Abuja, Nigeria – In a heartwarming and joyous gathering, family and friends of CEO Quantum Dev Solutions, Kesiena Imisi came together to celebrate his birthday on August 22 at the elegant Deemoo Café in the heart of Nigeria’s capital, Abuja.

The surprise event, meticulously planned by his loved ones, left Mr. Imisi elated and deeply touched.

The celebration, which was a well-guarded secret, saw Mr. Imisi surrounded by close family members, friends, and distinguished guests.

As the evening unfolded, he spoke candidly with our correspondent on the sidelines, attributing his remarkable success to “God, hard work, and the unwavering support of family.”

According to the Educational entrepreneur, there is a crucial role and  importance of a strong foundation in Mathematics for children adding that with a good knowledge in mathematics a scholar can excel in any field.

“Mathematics is the bedrock of educational excellence. At Quantum Dev Solutions, we are committed to providing our students with the highest quality of education, ensuring they excel not only in Mathematics but in all their academic pursuits.

“As an organization, distance is no barrier to delivering quality education. We proudly serve a global student base, ensuring that anyone wishing to benefit from our educational services can easily access them, no matter where they are in the world. With just a call, we are ready to provide the best in education, tailored to meet international best educational standard” he stated.

The evening was not only a celebration of his life but also of the values and principles that have guided him to success.

Imisi expressed profound gratitude to his family, especially his sister Mrs Emily Joseph, who despite her busy schedule had pursed to ensure the success and beauty of the occassion, his friends for their efforts in organizing the surprise party, with special thanks to his wife and children for their love and dedication.

He also extended his appreciation to his family members in the diaspora, whose contributions were instrumental in making the celebration a resounding success.

Our correspondent also had the opportunity to speak with Mrs. Ere-ebi Imisi, the driving force behind the surprise. Mrs. Imisi, a female editor at Heritage Times, a renowned Pan-African media organization, and the Acting Female Editor at Nigerian Pilot Newspapers, described her husband as “a very focused, God-fearing man and a Mathematics guru.”

She expressed her deepest wishes for his continued success in all his future endeavors and Gods blessings.

The Female editor also used to opportunity to thank her sister Mrs Ebinipre Atin for the support, prayers and endless deliberations on how to achieve the beautiful occasion adding that Mrs Atin was always available to assist with the preparations.

The guest list was a testament to the respect and admiration Mr. Imisi commands. Among those present were Mr. Kingsley Obiyan, Mrs. Ebere Ibikunle from the UK, who is currently on vacation in Nigeria, Ms Laraba Murey, Assistant Secretary National Association of Female Journalists, NAWOJ FCT Chapter, and Welfare Officer at the Association of Humanitarian Affairs Correspondent Abuja, and Mr. Micheal Allamogu, among others.

The high point of the evening was the recoded video sent by his sister, Mrs Emily Joseph containing a recorded video messages from members of his family and friends, expressing their love and best wishes on his birthday, the cutting of the birthday cake, accompanied by heartfelt goodwill messages from those in attendance, creating a memorable evening filled with laughter, love, and lasting memories.

The Nigerian National Petroleum Company Limited (NNPC Ltd.) says it has not paid fuel subsidies to anyone in the last nine months.

The Chief Financial Officer of the company, Alhaji Umar Ajiya, made the clarifications on Monday in Abuja.

Ajiya said NNPC Ltd. was only handling Premium Motor Spirit (PMS) importation shortfalls between the company and the federation.

“In the last eight to nine months, NNPC Ltd. has not paid anybody a dime as a subsidy; no one has been paid Kobo by NNPC Ltd. in the name of subsidy.”

“No marketer has received any money from us by way of subsidy.
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“What has been happening is that we have been importing PMS, which has been landing at a specific cost price, and the government tells us to sell it at half price.”

“So the difference between the landing price and that half price is a shortfall.”

“And the deal is between the Federation and NNPC Ltd., to reconcile, sometimes they give us money, so there is no money exchanging hands with any marketer in the name of subsidy,” he said.

He stated that credit lines are prevalent in downstream businesses based on the worldwide commercial system. He added that the company was in an open credit agreement with PMS suppliers in the past, with term-line contracts for payment.

Also, Dapi Segun, the Executive Vice President of downstream at NNPC Ltd., said that establishing an open credit agreement with suppliers spoke volumes about the credibility the national oil company had built over time.

“Concerning the outstanding to the suppliers, it is not in that magnitude that has been put out, it is lower than the $6.8 billion.”

“What really matters is the relationship between us and our suppliers to ensure that we keep faith in making these payments to our suppliers, which we have done over time.
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“You would understand that it is not a static figure, and I wouldn’t want to quote any figure. When we make payments, it goes down, and when they supply products, it goes up.

“It is a dynamic way, but the most important thing is to ensure that we continue to make PMS available across the country,” he said.

700,000 applications verified’
A massive boost to reflate the economy is underway, Minister of Industry, Trade and Investment, Doris Uzoka-Anite said yesterday.

Seventy-five major companies will get N1 billion single-digit loan disbursement next month, while another N125 billion will be given out as loans to Micro, Small and Medium Enterprises (MSMEs), she said.

Dr. Uzoka-Anite, said the financial support follows the verification of over 700,000 applications.

She spoke during a visit to the Cross River State Governor Bassey Otu and an interaction with beneficiaries of the presidential grant and prospective beneficiaries of loans to MSMEs.

The minister said: “The 660,320 nano beneficiaries, representing over 60 per cent of the targeted one million, have received disbursements across 774 local governments.”

She spoke during a visit to the Cross River State Governor Bassey Otu and an interaction with beneficiaries of the presidential grant and prospective beneficiaries of loans to MSMEs.

The minister said: “The 660,320 nano beneficiaries, representing over 60 per cent of the targeted one million, have received disbursements across 774 local governments.”

The Naira yesterday depreciated to N1, 600 per dollar in the parallel market from N1,590 per dollar last weekend.

However, the Naira appreciated to N1,579.22 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,579.22 per dollar from N1,579.89 per dollar last week Friday, indicating 67 kobo appreciation for the naira.

The volume of dollars traded in the market increased by 41.4 per cent to $162.99 million from $115.23 million traded last weekend. Consequently, the margin between the parallel market and NAFEM rate widened to N20.78 per dollar from N10.11 per dollar last week Friday.

IHS Towers ($IHS), the world’s fourth-largest independent tower company, has laid off over 100 employees as currency devaluation in Nigeria, its biggest market, squeezes its profits. One person with direct knowledge of the business told TechCabal that the layoffs, which cut across several departments, mostly affected senior employees and the network surveillance team.

Most of the affected senior employees have spent a decade at IHS Towers and received “significant” severance packages, the same person said. “[The company said] it was not because of underperformance but because of the economy,” they added.

IHS Towers did not immediately respond to requests for comments.

Since 2022, IHS Towers has faced pressure from investors over its poor financial performance. The company lost $409 million in the fourth quarter of 2023 after a currency devaluation in Nigeria shrunk revenues and caused FX losses from USD loans.

The company, which currently employs 1,600 people, reported a $1.9 billion loss in 2023, a 304% increase from the previous year’s losses. Its market capitalisation is $1.3 billion, a $6 billion decline since 2021.

While its share price has slightly rebounded in August to $3.56 after trading at $2.98 in July, it is still a far cry from the highs of 2021, when it sold for $21.

IHS Towers operates over 40,000 towers in Africa, roughly 25% of the continent’s entire tower infrastructure, which it leases to telcos like MTN and Airtel. This service is crucial for Africa’s digital economy plans, as towers provide the backbone for internet connectivity.

However, rising fuel prices, maintenance costs, inflation, and FX volatility in Nigeria—which accounts for over half of IHS’s sales and revenue—have threatened the business.

In the first quarter of 2024, the business spent $88.8 million on power, its largest operating cost.

“The company used more than $1.5 billion in cash last year for investing activities, but the line items on the company’s published statement of cash flows for such investing activities are not explained in any meaningful way,” a shareholder said in a June 2023 letter.

Gimba Mohammed, the director of government and external relations at IHS Towers, said at a conference in August that it cost the business more than ₦14 billion to fix fibre cuts between 2022 and 2023.