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UPDATED: Etisalat Nigeria Gets New Management Team

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By Modupe Gbadeyanka

Information reaching us confirms that a new board has been constituted by Etisalat Nigeria as a result of the ongoing restructuring efforts.

A statement issued by the company’s representative disclosed that Mr Joseph Nnanna has been appointed as Chairman of the Board of Directors of Etisalat Nigeria. He replaces Mr Hekeem Belo-Osagie, who resigned last week as Chairman of the telecom firm.

It was also revealed in the statement made available to Business Post on Tuesday, July 4, 2017, that Mr Boye Olusanya has been confirmed as the Chief Executive Officer of the company, to replace Mr Matthew Willsher.

In addition, Mrs Funke Ighodaro takes over from Mr Olawole Obasunloye as Chief Finance Officer (CFO) of Etisalat Nigeria.

Other appointments announced by Etisalat Nigeria today were Mr Oluseyi Bickersteth as a Non-Executive Director of the board, and Mr Ken Igbokwe, also a Non-Executive Director.

The statement noted that, “The consortium of lenders, working with the regulators; the Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) are committed to the on-going efforts to restructure the company towards a path of long term success of the business and the appointment of a seasoned board of directors and top management is a testament to this.

“The decisions reached so far reflect the high confidence all the stakeholders have in the continued viability and sustainability of the business.

“The smooth transition is also proof of management’s commitment to ensure that the operations of the company run seamlessly, and customers continue to enjoy superior network quality and positive customer experience.

“Etisalat Nigeria remains committed to continuously serving our subscribers, through the provision of innovative products and services with its committed staff, partners and vendors to empower the needs of our customers and improve their experience on the network.”

Etisalat Nigeria concluded the statement by thanking “all our customers for your loyalty, understanding and continued patronage.”

Etisalat Nigeria is the country’s fourth largest telecoms firm with over 20 million subscribers. It came into the country in 2008.

Mr Joseph Nnanna is an economist and a Central Banker. He has three decades of post qualification professional experience.

He attended William Paterson University in Wayne, New Jersey and University of Houston, in Houston Texas, USA from 1975-80, where he read Finance, Public Policy and Economics. He graduated with B.A, M.A and PhD diplomas. Since graduation, Dr Nnanna has attended several economic policy oriented training programs.

In 2003 and 2004, he studied at Harvard University and participated in the macroeconomic policy and leadership/ organizational management training programs. Dr Nnanna was appointed Deputy Governor (Financial System Stability) Central Bank of Nigeria on February 3, 2015.

His work experience includes: a brief period of teaching at the University of Houston at Clear Lake City campus (USA) and at the federal government Polytechnic, Akure (Nigeria) in 1980-82. And from 1982-1989, he worked as a staff economist in the international trade and exchange rate section of the Research Department of the Central Bank of Nigeria.

Dr Nnanna also served as full time consultant to the government of Nigeria as a technical assistant to the National Economic Management Team and the Presidential Steering Committee on Global economic crisis.

He was also a part-time consultant to the United Nations Conference on Trade and Development (UNCTAD). In 2012-2014, Dr Nnanna served as the Alternate Executive Director, representing Nigeria and 21 other sub-sahara African countries on the Board of the International Monetary Fund (IMF), Washington D.C.

Mr Boye Olusanya – Managing Director/CEO is bringing on board an impeccable wealth of experience from the Nigerian telecoms sector.

At ECONET Wireless, he was Deputy Chief Executive Officer and subsequently the Acting Chief Executive Officer where he successfully managed the affairs of the Company after the disengagement of the former operators.

At CELTEL NIGERIA LIMITED, Mr Olusanya assumed the role of Deputy Chief Executive Officer and led the business strategy initiative for data services as well as key strategic operational changes in the business.

He has handled high level responsibilities at Dangote Industries Limited where he served as Chief Business Transformation Officer responsible for management of all enterprise-wide projects in the Group.

He was also MD at Dancom Technologies Limited with responsibility for managing all the telecom assets and the IT Infrastructure. He oversaw the sale of the 3G subsidiary as well as managed the rollout of the fibre backbone network covering 4400km across the country.

Mrs Funke Ighodaro Executive Director, Finance was Chief Financial Officer of Tiger Brands Limited from 2011 to 2016. She held the position of Chief Financial Officer of Primedia (Pty) Ltd, from 2001 to 2011.

Prior to 2001, she was Managing Director of a private equity firm, Kagiso Ventures Limited and Executive Director of its parent company, Kagiso Trust Investment Company.

Mrs Ighodaro also worked in the corporate finance division of Standard Corporate and Merchant Bank. She trained and qualified as a Chartered Accountant with PricewaterhouseCoopers in London, where she spent a total of 10 years in audit and tax. She is a Fellow of the Institute of Chartered Accountants in England and Wales.

Mr Oluseyi Bickersteth – Non Executive Director, is the National Senior Partner of KPMG Professional Services, Nigeria; he oversees KPMG West Africa Region and is a Member of the Global Board.

Mr Bickersteth has provided advisory services to major companies in varied industries, including oil and gas, financial services, telecommunications, manufacturing, commercial, public sector and not for profit organisations.

He has been extensively involved in privatisation activities and has provided tax and business advice to several local and international companies on privatisation, business organisation, entity restructuring and business regulatory issues.

Mr Bickersteth was a member of the Trade and Investment Committee of the Nigerian-American Chamber of Commerce; was a director of the Nigerian-South African Chamber of Commerce and currently a Director of the Nigerian Economic Summit Group. He was also involved in Vision 2010, which prepared a memorandum on the vision for Nigeria by year 2010. He chaired a working group on “Nigerian Tax Reforms 2003 & Beyond” for the Federal Government of Nigeria.

Mr Ken Igbokwe – Non Executive Director joined Price Waterhouse in London in 1978 and moved to PwC Nigeria in 1988. He became the Country Business Executive Leader of PwC Nigeria and West Africa and was a member of the PwC Africa Executive Committee.

Mr Igbokwe holds a B.Sc. (Eng.) degree in Mechanical Engineering from Imperial College, London University, and over 36 years’ experience in the provision of assurance, taxation, business advisory, and consulting services.

He specialises in strategy, enterprise transformation, process reengineering, taxation advisory and business reconstruction.

He is a member, the Institute of Chartered Accountants of England & Wales, and Nigeria; Member, City and Guilds Institute London; Member, Chartered Institute of Taxation of Nigeria, and Member, Business Recovery & Insolvency Practitioners Association of Nigeria.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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Economy

NASD OTC Bourse Improves by 0.42%

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NASD OTC stock exchange

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange closed higher on Friday, February 7 by 0.42 per cent, with the market capitalisation increasing by N7.54 billion to close at N1.804 trillion compared with the previous day’s N1.796 trillion.

Equally, the NASD Unlisted Security Index (NSI) went up by 13.30 points during the session to close at 3,184.87 points, in contrast to the preceding day’s 3,171.57 points.

The final trading day of the week had four price gainers and two price losers, according to data obtained from the NASD OTC bourse.

Food Concepts Plc appreciated on Friday by 15 Kobo to settle at N1.65 per share compared with Thursday’s closing price of N1.50 per share, Mixta Real Estate Plc expanded by 31 Kobo to finish at N3.42 per unit versus the preceding session’s N3.11 per unit, FrieslandCampina Wamco Nigeria Plc further grew by 60 Kobo to N40.10 per unit from N39.50 per unit, and Central Securities Clearing System (CSCS) Plc gained 22 Kobo to wrap the day at N24.00 per share compared with N23.78 per share.

On the flip side, Afriland Properties Plc went south by 2.9 per cent to N17 per unit from N17.49 per unit and 11 Plc slid by N3 to close at N253 per share, in contrast to the preceding session’s N256 per share.

During the trading day, the volume of securities bought and sold by investors decreased by 98.1 per cent to 226,384 units from 12.0 million units, the value of securities also slid by 31.4 per cent to N9.7 million from N14.2 million, and the number of deals dropped by 25.6 per cent to 32 deals from 43 deals.

Impresit Bakolori Plc ended the session as the most active stock by value (year-to-date) with 519.5 million units worth N504.3 million, followed by FrieslandCampina Wamco Nigeria Plc with 6.2 million units valued at N245.0 million, and Geo-Fluids Plc with 9.3 million units sold for N44.8 million.

Also, Impresit Bakolori Plc remained the most active stock by volume (year-to-date) with 519.5 million units worth N504.3 million, trailed by Industrial and General Insurance (IGI) Plc with 42.4 million units sold for N12.9 million, and Geo-Fluids Plc with 9.3 million units valued at N44.8 million.

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Economy

Naira Remains Stable at N1,500/$1 at Official Market

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Fake Naira notes banknotes

By Adedapo Adesanya

The Naira closed flat against the United States Dollar at N1,500.65/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, February 7, after recording losses in four straight sessions in the trading week.

The recent pressure on the market across majorly regulated channels came despite recent policy moves by the Central Bank of Nigeria (CBN) creating more trading transparency and ethical practices.

However, the domestic currency depreciated against the Pound Sterling in the official market yesterday by N8.78 to trade at N1,868.76/£1 compared with the previous day’s rate of N1,859.98/£1 and against the Euro, it weakened by N1.95 to settle at N1,557.13/€1, in contrast to Thursday’s closing price of N1,555.18/€1.

At the parallel market, the Nigerian currency improved its value further against the US Dollar on Friday by N5 to sell for N1,565/$1 compared with the preceding session’s N1,570/$1.

As for the cryptocurrency market, it slumped yesterday after the US Bureau of Labor Statistics said the country’s economy added 143,000 jobs in January, below the forecast 170,000 and down from 256,000 in December.

Ethereum (ETH) declined by 4.5 per cent to sell at $2,615.76, Cardano slumped 4.3 per cent to trade at $0.6949, Litecoin (LTC) depreciated by 1.9 per cent to settle at $103.35, Dogecoin (DOGE) fell by 1.7 per cent to $0.2476, Solana (SOL) recorded a 1.4 per cent loss to close at $193.39, Bitcoin (BTC) depleted by 1.2 per cent to $96,138.53, and Binance Coin (BNB) went down by 1.1 per cent to quote at $578.78.

On the flip side, Ripple (XRP) gained 1.8 per cent to trade at $2.36, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat $1.00 each.

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Economy

Oil Prices up on Fresh Iran Crude Export Sanctions

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Crude Oil Prices

By Adedapo Adesanya

Oil prices went up on Friday after new sanctions were imposed on Iran’s crude exports, with Brent crude futures expanding by 37 cents or 0.5 per cent to $74.66 per barrel, and the US West Texas Intermediate (WTI) crude futures growing by 39 cents or 0.55 per cent to $71.00 a barrel.

However, for the week, prices were down by 2 per cent as investors worried about US President Donald Trump’s renewed trade war with China and threats of tariffs on other countries.

Reports of planned tariffs from the Trump administration reined in gains following the sanctions announced on Thursday.

The American president on Friday said he plans to announce reciprocal tariffs on many countries by Monday or Tuesday of next week.

President Trump did not identify which countries would be hit but suggested it would be a broad effort that could also help solve US budget problems.

However, Mr Trump’s Commerce secretary nominee Howard Lutnick voiced concerns about India’s high tariff rates, while US Trade Representative nominee Jamieson Greer discussed US complaints about Vietnam’s and Brazil’s tariffs and trade barriers.

He had earlier announced a 10 per cent tariff on Chinese imports as part of a broad plan to improve the US trade balance, but suspended plans to impose steep tariffs on Mexico and Canada.

But market analysts noted that this could be a major escalation of his offensive to tear up and reshape global trade relationships in the US favour.

On Thursday, it imposed new sanctions on a few individuals and tankers helping to ship millions of barrels of Iranian crude oil per year to China as it intensified war against Iran.

Iran’s President, Mr Masoud Pezeshkian, called on its fellow members in the Organisation of the Petroleum Exporting Countries (OPEC) to stand united against ‘destabilizing’ US sanctions, meeting with OPEC Secretary General Khaitam al-Ghais as the country assumes the rotating presidency of the organisation.

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