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Trading activities on the floor of the Nigerian Stock Exchange, NSE, traveled farther south as the All Share Index of listed 190 equities dipped by 207.64 basis points.
The index depreciated by 0.86 per cent on Wednesday, February 24, to close at 23,883.34 basis points, compared with the 1.40 per cent depreciation recorded previously.
However, market turnover closed positive as volume moved up by 33.60 per cent against 94.16per cent decline recorded in the previous session.
FCMB Plc, Zenith Bank Plc and Fidelity Bank Plc were the most active to boost market turnover. Zenith Bank Plc topped market value list.
Japaul Oil Plc leads the list of active stocks that recorded impressive volume at the end of the trading session.
However, market breadth closed negative as Mobil Oil Plc led 13 gainers against 24 losers topped by FCMB Plc at the end of the trading which was an unimproved performance when compared with previous outlook.
The International Monetary Fund, IMF, has proposed that Nigerian government lifts foreign exchange ban placed on some imported items and allow the naira to reflect market forces.
“As part of a credible package of policies, the exchange rate should be allowed to reflect market forces more and restrictions on access to foreign exchange removed, while improving the functioning of the interbank foreign exchange market (IFEM).” The IMF said in the end-of-mission statement released on Wednesday, February 24.
IMF further said eliminating existing macroeconomic imbalances and achieving sustained private sector-led growth requires a renewed focus on ensuring the competitiveness of the economy.
According to the IMF, it will be important for the regulatory and supervisory frameworks to ensure a strong and resilient financial sector that can support private sector investment across production segments (including SMEs) at reasonable financing costs.
Staff is supportive of the authorities’ ongoing efforts to promote targeted and core infrastructure (in power, integrated transport network, housing); reduce business environment costs through greater transparency and accountability, promote employment of youth and female populations.
The report said: “With oil prices expected to remain low for a long time, continuing risk aversion by international investors and downside risks in the global economy, the outlook remains challenging. The authorities’ policy response has focused on seeking to support growth, while preserving international reserves.”
Experts in fuel refining and storage have observed that about 90 per cent of premium of motor spirit, PMS, popularly called petrol sold to consumers in the federal capital territory are bad fuel.
They noted that the adulteration of petroleum products has led to consumers’ vehicles, generators and other equipment having problems.
It is in a bid to overcome some of these challenges faced by consumers in the use of petroleum products that the International Institute for Petroleum, Energy Law and Policy (IIPELP) in collaboration with the Consumers Protection Council (CPC) organized a one-day familiarization workshop on the Strategic Management of Fuel for various organizations across different sectors of the Nigerian economy.
IIPELP Vice President Allen Martin said at the workshop that the body in conjunction with the CPC will start conducting audits of local petrol stations throughout Nigeria starting with Abuja.
Director General of CPC Dupe Atoki, said great focus should be in reducing the risk of petrol contamination and ensure fuel is safe for the end user.
The Equatorial Marine Oil & Gas, EMOG, and a German firm, GAUFF engineering company, on Wednesday, February 24, signed a Memoranda of Understanding,MoU, on the Funtua Dry Port.
The MoU, which was signed by EMOG chairman, Umaru Mutallab and his GAUFF counterpart Uwe Gauff in Abuja, is expected to bring into reality the dry port project which has been on board for the past 12 years.
Mutallab said that handling of the project has really been challenging but there has been a lot of support from the local and state governments.
EMOG Managing Director, Usman Iya- Abbas, said that the purpose of the project was to develop the economic and agricultural importance of the country.
Besides, he said Funtua has all the raw materials needed for oversees business with availability of cotton, soya beans, maize and sorghum.
The managing director of GAUFF engineering, Paolo Balegno said that the level of attainment of the project by EMOG was encouraging and his company was willing to assist in any way possible.
Independent Petroleum Marketers of Nigeria, IPMAN, on Wednesday, February 24, raised an alarm that private depot owners sold Premium Motor Spirit (PMS) for N102 per litre.
Following the new price regime which the Petroleum Products Pricing Regulatory Agency (PPPRA) implemented in January, depots were expected to sell the product to marketers at N77 per litre.
However, all Nigerian National Petroleum Corporation (NNPC) affiliate petrol stations were supposed to sell petrol at N86 per litre, while independent marketers were expected to sell for N86.50 per litre.
IPMAN Vice Chairman, Abubakar Dankingari, yesterday, said private depot owners are selling fuel for N102 per litre.
According to him, members of the association simply refused to patronize them because of the obvious colossal losses they would incur.
He lamented that this situation compelled the marketers to resort to buying from the corporation, where the product is evidently over-subscribed.
Dankingari, who revealed that his members had over 7,000 tickets pending with the NNPC for over three months now, lamented that his members had no petrol to sell.
He said: “Up till now, independent marketers are not getting fuel. We have over 7,000 tickets under NNPC . Up till now, we haven’t loaded it for almost three months now. The private depots are even selling N102 per litre to marketers now.”
He however noted that the situation had forced some members that ventured to patronise the private depots to sell above the official pump price.
The naira exchanged for N295 per dollar at the parallel market on Wednesday, February 24, as against N310 on Tuesday, February 23.
The, North Central Chairman of the Association of Bureau De Change Operators of Nigeria,ABCON, Shehu Mahmud, who spoke to Daily Independent said that the BDCs are buying the dollar for between N290 and N300 to the dollar.
He said: “For me, I haven’t even sold any today and the market has been dull he said, adding that a lot of BDCs are not even selling and buying.”
According to Shehu, who is also the CEO Fortune Bureau De Exchange Ltd, the dollar may even slide further as the market was largely swelled by speculators.
He said the BDCs are ready to stop the free flow of the naira through internal regulatory mechanisms among members.
In less than five days, the naira has gained over N200 to the dollar at the street market while the official market still remains N199 to the dollar.
Equities value on the of the Nigerian Stock Market plunged further by N68 billion at the end of mid-week trading.
At the close of trading on Wednesday, February 24, market capitalization decreased from N8.285 trillion to N8.217 trillion.
Market turnover closes positive as volume moved up by 33.60 per cent against 94.16per cent decline recorded in the previous session. FCMB Plc, Zenith Bank Plc and Fidelity Bank Plc were the most active to boost market turnover. Zenith Bank Plc topped market value list.
Japaul Oil Plc leads the list of active stocks that recorded impressive volume at the end of the trading session.
However, market breadth closed negative as Mobil Oil Plc led 13 gainers against 24 losers topped by FCMB Plc at the end of the trading which was an unimproved performance when compared with previous outlook.
FBN Holdings Plc shares dropped to its lowest level in almost 13 years on Wednesday, February 24, after the lender by assets warned that earnings for the full year ended December 31, 2015, would be lower than those of 2014.
Shares dropped 4.4 per cent to N3.47 per share, which is its lowest since August 2003.
In statement to the management of the Nigerian Stock Exchange (NSE) and market operators, signed by the Company Secretary, Tijjani Borodo, FBN Holdings said following the review of its management accounts for the 2015, it is expected that earnings will be materially below that of the prior year.
The bank said:“The reduction in earnings is as a result of the recognition of impairment charges on some specific accounts resulting from a reassessment of the loan portfolio within our commercial banking business.”
“This reassessment was driven by the challenging macro environment coupled with fiscal and monetary headwinds, which have resulted in marked reduction in domestic output. This is a prudent measure being taken while the bank has commenced active remedial action on the specific impaired accounts,” the bank said.
However, FBN Holdings assured stakeholders that its merchant banking, asset management as well as insurance businesses remain strong and resilient.
The National Agency for the Control of Aids, NACA, has said N57.6 million is needed for anti retroviral therapy and other treatments to reduce death rate among 1,884,618 Nigerians infected with HIV/AIDS.
According to the agency, the intervention by the government was necessary as support from the United States government and Global Fund has been drastically reduced.
A member of the Committee on HIV/AIDS, Afe Olowookere, who defended NACA’s budget before the Committee on Appropriation on Wednesday, February 24, said the US withdrew its support to battle the disease because of Nigeria’s anti- gay stance.
He said: “Presently, the US government has scaled down its service in the remaining 737 local government areas. In addition, the US government has also withdrawn support for laboratory services which the people living with HIV (PLWHIV) on ART requires to conduct periodically to monitor their state of health.”
The lawmaker disclosed that Nigeria has an estimated 3.2 million people living with HIV with 2.6 million of them on ART, adding that the actual cost of treatment for a patient is N110,000 but subsidised at N31,243.per annum.
N1.5billion is budgeted for HIV/AIDS activities in NACA budget, a reduction from the N10 billion appropriated in 2015.
Olowookere said it is necessary that more funding be directed to respond to AIDS, to achieve the 2030 global target for 90-90-90, else the gains made would be eroded.
Ecobank Nigeria Plc has disengaged about 35 members of its workforce over what it described as underperformance on the part of the employees.
It was learnt that the affected workers, who are mostly senior staff members, performed below expectation.
Meanwhile, the bank in a statement on Wednesday, February 24, announced the promotion of about 300 staffs.
It stated that the promotion exercise which affected about 10 per cent of the employees was in line with its commitment to recognisingand rewarding excellence and exceptional performance. The promoted staff cut across all cadres of the workforce.
Deputy Managing Director of the bank, Anthony Okpanachi said the bank remains committed to rewarding excellence and will continue to take appropriate positive action in line with international best practice to sustain excellence in its work force.
The affected staff were selected through an appraisal exercise conducted using an in-house developed performance management system which uses both financial and non-financial metrics to categorize staff.
The Senate,on Wednesday, February 24, cut the N7.6 billion accrued charges to Systemspecs, commercial banks and Central Bank of Nigeria,CBN, from transfers to Treasury Single Account, TSA, by government agencies to N656.504 million.
The Upper Chamber also ordered the CBN to terminate the one per cent charge for any computation.
It also ordered the CBN to henceforth terminate the renewed contract it entered with Systemspecs in 2013, saying the award was at variance with major terms of agreement contained in the earlier 2011 contract.
It said the termination was necessary in view of the denial by the Office of the Accountant General of the Federation that it knew nothing about the contract.
These resolutions were the aftermath of the adoption of the report of the Joint Committee on Finance, Public Accounts and Banking, Insurance and Other Financial Institutions which investigated the allegation of “payment of N25 billion to Remita” in 2015.
While presenting the report for Senate’s consideration yesterday, chairman of the joint committee, Senator John Enoh, said the committee acknowledged Systemspecs’ provision of quick solution through the availability of its Remita software for the transfers.
However, he said the organisation should only be paid based on CBN’s approved rate band of between N500 and N700 per transaction for electronic transfer or payments as specified in the revised guideline.
The committee further said the reduction of N7.6 billion to N656.6 million was dictated by what it called the use of “upper end of the approved band of N700.00 per transaction for N937,869 transactions between March 1 and November 30, 2015.”
The Director General, Securities and Exchange Commission, SEC, Mounir Gwarzo on Wednesday, February 24, disclosed that over N30 million had been paid to about 530 investors of failed companies in the capital market under the National Investor Protection Fund, NIPF, scheme.
The NIPF was launched by commission in 2015, following complaints by market investors who were unable recover monies invested in bankrupt companies.
The N5 billion-fund is to provide temporary succour to investors who are paid between a minimum of N5,000 and maximum of N200,000 in the event of any failure instead of losing out completely.
Gwarzo, who spoke in Abuja at the opening of a two-day workshop on Capital Market Laws, Ethics and Judicial Interpretation for Superior Court Judges which was organised by the commission, said the measure was among other things aimed at boosting investor confidence in the capital market.
He said: “When we launched the national investor protection fund last year in Lagos, we said we’d complains with respect to a particular operator; they collected people’s money and refused to pay them.”
According to him:”Part of the essence of the Fund is to find a way and means that we can temporarily alleviate thesufferings of those investors; not necessarily to pay the investor what he or she had actually lost but to temporarily give the investor some amount of relief and we’ve paid over N30 million to about 530 investors.”
The SEC boss further explained that the commission’s partnership with the judiciary has become inevitable to strengthen market investments.
South Africa owned telecommunications firm,MTN shares overturned declines and surged as much as 3.2 per cent on the Johannesburg Stock Exchange (JSE), trading 1.7 per cent higher at 130.09 rand at the close of business following news on Wednesday, February 24, that the telco had withdrawn its law suit against the Nigerian government challenging the N1.04 trillion imposed on its Nigerian subsidiary.
MTN Communications Nigeria Limited paid N50 billion to the Nigerian Communications Commission, NCC, as a mark of “good faith” towards reaching an amicable settlement with the Nigerian authorities on the fine.
The company’s shares had declined 32 per cent since the fine, originally set at N1.04 trillion, was made public on October 26, reported Bloomberg.
According to MTN, the decision to withdraw the court case followed the renewed steps it is taking towards a negotiated settlement and to create a conducive atmosphere for further negotiations.
NCC had imposed the N1.04 trillion fine on the telecoms company in October 2015 for contravening the directive on the deactivation of 5.2 million unregistered subscribers on its network.
Subsequently, the fine was reduced by 25 per cent to N780 billion, an amount MTN considered inimical to the survival of the business.
The telecoms giant subsequently sought judicial determination as a means of protecting the local ecosystems valued and supported by MTN’s business.
Although the court advised the parties to the suit to reach an out-of-court settlement, THISDAY gathered that government refused to hold further talks with MTN, asking it to withdraw the case before it could hold further talks on the fine.
MTN Nigeria’s chief executive, Ferdi Moolman, speaking on the issue said: “This is a most encouraging development. It demonstrates a willingness and sincerity by both parties to work together towards a positive outcome.”
He explained that MTN Nigeria paid N50 billion to the federal government as a gesture of good faith and commitment to continue efforts towards an amicable resolution.
He added: “We are hopeful at this stage. Along with the authorities, it is clear that we are collectively committed to working towards a solution that is of mutual benefit to all parties.
The Nigerian and Qatari governments have reached out to Saudi Arabia and Russia, the world’s two biggest oil producers and exporters, to cut oil output.
This is coming after Tuesday, February 23, meeting between President Muhammadu Buhari and Saudi Arabia King, Salman Bin Abdulaziz Al Saudi, during which they both committed to work towards a stable oil market and a “rebound of oil prices”,
A presidency source revealed that the decision to push for output cuts was an offshoot from the lukewarm reception by the markets to last week’s news of Russia and Saudi Arabia’s decision to freeze oil output as January levels.
According to the source, said the Nigerian government, while welcoming the decision to cap output by Saudi Arabia and Russia, the announcement was insufficient to raise crude prices due to the supply glut in the market.
He said: “By OPEC estimates, there is an excess inventory of some 1 million barrels per day, so the objective it to convince Saudi Arabia and Russia to each cut production by at least 500,000 barrels per day in order to lift prices.
“We are pushing for this because even though Iran, which is currently producing about 500,000 per day and is attempting to ramp up production to pre-sanction levels, we all know it will take some months before it can increase production and exports to 1 million barrels per day due to the absence of investments when the sanctions were in place over their nuclear programme.
“So the Minister of State for Petroleum, Dr. Ibe Kachikwu, is reaching out to Russia through back channels to go beyond the output freeze by taking 500,000 barrels off the market, while his counterpart in Qatar is talking to the Saudis to do likewise.
“The target is to remove 1 million barrels per day from the markets to support prices and see if oil can stabilise at $50 per barrel.”
The presidency official disclosed that the reason Russia and Saudi were being targeted was because they are the largest producers and can afford production cuts in contrast to smaller producers.
Buhari is scheduled to visit Qatar before the end of this week and is expected to hold talks with the country’s ruler on the issue.
However, attempts to get Saudi Arabia and Russia to cut output could prove to be a hard sell, as Saudi Arabia, which has remained adamant about retaining market share and taking out costlier US shale oil producers, on Tuesday again ruled out production cuts by OPEC.
The kingdom’s oil minister, Ali bin Ibrahim Al-Naimi, who spoke at the 35th annual HIS Energy CeraWeek convention holding in Houston, Texas, said keeping production at the January levels was the beginning of a long process to raise prices but restated that member countries would not cut production even if they say they would, according to USA Today.
“If we can get all of the major producers to agree not to add additional barrels, then this high inventory we have now will probably decline in due time.
“It is not like cutting production. That is not going to happen because many countries are not going to deliver. Even if they say they will cut production, they will not deliver.
“There is no sense wasting our time seeking production cuts. That will not happen,” he said.
Indications are rife that the Federal Government is set to revoke about 1,500 mining licences and leases on account of dormancy.
This indication emerged on Tuesday just as the Ministry of Solid Minerals Development said it would soon publish the list of the affected mining sites and their owners.
The Minister of Solid Minerals Development, Dr. Kayode Fayemi, had at his maiden press briefing in December 2015 given owners of dormant licences up until March 1, 2016 to use the licences or lose them. However, despite the threat, many licensees were still in default.
In a statement issued on Tuesday, the ministry said it had concluded arrangements to publish the list of owners of the dormant mining licences.
Although the number of defaulters was not given in the statement, it was reliably gathered from an official in the ministry that a list of about 1,500 dormant mining licences and leases had been compiled for revocation.
According to the statement, Fayemi said a situation where four of every five mining licences issued in the country remained unused was no longer acceptable.
The minister spoke in Minna, the Niger State capital, during a one-day working visit to mining sites in the state on Monday.
He said the administration would no longer accept operators who failed to use their licences for the purpose they were issued, adding that such licences would be revoked and given to genuine mining investors who were ready to make use of them.
Fayemi said that most of the land areas that were allocated as mining sites to miners had been acquired illegally.
He added that it was important to sanitise and reorganise the sector in order to realise the sector’s full potential as a major revenue earner.
Diamond Bank Plc has raised the stakes higher in the race for digital innovation in financial services as its mobile app users hit the one million mark, thus separating the management and the Bank as the leader in the transformation of banking services in Nigeria and the continent of Africa.
The one millionth customer who downloaded and registered the Diamond Mobile app on Valentine’s Day, has his savings account domiciled at Okumagba Avenue branch in Warri, Delta State.
Also, twenty eight lucky customers were rewarded for downloading, registering and using the Diamond mobile app last December. Each of the 28 customers received gifts ranging from the new Iphone 6, Apple digital wristwatch, a year cable TV subscription, internet data subscription and cash.
The winners emerged through an online electronic draw, which was conducted among the Bank’s mobile app users that participated in December 2015 Diamond Liberacion promo.
Diamond Bank’s digital initiative has remained revolutionary. It gained accelerated growth in 2014, when Uzoma Dozie, highly techie, took over as the CEO and launched a major redesign of the Bank’s digital focus and strategy aimed at expanding its channels of electronic financial services for its customers and, also, improve the financial lives of the under-banked and the unbanked.
Since then, Diamond Bank has improved on all its digital electronic banking services and led a number of innovative projects that have translated to rapid growth on the retail side. Since 2004, Diamond’s Internet banking subscribers grew astronomically, the Bank introduced the Diamond Magic Cash, Diamond Touch ID and Diamond Y’ello with a host of other digital financial services waiting to be pushed into the market.
Speaking on the increasing popularity of electronic banking channels in Nigeria, Dozie stated that Diamond mobile app “is the sweetest App on the Planet”, and offers more than just banking services.
According to him, Diamond Mobile App features lifestyle solutions which makes banking a convenient, exciting and unforgettable experience. He explained that the app has been upgraded to allow users make, among other exciting services, Local/Foreign Currency Transfers, Foreign Currency Chequebook Request, cheque confirmation and cancellation and many more. These features enable customers make instant convenient funds transfers.
The chief spokesperson of the Bank, Ayona Trimnell, stated that Diamond mobile app, made banking services more exciting by transferring banking services from the traditional banking hall into the mobile gadget of the customer.
“This Mobile App ultimately dissolves the invisible barriers that separates countries and cultures in the delivery of exciting, fast and reliable banking services. Wherever you are in the world, Diamond Mobile App allows you the luxury of doing business and financial transactions using your mobile phone in the comfort of your home”.
Most interesting is that the new Diamond Mobile App enables the Bank’s customers to switch on/off debit cards, search, book and pay for international and local flights, purchase events and movie tickets (with preview options), transfer funds within and outside the Bank and credit card repayments.
Other exciting features available on the app include airtime top-up and bill payments, account statement request, Diamond Money Transfer and Konga Wallet Top-up.
According to Ayona, the Bank is passionate about “giving back” to its customers, adding that the personalized hassle-free banking that the mobile app offers helps preserve the individuality and lifestyle of each customer.
The winners of the Diamond Liberacion include Chidi Awagu, Okwudili Chidubem Ubosi, Olabode Ronalds Adeniyi, Olufisayo Adeola Animashaun, and Afeisume Francis. Others are Chidi Henry Lemchi, Bessam Louis Joseph, Ogunkola Michael Oluwatosin, Oladipo Olakunle Bob, Owolabi Segun Isaac, Pankaj and Dolly Arora, Okora Joseph Ovat, Afolaogun Rotimi, Olabode Ronalds Adeniyi, Abubakar Zakariyau, Peter Afam Emeleogu, Chinenye Augustine Uzoma, Haruna Ibrahim, Iyajimoh Dorcas Alese, Kenneth Emeka Ogbonna, Agwa Sunday, Friday Domiya and Riliwan Opeyemi Rabiu.
South African mobile telecommunication giant, MTN has withdrawn its suit against the Nigerian Communications Commission, NCC over the humongous fine levied against it by the telecoms regulator.
The telecoms company has also paid N50bn towards an out-of-court settlement of the matter for which it had dragged NCC to court.
The telecom regulator had slammed a fine of N1.04trn on MTN for failing to deactivate 5.1 million unregistered SIM cards. But following the first round of negotiations, the fine was reduced to N780bn to be paid on or before December 31, 2015.
However, as the deadline drew near, MTN dragged NCC before a Federal High Court in Lagos, hiring about eight Senior Advocates of Nigeria to plead its case. It later requested an out-of-court settlement to which the Nigerian authorities say it must pay part of the fine before talks can commence.
The South African company, on Wednesday, finally withdrew the suit in response to a request by the Nigerian authorities.
Speaking about the withdrawal, the Chief Executive Officer of MTN Nigeria, Ferdi Moolman said, “This is a most encouraging development. It demonstrates a willingness and sincerity by both parties to work together towards a positive outcome.”
Moolman noted that MTN paid N50bn to the Nigerian government “as a gesture of good faith and commitment to continued efforts towards an amicable resolution”.
The telecoms company further stated that “We are hopeful at this stage. Along with the authorities, it is clear that we are collectively committed to working towards a solution that is of mutual benefit to all parties. Our industry in Nigeria is an incredibly important example of the remarkable progress in ICT particularly as a much needed catalyst for socio-economic growth and development at this time.”
A Nigerian pilot, Mr Ademilola Odujinrin, has announced that he is preparing to embark on a historic solo flight around the world in April.
Odujinrin made this known while addressing aviation correspondents on the proposed mission at the local wing of the Murtala Muhammed Airport in Lagos.
The News Agency of Nigeria (NAN) reports that Odujinrin will be the first African to embark on the adventurous journey which had been accomplished by only 114 persons globally.
This will be Africa’s very first solo flight around the world, starting and finishing in Lagos, Nigeria — the continent’s most populous country.
The journey, which is supported by the Transcend Project, a non-governmental organisation will cost over $1 million and will take him across the seven continents of the world and is expected to take up to six weeks depending on the weather conditions.
The pilot said the visionary expedition was to demonstrate the potential capabilities of Nigeria and its people to achieve extraordinary feats.
“The project aims to inspire Nigeria’s teeming population to begin to conceive a world without borders with unbridled dreams to transform the Nigerian narrative while shattering all stereotypes.
“The planned solo expedition will be achieved flying the aircraft, Cirrus SR22. It has a total payload of about 439kg.
“This particular aircraft with registration number N313CD has been specifically modified for this journey with additional long-range tanks and a HF radio installed for longer stretches of the journey,’’ he said.
Odujinrin, who is married with two children, said he had so far acquired over 4,000 flight hours and worked previously with Nigerian carrier, Arik Air.
According to him, he is currently undergoing physical and psychological training to prepare him for the challenges of operating a flight without any assistance from another person.
Also speaking, the Project Director, Transcend, Mr Ladi Ani-Mumuney, appealed for the support of well-meaning Nigerians and corporate organisations and said the objective of the adventure was to inspire youths that follow their dreams and also promote the image of Nigeria outside the country.
He added that monies realised from the historic event would be channelled to support selected charities, particularly children living in Internally Displaced Persons (IDP) camps in the North-East.
Africa’s largest hotel booking portal, Jovago.com and mobile telecommunications company, MTN have entered a partnership which will deliver to MTN’s Music+ subscribers’, discounts worth 20% OFF on all hotel booking around the country, as a means to providing affordable, convenient and easy accommodation services anywhere in the world.
The partnership with Jovago will deliver to MTN’s Music+ subscribers’ the opportunity to receive fast, easy and secure hotel booking services around the world at 20% discount on even the best individual rates.
Speaking on the launch of the campaign, Kushal Dutta, Managing Director of Jovago said “We are happy to announce this partnership with MTN. With this initiative, you will never be stranded again. Now you can go anywhere in the country, find a place to stay on Jovago.com and save 20% when you use the code MUSIC+20. Nigeria’s mobile penetration is improving each day and this drives Jovago and MTN to provide even better and more affordable services for subscribers.”
With the expansion of its offices to Pakistan, Myanmar and Bangladesh, Jovago now has a large inventory of 25,000 hotels in over 40 African countries and 200,000 hotels worldwide. With its ongoing success, Jovago aims to drive the innovation of its digital services in the hospitality industry in emerging countries. at the best prices possible and global presence in more than 41 countries around the world.
