The Securities and Exchange Commission (SEC) has alerted Nigerians on signs to look out for in identifying bogus investment schemes, otherwise known as Ponzi schemes.

Director-General, Securities and Exchange Commission (SEC), Mr. Lamido Yuguda, said identifying bogus investment schemes and illegal operators would be easy once prospective investors look out for telltale signs that indicate the scheme or operator may be a Ponzi.

He said it was not very difficult to identify a Ponzi scheme as they usually promise unreasonably high returns just to lure people.

He noted that SEC has been fighting a serious war against Ponzi schemes, and been engaging and alerting Nigerians on the need to only deal with operators that are registered with the Commission.

He assured that the Commission would continue to collaborate and engage relevant agencies to eliminate Ponzi schemes operations in the capital market.

“We have their list on the SEC website and we have always said that if you go to an operator or when an operator approaches you, you must confirm that he is a licensed operator with the SEC. We have our numbers on how to reach our offices in the zones and we have done a lot of sensitisations in terms of seminars, webinars all in an effort to discourage people from going to Ponzi schemes.

“Unfortunately, a lot of people continue to patronise these Ponzi schemes, we have had cases that have been reported to us, our enforcement department and the police unit have been on many of these cases that have been reported to us trying to resolve them.

Read Also; National Assembly proposes Bill against ‘Ponzi’ schemes

“I will like to use this opportunity to say that it is not very difficult to recognise a Ponzi scheme and the people that go to Ponzi scheme many of them are probably aware that there is a type of risk that they are taking, because when somebody tells you that I will pay you a 10 per cent per month on your investments, that means if you invest a million naira, every month you get 10 per cent of that which is N100,000. If you see something like this, it is probably too good to be true. Because when you compound the annual rate of return, you find out that it is way higher than any decent investments can give you.

“There are people who think they can be amongst the first people to go in and probably go out before it collapses but you may be taking a huge risk because you do not know if you are the first, may be the 1000th and could be that it is your own money that could get trapped. It is important for investors to understand the tale-tell signs of a Ponzi scheme and to alert the commission if they need some clarity,” Yuguda said.

The SEC boss added that the Commission had been working with other agencies of the government  to reduce the access of Ponzi schemes to the media.

“These collaborations are very important because Ponzi schemes are cancers to the capital market, a lot of money has been lost and it is unacceptable to continue to have this kind of investment losses by people.”

“In terms of the synergies between the Commission and the law enforcement on the fight against Ponzi schemes, I can say that there is very good synergy and harmony between the SEC and the law enforcement agencies. It is worthy to mention that the SEC has a detachment of the Nigerian Police working directly with the SEC on capital market matters including Ponzi schemes and we have a good collaboration with the Nigerian Financial Intelligence Unit, the EFCC especially on the fight against money laundry and Ponzi schemes,” Yuguda said.

Speaking in Abuja, Yuguda stated that the Commission has stepped up enlightenment on Ponzi schemes to ensure the message gets to the street while also working with various state government, local government and different agencies of government including non-governmental organizations to make sure that the message gets to the nooks and crannies of our country

“This is something that is depriving a lot of households of hard earned money. Money that could be used for a lot of other meaningful activities and needs are now surrendered to fraudsters essentially. When they come to you trying to convince you, they actually come in the form of very honest people, giving you all sort of promises in terms of financial return but once they get your money the story begins to change,” Yuguda said.

He reiterated the Commission’s commitment to continue to strive and fulfil its mandate of protecting investors and creating an enabling environment for market operations.

Continuous learning and professional capacity development are ways to achieve successful career in the fast-changing and borderless global environment.

Speaking at the induction and prize awards for new inductees in Lagos, President, Chartered Institute of Bankers of Nigeria (CIBN) , Dr Ken Opara, said the changing world known as the new normal is driven by change and massive disruption in how people live, work and operate.

He noted that the global economy is buffeted by headwinds of change sweeping across national borders and traditional industry boundaries, with the financial services industry not exempted.

“Driving these changes are factors such as fintech, artificial intelligence, robotics, blockchain, cryptocurrencies, cloud computing and Internet of Things. Essentially, technology has been the major driver of change. Therefore, the need for career development for professionals in the VUCA world-volatile, uncertain, complex and ambiguous; has become a very important subject that cannot be over emphasised,” Opara said.

According to him; the institute is resolute in its commitment to capacity building and value addition to its members and stakeholders.

He encouraged all Inductees to stay connected to the institute by identifying with a branch of the institute in their domain, so as to take maximum advantage of the various innovative initiatives from the institute towards their personal and career development.

“May I challenge all our inductees not to rest on your oars, the world is yours to take, go for it, reach for your peak and be whatever you want to be. Remember ‘while you cannot direct the wind, you can adjust the sail to get to your destination,’” Opara said.

He noted that it was part of the understanding of the importance of career development in the current global economy that made the institute to choose ‘Career Development in a Changing World: Strategies for Financial Services Professionals’ as the theme for the 2022 induction.

“On behalf of the governing council, members, management and staff of the institute, I congratulate the graduands who have successfully completed the banking professional examinations and certification programmes of the institute. This is an important milestone in your lives which represents further progress in your career development. Distinguish audience, it might interest you to know that a total of 1,857 graduates will be inducted today, 1099 Associates through the Regular Examination route, 47 Associates through the CBMBA route, 21 Associates via the MSc/ACIB route and 690 Microfinance Certified Bankers” Opara said.

Ongoing repositioning strategy at Cadbury Nigeria Plc has continued to enhancing the company’s competitiveness, leading to improved results.

Chairman, Cadbury Nigeria Plc, Mr. Adedotun Sulaiman, who spoke at the company’s 57th Annual General Meeting (AGM) in Lagos, said the company has been able to expand its route-to-market capabilities, enter new segments in the candy category, and deployed new technology that will improve its business operations.

Managing Director, Cadbury Nigeria, Mrs. Oyeyimika Adeboye however noted that the company faced huge challenges in sourcing foreign exchange (forex) for importation of key raw and packaging materials as well as machinery and spare parts.

“Our cost of doing business has increased significantly as our suppliers also faced similar issues in accessing foreign exchange.

“With rising inflation and higher cost of doing business, we have had to take price adjustments on a number of our products during 2021. This is more than we have ever had to do in many years, and a reflection of the difficult times we currently face,” Adeboye said.

She pointed out that in spite of the supply challenges; the company witnessed a strong performance across all categories and brands.

“We place a high value on our iconic brands, recognising that our consumers trust us to offer them quality and healthy snacking options. We also understand that our customers who are our business partners, expect us to support them as we operate in the markets to deliver our products to our consumers. Our much-loved brands are the hard currency we trade with, and we continue to invest in them to sustain our growth,” Adeboye said.

Cadbury Nigeria, a publicly quoted company, is the pioneer cocoa beverage manufacturer offering some of the most loved brands in the country. Mondelez International, a global snacking powerhouse, owns 74.99 per cent majority equity stake in Cadbury Nigeria. The remaining 25.01 per cent equities are held by a diverse group of indigenous, individual and institutional investors.

Mondelez International, with net revenues of about $29 billion in 2021, is a global leader with iconic brands such as OREO, belVita and LU biscuits; Cadbury Dairy Milk, Milka and Toblerone chocolate; Sour Patch Kids candy and Trident gum. Mondelez International is a member of the Standard and Poor’s 500, Nasdaq 100 and Dow Jones Sustainability Index.

Honeywell Group (HGL) Limited has partnered with the Lagos State Government to support the growth of one of Africa’s most exciting tech ecosystems.

The partnership is being executed through a talent development programme under ‘Lagos Innovates’ – a training project conceptualised to ease the process of building successful tech start-ups in Lagos State. Lagos Innovates is the tech arm of Lagos State Employment Trust Fund (LSETF),

The initiative aims at providing tools to enable young tech-preneurs to build successful start-ups within the state and has received support from HGL over the past three years. One of the programme’s core objectives is to assist the leading tech startups and founders in Lagos State who have the basic requirements to acquire relevant skills needed to compete in today’s global marketplace.

Head, Corporate Services, Honeywell Group, Tomi Otudeko said creating long-term value for Nigeria and its people has always been at the heart of Honeywell Group’s mission.

“We are invested in impacting our communities, and the tech ecosystem in Lagos is filled with ideas that can revolutionise how we think and operate as a society. We also understand that these young minds need support in accessing the tools and the people required to grow their ideas. It is our duty to support them in any way that we can.

“We are excited to meet these new faces of technology and to partner with Lagos State and Lagos Innovates in easing the path to success,” Otudeko said.

Executive Secretary, Lagos State Employment Trust Fund (LSETF), Teju Abisoye said it was a delight to partner with Honeywell Group to develop a talent pool of tech entrepreneurs who can compete favourably with their peers across the world and improve results in the tech eco-system.

“LSETF and Honeywell Group are committed to ensuring that young people are equipped to drive the growing tech ecosystem in Lagos and Nigeria at large, in addition to positioning themselves for the gig economy. Through this partnership, we hope to cement Lagos’ position as the leading destination for start-ups in Africa.  We look forward to seeing the impact of the training on job creation,” Abisoye said.

Creating investor-ready start-ups is vital to the overall growth of the economy, and this talent development programme recognises that there is a need to help increase the investment attraction and ultimately, survival rates of Lagos-based start-ups.

In partnership with HGL, Lagos Innovates is supporting capacity development in Lagos State by facilitating access to an integrated development environment (IDE) or tech-focused entrepreneurship content and programming.

The training, which will span over 24 weeks, will involve courses on full-stack development with JavaScript-React JS, Node.js, Express and Mongo DB + API Development; full-stack development for mobile applications-React Native, API Development; Python Programming for web and data science-PYTHON OOP, DJANGO & Data Science; frontend design and engineering-UI/UX, HTML, CSS, ES6 & React JS; full-stack web development, and others.

Applicants must be Lagos State residents evidenced by possession of LASRRA and must be between the ages of 22 and 45 years. They must have completed the mandatory NYSC programme as at the time of application. The application process is open and continuing.

Following the successful completion of two training sessions under the programme, the third batch is slated to begin in July 2022, and applications are open to all individuals based in Lagos.

In line with one of its critical objectives to help grow the next generation of pioneering African companies, Honeywell Group has invested in the initiative over the course of three years and has a long-standing partnership with LSETF.

Training partners for the programme include Skill Paddy, The Nest, DesignU, GOMYCODE, Seed Builders Innovation Hub, Slate Cube, Softwork Freelance Network, Univelcity, Dataleum and Torilo Academy.

Interested applicants are expected to apply and select the courses and training partners of their choice through the Lagos Innovates website. Successful applicants will be announced in July after a two-week screening and selection process by the programme’s steering committee.

The board and management of Sterling Bank Plc yesterday assured shareholders that the bank remains committed to implementing its growth strategy, which has continued to impact positively on the bank’s performance.

At the annual general meeting yesterday in Lagos, the bank reported a 20.2 per cent growth in net profit for the year ended December 31, 2021. The audited report and accounts approved by the shareholders showed that Sterling Bank recorded net profit of N13.5 billion on gross earnings of N142.3 billion in 2021 compared with net profit of N11.2 billion on gross earnings of N135.8 billion recorded in 2020. These represented 20.2 per cent increase in profit after tax and 4.8 per cent increase in gross earnings respectively.

Chairman, Sterling Bank Plc, Mr. Asue Ighodalo said the bank was consistent in 2021 with its strategy to drive financial intermediation in high impact sectors that aligned with its HEART strategy.

According to him, the continuing implementation of the sectors-targeting strategy enabled the bank to focus and deliver innovative solutions that enabled its customers to thrive in the dynamic environment.

“We are unwavering in our commitment to build a forward-thinking organization focused on delivering the best value to our stakeholders,” Ighodalo said.

He noted that 2021 was a year of recovery from the adverse economic effects of the coronavirus pandemic as breakthroughs in the development of vaccines for the virus, along with the campaigns to inoculate the global population gained ground and bolstered consumer and investor confidence globally and locally.

He added with the pace of economic recovery exceeding expectations despite threats of a third wave and the emergence of variants of the virus, the bank received significant momentum and was able to increase its profitability and growth.

Chief Executive Officer, Sterling Bank Plc, Abubakar Suleiman, said 2021 performance was driven by a growth of 28.5 per cent in non-interest-income and a 51.4 per cent increase in transaction volumes processed – significant numbers that illustrate the effectiveness of the bank’s recent digitization efforts.

He outlined that customer deposits grew by 21.7 per cent from the previous year’s numbers, with an improvement in cost-to-income ratios, despite an increase in operating expenses brought about by foreign exchange inflationary pressures.

“We will continue to focus on our HEART strategy, optimize our expenses and lending while strengthening our risk management and recovery practices. These have remarkably improved our exposure with non-performing loans dropping from 1.9 per cent in 2020 to 0.7 per cent in 2021. Put together, these have enabled us increase shareholder funds by 4.2 per cent,” Suleiman said.

Meanwhile, Sterling Bank was awarded the 2021 People First Organisation by the Chartered Institute of Personnel Management of Nigeria (CIPM) and continued to push the edge with innovative solutions like PayWithSpecta delivered to drive small-business productivity and real-sector growth.

The bank also commenced on the largest commercial property solar project in Africa with the remodeling of her Marina headquarters with building installed photovoltaic (BIPV) panels. This will power Sterling’s head office with solar energy and make Sterling Towers the first building in Africa to achieve the feat.

Titan Trust Bank Limited (TTB) yesterday completed the acquisition of majority equity stake of 89.39 per cent in Union Bank of Nigeria (UBN) Plc, effectively becoming the controlling investor in Nigeria’s second oldest bank.

Trading report at the Nigerian Exchange (NGX) yesterday indicated that a total of 27.34 billion ordinary shares of UBN were swapped in block divestment. Market sources said the cross deal was the culmination of the transaction between TTB  and Union Global Partners Limited, Atlas Mara Limited and other shareholders.

A total of 19 cross deals were done through the negotiated window of the NGX at N7 per share, indicating transaction value of N191.4 billion.

The transfer of shares effectively implied approval of the transaction by all regulators including  the Central Bank of Nigeria, Securities and Exchange Commission and NGX.

Earlier, Chairman, Union Bank of Nigeria, Mrs. Beatrice Hamza Bassey said UBN was well-positioned with an innovative product offering, a growing customer base of over six million and consistent year on year profitability.

“ This is a solid foundation for our incoming investors to build on as we move into a new era for the bank,’’ Hamza Bassey said.

Chairman, Titan Trust Bank, Tunde Lemo, said: “The Board of Titan Trust Bank and our key stakeholders are delighted as this transaction marks a key step for Titan Trust in its strategic growth journey and propels the institution to the next level in the Nigerian banking sector.

“The deal represents a unique opportunity to combine Union Bank’s longstanding and leading banking franchise with TTB’s innovation-led model which promises to enhance the product and service offering for our combined valued customers.”

Chief Executive Officer, Union Bank, Mr. Emeka Okonkwo said: “This transaction marks a significant milestone in the journey of our 104-year-old Bank. While thanking our current investors for their unwavering commitment to the Bank over the years, we welcome our new core investor, TTB. We recognise the strategic fit between the two institutions and expect that this deal will deliver the best outcome for our employees, customers and stakeholders. We look forward to collectively writing the next exciting chapter for Union Bank.”

Chief Executive Officer, Titan Trust Bank, Mudassir Amray said: “After completing over two years of operations with aggressive organic growth, we are excited to have an opportunity for a significant leap forward in market share. UBN’s widespread presence, state of the art technology platform, quality staff and strong brand loyalty fits well with our synchronised modular strategy. We look forward to delivering superior results for the benefit of our staff, customers, shareholders, and stakeholders.”

Rothschild & Cie acted as financial adviser and White & Case LLP and Banwo & Ighodalo acted as legal advisers respectively, to the selling shareholders of Union Bank.

Citigroup Global Markets Limited acted as financial adviser, Pricewaterhouse Coopers as due diligence partner, Norton Rose Fulbright LLP, Drew Law Practise and G. Elias & Co. acted as legal advisers respectively to TTB.

Africa’s largest cement manufacturer, Dangote Cement Plc has emerged the best performing stock of 2021 by the Nigeria Exchange Group (NGX).

Dangote Cement, the most capitalised company on the Nigeria Exchange was named the best stock ahead of BUA Cement Plc and CAP Plc, during the 2022 Nigerian Investor Value Award (NIVA) organised by the Businessday in collaboration with the Nigeria Exchange Group

The coveted award meant for two classes of companies namely, the listed companies segment and the next bull segment with Dangote Cement leading the pack in the listed companies best performing stock, in the Industrial goods category having been adjudged to have recorded stellar performance in creating value on the Nigeria Stock Exchange on the basis of criteria such as share price, dividend payments, sustainability, brand value, market leadership and business strategy against its peers during the period under review.

Chief Executive Officer, Nigerian Exchange Limited, Mr. Temi Popoola, who was represented by the Divisional Head, Capital Market, Mr. Jude Emeka, said the award by the Businessday Media Limited underlined Nigeria Exchange Group’s goal of promoting actionable and effective multi-stakeholder dialogue on issues central to a well-functioning finicial system.

While acknowledging that the winners are worthy and truly deserving the honour, he clarified that the winners were selected from among companies that are active and the investors have expressed strong demand to own their shares.

“As a responsible entity, known for aligning with best global practices, we recognise the importance of corporate governance and effective board leadership in driving sustainability on the business front. That is why we choose to not only recognise listed companies who are blazing the trail in investors relations but those also contributing to building a sustainable socio-economic standard in governance, regulation and compliance,” Popoola.

The Nigeria Exchange boss said the leveraging of investments in business innovation and its diversified range of products and services coupled with robust engagement, we are well on our way to achieving our aspiration to be Africa’s preferred exchange hub, especially given the number of advances that have been implemented recently including the launch of the NGX Exchange Traded Derivates Market which saw the listing of two Equity Index Futures Contracts, NGX30 Index Futures and the NGX Pension Index Futures.

He assured that the NGX remained resolute in its commitment to the provision of a scalable and enterprising platform for issuers and investors to meet their financial objectives irrespective of the prevailing conditions.

Popoola said “we will continue to consolidate on the advances by focusing on key initiatives aimed at creating growing the capital market for the benefit of all key stakeholders.

The Publisher, Businessday, Mr Frank Aigbogun said the NIVA, formerly known as the Top 25 CEOs Award recognises leaders of private and public companies who have created sustainable alpha-generating value for their shareholders through strategic priorities, operation efficiency, organisational values and marketing engagement activities.

He explained that COVID-19 was what most companies, including Nigerian businesses, never envisaged but the reality today is that Russian-Ukraine crisis has again emphasised the need for backward integration and value addition to the nation’s primary produce.

Aigbogun expressed happiness that the capital market has remained strong in the mix of the global realignment that is going on consequent upon the Ukrainian crisis.

Mr. Obu Oliver, the Group Financial Controller, Dangote Cement Plc. who received the award thanked the organizers for the award and assured that the companies would not rest on its oars in sustaining the strategies that make the stock the best performing.

Chairman, Governing Council, Association of Securities Dealing Houses of Nigeria (ASHON), Mr Sam Onukwue, has said stockbroking firms are still dealing with the fallouts of the demutualisation of the defunct Nigerian Stock Exchange (NSE).

The NSE was converted from a mutual, not-for-profit, member-owned organisation to a public limited liability company owned by shareholders.

Prior to the demutualisation of NSE, ASHON had embarked on rebranding, including transformation of its processes to serve its diverse customers better and urged its members to review their business models for global competitiveness.

The association also extended the transformation to some brand attributes such as changing its name from Association of Stockbroking Houses of Nigeria to that of Securities Dealing Houses and also changed the logo  to reflect the enlarged functions of its members.

Last week, ASHON organised a strategic training for its staff in the Secretariat, themed “Developing employee for sustainable value creation in an organisation “to upskill them for optimal performance in the new operating environment’’.

Addressing the participants, Onukwue explained that every organisation should review its business models, train  staff and expose them to  modern tools in  Information and Communications Technology (ICT) for enhanced performance.

Onukwue noted that as an association whose members comprise top flight professionals in the financial market, the need for rebranding was imperative and the goals could not be achieved without the support of its staff.

Access Bank plans to dominate agency banking by significantly increasing its customer base and deepening wallet share of the banking population.

Access Bank’s agency banking-‘Access Closa ’ recently hit a milestone of having 100,000 agents spread across Nigeria. The bank further plans to increase its footprint by having a minimum of 50 agents in each of the 774 local government areas of the country.

Group Head, Agency Banking, Access Bank Plc, Chizoba Iheme, in a chat with journalists noted that due to the limited number of financial institutions, especially in rural areas, ‘Access Closa’ is Access Bank’s strongest retail channel used in providing banking services to a large population of unserved and underserved Nigerians.

According to her, the plan is to bank one in two Nigerians and this will see the bank increasing its customer base and deepening wallet share of the banking population.

“Going by the high youth and adult population, the resources of Nigeria’s financial institutions are being overstretched in providing physical and human resources and were unable to cope with gaps that existed in meeting banking needs of Nigerians hence the need for agency banking as envisaged by the Central Bank of Nigeria (CBN) in 2013.

“Therefore, agency banking helps financial institutions decongest crowded branches by providing a matching and more often convenient channel for their customers. In instances where reaching customers in rural areas is often highly expensive for financial institutions because transaction numbers and volumes do not cover the cost of a branch, agency banking helps in serving them,” Iheme said.

She added that becoming an agent has become a means to empower and reduce unemployment in Nigeria.

“Our commission structure allows an agent to earn up to N500,000 and more monthly in commission including incentives and opportunities for agents to grow their business and partner with a reputable brand is an attraction to the Closa brand,” Iheme said.

Furthermore on risks associated with agency banking in the country and how Access Banks moves to mitigate it, Iheme outlined four major risks including technological, legal, fraud and reputational and assets risks.

“Technological risk, to prevent software and hardware failures, the bank is investing in new infrastructure with capacity to absorb service disruptions that will have minimal impact. As part of our onboarding process, the bank’s agents are required to execute a service agreement that stipulate the roles and responsibilities of each party.

“Also, agents are trained at the point of activation on Anti-Money Laundering (AML) and Terrorism Financing. This training also takes place every year to reiterate the dangers and consequences associated with fraudulent actions. Besides, the bank has set maximum daily limit on the amount and frequency of transactions that can be performed by an agent. Lastly, a quarterly risk profiling exercise is carried out on all agents for effective management,” Iheme added.

She noted that Access Bank is the leading retail bank in Nigeria with over 600 branches and more than 40 million customers, addint that the bank offers products and services tailored to suit the lifestyle of every Nigerian irrespective of age and demographic.

Airtel Africa Plc delivered well-rounded performance in the immediate past business year with 20.6 per cent growth in revenue and 82 per cent growth in net profit.

The audited report and accounts of Airtel Africa for the year ended March 31, 2022 released yesterday showed that the year was of strong growth, margin expansion and cash generation.

The overall performance was particularly boosted by the Nigerian market, which recorded the highest top-line growth of 27.7 per cent.

Group revenue grew by 20.6 per cent to $4.714 billion. The top-line was driven by growths across the regions: Nigeria up 27.7 per cent, East Africa up 22.7 per cent and Francophone Africa up 17.2 per cent. The group also reported growths across all key services, with revenue in voice up by 15.4 per cent, data up by 34.6 per cent and mobile money up by 34.9 per cent.

Underlying earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 29 per cent to $2.31 billion, with underlying EBITDA margin of 49 per cent, an increase of 294 basis points. Operating profit grew by 37.2 per cent to $1.535 billion while profit after tax rose by 82 per cent to $755 million. Consequently, basic earnings per share rose to 16.8 cents, an increase of 86.5 per cent.

The report also showed operating free cash flow of $1.655 billion, up by 40.5 per cent,with net cash generated from operating activities up by 20.7 per cent to $2.011 billion. Over the last 12 months, the group has repaid nearly $1.4 billion of debt as a result of strong cash upstreaming across its operating companies and proceeds from minority investments in mobile money and tower sales.

Thus leverage ratio improved to 1.3 times in 2022 from 2.0 times in 2021, with $1 billion of debt now held at the holding company as against $2.4 billion in 2021.

On Operations, the report indicated customer base of 128.4 million, a modest increase of 8.7 per cent, with increased penetration across mobile data, which customer base rose by 15.2 per cent and mobile money services, where customer base increased by 20.7 per cent.

Airtel Africa noted that NIN-SIM regulations in Nigeria impacted customer growth in first half, but then returned to strong growth, adding four million customers in Nigeria during second half of the year.

The board of directors of the group has recommended a final dividend of 3.0 cents per share, making total  full year dividends of 5.0 cents per share compared with 4.0 cents paid for the 2021

Chief Executive Officer, Airtel Africa Plc, Mr. Segun Ogunsanya, described the results as strong set of results, which demonstrated the group’s solid execution as it continued to enrich the lives of a growing number of people through leveraging the sizeable opportunity to promote digital and financial inclusion across our markets.

“We have delivered strong double-digit growth in revenues across all our regions and all our key services, with improving margins driven by strong cost control, and expanding cash generation which is enabling us to continue to invest in our network and services and expand our distribution, as well as strengthening our balance sheet and increasing our returns to shareholders. We are connecting more customers in new and existing coverage areas and driving usage levels and ARPUs to new highs.

“We have successfully executed on a number of strategic initiatives in the year, with tower sales completed in fourcountries, $550m of minority investments secured for our mobile money business and a successful buyout of minorities in our Nigerian operation. Our receipt last month of a full PSB licence in Nigeria will help us to accelerate financial inclusion in the territory and drive our mobile money business even faster.

“While the fundamentals of our six-pillar growth strategy remain unchanged, we are looking to accelerate our performance through a greater focus on digitalisation and we have underpinned our strategic pillars with our sustainability ambition.

“I am particularly proud of the progress we have made in articulating our sustainability strategy this year as well as the partnership we announced with UNICEF to help drive and support educational programmes in our territories. I very much look forward to us publishing both our pathway to net zero and our first full sustainability report later in the year.

“Turning to the outlook, long-term opportunities for us remain attractive. While mindful of currency devaluation and repatriation risks, we continue to work actively to mitigate all our material risks and to deliver value for all our stakeholders. There are increasing challenges from global inflationary pressures, but we continue to target revenue growth ahead of the market and moderate margin expansion,” Ogunsanya said.