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Q2: Starcomms Projects N752m Loss After Tax

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Starcomms Plc has projected a turnover of N8.5 billion and loss after tax of N752 million for the half-year ended June 30, 2009.

The board of the company had reported a revenue of N8.522 billion for the first quarter ended March 31, 2009 as against N7.403 billion in 2008, representing a growth of 15 per cent, earnings before interest exchange differences taxes and depreciation (EBITA) increased by 106 per cent to N2.349 billion as against N1.139 billion in 2008 while operating profit was N409 million as against a loss of N683,00 in the first quarter of 2008.

Starcomms posted a turnvover of N345 bill in for the financial year-ended December 31, 2009 as against N19.1 billion in 2007, representing an increase of 80.3 per cent.

The company’s loss after tax stood at N8.08 billion compared with a profit after tax of N1.016 billion in 2007.

Chief Maan Lababidi, chairman of the company told the 11th annual general meeting of the company last week that the profitability in 2008 was impacted by the decline in the value of the naira versus the dollar, as the company at the end of 2008 had $247 million in the dollar denominated debt, adding that the board is monitoring closely foreign exchange exposure and will implement appropriate strategies to reduces this exposure.

He said that the company’s strategy for 2009 is designed to emphasise profitability after the rapid growth experienced in 2008, adding that network expansion and capital expenditure will be reduced considerably from N29.94 billion in 2008 to N11.47 billion in 2009.

The chairman said operating expenditure is also being tightly controlled, while subsidy levels are being reduced as a result of continuing decreases in CDMA handset prices.

He said entry level handsets are now well below the $30 mark and that the dramatic growth in CDMA subscribers in India and China, along with new multiband chipsets, are expected to continue to put downward pressure on handset prices.

Lababidi noted that the impact of the new strategy had already been seen in the first quarter of 2009 level of profitability.

Mr. Maher Qubain managing director and chief executive of Starcomms said the company has been focused to provide a high standard of service and therefore it would not sign-up subscribers unless it has the capacity to deliver a premium service. He said the present strategy of the company is to defend and grow revenues profitably and that this would be done via three drivers.

Moving into high value-added data and content services, targeting geographic expansion into fast growing locations and growing fixed and mobile services.

He said the company’s focus is on moving its business from basic voice and data connectivity to fully converged solutions that integrate voice data, content and Internet Services.

He said the company is embedding a culture of excellence in customer service as well as innovation, which is crucial in an increasingly competition environment.

The managing director of Starcomms Mission is to be a leading Nigerian telecommunications Services company, focused on long-term profitability through growth in fixed-wireless, mobile and broadband segments.

Starcomms strategy is designed to deliver sustainable, profitable growth going forward, noting that the creation of shareholder value is the underlying driver of every decision made.

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Association Woos Govt, Coys On  Boat Operators  Employments

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2 days ago

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June 12, 2026

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The leadership of Bonny Maritime Boat Association has called on Rivers state Government and oil companies operating in the state to provide sustainable employment to unemployed boat Operators.
The Association also want the government, companies and other relevant employers of labour to provide trainings for boat Operators to enhance their skills
Safety Officer of the Association, Comrade Kingdom Kingsley made this known in  a  telephone interview with  The Tide.
He noted that most of the boat Operators and owners plying Bonny route lacks jobs due to the fleets of boats introduced by Bonny Road Transport that had taken over the passengers to the Island
He noted that passengers are no longer patronizing boats owned by the Association, thereby rendering the operators redundant
“Most of our operators can not afford to feed their families due to no jobs, we don’t want to indulge in crime, government should fix our members with  sustainable jobs to take care of their immediate needs”
He called on oil companies operating in the state to engage their skilled boat Operators in their companies to reduce the sufferings faced by the Association.
The Safety Officer called on the state government  to made funds available to unemployed youths in the state to start up business than roam the streets.
He noted that provision of funds to youths would reduce crime rates and reposition their mindsets for a better life
“The  youths of Rivers state are suffering, have no job to feed their families, thereby indulging in criminality daily”
“The youths need empowerment,  jobs,  recreational facilities and better things of life as citizens of this Nation”, Kingsley said.
CHINEDU WOSU
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FG Approves $1 Bn AFCFTA Credit Facility For Nigerian Exporters

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2 days ago

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June 12, 2026

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The Federal Government has approved a whooping $1bn credit facility to support Nigerian exporters and small scale businesses to take advantage of the African Continental Free Trade Area (AfCFTA) in order to boost production, competitiveness and intra-African trade.
The $1bn AfCFTA Adjustment Fund Credit Facility is also expected to address some of the financing gap being faced by Nigerian exporters and enhance the competitiveness of African businesses within the continental market.
The Minister of Industry, Trade and Investment, Jumoke Oduwole, disclosed this  during the second quarter 2026 meeting of the AfCFTA Central Coordination Committee held in Abuja.
According to a statement issued by the ministry’s Head of Press and Public Relations, Obilor-Duru Okechi, Oduwole said the financing facility represented a major opportunity for Nigerian businesses seeking to expand operations, modernise production processes and increase exports to African markets.
The statement partly read, “?The Federal Government has reaffirmed its commitment to accelerating Nigeria’s export-led growth agenda under the African Continental Free Trade Area, unveiling opportunities for businesses to access a US$1 billion AfCFTA Adjustment Fund Credit Facility aimed at boosting production, competitiveness, and intra-African trade.”
She noted that despite the progress Nigeria had made in implementing the continental trade agreement, many local businesses continued to face obstacles that limited their ability to take advantage of the single African market.
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“Many businesses still face challenges relating to export documentation, certification, standards compliance and market access,” the minister said.
She explained that the Federal Government was addressing these bottlenecks through enhanced trade facilitation measures, simplified AfCFTA guidance tools, stakeholder engagement programmes and stronger collaboration with institutions such as the Nigeria Customs Service and the Nigerian Export Promotion Council.
Oduwole stressed the need to strengthen Nigeria’s legal and regulatory framework by domesticating key AfCFTA protocols, particularly the Digital Trade Protocol, to position the country as a major player in Africa’s growing digital economy.
The minister also highlighted some of the gains recorded in Nigeria’s AfCFTA implementation efforts.
According to her, the expansion of Nigeria’s Air Cargo Corridor Initiative to Rwanda, increased collaboration with development partners and private sector players, as well as sustained engagement with state governments, were helping to deepen awareness and participation in the continental market.
In her welcome address and first-quarter update, the National Coordinator and Chief Executive Officer of the Nigeria AfCFTA Coordination Office, Mrs Patience Okala, provided details of the financing initiative.
Okala said the $1bn AfCFTA Adjustment Fund Credit Facility was targeted at large African businesses with a minimum financing capacity of $10m.
She revealed that the National AfCFTA Coordination Office was working closely with fund managers to facilitate access for eligible Nigerian companies and had begun assembling a pilot group of businesses to ensure that Nigeria maximised the opportunities provided by the facility.
Nkpemenyie Mcdominic, Lagos
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NIWA Harps On  Avoidance Of Leaking Boats

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2 days ago

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June 12, 2026

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The National Inland Waterways Authority (NIWA) has advised Nigerians against boarding boats that require constant bailing of water in the interest of their safety.
 NIWA Area Manager for Cross River and Ebonyi, Mr Stanley Onuoha gave this warning in an interview with Newsmen in Calabar.
Onuoha who spoke on waterway
safety, said that passengers should take responsibility for their safety by inspecting boats before embarking on any journey.
According to him, repeated scooping of water from a boat is a clear indication that the vessel may be leaking.
“If you are entering a boat and see people using a bailer to remove water, it is the first signal that the boat is leaking,” he said.
He urged passengers to check the integrity of boats, including seating arrangements and other visible safety features.
The Manager restated the importance of using safety jackets, saying that damaged jackets may fail during emergencies.
He further said that passengers should ensure that safety jackets were appropriate for their body sizes in order to guarantee effective flotation.
 Onuoha reiterated the need for passengers to fill manifests before departure to aid accountability during emergencies.
The NIWA official further advised travellers to monitor weather conditions and avoid boarding boats when the weather is unfavourable.
According to him, poor weather conditions can trigger strong tidal waves capable of affecting small boats commonly used on inland waterways.
He said that waterway journeys should be embarked upon between 6.00a.m and 6.00p.m for clearer visibility.
Onuoha said  the Authority had continued to sensitise riverine communities to the need for safety precautions during waterway journeys.
He stated that sustained awareness campaigns and enforcement measures had contributed to safety waterway safety in Cross River.
CHINEDU WOSU
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