Inside Shago Payments and Fidelity Bank’s ₦811 million chargeback tussle
Shago Payments, a fintech company owned by B2B e-commerce platform Alerzo, has taken Fidelity Bank to court over a chargeback dispute. Shago, which offers payments and agent banking services like Moniepoint and Opay, had its settlement accounts with Fidelity Bank. Three sources with direct knowledge of the situation said a series of chargeback claims were filed with Fidelity Bank between June and August 2023. Those claims amounted to ₦811 million and were deducted from Shago’s Fidelity Bank account without their knowledge. The case highlights the dynamics of chargeback claims. In a typical “four-party model,” when cardholders dispute a transaction, their bank contacts the card processor (in this instance, Interswitch) and asks for a chargeback. The chargeback is deducted from the acquiring bank (Fidelity, in this instance), which in turn debits the merchant (Shago Payments) that provided the service to the cardholder. Merchants can appeal these chargebacks by showing evidence that the cardholder’s transaction was legitimate and should not be reversed in a process called representment. Shago alleges that Fidelity Bank “unilaterally resolved” the chargeback claims resulting in “unauthorised debits” on its accounts. The four-party model According to one person with knowledge of the matter, Shago reported the incident to the Economic and Financial Crimes Commission in September 2023. The fintech startup also held several meetings with Fidelity Bank’s leadership between July 2023 and early 2024 to resolve the chargeback, but the talks stalled. Eventually, Shago went to court and asked a Federal High Court in Lagos to award ₦10 billion in damages for the incident. It also asked the court to restrain Fidelity Bank from making any further debits to its accounts and for the ₦811 million the bank already deducted to be held in trust until the determination of the suit. Global Accelerex, a Payments Terminal Service Provider, and Interswitch, a switching company, are listed as defendants in the suit. “The 1st defendant’s failure to honour the plaintiff’s various demands, particularly by the plaintiff’s letters of 13 July 2023 and 21 July 2023, as well as emails of 31 August 2023, 22 September 2023, 5 October 2023, and 8 November 2023 amounts to a breach of the 1st defendants (re)payment obligations to the plaintiff,” said an excerpt of Shago’s court filing. Shago declined to comment. A spokesperson for Fidelity Bank did not respond to a request for comments. Interswitch and Global Accelerex declined to comment, citing judicial considerations. On July 17, the court asked Fidelity Bank to pay ₦811 million to a court-designated account pending the determination of the suit. The court restrained Fidelity Bank from taking further action on the alleged chargeback claims by setting off the credit balances in Shago’s account numbers. The case was adjourned to August 1, 2024 for mention.
Read MoreOurPass acquires MFB licence as it hopes to serve enterprise customers
Five months after securing an approval in principle, OurPass, the e-commerce one-click checkout company that pivoted to business banking, has acquired a Microfinance banking licence from Nigeria’s Central Bank. When it begins operation in September 2024, OurPass will offer business accounts, loans and business management tools for businesses. “We have done all the major integrations, we are left with one last integration with NIBSS [Nigeria Interbank Settlement System], “ said Samuel Eze, the company’s CEO. When fully operational, OurPass will compete in Nigeria’s business banking space with established players Brass, Moniepoint, and Prospa. Unlike its competitors that primarily serve small businesses, Ourpass will focus on large corporates like Shoprite, Medplus, UAC Foods and SPAR. “We are focusing on giving credits for large-corporates, focusing on inventory financing, Asset financing and invoice discounting. “ While its competitors primarily have digital presence, OurPass will build physical presence in all 774 local government areas across Nigeria. The bank will establish presence in business cluster areas—like computer village—and open markets, according to Eze, who declined to share specifics about the implementation. OurPass will release its banking-as-a-service product before the end of the year and also create a specialised products for creatives. Eze claims the startup will be profitable within the next 12 months. “We are somewhere in between a traditional bank and a fintech.” While established banks prioritise revenue, excel in risk management and governance, neobanks have redefined customer experience and operational efficiency. OurPass says it will offer the reliability and financial prudence of a traditional bank alongside the speed and user-centricity of a fintech. “At the heart of our business strategy is sustainance. We are constantly thinking about revenue. We are now focused on achieving the best net income ratio.”
Read MoreExclusive: WhatsApp could exit Nigeria over FCCPC demands, $220 million fine
One week after Nigeria’s Federal Competition and Consumer Protection Commission (FCCPC) fined WhatsApp $220 million for a data privacy violation, the commission’s additional demands could lead to WhatsApp suspending operations in the country. At least four people familiar with the conversation said Meta was considering “withdrawing certain services” in Nigeria. In addition to the hefty fine, FCCPC asked WhatsApp to stop sharing user data with other Facebook companies and third parties without explicit consent. The social media platform must also provide information about data collection and restore user control over data usage. “We want to be really clear that technically, based on the order, it would be impossible to provide WhatsApp in Nigeria or globally,” a spokesperson for WhatsApp told TechCabal via email. “This order contains multiple inaccuracies and misrepresents how WhatsApp works. WhatsApp relies on limited data to run our service and keep users safe, and it would be impossible to provide WhatsApp in Nigeria or globally without Meta’s infrastructure. We are urgently appealing the order to avoid any impact on users,” the statement added. Meta did not comment on the FCCPC’s claim that WhatsApp did not allow users to opt out of the 2021 policy. However, it insisted that its January 2021 Privacy Policy update does not include sharing user data. “While traditionally mobile carriers and operators store this information, we believe that keeping these records for two billion users would be both a privacy and security risk and we don’t do it,” the privacy document reads. If Whatsapp ceases operations in Nigeria, it will have enormous consequences for individuals and small business owners. Many SMEs rely on WhatsApp, Instagram, and Facebook to reach their target customers. Three privacy lawyers questioned the FCCPC’s reference to the National Data Protection Regulation (NDPR) as a basis for the fine. Enacted in 2019 by the National Information Technology Development Agency (NITDA), NDPR is the primary data protection framework in Nigeria. Two lawyers who asked not to be named say the NDPR will not stand up to scrutiny in court and asked if a government regulation could be authoritative in a matter as significant as privacy. While Meta is undoubtedly subject to regulatory oversight, the proportionality of the $220 million fine levied by the FCCPC is questionable, two government figures who asked not to be named said. “We are too revenue-focused. What is the opportunity cost of $220 million in government coffers?” asked an Industry expert. If WhatsApp ceases operating in Nigeria over those demands, the FCCPC and the Nigerian government will have their answer.
Read MoreAs Chowdeck dominates food delivery, its ad business is growing
The appeal of advertising on Chowdeck, Nigeria’s most popular food delivery app, continues growing as its business grows. Chowdeck now claims to have 600,000 users, according to marketing documents seen by TechCabal. It also claims to be the country’s most downloaded food delivery app. Chowdeck currently delivers around 20,000 orders daily and is looking to more than double that number before the year ends, said one person with knowledge of the business. “[Chowdeck] will expand to other states in the South-South, safe regions in the North and the South-East,” that person said. If Chowdeck hits its ambitious daily order target, it will make its ad business, even more popular. Chowdeck declined to comment for this story. Guaranty Trust, one of Nigeria’s top banks, advertised its share offering on Chowdeck’s app this week on a banner that has previously displayed ads for three other prominent brands. The food delivery company charges ₦250,000 per week for those ads, said one person familiar with the pricing. “[The company] can put a lot of ads up there,” said one person familiar with Chowdeck’s advertising. If four ads are on the banner, the company can earn ₦3 million weekly without incurring additional operational expenses. The company is also working on personalising ads; “the adverts someone in Lagos will see are not the same someone in [Abuja] will see.” Those slide–show banners aren’t Chowdeck’s only ad offering. It also offers push notifications ads that cost ₦250,000 per notification and ads on its famous brown delivery bags that cost ₦3 million for 10,000 bags, according to a rate card seen by TechCabal. It is unclear what the sales team, led by co-founder Kennedy Offor, has set as the revenue target for those ads. Finding advertisers is now part of the KPIs of the sales team, but they have not “aggressively started selling ads.” If Chowdeck expands its ad business, it will be a boon to a startup that is also profitable after delivery, per a 2023 report.
Read MoreNigerian banks ask employees to work remotely, “maintain situational awareness” as protests begin
After weeks of government rhetoric advising against a cost-of-living protest, Nigerian banks are choosing caution, telling employees to work from home on Thursday, the first day of the protest. At least five commercial banks told employees at their head office and branches considered to be in volatile areas to stay home, according to several emails seen by TechCabal. At least two top banks did not ask employees to work remotely, telling them to “dress down” and “avoid protest routes.” Three employees at those banks said several teams still chose to work from home, with team leads citing safety concerns. “All colleagues in non-essential roles are encouraged to prioritise working remotely from the nearest branch or hub,” said an excerpt from an email communication from a top Nigerian bank. “Colleagues in essential roles working on-site are required to maintain situational awareness and regularly engage supervisors or line managers to provide or receive important updates as applicable.” Nigeria’s commercial banks are some of the country’s most prominent businesses, valued at trillions of naira. In the 2020 protest to end police brutality, the banks were widely criticised for allegedly freezing bank accounts related to protest organisers. When the protests were infiltrated by thugs, some Nigerian banks were affected by the violence. It has influenced how the banks react to unpredictable situations. Mystery buyer LH Telecoms takes over Nigeria’s troubled 9mobile The Lagos state government is also choosing caution, telling people not to protest and surrounding many parts of the city with noticeable police presence. Two people reported significant military presence on the third mainland bridge and several other areas in the business district of Victoria Island. At least four state governments have obtained court orders limiting protesters to certain parts of the city. The legality of those court orders has been questioned. As Nigeria faces its worst economic crisis in a decade, Nigerians are feeling the pinch, with headline and food inflation at record levels. Economic reforms, including a much-needed removal of fuel subsidies and a relaxed FX policy regime, have not delivered the quick wins the government hoped for.
Read More
Where to follow the 2024 EndBadGovernance Nigeria protests live
The 2024 EndBadGovernance protests in Nigeria have drawn significant attention both locally and globally. As citizens demand accountability and reforms, staying informed in real-time is vital. Here are platforms and channels that are highly likely to give live video and textual coverage of the protests as it ensues nationwide from August 1st. 1. YouTube for the 2024 EndBadGovernance Nigeria protests Channels to follow: Arise News, Channels Television, TechCabal and Sahara Reporters. Details: These channels are known to provide comprehensive live coverage, including on-the-ground reports, interviews with key figures, and analysis of the ongoing protests. Subscribing to these channels will ensure you receive timely notifications as the 2024 EndBadGovernance Nigeria protests begin. 2. Facebook for the 2024 EndBadGovernance Nigeria Protests Pages to follow: Arise TV, Channels, TechCabal, Zikoko, Premium Times, Pulse Nigeria, FIJ Nigeria, and The Guardian Nigeria, Details: Facebook allows live streams of events, enabling followers to comment and share real-time updates. These media outlets are known for their detailed and timely reporting. So you will find them most likely providing live coverage of the 2024 EndBadGovernanceinNigeria protests. 3. Twitter for the 2024 EndBadGovernance Nigeria Protests Accounts to follow: @AriseTV, @PIDOMNIGERIA @Firstladyship, @fijnigeria, @FS_Yusuf_ @Ruffydfire, @SaharaReporters, @TechCabal, @EiENigeria, @chiditweets042, and @WestAfricaweek. You can also follow hashtags like #EndBadGovernaceProtest #EndBadGovernaceProtestinNigeria #EndBadGovernaceProtests #August1st2024 #August1Protests to find relevant updates from covering accounts. Details: Many organisations and activists use Twitter to broadcast events. With analysis of the build up towards 2024 EndBadGovernanceinNigeria nationwide protests beginning on August 1st, these curated accounts will keep you abreast with live streams, immediate reactions from different protest locations, and other protest perspectives that may interest you. 4. Instagram for the 2024 EndBadGovernanceinNigeria protests Accounts to follow: @arisetv @channelstv @instablog9ja, @Mufasatundeednut @officialhiptv, and @lindaikejiblogofficial Details: Instagram influencers and media outlets often use Instagram to cover events, using the live and posting features. These accounts provide a mix of live updates, behind-the-scenes footage, and interactive sessions with followers. 5. TikTok for the 2024 EndBadGovernanceinNigeria Protests TikTok creators often provide live coverage with a mix of personal commentary and interactions with their audience. Simply use the hashtag as mentioned in number 3 for you to see accounts providing updates on the protests. Final thoughts on following the 2024 EndBadGovernance Nigeria Protests live Staying updated with the 2024 EndBadGovernanceinNigeria protests is essential for understanding the socio-political climate and supporting informed and decent activism. By following these platforms and channels, you can access real-time video and textual coverage and participate in the conversation, no matter where you are in the world.
Read MoreCrypto exchanges spared from taxes as Kenya court nullifies 2023 Finance Bill
Crypto exchanges operating in Kenya will no longer pay Digital Asset Tax (DAT) introduced in the Finance Act 2023. The 3% tax on revenue from trading cryptocurrency and other digital assets was implemented in September 2023. But the Kenyan court of appeal declared the tax unconstitutional on Wednesday. DAT was imposed on crypto exchanges such as Kotani Pay and AZA Finance (formerly BitPesa). The law also directed that crypto taxes be remitted within five working days, along with a tax return detailing deductions and other required information. None of the local cryptocurrency exchange platforms had remitted the taxes to the Kenya Revenue Authority (KRA) before Wednesday’s ruling that declared the bill illegal, a crypto executive told TechCabal on condition of anonymity. However, the companies had received notices to pay the tax weeks before the ruling. DAT aimed to tax Kenya’s digital asset market, which ranks second behind Nigeria in crypto-related activities. Over 350,000 Kenyans also registered for the cryptocurrency project Worldcoin before the company’s operations were suspended in August 2023. Given crypto’s volatile nature, a tax based on transaction gains or income, accounting for potential costs and losses, could have been more suitable, said an executive at the Blockchain Association of Kenya (BAK). In September 2023, BAK went to court to block the new crypto taxes. However, the case is now invalid, according to Kakai. Other crypto experts argued that the Kenyan government could have aligned the DAT rate with the existing 1.5% Digital Service Tax (DST), which was introduced in the 2020 Finance Act. DST is a 1.5% tax on income from online marketplace services in Kenya. The short tax remittance deadline was also seen as a burden to taxpayers with increased compliance costs. Three court of appeal judges ruled that sections introduced to amend the Income Tax Act, Value Added Tax Act, Excise Duty Act, Retirement Benefits Act, and Export Processing Zones Act in the 2023 Finance Bill were unconstitutional because they lacked fresh public participation.
Read More
👨🏿🚀TechCabal Daily – Helios raises $200 million for Africa-focused climate fund
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Happy new month Today, Nigerians are kickstarting a ten-day protest against hunger and food inflation. A loaf of sliced bread that used to cost ₦700 a year ago now costs ₦1,900. As living costs soar, Nigerians are seeking creative alternatives to staple—like this video on watermelon pepper stew. The Tinubu-led government has insisted that the protests are premature and has tried to ensure the protests don’t happen. If you’re going out there today, stay safe! In today’s edition MTN Nigeria suffers $312.4 million loss Inside LH Telecoms’ takeover of 9mobile Helios raises $200 million for Africa-focused climate fund Ogun state plans for battery swap stations The World Wide Web3 Events Telco MTN Nigeria suffers $312.4 million loss MTN Nigeria may be asking investors and stakeholders to take their patience further after it posted another Q2 2024 loss. The company has now lost ₦519 billion ($312.4 million) in H1 2024—six times more than the ₦85 billion ($51.1 million) it lost in H1 2023. MTN’s financial woes are largely due to Nigeria’s unstable currency, which has driven operating costs up. The telco has significant dollar-denominated costs, including its tower contract with IHS Towers. While revenue grew to ₦1.53 trillion ($921 million), costs also increased. The cost of sales jumped 33% to ₦252 billion ($151.7 million), with operating expenses hitting ₦738 billion ($444.3 million). To reduce its losses, MTN is reducing its dollar-based costs by partnering with tower company, ATC Nigeria, to supply 2,500 towers in 2025 following its scuffle with IHS towers—a deal believed to be valued in naira. Additionally, MTN is joining other telcos seeking regulatory approval for price increases in tariff plans in hopes of buffering the revenue base. Despite its operating financial woes, MTN’s customer base continues to grow. The company now has 79.4 million mobile subscribers and 5.5 million mobile money users. Data revenue (₦727 billion) has overtaken voice revenue (₦632 billion), as customers embrace cheaper internet calls over voice plans. One hour on a WhatsApp call, for example, takes just 300MB, which costs about ₦200, but one hour on a voice call costs twice as much—and the allure is particularly in making international calls at cheap data rates. Read Moniepoint’s 2024 Informal Economy Report 89% of businesses in the informal economy pay levies and market fees. The informal economy is typically described as untaxed, but is that true? Click here to find out more. Telco Inside LH Telecoms’ takeover of 9mobile Remember the iconic “0809ja for life” advert featuring singer Banky W that rocked Nigeria’s advertising scene in 2008? With that ad, Etisalat entered the Nigerian telecoms market with flashy adverts, strong service quality, and the “0809uchoose” campaign that allowed Nigerians to choose their preferred mobile number. A reversal of fortunes was to come after its parent company, Etisalat UAE, could not pay off a $1.2 billion loan it owed to banks in 2017. Etisalat UAE pulled out of the Nigerian market. In 2018, the company was acquired by Teleology Nigeria Limited, and Etisalat became 9mobile. The move didn’t stop the telco from losing 8 million subscribers in the years that followed. Now, powers have changed hands again at 9mobile. The company was just acquired by mystery firm LH Telecommunications Limited. Talks for this deal began last year and were finalised on July 26, 2024, after the Nigerian Communications Commission’s (NCC) approval. While the takeover was marked with internal conflicts, newly-appointed board chairman and founder of Tak Group of Companies, Thomas Etuh quickly proved that he meant business as 9mobile grew by 400,000 subscribers in the second half of last year. The struggling telco also appointed CEO Obafemi Banigbe who now has the tough job of restoring the company to its glory days. Collect payments anytime anywhere with Fincra Are you dealing with the complexities of collecting payments from your customers? Fincra’s payment gateway makes it easy to accept payments via cards, bank transfers, virtual accounts and mobile money. What’s more? You get to save money on fees when you use Fincra. Get started now. Funding Helios raises $200 million for Africa-focused climate fund Despite the funding downturn, climate-led startups have received substantial investments. In 2023, these startups raised one-third of the total investment. This year, climate tech startups are currently leading African startup funding, with $325 million of the $1 billion raised so far. Despite climate tech leading startup funding, Africa still lags behind other continents in terms of global energy investment. The continent only receives 3% of global energy investment. Helios Investment Partners LLP, the biggest Africa-focused private investment plan taking a step to bulk that trend. The firm has partnered with Gaia Fund Managers to raise an initial $200 million to create the biggest Africa-focused climate fund. The fund has a target of $600 million. The fund will invest in renewable energy and drought-resistant agriculture on the continent. The fund will focus on investments in clean energy, sustainable agriculture, eco-friendly transportation, resource recovery, and innovative technologies that accelerate the transition to a low-carbon economy. Ghana’s SolarTaxi, Zimbabwe’s NeedEnergy and Kenya’s Octavia Carbon are a few startups on the continent that fit Helios’ bill. With over 600 million Africans still without electricity and billions more relying on harmful cooking methods, the need for sustainable energy solutions is more urgent than ever. This fund aims to invest in businesses that can help the continent transition to a clean energy future. Paystack Virtual Terminal is now live in more countries Paystack Virtual Terminalhelps businesses accept secure, in-person payments with real-time WhatsApp confirmations and ZERO hardware costs. Enjoy multiple in-person payment channels, easy end-of-day reconciliation, and more. Learn more on the Paystack blog → Mobility Ogun state plans for battery swap stations “Electric vehicle or Combustion engine?” I’d wager that will be the next top debate long after the Messi vs Ronaldo tyres out. While you can still hear the rumble of traditional engines across the street, a quiet electric revolution is brewing. And
Read MoreJumia hires ex-PalmPay manager, Anthony Mbagwu, to head its Nigerian fintech subsidiary
E-commerce giant Jumia appointed Anthony Mbagwu as the managing director of its Nigerian fintech arm, JumiaPay. Mbagwu joins JumiaPay from rival fintech PalmPay where he was a senior business development and partnership manager for ten months. Mbagwu has over 15 years of experience in the financial services sector. He was previously head of business support at Unified Payments, a prominent payment infrastructure provider, and head of service operations at Access Bank. According to Jumia’s 2023 filing, PalmPay is one of JumiaPay’s biggest competitors. Jumia did not immediately respond to requests for comments JumiaPay is integrated as a payment method at the checkout of online platforms like Jumia—it processed about 39.5% of Jumia orders in 2023. It also has a standalone app that lets users make bank transfers, bill payments, loans, and merchant payments. One person familiar with the company said JumiaPay’s biggest customer is its parent company. JumiaPay processed $192 million in payments for 8.4 million orders in 2023, a figure that pales compared to the $5 billion monthly transactions that Palmpay reported in 2023. Mbagwu will report to Sunil Natraj, the CEO of Jumia Nigeria. Mbagwu’s appointment comes as Jumia intensifies its focus on profitability. The company has laid off staff and shut down its food delivery arm to save costs and increase revenue which stood at $186.4 million at the end of 2023, per its SEC filings. Some of those moves have resonated with investors with its share price rallying to $12.16 at the time of writing this article, nearly four times what it began the year.
Read MoreMystery buyer LH Telecoms takes over Nigeria’s troubled 9mobile
Seven years after its majority owner, Etisalat UAE, divested from Nigeria, leaving its former subsidiary with $1.2 billion in debt, 9Mobile has a new owner, a new board, and a chance of a turnaround. On July 26, a statement from 9Mobile said the Nigerian Communications Commission (NCC) had approved the acquisition of a telecom operator by LH Telecommunications Limited, a little-known Nigerian company registered in April 2023 and led by Thomas Etuh, the founder of the Tak Group of Companies. While the NCC hasn’t publicly commented on the deal, an NCC official who asked not to be named said the commission was aware of the acquisition, which has been in the works since 2023. One person knowledgeable about the talks said the acquisition took a year because of corporate infighting after LH took control of 9Mobile in June 2023. The deal represents the latest attempt to restart growth at 9Mobile, the sickman of the telecom industry. Founded in 2009, 9Mobile started operations as a subsidiary of Emirati-state-owned telecom Etisalat. The company quickly racked up new subscribers as tens of millions of Nigerians bought their first mobile phones and SIM cards during the early 2010s. Government support to drive broadband adoption and a booming economy buoyed by a commodities boom put 9Mobile as a promising contender in Nigeria’s fast-growing mobile market. But over the last decade, Nigeria has witnessed a reversal in economic fortunes, accelerating inflation and currency devaluation. 9Mobile was impacted due to its significant dollar debt exposure. In 2017, Etisalat divested from the business while a team from the Central Bank of Nigeria and NCC stepped in to find a new owner. A sale was concluded in 2018, and 9Mobile hired a new CEO, Adrian Woods. Yet, 9Mobile’s struggles continued. While rival telcos have gained tens of millions of new subscribers, 9Mobile has lost 11.6 million over the decade. The business is struggling to grow, and its reputation among consumers for good quality of service is in tatters as network outages, even in urban locations, have become frequent. LH’s acquisition offers a new lifeline to the struggling business. It hands control of 9Mobile, Nigeria’s fourth largest telecom company, to LH, which one publication first linked to LH Telecoms UK, a small UK business that reported 11,000 pounds cash on its balance sheet as of January 2023. LH Telecoms UK did not respond to emails requesting comments. 9mobile’s new owners, LH Telecoms, did not immediately respond to a request for comments. Following the deal, LH has assembled a competent board of executives, including two highly influential TY Danjuma family members. Between June and November 2023, when Thomas Etuh assumed the position of chairman, the company saw a consistent growth of over 400,000 in subscriber base due to funding released during the period, said one person familiar with the business. Yet, the acquisition is not without controversy. The takeover by LH Telecommunication was opposed by the former chairman Nasri Ade Bayero claiming the process of naming the new board breached corporate governance ethics, according to one publication and another person with knowledge of the matter. “The infighting cost 9Mobile a lot. It led to Thomas Etuh freezing funding within the company, which affected their subscriber numbers between December 2023 and January 2024,” the same person claimed. The person said the funding freeze was to force the regulator to approve a sale. The ascension of Etuh as 9Mobile’s new Chairman will draw questions due to his professional track record and reputation as one of the country’s top debtors. He has an outstanding debt balance of ₦11.58 billion owed by his company Tak Continental Limited, according to Asset Management Corporation of Nigeria (AMCON), the federal agency created after the 2008 financial crisis to handle debt restructuring of shaky businesses. Etuh previously served as the chairman of the board of directors of Unity Bank Plc, Veritas Kapital Assurance Plc, and Lighthouse Capital Limited. He is also the Notore Chemicals Industries Plc board chairman and Jennifer Etuh Foundation (JEF). Notore Chemicals, a company listed on the Nigeria Exchange (NGX), recorded a 33% revenue loss year-on-year from ₦32.31 billion in 2022 to ₦21.55 billion in 2023 due to the naira devaluation. Veritas Kapital Assurance, also listed on the NGX, recorded a revenue increase of 41% from ₦5 million in 2022 to ₦7.1 million in 2023.
Read More