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Heritage Bank, HIS, Tuchi partner to provide mass transit in Lagos

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Relief is on the way for the estimated over 7 million passengers plying Lagos roads on a daily basis, as Heritage Investment Services Limited (HIS), has signed a memorandum of understanding (MoU) with Tuchi Technologies Nigeria Limited to provide affordable mass transit for commuters in Lagos metropolis, which Heritage Bank Plc is the banker to the project.

Besides HIS and Tuchi, other parties to the MoU are Solola & Akpana, legal advisers; Kedari Capital, financial advisers and Hedgestone Capital Partners Limited, one of the prospective investors in the project.

The affordable mass transit allows passengers to make an e-hailing in order to book for the Lagos State coloured buses in the Lagos metropolis within the state.

In a statement made available by the Divisional Head, Corporate Communications of the bank, Fela Ibidapo, said Heritage bank was focused on achieving its primary role of financial intermediation through intervention in the transportation sector, which will create jobs and bring about economic growth for the State.

According to him, this is a milestone achievement for the bank in supporting the commuting experience; challenges inherent in the sector and social well-being of more than 7million of Lagos residents who rely on public transport daily

Speaking at the signing ceremony in Lagos on Tuesday, Mr. Olusegun Akanji, a director of HIS said the company is an investment vehicle that has committed itself to impact investing to support small and medium scale enterprises (SMEs) in a bid to create new set of businesses that are technologically-oriented.

He said technology is the future of the world in terms of employment generation, wealth creation and economic development.

The director noted that, “If you want to see those indications achieved in the world we are going into now, you need to focus on technology, particularly technology that is mobile driven and this is one of the reasons why are partnering and investing in this new initiative under the brand name, Tuchi Technologies.”

Akanji said HIS would make some significant investment in the company to get it off the ground.

Also speaking, Mr. Patrick Atuche, Managing Director of Purpledot Media, promoters of Tuchi Technologies said they came up with the initiative to solve transportation system problems in Lagos State.

He said the new initiative is a transportation system that would enable commuters to move from one place to another conveniently and comfortably, adding that it will operate like the Uber transportation system, except that it will use buses as its means of transportation.

Atuche said commuters would be able to book a bus from one destination to another by logging into the company’s app on their phones to know where the next available bus is and when it would get to their bus stop.

The managing director who described the operations as convenient and reliable added that initially the buses would operate from Ajah to Oshodi and from Oshodi to Ajah before it would spread to other parts of the metropolis.

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BUSINESS

CBN injects another $210m into Forex Market

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In its latest round of intervention, the Central Bank of Nigeria (CBN) on Tuesday, November 13, 2018, injected the sum of $210 million in the inter-bank foreign exchange market.

Figures obtained from the CBN indicate that the authorized dealers in the wholesale segment of the market received the sum of $100 million while the Small and Medium Enterprises (SMEs) and invisibles segments were allotted the sum of $55 million each.

The Bank’s Director, Corporate Communications Department, Mr. Isaac Okorafor assured that the CBN would continue to sustain liquidity in the forex market. He also expressed optimism that the Naira will continue its strong run against the dollar and other major currencies around the world, considering the stability in the market and robust reserves.

The Central Bank of Nigeria (CBN) had on Friday, November 2, 2018, made interventions to the tune of $337.16million in the retail Secondary Market Intervention Sales (SMIS) and CNY 56.17million in the spot and short-tenored forwards segment of the foreign exchange market.

Meanwhile, the Naira on Tuesday, November 13, 2018 exchange at an average of N360/$1 in the BDC segment of the market.

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BUSINESS

Diamond Bank denies merger, acquisition talks with Access Bank

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Diamond Bank Plc and Access Bank Plc have notified the Nigerian Stock Exchange and the general public that both banks are not in any merger or acquisition talks as being circulated in some media.

The banks, in separate statements to the exchange on Monday, denied the rumours that they were engaged in merger and acquisition talks.

Uzoma Uja, Diamond Bank’s Company Secretary, said it was not in discussion with any financial institution at the moment on any form of merger or acquisition.

Uja said that the attention of Diamond Bank had been drawn to the rumour in the media stating that the bank was purportedly in discussion with Access Bank to acquire the bank.

He said: “We wish to state categorically that the bank is not in discussion with any financial institution at the moment on any form of merger or acquisition.

“We trust that the above clarifies the position of the bank with regards to the rumour on the various media platforms.”

Also, Sunday Ekwuochi, Company Secretary, Access Bank, said the bank had not entered into any such discussion with Diamond Bank or any other institution.

Ekwuochi said: “As a publicly quoted company built on best practice, the bank is fully cognisant of its disclosure obligations in respect of any such corporate action and will always discharge its obligations in the most professional manner.

“Consequently, any statement regarding any such corporate action that is not issued by the bank should be disregarded.”

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Teleology finally takes over 9mobile, names new board

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Teleology Holdings Limited has finally taken over 9mobile.

This is coming 11 months after the company made it to the top five companies making a bid to take over the telecommunications company.

In a statement seen by TheCable, and signed by Mohammed Edewor, Teleology said it “is pleased to announce the constitution of a new Board of Directors for Nigeria’s multi-award-winning telecommunication company, 9mobile”.

This follows “the successful completion of the tenure of the former Board appointed by the Central Bank of Nigeria (CBN) and in fulfillment of the consequential transfer of final ownership to the new investors, Teleology Nigeria Limited”.

“We thank all out-going members of the Board for helping to shepherd 9mobile through the critical transition phase it has passed through since July 2017 and wish them the very best in their future assignments.

“For us, the composition of the new Board of Directors is another significant milestone, and this follows the issuance of final approval of no objection by the Board of the Nigerian Communications Commission (NCC) to the effect that the technical and financial bids Teleology submitted for 9mobile met and satisfied all the regulatory requirements.

“This is indeed the dawn of a new era in the evolution of the 9mobile brand in the Nigerian market”.

The new board of directors is constituted by:

  1. Nasiru Ado Bayero (Chairman)
  2. Asega Aliga (Non Executive Director)
  3. Adrian Wood (Non Executive Director)
  4. Mohammed Edewor (Non Executive Director)
  5. Winston Ndubueze Udeh (Non Executive Director)
  6. Abdulrahman Ado (Executive Director)
  7. Stephane Beuvelet (Acting Managing Director)

Nasiru Ado Bayero, the new chairman, appreciated the telco’s employees and subscribers, who is said should be prepared for best-in-class services forthwith.

“As we begin this new epochal phase, we wish to thank all the employees who built this viable business,” Ade Bayero said.

“Our debt of gratitude also goes to our subscribers even as we assure them to get ready for real best-in-class additional value for their relationship with the 9mobile brand.

“Without you, there could not have been a 9mobile business for us to invest in today. We will justify your confidence in our brand by making significant investments that will improve the value you get for using 9mobile.”

The sale process of 9mobile was initially billed to be concluded on January 16, 2018, following an approval of the extension of the deadline by the Nigerian Communications Commission (NCC) after an initial December 2017 deadline.

Teleology eventually won the final bid, ahead of Airtel, Globacom, Smile, Helios.

The company, 9mobile, formerly known as Etisalat Nigeria was taken over in July 2017 following a N541 billion debt overhang.

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