News
Swap Technologies Raises Share Capital to N12Bn
Swap Technologies and Telecoms Nigeria Plc has raked in some $100 million in investment fund to accommodate an expected expansion to further reposition it for wider service provisioning in the country, Nigeria CommunicationsWeek has learnt.
This is coming as the telecom infrastructure building and managed services provider raised its share capital to N12 billion.
In a special resolution of the company’s board at its recent Extra-Ordinary General Meeting held in Lagos, Swap Technologies agreed to raise the share capital to attract new investments.
“The share capital of the company is hereby increased from N1.5 billion divided into 3 billion ordinary shares of 50k each to N12 billion by the creation of 21 billion preference shares of 50k each.”
According to the resolution, “Upon the conversion of any preference shares into ordinary shares such converted shares shall immediately form part of the ordinary shares of the company.”
The equity investment received from Tasc Towers Nigeria Limited, the new equity investor is to be disbursed in three tranches.
Godwin Adokpaye, chairman of the board said he is very confident about the future prospects and viability of Swap and her businesses.
“The board has evaluated the proposal received from Tasc Towers Nigeria Limited of an offer to the tune of $100 million to be disbursed in three tranches and is very confident about the future prospects and viability of the businesses in Nigeria,” he said.
He also noted that this had become necessary because it is a resultant need to undertake in line with its governance review arising from the restructuring of the company, which has become imperative.
Adokpaye explained further that Swap is also updating its constitution to help reflect the changes in the structure and position of the firm with the amendment of its memorandum and articles of association with the consent of its shareholders.
He also pointed out that the board, after series of meetings on the issue had entered into and signed an investment and shareholders’ agreement, which contains the terms and conditions upon which the investor has agreed to “subscribe for convertible redeemable preference shares”.
He noted that in a bid to properly accomplish the restructuring and still comply with the directives of the regulatory bodies, the company would need the advice and guidance of seasoned professionals for more efficient work output.
National Reading Culture (NRC), an online investment platform targeting Nigerians has collapsed, resulting in the loss of billions of Naira for investors.
The website unexpectedly shut down, blocking users from withdrawing their funds and locking in their investments.
Just like all other investment scams, victims were lured with promises of doubling their money in few weeks.
When National Reading Culture eventually crashed, the operators vanished with users’ funds, leaving investors devastated.
How the Platform WorkedTask-Based Earning:
According findings, National Reading Culture lured users with promises of making money by completing simple daily tasks like reading articles, clicking links, or inviting friends.
They also offered investment tiers to earn higher daily profits, where users had to deposit their own money into the platform.
Evidence showed the website previously operated as a Chinese job search platform before rebranding into an “earning” scheme.
The Nigeria Social Insurance Trust Fund (NSITF) has signed a memorandum of understanding (MoU) with Rand Mutual Assurance (RMA) to collaborate on digital transformation aimed at strengthening worker protection systems and support economic growth.
According to RMA, the agreement was concluded during a visit by its delegation to Abuja.
The partnership will focus on institutional capability development, modernising operating models, improving service delivery and sharing knowledge between the two organisations.
Through the partnership, RMA and NSITF will collaborate to strengthen institutional capability, modernise operating models, accelerate digital transformation and improve services for workers and employers.
The organisations will also explore opportunities for knowledge exchange and the adoption of best practices in social security administration.
RMA said the agreement forms part of its broader engagement with governments, regulators and social security institutions across Africa to support improvements in governance, operational resilience and service delivery.
“Our partnership with NSITF reflects much more than the signing of an agreement,” said Mandla Shezi, group chief executive officer of RMA. “This partnership is not simply about sharing knowledge. It is about co-creating the next generation of African social security systems.”
He added: “By combining our respective strengths, we can help build institutions that are more resilient, more responsive and better equipped to protect workers while supporting national development.”
Shezi said the future of social security depends on integrated systems where prevention, insurance, healthcare, rehabilitation, technology, investment management and institutional capability work together.
Microsoft has announced plans to cut about 4,800 jobs, representing roughly 2.1 percent of its global workforce, with Xbox, its gaming division, expected to bear the largest share of the layoffs.
The company said more than 1,600 positions at Xbox would be eliminated immediately, while another 1,600 jobs would be phased out over the next year as part of a major restructuring of the gaming business.
In a memo to employees, Amy Coleman, executive vice president, Microsoft, said the company was streamlining its operations to focus on areas that deliver greater value to customers in a rapidly changing technology industry.
Asha Sharma, chief executive officer, Xbox, described the move as “the most significant restructure in Xbox history,” saying the changes are intended to position the gaming business for long-term growth rather than downsizing.
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