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Rise in MTN Nigeria Mobile Subscribers Buoys Q3 Earnings

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Top telecommunication service provider, MTN Nigeria Communications Plc, has released its year-on-year nine months interim financial statements ended September 30, 2019 with result indicating there were rise in both profit and revenue in the period so far.

The company recorded a revenue of N856.5 billion compared with N764.5 billion recorded as at September 2018, meaning that the company’s profit within a period of 12 months by over 10 percent or N92 billion.

The profit for the year also went up by N33.3 billion in the period under analysis to N148.3 billion against NN115.0 billion it was during the same period of 2018.

The telecommunication company attributed this growth to the increase in mobile subscribers by 0.1 million (100,000) to 61.6 million users and complemented by active Internet data users which rose by 1.6 million to 22.3 million subscribers this year.

The company made N72.5 million from other income sources in the first nine months of 2019 while as at September 2018, the figure stood at N69.8 million.

MTN Nigeria was able to reduce its direct network operating cost this year to N117.9 billion against N227.3 billion that was expended during the same period last year. Following suit, value added services cost also dropped this period to N8.9 billion from N14.2 billion as at September 2018.

The company also saw reductions in its roaming and transmission costs, which went down to N2.9 billion and N4.1 billion from N3.4 billion and N4.2 billion respectively.

Employee benefits and sales promotion means (advertisements, sponsorships) both saw increases as the company spent a total of N23.1 billion on the former from N19.1 last year September while the latter went up to N13.6 billion as against N12.3 billion in the same period, 2018.

The company’s operating profit culminated into N286.3 billion as at September, a difference of N80.5 billion compared to N205.8 billion last year. This brought about a Profit Before Tax (PBT) of N212 billion despite recording a higher finance cost (equal to N92 billion) and lower finance income (N17.7 billion) compared to N171 billion recorded before tax despite its relative lower finance cost (N53.2 billion) and higher finance income (N18.4 billion)

MTN Nigeria paid a total of N63.7 billion in taxes as at September 2019 compared to N56 billion at the period under review in 2018.

The company which listed on the Nigerian Stock Exchange earlier this year also disclosed that its earnings per share rose by 29 percent to N7.29k.

It will be recalled that in early September, Business Post reported that the telco suffered a set back in its operations as result of retaliatory xenophobic attacks on the company’s facilities across the country.

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FirstBank Lagos Amateur Open Golf Championship Achieves Global Recognition, Gets Listed In the WAGR

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Nigeria’s premier and leading financial services provider, First Bank of Nigeria Limited has announced that the FirstBank Lagos Amateur Golf Championship scheduled to Tee-Off on Friday, 15 November 2019 is now listed amongst the golf tournaments in the World Amateur Golf Ranking (WAGR). The WAGR is offered by the R&A and the United States Golf Association as a global service to golf.  Through incorporation and assessment worldwide of both amateur and professional events, WAGR™ encourages the international development of the competitive game. 

Since 1894, FirstBank has continued to promote the growth and development of sports in Nigeria. Apart from the Lagos Amateur Golf Championship which the Bank has supported for 57 years, the Bank has sponsored the Georgian Cup of the Kaduna Polo Tournament for 100 years. Other sports supported by the Bank include; the Dala Hardcourt Tennis, Kano for 32 years and for over a combined 30 years, the Bank has sponsored and owned the popular Elephant Girls Basketball club – which has remained a dominant force in the Nigerian Women Basketball league for many years – and the Elephant boys football club. The highpoint of these is the 2019 100th unbroken years of sponsoring the Kaduna Polo Tournament, widely attributed as the longest running sports sponsorship in the world and a Guinness Book of Records potential. 

The 56-hole golf tournament, to be played over three days would be rounded off with a grand finale and awards ceremony on Sunday, 17 November 2019. Other activities to be held in the course of the tournament are the “Professional Coaching Clinic” to nurture the skills of young and upcoming talents and “Beat the Pro Skills competition”. The 2018 edition which had over 260 golfers in attendance was won by Sam Njoroge from Kenyan.

Speaking on the Bank’s sponsorship of the tournament, Dr. Adesola Adeduntan, Chief Executive Officer, First Bank of Nigeria Limited said; “We are excited at the giant strides achieved with the FirstBank Lagos Amateur Open Golf Championship. The championship is now one of the international golf events where all amateur golfers worldwide can now participate and amass points to aid their WAGR rankings.”

“FirstBank has been in the business of supporting sports in Nigeria throughout its 125 years of existence. We have partnered with individuals and institutions to provide support, not only in the sports arena, but also in Education, the Arts and Small and Medium Enterprises”, he concluded.

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FirstBank Partners With CFA Society Nigeria To Host 2019 Ethics Challenge Competition

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In the furtherance of the Bank’s commitment to promote business ethics, professional excellence and education, reflected in the Bank’s Endowment programme – the Samuel Asabia Chair for Business Ethics at the University of Lagos – First Bank of Nigeria Limited for three consecutive years is partnering with CFA Society Nigeria to host its annual flagship event, the Ethics Challenge,  scheduled for Friday & Saturday, 15 -16 November 2019 in Abuja and Lagos for the regional and national levels respectively.

The Ethics Challenge is designed to increase students’ awareness of the ethical dilemmas and issues they may face when they enter the investment management industry. At the Ethics Challenge, students are given an ethics case study to analyze, evaluate, recommend and present to a panel of judges. To determine the winning team, the judges provide feedback based on the identification and understanding of the ethical issues in the case, the recommendations provided with the depth of the analysis, quality of the presentation, and responses to the judges’ questions. 

The 2018 winner, Obafemi Awolowo University, would compete with 15 other higher institutions in the country to defend its trophy. Babcock University, Bowen University, Covenant University, Federal University of Technology Akure, Mountain Top University, University of Calabar, University of Ibadan and University of Lagos are the schools competing in the Lagos preliminary round.

Other schools are University of Abuja, University of Maiduguri, Bayero University, University of Ilorin, University of Nigeria and Madonna University in the Abuja based preliminary round.

The competition will be judged by Mrs. Adeola Asabia, Member, Board of Trustees, Business Ethics Chair, University of Lagos; Musa Bagudu, CFA, Head, External Funds Management Office, Central Bank of Nigeria; Kunle Anida, CFA, Director, Deals Advisory, PWC Nigeria amongst others.

According to CFA Society Nigeria President, Mr. Banji Fehintola, “The annual Ethics Challenge embodies CFA Society Nigeria’s mission to promote the highest standards of ethics in our investment and financial services industry. It touches on many of CFA Institute’s Future of Finance six areas of focus which include: Transparency and Fairness, Regulation and Enforcement, and Safeguarding the System. It also promotes ethical awareness and fosters a healthy investment industry that works for the ultimate benefit of society. Through our collaboration with First Bank of Nigeria Limited to run this competition annually, we will continue to invest in our university students and we hope to build the commitment of our future professionals to operate according to sound ethical principles”.

Expressing her delight on FirstBank’s support and participation in the CFA Ethics Challenge, the Group Head, Marketing & Corporate Communications, First Bank of Nigeria Limited, Folake Ani- Mumuney said “through our 125 years of existence, we at FirstBank pride ourselves in being exemplary in ensuring that global best practices are upheld in adherence to ethical standards across our organizational practices and activities. 

“We recognize the impact of the CFA Society Nigeria through its giant strides in fostering Code of Ethics and Standards of Professional Conduct amongst university students and other touch points in the society in preparing them to overcome ethical challenges that they may face in the workplace environment “. 

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Governor Bagudu Commends Dangote Group as firm begins installation of rice factory in Kebbi

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Gov. Atiku Bagudu of Kebbi on Sunday commended Dangote Group for setting up a rice mill in the state, saying it would create employment and boost the economy.

Bagudu who visited the factory site at Saminaka in Shanga Local Government Area of the state, said the investment would also rack up the rice value chain and add value to local farmers, City News reports.

The governor’s visit was announced in a statement on Sunday in Birnin Kebbi by his Press Secretary, Abubakar Dakingari.

Facilities for the factory, which will have 32 silos are being installed as at the time of the visit by Bagudu, who was accompanied by legislators and top government officials.

“I must commend Dangote Group of Companies especially Alhaji Aliko Dangote for initiating the project in Kebbi State.

“This will go a long way in providing employment to our youth as well as boosting the economy of the state and Nigeria at large “, he said.Bagudu used the opportunity to invite more investors to Kebbi to set up more factories.

Similarly, the governor made a stop over at a local rice mill in Yauri where he interacted with some women processing local rice.

The women told the governor that the price of rice has fallen which according to them was an indication that Federal Government’s rice initiative is working.

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