GRTech
Red Star Express announces its Rights Issue Offer at NSE


Nigeria’s leading logistics provider, Red Star Express Plc, has declared its Right Issue to existing shareholders as a way of raising fresh capital.
The provisional allotment of 336,855,291 ordinary shares of 50 Kobo each on the basis of four (4) new Ordinary shares for every existing seven (7) Ordinary shares held at N4.00 per share has been announced for the company’s shareholders.
This announcement was made known to shareholders at the 2018/2019 Facts Behind the Figures Business Review at the Nigerian Stock Exchange Market, in Lagos.
According to the presentation by the company, the offer opened on Monday November 11th 2019 and will close on Wednesday December 18th 2019.
The proceeds of the issue thereafter will be used to finance the expansion of the company’s current operations, deploy more improved technology and increase the working capital in line with the business requirements.
Some of the projects the proceeds will be used for include, Construction of the Cargo Processing Warehouse, Truck Bay & Workshop @Lagos-Ibadan Expressway, and the 9000 sqm space-fenced &available for warehouse development along Lagos-Ibadan Expressway, Group ICT improvement/Enterprise Resource Planning Solution, amongst others.
In furtherance to this, the company pointed out that at the presentation that all Ordinary shares that are not taken up by December 18th 2019 will be allotted to a pro-rata (equal) basis to shareholders who applied and paid for additional shares over and above their provisional allotment.
Accordingly, the shareholders who do not accept their allotment in full may have their shareholding in the company diluted.
The Group Managing Director, Dr. Sola Obabori, reiterated the company’s profit as at 2019, and the sole aim of raising capital through the Right Issue Offer.
“Our company’s revenue grew by 20% from N8.4billion in FY 2018 to N10billion in FY 2019 as a result of our consistent increase in revenue base, through increase in customer base, innovation and investment in assets.
“Gross profit declined by 0.2 % from N2.782billion in FY 2018 to N2.776billion in FY 2019 due to slightly higher cost of sales. PBT also increased by 22% from N610million in FY 2018 to N743million in FY 2019. This is attributable to our stringent cost management approach in our business operations. However, the additional capital is to accentuate the growth potentials already put in place by the company’s management.
“This move underlines our ambition to maintain the expansion activities undertaken in the last few years. After opening international offices in Niger Republic, Burkina Faso and Benin Republic, we have established new business lines in the Agricultural and Technological sectors of the economy. This Right Issue represents the next logical step in this regard,” he stated.
“We have a promise to keep towards our shareholders; which is to continue providing superior returns on their investment in our business. With this additional capital, we will be able to ensure considerable growth of the company; making it more profitable and in a position to continue fulfilling that promise (of providing superior returns). I, on behalf of Red Star Express Plc., I appeal to all stakeholders not to relent in their support for the company but rather give in their maximum co-operation for its growth.” he added.
Speaking on this, the Chief Executive Officer (CEO), Nigerian Stock Exchange, Mr Oscar Onyema, expressed his satisfaction from the presentation made by Red Star Express Plc. “NSE is pleased that Red Star is using this platform to inform their stakeholders of their performance in the year. We encourage more excellent performances”.
FBN Quest Merchant Bank Limited is the lead issuing house for the Rights Issue while Meristem Capital Limited is involved as the joint issuing house.
Red Star Express Plc is a Licensee of Federal Express (FedEx) Corporation, the world’s largest delivery solutions provider.
The company has over 150 offices nationwide, with a network reach spanning over 1,500 communities in Nigeria and over 200 countries worldwide.
It is made up of 4 subsidiaries specializing in areas such as Express Delivery, Logistics, Freight, Outsourcing services, Supply Chain Management, E-Commerce Logistics Solutions, Printing and Packaging, E-Archiving, Business Enterprise Solutions, as well as Agro Logistics and Trade.
GRTech
The Economics of Product Decisions: Applying Behavioural Economics and Game Theory in PM


Product managers often need to make a clear-cut decision: what should we build next? But the decisions which hold real importance go beyond adding features.
It’s about getting what makes people tick.
It goes way beyond what you would expect, getting into how people behave and using game theory.
These areas give insight into how users decide and how a product’s design can improve growth and keep people interested.
This is what Amarachi Nnochiri excels at. She is a senior product manager that knows how to use economics and psychology in her job.
She goes beyond simply managing product tasks; she develops whole product systems based on how users think, feel, and use a service. Her background shows how understanding human psychology and behaviour can give you a significant advantage in the competition.
One idea Amarachi uses is “loss aversion.” In this scenario, people feel worse about losing something than they feel good about gaining something of equal value.
She uses this when designing her products, mostly when it comes to pricing and getting people to try new strategies. For example, instead of giving a free trial, she might use a freemium setup where users get some stuff for free but could lose it if they don’t buy an upgrade. This pushes them to pay.
She might also use progress bars or streak counters, since losing progress gets people to keep using the product.
Amarachi also uses ideas from “game theory” to get how users act and change their behavior. She realizes that users are doing more than operating a product, but are playing a game with other users or with the product itself. She designs things that use ideas like “Nash equilibrium,” where nobody can do better by changing what they’re doing. For a social product, this could mean creating a system where doing something good for yourself (like inviting friends) also helps everyone else. This makes the whole thing stable and positive.
Her know-how in game theory also applies to making strong “network effects.” This means making stuff that gets better as more people use it.
A good example is a social network where each new user makes the product more helpful for everyone else. Amarachi endeavours to make things go viral on purpose, not just by luck.
She might use “commitment devices,” which are things that make a user stick with a behaviour by making them depend on it socially or functionally. For example, inviting team members to a tool makes the user stick with the platform and makes the product’s network stronger.
This way of thinking is better than just following the usual steps. By using these economic and psychological tricks, Amarachi develops competitive advantages which are difficult to replicate.
She knows that a company’s best thing is not just a simple interface, but a product that’s designed to sync with how people behave.
Her product choices aren’t just about the needs of users, but equally focus on motivating them to like the product, use it, and stick with it.
In her work, choosing a subscription price isn’t just a business thing; it’s about behaviour. Designing a social feed isn’t just about the content; it’s about balancing what people want and watching how they interact. Amarachi knows extensively about the economics of product decisions. This makes her products innovative and appealing to human behaviour, which leads to more use, keeps people around, and helps the product grow. She’s a leader in product management, where identifying customer desires is backed by understanding human motivation.


Technology Company, Globacom, has announced significant reductions in its International Direct Dialing (IDD) rates, making international calls more affordable for its existing and new customers across Nigeria.
Effective August 10, the new rates began applying to over 15 popular international destinations, including United States which will has moved to ₦30 per minute, down from ₦35, United Kingdom is now N350 from ₦400, while India also moved down to ₦40 from N45.
The rates for China, Saudi Arabia and Cameroon however recorded major reduction moving to N75, N300 and ₦700 respectively.
The reduction was also extended to African countries including Benin Republic which goes for ₦650 per minute, Niger Republic ₦750, Ghana ₦500, and Togo ₦650. United Arab Emirates also moved from ₦450 to ₦325, Germany to ₦550, Côte d’Ivoire ₦700, Libya ₦700, while calls to Malawi is now N1,100 from ₦1,200.
Glo aims to provide more value for its customers through these revised rates, encouraging them to make Glo their preferred network for international calls. New IDD bundles will also be introduced, offering frequent international callers even more attractive deals.
Globacom, which remained optimistic that frequent international callers will benefit immensely from the reductions in IDD bundles, enjoined customers to take advantage of the new rates to stay connected with friends and business associates across the globe.
GRTech
Oil subsidy removal freed up resources for infrastructure – Enugu Governor
By Orji Israel, South East Correspondent


The Executive Governor of Enugu State, Peter Mbah, has attributed the financing of numerous infrastructure projects embarked by the state government to the oil subsidy removal policy of the President Bola Ahmed Tinubu administration.
He made this declaration at the Govermment House, Enugu, during a courtesy visit by a delegation of federal government led by Minister of Information and National Orientation, Mohammed Idris, as part of activities lined up for the 2-day Citizens’ Engagement Series in the South East geo-political zone.
“For us in Enugu, we are able to accomplish all we promised our people during the campaign, thanks to the bold decision taken by President Bola Tinubu, which has freed up resources needed to execute humongous capital projects,” said Governor, while listing ongoing projects in the state, which include the construction of 7,000 classrooms, 3,300 hospital beds and 2,000-hectare of 260 farm estates across the 260 wards of the state.
Governor Mbah also pledged more support for the policies of the federal government, saying they are in the best interest of the people of the state.
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