Nigerian subscribers decline to 8.1 million as MultiChoice Group records $217m annual loss
South African pay-TV group, MultiChoice reported total annual losses of R4 billion ($217 million) on revenues of R56 billion on the back of macroeconomic challenges that may make its shareholders seriously consider if a Canal+ ownership may provide some respite. Devaluation and inflation in markets like Nigeria and Ghana reduced consumer spending power, leading to a decline in active subscribers. Its number of active subscribers in Nigeria was 8.1 million (a 1.2 million decline), reducing the country’s revenue contribution to the Rest of Africa segment from 44% to 35%. “Mass-market customers in countries like Nigeria had to prioritise basic necessities over entertainment,” MultiChoice said in its executive summary announcing the results. FY24 presented the toughest set of macro-economic conditions for the Rest of Africa (defined as all its markets outside South Africa) business since 2016, the company said. Its South African business, which showed more resilience with only a 5% decline in active customers (7.6 million active subscribers at year-end), also came under pressure. “Consistent loadshedding through FY24 created an environment where customers without backup power were reluctant to subscribe to our service due to the uncertainty of whether they would be able to watch.” Across all its markets, the number of premium customers (which includes the Premium and Compact Plus bouquets) declined by 8%, and the mass market tier by 2%. These annual results, which investors are unlikely to be impressed by, were delivered against a background of cost-cutting measures by the pay-TV group. It reduced subsidies on decoders and delivered cost savings of R1.9 billion. Yet, it was unable to escape the realities of the markets in which it operates. For instance, the group incurred remittance losses of $59 million during the year from Nigeria as FX market volatility saw prices swing sharply. In FY 2023, that figure stood at $132 million.
Read MoreExclusive: As merger stalls, court sets aside order forcing Wasoko to keep nine ex-employees on payroll
A Kenyan court has set aside a February 2024 interim order that forced B2B e-commerce startup Wasoko to keep nine employees on its payroll despite laying them off in December 2023. The court said the employees were “undeserving” of the order after they withheld crucial information. Despite reinstating the employees, they failed to show up for work, Wasoko’s lawyers argued. One of the claimants was still employed by Wasoko at the time of the order and participated in redundancy negotiations. The court agreed with Wasoko’s argument that keeping them on payroll would amount to “unjust enrichment.” Exclusive: Unauthorised $3 million transfer led to Directline Assurance shutdown “Before me are claimants who have since obtaining the orders declined to present themselves to work and in the case of one, taken steps to accede to the issue that brought them to court,” the court held in its June 11, 2024 decision. The employees disagreed with the ruling, and one person with direct knowledge of the matter claimed Wasoko allowed them to work from home occasionally. The same person added that they had limited access to work tools, and claimed a hostile work environment after they sued made working from the office untenable. As a result of the ruling, the parties to the lawsuit will now prepare for a pre-trial hearing on the wrongful termination suit brought by the nine ex-employees. Wasoko maintains it followed due process in the layoffs, and that the initial redundancy notices from December 2023 were valid. It also issued a new notice after the February interim order. In April 2024, the ex-employees received and kept their redundancy payments. However, the ex-employees claimed that Wasoko erroneously released the payments while the case was ongoing. While the case continues, Wasoko’s celebrated merger with Egypt’s MaxAB, expected to be concluded by April 2024 remains uncompleted, with TechCrunch citing “extended due diligence” as the cause of delay.
Read MoreExclusive: Unauthorised $3 million transfer led to Directline Assurance shutdown
The shutdown of Kenya’s Directline Assurance was connected to an alleged attempt by media mogul Samuel Kamau (SK) Macharia to avoid a probe into an unauthorised $3 million (KES400m) transfer to a company he controls, according to court filings by the Insurance Regulatory Authority (IRA) seen by TechCabal. $3 million was wired to Toy and Suna Holdings Ltd from Directline’s Diamond Trust Bank account on May 16, court documents 4 showed. The regulator alleged the transaction was a scheme to defraud policyholders and beneficiaries of the company. Samuel Macharia’s office did not immediately respond to a request for comments. The IRA alleged Macharia moved the millions “purportedly to finance the development of stalls and low-cost housing at the Toy Market” in contravention of existing regulations. “Section 191(2) of the Act prohibits insurers from engaging in any business other than the business for which they are registered. It is apparent on the face of the record that the subject transaction is not insurance business and is, therefore, a breach of the insurer’s license terms,” IRA said in its application. One person with direct knowledge of the matter claimed Macharia, fondly referred to as SK, hurriedly closed the insurer after the regulator flagged the transaction and moved to court. “The board of Directline has been dissolved and all the assets taken over by Royal Credit Ltd. All employees have been dismissed, and Directline will no longer issue insurance services,” Macharia announced on Citizen TV, a leading Kenyan news outlet he owns through Royal Media Service (RMS). The unexpected closure caused panic among policyholders who stood to lose $15.4 million (KES2 billion) in unpaid claims and threw staff and agents into limbo. The Insurance Regulatory Authority (IRA) stepped in and revoked the decision. “The purported actions are null and devoid of any legal effect and as such the insurer continues in full operation as licensed and approved by the Authority. The purported transfer of the assets of the insurer to any third party is therefore null and void ab initio,” said Godrey Kiptum, IRA chief executive. This latest standoff adds to the list of feuds Macharia has had with the regulator and other directors in the company. Since 2018, IRA has maintained that the billionaire and his associates do not own a controlling stake, a position he disputes. IRA shareholder register shows that Macharia through RMS owns 10% in the underwriter, while four other investment vehicles hold a 20% stake each. In 2019, Macharia challenged this position in court, claiming that his family owns 20% while AKM Investments, a company owned by his son who died in 2018, holds a 48% share. But Macharia’s claim was in breach of the regulator’s shareholding limit that caps individual stake in insurers at 25%. The matter is still pending in court.
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👨🏿🚀TechCabal Daily – Lagos to install CCTVs at bus stops
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Happy Democracy Day, Nigeria! Help us improve your TC Daily’s experience by taking a few minutes to complete this short survey. Your input will guide us in making updates that will improve the newsletter content, design and overall experience! In today’s edition Jumia stocks up by 150% Lagos to install CCTV cameras to secure bus stops The BDC operator caught diverting funds for luxury living South African court overturns ruling holding law firm liable for email scam The World Wide Web3 Job openings Companies Jumia stocks up by 150% How do you spell a turnaround? J-U-M-I-A! Since it launched on the New York Stock Exchange in 2019, the e-commerce giant has undergone different resurgences. Jumia stocks debuted at $14.95 per share on the NYSE and closed at $18.90 (up 26.5% from the listing price), showing signs of a warm embrace by the market. Jumia stocks climbed as high as $46.99 in September 2019, showing signs that. What would follow after that was a great decline in the stock price, with the stocks reaching as low as low as $2.22 in March 2023. Since the year began, Jumia stock prices have begun an upward climb, starting at $3.36 and hitting $8.67 yesterday. While yesterday’s figure falls short of its listing price, it signals increased investors’ confidence. So what changed? Since Francis Durfay took the helm at Jumia in 2023, he has introduced different cost-cutting measures in the company. The company shuttered its food delivery business, Jumia Food, and cut advertising spending. Durfay also ordered staff domiciled in the UAE to the company’s active market. Durfay also rejigged the e-commerce giant’s business model admitting in a chat with TechCabal that the unit economics weren’t sustainable. So far, Durfay has done everything right to restore Jumia back to a path for growth and one can only hope that the rally of its stocks continues or perhaps we’ll see it grow in astronomical terms like NVIDIA’s. Moniepoint is Africa’s fastest-growing fintech The Financial Times has ranked Moniepoint as Africa’s fastest-growing fintech based on its absolute and compound growth rate. Read more about it here. Economy Lagos to install CCTV cameras to secure bus stops Are bus stations in Lagos about to become one of the safest places to be? “Stand with attention”, “Grip your phone”, “Put your bag at the front ”—These are words of advice anyone standing at junctions or bus stops in Lagos have heard. Aside from the association of rickety yellow Danfos with Lagos, many people will advise you to be “smart”, especially at bus parks and markets that invite different people from different parts of Lagos with thieves and criminals disguising as allies. In 2022, for example, Oluwabamise Ayanwola, a 22-year-old fashion designer boarded a BRT, one of the most trusted transportation systems, in Lagos but this didn’t save her as she was murdered by the driver. The surge in crimes like harassment, robbery, kidnapping and even death has eroded public trust in Lagos’s commercial transportation system. The Sanwo-Olu-led administration is on to restore the trust in the system and make residents stand at ease as Lagos State has unveiled plans to boost security with CCTV cameras at transport hubs like interchanges, bus stops, freight yards, and taxi parks, over the next two years. This is a part of the Lagos State Transport policy. To achieve comprehensive surveillance, local control centers will be established at key junctions across Lagos. These centres will monitor the CCTV camera network. The CCTV cameras will also leverage Automatic Incident Detection (AID) technology. This will improve traffic management by enabling faster response times to accidents and other disruptions. As part of the policy, real-time data from CCTV footage will be instrumental in developing and implementing effective traffic management plans. This data will allow authorities to respond swiftly to changing conditions and address issues as they emerge, ultimately minimising disruptions and ensuring a smoother flow of traffic throughout Lagos. Issue Euro (EUR) accounts for easy EUR payments Create and manage EUR bank accounts from anywhere. Fincra allows you to issue EUR accounts to your users, partners and customers to collect payments without the stress of setting up and operating a local bank account. Get started today. FX The BDC operator caught diverting funds for luxury living Nigeria’s acute dollar shortage is no longer news. Several multinational companies have exited the country on this premise (alongside a downturn in the economy). The government has also introduced new policies to curb the dollar shortage, including pumping $7 billion to clear a backlog of foreign exchange transactions. It also introduced new rules for Bureau de Change operators, revoking over 4,000 licenses and introducing new guidelines for licensing. Nigeria’s antigraft agency, the Economic and Financial Crimes Commission (EFCC), also went on a nationwide rampage, sweeping BDC operators and street traders—believed to be manipulating FX prices—off the streets. While you might have read about all of these reforms, the news is that despite the dollar shortage, certain rogue BDC operators are still finding ways to game the system and live their best lives. Yesterday, the Federal High Court in Abuja ordered the final forfeiture of properties purchased by a BDC dealer, Jedidiah Ibrahim Ezenwa. Jedidiah had diverted monies—about ₦1.2 billion ($807,978)—meant for foreign currency exchange to buy personal properties. How did it happen? Ibrahim Amusan, had approached Ezenwa for the purchase of US dollars, transferring about ₦1.9 billion ($1.2 million) to him in exchange for an equivalent amount in dollars. Instead of honouring the agreement, Ezenwa diverted the funds to other accounts and purchased two 4-bedroom duplexes at different locations, one plot of land, and one Mercedes Benz G-Wagon SUV! What’s next? Ibrahim reported the case to the EFCC. Per the antigraft agency, Ezenwa was running afoul of its Advance Fee Fraud and Other Fraud Related Offences Act of 2006. The high court judge also classified the case as a contract scam and ordered the final forfeiture
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Check new EMS results for RGUHS 2024
The Rajiv Gandhi University of Health Sciences (RGUHS) uses the Examination Management System (EMS) portal to publish exam results, including those for health nursing programs. Here’s how to check yours: 1. Visit the RGUHS website You need to go to the official website of Rajiv Gandhi University of Health Sciences: http://www.rguhs.ac.in/. 2. Locate the results section On the RGUHS website, scroll to the section dedicated to “Results.” This section may be directly accessible from the homepage or listed under a tab like “Examinations” or “Students.” 3. Identify the EMS portal link Within the “Results” section, search for a link mentioning the “EMS Portal” or “Candidate Login for EMS Results.” This link will direct you to the portal where your health nursing results are available. 4. Accessing your results EMS results for RGUHS health nursing 2024 Once you click on the Examination Management System portal link, follow these steps: The portal would require login credentials. Use your registration number or roll number provided by RGUHS during your exam application. Look for a section dedicated to “Results” or “Candidate Login.” Enter your login details and select the specific health nursing exam you took (e.g., B.Sc. Nursing). Your RGUHS results will be displayed, showcasing details like marks obtained, pass/fail status, and overall grade. Final thoughts on how to check new EMS results for RGUHS health nursing 2024 While this guide outlines general steps, RGUHS might offer a direct link to the EMS results page for health nursing exams. Look for such announcements or links on the university website. Also, RGUHS releases exam results at designated times. Ensure you’re checking the portal after the official announcement date for your specific health nursing exam. Ultimately, following these steps should help you access your health nursing results efficiently on the RGUHS EMS Portal. Bear in mind that your RGUHS registration number or roll number is key to checking your results in the Examination Management System portal.
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Dell warranty check 2024
Many Dell laptop and monitor owners in African countries and other countries like India, seek information on Dell warranty check 2024. This article outlines the methods for verifying your Dell warranty status in 2024. Locating essential details for Dell warranty check 2024 Before initiating a warranty check, gather crucial information about your Dell product: Service tag: This unique identifier is typically located on a label at the bottom of your laptop or the back of your monitor. It can also be found in the BIOS or system information settings. Express service code: This alphanumeric code might be present on your purchase invoice or packaging slip. Primary methods for Dell warranty check 2024 Dell support website: Access the Dell support website: [www.dell.com/support]. Scroll down to the the “Identify your product or search support” section. You can either enter your Service Tag or Express Service Code. It will take you to a new page where you can click review an then view your warranty details. Dell online chat support: Alternatively, you can engage Dell’s online chat support option on the support website. Have your Service Tag or Express Service Code ready to provide to the support representative for a warranty check. Active warranty If the system confirms that the device is under warranty, that most likely means your device is covered for eligible repairs or replacements. You can further reach out to Dell support or contact lines for full acknowledgement and claims as due. Expired warranty If the warranty has expired, you should take note of the expiration date and consider options for extending or renewing the warranty, if available. No warranty found If the system indicates that no warranty information is found for the provided details, you may need to double-check the accuracy of the entered information or contact Dell support for further assistance. Final thoughts regarding Dell warranty checking It is important to take note of the following: Dell warranty check in India: The methods mentioned above are applicable for Dell warranty checks in India and globally. Specificity matters: If you carry out a warranty check on two separate Dell products, the specific warranty details will vary depending on the product, purchase date, and warranty type (standard, extended, etc.). Limited scope: These methods primarily verify the warranty status of your Dell laptop or monitor. Dell battery warranty checks might require contacting Dell support directly for confirmation.
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Latest Indian Bank balance check number 2024
Indian Bank account holders in 2024 have different methods to check their account balance. This article outlines these methods, differentiating between those requiring a registered mobile number and those that don’t. Methods requiring a registered mobile number These are the methods that require you to have a registered mobile number to check your Indian bank account balance: Indian Bank Balance Check Number 2024 (SMS): This method is the text message banking method. Here’s how to use it: Compose a new SMS on your registered mobile number. In the message body, type “<BALAVL> <Account Number> <MPIN>” (all case-sensitive and separated by spaces). “<BALAVL>” is the keyword, “<Account Number>” is your Indian Bank account number, and “<MPIN>” is your Mobile Banking PIN. Send the SMS to 94443-94443. You’ll receive an SMS reply containing your current Indian bank account balance. Indian Bank Missed Call balance checking number: This method is convenient and doesn’t require internet access. Here’s how to use it: Dial 96776 33000 from your registered mobile number. The call will automatically disconnect after one ring. You’ll receive an SMS reply containing your current Indian bank account balance. Method without registered mobile number Here are methods to check your account balance without your registered number Indian Bank net banking: If you haven’t registered your mobile number, you can check your balance through Indian Bank net banking. Here’s how: Visit the Indian Bank website: [indianbank.in]. Navigate to the “Net Banking” section and select “Personal Banking Login.” Enter your User ID and password and log in. Once logged in, locate the “Account Summary” section to view your current balance. Note: This article focuses on Indian Bank, not Indian Overseas Bank (IOB). IOB has separate procedures for balance inquiries. Also, BobiBanking is a different bank altogether. Final thoughts on Indian Bank balance check number 2024 That is about it on checking your Indian bank account balance. The method you choose depends on whether your mobile number is registered. Also, there are limitations on the number of inquiries you can make through SMS Banking. Refer to Indian Bank’s website for specific limits. The initial results displayed online or through SMS might be provisional. For the official or stamped account statements or documents, you’ll need to collect your statement or passbook from your bank branch.
Read MoreJumia stock rally continues after strong Q1 results, up 150% YTD
Shares of African e-commerce giant Jumia (JMIA) soared to $8.67 on Monday, June 10, continuing an unexpected rally that began with positive reactions to its Q1 2024 results. It is the highest the stock has traded in 2024 after beginning the year at $3.36. While it is shy of unicorn valuation–its market capitalisation is $872 million–it is a huge improvement from where it started the year. In Q1 2024, it cut its losses by 70%, trimming advertising and sales costs even as revenue grew 18.5%. Jumia has historically struggled with cutting costs despite often talking about a need to be profitable. Diageo sells majority stake in Guinness Nigeria to Tolaram for around ₦103 billion Investors reacted positively to those results, delivered despite accelerating inflation and currency devaluation in some of Jumia’s biggest markets. With some fast-moving consumer goods (FMCG) companies in markets like Nigeria for instance reporting losses in the past year, that result was doubly impressive. CEO Francis Dufay has been a hit with shareholders since he was appointed in 2023. He has engineered an important change in the company’s business model and admitted its economics was unsustainable. He has shut down Jumia Food, a loss-making vertical, moved UAE-based executives to Jumia’s active markets, and has made the right calls in returning the company to a growth track. Part of that growth has included the launch of a 30,000 sqm integrated warehouse in Lagos to improve logistics capabilities and reduce delivery time. As the company looks to get its growth act together, it will be conscious that Amazon has launched in South Africa and could very well have designs in other African markets. Jumia launched an initial public offering in 2019, listing on the New York Stock Exchange (NYSE) for $14.50 a share. Five years on, much of the early excitement around the business has waned as its share price suffered and profitability remained elusive. Yet, in a market that is often unforgiving, Jumia is insistent that it will survive and thrive. Will Dufay finally be the man to make it happen?
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Apple iPhone warranty checker 2024
Sometimes you want to check your iPhone warranty for several reasons including replacement or repair eligibility. This article explores reliable methods that serve as a checker to verify various aspects of your iPhone in 2024 in countries like Nigeria, India, and Kenya, among others. Apple warranty check A crucial aspect of iPhone verification involves checking its warranty status. Here are the primary methods: Apple website: Visit the Apple iPhone warranty checker website: https://chow hereheckcoverage.apple.com/. Enter your iPhone’s serial number to view its warranty coverage details (warranty start date, expiration date, and covered repair types). iPhone settings: Alternatively, you can check the warranty status directly on your iPhone. Navigate to “Settings” > “General” > “About.” Look for the “Coverage” section to see if your iPhone is still under warranty. Beyond iPhone warranty checks/checker Verification needs often extend beyond warranty checks. Here are other areas to consider: 1. Apple serial number check The iPhone’s serial number serves as a unique identifier. Locate it engraved on the back of your device or under “Settings” > “General” > “About.” You can use this serial number to check for product recalls or other relevant information on the Apple website. 2. Apple ID verification Your Apple ID is important for accessing Apple services like iCloud and App Store. Ensure your Apple ID details (username and password) are valid to use iPhone functionalities smoothly. Vital considerations regarding iPhone warranty checks Reliable Sources: When searching for iPhone verification methods, prioritise official sources like the Apple website to avoid scams or unreliable information. Third-Party Tools: While some third-party tools claim to offer iPhone checks, exercise caution before using them. Verify their legitimacy and data security practices before proceeding. Final thoughts Apple iPhone warranty checker 2024 Verifying your iPhone in 2024 involves using Apple’s established methods for warranty checks, serial number verification, and Apple ID confirmation.
Read MoreDiageo sells majority stake in Guinness Nigeria to Tolaram for around ₦103 billion
Diageo Plc, the UK-based majority owner of Guinness Nigeria, looks to be exiting Nigeria after selling its 58.02% stake to Tolaram Group, the consumer food giant. Tolaram paid ₦81.60 for those shares, implying around a 60% premium on Guinness Nigeria’s Monday closing price of ₦50. Diageo will retain ownership of the Guinness brand, it will be licenced to Guinness Nigeria, now majorly owned by Tolaram for the long term. Having acquired majority shares, Tolaram will launch a mandatory takeover offer per rules from the Nigerian Exchange. Guinness Nigeria will however remain a publicly listed company. “Under the terms of the agreement signed today, 11 June 2024…Tolaram will enter into a long-term licence and royalty agreements for the continued production of the Guinness brand and its locally manufactured Diageo ready-to-drink and mainstream spirits brand,” a statement from Guinness Nigeria said. The transaction is expected to be concluded in 2025 pending the necessary regulatory approvals. Kimberly-Clark lays off 90% of employees as it begins Nigerian exit “Our partnership with Diageo to jointly grow Guinness Nigeria underscores our commitment to build on our strong presence and heritage in Nigeria, cultivated over decades of dedication and unwavering confidence in the future of Africa,” said Sajen Aswani Tolaram’s chief executive. “We take a long-term view on all our investments and this partnership reflects our optimism on the exciting opportunities that lie ahead across the continent.” “I’m excited to announce our new partnership with Tolaram. Guinness has been Nigeria’s favourite beer for nearly 75 years. Tolaram share this passion for Guinness and for Nigeria, making them the perfect partners as we continue to grow our business and seek to delight even more consumers in the country,” commented Debra Crew, Diageo CEO. *This is a developing story
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