Business
Lagos, Coscharis, Samsung woo more passengers into water transportation
As part of efforts to decongest the road and increase the number of commuters of water transport, the Lagos State Government has kick-started a raffle promo, Sailing and Smiling raffle to encourage more people to embrace water transportation.
Speaking at a press conference held at the Five Cowries Terminal to commence the promo at the weekend, the Managing Director, LAGFERRY, Ladi Balogun, said commuters stood to win a lot of prizes when they purchased Lagos Ferry Services (Lagferry) tickets.
He said the mega promo being held in conjunction with a private firm, Elivate9ja, and supported by other companies such as Coscharis Group and Samsung, was designed primarily to attract more commuters into waterways travel as well as reward them for their patronage.
His words: “As you are all aware, we recently took delivery of seven additional new boats to increase our fleet to 20. These boats will be deployed in several routes within the state. We will have more capacity to ferry more people; so we decided to use this promo as an incentive to attract more Lagosians to embrace a means of transportation that is safe, fast, devoid of traffic and very reliable.”
Balogun, who used the opportunity to reel out some of the agency’s achievements in the last one year, informed that they had moved about 502,000 passengers across the waterways between February 2020 and now.
He said, “Since commencement of operation, the agency has never recorded any accident. We are enabling commerce by providing logistics solution to business owners, moving their trucks and cargoes through the waterways within Apapa. We are the only operator that can boost of having 20 number of boats in its fleet, thanks to Mr Babajide Sanwo-Olu who is showing unrivalled commitment to improve water transportation. “And of course, we are promoting tourism through regular charter services and we recently ferried the Nigeria male soccer team, the Super Eagles, to Benin Republic for their AFCON tournament.”
In his goodwill message, the General Manager of LASWA, Mr Oluwadamilola Emmanuel, commended the collaboration from both the public and private sector, adding that no single sector could harness its potential alone.
While calling for more private sector participation in the water transportation business, he commended Lagferry for the initiative and the support of other agencies to making the promo possible.
On why the ultimate weekly price is a car, Emmanuel explained that the government was trying to promote the “park and ride” culture, “where you drive to any jetty in the state, park your car at the ample park space provided at the jetty and board a boat to your destination, come back, pick your car and head home.
“The Lagos State Government is committed to the intermodal transport system of road, rail and water, all to be connected through one means of payment system called the cowry card.”
He said
Also speaking, the General Manager Lagos State Consumer Protection Agency, Mr Afolabi Solebo, said that with the involvement of consumer protection agency that it had showed the level of sincerity of all the stakeholders involved in the promo.
Solebo assured passengers of protecting their rights to the last minute and urged them to embrace water transportation as alternative to road.
The Chief Executive Officer, Lagos State Lottery and Gaming Authority, Mr Bashir Are, represented by Senior Legal Officer, Oyinkan Kusamotu, said they would ensure compliance to the promo rules.
He commended the Lagferry for creating awareness for Lagos residents to shift from road to water transportation in the state.
Chief Executive Officer of Elivate 9JA, Mr George Ogan, said the partnership would bring excitement for ferry users through the buying of Lagferry tickets.
He explained that there were lots of prizes such as microwaves, washing machines, television sets and cars.
Ogan said that there would be refreshment for early passengers of Lagferry during the promo.
Business
After Multichoice lost 243k subscribers, More customers threaten to leave
After Multichoice lost 243k subscribers, More customers threaten to leave
Multichoice Group, an African pay-TV operator, on Tuesday, announced that its Nigerian subsidiary lost 243,000 subscribers on its Digital Satellite Television (DStv) and General Entertainment on Television (GOtv) services between April and September 2024.
The company revealed these figures in its Interim Financial Results for the period ending 30 September 2024.
MultiChoice attributed this decline to Nigeria’s high inflation rate, which exceeds 30%, driven by the rising costs of food, electricity, and fuel, causing many customers to disconnect.
In its financial report for March 2024, MultiChoice had earlier reported an 18% subscriber loss in Nigeria.
The company further reported a 566,000-subscriber loss in the Rest of Africa (RoA) operations over the past six months, with Zambia and Nigeria contributing the largest shares to this decline.
“The group’s linear subscriber base declined by 11% or 1.8m subscribers YoY to 14.9m active subscribers at 30 September 2024.
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“The loss in the Rest of Africa has been primarily due to the significant consumer pressure in Nigeria, where inflation has remained above 30% for the majority of the last 12 months and, more recently, due to extreme power disruptions in Zambia.
“Of this decline, 298k related to Zambia and 243k related to Nigeria, with remaining markets on the continent reflecting only a minor decline of 25k,” It said.
Meanwhile more customers in Nigeria have threatened to switch allegiance.
While reacting to the story on a WhatsApp platform, a subscriber said: “They will lose more because I’ll soon leave them too.”
On X, @AGUNviews wrote: “They will lose more subscribers”
@Jaheim007: “The numbers are about to triple.”
@skyedron commented: “All anyone needs to acquire is the internet and a few clicks. Multi choice my foot.”
@ribaduabubakar2: “I subscribed to another platform and simply ignored them. They kept increasing the price as if someone would die without them. I am willing to give out my decoder and dish for free.”
@AbelFidelis4: “This is just the beginning. I stopped using DStv in 2022.”
@NdubuisiNC: “The downfall of this company in Nigeria will be televised and will be sweet to me. A company this big can’t improvise on their content?. Nigerians have cried for years about how boring it is, only football channels are what’s keeping most of us.”
@Ekoh4Ekoh: “They should be ready to lose more customers and it is good for them. They have to reduce their monthly subscription and make it pay as you go.”
@cashoggy: “They will still lose more subscribers. Internet and smart TV has rendered Dstv unattractive with their rate. Imagine paying 25,700 for a premium subscription when you can surf the Internet and watch all the programs for less.”
@rilwan_ola01: “They will suffer even greater losses.”
After Multichoice lost 243k subscribers, More customers threaten to leave
Business
XGT Smart Consults unveils renewable energy, others power solutions
XGT Smart Consults unveils renewable energy, others power solutions
XGT Smart Consults, a power solution firm, says it is ready to deliver renewable energy and other long-lasting energy solutions that will address the power challenges causing huge economic losses and discomfort.
The firm also says it has signed an agreement with an India-based company, ADM-Orient Solar Power, to achieve its goals.
This is contained in a statement by the XGT, revealing a holistic approach to energy provision.
It stated, “XGT Smart Consults is thrilled to announce a strategic partnership with ADM-Orient Solar Power (India) aimed at addressing one of Nigeria’s most critical issues – reliable power solutions.”
It stated that its target is to provide Nigeria with solutions to overcome the frequent power outages by empowering homes and businesses with reliable, renewable, and affordable power.
This, it said, would be achieved in conjunction with its partners through renewable energy systems, advanced electrical services, independent power production (IPP) solutions, portable natural gas generators, automation services, and the rental and leasing of CNG tube skids.
Managing Director of XGT Smart Consults Limited, Olu Harrison, said, “The objective is to provide reliable cost-effective and environmentally friendly energy to households and businesses throughout Nigeria.
“Understanding the intricacies of the energy crisis, XGT employs a holistic approach that integrates renewable energy solutions, independent power generation, and innovative technologies tailored to the specific requirements of Nigerian consumers.
“Our goal is to empower every Nigerian household and business by revolutionizing the production, distribution, and consumption of energy.”
According the statement, XGT specifically specializes in providing innovative renewable energy solutions designed to meet the unique climate and energy needs of Nigeria.
“Our wide ranges of solar and sustainable energy systems are suitable for individual homes, corporate settings, and community projects.
“By harnessing the power of renewable energy, XGT offers environmentally friendly alternatives that reduce reliance on the national grid and significantly cut energy costs,” it added.
The company’s Executive Director Toluwase Oni, gave more insights into the IPP for businesses, industries and communities/estates.
“XGT’s IPP solutions provide a solution to the urgent need for self-sufficient power generation, particularly in industrial and commercial sectors where power reliability significantly affects productivity and revenue.
“By establishing a network of captive/ localized, independent power systems, XGT Power-IPP empowers Industries, businesses and communities/estate to take control of their energy needs,” he stated.
Apart from the renewable energy sources, the firm said it offers a range of portable natural gas generators providing a flexible energy solution for areas with limited grid connectivity or for users in need of extra backup during power outages.
“These generators are designed with user-friendly features and portability in mind, enabling users to power essential operations without depending on traditional, often unreliable, grid infrastructure,” it added.
“In conjunction with these generators, XGT specializes in automation systems that optimize energy management to improve efficiency, reduce waste, and streamline operations.
“Automated controls enable businesses to remotely monitor and adjust energy usage, ensuring that energy is utilized intelligently and cost-effectively.”
As part of its services, it disclosed that the company offers rental and lease services for compressed natural gas (CNG) tube skids to interested industries in recognition of the increasing demand for CNG as a cleaner alternative to traditional fuels.
Business
Naira: Confidence in Nigeria’s economy drops, says CBN report
Naira: Confidence in Nigeria’s economy drops, says CBN report
Following continued depreciation in the value of naira, many businesses and their operators have lost confidence in the Nigeria’s economy.
Indeed, a survey by the Central Bank of Nigeria (CBN) showed the Overall Confidence Index falling by 3.2 index points to 14.5 from 17.7 index points.
This was the highlight of the Business Expectation Survey, BES of the Central Bank of Nigeria, CBN, for October which also showed decline in the Overall Confidence Index, OCI, for the current month, next month and the next six months.
According to the CBN the OCI for the current month, next month and the next six months fell to 1.4, 4.8, and 21.8 index points in the October BES from 3.2, 6.2 and 29 index points in the September BES.
The survey also indicates that the decline in confidence in the economy is being driven by firms’ expectation of further depreciation of the naira before the end of the year.
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The CBN said: “The overall confidence index (CI) on the macroeconomy indicates that businesses were optimistic in October 2024.
“Respondent firms expect the naira to depreciate in the current month, next month and next 3 months. However, they expect appreciation in the next 6 months.
“Top six business constraints high interest rate, insecurity, high/multiple taxes, inadequate power supply, unfavorable economic climate, financial problems.
“The optimism on business outlook in the current month is driven by the opinion of respondents from all the Sectors except the Industry Sector.
“Most Sectors expressed optimism on their own operation in the review month. The outlook of respondents on the Volume of Business Activities, the Volume of Total Order, Financial Conditions, and Access to Credit were all positive in the review month.
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