|
Report Date : |
29.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
ETISALAT NIGERIA LIMITED |
|
|
|
|
Registered Office : |
21, Justice Dairu Mustapha Street, Farm C, Kano State |
|
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|
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Country : |
Nigeria |
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Date of Incorporation : |
20.09.2006 |
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Legal Form : |
Limited Liability Company |
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|
|
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Line of Business : |
The Subject is a National telecommunication Operator (Mobile GSM,
Telephone services. Fixed wire and fixed wireless international Gateway,
Online Telecommunication services) |
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No. of Employees : |
Over 2,000 (nationwide) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
No Complaints |
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|
|
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Nigeria |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
nigeria - ECONOMIC OVERVIEW
Oil-rich Nigeria has been hobbled by political instability, corruption, inadequate infrastructure, and poor macroeconomic management, but in 2008 began pursuing economic reforms. Nigeria's former military rulers failed to diversify the economy away from its overdependence on the capital-intensive oil sector, which provides 95% of foreign exchange earnings and about 80% of budgetary revenues. Following the signing of an IMF stand-by agreement in August 2000, Nigeria received a debt-restructuring deal from the Paris Club and a $1 billion credit from the IMF, both contingent on economic reforms. Nigeria pulled out of its IMF program in April 2002, after failing to meet spending and exchange rate targets, making it ineligible for additional debt forgiveness from the Paris Club. In November 2005, Abuja won Paris Club approval for a debt-relief deal that eliminated $18 billion of debt in exchange for $12 billion in payments - a total package worth $30 billion of Nigeria's total $37 billion external debt. Since 2008 the government has begun to show the political will to implement the market-oriented reforms urged by the IMF, such as modernizing the banking system, removing subsidies, and resolving regional disputes over the distribution of earnings from the oil industry. GDP rose strongly in 2007-11 because of growth in non-oil sectors and robust global crude oil prices. President JONATHAN has established an economic team that includes experienced and reputable members and has announced plans to increase transparency, diversify economic growth, and improve fiscal management. Lack of infrastructure and slow implementation of reforms are key impediments to growth. The government is working toward developing stronger public-private partnerships for roads, agriculture, and power. Nigeria's financial sector was hurt by the global financial and economic crises, but the Central Bank governor has taken measures to restructure and strengthen the sector to include imposing mandatory higher minimum capital requirements.
|
Source : CIA |
The company is a National Telecommunication Operator Services such as:
Mobile GSM, Telephone services, Fixed wire and fixed wireless international
Gateway, Online Telecommunication services.
The company is located at EMTS Limited (Etisalat Nigeria), Plot 19, Zone
E Layout, Banana Island Foreshore Estate, Ikoyi, Lagos State, Nigeria.
COMPANY NAME: ETISALAT NIGERIA LIMITED
REGISTERED NAME: ETISALAT
NIGERIA LIMITED
REGISTERED
ADDRESS: 21, Justice Dairu
Mustapha Street, Farm C, Kano State, Nigeria
HEAD OFFICE ADDRESS: EMTS Limited (Etisalat
Nigeria), Plot 19, Zone E Layout, Banana Island Foreshore Estate, Ikoyi, Lagos
State, Nigeria
TELEPHONE: 234-
809-0000200
FAX: 234-809-0000201
E-MAIL: care@etisalat.com.ng
WEBSITE: www.etisalat.com.ng
Currency: All
monetary quoted in this report are in Nigerian Naira, the local currency or
unless otherwise stated. The exchange rate is N150 to 1 US $.
NATURE OF PREMISES: Owned office space approximately
5,000 square meters.
DATE INCORPORATED: 20th September, 2006
YEAR BEGAN
OPERATIONS: 2006
LEGAL FORM: Limited
Liability Company
REGISTRATION NO: RC:
667460
SHARE CAPITAL: 500,000.00
PAID-UP CAPITAL: 500,000.00
STAFF STRENGHT: Over 2,000
(nationwide)
Names Shares
Held
Alhaji Yusuf Ahmodi 80%
2, Justice Dairu Mustapha Street, Farm Centre, Kano State, Nigeria
Salihu Adams 20%
2, Justice Dairu Mustapha Street, Farm Centre, Kano State, Nigeria
Alhaji Yusuf Ahmodi
Salihu Adams
Steven E. Evans - Chief Executive Director
Nurat F. Ibrahim - Procurement and Administration
Officer
Azeezat Shodunke - Executive Director
Lucas Dada - Director, Products and Services
Etisalat Nigeria Limited was duly incorporated in
Nigeria on 20th September, 2006 with
Registration Number (RC: 667460). The company is a National
telecommunication Operator (Mobile GSM, Telephone services. Fixed wire and
fixed wireless international Gateway, Online Telecommunication services). The corporate office is located at EMTS
Limited (Etisalat Nigeria), Plot 19, Zone E Layout, Banana Island, Ikoyi, Lagos
State, Nigeria. The company occupies two set of three storey building painted
milk cream with black gate and two big power plants beside the gate while
Oliver Court House is located by the left before the building.
Etisalat Nigeria Limited was established in the UAE in 1976; Etisalat has
over its 32 years of experience, pioneered various innovative technologies in
emerging markets and extended the reach of millions of subscribers globally.
Emerging Markets Telecommunication Services
(EMTS), trading as Etisalat, is a Nigerian company duly incorporated under the
laws of Nigeria in partnership with Mubadala Development Company and Etisalat
of the United Arab Emirates. Incorporated in Nigeria as a private company, it
acquired the Unified Access License from the Federal Government in January
2007. The license includes a mobile license and spectrum in the GSM 1800 and
900 MHz bands. Etisalat acquired a 40% stake in EMTS and is now the operator of
the Unified Access License.
In Nigeria, Etisalat made the first official
call on its network on the 13th of March 2008 in the presence of officials from
the Nigerian Communications Commission (NCC) and the Senate of the Federal
Republic of Nigeria. In September of same year, it kicked off commercial
operations with the innovative 0809uchoose campaign which enabled Nigerians
choose numbers special to them as their mobile numbers. Full commercial
operations began in October 2008.
On September 26, 2011, Etisalat launched its
3.75G HSPA+ network in Nigeria. The 3.75G HPSA+ network will enable Nigerians
enjoy super fast broadband services for both personal and business needs.
Etisalat has been the telecommunications
service provider in the United Arab Emirates since 1976 and has footprints in
18 countries traversing the Middle East, Asia and Africa. In its many years of
operations, it has built up state-of-the-art telecom infrastructure and taken a
leadership position of innovation and reliability among regional and
international operators. In addition Etisalat owns majority shares in Thuraya,
a leading provider of satellite telephony.
Etisalat consistently demonstrates its core
values of optimism, simplicity and caring – for which it has become known in
other markets to the Nigerian people as it offers them world-class
telecommunications services. It is investing heavily in the Nigerian economy as
well as in its own human resources. From day-one of its operations in Nigeria,
it has put in place various skills acquisition and training programs to enable
its people offer outstanding quality and services to Nigerians. Etisalat is
also committed to taking its place amongst leading corporate citizens in
Nigeria by making wide-impact and sustainable social investments. The company
believes that apart from offering a solid platform of technological innovation,
sustainable investment is the bedrock of stellar growth and economic stability.
Etisalat has received several awards and
endorsements for its quality and innovative services. Some of these include -
Nigeria’s best network based on quality of service indices measured by the
Nigerian Communications Commission, a pronouncement made barely six months of
operations in Nigeria, Brand of the Year award, Fastest Growing GSM Company of
the Year, Best Marketing Company, Most Innovative Corporate Social
Responsibility Company, Friendliest Tariff Mobile Operator, Best Telecoms
Customer Service and Most Innovative Mobile Operator among others.
Our investigation (Guardian Newspaper of January 3, 2013) revealed that Etisalat
Nigeria recently awarded merit awards to 70 outstanding undergraduate students
from seven leading government-owned universities in the South-West region of
Nigeria with the highest CGPA in courses like Electrical Electronics,
Engineering, Computer Science and Management Sciences. This is as part of its
corporate social responsibility and as part of its commitment to impacting and
improving the quality of education among Nigeria students in the country.
During our visit on 23rd January, 2013, we
spoke with the Receptionist who confirmed and acknowledged our document but
refused to disclose her name as it is against the company’s ethics while she
declined to our questions that they are not authorized to give any information
about their company and also limited their conversation with their visitor
while she promised that she will forward the letter to the department in charge
who will get back to us in due course.
Conclusion: Based on our visit and brief discussion with
the Receptionist with hands on desk, witnessed, security personnel and cars
parked in the premises, we are of the opinion that the company is a legal
entity which operates a legitimate business.
As such, any business relationship with the company should be mutually
beneficial.
·
Devices
·
Talkzone
·
DotMe
·
Easylife
·
EasyAdz
·
My Zone
·
E-Top up
·
4, Audu Bako way,
Opposite Starcomms Head Quarters, Kano, Kano State
·
57, Allen Avenue,
Opposite First Bank, Ikeja, Lagos
·
Silverbird Galleria,
133, Ahmadu- Bello Way Victoria Island, Lagos
·
Ceddi Plaza, 264,
Tafawa- Balewa Way, Central Business District, Abuja.
·
Silverbird Galleria,
Plot 264 Cadastral Zone, AO Central Business District, Abuja.
·
66, Kashim Ibrahim Way,
opposite Borno Medical, beside Standard Chartered, Maiduguri, Borno State.
·
Shop 7, Entrance 2, The
Palms Shopping Complex, Lekki, Lagos
·
270, Oyo Road Former
Agfa Building Mokola, Ibadan, Oyo State
·
169A, Aba - Port Harcourt Road, Rivers State.
·
39, Abakaliki Road,
Enugu, Enugu State
·
6, Yakubu Gowon Way,
Kaduna, Kaduna State
Equinox Integrated
Concept Limited - KM 50, Abeokuta Expressway, Sango Otta, Ogun State. (234-809-950-0142,
809-950-0143)
Jons Ndy Limited - 132, Cameron
Road, Aba (234-809-950-0074, 809-950-0075)
Integrated Binnkel
Ventures Ltd – 3, Gunning Road, Abakiliki, Ebonyi State
(234-809-950-0208, 809-950-0209)
Demmy Global
Resources Limited - 102, Oyemekun Road, Opp. Oyemekun Grammar School, Akure
(234-809-950-0059, 809-950-0061)
Remglory Ventures
Limited - Shop 14, POWA Shopping complex, Nnebisi Road, Asaba, Delta State
(234809-950-0084, 809-950-0085)
Don P
Communications - 42, Adetokunbo Ademola crescent Wuse II, Abuja
(234-809-950-0094,809-950-0095)
Startech Global
Ventures - 14 Igbe Road, Auchi (234-809-950-0202, 809-950-0203)
Macson
Communications Ltd - 89 Ndidem Usang Road, Calabar, Cross-River State
(234-809-950-0214, 809-950-0215)
Everlead Global Resources
Limited - Shop 2, Alhaji Kolawole Shopping complex, near Mayfair roundabout,
Ife, Osun State (234-809-950-0188, 809-950-0189)
Kindave Global
Service Limited - 1, Unity Road, (Beside First Bank Plc) Ilorin, Kwara State.
(234-809-950-0192, 809-950-0193)
Plus Limited - 2, Fadeyi
Street, Off Obafemi Awolowo Way, Ikeja. Lagos
(234-809-950-0038, 809-950-0039)
John Chris
Communications Ltd. - 290 Aba Road, Port Harcourt, Rivers State
(234-809-950-0199, 809-950-0201)
Aibasu Nigeria Ltd
–
666, Kaura Namoda Rd, Opp Sambo, Gusau, Zamfara State
(234-809-950-0239, 809-950-0240)
Upper Room Limited - Aje house
(Ground floor) 1, Lebanon Street, Dugbe, Ibadan, Oyo State (234-809-950-0057,
809-950-0058)
Mobile World
Network Services Limited - 81, Folagbade Street, Ijebu Ode, Ogun State.
(234-809-950-0182, 809-950-0183)
Dadev Ventures
Nigeria Limited - 9, Akpakpava street, Benin-City, Edo State
(234-809-950-0168, 809-950-0169)
Jambicom Global
Services Limited - 46, Asa Road, Aba, Abia State
(234-809-950-0076, 809-950-0078)
Isuka Investment
Limited – 29, Atabong Road, Eket, Cross-River State
(234-809-950-0227, 809-950-0228)
Taurean
Communications Limited – 5, Robinson Close, Uwani, Enugu State
(234-809-950-0130, 809-950-0131)
The company has both local and international references
The company has both local and international references
Etisalat’s vision is a world where people’s
reach is not limited by matter or distance; a world where people will effortlessly
stay in touch with family and friends; a world where businesses of all sizes
can reach new markets without the limitations of distance and travel.
Etisalat’s mission is to extend people’s
reach. Etisalat is actively developing advanced networks that will enable
people to develop, learn and grow.
To be the market leading service provider in Nigeria,
To build Africa’s biggest and best telecommunications network.
Governments Agencies
Corporate organizations
Financial Institutions
IT Companies
Individuals
Educational Institutions
General Public etc.
* Quality of Management:
GOOD
* Ethics & Integrity: GOOD
* Ownership Structure:
GOOD
The company’s
Audited Accounts was not available as at the time of compiling this report.
However, we advise that the maximum credit limit to be accorded to the company
could be put at 5,000,000million US dollars ($5m USD). This opinion is as a result
of the company’s performance in the telecommunication industry in Nigeria and
also, it is among the top major fast growing companies in Africa.
The company is operating in an industry with very great potentials. The
telecommunication Services sector of the Nigeria economy has a lot to explore
when it comes to the need for expansion, improvement of product quality, work
force development and general technical expertise. Mainly private individuals
dominate this sector. Despite the huge capital required for setting up this
investment, it has grown in its leaps and bound over the decades in the nation.
Although, the efforts of the Federal Government cannot be ruled out. The
Government has put in place different policies that support private individuals
to secure loans/ mortgages from banks and other financial institutions.
However, to record a groundbreaking record in this sector, foreign investors
are inevitable. They facilitate the importation of high-tech equipment, which
will boost quality production and efficient communication.
This sector of the economy has great potentials for intending investors.
Public Notice from various sources including but not limited to: The
Courts, Nigerian Prison Service, Economic & Financial Crimes Commission
(EFCC), National Drug Law Enforcement Agency (NDLEA), National Agency for Food
& Drugs Administration and Control (NAFDAC), Independent Corrupt Practices
and other related offences Commission (ICPC) Etc.
No negative information on subject from the above agencies.
Having carried out all necessary verifications on the company, our
investigations revealed that Etisalat
Nigeria is duly registered in Nigeria with a registered address located at
21, Justice Dairu Mustapha Street, Farm C, Kano State, Nigeria, while its
operational address is located at EMTS Limited (Etisalat Nigeria), Plot 19,
Zone E Layout, Banana Island Foreshore Estate, Ikoyi, Lagos State, Nigeria and
offices nationwide.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.89 |
|
|
1 |
Rs.84.92 |
|
Euro |
1 |
Rs.72.51 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.