Lokoja’24: All set for GOCOP AGM, conference - ITREALMS

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All is now set for the kickoff of the 2024 edition of the Annual General Meeting (AGM) and Annual National Conference (ANEC) of the Guild of Corporate Publishers (GOCOP) in Lokoja, capital of Kogi State, the Confluence State of Nigeria.

The two-day event tagged Lokoja’24, is to be chaired by Nigeria's former Ambassador to Spain, Alhaji Yusuf Yaro Mamman, according to the 2024 Conference Planning Committee chairman, Danlami Nmodu, mni, as announced by the Publicity Secretary of GOCOP, Sir Remmy Nweke.

Wema Bank holds AGM, commits to sustainable growth through innovations

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Wema Bank Plc has reaffirmed commitment to sustain financial growth through innovations, reports ITRealms.

The bank made this known at its Annual General Meeting (AGM) in Lagos, during which the financial report for the year ending December 31, 2017 was presented to shareholders.

The Bank used the platform to announce commitment to its attained growth phase, which is the final stage of its restructuring process that started in 2009. The innovative bank, which launched ALAT, Africa’s first fully digital bank, confirmed the growth of its gross earnings by 20.07%, from N54.36 billion in FY2016 to N65.27 billion in FY2017.

According to the Managing Director/ CEO, Mr Segun Oloketuyi, “the growth was supported by the launch of ALAT – Nigeria’s first fully digital Bank, enhancing Wema Bank’s already existing alternate platforms which recorded a combined growth rate of 205.67% in transactions executed and with an estimated 30,000 accounts opened monthly. We have made necessary steps to consolidate on the growth achieved in the new financial year.”

He commended the shareholders for their understanding over the years and for seeing the bank through the first two restructuring phases of the bank.  “I would like to appreciate our esteemed shareholders for their patience and the trust reposed in us. We are now in the final stage of our three-pronged strategy; stabilise the bank (2009 – 2012), reposition the bank (2013-2017) and grow the Bank (2017 and beyond),” he said.

Commenting on the financial year 2017 results, Mr Oloketuyi provided further insights into the performance of the Bank during the period.  “Despite the slow start to the year, 2017 recorded significant progress, highlighted by the introduction of the Investor & Exporters (I&E) window and recovery in oil prices,” he noted.

In October, the Bank held its Extra-Ordinary General Meeting (EGM) towards its proposed Capital Reorganisation Scheme.  The CEO announced that the exercise has been concluded. “With all relevant regulatory approvals in place and duly passed and reflected in the 2017 financial year accounts, the conclusion of the exercise would now lead to an efficient balance sheet, as ploughed back profit can be capitalised to grow the business while positioning the Bank for dividend payment in the near term” he explained.

On plans ahead of the new financial year, he informed the shareholders that “We approached the money market in November 2017 to raise N25 billion in two Series under a commercial paper Program; Series 1 N10 billion – 182-day tenor and Series 2:N15 billion- 270-day tenor. Given the relative decline in interest rates and possible growth within the economy, the Bank will be re-opening the 2nd series of its N50 billion debt issuance program. This should commence from the second quarter of the year.”

 On his part, the Chief Finance Officer, Tunde Mabawonku noted that, the Bank’s earnings from non-interest income remained strong, growing by 24.44% from N9.80 billion in 2016 to N12.19 billion in 2017; surpassing its 2017 guidance of a 19% growth rate.  

The Bank closed with a Profit before Tax (PBT) of N3.01 billion (2016; N3.24 billion), despite reporting an  increase in impairment charges which rose  from N0.42 billion in 2016 to N2.18 billion in 2017.

According to him, “Risk management remains at the core of our operations, as we leverage on our prudent risk management practices and reported a Non-Performing Loan (NPL) ratio of 3.52% (2016; 5.01%) while our Capital Adequacy Ratio (CAR), closed at 14.32% (2016; 11.07%). We remain confident, that the Bank’s credit rating will continue to remain affirmed at investment grade level,” he said.

Ayo Midele/GEE

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Pix: L-R: Oluwole Ajimisinmi,  Company Secretary; Segun  Oloketuyi, MD/CEO; Tina Vukor-Quarshie, Non-Executive Director; Abubakar Lawal, Non-Executive Director, all of Wema Bank at the bank's 2017 Annual General Meeting in Lagos.

ATCON shops for 14-NEC members, plans 2018 AGM

ITREALMS:

The Association of Telecommunications Companies of Nigeria (ATCON) is now shopping for responsible 14 members of the entity to form the National Executive Council (NEC) from April 2018, reports ITRealms.

This is coming as ATCON also plans its Annual General Meeting (AGM) which would be an elective AGM where those 14 NEC members would be elected for the next two years.

The Executive Secretary at ATCON, Mr. Ajibola Olude, disclosed this to ITRealms, saying that as part of upholding the principle of transparency in the conduct of the forthcoming election into various positions in the NEC of the association, they beckon on all the CEOs and Directors of all our qualified member companies to take active part in the in Annual General Meeting (AGM) and Election into the National Executive Council (NEC).

He listed some of the positions to include, National President;  1st Vice President; 2nd Vice President;     National Secretary; Treasurer; Financial Secretary; National Publicity Secretary; Coordinator, Telephone Operators; Coordinator, Infrastructure Providers; Coordinator, Internet Services Providers;   Coordinator, Manufacturer's Representative; Coordinator, Equipment Dealers; Coordinator, Value Added Services; and Coordinator, Consulting.

To qualify for an election, ITRealms gathered that a candidate must be a Chief Executive Officer or at least a Director duly authorized or designated to represent his/her company by its management.

Nonye Dom/GEE

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CWG 2.0 business model yielding fruit in H2 2015

PR@ITRealms:

The founder and Chief Executive Officer of Computer Warehouse Group (CWG) Plc, Mr. Austin Okere noted that the Company’s subscription business has begun to yield fruits. This statement was made by the CWG boss during his speech at the 10^th Annual General Meeting (AGM) held in Lagos on the 25^th of June, 2015.

Addressing participants, the company’s Acting Chairman, Mr. Abiodun Fawunmi, said that “CWG Plc made significant progress in her key business objective for 2014 which was to scale out the subscription business in order to be the No 1 technology platform provider in Africa by 2015, a business model that would provide predictability, as well as ensure annuity revenues.”

The Company re-iterated her commitment to continue her focus in developing new lines of businesses, under the CWG2.0 model, which are better positioned to withstand macroeconomic shocks, especially those relating to foreign exchange movements. The new products include the flagship CWG-SMERP, the cloud based Enterprise Resource Planning (ERP) product for SMEs, the award-winning Openshopen.ng, her ecommerce technology platform and CWG-SES Teleport Services. Being Intellectual Property locally developed, implemented and supported by CWG, the business growth and profitability are immune from the shocks of foreign exchange fluctuation.

On the Company’s financial scorecard, the Acting Chairman noted that her gross margin percentage grew by 5% to 20% (2013: 19%) while the financing costs and general operating costs declined by 43% and 15% respectively to N199.8m and N2.7bn (2013: Financing cost N348.7m, OPEX N3.2bn) showing better efficiency of our operations. The Company also finished with an improved cash position of over N1.5bn at the year end. Shareholders at the event were informed of the payment of the 2kobo dividends per unit share, to be made within 24 hours.

According to Mr. Okere, the CWG subscription business model was conceived five years ago as the Company needed to re-invent and transit herself to become a company that could predictably grow revenue and profit. From a small startup some 23years ago with seed capital of barely N160,000, CWG has grown to become one of Africa’s largest system integrators with revenues of more than $100m, 650 staff and operations across Nigeria and three other African countries, CWG had always been at the forefront of innovative information technology solutions that enables growth.

Mr. Okere noted that the opportunities that CWG has successfully pursued under her subscription business include providing a cloud solution for micro finance institutions in partnership with MTN (a solution dubbed MTN XaaS), building a cloud based solution for Micro, Small and Medium Enterprises (MSMEs) to manage their businesses, partnering with openshopen.com to build an ecommerce platform for increased visibility and sales. CWG’s investment in building technology that addresses power theft, which is a major concern of most Power Distribution Companies, has gained significant traction with the first commercial order, and four other proof of concepts completing and progressing into commercial sales. The Company has also partnered with SES Astra to operate a digital satellite television teleport service. 

He noted that being certified by the CBN as a payment terminal service provider (PTSP) will enable the company to deepen her offering in the Point of Sale and Payment systems. Recognizing the need for automation and effective management of internally generated revenue, CWG has recently launched technology solutions that help State Governments to increase their internally generated revenue in the area of third party Insurance management system.

“Not unexpectedly, this has been a slow and difficult journey into innovative and uncharted territory that is beginning to show green shoots in sales, that will be consolidated in the second half of 2015. For instance, adapting the FinEdge technology platform to power the backend of the Diamond Yello Account product, has generated platform subscriber base exceeding expectation to 4 million in less than a year after launch, and with potential to grow to 10 million by the end of 2015. Also, the first order for the power theft detection and prevention system has been secured with one of the electricity distributors opening the way for a foray into a market with estimated potential in excess of $200m within the next two years” Mr. Okere declared. 

He further highlighted that the Company’s SMERP business management platform has been extended to various verticals including medical, retail and manufacturing and is fast winning deals, including one with a major retail chain about to build out more than twenty outlets in Nigeria within the next two years. The CWG-SES teleport infrastructure has also begun re-broadcasting digital television signals for more than 8 broadcasters.

“CWG’s Mobile Financial Services partnership with CIT Vericash is set to power the mobile financial services of one of the largest banks in Nigeria with plans for full scale Africa-wide deployment in the coming months. Most significantly, CWG and her consortium partners have started their first phase of the deployment of a unique third party insurance management system for one of the largest states in Nigeria. This system is projected to help the state generate significant revenue while ensuring that the public gets benefit for their mandatory third party insurance on their vehicles” Mr. Okere continued.

“While not yet Africa’s number one Technology Platform Provider, the increasing pace of roll out of platform solutions and growth in subscriber numbers are clear pointers of reaching that ambitious goal sooner than later” he concluded.

The event also witnessed the election of Mr. Kunle Ayodeji as an Executive member of the Board in charge of Finance and Operations. Mr. Ayodeji is a seasoned professional with over 15 years of experience in the fields of banking, financial consulting and private equity. He has held Executive positions in numerous organizations including KPMG and Abraaj Capital. In the same vein, three other shareholders were also elected as members of the audit committee, while Ernst and Young was reappointed the company’s auditor for another year.

The AGM was well attended by the esteemed shareholders, the media, the Company’s Acting Chairman, Mr. Abiodun Fawunmi;  Executive Directors: Chief Executive Officer, Mr. Austin Okere; Chief Operating Officer, Mr. Phillip Obioha; Chief Technology Officer, Mr. James Agada; Executive Director, Finance and Operations, Mr. Kunle Ayodeji; Non-Executive Director, Mr. Emmanuel Ijewere; Company Secretary, Barrister Okey Ejibe, and other stakeholders.

 
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NIRA elects new president, changes to Registry Administrators

ITRealms

Nigeria Internet Registration Association (NIRA) has elected Mr. Sunday Folayan as its 3^rd Executive President at the 7th Annual General Meeting (AGM) of the association, as it adopts a change of status from an Internet Registration Association to Internet Registry Administrators, ITRealms reports.   

Folayan, who was handed over the mantle of leadership by consensus of NIRA registrars and financial members, ran for the office unopposed, with three other members, Muhammed Rudman, Sunday Olutayo and Segun Akano, elected into the board.

Highlighting most of her achievements, out-going

president, Mrs. Mary Uduma, said the association has fared well under her leadership. “Most importantly”, she said, “is the purchase and renovation of 

the NIRA Office Complex, where most Committee and Executive Board of Directors meetings are now been held.”  

Mrs. Uduma also noted that her regime recorded a growth in registered domain names. She said, “Newly registered domain names in the year stood at 18,870, with a marginal growth from 16,911 in 2013”.

The New President is also the Chief Executive Officer of General Data Engineering Services, SKANNET. In his acceptance speech, he promised to use his wealth of experience in the industry to ginger effective participation of entrepreneurs and registered businesses in Nigerian.

“We would first create the need and the demand, we would ensure that people have their own personal domains, either in the name space or .ng space; and also ensure we work with appropriate authorities to empower more businesses to be able to run their own domain names.”  He said.

Similarly, the association in line with its mission to be the administrator for the Nigeria Country Code Top Level Domain (.ng ccTLD), unanimously adopted a proposal to change its status as Nigeria Internet Registration Association to the Nigeria Internet Registry Administrators.

The reason for the change, according to the association, is central to the understanding of the word ‘association’, which to them reflects an entity without a long life span. Stating that an association is an organization that can be here today and be born elsewhere tomorrow.

ITRealms learnt that the newly elected President is the immediate past Vice President, Executive Board of Directors, and the Chairman of the Africa Network Information Centre (AfriNIC), also a member of the Board National Information Technology development Agency (NITDA) and Internet Exchange Point of Nigeria (IXPN).

Nsolibe Daniel/Ed, Ops.

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Odusote, Onyekwere, Odeyemi named NIRA Life Patrons

Chief Chima Onyekwere, chairman, Linkserve pioneer ISP

Mrs Ibukun Odusote ... .ng first contact person

 Rising from its 5^th Annual General Meeting and elections, the Nigeria Internet Registration Association (NIRA) has named three pioneering Life Patrons for their roles in the development and stablisation of the association, according to the president, Mrs. Mary Uduma.

She listed these Patrons to include the first contact person on .ng domain name, Mrs. Ibukun Odusote, Chief Chima Onyekwere of Linkserve for pioneering effort on Internet Service Provisioning (ISP) and Dr. Isaac Odeyemi, who is the founding chairman of NIRA.

Mrs. Uduma also said this has become necessary in fulfillment of the direction by the former president of the federation, Chief Olusegun Aremu Obasanjo, during the harmonization of the issues that paved the way to the formation of NIRA by stakeholders in Nigeria.

Responding on behalf of other Life Patrons, the chairman, Board of Trustees (BoT) of the Nigeria Internet Registration Association (NIRA) Dr. Isaac Odeyemi, reassured stakeholders of dot ng country code Top Level Domain of continued support to the Executive Board.

ITRealms gathered that Dr. Odeayemi is an acclaimed first Nigerian PhD holder in Computer Sciences, and current the chairman and chief executive officer of Debis Computers and was a former registrar, College of Fellows of the Computer Professionals Registration Council of Nigeria (CPN).

 

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NIRA hosts special AGM on May 1

The Nigeria Internet Registration Association has concluded plans to host members to a Special Annual General Meeting (S-AGM) in Lagos on Tuesday, May 1, 2012.

Head, Corporate Services at NIRA, Ms Ugo Akiri in a press statement made available to ITRealms Online, said the S-AGM has been scheduled for MUSON Centre, Onikan, Lagos.

According to her, the meeting kicks off by 10.00am under the leadership of NIRA president, Mrs. Mary Uduma.  

The president was quoted as explaining that the need for a Special AGM arose from the fact that NIRA’s financial year calendar has been changed from previously June 1 through May 31 to the current January 1 through December, 31. 

The change in NIRA’s financial calendar, she noted, came into effect at the 4th AGM held on Thursday, September 15, 2011 in Lagos.

The Chief Operating Officer and Secretary to the Executive Board of NIRA, Mr. Opeoluwa Odusan, pointed out that this change resulted in a seven-month breach period of June 1 – December 31, 2011.

The Special AGM, he explained, is to make room for the transition to the new order of a January – December financial calendar.

The agenda for the S-AGM, he said, would include the receipt of the Annual Report and Financial Statement for the period: June 1- December 31, 2011, in addition with the Auditor’s Report; receipt of a Business Plan and Budget for the period of the current financial year beginning January 1, 2012; and to consider such other business that any member properly brings before the meeting.

Odusan further noted that the Special Business of the AGM is to approve the reviewed Constitution of the Association.

ITRealms Online recalls that NIRA’s first general meeting was held on May 1, 2007 at the MUSON Centre where the pioneer Executive Board was elected under the leadership of late Engr. Ndukwe Kalu and the Board of Trustees.

NIRA manages the nation’s identity on the internet which is .ng country code Top Level Domain (ccTLD), was formed by the intervention of former president, Chief Olusegun Obasanjo in 2005.

On her part, the President of the Association’s Executive Board of Directors, Mrs. Mary Uduma,  noted that a better participation of the members of the Association at the scheduled Special AGM is anticipated, having been fixed on a work-free  day.

She also said expectation is high that the General Assembly would rise from the meeting with pending constitutional amendments resolved.

Remmy Nweke

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