Technology
N5.8bn Loan: Omatek to Offer BoI Fresh Payment Option
By Dipo Olowookere
Efforts are presently being made by the board and management of Omatek Ventures Plc to resolve the company’s indebtedness to the Bank of Industry (BoI) so as to forge ahead.
Business Post gathered that in December 2012, nearly seven years ago, the firm secured a term loan and working capital facilities totalling N5.81 billion from BoI for the purpose of financing the procurement of assembly components for the production of laptops.
But things went bad for the company and it could not service this loan, which made the lender to obtain a court order to take over premises of the tech company.
Last week, precisely on Thursday, October 31, 2019, the board of directors of Omatek Ventures held a meeting at the Muson Center in Lagos and the issue of the N5.81 billion debt was discussed.
At the gathering, it was agreed that the bank should be approached with a view to finding an amicable way of resolving the matter, including offering a part of the company’s premises to BoI.
In a notice to the Nigerian Stock Exchange (NSE), the board said it was agreed that, “In the matter of the company and the Bank of Industry (BOI), a speedy resolution be sought as soon as possible, by making an offer to the bank to allow the company keep the factory and the entire stock contained therein, and that the unoccupied part of the premises be accepted by the bank as settlement of the debt; and that the bank should allow the company to participate in the N-Power ICT Empowerment program of the federal government, given that Omatek as an Original Equipment Manufacturer (OEM) has the capacity, experience and after sales support service required to implement the program.”
Business Post gathered that as part of the requirement for obtaining the N5.81 billion loan, the BoI had requested for the Irrevocable Standing Payment Order arrangement with the defunct Skye Bank Plc in its favour, all assets debenture and an Irrevocable Personal Guarantee of late owner of the company, Mrs Florence Seriki, who passed away in 2017.
The development finance bank said after the death of Mrs Seriki, it had several meetings with the acting Managing Director of the company, Mr Yemi Ogundipe, which confirmed the initial reservations of the bank that the company had issues bordering on corporate governance under the leadership of the late chief promoter.
“Though the current management of the company agreed to strategise and commence repayment after settling in, it was obvious that there was no clear plan on the ground to actualise that commitment,” the BoI had said.
But when things were not forthcoming, the matter went to court and Mr Ade Oyebanji was appointed by the lender as a receiver, who took inventory of all items located at the Omatek’s premises on Plot 11, Kudirat Abiola Way, Oregun , Ikeja, Lagos, in January 2017.
By Modupe Gbadeyanka
Nigeria’s telecom landscape is about to be abuzz, with the much-anticipated launch of Flexmobile from Hazon Technologies.
Feelers indicate that the company will soon make a commercial debut, as the regulatory approval is now in the final stage.
It was gathered that the commercial rollout for Flexmobile should be June 1, 2026, as this depends on the authorisation of the Nigerian Communications Commission (NCC), which regulates the sector. The telco will have the distinctive 081 number series.
Early signals suggest a product ecosystem engineered around flexibility, data-centricity, and user control—an approach aligned with the evolving expectations of Nigeria’s digitally connected population.
For seamless operations, Flexmobile has sealed commercial agreements with its MVNE, IMBIL, and Airtel Nigeria.
“What lies ahead is more than a launch—it is the beginning of a new way to experience telecoms in Nigeria,” the chief executive of Hazon Technologies, Mr Victor ‘Gbenga Afolabi, said at a recent media briefing.
“After years of building the right partnerships and infrastructure, we are approaching a defining milestone. Flexmobile is designed to challenge conventions and introduce a smarter, more flexible telecom experience for Nigerians,” he added.
While full details of its offering will be unveiled at launch, Flexmobile is expected to introduce a suite of value-added services designed to go beyond traditional connectivity—positioning the brand at the intersection of telecoms, lifestyle, and digital enablement.
Backed by strong institutional partnerships and a robust MVNE framework, Flexmobile enters the market not just as another operator, but as a platform with the potential to reshape how telecom services are consumed and experienced.
By Aduragbemi Omiyale
A leading Information and Communications Technology (ICT) company, ipNX Nigeria, is joining forces with the Nigerian Communications Commission (NCC) to accelerate broadband penetration and drive inclusive digital growth across the country.
Recently, an executive delegation of the organisation paid a visit to the chairman of the regulatory agency, Mr Idris Olorunimbe.
“We are pleased to engage with the new chairman of the NCC and show our support as he takes on this important role.
“Strong leadership and a clear policy direction are essential to unlocking the full potential of Nigeria’s digital economy.
“At ipNX, we remain committed to working closely with the commission and other stakeholders to expand broadband access, enhance connectivity in educational institutions, and ultimately bridge the digital divide.
“This collaboration will empower millions of Nigerians and further position the country as a leader in Africa’s technological evolution,” the Managing Director of ipNX Nigeria, Mr Ejovi Aror, said at the visit.
In his remarks, Mr Olorunnimbe thanked the firm for the show of support, reiterating the commission’s commitment to fostering an enabling environment for private sector participation in achieving universal broadband access across Nigeria.
This collaboration is expected to advance Nigeria’s transformation agenda in technology and help boost the federal government’s broadband agenda for the country.
ipNX Nigeria has said it remains at the forefront of delivering cutting-edge broadband and ICT solutions, and this engagement underscores its unwavering dedication to supporting national development through technology-driven initiatives.
By Adedapo Adesanya
MTN Nigeria is restructuring its fintech business by bringing in its parent company, MTN Group, as a major investor to help cushion against losses that have plagued the units.
Yesterday, MTN Nigeria announced that its parent firm, based in South Africa, will acquire a 60 per cent stake in MoMo Payment Service Bank Limited (MoMo PSB) and Y’ello Digital Financial Services (YDFS) Limited.
MoMo is a payment service bank business that provides financial services, including deposits, payments, transfers and digital wallets to individuals and small businesses in Nigeria via digital and mobile‑based platforms.
Y’ello Digital is a licensed super-agent that provides agency banking and financial services, including cash deposits, withdrawals and bill payments. It operates through the MoMo network.
In an explanatory note in respect of the proposed transaction on Tuesday, MTN Nigeria said the transaction will cost N95.5 billion and reduce its exposure to the “loss-making” financial technology (fintech) companies.
According to the Nigerian subsidiary, the acquisition, which the South African company will conduct through another subsidiary, MTN Group Fintech, is a restructuring that consists of two phases.
MTN Nigeria said the first phase is the acquisition of a 60 per cent stake in each of the two fintech companies by MTN Group.
“MTN Group Fintech will acquire a 60 per cent stake in each of the Fintech Companies through a combination of primary issuance of shares by the Fintech Companies and a secondary acquisition of shares in MoMo PSB from MTN Nigeria, at an agreed valuation of N95.5 billon (on an intra-group debt free and cash free basis), resulting in an implied capital injection of N152.06 billion payable in cash or consideration other than cash, or a combination (the “Investment Amount”) into the Fintech Companies; and MTN Nigeria will retain a 40% stake in the Fintech Companies,” the statement read.
According to the explanatory note, the second phase is the creation of a financial holding company named Fintech HoldCo, which will be 60 per cent owned by MTN Group Fintech and 40 per cent owned by MTN Nigeria.
The fintech units are currently loss-making, and this move will help MTN Nigeria to reduce financial risk and share future losses and investment burden. However, it will still keep a significant minority stake (40 per cent)
The network provider said the transaction phase will be completed with Fintech HoldCo acquiring the shares held by MTN Group Fintech and MTN Nigeria in MoMo and Y’ello Digital.
“Subject to obtaining the approval of the CBN, Fintech HoldCo will become the 100% owner of the shares in the Fintech Companies, having acquired all the shares held respectively by MTN Group Fintech and MTN Nigeria in the Fintech Companies,” the telecommunications company said.
MTN Nigeria said an annual general meeting (AGM) will be held on April 30, for shareholders to consider and, if thought fit, approve the proposed transaction.
The telco said the proposed transaction distributes operational risks, allowing MTN Group Fintech to share future capital risks, such as losses, regulatory burdens and execution risks.
In August 2024, MTN Nigeria acquired a 7.17 per cent stake held by Acxani Capital Limited in MoMo.
The acquisition increased MTN Nigeria’s total stake in MoMo to 100 per cent.
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