partners will then be given permission to move for around two and a half years and should extend this after that time.
Mr Nwachukwu has to be able to show he can support himself or be supported to be granted a Marriage Visitor visa, by the rules of the Home Office.
Under the visa for visitors, the trip must be no longer than six months, and applicants should prove they will leave at the end.

Sia clocks 42 – Things you should know about her

Award winning pop star, singer, song writer, record producer and music director Sia Kate Isobelle Furler clocks 42 on Monday 18th December 2017.

Sia who was born in 1975 in Adelaide, Australia, is a pop artist who adds a little bit of Soul and Hip-hop sometimes.

The Australian songstress has been making waves in the music industry over the years due to her unique style of appearance and outstanding voice.  She has this signature of blonde and black wig with either a big bow worn on it or a hat. The wig serves as a covering for her face.

When confronted with the question as to why she covers her face, she replied “music is meant for the ears, not the eyes”.

Before she started covering her face, she showed her face a couple of times in her videos and even on the red carpet.

It is obvious from her pictures, that she is more or less obsessed with red lipsticks and not a fan of accessories.

Sia, in an interview with the National Public Radio (NPR), mentioned that she doesn’t hide her face because she is shy.

Although, in the year 2016, Sia came out as bi-sexual, however in 2015, She got married to filmmaker Erik Anders.

Her marriage to Erik dissolved after two years over irreconcilable differences.

Sia

The pop artist has written numerous songs that were hits in the past years which includes”Cheap Thrills”, “Titanium”(with David Guetta), “Chandelier” “Diamonds” (for Rihanna), “Pretty Hurts” (for Beyonce) and many others. She has collaborated with Zayn Malik, The Weeknd, Celine Dion, Eminem and many others.

The album, “1000 Forms of Fear” debuted at the top of the Billboard 200, selling over 52,000 copies then.

She has also been involved in movies like Annie (2014), Transparent (2015), Zootopia (2017), Lion (2017), Wonder Woman (2017), Fifty Shades darker (2017) providing melodious sound tracks.

As an activist, Sia’s kindness could be seen in her love against aids on World Aids day and LGBT, she campaigns against aid, provide homes for homeless pets (especially dogs) and many other things. It is no doubt that Sia is a lover of dogs as she has pictures of dogs tattooed all over her hands.

As an award winning singer, Sia has been nominated for series of awards and has won many of them. She has won eight APRA Awards, ten ARIA Awards, MTV Video Music Awards among many others.

Sia is known for her stupendous lyrics, poetry, contemporary dances (with Maddie Ziegler as her main muse), weird song titles like Elastic Heart, Hostage, Fire meets Gasoline and so much more.

Cheers to a fabulous new year for the pop artist.

Sia

NSE places 44 companies on red alert

Posted By: Taofik Salako

The Nigerian Stock Exchange (NSE) authorities have placed 44 companies on red alert, raising a caution to investors to beware of underlying corporate governance abuse.

The latest tracker report on corporate governance, regulation and compliance obtained by The Nation at the weekend indicated that 44 companies have pending and unresolved compliance and governance issues that place them below the high standards required of quoted companies.

The report, however, underlined an improvement from the previous number of 49 companies to 44 companies.

The number of companies placed on red alert represents about a quarter of the total number of quoted companies at the NSE.

The report was based on the Compliance Status Indicator (CSI) of the NSE, which uses three-letter code to mark out companies that fall below the post-listing requirements at the Exchange. The tracker is updated regularly with addition of newly deficient companies and release of newly compliant companies.

The  companies under the red-alert warning included Union Bank of Nigeria; Skye Bank; Transcorp Hotels; Resort Savings and Loans; Evans Medical; Academy Press; Nigerian-German Chemicals and Caverton Offsshore Support Group.

A breakdown of the compliance report indicated that about half of the companies were flagged for failure to submit their earnings reports within the scheduled timeline while others were tagged for free float deficiencies, delisting process, restructuring and other compounded regulatory issues.

The flagged companies included Capital Hotel; Chellarams; Interlinked Technology; Infinity Trust Mortgage; E-Tranzact; Omatek Ventures; Roads Nigeria; Multi-Trex Integrated Foods; Aso Savings & Loans; Ekocorp; Ikeja Hotel; Union Homes and Savings; Deap Capital Management & Trust; International Energy Insurance; Afrik Pharmaceuticals; Anino International; African Paints; Goldlink Insurance and Thomas Wyatt Nigeria.

Others included Golden Guinea Breweries; FTN Cocoa Processors; Austin Laz & Company; Daar Communications; Juli; Great Nigerian Insurance; Capital Oil; Union Dicon; Union Diagnostics; Universal Insurance; Premier Paints; Afromedia; Paints and Coatings Manufactures; Tourists Company of Nigeria; DN Tyres & Rubber and Smart Products Nigeria.

The NSE uses 10 codes to tag companies with regulatory and compliance issues in order to draw attention to the unresolved deficiencies as part of efforts to enhance market integrity and ensure investors have full and transparent disclosures to make their decisions

The code-Below Listing Standard (BLS) comprises all deficiencies regarding continuing listing standards. Missed Regulatory Filing (MRF) implies that the company missed regulatory filing deadline. Delisting Watch-list (DWL) relates to companies that have been served with a delisting notice but the delisting process has been put on hold because they have received a stay of action from the Exchange for a defined period during, which they undertake to cure the issues that led to the issuance of the delisting notice. If they fail to cure the issue within the defined period or any extension thereof, the hold on the delisting process will be lifted.

Also, Delisting in Progress (DIP) defines companies that are in the delisting process, mandatory or voluntary. Usually, the delisting process commences with a notice of intention to delist from The Exchange to an issuer, in the case of mandatory delisting, or to the Exchange from an issuer, in the case of voluntary delisting. Awaiting Regulatory Approval (AWR) implies that the companies that are awaiting the approval or no objection of their primary or another government regulator before releasing their audited financial statements.

Other codes included Restructuring (RST), which relates to companies that are in the process of restructuring; Below Listing Standard and Missed Regulatory Filing (BMF), companies that  missed regulatory filing and were below listing standard; Below Listing Standard and Awaiting RegulatoryApproval (BAA), companies with below listing standard and awaiting regulatory approval; Below Listing Standard and Restructuring (BRS), below listing standard and restructuring; Missed Regulatory Filing and Restructuring (MRS), missed regulatory filing and restructuring; and Below Listing Standard, Missed Regulatory Filing and Restructuring (BMR), which defines companies with below listing standard, missed regulatory filing and restructuring codes.

BLACK FRIDAY DRAMATIC FARE CUTS

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IdeaPad 110 Laptop (15)

Lenovo Ideapad 110 (15, Intel)

AFFORDABLE 15.6″ INTEL LAPTOP

Get the features you need without the big price tag from this value-priced laptop: dependable processing power, good memory, lots of storage, an attractive display, and integrated graphics.
  • Features

    Windows 10 Home

    It’s the familiar feel of Windows, only improved. The Start menu is back, better than ever �?expand it, customize it, make it yours. Work with more of the devices you care about, like printers, cameras, USBs, and more. And enjoy additional security features that help to safeguard you against device theft and malicious software.

    Lightning-Fast Web Browsing

    802.11 a/c WiFi connectivity comes standard on the ideapad 110, making it perfect for for blazing-fast browsing, streaming, and downloading. 802.11 a/c WiFi delivers up to 3 times the connection speeds of 802.11 b/g/n.

    Optional Optical Drive

    There’s no need to purchase an external optical drive with the ideapad 110 �?select models come with an integrated DVD/CD-RW drive so you can load programs, listen to CDs, or watch movies offline.

    Plenty of Storage

    With up to 2TB HDD, you won’t have to worry about where to put all your data, videos, music, or photos.

    Smile, Swap, and Sort – in Seconds

    Lenovo Photo Master 2.0 combines a modern photo library with powerful, easy-to-use navigation and editing tools. Now, with features such as Auto Face Replace and Smart Event Sort, you can organize and optimize your photos to perfection.

  • Tech Specs

    Processor
    Up to Intel® Pentium® N3710 Processor
    Operating System
    Windows 10 Home
    Graphics
    Integrated Intel® HD Graphics
    Webcam / Microphone
    0.3MP with Microphone
    Memory
    Up to 4 GB DDR3
    Storage
    Up to 1 TB HDD
    Audio
    Stereo Speakers with Dolby Audio™
    Battery
    24WHr; Up to 3 Hours Video Playback
    Display
    15.6″ HD (1366 x 768) TN
    Dimensions (W x D x H)
    • (inches) : 14.88″ x 10.43″ x 0.9″
    • (mm) : 378 x 265 x 22.9
    Weight
    Starting at 4.8 lbs (2.2 kg)
    Colors
    Ebony Black
    Optical Drive
    Built-in DVD Recordable Drive
    WiFi
    WiFi 802.11 a/c
    LAN
    10/100M
    Bluetooth®
    Bluetooth® 4.0 Combo with WiFi Card
    Ports
    • 1 x USB 3.0
    • 1 x USB 2.0
    • 3.5 mm Combo Audio Jack
    • 1 x HDMI™
    • 1 x RJ45 Ethernet
    • 4-in-1 Card Reader