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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

Airtel rolls out 4G LTE in Anambra State

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·        4G Service now live in Onitsha, Awka, Nnewi, other key towns

 

Airtel Nigeria today reaffirmed its positioning as a leading mobile Internet services provider as it announced the deployment of 4G LTE (Long Term Evolution Service) in Onitsha, Awka, Nnewi and other major cities and towns in Anambra State.

Airtel says the switch to an upgraded 4G network in Anambra will boost trade and commerce; empower entrepreneurs, improve productivity, enhance personal effectiveness as well as enable telecoms consumers in Anambra to connect to their dreams.

Speaking during a launch event at Soprom Hotel in Onitsha, on Wednesday, 19th September, Regional Operations Director – South Region, Dapo Dosunmu, who represented the Chief Executive Officer & Managing Director of Airtel Nigeria, Segun Ogunsanya, said the 4G roll-out reaffirms Airtel’s commitment to empower more Nigerians, stimulate economic activities across all sectors as well as provide unfettered access to affordable and reliable mobile Internet services in Anambra.

“Today, we are unveiling our 4G service in Onitsha, Awka, Amawbia, Nkpor, Obosi, Ogidi, Ogbunike, Umuoji, Nsugbe, Onitsha and Nnewi. With this launch, we will power people, businesses and aid governance through technology.

“Specifically, our 4G launch in Onitsha will help boost commerce and also provide entrepreneurs a veritable platform to connect with more stakeholders,” he said.

Also speaking at the event, the Deputy Governor of Anambra State, Dr. Nkem Okeke, commended Airtel Nigeria for modernizing its network infrastructure in Anambra State.

“This event calls for celebration as Airtel’s current upgrading and modernizing of its network infrastructure across manor cities has come into Onitsha, the major commercial city in Anambra State.

“It is my sincere hope that the Board and Management of Airtel will continue to be committed to the empowerment of Nigerians in general and Ndi Anambra in particular; advancing the telecommunications’ infrastructure that stimulates accelerated economic activities across all sectors as well as provide affordable and reliable mobile network to your teeming customers.”

The event was attended by several dignitaries including Igwe Mike U.N Okonkwo Etusi, Owelle of Eziowelle; Onowu Eziowelle, Obi J. Akukwe; Dr. Charles Nwufor, Senior Special Assistant to the Deputy Governor of Anambra State (Special Duties); Nze Uche Nwora, Managing Director & Chief Executive Officer, Anambra Broadcasting Service; Chief Ikechukwu Ekwegbelu, Chairman, Main Market, Osha and Desert Explorer, Chief Newton Jibunoh.

Airtel prior to the Onitsha 4G launch had unveiled its 4G LTE services in Ibadan and Abuja earlier in the year.

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Forex: CBN intervenes again with $210m

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The Central Bank of Nigeria (CBN) has again intervened in the inter-bank Foreign Exchange Market to the tune of $210 million.

According to the figures obtained from the CBN on Tuesday, September 18, 2018, the Bank offered $100million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment received the sum of $55 million. Customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated the sum of $55 million.

Confirming the figures, the Bank’s Director, Corporate Communications Department, Mr. Isaac Okorafor reiterated the Bank’s commitment to continue to intervene in the country’s interbank foreign exchange market. Mr. Okorafor assured that the apex Bank will continue to ensure liquidity in the market and sustain the stability in the market.

It will be recalled that on Tuesday, September 11, 2018, the Bank injected the total sum of $303.91 million and CHY46.58 million into the spot and short tenored forwards of the inter-bank foreign exchange market with.

Meanwhile, the Naira, on Tuesday, September 18, 2018 exchanged at an average of N361/$1 in the BDC segment of the market.

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BUSINESS

FBNQuest supports cancer awareness campaign in Nigeria

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In line with its commitment to deliver impactful community focused initiatives, FBNQuest Merchant Bank, the investment banking and asset management subsidiary of FBN Holdings Plc has continued to drive partnerships with reputable institutions to implement financial literacy programs, women empowerment initiatives, as well environmental and social projects as part of its Corporate Responsibility & Sustainability focus.

In furtherance of this, FBNQuest Merchant Bank joined the 2018 NSE Corporate Challenge to support the fight against cancer. The event was a one-day competitive 5-kilometer race aimed at creating awareness on early detection and fundraising for the cause. Proceeds from this year’s Corporate Challenge are planned towards the provision of free cancer treatment and screening facilities across Nigeria with the purchase of Mobile Cancer Centres (MCCs).

Through this sponsorship, FBNQuest Merchant Bank reaffirms its position as a socially conscious organisation. In the financial literacy space, the organisation trained over 1,800 students at secondary school level on the importance of saving and investing by leveraging platforms such as the Global Money Week and World Savings Day in support of the Central Bank of Nigeria (CBN) financial literacy goals.  Its activities also extend to female economic empowerment and capacity building seen in support for the Women in Management and Business (WIMBIZ) annual lectures and conferences, which facilitate strategic discourse and highlight growth opportunities for women in an ever-changing economic landscape.

In support of education & skills development, the Bank recently partnered with the Teach First Nigeria (TFN) Training Institute, which recruits outstanding university graduates and young professionals of all academic disciplines to teach as full time teachers (Fellows) in underserved and low income schools. Through the program, Fellows will gain exposure to the realities of Nigeria’s education system, identify their role in building a wider movement for educational equity, and ultimately expand education and life opportunities for Nigeria’s most marginalised students.

Speaking on the organisation’s Corporate Responsibility & Sustainability footprint, Lolade Sasore, Head Communications and Knowledge Engagement at FBNQuest Merchant Bank said, “We have consistently supported the NSE Corporate Challenge, which is commendably in its 5th year, as it remains a strong platform committed to addressing cancer as a critical health issue.

“We have been proud to partner with them and other worthy causes over the years, and will ensure that we continue to develop and seek new partnerships that will increase our impact and contribution to society as a responsible corporate citizen. ” she added.

The NSE Corporate Challenge is an annual race which employees from organisations listed on the Nigerian Stock Exchange (NSE) as well as the capital market community are invited to participate. The Challenge is a CSR initiative of the NSE, which is aimed at promoting health & well-being in our operating community, while offering a platform for promoting teamwork and networking among industry players.

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