Sterling Bank Plc and Nexford University, a United States-based next generation online university, have announced a new partnership that will create a global emerging markets’ talent pipeline known as “Fund Your Future” as part of Nexford’s wider ‘Learn to Earn’ for emerging markets.

Divisional Head, Health and Education sectors, Sterling Bank, Mr. Obinna Ukachukwu, said the programme was designed to solve three major challenges of enabling employers to find qualified entry level talent, helping students with affordable access to university and giving students the skills they need to actually get jobs.

“In the World Economic Forum’s index, Nigeria scored 44 per cent on human capital development when measured by skills acquisition, trailing the sub-Saharan African average of 55 per cent by 11 per cent. Also, Nigerian employers face the most difficulties in filling managerial, professional and technical jobs due to lack of skilled applicants,” Ukachukwu said.

According to him, the index also showed that 50 percent of Nigeria’s high school graduates failed to gain admission into local universities and other institutions of learning while employers across emerging markets struggle to find qualified entry-level talent and are forced to invest in expensive and time-consuming training.

He added that a McKinsey survey of young people and employers in nine countries, including major developing countries, showed that 40 percent of employers noted a lack of skills was the main reason for entry level job vacancies while 60 percent said new graduates were not adequately prepared for the world of work.

“The benefits of the partnership for Sterling Bank are multiple. First is access to student talent. The students are given an education specifically tailored to the bank’s corporate needs. This saves Sterling Bank money on current early stage training to upskill graduates to the required level. Nexford’s competency-based curriculum also provides Sterling Bank with multiple data points to evaluate applicants’ qualifications, thus saving time on filtering large numbers of applications and the wider recruitment process” Ukachukwu said

He said the students will also benefit as Sterling Bank will be playing two roles of helping the students to underwrite loans to fund their tuition fees with Nexford. This will protect them against fluctuations in foreign exchange and put them in control of their finances.

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He said Sterling Bank will also provide the students with partial scholarships and internships during their studies, in addition to post-graduation job opportunities.

The wider context is that in markets such as the US, employer-funded education has grown significantly with $82.5 billion spent on upskilling in 2020 alone. The World Economic Forum also stated that one billion workers will need to be reskilled by 2030. While the need for upskilling globally is significant, the availability of a young population across emerging markets means their economies would face significant shortages of qualified entry level talent.

Fadl Al Tarzi, CEO of Nexford University shared “We are delighted to partner with an institution privileged to have such forward thinking leadership. This is a perfect match and surely the first of many such partnerships.

He said in each market, Nexford will partner organisation so that employers will identify the skills they need and Nexford will identify the programmes to deliver those skills. When learners complete the programmes, they will have a far greater chance of gaining employment.

Country Director of Nexford University, Olamidun Majekodunmi said:  “Our partnership with Sterling Bank is a perfect example of how Nexford is helping to bridge gaps between employers and higher education. We are committed to making access to qualified talent far easier for employers while making education more accessible and relevant for learners.”

last year, the university launched its ‘Nexford for Business’ programme, focused on reskilling and upskilling employees. Employers of large number of workers such as Dangote Cement in Nigeria, Indosat in Indonesia and Hassan Allam Holding in Egypt have already partnered Nexford to upskill their employees.

Launched in 2019, Nexford leverages machine learning and Artificial Intelligence (AI) to create a data and skills-driven curriculum, specifically designed to match employers’ needs with its graduates’ skills. It has learners enrolled from over 65 countries and has partnerships with Microsoft, LinkedIn Learning and IBM to provide access to tools, courses and programmes to enrich the learning experience.

Nigerian equities closed weekend upbeat ahead of other major global stock markets with increased demand for Nigerian shares fuelling a four-day rally that left investors with net capital gains of N371 billion.

Nigerian sovereign equities index closed above returns by several tracked global advanced and emerging stock indices.The global stock market outlook was positive during the week as investors weighed more heavily on global bull points including United States’s $1.2 trillion infrastructure spending, Europe’s good corporate earnings and global inflation data.

The All Share Index (ASI)- the value-based index that tracks all share prices listed on the Nigerian Exchange (NGX) Limited; posted average return of 1.83 percent; equivalent to net capital gain of N371 billion

Global stocks also showed a generally positive performance at the weekend. In United States, the Dow Jones Industrial Average rose by 0.8 per cent while the S & P inched up by 0.5 percent. United Kingdom’s FTSE 100 Index appreciated by 1.3 percent while the larger STOXX Europe trailed by 1.2 per cent. In Asian, Japan’s Nikkei 225 rose by 0.6 percent while china’s SSE rallied by 1.7 per cent.

The ASI rose from the week’s opening index of 38,810.75 points to close weekend at 39,522.34 points, representing average return of 1.83 per cent. The week’s rally nudged the gains by Nigerian equities so far this month to 2.53 per cent. This also moderated the negative average year-to-date return to -1.86 per cent.

Aggregate market value of all quoted equities on the NGX rose from the week’s opening value of N20.221 trillion to lose weekend at N20.592 trillion, an increase of N371 billion or 1.83 per cent.

The rally at the market was driven by investors’ appetite for banking oil and gas and consumer goods stocks with the banking sector index leading the rally with average return of 0.49 percent. The NGX Oil and Gas Index posted average gain of 0.43 per cent while the NGX Consumer Goods Index appreciated by 0.30 percent.

The momentum of activities also improved considerably with a total turnover of 1.61 billion shares worth N12.59 billion in 18,622 deals last week compared with a total of 989.593 million shares valued at N8.183 billion traded in 19,617 deals two weeks ago.

Read Also: Nigerian equities lose N516b amid global rally

The bank-led financial services industry led the activity chart with 584.793 million shares valued at N3.728 billion in 8,658 deals; thus contributing 36.32 percent and 29.62 percent of the total equity turnover volume and value. The consumer goods industry followed with 525.860 million shares worth N3.655 billion in 3,553 deals while natural resources industry placed third with a turnover of 250.928 million shares worth N1.376 billion in 72 deals.

Industrial and manufacturing stocks were the most active stocks with Honeywell Flour Mill Plc, BOC Gases Plc and Flour Mills Nigeria Plc emerging the three most active stocks. The three stocks accounted for 724.067 million shares worth N 3.909 billion in 1,061 deals, contributing 44.97 percent and 31.06 percent of the total equity turnover volume and value.

Also, a total of 28,938 units of Exchange Traded Products valued at N949, 074 were traded in 13 deals compared with a total of 17,550 units valued at N34.012 million traded in 36 deals two weeks ago.

At the bonds market, a total of 139,062 bond units valued at N139.702 million were traded in 19 deals compared with a total of 702,021 units valued at N709.343 million traded in 17 deals penultimate week.There were 29 gainers and losers each during the week as against 23 gainers and 36 losers recorded in the previous week. Honeywell Flour Mill recorded the highest gain of 28.13 per cent to close at N2.05 per share Juli recorded the highest loss of 18.02 percent to lose at 91 kobo per share.

Analysts were cautious on the outlook at the stock market with shares expected to trade within the mix of profit-taking and bargain-hunting.

Analysts at Cordros Securities said they expected investors to be focused on the bond auction scheduled to hold on Wednesday as they keep an eye on the movement of yields in the fixed income market.

“As a result, we envisage cautious trading amid intermittent profit-taking. Notwithstanding, we advise investors to take positions in only fundamentally justified stocks as the unimpressive macro story remains a significant headwind for corporate earnings,” Cordros Securities stated.

Analysts at Afrinvest Securities said they anticipated “a mix of profit taking and bargain hunting activities as the first half earnings season winds down”.

A significant growth in its Nigerian revenue spurred Airtel Africa Plc to a strong performance in the first quarter of its current business year.

Despite a slowdown in customer base growth due to new SIM registration regulations in Nigeria, Airtel Africa saw strong revenue growth across all regions with Nigeria rising faster at 38.2 per cent. East Africa rose by 32.8 per cent while Francophone Africa grew by 24.9 per cent.

The three-month report for the period ended June 30, 2021 showed that revenue also grew across key services, with revenues for voice up 26 per cent, data up by 37.4 per cent and mobile money up 53.7 per cent.

The group reported revenue growth of 30.7 per cent to $1,112 million, with constant currency growth of 33.1 per cent. Revenue growth partially benefitted from a weakened quarter in the prior year during the peak of COVID-19 restrictions across the region. Even after adjusting for these effects, revenue growth rates for the group, service segments and reporting regions were all ahead of fourth quarter ended March 2021 trends.

The report showed that underlying earnings before interest tax depreciation and amortisation (EBITDA) grew by 42.4 perent to $534 million in reported currency, while currency growth was 46.2 perent.

Underlying EBITDA margin was 48 perent, an increase of 396 basis points led by both revenue growth and improved operational efficiencies.

Operating profit was $352 million, up by 67.6 perent in reported currency and 73.9 perent in constant currency.

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Profit after tax more than doubled to $142 million, an increase of 148.7 perent, largely due to the higher operating profits along with stable net finance costs which more than offset the increase in tax charges due to increased profits.

Basic earnings per share (EPS) was 3.3 cents, an increase of 200 perent, as a result of higher profit and stable finance costs and foreign exchange. EPS before exceptional items was 3.2 cents. Operating free cash flow was $428 million, up by 38.7 perent.

Customer base grew by 8.4 perent to 120.8 million, with increased penetration across mobile data- customer base up 14.8perent; and mobile money services-customer base up 24.6 perent. The slowdown in customer base growth was due to new SIM registration regulations in Nigeria; excluding Nigeria the customer base grew by 15.9 perent.

Chief Executive Officer, Airtel Africa, Raghunath Mandava noted that revenue growth rates for the group, service segments and reporting regions were all ahead of previous quarter trends.

He said the group posted strong double-digit growth across voice, data and mobile money and across all its regions.

“In these challenging times our business model has so far proven resilient, but we continue to monitor the situation closely for the potential impact on local economies and consumers.

“Our total customer base has returned to growth with acceleration in our East Africa and Francophone regions and despite continuing negative net additions in Nigeria. With the easing of these restrictions in late April we have since been able to gradually increase locations for activations in line with regulatory compliance across Nigeria, and we have begun adding new customers.

“Our continued focus on modernisation and rollout of our network, along with simplifying our products and improving our distribution, have all helped us to make handsome gains on our ARPUs across voice, data and mobile money. Our robust operating model and solid execution should enable us to continue our profitable growth.

“We continue to see huge potential across voice, data and mobile money due to the low penetration levels in Africa, as we continue to partner the nations in bridging the digital divide and enhancing financial inclusion. We remain committed to continue to efficiently and effectively deliver services that help to improve the lives, communities and economies we serve,” Mandava said.

Sterling Bank Plc has launched a new loan product to further bridge the gap in financial inclusion and deliver customer-centric solutions for its diversified customer base.

The product, ’I Go Trade’ provides artisans and other small business owners across communities with quicker access to low-interest and collateral-free loans up to N300,000.

Divisional Head, Retail and Consumer Banking, Sterling Bank Plc,  Shina Atilola,  said the loan affords beneficiaries the luxury of financial flexibility, allowing them to obtain the funds needed to acquire inventory, working capital, and other assets needed to stay afloat and ultimately yield sustainable profit.

He explained that the product was specifically designed to cater to the needs of artisans and micro-traders living in marginalised communities.

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According to him, the bank recognised the growing need for these groups of people to gain easier and quicker access to loan products.

“Across many institutions nationwide, getting a loan requires stringent processes and heavy paperwork which several small business owners find discouraging.

“With ’I Go Trade’, this process has been drastically simplified. Customers, especially small business owners, traders, and artisans can get loans at low-interest rates with no collateral and without having to physically visit the bank. This will give them the opportunity to expand their businesses and provide for their daily needs,” Atilola said.

He said the bank has also made the repayment process straightforward and convenient, allowing customers to pay back on a daily or a weekly basis. Customers can access ’I Go Trade’ by engaging any Sterling agent nearest to them.

Access bank Plc has empowered 74,000 Access Closa agents to provide financial services to customers across Nigeria in line with its mission to deliver superior value to its customers and provide innovative solutions for the markets.

With the Access Closa Agents spread across the 774 Local Government Areas of the country, the bank aimed at significantly growing access to finance and banking services to millions of previously unbanked and underbanked Nigerians.

The agent banking also provided alternate streams of income for micro, small and medium enterprises ( MSMEs) while promoting financial literacy. It also advanced Access Bank’s ambition to bank one in every two Nigerian by 2025.

Senior Banking Advisor, Retail, Access Bank Plc, Robert Giles,  said the exponential growth of Access Bank’s agent network was part of the bank’s promise to ensure easier and safer access to financial services for every Nigerian.

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According to him, as a bank driven by innovation, Access Bank must deliver better outcomes for customers in terms of speed, security and service to enhance customer experience in all the locations that we operate.

“With the recent mapping of  over 70,000 Access Closa Agents, customers and non-customers of the Bank who are travelling for Business, events or to visit loved ones in any location in Nigeria will continue to enjoy uninterrupted banking services as our Closa agents are available in several rural and semi-urban locations across the country.

“They can also access financial services from a Closa agent near them, by simply searching for “Access Closa Agent”  on Google Map instead of walking long distances in search of a branch,” Giles said.

Head, Agency Banking, Access Bank Plc, Tolulope Oyeyipo said the Access Closa agent network is a bespoke channel through which Access Bank expresses her passion and commitment to broadening the opportunities and access to financial services for every Nigerian and African, irrespective of where they might be.

“With over 70,000 agent locations spread across every neighborhood in the country, we are making sure our customers and indeed customers of other banks can enjoy seamless banking services close to where they live and work, in a safe and convenient manner. By offering basic financial services such as cash withdrawal, cash deposit, bill payments and account opening, our continuously growing agent network is increasingly making the need to visit a bank branch unnecessary for everyone. We are committed to being at the forefront of providing digital financial services in Nigeria,” Oyeyipo said.

Oyeyipo assured that Access Bank remains committed to delivering more than banking solutions to its customers leveraging the power of technology noting that the geographical location tagging of Access Closa agents on Google Maps through internet-connected devices is one more way the bank is living up to its brand promise as it will assist customers and non-customers of the bank locate and access Closa agents within their communities, truly bringing financial services closer to the people.

Oyeyipo added that Access Bank has over the years leveraged technology including advanced analytics, cloud computing, artificial intelligence, machine learning and robotics process automation to reform business operations and drive performance to improve customer experience.

Fifteen quoted companies on the Nigerian Exchange (NGX) Limited have signed on to a coordinated programme to advance gender parity in their organisations

These companies included Access Bank Plc, Sterling Bank Plc, Ecobank Transnational Incorporated (ETI), AIICO Insurance, Ardova Plc, Flour Mills of Nigeria Plc, Lafarge Africa Plc, Stanbic IBTC Holdings Plc, Airtel Africa Plc, MTN Nigeria Communications Plc, UACN Plc, Cadbury Nigeria Plc, Red Star Plc, Transcorp Hotels Pl and Union Bank of Nigeria Plc.

The NGX at the weekend rallied the private sector towards closing gender gaps across employment and entrepreneurship with the launch of the Nigeria2Equal Peer-Learning Platform and Gender Gap Assessment Report, themed, Gender Equality in Nigeria’s Private Sector. The virtual launch was held in collaboration with the International Finance Corporation (IFC).

The event also served as the formal launch of the Nigeria2Equal Peer-Learning Platform and on boarding of the 15 participating companies who have made commitments to improve gender equality in the areas of women employment, entrepreneurship and advocacy within their respective companies.

The launch of the Peer-Learning Platform and Gender Gap Assessment Report are part of the collaboration between NGX and IFC for the Nigeria2Equal programme which was flagged off via a webinar themed “Gender Implications of COVID-19: Supporting Women as Employees in the New Normal”  in May, last year.

The Nigeria2Equal programme is regarded as the first multi-stakeholder country project focused on reducing gender gaps in Nigeria’s private sector companies. The two and half year programme aims to reduce gender gaps in Nigeria’s private sector through research and sharing of best practice case studies as part of a Peer Learning Platform, as well as firm-level advisory support to help companies implement gender action plans.

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The Gender Gaps Assessment Report is an independent review of the 30 most capitalised companies listed on NGX’s Premium and Main Boards, using the proprietary Equileap Scorecard™. The report investigates the extent of gender gaps in Nigeria’s private sector, establishes best practices, or challenges, for closing gender gaps, and provides a basis for participating companies to identify top priority areas to address through the implementation of the Nigeria2Equal program. It sets the context for the Nigeria2Equal Peer-Learning Platform by providing market specific data on the evidence for the business case while highlighting priority issues that promote or hinder women’s participation as leaders, employees, and entrepreneurs.

Speaking during the virtual launch, Group Managing Director and Chief Executive Officer, NGX Group, Mr Oscar N. Onyema, said as the first multi-stakeholder country project focused on reducing gender gaps in Nigeria’s private sector companies, Nigeria2Equal is unique in its design to ensure a quantitative approach to improving gender equality amongst the participating companies through carefully curated research. In addition, the programme’s approach to celebrating industry best practices and promoting the application of gender-smart solutions at the firm and sector level are best in class and will be celebrated for years to come.

Chief Executive Officer, Nigerian Exchange (NGX) Limited, Mr. Temi Popoola, said NGX has gender equality embedded at the core of its working practices and we are excited to become the first exchange in Africa to galvanize private sector participation in closing gender gaps across employment and entrepreneurship.

He said the Nigeria2Equal (“N2E”) program comes as a strategic initiative designed to support the private sector in increasing women’s participation in employment and entrepreneurship through favourable workforce policies.

“Through the Nigeria2Equal initiative, we are working with CEOs of private sector companies listed on NGX, who are committed to implementing gender-smart solutions to reduce gender gaps across leadership, employment and entrepreneurship. By conducting market research and publishing studies, such as this report, we are providing strong evidence on the important role women play in the country’s private sector, helping companies to identify gaps and constraints, and ultimately invest in reducing those gaps” said Kalim M. Shah, IFC’s Senior Country Manager for Nigeria,” Popoola said.

By Taofik Salako, Deputy Group Business Editor

Nigerian equities closed weekend with a net capital gain of about N137 billion as investors struck 19,617 deals at the main stock market.

Benchmark indices at the stock market showed a slowdown in momentum of activities but intense bargain-hunting for Nigeria’s second largest telecommunications company-Airtel Africa Pl c and oil and gas major- Conoil Plc rallied the overall market to a positive closing.

The All Share Index (ASI)- the value-based common index that tracks all share prices at the Nigerian Exchange (NGX) Limited closed the week with average gain of 0.68 per cent, equivalent to net capital gain of N137 billion. This moderated the negative average year-to-date return to -3.63 per cent.

Aggregate market value of all quoted equities increased from the week’s opening value of N20.084 trillion to close weekend at N20.221 trillion. The ASI had risen from its opening index of 38,547.08 points to close weekend at 38,810.75 points.

With all sectoral indices closing negative, the positive overall market position was driven largely by gains recorded by Airtel Africa, which rose by 5.69 per cent or N35 to lose weekend at N650 per share and Conoil, which rose by 10 per cent or N1.85 to close at N20.35 per share.  There were 23 gainers against 36 losers during the week.

Read Also: Investors gain N334 billion amid earnings rally

A total turnover of 989.593 million shares worth N8.183 billion were traded in 19,617 deals last week as against a total of 1.374 billion shares valued at N11.823 billion traded in 22,982 deals two weeks ago.

The financial services industry led the activity chart with 603.656 million shares valued at N3.864 billion traded in 9,337 deals; thus contributing 61 per cent and 47.22 per cent   to the total equity turnover volume and value. The conglomerates industry followed with 102.233 million shares worth n133.987 million in 846 deals. The third place was consumer goods industry, with a turnover of 80.979 million shares worth N1.250 billion in 2,902 deals.

Trading in the top three equities namely Transnational Corporation Of Nigeria Plc, Sterling Bank Plc and FBN Holdings Plc accounted for 210.187 million shares worth N554.388 million in 1,414 deals, contributing 21.24 per cent and 6.77 per cent to the total equity turnover volume and value respectively.

A total of 17,550 units valued at N34.012 million were traded last week in 36 deals compared with a total of 12,242 units valued at N911,149.30 traded in 17 deals two weeks ago.

Also; a total of 702,021 bond units valued at N709.343 million were traded last week in 17 deals compared with a total of 29,324 bond units valued at N30.799 million traded in 12 deals penultimate week.

By Nduka Chiejina (Assist. Editor), Abuja

Norrenberger, an investment firm, has advised investors to take advantage of current high yield in treasury bills.

Head of Asset Management, Norrenberger, Abigail Utomi, who spoke at the launch of Norrenberger’s money market fund in Abuja at the weekend, said the money market fund will give investors the exposure to a diversified portfolio of money market instruments, while also providing capital preservation, competitive returns, liquidity, safety of funds and quarterly dividend payments.

Speaking on developments in the money market between 2020 and 2021, Utomi noted that last year, returns on money market fund fell to record level as yield on treasury bills declined below one per cent due to Central Bank of Nigeria (CBN)’s policy to boost economic activities in the face of the pandemic. Accordingly, investment in money market fund became unattractive in 2020.

She, however, pointed out that recent developments in the policy environment have changed and the market has seen CBN adjusting its policy that has pushed yields on money market funds higher.

As such, yields on treasury bills have increased from below one per cent to above nine per cent as of 15th July 2021 auction.

She added that as a result of this increase in returns on investment in treasury bills, investors who have shifted their focus from money market funds to other securities such as equities and bonds are beginning to aggressively buy into the money markets funds in expectations that rate will climb higher due to over 17 per cent headline inflation rate.

She pointed out that the asset class Norrenberger is bringing offers opportunities for  financial inclusivity as the financially excluded are offered opportunities for investment with minimal funds.

“We are targeting a wide range of investors, and online access is provided for investors to monitor their fund investments.

“The fund was launched to meet the changing needs of our clients and provide a wide range of financial solutions targeting the need of every single household in Nigeria. Investors can subscribe with as low as N5,000 and subsequently, multiples of N1,000,” Utomi said.

She explained that the fund was designed for clients looking to grow their money with a low-risk investment option.

The Norrenberger Money Market Fund is a collective investment scheme, registered with the Securities and Exchange Commission (SEC). It invests in Nigerian short-term money market instruments such as Federal Government Treasury Bills, Bankers’ Acceptance, Commercial Papers, Certificate of Deposit, and other instruments introduced and approved by the Central Bank of Nigeria (CBN).

Investors in Norrenberger money market fund will receive professional advice from  fund managers, and online access to monitor and manage their investment to puts them in total control of their portfolio.

By Taofik Salako, Deputy Group Business Editor

Major African securities exchanges at the weekend signed agreement to procure an order-routing system that will enable investors to trade across the continent, opening up thousands of Africa-listed equities, bonds and derivatives for trading.

Under the auspices of African Securities Exchanges Association (ASEA) and African Development Bank (AfDB), major stakeholders in the African securities markets agreed to set up order-routing technology platform for routing orders and trade confirmations between stockbrokers across Africa’s major exchanges.

The cross-border trading project, known as African Exchanges Linkage Project (AELP), included major African exchanges including Nigerian Exchange (NGX), Casablanca Stock Exchange, The Egyptian Exchange, Johannesburg Stock Exchange, Nairobi Securities Exchange, Stock Exchange of Mauritius and Bourse Régionale des Valeurs Mobilières (BRVM), the stock exchange for eight African countries under the West African Economic and Monetary Union.

With the AELP Link, investor orders in one market will be channelled by a domestic stockbroker to a stockbroker on the foreign market where the security is listed, to enter into that market for execution in the foreign market. Africa-listed securities to be accessed through the AELP Link include all securities that are available for cross-border investors.

The platform will enable investors to trade on Africa’s most promising and profitable businesses and global leaders as well as corporate and government bonds, Exchange Traded Funds (ETFs) and derivatives; where these are listed on the participating exchanges and the sponsoring stockbroker provides access.

The AELP Link is expected to boost pan-African investment flows and bring more liquidity to African markets.

President, African Securities Exchanges Association (ASEA), Dr Felix Amenounvé said the award of the contract for the order-routing system was a big step towards free movement of investments across Africa and free flow of capital.

He said the aim of the project is to open new opportunities for individual and institutional investors to invest productively into Africa’s growth story.

“The Exchanges continue to support African enterprises and governments to raise long-term capital for African jobs, business growth, infrastructure and development,” Amenounvé , who is also the Chief Executive Officer of the BRVM said.

Chief Executive Officer, Nigerian Exchange (NGX) Limited, Mr. Temi Popoola, said NGX was optimistic the milestone contract would further hasten efforts at capital market integration across Africa.

“The work of the AELP is significant, as it will serve to ultimately boost Pan-African investment flows, promote innovations that support the diversification needs of investors in Africa, and help address the lack of depth and liquidity in Africa’s financial markets. We, therefore, take this opportunity to commend the efforts of ASEA and AfDB, and reiterate our continuing support of the AELP,” Popoola said.

The order-routing system contract was awarded to DirectFN, a global information technology (IT) firm experienced in capital markets solutions across the Middle East and many emerging and frontier markets. DirectFN was awarded the contract after a competitive bidding process that attracted applications from top international suppliers in 18 countries.

Managing Director, DirectFN, Dr Walid Al Ballaa, said innovative technology and focus to bring digital maturity in building digital relationships across African markets will create positive impact on the overall African economy.

He added that DirectFN was equally excited to assist practically in realising the goals across the participating African Exchanges and to enable the African capital market ecosystem digitally to create positive impact on the overall economy.

The AELP is aimed at unlocking pan-African investment flows, promoting innovations that support diversification for investors, and addressing depth and liquidity in the markets. It is funded by a grant from the Korea-Africa Economic Cooperation (KOAFEC) Trust Fund managed by the AfDB.

By Simeon Ebulu, (Group Business Editor)

Notore Chemical Industries Plc has recorded revenue of N9.43 billion for the third quarter ended June 30, 2021.

Group Managing Director, Notore Chemical Industries Plc, Ohis Ohiwerei, said during the period under review, the company focused on plant stabilisation and optimisation to ensure that the organisation meets its 500,000MT per annum nameplate after  the completion of its turnaround maintenance programme (TAM).

He explained that due to gas supply disruptions beyond the company’s control, it has taken longer than expected to complete the post-TAM plant stabilisation phase.

He said the gas supply challenge has now been resolved and the company expects a major upturn in the plant’s reliability and production output to meet and sustain its 500,000MT per annum urea nameplate design capacity.

“Achieving this level of production output will not only lead to significant increase in the company’s cash flows from operations, but also substantial increases in revenues yearly. It is worth noting that a sizeable portion of the additional post-TAM revenue will contribute straight to the company’s bottom line, a major key to returning the company to profitability,” Ohiwerei said.

He said the production and sale of Notore NPK fertiliser into the domestic market is expected to contribute to the company’s revenue growth going forward, noting that Notore’s NPK Fertiliser brand has been widely accepted by the market.

According to him, as the company ramp up its Urea fertiliser production, it expects substantial increases in NPK fertiliser production and sales going forward.  Sale of Notore seeds to Nigerian farmers has also continued in furtherance of its corporate vision to be a major contributor to the development of Africa.

He said the company has recorded impressive success with the phase one of its expansion into rice production.

“As part of our efforts to further diversify the company’s revenue stream, boost profitability and consolidate customers’ loyalty, Notore intends to expand its product offering by going into rice production. With the successful completion of the company’s phase one rice pilot programme which resulted in the production of 5,000 50kg bags of high-quality Notore rice, we commenced phase two during the period under review.  We expect phase two to yield even better results and position us for the commercial launch of our rice brand next year,” Ohiwerei said.

He said the Nigerian fertilizer demand remains robust and promising, pointing out that upon completion of the post-TAM stabilization of the plant, the company expects a major upturn in the plant’s reliability and production output to meet and sustain its 500,000MT per annum urea nameplate design capacity.