Connect with us

Business

eTranzact remains innovative, promotes shareholders-focused culture — Abegunde

Published

on

By Philemon Adedeji

The Chairman, eTranzact International Plc, Mr. Wole Abegunde has said the company will remain innovative, and committed to promoting shareholders focused culture through the refinement of various products and solutions.

On this, he noted that it is expected to develop a competitive advantage that provides value to shareholders and customers while reducing the cost of business for the organisation.

Speaking to shareholders at the company’s 18th Annual General Meeting (AGM) in Lagos recently, he disclosed that the company commenced the process of raising additional capital in form of 5,772,225 units of convertible debenture stock at N1,000 units, as part of the plans to ensure compliance with the licensing categorisation and requirements issued by the Central Bank of Nigeria (CBN).

He noted that the capital raising exercise would be utilised significantly for investments in technology, settlement of outstanding liability and working capital.

eTranzact in 2021 financial year reported Profit After Tax of N455.75million and Gross Revenue that increased by 3.79per cent from N22.7billion in 2022 to N23.6billion in 2021.

The Chairman, commenting on the 2021 performance, said, “The impressive performance was underlined by the increased drive of the company’s core switching business. The management of the company are consolidating on the gains achieved in 2021 to further improve the company’s performance, market share and competitive advantage.”

On strategic positioning, Abegunde said the management understands the benefits of strategic alliance and potential business opportunities these can create for t-e company and shareholders.

“We have fostered new relationships, enhanced and deepened existing ones and explored newer opportunities within our ongoing associations and existing partners.  We are positive that our alliances will lead to improved performances in years ahead,” he said.

He, however, added that the company is poised and committed to be a regional leader in the medium term and in the long term, a global leader in the electronic and mobile payment industry.

“To this end, we will continue to deliver secure, cost effective and innovative electronic and mobile payment services that are compliant with globally recognized standards.”

The Managing Director, eTranzact International, Mr. Olaniyi Toluwalope, at the meeting said the company had a satisfactory 2021 performance, attributing it commitment of board of directors, management, and staff working extremely hard against all odds and exceptionally delivering on their tasks.

He disclosed that the company has developed a roadmap as the first step towards the restructuring of its licenses, as an offset of CBN guideline(s) on license categorization.

“In line with the apex bank’s arrangement, the company is expected to operate and hold the current license under the Holding Company, Switching company and Mobile Money company arrangement. The process is still at the preliminary stage and a scheme of arrangement is expected to be submitted for regulatory approval in the coming weeks,” he said.

He noted that eTranzact International continued to expand into other sectors and explore the available opportunities.

“eTranzact will make the most and seize the opportunities that abound for the payment industry in Nigeria. We are motivated to make digital payments a lifestyle, a world without the limitations of time and place,” Toluwalope.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Bitcoin price dips below $64,000 amid cryptocurrency slump

Published

on

The price of Bitcoin, a cryptocurrency platform, fell below $64,000 on Thursday morning, with over $209 million in crypto-bullish positions wiped off as the market slumped overnight.

According to Decrypt, data from Coingecko disclosed that Bitcoin is selling at $63,700, down by a whopping 4 per cent in a single day.

Bitcoin is not alone in its slump; the broader crypto market also slumped, with the combined market capitalisation of all cryptocurrencies dropping by 4.7 per cent overnight.

Ethereum, the second-largest cryptocurrency by market capitalisation, also slumped like Bitcoin, down by 5.3 per cent over the past 24 hours, with its price hovering around $3,090.

Among the top 10 cryptocurrencies, Toncoin (TON) has seen the biggest dip, down 10.1 per cent over the past 24 hours to trade at $5.21.

The market dip saw over $209 million worth of crypto-long positions liquidated, according to CoinGlass data. Similarly, about 52 million in Bitcoin Long Positions were also liquidated.

The current dip comes as inflows into Blackrock’s spot bitcoin ETF dried up, ending a 71-day streak of consistent inflows, making it break into the top ten for the longest ETF daily inflow streaks since 2004.

Across the board, according to CoinGlass data, Bitcoin spot ETF outflows hit $120.6 million after three consecutive days of inflows.

This follows Hong Kong spot Bitcoin and Ethereum ETFs getting officially approved yesterday, with a trading date set for April 30.

Experts believe that as much as $25 billion could be brought into the crypto market should exchange-traded funds be opened to investors in mainland China.

The much-anticipated Bitcoin Halving event occurred over the weekend. This event has always been bullish over the long term but it comes with some short-term losses.

Since Bitcoin’s high of $65,230 on the day of the halving, the leading cryptocurrency has dropped 2 per cent as it dipped below $64,000.

Continue Reading

Business

Nigerians to pay more as Multichoice Nigeria hikes Dstv, Gotv subscription fees by 25%

Published

on

Multichoice Nigeria, a prominent Pay-TV operator, has once again announced a price increase for its DStv and GOtv packages, this time by at least 25 percent.

This marks the third increment since last year, following the initial adjustment implemented on May 1, 2023.

Multichoice stated that the latest increase will take effect from Wednesday, May 1, 2024. While last year’s increment ranged between 19 percent to 20 percent depending on the bouquet, the company is now announcing a 25 percent to 26 percent increase across its packages.

The new subscription fees were communicated to customers via an email titled “Price Adjustment on DStv and GOtv Packages” on Wednesday, April 24, 2024. Below is an excerpt from the email message that subscribers received.

On Wednesday, 1 May 2024 we will adjust our prices across all our packages on OStv and GOtv. We understand the impact this change may have on you – our valued customer, but the rise in the cost of business operations has led us to make this difficult decision.

 It remains our mission to provide the best entertainment and viewing experience to you and are committed to continue to deliver high-quality content and unparalleled service.

“So, from Wednesday, 1 May 2024, the price adjustment will take effect as follows.”

According to the notice sent to its subscribers, customers on the DStv Premium package will see their monthly subscription fee increase to N37,000 starting from May 1, marking a 25.4 percent rise from the current N29,500.

 Similarly, the price of the Compact+ bouquet has been raised to N25,000 from N19,800 per month, reflecting a 26.2 percent increment.

DStv has also announced that subscribers on its Compact bouquet will now pay N15,700, up from the current N12,500, representing a 25.6 percent increase. Meanwhile, those on the Confam package will face a 25.6% hike as their monthly subscription rises to N9,300 from N7,400.

 Under the new pricing structure, viewers on the DStv Yanga bouquet will be charged N5,100 for their monthly subscription, marking a 21.43 percent increase over the current N4,200 fee.

Multichoice has announced price increases across its GOtv packages. Customers on the Supa Plus package will now pay N15,700, marking a 25.6 percent rise from the current price of N12,500. Similarly, the Supa bouquet will see its price increase to N9,600 from the current N7,600.

For the GOtv Max subscription, the new price is N7,200, up from N5,700, while the Jolli package will now cost N4,850, compared to the current price of N3,950. Multichoice has also adjusted the price of its lowest GOtv package, Jinja, which will now be N3,300 monthly instead of the current N2,700.

Although Multichoice Nigeria is yet to issue any statement regarding the factors behind the recent price review, Nigeria’s inflation increased to 33.2 percent.

Continue Reading

Business

BPE seeks collaboration with NLC on privatisation process

Published

on

By Matthew Dennis

The Bureau of Public Enterprises (BPE), under the leadership of the Acting Director General, Mr. Ignatius Ayewoh, recently paid a courtesy visit to the President of the Nigeria Labour Congress (NLC), Comrade Joe Ajero, to seek collaboration with the Labour Union in the ongoing reform and privatisation program of the Federal Government.

This is contained in a statement signed by Head, Public Communications, Amina Tukur Othman, and made available to NewsDirect on Tuesday.

The statement stated that Mr. Ayewoh emphasised the importance of collaboration with the labour unions to ensure the welfare of workers during and after government agency reforms. He expressed gratitude to Mr. Ajero and the Union for their past support and urged them to continue partnering with the Bureau, particularly as members of the Technical Committee (TC) of the National Council on Privatisation (NCP).

Highlighting BPE’s previous successes in various sectors of the Nigerian economy such as telecoms, banking, Eleme petrochemical, and port terminal concessions, Mr. Ayewoh stated that the Bureau’s current strategy is focused on implementing Public Private Partnership (PPP) and concessioning in its transactions.

Furthermore, Mr. Ayewoh informed Mr. Ajero that BPE is working closely with the Accountant General’s Office to ensure the payment of all outstanding severance liabilities arising from the 2013 privatisation of the power sector, in accordance with agreements made with labour unions.

In response, Mr. Ajero thanked the Ag. DG for the visit and pledged the collaboration of the NLC with the Bureau in its reform activities.

It is worth noting that, in 2023 the BPE, along with other sister agencies, conducted a verification exercise for the payment of the agreed 16-month severance benefits to former staff of the defunct Power Holding Company of Nigeria (PHCN), including certified Next-of-Kin (NOK) of deceased ex-staff. The exercise took place in twelve designated centres over four phases across the country.

Continue Reading

Trending