Business

Q2: Starcomms Projects N752m Loss After Tax

Published

16 years ago

July 13, 2009

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.

Business

PENGASSAN Tasks Multinationals On Workers’ Salary Increase

Published

1 week ago

December 8, 2025

The Tide

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has asked companies in the oil and gas sector to undertake urgent review of salaries of their workers in view of the prevailing harsh economic conditions in the country.

Also, the pensioners of Chevron Nigeria, under the aegis PenCoN, have lauded the President of PENGASSAN, Comrade Festus Osifo and his executive on their unrelenting efforts toward addressing pension abnormalities faced by retired workers in the oil and gas industry.

The association also appealed to the federal government to take necessary measures to check banditry and terrorist activities in parts of the country.

PENGASSAN President, Osifo who addressed journalists shortly after the National Executive Council meeting of the association in Abuja, at the weekend, said that though a lot of success has been recorded in negotiating salary reviews for its members, there are still organisations that have failed to lift their workers from the present harsh economic situation.

He said within this period, PENGASSAN has signed numerous Collective Bargaining Agreements (CBAs) which has brought smiles to the faces of its teeming members.

“This is because we recognise that our job, literally, is how to protect the job of our members, and how to enhance their pay,” he said.

Osifo said that operators in the oil and gas sectors always go for the best qualified professionals to carry out their operations.

“So, the same way they recruit the best, we also challenge them to provide the best condition of service and provide the best remuneration.

“Yes, today, a lot of companies will have achieved successes, but there are still few that we are still discussing at their CBAs, that we are not yet there.

“We still use this opportunity to call on these companies that are still foot dragging, that are still holding back, even with the massive devaluation that has occurred in our country, that still don’t want to fix the remuneration of our members.

“We are calling on them to do the needful, because for us in PENGASSAN we will push without holding back. We will push, using everything in our arsenal, to ensure that the needful is done,” he said.

Osifo spoke of the dispute with the Dangote Refinery group, saying there are still pending issues to be resolved.

“Gentlemen of the press, during the networking session, we also looked at the issues that are plaguing some of our branches, and you know that recently, we had some challenges in Dangote Refinery and PetroChemicals Ltd.

“And within this period, since our last National Industrial Action, we have been engaging them in a lot of conversations, but the issues are not fully resolved. There are still a lot of pending issues.

“Yes, the NEC decided that, yes, let us still consummate that process by pushing those issues, by engaging in dialogue to resolve the issues, and by also engaging all our social partners and stakeholders to get the issues resolved,” he said.

Business

SEC Unveils Digital Regulatory Hub To Boost Oversight Across Financial Markets

Published

1 week ago

December 8, 2025

The Tide

The Securities and Exchange Commission (SEC) has launched the Regulatory Hub, a new centralized digital platform designed to streamline collaboration, strengthen oversight, and improve transparency across Nigeria’s financial and capital market ecosystem.

The Commission disclosed this in a statement posted on its website.

According to the commission, the platform connects key regulatory and security institutions including the Office of the National Security Adviser (NSA), the Central Bank of Nigeria (CBN), Economic and Financial Crimes Commission (EFCC), Federal Inland Revenue Service (FIRS), and Corporate Affairs Commission (CAC), enabling them to exchange information securely and in real time.

The launch of this regulatory hub comes ahead of the implementation of new tax laws in January 2026, with agencies such as the FIRS spreading its tentacles across sector to monitor compliance.

According to the SEC Director-General, Emomotimi Agama, the launch marks a significant step toward modernizing Nigeria’s regulatory framework through technology.

“The Regulatory Hub is a major step in our commitment to leverage technology for stronger regulatory synergy. By connecting regulators on one platform, we are building resilience, enhancing market integrity, and promoting investor confidence,” he said.

The SEC said the platform would help reduce bottlenecks in regulatory processes and facilitate faster, more informed decision-making across agencies.

Reinforcing the DG’s comments, the Executive Commissioner, Operations, Bola Ajomale, highlighted the operational benefits of the new system.

“The platform will significantly improve the timeliness and quality of regulatory decision-making. It provides a single window for regulators to share data, respond to requests, and collaborate seamlessly in safeguarding our financial and capital markets,” he said.

The commission believes the Regulatory Hub would support its broader mandate to strengthen investor protection, enhance market stability, and harmonize regulatory activities across the financial sector.

It urged stakeholders to initiate interest by emailing the Commission, adding that once registered, participants would be able to access the Hub and take advantage of its features.

Business

NAFDAC Decries Circulation Of Prohibited Food Items In markets …….Orders Vendors’ Immediate Cessation Of Dealings With Products

Published

1 week ago

December 8, 2025

The Tide

The National Agency for Food and Drug Administration and Control (NAFDAC) has raised an alarm over the growing circulation of banned food products across markets in the country.

The agency, in a Press Release dated 6 December 2025, warned that these items including pasta, noodles, sugar and tomato paste are expressly listed on the Federal Government’s Customs Prohibition List and are illegal to import.

NAFDAC stated that the sale and distribution of such prohibited items violate national trade laws, compromise the integrity of Nigeria’s food control system, and pose significant public health risks, as they have not undergone the agency’s mandatory safety and quality evaluations.

Importers, market traders, and supermarket operators have therefore, been directed to immediately cease all dealings in these items and to notify their supply chain partners to halt transactions involving prohibited products.

The agency emphasized that failure to comply will attract strict enforcement measures, including seizure and destruction of goods, suspension or revocation of operational licences, and prosecution under relevant laws.

The statement said “The National Agency for Food and Drug Administration and Control (NAFDAC) has raised an alarm over the growing incidence of smuggling, sale, and distribution of regulated food products such as pasta, noodles, sugar, and tomato paste currently found in markets across the country.

“These products are expressly listed on the Federal Government’s Customs Prohibition List and are not permitted for importation”.

NAFDAC also called on other government bodies, including the Nigeria Customs Service, Nigeria Immigration Service(NIS) Standards Organisation of Nigeria (SON), Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), Nigeria Shippers Council, and the Nigeria Agricultural Quarantine Service (NAQS), to collaborate in enforcing the ban on these unsafe products.

By: Lady Godknows Ogbulu