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Tag: Courteville

  • Courteville Business Solution sets to revert to private company

    Courteville Business Solution sets to revert to private company

    Courteville Business Solutions Plc has entered the final phase of its delisting from the Nigerian Exchange (NGX), a process that will see the e-business solutions company reverting to a private limited liability company.

    Courteville had braced the trails as the first e-business solutions company to be listed at the stock market.

    But the company had decided to revert to private ownership, after its majority core investor offered to buy out minority shareholders.

    The NGX has suspended trading in the shares of Courteville Business Solution Plc, preparatory to the delisting of the shares of the company.

    The full suspension implies that there will be neither price change nor trading on the shares of Courteville.

    The NGX explained that “the suspension is necessary to prevent trading in the shares of the company in preparation for the delisting of the securities of the company”.

    Bows Nigeria Limited, which held 67.01 per cent of the issued share capital of Courteville had earlier this year launched a Mandatory Tender Offer (MTO) to buy the 32.99 per cent held by the other shareholders of the company at 48 kobo per ordinary share.

    Read Also: Courteville, iSON, Guinness Nigeria, others win Great Place to Work Awards

    Shareholders of the company had in July 2022 passed special resolutions approving the delisting and re-registration of the company as a private company under the Companies and Allied Matters Act 2020 by the name of Courteville Business Solutions Ltd. It was also resolved that the company’s memorandum be amended.

    Courteville is a leading e-business solutions company in Sub-Sahara Africa. It is the patent owner of the AutoReg Business Solutions Platform.

    The company has grown from a mono product company to be in 18 states in Nigeria, and also operational in Jamaica. Courteville has evolved into a company with a portfolio of multiple solutions and services that cut across various industries.

  • Courteville, iSON, Guinness Nigeria, others win Great Place to Work Awards

    Ten companies emerged winners of the ‘Great Place To Work (GPTW) Nigeria awards, over the weekend. These awards include: the Bright Spots award, a new category of awards which was introduced to recognise those organisations that are engaging with their employees, customers and communities in deep and authentic ways. Three organisations were recognised for this award; Courteville Business Solutions, SANOFI Healthcare and iSON BPO.

    Eight organisations made it to the list of Best Companies to Work for in Nigeria 2016. The organisations include: EMC Information System Nigeria Limited, which came tops, Courteville Business Solutions, which also won in the Bright Spots Award category, came second in the Best Companies to Work for in Nigeria. Other companies thst made the list include: Guinness Nigeria which emerged in the third place position, SC Johnson took the fourth position;  Microsoft Nigeria, Poise Nigeria; Konga.com,  and Chemical and Allied Products, in that order.

    This year’s edition, the fourth in the series, also had the “Best Practices Awards”. These are companies that delivered excellence in Corporate Social Responsibility (CSR), People Leadership, Employee Wellness, and introducing a new category under this, the organisation that caters to the needs of Millennials.

    iSON Group, one of the winners in the Bright Sport Awards category, also won the award for excellence in CSR, Konga.com, which came seventh in the Best Companies to Work for in Nigeria, smiled home with the Best Company to work for Millennials. Again, Courteville Business Solutions got the award for excellence in People Leadership while Guinness Nigeria Plc won the award for delivering excellence in Employees’ Wellness.

    The Minister for Industry, Trade and Investment, Dr. Okechukwu Enelamah, who was the Keynote Speaker at the event, described the award as “a welcome initiative and an avenue for inspiring greatness,” and challenged organisations to” rise beyond the ordinary to pursue excellence.”

    While commending Great Place To Work Nigeria for the initiative,  Enelamah congratulated all the winners and awardees, pointing out that it was his desire that the awardees will see the awards, not as an excuse to bask in their accomplishment, but as a challenge to do more and even better and to be role models for others.

    “Individuals, brands and even governments rise and fall on the strength of the trust that people repose in them. The world’s most valuable companies hold much of that value to what experts call brand equity, which in lay man’s term is simply a reflection of the quality of trust they engender in their stakeholders,” Enelamah said.

    He said the Federal Government has prioritised job creation and enhanced productivity, including the provision of an enabling environment for the private sector to thrive in form of

    consistent policies and infrastructure. He also said his ministry was working to provide the support Micro, Small and Medium Enterprises (MSMEs) need to thrive, especially

    since they constitute over 60 per cent of the Gross Domestic Product (GDP). The support, he said, will entail training, capacity building and ultimately financing. “Finally we will also seek to proactively attract investment both local and international,” he added.

    The Chairman of Great Place To Work, Nigeria, Ghandi Olaoye, said: “A Great Place To Work is one where employees trust those they work for, take pride in the work they do, enjoy credibility of management, respect each other and take pride in the organisation they work for”.

    Olaoye, who was represented by a Board member, Kunle Malomo, pointed out that the companies that were recognised were those that have gone over and above, not just the rating by the Nigerian standard, but by the global ratings of Great Place To Work, based in San Francisco, in the US. He said the companies that were rated by their employees through a Trust Index and Culture Audit developed by the organisation, met the minimum requirements of being rated as best workplaces in the country

  • Courteville unveils strategy at AGM

    The Chairman of Courteville Business Solutions Plc., Group Capt Murtala Salami (rtd) has reiterated the firm’s determination to diversify revenue base to enhance better returns for investors.

    He spoke yesterday at the company’s 10th annual general meeting (AGM) held in Lagos. He explained that it was imperative that the firm reduces its concentration risk on AutoReg while it has a wide lead over competitors.

    Salami said last year, Courteville, in compliance with the Security and Exchange Commission (SEC’s) Code of Corporate Governance, inaugurated a Corporate Governance and Remuneration Committee, and adopted a formal Risk Management Framework. A new Risk Management department reporting directly to the board’s risk management committee was also created.

    The chairman commended the management team led by Adebola Akindele, the group managing director, for successfully navigating the company through a challenging economic cycle brought on by the depreciated naira, falling oil prices, and tensions that arose in the run-up to general elections. Last year, Courteville’s profit before tax rose 13 percent to N457.03 million. Earnings per share leapt up 22 percent to 8.67 kobo.

    Salami said under Akindele, who has been at the helm for 10 years, Courteville ‘adopted strategies, which helped to stabilise its operations in the midst of economic uncertainties and fast depleting disposable income of consumers.’

  • Courteville declares N142m interim dividend

    The board of directors of Courteville Business Solutions Plc has recommended distribution of N142.08 million to shareholders as interim cash dividends for the first half of this year.

    A dividend recommendation by the board indicated that shareholders on the register of the company as at August 10, 2015 would receive an interim dividend per share of 4.0 kobo. The dividend will become payable on August 31, 2015.

    Key extracts of the unaudited report and accounts of the electronic business solutions and outsourcing company for the period ended June 30, 2015 showed contrasting marginal growth in sales and marginal decline in profit. Gross revenue inched up to N822.17 million by June 2015 as against N806.7 million in comparable period of 2014. Gross profit rose by 21 per cent from N425.63 million to N513.98 million. Operating profit also grew by 15 per cent from N279.11 million to N320.13 million.

    Profit before tax however dropped by two per cent from N279.76 million to N250.63 million while profit after tax declined from N215.68 million in first half 2014 to N210.53 million in first half 2015. Earnings per share also dropped from 6.07 kobo to 5.93 kobo.

    Commenting on the results, group managing director, Courteville Business Solutions, Mr. Adebola Akindele, said the results reflected the company’s strength within a demand environment that was resilient through the business cycle.

    He noted that Courteville Business Solutions has delivered consistent financial performance in its business process outsourcing platforms such as AutoReg, which handles registration for eight out of every ten vehicles on Nigerian roads.

    “We also recorded over 30 per cent growth on Egole, our e-commerce portal. The results were achieved in a difficult and volatile economic environment driven by the drop in oil price, depreciating naira and uncertainty in the run-up to the general election,” Akindele said.

    He explained that as a result of the economic challenges, consumer spending and business confidence declined, while government budgets underwent deep cuts.

    He said the company’s clients recognised its ability to help them simplify, optimise and automate their operations.

    “That was why Courteville was recently named to a place of pride on Great Place to Work in Nigeria, because we outperformed our peers in the local and global ICT and professional services industries,” Akindele said.

    He said in line with the company’s five-year strategy to diversify and expand internationally, it had acquired Priority Loss Adjusters Limited, a market leader in motor vehicle administration and testing in Jamaica, adding that it would begin operation in Zimbabwe next month.

  • Courteville GMD Akindele joins EABN Board

    Courteville GMD Akindele joins EABN Board

    The Group Managing Director, Courteville Business Solutions Plc, Bola Akindele has been appointed into the board of Advisors of the East Africa Business Network (EABN).

    EABN Director, Ms. Aurelia Anyika said the group was established in 2010 in united Kingdom  to encourage investment, entrepreneurship and advise multinationals on new and established markets in East Africa.

    She said that the group is honored that Akindele is joining the Advisory Board. She described him as one of the growing Pan Africa business leaders shaping the continent.

    “The last decade has seen a new wave of Nigeria’s investment in Africa and East Africa. For example, Aliko Dangote signed a deal to build $400 million cement plant in Kenya in 2013 creating thousands of jobs. Nigerians are no longer attracted to property portfolios in New York , Paris or London, they are seeing higher returns in their investment right in their doorstep”.

    Akindele has extensive banking and audit experience spanning over 20 Years across various banking institutions and also has strong leadership, strategic thinking and networking skills.

    The new board member has led Courteville Business Solutions, an e-Business Solutions development firm since inception in 2005.

    The company is focused on process re-engineering in both the private and public sector, providing cutting edge solutions to complex operational challenges, through the development and delivery of unique business solution models, revenue stream improvement and cost management processes.

    Through Akindele’s leadership, Courteville opened its East Africa headquarters in Nairobi last year and looks to provide solutions in the region’s education and logistics sector. His leadership and Pan Africanism will certainly be invaluable for the EABN network.

  • Courteville declares N71m dividend

    Courteville declares N71m dividend

    Courteville Business Solutions Plc would distribute N71 million to shareholders as cash dividends for the 2013 business year.

    The Board of Directors of Courteville said they have recommended a dividend per share of two kobo to be paid to shareholders in the book of the company as at May 13, this year.

    The audited report and accounts of Courteville for the year ended December 31, 2013 showed that turnover rose from N1.06 billion in 2012 to N1.29 billion in 2013. Gross profit rose to N602.69 million in 2013 as against N473.69 million in 2012. Operating profit improved from N405.97 million to N445.29 million. Profit before tax closed 2013 at N403.03 million as against N374.20 million while profit after tax rose from N298.32 million to N307.80 million.

    Reviewing the earnings outlook of the company recently, managing director, Courteville Business Solutions Plc, Mr. Adebola Akindele, said the company is implementing a dynamic growth strategy that will increasingly diversify its business portfolios with less attention on government projects and more attention and focus on the private sector.

    He said that the company will soon become a major exporter of technology and business solution around the world pointing out that Courteville has the capacity and expertise to provide biometric solutions for the economic and business needs of Nigeria and Africa.

    He stressed that policy makers, government institutions and private sector players need to pay attention to the business solutions that indigenous firms like Courteville have to offer the economy as it is by such opportunities that the nation can experience sustainable growth and development.

    He noted that his company has already applied online solution and technology towards eradicating the bottlenecks that once surrounded motor vehicle administration in Nigeria while it has also successfully exported such technology to other parts of the continent and in the Caribbean.

    Assuring shareholders of the company on future returns, Akindele underscored the fact that the company has been one of the companies listed on the Nigeria Stock Exchange (NSE) that has consistently paid dividends to its shareholders in the past three to four years consecutively.

    He said company has developed a marketing platform for all insurance houses to sell genuine insurance policies.

    According to him, most of the insurance companies in Nigeria now are already partnering with Courteville on its Auto Insure policy, which pays more claim than other third party policies.

    He noted that Auto Insure has created a marketing platform for insurance companies to market their insurance policies and programmes adding that the product will also automate the process of issuing motor vehicle insurance like the process of issuing motor vehicle licence.

     

  • Courteville’s capital rises to $250m

    The worth of shares of Courteville Business Solutions Plc listed on the Nigerian Stock Exchange (NSE) has risen to $250 million, five years after the initial listing of the company.

    Its Group Managing Director, Mr. Adebola Akindele disclosed this during a meeting with the Caribbean Trade Mission, Jamaica and Trinidad and Tobago. The meeting, according to a statement, was meant to expand the firm’s operations into international markets and also on the request of Caribbean Enterprise Network UK (CENUK).

    Also on the trip were Deputy Managing Director (AutoReg Franchise), Mr. Wale Sonaike; Executive Director Projects , Strategy and Research, Mr. Femi Niyi and Director of Priority Group International, Denis St Bernard and Courteville’s Communications consultant, Mr Wole Oyewo.

    He said that Courtevilles’s AutoReg franchise is currently in use in 22 states in Nigeria and would be expanding to eight more states within the year. He said the company is also working with Serria Leone and is discussing with other African countries that are interested in leveraging on its services.

    He said his team first met with Jamaica Promotions Corporation (JAMPRO) in Kingston, Jamaica where they were received by Mr. Claude Duncan, the Vice President Investment Promotion.

    Mr. Akindele, the GMD of Courteveille Business Solutions unvieled Courteville’s profile and indicated his confidence that with his seven year tenure and the listing on the Nigerian Stock Exchange, the firm could be a credible partner to Small Business Association of Jamaica.

    He said that the firm has also been effective in providing business solutions with a specialty in Information Technology in Nigeria and Sierra Leone.